AXA Premier VIP Trust

N-CSR 1 d274607dncsr.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

Telephone: (202) 778-9000

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2011 - December 31, 2011

Item 1.

Reports to Stockholders.

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

AXA Premier VIP Trust

2011 Annual Report

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

AXA Premier VIP Trust Annual Report

December 31, 2011

Table of Contents


Notes on Performance (Unaudited)		3

Portfolios

AXA Allocation Portfolios
AXA Conservative Allocation		5
AXA Conservative-Plus Allocation		14
AXA Moderate Allocation		26
AXA Moderate-Plus Allocation		37
AXA Aggressive Allocation		48

Multimanager Portfolios
Multimanager Aggressive Equity		59
Multimanager Core Bond		80
Multimanager International Equity		117
Multimanager Large Cap Core Equity		138
Multimanager Large Cap Value		154
Multimanager Mid Cap Growth		172
Multimanager Mid Cap Value		197
Multimanager Multi-Sector Bond		225
Multimanager Small Cap Growth		261
Multimanager Small Cap Value		283
Multimanager Technology		308

Target Allocation Portfolios
Target 2015 Allocation		318
Target 2025 Allocation		326
Target 2035 Allocation		334
Target 2045 Allocation		343

Notes to Financial Statements		351
Report of Independent Registered Public Accounting Firm		374
Approvals of Investment Advisory Agreements (Unaudited)		375
Federal Income Tax Information (Unaudited)		385
Management of the Trust (Unaudited)		386
Proxy Voting Policies and Procedures (Unaudited)		391

2011 Overview

2011 was a challenging year for active money managers as markets whipsawed back and forth, previously reliable sectors faltered, and the broad U.S. equity market ended about where it began. This was also a difficult year for both the U.S. and global economies, due in large part to a political divide in the U.S. over budget deficits and government spending, and ongoing policy debates over European debt.

Despite a continuation of the U.S. Federal Reserve’s QE2 bond-buying program in the first half of 2011 and a full-year federal payroll tax cut, U.S. Gross Domestic Product growth was sluggish, staying in the range of 0.4% to 2.8% each quarter during the year. QE2 clearly helped the stock market, with the S&P 500 Index peaking at 1364 on April 29. However, when the Fed refused to signal a continuation of its bond-buying efforts in the second half, the market fell 18% in three months. Rumors of potential Fed initiatives during 2012 helped to lift the S&P 500 Index off its 2011 low of 1099, reached in early October. The index ended the year up 2.1%, on a total return basis.

Growth stocks modestly outperformed value for the year, and large caps significantly beat small caps. The Russell 2000^® Index finished the year at -4.2% as investors migrated toward the stability of large caps and their dividends. The MSCI EAFE Index fell 12.1%, driven largely by the continuing debt dilemma in Europe but also by losses in the tsunami-battered Japanese economy and stock market.

2011 was a year of a mild but persistent flight-to-quality, and this helped U.S. bonds on two fronts: 1) by driving money out of risky stocks and into bonds; and 2) by pushing assets out of foreign currencies and into dollars. Compared to the euro, the dollar ended the year about where it began. At year-end, however, the trend was clearly strong-dollar, with the U.S. currency gaining 14% against the euro over the last eight months of 2011. For the year, the Barclays Capital U.S. Aggregate Bond Index returned 7.8%, and the Barclays Capital Intermediate U.S. Government/Credit Index returned 5.8%.

Bonds aside, 2011 was a difficult year for active money managers, including many with previously strong records of relying on fundamental research and sound stock-picking. Commodities and commodity producers, which previously had performed well, dropped off sharply after oil prices slumped in May. Tech stocks were volatile all year, with the information technology sector returning just 2.4% for the full year. The best-performing sectors in 2011 were utilities (19.7%), consumer staples (13.9%) and health care (12.7%). The worst performing sectors were financials (-17.1)% and materials (-10.0)%.

Heading into 2012, financial markets are awaiting solutions to Europe’s debt crisis and focusing on the political environment in Washington. Even emerging markets, which had been the engine of global economic growth before 2011, seem to be pausing, watching for signs from the world’s largest economies. In general, investors have grown more cautious, and they may remain so until more political and fiscal policy clarity emerges.

Please see the following pages for highlights on each of the portfolios in the Trust.

Sources: AXA Equitable Funds Management Group, LLC, U.S. Department of Commerce Bureau of Economic Analysis

The S&P 500 Index is a widely recognized index that is considered representative of the performance of the large cap sector of the U.S. stock market. The Russell 2000^® Index measures the performance of the small cap segment of the U.S. equity universe. The MSCI EAFE Index measures equity performance in foreign developed markets. The Barclays Capital U.S. Aggregate Bond Index measures total returns in a large number of government and corporate U.S. bonds. The Barclays Capital Intermediate U.S. Government/Credit Index measures the performance of U.S. dollar denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. No investment is risk-free. International investing involves additional risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. The two main risks related to fixed-income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to make principal and interest payments. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

NOTES ON PERFORMANCE (Unaudited)

Total Returns

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

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

Growth of $10,000 Investment

The charts shown on the following pages illustrate the total value of an assumed investment in Class A, Class B and/or Class K shares of each Portfolio of the AXA Premier VIP Trust. The periods illustrated are from December 31, 2001 (or from the inception dates shown) through December 31, 2011. These results assume reinvestment of dividends and capital gains. The total value shown for each Portfolio reflects management fees and operating expenses of the Portfolios and 12b-1 fees which are applicable only to Class B shares. Effective January 1, 2012 12b-1 fees are applicable to Class A shares. 12b-1 fees are not applicable for Class K shares. They have not been adjusted for insurance-related charges and expenses associated with life insurance policies or annuity contracts, which would lower the total values shown. Results should not be considered representative of future gains or losses.

The Benchmarks

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

Barclays Capital Intermediate U.S. Government/Credit Index

An unmanaged, market value weighted index composed of over 3,500 publicly issued corporate and U.S. government debt securities rated investment grade with maturities of 1-10 years and at least $250 million par outstanding.

Barclays Capital U.S. Aggregate Bond Index

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

Barclays Capital U.S. Universal Index

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

Morgan Stanley Capital International (MSCI) EAFE Index

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

Russell 1000^® Index

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

Russell 1000^® Value Index

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

Russell 2000^® Growth Index

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

Russell 2000^® Value Index

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

Russell 2500™ Growth Index

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

Russell 2500™ Value Index

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

Russell 3000^® Growth Index

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

Standard & Poor’s (S&P) 500 Index

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

S&P North America Technology Sector Index

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

NOTES ON PERFORMANCE (Unaudited)

Volatility Managed Index – Large Cap Core (“VMI – LCC”)

An index that utilizes the S&P 500 Index methodology with an overlying formulaic adjustment that dynamically modifies the equity exposure to the S&P 500 Index based on its observed historic volatility.

Volatility Managed Index – Mid Cap Core (“VMI – MCC”)

An index that utilizes the S&P 400 Index methodology with an overlying formulaic adjustment that dynamically modifies the equity exposure to the S&P 400 Index based on its observed historic volatility.

Volatility Managed Index – Small Cap Core (“VMI – SCC”)

An index that utilizes the Russell 2000^® Index methodology with an overlying formulaic adjustment that dynamically modifies the equity exposure to the Russell 2000^® Index based on its observed historic volatility.

Volatility Managed Index – International (“VMI – Intl”)

An index that utilizes the MSCI EAFE Index methodology with an overlying formulaic adjustment that dynamically modifies the equity exposure to the MSCI EAFE Index based on its observed historic volatility.

Volatility Managed Index – International Proxy (“VMI – International Proxy”)

An index that utilizes a blend of 40% DJ Euro Stoxx 50, 25% FTSE 100, 25% TOPIX, and 10% ASX SPI 200 (“International Proxy”) with an overlying formulaic adjustment that dynamically modifies the equity exposure to the International Proxy based on its observed historic volatility.

Volatility Managed Index – Large Cap Growth 3000 (“VMI – LCG 3000”)

An index that utilizes a blend of the S&P 500 Index and the Russell 3000^® Growth Index methodologies with an overlying formulaic adjustment that dynamically modifies the S&P 500 Index equity exposure of the index based on observed historic volatility.

Volatility Managed Index – Large Cap Value (“VMI – LCV”)

An index that utilizes a blend of the S&P 500 Index and the Russell 1000^® Value Index methodologies with an overlying formulaic adjustment that dynamically modifies the S&P 500 Index equity exposure of the index based on observed historic volatility.

Volatility Managed Index – Mid Cap Growth 2500 (“VMI – MCG 2500”)

An index that utilizes a blend of the S&P 400 Index and the Russell 2500^® Growth Index methodologies with an overlying formulaic adjustment that dynamically modifies the S&P 400 Index equity exposure of the index based on observed historic volatility.

Volatility Managed Index – Mid Cap Value 2500 (“VMI – MCV 2500”)

An index that utilizes a blend of the S&P 400 Index and the Russell 2500^® Value Index methodologies with an overlying formulaic adjustment that dynamically modifies the S&P 400 Index equity exposure of the index based on observed historic volatility.

Volatility Managed Index – Small Cap Growth 2000 (“VMI – SCG 2000”)

An index that utilizes a blend of the Russell 2000^® Index and the Russell 2000^® Growth Index methodologies with an overlying formulaic adjustment that dynamically modifies the Russell 2000^® Index equity exposure of the index based on observed historic volatility.

Volatility Managed Index – Small Cap Value 2000 (“VMI – SCV 2000”)

An index that utilizes a blend of the Russell 2000^® Index and the Russell 2000^® Value Index methodologies with an overlying formulaic adjustment that dynamically modifies the Russell 2000^® Index equity exposure of the index based on observed historic volatility.

AXA CONSERVATIVE ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			Since Incept.*
Portfolio – Class A Shares		2.15	%		2.75	%		4.18	%
Portfolio – Class B Shares		1.89			2.47			3.91
S&P 500 Index		2.11			(0.25	)		4.98
Barclays Capital U.S. Aggregate Bond Index		7.84			6.50			5.61
MSCI EAFE Index		(12.14	)		(4.72	)		6.31
* Date of inception 7/31/03. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 2.15% for the year ended December 31, 2011. This compares to the returns of the following broad market benchmarks: S&P 500 Index 2.11%, the Barclays Capital U.S. Aggregate Bond Index 7.84% and the MSCI EAFE Index (12.14%).

Portfolio Adviser

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

Portfolio Highlights

•

As of December 31, 2011, the Portfolio’s fixed-income allocation consisted of investment grade bonds (78.2%), high-yield bonds (0.5%) and international bonds (1.0%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (5.3%), large cap value stocks (5.1%), international stocks (3.8%) and small and mid cap stocks (6.1%).

•

In line with broad market performance, the holdings in small/mid and international stocks, along with its combination active/passive orientation, drove its performance in the fourth quarter. Overall, the international stock holdings detracted from performance, as did the allocation to small and mid cap stocks.

•

Certain underlying portfolios’ use of futures to reduce equity exposure during high volatility periods in the third and fourth quarters helped reduce the Portfolio’s risk profile, but detracted from returns when the market experienced rallies, resulting in underperformance relative to the benchmark for the year as a whole.

AXA CONSERVATIVE ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2011
EQ/Core Bond Index Portfolio	30.1	%
EQ/Intermediate Government Bond Index Portfolio	18.4
EQ/PIMCO Ultra Short Bond Portfolio	12.4
Multimanager Core Bond Portfolio	10.3
ATM Large Cap Portfolio	7.0
Multimanager Multi-Sector Bond Portfolio	4.7
EQ/Global Bond PLUS Portfolio	3.5
EQ/Large Cap Growth PLUS Portfolio	1.9
ATM International Portfolio	1.8
EQ/BlackRock Basic Value Equity Portfolio	1.0
Multimanager Large Cap Value Portfolio	1.0
Multimanager Large Cap Core Equity Portfolio	0.9
EQ/Boston Advisors Equity Income Portfolio	0.9
EQ/Large Cap Value PLUS Portfolio	0.8
EQ/Large Cap Growth Index Portfolio	0.7
EQ/Large Cap Core PLUS Portfolio	0.7
ATM Mid Cap Portfolio	0.7
EQ/MFS International Growth Portfolio	0.4
EQ/Global Multi-Sector Equity Portfolio	0.4
ATM Small Cap Portfolio	0.3
EQ/GAMCO Small Company Value Portfolio	0.3
EQ/International Core PLUS Portfolio	0.3
Multimanager Mid Cap Growth Portfolio	0.3
EQ/AllianceBernstein Small Cap Growth Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.2
EQ/International ETF Portfolio	0.2
EQ/International Equity Index Portfolio	0.2
Multimanager International Equity Portfolio	0.2
EQ/International Value PLUS Portfolio	0.1
Multimanager Small Cap Growth Portfolio	0.1
EQ/Davis New York Venture Portfolio	0.0	#
# 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 December 31, 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 fees and expenses, which would increase overall fees and expenses.

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$994.45		$0.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.43		0.78
Class B
Actual		1,000.00		992.94		2.03
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.17		2.06
* 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 184/365 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		4,959,820	$	41,059,958
ATM Large Cap Portfolio‡		15,221,626		156,145,820
ATM Mid Cap Portfolio‡		1,594,834		14,935,574
ATM Small Cap Portfolio‡		773,730		7,699,746
EQ/AllianceBernstein Small Cap Growth Portfolio‡		233,217		3,658,639
EQ/BlackRock Basic Value Equity Portfolio‡		1,796,160		23,439,919
EQ/Boston Advisors Equity Income Portfolio‡		3,852,907		19,761,757
EQ/Core Bond Index Portfolio‡		67,485,533		673,599,483
EQ/Davis New York Venture Portfolio‡		92,711		857,552
EQ/GAMCO Small Company Value Portfolio‡		192,861		7,177,174
EQ/Global Bond PLUS Portfolio‡		7,904,869		79,326,022
EQ/Global Multi-Sector Equity Portfolio‡		884,337		9,495,734
EQ/Intermediate Government Bond Index Portfolio‡		39,904,463		413,431,994
EQ/International Core PLUS Portfolio‡		835,149		6,446,417
EQ/International Equity Index Portfolio‡		488,739		3,566,347
EQ/International ETF Portfolio‡		621,055		3,602,731
EQ/International Value PLUS Portfolio‡		334,206		3,200,719
EQ/Large Cap Core PLUS Portfolio‡		2,284,161		15,072,986
EQ/Large Cap Growth Index Portfolio‡		1,769,103		15,667,549
EQ/Large Cap Growth PLUS Portfolio‡		2,634,467		43,002,156

EQ/Large Cap Value PLUS Portfolio‡		1,917,758	$	18,317,724
EQ/MFS International Growth Portfolio‡		1,755,953		9,795,304
EQ/PIMCO Ultra Short Bond Portfolio‡		28,054,034		277,036,209
Multimanager Core Bond Portfolio‡		22,116,071		230,890,285
Multimanager International Equity Portfolio‡		394,297		3,498,336
Multimanager Large Cap Core Equity Portfolio‡		2,241,307		21,039,885
Multimanager Large Cap Value Portfolio‡		2,331,090		21,296,207
Multimanager Mid Cap Growth Portfolio*‡		654,475		5,586,411
Multimanager Mid Cap Value Portfolio‡		418,970		3,656,417
Multimanager Multi-Sector Bond Portfolio‡		27,116,710		106,410,462
Multimanager Small Cap Growth Portfolio*‡		369,712		2,778,332

Total Investments (99.9%) (Cost $2,191,049,198)				2,241,453,849
Other Assets Less Liabilities (0.1%)				3,121,259

Net Assets (100%)			$	2,244,575,108

*	Non-income producing.

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

The holdings in Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
ATM International Portfolio(aa)	$	44,273,564	$	14,527,214	$	7,777,735	$	41,059,958	$	1,878,951	$	573,733
ATM Large Cap Portfolio(bb)		158,183,231		59,129,878		46,647,181		156,145,820		868,200		8,622,353
ATM Mid Cap Portfolio(cc)		13,891,769		8,758,314		4,383,507		14,935,574		26,833		1,696,888
ATM Small Cap Portfolio(dd)		6,561,059		3,759,116		960,129		7,699,746		10,685		493,679
EQ/AllianceBernstein Small Cap Growth Portfolio(ee)		3,667,620		303,946		146,168		3,658,639		—		161,004
EQ/BlackRock Basic Value Equity Portfolio(ff)		28,009,118		8,014,989		10,320,593		23,439,919		357,325		2,302,789
EQ/Boston Advisors Equity Income Portfolio(gg)		8,922,203		13,730,635		3,191,350		19,761,757		424,154		147,653
EQ/Core Bond Index Portfolio(hh)		715,025,534		171,179,958		228,156,229		673,599,483		14,343,411		783,426
EQ/Davis New York Venture Portfolio(ii)		—		804,868		—		857,552		4,868		—
EQ/GAMCO Small Company Value Portfolio(jj)		7,410,863		353,300		250,201		7,177,174		22,782		85,693
EQ/Global Bond PLUS Portfolio(kk)		142,200,449		37,211,218		102,198,141		79,326,022		3,146,176		869,364
EQ/Global Multi-Sector Equity Portfolio(ll)		10,596,014		2,419,169		1,938,346		9,495,734		214,060		143,908

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
EQ/Intermediate Government Bond Index Portfolio(mm)	$	111,747,747	$	320,285,526	$	23,115,438	$	413,431,994	$	2,421,880	$	48,235
EQ/International Core PLUS Portfolio(nn)		7,629,343		1,326,529		967,806		6,446,417		223,974		73,321
EQ/International Equity Index Portfolio(oo)		3,935,313		1,226,829		977,450		3,566,347		124,274		63,677
EQ/International ETF Portfolio(pp)		4,134,920		242,779		—		3,602,731		93,705		149,074
EQ/International Value PLUS Portfolio(qq)		3,695,272		1,184,966		970,277		3,200,719		82,412		70,850
EQ/Large Cap Core PLUS Portfolio(rr)		15,392,779		4,010,148		3,013,935		15,072,986		207,458		604,474
EQ/Large Cap Growth Index Portfolio(ss)		13,238,225		5,236,826		2,851,119		15,667,549		179,162		272,263
EQ/Large Cap Growth PLUS Portfolio(tt)		32,953,028		18,106,062		6,621,069		43,002,156		288,180		666,822
EQ/Large Cap Value PLUS Portfolio(uu)		12,559,173		9,225,218		2,208,252		18,317,724		268,737		130,750
EQ/MFS International Growth Portfolio(vv)		5,301,322		6,361,572		958,322		9,795,304		92,443		349,380
EQ/PIMCO Ultra Short Bond Portfolio(ww)		206,809,256		108,686,391		36,588,893		277,036,209		2,137,048		(207,627	)
Multimanager Core Bond Portfolio(xx)		373,802,898		92,158,467		234,061,552		230,890,285		9,278,220		11,506,639
Multimanager International Equity Portfolio(yy)		4,139,008		1,179,820		976,872		3,498,336		77,266		64,255
Multimanager Large Cap Core Equity Portfolio(zz)		22,231,147		4,534,126		3,830,892		21,039,885		123,908		333,617
Multimanager Large Cap Value Portfolio(aaa)		26,306,093		8,651,387		10,833,848		21,296,207		286,059		1,912,916
Multimanager Mid Cap Growth Portfolio(bbb)		6,597,978		1,853,189		2,234,827		5,586,411		—		187,980
Multimanager Mid Cap Value Portfolio(ccc)		3,982,278		1,812,544		1,521,368		3,656,417		9,630		150,090
Multimanager Multi-Sector Bond Portfolio(ddd)		179,148,615		44,103,933		120,059,865		106,410,462		4,421,053		1,374,423
Multimanager Small Cap Growth Portfolio(eee)		3,635,396		100,549		394,136		2,778,332		—		8,564

	$	2,175,981,215	$	950,479,466	$	858,155,501	$	2,241,453,849	$	41,612,854	$	33,640,193

(aa)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM International Portfolio for Class K in the amount of $41,049,930, representing 4,376,424 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bb)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Large Cap Portfolio for Class K in the amount of $142,938,350, representing 14,128,500 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(cc)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Mid Cap Portfolio for Class K in the amount of $15,618,926, representing 1,659,447 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(dd)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Small Cap Portfolio for Class K in the amount of $8,364,057, representing 844,897 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ee)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/AllianceBernstein Small Cap Growth Portfolio for Class K in the amount of $3,362,036, representing 223,226 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ff)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/BlackRock Basic Value Equity Portfolio for Class K in the amount of $20,010,202, representing 1,611,450 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(gg)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Boston Advisors Equity Income Portfolio for Class K in the amount of $16,929,194, representing 3,471,527 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hh)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Core Bond Index Portfolio for Class K in the amount of $677,070,393, representing 66,807,693 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ii)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Davis New York Venture Portfolio for Class K in the amount of $816,271, representing 92,195 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(jj)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/GAMCO Small Company Value Portfolio for Class K in the amount of $6,711,656, representing 190,164 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(kk)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Bond PLUS Portfolio for Class K in the amount of $154,656,967, representing 14,638,985 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ll)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Multi-Sector Equity Portfolio for Class K in the amount of $9,841,060, representing 868,283 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(mm)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Intermediate Government Bond Index Portfolio for Class K in the amount of $120,145,105, representing 11,611,757 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(nn)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Core PLUS Portfolio for Class K in the amount of $6,936,329, representing 810,468 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(oo)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Equity Index Portfolio for Class K in the amount of $3,669,355, representing 472,350 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(pp)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International ETF Portfolio for Class K in the amount of $3,730,004, representing 581,333 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(qq)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Value PLUS Portfolio for Class K in the amount of $3,402,004, representing 326,411 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(rr)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Core PLUS Portfolio for Class K in the amount of $14,561,840, representing 2,220,168 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ss)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Growth Index Portfolio for Class K in the amount of $13,099,086, representing 1,551,410 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(tt)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Growth PLUS Portfolio for Class K in the amount of $38,663,050, representing 2,405,890 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(uu)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Value PLUS Portfolio for Class K in the amount of $16,641,911, representing 1,783,642 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(vv)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/MFS International Growth Portfolio for Class K in the amount of $6,618,400, representing 1,121,924 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ww)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/PIMCO Ultra Short Bond Portfolio for Class K in the amount of $281,414,898, representing 28,236,921 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(xx)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Core Bond Portfolio for Class K in the amount of $372,793,074, representing 34,436,938 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(yy)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager International Equity Portfolio for Class K in the amount of $3,736,939, representing 388,315 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(zz)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Core Equity Portfolio for Class K in the amount of $20,786,070, representing 2,232,698 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(aaa)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Value Portfolio for Class K in the amount of $19,825,877, representing 2,220,952 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(bbb)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Growth Portfolio for Class K in the amount of $6,200,880, representing 736,744 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ccc)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Value Portfolio for Class K in the amount of $3,694,880, representing 418,293 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ddd)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Multi-Sector Bond Portfolio for Class K in the amount of $197,052,284, representing 48,599,896 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(eee)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Small Cap Growth Portfolio for Class K in the amount of $3,095,140, representing 410,017 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

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

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	$	—	$	2,241,453,849	$	—	$	2,241,453,849

Total Assets	$	—	$	2,241,453,849	$	—	$	2,241,453,849

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	2,241,453,849	$	—	$	2,241,453,849

The Portfolio held no derivatives contracts during the year ended December 31, 2011.

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	950,479,466
Net Proceeds of Sales and Redemptions:
Investment Companies	$	875,010,916

As of December 31, 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	$	63,387,482
Aggregate gross unrealized depreciation		(13,788,450	)

Net unrealized appreciation	$	49,599,032

Federal income tax cost of investments	$	2,191,854,817

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value:
Affiliated Issuers (Cost $2,191,049,198)	$	2,241,453,849
Cash		7,821,391
Receivable from Separate Accounts for Trust shares sold		699,857
Dividends, interest and other receivables		601
Other assets		1,611

Total assets		2,249,977,309

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		4,306,474
Distribution fees payable - Class B		470,282
Administrative fees payable		288,883
Payable for securities purchased		157,308
Investment management fees payable		7,736
Trustees’ fees payable		3,294
Accrued expenses		168,224

Total liabilities		5,402,201

NET ASSETS	$	2,244,575,108

Net assets were comprised of:
Paid in capital	$	2,383,069,613
Accumulated undistributed net investment income (loss)		(5,027	)
Accumulated undistributed net realized gain (loss) on investments		(188,894,129	)
Net unrealized appreciation (depreciation) on investments		50,404,651

Net assets	$	2,244,575,108

Class A
Net asset value, offering and redemption price per share, $29,850,325 / 3,179,589 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.39

Class B
Net asset value, offering and redemption price per share, $2,214,724,783 / 235,808,808 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.39

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	41,612,854
Interest		3,673

Total income		41,616,527

EXPENSES
Distribution fees - Class B		5,322,770
Administrative fees		3,268,613
Investment management fees		2,157,383
Custodian fees		181,201
Printing and mailing expenses		143,155
Professional fees		80,226
Trustees’ fees		26,922
Miscellaneous		27,443

Gross expenses		11,207,713
Less: Waiver from investment advisor		(2,638,624	)

Net expenses		8,569,089

NET INVESTMENT INCOME (LOSS)		33,047,438

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		16,855,415
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		16,784,778

Net realized gain (loss)		33,640,193

Net change in unrealized appreciation (depreciation) on securities		(26,851,331	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		6,788,862

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	39,836,300

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	33,047,438		$	37,355,206
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		33,640,193			103,410,970
Net change in unrealized appreciation (depreciation) on investments		(26,851,331	)		16,613,550

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		39,836,300			157,379,726

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(612,367	)		(491,531	)
Class B		(36,991,342	)		(46,032,734	)

		(37,603,709	)		(46,524,265	)

Distributions from net realized capital gains
Class A		(609,045	)		(875,484	)
Class B		(43,334,200	)		(91,638,792	)

		(43,943,245	)		(92,514,276	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(81,546,954	)		(139,038,541	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,749,873 and 1,486,178 shares, respectively ]		16,914,756			14,582,391
Capital shares issued in reinvestment of dividends and distributions [ 129,761 and 143,279 shares, respectively ]		1,221,412			1,367,015
Capital shares repurchased [ (893,068) and (2,414,101) shares, respectively ]		(8,564,710	)		(23,469,547	)

Total Class A transactions		9,571,458			(7,520,141	)

Class B
Capital shares sold [ 72,605,336 and 73,737,828 shares, respectively ]		703,320,653			719,449,201
Capital shares issued in reinvestment of dividends and distributions [ 8,528,703 and 14,423,205 shares, respectively ]		80,325,542			137,671,526
Capital shares repurchased [ (70,650,936) and (76,731,608) shares, respectively ]		(682,256,289	)		(756,484,066	)

Total Class B transactions		101,389,906			100,636,661

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		110,961,364			93,116,520

TOTAL INCREASE (DECREASE) IN NET ASSETS		69,250,710			111,457,705
NET ASSETS:
Beginning of year		2,175,324,398			2,063,866,693

End of year (a)	$	2,244,575,108		$	2,175,324,398

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

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	9.56		$	9.51		$	9.13		$	10.90		$	10.87

Income (loss) from investment operations:
Net investment income (loss) (x)		0.18	(e)		0.19	(e)		0.33	(e)		0.53	(e)		0.47	(e)
Net realized and unrealized gain (loss) on investments		0.02			0.53			0.59			(1.71	)		0.18

Total from investment operations		0.20			0.72			0.92			(1.18	)		0.65

Less distributions:
Dividends from net investment income		(0.18	)		(0.24	)		(0.24	)		(0.46	)		(0.43	)
Distributions from net realized gains		(0.19	)		(0.43	)		(0.30	)		(0.13	)		(0.19	)

Total dividends and distributions		(0.37	)		(0.67	)		(0.54	)		(0.59	)		(0.62	)

Net asset value, end of year	$	9.39		$	9.56		$	9.51		$	9.13		$	10.90

Total return		2.15	%		7.59	%		10.07	%		(10.79	)%		6.11	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	29,850		$	20,959		$	28,327		$	13,472		$	9,015
Ratio of expenses to average net assets:
After waivers (f)		0.15	%(j)		0.13	%(j)		0.11	%(j)		0.10	%		0.10	%
Before waivers (f)		0.27	%		0.28	%		0.29	%		0.30	%		0.31	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.90	%		1.91	%		3.44	%		5.12	%		4.17	%
Before waivers (f)(x)		1.78	%		1.77	%		3.25	%		4.92	%		3.96	%
Portfolio turnover rate		41	%		50	%		79	%		59	%		39	%

	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	9.56		$	9.52		$	9.13		$	10.90		$	10.87

Income (loss) from investment operations:
Net investment income (loss) (x)		0.15	(e)		0.17	(e)		0.22	(e)		0.58	(e)		0.45	(e)
Net realized and unrealized gain (loss) on investments		0.03			0.52			0.68			(1.78	)		0.17

Total from investment operations		0.18			0.69			0.90			(1.20	)		0.62

Less distributions:
Dividends from net investment income		(0.16	)		(0.22	)		(0.21	)		(0.44	)		(0.40	)
Distributions from net realized gains		(0.19	)		(0.43	)		(0.30	)		(0.13	)		(0.19	)

Total dividends and distributions		(0.35	)		(0.65	)		(0.51	)		(0.57	)		(0.59	)

Net asset value, end of year	$	9.39		$	9.56		$	9.52		$	9.13		$	10.90

Total return		1.89	%		7.20	%		9.90	%		(11.02	)%		5.74	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,214,725		$	2,154,365		$	2,035,540		$	1,443,563		$	585,489
Ratio of expenses to average net assets:
After waivers (f)		0.40	%(j)		0.38	%(j)		0.36	%(j)		0.35	%		0.35	%
Before waivers (f)		0.52	%		0.53	%		0.54	%		0.55	%		0.56	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.53	%		1.71	%		2.30	%		5.69	%		4.02	%
Before waivers (f)(x)		1.40	%		1.56	%		2.12	%		5.50	%		3.81	%
Portfolio turnover rate		41	%		50	%		79	%		59	%		39	%

(e)

Net investment income per share 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 portfolios in which the Portfolio invests.

See Notes to Financial Statements.

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			Since Incept.**
Portfolio – Class A Shares		(0.45	)%		1.29	%		4.11	%
Portfolio – Class B Shares		(0.69	)		1.05			3.86
Portfolio – Class K Shares*		(0.45	)		1.29			4.11
S&P 500 Index		2.11			(0.25	)		4.98
Barclays Capital U.S. Aggregate Bond Index		7.84			6.50			5.61
MSCI EAFE Index		(12.14	)		(4.72	)		6.31
* Date of inception 12/1/11. Returns shown for Class K shares prior to this period are derived from the historical performances of Class A. Class K shares are not subject to any 12b-1 fees. ** Date of inception 7/31/03. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (0.45)% for the year ended December 31, 2011. This compares to the returns of the following broad market benchmarks: S&P 500 Index 2.11%, the Barclays Capital U.S. Aggregate Bond Index 7.84% and the MSCI EAFE Index (12.14)%.

Portfolio Adviser

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

Portfolio Highlights

•

As of December 31, 2011, the Portfolio’s fixed-income allocation consisted of investment grade bonds (58.2%), high-yield bonds (0.4%) and international bonds (0.8%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (8.8%), large cap value stocks (8.7%), international stocks (9.8%) and small and mid cap stocks (13.3%).

•

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2011
EQ/Core Bond Index Portfolio	20.4	%
EQ/Intermediate Government Bond Index Portfolio	15.1
ATM Large Cap Portfolio	11.8
EQ/PIMCO Ultra Short Bond Portfolio	9.9
Multimanager Core Bond Portfolio	6.4
ATM International Portfolio	4.5
Multimanager Multi-Sector Bond Portfolio	4.3
EQ/Large Cap Growth PLUS Portfolio	2.9
EQ/Global Bond PLUS Portfolio	2.8
ATM Small Cap Portfolio	2.0
EQ/BlackRock Basic Value Equity Portfolio	1.9
EQ/Boston Advisors Equity Income Portfolio	1.7
Multimanager Large Cap Value Portfolio	1.5
EQ/Large Cap Value PLUS Portfolio	1.5
EQ/MFS International Growth Portfolio	1.5
EQ/Global Multi-Sector Equity Portfolio	1.3
ATM Mid Cap Portfolio	1.3
EQ/Large Cap Growth Index Portfolio	1.2
EQ/Large Cap Core PLUS Portfolio	1.2
Multimanager Large Cap Core Equity Portfolio	1.1
EQ/GAMCO Small Company Value Portfolio	0.8
EQ/AllianceBernstein Small Cap Growth Portfolio	0.7
EQ/International Core PLUS Portfolio	0.6
EQ/International ETF Portfolio	0.5
Multimanager Mid Cap Value Portfolio	0.5
EQ/International Value PLUS Portfolio	0.4
Multimanager International Equity Portfolio	0.4
EQ/International Equity Index Portfolio	0.4
EQ/AXA Franklin Small Cap Value Core Portfolio	0.3
Multimanager Small Cap Growth Portfolio	0.3
Multimanager Mid Cap Growth Portfolio	0.2
EQ/Small Company Index Portfolio	0.2
Multimanager Small Cap Value Portfolio	0.2
EQ/Mid Cap Index Portfolio	0.2
EQ/Davis New York Venture Portfolio	0.0	#
# 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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that while Class K commenced operations on December 1, 2011, the ‘Hypothetical Expenses Paid during the Period’ reflect projected activity for the full six months for the purpose of comparability.

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (Unaudited)

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$961.53		$1.08
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.10		1.12
Class B
Actual		1,000.00		961.14		2.33
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.83		2.41
Class K†
Actual		1,000.00		1,003.50		0.21
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.95		1.27
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.22%, 0.47% and 0.25%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 31/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 12/1/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		10,613,486	$	87,863,927
ATM Large Cap Portfolio‡		22,266,918		228,417,537
ATM Mid Cap Portfolio‡		2,576,612		24,129,897
ATM Small Cap Portfolio‡		3,929,985		39,109,087
EQ/AllianceBernstein Small Cap Growth Portfolio‡		900,138		14,121,083
EQ/AXA Franklin Small Cap Value Core Portfolio‡		615,321		5,674,817
EQ/BlackRock Basic Value Equity Portfolio‡		2,846,153		37,142,355
EQ/Boston Advisors Equity Income Portfolio‡		6,253,712		32,075,606
EQ/Core Bond Index Portfolio‡		39,663,483		395,896,731
EQ/Davis New York Venture Portfolio‡		69,533		643,164
EQ/GAMCO Small Company Value Portfolio‡		431,709		16,065,721
EQ/Global Bond PLUS Portfolio‡		5,477,741		54,969,584
EQ/Global Multi-Sector Equity Portfolio‡		2,404,290		25,816,512
EQ/Intermediate Government Bond Index Portfolio‡		28,299,969		293,203,112
EQ/International Core PLUS Portfolio‡		1,465,503		11,312,040
EQ/International Equity Index Portfolio‡		928,743		6,777,071
EQ/International ETF Portfolio‡		1,759,560		10,207,178
EQ/International Value PLUS Portfolio‡		834,935		7,996,243
EQ/Large Cap Core PLUS Portfolio‡		3,345,611		22,077,411
EQ/Large Cap Growth Index Portfolio‡		2,648,652		23,457,016
EQ/Large Cap Growth PLUS Portfolio‡		3,476,398		56,744,926
EQ/Large Cap Value PLUS Portfolio‡		3,018,467		28,831,300

EQ/MFS International Growth Portfolio‡		5,057,267	$	28,211,152
EQ/Mid Cap Index Portfolio‡		388,422		3,170,525
EQ/PIMCO Ultra Short Bond Portfolio‡		19,439,271		191,964,618
EQ/Small Company Index Portfolio‡		410,098		3,719,727
Multimanager Core Bond Portfolio‡		11,912,713		124,367,914
Multimanager International Equity Portfolio‡		864,775		7,672,571
Multimanager Large Cap Core Equity Portfolio‡		2,336,274		21,931,376
Multimanager Large Cap Value Portfolio‡		3,262,366		29,804,089
Multimanager Mid Cap Growth Portfolio*‡		502,694		4,290,851
Multimanager Mid Cap Value Portfolio‡		1,071,390		9,350,173
Multimanager Multi-Sector Bond Portfolio‡		20,964,621		82,268,648
Multimanager Small Cap Growth Portfolio*‡		714,460		5,369,072
Multimanager Small Cap Value Portfolio‡		371,276		3,640,607

Total Investments (99.9%) (Cost $1,883,213,647)				1,938,293,641
Other Assets Less Liabilities (0.1%)				1,073,054

Net Assets (100%)			$	1,939,366,695

*	Non-income producing.

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

The holdings in Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
ATM International Portfolio(aa)	$	100,305,622	$	25,638,630	$	16,134,314	$	87,863,927	$	4,023,436	$	1,135,253
ATM Large Cap Portfolio(bb)		234,476,259		56,393,715		41,724,404		228,417,537		1,270,190		10,378,975
ATM Mid Cap Portfolio(cc)		43,746,416		6,708,775		19,524,120		24,129,897		43,403		4,997,780
ATM Small Cap Portfolio(dd)		42,763,755		14,313,063		8,920,662		39,109,087		54,351		2,740,176
EQ/AllianceBernstein Small Cap Growth Portfolio(ee)		12,582,614		3,621,982		1,295,497		14,121,083		—		662,673
EQ/AXA Franklin Small Cap Value Core Portfolio(ff)		10,108,446		1,346,082		4,829,717		5,674,817		22,061		(135,865	)
EQ/BlackRock Basic Value Equity Portfolio(gg)		28,091,909		12,220,852		2,434,254		37,142,355		566,195		126,424
EQ/Boston Advisors Equity Income Portfolio(hh)		26,804,066		14,723,441		8,208,524		32,075,606		688,388		1,276,108
EQ/Core Bond Index Portfolio(ii)		473,259,064		46,987,971		136,366,145		395,896,731		8,434,162		351,674

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
EQ/Davis New York Venture Portfolio(jj)	$	—	$	603,651	$	—	$	643,164	$	3,651	$	—
EQ/GAMCO Small Company Value Portfolio(kk)		16,474,535		1,552,096		1,122,134		16,065,721		50,977		248,817
EQ/Global Bond PLUS Portfolio(ll)		115,324,228		10,915,349		73,241,127		54,969,584		2,182,984		1,076,469
EQ/Global Multi-Sector Equity Portfolio(mm)		26,461,940		6,518,024		2,793,236		25,816,512		582,971		191,395
EQ/Intermediate Government Bond Index Portfolio(nn)		77,849,244		227,309,284		15,313,330		293,203,112		1,709,116		137,491
EQ/International Core PLUS Portfolio(oo)		15,962,733		1,261,281		2,901,660		11,312,040		400,250		89,119
EQ/International Equity Index Portfolio(pp)(a)		8,340,959		810,256		1,132,156		6,777,071		236,236		61,696
EQ/International ETF Portfolio(qq)		12,360,005		1,264,959		1,159,879		10,207,178		266,356		458,557
EQ/International Value PLUS Portfolio(rr)(b)		9,992,514		1,567,071		1,707,241		7,996,243		206,039		83,538
EQ/Large Cap Core PLUS Portfolio(ss)		24,237,935		2,183,660		2,281,218		22,077,411		303,713		838,392
EQ/Large Cap Growth Index Portfolio(tt)		27,269,450		3,828,594		6,904,263		23,457,016		268,541		1,455,369
EQ/Large Cap Growth PLUS Portfolio(uu)		49,305,829		15,670,619		6,042,501		56,744,926		380,668		445,679
EQ/Large Cap Value PLUS Portfolio(vv)		30,700,181		3,875,659		3,688,635		28,831,300		423,200		316,877
EQ/MFS International Growth Portfolio(ww)(c)		14,440,094		17,947,599		1,455,125		28,211,152		267,051		865,469
EQ/Mid Cap Index Portfolio(xx)		3,240,503		28,780		—		3,170,525		28,780		—
EQ/PIMCO Ultra Short Bond Portfolio(yy)		153,262,715		64,924,115		24,844,736		191,964,618		1,481,999		(20,720	)
EQ/Small Company Index Portfolio(zz)		3,864,915		372,657		—		3,719,727		35,281		337,376
Multimanager Core Bond Portfolio(aaa)		236,721,547		32,553,846		143,558,172		124,367,914		5,787,451		8,557,899
Multimanager International Equity Portfolio(bbb)		9,872,330		1,704,866		1,936,156		7,672,571		170,054		105,605
Multimanager Large Cap Core Equity Portfolio(ccc)		24,861,160		1,277,296		2,405,874		21,931,376		129,254		(18,169	)
Multimanager Large Cap Value Portfolio(ddd)		43,318,627		4,668,663		16,827,029		29,804,089		400,018		(174,655	)
Multimanager Mid Cap Growth Portfolio(eee)		4,905,624		264,365		477,058		4,290,851		—		50,679
Multimanager Mid Cap Value Portfolio(fff)		2,602,221		7,527,633		441,272		9,350,173		24,591		51,871
Multimanager Multi-Sector Bond Portfolio(ggg)		174,707,070		15,817,683		111,643,325		82,268,648		3,419,895		1,615,656
Multimanager Small Cap Growth Portfolio(hhh)		8,266,257		943,626		2,441,759		5,369,072		—		78,139
Multimanager Small Cap Value Portfolio(iii)		4,307,922		298,605		591,678		3,640,607		11,594		5,249

	$	2,070,788,689	$	607,644,748	$	664,347,201	$	1,938,293,641	$	33,872,856	$	38,390,996

(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.

(aa)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM International Portfolio for Class K in the amount of $89,364,590, representing 9,527,357 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(bb)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Large Cap Portfolio for Class K in the amount of $215,482,964, representing 21,299,050 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(cc)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Mid Cap Portfolio for Class K in the amount of $29,292,036, representing 3,112,159 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(dd)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Small Cap Portfolio for Class K in the amount of $44,405,809, representing 4,485,662 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ee)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/AllianceBernstein Small Cap Growth Portfolio for Class K in the amount of $13,294,038, representing 882,672 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ff)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/AXA Franklin Small Cap Value Core Portfolio for Class K in the amount of $9,035,117, representing 1,026,882 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(gg)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/BlackRock Basic Value Equity Portfolio for Class K in the amount of $32,637,932, representing 2,628,379 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hh)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Boston Advisors Equity Income Portfolio for Class K in the amount of $28,275,245, representing 5,798,166 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ii)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Core Bond Index Portfolio for Class K in the amount of $411,991,404, representing 40,651,896 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(jj)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Davis New York Venture Portfolio for Class K in the amount of $612,201, representing 69,146 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(kk)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/GAMCO Small Company Value Portfolio for Class K in the amount of $15,231,848, representing 431,570 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ll)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Bond PLUS Portfolio for Class K in the amount of $111,845,236, representing 10,586,660 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(mm)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Multi-Sector Equity Portfolio for Class K in the amount of $27,268,001, representing 2,405,873 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(nn)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Intermediate Government Bond Index Portfolio for Class K in the amount of $81,794,496, representing 7,905,256 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(oo)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Core PLUS Portfolio for Class K in the amount of $13,759,969, representing 1,607,769 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(pp)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Equity Index Portfolio for Class K in the amount of $7,190,654, representing 925,641 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(qq)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International ETF Portfolio for Class K in the amount of $10,796,930, representing 1,682,736 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(rr)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Value PLUS Portfolio for Class K in the amount of $8,822,244, representing 846,465 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ss)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Core PLUS Portfolio for Class K in the amount of $21,736,447, representing 3,314,043 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(tt)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Growth Index Portfolio for Class K in the amount of $20,605,978, representing 2,440,500 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(uu)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Growth PLUS Portfolio for Class K in the amount of $52,741,190, representing 3,281,932 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(vv)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Value PLUS Portfolio for Class K in the amount of $26,897,205, representing 2,882,781 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(ww)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/MFS International Growth Portfolio for Class K in the amount of $21,321,128, representing 3,614,270 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(xx)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Mid Cap Index Portfolio for Class K in the amount of $3,001,381, representing 384,761 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(yy)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/PIMCO Ultra Short Bond Portfolio for Class K in the amount of $201,398,204, representing 20,208,117 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(zz)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Small Company Index Portfolio for Class K in the amount of $3,447,099, representing 367,512 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(aaa)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Core Bond Portfolio for Class K in the amount of $225,681,152, representing 20,847,404 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bbb)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager International Equity Portfolio for Class K in the amount of $8,403,226, representing 873,201 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ccc)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Core Equity Portfolio for Class K in the amount of $22,078,369, representing 2,371,508 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ddd)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Value Portfolio for Class K in the amount of $28,775,209, representing 3,223,482 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(eee)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Growth Portfolio for Class K in the amount of $4,297,668, representing 510,618 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(fff)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Value Portfolio for Class K in the amount of $3,356,868, representing 380,027 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ggg)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Multi-Sector Bond Portfolio for Class K in the amount of $165,403,823, representing 40,794,293 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hhh)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Small Cap Growth Portfolio for Class K in the amount of $7,372,538, representing 976,649 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(iii)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Small Cap Value Portfolio for Class K in the amount of $3,643,339, representing 381,729 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2011:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 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	$	—	$	1,938,293,641	$	—	$	1,938,293,641

Total Assets	$	—	$	1,938,293,641	$	—	$	1,938,293,641

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	1,938,293,641	$	—	$	1,938,293,641

The Portfolio held no derivatives contracts during the year ended December 31, 2011.

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	607,644,748
Net Proceeds of Sales and Redemptions:
Investment Companies	$	681,378,527

As of December 31, 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	$	93,658,691
Aggregate gross unrealized depreciation		(39,420,336	)

Net unrealized appreciation	$	54,238,355

Federal income tax cost of investments	$	1,884,055,286

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value:
Affiliated Issuers (Cost $1,883,213,647)	$	1,938,293,641
Cash		1,337,142
Receivable for securities sold		1,256,536
Receivable from Separate Accounts for Trust shares sold		684,855
Dividends, interest and other receivables		170
Other assets		1,788

Total assets		1,941,574,132

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		1,306,176
Distribution fees payable - Class B		398,423
Administrative fees payable		249,355
Investment management fees payable		103,620
Trustees’ fees payable		10,754
Accrued expenses		139,109

Total liabilities		2,207,437

NET ASSETS	$	1,939,366,695

Net assets were comprised of:
Paid in capital	$	2,219,622,547
Accumulated undistributed net investment income (loss)		949
Accumulated undistributed net realized gain (loss) on investments		(335,336,795	)
Net unrealized appreciation (depreciation) on investments		55,079,994

Net assets	$	1,939,366,695

Class A
Net asset value, offering and redemption price per share, $20,905,764 / 2,279,058 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.17

Class B
Net asset value, offering and redemption price per share, $1,881,228,770 / 204,998,677 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.18

Class K
Net asset value, offering and redemption price per share, $37,232,161 / 4,058,893 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.17

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	33,872,856
Interest		935

Total income		33,873,791

EXPENSES
Distribution fees - Class B		4,877,821
Administrative fees		3,052,226
Investment management fees		2,013,127
Custodian fees		230,801
Printing and mailing expenses		132,518
Professional fees		78,405
Trustees’ fees		26,115
Miscellaneous		27,739

Gross expenses		10,438,752
Less: Waiver from investment advisor		(1,116,262	)

Net expenses		9,322,490

NET INVESTMENT INCOME (LOSS)		24,551,301

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		17,031,326
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		21,359,670

Net realized gain (loss)		38,390,996

Net change in unrealized appreciation (depreciation) on securities		(75,792,595	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(37,401,599	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,850,298	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	24,551,301		$	27,199,402
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		38,390,996			83,768,295
Net change in unrealized appreciation (depreciation) on investments		(75,792,595	)		66,206,703

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(12,850,298	)		177,174,400

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(407,478	)		(1,391,896	)
Class B		(29,447,362	)		(38,823,864	)
Class K†		(674,379	)		—

		(30,529,219	)		(40,215,760	)

Distributions from net realized capital gains
Class A		(1,006,831	)		(1,860,732	)
Class B		(44,813,004	)		(58,479,779	)
Class K†		(396,577	)		—

		(46,216,412	)		(60,340,511	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(76,745,631	)		(100,556,271	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,472,001 and 2,071,628 shares, respectively ]		14,279,433			19,616,507
Capital shares issued in reinvestment of dividends and distributions [ 153,107 and 339,484 shares, respectively ]		1,414,309			3,252,628
Capital shares repurchased [ (5,947,241) and (3,090,779) shares, respectively ]		(56,590,774	)(y)		(29,718,231	)

Total Class A transactions		(40,897,032	)		(6,849,096	)

Class B
Capital shares sold [ 27,786,796 and 31,741,437 shares, respectively ]		268,907,840			300,951,943
Capital shares issued in reinvestment of dividends and distributions [ 8,080,075 and 10,151,119 shares, respectively ]		74,260,366			97,303,643
Capital shares repurchased [ (39,235,624) and (35,023,683) shares, respectively ]		(378,826,784	)		(336,007,924	)

Total Class B transactions		(35,658,578	)		62,247,662

Class K†
Capital shares sold [ 4,006,054 and 0 shares, respectively ]		37,815,732	(y)		—
Capital shares issued in reinvestment of dividends and distributions [ 117,444 and 0 shares, respectively ]		1,070,956			—
Capital shares repurchased [ (64,605) and 0 shares, respectively ]		(599,146	)		—

Total Class K transactions		38,287,542			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(38,268,068	)		55,398,566

TOTAL INCREASE (DECREASE) IN NET ASSETS		(127,863,997	)		132,016,695
NET ASSETS:
Beginning of year		2,067,230,692			1,935,213,997

End of year (a)	$	1,939,366,695		$	2,067,230,692

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	949		$	1,128

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the AXA Conservative-Plus Allocation Portfolio exchanged approximately 3,968,415 Class A shares for approximately 3,968,420 Class K shares. This exchange amounted to approximately $37,468,015.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	9.61		$	9.27		$	8.73		$	11.59		$	11.61

Income (loss) from investment operations:
Net investment income (loss) (x)		0.06	(e)		0.14	(e)		0.24	(e)		0.44	(e)		0.43	(e)
Net realized and unrealized gain (loss) on investments		(0.11	)		0.71			1.05			(2.65	)		0.23

Total from investment operations		(0.05	)		0.85			1.29			(2.21	)		0.66

Less distributions:
Dividends from net investment income		(0.17	)		(0.22	)		(0.20	)		(0.38	)		(0.42	)
Distributions from net realized gains		(0.22	)		(0.29	)		(0.55	)		(0.27	)		(0.26	)

Total dividends and distributions		(0.39	)		(0.51	)		(0.75	)		(0.65	)		(0.68	)

Net asset value, end of year	$	9.17		$	9.61		$	9.27		$	8.73		$	11.59

Total return		(0.45	)%		9.24	%		14.78	%		(19.24	)%		5.73	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	20,906		$	63,455		$	67,465		$	42,358		$	10,943
Ratio of expenses to average net assets:
After waivers (f)		0.22	%(j)		0.20	%(j)		0.18	%(j)		0.10	%		0.10	%
Before waivers (f)		0.28	%		0.28	%		0.30	%		0.30	%		0.29	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.62	%		1.48	%		2.56	%		4.29	%		3.58	%
Before waivers (f)(x)		0.56	%		1.41	%		2.45	%		4.10	%		3.39	%
Portfolio turnover rate		30	%		33	%		75	%		51	%		21	%



	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	9.62		$	9.27		$	8.73		$	11.59		$	11.61

Income (loss) from investment operations:
Net investment income (loss) (x)		0.12	(e)		0.13	(e)		0.17	(e)		0.35	(e)		0.37	(e)
Net realized and unrealized gain (loss) on investments		(0.19	)		0.71			1.09			(2.58	)		0.26

Total from investment operations		(0.07	)		0.84			1.26			(2.23	)		0.63

Less distributions:
Dividends from net investment income		(0.15	)		(0.20	)		(0.17	)		(0.36	)		(0.39	)
Distributions from net realized gains		(0.22	)		(0.29	)		(0.55	)		(0.27	)		(0.26	)

Total dividends and distributions		(0.37	)		(0.49	)		(0.72	)		(0.63	)		(0.65	)

Net asset value, end of year	$	9.18		$	9.62		$	9.27		$	8.73		$	11.59

Total return		(0.69	)%		9.07	%		14.48	%		(19.45	)%		5.46	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,881,229		$	2,003,775		$	1,867,749		$	1,369,870		$	1,150,399
Ratio of expenses to average net assets:
After waivers (f)		0.47	%(j)		0.45	%(j)		0.43	%(j)		0.35	%		0.35	%
Before waivers (f)		0.53	%		0.53	%		0.55	%		0.55	%(c)		0.54	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.21	%		1.35	%		1.90	%		3.37	%		3.07	%
Before waivers (f)(x)		1.16	%		1.28	%		1.79	%		3.18	%		2.88	%
Portfolio turnover rate		30	%		33	%		75	%		51	%		21	%

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


Class K	December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	9.41

Income (loss) from investment operations:
Net investment income (loss) (x)		0.17	(e)
Net realized and unrealized gain (loss) on investments		(0.14	)

Total from investment operations		0.03

Less distributions:
Dividends from net investment income		(0.17	)
Distributions from net realized gains		(0.10	)

Total dividends and distributions		(0.27	)

Net asset value, end of period	$	9.17

Total return (b)		0.35	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	37,232
Ratio of expenses to average net assets:
After waivers (a)(f)		0.25	%(j)
Before waivers (a)(f)		0.28	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		21.14	%(l)
Before waivers (a)(f)(x)		21.12	%(l)
Portfolio turnover rate		30	%

*	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 expenses.

(e)

Net investment income per share 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, 1.10% for Class B and 0.85% for Class K.

(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 portfolios in which the Portfolio invests.

See Notes to Financial Statements.

AXA MODERATE ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.*
Portfolio – Class A Shares		(2.14	)%		0.40	%		3.04	%		7.94	%
Portfolio – Class B Shares**		(2.41	)		0.15			2.79			7.68
Portfolio – Class K Shares***		(2.14	)		0.40			3.04			7.94
S&P 500 Index		2.11			(0.25	)		2.92			9.64
Barclays Capital U.S. Aggregate Bond Index		7.84			6.50			5.78			7.48
MSCI EAFE Index		(12.14	)		(4.72	)		4.67			7.24
* Date of inception 1/27/86. Investment operations commenced with respect to Class B shares on July 8, 1998. Returns shown for Class B shares prior to this period are derived from the historical performance of Class A shares adjusted to reflect the 12b-1 fees, applicable to Class B shares; Class A shares are not subject to any 12b-1 fees. * Date of inception 12/1/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

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

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (2.14)% for the year ended December 31, 2011. This compares to the returns of the following broad market benchmarks: S&P 500 Index 2.11%, the Barclays Capital U.S. Aggregate Bond Index 7.84% and the MSCI EAFE Index (12.14)%.

Portfolio Adviser

Portfolio Highlights

•

As of December 31, 2011, the Portfolio’s equity allocation consisted of large cap growth stocks (9.7%), large cap value stocks (9.6%), international stocks (14.6%) and small and mid cap stocks (16.7%).

•

The Portfolio’s fixed-income allocation consisted of investment grade bonds (48.3%), high-yield bonds (0.4%) and international bonds (0.7%).

•

In line with broad market performance, the Portfolio’s holdings in small/mid and international stocks, along with its combination active/passive orientation, drove its performance in the fourth quarter. Overall, the international stock holdings detracted from performance, as did the allocation to small and mid cap stocks.

•

AXA MODERATE ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2011
EQ/Core Bond Index Portfolio	15.9	%
EQ/Intermediate Government Bond Index Portfolio	13.2
ATM Large Cap Portfolio	13.1
EQ/PIMCO Ultra Short Bond Portfolio	8.5
ATM International Portfolio	6.9
Multimanager Core Bond Portfolio	4.9
Multimanager Multi-Sector Bond Portfolio	4.0
EQ/Large Cap Growth PLUS Portfolio	3.5
ATM Small Cap Portfolio	3.0
EQ/Global Bond PLUS Portfolio	2.3
EQ/MFS International Growth Portfolio	2.0
EQ/Large Cap Value PLUS Portfolio	2.0
Multimanager Large Cap Value Portfolio	1.8
EQ/BlackRock Basic Value Equity Portfolio	1.7
EQ/Global Multi-Sector Equity Portfolio	1.7
EQ/Boston Advisors Equity Income Portfolio	1.7
EQ/AllianceBernstein Small Cap Growth Portfolio	1.4
ATM Mid Cap 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
Multimanager Large Cap Core Equity Portfolio	1.1
Multimanager International Equity Portfolio	1.1
EQ/International Core PLUS Portfolio	1.0
EQ/International ETF Portfolio	0.7
EQ/International Value PLUS Portfolio	0.6
Multimanager Small Cap Growth Portfolio	0.6
EQ/AXA Franklin Small Cap Value Core Portfolio	0.6
EQ/International Equity Index Portfolio	0.5
Multimanager Mid Cap Value Portfolio	0.4
Multimanager Small Cap Value Portfolio	0.3
EQ/Small Company Index Portfolio	0.2
Multimanager Mid Cap Growth Portfolio	0.2
EQ/Mid Cap Index Portfolio	0.1
EQ/Davis New York Venture 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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$942.82		$1.24
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.93		1.29
Class B
Actual		1,000.00		941.40		2.46
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.67		2.56
Class K†
Actual		1,000.00		1,002.18		0.23
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.83		1.39
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.25%, 0.50% and 0.27%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 31/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 12/1/2011.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		83,891,204	$	694,494,803
ATM Large Cap Portfolio‡		128,191,918		1,315,012,777
ATM Mid Cap Portfolio‡		13,927,538		130,431,000
ATM Small Cap Portfolio‡		30,430,772		302,830,571
EQ/AllianceBernstein Small Cap Growth Portfolio*‡		9,106,749		142,863,753
EQ/AXA Franklin Small Cap Value Core Portfolio‡		6,602,358		60,890,442
EQ/BlackRock Basic Value Equity Portfolio‡		13,433,019		175,301,178
EQ/Boston Advisors Equity Income Portfolio‡		32,391,555		166,137,937
EQ/Core Bond Index Portfolio‡		160,848,183		1,605,488,580
EQ/Davis New York Venture Portfolio‡		533,086		4,930,923
EQ/GAMCO Small Company Value Portfolio‡		3,239,480		120,554,741
EQ/Global Bond PLUS Portfolio‡		23,228,278		233,097,710
EQ/Global Multi-Sector Equity Portfolio‡		16,052,253		172,364,071
EQ/Intermediate Government Bond Index Portfolio‡		128,856,317		1,335,021,713
EQ/International Core PLUS Portfolio‡		12,684,282		97,908,419
EQ/International Equity Index Portfolio‡		7,414,001		54,100,240
EQ/International ETF Portfolio‡		12,289,905		71,293,534
EQ/International Value PLUS Portfolio‡		6,654,502		63,730,720
EQ/Large Cap Core PLUS Portfolio‡		18,210,023		120,166,428
EQ/Large Cap Growth Index Portfolio‡		13,995,815		123,949,855
EQ/Large Cap Growth PLUS Portfolio‡		21,449,197		350,113,258

EQ/Large Cap Value PLUS Portfolio‡		21,089,495	$	201,439,159
EQ/MFS International Growth Portfolio‡		36,851,431		205,569,782
EQ/Mid Cap Index Portfolio‡		1,185,685		9,678,250
EQ/PIMCO Ultra Short Bond Portfolio‡		86,935,485		858,496,034
EQ/Small Company Index Portfolio‡		2,371,402		21,509,417
Multimanager Core Bond Portfolio‡		47,415,580		495,015,451
Multimanager International Equity Portfolio‡		12,074,334		107,127,492
Multimanager Large Cap Core Equity Portfolio‡		12,240,936		114,909,701
Multimanager Large Cap Value Portfolio‡		19,319,937		176,501,678
Multimanager Mid Cap Growth Portfolio*‡		2,262,238		19,309,825
Multimanager Mid Cap Value Portfolio‡		5,009,461		43,718,303
Multimanager Multi-Sector Bond Portfolio‡		101,591,283		398,661,029
Multimanager Small Cap Growth Portfolio*‡		8,348,608		62,738,670
Multimanager Small Cap Value Portfolio‡		2,933,490		28,764,825

Total Investments (99.9%) (Cost $9,900,292,174)				10,084,122,269
Other Assets Less Liabilities (0.1%)				10,077,259

Net Assets (100%)			$	10,094,199,528

*	Non-income producing.

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

The holdings in Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
ATM International Portfolio(aa)	$	808,396,818	$	149,845,608	$	90,324,234	$	694,494,803	$	31,812,408	$	7,670,654
ATM Large Cap Portfolio(bb)		1,397,402,113		233,483,868		194,239,392		1,315,012,777		7,315,840		60,953,360
ATM Mid Cap Portfolio(cc)		234,585,487		20,359,303		87,971,656		130,431,000		234,712		23,477,151
ATM Small Cap Portfolio(dd)		340,256,973		83,024,084		52,125,383		302,830,571		421,137		20,166,865
EQ/AllianceBernstein Small Cap Growth Portfolio(ee)		134,910,972		25,190,558		9,757,347		142,863,753		—		6,488,644
EQ/AXA Franklin Small Cap Value Core Portfolio(ff)		95,770,039		638,393		26,560,355		60,890,442		236,491		(442,236	)
EQ/BlackRock Basic Value Equity Portfolio(gg)		125,236,186		66,893,572		14,589,554		175,301,178		2,673,734		23,977
EQ/Boston Advisors Equity Income Portfolio(hh)		126,033,710		55,286,670		13,775,159		166,137,937		3,566,833		1,088,373

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio(ii)	$	2,019,504,508	$	96,892,677	$	564,344,761	$	1,605,488,580	$	34,226,228	$	68,577
EQ/Davis New York Venture Portfolio(jj)		—		4,627,990		—		4,930,923		27,990		—
EQ/GAMCO Small Company Value Portfolio(kk)		113,681,514		22,249,235		9,261,921		120,554,741		382,953		1,559,316
EQ/Global Bond PLUS Portfolio(ll)		494,553,070		42,433,395		310,561,183		233,097,710		9,284,142		7,508,631
EQ/Global Multi-Sector Equity Portfolio(mm)		208,781,644		8,335,618		16,695,029		172,364,071		3,897,845		(86,085	)
EQ/Intermediate Government Bond Index Portfolio(nn)		409,086,841		986,366,519		74,710,155		1,335,021,713		7,773,006		2,080,440
EQ/International Core PLUS Portfolio(oo)		129,811,962		11,421,071		18,211,441		97,908,419		3,446,713		429,612
EQ/International Equity Index Portfolio(pp)(a)		68,390,941		2,288,902		6,801,645		54,100,240		1,887,000		316,474
EQ/International ETF Portfolio(qq)		92,719,924		5,234,459		10,949,452		71,293,534		1,862,123		3,139,101
EQ/International Value PLUS Portfolio(rr)(b)		88,282,343		2,103,076		12,726,487		63,730,720		1,639,661		(8,595	)
EQ/Large Cap Core PLUS Portfolio(ss)		139,653,063		7,678,322		16,074,747		120,166,428		1,654,800		4,767,470
EQ/Large Cap Growth Index Portfolio(tt)		154,521,566		9,725,758		33,243,398		123,949,855		1,421,953		10,992,841
EQ/Large Cap Growth PLUS Portfolio(uu)		321,952,549		66,080,900		24,214,862		350,113,258		2,348,860		1,831,001
EQ/Large Cap Value PLUS Portfolio(vv)		287,121,718		4,214,389		61,328,065		201,439,159		2,958,111		17,952,905
EQ/MFS International Growth Portfolio(ww)(c)		108,486,276		125,025,381		8,472,644		205,569,782		1,947,929		5,834,677
EQ/Mid Cap Index Portfolio(xx)		9,891,860		87,853		—		9,678,250		87,853		—
EQ/PIMCO Ultra Short Bond Portfolio(yy)		654,438,549		332,056,187		121,691,657		858,496,034		6,630,402		38,122
EQ/Small Company Index Portfolio(zz)		22,348,969		2,154,901		—		21,509,417		204,014		1,950,887
Multimanager Core Bond Portfolio(aaa)		1,056,830,324		68,742,649		622,937,537		495,015,451		25,090,783		39,768,489
Multimanager International Equity Portfolio(bbb)		147,513,901		3,015,252		17,278,247		107,127,492		2,367,299		238,965
Multimanager Large Cap Core Equity Portfolio(ccc)		127,209,287		8,846,195		11,902,009		114,909,701		676,358		(38,477	)
Multimanager Large Cap Value Portfolio(ddd)		209,830,602		3,433,124		24,597,201		176,501,678		2,372,326		(38,710	)
Multimanager Mid Cap Growth Portfolio(eee)		21,372,007		43,473		463,743		19,309,825		—		17
Multimanager Mid Cap Value Portfolio(fff)		12,320,859		33,143,978		309,135		43,718,303		114,996		39
Multimanager Multi-Sector Bond Portfolio(ggg)		888,735,939		40,188,583		543,952,726		398,661,029		16,589,202		12,595,212
Multimanager Small Cap Growth Portfolio(hhh)		90,082,882		2,801,903		16,273,215		62,738,670		—		344,904
Multimanager Small Cap Value Portfolio(iii)		33,852,462		225,466		2,392,305		28,764,825		91,499		(19,598	)

	$	11,173,567,858	$	2,524,139,312	$	3,018,736,645	$	10,084,122,269	$	175,245,201	$	230,653,003

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(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.

(aa)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM International Portfolio for Class K in the amount of $711,366,745, representing 75,840,385 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bb)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Large Cap Portfolio for Class K in the amount of $1,256,575,431, representing 124,204,078 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(cc)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Mid Cap Portfolio for Class K in the amount of $158,383,324, representing 16,827,580 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(dd)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Small Cap Portfolio for Class K in the amount of $336,155,941, representing 33,956,862 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ee)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/AllianceBernstein Small Cap Growth Portfolio for Class K in the amount of $134,441,090, representing 8,926,361 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ff)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/AXA Franklin Small Cap Value Core Portfolio for Class K in the amount of $78,436,365, representing 8,914,648 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(gg)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/BlackRock Basic Value Equity Portfolio for Class K in the amount of $147,562,169, representing 11,883,391 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hh)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Boston Advisors Equity Income Portfolio for Class K in the amount of $140,897,202, representing 28,892,601 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ii)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Core Bond Index Portfolio for Class K in the amount of $1,692,683,059, representing 167,019,931 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(jj)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Davis New York Venture Portfolio for Class K in the amount of $4,693,528, representing 530,118 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(kk)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/GAMCO Small Company Value Portfolio for Class K in the amount of $115,285,472, representing 3,266,429 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ll)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Bond PLUS Portfolio for Class K in the amount of $485,593,978, representing 45,963,677 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(mm)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Multi-Sector Equity Portfolio for Class K in the amount of $183,108,012, representing 16,155,736 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(nn)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Intermediate Government Bond Index Portfolio for Class K in the amount of $373,717,241, representing 36,118,940 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(oo)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Core PLUS Portfolio for Class K in the amount of $115,121,373, representing 13,451,235 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(pp)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Equity Index Portfolio for Class K in the amount of $57,650,237, representing 7,421,220 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(qq)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International ETF Portfolio for Class K in the amount of $75,905,723, representing 11,830,149 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(rr)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Value PLUS Portfolio for Class K in the amount of $69,662,945, representing 6,683,928 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ss)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Core PLUS Portfolio for Class K in the amount of $117,846,634, representing 17,967,463 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(tt)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Growth Index Portfolio for Class K in the amount of $113,494,940, representing 13,441,944 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(uu)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Growth PLUS Portfolio for Class K in the amount of $335,840,888, representing 20,898,409 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(vv)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Value PLUS Portfolio for Class K in the amount of $199,139,877, representing 21,343,357 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ww)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/MFS International Growth Portfolio for Class K in the amount of $155,798,193, representing 26,410,270 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(xx)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Mid Cap Index Portfolio for Class K in the amount of $9,161,909, representing 1,174,508 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(yy)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/PIMCO Ultra Short Bond Portfolio for Class K in the amount of $908,553,387, representing 91,163,440 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(zz)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Small Company Index Portfolio for Class K in the amount of $19,932,951, representing 2,125,149 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(aaa)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Core Bond Portfolio for Class K in the amount of $952,501,203, representing 87,987,752 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bbb)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager International Equity Portfolio for Class K in the amount of $116,221,925, representing 12,076,921 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ccc)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Core Equity Portfolio for Class K in the amount of $112,674,100, representing 12,102,684 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ddd)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Value Portfolio for Class K in the amount of $174,873,263, representing 19,589,808 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(eee)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Growth Portfolio for Class K in the amount of $19,442,933, representing 2,310,070 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(fff)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Value Portfolio for Class K in the amount of $13,773,143, representing 1,559,241 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ggg)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Multi-Sector Bond Portfolio for Class K in the amount of $819,881,743, representing 202,211,142 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hhh)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Small Cap Growth Portfolio for Class K in the amount of $74,604,361, representing 9,882,930 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(iii)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Small Cap Value Portfolio for Class K in the amount of $28,584,635, representing 2,994,941 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2011:

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 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	$	—	$	10,084,122,269	$	—	$	10,084,122,269

Total Assets	$	—	$	10,084,122,269	$	—	$	10,084,122,269

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	10,084,122,269	$	—	$	10,084,122,269

The Portfolio held no derivatives contracts during the year ended December 31, 2011.

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	2,524,139,312
Net Proceeds of Sales and Redemptions:
Investment Companies	$	3,124,166,550

As of December 31, 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	$	536,317,754
Aggregate gross unrealized depreciation		(354,106,886	)

Net unrealized appreciation	$	182,210,868

Federal income tax cost of investments	$	9,901,911,401

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value:
Affiliated Issuers (Cost $9,900,292,174)	$	10,084,122,269
Cash		10,269,878
Receivable from Separate Accounts for Trust shares sold		6,781,725
Receivable for securities sold		687,974
Dividends, interest and other receivables		663
Other assets		14,495

Total assets		10,101,877,004

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		3,390,000
Distribution fees payable - Class B		1,585,671
Administrative fees payable		1,286,206
Investment management fees payable		898,364
Trustees’ fees payable		202,980
Accrued expenses		314,255

Total liabilities		7,677,476

NET ASSETS	$	10,094,199,528

Net assets were comprised of:
Paid in capital	$	12,274,480,442
Accumulated undistributed net investment income (loss)		(48,622	)
Accumulated undistributed net realized gain (loss) on investments		(2,364,062,387	)
Net unrealized appreciation (depreciation) on investments		183,830,095

Net assets	$	10,094,199,528

Class A
Net asset value, offering and redemption price per share, $2,311,825,429 / 183,434,586 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.60

Class B
Net asset value, offering and redemption price per share, $7,488,397,770 / 597,937,420 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.52

Class K
Net asset value, offering and redemption price per share, $293,976,329 / 23,325,888 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.60

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends ($175,245,201 of dividend income received from affiliates)	$	175,246,380
Interest		3,396

Total income		175,249,776

EXPENSES
Distribution fees - Class B		20,015,720
Administrative fees		16,236,082
Investment management fees		10,802,257
Printing and mailing expenses		702,091
Professional fees		193,098
Custodian fees		173,100
Trustees’ fees		141,765
Miscellaneous		137,666

Gross expenses		48,401,779
Less: Waiver from investment advisor		(1,059,969	)

Net expenses		47,341,810

NET INVESTMENT INCOME (LOSS)		127,907,966

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities ($105,429,905 of realized gain (loss) from affiliates)		105,561,626
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		125,223,098

Net realized gain (loss)		230,784,724

Net change in unrealized appreciation (depreciation) on securities		(594,848,256	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(364,063,532	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(236,155,566	)

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	127,907,966		$	130,618,494
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		230,784,724			322,553,175
Net change in unrealized appreciation (depreciation) on investments		(594,848,256	)		566,725,120

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(236,155,566	)		1,019,896,789

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(42,316,782	)		(65,828,006	)
Class B		(117,959,998	)		(168,414,316	)
Class K†		(5,309,542	)		—

		(165,586,322	)		(234,242,322	)

Distributions from net realized capital gains
Class A		(61,298,407	)		(66,277,351	)
Class B		(187,613,325	)		(191,968,620	)
Class K†		(3,719,190	)		—

		(252,630,922	)		(258,245,971	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(418,217,244	)		(492,488,293	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 6,342,142 and 7,894,626 shares, respectively ]		85,327,328			103,941,913
Capital shares issued in reinvestment of dividends and distributions [ 8,206,456 and 9,886,927 shares, respectively ]		103,615,189			132,105,357
Capital shares repurchased [ (45,345,279) and (20,376,573) shares, respectively ]		(599,731,021	)(y)		(268,625,794	)

Total Class A transactions		(410,788,504	)		(32,578,524	)

Class B
Capital shares sold [ 27,410,657 and 42,896,091 shares, respectively ]		367,360,567			561,702,310
Capital shares issued in reinvestment of dividends and distributions [ 24,369,926 and 27,143,448 shares, respectively ]		305,573,323			360,382,936
Capital shares repurchased [ (74,101,733) and (65,337,266) shares, respectively ]		(989,650,989	)		(850,216,515	)

Total Class B transactions		(316,717,099	)		71,868,731

Class K†
Capital shares sold [ 22,959,044 and 0 shares, respectively ]		298,869,850	(y)		—
Capital shares issued in reinvestment of dividends and distributions [ 721,265 and 0 shares, respectively ]		9,028,732			—
Capital shares repurchased [ (354,421) and 0 shares, respectively ]		(4,490,991	)		—

Total Class K transactions		303,407,591			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(424,098,012	)		39,290,207

TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,078,470,822	)		566,698,703
NET ASSETS:
Beginning of year		11,172,670,350			10,605,971,647

End of year (a)	$	10,094,199,528		$	11,172,670,350

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(48,622	)	$	2,874,780

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the AXA Moderate Allocation Portfolio exchanged approximately 22,934,191 Class A shares for approximately 22,934,175 Class K shares. This exchange amounted to approximately $298,555,329.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	13.45		$	12.80		$	11.82		$	17.10		$	16.93

Income (loss) from investment operations:
Net investment income (loss) (x)		0.16	(e)		0.18	(e)		0.23	(e)		0.48	(e)		0.45	(e)
Net realized and unrealized gain (loss) on investments		(0.45	)		1.11			1.82			(4.57	)		0.65

Total from investment operations		(0.29	)		1.29			2.05			(4.09	)		1.10

Less distributions:
Dividends from net investment income		(0.24	)		(0.32	)		(0.21	)		(0.57	)		(0.60	)
Distributions from net realized gains		(0.32	)		(0.32	)		(0.86	)		(0.62	)		(0.33	)

Total dividends and distributions		(0.56	)		(0.64	)		(1.07	)		(1.19	)		(0.93	)

Net asset value, end of year	$	12.60		$	13.45		$	12.80		$	11.82		$	17.10

Total return		(2.14	)%		10.14	%		17.34	%		(24.29	)%		6.56	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,311,825		$	2,881,375		$	2,775,033		$	2,494,212		$	3,143,322
Ratio of expenses to average net assets:
After waivers (f)		0.25	%(j)		0.23	%(j)		0.21	%(j)		0.10	%		0.10	%
Before waivers (f)		0.26	%		0.27	%		0.28	%		0.27	%		0.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.22	%		1.39	%		1.85	%		3.19	%		2.58	%
Before waivers (f)(x)		1.21	%		1.36	%		1.78	%		3.02	%		2.41	%
Portfolio turnover rate		23	%		26	%		71	%		34	%		9	%

	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	13.37		$	12.72		$	11.76		$	17.01		$	16.84

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

Total from investment operations		(0.33	)		1.25			1.99			(4.09	)		1.05

Less distributions:
Dividends from net investment income		(0.20	)		(0.28	)		(0.17	)		(0.54	)		(0.55	)
Distributions from net realized gains		(0.32	)		(0.32	)		(0.86	)		(0.62	)		(0.33	)

Total dividends and distributions		(0.52	)		(0.60	)		(1.03	)		(1.16	)		(0.88	)

Net asset value, end of year	$	12.52		$	13.37		$	12.72		$	11.76		$	17.01

Total return		(2.41	)%		9.91	%		16.95	%		(24.46	)%		6.31	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	7,488,398		$	8,291,295		$	7,830,939		$	5,897,027		$	6,289,959
Ratio of expenses to average net assets:
After waivers (f)		0.50	%(j)		0.48	%(j)		0.46	%(j)		0.35	%		0.35	%
Before waivers (f)		0.51	%		0.52	%		0.53	%		0.52	%(c)		0.52	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.12	%		1.16	%		1.69	%		3.23	%		2.57	%
Before waivers (f)(x)		1.11	%		1.13	%		1.62	%		3.05	%		2.40	%
Portfolio turnover rate		23	%		26	%		71	%		34	%		9	%

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


Class K	December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	12.97

Income (loss) from investment operations:
Net investment income (loss) (x)		0.23	(e)
Net realized and unrealized gain (loss) on investments		(0.21	)

Total from investment operations		0.02

Less distributions:
Dividends from net investment income		(0.23	)
Distributions from net realized gains		(0.16	)

Total dividends and distributions		(0.39	)

Net asset value, end of period	$	12.60

Total return (b)		0.22	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	293,976
Ratio of expenses to average net assets:
After waivers (a)(f)		0.27	%(j)
Before waivers (a)(f)		0.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		21.57	%(l)
Before waivers (a)(f)(x)		21.57	%(l)
Portfolio turnover rate		23	%

*	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 expenses.

(e)

Net investment income per share 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, 1.15% for Class B and 0.90% for Class K.

(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 portfolios in which the Portfolio invests.

See Notes to Financial Statements.

AXA MODERATE-PLUS ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			Since Incept.*
Portfolio – Class A Shares		(4.65	)%		(1.02	)%		4.69	%
Portfolio – Class B Shares		(4.98	)		(1.26	)		4.43
Portfolio – Class K Shares**		(4.65	)		(1.02	)		4.69
S&P 500 Index		2.11			(0.25	)		4.98
Barclays Capital U.S. Aggregate Bond Index		7.84			6.50			5.61
MSCI EAFE Index		(12.14	)		(4.72	)		6.31
* Date of inception 7/31/03. ** Date of inception 12/1/11. Returns shown for Class K shares prior to this period are derived from the historical performances of Class A shares; Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (4.65)% for the year ended December 31, 2011. This compares to the returns of the following broad market benchmarks: S&P 500 Index 2.11%, the Barclays Capital U.S. Aggregate Bond Index 7.84% and the MSCI EAFE Index (12.14)%.

Portfolio Adviser

Portfolio Highlights

•

As of December 31, 2011, the Portfolio’s equity allocation consisted of large cap growth stocks (13.2%), large cap value stocks (13.2%), international stocks (19.4%) and small and mid cap stocks (24.6%).

•

The Portfolio’s fixed-income allocation consisted of investment grade bonds (29.5%) and high-yield bonds (0.1%).

•

AXA MODERATE-PLUS ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2011
ATM Large Cap Portfolio	17.7	%
EQ/Core Bond Index Portfolio	12.1
ATM International Portfolio	9.1
EQ/Intermediate Government Bond Index Portfolio	6.6
EQ/PIMCO Ultra Short Bond Portfolio	5.0
ATM Small Cap Portfolio	4.8
EQ/Large Cap Growth PLUS Portfolio	4.1
Multimanager Core Bond Portfolio	3.9
EQ/Large Cap Value PLUS Portfolio	3.1
Multimanager Large Cap Value Portfolio	2.7
EQ/AllianceBernstein Small Cap Growth Portfolio	2.5
EQ/MFS International Growth Portfolio	2.5
ATM Mid Cap Portfolio	2.4
Multimanager Large Cap Core Equity Portfolio	2.2
EQ/BlackRock Basic Value Equity Portfolio	2.1
EQ/Large Cap Growth Index Portfolio	2.1
EQ/Global Multi-Sector Equity Portfolio	1.9
EQ/Boston Advisors Equity Income Portfolio	1.9
EQ/Large Cap Core PLUS Portfolio	1.5
Multimanager Small Cap Growth Portfolio	1.5
Multimanager International Equity Portfolio	1.3
EQ/International Core PLUS Portfolio	1.3
Multimanager Multi-Sector Bond Portfolio	1.2
EQ/GAMCO Small Company Value Portfolio	1.1
EQ/International Value PLUS Portfolio	1.0
EQ/International Equity Index Portfolio	1.0
Multimanager Small Cap Value Portfolio	1.0
EQ/International ETF Portfolio	1.0
EQ/AXA Franklin Small Cap Value Core Portfolio	0.8
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
EQ/Davis New York Venture Portfolio	0.0	#
# 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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$912.10		$1.26
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.89		1.33
Class B
Actual		1,000.00		910.70		2.46
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.63		2.61
Class K†
Actual		1,000.00		1,001.77		0.22
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.90		1.32
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.26%, 0.51% and 0.26%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 31/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 12/1/2011.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		120,430,610	$	996,986,921
ATM Large Cap Portfolio‡		190,580,258		1,955,002,146
ATM Mid Cap Portfolio‡		28,628,595		268,105,981
ATM Small Cap Portfolio‡		52,685,089		524,293,480
EQ/AllianceBernstein Small Cap Growth Portfolio‡		17,662,551		277,084,431
EQ/AXA Franklin Small Cap Value Core Portfolio‡		9,722,341		89,664,579
EQ/BlackRock Basic Value Equity Portfolio‡		17,904,993		233,660,532
EQ/Boston Advisors Equity Income Portfolio‡		40,590,902		208,192,805
EQ/Core Bond Index Portfolio‡		134,002,841		1,337,534,730
EQ/Davis New York Venture Portfolio‡		463,553		4,287,759
EQ/GAMCO Small Company Value Portfolio‡		3,338,655		124,245,458
EQ/Global Multi-Sector Equity Portfolio‡		19,630,334		210,784,383
EQ/Intermediate Government Bond Index Portfolio‡		70,218,950		727,506,618
EQ/International Core PLUS Portfolio‡		18,151,945		140,112,641
EQ/International Equity Index Portfolio‡		15,591,475		113,771,575
EQ/International ETF Portfolio‡		19,028,739		110,385,398
EQ/International Value PLUS Portfolio‡		11,889,193		113,863,798
EQ/Large Cap Core PLUS Portfolio‡		24,758,476		163,379,128
EQ/Large Cap Growth Index Portfolio‡		25,824,732		228,709,209
EQ/Large Cap Growth PLUS Portfolio‡		27,468,103		448,359,304
EQ/Large Cap Value PLUS Portfolio‡		35,588,551		339,928,855

EQ/MFS International Growth Portfolio‡		48,868,865	$	272,607,109
EQ/Mid Cap Index Portfolio‡		1,181,981		9,648,011
EQ/PIMCO Ultra Short Bond Portfolio‡		55,974,283		552,751,279
EQ/Small Company Index Portfolio‡		1,853,786		16,814,472
Multimanager Core Bond Portfolio‡		41,216,218		430,294,528
Multimanager International Equity Portfolio‡		16,108,505		142,919,990
Multimanager Large Cap Core Equity Portfolio‡		25,919,921		243,318,850
Multimanager Large Cap Value Portfolio‡		32,298,582		295,071,038
Multimanager Mid Cap Growth Portfolio*‡		1,983,180		16,927,863
Multimanager Mid Cap Value Portfolio‡		1,292,440		11,279,312
Multimanager Multi-Sector Bond Portfolio‡		34,533,660		135,515,802
Multimanager Small Cap Growth Portfolio*‡		21,437,026		161,096,383
Multimanager Small Cap Value Portfolio‡		11,352,803		111,321,790

Total Investments (100.0%) (Cost $10,586,858,730)				11,015,426,158
Other Assets Less Liabilities (0.0%)				2,666,956

Net Assets (100%)			$	11,018,093,114

*	Non-income producing.

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

The holdings in Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
ATM International Portfolio(aa)	$	1,186,959,563	$	168,120,963	$	105,564,765	$	996,986,921	$	45,653,987	$	9,648,755
ATM Large Cap Portfolio(bb)		2,161,717,978		243,221,576		263,748,994		1,955,002,146		10,873,655		87,493,285
ATM Mid Cap Portfolio(cc)		410,108,651		30,921,295		106,607,619		268,105,981		481,209		40,747,466
ATM Small Cap Portfolio(dd)		614,732,837		105,870,415		81,893,450		524,293,480		739,541		34,314,815
EQ/AllianceBernstein Small Cap Growth Portfolio(ee)		254,471,203		56,769,794		20,005,264		277,084,431		—		12,246,008
EQ/AXA Franklin Small Cap Value Core Portfolio(ff)		116,516,333		829,740		16,581,637		89,664,579		348,069		148,203
EQ/BlackRock Basic Value Equity Portfolio(gg)		194,347,853		60,425,489		17,004,956		233,660,532		3,564,136		27,242
EQ/Boston Advisors Equity Income Portfolio(hh)		175,019,539		50,016,468		15,237,775		208,192,805		4,468,961		856,984
EQ/Core Bond Index Portfolio(ii)		1,648,458,812		55,417,278		415,770,984		1,337,534,730		28,495,212		(1,082,588	)

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
EQ/Davis New York Venture Portfolio(jj)	$	—	$	4,024,338	$	—	$	4,287,759	$	24,340	$	—
EQ/GAMCO Small Company Value Portfolio(kk)		111,250,752		32,867,619		13,435,082		124,245,458		395,480		1,481,000
EQ/Global Multi-Sector Equity Portfolio(ll)		226,206,280		37,106,635		19,848,672		210,784,383		4,724,865		(134,015	)
EQ/Intermediate Government Bond Index Portfolio(mm)		353,067,043		477,368,119		112,997,964		727,506,618		4,392,797		3,066,681
EQ/International Core PLUS Portfolio(nn)		178,487,551		5,327,865		9,656,651		140,112,641		4,888,920		265,604
EQ/International Equity Index Portfolio(oo)(a)		143,151,761		4,605,073		13,592,574		113,771,575		3,960,258		627,311
EQ/International ETF Portfolio(pp)		133,436,039		11,961,446		10,635,675		110,385,398		2,881,528		4,692,411
EQ/International Value PLUS Portfolio(qq)(b)		149,543,464		3,570,852		14,252,071		113,863,798		2,926,036		(32,185	)
EQ/Large Cap Core PLUS Portfolio(rr)		185,728,270		8,424,456		15,596,431		163,379,128		2,248,715		5,951,562
EQ/Large Cap Growth Index Portfolio(ss)		267,046,495		9,957,345		42,075,181		228,709,209		2,623,585		11,566,958
EQ/Large Cap Growth PLUS Portfolio(tt)		458,827,290		47,222,578		39,503,749		448,359,304		3,010,226		1,930,292
EQ/Large Cap Value PLUS Portfolio(uu)		428,340,685		6,679,202		59,608,500		339,928,855		4,989,472		15,316,087
EQ/MFS International Growth Portfolio(vv)(c)		201,682,077		116,100,448		15,946,579		272,607,109		2,381,903		7,511,683
EQ/Mid Cap Index Portfolio(ww)		9,860,954		87,579		—		9,648,011		87,579		—
EQ/PIMCO Ultra Short Bond Portfolio(xx)		437,670,801		220,781,256		101,665,420		552,751,279		4,270,192		38,530
EQ/Small Company Index Portfolio(yy)		17,470,771		1,684,542		—		16,814,472		159,483		1,525,059
Multimanager Core Bond Portfolio(zz)		1,040,021,663		51,661,270		662,882,153		430,294,528		23,028,449		27,447,142
Multimanager International Equity Portfolio(aaa)		193,115,070		4,050,728		19,406,184		142,919,990		3,161,196		48,769
Multimanager Large Cap Core Equity Portfolio(bbb)		283,766,364		2,438,082		22,496,961		243,318,850		1,435,894		(99,844	)
Multimanager Large Cap Value Portfolio(ccc)		386,307,846		5,291,040		78,549,525		295,071,038		3,962,563		(172,317	)
Multimanager Mid Cap Growth Portfolio(ddd)		18,922,546		23,307		562,030		16,927,863		—		432
Multimanager Mid Cap Value Portfolio(eee)		13,402,371		45,271		373,669		11,279,312		29,733		1,306
Multimanager Multi-Sector Bond Portfolio(fff)		195,940,598		112,032,382		176,119,078		135,515,802		5,643,925		3,783,294
Multimanager Small Cap Growth Portfolio(ggg)		212,303,312		4,472,507		23,503,890		161,096,383		—		1,090,870
Multimanager Small Cap Value Portfolio(hhh)		168,811,470		961,596		47,425,290		111,321,790		398,353		(3,950,427	)

	$	12,576,694,242	$	1,940,338,554	$	2,542,548,773	$	11,015,426,158	$	176,250,262	$	266,356,373

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(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.

(aa)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM International Portfolio for Class K in the amount of $1,045,029,019, representing 111,412,860 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bb)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Large Cap Portfolio for Class K in the amount of $1,921,103,534, representing 189,888,237 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(cc)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Mid Cap Portfolio for Class K in the amount of $289,171,472, representing 30,723,285 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(dd)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Small Cap Portfolio for Class K in the amount of $568,761,271, representing 57,453,537 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ee)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/AllianceBernstein Small Cap Growth Portfolio for Class K in the amount of $256,188,993, representing 17,009,944 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ff)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/AXA Franklin Small Cap Value Core Portfolio for Class K in the amount of $94,437,134, representing 10,733,208 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(gg)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/BlackRock Basic Value Equity Portfolio for Class K in the amount of $205,983,265, representing 16,588,125 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hh)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Boston Advisors Equity Income Portfolio for Class K in the amount of $185,161,232, representing 37,969,453 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ii)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Core Bond Index Portfolio for Class K in the amount of $1,431,182,211, representing 141,217,195 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(jj)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Davis New York Venture Portfolio for Class K in the amount of $4,081,337, representing 460,973 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(kk)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/GAMCO Small Company Value Portfolio for Class K in the amount of $121,919,188, representing 3,454,385 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ll)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Multi-Sector Equity Portfolio for Class K in the amount of $208,404,905, representing 18,387,697 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(mm)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Intermediate Government Bond Index Portfolio for Class K in the amount of $271,371,722, representing 26,227,473 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(nn)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Core PLUS Portfolio for Class K in the amount of $155,023,560, representing 18,113,564 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(oo)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Equity Index Portfolio for Class K in the amount of $120,351,577, representing 15,492,660 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(pp)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International ETF Portfolio for Class K in the amount of $117,801,461, representing 18,359,733 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(qq)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Value PLUS Portfolio for Class K in the amount of $124,234,738, representing 11,919,910 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(rr)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Core PLUS Portfolio for Class K in the amount of $162,632,094, representing 24,795,669 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ss)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Growth Index Portfolio for Class K in the amount of $216,933,172, representing 25,692,806 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(tt)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Growth PLUS Portfolio for Class K in the amount of $439,569,908, representing 27,353,167 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(uu)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Value PLUS Portfolio for Class K in the amount of $337,166,182, representing 36,136,701 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(vv)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/MFS International Growth Portfolio for Class K in the amount of $218,367,738, representing 37,016,802 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ww)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Mid Cap Index Portfolio for Class K in the amount of $9,133,289, representing 1,170,839 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(xx)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/PIMCO Ultra Short Bond Portfolio for Class K in the amount of $596,140,724, representing 59,816,231 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(yy)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Small Company Index Portfolio for Class K in the amount of $15,582,103, representing 1,661,284 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(zz)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Core Bond Portfolio for Class K in the amount of $841,468,468, representing 77,731,051 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(aaa)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager International Equity Portfolio for Class K in the amount of $155,791,716, representing 16,188,720 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bbb)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Core Equity Portfolio for Class K in the amount of $247,642,587, representing 26,600,079 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ccc)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Value Portfolio for Class K in the amount of $292,130,773, representing 32,725,333 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ddd)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Growth Portfolio for Class K in the amount of $17,200,527, representing 2,043,643 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(eee)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Value Portfolio for Class K in the amount of $11,734,131, representing 1,328,407 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(fff)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Multi-Sector Bond Portfolio for Class K in the amount of $299,991,721, representing 73,988,315 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ggg)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Small Cap Growth Portfolio for Class K in the amount of $171,676,049, representing 22,742,134 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hhh)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Small Cap Value Portfolio for Class K in the amount of $141,934,768, representing 14,871,145 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	—	$	11,015,426,158	$	—	$	11,015,426,158

Total Assets	$	—	$	11,015,426,158	$	—	$	11,015,426,158

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	11,015,426,158	$	—	$	11,015,426,158

The Portfolio held no derivatives contracts during the year ended December 31, 2011.

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	1,940,338,554
Net Proceeds of Sales and Redemptions:
Investment Companies	$	2,624,091,985

As of December 31, 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	$	832,933,277
Aggregate gross unrealized depreciation		(405,133,071	)

Net unrealized appreciation	$	427,800,206

Federal income tax cost of investments	$	10,587,625,952

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value:
Affiliated Issuers (Cost $10,586,858,730)	$	11,015,426,158
Cash		8,566,285
Receivable for securities sold		1,913,823
Receivable from Separate Accounts for Trust shares sold		693,397
Dividends, interest and other receivables		585
Other assets		10,763

Total assets		11,026,611,011

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		3,384,452
Distribution fees payable - Class B		2,269,471
Administrative fees payable		1,402,597
Investment management fees payable		933,213
Trustees’ fees payable		104,582
Accrued expenses		423,582

Total liabilities		8,517,897

NET ASSETS	$	11,018,093,114

Net assets were comprised of:
Paid in capital	$	14,522,688,586
Accumulated undistributed net investment income (loss)		94,158
Accumulated undistributed net realized gain (loss) on investments		(3,933,257,058	)
Net unrealized appreciation (depreciation) on investments		428,567,428

Net assets	$	11,018,093,114

Class A
Net asset value, offering and redemption price per share, $227,347,664 / 24,109,683 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.43

Class B
Net asset value, offering and redemption price per share, $10,719,110,804 / 1,136,444,414 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.43

Class K
Net asset value, offering and redemption price per share, $71,634,646 / 7,596,612 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.43

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	176,250,262
Interest		2,724

Total income		176,252,986

EXPENSES
Distribution fees - Class B		29,424,074
Administrative fees		18,171,728
Investment management fees		12,069,784
Recoupment fees		1,258,821
Printing and mailing expenses		774,989
Custodian fees		277,300
Professional fees		215,984
Trustees’ fees		160,521
Miscellaneous		157,069

Total expenses		62,510,270

NET INVESTMENT INCOME (LOSS)		113,742,716

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		81,543,212
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		184,813,161

Net realized gain (loss)		266,356,373

Net change in unrealized appreciation (depreciation) on securities		(959,057,865	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(692,701,492	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(578,958,776	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	113,742,716		$	87,258,932
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		266,356,373			364,327,083
Net change in unrealized appreciation (depreciation) on investments		(959,057,865	)		846,415,459

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(578,958,776	)		1,298,001,474

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(4,006,170	)		(6,045,165	)
Class B		(161,339,663	)		(197,818,217	)
Class K†		(1,259,760	)		—

		(166,605,593	)		(203,863,382	)

Distributions from net realized capital gains
Class A		(7,128,268	)		(8,291,865	)
Class B		(293,705,917	)		(314,668,650	)
Class K†		(1,069,426	)		—

		(301,903,611	)		(322,960,515	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(468,509,204	)		(526,823,897	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 4,335,529 and 4,942,738 shares, respectively ]		44,756,707			49,059,435
Capital shares issued in reinvestment of dividends and distributions [ 1,180,300 and 1,402,482 shares, respectively ]		11,134,438			14,337,030
Capital shares repurchased [ (12,772,093) and (4,170,336) shares, respectively ]		(127,274,397	)(y)		(41,323,101	)

Total Class A transactions		(71,383,252	)		22,073,364

Class B
Capital shares sold [ 33,492,104 and 53,759,882 shares, respectively ]		347,698,103			535,722,261
Capital shares issued in reinvestment of dividends and distributions [ 48,297,080 and 50,164,327 shares, respectively ]		455,045,580			512,486,867
Capital shares repurchased [ (127,407,546) and (110,924,687) shares, respectively ]		(1,305,264,990	)		(1,090,250,579	)

Total Class B transactions		(502,521,307	)		(42,041,451	)

Class K†
Capital shares sold [ 7,456,178 and 0 shares, respectively ]		72,909,997	(y)		—
Capital shares issued in reinvestment of dividends and distributions [ 249,168 and 0 shares, respectively ]		2,329,186			—
Capital shares repurchased [ (108,734) and 0 shares, respectively ]		(1,032,893	)		—

Total Class K transactions		74,206,290			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(499,698,269	)		(19,968,087	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,547,166,249	)		751,209,490
NET ASSETS:
Beginning of year		12,565,259,363			11,814,049,873

End of year (a)	$	11,018,093,114		$	12,565,259,363

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	94,158		$	115,498

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the AXA Moderate-Plus Allocation Portfolio exchanged approximately 7,426,617 Class A shares for approximately 7,426,557 Class K shares. This exchange amounted to approximately $72,627,801.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.35		$	9.70		$	8.76		$	13.95		$	13.89

Income (loss) from investment operations:
Net investment income (loss) (x)		0.09	(e)		0.10	(e)		0.15	(e)		0.25	(e)		0.32	(e)
Net realized and unrealized gain (loss) on investments		(0.58	)		1.03			1.80			(4.55	)		0.60

Total from investment operations		(0.49	)		1.13			1.95			(4.30	)		0.92

Less distributions:
Dividends from net investment income		(0.17	)		(0.20	)		(0.15	)		(0.28	)		(0.43	)
Distributions from net realized gains		(0.26	)		(0.28	)		(0.86	)		(0.61	)		(0.43	)

Total dividends and distributions		(0.43	)		(0.48	)		(1.01	)		(0.89	)		(0.86	)

Net asset value, end of year	$	9.43		$	10.35		$	9.70		$	8.76		$	13.95

Total return		(4.65	)%		11.69	%		22.34	%		(31.63	)%		6.68	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	227,348		$	324,712		$	283,013		$	225,734		$	198,686
Ratio of expenses to average net assets:
After waivers (f)		0.27	%(k)		0.26	%(j)		0.23	%(j)		0.10	%		0.10	%
Before waivers (f)		0.27	%		0.27	%		0.28	%		0.27	%		0.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.92	%		1.01	%		1.57	%		2.17	%		2.20	%
Before waivers (f)(x)		0.92	%		1.00	%		1.52	%		2.00	%		2.03	%
Portfolio turnover rate		16	%		20	%		88	%		35	%		8	%

	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.36		$	9.70		$	8.76		$	13.95		$	13.89

Income (loss) from investment operations:
Net investment income (loss) (x)		0.10	(e)		0.07	(e)		0.12	(e)		0.21	(e)		0.26	(e)
Net realized and unrealized gain (loss) on investments		(0.62	)		1.04			1.81			(4.54	)		0.62

Total from investment operations		(0.52	)		1.11			1.93			(4.33	)		0.88

Less distributions:
Dividends from net investment income		(0.15	)		(0.17	)		(0.13	)		(0.25	)		(0.39	)
Distributions from net realized gains		(0.26	)		(0.28	)		(0.86	)		(0.61	)		(0.43	)

Total dividends and distributions		(0.41	)		(0.45	)		(0.99	)		(0.86	)		(0.82	)

Net asset value, end of year	$	9.43		$	10.36		$	9.70		$	8.76		$	13.95

Total return		(4.98	)%		11.52	%		22.03	%		(31.81	)%		6.41	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	10,719,111		$	12,240,547		$	11,531,037		$	8,914,572		$	10,665,262
Ratio of expenses to average net assets:
After waivers (f)		0.52	%(k)		0.51	%(j)		0.48	%(j)		0.35	%		0.35	%
Before waivers (f)		0.52	%		0.52	%		0.53	%		0.52	%		0.52	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.93	%		0.73	%		1.31	%		1.83	%		1.83	%
Before waivers (f)(x)		0.93	%		0.72	%		1.26	%		1.65	%		1.66	%
Portfolio turnover rate		16	%		20	%		88	%		35	%		8	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	9.73

Income (loss) from investment operations:
Net investment income (loss) (x)		0.16	(e)
Net realized and unrealized gain (loss) on investments		(0.15	)

Total from investment operations		0.01

Less distributions:
Dividends from net investment income		(0.17	)
Distributions from net realized gains		(0.14	)

Total dividends and distributions		(0.31	)

Net asset value, end of period	$	9.43

Total return (b)		0.18	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	71,635
Ratio of expenses to average net assets:
After waivers (a)(f)		0.26	%(k)
Before waivers (a)(f)		0.26	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		20.10	%(l)
Before waivers (a)(f)(x)		20.10	%(l)
Portfolio turnover rate		16	%

*	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.

(e)

Net investment income per share 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.

(k)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.94% for Class A, 1.19% for Class B and 0.93% for Class K.

(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 portfolios in which the Portfolio invests.

See Notes to Financial Statements.

AXA AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			Since Incept.*
Portfolio – Class A Shares		(7.19	)%		(2.74	)%		4.19	%
Portfolio – Class B Shares		(7.43	)		(2.99	)		3.93
Portfolio – Class K Shares**		(7.19	)		(2.74	)		4.19
S&P 500 Index		2.11			(0.25	)		4.98
Barclays Capital U.S. Aggregate Bond Index		7.84			6.50			5.61
MSCI EAFE Index		(12.14	)		(4.72	)		6.31
* Date of inception 7/31/03. ** Date of inception 12/1/11. Returns shown for Class K shares prior to this period are derived from the historical performances of Class A shares; Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (7.19)% for the year ended December 31, 2011. This compares to the returns of the following broad market benchmarks: S&P 500 Index 2.11%, the Barclays Capital U.S. Aggregate Bond Index 7.84% and the MSCI EAFE Index (12.14)%.

Portfolio Adviser

Portfolio Highlights

•

As of December 31, 2011, the Portfolio’s equity allocation consisted of large cap growth stocks (17.5%), large cap value stocks (17.9%), international stocks (23.2%) and small and mid cap stocks (31.5%).

•

The Portfolio’s fixed-income allocation consisted of investment grade bonds (9.9%).

•

AXA AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2011
ATM Large Cap Portfolio	23.3	%
ATM International Portfolio	10.3
ATM Small Cap Portfolio	6.1
EQ/Large Cap Value PLUS Portfolio	5.5
EQ/Large Cap Growth PLUS Portfolio	4.8
Multimanager Large Cap Value Portfolio	4.6
EQ/Core Bond Index Portfolio	4.2
EQ/MFS International Growth Portfolio	3.5
EQ/Large Cap Growth Index Portfolio	3.3
ATM Mid Cap Portfolio	3.1
Multimanager Large Cap Core Equity Portfolio	2.9
EQ/AllianceBernstein Small Cap Growth Portfolio	2.7
EQ/GAMCO Small Company Value Portfolio	2.5
EQ/BlackRock Basic Value Equity Portfolio	2.1
EQ/International Value PLUS Portfolio	2.1
EQ/Large Cap Core PLUS Portfolio	2.0
EQ/Global Multi-Sector Equity Portfolio	2.0
Multimanager Small Cap Growth Portfolio	1.8
EQ/PIMCO Ultra Short Bond Portfolio	1.7
EQ/Intermediate Government Bond Index Portfolio	1.6
EQ/International Equity Index Portfolio	1.5
EQ/Boston Advisors Equity Income Portfolio	1.5
EQ/AXA Franklin Small Cap Value Core Portfolio	1.2
Multimanager Core Bond Portfolio	1.2
EQ/International Core PLUS Portfolio	1.1
Multimanager International Equity Portfolio	1.1
EQ/International ETF Portfolio	1.0
Multimanager Multi-Sector Bond Portfolio	0.4
Multimanager Mid Cap Growth Portfolio	0.2
Multimanager Small Cap Value Portfolio	0.2
EQ/Small Company Index Portfolio	0.2
Multimanager Mid Cap Value 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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$882.30		$1.27
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.85		1.37
Class B
Actual		1,000.00		880.91		2.46
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.59		2.64
Class K†
Actual		1,000.00		1,001.15		0.23
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.85		1.37
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.27%, 0.52% and 0.27%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 31/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 12/1/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		39,660,204	$	328,327,692
ATM Large Cap Portfolio‡		72,231,520		740,962,246
ATM Mid Cap Portfolio‡		10,629,850		99,548,247
ATM Small Cap Portfolio‡		19,371,562		192,775,299
EQ/AllianceBernstein Small Cap Growth Portfolio‡		5,572,680		87,422,409
EQ/AXA Franklin Small Cap Value Core Portfolio‡		4,232,567		39,034,978
EQ/BlackRock Basic Value Equity Portfolio‡		5,188,135		67,705,276
EQ/Boston Advisors Equity Income Portfolio‡		9,380,078		48,110,900
EQ/Core Bond Index Portfolio‡		13,387,744		133,628,309
EQ/GAMCO Small Company Value Portfolio‡		2,147,306		79,910,326
EQ/Global Multi-Sector Equity Portfolio‡		5,888,535		63,229,246
EQ/Intermediate Government Bond Index Portfolio‡		4,924,978		51,025,458
EQ/International Core PLUS Portfolio‡		4,646,471		35,865,538
EQ/International Equity Index Portfolio‡		6,621,589		48,317,982
EQ/International ETF Portfolio‡		5,552,524		32,210,099
EQ/International Value PLUS Portfolio‡		6,934,809		66,415,246
EQ/Large Cap Core PLUS Portfolio‡		9,598,736		63,341,261
EQ/Large Cap Growth Index Portfolio‡		12,009,640		106,359,874
EQ/Large Cap Growth PLUS Portfolio‡		9,321,302		152,150,759
EQ/Large Cap Value PLUS Portfolio‡		18,423,743		175,976,873
EQ/MFS International Growth Portfolio‡		20,103,782		112,145,717
EQ/Mid Cap Index Portfolio‡		590,191		4,817,479

EQ/PIMCO Ultra Short Bond Portfolio‡		5,360,016	$	52,930,662
EQ/Small Company Index Portfolio‡		583,086		5,288,788
Multimanager Core Bond Portfolio‡		3,708,526		38,716,759
Multimanager International Equity Portfolio‡		3,838,662		34,057,885
Multimanager Large Cap Core Equity Portfolio‡		9,941,032		93,319,750
Multimanager Large Cap Value Portfolio‡		15,921,166		145,451,430
Multimanager Mid Cap Growth Portfolio*‡		663,008		5,659,251
Multimanager Mid Cap Value Portfolio‡		591,113		5,158,733
Multimanager Multi-Sector Bond Portfolio‡		2,912,739		11,430,071
Multimanager Small Cap Growth Portfolio*‡		7,757,422		58,295,987
Multimanager Small Cap Value Portfolio‡		543,318		5,327,599

Total Investments (99.9%) (Cost $2,985,801,774)				3,184,918,129
Other Assets Less Liabilities (0.1%)				2,154,809

Net Assets (100%)			$	3,187,072,938

*	Non-income producing.

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

The holdings in Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
ATM International Portfolio(aa)	$	407,401,323	$	52,164,002	$	46,448,853	$	328,327,692	$	14,746,022	$	3,463,114
ATM Large Cap Portfolio(bb)		839,512,167		58,485,558		84,501,300		740,962,246		4,117,589		28,186,195
ATM Mid Cap Portfolio(cc)		139,441,858		15,180,576		30,013,094		99,548,247		196,392		13,258,911
ATM Small Cap Portfolio(dd)		245,456,790		18,645,136		29,997,605		192,775,299		281,374		12,603,373
EQ/AllianceBernstein Small Cap Growth Portfolio(ee)		93,111,530		5,977,208		6,711,374		87,422,409		—		4,578,203
EQ/AXA Franklin Small Cap Value Core Portfolio(ff)		47,142,364		1,889,441		5,534,822		39,034,978		151,343		44,011
EQ/BlackRock Basic Value Equity Portfolio(gg)		75,195,419		3,391,690		7,527,964		67,705,276		1,032,445		191,389
EQ/Boston Advisors Equity Income Portfolio(hh)		50,930,619		3,820,478		5,413,719		48,110,900		1,032,381		165,114
EQ/Core Bond Index Portfolio(ii)		175,280,039		8,428,091		55,135,298		133,628,309		2,843,338		(143,734	)
EQ/GAMCO Small Company Value Portfolio(jj)		87,323,270		2,998,013		5,850,494		79,910,326		253,588		1,452,050

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
EQ/Global Multi-Sector Equity Portfolio(kk)	$	77,256,948	$	3,745,733	$	7,508,053	$	63,229,246	$	1,428,269	$	(69,609	)
EQ/Intermediate Government Bond Index Portfolio(ll)		21,897,913		34,416,085		6,005,983		51,025,458		307,037		233,434
EQ/International Core PLUS Portfolio(mm)		46,354,246		2,494,713		4,197,530		35,865,538		1,252,419		83,510
EQ/International Equity Index Portfolio(nn)		68,044,634		4,911,025		15,013,503		48,317,982		1,891,638		90,722
EQ/International ETF Portfolio(oo)		39,259,607		3,090,841		3,045,194		32,210,099		839,947		1,365,196
EQ/International Value PLUS Portfolio(pp)		85,345,340		4,723,922		9,125,234		66,415,246		1,704,534		(21,009	)
EQ/Large Cap Core PLUS Portfolio(qq)		71,559,864		5,545,976		7,939,922		63,341,261		870,928		2,257,101
EQ/Large Cap Growth Index Portfolio(rr)		111,174,663		4,695,045		10,320,351		106,359,874		1,218,850		837,315
EQ/Large Cap Growth PLUS Portfolio(ss)		170,899,623		6,569,373		17,761,278		152,150,759		1,020,831		1,222,492
EQ/Large Cap Value PLUS Portfolio(tt)		203,255,187		9,033,343		21,603,797		175,976,873		2,579,541		3,127,183
EQ/MFS International Growth Portfolio(uu)		94,652,719		40,435,680		9,433,532		112,145,717		876,971		3,006,916
EQ/Mid Cap Index Portfolio(vv)		4,923,806		43,730		—		4,817,479		43,730		—
EQ/PIMCO Ultra Short Bond Portfolio(ww)		34,546,568		23,402,549		4,631,809		52,930,662		408,157		334
EQ/Small Company Index Portfolio(xx)		5,495,219		529,852		—		5,288,788		50,164		479,689
Multimanager Core Bond Portfolio(yy)		62,226,039		14,693,072		38,355,921		38,716,759		1,766,976		2,003,267
Multimanager International Equity Portfolio(zz)		44,869,258		2,203,073		4,580,846		34,057,885		754,658		68,182
Multimanager Large Cap Core Equity Portfolio(aaa)		108,295,755		4,026,250		11,218,102		93,319,750		550,055		(60,436	)
Multimanager Large Cap Value Portfolio(bbb)		168,486,385		6,913,983		20,712,950		145,451,430		1,950,378		(911,906	)
Multimanager Mid Cap Growth Portfolio(ccc)		6,285,988		25,069		168,513		5,659,251		—		32
Multimanager Mid Cap Value Portfolio(ddd)		6,049,284		30,288		112,333		5,158,733		13,575		30
Multimanager Multi-Sector Bond Portfolio(eee)		23,122,061		600,036		12,303,090		11,430,071		474,693		659,637
Multimanager Small Cap Growth Portfolio(fff)		73,973,718		2,400,682		6,896,927		58,295,987		—		260,608
Multimanager Small Cap Value Portfolio(ggg)		6,237,343		264,798		625,748		5,327,599		16,896		23,149

	$	3,695,007,547	$	345,775,311	$	488,695,139	$	3,184,918,129	$	44,674,719	$	78,454,463

(aa)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM International Portfolio for Class K in the amount of $353,612,048, representing 37,699,364 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bb)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Large Cap Portfolio for Class K in the amount of $746,630,744, representing 73,799,456 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(cc)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Mid Cap Portfolio for Class K in the amount of $111,491,993, representing 11,845,568 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(dd)

On August 29, 2011, the Portfolio exchanged its Class IA shares in ATM Small Cap Portfolio for Class K in the amount of $207,296,283, representing 20,940,077 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(ee)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/AllianceBernstein Small Cap Growth Portfolio for Class K in the amount of $82,538,400, representing 5,480,226 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ff)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/AXA Franklin Small Cap Value Core Portfolio for Class K in the amount of $38,423,238, representing 4,366,975 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(gg)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/BlackRock Basic Value Equity Portfolio for Class K in the amount of $65,380,990, representing 5,265,224 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hh)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Boston Advisors Equity Income Portfolio for Class K in the amount of $44,999,515, representing 9,227,671 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ii)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Core Bond Index Portfolio for Class K in the amount of $140,424,506, representing 13,855,926 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(jj)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/GAMCO Small Company Value Portfolio for Class K in the amount of $76,647,393, representing 2,171,681 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(kk)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Multi-Sector Equity Portfolio for Class K in the amount of $67,233,530, representing 5,932,057 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ll)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Intermediate Government Bond Index Portfolio for Class K in the amount of $18,661,040, representing 1,803,548 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(mm)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Core PLUS Portfolio for Class K in the amount of $39,951,322, representing 4,668,070 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(nn)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Equity Index Portfolio for Class K in the amount of $57,479,909, representing 7,399,294 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(oo)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International ETF Portfolio for Class K in the amount of $34,275,744, representing 5,341,984 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(pp)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International Value PLUS Portfolio for Class K in the amount of $72,028,759, representing 6,910,920 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(qq)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Core PLUS Portfolio for Class K in the amount of $62,866,217, representing 9,584,885 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(rr)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Growth Index Portfolio for Class K in the amount of $102,843,157, representing 12,180,384 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ss)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Growth PLUS Portfolio for Class K in the amount of $154,541,236, representing 9,616,655 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(tt)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Large Cap Value PLUS Portfolio for Class K in the amount of $173,300,690, representing 18,573,972 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(uu)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/MFS International Growth Portfolio for Class K in the amount of $91,031,222, representing 15,431,239 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(vv)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Mid Cap Index Portfolio for Class K in the amount of $4,560,462, representing 584,627 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ww)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/PIMCO Ultra Short Bond Portfolio for Class K in the amount of $55,356,380, representing 5,554,410 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(xx)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Small Company Index Portfolio for Class K in the amount of $4,901,164, representing 522,537 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(yy)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Core Bond Portfolio for Class K in the amount of $69,619,375, representing 6,431,123 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(zz)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager International Equity Portfolio for Class K in the amount of $37,449,313, representing 3,891,455 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(aaa)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Core Equity Portfolio for Class K in the amount of $94,727,579, representing 10,174,991 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bbb)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Value Portfolio for Class K in the amount of $142,919,097, representing 16,010,210 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ccc)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Growth Portfolio for Class K in the amount of $5,714,165, representing 678,916 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ddd)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Value Portfolio for Class K in the amount of $5,298,872, representing 599,879 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(eee)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Multi-Sector Bond Portfolio for Class K in the amount of $24,094,275, representing 5,942,480 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(fff)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Small Cap Growth Portfolio for Class K in the amount of $60,025,382, representing 7,951,635 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ggg)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Small Cap Value Portfolio for Class K in the amount of $5,168,700, representing 541,548 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	—	$	3,184,918,129	$	—	$	3,184,918,129

Total Assets	$	—	$	3,184,918,129	$	—	$	3,184,918,129

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	3,184,918,129	$	—	$	3,184,918,129

The Portfolio held no derivatives contracts during the year ended December 31, 2011.

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	345,775,311
Net Proceeds of Sales and Redemptions:
Investment Companies	$	502,162,181

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

As of December 31, 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	$	316,278,790
Aggregate gross unrealized depreciation		(118,053,444	)

Net unrealized appreciation	$	198,225,346

Federal income tax cost of investments	$	2,986,692,783

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value:
Affiliated Issuers (Cost $2,985,801,774)	$	3,184,918,129
Cash		8,223,722
Receivable from Separate Accounts for Trust shares sold		771,050
Receivable for securities sold		172,620
Dividends, interest and other receivables		642
Other assets		3,107

Total assets		3,194,089,270

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		5,483,873
Distribution fees payable - Class B		653,080
Administrative fees payable		407,517
Investment management fees payable		269,835
Trustees’ fees payable		28,786
Accrued expenses		173,241

Total liabilities		7,016,332

NET ASSETS	$	3,187,072,938

Net assets were comprised of:
Paid in capital	$	4,534,032,277
Accumulated undistributed net investment income (loss)		3,157
Accumulated undistributed net realized gain (loss) on investments		(1,546,078,851	)
Net unrealized appreciation (depreciation) on investments		199,116,355

Net assets	$	3,187,072,938

Class A
Net asset value, offering and redemption price per share, $72,908,027 / 8,192,549 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.90

Class B
Net asset value, offering and redemption price per share, $3,088,209,476 / 346,958,009 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.90

Class K
Net asset value, offering and redemption price per share, $25,955,435 / 2,916,207 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.90

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	44,674,719
Interest		3,123

Total income		44,677,842

EXPENSES
Distribution fees - Class B		8,633,111
Administrative fees		5,381,448
Investment management fees		3,565,922
Recoupment fees		819,180
Printing and mailing expenses		231,673
Custodian fees		174,400
Professional fees		99,786
Trustees’ fees		47,630
Miscellaneous		46,690

Total expenses		18,999,840

NET INVESTMENT INCOME (LOSS)		25,678,002

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		13,467,042
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		64,987,421

Net realized gain (loss)		78,454,463

Net change in unrealized appreciation (depreciation) on securities		(367,169,590	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(288,715,127	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(263,037,125	)

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	25,678,002		$	13,433,814
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		78,454,463			111,340,056
Net change in unrealized appreciation (depreciation) on investments		(367,169,590	)		293,364,371

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(263,037,125	)		418,138,241

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(1,210,418	)		(1,944,297	)
Class B		(43,050,855	)		(51,708,195	)
Class K†		(465,275	)		—

		(44,726,548	)		(53,652,492	)

Distributions from net realized capital gains
Class A		(2,334,333	)		(2,478,226	)
Class B		(82,784,301	)		(77,626,823	)
Class K†		(426,476	)		—

		(85,545,110	)		(80,105,049	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(130,271,658	)		(133,757,541	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,861,662 and 2,780,791 shares, respectively ]		18,575,568			26,112,718
Capital shares issued in reinvestment of dividends and distributions [ 399,279 and 446,428 shares, respectively ]		3,544,751			4,422,523
Capital shares repurchased [ (5,463,824) and (2,406,618) shares, respectively ]		(51,694,414	)(y)		(22,405,028	)

Total Class A transactions		(29,574,095	)		8,130,213

Class B
Capital shares sold [ 30,099,662 and 38,618,118 shares, respectively ]		300,404,981			363,955,617
Capital shares issued in reinvestment of dividends and distributions [ 14,196,753 and 13,065,650 shares, respectively ]		125,835,156			129,335,018
Capital shares repurchased [ (54,298,554) and (53,884,318) shares, respectively ]		(535,569,263	)		(497,344,072	)

Total Class B transactions		(109,329,126	)		(4,053,437	)

Class K†
Capital shares sold [ 3,109,150 and 0 shares, respectively ]		28,712,168	(y)		—
Capital shares issued in reinvestment of dividends and distributions [ 101,291 and 0 shares, respectively ]		891,751			—
Capital shares repurchased [ (294,234) and 0 shares, respectively ]		(2,618,969	)		—

Total Class K transactions		26,984,950			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(111,918,271	)		4,076,776

TOTAL INCREASE (DECREASE) IN NET ASSETS		(505,227,054	)		288,457,476
NET ASSETS:
Beginning of year		3,692,299,992			3,403,842,516

End of year (a)	$	3,187,072,938		$	3,692,299,992

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	3,157		$	3,277

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the AXA Aggressive Allocation Portfolio exchanged approximately 3,092,346 Class A shares for approximately 3,092,354 Class K shares. This exchange amounted to approximately $28,560,857.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.02		$	9.20		$	8.15		$	14.68		$	14.71

Income (loss) from investment operations:
Net investment income (loss) (x)		0.07	(e)		0.06	(e)		0.10	(e)		0.15	(e)		0.22	(e)
Net realized and unrealized gain (loss) on investments		(0.80	)		1.16			2.15			(5.71	)		0.71

Total from investment operations		(0.73	)		1.22			2.25			(5.56	)		0.93

Less distributions:
Dividends from net investment income		(0.15	)		(0.18	)		(0.12	)		(0.19	)		(0.40	)
Distributions from net realized gains		(0.24	)		(0.22	)		(1.08	)		(0.78	)		(0.56	)

Total dividends and distributions		(0.39	)		(0.40	)		(1.20	)		(0.97	)		(0.96	)

Net asset value, end of year	$	8.90		$	10.02		$	9.20		$	8.15		$	14.68

Total return		(7.19	)%		13.33	%		27.56	%		(39.05	)%		6.43	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	72,908		$	114,201		$	97,335		$	75,827		$	97,742
Ratio of expenses to average net assets:
After waivers (f)		0.29	%(k)		0.28	%(j)		0.24	%(j)		0.10	%		0.10	%
Before waivers (f)		0.29	%		0.28	%		0.29	%		0.28	%		0.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.66	%		0.67	%		1.18	%		1.27	%		1.41	%
Before waivers (f)(x)		0.66	%		0.67	%		1.14	%		1.09	%		1.23	%
Portfolio turnover rate		10	%		15	%		102	%		39	%		10	%



	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.02		$	9.21		$	8.15		$	14.68		$	14.71

Income (loss) from investment operations:
Net investment income (loss) (x)		0.07	(e)		0.04	(e)		0.08	(e)		0.14	(e)		0.18	(e)
Net realized and unrealized gain (loss) on investments		(0.82	)		1.14			2.15			(5.72	)		0.71

Total from investment operations		(0.75	)		1.18			2.23			(5.58	)		0.89

Less distributions:
Dividends from net investment income		(0.13	)		(0.15	)		(0.09	)		(0.17	)		(0.36	)
Distributions from net realized gains		(0.24	)		(0.22	)		(1.08	)		(0.78	)		(0.56	)

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

Net asset value, end of year	$	8.90		$	10.02		$	9.21		$	8.15		$	14.68

Total return		(7.43	)%		12.92	%		27.37	%		(39.21	)%		6.16	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,088,209		$	3,578,099		$	3,306,507		$	2,426,997		$	3,038,613
Ratio of expenses to average net assets:
After waivers (f)		0.54	%(k)		0.53	%(j)		0.50	%(j)		0.35	%		0.35	%
Before waivers (f)		0.54	%		0.53	%		0.54	%		0.53	%		0.52	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.71	%		0.39	%		0.97	%		1.18	%		1.17	%
Before waivers (f)(x)		0.71	%		0.39	%		0.93	%		1.01	%		1.00	%
Portfolio turnover rate		10	%		15	%		102	%		39	%		10	%

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


Class K	December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	9.18

Income (loss) from investment operations:
Net investment income (loss) (x)		0.15	(e)
Net realized and unrealized gain (loss) on investments		(0.14	)

Total from investment operations		0.01

Less distributions:
Dividends from net investment income		(0.15	)
Distributions from net realized gains		(0.14	)

Total dividends and distributions		(0.29	)

Net asset value, end of period	$	8.90

Total return (b)		0.12	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	25,955
Ratio of expenses to average net assets:
After waivers (a)(f)		0.27	%(k)
Before waivers (a)(f)		0.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		19.41	%(l)
Before waivers (a)(f)(x)		19.41	%(l)
Portfolio turnover rate		10	%

*	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.

(e)

Net investment income per share 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.

(k)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.98% for Class A, 1.23% for Class B and 0.96% for Class K.

(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 portfolios in which the Portfolio invests.

See Notes to Financial Statements.

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø

AllianceBernstein L.P.

_Ø

ClearBridge Advisors, LLC

_Ø

Goodman & Co. NY Ltd.

_Ø

Legg Mason Capital Management, Inc.

_Ø

Marsico Capital Management, LLC

_Ø

T. Rowe Price Associates, Inc.

_Ø

Westfield Capital Management Company, L.P.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.*
Portfolio – Class A Shares		(6.12	)%		(1.87	)%		1.40	%		8.03	%
Portfolio – Class B Shares**		(6.33	)		(2.11	)		1.15			7.79
Portfolio – Class K Shares***		(6.12	)		(1.87	)		1.40			8.03
Russell 3000^® Growth Index		2.18			2.46			2.74			8.73
Volatility Managed Index – Large Cap Growth 3000		(1.47	)		4.55			4.16			N/A
* Date of inception 1/27/86. Investment operations commenced with respect to Class B shares on October 2, 1996. Returns shown for Class B shares prior to this period are derived from the historical performance of Class A shares adjusted to reflect the 12b-1 fees, applicable to Class B shares; Class A shares are not subject to any 12b-1 fees. * Date of inception 8/26/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (6.12)% for the year ended December 31, 2011. The Portfolio’s benchmark, the Russell 3000^® Growth Index, returned 2.18%, and the Volatility Managed Index – Large Cap Growth 3000 returned (1.47)% over the same period.

The Portfolio, under normal circumstances, allocates approximately 50% of its assets to investment advisers who employ different but complementary active management strategies. The remaining assets are allocated to an investment adviser who employs an index style of investing, which is designed to track the performance of a specific benchmark. In an attempt to reduce volatility and produce more favorable risk-adjusted returns over time, the Portfolio employs a futures and options strategy to tactically manage equity exposure based on the level of volatility in the market.

2011 was extremely volatile for the equity markets. Investors saw a rise in stock prices early in the year only to watch those same stocks fall sharply for five months through September, yet rally again in the fourth quarter. Despite this late push many stocks finished the year underwater. For the year, large capitalization U.S. growth equities, as measured by the Russell 3000^® Growth Index, posted a meager return. For the benchmark, seven of the ten sectors posted positive returns, led by Utilities and Consumer Staples, while Materials and Industrials were the worst.

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

Portfolio Highlights

What helped performance during the year:

•

Stock selection within the Health Care sector was beneficial to the Portfolio. Specifically, holdings of Biogen Idec Inc. and UnitedHealth Group Inc. were the largest individual contributors to relative performance as both companies saw strong stock appreciation.

•

Other leading individual contributors included NetLogic Microsystems, Inc. (Information Technology sector), Starbucks Corp. (Consumer Discretionary sector), Goodrich Corp. (Industrials sector) and Alexion Pharmaceutical (Health Care sector).

What hurt performance during the year:

•

Stock selection within the Information Technology, Financials, and Energy sectors was the biggest detractor to the Portfolio’s relative performance.

•

A lack of exposure to Exxon Mobil (Energy sector), which was held by the benchmark, was a detriment to relative performance.

•

An underweight allocation to International Business Machines (Information Technology sector) penalized the Portfolio’s returns.

•

The Portfolio’s use of futures to reduce equity exposure during high volatility periods in the third and fourth quarters helped reduce the Portfolio’s risk profile, but detracted from returns when the market experienced rallies, resulting in underperformance relative to the benchmark for the year as a whole.

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of 12/31/11	% of Net Assets
Information Technology		24.6	%
Consumer Discretionary		14.7
Health Care		12.6
Industrials		8.6
Energy		8.5
Consumer Staples		5.7
Materials		3.9
Financials		3.3
Telecommunication Services		0.6
Utilities		0.0	#
Cash and Other		17.5

		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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that while Class K commenced operations on August 26, 2011, the ‘Hypothetical Expenses Paid during the Period’ reflect projected activity for the full six months for the purpose of comparability.

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$881.03		$3.56
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.83
Class B
Actual		1,000.00		880.00		4.74
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.16		5.10
Class K†
Actual		1,000.00		1,032.06		2.67
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.42		3.82
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.75%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 128/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 8/26/2011.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (14.7%)
*Auto Components (0.3%)*
Amerigon, Inc.*		1,800	$	25,668
BorgWarner, Inc.*		9,273		591,061
Dana Holding Corp.*		9,800		119,070
Drew Industries, Inc.*		1,400		34,342
Gentex Corp.		11,900		352,121
Goodyear Tire & Rubber Co.*		20,593		291,803
Johnson Controls, Inc.		75,951		2,374,228
Tenneco, Inc.*		4,300		128,054

				3,916,347

*Automobiles (0.5%)*
Ford Motor Co.*		303,034		3,260,646
Harley-Davidson, Inc.		19,400		754,078
Tesla Motors, Inc.*		92,623		2,645,313

				6,660,037

*Distributors (0.0%)*
Genuine Parts Co.		3,100		189,720
LKQ Corp.*		12,018		361,501
Pool Corp.		3,200		96,320

				647,541

*Diversified Consumer Services (0.2%)*
American Public Education, Inc.*		1,643		71,109
Apollo Group, Inc., Class A*		26,551		1,430,302
Bridgepoint Education, Inc.*		1,425		32,775
DeVry, Inc.		5,346		205,607
Grand Canyon Education, Inc.*		2,000		31,920
H&R Block, Inc.		12,800		209,024
Hillenbrand, Inc.		3,408		76,066
ITT Educational Services, Inc.*		3,000		170,670
K12, Inc.*		2,197		39,414
Sotheby’s, Inc.		6,600		188,298
Steiner Leisure Ltd.*		800		36,312
Universal Technical Institute, Inc.*		1,961		25,062
Weight Watchers International, Inc.		1,968		108,260

				2,624,819

*Hotels, Restaurants & Leisure (4.3%)*
AFC Enterprises, Inc.*		1,100		16,170
Ambassadors Group, Inc.		1,500		6,765
Ameristar Casinos, Inc.		2,398		41,461
BJ’s Restaurants, Inc.*		94,000		4,260,080
Brinker International, Inc.		2,400		64,224
Carnival Corp.		37,300		1,217,472
CEC Entertainment, Inc.		2,094		72,138
Chipotle Mexican Grill, Inc.*		13,679		4,619,946
Choice Hotels International, Inc.		200		7,610
Cracker Barrel Old Country Store, Inc.		2,100		105,861
Ctrip.com International Ltd. (ADR)*		102,216		2,391,854
Darden Restaurants, Inc.		12,000		546,960
Denny’s Corp.*		7,700		28,952
DineEquity, Inc.*		2,200		92,862

Einstein Noah Restaurant Group, Inc.		200	$	3,164
International Game Technology		10,953		188,392
Interval Leisure Group, Inc.*		3,592		48,887
Krispy Kreme Doughnuts, Inc.*		4,600		30,084
Las Vegas Sands Corp.*		52,573		2,246,444
Life Time Fitness, Inc.*		296		13,838
Marriott International, Inc., Class A		22,446		654,750
Marriott Vacations Worldwide Corp.*		2,244		38,507
McDonald’s Corp.		116,301		11,668,479
Morgans Hotel Group Co.*		1,800		10,620
Panera Bread Co., Class A*		28,500		4,031,325
Papa John’s International, Inc.*		1,400		52,752
Peet’s Coffee & Tea, Inc.*		1,100		68,948
Pinnacle Entertainment, Inc.*		3,134		31,841
Royal Caribbean Cruises Ltd.		5,400		133,758
Ruth’s Hospitality Group, Inc.*		900		4,473
Scientific Games Corp., Class A*		7,600		73,720
Shuffle Master, Inc.*		7,000		82,040
Sonic Corp.*		6,900		46,437
Starbucks Corp.		371,044		17,071,735
Starwood Hotels & Resorts Worldwide, Inc.		43,500		2,086,695
Texas Roadhouse, Inc.		6,300		93,870
Wynn Resorts Ltd.		55,963		6,183,352
Yum! Brands, Inc.		33,096		1,952,995

				60,289,461

*Household Durables (0.1%)*
Harman International Industries, Inc.		800		30,432
iRobot Corp.*		1,500		44,775
Leggett & Platt, Inc.		7,830		180,403
Tempur-Pedic International, Inc.*		6,368		334,511
Tupperware Brands Corp.		5,400		302,238
Universal Electronics, Inc.*		1,100		18,557

				910,916

*Internet & Catalog Retail (2.1%)*
1-800-FLOWERS.COM, Inc., Class A*		2,100		4,620
Amazon.com, Inc.*		75,608		13,087,745
Blue Nile, Inc.*		1,500		61,320
Expedia, Inc.		2,991		86,799
Groupon, Inc.*		63,200		1,303,816
HomeAway, Inc.*		36,200		841,650
Liberty Interactive Corp.*		185,995		3,015,909
Netflix, Inc.*		6,900		478,101
Nutrisystem, Inc.		2,500		32,325
Overstock.com, Inc.*		1,300		10,192
PetMed Express, Inc.		1,900		19,722
priceline.com, Inc.*		21,338		9,979,996
TripAdvisor, Inc.*		2,991		75,403

				28,997,598

*Leisure Equipment & Products (0.1%)*
Hasbro, Inc.		11,075		353,182
Mattel, Inc.		18,383		510,312

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Polaris Industries, Inc.		3,800	$	212,724
Smith & Wesson Holding Corp.*		8,200		35,752

				1,111,970

*Media (3.0%)*
AMC Networks, Inc., Class A*		33,922		1,274,789
Arbitron, Inc.		2,200		75,702
British Sky Broadcasting Group plc		275,930		3,138,904
Cablevision Systems Corp. - New York Group, Class A		199,190		2,832,482
CBS Corp., Class B		35,280		957,499
Charter Communications, Inc., Class A*		4,100		233,454
Comcast Corp., Class A		345,127		8,160,789
Crown Media Holdings, Inc., Class A*		400		484
Digital Generation, Inc.*		2,500		29,800
DIRECTV, Class A*		95,491		4,083,195
Discovery Communications, Inc., Class A*		19,800		811,206
DISH Network Corp., Class A		10,700		304,736
Global Sources Ltd.*		1,540		7,469
Interpublic Group of Cos., Inc.		13,300		129,409
John Wiley & Sons, Inc., Class A		3,300		146,520
Lamar Advertising Co., Class A*		300		8,250
Liberty Global, Inc., Class A*		29,695		1,218,386
Liberty Media Corp. - Liberty Capital*		27,383		2,137,243
Madison Square Garden Co., Class A*		39,747		1,138,354
McGraw-Hill Cos., Inc.		18,235		820,028
Morningstar, Inc.		600		35,670
National CineMedia, Inc.		224		2,778
Omnicom Group, Inc.		20,713		923,385
Regal Entertainment Group, Class A		4,227		50,470
Scripps Networks Interactive, Inc., Class A		7,366		312,466
Sirius XM Radio, Inc.*		320,700		583,674
Thomson Reuters Corp.		12,600		336,042
Time Warner Cable, Inc.		23,900		1,519,323
Time Warner, Inc.		134,282		4,852,951
Value Line, Inc.		100		1,028
Viacom, Inc., Class B		92,690		4,209,053
Virgin Media, Inc.		22,600		483,188
Walt Disney Co.		25,000		937,500
World Wrestling Entertainment, Inc., Class A		42,700		397,964

				42,154,191

*Multiline Retail (0.7%)*
99 Cents Only Stores*		3,796		83,322
Dollar General Corp.*		95,846		3,943,105
Dollar Tree, Inc.*		8,700		723,057
Family Dollar Stores, Inc.		8,703		501,815
Kohl’s Corp.		16,133		796,164
Macy’s, Inc.		51,080		1,643,754
Nordstrom, Inc.		11,173		555,410

Target Corp.		29,260	$	1,498,697

				9,745,324

*Specialty Retail (2.2%)*
Aaron’s, Inc.		850		22,678
Abercrombie & Fitch Co., Class A		5,600		273,504
Advance Auto Parts, Inc.		7,600		529,188
Aeropostale, Inc.*		8,050		122,763
America’s Car-Mart, Inc.*		900		35,262
Ascena Retail Group, Inc.*		2,252		66,929
AutoNation, Inc.*		500		18,435
AutoZone, Inc.*		2,014		654,490
Bed Bath & Beyond, Inc.*		18,605		1,078,532
Buckle, Inc.		2,900		118,523
Cato Corp., Class A		2,606		63,065
Dick’s Sporting Goods, Inc.		7,400		272,912
DSW, Inc., Class A		600		26,526
Finish Line, Inc., Class A		1,100		21,214
Guess?, Inc.		5,200		155,064
hhgregg, Inc.*		1,000		14,450
Home Depot, Inc.		157,801		6,633,954
Limited Brands, Inc.		18,300		738,405
Lowe’s Cos., Inc.		176,100		4,469,418
Lumber Liquidators Holdings, Inc.*		2,000		35,320
O’Reilly Automotive, Inc.*		11,583		926,061
PetSmart, Inc.		10,600		543,674
Ross Stores, Inc.		16,800		798,504
Sally Beauty Holdings, Inc.*		1,963		41,478
Systemax, Inc.*		400		6,564
Tiffany & Co.		10,039		665,184
TJX Cos., Inc.		28,875		1,863,881
Tractor Supply Co.		76,282		5,351,182
Ulta Salon Cosmetics & Fragrance, Inc.*		86,200		5,596,104
Urban Outfitters, Inc.*		10,752		296,325
Zumiez, Inc.*		1,600		44,416

				31,484,005

*Textiles, Apparel & Luxury Goods (1.2%)*
Cherokee, Inc.		300		3,501
Coach, Inc.		21,614		1,319,319
Crocs, Inc.*		3,900		57,603
Deckers Outdoor Corp.*		2,800		211,596
Fossil, Inc.*		10,700		849,152
G-III Apparel Group Ltd.*		700		17,437
Hanesbrands, Inc.*		8,200		179,252
Liz Claiborne, Inc.*		6,868		59,271
Maidenform Brands, Inc.*		2,500		45,750
NIKE, Inc., Class B		74,540		7,183,420
Oxford Industries, Inc.		1,300		58,656
Ralph Lauren Corp.		6,768		934,525
Steven Madden Ltd.*		3,327		114,781
True Religion Apparel, Inc.*		2,344		81,056
Under Armour, Inc., Class A*		82,100		5,893,959

				17,009,278

Total Consumer Discretionary				205,551,487

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Consumer Staples (5.7%)
*Beverages (1.7%)*
Brown-Forman Corp., Class B		6,600	$	531,366
Coca-Cola Bottling Co. Consolidated		300		17,565
Coca-Cola Co.		135,506		9,481,355
Coca-Cola Enterprises, Inc.		16,436		423,720
Diageo plc (ADR)		33,100		2,893,602
Dr. Pepper Snapple Group, Inc.		15,800		623,784
Hansen Natural Corp.*		5,600		515,984
National Beverage Corp.*		100		1,607
PepsiCo, Inc.		138,271		9,174,281

				23,663,264

*Food & Staples Retailing (1.1%)*
Arden Group, Inc., Class A		100		9,001
Costco Wholesale Corp.		31,169		2,597,001
Fresh Market, Inc.*		4,200		167,580
Kroger Co.		32,300		782,306
Pantry, Inc.*		300		3,591
Pricesmart, Inc.		1,200		83,508
Ruddick Corp.		3,500		149,240
Sysco Corp.		41,937		1,230,012
Walgreen Co.		59,264		1,959,268
Wal-Mart Stores, Inc.		92,505		5,528,099
Whole Foods Market, Inc.		51,364		3,573,907

				16,083,513

*Food Products (1.2%)*
Alico, Inc.		200		3,874
Bunge Ltd.		2,700		154,440
Campbell Soup Co.		10,850		360,654
ConAgra Foods, Inc.		5,600		147,840
Corn Products International, Inc.		4,400		231,396
Darling International, Inc.*		9,000		119,610
Flowers Foods, Inc.		7,650		145,197
General Mills, Inc.		77,366		3,126,360
Green Mountain Coffee Roasters, Inc.*		9,000		403,650
H.J. Heinz Co.		13,364		722,190
Hershey Co.		48,583		3,001,458
Hormel Foods Corp.		5,200		152,308
Kellogg Co.		16,303		824,443
Lifeway Foods, Inc.*		400		3,856
McCormick & Co., Inc. (Non-Voting)		5,449		274,738
Mead Johnson Nutrition Co.		84,275		5,792,221
Sara Lee Corp.		39,554		748,362
Smart Balance, Inc.*		3,900		20,904

				16,233,501

*Household Products (0.5%)*
Church & Dwight Co., Inc.		5,900		269,984
Colgate-Palmolive Co.		31,398		2,900,861
Kimberly-Clark Corp.		24,479		1,800,675
Procter & Gamble Co.		42,357		2,825,636

				7,797,156

*Personal Products (0.1%)*
Avon Products, Inc.		30,360		530,389
Estee Lauder Cos., Inc., Class A		7,714		866,436

Herbalife Ltd.		10,600	$	547,702
Inter Parfums, Inc.		100		1,556
USANA Health Sciences, Inc.*		500		15,185

				1,961,268

*Tobacco (1.1%)*
Altria Group, Inc.		111,193		3,296,873
Philip Morris International, Inc.		143,834		11,288,092
Reynolds American, Inc.		7,300		302,366
Star Scientific, Inc.*		1,100		2,398

				14,889,729

Total Consumer Staples				80,628,431

Energy (8.5%)
*Energy Equipment & Services (2.9%)*
Baker Hughes, Inc.		12,300		598,272
Cameron International Corp.*		51,706		2,543,418
CARBO Ceramics, Inc.		1,400		172,662
Complete Production Services, Inc.*		5,600		187,936
Core Laboratories N.V.		3,800		433,010
Diamond Offshore Drilling, Inc.		2,300		127,098
Dresser-Rand Group, Inc.*		7,000		349,370
Dril-Quip, Inc.*		2,400		157,968
FMC Technologies, Inc.*		26,000		1,357,980
Halliburton Co.		232,954		8,039,242
Helmerich & Payne, Inc.		6,300		367,668
Lufkin Industries, Inc.		2,200		148,082
McDermott International, Inc.*		18,528		213,257
Nabors Industries Ltd.*		186,490		3,233,737
National Oilwell Varco, Inc.		57,631		3,918,332
Oceaneering International, Inc.		7,700		355,201
Oil States International, Inc.*		3,100		236,747
Patterson-UTI Energy, Inc.		5,500		109,890
Rowan Cos., Inc.*		2,183		66,210
RPC, Inc.		3,600		65,700
Schlumberger Ltd.		173,341		11,840,924
Superior Energy Services, Inc.*		5,700		162,108
TETRA Technologies, Inc.*		3,406		31,812
Tidewater, Inc.		3,000		147,900
Weatherford International Ltd.*		402,670		5,895,089

				40,759,613

*Oil, Gas & Consumable Fuels (5.6%)*
Alpha Natural Resources, Inc.*		9,000		183,870
Anadarko Petroleum Corp.		105,646		8,063,959
Apache Corp.		7,900		715,582
Apco Oil and Gas International, Inc.		1,200		98,064
Berry Petroleum Co., Class A		3,700		155,474
BPZ Resources, Inc.*		9,200		26,128
Cabot Oil & Gas Corp.		7,400		561,660
Cameco Corp.		86,120		1,554,466
Cheniere Energy, Inc.*		3,100		26,939
Chevron Corp.		8,900		946,960
Cimarex Energy Co.		16,500		1,021,350
Clean Energy Fuels Corp.*		4,600		57,316
Cobalt International Energy, Inc.*		12,100		187,792
Concho Resources, Inc.*		7,600		712,500
Consol Energy, Inc.		87,181		3,199,543

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Contango Oil & Gas Co.*		1,100	$	63,998
Continental Resources, Inc.*		3,000		200,130
CVR Energy, Inc.*		6,000		112,380
Denbury Resources, Inc.*		295,587		4,463,364
El Paso Corp.		51,500		1,368,355
Energy XXI Bermuda Ltd.*		5,400		172,152
EOG Resources, Inc.		31,400		3,093,214
EQT Corp.		3,773		206,723
Exxon Mobil Corp.		249,286		21,129,481
Forest Oil Corp.*		6,000		81,300
FX Energy, Inc.*		3,300		15,840
Golar LNG Ltd.		2,400		106,680
Gulfport Energy Corp.*		3,600		106,020
HollyFrontier Corp.		13,510		316,134
Isramco, Inc.*		200		17,912
Kinder Morgan, Inc.		222,392		7,154,350
Kosmos Energy Ltd.*		8,400		102,984
McMoRan Exploration Co.*		9,800		142,590
Newfield Exploration Co.*		5,500		207,515
Noble Energy, Inc.		24,110		2,275,743
Northern Oil and Gas, Inc.*		1,700		40,766
Occidental Petroleum Corp.		100,853		9,449,926
Panhandle Oil and Gas, Inc., Class A		600		19,686
Peabody Energy Corp.		50,200		1,662,122
Pioneer Natural Resources Co.		6,700		599,516
QEP Resources, Inc.		9,900		290,070
Quicksilver Resources, Inc.*		10,400		69,784
Range Resources Corp.		25,667		1,589,814
Rex Energy Corp.*		1,400		20,664
Rosetta Resources, Inc.*		3,800		165,300
SandRidge Energy, Inc.*		29,200		238,272
SM Energy Co.		3,700		270,470
Southwestern Energy Co.*		24,488		782,147
Suncor Energy, Inc.		52,710		1,519,629
Syntroleum Corp.*		9,600		9,216
Ultra Petroleum Corp.*		12,600		373,338
VAALCO Energy, Inc.*		1,500		9,060
Valero Energy Corp.		69,580		1,464,659
Venoco, Inc.*		1,600		10,832
W&T Offshore, Inc.		2,400		50,904
Warren Resources, Inc.*		4,700		15,322
Whiting Petroleum Corp.*		8,400		392,196

				77,892,161

Total Energy				118,651,774

Financials (3.3%)
*Capital Markets (1.1%)*
Affiliated Managers Group, Inc.*		3,700		355,015
Apollo Global Management LLC, Class A		255,500		3,170,755
BGC Partners, Inc., Class A		1,500		8,910
BlackRock, Inc.		21,575		3,845,528
Charles Schwab Corp.		195,299		2,199,067
Cohen & Steers, Inc.		800		23,120
Diamond Hill Investment Group, Inc.		200		14,796
Duff & Phelps Corp., Class A		2,100		30,450
Eaton Vance Corp.		10,011		236,660
Epoch Holding Corp.		800		17,784

Federated Investors, Inc., Class B		6,200	$	93,930
Franklin Resources, Inc.		22,215		2,133,973
GAMCO Investors, Inc., Class A		200		8,698
Greenhill & Co., Inc.		47,190		1,716,300
ICG Group, Inc.*		1,900		14,668
Lazard Ltd., Class A		6,900		180,159
LPL Investment Holdings, Inc.*		4,400		134,376
Pzena Investment Management, Inc., Class A		500		2,165
SEI Investments Co.		10,900		189,115
T. Rowe Price Group, Inc.		18,402		1,047,994
TD Ameritrade Holding Corp.		21,721		339,934
Waddell & Reed Financial, Inc., Class A		7,500		185,775
Westwood Holdings Group, Inc.		400		14,620

				15,963,792

*Commercial Banks (0.4%)*
Arrow Financial Corp.		954		22,362
Signature Bank/New York*		2,900		173,971
SY Bancorp, Inc.		100		2,053
U.S. Bancorp		64,642		1,748,566
Wells Fargo & Co.		131,793		3,632,215
Westamerica Bancorp		1,978		86,834

				5,666,001

*Consumer Finance (0.6%)*
American Express Co.		105,282		4,966,152
Discover Financial Services		6,500		156,000
EZCORP, Inc., Class A*		4,336		114,340
Green Dot Corp., Class A*		109,663		3,423,679

				8,660,171

*Diversified Financial Services (0.3%)*
Citigroup, Inc.		87,610		2,305,019
IntercontinentalExchange, Inc.*		4,995		602,147
Moody’s Corp.		16,426		553,228
MSCI, Inc., Class A*		8,741		287,841
NASDAQ OMX Group, Inc.*		6,700		164,217
NYSE Euronext		5,052		131,857

				4,044,309

*Real Estate Investment Trusts (REITs) (0.6%)*
Acadia Realty Trust (REIT)		1,300		26,182
Alexander’s, Inc. (REIT)		100		37,003
Associated Estates Realty Corp. (REIT)		700		11,165
Boston Properties, Inc. (REIT)		8,500		846,600
Camden Property Trust (REIT)		3,600		224,064
CBL & Associates Properties, Inc. (REIT)		8,500		133,450
Digital Realty Trust, Inc. (REIT)		6,711		447,422
DuPont Fabros Technology, Inc. (REIT)		600		14,532
Equity Lifestyle Properties, Inc. (REIT)		1,900		126,711
Equity Residential (REIT)		3,000		171,090
Essex Property Trust, Inc. (REIT)		1,300		182,663

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Federal Realty Investment Trust (REIT)		3,000	$	272,250
Getty Realty Corp. (REIT)		1,000		13,950
Home Properties, Inc. (REIT)		2,800		161,196
Macerich Co. (REIT)		3,300		166,980
Mid-America Apartment Communities, Inc. (REIT)		1,500		93,825
Plum Creek Timber Co., Inc. (REIT)		5,200		190,112
Potlatch Corp. (REIT)		1,929		60,011
PS Business Parks, Inc. (REIT)		400		22,172
Public Storage (REIT)		9,030		1,214,174
Rayonier, Inc. (REIT)		8,700		388,281
Saul Centers, Inc. (REIT)		500		17,710
Simon Property Group, Inc. (REIT)		17,050		2,198,427
Tanger Factory Outlet Centers (REIT)		5,076		148,828
UDR, Inc. (REIT)		6,300		158,130
Universal Health Realty Income Trust (REIT)		900		35,100
Ventas, Inc. (REIT)		11,000		606,430
Vornado Realty Trust (REIT)		1,900		146,034
Washington Real Estate Investment Trust (REIT)		547		14,961
Weyerhaeuser Co. (REIT)		11,100		207,237

				8,336,690

*Real Estate Management & Development (0.1%)*
CBRE Group, Inc.*		23,591		359,055
Jones Lang LaSalle, Inc.		3,500		214,410
Tejon Ranch Co.*		900		22,032

				595,497

*Thrifts & Mortgage Finance (0.2%)*
Astoria Financial Corp.		174,000		1,477,260
Hudson City Bancorp, Inc.		18,600		116,250
New York Community Bancorp, Inc.		112,500		1,391,625
People’s United Financial, Inc.		11,600		149,060
TrustCo Bank Corp./New York		2,100		11,781

				3,145,976

Total Financials				46,412,436

Health Care (12.6%)
*Biotechnology (4.5%)*
Affymax, Inc.*		900		5,949
Alexion Pharmaceuticals, Inc.*		115,796		8,279,414
Allos Therapeutics, Inc.*		7,600		10,792
Alnylam Pharmaceuticals, Inc.*		4,300		35,045
AMAG Pharmaceuticals, Inc.*		2,000		37,820
Amgen, Inc.		54,305		3,486,924
Amylin Pharmaceuticals, Inc.*		12,000		136,560
Ardea Biosciences, Inc.*		1,200		20,172
Arena Pharmaceuticals, Inc.*		7,588		14,190
ArQule, Inc.*		3,300		18,612
Array BioPharma, Inc.*		3,900		8,424
AVI BioPharma, Inc.*		15,200		11,324
BioCryst Pharmaceuticals, Inc.*		2,500		6,175
Biogen Idec, Inc.*		111,078		12,224,134
BioMarin Pharmaceutical, Inc.*		7,200		247,536

BioMimetic Therapeutics, Inc.*		34,618	$	98,661
Celgene Corp.*		249,793		16,886,007
Celldex Therapeutics, Inc.*		1,200		3,120
Cepheid, Inc.*		73,294		2,522,047
Chelsea Therapeutics International Ltd.*		3,900		20,007
Codexis, Inc.*		149		790
Cubist Pharmaceuticals, Inc.*		131,500		5,210,030
Curis, Inc.*		9,800		45,864
Cytori Therapeutics, Inc.*		1,700		3,740
Dendreon Corp.*		11,619		88,304
Dyax Corp.*		4,500		6,120
Emergent Biosolutions, Inc.*		2,300		38,732
Enzon Pharmaceuticals, Inc.*		3,600		24,120
Exelixis, Inc.*		12,700		60,135
Genomic Health, Inc.*		81,865		2,078,552
Geron Corp.*		4,000		5,920
Gilead Sciences, Inc.*		67,264		2,753,116
Halozyme Therapeutics, Inc.*		8,500		80,835
Human Genome Sciences, Inc.*		61,192		452,209
Idenix Pharmaceuticals, Inc.*		2,000		14,890
Immunogen, Inc.*		17,300		200,334
Immunomedics, Inc.*		5,300		17,649
Incyte Corp.*		6,200		93,062
InterMune, Inc.*		4,700		59,220
Isis Pharmaceuticals, Inc.*		39,560		285,228
Lexicon Pharmaceuticals, Inc.*		1,900		2,451
Ligand Pharmaceuticals, Inc., Class B*		1,383		16,416
MannKind Corp.*		4,949		12,372
Medivation, Inc.*		3,400		156,774
Metabolix, Inc.*		1,500		6,825
Micromet, Inc.*		4,528		32,556
Momenta Pharmaceuticals, Inc.*		4,500		78,255
Myriad Genetics, Inc.*		78,700		1,647,978
Nabi Biopharmaceuticals*		400		752
Neurocrine Biosciences, Inc.*		3,100		26,350
Novavax, Inc.*		4,700		5,922
NPS Pharmaceuticals, Inc.*		3,800		25,042
Onyx Pharmaceuticals, Inc.*		4,500		197,775
Opko Health, Inc.*		3,900		19,110
Orexigen Therapeutics, Inc.*		1,600		2,576
Osiris Therapeutics, Inc.*		1,200		6,420
PDL BioPharma, Inc.		14,400		89,280
Pharmasset, Inc.*		5,200		666,640
Progenics Pharmaceuticals, Inc.*		2,200		18,788
Regeneron Pharmaceuticals, Inc.*		5,200		288,236
Rigel Pharmaceuticals, Inc.*		3,000		23,670
Sangamo BioSciences, Inc.*		3,000		8,520
Sciclone Pharmaceuticals, Inc.*		5,800		24,882
Seattle Genetics, Inc.*		9,600		160,464
SIGA Technologies, Inc.*		2,771		6,983
Spectrum Pharmaceuticals, Inc.*		3,469		50,751
Synta Pharmaceuticals Corp.*		1,400		6,538
United Therapeutics Corp.*		4,142		195,709
Vanda Pharmaceuticals, Inc.*		2,614		12,443
Vertex Pharmaceuticals, Inc.*		105,810		3,513,950
Vical, Inc.*		6,900		30,429

				62,926,620

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

*Health Care Equipment & Supplies (2.4%)*
Abaxis, Inc.*		2,700	$	74,709
ABIOMED, Inc.*		2,800		51,716
Accuray, Inc.*		3,410		14,424
Align Technology, Inc.*		7,000		166,075
Analogic Corp.		1,100		63,052
Atrion Corp.		100		24,023
Baxter International, Inc.		49,114		2,430,161
Becton, Dickinson and Co.		16,525		1,234,748
C.R. Bard, Inc.		6,053		517,532
CareFusion Corp.*		6,600		167,706
Cerus Corp.*		498,150		1,394,820
Conceptus, Inc.*		3,800		48,032
Cooper Cos., Inc.		2,200		155,144
Covidien plc		77,795		3,501,553
CryoLife, Inc.*		2,300		11,040
Cyberonics, Inc.*		3,500		117,250
DENTSPLY International, Inc.		18,800		657,812
DexCom, Inc.*		5,033		46,857
Edwards Lifesciences Corp.*		16,096		1,137,987
Endologix, Inc.*		5,900		67,732
Exactech, Inc.*		600		9,882
GenMark Diagnostics, Inc.*		100,000		412,000
Gen-Probe, Inc.*		4,200		248,304
Given Imaging Ltd.*		163,579		2,851,182
Hansen Medical, Inc.*		1,400		3,612
HeartWare International, Inc.*		800		55,200
Hill-Rom Holdings, Inc.		3,581		120,644
ICU Medical, Inc.*		1,176		52,920
IDEXX Laboratories, Inc.*		5,000		384,800
Insulet Corp.*		3,600		67,788
Integra LifeSciences Holdings Corp.*		2,300		70,909
Intuitive Surgical, Inc.*		17,056		7,897,099
Invacare Corp.		1,700		25,993
IRIS International, Inc.*		1,500		14,025
Kensey Nash Corp.*		600		11,514
MAKO Surgical Corp.*		2,600		65,546
Medtronic, Inc.		140,002		5,355,076
Merit Medical Systems, Inc.*		4,500		60,210
Natus Medical, Inc.*		2,200		20,746
Neogen Corp.*		1,800		55,152
NxStage Medical, Inc.*		1,200		21,336
OraSure Technologies, Inc.*		3,600		32,796
Orthofix International N.V.*		1,609		56,685
Quidel Corp.*		2,300		34,799
ResMed, Inc.*		13,000		330,200
RTI Biologics, Inc.*		4,400		19,536
Sirona Dental Systems, Inc.*		4,000		176,160
SonoSite, Inc.*		1,400		75,404
Spectranetics Corp.*		2,600		18,772
St. Jude Medical, Inc.		23,111		792,707
Stereotaxis, Inc.*		2,500		2,059
Stryker Corp.		37,003		1,839,419
Synovis Life Technologies, Inc.*		900		25,047
Thoratec Corp.*		4,700		157,732
Varian Medical Systems, Inc.*		8,313		558,052
Volcano Corp.*		2,500		59,475
Zoll Medical Corp.*		1,700		107,406

				33,972,560


*Health Care Providers & Services (1.3%)*
Air Methods Corp.*		900	$	76,005
Alliance HealthCare Services, Inc.*		1,900		2,394
AMERIGROUP Corp.*		2,400		141,792
AmerisourceBergen Corp.		21,999		818,143
AMN Healthcare Services, Inc.*		2,600		11,518
Bio-Reference Labs, Inc.*		1,800		29,286
BioScrip, Inc.*		4,447		24,281
Brookdale Senior Living, Inc.*		6,700		116,513
Cardinal Health, Inc.		12,500		507,625
CardioNet, Inc.*		2,261		5,358
Catalyst Health Solutions, Inc.*		3,000		156,000
Chindex International, Inc.*		900		7,668
Corvel Corp.*		700		36,197
DaVita, Inc.*		6,831		517,858
Emeritus Corp.*		1,600		28,016
Ensign Group, Inc.		1,800		44,100
Express Scripts, Inc.*		58,574		2,617,672
HCA Holdings, Inc.*		5,800		127,774
Health Management Associates, Inc., Class A*		18,000		132,660
Healthspring, Inc.*		3,500		190,890
Henry Schein, Inc.*		3,517		226,600
IPC The Hospitalist Co., Inc.*		1,517		69,357
Laboratory Corp. of America Holdings*		7,381		634,545
Landauer, Inc.		400		20,600
Lincare Holdings, Inc.		7,400		190,254
McKesson Corp.		40,758		3,175,456
Medco Health Solutions, Inc.*		27,391		1,531,157
MEDNAX, Inc.*		2,751		198,099
MWI Veterinary Supply, Inc.*		1,400		93,016
National Research Corp.		100		3,881
Providence Service Corp.*		800		11,008
Quest Diagnostics, Inc.		9,113		529,101
Tenet Healthcare Corp.*		31,500		161,595
U.S. Physical Therapy, Inc.		1,000		19,680
UnitedHealth Group, Inc.		102,895		5,214,719
Universal Health Services, Inc., Class B		6,434		250,025

				17,920,843

*Health Care Technology (0.3%)*
Allscripts Healthcare Solutions, Inc.*		9,525		180,404
athenahealth, Inc.*		63,159		3,102,370
Cerner Corp.*		11,600		710,500
Computer Programs & Systems, Inc.		1,300		66,443
MedAssets, Inc.*		4,765		44,076
Omnicell, Inc.*		2,500		41,300
Quality Systems, Inc.		3,800		140,562
SXC Health Solutions Corp.*		5,200		293,696

				4,579,351

*Life Sciences Tools & Services (0.6%)*
Agilent Technologies, Inc.*		24,626		860,186
Charles River Laboratories International, Inc.*		300		8,199
Complete Genomics, Inc.*		96,000		281,280
Compugen Ltd.*		144,885		717,181
Covance, Inc.*		37,051		1,693,971

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Enzo Biochem, Inc.*		2,000	$	4,480
eResearchTechnology, Inc.*		3,500		16,415
Illumina, Inc.*		128,652		3,921,313
Life Technologies Corp.*		2,892		112,528
Luminex Corp.*		5,000		106,150
Mettler-Toledo International, Inc.*		2,900		428,359
Sequenom, Inc.*		4,900		21,805
Techne Corp.		3,200		218,432
Waters Corp.*		6,500		481,325

				8,871,624

*Pharmaceuticals (3.5%)*
Abbott Laboratories, Inc.		153,391		8,625,176
Acura Pharmaceuticals, Inc.*		700		2,443
Akorn, Inc.*		4,600		51,152
Allergan, Inc.		75,752		6,646,481
Bristol-Myers Squibb Co.		87,504		3,083,641
Cadence Pharmaceuticals, Inc.*		2,900		11,455
Depomed, Inc.*		4,100		21,238
Durect Corp.*		6,600		7,788
Eli Lilly and Co.		74,977		3,116,044
Endo Pharmaceuticals Holdings, Inc.*		8,300		286,599
Forest Laboratories, Inc.*		133,295		4,033,507
Hospira, Inc.*		9,985		303,244
Impax Laboratories, Inc.*		5,689		114,747
Johnson & Johnson		81,730		5,359,853
MAP Pharmaceuticals, Inc.*		600		7,902
Medicines Co.*		4,200		78,288
Mylan, Inc.*		28,265		606,567
Novartis AG (ADR)		14,400		823,248
Obagi Medical Products, Inc.*		1,400		14,224
Optimer Pharmaceuticals, Inc.*		3,700		45,288
Pain Therapeutics, Inc.*		2,800		10,640
Perrigo Co.		6,900		671,370
Pozen, Inc.*		2,100		8,295
Questcor Pharmaceuticals, Inc.*		113,400		4,715,172
Roche Holding AG (ADR)		43,400		1,846,670
Salix Pharmaceuticals Ltd.*		76,100		3,641,385
Santarus, Inc.*		5,801		19,201
Sucampo Pharmaceuticals, Inc., Class A*		700		3,101
Teva Pharmaceutical Industries Ltd. (ADR)		14,700		593,292
Valeant Pharmaceuticals International, Inc.*		32,750		1,529,098
Vivus, Inc.*		8,400		81,900
Warner Chilcott plc, Class A*		122,690		1,856,300
Watson Pharmaceuticals, Inc.*		8,500		512,890
XenoPort, Inc.*		3,500		13,335

				48,741,534

Total Health Care				177,012,532

Industrials (8.6%)
*Aerospace & Defense (2.1%)*
Aerovironment, Inc.*		1,700		53,499
BE Aerospace, Inc.*		6,500		251,615
Boeing Co.		70,699		5,185,772
Cubic Corp.		1,439		62,726
DigitalGlobe, Inc.*		1,478		25,289

GenCorp, Inc.*		4,600	$	24,472
GeoEye, Inc.*		1,673		37,174
Goodrich Corp.		2,954		365,410
HEICO Corp.		3,000		175,440
Honeywell International, Inc.		55,971		3,042,024
L-3 Communications Holdings, Inc.		35,065		2,338,134
Lockheed Martin Corp.		17,168		1,388,891
National Presto Industries, Inc.		459		42,962
Precision Castparts Corp.		51,402		8,470,535
Rockwell Collins, Inc.		10,989		608,461
Spirit AeroSystems Holdings, Inc., Class A*		3,446		71,608
Taser International, Inc.*		5,100		26,112
Teledyne Technologies, Inc.*		1,000		54,850
TransDigm Group, Inc.*		3,472		332,201
United Technologies Corp.		95,247		6,961,603

				29,518,778

*Air Freight & Logistics (0.5%)*
C.H. Robinson Worldwide, Inc.		11,711		817,193
Expeditors International of Washington, Inc.		15,083		617,800
FedEx Corp.		1,700		141,967
Forward Air Corp.		1,173		37,595
Hub Group, Inc., Class A*		1,900		61,617
United Parcel Service, Inc., Class B		70,148		5,134,132
UTi Worldwide, Inc.		2,100		27,909

				6,838,213

*Airlines (0.2%)*
Allegiant Travel Co.*		1,415		75,476
AMR Corp.*		16,068		5,624
Copa Holdings S.A., Class A		400		23,468
Delta Air Lines, Inc.*		36,141		292,381
Southwest Airlines Co.		162,800		1,393,568
United Continental Holdings, Inc.*		22,652		427,443

				2,217,960

*Building Products (0.0%)*
AAON, Inc.		1,650		33,809
Armstrong World Industries, Inc.*		1,200		52,644
Masco Corp.		25,475		266,978
Trex Co., Inc.*		1,900		43,529
USG Corp.*		600		6,096

				403,056

*Commercial Services & Supplies (0.2%)*
ABM Industries, Inc.		1,120		23,094
American Reprographics Co.*		3,000		13,770
Avery Dennison Corp.		2,045		58,651
Cenveo, Inc.*		3,900		13,260
Clean Harbors, Inc.*		3,400		216,682
Copart, Inc.*		5,769		276,278
Covanta Holding Corp.		200		2,738
Deluxe Corp.		3,500		79,660
EnerNOC, Inc.*		1,185		12,881
Healthcare Services Group, Inc.		7,800		137,982
InnerWorkings, Inc.*		2,600		24,206

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Interface, Inc., Class A		4,300	$	49,622
Iron Mountain, Inc.		15,393		474,104
KAR Auction Services, Inc.*		100		1,350
Knoll, Inc.		6,000		89,100
Mine Safety Appliances Co.		2,266		75,050
Multi-Color Corp.		800		20,584
NL Industries, Inc.		300		3,891
Portfolio Recovery Associates, Inc.*		1,811		122,279
Standard Parking Corp.*		500		8,935
Stericycle, Inc.*		7,300		568,816
Sykes Enterprises, Inc.*		4,302		67,369
Team, Inc.*		1,500		44,625
U.S. Ecology, Inc.		1,300		24,414
Waste Connections, Inc.		7,756		257,034

				2,666,375

*Construction & Engineering (0.5%)*
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		4,000		151,200
Fluor Corp.		38,750		1,947,188
Furmanite Corp.*		2,200		13,882
MYR Group, Inc.*		1,650		31,581
Quanta Services, Inc.*		78,250		1,685,505
Shaw Group, Inc.*		134,018		3,605,084

				7,434,440

*Electrical Equipment (0.5%)*
A123 Systems, Inc.*		463,020		745,462
Acuity Brands, Inc.		2,600		137,800
AMETEK, Inc.		13,810		581,401
AZZ, Inc.		1,149		52,211
Babcock & Wilcox Co.*		9,264		223,633
Broadwind Energy, Inc.*		3,167		2,153
Cooper Industries plc		7,700		416,955
Emerson Electric Co.		53,354		2,485,763
General Cable Corp.*		400		10,004
GrafTech International Ltd.*		5,547		75,716
II-VI, Inc.*		4,400		80,784
Polypore International, Inc.*		2,800		123,172
PowerSecure International, Inc.*		1,400		6,930
Rockwell Automation, Inc.		9,900		726,363
Roper Industries, Inc.		7,172		623,032
Thomas & Betts Corp.*		1,760		96,096
Vicor Corp.		1,600		12,736

				6,400,211

*Industrial Conglomerates (1.3%)*
3M Co.		64,468		5,268,970
Carlisle Cos., Inc.		1,675		74,203
Danaher Corp.		156,287		7,351,740
General Electric Co.		85,040		1,523,066
Raven Industries, Inc.		1,300		80,470
Tyco International Ltd.		96,265		4,496,538

				18,794,987

*Machinery (2.1%)*
Actuant Corp., Class A		3,923		89,013
Ampco-Pittsburgh Corp.		500		9,670
Caterpillar, Inc.		44,170		4,001,802
CLARCOR, Inc.		2,298		114,877

Colfax Corp.*		1,700	$	48,416
Cummins, Inc.		75,602		6,654,488
Deere & Co.		29,867		2,310,212
Donaldson Co., Inc.		6,600		449,328
Dover Corp.		31,051		1,802,511
Dynamic Materials Corp.		1,000		19,780
Eaton Corp.		87,663		3,815,970
Flow International Corp.*		3,100		10,850
Flowserve Corp.		3,393		336,993
Gardner Denver, Inc.		4,100		315,946
Gorman-Rupp Co.		1,500		40,725
Graco, Inc.		4,610		188,503
Graham Corp.		800		17,952
Harsco Corp.		100		2,058
IDEX Corp.		5,600		207,816
Illinois Tool Works, Inc.		31,200		1,457,352
Ingersoll-Rand plc		18,700		569,789
Joy Global, Inc.		7,933		594,737
Kennametal, Inc.		1,300		47,476
Lindsay Corp.		1,000		54,890
Manitowoc Co., Inc.		2,900		26,651
Met-Pro Corp.		1,200		10,848
Nordson Corp.		4,920		202,606
Omega Flex, Inc.*		300		4,239
PACCAR, Inc.		25,818		967,400
Pall Corp.		49,645		2,837,212
Parker Hannifin Corp.		4,800		366,000
PMFG, Inc.*		1,100		21,461
RBC Bearings, Inc.*		1,800		75,060
Sauer-Danfoss, Inc.*		800		28,968
SPX Corp.		2,200		132,594
Stanley Black & Decker, Inc.		17,550		1,186,380
Sun Hydraulics Corp.		1,350		31,630
Tennant Co.		2,300		89,401
Timken Co.		4,500		174,195
Valmont Industries, Inc.		1,600		145,264
WABCO Holdings, Inc.*		4,600		199,640
Wabtec Corp.		3,400		237,830

				29,898,533

*Marine (0.0%)*
Kirby Corp.*		1,037		68,276

*Professional Services (0.2%)*
Acacia Research Corp. - Acacia Technologies*		3,307		120,739
Advisory Board Co.*		1,300		96,473
CDI Corp.		100		1,381
CoStar Group, Inc.*		2,400		160,152
CRA International, Inc.*		600		11,904
Dun & Bradstreet Corp.		4,249		317,953
Exponent, Inc.*		1,800		82,746
Huron Consulting Group, Inc.*		2,700		104,598
ICF International, Inc.*		909		22,525
IHS, Inc., Class A*		4,130		355,841
Insperity, Inc.		2,600		65,910
Korn/Ferry International*		300		5,118
Nielsen Holdings N.V.*		5,200		154,388
Robert Half International, Inc.		13,212		376,013
Towers Watson & Co., Class A		2,500		149,825
Verisk Analytics, Inc., Class A*		9,800		393,274

				2,418,840

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

*Road & Rail (0.8%)*
Avis Budget Group, Inc.*		6,628	$	71,052
Celadon Group, Inc.		2,003		23,655
Con-way, Inc.		2,020		58,903
CSX Corp.		78,500		1,653,210
Genesee & Wyoming, Inc., Class A*		2,800		169,624
Heartland Express, Inc.		2,800		40,012
Hertz Global Holdings, Inc.*		17,400		203,928
J.B. Hunt Transport Services, Inc.		7,723		348,076
Kansas City Southern*		5,000		340,050
Marten Transport Ltd.		1,496		26,913
Old Dominion Freight Line, Inc.*		571		23,143
Union Pacific Corp.		71,121		7,534,559
Zipcar, Inc.*		43,800		587,796

				11,080,921

*Trading Companies & Distributors (0.2%)*
Beacon Roofing Supply, Inc.*		3,481		70,421
Fastenal Co.		36,908		1,609,558
Houston Wire & Cable Co.		1,400		19,348
Kaman Corp.		2,098		57,317
MSC Industrial Direct Co., Inc., Class A		3,700		264,735
TAL International Group, Inc.		300		8,637
Titan Machinery, Inc.*		600		13,038
W.W. Grainger, Inc.		4,102		767,853
WESCO International, Inc.*		3,000		159,030

				2,969,937

Total Industrials				120,710,527

Information Technology (24.6%)
*Communications Equipment (3.0%)*
Acme Packet, Inc.*		3,800		117,458
ADTRAN, Inc.		4,400		132,704
Anaren, Inc.*		1,339		22,254
Arris Group, Inc.*		27,371		296,154
Aruba Networks, Inc.*		6,200		114,824
Ciena Corp.*		2,836		34,316
Cisco Systems, Inc.		224,460		4,058,237
Digi International, Inc.*		400		4,464
F5 Networks, Inc.*		86,160		9,143,299
Harmonic, Inc.*		6,860		34,574
Harris Corp.		3,369		121,419
Infinera Corp.*		10,300		64,684
InterDigital, Inc.		3,100		135,067
Ixia*		2,100		22,071
JDS Uniphase Corp.*		17,800		185,832
Juniper Networks, Inc.*		262,795		5,363,646
Loral Space & Communications, Inc.*		1,058		68,643
NETGEAR, Inc.*		500		16,785
Oplink Communications, Inc.*		600		9,882
Polycom, Inc.*		14,000		228,200
QUALCOMM, Inc.		396,377		21,681,822
Riverbed Technology, Inc.*		10,900		256,150
ShoreTel, Inc.*		3,000		19,140
ViaSat, Inc.*		2,361		108,889

				42,240,514


*Computers & Peripherals (5.7%)*
3D Systems Corp.*		2,600	$	37,440
Apple, Inc.*		128,373		51,991,065
Dell, Inc.*		85,860		1,256,132
EMC Corp.*		412,827		8,892,293
Fusion-io, Inc.*		190,910		4,620,022
Immersion Corp.*		1,200		6,216
NCR Corp.*		11,360		186,986
NetApp, Inc.*		92,145		3,342,099
Novatel Wireless, Inc.*		3,014		9,434
SanDisk Corp.*		90,315		4,444,401
Seagate Technology plc		147,825		2,424,330
Silicon Graphics International Corp.*		204,523		2,343,834
STEC, Inc.*		3,341		28,699
Stratasys, Inc.*		1,700		51,697
Super Micro Computer, Inc.*		1,600		25,088

				79,659,736

*Electronic Equipment, Instruments & Components (0.3%)*
Amphenol Corp., Class A		14,660		665,417
Anixter International, Inc.*		200		11,928
Badger Meter, Inc.		1,800		52,974
Brightpoint, Inc.*		4,906		52,789
Cognex Corp.		607		21,724
Daktronics, Inc.		2,700		25,839
Dolby Laboratories, Inc., Class A*		17,500		533,925
DTS, Inc.*		1,400		38,136
Echelon Corp.*		2,400		11,688
FARO Technologies, Inc.*		1,400		64,400
FEI Co.*		4,106		167,443
FLIR Systems, Inc.		12,888		323,102
IPG Photonics Corp.*		1,600		54,192
Jabil Circuit, Inc.		11,300		222,158
Maxwell Technologies, Inc.*		1,500		24,360
MTS Systems Corp.		500		20,375
Multi-Fineline Electronix, Inc.*		1,300		26,715
National Instruments Corp.		6,500		168,675
OSI Systems, Inc.*		1,000		48,780
Plexus Corp.*		1,118		30,611
Power-One, Inc.*		400		1,564
Rofin-Sinar Technologies, Inc.*		1,083		24,747
TE Connectivity Ltd.		49,780		1,533,722
Trimble Navigation Ltd.*		10,300		447,020
Universal Display Corp.*		2,300		84,387

				4,656,671

*Internet Software & Services (4.4%)*
Akamai Technologies, Inc.*		19,619		633,301
Baidu, Inc. (ADR)*		65,359		7,612,363
comScore, Inc.*		1,500		31,800
Constant Contact, Inc.*		2,900		67,309
Cornerstone OnDemand, Inc.*		171,753		3,132,775
DealerTrack Holdings, Inc.*		4,700		128,122
Dice Holdings, Inc.*		1,300		10,777
Digital River, Inc.*		3,675		55,199
eBay, Inc.*		163,298		4,952,828
Equinix, Inc.*		19,610		1,988,454
Google, Inc., Class A*		43,929		28,373,741
InfoSpace, Inc.*		1,600		17,584

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

j2 Global, Inc.		4,900	$	137,886
Keynote Systems, Inc.		200		4,108
Limelight Networks, Inc.*		1,300		3,848
LinkedIn Corp., Class A*		23,097		1,455,342
Liquidity Services, Inc.*		1,200		44,280
LivePerson, Inc.*		5,500		69,025
LoopNet, Inc.*		2,400		43,872
MercadoLibre, Inc.		22,390		1,780,901
Move, Inc.*		232,582		1,469,918
NIC, Inc.		6,200		82,522
Rackspace Hosting, Inc.*		210,150		9,038,551
RightNow Technologies, Inc.*		2,300		98,279
Stamps.com, Inc.*		1,100		28,743
support.com, Inc.*		2,600		5,850
VeriSign, Inc.		15,600		557,232
Vocus, Inc.*		1,300		28,717
XO Group, Inc.*		2,300		19,182
Zix Corp.*		9,600		27,072

				61,899,581

*IT Services (3.6%)*
Accenture plc, Class A		130,859		6,965,625
Alliance Data Systems Corp.*		4,580		475,587
Automatic Data Processing, Inc.		35,659		1,925,943
Broadridge Financial Solutions, Inc.		12,969		292,451
CACI International, Inc., Class A*		500		27,960
Cardtronics, Inc.*		1,000		27,060
Cass Information Systems, Inc.		550		20,014
Cognizant Technology Solutions Corp., Class A*		62,164		3,997,767
CSG Systems International, Inc.*		1,500		22,065
DST Systems, Inc.		700		31,864
ExlService Holdings, Inc.*		1,200		26,844
Fiserv, Inc.*		8,409		493,945
Forrester Research, Inc.*		1,300		44,122
Gartner, Inc.*		5,200		180,804
Global Payments, Inc.		7,000		331,660
Hackett Group, Inc.*		3,300		12,342
Heartland Payment Systems, Inc.		4,700		114,492
iGATE Corp.*		1,800		28,314
International Business Machines Corp.		91,104		16,752,204
Jack Henry & Associates, Inc.		9,701		326,051
Lionbridge Technologies, Inc.*		9,400		21,526
Mastercard, Inc., Class A		26,628		9,927,451
MAXIMUS, Inc.		2,930		121,155
MoneyGram International, Inc.*		1,287		22,844
NCI, Inc., Class A*		500		5,825
NeuStar, Inc., Class A*		1,600		54,672
Paychex, Inc.		21,172		637,489
SAIC, Inc.*		9,236		113,510
TeleTech Holdings, Inc.*		3,000		48,600
Teradata Corp.*		12,485		605,647
TNS, Inc.*		3,200		56,704
VeriFone Systems, Inc.*		6,100		216,672
Virtusa Corp.*		500		7,240
Visa, Inc., Class A		52,355		5,315,603
Western Union Co.		47,559		868,427

				50,120,479


*Office Electronics (0.0%)*
Zebra Technologies Corp., Class A*		3,900	$	139,542

*Semiconductors & Semiconductor Equipment (1.8%)*
Advanced Analogic Technologies, Inc.*		3,700		21,386
Advanced Micro Devices, Inc.*		43,800		236,520
Altera Corp.		30,574		1,134,295
Analog Devices, Inc.		20,499		733,454
Applied Materials, Inc.		12,300		131,733
Applied Micro Circuits Corp.*		6,142		41,274
ASML Holding N.V. (N.Y. Shares)		11,000		459,690
Atmel Corp.*		113,800		921,780
ATMI, Inc.*		782		15,663
Avago Technologies Ltd.		13,600		392,496
Broadcom Corp., Class A*		199,951		5,870,561
Cabot Microelectronics Corp.*		212		10,017
CEVA, Inc.*		1,200		36,312
Cree, Inc.*		40,245		887,000
Cypress Semiconductor Corp.*		13,400		226,326
Diodes, Inc.*		3,900		83,070
Entropic Communications, Inc.*		700		3,577
Exar Corp.*		300		1,950
First Solar, Inc.*		4,516		152,460
GT Advanced Technologies, Inc.*		1,700		12,308
Integrated Device Technology, Inc.*		2,978		16,260
Intel Corp.		52,595		1,275,429
Intersil Corp., Class A		8,272		86,360
IXYS Corp.*		1,500		16,245
KLA-Tencor Corp.		9,200		443,900
Kopin Corp.*		6,811		26,427
Lam Research Corp.*		10,859		402,000
Lattice Semiconductor Corp.*		4,700		27,918
Linear Technology Corp.		19,142		574,834
LSI Corp.*		22,400		133,280
Maxim Integrated Products, Inc.		22,786		593,347
MEMC Electronic Materials, Inc.*		2,100		8,274
Micrel, Inc.		427		4,317
Microchip Technology, Inc.		14,581		534,102
Monolithic Power Systems, Inc.*		4,055		61,109
Netlogic Microsystems, Inc.*		3,800		188,366
NVE Corp.*		400		22,212
NVIDIA Corp.*		292,560		4,054,882
ON Semiconductor Corp.*		35,965		277,650
PMC-Sierra, Inc.*		300		1,653
Power Integrations, Inc.		2,800		92,848
Rambus, Inc.*		9,000		67,950
Rubicon Technology, Inc.*		1,100		10,329
Silicon Laboratories, Inc.*		37,631		1,633,938
Skyworks Solutions, Inc.*		14,994		243,203
Standard Microsystems Corp.*		25,400		654,558
Texas Instruments, Inc.		52,471		1,527,431
TriQuint Semiconductor, Inc.*		7,870		38,327
Ultratech, Inc.*		1,900		46,683
Veeco Instruments, Inc.*		2,300		47,840
Volterra Semiconductor Corp.*		2,100		53,781
Xilinx, Inc.		18,300		586,698

				25,124,023

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

*Software (5.8%)*
Actuate Corp.*		4,900	$	28,714
Adobe Systems, Inc.*		163,987		4,635,912
Advent Software, Inc.*		2,800		68,208
American Software, Inc., Class A		1,200		11,340
ANSYS, Inc.*		7,541		431,948
Ariba, Inc.*		6,900		193,752
Autodesk, Inc.*		99,961		3,031,817
Blackbaud, Inc.		5,000		138,500
BMC Software, Inc.*		12,595		412,864
Bottomline Technologies, Inc.*		2,617		60,636
BroadSoft, Inc.*		181,400		5,478,280
Cadence Design Systems, Inc.*		19,100		198,640
Check Point Software Technologies Ltd.*		22,910		1,203,691
Citrix Systems, Inc.*		39,102		2,374,273
CommVault Systems, Inc.*		127,900		5,463,888
Compuware Corp.*		2,800		23,296
Concur Technologies, Inc.*		2,900		147,291
Deltek, Inc.*		1,306		12,825
DemandTec, Inc.*		1,700		22,389
Ebix, Inc.		1,500		33,150
Electronic Arts, Inc.*		27,211		560,547
EPIQ Systems, Inc.		3,002		36,084
FactSet Research Systems, Inc.		3,600		314,208
FalconStor Software, Inc.*		3,100		7,998
Fortinet, Inc.*		8,500		185,385
Informatica Corp.*		21,600		797,688
Interactive Intelligence Group, Inc.*		1,100		25,212
Intuit, Inc.		21,567		1,134,209
JDA Software Group, Inc.*		2,324		75,274
Kenexa Corp.*		2,900		77,430
Manhattan Associates, Inc.*		2,000		80,960
Mentor Graphics Corp.*		500		6,780
MICROS Systems, Inc.*		6,900		321,402
Microsoft Corp.#		600,459		15,587,916
NetScout Systems, Inc.*		2,000		35,200
NetSuite, Inc.*		2,200		89,210
Nuance Communications, Inc.*		123,162		3,098,756
Opnet Technologies, Inc.		1,000		36,670
Oracle Corp.		335,834		8,614,142
Parametric Technology Corp.*		13,400		244,684
Pegasystems, Inc.		1,900		55,860
PROS Holdings, Inc.*		1,000		14,880
QLIK Technologies, Inc.*		5,000		121,000
Red Hat, Inc.*		136,975		5,655,698
Rovi Corp.*		8,538		209,864
Salesforce.com, Inc.*		51,204		5,195,158
SolarWinds, Inc.*		137,726		3,849,442
Solera Holdings, Inc.		5,945		264,790
Sourcefire, Inc.*		2,800		90,664
Symantec Corp.*		53,800		841,970
Synchronoss Technologies, Inc.*		1,700		51,357
Synopsys, Inc.*		6,100		165,920
Take-Two Interactive Software, Inc.*		890		12,060
Taleo Corp., Class A*		3,700		143,153
TeleCommunication Systems, Inc., Class A*		2,700		6,345
TIBCO Software, Inc.*		233,647	$	5,586,500
Tyler Technologies, Inc.*		3,100		93,341
VASCO Data Security International, Inc.*		2,200		14,344
VMware, Inc., Class A*		40,885		3,401,223
Websense, Inc.*		5,300		99,269
Zynga, Inc., Class A*		15,600		146,796

				81,320,803

Total Information Technology				345,161,349

Materials (3.9%)
*Chemicals (2.5%)*
Air Products and Chemicals, Inc.		31,768		2,706,316
Airgas, Inc.		6,900		538,752
Albemarle Corp.		7,549		388,849
Balchem Corp.		2,250		91,215
Calgon Carbon Corp.*		6,600		103,686
Celanese Corp.		13,324		589,854
CF Industries Holdings, Inc.		4,218		611,526
Dow Chemical Co.		128,248		3,688,412
E.I. du Pont de Nemours & Co.		66,058		3,024,135
Eastman Chemical Co.		10,200		398,412
Ecolab, Inc.		24,244		1,401,546
FMC Corp.		5,016		431,577
Hawkins, Inc.		891		32,842
International Flavors & Fragrances, Inc.		6,400		335,488
Koppers Holdings, Inc.		1,245		42,778
LSB Industries, Inc.*		2,300		64,469
Monsanto Co.		153,647		10,766,045
Mosaic Co.		19,568		986,814
Omnova Solutions, Inc.*		5,500		25,355
PPG Industries, Inc.		11,300		943,437
Praxair, Inc.		53,070		5,673,183
Rockwood Holdings, Inc.*		4,600		181,102
Sherwin-Williams Co.		6,373		568,918
Sigma-Aldrich Corp.		7,911		494,121
Solutia, Inc.*		8,700		150,336
Valspar Corp.		4,500		175,365
W.R. Grace & Co.*		4,701		215,870
Zep, Inc.		1,700		23,766

				34,654,169

*Construction Materials (0.0%)*
Eagle Materials, Inc.		5,974		153,293
Martin Marietta Materials, Inc.		1,900		143,279
United States Lime & Minerals, Inc.*		100		6,011

				302,583

*Containers & Packaging (0.1%)*
AEP Industries, Inc.*		400		11,260
Ball Corp.		12,000		428,520
Crown Holdings, Inc.*		13,600		456,688
Packaging Corp. of America		6,600		166,584
Rock-Tenn Co., Class A		4,900		282,730
Temple-Inland, Inc.		400		12,684

				1,358,466

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

*Metals & Mining (1.3%)*
AK Steel Holding Corp.		400	$	3,304
Allegheny Technologies, Inc.		8,200		391,960
Allied Nevada Gold Corp.*		6,400		193,792
AMCOL International Corp.		700		18,795
Barrick Gold Corp.		81,990		3,710,047
Carpenter Technology Corp.		3,100		159,588
Cliffs Natural Resources, Inc.		9,264		577,610
Compass Minerals International, Inc.		2,700		185,895
Freeport-McMoRan Copper & Gold, Inc.		187,734		6,906,734
Goldcorp, Inc.		40,100		1,774,425
Hecla Mining Co.		19,100		99,893
Molycorp, Inc.*		4,000		95,920
Newmont Mining Corp.		23,300		1,398,233
Nucor Corp.		30,300		1,198,971
Royal Gold, Inc.		3,878		261,494
Schnitzer Steel Industries, Inc., Class A		100		4,228
Southern Copper Corp.		13,954		421,132
Steel Dynamics, Inc.		11,300		148,595
Stillwater Mining Co.*		900		9,414
Titanium Metals Corp.		1,900		28,462
Walter Energy, Inc.		4,300		260,408

				17,848,900

*Paper & Forest Products (0.0%)*
Deltic Timber Corp.		900		54,351
International Paper Co.		6,600		195,360

				249,711

Total Materials				54,413,829

Telecommunication Services (0.6%)
*Diversified Telecommunication Services (0.2%)*
AboveNet, Inc.*		1,150		74,762
Alaska Communications Systems Group, Inc.		4,318		12,997
Consolidated Communications Holdings, Inc.		700		13,335
Lumos Networks Corp.		1,900		29,146
tw telecom, Inc.*		12,703		246,184
Verizon Communications, Inc.		45,500		1,825,460
Windstream Corp.		20,141		236,455

				2,438,339

*Wireless Telecommunication Services (0.4%)*
American Tower Corp., Class A		28,588		1,715,566
Clearwire Corp., Class A*		2,500		4,850
Crown Castle International Corp.*		62,717		2,809,722
MetroPCS Communications, Inc.*		15,322		132,995
NII Holdings, Inc.*		10,900		232,170
NTELOS Holdings Corp.		1,900		38,722
SBA Communications Corp., Class A*		10,100		433,896

				5,367,921

Total Telecommunication Services				7,806,260

Utilities (0.0%)
*Electric Utilities (0.0%)*
ITC Holdings Corp.		3,600		273,168


*Gas Utilities (0.0%)*
ONEOK, Inc.		2,200	$	190,718

Total Utilities				463,886

Total Common Stocks (82.5%) (Cost $984,248,545)				1,156,812,511

	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		394

Total Financials				394

Total Corporate Bonds				394

Total Long-Term Debt Securities (0.0%) (Cost $600)				394

	Number of Rights		Value (Note 1)
RIGHTS:
Health Care (0.0%)
*Biotechnology (0.0%)*
Celgene Corp., expiring 12/31/11*		700		980

*Pharmaceuticals (0.0%)*
Forest Laboratories, Inc., expiring 12/31/49*†		900		855

Total Rights (0.0%) (Cost $3,710)				1,835

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Government Securities (2.0%)
U.S. Treasury Bills 0.02%, 5/3/12 #(p)	$	28,032,000		28,029,645

Total Short-Term Investments (2.0%) (Cost $28,028,300)				28,029,645

Total Investments (84.5%) (Cost $1,012,281,155)				1,184,844,385
Other Assets Less Liabilities (15.5%)				217,958,286

Net Assets (100%)			$	1,402,802,671

*	Non-income producing.

†	Securities (totaling $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 $28,704,605

(p)

Yield to maturity.

Glossary:

ADR — American Depositary Receipt

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

At December 31, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 12/31/2011		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index		1,254		March-12	$	56,925,531	$	57,044,460	$	118,929
S&P 500 E-Mini Index		2,001		March-12		123,872,764		125,322,630		1,449,866
S&P MidCap 400 E-Mini Index		598		March-12		52,014,885		52,462,540		447,655

									$	2,016,450

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	202,412,583	$	3,138,904	$	—	$	205,551,487
Consumer Staples		80,628,431		—		—		80,628,431
Energy		118,651,774		—		—		118,651,774
Financials		46,412,436		—		—		46,412,436
Health Care		177,012,532		—		—		177,012,532
Industrials		120,710,527		—		—		120,710,527
Information Technology		345,028,645		132,704		—		345,161,349
Materials		54,413,829		—		—		54,413,829
Telecommunication Services		7,806,260		—		—		7,806,260
Utilities		463,886		—		—		463,886
Corporate Bonds
Financials		—		394		—		394
Futures		2,016,450		—		—		2,016,450
Rights
Health Care		980		—		855		1,835
Short-Term Investments		—		28,029,645		—		28,029,645

Total Assets	$	1,155,558,333	$	31,301,647	$	855	$	1,186,860,835

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	1,155,558,333	$	31,301,647	$	855	$	1,186,860,835

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

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		—			—			855
Purchases		—			—			—
Sales		—			—			—
Issuances		—			—			—
Settlements		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		(2,800,000	)		(640	)		—

Balance as at 12/31/11	$	—		$	—		$	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 12/31/11	$	—		$	—		$	855

†† Security represents level 3 investments with $0 cost.

Fair Values of Derivative Instruments as of December 31, 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		2,016,450	*
Commodity contracts	Receivables		—
Other contracts	Receivables

Total		$	2,016,450


	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)

December 31, 2011

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 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		—		(67,038,159	)		—		—		(67,038,159	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(67,038,159	)	$	—	$	—	$	(67,038,159	)


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		—		(1,165,430	)		—		—		(1,165,430	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(1,165,430	)	$	—	$	—	$	(1,165,430	)

The Portfolio held futures contracts with an average notional balance of approximately $275,099,000 during the year ended December 31, 2011.

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

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	960,878,331
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,134,324,340

As of December 31, 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	$	213,368,645
Aggregate gross unrealized depreciation		(55,507,941	)

Net unrealized appreciation	$	157,860,704

Federal income tax cost of investments	$	1,026,983,681

For the year ended December 31, 2011, the Portfolio incurred approximately $5,372 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $1,143,610,652 of which $5,225,109 expires in the year 2015, $810,254,156 expires in the year 2016 and $328,131,387 expires in the year 2017. The Portfolio had a net capital loss carryforward of $32,146,107 expired during 2011. The Portfolio utilized net capital loss carryforward of $35,057,234 during 2011.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value (Cost $1,012,281,155)	$	1,184,844,385
Cash		217,017,801
Foreign cash (Cost $1,911)		2,008
Receivable for securities sold		5,776,184
Dividends, interest and other receivables		925,494
Receivable from Separate Accounts for Trust shares sold		79,225
Other assets		3,363

Total assets		1,408,648,460

LIABILITIES
Payable for securities purchased		2,843,068
Payable to Separate Accounts for Trust shares redeemed		1,087,867
Variation margin payable on futures contracts		752,530
Investment management fees payable		692,088
Administrative fees payable		209,894
Distribution fees payable - Class B		119,302
Trustees’ fees payable		45,800
Accrued expenses		95,240

Total liabilities		5,845,789

NET ASSETS	$	1,402,802,671

Net assets were comprised of:
Paid in capital	$	2,424,221,660
Accumulated undistributed net investment income (loss)		488,424
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(1,196,487,190	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		174,579,777

Net assets	$	1,402,802,671

Class A
Net asset value, offering and redemption price per share, $833,974,588 / 32,574,537 shares outstanding (unlimited amount authorized: $0.001 par value)	$	25.60

Class B
Net asset value, offering and redemption price per share, $558,736,277 / 22,218,226 shares outstanding (unlimited amount authorized: $0.001 par value)	$	25.15

Class K
Net asset value, offering and redemption price per share, $10,091,806 / 394,181 shares outstanding (unlimited amount authorized: $0.001 par value)	$	25.60

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (net of $16,730 foreign withholding tax)	$	15,126,053
Interest		119,894

Total income		15,245,947

EXPENSES
Investment management fees		9,213,569
Administrative fees		2,442,681
Distribution fees - Class B		1,618,353
Custodian fees		169,600
Printing and mailing expenses		115,671
Professional fees		60,042
Trustees’ fees		21,710
Miscellaneous		22,777

Gross expenses		13,664,403
Less: Fees paid indirectly		(138,007	)

Net expenses		13,526,396

NET INVESTMENT INCOME (LOSS)		1,719,551

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		84,589,412
Futures		(67,038,159	)
Foreign currency transactions		(37	)

Net realized gain (loss)		17,551,216

Change in unrealized appreciation (depreciation) on:
Securities		(109,090,821	)
Futures		(1,165,430	)
Foreign currency translations		27

Net change in unrealized appreciation (depreciation)		(110,256,224	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(92,705,008	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(90,985,457	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,719,551		$	5,027,663
Net realized gain (loss) on investments, futures and foreign currency transactions		17,551,216			179,150,675
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(110,256,224	)		73,202,695

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(90,985,457	)		257,381,033

DIVIDENDS:
Dividends from net investment income
Class A		(1,502,805	)		(7,972,678	)
Class B		—			(2,946,880	)
Class K†		(18,239	)		—

TOTAL DIVIDENDS		(1,521,044	)		(10,919,558	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 896,126 and 738,394 shares, respectively ]		24,135,458			18,070,245
Capital shares issued in connection with merger (Note 10) [ 0 and 1,655,085 shares, respectively ]		—			39,434,930
Capital shares issued in reinvestment of dividends [ 59,964 and 321,629 shares, respectively ]		1,502,805			7,972,678
Capital shares repurchased [ (5,343,851) and (4,871,363) shares, respectively ]		(145,629,933	)(z)		(117,545,634	)

Total Class A transactions		(119,991,670	)		(52,067,781	)

Class B
Capital shares sold [ 1,070,632 and 1,295,694 shares, respectively ]		28,742,322			31,040,311
Capital shares issued in connection with merger (Note 10) [ 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 [ (4,778,573) and (4,200,858) shares, respectively ]		(129,237,075	)		(100,066,371	)

Total Class B transactions		(100,494,753	)		166,969,092

Class K†
Capital shares sold [ 413,222 and 0 shares, respectively ]		10,485,663	(z)		—
Capital shares issued in reinvestment of dividends [ 728 and 0 shares, respectively ]		18,239			—
Capital shares repurchased [ (19,769) and 0 shares, respectively ]		(504,351	)		—

Total Class K transactions		9,999,551			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(210,486,872	)		114,901,311

TOTAL INCREASE (DECREASE) IN NET ASSETS		(302,993,373	)		361,362,786
NET ASSETS:
Beginning of year		1,705,796,044			1,344,433,258

End of year (a)	$	1,402,802,671		$	1,705,796,044

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	488,424		$	306,131

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Aggressive Equity Portfolio exchanged approximately 379,229 Class A shares for approximately 379,229 Class K shares. This exchange amounted to approximately $9,602,274.

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO(p)(q)

FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	27.32		$	23.37		$	17.03		$	32.11		$	28.78

Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.14	(e)		0.19	(e)		0.08	(e)		0.04	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.73	)		4.03			6.23			(15.09	)		3.32

Total from investment operations		(1.67	)		4.17			6.42			(15.01	)		3.36

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

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

Net asset value, end of year	$	25.60		$	27.32		$	23.37		$	17.03		$	32.11

Total return		(6.12	)%		17.92	%(aa)		37.69	%		(46.55	)%(n)		11.69	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	833,975		$	1,009,682		$	914,031		$	690,098		$	2,638,093
Ratio of expenses to average net assets:
After fees paid indirectly		0.74	%		0.76	%		0.67	%		0.77	%		0.72	%
Before fees paid indirectly		0.75	%		0.77	%		0.82	%		0.79	%		0.79	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		0.21	%		0.56	%		0.96	%		0.31	%		0.14	%
Before fees paid indirectly		0.20	%		0.55	%		0.81	%		0.30	%		0.07	%
Portfolio turnover rate		74	%		54	%		91	%		98	%		87	%

	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	26.85		$	22.97		$	16.74		$	31.56		$	28.33

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)(e)		—	#(e)		0.16	(e)		0.02	(e)		(0.03	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.69	)		4.03			6.09			(14.82	)		3.26

Total from investment operations		(1.70	)		4.03			6.25			(14.80	)		3.23

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

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

Net asset value, end of year	$	25.15		$	26.85		$	22.97		$	16.74		$	31.56

Total return		(6.33	)%		17.63	%(bb)		37.34	%		(46.68	)%(o)		11.40	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	558,736		$	696,114		$	430,402		$	115,805		$	244,593
Ratio of expenses to average net assets:
After fees paid indirectly		0.99	%		1.01	%		0.92	%		1.02	%		0.97	%
Before fees paid indirectly		1.00	%		1.02	%		1.07	%(c)		1.04	%		1.04	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		(0.04	)%		(0.02	)%		0.79	%		0.08	%		(0.10	)%
Before fees paid indirectly		(0.05	)%		(0.02	)%		0.65	%		0.06	%		(0.18	)%
Portfolio turnover rate		74	%		54	%		91	%		98	%		87	%

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO(p)(q)

FINANCIAL HIGHLIGHTS (Continued)


Class K	August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	24.85

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.77

Total from investment operations		0.80

Capital contribution from affiliate (†)		—
Less distributions:
Dividends from net investment income		(0.05	)

Net asset value, end of period	$	25.60

Total return (b)		3.21	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	10,092
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.74	%
Before fees paid indirectly (a)		0.75	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.37	%
Before fees paid indirectly (a)		0.37	%
Portfolio turnover rate		74	%

*	Commencement of Operations.

#	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 expenses.

(e)

Net investment income per share 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 objectives 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)

PORTFOLIO ADVISERS

_Ø

BlackRock Financial Management, Inc.

_Ø

Pacific Investment Management Company LLC

_Ø

SSgA Funds Management, Inc.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.*
Portfolio – Class A Shares		6.10	%		6.07	%		5.28	%		5.28	%
Portfolio – Class B Shares		5.83			5.79			5.02			5.02
Portfolio – Class K Shares**		6.09			6.07			5.28			5.28
Barclays Capital Intermediate U.S. Government/Credit Index†		5.80			5.88			5.20			5.20
Barclays Capital U.S. Aggregate Bond Index		7.84			6.50			5.78			5.78
* Date of inception 12/31/01. ** Date of inception 8/26/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. † In 2011, the Investment Manager revised the Portfolio’s benchmark index to be the Barclays Capital Intermediate U.S. Government/Credit Index which more closely reflects the market sectors in which the Portfolio invests. Accordingly, the Barclays Capital U.S. Aggregate Bond Index is no longer a benchmark of the Portfolio. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 6.10% for the year ended December 31, 2011. The Portfolio’s benchmark, the Barclays Capital Intermediate U.S. Government/Credit Index, returned 5.80% over the same period.

Portfolio Highlights

What helped performance during the year:

•

Exposure to Build America Bonds (BABs) was a positive contributor to performance for the year as BABs outperformed like-duration Treasuries and credit.

•

An allocation to non-U.S. developed countries including Canada, Australia and the United Kingdom was positive for performance, as rates fell globally.

•

Positioning in Eurodollar Futures was positive for performance as the front-end of the yield curve fell over the course of the year.

•

Contributing positively to performance was tactical trading within mortgage-backed securities (MBS) and asset-backed securities (ABS).

What hurt performance during the year:

•

A curve steepening bias for most of the year detracted from performance as the curve flattened.

•

The Portfolio maintained a shorter duration bias (lower sensitivity to interest rates) relative to its benchmark throughout most of the period. The overall impact on performance for the 12-month period was negative as interest rates declined to historically low levels in the latter half due to fears of a global economic slowdown and persistent sovereign debt problems in Europe.

•

Throughout the period, the Portfolio was overweight relative to its benchmark in non-government spread sectors (securities driven by movements in credit risk) and underweight in government-owned/government-related sectors. On balance, the Portfolio’s sector allocation had a negative impact on performance for the period as a whole.


Portfolio Characteristics As of December 31, 2011
Weighted Average Life (Years)			5.9
Weighted Average Coupon (%)			3.8
Weighted Average Modified Duration (Years)*			4.6
Weighted Average Rating			AA-
* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.


Distribution of Assets by Sector as of 12/31/2011	% of Net Assets
Government Securities		58.1	%
Corporate Bonds		40.1
Asset-Backed and Mortgage-Backed Securities		7.3
Time Deposits		0.3
Convertible Preferred Stocks		0.2
Options Purchased		0.0	#
Cash and Other		(6.0	)

Total		100.0	%

# Less than 0.05%

MULTIMANAGER CORE BOND PORTFOLIO (Unaudited)

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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$1,035.75		$3.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.75		3.50
Class B
Actual		1,000.00		1,034.43		4.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.46		4.79
Class K†
Actual		1,000.00		1,011.67		2.44
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.72		3.52
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.69%, 0.94% and 0.69%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 128/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 8/26/2011.

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2011


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (7.3%)
*Asset-Backed Securities (2.1%)*
321 Henderson Receivables LLC,
Series 2010-3A A 3.820%, 12/15/48§	$	1,333,560	$	1,313,514
American Money Management Corp.,
Series 2006-6A A1A 0.731%, 5/3/18(l)§		2,459,097		2,307,339
Avery Point CLO Ltd.,
Series 2003-1A A1 1.039%, 12/17/15(l)§		291,548		286,412
Capital One Multi-Asset Execution Trust,
Series 2007-C2 C2 0.578%, 11/17/14(l)		1,590,000		1,589,205
Chase Issuance Trust,
Series 2009-A2 A2 1.828%, 4/15/14(l)		9,800,000		9,841,624
Citibank Omni Master Trust,
Series 2009-A17 A17 4.900%, 11/15/18§		1,110,000		1,208,561
Series 2009-A8 A8 2.378%, 5/16/16(l)§		810,000		814,409
Continental Airlines, Inc.,
Series 1997-4A 6.900%, 1/2/18		157,251		163,737
Cumberland CLO Ltd.,
Series 2005-2A A 0.694%, 11/10/19(l)§		9,230,725		8,905,738
EFS Volunteer LLC,
Series 2010-1 A1 1.268%, 10/26/26(l)§		1,584,805		1,588,632
Galaxy CLO Ltd.,
Series 2005-4A A1VB 0.683%, 4/17/17(l)§		2,008,566		1,949,988
GSAA Home Equity Trust,
Series 2005-11 2A1 0.574%, 10/25/35(l)		1,178,961		785,139
Series 2006-5 2A1 0.364%, 3/25/36(l)		83,874		33,941
Harvest CLO S.A.,
Series IX A1 2.228%, 3/29/17(l)(m)	EUR	1,491,227		1,850,764
Katonah Ltd.,
Series 3A A 0.911%, 5/18/15(l)§	$	1,059,703		1,040,659
Magnolia Funding Ltd.,
Series 2010-1A A1 3.000%, 4/20/17§†	EUR	1,885,794		2,428,153
Mid-State Trust,
Series 4 A 8.330%, 4/1/30	$	129,332		130,169
Nelnet Student Loan Trust,
Series 2006-1 A5 0.605%, 8/23/27(l)		1,005,000		926,066
Renaissance Home Equity Loan Trust,
Series 2003-3 A 0.794%, 12/25/33(l)		168,059		133,490
Sagamore CLO Ltd.,
Series 2003-1A A2 0.943%, 10/15/15(l)§		633,879		619,212

Scholar Funding Trust,
Series 2011-A A 1.325%, 10/28/43(l)§	$	1,749,485	$	1,676,422
SLM Student Loan Trust,
Series 2003-B A2 0.946%, 3/15/22(l)		922,574		877,678
Series 2004-B A2 0.746%, 6/15/21(l)		348,117		331,210
Series 2005-B A2 0.726%, 3/15/23(l)		1,539,679		1,463,553
Series 2008-5 A3 1.718%, 1/25/18(l)		870,000		881,380
Series 2008-5 A4 2.118%, 7/25/23(l)		740,000		754,311
Series 2008-9 A 1.918%, 4/25/23(l)		14,782,868		15,122,972
Structured Asset Receivables Trust,
Series 2003-2A CTFS 1.989%, 1/21/11(l)§†(b)		976		976
Structured Receivables Finance LLC,
Series 2010-B A 3.730%, 8/15/36§		796,628		792,741
Union Square CDO Ltd.,
Series 2003-1A A1 0.933%, 10/15/15(l)§		661,354		653,427

				60,471,422

*Non-Agency CMO (5.2%)*
American Home Mortgage Investment Trust,
Series 2004-3 5A 2.434%, 10/25/34(l)		210,953		171,822
Banc of America Commercial Mortgage, Inc.,
Series 2006-5 AM 5.448%, 9/10/47		190,000		174,759
Series 2007-3 A4 5.622%, 6/10/49(l)		920,000		990,568
Banc of America Funding Corp.,
Series 2006-A 1A1 2.656%, 2/20/36(l)		1,100,750		855,942
Banc of America Large Loan, Inc.,
Series 2009-UB1 A4A 5.614%, 6/24/50(l)§		2,200,000		2,408,824
Series 2010-HLTN 2.028%, 11/15/15(l)§		7,570,949		6,840,844
Series 2010-UB4 A4A 5.011%, 12/20/41(l)§		1,235,000		1,294,401
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2007-4 22A1 5.669%, 6/25/47(l)		501,552		356,370
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 2003-T12 A4 4.680%, 8/13/39(l)		1,825,000		1,896,754
Series 2005-PW10 AM 5.449%, 12/11/40(l)		210,000		210,812
Series 2006-PW14 A4 5.201%, 12/11/38		400,000		436,519
Citigroup Commercial Mortgage Trust, Inc.,
Series 2008-C7 A3 6.072%, 12/10/49(l)		7,500,000		7,765,438
Series 2008-C7 A4 6.072%, 12/10/49(l)		2,259,313		2,510,533

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Citigroup Mortgage Loan Trust, Inc.,
Series 2005-4 A 5.313%, 8/25/35(l)	$	4,213,432	$	3,790,471
Series 2006-AR1 1A1 2.660%, 10/25/35(l)		5,184,938		3,640,223
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2006-CD3 AJ 5.688%, 10/15/48		660,000		396,967
Commercial Mortgage Pass Through Certificates,
Series 2010-C1 A1 3.156%, 7/10/46§		7,619,754		7,839,855
Countrywide Alternative Loan Trust,
Series 2003-J3 2A1 6.250%, 12/25/33		90,870		97,063
Series 2006-OA21 A1 0.475%, 3/20/47(l)		1,019,385		429,207
Series 2006-OA22 A1 0.454%, 2/25/47(l)		372,899		197,332
Series 2006-OA6 1A2 0.504%, 7/25/46(l)		225,437		125,308
Series 2007-OH1 A1D 0.504%, 4/25/47(l)		388,382		181,934
Countrywide Home Loan Mortgage Pass Through Trust,
Series 2006-OA5 2A1 0.494%, 4/25/46(l)		415,286		209,439
Credit Suisse Commercial Mortgage Trust,
Series 2007-C3 A2 5.713%, 6/15/39(l)		3,278,684		3,289,836
Credit Suisse Mortgage Capital Certificates,
Series 2006-8 3A1 6.000%, 10/25/21		296,439		229,996
Series 2006-C3 AM 5.815%, 6/15/38(l)		540,000		538,316
Series 2006-C5 A3 5.311%, 12/15/39		3,000,000		3,216,934
Series 2008-C1 A2 6.205%, 2/15/41(l)		1,385,000		1,429,950
Series 2010-RR1 2A 5.692%, 9/15/40(l)§		4,800,000		5,393,126
Series 2010-RR1 3A 5.622%, 6/10/49(l)§		4,800,000		5,363,448
Series 2010-RR2 2A 5.795%, 9/15/39(l)§		1,630,000		1,818,685
Series 2010-RR7 2A 5.467%, 9/18/39(l)§		2,785,000		3,062,016
Series 2011-4R 5A1 5.280%, 5/27/36(l)§		2,824,466		2,741,636
Series 2011-4R 6A1 2.706%, 5/27/36(l)§		1,284,792		1,240,857
CS First Boston Mortgage Securities Corp.,
Series 2002-CP3 A3 5.603%, 7/15/35		1,955,398		1,974,226
Series 2003-C3 A5 3.936%, 5/15/38		2,220,000		2,265,596
Series 2005-C3 AJ 4.771%, 7/15/37		1,105,000		878,079
DBRR Trust, Series 2011-C32 A3A 5.740%, 6/17/49(l)§†		500,000		540,313
Deutsche Bank AG, Series 2006-OA1 A1 0.494%, 2/25/47(l)		204,686		114,037

EMF-NL B.V., Series 2008-2X A2 2.572%, 7/17/41(l)(m)	EUR	1,200,000	$	955,421
Extended Stay America Trust,
Series 2010-ESHA A 2.951%, 11/5/27§	$	783,979		785,343
Series 2010-ESHA D 5.498%, 11/5/27§		925,000		928,327
First Republic Mortgage Loan Trust,
Series 2001-FRB1 A 0.628%, 11/15/31(l)		431,572		348,826
GMAC Commercial Mortgage Securities, Inc.,
Series 2002-C3 A2 4.930%, 7/10/39		2,070,063		2,104,360
Series 2006-C1 AM 5.290%, 11/10/45(l)		330,000		327,210
Granite Master Issuer plc, Series 2006-3 A7 0.385%, 12/20/54(l)		1,080,916		1,031,319
Series 2006-4 A6 0.465%, 12/20/54(l)		2,702,289		2,578,268
Greenwich Capital Commercial Funding Corp.,
Series 2007-GG9 A4 5.444%, 3/10/39		565,000		611,478
GS Mortgage Securities Corp. II,
Series 2007-GG10 A4 5.790%, 8/10/45(l)		90,000		97,764
Series 2010-C1 A2 4.592%, 8/10/43§		6,200,000		6,784,167
GSR Mortgage Loan Trust, Series 2005-AR6 2A1 2.685%, 9/25/35(l)		1,158,452		955,709
Series 2006-AR2 2A1 2.772%, 4/25/36(l)		585,996		408,471
Homebanc Mortgage Trust, Series 2005-4 A1 0.564%, 10/25/35(l)		597,275		394,319
Impac CMB Trust, Series 2003-8 2A1 1.194%, 10/25/33(l)		115,670		85,541
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2004-CB8 A1A 4.158%, 1/12/39§		807,764		833,189
Series 2004-LN2 A2 5.115%, 7/15/41		1,190,000		1,244,592
Series 2006-CB17 AM 5.464%, 12/12/43		260,000		253,956
JP Morgan Mortgage Trust, Series 2006-A3 6A1 2.767%, 8/25/34(l)		839,158		725,645
Series 2006-A4 2A2 5.681%, 6/25/36(l)		1,473,788		1,219,266
Series 2006-S2 2A2 5.875%, 7/25/36		114,732		105,194
Series 2007-A1 3A3 2.798%, 7/25/35(l)		782,237		674,983
Series 2007-S1 1A2 5.500%, 3/25/22		107,350		99,438
LB-UBS Commercial Mortgage Trust,
Series 2002-C2 A4 5.594%, 6/15/31		1,133,047		1,142,239

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Series 2003-C7 A2 4.064%, 9/15/27(l)	$	33,316	$	33,399
Series 2004-C7 A1A 4.475%, 10/15/29		998,931		1,042,284
Series 2006-C4 AM 5.890%, 6/15/38(l)		240,000		241,187
Series 2006-C7 AM 5.378%, 11/15/38		230,000		206,383
Series 2007-C1 A4 5.424%, 2/15/40		4,000,000		4,357,712
Series 2007-C6 A4 5.858%, 7/15/40(l)		850,000		928,631
Series 2007-C7 A3 5.866%, 9/15/45(l)		1,740,000		1,902,169
Merrill Lynch Mortgage Investors, Inc.,
Series 2003-A1 3A 2.123%, 12/25/32(l)		170,766		149,726
Series 2005-A10 A 0.504%, 2/25/36(l)		1,812,365		1,095,162
Merrill Lynch Mortgage Trust, Series 2004-KEY2 A4 4.864%, 8/12/39(l)		1,000,000		1,062,744
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2007-9 A4 5.700%, 9/12/49		1,910,000		2,027,331
Morgan Stanley, Series 2009-GG10 A4A 5.790%, 8/12/45(l)§		1,800,000		2,018,052
Morgan Stanley Capital I, Series 1998-HF2 J 6.010%, 11/15/30§		7,000,000		6,930,859
Morgan Stanley Capital I, Inc., Series 2007-HQ12 A2 5.600%, 4/12/49(l)		90,451		91,963
Series 2007-HQ12 A2FL 0.528%, 4/12/49(l)		361,806		344,611
Series 2007-HQ12 A2FX 5.600%, 4/12/49(l)		669,341		689,696
Series 2007-HQ13 A1 5.357%, 12/15/44		1,101,104		1,104,640
Series 2007-IQ14 A2FX 5.610%, 4/15/49		2,379,630		2,471,788
Morgan Stanley Dean Witter Capital I, Inc.,
Series 2002-IQ2 A4 5.740%, 12/15/35		915,153		924,430
Morgan Stanley Reremic Trust, Series 2011-IO A 2.500%, 3/23/51§		556,564		555,695
OBP Depositor LLC Trust, Series 2010-OBP A 4.646%, 7/15/45§		6,500,000		7,266,193
RBSCF Trust, Series 2010-RR3 CSCA 5.467%, 9/16/39(l)§		800,000		873,934
Series 2010-RR3 JPMA 5.420%, 1/16/49(l)§		2,500,000		2,732,527
Series 2010-RR4 CMLA 6.007%, 12/16/49(l)§		1,234,000		1,383,408
Sequoia Mortgage Trust, Series 10 2A1 1.045%, 10/20/27(l)		57,854		49,331

Series 2003-4 2A1 0.635%, 7/20/33(l)	$	168,390	$	142,657
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-16 3A1 2.574%, 11/25/34(l)		1,123,760		932,635
Structured Asset Mortgage Investments, Inc.,
Series 2005-AR5 A1 0.535%, 7/19/35(l)		385,129		224,465
Series 2005-AR5 A2 0.535%, 7/19/35(l)		1,799,735		1,321,750
Series 2006-AR3 12A1 0.514%, 5/25/36(l)		1,508,012		720,771
Thornburg Mortgage Securities Trust,
Series 2007-1 A3A 0.357%, 3/25/37(l)		843,118		837,059
UBS Commercial Mortgage Trust,
Series 2007-FL1 A1 1.178%, 7/15/24(l)§		1,063,465		999,657
Wachovia Bank Commercial Mortgage Trust,
Series 2005-C20 A6A 5.110%, 7/15/42(l)		1,860,289		1,886,837
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR9 1A 1.610%, 8/25/42(l)		76,541		61,961
Series 2003-AR1 A5 2.244%, 3/25/33(l)		657,569		564,771
Series 2005-AR7 A4 2.550%, 8/25/35(l)		552,207		428,848
Series 2007-OA4 1A 0.980%, 5/25/47(l)		459,773		251,494

				150,470,221

Total Asset-Backed and Mortgage-Backed Securities				210,941,643

Corporate Bonds (40.1%)
Consumer Discretionary (1.6%)
*Auto Components (0.0%*)
BorgWarner, Inc.
4.625%, 9/15/20		445,000		472,219
Johnson Controls, Inc.
1.750%, 3/1/14		250,000		252,655
4.250%, 3/1/21		310,000		332,525

				1,057,399

*Automobiles (0.0%)*
Daimler Finance N.A. LLC
6.500%, 11/15/13		300,000		325,910

*Hotels, Restaurants & Leisure (0.1%)*
Darden Restaurants, Inc.
4.500%, 10/15/21		150,000		154,426
Hyatt Hotels Corp.
3.875%, 8/15/16		100,000		102,578
5.375%, 8/15/21		100,000		105,389
International Game Technology
7.500%, 6/15/19		75,000		86,675
5.500%, 6/15/20		100,000		105,009
Marriott International, Inc.
5.625%, 2/15/13		200,000		207,116
McDonald’s Corp.
5.800%, 10/15/17		400,000		487,874

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

3.500%, 7/15/20	$	160,000	$	172,578
3.625%, 5/20/21		100,000		109,595
Starbucks Corp.
6.250%, 8/15/17		100,000		118,674
Yum! Brands, Inc.
4.250%, 9/15/15		250,000		268,199
5.300%, 9/15/19		150,000		167,362

				2,085,475

*Household Durables (0.0%)*
Newell Rubbermaid, Inc.
4.700%, 8/15/20		350,000		370,777
Tupperware Brands Corp.
4.750%, 6/1/21§		100,000		100,964
Whirlpool Corp.
8.600%, 5/1/14		200,000		223,261
4.850%, 6/15/21		100,000		102,272

				797,274

*Internet & Catalog Retail (0.0%)*
Expedia, Inc. 5.950%, 8/15/20		300,000		305,250

*Leisure Equipment & Products (0.0%)*
Mattel, Inc. 5.625%, 3/15/13		250,000		262,360

*Media (1.2%)*
CBS Corp.
8.875%, 5/15/19		250,000		323,750
5.750%, 4/15/20		380,000		430,703
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.
8.000%, 4/30/12§		1,450,000		1,475,375
3.620%, 9/6/16		1,777,330		1,736,229
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		183,000		199,144
Comcast Corp.
6.500%, 1/15/15		1,469,000		1,668,265
5.900%, 3/15/16		300,000		342,138
6.500%, 1/15/17		500,000		590,990
5.875%, 2/15/18		777,000		895,149
5.700%, 5/15/18		300,000		344,306
5.700%, 7/1/19		250,000		288,815
5.150%, 3/1/20		250,000		285,475
6.950%, 8/15/37		416,000		529,944
COX Communications, Inc.
7.125%, 10/1/12		115,000		120,087
4.625%, 6/1/13		300,000		313,938
5.500%, 10/1/15		150,000		169,178
8.375%, 3/1/39§		1,390,000		1,856,743
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
3.550%, 3/15/15		195,000		202,457
3.125%, 2/15/16		386,000		391,473
3.500%, 3/1/16		600,000		622,234
7.625%, 5/15/16		414,000		438,703
5.200%, 3/15/20		130,000		140,939
4.600%, 2/15/21		500,000		515,749
Discovery Communications LLC
3.700%, 6/1/15		200,000		211,370
5.050%, 6/1/20		400,000		438,042
Interpublic Group of Cos., Inc.
10.000%, 7/15/17		1,970,000		2,255,650

NBCUniversal Media LLC
3.650%, 4/30/15	$	500,000	$	521,220
5.150%, 4/30/20		1,966,000		2,177,362
4.375%, 4/1/21		1,505,000		1,585,726
News America, Inc.
4.500%, 2/15/21		700,000		730,727
7.750%, 1/20/24		1,543,000		1,880,642
8.500%, 2/23/25		232,000		294,654
Omnicom Group, Inc.
5.900%, 4/15/16		200,000		221,946
4.450%, 8/15/20		200,000		203,982
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		300,000		368,612
Thomson Reuters Corp.
5.700%, 10/1/14		500,000		552,793
4.700%, 10/15/19		150,000		164,407
Time Warner Cable, Inc.
6.200%, 7/1/13		500,000		535,920
5.850%, 5/1/17		750,000		853,305
5.000%, 2/1/20		1,000,000		1,086,722
4.000%, 9/1/21		250,000		250,781
5.875%, 11/15/40		745,000		801,593
5.500%, 9/1/41		470,000		488,654
Time Warner, Inc.
5.875%, 11/15/16		500,000		574,369
4.875%, 3/15/20		750,000		811,663
4.700%, 1/15/21		150,000		161,103
6.100%, 7/15/40		220,000		260,714
Viacom, Inc.
4.375%, 9/15/14		500,000		533,525
5.625%, 9/15/19		250,000		284,905
Walt Disney Co.
4.500%, 12/15/13		500,000		539,169
5.500%, 3/15/19		500,000		605,031
WPP Finance UK Corp.
8.000%, 9/15/14		250,000		279,621

				33,555,992

*Multiline Retail (0.2%)*
Family Dollar Stores, Inc.
5.000%, 2/1/21		100,000		103,147
Kohl’s Corp.
6.250%, 12/15/17		200,000		238,722
Macy’s Retail Holdings, Inc.
5.750%, 7/15/14		160,000		171,000
5.900%, 12/1/16		1,520,000		1,687,200
7.450%, 7/15/17		769,000		894,924
Nordstrom, Inc.
6.750%, 6/1/14		100,000		112,099
4.750%, 5/1/20		170,000		190,056
4.000%, 10/15/21		100,000		105,190
Target Corp.
5.125%, 1/15/13		250,000		261,851
1.125%, 7/18/14		90,000		90,792
6.000%, 1/15/18		500,000		606,883

				4,461,864

*Specialty Retail (0.1%)*
AutoZone, Inc.
6.500%, 1/15/14		100,000		109,392
4.000%, 11/15/20		250,000		255,768

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Best Buy Co., Inc.
5.500%, 3/15/21	$	300,000	$	287,407
Home Depot, Inc.
5.400%, 3/1/16		750,000		866,943
4.400%, 4/1/21		250,000		282,749
Lowe’s Cos., Inc.
2.125%, 4/15/16		300,000		303,201
4.625%, 4/15/20		300,000		331,506
O’Reilly Automotive, Inc.
4.875%, 1/14/21		90,000		95,413
4.625%, 9/15/21		100,000		104,389
Staples, Inc.
9.750%, 1/15/14		200,000		227,456
TJX Cos., Inc.
6.950%, 4/15/19		145,000		181,686

				3,045,910

*Textiles, Apparel & Luxury Goods (0.0%)*
Cintas Corp. No. 2 2.850%, 6/1/16		200,000		206,120

Total Consumer Discretionary				46,103,554

Consumer Staples (1.6%)
*Beverages (0.4%)*
Anheuser-Busch InBev Worldwide, Inc.
1.500%, 7/14/14		500,000		505,458
4.125%, 1/15/15		630,000		680,429
2.875%, 2/15/16		200,000		211,436
7.750%, 1/15/19		500,000		650,514
5.375%, 1/15/20		500,000		589,182
4.375%, 2/15/21		350,000		390,417
Beam, Inc.
6.375%, 6/15/14		100,000		109,230
Bottling Group LLC
6.950%, 3/15/14		500,000		566,802
5.500%, 4/1/16		200,000		233,307
Brown-Forman Corp.
2.500%, 1/15/16		150,000		153,255
Coca-Cola Co.
0.750%, 11/15/13		150,000		150,697
1.500%, 11/15/15		500,000		509,240
1.800%, 9/1/16		630,000		640,247
3.150%, 11/15/20		500,000		524,405
Coca-Cola Enterprises, Inc.
1.125%, 11/12/13		100,000		100,322
2.000%, 8/19/16		100,000		99,616
3.250%, 8/19/21		100,000		101,982
Diageo Capital plc
5.750%, 10/23/17		500,000		591,383
Diageo Finance B.V.
3.250%, 1/15/15		200,000		210,836
5.300%, 10/28/15		350,000		396,593
Dr. Pepper Snapple Group, Inc.
2.600%, 1/15/19		400,000		398,536
3.200%, 11/15/21		100,000		101,421
PepsiAmericas, Inc.
4.375%, 2/15/14		500,000		536,178
PepsiCo, Inc.
7.900%, 11/1/18		500,000		672,386
4.500%, 1/15/20		750,000		850,209

				9,974,081


*Food & Staples Retailing (0.5%)*
Costco Wholesale Corp.
5.500%, 3/15/17	$	250,000	$	299,228
CVS Caremark Corp.
4.875%, 9/15/14		100,000		109,294
3.250%, 5/18/15		500,000		528,121
4.750%, 5/18/20		350,000		390,310
CVS Pass-Through Trust
7.507%, 1/10/32§		5,398,133		6,270,396
Delhaize Group S.A.
5.875%, 2/1/14		100,000		108,205
Kroger Co.
7.500%, 1/15/14		300,000		336,015
6.400%, 8/15/17		250,000		297,319
Safeway, Inc.
5.000%, 8/15/19		500,000		533,245
Walgreen Co.
4.875%, 8/1/13		200,000		213,264
5.250%, 1/15/19		200,000		237,771
Wal-Mart Stores, Inc.
3.000%, 2/3/14		750,000		786,875
2.875%, 4/1/15		750,000		796,248
5.800%, 2/15/18		750,000		912,848
3.250%, 10/25/20		750,000		802,044
Woolworths Ltd.
4.000%, 9/22/20§		2,725,000		2,801,294

				15,422,477

*Food Products (0.4%)*
Bunge Ltd. Finance Corp.
5.350%, 4/15/14		400,000		420,412
8.500%, 6/15/19		85,000		104,384
Campbell Soup Co.
3.375%, 8/15/14		100,000		106,370
3.050%, 7/15/17		100,000		106,733
4.500%, 2/15/19		300,000		341,637
ConAgra Foods, Inc.
5.819%, 6/15/17		200,000		223,687
Corn Products International, Inc.
3.200%, 11/1/15		100,000		102,949
4.625%, 11/1/20		100,000		105,962
General Mills, Inc.
5.250%, 8/15/13		250,000		266,968
5.650%, 2/15/19		500,000		596,913
H.J. Heinz Co.
5.350%, 7/15/13		250,000		266,769
Hershey Co.
4.850%, 8/15/15		250,000		282,707
1.500%, 11/1/16		80,000		80,158
Hormel Foods Corp.
4.125%, 4/15/21		100,000		110,568
J.M. Smucker Co.
3.500%, 10/15/21		200,000		204,628
Kellogg Co.
4.250%, 3/6/13		500,000		519,203
3.250%, 5/21/18		80,000		83,678
4.000%, 12/15/20		250,000		266,612
Kraft Foods, Inc.
2.625%, 5/8/13		500,000		509,659
4.125%, 2/9/16		500,000		543,466
6.500%, 8/11/17		1,030,000		1,224,759
6.125%, 2/1/18		1,550,000		1,820,287

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

5.375%, 2/10/20	$	1,000,000	$	1,156,209
McCormick & Co., Inc.
3.900%, 7/15/21		75,000		80,096
Mead Johnson Nutrition Co.
3.500%, 11/1/14		100,000		105,315
4.900%, 11/1/19		200,000		220,615
Sara Lee Corp.
4.100%, 9/15/20		436,000		441,655
Tyson Foods, Inc.
10.500%, 3/1/14		1,970,000		2,267,962

				12,560,361

*Household Products (0.1%)*
Clorox Co.
3.550%, 11/1/15		500,000		526,157
Colgate-Palmolive Co.
3.150%, 8/5/15		500,000		537,665
Energizer Holdings, Inc.
4.700%, 5/19/21§		150,000		157,871
Kimberly-Clark Corp.
6.125%, 8/1/17		250,000		304,997
7.500%, 11/1/18		250,000		330,787
3.875%, 3/1/21		105,000		115,197
Procter & Gamble Co.
3.150%, 9/1/15		350,000		375,959
4.700%, 2/15/19		500,000		588,845

				2,937,478

*Personal Products (0.0%)*
Avon Products, Inc. 5.625%, 3/1/14		200,000		213,586

*Tobacco (0.2%)*
Altria Group, Inc.
8.500%, 11/10/13		300,000		339,296
9.700%, 11/10/18		1,000,000		1,345,541
4.750%, 5/5/21		250,000		274,858
Lorillard Tobacco Co.
3.500%, 8/4/16		110,000		111,219
6.875%, 5/1/20		250,000		279,372
Philip Morris International, Inc.
4.875%, 5/16/13		500,000		527,573
5.650%, 5/16/18		1,000,000		1,184,231
Reynolds American, Inc.
6.750%, 6/15/17		400,000		455,930

				4,518,020

Total Consumer Staples				45,626,003

Energy (3.8%)
*Energy Equipment & Services (0.1%)*
Cameron International Corp.
4.500%, 6/1/21		150,000		161,207
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		105,000		120,808
Ensco plc
3.250%, 3/15/16		520,000		531,181
4.700%, 3/15/21		1,051,000		1,086,789
Halliburton Co.
6.150%, 9/15/19		250,000		309,952
Pride International, Inc.
6.875%, 8/15/20		360,000		421,009

Rowan Cos., Inc.
7.875%, 8/1/19	$	130,000	$	153,117
Transocean, Inc.
4.950%, 11/15/15		250,000		255,385
6.000%, 3/15/18		273,000		277,661
6.500%, 11/15/20		250,000		257,228
Weatherford International Ltd.
5.500%, 2/15/16		299,000		326,762
9.625%, 3/1/19		300,000		384,199

				4,285,298

*Oil, Gas & Consumable Fuels (3.7%)*
Anadarko Petroleum Corp.
5.950%, 9/15/16		2,511,000		2,826,005
6.375%, 9/15/17		940,000		1,090,400
8.700%, 3/15/19		300,000		382,500
Apache Corp.
6.000%, 9/15/13		250,000		272,506
5.625%, 1/15/17		300,000		354,593
BG Energy Capital plc
2.500%, 12/9/15§		5,575,000		5,624,206
Buckeye Partners LP
5.500%, 8/15/19		150,000		162,908
4.875%, 2/1/21		400,000		408,342
Canadian Natural Resources Ltd.
5.700%, 5/15/17		689,000		804,361
Cenovus Energy, Inc.
4.500%, 9/15/14		100,000		107,870
5.700%, 10/15/19		200,000		235,941
Chevron Corp.
3.950%, 3/3/14		350,000		374,864
4.950%, 3/3/19		250,000		297,903
ConocoPhillips
4.400%, 5/15/13		750,000		786,349
5.750%, 2/1/19		500,000		606,575
6.000%, 1/15/20		500,000		627,064
Devon Energy Corp.
2.400%, 7/15/16		350,000		357,798
4.000%, 7/15/21		200,000		217,223
Enbridge Energy Partners LP
9.875%, 3/1/19		250,000		332,457
5.200%, 3/15/20		200,000		221,162
Enbridge, Inc.
5.800%, 6/15/14		500,000		546,850
EnCana Corp.
4.750%, 10/15/13		300,000		315,700
6.500%, 5/15/19		2,845,000		3,430,302
Energy Transfer Partners LP
6.000%, 7/1/13		250,000		261,966
9.000%, 4/15/19		500,000		599,678
Enterprise Products Operating LLC
9.750%, 1/31/14		300,000		346,200
3.200%, 2/1/16		500,000		516,698
6.300%, 9/15/17		1,450,000		1,687,861
5.250%, 1/31/20		250,000		274,532
5.200%, 9/1/20		200,000		220,607
6.125%, 10/15/39		160,000		172,114
EOG Resources, Inc.
2.950%, 6/1/15		250,000		262,195
5.625%, 6/1/19		300,000		355,674
4.100%, 2/1/21		250,000		275,490

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

EQT Corp.
8.125%, 6/1/19	$	450,000	$	539,296
Gazprom S.A. (Gaz Capital S.A.)
8.146%, 4/11/18§		1,800,000		2,028,011
9.250%, 4/23/19(m)		1,600,000		1,903,351
Husky Energy, Inc.
5.900%, 6/15/14		335,000		363,580
7.250%, 12/15/19		50,000		61,684
Kinder Morgan Energy Partners LP
5.000%, 12/15/13		200,000		211,944
5.625%, 2/15/15		300,000		329,414
6.000%, 2/1/17		200,000		228,251
6.850%, 2/15/20		250,000		294,027
5.800%, 3/1/21		10,600,000		11,871,894
Magellan Midstream Partners LP
6.550%, 7/15/19		150,000		176,442
4.250%, 2/1/21		200,000		207,080
Marathon Petroleum Corp.
3.500%, 3/1/16		130,000		132,346
5.125%, 3/1/21		150,000		158,228
6.500%, 3/1/41		948,000		1,055,345
Nabors Industries, Inc.
9.250%, 1/15/19		300,000		377,978
Nexen, Inc.
6.200%, 7/30/19		100,000		115,028
7.500%, 7/30/39		1,825,000		2,196,073
Noble Holding International Ltd.
3.050%, 3/1/16		250,000		254,451
4.625%, 3/1/21		200,000		209,088
NuStar Logistics LP
4.800%, 9/1/20		200,000		207,565
Occidental Petroleum Corp.
2.500%, 2/1/16		100,000		104,847
4.125%, 6/1/16		150,000		167,699
1.750%, 2/15/17		125,000		126,159
4.100%, 2/1/21		500,000		555,055
ONEOK Partners LP
3.250%, 2/1/16		100,000		102,065
8.625%, 3/1/19		100,000		127,364
PC Financial Partnership
5.000%, 11/15/14		500,000		542,070
Petrobras International Finance Co.
3.875%, 1/27/16		3,190,000		3,267,391
5.875%, 3/1/18		1,125,000		1,230,715
8.375%, 12/10/18		400,000		486,831
7.875%, 3/15/19		750,000		900,639
5.750%, 1/20/20		2,680,000		2,867,018
5.375%, 1/27/21		500,000		523,828
Petrohawk Energy Corp.
6.250%, 6/1/19		250,000		276,589
Petroleos Mexicanos
4.875%, 3/15/15		750,000		799,568
8.000%, 5/3/19		500,000		622,396
6.000%, 3/5/20		620,000		695,837
5.500%, 1/21/21		7,500,000		8,135,092
Plains All American Pipeline LP
3.950%, 9/15/15		250,000		265,095
8.750%, 5/1/19		100,000		128,111
5.000%, 2/1/21		250,000		271,687
Shell International Finance B.V.
1.875%, 3/25/13		235,000		238,931

4.000%, 3/21/14	$	500,000	$	536,171
3.100%, 6/28/15		7,900,000		8,402,661
4.300%, 9/22/19		400,000		450,129
4.375%, 3/25/20		300,000		341,863
Spectra Energy Capital LLC
6.200%, 4/15/18		350,000		398,135
8.000%, 10/1/19		100,000		126,939
Statoil ASA
2.900%, 10/15/14		500,000		523,518
3.125%, 8/17/17		5,200,000		5,496,143
5.250%, 4/15/19		500,000		583,228
Talisman Energy, Inc.
7.750%, 6/1/19		200,000		247,429
Total Capital Canada Ltd.
1.625%, 1/28/14		400,000		406,455
Total Capital S.A.
3.125%, 10/2/15		400,000		422,852
4.450%, 6/24/20		4,400,000		4,943,847
4.125%, 1/28/21		200,000		219,828
TransCanada PipeLines Ltd.
3.400%, 6/1/15		200,000		210,416
7.125%, 1/15/19		500,000		640,937
3.800%, 10/1/20		8,900,000		9,509,130
6.350%, 5/15/67(l)		300,000		297,750
Transcontinental Gas Pipe Line Corp.
8.875%, 7/15/12		1,000,000		1,039,221
Valero Energy Corp.
4.500%, 2/1/15		65,000		70,325
6.125%, 2/1/20		565,000		639,842
Williams Partners LP
3.800%, 2/15/15		200,000		209,785
5.250%, 3/15/20		310,000		342,255
4.000%, 11/15/21		200,000		205,879
XTO Energy, Inc.
6.250%, 8/1/17		200,000		248,230

				107,225,925

Total Energy				111,511,223

Financials (23.7%)
*Capital Markets (3.4%)*
Ameriprise Financial, Inc.
5.650%, 11/15/15		150,000		168,382
7.300%, 6/28/19		90,000		109,302
5.300%, 3/15/20		100,000		107,612
Bank of New York Mellon Corp.
5.125%, 8/27/13		250,000		266,537
3.100%, 1/15/15		500,000		521,988
5.450%, 5/15/19		200,000		228,532
4.150%, 2/1/21		200,000		216,016
3.550%, 9/23/21		300,000		307,390
Bear Stearns Cos. LLC
5.300%, 10/30/15		829,000		894,310
BlackRock, Inc.
3.500%, 12/10/14		250,000		265,938
5.000%, 12/10/19		350,000		380,838
Charles Schwab Corp.
4.950%, 6/1/14		250,000		271,070
4.450%, 7/22/20		100,000		106,389
Deutsche Bank AG/London
2.375%, 1/11/13		750,000		746,135
3.875%, 8/18/14		500,000		512,413

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

3.250%, 1/11/16	$	500,000	$	505,000
6.000%, 9/1/17		500,000		553,307
Eaton Vance Corp.
6.500%, 10/2/17		250,000		283,992
Goldman Sachs Group, Inc.
5.300%, 2/14/12		5,000,000		5,017,044
5.700%, 9/1/12		10,000,000		10,209,620
6.000%, 5/1/14		575,000		595,713
5.125%, 1/15/15		4,000,000		4,070,797
5.350%, 1/15/16		1,200,000		1,231,088
3.625%, 2/7/16		1,000,000		962,260
5.625%, 1/15/17		500,000		488,862
6.150%, 4/1/18		2,000,000		2,034,937
7.500%, 2/15/19		1,300,000		1,447,828
5.375%, 3/15/20		1,300,000		1,267,856
5.250%, 7/27/21		1,515,000		1,474,762
Jefferies Group, Inc.
5.125%, 4/13/18		250,000		220,188
8.500%, 7/15/19		300,000		310,359
Lazard Group LLC
7.125%, 5/15/15		200,000		215,750
Lehman Brothers Holdings, Inc.
0.000%, 12/23/09(h)		10,200,000		2,594,625
5.625%, 1/24/13(h)		5,000,000		1,300,000
6.750%, 12/28/17(h)(b)		1,297,000		130
Merrill Lynch & Co., Inc.
0.757%, 6/5/12(l)		1,500,000		1,471,830
6.050%, 8/15/12		700,000		710,703
6.150%, 4/25/13		1,524,000		1,545,060
5.700%, 5/2/17		750,000		674,590
6.400%, 8/28/17		13,000,000		12,466,990
6.875%, 4/25/18		2,500,000		2,474,047
Morgan Stanley
5.300%, 3/1/13		2,543,000		2,572,701
2.953%, 5/14/13(l)		3,720,000		3,588,194
6.000%, 5/13/14		700,000		711,675
2.875%, 7/28/14		60,000		56,392
4.200%, 11/20/14		1,663,000		1,599,099
6.000%, 4/28/15		12,845,000		12,895,658
4.000%, 7/24/15		1,500,000		1,407,850
0.883%, 10/15/15(l)		4,800,000		3,982,286
5.375%, 10/15/15		1,000,000		977,966
5.550%, 4/27/17		1,000,000		953,102
6.250%, 8/28/17		825,000		806,280
5.950%, 12/28/17		2,000,000		1,911,221
6.625%, 4/1/18		500,000		491,717
7.300%, 5/13/19		1,200,000		1,215,337
5.750%, 1/25/21		750,000		700,245
5.500%, 7/28/21		860,000		791,639
Nomura Holdings, Inc.
5.000%, 3/4/15		300,000		302,183
4.125%, 1/19/16		250,000		242,878
6.700%, 3/4/20		203,000		214,827
Northern Trust Corp.
4.625%, 5/1/14		65,000		69,543
3.450%, 11/4/20		200,000		205,268
3.375%, 8/23/21		125,000		126,242
Raymond James Financial, Inc.
4.250%, 4/15/16		100,000		103,818
8.600%, 8/15/19		100,000		118,970
SteelRiver Transmission Co. LLC
4.710%, 6/30/17§(b)		2,091,507		2,132,919

TD Ameritrade Holding Corp.
5.600%, 12/1/19	$	250,000	$	270,995

				97,679,195

*Commercial Banks (7.3%)*
American Express Bank FSB
5.500%, 4/16/13		1,000,000		1,045,704
Banco do Brasil S.A.
2.947%, 7/2/14(l)§		1,500,000		1,500,090
4.500%, 1/22/15§		5,350,000		5,515,932
Banco Santander S.A./Chile
1.659%, 4/20/12(l)§		7,800,000		7,802,488
2.006%, 1/19/16(l)§		7,600,000		6,992,000
Bancolombia S.A.
4.250%, 1/12/16		250,000		247,500
Bank of Montreal
2.125%, 6/28/13		200,000		203,124
Bank of Nova Scotia
2.250%, 1/22/13		260,000		263,713
2.375%, 12/17/13		1,000,000		1,024,287
3.400%, 1/22/15		200,000		210,846
Bank of Scotland plc
5.250%, 2/21/17§		8,200,000		8,563,326
Bank of Tokyo-Mitsubishi UFJ Ltd.
2.600%, 1/22/13§		1,500,000		1,512,880
Barclays Bank plc
2.375%, 1/13/14		750,000		737,904
5.200%, 7/10/14		250,000		260,684
5.000%, 9/22/16		500,000		518,869
5.125%, 1/8/20		750,000		769,200
5.926%, 9/29/49(l)§		225,000		184,500
BB&T Corp.
3.375%, 9/25/13		250,000		258,903
2.050%, 4/28/14		100,000		101,383
3.200%, 3/15/16		500,000		522,230
5.250%, 11/1/19		300,000		329,860
BBVA Senior Finance S.A. Unipersonal
3.250%, 5/16/14		200,000		187,705
BNP Paribas
3.250%, 3/11/15		750,000		714,735
5.000%, 1/15/21		500,000		481,560
Canadian Imperial Bank of Commerce
1.450%, 9/13/13		300,000		299,388
2.350%, 12/11/15		200,000		200,869
Comerica Bank
5.750%, 11/21/16		500,000		554,174
Credit Suisse AG/New York
5.000%, 5/15/13		1,500,000		1,551,225
5.300%, 8/13/19		250,000		258,088
5.400%, 1/14/20		1,180,000		1,098,273
4.375%, 8/5/20		500,000		490,624
Dexia Credit Local S.A.
0.644%, 1/12/12(l)§		1,500,000		1,499,288
Dexia Credit Local S.A./New York
0.927%, 3/5/13(l)§		10,000,000		9,122,106
Discover Bank/Delaware
8.700%, 11/18/19		525,000		595,371
DNB Boligkreditt A/S
2.100%, 10/14/15§		6,390,000		6,283,097
Fifth Third Bancorp
3.625%, 1/25/16		250,000		253,494
5.450%, 1/15/17		250,000		253,102

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Fifth Third Capital Trust IV
6.500%, 4/15/37(l)	$	250,000	$	242,500
First Horizon National Corp.
5.375%, 12/15/15		400,000		404,764
HBOS plc
6.750%, 5/21/18§		1,400,000		1,178,954
HSBC Bank plc
3.100%, 5/24/16§		1,070,000		1,069,560
HSBC Bank S.A./Brasil
4.000%, 5/11/16§		2,150,000		2,136,848
HSBC Bank USA/New York
4.875%, 8/24/20		750,000		704,670
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/29/49(l)§		550,000		503,250
HSBC Holdings plc
6.100%, 1/14/42		530,000		611,074
Huntington BancShares, Inc.
7.000%, 12/15/20		25,000		28,412
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		2,555,000		2,753,275
6.000%, 10/1/17		4,300,000		4,635,790
KeyBank N.A./Ohio
7.413%, 5/6/15		400,000		450,912
KeyCorp
6.500%, 5/14/13		250,000		263,819
Kreditanstalt fuer Wiederaufbau
1.875%, 1/14/13		1,000,000		1,011,793
3.250%, 3/15/13		2,000,000		2,061,069
1.375%, 7/15/13		1,045,000		1,054,971
4.000%, 10/15/13		500,000		528,127
1.375%, 1/13/14		1,500,000		1,513,853
3.500%, 3/10/14		1,000,000		1,054,716
2.625%, 3/3/15		500,000		524,832
1.250%, 10/26/15		1,000,000		1,003,066
2.625%, 2/16/16		1,000,000		1,054,930
5.125%, 3/14/16		900,000		1,039,841
4.875%, 1/17/17		1,724,000		2,004,573
4.500%, 7/16/18		500,000		580,459
4.875%, 6/17/19		500,000		594,119
4.000%, 1/27/20		1,000,000		1,126,982
2.750%, 9/8/20		1,000,000		1,035,241
6.250%, 5/19/21	AUD	6,200,000		6,576,732
Landwirtschaftliche Rentenbank
3.125%, 7/15/15	$	1,000,000		1,060,794
2.500%, 2/15/16		1,000,000		1,038,322
Lloyds TSB Bank plc
1.372%, 4/2/12(l)§		3,800,000		3,808,346
4.875%, 1/21/16		500,000		488,782
6.375%, 1/21/21		500,000		499,080
M&I Marshall & Ilsley Bank
4.850%, 6/16/15		250,000		268,338
Mellon Funding Corp.
5.000%, 12/1/14		250,000		272,317
NIBC Bank N.V.
2.800%, 12/2/14§		8,900,000		9,158,497
Nordea Bank AB
1.301%, 1/14/14(l)§		10,400,000		10,161,302
Oesterreichische Kontrollbank AG
1.375%, 1/21/14		750,000		747,122
4.875%, 2/16/16		750,000		831,334
PNC Bank N.A.
4.875%, 9/21/17		500,000		523,810

PNC Funding Corp.
3.625%, 2/8/15	$	750,000	$	784,282
5.625%, 2/1/17		500,000		545,862
5.125%, 2/8/20		100,000		111,726
4.375%, 8/11/20		200,000		213,754
Rabobank Nederland N.V.
1.850%, 1/10/14		750,000		748,632
11.000%, 12/29/49(l)§		624,000		733,200
Regions Bank/Alabama
7.500%, 5/15/18		3,700,000		3,700,000
Royal Bank of Canada
2.100%, 7/29/13		250,000		254,969
2.625%, 12/15/15		500,000		514,913
2.300%, 7/20/16		450,000		453,025
Royal Bank of Scotland Group plc
0.783%, 3/30/12(l)§		17,900,000		17,898,656
1.316%, 4/23/12(l)		1,000,000		1,001,560
5.050%, 1/8/15		2,100,000		1,708,875
6.400%, 10/21/19		375,000		353,362
Royal Bank of Scotland plc
2.915%, 8/23/13(l)		7,600,000		7,350,286
3.400%, 8/23/13		500,000		481,615
3.250%, 1/11/14		250,000		237,634
3.950%, 9/21/15		500,000		469,675
4.375%, 3/16/16		250,000		238,826
5.625%, 8/24/20		500,000		477,875
Sberbank (SB Capital S.A.)
5.499%, 7/7/15		2,250,000		2,280,818
Sparebanken 1 Boligkredit
1.250%, 10/25/13§		2,510,000		2,491,359
SunTrust Banks, Inc./Georgia
7.250%, 3/15/18		500,000		578,946
SVB Financial Group
5.375%, 9/15/20		80,000		83,107
Svenska Handelsbanken AB
1.544%, 9/14/12(l)§		1,400,000		1,402,110
3.125%, 7/12/16		250,000		251,221
Toronto-Dominion Bank
2.200%, 7/29/15§		7,500,000		7,631,643
2.500%, 7/14/16		500,000		509,266
2.375%, 10/19/16		200,000		201,694
U.S. Bancorp
4.200%, 5/15/14		750,000		803,593
2.450%, 7/27/15		500,000		514,382
U.S. Bank N.A./Ohio
4.950%, 10/30/14		750,000		815,113
UBS AG/Connecticut
1.595%, 2/23/12(l)		1,300,000		1,301,924
2.250%, 8/12/13		250,000		249,219
1.425%, 1/28/14(l)		700,000		677,265
3.875%, 1/15/15		500,000		491,617
5.875%, 7/15/16		500,000		478,548
5.875%, 12/20/17		500,000		491,097
4.875%, 8/4/20		840,000		835,682
UFJ Finance Aruba AEC
6.750%, 7/15/13		810,000		870,562
Union Bank N.A.
2.125%, 12/16/13		450,000		456,322
Wachovia Bank N.A.
4.875%, 2/1/15		1,000,000		1,044,721
Wachovia Corp.
5.700%, 8/1/13		1,000,000		1,067,985

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

5.625%, 10/15/16	$	500,000	$	550,023
5.750%, 2/1/18		700,000		802,201
Wells Fargo & Co.
4.950%, 10/16/13		750,000		786,382
3.750%, 10/1/14		600,000		631,728
5.625%, 12/11/17		765,000		874,175
4.600%, 4/1/21		250,000		271,609
Wells Fargo Bank N.A.
5.750%, 5/16/16		500,000		546,665
Westpac Banking Corp.
2.100%, 8/2/13		300,000		299,105
3.000%, 8/4/15		800,000		806,497
4.875%, 11/19/19		500,000		529,679
Westpac Securities NZ Ltd.
3.450%, 7/28/14§		12,900,000		13,510,121
Zions Bancorp
7.750%, 9/23/14		250,000		261,161

				212,691,965

*Consumer Finance (2.8%)*
Ally Financial, Inc.
7.000%, 2/1/12		1,641,000		1,632,631
6.875%, 8/28/12		1,000,000		1,011,250
3.649%, 2/11/14(l)		4,000,000		3,780,520
8.300%, 2/12/15		600,000		633,000
American Express Co.
4.875%, 7/15/13		250,000		261,882
7.250%, 5/20/14		3,250,000		3,630,139
6.150%, 8/28/17		1,000,000		1,141,059
7.000%, 3/19/18		7,950,000		9,475,675
8.125%, 5/20/19		250,000		324,691
American Express Credit Corp.
5.125%, 8/25/14		500,000		537,628
2.750%, 9/15/15		750,000		750,000
2.800%, 9/19/16		300,000		302,241
Capital One Bank USA N.A.
6.500%, 6/13/13		250,000		264,120
8.800%, 7/15/19		313,000		359,694
Capital One Financial Corp.
7.375%, 5/23/14		125,000		137,153
2.125%, 7/15/14		100,000		98,511
3.150%, 7/15/16		4,305,000		4,311,673
4.750%, 7/15/21		1,770,000		1,795,028
Discover Financial Services
6.450%, 6/12/17		200,000		203,500
Ford Motor Credit Co. LLC
7.800%, 6/1/12		1,800,000		1,854,000
7.500%, 8/1/12		3,000,000		3,071,250
HSBC Finance Corp.
0.686%, 4/24/12(l)		2,000,000		1,980,000
0.756%, 7/19/12(l)		10,000,000		9,858,070
0.896%, 9/14/12(l)		13,850,000		13,642,250
6.375%, 11/27/12		3,675,000		3,774,225
4.750%, 7/15/13		500,000		508,565
0.653%, 1/15/14(l)		4,200,000		3,869,754
5.000%, 6/30/15		685,000		692,691
0.957%, 6/1/16(l)		500,000		418,750
6.676%, 1/15/21		1,000,000		1,016,139
PACCAR Financial Corp.
1.550%, 9/29/14		100,000		100,139
SLM Corp.
5.000%, 10/1/13		400,000		402,000

0.718%, 1/27/14(l)	$	885,000	$	805,350
6.250%, 1/25/16		1,823,000		1,745,523
8.000%, 3/25/20		1,100,000		1,086,250
Toyota Motor Credit Corp.
1.375%, 8/12/13		150,000		151,734
3.200%, 6/17/15		100,000		106,152
2.800%, 1/11/16		400,000		418,007
2.000%, 9/15/16		300,000		301,120
4.500%, 6/17/20		100,000		109,474
4.250%, 1/11/21		100,000		111,299
3.400%, 9/15/21		300,000		314,612
Volkswagen International Finance N.V.
4.000%, 8/12/20§		5,000,000		5,119,940

				82,107,689

*Diversified Financial Services (5.5%)*
Allstate Life Global Funding Trusts
5.375%, 4/30/13		250,000		264,169
AngloGold Ashanti Holdings plc
5.375%, 4/15/20		3,860,000		3,785,893
Bank of America Corp.
4.750%, 8/15/13		720,000		722,857
7.375%, 5/15/14		1,500,000		1,564,125
0.876%, 9/15/14(l)		1,450,000		1,245,813
4.500%, 4/1/15		500,000		480,684
6.500%, 8/1/16		1,000,000		1,002,383
5.625%, 10/14/16		890,000		850,739
5.625%, 7/1/20		1,750,000		1,638,073
Bank of America N.A.
5.300%, 3/15/17		500,000		452,583
Boeing Capital Corp.
3.250%, 10/27/14		500,000		531,563
2.125%, 8/15/16		150,000		153,303
BP Capital Markets plc
5.250%, 11/7/13		500,000		536,343
3.625%, 5/8/14		2,050,000		2,149,746
3.875%, 3/10/15		650,000		693,701
3.125%, 10/1/15		6,150,000		6,422,129
3.200%, 3/11/16		500,000		522,994
4.750%, 3/10/19		300,000		336,153
4.500%, 10/1/20		7,550,000		8,371,408
Cantor Fitzgerald LP
7.875%, 10/15/19§		900,000		827,857
Caterpillar Financial Services Corp.
4.250%, 2/8/13		500,000		519,209
1.550%, 12/20/13		200,000		202,577
1.375%, 5/20/14		140,000		141,344
2.750%, 6/24/15		750,000		788,409
7.150%, 2/15/19		800,000		1,030,163
CDP Financial, Inc.
3.000%, 11/25/14§		1,875,000		1,962,376
Citigroup, Inc.
5.500%, 4/11/13		5,850,000		5,931,097
6.500%, 8/19/13		1,500,000		1,556,255
6.000%, 12/13/13		500,000		520,199
6.375%, 8/12/14		1,000,000		1,054,578
5.000%, 9/15/14		1,195,000		1,182,940
4.750%, 5/19/15		1,000,000		1,014,482
4.587%, 12/15/15		3,030,000		3,068,040
3.953%, 6/15/16		500,000		493,955
5.500%, 2/15/17		250,000		252,116
6.000%, 8/15/17		430,000		450,868

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

2.157%, 5/15/18(l)	$	14,140,000	$	12,135,796
6.125%, 5/15/18		1,500,000		1,598,255
8.500%, 5/22/19		1,000,000		1,188,443
CME Group, Inc.
5.750%, 2/15/14		250,000		272,272
Credit Suisse FB USA, Inc.
5.125%, 8/15/15		1,500,000		1,552,263
Crown Castle Towers LLC
6.113%, 1/15/20§		2,495,000		2,795,739
DanFin Funding Ltd.
1.103%, 7/16/13(l)§		6,000,000		6,018,120
General Electric Capital Corp.
0.511%, 4/10/12(l)		3,665,000		3,663,581
2.125%, 12/21/12		1,685,000		1,716,435
2.800%, 1/8/13		1,000,000		1,019,820
1.875%, 9/16/13		1,000,000		1,012,163
5.900%, 5/13/14		1,000,000		1,102,357
3.750%, 11/14/14		500,000		529,271
3.500%, 6/29/15		1,000,000		1,050,662
5.400%, 2/15/17		1,308,000		1,452,661
6.000%, 8/7/19		1,500,000		1,709,625
5.300%, 2/11/21		890,000		951,431
4.650%, 10/17/21		1,000,000		1,045,490
5.500%, 9/15/67(l)§	EUR	3,000,000		3,028,545
Hutchison Whampoa International Ltd.
7.625%, 4/9/19(m)	$	700,000		855,221
John Deere Capital Corp.
4.500%, 4/3/13		500,000		523,557
1.875%, 6/17/13		500,000		509,562
2.800%, 9/18/17		500,000		525,694
3.150%, 10/15/21		300,000		307,834
JPMorgan Chase & Co.
4.650%, 6/1/14		1,250,000		1,320,448
5.125%, 9/15/14		1,000,000		1,053,739
3.700%, 1/20/15		1,100,000		1,137,506
4.750%, 3/1/15		1,000,000		1,065,366
3.450%, 3/1/16		1,250,000		1,267,516
3.150%, 7/5/16		11,666,000		11,696,480
6.000%, 1/15/18		1,500,000		1,677,574
6.300%, 4/23/19		1,000,000		1,140,585
4.400%, 7/22/20		1,000,000		1,021,736
4.625%, 5/10/21		2,030,000		2,096,848
NASDAQ OMX Group, Inc.
4.000%, 1/15/15		100,000		102,431
5.250%, 1/16/18		60,000		62,851
5.550%, 1/15/20		200,000		202,329
National Credit Union Administration Guaranteed Notes
Series A3 2.350%, 6/12/17		200,000		207,534
National Rural Utilities Cooperative Finance Corp.
3.050%, 3/1/16		500,000		519,530
5.450%, 2/1/18		300,000		348,615
Nile Finance Ltd.
5.250%, 8/5/15(m)		1,500,000		1,381,729
Northern Rock Asset Management plc
5.625%, 6/22/17§		450,000		474,777
ORIX Corp.
4.710%, 4/27/15		250,000		259,442
Private Export Funding Corp.
4.550%, 5/15/15		200,000		224,653
4.950%, 11/15/15		200,000		230,321

RZD Capital Ltd.
5.739%, 4/3/17	$	200,000	$	201,945
SSIF Nevada LP
1.101%, 4/14/14(l)§		15,700,000		15,451,014
TECO Finance, Inc.
4.000%, 3/15/16		65,000		68,599
5.150%, 3/15/20		300,000		333,362
TNK-BP Finance S.A.
7.500%, 3/13/13(m)		800,000		833,961
6.250%, 2/2/15(m)		600,000		619,350
7.500%, 7/18/16(m)		2,000,000		2,102,696
6.625%, 3/20/17(m)		1,100,000		1,117,981
7.875%, 3/13/18(m)		1,300,000		1,391,422
Transneft OJSC (TransCapitalInvest Ltd.)
8.700%, 8/7/18(m)		900,000		1,086,210
UBS Preferred Funding Trust V
6.243%, 5/29/49(l)		250,000		210,000
Unilever Capital Corp.
2.750%, 2/10/16		100,000		106,024
4.800%, 2/15/19		300,000		349,234
4.250%, 2/10/21		100,000		114,756
Waha Aerospace B.V.
3.925%, 7/28/20§		8,910,000		9,146,115
Woodside Finance Ltd.
4.600%, 5/10/21§		315,000		318,439
XTRA Finance Corp.
5.150%, 4/1/17		250,000		278,595

				160,507,634

*Insurance (2.2%)*
ACE INA Holdings, Inc.
5.600%, 5/15/15		250,000		280,451
2.600%, 11/23/15		200,000		203,353
5.900%, 6/15/19		100,000		118,513
Aegon N.V.
4.625%, 12/1/15		300,000		307,390
Aflac, Inc.
3.450%, 8/15/15		100,000		103,579
8.500%, 5/15/19		150,000		184,128
Alleghany Corp.
5.625%, 9/15/20		100,000		104,557
Allstate Corp.
7.500%, 6/15/13		250,000		272,967
6.200%, 5/16/14		200,000		221,285
7.450%, 5/16/19		200,000		244,358
American Financial Group, Inc./Ohio
9.875%, 6/15/19		100,000		125,924
American International Group, Inc.
0.663%, 3/20/12(l)		1,000,000		991,270
4.250%, 9/15/14		300,000		290,476
5.050%, 10/1/15		500,000		483,670
5.600%, 10/18/16		1,000,000		965,144
5.450%, 5/18/17		500,000		471,848
5.850%, 1/16/18		500,000		471,938
8.250%, 8/15/18		1,200,000		1,261,195
6.400%, 12/15/20		500,000		487,637
8.175%, 5/15/58(l)		17,500,000		15,225,000
Aon Corp.
3.500%, 9/30/15		250,000		257,169
5.000%, 9/30/20		100,000		109,452
Axis Specialty Finance LLC
5.875%, 6/1/20		250,000		262,716

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Berkshire Hathaway Finance Corp.
4.750%, 5/15/12	$	2,728,000	$	2,769,714
5.000%, 8/15/13		500,000		533,189
4.850%, 1/15/15		400,000		443,678
4.250%, 1/15/21		300,000		325,006
Berkshire Hathaway, Inc.
2.125%, 2/11/13		500,000		507,624
Chubb Corp.
5.750%, 5/15/18		100,000		117,952
6.375%, 3/29/67(l)		200,000		196,000
CNA Financial Corp.
5.875%, 8/15/20		500,000		510,098
Delphi Financial Group, Inc.
7.875%, 1/31/20		50,000		57,928
Fairfax Financial Holdings Ltd.
5.800%, 5/15/21§		1,235,000		1,173,152
Genworth Financial, Inc.
8.625%, 12/15/16		200,000		202,585
7.700%, 6/15/20		400,000		378,654
Hartford Financial Services Group, Inc.
4.000%, 3/30/15		250,000		246,442
5.500%, 3/30/20		300,000		298,538
HCC Insurance Holdings, Inc.
6.300%, 11/15/19		100,000		111,298
Lincoln National Corp.
8.750%, 7/1/19		250,000		303,240
4.850%, 6/24/21		80,000		80,810
7.000%, 6/15/40		585,000		664,435
6.050%, 4/20/67(l)		907,000		748,275
Manulife Financial Corp.
3.400%, 9/17/15		1,230,000		1,240,970
Markel Corp.
7.125%, 9/30/19		100,000		114,814
5.350%, 6/1/21		100,000		102,868
Marsh & McLennan Cos., Inc.
5.750%, 9/15/15		175,000		195,576
4.800%, 7/15/21		200,000		214,856
MetLife, Inc.
2.375%, 2/6/14		500,000		504,946
6.750%, 6/1/16		600,000		689,850
4.750%, 2/8/21		250,000		268,666
Metropolitan Life Global Funding I
2.875%, 9/17/12§		1,725,000		1,741,239
2.500%, 1/11/13§		4,470,000		4,511,460
5.125%, 4/10/13§		900,000		939,100
5.125%, 6/10/14§		775,000		830,053
Monumental Global Funding III
0.588%, 1/25/13(l)§		2,900,000		2,882,350
PartnerReinsurance Finance B LLC
5.500%, 6/1/20		200,000		201,704
Principal Financial Group, Inc.
8.875%, 5/15/19		200,000		248,005
Progressive Corp.
3.750%, 8/23/21		125,000		129,377
Protective Life Corp.
7.375%, 10/15/19		250,000		273,668
Prudential Financial, Inc.
4.500%, 7/15/13		819,000		847,982
3.875%, 1/14/15		65,000		67,447
6.200%, 1/15/15		45,000		49,737
4.750%, 9/17/15		1,695,000		1,810,773
6.000%, 12/1/17		750,000		841,790

5.375%, 6/21/20	$	1,470,000	$	1,580,877
Reinsurance Group of America, Inc.
6.450%, 11/15/19		100,000		113,245
5.000%, 6/1/21		60,000		62,166
Torchmark Corp.
9.250%, 6/15/19		100,000		123,178
Travelers Cos., Inc.
5.500%, 12/1/15		250,000		281,986
5.800%, 5/15/18		250,000		294,050
Unum Group
5.625%, 9/15/20		7,400,000		7,790,602
Willis North America, Inc.
5.625%, 7/15/15		365,000		392,982

				62,458,955

*Real Estate Investment Trusts (REITs) (0.6%)*
AvalonBay Communities, Inc.
5.700%, 3/15/17		150,000		167,075
Boston Properties LP
3.700%, 11/15/18		200,000		206,157
5.875%, 10/15/19		300,000		337,699
Brandywine Operating Partnership LP
4.950%, 4/15/18		100,000		98,951
Camden Property Trust
4.625%, 6/15/21		200,000		203,878
CommonWealth REIT
6.650%, 1/15/18		100,000		108,785
Digital Realty Trust LP
4.500%, 7/15/15		100,000		102,166
Duke Realty LP
6.250%, 5/15/13		200,000		209,769
6.750%, 3/15/20		150,000		166,377
Entertainment Properties Trust
7.750%, 7/15/20		100,000		106,255
Equity One, Inc.
6.250%, 12/15/14		100,000		105,182
ERP Operating LP
5.125%, 3/15/16		500,000		542,003
4.750%, 7/15/20		250,000		260,282
HCP, Inc.
2.700%, 2/1/14		120,000		120,242
3.750%, 2/1/16		250,000		253,893
6.000%, 1/30/17		300,000		324,109
5.375%, 2/1/21		250,000		261,927
Health Care REIT, Inc.
4.700%, 9/15/17		500,000		498,187
6.125%, 4/15/20		145,000		152,535
Healthcare Realty Trust, Inc.
6.500%, 1/17/17		200,000		215,945
Hospitality Properties Trust
7.875%, 8/15/14		250,000		268,569
5.625%, 3/15/17		250,000		253,944
Kilroy Realty LP
5.000%, 11/3/15		100,000		103,736
4.800%, 7/15/18		175,000		176,498
Kimco Realty Corp.
6.875%, 10/1/19		100,000		115,089
Liberty Property LP
4.750%, 10/1/20		200,000		202,530
Mack-Cali Realty LP
7.750%, 8/15/19		250,000		299,156

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Realty Income Corp.
5.750%, 1/15/21	$	250,000	$	271,583
Senior Housing Properties Trust
4.300%, 1/15/16		100,000		98,500
Simon Property Group LP
4.200%, 2/1/15		135,000		143,346
5.100%, 6/15/15		508,000		553,341
5.650%, 2/1/20		750,000		860,710
4.375%, 3/1/21		7,600,000		8,012,008
UDR, Inc.
4.250%, 6/1/18		200,000		204,540
Ventas Realty LP/Ventas Capital Corp.
3.125%, 11/30/15		100,000		98,686
6.750%, 4/1/17		760,000		790,523

				16,894,176

*Real Estate Management & Development (0.0%)*
ProLogis LP
7.625%, 8/15/14		150,000		164,490
6.250%, 3/15/17		100,000		109,288
7.375%, 10/30/19		300,000		341,677
6.875%, 3/15/20		8,000		8,928

				624,383

*Thrifts & Mortgage Finance (1.9%)*
Abbey National Treasury Services plc/London
2.875%, 4/25/14		200,000		186,848
3.875%, 11/10/14§		5,200,000		4,797,891
4.000%, 4/27/16		100,000		89,788
Cie de Financement Foncier
2.125%, 4/22/13§		6,300,000		6,183,189
Nykredit Realkredit A/S
4.000%, 1/1/12	DKK	88,000,000		15,322,202
Realkredit Danmark A/S
2.000%, 1/1/12		100,000,000		17,411,593
Santander Holdings USA, Inc.
4.625%, 4/19/16	$	250,000		238,625
Stadshypotek AB
1.129%, 9/30/13(l)§		10,000,000		9,903,704

				54,133,840

Total Financials				687,097,837

Health Care (2.1%)
*Biotechnology (0.3%)*
Amgen, Inc.
1.875%, 11/15/14		250,000		253,594
2.300%, 6/15/16		185,000		185,486
5.850%, 6/1/17		500,000		574,896
6.150%, 6/1/18		330,000		385,579
4.500%, 3/15/20		50,000		53,074
3.450%, 10/1/20		6,500,000		6,378,460
4.100%, 6/15/21		300,000		307,755
Biogen Idec, Inc.
6.875%, 3/1/18		100,000		121,052
Celgene Corp.
3.950%, 10/15/20		200,000		202,632
Genentech, Inc.
4.750%, 7/15/15		200,000		223,809
Gilead Sciences, Inc.
4.500%, 4/1/21		300,000		321,619

				9,007,956


*Health Care Equipment & Supplies (0.4%)*
Baxter International, Inc.
4.000%, 3/1/14	$	250,000	$	266,763
5.900%, 9/1/16		200,000		236,310
4.250%, 3/15/20		100,000		110,425
Becton Dickinson and Co.
3.250%, 11/12/20		500,000		518,642
Boston Scientific Corp.
4.500%, 1/15/15		525,000		551,250
6.250%, 11/15/15		1,587,000		1,743,716
6.400%, 6/15/16		3,935,000		4,367,850
5.125%, 1/12/17		960,000		998,400
6.000%, 1/15/20		250,000		278,125
C.R. Bard, Inc.
2.875%, 1/15/16		100,000		103,616
4.400%, 1/15/21		65,000		72,849
CareFusion Corp.
5.125%, 8/1/14		130,000		140,568
6.375%, 8/1/19		1,100,000		1,296,842
Covidien International Finance S.A.
1.875%, 6/15/13		200,000		202,216
2.800%, 6/15/15		100,000		103,781
4.200%, 6/15/20		200,000		218,579
DENTSPLY International, Inc.
2.750%, 8/15/16		55,000		55,505
4.125%, 8/15/21		100,000		103,393
Medtronic, Inc.
3.000%, 3/15/15		300,000		317,483
4.450%, 3/15/20		500,000		564,864
St. Jude Medical, Inc.
3.750%, 7/15/14		300,000		318,071
Stryker Corp.
3.000%, 1/15/15		100,000		105,442
2.000%, 9/30/16		115,000		116,723
4.375%, 1/15/20		100,000		112,797
Zimmer Holdings, Inc.
1.400%, 11/30/14		100,000		99,747
4.625%, 11/30/19		150,000		164,687
3.375%, 11/30/21		100,000		100,697

				13,269,341

*Health Care Providers & Services (0.8%)*
Aetna, Inc.
3.950%, 9/1/20		500,000		523,440
AmerisourceBergen Corp.
4.875%, 11/15/19		350,000		391,258
Aristotle Holding, Inc.
2.750%, 11/21/14§		250,000		251,599
4.750%, 11/15/21§		250,000		259,096
Cardinal Health, Inc.
4.000%, 6/15/15		250,000		267,288
4.625%, 12/15/20		100,000		107,209
Cigna Corp.
5.125%, 6/15/20		215,000		231,412
4.375%, 12/15/20		100,000		101,875
Coventry Health Care, Inc.
5.450%, 6/15/21		155,000		169,338
Express Scripts, Inc.
6.250%, 6/15/14		135,000		147,743
3.125%, 5/15/16		500,000		503,329
7.250%, 6/15/19		80,000		96,639

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Fresenius Medical Care U.S. Finance, Inc.
1.744%, 3/31/13	$	6,493,481	$	6,447,488
HCA, Inc.
2.553%, 11/17/13(l)		3,500,000		3,438,750
2.746%, 5/1/18		2,887,500		2,703,422
7.250%, 9/15/20		2,300,000		2,426,500
Humana, Inc.
7.200%, 6/15/18		300,000		352,351
Laboratory Corp. of America Holdings
4.625%, 11/15/20		250,000		264,576
McKesson Corp.
6.500%, 2/15/14		200,000		221,646
4.750%, 3/1/21		250,000		284,321
Medco Health Solutions, Inc.
2.750%, 9/15/15		250,000		251,321
7.125%, 3/15/18		250,000		290,656
Quest Diagnostics, Inc.
6.400%, 7/1/17		200,000		235,761
4.750%, 1/30/20		60,000		64,527
UnitedHealth Group, Inc.
4.875%, 2/15/13		400,000		417,227
4.700%, 2/15/21		500,000		564,055
3.375%, 11/15/21		225,000		233,283
WellPoint, Inc.
4.350%, 8/15/20		1,000,000		1,085,284

				22,331,394

*Life Sciences Tools & Services (0.1%)*
Agilent Technologies, Inc.
2.500%, 7/15/13		100,000		101,299
6.500%, 11/1/17		200,000		237,316
5.000%, 7/15/20		50,000		55,706
Life Technologies Corp.
4.400%, 3/1/15		200,000		207,000
6.000%, 3/1/20		705,000		779,906
5.000%, 1/15/21		167,000		176,082
Thermo Fisher Scientific, Inc.
2.050%, 2/21/14		500,000		514,241
3.200%, 3/1/16		500,000		529,189

				2,600,739

*Pharmaceuticals (0.5%)*
Abbott Laboratories, Inc.
2.700%, 5/27/15		500,000		523,447
5.600%, 11/30/17		500,000		597,219
4.125%, 5/27/20		500,000		553,710
Allergan, Inc.
3.375%, 9/15/20		250,000		258,053
AstraZeneca plc
5.900%, 9/15/17		400,000		482,334
Bristol-Myers Squibb Co.
5.450%, 5/1/18		200,000		238,043
Eli Lilly and Co.
5.200%, 3/15/17		500,000		579,827
GlaxoSmithKline Capital, Inc.
5.650%, 5/15/18		1,000,000		1,206,359
Hospira, Inc.
6.400%, 5/15/15		250,000		273,934
Johnson & Johnson
1.200%, 5/15/14		500,000		507,215
5.550%, 8/15/17		300,000		362,141
2.950%, 9/1/20		200,000		211,220

Merck & Co., Inc.
5.300%, 12/1/13	$	500,000	$	544,861
6.000%, 9/15/17		200,000		245,284
5.000%, 6/30/19		300,000		354,210
Novartis Capital Corp.
1.900%, 4/24/13		340,000		345,650
4.125%, 2/10/14		300,000		320,148
2.900%, 4/24/15		500,000		529,126
Novartis Securities Investment Ltd.
5.125%, 2/10/19		600,000		696,000
Pfizer, Inc.
4.500%, 2/15/14		250,000		268,961
5.350%, 3/15/15		500,000		565,830
6.200%, 3/15/19		750,000		927,033
Sanofi S.A.
1.625%, 3/28/14		200,000		203,199
1.200%, 9/30/14		250,000		251,746
2.625%, 3/29/16		250,000		260,682
4.000%, 3/29/21		300,000		333,700
Teva Pharmaceutical Finance Co. B.V.
3.650%, 11/10/21		245,000		248,675
Teva Pharmaceutical Finance Co. LLC
5.550%, 2/1/16		268,000		302,840
Teva Pharmaceutical Finance II B.V./Teva Pharmaceutical Finance III LLC
3.000%, 6/15/15		150,000		156,365
Teva Pharmaceutical Finance IV B.V.
3.650%, 11/10/21		935,000		949,025
Teva Pharmaceutical Finance IV LLC
1.700%, 11/10/14		250,000		251,499
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		125,000		133,961
6.125%, 8/15/19		130,000		152,985
Wyeth
5.500%, 2/15/16		500,000		579,480

				14,414,762

Total Health Care				61,624,192

Industrials (1.1%)
*Aerospace & Defense (0.2%)*
Boeing Co.
6.000%, 3/15/19		500,000		611,493
4.875%, 2/15/20		55,000		64,351
Embraer Overseas Ltd.
6.375%, 1/15/20		350,000		373,508
General Dynamics Corp.
5.250%, 2/1/14		600,000		654,498
Goodrich Corp.
6.125%, 3/1/19		200,000		242,226
Honeywell International, Inc.
5.300%, 3/1/18		500,000		590,176
4.250%, 3/1/21		250,000		282,933
L-3 Communications Corp.
3.950%, 11/15/16		100,000		101,602
4.950%, 2/15/21		400,000		397,032
Lockheed Martin Corp.
2.125%, 9/15/16		250,000		249,526
3.350%, 9/15/21		250,000		248,519
Northrop Grumman Corp.
3.700%, 8/1/14		300,000		316,247

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Raytheon Co.
4.400%, 2/15/20	$	600,000	$	660,441
Rockwell Collins, Inc.
5.250%, 7/15/19		50,000		58,366
Textron, Inc.
4.625%, 9/21/16		100,000		102,395
7.250%, 10/1/19		100,000		113,353
5.950%, 9/21/21		100,000		102,913
United Technologies Corp.
4.875%, 5/1/15		250,000		280,652
6.125%, 2/1/19		250,000		306,430
4.500%, 4/15/20		300,000		336,462

				6,093,123

*Air Freight & Logistics (0.1%)*
FedEx Corp.
8.000%, 1/15/19		250,000		328,207
United Parcel Service, Inc.
3.875%, 4/1/14		750,000		802,264
3.125%, 1/15/21		500,000		529,603

				1,660,074

*Airlines (0.2%)*
American Airlines, Inc.
Series A
8.625%, 10/15/21		400,000		415,500
Continental Airlines, Inc., Class B
9.000%, 7/8/16		228,016		249,962
6.000%, 1/12/19		3,000,000		2,763,750
Delta Air Lines, Inc.
4.950%, 5/23/19		190,644		194,218
7.750%, 12/17/19		175,449		190,582
UAL Pass Through Trust, Class 2009-2A
9.750%, 1/15/17		177,868		195,878

				4,009,890

*Building Products (0.0%)*
CRH America, Inc.
6.000%, 9/30/16		500,000		535,880
5.750%, 1/15/21		250,000		256,688
Owens Corning, Inc.
9.000%, 6/15/19		200,000		238,250

				1,030,818

*Commercial Services & Supplies (0.1%)*
Allied Waste North America, Inc.
6.875%, 6/1/17		350,000		369,353
Avery Dennison Corp.
5.375%, 4/15/20		100,000		102,566
Board of Trustees of the Leland Stanford Junior University
4.250%, 5/1/16		250,000		281,280
Cornell University
5.450%, 2/1/19		200,000		238,427
Dartmouth College
4.750%, 6/1/19		50,000		58,216
Pitney Bowes, Inc.
3.875%, 6/15/13		100,000		103,250
5.750%, 9/15/17		400,000		430,000
Republic Services, Inc.
5.500%, 9/15/19		398,000		456,414
Waste Management, Inc.
7.375%, 3/11/19		200,000		251,861

4.750%, 6/30/20	$	100,000	$	110,097
Yale University
2.900%, 10/15/14		250,000		263,963

				2,665,427

*Electrical Equipment (0.0%)*
Emerson Electric Co.
5.625%, 11/15/13		250,000		271,696
4.875%, 10/15/19		250,000		292,038
Roper Industries, Inc.
6.625%, 8/15/13		200,000		216,623

				780,357

*Industrial Conglomerates (0.2%)*
3M Co.
4.375%, 8/15/13		100,000		106,422
1.375%, 9/29/16		250,000		251,786
Acuity Brands Lighting, Inc.
6.000%, 12/15/19		100,000		112,436
Cooper U.S., Inc.
2.375%, 1/15/16		300,000		305,647
3.875%, 12/15/20		200,000		213,283
Danaher Corp.
1.300%, 6/23/14		90,000		91,073
5.400%, 3/1/19		250,000		298,078
3.900%, 6/23/21		150,000		164,397
General Electric Co.
5.000%, 2/1/13		750,000		783,568
5.250%, 12/6/17		750,000		857,850
Ingersoll-Rand Global Holding Co., Ltd.
6.000%, 8/15/13		300,000		320,945
6.875%, 8/15/18		100,000		121,782
Koninklijke Philips Electronics N.V.
5.750%, 3/11/18		300,000		345,072
Tyco Electronics Group S.A.
4.875%, 1/15/21		400,000		419,438
Tyco International Finance S.A.
6.000%, 11/15/13		110,000		118,919
4.125%, 10/15/14		250,000		265,653
Tyco International Ltd./Tyco International Finance S.A.
6.875%, 1/15/21		300,000		374,288

				5,150,637

*Machinery (0.1%)*
Caterpillar, Inc.
1.375%, 5/27/14		125,000		126,109
3.900%, 5/27/21		100,000		109,880
Dover Corp.
5.450%, 3/15/18		300,000		355,848
Eaton Corp.
4.900%, 5/15/13		250,000		263,247
Harsco Corp.
2.700%, 10/15/15		250,000		256,449
Illinois Tool Works, Inc.
5.150%, 4/1/14		250,000		274,175
3.375%, 9/15/21§		120,000		124,232
Joy Global, Inc.
5.125%, 10/15/21		160,000		170,182
Pall Corp.
5.000%, 6/15/20		100,000		111,100
Pentair, Inc.
5.000%, 5/15/21		150,000		157,755

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Snap-On, Inc.
4.250%, 1/15/18	$	100,000	$	108,018
Xylem, Inc.
3.550%, 9/20/16§		250,000		257,236

				2,314,231

*Professional Services (0.0%)*
Dun & Bradstreet Corp.
2.875%, 11/15/15		115,000		117,482
Equifax, Inc.
4.450%, 12/1/14		100,000		105,604
Verisk Analytics, Inc.
5.800%, 5/1/21		100,000		106,250

				329,336

*Road & Rail (0.1%)*
Burlington Northern Santa Fe LLC
4.700%, 10/1/19		500,000		559,099
Canadian National Railway Co.
5.550%, 3/1/19		350,000		417,947
Canadian Pacific Railway Co.
7.250%, 5/15/19		220,000		258,715
CSX Corp.
6.250%, 4/1/15		300,000		342,778
6.250%, 3/15/18		300,000		358,374
3.700%, 10/30/20		100,000		102,251
JB Hunt Transport Services, Inc.
3.375%, 9/15/15		100,000		101,870
Norfolk Southern Corp.
7.700%, 5/15/17		268,000		340,786
5.900%, 6/15/19		200,000		242,568
Ryder System, Inc.
3.600%, 3/1/16		200,000		209,323
Union Pacific Corp.
5.125%, 2/15/14		250,000		269,758
5.700%, 8/15/18		250,000		296,564
4.000%, 2/1/21		65,000		69,478

				3,569,511

*Trading Companies & Distributors (0.1%)*
GATX Corp.
4.750%, 5/15/15		100,000		107,031
3.500%, 7/15/16		100,000		100,468
Noble Group Ltd.
6.750%, 1/29/20§		3,200,000		2,757,162

				2,964,661

Total Industrials				30,568,065

Information Technology (0.8%)
*Communications Equipment (0.1%)*
Cisco Systems, Inc.
5.500%, 2/22/16		1,000,000		1,160,964
4.950%, 2/15/19		750,000		869,474
Harris Corp.
6.375%, 6/15/19		85,000		98,430
Motorola Solutions, Inc.
6.000%, 11/15/17		100,000		112,790
Nokia Oyj
5.375%, 5/15/19		300,000		298,074

				2,539,732


*Computers & Peripherals (0.1%)*
Dell, Inc.
1.400%, 9/10/13	$	500,000	$	502,487
2.300%, 9/10/15		250,000		255,981
5.875%, 6/15/19		125,000		145,260
Hewlett-Packard Co.
4.750%, 6/2/14		475,000		501,632
2.350%, 3/15/15		250,000		248,505
2.200%, 12/1/15		500,000		490,919
3.000%, 9/15/16		250,000		251,398
3.750%, 12/1/20		500,000		494,410
4.375%, 9/15/21		250,000		257,787

				3,148,379

*Electronic Equipment, Instruments & Components (0.1%)*
Amphenol Corp.
4.750%, 11/15/14		100,000		106,713
Arrow Electronics, Inc.
3.375%, 11/1/15		200,000		202,591
6.000%, 4/1/20		100,000		104,875
5.125%, 3/1/21		100,000		98,331
Avnet, Inc.
5.875%, 6/15/20		250,000		274,875
Corning, Inc.
6.625%, 5/15/19		30,000		36,218
4.250%, 8/15/20		65,000		69,233
Jabil Circuit, Inc.
8.250%, 3/15/18		1,970,000		2,267,962

				3,160,798

*Internet Software & Services (0.0%)*
eBay, Inc.
0.875%, 10/15/13		50,000		50,270
1.625%, 10/15/15		100,000		100,834
3.250%, 10/15/20		100,000		99,454
Google, Inc.
1.250%, 5/19/14		250,000		253,318
2.125%, 5/19/16		100,000		103,873
3.625%, 5/19/21		250,000		274,420

				882,169

*IT Services (0.2%)*
Computer Sciences Corp.
5.500%, 3/15/13		200,000		200,179
6.500%, 3/15/18		200,000		198,723
Fiserv, Inc.
3.125%, 10/1/15		250,000		255,106
4.625%, 10/1/20		300,000		311,675
HP Enterprise Services LLC
6.000%, 8/1/13		970,000		1,027,926
International Business Machines Corp.
2.100%, 5/6/13		500,000		510,694
1.000%, 8/5/13		750,000		755,444
1.250%, 5/12/14		250,000		252,601
5.700%, 9/14/17		1,250,000		1,512,063
SAIC, Inc.
4.450%, 12/1/20		200,000		214,079
Western Union Co.
5.253%, 4/1/20		400,000		444,590

				5,683,080

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

*Office Electronics (0.0%)*
Xerox Corp.
8.250%, 5/15/14	$	390,000	$	440,808
6.350%, 5/15/18		500,000		564,865
4.500%, 5/15/21		95,000		96,761

				1,102,434

*Semiconductors & Semiconductor Equipment (0.1%)*
Analog Devices, Inc.
5.000%, 7/1/14		100,000		109,134
3.000%, 4/15/16		150,000		158,090
Intel Corp.
1.950%, 10/1/16		300,000		307,102
3.300%, 10/1/21		296,000		307,873
Maxim Integrated Products, Inc.
3.450%, 6/14/13		100,000		102,917
Texas Instruments, Inc.
0.875%, 5/15/13		150,000		150,594
1.375%, 5/15/14		250,000		253,157
2.375%, 5/16/16		250,000		260,343

				1,649,210

*Software (0.2%)*
Adobe Systems, Inc.
3.250%, 2/1/15		250,000		260,973
4.750%, 2/1/20		125,000		134,492
CA, Inc.
6.125%, 12/1/14		250,000		274,345
Microsoft Corp.
2.950%, 6/1/14		890,000		940,725
4.200%, 6/1/19		500,000		568,001
Oracle Corp.
5.250%, 1/15/16		800,000		925,047
5.750%, 4/15/18		800,000		970,478
5.375%, 7/15/40		575,000		700,102

				4,774,163

Total Information Technology				22,939,965

Materials (1.5%)
*Chemicals (0.3%)*
Air Products and Chemicals, Inc.
2.000%, 8/2/16		55,000		56,242
4.375%, 8/21/19		200,000		224,093
Airgas, Inc.
2.850%, 10/1/13		100,000		101,751
3.250%, 10/1/15		200,000		206,131
Cabot Corp.
5.000%, 10/1/16		100,000		106,684
Dow Chemical Co.
7.600%, 5/15/14		370,000		418,106
2.500%, 2/15/16		60,000		60,356
8.550%, 5/15/19		310,000		403,019
4.250%, 11/15/20		1,040,000		1,084,289
4.125%, 11/15/21		490,000		506,571
E.I. du Pont de Nemours & Co.
1.750%, 3/25/14		200,000		204,403
3.250%, 1/15/15		400,000		425,969
2.750%, 4/1/16		250,000		265,354
6.000%, 7/15/18		250,000		306,579
3.625%, 1/15/21		500,000		546,394

Monsanto Co.
5.125%, 4/15/18	$	250,000	$	294,095
Potash Corp. of Saskatchewan, Inc.
5.250%, 5/15/14		155,000		169,400
3.750%, 9/30/15		120,000		129,240
6.500%, 5/15/19		100,000		123,914
4.875%, 3/30/20		150,000		172,044
PPG Industries, Inc.
1.900%, 1/15/16		200,000		199,326
6.650%, 3/15/18		150,000		181,533
3.600%, 11/15/20		150,000		157,289
Praxair, Inc.
2.125%, 6/14/13		250,000		254,819
4.625%, 3/30/15		253,000		280,498
4.500%, 8/15/19		400,000		456,743
RPM International, Inc.
6.125%, 10/15/19		100,000		108,908
Sherwin-Williams Co.
3.125%, 12/15/14		250,000		264,547
Valspar Corp.
7.250%, 6/15/19		100,000		121,013

				7,829,310

*Construction Materials (0.0%)*
Lafarge S.A.
7.125%, 7/15/36		260,000		227,175

*Containers & Packaging (0.0%)*
Bemis Co., Inc.
5.650%, 8/1/14		55,000		60,092
6.800%, 8/1/19		200,000		238,111

				298,203

*Metals & Mining (1.0%)*
Alcoa, Inc.
6.000%, 7/15/13		500,000		530,027
6.150%, 8/15/20		500,000		524,842
Allegheny Technologies, Inc.
9.375%, 6/1/19		200,000		253,372
5.950%, 1/15/21		50,000		53,710
ArcelorMittal S.A.
5.375%, 6/1/13		300,000		306,927
9.000%, 2/15/15		225,000		252,608
3.750%, 3/1/16		250,000		237,156
6.125%, 6/1/18		250,000		246,189
9.850%, 6/1/19		250,000		276,584
5.500%, 3/1/21		500,000		461,897
Barrick Gold Corp.
1.750%, 5/30/14		150,000		151,062
2.900%, 5/30/16		3,140,000		3,240,076
6.950%, 4/1/19		250,000		306,906
Barrick North America Finance LLC
4.400%, 5/30/21		275,000		298,075
BHP Billiton Finance USA Ltd.
5.500%, 4/1/14		1,000,000		1,102,101
1.875%, 11/21/16		250,000		251,947
5.400%, 3/29/17		1,050,000		1,218,730
6.500%, 4/1/19		500,000		623,706
Cliffs Natural Resources, Inc.
4.800%, 10/1/20		105,000		105,949
CSN Islands VIII Corp.
9.750%, 12/16/13(m)		1,500,000		1,680,297

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

CSN Islands XI Corp.
6.875%, 9/21/19§	$	100,000	$	105,457
CSN Resources S.A.
6.500%, 7/21/20§		2,500,000		2,611,474
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		500,000		528,750
Gerdau Holdings, Inc.
7.000%, 1/20/20§		1,600,000		1,679,329
Gerdau Trade, Inc.
5.750%, 1/30/21§		1,100,000		1,084,255
Newcrest Finance Pty Ltd.
4.450%, 11/15/21§		715,000		707,477
Newmont Mining Corp.
5.125%, 10/1/19		100,000		111,183
Nucor Corp.
5.850%, 6/1/18		300,000		358,168
Rio Tinto Alcan, Inc.
5.000%, 6/1/15		500,000		542,500
Rio Tinto Finance USA Ltd.
8.950%, 5/1/14		360,000		421,434
2.500%, 5/20/16		200,000		206,055
9.000%, 5/1/19		750,000		1,025,310
4.125%, 5/20/21		250,000		268,976
Southern Copper Corp.
5.375%, 4/16/20		55,000		56,686
Steel Dynamics, Inc.
7.375%, 11/1/12		4,250,000		4,441,250
Teck Resources Ltd.
10.750%, 5/15/19		500,000		610,000
4.500%, 1/15/21		250,000		263,125
Vale Overseas Ltd.
6.250%, 1/11/16		500,000		558,437
4.625%, 9/15/20		350,000		362,782
Xstrata Canada Corp.
5.500%, 6/15/17		724,000		788,506

				28,853,315

*Paper & Forest Products (0.2%)*
Celulosa Arauco y Constitucion S.A.
5.000%, 1/21/21		250,000		257,849
Georgia-Pacific LLC
8.250%, 5/1/16§		1,970,000		2,181,775
International Paper Co.
5.300%, 4/1/15		200,000		216,420
9.375%, 5/15/19		500,000		652,283
4.750%, 2/15/22		580,000		614,809
6.000%, 11/15/41		430,000		467,703
Inversiones CMPC S.A.
4.750%, 1/19/18§		365,000		379,552

				4,770,391

Total Materials				41,978,394

Telecommunication Services (1.5%)
*Diversified Telecommunication Services (1.0%)*
AT&T, Inc.
4.850%, 2/15/14		750,000		808,095
2.500%, 8/15/15		500,000		515,964
2.950%, 5/15/16		400,000		418,736
5.500%, 2/1/18		1,000,000		1,160,357
4.450%, 5/15/21		750,000		812,543

BellSouth Corp.
5.200%, 9/15/14	$	750,000	$	824,037
British Telecommunications plc
5.950%, 1/15/18		500,000		551,987
CenturyLink, Inc.
6.450%, 6/15/21		250,000		249,082
Deutsche Telekom International Finance B.V.
4.875%, 7/8/14		500,000		531,489
6.750%, 8/20/18		500,000		594,780
Embarq Corp.
7.082%, 6/1/16		500,000		541,112
France Telecom S.A.
4.375%, 7/8/14		1,594,000		1,677,039
2.125%, 9/16/15		2,150,000		2,124,108
5.375%, 7/8/19		200,000		222,972
4.125%, 9/14/21		250,000		253,073
Qwest Corp.
7.625%, 6/15/15		1,580,000		1,730,100
8.375%, 5/1/16		500,000		567,500
6.500%, 6/1/17		500,000		546,250
Telecom Italia Capital S.A.
6.175%, 6/18/14		750,000		721,475
6.999%, 6/4/18		250,000		233,269
7.175%, 6/18/19		250,000		232,503
Telefonica Emisiones S.A.U.
2.582%, 4/26/13		650,000		635,041
4.949%, 1/15/15		1,325,000		1,318,673
3.992%, 2/16/16		500,000		478,976
6.421%, 6/20/16		300,000		311,655
6.221%, 7/3/17		200,000		207,691
5.877%, 7/15/19		145,000		143,770
5.134%, 4/27/20		180,000		169,052
5.462%, 2/16/21		250,000		238,320
Telefonos de Mexico S.A.B. de C.V.
5.500%, 11/15/19		250,000		275,296
Verizon Communications, Inc.
4.350%, 2/15/13		500,000		519,771
1.950%, 3/28/14		500,000		510,042
5.550%, 2/15/16		750,000		864,091
5.500%, 2/15/18		1,500,000		1,748,382
4.600%, 4/1/21		500,000		562,015
3.500%, 11/1/21		350,000		362,103
6.400%, 2/15/38		1,113,000		1,397,790
Verizon New Jersey, Inc.
Series A 5.875%, 1/17/12		312,000		312,551
Virgin Media Secured Finance plc
6.500%, 1/15/18		3,026,000		3,238,288
5.250%, 1/15/21		250,000		264,345

				28,874,323

*Wireless Telecommunication Services (0.5%)*
America Movil S.A.B. de C.V.
2.375%, 9/8/16		1,700,000		1,699,137
5.625%, 11/15/17		300,000		346,590
5.000%, 3/30/20		4,600,000		5,118,289
American Tower Corp.
4.625%, 4/1/15		150,000		155,906
5.050%, 9/1/20		500,000		501,641
Cellco Partnership/Verizon Wireless Capital LLC
5.550%, 2/1/14		750,000		815,594
8.500%, 11/15/18		400,000		540,385

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Rogers Communications, Inc.
6.250%, 6/15/13	$	350,000	$	374,461
6.800%, 8/15/18		250,000		303,513
Vodafone Group plc
4.150%, 6/10/14		500,000		530,705
5.000%, 9/15/15		500,000		555,965
5.450%, 6/10/19		500,000		584,868
Term Loan
6.875%, 8/17/15		4,495,370		4,472,893

				15,999,947

Total Telecommunication Services				44,874,270

Utilities (2.4%)
*Electric Utilities (1.3%)*
Alabama Power Co.
3.950%, 6/1/21		710,000		778,509
Ameren Illinois Co.
6.250%, 4/1/18		500,000		580,633
Arizona Public Service Co.
5.800%, 6/30/14		250,000		275,360
Carolina Power & Light Co.
5.300%, 1/15/19		250,000		293,066
Cleveland Electric Illuminating Co.
8.875%, 11/15/18		187,000		248,202
5.950%, 12/15/36		340,000		362,318
Columbus Southern Power Co.
6.050%, 5/1/18		500,000		600,924
Commonwealth Edison Co.
1.625%, 1/15/14		100,000		100,539
6.150%, 9/15/17		750,000		886,886
Consolidated Edison Co. of New York, Inc.
Series 02-B 4.875%, 2/1/13		700,000		731,003
Consumers Energy Co.
6.700%, 9/15/19		500,000		634,278
Dayton Power & Light Co.
5.125%, 10/1/13		900,000		958,500
Detroit Edison Co.
5.600%, 6/15/18		250,000		298,646
Duke Energy Carolinas LLC
4.300%, 6/15/20		750,000		848,415
4.250%, 12/15/41		450,000		470,337
Duke Energy Corp.
3.350%, 4/1/15		100,000		105,924
2.150%, 11/15/16		500,000		506,656
5.050%, 9/15/19		200,000		226,626
Entergy Arkansas, Inc.
3.750%, 2/15/21		2,700,000		2,777,308
Entergy Texas, Inc.
7.125%, 2/1/19		250,000		308,025
Exelon Generation Co. LLC
5.350%, 1/15/14		300,000		320,144
FirstEnergy Solutions Corp.
4.800%, 2/15/15		500,000		539,050
Florida Power & Light Co.
5.550%, 11/1/17		250,000		299,885
4.950%, 6/1/35		262,000		297,728
5.950%, 2/1/38		189,000		246,966

Florida Power Corp.
4.550%, 4/1/20	$	50,000	$	56,985
3.100%, 8/15/21		240,000		244,449
5.900%, 3/1/33		582,000		719,916
Georgia Power Co.
1.300%, 9/15/13		500,000		503,440
3.000%, 4/15/16		620,000		656,549
5.400%, 6/1/18		300,000		355,468
Hydro Quebec
7.500%, 4/1/16		300,000		372,947
2.000%, 6/30/16		350,000		355,896
9.400%, 2/1/21		600,000		909,005
8.400%, 1/15/22		1,150,000		1,673,781
8.050%, 7/7/24		2,180,000		3,240,155
Indiana Michigan Power Co.
7.000%, 3/15/19		250,000		316,804
Ipalco Enterprises, Inc.
5.000%, 5/1/18		1,150,000		1,096,813
Jersey Central Power & Light Co.
7.350%, 2/1/19		382,000		489,919
Kansas City Power & Light Co.
5.850%, 6/15/17		500,000		576,031
LG&E and KU Energy LLC
2.125%, 11/15/15		250,000		246,185
3.750%, 11/15/20		500,000		504,803
MidAmerican Energy Co.
4.650%, 10/1/14		500,000		545,124
MidAmerican Energy Holdings Co.
5.750%, 4/1/18		250,000		288,553
5.950%, 5/15/37		434,000		514,395
6.500%, 9/15/37		600,000		761,145
Nevada Power Co.
7.125%, 3/15/19		500,000		629,488
NextEra Energy Capital Holdings, Inc.
2.550%, 11/15/13		200,000		206,248
7.875%, 12/15/15		300,000		356,261
Northern States Power Co.
1.950%, 8/15/15		100,000		101,797
5.250%, 3/1/18		250,000		296,731
Oncor Electric Delivery Co. LLC
6.800%, 9/1/18		500,000		609,608
Pacific Gas & Electric Co.
6.250%, 12/1/13		500,000		548,332
3.500%, 10/1/20		250,000		262,798
4.250%, 5/15/21		100,000		111,124
PacifiCorp
5.500%, 1/15/19		250,000		297,221
Peco Energy Co.
5.000%, 10/1/14		250,000		277,253
Portland General Electric Co.
6.100%, 4/15/19		100,000		124,554
Progress Energy, Inc.
5.625%, 1/15/16		500,000		574,429
PSEG Power LLC
2.500%, 4/15/13		100,000		101,683
5.125%, 4/15/20		200,000		226,366
Public Service Co. of Colorado
3.200%, 11/15/20		250,000		259,750
Public Service Co. of Oklahoma
4.400%, 2/1/21		400,000		430,932

See Notes to Financial Statements.

100

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Public Service Electric & Gas Co.
6.330%, 11/1/13	$	250,000	$	274,491
5.300%, 5/1/18		250,000		295,676
Southern California Edison Co.
5.750%, 3/15/14		500,000		550,577
Series 08-A
5.950%, 2/1/38		300,000		392,009
Southern Co.
4.150%, 5/15/14		125,000		133,531
1.950%, 9/1/16		110,000		109,201
Tampa Electric Co.
6.100%, 5/15/18		75,000		90,734
Toledo Edison Co.
7.250%, 5/1/20		30,000		37,367
Trans-Allegheny Interstate Line Co.
4.000%, 1/15/15§		395,000		421,007
TransAlta Corp.
4.750%, 1/15/15		500,000		540,127
Union Electric Co.
6.700%, 2/1/19		250,000		307,671
Virginia Electric & Power Co.
Series A 5.400%, 1/15/16		500,000		575,331
Wisconsin Electric Power Co.
2.950%, 9/15/21		250,000		253,657

				37,520,245

*Gas Utilities (0.7%)*
AGL Capital Corp.
3.500%, 9/15/21		250,000		251,519
Boardwalk Pipelines LP
5.750%, 9/15/19		200,000		220,578
CenterPoint Energy Resources Corp.
7.875%, 4/1/13		500,000		539,373
6.150%, 5/1/16		300,000		347,182
4.500%, 1/15/21		300,000		318,721
El Paso Pipeline Partners Operating Co. LLC
6.500%, 4/1/20		375,000		412,500
KeySpan Gas East Corp.
5.819%, 4/1/41§		390,000		468,839
NGPL PipeCo LLC
6.514%, 12/15/12§		14,400,000		14,004,000
Panhandle Eastern Pipeline Co.
6.200%, 11/1/17		250,000		274,599
Questar Corp.
2.750%, 2/1/16		85,000		86,222
Rockies Express Pipeline LLC
3.900%, 4/15/15§		1,388,000		1,358,505
6.850%, 7/15/18§		1,827,000		1,856,689
Southern California Gas Co.
5.500%, 3/15/14		100,000		110,150

				20,248,877

*Independent Power Producers & Energy Traders (0.3%)*
Constellation Energy Group, Inc.
5.150%, 12/1/20		250,000		272,352
7.600%, 4/1/32		225,000		295,509
Tennessee Valley Authority
4.750%, 8/1/13		1,000,000		1,069,407
5.500%, 7/18/17		676,000		822,593
3.875%, 2/15/21		2,000,000		2,275,195
5.250%, 9/15/39		2,815,000		3,591,305

				8,326,361


*Multi-Utilities (0.1%)*
Alliant Energy Corp.
4.000%, 10/15/14	$	200,000	$	207,713
Dominion Resources, Inc.
5.150%, 7/15/15		383,000		430,735
1.950%, 8/15/16		872,000		879,643
6.000%, 11/30/17		500,000		599,359
DTE Energy Co.
7.625%, 5/15/14		50,000		56,931
National Grid plc
6.300%, 8/1/16		500,000		567,994
NiSource Finance Corp.
6.150%, 3/1/13		228,000		239,411
6.400%, 3/15/18		500,000		577,257
NSTAR
4.500%, 11/15/19		100,000		110,738
Sempra Energy
9.800%, 2/15/19		500,000		672,681

				4,342,462

Total Utilities				70,437,945

Total Corporate Bonds				1,162,761,448

Government Securities (60.9%)
*Agency ABS (2.4%)*
Federal Farm Credit Bank
1.750%, 2/21/13		1,000,000		1,017,295
1.375%, 6/25/13		250,000		253,933
1.125%, 2/27/14		2,000,000		2,027,872
Federal Home Loan Bank
1.625%, 3/20/13		2,600,000		2,644,009
1.875%, 6/21/13		2,000,000		2,046,402
0.550%, 10/25/13		400,000		400,393
0.375%, 11/27/13		250,000		249,900
0.875%, 12/27/13		1,000,000		1,009,833
1.375%, 5/28/14		250,000		255,543
1.630%, 8/20/15		500,000		514,257
Federal Home Loan Mortgage Corp.
0.700%, 4/29/13		200,000		200,081
0.750%, 6/7/13		400,000		400,374
0.500%, 10/3/13		500,000		499,887
0.500%, 10/18/13		1,000,000		1,000,439
0.550%, 10/25/13		1,000,000		1,000,329
0.875%, 10/28/13		2,500,000		2,519,327
0.550%, 12/27/13		500,000		500,139
0.550%, 1/9/14		500,000		500,044
1.375%, 2/25/14		4,000,000		4,076,127
0.700%, 5/1/14		400,000		400,301
0.800%, 10/24/14		400,000		400,297
1.000%, 11/3/14		1,000,000		1,002,102
1.000%, 12/5/14		200,000		200,741
0.875%, 12/19/14		500,000		500,838
1.000%, 12/19/14		400,000		401,466
1.350%, 1/6/15		200,000		200,034
0.850%, 1/9/15		200,000		200,243
0.800%, 1/13/15		100,000		100,001
2.875%, 2/9/15		2,000,000		2,136,686
1.500%, 7/13/15		200,000		201,096
1.050%, 9/28/15		200,000		200,176
1.600%, 11/2/16		400,000		402,476
1.625%, 11/14/16		400,000		402,651

See Notes to Financial Statements.

101

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

5.500%, 8/23/17	$	2,000,000	$	2,448,805
Federal National Mortgage Association
1.750%, 2/22/13		2,000,000		2,035,023
1.750%, 5/7/13		1,800,000		1,837,673
1.500%, 6/26/13		500,000		509,033
4.375%, 7/17/13		2,000,000		2,123,775
1.000%, 9/23/13		2,500,000		2,529,469
0.500%, 10/3/13		500,000		499,887
1.125%, 10/8/13		200,000		202,350
1.000%, 10/15/13		200,000		201,910
0.600%, 10/25/13		1,000,000		1,001,670
0.750%, 12/18/13		4,000,000		4,026,105
1.450%, 1/24/14		1,000,000		1,000,752
1.375%, 1/27/14		400,000		400,316
1.550%, 1/27/14		250,000		250,204
1.350%, 2/24/14		200,000		203,507
1.250%, 2/27/14		1,500,000		1,524,600
0.700%, 10/17/14		1,000,000		999,524
0.800%, 10/17/14		1,000,000		1,000,817
1.000%, 12/5/14		1,000,000		1,002,243
2.375%, 7/28/15		1,500,000		1,581,570
2.150%, 8/4/15		100,000		104,699
2.000%, 9/21/15		200,000		208,410
1.875%, 10/15/15		200,000		207,310
1.625%, 10/26/15		1,500,000		1,540,056
2.250%, 6/6/16		400,000		403,211
2.200%, 7/5/16		200,000		200,106
1.750%, 11/14/16		400,000		403,329
Financing Corp.
10.700%, 10/6/17		600,000		913,864
Small Business Administration
Series 2003-10A 1 4.628%, 3/10/13		78,363		80,891
Series 2008-P10B 1 5.944%, 8/10/18		1,931,121		2,116,073
Series P10A 4.504%, 2/1/14		130,170		134,065
Small Business Administration Participation Certificates
4.524%, 2/10/13		24,342		25,071
Series 2004-20A 1 4.930%, 1/1/24		389,620		426,211
Series 2004-20C 4.340%, 3/1/24		2,802,945		3,031,640
Series 2005-20B 4.625%, 2/1/25		255,567		278,954
Series 2008-20A 5.170%, 1/1/28		649,370		728,646
Series 2008-20C 1 5.490%, 3/1/28		2,500,278		2,798,559
Series 2008-20G 5.870%, 7/1/28		2,429,056		2,773,580

				69,619,200

*Agency CMO (0.2%)*
Federal Home Loan Mortgage Corp.
4.879%, 5/19/17		3,500,000		3,675,000
5.500%, 1/15/31		208,893		215,336
Federal National Mortgage Association
5.310%, 8/25/33		989,514		1,044,467
6.500%, 7/25/34		163,724		173,129
FHLMC Multifamily Structured Pass Through Certificates
3.974%, 1/25/21(l)		1,440,000		1,580,815

Government National Mortgage Association
6.500%, 6/20/32	$	97,577	$	110,273

				6,799,020

*Foreign Governments (2.7%)*
Australia Government Bond
5.500%, 4/21/23	AUD	7,200,000		8,443,598
Canadian Government Bond
2.375%, 9/10/14	$	500,000		525,058
3.500%, 6/1/20	CAD	600,000		664,732
Development Bank of Japan
5.125%, 2/1/17	$	500,000		585,152
Export-Import Bank of China
5.250%, 7/29/14§		3,700,000		3,965,290
Export-Import Bank of Korea
8.125%, 1/21/14		200,000		220,637
5.875%, 1/14/15		750,000		803,400
4.125%, 9/9/15		200,000		204,638
4.000%, 1/29/21		1,500,000		1,438,547
Federative Republic of Brazil
6.000%, 1/17/17		1,000,000		1,170,000
8.000%, 1/15/18		762,667		892,533
4.875%, 1/22/21		1,000,000		1,117,500
Japan Finance Corp.
2.500%, 1/21/16		1,000,000		1,042,401
2.250%, 7/13/16		500,000		515,466
Japan Finance Organization for Municipalities
5.000%, 5/16/17		500,000		582,490
Korea Development Bank
8.000%, 1/23/14		500,000		550,495
3.250%, 3/9/16		700,000		686,709
Korea Finance Corp.
4.625%, 11/16/21		250,000		247,735
Province of British Columbia
2.850%, 6/15/15		500,000		532,715
2.100%, 5/18/16		300,000		311,685
Province of Manitoba
1.375%, 4/28/14		100,000		101,055
4.900%, 12/6/16		500,000		578,091
Province of New Brunswick
2.750%, 6/15/18		250,000		255,213
Province of Nova Scotia
5.125%, 1/26/17		250,000		292,027
Province of Ontario
3.500%, 7/15/13		500,000		521,079
1.375%, 1/27/14		500,000		505,197
4.100%, 6/16/14		600,000		645,317
2.950%, 2/5/15		500,000		527,148
1.875%, 9/15/15		2,000,000		2,038,694
4.000%, 10/7/19		750,000		828,839
4.400%, 4/14/20		500,000		566,362
Province of Quebec
4.600%, 5/26/15		1,000,000		1,112,158
3.500%, 7/29/20		500,000		535,301
Republic of Chile
5.500%, 1/15/13		300,000		313,991
3.875%, 8/5/20		250,000		269,702
Republic of Colombia
8.250%, 12/22/14		750,000		881,955
4.375%, 7/12/21		750,000		804,097
Republic of Hungary
4.750%, 2/3/15		250,000		229,620

See Notes to Financial Statements.

102

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

6.250%, 1/29/20	$	350,000	$	315,875
6.375%, 3/29/21		500,000		457,500
Republic of Italy
4.500%, 1/21/15		2,250,000		2,118,223
5.250%, 9/20/16		750,000		697,761
Republic of Korea
5.750%, 4/16/14		4,500,000		4,862,700
4.875%, 9/22/14		300,000		321,598
7.125%, 4/16/19		9,900,000		12,337,380
Republic of Panama
5.200%, 1/30/20		400,000		452,964
9.375%, 4/1/29		298,000		474,044
Republic of Peru
8.375%, 5/3/16		100,000		124,149
7.125%, 3/30/19		200,000		251,500
Republic of Poland
5.250%, 1/15/14		500,000		517,047
6.375%, 7/15/19		1,000,000		1,107,187
5.125%, 4/21/21		1,090,000		1,106,350
Republic of South Africa
7.375%, 4/25/12		60,000		60,965
6.500%, 6/2/14		1,480,000		1,623,276
6.875%, 5/27/19		500,000		604,286
5.500%, 3/9/20		300,000		335,581
State of Israel
5.500%, 11/9/16		500,000		572,004
United Kingdom Gilt
3.750%, 9/7/21	GBP	3,200,000		5,741,428
4.750%, 12/7/30		2,200,000		4,422,413
United Mexican States
6.625%, 3/3/15	$	1,750,000		1,988,125
5.625%, 1/15/17		590,000		677,916
8.125%, 12/30/19		1,000,000		1,432,818
5.125%, 1/15/20		235,000		269,650

				78,379,367

*Municipal Bonds (3.3%)*
Bay Area Toll Authority California State
6.793%, 4/1/30		4,100,000		4,866,741
California State University
5.000%, 11/1/30		300,000		315,234
Chabot-Las Positas California Community College District Financing Corp., Class C
(Zero Coupon), 8/1/22		6,230,000		3,819,738
City of Chicago, Illinois
4.750%, 1/1/36		400,000		403,904
City of New York, New York
6.246%, 6/1/35		5,400,000		6,016,140
Dallas, Texas Area Rapid Transit
6.249%, 12/1/34		400,000		447,500
Los Angeles County, California Public Works Financing Authority
5.591%, 8/1/20		3,700,000		4,038,402
5.841%, 8/1/21		400,000		442,900
6.091%, 8/1/22		1,400,000		1,554,392
Los Angeles, California Community College District
5.000%, 8/1/27		1,100,000		1,185,734
Los Angeles, California Unified School District
4.500%, 7/1/22		1,500,000		1,642,500
4.500%, 7/1/24		1,300,000		1,402,102
4.500%, 7/1/25		1,700,000		1,820,156
4.500%, 1/1/28		1,500,000		1,576,605

Los Gatos, California Union School District
5.000%, 8/1/30	$	160,000	$	171,786
Metropolitan Washington Airports Authority
7.462%, 10/1/46		13,000,000		14,159,210
New Jersey Economic Development Authority
1.546%, 6/15/13(l)		3,000,000		3,000,030
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,000,000		1,433,980
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		4,400,000		4,905,912
New York City Municipal Water Finance Authority
6.124%, 6/15/42		500,000		540,670
5.375%, 6/15/43		635,000		704,126
5.500%, 6/15/43		750,000		841,665
New York City Transitional Finance Authority
4.075%, 11/1/20		800,000		868,632
4.325%, 11/1/21		1,300,000		1,421,082
4.525%, 11/1/22		1,800,000		1,980,198
5.267%, 5/1/27		5,000,000		5,575,000
5.008%, 8/1/27		2,100,000		2,223,648
Northern California Power Agency
7.311%, 6/1/40		2,075,000		2,387,619
Puerto Rico Sales Tax Financing Corp., Class A
(Zero Coupon), 8/1/54		1,100,000		75,273
San Diego County Regional Airport Authority
6.628%, 7/1/40		700,000		748,860
State of California
4.850%, 10/1/14		250,000		266,202
5.450%, 4/1/15		125,000		136,359
3.950%, 11/1/15		500,000		524,210
5.950%, 4/1/16		35,000		39,401
5.750%, 3/1/17		100,000		112,128
6.200%, 3/1/19		100,000		114,875
6.200%, 10/1/19		500,000		569,915
4.500%, 8/1/28		1,200,000		1,215,168
7.550%, 4/1/39		3,000,000		3,668,160
State of Illinois
3.321%, 1/1/13		100,000		101,682
4.071%, 1/1/14		100,000		102,676
4.421%, 1/1/15		100,000		103,511
4.961%, 3/1/16		800,000		844,952
5.665%, 3/1/18		600,000		638,568
State of Illinois Toll Highway Authority
6.184%, 1/1/34		1,000,000		1,150,900
State of Iowa
6.750%, 6/1/34		1,800,000		2,067,894
State of Texas
4.631%, 4/1/33		3,000,000		3,303,240
4.750%, 4/1/37		300,000		315,852
Tennessee State School Bond Authority
4.848%, 9/15/27		4,100,000		4,408,566
University of California Medical Center
5.235%, 5/15/22		1,500,000		1,646,280
5.435%, 5/15/23		1,975,000		2,187,727

				94,088,005

*Supranational (1.4%)*
African Development Bank
3.000%, 5/27/14		200,000		210,761
2.500%, 3/15/16		500,000		529,909
Asian Development Bank
1.625%, 7/15/13		750,000		761,841

See Notes to Financial Statements.

103

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

2.750%, 5/21/14	$	1,000,000	$	1,048,091
2.625%, 2/9/15		500,000		527,563
2.500%, 3/15/16		750,000		792,644
1.875%, 10/23/18		500,000		506,053
Corp. Andina de Fomento
3.750%, 1/15/16		350,000		353,982
8.125%, 6/4/19		250,000		305,567
Council of Europe Development Bank
2.625%, 2/16/16		500,000		516,998
Eksportfinans ASA
5.500%, 5/25/16		855,000		801,562
European Bank for Reconstruction & Development
3.625%, 6/17/13		400,000		416,855
2.500%, 3/15/16		750,000		783,881
1.375%, 10/20/16		300,000		299,273
European Investment Bank
1.875%, 6/17/13		3,000,000		3,033,289
1.250%, 2/14/14		1,000,000		999,569
4.625%, 5/15/14		2,000,000		2,153,429
3.125%, 6/4/14		500,000		521,345
1.125%, 8/15/14		1,000,000		993,393
0.875%, 12/15/14		1,000,000		983,354
1.375%, 10/20/15		500,000		495,029
4.875%, 2/16/16		1,334,000		1,499,975
2.250%, 3/15/16		500,000		510,197
2.500%, 5/16/16		2,000,000		2,059,413
4.875%, 1/17/17		500,000		569,681
2.875%, 9/15/20		500,000		501,623
4.000%, 2/16/21		1,000,000		1,084,398
Export Development Canada
2.250%, 5/28/15		750,000		785,507
1.250%, 10/26/16		250,000		251,161
Inter-American Development Bank
3.000%, 4/22/14		1,750,000		1,842,265
1.375%, 10/18/16		1,000,000		1,009,369
4.250%, 9/10/18		1,000,000		1,161,508
International Bank for Reconstruction & Development
3.625%, 5/21/13		1,000,000		1,044,631
3.500%, 10/8/13		1,000,000		1,053,484
2.375%, 5/26/15		2,500,000		2,633,766
2.125%, 3/15/16		1,500,000		1,569,207
International Finance Corp.
3.500%, 5/15/13		475,000		494,679
3.000%, 4/22/14		1,260,000		1,328,507
2.125%, 11/17/17		500,000		517,819
Kommunalbanken A/S
1.750%, 10/5/15§		1,600,000		1,590,120
Nordic Investment Bank
1.625%, 1/28/13		300,000		303,485
2.500%, 7/15/15		500,000		526,030
5.000%, 2/1/17		300,000		352,470
Svensk Exportkredit AB
3.250%, 9/16/14		575,000		594,179
1.750%, 10/20/15		1,000,000		981,173

				41,299,035

*U.S. Government Agencies (16.0%)*
Federal Farm Credit Bank
0.220%, 3/27/13		200,000		199,697
5.125%, 8/25/16		685,000		809,564
4.875%, 1/17/17		840,000		990,712

Federal Home Loan Bank
3.375%, 2/27/13	$	500,000	$	518,333
3.625%, 5/29/13		1,000,000		1,048,065
5.125%, 8/14/13		1,500,000		1,616,335
0.700%, 8/23/13		800,000		800,495
4.000%, 9/6/13		1,000,000		1,059,600
3.625%, 10/18/13		3,500,000		3,701,593
1.000%, 8/8/14		400,000		400,284
5.500%, 8/13/14		500,000		564,026
0.700%, 9/16/14		1,000,000		999,739
2.875%, 6/12/15		2,000,000		2,141,104
5.375%, 5/18/16		1,000,000		1,182,035
4.750%, 12/16/16		1,500,000		1,761,760
5.250%, 6/5/17		1,350,000		1,616,751
5.000%, 11/17/17		2,000,000		2,403,570
Federal Home Loan Bank/Illinois
5.625%, 6/13/16		1,550,000		1,756,950
Federal Home Loan Mortgage Corp.
0.500%, 2/15/13		800,000		800,311
3.750%, 6/28/13		1,000,000		1,051,384
0.700%, 7/25/13		500,000		500,159
0.550%, 9/30/13		2,500,000		2,504,372
4.875%, 11/15/13		3,440,000		3,727,497
6.000%, 1/1/14		4,219		4,535
2.500%, 1/7/14		2,000,000		2,081,685
5.500%, 2/1/14		12,615		13,617
6.000%, 7/1/14		3,134		3,369
1.200%, 7/25/14		200,000		200,932
3.000%, 7/28/14		2,900,000		3,080,201
1.100%, 8/8/14		300,000		301,275
4.500%, 1/15/15		2,710,000		3,023,702
1.000%, 6/16/15		1,000,000		1,001,083
4.750%, 11/17/15		928,000		1,064,910
5.125%, 10/18/16		2,000,000		2,376,835
6.000%, 2/1/17		86,136		92,639
6.000%, 3/1/17		3,921		4,216
6.500%, 3/1/17		34,531		37,402
6.000%, 4/1/17		64,832		69,706
6.000%, 5/1/17		1,240		1,333
6.000%, 7/1/17		12,110		13,103
6.000%, 8/1/17		32,186		34,726
5.500%, 11/1/17		33,682		36,358
4.875%, 6/13/18		1,500,000		1,810,139
3.750%, 3/27/19		750,000		855,819
2.375%, 11/1/31(l)		13,455		14,146
2.482%, 4/1/36(l)		376,206		399,545
4.500%, 1/15/42 TBA		600,000		636,047
5.000%, 1/15/42 TBA		7,600,000		8,170,000
5.500%, 1/15/42 TBA		100,000		108,437
Federal National Mortgage Association
4.625%, 5/1/13		1,695,000		1,786,580
4.625%, 10/15/13		790,000		849,838
0.625%, 12/6/13		500,000		500,828
5.125%, 1/2/14		607,000		659,328
2.750%, 2/5/14		1,500,000		1,572,407
2.750%, 3/13/14		3,000,000		3,148,426
2.500%, 5/15/14		1,000,000		1,047,902
1.100%, 8/1/14		300,000		300,198
1.150%, 8/8/14		300,000		300,260
3.000%, 9/16/14		1,000,000		1,064,777
2.625%, 11/20/14		500,000		528,351
0.750%, 11/21/14		400,000		400,096

See Notes to Financial Statements.

104

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

0.900%, 12/5/14	$	500,000	$	501,296
1.000%, 1/26/15		500,000		501,565
2.000%, 1/27/15		500,000		500,609
7.000%, 4/1/15		13,684		14,414
4.375%, 10/15/15		2,028,000		2,292,105
5.000%, 3/15/16		3,000,000		3,494,534
7.000%, 4/1/16		22,238		23,821
4.875%, 12/15/16		2,050,000		2,419,868
5.500%, 2/1/17		40,091		43,542
5.500%, 6/1/17		11,877		12,900
5.375%, 6/12/17		4,000,000		4,843,298
(Zero Coupon), 10/9/19		905,000		695,823
4.500%, 12/1/20		8,504,474		9,075,205
4.000%, 4/1/23		27,817		29,339
4.775%, 2/1/24(l)		1,714		1,856
5.024%, 6/1/24(l)		653		676
4.000%, 9/1/24		1,875,132		1,977,752
4.000%, 9/1/25		717,855		757,141
4.000%, 10/1/25		1,130,794		1,192,679
4.000%, 1/1/26		675,010		711,951
4.000%, 7/1/26		960,688		1,013,263
4.000%, 8/1/26		484,540		511,058
3.500%, 10/1/26		2,811,328		2,941,682
3.500%, 11/1/26		948,353		992,325
2.404%, 1/1/28(l)		110,079		114,631
2.600%, 3/1/33(l)		130,177		134,749
5.500%, 5/1/33		1,029,206		1,121,151
5.500%, 6/1/33		5,873,658		6,398,387
6.000%, 2/1/34		489,974		546,087
5.000%, 7/1/34		2,687,197		2,902,068
6.000%, 8/1/34		288,213		321,133
5.500%, 2/1/35		1,536,200		1,673,198
5.000%, 3/1/35		1,561,231		1,685,825
5.000%, 4/1/35		3,942,176		4,256,780
6.000%, 4/1/35		4,511,332		5,026,181
5.000%, 5/1/35		136,159		147,025
5.000%, 6/1/35		647,564		699,344
5.000%, 7/1/35		225,818		243,874
5.500%, 8/1/35		1,019,797		1,110,582
5.500%, 12/1/35		1,019,972		1,110,933
2.419%, 1/1/36(l)		1,997,015		2,126,821
6.500%, 9/1/37		659,675		733,193
5.500%, 4/1/38		1,063,564		1,156,418
5.500%, 6/1/38		6,949,729		7,556,472
6.500%, 10/1/38		3,050,345		3,390,291
4.500%, 11/1/38		533,678		567,450
4.500%, 1/1/39		933,054		992,099
5.500%, 1/1/39		2,800,802		3,045,326
4.500%, 4/1/39		472,563		502,467
6.500%, 10/1/39		2,389,111		2,655,366
4.500%, 2/1/40		17,096,235		18,178,105
4.000%, 8/1/40		1,598,747		1,679,059
4.000%, 9/1/40		1,291,976		1,356,878
4.000%, 10/1/40		5,888,573		6,185,511
4.000%, 11/1/40		10,260,453		10,775,881
2.424%, 12/1/40(l)		57,961		60,065
4.000%, 12/1/40		35,482,526		37,264,969
4.000%, 1/1/41		7,154,087		7,569,380
4.500%, 1/1/41		250,056		266,895
4.000%, 2/1/41		1,080,191		1,134,454
4.500%, 3/1/41		11,312,408		12,074,228
4.000%, 4/1/41		3,582,293		3,773,621

4.500%, 4/1/41	$	7,601,116	$	8,113,003
4.500%, 6/1/41		2,689,009		2,870,937
4.000%, 9/1/41		8,238,668		8,696,301
4.500%, 9/1/41		9,555,753		10,170,904
3.500%, 11/1/41		5,485,687		5,648,329
4.000%, 11/1/41		3,092,379		3,266,567
3.500%, 12/1/41		6,889,843		7,094,115
4.000%, 12/1/41		16,248,399		17,195,316
3.500%, 1/25/27 TBA		900,000		941,063
4.000%, 1/25/42 TBA		103,000,000		108,182,187
6.000%, 1/25/42 TBA		500,000		550,547
6.000%, 2/25/42 TBA		800,000		878,906
Government National Mortgage Association
1.625%, 7/20/27(l)		5,789		5,944
5.500%, 4/15/33		17,215		19,347
4.000%, 1/15/42 TBA		4,900,000		5,255,633
4.500%, 1/15/42 TBA		9,100,000		9,916,867
5.000%, 1/15/42 TBA		9,700,000		10,745,781
5.500%, 1/15/42 TBA		4,400,000		4,934,187
6.000%, 1/15/42 TBA		4,200,000		4,747,969
Resolution Funding Corp.
0.000%, 7/15/18 STRIPS		75,000		66,741
0.000%, 10/15/18 STRIPS		75,000		66,158

				464,201,488

*U.S. Treasuries (34.9%)*
U.S. Treasury Bonds
11.250%, 2/15/15		1,216,000		1,623,212
9.250%, 2/15/16		2,684,000		3,624,713
7.250%, 5/15/16		2,734,000		3,506,998
7.500%, 11/15/16		1,695,000		2,235,612
8.875%, 8/15/17		4,107,000		5,881,718
8.500%, 2/15/20		5,627,000		8,657,369
7.875%, 2/15/21		500,000		763,285
2.125%, 2/15/41		2,840,000		3,967,185
4.750%, 2/15/41		2,560,000		3,530,074
4.375%, 5/15/41		2,060,000		2,684,939
3.125%, 11/15/41#		15,390,000		16,127,036
U.S. Treasury Notes
1.375%, 2/15/13		7,000,000		7,093,516
0.625%, 2/28/13		15,000,000		15,078,809
1.375%, 3/15/13		7,000,000		7,100,215
1.750%, 4/15/13		7,000,000		7,139,590
0.625%, 4/30/13		10,000,000		10,058,789
3.125%, 4/30/13		6,487,000		6,737,991
1.375%, 5/15/13		6,000,000		6,095,742
3.500%, 5/31/13		3,000,000		3,138,691
0.375%, 6/30/13		5,000,000		5,012,304
3.375%, 6/30/13		6,490,000		6,795,613
1.000%, 7/15/13		8,000,000		8,095,938
3.375%, 7/31/13		5,563,000		5,838,977
4.250%, 8/15/13		8,000,000		8,518,282
3.125%, 8/31/13		13,000,000		13,620,801
3.125%, 9/30/13		10,000,000		10,500,391
0.500%, 10/15/13		12,000,000		12,053,203
2.750%, 10/31/13		8,848,000		9,249,962
0.500%, 11/15/13		5,000,000		5,023,438
4.250%, 11/15/13		5,000,000		5,370,703
2.000%, 11/30/13		1,139,000		1,176,729
0.125%, 12/31/13		6,000,000		5,985,234
1.500%, 12/31/13		7,782,000		7,976,246
1.750%, 1/31/14		4,000,000		4,122,656

See Notes to Financial Statements.

105

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

1.250%, 2/15/14	$	3,000,000	$	3,061,875
4.000%, 2/15/14		2,000,000		2,157,188
1.875%, 2/28/14		1,500,000		1,551,270
1.750%, 3/31/14		5,000,000		5,164,063
1.250%, 4/15/14		2,000,000		2,043,516
1.875%, 4/30/14		5,000,000		5,182,031
1.000%, 5/15/14		5,000,000		5,083,203
4.750%, 5/15/14		11,000,000		12,151,993
2.250%, 5/31/14		5,000,000		5,231,446
2.625%, 6/30/14		8,000,000		8,456,250
0.625%, 7/15/14		10,000,000		10,078,125
2.625%, 7/31/14		5,000,000		5,293,946
2.375%, 8/31/14		7,500,000		7,901,660
2.375%, 9/30/14		6,000,000		6,331,172
2.375%, 10/31/14		16,000,000		16,903,750
4.250%, 11/15/14		4,000,000		4,441,875
0.250%, 12/15/14		12,540,000		12,499,343
2.625%, 12/31/14		10,000,000		10,666,797
2.250%, 1/31/15		15,000,000		15,846,679
4.000%, 2/15/15		4,082,000		4,534,209
2.500%, 4/30/15		1,630,000		1,739,770
2.125%, 5/31/15		15,000,000		15,837,305
1.875%, 6/30/15		10,500,000		11,003,672
1.750%, 7/31/15		5,000,000		5,219,336
1.250%, 8/31/15		5,000,000		5,133,594
1.250%, 9/30/15		14,000,000		14,365,313
1.250%, 10/31/15		5,000,000		5,128,906
4.500%, 11/15/15		12,000,000		13,798,594
1.375%, 11/30/15		10,000,000		10,305,859
4.500%, 2/15/16		5,000,000		5,781,836
2.625%, 2/29/16		6,000,000		6,486,797
2.375%, 3/31/16		6,000,000		6,426,328
2.000%, 4/30/16		5,000,000		5,280,274
2.625%, 4/30/16		2,500,000		2,705,371
5.125%, 5/15/16		4,087,000		4,864,168
1.750%, 5/31/16		5,000,000		5,229,101
3.250%, 5/31/16		3,000,000		3,329,297
3.250%, 6/30/16		2,000,000		2,221,406
1.500%, 7/31/16		8,000,000		8,271,562
4.875%, 8/15/16		810,000		960,894
3.000%, 8/31/16		9,000,000		9,914,765
1.000%, 9/30/16		4,000,000		4,041,719
3.000%, 9/30/16		5,000,000		5,512,890
3.125%, 10/31/16		5,000,000		5,544,922
0.875%, 11/30/16		14,055,000		14,098,373
2.750%, 11/30/16		7,500,000		8,189,648
0.875%, 12/31/16		2,000,000		2,003,672
3.250%, 12/31/16		1,500,000		1,675,019
3.125%, 1/31/17		5,000,000		5,558,594
4.625%, 2/15/17		5,458,000		6,477,750
3.000%, 2/28/17		5,000,000		5,530,469
3.125%, 4/30/17		5,000,000		5,569,531
4.500%, 5/15/17		3,500,000		4,152,012
2.750%, 5/31/17		6,000,000		6,567,890
2.500%, 6/30/17		1,800,000		1,946,953
2.375%, 7/31/17		3,000,000		3,224,766
4.750%, 8/15/17		3,186,000		3,836,765
1.875%, 8/31/17		5,500,000		5,757,383
1.875%, 9/30/17		3,500,000		3,659,961
1.875%, 10/31/17		5,000,000		5,228,516
4.250%, 11/15/17		1,150,000		1,358,617
2.750%, 12/31/17		5,000,000		5,481,836

3.500%, 2/15/18	$	7,000,000	$	7,982,461
2.625%, 4/30/18		3,000,000		3,266,836
3.875%, 5/15/18		7,432,000		8,670,473
2.375%, 5/31/18		11,000,000		11,797,500
2.250%, 7/31/18		9,075,000		9,653,531
4.000%, 8/15/18		4,000,000		4,711,719
1.375%, 9/30/18		8,555,000		8,602,119
3.750%, 11/15/18		4,000,000		4,654,062
1.375%, 12/31/18		3,000,000		3,005,742
2.750%, 2/15/19		14,000,000		15,335,468
3.125%, 5/15/19		3,000,000		3,364,219
3.625%, 8/15/19		2,000,000		2,316,875
3.375%, 11/15/19		11,500,000		13,112,246
3.625%, 2/15/20		10,000,000		11,599,219
3.500%, 5/15/20		11,500,000		13,231,738
2.625%, 8/15/20		17,000,000		18,337,422
2.625%, 11/15/20		5,000,000		5,383,789
3.625%, 2/15/21		13,000,000		15,094,726
3.125%, 5/15/21#		61,300,000		68,452,466
2.125%, 8/15/21		131,900,000		135,295,396
2.000%, 11/15/21		30,295,000		30,642,920

				1,012,898,713

Total Government Securities				1,767,284,828

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		10,584,948

Total Financials				10,584,948

Total Time Deposit				10,584,948

Total Long-Term Debt Securities (108.6%) (Cost $3,070,498,355)				3,151,572,867

	Number of Shares		Value (Note 1)
CONVERTIBLE PREFERRED STOCK:
Financial (0.2%)
*Commercial Bank (0.2%)*
Wells Fargo & Co.
7.500%		5,000		5,270,000

Total Convertible Preferred Stock (0.2%) (Cost $5,000,000)				5,270,000

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Certificate of Deposit (0.5%)
Itau Unibanco Holding S.A. 1.26%, 2/6/12 (p)	$	15,400,000		15,380,134

Government Securities (0.2%)
U.S. Treasury Bills 0.06%, 6/28/12 (p)		4,500,000		4,498,672
0.11%, 12/13/12 (p)		400,000		399,588

Total Government Securities				4,898,260

Total Short-Term Investments (0.7%) (Cost $20,273,437)				20,278,394

See Notes to Financial Statements.

106

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Contracts			Value (Note 1)

OPTIONS PURCHASED:
Call Option Purchased (0.0%)
10 Year U.S. Treasury Notes January 2012 @ $132.00*		40		$	16,250

Put Options Purchased (0.0%)
10 Year U.S. Treasury Notes January 2012 @ $127.00*		100			4,688
January 2012 @ $128.00*		51			4,781
90 Day Eurodollar January 2012 @ $99.00*		150			937
Eurodollars 1 Year Mid Curve March 2012 @ $99.00*		330			33,000

					43,406

Total Options Purchased (0.0%) (Cost $206,390)					59,656

Total Investments Before Securities Sold Short (109.5%) (Cost $3,095,978,182)					3,177,180,917

	Principal Amount			Value (Note 1)
SECURITIES SOLD SHORT:
*U.S. Government Agency (-2.8%)*
Federal National Mortgage Association
4.500%, 1/25/27 TBA	$	(2,100,000	)		(2,238,305	)
3.500%, 1/25/42 TBA		(2,200,000	)		(2,262,906	)
4.500%, 1/25/42 TBA		(29,200,000	)		(31,077,470	)
6.500%, 1/25/42 TBA		(2,000,000	)		(2,225,781	)
4.000%, 2/25/42 TBA		(27,600,000	)		(28,912,079	)
4.500%, 2/25/42 TBA		(500,000	)		(531,094	)
5.000%, 2/25/42 TBA		(4,600,000	)		(4,960,453	)
5.500%, 2/25/42 TBA		(9,600,000	)		(10,433,250	)

Total Securities Sold Short (-2.8%) (Proceeds Received $82,026,258)					(82,641,338	)

Total Investments after Securities Sold Short (106.7%) (Cost $3,013,951,924)					3,094,539,579
Other Assets Less Liabilities (-6.7%)					(193,202,794	)

Net Assets (100%)				$	2,901,336,785

*	Non-income producing.

†	Securities (totaling $2,969,442 or 0.1% of net assets) at fair value by management.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2011, the market value of these securities amounted to $353,497,025 or 12.2% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $3,849,603

(b)

Illiquid Security.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 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
CAD	—	Canadian Dollar
CMO	—	Collateralized Mortgage Obligation
DKK	—	Danish Krone
EUR	—	European Currency Unit
GBP	—	British Pound
STRIPS	—	Separate Trading of Registered Interest and Principal Securities
TBA	—	Security is subject to delayed delivery.

At December 31, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 12/31/2011		Unrealized Appreciation/ (Depreciation)
10 Year Australian Bonds		449		March-12	$	53,977,341	$	54,600,982	$	623,641
2 Year U.S. Treasury Notes		103		March-12		22,714,612		22,716,328		1,716
90 Day Eurodollar		3		March-12		741,534		745,163		3,629
90 Day Eurodollar		3		June-12		739,546		744,713		5,167
90 Day Eurodollar		3		September-12		737,520		744,487		6,967
90 Day Eurodollar		3		December-12		744,870		744,337		(533	)
90 Day Eurodollar		2		March-13		489,056		496,250		7,194
90 Day Eurodollar		2		June-13		492,487		496,175		3,688
90 Day Eurodollar		2		September-13		486,355		496,050		9,695
90 Day Eurodollar		2		December-13		485,031		495,775		10,744

See Notes to Financial Statements.

107

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

At December 31, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 12/31/2011		Unrealized Appreciation/ (Depreciation)
90 Day Eurodollar		231		December-14	$	56,817,097	$	56,950,162	$	133,065
90 Day Eurodollar		231		March-15		56,707,297		56,869,313		162,016
Long Gilt		171		March-12		30,134,905		31,057,592		922,687
U.S. Long Bond		9		March-12		1,298,360		1,303,313		4,953

									$	1,894,629

Sales
10 Year U.S. Treasury Notes		306		March-12	$	39,815,744	$	40,124,250	$	(308,506	)
5 Year U.S. Treasury Notes		168		March-12		20,685,293		20,707,313		(22,020	)
U.S. Ultra Bond		95		March-12		15,065,871		15,217,812		(151,941	)

									$	(482,467	)

									$	1,412,162

At December 31, 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)
British Pound vs. U.S. Dollar, expiring 3/12/12	Barclays Bank plc		462	$	717,013	$	722,390	$	(5,377	)
British Pound vs. U.S. Dollar, expiring 3/12/12	Citibank N.A.		427		662,695		662,607		88
Danish Krone vs. U.S. Dollar, expiring 3/8/12	Morgan Stanley		2,909		506,839		506,071		768
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		1,070		1,384,965		1,480,295		(95,330	)
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		22,487		29,106,268		29,276,275		(170,007	)
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		2,664		3,448,175		3,468,315		(20,140	)
Korean Won vs. U.S. Dollar, expiring 2/27/12	Citibank N.A.		16,540,804		14,304,090		14,778,471		(474,381	)
Mexican Peso vs. U.S. Dollar, expiring 3/15/12	HSBC Bank plc		67		4,806		4,972		(166	)
Taiwan Dollar vs. U.S. Dollar, expiring 1/11/12	JPMorgan Chase Bank		216,372		7,146,415		7,600,000		(453,585	)

								$	(1,218,130	)


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 2/2/12	Barclays Bank plc		795	$	785,829	$	810,197	$	(24,368	)
Australian Dollar vs. U.S. Dollar, expiring 2/2/12	Westpac Banking Corp.		25,623		25,223,281		26,112,799		(889,518	)
British Pound vs. U.S. Dollar, expiring 3/12/12	JPMorgan Chase Bank		6,905		10,829,284		10,716,408		112,876
British Pound vs. U.S. Dollar, expiring 3/12/12	JPMorgan Chase Bank		588		910,083		912,563		(2,480	)
Canadian Dollar vs. U.S. Dollar, expiring 2/9/12	Barclays Bank plc		696		675,283		682,625		(7,342	)
Danish Krone vs. U.S. Dollar, expiring 1/3/12	HSBC Bank plc		140,351		24,543,306		24,437,326		105,980
Danish Krone vs. U.S. Dollar, expiring 1/3/12	JPMorgan Chase Bank		50,260		8,768,384		8,750,979		17,405
Danish Krone vs. U.S. Dollar, expiring 3/8/12	JPMorgan Chase Bank		2,839		512,134		494,644		17,490
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		32,761		44,544,312		42,404,520		2,139,792
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		12		16,714		15,532		1,182
Japanese Yen vs. U.S. Dollar, expiring 1/13/12	Barclays Bank plc		883,089		11,347,987		11,474,173		(126,186	)
Korean Won vs. U.S. Dollar, expiring 2/27/12	Citibank N.A.		3,556,078		3,054,000		3,075,211		(21,211	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

At December 31, 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)
Singapore Dollar vs. U.S. Dollar, expiring 2/10/12	Barclays Bank plc		1	$	847	$	834	$	13
Taiwan Dollar vs. U.S. Dollar, expiring 1/11/12	Barclays Bank plc		210,382		7,400,000		6,948,575		451,425
Taiwan Dollar vs. U.S. Dollar, expiring 1/11/12	Barclays Bank plc		6,844		226,001		226,060		(59	)

								$	1,774,999

								$	556,869

Options Written:

Options written through the year ended December 31, 2011 were as follows:


	Total Number of Contracts			Total Premiums Received
Options Outstanding - January 1, 2011		1,524		$	927,688
Options Written		9,203			4,580,930
Options Terminated in Closing Purchase Transactions		(9,929	)		(5,098,519	)
Options Expired		(798	)		(410,099	)
Options Exercised		—			—

Options Outstanding - December 31, 2011		—		$	—

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	—	$	58,042,293	$	2,429,129	$	60,471,422
Non-Agency CMO		—		149,929,908		540,313		150,470,221
Convertible Preferred Stocks
Financials		5,270,000		—		—		5,270,000
Corporate Bonds
Consumer Discretionary		—		46,103,554		—		46,103,554
Consumer Staples		—		45,626,003		—		45,626,003
Energy		—		111,511,223		—		111,511,223
Financials		—		687,097,837		—		687,097,837
Health Care		—		61,624,192		—		61,624,192
Industrials		—		30,568,065		—		30,568,065
Information Technology		—		22,939,965		—		22,939,965
Materials		—		41,978,394		—		41,978,394
Telecommunication Services		—		44,874,270		—		44,874,270

See Notes to Financial Statements.

109

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011



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
Utilities	$	—		$	70,437,945		$	—	$	70,437,945
Forward Currency Contracts		—			2,847,019			—		2,847,019
Futures		1,895,162			—			—		1,895,162
Government Securities
Agency ABS		—			69,619,200			—		69,619,200
Agency CMO		—			6,799,020			—		6,799,020
Foreign Governments		—			78,379,367			—		78,379,367
Municipal Bonds		—			94,088,005			—		94,088,005
Supranational		—			41,299,035			—		41,299,035
U.S. Government Agencies		—			464,201,488			—		464,201,488
U.S. Treasuries		—			1,012,898,713			—		1,012,898,713
Options Purchased
Call Options Purchased		16,250			—			—		16,250
Put Options Purchased		43,406			—			—		43,406
Short-Term Investments		—			20,278,394			—		20,278,394
Time Deposits
Financials		—			10,584,948			—		10,584,948

Total Assets	$	7,224,818		$	3,171,728,838		$	2,969,442	$	3,181,923,098


Liabilities:
Forward Currency Contracts	$	—		$	(2,290,150	)	$	—	$	(2,290,150	)
Futures		(483,000	)		—			—		(483,000	)
Government Securities
U.S. Government Agencies		—			(82,641,338	)		—		(82,641,338	)

Total Liabilities	$	(483,000	)	$	(84,931,488	)	$	—	$	(85,414,488	)

Total	$	6,741,818		$	3,086,797,350		$	2,969,442	$	3,096,508,610

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



	Investments in Securities-Asset-Backed Securities

Balance as of 12/31/10	$	2,353,045
Total gains or losses (realized/unrealized) included in earnings		16,310
Purchases		540,312
Sales		(1,607,268	)
Issuances		—
Settlements		—
Transfers into Level 3		4,019,112
Transfers out of Level 3		(2,352,069	)

Balance as of 12/31/11	$	2,969,442

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 12/31/11.	$	(70,212	)

See Notes to Financial Statements.

110

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Fair Values of Derivative Instruments as of December 31, 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	$	1,895,162	*
Foreign exchange contracts	Receivables		2,847,019
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables

Total		$	4,742,181


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	(483,000	)*
Foreign exchange contracts	Payables		(2,290,150	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(2,773,150	)

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 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	$	(1,028,083	)	$	21,129,557		$	—	$	—	$	20,101,474
Foreign exchange contracts		—			(1,789	)		4,598,997		—		4,597,208
Credit contracts		—			—			—		—		—
Equity contracts		—			—			—		—		—
Commodity contracts		—			—			—		—		—
Other contracts		—			—			—		—		—

Total	$	(1,028,083	)	$	21,127,768		$	4,598,997	$	—	$	24,698,682


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	$	(443,484	)	$	2,018,638	$	—		$	—	$	1,575,154
Foreign exchange contracts		—			—		(1,239,499	)		—		(1,239,499	)
Credit contracts		—			—		—			—		—
Equity contracts		—			—		—			—		—
Commodity contracts		—			—		—			—		—
Other contracts		—			—		—			—		—

Total	$	(443,484	)	$	2,018,638	$	(1,239,499	)	$	—	$	335,655

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $308,223,000, futures contracts and option contracts with an average notional balance of approximately $1,043,583,000 and $739,000, respectively, during the year ending December 31, 2011.

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

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	5,983,301,314
Long-term U.S. Treasury securities		9,762,315,628

	$	15,745,616,942

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	7,330,272,706
Long-term U.S. Treasury securities		9,934,140,756

	$	17,264,413,462

As of December 31, 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	$	117,841,691
Aggregate gross unrealized depreciation		(37,695,041	)

Net unrealized appreciation	$	80,146,650

Federal income tax cost of investments	$	3,097,034,267

See Notes to Financial Statements.

112

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value (Cost $3,095,978,182)	$	3,177,180,917
Cash		28,270,230
Foreign cash (Cost $1,522,566)		1,534,338
Receivable for forward commitments		261,123,613
Receivable for securities sold		85,365,062
Dividends, interest and other receivables		24,532,067
Unrealized appreciation on forward foreign currency contracts		2,847,019
Receivable from Separate Accounts for Trust shares sold		1,113,995
Due from broker for futures variation margin		431,069
Other assets		5,294

Total assets		3,582,403,604

LIABILITIES
Payable for forward commitments		333,489,629
Payable for securities purchased		253,472,393
Securities sold short (Proceeds received $82,026,258)		82,641,338
Payable for return of cash collateral on forward contracts		3,017,860
Payable to Separate Accounts for Trust shares redeemed		2,593,722
Unrealized depreciation on forward foreign currency contracts		2,290,150
Investment management fees payable		1,358,170
Payable for return of cash collateral on forward commitments		958,981
Administrative fees payable		415,073
Distribution fees payable - Class B		322,943
Trustees’ fees payable		32,671
Accrued expenses		473,889

Total liabilities		681,066,819

NET ASSETS	$	2,901,336,785

Net assets were comprised of:
Paid in capital	$	2,803,012,800
Accumulated undistributed net investment income (loss)		(35,613	)
Accumulated undistributed net realized gain (loss) on investments, options written, futures and foreign currency transactions		15,857,717
Net unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		82,501,881

Net assets	$	2,901,336,785

Class A
Net asset value, offering and redemption price per share, $41,783,229 / 4,002,205 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.44

Class B
Net asset value, offering and redemption price per share, $1,533,746,937 / 146,655,745 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.46

Class K
Net asset value, offering and redemption price per share, $1,325,806,619 / 126,985,125 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.44

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Interest (net of $8,503 foreign withholding tax)	$	122,681,063
Dividends (net of $206 foreign withholding tax)		374,794

Total income		123,055,857

EXPENSES
Investment management fees		20,427,038
Administrative fees		5,950,346
Distribution fees - Class B		3,577,191
Printing and mailing expenses		269,403
Custodian fees		222,100
Professional fees		107,759
Trustees’ fees		52,776
Miscellaneous		178,401

Total expenses		30,785,014

NET INVESTMENT INCOME (LOSS)		92,270,843

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		113,052,251
Futures		21,127,768
Foreign currency transactions		7,774,966
Options written		(58,427	)
Securities sold short		(4,287,494	)

Net realized gain (loss)		137,609,064

Change in unrealized appreciation (depreciation) on:
Securities		(2,353,190	)
Futures		2,018,638
Foreign currency translations		(639,862	)
Options written		(296,750	)
Securities sold short		(237,631	)

Net change in unrealized appreciation (depreciation)		(1,508,795	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		136,100,269

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	228,371,112

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	92,270,843		$	114,548,882
Net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		137,609,064			98,115,784
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		(1,508,795	)		46,465,677

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		228,371,112			259,130,343

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(45,312,788	)		(86,210,918	)
Class B		(36,855,362	)		(38,444,541	)
Class K†		(21,089,996	)		—

		(103,258,146	)		(124,655,459	)

Distributions from net realized capital gains
Class A		(1,447,943	)		(37,431,995	)
Class B		(52,039,080	)		(18,214,843	)
Class K†		(45,400,907	)		—

		(98,887,930	)		(55,646,838	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(202,146,076	)		(180,302,297	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 12,609,194 and 40,962,423 shares, respectively ]		133,644,216			437,734,612
Capital shares issued in reinvestment of dividends and distributions [ 4,428,898 and 11,737,468 shares, respectively ]		46,760,731			123,642,913
Capital shares repurchased [ (282,658,898) and (55,370,584) shares, respectively ]		(3,049,768,983	)(z)		(585,094,117	)

Total Class A transactions		(2,869,364,036	)		(23,716,592	)

Class B
Capital shares sold [ 41,117,372 and 45,333,902 shares, respectively ]		440,799,703			482,184,025
Capital shares issued in reinvestment of dividends and distributions [ 8,459,118 and 5,366,771 shares, respectively ]		88,894,442			56,659,384
Capital shares repurchased [ (35,203,821) and (40,161,741) shares, respectively ]		(375,203,780	)		(427,501,392	)

Total Class B transactions		154,490,365			111,342,017

Class K†
Capital shares sold [ 230,130,596 and 0 shares, respectively ]		2,491,211,741	(z)		—
Capital shares issued in reinvestment of dividends and distributions [ 6,333,134 and 0 shares, respectively ]		66,490,903			—
Capital shares repurchased [ (109,478,605) and 0 shares, respectively ]		(1,182,724,100	)		—

Total Class K transactions		1,374,978,544			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,339,895,127	)		87,625,425

TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,313,670,091	)		166,453,471
NET ASSETS:
Beginning of year		4,215,006,876			4,048,553,405

End of year (a)	$	2,901,336,785		$	4,215,006,876

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(35,613	)	$	417,510

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Core Bond Portfolio exchanged approximately 228,045,315 Class A shares for approximately 228,045,315 Class K shares. This exchange amounted to approximately $2,468,678,090.

See Notes to Financial Statements.

114

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.48		$	10.27		$	9.86		$	10.38		$	10.21

Income (loss) from investment operations:
Net investment income (loss)		0.24	(e)		0.30	(e)		0.36	(e)		0.46	(e)		0.47	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.39			0.37			0.46			(0.19	)		0.17

Total from investment operations		0.63			0.67			0.82			0.27			0.64

Less distributions:
Dividends from net investment income		(0.30	)		(0.32	)		(0.38	)		(0.52	)		(0.47	)
Distributions from net realized gains		(0.37	)		(0.14	)		(0.03	)		(0.27	)		—

Total dividends and distributions		(0.67	)		(0.46	)		(0.41	)		(0.79	)		(0.47	)

Net asset value, end of year	$	10.44		$	10.48		$	10.27		$	9.86		$	10.38

Total return		6.10	%		6.60	%		8.44	%		2.55	%		6.53	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	41,783		$	2,826,132		$	2,796,284		$	2,481,594		$	2,088,488
Ratio of expenses to average net assets:
After waivers		0.69	%		0.69	%		0.71	%		0.75	%		0.71	%
Before waivers		0.69	%		0.69	%		0.71	%		0.76	%		0.76	%
Ratio of net investment income (loss) to average net assets:
After waivers		2.28	%		2.80	%		3.51	%		4.55	%		4.62	%
Before waivers		2.28	%		2.80	%		3.51	%		4.54	%		4.57	%
Portfolio turnover rate		384	%		492	%		623	%		431	%		475	%



	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.50		$	10.29		$	9.88		$	10.40		$	10.20

Income (loss) from investment operations:
Net investment income (loss)		0.23	(e)		0.27	(e)		0.33	(e)		0.44	(e)		0.44	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.37			0.38			0.47			(0.20	)		0.18

Total from investment operations		0.60			0.65			0.80			0.24			0.62

Less distributions:
Dividends from net investment income		(0.27	)		(0.30	)		(0.36	)		(0.49	)		(0.42	)
Distributions from net realized gains		(0.37	)		(0.14	)		(0.03	)		(0.27	)		—

Total dividends and distributions		(0.64	)		(0.44	)		(0.39	)		(0.76	)		(0.42	)

Net asset value, end of year	$	10.46		$	10.50		$	10.29		$	9.88		$	10.40

Total return		5.83	%		6.33	%		8.16	%		2.30	%		6.23	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,533,747		$	1,388,875		$	1,252,270		$	912,195		$	829,932
Ratio of expenses to average net assets:
After waivers		0.94	%		0.94	%		0.96	%		1.00	%		0.96	%
Before waivers		0.94	%		0.94	%		0.96	%		1.01	%		1.01	%
Ratio of net investment income (loss) to average net assets:
After waivers		2.19	%		2.55	%		3.25	%		4.29	%		4.37	%
Before waivers		2.19	%		2.55	%		3.25	%		4.28	%		4.32	%
Portfolio turnover rate		384	%		492	%		623	%		431	%		475	%

See Notes to Financial Statements.

115

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MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


Class K	August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	10.81

Income (loss) from investment operations:
Net investment income (loss)		0.11	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.02

Total from investment operations		0.13

Less distributions:
Dividends from net investment income		(0.13	)
Distributions from net realized gains		(0.37	)

Total dividends and distributions		(0.50	)

Net asset value, end of period	$	10.44

Total return (b)		1.17	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,325,807
Ratio of expenses to average net assets:
After waivers (a)		0.69	%
Before waivers (a)		0.69	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		2.78	%
Before waivers (a)		2.78	%
Portfolio turnover rate		384	%

*	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.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

116

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø

BlackRock Investment Management LLC

_Ø

EARNEST Partners, LLC***

_Ø

JPMorgan Investment Management Inc.

_Ø

Marsico Capital Management, LLC

PERFORMANCE RESULTS

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Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.*
Portfolio – Class A Shares		(17.84	)%		(7.30	)%		2.30	%		2.30	%
Portfolio – Class B Shares		(17.99	)		(7.53	)		2.06			2.06
Portfolio – Class K Shares**		(17.84	)		(7.30	)		2.30			2.30
MSCI EAFE Index		(12.14	)		(4.72	)		4.67			4.67
Volatility Managed Index – International		(12.95	)		(2.26	)		6.30			6.30
Volatility Managed Index – International Proxy		(11.88	)		(1.90	)		N/A			N/A
EAFE Proxy 40% DJ EuroSTOXX50 Index 25% FTSE 100 Index 25% TOPIX Index 10% S&P ASX 200 Index		(11.08	)		(4.82	)		N/A			N/A
* Date of inception 12/31/01. ** Date of inception 8/26/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

***	Effective September 1, 2011, EARNEST Partners, LLC replaced AllianceBernstein L.P.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (17.84)% for the year ended December 31, 2011. The Portfolio’s benchmark, the MSCI EAFE Index, returned (12.14)%, the Volatility Managed Index – International returned (12.95)% and the Volatility Managed Index – International Proxy returned (11.88)% over the same period.

Due much in part to multiple geopolitical events and natural disasters, global markets pulled back considerably during 2011. For the year, international equity markets, as measured by the MSCI EAFE Index, posted a negative return. For the benchmark, only three of the ten sectors posted positive returns, led by Health Care and Consumer Staples, while Materials and Financials were the worst.

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

Portfolio Highlights

What helped performance during the year:

•

Stock selection in the Information Technology sector was the largest contributor to the Portfolio’s performance. Investments in three companies not held by the benchmark, Taiwan Semiconductor Manufacturing Co Ltd., Mercadolibre, Inc. and ARM Holdings PLC, all added to performance.

•

An overweight holding of Sands China Ltd. was the largest individual stock contributor.

•

Sector selection in the Energy, Materials, and Utilities sectors aided relative returns.

•

Owning Canadian National Railway stock, which the benchmark did not, was beneficial to the Portfolio’s relative returns.

What hurt performance during the year:

•

Stock selection in the Financials sector had the largest negative impact on the Portfolio’s performance. Holdings such as ICIC Bank Limited, Citigroup Inc., and Societe Generale were some of the largest individual detractors.

•

Owning OGX Petroleo Gas, in the Energy sector, was the largest stock detractor from relative performance.

•

Sector underweights in the Consumer Staples and Health Care sectors hurt relative returns.

•

117

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of 12/31/11	% of Net Assets
Financials		17.3	%
Consumer Discretionary		11.5
Industrials		10.8
Health Care		9.6
Energy		9.4
Information Technology		8.4
Materials		8.3
Consumer Staples		8.1
Telecommunication Services		4.4
Utilities		2.0
Exchange Traded Funds		0.9
Cash and Other		9.3

		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 December 31, 2011 and held for the entire six month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$795.00		$4.74
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.93		5.33
Class B
Actual		1,000.00		794.20		5.91
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.62		6.65
Class K†
Actual		1,000.00		948.87		3.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.85		5.41
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.05%, 1.31% and 1.06%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 128/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 8/26/2011.

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Argentina (0.5%)
Arcos Dorados Holdings, Inc., Class A		77,750	$	1,596,207
MercadoLibre, Inc.		27,018		2,149,012

				3,745,219

Australia (4.5%)
AGL Energy Ltd.		16,422		240,693
Alumina Ltd.		73,267		83,555
Amcor Ltd.		41,564		306,509
AMP Ltd.		96,345		401,065
Asciano Ltd.		28,599		131,630
ASX Ltd.		6,373		199,330
Australia & New Zealand Banking Group Ltd.		86,252		1,811,127
Bendigo and Adelaide Bank Ltd.		14,198		116,609
BGP Holdings plc*(b)†		568,558		—
BHP Billiton Ltd.		155,631		5,478,954
BHP Billiton Ltd. (ADR)		59,400		4,195,422
Boral Ltd.		21,820		80,343
Brambles Ltd.		46,904		343,490
Caltex Australia Ltd.		4,453		53,607
Campbell Brothers Ltd.		2,215		110,987
CFS Retail Property Trust (REIT)		55,267		95,248
Coca-Cola Amatil Ltd.		18,417		216,813
Cochlear Ltd.		1,685		106,852
Commonwealth Bank of Australia		51,274		2,581,247
Computershare Ltd.		16,759		137,300
Crown Ltd.		13,076		108,197
CSL Ltd.		17,780		581,932
Dexus Property Group (REIT)		181,786		154,322
Echo Entertainment Group Ltd.*		25,077		92,079
Fairfax Media Ltd.		97,264		71,627
Fortescue Metals Group Ltd.		38,463		167,982
Goodman Group (REIT)		205,274		119,674
GPT Group (REIT)		64,305		201,917
Harvey Norman Holdings Ltd.		11,472		21,531
Iluka Resources Ltd.		12,775		202,527
Incitec Pivot Ltd.		58,680		186,656
Insurance Australia Group Ltd.		73,904		225,255
Leighton Holdings Ltd.		4,258		82,921
Lend Lease Group		15,898		116,425
Lynas Corp., Ltd.*		48,902		52,268
Macquarie Group Ltd.		10,928		265,905
Metcash Ltd.		21,988		90,857
Mirvac Group (REIT)		100,021		120,716
National Australia Bank Ltd.		72,218		1,725,476
Newcrest Mining Ltd.		25,420		769,587
OneSteel Ltd.		34,036		24,368
Orica Ltd.		12,120		300,487
Origin Energy Ltd.		36,130		492,963
OZ Minerals Ltd.		10,682		109,365
Qantas Airways Ltd.*		45,797		68,388
QBE Insurance Group Ltd.		35,846		474,790
QR National Ltd.		52,267		182,829
Ramsay Health Care Ltd.		3,622		71,424
Rio Tinto Ltd.		23,285		1,436,099
Santos Ltd.		30,933		387,252
Sonic Healthcare Ltd.		13,740		158,521
SP AusNet		29,901		28,748

Stockland Corp., Ltd. (REIT)		83,907	$	273,766
Suncorp Group Ltd.		40,241		344,908
Sydney Airport		14,238		38,737
TABCORP Holdings Ltd.		25,077		70,021
Tatts Group Ltd.		35,067		87,514
Telstra Corp., Ltd.		142,325		484,748
Toll Holdings Ltd.		25,729		111,052
Transurban Group		42,335		243,347
Wesfarmers Ltd.		33,628		1,014,644
Westfield Group (REIT)		70,373		562,144
Westfield Retail Trust (REIT)		95,224		242,514
Westpac Banking Corp.		99,736		2,040,199
Woodside Petroleum Ltd.		20,352		637,387
Woolworths Ltd.		40,361		1,036,159
WorleyParsons Ltd.		5,975		156,875

				33,127,884

Austria (1.1%)
Conwert Immobilien Invest SE		54,594		606,045
Erste Group Bank AG		82,162		1,447,431
Immofinanz AG*		27,178		81,973
OMV AG		5,368		163,119
Raiffeisen Bank International AG		2,010		52,299
Schoeller-Bleckmann Oilfield Equipment AG		60,600		5,364,277
Telekom Austria AG		10,728		128,584
Verbund AG		2,236		60,092
Vienna Insurance Group AG		1,637		64,926
Voestalpine AG		4,058		114,088

				8,082,834

Belgium (1.1%)
Ageas		67,900		105,456
Anheuser-Busch InBev N.V.		113,661		6,958,837
Belgacom S.A.		4,529		142,087
Colruyt S.A.		2,853		108,005
Delhaize Group S.A.		3,146		176,733
Groupe Bruxelles Lambert S.A.		2,470		164,667
KBC Groep N.V.		5,805		73,110
Mobistar S.A.		1,357		71,112
NV Bekaert S.A.		1,174		37,660
Solvay S.A.		2,090		172,199
UCB S.A.		3,751		157,827
Umicore S.A.		3,441		141,934

				8,309,627

Bermuda (0.5%)
Everest Reinsurance Group Ltd.		38,000		3,195,420
Seadrill Ltd.		10,776		360,350

				3,555,770

Brazil (2.1%)
Amil Participacoes S.A.		398,100		3,506,652
Banco Bradesco S.A. (ADR)		142,300		2,373,564
BR Malls Participacoes S.A.		212,700		2,066,277
Itau Unibanco Holding S.A. (Preference) (ADR)		119,600		2,219,776
OGX Petroleo e Gas Participacoes S.A.*		495,600		3,618,857
Petroleo Brasileiro S.A. (ADR)		63,100		1,568,035

				15,353,161

See Notes to Financial Statements.

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Canada (1.4%)
Canadian National Railway Co.		51,674	$	4,059,510
Imax Corp.*		52,280		958,292
Pacific Rubiales Energy Corp.		78,235		1,438,372
Potash Corp. of Saskatchewan, Inc.		39,980		1,650,374
Rogers Communications, Inc., Class B		52,700		2,029,477

				10,136,025

China (3.0%)
Anhui Conch Cement Co., Ltd., Class H		866,500		2,571,631
Baidu, Inc. (ADR)*		30,285		3,527,294
China Construction Bank Corp., Class H		699,000		487,804
China Merchants Bank Co., Ltd., Class H		947,000		1,914,338
China Oilfield Services Ltd., Class H		1,697,500		2,679,596
China Shipping Container Lines Co., Ltd., Class H*		3,474,000		791,721
CNOOC Ltd.		1,243,100		2,173,576
Foxconn International Holdings Ltd.*		100,424		64,781
Industrial & Commercial Bank of China Ltd., Class H		3,634,135		2,157,104
Mindray Medical International Ltd. (ADR)		93,700		2,402,468
Weichai Power Co., Ltd., Class H		735,900		3,619,522
Yangzijiang Shipbuilding Holdings Ltd.		63,182		44,328

				22,434,163

Colombia (0.4%)
Bancolombia S.A. (ADR)		53,300		3,174,548

Czech Republic (0.1%)
Komercni Banka A/S		3,500		589,929

Denmark (1.2%)
A. P. Moller - Maersk A/S, Class A		20		124,806
A. P. Moller - Maersk A/S, Class B		45		297,111
Carlsberg A/S, Class B		3,426		241,591
Coloplast A/S, Class B		891		128,143
Danske Bank A/S*		20,654		262,342
DSV A/S		6,208		111,334
Novo Nordisk A/S, Class B		44,154		5,074,024
Novozymes A/S, Class B		63,325		1,954,890
TDC A/S		10,394		83,358
Tryg A/S		1,190		66,096
Vestas Wind Systems A/S*		6,466		69,802
William Demant Holding A/S*		689		57,296

				8,470,793

Finland (0.3%)
Elisa Oyj		3,912		81,668
Fortum Oyj		14,089		300,690
Kesko Oyj, Class B		2,564		86,147
Kone Oyj, Class B		5,323		276,261
Metso Oyj		4,014		148,840

Neste Oil Oyj		4,467	$	45,124
Nokia Oyj		120,425		587,904
Nokian Renkaat Oyj		3,566		114,828
Orion Oyj, Class B		2,434		47,411
Pohjola Bank plc, Class A		6,060		58,902
Sampo Oyj, Class A		13,292		329,785
Sanoma Oyj		3,770		43,255
Stora Enso Oyj, Class R		19,191		114,950
UPM-Kymmene Oyj		16,207		178,505
Wartsila Oyj		5,246		151,545

				2,565,815

France (5.7%)
Accor S.A.		20,498		519,581
Aeroports de Paris S.A.		1,361		93,358
Air Liquide S.A.		9,214		1,139,932
Alcatel-Lucent S.A.*		80,179		125,252
Alstom S.A.		6,548		198,563
Arkema S.A.		1,663		117,733
AtoS		1,940		85,143
AXA S.A.‡		55,619		723,088
BNP Paribas S.A.		45,123		1,772,453
Bouygues S.A.		5,919		186,499
Bureau Veritas S.A.		1,856		135,240
Cap Gemini S.A.		4,570		142,811
Carrefour S.A.		19,446		443,334
Casino Guichard Perrachon S.A.		2,015		169,723
Christian Dior S.A.		1,930		228,833
Cie de Saint-Gobain S.A.		13,335		511,983
Cie Generale de Geophysique-Veritas*		5,304		124,457
Cie Generale des Etablissements Michelin, Class B		5,621		332,285
Cie Generale d’Optique Essilor International S.A.		6,451		455,449
CNP Assurances S.A.		5,136		63,667
Credit Agricole S.A.		31,689		178,819
Danone S.A.		18,885		1,187,144
Dassault Systemes S.A.		1,746		139,947
Edenred		4,639		114,197
EDF S.A.		8,010		194,898
Eiffage S.A.		1,687		40,840
Eurazeo S.A.		1,250		44,482
Eutelsat Communications S.A.		3,724		145,317
Fonciere des Regions (REIT)		1,018		65,350
France Telecom S.A.		60,485		949,961
GDF Suez S.A.		40,623		1,110,412
Gecina S.A. (REIT)		868		73,022
Groupe Eurotunnel S.A. (Registered)		19,029		129,545
ICADE (REIT)		931		73,249
Iliad S.A.		795		98,108
Imerys S.A.		6,752		311,013
J.C. Decaux S.A.*		2,848		65,593
Klepierre S.A. (REIT)		3,936		112,275
Lafarge S.A.		16,753		588,899
Lagardere S.C.A.		3,893		102,786
Legrand S.A.		7,342		236,134
L’Oreal S.A.		7,759		810,396
LVMH Moet Hennessy Louis Vuitton S.A.		14,501		2,053,210
Natixis S.A.		32,506		81,786

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Neopost S.A.		1,068	$	71,960
Pernod-Ricard S.A.		33,802		3,134,999
Peugeot S.A.		5,441		85,279
PPR S.A.		7,530		1,078,362
Publicis Groupe S.A.		39,557		1,819,785
Renault S.A.		6,686		231,910
Safran S.A.		4,955		148,814
Sanofi S.A.		53,301		3,914,888
Schneider Electric S.A.		80,200		4,222,537
SCOR SE		6,304		147,351
Societe BIC S.A.		1,092		96,812
Societe Generale S.A.		70,459		1,568,951
Societe Television Francaise 1 S.A.		2,933		28,630
Sodexo S.A.		2,879		206,689
Suez Environnement Co. S.A.		9,867		113,669
Technip S.A.		11,088		1,042,144
Thales S.A.		3,770		119,055
Total S.A.		102,705		5,250,575
Unibail-Rodamco S.A. (REIT)		2,939		528,348
Vallourec S.A.		3,676		238,644
Veolia Environnement S.A.		12,185		133,560
Vinci S.A.		14,338		626,483
Vivendi S.A.		40,111		878,379
Wendel S.A.		940		62,655

				42,227,246

Germany (5.0%)
Adidas AG		42,369		2,756,061
Allianz SE (Registered)		15,064		1,440,992
Axel Springer AG		1,257		54,020
BASF SE		29,986		2,091,437
Bayer AG (Registered)		40,732		2,604,239
Bayerische Motoren Werke (BMW) AG		53,950		3,614,131
Bayerische Motoren Werke (BMW) AG (Preference)		1,722		81,459
Beiersdorf AG		3,062		173,658
Brenntag AG		959		89,303
Celesio AG		3,526		55,858
Commerzbank AG*		118,113		199,187
Continental AG*		2,463		153,314
Daimler AG (Registered)		29,602		1,299,556
Deutsche Bank AG (Registered)		30,403		1,158,240
Deutsche Boerse AG*		6,199		325,014
Deutsche Lufthansa AG (Registered)		7,065		83,987
Deutsche Post AG (Registered)		27,271		419,310
Deutsche Telekom AG (Registered)		92,369		1,059,798
E.ON AG		60,094		1,296,537
Fraport AG		1,212		59,608
Fresenius Medical Care AG & Co. KGaA		16,342		1,110,408
Fresenius SE & Co. KGaA		3,989		369,034
GEA Group AG		5,457		154,320
Hannover Rueckversicherung AG (Registered)		1,989		98,659
HeidelbergCement AG		4,336		184,013
Henkel AG & Co. KGaA		4,628		224,018
Henkel AG & Co. KGaA (Preference)		15,554		897,631

Hochtief AG		1,644	$	95,100
Infineon Technologies AG		231,547		1,742,937
K+S AG (Registered)		5,479		247,625
Kabel Deutschland Holding AG*		2,953		149,877
Lanxess AG		2,597		134,447
Linde AG		10,635		1,582,212
MAN SE		2,084		185,299
Merck KGaA		2,149		214,247
Metro AG		4,009		146,320
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		5,884		721,784
Porsche Automobil Holding SE (Preference)		5,049		270,209
ProSiebenSat.1 Media AG (Preference)		2,149		39,259
RWE AG		14,407		506,246
RWE AG (Preference)		1,550		51,025
Salzgitter AG		1,442		72,096
SAP AG		48,982		2,589,684
Siemens AG (Registered)		37,405		3,579,540
Suedzucker AG		2,105		67,156
Symrise AG		9,642		257,320
ThyssenKrupp AG		12,659		290,405
United Internet AG (Registered)		2,841		50,742
Volkswagen AG		1,099		147,430
Volkswagen AG (Preference)		10,071		1,508,731
Wacker Chemie AG		615		49,469

				36,752,952

Greece (0.0%)
Coca Cola Hellenic Bottling Co. S.A.*		6,870		117,812
Hellenic Telecommunications Organization S.A.		8,460		31,534
National Bank of Greece S.A.*		29,864		62,616
OPAP S.A.		7,714		68,190

				280,152

Hong Kong (3.2%)
AIA Group Ltd.		276,527		863,413
ASM Pacific Technology Ltd.		6,800		76,304
Bank of East Asia Ltd.		55,247		209,134
Belle International Holdings Ltd.		1,381,000		2,407,584
BOC Hong Kong Holdings Ltd.		115,000		272,449
Cathay Pacific Airways Ltd.		41,000		70,317
Cheung Kong Holdings Ltd.		45,000		535,369
Cheung Kong Infrastructure Holdings Ltd.		19,000		111,310
China Unicom Hong Kong Ltd.		1,908,000		4,014,204
CLP Holdings Ltd.		65,000		552,784
First Pacific Co., Ltd.		70,000		72,825
Galaxy Entertainment Group Ltd.*		33,000		60,505
Hang Lung Group Ltd.		27,000		147,922
Hang Lung Properties Ltd.		1,024,000		2,913,810
Hang Seng Bank Ltd.		24,400		289,504
Henderson Land Development Co., Ltd.		33,000		164,010
Hong Kong & China Gas Co., Ltd.		152,020		352,324
Hong Kong Exchanges and Clearing Ltd.		32,800		524,101

See Notes to Financial Statements.

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Hopewell Holdings Ltd.		25,500	$	65,206
Hutchison Whampoa Ltd.		69,000		577,917
Hysan Development Co., Ltd.		24,448		80,270
Kerry Properties Ltd.		20,500		67,835
Li & Fung Ltd.		1,550,000		2,869,853
Lifestyle International Holdings Ltd.		26,500		58,414
Link REIT (REIT)		79,813		293,906
MTR Corp.		49,589		160,580
New World Development Co., Ltd.		136,212		109,789
Noble Group Ltd.		115,454		100,585
NWS Holdings Ltd.		57,653		84,921
Orient Overseas International Ltd.		606,700		3,542,586
PCCW Ltd.		116,974		40,213
Power Assets Holdings Ltd.		43,500		321,772
Shangri-La Asia Ltd.		55,166		95,180
Sino Land Co., Ltd.		93,910		133,732
SJM Holdings Ltd.		49,000		79,999
Sun Hung Kai Properties Ltd.		46,000		576,584
Swire Pacific Ltd., Class A		25,000		301,773
Wharf Holdings Ltd.		52,000		235,006
Wheelock & Co., Ltd.		35,000		86,705
Wing Hang Bank Ltd.		7,500		61,465
Yue Yuen Industrial Holdings Ltd.		23,000		72,702

				23,654,862

India (0.7%)
ICICI Bank Ltd. (ADR)		110,730		2,926,594
Yes Bank Ltd.		482,000		2,167,434

				5,094,028

Ireland (2.8%)
Accenture plc, Class A		57,376		3,054,125
CRH plc		24,106		479,189
Elan Corp. plc*		27,445		380,782
Experian plc		259,516		3,528,513
ICON plc (ADR)*		130,800		2,237,988
James Hardie Industries SE (CDI)		12,101		84,410
Kerry Group plc, Class A		4,846		177,809
Shire plc		259,690		9,045,987
WPP plc		126,781		1,329,998

				20,318,801

Israel (0.7%)
Bank Hapoalim B.M.		31,394		102,784
Bank Leumi Le-Israel B.M.		35,356		101,684
Bezeq Israeli Telecommunication Corp., Ltd.		50,965		93,697
Cellcom Israel Ltd.		1,268		21,281
Ceragon Networks Ltd.*		127,300		980,210
Check Point Software Technologies Ltd.*		29,220		1,535,219
Delek Group Ltd.		78		14,759
Elbit Systems Ltd.		540		22,263
Israel Chemicals Ltd.		13,554		141,271
Israel Corp., Ltd.		61		38,299
Israel Discount Bank Ltd., Class A*		17,173		23,092

Mizrahi Tefahot Bank Ltd.		2,711	$	21,549
NICE Systems Ltd.*		1,520		51,925
Partner Communications Co., Ltd.		1,968		17,457
Teva Pharmaceutical Industries Ltd.		30,480		1,241,268
Teva Pharmaceutical Industries Ltd. (ADR)		16,045		647,576

				5,054,334

Italy (1.0%)
A2A S.p.A.		48,630		45,725
Assicurazioni Generali S.p.A.		39,117		588,794
Atlantia S.p.A.		10,396		166,439
Autogrill S.p.A.		2,955		28,837
Banca Carige S.p.A.		14,331		27,451
Banca Monte dei Paschi di Siena S.p.A.		118,403		38,602
Banco Popolare S.c.a.r.l.		66,562		86,148
Enel Green Power S.p.A.		49,820		104,070
Enel S.p.A.		213,797		869,966
ENI S.p.A.		79,839		1,654,339
Exor S.p.A.		1,808		36,387
Fiat Industrial S.p.A.*		26,264		225,198
Fiat S.p.A.		26,264		120,672
Finmeccanica S.p.A.		14,990		55,448
Intesa Sanpaolo S.p.A. (BATS Europe Exchange)		40,356		50,324
Intesa Sanpaolo S.p.A. (XetraIntlMkt Exchange)		551,215		923,153
Luxottica Group S.p.A.		3,315		93,103
Mediaset S.p.A.		24,518		67,844
Mediobanca S.p.A.		18,913		108,830
Pirelli & C. S.p.A.		6,116		51,491
Prada S.p.A.*		115,400		522,276
Prysmian S.p.A.		6,729		83,563
Saipem S.p.A.		8,382		356,370
Snam Rete Gas S.p.A.		49,982		220,331
Telecom Italia S.p.A.		309,598		332,979
Telecom Italia S.p.A. (RNC)		198,781		178,032
Terna Rete Elettrica Nazionale S.p.A.		42,513		143,279
UniCredit S.p.A.		44,861		372,751
Unione di Banche Italiane S.c.p.A.		24,186		99,104

				7,651,506

Japan (14.2%)
ABC-Mart, Inc.		1,100		41,831
Advantest Corp.		6,100		58,091
Aeon Co., Ltd.		19,700		270,533
Aeon Credit Service Co., Ltd.		2,600		41,076
Aeon Mall Co., Ltd.		1,700		36,089
Air Water, Inc.		5,000		63,661
Aisin Seiki Co., Ltd.		6,900		196,682
Ajinomoto Co., Inc.		22,000		264,103
Alfresa Holdings Corp.		800		33,727
All Nippon Airways Co., Ltd.		23,000		64,246
Amada Co., Ltd.		10,000		63,401
Aozora Bank Ltd.		25,000		68,858
Asahi Breweries Ltd.		13,800		303,001
Asahi Glass Co., Ltd.		35,000		293,751
Asahi Kasei Corp.		39,000		235,105

See Notes to Financial Statements.

122

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Asics Corp.		4,000	$	45,108
Astellas Pharma, Inc.		14,800		601,845
Bank of Kyoto Ltd.		13,000		111,979
Bank of Yokohama Ltd.		37,000		174,977
Benesse Holdings, Inc.		2,000		96,791
Bridgestone Corp.		20,600		467,026
Brother Industries Ltd.		9,200		112,953
Canon, Inc.		112,100		4,966,364
Casio Computer Co., Ltd.		9,600		58,246
Central Japan Railway Co.		48		405,353
Chiba Bank Ltd.		23,000		148,214
Chiyoda Corp.		6,000		61,037
Chubu Electric Power Co., Inc.		22,400		418,199
Chugai Pharmaceutical Co., Ltd.		8,600		141,788
Chugoku Bank Ltd.		7,000		97,583
Chugoku Electric Power Co., Inc.		9,700		170,005
Citizen Holdings Co., Ltd.		6,100		35,425
Coca-Cola West Co., Ltd.		1,200		20,813
Cosmo Oil Co., Ltd.		15,000		41,899
Credit Saison Co., Ltd.		4,000		80,187
Dai Nippon Printing Co., Ltd.		18,000		173,054
Daicel Chemical Industries Ltd.		10,000		60,933
Daido Steel Co., Ltd.		8,000		50,201
Daihatsu Motor Co., Ltd.		6,000		107,107
Dai-ichi Life Insurance Co., Ltd.		285		280,298
Daiichi Sankyo Co., Ltd.		21,100		418,327
Daikin Industries Ltd.		20,300		555,962
Dainippon Sumitomo Pharma Co., Ltd.		7,500		85,455
Daito Trust Construction Co., Ltd.		2,500		214,369
Daiwa House Industry Co., Ltd.		15,000		178,901
Daiwa Securities Group, Inc.		51,000		159,023
DeNA Co., Ltd.		2,800		83,996
Denki Kagaku Kogyo KK		13,000		48,136
Denso Corp.		120,300		3,322,824
Dentsu, Inc.		5,383		164,280
East Japan Railway Co.		17,405		1,108,023
Eisai Co., Ltd.		8,300		343,452
Electric Power Development Co., Ltd.		3,200		85,103
Elpida Memory, Inc.*		8,500		39,535
FamilyMart Co., Ltd.		1,600		64,649
FANUC Corp.		32,200		4,928,102
Fast Retailing Co., Ltd.		1,700		309,211
Fuji Electric Holdings Co., Ltd.		13,000		35,637
Fuji Heavy Industries Ltd.		17,000		102,702
Fujifilm Holdings Corp.		15,900		376,584
Fujitsu Ltd.		59,000		306,613
Fukuoka Financial Group, Inc.		25,000		104,911
Furukawa Electric Co., Ltd.		17,000		39,093
Gree, Inc.		3,000		103,365
GS Yuasa Corp.		9,000		48,408
Gunma Bank Ltd.		17,000		93,426
Hachijuni Bank Ltd.		14,000		79,849
Hakuhodo DY Holdings, Inc.		670		38,475
Hamamatsu Photonics KK		2,200		76,973
Hino Motors Ltd.		8,000		48,538
Hirose Electric Co., Ltd.		1,300		114,005
Hiroshima Bank Ltd.		21,000		97,674
Hisamitsu Pharmaceutical Co., Inc.		2,500		105,885

Hitachi Chemical Co., Ltd.		4,500	$	79,278
Hitachi Construction Machinery Co., Ltd.		2,700		45,462
Hitachi High-Technologies Corp.		3,100		67,260
Hitachi Ltd.		625,000		3,280,499
Hitachi Metals Ltd.		4,000		43,497
Hokkaido Electric Power Co., Inc.		7,300		103,947
Hokuhoku Financial Group, Inc.		53,000		103,287
Hokuriku Electric Power Co.		5,400		100,816
Honda Motor Co., Ltd.		159,800		4,874,762
Hoya Corp.		89,500		1,927,907
Ibiden Co., Ltd.		3,300		65,254
Idemitsu Kosan Co., Ltd.		700		72,210
IHI Corp.		37,000		89,892
INPEX Corp.		71		447,382
Isetan Mitsukoshi Holdings Ltd.		12,300		128,961
Isuzu Motors Ltd.		35,000		161,881
ITOCHU Corp.		47,600		483,607
ITOCHU Techno-Solutions Corp.		900		40,399
Iyo Bank Ltd.		10,000		98,740
J. Front Retailing Co., Ltd.		16,000		77,329
Japan Petroleum Exploration Co.		500		19,553
Japan Prime Realty Investment Corp. (REIT)		25		58,887
Japan Real Estate Investment Corp. (REIT)		17		132,519
Japan Retail Fund Investment Corp. (REIT)		62		91,828
Japan Steel Works Ltd.		8,000		55,606
Japan Tobacco, Inc.		318		1,495,596
JFE Holdings, Inc.		16,000		289,775
JGC Corp.		6,000		144,056
Joyo Bank Ltd.		21,000		92,763
JS Group Corp.		8,100		155,223
JSR Corp.		5,300		97,778
JTEKT Corp.		5,900		58,026
Jupiter Telecommunications Co., Ltd.		64		64,856
JX Holdings, Inc.		70,844		427,991
Kajima Corp.		35,000		107,315
Kamigumi Co., Ltd.		10,000		86,267
Kaneka Corp.		11,000		58,594
Kansai Electric Power Co., Inc.		23,900		366,713
Kansai Paint Co., Ltd.		7,000		62,479
Kao Corp.		17,100		467,212
Kawasaki Heavy Industries Ltd.		43,000		107,263
Kawasaki Kisen Kaisha Ltd.		19,000		34,312
KDDI Corp.		99		636,677
Keikyu Corp.		15,000		134,663
Keio Corp.		19,000		134,039
Keisei Electric Railway Co., Ltd.		9,000		66,182
Keyence Corp.		1,300		313,473
Kikkoman Corp.		6,000		68,910
Kinden Corp.		3,000		25,335
Kintetsu Corp.		60,000		234,637
Kirin Holdings Co., Ltd.		26,000		316,175
Kobe Steel Ltd.		72,000		111,316
Koito Manufacturing Co., Ltd.		2,000		28,063
Komatsu Ltd.		63,500		1,484,169
Konami Corp.		3,100		92,835
Konica Minolta Holdings, Inc.		13,500		100,676

See Notes to Financial Statements.

123

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Kubota Corp.		122,000	$	1,022,346
Kuraray Co., Ltd.		10,300		146,531
Kurita Water Industries Ltd.		4,500		116,929
Kyocera Corp.		5,200		418,189
Kyowa Hakko Kirin Co., Ltd.		9,000		110,147
Kyushu Electric Power Co., Inc.		12,200		174,671
Lawson, Inc.		2,000		124,854
Mabuchi Motor Co., Ltd.		500		20,820
Makita Corp.		3,300		106,799
Marubeni Corp.		316,000		1,925,477
Marui Group Co., Ltd.		4,900		38,197
Maruichi Steel Tube Ltd.		900		20,077
Mazda Motor Corp.*		61,000		107,782
McDonald’s Holdings Co. Japan Ltd.		3,000		80,954
Medipal Holdings Corp.		4,800		50,139
MEIJI Holdings Co., Ltd.		2,282		94,725
Miraca Holdings, Inc.		1,500		59,731
Mitsubishi Chemical Holdings Corp.		42,000		231,363
Mitsubishi Corp.		81,800		1,652,579
Mitsubishi Electric Corp.		63,000		604,054
Mitsubishi Estate Co., Ltd.		40,000		597,635
Mitsubishi Gas Chemical Co., Inc.		16,000		88,762
Mitsubishi Heavy Industries Ltd.		104,000		443,186
Mitsubishi Logistics Corp.		3,000		33,325
Mitsubishi Materials Corp.		44,000		119,475
Mitsubishi Motors Corp.*		142,000		167,884
Mitsubishi Tanabe Pharma Corp.		6,400		101,276
Mitsubishi UFJ Financial Group, Inc.		422,900		1,796,652
Mitsubishi UFJ Lease & Finance Co., Ltd.		2,490		98,668
Mitsui & Co., Ltd.		56,100		872,440
Mitsui Chemicals, Inc.		22,000		67,169
Mitsui Fudosan Co., Ltd.		27,000		393,582
Mitsui O.S.K. Lines Ltd.		34,000		131,636
Mizuho Financial Group, Inc.		746,350		1,008,450
MS&AD Insurance Group Holdings, Inc.		18,038		334,185
Murata Manufacturing Co., Ltd.		15,100		775,893
Nabtesco Corp.		2,600		47,392
Namco Bandai Holdings, Inc.		7,600		108,219
NEC Corp.*		79,000		160,114
NGK Insulators Ltd.		8,000		94,998
NGK Spark Plug Co., Ltd.		7,000		86,852
NHK Spring Co., Ltd.		6,000		53,164
Nidec Corp.		10,200		886,553
Nikon Corp.		10,500		233,818
Nintendo Co., Ltd.		4,700		647,265
Nippon Building Fund, Inc. (REIT)		16		130,960
Nippon Electric Glass Co., Ltd.		14,000		138,599
Nippon Express Co., Ltd.		31,000		120,826
Nippon Meat Packers, Inc.		6,000		74,523
Nippon Paper Group, Inc.		2,368		51,686
Nippon Sheet Glass Co., Ltd.		30,000		56,126
Nippon Steel Corp.		1,027,000		2,561,829
Nippon Telegraph & Telephone Corp.		15,692		802,235
Nippon Yusen KK		46,000		117,734
Nishi-Nippon City Bank Ltd.		25,000		71,781

Nissan Motor Co., Ltd.		84,000	$	755,203
Nisshin Seifun Group, Inc.		8,000		96,973
Nisshin Steel Co., Ltd.		25,000		38,327
Nissin Foods Holdings Co., Ltd.		1,500		58,757
Nitori Holdings Co., Ltd.		1,450		136,014
Nitto Denko Corp.		5,400		193,213
NKSJ Holdings, Inc.		13,223		259,409
NOK Corp.		2,700		46,409
Nomura Holdings, Inc.		120,400		364,469
Nomura Real Estate Holdings, Inc.		2,100		31,267
Nomura Real Estate Office Fund, Inc. (REIT)		10		51,384
Nomura Research Institute Ltd.		4,100		92,685
NSK Ltd.		17,000		110,433
NTN Corp.		20,000		80,551
NTT Data Corp.		36		114,964
NTT DoCoMo, Inc.		499		917,351
NTT Urban Development Corp.		19		12,960
Obayashi Corp.		26,000		115,526
Odakyu Electric Railway Co., Ltd.		23,000		222,320
OJI Paper Co., Ltd.		24,000		123,165
Olympus Corp.		7,800		102,554
Omron Corp.		24,200		486,390
Ono Pharmaceutical Co., Ltd.		3,200		179,602
Oracle Corp. Japan		1,700		56,254
Oriental Land Co., Ltd.		1,800		190,126
ORIX Corp.		3,670		303,251
Osaka Gas Co., Ltd.		58,000		229,076
Otsuka Corp.		500		34,429
Otsuka Holdings Co., Ltd.		8,300		233,353
Panasonic Corp.		72,800		618,568
Rakuten, Inc.		1,451		1,560,904
Resona Holdings, Inc.		60,657		267,152
Ricoh Co., Ltd.		21,000		183,071
Rinnai Corp.		1,000		71,586
Rohm Co., Ltd.		3,600		167,910
Sankyo Co., Ltd.		1,500		75,906
Sanrio Co., Ltd.		1,500		77,075
Santen Pharmaceutical Co., Ltd.		2,000		82,370
SBI Holdings, Inc.		533		39,056
Secom Co., Ltd.		76,600		3,532,935
Sega Sammy Holdings, Inc.		6,100		131,795
Seiko Epson Corp.		3,400		45,189
Sekisui Chemical Co., Ltd.		17,000		140,249
Sekisui House Ltd.		21,000		186,345
Seven & I Holdings Co., Ltd.		24,800		691,126
Seven Bank Ltd.		15,000		29,427
Sharp Corp.		31,000		271,054
Shikoku Electric Power Co., Inc.		6,000		171,963
Shimadzu Corp.		6,000		50,825
Shimamura Co., Ltd.		600		61,349
Shimano, Inc.		2,900		140,912
Shimizu Corp.		17,000		71,339
Shin-Etsu Chemical Co., Ltd.		27,600		1,359,023
Shinsei Bank Ltd.		48,000		49,890
Shionogi & Co., Ltd.		9,100		116,927
Shiseido Co., Ltd.		11,000		202,222
Shizuoka Bank Ltd.		18,000		189,658
Showa Denko KK		49,000		99,311

See Notes to Financial Statements.

124

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Showa Shell Sekiyu KK		8,400	$	56,640
SMC Corp.		6,400		1,032,714
Softbank Corp.		29,100		857,083
Sojitz Corp.		53,000		81,941
Sony Corp.		33,800		606,881
Sony Financial Holdings, Inc.		6,900		101,658
Square Enix Holdings Co., Ltd.		2,100		41,225
Stanley Electric Co., Ltd.		3,800		55,837
Sumco Corp.*		4,600		34,005
Sumitomo Chemical Co., Ltd.		48,000		175,237
Sumitomo Corp.		71,300		965,241
Sumitomo Electric Industries Ltd.		26,300		286,338
Sumitomo Heavy Industries Ltd.		16,000		93,335
Sumitomo Metal Industries Ltd.		121,000		220,086
Sumitomo Metal Mining Co., Ltd.		17,000		218,436
Sumitomo Mitsui Financial Group, Inc.		44,184		1,230,746
Sumitomo Mitsui Trust Holdings, Inc.		98,070		287,954
Sumitomo Realty & Development Co., Ltd.		101,000		1,768,845
Sumitomo Rubber Industries Ltd.		4,500		54,021
Suruga Bank Ltd.		4,000		35,806
Suzuken Co., Ltd.		2,300		63,768
Suzuki Motor Corp.		10,500		217,176
Sysmex Corp.		3,000		97,752
T&D Holdings, Inc.		21,300		198,416
Taisei Corp.		43,000		108,939
Taisho Pharmaceutical Holdings Co., Ltd.*		900		69,456
Taiyo Nippon Sanso Corp.		11,000		76,744
Takashimaya Co., Ltd.		6,000		43,420
Takeda Pharmaceutical Co., Ltd.		25,600		1,124,178
TDK Corp.		4,200		186,072
Teijin Ltd.		31,000		95,453
Terumo Corp.		5,900		277,868
THK Co., Ltd.		3,300		65,040
Tobu Railway Co., Ltd.		35,000		178,706
Toho Co., Ltd.		2,700		48,128
Toho Gas Co., Ltd.		13,000		82,760
Tohoku Electric Power Co., Inc.		14,200		136,336
Tokio Marine Holdings, Inc.		23,400		518,345
Tokyo Electric Power Co., Inc.*		47,200		112,220
Tokyo Electron Ltd.		5,400		274,665
Tokyo Gas Co., Ltd.		80,000		367,936
Tokyu Corp.		42,000		206,808
Tokyu Land Corp.		11,000		41,588
TonenGeneral Sekiyu KK		11,000		120,190
Toppan Printing Co., Ltd.		21,000		154,424
Toray Industries, Inc.		48,000		343,614
Toshiba Corp.		136,000		556,580
Tosoh Corp.		12,000		32,116
TOTO Ltd.		12,000		92,608
Toyo Seikan Kaisha Ltd.		6,400		87,307
Toyo Suisan Kaisha Ltd.		3,000		72,691
Toyoda Gosei Co., Ltd.		1,400		22,318
Toyota Boshoku Corp.		1,400		14,606
Toyota Industries Corp.		6,600		179,641
Toyota Motor Corp.		115,600		3,852,332
Toyota Tsusho Corp.		8,300		146,762
Trend Micro, Inc.		4,100		122,569

Tsumura & Co.		1,600	$	47,187
Ube Industries Ltd.		40,000		109,653
Unicharm Corp.		4,200		207,081
Ushio, Inc.		2,800		40,452
USS Co., Ltd.		760		68,723
West Japan Railway Co.		5,400		234,676
Yahoo! Japan Corp.		1,665		536,252
Yakult Honsha Co., Ltd.		2,700		85,066
Yamada Denki Co., Ltd.		25,470		1,733,959
Yamaguchi Financial Group, Inc.		9,000		85,943
Yamaha Corp.		6,100		55,952
Yamaha Motor Co., Ltd.		8,300		105,031
Yamato Holdings Co., Ltd.		12,000		202,209
Yamato Kogyo Co., Ltd.		1,400		40,197
Yamazaki Baking Co., Ltd.		4,000		52,540
Yaskawa Electric Corp.		5,000		42,549
Yokogawa Electric Corp.*		9,300		83,974

				104,584,971

Luxembourg (0.7%)
ArcelorMittal S.A.		28,833		527,291
Millicom International Cellular S.A. (Quote MTF Exchange) (SDR)		40,911		4,098,798
SES S.A. (FDR)		10,633		255,212
Tenaris S.A.		16,932		312,935

				5,194,236

Macau (0.1%)
Sands China Ltd.*		218,933		618,749
Wynn Macau Ltd.		46,000		115,495

				734,244

Mauritius (0.0%)
Essar Energy plc*		9,424		25,085

Mexico (0.7%)
America Movil S.A.B. de C.V. (ADR)		18,078		408,563
Fresnillo plc		5,968		141,527
Grupo Elektra S.A. de C.V.		27,700		2,778,992
Wal-Mart de Mexico S.A.B. de C.V.		586,000		1,608,333

				4,937,415

Netherlands (5.2%)
Aegon N.V.*		54,492		218,702
Akzo Nobel N.V.		7,642		369,515
ASML Holding N.V.		118,998		5,001,577
Core Laboratories N.V.		57,600		6,563,520
Corio N.V. (REIT)		2,258		98,208
Delta Lloyd N.V.		2,573		43,291
European Aeronautic Defence and Space Co. N.V.		13,568		424,083
Fugro N.V. (CVA)		2,226		129,343
Heineken Holding N.V.		4,186		171,309
Heineken N.V.		8,342		386,196
ING Groep N.V. (CVA)*		247,828		1,783,378
Koninklijke (Royal) KPN N.V.		170,437		2,039,337
Koninklijke Ahold N.V.		38,000		511,733
Koninklijke Boskalis Westminster N.V.		1,968		72,312
Koninklijke DSM N.V.		4,809		223,132

See Notes to Financial Statements.

125

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December 31, 2011


	Number of Shares		Value (Note 1)

Koninklijke Philips Electronics N.V.		33,158	$	698,652
Koninklijke Vopak N.V.		1,956		103,351
QIAGEN N.V.*		8,716		120,139
Randstad Holding N.V.		3,572		105,683
Reed Elsevier N.V.		65,443		762,889
Royal Dutch Shell plc (BATS Europe Exchange), Class A		134,447		4,898,326
Royal Dutch Shell plc (Euro Comp Exchange), Class A		118,737		4,372,090
Royal Dutch Shell plc, Class B		88,072		3,356,478
SBM Offshore N.V.		5,529		113,922
Sensata Technologies Holding N.V.*		102,666		2,698,062
TNT Express N.V.		13,777		102,956
Unilever N.V. (CVA)		53,446		1,837,913
Wolters Kluwer N.V.		9,087		157,066
Yandex N.V., Class A*		42,787		842,904

				38,206,067

New Zealand (0.1%)
Auckland International Airport Ltd.		26,544		52,068
Contact Energy Ltd.*		10,143		41,608
Fletcher Building Ltd.		25,169		120,292
Sky City Entertainment Group Ltd.		25,800		69,084
Telecom Corp. of New Zealand Ltd.		63,135		101,729

				384,781

Norway (1.4%)
Aker Solutions ASA		4,621		48,637
DNB ASA		347,199		3,398,932
Gjensidige Forsikring ASA		5,245		60,774
Norsk Hydro ASA		428,012		1,985,178
Orkla ASA		23,554		175,842
Statoil ASA		36,814		944,841
Statoil ASA (ADR)		131,100		3,357,471
Telenor ASA		23,744		389,457
Yara International ASA		6,550		262,839

				10,623,971

Portugal (0.1%)
Banco Espirito Santo S.A. (Registered)		14,683		25,655
Cimpor Cimentos de Portugal SGPS S.A.		9,376		64,521
EDP - Energias de Portugal S.A.		59,847		185,200
Galp Energia SGPS S.A., Class B		6,811		100,316
Jeronimo Martins SGPS S.A.*		7,324		121,237
Portugal Telecom SGPS S.A. (Registered)		21,091		121,472

				618,401

Singapore (0.7%)
Ascendas Real Estate Investment Trust (REIT)		49,000		69,134
CapitaLand Ltd.		78,000		132,902
CapitaMall Trust (REIT)		71,000		93,057
CapitaMalls Asia Ltd.		60,032		52,300
City Developments Ltd.		19,000		130,373

ComfortDelGro Corp., Ltd.		76,000	$	82,911
Cosco Corp., (Singapore) Ltd.		23,000		15,516
DBS Group Holdings Ltd.		56,000		497,375
Fraser and Neave Ltd.		33,000		157,743
Genting Singapore plc*		193,677		225,475
Global Logistic Properties Ltd.*		52,000		70,360
Golden Agri-Resources Ltd.		190,576		105,055
Hutchison Port Holdings Trust, Class U		172,000		106,640
Jardine Cycle & Carriage Ltd.		4,000		148,398
Keppel Corp., Ltd.		44,800		321,221
Keppel Land Ltd.		19,000		32,520
Neptune Orient Lines Ltd.		19,000		16,480
Olam International Ltd.		50,962		83,689
Oversea-Chinese Banking Corp., Ltd.		83,525		504,222
SembCorp Industries Ltd.		37,000		115,531
SembCorp Marine Ltd.		23,000		67,738
Singapore Airlines Ltd.		18,000		140,997
Singapore Exchange Ltd.		25,000		118,153
Singapore Press Holdings Ltd.		55,000		156,470
Singapore Technologies Engineering Ltd.		48,000		99,549
Singapore Telecommunications Ltd.		270,000		643,229
StarHub Ltd.		29,000		65,063
United Overseas Bank Ltd.		42,000		494,460
UOL Group Ltd.		18,000		55,511
Wilmar International Ltd.		61,000		235,149

				5,037,221

South Korea (0.6%)
Hanjin Shipping Co., Ltd.*		61,600		609,377
POSCO		4,200		1,391,076
Samsung Electronics Co., Ltd.		2,660		2,448,023

				4,448,476

Spain (2.2%)
Abertis Infraestructuras S.A.		11,983		191,381
Acciona S.A.		1,037		89,561
Acerinox S.A.		2,131		27,332
ACS Actividades de Construccion y Servicios S.A.		4,745		140,634
Amadeus IT Holding S.A., Class A		9,544		154,836
Banco Bilbao Vizcaya Argentaria S.A.		215,431		1,862,528
Banco de Sabadell S.A.		32,625		123,888
Banco Popular Espanol S.A.		28,732		130,896
Banco Santander S.A.		275,836		2,095,594
Bankia S.A.*		28,435		132,303
Bankinter S.A.		10,548		64,846
CaixaBank		25,355		124,536
Distribuidora Internacional de Alimentacion S.A.*		19,446		87,962
EDP Renovaveis S.A.*		10,233		62,618
Enagas S.A.		5,174		95,692
Ferrovial S.A.		13,481		162,701
Fomento de Construcciones y Contratas S.A.		1,127		29,231
Gas Natural SDG S.A.		10,523		180,661
Grifols S.A.*		4,422		74,401

See Notes to Financial Statements.

126

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Iberdrola S.A.		125,450	$	785,678
Inditex S.A.		46,751		3,828,913
Indra Sistemas S.A.		2,454		31,243
Mapfre S.A.		823,095		2,615,289
Red Electrica Corporacion S.A.		3,279		140,323
Repsol YPF S.A.		25,561		785,209
Telefonica S.A.		135,811		2,352,727
Zardoya Otis S.A.		4,880		66,949

				16,437,932

Sweden (2.0%)
Alfa Laval AB		11,137		211,022
Assa Abloy AB, Class B		9,691		243,048
Atlas Copco AB, Class A		62,703		1,348,442
Atlas Copco AB, Class B		13,801		262,301
Boliden AB		8,132		118,753
Electrolux AB, Class B		7,364		117,382
Getinge AB, Class B		127,464		3,230,102
Hennes & Mauritz AB, Class B		88,167		2,835,108
Hexagon AB, Class B		8,436		126,135
Holmen AB, Class B		1,621		46,566
Husqvarna AB, Class B		17,251		79,486
Industrivarden AB, Class C		3,159		37,686
Investor AB, Class B		14,279		266,407
Kinnevik Investment AB, Class B		7,160		139,516
Lundin Petroleum AB*		7,301		179,500
Modern Times Group AB, Class B		1,331		63,590
Nordea Bank AB		86,677		670,665
Ratos AB, Class B		6,714		78,778
Sandvik AB		32,399		397,570
Scania AB, Class B		11,380		168,665
Securitas AB, Class B		12,270		105,904
Skandinaviska Enskilda Banken AB, Class A		44,425		258,789
Skanska AB, Class B		12,395		205,321
SKF AB, Class B		12,253		259,230
SSAB AB, Class A		4,639		40,882
Svenska Cellulosa AB, Class B		18,875		279,750
Svenska Handelsbanken AB, Class A		15,725		413,572
Swedbank AB, Class A		25,695		332,853
Swedish Match AB		7,007		248,736
Tele2 AB, Class B		9,929		193,183
Telefonaktiebolaget LM Ericsson, Class B		97,564		998,032
TeliaSonera AB		73,825		501,710
Volvo AB, Class B		44,778		489,939

				14,948,623

Switzerland (8.6%)
ABB Ltd. (Registered)*		114,667		2,158,323
Actelion Ltd. (Registered)*		3,527		121,096
Adecco S.A. (Registered)*		4,104		171,929
Aryzta AG		2,479		119,820
Baloise Holding AG (Registered)		1,402		96,124
Barry Callebaut AG (Registered)*		59		58,133
Cie Financiere Richemont S.A., Class A		16,934		856,525
Credit Suisse Group AG (Registered)*		61,385		1,442,316

Credit Suisse Group AG (ADR)		79,500	$	1,866,660
GAM Holding AG*		5,934		64,438
Geberit AG (Registered)*		1,210		233,163
Givaudan S.A. (Registered)*		276		262,983
Glencore International plc		25,402		154,641
Holcim Ltd. (Registered)*		18,158		971,404
Julius Baer Group Ltd.*		107,053		4,187,296
Kuehne + Nagel International AG (Registered)		1,868		209,809
Lindt & Spruengli AG		35		104,110
Lindt & Spruengli AG (Registered)		4		133,674
Lonza Group AG (Registered)*		1,460		86,266
Nestle S.A. (Registered)		192,615		11,073,363
Novartis AG (Registered)		97,962		5,600,510
Novartis AG (ADR)		46,600		2,664,122
Pargesa Holding S.A.		1,111		72,742
Partners Group Holding AG		438		76,427
Roche Holding AG		72,033		12,208,723
Schindler Holding AG		1,616		188,215
Schindler Holding AG (Registered)		878		101,980
SGS S.A. (Registered)		503		832,711
Sika AG		61		114,947
Sonova Holding AG (Registered)*		1,450		151,669
STMicroelectronics N.V.		19,085		113,401
Straumann Holding AG (Registered)		316		54,534
Sulzer AG (Registered)		697		74,501
Swatch Group AG		9,622		3,600,695
Swatch Group AG (Registered)		1,682		112,098
Swiss Life Holding AG (Registered)*		901		82,877
Swiss Reinsurance Co., Ltd.*		11,617		592,043
Swisscom AG (Registered)		806		305,393
Syngenta AG (Registered)*		3,165		926,621
Transocean Ltd. (BATS Europe Exchange)		10,415		402,163
Transocean Ltd. (New York Exchange)		41,900		1,608,541
UBS AG (Registered)*		120,354		1,432,511
Wolseley plc		9,511		314,909
Xstrata plc		335,329		5,093,091
Zurich Financial Services AG*		9,442		2,136,085

				63,233,582

Taiwan (1.2%)
Advanced Semiconductor Engineering, Inc. (ADR)		761,300		3,304,042
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		415,295		5,361,458

				8,665,500

United Kingdom (15.4%)
3i Group plc		32,514		91,395
Admiral Group plc		6,237		82,525
Aggreko plc		8,206		257,045
AMEC plc		11,118		156,691
Anglo American plc		43,208		1,596,357
Antofagasta plc		13,212		249,297
ARM Holdings plc		309,331		2,843,915

See Notes to Financial Statements.

127

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

ARM Holdings plc (ADR)		226,800	$	6,275,556
Associated British Foods plc		11,893		204,461
AstraZeneca plc		44,092		2,037,127
Aviva plc		219,792		1,026,742
Babcock International Group plc		11,991		136,965
BAE Systems plc		115,820		512,805
Balfour Beatty plc		23,696		97,446
Barclays plc		566,599		1,549,114
BG Group plc		184,129		3,936,134
BHP Billiton plc		69,295		2,020,474
BP plc		620,308		4,436,173
British American Tobacco plc		92,686		4,398,128
British Land Co. plc (REIT)		29,707		213,374
British Sky Broadcasting Group plc		379,006		4,311,468
BT Group plc, Class A		259,746		770,063
Bunzl plc		10,989		150,863
Burberry Group plc		51,661		950,720
Cairn Energy plc*		43,780		180,378
Capita Group plc		20,877		203,772
Capital Shopping Centres Group plc (REIT)		16,532		80,180
Carnival plc		5,549		183,210
Centrica plc		323,345		1,452,734
Cobham plc		38,352		109,234
Compass Group plc		62,136		589,598
Diageo plc		242,955		5,306,853
Eurasian Natural Resources Corp.		8,489		83,781
G4S plc		42,319		178,631
GKN plc		50,952		144,805
GlaxoSmithKline plc		217,795		4,977,137
Hammerson plc (REIT)		23,536		131,585
HSBC Holdings plc		189,033		1,436,014
HSBC Holdings plc (London Exchange)		803,323		6,126,146
ICAP plc		84,818		456,945
Imperial Tobacco Group plc		56,616		2,140,965
Inmarsat plc		14,605		91,792
Intercontinental Hotels Group plc		8,613		154,760
International Consolidated Airlines Group S.A.*		31,006		69,825
International Power plc		51,006		267,104
Intertek Group plc		5,300		167,499
Invensys plc		27,024		88,553
Investec plc		13,763		72,458
ITV plc		107,268		113,529
J Sainsbury plc		39,569		186,134
Johnson Matthey plc		7,193		205,095
Kazakhmys plc		7,170		103,222
Kingfisher plc		79,120		308,043
Land Securities Group plc (REIT)		25,330		249,990
Legal & General Group plc		196,397		313,545
Lloyds Banking Group plc*		1,358,133		546,383
London Stock Exchange Group plc		4,933		60,905
Lonmin plc		5,134		78,136
Man Group plc		175,159		341,932
Marks & Spencer Group plc		170,402		823,013
Meggitt plc		132,521		726,080
National Grid plc		115,383		1,119,936
Next plc		5,696		242,112

Old Mutual plc		189,202	$	398,141
Pearson plc		27,169		510,541
Petrofac Ltd.		7,884		176,434
Prudential plc		254,351		2,522,120
Randgold Resources Ltd.		3,019		308,738
Reckitt Benckiser Group plc		20,284		1,001,733
Reed Elsevier plc		233,486		1,881,913
Resolution Ltd.		48,205		188,204
Rexam plc		29,378		160,962
Rio Tinto plc		61,739		2,996,271
Rio Tinto plc (ADR)		85,800		4,197,336
Rolls-Royce Holdings plc*		208,035		2,411,780
Rolls-Royce Holdings plc (Preference), Class C*(b)†		22,885,644		35,541
Royal Bank of Scotland Group plc*		566,441		177,520
RSA Insurance Group plc		114,322		186,774
SABMiller plc		31,392		1,104,959
Sage Group plc		44,002		201,042
Schroders plc		4,067		82,993
Segro plc (REIT)		21,225		68,727
Serco Group plc		16,438		121,004
Severn Trent plc		7,927		184,167
Smith & Nephew plc		29,672		288,234
Smiths Group plc		13,063		185,625
SSE plc		30,928		620,083
Standard Chartered plc		332,140		7,267,811
Standard Life plc		74,922		240,038
Subsea 7 S.A.*		9,283		172,285
Tate & Lyle plc		15,335		167,778
Tesco plc		429,430		2,690,627
TUI Travel plc		18,728		48,222
Tullow Oil plc		177,684		3,868,724
Unilever plc		84,405		2,835,281
United Utilities Group plc		22,841		214,961
Vedanta Resources plc		4,570		72,037
Vodafone Group plc		2,295,253		6,376,940
Weir Group plc		6,560		207,014
Whitbread plc		5,868		142,527
WM Morrison Supermarkets plc		70,471		356,998

				113,088,937

United States (1.3%)
Carnival Corp.		67,700		2,209,728
Citigroup, Inc.		87,743		2,308,518
Las Vegas Sands Corp.*		35,700		1,525,461
Sims Metal Management Ltd.		4,602		59,543
Synthes, Inc.§		2,052		344,076
Wynn Resorts Ltd.		25,966		2,868,983

				9,316,309

Total Common Stocks (89.8%) (Cost $627,177,478)				661,065,400

INVESTMENT COMPANIES:
Exchange Traded Funds (ETFs) (0.9%)
iShares MSCI EAFE Index Fund		82,100		4,066,413
iShares MSCI United Kingdom Index Fund		149,500		2,415,920

Total Investment Companies (0.9%) (Cost $6,671,747)				6,482,333

See Notes to Financial Statements.

128

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Warrants		Value (Note 1)

WARRANT:
Singapore (0.0%)
Golden Agri-Resources Ltd., expiring 7/23/12* (Cost $—)		155	$	20

Total Investments (90.7%) (Cost $633,849,225)				667,547,753
Other Assets Less Liabilities (9.3%)				68,479,039

Net Assets (100%)			$	736,026,792

*	Non-income producing.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2011, the market value of these securities amounted to $344,076 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.

†	Securities (totaling $35,541 or 0.0% of net assets) at fair value by management.

(b)

Illiquid Security.

Glossary:

ADR

— American Depositary Receipt

CDI

— Chess Depositary Interest

CVA

— Dutch Certification

FDR

— Finnish Depositary Receipt

REIT

— Real Estate Investment Trust

RNC

— Risparmio Non-Convertible Savings Shares

SDR

— Swedish Certification

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
AXA Asia Pacific Holdings Ltd.	$	269,791	$	—	$	240,313	$	—	$	3,941	$	16,640
AXA S.A.		925,330		—		—		723,088		48,316		—
BlackRock Liquidity Funds TempFund		2,903,453		25,042,580		27,946,033		—		2,523		—

	$	4,098,574	$	25,042,580	$	28,186,346	$	723,088	$	54,780	$	16,640

At December 31, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 12/31/2011		Unrealized Appreciation/ (Depreciation)
DJ EURO Stoxx 50 Index		734		March-12	$	21,537,252	$	21,925,527	$	388,275
FTSE 100 Index		160		March-12		13,483,490		13,755,852		272,362
SPI 200 Index		52		March-12		5,459,814		5,343,823		(115,991	)
TOPIX Index		144		March-12		13,556,673		13,619,852		63,179

									$	607,825

At December 31, 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 3/16/12	Deutsche Bank AG		1,560	$	1,582,540	$	1,566,857	$	15,683
Australian Dollar vs. U.S. Dollar, expiring 3/16/12	Deutsche Bank AG		2,416		2,451,066		2,431,680		19,386
Australian Dollar vs. U.S. Dollar, expiring 3/16/12	HSBC Bank plc		2,371		2,405,412		2,346,199		59,213
British Pound vs. U.S. Dollar, expiring 3/16/12	Credit Suisse First Boston		3,827		5,939,167		5,981,371		(42,204	)
British Pound vs. U.S. Dollar, expiring 3/16/12	Deutsche Bank AG		3,927		6,094,824		6,093,088		1,736
British Pound vs. U.S. Dollar, expiring 3/16/12	Deutsche Bank AG		3,323		5,157,158		5,208,527		(51,369	)
European Union Euro vs. U.S. Dollar, expiring 3/16/12	Deutsche Bank AG		7,267		9,411,691		9,490,367		(78,676	)
European Union Euro vs. U.S. Dollar, expiring 3/16/12	Deutsche Bank AG		6,364		8,241,850		8,322,966		(81,116	)

See Notes to Financial Statements.

129

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

At December 31, 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)
European Union Euro vs. U.S. Dollar, expiring 3/16/12	Deutsche Bank AG		7,372	$	9,546,638	$	9,622,461	$	(75,823	)
Japanese Yen vs. U.S. Dollar, expiring 3/16/12	Credit Suisse First Boston		467,226		6,078,174		5,993,450		84,724
Japanese Yen vs. U.S. Dollar, expiring 3/16/12	Deutsche Bank AG		399,420		5,196,081		5,124,021		72,060
Japanese Yen vs. U.S. Dollar, expiring 3/16/12	HSBC Bank plc		493,420		6,418,933		6,362,605		56,328

								$	(20,058)


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 3/16/12	Deutsche Bank AG		3,600	$	3,538,217	$	3,652,250	$	(114,033	)
British Pound vs. U.S. Dollar, expiring 3/16/12	Deutsche Bank AG		8,800		13,617,815		13,656,825		(39,010	)
European Union Euro vs. U.S. Dollar, expiring 3/16/12	Deutsche Bank AG		9,200		11,974,922		11,914,680		60,242
Japanese Yen vs. U.S. Dollar, expiring 3/16/12	Deutsche Bank AG		814,000		10,451,588		10,589,380		(137,792	)

								$	(230,593	)

								$	(250,651	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	11,937,663	$	72,599,628	$	—	$	84,537,291
Consumer Staples		1,608,333		58,183,332		—		59,791,665
Energy		18,154,796		50,723,540		—		68,878,336
Financials		20,131,357		106,893,520		—		127,024,877
Health Care		11,458,806		59,516,391		—		70,975,197
Industrials		6,757,572		72,655,071		35,541		79,448,184
Information Technology		27,029,820		35,196,769		—		62,226,589
Materials		10,043,132		51,012,448		—		61,055,580
Telecommunication Services		2,438,040		29,971,439		—		32,409,479
Utilities		—		14,718,202		—		14,718,202
Forward Currency Contracts		—		369,372		—		369,372
Futures		723,816		—		—		723,816

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011



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
Investment Companies
Exchange Traded Funds (ETFs)		6,482,333			—			—		6,482,333
Warrants
Consumer Staples		—			20			—		20

Total Assets	$	116,765,668		$	551,839,732		$	35,541	$	668,640,941

Liabilities:
Forward Currency Contracts	$	—		$	(620,023	)	$	—	$	(620,023	)
Futures		(115,991	)		—			—		(115,991	)

Total Liabilities	$	(115,991	)	$	(620,023	)	$	—	$	(736,014	)

Total	$	116,649,677		$	551,219,709		$	35,541	$	667,904,927

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



	Investments in Securities-Industrials

Balance as of 12/31/10	$	35,243
Total gains or losses (realized/unrealized) included in earnings		35,362
Purchases		—
Sales		(35,064	)
Issuances		—
Settlements		—

Transfers into Level 3		—

Transfers out of Level 3		—

Balance as of 12/31/11	$	35,541

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 12/31/11.	$	35,541

See Notes to Financial Statements.

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Fair Values of Derivative Instruments as of December 31, 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		369,372
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		723,816	*
Commodity contracts	Receivables		—
Other contracts	Receivables

Total		$	1,093,188


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(620,023	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(115,991	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(736,014	)

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 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		—		—			(2,377,566	)		—		(2,377,566	)
Credit contracts		—		—			—			—		—
Equity contracts		—		(47,588,918	)		—			—		(47,588,918	)
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	—	$	(47,588,918	)	$	(2,377,566	)	$	—	$	(49,966,484	)


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		—		—		(98,205	)		—		(98,205	)
Credit contracts		—		—		—			—		—
Equity contracts		—		923,179		—			—		923,179
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	—	$	923,179	$	(98,205	)	$	—	$	824,974

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $254,977,000 and futures contracts with an average notional balance of approximately $104,295,000 for the year ended December 31, 2011.

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

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	437,727,753
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	499,247,077

As of December 31, 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	$	87,543,218
Aggregate gross unrealized depreciation		(60,229,086	)

Net unrealized appreciation	$	27,314,132

Federal income tax cost of investments	$	640,233,621

For the year ended December 31, 2011, the Portfolio incurred approximately $23 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $1,098,833,388 of which $127,078,780 expires in the year 2016 and $971,754,608 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value:
Affiliated Issuers (Cost $1,114,888)	$	723,088
Unaffiliated Issuers (Cost $632,734,337)		666,824,665
Cash		36,797,694
Foreign cash (Cost $27,483,336)		26,565,790
Cash held as collateral at broker		4,158,000
Receivable for securities sold		1,750,159
Dividends, interest and other receivables		1,936,588
Due from broker for futures variation margin		440,495
Unrealized appreciation on forward foreign currency contracts		369,372
Receivable from Separate Accounts for Trust shares sold		19,960
Receivable from investment sub-advisor		114
Other assets		1,911

Total assets		739,587,836

LIABILITIES
Payable for securities purchased		1,684,133
Unrealized depreciation on forward foreign currency contracts		620,023
Investment management fees payable		531,136
Payable to Separate Accounts for Trust shares redeemed		348,421
Administrative fees payable		123,568
Distribution fees payable - Class B		90,637
Trustees’ fees payable		31,063
Accrued expenses		132,063

Total liabilities		3,561,044

NET ASSETS	$	736,026,792

Net assets were comprised of:
Paid in capital	$	1,875,623,132
Accumulated undistributed net investment income (loss)		392,031
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(1,173,147,033	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		33,158,662

Net assets	$	736,026,792

Class A
Net asset value, offering and redemption price per share, $11,327,867 / 1,276,795 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.87

Class B
Net asset value, offering and redemption price per share, $427,241,829 / 48,237,115 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.86

Class K
Net asset value, offering and redemption price per share, $297,457,096 / 33,527,053 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.87

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends ($54,780 of dividend income received from affiliates) (net of $1,997,969 foreign withholding tax)	$	22,265,500
Interest		237,620

Total income		22,503,120

EXPENSES
Investment management fees		7,551,291
Administrative fees		1,377,998
Distribution fees - Class B		1,300,597
Custodian fees		260,100
Professional fees		67,744
Printing and mailing expenses		62,471
Trustees’ fees		12,560
Miscellaneous		35,555

Gross expenses		10,668,316
Less: Reimbursement from sub-advisor		(1,199	)
Fees paid indirectly		(8,313	)

Net expenses		10,658,804

NET INVESTMENT INCOME (LOSS)		11,844,316

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities ($16,640 of realized gain (loss) from affiliates)		(13,897,804	)
Futures		(47,588,918	)
Foreign currency transactions		4,205,547

Net realized gain (loss)		(57,281,175	)

Change in unrealized appreciation (depreciation) on:
Securities		(115,800,045	)
Futures		923,179
Foreign currency translations		(2,834,604	)

Net change in unrealized appreciation (depreciation)		(117,711,470	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(174,992,645	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(163,148,329	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	11,844,316		$	12,742,488
Net realized gain (loss) on investments, futures, foreign currency transactions and net distributions of realized gain received from Underlying Portfolio		(57,281,175	)		72,231,308
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(117,711,470	)		(21,240,831	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(163,148,329	)		63,732,965

DIVIDENDS:
Dividends from net investment income
Class A		(1,581,856	)		(13,181,231	)
Class B		(8,392,745	)		(16,332,731	)
Class K†		(5,247,609	)		—

TOTAL DIVIDENDS		(15,222,210	)		(29,513,962	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 557,214 and 1,160,220 shares, respectively ]		6,121,225			11,912,517
Capital shares issued in reinvestment of dividends [ 168,256 and 1,224,667 shares, respectively ]		1,581,856			13,181,231
Capital shares repurchased [ (37,215,881) and (20,410,925) shares, respectively ]		(363,156,211	)(z)		(216,024,796	)

Total Class A transactions		(355,453,130	)		(190,931,048	)

Class B
Capital shares sold [ 3,967,717 and 5,286,529 shares, respectively ]		40,962,909			54,699,817
Capital shares issued in reinvestment of dividends [ 952,940 and 1,518,010 shares, respectively ]		8,392,745			16,332,731
Capital shares repurchased [ (8,908,058) and (10,591,429) shares, respectively ]		(94,024,022	)		(109,062,421	)

Total Class B transactions		(44,668,368	)		(38,029,873	)

Class K†
Capital shares sold [ 33,769,411 and 0 shares, respectively ]		324,949,494	(z)		—
Capital shares issued in reinvestment of dividends [ 607,550 and 0 shares, respectively ]		5,247,609			—
Capital shares repurchased [ (849,908) and 0 shares, respectively ]		(7,775,868	)		—

Total Class K transactions		322,421,235			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(77,700,263	)		(228,960,921	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(256,070,802	)		(194,741,918	)
NET ASSETS:
Beginning of year		992,097,594			1,186,839,512

End of year (a)	$	736,026,792		$	992,097,594

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	392,031		$	(1,099,481	)

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager International Equity Portfolio exchanged approximately 33,666,696 Class A shares for approximately 33,666,696 Class K shares. This exchange amounted to approximately $323,990,549.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	11.04		$	10.62		$	8.29		$	16.38		$	15.58

Income (loss) from investment operations:
Net investment income (loss)		0.20	(e)		0.13	(e)		0.14	(e)		0.28	(e)		0.21	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(2.17	)		0.64			2.37			(7.90	)		1.73

Total from investment operations		(1.97	)		0.77			2.51			(7.62	)		1.94

Less distributions:
Dividends from net investment income		(0.20	)		(0.35	)		(0.18	)		(0.22	)		(0.16	)
Distributions from net realized gains		—			—			—			(0.25	)		(0.98	)

Total dividends and distributions		(0.20	)		(0.35	)		(0.18	)		(0.47	)		(1.14	)

Net asset value, end of year	$	8.87		$	11.04		$	10.62		$	8.29		$	16.38

Total return		(17.84	)%		7.32	%		30.28	%		(47.13	)%		12.73	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	11,328		$	416,772		$	592,797		$	1,448,943		$	2,193,441
Ratio of expenses to average net assets:
After reimbursements (f)		1.04	%		1.04	%		0.97	%		1.25	%		1.23	%
After reimbursements and fees paid indirectly (f)		1.04	%		1.04	%		0.97	%		1.25	%		1.23	%
Before reimbursements and fees paid indirectly (f)		1.04	%		1.04	%		1.06	%		1.25	%		1.23	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (f)		1.81	%		1.29	%		1.65	%		2.19	%		1.27	%
After reimbursements and fees paid indirectly (f)		1.81	%		1.29	%		1.65	%		2.19	%		1.27	%
Before reimbursements and fees paid indirectly (f)		1.81	%		1.29	%		1.56	%		2.19	%		1.27	%
Portfolio turnover rate		55	%		47	%		87	%		56	%		47	%

	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year .	$	11.02		$	10.61		$	8.28		$	16.35		$	15.56

Income (loss) from investment operations:
Net investment income (loss)		0.13	(e)		0.11	(e)		0.15	(e)		0.26	(e)		0.17	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(2.11	)		0.62			2.33			(7.88	)		1.72

Total from investment operations		(1.98	)		0.73			2.48			(7.62	)		1.89

Less distributions:
Dividends from net investment income		(0.18	)		(0.32	)		(0.15	)		(0.20	)		(0.12	)
Distributions from net realized gains		—			—			—			(0.25	)		(0.98	)

Total dividends and distributions		(0.18	)		(0.32	)		(0.15	)		(0.45	)		(1.10	)

Net asset value, end of year	$	8.86		$	11.02		$	10.61		$	8.28		$	16.35

Total return		(17.99	)%		6.95	%		29.99	%		(47.23	)%		12.39	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	427,242		$	575,326		$	594,043		$	467,913		$	905,461
Ratio of expenses to average net assets:
After reimbursements (f)		1.29	%		1.29	%		1.25	%		1.49	%		1.48	%
After reimbursements and fees paid indirectly (f)		1.29	%		1.29	%		1.25	%		1.49	%		1.48	%
Before reimbursements and fees paid indirectly (f)		1.29	%		1.29	%		1.31	%(c)		1.49	%		1.48	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (f)		1.22	%		1.09	%		1.66	%		1.99	%		1.08	%
After reimbursements and fees paid indirectly (f)		1.22	%		1.09	%		1.66	%		1.99	%		1.08	%
Before reimbursements and fees paid indirectly (f)		1.22	%		1.09	%		1.62	%		1.99	%		1.08	%
Portfolio turnover rate		55	%		47	%		87	%		56	%		47	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	9.52

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.51	)

Total from investment operations		(0.49	)

Less distributions:
Dividends from net investment income		(0.16	)

Net asset value, end of period	$	8.87

Total return (b)		(5.11	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	297,457
Ratio of expenses to average net assets:
After reimbursements (a) (f)		1.06	%
After reimbursements and fees paid indirectly (a) (f)		1.06	%
Before reimbursements and fees paid indirectly (a) (f)		1.06	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a) (f)		0.57	%
After reimbursements and fees paid indirectly (a) (f)		0.57	%
Before reimbursements and fees paid indirectly (a) (f)		0.57	%
Portfolio turnover rate		55	%

*	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 expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

See Notes to Financial Statements.

137

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø

AllianceBernstein L.P.

_Ø

Janus Capital Management LLC

_Ø

Thornburg Investment Management, Inc.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.*
Portfolio – Class A Shares		(7.11	)%		(2.52	)%		1.64	%		1.64	%
Portfolio – Class B Shares		(7.34	)		(2.76	)		1.38			1.38
Portfolio – Class K Shares**		(7.11	)		(2.52	)		1.64			1.64
S&P 500 Index		2.11			(0.25	)		2.92			2.92
Volatility Managed Index – Large Cap Core		(1.51	)		3.12			4.22			4.22
* Date of inception 12/31/01. ** Date of inception 8/26/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (7.11)% for the year ended December 31, 2011. The Portfolio’s benchmark, the S&P 500 Index, returned 2.11%, and the Volatility Managed Index – Large Cap Core returned (1.51)% over the same period.

2011 was extremely volatile for the equity markets. Investors saw a rise in stock prices early in the year only to watch those same stocks fall sharply for five months through September, yet rally again in the fourth quarter. Despite this late push many stocks finished the year underwater. For the year, large capitalization U.S. equities, as measured by the S&P 500 Index, posted a meager return. For the benchmark, seven of the ten sectors posted positive returns, led by Utilities and Consumer Staples, while Materials and Financials were the worst.

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

Portfolio Highlights

What helped performance during the year:

•

An overweight position in the Energy sector contributed to the Portfolio’s performance. Specifically, an overweight to the oilfield services company, Baker Hughes Inc, was the largest contributor to relative performance.

•

Sector selection and overweight positions within the Consumer Discretionary and Health Care sectors aided performance.

•

Alexion Pharmaceutical (Health Care sector) and CBS Corp. (Consumer Discretionary sector) holdings were two of the largest individual stock contributors to relative returns.

What hurt performance during the year:

•

Stock selection in the hard hit Financials sector hurt performance. Overweight positions within Genworth Financial, Hartford Financial and Bank of America all detracted from overall performance.

•

A relative overweight to the Information Technology sector, as well as stock selection in the sector, hurt the Portfolio’s returns.

•

United States Steel Corporation (Materials sector) was the largest individual stock detractor.

•

138

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of 12/31/11	% of Net Assets
Information Technology		18.2	%
Consumer Discretionary		12.6
Health Care		11.5
Financials		10.3
Energy		10.1
Industrials		6.6
Consumer Staples		5.8
Materials		2.9
Telecommunication Services		2.5
Utilities		2.0
Cash and Other		17.5

		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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$874.73		$4.19
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.73		4.52
Class B
Actual		1,000.00		873.35		5.38
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.47		5.80
Class K†
Actual		1,000.00		1,028.57		3.16
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.72		4.53
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.89%, 1.14% and 0.89%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 128/365 for Class K (to reflect the actual number of days in the period).
† Class K commenced operations on 8/26/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (12.6%)
*Auto Components (0.3%)*
BorgWarner, Inc.*		1,860	$	118,556
Goodyear Tire & Rubber Co.*		4,600		65,182
Johnson Controls, Inc.		12,800		400,128
Lear Corp.		12,700		505,460
TRW Automotive Holdings Corp.*		14,900		485,740

				1,575,066

*Automobiles (0.4%)*
Ford Motor Co.*		127,110		1,367,704
General Motors Co.*		36,500		739,855
Harley-Davidson, Inc.		4,400		171,028

				2,278,587

*Distributors (0.0%)*
Genuine Parts Co.		3,000		183,600

*Diversified Consumer Services (0.1%)*
Apollo Group, Inc., Class A*		14,000		754,180
DeVry, Inc.		1,200		46,152
H&R Block, Inc.		5,700		93,081

				893,413

*Hotels, Restaurants & Leisure (1.8%)*
Carnival Corp.		8,100		264,384
Chipotle Mexican Grill, Inc.*		598		201,968
Darden Restaurants, Inc.		2,600		118,508
International Game Technology		5,600		96,320
Las Vegas Sands Corp.*		45,825		1,958,102
Life Time Fitness, Inc.*		82,720		3,867,160
Marriott International, Inc., Class A		5,310		154,893
McDonald’s Corp.		22,700		2,277,491
MGM Resorts International*		1,400		14,602
Starbucks Corp.		14,200		653,342
Starwood Hotels & Resorts Worldwide, Inc.		3,700		177,489
Vail Resorts, Inc.		31,975		1,354,461
Wyndham Worldwide Corp.		3,200		121,056
Wynn Resorts Ltd.		1,500		165,735
Yum! Brands, Inc.		8,800		519,288

				11,944,799

*Household Durables (0.5%)*
D.R. Horton, Inc.		5,300		66,833
Harman International Industries, Inc.		1,300		49,452
Leggett & Platt, Inc.		2,700		62,208
Lennar Corp., Class A		3,000		58,950
Newell Rubbermaid, Inc.		21,400		345,610
NVR, Inc.*		275		188,650
PulteGroup, Inc.*		376,907		2,378,283
Whirlpool Corp.		1,400		66,430

				3,216,416

*Internet & Catalog Retail (0.3%)*
Amazon.com, Inc.*		6,800		1,177,080
Expedia, Inc.		1,850		53,687
Netflix, Inc.*		900		62,361
priceline.com, Inc.*		1,000		467,710

TripAdvisor, Inc.*		1,850	$	46,639

				1,807,477

*Leisure Equipment & Products (0.0%)*
Hasbro, Inc.		2,500		79,725
Mattel, Inc.		6,500		180,440

				260,165

*Media (3.2%)*
Cablevision Systems Corp.—New York Group, Class A		4,300		61,146
CBS Corp., Class B		203,575		5,525,025
Comcast Corp., Class A		52,300		1,240,033
DIRECTV, Class A*		69,534		2,973,274
Discovery Communications, Inc., Class A*		5,217		213,740
Gannett Co., Inc.		39,800		532,126
Interpublic Group of Cos., Inc.		9,200		89,516
McGraw-Hill Cos., Inc.		15,700		706,029
News Corp., Class A		58,700		1,047,208
Omnicom Group, Inc.		5,300		236,274
Scripps Networks Interactive, Inc., Class A		1,700		72,114
Time Warner Cable, Inc.		52,749		3,353,254
Time Warner, Inc.		20,233		731,221
Viacom, Inc., Class B		56,370		2,559,762
Walt Disney Co.		35,700		1,338,750
Washington Post Co., Class B		100		37,681

				20,717,153

*Multiline Retail (0.4%)*
Big Lots, Inc.*		10,300		388,928
Dollar Tree, Inc.*		2,010		167,051
Family Dollar Stores, Inc.		2,300		132,618
J.C. Penney Co., Inc.		4,000		140,600
Kohl’s Corp.		5,300		261,555
Macy’s, Inc.		21,700		698,306
Nordstrom, Inc.		3,200		159,072
Sears Holdings Corp.*		800		25,424
Target Corp.		15,000		768,300

				2,741,854

*Specialty Retail (4.4%)*
Abercrombie & Fitch Co., Class A		1,700		83,028
AutoNation, Inc.*		1,200		44,244
AutoZone, Inc.*		5,295		1,720,716
Bed Bath & Beyond, Inc.*		4,700		272,459
Best Buy Co., Inc.		141,900		3,316,203
CarMax, Inc.*		4,178		127,346
GameStop Corp., Class A*		11,600		279,908
Gap, Inc.		273,400		5,071,570
Home Depot, Inc.		49,500		2,080,980
Limited Brands, Inc.		17,300		698,055
Lowe’s Cos., Inc.		46,800		1,187,784
Office Depot, Inc.*		626,900		1,347,835
OfficeMax, Inc.*		196,200		890,748
Orchard Supply Hardware Stores Corp., Class A*†		36		—
O’Reilly Automotive, Inc.*		2,600		207,870
Ross Stores, Inc.		16,600		788,998
Staples, Inc.		534,100		7,418,649

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Tiffany & Co.		18,385	$	1,218,190
TJX Cos., Inc.		31,405		2,027,193
Urban Outfitters, Inc.*		2,347		64,683

				28,846,459

*Textiles, Apparel & Luxury Goods (1.2%)*
Coach, Inc.		39,795		2,429,087
Lululemon Athletica, Inc.*		16,235		757,525
NIKE, Inc., Class B		41,960		4,043,685
Ralph Lauren Corp.		1,200		165,696
VF Corp.		1,700		215,883

				7,611,876

Total Consumer Discretionary				82,076,865

Consumer Staples (5.8%)
*Beverages (1.1%)*
Beam, Inc.		2,900		148,567
Brown-Forman Corp., Class B		2,000		161,020
Coca-Cola Co.		50,400		3,526,488
Coca-Cola Enterprises, Inc.		6,100		157,258
Constellation Brands, Inc., Class A*		33,200		686,244
Dr. Pepper Snapple Group, Inc.		4,200		165,816
Molson Coors Brewing Co., Class B		3,000		130,620
PepsiCo, Inc.		33,893		2,248,800

				7,224,813

*Food & Staples Retailing (0.9%)*
Costco Wholesale Corp.		8,300		691,556
CVS Caremark Corp.		25,600		1,043,968
Kroger Co.		47,400		1,148,028
Safeway, Inc.		6,600		138,864
SUPERVALU, Inc.		4,000		32,480
Sysco Corp.		11,000		322,630
Walgreen Co.		17,300		571,938
Wal-Mart Stores, Inc.		30,431		1,818,557
Whole Foods Market, Inc.		2,800		194,824

				5,962,845

*Food Products (0.9%)*
Archer-Daniels-Midland Co.		12,900		368,940
Campbell Soup Co.		3,400		113,016
ConAgra Foods, Inc.		25,500		673,200
Dean Foods Co.*		38,900		435,680
General Mills, Inc.		12,000		484,920
H.J. Heinz Co.		6,100		329,644
Hershey Co.		2,900		179,162
Hormel Foods Corp.		2,600		76,154
J.M. Smucker Co.		2,200		171,974
Kellogg Co.		4,700		237,679
Kraft Foods, Inc., Class A		33,200		1,240,352
McCormick & Co., Inc. (Non-Voting)		2,500		126,050
Mead Johnson Nutrition Co.		3,893		267,566
Sara Lee Corp.		11,000		208,120
Tyson Foods, Inc., Class A		40,000		825,600

				5,738,057


*Household Products (1.0%)*
Clorox Co.		2,500	$	166,400
Colgate-Palmolive Co.		9,300		859,227
Kimberly-Clark Corp.		10,300		757,668
Procter & Gamble Co.		71,100		4,743,081

				6,526,376

*Personal Products (0.4%)*
Avon Products, Inc.		8,100		141,507
Estee Lauder Cos., Inc., Class A		18,315		2,057,141

				2,198,648

*Tobacco (1.5%)*
Altria Group, Inc.		108,253		3,209,701
Lorillard, Inc.		10,200		1,162,800
Philip Morris International, Inc.		66,418		5,212,485
Reynolds American, Inc.		8,800		364,496

				9,949,482

Total Consumer Staples				37,600,221

Energy (10.1%)
*Energy Equipment & Services (1.1%)*
Baker Hughes, Inc.		8,263		401,912
Cameron International Corp.*		4,600		226,274
Diamond Offshore Drilling, Inc.		1,300		71,838
FMC Technologies, Inc.*		4,500		235,035
Halliburton Co.		17,300		597,023
Helmerich & Payne, Inc.		8,793		513,160
Nabors Industries Ltd.*		5,400		93,636
National Oilwell Varco, Inc.		8,000		543,920
Noble Corp.*		4,693		141,822
Rowan Cos., Inc.*		2,400		72,792
Schlumberger Ltd.		49,713		3,395,895
Transocean Ltd.		15,200		583,528

				6,876,835

*Oil, Gas & Consumable Fuels (9.0%)*
Alpha Natural Resources, Inc.*		4,250		86,828
Anadarko Petroleum Corp.		12,600		961,758
Apache Corp.		53,318		4,829,544
BP plc (ADR)		27,800		1,188,172
Cabot Oil & Gas Corp.		2,000		151,800
Chesapeake Energy Corp.		12,400		276,396
Chevron Corp.		63,590		6,765,976
ConocoPhillips		30,500		2,222,535
Consol Energy, Inc.		4,300		157,810
Denbury Resources, Inc.*		7,505		113,326
Devon Energy Corp.		18,700		1,159,400
El Paso Corp.		14,500		385,265
EOG Resources, Inc.		5,100		502,401
EQT Corp.		2,800		153,412
Exxon Mobil Corp.#		197,236		16,717,723
Hess Corp.		42,352		2,405,594
INPEX Corp.		1,260		7,939,457
Marathon Oil Corp.		46,200		1,352,274
Marathon Petroleum Corp.		28,750		957,088
Murphy Oil Corp.		3,700		206,238
Newfield Exploration Co.*		2,500		94,325
Noble Energy, Inc.		3,400		320,926
Occidental Petroleum Corp.		31,710		2,971,227
Peabody Energy Corp.		5,100		168,861

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Pioneer Natural Resources Co.		2,200	$	196,856
QEP Resources, Inc.		3,347		98,067
Range Resources Corp.		3,000		185,820
Royal Dutch Shell plc (ADR), Class A		6,070		443,656
SandRidge Energy, Inc.*		529,077		4,317,268
Southwestern Energy Co.*		6,600		210,804
Spectra Energy Corp.		12,200		375,150
Sunoco, Inc.		2,300		94,346
Tesoro Corp.*		2,700		63,072
Valero Energy Corp.		14,700		309,435
Williams Cos., Inc.		11,100		366,522

				58,749,332

Total Energy				65,626,167

Financials (10.3%)
*Capital Markets (2.1%)*
Ameriprise Financial, Inc.		4,600		228,344
Bank of New York Mellon Corp.		23,400		465,894
BlackRock, Inc.		1,862		331,883
Blackstone Group LP		15,995		224,090
Charles Schwab Corp.		631,300		7,108,438
ETRADE Financial Corp.		4,760		37,890
Federated Investors, Inc., Class B		1,700		25,755
Franklin Resources, Inc.		2,800		268,968
Goldman Sachs Group, Inc.		13,148		1,188,974
Invesco Ltd.		8,700		174,783
Legg Mason, Inc.		2,800		67,340
Morgan Stanley		156,643		2,370,008
Northern Trust Corp.		4,600		182,436
State Street Corp.		9,500		382,945
T. Rowe Price Group, Inc.		4,900		279,055

				13,336,803

*Commercial Banks (1.2%)*
BB&T Corp.		13,100		329,727
CIT Group, Inc.*		48,080		1,676,550
Comerica, Inc.		3,300		85,140
Fifth Third Bancorp		17,300		220,056
First Horizon National Corp.		4,897		39,176
Huntington Bancshares, Inc./Ohio		16,300		89,487
KeyCorp		17,900		137,651
M&T Bank Corp.		2,400		183,216
PNC Financial Services Group, Inc.		9,962		574,508
Regions Financial Corp.		23,700		101,910
SunTrust Banks, Inc.		10,100		178,770
U.S. Bancorp		36,400		984,620
Wells Fargo & Co.		119,500		3,293,420
Zions Bancorp		3,400		55,352

				7,949,583

*Consumer Finance (0.4%)*
American Express Co.		19,825		935,145
Capital One Financial Corp.		32,875		1,390,284
Discover Financial Services		10,300		247,200
SLM Corp.		9,900		132,660

				2,705,289

*Diversified Financial Services (2.6%)*
Bank of America Corp.		813,500		4,523,060

Citigroup, Inc.		111,294	$	2,928,145
CME Group, Inc.		1,300		316,771
IntercontinentalExchange, Inc.*		1,400		168,770
JPMorgan Chase & Co.		218,150		7,253,487
Leucadia National Corp.		3,700		84,138
Moody’s Corp.		20,800		700,544
NASDAQ OMX Group, Inc.*		2,800		68,628
NYSE Euronext		38,138		995,402

				17,038,945

*Insurance (3.4%)*
ACE Ltd.		12,265		860,022
Aflac, Inc.		8,800		380,688
Allstate Corp.		9,800		268,618
American International Group, Inc.*		8,188		189,962
Aon Corp.		6,200		290,160
Assurant, Inc.		1,800		73,908
Berkshire Hathaway, Inc., Class B*		32,742		2,498,214
Chubb Corp.		7,800		539,916
Cincinnati Financial Corp.		3,000		91,380
Genworth Financial, Inc., Class A*		443,200		2,902,960
Hartford Financial Services Group, Inc.		259,200		4,212,000
Lincoln National Corp.		5,900		114,578
Loews Corp.		5,800		218,370
Marsh & McLennan Cos., Inc.		10,300		325,686
MetLife, Inc.		211,388		6,591,078
Principal Financial Group, Inc.		6,000		147,600
Progressive Corp.		12,300		239,973
Prudential Financial, Inc.		9,200		461,104
Torchmark Corp.		2,100		91,119
Travelers Cos., Inc.		23,300		1,378,661
Unum Group		5,800		122,206
XL Group plc		5,800		114,666

				22,112,869

*Real Estate Investment Trusts (REITs) (0.6%)*
Apartment Investment & Management Co. (REIT), Class A		2,200		50,402
AvalonBay Communities, Inc. (REIT)		1,700		222,020
Boston Properties, Inc. (REIT)		2,800		278,880
Equity Residential (REIT)		5,600		319,368
HCP, Inc. (REIT)		7,600		314,868
Health Care REIT, Inc. (REIT)		3,300		179,949
Host Hotels & Resorts, Inc. (REIT)		12,958		191,390
Kimco Realty Corp. (REIT)		7,600		123,424
Plum Creek Timber Co., Inc. (REIT)		3,000		109,680
ProLogis, Inc. (REIT)		8,547		244,359
Public Storage (REIT)		2,700		363,042
Simon Property Group, Inc. (REIT)		5,609		723,224
Ventas, Inc. (REIT)		5,408		298,143
Vornado Realty Trust (REIT)		3,069		235,883
Weyerhaeuser Co. (REIT)		10,122		188,978

				3,843,610

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

*Real Estate Management & Development (0.0%)*
CBRE Group, Inc.*		5,500	$	83,710

*Thrifts & Mortgage Finance (0.0%)*
Hudson City Bancorp, Inc.		9,900		61,875
People’s United Financial, Inc.		7,100		91,235

				153,110

Total Financials				67,223,919

Health Care (11.5%)
*Biotechnology (2.1%)*
Amgen, Inc.		16,055		1,030,892
Biogen Idec, Inc.*		4,600		506,230
Celgene Corp.*		41,770		2,823,652
Gilead Sciences, Inc.*		230,650		9,440,504

				13,801,278

*Health Care Equipment & Supplies (1.8%)*
Alere, Inc.*		145,852		3,367,723
Baxter International, Inc.		10,800		534,384
Becton, Dickinson and Co.		4,200		313,824
Boston Scientific Corp.*		28,900		154,326
C.R. Bard, Inc.		1,600		136,800
CareFusion Corp.*		4,150		105,451
Covidien plc		9,376		422,014
DENTSPLY International, Inc.		2,600		90,974
Edwards Lifesciences Corp.*		2,138		151,157
Intuitive Surgical, Inc.*		800		370,408
Medtronic, Inc.		20,200		772,650
St. Jude Medical, Inc.		6,200		212,660
Stryker Corp.		6,300		313,173
Varian Medical Systems, Inc.*		65,948		4,427,089
Zimmer Holdings, Inc.*		3,600		192,312

				11,564,945

*Health Care Providers & Services (1.9%)*
Aetna, Inc.		10,000		421,900
AmerisourceBergen Corp.		5,200		193,388
Cardinal Health, Inc.		6,600		268,026
Cigna Corp.		5,100		214,200
Community Health Systems, Inc.*		140,381		2,449,648
Coventry Health Care, Inc.*		2,800		85,036
DaVita, Inc.*		1,800		136,458
Express Scripts, Inc.*		58,810		2,628,219
Health Net, Inc.*		9,700		295,074
Humana, Inc.		3,200		280,352
Laboratory Corp. of America Holdings*		1,900		163,343
McKesson Corp.		6,600		514,206
Medco Health Solutions, Inc.*		7,600		424,840
Patterson Cos., Inc.		1,800		53,136
Quest Diagnostics, Inc.		3,000		174,180
Tenet Healthcare Corp.*		9,200		47,196
UnitedHealth Group, Inc.		42,100		2,133,628
WellPoint, Inc.		25,200		1,669,500

				12,152,330

*Health Care Technology (0.0%)*
Cerner Corp.*		2,710		165,987

*Life Sciences Tools & Services (1.2%)*
Agilent Technologies, Inc.*		6,600		230,538

Life Technologies Corp.*		3,400	$	132,294
PerkinElmer, Inc.		2,100		42,000
Thermo Fisher Scientific, Inc.*		155,509		6,993,240
Waters Corp.*		1,800		133,290

				7,531,362

*Pharmaceuticals (4.5%)*
Abbott Laboratories, Inc.		46,100		2,592,203
Allergan, Inc.		21,890		1,920,629
AstraZeneca plc (ADR)		26,300		1,217,427
Bristol-Myers Squibb Co.		32,224		1,135,574
Eli Lilly and Co.		19,200		797,952
Forest Laboratories, Inc.*		5,400		163,404
Hospira, Inc.*		3,200		97,184
Johnson & Johnson		81,200		5,325,096
Merck & Co., Inc.		79,841		3,010,006
Mylan, Inc.*		65,100		1,397,046
Perrigo Co.		17,705		1,722,696
Pfizer, Inc.		313,125		6,776,025
Shire plc (ADR)		24,350		2,529,965
Valeant Pharmaceuticals International, Inc.*		16,134		753,296
Watson Pharmaceuticals, Inc.*		2,400		144,816

				29,583,319

Total Health Care				74,799,221

Industrials (6.6%)
*Aerospace & Defense (1.6%)*
Boeing Co.		44,940		3,296,349
General Dynamics Corp.		9,600		637,536
Goodrich Corp.		2,400		296,880
Honeywell International, Inc.		14,900		809,815
L-3 Communications Holdings, Inc.		2,000		133,360
Lockheed Martin Corp.		5,400		436,860
Northrop Grumman Corp.		17,000		994,160
Precision Castparts Corp.		10,930		1,801,155
Raytheon Co.		6,700		324,146
Rockwell Collins, Inc.		2,900		160,573
Textron, Inc.		5,200		96,148
United Technologies Corp.		17,300		1,264,457

				10,251,439

*Air Freight & Logistics (0.3%)*
C.H. Robinson Worldwide, Inc.		3,100		216,318
Expeditors International of Washington, Inc.		4,000		163,840
FedEx Corp.		6,000		501,060
United Parcel Service, Inc., Class B		18,700		1,368,653

				2,249,871

*Airlines (0.1%)*
Delta Air Lines, Inc.*		65,600		530,704
Southwest Airlines Co.		14,900		127,544

				658,248

*Building Products (0.0%)*
Masco Corp.		6,700		70,216

*Commercial Services & Supplies (0.1%)*
Avery Dennison Corp.		1,950		55,926

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Cintas Corp.		2,350	$	81,803
Iron Mountain, Inc.		3,750		115,500
Pitney Bowes, Inc.		3,850		71,379
R.R. Donnelley & Sons Co.		3,450		49,784
Republic Services, Inc.		5,700		157,035
Stericycle, Inc.*		1,650		128,568
Waste Management, Inc.		8,900		291,119

				951,114

*Construction & Engineering (0.1%)*
Fluor Corp.		3,300		165,825
Jacobs Engineering Group, Inc.*		2,400		97,392
Quanta Services, Inc.*		4,000		86,160

				349,377

*Electrical Equipment (0.4%)*
Cooper Industries plc		2,300		124,545
Emerson Electric Co.		14,200		661,578
Rockwell Automation, Inc.		18,685		1,370,918
Roper Industries, Inc.		1,800		156,366

				2,313,407

*Industrial Conglomerates (1.7%)*
3M Co.		13,500		1,103,355
Danaher Corp.		10,300		484,512
General Electric Co.		482,765		8,646,321
Tyco International Ltd.		19,920		930,463

				11,164,651

*Machinery (1.4%)*
Caterpillar, Inc.		16,800		1,522,080
Cummins, Inc.		4,700		413,694
Deere & Co.		24,030		1,858,721
Dover Corp.		3,500		203,175
Eaton Corp.		6,400		278,592
Flowserve Corp.		1,100		109,252
Illinois Tool Works, Inc.		9,410		439,541
Ingersoll-Rand plc		15,500		472,285
Joy Global, Inc.		2,011		150,765
Oshkosh Corp.*		95,100		2,033,238
PACCAR, Inc.		6,900		258,543
Pall Corp.		2,200		125,730
Parker Hannifin Corp.		7,000		533,750
Snap-on, Inc.		1,100		55,682
Stanley Black & Decker, Inc.		3,177		214,765
Xylem, Inc.		3,500		89,915

				8,759,728

*Professional Services (0.0%)*
Dun & Bradstreet Corp.		900		67,347
Equifax, Inc.		2,300		89,102
Robert Half International, Inc.		2,750		78,265

				234,714

*Road & Rail (0.8%)*
CSX Corp.		44,500		937,170
Norfolk Southern Corp.		6,700		488,162
Ryder System, Inc.		1,000		53,140
Union Pacific Corp.		36,800		3,898,592

				5,377,064


*Trading Companies & Distributors (0.1%)*
Fastenal Co.		5,500	$	239,855
W.W. Grainger, Inc.		1,100		205,909

				445,764

Total Industrials				42,825,593

Information Technology (18.2%)
*Communications Equipment (1.4%)*
Cisco Systems, Inc.		154,000		2,784,320
F5 Networks, Inc.*		1,600		169,792
Harris Corp.		2,400		86,496
JDS Uniphase Corp.*		4,200		43,848
Juniper Networks, Inc.*		191,016		3,898,636
Motorola Mobility Holdings, Inc.*		5,550		215,340
Motorola Solutions, Inc.		6,371		294,914
QUALCOMM, Inc.		31,600		1,728,520

				9,221,866

*Computers & Peripherals (4.7%)*
Apple, Inc.*		34,114		13,816,170
Dell, Inc.*		313,820		4,591,187
EMC Corp.*		38,900		837,906
Hewlett-Packard Co.		342,596		8,825,273
Lexmark International, Inc., Class A		1,400		46,298
NetApp, Inc.*		54,945		1,992,855
SanDisk Corp.*		4,500		221,445
Seagate Technology plc		9,000		147,600
Western Digital Corp.*		4,400		136,180

				30,614,914

*Electronic Equipment, Instruments & Components (1.1%)*
Amphenol Corp., Class A		50,245		2,280,621
Corning, Inc.		171,810		2,230,094
FLIR Systems, Inc.		3,000		75,210
Jabil Circuit, Inc.		3,700		72,742
Molex, Inc.		2,600		62,036
TE Connectivity Ltd.		86,245		2,657,208

				7,377,911

*Internet Software & Services (3.2%)*
Akamai Technologies, Inc.*		3,500		112,980
eBay, Inc.*		124,216		3,767,471
Google, Inc., Class A*		17,410		11,245,119
VeriSign, Inc.		3,100		110,732
Yahoo!, Inc.*		332,700		5,366,451

				20,602,753

*IT Services (3.3%)*
Accenture plc, Class A		16,420		874,037
Amdocs Ltd.*		151,420		4,320,013
Automatic Data Processing, Inc.		9,400		507,694
Cognizant Technology Solutions Corp., Class A*		34,470		2,216,766
Computer Sciences Corp.		2,900		68,730
Fidelity National Information Services, Inc.		5,000		132,950
Fiserv, Inc.*		2,700		158,598
International Business Machines Corp.		26,800		4,927,984
Mastercard, Inc., Class A		9,747		3,633,876

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Paychex, Inc.		6,000	$	180,660
SAIC, Inc.*		5,200		63,908
Teradata Corp.*		51,320		2,489,533
Total System Services, Inc.		3,000		58,680
Visa, Inc., Class A		12,280		1,246,788
Western Union Co.		47,077		859,626

				21,739,843

*Office Electronics (0.0%)*
Xerox Corp.		26,479		210,773

*Semiconductors & Semiconductor Equipment (2.0%)*
Advanced Micro Devices, Inc.*		10,900		58,860
Advanced Semiconductor Engineering, Inc. (ADR)		82,948		359,994
Altera Corp.		6,100		226,310
Analog Devices, Inc.		5,600		200,368
Applied Materials, Inc.		102,000		1,092,420
Broadcom Corp., Class A*		9,000		264,240
First Solar, Inc.*		1,100		37,136
Intel Corp.		117,760		2,855,680
KLA-Tencor Corp.		3,200		154,400
Lam Research Corp.*		14,300		529,386
Linear Technology Corp.		4,300		129,129
LSI Corp.*		11,400		67,830
MEMC Electronic Materials, Inc.*		548,704		2,161,894
Microchip Technology, Inc.		3,600		131,868
Micron Technology, Inc.*		126,200		793,798
Novellus Systems, Inc.*		1,600		66,064
NVIDIA Corp.*		11,300		156,618
ON Semiconductor Corp.*		352,782		2,723,477
Teradyne, Inc.*		3,500		47,705
Texas Instruments, Inc.		21,900		637,509
Xilinx, Inc.		5,000		160,300

				12,854,986

*Software (2.5%)*
Adobe Systems, Inc.*		9,500		268,565
Autodesk, Inc.*		4,300		130,419
BMC Software, Inc.*		3,300		108,174
CA, Inc.		7,100		143,526
Citrix Systems, Inc.*		3,600		218,592
Electronic Arts, Inc.*		6,200		127,720
Intuit, Inc.		5,200		273,468
Microsoft Corp.		323,587		8,400,318
Oracle Corp.		221,501		5,681,501
Red Hat, Inc.*		3,600		148,644
Salesforce.com, Inc.*		2,300		233,358
Symantec Corp.*		19,000		297,350

				16,031,635

Total Information Technology				118,654,681

Materials (2.9%)
*Chemicals (1.5%)*
Air Products and Chemicals, Inc.		4,000		340,760
Airgas, Inc.		1,300		101,504
CF Industries Holdings, Inc.		1,400		202,972
Dow Chemical Co.		30,000		862,800
E.I. du Pont de Nemours & Co.		66,310		3,035,672
Eastman Chemical Co.		2,800		109,368

Ecolab, Inc.		5,060	$	292,519
FMC Corp.		1,400		120,456
International Flavors & Fragrances, Inc.		1,500		78,630
LyondellBasell Industries N.V., Class A		36,935		1,200,018
Monsanto Co.		10,100		707,707
Mosaic Co.		5,000		252,150
PPG Industries, Inc.		8,300		692,967
Praxair, Inc.		5,800		620,020
Sherwin-Williams Co.		1,700		151,759
Sigma-Aldrich Corp.		2,300		143,658
Syngenta AG (ADR)*		15,146		892,705

				9,805,665

*Construction Materials (0.0%)*
Vulcan Materials Co.		2,400		94,440

*Containers & Packaging (0.0%)*
Ball Corp.		3,100		110,701
Bemis Co., Inc.		1,900		57,152
Owens-Illinois, Inc.*		3,100		60,078
Sealed Air Corp.		3,000		51,630

				279,561

*Metals & Mining (1.3%)*
Alcoa, Inc.		20,100		173,865
Allegheny Technologies, Inc.		2,000		95,600
Cliffs Natural Resources, Inc.		2,800		174,580
Freeport-McMoRan Copper & Gold, Inc.		41,895		1,541,317
Newmont Mining Corp.		12,600		756,126
Nucor Corp.		5,900		233,463
Titanium Metals Corp.		1,700		25,466
United States Steel Corp.		201,000		5,318,460

				8,318,877

*Paper & Forest Products (0.1%)*
International Paper Co.		8,200		242,720
MeadWestvaco Corp.		3,200		95,840

				338,560

Total Materials				18,837,103

Telecommunication Services (2.4%)
*Diversified Telecommunication Services (1.6%)*
AT&T, Inc.		124,800		3,773,952
CenturyLink, Inc.		46,609		1,733,855
Frontier Communications Corp.		18,806		96,851
Level 3 Communications, Inc.*		168,506		2,862,917
Verizon Communications, Inc.		53,500		2,146,420
Windstream Corp.		9,600		112,704

				10,726,699

*Wireless Telecommunication Services (0.8%)*
American Tower Corp., Class A		7,500		450,075
KDDI Corp.		688		4,424,581
MetroPCS Communications, Inc.*		5,000		43,400
Sprint Nextel Corp.*		56,600		132,444

				5,050,500

Total Telecommunication Services				15,777,199

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Utilities (2.0%)
*Electric Utilities (0.9%)*
American Electric Power Co., Inc.		12,900	$	532,899
Duke Energy Corp.		25,100		552,200
Edison International		16,500		683,100
Entergy Corp.		3,400		248,370
Exelon Corp.		12,500		542,125
FirstEnergy Corp.		7,901		350,014
Great Plains Energy, Inc.		15,000		326,700
NextEra Energy, Inc.		8,000		487,040
Northeast Utilities		3,300		119,031
NV Energy, Inc.		35,400		578,790
Pepco Holdings, Inc.		4,200		85,260
Pinnacle West Capital Corp.		2,000		96,360
PPL Corp.		10,900		320,678
Progress Energy, Inc.		5,600		313,712
Southern Co.		16,000		740,640

				5,976,919

*Gas Utilities (0.1%)*
AGL Resources, Inc.		2,079		87,859
Atmos Energy Corp.		12,200		406,870
ONEOK, Inc.		2,076		179,968

				674,697

*Independent Power Producers & Energy Traders (0.1%)*
AES Corp.*		12,400		146,816
Constellation Energy Group, Inc.		3,800		150,746
NRG Energy, Inc.*		4,528		82,048

				379,610

*Multi-Utilities (0.9%)*
Ameren Corp.		4,500		149,085
CenterPoint Energy, Inc.		34,900		701,141
CMS Energy Corp.		34,100		752,928
Consolidated Edison, Inc.		5,500		341,165
Dominion Resources, Inc.		10,900		578,572
DTE Energy Co.		17,500		952,875
Integrys Energy Group, Inc.		1,500		81,270
NiSource, Inc.		23,600		561,916
PG&E Corp.		7,500		309,150
Public Service Enterprise Group, Inc.		12,800		422,528
SCANA Corp.		2,100		94,626
Sempra Energy		4,500		247,500
TECO Energy, Inc.		4,000		76,560
Wisconsin Energy Corp.		4,400		153,824
Xcel Energy, Inc.		9,100		251,524

				5,674,664

Total Utilities				12,705,890

Total Common Stocks (82.4%) (Cost $478,214,050)				536,126,859


PREFERRED STOCK:
Consumer Discretionary (0.0%)
*Specialty Retail (0.0%)*
Orchard Supply Hardware Stores Corp. (Zero Coupon)*†		36	$	—

Total Preferred Stocks (0.0%) (Cost $34)				—

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bond (0.1%)
Telecommunication Services (0.1%)
*Diversified Telecommunication Services (0.1%)*
Level 3 Communications, Inc. 6.500%, 10/1/16		554,000		673,802

Total Telecommunication Services				673,802

Total Convertible Bonds				673,802

Total Long-Term Debt Securities (0.1%) (Cost $554,000)				673,802

SHORT-TERM INVESTMENT:
Government Securities (1.6%)
U.S. Treasury Bills 0.02%, 5/3/12#(p)	$	10,122,000		10,121,150

Total Short-Term Investments (1.6%) (Cost $10,120,664)				10,121,150

Total Investments (84.1%) (Cost $488,888,748)				546,921,811
Other Assets Less Liabilities (15.9%)				103,693,806

Net Assets (100%)			$	650,615,617

*	Non-income producing.

†	Securities (totaling $0 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 $13,511,550.

(p)

Yield to maturity.

Glossary:

ADR — American Depositary Receipt

At December 31, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts		Expiration Date		Original Value		Value at 12/31/2011		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		1,644		March-12	$	101,761,248	$	102,963,720	$	1,202,472

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	82,076,865	$	—	$	—	$	82,076,865
Consumer Staples		37,600,221		—		—		37,600,221
Energy		57,686,710		7,939,457		—		65,626,167
Financials		67,223,919		—		—		67,223,919
Health Care		74,799,221		—		—		74,799,221
Industrials		42,825,593		—		—		42,825,593
Information Technology		118,654,681		—		—		118,654,681
Materials		18,837,103		—		—		18,837,103
Telecommunication Services		11,352,618		4,424,581		—		15,777,199
Utilities		12,705,890		—		—		12,705,890
Convertible Bonds
Telecommunication Services		—		673,802		—		673,802
Futures		1,202,472		—		—		1,202,472
Preferred Stocks
Consumer Discretionary		—		—		—		—
Short-Term Investments		—		10,121,150		—		10,121,150

Total Assets	$	524,965,293	$	23,158,990	$	—	$	548,124,283

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	524,965,293	$	23,158,990	$	—	$	548,124,283

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

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 Preferred Stocks- Consumer Discretionary ††

Balance as of 12/31/10	$	—	$	—
Total gains or losses (realized/unrealized) included in earnings		—		—
Purchases		—		—
Sales		—		—
Issuances		—		—
Settlements		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—

Balance as of 12/31/11	$	—	$	—

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 12/31/11	$	—	$	—

†† Shares received through corporate action and have $0 market value.

Fair Values of Derivative Instruments as of December 31, 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		1,202,472	*
Commodity contracts	Receivables		—
Other contracts	Receivables

Total		$	1,202,472


	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)

December 31, 2011

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 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		—		(29,143,928	)		—			—		(29,143,928	)
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	—	$	(29,143,928	)	$	(9,695	)	$	—	$	(29,153,623	)


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		—		(832,370	)		—			—		(832,370	)
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	—	$	(832,370	)	$			$	—	$	(832,370	)

The Portfolio held futures contracts with an average notional balance of approximately $120,750,000 for the year ended December 31, 2011.

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

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	258,788,413
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	298,714,954

As of December 31, 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	$	91,643,366
Aggregate gross unrealized depreciation		(40,142,205	)

Net unrealized appreciation	$	51,501,161

Federal income tax cost of investments	$	495,420,650

For the year ended December 31, 2011, the Portfolio incurred approximately $6,498 as brokerage commissions with Sanford C. Bernstein & Co., LLC and $1,744 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $331,111,631 of which $33,243,026 expires in the year 2016 and $297,868,605 expires in the year 2017. The Portfolio utilized net capital loss carryforward of $8,816,869 during 2011.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES December 31, 2011


ASSETS
Investments at value (Cost $488,888,748)	$	546,921,811
Cash		104,163,587
Receivable for securities sold		1,337,018
Dividends, interest and other receivables		819,876
Receivable from Separate Accounts for Trust shares sold		20,086
Other assets		899

Total assets		653,263,277

LIABILITIES
Payable for securities purchased		1,528,681
Due to broker for futures variation margin		394,553
Investment management fees payable		385,053
Payable to Separate Accounts for Trust shares redeemed		143,195
Administrative fees payable		112,340
Distribution fees payable - Class B		31,253
Trustees’ fees payable		11,036
Accrued expenses		41,549

Total liabilities		2,647,660

NET ASSETS	$	650,615,617

Net assets were comprised of:
Paid in capital	$	946,574,053
Accumulated undistributed net investment income (loss)		161,960
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(355,360,567	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		59,240,171

Net assets	$	650,615,617

Class A
Net asset value, offering and redemption price per share, $3,698,107 / 393,956 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.39

Class B
Net asset value, offering and redemption price per share, $148,165,941 / 15,779,031 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.39

Class K
Net asset value, offering and redemption price per share, $498,751,569 / 53,131,654 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.39

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (net of $77,428 foreign withholding tax)	$	10,123,158
Interest		90,184

Total income		10,213,342

EXPENSES
Investment management fees		5,118,944
Administrative fees		1,131,544
Distribution fees - Class B		416,015
Custodian fees		96,600
Professional fees		61,956
Printing and mailing expenses		51,845
Trustees’ fees		9,835
Miscellaneous		13,154

Gross expenses		6,899,893
Less: Fees paid indirectly		(26,302	)

Net expenses		6,873,591

NET INVESTMENT INCOME (LOSS)		3,339,751

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		27,921,675
Futures		(29,143,928	)
Foreign currency transactions		(57,270	)

Net realized gain (loss)		(1,279,523	)

Change in unrealized appreciation (depreciation) on:
Securities		(53,646,643	)
Futures		(832,370	)
Foreign currency translations		(322	)

Net change in unrealized appreciation (depreciation)		(54,479,335	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(55,758,858	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(52,419,107	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,339,751		$	3,832,266
Net realized gain (loss) on investments, futures and foreign currency transactions		(1,279,523	)		66,693,519
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(54,479,335	)		9,356,988

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(52,419,107	)		79,882,773

DIVIDENDS:
Dividends from net investment income
Class A		(280,393	)		(2,935,794	)
Class B		(514,351	)		(436,251	)
Class K†		(2,687,031	)		—

TOTAL DIVIDENDS		(3,481,775	)		(3,372,045	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,458,446 and 1,795,680 shares, respectively ]		15,189,461			16,595,636
Capital shares issued in reinvestment of dividends [ 30,567 and 292,383 shares, respectively ]		280,393			2,935,794
Capital shares repurchased [ (58,676,995) and (5,210,419) shares, respectively ]		(550,221,291	)(z)		(48,363,851	)

Total Class A transactions		(534,751,437	)		(28,832,421	)

Class B
Capital shares sold [ 4,366,400 and 3,529,698 shares, respectively ]		44,869,973			32,553,204
Capital shares issued in reinvestment of dividends [ 56,384 and 43,430 shares, respectively ]		514,351			436,251
Capital shares repurchased [ (5,422,275) and (4,040,437) shares, respectively ]		(54,888,400	)		(36,998,875	)

Total Class B transactions		(9,504,076	)		(4,009,420	)

Class K†
Capital shares sold [ 54,630,728 and 0 shares, respectively ]		508,586,752	(z)		—
Capital shares issued in reinvestment of dividends [ 294,919 and 0 shares, respectively ]		2,687,031			—
Capital shares repurchased [ (1,793,993) and 0 shares, respectively ]		(16,671,534	)		—

Total Class K transactions		494,602,249			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(49,653,264	)		(32,841,841	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(105,554,146	)		43,668,887
NET ASSETS:
Beginning of year		756,169,763			712,500,876

End of year (a)	$	650,615,617		$	756,169,763

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	161,960		$	433,553

† Class K commenced operations on August 26, 2011. (z) On August 29, 2011, certain affiliated shareholders of the Multimanager Large Cap Core Equity Portfolio exchanged approximately 53,941,027 Class A shares for approximately 53,941,027 Class K shares. This exchange amounted to approximately $502,182,547.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.17		$	9.14		$	6.98		$	11.66		$	11.96

Income (loss) from investment operations:
Net investment income (loss)		0.04	(e)		0.06	(e)		0.12	(e)		0.08	(e)		0.09	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.76	)		1.02			2.18			(4.67	)		0.52

Total from investment operations		(0.72	)		1.08			2.30			(4.59	)		0.61

Less distributions:
Dividends from net investment income		(0.06	)		(0.05	)		(0.14	)		(0.07	)		(0.08	)
Distributions from net realized gains		—			—			—			(0.02	)		(0.83	)

Total dividends and distributions		(0.06	)		(0.05	)		(0.14	)		(0.09	)		(0.91	)

Net asset value, end of year	$	9.39		$	10.17		$	9.14		$	6.98		$	11.66

Total return		(7.11	)%		11.84	%		32.92	%		(39.40	)%		5.22	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,698		$	585,508		$	554,828		$	764,481		$	842,193
Ratio of expenses to average net assets:
After waivers		0.88	%		0.90	%		0.92	%		1.10	%		1.10	%
After waivers and fees paid indirectly		0.88	%		0.90	%		0.81	%		1.09	%		1.09	%
Before waivers and fees paid indirectly		0.88	%		0.90	%		0.92	%		1.10	%		1.10	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.35	%		0.59	%		1.42	%		0.86	%		0.74	%
After waivers and fees paid indirectly		0.36	%		0.60	%		1.54	%		0.86	%		0.74	%
Before waivers and fees paid indirectly		0.35	%		0.59	%		1.42	%		0.86	%		0.74	%
Portfolio turnover rate		44	%		44	%		85	%		50	%		51	%

	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.17		$	9.14		$	6.98		$	11.67		$	11.96

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.03	(e)		0.09	(e)		0.06	(e)		0.06	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.78	)		1.03			2.18			(4.68	)		0.53

Total from investment operations		(0.75	)		1.06			2.27			(4.62	)		0.59

Less distributions:
Dividends from net investment income		(0.03	)		(0.03	)		(0.11	)		(0.05	)		(0.05	)
Distributions from net realized gains		—			—			—			(0.02	)		(0.83	)

Total dividends and distributions		(0.03	)		(0.03	)		(0.11	)		(0.07	)		(0.88	)

Net asset value, end of year	$	9.39		$	10.17		$	9.14		$	6.98		$	11.67

Total return		(7.34	)%		11.56	%		32.58	%		(39.61	)%		5.05	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	148,166		$	170,662		$	157,673		$	116,354		$	215,406
Ratio of expenses to average net assets:
After waivers		1.13	%		1.15	%		1.17	%(c)		1.35	%		1.35	%
After waivers and fees paid indirectly		1.13	%		1.15	%		1.10	%		1.34	%		1.34	%
Before fees paid indirectly		1.13	%		1.15	%		1.17	%(c)		1.35	%		1.35	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.26	%		0.34	%		1.14	%		0.58	%		0.49	%
After waivers and fees paid indirectly		0.26	%		0.35	%		1.22	%		0.59	%		0.50	%
Before fees paid indirectly		0.26	%		0.34	%		1.14	%		0.58	%		0.49	%
Portfolio turnover rate		44	%		44	%		85	%		50	%		51	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	9.18

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.23

Total from investment operations		0.26

Less distributions:
Dividends from net investment income		(0.05	)

Net asset value, end of period	$	9.39

Total return (b)		2.86	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	498,752
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.88	%
Before fees paid indirectly (a)		0.89	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.88	%
Before fees paid indirectly (a)		0.88	%
Portfolio turnover rate		44	%

*	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 expenses.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

153

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PORTFOLIO ADVISERS

_Ø

AllianceBernstein L.P.

_Ø

Institutional Capital LLC

_Ø

MFS Investment Management

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.*
Portfolio – Class A Shares		(5.23	)%		(2.92	)%		2.99	%		2.99	%
Portfolio – Class B Shares		(5.47	)		(3.16	)		2.73			2.73
Portfolio – Class K Shares**		(5.23	)		(2.92	)		2.99			2.99
Russell 1000^® Value Index		0.39			(2.64	)		3.89			3.89
Volatility Managed Index – Large Cap Value		(2.34	)		1.90			4.73			4.73
* Date of inception 12/31/01. ** Date of inception 8/26/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (5.23)% for the year ended December 31, 2011. The Portfolio’s benchmark, the Russell 1000^® Value Index, returned 0.39%, and the Volatility Managed Index – Large Cap Value returned (2.34)% over the same period.

2011 was extremely volatile for the equity markets. Investors saw a rise in stock prices early in the year only to watch those same stocks fall sharply for five months through September, yet rally again in the fourth quarter. Despite this late push many stocks finished the year underwater. For the year, large capitalization U.S. value equities, as measured by the Russell 1000^® Value Index, posted a paltry return. For the benchmark, seven of the ten sectors posted positive returns, led by Utilities and Health Care, while Materials and Financials were the worst.

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

Portfolio Highlights

What helped performance during the year:

•

Despite some poor stock selection, a large underweight to the Financials sector was the largest contributor to the Portfolio’s relative performance.

•

Overweight positions in both the Consumer Staples and Health Care sectors aided performance.

•

A significant underweight position in Bank of America (Financials sector) coupled with a large overweight to Pfizer Inc. (Health Care sector) were the Portfolio’s two largest contributors to performance.

What hurt performance during the year:

•

Underweight exposure to the Utilities sector hurt the Portfolio’s returns.

•

Owning overweight positions in Goldman Sachs, MetLife Inc. and JPMorgan Chase & Co., all in the Financials sector, were the three major detractors from performance.

•

Stock selection in the Consumer Discretionary sector created a drag on performance, with Johnson Controls and Staples Inc. being two holdings that hurt returns.

•

154

MULTIMANAGER LARGE CAP VALUE PORTFOLIO (Unaudited)


Sector Weightings as of 12/31/11	% of Net Assets
Financials		17.0	%
Health Care		12.4
Information Technology		9.4
Energy		9.3
Consumer Discretionary		9.1
Consumer Staples		8.5
Industrials		8.0
Utilities		3.9
Telecommunication Services		3.7
Materials		2.0
Cash and Other		16.7

		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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$899.81		$4.44
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.53		4.73
Class B
Actual		1,000.00		898.42		5.60
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.31		5.95
Class K†
Actual		1,000.00		1,046.64		3.27
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.61		4.64
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.93%, 1.17% and 0.91%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 128/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 8/26/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (9.1%)
*Auto Components* (*1.2%)*
Autoliv, Inc.		4,900	$	262,101
Federal-Mogul Corp.*		1,000		14,750
Johnson Controls, Inc.		322,740		10,088,852
Lear Corp.		38,000		1,512,400
TRW Automotive Holdings Corp.*		46,000		1,499,600
Visteon Corp.*		2,700		134,838

				13,512,541

*Automobiles (0.5%)*
Ford Motor Co.*		164,800		1,773,248
General Motors Co.*		172,720		3,501,034
Thor Industries, Inc.		2,400		65,832

				5,340,114

*Distributors (0.0%)*
Genuine Parts Co.		6,300		385,560

*Diversified Consumer Services (0.1%)*
Apollo Group, Inc., Class A*		21,957		1,182,824
Career Education Corp.*		3,300		26,301
DeVry, Inc.		700		26,922
Education Management Corp.*		2,100		58,779
H&R Block, Inc.		6,900		112,677
Service Corp. International		13,100		139,515

				1,547,018

*Hotels, Restaurants & Leisure (0.2%)*
Bally Technologies, Inc.*		200		7,912
Brinker International, Inc.		300		8,028
Carnival Corp.		23,400		763,776
Choice Hotels International, Inc.		1,400		53,270
Dunkin’ Brands Group, Inc.*		185		4,621
Hyatt Hotels Corp., Class A*		2,300		86,572
International Game Technology		8,000		137,600
MGM Resorts International*		74,200		773,906
Penn National Gaming, Inc.*		3,700		140,859
Royal Caribbean Cruises Ltd.		3,300		81,741
Wendy’s Co.		17,300		92,728
WMS Industries, Inc.*		3,100		63,612
Wyndham Worldwide Corp.		9,300		351,819

				2,566,444

*Household Durables (0.3%)*
D.R. Horton, Inc.		15,300		192,933
Garmin Ltd.		5,500		218,955
Harman International Industries, Inc.		1,300		49,452
Jarden Corp.		5,000		149,400
Leggett & Platt, Inc.		1,900		43,776
Lennar Corp., Class A		8,800		172,920
Mohawk Industries, Inc.*		3,100		185,535
Newell Rubbermaid, Inc.		58,700		948,005
NVR, Inc.*		1,275		874,650
PulteGroup, Inc.*		18,757		118,357
Toll Brothers, Inc.*		8,000		163,360

Whirlpool Corp.		4,200	$	199,290

				3,316,633

*Internet & Catalog Retail (0.1%)*
Expedia, Inc.		2,200		63,844
Groupon, Inc.*		400		8,252
HomeAway, Inc.*		182		4,231
Liberty Interactive Corp.*		33,000		535,095
TripAdvisor, Inc.*		2,200		55,462

				666,884

*Leisure Equipment & Products (0.2%)*
Hasbro, Inc.		52,480		1,673,587
Mattel, Inc.		4,900		136,024

				1,809,611

*Media (4.5%)*
CBS Corp., Class B		82,500		2,239,050
Clear Channel Outdoor Holdings, Inc., Class A*		2,200		27,610
Comcast Corp., Class A		148,620		3,514,312
DIRECTV, Class A*		29,600		1,265,696
DISH Network Corp., Class A		2,700		76,896
DreamWorks Animation SKG, Inc., Class A*		3,900		64,720
Gannett Co., Inc.		148,900		1,990,793
Interpublic Group of Cos., Inc.		91,000		885,430
Lamar Advertising Co., Class A*		2,200		60,500
Liberty Media Corp. - Liberty Capital*		6,420		501,081
Madison Square Garden Co., Class A*		3,275		93,796
McGraw-Hill Cos., Inc.		24,400		1,097,268
News Corp., Class A		193,800		3,457,392
Omnicom Group, Inc.		51,505		2,296,093
Pandora Media, Inc.*		380		3,804
Regal Entertainment Group, Class A		2,900		34,626
Thomson Reuters Corp.		10,900		290,703
Time Warner Cable, Inc.		30,600		1,945,242
Time Warner, Inc.		332,743		12,025,332
Viacom, Inc., Class B		249,160		11,314,356
Walt Disney Co.		184,670		6,925,125
Washington Post Co., Class B		300		113,043

				50,222,868

*Multiline Retail (0.8%)*
Big Lots, Inc.*		26,400		996,864
Dillard’s, Inc., Class A		1,900		85,272
J.C. Penney Co., Inc.		9,100		319,865
Kohl’s Corp.		16,890		833,522
Macy’s, Inc.		65,000		2,091,700
Sears Holdings Corp.*		2,100		66,738
Target Corp.		91,700		4,696,874

				9,090,835

*Specialty Retail (1.1%)*
Aaron’s, Inc.		1,200		32,016
Abercrombie & Fitch Co., Class A		700		34,188
Advance Auto Parts, Inc.		15,560		1,083,443

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

American Eagle Outfitters, Inc.		10,700	$	163,603
AutoNation, Inc.*		1,100		40,557
Best Buy Co., Inc.		17,400		406,638
CarMax, Inc.*		10,300		313,944
Chico’s FAS, Inc.		3,200		35,648
DSW, Inc., Class A		100		4,421
Foot Locker, Inc.		8,500		202,640
GameStop Corp., Class A*		33,000		796,290
Gap, Inc.		22,100		409,955
Home Depot, Inc.		55,700		2,341,628
Limited Brands, Inc.		27,400		1,105,590
Lowe’s Cos., Inc.		139,300		3,535,434
Orchard Supply Hardware Stores Corp., Class A*†		95		—
RadioShack Corp.		5,800		56,318
Sally Beauty Holdings, Inc.*		300		6,339
Signet Jewelers Ltd.		4,800		211,008
Staples, Inc.		107,335		1,490,883
Williams-Sonoma, Inc.		2,700		103,950

				12,374,493

*Textiles, Apparel & Luxury Goods (0.1%)*
PVH Corp.		2,800		197,372
VF Corp.		4,800		609,552

				806,924

Total Consumer Discretionary				101,639,925

Consumer Staples (8.5%)
*Beverages (1.5%)*
Beam, Inc.		8,500		435,455
Brown-Forman Corp., Class B		800		64,408
Coca-Cola Co.		65,150		4,558,545
Coca-Cola Enterprises, Inc.		4,100		105,698
Constellation Brands, Inc., Class A*		87,900		1,816,893
Diageo plc		155,633		3,399,483
Molson Coors Brewing Co., Class B		7,400		322,196
PepsiCo, Inc.		94,985		6,302,255

				17,004,933

*Food & Staples Retailing (0.9%)*
CVS Caremark Corp.		110,326		4,499,094
Kroger Co.		91,300		2,211,286
Safeway, Inc.		32,000		673,280
SUPERVALU, Inc.		11,600		94,192
Walgreen Co.		29,040		960,063
Wal-Mart Stores, Inc.		23,390		1,397,786

				9,835,701

*Food Products (2.0%)*
Archer-Daniels-Midland Co.		175,250		5,012,150
Bunge Ltd.		6,000		343,200
Campbell Soup Co.		2,300		76,452
ConAgra Foods, Inc.		56,500		1,491,600
Corn Products International, Inc.		800		42,072
Dean Foods Co.*		10,000		112,000
General Mills, Inc.		90,530		3,658,317

H.J. Heinz Co.		7,400	$	399,896
Hershey Co.		2,100		129,738
Hormel Foods Corp.		3,500		102,515
J.M. Smucker Co.		8,999		703,452
Kellogg Co.		20,610		1,042,248
Kraft Foods, Inc., Class A		90,800		3,392,288
McCormick & Co., Inc. (Non-Voting)		2,300		115,966
Mead Johnson Nutrition Co.		9,208		632,866
Nestle S.A. (Registered)		42,856		2,463,775
Ralcorp Holdings, Inc.*		3,000		256,500
Sara Lee Corp.		5,400		102,168
Smithfield Foods, Inc.*		9,100		220,948
Tyson Foods, Inc., Class A		106,000		2,187,840

				22,485,991

*Household Products (2.4%)*
Church & Dwight Co., Inc.		3,300		151,008
Clorox Co.		6,900		459,264
Colgate-Palmolive Co.		2,700		249,453
Energizer Holdings, Inc.*		3,800		294,424
Kimberly-Clark Corp.		2,700		198,612
Procter & Gamble Co.		376,542		25,119,117

				26,471,878

*Tobacco (1.7%)*
Altria Group, Inc.		175,305		5,197,793
Lorillard, Inc.		28,500		3,249,000
Philip Morris International, Inc.		121,105		9,504,321
Reynolds American, Inc.		38,920		1,612,066

				19,563,180

Total Consumer Staples				95,361,683

Energy (9.3%)
*Energy Equipment & Services (0.6%)*
Atwood Oceanics, Inc.*		2,200		87,538
Baker Hughes, Inc.		14,392		700,027
Cameron International Corp.*		3,500		172,165
Diamond Offshore Drilling, Inc.		2,000		110,520
Helmerich & Payne, Inc.		400		23,344
McDermott International, Inc.*		1,600		18,416
Nabors Industries Ltd.*		15,700		272,238
National Oilwell Varco, Inc.		23,300		1,584,167
Oil States International, Inc.*		500		38,185
Patterson-UTI Energy, Inc.		7,500		149,850
Rowan Cos., Inc.*		5,800		175,914
SEACOR Holdings, Inc.*		1,200		106,752
Tidewater, Inc.		2,700		133,110
Transocean Ltd.		62,040		2,381,715
Unit Corp.*		2,300		106,720

				6,060,661

*Oil, Gas & Consumable Fuels (8.7%)*
Alpha Natural Resources, Inc.*		5,447		111,282
Anadarko Petroleum Corp.		35,500		2,709,715
Apache Corp.		40,686		3,685,338
Arch Coal, Inc.		8,000		116,080

See Notes to Financial Statements.

157

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

BP plc (ADR)		69,800	$	2,983,252
Chesapeake Energy Corp.		36,100		804,669
Chevron Corp.		204,334		21,741,138
Cimarex Energy Co.		3,500		216,650
Cobalt International Energy, Inc.*		400		6,208
ConocoPhillips		94,185		6,863,261
Denbury Resources, Inc.*		3,655		55,190
Devon Energy Corp.		55,400		3,434,800
El Paso Corp.		2,400		63,768
Energen Corp.		4,000		200,000
EOG Resources, Inc.		10,945		1,078,192
EQT Corp.		4,500		246,555
EXCO Resources, Inc.		600		6,270
Exxon Mobil Corp.		259,534		21,998,102
Forest Oil Corp.*		1,300		17,615
Hess Corp.		30,240		1,717,632
Kinder Morgan, Inc.		2,900		93,293
Kosmos Energy Ltd.*		200		2,452
Marathon Oil Corp.		129,500		3,790,465
Marathon Petroleum Corp.		125,000		4,161,250
Murphy Oil Corp.		9,000		501,660
Newfield Exploration Co.*		3,100		116,963
Noble Energy, Inc.		7,800		736,242
Occidental Petroleum Corp.		140,121		13,129,338
Pioneer Natural Resources Co.		1,200		107,376
Plains Exploration & Production Co.*		7,700		282,744
QEP Resources, Inc.		2,100		61,530
Quicksilver Resources, Inc.*		6,000		40,260
Royal Dutch Shell plc (ADR), Class A		6,100		445,849
SM Energy Co.		700		51,170
Southern Union Co.		6,800		286,348
Southwestern Energy Co.*		63,700		2,034,578
Spectra Energy Corp.		35,700		1,097,775
Sunoco, Inc.		6,600		270,732
Teekay Corp.		2,300		61,479
Tesoro Corp.*		7,900		184,544
Valero Energy Corp.		49,100		1,033,555
Williams Cos., Inc.		32,300		1,066,546

				97,611,866

Total Energy				103,672,527

Financials (17.0%)
*Capital Markets (2.7%)*
Affiliated Managers Group, Inc.*		800		76,760
American Capital Ltd.*		19,300		129,889
Ameriprise Financial, Inc.		13,300		660,212
Ares Capital Corp.		11,200		173,040
Bank of New York Mellon Corp.		227,509		4,529,704
BlackRock, Inc.		40,787		7,269,875
ETRADE Financial Corp.		13,700		109,052
Federated Investors, Inc., Class B		900		13,635
Franklin Resources, Inc.		9,660		927,940
Goldman Sachs Group, Inc.		89,200		8,066,356
Invesco Ltd.		25,400		510,286
Janus Capital Group, Inc.		10,200		64,362

Jefferies Group, Inc.		7,400	$	101,750
Legg Mason, Inc.		47,500		1,142,375
LPL Investment Holdings, Inc.*		232		7,085
Morgan Stanley		188,335		2,849,509
Northern Trust Corp.		11,900		471,954
Raymond James Financial, Inc.		5,600		173,376
State Street Corp.		73,020		2,943,436

				30,220,596

*Commercial Banks (3.7%)*
Associated Banc-Corp		9,500		106,115
Bank of Hawaii Corp.		2,600		115,674
BB&T Corp.		225,500		5,675,835
BOK Financial Corp.		1,400		76,902
CapitalSource, Inc.		17,700		118,590
CIT Group, Inc.*		57,200		1,994,564
City National Corp./California		2,600		114,868
Comerica, Inc.		9,700		250,260
Commerce Bancshares, Inc./Missouri		4,225		161,057
Cullen/Frost Bankers, Inc.		2,900		153,439
East West Bancorp, Inc.		8,100		159,975
Fifth Third Bancorp		50,500		642,360
First Citizens BancShares, Inc./North Carolina, Class A		300		52,497
First Horizon National Corp.		14,439		115,512
First Niagara Financial Group, Inc.		16,600		143,258
First Republic Bank/California*		4,000		122,440
Fulton Financial Corp.		10,900		106,929
Huntington Bancshares, Inc./Ohio		47,400		260,226
KeyCorp		52,200		401,418
M&T Bank Corp.		6,967		531,861
PNC Financial Services Group, Inc.		56,213		3,241,804
Popular, Inc.*		56,200		78,118
Regions Financial Corp.		107,200		460,960
SunTrust Banks, Inc.		43,200		764,640
Synovus Financial Corp.		43,100		60,771
TCF Financial Corp.		8,700		89,784
U.S. Bancorp		105,900		2,864,595
Valley National Bancorp		9,257		114,509
Wells Fargo & Co.		817,850		22,539,946
Zions Bancorp		10,100		164,428

				41,683,335

*Consumer Finance (0.6%)*
American Express Co.		22,800		1,075,476
Capital One Financial Corp.		117,850		4,983,876
Discover Financial Services		27,000		648,000
SLM Corp.		28,900		387,260

				7,094,612

*Diversified Financial Services (4.0%)*
Bank of America Corp.		949,743		5,280,571
Citigroup, Inc.		336,760		8,860,156
CME Group, Inc.		3,700		901,579

See Notes to Financial Statements.

158

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Interactive Brokers Group, Inc., Class A		2,000	$	29,880
JPMorgan Chase & Co.		809,961		26,931,203
Leucadia National Corp.		10,800		245,592
Moody’s Corp.		64,800		2,182,464
NASDAQ OMX Group, Inc.*		5,900		144,609
NYSE Euronext		9,900		258,390

				44,834,444

*Insurance (4.8%)*
ACE Ltd.		63,960		4,484,875
Aflac, Inc.		25,700		1,111,782
Alleghany Corp.*		438		124,957
Allied World Assurance Co. Holdings AG		2,100		132,153
Allstate Corp.		28,700		786,667
American Financial Group, Inc./Ohio		4,400		162,316
American International Group, Inc.*		24,300		563,760
American National Insurance Co.		400		29,212
Aon Corp.		61,535		2,879,838
Arch Capital Group Ltd.*		7,200		268,056
Arthur J. Gallagher & Co.		6,000		200,640
Aspen Insurance Holdings Ltd.		3,800		100,700
Assurant, Inc.		5,300		217,618
Assured Guaranty Ltd.		10,100		132,714
Axis Capital Holdings Ltd.		7,100		226,916
Berkshire Hathaway, Inc., Class B*		108,706		8,294,268
Brown & Brown, Inc.		6,400		144,832
Chubb Corp.		48,210		3,337,096
Cincinnati Financial Corp.		8,000		243,680
CNA Financial Corp.		1,400		37,450
Endurance Specialty Holdings Ltd.		2,200		84,150
Everest Reinsurance Group Ltd.		2,500		210,225
Fidelity National Financial, Inc., Class A		12,200		194,346
Genworth Financial, Inc., Class A*		26,900		176,195
Hanover Insurance Group, Inc.		2,500		87,375
Hartford Financial Services Group, Inc.		24,400		396,500
HCC Insurance Holdings, Inc.		6,200		170,500
Kemper Corp.		2,700		78,867
Lincoln National Corp.		17,200		334,024
Loews Corp.		17,400		655,110
Markel Corp.*		600		248,802
Marsh & McLennan Cos., Inc.		30,100		951,762
MBIA, Inc.*		8,100		93,879
Mercury General Corp.		1,500		68,430
MetLife, Inc.		363,190		11,324,264
Old Republic International Corp.		14,200		131,634
PartnerReinsurance Ltd.		3,700		237,577
Principal Financial Group, Inc.		17,600		432,960
Progressive Corp.		36,000		702,360

Protective Life Corp.		4,700	$	106,032
Prudential Financial, Inc.		77,335		3,876,030
Reinsurance Group of America, Inc.		4,100		214,225
RenaissanceReinsurance Holdings Ltd.		2,900		215,673
StanCorp Financial Group, Inc.		2,500		91,875
Torchmark Corp.		6,300		273,357
Transatlantic Holdings, Inc.		3,400		186,082
Travelers Cos., Inc.		115,139		6,812,775
Unum Group		16,900		356,083
Validus Holdings Ltd.		3,600		113,400
W. R. Berkley Corp.		6,300		216,657
White Mountains Insurance Group Ltd.		400		181,384
XL Group plc		26,100		515,997

				53,218,060

*Real Estate Investment Trusts (REITs) (1.1%)*
Alexandria Real Estate Equities, Inc. (REIT)		3,400		234,498
American Capital Agency Corp. (REIT)		7,000		196,560
Annaly Capital Management, Inc. (REIT)		52,838		843,294
Apartment Investment & Management Co. (REIT), Class A		2,100		48,111
AvalonBay Communities, Inc. (REIT)		4,800		626,880
Boston Properties, Inc. (REIT)		1,500		149,400
Brandywine Realty Trust (REIT)		7,400		70,300
BRE Properties, Inc. (REIT)		4,100		206,968
Camden Property Trust (REIT)		1,100		68,464
Chimera Investment Corp. (REIT)		56,400		141,564
CommonWealth REIT (REIT)		3,925		65,312
Corporate Office Properties Trust/Maryland (REIT)		2,700		57,402
DDR Corp. (REIT)		11,800		143,606
Douglas Emmett, Inc. (REIT)		6,800		124,032
Duke Realty Corp. (REIT)		13,800		166,290
Equity Residential (REIT)		15,000		855,450
Essex Property Trust, Inc. (REIT)		800		112,408
Federal Realty Investment Trust (REIT)		900		81,675
General Growth Properties, Inc. (REIT)		30,959		465,004
HCP, Inc. (REIT)		22,261		922,273
Health Care REIT, Inc. (REIT)		9,700		528,941
Hospitality Properties Trust (REIT)		6,700		153,966
Host Hotels & Resorts, Inc. (REIT)		37,709		556,962
Kimco Realty Corp. (REIT)		22,300		362,152

See Notes to Financial Statements.

159

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Liberty Property Trust (REIT)		6,300	$	194,544
Macerich Co. (REIT)		4,635		234,531
Mack-Cali Realty Corp. (REIT)		4,800		128,112
Piedmont Office Realty Trust, Inc. (REIT), Class A		9,400		160,176
Plum Creek Timber Co., Inc. (REIT)		3,500		127,960
ProLogis, Inc. (REIT)		23,315		666,576
Public Storage (REIT)		500		67,230
Realty Income Corp. (REIT)		6,900		241,224
Regency Centers Corp. (REIT)		4,900		184,338
Senior Housing Properties Trust (REIT)		7,700		172,788
Simon Property Group, Inc. (REIT)		3,024		389,915
SL Green Realty Corp. (REIT)		4,500		299,880
Taubman Centers, Inc. (REIT)		3,100		192,510
UDR, Inc. (REIT)		9,600		240,960
Ventas, Inc. (REIT)		5,506		303,546
Vornado Realty Trust (REIT)		9,058		696,198
Weingarten Realty Investors (REIT)		6,600		144,012
Weyerhaeuser Co. (REIT)		20,992		391,921

				12,017,933

*Real Estate Management & Development (0.0%)*
Forest City Enterprises, Inc., Class A*		7,500		88,650
Howard Hughes Corp.*		1,185		52,341
Jones Lang LaSalle, Inc.		600		36,756
St. Joe Co.*		3,500		51,310

				229,057

*Thrifts & Mortgage Finance (0.1%)*
BankUnited, Inc.		1,800		39,582
Capitol Federal Financial, Inc.		9,116		105,199
Hudson City Bancorp, Inc.		23,400		146,250
New York Community Bancorp, Inc.		24,000		296,880
People’s United Financial, Inc.		15,800		203,030
TFS Financial Corp.*		4,300		38,528
Washington Federal, Inc.		6,100		85,339

				914,808

Total Financials				190,212,845

Health Care (12.4%)
*Biotechnology (0.4%)*
Amgen, Inc.		40,520		2,601,789
Gilead Sciences, Inc.*		48,500		1,985,105
Vertex Pharmaceuticals, Inc.*		1,300		43,173

				4,630,067

*Health Care Equipment & Supplies (1.2%)*
Alere, Inc.*		4,700		108,523
Baxter International, Inc.		3,100		153,388
Becton, Dickinson and Co.		21,610		1,614,699
Boston Scientific Corp.*		84,000		448,560

CareFusion Corp.*		8,400	$	213,444
Cooper Cos., Inc.		1,900		133,988
Covidien plc		97,150		4,372,722
DENTSPLY International, Inc.		4,600		160,954
Hill-Rom Holdings, Inc.		300		10,107
Hologic, Inc.*		14,300		250,393
Medtronic, Inc.		80,780		3,089,835
St. Jude Medical, Inc.		41,360		1,418,648
Teleflex, Inc.		2,200		134,838
Zimmer Holdings, Inc.*		10,600		566,252

				12,676,351

*Health Care Providers & Services (1.6%)*
Aetna, Inc.		33,600		1,417,584
AMERIGROUP Corp.*		800		47,264
Brookdale Senior Living, Inc.*		600		10,434
Cardinal Health, Inc.		9,600		389,856
Cigna Corp.		14,900		625,800
Community Health Systems, Inc.*		5,200		90,740
Coventry Health Care, Inc.*		8,100		245,997
HCA Holdings, Inc.*		2,800		61,684
Health Net, Inc.*		35,400		1,076,868
Henry Schein, Inc.*		2,400		154,632
Humana, Inc.		9,300		814,773
LifePoint Hospitals, Inc.*		2,900		107,735
Omnicare, Inc.		6,300		217,035
Patterson Cos., Inc.		3,400		100,368
Quest Diagnostics, Inc.		20,850		1,210,551
Tenet Healthcare Corp.*		25,400		130,302
UnitedHealth Group, Inc.		130,607		6,619,163
VCA Antech, Inc.*		4,700		92,825
WellPoint, Inc.		70,500		4,670,625

				18,084,236

*Health Care Technology (0.0%)*
Allscripts Healthcare Solutions, Inc.*		2,000		37,880

*Life Sciences Tools & Services (0.3%)*
Bio-Rad Laboratories, Inc., Class A*		1,100		105,644
Life Technologies Corp.*		9,000		350,190
PerkinElmer, Inc.		6,200		124,000
QIAGEN N.V.*		12,800		176,768
Thermo Fisher Scientific, Inc.*		55,530		2,497,184

				3,253,786

*Pharmaceuticals (8.9%)*
Abbott Laboratories, Inc.		72,750		4,090,732
AstraZeneca plc (ADR)		71,500		3,309,735
Bristol-Myers Squibb Co.		93,737		3,303,292
Eli Lilly and Co.		37,600		1,562,656
Forest Laboratories, Inc.*		15,700		475,082
Hospira, Inc.*		1,500		45,555
Johnson & Johnson		378,655		24,832,195
Merck & Co., Inc.		479,755		18,086,763
Mylan, Inc.*		2,200		47,212
Pfizer, Inc.		1,698,245		36,750,022
Roche Holding AG		6,452		1,093,536
Sanofi S.A. (ADR)		165,450		6,045,543

See Notes to Financial Statements.

160

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Warner Chilcott plc, Class A*		800	$	12,104
Watson Pharmaceuticals, Inc.*		400		24,136

				99,678,563

Total Health Care				138,360,883

Industrials (8.0%)
*Aerospace & Defense (3.0%)*
Alliant Techsystems, Inc.		1,700		97,172
BE Aerospace, Inc.*		300		11,613
Boeing Co.		4,600		337,410
Exelis, Inc.		10,100		91,405
General Dynamics Corp.		28,400		1,886,044
Goodrich Corp.		4,100		507,170
Honeywell International, Inc.		218,615		11,881,725
Huntington Ingalls Industries, Inc.*		9,284		290,404
L-3 Communications Holdings, Inc.		5,900		393,412
Lockheed Martin Corp.		92,150		7,454,935
Northrop Grumman Corp.		88,310		5,164,369
Raytheon Co.		19,600		948,248
Spirit AeroSystems Holdings, Inc., Class A*		5,100		105,978
Textron, Inc.		14,300		264,407
United Technologies Corp.		61,070		4,463,606

				33,897,898

*Air Freight & Logistics (0.1%)*
FedEx Corp.		16,400		1,369,564
UTi Worldwide, Inc.		500		6,645

				1,376,209

*Airlines (0.2%)*
AMR Corp.*		9,700		3,395
Copa Holdings S.A., Class A		400		23,468
Delta Air Lines, Inc.*		178,100		1,440,829
Southwest Airlines Co.		35,800		306,448
United Continental Holdings, Inc.*		2,700		50,949

				1,825,089

*Building Products (0.0%)*
Armstrong World Industries, Inc.*		1,000		43,870
Fortune Brands Home & Security, Inc.*		8,500		144,755
Owens Corning, Inc.*		6,800		195,296

				383,921

*Commercial Services & Supplies (0.2%)*
Avery Dennison Corp.		5,500		157,740
Cintas Corp.		6,900		240,189
Corrections Corp. of America*		5,800		118,146
Covanta Holding Corp.		6,200		84,878
KAR Auction Services, Inc.*		1,200		16,200
Pitney Bowes, Inc.		10,000		185,400
R.R. Donnelley & Sons Co.		11,400		164,502
Republic Services, Inc.		17,600		484,880
Waste Connections, Inc.		750		24,855
Waste Management, Inc.		26,100		853,731

				2,330,521


*Construction & Engineering (0.1%)*
AECOM Technology Corp.*		3,600	$	74,052
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		2,300		86,940
Fluor Corp.		6,100		306,525
Jacobs Engineering Group, Inc.*		7,000		284,060
KBR, Inc.		7,800		217,386
Quanta Services, Inc.*		11,800		254,172
Shaw Group, Inc.*		3,900		104,910
URS Corp.*		4,300		151,016

				1,479,061

*Electrical Equipment (0.1%)*
Cooper Industries plc		3,100		167,865
General Cable Corp.*		1,400		35,014
GrafTech International Ltd.*		6,600		90,090
Hubbell, Inc., Class B		3,300		220,638
Regal-Beloit Corp.		2,100		107,037
Thomas & Betts Corp.*		2,200		120,120

				740,764

*Industrial Conglomerates (2.8%)*
3M Co.		41,780		3,414,679
Carlisle Cos., Inc.		3,100		137,330
Danaher Corp.		48,000		2,257,920
General Electric Co.		1,131,350		20,262,479
Tyco International Ltd.		98,970		4,622,889

				30,695,297

*Machinery (0.8%)*
AGCO Corp.*		5,200		223,444
CNH Global N.V.*		1,400		50,386
Crane Co.		2,700		126,117
Dover Corp.		2,300		133,515
Eaton Corp.		36,210		1,576,221
Flowserve Corp.		300		29,796
Harsco Corp.		4,000		82,320
IDEX Corp.		500		18,555
Illinois Tool Works, Inc.		1,600		74,736
Ingersoll-Rand plc		35,900		1,093,873
ITT Corp.		5,050		97,616
Kennametal, Inc.		4,000		146,080
Lincoln Electric Holdings, Inc.		1,800		70,416
Navistar International Corp.*		1,800		68,184
Oshkosh Corp.*		5,000		106,900
Parker Hannifin Corp.		15,400		1,174,250
Pentair, Inc.		5,400		179,766
Snap-on, Inc.		2,600		131,612
SPX Corp.		2,100		126,567
Stanley Black & Decker, Inc.		48,061		3,248,924
Terex Corp.*		6,000		81,060
Timken Co.		700		27,097
Trinity Industries, Inc.		4,400		132,264
Xylem, Inc.		10,100		259,469

				9,259,168

*Marine (0.0%)*
Alexander & Baldwin, Inc.		2,300		93,886
Kirby Corp.*		900		59,256

				153,142

See Notes to Financial Statements.

161

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

*Professional Services (0.2%)*
Dun & Bradstreet Corp.		14,810	$	1,108,232
Equifax, Inc.		6,400		247,936
Manpower, Inc.		4,500		160,875
Nielsen Holdings N.V.*		629		18,675
Towers Watson & Co., Class A		2,500		149,825
Verisk Analytics, Inc., Class A*		1,000		40,130

				1,725,673

*Road & Rail (0.5%)*
Canadian National Railway Co.		14,760		1,159,546
Con-way, Inc.		2,700		78,732
Kansas City Southern*		1,500		102,015
Norfolk Southern Corp.		19,400		1,413,484
Ryder System, Inc.		2,800		148,792
Union Pacific Corp.		22,600		2,394,244

				5,296,813

*Trading Companies & Distributors (0.0%)*
Air Lease Corp.*		1,900		45,049
GATX Corp.		2,500		109,150
WESCO International, Inc.*		1,300		68,913

				223,112

Total Industrials				89,386,668

Information Technology (9.4%)
*Communications Equipment (1.8%)*
Brocade Communications Systems, Inc.*		25,900		134,421
Cisco Systems, Inc.		1,044,040		18,876,243
EchoStar Corp., Class A*		2,100		43,974
Harris Corp.		5,100		183,804
Motorola Mobility Holdings, Inc.*		14,250		552,900
Motorola Solutions, Inc.		16,514		764,433
Tellabs, Inc.		19,900		80,396

				20,636,171

*Computers & Peripherals (0.9%)*
Dell, Inc.*		66,000		965,580
Diebold, Inc.		3,600		108,252
Fusion-io, Inc.*		416		10,067
Hewlett-Packard Co.		280,270		7,219,755
Lexmark International, Inc., Class A		4,300		142,201
NCR Corp.*		1,800		29,628
QLogic Corp.*		1,000		15,000
SanDisk Corp.*		13,100		644,651
Seagate Technology plc		10,400		170,560
Western Digital Corp.*		12,800		396,160

				9,701,854

*Electronic Equipment, Instruments & Components (0.4%)*
Arrow Electronics, Inc.*		5,400		202,014
Avnet, Inc.*		8,400		261,156
AVX Corp.		2,600		33,176
Corning, Inc.		239,300		3,106,114
Ingram Micro, Inc., Class A*		8,800		160,072

Itron, Inc.*		2,200	$	78,694
Jabil Circuit, Inc.		1,800		35,388
Molex, Inc.		7,400		176,564
Tech Data Corp.*		2,600		128,466
Vishay Intertechnology, Inc.*		8,300		74,617

				4,256,261

*Internet Software & Services (0.2%)*
Akamai Technologies, Inc.*		900		29,052
AOL, Inc.*		5,875		88,712
eBay, Inc.*		28,700		870,471
IAC/InterActiveCorp		4,400		187,440
Monster Worldwide, Inc.*		7,100		56,303
Yahoo!, Inc.*		71,600		1,154,908

				2,386,886

*IT Services (1.4%)*
Accenture plc, Class A		72,730		3,871,418
Amdocs Ltd.*		10,200		291,006
Booz Allen Hamilton Holding Corp.*		612		10,557
Broadridge Financial Solutions, Inc.		300		6,765
Computer Sciences Corp.		8,500		201,450
CoreLogic, Inc.*		5,300		68,529
DST Systems, Inc.		1,600		72,832
Fidelity National Information Services, Inc.		14,417		383,348
Fiserv, Inc.*		11,540		677,860
Genpact Ltd.*		1,500		22,425
International Business Machines Corp.		22,840		4,199,819
Mastercard, Inc., Class A		3,250		1,211,665
Paychex, Inc.		1,400		42,154
SAIC, Inc.*		10,700		131,503
Total System Services, Inc.		8,900		174,084
Visa, Inc., Class A		29,900		3,035,747
Western Union Co.		89,365		1,631,805

				16,032,967

*Office Electronics (0.1%)*
Xerox Corp.		76,994		612,872

*Semiconductors & Semiconductor Equipment (3.0%)*
Advanced Semiconductor Engineering, Inc. (ADR)		95,769		415,637
Applied Materials, Inc.		663,050		7,101,266
ASML Holding N.V. (N.Y. Shares)		19,920		832,457
Atmel Corp.*		1,600		12,960
Cree, Inc.*		5,600		123,424
Fairchild Semiconductor International, Inc.*		7,000		84,280
Freescale Semiconductor Holdings I Ltd.*		900		11,385
Intel Corp.		501,820		12,169,135
International Rectifier Corp.*		3,800		73,796
Intersil Corp., Class A		3,400		35,496
KLA-Tencor Corp.		2,100		101,325
Lam Research Corp.*		37,000		1,369,740
LSI Corp.*		23,200		138,040

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Marvell Technology Group Ltd.*		27,900	$	386,415
MEMC Electronic Materials, Inc.*		5,100		20,094
Micron Technology, Inc.*		317,100		1,994,559
Novellus Systems, Inc.*		4,900		202,321
PMC-Sierra, Inc.*		12,000		66,120
Silicon Laboratories, Inc.*		200		8,684
SunPower Corp.*		5,400		33,642
Teradyne, Inc.*		10,100		137,663
Texas Instruments, Inc.		280,625		8,168,994

				33,487,433

*Software (1.6%)*
Activision Blizzard, Inc.		23,200		285,824
CA, Inc.		21,000		424,515
Compuware Corp.*		3,200		26,624
Microsoft Corp.		510,550		13,253,878
Oracle Corp.		154,935		3,974,083
Synopsys, Inc.*		7,500		204,000

				18,168,924

Total Information Technology				105,283,368

Materials (2.0%)
*Chemicals (1.5%)*
Air Products and Chemicals, Inc.		24,060		2,049,671
Ashland, Inc.		4,400		251,504
Cabot Corp.		3,600		115,704
CF Industries Holdings, Inc.		681		98,731
Cytec Industries, Inc.		2,700		120,555
Dow Chemical Co.		99,100		2,850,116
Huntsman Corp.		8,500		85,000
LyondellBasell Industries N.V., Class A		76,600		2,488,734
Monsanto Co.		55,450		3,885,382
PPG Industries, Inc.		29,220		2,439,578
Rockwood Holdings, Inc.*		200		7,874
RPM International, Inc.		7,100		174,305
Scotts Miracle-Gro Co., Class A		300		14,007
Sherwin-Williams Co.		18,110		1,616,680
Valspar Corp.		4,600		179,262
W.R. Grace & Co.*		400		18,368
Westlake Chemical Corp.		900		36,216

				16,431,687

*Construction Materials (0.0%)*
Martin Marietta Materials, Inc.		1,400		105,574
Vulcan Materials Co.		7,100		279,385

				384,959

*Containers & Packaging (0.1%)*
AptarGroup, Inc.		3,700		193,029
Bemis Co., Inc.		5,800		174,464
Greif, Inc., Class A		2,100		95,655
Owens-Illinois, Inc.*		9,000		174,420
Packaging Corp. of America		500		12,620
Sealed Air Corp.		8,800		151,448
Sonoco Products Co.		5,500		181,280

Temple-Inland, Inc.		4,400	$	139,524

				1,122,440

*Metals & Mining (0.3%)*
AK Steel Holding Corp.		4,800		39,648
Alcoa, Inc.		58,400		505,160
Commercial Metals Co.		6,300		87,129
Newmont Mining Corp.		26,700		1,602,267
Nucor Corp.		17,400		688,518
Reliance Steel & Aluminum Co.		3,500		170,415
Schnitzer Steel Industries, Inc., Class A		900		38,052
Steel Dynamics, Inc.		3,200		42,080
Titanium Metals Corp.		2,100		31,458
United States Steel Corp.		7,900		209,034

				3,413,761

*Paper & Forest Products (0.1%)*
Domtar Corp.		2,300		183,908
International Paper Co.		18,900		559,440
MeadWestvaco Corp.		9,300		278,535

				1,021,883

Total Materials				22,374,730

Telecommunication Services (3.7%)
*Diversified Telecommunication Services (2.6%)*
AT&T, Inc.		614,615		18,585,958
CenturyLink, Inc.		128,664		4,786,301
Frontier Communications Corp.		54,639		281,391
Level 3 Communications, Inc.*		6,240		106,017
tw telecom, Inc.*		1,200		23,256
Verizon Communications, Inc.		120,400		4,830,448
Windstream Corp.		12,400		145,576

				28,758,947

*Wireless Telecommunication Services (1.1%)*
Clearwire Corp., Class A*		1,300		2,522
NII Holdings, Inc.*		1,200		25,560
Sprint Nextel Corp.*		164,400		384,696
Telephone & Data Systems, Inc.		4,900		126,861
U.S. Cellular Corp.*		800		34,904
Vodafone Group plc		1,032,720		2,869,223
Vodafone Group plc (ADR)		325,750		9,130,773

				12,574,539

Total Telecommunication Services				41,333,486

Utilities (3.9%)
*Electric Utilities (1.7%)*
American Electric Power Co., Inc.		46,500		1,920,915
Duke Energy Corp.		73,100		1,608,200
Edison International		50,200		2,078,280
Entergy Corp.		9,800		715,890
Exelon Corp.		36,400		1,578,668
FirstEnergy Corp.		22,970		1,017,571
Great Plains Energy, Inc.		55,200		1,202,256

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Hawaiian Electric Industries, Inc.		5,200	$	137,696
NextEra Energy, Inc.		23,200		1,412,416
Northeast Utilities		9,700		349,879
NV Energy, Inc.		106,300		1,738,005
Pepco Holdings, Inc.		12,400		251,720
Pinnacle West Capital Corp.		6,000		289,080
PPL Corp.		56,726		1,668,879
Progress Energy, Inc.		16,200		907,524
Southern Co.		46,700		2,161,743
Westar Energy, Inc.		6,200		178,436

				19,217,158

*Gas Utilities (0.2%)*
AGL Resources, Inc.		4,300		181,718
Atmos Energy Corp.		37,700		1,257,295
National Fuel Gas Co.		3,900		216,762
ONEOK, Inc.		5,500		476,795
Questar Corp.		9,700		192,642
UGI Corp.		6,100		179,340

				2,504,552

*Independent Power Producers & Energy Traders (0.1%)*
AES Corp.*		36,100		427,424
Calpine Corp.*		19,200		313,536
Constellation Energy Group, Inc.		10,200		404,634
GenOn Energy, Inc.*		42,316		110,445
NRG Energy, Inc.*		13,200		239,184

				1,495,223

*Multi-Utilities (1.8%)*
Alliant Energy Corp.		6,100		269,071
Ameren Corp.		13,200		437,316
CenterPoint Energy, Inc.		81,400		1,635,326
CMS Energy Corp.		84,949		1,875,674
Consolidated Edison, Inc.		16,100		998,683
Dominion Resources, Inc.		31,700		1,682,636
DTE Energy Co.		48,400		2,635,380
Integrys Energy Group, Inc.		4,300		232,974
MDU Resources Group, Inc.		10,300		221,038
NiSource, Inc.		64,100		1,526,221
NSTAR		5,700		267,672
OGE Energy Corp.		5,400		306,234
PG&E Corp.		70,225		2,894,674
Public Service Enterprise Group, Inc.		61,475		2,029,290
SCANA Corp.		6,300		283,878
Sempra Energy		13,200		726,000
TECO Energy, Inc.		11,800		225,852
Vectren Corp.		4,500		136,035
Wisconsin Energy Corp.		12,800		447,488
Xcel Energy, Inc.		26,600		735,224

				19,566,666

*Water Utilities (0.1%)*
American Water Works Co., Inc.		9,600		305,856
Aqua America, Inc.		6,800		149,940

				455,796

Total Utilities				43,239,395

Total Common Stocks (83.3%) (Cost $829,795,547)				930,865,510


CONVERTIBLE PREFERRED STOCK:
Utilities (0.0%)
*Electric Utilities (0.0%)*
PPL Corp. 9.500%		7,500	$	414,375

Total Convertible Preferred Stocks (0.0%) (Cost $375,000)				414,375

PREFERRED STOCK:
Consumer Discretionary (0.0%)
*Specialty Retail (0.0%)*
Orchard Supply Hardware Stores Corp. (Zero Coupon)*†		95		—

Total Preferred Stocks (0.0%) (Cost $77)				—

	Number of Rights		Value (Note 1)
RIGHT:
Health Care (0.0%)
*Biotechnology* (*0.0%*)
Celgene Corp., expiring 12/31/30* (Cost $1,590)		300		420

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Commercial Paper (0.2%)
HSBC USA, Inc. 0.05%, 1/3/12 (p)	$	2,015,000		2,014,992
Government Securities (2.0%)
U.S. Treasury Bills 0.02%, 5/3/12 #(p)		22,008,300		22,006,451

Total Short-Term Investments (2.2%) (Cost $24,020,390)				24,021,443

Total Investments (85.5%) (Cost $854,192,604)				955,301,748
Other Assets Less Liabilities (14.5%)				162,576,043

Net Assets (100%)			$	1,117,877,791

*	Non-income producing.

†	Securities (totaling $0 or 0.0% at 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 $22,006,451

(p)

Yield to maturity.

Glossary:

ADR — American Depositary Receipt

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

At December 31, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 12/31/2011		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		2,605		March-12	$	161,326,405	$	163,151,150	$	1,824,745
S&P MidCap 400 E-Mini Index		189		March-12		16,447,585		16,580,970		133,385

									$	1,958,130

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	101,639,925	$	—	$	—	$	101,639,925
Consumer Staples		89,498,425		5,863,258		—		95,361,683
Energy		103,672,527		—		—		103,672,527
Financials		190,212,845		—		—		190,212,845
Health Care		137,267,347		1,093,536		—		138,360,883
Industrials		89,386,668		—		—		89,386,668
Information Technology		105,283,368		—		—		105,283,368
Materials		22,374,730		—		—		22,374,730
Telecommunication Services		38,464,263		2,869,223		—		41,333,486
Utilities		43,239,395		—		—		43,239,395
Convertible Preferred Stocks
Utilities		—		414,375		—		414,375
Futures		1,958,130		—		—		1,958,130
Preferred Stocks
Consumer Discretionary		—		—		—		—
Rights
Health Care		420		—		—		420
Short-Term Investments		—		24,021,443		—		24,021,443

Total Assets	$	922,998,043	$	34,261,835	$	—	$	957,259,878

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	922,998,043	$	34,261,835	$	—	$	957,259,878

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

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 Preferred Stocks- Consumer Discretionary ††

Balance as of 12/31/10	$	—	$	—
Total gains or losses (realized/unrealized) included in earnings		—		—
Purchases		—		—
Sales		—		—
Issuances		—		—
Settlements		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—

Balance as of 12/31/11	$	—	$	—

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 12/31/11	$	—	$	—

†† Shares received through corporate action and have $0 market value.

Fair Values of Derivative Instruments as of December 31, 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		1,958,130	*
Commodity contracts	Receivables		—
Other contracts	Receivables

Total		$	1,958,130


	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)

December 31, 2011

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 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		—		(47,337,566	)		—		—		(47,337,566	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(47,337,566	)	$	—	$	—	$	(47,337,566	)


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		—		(1,512,742	)		—		—		(1,512,742	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(1,512,742	)	$	—	$	—	$	(1,512,742	)

The Portfolio held futures contracts with an average notional balance of approximately $208,576,000 during the year ended December 31,2011.

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

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	369,018,791
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	518,041,370

As of December 31, 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	$	133,215,217
Aggregate gross unrealized depreciation		(51,432,307	)

Net unrealized appreciation	$	81,782,910

Federal income tax cost of investments	$	873,518,838

For the year ended December 31, 2011, the Portfolio incurred approximately $6,292 as brokerage commissions with Sanford C. Bernstein & Co., LLC and $1,764 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $638,001,243 of which $22,342,812 expires in the year 2016 and $615,658,431 expires in the year 2017. The Portfolio utilized net capital loss carryforward of $24,814,493 during 2011.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value (Cost $854,192,604)	$	955,301,748
Cash		164,228,434
Dividends, interest and other receivables		2,077,510
Receivable from Separate Accounts for Trust shares sold		66,383
Receivable for securities sold		59,817
Other assets		1,719

Total assets		1,121,735,611

LIABILITIES
Payable for securities purchased		1,857,646
Investment management fees payable		689,791
Due to broker for futures variation margin		689,461
Payable to Separate Accounts for Trust shares redeemed		236,376
Administrative fees payable		170,817
Distribution fees payable - Class B		85,063
Trustees’ fees payable		22,715
Accrued expenses		105,951

Total liabilities		3,857,820

NET ASSETS	$	1,117,877,791

Net assets were comprised of:
Paid in capital	$	1,693,831,893
Accumulated undistributed net investment income (loss)		490,862
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(679,513,264	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		103,068,300

Net assets	$	1,117,877,791

Class A
Net asset value, offering and redemption price per share, $33,205,100 / 3,634,741 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.14

Class B
Net asset value, offering and redemption price per share, $403,796,738 / 44,187,540 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.14

Class K
Net asset value, offering and redemption price per share, $680,875,953 / 74,530,822 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.14

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (net of $86,346 foreign withholding tax)	$	26,045,595
Interest		95,713

Total income		26,141,308

EXPENSES
Investment management fees		9,070,968
Administrative fees		1,895,428
Distribution fees - Class B		1,131,619
Custodian fees		143,200
Printing and mailing expenses		86,936
Professional fees		65,674
Trustees’ fees		17,040
Miscellaneous		24,667

Gross expenses		12,435,532
Less: Fees paid indirectly		(75,376	)

Net expenses		12,360,156

NET INVESTMENT INCOME (LOSS)		13,781,152

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		64,547,832
Futures		(47,337,566	)
Foreign currency transactions		(1,050	)

Net realized gain (loss)		17,209,216

Change in unrealized appreciation (depreciation) on:
Securities		(88,984,403	)
Futures		(1,512,742	)
Foreign currency translations		(1,630	)

Net change in unrealized appreciation (depreciation)		(90,498,775	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(73,289,559	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(59,508,407	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	13,781,152		$	14,667,828
Net realized gain (loss) on investments, futures and foreign currency transactions		17,209,216			124,080,958
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(90,498,775	)		40,837,004

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(59,508,407	)		179,585,790

DIVIDENDS:
Dividends from net investment income
Class A		(821,923	)		(9,665,084	)
Class B		(4,458,615	)		(4,071,334	)
Class K†		(8,769,131	)		—

TOTAL DIVIDENDS		(14,049,669	)		(13,736,418	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 2,347,648 and 2,925,878 shares, respectively ]		23,307,082			26,423,937
Capital shares issued in reinvestment of dividends [ 92,905 and 1,003,656 shares, respectively ]		821,923			9,665,084
Capital shares repurchased [ (89,352,741) and (30,190,858) shares, respectively ]		(814,874,044	)(z)		(280,119,181	)

Total Class A transactions		(790,745,039	)		(244,030,160	)

Class B
Capital shares sold [ 4,124,821 and 3,523,865 shares, respectively ]		39,646,706			31,489,680
Capital shares issued in reinvestment of dividends [ 503,793 and 422,744 shares, respectively ]		4,458,615			4,071,334
Capital shares repurchased [ (10,458,466) and (9,545,279) shares, respectively ]		(102,046,050	)		(85,667,744	)

Total Class B transactions		(57,940,729	)		(50,106,730	)

Class K†
Capital shares sold [ 75,746,207 and 0 shares, respectively ]		676,188,755	(z)		—
Capital shares issued in reinvestment of dividends [ 991,158 and 0 shares, respectively ]		8,769,131			—
Capital shares repurchased [ (2,206,543) and 0 shares, respectively ]		(19,743,796	)		—

Total Class K transactions		665,214,090			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(183,471,678	)		(294,136,890	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(257,029,754	)		(128,287,518	)
NET ASSETS:
Beginning of year		1,374,907,545			1,503,195,063

End of year (a)	$	1,117,877,791		$	1,374,907,545

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	490,862		$	1,024,355

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Large Cap Value Portfolio exchanged approximately 75,097,387 Class A shares for approximately 75,097,387 Class K shares. This exchange amounted to approximately $670,375,386.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	9.78		$	8.72		$	7.21		$	11.79		$	12.83

Income (loss) from investment operations:
Net investment income (loss)		0.10	(e)		0.10	(e)		0.15	(e)		0.18	(e)		0.19	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.62	)		1.07			1.53			(4.58	)		0.29

Total from investment operations		(0.52	)		1.17			1.68			(4.40	)		0.48

Less distributions:
Dividends from net investment income		(0.12	)		(0.11	)		(0.17	)		(0.16	)		(0.18	)
Distributions from net realized gains		—			—			—			(0.02	)		(1.34	)

Total dividends and distributions		(0.12	)		(0.11	)		(0.17	)		(0.18	)		(1.52	)

Net asset value, end of year	$	9.14		$	9.78		$	8.72		$	7.21		$	11.79

Total return		(5.23	)%		13.39	%		23.29	%		(37.33	)%		3.88	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	33,205		$	885,584		$	1,018,251		$	1,180,738		$	1,220,184
Ratio of expenses to average net assets:
After fees paid indirectly		0.90	%		0.91	%		0.82	%(c)		1.03	%		1.01	%
Before fees paid indirectly		0.91	%		0.91	%		0.93	%		1.05	%		1.07	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		1.01	%		1.14	%		2.04	%		1.82	%		1.44	%
Before fees paid indirectly		1.01	%		1.13	%		1.92	%		1.79	%		1.38	%
Portfolio turnover rate		37	%		35	%		77	%		60	%		77	%

	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	9.78		$	8.72		$	7.21		$	11.79		$	12.83

Income (loss) from investment operations:
Net investment income (loss)		0.09	(e)		0.08	(e)		0.13	(e)		0.15	(e)		0.16	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.63	)		1.06			1.53			(4.57	)		0.29

Total from investment operations		(0.54	)		1.14			1.66			(4.42	)		0.45

Less distributions:
Dividends from net investment income		(0.10	)		(0.08	)		(0.15	)		(0.14	)		(0.15	)
Distributions from net realized gains		—			—			—			(0.02	)		(1.34	)

Total dividends and distributions		(0.10	)		(0.08	)		(0.15	)		(0.16	)		(1.49	)

Net asset value, end of year	$	9.14		$	9.78		$	8.72		$	7.21		$	11.79

Total return		(5.47	)%		13.11	%		22.97	%		(37.49	)%		3.61	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	403,797		$	489,324		$	484,944		$	439,812		$	718,323
Ratio of expenses to average net assets:
After fees paid indirectly		1.15	%(c)		1.16	%		1.07	%(c)		1.28	%		1.26	%(c)
Before fees paid indirectly		1.16	%		1.16	%		1.18	%		1.30	%		1.32	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		0.95	%		0.89	%		1.73	%		1.53	%		1.18	%
Before fees paid indirectly		0.95	%		0.88	%		1.63	%		1.51	%		1.12	%
Portfolio turnover rate		37	%		35	%		77	%		60	%		77	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.85

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.36

Total from investment operations		0.41

Less distributions:
Dividends from net investment income		(0.12	)

Net asset value, end of period	$	9.14

Total return (b)		4.66	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	680,876
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.90	%
Before fees paid indirectly(a)		0.91	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		1.65	%
Before fees paid indirectly (a)		1.65	%
Portfolio turnover rate		37	%

*	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 expenses.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

171

MULTIMANAGER MID CAP GROWTH PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø

AllianceBernstein L.P.

_Ø

BlackRock Investment Management LLC

_Ø

Franklin Advisers, Inc.

_Ø

Wellington Management Company, LLP

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.*
Portfolio – Class A Shares		(7.58	)%		1.17	%		2.30	%		2.30	%
Portfolio – Class B Shares		(7.90	)		0.91			2.04			2.04
Portfolio – Class K Shares**		(7.58	)		1.17			2.30			2.30
Russell 2500^™ Growth Index		(1.57	)		2.89			5.23			5.23
Volatility Managed Index – Mid Cap Growth 2500		(7.02	)		5.90			7.40			7.40
* Date of inception 12/31/01. ** Date of inception 8/26/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (7.58)% for the year ended December 31, 2011. The Portfolio’s benchmark, the Russell 2500^™ Growth Index, returned (1.57)%, and the Volatility Managed Index – Mid Cap Growth 2500 returned (7.02)% over the same period.

2011 was extremely volatile for the equity markets. Investors saw a rise in stock prices early in the year only to watch those same stocks fall sharply for five months through September, yet rally again in the fourth quarter. Despite this late push many stocks finished the year underwater. For the year, mid-capitalization U.S. growth equities, as measured by the Russell 2500^TM Growth Index, posted a negative return. For the benchmark, only four of the ten sectors posted positive returns, led by Consumer Staples and Utilities, while Telecommunication Services and Materials were the worst.

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

Portfolio Highlights

What helped performance during the year:

•

Stock selection in the Consumer Staples and Health Care sectors helped the Portfolio’s performance.

•

A large overweight to Green Mountain Coffee Roasters, Inc. in the Consumer Staples sector was the largest stock contributor.

•

A significantly underweight position in the Materials sector was beneficial to the Portfolio’s returns.

What hurt performance during the year:

•

Stock selection in the Industrials sector was detrimental to the Porfolio’s returns. Holdings in FLSmidth & Co., DigitalGlobe Inc., and Kforce Inc. all detracted from performance.

•

Stock selection in Consumer Discretionary and Financials sectors hurt overall returns.

•

Shutterfly Inc. (Consumer Discretionary sector) and Pharmasset Inc. (Health Care sector) were the largest stock detractors.

•

172

MULTIMANAGER MID CAP GROWTH PORTFOLIO (Unaudited)


Sector Weightings as of 12/31/11	% of Net Assets
Information Technology		20.9	%
Consumer Discretionary		14.7
Industrials		14.7
Health Care		14.1
Energy		7.5
Financials		5.7
Materials		3.1
Consumer Staples		2.4
Telecommunication Services		0.7
Utilities		0.2
Cash and Other		16.0

		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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$841.38		$4.62
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.18		5.07
Class B
Actual		1,000.00		839.80		5.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.90		6.36
Class K†
Actual		1,000.00		1,038.93		3.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.14		5.11
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.00%, 1.25% and 1.00%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 128/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 8/26/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (14.7%)
*Auto Components (0.7%)*
American Axle & Manufacturing Holdings, Inc.*		1,772	$	17,525
Amerigon, Inc.*		2,756		39,301
Cooper Tire & Rubber Co.		7,407		103,772
Dana Holding Corp.*		17,019		206,781
Dorman Products, Inc.*		1,368		50,520
Drew Industries, Inc.*		952		23,353
Exide Technologies, Inc.*		2,378		6,254
Gentex Corp.		40,011		1,183,925
Goodyear Tire & Rubber Co.*		30,203		427,977
Stoneridge, Inc.*		3,249		27,389
Tenneco, Inc.*		34,572		1,029,554
Tower International, Inc.*		793		8,517
Visteon Corp.*		345		17,229

				3,142,097

*Automobiles (0.0%)*
Tesla Motors, Inc.*		6,588		188,153
Winnebago Industries, Inc.*		3,546		26,170

				214,323

*Distributors (0.5%)*
Core-Mark Holding Co., Inc.		188		7,445
LKQ Corp.*		60,845		1,830,218
Pool Corp.		5,963		179,486

				2,017,149

*Diversified Consumer Services (1.3%)*
American Public Education, Inc.*		2,215		95,865
Archipelago Learning, Inc.*		901		8,713
Bridgepoint Education, Inc.*		2,215		50,945
Capella Education Co.*		1,782		64,241
Coinstar, Inc.*		34,981		1,596,533
DeVry, Inc.		6,922		266,220
Estacio Participacoes S.A.		58,700		566,151
Grand Canyon Education, Inc.*		66,158		1,055,882
Hillenbrand, Inc.		7,739		172,734
ITT Educational Services, Inc.*		3,286		186,940
K12, Inc.*		27,580		494,785
Matthews International Corp., Class A		1,419		44,599
National American University Holdings, Inc.		1,041		7,891
Sotheby’s, Inc.		8,358		238,454
Steiner Leisure Ltd.*		1,882		85,424
Strayer Education, Inc.		1,515		147,243
Universal Technical Institute, Inc.*		2,639		33,726
Weight Watchers International, Inc.		12,258		674,313

				5,790,659

*Hotels, Restaurants & Leisure (2.6%)*
AFC Enterprises, Inc.*		3,052		44,864
Ambassadors Group, Inc.		558		2,517
Ameristar Casinos, Inc.		3,976		68,745
Bally Technologies, Inc.*		4,968		196,534
Biglari Holdings, Inc.*		13		4,787
BJ’s Restaurants, Inc.*		22,266		1,009,095
Bravo Brio Restaurant Group, Inc.*		2,375		40,731
Brinker International, Inc.		9,060		242,446

Buffalo Wild Wings, Inc.*		19,169	$	1,294,099
Caribou Coffee Co., Inc.*		760		10,602
Carrols Restaurant Group, Inc.*		1,547		17,899
CEC Entertainment, Inc.		2,462		84,816
Cheesecake Factory, Inc.*		7,149		209,823
Choice Hotels International, Inc.		329		12,519
Churchill Downs, Inc.		406		21,165
Cracker Barrel Old Country Store, Inc.		2,681		135,149
Denny’s Corp.*		8,953		33,663
DineEquity, Inc.*		1,917		80,917
Domino’s Pizza UK & IRL plc		122,067		763,019
Domino’s Pizza, Inc.*		2,733		92,785
Dunkin’ Brands Group, Inc.*		2,717		67,871
Einstein Noah Restaurant Group, Inc.		600		9,492
Interval Leisure Group, Inc.*		4,988		67,887
Jack in the Box, Inc.*		46,360		968,924
Jamba, Inc.*		8,344		10,931
Krispy Kreme Doughnuts, Inc.*		7,250		47,415
Life Time Fitness, Inc.*		4,758		222,437
Morgans Hotel Group Co.*		1,011		5,965
Orient-Express Hotels Ltd., Class A*		112,990		844,035
P.F. Chang’s China Bistro, Inc.		2,347		72,546
Panera Bread Co., Class A*		16,601		2,348,211
Papa John’s International, Inc.*		2,324		87,568
Peet’s Coffee & Tea, Inc.*		19,684		1,233,793
Pinnacle Entertainment, Inc.*		465		4,724
Red Robin Gourmet Burgers, Inc.*		1,443		39,971
Ruth’s Hospitality Group, Inc.*		794		3,946
Scientific Games Corp., Class A*		3,788		36,744
Shuffle Master, Inc.*		40,434		473,887
Six Flags Entertainment Corp.		5,156		212,633
Sonic Corp.*		7,519		50,603
Texas Roadhouse, Inc.		7,274		108,383
Town Sports International Holdings, Inc.*		1,057		7,769
Vail Resorts, Inc.		3,515		148,895

				11,440,805

*Household Durables (1.0%)*
American Greetings Corp., Class A		297		3,716
Ethan Allen Interiors, Inc.		1,040		24,658
Harman International Industries, Inc.		5,705		217,018
iRobot Corp.*		2,934		87,580
Jarden Corp.		33,970		1,015,024
Leggett & Platt, Inc.		13,264		305,603
Libbey, Inc.*		2,437		31,047
Skullcandy, Inc.*		208		2,604
Tempur-Pedic International, Inc.*		45,230		2,375,932
Tupperware Brands Corp.		7,124		398,730
Universal Electronics, Inc.*		691		11,657
Zagg, Inc.*		2,767		19,563

				4,493,132

*Internet & Catalog Retail (0.9%)*
Blue Nile, Inc.*		18,759		766,868
Gaiam, Inc., Class A*		11,985		38,831
Geeknet, Inc.*		538		9,173
HomeAway, Inc.*		24,798		576,554

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

HSN, Inc.		4,947	$	179,378
Nutrisystem, Inc.		3,394		43,884
Overstock.com, Inc.*		1,445		11,329
PetMed Express, Inc.		2,691		27,933
priceline.com, Inc.*		1,754		820,363
Shutterfly, Inc.*		65,646		1,494,103
U.S. Auto Parts Network, Inc.*		1,966		8,591
Valuevision Media, Inc., Class A*		4,034		7,584

				3,984,591

*Leisure Equipment & Products (0.3%)*
Brunswick Corp.		53,320		962,959
Marine Products Corp.*		549		2,723
Polaris Industries, Inc.		8,008		448,288
Smith & Wesson Holding Corp.*		2,605		11,358
Sturm Ruger & Co., Inc.		2,344		78,430

				1,503,758

*Media (1.1%)*
Arbitron, Inc.		3,377		116,203
Belo Corp., Class A		3,398		21,408
Cinemark Holdings, Inc.		10,424		192,740
Crown Media Holdings, Inc., Class A*		1,200		1,452
Cumulus Media, Inc., Class A*		884		2,953
Digital Generation, Inc.*		2,605		31,052
DreamWorks Animation SKG, Inc., Class A*		30,970		513,947
Entravision Communications Corp., Class A		3,738		5,831
Global Sources Ltd.*		1,375		6,669
Interpublic Group of Cos., Inc.		21,266		206,918
John Wiley & Sons, Inc., Class A		5,758		255,655
Knology, Inc.*		3,572		50,722
Lamar Advertising Co., Class A*		2,146		59,015
Lions Gate Entertainment Corp.*		62,064		516,373
MDC Partners, Inc., Class A		3,083		41,682
Morningstar, Inc.		3,014		179,182
National CineMedia, Inc.		77,203		957,317
Nexstar Broadcasting Group, Inc., Class A*		389		3,050
Pandora Media, Inc.*		62,777		628,398
ReachLocal, Inc.*		1,228		7,589
Regal Entertainment Group, Class A		3,330		39,760
Rentrak Corp.*		1,194		17,050
Sinclair Broadcast Group, Inc., Class A		436		4,940
Sirius XM Radio, Inc.*		517,660		942,141
Valassis Communications, Inc.*		5,431		104,438
Value Line, Inc.		118		1,213
World Wrestling Entertainment, Inc., Class A		3,007		28,025

				4,935,723

*Multiline Retail (0.3%)*
99 Cents Only Stores*		673		14,772
Big Lots, Inc.*		2,683		101,310
Dollar Tree, Inc.*		15,280		1,269,921
Gordmans Stores, Inc.*		621		7,806

				1,393,809


*Specialty Retail (3.9%)*
Aaron’s, Inc.		6,930	$	184,892
Abercrombie & Fitch Co., Class A		9,242		451,379
Aeropostale, Inc.*		9,992		152,378
America’s Car-Mart, Inc.*		597		23,390
ANN, Inc.*		6,443		159,658
Ascena Retail Group, Inc.*		7,770		230,924
AutoNation, Inc.*		2,355		86,829
Body Central Corp.*		1,451		36,217
Buckle, Inc.		3,333		136,220
CarMax, Inc.*		43,835		1,336,091
Cato Corp., Class A		3,433		83,079
Chico’s FAS, Inc.		14,528		161,842
Children’s Place Retail Stores, Inc.*		11,410		606,099
Citi Trends, Inc.*		25,000		219,500
Cost Plus, Inc.*		1,479		14,420
Destination Maternity Corp.		1,341		22,421
Dick’s Sporting Goods, Inc.		51,696		1,906,548
DSW, Inc., Class A		2,658		117,510
Express, Inc.*		51,531		1,027,528
Finish Line, Inc., Class A		1,962		37,837
Francesca’s Holdings Corp.*		186		3,218
Genesco, Inc.*		296		18,275
GNC Holdings, Inc., Class A*		41,665		1,206,202
Guess?, Inc.		34,120		1,017,458
hhgregg, Inc.*		135		1,951
Hibbett Sports, Inc.*		3,392		153,251
Jos. A. Bank Clothiers, Inc.*		3,421		166,808
Lumber Liquidators Holdings, Inc.*		2,854		50,402
Mattress Firm Holding Corp.*		21,237		492,486
Men’s Wearhouse, Inc.		1,088		35,262
Monro Muffler Brake, Inc.		3,783		146,743
PetSmart, Inc.		13,877		711,751
Pier 1 Imports, Inc.*		3,659		50,970
Ross Stores, Inc.		23,120		1,098,894
Rue21, Inc.*		1,830		39,528
Sally Beauty Holdings, Inc.*		10,756		227,274
Select Comfort Corp.*		6,042		131,051
Systemax, Inc.*		92		1,510
Teavana Holdings, Inc.*		5,439		102,144
Tractor Supply Co.		26,461		1,856,239
Ulta Salon Cosmetics & Fragrance, Inc.*		20,719		1,345,077
Urban Outfitters, Inc.*		12,000		330,720
Vitamin Shoppe, Inc.*		18,367		732,476
Williams-Sonoma, Inc.		6,770		260,645
Winmark Corp.		272		15,605
Zumiez, Inc.*		2,635		73,148

				17,263,850

*Textiles, Apparel & Luxury Goods (2.1%)*
Carter’s, Inc.*		5,266		209,639
Cherokee, Inc.		895		10,445
Coach, Inc.		14,410		879,586
Columbia Sportswear Co.		11,600		539,980
Crocs, Inc.*		10,967		161,983
Deckers Outdoor Corp.*		29,095		2,198,709
Fossil, Inc.*		6,423		509,729
G-III Apparel Group Ltd.*		2,089		52,037

See Notes to Financial Statements.

175

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Hanesbrands, Inc.*		58,126	$	1,270,634
Iconix Brand Group, Inc.*		52,600		856,854
Kenneth Cole Productions, Inc., Class A*		289		3,061
Liz Claiborne, Inc.*		627		5,411
Maidenform Brands, Inc.*		2,926		53,546
Oxford Industries, Inc.		1,592		71,831
Perry Ellis International, Inc.*		123		1,749
PVH Corp.		1,105		77,891
R.G. Barry Corp.		141		1,703
Steven Madden Ltd.*		4,645		160,253
True Religion Apparel, Inc.*		3,162		109,342
Under Armour, Inc., Class A*		12,058		865,644
Vera Bradley, Inc.*		2,449		78,980
Warnaco Group, Inc.*		4,170		208,667
Wolverine World Wide, Inc.		32,342		1,152,669

				9,480,343

Total Consumer Discretionary				65,660,239

Consumer Staples (2.4%)
*Beverages (0.4%)*
Boston Beer Co., Inc., Class A*		9,525		1,034,034
Coca-Cola Bottling Co. Consolidated		565		33,081
Craft Brewers Alliance, Inc.*		402		2,420
Hansen Natural Corp.*		8,627		794,892
Heckmann Corp.*		5,656		37,612
National Beverage Corp.*		1,300		20,891
Primo Water Corp.*		1,226		3,727

				1,926,657

*Food & Staples Retailing (0.5%)*
Arden Group, Inc., Class A		87		7,831
Casey’s General Stores, Inc.		20,586		1,060,385
Chefs’ Warehouse, Inc.*		27,913		498,526
Fresh Market, Inc.*		3,478		138,772
Pantry, Inc.*		208		2,490
Pricesmart, Inc.		2,201		153,167
Rite Aid Corp.*		5,496		6,925
Ruddick Corp.		3,276		139,689
United Natural Foods, Inc.*		5,746		229,897

				2,237,682

*Food Products (1.1%)*
Alico, Inc.		127		2,460
B&G Foods, Inc.		3,393		81,670
Calavo Growers, Inc.		1,440		36,979
Cal-Maine Foods, Inc.		120		4,388
Corn Products International, Inc.		7,625		400,999
Darling International, Inc.*		14,471		192,320
Diamond Foods, Inc.		14,828		478,500
Dole Food Co., Inc.*		821		7,102
Farmer Bros Co.		248		1,895
Flowers Foods, Inc.		13,822		262,342
Green Mountain Coffee Roasters, Inc.*		20,937		939,024
Hain Celestial Group, Inc.*		25,384		930,577
J&J Snack Foods Corp.		1,762		93,879
Lancaster Colony Corp.		2,316		160,591
Lifeway Foods, Inc.*		716		6,902
Limoneira Co.		1,018		17,214

Omega Protein Corp.*		231	$	1,647
Smart Balance, Inc.*		3,528		18,910
Tootsie Roll Industries, Inc.		2,691		63,696
TreeHouse Foods, Inc.*		16,283		1,064,583

				4,765,678

*Household Products (0.1%)*
Church & Dwight Co., Inc.		10,166		465,196
Oil-Dri Corp. of America		147		2,975
Spectrum Brands Holdings, Inc.*		1,625		44,525
WD-40 Co.		1,967		79,487

				592,183

*Personal Products (0.3%)*
Elizabeth Arden, Inc.*		2,447		90,637
Female Health Co.		2,500		11,275
Herbalife Ltd.		14,577		753,194
Inter Parfums, Inc.		1,982		30,840
Medifast, Inc.*		1,734		23,791
Nature’s Sunshine Products, Inc.*		1,370		21,262
Nu Skin Enterprises, Inc., Class A		6,774		329,013
Schiff Nutrition International, Inc.*		392		4,194
Synutra International, Inc.*		2,061		10,429
USANA Health Sciences, Inc.*		839		25,480

				1,300,115

*Tobacco (0.0%)*
Star Scientific, Inc.*		11,761		25,639
Vector Group Ltd.		4,070		72,283

				97,922

Total Consumer Staples				10,920,237

Energy (7.5%)
*Energy Equipment & Services (3.0%)*
Atwood Oceanics, Inc.*		2,006		79,819
Basic Energy Services, Inc.*		2,981		58,726
C&J Energy Services, Inc.*		23,265		486,936
Cal Dive International, Inc.*		7,254		16,321
CARBO Ceramics, Inc.		2,374		292,785
Complete Production Services, Inc.*		42,650		1,431,334
Core Laboratories N.V.		5,575		635,271
Dawson Geophysical Co.*		269		10,634
Dresser-Rand Group, Inc.*		9,327		465,511
Dril-Quip, Inc.*		16,940		1,114,991
Ensco plc (ADR)		15,240		715,061
Geokinetics, Inc.*		1,311		2,819
Global Geophysical Services, Inc.*		2,230		14,986
Gulf Island Fabrication, Inc.		258		7,536
Gulfmark Offshore, Inc., Class A*		519		21,803
Helmerich & Payne, Inc.		10,823		631,630
ION Geophysical Corp.*		16,387		100,452
Key Energy Services, Inc.*		80,429		1,244,237
Lufkin Industries, Inc.		3,771		253,826
Matrix Service Co.*		600		5,664
Mitcham Industries, Inc.*		821		17,931
Newpark Resources, Inc.*		765		7,267
Oceaneering International, Inc.		35,121		1,620,132
Oil States International, Inc.*		20,539		1,568,563

See Notes to Financial Statements.

176

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

OYO Geospace Corp.*		536	$	41,449
Patterson-UTI Energy, Inc.		2,123		42,417
Pioneer Drilling Co.*		77,154		746,851
RigNet, Inc.*		714		11,952
Rowan Cos., Inc.*		2,603		78,949
RPC, Inc.		5,314		96,980
Superior Energy Services, Inc.*		37,750		1,073,610
Tesco Corp.*		3,020		38,173
TETRA Technologies, Inc.*		1,062		9,919
Tidewater, Inc.		14,062		693,257
Willbros Group, Inc.*		910		3,340

				13,641,132

*Oil, Gas & Consumable Fuels (4.5%)*
Abraxas Petroleum Corp.*		10,155		33,511
Alon USA Energy, Inc.		1,061		9,241
Amyris, Inc.*		2,178		25,134
Apco Oil and Gas International, Inc.		1,143		93,406
Approach Resources, Inc.*		2,221		65,320
Arch Coal, Inc.		2,705		39,250
ATP Oil & Gas Corp.*		5,502		40,495
Berry Petroleum Co., Class A		6,372		267,751
Bill Barrett Corp.*		10,342		352,352
BPZ Resources, Inc.*		3,474		9,866
Bumi plc*		24,881		340,034
Cabot Oil & Gas Corp.		28,599		2,170,664
Callon Petroleum Co.*		4,832		24,015
Carrizo Oil & Gas, Inc.*		4,817		126,928
Cheniere Energy, Inc.*		10,200		88,638
Chesapeake Energy Corp.		28,680		639,277
Clayton Williams Energy, Inc.*		729		55,317
Clean Energy Fuels Corp.*		6,128		76,355
Cloud Peak Energy, Inc.*		1,553		30,004
Cobalt International Energy, Inc.*		36,579		567,706
Comstock Resources, Inc.*		37,100		567,630
Consol Energy, Inc.		14,990		550,133
Contango Oil & Gas Co.*		1,507		87,677
Crosstex Energy, Inc.		4,469		56,488
CVR Energy, Inc.*		10,859		203,389
Energy XXI Bermuda Ltd.*		9,317		297,026
Evolution Petroleum Corp.*		1,958		15,762
EXCO Resources, Inc.		16,899		176,595
Forest Oil Corp.*		11,035		149,524
FX Energy, Inc.*		6,497		31,186
Genel Energy plc*		52,698		634,260
GeoResources, Inc.*		965		28,284
Gevo, Inc.*		723		4,548
GMX Resources, Inc.*		2,369		2,961
Golar LNG Ltd.		4,880		216,916
Goodrich Petroleum Corp.*		3,201		43,950
Gulfport Energy Corp.*		5,516		162,446
Hallador Energy Co.		465		4,617
HollyFrontier Corp.		23,501		549,923
Houston American Energy Corp.*		2,057		25,075
Hyperdynamics Corp.*		19,241		47,140
Isramco, Inc.*		139		12,449
James River Coal Co.*		47,600		329,392
Karoon Gas Australia Ltd.*		38,090		175,703
KiOR, Inc., Class A*		748		7,615
Kodiak Oil & Gas Corp.*		114,491		1,087,664

Magnum Hunter Resources Corp.*		13,769	$	74,215
McMoRan Exploration Co.*		12,152		176,812
Newfield Exploration Co.*		17,790		671,217
Northern Oil and Gas, Inc.*		7,811		187,308
Oasis Petroleum, Inc.*		34,760		1,011,168
Panhandle Oil and Gas, Inc., Class A		885		29,037
Patriot Coal Corp.*		10,537		89,248
Petroleum Development Corp.*		32,100		1,127,031
PetroQuest Energy, Inc.*		1,611		10,633
Pioneer Natural Resources Co.		10,270		918,960
Quicksilver Resources, Inc.*		978		6,562
Rentech, Inc.*		28,612		37,482
Resolute Energy Corp.*		67,839		732,661
Rex Energy Corp.*		3,684		54,376
Rosetta Resources, Inc.*		6,554		285,099
Sanchez Energy Corp.*		11,900		205,394
SandRidge Energy, Inc.*		50,722		413,892
SM Energy Co.		18,386		1,344,017
Solazyme, Inc.*		1,031		12,269
Southwestern Energy Co.*		17,380		555,117
Stone Energy Corp.*		6,059		159,836
Syntroleum Corp.*		11,089		10,645
Targa Resources Corp.		2,035		82,804
Triangle Petroleum Corp.*		2,534		15,128
Uranerz Energy Corp.*		7,970		14,505
Uranium Energy Corp.*		8,800		26,928
Uranium Resources, Inc.*		11,514		8,359
Ur-Energy, Inc.*		10,420		8,951
VAALCO Energy, Inc.*		727		4,391
Venoco, Inc.*		921		6,235
Voyager Oil & Gas, Inc.*		4,202		10,799
W&T Offshore, Inc.		4,306		91,330
Warren Resources, Inc.*		1,479		4,822
Western Refining, Inc.*		6,128		81,441
Westmoreland Coal Co.*		327		4,169
Whiting Petroleum Corp.*		16,400		765,716
World Fuel Services Corp.		4,974		208,809
Zion Oil & Gas, Inc.*		3,067		6,778

				19,977,761

Total Energy				33,618,893

Financials (5.7%)
*Capital Markets (1.7%)*
Affiliated Managers Group, Inc.*		20,599		1,976,474
Artio Global Investors, Inc.		3,553		17,339
BGC Partners, Inc., Class A		9,345		55,509
Cohen & Steers, Inc.		1,823		52,685
Diamond Hill Investment Group, Inc.		300		22,194
Duff & Phelps Corp., Class A		3,747		54,332
Eaton Vance Corp.		14,704		347,603
Epoch Holding Corp.		1,900		42,237
Evercore Partners, Inc., Class A		39,733		1,057,692
Federated Investors, Inc., Class B		9,059		137,244
Financial Engines, Inc.*		4,736		105,755
GAMCO Investors, Inc., Class A		529		23,006
Greenhill & Co., Inc.		3,665		133,296
HFF, Inc., Class A*		3,578		36,961
ICG Group, Inc.*		345		2,663

See Notes to Financial Statements.

177

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Ladenburg Thalmann Financial Services, Inc.*		13,100	$	32,488
Lazard Ltd., Class A		47,688		1,245,134
LPL Investment Holdings, Inc.*		3,571		109,058
Manning & Napier, Inc.*		47,348		591,377
Pzena Investment Management, Inc., Class A		949		4,109
SEI Investments Co.		18,046		313,098
Stifel Financial Corp.*		29,538		946,693
Virtus Investment Partners, Inc.*		633		48,114
Waddell & Reed Financial, Inc., Class A		10,690		264,791
Westwood Holdings Group, Inc.		804		29,386

				7,649,238

*Commercial Banks (1.7%)*
Arrow Financial Corp.		61		1,430
Bank of the Ozarks, Inc.		540		16,000
Bridge Bancorp, Inc.		321		6,388
Bryn Mawr Bank Corp.		183		3,567
Enterprise Financial Services Corp.		268		3,966
First Financial Bankshares, Inc.		1,786		59,706
Hampton Roads Bankshares, Inc.*		1,208		3,310
Hancock Holding Co.		21,500		687,355
IBERIABANK Corp.		17,146		845,298
Investors Bancorp, Inc.*		709		9,557
M&T Bank Corp.		10,700		816,838
MB Financial, Inc.		46,100		788,310
Regions Financial Corp.		203,800		876,340
Signature Bank/New York*		53,720		3,222,663
SVB Financial Group*		1,179		56,226
SY Bancorp, Inc.		300		6,159
Taylor Capital Group, Inc.*		479		4,656
Westamerica Bancorp		1,629		71,513

				7,479,282

*Consumer Finance (0.3%)*
Advance America Cash Advance Centers, Inc.		861		7,706
Cash America International, Inc.		1,216		56,702
Credit Acceptance Corp.*		825		67,881
DFC Global Corp.*		5,372		97,018
EZCORP, Inc., Class A*		5,804		153,052
First Cash Financial Services, Inc.*		3,745		131,412
Green Dot Corp., Class A*		2,731		85,262
Imperial Holdings, Inc.*		1,833		3,446
Netspend Holdings, Inc.*		63,276		513,168
World Acceptance Corp.*		1,817		133,550

				1,249,197

*Diversified Financial Services (0.3%)*
CBOE Holdings, Inc.		6,509		168,323
Justice Holdings Ltd.*		41,190		550,125
MarketAxess Holdings, Inc.		3,565		107,342
MSCI, Inc., Class A*		14,748		485,652
NASDAQ OMX Group, Inc.*		1,867		45,760

				1,357,202


*Insurance (0.1%)*
Amtrust Financial Services, Inc.		373	$	8,859
Crawford & Co., Class B		3,169		19,521
Erie Indemnity Co., Class A		3,421		267,385
Flagstone Reinsurance Holdings S.A.		359		2,976
Greenlight Capital Reinsurance Ltd., Class A*		775		18,344
Hallmark Financial Services*		583		4,075
State Auto Financial Corp.		206		2,800
Validus Holdings Ltd.		1,314		41,391

				365,351

*Real Estate Investment Trusts (REITs) (1.4%)*
Acadia Realty Trust (REIT)		1,101		22,174
Alexander’s, Inc. (REIT)		253		93,618
American Assets Trust, Inc. (REIT)		3,752		76,954
American Campus Communities, Inc. (REIT)		3,712		155,756
Apartment Investment & Management Co. (REIT), Class A		10,022		229,604
Associated Estates Realty Corp. (REIT)		329		5,248
Camden Property Trust (REIT)		6,257		389,436
CBL & Associates Properties, Inc. (REIT)		5,724		89,867
Cogdell Spencer, Inc. (REIT)		1,442		6,129
Corporate Office Properties Trust/Maryland (REIT)		2,771		58,911
Digital Realty Trust, Inc. (REIT)		12,311		820,774
DuPont Fabros Technology, Inc. (REIT)		2,771		67,114
EastGroup Properties, Inc. (REIT)		1,557		67,698
Equity Lifestyle Properties, Inc. (REIT)		2,605		173,727
Essex Property Trust, Inc. (REIT)		2,250		316,147
Extra Space Storage, Inc. (REIT)		4,504		109,132
Federal Realty Investment Trust (REIT)		5,822		528,347
FelCor Lodging Trust, Inc. (REIT)*		7,681		23,427
Getty Realty Corp. (REIT)		1,477		20,604
Gladstone Commercial Corp. (REIT)		488		8,564
Glimcher Realty Trust (REIT)		11,048		101,642
Highwoods Properties, Inc. (REIT)		6,761		200,599
Home Properties, Inc. (REIT)		5,820		335,057
Investors Real Estate Trust (REIT)		1,866		13,612
Kilroy Realty Corp. (REIT)		3,557		135,415
LTC Properties, Inc. (REIT)		691		21,324
Macerich Co. (REIT)		5,797		293,328
Mid-America Apartment Communities, Inc. (REIT)		4,537		283,789
National Health Investors, Inc. (REIT)		1,350		59,373
Newcastle Investment Corp. (REIT)		11,722		54,507

See Notes to Financial Statements.

178

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Omega Healthcare Investors, Inc. (REIT)		11,898	$	230,226
Potlatch Corp. (REIT)		2,701		84,028
PS Business Parks, Inc. (REIT)		467		25,886
Rayonier, Inc. (REIT)		15,049		671,637
Sabra Health Care REIT, Inc. (REIT)		1,135		13,722
Saul Centers, Inc. (REIT)		905		32,055
Strategic Hotels & Resorts, Inc. (REIT)*		5,464		29,342
Tanger Factory Outlet Centers (REIT)		10,266		300,999
UDR, Inc. (REIT)		1,899		47,665
Universal Health Realty Income Trust (REIT)		671		26,169
Urstadt Biddle Properties, Inc. (REIT), Class A		363		6,563
Washington Real Estate Investment Trust (REIT)		2,125		58,119

				6,288,288

*Real Estate Management & Development (0.1%)*
Jones Lang LaSalle, Inc.		4,118		252,269
Tejon Ranch Co.*		1,752		42,889

				295,158

*Thrifts & Mortgage Finance (0.1%)*
Apollo Residential Mortgage, Inc.		878		13,398
Hudson City Bancorp, Inc.		5,937		37,106
Northwest Bancshares, Inc.		33,500		416,740
People’s United Financial, Inc.		8,772		112,720
TrustCo Bank Corp./New York		685		3,843
Walker & Dunlop, Inc.*		1,313		16,492
Westfield Financial, Inc.		908		6,683

				606,982

Total Financials				25,290,698

Health Care (14.1%)
*Biotechnology (3.0%)*
Achillion Pharmaceuticals, Inc.*		5,919		45,103
Acorda Therapeutics, Inc.*		4,928		117,484
Aegerion Pharmaceuticals, Inc.*		27,334		457,571
Affymax, Inc.*		2,139		14,139
Alkermes plc*		11,781		204,518
Allos Therapeutics, Inc.*		7,915		11,239
Alnylam Pharmaceuticals, Inc.*		4,400		35,860
AMAG Pharmaceuticals, Inc.*		299		5,654
Amarin Corp. plc (ADR)*		110,930		830,866
Amicus Therapeutics, Inc.*		1,915		6,588
Amylin Pharmaceuticals, Inc.*		22,766		259,077
Anacor Pharmaceuticals, Inc.*		1,235		7,657
Anthera Pharmaceuticals, Inc.*		2,470		15,166
Ardea Biosciences, Inc.*		2,073		34,847
Arena Pharmaceuticals, Inc.*		1,475		2,758
ARIAD Pharmaceuticals, Inc.*		57,110		699,598
ArQule, Inc.*		53,372		301,018
Array BioPharma, Inc.*		3,219		6,953
Astex Pharmaceuticals*		550		1,039
AVEO Pharmaceuticals, Inc.*		27,064		465,501
AVI BioPharma, Inc.*		16,100		11,995
BioCryst Pharmaceuticals, Inc.*		3,595		8,880

BioMarin Pharmaceutical, Inc.*		13,716	$	471,556
BioMimetic Therapeutics, Inc.*		995		2,836
BioSante Pharmaceuticals, Inc.*		12,874		6,464
Biospecifics Technologies Corp.*		662		11,002
Biotime, Inc.*		3,088		17,941
Cell Therapeutics, Inc.*		20,929		24,278
Celldex Therapeutics, Inc.*		847		2,202
Cepheid, Inc.*		29,304		1,008,351
Chelsea Therapeutics International Ltd.*		64,548		331,131
Cleveland Biolabs, Inc.*		3,841		10,985
Clovis Oncology, Inc.*		973		13,710
Codexis, Inc.*		3,014		15,974
Cubist Pharmaceuticals, Inc.*		7,413		293,703
Curis, Inc.*		6,735		31,520
Cytori Therapeutics, Inc.*		4,400		9,680
DUSA Pharmaceuticals, Inc.*		3,007		13,171
Dyax Corp.*		10,081		13,710
Dynavax Technologies Corp.*		18,419		61,151
Emergent Biosolutions, Inc.*		3,003		50,571
Enzon Pharmaceuticals, Inc.*		325		2,177
Exact Sciences Corp.*		4,464		36,248
Exelixis, Inc.*		15,801		74,818
Genomic Health, Inc.*		2,096		53,217
Geron Corp.*		3,587		5,309
GTx, Inc.*		2,876		9,663
Halozyme Therapeutics, Inc.*		10,125		96,289
Horizon Pharma, Inc.*		373		1,492
Human Genome Sciences, Inc.*		23,463		173,392
Idenix Pharmaceuticals, Inc.*		1,911		14,227
Immunogen, Inc.*		6,667		77,204
Immunomedics, Inc.*		8,184		27,253
Incyte Corp.*		10,947		164,314
Infinity Pharmaceuticals, Inc.*		2,324		20,544
Inhibitex, Inc.*		5,762		63,036
InterMune, Inc.*		44,364		558,986
Ironwood Pharmaceuticals, Inc.*		30,296		362,643
Isis Pharmaceuticals, Inc.*		12,297		88,661
Keryx Biopharmaceuticals, Inc.*		8,843		22,373
Lexicon Pharmaceuticals, Inc.*		8,200		10,578
Ligand Pharmaceuticals, Inc., Class B*		2,443		28,998
MannKind Corp.*		9,533		23,833
Medivation, Inc.*		3,882		178,999
Metabolix, Inc.*		2,880		13,104
Micromet, Inc.*		5,807		41,752
Momenta Pharmaceuticals, Inc.*		5,700		99,123
Myriad Genetics, Inc.*		10,609		222,152
Nabi Biopharmaceuticals*		5,342		10,043
Neurocrine Biosciences, Inc.*		4,406		37,451
NewLink Genetics Corp.*		633		4,456
Novavax, Inc.*		8,207		10,341
NPS Pharmaceuticals, Inc.*		10,629		70,045
Nymox Pharmaceutical Corp.*		2,019		16,596
OncoGenex Pharmaceutical, Inc.*		1,192		13,994
Oncothyreon, Inc.*		3,664		27,773
Onyx Pharmaceuticals, Inc.*		13,545		595,303
Opko Health, Inc.*		13,457		65,939
Orexigen Therapeutics, Inc.*		4,055		6,529
Osiris Therapeutics, Inc.*		1,972		10,550
PDL BioPharma, Inc.		14,298		88,648

See Notes to Financial Statements.

179

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December 31, 2011


	Number of Shares		Value (Note 1)

Peregrine Pharmaceuticals, Inc.*		8,487	$	8,742
Pharmacyclics, Inc.*		40,969		607,161
Pharmasset, Inc.*		13,490		1,729,418
PharmAthene, Inc.*		4,373		5,554
Progenics Pharmaceuticals, Inc.*		2,715		23,186
Raptor Pharmaceutical Corp.*		5,669		35,488
Regeneron Pharmaceuticals, Inc.*		12,948		717,708
Rigel Pharmaceuticals, Inc.*		6,352		50,117
Sangamo BioSciences, Inc.*		6,700		19,028
Savient Pharmaceuticals, Inc.*		6,260		13,960
Sciclone Pharmaceuticals, Inc.*		4,307		18,477
Seattle Genetics, Inc.*		11,930		199,410
SIGA Technologies, Inc.*		4,254		10,720
Spectrum Pharmaceuticals, Inc.*		6,997		102,366
Sunesis Pharmaceuticals, Inc.*		3,232		3,781
Synta Pharmaceuticals Corp.*		2,925		13,660
Targacept, Inc.*		3,406		18,971
Theravance, Inc.*		7,129		157,551
Trius Therapeutics, Inc.*		767		5,484
United Therapeutics Corp.*		6,400		302,400
Vanda Pharmaceuticals, Inc.*		3,281		15,618
Vical, Inc.*		7,894		34,813
Zalicus, Inc.*		5,645		6,830
ZIOPHARM Oncology, Inc.*		6,991		30,830
Zogenix, Inc.*		2,789		6,247

				13,499,020

*Health Care Equipment & Supplies (4.0%)*
Abaxis, Inc.*		2,759		76,342
ABIOMED, Inc.*		3,895		71,941
Accuray, Inc.*		7,431		31,433
Align Technology, Inc.*		7,584		179,930
Analogic Corp.		1,164		66,720
Antares Pharma, Inc.*		10,783		23,723
ArthroCare Corp.*		3,405		107,870
AtriCure, Inc.*		1,719		19,081
Atrion Corp.		193		46,364
Bacterin International Holdings, Inc.*		2,690		7,693
Biolase Technology, Inc.*		826		2,123
Cardiovascular Systems, Inc.*		1,631		16,065
Cerus Corp.*		5,371		15,039
Conceptus, Inc.*		3,745		47,337
Cooper Cos., Inc.		1,543		108,812
CryoLife, Inc.*		317		1,522
Cyberonics, Inc.*		3,513		117,685
Delcath Systems, Inc.*		5,966		18,196
DexCom, Inc.*		103,291		961,639
DynaVox, Inc., Class A*		886		3,225
Edwards Lifesciences Corp.*		21,320		1,507,324
Endologix, Inc.*		6,076		69,752
Exactech, Inc.*		690		11,364
Gen-Probe, Inc.*		25,183		1,488,819
Haemonetics Corp.*		3,039		186,048
Hansen Medical, Inc.*		5,781		14,915
HeartWare International, Inc.*		25,256		1,742,664
Hill-Rom Holdings, Inc.		7,075		238,357
Hologic, Inc.*		77,190		1,351,597
ICU Medical, Inc.*		352		15,840
IDEXX Laboratories, Inc.*		7,054		542,876
Insulet Corp.*		5,683		107,011

Integra LifeSciences Holdings Corp.*		2,403	$	74,084
Intuitive Surgical, Inc.*		3,140		1,453,851
Invacare Corp.		208		3,180
IRIS International, Inc.*		1,601		14,969
Kensey Nash Corp.*		1,045		20,054
MAKO Surgical Corp.*		3,957		99,756
Masimo Corp.*		6,522		121,864
Medical Action Industries, Inc.*		859		4,493
Meridian Bioscience, Inc.		5,120		96,461
Merit Medical Systems, Inc.*		4,891		65,442
Natus Medical, Inc.*		1,882		17,747
Neogen Corp.*		22,069		676,194
Neoprobe Corp.*		11,949		31,306
NuVasive, Inc.*		4,908		61,792
NxStage Medical, Inc.*		44,919		798,660
OraSure Technologies, Inc.*		5,796		52,802
Orthofix International N.V.*		2,255		79,444
Quidel Corp.*		3,513		53,152
ResMed, Inc.*		18,747		476,174
Rockwell Medical Technologies, Inc.*		1,976		16,737
RTI Biologics, Inc.*		463		2,056
Sirona Dental Systems, Inc.*		22,058		971,434
SonoSite, Inc.*		1,714		92,316
Spectranetics Corp.*		4,169		30,100
STAAR Surgical Co.*		3,922		41,142
Stereotaxis, Inc.*		5,419		4,463
STERIS Corp.		7,317		218,193
Symmetry Medical, Inc.*		1,099		8,781
Synergetics USA, Inc.*		2,705		19,963
Synovis Life Technologies, Inc.*		1,480		41,188
Thoratec Corp.*		27,979		938,975
Tornier N.V.*		1,298		23,364
Unilife Corp.*		6,999		21,837
Uroplasty, Inc.*		2,215		9,414
Vascular Solutions, Inc.*		2,208		24,575
Volcano Corp.*		56,145		1,335,690
West Pharmaceutical Services, Inc.		2,277		86,412
Young Innovations, Inc.		238		7,052
Zeltiq Aesthetics, Inc.*		31,478		357,590
Zoll Medical Corp.*		2,707		171,028

				17,823,042

*Health Care Providers & Services (3.3%)*
Accretive Health, Inc.*		4,946		113,659
Air Methods Corp.*		1,403		118,483
Alliance HealthCare Services, Inc.*		3,106		3,914
AMERIGROUP Corp.*		24,390		1,440,961
AMN Healthcare Services, Inc.*		2,147		9,511
Bio-Reference Labs, Inc.*		3,115		50,681
BioScrip, Inc.*		3,756		20,508
Brookdale Senior Living, Inc.*		10,478		182,212
Capital Senior Living Corp.*		1,079		8,567
Cardinal Health, Inc.		15,440		627,018
CardioNet, Inc.*		822		1,948
Catalyst Health Solutions, Inc.*		41,008		2,132,416
Centene Corp.*		33,838		1,339,646
Chemed Corp.		2,440		124,952
Chindex International, Inc.*		630		5,368

See Notes to Financial Statements.

180

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Corvel Corp.*		773	$	39,972
Emeritus Corp.*		3,774		66,083
Ensign Group, Inc.		2,013		49,319
ExamWorks Group, Inc.*		3,340		31,663
Hanger Orthopedic Group, Inc.*		2,166		40,483
Health Management Associates, Inc., Class A*		31,215		230,055
Healthspring, Inc.*		22,854		1,246,457
HMS Holdings Corp.*		69,022		2,207,324
IPC The Hospitalist Co., Inc.*		2,033		92,949
Landauer, Inc.		1,160		59,740
LHC Group, Inc.*		109		1,398
Lincare Holdings, Inc.		10,956		281,679
MEDNAX, Inc.*		24,695		1,778,287
MedQuist Holdings, Inc.*		3,895		37,470
Metropolitan Health Networks, Inc.*		5,250		39,218
Molina Healthcare, Inc.*		2,088		46,625
MWI Veterinary Supply, Inc.*		9,543		634,037
National Research Corp.		214		8,305
Owens & Minor, Inc.		6,410		178,134
Patterson Cos., Inc.		4,771		140,840
Providence Service Corp.*		346		4,761
PSS World Medical, Inc.*		6,865		166,064
RadNet, Inc.*		3,740		7,966
Select Medical Holdings Corp.*		1,216		10,312
Skilled Healthcare Group, Inc., Class A*		302		1,649
Sunrise Senior Living, Inc.*		5,323		34,493
Team Health Holdings, Inc.*		3,292		72,654
Tenet Healthcare Corp.*		3,352		17,196
U.S. Physical Therapy, Inc.		1,450		28,536
Universal Health Services, Inc., Class B		11,036		428,859
Vanguard Health Systems, Inc.*		34,119		348,696
WellCare Health Plans, Inc.*		5,262		276,255

				14,787,323

*Health Care Technology (1.2%)*
Allscripts Healthcare Solutions, Inc.*		63,458		1,201,895
athenahealth, Inc.*		4,313		211,855
Computer Programs & Systems, Inc.		1,367		69,867
Epocrates, Inc.*		712		5,554
HealthStream, Inc.*		2,152		39,704
MedAssets, Inc.*		4,844		44,807
Medidata Solutions, Inc.*		2,602		56,594
Merge Healthcare, Inc.*		6,837		33,159
Omnicell, Inc.*		1,993		32,924
Quality Systems, Inc.		18,072		668,483
SXC Health Solutions Corp.*		48,491		2,738,772
Transcend Services, Inc.*		1,096		26,008

				5,129,622

*Life Sciences Tools & Services (0.9%)*
BG Medicine, Inc.*		784		3,700
Bruker Corp.*		10,472		130,062
Charles River Laboratories International, Inc.*		6,385		174,502
Complete Genomics, Inc.*		1,220		3,575
Covance, Inc.*		7,423		339,380

Enzo Biochem, Inc.*		466	$	1,044
eResearchTechnology, Inc.*		3,185		14,938
Fluidigm Corp.*		788		10,370
Luminex Corp.*		4,661		98,953
Medtox Scientific, Inc.*		917		12,884
Mettler-Toledo International, Inc.*		3,955		584,193
Pacific Biosciences of California, Inc.*		941		2,635
PAREXEL International Corp.*		85,138		1,765,762
Sequenom, Inc.*		8,541		38,007
Techne Corp.		4,589		313,245
Waters Corp.*		7,150		529,457

				4,022,707

*Pharmaceuticals (1.7%)*
Acura Pharmaceuticals, Inc.*		1,300		4,537
Akorn, Inc.*		44,896		499,244
Alimera Sciences, Inc.*		1,370		1,713
Ampio Pharmaceuticals, Inc.*		2,430		10,376
Auxilium Pharmaceuticals, Inc.*		53,681		1,069,862
AVANIR Pharmaceuticals, Inc., Class A*		13,770		28,229
Cadence Pharmaceuticals, Inc.*		57,698		227,907
Columbia Laboratories, Inc.*		7,297		18,243
Corcept Therapeutics, Inc.*		5,038		17,230
Depomed, Inc.*		6,665		34,525
Durect Corp.*		9,408		11,101
Endo Pharmaceuticals Holdings, Inc.*		14,261		492,432
Endocyte, Inc.*		2,046		7,693
Hi-Tech Pharmacal Co., Inc.*		406		15,789
Impax Laboratories, Inc.*		53,772		1,084,581
ISTA Pharmaceuticals, Inc.*		3,975		28,024
Jazz Pharmaceuticals, Inc.*		2,732		105,537
KV Pharmaceutical Co., Class A*		4,211		5,895
Lannett Co., Inc.*		800		3,536
MAP Pharmaceuticals, Inc.*		2,702		35,585
Medicines Co.*		3,841		71,596
Medicis Pharmaceutical Corp., Class A		6,289		209,109
Nektar Therapeutics*		8,934		49,986
Neostem, Inc.*		4,782		2,425
Obagi Medical Products, Inc.*		2,311		23,480
Optimer Pharmaceuticals, Inc.*		22,775		278,766
Pacira Pharmaceuticals, Inc.*		599		5,181
Pain Therapeutics, Inc.*		4,593		17,453
Par Pharmaceutical Cos., Inc.*		3,099		101,430
Pernix Therapeutics Holdings*		388		3,593
Pozen, Inc.*		3,000		11,850
Questcor Pharmaceuticals, Inc.*		18,477		768,274
Sagent Pharmaceuticals, Inc.*		13,018		273,378
Salix Pharmaceuticals Ltd.*		36,710		1,756,574
Santarus, Inc.*		6,656		22,031
Sucampo Pharmaceuticals, Inc., Class A*		1,515		6,711
Transcept Pharmaceuticals, Inc.*		481		3,766
Vivus, Inc.*		10,974		106,997
XenoPort, Inc.*		3,500		13,335

				7,427,974

Total Health Care				62,689,688

See Notes to Financial Statements.

181

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Industrials (14.7%)
*Aerospace & Defense (1.3%)*
AAR Corp.		1,241	$	23,790
Aerovironment, Inc.*		2,091		65,804
Alliant Techsystems, Inc.		283		16,176
American Science & Engineering, Inc.		1,137		77,441
Astronics Corp.*		1,219		43,652
BE Aerospace, Inc.*		11,354		439,513
Cubic Corp.		866		37,749
DigitalGlobe, Inc.*		57,650		986,392
GenCorp, Inc.*		5,320		28,302
GeoEye, Inc.*		161		3,578
HEICO Corp.		5,161		301,815
Hexcel Corp.*		99,818		2,416,594
KEYW Holding Corp.*		66,204		489,910
LMI Aerospace, Inc.*		564		9,898
Moog, Inc., Class A*		541		23,766
National Presto Industries, Inc.		600		56,160
Orbital Sciences Corp.*		3,061		44,476
Spirit AeroSystems Holdings, Inc., Class A*		2,991		62,153
Taser International, Inc.*		6,813		34,883
Teledyne Technologies, Inc.*		1,273		69,824
TransDigm Group, Inc.*		6,151		588,528
Triumph Group, Inc.		542		31,680

				5,852,084

*Air Freight & Logistics (0.4%)*
Atlas Air Worldwide Holdings, Inc.*		13,173		506,238
Forward Air Corp.		3,661		117,335
Hub Group, Inc., Class A*		32,062		1,039,771
Pacer International, Inc.*		488		2,611
Park-Ohio Holdings Corp.*		1,064		18,982
UTi Worldwide, Inc.		11,456		152,250

				1,837,187

*Airlines (0.5%)*
Alaska Air Group, Inc.*		247		18,547
Allegiant Travel Co.*		28,432		1,516,563
AMR Corp.*		19,378		6,782
Copa Holdings S.A., Class A		3,124		183,285
JetBlue Airways Corp.*		132,800		690,560

				2,415,737

*Building Products (0.5%)*
AAON, Inc.		2,342		47,988
Ameresco, Inc., Class A*		2,170		29,772
Armstrong World Industries, Inc.*		258		11,319
Lennox International, Inc.		6,595		222,581
Owens Corning, Inc.*		27,900		801,288
Simpson Manufacturing Co., Inc.		28,300		952,578
Trex Co., Inc.*		1,984		45,453
USG Corp.*		6,255		63,551

				2,174,530

*Commercial Services & Supplies (1.4%)*
A.T. Cross Co., Class A*		1,057		11,923
ABM Industries, Inc.		1,791		36,930
American Reprographics Co.*		686		3,149
Avery Dennison Corp.		816		23,403

Brink’s Co.		5,004	$	134,508
Casella Waste Systems, Inc., Class A*		2,660		17,024
Cenveo, Inc.*		3,665		12,461
Clean Harbors, Inc.*		12,206		777,888
Consolidated Graphics, Inc.*		1,010		48,763
Copart, Inc.*		6,835		327,328
Corrections Corp. of America*		14,826		302,006
Covanta Holding Corp.		948		12,978
Deluxe Corp.		6,357		144,685
Encore Capital Group, Inc.*		1,992		42,350
EnergySolutions, Inc.*		2,129		6,579
EnerNOC, Inc.*		896		9,740
Fuel Tech, Inc.*		2,106		13,857
GEO Group, Inc.*		19,070		319,422
Healthcare Services Group, Inc.		8,121		143,660
Heritage-Crystal Clean, Inc.*		574		9,505
Herman Miller, Inc.		7,087		130,755
HNI Corp.		5,534		144,437
InnerWorkings, Inc.*		3,039		28,293
Interface, Inc., Class A		6,572		75,841
Intersections, Inc.		1,128		12,510
KAR Auction Services, Inc.*		699		9,436
Knoll, Inc.		64,229		953,801
McGrath RentCorp		1,287		37,310
Metalico, Inc.*		2,857		9,400
Mine Safety Appliances Co.		3,351		110,985
Mobile Mini, Inc.*		55,974		976,746
Multi-Color Corp.		94		2,419
NL Industries, Inc.		737		9,559
Portfolio Recovery Associates, Inc.*		2,117		142,940
Quad/Graphics, Inc.		279		4,001
Rollins, Inc.		7,800		173,316
Standard Parking Corp.*		1,997		35,686
Steelcase, Inc., Class A		1,119		8,348
Swisher Hygiene, Inc.*		10,468		39,150
Sykes Enterprises, Inc.*		589		9,224
Team, Inc.*		2,396		71,281
Tetra Tech, Inc.*		1,584		34,199
TMS International Corp., Class A*		638		6,303
TRC Cos., Inc.*		2,164		13,006
U.S. Ecology, Inc.		2,200		41,316
United Stationers, Inc.		3,337		108,653
Viad Corp.		408		7,132
Waste Connections, Inc.		12,217		404,871

				5,999,077

*Construction & Engineering (0.6%)*
AECOM Technology Corp.*		53,190		1,094,118
Argan, Inc.		214		3,255
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		7,139		269,854
Dycom Industries, Inc.*		719		15,042
Fluor Corp.		10,740		539,685
Foster Wheeler AG*		26,620		509,507
Furmanite Corp.*		4,555		28,742
KBR, Inc.		1,216		33,890
MasTec, Inc.*		6,997		121,538
MYR Group, Inc.*		2,328		44,558
Primoris Services Corp.		2,866		42,789

				2,702,978

See Notes to Financial Statements.

182

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

*Electrical Equipment (0.9%)*
A123 Systems, Inc.*		1,983	$	3,193
Active Power, Inc.*		9,824		6,484
Acuity Brands, Inc.		5,357		283,921
AMETEK, Inc.		51,784		2,180,106
AZZ, Inc.		1,528		69,432
Babcock & Wilcox Co.*		14,537		350,923
Belden, Inc.		5,035		167,565
Brady Corp., Class A		494		15,595
Broadwind Energy, Inc.*		3,878		2,637
Capstone Turbine Corp.*		30,412		35,278
Coleman Cable, Inc.*		1,064		9,257
EnerSys*		1,595		41,422
Franklin Electric Co., Inc.		2,700		117,612
FuelCell Energy, Inc.*		15,337		13,374
Generac Holdings, Inc.*		1,136		31,842
General Cable Corp.*		3,349		83,758
Global Power Equipment Group, Inc.*		977		23,204
GrafTech International Ltd.*		856		11,684
II-VI, Inc.*		6,422		117,908
Polypore International, Inc.*		4,829		212,428
PowerSecure International, Inc.*		406		2,010
Preformed Line Products Co.		32		1,909
SatCon Technology Corp.*		9,700		5,821
Thermon Group Holdings, Inc.*		1,222		21,532
Thomas & Betts Corp.*		1,570		85,722
Valence Technology, Inc.*		3,911		3,833
Vicor Corp.		2,477		19,717

				3,918,167

*Industrial Conglomerates (0.0%)*
Carlisle Cos., Inc.		622		27,555
Raven Industries, Inc.		2,234		138,284
Standex International Corp.		282		9,636

				175,475

*Machinery (4.7%)*
Accuride Corp.*		480		3,418
Actuant Corp., Class A		40,127		910,482
Albany International Corp., Class A		650		15,028
Altra Holdings, Inc.*		3,303		62,196
Ampco-Pittsburgh Corp.		116		2,243
Blount International, Inc.*		6,012		87,294
Cascade Corp.		67		3,160
Chart Industries, Inc.*		22,242		1,202,625
CIRCOR International, Inc.		1,337		47,209
CLARCOR, Inc.		5,919		295,891
Colfax Corp.*		46,777		1,332,209
Columbus McKinnon Corp.*		1,870		23,730
Commercial Vehicle Group, Inc.*		3,537		31,974
Donaldson Co., Inc.		9,317		634,301
Douglas Dynamics, Inc.		1,242		18,158
Dynamic Materials Corp.		1,645		32,538
EnPro Industries, Inc.*		1,098		36,212
ESCO Technologies, Inc.		840		24,175
Federal Signal Corp.*		625		2,594
Flow International Corp.*		5,234		18,319
Gardner Denver, Inc.		6,393		492,645
Gorman-Rupp Co.		1,889		51,286
Graco, Inc.		7,507		306,961

Graham Corp.		1,172	$	26,300
Harsco Corp.		884		18,193
IDEX Corp.		41,005		1,521,696
Ingersoll-Rand plc		21,090		642,612
John Bean Technologies Corp.		3,307		50,829
Joy Global, Inc.		14,870		1,114,804
Kadant, Inc.*		411		9,293
Kaydon Corp.		18,500		564,250
Kennametal, Inc.		1,191		43,495
Lincoln Electric Holdings, Inc.		34,613		1,354,061
Lindsay Corp.		1,544		84,750
Manitowoc Co., Inc.		16,308		149,871
Meritor, Inc.*		7,946		42,273
Met-Pro Corp.		177		1,600
Middleby Corp.*		14,078		1,323,895
Mueller Industries, Inc.		634		24,358
Navistar International Corp.*		22,583		855,444
NN, Inc.*		2,071		12,426
Nordson Corp.		7,509		309,221
Omega Flex, Inc.*		302		4,267
Pall Corp.		14,277		815,931
PMFG, Inc.*		2,137		41,693
RBC Bearings, Inc.*		30,211		1,259,799
Robbins & Myers, Inc.		13,653		662,853
Sauer-Danfoss, Inc.*		1,434		51,925
Snap-on, Inc.		1,301		65,857
SPX Corp.		1,728		104,147
Sun Hydraulics Corp.		2,478		58,060
Tennant Co.		2,374		92,277
Timken Co.		9,128		353,345
Titan International, Inc.		5,202		101,231
Toro Co.		3,837		232,752
Trimas Corp.*		3,158		56,686
Twin Disc, Inc.		1,041		37,809
Valmont Industries, Inc.		12,794		1,161,567
Wabash National Corp.*		8,449		66,240
WABCO Holdings, Inc.*		26,671		1,157,521
Wabtec Corp.		5,972		417,741
Watts Water Technologies, Inc., Class A		352		12,042
Woodward, Inc.		7,609		311,436
Xerium Technologies, Inc.*		1,358		8,881

				20,858,079

*Marine (0.4%)*
Kirby Corp.*		26,159		1,722,309

*Professional Services (1.5%)*
Acacia Research Corp. - Acacia Technologies*		5,290		193,138
Advisory Board Co.*		1,963		145,674
CDI Corp.		316		4,364
Corporate Executive Board Co.		4,272		162,763
CoStar Group, Inc.*		25,970		1,732,978
CRA International, Inc.*		276		5,476
Dun & Bradstreet Corp.		6,107		456,987
Equifax, Inc.		801		31,031
Exponent, Inc.*		1,669		76,724
GP Strategies Corp.*		561		7,562
Heidrick & Struggles International, Inc.		180		3,877
Huron Consulting Group, Inc.*		26,273		1,017,816

See Notes to Financial Statements.

183

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December 31, 2011


	Number of Shares		Value (Note 1)

ICF International, Inc.*		820	$	20,320
IHS, Inc., Class A*		6,089		524,628
Insperity, Inc.		2,808		71,183
Kforce, Inc.*		3,084		38,026
Korn/Ferry International*		319		5,442
Mistras Group, Inc.*		1,827		46,570
Odyssey Marine Exploration, Inc.*		2,200		6,028
On Assignment, Inc.*		511		5,713
Pendrell Corp.*		11,758		30,101
Robert Half International, Inc.		57,287		1,630,388
RPX Corp.*		33,576		424,736
Towers Watson & Co., Class A		1,460		87,498
TrueBlue, Inc.*		3,081		42,764

				6,771,787

*Road & Rail (1.3%)*
Avis Budget Group, Inc.*		12,969		139,028
Celadon Group, Inc.		1,583		18,695
Con-way, Inc.		620		18,079
Dollar Thrifty Automotive Group, Inc.*		3,578		251,390
Genesee & Wyoming, Inc., Class A*		23,860		1,445,439
Heartland Express, Inc.		6,199		88,584
Hertz Global Holdings, Inc.*		30,243		354,448
J.B. Hunt Transport Services, Inc.		11,172		503,522
Kansas City Southern*		10,080		685,541
Knight Transportation, Inc.		7,441		116,377
Landstar System, Inc.		5,931		284,213
Localiza Rent a Car S.A.		48,130		660,570
Marten Transport Ltd.		41,613		748,618
Old Dominion Freight Line, Inc.*		5,870		237,911
Quality Distribution, Inc.*		555		6,244
Roadrunner Transportation Systems, Inc.*		90		1,272
Swift Transportation Co.*		2,850		23,484
Werner Enterprises, Inc.		787		18,967
Zipcar, Inc.*		980		13,151

				5,615,533

*Trading Companies & Distributors (1.2%)*
Aircastle Ltd.		716		9,108
Applied Industrial Technologies, Inc.		5,247		184,537
Beacon Roofing Supply, Inc.*		5,667		114,643
CAI International, Inc.*		1,414		21,860
DXP Enterprises, Inc.*		1,072		34,518
Essex Rental Corp.*		439		1,295
H&E Equipment Services, Inc.*		1,620		21,740
Houston Wire & Cable Co.		2,244		31,012
Interline Brands, Inc.*		359		5,590
Kaman Corp.		1,806		49,340
MSC Industrial Direct Co., Inc., Class A		24,891		1,780,951
TAL International Group, Inc.		2,714		78,136
Textainer Group Holdings Ltd.		1,405		40,914
Titan Machinery, Inc.*		25,520		554,550
United Rentals, Inc.*		70,130		2,072,342
Watsco, Inc.		3,483		228,694
WESCO International, Inc.*		2,515		133,320

				5,362,550


*Transportation Infrastructure (0.0%)*
Wesco Aircraft Holdings, Inc.*		784	$	10,968

Total Industrials				65,416,461

Information Technology (20.9%)
*Communications Equipment (2.0%)*
Acme Packet, Inc.*		6,615		204,470
ADTRAN, Inc.		29,964		903,714
Anaren, Inc.*		216		3,590
Aruba Networks, Inc.*		42,339		784,118
Blue Coat Systems, Inc.*		2,017		51,333
Calix, Inc.*		4,645		30,053
Ciena Corp.*		11,694		141,497
Dialogic, Inc.*		1,868		2,242
Digi International, Inc.*		500		5,580
Extreme Networks, Inc.*		3,169		9,253
F5 Networks, Inc.*		8,165		866,470
Finisar Corp.*		56,794		951,015
Globecomm Systems, Inc.*		1,948		26,649
Harmonic, Inc.*		3,174		15,997
Infinera Corp.*		849		5,332
InterDigital, Inc.		5,610		244,428
Ixia*		101,300		1,064,663
JDS Uniphase Corp.*		28,034		292,675
Juniper Networks, Inc.*		33,030		674,142
KVH Industries, Inc.*		134		1,042
Loral Space & Communications, Inc.*		109		7,072
Meru Networks, Inc.*		65,722		271,432
NETGEAR, Inc.*		4,529		152,039
Numerex Corp., Class A*		1,141		9,390
Oplink Communications, Inc.*		1,021		16,816
Plantronics, Inc.		1,377		49,076
Polycom, Inc.*		21,617		352,357
Powerwave Technologies, Inc.*		3,422		7,118
Procera Networks, Inc.*		1,666		25,956
Riverbed Technology, Inc.*		18,834		442,599
ShoreTel, Inc.*		120,552		769,122
Sonus Networks, Inc.*		2,040		4,896
Ubiquiti Networks, Inc.*		282		5,141
ViaSat, Inc.*		14,276		658,409

				9,049,686

*Computers & Peripherals (0.4%)*
3D Systems Corp.*		5,182		74,621
Dot Hill Systems Corp.*		1,557		2,071
Electronics for Imaging, Inc.*		397		5,657
Fusion-io, Inc.*		1,082		26,184
Immersion Corp.*		3,253		16,851
NCR Corp.*		15,437		254,093
Novatel Wireless, Inc.*		688		2,153
OCZ Technology Group, Inc.*		6,354		42,000
QLogic Corp.*		10,587		158,805
Silicon Graphics International Corp.*		3,830		43,892
STEC, Inc.*		4,467		38,371
Stratasys, Inc.*		26,605		809,058
Super Micro Computer, Inc.*		3,319		52,042
Synaptics, Inc.*		3,904		117,706

				1,643,504

See Notes to Financial Statements.

184

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

*Electronic Equipment, Instruments & Components (2.3%)*
Aeroflex Holding Corp.*		2,443	$	25,016
Anixter International, Inc.*		1,846		110,095
Arrow Electronics, Inc.*		2,015		75,381
Badger Meter, Inc.		1,559		45,881
Brightpoint, Inc.*		3,700		39,812
Cognex Corp.		37,387		1,338,081
Coherent, Inc.*		2,058		107,572
Daktronics, Inc.		868		8,307
DDi Corp.		704		6,568
DTS, Inc.*		20,155		549,022
Echelon Corp.*		4,333		21,102
Electro Rent Corp.		936		16,052
Electro Scientific Industries, Inc.*		250		3,620
eMagin Corp.*		2,129		7,877
Fabrinet*		48,114		658,199
FARO Technologies, Inc.*		38,824		1,785,904
FEI Co.*		4,419		180,207
FLIR Systems, Inc.		19,547		490,043
InvenSense, Inc.*		7,872		78,405
IPG Photonics Corp.*		3,400		115,158
Jabil Circuit, Inc.		56,517		1,111,124
Kemet Corp.*		275		1,939
LeCroy Corp.*		2,013		16,929
Littelfuse, Inc.		2,470		106,161
Maxwell Technologies, Inc.*		3,497		56,791
Measurement Specialties, Inc.*		1,845		51,586
Microvision, Inc.*		11,980		4,314
MTS Systems Corp.		1,933		78,770
Multi-Fineline Electronix, Inc.*		199		4,089
National Instruments Corp.		30,084		780,680
NeoPhotonics Corp.*		513		2,350
Newport Corp.*		1,447		19,694
OSI Systems, Inc.*		1,810		88,292
Plexus Corp.*		3,826		104,756
Power-One, Inc.*		7,915		30,948
Pulse Electronics Corp.		5,141		14,395
RealD, Inc.*		4,971		39,470
Rofin-Sinar Technologies, Inc.*		1,656		37,840
Rogers Corp.*		679		25,028
Scansource, Inc.*		484		17,424
Trimble Navigation Ltd.*		29,325		1,272,705
TTM Technologies, Inc.*		1,530		16,769
Universal Display Corp.*		14,238		522,392
Zygo Corp.*		288		5,083

				10,071,831

*Internet Software & Services (1.7%)*
Active Network, Inc.*		1,514		20,590
Ancestry.com, Inc.*		3,917		89,934
Angie’s List, Inc.*		645		10,385
Bankrate, Inc.*		2,079		44,698
Carbonite, Inc.*		423		4,695
comScore, Inc.*		3,940		83,528
Constant Contact, Inc.*		3,622		84,067
Cornerstone OnDemand, Inc.*		1,401		25,554
DealerTrack Holdings, Inc.*		58,232		1,587,404
Demand Media, Inc.*		970		6,451
Dice Holdings, Inc.*		5,984		49,607
Digital River, Inc.*		633		9,508
Envestnet, Inc.*		45,851		548,378
Equinix, Inc.*		5,742		582,239

FriendFinder Networks, Inc.*		751	$	563
IAC/InterActiveCorp		22,170		944,442
InfoSpace, Inc.*		621		6,825
Internap Network Services Corp.*		5,538		32,896
IntraLinks Holdings, Inc.*		3,952		24,660
j2 Global, Inc.		5,682		159,891
Keynote Systems, Inc.		1,714		35,206
Limelight Networks, Inc.*		7,097		21,007
LinkedIn Corp., Class A*		12,740		802,747
Liquidity Services, Inc.*		2,319		85,571
LivePerson, Inc.*		6,514		81,751
LogMeIn, Inc.*		2,521		97,185
LoopNet, Inc.*		2,061		37,675
Marchex, Inc., Class B		1,067		6,669
Move, Inc.*		4,931		31,164
NIC, Inc.		7,897		105,109
OpenTable, Inc.*		15,713		614,850
Openwave Systems, Inc.*		3,261		5,152
Perficient, Inc.*		2,172		21,742
Quepasa Corp.*		843		2,799
QuinStreet, Inc.*		418		3,912
Rackspace Hosting, Inc.*		12,663		544,636
Responsys, Inc.*		1,164		10,348
RightNow Technologies, Inc.*		3,051		130,369
Saba Software, Inc.*		3,534		27,883
SciQuest, Inc.*		1,516		21,633
SPS Commerce, Inc.*		1,027		26,651
Stamps.com, Inc.*		1,352		35,328
support.com, Inc.*		3,768		8,478
TechTarget, Inc.*		1,247		7,282
Travelzoo, Inc.*		682		16,764
ValueClick, Inc.*		9,730		158,502
VistaPrint N.V.*		4,958		151,715
Vocus, Inc.*		2,181		48,178
Web.com Group, Inc.*		3,588		41,083
WebMD Health Corp.*		7,312		274,566
XO Group, Inc.*		2,072		17,280
Zillow, Inc.*		105		2,360
Zix Corp.*		8,269		23,319

				7,815,229

*IT Services (3.3%)*
Alliance Data Systems Corp.*		6,278		651,907
Booz Allen Hamilton Holding Corp.*		1,311		22,615
Broadridge Financial Solutions, Inc.		14,414		325,036
CACI International, Inc., Class A*		262		14,651
Cardtronics, Inc.*		5,322		144,013
Cass Information Systems, Inc.		1,154		41,990
CIBER, Inc.*		186,700		720,662
Computer Task Group, Inc.*		1,200		16,896
CSG Systems International, Inc.*		2,094		30,803
DST Systems, Inc.		644		29,315
Echo Global Logistics, Inc.*		62,087		1,002,705
ExlService Holdings, Inc.*		2,024		45,277
FleetCor Technologies, Inc.*		1,831		54,692
Forrester Research, Inc.*		1,823		61,873
Gartner, Inc.*		31,361		1,090,422
Genpact Ltd.*		47,399		708,615
Global Payments, Inc.		9,907		469,394

See Notes to Financial Statements.

185

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Hackett Group, Inc.*		2,709	$	10,132
Heartland Payment Systems, Inc.		4,774		116,295
Higher One Holdings, Inc.*		56,576		1,043,261
iGATE Corp.*		3,821		60,104
Jack Henry & Associates, Inc.		10,348		347,796
Lender Processing Services, Inc.		10,691		161,113
Lionbridge Technologies, Inc.*		7,407		16,962
MAXIMUS, Inc.		4,294		177,557
MoneyGram International, Inc.*		1,185		21,034
NCI, Inc., Class A*		163		1,899
NeuStar, Inc., Class A*		9,100		310,947
PRGX Global, Inc.*		2,383		14,179
Sapient Corp.		85,866		1,081,912
ServiceSource International, Inc.*		132,791		2,083,491
Syntel, Inc.		1,903		89,003
TeleTech Holdings, Inc.*		3,144		50,933
Teradata Corp.*		12,230		593,277
TNS, Inc.*		3,146		55,747
Unisys Corp.*		2,261		44,564
VeriFone Systems, Inc.*		48,455		1,721,122
Virtusa Corp.*		1,861		26,947
Western Union Co.		54,110		988,049
Wright Express Corp.*		4,779		259,404

				14,706,594

*Office Electronics (0.0%)*
Zebra Technologies Corp., Class A*		6,755		241,694

*Semiconductors & Semiconductor Equipment (3.9%)*
Advanced Analogic Technologies, Inc.*		1,136		6,566
Altera Corp.		14,800		549,080
Amtech Systems, Inc.*		1,108		9,429
Applied Micro Circuits Corp.*		6,653		44,708
Atmel Corp.*		52,403		424,464
ATMI, Inc.*		202		4,046
AXT, Inc.*		1,686		7,031
Cabot Microelectronics Corp.*		665		31,421
Cavium, Inc.*		25,933		737,275
CEVA, Inc.*		2,749		83,185
Cirrus Logic, Inc.*		8,199		129,954
Cree, Inc.*		798		17,588
Cymer, Inc.*		17,935		892,446
Cypress Semiconductor Corp.*		59,073		997,743
Diodes, Inc.*		4,368		93,038
Entegris, Inc.*		5,396		47,080
Entropic Communications, Inc.*		10,595		54,140
Exar Corp.*		408		2,652
Fairchild Semiconductor International, Inc.*		70,678		850,963
Freescale Semiconductor Holdings I Ltd.*		3,333		42,162
GT Advanced Technologies, Inc.*		15,572		112,741
Hittite Microwave Corp.*		15,815		780,945
Inphi Corp.*		2,530		30,259
Integrated Device Technology, Inc.*		11,734		64,068
Intermolecular, Inc.*		685		5,877
International Rectifier Corp.*		29,053		564,209
Intersil Corp., Class A		7,728		80,680
IXYS Corp.*		1,976		21,400

Kopin Corp.*		3,140	$	12,183
Lattice Semiconductor Corp.*		4,534		26,932
LSI Corp.*		21,369		127,146
LTX-Credence Corp.*		3,317		17,746
Magnachip Semiconductor Corp.*		51,087		382,131
MaxLinear, Inc., Class A*		1,955		9,286
Mellanox Technologies Ltd.*		36,420		1,183,286
MEMC Electronic Materials, Inc.*		16,868		66,460
Micrel, Inc.		6,127		61,944
Microsemi Corp.*		10,678		178,856
Mindspeed Technologies, Inc.*		2,278		10,433
MIPS Technologies, Inc.*		4,618		20,596
Monolithic Power Systems, Inc.*		2,862		43,130
MoSys, Inc.*		3,995		16,779
Netlogic Microsystems, Inc.*		8,400		416,388
NVE Corp.*		579		32,152
OmniVision Technologies, Inc.*		5,658		69,226
ON Semiconductor Corp.*		54,298		419,181
PDF Solutions, Inc.*		2,703		18,840
Pericom Semiconductor Corp.*		344		2,618
PMC-Sierra, Inc.*		1,629		8,976
Power Integrations, Inc.		27,564		914,022
Rambus, Inc.*		12,156		91,778
RF Micro Devices, Inc.*		3,622		19,559
Rubicon Technology, Inc.*		2,168		20,358
Semtech Corp.*		49,070		1,217,917
Silicon Image, Inc.*		7,750		36,425
Silicon Laboratories, Inc.*		29,318		1,272,988
Skyworks Solutions, Inc.*		72,154		1,170,338
Teradyne, Inc.*		69,740		950,556
TriQuint Semiconductor, Inc.*		20,312		98,919
Ultra Clean Holdings, Inc.*		2,809		17,163
Ultratech, Inc.*		3,107		76,339
Veeco Instruments, Inc.*		3,521		73,237
Volterra Semiconductor Corp.*		44,447		1,138,288
Xilinx, Inc.		17,060		546,944

				17,454,270

*Software (7.3%)*
ACI Worldwide, Inc.*		4,140		118,570
Activision Blizzard, Inc.		66,390		817,925
Actuate Corp.*		4,148		24,307
Advent Software, Inc.*		43,216		1,052,742
American Software, Inc., Class A		2,700		25,515
ANSYS, Inc.*		11,295		646,978
Ariba, Inc.*		30,217		848,493
Aspen Technology, Inc.*		76,373		1,325,072
Blackbaud, Inc.		5,513		152,710
Bottomline Technologies, Inc.*		71,452		1,655,543
BroadSoft, Inc.*		24,579		742,286
Cadence Design Systems, Inc.*		327,509		3,406,094
Callidus Software, Inc.*		3,690		23,690
CommVault Systems, Inc.*		24,599		1,050,869
Compuware Corp.*		19,784		164,603
Concur Technologies, Inc.*		26,011		1,321,099
Convio, Inc.*		1,482		16,391
Deltek, Inc.*		2,849		27,977
DemandTec, Inc.*		3,985		52,482
Digimarc Corp.*		773		18,467
Ebix, Inc.		2,190		48,399
Ellie Mae, Inc.*		1,017		5,746
EPIQ Systems, Inc.		283		3,402

See Notes to Financial Statements.

186

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

FactSet Research Systems, Inc.		5,669	$	494,790
Fair Isaac Corp.		2,543		91,141
FalconStor Software, Inc.*		3,776		9,742
Fortinet, Inc.*		53,092		1,157,937
Glu Mobile, Inc.*		5,182		16,271
Guidance Software, Inc.*		1,691		10,958
Imperva, Inc.*		497		17,301
Informatica Corp.*		27,738		1,024,364
Interactive Intelligence Group, Inc.*		1,793		41,096
JDA Software Group, Inc.*		979		31,710
Jive Software, Inc.*		36,800		588,800
Kenexa Corp.*		3,264		87,149
Magma Design Automation, Inc.*		8,259		59,300
Manhattan Associates, Inc.*		2,518		101,929
Mentor Graphics Corp.*		5,301		71,882
MICROS Systems, Inc.*		42,664		1,987,289
MicroStrategy, Inc., Class A*		6,089		659,560
Monotype Imaging Holdings, Inc.*		4,415		68,830
Motricity, Inc.*		4,306		3,875
NetScout Systems, Inc.*		4,618		81,277
NetSuite, Inc.*		3,367		136,532
Nuance Communications, Inc.*		29,234		735,527
Opnet Technologies, Inc.		1,786		65,493
Parametric Technology Corp.*		14,690		268,239
Pegasystems, Inc.		2,055		60,417
Progress Software Corp.*		42,135		815,312
PROS Holdings, Inc.*		2,659		39,566
QAD, Inc., Class A*		751		7,885
QAD, Inc., Class B*		116		1,201
QLIK Technologies, Inc.*		32,887		795,865
Quest Software, Inc.*		2,060		38,316
RealPage, Inc.*		3,747		94,687
Red Hat, Inc.*		17,110		706,472
Rovi Corp.*		13,878		341,121
S1 Corp.*		898		8,594
Salesforce.com, Inc.*		10,700		1,085,622
SeaChange International, Inc.*		1,613		11,339
SolarWinds, Inc.*		34,107		953,291
Solera Holdings, Inc.		8,686		386,874
Sourcefire, Inc.*		3,534		114,431
SRS Labs, Inc.*		1,529		8,792
SuccessFactors, Inc.*		10,304		410,820
Synchronoss Technologies, Inc.*		3,269		98,756
Synopsys, Inc.*		1,252		34,054
Take-Two Interactive Software, Inc.*		9,088		123,142
Taleo Corp., Class A*		48,745		1,885,944
Tangoe, Inc.*		675		10,395
TeleCommunication Systems, Inc., Class A*		2,396		5,631
TeleNav, Inc.*		1,908		14,901
TIBCO Software, Inc.*		93,630		2,238,693
TiVo, Inc.*		14,645		131,366
Tyler Technologies, Inc.*		3,702		111,467
Ultimate Software Group, Inc.*		3,177		206,886
VASCO Data Security International, Inc.*		3,340		21,777
Verint Systems, Inc.*		2,617		72,072
VirnetX Holding Corp.*		5,037		125,774
Wave Systems Corp., Class A*		9,703		21,055

Websense, Inc.*		4,949	$	92,695

				32,435,565

Total Information Technology				93,418,373

Materials (3.1%)
*Chemicals (1.5%)*
A. Schulman, Inc.		191		4,045
Airgas, Inc.		9,587		748,553
Albemarle Corp.		11,185		576,139
American Vanguard Corp.		438		5,843
Balchem Corp.		3,573		144,849
Calgon Carbon Corp.*		5,575		87,583
Chemtura Corp.*		7,305		82,839
Flotek Industries, Inc.*		6,173		61,483
FutureFuel Corp.		827		10,271
H.B. Fuller Co.		408		9,429
Hawkins, Inc.		1,088		40,104
Huntsman Corp.		4,652		46,520
Innophos Holdings, Inc.		2,679		130,092
Innospec, Inc.*		2,616		73,431
International Flavors & Fragrances, Inc.		9,824		514,974
Intrepid Potash, Inc.*		6,469		146,393
KMG Chemicals, Inc.		774		13,367
Koppers Holdings, Inc.		2,556		87,824
Kraton Performance Polymers, Inc.*		3,443		69,893
Kronos Worldwide, Inc.		2,694		48,600
LSB Industries, Inc.*		2,290		64,189
Methanex Corp.		23,880		544,942
NewMarket Corp.		1,115		220,893
Olin Corp.		5,943		116,780
Omnova Solutions, Inc.*		5,623		25,922
PolyOne Corp.		50,381		581,901
Quaker Chemical Corp.		1,194		46,435
Rockwood Holdings, Inc.*		8,028		316,062
Scotts Miracle-Gro Co., Class A		4,626		215,988
Senomyx, Inc.*		4,857		16,902
Solutia, Inc.*		77,974		1,347,391
TPC Group, Inc.*		1,057		24,660
Valspar Corp.		1,505		58,650
W.R. Grace & Co.*		8,173		375,304
Westlake Chemical Corp.		518		20,844
Zep, Inc.		2,653		37,089

				6,916,184

*Construction Materials (0.1%)*
Eagle Materials, Inc.		4,462		114,495
Martin Marietta Materials, Inc.		2,648		199,686
United States Lime & Minerals, Inc.*		82		4,929

				319,110

*Containers & Packaging (0.8%)*
AEP Industries, Inc.*		587		16,524
Ball Corp.		44,216		1,578,953
Crown Holdings, Inc.*		19,203		644,837
Graphic Packaging Holding Co.*		17,230		73,400
Myers Industries, Inc.		291		3,591
Packaging Corp. of America		11,389		287,458
Rock-Tenn Co., Class A		8,457		487,969
Silgan Holdings, Inc.		6,117		236,361

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Temple-Inland, Inc.		3,481	$	110,383

				3,439,476

*Metals & Mining (0.7%)*
AK Steel Holding Corp.		2,738		22,616
Allied Nevada Gold Corp.*		10,956		331,748
AMCOL International Corp.		3,023		81,168
Carpenter Technology Corp.		5,448		280,463
Coeur d’Alene Mines Corp.*		722		17,429
Compass Minerals International, Inc.		4,070		280,220
General Moly, Inc.*		8,479		26,200
Globe Specialty Metals, Inc.		7,746		103,719
Gold Resource Corp.		3,514		74,672
Golden Minerals Co.*		3,207		18,633
Handy & Harman Ltd.*		187		1,851
Haynes International, Inc.		1,169		63,827
Hecla Mining Co.		34,535		180,618
Horsehead Holding Corp.*		273		2,460
Kaiser Aluminum Corp.		869		39,870
Materion Corp.*		196		4,759
Metals USA Holdings Corp.*		1,419		15,964
Midway Gold Corp.*		9,856		20,796
Molycorp, Inc.*		17,223		413,008
Noranda Aluminum Holding Corp.		2,799		23,092
Paramount Gold and Silver Corp.*		14,482		30,991
Reliance Steel & Aluminum Co.		1,342		65,342
Revett Minerals, Inc.*		1,675		7,906
Royal Gold, Inc.		6,677		450,230
RTI International Metals, Inc.*		497		11,535
Schnitzer Steel Industries, Inc., Class A		785		33,190
Steel Dynamics, Inc.		19,706		259,134
Stillwater Mining Co.*		13,981		146,241
SunCoke Energy, Inc.*		319		3,573
Titanium Metals Corp.		5,644		84,547
U.S. Gold Corp.*		13,043		43,824
Vista Gold Corp.*		1,377		4,227
Worthington Industries, Inc.		4,442		72,760

				3,216,613

*Paper & Forest Products (0.0%)*
Deltic Timber Corp.		1,343		81,104
Neenah Paper, Inc.		930		20,757

				101,861

Total Materials				13,993,244

Telecommunication Services (0.7%)
*Diversified Telecommunication Services (0.5%)*
8x8, Inc.*		7,668		24,308
AboveNet, Inc.*		2,886		187,619
Alaska Communications Systems Group, Inc.		1,145		3,446
Atlantic Tele-Network, Inc.		277		10,817
Boingo Wireless, Inc.*		518		4,455
Cbeyond, Inc.*		3,506		28,083
Cincinnati Bell, Inc.*		7,010		21,240
Cogent Communications Group, Inc.*		5,684		96,003

Consolidated Communications Holdings, Inc.		2,508	$	47,777
Fairpoint Communications, Inc.*		294		1,273
General Communication, Inc., Class A*		5,074		49,674
HickoryTech Corp.		1,575		17,451
IDT Corp., Class B		1,567		14,699
inContact, Inc.*		3,391		15,022
Iridium Communications, Inc.*		602		4,641
Level 3 Communications, Inc.*		2,746		46,655
Lumos Networks Corp.		1,873		28,732
SureWest Communications		195		2,346
Towerstream Corp.*		4,831		10,145
tw telecom, Inc.*		84,490		1,637,416
Vonage Holdings Corp.*		7,268		17,807

				2,269,609

*Wireless Telecommunication Services (0.2%)*
Clearwire Corp., Class A*		19,217		37,281
Leap Wireless International, Inc.*		1,564		14,529
MetroPCS Communications, Inc.*		34,338		298,054
NTELOS Holdings Corp.		1,873		38,172
SBA Communications Corp., Class A*		13,938		598,776
Shenandoah Telecommunications Co.		3,025		31,702

				1,018,514

Total Telecommunication Services				3,288,123

Utilities (0.2%)
*Electric Utilities (0.1%)*
ITC Holdings Corp.		6,307		478,575
Otter Tail Corp.		230		5,065

				483,640

*Gas Utilities (0.1%)*
National Fuel Gas Co.		1,489		82,759
South Jersey Industries, Inc.		698		39,653

				122,412

*Independent Power Producers & Energy Traders (0.0%)*
Atlantic Power Corp.		642		9,181
Genie Energy Ltd., Class B		1,567		12,426

				21,607

*Water Utilities (0.0%)*
Aqua America, Inc.		1,739		38,345
Pennichuck Corp.		270		7,784

				46,129

Total Utilities				673,788

Total Common Stocks (84.0%) (Cost $312,766,931)				374,969,744

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Warrants		Value (Note 1)

WARRANTS:
Energy (0.0%)
*Oil, Gas & Consumable Fuels (0.0%)*
Magnum Hunter Resources Corp., expiring 10/14/13* (Cost $—)		1,376	$	—

Total Investments (84.0%) (Cost $312,766,931)				374,969,744
Other Assets Less Liabilities (16.0%)				71,197,566

Net Assets (100%)			$	446,167,310

*	Non-income producing.

Glossary:

ADR — American Depositary Receipt

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	102,579,992	$	82,858,586	$	185,438,578	$	—	$	76,540	$	—

At December 31, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 12/31/2011		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index		153		March-12	$	6,958,729	$	6,959,970	$	1,241
Russell 2000 Mini Index		282		March-12		20,727,385		20,834,160		106,775
S&P MidCap 400 E-Mini Index		476		March-12		41,548,778		41,759,480		210,702

									$	318,718

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	$	64,897,220	$	763,019	$	—	$	65,660,239
Consumer Staples		10,920,237		—		—		10,920,237
Energy		32,468,896		1,149,997		—		33,618,893
Financials		24,740,573		550,125		—		25,290,698
Health Care		62,689,688		—		—		62,689,688
Industrials		65,416,461		—		—		65,416,461
Information Technology		92,514,659		903,714		—		93,418,373
Materials		13,993,244		—		—		13,993,244

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011



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
Telecommunication Services	$	3,288,123	$	—	$	—	$	3,288,123
Utilities		673,788		—		—		673,788
Futures		318,718		—		—		318,718
Warrants
Energy		—		—		—		—

Total Assets	$	371,921,607	$	3,366,855	$	—	$	375,288,462

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	371,921,607	$	3,366,855	$	—	$	375,288,462

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 12/31/11	$	—		$	—

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 12/31/11	$	—		$	—

The Portfolio held futures contracts with an average notional balance of approximately $89,947,000 during the year ended December 31, 2011.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Fair Values of Derivative Instruments as of December 31, 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		318,718	*
Commodity contracts	Receivables		—
Other contracts	Receivables

Total		$	318,718


	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 year ended December 31, 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		—		(27,698,583	)		—		—		(27,698,583	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(27,698,583	)	$	—	$	—	$	(27,698,583	)


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		—		(2,028,813	)		—		—		(2,028,813	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(2,028,813	)	$	—	$	—	$	(2,028,813	)

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

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	271,787,391
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	322,098,254

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

As of December 31, 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	$	84,359,612
Aggregate gross unrealized depreciation		(26,411,001	)

Net unrealized appreciation	$	57,948,611

Federal income tax cost of investments	$	317,021,133

For the year ended December 31, 2011, the Portfolio incurred approximately $948 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $52,535,288, which expires in the year 2017. The Portfolio utilized net capital loss carryforward of $23,433,786 during 2011.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value (Cost $312,766,931)	$	374,969,744
Cash		67,340,021
Cash held as collateral at broker		6,270,000
Receivable for securities sold		612,192
Dividends, interest and other receivables		133,232
Receivable from Separate Accounts for Trust shares sold		91,395
Receivable from investment sub-advisor		6,198
Other assets		1,630

Total assets		449,424,412

LIABILITIES
Payable for securities purchased		1,757,562
Payable to Separate Accounts for Trust shares redeemed		692,820
Investment management fees payable		305,058
Due to broker for futures variation margin		248,680
Administrative fees payable		87,027
Distribution fees payable - Class B		80,601
Trustees’ fees payable		10,783
Accrued expenses		74,571

Total liabilities		3,257,102

NET ASSETS	$	446,167,310

Net assets were comprised of:
Paid in capital	$	442,775,540
Accumulated undistributed net investment income (loss)		(11,136	)
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(59,118,625	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		62,521,531

Net assets	$	446,167,310

Class A
Net asset value, offering and redemption price per share, $11,870,817 / 1,390,423 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.54

Class B
Net asset value, offering and redemption price per share, $377,313,593 / 45,562,779 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.28

Class K
Net asset value, offering and redemption price per share, $56,982,900 / 6,674,724 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.54

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends ($76,540 of dividend income received from affiliates)(net of $12,154 foreign withholding tax)	$	2,242,873
Interest		31,834

Total income		2,274,707

EXPENSES
Investment management fees		4,191,283
Distribution fees - Class B		1,115,912
Administrative fees		818,154
Custodian Fees		142,919
Professional fees		55,186
Printing and mailing expenses		38,060
Trustees’ Fees		7,095
Miscellaneous		11,200

Gross expenses		6,379,809
Less: Reimbursement from sub-advisor		(46,037	)
Fees paid indirectly		(12,594	)

Net expenses		6,321,178

NET INVESTMENT INCOME (LOSS)		(4,046,471	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		51,272,956
Futures		(27,698,583	)
Foreign currency transactions		(46,558	)

Net realized gain (loss)		23,527,815

Change in unrealized appreciation (depreciation) on:
Securities		(56,037,228	)
Futures		(2,028,813	)
Foreign currency translations		1,071

Net change in unrealized appreciation (depreciation)		(58,064,970	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(34,537,155	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(38,583,626	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(4,046,471	)	$	(3,090,080	)
Net realized gain (loss) on investments, futures, foreign currency transactions and net distributions of realized gain received from Underlying Portfolio		23,527,815			98,210,756
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(58,064,970	)		25,842,840

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(38,583,626	)		120,963,516

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 382,732 and 2,797,393 shares, respectively ]		3,612,906			20,990,992
Capital shares repurchased [ (7,441,933) and (6,005,982) shares, respectively ]		(63,173,922	)(z)		(49,216,913	)

Total Class A transactions		(59,561,016	)		(28,225,921	)

Class B
Capital shares sold [ 6,034,863 and 7,013,985 shares, respectively ]		55,820,538			54,310,460
Capital shares repurchased [ (12,167,709) and (11,027,328) shares, respectively ]		(110,396,239	)		(83,627,357	)

Total Class B transactions		(54,575,701	)		(29,316,897	)

Class K†
Capital shares sold [ 6,986,737 and 0 shares, respectively ]		58,811,108	(z)		—
Capital shares repurchased [ (312,013) and 0 shares, respectively ]		(2,648,615	)		—

Total Class K transactions		56,162,493			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(57,974,224	)		(57,542,818	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(96,557,850	)		63,420,698
NET ASSETS:
Beginning of year		542,725,160			479,304,462

End of year (a)	$	446,167,310		$	542,725,160

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(11,136	)	$	(475,908	)

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Mid Cap Growth Portfolio exchanged approximately 6,916,319 Class A shares for approximately 6,916,319 Class K shares. This exchange amounted to approximately $58,211,892.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	9.24		$	7.27		$	5.11		$	9.13		$	9.04

Income (loss) from investment operations:
Net investment income (loss)		(0.06	)(e)		(0.03	)(e)		—	#(e)		(0.04	)(e)		(0.07	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.64	)		2.00			2.16			(3.90	)		1.14

Total from investment operations		(0.70	)		1.97			2.16			(3.94	)		1.07

Less distributions:
Distributions from net realized gains		—			—			—			(0.08	)		(0.98	)

Net asset value, end of year	$	8.54		$	9.24		$	7.27		$	5.11		$	9.13

Total return		(7.58	)%		27.10	%		42.27	%		(43.47	)%		12.22	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	11,871		$	78,095		$	84,705		$	151,539		$	303,194
Ratio of expenses to average net assets:
After reimbursements		0.99	%		1.04	%		0.78	%		1.21	%		1.27	%
After reimbursements and fees paid indirectly		0.99	%		1.03	%		0.78	%		1.21	%		1.27	%
Before reimbursements and fees paid indirectly		1.01	%		1.04	%		1.07	%		1.31	%		1.30	%
Ratio of net investment income (loss) to average net assets:
After reimbursements		(0.59	)%		(0.43	)%		(0.05	)%		(0.50	)%		(0.67	)%
After reimbursements and fees paid indirectly		(0.59	)%		(0.43	)%		(0.05	)%		(0.50	)%		(0.67	)%
Before reimbursements and fees paid indirectly		(0.60	)%		(0.44	)%		(0.34	)%		(0.61	)%		(0.70	)%
Portfolio turnover rate		64	%		65	%		122	%		128	%		81	%



	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	8.99		$	7.08		$	4.99		$	8.95		$	8.90

Income (loss) from investment operations:
Net investment income (loss)		(0.07	)(e)		(0.05	)(e)		(0.02	)(e)		(0.05	)(e)		(0.09	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.64	)		1.96			2.11			(3.83	)		1.12

Total from investment operations		(0.71	)		1.91			2.09			(3.88	)		1.03

Less distributions:
Distributions from net realized gains		—			—			—			(0.08	)		(0.98	)

Net asset value, end of year	$	8.28		$	8.99		$	7.08		$	4.99		$	8.95

Total return		(7.90	)%		26.98	%		41.88	%		(43.68	)%		11.97	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	377,314		$	464,630		$	394,599		$	288,031		$	554,500
Ratio of expenses to average net assets:
After reimbursements		1.24	%(c)		1.29	%		1.15	%		1.46	%		1.52	%
After reimbursements and fees paid indirectly		1.24	%		1.28	%		1.15	%		1.46	%		1.52	%
Before reimbursements and fees paid indirectly		1.26	%(c)		1.29	%		1.32	%		1.56	%(c)		1.55	%
Ratio of net investment income (loss) to average net assets:
After reimbursements		(0.81	)%		(0.67	)%		(0.42	)%		(0.75	)%		(0.93	)%
After reimbursements and fees paid indirectly		(0.81	)%		(0.67	)%		(0.42	)%		(0.75	)%		(0.93	)%
Before reimbursements and fees paid indirectly		(0.82	)%		(0.68	)%		(0.59	)%		(0.86	)%		(0.96	)%
Portfolio turnover rate		64	%		65	%		122	%		128	%		81	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.22

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.33

Total from investment operations		0.32

Net asset value, end of period	$	8.54

Total return (b)		3.89	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	56,983
Ratio of expenses to average net assets:
After reimbursements (a)		1.00	%
After reimbursements and fees paid indirectly (a)		1.00	%
Before reimbursements and fees paid indirectly (a)		1.01	%(c)
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		(0.48	)%
After reimbursements and fees paid indirectly (a)		(0.48	)%
Before reimbursements and fees paid indirectly (a)		(0.48	)%
Portfolio turnover rate		64	%

*	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 expenses.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

196

MULTIMANAGER MID CAP VALUE PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø

BlackRock Investment Management LLC

_Ø

Diamond Hill Capital Management, Inc.***

_Ø

Knightsbridge Asset Management, LLC***

_Ø

Tradewinds Global Investors, LLC

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.*
Portfolio – Class A Shares		(13.07	)%		0.28	%		4.35	%		4.35	%
Portfolio – Class B Shares		(13.36	)		0.03			4.08			4.08
Portfolio – Class K Shares**		(13.07	)		0.28			4.35			4.35
Russell 2500^™ Value Index		(3.36	)		(0.58	)		7.16			7.16
Volatility Managed Index – Mid Cap Value 2500		(7.91	)		4.05			8.34			8.34
* Date of inception 12/31/01. ** Date of inception 8/26/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

***	Effective January 14, 2011, Diamond Hill Capital Management, Inc. and Knightsbridge Asset Management, LLC replaced Wellington Management Company, LLP as a sub-advisor of the Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (13.07)% for the year ended December 31, 2011. The Portfolio’s benchmark, the Russell 2500^TM Value Index, returned (3.36)%, and the Volatility Managed Index – Mid Cap Value 2500 returned (7.91)% over the same period.

2011 was extremely volatile for the equity markets. Investors saw a rise in stock prices early in the year only to watch those same stocks fall sharply for five months through September, yet rally again in the fourth quarter. Despite this late push many stocks finished the year underwater. For the year, mid-capitalization U.S. value equities, as measured by the Russell 2500^™ Value Index, posted a negative return. For the benchmark, only three of the ten sectors posted positive returns, led by Utilities and Consumer Staples, while Telecommunication Services and Information Technology were the worst.

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

Portfolio Highlights

What helped performance during the year:

•

Stock selection in the Health Care sector was the largest contributor to performance. Owning Aetna Inc., which the benchmark did not, was the best stock contributor.

•

A large overweight position in the Consumer Staples sector helped overall returns.

•

Both an underweight to Information Technology and stock selection within the sector aided performance.

What hurt performance during the year:

•

Stock selection within the Energy, Materials, Industrials, and Financials sectors hurt the Portfolio’s returns.

•

Overweight holdings in AMR Corp. (Industrials sector), Overseas Shipholding Group, and Cameco Corp. (both in the Energy sector) were the three largest individual stock detractors.

•

A large overweight to the Energy sector hurt performance.

•

197

MULTIMANAGER MID CAP VALUE PORTFOLIO (Unaudited)


Sector Weightings as of 12/31/11	% of Net Assets
Financials		19.8	%
Industrials		13.0
Energy		10.2
Consumer Discretionary		7.2
Materials		6.3
Information Technology		5.8
Consumer Staples		5.3
Health Care		5.0
Utilities		4.7
Telecommunication Services		0.7
Cash and Other		22.0

		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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$830.52		$4.54
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.25		5.01
Class B
Actual		1,000.00		828.67		5.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.98		6.29
Class K†
Actual		1,000.00		1,006.17		3.48
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.22		5.03
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.98%, 1.24% and 0.99%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 128/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 8/26/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (7.2%)
*Auto Components (0.8%)*
American Axle & Manufacturing Holdings, Inc.*		6,534	$	64,621
Autoliv, Inc.		10,974		586,999
Dana Holding Corp.*		1,098		13,341
Drew Industries, Inc.*		1,424		34,931
Exide Technologies, Inc.*		7,220		18,989
Federal-Mogul Corp.*		2,416		35,636
Fuel Systems Solutions, Inc.*		2,063		34,019
Lear Corp.		12,979		516,564
Modine Manufacturing Co.*		5,830		55,152
Motorcar Parts of America, Inc.*		1,418		10,635
Shiloh Industries, Inc.*		533		4,466
Spartan Motors, Inc.		4,100		19,721
Standard Motor Products, Inc.		2,402		48,160
Superior Industries International, Inc.		2,883		47,685
TRW Automotive Holdings Corp.*		12,645		412,227
Visteon Corp.*		47,993		2,396,770

				4,299,916

*Automobiles (0.0%)*
Thor Industries, Inc.		5,496		150,755

*Distributors (0.0%)*
Core-Mark Holding Co., Inc.		1,199		47,480
VOXX International Corp.*		2,375		20,069
Weyco Group, Inc.		779		19,125

				86,674

*Diversified Consumer Services (0.7%)*
Archipelago Learning, Inc.*		682		6,595
Ascent Capital Group, Inc., Class A*		1,776		90,079
Cambium Learning Group, Inc.*		1,725		5,210
Career Education Corp.*		7,673		61,154
Corinthian Colleges, Inc.*		9,729		21,112
DeVry, Inc.		1,605		61,728
Education Management Corp.*		4,779		133,764
Hillenbrand, Inc.		67,370		1,503,698
Lincoln Educational Services Corp.		2,774		21,915
Mac-Gray Corp.		1,588		21,899
Matthews International Corp., Class A		2,208		69,397
Regis Corp.		7,226		119,590
School Specialty, Inc.*		1,953		4,882
Service Corp. International		29,694		316,241
Steiner Leisure Ltd.*		28,230		1,281,360
Stewart Enterprises, Inc., Class A		9,924		57,162

				3,775,786

*Hotels, Restaurants & Leisure (1.7%)*
Ambassadors Group, Inc.		1,616		7,288
Bally Technologies, Inc.*		400		15,824
Benihana, Inc.*		1,524		15,590
Biglari Holdings, Inc.*		141		51,922
Bob Evans Farms, Inc.		3,764		126,245
Boyd Gaming Corp.*		7,142		53,279

Brinker International, Inc.		886	$	23,709
Caribou Coffee Co., Inc.*		836		11,662
Cedar Fair LP		66,600		1,431,900
Choice Hotels International, Inc.		3,305		125,755
Churchill Downs, Inc.		1,140		59,428
Cracker Barrel Old Country Store, Inc.		189		9,527
Denny’s Corp.*		3,306		12,431
Domino’s Pizza, Inc.*		4,460		151,417
Dunkin’ Brands Group, Inc.*		255		6,370
Gaylord Entertainment Co.*		4,490		108,389
International Speedway Corp., Class A		3,642		92,325
Isle of Capri Casinos, Inc.*		2,637		12,315
Jack in the Box, Inc.*		5,352		111,857
Life Time Fitness, Inc.*		530		24,777
Luby’s, Inc.*		2,069		9,331
Marcus Corp.		2,851		35,951
McCormick & Schmick’s Seafood Restaurants, Inc.*		1,614		14,106
Monarch Casino & Resort, Inc.*		1,236		12,595
Morgans Hotel Group Co.*		2,058		12,142
Multimedia Games Holding Co., Inc.*		3,636		28,870
O’Charleys, Inc.*		2,211		12,138
Orient-Express Hotels Ltd., Class A*		12,050		90,013
P.F. Chang’s China Bistro, Inc.		253		7,820
Penn National Gaming, Inc.*		8,510		323,976
Pinnacle Entertainment, Inc.*		7,043		71,557
Red Lion Hotels Corp.*		2,287		15,849
Red Robin Gourmet Burgers, Inc.*		186		5,152
Ruby Tuesday, Inc.*		8,110		55,959
Ruth’s Hospitality Group, Inc.*		3,536		17,574
Scientific Games Corp., Class A*		3,421		33,184
Shuffle Master, Inc.*		1,244		14,580
Speedway Motorsports, Inc.		1,588		24,344
Texas Roadhouse, Inc.		541		8,061
Town Sports International Holdings, Inc.*		1,376		10,114
Vail Resorts, Inc.		1,002		42,445
Wendy’s Co.		891,302		4,777,379
WMS Industries, Inc.*		7,135		146,410
Wyndham Worldwide Corp.		19,048		720,586

				8,942,146

*Household Durables (0.9%)*
American Greetings Corp., Class A		4,713		58,960
Beazer Homes USA, Inc.*		9,604		23,818
Blyth, Inc.		635		36,068
Cavco Industries, Inc.*		821		32,889
CSS Industries, Inc.		1,023		20,378
D.R. Horton, Inc.		34,318		432,750
Ethan Allen Interiors, Inc.		2,001		47,444
Furniture Brands International, Inc.*		5,145		6,328
Harman International Industries, Inc.		2,969		112,941
Helen of Troy Ltd.*		3,829		117,550

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Hovnanian Enterprises, Inc., Class A*		7,674	$	11,127
Jarden Corp.		11,398		340,572
KB Home		9,769		65,648
La-Z-Boy, Inc.*		6,338		75,422
Leggett & Platt, Inc.		62,486		1,439,677
Lennar Corp., Class A		19,967		392,352
Lifetime Brands, Inc.		1,089		13,220
M.D.C. Holdings, Inc.		4,638		81,768
M/I Homes, Inc.*		2,386		22,906
Meritage Homes Corp.*		3,515		81,513
Mohawk Industries, Inc.*		7,050		421,942
NVR, Inc.*		621		426,006
PulteGroup, Inc.*		41,634		262,711
Ryland Group, Inc.		5,639		88,871
Sealy Corp.*		6,468		11,125
Skullcandy, Inc.*		412		5,158
Skyline Corp.		931		4,050
Standard Pacific Corp.*		13,609		43,277
Toll Brothers, Inc.*		18,181		371,256
Universal Electronics, Inc.*		1,117		18,844

				5,066,571

*Internet & Catalog Retail (0.0%)*
1-800-FLOWERS.COM, Inc., Class A*		3,372		7,418
HomeAway, Inc.*		430		9,998
Valuevision Media, Inc., Class A*		963		1,810

				19,226

*Leisure Equipment & Products (0.4%)*
Arctic Cat, Inc.*		1,447		32,630
Black Diamond, Inc.*		1,533		11,451
Callaway Golf Co.		152,898		845,526
Eastman Kodak Co.*		33,478		21,744
JAKKS Pacific, Inc.		3,297		46,521
Johnson Outdoors, Inc., Class A*		508		7,798
Leapfrog Enterprises, Inc.*		5,072		28,352
Marine Products Corp.*		581		2,882
Mattel, Inc.		44,970		1,248,367
Smith & Wesson Holding Corp.*		4,736		20,649
Steinway Musical Instruments, Inc.*		861		21,559
Summer Infant, Inc.*		1,516		10,673

				2,298,152

*Media (0.5%)*
AH Belo Corp., Class A		2,211		10,502
Belo Corp., Class A		8,094		50,992
Central European Media Enterprises Ltd., Class A*		4,590		29,927
Cinemark Holdings, Inc.		1,092		20,191
Clear Channel Outdoor Holdings, Inc., Class A*		5,020		63,001
Crown Media Holdings, Inc., Class A*		2,300		2,783
Cumulus Media, Inc., Class A*		3,278		10,949
Dial Global, Inc.*		722		2,303
Digital Generation, Inc.*		791		9,429
DreamWorks Animation SKG, Inc., Class A*		8,851		146,882

Entercom Communications Corp., Class A*		2,972	$	18,278
Entravision Communications Corp., Class A		2,346		3,660
EW Scripps Co., Class A*		4,369		34,996
Fisher Communications, Inc.*		1,143		32,953
Gannett Co., Inc.		29,963		400,605
Gray Television, Inc.*		6,015		9,744
Harte-Hanks, Inc.		5,439		49,441
Interpublic Group of Cos., Inc.		35,850		348,820
Journal Communications, Inc., Class A*		5,247		23,087
Knology, Inc.*		323		4,587
Lamar Advertising Co., Class A*		5,080		139,700
LIN TV Corp., Class A*		3,645		15,418
Live Nation Entertainment, Inc.*		17,487		145,317
Madison Square Garden Co., Class A*		7,432		212,852
Martha Stewart Living Omnimedia, Inc., Class A		3,342		14,705
McClatchy Co., Class A*		7,090		16,945
Meredith Corp.		4,558		148,819
New York Times Co., Class A*		17,059		131,866
Nexstar Broadcasting Group, Inc., Class A*		1,032		8,091
Outdoor Channel Holdings, Inc.		1,929		14,390
Pandora Media, Inc.*		493		4,935
Regal Entertainment Group, Class A		6,791		81,085
Saga Communications, Inc., Class A*		420		15,700
Scholastic Corp.		3,358		100,639
Sinclair Broadcast Group, Inc., Class A		5,776		65,442
Washington Post Co., Class B		619		233,245
World Wrestling Entertainment, Inc., Class A		359		3,346

				2,625,625

*Multiline Retail (0.1%)*
99 Cents Only Stores*		5,159		113,240
Big Lots, Inc.*		5,133		193,822
Bon-Ton Stores, Inc.		1,474		4,967
Dillard’s, Inc., Class A		3,769		169,153
Fred’s, Inc., Class A		4,596		67,009
Saks, Inc.*		14,401		140,410
Tuesday Morning Corp.*		5,315		18,337

				706,938

*Specialty Retail (1.4%)*
Aaron’s, Inc.		23,732		633,170
Abercrombie & Fitch Co., Class A		1,538		75,116
American Eagle Outfitters, Inc.		24,250		370,783
America’s Car-Mart, Inc.*		511		20,021
Asbury Automotive Group, Inc.*		3,598		77,573
AutoNation, Inc.*		2,478		91,364
Barnes & Noble, Inc.*		3,634		52,620
bebe stores, Inc.		4,576		38,118
Best Buy Co., Inc.		60,873		1,422,602
Big 5 Sporting Goods Corp.		2,632		27,478
Brown Shoe Co., Inc.		5,502		48,968

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Build-A-Bear Workshop, Inc.*		1,761	$	14,898
Cabela’s, Inc.*		5,383		136,836
CarMax, Inc.*		23,315		710,641
Casual Male Retail Group, Inc.*		5,031		17,206
Charming Shoppes, Inc.*		14,526		71,177
Chico’s FAS, Inc.		7,345		81,823
Children’s Place Retail Stores, Inc.*		3,250		172,640
Christopher & Banks Corp.		4,368		10,221
Citi Trends, Inc.*		1,855		16,287
Coldwater Creek, Inc.*		7,370		8,697
Collective Brands, Inc.*		7,671		110,232
Conn’s, Inc.*		1,555		17,261
Cost Plus, Inc.*		815		7,946
DSW, Inc., Class A		208		9,196
Finish Line, Inc., Class A		4,474		86,281
Foot Locker, Inc.		19,243		458,753
Francesca’s Holdings Corp.*		822		14,221
GameStop Corp., Class A*		17,208		415,229
Genesco, Inc.*		2,622		161,882
Group 1 Automotive, Inc.		2,831		146,646
Haverty Furniture Cos., Inc.		2,272		24,947
hhgregg, Inc.*		1,880		27,166
HOT Topic, Inc.		5,483		36,243
Kirkland’s, Inc.*		2,055		27,332
Lithia Motors, Inc., Class A		2,764		60,421
MarineMax, Inc.*		2,810		18,321
Mattress Firm Holding Corp.*		469		10,876
Men’s Wearhouse, Inc.		5,330		172,745
New York & Co., Inc.*		3,268		8,693
Office Depot, Inc.*		34,589		74,366
OfficeMax, Inc.*		10,716		48,651
Pacific Sunwear of California, Inc.*		6,080		10,397
Penske Automotive Group, Inc.		5,527		106,395
PEP Boys-Manny, Moe & Jack		6,531		71,841
Pier 1 Imports, Inc.*		7,897		110,005
RadioShack Corp.		12,352		119,938
Rent-A-Center, Inc.		7,299		270,063
Sally Beauty Holdings, Inc.*		909		19,207
Select Comfort Corp.*		875		18,979
Shoe Carnival, Inc.*		1,155		29,683

Signet Jewelers Ltd.		10,724		471,427
Sonic Automotive, Inc., Class A		4,987		73,857
Stage Stores, Inc.		3,367		46,768
Stein Mart, Inc.*		3,324		22,636
Systemax, Inc.*		1,225		20,102
Talbots, Inc.*		8,799		23,405
Teavana Holdings, Inc.*		256		4,808
West Marine, Inc.*		1,969		22,899
Wet Seal, Inc., Class A*		10,639		34,683
Williams-Sonoma, Inc.		6,252		240,702
Zale Corp.*		3,932		14,981

				7,768,423

*Textiles, Apparel & Luxury Goods (0.7%)*
Carter’s, Inc.*		32,804		1,305,927
Cherokee, Inc.		208		2,427
Columbia Sportswear Co.		498		23,182
Delta Apparel, Inc.*		740		14,127
Hanesbrands, Inc.*		44,170		965,556
Iconix Brand Group, Inc.*		9,063		147,636

Jones Group, Inc.		9,882	$	104,255
Kenneth Cole Productions, Inc., Class A*		603		6,386
K-Swiss, Inc., Class A*		113,629		331,797
Liz Claiborne, Inc.*		11,135		96,095
Movado Group, Inc.		2,193		39,847
Perry Ellis International, Inc.*		1,440		20,477
PVH Corp.		6,315		445,144
Quiksilver, Inc.*		16,088		58,078
R.G. Barry Corp.		835		10,087
Skechers U.S.A., Inc., Class A*		4,685		56,782
Unifi, Inc.*		1,781		13,536
Warnaco Group, Inc.*		876		43,835

				3,685,174

Total Consumer Discretionary				39,425,386

Consumer Staples (5.3%)
*Beverages (0.9%)*
Central European Distribution Corp.*		409,060		1,789,638
Constellation Brands, Inc., Class A*		22,452		464,083
Craft Brewers Alliance, Inc.*		733		4,413
Heckmann Corp.*		5,799		38,563
MGP Ingredients, Inc.		1,366		6,885
Molson Coors Brewing Co., Class B		55,099		2,399,010
Primo Water Corp.*		476		1,447

				4,704,039

*Food & Staples Retailing (0.8%)*
Andersons, Inc.		2,326		101,553
Arden Group, Inc., Class A		57		5,131
Chefs’ Warehouse, Inc.*		274		4,894
Ingles Markets, Inc., Class A		1,481		22,304
Kroger Co.		99,791		2,416,938
Nash Finch Co.		1,473		43,129
Pantry, Inc.*		2,580		30,883
Rite Aid Corp.*		68,013		85,696
Ruddick Corp.		27,023		1,152,261
Spartan Stores, Inc.		2,851		52,743
SUPERVALU, Inc.		26,405		214,409
Susser Holdings Corp.*		933		21,104
Village Super Market, Inc., Class A		722		20,541
Weis Markets, Inc.		1,378		55,037
Winn-Dixie Stores, Inc.*		7,024		65,885

				4,292,508

*Food Products (2.8%)*
Alico, Inc.		238		4,610
B&G Foods, Inc.		53,305		1,283,051

Cal-Maine Foods, Inc.		1,615		59,061
Chiquita Brands International, Inc.*		5,699		47,530
ConAgra Foods, Inc.		161,920		4,274,688
Corn Products International, Inc.		1,848		97,186
Cresud S.A.C.I.F. y A. (ADR)		33,150		377,578
Dean Foods Co.*		224,709		2,516,741
Dole Food Co., Inc.*		3,655		31,616
Farmer Bros Co.		1,000		7,640
Flowers Foods, Inc.		106,635		2,023,932

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Fresh Del Monte Produce, Inc.		69,632	$	1,741,496
Griffin Land & Nurseries, Inc.		388		10,266
Hain Celestial Group, Inc.*		3,384		124,057
Imperial Sugar Co.		1,546		5,519
Omega Protein Corp.*		2,121		15,123
Pilgrim’s Pride Corp.*		6,230		35,885
Ralcorp Holdings, Inc.*		21,372		1,827,306
Sanderson Farms, Inc.		2,751		137,908
Seneca Foods Corp., Class A*		1,199		30,958
Smart Balance, Inc.*		3,774		20,229
Smithfield Foods, Inc.*		20,628		500,848
Snyders-Lance, Inc.		5,802		130,545
Tootsie Roll Industries, Inc.		227		5,373
TreeHouse Foods, Inc.*		1,839		120,234

				15,429,380

*Household Products (0.8%)*
Central Garden & Pet Co., Class A*		5,228		43,497
Church & Dwight Co., Inc.		7,444		340,638
Energizer Holdings, Inc.*		49,113		3,805,275
Harbinger Group, Inc.*		1,330		5,333
Oil-Dri Corp. of America		627		12,691
Spectrum Brands Holdings, Inc.*		461		12,631

				4,220,065

*Personal Products (0.0%)*
Elizabeth Arden, Inc.*		604		22,372
Nutraceutical International Corp.*		1,289		14,592
Prestige Brands Holdings, Inc.*		6,227		70,178
Revlon, Inc., Class A*		1,400		20,818
Schiff Nutrition International, Inc.*		1,000		10,700

				138,660

*Tobacco (0.0%)*
Alliance One International, Inc.*		10,609		28,857
Star Scientific, Inc.*		1,438		3,135
Universal Corp.		2,915		133,973
Vector Group Ltd.		1,828		32,465

				198,430

Total Consumer Staples				28,983,082

Energy (9.8%)
*Energy Equipment & Services (1.0%)*
Atwood Oceanics, Inc.*		5,014		199,507
Bristow Group, Inc.		21,691		1,027,937
C&J Energy Services, Inc.*		574		12,014
Cal Dive International, Inc.*		4,615		10,384
Dawson Geophysical Co.*		722		28,541
Exterran Holdings, Inc.*		79,917		727,245
Gulf Island Fabrication, Inc.		1,527		44,604
Gulfmark Offshore, Inc., Class A*		2,425		101,874
Helix Energy Solutions Group, Inc.*		12,876		203,441
Helmerich & Payne, Inc.		869		50,715
Hercules Offshore, Inc.*		14,223		63,150
Hornbeck Offshore Services, Inc.*		3,710		115,084
Key Energy Services, Inc.*		1,624		25,123
Matrix Service Co.*		2,817		26,593

Mitcham Industries, Inc.*		723	$	15,790
Natural Gas Services Group, Inc.*		1,566		22,644

Newpark Resources, Inc.*		10,514		99,883
Oil States International, Inc.*		1,011		77,210
Parker Drilling Co.*		14,565		104,431
Patterson-UTI Energy, Inc.		17,048		340,619
PHI, Inc. (Non-Voting)*		1,700		42,245
Pioneer Drilling Co.*		1,461		14,142
Rowan Cos., Inc.*		13,231		401,296
SEACOR Holdings, Inc.*		2,505		222,845
Solar Cayman Ltd.(b)*†§		141,300		14,130
Tesco Corp.*		725		9,164
TETRA Technologies, Inc.*		8,456		78,979
Tidewater, Inc.		6,030		297,279
Transocean Ltd.		11,869		455,651
Union Drilling, Inc.*		2,000		12,480
Unit Corp.*		5,194		241,002
Vantage Drilling Co.*		21,978		25,494
Willbros Group, Inc.*		3,984		14,621

				5,126,117

*Oil, Gas & Consumable Fuels (8.8%)*
Alon USA Energy, Inc.		327		2,848
Approach Resources, Inc.*		786		23,116
Arch Coal, Inc.		222,389		3,226,864
Berry Petroleum Co., Class A		31,605		1,328,042
Bill Barrett Corp.*		5,436		185,205
BPZ Resources, Inc.*		9,561		27,153
CAMAC Energy, Inc.*		6,838		6,906
Cameco Corp.		209,086		3,774,002
Chesapeake Energy Corp.		104,402		2,327,121
Cimarex Energy Co.		50,575		3,130,593
Cloud Peak Energy, Inc.*		6,009		116,094
Cobalt International Energy, Inc.*		1,044		16,203
Comstock Resources, Inc.*		5,878		89,933
Consol Energy, Inc.		37,468		1,375,076
Crimson Exploration, Inc.*		2,291		6,552
Crosstex Energy, Inc.		583		7,369
Delek U.S. Holdings, Inc.		1,788		20,401
Denbury Resources, Inc.*		149,965		2,264,472
DHT Holdings, Inc.		8,310		6,149
Endeavour International Corp.*		4,546		39,505
Energen Corp.		34,711		1,735,550
Energy Partners Ltd.*		3,572		52,151
EXCO Resources, Inc.		1,505		15,727
Forest Oil Corp.*		23,493		318,330
Frontline Ltd.		6,403		27,469
Gastar Exploration Ltd.*		7,075		22,499
GeoResources, Inc.*		1,564		45,841
GMX Resources, Inc.*		5,216		6,520
Green Plains Renewable Energy, Inc.*		2,248		21,940
Harvest Natural Resources, Inc.*		4,256		31,409
James River Coal Co.*		4,402		30,462
KiOR, Inc., Class A*		361		3,675
Knightsbridge Tankers Ltd.		2,675		36,567
L&L Energy, Inc.*		2,749		7,120
Lone Pine Resources, Inc.*		12,516		87,737
Miller Energy Resources, Inc.*		3,734		10,418
Nexen, Inc.		183,598		2,921,044
Noble Energy, Inc.		47,580		4,491,076

See Notes to Financial Statements.

202

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Nordic American Tankers Ltd.		5,911	$	70,873
Overseas Shipholding Group, Inc.		153,289		1,675,449
Patriot Coal Corp.*		782		6,624
Pengrowth Energy Corp.		271,000		2,853,630
Penn Virginia Corp.		5,671		30,000
Petrobras Argentina S.A. (ADR)		26,226		330,972
Petroleum Development Corp.*		2,897		101,714
PetroQuest Energy, Inc.*		5,436		35,878
Plains Exploration & Production Co.*		123,345		4,529,228
QEP Resources, Inc.		105,000		3,076,500
Quicksilver Resources, Inc.*		13,708		91,981
REX American Resources Corp.*		913		20,186
Rex Energy Corp.*		666		9,830
SandRidge Energy, Inc.*		370,000		3,019,200
Scorpio Tankers, Inc.*		2,986		14,602
SemGroup Corp., Class A*		5,129		133,662
Ship Finance International Ltd.		5,649		52,762
SM Energy Co.		1,522		111,258
Solazyme, Inc.*		308		3,665
Southern Union Co.		15,483		651,989
Southwestern Energy Co.*		12,000		383,280
Swift Energy Co.*		5,272		156,684
Talisman Energy, Inc.		78,231		997,445
Teekay Corp.		5,176		138,354
Teekay Tankers Ltd., Class A		5,215		18,357
Tesoro Corp.*		17,869		417,420
Triangle Petroleum Corp.*		2,685		16,029
Ur-Energy, Inc.*		2,288		1,965
USEC, Inc.*		14,589		16,631
VAALCO Energy, Inc.*		5,792		34,984
Venoco, Inc.*		2,782		18,834
Voyager Oil & Gas, Inc.*		1,442		3,706
Warren Resources, Inc.*		7,629		24,871
Western Refining, Inc.*		424		5,635
Westmoreland Coal Co.*		833		10,621
Whiting Petroleum Corp.*		26,765		1,249,658
World Fuel Services Corp.		3,788		159,020

				48,312,636

Total Energy				53,438,753

Financials (19.8%)
*Capital Markets (1.8%)*
Affiliated Managers Group, Inc.*		1,852		177,699
American Capital Ltd.*		43,802		294,788
Apollo Investment Corp.		24,216		155,951
Ares Capital Corp.		25,367		391,920
Arlington Asset Investment Corp., Class A		774		16,509
Artio Global Investors, Inc.		533		2,601
BlackRock Kelso Capital Corp.		7,984		65,149
Calamos Asset Management, Inc., Class A		2,456		30,725
Capital Southwest Corp.		385		31,397
CIFC Corp.*		1,316		7,106
Cohen & Steers, Inc.		400		11,560
Cowen Group, Inc., Class A*		8,882		23,004
Daiwa Securities Group, Inc. (ADR)		370,180		1,162,365
ETRADE Financial Corp.		30,699		244,364
Edelman Financial Group, Inc.		2,790		18,330
FBR & Co.*		6,124		12,554

Federated Investors, Inc., Class B		2,213	$	33,527
Fidus Investment Corp.		277		3,593
Fifth Street Finance Corp.		9,131		87,384
FXCM, Inc., Class A		2,137		20,836
GAMCO Investors, Inc., Class A		342		14,874
GFI Group, Inc.		8,574		35,325
Gladstone Capital Corp.		2,697		20,578
Gladstone Investment Corp.		2,970		21,592
Gleacher & Co., Inc.*		9,577		16,089
Golub Capital BDC, Inc.		1,187		18,399
Harris & Harris Group, Inc.*		4,100		14,186
Hercules Technology Growth Capital, Inc.		5,331		50,325
ICG Group, Inc.*		4,272		32,980
INTL FCStone, Inc.*		1,609		37,924
Investment Technology Group, Inc.*		5,248		56,731
Janus Capital Group, Inc.		23,214		146,480
Jefferies Group, Inc.		16,771		230,601
JMP Group, Inc.		2,169		15,508
KBW, Inc.		4,070		61,783
Knight Capital Group, Inc., Class A*		12,609		149,038
Kohlberg Capital Corp.		2,176		13,731
LPL Investment Holdings, Inc.*		691		21,103
Main Street Capital Corp.		2,450		52,038
Manning & Napier, Inc.*		1,198		14,963
MCG Capital Corp.		9,700		38,703
Medallion Financial Corp.		2,047		23,295
Medley Capital Corp.		1,322		13,749
MVC Capital, Inc.		3,157		36,590
New Mountain Finance Corp.		904		12,123
NGP Capital Resources Co.		2,849		20,484
Northern Trust Corp.		13,636		540,804
Oppenheimer Holdings, Inc., Class A		1,324		21,316
PennantPark Investment Corp.		5,555		56,050
Piper Jaffray Cos., Inc.*		2,007		40,541
Prospect Capital Corp.		13,554		125,917
Raymond James Financial, Inc.		12,673		392,356
Safeguard Scientifics, Inc.*		2,610		41,212
Solar Capital Ltd.		4,469		98,720
Solar Senior Capital Ltd.		934		14,711
Stifel Financial Corp.*		4,026		129,033
SWS Group, Inc.		3,788		26,024
TICC Capital Corp.		4,119		35,629
Triangle Capital Corp.		2,810		53,727
Virtus Investment Partners, Inc.*		54		4,105
Walter Investment Management Corp.		209,718		4,301,316

				9,842,015

*Commercial Banks (4.5%)*
1st Source Corp.		2,035		51,547
1st United Bancorp, Inc.*		3,303		18,332
Alliance Financial Corp./New York		684		21,122
Ameris Bancorp*		2,994		30,778
Ames National Corp.		1,104		21,528
Arrow Financial Corp.		1,174		27,519
Associated Banc-Corp		21,598		241,250
BancFirst Corp.		928		34,837

See Notes to Financial Statements.

203

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Banco Latinoamericano de Comercio Exterior S.A., Class E		3,396	$	54,506
Bancorp Rhode Island, Inc.		504		20,009
Bancorp, Inc./Delaware*		3,797		27,452
BancorpSouth, Inc.		10,434		114,983
Bank of Hawaii Corp.		5,953		264,849
Bank of Kentucky Financial Corp.		641		12,852
Bank of Marin Bancorp/California		629		23,644
Bank of the Ozarks, Inc.		3,026		89,660
Banner Corp.		2,049		35,140
BBCN Bancorp, Inc.*		8,076		76,318
BOK Financial Corp.		3,193		175,391
Boston Private Financial Holdings, Inc.		9,850		78,209
Bridge Bancorp, Inc.		512		10,189
Bridge Capital Holdings*		993		10,327
Bryn Mawr Bank Corp.		1,112		21,673
Camden National Corp.		1,060		34,556
Capital Bank Corp.*		1,488		2,991
Capital City Bank Group, Inc.		1,642		15,681
CapitalSource, Inc.		33,551		224,792
Cardinal Financial Corp.		3,777		40,565
Cascade Bancorp*		681		2,983
Cathay General Bancorp		9,926		148,195
Center Bancorp, Inc.		1,277		12,476
Centerstate Banks, Inc.		3,600		23,832
Central Pacific Financial Corp.*		1,817		23,476
Century Bancorp, Inc./Massachusetts, Class A		171		4,829
Chemical Financial Corp.		3,471		74,002
Citizens & Northern Corp.		1,630		30,106
City Holding Co.		1,898		64,323
City National Corp./California		5,826		257,393
CNB Financial Corp./Pennsylvania		1,443		22,771
CoBiz Financial, Inc.		4,443		25,636
Columbia Banking System, Inc.		4,998		96,311
Commerce Bancshares, Inc./Missouri		9,700		369,764
Community Bank System, Inc.		4,580		127,324
Community Trust Bancorp, Inc.		1,860		54,721
Cullen/Frost Bankers, Inc.		6,648		351,746
CVB Financial Corp.		11,106		111,393
Eagle Bancorp, Inc.*		2,305		33,515
East West Bancorp, Inc.		18,530		365,968
Encore Bancshares, Inc.*		911		12,317
Enterprise Bancorp, Inc./Massachusetts		611		8,737
Enterprise Financial Services Corp.		1,800		26,640
F.N.B. Corp./Pennsylvania		15,801		178,709
Financial Institutions, Inc.		1,861		30,037
First Bancorp, Inc./Maine		1,341		20,611
First Bancorp/North Carolina		2,064		23,014
First Busey Corp.		9,389		46,945
First Citizens BancShares, Inc./North Carolina, Class A		688		120,393
First Commonwealth Financial Corp.		13,423		70,605

First Community Bancshares, Inc./Virginia		2,118	$	26,433
First Connecticut Bancorp, Inc./Connecticut		2,213		28,791
First Financial Bancorp		7,246		120,573
First Financial Bankshares, Inc.		2,173		72,643
First Financial Corp./Indiana		1,471		48,955
First Horizon National Corp.		32,328		258,624
First Interstate Bancsystem, Inc.		1,860		24,236
First Merchants Corp.		3,113		26,367
First Midwest Bancorp, Inc./Illinois		9,177		92,963
First Niagara Financial Group, Inc.		217,124		1,873,780
First of Long Island Corp.		1,100		28,952
First Republic Bank/California*		9,110		278,857
FirstMerit Corp.		13,640		206,373
Fulton Financial Corp.		24,794		243,229
German American Bancorp, Inc.		1,559		28,358
Glacier Bancorp, Inc.		8,973		107,945
Great Southern Bancorp, Inc.		1,375		32,436
Hancock Holding Co.		9,446		301,989
Hanmi Financial Corp.*		2,294		16,976
Heartland Financial USA, Inc.		1,865		28,609
Heritage Commerce Corp.*		2,376		11,262
Heritage Financial Corp./Washington		2,070		25,999
Home Bancshares, Inc./Arkansas		2,795		72,418
Hudson Valley Holding Corp.		2,002		42,482
Huntington Bancshares, Inc./Ohio		308,209		1,692,067
IBERIABANK Corp.		3,601		177,529
Independent Bank Corp./Massachusetts		2,659		72,564
International Bancshares Corp.		6,609		121,176
Investors Bancorp, Inc.*		5,105		68,815
Lakeland Bancorp, Inc.		2,974		25,636
Lakeland Financial Corp.		1,983		51,300
MainSource Financial Group, Inc.		2,418		21,351
MB Financial, Inc.		6,789		116,092
Merchants Bancshares, Inc.		595		17,374
Metro Bancorp, Inc.*		1,717		14,388
MidSouth Bancorp, Inc.		1,100		14,311
National Bankshares, Inc./Virginia		1,010		28,199
National Penn Bancshares, Inc.		139,441		1,176,882
NBT Bancorp, Inc.		4,273		94,562
Old National Bancorp/Indiana		11,820		137,703
OmniAmerican Bancorp, Inc.*		1,500		23,550
Oriental Financial Group, Inc.		5,607		67,901
Orrstown Financial Services, Inc.		835		6,889
Pacific Capital Bancorp N.A.*		130,527		3,686,082
Pacific Continental Corp.		2,674		23,665
PacWest Bancorp		3,776		71,555
Park National Corp.		1,612		104,877
Park Sterling Corp.*		3,427		13,982
Penns Woods Bancorp, Inc.		499		19,351
Peoples Bancorp, Inc./Ohio		1,432		21,208
Pinnacle Financial Partners, Inc.*		4,234		68,379
Popular, Inc.*		2,005,605		2,787,791
PrivateBancorp, Inc.		7,467		81,988
Prosperity Bancshares, Inc.		5,848		235,967

See Notes to Financial Statements.

204

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Renasant Corp.		3,198	$	47,970
Republic Bancorp, Inc./Kentucky, Class A		1,216		27,846
S&T Bancorp, Inc.		3,481		68,054
Sandy Spring Bancorp, Inc.		3,089		54,212
SCBT Financial Corp.		1,727		50,100
Seacoast Banking Corp. of Florida*		8,650		13,148
Sierra Bancorp		1,600		14,080
Simmons First National Corp., Class A		2,131		57,942
Southside Bancshares, Inc.		2,161		46,807
Southwest Bancorp, Inc./Oklahoma*		2,397		14,286
State Bancorp, Inc./New York		2,002		24,424
State Bank Financial Corp.*		3,883		58,672
StellarOne Corp.		3,042		34,618
Sterling Bancorp/New York		3,872		33,454
Sterling Financial Corp./Washington*		3,319		55,427
Suffolk Bancorp*		1,319		14,232
Sumitomo Mitsui Trust Holdings, Inc. (ADR)		269,638		765,772
Sun Bancorp, Inc./New Jersey*		4,450		10,769
SunTrust Banks, Inc.		41,140		728,178
Susquehanna Bancshares, Inc.		19,485		163,284
SVB Financial Group*		4,188		199,726
SY Bancorp, Inc.		1,449		29,748
Synovus Financial Corp.		95,078		134,060
Taylor Capital Group, Inc.*		919		8,933
TCF Financial Corp.		19,643		202,716
Texas Capital Bancshares, Inc.*		4,639		142,000
Tompkins Financial Corp.		1,094		42,130
Tower Bancorp, Inc.		1,294		36,931
TowneBank/Virginia		3,179		38,911
Trico Bancshares		1,954		27,786
Trustmark Corp.		7,985		193,956
UMB Financial Corp.		4,002		149,075
Umpqua Holdings Corp.		13,726		170,065
Union First Market Bankshares Corp.		2,683		35,657
United Bankshares, Inc./Virginia		4,678		132,247
United Community Banks, Inc./Georgia*		5,213		36,439
Univest Corp. of Pennsylvania		2,258		33,057
Valley National Bancorp		21,098		260,982
Virginia Commerce Bancorp, Inc.*		2,692		20,809
Washington Banking Co.		1,859		22,141
Washington Trust Bancorp, Inc.		1,879		44,833
Webster Financial Corp.		8,984		183,184
WesBanco, Inc.		3,002		58,449
West Bancorp, Inc.		1,663		15,932
West Coast Bancorp/Oregon*		2,396		37,378
Westamerica Bancorp		1,948		85,517
Western Alliance Bancorp*		8,658		53,939
Wilshire Bancorp, Inc.*		6,954		25,243
Wintrust Financial Corp.		4,345		121,877
Zions Bancorp		22,653		368,791

				24,757,643


*Consumer Finance (0.0%)*
Advance America Cash Advance Centers, Inc.		5,766	$	51,606
Cash America International, Inc.		2,466		114,989
First Marblehead Corp.*		7,605		8,898
Imperial Holdings, Inc.*		360		677
Nelnet, Inc., Class A		3,199		78,279
Nicholas Financial, Inc.		1,146		14,692

				269,141

*Diversified Financial Services (0.2%)*
Compass Diversified Holdings		4,958		61,430
Gain Capital Holdings, Inc.		900		6,030
Guoco Group Ltd. (ADR)		25,897		476,764
Marlin Business Services Corp.		972		12,344
NASDAQ OMX Group, Inc.*		13,475		330,272
NewStar Financial, Inc.*		3,473		35,320
PHH Corp.*		7,018		75,093
PICO Holdings, Inc.*		2,774		57,089

				1,054,342

*Insurance (7.6%)*
Ageas (ADR)		379,675		577,106
Alleghany Corp.*		6,609		1,885,482
Allied World Assurance Co. Holdings AG		4,535		285,387
Alterra Capital Holdings Ltd.		11,307		267,184
American Equity Investment Life Holding Co.		7,333		76,263
American Financial Group, Inc./Ohio		9,675		356,911
American National Insurance Co.		866		63,244
American Safety Insurance Holdings Ltd.*		1,375		29,906
AMERISAFE, Inc.*		2,332		54,219
Amtrust Financial Services, Inc.		2,620		62,225
Aon Corp.		22,605		1,057,914
Arch Capital Group Ltd.*		16,391		610,237
Argo Group International Holdings Ltd.		3,379		97,856
Arthur J. Gallagher & Co.		13,729		459,098
Aspen Insurance Holdings Ltd.		8,833		234,074
Assurant, Inc.		89,262		3,665,098
Assured Guaranty Ltd.		363,134		4,771,581
Axis Capital Holdings Ltd.		49,800		1,591,608
Baldwin & Lyons, Inc., Class B		1,112		24,242
Brown & Brown, Inc.		14,462		327,275
Citizens, Inc./Texas*		4,461		43,227
CNA Financial Corp.		53,265		1,424,839
CNO Financial Group, Inc.*		27,610		174,219
Delphi Financial Group, Inc., Class A		5,999		265,756
Donegal Group, Inc., Class A		1,120		15,859
eHealth, Inc.*		2,644		38,867
EMC Insurance Group, Inc.		650		13,370
Employers Holdings, Inc.		4,447		80,446
Endurance Specialty Holdings Ltd.		26,895		1,028,734
Enstar Group Ltd.*		861		84,550
Everest Reinsurance Group Ltd.		5,691		478,556
FBL Financial Group, Inc., Class A		1,613		54,874

See Notes to Financial Statements.

205

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Fidelity National Financial, Inc., Class A		27,702	$	441,293
First American Financial Corp.		247,027		3,129,832
Flagstone Reinsurance Holdings S.A.		6,252		51,829
Fortegra Financial Corp.*		691		4,616
Global Indemnity plc*		1,723		34,167
Greenlight Capital Reinsurance Ltd., Class A*		2,736		64,761
Hallmark Financial Services*		1,045		7,304
Hanover Insurance Group, Inc.		5,646		197,328
Harleysville Group, Inc.		1,553		87,853
Hartford Financial Services Group, Inc.		93,070		1,512,387
HCC Insurance Holdings, Inc.		70,513		1,939,107
Hilltop Holdings, Inc.*		4,839		40,889
Horace Mann Educators Corp.		4,901		67,193
Independence Holding Co.		760		6,179
Infinity Property & Casualty Corp.		1,520		86,245
Kansas City Life Insurance Co.		566		18,576
Kemper Corp.		6,198		181,044
Loews Corp.		40,683		1,531,715
Maiden Holdings Ltd.		6,360		55,714
Markel Corp.*		1,204		499,263
MBIA, Inc.*		339,422		3,933,901
Meadowbrook Insurance Group, Inc.		6,774		72,346
Mercury General Corp.		3,271		149,223
Montpelier Reinsurance Holdings Ltd.		7,806		138,556
National Financial Partners Corp.*		5,081		68,695
National Interstate Corp.		960		23,683
National Western Life Insurance Co., Class A		282		38,397
Navigators Group, Inc.*		1,307		62,318
Old Republic International Corp.		31,988		296,529
OneBeacon Insurance Group Ltd., Class A		2,589		39,845
Phoenix Cos., Inc.*		14,131		23,740
Platinum Underwriters Holdings Ltd.		4,240		144,626
Presidential Life Corp.		2,133		21,309
Primerica, Inc.		4,238		98,491
ProAssurance Corp.		3,691		294,616
Protective Life Corp.		10,590		238,910
Reinsurance Group of America, Inc.		9,159		478,558
RenaissanceReinsurance Holdings Ltd.		6,302		468,680
RLI Corp.		2,259		164,591
Safety Insurance Group, Inc.		1,524		61,691
SeaBright Holdings, Inc.		2,681		20,510
Selective Insurance Group, Inc.		6,797		120,511
StanCorp Financial Group, Inc.		5,661		208,042
State Auto Financial Corp.		1,682		22,858
Stewart Information Services Corp.		2,148		24,809
Symetra Financial Corp.		8,281		75,109
Tower Group, Inc.		4,557		91,915

Transatlantic Holdings, Inc.		7,252	$	396,902
United Fire & Casualty Co.		2,755		55,596
Universal Insurance Holdings, Inc.		2,050		7,339
Validus Holdings Ltd.		8,252		259,938
W. R. Berkley Corp.		14,149		486,584
White Mountains Insurance Group Ltd.		2,060		934,128
XL Group plc		83,710		1,654,947

				41,335,395

*Real Estate Investment Trusts (REITs) (4.1%)*
Acadia Realty Trust (REIT)		4,199		84,568
AG Mortgage Investment Trust, Inc. (REIT)		426		8,575
Agree Realty Corp. (REIT)		1,359		33,132
Alexandria Real Estate Equities, Inc. (REIT)		7,689		530,310
American Assets Trust, Inc. (REIT)		405		8,307
American Campus Communities, Inc. (REIT)		4,487		188,275
American Capital Agency Corp. (REIT)		27,440		770,515
American Capital Mortgage Investment Corp. (REIT)		552		10,389
Anworth Mortgage Asset Corp. (REIT)		15,739		98,841
Apartment Investment & Management Co. (REIT), Class A		4,861		111,366
Apollo Commercial Real Estate Finance, Inc. (REIT)		2,672		35,083
ARMOUR Residential REIT, Inc. (REIT)		10,963		77,289
Ashford Hospitality Trust, Inc. (REIT)		6,569		52,552
Associated Estates Realty Corp. (REIT)		4,802		76,592
BioMed Realty Trust, Inc. (REIT)		18,382		332,347
Brandywine Realty Trust (REIT)		17,046		161,937
BRE Properties, Inc. (REIT)		9,304		469,666
Camden Property Trust (REIT)		2,493		155,164
Campus Crest Communities, Inc. (REIT)		3,792		38,148
CapLease, Inc. (REIT)		8,816		35,617
Capstead Mortgage Corp. (REIT)		10,573		131,528
CBL & Associates Properties, Inc. (REIT)		12,761		200,348
Cedar Realty Trust, Inc. (REIT)		7,291		31,424
Chatham Lodging Trust (REIT)		1,686		18,175
Chesapeake Lodging Trust (REIT)		4,002		61,871
Chimera Investment Corp. (REIT)		128,484		322,495
Cogdell Spencer, Inc. (REIT)		4,580		19,465
Colonial Properties Trust (REIT)		10,404		217,027
Colony Financial, Inc. (REIT)		4,182		65,699
CommonWealth REIT (REIT)		10,365		172,474
Coresite Realty Corp. (REIT)		2,466		43,944
Corporate Office Properties Trust/Maryland (REIT)		6,216		132,152

See Notes to Financial Statements.

206

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Cousins Properties, Inc. (REIT)		531,649	$	3,407,870
CreXus Investment Corp. (REIT)		7,345		76,241
CubeSmart (REIT)		14,202		151,109
CYS Investments, Inc. (REIT)		10,498		137,944
DCT Industrial Trust, Inc. (REIT)		30,725		157,312
DDR Corp. (REIT)		26,860		326,886
DiamondRock Hospitality Co. (REIT)		20,769		200,213
Douglas Emmett, Inc. (REIT)		15,600		284,544
Duke Realty Corp. (REIT)		31,465		379,153
DuPont Fabros Technology, Inc. (REIT)		4,559		110,419
Dynex Capital, Inc. (REIT)		5,336		48,718
EastGroup Properties, Inc. (REIT)		1,850		80,438
Education Realty Trust, Inc. (REIT)		10,474		107,149
Entertainment Properties Trust (REIT)		5,875		256,796
Equity Lifestyle Properties, Inc. (REIT)		1,099		73,292
Equity One, Inc. (REIT)		6,725		114,191
Essex Property Trust, Inc. (REIT)		1,818		255,447
Excel Trust, Inc. (REIT)		3,614		43,368
Extra Space Storage, Inc. (REIT)		7,321		177,388
Federal Realty Investment Trust (REIT)		1,934		175,511
FelCor Lodging Trust, Inc. (REIT)*		7,975		24,324
First Industrial Realty Trust, Inc. (REIT)*		10,598		108,418
First Potomac Realty Trust (REIT)		6,200		80,910
Franklin Street Properties Corp. (REIT)		9,099		90,535
Getty Realty Corp. (REIT)		1,842		25,696
Gladstone Commercial Corp. (REIT)		907		15,918
Glimcher Realty Trust (REIT)		1,874		17,241
Government Properties Income Trust (REIT)		4,344		97,957
Hatteras Financial Corp. (REIT)		9,432		248,722
Healthcare Realty Trust, Inc. (REIT)		9,542		177,386
Hersha Hospitality Trust (REIT)		17,833		87,025
Highwoods Properties, Inc. (REIT)		2,338		69,368
Hospitality Properties Trust (REIT)		15,388		353,616
Hudson Pacific Properties, Inc. (REIT)		2,715		38,444
Inland Real Estate Corp. (REIT)		10,048		76,465
Invesco Mortgage Capital, Inc. (REIT)		14,071		197,698
Investors Real Estate Trust (REIT)		8,648		63,087
iStar Financial, Inc. (REIT)*		218,767		1,157,277
Kilroy Realty Corp. (REIT)		3,834		145,960
Kite Realty Group Trust (REIT)		7,538		33,996
LaSalle Hotel Properties (REIT)		10,637		257,522
Lexington Realty Trust (REIT)		15,095		113,062

Liberty Property Trust (REIT)		14,324	$	442,325
LTC Properties, Inc. (REIT)		3,161		97,548
Macerich Co. (REIT)		10,471		529,833
Mack-Cali Realty Corp. (REIT)		10,885		290,521
Medical Properties Trust, Inc. (REIT)		13,829		136,492
MFA Financial, Inc. (REIT)		44,467		298,818
Mission West Properties, Inc. (REIT)		2,729		24,616
Monmouth Real Estate Investment Corp. (REIT), Class A		4,916		44,981
MPG Office Trust, Inc. (REIT)*		6,495		12,925
National Health Investors, Inc. (REIT)		1,795		78,944
National Retail Properties, Inc. (REIT)		12,643		333,522
Newcastle Investment Corp. (REIT)		811		3,771
NorthStar Realty Finance Corp. (REIT)		12,090		57,669
Omega Healthcare Investors, Inc. (REIT)		905		17,512
One Liberty Properties, Inc. (REIT)		1,266		20,889
Parkway Properties, Inc./Maryland (REIT)		2,861		28,209
Pebblebrook Hotel Trust (REIT)		6,419		123,116
Pennsylvania Real Estate Investment Trust (REIT)		7,035		73,445
PennyMac Mortgage Investment Trust (REIT)		3,418		56,807
Piedmont Office Realty Trust, Inc. (REIT), Class A		21,374		364,213
Post Properties, Inc. (REIT)		6,232		272,463
Potlatch Corp. (REIT)		2,352		73,171
PS Business Parks, Inc. (REIT)		1,892		104,874
RAIT Financial Trust (REIT)		4,964		23,579
Ramco-Gershenson Properties Trust (REIT)		5,001		49,160
Realty Income Corp. (REIT)		16,488		576,420
Redwood Trust, Inc. (REIT)		9,942		101,210
Regency Centers Corp. (REIT)		11,197		421,231
Resource Capital Corp. (REIT)		9,752		54,709
Retail Opportunity Investments Corp. (REIT)		5,129		60,727
RLJ Lodging Trust (REIT)		3,421		57,575
Sabra Health Care REIT, Inc. (REIT)		3,299		39,885
Senior Housing Properties Trust (REIT)		20,135		451,829
Sovran Self Storage, Inc. (REIT)		3,472		148,150
STAG Industrial, Inc. (REIT)		1,917		21,988
Strategic Hotels & Resorts, Inc. (REIT)*		16,218		87,091
Summit Hotel Properties, Inc. (REIT)		2,620		24,733
Sun Communities, Inc. (REIT)		2,637		96,330
Sunstone Hotel Investors, Inc. (REIT)*		14,766		120,343
Taubman Centers, Inc. (REIT)		6,960		432,216
Terreno Realty Corp. (REIT)		1,507		22,816

See Notes to Financial Statements.

207

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Two Harbors Investment Corp. (REIT)		17,936	$	165,729
UDR, Inc. (REIT)		24,826		623,133
UMH Properties, Inc. (REIT)		1,729		16,097
Universal Health Realty Income Trust (REIT)		818		31,902
Urstadt Biddle Properties, Inc. (REIT), Class A		2,809		50,787
Washington Real Estate Investment Trust (REIT)		6,300		172,305
Weingarten Realty Investors (REIT)		15,011		327,540
Whitestone REIT (REIT), Class B		1,255		14,935
Winthrop Realty Trust (REIT)		3,623		36,846

				22,455,821

*Real Estate Management & Development (0.7%)*
Avatar Holdings, Inc.*		1,164		8,357
Consolidated-Tomoka Land Co.		580		15,701
Forest City Enterprises, Inc., Class A*		17,035		201,354
Forestar Group, Inc.*		4,444		67,238
Howard Hughes Corp.*		79,662		3,518,670
Jones Lang LaSalle, Inc.		1,197		73,328
Kennedy-Wilson Holdings, Inc.		2,826		29,899
St. Joe Co.*		8,086		118,541

				4,033,088

*Thrifts & Mortgage Finance (0.9%)*
Apollo Residential Mortgage, Inc.		242		3,693
Astoria Financial Corp.		10,903		92,566
Bank Mutual Corp.		6,216		19,767
BankFinancial Corp.		3,076		16,980
BankUnited, Inc.		4,112		90,423
Beneficial Mutual Bancorp, Inc.*		4,093		34,217
Berkshire Hills Bancorp, Inc.		2,343		51,991
BofI Holding, Inc.*		993		16,136
Brookline Bancorp, Inc.		6,833		57,671
Cape Bancorp, Inc.*		1,223		9,601
Capitol Federal Financial, Inc.		20,781		239,813
Charter Financial Corp.		679		6,288
Clifton Savings Bancorp, Inc.		1,390		12,899
Dime Community Bancshares, Inc.		3,779		47,615
Doral Financial Corp.*		15,608		14,921
ESB Financial Corp.		1,737		24,440
ESSA Bancorp, Inc.		932		9,758
Farmer Mac, Class C		1,298		23,390
First Defiance Financial Corp.		1,090		15,903
First Financial Holdings, Inc.		2,189		19,548
First PacTrust Bancorp, Inc.		967		9,912
Flagstar Bancorp, Inc.*		24,114		12,178
Flushing Financial Corp.		3,859		48,739
Fox Chase Bancorp, Inc.		1,762		22,254
Franklin Financial Corp.*		1,686		19,962
Home Federal Bancorp, Inc./Idaho		2,321		24,138
Hudson City Bancorp, Inc.		52,783		329,894
Kearny Financial Corp.		1,800		17,100
Meridian Interstate Bancorp, Inc.*		645		8,030

MGIC Investment Corp.*		497,469	$	1,855,559
Northfield Bancorp, Inc./New Jersey		2,110		29,878
Northwest Bancshares, Inc.		12,070		150,151
OceanFirst Financial Corp.		1,930		25,225
Ocwen Financial Corp.*		11,274		163,247
Oritani Financial Corp.		5,671		72,419
People’s United Financial, Inc.		38,048		488,917
Provident Financial Services, Inc.		7,497		100,385
Provident New York Bancorp		5,111		33,937
Radian Group, Inc.		16,596		38,835
Rockville Financial, Inc.		3,691		38,239
Roma Financial Corp.		1,200		11,808
Territorial Bancorp, Inc.		1,323		26,129
TFS Financial Corp.*		9,843		88,193
TrustCo Bank Corp./New York		10,453		58,641
United Financial Bancorp, Inc.		1,874		30,153
ViewPoint Financial Group		4,311		56,086
Washington Federal, Inc.		13,885		194,251
Westfield Financial, Inc.		2,911		21,425
WSFS Financial Corp.		787		28,300

				4,811,605

Total Financials				108,559,050

Health Care (4.9%)
*Biotechnology (0.3%)*
Affymax, Inc.*		2,326		15,375
Allos Therapeutics, Inc.*		2,024		2,874
AMAG Pharmaceuticals, Inc.*		2,324		43,947
Arena Pharmaceuticals, Inc.*		16,865		31,538
Array BioPharma, Inc.*		3,871		8,361
Astex Pharmaceuticals*		6,387		12,071
BioMimetic Therapeutics, Inc.*		1,408		4,013
Cell Therapeutics, Inc.*		2,562		2,972
Celldex Therapeutics, Inc.*		4,688		12,189
Clovis Oncology, Inc.*		347		4,889
Curis, Inc.*		2,698		12,627
Cytori Therapeutics, Inc.*		1,598		3,516
Dyax Corp.*		2,161		2,939
Enzon Pharmaceuticals, Inc.*		4,314		28,904
Exact Sciences Corp.*		1,985		16,118
Geron Corp.*		12,458		18,438
Idenix Pharmaceuticals, Inc.*		4,843		36,056
Immunogen, Inc.*		2,637		30,536
Inhibitex, Inc.*		2,069		22,635
Insmed, Inc.*		3,031		9,245
InterMune, Inc.*		3,486		43,924
Lexicon Pharmaceuticals, Inc.*		13,528		17,451
Maxygen, Inc.*		3,833		21,580
Metabolix, Inc.*		1,170		5,323
Micromet, Inc.*		5,537		39,811
Myriad Genetics, Inc.*		57,125		1,196,197
Neurocrine Biosciences, Inc.*		1,684		14,314
Novavax, Inc.*		3,735		4,706
Nymox Pharmaceutical Corp.*		483		3,970
Oncothyreon, Inc.*		1,459		11,059
PDL BioPharma, Inc.		3,095		19,189
Progenics Pharmaceuticals, Inc.*		964		8,233
Rigel Pharmaceuticals, Inc.*		1,980		15,622
Savient Pharmaceuticals, Inc.*		2,578		5,749
Theravance, Inc.*		1,406		31,073

See Notes to Financial Statements.

208

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Vical, Inc.*		974	$	4,295
Zalicus, Inc.*		3,553		4,299

				1,766,038

*Health Care Equipment & Supplies (0.9%)*
Accuray, Inc.*		996		4,213
Alere, Inc.*		10,620		245,216
Alphatec Holdings, Inc.*		6,524		11,221
Analogic Corp.		424		24,304
AngioDynamics, Inc.*		3,130		46,355
Biolase Technology, Inc.*		2,700		6,938
Cantel Medical Corp.		1,596		44,576
Cerus Corp.*		1,242		3,478
CONMED Corp.*		3,551		91,154
Cooper Cos., Inc.		4,197		295,972
CryoLife, Inc.*		3,010		14,448
Cynosure, Inc., Class A*		1,065		12,524
DynaVox, Inc., Class A*		346		1,260
Exactech, Inc.*		256		4,216
Greatbatch, Inc.*		51,800		1,144,780
Hill-Rom Holdings, Inc.		756		25,470
Hologic, Inc.*		32,163		563,174
ICU Medical, Inc.*		1,119		50,355
Invacare Corp.		3,375		51,604
IRIS International, Inc.*		566		5,292
Medical Action Industries, Inc.*		1,267		6,626
Natus Medical, Inc.*		1,696		15,993
Palomar Medical Technologies, Inc.*		2,281		21,213
RTI Biologics, Inc.*		6,227		27,648
Solta Medical, Inc.*		7,199		22,605
STAAR Surgical Co.*		689		7,228
SurModics, Inc.*		1,838		26,945
Symmetry Medical, Inc.*		3,551		28,373
Teleflex, Inc.		4,992		305,960
Uroplasty, Inc.*		465		1,976
West Pharmaceutical Services, Inc.		1,864		70,739
Wright Medical Group, Inc.*		4,824		79,596
Young Innovations, Inc.		462		13,689
Zimmer Holdings, Inc.*		29,749		1,589,192

				4,864,333

*Health Care Providers & Services (2.1%)*
Aetna, Inc.		50,968		2,150,340
Almost Family, Inc.*		1,010		16,746
Amedisys, Inc.*		3,657		39,898
American Dental Partners, Inc.*		1,917		36,097
AMERIGROUP Corp.*		1,837		108,530
AMN Healthcare Services, Inc.*		2,634		11,669
Amsurg Corp.*		3,869		100,749
Assisted Living Concepts, Inc., Class A		2,505		37,299
BioScrip, Inc.*		1,146		6,257
Brookdale Senior Living, Inc.*		1,584		27,546
Capital Senior Living Corp.*		2,432		19,310
CardioNet, Inc.*		2,166		5,133
Centene Corp.*		2,369		93,789
Chindex International, Inc.*		825		7,029
Community Health Systems, Inc.*		11,804		205,980
Coventry Health Care, Inc.*		18,228		553,584
Cross Country Healthcare, Inc.*		3,412		18,937

Five Star Quality Care, Inc.*		4,675	$	14,025
Gentiva Health Services, Inc.*		3,777		25,495
Hanger Orthopedic Group, Inc.*		1,965		36,726
Health Net, Inc.*		10,295		313,174
HealthSouth Corp.*		11,786		208,259
Healthspring, Inc.*		3,868		210,961
Healthways, Inc.*		4,191		28,750
Kindred Healthcare, Inc.*		6,452		75,940
LHC Group, Inc.*		1,843		23,646
LifePoint Hospitals, Inc.*		45,355		1,684,938
Magellan Health Services, Inc.*		3,596		177,894
Molina Healthcare, Inc.*		1,410		31,485
National Healthcare Corp.		1,245		52,166
Omnicare, Inc.		14,402		496,149
Owens & Minor, Inc.		1,505		41,824
Patterson Cos., Inc.		7,285		215,053
PharMerica Corp.*		3,619		54,936
Providence Service Corp.*		1,210		16,650
Quest Diagnostics, Inc.		64,215		3,728,323
Select Medical Holdings Corp.*		4,421		37,490
Skilled Healthcare Group, Inc., Class A*		2,138		11,673
Sun Healthcare Group, Inc.*		3,148		12,214
Sunrise Senior Living, Inc.*		1,765		11,437
Tenet Healthcare Corp.*		50,784		260,522
Triple-S Management Corp., Class B*		2,497		49,990
Universal American Corp.		3,978		50,560
Vanguard Health Systems, Inc.*		2,451		25,049
VCA Antech, Inc.*		10,723		211,779

				11,546,001

*Health Care Technology (0.1%)*
Allscripts Healthcare Solutions, Inc.*		4,574		86,632
MedAssets, Inc.*		1,074		9,934
Omnicell, Inc.*		2,103		34,741

				131,307

*Life Sciences Tools & Services (0.4%)*
Affymetrix, Inc.*		8,812		36,041
Albany Molecular Research, Inc.*		2,973		8,711
Bio-Rad Laboratories, Inc., Class A*		2,460		236,258
Cambrex Corp.*		3,468		24,900
Enzo Biochem, Inc.*		4,212		9,435
eResearchTechnology, Inc.*		2,856		13,395
Furiex Pharmaceuticals, Inc.*		1,191		19,902
Harvard Bioscience, Inc.*		2,469		9,555
Life Technologies Corp.*		29,220		1,136,950
Pacific Biosciences of California, Inc.*		3,207		8,980
PAREXEL International Corp.*		699		14,497
PerkinElmer, Inc.		13,992		279,840
QIAGEN N.V.*		29,067		401,415
Sequenom, Inc.*		3,697		16,452

				2,216,331

*Pharmaceuticals (1.1%)*
AVANIR Pharmaceuticals, Inc., Class A*		1,628		3,337
Columbia Laboratories, Inc.*		1,600		4,000

See Notes to Financial Statements.

209

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Cornerstone Therapeutics, Inc.*		892	$	4,995
Forest Laboratories, Inc.*		183,762		5,560,638
Hi-Tech Pharmacal Co., Inc.*		890		34,612
Impax Laboratories, Inc.*		716		14,442
KV Pharmaceutical Co., Class A*		2,145		3,003
Lannett Co., Inc.*		1,321		5,839
Medicines Co.*		2,924		54,503
Medicis Pharmaceutical Corp., Class A		1,401		46,583
Nektar Therapeutics*		5,230		29,262
Par Pharmaceutical Cos., Inc.*		1,441		47,164
ViroPharma, Inc.*		8,560		234,459
XenoPort, Inc.*		816		3,109

				6,045,946

Total Health Care				26,569,956

Industrials (12.9%)
*Aerospace & Defense (1.2%)*
AAR Corp.		3,720		71,312
Alliant Techsystems, Inc.		28,808		1,646,665
BE Aerospace, Inc.*		675		26,129
Ceradyne, Inc.*		3,097		82,938
Cubic Corp.		1,134		49,431
Curtiss-Wright Corp.		5,759		203,466
Ducommun, Inc.		1,357		17,302
Esterline Technologies Corp.*		3,790		212,126
Exelis, Inc.		290,800		2,631,740
Finmeccanica S.p.A. (ADR)		255,135		454,140
GenCorp, Inc.*		2,061		10,965
GeoEye, Inc.*		2,593		57,617
Hexcel Corp.*		1,861		45,055
Huntington Ingalls Industries, Inc.*		6,043		189,025
KEYW Holding Corp.*		2,205		16,317
Kratos Defense & Security Solutions, Inc.*		3,963		23,659
LMI Aerospace, Inc.*		599		10,512
Moog, Inc., Class A*		5,119		224,878
Orbital Sciences Corp.*		4,292		62,363
Spirit AeroSystems Holdings, Inc., Class A*		11,576		240,549
Teledyne Technologies, Inc.*		3,299		180,950
Triumph Group, Inc.		4,136		241,749

				6,698,888

*Air Freight & Logistics (0.4%)*
Air Transport Services Group, Inc.*		6,586		31,086
Atlas Air Worldwide Holdings, Inc.*		3,281		126,089
Hub Group, Inc., Class A*		31,075		1,007,762
Pacer International, Inc.*		3,793		20,293
TNT Express N.V. (ADR)		115,576		850,639
UTi Worldwide, Inc.		1,252		16,639

				2,052,508

*Airlines (1.2%)*
Alaska Air Group, Inc.*		11,950		897,326
AMR Corp.*		22,126		7,744
Copa Holdings S.A., Class A		882		51,747
Hawaiian Holdings, Inc.*		6,125		35,525

JetBlue Airways Corp.*		30,470	$	158,444
Republic Airways Holdings, Inc.*		5,885		20,186
SkyWest, Inc.		169,682		2,136,296
Southwest Airlines Co.		373,347		3,195,850
Spirit Airlines, Inc.*		1,914		29,858
U.S. Airways Group, Inc.*		20,221		102,521

				6,635,497

*Building Products (0.6%)*
A.O. Smith Corp.		4,714		189,126
American Woodmark Corp.		1,247		17,034
Apogee Enterprises, Inc.		3,426		42,003
Armstrong World Industries, Inc.*		2,341		102,700
Builders FirstSource, Inc.*		5,201		10,610
Gibraltar Industries, Inc.*		3,798		53,020
Griffon Corp.		6,019		54,953
Insteel Industries, Inc.		2,157		23,705
NCI Building Systems, Inc.*		2,413		26,229
Owens Corning, Inc.*		15,496		445,045
Quanex Building Products Corp.		4,682		70,324
Simpson Manufacturing Co., Inc.		5,154		173,484
Universal Forest Products, Inc.		2,416		74,582
USG Corp.*		213,632		2,170,501

				3,453,316

*Commercial Services & Supplies (1.9%)*
ABM Industries, Inc.		4,761		98,172
ACCO Brands Corp.*		6,912		66,701
American Reprographics Co.*		3,923		18,007
Avery Dennison Corp.		12,429		356,464
Brink’s Co.		217,559		5,847,986
Casella Waste Systems, Inc., Class A*		650		4,160
Cenveo, Inc.*		3,117		10,598
Cintas Corp.		13,637		474,704
Corrections Corp. of America*		91,596		1,865,810
Courier Corp.		1,475		17,302
Covanta Holding Corp.		13,460		184,267
EnergySolutions, Inc.*		7,930		24,504
EnerNOC, Inc.*		1,994		21,675
Ennis, Inc.		3,190		42,523
Fuel Tech, Inc.*		279		1,836
G&K Services, Inc., Class A		2,281		66,400
GEO Group, Inc.*		8,059		134,988
KAR Auction Services, Inc.*		2,862		38,637
Kimball International, Inc., Class B		4,105		20,812
McGrath RentCorp		1,769		51,283
Metalico, Inc.*		2,199		7,235
Mobile Mini, Inc.*		3,433		59,906
Multi-Color Corp.		1,290		33,192
NL Industries, Inc.		85		1,102
Quad/Graphics, Inc.		2,834		40,640
R.R. Donnelley & Sons Co.		23,319		336,493
Schawk, Inc.		1,430		16,030
Steelcase, Inc., Class A		8,674		64,708
Sykes Enterprises, Inc.*		4,617		72,302
Tetra Tech, Inc.*		6,138		132,519
TMS International Corp., Class A*		912		9,011
U.S. Ecology, Inc.		207		3,887

See Notes to Financial Statements.

210

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December 31, 2011


	Number of Shares		Value (Note 1)

UniFirst Corp.		1,700	$	96,458
United Stationers, Inc.		2,013		65,543
Viad Corp.		2,205		38,543
Waste Connections, Inc.		1,776		58,857
WCA Waste Corp.*		1,648		10,728

				10,393,983

*Construction & Engineering (1.5%)*
AECOM Technology Corp.*		8,188		168,427
Aegion Corp.*		4,867		74,660
Argan, Inc.		650		9,887
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		5,257		198,715
Comfort Systems USA, Inc.		4,809		51,553
Dycom Industries, Inc.*		3,689		77,174
EMCOR Group, Inc.		8,268		221,665
Fluor Corp.		17,825		895,706
Granite Construction, Inc.		4,804		113,951
Great Lakes Dredge & Dock Corp.		7,186		39,954
KBR, Inc.		17,580		489,955
Layne Christensen Co.*		88,326		2,137,489
Michael Baker Corp.*		997		19,551
Murray & Roberts Holdings Ltd. (ADR)*		294,311		909,421
MYR Group, Inc.*		195		3,732
Northwest Pipe Co.*		1,170		26,746
Orion Marine Group, Inc.*		3,316		22,051
Pike Electric Corp.*		2,128		15,300
Primoris Services Corp.		353		5,270
Quanta Services, Inc.*		26,770		576,626
Shaw Group, Inc.*		64,286		1,729,294
Sterling Construction Co., Inc.*		2,131		22,951
Tutor Perini Corp.*		3,859		47,620
UniTek Global Services, Inc.*		1,212		5,490
URS Corp.*		9,743		342,174

				8,205,362

*Electrical Equipment (1.0%)*
A123 Systems, Inc.*		9,025		14,530
American Superconductor Corp.*		5,576		20,575
Babcock & Wilcox Co.*		135,000		3,258,900
Belden, Inc.		830		27,622
Brady Corp., Class A		5,430		171,425
Broadwind Energy, Inc.*		9,588		6,520
Encore Wire Corp.		2,353		60,943
EnerSys*		4,103		106,555
Franklin Electric Co., Inc.		213		9,278
Generac Holdings, Inc.*		1,885		52,837
General Cable Corp.*		3,142		78,581
Global Power Equipment Group, Inc.*		940		22,325
GrafTech International Ltd.*		15,067		205,665
Hubbell, Inc., Class B		7,466		499,177
LSI Industries, Inc.		2,558		15,348
Powell Industries, Inc.*		1,108		34,658
PowerSecure International, Inc.*		1,891		9,361
Preformed Line Products Co.		260		15,512
Regal-Beloit Corp.		4,805		244,911
Thomas & Betts Corp.*		4,952		270,379
Valence Technology, Inc.*		4,178		4,094

				5,129,196


*Industrial Conglomerates (0.1%)*
Carlisle Cos., Inc.		6,990	$	309,657
Seaboard Corp.*		39		79,404
Standex International Corp.		1,284		43,874

				432,935

*Machinery (3.6%)*
Accuride Corp.*		404,494		2,879,997
Actuant Corp., Class A		7,173		162,755
AGCO Corp.*		36,379		1,563,206
Alamo Group, Inc.		748		20,144
Albany International Corp., Class A		2,809		64,944
American Railcar Industries, Inc.*		1,231		29,458
Ampco-Pittsburgh Corp.		992		19,185
Astec Industries, Inc.*		2,512		80,912
Barnes Group, Inc.		6,735		162,381
Briggs & Stratton Corp.		6,245		96,735
Cascade Corp.		1,097		51,746
CIRCOR International, Inc.		822		29,025
CLARCOR, Inc.		346		17,297
Columbus McKinnon Corp.*		562		7,132
Crane Co.		6,052		282,689
Douglas Dynamics, Inc.		1,002		14,649
Dover Corp.		67,900		3,941,595
Energy Recovery, Inc.*		5,443		14,043
EnPro Industries, Inc.*		1,481		48,843
ESCO Technologies, Inc.		2,496		71,835
Federal Signal Corp.*		7,227		29,992
Flow International Corp.*		1,300		4,550
FreightCar America, Inc.*		1,476		30,922
Greenbrier Cos., Inc.*		2,322		56,378
Harsco Corp.		9,136		188,019
Hurco Cos., Inc.*		764		16,044
IDEX Corp.		1,075		39,893
ITT Corp.		39,500		763,535
Japan Steel Works Ltd. (ADR)		8,485		580,374
John Bean Technologies Corp.		228		3,504
Kadant, Inc.*		1,134		25,640
Kaydon Corp.		4,045		123,373
Kennametal, Inc.		40,720		1,487,094
L.B. Foster Co., Class A		1,207		34,146
Lincoln Electric Holdings, Inc.		3,999		156,441
Lydall, Inc.*		2,026		19,227
Meritor, Inc.*		3,771		20,062
Met-Pro Corp.		1,542		13,940
Miller Industries, Inc.		1,542		24,256
Mueller Industries, Inc.		4,065		156,177
Mueller Water Products, Inc., Class A		19,112		46,633
NACCO Industries, Inc., Class A		711		63,435
Navistar International Corp.*		4,124		156,217
Oshkosh Corp.*		11,326		242,150
Parker Hannifin Corp.		8,480		646,600
Pentair, Inc.		12,193		405,905
RBC Bearings, Inc.*		542		22,601
Robbins & Myers, Inc.		4,896		237,701
Snap-on, Inc.		5,929		300,126
SPX Corp.		4,604		277,483
Tecumseh Products Co., Class A*		2,251		10,580
Terex Corp.*		13,637		184,236
Timken Co.		1,695		65,613

See Notes to Financial Statements.

211

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December 31, 2011


	Number of Shares		Value (Note 1)

Toro Co.		20,755	$	1,258,998
Trinity Industries, Inc.		9,924		298,315
Watts Water Technologies, Inc., Class A		3,405		116,485
Xylem, Inc.		79,000		2,029,510

				19,694,726

*Marine (0.1%)*
Alexander & Baldwin, Inc.		5,163		210,754
Baltic Trading Ltd.		1,942		9,224
Eagle Bulk Shipping, Inc.*		8,022		7,557
Excel Maritime Carriers Ltd.*		5,588		8,103
Genco Shipping & Trading Ltd.*		3,868		26,148
International Shipholding Corp.		729		13,625
Kirby Corp.*		1,951		128,454
Ultrapetrol Bahamas Ltd.*		2,830		8,433

				412,298

*Professional Services (0.4%)*
Barrett Business Services, Inc.		956		19,082
CBIZ, Inc.*		97,679		596,819
CDI Corp.		1,365		18,851
CRA International, Inc.*		1,036		20,554
Dolan Co.*		3,720		31,694
Equifax, Inc.		14,331		555,183
Franklin Covey Co.*		1,443		12,222
FTI Consulting, Inc.*		5,236		222,111
GP Strategies Corp.*		1,227		16,540
Heidrick & Struggles International, Inc.		2,014		43,382
Hill International, Inc.*		2,975		15,291
Hudson Highland Group, Inc.*		3,883		18,600
Huron Consulting Group, Inc.*		201		7,787
ICF International, Inc.*		1,571		38,929
Kelly Services, Inc., Class A		3,269		44,720
Kforce, Inc.*		455		5,610
Korn/Ferry International*		5,507		93,949
Navigant Consulting, Inc.*		6,391		72,921
Odyssey Marine Exploration, Inc.*		5,889		16,136
On Assignment, Inc.*		4,015		44,888
Pendrell Corp.*		6,659		17,047
Resources Connection, Inc.		5,712		60,490
Towers Watson & Co., Class A		5,650		338,605
TrueBlue, Inc.*		1,668		23,152
VSE Corp.		486		11,800

				2,346,363

*Road & Rail (0.7%)*
Amerco, Inc.		1,075		95,030
Arkansas Best Corp.		3,140		60,508
Canadian Pacific Railway Ltd.		25,802		1,746,021
Celadon Group, Inc.		1,000		11,810
Con-way, Inc.		6,222		181,434
Covenant Transportation Group, Inc., Class A*		844		2,507
Kansas City Southern*		3,417		232,390
Marten Transport Ltd.		1,633		29,378
Patriot Transportation Holding, Inc.*		710		15,407
Quality Distribution, Inc.*		1,220		13,725
RailAmerica, Inc.*		2,615		38,937

Roadrunner Transportation Systems, Inc.*		1,015	$	14,342
Ryder System, Inc.		6,376		338,821
Saia, Inc.*		2,029		25,322
Swift Transportation Co.*		6,951		57,276
Universal Truckload Services, Inc.		830		15,064
Werner Enterprises, Inc.		4,642		111,872
West Japan Railway Co. (ADR)		17,837		775,471
Zipcar, Inc.*		281		3,771

				3,769,086

*Trading Companies & Distributors (0.2%)*
Aceto Corp.		3,488		24,067
Air Lease Corp.*		4,302		102,000
Aircastle Ltd.		6,453		82,082
CAI International, Inc.*		112		1,732
Essex Rental Corp.*		1,661		4,900
GATX Corp.		5,750		251,045
H&E Equipment Services, Inc.*		1,952		26,196
Interline Brands, Inc.*		3,776		58,792
Kaman Corp.		1,426		38,958
Lawson Products, Inc.		498		7,684
RSC Holdings, Inc.*		8,404		155,474
Rush Enterprises, Inc., Class A*		3,999		83,659
SeaCube Container Leasing Ltd.		1,332		19,727
Titan Machinery, Inc.*		1,286		27,945
United Rentals, Inc.*		5,506		162,702
WESCO International, Inc.*		2,852		151,185

				1,198,148

*Transportation Infrastructure (0.0%)*
Wesco Aircraft Holdings, Inc.*		1,606		22,468

Total Industrials				70,444,774

Information Technology (5.8%)
*Communications Equipment (0.6%)*
Anaren, Inc.*		1,650		27,423
Arris Group, Inc.*		15,380		166,412
Aviat Networks, Inc.*		7,730		14,146
Bel Fuse, Inc., Class B		1,317		24,694
Black Box Corp.		2,222		62,305
Blue Coat Systems, Inc.*		3,387		86,199
Brocade Communications Systems, Inc.*		58,706		304,684
Communications Systems, Inc.		737		10,362
Comtech Telecommunications Corp.		2,633		75,357
Digi International, Inc.*		2,726		30,422
EchoStar Corp., Class A*		4,726		98,963
Emcore Corp.*		10,711		9,236
Emulex Corp.*		10,962		75,199
Extreme Networks, Inc.*		8,546		24,954
Globecomm Systems, Inc.*		891		12,189
Harmonic, Inc.*		11,209		56,493
Infinera Corp.*		12,106		76,026
Juniper Networks, Inc.*		67,840		1,384,614
KVH Industries, Inc.*		1,671		13,000
Loral Space & Communications, Inc.*		1,243		80,646
Oclaro, Inc.*		6,257		17,645
Oplink Communications, Inc.*		1,555		25,611

See Notes to Financial Statements.

212

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December 31, 2011


	Number of Shares		Value (Note 1)

Opnext, Inc.*		5,430	$	4,386
ORBCOMM, Inc.*		3,954		11,823
Plantronics, Inc.		3,931		140,101
Sonus Networks, Inc.*		24,136		57,926
Sycamore Networks, Inc.*		2,447		43,801
Symmetricom, Inc.*		5,589		30,125
Tekelec*		7,598		83,046
Tellabs, Inc.		45,458		183,650
Ubiquiti Networks, Inc.*		387		7,055
ViaSat, Inc.*		2,822		130,151
Westell Technologies, Inc., Class A*		6,318		14,026

				3,382,670

*Computers & Peripherals (0.5%)*
Avid Technology, Inc.*		3,624		30,913
Cray, Inc.*		4,394		28,429
Diebold, Inc.		8,095		243,417
Dot Hill Systems Corp.*		5,056		6,724
Electronics for Imaging, Inc.*		5,419		77,221
Fusion-io, Inc.*		984		23,813
Imation Corp.*		3,844		22,026
Immersion Corp.*		422		2,186
Intermec, Inc.*		7,316		50,188
Intevac, Inc.*		2,795		20,683
Lexmark International, Inc., Class A		9,358		309,469
NCR Corp.*		4,209		69,280
Novatel Wireless, Inc.*		3,533		11,058
QLogic Corp.*		2,441		36,615
Quantum Corp.*		27,908		66,979
Rimage Corp.		1,298		14,602
Western Digital Corp.*		51,110		1,581,855
Xyratex Ltd.		3,513		46,793

				2,642,251

*Electronic Equipment, Instruments & Components (1.2%)*
Agilysys, Inc.*		2,260		17,967
Anixter International, Inc.*		1,756		104,728
Arrow Electronics, Inc.*		12,253		458,385
Avnet, Inc.*		18,769		583,528
AVX Corp.		5,911		75,424
Badger Meter, Inc.		310		9,123
Benchmark Electronics, Inc.*		7,548		101,671
Brightpoint, Inc.*		4,784		51,476
Checkpoint Systems, Inc.*		4,969		54,361
Cognex Corp.		958		34,287
Coherent, Inc.*		902		47,147
CTS Corp.		4,219		38,815
Daktronics, Inc.		3,387		32,414
DDi Corp.		1,100		10,263
Electro Rent Corp.		1,372		23,530
Electro Scientific Industries, Inc.*		2,601		37,662
FEI Co.*		386		15,741
GSI Group, Inc.*		3,147		32,194
Identive Group, Inc.*		4,716		10,517
Ingram Micro, Inc., Class A*		138,809		2,524,936
Insight Enterprises, Inc.*		5,409		82,704
InvenSense, Inc.*		664		6,613
Itron, Inc.*		5,047		180,531
Jabil Circuit, Inc.		4,192		82,415
Kemet Corp.*		5,173		36,470

Littelfuse, Inc.		354	$	15,215
Mercury Computer Systems, Inc.*		3,786		50,316
Methode Electronics, Inc.		4,495		37,263
Molex, Inc.		16,778		400,323
Multi-Fineline Electronix, Inc.*		919		18,885
NeoPhotonics Corp.*		541		2,478
Newport Corp.*		3,237		44,055
OSI Systems, Inc.*		560		27,317
Park Electrochemical Corp.		2,518		64,511
PC Connection, Inc.		1,251		13,874
Plexus Corp.*		448		12,266
Power-One, Inc.*		544		2,127
RadiSys Corp.*		2,278		11,527
Richardson Electronics Ltd.		1,729		21,249
Rofin-Sinar Technologies, Inc.*		1,881		42,981
Rogers Corp.*		1,326		48,876
Sanmina-SCI Corp.*		9,948		92,616
Scansource, Inc.*		2,894		104,184
SYNNEX Corp.*		3,110		94,731
Tech Data Corp.*		15,539		767,782
TTM Technologies, Inc.*		4,977		54,548
Viasystems Group, Inc.*		290		4,907
Vishay Intertechnology, Inc.*		17,670		158,853
Vishay Precision Group, Inc.*		1,506		24,066
X-Rite, Inc.*		3,544		16,444
Zygo Corp.*		1,763		31,117

				6,815,413

*Internet Software & Services (0.2%)*
Angie’s List, Inc.*		610		9,821
AOL, Inc.*		12,112		182,891
Bankrate, Inc.*		505		10,858
Carbonite, Inc.*		290		3,219
DealerTrack Holdings, Inc.*		691		18,837
Digital River, Inc.*		4,351		65,352
EarthLink, Inc.		13,736		88,460
IAC/InterActiveCorp		9,302		396,265
InfoSpace, Inc.*		4,008		44,048
Internap Network Services Corp.*		1,026		6,094
KIT Digital, Inc.*		4,775		40,349
Limelight Networks, Inc.*		1,335		3,952
Marchex, Inc., Class B		1,473		9,206
Monster Worldwide, Inc.*		16,113		127,776
Openwave Systems, Inc.*		7,236		11,433
Perficient, Inc.*		1,039		10,400
QuinStreet, Inc.*		3,024		28,305
RealNetworks, Inc.		2,612		19,590
support.com, Inc.*		2,160		4,860
TechTarget, Inc.*		767		4,479
United Online, Inc.		11,000		59,840
XO Group, Inc.*		1,721		14,353
Zillow, Inc.*		269		6,047

				1,166,435

*IT Services (1.9%)*
Acxiom Corp.*		10,064		122,881
Booz Allen Hamilton Holding Corp.*		1,488		25,668
Broadridge Financial Solutions, Inc.		102,029		2,300,754
CACI International, Inc., Class A*		3,037		169,829

See Notes to Financial Statements.

213

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares			Value (Note 1)

CIBER, Inc.*		7,813		$	30,158
Computer Sciences Corp.		68,022			1,612,121
Computer Task Group, Inc.*		504			7,096
Convergys Corp.*		13,073			166,942
CoreLogic, Inc.*		127,726			1,651,497
CSG Systems International, Inc.*		62,968			926,259
DST Systems, Inc.		3,614			164,509
Dynamics Research Corp.*		1,035			11,737
Euronet Worldwide, Inc.*		6,458			119,344
Genpact Ltd.*		3,525			52,699
Global Cash Access Holdings, Inc.*		3,359			14,948
Hackett Group, Inc.*		1,547			5,786
ManTech International Corp., Class A		2,886			90,159
ModusLink Global Solutions, Inc.		5,669			30,613
MoneyGram International, Inc.*		154			2,734
NCI, Inc., Class A*		641			7,468
SAIC, Inc.*		174,908			2,149,619
Stream Global Services, Inc.*		1,055			3,492
Total System Services, Inc.		20,176			394,643
Unisys Corp.*		3,154			62,165

					10,123,121

*Semiconductors & Semiconductor Equipment (1.2%)*
Advanced Analogic Technologies, Inc.*		4,168			24,091
Advanced Energy Industries, Inc.*		5,369			57,609
Alpha & Omega Semiconductor Ltd.*		1,777			12,990
Amkor Technology, Inc.*		11,418			49,782
ANADIGICS, Inc.*		8,271			18,113
Applied Micro Circuits Corp.*		1,194			8,024
Atmel Corp.*		3,635			29,443
ATMI, Inc.*		3,697			74,051
Axcelis Technologies, Inc.*		12,920			17,184
AXT, Inc.*		2,220			9,257
Brooks Automation, Inc.		8,156			83,762
Cabot Microelectronics Corp.*		2,280			107,730
Cohu, Inc.		3,120			35,412
Cree, Inc.*		12,805			282,222
CSR plc (ADR)*		—	@		1
Cymer, Inc.*		2,866			142,612
DSP Group, Inc.*		3,053			15,906
Entegris, Inc.*		11,317			98,741
Exar Corp.*		4,259			27,684
Fairchild Semiconductor International, Inc.*		15,865			191,015
FormFactor, Inc.*		6,313			31,944
Freescale Semiconductor Holdings I Ltd.*		2,035			25,743
FSI International, Inc.*		4,663			17,067
GSI Technology, Inc.*		2,392			11,195
Integrated Device Technology, Inc.*		6,765			36,937
Integrated Silicon Solution, Inc.*		3,240			29,614
Intermolecular, Inc.*		506			4,341
International Rectifier Corp.*		8,699			168,935
Intersil Corp., Class A		7,916			82,643
IXYS Corp.*		1,100			11,913
KLA-Tencor Corp.		13,925			671,881

Kopin Corp.*		4,721		$	18,317
Kulicke & Soffa Industries, Inc.*		8,910			82,417
Lattice Semiconductor Corp.*		10,023			59,537
Linear Technology Corp.		56,425			1,694,443
LSI Corp.*		49,539			294,757
LTX-Credence Corp.*		2,808			15,023
MEMC Electronic Materials, Inc.*		11,806			46,516
Mindspeed Technologies, Inc.*		1,865			8,542
MIPS Technologies, Inc.*		1,921			8,568
MKS Instruments, Inc.		6,485			180,413
Monolithic Power Systems, Inc.*		855			12,885
Nanometrics, Inc.*		2,477			45,626
Novellus Systems, Inc.*		8,588			354,599
OmniVision Technologies, Inc.*		1,541			18,854
Pericom Semiconductor Corp.*		2,890			21,993
Photronics, Inc.*		7,218			43,885
PLX Technology, Inc.*		5,302			15,217
PMC-Sierra, Inc.*		27,500			151,525
RF Micro Devices, Inc.*		30,663			165,580
Rudolph Technologies, Inc.*		3,873			35,864
Sigma Designs, Inc.*		3,925			23,550
Silicon Image, Inc.*		2,170			10,199
Silicon Laboratories, Inc.*		584			25,357
Spansion, Inc., Class A*		6,220			51,502
Standard Microsystems Corp.*		2,833			73,006
STR Holdings, Inc.*		3,752			30,879
SunPower Corp.*		12,314			76,716
Supertex, Inc.*		1,343			25,356
Teradyne, Inc.*		23,041			314,049
Tessera Technologies, Inc.*		6,318			105,826
Veeco Instruments, Inc.*		1,533			31,886

					6,420,729

*Software (0.2%)*
Accelrys, Inc.*		6,790			45,629
Compuware Corp.*		7,335			61,027
Ebix, Inc.		1,209			26,719
EPIQ Systems, Inc.		3,163			38,019
ePlus, Inc.*		497			14,055
Fair Isaac Corp.		1,894			67,881
Imperva, Inc.*		181			6,301
JDA Software Group, Inc.*		4,313			139,698
Mentor Graphics Corp.*		6,718			91,096
Motricity, Inc.*		453			408
Progress Software Corp.*		3,382			65,442
Quest Software, Inc.*		4,954			92,144
Rosetta Stone, Inc.*		1,382			10,545
S1 Corp.*		5,666			54,224
SeaChange International, Inc.*		1,650			11,599
Smith Micro Software, Inc.*		4,449			5,027
SS&C Technologies Holdings, Inc.*		3,102			56,022
Synopsys, Inc.*		16,764			455,981
Tangoe, Inc.*		293			4,512
TeleCommunication Systems, Inc., Class A*		3,283			7,715
THQ, Inc.*		8,438			6,413

					1,260,457

Total Information Technology					31,811,076

See Notes to Financial Statements.

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December 31, 2011


	Number of Shares		Value (Note 1)

Materials (6.3%)
*Chemicals (1.3%)*
A. Schulman, Inc.		3,675	$	77,837
American Vanguard Corp.		2,411		32,163
Ashland, Inc.		9,748		557,196
Cabot Corp.		8,147		261,845
Calgon Carbon Corp.*		1,428		22,434
Chase Corp.		660		9,174
Chemtura Corp.*		304,585		3,453,994
Cytec Industries, Inc.		6,131		273,749
Ferro Corp.*		10,735		52,494
FutureFuel Corp.		1,490		18,506
Georgia Gulf Corp.*		4,258		82,988
H.B. Fuller Co.		5,760		133,114
Huntsman Corp.		19,310		193,100
Innospec, Inc.*		296		8,309
Kraton Performance Polymers, Inc.*		495		10,048
Landec Corp.*		3,090		17,057
Minerals Technologies, Inc.		2,272		128,436
Olin Corp.		3,971		78,030
OM Group, Inc.*		3,903		87,388
PolyOne Corp.		3,249		37,526
Quaker Chemical Corp.		404		15,712
Rockwood Holdings, Inc.*		454		17,874
RPM International, Inc.		16,124		395,844
Scotts Miracle-Gro Co., Class A		758		35,391
Sensient Technologies Corp.		6,188		234,525
Spartech Corp.*		3,776		17,860
Stepan Co.		989		79,278
TPC Group, Inc.*		563		13,135
Tredegar Corp.		3,026		67,238
Valspar Corp.		10,424		406,223
W.R. Grace & Co.*		935		42,935
Westlake Chemical Corp.		1,964		79,031
Zoltek Cos., Inc.*		3,528		26,883

				6,967,317

*Construction Materials (0.1%)*
Eagle Materials, Inc.		1,059		27,174
Headwaters, Inc.*		7,705		17,105
Martin Marietta Materials, Inc.		3,004		226,532
Texas Industries, Inc.		2,830		87,107
United States Lime & Minerals, Inc.*		200		12,022

				369,940

*Containers & Packaging (0.4%)*
AptarGroup, Inc.		8,331		434,628
Bemis Co., Inc.		12,877		387,340
Boise, Inc.		11,431		81,389
Graphic Packaging Holding Co.*		2,680		11,417
Greif, Inc., Class A		4,710		214,540
Myers Industries, Inc.		3,359		41,450
Packaging Corp. of America		1,265		31,929
Sealed Air Corp.		23,761		408,927
Sonoco Products Co.		12,364		407,517
Temple-Inland, Inc.		9,976		316,339

				2,335,476

*Metals & Mining (3.8%)*
A.M. Castle & Co.*		2,121		20,065

African Barrick Gold Ltd.		420,000	$	2,992,569
AK Steel Holding Corp.		11,004		90,893
Banro Corp.*		420,925		1,557,422
Century Aluminum Co.*		6,429		54,711
Coeur d’Alene Mines Corp.*		10,427		251,708
Commercial Metals Co.		14,306		197,852
Geovic Mining Corp.*		330,759		52,921
Gold Fields Ltd. (ADR)		134,518		2,051,399
Golden Minerals Co.*		218		1,267
Golden Star Resources Ltd.*		32,086		52,942
Handy & Harman Ltd.*		521		5,158
Haynes International, Inc.		346		18,892
Horsehead Holding Corp.*		5,191		46,771
Impala Platinum Holdings Ltd. (ADR)		29,361		605,130
Ivanhoe Mines Ltd.*		44,911		795,823
Jaguar Mining, Inc.*		10,519		67,111
Kaiser Aluminum Corp.		1,153		52,900
Kinross Gold Corp.		335,212		3,821,417
Materion Corp.*		2,347		56,985
Novagold Resources, Inc.*		213,092		1,807,020
Olympic Steel, Inc.		1,154		26,911
Polyus Gold International Ltd. (GDR)*		888,877		2,622,187
Reliance Steel & Aluminum Co.		7,946		386,891
Revett Minerals, Inc.*		1,233		5,820
RTI International Metals, Inc.*		3,270		75,897
Schnitzer Steel Industries, Inc., Class A		1,967		83,165
Silver Standard Resources, Inc.*		150,919		2,085,700
St. Barbara Ltd. (ADR)*		80,174		741,609
Steel Dynamics, Inc.		7,345		96,587
SunCoke Energy, Inc.*		294		3,293
Thompson Creek Metals Co., Inc.*		18,981		132,108
Titanium Metals Corp.		4,944		74,061
U.S. Energy Corp./Wyoming*		2,790		8,119
Universal Stainless & Alloy Products, Inc.*		887		33,138
Vista Gold Corp.*		7,299		22,408
Worthington Industries, Inc.		2,658		43,538

				21,042,388

*Paper & Forest Products (0.7%)*
AbitibiBowater, Inc.*		138,000		2,007,900
Buckeye Technologies, Inc.		4,970		166,197
Clearwater Paper Corp.*		2,840		101,132
Domtar Corp.		4,508		360,460
KapStone Paper and Packaging Corp.*		4,905		77,205
Louisiana-Pacific Corp.*		16,441		132,679
Neenah Paper, Inc.		953		21,271
P.H. Glatfelter Co.		38,898		549,240
Schweitzer-Mauduit International, Inc.		1,998		132,787
UPM-Kymmene OYJ (ADR)		41,269		455,197
Verso Paper Corp.*		1,642		1,576
Wausau Paper Corp.		6,250		51,625

				4,057,269

Total Materials				34,772,390

See Notes to Financial Statements.

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December 31, 2011


	Number of Shares		Value (Note 1)

Telecommunication Services (0.7%)
*Diversified Telecommunication Services (0.2%)*
Alaska Communications Systems Group, Inc.		4,435	$	13,349
Atlantic Tele-Network, Inc.		885		34,559
Cincinnati Bell, Inc.*		17,651		53,483
Consolidated Communications Holdings, Inc.		616		11,735
Fairpoint Communications, Inc.*		2,454		10,626
Globalstar, Inc.*		12,099		6,534
IDT Corp., Class B		167		1,567
Iridium Communications, Inc.*		4,816		37,131
Level 3 Communications, Inc.*		16,464		279,723
Neutral Tandem, Inc.*		3,968		42,418
Premiere Global Services, Inc.*		6,464		54,750
SureWest Communications		1,539		18,514
TELUS Corp. (Non-Voting)		9,716		520,292
tw telecom, Inc.*		2,701		52,345
Vonage Holdings Corp.*		9,851		24,135

				1,161,161

*Wireless Telecommunication Services (0.5%)*
Clearwire Corp., Class A*		3,128		6,068
Leap Wireless International, Inc.*		6,063		56,325
SK Telecom Co., Ltd. (ADR)		96,790		1,317,312
Telephone & Data Systems, Inc.		11,267		291,702
Turkcell Iletisim Hizmetleri A/S (ADR)*		81,101		953,748
U.S. Cellular Corp.*		1,801		78,578
USA Mobility, Inc.		2,764		38,337

				2,742,070

Total Telecommunication Services				3,903,231

Utilities (4.7%)
*Electric Utilities (1.7%)*
Allete, Inc.		4,005		168,130
Centrais Eletricas Brasileiras S.A. (Preference) (ADR), Class B		74,976		1,087,152
Central Vermont Public Service Corp.		1,672		58,687
Cleco Corp.		29,940		1,140,714
El Paso Electric Co.		5,284		183,038
Empire District Electric Co.		5,269		111,123
Federal Hydrogenerating Co. JSC (ADR)		243,544		737,938
Great Plains Energy, Inc.		16,766		365,163
Hawaiian Electric Industries, Inc.		11,716		310,240
IDACORP, Inc.		32,736		1,388,334
MGE Energy, Inc.		2,922		136,662
Northeast Utilities		21,897		789,825
NV Energy, Inc.		29,053		475,017
Otter Tail Corp.		4,140		91,163
Pepco Holdings, Inc.		27,857		565,497
Pinnacle West Capital Corp.		13,495		650,189
PNM Resources, Inc.		10,389		189,391
Portland General Electric Co.		9,444		238,839
UIL Holdings Corp.		6,349		224,564
UniSource Energy Corp.		4,604		169,980
Unitil Corp.		1,453		41,236
Westar Energy, Inc.		13,991		402,661

				9,525,543


*Gas Utilities (1.0%)*
AGL Resources, Inc.		14,192	$	599,754
Atmos Energy Corp.		11,139		371,486
Chesapeake Utilities Corp.		1,242		53,841
Laclede Group, Inc.		2,841		114,975
National Fuel Gas Co.		8,655		481,045
New Jersey Resources Corp.		5,116		251,707
Northwest Natural Gas Co.		3,376		161,812
Piedmont Natural Gas Co., Inc.		8,901		302,456
Questar Corp.		21,955		436,026
South Jersey Industries, Inc.		3,095		175,827
Southwest Gas Corp.		5,739		243,850
UGI Corp.		71,465		2,101,071
WGL Holdings, Inc.		6,345		280,576

				5,574,426

*Independent Power Producers & Energy Traders (0.1%)*
Atlantic Power Corp.		12,193		174,360
Dynegy, Inc.*		12,893		35,714
Genie Energy Ltd., Class B		167		1,324
GenOn Energy, Inc.*		94,039		245,442
Ormat Technologies, Inc.		2,218		39,990

				496,830

*Multi-Utilities (1.6%)*
Alliant Energy Corp.		13,720		605,189
Ameren Corp.		88,419		2,929,321
Avista Corp.		7,214		185,761
Black Hills Corp.		4,925		165,382
CH Energy Group, Inc.		1,959		114,366
CMS Energy Corp.		31,272		690,486
Integrys Energy Group, Inc.		9,680		524,462
MDU Resources Group, Inc.		23,344		500,962
NorthWestern Corp.		4,559		163,167
NSTAR		12,776		599,961
OGE Energy Corp.		12,112		686,872
SCANA Corp.		14,217		640,618
TECO Energy, Inc.		26,529		507,765
Vectren Corp.		10,101		305,353

				8,619,665

*Water Utilities (0.3%)*
American States Water Co.		2,410		84,109
American Water Works Co., Inc.		21,728		692,254
Aqua America, Inc.		15,445		340,562
Artesian Resources Corp., Class A		405		7,626
Cadiz, Inc.*		1,372		13,212
California Water Service Group		5,376		98,166
Connecticut Water Service, Inc.		1,197		32,475
Consolidated Water Co., Ltd.		2,014		17,280
Middlesex Water Co.		2,096		39,111
Pennichuck Corp.		195		5,622
SJW Corp.		1,871		44,231
York Water Co.		1,594		28,118

				1,402,766

Total Utilities				25,619,230

Total Common Stocks (77.4%) (Cost $429,322,454)				423,526,928

INVESTMENT COMPANY:
*Investment Company (0.0%)*
THL Credit, Inc. (Cost $13,410)		1,044		12,747

See Notes to Financial Statements.

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December 31, 2011


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Convertible Bonds (0.3%)
Energy (0.1%)
*Oil, Gas & Consumable Fuels (0.1%)*
USEC, Inc. 3.000%, 10/1/14	$	747,000	$	346,421

Total Energy				346,421

Health Care (0.1%)
*Biotechnology (0.1%)*
Dendreon Corp. 2.875%, 1/15/16		696,000		488,070

Total Health Care				488,070

Industrials (0.1%)
*Airlines (0.1%)*
JetBlue Airways Corp.
Series B
6.750%, 10/15/39		507,000		679,380

Total Industrials				679,380

Total Convertible Bonds				1,513,871

Corporate Bond (0.3%)
Energy (0.3%)
*Oil, Gas & Consumable Fuels (0.3%)*
Goodrich Petroleum Corp.
5.000%, 10/1/29		1,648,000		1,526,460

Total Energy				1,526,460

Total Corporate Bonds				1,526,460

Total Long-Term Debt Securities (0.6%) (Cost $2,899,415)				3,040,331

	Number of Rights		Value (Note 1)

RIGHTS:
Information Technology (0.0%)
*Electronic Equipment, Instruments & Components (0.0%)*
Gerber Scientific, Inc., expiring 12/31/49†(b) (Cost $—)*		3,050	$	30

Total Investments (78.0%) (Cost $432,235,279)				426,580,036
Other Assets Less Liabilities (22.0%)				120,499,639

Net Assets (100%)			$	547,079,675

*	Non-income producing.

†	Securities (totaling $14,160 or 0.0% of net assets) at fair value by management.

(b)

Illiquid Security.

@	Shares are less than 0.5.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2011, the market value of these securities amounted to $14,130 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.

Glossary:

ADR

— American Depositary Receipt

GDR

— Global Depositary Receipt

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	120,078,984	$	104,440,452	$	224,519,436	$	—	$	94,966	$	—

At December 31, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 12/31/2011		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index		284		March-12	$	20,926,013	$	20,981,920	$	55,907
S&P MidCap 400 E-Mini Index		961		March-12		84,174,741		84,308,530		133,789

									$	189,696

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	39,425,386	$	–	$	–	$	39,425,386
Consumer Staples		28,983,082		–		–		28,983,082
Energy		53,424,623		–		14,130		53,438,753
Financials		108,559,050		–		–		108,559,050
Health Care		26,569,956		–		–		26,569,956
Industrials		69,669,303		775,471		–		70,444,774
Information Technology		31,811,076		–		–		31,811,076
Materials		31,779,821		2,992,569		–		34,772,390
Telecommunication Services		3,903,231		–		–		3,903,231
Utilities		25,619,230		–		–		25,619,230
Convertible Bonds
Energy		–		346,421		–		346,421
Health Care		–		488,070		–		488,070
Industrials		–		679,380		–		679,380
Corporate Bonds
Energy		–		1,526,460		–		1,526,460
Futures		189,696		–		–		189,696
Investment Companies
Investment Companies		12,747		–		–		12,747
Rights
Information Technology		–		–		30		30

Total Assets	$	419,947,201	$	6,808,371	$	14,160	$	426,769,732

Total Liabilities	$	–	$	–	$	–	$	–

Total	$	419,947,201	$	6,808,371	$	14,160	$	426,769,732

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

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 Rights-Information Technology††		Investments in Corporate Bonds-Financials

Balance as of 12/31/10	$	62,172		$	—	$	1,757
Total gains or losses (realized/unrealized) included in earnings		(48,042	)		30		(672	)
Purchases		—			—		—
Sales		—			—		(1,085	)
Issuances		—			—		—
Settlements		—			—		—
Transfers into Level 3		—			—		—
Transfers out of Level 3		—			—		—

Balance as of 12/31/11	$	14,130		$	30	$	—

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 12/31/11	$	(48,042	)	$	30	$	—

†† Security represents level 3 investments with $0 cost.

Fair Values of Derivative Instruments as of December 31, 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		189,696	*
Commodity contracts	Receivables		—
Other contracts	Receivables

Total		$	189,696


	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)

December 31, 2011

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 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		—		(30,580,454	)		—			—		(30,580,454	)
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	—	$	(30,580,454	)	$	(5,815	)	$	—	$	(30,586,269	)


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		—		(2,613,759	)		—			—		(2,613,759	)
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	—	$	(2,613,759	)	$	6,448		$	—	$	(2,607,311	)

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $320,000 and futures contracts with an average notional balance of approximately $114,412,000 for the year ended December 31, 2011.

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

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	437,117,758
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	443,903,531

As of December 31, 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	$	51,557,845
Aggregate gross unrealized depreciation		(58,892,675	)

Net unrealized depreciation	$	(7,334,830	)

Federal income tax cost of investments	$	433,914,866

The Portfolio has a net capital loss carryforward of $148,177,580, which expires in the year 2017. The Portfolio utilized net capital loss carryforward of $48,584,963 during 2011.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value (Cost $432,235,279)	$	426,580,036
Cash		114,334,344
Cash held as collateral at broker		7,869,000
Dividends, interest and other receivables		613,902
Receivable from Separate Accounts for Trust shares sold		119,781
Receivable from investment sub-advisor		7,468
Receivable for securities sold		22
Other assets		2,382

Total assets		549,526,935

LIABILITIES
Payable for securities purchased		951,197
Payable to Separate Accounts for Trust shares redeemed		447,386
Due to broker for futures variation margin		406,123
Investment management fees payable		371,528
Administrative fees payable		99,490
Distribution fees payable - Class B		95,715
Trustees’ fees payable		14,907
Accrued expenses		60,914

Total liabilities		2,447,260

NET ASSETS	$	547,079,675

Net assets were comprised of:
Paid in capital	$	711,430,723
Accumulated undistributed net investment income (loss)		(810,404	)
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(158,075,097	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(5,465,547	)

Net assets	$	547,079,675

Class A
Net asset value, offering and redemption price per share, $12,212,976 / 1,399,380 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.73

Class B
Net asset value, offering and redemption price per share, $450,690,228 / 52,694,187 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.55

Class K
Net asset value, offering and redemption price per share, $84,176,471 / 9,645,713 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.73

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends ($94,966 of dividend income received from affiliates) (net of $66,601 foreign withholding tax)	$	7,106,917
Interest		353,442

Total income		7,460,359

EXPENSES
Investment management fees		4,827,233
Distribution fees - Class B		1,323,120
Administrative fees		937,367
Custodian fees		78,700
Professional fees		59,787
Printing and mailing expenses		43,844
Trustees’ fees		7,988
Miscellaneous		23,860

Gross expenses		7,301,899
Less: Reimbursement from sub-advisor		(56,716	)
Fees paid indirectly		(160,010	)

Net expenses		7,085,173

NET INVESTMENT INCOME (LOSS)		375,186

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		76,450,829
Futures		(30,580,454	)
Foreign currency transactions		(1,828	)

Net realized gain (loss)		45,868,547

Change in unrealized appreciation (depreciation) on:
Securities		(124,017,585	)
Futures		(2,613,759	)
Foreign currency translations		(2,657	)

Net change in unrealized appreciation (depreciation)		(126,634,001	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(80,765,454	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(80,390,268	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	375,186		$	2,398,786
Net realized gain (loss) on investments, futures, foreign currency transactions and net distributions of realized gain received from Underlying Portfolio		45,868,547			123,294,699
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(126,634,001	)		2,868,822

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(80,390,268	)		128,562,307

DIVIDENDS:
Dividends from net investment income
Class A		(32,926	)		(604,388	)
Class B		(95,704	)		(3,738,832	)
Class K†		(221,718	)		—

TOTAL DIVIDENDS		(350,348	)		(4,343,220	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 968,541 and 859,691 shares, respectively ]		9,126,800			7,278,554
Capital shares issued in reinvestment of dividends [ 3,882 and 61,204 shares, respectively ]		32,926			604,388
Capital shares repurchased [ (6,002,457) and (6,253,565) shares, respectively ]		(53,549,398	)(z)		(56,156,583	)

Total Class A transactions		(44,389,672	)		(48,273,641	)

Class B
Capital shares sold [ 7,016,497 and 8,748,184 shares, respectively ]		68,698,837			75,555,096
Capital shares issued in reinvestment of dividends [ 11,513 and 386,314 shares, respectively ]		95,704			3,738,832
Capital shares repurchased [ (10,450,432) and (11,040,755) shares, respectively ]		(99,757,973	)		(93,741,245	)

Total Class B transactions		(30,963,432	)		(14,447,317	)

Class K†
Capital shares sold [ 9,768,114 and 0 shares, respectively ]		85,532,850	(z)		—
Capital shares issued in reinvestment of dividends [ 26,145 and 0 shares, respectively ]		221,718			—
Capital shares repurchased [ (148,546) and 0 shares, respectively ]		(1,283,850	)		—

Total Class K transactions		84,470,718			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		9,117,614			(62,720,958	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(71,623,002	)		61,498,129
NET ASSETS:
Beginning of year		618,702,677			557,204,548

End of year (a)	$	547,079,675		$	618,702,677

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(810,404	)	$	(1,423,240	)

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Mid Cap Value Portfolio exchanged approximately 5,457,575 Class A shares for approximately 5,457,575 Class K shares. This exchange amounted to approximately $48,208,044.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.07		$	8.12		$	5.77		$	9.19		$	10.03

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.06	(e)		0.11	(e)		0.06	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.34	)		1.98			2.47			(3.33	)		—	#

Total from investment operations		(1.32	)		2.04			2.58			(3.27	)		0.02

Less distributions:
Dividends from net investment income		(0.02	)		(0.09	)		(0.23	)		(0.05	)		—
Distributions from net realized gains		—			—			—			(0.10	)		(0.86	)

Total dividends and distributions		(0.02	)		(0.09	)		(0.23	)		(0.15	)		(0.86	)

Net asset value, end of year	$	8.73		$	10.07		$	8.12		$	5.77		$	9.19

Total return		(13.07	)%		25.19	%		44.90	%		(35.88	)%		0.31	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	12,213		$	64,756		$	95,496		$	330,996		$	535,842
Ratio of expenses to average net assets:
After reimbursements		0.98	%		1.02	%		0.58	%		1.15	%		1.28	%
After reimbursements and fees paid indirectly		0.96	%		1.00	%		0.58	%		1.15	%		1.28	%
Before reimbursements and fees paid indirectly		0.99	%		1.02	%		1.04	%		1.30	%		1.29	%
Ratio of net investment income (loss) to average net assets:
After reimbursements		0.20	%		0.64	%		1.76	%		0.78	%		0.17	%
After reimbursements and fees paid indirectly		0.22	%		0.65	%		1.76	%		0.78	%		0.17	%
Before reimbursements and fees paid indirectly		0.19	%		0.63	%		1.29	%		0.62	%		0.17	%
Portfolio turnover rate		95	%		51	%		95	%		78	%		60	%



	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	9.87		$	7.96		$	5.66		$	9.01		$	9.87

Income (loss) from investment operations:
Net investment income (loss)		—	(e)#		0.03	(e)		0.08	(e)		0.04	(e)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.32	)		1.95			2.42			(3.25	)		0.01

Total from investment operations		(1.32	)		1.98			2.50			(3.21	)		—

Less distributions:
Dividends from net investment income		—	#		(0.07	)		(0.20	)		(0.04	)		—
Distributions from net realized gains		—			—			—			(0.10	)		(0.86	)

Total dividends and distributions		—			(0.07	)		(0.20	)		(0.14	)		(0.86	)

Net asset value, end of year	$	8.55		$	9.87		$	7.96		$	5.66		$	9.01

Total return		(13.36	)%		24.86	%		44.46	%		(35.99	)%		0.10	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	450,690		$	553,947		$	461,709		$	320,011		$	539,894
Ratio of expenses to average net assets:
After reimbursements		1.23	%		1.27	%		1.13	%		1.39	%		1.53	%
After reimbursements and fees paid indirectly		1.21	%		1.25	%		1.13	%		1.39	%		1.53	%
Before reimbursements and fees paid indirectly		1.24	%		1.27	%		1.29	%(c)		1.55	%		1.54	%
Ratio of net investment income (loss) to average net assets:
After reimbursements		—	@		0.38	%		1.25	%		0.54	%		(0.08	)%
After reimbursements and fees paid indirectly		0.03	%		0.39	%		1.25	%		0.54	%		(0.08	)%
Before reimbursements and fees paid indirectly		—	@		0.37	%		1.05	%		0.38	%		(0.09	)%
Portfolio turnover rate		95	%		51	%		95	%		78	%		60	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.70

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.04

Total from investment operations		0.05

Less distributions:
Dividends from net investment income		(0.02	)

Net asset value, end of period	$	8.73

Total return (b)		0.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	84,176
Ratio of expenses to average net assets:
After reimbursements (a)		0.99	%
After reimbursements and fees paid indirectly (a)		0.94	%
Before reimbursements and fees paid indirectly (a)		0.99	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		0.35	%
After reimbursements and fees paid indirectly (a)		0.40	%
Before reimbursements and fees paid indirectly (a)		0.35	%
Portfolio turnover rate		95	%

*	Commencement of Operations.

#	Per share amount is less than $0.005.

@	Percent shown 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 per share is based on average shares outstanding.

See Notes to Financial Statements.

224

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø

Pacific Investment Management Company LLC

_Ø

Post Advisory Group, LLC

_Ø

SSgA Funds Management, Inc.

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.*
Portfolio – Class A Shares		5.35	%		(0.40	)%		3.82	%		6.00	%
Portfolio – Class B Shares**		5.08			(0.61	)		3.58			5.76
Portfolio – Class K Shares***		5.35			(0.40	)		3.82			6.00
Barclays Capital Intermediate U.S. Government/Credit†		5.80			5.88			5.20			6.66
Barclays Capital U.S. Universal Index		7.40			6.39			6.01			N/A
* Date of inception 1/2/87. Investment operations commenced with respect to Class B shares on October 2, 1996. Returns shown for Class B shares prior to this period are derived from the historical performance of Class A shares adjusted to reflect the 12b-1 fees, applicable to Class B shares. * Date of inception 8/26/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. † In 2011, the Investment Manager revised the Portfolio’s benchmark indices to be the Barclays Capital Intermediate U.S. Government/Credit Index which more closely reflects the market sectors in which the Portfolio invests. Accordingly, the Barclays Capital U.S. Universal Index is no longer a benchmark of the Portfolio. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 5.35% for the year ended December 31, 2011. The Portfolio’s benchmark, the Barclays Capital Intermediate U.S. Government/Credit Index, returned 5.80% over the same period.

Portfolio Highlights

What helped performance during the year:

•

An allocation to non-U.S. developed countries including Canada, Australia and the United Kingdom was positive for performance, as rates fell globally.

•

Positioning in Eurodollar Futures was positive for performance as the front-end of the yield curve fell over the course of the year.

•

Exposure to Build America Bonds (BABs) was a positive contributor to performance for the year as BABs outperformed like-duration Treasuries and long credit.

What hurt performance during the year:

•

A curve steepening bias for most of the year was detrimental to performance as the curve flattened.

•

Within the corporate sector, an emphasis on bonds of Financial companies was negative for performance as they underperformed like-duration Treasuries.

•

Technicals in the European market led to a decline in the Portfolio’s Euro-denominated bonds and detracted from performance relative to the benchmark.


Portfolio Characteristics
As of December 31, 2011
Weighted Average Life (Years)			5.0
Weighted Average Coupon (%)			4.2
Weighted Average Modified Duration (Years)*			4.3
Weighted Average Rating			A+
* Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.


Distribution of Assets by Sector as of 12/31/2011	% of Net Assets
Government Securities		57.8	%
Corporate Bonds		45.7
Asset-Backed and Mortgage-Backed Securities		2.1
Time Deposits		0.4
Equities & Warrants		0.0	#
Cash and Other		(6.0	)

Total		100.0	%

# Less than 0.05%

225

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO (Unaudited)

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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$1,027.00		$3.53
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.73		3.52
Class B
Actual		1,000.00		1,026.89		4.82
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.45		4.81
Class K†
Actual		1,000.00		1,008.89		2.44
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.71		3.54
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.69%, 0.94% and 0.69%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 128/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 8/26/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (2.1%)
*Asset-Backed Securities (0.6%)*
Aircraft Certificate Owner Trust,
Series 2003-1A D 6.455%, 9/20/22§	$	815,342	$	803,112
Series 2003-1A E 7.001%, 9/20/22§†		3,900,000		3,580,007
American Express Credit Account Master Trust,
Series 2009-1 A 1.628%, 12/15/14(l)		750,000		753,573
American Money Management Corp.,
Series 2006-6A A1A 0.731%, 5/3/18(l)§		983,639		922,936
Chase Issuance Trust,
Series 2009-A2 A2 1.828%, 4/15/14(l)		2,800,000		2,811,892
Continental Airlines, Inc.,
Series 1997-4A 6.900%, 1/2/18		104,834		109,158
Harvest CLO S.A.,
Series IX A1 2.228%, 3/29/17(l)(m)	EUR	458,839		569,466

				9,550,144

*Non-Agency CMO (1.5%)*
Adjustable Rate Mortgage Trust,
Series 2005-5 2A1 2.847%, 9/25/35(l)	$	908,406		633,735
Banc of America Funding Corp.,
Series 2004-A 1A3 5.348%, 9/20/34(l)		1,102,496		1,046,898
Banc of America Large Loan, Inc.,
Series 2009-UB1 A4A 5.614%, 6/24/50(l)§		500,000		547,460
Series 2010-HLTN 2.028%, 11/15/15(l)§		1,815,117		1,640,076
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-9 2A1 2.853%, 2/25/34(l)		571,097		474,191
Bear Stearns Alt-A Trust,
Series 2005-7 22A1 2.772%, 9/25/35(l)		626,726		388,723
Citigroup Commercial Mortgage Trust, Inc.,
Series 2008-C7 A3 6.072%, 12/10/49(l)		2,200,000		2,277,862
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-3 2A2A 2.700%, 8/25/35(l)		227,494		179,917
Commercial Mortgage Pass Through Certificates,
Series 2010-C1 A1 3.156%, 7/10/46§		2,149,162		2,211,241
Countrywide Alternative Loan Trust,
Series 2006-OA22 A1 0.454%, 2/25/47(l)		372,899		197,332
Credit Suisse Mortgage Capital Certificates,
Series 2010-RR1 2A 5.692%, 9/15/40(l)§		700,000		786,498
Series 2010-RR1 3A 5.622%, 6/10/49(l)§		700,000		782,169

Series 2010-RR7 2A 5.467%, 9/18/39(l)§	$	800,000	$	879,574
EMF-NL B.V.,
Series 2008-APRX A2 2.372%, 4/17/41(l)(m)	EUR	1,000,000		992,729
Granite Master Issuer plc,
Series 2006-3 A7 0.385%, 12/20/54(l)	$	249,442		237,997
Series 2006-4 A6 0.465%, 12/20/54(l)		665,179		634,650
Greenpoint Mortgage Funding Trust,
Series 2007-AR1 3A1 0.394%, 2/25/37(l)		41,312		37,038
Greenpoint Mortgage Pass-Through Certificates,
Series 2003-1 A1 2.798%, 10/25/33(l)		557,937		451,241
GS Mortgage Securities Corp. II,
Series 2010-C1 A2 4.592%, 8/10/43§		1,500,000		1,641,331
Harborview Mortgage Loan Trust,
Series 2006-12 2A2A 0.475%, 1/19/38(l)		331,812		191,116
MLCC Mortgage Investors, Inc.,
Series 2005-2 3A 1.270%, 10/25/35(l)		357,679		271,630
Morgan Stanley,
Series 2009-GG10 A4A 5.790%, 8/12/45(l)§		800,000		896,912
Morgan Stanley Capital I,
Series 1998-HF2 J 6.010%, 11/15/30§		3,000,000		2,970,368
OBP Depositor LLC Trust,
Series 2010-OBP A 4.646%, 7/15/45§		1,000,000		1,117,876
RBSCF Trust,
Series 2009-RR1 JPA 6.068%, 9/17/39(l)§		800,000		886,091
Series 2010-RR3 CSCA 5.467%, 9/16/39(l)§		800,000		873,934
Series 2010-RR3 JPMA 5.420%, 1/16/49(l)§		1,000,000		1,093,011
Series 2010-RR4 CMLA 6.007%, 12/16/49(l)§		500,000		560,538
Structured Asset Mortgage Investments, Inc.,
Series 2005-AR5 A1 0.535%, 7/19/35(l)		163,680		95,397
Wachovia Bank Commercial Mortgage Trust,
Series 2006-C28 A2 5.500%, 10/15/48		584,337		589,504
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR9 1A 1.610%, 8/25/42(l)		66,336		53,700
Series 2005-AR17 A1A1 0.564%, 12/25/45(l)		293,024		213,332

				25,854,071

Total Asset-Backed and Mortgage-Backed Securities				35,404,215

See Notes to Financial Statements.

227

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Corporate Bonds (45.7%)
Consumer Discretionary (3.6%)
*Auto Components (0.0%)*
Johnson Controls, Inc. 1.750%, 3/1/14	$	300,000	$	303,185
5.000%, 3/30/20		100,000		112,383
4.250%, 3/1/21		60,000		64,360

				479,928

*Automobiles (0.1%)*
Chrysler Group LLC 5.329%, 5/24/17(l)		842,259		795,032
Daimler Finance N.A. LLC
6.500%, 11/15/13		550,000		597,502
Hyva Global B.V.
8.625%, 3/24/16§		850,000		701,250

				2,093,784

*Distributors (0.1%)*
American Tire Distributors, Inc.
9.750%, 6/1/17		1,650,000		1,699,500

*Hotels, Restaurants & Leisure (0.5%)*
Darden Restaurants, Inc.
4.500%, 10/15/21		100,000		102,950
Diamond Resorts Corp.
12.000%, 8/15/18		1,200,000		1,182,000
Greektown Superholdings, Inc.
Series A
13.000%, 7/1/15		1,200,000		1,248,000
Hyatt Hotels Corp.
3.875%, 8/15/16		100,000		102,578
5.375%, 8/15/21		100,000		105,389
International Game Technology
7.500%, 6/15/19		50,000		57,783
5.500%, 6/15/20		100,000		105,009
Landry’s Restaurants, Inc.
11.625%, 12/1/15		1,000,000		1,055,000
Marriott International, Inc.
5.625%, 2/15/13		200,000		207,116
McDonald’s Corp.
4.300%, 3/1/13		200,000		208,591
5.350%, 3/1/18		250,000		299,926
3.500%, 7/15/20		150,000		161,792
Roadhouse Financing, Inc.
10.750%, 10/15/17		650,000		620,750
Seven Seas Cruises S de RL LLC
9.125%, 5/15/19§		1,125,000		1,150,313
Starbucks Corp.
6.250%, 8/15/17		100,000		118,674
Travelport LLC/Travelport, Inc.
9.000%, 3/1/16		500,000		275,000
Wendy’s Co.
10.000%, 7/15/16		1,500,000		1,650,000
Yum! Brands, Inc.
4.250%, 9/15/15		250,000		268,199
5.300%, 9/15/19		100,000		111,575

				9,030,645

*Household Durables (0.0%)*
Newell Rubbermaid, Inc.
4.700%, 8/15/20		200,000		211,873

Tupperware Brands Corp.
4.750%, 6/1/21§	$	100,000	$	100,964
Whirlpool Corp.
5.500%, 3/1/13		100,000		103,817
8.600%, 5/1/14		35,000		39,070
4.850%, 6/15/21		100,000		102,273

				557,997

*Internet & Catalog Retail (0.3%)*
Affinion Group, Inc.
11.500%, 10/15/15		2,200,000		1,919,500
Catalina Marketing Corp.
10.500%, 10/1/15 PIK§		2,740,000		2,716,025
Expedia, Inc.
5.950%, 8/15/20		400,000		407,000

				5,042,525

*Leisure Equipment & Products (0.0%)*
Mattel, Inc.
5.625%, 3/15/13		200,000		209,888

*Media (1.9%)*
CBS Corp.
8.875%, 5/15/19		250,000		323,750
5.750%, 4/15/20		100,000		113,343
Charter Communications Operating LLC
2.260%, 3/6/14(l)		29,809		29,541
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.
8.000%, 4/30/12§		500,000		508,750
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		183,000		199,144
Comcast Corp.
6.500%, 1/15/15		750,000		851,735
5.900%, 3/15/16		300,000		342,138
6.500%, 1/15/17		500,000		590,991
5.700%, 7/1/19		100,000		115,526
5.150%, 3/1/20		250,000		285,475
COX Communications, Inc.
5.450%, 12/15/14		200,000		221,530
5.500%, 10/1/15		250,000		281,964
Crown Media Holdings, Inc.
10.500%, 7/15/19		2,000,000		2,105,000
DCP LLC/DCP Corp.
10.750%, 8/15/15§		2,175,000		1,827,000
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
4.750%, 10/1/14		250,000		268,662
3.550%, 3/15/15		195,000		202,457
3.500%, 3/1/16		250,000		259,264
7.625%, 5/15/16		223,000		236,307
5.875%, 10/1/19		300,000		338,713
5.000%, 3/1/21		400,000		426,996
Discovery Communications LLC
3.700%, 6/1/15		150,000		158,527
5.050%, 6/1/20		300,000		328,532
European Media Capital S.A.
10.000%, 2/1/15§(b)		1,984,553		1,488,876
Good Sam Enterprises LLC
11.500%, 12/1/16		1,500,000		1,470,000
inVentiv Health, Inc.
10.000%, 8/15/18§		1,550,000		1,395,000

See Notes to Financial Statements.

228

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Local Insight Regatta Holdings, Inc.
11.000%, 12/1/17(h)	$	1,916,000	$	19
Nara Cable Funding Ltd.
8.875%, 12/1/18§	EUR	1,600,000		1,801,596
NBCUniversal Media LLC
5.150%, 4/30/20	$	250,000		276,877
4.375%, 4/1/21		500,000		526,819
Network Communications, Inc.
8.600%,1/14/20 PIK§(b)†		2,039,081		1,427,357
News America, Inc.
8.000%, 10/17/16		400,000		480,814
6.900%, 3/1/19		350,000		410,885
Omnicom Group, Inc.
5.900%, 4/15/16		250,000		277,433
6.250%, 7/15/19		200,000		226,474
4.450%, 8/15/20		35,000		35,697
ProQuest LLC/ProQuest Notes Co.
9.000%, 10/15/18§		1,900,000		1,539,000
Quebecor Media, Inc.
7.750%, 3/15/16		1,625,000		1,671,719
Radio One, Inc.
7.500%, 3/7/16		1,116,563		1,032,122
15.000%, 5/24/16 PIK		1,576,818		1,123,483
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		150,000		184,306
Thomson Reuters Corp.
6.500%, 7/15/18		500,000		604,099
4.700%, 10/15/19		50,000		54,802
Time Warner Cable, Inc.
6.200%, 7/1/13		500,000		535,920
3.500%, 2/1/15		100,000		104,370
5.850%, 5/1/17		400,000		455,096
8.250%, 4/1/19		500,000		628,004
5.000%, 2/1/20		400,000		434,689
Time Warner, Inc.
5.875%, 11/15/16		500,000		574,369
4.875%, 3/15/20		500,000		541,109
Viacom, Inc.
4.375%, 9/15/14		150,000		160,057
6.250%, 4/30/16		134,000		154,820
5.625%, 9/15/19		250,000		284,905
Walt Disney Co.
4.500%, 12/15/13		658,000		709,546
6.000%, 7/17/17		100,000		122,497
3.750%, 6/1/21		250,000		274,132
WPP Finance UK Corp.
5.875%, 6/15/14		400,000		426,312

				31,448,549

*Multiline Retail (0.2%)*
Bon-Ton Department Stores, Inc.
10.250%, 3/15/14		1,350,000		865,688
Family Dollar Stores, Inc.
5.000%, 2/1/21		100,000		103,147
Kohl’s Corp.
6.250%, 12/15/17		200,000		238,723
Macy’s Retail Holdings, Inc.
5.875%, 1/15/13		94,000		96,937
5.750%, 7/15/14		160,000		171,000
5.900%, 12/1/16		250,000		277,500
Nordstrom, Inc.
6.750%, 6/1/14		100,000		112,099

4.750%, 5/1/20	$	150,000	$	167,696
4.000%, 10/15/21		150,000		157,786
Target Corp.
5.125%, 1/15/13		200,000		209,480
1.125%, 7/18/14		105,000		105,924
6.000%, 1/15/18		450,000		546,195

				3,052,175

*Specialty Retail (0.4%)*
Academy Ltd./Academy Finance Corp.
9.250%, 8/1/19§		750,000		740,625
AutoZone, Inc.
6.500%, 1/15/14		250,000		273,479
4.000%, 11/15/20		200,000		204,614
Burlington Coat Factory Warehouse Corp.
10.000%, 2/15/19		1,000,000		978,750
Home Depot, Inc.
5.400%, 3/1/16		550,000		635,758
4.400%, 4/1/21		250,000		282,749
Lowe’s Cos., Inc.
2.125%, 4/15/16		250,000		252,668
4.625%, 4/15/20		250,000		276,255
O’Reilly Automotive, Inc.
4.875%, 1/14/21		100,000		106,014
4.625%, 9/15/21		150,000		156,584
Staples, Inc.
9.750%, 1/15/14		250,000		284,320
TJX Cos., Inc.
6.950%, 4/15/19		100,000		125,301
Toys R Us Property Co. I LLC
10.750%, 7/15/17		1,250,000		1,371,875

				5,688,992

*Textiles, Apparel & Luxury Goods (0.1%)*
Boardriders S.A.
8.875%, 12/15/17§	EUR	800,000		900,798
Cintas Corp. No. 2
2.850%, 6/1/16	$	100,000		103,060
6.125%, 12/1/17		100,000		119,531

				1,123,389

Total Consumer Discretionary				60,427,372

Consumer Staples (3.1%)
*Beverages (0.8%)*
Anheuser-Busch Cos., LLC
4.950%, 1/15/14		200,000		214,998
Anheuser-Busch InBev Worldwide, Inc.
1.304%, 3/26/13(l)		3,000,000		3,015,016
0.972%, 1/27/14(l)		2,200,000		2,202,552
5.375%, 11/15/14		325,000		361,238
4.125%, 1/15/15		125,000		135,006
2.875%, 2/15/16		250,000		264,296
7.750%, 1/15/19		500,000		650,514
5.375%, 1/15/20		400,000		471,345
4.375%, 2/15/21		250,000		278,869
Beam, Inc.
6.375%, 6/15/14		100,000		109,230
5.375%, 1/15/16		63,000		68,802
Bottling Group LLC
6.950%, 3/15/14		300,000		340,081

See Notes to Financial Statements.

229

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Brown-Forman Corp.
2.500%, 1/15/16	$	100,000	$	102,170
Coca-Cola Co.
0.750%, 11/15/13		300,000		301,393
1.500%, 11/15/15		500,000		509,240
1.800%, 9/1/16		400,000		406,506
3.150%, 11/15/20		400,000		419,524
Coca-Cola Enterprises, Inc.
2.000%, 8/19/16		100,000		99,616
3.500%, 9/15/20		150,000		156,377
3.250%, 8/19/21		100,000		101,982
Diageo Capital plc
5.750%, 10/23/17		400,000		473,106
Diageo Finance B.V.
5.500%, 4/1/13		400,000		422,670
3.250%, 1/15/15		150,000		158,127
Dr. Pepper Snapple Group, Inc.
6.120%, 5/1/13		100,000		106,662
2.900%, 1/15/16		100,000		104,154
2.600%, 1/15/19		100,000		99,634
3.200%, 11/15/21		100,000		101,421
PepsiCo, Inc.
0.875%, 10/25/13		300,000		300,863
3.750%, 3/1/14		100,000		106,305
3.100%, 1/15/15		100,000		106,214
2.500%, 5/10/16		500,000		521,518
5.000%, 6/1/18		200,000		232,112
7.900%, 11/1/18		250,000		336,193
4.500%, 1/15/20		550,000		623,487

				13,901,221

*Food & Staples Retailing (0.6%)*
Costco Wholesale Corp.
5.500%, 3/15/17		250,000		299,228
CVS Caremark Corp.
3.250%, 5/18/15		500,000		528,121
5.750%, 6/1/17		200,000		232,158
6.600%, 3/15/19		300,000		366,375
CVS Pass-Through Trust
5.789%, 1/10/26§		2,302,410		2,407,713
7.507%, 1/10/32§		1,349,533		1,567,599
Kroger Co.
7.500%, 1/15/14		300,000		336,016
6.400%, 8/15/17		200,000		237,855
6.150%, 1/15/20		100,000		121,910
Safeway, Inc.
6.350%, 8/15/17		200,000		227,086
5.000%, 8/15/19		150,000		159,973
Walgreen Co.
4.875%, 8/1/13		200,000		213,264
5.250%, 1/15/19		150,000		178,328
Wal-Mart Stores, Inc.
4.550%, 5/1/13		400,000		421,604
1.625%, 4/15/14		500,000		510,786
2.875%, 4/1/15		500,000		530,832
5.800%, 2/15/18		550,000		669,422
3.250%, 10/25/20		600,000		641,635
Woolworths Ltd.
4.000%, 9/22/20§		700,000		719,598

				10,369,503


*Food Products (0.7%)*
Archer-Daniels-Midland Co.
4.479%, 3/1/21	$	250,000	$	285,162
Bunge Ltd. Finance Corp.
5.875%, 5/15/13		400,000		416,445
Campbell Soup Co.
3.375%, 8/15/14		100,000		106,370
3.050%, 7/15/17		100,000		106,733
4.250%, 4/15/21		100,000		112,239
ConAgra Foods, Inc.
7.000%, 4/15/19		250,000		294,089
Corn Products International, Inc.
3.200%, 11/1/15		100,000		102,949
General Mills, Inc.
5.250%, 8/15/13		100,000		106,787
5.200%, 3/17/15		200,000		223,625
5.650%, 2/15/19		300,000		358,148
H.J. Heinz Co.
5.350%, 7/15/13		200,000		213,415
Hershey Co.
5.000%, 4/1/13		1,000,000		1,053,716
1.500%, 11/1/16		80,000		80,158
Hormel Foods Corp.
4.125%, 4/15/21		100,000		110,568
J.M. Smucker Co.
3.500%, 10/15/21		150,000		153,471
Kellogg Co.
4.250%, 3/6/13		200,000		207,681
4.450%, 5/30/16		250,000		276,080
3.250%, 5/21/18		65,000		67,988
4.000%, 12/15/20		200,000		213,290
Kraft Foods, Inc.
2.625%, 5/8/13		500,000		509,660
6.750%, 2/19/14		2,900,000		3,221,944
4.125%, 2/9/16		500,000		543,466
6.125%, 2/1/18		550,000		645,908
5.375%, 2/10/20		500,000		578,104
McCormick & Co., Inc.
3.900%, 7/15/21		100,000		106,795
Mead Johnson Nutrition Co.
3.500%, 11/1/14		50,000		52,657
4.900%, 11/1/19		100,000		110,308
Sara Lee Corp.
2.750%, 9/15/15		200,000		201,487
Tyson Foods, Inc.
10.500%, 3/1/14		250,000		287,812
Viskase Cos., Inc.
9.875%, 1/15/18§		1,400,000		1,414,000

				12,161,055

*Household Products (0.6%)*
Amscan Holdings, Inc.
8.750%, 5/1/14		1,000,000		1,000,000
Armored Autogroup, Inc.
9.250%, 11/1/18§		2,000,000		1,545,000
Clorox Co.
5.000%, 3/1/13		100,000		104,081
3.550%, 11/1/15		300,000		315,694
Colgate-Palmolive Co.
3.150%, 8/5/15		400,000		430,132
Energizer Holdings, Inc.
4.700%, 5/19/21§		150,000		157,871

See Notes to Financial Statements.

230

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Kimberly-Clark Corp.
6.125%, 8/1/17	$	250,000	$	304,997
7.500%, 11/1/18		100,000		132,315
3.875%, 3/1/21		100,000		109,711
Procter & Gamble Co.
3.500%, 2/15/15		300,000		323,520
4.850%, 12/15/15		200,000		228,392
4.700%, 2/15/19		400,000		471,076
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer S.A.
7.875%, 8/15/19§		725,000		755,813
9.875%, 8/15/19§		1,000,000		970,000
Spectrum Brands Holdings, Inc.
12.000%, 8/28/19 PIK		1,976,000		2,148,900

				8,997,502

*Personal Products (0.0%)*
Avon Products, Inc.
5.625%, 3/1/14		200,000		213,587

*Tobacco (0.4%)*
Altria Group, Inc.
7.750%, 2/6/14		500,000		562,696
4.125%, 9/11/15		400,000		434,223
9.700%, 11/10/18		500,000		672,771
9.250%, 8/6/19		250,000		334,906
4.750%, 5/5/21		325,000		357,316
Lorillard Tobacco Co.
8.125%, 6/23/19		165,000		197,118
6.875%, 5/1/20		100,000		111,748
Philip Morris International, Inc.
4.875%, 5/16/13		400,000		422,059
6.875%, 3/17/14		250,000		281,842
5.650%, 5/16/18		500,000		592,115
4.500%, 3/26/20		100,000		113,257
Reynolds American, Inc.
7.625%, 6/1/16		300,000		358,390
Vector Group Ltd.
11.000%, 8/15/15		2,000,000		2,070,000

				6,508,441

Total Consumer Staples				52,151,309

Energy (3.9%)
*Energy Equipment & Services (0.3%)*
American Petroleum Tankers Parent LLC/AP Tankers Co.
10.250%, 5/1/15		747,000		761,940
Cameron International Corp.
6.375%, 7/15/18		100,000		117,984
4.500%, 6/1/21		100,000		107,471
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		165,000		189,841
Ensco plc
3.250%, 3/15/16		200,000		204,300
4.700%, 3/15/21		300,000		310,216
Forbes Energy Services Ltd.
9.000%, 6/15/19		1,800,000		1,683,000
Halliburton Co.
6.150%, 9/15/19		100,000		123,981
3.250%, 11/15/21		250,000		255,685
Rowan Cos., Inc.
7.875%, 8/1/19		65,000		76,559

Transocean, Inc.
4.950%, 11/15/15	$	400,000	$	408,616
6.000%, 3/15/18		100,000		101,707
6.500%, 11/15/20		150,000		154,337
Weatherford International Ltd.
6.000%, 3/15/18		200,000		219,950
9.625%, 3/1/19		350,000		448,232

				5,163,819

*Oil, Gas & Consumable Fuels (3.6%)*
Anadarko Petroleum Corp.
5.950%, 9/15/16		200,000		225,090
6.375%, 9/15/17		250,000		290,000
8.700%, 3/15/19		250,000		318,750
Apache Corp.
6.000%, 9/15/13		765,000		833,868
5.625%, 1/15/17		250,000		295,495
BG Energy Capital plc
2.500%, 12/9/15§		1,700,000		1,715,005
Bill Barrett Corp.
7.625%, 10/1/19		1,350,000		1,407,375
Buckeye Partners LP
5.500%, 8/15/19		75,000		81,454
4.875%, 2/1/21		200,000		204,171
Canadian Natural Resources Ltd.
4.900%, 12/1/14		200,000		220,994
5.700%, 5/15/17		200,000		233,486
5.900%, 2/1/18		200,000		240,240
Cenovus Energy, Inc.
4.500%, 9/15/14		100,000		107,870
5.700%, 10/15/19		250,000		294,927
Chevron Corp.
3.950%, 3/3/14		500,000		535,519
ConocoPhillips
4.750%, 2/1/14		500,000		539,196
5.750%, 2/1/19		400,000		485,260
6.000%, 1/15/20		200,000		250,826
Devon Energy Corp.
2.400%, 7/15/16		100,000		102,228
4.000%, 7/15/21		250,000		271,529
Enbridge Energy Partners LP
9.875%, 3/1/19		200,000		265,965
5.200%, 3/15/20		100,000		110,581
4.200%, 9/15/21		100,000		103,718
Enbridge, Inc.
5.600%, 4/1/17		200,000		225,156
EnCana Corp.
5.900%, 12/1/17		100,000		112,976
6.500%, 5/15/19		200,000		241,146
EnCana Holdings Finance Corp.
5.800%, 5/1/14		200,000		216,786
Energy Transfer Partners LP
6.000%, 7/1/13		150,000		157,180
8.500%, 4/15/14		1,500,000		1,690,170
9.000%, 4/15/19		500,000		599,678
Energy XXI Gulf Coast, Inc.
9.250%, 12/15/17		1,225,000		1,310,750
Enterprise Products Operating LLC
3.200%, 2/1/16		100,000		103,340
6.300%, 9/15/17		300,000		349,212
5.250%, 1/31/20		200,000		219,626
5.200%, 9/1/20		100,000		110,303

See Notes to Financial Statements.

231

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Series M
5.650%, 4/1/13	$	300,000	$	314,348
EOG Resources, Inc.
2.950%, 6/1/15		250,000		262,195
5.625%, 6/1/19		200,000		237,116
4.100%, 2/1/21		250,000		275,490
EQT Corp.
8.125%, 6/1/19		250,000		299,609
Gaz Capital S.A. for Gazprom OAO
6.510%, 3/7/22(m)		1,200,000		1,219,976
Gazprom S.A. (Gaz Capital S.A.)
5.092%, 11/29/15§		400,000		404,680
8.625%, 4/28/34(m)		500,000		585,483
General Maritime Corp.
12.000%, 11/15/17(h)		1,800,000		36,000
Hess Corp.
8.125%, 2/15/19		250,000		321,330
Husky Energy, Inc.
5.900%, 6/15/14		105,000		113,958
7.250%, 12/15/19		265,000		326,925
Kinder Morgan Energy Partners LP
5.850%, 9/15/12		1,200,000		1,233,993
5.000%, 12/15/13		150,000		158,958
5.625%, 2/15/15		100,000		109,804
6.000%, 2/1/17		150,000		171,188
5.950%, 2/15/18		200,000		226,762
9.000%, 2/1/19		1,400,000		1,762,256
6.850%, 2/15/20		700,000		823,277
5.300%, 9/15/20		150,000		162,566
Kodiak Oil & Gas Corp.
8.125%, 12/1/19§		1,100,000		1,139,875
Magellan Midstream Partners LP
6.550%, 7/15/19		1,700,000		1,999,675
4.250%, 2/1/21		200,000		207,080
Marathon Oil Corp.
5.900%, 3/15/18		123,000		143,438
Marathon Petroleum Corp.
3.500%, 3/1/16		450,000		458,122
5.125%, 3/1/21		200,000		210,970
McMoRan Exploration Co.
11.875%, 11/15/14		1,450,000		1,522,500
Nabors Industries, Inc.
9.250%, 1/15/19		300,000		377,978
Noble Energy, Inc.
8.250%, 3/1/19		200,000		254,824
Noble Holding International Ltd.
3.050%, 3/1/16		250,000		254,452
4.900%, 8/1/20		200,000		212,340
NuStar Logistics LP
4.800%, 9/1/20		150,000		155,674
Occidental Petroleum Corp.
2.500%, 2/1/16		100,000		104,847
4.125%, 6/1/16		150,000		167,699
1.750%, 2/15/17		100,000		100,927
4.100%, 2/1/21		400,000		444,044
ONEOK Partners LP
3.250%, 2/1/16		100,000		102,065
8.625%, 3/1/19		200,000		254,729
Petrobras International Finance Co.
3.875%, 1/27/16		750,000		768,195
5.875%, 3/1/18		650,000		711,080

7.875%, 3/15/19	$	250,000	$	300,213
5.750%, 1/20/20		400,000		427,913
5.375%, 1/27/21		500,000		523,828
Petrohawk Energy Corp.
6.250%, 6/1/19		250,000		276,589
Petroleos Mexicanos
4.875%, 3/15/15		500,000		533,046
8.000%, 5/3/19		500,000		622,396
6.000%, 3/5/20		500,000		561,159
5.500%, 1/21/21		1,900,000		2,060,890
Plains All American Pipeline LP
3.950%, 9/15/15		250,000		265,095
8.750%, 5/1/19		250,000		320,278
Shell International Finance B.V.
1.875%, 3/25/13		200,000		203,346
4.000%, 3/21/14		1,000,000		1,072,342
3.100%, 6/28/15		1,800,000		1,914,530
4.300%, 9/22/19		350,000		393,863
4.375%, 3/25/20		200,000		227,908
Spectra Energy Capital LLC
6.200%, 4/15/18		250,000		284,382
Statoil ASA
2.900%, 10/15/14		250,000		261,759
3.125%, 8/17/17		1,000,000		1,056,950
5.250%, 4/15/19		500,000		583,228
Stone Energy Corp.
8.625%, 2/1/17		2,150,000		2,193,000
Suncor Energy, Inc.
6.100%, 6/1/18		400,000		473,226
Talisman Energy, Inc.
7.750%, 6/1/19		150,000		185,572
Total Capital Canada Ltd.
1.625%, 1/28/14		250,000		254,034
Total Capital S.A.
3.125%, 10/2/15		350,000		369,996
4.450%, 6/24/20		2,000,000		2,247,203
4.125%, 1/28/21		100,000		109,914
TransCanada PipeLines Ltd.
3.400%, 6/1/15		200,000		210,416
7.125%, 1/15/19		250,000		320,469
3.800%, 10/1/20		2,700,000		2,884,792
6.350%, 5/15/67(l)		200,000		198,500
Valero Energy Corp.
4.750%, 6/15/13		100,000		105,216
4.500%, 2/1/15		45,000		48,687
9.375%, 3/15/19		200,000		255,904
6.125%, 2/1/20		65,000		73,610
Venoco, Inc.
8.875%, 2/15/19		1,825,000		1,637,937
W&T Offshore, Inc.
8.500%, 6/15/19§		1,600,000		1,648,000
Williams Partners LP
3.800%, 2/15/15		100,000		104,893
5.250%, 3/15/20		500,000		552,024
XTO Energy, Inc.
6.250%, 4/15/13		983,000		1,054,694
6.250%, 8/1/17		250,000		310,287

				60,234,387

Total Energy				65,398,206

See Notes to Financial Statements.

232

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Financials (19.5%)
*Capital Markets (2.9%)*
Ameriprise Financial, Inc.
5.650%, 11/15/15	$	200,000	$	224,509
7.300%, 6/28/19		145,000		176,098
Bank of New York Mellon Corp.
5.125%, 8/27/13		300,000		319,845
4.300%, 5/15/14		250,000		266,992
2.500%, 1/15/16		300,000		306,526
4.150%, 2/1/21		200,000		216,015
3.550%, 9/23/21		250,000		256,158
Bear Stearns Cos. LLC
6.400%, 10/2/17		250,000		278,700
7.250%, 2/1/18		300,000		352,839
BlackRock, Inc.
3.500%, 12/10/14		200,000		212,751
5.000%, 12/10/19		200,000		217,621
Charles Schwab Corp.
4.950%, 6/1/14		300,000		325,284
4.450%, 7/22/20		200,000		212,777
Deutsche Bank AG/London
2.375%, 1/11/13		500,000		497,423
4.875%, 5/20/13		400,000		408,923
3.450%, 3/30/15		200,000		204,931
6.000%, 9/1/17		500,000		553,308
E*Trade Financial Corp.
12.500%, 11/30/17		1,000,000		1,132,500
Eaton Vance Corp.
6.500%, 10/2/17		200,000		227,194
Franklin Resources, Inc.
3.125%, 5/20/15		100,000		104,517
Goldman Sachs Group, Inc.
5.250%, 10/15/13		500,000		511,377
6.000%, 5/1/14		500,000		518,012
3.700%, 8/1/15		2,000,000		1,957,440
5.350%, 1/15/16		1,000,000		1,025,907
1.020%, 3/22/16(l)		3,700,000		3,219,000
5.625%, 1/15/17		400,000		391,090
6.250%, 9/1/17		1,300,000		1,355,931
5.950%, 1/18/18		500,000		513,427
6.150%, 4/1/18		2,000,000		2,034,937
5.375%, 3/15/20		1,000,000		975,274
5.250%, 7/27/21		500,000		486,720
Jefferies Group, Inc.
5.125%, 4/13/18		400,000		352,300
Merrill Lynch & Co., Inc.
0.757%, 6/5/12(l)		4,000,000		3,924,880
6.150%, 4/25/13		500,000		506,909
5.000%, 2/3/14		100,000		98,255
4.875%, 5/30/14	EUR	1,600,000		1,969,569
2.034%, 7/22/14(l)		400,000		446,860
0.863%, 1/15/15(l)	$	1,000,000		868,801
6.050%, 5/16/16		750,000		706,267
5.700%, 5/2/17		500,000		449,727
6.875%, 4/25/18		2,000,000		1,979,237
Morgan Stanley
5.133%, 8/8/12(l)	AUD	2,100,000		2,111,967
5.300%, 3/1/13	$	500,000		505,840
2.953%, 5/14/13(l)		1,400,000		1,350,396
4.750%, 4/1/14		500,000		499,567
6.000%, 5/13/14		4,000,000		4,066,716

2.875%, 7/28/14	$	60,000	$	56,392
4.100%, 1/26/15		250,000		238,468
6.000%, 4/28/15		300,000		301,183
5.375%, 10/15/15		500,000		488,983
5.750%, 10/18/16		500,000		486,618
5.550%, 4/27/17		1,000,000		953,102
6.250%, 8/28/17		1,000,000		977,309
5.950%, 12/28/17		1,000,000		955,611
7.300%, 5/13/19		1,000,000		1,012,781
5.500%, 1/26/20		500,000		461,155
5.750%, 1/25/21		300,000		280,098
5.500%, 7/28/21		120,000		110,461
Nomura Holdings, Inc.
5.000%, 3/4/15		250,000		251,819
4.125%, 1/19/16		200,000		194,302
6.700%, 3/4/20		150,000		158,740
Northern Trust Corp.
4.625%, 5/1/14		140,000		149,785
3.450%, 11/4/20		150,000		153,951
Raymond James Financial, Inc.
8.600%, 8/15/19		250,000		297,425
SteelRiver Transmission Co. LLC
4.710%, 6/30/17§(b)		1,140,822		1,163,410
TD Ameritrade Holding Corp.
4.150%, 12/1/14		200,000		209,822
5.600%, 12/1/19		200,000		216,796

				48,439,528

*Commercial Banks (6.3%)*
American Express Bank FSB
5.500%, 4/16/13		250,000		261,426
American Express Centurion Bank
6.000%, 9/13/17		400,000		454,729
Banco do Brasil S.A.
4.500%, 1/22/15§		1,600,000		1,649,625
Banco Santander S.A./Chile
1.659%, 4/20/12(l)§		1,600,000		1,600,510
2.006%, 1/19/16(l)§		3,100,000		2,852,000
Bancolombia S.A.
4.250%, 1/12/16		200,000		198,000
Bank of Montreal
2.125%, 6/28/13		200,000		203,124
1.750%, 4/29/14		150,000		152,705
Bank of Nova Scotia
2.375%, 12/17/13		750,000		768,216
2.900%, 3/29/16		500,000		517,983
Barclays Bank plc
2.375%, 1/13/14		500,000		491,936
3.900%, 4/7/15		300,000		302,000
5.000%, 9/22/16		300,000		311,321
6.750%, 5/22/19		250,000		280,729
5.125%, 1/8/20		500,000		512,800
5.140%, 10/14/20		250,000		215,841
BB&T Corp.
3.375%, 9/25/13		200,000		207,123
3.200%, 3/15/16		300,000		313,338
6.850%, 4/30/19		100,000		122,387
BBVA Senior Finance S.A. Unipersonal
3.250%, 5/16/14		250,000		234,631
BNP Paribas
3.250%, 3/11/15		600,000		571,788
5.000%, 1/15/21		500,000		481,560

See Notes to Financial Statements.

233

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Canadian Imperial Bank of Commerce
1.450%, 9/13/13	$	500,000	$	498,980
Comerica Bank
5.750%, 11/21/16		250,000		277,087
Credit Suisse AG/New York
5.000%, 5/15/13		1,000,000		1,034,150
5.500%, 5/1/14		500,000		523,776
3.500%, 3/23/15		500,000		493,383
6.000%, 2/15/18		500,000		494,392
5.400%, 1/14/20		250,000		232,685
4.375%, 8/5/20		350,000		343,437
Dexia Credit Local S.A.
0.908%, 4/29/14(l)§		3,300,000		2,810,181
Dexia Credit Local S.A./New York
0.927%, 3/5/13(l)§		3,000,000		2,736,632
Discover Bank/Delaware
7.000%, 4/15/20		200,000		206,000
Fifth Third Bancorp
3.625%, 1/25/16		300,000		304,193
5.450%, 1/15/17		200,000		202,481
Fifth Third Capital Trust IV
6.500%, 4/15/37(l)		200,000		194,000
First Horizon National Corp.
5.375%, 12/15/15		200,000		202,382
Groupe BPCE
2.375%, 10/4/13§		3,500,000		3,442,529
HSBC Bank USA/New York
4.625%, 4/1/14		200,000		204,962
4.875%, 8/24/20		250,000		234,890
HSBC Holdings plc
5.100%, 4/5/21		400,000		426,872
6.100%, 1/14/42		1,200,000		1,383,564
HSBC USA, Inc.
5.000%, 9/27/20		150,000		137,595
JPMorgan Chase Bank N.A.
6.000%, 10/1/17		950,000		1,024,186
KeyBank N.A./Ohio
7.413%, 5/6/15		350,000		394,548
KeyCorp
6.500%, 5/14/13		100,000		105,528
5.100%, 3/24/21		250,000		262,136
Kreditanstalt fuer Wiederaufbau
3.250%, 3/15/13		1,500,000		1,545,802
1.375%, 1/13/14		1,200,000		1,211,082
3.500%, 3/10/14		1,500,000		1,582,074
2.625%, 3/3/15		900,000		944,698
1.250%, 10/26/15		500,000		501,533
2.625%, 2/16/16		1,050,000		1,107,677
5.125%, 3/14/16		1,000,000		1,155,379
4.500%, 7/16/18		900,000		1,044,825
4.875%, 6/17/19		400,000		475,295
4.000%, 1/27/20		1,000,000		1,126,982
2.750%, 9/8/20		800,000		828,193
6.250%, 5/19/21	AUD	2,200,000		2,333,679
Landwirtschaftliche Rentenbank
3.250%, 3/15/13	$	500,000		515,200
3.125%, 7/15/15		500,000		530,397
2.500%, 2/15/16		500,000		519,161
5.125%, 2/1/17		500,000		579,616
Lloyds TSB Bank plc
1.372%, 4/2/12(l)§		2,700,000		2,705,930

2.766%, 1/24/14(l)	$	4,800,000	$	4,551,798
4.875%, 1/21/16		400,000		391,026
6.375%, 1/21/21		400,000		399,264
M&I Marshall & Ilsley Bank
4.850%, 6/16/15		100,000		107,335
Mellon Funding Corp.
5.000%, 12/1/14		400,000		435,706
NIBC Bank N.V.
2.800%, 12/2/14§		1,000,000		1,029,045
Nordea Bank AB
1.301%, 1/14/14(l)§		3,200,000		3,126,555
Oesterreichische Kontrollbank AG
1.750%, 3/11/13		500,000		503,059
1.375%, 1/21/14		500,000		498,082
4.875%, 2/16/16		500,000		554,222
PNC Funding Corp.
3.000%, 5/19/14		300,000		312,906
3.625%, 2/8/15		500,000		522,855
2.700%, 9/19/16		250,000		253,454
5.625%, 2/1/17		250,000		272,931
5.125%, 2/8/20		500,000		558,630
Rabobank Nederland N.V.
0.551%, 10/11/12(l)		2,900,000		2,900,526
1.850%, 1/10/14		500,000		499,088
2.125%, 10/13/15		200,000		192,987
Royal Bank of Canada
2.100%, 7/29/13		400,000		407,950
2.625%, 12/15/15		300,000		308,948
2.300%, 7/20/16		400,000		402,689
Royal Bank of Scotland Group plc
0.783%, 3/30/12(l)§		3,500,000		3,499,737
1.153%, 5/11/12(l)§		3,000,000		3,006,560
4.875%, 3/16/15		500,000		483,099
Royal Bank of Scotland plc
2.915%, 8/23/13(l)		2,000,000		1,934,286
3.950%, 9/21/15		500,000		469,675
5.625%, 8/24/20		250,000		238,938
6.125%, 1/11/21		300,000		290,682
Sovereign Bank/Pennsylvania
8.750%, 5/30/18		200,000		213,739
Sparebanken 1 Boligkredit
1.250%, 10/25/13§		2,300,000		2,282,918
SunTrust Banks, Inc.
3.600%, 4/15/16		200,000		202,155
SunTrust Banks, Inc./Georgia
5.000%, 9/1/15		77,000		81,483
7.250%, 3/15/18		100,000		115,789
Svenska Handelsbanken AB
3.125%, 7/12/16		200,000		200,977
Toronto-Dominion Bank
2.200%, 7/29/15§		1,800,000		1,831,595
2.500%, 7/14/16		400,000		407,413
2.375%, 10/19/16		200,000		201,694
U.S. Bancorp
1.375%, 9/13/13		300,000		302,218
4.200%, 5/15/14		250,000		267,864
3.150%, 3/4/15		200,000		210,464
2.450%, 7/27/15		250,000		257,191
3.442%, 2/1/16		150,000		153,638
U.S. Bank N.A./Ohio
6.300%, 2/4/14		300,000		329,247

See Notes to Financial Statements.

234

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

4.950%, 10/30/14	$	200,000	$	217,364
4.800%, 4/15/15		100,000		109,068
UBS AG/Connecticut
1.595%, 2/23/12(l)		300,000		300,444
2.250%, 8/12/13		250,000		249,219
1.425%, 1/28/14(l)		100,000		96,752
2.250%, 1/28/14		4,800,000		4,691,725
3.875%, 1/15/15		250,000		245,809
5.875%, 7/15/16		250,000		239,274
5.875%, 12/20/17		500,000		491,097
5.750%, 4/25/18		400,000		397,153
4.875%, 8/4/20		300,000		298,458
UFJ Finance Aruba AEC
6.750%, 7/15/13		300,000		322,430
Union Bank N.A.
2.125%, 12/16/13		350,000		354,917
Wachovia Bank N.A.
4.875%, 2/1/15		400,000		417,889
6.000%, 11/15/17		500,000		552,220
Wachovia Corp.
0.677%, 3/1/12(l)		1,400,000		1,401,222
2.199%, 5/1/13(l)		2,900,000		2,941,163
5.250%, 8/1/14		500,000		526,932
5.625%, 10/15/16		100,000		110,005
5.750%, 2/1/18		700,000		802,200
Wells Fargo & Co.
4.375%, 1/31/13		750,000		778,408
4.950%, 10/16/13		200,000		209,702
3.750%, 10/1/14		500,000		526,440
3.625%, 4/15/15		200,000		210,339
5.125%, 9/15/16		250,000		269,605
5.625%, 12/11/17		650,000		742,763
Wells Fargo Bank N.A.
4.750%, 2/9/15		300,000		313,654
Westpac Banking Corp.
2.100%, 8/2/13		400,000		398,806
4.200%, 2/27/15		400,000		418,798
3.000%, 8/4/15		250,000		252,030
4.875%, 11/19/19		300,000		317,808
Westpac Securities NZ Ltd.
3.450%, 7/28/14§		2,800,000		2,932,429
Zions Bancorp
7.750%, 9/23/14		100,000		104,464

				107,032,869

*Consumer Finance (1.8%)*
Ally Financial, Inc.
7.000%, 2/1/12		700,000		696,430
3.649%, 2/11/14(l)		1,700,000		1,606,721
American Express Co.
4.875%, 7/15/13		150,000		157,129
7.250%, 5/20/14		150,000		167,545
6.150%, 8/28/17		800,000		912,847
7.000%, 3/19/18		1,850,000		2,205,031
8.125%, 5/20/19		150,000		194,815
6.800%, 9/1/66(l)		150,000		148,500
American Express Credit Corp.
5.875%, 5/2/13		250,000		262,703
7.300%, 8/20/13		250,000		270,320
2.750%, 9/15/15		550,000		550,000
2.800%, 9/19/16		250,000		251,868

Capital One Bank USA N.A.
8.800%, 7/15/19	$	437,000	$	502,193
Capital One Financial Corp.
7.375%, 5/23/14		400,000		438,892
6.150%, 9/1/16		300,000		312,248
6.750%, 9/15/17		300,000		337,581
Credit Acceptance Corp.
9.125%, 2/1/17		1,800,000		1,881,000
Discover Financial Services
10.250%, 7/15/19		100,000		119,250
Ford Motor Credit Co. LLC
7.500%, 8/1/12		900,000		921,375
HSBC Finance Corp.
0.686%, 4/24/12(l)		2,880,000		2,851,200
0.896%, 9/14/12(l)		3,450,000		3,398,250
4.750%, 7/15/13		300,000		305,139
0.653%, 1/15/14(l)		2,000,000		1,842,740
5.000%, 6/30/15		600,000		606,737
6.676%, 1/15/21		400,000		406,455
International Lease Finance Corp.
Term Loan
7.000%, 3/5/16		500,000		500,750
iPayment Holdings, Inc.
15.000%, 11/15/18 PIK§(b)		2,078,750		1,876,072
iPayment, Inc.
10.250%, 5/15/18§		300,000		282,000
SLM Corp.
5.000%, 10/1/13		400,000		402,000
6.250%, 1/25/16		400,000		383,000
8.450%, 6/15/18		300,000		305,250
8.000%, 3/25/20		500,000		493,750
Speedy Cash, Inc.
10.750%, 5/15/18§		1,350,000		1,356,750
Toyota Motor Credit Corp.
1.375%, 8/12/13		100,000		101,156
1.250%, 11/17/14		250,000		251,546
3.200%, 6/17/15		200,000		212,303
2.800%, 1/11/16		100,000		104,502
2.000%, 9/15/16		300,000		301,120
3.400%, 9/15/21		300,000		314,612
Volkswagen International Finance N.V.
4.000%, 8/12/20§		1,600,000		1,638,381

				29,870,161

*Diversified Financial Services (4.9%)*
Allstate Life Global Funding Trusts
5.375%, 4/30/13		250,000		264,169
AngloGold Ashanti Holdings plc
5.375%, 4/15/20		1,110,000		1,088,689
Aptalis Pharma, Inc.
12.750%, 3/1/16		1,800,000		1,899,000
Axcan Intermediate Holdings, Inc.
4.273%, 2/11/17(l)		1,163,250		1,134,169
Bank of America Corp.
7.375%, 5/15/14		500,000		521,375
4.500%, 4/1/15		1,500,000		1,442,050
6.500%, 8/1/16		1,000,000		1,002,383
5.625%, 10/14/16		800,000		764,709
5.650%, 5/1/18		750,000		711,855
5.625%, 7/1/20		1,000,000		936,042
5.000%, 5/13/21		500,000		458,020

See Notes to Financial Statements.

235

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Block Financial LLC
7.875%, 1/15/13	$	100,000	$	103,769
Boeing Capital Corp.
3.250%, 10/27/14		150,000		159,469
2.125%, 8/15/16		100,000		102,202
BP Capital Markets plc
3.625%, 5/8/14		200,000		209,731
3.875%, 3/10/15		500,000		533,616
3.125%, 10/1/15		1,350,000		1,409,736
4.750%, 3/10/19		100,000		112,051
4.500%, 10/1/20		4,500,000		4,989,581
Caterpillar Financial Services Corp.
2.000%, 4/5/13		400,000		406,967
1.550%, 12/20/13		200,000		202,577
6.125%, 2/17/14		200,000		221,858
1.375%, 5/20/14		180,000		181,728
2.750%, 6/24/15		100,000		105,121
2.050%, 8/1/16		500,000		516,877
7.150%, 2/15/19		400,000		515,081
Citigroup, Inc.
5.500%, 4/11/13		3,400,000		3,447,134
2.453%, 8/13/13(l)		1,700,000		1,674,705
6.500%, 8/19/13		3,500,000		3,631,261
6.375%, 8/12/14		700,000		738,204
5.000%, 9/15/14		750,000		742,431
6.010%, 1/15/15		750,000		786,260
4.750%, 5/19/15		200,000		202,896
5.850%, 8/2/16		400,000		426,343
5.500%, 2/15/17		250,000		252,116
6.125%, 11/21/17		1,000,000		1,066,890
6.125%, 5/15/18		500,000		532,752
8.500%, 5/22/19		600,000		713,066
5.375%, 8/9/20		500,000		519,293
CME Group, Inc.
5.750%, 2/15/14		200,000		217,818
CNG Holdings, Inc.
12.250%, 2/15/15§		1,500,000		1,545,000
13.750%, 8/15/15§		1,000,000		1,032,500
Community Choice Financial, Inc.
10.750%, 5/1/19§		1,500,000		1,481,250
ConocoPhillips Canada Funding Co. I
5.625%, 10/15/16		300,000		351,287
Credit Suisse FB USA, Inc.
5.125%, 8/15/15		300,000		310,453
Credit Suisse USA, Inc.
5.375%, 3/2/16		300,000		312,648
DanFin Funding Ltd.
1.103%, 7/16/13(l)§		2,000,000		2,006,040
Gazprom OAO Via White Nights Finance B.V.
10.500%, 3/25/14(m)		600,000		676,020
General Electric Capital Corp.
2.800%, 1/8/13		600,000		611,892
4.800%, 5/1/13		650,000		682,543
5.900%, 5/13/14		850,000		937,003
5.650%, 6/9/14		300,000		329,678
3.500%, 6/29/15		1,250,000		1,313,328
5.400%, 2/15/17		1,050,000		1,166,127
6.000%, 8/7/19		1,000,000		1,139,750
5.300%, 2/11/21		250,000		267,256
4.650%, 10/17/21		1,000,000		1,045,490

Hutchison Whampoa International Ltd.
7.625%, 4/9/19(m)	$	600,000	$	733,046
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
8.000%, 1/15/18		1,500,000		1,545,000
John Deere Capital Corp.
1.875%, 6/17/13		800,000		815,299
2.800%, 9/18/17		500,000		525,693
3.900%, 7/12/21		100,000		108,771
3.150%, 10/15/21		200,000		205,223
JPMorgan Chase & Co.
5.750%, 1/2/13		500,000		519,750
4.750%, 5/1/13		400,000		417,489
4.650%, 6/1/14		1,000,000		1,056,358
5.125%, 9/15/14		500,000		526,870
3.700%, 1/20/15		1,000,000		1,034,096
4.750%, 3/1/15		1,000,000		1,065,366
3.450%, 3/1/16		500,000		507,007
3.150%, 7/5/16		2,050,000		2,055,356
6.000%, 1/15/18		1,000,000		1,118,382
6.300%, 4/23/19		700,000		798,410
4.400%, 7/22/20		1,300,000		1,328,257
4.250%, 10/15/20		250,000		252,599
MassMutual Global Funding II
0.688%, 12/6/13(l)§		2,000,000		1,991,817
NASDAQ OMX Group, Inc.
4.000%, 1/15/15		100,000		102,431
5.250%, 1/16/18		100,000		104,752
5.550%, 1/15/20		150,000		151,747
National Credit Union Administration Guaranteed Notes
Series A3
2.350%, 6/12/17		200,000		207,534
National Rural Utilities Cooperative Finance Corp.
1.900%, 11/1/15		3,125,000		3,144,842
3.050%, 3/1/16		500,000		519,530
5.450%, 2/1/18		250,000		290,512
NYSE Euronext
4.800%, 6/28/13		100,000		105,178
ORIX Corp.
4.710%, 4/27/15		400,000		415,108
Private Export Funding Corp.
4.550%, 5/15/15		150,000		168,490
4.950%, 11/15/15		100,000		115,160
SquareTwo Financial Corp.
11.625%, 4/1/17		1,300,000		1,254,500
SSIF Nevada LP
1.101%, 4/14/14(l)§		5,300,000		5,215,947
TECO Finance, Inc.
5.150%, 3/15/20		100,000		111,121
TNK-BP Finance S.A.
7.500%, 3/13/13(m)		600,000		625,471
Tops Holding/Tops Markets LLC
10.125%, 10/15/15		1,275,000		1,333,969
UBS Preferred Funding Trust V
6.243%, 5/29/49(l)		200,000		168,000
Unilever Capital Corp.
2.750%, 2/10/16		100,000		106,024
4.800%, 2/15/19		200,000		232,823
4.250%, 2/10/21		100,000		114,756
Waha Aerospace B.V.
3.925%, 7/28/20§		2,250,000		2,309,625

See Notes to Financial Statements.

236

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

XTRA Finance Corp.
5.150%, 4/1/17	$	100,000	$	111,438

				83,666,006

*Insurance (1.9%)*
ACE INA Holdings, Inc.
2.600%, 11/23/15		200,000		203,353
5.800%, 3/15/18		100,000		116,504
5.900%, 6/15/19		100,000		118,513
Aegon N.V.
4.625%, 12/1/15		200,000		204,927
Aflac, Inc.
3.450%, 8/15/15		1,000,000		1,035,792
Allied World Assurance Co. Holdings Ltd./Bermuda
7.500%, 8/1/16		250,000		282,462
Allstate Corp.
7.500%, 6/15/13		100,000		109,187
6.200%, 5/16/14		150,000		165,963
7.450%, 5/16/19		100,000		122,179
American Financial Group, Inc./Ohio
9.875%, 6/15/19		200,000		251,849
American International Group, Inc.
3.750%, 11/30/13§		700,000		684,015
4.250%, 9/15/14		250,000		242,063
5.050%, 10/1/15		500,000		483,670
5.450%, 5/18/17		300,000		283,109
5.850%, 1/16/18		1,600,000		1,510,200
8.250%, 8/15/18		2,650,000		2,785,138
6.400%, 12/15/20		250,000		243,819
Aon Corp.
3.500%, 9/30/15		100,000		102,867
3.125%, 5/27/16		100,000		101,179
5.000%, 9/30/20		100,000		109,452
Axis Specialty Finance LLC
5.875%, 6/1/20		200,000		210,173
Berkshire Hathaway Finance Corp.
1.500%, 1/10/14		100,000		101,112
4.250%, 1/15/21		400,000		433,341
Berkshire Hathaway, Inc.
2.125%, 2/11/13		750,000		761,435
3.200%, 2/11/15		500,000		530,543
Chubb Corp.
5.750%, 5/15/18		100,000		117,952
6.375%, 3/29/67(l)		400,000		392,000
CNA Financial Corp.
7.350%, 11/15/19		30,000		33,338
5.875%, 8/15/20		200,000		204,039
CNO Financial Group, Inc.
5.581%, 9/30/16(l)		697,572		694,084
9.000%, 1/15/18§		1,625,000		1,710,313
Genworth Financial, Inc.
8.625%, 12/15/16		250,000		253,231
7.700%, 6/15/20		250,000		236,659
Hartford Financial Services Group, Inc.
4.000%, 3/30/15		200,000		197,154
5.375%, 3/15/17		250,000		254,637
5.500%, 3/30/20		200,000		199,025
Jefferson-Pilot Corp.
4.750%, 1/30/14		200,000		212,727
Lincoln National Corp.
6.250%, 2/15/20		100,000		109,839
4.850%, 6/24/21		80,000		80,810

7.000%, 5/17/66(l)	$	100,000	$	89,500
6.050%, 4/20/67(l)		200,000		165,000
Markel Corp.
7.125%, 9/30/19		100,000		114,814
5.350%, 6/1/21		100,000		102,868
Marsh & McLennan Cos., Inc.
5.750%, 9/15/15		300,000		335,273
4.800%, 7/15/21		100,000		107,428
MetLife Institutional Funding II
0.974%, 3/27/12(l)§		3,100,000		3,096,851
MetLife, Inc.
2.375%, 2/6/14		500,000		504,946
6.750%, 6/1/16		250,000		287,438
7.717%, 2/15/19		300,000		371,090
Metropolitan Life Global Funding I
5.125%, 4/10/13§		200,000		208,689
Monumental Global Funding III
0.588%, 1/25/13(l)§		3,500,000		3,478,698
PartnerReinsurance Finance B LLC
5.500%, 6/1/20		150,000		151,278
Pricoa Global Funding I
0.528%, 1/30/12(l)§		1,900,000		1,898,360
Principal Financial Group, Inc.
8.875%, 5/15/19		200,000		248,005
Protective Life Corp.
7.375%, 10/15/19		150,000		164,201
Prudential Financial, Inc.
4.500%, 7/15/13		500,000		517,693
5.100%, 9/20/14		200,000		213,497
6.200%, 1/15/15		100,000		110,527
4.750%, 6/13/15		150,000		159,956
6.000%, 12/1/17		250,000		280,597
7.375%, 6/15/19		385,000		452,590
Reinsurance Group of America, Inc.
6.450%, 11/15/19		100,000		113,245
5.000%, 6/1/21		60,000		62,166
Torchmark Corp.
9.250%, 6/15/19		100,000		123,177
Travelers Cos., Inc.
5.500%, 12/1/15		250,000		281,986
5.800%, 5/15/18		250,000		294,050
Unum Group
5.625%, 9/15/20		2,200,000		2,316,125
W.R. Berkley Corp.
5.375%, 9/15/20		100,000		101,741
Willis North America, Inc.
5.625%, 7/15/15		300,000		322,999
7.000%, 9/29/19		200,000		227,516

				32,790,957

*Real Estate Investment Trusts (REITs) (0.5%)*
AvalonBay Communities, Inc.
5.700%, 3/15/17		100,000		111,383
BioMed Realty LP
6.125%, 4/15/20		100,000		104,970
Boston Properties LP
3.700%, 11/15/18		200,000		206,156
5.625%, 11/15/20		100,000		112,004
Boston Properties, Inc.
5.000%, 6/1/15		200,000		217,006
Brandywine Operating Partnership LP
4.950%, 4/15/18		100,000		98,951

See Notes to Financial Statements.

237

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Camden Property Trust
4.625%, 6/15/21	$	100,000	$	101,939
CommonWealth REIT
6.650%, 1/15/18		100,000		108,786
Digital Realty Trust LP
4.500%, 7/15/15		100,000		102,166
Duke Realty LP
6.250%, 5/15/13		100,000		104,885
6.750%, 3/15/20		100,000		110,918
Entertainment Properties Trust
7.750%, 7/15/20		100,000		106,255
Equity One, Inc.
6.250%, 12/15/14		100,000		105,182
ERP Operating LP
5.125%, 3/15/16		400,000		433,602
4.750%, 7/15/20		200,000		208,226
HCP, Inc.
5.650%, 12/15/13		200,000		209,668
3.750%, 2/1/16		150,000		152,336
5.625%, 5/1/17		100,000		106,268
5.375%, 2/1/21		1,050,000		1,100,093
Health Care REIT, Inc.
6.200%, 6/1/16		100,000		107,098
4.700%, 9/15/17		200,000		199,275
6.125%, 4/15/20		100,000		105,196
Healthcare Realty Trust, Inc.
6.500%, 1/17/17		150,000		161,959
Hospitality Properties Trust
7.875%, 8/15/14		150,000		161,141
5.625%, 3/15/17		200,000		203,156
HRPT Properties Trust
5.750%, 11/1/15		200,000		210,920
Kilroy Realty LP
5.000%, 11/3/15		100,000		103,736
4.800%, 7/15/18		100,000		100,856
Kimco Realty Corp.
6.875%, 10/1/19		100,000		115,089
Liberty Property LP
4.750%, 10/1/20		150,000		151,897
Realty Income Corp.
5.750%, 1/15/21		200,000		217,266
Senior Housing Properties Trust
4.300%, 1/15/16		100,000		98,500
Simon Property Group LP
5.100%, 6/15/15		300,000		326,776
5.250%, 12/1/16		300,000		332,879
6.125%, 5/30/18		400,000		462,929
5.650%, 2/1/20		100,000		114,762
4.375%, 3/1/21		2,000,000		2,108,423
UDR, Inc.
4.250%, 6/1/18		150,000		153,405
Ventas Realty LP/Ventas Capital Corp.
3.125%, 11/30/15		100,000		98,686
Vornado Realty LP
4.250%, 4/1/15		100,000		103,397

				9,438,140

*Real Estate Management & Development (0.2%)*
ProLogis LP
7.625%, 8/15/14		100,000		109,660
6.250%, 3/15/17		100,000		109,288

4.000%, 1/15/18	$	2,500,000	$	2,391,608
6.625%, 5/15/18		200,000		218,688

				2,829,244

*Thrifts & Mortgage Finance (1.0%)*
Abbey National Treasury Services plc/London
2.875%, 4/25/14		100,000		93,424
4.000%, 4/27/16		300,000		269,366
Cie de Financement Foncier
1.625%, 7/23/12§		800,000		797,412
2.125%, 4/22/13§		3,200,000		3,140,667
Nykredit Realkredit A/S
4.000%, 1/1/12	DKK	25,000,000		4,352,898
Realkredit Danmark A/S
2.000%, 1/1/12		27,000,000		4,701,130
Santander Holdings USA, Inc.
4.625%, 4/19/16	$	50,000		47,725
Stadshypotek AB
1.129%, 9/30/13(l)§		3,000,000		2,971,111

				16,373,733

Total Financials				330,440,638

Health Care (3.2%)
*Biotechnology (0.3%)*
Alkermes, Inc.
8.350%, 6/9/18		950,000		935,750
Amgen, Inc.
1.875%, 11/15/14		250,000		253,594
4.850%, 11/18/14		200,000		216,550
2.300%, 6/15/16		130,000		130,342
5.850%, 6/1/17		300,000		344,937
4.500%, 3/15/20		325,000		344,978
3.450%, 10/1/20		1,700,000		1,668,213
4.100%, 6/15/21		200,000		205,170
Genentech, Inc.
4.750%, 7/15/15		300,000		335,713

				4,435,247

*Health Care Equipment & Supplies (0.3%)*
Baxter International, Inc.
1.800%, 3/15/13		40,000		40,552
4.625%, 3/15/15		200,000		221,261
4.250%, 3/15/20		250,000		276,062
Becton Dickinson and Co.
5.000%, 5/15/19		300,000		349,638
Boston Scientific Corp.
4.500%, 1/15/15		250,000		262,500
6.400%, 6/15/16		250,000		277,500
6.000%, 1/15/20		100,000		111,250
C.R. Bard, Inc.
2.875%, 1/15/16		100,000		103,616
4.400%, 1/15/21		65,000		72,849
CareFusion Corp.
6.375%, 8/1/19		300,000		353,684
Covidien International Finance S.A.
1.875%, 6/15/13		100,000		101,108
2.800%, 6/15/15		250,000		259,453
6.000%, 10/15/17		100,000		119,346
DENTSPLY International, Inc.
2.750%, 8/15/16		55,000		55,505
4.125%, 8/15/21		100,000		103,393

See Notes to Financial Statements.

238

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Medtronic, Inc.
4.500%, 3/15/14	$	200,000	$	215,693
4.450%, 3/15/20		250,000		282,432
Series B
4.750%, 9/15/15		200,000		224,686
St. Jude Medical, Inc.
3.750%, 7/15/14		200,000		212,047
4.875%, 7/15/19		200,000		228,280
Stryker Corp.
3.000%, 1/15/15		50,000		52,721
2.000%, 9/30/16		150,000		152,248
4.375%, 1/15/20		100,000		112,797
Zimmer Holdings, Inc.
1.400%, 11/30/14		100,000		99,747
3.375%, 11/30/21		100,000		100,697

				4,389,065

*Health Care Providers & Services (1.4%)*
Aetna, Inc.
6.500%, 9/15/18		200,000		242,084
3.950%, 9/1/20		200,000		209,376
AmerisourceBergen Corp.
4.875%, 11/15/19		250,000		279,470
Apria Healthcare Group, Inc.
11.250%, 11/1/14		1,050,000		1,084,125
Ardent Medical Services, Inc.
5.540%, 9/15/15(l)		1,396,467		1,380,757
Aristotle Holding, Inc.
3.500%, 11/15/16§		250,000		255,290
4.750%, 11/15/21§		250,000		259,095
Cardinal Health, Inc.
5.800%, 10/15/16		200,000		230,638
Cigna Corp.
5.125%, 6/15/20		130,000		139,924
4.375%, 12/15/20		200,000		203,751
Coventry Health Care, Inc.
5.450%, 6/15/21		120,000		131,100
Express Scripts, Inc.
6.250%, 6/15/14		300,000		328,319
3.125%, 5/15/16		250,000		251,664
Fresenius Medical Care US Finance, Inc.
6.875%, 7/15/17		1,000,000		1,068,750
HCA, Inc.
2.746%, 5/1/18		481,250		450,570
7.250%, 9/15/20		500,000		527,500
Health Management Associates, Inc.
7.375%, 1/15/20§		1,200,000		1,246,500
Howard Hughes Medical Institute
3.450%, 9/1/14		100,000		106,647
Humana, Inc.
7.200%, 6/15/18		250,000		293,626
INC Research LLC
7.000%, 7/13/18		1,695,750		1,653,356
Laboratory Corp. of America Holdings
4.625%, 11/15/20		200,000		211,661
McKesson Corp.
5.250%, 3/1/13		200,000		209,682
6.500%, 2/15/14		100,000		110,823
4.750%, 3/1/21		200,000		227,457
Medco Health Solutions, Inc.
2.750%, 9/15/15		250,000		251,321
7.125%, 3/15/18		200,000		232,525

MedImpact Holdings, Inc.
10.500%, 2/1/18§	$	1,375,000	$	1,168,750
Quest Diagnostics, Inc.
6.400%, 7/1/17		150,000		176,821
4.700%, 4/1/21		200,000		212,574
Radiation Therapy Services, Inc.
9.875%, 4/15/17		975,000		728,812
RegionalCare Hospital Partners
8.000%, 11/2/18		1,147,125		1,101,240
Res-Care, Inc.
10.750%, 1/15/19		2,200,000		2,274,250
Rotech Healthcare, Inc.
10.750%, 10/15/15		1,000,000		985,000
Skilled Healthcare Group, Inc.
11.000%, 1/15/14		1,295,000		1,301,475
Stonemor Operating LLC/Cornerstone Family Services/Osiris Holdings
10.250%, 12/1/17		1,650,000		1,534,500
Tenet Healthcare Corp.
10.000%, 5/1/18		1,100,000		1,256,750
UnitedHealth Group, Inc.
4.875%, 2/15/13		250,000		260,767
5.375%, 3/15/16		200,000		229,598
6.000%, 2/15/18		250,000		297,637
4.700%, 2/15/21		100,000		112,811
WellPoint, Inc.
5.250%, 1/15/16		400,000		448,753
4.350%, 8/15/20		300,000		325,585

				24,001,334

*Health Care Technology (0.1%)*
Emdeon, Inc.
11.000%, 12/31/19§		2,125,000		2,223,281

*Life Sciences Tools & Services (0.2%)*
Agilent Technologies, Inc.
2.500%, 7/15/13		250,000		253,246
5.000%, 7/15/20		100,000		111,412
Jaguar Holding Co. II/Jaguar Merger Sub, Inc.
9.500%, 12/1/19§		1,150,000		1,194,563
Life Technologies Corp.
3.500%, 1/15/16		100,000		101,125
6.000%, 3/1/20		200,000		221,250
Thermo Fisher Scientific, Inc.
2.050%, 2/21/14		200,000		205,696
3.200%, 3/1/16		500,000		529,190
4.700%, 5/1/20		100,000		112,655

				2,729,137

*Pharmaceuticals (0.9%)*
Abbott Laboratories, Inc.
2.700%, 5/27/15		250,000		261,724
5.875%, 5/15/16		200,000		235,968
5.600%, 11/30/17		400,000		477,775
4.125%, 5/27/20		250,000		276,855
Angiotech Pharmaceuticals, Inc.
5.000%, 12/1/13(l)		1,500,000		1,278,750
AstraZeneca plc
5.900%, 9/15/17		250,000		301,459
Bristol-Myers Squibb Co.
5.250%, 8/15/13		100,000		107,511
5.450%, 5/1/18		200,000		238,043

See Notes to Financial Statements.

239

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Elan Finance plc/Elan Finance Corp.
8.750%, 10/15/16	$	1,600,000	$	1,704,000
Eli Lilly and Co.
4.200%, 3/6/14		200,000		214,214
5.200%, 3/15/17		100,000		115,966
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13		200,000		211,503
4.375%, 4/15/14		200,000		216,145
5.650%, 5/15/18		500,000		603,179
Hospira, Inc.
6.400%, 5/15/15		200,000		219,147
Johnson & Johnson
1.200%, 5/15/14		350,000		355,051
5.550%, 8/15/17		100,000		120,713
5.150%, 7/15/18		200,000		241,192
3.550%, 5/15/21		100,000		111,436
Lantheus Medical Imaging, Inc.
9.750%, 5/15/17		2,175,000		1,723,687
Merck & Co., Inc.
5.300%, 12/1/13		800,000		871,777
6.000%, 9/15/17		100,000		122,642
5.000%, 6/30/19		200,000		236,141
Novartis Capital Corp.
1.900%, 4/24/13		300,000		304,985
4.125%, 2/10/14		250,000		266,790
2.900%, 4/24/15		300,000		317,476
4.400%, 4/24/20		200,000		227,022
Novartis Securities Investment Ltd.
5.125%, 2/10/19		500,000		580,000
Pfizer, Inc.
4.500%, 2/15/14		200,000		215,169
5.350%, 3/15/15		750,000		848,745
6.200%, 3/15/19		750,000		927,033
Sanofi S.A.
1.625%, 3/28/14		150,000		152,399
1.200%, 9/30/14		150,000		151,048
2.625%, 3/29/16		300,000		312,818
4.000%, 3/29/21		250,000		278,083
Teva Pharmaceutical Finance Co. LLC
5.550%, 2/1/16		200,000		226,000
Teva Pharmaceutical Finance II B.V./Teva Pharmaceutical Finance III LLC
3.000%, 6/15/15		350,000		364,852
Teva Pharmaceutical Finance IV B.V.
3.650%, 11/10/21		250,000		253,750
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		165,000		176,828
6.125%, 8/15/19		100,000		117,681
Wyeth
5.500%, 3/15/13		200,000		211,452

				16,177,009

Total Health Care				53,955,073

Industrials (3.5%)
*Aerospace & Defense (0.3%)*
Boeing Co.
5.000%, 3/15/14		250,000		272,889
3.500%, 2/15/15		100,000		107,616
6.000%, 3/15/19		350,000		428,045
4.875%, 2/15/20		55,000		64,351

Embraer Overseas Ltd.
6.375%, 1/15/20	$	300,000	$	320,150
General Dynamics Corp.
4.250%, 5/15/13		200,000		209,819
5.250%, 2/1/14		300,000		327,249
Goodrich Corp.
6.125%, 3/1/19		150,000		181,669
3.600%, 2/1/21		200,000		209,923
Honeywell International, Inc.
4.250%, 3/1/13		200,000		208,452
5.300%, 3/1/18		350,000		413,123
4.250%, 3/1/21		100,000		113,173
L-3 Communications Corp.
3.950%, 11/15/16		100,000		101,602
5.200%, 10/15/19		200,000		203,543
4.950%, 2/15/21		100,000		99,258
Lockheed Martin Corp.
4.250%, 11/15/19		350,000		373,966
Northrop Grumman Corp.
3.700%, 8/1/14		250,000		263,539
5.050%, 8/1/19		50,000		56,157
Raytheon Co.
4.400%, 2/15/20		400,000		440,294
Rockwell Collins, Inc.
5.250%, 7/15/19		100,000		116,732
Textron, Inc.
4.625%, 9/21/16		100,000		102,395
5.600%, 12/1/17		100,000		105,414
5.950%, 9/21/21		100,000		102,913
United Technologies Corp.
4.875%, 5/1/15		250,000		280,652
6.125%, 2/1/19		250,000		306,430
4.500%, 4/15/20		250,000		280,385

				5,689,739

*Air Freight & Logistics (0.1%)*
FedEx Corp.
7.375%, 1/15/14		100,000		111,382
United Parcel Service, Inc.
4.500%, 1/15/13		200,000		208,197
3.875%, 4/1/14		250,000		267,421
5.125%, 4/1/19		300,000		357,490
3.125%, 1/15/21		250,000		264,802

				1,209,292

*Airlines (0.5%)*
American Airlines, Inc.
Series A
8.625%, 10/15/21		400,000		415,500
Series B
7.000%, 1/31/18§		1,192,078		1,065,420
Continental Airlines, Inc.
9.000%, 7/8/16		128,601		140,979
4.750%, 1/12/21		2,600,000		2,652,000
Delta Air Lines, Inc.
4.950%, 5/23/19		381,287		388,436
Series 1A
6.200%, 7/2/18		186,767		198,206
UAL Pass Through Trust, Class 2009-2A
9.750%, 1/15/17		1,156,145		1,273,204

See Notes to Financial Statements.

240

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

US Airways Group, Inc.
3.071%, 3/23/14(l)	$	1,972,222	$	1,694,139

				7,827,884

*Building Products (0.1%)*
CRH America, Inc.
6.000%, 9/30/16		350,000		375,116
5.750%, 1/15/21		250,000		256,688
Euramax International, Inc.
9.500%, 4/1/16§		2,025,000		1,569,375
Owens Corning, Inc.
9.000%, 6/15/19		250,000		297,812

				2,498,991

*Commercial Services & Supplies (0.7%)*
Allied Waste North America, Inc.
6.875%, 6/1/17		100,000		105,529
Altegrity, Inc.
10.500%, 11/1/15§		650,000		591,500
12.000%, 11/1/15§†		1,100,000		1,073,600
American Reprographics Co.
10.500%, 12/15/16		1,800,000		1,602,000
Avery Dennison Corp.
5.375%, 4/15/20		50,000		51,283
Board of Trustees of the Leland Stanford Junior University
4.250%, 5/1/16		100,000		112,512
4.750%, 5/1/19		100,000		117,188
Cornell University
5.450%, 2/1/19		200,000		238,426
Dartmouth College
4.750%, 6/1/19		50,000		58,216
Neff Rental LLC/Neff Finance Corp.
9.625%, 5/15/16§		2,125,000		1,880,625
Pitney Bowes, Inc.
3.875%, 6/15/13		250,000		258,125
5.750%, 9/15/17		200,000		215,000
6.250%, 3/15/19		100,000		106,500
Republic Services, Inc.
3.800%, 5/15/18		125,000		129,821
5.500%, 9/15/19		250,000		286,692
Sheridan Group, Inc.
12.500%, 4/15/14		1,045,571		941,014
Waste Management, Inc.
6.100%, 3/15/18		100,000		117,884
7.375%, 3/11/19		150,000		188,896
4.750%, 6/30/20		100,000		110,097
WP Rocket Merger Sub, Inc.
10.125%, 7/15/19§		925,000		871,812
Yale University
2.900%, 10/15/14		250,000		263,963
Zinc Capital S.A.
8.875%, 5/15/18§	EUR	2,100,000		2,106,392

				11,427,075

*Construction & Engineering (0.1%)*
Abengoa Finance S.A.U.
8.875%, 11/1/17§	$	1,475,000		1,475,000

*Electrical Equipment (0.1%)*
Emerson Electric Co.
5.625%, 11/15/13		250,000		271,696
5.250%, 10/15/18		100,000		118,591

4.875%, 10/15/19	$	200,000	$	233,631
Metals USA, Inc.
11.125%, 12/1/15		825,000		856,969
Roper Industries, Inc.
6.625%, 8/15/13		100,000		108,311

				1,589,198

*Industrial Conglomerates (0.8%)*
3M Co.
4.375%, 8/15/13		250,000		266,055
Cooper U.S., Inc.
2.375%, 1/15/16		200,000		203,765
3.875%, 12/15/20		100,000		106,641
Danaher Corp.
1.300%, 6/23/14		60,000		60,715
5.625%, 1/15/18		200,000		238,754
3.900%, 6/23/21		100,000		109,598
GE Capital Trust I
6.375%, 11/15/67(l)		500,000		490,000
General Electric Co.
5.000%, 2/1/13		800,000		835,806
5.250%, 12/6/17		550,000		629,090
Harland Clarke Holdings Corp.
3.081%, 6/30/14(l)		470,078		397,509
6.000%, 5/15/15(l)		1,565,000		1,036,813
9.500%, 5/15/15		1,250,000		906,250
Ingersoll-Rand Global Holding Co., Ltd.
6.000%, 8/15/13		250,000		267,454
6.875%, 8/15/18		100,000		121,783
Koninklijke Philips Electronics N.V.
5.750%, 3/11/18		200,000		230,048
Mark IV USA/Euro Lux S.C.A.
8.875%, 12/15/17§	EUR	1,500,000		1,960,789
Tyco Electronics Group S.A.
6.000%, 10/1/12	$	1,768,000		1,828,962
6.550%, 10/1/17		100,000		116,856
4.875%, 1/15/21		200,000		209,719
Tyco International Finance S.A.
6.000%, 11/15/13		100,000		108,108
4.125%, 10/15/14		200,000		212,523
3.750%, 1/15/18		2,500,000		2,645,648
8.500%, 1/15/19		250,000		322,373
Tyco International Ltd./Tyco International Finance S.A.
6.875%, 1/15/21		100,000		124,763

				13,430,022

*Machinery (0.4%)*
Caterpillar, Inc.
1.375%, 5/27/14		100,000		100,887
3.900%, 5/27/21		100,000		109,880
Dematic S.A.
8.750%, 5/1/16§		1,300,000		1,287,000
Dover Corp.
5.450%, 3/15/18		150,000		177,924
Eaton Corp.
4.900%, 5/15/13		200,000		210,597
FGI Holding Co., Inc.
11.250%, 10/1/15 PIK		1,743,521		1,730,445
Harsco Corp.
2.700%, 10/15/15		100,000		102,580
Illinois Tool Works, Inc.
5.150%, 4/1/14		200,000		219,340

See Notes to Financial Statements.

241

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

6.250%, 4/1/19	$	200,000	$	248,450
PACCAR, Inc. 6.875%, 2/15/14		100,000		112,358
Pall Corp. 5.000%, 6/15/20		100,000		111,100
Pentair, Inc. 5.000%, 5/15/21		100,000		105,170
Severstal Columbus LLC 10.250%, 2/15/18		1,500,000		1,567,500
Xylem, Inc. 3.550%, 9/20/16§		250,000		257,236

				6,340,467

*Marine (0.1%)*
Hapag-Lloyd AG 9.750%, 10/15/17§		1,000,000		735,000
Horizon Lines, Inc.
Class A, 6.000%, 4/15/17†		1,294,909		1,003,555
Class B, 6.000%, 4/15/17†		719,394		212,221
Marquette Transportation Co./Marquette Transportation Finance Corp.
10.875%, 1/15/17		750,000		755,625

				2,706,401

*Professional Services (0.0%)*
Dun & Bradstreet Corp. 2.875%, 11/15/15		55,000		56,187
Equifax, Inc. 4.450%, 12/1/14		100,000		105,604
Verisk Analytics, Inc. 5.800%, 5/1/21		100,000		106,250

				268,041

*Road & Rail (0.2%)*
Burlington Northern Santa Fe Corp.
7.000%, 2/1/14		500,000		558,905
Burlington Northern Santa Fe LLC
4.700%, 10/1/19		200,000		223,640
Canadian National Railway Co.
5.550%, 3/1/19		350,000		417,947
Canadian Pacific Railway Co.
7.250%, 5/15/19		45,000		52,919
CSX Corp.
7.900%, 5/1/17		250,000		309,881
6.250%, 3/15/18		100,000		119,458
7.375%, 2/1/19		200,000		249,997
Norfolk Southern Corp.
7.700%, 5/15/17		200,000		254,318
5.750%, 4/1/18		100,000		118,105
5.900%, 6/15/19		65,000		78,834
Ryder System, Inc.
7.200%, 9/1/15		100,000		116,365
3.600%, 3/1/16		100,000		104,662
Sunstate Equipment Co. LLC
12.000%, 6/15/16 PIK§		1,250,000		1,162,500
Union Pacific Corp.
5.700%, 8/15/18		200,000		237,251
6.125%, 2/15/20		100,000		122,656
4.000%, 2/1/21		100,000		106,889

				4,234,327


*Trading Companies & Distributors (0.1%)*
GATX Corp.
3.500%, 7/15/16	$	150,000	$	150,702
4.850%, 6/1/21		100,000		104,290
Noble Group Ltd.
6.750%, 1/29/20§		1,000,000		861,613

				1,116,605

Total Industrials				59,813,042

Information Technology (1.3%)
*Communications Equipment (0.1%)*
Cisco Systems, Inc.
5.500%, 2/22/16		800,000		928,771
4.950%, 2/15/19		600,000		695,579
Harris Corp.
6.375%, 6/15/19		100,000		115,800
Motorola Solutions, Inc.
6.000%, 11/15/17		100,000		112,790
Nokia Oyj
5.375%, 5/15/19		250,000		248,395

				2,101,335

*Computers & Peripherals (0.2%)*
Dell, Inc.
1.400%, 9/10/13		250,000		251,244
2.300%, 9/10/15		400,000		409,570
5.875%, 6/15/19		50,000		58,104
Hewlett-Packard Co.
4.750%, 6/2/14		400,000		422,428
2.350%, 3/15/15		300,000		298,206
2.200%, 12/1/15		150,000		147,276
3.000%, 9/15/16		300,000		301,677
5.500%, 3/1/18		200,000		222,923
3.750%, 12/1/20		250,000		247,205
4.375%, 9/15/21		300,000		309,344

				2,667,977

*Electronic Equipment, Instruments & Components (0.1%)*
Amphenol Corp.
4.750%, 11/15/14		50,000		53,357
Arrow Electronics, Inc.
3.375%, 11/1/15		150,000		151,943
6.000%, 4/1/20		100,000		104,875
Avnet, Inc.
6.000%, 9/1/15		100,000		107,364
5.875%, 6/15/20		100,000		109,950
Corning, Inc.
6.625%, 5/15/19		20,000		24,145
4.250%, 8/15/20		65,000		69,233
Kemet Corp.
10.500%, 5/1/18		1,445,000		1,528,087

				2,148,954

*Internet Software & Services (0.1%)*
Earthlink, Inc.
8.875%, 5/15/19		750,000		682,500
eBay, Inc.
0.875%, 10/15/13		100,000		100,541
1.625%, 10/15/15		100,000		100,834
3.250%, 10/15/20		100,000		99,453

See Notes to Financial Statements.

242

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Google, Inc.
1.250%, 5/19/14	$	100,000	$	101,327
2.125%, 5/19/16		250,000		259,684
3.625%, 5/19/21		100,000		109,768
Interactive Network, Inc./FriendFinder Networks, Inc.
14.000%, 9/30/13§(b)		1,010,841		919,865

				2,373,972

*IT Services (0.4%)*
Compucom Systems, Inc.
12.500%, 10/1/15§		1,475,000		1,504,500
Computer Sciences Corp.
6.500%, 3/15/18		310,000		308,021
Fiserv, Inc.
3.125%, 10/1/15		200,000		204,085
6.800%, 11/20/17		100,000		118,216
4.625%, 10/1/20		100,000		103,892
HP Enterprise Services LLC
6.000%, 8/1/13		450,000		476,873
International Business Machines Corp.
2.100%, 5/6/13		300,000		306,416
1.000%, 8/5/13		500,000		503,629
1.250%, 5/12/14		200,000		202,081
5.700%, 9/14/17		1,000,000		1,209,651
7.625%, 10/15/18		200,000		269,883
SAIC, Inc.
4.450%, 12/1/20		250,000		267,598
SRA International, Inc.
6.500%, 7/13/18		1,834,857		1,715,591
Western Union Co.
5.930%, 10/1/16		250,000		281,279

				7,471,715

*Office Electronics (0.1%)*
Xerox Corp.
8.250%, 5/15/14		450,000		508,625
4.250%, 2/15/15		100,000		104,153
6.350%, 5/15/18		250,000		282,432
5.625%, 12/15/19		100,000		109,228
4.500%, 5/15/21		95,000		96,761

				1,101,199

*Semiconductors & Semiconductor Equipment (0.1%)*
Analog Devices, Inc.
5.000%, 7/1/14		150,000		163,701
3.000%, 4/15/16		100,000		105,394
Intel Corp.
1.950%, 10/1/16		300,000		307,102
3.300%, 10/1/21		254,000		264,188
KLA-Tencor Corp.
6.900%, 5/1/18		43,000		49,715
Maxim Integrated Products, Inc.
3.450%, 6/14/13		100,000		102,917
National Semiconductor Corp.
3.950%, 4/15/15		100,000		109,002
Texas Instruments, Inc.
0.875%, 5/15/13		100,000		100,396
1.375%, 5/15/14		100,000		101,263
2.375%, 5/16/16		250,000		260,342

				1,564,020


*Software (0.2%)*
Adobe Systems, Inc.
3.250%, 2/1/15	$	150,000	$	156,584
4.750%, 2/1/20		85,000		91,455
CA, Inc.
6.125%, 12/1/14		200,000		219,475
5.375%, 12/1/19		100,000		109,153
Microsoft Corp.
2.950%, 6/1/14		650,000		687,046
4.200%, 6/1/19		500,000		568,001
Oracle Corp.
5.250%, 1/15/16		650,000		751,601
5.750%, 4/15/18		750,000		909,823

				3,493,138

Total Information Technology				22,922,310

Materials (2.9%)
*Chemicals (1.1%)*
Air Products and Chemicals, Inc.
2.000%, 8/2/16		55,000		56,243
4.375%, 8/21/19		100,000		112,046
Airgas, Inc.
3.250%, 10/1/15		100,000		103,066
Cabot Corp.
5.000%, 10/1/16		100,000		106,684
Dow Chemical Co.
7.600%, 5/15/14		300,000		339,005
2.500%, 2/15/16		100,000		100,594
8.550%, 5/15/19		250,000		325,015
4.250%, 11/15/20		250,000		260,646
4.125%, 11/15/21		250,000		258,454
E.I. du Pont de Nemours & Co.
5.000%, 7/15/13		200,000		213,240
3.250%, 1/15/15		350,000		372,723
1.950%, 1/15/16		100,000		102,792
5.250%, 12/15/16		100,000		116,603
6.000%, 7/15/18		250,000		306,579
4.625%, 1/15/20		40,000		45,964
3.625%, 1/15/21		400,000		437,115
Eastman Chemical Co.
5.500%, 11/15/19		100,000		113,109
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC
8.875%, 2/1/18		1,300,000		1,218,750
Kinove German Bondco GmbH
9.625%, 6/15/18§		1,650,000		1,567,500
Momentive Performance Materials, Inc.
12.500%, 6/15/14		625,000		662,500
9.500%, 1/15/21	EUR	1,225,000		1,157,383
Monsanto Co.
2.750%, 4/15/16	$	100,000		105,001
5.125%, 4/15/18		100,000		117,638
Oxea Finance/Cy S.C.A.
9.500%, 7/15/17§		354,000		354,000
9.625%, 7/15/17§	EUR	712,500		917,542
Phibro Animal Health Corp.
9.250%, 7/1/18§	$	2,125,000		1,843,437
Potash Corp. of Saskatchewan, Inc.
5.250%, 5/15/14		3,100,000		3,387,995
3.750%, 9/30/15		100,000		107,700

See Notes to Financial Statements.

243

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

6.500%, 5/15/19	$	200,000	$	247,829
PPG Industries, Inc.
1.900%, 1/15/16		150,000		149,495
6.650%, 3/15/18		150,000		181,533
3.600%, 11/15/20		100,000		104,859
Praxair, Inc.
2.125%, 6/14/13		150,000		152,891
4.625%, 3/30/15		200,000		221,737
4.500%, 8/15/19		250,000		285,465
3.000%, 9/1/21		250,000		255,864
Reichhold Industries, Inc.
9.000%, 8/15/14§		1,345,000		712,850
Rohm & Haas Co.
5.600%, 3/15/13		500,000		521,825
RPM International, Inc.
6.125%, 10/15/19		100,000		108,908
Sherwin-Williams Co.
3.125%, 12/15/14		100,000		105,819
Valspar Corp.
7.250%, 6/15/19		100,000		121,014

				17,979,413

*Containers & Packaging (0.1%)*
Bemis Co., Inc.
5.650%, 8/1/14		30,000		32,778
6.800%, 8/1/19		150,000		178,583
Berry Plastics Corp.
9.750%, 1/15/21		1,400,000		1,400,000
Packaging Corp. of America
5.750%, 8/1/13		150,000		157,875

				1,769,236

*Metals & Mining (1.7%)*
Alcoa, Inc.
6.000%, 7/15/13		100,000		106,005
6.750%, 7/15/18		300,000		332,049
6.150%, 8/15/20		300,000		314,905
5.400%, 4/15/21		100,000		100,558
Allegheny Technologies, Inc.
9.375%, 6/1/19		100,000		126,686
5.950%, 1/15/21		50,000		53,710
Aperam
7.750%, 4/1/18§		700,000		588,000
ArcelorMittal S.A.
5.375%, 6/1/13		200,000		204,618
9.000%, 2/15/15		125,000		140,338
3.750%, 3/1/16		500,000		474,312
6.125%, 6/1/18		200,000		196,951
9.850%, 6/1/19		150,000		165,950
5.250%, 8/5/20		100,000		90,391
5.500%, 3/1/21		350,000		323,328
Barrick Gold Corp.
1.750%, 5/30/14		120,000		120,850
2.900%, 5/30/16		200,000		206,374
6.950%, 4/1/19		250,000		306,906
Barrick Gold Finance Co.
4.875%, 11/15/14		2,315,000		2,528,443
Barrick North America Finance LLC
4.400%, 5/30/21		200,000		216,782
BHP Billiton Finance USA Ltd.
5.125%, 3/29/12		1,500,000		1,516,227
4.800%, 4/15/13		200,000		210,443

5.500%, 4/1/14	$	500,000	$	551,050
7.250%, 3/1/16		1,375,000		1,650,023
6.500%, 4/1/19		500,000		623,706
Cliffs Natural Resources, Inc.
4.800%, 10/1/20		55,000		55,497
CSN Islands XI Corp.
6.875%, 9/21/19§		800,000		843,652
CSN Resources S.A.
6.500%, 7/21/20§		900,000		940,131
Essar Steel Algoma, Inc.
9.375%, 3/15/15§		725,000		703,250
FMG Resources Pty Ltd.
8.250%, 11/1/19§		1,200,000		1,209,000
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		550,000		581,625
Gerdau Trade, Inc.
5.750%, 1/30/21§		1,200,000		1,182,824
Novelis, Inc.
8.750%, 12/15/20		1,250,000		1,329,687
Nucor Corp.
5.750%, 12/1/17		200,000		236,557
5.850%, 6/1/18		100,000		119,389
Rio Tinto Alcan, Inc.
5.000%, 6/1/15		400,000		434,000
Rio Tinto Finance USA Ltd.
8.950%, 5/1/14		200,000		234,130
1.875%, 11/2/15		200,000		200,822
9.000%, 5/1/19		600,000		820,248
4.125%, 5/20/21		250,000		268,976
Ryerson Holding Corp.
(Zero Coupon), 2/1/15		3,150,000		1,401,750
Ryerson, Inc.
7.804%, 11/1/14(l)		1,550,000		1,426,000
Southern Copper Corp.
5.375%, 4/16/20		135,000		139,140
Steel Dynamics, Inc.
7.375%, 11/1/12		3,800,000		3,971,000
Teck Resources Ltd.
10.750%, 5/15/19		400,000		488,000
4.500%, 1/15/21		100,000		105,250
Vale Overseas Ltd.
6.250%, 1/11/16		300,000		335,062
4.625%, 9/15/20		500,000		518,260

				28,692,855

*Paper & Forest Products (0.0%)*
Celulosa Arauco y Constitucion S.A.
5.000%, 1/21/21		200,000		206,279
International Paper Co.
5.300%, 4/1/15		100,000		108,210
9.375%, 5/15/19		500,000		652,283

				966,772

Total Materials				49,408,276

Telecommunication Services (2.3%)
*Diversified Telecommunication Services (1.6%)*
AT&T, Inc.
4.950%, 1/15/13		500,000		520,686
6.700%, 11/15/13		100,000		110,347
5.100%, 9/15/14		200,000		220,167
2.500%, 8/15/15		500,000		515,964

See Notes to Financial Statements.

244

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

2.950%, 5/15/16	$	300,000	$	314,052
5.625%, 6/15/16		200,000		231,612
2.400%, 8/15/16		120,000		122,336
5.500%, 2/1/18		450,000		522,161
4.450%, 5/15/21		500,000		541,695
3.875%, 8/15/21		80,000		84,417
BellSouth Corp.
5.200%, 9/15/14		400,000		439,486
British Telecommunications plc
5.950%, 1/15/18		300,000		331,192
CenturyLink, Inc.
6.450%, 6/15/21		200,000		199,266
Deutsche Telekom International Finance B.V.
5.250%, 7/22/13		200,000		210,200
4.875%, 7/8/14		150,000		159,447
6.750%, 8/20/18		250,000		297,390
6.000%, 7/8/19		100,000		114,970
Embarq Corp.
7.082%, 6/1/16		600,000		649,335
France Telecom S.A.
4.375%, 7/8/14		2,200,000		2,314,608
2.125%, 9/16/15		500,000		493,979
2.750%, 9/14/16		250,000		249,761
5.375%, 7/8/19		300,000		334,457
Integra Telecom Holdings, Inc.
10.750%, 4/15/16§		1,650,000		1,348,875
ITC Deltacom, Inc.
10.500%, 4/1/16		1,000,000		1,020,000
Level 3 Financing, Inc.
8.125%, 7/1/19§		1,100,000		1,089,000
PAETEC Holding Corp.
9.875%, 12/1/18		1,200,000		1,308,000
Qwest Corp.
8.375%, 5/1/16		600,000		681,000
Telecom Italia Capital S.A.
5.250%, 11/15/13		200,000		192,972
6.175%, 6/18/14		400,000		384,787
5.250%, 10/1/15		400,000		370,248
7.175%, 6/18/19		200,000		186,002
Telefonica Emisiones S.A.U.
2.582%, 4/26/13		400,000		390,794
4.949%, 1/15/15		100,000		99,523
3.729%, 4/27/15		100,000		95,609
3.992%, 2/16/16		140,000		134,113
6.421%, 6/20/16		300,000		311,655
5.877%, 7/15/19		145,000		143,770
5.462%, 2/16/21		400,000		381,312
Telefonos de Mexico S.A.B. de C.V.
5.500%, 11/15/19		100,000		110,118
Verizon Communications, Inc.
4.350%, 2/15/13		500,000		519,771
5.550%, 2/15/16		1,050,000		1,209,728
5.500%, 2/15/18		600,000		699,353
8.750%, 11/1/18		3,900,000		5,279,135
6.350%, 4/1/19		500,000		611,821
4.600%, 4/1/21		300,000		337,209
Virgin Media Secured Finance plc
5.250%, 1/15/21		300,000		317,214
Wind Acquisition Finance S.A.
7.250%, 2/15/18§		1,000,000		905,000

				27,104,537


*Wireless Telecommunication Services (0.7%)*
America Movil S.A.B. de C.V.
3.625%, 3/30/15	$	300,000	$	314,891
2.375%, 9/8/16		300,000		299,848
5.000%, 3/30/20		1,200,000		1,335,206
American Tower Corp.
4.625%, 4/1/15		125,000		129,922
4.500%, 1/15/18		250,000		254,196
5.050%, 9/1/20		200,000		200,656
Cellco Partnership/Verizon Wireless Capital LLC
5.550%, 2/1/14		750,000		815,594
8.500%, 11/15/18		400,000		540,385
EH Holding Corp.
7.625%, 6/15/21§		667,000		695,347
Intelsat Jackson Holdings S.A.
9.500%, 6/15/16		1,225,000		1,278,594
Rogers Communications, Inc.
7.500%, 3/15/15		200,000		234,191
6.800%, 8/15/18		250,000		303,513
Vodafone Group plc
5.000%, 12/16/13		200,000		213,706
4.150%, 6/10/14		3,500,000		3,714,934
2.875%, 3/16/16		200,000		207,340
5.625%, 2/27/17		200,000		233,118
5.450%, 6/10/19		300,000		350,921
Term Loan
6.875%, 8/17/15		1,070,326		1,064,975

				12,187,337

Total Telecommunication Services				39,291,874

Utilities (2.4%)
*Electric Utilities (1.5%)*
Ameren Illinois Co.
6.250%, 4/1/18		250,000		290,316
Arizona Public Service Co.
5.800%, 6/30/14		200,000		220,288
Baltimore Gas & Electric Co.
6.125%, 7/1/13		300,000		321,684
Carolina Power & Light Co.
5.300%, 1/15/19		400,000		468,906
CenterPoint Energy Houston Electric LLC
7.000%, 3/1/14		100,000		112,610
Columbus Southern Power Co.
6.050%, 5/1/18		400,000		480,739
Commonwealth Edison Co.
1.625%, 1/15/14		100,000		100,539
4.000%, 8/1/20		160,000		172,365
Connecticut Light & Power Co.
5.650%, 5/1/18		100,000		117,293
Consolidated Edison Co. of New York, Inc.
6.650%, 4/1/19		100,000		127,081
4.450%, 6/15/20		100,000		113,847
Series 04-A
4.700%, 2/1/14		2,900,000		3,118,139
Series 08-A
5.850%, 4/1/18		300,000		362,745
Consumers Energy Co.
6.700%, 9/15/19		350,000		443,995

See Notes to Financial Statements.

245

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Duke Energy Carolinas LLC
7.000%, 11/15/18	$	100,000	$	127,464
4.300%, 6/15/20		250,000		282,805
Duke Energy Corp.
5.650%, 6/15/13		250,000		265,033
3.350%, 4/1/15		300,000		317,771
5.050%, 9/15/19		150,000		169,969
Entergy Arkansas, Inc.
3.750%, 2/15/21		2,500,000		2,571,581
Entergy Corp.
5.125%, 9/15/20		700,000		704,983
Entergy Texas, Inc.
7.125%, 2/1/19		100,000		123,210
Exelon Corp.
4.900%, 6/15/15		200,000		215,625
Exelon Generation Co. LLC
5.350%, 1/15/14		100,000		106,715
6.200%, 10/1/17		100,000		116,116
FirstEnergy Solutions Corp.
4.800%, 2/15/15		250,000		269,525
Florida Power Corp.
4.550%, 4/1/20		25,000		28,492
Georgia Power Co.
1.300%, 9/15/13		550,000		553,783
4.250%, 12/1/19		80,000		89,282
Hydro Quebec
8.000%, 2/1/13		200,000		215,670
2.000%, 6/30/16		350,000		355,896
Indiana Michigan Power Co.
7.000%, 3/15/19		100,000		126,722
Jersey Central Power & Light Co.
7.350%, 2/1/19		500,000		641,255
Kansas City Power & Light Co.
5.850%, 6/15/17		400,000		460,825
6.375%, 3/1/18		100,000		121,710
Korea Electric Power Corp.
3.000%, 10/5/15§		2,000,000		2,000,428
LG&E and KU Energy LLC
2.125%, 11/15/15		400,000		393,897
3.750%, 11/15/20		250,000		252,401
MidAmerican Energy Co.
4.650%, 10/1/14		400,000		436,099
MidAmerican Energy Holdings Co.
5.750%, 4/1/18		150,000		173,132
Nevada Power Co.
6.500%, 8/1/18		200,000		242,623
NextEra Energy Capital Holdings, Inc.
2.550%, 11/15/13		100,000		103,124
7.875%, 12/15/15		250,000		296,884
6.000%, 3/1/19		200,000		233,161
Northern States Power Co.
1.950%, 8/15/15		100,000		101,797
Oncor Electric Delivery Co. LLC
6.800%, 9/1/18		400,000		487,686
Pacific Gas & Electric Co.
6.250%, 12/1/13		250,000		274,166
8.250%, 10/15/18		150,000		198,810
3.500%, 10/1/20		250,000		262,797
Peco Energy Co.
5.000%, 10/1/14		400,000		443,605
5.350%, 3/1/18		200,000		238,798

PPL Energy Supply LLC
6.500%, 5/1/18	$	100,000	$	113,408
Progress Energy, Inc.
5.625%, 1/15/16		100,000		114,886
7.050%, 3/15/19		250,000		316,681
PSEG Power LLC
2.500%, 4/15/13		75,000		76,262
5.125%, 4/15/20		200,000		226,366
Public Service Co. of Colorado
5.125%, 6/1/19		85,000		100,632
3.200%, 11/15/20		150,000		155,850
Public Service Co. of Oklahoma
5.150%, 12/1/19		30,000		33,977
4.400%, 2/1/21		200,000		215,466
Public Service Electric & Gas Co.
5.375%, 9/1/13		200,000		214,887
3.500%, 8/15/20		100,000		106,308
Sierra Pacific Power Co.
Series M
6.000%, 5/15/16		100,000		116,914
Southern California Edison Co.
5.750%, 3/15/14		400,000		440,462
Southern Co.
4.150%, 5/15/14		145,000		154,896
2.375%, 9/15/15		100,000		102,343
1.950%, 9/1/16		110,000		109,201
Southwestern Electric Power Co.
Series E
5.550%, 1/15/17		120,000		138,330
Tampa Electric Co.
6.100%, 5/15/18		100,000		120,979
TransAlta Corp.
4.750%, 1/15/15		400,000		432,102
Union Electric Co.
6.700%, 2/1/19		200,000		246,137
Virginia Electric & Power Co.
Series A
4.750%, 3/1/13		100,000		104,611
5.400%, 1/15/16		100,000		115,066
Series B
5.000%, 6/30/19		165,000		192,352
Wisconsin Electric Power Co.
4.250%, 12/15/19		150,000		168,197
2.950%, 9/15/21		250,000		253,657
Wisconsin Power & Light Co.
5.000%, 7/15/19		50,000		58,267

				24,882,624

*Gas Utilities (0.6%)*
AGL Capital Corp.
3.500%, 9/15/21		250,000		251,519
Atmos Energy Corp.
8.500%, 3/15/19		200,000		263,659
Boardwalk Pipelines LP
5.750%, 9/15/19		200,000		220,578
CenterPoint Energy Resources Corp.
7.875%, 4/1/13		200,000		215,749
4.500%, 1/15/21		200,000		212,481
Copano Energy LLC/Copano Energy Finance Corp.
7.750%, 6/1/18		1,250,000		1,287,500
NGPL PipeCo LLC
6.514%, 12/15/12§		2,800,000		2,723,000

See Notes to Financial Statements.

246

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

7.119%, 12/15/17§	$	1,650,000	$	1,625,250
Panhandle Eastern Pipeline Co.
6.200%, 11/1/17		150,000		164,759
Star Gas Partners LP/Star Gas Finance Co.
8.875%, 12/1/17 (b)		2,200,000		2,233,000
Tennessee Gas Pipeline Co.
7.500%, 4/1/17		200,000		237,505
Transcontinental Gas Pipe Line Co. LLC
6.050%, 6/15/18		100,000		116,729

				9,551,729

*Independent Power Producers & Energy Traders (0.1%)*
Constellation Energy Group, Inc.
5.150%, 12/1/20		200,000		217,882
Tennessee Valley Authority
4.750%, 8/1/13		500,000		534,704
5.500%, 7/18/17		550,000		669,269
3.875%, 2/15/21		1,000,000		1,137,597

				2,559,452

*Multi-Utilities (0.2%)*
Alliant Energy Corp.
4.000%, 10/15/14		50,000		51,928
Ameren Corp.
8.875%, 5/15/14		100,000		112,167
CenterPoint Energy, Inc.
5.950%, 2/1/17		100,000		111,799
Dominion Resources, Inc.
1.800%, 3/15/14		100,000		101,382
5.150%, 7/15/15		200,000		224,927
8.875%, 1/15/19		300,000		398,764
5.200%, 8/15/19		80,000		91,862
DTE Energy Co.
7.625%, 5/15/14		100,000		113,863
6.350%, 6/1/16		200,000		232,236
National Grid plc
6.300%, 8/1/16		250,000		283,997
NiSource Finance Corp.
6.150%, 3/1/13		182,000		191,108
6.400%, 3/15/18		250,000		288,629
5.450%, 9/15/20		100,000		109,693
NSTAR
4.500%, 11/15/19		150,000		166,107
SCANA Corp.
6.250%, 4/1/20		100,000		116,248
Sempra Energy
6.000%, 2/1/13		200,000		210,175
6.500%, 6/1/16		60,000		70,589
6.150%, 6/15/18		100,000		118,716
9.800%, 2/15/19		250,000		336,341
Veolia Environnement S.A.
6.000%, 6/1/18		200,000		221,354
Xcel Energy, Inc.
4.700%, 5/15/20		300,000		334,751

				3,886,636

*Water Utilities (0.0%)*
United Utilities plc
4.550%, 6/19/18		78,000		79,020

Total Utilities				40,959,461

Total Corporate Bonds				774,767,561


Government Securities (57.8%)
*Agency ABS (2.6%)*
Federal Farm Credit Bank
1.750%, 2/21/13	$	800,000	$	813,836
1.375%, 6/25/13		200,000		203,146
1.125%, 2/27/14		1,650,000		1,672,995
1.500%, 11/16/15		1,000,000		1,025,245
Federal Home Loan Bank
1.500%, 1/16/13		500,000		506,866
1.625%, 3/20/13		1,950,000		1,983,007
1.875%, 6/21/13		2,450,000		2,506,843
0.550%, 10/25/13		400,000		400,393
0.375%, 11/27/13		250,000		249,900
0.875%, 12/27/13		800,000		807,866
1.630%, 8/20/15		400,000		411,405
Federal Home Loan Mortgage Corp.
0.700%, 4/29/13		200,000		200,081
0.750%, 6/7/13		400,000		400,374
0.500%, 10/3/13		500,000		499,887
0.500%, 10/18/13		1,000,000		1,000,439
0.550%, 10/25/13		1,000,000		1,000,330
0.875%, 10/28/13		2,050,000		2,065,848
0.550%, 12/27/13		500,000		500,139
0.550%, 1/9/14		300,000		300,026
1.375%, 2/25/14		1,900,000		1,936,160
0.700%, 5/1/14		400,000		400,301
0.800%, 10/24/14		400,000		400,297
1.000%, 11/3/14		1,000,000		1,002,102
1.000%, 12/5/14		200,000		200,741
0.875%, 12/19/14		500,000		500,838
1.000%, 12/19/14		400,000		401,466
1.350%, 1/6/15		200,000		200,034
0.850%, 1/9/15		200,000		200,243
0.800%, 1/13/15		100,000		100,001
2.875%, 2/9/15		1,500,000		1,602,514
1.500%, 7/13/15		200,000		201,096
1.050%, 9/28/15		200,000		200,176
1.600%, 11/2/16		400,000		402,476
1.625%, 11/14/16		400,000		402,651
5.500%, 8/23/17		1,450,000		1,775,384
Federal National Mortgage Association
1.500%, 6/26/13		400,000		407,226
4.375%, 7/17/13		1,650,000		1,752,114
1.000%, 9/23/13		2,050,000		2,074,164
0.500%, 10/3/13		500,000		499,887
1.125%, 10/8/13		100,000		101,175
1.000%, 10/15/13		100,000		100,955
0.600%, 10/25/13		1,000,000		1,001,670
0.750%, 12/18/13		3,250,000		3,271,211
1.450%, 1/24/14		800,000		800,602
1.375%, 1/27/14		200,000		200,158
1.550%, 1/27/14		100,000		100,082
1.350%, 2/24/14		150,000		152,631
1.250%, 2/27/14		1,200,000		1,219,680
0.700%, 10/17/14		1,000,000		999,524
0.800%, 10/17/14		1,000,000		1,000,817
1.000%, 12/5/14		1,000,000		1,002,243
2.375%, 7/28/15		1,200,000		1,265,256
1.875%, 9/9/15		250,000		259,354
1.875%, 10/15/15		100,000		103,655
2.250%, 6/6/16		400,000		403,211

See Notes to Financial Statements.

247

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

2.200%, 7/5/16	$	200,000	$	200,106
1.750%, 11/14/16		400,000		403,329

				43,794,156

*Agency CMO (0.1%)*
Federal Home Loan Mortgage Corp.
4.879%, 5/19/17		1,200,000		1,260,000

*Foreign Governments (2.1%)*
Australia Government Bond
5.500%, 4/21/23	AUD	600,000		703,633
Canadian Government Bond
2.375%, 9/10/14	$	500,000		525,058
3.500%, 6/1/20	CAD	100,000		110,789
Development Bank of Japan
5.125%, 2/1/17	$	500,000		585,152
Export-Import Bank of Korea
8.125%, 1/21/14		1,000,000		1,103,183
4.125%, 9/9/15		150,000		153,479
4.000%, 1/29/21		600,000		575,419
Federative Republic of Brazil
10.250%, 6/17/13		340,000		384,200
8.000%, 1/15/18		397,222		464,861
5.875%, 1/15/19		750,000		888,538
8.875%, 10/14/19		270,000		377,365
4.875%, 1/22/21		500,000		558,750
Japan Finance Corp.
2.500%, 1/21/16		800,000		833,921
2.250%, 7/13/16		750,000		773,199
Japan Finance Organization for Municipalities
5.000%, 5/16/17		400,000		465,992
4.000%, 1/13/21		300,000		331,854
Korea Development Bank
8.000%, 1/23/14		500,000		550,495
4.375%, 8/10/15		115,000		118,399
3.250%, 3/9/16		500,000		490,507
Korea Finance Corp.
4.625%, 11/16/21		250,000		247,735
Province of British Columbia
2.850%, 6/15/15		400,000		426,172
Province of Manitoba
4.900%, 12/6/16		400,000		462,473
Province of Nova Scotia
5.125%, 1/26/17		500,000		584,053
Province of Ontario
3.500%, 7/15/13		500,000		521,079
1.375%, 1/27/14		500,000		505,197
4.100%, 6/16/14		750,000		806,646
2.950%, 2/5/15		1,250,000		1,317,871
1.875%, 9/15/15		650,000		662,575
4.950%, 11/28/16		550,000		633,262
4.000%, 10/7/19		600,000		663,071
4.400%, 4/14/20		400,000		453,090
Province of Quebec
4.875%, 5/5/14		540,000		588,403
4.600%, 5/26/15		150,000		166,824
4.625%, 5/14/18		540,000		618,750
3.500%, 7/29/20		400,000		428,240
Republic of Chile
3.875%, 8/5/20		400,000		431,523
Republic of Colombia
8.250%, 12/22/14		500,000		587,970

4.375%, 7/12/21	$	750,000	$	804,097
Republic of Hungary
4.750%, 2/3/15		200,000		183,696
6.250%, 1/29/20		400,000		361,000
6.375%, 3/29/21		300,000		274,500
Republic of Italy
4.375%, 6/15/13		500,000		493,815
4.500%, 1/21/15		1,000,000		941,432
5.250%, 9/20/16		630,000		586,119
Republic of Korea
5.750%, 4/16/14		1,900,000		2,053,140
7.125%, 4/16/19		1,850,000		2,305,470
Republic of Panama
5.200%, 1/30/20		350,000		396,343
Republic of Peru
8.375%, 5/3/16		100,000		124,149
7.125%, 3/30/19		200,000		251,500
Republic of Poland
5.250%, 1/15/14		250,000		258,524
6.375%, 7/15/19		500,000		553,593
Republic of South Africa
6.875%, 5/27/19		250,000		302,143
5.500%, 3/9/20		500,000		559,301
State of Israel
5.125%, 3/1/14		120,000		128,597
5.500%, 11/9/16		350,000		400,403
5.125%, 3/26/19		200,000		221,688
United Kingdom Gilt
4.750%, 12/7/30	GBP	700,000		1,407,131
United Mexican States
6.375%, 1/16/13	$	270,000		282,119
5.875%, 2/17/14		500,000		540,180
6.625%, 3/3/15		250,000		284,018
5.625%, 1/15/17		500,000		574,505
8.125%, 12/30/19		500,000		716,409
5.125%, 1/15/20		400,000		458,979

				35,562,579

*Municipal Bonds (2.1%)*
City of New York, New York
6.246%, 6/1/35		1,200,000		1,336,920
Indianapolis, Indiana Local Public Improvement
5.854%, 1/15/30		1,500,000		1,725,270
Los Angeles County, California Public Works Financing Authority
6.091%, 8/1/22		1,400,000		1,554,392
Metro Wastewater Reclamation District
4.718%, 4/1/19		1,000,000		1,123,850
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,000,000		1,433,980
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		1,000,000		1,114,980
New York City Transitional Finance Authority
5.267%, 5/1/27		1,000,000		1,115,000
5.008%, 8/1/27		1,800,000		1,905,984
Northern California Power Agency
7.311%, 6/1/40		1,000,000		1,150,660
Port Authority of New York & New Jersey
5.647%, 11/1/40		700,000		794,493
San Diego County Regional Airport Authority
6.628%, 7/1/40		500,000		534,900

See Notes to Financial Statements.

248

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

Seminole County Florida Water & Sewer
6.443%, 10/1/40	$	800,000	$	864,160
State of California
3.950%, 11/1/15		400,000		419,368
7.550%, 4/1/39		3,000,000		3,668,160
State of Illinois
3.321%, 1/1/13		100,000		101,682
4.071%, 1/1/14		100,000		102,676
4.421%, 1/1/15		100,000		103,511
5.665%, 3/1/18		500,000		532,140
State of Illinois Toll Highway Authority
5.293%, 1/1/24		3,000,000		3,169,620
State of Texas
4.631%, 4/1/33		700,000		770,756
Tennessee State School Bond Authority
4.848%, 9/15/27		1,000,000		1,075,260
Texas State Transportation Commission
5.028%, 4/1/26		1,800,000		2,079,522
University of California Medical Center
5.435%, 5/15/23		4,700,000		5,206,237
University of Texas, Class B
6.276%, 8/15/41		2,900,000		3,291,761

				35,175,282

*Supranational (1.9%)*
African Development Bank
3.000%, 5/27/14		500,000		526,902
2.500%, 3/15/16		150,000		158,973
Asian Development Bank
1.625%, 7/15/13		500,000		507,894
3.625%, 9/5/13		500,000		524,949
2.750%, 5/21/14		500,000		524,045
4.250%, 10/20/14		250,000		274,031
2.500%, 3/15/16		500,000		528,429
5.500%, 6/27/16		250,000		296,999
1.875%, 10/23/18		500,000		506,053
Corp. Andina de Fomento
3.750%, 1/15/16		250,000		252,844
8.125%, 6/4/19		250,000		305,567
Council of Europe Development Bank
2.625%, 2/16/16		400,000		413,599
European Bank for Reconstruction & Development
3.625%, 6/17/13		350,000		364,748
1.625%, 9/3/15		250,000		253,698
2.500%, 3/15/16		200,000		209,035
1.375%, 10/20/16		250,000		249,394
European Investment Bank
1.625%, 3/15/13		500,000		503,409
4.250%, 7/15/13		1,390,000		1,455,723
1.250%, 2/14/14		1,000,000		999,569
3.000%, 4/8/14		1,000,000		1,037,646
4.625%, 5/15/14		500,000		538,357
3.125%, 6/4/14		750,000		782,018
1.125%, 8/15/14		1,000,000		993,393
2.875%, 1/15/15		500,000		520,635
2.750%, 3/23/15		500,000		519,355
1.375%, 10/20/15		1,950,000		1,930,612
4.875%, 2/16/16		1,100,000		1,236,861
2.125%, 7/15/16		1,000,000		1,012,986
4.875%, 1/17/17		550,000		626,650
2.875%, 9/15/20		500,000		501,623
4.000%, 2/16/21		500,000		542,199

Export Development Canada
2.250%, 5/28/15	$	450,000	$	471,304
1.250%, 10/26/16		200,000		200,929
Inter-American Development Bank
3.000%, 4/22/14		1,050,000		1,105,359
5.125%, 9/13/16		280,000		330,578
1.375%, 10/18/16		750,000		757,027
4.250%, 9/10/18		500,000		580,754
3.875%, 2/14/20		500,000		569,498
International Bank for Reconstruction & Development
3.625%, 5/21/13		500,000		522,316
3.500%, 10/8/13		800,000		842,787
1.375%, 2/10/14		300,000		300,334
1.125%, 8/25/14		1,000,000		1,013,873
2.375%, 5/26/15		500,000		526,753
2.125%, 3/15/16		1,200,000		1,255,366
5.000%, 4/1/16		550,000		640,927
International Finance Corp.
3.500%, 5/15/13		200,000		208,286
3.000%, 4/22/14		500,000		527,185
2.250%, 4/11/16		500,000		524,436
1.125%, 11/23/16		500,000		497,605
2.125%, 11/17/17		250,000		258,910
Kommunalbanken A/S
1.750%, 10/5/15§		400,000		397,530
Nordic Investment Bank
1.625%, 1/28/13		150,000		151,742
3.625%, 6/17/13		250,000		260,930
2.500%, 7/15/15		500,000		526,030
5.000%, 2/1/17		250,000		293,725
Svensk Exportkredit AB
3.250%, 9/16/14		300,000		310,006
1.750%, 10/20/15		500,000		490,587
5.125%, 3/1/17		200,000		223,958

				32,886,931

*U.S. Government Agencies (9.7%)*
Federal Farm Credit Bank
4.875%, 1/17/17		700,000		825,594
Federal Home Loan Bank
3.375%, 2/27/13		400,000		414,667
3.625%, 5/29/13		1,000,000		1,048,065
5.125%, 8/14/13		1,200,000		1,293,068
0.700%, 8/23/13		800,000		800,495
4.000%, 9/6/13		1,400,000		1,483,439
3.625%, 10/18/13		1,900,000		2,009,436
5.250%, 6/18/14		800,000		892,651
1.000%, 8/8/14		400,000		400,283
5.500%, 8/13/14		1,850,000		2,086,896
0.700%, 9/16/14		1,000,000		999,739
5.375%, 5/18/16		2,650,000		3,132,394
4.750%, 12/16/16		1,250,000		1,468,134
5.000%, 11/17/17		1,250,000		1,502,231
Federal Home Loan Bank/Illinois
5.625%, 6/13/16		1,150,000		1,303,543
Federal Home Loan Mortgage Corp.
4.500%, 1/15/13		500,000		522,307
0.500%, 2/15/13		800,000		800,311
3.500%, 5/29/13		500,000		522,860
4.500%, 7/15/13		2,000,000		2,130,378
0.700%, 7/25/13		500,000		500,159
0.550%, 9/30/13		2,500,000		2,504,372

See Notes to Financial Statements.

249

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Principal Amount		Value (Note 1)

4.875%, 11/15/13	$	1,000,000	$	1,083,575
2.500%, 1/7/14		1,690,000		1,759,024
4.500%, 1/15/14		500,000		540,945
2.500%, 4/23/14		2,000,000		2,091,149
5.000%, 7/15/14		3,880,000		4,314,088
1.200%, 7/25/14		200,000		200,932
3.000%, 7/28/14		350,000		371,748
1.100%, 8/8/14		300,000		301,275
4.500%, 1/15/15		1,000,000		1,115,757
1.000%, 6/16/15		1,000,000		1,001,083
4.750%, 11/17/15		1,000,000		1,147,532
5.125%, 10/18/16		2,000,000		2,376,835
5.000%, 4/18/17		300,000		357,038
4.875%, 6/13/18		1,000,000		1,206,759
3.750%, 3/27/19		1,250,000		1,426,365
Federal National Mortgage Association
4.625%, 10/15/13		3,460,000		3,722,076
0.625%, 12/6/13		500,000		500,828
2.875%, 12/11/13		500,000		523,889
2.750%, 2/5/14		1,200,000		1,257,926
2.750%, 3/13/14		2,500,000		2,623,688
2.500%, 5/15/14		2,500,000		2,619,755
1.100%, 8/1/14		300,000		300,198
1.150%, 8/8/14		300,000		300,260
3.000%, 9/16/14		1,000,000		1,064,777
2.625%, 11/20/14		400,000		422,681
0.750%, 11/21/14		400,000		400,096
0.900%, 12/5/14		500,000		501,296
1.000%, 1/26/15		500,000		501,565
2.000%, 1/27/15		500,000		500,609
5.000%, 4/15/15#		13,210,000		15,042,609
4.375%, 10/15/15		1,650,000		1,864,878
5.000%, 3/15/16		2,150,000		2,504,416
4.875%, 12/15/16		700,000		826,296
5.000%, 2/13/17		2,000,000		2,368,474
5.000%, 5/11/17		1,390,000		1,652,530
5.375%, 6/12/17		2,450,000		2,966,520
4.000%, 8/1/40		759,494		797,647
4.000%, 1/25/42 TBA		22,000,000		23,106,875
4.500%, 1/25/42 TBA		50,000,000		53,214,845

				165,519,861

*U.S. Treasuries (39.3%)*
U.S. Treasury Bonds
11.250%, 2/15/15		3,930,000		5,246,071
9.250%, 2/15/16		3,000,000		4,051,468
7.250%, 5/15/16		2,780,000		3,566,004
7.500%, 11/15/16		2,500,000		3,297,363
8.750%, 5/15/17		1,680,000		2,368,705
8.875%, 8/15/17		3,350,000		4,797,603
9.125%, 5/15/18		840,000		1,253,707
8.875%, 2/15/19		1,200,000		1,820,009
8.125%, 8/15/19		1,980,000		2,945,805
8.750%, 8/15/20		2,880,000		4,543,632
7.875%, 2/15/21		1,650,000		2,518,840
U.S. Treasury Notes
0.625%, 1/31/13		2,500,000		2,512,402
2.875%, 1/31/13		14,000,000		14,408,516
1.375%, 2/15/13		7,700,000		7,802,868
3.875%, 2/15/13		2,500,000		2,603,076
2.750%, 2/28/13		4,750,000		4,891,016
1.375%, 3/15/13		5,700,000		5,781,603

0.750%, 3/31/13	$	5,000,000	$	5,035,058
0.625%, 4/30/13		2,000,000		2,011,758
3.125%, 4/30/13		5,300,000		5,505,064
1.375%, 5/15/13		3,000,000		3,047,871
0.500%, 5/31/13		4,000,000		4,017,109
3.500%, 5/31/13		4,680,000		4,896,359
1.125%, 6/15/13		8,000,000		8,105,938
3.375%, 6/30/13		5,450,000		5,706,639
1.000%, 7/15/13		6,500,000		6,577,949
3.375%, 7/31/13		2,520,000		2,645,016
0.750%, 8/15/13		7,200,000		7,260,610
3.125%, 8/31/13		3,000,000		3,143,262
0.750%, 9/15/13		5,000,000		5,043,164
0.125%, 9/30/13		1,900,000		1,896,363
3.125%, 9/30/13		8,250,000		8,662,823
0.500%, 10/15/13		9,750,000		9,793,228
2.750%, 10/31/13		2,520,000		2,634,483
0.500%, 11/15/13		5,000,000		5,023,438
4.250%, 11/15/13		4,100,000		4,403,976
2.000%, 11/30/13		5,050,000		5,217,281
0.750%, 12/15/13		3,000,000		3,029,238
1.500%, 12/31/13		4,940,000		5,063,307
1.750%, 1/31/14		3,090,000		3,184,752
1.250%, 2/15/14		1,250,000		1,275,781
4.000%, 2/15/14		2,000,000		2,157,188
1.875%, 2/28/14		3,500,000		3,619,629
1.750%, 3/31/14		5,000,000		5,164,062
1.875%, 4/30/14		8,000,000		8,291,250
1.000%, 5/15/14		3,000,000		3,049,922
4.750%, 5/15/14		5,000,000		5,523,633
2.625%, 6/30/14		5,000,000		5,285,156
2.625%, 7/31/14		8,000,000		8,470,313
4.250%, 8/15/14		1,500,000		1,652,637
2.375%, 8/31/14		9,200,000		9,692,703
2.375%, 9/30/14		8,000,000		8,441,562
2.375%, 10/31/14		4,700,000		4,965,477
4.250%, 11/15/14		2,700,000		2,998,266
2.125%, 11/30/14		8,500,000		8,928,985
2.625%, 12/31/14		8,500,000		9,066,777
2.250%, 1/31/15		5,500,000		5,810,449
4.000%, 2/15/15		2,410,000		2,676,983
2.375%, 2/28/15		8,300,000		8,807,727
2.500%, 3/31/15		3,500,000		3,732,422
2.500%, 4/30/15		9,000,000		9,606,094
4.125%, 5/15/15		2,000,000		2,243,984
2.125%, 5/31/15		5,400,000		5,701,430
1.875%, 6/30/15		8,550,000		8,960,133
1.750%, 7/31/15		4,000,000		4,175,469
4.250%, 8/15/15		2,790,000		3,162,073
1.250%, 8/31/15		3,000,000		3,080,156
1.250%, 9/30/15		6,450,000		6,618,305
1.250%, 10/31/15		5,000,000		5,128,906
4.500%, 11/15/15		4,850,000		5,576,932
1.375%, 11/30/15		8,150,000		8,399,275
2.000%, 1/31/16		2,500,000		2,637,890
4.500%, 2/15/16		2,000,000		2,312,734
2.625%, 2/29/16		4,000,000		4,324,531
2.250%, 3/31/16		5,000,000		5,333,789
2.375%, 3/31/16		3,000,000		3,213,164
2.000%, 4/30/16		3,000,000		3,168,164
2.625%, 4/30/16		1,500,000		1,623,223

See Notes to Financial Statements.

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December 31, 2011


	Principal Amount		Value (Note 1)

5.125%, 5/15/16	$	3,350,000	$	3,987,023
1.750%, 5/31/16		3,000,000		3,137,461
3.250%, 5/31/16		1,550,000		1,720,137
3.250%, 6/30/16		3,000,000		3,332,109
1.500%, 7/31/16		4,000,000		4,135,781
3.250%, 7/31/16		4,000,000		4,448,594
4.875%, 8/15/16		1,380,000		1,637,079
3.000%, 8/31/16		3,000,000		3,304,922
1.000%, 9/30/16		2,000,000		2,020,859
3.000%, 9/30/16		6,100,000		6,725,727
3.125%, 10/31/16		5,400,000		5,988,516
0.875%, 12/31/16		4,000,000		4,007,344
3.250%, 12/31/16		2,350,000		2,624,197
3.125%, 1/31/17		2,200,000		2,445,781
4.625%, 2/15/17		4,450,000		5,281,420
3.000%, 2/28/17		4,300,000		4,756,203
3.250%, 3/31/17		2,400,000		2,687,625
3.125%, 4/30/17		4,100,000		4,567,015
4.500%, 5/15/17		2,000,000		2,372,578
2.750%, 5/31/17		3,000,000		3,283,945
2.500%, 6/30/17		2,950,000		3,190,840
2.375%, 7/31/17		3,000,000		3,224,766
4.750%, 8/15/17		2,600,000		3,131,070
1.875%, 8/31/17		3,500,000		3,663,789
1.875%, 9/30/17		3,200,000		3,346,250
1.875%, 10/31/17		5,000,000		5,228,515
2.250%, 11/30/17		1,150,000		1,227,086
2.750%, 12/31/17		1,000,000		1,096,367
2.625%, 1/31/18		2,500,000		2,723,145
3.500%, 2/15/18		3,250,000		3,706,143
2.875%, 3/31/18		1,000,000		1,104,492
2.625%, 4/30/18		3,000,000		3,266,836
3.875%, 5/15/18		2,200,000		2,566,609
2.375%, 5/31/18		3,000,000		3,217,500
2.250%, 7/31/18		5,000,000		5,318,750
4.000%, 8/15/18		1,300,000		1,531,309
1.500%, 8/31/18		4,000,000		4,058,906
1.375%, 9/30/18		5,500,000		5,530,293
3.750%, 11/15/18		5,110,000		5,945,565
1.375%, 12/31/18		5,000,000		5,009,570
2.750%, 2/15/19		5,600,000		6,134,187
3.125%, 5/15/19		5,650,000		6,335,945
3.625%, 8/15/19		9,400,000		10,889,312
3.375%, 11/15/19		450,000		513,088
3.625%, 2/15/20		7,700,000		8,931,399
3.500%, 5/15/20		8,400,000		9,664,922
2.625%, 8/15/20		8,850,000		9,546,246
2.625%, 11/15/20		10,500,000		11,305,957
3.625%, 2/15/21		11,700,000		13,585,254
3.125%, 5/15/21		28,400,000		31,713,703
2.125%, 8/15/21		32,700,000		33,541,771
2.000%, 11/15/21		2,000,000		2,022,969

				665,927,418

Total Government Securities				980,126,227


Time Deposit (0.4%)
Financials (0.4%)
*Certificates of Deposit (0.4%)*
Banco do Brasil S.A.
2.270%, 2/14/14(p)	$	5,600,000	$	5,592,048

Total Financials				5,592,048

Total Time Deposits				5,592,048

Total Long-Term Debt Securities (106.0%)
(Cost $1,750,834,905)				1,795,890,051

	Number of Shares		Value (Note 1)
COMMON STOCK:
Consumer Discretionary (0.0%)
*Media* (*0.0%)*
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%)
*Marine* (*0.0%)*
Horizon Lines, Inc., expiring 9/27/36*(b)†
(Cost $116,800)		284,878		49,569

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Certificate of Deposit (0.3%)
Itau Unibanco Holding S.A.
1.26%, 2/6/12(p)	$	4,900,000		4,893,679

Government Securities (0.0%)
U.S. Treasury Bills
0.03%, 5/10/12(p)		200,000		199,979
0.03%, 5/17/12(p)		179,000		178,976
0.05%, 6/14/12(p)		200,000		199,955
0.06%, 6/28/12(p)		200,000		199,941

Total Government Securities				778,851

Total Short-Term Investments (0.3%)
(Cost $5,670,940)				5,672,530

Total Investments (106.3%)
(Cost $1,756,638,185)				1,801,627,690
Other Assets Less Liabilities (-6.3%)				(106,744,684	)

Net Assets (100%)			$	1,694,883,006

*	Non-income producing.

†	Securities (totaling $7,361,849 or 0.4% 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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

qualified institutional buyers. At December 31, 2011, the market value of these securities amounted to $175,643,318 or 10.3% 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 $764,087

(b)

Illiquid Security.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2011.

(m)

(p)	Yield to maturity.

Glossary:

ABS

— Asset-Backed Security

ADR

— American Depositary Receipt

AUD

— Australian Dollar

CAD

— Canadian Dollar

CMO

— Collateralized Mortgage Obligation

DKK

— Danish Krone

EUR

— European Currency Unit

GBP

— British Pound

PIK

— Payment-in Kind Security

TBA

— Security is subject to delayed delivery.

At December 31, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 12/31/2011		Unrealized Appreciation/ (Depreciation)
10 Year Australian Bonds		147		March-12	$	17,671,820	$	17,876,045	$	204,225
Long Gilt		51		March-12		8,977,756		9,262,791		285,035

									$	489,260

At December 31, 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 2/2/12	Barclays Bank plc		956	$	974,275	$	944,972	$	29,303
British Pound vs. U.S. Dollar, expiring 3/12/12	Barclays Bank plc		156		242,109		243,924		(1,815	)
British Pound vs. U.S. Dollar, expiring 3/16/12	JPMorgan Chase Bank		225		349,180		353,338		(4,158	)
British Pound vs. U.S. Dollar, expiring 3/16/12	JPMorgan Chase Bank		1,312		2,036,108		2,104,658		(68,550	)
British Pound vs. U.S. Dollar, expiring 3/16/12	JPMorgan Chase Bank		338		524,546		522,067		2,479
Chinese Renminbi vs. U.S. Dollar, expiring 6/1/12	Citibank N.A.		21,872		3,467,759		3,435,799		31,960
Danish Krone vs. U.S. Dollar, expiring 3/8/12	Morgan Stanley		803		139,908		139,696		212
European Union Euro vs. U.S. Dollar, expiring 1/17/12	Barclays Bank plc		266		344,300		345,877		(1,577	)
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		375		485,385		536,224		(50,839	)
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		1,900		2,459,283		2,744,641		(285,358	)
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		1,010		1,307,304		1,347,998		(40,694	)
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		800		1,035,488		1,107,306		(71,818	)
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		5,228		6,766,913		6,806,438		(39,525	)
European Union Euro vs. U.S. Dollar, expiring 3/16/12	JPMorgan Chase Bank		475		615,160		638,367		(23,207	)
European Union Euro vs. U.S. Dollar, expiring 3/16/12	JPMorgan Chase Bank		1,600		2,072,118		2,154,528		(82,410	)
European Union Euro vs. U.S. Dollar, expiring 3/16/12	JPMorgan Chase Bank		304		393,703		405,844		(12,141	)
European Union Euro vs. U.S. Dollar, expiring 3/16/12	JPMorgan Chase Bank		1,350		1,748,350		1,798,929		(50,579	)
Japanese Yen vs. U.S. Dollar, expiring 1/13/12	Barclays Bank plc		280,200		3,640,701		3,646,713		(6,012	)
Korean Won vs. U.S. Dollar, expiring 2/27/12	Citibank N.A.		5,604,275		4,846,443		5,007,170		(160,727	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

At December 31, 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)
Mexican Peso vs. U.S. Dollar, expiring 3/15/12	HSBC Bank plc		118	$	8,417	$	8,708	$	(291	)
Singapore Dollar vs. U.S. Dollar, expiring 2/10/12	JPMorgan Chase Bank		43		33,337		33,175		162
Taiwan Dollar vs. U.S. Dollar, expiring 1/11/12	JPMorgan Chase Bank		65,481		2,162,731		2,300,000		(137,269	)

								$	(972,854	)



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 2/2/12	Westpac Banking Corp.		10,070	$	9,912,908	$	10,262,494	$	(349,586	)
British Pound vs. U.S. Dollar, expiring 3/12/12	JPMorgan Chase Bank		1,044		1,637,331		1,620,265		17,066
British Pound vs. U.S. Dollar, expiring 3/16/12	JPMorgan Chase Bank		1,875		2,952,698		2,909,835		42,863
Canadian Dollar vs. U.S. Dollar, expiring 2/9/12	Barclays Bank plc		113		109,636		110,828		(1,192	)
Canadian Dollar vs. U.S. Dollar, expiring 2/9/12	JPMorgan Chase Bank		2		1,924		1,962		(38	)
Danish Krone vs. U.S. Dollar, expiring 1/3/12	HSBC Bank plc		37,659		6,585,412		6,556,976		28,436
Danish Krone vs. U.S. Dollar, expiring 1/3/12	JPMorgan Chase Bank		15,078		2,630,516		2,625,294		5,222
Danish Krone vs. U.S. Dollar, expiring 3/8/12	JPMorgan Chase Bank		1,027		185,263		178,936		6,327
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		7,913		11,148,634		10,242,269		906,365
European Union Euro vs. U.S. Dollar, expiring 1/17/12	JPMorgan Chase Bank		11,163		15,178,052		14,448,938		729,114
European Union Euro vs. U.S. Dollar, expiring 3/16/12	JPMorgan Chase Bank		1,600		2,180,960		2,072,118		108,842
European Union Euro vs. U.S. Dollar, expiring 3/16/12	JPMorgan Chase Bank		4,875		6,684,956		6,313,486		371,470
Japanese Yen vs. U.S. Dollar, expiring 1/13/12	Barclays Bank plc		304,982		3,919,120		3,962,699		(43,579	)
Japanese Yen vs. U.S. Dollar, expiring 1/13/12	Citibank N.A.		281,263		3,663,490		3,654,513		8,977
Korean Won vs. U.S. Dollar, expiring 2/27/12	Citibank N.A.		1,092,207		938,000		944,515		(6,515	)
Singapore Dollar vs. U.S. Dollar, expiring 2/10/12	Citibank N.A.		51		39,000		39,091		(91	)
Taiwan Dollar vs. U.S. Dollar, expiring 1/11/12	Barclays Bank plc		62,546		2,200,001		2,065,793		134,208
Taiwan Dollar vs. U.S. Dollar, expiring 1/11/12	Barclays Bank plc		2,362		78,000		78,021		(21	)

								$	1,957,868

								$	985,014

Options Written:

Options written through the year ended December 31, 2011 were as follows:


	Total Number of Contracts			Total Premiums Received
Options Outstanding - January 1, 2011		452		$	206,136
Options Written		1,939			853,824
Options Terminated in Closing Purchase Transactions		(2,231	)		(992,860	)
Options Expired		(160	)		(67,100	)
Options Exercised		—			—

Options Outstanding - December 31, 2011		—		$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011



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	$	—	$	5,970,137		$	3,580,007	$	9,550,144
Non-Agency CMO		—		25,854,071			—		25,854,071
Common Stocks
Consumer Discretionary		—		—			15,540		15,540
Corporate Bonds
Consumer Discretionary		—		59,000,015			1,427,357		60,427,372
Consumer Staples		—		52,151,309			—		52,151,309
Energy		—		65,398,206			—		65,398,206
Financials		—		330,440,638			—		330,440,638
Health Care		—		53,955,073			—		53,955,073
Industrials		—		57,523,666			2,289,376		59,813,042
Information Technology		—		22,922,310			—		22,922,310
Materials		—		49,408,276			—		49,408,276
Telecommunication Services		—		39,291,874			—		39,291,874
Utilities		—		40,959,461			—		40,959,461
Forward Currency Contracts		—		2,423,006			—		2,423,006
Futures		489,260		—			—		489,260
Government Securities
Agency ABS		—		43,794,156			—		43,794,156
Agency CMO		—		1,260,000			—		1,260,000
Foreign Governments		—		35,562,579			—		35,562,579
Municipal Bonds		—		35,175,282			—		35,175,282
Supranational		—		32,886,931			—		32,886,931
U.S. Government Agencies		—		165,519,861			—		165,519,861
U.S. Treasuries		—		665,927,418			—		665,927,418
Short-Term Investments		—		5,672,530			—		5,672,530
Time Deposits
Financials		—		5,592,048			—		5,592,048
Warrants
Industrials		—		—			49,569		49,569

Total Assets	$	489,260	$	1,796,688,847		$	7,361,849	$	1,804,539,956


Liabilities:
Forward Currency Contracts		—		(1,437,992	)		—		(1,437,992	)

Total Liabilities	$	—	$	(1,437,992	)	$	—	$	(1,437,992	)

Total	$	489,260	$	1,795,250,855		$	7,361,849	$	1,803,101,964

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

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



	Investments in Bonds-Asset Backed Securities			Investments in Corporate Bonds- Consumer Discretionary			Investments in Corporate Bonds- Healthcare			Investments in Corporate Bonds- Industrials			Investments in Common Stocks- Consumer Discretionary			Investments in Warrants- Industrials			Investments in Warrants- Telecommunication Services

Balance as of 12/31/10	$	940,828		$	1,224,469		$	163,073		$	1,100,000		$	—		$	—		$	68,720
Total gains or losses (realized/ unrealized) included in earnings		(90,868	)		(44,724	)		18,119			(281,065	)		1,045,800			(67,218	)		77,310
Purchases		3,670,875			1,472,081			—			1,470,441			15,540			116,800			—
Sales		—			—			(181,192	)		—			(1,045,800	)		(13	)		(146,030	)
Issuances		—			—			—			—			—			—			—
Settlements		—			—			—			—			—			—			—
Transfers into Level 3		—			—			—			—			—			—			—
Transfers out of Level 3		(940,828	)		(1,224,469	)		—			—			—			—			—

Balance as of 12/31/11	$	3,580,007		$	1,427,357		$	—		$	2,289,376		$	15,540		$	49,569		$	—

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 12/31/11.	$	(90,868	)	$	(44,724	)	$	—		$	(281,065	)	$	—		$	(67,231	)	$	—

Fair Values of Derivative Instruments as of December 31, 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	$	489,260	*
Foreign exchange contracts	Receivables		2,423,006
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables

Total		$	2,912,266


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(1,437,992	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(1,437,992	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 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	$	(206,204	)	$	10,062,704	$	—		$	—	$	9,856,500
Foreign exchange contracts		—			—		(245,592	)		—		(245,592	)
Credit contracts		—			—		—			—		—
Equity contracts		—			—		—			—		—
Commodity contracts		—			—		—			—		—
Other contracts		—			—		—			—		—

Total	$	(206,204	)	$	10,062,704	$	(245,592	)	$	—	$	9,610,908


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	$	108,848	$	489,260	$	—	$	—	$	598,108
Foreign exchange contracts		—		—		129,584		—		129,584
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	108,848	$	489,260	$	129,584	$	—	$	727,692

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $149,187,000, futures contracts with an average notional balance of approximately $321,129,000 and option contracts with an average notional balance of approximately $273,000 during the year ended December 31, 2011.

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

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,238,780,277
Long-term U.S. Treasury securities		2,236,654,575

	$	4,475,434,852

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,004,891,387
Long-term U.S. Treasury securities		2,256,295,055

	$	5,261,186,442

As of December 31, 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	$	68,691,020
Aggregate gross unrealized depreciation		(23,934,489	)

Net unrealized appreciation	$	44,756,531

Federal income tax cost of investments	$	1,756,871,159

The Portfolio has a net capital loss carryforward of $545,947,121 of which $38,579,495 expires in the year 2016 and $507,367,626 expires in the year 2017. The Portfolio utilized net capital loss carryforward of $53,498,653 during 2011.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value (Cost $1,756,638,185)	$	1,801,627,690
Cash		5,591,659
Foreign cash (Cost $354,822)		361,778
Dividends, interest and other receivables		17,016,968
Receivable for securities sold		16,157,433
Receivable for forward commitments		5,182,812
Unrealized appreciation on forward foreign currency contracts		2,423,006
Receivable from Separate Accounts for Trust shares sold		1,027,511
Due from broker for futures variation margin		172,583
Other assets		5,035

Total assets		1,849,566,475

LIABILITIES
Payable for forward commitments		80,863,281
Payable for securities purchased		69,079,789
Unrealized depreciation on forward foreign currency contracts		1,437,992
Payable to Separate Accounts for Trust shares redeemed		948,600
Investment management fees payable		797,175
Payable for return of cash collateral on forward contracts		689,524
Payable for return of cash collateral on forward commitments		339,320
Administrative fees payable		257,834
Distribution fees payable - Class B		149,125
Trustees’ fees payable		22,439
Accrued expenses		98,390

Total liabilities		154,683,469

NET ASSETS	$	1,694,883,006

Net assets were comprised of:
Paid in capital	$	2,198,093,945
Accumulated undistributed net investment income (loss)		(1,786,626	)
Accumulated undistributed net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		(547,864,684	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		46,440,371

Net assets	$	1,694,883,006

Class A
Net asset value, offering and redemption price per share, $217,288,135 / 55,370,116 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.92

Class B
Net asset value, offering and redemption price per share, $706,955,201 / 180,990,004 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.91

Class K
Net asset value, offering and redemption price per share, $770,639,670 / 196,374,175 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.92

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Interest(net of $11,726 foreign withholding tax)	$	82,016,138

EXPENSES
Investment management fees		12,387,281
Administrative fees		3,627,936
Distribution fees - Class B		1,789,907
Printing and mailing expenses		168,140
Custodian fees		147,400
Professional fees		81,767
Trustees’ fees		31,473
Miscellaneous		148,364

Total expenses		18,382,268

NET INVESTMENT INCOME (LOSS)		63,633,870

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		46,372,093
Futures		10,062,704
Foreign currency transactions		836,353
Options written		(206,204	)
Securities sold short		(59,375	)

Net realized gain (loss)		57,005,571

Change in unrealized appreciation (depreciation) on:
Securities		2,164,106
Futures		489,260
Foreign currency translations		301,501
Options written		108,848

Net change in unrealized appreciation (depreciation)		3,063,715

NET REALIZED AND UNREALIZED GAIN (LOSS)		60,069,286

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	123,703,156

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	63,633,870		$	62,732,496
Net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		57,005,571			14,140,540
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		3,063,715			40,875,611

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		123,703,156			117,748,647

DIVIDENDS:
Dividends from net investment income
Class A		(9,518,985	)		(49,411,382	)
Class B		(27,241,196	)		(18,727,267	)
Class K†		(31,462,559	)		—

TOTAL DIVIDENDS		(68,222,740	)		(68,138,649	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 54,866,202 and 225,571,439 shares, respectively ]		217,514,732			890,017,496
Capital shares issued in reinvestment of dividends [ 2,424,161 and 12,772,091 shares, respectively ]		9,518,985			49,411,382
Capital shares repurchased [ (447,765,861) and (36,306,915) shares, respectively ]		(1,811,465,807	)(z)		(142,103,815	)

Total Class A transactions		(1,584,432,090	)		797,325,063

Class B
Capital shares sold [ 28,787,494 and 40,804,322 shares, respectively ]		114,006,482			158,175,904
Capital shares issued in reinvestment of dividends [ 6,982,648 and 4,863,331 shares, respectively ]		27,241,196			18,727,267
Capital shares repurchased [ (40,047,128) and (40,534,052) shares, respectively ]		(158,853,959	)		(157,798,380	)

Total Class B transactions		(17,606,281	)		19,104,791

Class K†
Capital shares sold [ 384,241,513 and 0 shares, respectively ]		1,557,950,637	(z)		—
Capital shares issued in reinvestment of dividends [ 8,030,348 and 0 shares, respectively ]		31,462,559			—
Capital shares repurchased [ (195,897,686) and 0 shares, respectively ]		(796,189,401	)		—

Total Class K transactions		793,223,795			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(808,814,576	)		816,429,854

TOTAL INCREASE (DECREASE) IN NET ASSETS		(753,334,160	)		866,039,852
NET ASSETS:
Beginning of year		2,448,217,166			1,582,177,314

End of year (a)	$	1,694,883,006		$	2,448,217,166

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(1,786,626	)	$	(880,391	)

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Multi-Sector Bond Portfolio exchanged approximately 376,426,249 Class A shares for approximately 376,426,249 Class K shares. This exchange amounted to approximately $1,526,251,253.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	3.88		$	3.74		$	3.56		$	5.34		$	5.61

Income (loss) from investment operations:
Net investment income (loss)		0.11	(e)		0.13	(e)		0.18	(e)		0.44	(e)		0.45	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.10			0.12			0.18			(1.72	)		(0.27	)

Total from investment operations		0.21			0.25			0.36			(1.28	)		0.18

Less distributions:
Dividends from net investment income		(0.17	)		(0.11	)		(0.18	)		(0.50	)		(0.45	)

Net asset value, end of year	$	3.92		$	3.88		$	3.74		$	3.56		$	5.34

Total return		5.35	%		6.79	%		10.09	%		(23.39	)%		3.29	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	217,288		$	1,731,954		$	911,802		$	682,451		$	887,961
Ratio of expenses to average net assets		0.69	%		0.70	%		0.74	%		0.76	%		0.76	%
Ratio of net investment income (loss) to average net assets		2.67	%		3.20	%		4.72	%		8.81	%		7.78	%
Portfolio turnover rate		186	%		261	%		371	%		155	%		108	%



	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	3.87		$	3.72		$	3.55		$	5.32		$	5.58

Income (loss) from investment operations:
Net investment income (loss)		0.10	(e)		0.12	(e)		0.17	(e)		0.42	(e)		0.43	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.10			0.13			0.17			(1.70	)		(0.25	)

Total from investment operations		0.20			0.25			0.34			(1.28	)		0.18

Less distributions:
Dividends from net investment income		(0.16	)		(0.10	)		(0.17	)		(0.49	)		(0.44	)

Net asset value, end of year	$	3.91		$	3.87		$	3.72		$	3.55		$	5.32

Total return		5.08	%		6.82	%		9.53	%		(23.55	)%		3.18	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	706,955		$	716,263		$	670,375		$	623,307		$	1,034,629
Ratio of expenses to average net assets		0.94	%		0.95	%(c)		0.99	%(c)		1.01	%		1.01	%
Ratio of net investment income (loss) to average net assets		2.48	%		2.99	%		4.62	%		8.46	%		7.53	%
Portfolio turnover rate		186	%		261	%		371	%		155	%		108	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	4.05

Income (loss) from investment operations:
Net investment income (loss)		0.04	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, option written, futures and foreign currency transactions.		—

Total from investment operations		0.04

Less distributions:
Dividends from net investment income		(0.17	)

Net asset value, end of period	$	3.92

Total return (b)		0.89	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	770,640
Ratio of expenses to average net assets (a)		0.69	%
Ratio of net investment income (loss) to average net assets (a)		2.90	%
Portfolio turnover rate		186	%

*	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 expenses.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

260

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø

BlackRock Investment Management LLC

_Ø

Lord, Abbett & Co. LLC****

_Ø

Morgan Stanley Investment Management Inc.*****

_Ø

NorthPointe Capital, LLC*****

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.*
Portfolio – Class A Shares**		(15.43	)%		(2.60	)%		0.90	%		4.69	%
Portfolio – Class B Shares		(15.74	)		(2.79	)		0.80			4.62
Portfolio – Class K Shares***		(15.75	)		(2.77	)		0.80			4.62
Russell 2000^® Growth Index		(2.91	)		2.09			4.48			4.14
Volatility Managed Index – Small Cap Growth 2000		(8.06	)		2.94			5.77			5.60
* Date of inception 12/1/98. Date of inception 1/22/08. Returns shown for Class A shares prior to this period are derived from the historical performance of Class B shares adjusted to reflect the 12b-1 fees, applicable to Class B shares; Class A shares are not subject to any 12b-1 fees. * Date of inception 8/26/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class B shares adjusted to reflect the 12b-1 fees, applicable to B shares; Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

****	Effective May 1, 2011, Lord, Abbett & Co. LLC replaced Wells Capital Management, Inc. as sub-advisor of the Portfolio.

*****

Effective January 14, 2011, Morgan Stanley Investment Management Inc. and NorthPointe Capital, LLC replaced Eagle Asset Management Inc. as sub-advisors of the Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (15.43)% for the year ended December 31, 2011. The Portfolio’s benchmark, the Russell 2000^® Growth Index, returned (2.91)%, and the Volatility Managed Index – Small Cap Growth 2000 returned (8.06)% over the same period.

2011 was extremely volatile for the equity markets. Investors saw a rise in stock prices early in the year only to watch those same stocks fall sharply for five months through September, yet rally again in the fourth quarter. Despite this late push many stocks finished the year underwater. For the year, small capitalization U.S. growth equities, as measured by the Russell 2000^® Growth Index, posted a negative return. For the benchmark, only three of the ten sectors posted positive returns, led by Consumer Staples and Health Care, while Materials and Energy were the worst.

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

Portfolio Highlights

What helped performance during the year:

•

An overweight position relative to the benchmark in Owning Liquidity Services, in the Information Technology sector, was the largest contributor to returns.

•

Security selection within the Utilities sector contributed to overall Portfolio performance. Specifically, an overweight position in Brookfield Infrastructure Partners, which was not held by the benchmark, aided performance.

•

Individual holdings Advisory Board Co. (Industrials sector) and Merge Healthcare Inc. were also notable contributors to performance.

What hurt performance during the year:

•

Stock selection in the Financials and Information Technology sectors hurt the Portfolio’s overall performance.

•

Both an overweight to the Consumer Discretionary sector and stock selection within the sector detracted from performance.

•

Lynas Corporation (Materials sector) was the Portfolio’s largest individual detractor.

•

261

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO (Unaudited)


Sector Weightings as of 12/31/11	% of Net Assets
Information Technology		20.9	%
Health Care		16.4
Industrials		15.2
Consumer Discretionary		13.1
Energy		7.1
Financials		4.7
Materials		4.4
Consumer Staples		1.8
Utilities		1.2
Telecommunication Services		0.6
Cash and Other		14.6

		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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$814.53		$4.70
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.03		5.23
Class B
Actual		1,000.00		812.23		5.87
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.73		6.53
Class K†
Actual		1,000.00		1,014.86		3.67
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.97		5.29
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.03%, 1.28% and 1.04%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 128/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 8/26/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (13.1%)
*Auto Components* (*0.5%)*
American Axle & Manufacturing Holdings, Inc.*		5,213	$	51,557
Amerigon, Inc.*		8,025		114,436
Better Place, Inc.†(b)		139,552		538,531
Cooper Tire & Rubber Co.		21,955		307,590
Dana Holding Corp.*		48,760		592,434
Dorman Products, Inc.*		3,798		140,260
Drew Industries, Inc.*		2,679		65,716
Exide Technologies, Inc.*		7,091		18,649
Stoneridge, Inc.*		9,424		79,444
Tenneco, Inc.*		21,423		637,977
Tower International, Inc.*		2,290		24,595

				2,571,189

*Automobiles (0.0%)*
Winnebago Industries, Inc.*		10,436		77,018

*Distributors (0.1%)*
Core-Mark Holding Co., Inc.		578		22,889
Pool Corp.		17,108		514,951

				537,840

*Diversified Consumer Services (0.6%)*
American Public Education, Inc.*		6,336		274,222
Archipelago Learning, Inc.*		2,536		24,523
Bridgepoint Education, Inc.*		6,429		147,867
Capella Education Co.*		5,145		185,477
Coinstar, Inc.*		11,146		508,703
Grand Canyon Education, Inc.*		10,111		161,372
Hillenbrand, Inc.		22,364		499,164
K12, Inc.*		9,190		164,869
Matthews International Corp., Class A		4,014		126,160
National American University Holdings, Inc.		3,205		24,294
Sotheby’s, Inc.		23,958		683,522
Steiner Leisure Ltd.*		5,337		242,246
Strayer Education, Inc.		4,330		420,833
Universal Technical Institute, Inc.*		7,638		97,614

				3,560,866

*Hotels, Restaurants & Leisure (3.5%)*
AFC Enterprises, Inc.*		8,812		129,536
Ambassadors Group, Inc.		1,196		5,394
Ameristar Casinos, Inc.		11,531		199,371
Biglari Holdings, Inc.*		42		15,466
BJ’s Restaurants, Inc.*		8,536		386,852
Bravo Brio Restaurant Group, Inc.*		44,063		755,680
Buffalo Wild Wings, Inc.*		6,509		439,423
Caribou Coffee Co., Inc.*		69,772		973,319
Carrols Restaurant Group, Inc.*		4,538		52,505
CEC Entertainment, Inc.		7,090		244,250
Cheesecake Factory, Inc.*		20,523		602,350
Churchill Downs, Inc.		1,167		60,836
Country Style Cooking Restaurant Chain Co., Ltd. (ADR)*		66,027		486,619

Cracker Barrel Old Country Store, Inc.		7,692	$	387,754
Denny’s Corp.*		25,078		94,293
DineEquity, Inc.*		5,472		230,973
Domino’s Pizza, Inc.*		7,893		267,967
Dunkin’ Brands Group, Inc.*		63,471		1,585,506
Einstein Noah Restaurant Group, Inc.		1,820		28,792
Interval Leisure Group, Inc.*		14,207		193,357
Jack in the Box, Inc.*		872		18,225
Jamba, Inc.*		24,224		31,733
Krispy Kreme Doughnuts, Inc.*		21,039		137,595
Lakes Entertainment, Inc.*		53,886		101,306
Life Time Fitness, Inc.*		13,602		635,894
Morgans Hotel Group Co.*		2,739		16,160
P.F. Chang’s China Bistro, Inc.		125,096		3,866,717
Papa John’s International, Inc.*		6,592		248,387
Peet’s Coffee & Tea, Inc.*		20,087		1,259,053
Pinnacle Entertainment, Inc.*		1,296		13,167
Red Robin Gourmet Burgers, Inc.*		4,169		115,481
Ruth’s Hospitality Group, Inc.*		2,401		11,933
Scientific Games Corp., Class A*		11,024		106,933
Shuffle Master, Inc.*		59,064		692,230
Six Flags Entertainment Corp.		14,801		610,393
Sonic Corp.*		22,098		148,720
Texas Roadhouse, Inc.		21,034		313,407
Town Sports International Holdings, Inc.*		3,037		22,322
Vail Resorts, Inc.		82,233		3,483,390

				18,973,289

*Household Durables (0.8%)*
American Greetings Corp., Class A		880		11,009
Brookfield Incorporacoes S.A.		382,992		1,016,384
Ethan Allen Interiors, Inc.		3,083		73,098
iRobot Corp.*		88,652		2,646,262
Libbey, Inc.*		7,030		89,562
Skullcandy, Inc.*		1,117		13,985
SodaStream International Ltd.*		13,300		434,777
Universal Electronics, Inc.*		2,010		33,908
Zagg, Inc.*		8,040		56,843

				4,375,828

*Internet & Catalog Retail* (*1.5%)*
Blue Nile, Inc.*		79,718		3,258,872
Geeknet, Inc.*		1,542		26,291
HSN, Inc.		14,191		514,566
MakeMyTrip Ltd.*		85,841		2,063,618
Nutrisystem, Inc.		9,506		122,912
Ocado Group plc*		719,734		608,054
Overstock.com, Inc.*		4,221		33,093
Peixe Urbano, Inc. (ADR)*†(b)		10,195		285,284
PetMed Express, Inc.		7,119		73,895
Shutterfly, Inc.*		49,179		1,119,314
U.S. Auto Parts Network, Inc.*		5,340		23,336
Valuevision Media, Inc., Class A*		11,676		21,951

				8,151,186

See Notes to Financial Statements.

263

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

*Leisure Equipment & Products (0.5%)*
Brunswick Corp.		31,525	$	569,341
Marine Products Corp.*		2,106		10,446
Smith & Wesson Holding Corp.*		6,755		29,452
Sturm Ruger & Co., Inc.		6,684		223,647
Universal Entertainment Corp.		62,500		1,728,758

				2,561,644

*Media (1.5%)*
Arbitron, Inc.		9,625		331,196
Belo Corp., Class A		9,964		62,773
Cinemark Holdings, Inc.		29,997		554,645
Crown Media Holdings, Inc., Class A*		2,058		2,490
Cumulus Media, Inc., Class A*		2,666		8,905
Digital Domain Media Group, Inc.*		702		4,268
Digital Generation, Inc.*		7,569		90,223
Entravision Communications Corp., Class A		11,354		17,712
Global Sources Ltd.*		3,683		17,863
Knology, Inc.*		9,982		141,745
Lamar Advertising Co., Class A*		95,813		2,634,858
LIN TV Corp., Class A*		779		3,295
Lions Gate Entertainment Corp.*		15,957		132,762
MDC Partners, Inc., Class A		8,895		120,261
Morningstar, Inc.		40,452		2,404,871
National CineMedia, Inc.		19,536		242,246
Nexstar Broadcasting Group, Inc., Class A*		751		5,888
Pandora Media, Inc.*		87,827		879,148
ReachLocal, Inc.*		3,568		22,050
Rentrak Corp.*		3,465		49,480
Sinclair Broadcast Group, Inc., Class A		1,316		14,910
Valassis Communications, Inc.*		15,858		304,949
Value Line, Inc.		550		5,654
World Wrestling Entertainment, Inc., Class A		8,684		80,935

				8,133,127

*Multiline Retail (0.0%)*
99 Cents Only Stores*		1,981		43,483
Gordmans Stores, Inc.*		1,797		22,588

				66,071

*Specialty Retail (2.1%)*
Aeropostale, Inc.*		28,703		437,721
America’s Car-Mart, Inc.*		1,542		60,416
ANN, Inc.*		18,449		457,166
Ascena Retail Group, Inc.*		22,330		663,648
Body Central Corp.*		70,129		1,750,420
Buckle, Inc.		9,569		391,085
Cato Corp., Class A		9,905		239,701
Citi Trends, Inc.*		61,047		535,993
Conn’s, Inc.*		454		5,039
Cost Plus, Inc.*		4,267		41,603
Destination Maternity Corp.		3,844		64,272
Express, Inc.*		19,616		391,143
Finish Line, Inc., Class A		5,672		109,384
Francesca’s Holdings Corp.*		39,355		680,841
Genesco, Inc.*		832		51,368

GNC Holdings, Inc., Class A*		8,130	$	235,363
hhgregg, Inc.*		403		5,823
Hibbett Sports, Inc.*		23,503		1,061,866
Jos. A. Bank Clothiers, Inc.*		9,832		479,408
Lumber Liquidators Holdings, Inc.*		8,282		146,260
Mattress Firm Holding Corp.*		684		15,862
Men’s Wearhouse, Inc.		3,151		102,124
Monro Muffler Brake, Inc.		10,816		419,553
New York & Co., Inc.*		775		2,061
Pier 1 Imports, Inc.*		10,908		151,948
Rue21, Inc.*		5,341		115,366
Select Comfort Corp.*		43,530		944,166
Systemax, Inc.*		312		5,120
Teavana Holdings, Inc.*		789		14,817
Vitamin Shoppe, Inc.*		8,794		350,705
Winmark Corp.		791		45,380
Zumiez, Inc.*		54,892		1,523,802

				11,499,424

*Textiles, Apparel & Luxury Goods (2.0%)*
Carter’s, Inc.*		15,088		600,653
Cherokee, Inc.		2,513		29,327
Columbia Sportswear Co.		2,947		137,183
Crocs, Inc.*		32,022		472,965
Delta Apparel, Inc.*		222		4,238
G-III Apparel Group Ltd.*		5,918		147,417
Iconix Brand Group, Inc.*		254,400		4,144,176
Kenneth Cole Productions, Inc., Class A*		972		10,293
Liz Claiborne, Inc.*		1,941		16,751
Maidenform Brands, Inc.*		8,384		153,427
Oxford Industries, Inc.		4,536		204,664
Perry Ellis International, Inc.*		216,350		3,076,497
R.G. Barry Corp.		276		3,334
Steven Madden Ltd.*		13,457		464,267
True Religion Apparel, Inc.*		9,114		315,162
Vera Bradley, Inc.*		6,990		225,428
Warnaco Group, Inc.*		12,100		605,484
Wolverine World Wide, Inc.		17,669		629,723

				11,240,989

Total Consumer Discretionary				71,748,471

Consumer Staples (1.8%)
*Beverages (0.1%)*
Boston Beer Co., Inc., Class A*		2,906		315,475
Coca-Cola Bottling Co. Consolidated		1,633		95,612
Craft Brewers Alliance, Inc.*		1,160		6,983
Heckmann Corp.*		17,381		115,584
National Beverage Corp.*		3,886		62,448
Primo Water Corp.*		3,415		10,382

				606,484

*Food & Staples Retailing (0.7%)*
Arden Group, Inc., Class A		248		22,323
Casey’s General Stores, Inc.		13,485		694,612
Chefs’ Warehouse, Inc.*		2,001		35,738
Fresh Market, Inc.*		9,977		398,082
Pantry, Inc.*		580		6,943
Pricesmart, Inc.		23,329		1,623,465

See Notes to Financial Statements.

264

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Rite Aid Corp.*		14,540	$	18,320
Ruddick Corp.		9,399		400,773
United Natural Foods, Inc.*		17,142		685,852

				3,886,108

*Food Products (0.5%)*
Alico, Inc.		531		10,285
B&G Foods, Inc.		9,691		233,262
Calavo Growers, Inc.		4,240		108,883
Cal-Maine Foods, Inc.		268		9,801
Darling International, Inc.*		41,653		553,568
Diamond Foods, Inc.		7,852		253,384
Dole Food Co., Inc.*		2,368		20,483
Hain Celestial Group, Inc.*		3,140		115,112
J&J Snack Foods Corp.		5,092		271,302
Lancaster Colony Corp.		6,637		460,210
Lifeway Foods, Inc.*		1,561		15,048
Limoneira Co.		2,744		46,401
Omega Protein Corp.*		668		4,763
Smart Balance, Inc.*		10,077		54,013
Tootsie Roll Industries, Inc.		7,818		185,052
TreeHouse Foods, Inc.*		7,420		485,120

				2,826,687

*Household Products (0.1%)*
Oil-Dri Corp. of America		297		6,011
Spectrum Brands Holdings, Inc.*		4,711		129,081
WD-40 Co.		5,682		229,610

				364,702

*Personal Products (0.4%)*
Elizabeth Arden, Inc.*		7,076		262,095
Female Health Co.		6,628		29,892
Inter Parfums, Inc.		41,958		652,867
Medifast, Inc.*		4,911		67,379
Nature’s Sunshine Products, Inc.*		3,968		61,583
Nu Skin Enterprises, Inc., Class A		19,443		944,347
Schiff Nutrition International, Inc.*		1,076		11,513
Synutra International, Inc.*		6,177		31,256
USANA Health Sciences, Inc.*		2,285		69,395

				2,130,327

*Tobacco* (*0.0%)*
Star Scientific, Inc.*		33,712		73,492
Vector Group Ltd.		11,623		206,425

				279,917

Total Consumer Staples				10,094,225

Energy (7.1%)
*Energy Equipment & Services* (*1.8%)*
Basic Energy Services, Inc.*		8,649		170,385
C&J Energy Services, Inc.*		221,872		4,643,781
Cal Dive International, Inc.*		21,053		47,369
Complete Production Services, Inc.*		27,987		939,244
Dawson Geophysical Co.*		781		30,873
Dril-Quip, Inc.*		12,213		803,860
Geokinetics, Inc.*		3,794		8,157
Global Geophysical Services, Inc.*		116,477		782,725
Gulf Island Fabrication, Inc.		753		21,995

Gulfmark Offshore, Inc., Class A*		1,514	$	63,603
ION Geophysical Corp.*		46,338		284,052
Key Energy Services, Inc.*		39,438		610,106
Lufkin Industries, Inc.		10,827		728,765
Matrix Service Co.*		1,525		14,396
Mitcham Industries, Inc.*		2,226		48,616
Newpark Resources, Inc.*		2,197		20,872
OYO Geospace Corp.*		1,556		120,326
Pioneer Drilling Co.*		17,284		167,309
RigNet, Inc.*		2,050		34,317
Tesco Corp.*		8,735		110,410
TETRA Technologies, Inc.*		2,918		27,254
Willbros Group, Inc.*		2,655		9,744

				9,688,159

*Oil, Gas & Consumable Fuels* (*5.3%)*
Abraxas Petroleum Corp.*		1,151,779		3,800,871
Alon USA Energy, Inc.		3,088		26,897
Amyris, Inc.*		6,314		72,864
Apco Oil and Gas International, Inc.		3,261		266,489
Approach Resources, Inc.*		6,573		193,312
ATP Oil & Gas Corp.*		15,967		117,517
Berry Petroleum Co., Class A		18,319		769,764
Bill Barrett Corp.*		1,287		43,848
BPZ Resources, Inc.*		8,534		24,237
Callon Petroleum Co.*		14,041		69,784
Carrizo Oil & Gas, Inc.*		13,804		363,735
Cheniere Energy, Inc.*		29,518		256,511
Clayton Williams Energy, Inc.*		2,119		160,790
Clean Energy Fuels Corp.*		17,781		221,551
Cloud Peak Energy, Inc.*		4,494		86,824
Contango Oil & Gas Co.*		4,363		253,839
Crosstex Energy, Inc.		12,939		163,549
CVR Energy, Inc.*		31,288		586,024
Energy XXI Bermuda Ltd.*		26,730		852,152
Evolution Petroleum Corp.*		5,609		45,152
FX Energy, Inc.*		18,782		90,154
GeoResources, Inc.*		2,801		82,097
Gevo, Inc.*		2,100		13,209
GMX Resources, Inc.*		6,904		8,630
Golar LNG Ltd.		14,150		628,968
Goodrich Petroleum Corp.*		9,284		127,469
Gulfport Energy Corp.*		16,138		475,264
Hallador Energy Co.		1,347		13,376
Houston American Energy Corp.*		5,754		70,141
Hyperdynamics Corp.*		55,796		136,700
Isramco, Inc.*		374		33,495
KiOR, Inc., Class A*		2,094		21,317
Kodiak Oil & Gas Corp.*		125,623		1,193,419
Magnum Hunter Resources Corp.*		1,061,892		5,723,598
McMoRan Exploration Co.*		34,721		505,191
Northern Oil and Gas, Inc.*		22,393		536,984
Oasis Petroleum, Inc.*		81,926		2,383,227
Panhandle Oil and Gas, Inc., Class A		2,557		83,895
Patriot Coal Corp.*		30,085		254,820
PetroQuest Energy, Inc.*		4,657		30,736
Rentech, Inc.*		79,931		104,710
Resolute Energy Corp.*		16,497		178,168
Rex Energy Corp.*		86,177		1,271,973

See Notes to Financial Statements.

265

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Rosetta Resources, Inc.*		18,841	$	819,584
Solazyme, Inc.*		3,008		35,795
Stone Energy Corp.*		17,359		457,930
Syntroleum Corp.*		30,051		28,849
Targa Resources Corp.		5,870		238,850
Triangle Petroleum Corp.*		7,318		43,688
Uranerz Energy Corp.*		23,031		41,916
Uranium Energy Corp.*		26,755		81,870
Uranium Resources, Inc.*		33,344		24,208
Ur-Energy, Inc.*		29,967		25,742
VAALCO Energy, Inc.*		2,368		14,303
Venoco, Inc.*		2,496		16,898
Voyager Oil & Gas, Inc.*		12,078		31,040
W&T Offshore, Inc.		12,284		260,544
Warren Resources, Inc.*		4,239		13,819
Western Refining, Inc.*		17,500		232,575
Westmoreland Coal Co.*		934		11,909
World Fuel Services Corp.		109,080		4,579,178
Zion Oil & Gas, Inc.*		10,052		22,215

				29,324,164

Total Energy				39,012,323

Financials (4.7%)
*Capital Markets* (*1.4%)*
Artio Global Investors, Inc.		10,258		50,059
BGC Partners, Inc., Class A		27,073		160,814
CETIP S.A.		67,194		970,850
Cohen & Steers, Inc.		5,290		152,881
Diamond Hill Investment Group, Inc.		916		67,766
Duff & Phelps Corp., Class A		10,860		157,470
Epoch Holding Corp.		5,259		116,907
Evercore Partners, Inc., Class A		7,409		197,228
Fidus Investment Corp.		291		3,774
Financial Engines, Inc.*		129,254		2,886,242
GAMCO Investors, Inc., Class A		1,522		66,192
Greenhill & Co., Inc.		54,378		1,977,728
HFF, Inc., Class A*		10,357		106,988
ICG Group, Inc.*		960		7,411
Ladenburg Thalmann Financial Services, Inc.*		37,902		93,997
Manning & Napier, Inc.*		1,004		12,540
Pzena Investment Management, Inc., Class A		3,307		14,319
Stifel Financial Corp.*		7,557		242,202
Virtus Investment Partners, Inc.*		1,843		140,086
Westwood Holdings Group, Inc.		2,217		81,031

				7,506,485

*Commercial Banks* (*0.5%)*
Arrow Financial Corp.		195		4,571
Bancorp, Inc./Delaware*		5,062		36,598
Bank of the Ozarks, Inc.		1,410		41,778
Bridge Bancorp, Inc.		732		14,567
Bryn Mawr Bank Corp.		885		17,249
Enterprise Financial Services Corp.		769		11,381
First Financial Bankshares, Inc.		4,993		166,916
Hampton Roads Bankshares, Inc.*		3,481		9,538
Home Bancshares, Inc./Arkansas		36,100		935,351

Investors Bancorp, Inc.*		2,379	$	32,069
Signature Bank/New York*		16,350		980,836
SVB Financial Group*		3,420		163,100
SY Bancorp, Inc.		682		14,001
Taylor Capital Group, Inc.*		1,355		13,171
Westamerica Bancorp		4,612		202,467

				2,643,593

*Consumer Finance* (*0.4%)*
Advance America Cash Advance Centers, Inc.		2,479		22,187
Cash America International, Inc.		3,534		164,790
Credit Acceptance Corp.*		2,391		196,731
DFC Global Corp.*		15,427		278,612
EZCORP, Inc., Class A*		16,705		440,511
First Cash Financial Services, Inc.*		11,152		391,324
Imperial Holdings, Inc.*		5,290		9,945
Netspend Holdings, Inc.*		9,145		74,166
World Acceptance Corp.*		5,354		393,519

				1,971,785

*Diversified Financial Services* (*0.2%*)
MarketAxess Holdings, Inc.		26,483		797,403
PICO Holdings, Inc.*		22,211		457,103

				1,254,506

*Insurance* (*0.5%)*
Amtrust Financial Services, Inc.		1,085		25,769
Crawford & Co., Class B		9,254		57,005
Flagstone Reinsurance Holdings S.A.		1,019		8,448
Greenlight Capital Reinsurance Ltd., Class A*		110,596		2,617,807
Hallmark Financial Services*		1,613		11,275
State Auto Financial Corp.		565		7,678

				2,727,982

*Real Estate Investment Trusts (REITs)* (*1.5%)*
Acadia Realty Trust (REIT)		3,073		61,890
AG Mortgage Investment Trust, Inc. (REIT)		310		6,240
Alexander’s, Inc. (REIT)		731		270,492
American Assets Trust, Inc. (REIT)		10,866		222,862
American Campus Communities, Inc. (REIT)		10,690		448,552
American Capital Mortgage Investment Corp. (REIT)		380		7,152
Associated Estates Realty Corp. (REIT)		821		13,095
CBL & Associates Properties, Inc. (REIT)		16,364		256,915
Cogdell Spencer, Inc. (REIT)		4,200		17,850
DuPont Fabros Technology, Inc. (REIT)		7,902		191,386
EastGroup Properties, Inc. (REIT)		4,430		192,616
Equity Lifestyle Properties, Inc. (REIT)		7,470		498,174
Extra Space Storage, Inc. (REIT)		12,922		313,100
FelCor Lodging Trust, Inc. (REIT)*		22,386		68,277

See Notes to Financial Statements.

266

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December 31, 2011


	Number of Shares		Value (Note 1)

Getty Realty Corp. (REIT)		4,295	$	59,915
Gladstone Commercial Corp. (REIT)		1,683		29,537
Glimcher Realty Trust (REIT)		33,036		303,931
Highwoods Properties, Inc. (REIT)		19,367		574,619
Home Properties, Inc. (REIT)		17,046		981,338
Investors Real Estate Trust (REIT)		5,498		40,108
Kilroy Realty Corp. (REIT)		10,254		390,370
LTC Properties, Inc. (REIT)		1,997		61,627
Mid-America Apartment Communities, Inc. (REIT)		13,034		815,277
National Health Investors, Inc. (REIT)		3,791		166,728
Newcastle Investment Corp. (REIT)		34,593		160,858
Omega Healthcare Investors, Inc. (REIT)		34,057		659,003
Potlatch Corp. (REIT)		7,659		238,272
PS Business Parks, Inc. (REIT)		1,287		71,338
Sabra Health Care REIT, Inc. (REIT)		3,619		43,754
Saul Centers, Inc. (REIT)		2,629		93,119
Strategic Hotels & Resorts, Inc. (REIT)*		15,938		85,587
Tanger Factory Outlet Centers (REIT)		30,603		897,280
Universal Health Realty Income Trust (REIT)		2,206		86,034
Urstadt Biddle Properties, Inc. (REIT), Class A		1,000		18,080
Washington Real Estate Investment Trust (REIT)		5,927		162,104

				8,507,480

*Real Estate Management & Development* (*0.1%)*
Altisource Portfolio Solutions S.A.*		10,319		517,807
Tejon Ranch Co.*		5,077		124,285

				642,092

*Thrifts & Mortgage Finance* (*0.1%)*
Apollo Residential Mortgage, Inc.		2,079		31,726
BofI Holding, Inc.*		237		3,851
Clifton Savings Bancorp, Inc.		330		3,062
First PacTrust Bancorp, Inc.		30,000		307,500
TrustCo Bank Corp./New York		1,774		9,952
Walker & Dunlop, Inc.*		3,769		47,339
Westfield Financial, Inc.		2,851		20,983

				424,413

Total Financials				25,678,336

Health Care (16.4%)
*Biotechnology* (*3.1%)*
Abcam plc		204,076		1,156,795
Achillion Pharmaceuticals, Inc.*		16,622		126,660
Acorda Therapeutics, Inc.*		13,958		332,759
Aegerion Pharmaceuticals, Inc.*		3,156		52,831
Affymax, Inc.*		6,255		41,346
Alkermes plc*		33,750		585,900

Allos Therapeutics, Inc.*		23,088	$	32,785
Alnylam Pharmaceuticals, Inc.*		13,212		107,678
AMAG Pharmaceuticals, Inc.*		748		14,145
Amarin Corp. plc (ADR)*		44,252		331,447
Amicus Therapeutics, Inc.*		5,462		18,789
Anacor Pharmaceuticals, Inc.*		3,522		21,836
Anthera Pharmaceuticals, Inc.*		7,262		44,589
Ardea Biosciences, Inc.*		6,014		101,095
Arena Pharmaceuticals, Inc.*		4,661		8,716
ARIAD Pharmaceuticals, Inc.*		46,740		572,565
ArQule, Inc.*		19,026		107,307
Array BioPharma, Inc.*		9,709		20,971
Astex Pharmaceuticals*		1,201		2,270
AVEO Pharmaceuticals, Inc.*		11,235		193,242
AVI BioPharma, Inc.*		47,950		35,723
BioCryst Pharmaceuticals, Inc.*		10,439		25,784
BioMimetic Therapeutics, Inc.*		2,986		8,510
BioSante Pharmaceuticals, Inc.*		39,593		19,880
Biospecifics Technologies Corp.*		1,743		28,969
Biotime, Inc.*		8,585		49,879
Cell Therapeutics, Inc.*		58,522		67,886
Celldex Therapeutics, Inc.*		2,653		6,898
Cepheid, Inc.*		21,969		755,953
Chelsea Therapeutics International Ltd.*		19,165		98,316
Cleveland Biolabs, Inc.*		9,483		27,121
Clovis Oncology, Inc.*		2,806		39,537
Codexis, Inc.*		8,703		46,126
Cubist Pharmaceuticals, Inc.*		21,329		845,055
Curis, Inc.*		19,653		91,976
Cytori Therapeutics, Inc.*		12,825		28,215
DUSA Pharmaceuticals, Inc.*		8,681		38,023
Dyax Corp.*		29,444		40,044
Dynavax Technologies Corp.*		54,093		179,589
Emergent Biosolutions, Inc.*		8,679		146,154
Enzon Pharmaceuticals, Inc.*		1,005		6,733
Exact Sciences Corp.*		13,691		111,171
Exelixis, Inc.*		45,782		216,778
Genomic Health, Inc.*		38,363		974,037
Geron Corp.*		10,591		15,675
GTx, Inc.*		8,136		27,337
Halozyme Therapeutics, Inc.*		29,330		278,928
Horizon Pharma, Inc.*		1,189		4,756
Idenix Pharmaceuticals, Inc.*		5,675		42,250
Immunogen, Inc.*		18,980		219,788
Immunomedics, Inc.*		23,674		78,834
Incyte Corp.*		31,306		469,903
Infinity Pharmaceuticals, Inc.*		6,669		58,954
Inhibitex, Inc.*		16,385		179,252
InterMune, Inc.*		8,829		111,245
Ironwood Pharmaceuticals, Inc.*		135,138		1,617,602
Isis Pharmaceuticals, Inc.*		35,608		256,734
Keryx Biopharmaceuticals, Inc.*		24,692		62,471
Lexicon Pharmaceuticals, Inc.*		21,667		27,950
Ligand Pharmaceuticals, Inc., Class B*		7,059		83,790
MannKind Corp.*		27,627		69,068
Medivation, Inc.*		11,144		513,850
Metabolix, Inc.*		8,914		40,559
Micromet, Inc.*		16,417		118,038
Momenta Pharmaceuticals, Inc.*		16,294		283,353
Nabi Biopharmaceuticals*		15,519		29,176

See Notes to Financial Statements.

267

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Neurocrine Biosciences, Inc.*		12,355	$	105,017
NewLink Genetics Corp.*		1,825		12,848
Novavax, Inc.*		24,011		30,254
NPS Pharmaceuticals, Inc.*		30,820		203,104
Nymox Pharmaceutical Corp.*		5,929		48,736
OncoGenex Pharmaceutical, Inc.*		3,429		40,256
Oncothyreon, Inc.*		10,610		80,424
Onyx Pharmaceuticals, Inc.*		22,498		988,787
Opko Health, Inc.*		39,024		191,218
Orexigen Therapeutics, Inc.*		11,251		18,114
Osiris Therapeutics, Inc.*		6,026		32,239
PDL BioPharma, Inc.		40,718		252,452
Peregrine Pharmaceuticals, Inc.*		26,890		27,697
Pharmacyclics, Inc.*		16,434		243,552
PharmAthene, Inc.*		12,632		16,043
Progenics Pharmaceuticals, Inc.*		7,736		66,065
Raptor Pharmaceutical Corp.*		16,732		104,742
Rigel Pharmaceuticals, Inc.*		18,425		145,373
Sangamo BioSciences, Inc.*		18,862		53,568
Savient Pharmaceuticals, Inc.*		18,187		40,557
Sciclone Pharmaceuticals, Inc.*		12,697		54,470
Seattle Genetics, Inc.*		34,209		571,803
SIGA Technologies, Inc.*		12,281		30,948
Spectrum Pharmaceuticals, Inc.*		20,346		297,662
Sunesis Pharmaceuticals, Inc.*		9,304		10,886
Synta Pharmaceuticals Corp.*		8,330		38,901
Targacept, Inc.*		9,871		54,981
Theravance, Inc.*		20,416		451,194
Trius Therapeutics, Inc.*		2,709		19,369
Vanda Pharmaceuticals, Inc.*		9,548		45,448
Vical, Inc.*		23,064		101,712
Zalicus, Inc.*		16,593		20,078
ZIOPHARM Oncology, Inc.*		20,395		89,942
Zogenix, Inc.*		6,561		14,697

				16,854,733

*Health Care Equipment & Supplies (3.1%)*
Abaxis, Inc.*		8,069		223,269
ABIOMED, Inc.*		11,302		208,748
Accuray, Inc.*		21,543		91,127
Align Technology, Inc.*		21,767		516,422
Analogic Corp.		3,287		188,411
Antares Pharma, Inc.*		31,378		69,032
ArthroCare Corp.*		9,671		306,377
AtriCure, Inc.*		4,953		54,978
Atrion Corp.		554		133,087
Bacterin International Holdings, Inc.*		7,575		21,665
Biolase Technology, Inc.*		2,408		6,188
Cardiovascular Systems, Inc.*		5,006		49,309
Cerus Corp.*		14,915		41,762
Conceptus, Inc.*		10,961		138,547
CryoLife, Inc.*		846		4,061
Cyberonics, Inc.*		10,041		336,374
Delcath Systems, Inc.*		16,751		51,091
DexCom, Inc.*		80,356		748,114
DynaVox, Inc., Class A*		2,493		9,075
Endologix, Inc.*		132,667		1,523,017
Exactech, Inc.*		2,090		34,422
Gen-Probe, Inc.*		29,666		1,753,854
Haemonetics Corp.*		9,141		559,612
Hansen Medical, Inc.*		16,811		43,372

HeartWare International, Inc.*		4,256	$	293,664
ICU Medical, Inc.*		1,029		46,305
Insulet Corp.*		33,987		639,975
Integra LifeSciences Holdings Corp.*		6,933		213,744
Invacare Corp.		638		9,755
IRIS International, Inc.*		4,349		40,663
Kensey Nash Corp.*		3,025		58,050
MAKO Surgical Corp.*		11,386		287,041
Masimo Corp.*		18,676		348,961
Medical Action Industries, Inc.*		2,428		12,698
Meridian Bioscience, Inc.		14,524		273,632
Merit Medical Systems, Inc.*		48,401		647,605
Natus Medical, Inc.*		5,529		52,139
Neogen Corp.*		8,219		251,830
Neoprobe Corp.*		33,383		87,463
NuVasive, Inc.*		14,867		187,176
NxStage Medical, Inc.*		41,621		740,021
OraSure Technologies, Inc.*		92,394		841,709
Orthofix International N.V.*		6,384		224,908
Quidel Corp.*		10,176		153,963
Rockwell Medical Technologies, Inc.*		5,711		48,372
RTI Biologics, Inc.*		1,233		5,475
SonoSite, Inc.*		4,944		266,284
Spectranetics Corp.*		11,800		85,196
STAAR Surgical Co.*		85,008		891,734
Stereotaxis, Inc.*		15,633		12,875
STERIS Corp.		21,086		628,785
Symmetry Medical, Inc.*		3,131		25,017
Synergetics USA, Inc.*		7,721		56,981
Synovis Life Technologies, Inc.*		4,120		114,660
Tornier N.V.*		3,755		67,590
TranS1, Inc.*		56,400		105,468
Unilife Corp.*		22,492		70,175
Uroplasty, Inc.*		6,391		27,162
Vascular Solutions, Inc.*		6,135		68,283
Volcano Corp.*		18,589		442,232
West Pharmaceutical Services, Inc.		6,485		246,106
Young Innovations, Inc.		740		21,926
Zeltiq Aesthetics, Inc.*		58,988		670,104
Zoll Medical Corp.*		7,773		491,098

				16,868,739

*Health Care Providers & Services (4.0%)*
Accretive Health, Inc.*		88,394		2,031,294
Air Methods Corp.*		59,408		5,017,006
Alliance HealthCare Services, Inc.*		8,858		11,161
AMN Healthcare Services, Inc.*		6,437		28,516
Bio-Reference Labs, Inc.*		8,798		143,143
BioScrip, Inc.*		715,628		3,907,329
Capital Senior Living Corp.*		3,105		24,654
CardioNet, Inc.*		2,244		5,318
Centene Corp.*		11,058		437,786
Chemed Corp.		7,058		361,440
Chindex International, Inc.*		1,860		15,847
Corvel Corp.*		2,193		113,400
Emeritus Corp.*		10,944		191,629
Ensign Group, Inc.		5,837		143,007
ExamWorks Group, Inc.*		9,675		91,719

See Notes to Financial Statements.

268

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Hanger Orthopedic Group, Inc.*		6,282	$	117,411
Healthspring, Inc.*		13,066		712,620
HMS Holdings Corp.*		134,352		4,296,577
IPC The Hospitalist Co., Inc.*		5,781		264,307
Landauer, Inc.		3,357		172,886
LCA-Vision, Inc.*		60,221		174,641
LHC Group, Inc.*		361		4,632
MedQuist Holdings, Inc.*		63,915		614,862
Metropolitan Health Networks, Inc.*		15,211		113,626
Molina Healthcare, Inc.*		6,059		135,297
MWI Veterinary Supply, Inc.*		10,825		719,213
National Research Corp.		658		25,537
Owens & Minor, Inc.		18,460		513,003
Providence Service Corp.*		827		11,380
PSS World Medical, Inc.*		19,711		476,809
RadNet, Inc.*		10,803		23,010
Select Medical Holdings Corp.*		3,506		29,731
Skilled Healthcare Group, Inc., Class A*		477		2,604
Sunrise Senior Living, Inc.*		15,486		100,349
Team Health Holdings, Inc.*		9,540		210,548
U.S. Physical Therapy, Inc.		4,203		82,715
Vanguard Health Systems, Inc.*		3,734		38,162
WellCare Health Plans, Inc.*		15,098		792,645

				22,155,814

*Health Care Technology (1.9%)*
athenahealth, Inc.*		87,508		4,298,393
Computer Programs & Systems, Inc.		10,259		524,338
Epocrates, Inc.*		41,153		320,993
HealthStream, Inc.*		43,961		811,080
MedAssets, Inc.*		14,079		130,231
Medidata Solutions, Inc.*		7,539		163,973
Merge Healthcare, Inc.*		647,990		3,142,752
Omnicell, Inc.*		5,573		92,066
Quality Systems, Inc.		13,806		510,684
Transcend Services, Inc.*		15,197		360,625

				10,355,135

*Life Sciences Tools & Services (1.1%)*
BG Medicine, Inc.*		2,180		10,290
Complete Genomics, Inc.*		3,527		10,334
Enzo Biochem, Inc.*		1,611		3,609
eResearchTechnology, Inc.*		8,750		41,037
Fluidigm Corp.*		65,375		860,335
Harvard Bioscience, Inc.*		652		2,523
Luminex Corp.*		13,330		282,996
Medtox Scientific, Inc.*		2,621		36,825
Pacific Biosciences of California, Inc.*		2,812		7,874
PAREXEL International Corp.*		18,940		392,815
Sequenom, Inc.*		24,193		107,659
Techne Corp.		65,945		4,501,406

				6,257,703

*Pharmaceuticals* (*3.2%)*
Acura Pharmaceuticals, Inc.*		3,513		12,260
Akorn, Inc.*		148,762		1,654,233
Alimera Sciences, Inc.*		3,945		4,931
Ampio Pharmaceuticals, Inc.*		6,960		29,719

Auxilium Pharmaceuticals, Inc.*		16,910	$	337,016
AVANIR Pharmaceuticals, Inc., Class A*		39,916		81,828
Cadence Pharmaceuticals, Inc.*		17,201		67,944
Columbia Laboratories, Inc.*		21,072		52,680
Corcept Therapeutics, Inc.*		14,570		49,829
Depomed, Inc.*		930,982		4,822,487
Durect Corp.*		27,526		32,481
Endocyte, Inc.*		6,116		22,996
Hi-Tech Pharmacal Co., Inc.*		1,096		42,623
Impax Laboratories, Inc.*		246,871		4,979,388
ISTA Pharmaceuticals, Inc.*		11,813		83,282
Jazz Pharmaceuticals, Inc.*		7,844		303,014
KV Pharmaceutical Co., Class A*		12,240		17,136
Lannett Co., Inc.*		1,683		7,439
MAP Pharmaceuticals, Inc.*		7,834		103,174
Medicines Co.*		10,819		201,666
Medicis Pharmaceutical Corp., Class A		18,067		600,728
Nektar Therapeutics*		25,663		143,584
Neostem, Inc.*		14,201		7,200
Obagi Medical Products, Inc.*		6,569		66,741
Optimer Pharmaceuticals, Inc.*		68,278		835,723
Pacira Pharmaceuticals, Inc.*		2,412		20,864
Pain Therapeutics, Inc.*		13,131		49,898
Par Pharmaceutical Cos., Inc.*		8,967		293,490
Pernix Therapeutics Holdings*		1,483		13,733
Pozen, Inc.*		9,564		37,778
Questcor Pharmaceuticals, Inc.*		18,853		783,908
Sagent Pharmaceuticals, Inc.*		26,413		554,673
Salix Pharmaceuticals Ltd.*		20,781		994,371
Santarus, Inc.*		18,700		61,897
Sucampo Pharmaceuticals, Inc., Class A*		4,180		18,517
Transcept Pharmaceuticals, Inc.*		1,482		11,604
Vivus, Inc.*		31,586		307,963
XenoPort, Inc.*		10,412		39,670

				17,748,468

Total Health Care				90,240,592

Industrials (15.2%)
*Aerospace & Defense (0.6%)*
AAR Corp.		3,587		68,763
Aerovironment, Inc.*		6,023		189,544
American Science & Engineering, Inc.		3,204		218,224
Astronics Corp.*		3,679		131,745
Cubic Corp.		2,519		109,803
DigitalGlobe, Inc.*		12,456		213,122
GenCorp, Inc.*		15,364		81,736
GeoEye, Inc.*		414		9,199
HEICO Corp.		14,843		868,019
Hexcel Corp.*		29,474		713,566
LMI Aerospace, Inc.*		1,618		28,396
Moog, Inc., Class A*		1,564		68,707
National Presto Industries, Inc.		1,720		160,992
Orbital Sciences Corp.*		8,837		128,402
Taser International, Inc.*		19,522		99,953
Teledyne Technologies, Inc.*		3,624		198,776
Triumph Group, Inc.		1,572		91,883

				3,380,830

See Notes to Financial Statements.

269

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

*Air Freight & Logistics* (*1.3%)*
Air Transport Services Group, Inc.*		947,235	$	4,470,949
Atlas Air Worldwide Holdings, Inc.*		52,163		2,004,624
Forward Air Corp.		10,374		332,487
Hub Group, Inc., Class A*		13,108		425,093
Pacer International, Inc.*		1,541		8,244
Park-Ohio Holdings Corp.*		3,029		54,037

				7,295,434

*Airlines (0.1%)*
Alaska Air Group, Inc.*		724		54,365
Allegiant Travel Co.*		5,218		278,328

				332,693

*Building Products (0.1%)*
AAON, Inc.		6,659		136,443
Ameresco, Inc., Class A*		6,268		85,997
Insteel Industries, Inc.		282		3,099
Trex Co., Inc.*		5,465		125,203
USG Corp.*		18,141		184,313

				535,055

*Commercial Services & Supplies (2.1%)*
A.T. Cross Co., Class A*		285,754		3,223,305
ABM Industries, Inc.		5,251		108,276
American Reprographics Co.*		1,907		8,753
Brink’s Co.		14,299		384,357
Casella Waste Systems, Inc., Class A*		8,103		51,859
Cenveo, Inc.*		10,831		36,825
Clean Harbors, Inc.*		16,661		1,061,806
Consolidated Graphics, Inc.*		2,982		143,971
Covanta Holding Corp.		122,545		1,677,641
Deluxe Corp.		18,246		415,279
Encore Capital Group, Inc.*		5,773		122,734
EnergySolutions, Inc.*		6,115		18,895
EnerNOC, Inc.*		2,637		28,664
Fuel Tech, Inc.*		6,000		39,480
Healthcare Services Group, Inc.		23,557		416,723
Heritage-Crystal Clean, Inc.*		1,624		26,893
Herman Miller, Inc.		20,294		374,424
HNI Corp.		15,834		413,267
InnerWorkings, Inc.*		9,211		85,754
Interface, Inc., Class A		18,596		214,598
Intersections, Inc.		3,258		36,131
Knoll, Inc.		17,141		254,544
McGrath RentCorp		3,643		105,611
Metalico, Inc.*		8,237		27,100
Mine Safety Appliances Co.		9,698		321,198
Mobile Mini, Inc.*		3,386		59,086
Multi-Color Corp.		209		5,378
NL Industries, Inc.		2,192		28,430
Portfolio Recovery Associates, Inc.*		6,081		410,589
Quad/Graphics, Inc.		816		11,702
Rollins, Inc.		22,581		501,750
Standard Parking Corp.*		5,721		102,234
Steelcase, Inc., Class A		3,442		25,677
Swisher Hygiene, Inc.*		30,343		113,483

Sykes Enterprises, Inc.*		1,730	$	27,092
Team, Inc.*		6,900		205,275
Tetra Tech, Inc.*		4,473		96,572
TMS International Corp., Class A*		1,836		18,140
TRC Cos., Inc.*		6,193		37,220
U.S. Ecology, Inc.		6,076		114,107
United Stationers, Inc.		9,758		317,721
Viad Corp.		881		15,400
WCA Waste Corp.*		565		3,678

				11,691,622

*Construction & Engineering (0.9%)*
Argan, Inc.		438		6,662
Dycom Industries, Inc.*		2,091		43,744
Furmanite Corp.*		565,533		3,568,513
MasTec, Inc.*		20,082		348,824
MYR Group, Inc.*		53,276		1,019,703
Primoris Services Corp.		8,271		123,486

				5,110,932

*Electrical Equipment (0.9%)*
A123 Systems, Inc.*		5,873		9,456
Active Power, Inc.*		28,170		18,592
Acuity Brands, Inc.		15,414		816,942
AZZ, Inc.		4,478		203,480
Belden, Inc.		14,453		480,996
Brady Corp., Class A		1,432		45,208
Broadwind Energy, Inc.*		11,093		7,543
Capstone Turbine Corp.*		815,496		945,975
Coleman Cable, Inc.*		2,883		25,082
EnerSys*		4,885		126,864
Franklin Electric Co., Inc.		7,695		335,194
FuelCell Energy, Inc.*		44,510		38,813
Generac Holdings, Inc.*		3,271		91,686
Global Power Equipment Group, Inc.*		2,795		66,381
II-VI, Inc.*		18,315		336,264
PowerSecure International, Inc.*		1,273		6,301
Preformed Line Products Co.		74		4,415
SatCon Technology Corp.*		32,897		19,742
Thermon Group Holdings, Inc.*		79,578		1,402,164
Valence Technology, Inc.*		11,341		11,114
Vicor Corp.		7,072		56,293

				5,048,505

*Industrial Conglomerates (0.1%)*
Raven Industries, Inc.		6,402		396,284
Standex International Corp.		849		29,010

				425,294

*Machinery (2.7%)*
Accuride Corp.*		1,440		10,253
Actuant Corp., Class A		3,790		85,995
Alamo Group, Inc.		158		4,255
Albany International Corp., Class A		1,846		42,679
Altra Holdings, Inc.*		9,617		181,088
Ampco-Pittsburgh Corp.		359		6,943
Blount International, Inc.*		17,426		253,025
Cascade Corp.		166		7,830
Chart Industries, Inc.*		10,439		564,437

See Notes to Financial Statements.

270

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

CIRCOR International, Inc.		3,854	$	136,085
CLARCOR, Inc.		17,048		852,230
Colfax Corp.*		8,726		248,516
Columbus McKinnon Corp.*		5,386		68,348
Commercial Vehicle Group, Inc.*		10,241		92,579
Douglas Dynamics, Inc.		3,578		52,310
Dynamic Materials Corp.		48,183		953,060
EnPro Industries, Inc.*		3,184		105,008
ESCO Technologies, Inc.		2,421		69,676
Federal Signal Corp.*		1,819		7,549
Flow International Corp.*		14,785		51,747
Gorman-Rupp Co.		5,480		148,782
Graham Corp.		3,404		76,386
John Bean Technologies Corp.		9,345		143,633
Kadant, Inc.*		1,224		27,675
Lindsay Corp.		4,441		243,766
Meritor, Inc.*		22,435		119,354
Met-Pro Corp.		333		3,010
Middleby Corp.*		6,666		626,871
Mueller Industries, Inc.		1,839		70,654
NN, Inc.*		5,976		35,856
Omega Flex, Inc.*		1,031		14,568
PMFG, Inc.*		6,252		121,977
RBC Bearings, Inc.*		28,087		1,171,228
Sauer-Danfoss, Inc.*		4,129		149,511
Sun Hydraulics Corp.		36,276		849,947
Tennant Co.		6,770		263,150
Titan International, Inc.		252,610		4,915,791
Trimas Corp.*		9,146		164,171
Twin Disc, Inc.		2,998		108,887
Wabash National Corp.*		24,495		192,041
Watts Water Technologies, Inc., Class A		1,016		34,757
Westport Innovations, Inc.*		10,136		336,921
Woodward, Inc.		21,834		893,666
Xerium Technologies, Inc.*		3,935		25,735

				14,531,950

*Professional Services (4.0%)*
Acacia Research Corp. - Acacia Technologies*		140,036		5,112,714
Advisory Board Co.*		84,105		6,241,432
CDI Corp.		762		10,523
Corporate Executive Board Co.		109,530		4,173,093
CoStar Group, Inc.*		76,398		5,098,039
CRA International, Inc.*		758		15,039
Exponent, Inc.*		4,725		217,208
GP Strategies Corp.*		1,669		22,498
Heidrick & Struggles International, Inc.		585		12,601
Huron Consulting Group, Inc.*		7,442		288,303
ICF International, Inc.*		2,471		61,231
Insperity, Inc.		8,191		207,642
Kforce, Inc.*		9,270		114,299
Korn/Ferry International*		970		16,548
Mistras Group, Inc.*		5,265		134,205
Odyssey Marine Exploration, Inc.*		6,386		17,498
On Assignment, Inc.*		1,519		16,982
Pendrell Corp.*		33,899		86,782
RPX Corp.*		3,677		46,514
TrueBlue, Inc.*		9,260		128,529

				22,021,680


*Road & Rail (0.7%)*
Avis Budget Group, Inc.*		37,157	$	398,323
Celadon Group, Inc.		4,505		53,204
Dollar Thrifty Automotive Group, Inc.*		10,260		720,868
Genesee & Wyoming, Inc., Class A*		14,072		852,482
Heartland Express, Inc.		17,999		257,206
Knight Transportation, Inc.		21,801		340,968
Marten Transport Ltd.		793		14,266
Old Dominion Freight Line, Inc.*		16,844		682,687
Quality Distribution, Inc.*		1,590		17,887
Roadrunner Transportation Systems, Inc.*		304		4,295
Swift Transportation Co.*		8,248		67,963
Werner Enterprises, Inc.		2,257		54,394
Zipcar, Inc.*		38,792		520,589

				3,985,132

*Trading Companies & Distributors (1.4%)*
Aircastle Ltd.		2,057		26,165
Applied Industrial Technologies, Inc.		15,007		527,796
Beacon Roofing Supply, Inc.*		16,220		328,131
CAI International, Inc.*		4,072		62,953
DXP Enterprises, Inc.*		3,046		98,081
Essex Rental Corp.*		679		2,003
H&E Equipment Services, Inc.*		4,670		62,671
Houston Wire & Cable Co.		6,224		86,016
Interline Brands, Inc.*		1,033		16,084
Kaman Corp.		5,207		142,255
Rush Enterprises, Inc., Class A*		31,900		667,348
TAL International Group, Inc.		7,768		223,641
Textainer Group Holdings Ltd.		4,072		118,577
Titan Machinery, Inc.*		209,913		4,561,409
United Rentals, Inc.*		6,614		195,444
Watsco, Inc.		10,002		656,731

				7,775,305

*Transportation Infrastructure (0.3%)*
LLX Logistica S.A.*		863,300		1,559,749
Wesco Aircraft Holdings, Inc.*		2,723		38,095

				1,597,844

Total Industrials				83,732,276

Information Technology (20.9%)
*Communications Equipment* (*1.0%)*
ADTRAN, Inc.		22,916		691,147
Anaren, Inc.*		642		10,670
Aruba Networks, Inc.*		30,238		560,008
Blue Coat Systems, Inc.*		5,721		145,599
Calix, Inc.*		13,455		87,054
Dialogic, Inc.*		5,275		6,330
Digi International, Inc.*		1,546		17,253
Extreme Networks, Inc.*		8,891		25,962
Finisar Corp.*		31,956		535,103
Globecomm Systems, Inc.*		5,607		76,704
Harmonic, Inc.*		8,638		43,536
Infinera Corp.*		2,540		15,951
InterDigital, Inc.		16,080		700,606
Ixia*		13,817		145,217

See Notes to Financial Statements.

271

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December 31, 2011


	Number of Shares		Value (Note 1)

KVH Industries, Inc.*		137	$	1,066
Loral Space & Communications, Inc.*		284		18,426
Meru Networks, Inc.*		3,826		15,801
NETGEAR, Inc.*		12,965		435,235
Numerex Corp., Class A*		3,582		29,480
Oplink Communications, Inc.*		59,420		978,647
Plantronics, Inc.		4,135		147,371
Powerwave Technologies, Inc.*		11,289		23,481
Procera Networks, Inc.*		5,029		78,352
ShoreTel, Inc.*		113,313		722,937
Sonus Networks, Inc.*		6,147		14,753
Ubiquiti Networks, Inc.*		636		11,594
ViaSat, Inc.*		4,783		220,592

				5,758,875

*Computers & Peripherals (0.9%)*
3D Systems Corp.*		14,786		212,918
Dot Hill Systems Corp.*		4,427		5,888
Electronics for Imaging, Inc.*		1,138		16,217
Immersion Corp.*		9,488		49,148
Novatel Wireless, Inc.*		1,176		3,681
OCZ Technology Group, Inc.*		18,417		121,736
Quantum Corp.*		1,384,434		3,322,642
Silicon Graphics International Corp.*		11,091		127,103
STEC, Inc.*		13,008		111,739
Stratasys, Inc.*		7,454		226,676
Super Micro Computer, Inc.*		9,608		150,653
Synaptics, Inc.*		11,386		343,288

				4,691,689

*Electronic Equipment, Instruments & Components (2.2%)*
Aeroflex Holding Corp.*		7,061		72,305
Anixter International, Inc.*		5,322		317,404
Badger Meter, Inc.		4,408		129,727
Brightpoint, Inc.*		10,401		111,915
Cognex Corp.		12,008		429,766
Coherent, Inc.*		5,973		312,209
Daktronics, Inc.		2,488		23,810
DDi Corp.		1,763		16,449
DTS, Inc.*		6,218		169,378
Echelon Corp.*		12,569		61,211
Electro Rent Corp.		2,857		48,998
Electro Scientific Industries, Inc.*		792		11,468
eMagin Corp.*		6,137		22,707
Fabrinet*		7,272		99,481
FARO Technologies, Inc.*		38,938		1,791,148
FEI Co.*		12,689		517,457
InvenSense, Inc.*		1,648		16,414
Kemet Corp.*		806		5,682
LeCroy Corp.*		5,811		48,871
Littelfuse, Inc.		7,070		303,869
Maxwell Technologies, Inc.*		81,432		1,322,456
Measurement Specialties, Inc.*		5,326		148,915
Microvision, Inc.*		38,746		13,952
MTS Systems Corp.		5,585		227,589
Multi-Fineline Electronix, Inc.*		606		12,453
NeoPhotonics Corp.*		76,591		350,787
Newport Corp.*		4,288		58,360
OSI Systems, Inc.*		5,248		255,997
Plexus Corp.*		11,386		311,749

Power-One, Inc.*		22,987	$	89,879
Pulse Electronics Corp.		15,036		42,101
RealD, Inc.*		14,563		115,630
Rofin-Sinar Technologies, Inc.*		4,793		109,520
Rogers Corp.*		1,918		70,697
Scansource, Inc.*		1,389		50,004
TTM Technologies, Inc.*		344,775		3,778,734
Universal Display Corp.*		13,702		502,726
Viasystems Group, Inc.*		166		2,809
Zygo Corp.*		914		16,132

				11,990,759

*Internet Software & Services* (*6.2%)*
Active Network, Inc.*		4,363		59,337
Ancestry.com, Inc.*		11,284		259,081
Angie’s List, Inc.*		155,447		2,502,697
Bankrate, Inc.*		120,948		2,600,382
Carbonite, Inc.*		52,725		585,248
comScore, Inc.*		69,356		1,470,347
Constant Contact, Inc.*		28,915		671,117
Cornerstone OnDemand, Inc.*		67,476		1,230,762
DealerTrack Holdings, Inc.*		12,578		342,876
Demand Media, Inc.*		2,865		19,052
Dice Holdings, Inc.*		17,328		143,649
Digital River, Inc.*		1,761		26,450
Envestnet, Inc.*		6,781		81,101
FriendFinder Networks, Inc.*		1,885		1,414
InfoSpace, Inc.*		1,609		17,683
Internap Network Services Corp.*		16,001		95,046
IntraLinks Holdings, Inc.*		11,472		71,585
j2 Global, Inc.		16,344		459,920
Keynote Systems, Inc.		5,181		106,418
Limelight Networks, Inc.*		20,657		61,145
Liquidity Services, Inc.*		45,152		1,666,109
LivePerson, Inc.*		89,089		1,118,067
LogMeIn, Inc.*		7,199		277,521
LoopNet, Inc.*		5,831		106,591
Marchex, Inc., Class B		3,063		19,144
MercadoLibre, Inc.		36,959		2,939,719
Move, Inc.*		14,094		89,074
NIC, Inc.		87,267		1,161,524
OpenTable, Inc.*		70,576		2,761,639
Openwave Systems, Inc.*		9,850		15,563
Perficient, Inc.*		6,141		61,471
Quepasa Corp.*		2,490		8,267
QuinStreet, Inc.*		1,281		11,990
Responsys, Inc.*		92,590		823,125
RightNow Technologies, Inc.*		8,739		373,417
Saba Software, Inc.*		10,284		81,141
SciQuest, Inc.*		4,357		62,174
Sohu.com, Inc.*		23,100		1,155,000
SPS Commerce, Inc.*		2,980		77,331
Stamps.com, Inc.*		3,723		97,282
support.com, Inc.*		11,144		25,074
TechTarget, Inc.*		3,774		22,040
Travelzoo, Inc.*		1,995		49,037
ValueClick, Inc.*		28,018		456,413
Velti plc*		86,100		585,480
VistaPrint N.V.*		41,164		1,259,618
Vocus, Inc.*		41,317		912,693
Web.com Group, Inc.*		459,684		5,263,382
Workday, Inc.*(b)†		14,106		158,989

See Notes to Financial Statements.

272

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

XO Group, Inc.*		5,576	$	46,504
Youku, Inc. (ADR)*		60,930		954,773
Zillow, Inc.*		18,369		412,935
Zix Corp.*		23,764		67,014

				33,925,411

*IT Services* (*1.2%)*
CACI International, Inc., Class A*		636		35,565
Cardtronics, Inc.*		15,279		413,450
Cass Information Systems, Inc.		3,337		121,448
Computer Task Group, Inc.*		3,722		52,406
CSG Systems International, Inc.*		5,962		87,701
Echo Global Logistics, Inc.*		40,938		661,149
ExlService Holdings, Inc.*		5,784		129,388
Forrester Research, Inc.*		5,225		177,336
Hackett Group, Inc.*		6,982		26,113
Heartland Payment Systems, Inc.		13,642		332,319
Higher One Holdings, Inc.*		10,932		201,586
iGATE Corp.*		11,072		174,162
Jack Henry & Associates, Inc.		30,711		1,032,197
Lionbridge Technologies, Inc.*		21,700		49,693
MAXIMUS, Inc.		12,291		508,233
MoneyGram International, Inc.*		3,421		60,723
NCI, Inc., Class A*		384		4,474
PRGX Global, Inc.*		6,846		40,734
Sapient Corp.		38,732		488,023
ServiceSource International, Inc.*		30,070		471,798
Syntel, Inc.		5,441		254,475
TeleTech Holdings, Inc.*		9,137		148,019
TNS, Inc.*		8,994		159,374
Unisys Corp.*		6,421		126,558
Virtusa Corp.*		5,375		77,830
Wright Express Corp.*		13,712		744,287

				6,579,041

*Semiconductors & Semiconductor Equipment* (*4.6%)*
Advanced Analogic Technologies, Inc.*		3,361		19,427
Amtech Systems, Inc.*		3,196		27,198
Applied Micro Circuits Corp.*		18,785		126,235
ATMI, Inc.*		701		14,041
AXT, Inc.*		4,782		19,941
Cabot Microelectronics Corp.*		1,920		90,720
Cavium, Inc.*		17,176		488,314
CEVA, Inc.*		28,755		870,126
Cirrus Logic, Inc.*		259,028		4,105,594
Cymer, Inc.*		2,705		134,601
Diodes, Inc.*		12,471		265,632
Entegris, Inc.*		15,634		136,407
Entropic Communications, Inc.*		30,696		156,857
Exar Corp.*		1,567		10,185
GT Advanced Technologies, Inc.*		44,545		322,506
Hittite Microwave Corp.*		11,145		550,340
Inphi Corp.*		90,007		1,076,484
Integrated Device Technology, Inc.*		33,705		184,029
Intermolecular, Inc.*		19,275		165,379
IXYS Corp.*		275,696		2,985,788
Kopin Corp.*		9,128		35,417
Lattice Semiconductor Corp.*		13,090		77,755
LTX-Credence Corp.*		9,680		51,788

MaxLinear, Inc., Class A*		59,984	$	284,924
Micrel, Inc.		18,075		182,738
Microsemi Corp.*		30,613		512,768
Mindspeed Technologies, Inc.*		6,661		30,507
MIPS Technologies, Inc.*		13,440		59,942
Monolithic Power Systems, Inc.*		8,319		125,367
MoSys, Inc.*		11,573		48,607
Netlogic Microsystems, Inc.*		24,273		1,203,213
NVE Corp.*		1,672		92,846
OmniVision Technologies, Inc.*		16,397		200,617
PDF Solutions, Inc.*		7,641		53,258
Pericom Semiconductor Corp.*		1,127		8,576
Power Integrations, Inc.		10,207		338,464
Rambus, Inc.*		34,710		262,061
RDA Microelectronics, Inc. (ADR)*		117,500		1,284,275
RF Micro Devices, Inc.*		9,964		53,806
Rubicon Technology, Inc.*		6,278		58,950
Semtech Corp.*		23,159		574,806
Silicon Image, Inc.*		22,454		105,534
Tessera Technologies, Inc.*		117,700		1,971,475
TriQuint Semiconductor, Inc.*		57,963		282,280
Ultra Clean Holdings, Inc.*		8,306		50,750
Ultratech, Inc.*		150,182		3,689,972
Veeco Instruments, Inc.*		10,048		208,998
Volterra Semiconductor Corp.*		62,163		1,591,994

				25,191,492

*Software (4.8%)*
ACI Worldwide, Inc.*		11,902		340,873
Actuate Corp.*		12,298		72,066
Advent Software, Inc.*		11,614		282,917
Allot Communications Ltd.*		64,458		979,762
American Software, Inc., Class A		8,194		77,433
Aspen Technology, Inc.*		30,042		521,229
Blackbaud, Inc.		15,764		436,663
Bottomline Technologies, Inc.*		12,744		295,278
BroadSoft, Inc.*		7,972		240,754
Callidus Software, Inc.*		10,624		68,206
CommVault Systems, Inc.*		15,645		668,354
Concur Technologies, Inc.*		15,851		805,072
Convio, Inc.*		95,307		1,054,095
Deltek, Inc.*		7,815		76,743
DemandTec, Inc.*		11,507		151,547
Digimarc Corp.*		2,203		52,630
Ebix, Inc.		6,902		152,534
Ellie Mae, Inc.*		2,834		16,012
EPIQ Systems, Inc.		883		10,614
Fair Isaac Corp.		7,371		264,177
FalconStor Software, Inc.*		10,795		27,851
Glu Mobile, Inc.*		16,586		52,080
Guidance Software, Inc.*		5,043		32,679
Imperva, Inc.*		25,634		892,320
Interactive Intelligence Group, Inc.*		5,106		117,029
JDA Software Group, Inc.*		2,842		92,052
Jive Software, Inc.*		1,000		16,000
Kenexa Corp.*		9,348		249,592
Magma Design Automation, Inc.*		23,953		171,983
Manhattan Associates, Inc.*		7,274		294,452
Mentor Graphics Corp.*		15,102		204,783
MicroStrategy, Inc., Class A*		2,846		308,279

See Notes to Financial Statements.

273

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Mitek Systems, Inc.*		73,700	$	534,325
Monotype Imaging Holdings, Inc.*		12,773		199,131
Motricity, Inc.*		12,453		11,208
NetQin Mobile, Inc. (ADR)*		91,417		481,768
NetScout Systems, Inc.*		13,373		235,365
NetSuite, Inc.*		104,868		4,252,397
Opnet Technologies, Inc.		5,160		189,217
Parametric Technology Corp.*		42,286		772,142
Pegasystems, Inc.		5,964		175,342
Progress Software Corp.*		14,115		273,125
PROS Holdings, Inc.*		7,701		114,591
QAD, Inc., Class A*		1,912		20,076
QAD, Inc., Class B*		478		4,947
QLIK Technologies, Inc.*		25,032		605,774
Quest Software, Inc.*		6,128		113,981
RealPage, Inc.*		10,707		270,566
S1 Corp.*		2,570		24,595
SeaChange International, Inc.*		4,809		33,807
SolarWinds, Inc.*		20,253		566,071
Solera Holdings, Inc.		50,537		2,250,918
Sourcefire, Inc.*		39,185		1,268,810
SRS Labs, Inc.*		4,417		25,398
SuccessFactors, Inc.*		29,640		1,181,747
Synchronoss Technologies, Inc.*		24,232		732,049
Take-Two Interactive Software, Inc.*		26,049		352,964
Taleo Corp., Class A*		14,559		563,288
Tangoe, Inc.*		2,530		38,962
TeleCommunication Systems, Inc., Class A*		6,664		15,660
TeleNav, Inc.*		5,526		43,158
TiVo, Inc.*		42,279		379,243
Tyler Technologies, Inc.*		10,588		318,805
Ultimate Software Group, Inc.*		9,164		596,760
VASCO Data Security International, Inc.*		9,666		63,022
Verint Systems, Inc.*		7,572		208,533
VirnetX Holding Corp.*		14,394		359,418
Wave Systems Corp., Class A*		28,877		62,663
Websense, Inc.*		14,204		266,041

				26,631,926

Total Information Technology				114,769,193

Materials (4.4%)
*Chemicals* (*1.8%)*
A. Schulman, Inc.		638		13,513
American Vanguard Corp.		1,255		16,742
Balchem Corp.		10,269		416,305
Calgon Carbon Corp.*		15,896		249,726
Chemtura Corp.*		21,187		240,261
Flotek Industries, Inc.*		65,421		651,593
FutureFuel Corp.		2,397		29,771
H.B. Fuller Co.		1,127		26,045
Hawkins, Inc.		3,104		114,413
Innophos Holdings, Inc.		7,682		373,038
Innospec, Inc.*		7,577		212,686
Intrepid Potash, Inc.*		64,610		1,462,124
KMG Chemicals, Inc.		2,251		38,875
Koppers Holdings, Inc.		30,262		1,039,802

Kraton Performance Polymers, Inc.*		9,982	$	202,635
LSB Industries, Inc.*		6,590		184,718
NewMarket Corp.		3,211		636,131
Olin Corp.		17,000		334,050
Omnova Solutions, Inc.*		16,180		74,590
PolyOne Corp.		23,880		275,814
Quaker Chemical Corp.		3,464		134,715
Rockwood Holdings, Inc.*		76,158		2,998,340
Senomyx, Inc.*		14,042		48,866
TPC Group, Inc.*		3,056		71,297
Zep, Inc.		7,892		110,330

				9,956,380

*Construction Materials* (*0.4%)*
Eagle Materials, Inc.		88,093		2,260,466
United States Lime & Minerals, Inc.*		189		11,361

				2,271,827

*Containers & Packaging* (*0.0%)*
AEP Industries, Inc.*		1,570		44,196
Graphic Packaging Holding Co.*		49,834		212,293
Myers Industries, Inc.		813		10,032

				266,521

*Metals & Mining (2.1%)*
AMCOL International Corp.		8,604		231,017
Coeur d’Alene Mines Corp.*		2,106		50,839
General Moly, Inc.*		24,345		75,226
Globe Specialty Metals, Inc.		165,483		2,215,817
Gold Resource Corp.		10,020		212,925
Golden Minerals Co.*		9,274		53,882
Handy & Harman Ltd.*		305		3,020
Haynes International, Inc.		3,384		184,766
Hecla Mining Co.		99,308		519,381
Horsehead Holding Corp.*		779		7,019
Kaiser Aluminum Corp.		2,499		114,654
Lynas Corp., Ltd.*		3,243,878		3,467,141
Materion Corp.*		24,199		587,552
Metals USA Holdings Corp.*		4,076		45,855
Midway Gold Corp.*		29,933		63,159
Noranda Aluminum Holding Corp.		8,083		66,685
Paramount Gold and Silver Corp.*		41,953		89,780
Revett Minerals, Inc.*		4,724		22,297
RTI International Metals, Inc.*		1,467		34,049
Schnitzer Steel Industries, Inc., Class A		64,200		2,714,376
Stillwater Mining Co.*		40,753		426,276
SunCoke Energy, Inc.*		2,097		23,486
U.S. Gold Corp.*		37,858		127,203
Vista Gold Corp.*		4,003		12,289
Worthington Industries, Inc.		12,831		210,172

				11,558,866

*Paper & Forest Products* (*0.1%)*
Deltic Timber Corp.		3,868		233,589
Neenah Paper, Inc.		2,757		61,536

				295,125

Total Materials				24,348,719

See Notes to Financial Statements.

274

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Telecommunication Services (0.6%)
*Diversified Telecommunication Services* (*0.5%)*
8x8, Inc.*		22,179	$	70,307
AboveNet, Inc.*		8,258		536,853
Alaska Communications Systems Group, Inc.		3,515		10,580
Atlantic Tele-Network, Inc.		818		31,943
Boingo Wireless, Inc.*		1,544		13,278
Cbeyond, Inc.*		10,115		81,021
Cincinnati Bell, Inc.*		20,163		61,094
Cogent Communications Group, Inc.*		90,996		1,536,923
Consolidated Communications Holdings, Inc.		7,494		142,761
Fairpoint Communications, Inc.*		469		2,031
General Communication, Inc., Class A*		14,709		144,001
HickoryTech Corp.		4,884		54,115
IDT Corp., Class B		4,560		42,773
inContact, Inc.*		9,873		43,737
Iridium Communications, Inc.*		1,733		13,361
Lumos Networks Corp.		5,340		81,916
SureWest Communications		289		3,477
Towerstream Corp.*		14,914		31,319
Vonage Holdings Corp.*		21,203		51,947

				2,953,437

*Wireless Telecommunication Services* (*0.1%)*
Leap Wireless International, Inc.*		4,556		42,325
NTELOS Holdings Corp.		5,340		108,829
Shenandoah Telecommunications Co.		8,521		89,300

				240,454

Total Telecommunication Services				3,193,891


Utilities (1.2%)
*Electric Utilities* (*1.2%)*
Brookfield Infrastructure Partners LP		229,595	$	6,359,782
Otter Tail Corp.		647		14,247

				6,374,029

*Gas Utilities* (*0.0%)*
South Jersey Industries, Inc.		1,918		108,962

*Independent Power Producers & Energy Traders* (*0.0%)*
Atlantic Power Corp.		2,932		41,927
Genie Energy Ltd., Class B		4,560		36,161

				78,088

*Water Utilities* (*0.0%)*
Pennichuck Corp.		885		25,515

Total Utilities				6,586,594

Total Common Stocks (85.4%) (Cost $474,258,105)				469,404,620

	Number of Warrants		Value (Note 1)
WARRANTS:
Energy (0.0%)
*Oil, Gas & Consumable Fuels* (*0.0%)*
Magnum Hunter Resources Corp., expiring 10/14/13* (Cost $—)		105,185		—

Total Investments (85.4%)
(Cost $474,258,105)				469,404,620
Other Assets Less Liabilities (14.6%)				80,508,783

Net Assets (100%)			$	549,913,403

*	Non-income producing.

†	Securities (totaling $982,804 or 0.2% of net assets) at fair value by management.

(b)

Illiquid Security.

Glossary:

ADR — American Depositary Receipt

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	141,446,857	$	110,821,609	$	252,268,466	$	—	$	101,617	$	—

At December 31, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts		Expiration Date		Original Value		Value at 12/31/2011		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index		987		March-12	$	72,399,734	$	72,919,560	$	519,826

See Notes to Financial Statements.

275

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	68,587,844	$	2,336,812	$	823,815	$	71,748,471
Consumer Staples		10,094,225		–		–		10,094,225
Energy		39,012,323		–		–		39,012,323
Financials		25,678,336		–		–		25,678,336
Health Care		89,083,797		1,156,795		–		90,240,592
Industrials		83,732,276		–		–		83,732,276
Information Technology		113,919,057		691,147		158,989		114,769,193
Materials		20,881,578		3,467,141		–		24,348,719
Telecommunication Services		3,193,891		–		–		3,193,891
Utilities		6,586,594		–		–		6,586,594
Futures		519,826		–		–		519,826
Warrants
Energy		–		–		–		–

Total Assets	$	461,289,747	$	7,651,895	$	982,804	$	469,924,446

Total Liabilities	$	–	$	–	$	–	$	–

Total	$	461,289,747	$	7,651,895	$	982,804	$	469,924,446

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 - Information Technology			Investments in Corporate Bonds - Financials

Balance as of 12/31/10	$	28,288		$	—		$	4,480
Total gains or losses (realized/unrealized) included in earnings		(155,348	)		(28,057	)		(1,738	)
Purchases		969,194			187,046			—
Sales		(18,319	)		—			(2,742	)
Issuances		—			—			—
Settlements		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—

Balance as of 12/31/11	$	823,815			158,989		$	—

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 12/31/11	$	(145,379	)	$	(28,057	)	$	—

See Notes to Financial Statements.

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Fair Values of Derivative Instruments as of December 31, 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		519,826	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	519,826


	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 year ended December 31, 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		—		(36,619,838	)		—		—		(36,619,838	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(36,619,838	)	$	6,576	$	—	$	(36,613,262	)


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		—		(3,265,690	)		—		—		(3,265,690	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(3,265,690	)	$	—	$	—	$	(3,265,690	)

The Portfolio held forward foreign currency contract with an average settlement value of approximately $417,000 and futures contracts with an average notional balance of approximately $114,411,000 during the year ended December 31, 2011.

^ The Portfolio held forward foreign currency contract and futures 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)

December 31, 2011

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	741,017,976
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	787,923,551

As of December 31, 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	$	66,889,692
Aggregate gross unrealized depreciation		(72,554,564	)

Net unrealized depreciation	$	(5,664,872	)

Federal income tax cost of investments	$	475,069,492

For the year ended December 31, 2011, the Portfolio incurred approximately $1,167 as brokerage commissions with Citation Financial Group, $124 with Bank of America and $1,251 with Sanford C. Bernstein & Co., LLC., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $129,529,974, which expires in the year 2017. The Portfolio utilized net capital loss carryforward of $65,697,105 during 2011.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value (Cost $474,258,105)	$	469,404,620
Cash		72,937,008
Cash held as collateral at broker		8,105,000
Receivable for securities sold		740,005
Dividends, interest and other receivables		180,689
Receivable from Separate Accounts for Trust shares sold		76,592
Receivable from investment sub-advisor		7,861
Other assets		220

Total assets		551,451,995

LIABILITIES
Investment management fees payable		396,948
Payable to Separate Accounts for Trust shares redeemed		365,863
Payable for securities purchased		300,071
Variation margin payable on futures contracts		276,360
Administrative fees payable		99,878
Distribution fees payable - Class B		54,286
Trustees’ fees payable		129
Accrued expenses		45,057

Total liabilities		1,538,592

NET ASSETS	$	549,913,403

Net assets were comprised of:
Paid in capital	$	692,613,688
Accumulated undistributed net investment income (loss)		442,240
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(138,808,846	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(4,333,679	)

Net assets	$	549,913,403

Class A
Net asset value, offering and redemption price per share, $66,178 / 8,807 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.51

Class B
Net asset value, offering and redemption price per share, $256,026,136 / 34,397,663 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.44

Class K
Net asset value, offering and redemption price per share, $293,821,089 / 39,099,142 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.51

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends ($101,617 of dividend income received from affiliates) (net of $7,203 foreign withholding tax)	$	2,731,195
Interest		36,584

Total income		2,767,779

EXPENSES
Investment management fees		5,693,299
Administrative fees		1,037,254
Distribution fees - Class B		769,293
Custodian fees		85,900
Printing and mailing expenses		47,825
Professional fees		39,162
Trustees’ fees		9,401
Miscellaneous		13,035

Gross expenses		7,695,169
Less: Reimbursement from sub-advisor		(60,877	)
Fees paid indirectly		(143,450	)

Net expenses		7,490,842

NET INVESTMENT INCOME (LOSS)		(4,723,063	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		103,445,536
Futures		(36,619,838	)
Foreign currency transactions		(171,236	)

Net realized gain (loss)		66,654,462

Change in unrealized appreciation (depreciation) on:
Securities		(165,933,580	)
Futures		(3,265,690	)
Foreign currency translations		(19	)

Net change in unrealized appreciation (depreciation)		(169,199,289	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(102,544,827	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(107,267,890	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(4,723,063	)	$	(3,682,611	)
Net realized gain (loss) on investments, futures, foreign currency transactions and net distributions of realized gain received from Underlying Portfolio		66,654,462			103,606,124
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(169,199,289	)		62,054,477

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(107,267,890	)		161,977,990

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 804,343 and 3,981,400 shares, respectively ]		7,307,881			28,665,711
Capital shares repurchased [ (44,933,211) and (5,230,783) shares, respectively ]		(342,406,037	)(z)		(39,243,955	)

Total Class A transactions		(335,098,156	)		(10,578,244	)

Class B
Capital shares sold [ 4,715,145 and 6,530,272 shares, respectively ]		40,115,223			48,983,735
Capital shares repurchased [ (9,366,724) and (9,881,910) shares, respectively ]		(79,704,201	)		(72,379,956	)

Total Class B transactions		(39,588,978	)		(23,396,221	)

Class K†
Capital shares sold [ 43,104,091 and 0 shares, respectively ]		325,259,808	(z)		—
Capital shares repurchased [ (4,004,949) and 0 shares, respectively ]		(29,994,447	)		—

Total Class K transactions		295,265,361			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(79,421,773	)		(33,974,465	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(186,689,663	)		128,003,525
NET ASSETS:
Beginning of year		736,603,066			608,599,541

End of year (a)	$	549,913,403		$	736,603,066

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	442,240		$	94,294

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Small Cap Growth Portfolio exchanged approximately 42,444,072 Class A shares for approximately 42,444,072 Class K shares. This exchange amounted to approximately $320,402,236.

See Notes to Financial Statements.

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO (d)

FINANCIAL HIGHLIGHTS


	Year Ended December 31,									January 22, 2008* to December 31, 2008
Class A	2011			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)		(0.06	)(e)		(0.03	)(e)		0.01	(e)		(0.04	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.31	)		1.96			1.79			(2.39	)

Total from investment operations		(1.37	)		1.93			1.80			(2.43	)

Less distributions:
Distributions from net realized gains		—			—			—			(0.03	)

Net asset value, end of period	$	7.51		$	8.88		$	6.95		$	5.15

Total return (b)		(15.43	)%		27.77	%		34.95	%		(32.08	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	66		$	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)		1.00	%		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)		(0.69	)%		(0.47	)%		0.15	%		(0.59	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.67	)%		(0.46	)%		0.15	%		(0.59	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.70	)%		(0.47	)%		(0.17	)%		(0.64	)%
Portfolio turnover rate		137	%(f)		44	%		116	%		98	%



	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	8.83		$	6.92		$	5.13		$	8.91		$	9.52

Income (loss) from investment operations:
Net investment income (loss)		(0.07	)(e)		(0.05	)(e)		(0.01	)(e)		(0.06	)(e)		(0.02	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.32	)		1.96			1.80			(3.69	)		0.33

Total from investment operations		(1.39	)		1.91			1.79			(3.75	)		0.31

Less distributions:
Distributions from net realized gains		—			—			—			(0.03	)		(0.92	)

Net asset value, end of year	$	7.44		$	8.83		$	6.92		$	5.13		$	8.91

Total return		(15.74	)%		27.60	%		34.89	%		(42.21	)%		3.60	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	256,026		$	344,710		$	293,221		$	207,749		$	392,037
Ratio of expenses to average net assets:
After waivers and reimbursements		1.27	%(c)		1.29	%		1.32	%		1.53	%		1.47	%
After waivers, reimbursements and fees paid indirectly		1.25	%		1.28	%(c)		1.14	%		1.48	%		1.27	%
Before waivers, reimbursements and fees paid indirectly		1.28	%		1.30	%		1.32	%		1.53	%		1.54	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		(0.86	)%		(0.71	)%		(0.42	)%		(0.90	)%		(0.39	)%
After waivers, reimbursements and fees paid indirectly		(0.84	)%		(0.71	)%		(0.24	)%		(0.85	)%		(0.19	)%
Before waivers, reimbursements and fees paid indirectly		(0.87	)%		(0.72	)%		(0.42	)%		(0.90	)%		(0.46	)%
Portfolio turnover rate		137	%(f)		44	%		116	%		98	%		177	%

See Notes to Financial Statements.

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO (d)

FINANCIAL HIGHLIGHTS (Continued)


Class K	August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	7.40

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.12

Total from investment operations		0.11

Net asset value, end of period	$	7.51

Total return (b)		1.49	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	293,821
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.04	%
After waivers, reimbursements and fees paid indirectly (a)		1.02	%
Before waivers, reimbursements and fees paid indirectly(a)		1.04	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.42	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.40	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.42	)%
Portfolio turnover rate		137	%(f)

*	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 expenses.

(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 per share is based on average shares outstanding.

(f)

Higher rate than normal due to advisor changes during the year.

See Notes to Financial Statements.

282

MULTIMANAGER SMALL CAP VALUE PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø

BlackRock Investment Management LLC

_Ø

Franklin Advisory Service, LLC

_Ø

Horizon Asset Management, LLC

_Ø

Pacific Global Investment Management Company

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.**
Portfolio – Class A Shares*		(8.79	)%		(4.06	)%		3.30	%		4.40	%
Portfolio – Class B Shares		(9.01	)		(4.32	)		3.05			4.22
Portfolio – Class K Shares***		(8.88	)		(4.29	)		3.07			4.23
Russell 2000^® Value Index		(5.50	)		(1.87	)		6.40			6.46
Volatility Managed Index – Small Cap Value 2000		(9.34	)		0.89			6.71			5.96
* Date of inception 10/2/02. Returns shown for Class A shares prior to this period are derived from the historical performance of Class B shares adjusted to reflect the 12b-1 fees, applicable to Class B shares; Class A shares are not subject to any 12b-1 fees. Date of inception 1/1/98. * Date of inception 8/26/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class B shares adjusted to reflect the 12b-1 fees, applicable to B Shares, Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (8.79)% for the year ended December 31, 2011. The Portfolio’s benchmark, the Russell 2000^® Value Index, returned (5.50)%, and the Volatility Managed Index – Small Cap Value 2000 returned (9.34)% over the same period.

2011 was extremely volatile for the equity markets. Investors saw a rise in stock prices early in the year only to watch those same stocks fall sharply for five months through September, yet rally again in the fourth quarter. Despite this late push many stocks finished the year underwater. For the year, small capitalization U.S. value equities, as measured by the Russell 2000^® Value Index, posted a negative return. For the benchmark, only three of the ten sectors posted positive returns, led by Utilities and Health Care, while Energy and Telecommunication Services were the worst.

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

Portfolio Highlights

What helped performance during the year:

•

Stock selection in the Energy, Industrials and Consumer Discretionary sectors was the largest contributor to performance for the year.

•

Exposure to Conn’s Inc., a regional electronics and appliances retailer (Consumer Discretionary sector) which the benchmark held very little of, was a primary contributor to overall performance.

•

Other individual holdings contributing to performance were Mitcham Industries (Energy sector), Valhi Inc. (Materials sector), and America Service Group Inc. (Health Care sector).

What hurt performance during the year:

•

An underweight position relative to the benchmark in the Utilities sector was a major detractor to the Portfolio’s performance.

•

Security selection within the Financials sector detracted from performance. Specifically, Value Partners GP was the largest individual stock detractor in the Portfolio.

•

Consumer Discretionary sector companies Dreamworks Animation and Promotora de Informaciones were two major detractors, as was Industrials sector holding Vitran Corporation Inc.

•

283

MULTIMANAGER SMALL CAP VALUE PORTFOLIO (Unaudited)


Sector Weightings as of 12/31/11	% of Net Assets
Financials		26.1	%
Industrials		19.4
Consumer Discretionary		16.4
Energy		8.6
Materials		5.3
Information Technology		5.0
Health Care		3.0
Utilities		2.8
Consumer Staples		2.3
Telecommunication Services		0.9
Investment Company		0.6
Cash and Other		9.6

		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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$859.57		$4.81
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.03		5.23
Class B
Actual		1,000.00		858.18		6.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.73		6.54
Class K†
Actual		1,000.00		1,049.26		3.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.97		5.29
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.03%, 1.28% and 1.04%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 128/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 8/26/2011.

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (16.4%)
*Auto Components (2.5%)*
American Axle & Manufacturing Holdings, Inc.*		23,501	$	232,425
Amerigon, Inc.*		320,000		4,563,200
Autoliv, Inc.		34,336		1,836,633
Dana Holding Corp.*		3,955		48,053
Drew Industries, Inc.*		30,742		754,101
Exide Technologies, Inc.*		26,313		69,203
Fuel Systems Solutions, Inc.*		7,593		125,209
Gentex Corp.		64,700		1,914,473
Icahn Enterprises LP		176,733		6,327,041
Modine Manufacturing Co.*		21,245		200,978
Motorcar Parts of America, Inc.*		5,351		40,132
Shiloh Industries, Inc.*		2,302		19,291
Spartan Motors, Inc.		14,906		71,698
Standard Motor Products, Inc.		8,924		178,926
Superior Industries International, Inc.		10,669		176,465

				16,557,828

*Automobiles (0.4%)*
Thor Industries, Inc.		85,000		2,331,550
Winnebago Industries, Inc.*		43,655		322,174

				2,653,724

*Distributors (0.0%)*
Core-Mark Holding Co., Inc.		4,337		171,745
VOXX International Corp.*		8,359		70,634
Weyco Group, Inc.		3,151		77,357

				319,736

*Diversified Consumer Services (1.4%)*
Archipelago Learning, Inc.*		2,568		24,833
Ascent Capital Group, Inc., Class A*		104,453		5,297,856
Cambium Learning Group, Inc.*		7,223		21,813
Corinthian Colleges, Inc.*		35,973		78,061
Hillenbrand, Inc.		55,000		1,227,600
Lincoln Educational Services Corp.		10,262		81,070
Mac-Gray Corp.		5,413		74,645
Matthews International Corp., Class A		8,249		259,266
Regis Corp.		116,876		1,934,298
School Specialty, Inc.*		7,287		18,218
Stewart Enterprises, Inc., Class A		35,948		207,061

				9,224,721

*Hotels, Restaurants & Leisure (1.3%)*
Ambassadors Group, Inc.		6,253		28,201
Benihana, Inc.*		6,294		64,388
Biglari Holdings, Inc.*		503		185,225
Bob Evans Farms, Inc.		13,718		460,102
Boyd Gaming Corp.*		25,179		187,835
Bravo Brio Restaurant Group, Inc.*		230,000		3,944,500
Caribou Coffee Co., Inc.*		3,107		43,343
Churchill Downs, Inc.		4,202		219,050
Cracker Barrel Old Country Store, Inc.		630		31,758

Denny’s Corp.*		12,193	$	45,846
Domino’s Pizza, Inc.*		16,329		554,370
Einstein Noah Restaurant Group, Inc.		305		4,825
Gaylord Entertainment Co.*		16,080		388,171
International Speedway Corp., Class A		13,444		340,805
Isle of Capri Casinos, Inc.*		9,260		43,244
Jack in the Box, Inc.*		18,801		392,941
Life Time Fitness, Inc.*		1,765		82,514
Luby’s, Inc.*		8,168		36,838
Marcus Corp.		9,337		117,740
McCormick & Schmick’s Seafood Restaurants, Inc.*		6,004		52,475
Monarch Casino & Resort, Inc.*		4,127		42,054
Morgans Hotel Group Co.*		6,268		36,981
Multimedia Games Holding Co., Inc.*		12,079		95,907
O’Charleys, Inc.*		8,539		46,879
Orient-Express Hotels Ltd., Class A*		43,031		321,442
P.F. Chang’s China Bistro, Inc.		918		28,375
Pinnacle Entertainment, Inc.*		26,196		266,151
Red Lion Hotels Corp.*		6,694		46,389
Red Robin Gourmet Burgers, Inc.*		604		16,731
Ruby Tuesday, Inc.*		29,794		205,579
Ruth’s Hospitality Group, Inc.*		13,139		65,301
Scientific Games Corp., Class A*		12,663		122,831
Shuffle Master, Inc.*		4,682		54,873
Speedway Motorsports, Inc.		5,275		80,866
Texas Roadhouse, Inc.		1,886		28,101
Town Sports International Holdings, Inc.*		5,186		38,117
Vail Resorts, Inc.		3,392		143,685

				8,864,433

*Household Durables (2.3%)*
American Greetings Corp., Class A		17,120		214,171
Beazer Homes USA, Inc.*		35,019		86,847
Blyth, Inc.		2,376		134,957
Brookfield Residential Properties, Inc.*		211,100		1,648,691
Cavco Industries, Inc.*		3,092		123,866
CSS Industries, Inc.		3,708		73,863
D.R. Horton, Inc.		28,644		361,201
Ethan Allen Interiors, Inc.		25,236		598,346
Furniture Brands International, Inc.*		19,293		23,730
Helen of Troy Ltd.*		13,919		427,313
Hooker Furniture Corp.		56,106		643,536
Hovnanian Enterprises, Inc., Class A*		27,474		39,837
Jarden Corp.		243,000		7,260,840
KB Home		34,561		232,250
La-Z-Boy, Inc.*		135,042		1,607,000
Lifetime Brands, Inc.		4,229		51,340
M.D.C. Holdings, Inc.		39,171		690,585
M/I Homes, Inc.*		55,077		528,739
Meritage Homes Corp.*		12,607		292,356
Ryland Group, Inc.		20,031		315,689

See Notes to Financial Statements.

285

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Sealy Corp.*		22,261	$	38,289
Skullcandy, Inc.*		2,415		30,236
Skyline Corp.		3,070		13,354
Standard Pacific Corp.*		48,911		155,537
Universal Electronics, Inc.*		4,247		71,647

				15,664,220

*Internet & Catalog Retail (0.0%)*
1-800-FLOWERS.COM, Inc., Class A*		10,621		23,366
Valuevision Media, Inc., Class A*		3,609		6,785

				30,151

*Leisure Equipment & Products (0.3%)*
Arctic Cat, Inc.*		5,532		124,747
Black Diamond, Inc.*		5,880		43,924
Brunswick Corp.		53,000		957,180
Callaway Golf Co.		28,946		160,071
Eastman Kodak Co.*		123,060		79,928
JAKKS Pacific, Inc.		12,420		175,246
Johnson Outdoors, Inc., Class A*		2,138		32,818
Leapfrog Enterprises, Inc.*		18,960		105,986
Marine Products Corp.*		2,262		11,220
Smith & Wesson Holding Corp.*		17,844		77,800
Steinway Musical Instruments, Inc.*		2,885		72,240
Summer Infant, Inc.*		5,925		41,712

				1,882,872

*Media (2.3%)*
AH Belo Corp., Class A		8,212		39,007
Belo Corp., Class A		29,843		188,011
Central European Media Enterprises Ltd., Class A*		16,695		108,851
Cinemark Holdings, Inc.		3,951		73,054
Crown Media Holdings, Inc., Class A*		11,994		14,513
Cumulus Media, Inc., Class A*		12,025		40,163
Dial Global, Inc.*		2,182		6,961
Digital Generation, Inc.*		2,910		34,687
DreamWorks Animation SKG, Inc., Class A*		286,000		4,746,170
Entercom Communications Corp., Class A*		11,040		67,896
Entravision Communications Corp., Class A		9,180		14,321
EW Scripps Co., Class A*		14,077		112,757
Fisher Communications, Inc.*		3,996		115,205
Global Sources Ltd.*		493		2,391
Gray Television, Inc.*		22,007		35,651
Harte-Hanks, Inc.		20,233		183,918
John Wiley & Sons, Inc., Class A		43,100		1,913,640
Journal Communications, Inc., Class A*		19,785		87,054
Knology, Inc.*		935		13,277
LIN TV Corp., Class A*		12,341		52,202
Live Nation Entertainment, Inc.*		500,548		4,159,554
Martha Stewart Living Omnimedia, Inc., Class A		12,538		55,167
McClatchy Co., Class A*		26,321		62,907
Meredith Corp.		16,452		537,158
New York Times Co., Class A*		61,694		476,895

Nexstar Broadcasting Group, Inc., Class A*		3,775	$	29,596
Outdoor Channel Holdings, Inc.		5,575		41,589
Promotora de Informaciones S.A. (Prisa) (ADR), Class B		251,100		1,215,324
Saga Communications, Inc., Class A*		1,604		59,957
Scholastic Corp.		11,909		356,913
Sinclair Broadcast Group, Inc., Class A		21,261		240,887
World Wrestling Entertainment, Inc., Class A		1,358		12,657

				15,098,333

*Multiline Retail (0.5%)*
99 Cents Only Stores*		18,734		411,211
Bon-Ton Stores, Inc.		5,558		18,731
Fred’s, Inc., Class A		35,457		516,963
J.C. Penney Co., Inc.		37,700		1,325,155
Saks, Inc.*		116,217		1,133,116
Tuesday Morning Corp.*		37,336		128,809

				3,533,985

*Specialty Retail* (*4.7%)*
America’s Car-Mart, Inc.*		1,778		69,662
Asbury Automotive Group, Inc.*		13,296		286,662
Barnes & Noble, Inc.*		13,298		192,555
bebe stores, Inc.		17,200		143,276
Big 5 Sporting Goods Corp.		9,970		104,087
Brown Shoe Co., Inc.		115,905		1,031,554
Build-A-Bear Workshop, Inc.*		6,643		56,200
Cabela’s, Inc.*		19,569		497,444
Casual Male Retail Group, Inc.*		18,946		64,795
Cato Corp., Class A		44,400		1,074,480
Charming Shoppes, Inc.*		52,940		259,406
Children’s Place Retail Stores, Inc.*		11,806		627,135
Christopher & Banks Corp.		141,302		330,647
Citi Trends, Inc.*		6,849		60,134
Coldwater Creek, Inc.*		31,765		37,483
Collective Brands, Inc.*		27,749		398,753
Conn’s, Inc.*		521,223		5,785,575
Cost Plus, Inc.*		3,074		29,971
Finish Line, Inc., Class A		16,217		312,745
Francesca’s Holdings Corp.*		2,932		50,724
GameStop Corp., Class A*		72,000		1,737,360
Genesco, Inc.*		9,635		594,865
Group 1 Automotive, Inc.		58,369		3,023,514
Haverty Furniture Cos., Inc.		8,594		94,362
hhgregg, Inc.*		7,154		103,375
HOT Topic, Inc.		19,265		127,342
Kirkland’s, Inc.*		7,641		101,625
Lithia Motors, Inc., Class A		10,031		219,278
MarineMax, Inc.*		10,765		70,188
Mattress Firm Holding Corp.*		1,712		39,701
Men’s Wearhouse, Inc.		72,123		2,337,506
New York & Co., Inc.*		11,548		30,718
Office Depot, Inc.*		124,969		268,683
OfficeMax, Inc.*		39,399		178,871
Pacific Sunwear of California, Inc.*		21,673		37,061
Penske Automotive Group, Inc.		78,102		1,503,463

See Notes to Financial Statements.

286

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

PEP Boys-Manny, Moe & Jack		23,459	$	258,049
Pier 1 Imports, Inc.*		88,774		1,236,622
Rent-A-Center, Inc.		26,583		983,571
Select Comfort Corp.*		3,237		70,211
Shoe Carnival, Inc.*		4,160		106,912
Sonic Automotive, Inc., Class A		378,068		5,599,187
Stage Stores, Inc.		13,925		193,418
Stein Mart, Inc.*		12,455		84,819
Systemax, Inc.*		4,599		75,470
Talbots, Inc.*		32,473		86,378
Teavana Holdings, Inc.*		1,837		34,499
West Marine, Inc.*		68,276		794,050
Wet Seal, Inc., Class A*		39,971		130,305
Zale Corp.*		14,585		55,569

				31,590,260

*Textiles, Apparel & Luxury Goods (0.7%)*
Carter’s, Inc.*		2,989		118,992
Cherokee, Inc.		746		8,706
Columbia Sportswear Co.		1,768		82,300
Delta Apparel, Inc.*		2,724		52,001
Iconix Brand Group, Inc.*		32,912		536,137
Jones Group, Inc.		36,479		384,853
Kenneth Cole Productions, Inc., Class A*		2,279		24,135
K-Swiss, Inc., Class A*		11,834		34,555
Liz Claiborne, Inc.*		40,395		348,609
Maidenform Brands, Inc.*		2,000		36,600
Movado Group, Inc.		112,885		2,051,121
Perry Ellis International, Inc.*		5,088		72,351
Quiksilver, Inc.*		59,247		213,882
R.G. Barry Corp.		3,374		40,758
Skechers U.S.A., Inc., Class A*		16,817		203,822
Unifi, Inc.*		6,311		47,964
Warnaco Group, Inc.*		2,886		144,415

				4,401,201

Total Consumer Discretionary				109,821,464

Consumer Staples (2.3%)
*Beverages (0.1%)*
Central European Distribution Corp.*		33,244		145,443
Craft Brewers Alliance, Inc.*		2,993		18,018
Heckmann Corp.*		22,345		148,594
MGP Ingredients, Inc.		5,504		27,740
Primo Water Corp.*		2,116		6,433

				346,228

*Food & Staples Retailing (0.4%)*
Andersons, Inc.		8,339		364,081
Arden Group, Inc., Class A		226		20,342
Casey’s General Stores, Inc.		500		25,755
Chefs’ Warehouse, Inc.*		1,902		33,970
Ingles Markets, Inc., Class A		5,592		84,215
Nash Finch Co.		5,545		162,358
Pantry, Inc.*		9,677		115,834
Rite Aid Corp.*		246,530		310,628
Ruddick Corp.		10,233		436,335
Spartan Stores, Inc.		10,312		190,772
Susser Holdings Corp.*		4,107		92,900
Village Super Market, Inc., Class A		2,794		79,489

Weis Markets, Inc.		5,051	$	201,737
Winn-Dixie Stores, Inc.*		25,545		239,612

				2,358,028

*Food Products (1.3%)*
Alico, Inc.		1,003		19,428
B&G Foods, Inc.		9,321		224,356
Cal-Maine Foods, Inc.		6,056		221,468
Chiquita Brands International, Inc.*		20,055		167,259
Darling International, Inc.*		300,000		3,987,000
Dole Food Co., Inc.*		13,307		115,105
Farmer Bros Co.		3,139		23,982
Fresh Del Monte Produce, Inc.		16,463		411,740
Griffin Land & Nurseries, Inc.		1,100		29,106
Hain Celestial Group, Inc.*		12,150		445,419
Imperial Sugar Co.		5,586		19,942
Lancaster Colony Corp.		17,600		1,220,384
Omega Protein Corp.*		7,930		56,541
Pilgrim’s Pride Corp.*		23,130		133,229
Sanderson Farms, Inc.		10,033		502,954
Seneca Foods Corp., Class A*		4,216		108,857
Smart Balance, Inc.*		14,236		76,305
Snyders-Lance, Inc.		21,458		482,805
Tootsie Roll Industries, Inc.		958		22,676
TreeHouse Foods, Inc.*		6,618		432,685

				8,701,241

*Household Products (0.0%)*
Central Garden & Pet Co., Class A*		18,913		157,356
Harbinger Group, Inc.*		3,990		16,000
Oil-Dri Corp. of America		1,931		39,083
Spectrum Brands Holdings, Inc.*		1,609		44,087

				256,526

*Personal Products (0.4%)*
Elizabeth Arden, Inc.*		2,090		77,413
Inter Parfums, Inc.		159,500		2,481,820
Nutraceutical International Corp.*		4,278		48,427
Prestige Brands Holdings, Inc.*		22,899		258,072
Revlon, Inc., Class A*		4,887		72,670
Schiff Nutrition International, Inc.*		4,026		43,078

				2,981,480

*Tobacco (0.1%)*
Alliance One International, Inc.*		39,805		108,270
Star Scientific, Inc.*		5,399		11,770
Universal Corp.		10,395		477,754
Vector Group Ltd.		6,691		118,832

				716,626

Total Consumer Staples				15,360,129

Energy (8.6%)
*Energy Equipment & Services (6.6%)*
Atwood Oceanics, Inc.*		41,900		1,667,201
Bristow Group, Inc.		65,202		3,089,923
C&J Energy Services, Inc.*		2,473		51,760
Cal Dive International, Inc.*		16,753		37,694
Dawson Geophysical Co.*		2,621		103,608

See Notes to Financial Statements.

287

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Exterran Holdings, Inc.*		29,187	$	265,602
Gulf Island Fabrication, Inc.		5,568		162,641
Gulfmark Offshore, Inc., Class A*		8,770		368,428
Helix Energy Solutions Group, Inc.*		131,087		2,071,175
Hercules Offshore, Inc.*		52,613		233,602
Hornbeck Offshore Services, Inc.*		140,858		4,369,415
ION Geophysical Corp.*		390,000		2,390,700
Key Energy Services, Inc.*		5,992		92,696
Matrix Service Co.*		300,158		2,833,492
Mitcham Industries, Inc.*		274,267		5,989,991
Natural Gas Services Group, Inc.*		134,670		1,947,328
Newpark Resources, Inc.*		37,846		359,537
North American Energy Partners, Inc.*		570,000		3,670,800
Oil States International, Inc.*		26,800		2,046,716
Parker Drilling Co.*		462,438		3,315,680
PHI, Inc. (Non-Voting)*		5,927		147,286
Pioneer Drilling Co.*		5,583		54,043
Rowan Cos., Inc.*		68,797		2,086,613
Tesco Corp.*		2,592		32,763
TETRA Technologies, Inc.*		31,263		291,996
Tidewater, Inc.		104,000		5,127,200
Union Drilling, Inc.*		6,998		43,668
Unit Corp.*		34,700		1,610,080
Vantage Drilling Co.*		78,928		91,556
Willbros Group, Inc.*		14,495		53,197

				44,606,391

*Oil, Gas & Consumable Fuels (2.0%)*
Alon USA Energy, Inc.		1,150		10,017
Approach Resources, Inc.*		3,238		95,230
Arch Coal, Inc.		10,863		157,622
Bill Barrett Corp.*		19,696		671,043
BPZ Resources, Inc.*		34,907		99,136
Buckeye Partners LP		65,200		4,171,496
CAMAC Energy, Inc.*		25,971		26,231
Cloud Peak Energy, Inc.*		21,703		419,302
Comstock Resources, Inc.*		21,472		328,522
Crimson Exploration, Inc.*		9,163		26,206
Crosstex Energy, Inc.		1,937		24,484
Delek U.S. Holdings, Inc.		6,395		72,967
DHT Holdings, Inc.		29,473		21,810
Endeavour International Corp.*		16,844		146,374
Energen Corp.		22,900		1,145,000
Energy Partners Ltd.*		13,215		192,939
Frontline Ltd.		23,564		101,090
Gastar Exploration Ltd.*		26,172		83,227
GeoResources, Inc.*		5,556		162,846
GMX Resources, Inc.*		18,839		23,549
Green Plains Renewable Energy, Inc.*		8,367		81,662
Harvest Natural Resources, Inc.*		15,438		113,932
James River Coal Co.*		16,226		112,284
KiOR, Inc., Class A*		1,862		18,955
Knightsbridge Tankers Ltd.		9,986		136,509
L&L Energy, Inc.*		10,238		26,516
Miller Energy Resources, Inc.*		13,931		38,867
Nordic American Tankers Ltd.		21,630		259,344
Overseas Shipholding Group, Inc.		50,212		548,817
Patriot Coal Corp.*		2,834		24,004

Penn Virginia Corp.		20,962	$	110,889
Petroleum Development Corp.*		10,698		375,607
PetroQuest Energy, Inc.*		19,728		130,205
REX American Resources Corp.*		2,750		60,803
Rex Energy Corp.*		2,275		33,579
Scorpio Tankers, Inc.*		12,633		61,775
SemGroup Corp., Class A*		18,876		491,909
Ship Finance International Ltd.		20,431		190,826
Solazyme, Inc.*		1,156		13,756
Swift Energy Co.*		19,143		568,930
Teekay Corp.		23,000		614,790
Teekay Tankers Ltd., Class A		19,383		68,228
Triangle Petroleum Corp.*		10,124		60,440
Ur-Energy, Inc.*		8,188		7,033
USEC, Inc.*		53,232		60,684
VAALCO Energy, Inc.*		20,480		123,699
Venoco, Inc.*		10,272		69,541
Voyager Oil & Gas, Inc.*		5,659		14,544
Warren Resources, Inc.*		27,259		88,864
Western Refining, Inc.*		1,526		20,281
Westmoreland Coal Co.*		3,163		40,328
World Fuel Services Corp.		13,794		579,072

				13,125,764

Total Energy				57,732,155

Financials (26.1%)
*Capital Markets (3.2%)*
Apollo Investment Corp.		89,169		574,248
Arlington Asset Investment Corp., Class A		2,958		63,094
Artio Global Investors, Inc.		1,339		6,534
BlackRock Kelso Capital Corp.		33,179		270,741
Calamos Asset Management, Inc., Class A		8,704		108,887
Capital Southwest Corp.		1,264		103,079
CIFC Corp.*		5,198		28,069
Cohen & Steers, Inc.		186,079		5,377,683
Cowen Group, Inc., Class A*		30,701		79,516
Dundee Corp., Class A*		69,900		1,621,680
Edelman Financial Group, Inc.		9,281		60,976
FBR & Co.*		19,290		39,545
Fidus Investment Corp.		1,814		23,528
Fifth Street Finance Corp.		33,031		316,107
FXCM, Inc., Class A		7,974		77,746
GAMCO Investors, Inc., Class A		1,030		44,795
GFI Group, Inc.		32,126		132,359
Gladstone Capital Corp.		9,591		73,179
Gladstone Investment Corp.		9,985		72,591
Gleacher & Co., Inc.*		32,384		54,405
Golub Capital BDC, Inc.		4,624		71,672
Harris & Harris Group, Inc.*		14,303		49,488
Hercules Technology Growth Capital, Inc.		19,851		187,393
ICG Group, Inc.*		15,785		121,860
INTL FCStone, Inc.*		6,003		141,491
Investment Technology Group, Inc.*		18,377		198,655
JMP Group, Inc.		7,137		51,030
KBW, Inc.		14,788		224,482
Knight Capital Group, Inc., Class A*		45,172		533,933

See Notes to Financial Statements.

288

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Kohlberg Capital Corp.		8,372	$	52,827
Main Street Capital Corp.		10,399		220,875
Manning & Napier, Inc.*		4,372		54,606
MCG Capital Corp.		34,931		139,375
Medallion Financial Corp.		6,888		78,385
Medley Capital Corp.		5,025		52,260
MVC Capital, Inc.		10,948		126,887
New Mountain Finance Corp.		3,318		44,494
NGP Capital Resources Co.		9,766		70,218
Oppenheimer Holdings, Inc., Class A		4,747		76,427
PennantPark Investment Corp.		20,728		209,146
Piper Jaffray Cos., Inc.*		7,244		146,329
Prospect Capital Corp.		49,588		460,673
Safeguard Scientifics, Inc.*		9,419		148,726
Solar Capital Ltd.		16,573		366,098
Solar Senior Capital Ltd.		3,518		55,409
Stifel Financial Corp.*		14,568		466,904
SWS Group, Inc.		13,516		92,855
TICC Capital Corp.		14,894		128,833
Triangle Capital Corp.		10,159		194,240
Value Partners Group Ltd.		6,230,000		3,192,568
Virtus Investment Partners, Inc.*		147		11,173
Walter Investment Management Corp.		11,767		241,341
WisdomTree Investments, Inc.*		637,350		3,855,968

				21,195,383

*Commercial Banks (6.1%)*
1st Source Corp.		6,927		175,461
1st United Bancorp, Inc.*		12,980		72,039
Alliance Financial Corp./New York		2,187		67,535
Ameris Bancorp*		10,567		108,629
Ames National Corp.		3,869		75,446
Arrow Financial Corp.		4,496		105,386
BancFirst Corp.		3,104		116,524
Banco Latinoamericano de Comercio Exterior S.A., Class E		12,795		205,360
Bancorp Rhode Island, Inc.		1,729		68,641
Bancorp, Inc./Delaware*		13,501		97,612
BancorpSouth, Inc.		37,908		417,746
Bank of Kentucky Financial Corp.		2,614		52,411
Bank of Marin Bancorp/California		2,400		90,216
Bank of the Ozarks, Inc.		10,936		324,034
Banner Corp.		7,538		129,277
BBCN Bancorp, Inc.*		33,132		313,097
BOK Financial Corp.		19,400		1,065,642
Boston Private Financial Holdings, Inc.		34,181		271,397
Bridge Bancorp, Inc.		2,049		40,775
Bridge Capital Holdings*		4,119		42,838
Bryn Mawr Bank Corp.		3,839		74,822
Camden National Corp.		3,623		118,110
Capital Bank Corp.*		6,104		12,269
Capital City Bank Group, Inc.		5,600		53,480
Cardinal Financial Corp.		12,927		138,836
Cascade Bancorp*		2,697		11,813
Cathay General Bancorp		280,568		4,188,880
Center Bancorp, Inc.		5,507		53,803

Centerstate Banks, Inc.		13,960	$	92,415
Central Pacific Financial Corp.*		7,077		91,435
Century Bancorp, Inc./Massachusetts, Class A		1,555		43,913
Chemical Financial Corp.		50,920		1,085,614
Citizens & Northern Corp.		5,677		104,854
City Holding Co.		6,991		236,925
CNB Financial Corp./Pennsylvania		5,604		88,431
CoBiz Financial, Inc.		13,787		79,551
Columbia Banking System, Inc.		17,827		343,526
Community Bank System, Inc.		16,751		465,678
Community Trust Bancorp, Inc.		6,370		187,405
CVB Financial Corp.		40,545		406,666
Eagle Bancorp, Inc.*		7,542		109,661
East West Bancorp, Inc.		215,000		4,246,250
Encore Bancshares, Inc.*		4,037		54,580
Enterprise Bancorp, Inc./Massachusetts		2,607		37,280
Enterprise Financial Services Corp.		6,065		89,762
F.N.B. Corp./Pennsylvania		57,774		653,424
Financial Institutions, Inc.		6,303		101,730
First Bancorp, Inc./Maine		3,980		61,173
First Bancorp/North Carolina		6,927		77,236
First Busey Corp.		35,495		177,475
First Commonwealth Financial Corp.		47,353		249,077
First Community Bancshares, Inc./Virginia		7,431		92,739
First Connecticut Bancorp, Inc./Connecticut		7,869		102,376
First Financial Bancorp		26,432		439,828
First Financial Bankshares, Inc.		7,860		262,760
First Financial Corp./Indiana		5,069		168,696
First Interstate Bancsystem, Inc.		7,302		95,145
First Merchants Corp.		11,876		100,590
First Midwest Bancorp, Inc./Illinois		33,604		340,409
First of Long Island Corp.		3,589		94,463
FirstMerit Corp.		49,603		750,493
German American Bancorp, Inc.		5,940		108,049
Glacier Bancorp, Inc.		32,694		393,309
Great Southern Bancorp, Inc.		4,748		112,005
Hancock Holding Co.		34,432		1,100,791
Hanmi Financial Corp.*		7,580		56,092
Heartland Financial USA, Inc.		5,811		89,141
Heritage Commerce Corp.*		9,348		44,310
Heritage Financial Corp./Washington		7,165		89,992
Home Bancshares, Inc./Arkansas		10,075		261,043
Hudson Valley Holding Corp.		7,006		148,667
IBERIABANK Corp.		13,326		656,972
Independent Bank Corp./Massachusetts		9,736		265,695
International Bancshares Corp.		24,027		440,535
Investors Bancorp, Inc.*		17,982		242,397
Lakeland Bancorp, Inc.		10,152		87,510
Lakeland Financial Corp.		7,386		191,076
MainSource Financial Group, Inc.		9,373		82,764
MB Financial, Inc.		24,566		420,079

See Notes to Financial Statements.

289

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Merchants Bancshares, Inc.		2,349	$	68,591
Metro Bancorp, Inc.*		6,680		55,978
MidSouth Bancorp, Inc.		3,058		39,785
National Bankshares, Inc./Virginia		3,343		93,337
National Penn Bancshares, Inc.		56,016		472,775
NBT Bancorp, Inc.		15,710		347,662
Old National Bancorp/Indiana		42,895		499,727
OmniAmerican Bancorp, Inc.*		5,214		81,860
Oriental Financial Group, Inc.		81,422		986,020
Orrstown Financial Services, Inc.		3,322		27,407
Pacific Capital Bancorp N.A.*		1,973		55,718
Pacific Continental Corp.		8,256		73,066
PacWest Bancorp		13,570		257,152
Park National Corp.		5,923		385,350
Park Sterling Corp.*		13,122		53,538
Penns Woods Bancorp, Inc.		1,836		71,200
Peoples Bancorp, Inc./Ohio		22,299		330,248
Pinnacle Financial Partners, Inc.*		15,328		247,547
PrivateBancorp, Inc.		27,005		296,515
Prosperity Bancshares, Inc.		21,224		856,388
Renasant Corp.		11,432		171,480
Republic Bancorp, Inc./Kentucky, Class A		32,984		755,334
S&T Bancorp, Inc.		12,760		249,458
Sandy Spring Bancorp, Inc.		10,842		190,277
SCBT Financial Corp.		6,337		183,836
Seacoast Banking Corp. of Florida*		33,112		50,330
Sierra Bancorp		5,724		50,371
Simmons First National Corp., Class A		7,892		214,584
Southside Bancshares, Inc.		7,626		165,179
Southwest Bancorp, Inc./Oklahoma*		9,068		54,045
State Bancorp, Inc./New York		7,077		86,339
State Bank Financial Corp.*		14,183		214,305
StellarOne Corp.		10,327		117,521
Sterling Bancorp/New York		14,312		123,656
Sterling Financial Corp./Washington*		11,983		200,116
Suffolk Bancorp*		4,565		49,256
Sun Bancorp, Inc./New Jersey*		17,055		41,273
Susquehanna Bancshares, Inc.		70,751		592,893
SVB Financial Group*		15,076		718,974
SY Bancorp, Inc.		4,542		93,247
Taylor Capital Group, Inc.*		4,108		39,930
Texas Capital Bancshares, Inc.*		16,768		513,269
Tompkins Financial Corp.		3,810		146,723
Tower Bancorp, Inc.		4,874		139,104
TowneBank/Virginia		11,227		137,419
Trico Bancshares		6,561		93,297
Trustmark Corp.		29,088		706,548
UMB Financial Corp.		14,519		540,833
Umpqua Holdings Corp.		51,953		643,698
Union First Market Bankshares Corp.		9,370		124,527
United Bankshares, Inc./Virginia		18,710		528,932
United Community Banks, Inc./Georgia*		18,325		128,092
Univest Corp. of Pennsylvania		7,760		113,606

Virginia Commerce Bancorp, Inc.*		10,988	$	84,937
Washington Banking Co.		6,953		82,810
Washington Trust Bancorp, Inc.		6,592		157,285
Webster Financial Corp.		32,599		664,694
WesBanco, Inc.		10,493		204,299
West Bancorp, Inc.		6,918		66,274
West Coast Bancorp/Oregon*		8,587		133,957
Westamerica Bancorp		7,181		315,246
Western Alliance Bancorp*		31,191		194,320
Wilshire Bancorp, Inc.*		27,935		101,404
Wintrust Financial Corp.		15,893		445,799

				40,743,407

*Consumer Finance (0.8%)*
Advance America Cash Advance Centers, Inc.		22,339		199,934
Cash America International, Inc.		8,928		416,312
EZCORP, Inc., Class A*		162,000		4,271,940
First Marblehead Corp.*		27,000		31,590
Imperial Holdings, Inc.*		1,313		2,468
Nelnet, Inc., Class A		11,895		291,071
Nicholas Financial, Inc.		4,423		56,703

				5,270,018

*Diversified Financial Services (1.9%)*
California First National Bancorp		621		9,986
CBOE Holdings, Inc.		23,400		605,124
Compass Diversified Holdings		18,317		226,948
Gain Capital Holdings, Inc.		3,450		23,115
Guoco Group Ltd.		128,000		1,190,740
Marlin Business Services Corp.		3,910		49,657
NewStar Financial, Inc.*		12,324		125,335
Onex Corp.		160,400		5,224,120
PHH Corp.*		25,225		269,907
PICO Holdings, Inc.*		10,375		213,517
Texas Pacific Land Trust		124,400		4,982,220

				12,920,669

*Insurance (5.2%)*
Alterra Capital Holdings Ltd.		41,059		970,224
American Equity Investment Life Holding Co.		26,663		277,295
American National Insurance Co.		400		29,212
American Safety Insurance Holdings Ltd.*		4,582		99,659
AMERISAFE, Inc.*		8,229		191,324
Amtrust Financial Services, Inc.		9,384		222,870
Argo Group International Holdings Ltd.		12,358		357,888
Arthur J. Gallagher & Co.		23,751		794,233
Aspen Insurance Holdings Ltd.		54,000		1,431,000
Baldwin & Lyons, Inc., Class B		3,876		84,497
Citizens, Inc./Texas*		17,286		167,501
CNO Financial Group, Inc.*		99,860		630,117
Delphi Financial Group, Inc., Class A		21,881		969,328
Donegal Group, Inc., Class A		3,553		50,310
eHealth, Inc.*		9,252		136,004
EMC Insurance Group, Inc.		1,789		36,800
Employers Holdings, Inc.		15,738		284,700
Enstar Group Ltd.*		3,123		306,679

See Notes to Financial Statements.

290

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

FBL Financial Group, Inc., Class A		5,697	$	193,812
First American Financial Corp.		47,606		603,168
Flagstone Reinsurance Holdings S.A.		22,491		186,450
Fortegra Financial Corp.*		2,820		18,838
Global Indemnity plc*		6,170		122,351
Greenlight Capital Reinsurance Ltd., Class A*		282,624		6,689,710
Hallmark Financial Services*		3,344		23,375
Hanover Insurance Group, Inc.		38,500		1,345,575
Harleysville Group, Inc.		5,441		307,797
HCC Insurance Holdings, Inc.		19,600		539,000
Hilltop Holdings, Inc.*		17,400		147,030
Horace Mann Educators Corp.		18,340		251,441
Independence Holding Co.		3,122		25,382
Infinity Property & Casualty Corp.		5,619		318,822
Kansas City Life Insurance Co.		1,882		61,767
Maiden Holdings Ltd.		22,946		201,007
Meadowbrook Insurance Group, Inc.		24,048		256,833
Montpelier Reinsurance Holdings Ltd.		91,719		1,628,012
National Financial Partners Corp.*		18,544		250,715
National Interstate Corp.		3,140		77,464
National Western Life Insurance Co., Class A		976		132,892
Navigators Group, Inc.*		5,182		247,078
Old Republic International Corp.		144,900		1,343,223
OneBeacon Insurance Group Ltd., Class A		9,916		152,607
Phoenix Cos., Inc.*		53,007		89,052
Platinum Underwriters Holdings Ltd.		16,871		575,470
Presidential Life Corp.		9,742		97,323
Primerica, Inc.		15,442		358,872
ProAssurance Corp.		13,811		1,102,394
Protective Life Corp.		118,000		2,662,080
RLI Corp.		11,821		861,278
Safety Insurance Group, Inc.		5,702		230,817
SeaBright Holdings, Inc.		9,277		70,969
Selective Insurance Group, Inc.		24,441		433,339
StanCorp Financial Group, Inc.		41,500		1,525,125
State Auto Financial Corp.		5,847		79,461
Stewart Information Services Corp.		7,815		90,263
Symetra Financial Corp.		30,854		279,846
Tower Group, Inc.		90,748		1,830,387
Transatlantic Holdings, Inc.		8,500		465,205
United Fire & Casualty Co.		9,865		199,076
Universal Insurance Holdings, Inc.		8,172		29,256
Validus Holdings Ltd.		44,154		1,390,851

				34,535,054

*Real Estate Investment Trusts (REITs) (6.8%)*
Acadia Realty Trust (REIT)		15,472		311,606
AG Mortgage Investment Trust, Inc. (REIT)		2,311		46,520
Agree Realty Corp. (REIT)		4,736		115,464

Alexander’s, Inc. (REIT)		2,200	$	814,066
American Assets Trust, Inc. (REIT)		1,222		25,063
American Campus Communities, Inc. (REIT)		17,361		728,468
American Capital Mortgage Investment Corp. (REIT)		2,958		55,670
Anworth Mortgage Asset Corp. (REIT)		63,506		398,818
Apollo Commercial Real Estate Finance, Inc. (REIT)		10,336		135,712
ARMOUR Residential REIT, Inc. (REIT)		42,039		296,375
Ashford Hospitality Trust, Inc. (REIT)		23,825		190,600
Associated Estates Realty Corp. (REIT)		18,271		291,422
BioMed Realty Trust, Inc. (REIT)		69,893		1,263,665
Campus Crest Communities, Inc. (REIT)		14,034		141,182
CapLease, Inc. (REIT)		31,671		127,951
Capstead Mortgage Corp. (REIT)		40,283		501,121
CBL & Associates Properties, Inc. (REIT)		46,349		727,679
Cedar Realty Trust, Inc. (REIT)		25,861		111,461
Chatham Lodging Trust (REIT)		7,072		76,236
Chesapeake Lodging Trust (REIT)		15,479		239,305
Cogdell Spencer, Inc. (REIT)		15,834		67,295
Colonial Properties Trust (REIT)		37,936		791,345
Colony Financial, Inc. (REIT)		15,724		247,024
Coresite Realty Corp. (REIT)		9,118		162,483
Cousins Properties, Inc. (REIT)		42,785		274,252
CreXus Investment Corp. (REIT)		27,139		281,703
CubeSmart (REIT)		55,299		588,381
CYS Investments, Inc. (REIT)		38,475		505,561
DCT Industrial Trust, Inc. (REIT)		112,505		576,026
DiamondRock Hospitality Co. (REIT)		76,591		738,337
DuPont Fabros Technology, Inc. (REIT)		16,621		402,561
Dynex Capital, Inc. (REIT)		19,474		177,798
EastGroup Properties, Inc. (REIT)		6,959		302,577
Education Realty Trust, Inc. (REIT)		41,315		422,652
Entertainment Properties Trust (REIT)		21,496		939,590
Equity Lifestyle Properties, Inc. (REIT)		113,872		7,594,124
Equity One, Inc. (REIT)		25,306		429,696
Excel Trust, Inc. (REIT)		14,140		169,680
Extra Space Storage, Inc. (REIT)		26,431		640,423
FelCor Lodging Trust, Inc. (REIT)*		28,922		88,212
First Industrial Realty Trust, Inc. (REIT)*		39,488		403,962
First Potomac Realty Trust (REIT)		22,939		299,354
Franklin Street Properties Corp. (REIT)		32,889		327,246
Getty Realty Corp. (REIT)		6,866		95,781

See Notes to Financial Statements.

291

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Gladstone Commercial Corp. (REIT)		3,339	$	58,599
Glimcher Realty Trust (REIT)		6,465		59,478
Government Properties Income Trust (REIT)		16,834		379,607
Hatteras Financial Corp. (REIT)		34,850		918,995
Healthcare Realty Trust, Inc. (REIT)		35,509		660,112
Hersha Hospitality Trust (REIT)		65,253		318,435
Highwoods Properties, Inc. (REIT)		8,294		246,083
Hudson Pacific Properties, Inc. (REIT)		10,824		153,268
Inland Real Estate Corp. (REIT)		36,054		274,371
Invesco Mortgage Capital, Inc. (REIT)		53,385		750,059
Investors Real Estate Trust (REIT)		31,183		227,480
iStar Financial, Inc. (REIT)*		36,943		195,428
Kilroy Realty Corp. (REIT)		13,762		523,919
Kite Realty Group Trust (REIT)		26,283		118,536
LaSalle Hotel Properties (REIT)		38,520		932,569
Lexington Realty Trust (REIT)		55,134		412,954
LTC Properties, Inc. (REIT)		11,974		369,518
Medical Properties Trust, Inc. (REIT)		51,775		511,019
MFA Financial, Inc. (REIT)		164,959		1,108,524
Mission West Properties, Inc. (REIT)		8,454		76,255
Monmouth Real Estate Investment Corp. (REIT), Class A		18,521		169,467
MPG Office Trust, Inc. (REIT)*		22,843		45,458
National Health Investors, Inc. (REIT)		6,582		289,476
National Retail Properties, Inc. (REIT)		47,797		1,260,885
Newcastle Investment Corp. (REIT)		2,696		12,536
NorthStar Realty Finance Corp. (REIT)		43,932		209,556
Omega Healthcare Investors, Inc. (REIT)		3,035		58,727
One Liberty Properties, Inc. (REIT)		5,234		86,361
Parkway Properties, Inc./Maryland (REIT)		10,371		102,258
Pebblebrook Hotel Trust (REIT)		23,232		445,590
Pennsylvania Real Estate Investment Trust (REIT)		25,628		267,556
PennyMac Mortgage Investment Trust (REIT)		8,332		138,478
Post Properties, Inc. (REIT)		22,766		995,330
Potlatch Corp. (REIT)		8,839		274,981
PS Business Parks, Inc. (REIT)		7,037		390,061
RAIT Financial Trust (REIT)		17,735		84,241
Ramco-Gershenson Properties Trust (REIT)		18,096		177,884
Redwood Trust, Inc. (REIT)		36,390		370,450
Resource Capital Corp. (REIT)		35,623		199,845
Retail Opportunity Investments Corp. (REIT)		21,942		259,793

RLJ Lodging Trust (REIT)		12,783	$	215,138
Sabra Health Care REIT, Inc. (REIT)		12,587		152,177
Sovran Self Storage, Inc. (REIT)		12,975		553,643
STAG Industrial, Inc. (REIT)		7,615		87,344
Strategic Hotels & Resorts, Inc. (REIT)*		59,895		321,636
Summit Hotel Properties, Inc. (REIT)		12,256		115,697
Sun Communities, Inc. (REIT)		9,811		358,396
Sunstone Hotel Investors, Inc. (REIT)*		53,400		435,210
Terreno Realty Corp. (REIT)		4,901		74,201
Two Harbors Investment Corp. (REIT)		66,105		610,810
UMH Properties, Inc. (REIT)		5,831		54,287
Universal Health Realty Income Trust (REIT)		2,834		110,526
Urstadt Biddle Properties, Inc. (REIT), Class A		9,507		171,887
Washington Real Estate Investment Trust (REIT)		22,967		628,147
Whitestone REIT (REIT), Class B		4,263		50,730
Winthrop Realty Trust (REIT)		445,171		4,527,389

				45,725,807

*Real Estate Management & Development (1.1%)*
Avatar Holdings, Inc.*		4,015		28,828
Consolidated-Tomoka Land Co.		1,947		52,705
Forestar Group, Inc.*		16,177		244,758
Howard Hughes Corp.*		154,500		6,824,265
Kennedy-Wilson Holdings, Inc.		11,741		124,220

				7,274,776

*Thrifts & Mortgage Finance (1.0%)*
Apollo Residential Mortgage, Inc.		1,627		24,828
Astoria Financial Corp.		39,260		333,317
Bank Mutual Corp.		21,091		67,069
BankFinancial Corp.		9,795		54,068
Beneficial Mutual Bancorp, Inc.*		14,263		119,239
Berkshire Hills Bancorp, Inc.		9,221		204,614
BofI Holding, Inc.*		3,899		63,359
Brookline Bancorp, Inc.		26,907		227,095
Cape Bancorp, Inc.*		5,061		39,729
Charter Financial Corp.		3,061		28,345
Clifton Savings Bancorp, Inc.		3,890		36,099
Dime Community Bancshares, Inc.		14,218		179,147
Doral Financial Corp.*		58,080		55,524
ESB Financial Corp.		5,700		80,199
ESSA Bancorp, Inc.		4,234		44,330
Farmer Mac, Class C		4,523		81,504
First Defiance Financial Corp.		4,358		63,583
First Financial Holdings, Inc.		7,427		66,323
First PacTrust Bancorp, Inc.		4,151		42,548
Flagstar Bancorp, Inc.*		89,611		45,254
Flushing Financial Corp.		14,523		183,425
Fox Chase Bancorp, Inc.		6,103		77,081
Franklin Financial Corp.*		6,330		74,947
Home Federal Bancorp, Inc./Idaho		7,782		80,933

See Notes to Financial Statements.

292

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Kearny Financial Corp.		6,543	$	62,158
Meridian Interstate Bancorp, Inc.*		4,218		52,514
MGIC Investment Corp.*		84,356		314,648
Northfield Bancorp, Inc./New Jersey		7,781		110,179
Northwest Bancshares, Inc.		44,622		555,098
OceanFirst Financial Corp.		6,973		91,137
Ocwen Financial Corp.*		43,366		627,940
Oritani Financial Corp.		20,863		266,421
Provident Financial Services, Inc.		27,473		367,863
Provident New York Bancorp		17,765		117,960
Radian Group, Inc.		61,000		142,740
Rockville Financial, Inc.		13,513		139,995
Roma Financial Corp.		2,619		25,771
Territorial Bancorp, Inc.		4,995		98,651
TrustCo Bank Corp./New York		210,613		1,181,539
United Financial Bancorp, Inc.		7,305		117,537
ViewPoint Financial Group		16,051		208,824
Westfield Financial, Inc.		9,891		72,798
WSFS Financial Corp.		2,823		101,515

				6,927,848

Total Financials				174,592,962

Health Care (3.0%)
*Biotechnology (0.3%)*
Affymax, Inc.*		8,529		56,377
Allos Therapeutics, Inc.*		7,188		10,207
AMAG Pharmaceuticals, Inc.*		8,596		162,550
Arena Pharmaceuticals, Inc.*		62,097		116,121
Array BioPharma, Inc.*		14,279		30,843
Astex Pharmaceuticals*		24,158		45,659
BioMimetic Therapeutics, Inc.*		5,181		14,766
Cell Therapeutics, Inc.*		9,356		10,853
Celldex Therapeutics, Inc.*		17,326		45,048
Clovis Oncology, Inc.*		1,267		17,852
Curis, Inc.*		10,068		47,118
Cytori Therapeutics, Inc.*		5,886		12,949
Dyax Corp.*		7,922		10,774
Enzon Pharmaceuticals, Inc.*		15,910		106,597
Exact Sciences Corp.*		7,905		64,189
Geron Corp.*		45,901		67,933
Idenix Pharmaceuticals, Inc.*		18,980		141,306
Immunogen, Inc.*		9,701		112,338
Inhibitex, Inc.*		7,712		84,369
Insmed, Inc.*		11,211		34,194
InterMune, Inc.*		12,939		163,031
Lexicon Pharmaceuticals, Inc.*		50,912		65,676
Maxygen, Inc.*		13,322		75,003
Metabolix, Inc.*		4,384		19,947
Micromet, Inc.*		20,375		146,496
Neurocrine Biosciences, Inc.*		6,354		54,009
NewLink Genetics Corp.*		823		5,794
Novavax, Inc.*		13,770		17,350
Nymox Pharmaceutical Corp.*		1,393		11,450
Oncothyreon, Inc.*		5,364		40,659
PDL BioPharma, Inc.		11,321		70,190
Progenics Pharmaceuticals, Inc.*		3,490		29,805
Rigel Pharmaceuticals, Inc.*		7,310		57,676
Savient Pharmaceuticals, Inc.*		9,466		21,109
Theravance, Inc.*		5,145		113,705

Vanda Pharmaceuticals, Inc.*		692	$	3,294
Vical, Inc.*		3,572		15,753
Zalicus, Inc.*		13,173		15,939

				2,118,929

*Health Care Equipment & Supplies (1.4%)*
Accuray, Inc.*		3,727		15,765
Alphatec Holdings, Inc.*		24,359		41,898
Analogic Corp.		1,510		86,553
AngioDynamics, Inc.*		11,449		169,560
Biolase Technology, Inc.*		10,041		25,806
Cantel Medical Corp.		6,031		168,446
Cerus Corp.*		3,068		8,590
CONMED Corp.*		12,916		331,554
CryoLife, Inc.*		11,593		55,646
Cynosure, Inc., Class A*		4,422		52,003
DynaVox, Inc., Class A*		1,114		4,055
Exactech, Inc.*		1,095		18,035
Greatbatch, Inc.*		10,694		236,337
Hill-Rom Holdings, Inc.		11,700		394,173
ICU Medical, Inc.*		4,232		190,440
Invacare Corp.		12,347		188,786
IRIS International, Inc.*		2,276		21,281
Medical Action Industries, Inc.*		4,304		22,510
Natus Medical, Inc.*		6,339		59,777
Palomar Medical Technologies, Inc.*		8,578		79,775
Rochester Medical Corp.*		405,000		3,357,450
RTI Biologics, Inc.*		23,593		104,753
Solta Medical, Inc.*		27,247		85,556
STAAR Surgical Co.*		1,965		20,613
STERIS Corp.		30,100		897,582
SurModics, Inc.*		6,946		101,828
Symmetry Medical, Inc.*		12,625		100,874
Teleflex, Inc.		23,100		1,415,799
Uroplasty, Inc.*		1,052		4,471
West Pharmaceutical Services, Inc.		23,193		880,174
Wright Medical Group, Inc.*		17,847		294,476
Young Innovations, Inc.		1,707		50,578
Zeltiq Aesthetics, Inc.*		609		6,918

				9,492,062

*Health Care Providers & Services (0.9%)*
Almost Family, Inc.*		3,745		62,092
Amedisys, Inc.*		13,473		146,990
American Dental Partners, Inc.*		7,046		132,676
AMN Healthcare Services, Inc.*		9,927		43,977
Amsurg Corp.*		14,003		364,638
Assisted Living Concepts, Inc., Class A		8,965		133,489
BioScrip, Inc.*		4,383		23,931
Capital Senior Living Corp.*		8,482		67,347
CardioNet, Inc.*		7,938		18,813
Centene Corp.*		8,468		335,248
Chindex International, Inc.*		2,907		24,768
Cross Country Healthcare, Inc.*		12,799		71,034
Five Star Quality Care, Inc.*		18,603		55,809
Gentiva Health Services, Inc.*		13,914		93,919
Hanger Orthopedic Group, Inc.*		7,246		135,428
HealthSouth Corp.*		42,853		757,213
Healthspring, Inc.*		14,045		766,014

See Notes to Financial Statements.

293

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Healthways, Inc.*		15,524	$	106,495
Kindred Healthcare, Inc.*		23,761		279,667
LHC Group, Inc.*		6,828		87,603
Magellan Health Services, Inc.*		12,799		633,167
Molina Healthcare, Inc.*		5,111		114,129
National Healthcare Corp.		4,636		194,248
Owens & Minor, Inc.		5,488		152,512
PharMerica Corp.*		13,415		203,640
Providence Service Corp.*		4,617		63,530
Select Medical Holdings Corp.*		15,879		134,654
Skilled Healthcare Group, Inc., Class A*		8,331		45,487
Sun Healthcare Group, Inc.*		11,347		44,026
Sunrise Senior Living, Inc.*		6,577		42,619
Triple-S Management Corp., Class B*		9,029		180,761
Universal American Corp.		14,492		184,193
Vanguard Health Systems, Inc.*		8,361		85,449

				5,785,566

*Health Care Technology (0.0%)*
Epocrates, Inc.*		237		1,849
MedAssets, Inc.*		3,913		36,195
Omnicell, Inc.*		7,789		128,674

				166,718

*Life Sciences Tools & Services (0.1%)*
Affymetrix, Inc.*		32,334		132,246
Albany Molecular Research, Inc.*		10,108		29,617
Cambrex Corp.*		13,572		97,447
Enzo Biochem, Inc.*		15,947		35,721
eResearchTechnology, Inc.*		10,757		50,450
Furiex Pharmaceuticals, Inc.*		4,425		73,942
Harvard Bioscience, Inc.*		9,574		37,051
Mettler-Toledo International, Inc.*		2,600		384,046
Pacific Biosciences of California, Inc.*		11,950		33,460
PAREXEL International Corp.*		2,551		52,908
Sequenom, Inc.*		13,727		61,085

				987,973

*Pharmaceuticals (0.3%)*
AVANIR Pharmaceuticals, Inc., Class A*		5,999		12,298
Columbia Laboratories, Inc.*		6,010		15,025
Cornerstone Therapeutics, Inc.*		3,508		19,645
Durect Corp.*		2,340		2,761
Hi-Tech Pharmacal Co., Inc.*		3,273		127,287
Impax Laboratories, Inc.*		2,613		52,704
KV Pharmaceutical Co., Class A*		7,921		11,089
Lannett Co., Inc.*		5,038		22,268
Medicines Co.*		10,580		197,211
Medicis Pharmaceutical Corp., Class A		4,897		162,825
Nektar Therapeutics*		19,180		107,312
Par Pharmaceutical Cos., Inc.*		4,889		160,017
Transcept Pharmaceuticals, Inc.*		468		3,665
ViroPharma, Inc.*		31,889		873,440
XenoPort, Inc.*		2,982		11,362

				1,778,909

Total Health Care				20,330,157


Industrials (19.4%)
*Aerospace & Defense (1.2%)*
AAR Corp.		74,455	$	1,427,302
Ceradyne, Inc.*		52,335		1,401,531
Cubic Corp.		4,011		174,840
Curtiss-Wright Corp.		21,060		744,050
Ducommun, Inc.		4,797		61,162
Esterline Technologies Corp.*		13,748		769,476
GenCorp, Inc.*		7,123		37,894
GeoEye, Inc.*		9,550		212,201
Hexcel Corp.*		6,904		167,146
KEYW Holding Corp.*		8,284		61,302
Kratos Defense & Security Solutions, Inc.*		14,784		88,260
LMI Aerospace, Inc.*		2,062		36,188
Moog, Inc., Class A*		18,537		814,330
Orbital Sciences Corp.*		15,438		224,314
Teledyne Technologies, Inc.*		11,920		653,812
Triumph Group, Inc.		14,955		874,120

				7,747,928

*Air Freight & Logistics (0.1%)*
Air Transport Services Group, Inc.*		24,437		115,342
Atlas Air Worldwide Holdings, Inc.*		11,802		453,551
Pacer International, Inc.*		14,408		77,083

				645,976

*Airlines (0.6%)*
Alaska Air Group, Inc.*		15,288		1,147,976
Hawaiian Holdings, Inc.*		22,941		133,058
JetBlue Airways Corp.*		111,299		578,755
Republic Airways Holdings, Inc.*		21,899		75,113
SkyWest, Inc.		126,066		1,587,171
Spirit Airlines, Inc.*		7,113		110,963
U.S. Airways Group, Inc.*		73,219		371,220

				4,004,256

*Building Products (1.4%)*
A.O. Smith Corp.		29,773		1,194,493
American Woodmark Corp.		42,644		582,517
Apogee Enterprises, Inc.		99,862		1,224,308
Builders FirstSource, Inc.*		20,695		42,218
Gibraltar Industries, Inc.*		91,948		1,283,594
Griffon Corp.		21,752		198,596
Insteel Industries, Inc.		7,655		84,129
NCI Building Systems, Inc.*		8,990		97,721
Quanex Building Products Corp.		17,008		255,460
Simpson Manufacturing Co., Inc.		64,061		2,156,293
Universal Forest Products, Inc.		67,722		2,090,578
USG Corp.*		9,503		96,551

				9,306,458

*Commercial Services & Supplies (2.4%)*
A.T. Cross Co., Class A*		322		3,632
ABM Industries, Inc.		79,558		1,640,486
ACCO Brands Corp.*		25,110		242,311
American Reprographics Co.*		14,536		66,720
Brink’s Co.		2,748		73,866
Casella Waste Systems, Inc., Class A*		1,412		9,037

See Notes to Financial Statements.

294

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Cenveo, Inc.*		11,610	$	39,474
CompX International, Inc.		358		5,273
Courier Corp.		4,586		53,794
EnergySolutions, Inc.*		27,312		84,394
EnerNOC, Inc.*		7,346		79,851
Ennis, Inc.		11,846		157,907
Fuel Tech, Inc.*		676		4,448
G&K Services, Inc., Class A		8,267		240,652
GEO Group, Inc.*		29,272		490,306
Kimball International, Inc., Class B		14,431		73,165
McGrath RentCorp		6,430		186,406
Metalico, Inc.*		7,682		25,274
Mine Safety Appliances Co.		33,700		1,116,144
Mobile Mini, Inc.*		217,429		3,794,136
Multi-Color Corp.		4,728		121,651
NL Industries, Inc.		87		1,128
Quad/Graphics, Inc.		10,428		149,538
Schawk, Inc.		48,996		549,245
Steelcase, Inc., Class A		32,102		239,481
Sykes Enterprises, Inc.*		15,825		247,820
Team, Inc.*		165,000		4,908,750
Tetra Tech, Inc.*		22,487		485,494
TMS International Corp., Class A*		3,410		33,691
U.S. Ecology, Inc.		534		10,029
UniFirst Corp.		6,366		361,207
United Stationers, Inc.		6,812		221,799
Viad Corp.		8,104		141,658
WCA Waste Corp.*		6,864		44,685

				15,903,452

*Construction & Engineering (1.7%)*
Aegion Corp.*		17,988		275,936
Argan, Inc.		2,729		41,508
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		77,000		2,910,600
Comfort Systems USA, Inc.		17,385		186,367
Dycom Industries, Inc.*		13,192		275,977
EMCOR Group, Inc.		56,255		1,508,197
Furmanite Corp.*		450,000		2,839,500
Granite Construction, Inc.		94,959		2,252,427
Great Lakes Dredge & Dock Corp.		26,777		148,880
Layne Christensen Co.*		8,957		216,759
Michael Baker Corp.*		3,824		74,989
MYR Group, Inc.*		588		11,254
Northwest Pipe Co.*		4,203		96,081
Orion Marine Group, Inc.*		12,429		82,653
Pike Electric Corp.*		7,475		53,745
Primoris Services Corp.		1,520		22,694
Sterling Construction Co., Inc.*		7,559		81,410
Tutor Perini Corp.*		14,236		175,672
UniTek Global Services, Inc.*		4,754		21,536

				11,276,185

*Electrical Equipment (1.0%)*
A123 Systems, Inc.*		33,148		53,368
American Superconductor Corp.*		20,546		75,815
Belden, Inc.		2,977		99,075
Brady Corp., Class A		66,193		2,089,713
Broadwind Energy, Inc.*		37,091		25,222

Encore Wire Corp.		8,203	$	212,458
EnerSys*		17,696		459,565
Franklin Electric Co., Inc.		21,362		930,529
Generac Holdings, Inc.*		7,140		200,134
General Cable Corp.*		10,800		270,108
Global Power Equipment Group, Inc.*		3,533		83,909
LSI Industries, Inc.		8,722		52,332
Powell Industries, Inc.*		28,356		886,976
PowerSecure International, Inc.*		7,241		35,843
Preformed Line Products Co.		1,000		59,660
Roper Industries, Inc.		13,950		1,211,836
Valence Technology, Inc.*		15,482		15,172

				6,761,715

*Industrial Conglomerates (0.3%)*
Carlisle Cos., Inc.		36,600		1,621,380
Seaboard Corp.*		142		289,112
Standex International Corp.		4,441		151,749

				2,062,241

*Machinery (4.0%)*
Accuride Corp.*		16,563		117,929
Actuant Corp., Class A		25,997		589,872
Alamo Group, Inc.		2,581		69,506
Albany International Corp., Class A		10,198		235,778
American Railcar Industries, Inc.*		4,382		104,861
Ampco-Pittsburgh Corp.		3,500		67,690
Astec Industries, Inc.*		41,953		1,351,306
Barnes Group, Inc.		24,584		592,720
Briggs & Stratton Corp.		84,064		1,302,151
Cascade Corp.		3,877		182,878
CIRCOR International, Inc.		15,222		537,489
CLARCOR, Inc.		1,108		55,389
Colfax Corp.*		46,300		1,318,624
Columbus McKinnon Corp.*		1,846		23,426
Douglas Dynamics, Inc.		3,886		56,813
Energy Recovery, Inc.*		20,636		53,241
EnPro Industries, Inc.*		46,902		1,546,828
ESCO Technologies, Inc.		8,835		254,271
Federal Signal Corp.*		25,995		107,879
Flow International Corp.*		2,264		7,924
FreightCar America, Inc.*		5,414		113,423
Gardner Denver, Inc.		21,900		1,687,614
Graco, Inc.		26,200		1,071,318
Greenbrier Cos., Inc.*		8,843		214,708
Hurco Cos., Inc.*		2,881		60,501
John Bean Technologies Corp.		941		14,463
Kadant, Inc.*		4,096		92,611
Kaydon Corp.		54,716		1,668,838
Kennametal, Inc.		40,700		1,486,364
L.B. Foster Co., Class A		4,044		114,405
Lincoln Electric Holdings, Inc.		37,400		1,463,088
Lydall, Inc.*		7,817		74,183
Meritor, Inc.*		13,851		73,687
Met-Pro Corp.		6,474		58,525
Miller Industries, Inc.		5,024		79,028
Mueller Industries, Inc.		56,272		2,161,970
Mueller Water Products, Inc., Class A		70,859		172,896
NACCO Industries, Inc., Class A		2,648		236,255

See Notes to Financial Statements.

295

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Nordson Corp.		22,400	$	922,432
Pentair, Inc.		22,400		745,696
RBC Bearings, Inc.*		2,035		84,860
Robbins & Myers, Inc.		17,827		865,501
Tecumseh Products Co., Class A*		8,329		39,146
Timken Co.		8,400		325,164
Trinity Industries, Inc.		77,100		2,317,626
Wabash National Corp.*		100,569		788,461
Watts Water Technologies, Inc., Class A		38,419		1,314,314

				26,823,652

*Marine (0.7%)*
Baltic Trading Ltd.		7,293		34,642
Eagle Bulk Shipping, Inc.*		28,741		27,077
Excel Maritime Carriers Ltd.*		20,932		30,351
Genco Shipping & Trading Ltd.*		13,702		92,625
International Shipholding Corp.		2,317		43,305
Kirby Corp.*		73,000		4,806,320
Ultrapetrol Bahamas Ltd.*		9,606		28,626

				5,062,946

*Professional Services (0.6%)*
Barrett Business Services, Inc.		3,394		67,744
CBIZ, Inc.*		17,939		109,607
CDI Corp.		4,788		66,122
CRA International, Inc.*		4,090		81,146
Dolan Co.*		13,849		117,994
Franklin Covey Co.*		5,836		49,431
FTI Consulting, Inc.*		18,861		800,084
GP Strategies Corp.*		4,789		64,556
Heidrick & Struggles International, Inc.		7,465		160,796
Hill International, Inc.*		11,268		57,918
Hudson Highland Group, Inc.*		14,717		70,494
Huron Consulting Group, Inc.*		612		23,709
ICF International, Inc.*		5,790		143,476
Insperity, Inc.		29,700		752,895
Kelly Services, Inc., Class A		12,124		165,856
Kforce, Inc.*		1,707		21,047
Korn/Ferry International*		19,972		340,722
Navigant Consulting, Inc.*		23,572		268,957
Odyssey Marine Exploration, Inc.*		23,626		64,735
On Assignment, Inc.*		15,008		167,790
Pendrell Corp.*		24,999		63,997
Resources Connection, Inc.		21,097		223,417
TrueBlue, Inc.*		6,164		85,556
VSE Corp.		1,860		45,161

				4,013,210

*Road & Rail (2.4%)*
Amerco, Inc.		3,892		344,053
Arkansas Best Corp.		11,186		215,554
Celadon Group, Inc.		3,511		41,465
Covenant Transportation Group, Inc., Class A*		3,548		10,537
Genesee & Wyoming, Inc., Class A*		101,100		6,124,638
Marten Transport Ltd.		156,042		2,807,196
Patriot Transportation Holding, Inc.*		2,787		60,478

Quality Distribution, Inc.*		4,639	$	52,189
RailAmerica, Inc.*		9,754		145,237
Roadrunner Transportation Systems, Inc.*		3,907		55,206
Saia, Inc.*		247,284		3,086,104
Swift Transportation Co.*		25,659		211,430
Universal Truckload Services, Inc.		2,565		46,555
Vitran Corp., Inc.*		424,500		2,445,120
Werner Enterprises, Inc.		16,852		406,133
Zipcar, Inc.*		1,030		13,823

				16,065,718

*Trading Companies & Distributors (3.0%)*
Aceto Corp.		12,389		85,484
Air Lease Corp.*		79,040		1,874,038
Aircastle Ltd.		22,339		284,152
Applied Industrial Technologies, Inc.		16,800		590,856
CAI International, Inc.*		297		4,592
DXP Enterprises, Inc.*		171,000		5,506,200
Essex Rental Corp.*		6,475		19,101
H&E Equipment Services, Inc.*		7,029		94,329
Interline Brands, Inc.*		13,911		216,594
Kaman Corp.		5,324		145,452
Lawson Products, Inc.		1,582		24,410
RSC Holdings, Inc.*		30,463		563,566
Rush Enterprises, Inc., Class A*		249,767		5,225,126
SeaCube Container Leasing Ltd.		5,087		75,338
TAL International Group, Inc.		165,000		4,750,350
Titan Machinery, Inc.*		4,742		103,044
United Rentals, Inc.*		19,804		585,208

				20,147,840

*Transportation Infrastructure* (*0.0%)*
Wesco Aircraft Holdings, Inc.*		5,805		81,212

Total Industrials				129,902,789

Information Technology (5.0%)
*Communications Equipment (1.0%)*
Anaren, Inc.*		6,157		102,329
Arris Group, Inc.*		55,609		601,689
Aviat Networks, Inc.*		27,556		50,428
Bel Fuse, Inc., Class B		4,732		88,725
Black Box Corp.		8,212		230,265
Blue Coat Systems, Inc.*		12,264		312,119
Communications Systems, Inc.		2,888		40,605
Comtech Telecommunications Corp.		9,173		262,531
Digi International, Inc.*		9,669		107,906
Emcore Corp.*		39,887		34,395
Emulex Corp.*		39,417		270,401
Extreme Networks, Inc.*		30,117		87,942
Globecomm Systems, Inc.*		2,979		40,753
Harmonic, Inc.*		41,331		208,308
Infinera Corp.*		44,651		280,408
KVH Industries, Inc.*		6,350		49,403
Loral Space & Communications, Inc.*		26,086		1,692,460
Oclaro, Inc.*		23,038		64,967
Oplink Communications, Inc.*		5,257		86,583
Opnext, Inc.*		19,377		15,653

See Notes to Financial Statements.

296

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

ORBCOMM, Inc.*		15,330	$	45,837
Plantronics, Inc.		14,267		508,476
Sonus Networks, Inc.*		88,841		213,218
Sycamore Networks, Inc.*		9,098		162,854
Symmetricom, Inc.*		19,793		106,684
Tekelec*		27,608		301,755
Ubiquiti Networks, Inc.*		2,727		49,713
ViaSat, Inc.*		10,216		471,162
Westell Technologies, Inc., Class A*		23,746		52,716

				6,540,285

*Computers & Peripherals (0.2%)*
Avid Technology, Inc.*		13,519		115,317
Cray, Inc.*		16,348		105,771
Dot Hill Systems Corp.*		19,290		25,656
Electronics for Imaging, Inc.*		19,818		282,406
Imation Corp.*		13,705		78,530
Immersion Corp.*		1,020		5,283
Intermec, Inc.*		27,094		185,865
Intevac, Inc.*		10,342		76,531
Novatel Wireless, Inc.*		12,993		40,668
Quantum Corp.*		102,677		246,425
Rimage Corp.		4,415		49,669
Xyratex Ltd.		12,734		169,617

				1,381,738

*Electronic Equipment, Instruments & Components (1.4%)*
Agilysys, Inc.*		8,028		63,823
Anixter International, Inc.*		6,419		382,829
Badger Meter, Inc.		1,189		34,992
Benchmark Electronics, Inc.*		156,348		2,106,008
Brightpoint, Inc.*		17,629		189,688
Checkpoint Systems, Inc.*		18,285		200,038
Cognex Corp.		3,473		124,299
Coherent, Inc.*		2,993		156,444
CTS Corp.		15,673		144,192
Daktronics, Inc.		12,616		120,735
DDi Corp.		4,325		40,352
Electro Rent Corp.		5,082		87,156
Electro Scientific Industries, Inc.*		9,355		135,460
FEI Co.*		1,346		54,890
GSI Group, Inc.*		11,687		119,558
Identive Group, Inc.*		17,566		39,172
Insight Enterprises, Inc.*		19,801		302,757
InvenSense, Inc.*		2,422		24,123
Kemet Corp.*		19,073		134,465
Littelfuse, Inc.		1,253		53,854
Mercury Computer Systems, Inc.*		13,720		182,339
Methode Electronics, Inc.		16,789		139,181
Multi-Fineline Electronix, Inc.*		31,715		651,743
NeoPhotonics Corp.*		1,928		8,830
Newport Corp.*		11,718		159,482
OSI Systems, Inc.*		1,965		95,853
Park Electrochemical Corp.		9,371		240,085
PC Connection, Inc.		3,997		44,327
Plexus Corp.*		1,408		38,551
Power-One, Inc.*		2,036		7,961
RadiSys Corp.*		8,747		44,260
Richardson Electronics Ltd.		6,090		74,846
Rofin-Sinar Technologies, Inc.*		68,583		1,567,121
Rogers Corp.*		4,816		177,518

Sanmina-SCI Corp.*		36,676	$	341,454
Scansource, Inc.*		10,364		373,104
SYNNEX Corp.*		11,469		349,346
TTM Technologies, Inc.*		18,094		198,310
Viasystems Group, Inc.*		1,114		18,849
Vishay Precision Group, Inc.*		5,574		89,072
X-Rite, Inc.*		11,964		55,513
Zygo Corp.*		6,128		108,159

				9,480,739

*Internet Software & Services (0.3%)*
Angie’s List, Inc.*		2,228		35,871
Bankrate, Inc.*		2,756		59,254
Carbonite, Inc.*		860		9,546
DealerTrack Holdings, Inc.*		2,571		70,085
Digital River, Inc.*		14,781		222,011
EarthLink, Inc.		50,582		325,748
InfoSpace, Inc.*		15,437		169,653
Internap Network Services Corp.*		3,338		19,828
KIT Digital, Inc.*		17,419		147,191
Limelight Networks, Inc.*		5,465		16,176
Marchex, Inc., Class B		5,772		36,075
Openwave Systems, Inc.*		27,140		42,881
Perficient, Inc.*		3,300		33,033
QuinStreet, Inc.*		11,132		104,195
RealNetworks, Inc.		9,725		72,937
support.com, Inc.*		8,207		18,466
TechTarget, Inc.*		1,848		10,792
United Online, Inc.		40,449		220,043
XO Group, Inc.*		6,399		53,368
Zillow, Inc.*		1,476		33,180

				1,700,333

*IT Services (0.5%)*
Acxiom Corp.*		36,345		443,772
CACI International, Inc., Class A*		11,120		621,830
CIBER, Inc.*		29,067		112,199
Computer Task Group, Inc.*		2,046		28,808
Convergys Corp.*		47,435		605,745
CSG Systems International, Inc.*		8,277		121,755
Dynamics Research Corp.*		3,982		45,156
Euronet Worldwide, Inc.*		23,028		425,557
Global Cash Access Holdings, Inc.*		13,881		61,770
Hackett Group, Inc.*		4,808		17,982
ManTech International Corp., Class A		10,623		331,862
ModusLink Global Solutions, Inc.		19,759		106,699
MoneyGram International, Inc.*		449		7,970
NCI, Inc., Class A*		2,447		28,508
Stream Global Services, Inc.*		3,638		12,042
Unisys Corp.*		11,288		222,486

				3,194,141

*Semiconductors & Semiconductor Equipment (1.2%)*
Advanced Analogic Technologies, Inc.*		15,527		89,746
Advanced Energy Industries, Inc.*		19,849		212,980
Alpha & Omega Semiconductor Ltd.*		6,738		49,255

See Notes to Financial Statements.

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December 31, 2011


	Number of Shares		Value (Note 1)

Amkor Technology, Inc.*		43,310	$	188,832
Amtech Systems, Inc.*		265		2,255
ANADIGICS, Inc.*		30,731		67,301
Applied Micro Circuits Corp.*		4,545		30,542
ATMI, Inc.*		13,356		267,521
Axcelis Technologies, Inc.*		49,315		65,589
AXT, Inc.*		8,388		34,978
Brooks Automation, Inc.		30,099		309,117
Cabot Microelectronics Corp.*		8,136		384,426
Cohu, Inc.		87,926		997,960
Cymer, Inc.*		10,312		513,125
DSP Group, Inc.*		10,700		55,747
Entegris, Inc.*		40,705		355,151
Exar Corp.*		14,892		96,798
FormFactor, Inc.*		23,129		117,033
FSI International, Inc.*		17,515		64,105
GSI Technology, Inc.*		9,081		42,499
Integrated Device Technology, Inc.*		24,533		133,950
Integrated Silicon Solution, Inc.*		12,168		111,216
Intermolecular, Inc.*		1,849		15,864
IXYS Corp.*		3,776		40,894
Kopin Corp.*		18,059		70,069
Kulicke & Soffa Industries, Inc.*		32,314		298,904
Lattice Semiconductor Corp.*		37,140		220,612
LTX-Credence Corp.*		10,397		55,624
Mindspeed Technologies, Inc.*		6,989		32,010
MIPS Technologies, Inc.*		7,149		31,885
MKS Instruments, Inc.		23,542		654,938
Monolithic Power Systems, Inc.*		3,195		48,149
Nanometrics, Inc.*		9,169		168,893
OmniVision Technologies, Inc.*		5,634		68,932
PDF Solutions, Inc.*		797		5,555
Pericom Semiconductor Corp.*		10,128		77,074
Photronics, Inc.*		26,525		161,272
PLX Technology, Inc.*		20,104		57,698
RF Micro Devices, Inc.*		111,103		599,956
Rudolph Technologies, Inc.*		14,364		133,011
Sigma Designs, Inc.*		14,505		87,030
Silicon Image, Inc.*		7,646		35,936
Spansion, Inc., Class A*		22,948		190,009
Standard Microsystems Corp.*		10,468		269,760
STR Holdings, Inc.*		13,854		114,018
Supertex, Inc.*		4,519		85,319
Tessera Technologies, Inc.*		22,971		384,764
Veeco Instruments, Inc.*		5,642		117,354

				8,215,656

*Software (0.4%)*
Accelrys, Inc.*		25,160		169,075
Actuate Corp.*		1,256		7,360
Ebix, Inc.		4,048		89,461
EPIQ Systems, Inc.		13,350		160,467
ePlus, Inc.*		1,640		46,379
Fair Isaac Corp.		6,689		239,734
Imperva, Inc.*		661		23,009
JDA Software Group, Inc.*		15,495		501,883
Mentor Graphics Corp.*		24,016		325,657
Motricity, Inc.*		1,003		903
Progress Software Corp.*		12,416		240,250
Quest Software, Inc.*		17,715		329,499
Rosetta Stone, Inc.*		5,085		38,799

S1 Corp.*		21,064	$	201,582
SeaChange International, Inc.*		6,201		43,593
Smith Micro Software, Inc.*		16,419		18,553
SS&C Technologies Holdings, Inc.*		11,464		207,040
Tangoe, Inc.*		979		15,077
TeleCommunication Systems, Inc., Class A*		12,289		28,879
TeleNav, Inc.*		378		2,952
THQ, Inc.*		31,190		23,704

				2,713,856

Total Information Technology				33,226,748

Materials (5.3%)
*Chemicals (2.7%)*
A. Schulman, Inc.		59,967		1,270,101
American Vanguard Corp.		8,548		114,030
Cabot Corp.		34,700		1,115,258
Calgon Carbon Corp.*		5,327		83,687
Chase Corp.		2,741		38,100
Chemtura Corp.*		16,940		192,100
Ferro Corp.*		39,499		193,150
FutureFuel Corp.		5,469		67,925
Georgia Gulf Corp.*		15,151		295,293
H.B. Fuller Co.		136,437		3,153,059
Innospec, Inc.*		1,109		31,130
KMG Chemicals, Inc.		331		5,716
Kraton Performance Polymers, Inc.*		1,835		37,250
Landec Corp.*		11,978		66,119
Minerals Technologies, Inc.		8,237		465,638
Olin Corp.		14,504		285,004
OM Group, Inc.*		13,936		312,027
PolyOne Corp.		11,767		135,909
Quaker Chemical Corp.		1,395		54,251
RPM International, Inc.		75,201		1,846,185
Sensient Technologies Corp.		42,429		1,608,059
Spartech Corp.*		14,031		66,367
Stepan Co.		3,691		295,871
TPC Group, Inc.*		2,125		49,576
Tredegar Corp.		10,498		233,266
Valhi, Inc.		106,852		6,461,340
Zoltek Cos., Inc.*		12,699		96,766

				18,573,177

*Construction Materials (0.1%)*
Eagle Materials, Inc.		3,953		101,434
Headwaters, Inc.*		27,736		61,574
Texas Industries, Inc.		10,199		313,925
United States Lime & Minerals, Inc.*		865		51,995

				528,928

*Containers & Packaging (0.1%)*
AptarGroup, Inc.		3,700		193,029
Boise, Inc.		41,617		296,313
Graphic Packaging Holding Co.*		9,114		38,826
Myers Industries, Inc.		12,395		152,954

				681,122

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

*Metals & Mining (2.0%)*
A.M. Castle & Co.*		7,594	$	71,839
Century Aluminum Co.*		23,535		200,283
Coeur d’Alene Mines Corp.*		37,778		911,961
Commercial Metals Co.		40,400		558,732
Golden Minerals Co.*		813		4,724
Golden Star Resources Ltd.*		118,055		194,791
Handy & Harman Ltd.*		2,057		20,364
Harry Winston Diamond Corp.*		54,000		575,100
Haynes International, Inc.		1,233		67,322
Horsehead Holding Corp.*		18,874		170,055
Inmet Mining Corp.		65,800		4,230,577
Jaguar Mining, Inc.*		38,663		246,670
Kaiser Aluminum Corp.		4,204		192,880
Materion Corp.*		8,572		208,128
Olympic Steel, Inc.		4,121		96,102
Reliance Steel & Aluminum Co.		45,200		2,200,788
Revett Minerals, Inc.*		4,941		23,321
RTI International Metals, Inc.*		11,988		278,241
Steel Dynamics, Inc.		92,000		1,209,800
SunCoke Energy, Inc.*		3,002		33,622
Thompson Creek Metals Co., Inc.*		68,603		477,477
U.S. Energy Corp./Wyoming*		10,987		31,972
U.S. Gold Corp.*		267,700		899,472
Universal Stainless & Alloy Products, Inc.*		3,193		119,290
Vista Gold Corp.*		27,044		83,025
Worthington Industries, Inc.		9,911		162,342

				13,268,878

*Paper & Forest Products (0.4%)*
Buckeye Technologies, Inc.		18,035		603,090
Clearwater Paper Corp.*		10,492		373,620
KapStone Paper and Packaging Corp.*		17,838		280,770
Louisiana-Pacific Corp.*		59,244		478,099
Neenah Paper, Inc.		3,410		76,111
P.H. Glatfelter Co.		19,843		280,183
Schweitzer-Mauduit International, Inc.		7,260		482,500
Verso Paper Corp.*		6,425		6,168
Wausau Paper Corp.		22,637		186,982

				2,767,523

Total Materials				35,819,628

Telecommunication Services (0.9%)
*Diversified Telecommunication Services (0.8%)*
Alaska Communications Systems Group, Inc.		16,341		49,186
Atlantic Tele-Network, Inc.		3,280		128,084
Boingo Wireless, Inc.*		732		6,295
Cincinnati Bell, Inc.*		63,098		191,187
Consolidated Communications Holdings, Inc.		2,339		44,558
Fairpoint Communications, Inc.*		9,144		39,594
Globalstar, Inc.*		45,962		24,820
IDT Corp., Class B		277		2,598
inContact, Inc.*		1,076		4,767
Iridium Communications, Inc.*		17,612		135,789
Neutral Tandem, Inc.*		13,718		146,645

Premiere Global Services, Inc.*		528,824	$	4,479,139
SureWest Communications		5,897		70,941
Vonage Holdings Corp.*		36,332		89,013

				5,412,616

*Wireless Telecommunication Services* (*0.1%)*
Leap Wireless International, Inc.*		22,077		205,095
USA Mobility, Inc.		10,165		140,989

				346,084

Total Telecommunication Services				5,758,700

Utilities (2.8%)
*Electric Utilities* (*1.3%)*
Allete, Inc.		14,529		609,927
Central Vermont Public Service Corp.		5,995		210,425
Cleco Corp.		27,483		1,047,102
El Paso Electric Co.		18,896		654,557
Empire District Electric Co.		18,983		400,352
IDACORP, Inc.		22,334		947,185
MGE Energy, Inc.		10,508		491,459
NV Energy, Inc.		57,600		941,760
Otter Tail Corp.		15,410		339,328
PNM Resources, Inc.		35,806		652,743
Portland General Electric Co.		34,083		861,959
UIL Holdings Corp.		23,053		815,385
UniSource Energy Corp.		16,738		617,967
Unitil Corp.		4,877		138,409

				8,728,558

*Gas Utilities* (*0.9%)*
Chesapeake Utilities Corp.		4,376		189,700
Laclede Group, Inc.		10,219		413,563
New Jersey Resources Corp.		18,767		923,336
Northwest Natural Gas Co.		12,153		582,493
Piedmont Natural Gas Co., Inc.		32,603		1,107,850
South Jersey Industries, Inc.		11,096		630,364
Southwest Gas Corp.		20,757		881,965
WGL Holdings, Inc.		23,282		1,029,530

				5,758,801

*Independent Power Producers & Energy Traders* (*0.1%)*
Atlantic Power Corp.		47,408		677,934
Dynegy, Inc.*		46,234		128,068
Genie Energy Ltd., Class B		277		2,197
Ormat Technologies, Inc.		8,218		148,171

				956,370

*Multi-Utilities* (*0.3%)*
Avista Corp.		26,242		675,731
Black Hills Corp.		17,974		603,567
CH Energy Group, Inc.		7,033		410,587
NorthWestern Corp.		16,558		592,611

				2,282,496

*Water Utilities* (*0.2%)*
American States Water Co.		8,333		290,822
Artesian Resources Corp., Class A		2,933		55,228
Cadiz, Inc.*		5,329		51,318

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

California Water Service Group		19,249	$	351,487
Connecticut Water Service, Inc.		3,896		105,698
Consolidated Water Co., Ltd.		6,834		58,636
Middlesex Water Co.		7,096		132,411
Pennichuck Corp.		920		26,524
SJW Corp.		6,482		153,234
York Water Co.		5,818		102,630

				1,327,988

Total Utilities				19,054,213

Total Common Stocks (89.8%) (Cost $565,190,367)				601,598,945

INVESTMENT COMPANIES:
*Investment Company (0.6%)*
JZ Capital Partners Ltd.		102,400		540,692
RIT Capital Partners plc		197,220		3,748,900
THL Credit, Inc.		4,119		50,293

Total Investment Companies (0.6%) (Cost $4,888,771)				4,339,885

	Number of Rights		Value (Note 1)

RIGHTS:
Information Technology (0.0%)
*Electronic Equipment, Instruments & Components* (*0.0%)*
Gerber Scientific, Inc., expiring 12/31/49(b)† (Cost $—)*		11,430	$	114

Total Investments (90.4%) (Cost $570,079,138)				605,938,944
Other Assets Less Liabilities (9.6%)				64,094,753

Net Assets (100%)			$	670,033,697

*	Non-income producing.

†	Securities (totaling $114 or 0.0% of net assets) at fair value by management.

(b)

Illiquid Security.

Glossary:

ADR — American Depositary Receipt

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	156,815,286	$	99,507,598	$	256,322,884	$	—	$	105,865	$	—

At December 31, 2011, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts		Expiration Date		Original Value		Value at 12/31/2011		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index		816		March-12	$	59,581,182	$	60,286,080	$	704,898

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	109,821,464	$	—	$	—	$	109,821,464
Consumer Staples		15,360,129		—		—		15,360,129
Energy		57,732,155		—		—		57,732,155
Financials		165,227,434		9,365,528		—		174,592,962
Health Care		20,330,157		—		—		20,330,157
Industrials		129,902,789		—		—		129,902,789
Information Technology		33,226,748		—		—		33,226,748
Materials		35,819,628		—		—		35,819,628
Telecommunication Services		5,758,700		—		—		5,758,700
Utilities		19,054,213		—		—		19,054,213
Futures		704,898		—		—		704,898
Investment Companies
Exchange Traded Funds (ETFs)		—		4,289,592		—		4,289,592
Investment Companies		50,293		—		—		50,293
Rights
Information Technology		—		—		114		114

Total Assets	$	592,988,608	$	13,655,120	$	114	$	606,643,842

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	592,988,608	$	13,655,120	$	114	$	606,643,842

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



	Investments in Corporate Bonds- Financials			Investments in Rights-Information Technology††

Balance as of 12/31/10	$	4,611		$	—
Total gains or losses (realized/unrealized) included in earnings		(1,817	)		114
Purchases		—			—
Sales		(2,794	)		—
Issuances		—			—
Settlements		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—

Balance as of 12/31/11	$	—		$	114

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 12/31/11	$	—		$	114

†† Security represents level 3 investments with $0 cost.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Fair Values of Derivative Instruments as of December 31, 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		704,898	*
Commodity contracts	Receivables		—
Other contracts	Receivables

Total		$	704,898


	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 year ended December 31, 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		—		(41,558,289	)		—			—		(41,558,289	)
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	—	$	(41,558,289	)	$	(25,373	)	$	—	$	(41,583,662	)


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		—		(3,532,920	)		—		—		(3,532,920	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—

Total	$	—	$	(3,532,920	)	$	—	$	—	$	(3,532,920	)

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $964,000 and futures contracts with an average notional balance of approximately $116,884,000 during the year ended December 31, 2011.

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

See Notes to Financial Statements.

302

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	423,690,919
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	485,744,525

As of December 31, 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	$	110,979,820
Aggregate gross unrealized depreciation		(76,347,750	)

Net unrealized appreciation	$	34,632,070

Federal income tax cost of investments	$	571,306,874

The Portfolio has a net capital loss carryforward of $420,862,526 of which $161,332,945 expires in the year 2016 and $259,529,581 expires in the year 2017. The Portfolio utilized net capital loss carryforward of $13,309,256 during 2011.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value (Cost $570,079,138)	$	605,938,944
Cash		57,788,867
Cash held as collateral at broker		6,716,000
Dividends, interest and other receivables		873,918
Receivable for securities sold		166,360
Receivable from Separate Accounts for Trust shares sold		38,173
Receivable from investment sub-advisor		7,602

Total assets		671,529,864

LIABILITIES
Investment management fees payable		488,935
Payable to Separate Accounts for Trust shares redeemed		482,458
Due to broker for futures variation margin		227,978
Administrative fees payable		116,111
Distribution fees payable - Class B		107,467
Payable for securities purchased		34,300
Trustees’ fees payable		1,476
Accrued expenses		37,442

Total liabilities		1,496,167

NET ASSETS	$	670,033,697

Net assets were comprised of:
Paid in capital	$	1,061,693,180
Accumulated undistributed net investment income (loss)		849,005
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(429,073,192	)
Net unrealized appreciation (depreciation) on investments and futures		36,564,704

Net assets	$	670,033,697

Class A
Net asset value, offering and redemption price per share, $11,572,740 / 1,180,240 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.81

Class B
Net asset value, offering and redemption price per share, $508,539,704 / 51,820,069 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.81

Class K
Net asset value, offering and redemption price per share, $149,921,253 / 15,289,669 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.81

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends ($105,865 of dividend income received from affiliates)(net of $15,938 foreign withholding tax)	$	10,069,216
Interest		33,646

Total income		10,102,862

EXPENSES
Investment management fees		6,719,976
Distribution fees - Class B		1,456,043
Administrative fees		1,224,432
Custodian fees		99,900
Printing and mailing expenses		54,889
Professional fees		53,894
Trustees’ fees		11,072
Miscellaneous		18,472

Gross expenses		9,638,678
Less: Reimbursement from sub-advisor		(61,911	)
Fees paid indirectly		(16,729	)

Net expenses		9,560,038

NET INVESTMENT INCOME (LOSS)		542,824

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		54,758,323
Futures		(41,558,289	)
Foreign currency transactions		(14,209	)

Net realized gain (loss)		13,185,825

Change in unrealized appreciation (depreciation) on:
Securities		(80,373,469	)
Futures		(3,532,920	)

Net change in unrealized appreciation (depreciation)		(83,906,389	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(70,720,564	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(70,177,740	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	542,824		$	2,212,183
Net realized gain (loss) on investments, futures, foreign currency transactions and net distributions of realized gain received from Underlying Portfolio		13,185,825			74,362,247
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(83,906,389	)		101,940,906

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(70,177,740	)		178,515,336

DIVIDENDS:
Dividends from net investment income
Class A		(36,712	)		(877,770	)
Class B		(384,573	)		(871,758	)
Class K†		(521,109	)		—

TOTAL DIVIDENDS		(942,394	)		(1,749,528	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 150,105 and 443,048 shares, respectively ]		1,631,569			4,117,393
Capital shares issued in reinvestment of dividends [ 3,846 and 82,194 shares, respectively ]		36,712			877,770
Capital shares repurchased [ (20,105,749) and (2,602,441) shares, respectively ]		(193,568,277	)(z)		(25,728,990	)

Total Class A transactions		(191,899,996	)		(20,733,827	)

Class B
Capital shares sold [ 2,887,545 and 7,416,979 shares, respectively ]		30,539,410			69,475,000
Capital shares issued in reinvestment of dividends [ 40,258 and 81,555 shares, respectively ]		384,604			871,758
Capital shares repurchased [ (10,938,836) and (14,627,474) shares, respectively ]		(117,177,451	)		(135,262,737	)

Total Class B transactions		(86,253,437	)		(64,915,979	)

Class K†
Capital shares sold [ 18,908,477 and 0 shares, respectively ]		180,473,385	(z)		—
Capital shares issued in reinvestment of dividends [ 54,597 and 0 shares, respectively ]		521,109			—
Capital shares repurchased [ (3,673,405) and 0 shares, respectively ]		(35,475,386	)		—

Total Class K transactions		145,519,108			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(132,634,325	)		(85,649,806	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(203,754,459	)		91,116,002
NET ASSETS:
Beginning of year		873,788,156			782,672,154

End of year (a)	$	670,033,697		$	873,788,156

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	849,005		$	443,341

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Small Cap Value Portfolio exchanged approximately 18,877,921 Class A shares for approximately 18,877,921 Class K shares. This exchange amounted to approximately $180,176,667.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.79		$	8.67		$	6.92		$	11.23		$	13.70

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.04	(e)		0.08	(e)		0.05	(e)		0.10	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.96	)		2.12			1.77			(4.28	)		(1.42	)

Total from investment operations		(0.95	)		2.16			1.85			(4.23	)		(1.32	)

Less distributions:
Dividends from net investment income		(0.03	)		(0.04	)		(0.10	)		(0.04	)		(0.07	)
Distributions from net realized gains		—			—			—			(0.04	)		(1.08	)

Total dividends and distributions		(0.03	)		(0.04	)		(0.10	)		(0.08	)		(1.15	)

Net asset value, end of year	$	9.81		$	10.79		$	8.67		$	6.92		$	11.23

Total return		(8.79	)%		24.93	%		26.76	%		(37.75	)%		(9.62	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	11,573		$	227,924		$	201,332		$	242,715		$	628,684
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		1.02	%		1.03	%		1.05	%		1.23	%		1.07	%(c)
After waivers, reimbursements and fees paid indirectly (f)		1.01	%		1.03	%		0.77	%		1.17	%		1.06	%
Before waivers, reimbursements and fees paid indirectly (f)		1.03	%		1.04	%		1.05	%		1.23	%		1.10	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		0.12	%		0.45	%		0.82	%		0.42	%		0.71	%
After waivers, reimbursements and fees paid indirectly (f)		0.12	%		0.45	%		1.09	%		0.47	%		0.72	%
Before waivers, reimbursements and fees paid indirectly (f)		0.11	%		0.44	%		0.82	%		0.42	%		0.68	%
Portfolio turnover rate		63	%		20	%		63	%		98	%		103	%

	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	10.79		$	8.68		$	6.93		$	11.24		$	13.71

Income (loss) from investment operations:
Net investment income (loss)		—	(e)#		0.02	(e)		0.06	(e)		0.02	(e)		0.07	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.97	)		2.10			1.77			(4.27	)		(1.42	)

Total from investment operations		(0.97	)		2.12			1.83			(4.25	)		(1.35	)

Less distributions:
Dividends from net investment income		(0.01	)		(0.01	)		(0.08	)		(0.02	)		(0.04	)
Distributions from net realized gains		—			—			—			(0.04	)		(1.08	)

Total dividends and distributions		(0.01	)		(0.01	)		(0.08	)		(0.06	)		(1.12	)

Net asset value, end of year	$	9.81		$	10.79		$	8.68		$	6.93		$	11.24

Total return		(9.01	)%		24.48	%		26.40	%		(37.87	)%		(9.84	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	508,540		$	645,864		$	581,340		$	506,586		$	980,945
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		1.27	%		1.28	%		1.30	%		1.48	%		1.32	%(c)
After waivers, reimbursements and fees paid indirectly (f)		1.26	%(c)		1.28	%		1.03	%		1.42	%		1.31	%(c)
Before waivers, reimbursements and fees paid indirectly (f)		1.28	%		1.29	%		1.30	%		1.48	%		1.35	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		—@	%		0.20	%		0.60	%		0.17	%		0.48	%
After waivers, reimbursements and fees paid indirectly (f)		—@	%		0.20	%		0.87	%		0.23	%		0.50	%
Before waivers, reimbursements and fees paid indirectly (f)		(0.01	)%		0.19	%		0.60	%		0.17	%		0.46	%
Portfolio turnover rate		63	%		20	%		63	%		98	%		103	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	9.38

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.44

Total from investment operations		0.46

Less distributions:
Dividends from net investment income		(0.03	)

Net asset value, end of period	$	9.81

Total return (b)		4.93	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	149,921
Ratio of expenses to average net assets:
After reimbursements (a)(f)		1.04	%
After reimbursements and fees paid indirectly (a)(f)		1.04	%
Before waivers, reimbursements and fees paid indirectly(a)(f)		1.04	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)(f)		0.60	%
After reimbursements and fees paid indirectly (a)(f)		0.60	%
Before waivers, reimbursements and fees paid indirectly (a)(f)		0.60	%
Portfolio turnover rate		63	%

*	Commencement of Operations.

#	Per share amount is less than $0.005.

@	Percent shown 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 expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

See Notes to Financial Statements.

307

MULTIMANAGER TECHNOLOGY PORTFOLIO (Unaudited)

PORTFOLIO ADVISERS

_Ø

AXA Equitable Funds Management Group, LLC

_Ø

RCM Capital Management, LLC

_Ø

SSgA Funds Management, Inc.

_Ø

Wellington Management Company, LLP

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			10 Years			Since Incept.*
Portfolio – Class A Shares		(4.58	)%		2.37	%		2.59	%		2.59	%
Portfolio – Class B Shares		(4.84	)		2.11			2.33			2.33
S&P North American Technology Sector Index		(0.88	)		3.84			2.44			2.44
Russell 1000^® Index		1.50			(0.02	)		3.34			3.34
* Date of inception 12/31/01. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (4.58)% for the year ended December 31, 2011. The Portfolio’s benchmark, the S&P North American Technology Sector Index, returned (0.88)% over the same period.

The Portfolio, under normal circumstances, allocates approximately 50% of its assets to investment advisers who employ different but complementary active management strategies. Additionally, AXA Equitable Funds Management Group, LLC, a wholly-owned subsidiary of AXA Equitable Life Insurance Company, manages an allocated portion of the Portfolio which may invest in exchange-traded funds (ETFs). The remaining assets are allocated to an investment adviser who employs an index style of investing, which is designed to track the performance of a specific benchmark.

2011 was extremely volatile for the equity markets. Investors saw a rise in stock prices early in the year only to watch those same stocks fall sharply for five months through September, yet rally again in the fourth quarter. Despite this late push many stocks finished the year underwater. For the year, large capitalization U.S. equities, as measured by the Russell 1000^® Index, posted a paltry return. Seven of the ten sectors posted positive returns, led by Utilities and Consumer Staples, while Materials and Financials were the worst.

Portfolio Highlights

What helped performance during the year:

•

Sector positioning contributed to overall returns with positive results from an overweight to the IT Services industry and an out-of-benchmark allocation to the Professional Services industry.

•

A relative underweight to Research in Motion was a major contributor to performance as the stock took a large hit this year. A relative underweight to Hewlett-Packard was also additive.

•

Strong stock selection within the Computers & Peripherals and Internet & Catalog Retail industries was also additive.

What hurt performance during the year:

•

Overall, security level selection hurt the Portfolio, with weakest performance within the Software, IT Services, and Semiconductor & Semiconductor Equipment industries.

•

Some of the largest detractors include hiSoft Technology International Ltd. and Calix.

•

The Chinese holding Longtop Financial Technologies was also a major detractor to relative returns as fraud was discovered at the banking software vendor.


Sector Weightings as of 12/31/11	% of Net Assets
Information Technology		73.0	%
Exchange Traded Funds		20.6
Consumer Discretionary		2.3
Health Care		0.4
Materials		0.3
Industrials		0.1
Cash and Other		3.3

		100.0	%

308

MULTIMANAGER TECHNOLOGY PORTFOLIO (Unaudited)

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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$916.42		$5.53
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.44		5.83
Class B
Actual		1,000.00		915.86		6.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.18		7.09
* 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 184/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (2.3%)
*Automobiles (0.3%)*
Tesla Motors, Inc.*		62,334	$	1,780,259

*Internet & Catalog Retail (2.0%)*
Amazon.com, Inc.*		41,195		7,130,855
Blue Nile, Inc.*		1,100		44,968
Expedia, Inc.		7,050		204,591
Netflix, Inc.*		4,070		282,010
priceline.com, Inc.*		8,108		3,792,193
Shutterfly, Inc.*		2,200		50,072
TripAdvisor, Inc.*		7,050		177,730

				11,682,419

Total Consumer Discretionary				13,462,678

Health Care (0.4%)
*Health Care Technology (0.4%)*
athenahealth, Inc.*		44,706		2,195,959
M3, Inc.		89		401,234

Total Health Care				2,597,193

Industrials (0.1%)
*Professional Services (0.1%)*
Huron Consulting Group, Inc.*		25,115		972,955

Total Industrials				972,955

Information Technology (73.0%)
*Communications Equipment (9.0%)*
AAC Technologies Holdings, Inc.		322,000		723,055
Acme Packet, Inc.*		4,212		130,193
ADTRAN, Inc.		128,646		3,879,963
Arris Group, Inc.*		8,500		91,970
Aruba Networks, Inc.*		23,680		438,554
Blue Coat Systems, Inc.*		3,000		76,350
Brocade Communications Systems, Inc.*		36,900		191,511
Calix, Inc.*		43,100		278,857
Ciena Corp.*		7,200		87,120
Cisco Systems, Inc.		1,155,115		20,884,479
Comtech Telecommunications Corp.		1,600		45,792
EchoStar Corp., Class A*		2,900		60,726
Emulex Corp.*		6,100		41,846
F5 Networks, Inc.*		10,340		1,097,281
Finisar Corp.*		28,300		473,883
Harris Corp.		8,700		313,548
Infinera Corp.*		8,000		50,240
InterDigital, Inc.		3,400		148,138
Ixia*		3,500		36,785
JDS Uniphase Corp.*		16,600		173,304
Juniper Networks, Inc.*		42,500		867,425
Loral Space & Communications, Inc.*		900		58,392
Motorola Mobility Holdings, Inc.*		19,487		756,096
Motorola Solutions, Inc.		49,932		2,311,352
NETGEAR, Inc.*		2,800		93,996
Plantronics, Inc.		3,200		114,048
Polycom, Inc.*		13,062		212,911
QUALCOMM, Inc.		337,891		18,482,638
Research In Motion Ltd.*		34,873		505,658

Riverbed Technology, Inc.*		11,628	$	273,258
Sonus Networks, Inc.*		21,000		50,400
Sycamore Networks, Inc.*		1,500		26,850
Tekelec*		4,800		52,464
Tellabs, Inc.		26,300		106,252
ViaSat, Inc.*		3,100		142,972

				53,278,307

*Computers & Peripherals (13.2%)*
3D Systems Corp.*		2,500		36,000
Advantech Co., Ltd.		200,000		553,519
Apple, Inc.*		115,120		46,623,600
Catcher Technology Co., Ltd.		168,000		779,550
Dell, Inc.*		113,100		1,654,653
Diebold, Inc.		4,700		141,329
Electronics for Imaging, Inc.*		3,600		51,300
EMC Corp.*		315,630		6,798,670
Hewlett-Packard Co.		550,878		14,190,617
Lexmark International, Inc., Class A		5,300		175,271
NCR Corp.*		11,700		192,582
NetApp, Inc.*		26,578		963,984
QLogic Corp.*		7,500		112,500
SanDisk Corp.*		97,145		4,780,506
Seagate Technology plc		31,405		515,042
Synaptics, Inc.*		2,300		69,345
Western Digital Corp.*		17,400		538,530

				78,176,998

*Electronic Equipment, Instruments & Components (2.6%)*
Aeroflex Holding Corp.*		2,423		24,811
Amphenol Corp., Class A		12,207		554,076
Anixter International, Inc.*		2,000		119,280
Arrow Electronics, Inc.*		8,400		314,244
Avnet, Inc.*		11,100		345,099
AVX Corp.		3,600		45,936
Benchmark Electronics, Inc.*		4,400		59,268
Celestica, Inc.*		14,700		107,751
Chroma ATE, Inc.		157,960		309,879
Cognex Corp.		3,000		107,370
Coherent, Inc.*		1,900		99,313
Corning, Inc.		116,300		1,509,574
Dolby Laboratories, Inc., Class A*		3,663		111,758
FEI Co.*		2,700		110,106
FLIR Systems, Inc.		11,708		293,520
Hamamatsu Photonics KK		11,300		395,361
Hitachi Ltd.		1,276,000		6,697,467
Hon Hai Precision Industry Co., Ltd.		190,000		520,195
Ingram Micro, Inc., Class A*		11,500		209,185
IPG Photonics Corp.*		2,000		67,740
Itron, Inc.*		3,100		110,887
Jabil Circuit, Inc.		13,500		265,410
Littelfuse, Inc.		1,700		73,066
Molex, Inc.		10,219		243,825
National Instruments Corp.		7,000		181,650
Plexus Corp.*		2,700		73,926
RealD, Inc.*		2,500		19,850
Rofin-Sinar Technologies, Inc.*		2,200		50,270
Sanmina-SCI Corp.*		5,600		52,136
SYNNEX Corp.*		1,800		54,828

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Synnex Technology International Corp.		274,150	$	661,857
TE Connectivity Ltd.		31,600		973,596
Tech Data Corp.*		3,100		153,171
Trimble Navigation Ltd.*		9,100		394,940
TTM Technologies, Inc.*		3,900		42,744
Universal Display Corp.*		3,420		125,480
Vishay Intertechnology, Inc.*		11,400		102,486

				15,582,055

*Internet Software & Services (9.5%)*
Akamai Technologies, Inc.*		95,702		3,089,261
Ancestry.com, Inc.*		1,900		43,624
AOL, Inc.*		7,249		109,460
Baidu, Inc. (ADR)*		28,856		3,360,858
Bankrate, Inc.*		1,504		32,336
DealerTrack Holdings, Inc.*		2,900		79,054
Digital River, Inc.*		3,000		45,060
EarthLink, Inc.		8,400		54,096
eBay, Inc.*		194,535		5,900,246
Equinix, Inc.*		6,050		613,470
Google, Inc., Class A*		43,728		28,243,915
IAC/InterActiveCorp		6,100		259,860
j2 Global, Inc.		3,400		95,676
Kakaku.com, Inc.		26,600		975,253
LogMeIn, Inc.*		1,600		61,680
Monster Worldwide, Inc.*		9,900		78,507
NetEase.com, Inc. (ADR)*		46,940		2,105,259
Open Text Corp.*		4,350		222,459
OpenTable, Inc.*		1,800		70,434
Phoenix New Media Ltd. (ADR)*		74,203		414,053
Rackspace Hosting, Inc.*		82,215		3,536,067
Renren, Inc. (ADR)*		878		3,117
RightNow Technologies, Inc.*		1,800		76,914
SINA Corp.*		32,116		1,670,032
Sohu.com, Inc.*		6,400		320,000
ValueClick, Inc.*		6,000		97,740
VeriSign, Inc.		28,980		1,035,166
WebMD Health Corp.*		4,267		160,226
Yahoo!, Inc.*		207,850		3,352,620

				56,106,443

*IT Services* (*12.8%)*
Accenture plc, Class A		74,393		3,959,939
Acxiom Corp.*		5,900		72,039
Alliance Data Systems Corp.*		23,144		2,403,273
Automatic Data Processing, Inc.		132,691		7,166,641
Booz Allen Hamilton Holding Corp.*		2,565		44,246
Broadridge Financial Solutions, Inc.		9,300		209,715
CACI International, Inc., Class A*		1,900		106,248
Cardtronics, Inc.*		3,300		89,298
CGI Group, Inc., Class A*		16,700		314,795
Cognizant Technology Solutions Corp., Class A*		113,045		7,269,924
Computer Sciences Corp.		11,300		267,810
Convergys Corp.*		8,600		109,822
CoreLogic, Inc.*		7,700		99,561
DST Systems, Inc.		2,500		113,800
Euronet Worldwide, Inc.*		3,900		72,072
ExlService Holdings, Inc.*		16,494		368,971

Fidelity National Information Services, Inc.		17,950	$	477,291
Fiserv, Inc.*		10,500		616,770
FleetCor Technologies, Inc.*		2,752		82,202
Gartner, Inc.*		7,100		246,867
Genpact Ltd.*		36,899		551,640
Global Payments, Inc.		5,900		279,542
Higher One Holdings, Inc.*		2,300		42,412
hiSoft Technology International Ltd. (ADR)*		35,260		325,450
iGATE Corp.*		2,200		34,606
International Business Machines Corp.		127,923		23,522,481
Jack Henry & Associates, Inc.		6,500		218,465
Lender Processing Services, Inc.		6,100		91,927
ManTech International Corp., Class A		1,700		53,108
Mastercard, Inc., Class A		18,980		7,076,124
MAXIMUS, Inc.		2,400		99,240
NeuStar, Inc., Class A*		4,954		169,278
Paychex, Inc.		53,265		1,603,809
SAIC, Inc.*		20,800		255,632
Sapient Corp.		136,727		1,722,760
Syntel, Inc.		1,300		60,801
TeleTech Holdings, Inc.*		1,900		30,780
Teradata Corp.*		27,799		1,348,530
Total System Services, Inc.		11,900		232,764
Unisys Corp.*		3,300		65,043
VeriFone Systems, Inc.*		7,900		280,608
Visa, Inc., Class A		107,480		10,912,444
Western Union Co.		151,350		2,763,651
Wright Express Corp.*		2,900		157,412

				75,989,791

*Office Electronics* (*0.1%)*
Xerox Corp.		102,454		815,534
Zebra Technologies Corp., Class A*		3,900		139,542

				955,076

*Semiconductors & Semiconductor Equipment* (*9.6%)*
Advanced Micro Devices, Inc.*		44,000		237,600
Altera Corp.		23,900		886,690
Amkor Technology, Inc.*		8,255		35,992
Analog Devices, Inc.		80,250		2,871,345
Applied Materials, Inc.		96,900		1,037,799
Applied Micro Circuits Corp.*		97,700		656,544
ASM Pacific Technology Ltd.		49,900		559,934
ASML Holding N.V. (N.Y. Shares) (ADR)		62,460		2,610,203
Atmel Corp.*		34,600		280,260
Broadcom Corp., Class A*		36,000		1,056,960
Cabot Microelectronics Corp.*		1,600		75,600
Cavium, Inc.*		3,500		99,505
Cirrus Logic, Inc.*		5,000		79,250
Cree, Inc.*		8,645		190,536
Cymer, Inc.*		2,300		114,448
Cypress Semiconductor Corp.*		11,426		192,985
Diodes, Inc.*		2,700		57,510
Entegris, Inc.*		10,300		89,868
Fairchild Semiconductor International, Inc.*		9,200		110,768

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

First Solar, Inc.*		4,400	$	148,544
GT Advanced Technologies, Inc.*		9,100		65,884
Hittite Microwave Corp.*		2,100		103,698
Integrated Device Technology, Inc.*		10,300		56,238
Intel Corp.		659,930		16,003,303
International Rectifier Corp.*		5,300		102,926
Intersil Corp., Class A		9,500		99,180
KLA-Tencor Corp.		12,300		593,475
Lam Research Corp.*		8,900		329,478
Linear Technology Corp.		33,400		1,003,002
LSI Corp.*		42,100		250,495
Marvell Technology Group Ltd.*		38,400		531,840
Maxim Integrated Products, Inc.		69,085		1,798,973
MEMC Electronic Materials, Inc.*		16,700		65,798
Micrel, Inc.		3,700		37,407
Microchip Technology, Inc.		33,415		1,223,991
Micron Technology, Inc.*		73,000		459,170
Microsemi Corp.*		6,600		110,550
MKS Instruments, Inc.		3,900		108,498
Netlogic Microsystems, Inc.*		5,200		257,764
Novellus Systems, Inc.*		5,000		206,450
NVIDIA Corp.*		66,200		917,532
OmniVision Technologies, Inc.*		4,468		54,666
ON Semiconductor Corp.*		33,841		261,253
PMC-Sierra, Inc.*		16,800		92,568
Power Integrations, Inc.		2,100		69,636
Rambus, Inc.*		8,300		62,665
RF Micro Devices, Inc.*		89,500		483,300
Samsung Electronics Co., Ltd.		10,090		9,285,922
Semtech Corp.*		4,900		121,618
Silicon Laboratories, Inc.*		3,000		130,260
Skyworks Solutions, Inc.*		14,100		228,702
Spansion, Inc., Class A*		4,100		33,948
Spreadtrum Communications, Inc. (ADR)		46,490		970,711
SunPower Corp.*		3,031		18,883
Taiwan Semiconductor Manufacturing Co., Ltd.		947,000		2,370,706
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		86,601		1,118,019
Teradyne, Inc.*		13,900		189,457
Tessera Technologies, Inc.*		3,600		60,300
Texas Instruments, Inc.		166,331		4,841,895
TriQuint Semiconductor, Inc.*		12,500		60,875
Veeco Instruments, Inc.*		2,800		58,240
Xilinx, Inc.		19,400		621,964

				56,853,581

*Software (16.2%)*
ACI Worldwide, Inc.*		2,500		71,600
Activision Blizzard, Inc.		107,437		1,323,624
Adobe Systems, Inc.*		36,300		1,026,201
Advent Software, Inc.*		2,400		58,464
ANSYS, Inc.*		6,900		395,232
Ariba, Inc.*		70,490		1,979,359
Aspen Technology, Inc.*		7,062		122,526
Autodesk, Inc.*		16,700		506,511
Blackbaud, Inc.		3,300		91,410
BMC Software, Inc.*		12,700		416,306
BroadSoft, Inc.*		2,033		61,397
CA, Inc.		27,300		551,869

Cadence Design Systems, Inc.*		20,500	$	213,200
Citrix Systems, Inc.*		27,241		1,654,074
CommVault Systems, Inc.*		3,300		140,976
Compuware Corp.*		16,500		137,280
Concur Technologies, Inc.*		3,500		177,765
Electronic Arts, Inc.*		24,400		502,640
FactSet Research Systems, Inc.		3,300		288,024
Fair Isaac Corp.		2,700		96,768
Fortinet, Inc.*		6,600		143,946
Informatica Corp.*		8,000		295,440
Intuit, Inc.		182,150		9,579,268
JDA Software Group, Inc.*		3,200		103,648
Mentor Graphics Corp.*		7,000		94,920
MICROS Systems, Inc.*		5,990		279,014
Microsoft Corp.		1,395,447		36,225,804
MicroStrategy, Inc., Class A*		600		64,992
NetSuite, Inc.*		1,700		68,935
Nuance Communications, Inc.*		107,060		2,693,630
Oracle Corp.		789,683		20,255,369
Parametric Technology Corp.*		8,600		157,036
Pegasystems, Inc.		1,200		35,280
Progress Software Corp.*		4,804		92,957
QLIK Technologies, Inc.*		46,100		1,115,620
Quest Software, Inc.*		4,200		78,120
RealPage, Inc.*		2,600		65,702
Red Hat, Inc.*		27,610		1,140,017
Rovi Corp.*		8,327		204,678
Salesforce.com, Inc.*		58,653		5,950,933
SolarWinds, Inc.*		4,000		111,800
Solera Holdings, Inc.		5,269		234,681
SS&C Technologies Holdings, Inc.*		1,800		32,508
SuccessFactors, Inc.*		6,200		247,194
Symantec Corp.*		54,700		856,055
Synchronoss Technologies, Inc.*		1,900		57,399
Synopsys, Inc.*		10,600		288,320
Take-Two Interactive Software, Inc.*		6,400		86,720
Taleo Corp., Class A*		3,100		119,939
TIBCO Software, Inc.*		193,936		4,637,010
TiVo, Inc.*		9,100		81,627
Ultimate Software Group, Inc.*		1,900		123,728
Verint Systems, Inc.*		1,600		44,064
VirnetX Holding Corp.*		2,700		67,419
VMware, Inc., Class A*		4,190		348,566
Websense, Inc.*		3,100		58,063

				95,855,628

Total Information Technology				432,797,879

Materials (0.3%)
*Chemicals (0.3%)*
Monsanto Co.		22,711		1,591,360

Total Materials				1,591,360

Total Common Stocks (76.1%) (Cost $367,428,931)				451,422,065

INVESTMENT COMPANIES:
*Exchange Traded Funds (ETFs)(20.6%)*
iShares S&P North American Technology Sector Index Fund		234,750		13,946,497

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011


	Number of Shares		Value (Note 1)

Technology Select Sector SPDR Fund		3,043,100	$	77,446,895
Vanguard Information Technology Index ETF		499,900		30,678,863

Total Investment Companies (20.6%) (Cost $95,548,558)				122,072,255

Total Investments (96.7%) (Cost $462,977,489)				573,494,320
Other Assets Less Liabilities (3.3%)				19,358,245

Net Assets (100%)			$	592,852,565

*	Non-income producing.

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 December 31, 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	$	13,462,678	$	—	$	—	$	13,462,678
Health Care		2,195,959		401,234		—		2,597,193
Industrials		972,955		—		—		972,955
Information Technology		405,085,218		27,712,661		—		432,797,879
Materials		1,591,360		—		—		1,591,360
Investment Companies
Exchange Traded Funds (ETFs)		122,072,255		—		—		122,072,255

Total Assets	$	545,380,425	$	28,113,895	$	—	$	573,494,320

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	545,380,425	$	28,113,895	$	—	$	573,494,320

The Portfolio held no derivatives contracts during the year ended December 31, 2011.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	506,895,337
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	564,329,204

As of December 31, 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	$	106,920,663
Aggregate gross unrealized depreciation		(15,556,372	)

Net unrealized appreciation	$	91,364,291

Federal income tax cost of investments	$	482,130,029

For the year ended December 31, 2011, the Portfolio incurred approximately $151 as brokerage commissions with BNP Paribas and $572 with Sanford C. Bernstein & Co., LLC, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $103,998,669, which expires in the year 2017. The Portfolio utilized net capital loss carryforward of $41,966,752 during 2011.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES December 31, 2011


ASSETS
Investments at value (Cost $462,977,489)	$	573,494,320
Cash		15,785,698
Foreign cash (Cost $3,038,300)		2,972,683
Receivable for securities sold		1,138,482
Receivable from Separate Accounts for Trust shares sold		1,042,472
Dividends, interest and other receivables		122,018
Other assets		1,413

Total assets		594,557,086

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		825,279
Investment management fees payable		487,023
Distribution fees payable - Class B		125,599
Administrative fees payable		106,727
Payable for securities purchased		86,344
Trustees’ fees payable		7,281
Accrued expenses		66,268

Total liabilities		1,704,521

NET ASSETS	$	592,852,565

Net assets were comprised of:
Paid in capital	$	613,185,115
Accumulated undistributed net investment income (loss)		40,100
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(130,823,319	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		110,450,669

Net assets	$	592,852,565

Class A
Net asset value, offering and redemption price per share, $12,244,084 / 979,141 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.50

Class B
Net asset value, offering and redemption price per share, $580,608,481 / 47,616,951 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.19

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (net of $59,264 foreign withholding tax)	$	5,714,745
Interest		16,959

Total income		5,731,704

EXPENSES
Investment management fees		6,290,691
Distribution fees - Class B		1,623,579
Administrative fees		1,025,508
Custodian fees		109,300
Professional fees		66,636
Printing and mailing expenses		47,004
Trustees’ fees		8,743
Miscellaneous		14,992

Gross expenses		9,186,453
Less: Fees paid indirectly		(63,149	)

Net expenses		9,123,304

NET INVESTMENT INCOME (LOSS)		(3,391,600	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		37,583,374
Foreign currency transactions		(5,828	)

Net realized gain (loss)		37,577,546

Change in unrealized appreciation (depreciation) on:
Securities		(65,070,192	)
Foreign currency translations		(202,074	)

Net change in unrealized appreciation (depreciation)		(65,272,266	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(27,694,720	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(31,086,320	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(3,391,600	)	$	(3,518,312	)
Net realized gain (loss) on investments and foreign currency transactions		37,577,546			65,635,917
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(65,272,266	)		37,042,139

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(31,086,320	)		99,159,744

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 147,526 and 92,965 shares, respectively ]		1,920,949			1,061,997
Capital shares repurchased [ (143,442) and (193,997) shares, respectively ]		(1,893,835	)		(2,231,169	)

Total Class A transactions		27,114			(1,169,172	)

Class B
Capital shares sold [ 9,965,999 and 13,429,600 shares, respectively ]		129,819,829			150,104,131
Capital shares repurchased [ (14,181,800) and (16,929,890) shares, respectively ]		(182,578,650	)		(185,518,398	)

Total Class B transactions		(52,758,821	)		(35,414,267	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(52,731,707	)		(36,583,439	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(83,818,027	)		62,576,305
NET ASSETS:
Beginning of year		676,670,592			614,094,287

End of year (a)	$	592,852,565		$	676,670,592

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	40,100		$	(5,466	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	13.10		$	11.10		$	6.99		$	13.18		$	11.12

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.04	)(e)		(0.01	)(e)		(0.05	)(e)		(0.08	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.57	)		2.04			4.12			(6.14	)		2.14

Total from investment operations		(0.60	)		2.00			4.11			(6.19	)		2.06

Net asset value, end of year	$	12.50		$	13.10		$	11.10		$	6.99		$	13.18

Total return		(4.58	)%		18.02	%		58.80	%		(46.97	)%		18.53	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	12,244		$	12,776		$	11,949		$	7,124		$	36,248
Ratio of expenses to average net assets:
After fees paid indirectly (f)		1.13	%		1.14	%		1.09	%		1.41	%		1.41	%
Before fees paid indirectly (f)		1.14	%		1.16	%		1.19	%		1.42	%		1.42	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (f)		(0.26	)%		(0.34	)%		(0.08	)%		(0.41	)%		(0.62	)%
Before fees paid indirectly (f)		(0.27	)%		(0.35	)%		(0.19	)%		(0.42	)%		(0.63	)%
Portfolio turnover rate		78	%		84	%		129	%		148	%		132	%

	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	12.81		$	10.88		$	6.86		$	12.98		$	10.98

Income (loss) from investment operations:
Net investment income (loss)		(0.07	)(e)		(0.06	)(e)		(0.03	)(e)		(0.07	)(e)		(0.11	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.55	)		1.99			4.05			(6.05	)		2.11

Total from investment operations		(0.62	)		1.93			4.02			(6.12	)		2.00

Net asset value, end of year	$	12.19		$	12.81		$	10.88		$	6.86		$	12.98

Total return		(4.84	)%		17.74	%		58.60	%		(47.15	)%		18.21	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	580,608		$	663,895		$	602,145		$	331,894		$	656,676
Ratio of expenses to average net assets:
After fees paid indirectly (f)		1.38	%		1.39	%		1.34	%		1.66	%(c)		1.66	%
Before fees paid indirectly (f)		1.39	%		1.41	%		1.44	%		1.67	%(c)		1.67	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (f)		(0.52	)%		(0.58	)%		(0.33	)%		(0.73	)%		(0.87	)%
Before fees paid indirectly (f)		(0.53	)%		(0.60	)%		(0.43	)%		(0.74	)%		(0.88	)%
Portfolio turnover rate		78	%		84	%		129	%		148	%		132	%

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

See Notes to Financial Statements.

317

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PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			Since Incept.*
Portfolio – Class B Shares		(2.74	)%		(0.70	)%		0.76	%
Portfolio – Class K Shares**		(2.61	)		(0.47	)		0.99
S&P 500 Index		2.11			(0.25	)		1.47
Barclays Capital U.S. Aggregate Bond Index		7.84			6.50			6.50
MSCI EAFE Index		(12.14	)		(4.72	)		(2.62	)
* Date of inception 8/31/06. ** Date of inception 12/1/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned (2.74)% for the year ended December 31, 2011. This compares to the returns of the following broad market benchmarks: S&P 500 Index 2.11%, the Barclays Capital U.S. Aggregate Bond Index 7.84% and the MSCI EAFE Index (12.14)%.

Portfolio Adviser

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

Portfolio Highlights

•

As of December 31, 2011, the Portfolio’s fixed-income allocation consisted of investment grade bonds (38.3%) and high-yield bonds (1.2%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (11.9%), large cap value stocks (11.6%), international stocks (21.1%) and small and mid cap stocks (15.9%).

•

Among the underlying equity holdings, the best performing was the EQ/Equity 500 Index Portfolio. Among the underlying fixed-income holdings, the Multimanager Multi-Sector Bond Portfolio was the best performer.


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2011
EQ/Equity 500 Index Portfolio	19.2	%
EQ/Core Bond Index Portfolio	13.1
EQ/International ETF Portfolio	12.7
EQ/Global Multi-Sector Equity Portfolio	12.7
Multimanager Multi-Sector Bond Portfolio	11.9
EQ/Global Bond PLUS Portfolio	7.7
EQ/PIMCO Ultra Short Bond Portfolio	6.4
Multimanager Aggressive Equity Portfolio	4.4
Multimanager Large Cap Value Portfolio	4.2
Multimanager Mid Cap Value Portfolio	3.0
EQ/Small Company Index Portfolio	2.8
Multimanager Mid Cap Growth Portfolio	1.9

318

TARGET 2015 ALLOCATION PORTFOLIO (Unaudited)

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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class B
Actual		$1,000.00		$935.31		$2.93
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06
Class K†
Actual		1,000.00		998.96		0.30
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79
* Expenses are equal to the Portfolio’s Class B and Class K shares annualized expense ratios of 0.60% and 0.35%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 31/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 12/1/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		1,037,515	$	10,355,841
EQ/Equity 500 Index Portfolio‡		694,966		15,232,581
EQ/Global Bond PLUS Portfolio‡		608,666		6,108,017
EQ/Global Multi-Sector Equity Portfolio‡		937,762		10,069,399
EQ/International ETF Portfolio‡		1,738,458		10,084,763
EQ/PIMCO Ultra Short Bond Portfolio‡		513,322		5,069,100
EQ/Small Company Index Portfolio‡		244,353		2,216,361
Multimanager Aggressive Equity Portfolio‡		137,105		3,510,245
Multimanager Large Cap Value Portfolio‡		368,819		3,369,428
Multimanager Mid Cap Growth Portfolio*‡		176,757		1,508,746
Multimanager Mid Cap Value Portfolio‡		276,196	$	2,410,402
Multimanager Multi-Sector Bond Portfolio‡		2,398,576		9,412,409

Total Investments (99.5%) (Cost $75,062,119)				79,347,292
Other Assets Less Liabilities (0.5%)				363,356

Net Assets (100%)			$	79,710,648

*	Non-income producing.

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

The holdings in Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio(aa)	$	18,005,147	$	2,189,735	$	10,138,915	$	10,355,841	$	233,432	$	190,711
EQ/Equity 500 Index Portfolio(bb)		16,883,687		4,578,116		6,336,904		15,232,581		282,608		62,347
EQ/Global Bond PLUS Portfolio(cc)		6,318,986		1,840,510		2,081,990		6,108,017		232,039		24,675
EQ/Global Multi-Sector Equity Portfolio(dd)		12,793,237		2,347,716		3,096,419		10,069,399		233,386		336,833
EQ/International ETF Portfolio(ee)		11,552,389		3,294,758		2,584,639		10,084,763		275,350		408,690
EQ/PIMCO Ultra Short Bond Portfolio(ff)		500,333		4,613,973		—		5,069,100		38,973		—	#
EQ/Small Company Index Portfolio(gg)		2,956,406		1,735,038		2,016,833		2,216,361		24,644		222,077
Multimanager Aggressive Equity Portfolio(hh)		2,617,187		1,479,432		467,851		3,510,245		6,408		5,899
Multimanager Large Cap Value Portfolio(ii)		3,823,190		1,118,445		1,421,600		3,369,428		46,211		(8,350	)
Multimanager Mid Cap Growth Portfolio(jj)		1,762,707		503,681		610,703		1,508,746		—		5,172
Multimanager Mid Cap Value Portfolio(kk)		2,807,168		354,919		375,369		2,410,402		6,500		3,631
Multimanager Multi-Sector Bond Portfolio(ll)		8,084,768		3,495,186		2,245,677		9,412,409		398,090		(25,677	)

	$	88,105,205	$	27,551,509	$	31,376,900	$	79,347,292	$	1,777,641	$	1,226,008

#	Amount is less than $0.50

(aa)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Core Bond Index Portfolio for Class K in the amount of $12,273,711, representing 1,211,068 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bb)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Equity 500 Index Portfolio for Class K in the amount of $14,592,541, representing 703,280 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(cc)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Bond PLUS Portfolio for Class K in the amount of $6,305,867, representing 596,879 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(dd)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Multi-Sector Equity Portfolio for Class K in the amount of $10,546,824, representing 930,553 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(ee)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International ETF Portfolio for Class K in the amount of $10,293,681, representing 1,604,303 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ff)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/PIMCO Ultra Short Bond Portfolio for Class K in the amount of $5,077,342, representing 509,456 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(gg)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Small Company Index Portfolio for Class K in the amount of $3,440,355, representing 366,793 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hh)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Aggressive Equity Portfolio for Class K in the amount of $3,313,592, representing 130,866 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ii)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Value Portfolio for Class K in the amount of $2,728,130, representing 305,613 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(jj)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Growth Portfolio for Class K in the amount of $1,589,492, representing 188,852 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(kk)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Value Portfolio for Class K in the amount of $2,398,550, representing 271,537 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ll)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Multi-Sector Bond Portfolio for Class K in the amount of $9,084,369, representing 2,240,519 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	—	$	79,347,292	$	—	$	79,347,292

Total Assets	$	—	$	79,347,292	$	—	$	79,347,292

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	79,347,292	$	—	$	79,347,292

The Portfolio held no derivatives contracts during the year ended December 31, 2011.

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	27,551,509
Net Proceeds of Sales and Redemptions:
Investment Companies	$	31,910,006

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

As of December 31, 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	$	5,860,721
Aggregate gross unrealized depreciation		(1,731,863	)

Net unrealized appreciation	$	4,128,858

Federal income tax cost of investments	$	75,218,434

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value:
Affiliated Issuers (Cost $75,062,119)	$	79,347,292
Cash		552,571
Receivable from Separate Accounts for Trust shares sold		47,935
Dividends, interest and other receivables		36
Other assets		66

Total assets		79,947,900

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		123,682
Payable for securities purchased		44,094
Administrative fees payable		11,529
Distribution fees payable - Class B		8,325
Trustees’ fees payable		38
Accrued expenses		49,584

Total liabilities		237,252

NET ASSETS	$	79,710,648

Net assets were comprised of:
Paid in capital	$	93,742,941
Accumulated undistributed net investment income (loss)		889
Accumulated undistributed net realized gain (loss) on investments		(18,318,355	)
Net unrealized appreciation (depreciation) on investments		4,285,173

Net assets	$	79,710,648

Class B
Net asset value, offering and redemption price per share, $37,238,910 / 4,377,254 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.51

Class K
Net asset value, offering and redemption price per share, $42,471,738 / 4,994,568 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.50

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,777,641
Interest		165

Total income		1,777,806

EXPENSES
Administrative fees		162,820
Distribution fees - Class B		106,565
Investment management fees		86,879
Custodian fees		65,399
Professional fees		52,191
Printing and mailing expenses		11,081
Trustees’ fees		1,134
Miscellaneous		2,813

Gross expenses		488,882
Less: Waiver from investment advisor		(78,302	)

Net expenses		410,580

NET INVESTMENT INCOME (LOSS)		1,367,226

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		533,106
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		692,902

Net realized gain (loss)		1,226,008

Net change in unrealized appreciation (depreciation) on securities		(4,932,522	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(3,706,514	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,339,288	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,367,226		$	1,275,385
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		1,226,008			(4,972,477	)
Net change in unrealized appreciation (depreciation) on investments		(4,932,522	)		12,191,800

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,339,288	)		8,494,708

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(736,246	)
Class B		(635,924	)		(571,464	)
Class K†		(776,830	)		—

		(1,412,754	)		(1,307,710	)

Distributions from net realized capital gains
Class A		(251,445	)		(246,737	)
Class B		(571,711	)		(227,139	)
Class K†		(343,467	)		—

		(1,166,623	)		(473,876	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,579,377	)		(1,781,586	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 812,883 and 710,741 shares, respectively ]		7,329,152			6,104,578
Capital shares issued in reinvestment of dividends and distributions [ 29,329 and 109,539 shares, respectively ]		251,445			982,983
Capital shares repurchased [ (5,802,372) and (945,474) shares, respectively ]		(51,162,866	)(y)		(8,145,301	)

Total Class A transactions		(43,582,269	)		(1,057,740	)

Class B
Capital shares sold [ 1,201,988 and 1,753,907 shares, respectively ]		10,880,818			15,029,177
Capital shares issued in reinvestment of dividends and distributions [ 142,617 and 88,951 shares, respectively ]		1,207,635			798,603
Capital shares repurchased [ (1,719,648) and (1,383,752) shares, respectively ]		(15,278,891	)		(11,740,849	)

Total Class B transactions		(3,190,438	)		4,086,931

Class K†
Capital shares sold [ 4,988,459 and 0 shares, respectively ]		43,744,113	(y)		—
Capital shares issued in reinvestment of dividends and distributions [ 132,749 and 0 shares, respectively ]		1,120,297			—
Capital shares repurchased [ (126,640) and 0 shares, respectively ]		(1,080,081	)		—

Total Class K transactions		43,784,329			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(2,988,378	)		3,029,191

TOTAL INCREASE (DECREASE) IN NET ASSETS		(7,907,043	)		9,742,313
NET ASSETS:
Beginning of year		87,617,691			77,875,378

End of year (a)	$	79,710,648		$	87,617,691

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	889		$	919

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the Target 2015 Portfolio exchanged approximately 4,976,543 Class A shares for approximately 4,976,628 Class K shares. This exchange amounted to approximately $43,643,024.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	9.02		$	8.31		$	7.17		$	10.85		$	10.54

Income (loss) from investment operations:
Net investment income (loss) (x)		0.13	(e)		0.13	(e)		0.30	(e)		0.36	(e)		0.46	(e)
Net realized and unrealized gain (loss) on investments		(0.38	)		0.75			1.16			(3.67	)		0.30

Total from investment operations		(0.25	)		0.88			1.46			(3.31	)		0.76

Less distributions:
Dividends from net investment income		(0.14	)		(0.12	)		(0.31	)		(0.29	)		(0.32	)
Distributions from net realized gains		(0.12	)		(0.05	)		(0.01	)		(0.08	)		(0.13	)

Total dividends and distributions		(0.26	)		(0.17	)		(0.32	)		(0.37	)		(0.45	)

Net asset value, end of year	$	8.51		$	9.02		$	8.31		$	7.17		$	10.85

Total return		(2.74	)%		10.61	%		20.40	%		(30.50	)%		7.22	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	37,239		$	42,881		$	35,657		$	23,402		$	13,218
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (f)		0.69	%		0.71	%		0.85	%(c)		0.80	%(c)		2.06	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.43	%		1.49	%		3.96	%		3.97	%		4.12	%
Before waivers and reimbursements (f)(x)		1.34	%		1.38	%		3.70	%		3.63	%		2.72	%
Portfolio turnover rate		32	%		34	%		24	%		43	%		12	%


Class K	December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.74

Income (loss) from investment operations:
Net investment income (loss) (x)		0.22	(e)
Net realized and unrealized gain (loss) on investments		(0.23	)

Total from investment operations		(0.01	)

Less distributions:
Dividends from net investment income		(0.16	)
Distributions from net realized gains		(0.07	)

Total dividends and distributions		(0.23	)

Net asset value, end of period	$	8.50

Total return (b)		(0.10	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	42,472
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.35	%
Before waivers and reimbursements (a)(f)		0.48	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		30.30	%(l)
Before waivers and reimbursements (a)(f)(x)		30.18	%(l)
Portfolio turnover rate		32	%

*	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 expenses.

(e)

Net investment income per share 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 portfolios in which the Portfolio invests.

See Notes to Financial Statements.

325

TARGET 2025 ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			Since Incept.*
Portfolio – Class B Shares		(3.88	)%		(1.54	)%		0.10	%
Portfolio – Class K Shares**		(3.65	)		(1.31	)		0.33
S&P 500 Index		2.11			(0.25	)		1.47
Barclays Capital U.S. Aggregate Bond Index		7.84			6.50			6.50
MSCI EAFE Index		(12.14	)		(4.72	)		(2.62	)
* Date of inception 8/31/06. ** Date of inception 12/1/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned (3.88)% for the year ended December 31, 2011. This compares to the returns of the following broad market benchmarks: S&P 500 Index 2.11%, the Barclays Capital U.S. Aggregate Bond Index 7.84% and the MSCI EAFE Index (12.14)%.

Portfolio Adviser

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

Portfolio Highlights

•

As of December 31, 2011, the Portfolio’s fixed-income allocation consisted of investment grade bonds (23.9%) and high-yield bonds (0.8%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (15.7%), large cap value stocks (14.9%), international stocks (24.6%) and small and mid cap stocks (20.1%).

•


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2011
EQ/Equity 500 Index Portfolio	29.1	%
EQ/International ETF Portfolio	14.9
EQ/Global Multi-Sector Equity Portfolio	14.8
Multimanager Multi-Sector Bond Portfolio	7.8
EQ/Core Bond Index Portfolio	7.0
EQ/Small Company Index Portfolio	5.5
EQ/Global Bond PLUS Portfolio	5.2
Multimanager Aggressive Equity Portfolio	4.3
EQ/PIMCO Ultra Short Bond Portfolio	4.1
Multimanager Large Cap Value Portfolio	3.2
Multimanager Mid Cap Value Portfolio	3.1
Multimanager Mid Cap Growth Portfolio	1.0

326

TARGET 2025 ALLOCATION PORTFOLIO (Unaudited)

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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class B
Actual		$1,000.00		$920.98		$2.91
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06
Class K†
Actual		1,000.00		999.01		0.30
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79
* Expenses are equal to the Portfolio’s Class B and Class K shares annualized expense ratios of 0.60% and 0.35%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 31/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 12/1/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		664,054	$	6,628,187
EQ/Equity 500 Index Portfolio‡		1,263,010		27,683,217
EQ/Global Bond PLUS Portfolio‡		497,377		4,991,224
EQ/Global Multi-Sector Equity Portfolio‡		1,315,295		14,123,230
EQ/International ETF Portfolio‡		2,442,109		14,166,632
EQ/PIMCO Ultra Short Bond Portfolio‡		394,505		3,895,770
EQ/Small Company Index Portfolio‡		574,117		5,207,437
Multimanager Aggressive Equity Portfolio‡		158,010		4,045,468
Multimanager Large Cap Value Portfolio‡		331,822		3,031,437
Multimanager Mid Cap Growth Portfolio*‡		113,948		972,631

Multimanager Mid Cap Value Portfolio‡		342,174	$	2,986,200
Multimanager Multi-Sector Bond Portfolio‡		1,892,208		7,425,338

Total Investments (100.0%) (Cost $94,902,338)				95,156,771
Other Assets Less Liabilities (0.0%)				28,048

Net Assets (100%)			$	95,184,819

*	Non-income producing.

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

The holdings in Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio(aa)	$	10,914,183	$	1,730,686	$	6,229,088	$	6,628,187	$	144,234	$	118,637
EQ/Equity 500 Index Portfolio(bb)		29,982,026		4,746,302		7,146,167		27,683,217		494,849		(32,207	)
EQ/Global Bond PLUS Portfolio(cc)		4,869,171		1,248,199		1,148,617		4,991,224		180,989		23,002
EQ/Global Multi-Sector Equity Portfolio(dd)		15,686,520		3,524,270		2,870,379		14,123,230		315,380		(73,308	)
EQ/International ETF Portfolio(ee)		15,958,235		4,061,952		2,909,126		14,166,632		369,062		474,444
EQ/PIMCO Ultra Short Bond Portfolio(ff)		300,200		3,629,952		—		3,895,770		29,952		—	#
EQ/Small Company Index Portfolio(gg)		6,230,248		2,428,898		2,504,611		5,207,437		56,560		551,797
Multimanager Aggressive Equity Portfolio(hh)		2,518,235		2,113,822		476,348		4,045,468		7,310		12,029
Multimanager Large Cap Value Portfolio(ii)		4,565,248		789,109		2,246,657		3,031,437		41,454		(86,290	)
Multimanager Mid Cap Growth Portfolio(jj)		1,169,479		342,284		436,245		972,631		—		7,734
Multimanager Mid Cap Value Portfolio(kk)		3,499,141		179,048		219,488		2,986,200		7,906		2,501
Multimanager Multi-Sector Bond Portfolio(ll)		7,589,719		2,278,115		2,528,896		7,425,338		308,948		(30,152	)

	$	103,282,405	$	27,072,637	$	28,715,622	$	95,156,771	$	1,956,644	$	968,187

#	Amount is less than $0.50

(aa)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Core Bond Index Portfolio for Class K in the amount of $7,758,303, representing 765,525 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bb)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Equity 500 Index Portfolio for Class K in the amount of $26,796,569, representing 1,291,447 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(cc)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Bond PLUS Portfolio for Class K in the amount of $5,186,925, representing 490,966 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(dd)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Multi-Sector Equity Portfolio for Class K in the amount of $14,851,270, representing 1,310,337 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ee)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International ETF Portfolio for Class K in the amount of $14,559,574, representing 2,269,156 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ff)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/PIMCO Ultra Short Bond Portfolio for Class K in the amount of $3,902,107, representing 391,534 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(gg)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Small Company Index Portfolio for Class K in the amount of $6,461,106, representing 688,850 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hh)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Aggressive Equity Portfolio for Class K in the amount of $3,825,985, representing 151,102 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ii)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Value Portfolio for Class K in the amount of $2,904,380, representing 325,357 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(jj)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Growth Portfolio for Class K in the amount of $1,071,147, representing 127,266 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(kk)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Value Portfolio for Class K in the amount of $3,072,182, representing 347,798 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ll)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Multi-Sector Bond Portfolio for Class K in the amount of $7,642,122, representing 1,884,811 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	—	$	95,156,771	$	—	$	95,156,771

Total Assets	$	—	$	95,156,771	$	—	$	95,156,771

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	95,156,771	$	—	$	95,156,771

The Portfolio held no derivatives contracts during the year ending December 31, 2011.

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	27,072,637
Net Proceeds of Sales and Redemptions:
Investment Companies	$	28,539,182

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

As of December 31, 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	$	4,001,782
Aggregate gross unrealized depreciation		(3,989,670	)

Net unrealized appreciation	$	12,112

Federal income tax cost of investments	$	95,144,659

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value:
Affiliated Issuers (Cost $94,902,338)	$	95,156,771
Cash		479,098
Receivable from Separate Accounts for Trust shares sold		34,301
Dividends, interest and other receivables		28
Other assets		67

Total assets		95,670,265

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		324,232
Payable for securities purchased		84,239
Administrative fees payable		14,996
Distribution fees payable - Class B		11,176
Investment management fees payable		368
Trustees’ fees payable		63
Accrued expenses		50,372

Total liabilities		485,446

NET ASSETS	$	95,184,819

Net assets were comprised of:
Paid in capital	$	108,282,515
Accumulated undistributed net investment income (loss)		72,361
Accumulated undistributed net realized gain (loss) on investments		(13,424,490	)
Net unrealized appreciation (depreciation) on investments		254,433

Net assets	$	95,184,819

Class B
Net asset value, offering and redemption price per share, $51,415,368 / 6,124,205 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.40

Class K
Net asset value, offering and redemption price per share, $43,769,451 / 5,215,948 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.39

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,956,644
Interest		128

Total income		1,956,772

EXPENSES
Administrative fees		186,740
Distribution fees - Class B		140,384
Investment management fees		102,826
Custodian fees		66,601
Professional fees		52,414
Printing and mailing expenses		12,361
Trustees’ fees		1,335
Miscellaneous		3,331

Gross expenses		565,992
Less: Waiver from investment advisor		(65,796	)

Net expenses		500,196

NET INVESTMENT INCOME (LOSS)		1,456,576

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(176,440	)
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		1,144,627

Net realized gain (loss)		968,187

Net change in unrealized appreciation (depreciation) on securities		(6,482,649	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(5,514,462	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,057,886	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,456,576		$	1,353,059
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		968,187			(5,087,625	)
Net change in unrealized appreciation (depreciation) on investments		(6,482,649	)		14,274,688

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(4,057,886	)		10,540,122

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(726,620	)
Class B		(779,148	)		(669,391	)
Class K†		(739,332	)		—

		(1,518,480	)		(1,396,011	)

Distributions from net realized capital gains
Class A		(172,260	)		(73,783	)
Class B		(306,307	)		(81,757	)
Class K†		(79,762	)		—

		(558,329	)		(155,540	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,076,809	)		(1,551,551	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 589,012 and 736,747 shares, respectively ]		5,325,221			6,110,558
Capital shares issued in reinvestment of dividends and distributions [ 20,694 and 90,203 shares, respectively ]		172,260			800,403
Capital shares repurchased [ (6,015,730) and (774,675) shares, respectively ]		(51,956,637	)(y)		(6,424,363	)

Total Class A transactions		(46,459,156	)		486,598

Class B
Capital shares sold [ 1,676,135 and 2,493,893 shares, respectively ]		15,017,545			21,040,841
Capital shares issued in reinvestment of dividends and distributions [ 130,468 and 84,607 shares, respectively ]		1,085,455			751,148
Capital shares repurchased [ (1,730,535) and (1,399,014) shares, respectively ]		(15,245,837	)		(11,733,292	)

Total Class B transactions		857,163			10,058,697

Class K†
Capital shares sold [ 5,129,151 and 0 shares, respectively ]		44,095,177	(y)		—
Capital shares issued in reinvestment of dividends and distributions [ 98,491 and 0 shares, respectively ]		819,094			—
Capital shares repurchased [ (11,694) and 0 shares, respectively ]		(99,008	)		—

Total Class K transactions		44,815,263			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(786,730	)		10,545,295

TOTAL INCREASE (DECREASE) IN NET ASSETS		(6,921,425	)		19,533,866
NET ASSETS:
Beginning of year		102,106,244			82,572,378

End of year (a)	$	95,184,819		$	102,106,244

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	72,361		$	85,107

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the Target 2025 Portfolio exchanged approximately 5,085,048 Class A shares for approximately 5,085,111 Class K shares. This exchange amounted to approximately $43,728,029.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	8.92		$	8.08		$	6.81		$	11.02		$	10.65

Income (loss) from investment operations:
Net investment income (loss) (x)		0.12	(e)		0.13	(e)		0.29	(e)		0.31	(e)		0.35	(e)
Net realized and unrealized gain (loss) on investments		(0.47	)		0.83			1.29			(4.16	)		0.43

Total from investment operations		(0.35	)		0.96			1.58			(3.85	)		0.78

Less distributions:
Dividends from net investment income		(0.12	)		(0.11	)		(0.29	)		(0.25	)		(0.27	)
Distributions from net realized gains		(0.05	)		(0.01	)		(0.02	)		(0.11	)		(0.14	)

Total dividends and distributions		(0.17	)		(0.12	)		(0.31	)		(0.36	)		(0.41	)

Net asset value, end of year	$	8.40		$	8.92		$	8.08		$	6.81		$	11.02

Total return		(3.88	)%		11.95	%		23.25	%		(35.00	)%		7.35	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	51,415		$	53,927		$	39,336		$	22,355		$	17,298
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (f)		0.66	%		0.70	%		0.86	%		0.82	%(c)		1.76	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.32	%		1.54	%		3.98	%		3.40	%		3.10	%
Before waivers and reimbursements (f)(x)		1.26	%		1.44	%		3.72	%		3.05	%		2.03	%
Portfolio turnover rate		26	%		24	%		17	%		21	%		15	%


Class K	December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.56

Income (loss) from investment operations:
Net investment income (loss) (x)		0.20	(e)
Net realized and unrealized gain (loss) on investments		(0.21	)

Total from investment operations		(0.01	)

Less distributions:
Dividends from net investment income		(0.14	)
Distributions from net realized gains		(0.02	)

Total dividends and distributions		(0.16	)

Net asset value, end of period	$	8.39

Total return (b)		(0.10	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	43,769
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.35	%
Before waivers and reimbursements (a)(f)		0.45	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		28.40	%(l)
Before waivers and reimbursements (a)(f)(x)		28.31	%(l)
Portfolio turnover rate		26	%

*	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 expenses.

(e)

Net investment income per share 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 portfolios in which the Portfolio invests.

See Notes to Financial Statements.

333

TARGET 2035 ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			Since Incept.*
Portfolio – Class A Shares		(4.43	)%		(1.87	)%		(0.08	)%
Portfolio – Class B Shares		(4.67	)		(2.14	)		(0.33	)
Portfolio – Class K Shares**		(4.43	)		(1.87	)		(0.08	)
S&P 500 Index		2.11			(0.25	)		1.47
Barclays Capital U.S. Aggregate Bond Index		7.84			6.50			6.50
MSCI EAFE Index		(12.14	)		(4.72	)		(2.62	)
* Date of inception 8/31/06. ** Date of inception 12/1/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (4.43)% for the year ended December 31, 2011. This compares to the returns of the following broad market benchmarks: S&P 500 Index 2.11%, the Barclays Capital U.S. Aggregate Bond Index 7.84% and the MSCI EAFE Index (12.14)%.

Portfolio Adviser

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

Portfolio Highlights

•

As of December 31, 2011, the Portfolio’s fixed-income allocation consisted of investment grade bonds (13.8%) and high-yield bonds (0.5%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (18.1%), large cap value stocks (17.5%), international stocks (27.6%) and small and mid cap stocks (22.5%).

•


Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2011
EQ/Equity 500 Index Portfolio	36.2	%
EQ/International ETF Portfolio	17.2
EQ/Global Multi-Sector Equity Portfolio	16.3
EQ/Small Company Index Portfolio	7.3
Multimanager Multi-Sector Bond Portfolio	4.6
EQ/Core Bond Index Portfolio	4.2
Multimanager Large Cap Value Portfolio	3.0
Multimanager Aggressive Equity Portfolio	3.0
EQ/Global Bond PLUS Portfolio	2.7
Multimanager Mid Cap Value Portfolio	2.4
EQ/PIMCO Ultra Short Bond Portfolio	2.1
Multimanager Mid Cap Growth Portfolio	1.0

334

TARGET 2035 ALLOCATION PORTFOLIO (Unaudited)

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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$912.45		$1.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79
Class B
Actual		1,000.00		910.20		2.89
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06
Class K†
Actual		1,000.00		999.06		0.30
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.35%, 0.60% and 0.35%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 31/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 12/1/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		258,322	$	2,578,418
EQ/Equity 500 Index Portfolio‡		1,004,237		22,011,305
EQ/Global Bond PLUS Portfolio‡		164,054		1,646,295
EQ/Global Multi-Sector Equity Portfolio‡		923,556		9,916,859
EQ/International ETF Portfolio‡		1,796,222		10,419,856
EQ/PIMCO Ultra Short Bond Portfolio‡		129,504		1,278,867
EQ/Small Company Index Portfolio‡		488,506		4,430,912
Multimanager Aggressive Equity Portfolio‡		71,166		1,822,024
Multimanager Large Cap Value Portfolio‡		201,425		1,840,165
Multimanager Mid Cap Growth Portfolio*‡		68,009		580,501

Multimanager Mid Cap Value Portfolio‡		164,965	$	1,439,676
Multimanager Multi-Sector Bond Portfolio‡		712,924		2,797,630

Total Investments (100.6%) (Cost $59,272,105)				60,762,508
Other Assets Less Liabilities (-0.6%)				(388,206	)

Net Assets (100%)			$	60,374,302

*	Non-income producing.

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

The holdings in Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio(aa)	$	3,194,454	$	739,860	$	1,446,026	$	2,578,418	$	54,825	$	5,254
EQ/Equity 500 Index Portfolio(bb)		21,750,710		3,965,243		3,798,901		22,011,305		386,831		(35,716	)
EQ/Global Bond PLUS Portfolio(cc)		1,437,891		445,862		241,667		1,646,295		58,416		5,973
EQ/Global Multi-Sector Equity Portfolio(dd)		10,761,643		2,060,824		1,348,515		9,916,859		222,797		(7,873	)
EQ/International ETF Portfolio(ee)		10,451,138		3,357,190		1,358,365		10,419,856		251,865		382,076
EQ/PIMCO Ultra Short Bond Portfolio(ff)		300,200		989,832		—		1,278,867		9,832		—	#
EQ/Small Company Index Portfolio(gg)		4,957,454		1,673,633		1,501,111		4,430,912		49,121		479,975
Multimanager Aggressive Equity Portfolio(hh)		1,253,853		859,595		220,652		1,822,024		3,257		2,788
Multimanager Large Cap Value Portfolio(ii)		1,830,349		433,095		295,101		1,840,165		24,645		2,820
Multimanager Mid Cap Growth Portfolio(jj)		579,521		178,697		129,378		580,501		—		962
Multimanager Mid Cap Value Portfolio(kk)		1,620,931		131,427		92,711		1,439,676		3,786		390
Multimanager Multi-Sector Bond Portfolio(ll)		2,740,528		923,633		897,552		2,797,630		114,655		(1,011	)

	$	60,878,672	$	15,758,891	$	11,329,979	$	60,762,508	$	1,180,030	$	835,638

#	Amount is less than $0.50

(aa)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Core Bond Index Portfolio for Class K in the amount of $2,417,410, representing 238,530 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bb)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Equity 500 Index Portfolio for Class K in the amount of $20,187,891, representing 972,945 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(cc)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Bond PLUS Portfolio for Class K in the amount of $1,592,855, representing 150,771 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

336

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(dd)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Multi-Sector Equity Portfolio for Class K in the amount of $10,126,914, representing 893,504 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ee)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International ETF Portfolio for Class K in the amount of $9,825,708, representing 1,531,368 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ff)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/PIMCO Ultra Short Bond Portfolio for Class K in the amount of $1,280,946, representing 128,529 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(gg)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Small Company Index Portfolio for Class K in the amount of $4,984,820, representing 531,456 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hh)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Aggressive Equity Portfolio for Class K in the amount of $1,777,600, representing 70,204 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ii)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Value Portfolio for Class K in the amount of $1,746,009, representing 195,593 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(jj)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Growth Portfolio for Class K in the amount of $559,965, representing 66,531 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(kk)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Value Portfolio for Class K in the amount of $1,444,296, representing 163,507 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ll)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Multi-Sector Bond Portfolio for Class K in the amount of $2,742,479, representing 676,390 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	—	$	60,762,508	$	—	$	60,762,508

Total Assets	$	—	$	60,762,508	$	—	$	60,762,508

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	60,762,508	$	—	$	60,762,508

The Portfolio held no derivatives contracts during the year ended December 31, 2011.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

Investment security transactions during the year ended December 31, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	15,758,891
Net Proceeds of Sales and Redemptions:
Investment Companies	$	11,290,514

As of December 31, 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	$	3,389,975
Aggregate gross unrealized depreciation		(1,922,457	)

Net unrealized appreciation	$	1,467,518

Federal income tax cost of investments	$	59,294,990

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value:
Affiliated Issuers (Cost $59,272,105)	$	60,762,508
Cash		480,557
Receivable from Separate Accounts for Trust shares sold		15,824
Dividends, interest and other receivables		27
Other assets		45

Total assets		61,258,961

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		656,135
Payable for securities purchased		165,374
Distribution fees payable - Class B		9,144
Administrative fees payable		5,611
Trustees’ fees payable		41
Accrued expenses		48,354

Total liabilities		884,659

NET ASSETS	$	60,374,302

Net assets were comprised of:
Paid in capital	$	65,376,436
Accumulated undistributed net investment income (loss)		64,958
Accumulated undistributed net realized gain (loss) on investments		(6,557,495	)
Net unrealized appreciation (depreciation) on investments		1,490,403

Net assets	$	60,374,302

Class A
Net asset value, offering and redemption price per share, $497,853 / 60,129 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.28

Class B
Net asset value, offering and redemption price per share, $42,928,462 / 5,183,093 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.28

Class K
Net asset value, offering and redemption price per share, $16,947,987 / 2,046,976 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.28

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,180,030
Interest		110

Total income		1,180,140

EXPENSES
Administrative fees		125,977
Distribution fees - Class B		109,076
Custodian fees		64,900
Investment management fees		62,318
Professional fees		51,858
Printing and mailing expenses		9,217
Trustees’ fees		795
Miscellaneous		1,691

Gross expenses		425,832
Less: Waiver from investment advisor		(98,702	)

Net expenses		327,130

NET INVESTMENT INCOME (LOSS)		853,010

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(39,465	)
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		875,103

Net realized gain (loss)		835,638

Net change in unrealized appreciation (depreciation) on securities		(4,545,076	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(3,709,438	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,856,428	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	853,010		$	712,618
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		835,638			(2,096,634	)
Net change in unrealized appreciation (depreciation) on investments		(4,545,076	)		7,732,134

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,856,428	)		6,348,118

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(8,189	)		(257,590	)
Class B		(608,033	)		(482,909	)
Class K†		(279,052	)		—

		(895,274	)		(740,499	)

Distributions from net realized capital gains
Class A		(70,907	)		(48,649	)
Class B		(234,351	)		(109,172	)
Class K†		(23,942	)		—

		(329,200	)		(157,821	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(1,224,474	)		(898,320	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 278,359 and 382,387 shares, respectively ]		2,484,136			3,124,839
Capital shares issued in reinvestment of dividends and distributions [ 9,705 and 34,819 shares, respectively ]		79,096			306,239
Capital shares repurchased [ (2,302,495) and (184,103) shares, respectively ]		(19,663,191	)(y)		(1,467,183	)

Total Class A transactions		(17,099,959	)		1,963,895

Class B
Capital shares sold [ 1,342,970 and 2,056,263 shares, respectively ]		11,839,485			17,126,057
Capital shares issued in reinvestment of dividends and distributions [ 102,899 and 67,300 shares, respectively ]		842,384			592,081
Capital shares repurchased [ (1,032,752) and (801,575) shares, respectively ]		(9,115,029	)		(6,677,906	)

Total Class B transactions		3,566,840			11,040,232

Class K†
Capital shares sold [ 2,049,431 and 0 shares, respectively ]		17,379,376	(y)		—
Capital shares issued in reinvestment of dividends and distributions [ 36,964 and 0 shares, respectively ]		302,994			—
Capital shares repurchased [ (39,419) and 0 shares, respectively ]		(323,938	)		—

Total Class K transactions		17,358,432			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		3,825,313			13,004,127

TOTAL INCREASE (DECREASE) IN NET ASSETS		(255,589	)		18,453,925
NET ASSETS:
Beginning of year		60,629,891			42,175,966

End of year (a)	$	60,374,302		$	60,629,891

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	64,958		$	70,616

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the Target 2035 Portfolio exchanged approximately 2,035,561 Class A shares for approximately 2,035,621 Class K shares. This exchange amounted to approximately $17,265,269.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	8.86		$	7.97		$	6.59		$	11.21		$	10.76

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)
Net realized and unrealized gain (loss) on investments		(0.37	)		0.92			1.46			(4.58	)		0.66

Total from investment operations		(0.39	)		1.04			1.71			(4.24	)		0.83

Less distributions:
Dividends from net investment income		(0.14	)		(0.13	)		(0.30	)		(0.24	)		(0.27	)
Distributions from net realized gains		(0.05	)		(0.02	)		(0.03	)		(0.14	)		(0.11	)

Total dividends and distributions		(0.19	)		(0.15	)		(0.33	)		(0.38	)		(0.38	)

Net asset value, end of year	$	8.28		$	8.86		$	7.97		$	6.59		$	11.21

Total return		(4.43	)%		13.06	%		25.92	%		(37.94	)%		7.75	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	498		$	18,373		$	14,680		$	10,038		$	589
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (f)		0.51	%		0.60	%		0.91	%		0.94	%		2.48	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		(0.24	)%		1.47	%		3.58	%		3.92	%		1.48	%
Before waivers and reimbursements (f)(x)		(0.40	)%		1.22	%		3.02	%		3.33	%		(0.64	)%
Portfolio turnover rate		18	%		18	%		22	%		12	%		6	%

	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	8.86		$	7.97		$	6.60		$	11.21		$	10.76

Income (loss) from investment operations:
Net investment income (loss) (x)		0.12	(e)		0.12	(e)		0.27	(e)		0.30	(e)		0.29	(e)
Net realized and unrealized gain (loss) on investments		(0.53	)		0.89			1.41			(4.55	)		0.51

Total from investment operations		(0.41	)		1.01			1.68			(4.25	)		0.80

Less distributions:
Dividends from net investment income		(0.12	)		(0.10	)		(0.28	)		(0.22	)		(0.24	)
Distributions from net realized gains		(0.05	)		(0.02	)		(0.03	)		(0.14	)		(0.11	)

Total dividends and distributions		(0.17	)		(0.12	)		(0.31	)		(0.36	)		(0.35	)

Net asset value, end of year	$	8.28		$	8.86		$	7.97		$	6.60		$	11.21

Total return		(4.67	)%		12.78	%		25.41	%		(38.01	)%		7.37	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	42,928		$	42,257		$	27,496		$	14,430		$	9,825
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (f)		0.76	%		0.85	%(c)		1.16	%(c)		1.19	%(c)		2.73	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.32	%		1.48	%		3.79	%		3.34	%		2.54	%
Before waivers and reimbursements (f)(x)		1.17	%		1.24	%		3.22	%		2.59	%		0.53	%
Portfolio turnover rate		18	%		18	%		22	%		12	%		6	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.44

Income (loss) from investment operations:
Net investment income (loss) (x)		0.19	(e)
Net realized and unrealized gain (loss) on investments		(0.20	)

Total from investment operations		(0.01	)

Less distributions:
Dividends from net investment income		(0.14	)
Distributions from net realized gains		(0.01	)

Total dividends and distributions		(0.15	)

Net asset value, end of period	$	8.28

Total return (b)		(0.09	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	16,948
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.35	%
Before waivers and reimbursements (a)(f)		0.55	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		27.43	%(l)
Before waivers and reimbursements (a)(f)(x)		27.24	%(l)
Portfolio turnover rate		18	%

*	Commencement of Operations.

†	The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.

(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 expenses.

(e)

Net investment income per share 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 portfolios in which the Portfolio invests.

See Notes to Financial Statements.

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TARGET 2045 ALLOCATION PORTFOLIO (Unaudited)

PERFORMANCE RESULTS

LOGO


Annualized Total Returns as of 12/31/11
	1 Year			5 Years			Since Incept.*
Portfolio – Class A Shares		(5.30	)%		(2.63	)%		(0.68	)%
Portfolio – Class B Shares		(5.53	)		(2.85	)		(0.91	)
Portfolio – Class K Shares**		(5.30	)		(2.63	)		(0.68	)
S&P 500 Index		2.11			(0.25	)		1.47
Barclays Capital U.S. Aggregate Bond Index		7.84			6.50			6.50
MSCI EAFE Index		(12.14	)		(4.72	)		(2.62	)
* Date of inception 8/31/06. ** Date of inception 12/1/11. Returns shown for Class K shares prior to this period are derived from the historical performance of Class A shares. Class K shares are not subject to any 12b-1 fees. Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (5.30)% for the year ended December 31, 2011. This compares to the returns of the following broad market benchmarks: S&P 500 Index 2.11%, the Barclays Capital U.S. Aggregate Bond Index 7.84% and the MSCI EAFE Index (12.14)%.

Portfolio Adviser

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

Portfolio Highlights

•

As of December 31, 2011, the Portfolio’s fixed-income allocation consisted of investment grade bonds (4.4%) and high-yield bonds (0.1%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (20.3%), large cap value stocks (20.0%), international stocks (30.1%) and small and mid cap stocks (25.0%).

•


Portfolio Allocation (as a percentage of Total Investment Companies)
As of December 31, 2011
EQ/Equity 500 Index Portfolio	42.5	%
EQ/International ETF Portfolio	18.8
EQ/Global Multi-Sector Equity Portfolio	17.7
EQ/Small Company Index Portfolio	8.2
Multimanager Large Cap Value Portfolio	3.1
Multimanager Mid Cap Value Portfolio	2.8
EQ/Core Bond Index Portfolio	2.7
Multimanager Aggressive Equity Portfolio	2.2
Multimanager Multi-Sector Bond Portfolio	1.2
Multimanager Mid Cap Growth Portfolio	0.8

343

TARGET 2045 ALLOCATION PORTFOLIO (Unaudited)

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 December 31, 2011 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/11		Ending Account Value 12/31/11		Expenses Paid During Period* 7/1/11 - 12/31/11
Class A
Actual		$1,000.00		$900.30		$1.68
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79
Class B
Actual		1,000.00		900.30		2.87
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06
Class K†
Actual		1,000.00		998.82		0.30
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.35%, 0.60% and 0.35%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 for Class A and Class B and the hypothetical example (to reflect the one-half year period), and multiplied by 31/365 for Class K (to reflect the actual number of days in the period). † Class K commenced operations on 12/1/2011.

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PORTFOLIO OF INVESTMENTS

December 31, 2011


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		84,256	$	840,992
EQ/Equity 500 Index Portfolio‡		609,672		13,363,065
EQ/Global Multi-Sector Equity Portfolio‡		519,748		5,580,886
EQ/International ETF Portfolio‡		1,017,520		5,902,615
EQ/Small Company Index Portfolio‡		283,182		2,568,553
Multimanager Aggressive Equity Portfolio‡		27,497		703,988
Multimanager Large Cap Value Portfolio‡		108,646		992,559
Multimanager Mid Cap Growth Portfolio*‡		29,591		252,579
Multimanager Mid Cap Value Portfolio‡		100,406	$	876,257
Multimanager Multi-Sector Bond Portfolio‡		93,117		365,407

Total Investments (101.5%) (Cost $30,326,388)				31,446,901
Other Assets Less Liabilities (-1.5%)				(477,939	)

Net Assets (100%)			$	30,968,962

*	Non-income producing.

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

The holdings in Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2011, were as follows:


Securities	Market Value December 31, 2010		Purchases at Cost		Sales at Cost		Market Value December 31, 2011		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio(aa)	$	521,716	$	441,126	$	142,752	$	840,992	$	17,809	$	(13	)
EQ/Equity 500 Index Portfolio(bb)		12,109,464		2,918,168		1,639,347		13,363,065		233,332		(5,098	)
EQ/Global Multi-Sector Equity Portfolio(cc)		5,315,698		1,809,322		680,385		5,580,886		118,587		11,979
EQ/International ETF Portfolio(dd)		6,042,834		1,825,937		706,873		5,902,615		152,603		228,090
EQ/Small Company Index Portfolio(ee)		2,637,980		882,525		542,827		2,568,553		26,695		263,069
Multimanager Aggressive Equity Portfolio(ff)		634,474		230,870		109,756		703,988		1,245		1,364
Multimanager Large Cap Value Portfolio(gg)		906,274		295,786		134,512		992,559		13,172		2,251
Multimanager Mid Cap Growth Portfolio(hh)		212,785		123,644		59,943		252,579		—		(109	)
Multimanager Mid Cap Value Portfolio(ii)		954,815		108,276		50,940		876,257		2,295		346
Multimanager Multi-Sector Bond Portfolio(jj)		302,152		103,177		42,643		365,407		14,860		95

	$	29,638,192	$	8,738,831	$	4,109,978	$	31,446,901	$	580,598	$	501,974

(aa)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Core Bond Index Portfolio for Class K in the amount of $832,032, representing 82,098 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(bb)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Equity 500 Index Portfolio for Class K in the amount of $12,309,043, representing 593,228 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(cc)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Global Multi-Sector Equity Portfolio for Class K in the amount of $5,436,422, representing 479,659 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(dd)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/International ETF Portfolio for Class K in the amount of $6,048,198, representing 942,631 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ee)

On August 29, 2011, the Portfolio exchanged its Class IA shares in EQ/Small Company Index Portfolio for Class K in the amount of $2,596,626, representing 276,839 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2011

(ff)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Aggressive Equity Portfolio for Class K in the amount of $685,097, representing 27,057 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(gg)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Large Cap Value Portfolio for Class K in the amount of $945,012, representing 105,863 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(hh)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Growth Portfolio for Class K in the amount of $243,728, representing 28,958 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(ii)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Mid Cap Value Portfolio for Class K in the amount of $879,914, representing 99,614 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

(jj)

On August 29, 2011, the Portfolio exchanged its Class A shares in Multimanager Multi-Sector Bond Portfolio for Class K in the amount of $358,437, representing 88,403 shares, as a non-taxable transfer. These amounts are not reflected in the purchases and sales listed above.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 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	$	—	$	31,446,901	$	—	$	31,446,901

Total Assets	$	—	$	31,446,901	$	—	$	31,446,901

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	31,446,901	$	—	$	31,446,901

The Portfolio held no derivatives contracts during the year ended December 31, 2011.

Investment security transactions for the year ended December 31, 2011 were as follows:


Cost of Purchases:
Investment Companies	$	8,738,831
Net Proceeds of Sales and Redemptions:
Investment Companies	$	4,114,078

As of December 31, 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	$	2,230,826
Aggregate gross unrealized depreciation		(1,119,799	)

Net unrealized appreciation	$	1,111,027

Federal income tax cost of investments	$	30,335,874

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2011


ASSETS
Investments at value:
Affiliated Issuers (Cost $30,326,388)	$	31,446,901
Cash		157,211
Receivable from Separate Accounts for Trust shares sold		14,834
Receivable from investment manager		2,976
Dividends, interest and other receivables		12
Other assets		22

Total assets		31,621,956

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		587,136
Payable for securities purchased		16,695
Distribution fees payable - Class B		5,342
Trustees’ fees payable		43
Accrued expenses		43,778

Total liabilities		652,994

NET ASSETS	$	30,968,962

Net assets were comprised of:
Paid in capital	$	33,831,303
Accumulated undistributed net investment income (loss)		14,185
Accumulated undistributed net realized gain (loss) on investments		(3,997,039	)
Net unrealized appreciation (depreciation) on investments		1,120,513

Net assets	$	30,968,962

Class A
Net asset value, offering and redemption price per share, $482,225 / 61,327 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.86

Class B
Net asset value, offering and redemption price per share, $24,965,647 / 3,173,665 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.87

Class K
Net asset value, offering and redemption price per share, $5,521,090 / 702,191 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.86

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2011


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	580,598
Interest		48

Total income		580,646

EXPENSES
Administrative fees		80,152
Distribution fees - Class B		64,486
Custodian fees		63,201
Professional fees		51,438
Investment management fees		31,768
Printing and mailing expenses		6,827
Trustees’ fees		398
Miscellaneous		1,444

Gross expenses		299,714
Less: Waiver from investment advisor		(111,920	)
Reimbursement from investment advisor		(12,160	)

Net expenses		175,634

NET INVESTMENT INCOME (LOSS)		405,012

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		4,100
Net distributions of realized gain received from Underlying Portfolios (All realized gains received from affiliates)		497,874

Net realized gain (loss)		501,974

Net change in unrealized appreciation (depreciation) on securities		(2,820,144	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(2,318,170	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,913,158	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2011			2010
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	405,012		$	303,465
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		501,974			(1,114,666	)
Net change in unrealized appreciation (depreciation) on investments		(2,820,144	)		4,078,104

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(1,913,158	)		3,266,903

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(7,555	)		(71,069	)
Class B		(337,100	)		(248,182	)
Class K†		(86,135	)		—

		(430,790	)		(319,251	)

Distributions from net realized capital gains
Class A		(27,678	)		(26,445	)
Class B		(162,677	)		(111,933	)
Class K†		(9,410	)		—

		(199,765	)		(138,378	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(630,555	)		(457,629	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 141,024 and 127,102 shares, respectively ]		1,202,395			994,597
Capital shares issued in reinvestment of dividends and distributions [ 4,567 and 11,675 shares, respectively ]		35,233			97,514
Capital shares repurchased [ (729,005) and (72,638) shares, respectively ]		(5,901,750	)(y)		(567,844	)

Total Class A transactions		(4,664,122	)		524,267

Class B
Capital shares sold [ 973,273 and 1,066,829 shares, respectively ]		8,260,275			8,339,798
Capital shares issued in reinvestment of dividends and distributions [ 64,420 and 43,148 shares, respectively ]		499,777			360,115
Capital shares repurchased [ (694,686) and (600,615) shares, respectively ]		(5,760,058	)		(4,603,930	)

Total Class B transactions		2,999,994			4,095,983

Class K†
Capital shares sold [ 689,905 and 0 shares, respectively ]		5,559,457	(y)		—
Capital shares issued in reinvestment of dividends and distributions [ 12,286 and 0 shares, respectively ]		95,545			—

Total Class K transactions		5,655,002			—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		3,990,874			4,620,250

TOTAL INCREASE (DECREASE) IN NET ASSETS		1,447,161			7,429,524
NET ASSETS:
Beginning of year		29,521,801			22,092,277

End of year (a)	$	30,968,962		$	29,521,801

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	14,185		$	15,093

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the Target 2045 Portfolio exchanged approximately 683,158 Class A shares for approximately 683,201 Class K shares. This exchange amounted to approximately $5,506,722.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Year Ended December 31,
Class A	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	8.49		$	7.62		$	6.20		$	11.16		$	10.86

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(†)(e)		0.11	(e)		0.22	(e)		0.29	(e)		0.13	(e)
Net realized and unrealized gain (loss) on investments		(0.44	)		0.91			1.52			(4.86	)		0.74

Total from investment operations		(0.45	)		1.02			1.74			(4.57	)		0.87

Less distributions:
Dividends from net investment income		(0.13	)		(0.11	)		(0.29	)		(0.20	)		(0.23	)
Distributions from net realized gains		(0.05	)		(0.04	)		(0.03	)		(0.19	)		(0.34	)

Total dividends and distributions		(0.18	)		(0.15	)		(0.32	)		(0.39	)		(0.57	)

Net asset value, end of year	$	7.86		$	8.49		$	7.62		$	6.20		$	11.16

Total return		(5.30	)%		13.46	%		28.13	%		(41.18	)%		8.09	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	482		$	5,475		$	4,407		$	3,014		$	595
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (f)		0.74	%		0.84	%		1.33	%		1.63	%		2.91	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		(0.14	)%		1.36	%		3.35	%		3.40	%		1.13	%
Before waivers and reimbursements (f)(x)		(0.53	)%		0.86	%		2.37	%		2.12	%		(1.42	)%
Portfolio turnover rate		13	%		18	%		30	%		5	%		23	%

	Year Ended December 31,
Class B	2011			2010			2009			2008			2007
Net asset value, beginning of year	$	8.50		$	7.62		$	6.20		$	11.16		$	10.86

Income (loss) from investment operations:
Net investment income (loss) (x)		0.10	(e)		0.09	(e)		0.25	(e)		0.24	(e)		0.21	(e)
Net realized and unrealized gain (loss) on investments		(0.57	)		0.92			1.47			(4.82	)		0.63

Total from investment operations		(0.47	)		1.01			1.72			(4.58	)		0.84

Less distributions:
Dividends from net investment income		(0.11	)		(0.09	)		(0.27	)		(0.19	)		(0.20	)
Distributions from net realized gains		(0.05	)		(0.04	)		(0.03	)		(0.19	)		(0.34	)

Total dividends and distributions		(0.16	)		(0.13	)		(0.30	)		(0.38	)		(0.54	)

Net asset value, end of year	$	7.87		$	8.50		$	7.62		$	6.20		$	11.16

Total return		(5.53	)%		13.31	%		27.80	%		(41.33	)%		7.82	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	24,966		$	24,047		$	17,686		$	8,696		$	6,588
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (f)		0.99	%		1.09	%		1.58	%(c)		1.88	%(c)		3.16	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.22	%		1.21	%		3.78	%		2.71	%		1.78	%
Before waivers and reimbursements (f)(x)		0.83	%		0.71	%		2.78	%		1.33	%		(0.70	)%
Portfolio turnover rate		13	%		18	%		30	%		5	%		23	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.01

Income (loss) from investment operations:
Net investment income (loss) (x)		0.17	(e)
Net realized and unrealized gain (loss) on investments		(0.18	)

Total from investment operations		(0.01	)

Less distributions:
Dividends from net investment income		(0.13	)
Distributions from net realized gains		(0.01	)

Total dividends and distributions		(0.14	)

Net asset value, end of period	$	7.86

Total return (b)		(0.12	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,521
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.35	%
Before waivers and reimbursements (a)(f)		0.82	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		26.13	%(l)
Before waivers and reimbursements (a)(f)(x)		25.66	%(l)
Portfolio turnover rate		13	%

*	Commencement of Operations.

†	The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.

(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 expenses.

(e)

Net investment income per share 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 portfolios in which the Portfolio invests.

See Notes to Financial Statements.

350

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2011

Note 1

Organization and Selected Significant Accounting Policies

AXA Premier VIP Trust (the “Trust”) was organized as a Delaware statutory 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”), an indirect wholly-owned subsidiary of AXA Equitable Life Insurance Company (“AXA Equitable”). The day-to-day portfolio management of each Portfolio, other than the AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio and AXA Aggressive Allocation Portfolio (“AXA Allocation Portfolios”), and the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio (“Target Allocation Portfolios”), and an allocated portion of the Multimanager Technology Portfolio, is provided by multiple investment sub-advisers (each an “Adviser”).

On December 1, 2011, FMG LLC contributed $10,000 in seed capital into Class K shares of each of the following Portfolios: AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio, AXA Aggressive Allocation Portfolio, Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio.

On August 26, 2011, FMG LLC contributed $10,000 in seed capital into Class K shares of each of the following Portfolios: 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 Portfolio, Multimanager Small Cap Growth Portfolio and Multimanager Small Cap Value Portfolio.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with certain 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 three classes of shares, Class A, Class B and Class K. The Class B shares are subject to distribution fees imposed under a distribution plan (“Distribution Plan”)

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2011

adopted pursuant to Rule 12b-1 under the 1940 Act. In addition, as of and during a portion of the year ended December 31, 2011, the Trust had Class K shares outstanding for certain Portfolios as shown in the Statement of Assets and Liabilities. Under the Trust’s multiple class distribution system, each class of shares has 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, 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 the EQ Advisors Trust, a separate registered investment company managed by FMG LLC that currently sell its shares to accounts and plans. The AXA Equitable 401(k) plan is the primary shareholder of Class A for the Multimanager Large Cap Value Portfolio.

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.

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 a balance of high current income and capital appreciation, consistent with a prudent level of risk.

Multimanager International Equity Portfolio (advised by BlackRock Investment Management, LLC (“BlackRock”), EARNEST Partners, LLC (“EARNEST”), JPMorgan Investment Management Inc., and Marsico) — Seeks to achieve long-term growth of capital. On September 1, 2011, EARNEST replaced AllianceBernstein as an adviser to the Portfolio.

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.

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December 31, 2011

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. (“MSIM”), and NorthPointe Capital, LLC (“NorthPointe”)) — Seeks to achieve long-term growth of capital.

Multimanager Small Cap Value Portfolio (advised by BlackRock, Franklin Advisory Services, LLC, Horizon Asset Management, LLC (“Horizon”), and Pacific Global Investment Management Company) — Seeks to achieve long-term growth of capital.

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.

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, or if there is no such price, at a bid price estimated by a broker.

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

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December 31, 2011

evaluations. If a quoted price is unavailable, an equivalent yield or yield spread quotes will be obtained from a broker and converted to a price.

Options that are traded on an exchange are valued at their last sale price, or if not available, at the 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 in making evaluations, including institutional size, trading in similar groups of securities and any developments related to specific securities. However, when such prices are not available, such bonds and notes are valued at a bid price estimated by a broker.

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 in the U.S., or traded in American Depository Receipt (“ADR”) or similar form, are valued at representative quoted prices from the primary exchange in the currency of the country of origin. Foreign currency is converted into U.S. dollar equivalent at current exchange rates.

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 year ended December 31, 2011, 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 Portfolio, Multimanager Small Cap Growth Portfolio, Multimanager Small Cap Value Portfolio, and Multimanager Technology Portfolio held forward foreign currency contracts to either enter into exposure to certain currencies, or enter into an economic hedge against changes in the values of securities held in the Portfolio, that do not qualify for hedge accounting under ASC 815. The Statement of Operations for each Portfolio reflects 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.

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Various inputs are used in determining the value of the Trust’s 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 into 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 into 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 year ended December 31, 2011. Any 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. Any transfers into and transfers out of Level 3 are included in the Level 3 reconciliation following the Portfolio of Investments for each Portfolio.

A summary of inputs used to value each Portfolio’s assets and liabilities carried at fair value as of December 31, 2011 is included in the Portfolio of Investments.

Pursuant to procedures approved by the Board of Trustees of the Trust, 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. At December 31, 2011, none of the Portfolios applied these procedures.

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.

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

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

Foreign Currency Valuation:

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

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

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

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

Net currency gains or losses realized and unrealized as a result of differences between interest or dividends, withholding taxes, forward foreign currency exchange contracts and foreign cash recorded on a 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 (“RICS”) 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, 2011 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

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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. Capital and net specified losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of a Portfolio’s next taxable year. The tax composition of distributed and undistributed income and gains for the years ended December 31, 2011 and December 31, 2010, were as follows:


	Year Ended December 31, 2011								Year Ended December 31, 2010
	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	$	41,777,124	$	39,769,830	$	953,429	$	11,563,803	$	64,553,856	$	74,484,685	$	68,121	$	26,706,622
AXA Conservative-Plus Allocation		34,079,961		42,665,670		511,994		11,889,407		48,285,148		52,271,123		596,927		24,875,382
AXA Moderate Allocation		176,320,499		241,896,745		2,730,785		66,802,303		310,108,425		182,379,868		3,621,057		124,240,419
AXA Moderate-Plus Allocation		177,617,689		290,891,515		3,252,932		47,074,553		300,628,534		226,195,363		—		137,837,619
AXA Aggressive Allocation		48,493,939		81,777,719		445,896		11,825,356		71,535,304		62,222,237		—		37,585,061
Multimanager Aggressive Equity		1,521,044		—		191,662		—		10,919,558		—		—		—
Multimanager Core Bond		126,684,595		75,461,481		29,799,589		8,115,989		162,506,315		17,795,982		1,939,567		—
Multimanager International Equity		15,222,210		—		1,006,374		—		29,513,962		—		3,408,597		—
Multimanager Large Cap Core Equity		3,481,775		—		114,534		—		3,372,045		—		424,090		—
Multimanager Large Cap Value		14,049,669		—		339,342		—		13,736,418		—		965,747		—
Multimanager Mid Cap Growth		—		—		—		—		—		—		—		—
Multimanager Mid Cap Value		350,348		—		—		—		4,343,220		—		1,996,210		—
Multimanager Multi-Sector Bond		68,222,740		—		—		—		68,138,649		—		884,349		—
Multimanager Small Cap Growth		—		—		—		—		—		—		—		—
Multimanager Small Cap Value		942,394		—		—		—		1,749,528		—		484,853		—
Multimanager Technology		—		—		—		—		—		—		—		—
Target 2015 Allocation		1,527,860		1,051,517		—		642,253		1,409,569		372,017		10,617		481,881
Target 2025 Allocation		1,579,951		496,858		8,543		987,555		1,439,714		111,837		984		378,316
Target 2035 Allocation		919,820		304,654		9,333		791,478		827,253		71,067		—		243,067
Target 2045 Allocation		435,896		194,659		2,789		444,191		378,965		78,664		—		145,931

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Permanent book and tax basis differences relating to shareholder distributions resulted in reclassifications to undistributed (overdistributed) net investment income (loss), accumulated net realized gain (loss) and paid-in capital at December 31, 2011 as follows:


Portfolios:	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
AXA Conservative Allocation	$	4,556,271		$	(4,556,271	)	$	—
AXA Conservative-Plus Allocation		5,977,739			(5,977,739	)		—
AXA Moderate Allocation		34,754,954			(34,754,954	)		—
AXA Moderate-Plus Allocation		52,841,537			(52,841,537	)		—
AXA Aggressive Allocation		19,048,426			(19,048,426	)		—
Multimanager Aggressive Equity		(16,214	)		19,436,417			(19,420,203	)
Multimanager Core Bond		10,534,180			(10,412,992	)		(121,188	)
Multimanager International Equity		4,869,406			(4,869,406	)		—
Multimanager Large Cap Core Equity		(129,569	)		129,570			(1	)
Multimanager Large Cap Value		(264,976	)		264,976			—
Multimanager Mid Cap Growth		4,511,243			202,159			(4,713,402	)
Multimanager Mid Cap Value		587,998			224,898			(812,896	)
Multimanager Multi-Sector Bond		3,682,635			(3,145,260	)		(537,375	)
Multimanager Small Cap Growth		5,071,009			898,199			(5,969,208	)
Multimanager Small Cap Value		805,234			418,520			(1,223,754	)
Multimanager Technology		3,437,166			90,895			(3,528,061	)
Target 2015 Allocation		45,498			(45,498	)		—
Target 2025 Allocation		49,158			(49,158	)		—
Target 2035 Allocation		36,606			(36,605	)		(1	)
Target 2045 Allocation		24,870			(24,868	)		(2	)

Capital and net specified losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of a Portfolio’s next taxable year. For the period from November 1, 2011 to December 31, 2011, the Portfolios elected to defer until the first business day of 2012 for U.S. Federal income tax purposes capital and net specified losses as stated below:


Portfolios:	Specified Loss		Capital Loss
AXA Conservative Allocation	$	—	$	—
AXA Conservative-Plus Allocation		—		—
AXA Moderate Allocation		—		—
AXA Moderate-Plus Allocation		—		—
AXA Aggressive Allocation		—		—
Multimanager Aggressive Equity		399		14,110,267
Multimanager Core Bond		—		—
Multimanager International Equity		—		15,171,762
Multimanager Large Cap Core Equity		1,567		3,848,860
Multimanager Large Cap Value		—		1,776,730
Multimanager Mid Cap Growth		100,732		1,903,704
Multimanager Mid Cap Value		227,142		8,589,508
Multimanager Multi-Sector Bond		—		—
Multimanager Small Cap Growth		988		7,502,049
Multimanager Small Cap Value		51,020		5,372,026
Multimanager Technology		9,497		7,616,405
Target 2015 Allocation		—		42,638
Target 2025 Allocation		—		—
Target 2035 Allocation		—		—
Target 2045 Allocation		—		—

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On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act modernizes several of the federal income and excise tax provisions related to RICs. Under the Modernization Act, among other provisions, new capital losses may now be carried forward indefinitely, and retain the character of the original loss. Under pre-enactment law, capital losses could be carried forward for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. The Modernization Act also contains simplification provisions, which are aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests. Additionally, the Modernization Act exempts RICs from the preferential dividend rule, and repeals the 60-day designation requirement for certain types of paythrough income and gains.

Except for the simplification provisions related to RIC qualification, the Modernization Act is effective for taxable years beginning after December 22, 2010. The provisions related to RIC qualification are effective for taxable years for which the extended due date of the tax return is after December 22, 2010.

Losses incurred that will be carried forward under the provisions of the Modernization Act are as follows:


Portfolios:	Short Term		Long Term
AXA Conservative Allocation	$	—	$	—
AXA Conservative-Plus Allocation		—		—
AXA Moderate Allocation		—		—
AXA Moderate-Plus Allocation		—		—
AXA Aggressive Allocation		—		—
Multimanager Aggressive Equity		—		—
Multimanager Core Bond		—		—
Multimanager International Equity		13,136,301		14,695,800
Multimanager Large Cap Core Equity		—		—
Multimanager Large Cap Value		—		—
Multimanager Mid Cap Growth		—		—
Multimanager Mid Cap Value		—		—
Multimanager Multi-Sector Bond		—		—
Multimanager Small Cap Growth		—		—
Multimanager Small Cap Value		—		—
Multimanager Technology		—		—
Target 2015 Allocation		—		—
Target 2025 Allocation		—		—
Target 2035 Allocation		—		—
Target 2045 Allocation		—		—

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 in the Statements of Operations.

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

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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 December 31, 2011.

Short Sales Against the Box:

Certain Portfolios enter into a “short sale” of securities in circumstances where, 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 a 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, a Portfolio’s derivatives are not accounted for as hedging instruments because the Portfolios account for their derivatives at fair value and record any changes in fair value in current period earnings. All open derivative positions at year end are reflected on each respective Portfolio’s Portfolio of Investments. The volume of derivative activity, based on month-end notional amounts during the period is also noted in each respective Portfolio’s Portfolio of Investments.

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

The futures contracts 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 a Portfolio’s 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

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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, a 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, a Portfolio’s credit risk is limited to failure of the exchange or board of trade.

Each of the Multimanager Aggressive Equity 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 Small Cap Growth Portfolio, and Multimanager Small Cap Value Portfolio used futures contracts during the year ended December 31, 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 December 31, 2011, the following Portfolios had entered into exchange-traded long futures contracts as set forth in the following table. The aggregate market value of investments pledged to cover margin requirements for open positions was approximately $68,836,296. The aggregate cash pledged to cover margin requirements for open positions disclosed in the Statements of Assets and Liabilities was $33,118,000. 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
At December 31, 2011

Portfolios:	Market Value of Collateral
Multimanager Aggressive Equity	$	28,704,605
Multimanager Core Bond		3,849,603
Multimanager Large Cap Core Equity		13,511,550
Multimanager Large Cap Value		22,006,451
Multimanager Multi-Sector Bond		764,087

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 a risk in addition to the risk of decline in value of a 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

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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 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

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December 31, 2011

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 and thereafter certain Lehman affiliates domiciled in the U.S., United Kingdom and elsewhere, filed petitions under various insolvency regimes. 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.

The Multimanager Core Bond Portfolio and Multimanager Multi-Sector Bond Portfolio had select to be announced (“TBA”) transactions outstanding with Lehman Brothers 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.

Recent Accounting Standard:

In May 2011, the Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used in fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, the amounts and reasons for all transfers into and out of Level 1 and Level 2 will be required to be disclosed. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Portfolios’ financial statements and disclosures.

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December 31, 2011

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) search for and select the sub-advisers for each portfolio; (iii) monitor each sub-adviser’s investment programs and results; (iv) review brokerage matters; (v) oversee each Portfolio’s compliance with investment objectives and policies as well as the Trust’s compliance with various federal and state statutes; and (vi) carry out the directives of the Board of Trustees. The Management Agreement for the AXA Allocation Portfolios and the Target Allocation Portfolios obligates the Manager to: (i) provide investment management and advisory services; (ii) render investment advice concerning the underlying funds in which to invest and the appropriate allocations for each of the AXA Allocation Portfolios and the Target Allocation Portfolios; (iii) review brokerage matters; (iv) oversee each Portfolio’s compliance with investment objectives and policies as well as the Trust’s compliance with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. For the year ended December 31, 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	%

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December 31, 2011


	(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 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 pays 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 the AXA Allocation Portfolios and Target Allocation Portfolios (excluding the assets of the Multimanager Portfolios) up to and including $15 billion;

0.125% of total average net assets of the AXA Allocation Portfolios and Target Allocation Portfolios (excluding the assets of the Multimanager Portfolios) in excess of $15 billion and up to and including $20 billion;

0.100% of total average net assets of the AXA Allocation Portfolios and Target Allocation Portfolios (excluding the assets of the Multimanager Portfolios) 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.

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December 31, 2011

Note 5

Concentration of Credit Risk

At December 31, 2011, certain Portfolios maintained significant cash balances or significant foreign currency balances with JPMorgan Chase or its affiliates. The Portfolios are subject to credit risk arising should JPMorgan Chase or its affiliates be unable to fulfill their obligations.

Note 6

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, Class B and Class K 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 (“Class B Distribution Plan”). The Class B 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. Prior to May 1, 2011, AXA Advisers, LLC was also a distributor to the Trust.

Effective January 1, 2012, the Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to the Class A shares of the Trust (“Class A Distribution Plan”). The Class A 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 A shares for which it provides service.

Note 7

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, 2013 (“Expense Limitation Agreement”). The Manager first waives its management fees, then waives its administration fees, and then reimburses a 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 (Class B shares would be 0.25% higher due to the annual fee under the Trust’s Class B Distribution Plan and, effective January 1, 2012, Class A shares would also be 0.25% higher due to the annual fee under the Trust’s Class A Distribution Plan) for each Portfolio (except the AXA Allocation Portfolios) are limited to:


Portfolios:
Multimanager Core Bond		0.750%
Target 2015 Allocation		0.350%
Target 2025 Allocation		0.350%
Target 2035 Allocation		0.350%
Target 2045 Allocation		0.350%

The expenses as a percentage of daily average net assets (excluding the 0.25% annual fee under the Trust’s Class B Distribution Plan and, effective January 1, 2012, Class A shares would also be 0.25% higher due to the annual fee under the Trust’s Class A Distribution Plan) for each AXA

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December 31, 2011

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 year ended December 31, 2011, the Manager received $2,469,087 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. Effective July 1, 2011, FMG LLC 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 December 31, 2011, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:


Portfolios:	2012		2013		2014		Total Eligible For Reimbursement
AXA Conservative Allocation	$	3,242,167	$	3,168,426	$	2,638,624	$	9,049,217
AXA Conservative-Plus Allocation		1,888,421		1,536,305		1,116,262		4,540,988
AXA Moderate Allocation		6,142,480		3,485,656		1,102,714		10,730,850
Target 2015 Allocation		165,380		90,474		78,302		334,156
Target 2025 Allocation		167,830		86,342		65,796		319,968
Target 2035 Allocation		184,661		117,239		98,702		400,602
Target 2045 Allocation		163,312		121,004		124,080		408,396

During the year ended December 31, 2011, BlackRock reimbursed certain Portfolios $226,740 of Investment Management fees from the BlackRock TempFund, which is an underlying investment in these Portfolios. This reimbursement is not eligible for recoupment.


Portfolios:		Reimbursement Amount
Multimanager International Equity		$ 1,199
Multimanager Mid Cap Growth		46,037
Multimanager Mid Cap Value		56,716
Multimanager Small Cap Growth		60,877
Multimanager Small Cap Value		61,911

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 and Target 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 and Target 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		0.45% to 0.70%
AXA Conservative-Plus Allocation		0.50% to 0.75%
AXA Moderate Allocation		0.50% to 0.75%
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%

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December 31, 2011

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


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

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

	Class A	Class B	Class K
Target 2015 Allocation	N/A	1.10% to 1.35%	0.85% to 1.10%
Target 2025 Allocation	N/A	1.10% to 1.35%	0.85% to 1.10%
Target 2035 Allocation	0.80% to 1.05%	1.05% to 1.30%	0.80% to 1.05%
Target 2045 Allocation	0.80% to 1.05%	1.05% to 1.30%	0.80% to 1.05%

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

Class A

Class B

Class K

AXA Conservative Allocation

0.72% to 0.97%

0.97% to 1.22%

N/A

AXA Conservative-Plus Allocation

0.78% to 1.03%

1.03% to 1.28%

0.78% to 1.03%

AXA Moderate Allocation

0.76% to 1.01%

1.01% to 1.26%

0.77% to 1.02%

AXA Moderate-Plus Allocation

0.82% to 1.07%

1.07% to 1.32%

0.81% to 1.06%

AXA Aggressive Allocation

0.84% to 1.09%

1.09% to 1.34%

0.82% to 1.07%

Target 2015 Allocation

N/A

1.19% to 1.44%

0.98% to 1.23%

Target 2025 Allocation

N/A

1.16% to 1.41%

0.95% to 1.20%

Target 2035 Allocation

0.96% to 1.21%

1.21% to 1.46%

1.00% to 1.25%

Target 2045 Allocation

1.19% to 1.44%

1.44% to 1.69%

1.27% to 1.52%

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 8

Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued earnings thereon, will be disbursed to a participating Trustee in monthly installments over a five- to twenty-year period elected by such Trustee. At December 31, 2011, the total amount deferred by the Trustees participating in the Plan was $501,276.

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December 31, 2011

Note 9

Percentage of Ownership by Affiliates

At December 31, 2011, AXA Equitable held investments in each of the Portfolios as follows:


Portfolio:	Percentage of Ownership
AXA Conservative Allocation		0.02	%
AXA Conservative-Plus Allocation		—	#
AXA Moderate Allocation		0.02
AXA Moderate-Plus Allocation		—	#
AXA Aggressive Allocation		0.01
Multimanager Aggressive Equity		0.08
Multimanager Core Bond		—	#
Multimanager International Equity		0.01
Multimanager Large Cap Core Equity		0.02
Multimanager Large Cap Value		0.01
Multimanager Mid Cap Growth		0.02
Multimanager Mid Cap Value		0.03
Multimanager Multi-Sector Bond		0.02
Multimanager Small Cap Growth		0.06
Multimanager Small Cap Value		0.02
Multimanager Technology		0.04
Target Allocation 2015		0.02
Target Allocation 2025		0.01
Target Allocation 2035		1.67
Target Allocation 2045		3.13

#	Percentage of ownership is less than 0.005%.

Shares of some of the Portfolios are held by the All Asset Allocation Portfolio of 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 December 31, 2011.


	All Asset Allocation
Multimanager Core Bond		0.22	%
Multimanager International Equity		0.30
Multimanager Large Cap Core Equity		0.65
Multimanager Large Cap Value		0.32
Multimanager Mid Cap Growth		0.42
Multimanager Mid Cap Value		0.60
Multimanager Small Cap Growth		0.64
Multimanager Small Cap Value		0.13


	AXA Conservative Allocation			AXA Conservative- Plus Allocation			AXA Moderate Allocation			AXA Moderate- Plus Allocation			AXA Aggressive Allocation
EQ/International ETF		1.32	%		3.75	%		26.17	%		40.52	%		11.82	%
ATM International		1.91			4.09			32.32			46.40			15.28
ATM Large Cap		3.55			5.20			29.92			44.48			16.86
ATM Mid Cap		2.78			4.49			24.27			49.90			18.53
ATM Small Cap		0.72			3.67			28.39			49.14			18.07
EQ/AllianceBernstein Small Cap Growth		0.23			0.89			8.99			17.44			5.50

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December 31, 2011


	AXA Conservative Allocation			AXA Conservative- Plus Allocation			AXA Moderate Allocation			AXA Moderate- Plus Allocation			AXA Aggressive Allocation
EQ/AXA Franklin Small Cap Value Core		—	%		1.67	%		17.91	%		26.37	%		11.48	%
EQ/BlackRock Basic Value Equity		1.12			1.78			8.41			11.21			3.25
EQ/Boston Advisors Equity Income		2.44			3.96			20.52			25.71			5.94
EQ/Core Bond Index		10.00			5.87			23.82			19.85			1.98
EQ/Davis New York Venture		0.22			0.17			1.27			1.11			—
EQ/GAMCO Small Company Value		0.36			0.81			6.07			6.26			4.03
EQ/Global Bond PLUS		7.69			5.33			22.58			—			—
EQ/Global Multi-Sector Equity		0.47			1.27			8.50			10.39			3.12
EQ/Intermediate Government Bond Index		9.25			6.56			29.87			16.28			1.14
EQ/International Core PLUS		0.58			1.02			8.81			12.60			3.23
EQ/International Equity Index		0.23			0.43			3.45			7.26			3.08
EQ/International Value Plus		0.28			0.69			5.51			9.85			5.75
EQ/Large Cap Core PLUS		2.71			3.96			21.57			29.33			11.37
EQ/Large Cap Growth Index		1.43			2.14			11.29			20.83			9.69
EQ/Large Cap Growth PLUS		2.13			2.81			17.36			22.23			7.54
EQ/Large Cap Value PLUS		0.62			0.97			6.77			11.42			5.91
EQ/MFS International Growth		0.87			2.50			18.22			24.16			9.94
EQ/Mid Cap Index		—			0.28			0.85			0.85			0.42
EQ/PIMCO Ultra Short Bond		8.25			5.72			25.58			16.47			1.58
EQ/Small Company Index		—			0.46			2.68			2.09			0.66
Multimanager Core Bond		7.96			4.29			17.06			14.83			1.33
Multimanager International Equity		0.48			1.04			14.55			19.42			4.63
Multimanager Large Cap Core Equity		3.23			3.37			17.66			37.40			14.34
Multimanager Large Cap Value		1.91			2.67			15.79			26.40			13.01
Multimanager Mid Cap Growth		1.25			0.96			4.33			3.79			1.27
Multimanager Mid Cap Value		0.67			1.71			7.99			2.06			0.94
Multimanager Multi-Sector Bond		6.28			4.85			23.52			8.00			0.67
Multimanager Small Cap Growth		0.51			0.98			11.41			29.29			10.60
Multimanager Small Cap Value		—			0.54			4.29			16.61			0.80


	Target 2015 Allocation			Target 2025 Allocation			Target 2035 Allocation			Target 2045 Allocation
EQ/International ETF		3.70	%		5.20	%		3.82	%		2.17	%
EQ/Core Bond Index		0.15			0.10			0.04			0.01
EQ/Equity 500 Index		0.55			1.00			0.79			0.48
EQ/Global Bond PLUS		0.59			0.48			0.16			—
EQ/Global Multi-Sector Equity		0.50			0.70			0.49			0.28
EQ/PIMCO Ultra Short Bond		0.15			0.12			0.04			—
EQ/Small Company Index		0.28			0.65			0.55			0.32
Multimanager Aggressive Equity		0.25			0.29			0.13			0.05
Multimanager Large Cap Value		0.30			0.27			0.16			0.09
Multimanager Mid Cap Growth		0.34			0.22			0.13			0.06
Multimanager Mid Cap Value		0.44			0.55			0.26			0.16
Multimanager Multi-Sector Bond		0.56			0.44			0.17			0.02

Note 10

Substitution and Reorganization Transactions

On September 17, 2010, AXA Equitable 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

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2011

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 the 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 the Multimanager Aggressive Equity Portfolio. For financial reporting purposes, assets received and shares issued by the Multimanager Aggressive Equity Portfolio were recorded at fair value; however the cost basis of the investments from the Multimanager Large Cap Growth Portfolio was carried forward to align ongoing reporting of the Multimanager Aggressive Equity Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Multimanager Large Cap Growth Portfolio’s net assets at that date of $272,483,202, including $46,539,946 of unrealized appreciation, were combined with those of the Multimanager Aggressive Equity Portfolio. Assuming the substitution had been completed on January 1, 2010, the beginning of the annual reporting period of the 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 the 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 11

Subsequent Events

At a meeting held on February 14, 2012, the Board of Trustees approved investment objective changes for the Portfolios listed below. The investment objective changes take effect on May 1, 2012.


Portfolio Name		New Investment Objective
Multimanager Aggressive Equity Portfolio		Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility relative to traditional equity funds and equity market indexes.
Multimanager International Equity Portfolio		Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility relative to traditional equity funds and equity market indexes.
Multimanager Large Cap Core Equity Portfolio		Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility relative to traditional equity funds and equity market indexes.
Multimanager Large Cap Value Portfolio		Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility relative to traditional equity funds and equity market indexes.

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AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2011


Portfolio Name		New Investment Objective
Multimanager Mid Cap Growth Portfolio		Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility relative to traditional equity funds and equity market indexes.
Multimanager Mid Cap Value Portfolio		Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility relative to traditional equity funds and equity market indexes.
Multimanager Small Cap Growth Portfolio		Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility relative to traditional equity funds and equity market indexes.
Multimanager Small Cap Value Portfolio		Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and lower volatility relative to traditional equity funds and equity market indexes.

At a meeting held on February 14, 2012, the Board of Trustees approved the following additional benchmarks for the Portfolios listed below. The Board of Trustees approved the use of such benchmarks in the Annual Report to Shareholders for the period ended December 31, 2011 and in the Trust’s Prospectus to be dated May 1, 2012.


Portfolio		Additional Benchmark
Multimanager Large Cap Core Equity Portfolio		Volatility Managed Index–Large Cap Core

Multimanager Aggressive Equity		Volatility Managed Index–Large Cap Growth 3000

Multimanager Mid Cap Growth Portfolio		Volatility Managed Index–Mid Cap Growth 2500

Multimanager Mid Cap Value Portfolio		Volatility Managed Index–Mid Cap Value 2500

Multimanager Small Cap Growth Portfolio		Volatility Managed Index–Small Cap Growth 2000

Multimanager Small Cap Value Portfolio		Volatility Managed Index–Small Cap Value 2000

Multimanager International Equity Portfolio		Volatility Managed Index–International Volatility Managed Index–International Proxy 40% DJ EuroSTOXX 50 Index/25% FTSE 100 Index/25% TOPIX Index/10% S&P/ASX 200 Index

Note 12

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 eight funds: EQ/Common

372

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS (Concluded)

December 31, 2011

Stock Index Portfolio; EQ/Equity Growth PLUS Portfolio; EQ/Equity 500 Index Portfolio; EQ/Intermediate Government Bond Index; EQ/Large Cap Value PLUS Portfolio; EQ/Global Multi-Sector Equity Portfolio; EQ/Mid Cap Value PLUS Portfolio; and EQ/GAMCO Small Company Value Portfolio. The lawsuit sought recovery under Section 36(b) of the 1940 Act for alleged excessive fees paid to AXA Equitable and the Manager (the “Defendants”) for investment management services. The Plaintiff sought recovery of the alleged overpayments, or alternatively, rescission of the contracts and restitution of all fees paid, interest, costs, attorney fees, fees for expert witnesses, and reserves the right to seek punitive damages where applicable. In October 2011, the Defendants filed a motion to dismiss the complaint. In November 2011, the Plaintiff filed an amended complaint asserting a claim under Section 36(b) and new claims under (1) Section 26(f) of the 1940 Act alleging that the variable annuity contracts sold by the Defendants charged unreasonable management fees, and seeking restitution and rescission of those contracts under Section 47(b) of the 1940 Act; and (2) a claim for unjust enrichment. In the amended complaint, the Plaintiff seeks recovery of the alleged overpayments, rescission of the contracts, restitution of all fees paid, interest, costs, attorney fees, fees for expert witness, and reserves the right to seek punitive damages where applicable. The Defendants filed a motion to dismiss the amended complaint in December 2011.

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.

On June 2, 2011, certain holders of notes issued by Tribune Company filed a complaint in Massachusetts federal court against AXA Premier VIP Trust and several other defendants, seeking to recover payments made to Tribune shareholders in connection with the 2007 leveraged buyout of Tribune. The Multimanager Large Cap Value Portfolio and Multimanager Large Cap Core Equity Portfolio received Tribune payments in connection with the 2007 leveraged buyout in the amount of $3,359,200 and $1,768,000, respectively. The plaintiffs allege that the payments made to Tribune shareholders violated various state laws prohibiting fraudulent transfers. The outcome of the proceedings cannot be predicted at this time. The complaints allege no misconduct by the Multimanager Large Cap Value Portfolio, or Multimanager Large Cap Core Equity Portfolio or any member of the defendant class.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

AXA Premier VIP Trust

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the portfolios constituting the AXA Premier VIP Trust (as listed in note 1 to the financial statements and collectively referred to as the “Trust”) at December 31, 2011, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2011 by correspondence with the custodian, transfer agents, and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 17, 2012

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AXA PREMIER VIP TRUST

DISCLOSURE REGARDING ADVISORY CONTRACT APPROVALS

APPROVALS OF INVESTMENT MANAGEMENT AND INVESTMENT ADVISORY AGREEMENTS

DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2011 (UNAUDITED)

At a meeting held on July 27-28, 2011, the Board of Trustees (the “Board”) of AXA Premier VIP Trust (the “Trust”), including those Trustees who are not parties to any Agreement (as defined below) or “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended) of such parties or the Trust (the “Independent Trustees”), unanimously approved the renewal of the Investment Management Agreements with AXA Equitable Funds Management Group, LLC (“AXA FMG” or the “Manager”) (the “Management Agreements”) and the renewal of Investment Advisory Agreement(s) (each, an “Advisory Agreement” and together with the Management Agreements, the “Agreements”) with each investment sub-adviser (an “Adviser”) as shown in the table below with respect to the Portfolio(s) listed.


Portfolios		Agreement(s) Renewed by the Trust’s Board with respect to the Portfolio(s)
AXA Aggressive Allocation Portfolio AXA Conservative Allocation Portfolio AXA Conservative-Plus Allocation Portfolio AXA Moderate Allocation Portfolio AXA Moderate-Plus Allocation Portfolio (collectively, the “Allocation Portfolios”) Target 2015 Allocation Portfolio Target 2025 Allocation Portfolio Target 2035 Allocation Portfolio Target 2045 Allocation Portfolio (collectively, the “Target Allocation Portfolios”)		Management Agreement with AXA FMG

Multimanager Aggressive Equity Portfolio†		Management Agreement with AXA FMG Advisory Agreement with AllianceBernstein, L.P. (“AllianceBernstein”) Advisory Agreement with ClearBridge Advisors, LLC Advisory Agreement with Goodman & Co. NY Ltd. Advisory Agreement with Legg Mason Capital Management, Inc. Advisory Agreement with Marsico Capital Management, LLC (“Marsico”) Advisory Agreement with T. Rowe Price Associates, Inc. Advisory Agreement with Westfield Capital Management Company, L.P.

Multimanager Core Bond Portfolio†		Management Agreement with AXA FMG Advisory Agreement with BlackRock Financial Management, Inc. Advisory Agreement with Pacific Investment Management Company LLC (“PIMCO”) Advisory Agreement with SSgA Funds Management, Inc. (“SSgA”)

Multimanager International Equity Portfolio†		Management Agreement with AXA FMG Advisory Agreement with AllianceBernstein Advisory Agreement with BlackRock Investment Management LLC Advisory Agreement with JPMorgan Investment Management Inc. Advisory Agreement with Marsico

Multimanager Large Cap Core Equity Portfolio†		Management Agreement with AXA FMG Advisory Agreement with AllianceBernstein

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Portfolios		Agreement(s) Renewed by the Trust’s Board with respect to the Portfolio(s)
		Advisory Agreement with Janus Capital Management LLC Advisory Agreement with Thornburg Investment Management, Inc.

Multimanager Large Cap Value Portfolio†		Management Agreement with AXA FMG Advisory Agreement with AllianceBernstein Advisory Agreement with Institutional Capital LLC Advisory Agreement with Massachusetts Financial Services Company (dba MFS Investment Management)

Multimanager Mid Cap Growth Portfolio†		Management Agreement with AXA FMG Advisory Agreement with AllianceBernstein Advisory Agreement with BlackRock Investment Management LLC Advisory Agreement with Franklin Advisers, Inc. Advisory Agreement with Wellington Management Company, LLP (“Wellington”)

Multimanager Mid Cap Value Portfolio†		Management Agreement with AXA FMG Advisory Agreement with BlackRock Investment Management LLC Advisory Agreement with Tradewinds Global Investors, LLC

Multimanager Multi-Sector Bond Portfolio†		Management Agreement with AXA FMG Advisory Agreement with PIMCO Advisory Agreement with Post Advisory Group, LLC Advisory Agreement with SSgA

Multimanager Small Cap Growth Portfolio†		Management Agreement with AXA FMG Advisory Agreement with BlackRock Investment Management LLC

Multimanager Small Cap Value Portfolio†		Management Agreement with AXA FMG Advisory Agreement with BlackRock Investment Management LLC Advisory Agreement with Franklin Advisory Services LLC Advisory Agreement with Pacific Global Investment Management Company

Multimanager Technology Portfolio†		Management Agreement with AXA FMG Advisory Agreement with RCM Capital Management LLC Advisory Agreement with SSgA Advisory Agreement with Wellington

†	Collectively, the “Multimanager Portfolios.”

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

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

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

The Independent Trustees met several times in advance of the meeting at which the Agreements were renewed, and several times in executive sessions during the meeting, to review the information provided. Management representatives attended portions of the executive sessions to review and discuss matters relating to the Agreements and to provide additional information requested by the Independent Trustees. At the meeting and during the portions of the executive sessions attended by management, the Independent Trustees and management engaged in extensive discussions regarding the Agreements. The Independent Trustees were assisted by independent counsel during the meeting and during their deliberations regarding the Agreements, and also received materials discussing the legal standards applicable to their consideration of the Agreements. The Independent Trustees additionally reviewed information and met during the year to discuss information relevant to the contract renewal considerations.

While the Agreements for all of the Portfolios were considered at the same Board meeting, the Board dealt with each Portfolio separately. In approving the renewal of the relevant Agreements with respect to each Portfolio, the Board, including the Independent Trustees, determined that the management fee and (where applicable) advisory fee was fair and reasonable and that renewal of each Agreement was in the best interests of each Portfolio and its shareholders. While attention was given to all information furnished, the following discusses some of the primary factors relevant to the Board’s decision.

Nature, Quality and Extent of Services. The Board evaluated the nature, quality and extent of the overall services provided by the Manager and the Advisers and, where applicable, their respective affiliates to the Portfolios. In addition to the investment performance and expense information discussed later, the Board considered the responsibilities of the Manager and each Adviser to each Portfolio and the Manager’s and each Adviser’s experience in serving as an investment adviser for the Portfolio(s) and for portfolios similar to the Portfolio(s) it advises. With respect to the Manager, the Board considered that the Manager is responsible for the search, selection and monitoring of the Advisers for the Multimanager Portfolios, oversight of the selection of investments by Advisers for the Multimanager Portfolios, the selection of investments for certain Portfolios or portions thereof (including the Allocation Portfolios and Target Allocation Portfolios), oversight of compliance with the Portfolios’ investment objectives and policies, as well as oversight of the Portfolios’ compliance with applicable law, review of brokerage matters and implementation of Board directives as they relate to the Portfolios. The Board also considered information regarding the Manager’s process for selecting and monitoring Advisers and its process for making investment decisions for the Portfolios or portions thereof that it manages directly, as well as the backgrounds of the personnel who perform those functions with respect to the Portfolios.

With respect to the Advisers, the Board considered that each Adviser is responsible for making investment decisions for its allocated portion(s) of the Portfolio(s) it advises, subject to the oversight of the Manager, placing all

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orders for the purchase and sale of investments for each of the allocated portions it advises with brokers or dealers and performing certain related functions. The Board also reviewed information regarding each Adviser’s investment process, the background of each portfolio manager of each Adviser who provides services to the Multimanager Portfolios and the general method of compensation for the portfolio managers.

The Board’s opinion regarding the nature, quality and extent of services also was based, in part, upon periodic reports furnished to the Board regarding the services provided by the Manager and the Advisers, including reports showing, among other things, that the Manager and the Advisers had consistently complied with the investment policies and restrictions for each Portfolio. The Board also noted the extent of the benefits provided by the Manager’s family of funds, including the wide range of Portfolios, Advisers and investment styles offered through the fund family. In addition, the Board considered, among other factors, the Manager’s and each Adviser’s best execution trading policies, including a report by an independent portfolio trading analytical firm. The Board also took into account the quality of the administrative, investor servicing and distribution services provided to the Portfolios by the Manager and its affiliates. The Board also considered the overall performance of, and actions taken by, the Manager and the Advisers in response to recent market events, including actions taken in response to increased market volatility. Based on its review, the Board determined that the nature, quality and extent of the services provided by the Manager and each Adviser were appropriate for the Portfolios in light of their investment objectives and, thus, supported a decision to approve the Agreements.

Performance. As discussed further below, the Board also received and reviewed information regarding the short-, intermediate- and long-term performance of each Portfolio over multiple periods, which generally included annual total returns, average annual total returns and rolling period total returns, on both an absolute basis and relative to an appropriate benchmark and/or peer group(s) provided by Lipper (with the first quartile being the best performers of the peer group and the fourth quartile being the worst performers of the peer group). In general, the Board considered long-term performance to be more important in its evaluation than short-term performance. For Portfolios that had undergone a change of Advisers or investment policies, the Board also considered important the performance of the Portfolio since the date of any such change. In addition, the Board considered the performance of the allocated portions of each Multimanager Portfolio and whether the performance of the portions allocated to each of the Advisers met the Board’s expectations as to the compatibility of the Advisers’ different investment strategies and styles and the contributions of each to the overall Portfolio strategy and performance. The Board took into consideration that the Lipper quartile information reflected the investment performance of each Portfolio’s Class B shares, which have higher expense ratios, and therefore lower performance, than the Class A shares. With respect to the benchmark performance comparisons for the Allocation and Target Allocation Portfolios, the Board considered Portfolio performance relative to the Barclays Capital U.S. Aggregate Bond Index (the “Aggregate Bond Index”) for those Portfolios with the majority of their assets allocated to fixed income securities and the S&P 500 Index for those Portfolios with the majority of their assets allocated to equity securities.

Allocation Portfolios

With respect to the performance of each Allocation Portfolio, the Board considered the following, among other information: (i) the AXA Aggressive Allocation and AXA Moderate-Plus Allocation Portfolios each outperformed the S&P 500 Index over the long-term for the since inception period ended May 31, 2011 and ranked above the median for its Lipper peer group for the one-year period ended on that date, but underperformed the benchmark for the one-, three- and five-year periods ended May 31, 2011 and ranked below the median for its Lipper peer group for the three- and five-year periods ended on that date; (ii) the AXA Conservative Allocation and AXA Conservative-Plus Allocation Portfolios each outperformed the Aggregate Bond Index for the one-year period ended May 31, 2011 and the AXA Conservative-Plus Allocation Portfolio ranked above the median for its Lipper peer group for the one-year period ended on that date, but each underperformed the benchmark for the three-year, five-year and since inception periods ended May 31, 2011 and ranked below the median for its Lipper peer group for the three- and five-year periods ended on that date, with the AXA Conservative Allocation Portfolio also ranking below the median for its Lipper peer group for the one-year period ended May 31, 2011; and (iii) the AXA Moderate Allocation Portfolio outperformed the S&P 500 Index for the three- and ten-year periods ended May 31, 2011 and ranked above the median relative to its Lipper peer group for the one-year period ended on that date, but underperformed the benchmark for the one- and five-year periods ended May 31, 2011 and ranked below the median relative to its Lipper peer group for the three-, five- and ten-year periods ended on that date.

The Board factored into its evaluation of each Portfolio’s performance the limitations inherent in comparing the performance of asset allocation funds, such as the Portfolios, which may invest in equity and debt securities, to

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the performance of a benchmark that consists entirely of equity or debt securities and to the performance of a peer group that includes funds that may allocate their assets between equity and debt securities in different percentages over time than the Portfolios and among other asset classes. The Board and the Manager discussed the performance of each Portfolio in detail and the reasons for the Portfolio’s underperformance for certain periods relative to its peer group and/or benchmark as well as actions being taken to enhance each Portfolio’s performance. Based on the foregoing, the Board determined that each Portfolio and its shareholders would benefit from the Manager’s continued management of the Portfolio.

Target Allocation Portfolios

With respect to the performance of each Target Allocation Portfolio, the Board considered that each Portfolio underperformed its benchmark for the one-year, three-year and since inception periods ended May 31, 2011 (except for the Target 2045 Allocation Portfolio, which outperformed its benchmark for the one-year period ended on that date), and that each Portfolio’s performance ranked above the median relative to its Lipper peer group for the one-year period ended May 31, 2011 and below the median relative to its Lipper peer group for the three-year period ended May 31, 2011. The Board, however, factored into its evaluation of each Portfolio’s performance the limitations inherent in comparing the performance of time-weighted asset allocation funds, such as the Portfolios, which may invest in equity and debt securities, to the performance of a benchmark that consists entirely of equity or debt securities and to the performance of peer groups that include funds that may allocate their assets between equity and debt securities in different percentages over time and among other asset classes. The Board and the Manager discussed the performance of each Portfolio in detail and the reasons for a Portfolio’s underperformance for certain periods relative to its peer group and/or benchmark as well as actions being taken to enhance the Portfolio’s performance. Based on the foregoing, the Board determined that each Portfolio and its shareholders would benefit from the Manager’s continued management of the Portfolio.

Multimanager Portfolios

The Board and the Manager discussed the performance of each Multimanager Portfolio and each allocated portion thereof in detail and, where applicable, the reasons for a Portfolio’s or allocated portion’s underperformance for certain periods relative to its peer group and/or benchmark and efforts to improve that Portfolio’s or allocated portion’s performance. Where applicable, the Board also considered steps that the Manager and Advisers had taken to address a Portfolio’s or allocated portion’s performance, including any changes or additions to the Advisers or portfolio managers advising a Portfolio and any changes to the investment strategies of a Portfolio, and the performance results of the Portfolio or allocated portion since the date of such changes. The Board also considered the following information, among other factors:

Multimanager Aggressive Equity Portfolio: The Portfolio outperformed its benchmark for the one-year period ended May 31, 2011 and ranked above the median relative to its Lipper peer group for the one-year period ended on that date, but underperformed the benchmark for the three-, five- and ten-year periods ended May 31, 2011 and ranked below the median relative to its Lipper peer group for the three-, five- and ten-year periods ended on that date.

Multimanager Core Bond Portfolio: The Portfolio outperformed its benchmark for the three-year period ended May 31, 2011 and ranked above the median relative to its Lipper peer group for the three- and five-year periods ended on that date, but underperformed the benchmark for the one-year, five-year and since inception periods ended May 31, 2011 and ranked below the median relative to its Lipper peer group for the one-year period ended on that date.

Multimanager International Equity Portfolio: The Portfolio ranked above the median relative to its Lipper peer group for the one-year period ended May 31, 2011, but underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2011 and ranked below the median relative to its Lipper peer group for the three- and five-year periods ended May 31, 2011. The Board also considered that the Manager had recommended at the meeting, and the Board had approved, the replacement of an underperforming Adviser for a portion of the Portfolio’s assets and the appointment of a new Adviser to advise that portion of the Portfolio to improve the Portfolio’s overall performance.

Multimanager Large Cap Core Equity Portfolio: The Portfolio ranked above the median relative to its Lipper peer group for the one- and five-year periods ended May 31, 2011, but underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2011 and ranked below the median for its Lipper peer group for the three-year period ended on that date.

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Multimanager Large Cap Value Portfolio: The Portfolio outperformed its benchmark for the five-year period ended May 31, 2011 and ranked above the median relative to its Lipper peer group for the one- and five-year periods ended on that date, but underperformed its benchmark for the one-year, three-year and since inception periods ended May 31, 2011 and ranked below the median relative to its Lipper peer group for the three-year period ended on that date.

Multimanager Mid Cap Growth Portfolio: The Portfolio’s performance ranked above the median relative to its Lipper peer group for the one-year period ended May 31, 2011, but ranked below the median relative to its Lipper peer group for the three- and five-year periods ended May 31, 2011 and underperformed its benchmark for the one-year, three-year, five-year and since inception periods ended on that date.

Multimanager Mid Cap Value Portfolio: The Portfolio outperformed its benchmark for the one-, three- and five-year periods ended May 31, 2011 and ranked above the median relative to its Lipper peer group for the one-, three- and five-year periods ended on that date, but underperformed its benchmark for the since inception period ended May 31, 2011. The Board also considered that the Manager had recommended, and the Board had approved, the recent appointment of two new Advisers to replace underperforming Advisers in an effort to improve the Portfolio’s overall performance and that the Portfolio’s performance had improved since those changes were implemented.

Multimanager Multi-Sector Bond Portfolio: The Portfolio underperformed its benchmark for the three-, five- and ten-year periods ended May 31, 2011 and ranked below the median relative to its Lipper peer group for the one-, three-, five- and ten-year periods ended on that date, but had improved performance for more recent periods and had outperformed its benchmark for the one-year period ended May 31, 2011.

Multimanager Small Cap Growth Portfolio: The Portfolio underperformed its benchmark for the one-, three-, five- and ten-year periods ended May 31, 2011 and ranked below the median relative to its Lipper peer group for the three-, five- and ten-year periods ended on that date, but had improved its performance relative to its Lipper peer group, ranking above the median for the one-year period ended May 31, 2011. The Board also considered that the Manager had recommended, and the Board had approved, the recent appointment of three new Advisers to replace underperforming Advisers in an effort to improve the Portfolio’s overall performance and that the Portfolio’s performance had improved since those changes were implemented.

Multimanager Small Cap Value Portfolio: The Portfolio underperformed its benchmark for the three-, five- and ten-year periods ended May 31, 2011 and ranked below the median relative to its Lipper peer group for the three-, five- and ten-year periods ended on that date, but had improved performance for more recent periods and had outperformed its benchmark for the one-year period ended May 31, 2011 and ranked above the median relative to its Lipper peer group for the one-year period ended on that date. The Board also considered that the Manager had recommended, and the Board had approved, the recent appointment of a new Adviser to replace an underperforming Adviser in an effort to improve the Portfolio’s overall performance and that the Portfolio’s performance had improved since that change was implemented.

Multimanager Technology Portfolio: The Portfolio outperformed its benchmark for the one-year and since inception periods ended May 31, 2011 and ranked above the median relative to its Lipper peer group for the one-year period ended on that date, but had underperformed its benchmark for the three- and five-year periods ended May 31, 2011 and ranked below the median relative to its Lipper peer group for the three- and five-year periods ended on that date.

Based on its review and the explanations and undertakings provided by the Manager and the Advisers regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its shareholders would benefit from the Manager’s and the relevant Adviser’s continued management of the Portfolio.

Comparative Expenses. The Board considered each Portfolio’s investment management fee and, where applicable, investment advisory fees, in light of the nature, quality and extent of the services provided by the Manager and Adviser(s). The Board also reviewed a comparative analysis of the contractual and net management fees and expense ratios of each Portfolio compared with those of peer funds selected by Lipper as constituting the Portfolio’s appropriate Lipper expense group. Lipper provides information on each Portfolio’s contractual investment management fee in comparison with the contractual investment management fee that would have been charged by other funds within its Lipper expense group assuming they were similar in size to the Portfolio, as well as the actual management fee and expense ratios of the Portfolio in comparison with those of other funds in its

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expense group. The Lipper investment management fee analysis includes within such fee any separate administrative fees. The Lipper expense data was based upon historical information taken from each Portfolio’s annual report for the period ended December 31, 2010, and the Lipper expense ratios are shown for Class A and Class B shares of the relevant Portfolio. While recognizing the limitations inherent in Lipper’s methodology and that current expense ratios may increase if assets decline, the Board believed that the independent analysis conducted by Lipper remained a useful measure of comparative expenses. The Board also considered that all fees and expenses of each Portfolio are explicitly disclosed in Portfolio offering documents.

Allocation Portfolios. The Board considered that the contractual management fee for each Allocation Portfolio was above the median for its Lipper peer group. The Board noted, however, that the Manager had agreed to make payments or waive all or a portion of its management, administration and other fees so that each Portfolio’s expense ratios did not exceed certain levels as set forth in the prospectus. The Board further noted that, as a result of these waivers and reimbursements, the net management fee of each Portfolio (except the AXA Aggressive Allocation Portfolio) was lower than the contractual fee and that the net management fee of the AXA Conservative Allocation Portfolio was at the median for its Lipper peer group. The Board also considered that, although the actual expense ratios (excluding fees and expenses of other investment companies in which a Portfolio invests) for each Portfolio’s Class B shares were above the median for the Portfolio’s peer group, the actual expense ratios (excluding fees and expenses of other investment companies in which a Portfolio invests) for each Portfolio’s Class A shares were at or below the median for the Portfolio’s peer group. The Board further considered that, in connection with the Board’s consideration of the annual renewal of the management and administration agreements for the Allocation Portfolios at the Board meeting held on July 7-8, 2010, the Manager had agreed to add breakpoints to each Allocation Portfolio’s contractual management fee schedule and administration fee schedule and to reduce the amount of the flat fee portion of the administration fee for each Allocation Portfolio, effective August 1, 2010, and that the Allocation Portfolios were continuing to realize savings from those fee reductions. In addition, the Board considered the nature, quality and extent of the services provided by the Manager to the Allocation Portfolios, including the resources devoted to Portfolio compliance. Based on its review, the Board determined that the Manager’s management fee for each Allocation Portfolio is fair and reasonable.

Target Allocation Portfolios. The Board considered that each Portfolio’s contractual management fee was above the median for its Lipper peer group. The Board noted, however, that the Manager had agreed to make payments or waive all or a portion of its management, administration and other fees so that each Portfolio’s expense ratios did not exceed certain levels as set forth in the prospectus, and that as a result of these waivers and reimbursements the net management fee of each Target Allocation Portfolio was lower than the contractual management fee and, with respect to the Target Allocation 2035 Portfolio and Target Allocation 2045 Portfolio, below the median for its Lipper peer group. The Board also considered that the actual expense ratios (excluding fees and expenses of other investment companies in which each Portfolio invests) for each Portfolio’s Class A and Class B shares were above the median for the Portfolio’s peer group. The Board further considered that, in connection with the Board’s consideration of the annual renewal of the administration agreements for the Target Allocation Portfolios at the Board meeting held on July 7-8, 2010, the Manager had agreed to add breakpoints to each Target Allocation Portfolio’s contractual administration fee schedule and to reduce the amount of the flat fee portion of the administration fee for each Target Allocation Portfolio, effective August 1, 2010, and that the Target Allocation Portfolios were continuing to realize savings from those fee reductions. In addition, the Board considered the nature, quality and extent of the services provided by the Manager to the Target Allocation Portfolios, including the resources devoted to Portfolio compliance. Based on its review, the Board determined that the Manager’s management fee for each Target Allocation Portfolio is fair and reasonable.

Multimanager Portfolios. The Board considered that the contractual management fee and actual expense ratios for each Multimanager Portfolio generally were higher than the median contractual management fee and actual expense ratio for the particular Portfolio’s Lipper peer group (except for the contractual management fee for the Aggressive Equity Portfolio and the actual expense ratios of the Class A shares of the Aggressive Equity, Core Bond, International Equity, Multi-Sector Bond, Mid Cap Growth, Small Cap Growth, Small Cap Value, and Technology Portfolios, which were the same as or below the median for their respective Lipper peer groups). The Board determined, however, that the higher contractual management fees and expense ratios were consistent with the higher costs and greater complexity associated with multi-manager funds and generally with the higher contractual median management fees and expense ratios of other multi-manager funds. The Board considered the nature, quality and extent of the services provided by the Manager to the Multimanager Portfolios, including the resources devoted to Portfolio compliance. The Board also considered that, in connection with the Board’s

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consideration of the annual renewal of the administration agreements at the Board meeting held on July 7-8, 2010, the Manager had agreed, effective August 1, 2010, to reduce the contractual administration fee for the Multimanager Portfolios by eliminating the flat fee portion of the administration fee that is payable by each allocated portion of a Multimanager Portfolio and by eliminating entirely the flat fee portion of the administration fee for each Multimanager Portfolio with total assets in excess of $5 billion (determined annually) and that the Multimanager Portfolios were continuing to realize savings from that fee reduction. The Board also noted that each Multimanager Portfolio’s management fee includes breakpoints, which reduce the management fee as the assets of the Portfolio increase, and that, with respect to the Core Bond Portfolio, the Manager had agreed to make payments or waive all or a portion of its management, administration and other fees so that the Portfolio’s expense ratios did not exceed certain levels as set forth in the Portfolio’s prospectus. In connection with its deliberations regarding the renewal or approval of the Advisory Agreements for the Multimanager Portfolios, the Board also examined the advisory fees paid with respect to each Portfolio in light of the fees paid by similar portfolios and accounts advised by each Adviser. Based on its review, the Board determined that the Manager’s management fee and each Adviser’s sub-advisory fee for each Multimanager Portfolio is fair and reasonable.

Profitability and Costs. The Board also considered the level of profits realized by the Manager and its affiliates in connection with the operation of each Portfolio. In this respect, the Board reviewed Portfolio profitability information setting forth the overall profitability of the Trust to the Manager and its affiliates, as well as the Manager’s and its affiliates’ profits in providing management and other services to each of the individual Portfolios during the 12-month period ended December 31, 2010, which was the most recent fiscal year for the Manager.

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

The Board also considered the extent to which the Manager and its affiliates might derive ancillary benefits from Portfolio operations, including the following. The Board noted that the Manager also serves as the administrator for the Portfolios, receiving compensation for acting in this capacity. In addition, the Board recognized that AllianceBernstein, an affiliate of the Manager, serves as an Adviser to certain Portfolios and receives advisory fees that are paid by the Manager out of the fees that it earns from those Portfolios. The Board also recognized that AXA Distributors, LLC, which is affiliated with the Manager, serves as the underwriter for the Trust and receives payments pursuant to Rule 12b-1 plans from the Portfolios with respect to their Class B shares to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. Further, the Board considered that Sanford C. Bernstein & Co., LLC, a registered broker-dealer, is an affiliate of the Manager and from time to time may receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities, provided, however, that those transactions, among other things, must be consistent with seeking best execution. The Board also recognized that the Allocation Portfolios and Target Allocation Portfolios invest in other portfolios managed by the Manager and that may be advised by an Adviser that is affiliated with the Manager and that these underlying portfolios pay management and administration fees to the Manager, who may in certain cases pay advisory fees to an affiliated Adviser, and pay distribution fees to the Manager’s distribution affiliates. The Board also noted that the Manager’s affiliated insurance companies, as the depositors of the Portfolios’ shareholders (insurance company separate accounts investing in the Portfolios), receive certain significant tax

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benefits associated with such investments as well as other potential benefits. The Board also considered that the Portfolios are offered as investment options through variable insurance contracts offered and sold by the Manager’s affiliated insurance companies and that the performance of each Portfolio may impact, positively or negatively, each insurance company’s ability to hedge the risks associated with guarantees that each insurance company may provide as the issuer of such contracts. The Board also considered that certain Portfolios are subject to certain investment controls that are designed to reduce volatility for investors and that may benefit both investors and the Manager and its affiliates. Based on its consideration of the factors above, the Board determined that the level of profits realized by the Manager from providing services to each Portfolio was not excessive in view of the nature, quality and extent of services provided.

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

Economies of Scale. The Board also considered whether economies of scale are realized by the Manager as the Portfolios grow larger and the extent to which any such scale economies are shared. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board considered that economies of scale are shared with the Multimanager Portfolios and their shareholders through (i) management and administration fee breakpoints so that as the Portfolios grow in size, their effective fee rates decline or (ii) reinvestments made by the Manager that improve the nature and quality of services provided to the Portfolios. In addition, the Board considered that, in connection with the Board’s consideration of the annual renewal of the management and administration agreements for the Portfolios during the July 2010 Board meeting, the Manager had agreed to implement, effective August 1, 2010, management and administration fee reductions for the Portfolios, as described above. The Board also believed that the asset sizes of the Target Allocation Portfolios, which are among the Trust’s smallest Portfolios, generally did not afford economies of scale. The Board also noted that the Manager was subsidizing the expenses of each Target Allocation Portfolio and that, as a result of the waivers and reimbursements, each Target Allocation Portfolio’s actual management fee was below its contractual fee and in certain cases below the median for its Lipper peer group. Thus, the Board concluded that the Portfolios were realizing economies of scale under the management fee schedules.

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PROXY VOTE RESULTS (UNAUDITED)

A special meeting of the shareholders of AXA Premier VIP Trust (“Trust”) was held on November 28, 2011 to vote on the following proposal:

•

Approve a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 for the Class A Shares of each Portfolio of the Trust.

The voting results of this proposal are as follows:


Fund Name	Shares Represented at the Meeting		Votes in Favor of the Proposal		Votes Against the Proposal		Votes Abstained
Multimanager Aggressive Equity		33,856,852.042		24,683,379.091		7,488,381.484		1,685,121.467
Multimanager Core Bond		3,312,174.463		3,185,921.287		73,525.062		52,728.114
Multimanager International Equity		1,281,712.544		1,145,522.718		119,277.699		16,912.127
Multimanager Large Cap Core Equity		1,474,192.390		1,233,258.598		220,943.614		19,990.178
Multimanager Large Cap Value		3,279,156.137		2,401,368.272		866,017.704		11,770.161
Multimanager Mid Cap Growth		1,461,593.200		1,395,017.190		60,136.236		6,439.774
Multimanager Mid Cap Value		1,510,214.610		1,356,040.899		122,164.657		32,009.054
Multimanager Multi-Sector Bond		59,372,032.233		43,715,982.556		12,419,499.662		3,236,550.015
Multimanager Small Cap Growth		8,828.536		8,828.536		0.000		0.000
Multimanager Small Cap Value		1,199,846.165		1,026,639.685		121,725.517		51,480.963
Multimanager Technology		953,858.180		482,137.825		407,971.614		63,748.741
AXA Conservative Allocation		3,184,561.808		2,068,517.933		1,073,779.147		42,264.728
AXA Conservative-Plus Allocation		6,303,849.157		4,330,286.378		1,826,280.909		147,281.870
AXA Moderate Allocation		205,979,218.597		155,706,651.310		38,528,038.115		11,744,529.172
AXA Moderate-Plus Allocation		31,556,863.638		21,539,606.096		8,603,974.648		1,413,282.894
AXA Aggressive Allocation		11,631,867.090		7,780,544.659		3,279,495.298		571,827.133
Target 2015 Allocation		4,739,273.311		3,648,138.552		974,511.711		170,623.048
Target 2025 Allocation		5,297,400.513		3,924,909.968		1,234,158.244		138,332.301
Target 2035 Allocation		2,063,626.562		1,481,593.125		456,646.219		125,387.218
Target 2045 Allocation		723,268.373		513,348.273		143,049.762		66,870.338

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Federal Income Tax Information (Unaudited)

For the year ended December 31, 2011, the percentage of dividends paid that qualify for the 70% dividends received deductions for corporate shareholders, foreign taxes which are expected to be passed through to shareholders for foreign tax credits, gross income derived from sources within foreign countries, and long-term capital gain dividends for the purpose of the dividend paid deduction on its Federal income tax return were as follows:


	70% Dividend Received Deduction			Foreign Taxes		Foreign Source Income		Long Term Capital Gain
AXA Conservative Allocation		8.72	%	$	142,705	$	1,750,556	$	39,769,830
AXA Conservative-Plus Allocation		15.70			321,142		2,307,437		42,665,670
AXA Moderate Allocation		17.17			2,604,151		31,875,926		241,896,745
AXA Moderate-Plus Allocation		26.39			3,786,797		46,111,662		290,891,514
AXA Aggressive Allocation		40.99			1,342,155		16,180,089		81,777,719
Multimanager Aggressive Equity		100.00			—		—		—
Multimanager Core Bond		0.24			—		—		75,461,481
Multimanager International Equity		0.74			1,881,058		22,301,112		—
Multimanager Large Cap Core Equity		100.00			—		—		—
Multimanager Large Cap Value		95.67			—		—		—
Multimanager Mid Cap Growth		—			—		—		—
Multimanager Mid Cap Value		—			—		—		—
Multimanager Multi-Sector Bond		—			—		—		—
Multimanager Small Cap Growth		—			—		—		—
Multimanager Small Cap Value		100.00			—		—		—
Multimanager Technology		—			—		—		—
Target Allocation 2015		26.35			13,794		188,750		1,051,517
Target Allocation 2025		41.02			18,758		256,661		496,858
Target Allocation 2035		53.10			13,308		182,091		304,654
Target Allocation 2045		66.56			7,074		96,632		194,659

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MANAGEMENT OF THE TRUST (UNAUDITED)

The Trust’s Board is responsible for the overall management of the Trust and the Portfolios, including general supervision and review of the Portfolios’ investment activities and their conformity with federal and state law as well as 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 of the Trust are identified in the table below along with information as to their principal business occupations held during the last five years and certain other information.

The Trustees


Name, Address and Age	Position(s) Held With Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas New York, New York 10104 (53)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group (“FMG”); since July 2004, 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).	83	None

*	Affiliated with the portfolios’ investment manager and the co-distributors.

**	Each Trustee serves until his or her resignation or retirement.

***	The registered investment companies in the fund complex include EQ Advisors Trust and the Trust.

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Name, Address and Age	Position(s) Held With Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Independent Trustees
Gerald C. Crotty c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (60)	Trustee	From November 2001 to present	Since 2001, President of Weichert Enterprise LLC, a private equity market 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 Jones Apparel Group, Inc.
Barry Hamerling c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (66)	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 of Ayco Charitable Foundation.
Cynthia R. Plouché c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (55)	Lead Independent Trustee	Since March 2010; Trustee from November 2001 to March 2010	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 L. Solomon c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (64)	Trustee	From November 2001 to present	Since 1998, 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 portfolios’ investment manager and the co-distributors.

**	Each Trustee serves until his or her resignation or retirement.

***	The registered investment companies in the fund complex include EQ Advisors Trust and the Trust.

Qualifications and Experience

In addition to the information set forth in the table above, the following sets forth additional information about the qualifications and experience of each of the Trustees.

Steven M. Joenk — Mr. Joenk has a background in the financial services industry; senior management experience with multiple insurance companies, investment management firms and investment companies; multiple years of service as officer, Trustee and Chairman of the Trust and other registered investment companies.

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Gerald C. Crotty — Mr. Crotty has a background in the financial services industry; business management experience, including chief executive and chief operating officer experience, with multiple years of service as a Trustee of the Trust and as a director of publicly-traded operating companies; multiple years of executive experience with a publicly-traded operating company and private equity investment firm; and legal and governmental experience.

Barry Hamerling — Mr. Hamerling has a background in the financial services industry; business management experience, including chief executive officer experience, with multiple years of service as a Trustee of the Trust and another registered investment company; and prior executive experience with a financial consulting firm.

Cynthia R. Plouché — Ms. Plouché has a background in the financial services industry; business management experience with multiple years of service as a Trustee of the Trust; and multiple years of executive experience as a chief investment officer and portfolio manager with investment management firms.

Rayman L. Solomon — Mr. Solomon has a legal and higher education background, including executive management experience as Dean of the Rutgers School of Law — Camden and Associate Dean of Northwestern University School of Law; and multiple years of service as a Trustee of the Trust.

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The Trust’s Officers

No officer of the Trust receives any compensation paid by the Trust. Each officer of the Trust is an employee of AXA Equitable, or AXA Distributors, LLC. The Trust’s principal officers are:


Name, Address and Age	Position(s) Held With Fund*	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Steven M. Joenk 1290 Avenue of the Americas, New York, New York 10104 (53)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA 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).
Brian E. Walsh 1290 Avenue of the Americas New York, NY (44)	Chief Financial Officer and Treasurer	From June 2007 to present	From February 2003 to present, Vice President of AXA Financial and AXA Equitable.
Joseph J. Paolo 1290 Avenue of the Americas New York, NY (41)	Chief Compliance Officer, Vice President and Anti-Money Laundering (“AML”) Compliance Officer	Chief Compliance Officer from May 2007 to present; Vice President and AML Compliance Officer from December 2005 to present	From June 2007 to present, Vice President of AXA Equitable and Chief Compliance Officer of AXA Equitable FMG. From August 2005 to June 2007, Vice President, AXA Financial and AXA Equitable and Deputy Chief Compliance Officer of AXA Financial FMG.
Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York 10104 (56)	Vice President and Secretary	From November 2001 to present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and AXA Equitable.
Alwi Chan 1290 Avenue of the Americas New York, NY (37)	Vice President	From June 2007 to present	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.
Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (50)	Vice President	From November 2001 to present	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 May 2008 to present	From May 2008 to present, Vice President and Counsel of AXA Equitable; from May 2007 to May 2008, Assistant Vice President and Counsel of AXA Equitable; from May 2006 to May 2007, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley Austin LLP.
Gariel Nahoum, Esq. 1290 Avenue of the Americas, New York, New York 10104 (29)	Vice President and Assistant Secretary	From September 2011 to present	From September 2011 to present, Vice President, Secretary and Counsel of FMG LLC; from August 2011 to present, Counsel of AXA Equitable; from September 2008 to August 2011, Associate, Kramer Levin Naftalis & Frankel LLP; graduate, Hofstra Law School, magna cum laude, May 2008.

*	Each officer holds a similar position with other funds within the Trust complex.

**	Each officer is elected on an annual basis.

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Name, Address and Age	Position(s) Held With Fund*	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Kenneth T. Kozlowski 1290 Avenue of the Americas New York, New York 10104 (50)	Senior Vice President	From June 2010 to present	From May 2011 to present, Senior Vice President of FMG, LLC; from February 2011 to present, Vice President, 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. from July 2004 to January 2011, Director, Enterprise Capital Management, Inc.
Richard Guinnessey 1290 Avenue of the Americas New York, NY 10104 (48)	Vice President	From March 2010 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 Kelly 1290 Avenue of the Americas New York, NY (43)	Controller	From June 2007 to present	From September 2008 to present, Vice President of AXA Equitable; from March 2006 to September 2008, Assistant Vice President, AXA Financial and AXA Equitable; from July 2005 to February 2006, Assistant Treasurer, Lord, Abbett & Co. LLC
Carla M. Byer 1290 Avenue of the Americas New York, New York 10104 (35)	Assistant Treasurer	From December 2006 to present	From September 2008 to present, Vice President of AXA Equitable; from February 2004 to September 2008, Assistant Vice President, AXA Financial and AXA Equitable.
David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (37)	Assistant AML Compliance Officer	From December 2005 to present	From September 2007 to present, Assistant Vice President and Compliance Risk Manager of AXA Equitable; from August 2005 to present, Associate Compliance Officer, AXA Equitable.
Roselle Ibanga 1290 Avenue of the Americas New York, New York 10104 (33)	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 FMG; from October 2007 to December 2008, Second Vice President, New York Life Investments Management, LLC; from May 2007 to September 2007, Manager of FMG; from August 2004 to May 2007, Fund Administrator of FMG.
Lisa Perrelli 1290 Avenue of the Americas New York, New York 10104 (37)	Assistant Controller	From February 2009 to present	From September 2008 to present, Assistant Vice President of AXA Equitable; from February 2008 to September 2008, Director of FMG; from September 2006 to February 2008, Manager of FMG; from November 2002 to September 2006, Fund Administrator of FMG.
Judy Guhring 1290 Avenue of the Americas, New York, New York 10104 (40)	Assistant Secretary	From December 2005 to present	From August 2001 to present, Senior Legal Assistant of AXA Financial.

*	Each officer holds a similar position with other funds within the Trust complex.

**	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 1-877-222-2144 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 is available without charge (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. You may also review and obtain copies at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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Item 2.

Code of Ethics.

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

Item 3.

Audit Committee Financial Expert.

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

Item 4.

Principal Accountant Fees and Services.

(a)	Audit Fees for fiscal year 2011: $590,896 and fiscal year 2010: $1,043,736

(b)	Audit-Related Fees for fiscal year 2011: $76,425 and fiscal year 2010: $66,508

(c)	Tax Fees for fiscal year 2011: $202,302 and fiscal year 2010: $221,961

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

(d)	All Other Fees for fiscal year 2011: $0 and fiscal year 2010: $0

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

(e)(1)

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

(e)(2) None of the services included in (b) – (d) above was approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable.

(g)	For fiscal year 2011: $6,436,997

For fiscal year 2010: $5,906,097

(h)

The registrant’s audit committee has considered that the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed- End Management Investment Companies

Not applicable.

Item 9

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11.

Controls and Disclosures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940”Act)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.

(a)(1) The Amended and Restated Code of Ethics for Senior Officers of the Registrant is filed herewith.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(a)

(b)

Item 12. Exhibits.

(a)(1) The Amended and Restated Code of Ethics for Senior Officers of the Registrant is filed herewith.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AXA Premier VIP Trust

/s/ Steven M. Joenk

Steven M. Joenk

Chairman of the Board, Trustee,

President and Chief Executive Officer

March 1, 2012

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

Chairman of the Board, Trustee,

President and Chief Executive Officer

March 1, 2012

/s/ Brian E. Walsh

Brian E. Walsh

Chief Financial Officer

March 1, 2012