UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-10509

AXA PREMIER VIP TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK AMOROSI, ESQ.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

Telephone: (202) 778-9351

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2010 – June 30, 2010

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

2010 Semi-Annual Report

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

AXA Premier VIP Trust

Semi-Annual Report

June 30, 2010

Table of Contents

Portfolios
AXA Allocation Portfolios
AXA Conservative Allocation	2
AXA Conservative Plus Allocation	11
AXA Moderate Allocation	19
AXA Moderate Plus Allocation	27
AXA Aggressive Allocation	35
Multimanager Portfolios
Multimanager Aggressive Equity	43
Multimanager Core Bond	65
Multimanager International Equity	104
Multimanager Large Cap Core Equity	124
Multimanager Large Cap Growth	139
Multimanager Large Cap Value	154
Multimanager Mid Cap Growth	170
Multimanager Mid Cap Value	195
Multimanager Multi-Sector Bond	221
Multimanager Small Cap Growth	253
Multimanager Small Cap Value	274
Multimanager Technology	296
Target Allocation Portfolios
Target Allocation 2015	307
Target Allocation 2025	314
Target Allocation 2035	321
Target Allocation 2045	327
Notes to Financial Statements	334
Management of the Trust	353
Proxy Voting Policies and Procedures	357

AXA CONSERVATIVE ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
EQ/Core Bond Index Portfolio	20.1	%
Multimanager Core Bond Portfolio	18.1
EQ/Quality Bond PLUS Portfolio	17.3
EQ/PIMCO Ultra Short Bond Portfolio	6.7
Multimanager Multi-Sector Bond Portfolio	6.6
EQ/Global Bond PLUS Portfolio	6.5
AXA Tactical Manager 500 Portfolio-II	6.4
EQ/Intermediate Government Bond Index Portfolio	5.5
AXA Tactical Manager International Portfolio-II	2.0
EQ/Large Cap Growth PLUS Portfolio	1.4
Multimanager Large Cap Value Portfolio	1.4
AXA Tactical Manager 400 Portfolio-II	0.9
Multimanager Large Cap Core Equity Portfolio	0.9
EQ/Large Cap Growth Index Portfolio	0.8
EQ/Large Cap Core PLUS Portfolio	0.7
EQ/BlackRock Basic Value Equity Portfolio	0.6
EQ/Large Cap Value PLUS Portfolio	0.5
EQ/Global Multi-Sector Equity Portfolio	0.5
Multimanager Mid Cap Value Portfolio	0.4
Multimanager Mid Cap Growth Portfolio	0.4
EQ/Boston Advisors Equity Income Portfolio	0.4
EQ/International Core PLUS Portfolio	0.4
Multimanager International Equity Portfolio	0.3
EQ/International Growth Portfolio	0.2
EQ/BlackRock International Value Portfolio	0.2
EQ/AllianceBernstein International Portfolio	0.2
EQ/International ETF Portfolio	0.2
EQ/GAMCO Small Company Value Portfolio	0.2
Multimanager Small Cap Growth Portfolio	0.1
EQ/AllianceBernstein Small Cap Growth Portfolio	0.1
AXA Tactical Manager 2000 Portfolio-II	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 June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$1,018.90	$0.60
Hypothetical (5% average return before expenses)	1,000.00	1,024.20	0.60
Class B
Actual	1,000.00	1,017.90	1.85
Hypothetical (5% average return before expenses)	1,000.00	1,022.96	1.86
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.12% and 0.37%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡		70,496	$	712,381
AXA Tactical Manager 400 Portfolio-II‡		1,991,522		20,402,309
AXA Tactical Manager 500 Portfolio-II‡		14,035,874		137,124,229
AXA Tactical Manager International Portfolio-II‡		4,939,311		42,313,798
EQ/AllianceBernstein International Portfolio‡		534,955		3,775,779
EQ/AllianceBernstein Small Cap Growth Portfolio‡		134,104		1,642,936
EQ/BlackRock Basic Value Equity Portfolio‡		1,217,783		13,754,296
EQ/BlackRock International Value Portfolio‡		473,408		4,436,274
EQ/Boston Advisors Equity Income Portfolio‡		1,844,673		8,197,678
EQ/Core Bond Index Portfolio‡		43,947,162		433,576,524
EQ/GAMCO Small Company Value Portfolio‡		114,580		3,370,950
EQ/Global Bond PLUS Portfolio‡		14,107,287		140,457,478
EQ/Global Multi-Sector Equity Portfolio‡		1,036,699		10,574,217
EQ/Intermediate Government Bond Index Portfolio‡		11,985,341		119,792,972
EQ/International Core PLUS Portfolio‡		1,021,076		7,799,247
EQ/International ETF Portfolio‡		613,935		3,638,070
EQ/International Growth Portfolio‡		931,031		4,817,582
EQ/Large Cap Core PLUS Portfolio‡		2,309,673		14,834,373
EQ/Large Cap Growth Index Portfolio‡		2,338,473		16,389,477
EQ/Large Cap Growth PLUS Portfolio‡		2,295,788		31,226,836
EQ/Large Cap Value PLUS Portfolio‡		1,373,664		11,662,644
EQ/PIMCO Ultra Short Bond Portfolio‡		14,546,750		144,643,936

	Number of Shares		Value (Note 1)
EQ/Quality Bond PLUS Portfolio‡		39,197,007	$	372,217,928
Multimanager Core Bond Portfolio‡		36,525,746		389,422,567
Multimanager International Equity Portfolio‡		714,668		6,487,450
Multimanager Large Cap Core Equity Portfolio‡		2,396,634		19,990,513
Multimanager Large Cap Value Portfolio‡		3,597,775		29,274,044
Multimanager Mid Cap Growth Portfolio*‡		1,347,584		9,500,103
Multimanager Mid Cap Value Portfolio‡		1,205,086		9,501,540
Multimanager Multi-Sector Bond Portfolio‡		36,223,095		142,439,540
Multimanager Small Cap Growth Portfolio*‡		247,056		1,660,532
Total Investment Companies (99.9%)
(Cost $2,077,079,895)				2,155,638,203
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $7,394,519)	$	7,394,519		7,394,519
Total Investments (100.2%) (Cost/Amortized Cost $2,084,474,414)				2,163,032,722
Other Assets Less Liabilities (-0.2%)				(4,870,822	)
Net Assets (100%)			$	2,158,161,900

* Non-income producing.

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

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

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June  30, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	—	$	750,000	$	—	$	712,381	$	—	$	—
AXA Tactical Manager 400 Portfolio-II		23,283,411		2,148,013		3,902,586		20,402,309		—		729,633
AXA Tactical Manager 500 Portfolio-II		145,787,815		30,480,125		26,140,524		137,124,229		—		3,131,663

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June  30, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager International Portfolio-II	$	48,717,730	$	7,535,042	$	7,067,394	$	42,313,798	$	—	$	(26,665	)
EQ/AllianceBernstein International Portfolio		4,279,906		716,004		373,222		3,775,779		—		220,851
EQ/AllianceBernstein Small Cap Growth Portfolio		—		1,750,000		—		1,642,936		—		—
EQ/BlackRock Basic Value Equity Portfolio		10,631,093		6,364,017		1,420,086		13,754,296		—		956,206
EQ/BlackRock International Value Portfolio		7,240,653		716,004		2,039,203		4,436,274		—		754,870
EQ/Boston Advisors Equity Income Portfolio		22,993,250		2,148,013		13,616,796		8,197,678		—		4,465,423
EQ/Core Bond Index Portfolio		372,036,511		84,442,300		40,661,698		433,576,524		—		2,111,552
EQ/GAMCO Small Company Value Portfolio		—		3,500,000		—		3,370,950		—		—
EQ/Global Bond PLUS Portfolio		133,014,679		19,332,113		18,603,195		140,457,478		—		(2,563,227	)
EQ/Global Multi-Sector Equity Portfolio		11,066,036		2,864,017		1,720,904		10,574,217		—		655,387
EQ/Intermediate Government Bond Index Portfolio		112,700,053		14,320,084		11,825,929		119,792,972		—		55,529
EQ/International Core PLUS Portfolio		7,647,331		1,841,004		378,851		7,799,247		—		215,222
EQ/International ETF Portfolio		5,138,575		716,004		1,414,028		3,638,070		—		280,045
EQ/International Growth Portfolio		5,121,429		716,004		361,342		4,817,582		—		232,731
EQ/Large Cap Core PLUS Portfolio		15,429,070		2,148,013		1,308,601		14,834,373		—		473,617
EQ/Large Cap Growth Index Portfolio		17,619,043		716,004		404,794		16,389,477		—		189,278
EQ/Large Cap Growth PLUS Portfolio		27,591,530		9,796,025		2,495,712		31,226,836		—		1,068,725
EQ/Large Cap Value PLUS Portfolio		29,761,936		716,004		11,901,861		11,662,644		—		7,692,212
EQ/PIMCO Ultra Short Bond Portfolio		148,812,116		4,296,025		9,885,795		144,643,936		—		(733,857	)
EQ/Quality Bond PLUS Portfolio		358,710,792		57,280,334		58,681,828		372,217,928		—		3,744,005
Multimanager Core Bond Portfolio		369,797,349		70,296,595		63,631,588		389,422,567		5,516,262		656,745
Multimanager International Equity Portfolio		10,643,150		716,004		2,836,294		6,487,450		—		1,057,778

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
Multimanager Large Cap Core Equity Portfolio	$	21,264,298	$	2,864,017	$	1,705,825	$	19,990,513	$	—	$	670,469
Multimanager Large Cap Value Portfolio		33,732,010		2,864,017		6,214,738		29,274,044		—		(538,447	)
Multimanager Mid Cap Growth Portfolio		—		10,000,000		—		9,500,103		—		—
Multimanager Mid Cap Value Portfolio		9,319,257		2,148,013		1,037,518		9,501,540		—		744,703
Multimanager Multi-Sector Bond Portfolio		111,993,472		43,838,137		26,747,788		142,439,540		—		(7,143,382	)
Multimanager Small Cap Growth Portfolio		—		1,750,000		—		1,660,532		—		—
	$	2,064,332,495	$	389,767,932	$	316,378,100	$	2,155,638,203	$	5,516,262	$	19,101,066

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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	$	—	$	2,155,638,203	$	—	$	2,155,638,203
Short-Term Investments		—		7,394,519		—		7,394,519
Total Assets	$	—	$	2,163,032,722	$	—	$	2,163,032,722
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	2,163,032,722	$	—	$	2,163,032,722

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

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

Cost of Purchases:
Investment Companies	$	389,767,932
Net Proceeds of Sales and Redemptions:
Investment Companies	$	335,479,166

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

As of June 30, 2010, 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	$	93,219,380
Aggregate gross unrealized depreciation		(17,278,662	)
Net unrealized appreciation	$	75,940,718
Federal income tax cost of investments	$	2,087,092,004

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $2,077,079,895)	$	2,155,638,203
Unaffiliated Issuers (Cost $7,394,519)		7,394,519
Receivable from Separate Accounts for Trust shares sold		3,572,007
Other assets		11,060
Total assets		2,166,615,789
LIABILITIES
Payable for securities purchased		6,554,752
Payable to Separate Accounts for Trust shares redeemed		1,010,823
Distribution fees payable - Class B		442,297
Administrative fees payable		181,322
Trustees’ fees payable		8,407
Accrued expenses		256,288
Total liabilities		8,453,889
NET ASSETS	$	2,158,161,900
Net assets were comprised of:
Paid in capital	$	2,234,610,967
Accumulated undistributed net investment income (loss)		1,687,515
Accumulated undistributed net realized gain (loss) on investments		(156,694,890	)
Unrealized appreciation (depreciation) on investments		78,558,308
Net assets	$	2,158,161,900
Class A
Net asset value, offering and redemption price per share, $20,890,856 / 2,155,037 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.69
Class B
Net asset value, offering and redemption price per share, $2,137,271,044 / 220,669,185 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.69

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	5,516,262
Interest		22
Total income		5,516,284
EXPENSES
Distribution fees - Class B		2,590,445
Administrative fees		1,586,313
Investment management fees		1,046,785
Printing and mailing expenses		121,979
Custodian fees		104,087
Professional fees		41,861
Trustees’ fees		17,342
Miscellaneous		20,983
Gross expenses		5,529,795
Less:   Waiver from investment advisor		(1,672,538	)
Net expenses		3,857,257
NET INVESTMENT INCOME (LOSS)		1,659,027
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		19,101,066
Net change in unrealized appreciation (depreciation) on securities		17,915,876
NET REALIZED AND UNREALIZED GAIN (LOSS)		37,016,942
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	38,675,969

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,659,027		$	41,780,251
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		19,101,066			(67,273,173	)
Net change in unrealized appreciation (depreciation) on investments		17,915,876			213,313,182
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		38,675,969			187,820,260
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(656,051	)
Class B		—			(42,916,354	)
		—			(43,572,405	)
Distributions from net realized capital gains
Class A		—			(831,419	)
Class B		—			(62,162,127	)
		—			(62,993,546	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(106,565,951	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 837,826 and 2,436,018 shares, respectively ]		8,102,207			23,596,855
Capital shares issued in reinvestment of dividends and distributions [ 0 and 156,073 shares, respectively ]		—			1,487,470
Capital shares repurchased [ (1,660,456) and (1,089,926) shares, respectively ]		(15,908,605	)		(10,329,889	)
Total Class A transactions		(7,806,398	)		14,754,436
Class B
Capital shares sold [ 46,427,959 and 110,140,718 shares, respectively ]		448,023,495			1,025,293,832
Capital shares issued in reinvestment of dividends and distributions [ 0 and 11,022,459 shares, respectively ]		—			105,078,481
Capital shares repurchased [ (39,655,054) and (65,329,426) shares, respectively ]		(384,597,859	)		(619,549,167	)
Total Class B transactions		63,425,636			510,823,146
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		55,619,238			525,577,582
TOTAL INCREASE (DECREASE) IN NET ASSETS		94,295,207			606,831,891
NET ASSETS:
Beginning of period		2,063,866,693			1,457,034,802
End of period (a)	$	2,158,161,900		$	2,063,866,693
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,687,515		$	28,488

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.51		$	9.13		$	10.90		$	10.87		$	10.69		$	10.80
Income (loss) from investment operations:
Net investment income (loss) (x)		0.02	(e)		0.33	(e)		0.53	(e)		0.47	(e)		0.41	(e)		0.34	(e)
Net realized and unrealized gain (loss) on investments		0.16			0.59			(1.71	)		0.18			0.30			(0.04	)
Total from investment operations		0.18			0.92			(1.18	)		0.65			0.71			0.30
Less distributions:
Dividends from net investment income		—			(0.24	)		(0.46	)		(0.43	)		(0.38	)		(0.30	)
Distributions from net realized gains		—			(0.30	)		(0.13	)		(0.19	)		(0.15	)		(0.11	)
Total dividends and distributions		—			(0.54	)		(0.59	)		(0.62	)		(0.53	)		(0.41	)
Net asset value, end of period	$	9.69		$	9.51		$	9.13		$	10.90		$	10.87		$	10.69
Total return (b)		1.89	%		10.07	%		(10.79	)%		6.11	%		6.55	%		2.78	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	20,891		$	28,327		$	13,472		$	9,015		$	4,999		$	3,054
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.12	%(j)		0.11	%(j)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)(f)		0.28	%		0.29	%		0.30	%		0.31	%		0.32	%		0.32	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		0.41	%		3.44	%		5.12	%		4.17	%		3.80	%		3.17	%
Before waivers and reimbursements (a)(f)(x)		0.25	%		3.25	%		4.92	%		3.96	%		3.58	%		2.95	%
Portfolio turnover rate		16	%		79	%		59	%		39	%		55	%		101	%

See Notes to Financial Statements.

9

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.52		$	9.13		$	10.90		$	10.87		$	10.69		$	10.80
Income (loss) from investment operations:
Net investment income (loss) (x)		0.01	(e)		0.22	(e)		0.58	(e)		0.45	(e)		0.38	(e)		0.32	(e)
Net realized and unrealized gain (loss) on investments		0.16			0.68			(1.78	)		0.17			0.30			(0.05	)
Total from investment operations		0.17			0.90			(1.20	)		0.62			0.68			0.27
Less distributions:
Dividends from net investment income		—			(0.21	)		(0.44	)		(0.40	)		(0.35	)		(0.27	)
Distributions from net realized gains		—			(0.30	)		(0.13	)		(0.19	)		(0.15	)		(0.11	)
Total dividends and distributions		—			(0.51	)		(0.57	)		(0.59	)		(0.50	)		(0.38	)
Net asset value, end of period	$	9.69		$	9.52		$	9.13		$	10.90		$	10.87		$	10.69
Total return (b)		1.79	%		9.90	%		(11.02	)%		5.74	%		6.37	%		2.52	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,137,271		$	2,035,540		$	1,443,563		$	585,489		$	339,978		$	217,999
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.37	%(j)		0.36	%(j)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.53	%		0.54	%		0.55	%		0.56	%		0.57	%		0.57	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		0.16	%		2.30	%		5.69	%		4.02	%		3.48	%		2.92	%
Before waivers and reimbursements (a)(f)(x)		—	%‡‡		2.12	%		5.50	%		3.81	%		3.26	%		2.70	%
Portfolio turnover rate		16	%		79	%		59	%		39	%		55	%		101	%

‡‡ Amount is less than 0.01%.

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

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

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

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

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

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

See Notes to Financial Statements.

10

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
EQ/Core Bond Index Portfolio	15.3	%
Multimanager Core Bond Portfolio	12.7
EQ/Quality Bond PLUS Portfolio	12.0
AXA Tactical Manager 500 Portfolio-II	10.2
Multimanager Multi-Sector Bond Portfolio	6.5
EQ/Global Bond PLUS Portfolio	5.7
EQ/PIMCO Ultra Short Bond Portfolio	5.2
AXA Tactical Manager International Portfolio-II	4.8
EQ/Intermediate Government Bond Index Portfolio	4.2
Multimanager Large Cap Value Portfolio	2.2
AXA Tactical Manager 400 Portfolio-II	2.2
EQ/Large Cap Growth PLUS Portfolio	2.0
AXA Tactical Manager 2000 Portfolio-II	1.7
EQ/Large Cap Growth Index Portfolio	1.4
EQ/Large Cap Value PLUS Portfolio	1.4
EQ/Boston Advisors Equity Income Portfolio	1.2
Multimanager Large Cap Core Equity Portfolio	1.1
EQ/Global Multi-Sector Equity Portfolio	1.1
EQ/Large Cap Core PLUS Portfolio	1.0
EQ/BlackRock Basic Value Equity Portfolio	1.0
EQ/International Core PLUS Portfolio	0.8
Multimanager International Equity Portfolio	0.7
EQ/AXA Franklin Small Cap Value Core Portfolio	0.6
EQ/BlackRock International Value Portfolio	0.6
EQ/International Growth Portfolio	0.6
EQ/International ETF Portfolio	0.6
EQ/GAMCO Small Company Value Portfolio	0.6
EQ/AllianceBernstein International Portfolio	0.5
Multimanager Mid Cap Growth Portfolio	0.5
Multimanager Small Cap Growth Portfolio	0.4
EQ/AllianceBernstein Small Cap Growth Portfolio	0.4
Multimanager Small Cap Value Portfolio	0.3
EQ/Mid Cap Index Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.2
EQ/Small Company Index Portfolio	0.1

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$   991.40	$0.94
Hypothetical (5% average return before expenses)	1,000.00	1,023.85	0.95
Class B
Actual	1,000.00	990.30	2.17
Hypothetical (5% average return before expenses)	1,000.00	1,022.61	2.21
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.19% and 0.44%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

11

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡	3,199,073	$	32,327,620
AXA Tactical Manager 400 Portfolio-II‡	4,213,182		43,162,288
AXA Tactical Manager 500 Portfolio-II‡	20,289,969		198,223,943
AXA Tactical Manager International Portfolio-II‡	10,883,013		93,231,957
EQ/AllianceBernstein International Portfolio‡	1,338,291		9,445,830
EQ/AllianceBernstein Small Cap Growth Portfolio‡	652,546		7,994,496
EQ/AXA Franklin Small Cap Value Core Portfolio‡	1,538,156		12,076,763
EQ/BlackRock Basic Value Equity Portfolio‡	1,666,535		18,822,745
EQ/BlackRock International Value Portfolio‡	1,280,352		11,998,088
EQ/Boston Advisors Equity Income Portfolio‡	5,377,190		23,896,091
EQ/Core Bond Index Portfolio‡	30,141,052		297,367,378
EQ/GAMCO Small Company Value Portfolio‡	376,902		11,088,479
EQ/Global Bond PLUS Portfolio‡	11,111,590		110,631,190
EQ/Global Multi-Sector Equity Portfolio‡	2,017,756		20,580,882
EQ/Intermediate Government Bond Index Portfolio‡	8,199,326		81,951,917
EQ/International Core PLUS Portfolio‡	2,108,427		16,104,714
EQ/International ETF Portfolio‡	1,910,512		11,321,350
EQ/International Growth Portfolio‡	2,262,435		11,706,878
EQ/Large Cap Core PLUS Portfolio‡	3,167,582		20,344,479
EQ/Large Cap Growth Index Portfolio‡	3,785,674		26,532,361
EQ/Large Cap Growth PLUS Portfolio‡	2,869,272		39,027,240

	Number of Shares	Value (Note 1)
EQ/Large Cap Value PLUS Portfolio‡	3,108,719	$	26,393,561
EQ/Mid Cap Index Portfolio‡	591,135		3,921,272
EQ/PIMCO Ultra Short Bond Portfolio‡	10,233,619		101,756,816
EQ/Quality Bond PLUS Portfolio‡	24,431,577		232,004,216
EQ/Small Company Index Portfolio‡	361,096		2,979,090
Multimanager Core Bond Portfolio‡	23,031,287		245,550,168
Multimanager International Equity Portfolio‡	1,592,625		14,457,166
Multimanager Large Cap Core Equity Portfolio‡	2,502,913		20,876,990
Multimanager Large Cap Value Portfolio‡	5,355,857		43,579,043
Multimanager Mid Cap Growth Portfolio*‡	1,271,999		8,967,252
Multimanager Mid Cap Value Portfolio‡	453,473		3,575,425
Multimanager Multi-Sector Bond Portfolio‡	31,850,149		125,243,870
Multimanager Small Cap Growth Portfolio*‡	1,194,931		8,031,471
Multimanager Small Cap Value Portfolio‡	612,496		5,115,020
Total Investments (100.1%) (Cost $1,905,564,953)			1,940,288,049
Other Assets Less Liabilities (-0.1%)			(1,374,093	)
Net Assets (100%)		$	1,938,913,956

* Non-income producing.

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

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

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	21,791,837	$	14,450,005	$	2,073,515	$	32,327,620	$	—	$	221,463
AXA Tactical Manager 400 Portfolio-II		51,584,163		651,924		6,805,198		43,162,288		—		1,424,412
AXA Tactical Manager 500 Portfolio-II		221,939,193		10,648,093		15,686,911		198,223,943		—		1,863,388
AXA Tactical Manager International Portfolio-II		108,030,943		7,188,468		5,909,213		93,231,957		—		(1,942	)
EQ/AllianceBernstein International Portfolio		9,925,047		1,434,616		212,371		9,445,830		—		140,703
EQ/AllianceBernstein Small Cap Growth Portfolio		—		8,500,000		—		7,994,496		—		—
EQ/AXA Franklin Small Cap Value Core Portfolio		12,578,852		434,616		392,751		12,076,763		—		(39,677	)

See Notes to Financial Statements.

12

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
EQ/BlackRock Basic Value Equity Portfolio	$	20,043,720	$	2,173,080	$	1,330,993	$	18,822,745	$	—	$	434,375
EQ/BlackRock International Value Portfolio		12,908,931		1,651,924		733,496		11,998,088		—		(203,886	)
EQ/Boston Advisors Equity Income Portfolio		33,846,265		1,086,540		9,191,072		23,896,091		—		1,641,611
EQ/Core Bond Index Portfolio		247,827,219		45,621,942		9,275,400		297,367,378		—		434,120
EQ/GAMCO Small Company Value Portfolio		10,876,513		1,303,848		972,950		11,088,479		—		86,270
EQ/Global Bond PLUS Portfolio		106,483,951		4,563,468		3,847,341		110,631,190		—		(140,070	)
EQ/Global Multi-Sector Equity Portfolio		19,885,130		3,803,848		946,358		20,580,882		—		112,863
EQ/Intermediate Government Bond Index Portfolio		78,012,053		3,694,236		3,003,744		81,951,917		—		(2,620	)
EQ/International Core PLUS Portfolio		16,593,607		2,309,616		252,458		16,104,714		—		100,616
EQ/International ETF Portfolio		12,691,746		809,616		267,349		11,321,350		—		85,725
EQ/International Growth Portfolio		11,669,630		1,434,616		208,949		11,706,878		—		144,125
EQ/Large Cap Core PLUS Portfolio		21,626,237		869,232		506,214		20,344,479		—		199,933
EQ/Large Cap Growth Index Portfolio		28,552,004		1,086,540		608,914		26,532,361		—		273,770
EQ/Large Cap Growth PLUS Portfolio		40,437,561		3,738,464		1,031,770		39,027,240		—		380,524
EQ/Large Cap Value PLUS Portfolio		51,014,655		217,308		15,613,259		26,393,561		—		9,363,277
EQ/Mid Cap Index Portfolio		3,944,332		217,308		110,391		3,921,272		—		66,145
EQ/PIMCO Ultra Short Bond Portfolio		108,148,446		869,232		7,769,227		101,756,816		—		(13,080	)
EQ/Quality Bond PLUS Portfolio		236,157,718		13,038,482		30,072,652		232,004,216		—		(680,448	)
EQ/Small Company Index Portfolio		3,002,115		217,308		118,819		2,979,090		—		57,717
Multimanager Core Bond Portfolio		244,097,815		24,379,734		30,799,353		245,550,168		3,623,944		1,119,387
Multimanager International Equity Portfolio		15,549,475		1,869,232		518,907		14,457,166		—		187,240
Multimanager Large Cap Core Equity Portfolio		22,691,609		869,232		831,687		20,876,990		—		(125,540	)
Multimanager Large Cap Value Portfolio		53,871,523		1,521,156		12,103,887		43,579,043		—		(2,618,130	)
Multimanager Mid Cap Growth Portfolio		4,315,951		5,217,308		181,297		8,967,252		—		(4,760	)
Multimanager Mid Cap Value Portfolio		3,638,434		217,308		170,752		3,575,425		—		5,785
Multimanager Multi-Sector Bond Portfolio		98,344,482		24,541,545		4,661,289		125,243,870		—		(1,483,628	)
Multimanager Small Cap Growth Portfolio		—		8,500,000		—		8,031,471		—		—
Multimanager Small Cap Value Portfolio		5,270,746		217,308		259,730		5,115,020		—		(83,193	)
	$	1,937,351,903	$	199,347,153	$	166,468,217	$	1,940,288,049	$	3,623,944	$	12,946,475

See Notes to Financial Statements.

13

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	1,940,288,049	$	—	$	1,940,288,049
Total Assets	$	—	$	1,940,288,049	$	—	$	1,940,288,049
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	1,940,288,049	$	—	$	1,940,288,049

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

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

Cost of Purchases:
Investment Companies	$	199,347,153
Net Proceeds of Sales and Redemptions:
Investment Companies	$	179,414,692

As of June 30, 2010, 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	$	87,631,788
Aggregate gross unrealized depreciation		(54,489,087	)
Net unrealized appreciation	$	33,142,701
Federal income tax cost of investments	$	1,907,145,348

See Notes to Financial Statements.

14

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $1,905,564,953)	$	1,940,288,049
Receivable from Separate Accounts for Trust shares sold		1,573,330
Other assets		10,789
Total assets		1,941,872,168
LIABILITIES
Overdraft payable		432,308
Payable for securities purchased		1,223,711
Distribution fees payable—Class B		389,112
Payable to Separate Accounts for Trust shares redeemed		386,637
Administrative fees payable		244,305
Investment management fees payable		30,664
Trustees’ fees payable		14,913
Accrued expenses		236,562
Total liabilities		2,958,212
NET ASSETS	$	1,938,913,956
Net assets were comprised of:
Paid in capital	$	2,223,804,479
Accumulated undistributed net investment income (loss)		(603,937	)
Accumulated undistributed net realized gain
(loss) on investments		(319,009,682	)
Unrealized appreciation (depreciation) on investments		34,723,096
Net assets	$	1,938,913,956
Class A
Net asset value, offering and redemption price per share, $65,754,446 / 7,154,162 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.19
Class B
Net asset value, offering and redemption price per share, $1,873,159,510 / 203,983,441 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9 .18

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	3,623,944
Interest		2
Total income		3,623,946
EXPENSES
Distribution fees - Class B		2,352,742
Administrative fees		1,476,346
Investment management fees		973,475
Custodian fees		123,409
Printing and mailing expenses		114,335
Professional fees		40,788
Trustees' fees		16,212
Miscellaneous		19,250
Gross expenses		5,116,557
Less:   Waiver from investment advisor		(873,535	)
Net expenses		4,243,022
NET INVESTMENT INCOME (LOSS)		(619,076	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		12,946,475
Net change in unrealized appreciation (depreciation) on securities		(29,942,790	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(16,996,315	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,615,391	)

See Notes to Financial Statements.

15

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(619,076	)	$	32,219,423
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		12,946,475			(134,075,635	)
Net change in unrealized appreciation (depreciation) on investments		(29,942,790	)		345,367,135
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(17,615,391	)		243,510,923
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(1,330,740	)
Class B		—			(32,405,371	)
		—			(33,736,111	)
Distributions from net realized capital gains
Class A		—			(3,678,022	)
Class B		—			(103,268,223	)
		—			(106,946,245	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(140,682,356	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,353,633 and 3,085,930 shares, respectively ]		12,710,446			29,346,486
Capital shares issued in reinvestment of dividends and distributions [ 0 and 540,177 shares, respectively ]		—			5,008,762
Capital shares repurchased [ (1,480,329) and (1,196,359) shares, respectively ]		(13,766,152	)		(11,000,436	)
Total Class A transactions		(1,055,706	)		23,354,812
Class B
Capital shares sold [ 19,037,006 and 59,983,851 shares, respectively ]		178,307,224			534,929,401
Capital shares issued in reinvestment of dividends and distributions [ 0 and 14,627,530 shares, respectively ]		—			135,673,594
Capital shares repurchased [ (16,552,122) and (29,952,465) shares, respectively ]		(155,936,168	)		(273,801,189	)
Total Class B transactions		22,371,056			396,801,806
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		21,315,350			420,156,618
TOTAL INCREASE (DECREASE) IN NET ASSETS		3,699,959			522,985,185
NET ASSETS:
Beginning of period		1,935,213,997			1,412,228,812
End of period (a)	$	1,938,913,956		$	1,935,213,997
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(603,937	)	$	15,139

See Notes to Financial Statements.

16

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.27		$	8.73		$	11.59		$	11.61		$	11.16		$	11.22
Income (loss) from investment operations:
Net investment income (loss) (x)		0.01	(e)		0.24	(e)		0.44	(e)		0.43	(e)		0.36	(e)		0.30	(e)
Net realized and unrealized gain (loss) on investments		(0.09	)		1.05			(2.65	)		0.23			0.65			0.09
Total from investment operations		(0.08	)		1.29			(2.21	)		0.66			1.01			0.39
Less distributions:
Dividends from net investment income		—			(0.20	)		(0.38	)		(0.42	)		(0.36	)		(0.25	)
Distributions from net realized gains		—			(0.55	)		(0.27	)		(0.26	)		(0.20	)		(0.20	)
Total dividends and distributions		—			(0.75	)		(0.65	)		(0.68	)		(0.56	)		(0.45	)
Net asset value, end of period	$	9.19		$	9.27		$	8.73		$	11.59		$	11.61		$	11.16
Total return (b)		(0.86	)%		14.78	%		(19.24	)%		5.73	%		9.06	%		3.53	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	65,754		$	67,465		$	42,358		$	10,943		$	5,544		$	3,466
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.19	%(j)		0.18	%(j)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)(f)		0.28	%		0.30	%		0.30	%		0.29	%		0.28	%		0.29	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		0.18	%		2.56	%		4.29	%		3.58	%		3.10	%		2.74	%
Before waivers and reimbursements (a)(f)(x)		0.09	%		2.45	%		4.10	%		3.39	%		2.91	%		2.55	%
Portfolio turnover rate		9	%		75	%		51	%		21	%		20	%		64	%

See Notes to Financial Statements.

17

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.27		$	8.73		$	11.59		$	11.61		$	11.16		$	11.22
Income (loss) from investment operations:
Net investment income (loss) (x)		—	#(e)		0.17	(e)		0.35	(e)		0.37	(e)		0.33	(e)		0.27	(e)
Net realized and unrealized gain (loss) on investments		(0.09	)		1.09			(2.58	)		0.26			0.64			0.09
Total from investment operations		(0.09	)		1.26			(2.23	)		0.63			0.97			0.36
Less distributions:
Dividends from net investment income		—			(0.17	)		(0.36	)		(0.39	)		(0.32	)		(0.22	)
Distributions from net realized gains		—			(0.55	)		(0.27	)		(0.26	)		(0.20	)		(0.20	)
Total dividends and distributions		—			(0.72	)		(0.63	)		(0.65	)		(0.52	)		(0.42	)
Net asset value, end of period	$	9.18		$	9.27		$	8.73		$	11.59		$	11.61		$	11.16
Total return (b)		(0.97	)%		14.48	%		(19.45	)%		5.46	%		8.78	%		3.27	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,873,160		$	1,867,749		$	1,369,870		$	1,150,399		$	809,200		$	487,000
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.44	%(j)		0.43	%(j)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.53	%		0.55	%		0.55	%(c)		0.54	%		0.53	%		0.54	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.07	)%		1.90	%		3.37	%		3.07	%		2.84	%		2.49	%
Before waivers and reimbursements (a)(f)(x)		(0.16	)%		1.79	%		3.18	%		2.88	%		2.65	%		2.30	%
Portfolio turnover rate		9	%		75	%		51	%		21	%		20	%		64	%

# Per share amount is less than $0.01.

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

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

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

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

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

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

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

See Notes to Financial Statements.

18

AXA MODERATE ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
EQ/Core Bond Index Portfolio	11.9	%
AXA Tactical Manager 500 Portfolio-II	11.4
Multimanager Core Bond Portfolio	10.4
EQ/Quality Bond PLUS Portfolio	10.0
AXA Tactical Manager International Portfolio- II	7.0
Multimanager Multi-Sector Bond Portfolio	5.7
EQ/PIMCO Ultra Short Bond Portfolio	5.0
EQ/Global Bond PLUS Portfolio	4.4
EQ/Intermediate Government Bond Index Portfolio	4.2
AXA Tactical Manager 400 Portfolio-II	2.9
EQ/Large Cap Value PLUS Portfolio	2.8
AXA Tactical Manager 2000 Portfolio-II	2.6
EQ/Large Cap Growth PLUS Portfolio	2.3
Multimanager Large Cap Value Portfolio	1.9
Multimanager International Equity Portfolio	1.7
EQ/Global Multi-Sector Equity Portfolio	1.7
EQ/Large Cap Growth Index Portfolio	1.3
EQ/Large Cap Core PLUS Portfolio	1.2
EQ/International Core PLUS Portfolio	1.2
EQ/Boston Advisors Equity Income Portfolio .	1.1
Multimanager Large Cap Core Equity Portfolio	1.1
EQ/BlackRock Basic Value Equity Portfolio	1.1
EQ/AllianceBernstein Small Cap Growth Portfolio	0.9
EQ/International Growth Portfolio	0.8
EQ/AXA Franklin Small Cap Value Core Portfolio	0.8
EQ/International ETF Portfolio	0.8
EQ/BlackRock International Value Portfolio	0.8
Multimanager Small Cap Growth Portfolio	0.7
EQ/GAMCO Small Company Value Portfolio .	0.7
EQ/AllianceBernstein International Portfolio	0.6
EQ/Small Company Index Portfolio	0.3
Multimanager Small Cap Value Portfolio	0.3
Multimanager Mid Cap Growth Portfolio	0.2
EQ/Mid Cap Index Portfolio	0.1
Multimanager Mid Cap Value Portfolio	0.1

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class A
Actual	$1,000.00	$  978.10	$1.13
Hypothetical (5% average return before expenses)	1,000.00	1,023.65	1.15
Class B
Actual	1,000.00	977.20	2.35
Hypothetical (5% average return before expenses)	1,000.00	1,022.41	2.41
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.23% and 0.48%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

19

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AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡		26,473,441	$	267,522,330
AXA Tactical Manager 400 Portfolio-II‡		29,213,255		299,277,583
AXA Tactical Manager 500 Portfolio-II‡		118,652,892		1,159,185,818
AXA Tactical Manager International Portfolio-II‡		82,548,645		707,172,885
EQ/AllianceBernstein International Portfolio‡		9,210,870		65,011,530
EQ/AllianceBernstein Small Cap Growth Portfolio‡		7,133,634		87,395,858
EQ/AXA Franklin Small Cap Value Core Portfolio‡		10,232,608		80,340,883
EQ/BlackRock Basic Value Equity Portfolio‡		9,724,926		109,838,531
EQ/BlackRock International Value Portfolio‡		8,209,875		76,934,178
EQ/Boston Advisors Equity Income Portfolio‡		24,996,434		111,083,491
EQ/Core Bond Index Portfolio‡		122,888,477		1,212,400,441
EQ/GAMCO Small Company Value Portfolio‡		2,363,673		69,539,478
EQ/Global Bond PLUS Portfolio‡		45,019,671		448,232,848
EQ/Global Multi-Sector Equity Portfolio‡		16,504,572		168,344,766
EQ/Intermediate Government Bond Index Portfolio‡		42,208,149		421,868,638
EQ/International Core PLUS Portfolio‡		15,661,779		119,628,732
EQ/International ETF Portfolio‡		13,303,837		78,836,133
EQ/International Growth Portfolio‡		15,626,760		80,860,025
EQ/Large Cap Core PLUS Portfolio‡		18,797,527		120,731,175
EQ/Large Cap Growth Index Portfolio‡		19,188,973		134,488,288
EQ/Large Cap Growth PLUS Portfolio‡		17,397,383		236,635,598
EQ/Large Cap Value PLUS Portfolio‡		33,213,139		281,985,247
EQ/Mid Cap Index Portfolio‡		2,079,083		13,791,525
EQ/PIMCO Ultra Short Bond Portfolio‡		50,691,846		504,048,526
EQ/Quality Bond PLUS Portfolio‡		106,581,218		1,012,103,805
EQ/Small Company Index Portfolio‡		3,782,908		31,209,537
Multimanager Core Bond Portfolio‡		99,499,671		1,060,824,822
Multimanager International Equity Portfolio‡		19,511,650		177,118,436
Multimanager Large Cap Core Equity Portfolio‡		13,217,429		110,247,599

	Number of Shares		Value (Note 1)
Multimanager Large Cap Value Portfolio‡		24,257,150	$	197,373,346
Multimanager Mid Cap Growth Portfolio*‡		3,201,207		22,567,647
Multimanager Mid Cap Value Portfolio‡		1,561,650		12,312,883
Multimanager Multi- Sector Bond Portfolio‡		148,088,772		582,327,288
Multimanager Small Cap Growth Portfolio*‡		11,058,530		74,327,542
Multimanager Small Cap Value Portfolio‡		3,383,426		28,255,374
Total Investment Companies (100.0%)
(Cost $10,233,145,348)				10,163,822,786
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $4,489,630)	$	4,489,630		4,489,630
Total Investments (100.0%) (Cost/Amortized Cost $10,237,634,978)				10,168,312,416
Other Assets Less Liabilities (0.0%)				(284,787	)
Net Assets (100%)			$	10,168,027,629

* Non-income producing.

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

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

See Notes to Financial Statements.

20

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AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	231,355,933	$	61,436,234	$	11,825,086	$	267,522,330	$	—	$	1,085,945
AXA Tactical Manager 400 Portfolio-II		341,991,556		447,706		28,762,850		299,277,583		—		5,888,989
AXA Tactical Manager 500 Portfolio-II		1,373,799,749		7,461,762		111,016,640		1,159,185,818		—		13,947,335
AXA Tactical Manager International Portfolio-II		769,292,090		78,501,292		23,635,310		707,172,885		—		(1,399,646	)
EQ/AllianceBernstein International Portfolio		63,298,489		13,947,706		1,355,051		65,011,530		—		796,787
EQ/AllianceBernstein Small Cap Growth Portfolio		82,495,371		7,947,706		1,153,441		87,395,858		—		998,397
EQ/AXA Franklin Small Cap Value Core Portfolio		85,353,378		298,470		1,822,759		80,340,883		—		(388,200	)
EQ/BlackRock Basic Value Equity Portfolio		125,383,661		1,492,352		8,410,878		109,838,531		—		(1,238,083	)
EQ/BlackRock International Value Portfolio		78,097,868		14,096,941		4,927,572		76,934, 178		—		(2,058,454	)
EQ/Boston Advisors Equity Income Portfolio		159,100,630		895,411		41,439,804		111,083,491		—		5,013,873
EQ/Core Bond Index Portfolio		1,018,700,444		168,462,115		29,297,707		1,212,400,441		—		1,545,311
EQ/GAMCO Small Company Value Portfolio		67,660,326		5,746,176		3,515,211		69,539,478		—		71,187
EQ/Global Bond PLUS Portfolio		424,596,534		22,536,999		12,653,230		448,232,848		—		(459,479	)
EQ/Global Multi-Sector Equity Portfolio		150,273,043		39,044,647		6,344,531		168,344,766		—		(1,323,574	)
EQ/Intermediate Government Bond Index Portfolio		413,338,197		2,238,528		10,726,148		421,868,638		—		33,045
EQ/International Core PLUS Portfolio		109,019,175		28,947,706		1,653,495		119,628,732		—		498,343
EQ/International ETF Portfolio		88,989,845		4,760,206		1,703,623		78,836,133		—		448,215
EQ/International Growth Portfolio		76,416,083		14,096,941		1,752,999		80,860,025		—		1,116,119
EQ/Large Cap Core PLUS Portfolio		132,249,923		746,176		2,287,872		120,731,175		—		1,298,525
EQ/Large Cap Growth Index Portfolio		168,930,318		895,411		16,803,186		134,488,288		—		7,500,491
EQ/Large Cap Growth PLUS Portfolio		265,923,225		1,492,352		5,354,648		236,635,598		—		1,818,147
EQ/Large Cap Value PLUS Portfolio		440,698,543		298,470		92,777,115		281,985,247		—		53,107,444
EQ/Mid Cap Index Portfolio		26,145,204		149,235		8,047,503		13,791,525		—		5,919,777
EQ/PIMCO Ultra Short Bond Portfolio		503,561,595		40,596,941		42,192,338		504,048,526		—		267,405
EQ/Quality Bond PLUS Portfolio		1,075,762,361		22,461,762		154,713,110		1,012,103,805		—		(13,274,135	)
EQ/Small Company Index Portfolio		32,440,947		149,235		454,648		31,209,537		—		262,631
Multimanager Core Bond Portfolio		1,111,118,341		64,138,320		154,146,463		1,060,824,822		16,676,558		489,387
Multimanager International Equity Portfolio		212,218,974		1,193,882		9,097,503		177,118,436		—		(3,359,267	)
Multimanager Large Cap Core Equity Portfolio		123,670,186		746,176		4,570,665		110,247,599		—		(984,268	)
Multimanager Large Cap Value Portfolio		265,670,323		1,343,117		77,692,146		197,373,346		—		(19,086,630	)
Multimanager Mid Cap Growth Portfolio		27,132,679		149,235		5,578,205		22,567,647		—		(1,060,926	)
Multimanager Mid Cap Value Portfolio		19,698,619		149,235		7,929,406		12,312,883		—		(312,126	)
Multimanager Multi- Sector Bond Portfolio		438,288,593		129,642,764		16,057,206		582,327,288		—		(4,580,734	)
Multimanager Small Cap Growth Portfolio		71,175,071		7,947,706		2,431,202		74,327,542		—		(279,364	)
Multimanager Small Cap Value Portfolio		29,897,789		149,235		1,125,082		28,255,374		—		(407,803	)
	$	10,603,745,063	$	744,608,150	$	903,254,633	$	10,163,822,786	$	16,676,558	$	51,894,664

See Notes to Financial Statements.

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AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio's Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	10,163,822,786	$	—	$	10,163,822,786
Short-Term Investments		—		4,489,630		—		4,489,630
Total Assets	$	—	$	10,168,312,416	$	—	$	10,168,312,416
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	10,168,312,416	$	—	$	10,168,312,416

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

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

Cost of Purchases:
Investment Companies	$	744,608,150
Net Proceeds of Sales and Redemptions:
Investment Companies	$	955,149,297

As of June 30, 2010, 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	$	412,517,268
Aggregate gross unrealized depreciation		(481,779,135	)
Net unrealized depreciation	$	(69,261,867	)
Federal income tax cost of investments	$	10,237,574,283

See Notes to Financial Statements.

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AXA MODERATE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $10,233,145,348)	$	10,163,822,786
Unaffiliated Issuers (Cost $4,489,630)		4,489,630
Receivable for securities sold		4,395,221
Receivable from Separate Accounts for Trust shares sold		2,766,650
Other assets		63,525
Total assets		10,175,537,812
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		3,117,839
Distribution fees payable - Class B		1,576,424
Administrative fees payable		1,282,791
Investment management fees payable		571,943
Trustees’ fees payable		217,223
Accrued expenses		743,963
Total liabilities		7,510,183
NET ASSETS	$	10,168,027,629
Net assets were comprised of:
Paid in capital	$	12,455,330,167
Accumulated undistributed net investment income (loss)		24,273,220
Accumulated undistributed net realized gain (loss) on investments		(2,242,253,196	)
Unrealized appreciation (depreciation) on investments		(69,322,562	)
Net assets	$	10,168,027,629
Class A
Net asset value, offering and redemption price per share, $2,656,226,591 / 212,134,432 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.52
Class B
Net asset value, offering and redemption price per share, $7,511,801,038 / 604,280,693 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.43

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	16,676,558
Interest		58
Total income		16,676,616
EXPENSES
Distribution fees - Class B		9,758,520
Administrative fees		7,939,807
Investment management fees		5,282,396
Printing and mailing expenses		624,331
Custodian fees		120,476
Professional fees		117,096
Trustees’ fees		88,531
Miscellaneous		100,586
Gross expenses		24,031,743
Less:   Waiver from investment advisor		(2,093,290	)
Net expenses		21,938,453
NET INVESTMENT INCOME (LOSS)		(5,261,837	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities ($51,894,664 of realized gain (loss) from affiliates)		52,549,576
Net change in unrealized appreciation (depreciation) on securities		(281,275,793	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(228,726,217	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(233,988,054	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(5,261,837	)	$	162,098,442
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		52,549,576			(1,096,994,351	)
Net change in unrealized appreciation (depreciation) on investments		(281,275,793	)		2,485,706,458
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(233,988,054	)		1,550,810,549
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(41,874,371	)
Class B		—			(98,572,421	)
		—			(140,446,792	)
Distributions from net realized capital gains
Class A		—			(172,231,547	)
Class B		—			(489,273,432	)
		—			(661,504,979	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(801,951,771	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 4,414,866 and 9,116,138 shares, respectively ]		57,331,784			113,745,006
Capital shares issued in reinvestment of dividends and distributions [ 0 and 16,734,886 shares, respectively ]		—			214,105,918
Capital shares repurchased [ (9,106,721) and (20,008,650) shares, respectively ]		(117,953,438	)		(245,096,547	)
Total Class A transactions		(60,621,654	)		82,754,377
Class B
Capital shares sold [ 23,347,618 and 117,171,808 shares, respectively ]		301,407,380			1,403,702,193
Capital shares issued in reinvestment of dividends and distributions [ 0 and 46,221,660 shares, respectively ]		—			587,845,853
Capital shares repurchased [ (34,623,222) and (49,492,554) shares, respectively ]		(444,741,690	)		(608,428,068	)
Total Class B transactions		(143,334,310	)		1,383,119,978
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(203,955,964	)		1,465,874,355
TOTAL INCREASE (DECREASE) IN NET ASSETS		(437,944,018	)		2,214,733,133
NET ASSETS:
Beginning of period		10,605,971,647			8,391,238,514
End of period (a)	$	10,168,027,629		$	10,605,971,647
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	24,273,220		$	29,535,057

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	12.80		$	11.82		$	17.10		$	16.93		$	15.88		$	15.51
Income (loss) from investment operations:
Net investment income (loss) (x)		0.01	(e)		0.23	(e)		0.48	(e)		0.45	(e)		0.39	(e)		0.33	(e)
Net realized and unrealized gain (loss) on investments		(0.29	)		1.82			(4.57	)		0.65			1.29			0.46
Total from investment operations		(0.28	)		2.05			(4.09	)		1.10			1.68			0.79
Less distributions:
Dividends from net investment income		—			(0.21	)		(0.57	)		(0.60	)		(0.49	)		(0.42	)
Distributions from net realized gains		—			(0.86	)		(0.62	)		(0.33	)		(0.14	)		—
Total dividends and distributions		—			(1.07	)		(1.19	)		(0.93	)		(0.63	)		(0.42	)
Net asset value, end of period	$	12.52		$	12.80		$	11.82		$	17.10		$	16.93		$	15.88
Total return (b)		(2.19	)%		17.34	%		(24.29	)%		6.56	%		10.58	%		5.06	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,656,227		$	2,775,033		$	2,494,212		$	3,143,322		$	3,103,418		$	3,052,781
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.23	%(j)		0.21	%(j)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)(f)		0.27	%		0.28	%		0.27	%		0.27	%		0.27	%		0.27	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		0.09	%		1.85	%		3.19	%		2.58	%		2.36	%		2.11	%
Before waivers and reimbursements (a)(f)(x)		0.05	%		1.78	%		3.02	%		2.41	%		2.20	%		1.94	%
Portfolio turnover rate		7	%		71	%		34	%		9	%		19	%		34	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	12.72		$	11.76		$	17.01		$	16.84		$	15.79		$	15.43
Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.21	(e)		0.48	(e)		0.45	(e)		0.37	(e)		0.27	(e)
Net realized and unrealized gain (loss) on investments		(0.28	)		1.78			(4.57	)		0.60			1.26			0.46
Total from investment operations		(0.29	)		1.99			(4.09	)		1.05			1.63			0.73
Less distributions:
Dividends from net investment income		—			(0.17	)		(0.54	)		(0.55	)		(0.44	)		(0.37	)
Distributions from net realized gains		—			(0.86	)		(0.62	)		(0.33	)		(0.14	)		—
Total dividends and distributions		—			(1.03	)		(1.16	)		(0.88	)		(0.58	)		(0.37	)
Net asset value, end of period	$	12.43		$	12.72		$	11.76		$	17.01		$	16.84		$	15.79
Total return (b)		(2.28	)%		16.95	%		(24.46	)%		6.31	%		10.34	%		4.74	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,511,801		$	7,830,939		$	5,897,027		$	6,289,959		$	4,867,869		$	3,518,020
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.48	%(j)		0.46	%(j)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.52	%		0.53	%		0.52	%(c)		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.16	)%		1.69	%		3.23	%		2.57	%		2.26	%		1.86	%
Before waivers and reimbursements (a)(f)(x)		(0.20	)%		1.62	%		3.05	%		2.40	%		2.09	%		1.69	%
Portfolio turnover rate		7	%		71	%		34	%		9	%		19	%		34	%

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

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

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

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

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

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

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

See Notes to Financial Statements.

26

AXA MODERATE-PLUS ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
AXA Tactical Manager 500 Portfolio-II	16.6	%
EQ/Core Bond Index Portfolio	9.5
AXA Tactical Manager International Portfolio- II	9.2
Multimanager Core Bond Portfolio	8.1
EQ/Quality Bond PLUS Portfolio	6.5
AXA Tactical Manager 400 Portfolio-II	4.0
AXA Tactical Manager 2000 Portfolio-II	3.8
EQ/Large Cap Value PLUS Portfolio	3.4
EQ/Intermediate Government Bond Index Portfolio	3.4
Multimanager Large Cap Value Portfolio	3.3
EQ/Large Cap Growth PLUS Portfolio	3.2
EQ/PIMCO Ultra Short Bond Portfolio	2.7
Multimanager International Equity Portfolio	2.2
Multimanager Large Cap Core Equity Portfolio	2.2
EQ/Large Cap Growth Index Portfolio	2.2
EQ/Global Multi-Sector Equity Portfolio	1.7
EQ/AllianceBernstein Small Cap Growth Portfolio	1.6
Multimanager Small Cap Growth Portfolio	1.5
EQ/BlackRock Basic Value Equity Portfolio	1.5
EQ/Large Cap Core PLUS Portfolio	1.4
EQ/International Growth Portfolio	1.4
EQ/Boston Advisors Equity Income Portfolio .	1.4
EQ/International Core PLUS Portfolio	1.3
EQ/BlackRock International Value Portfolio	1.3
Multimanager Small Cap Value Portfolio	1.3
EQ/AllianceBernstein International Portfolio	1.1
EQ/International ETF Portfolio	1.0
Multimanager Multi-Sector Bond Portfolio	1.0
EQ/AXA Franklin Small Cap Value Core Portfolio	0.8
EQ/GAMCO Small Company Value Portfolio .	0.7
EQ/Small Company Index Portfolio	0.3
Multimanager Mid Cap Growth Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.1
EQ/Mid Cap Index Portfolio	0.1

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 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 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$   951.50	$1.21
Hypothetical (5% average return before expenses)	1,000.00	1,023.55	1.25
Class B
Actual	1,000.00	950.50	2.42
Hypothetical (5% average return before expenses)	1,000.00	1,022.32	2.51
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.25% and 0.50%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

27

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AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡	41,378,658	$	418,144,172
AXA Tactical Manager 400 Portfolio-II‡	43,058,394		441,115,249
AXA Tactical Manager 500 Portfolio-II‡	187,335,951		1,830,188,653
AXA Tactical Manager International Portfolio-II‡	117,850,684		1,009,596,318
EQ/AllianceBernstein International Portfolio‡	17,259,331		121,818,620
EQ/AllianceBernstein Small Cap Growth Portfolio‡	14,142,012		173,257,172
EQ/AXA Franklin Small Cap Value Core Portfolio‡	11,705,224		91,903,064
EQ/BlackRock Basic Value Equity Portfolio‡	14,821,495		167,401,921
EQ/BlackRock International Value Portfolio‡	15,351,843		143,861,079
EQ/Boston Advisors Equity Income Portfolio‡	34,205,902		152,010,122
EQ/Core Bond Index Portfolio‡	106,200,701		1,047,761,189
EQ/GAMCO Small Company Value Portfolio‡	2,708,003		79,669,706
EQ/Global Multi-Sector Equity Portfolio‡	18,309,019		186,749,921
EQ/Intermediate Government Bond Index Portfolio‡	37,181,316		371,625,661
EQ/International Core PLUS Portfolio‡	19,278,812		147,256,568
EQ/International ETF Portfolio‡	18,732,975		111,008,217
EQ/International Growth Portfolio‡	30,590,792		158,290,793
EQ/Large Cap Core PLUS Portfolio‡	24,714,087		158,731,557
EQ/Large Cap Growth Index Portfolio‡	34,025,417		238,471,331
EQ/Large Cap Growth PLUS Portfolio‡	25,900,212		352,289,325
EQ/Large Cap Value PLUS Portfolio‡	44,324,660		376,323,969
EQ/Mid Cap Index Portfolio‡	2,085,455		13,833,795
EQ/PIMCO Ultra Short Bond Portfolio‡	29,523,030		293,558,850
EQ/Quality Bond PLUS Portfolio‡	75,720,583		719,048,734
EQ/Small Company Index Portfolio‡	3,280,372		27,063,542
Multimanager Core Bond Portfolio‡	83,861,206		894,093,899
Multimanager International Equity Portfolio‡	26,566,947		241,163,415
Multimanager Large Cap Core Equity Portfolio‡	28,776,039		240,023,176
Multimanager Large Cap Value Portfolio‡	44,381,222		361,117,038
Multimanager Mid Cap Growth Portfolio*‡	2,813,547		19,834,750

	Number of Shares	Value (Note 1)
Multimanager Mid Cap Value Portfolio‡	1,923,234	$	15,163,808
Multimanager Multi- Sector Bond Portfolio‡	27,491,948		108,106,181
Multimanager Small Cap Growth Portfolio*‡	24,996,268		168,007,068
Multimanager Small Cap Value Portfolio‡	16,924,680		141,339,915
Total Investments (100.1%) (Cost $11,074,238,395)			11,019,828,778
Other Assets Less Liabilities (-0.1%)			(12,311,421	)
Net Assets (100%)		$	11,007,517,357

* Non-income producing.

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

The holdings in Investment Companies are all Class A shares for

AXA Premier VIP Trust Portfolios (Multimanager) and Class IA shares for EQ Advisors Trust Portfolios.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	355,943,575	$	108,108,097	$	24,192,378	$	418,144,172	$	—	$	1,984,067
AXA Tactical Manager 400 Portfolio-II		487,128,578		685,810		26,549,879		441,115,249		—		5,317,765
AXA Tactical Manager 500 Portfolio-II		2,085,083,774		17,373,845		101,583,841		1,830,188,653		—		9,229,823
AXA Tactical Manager International Portfolio-II		1,144,586,479		75,519,129		37,699,917		1,009,596,318		—		(2,797,989	)
EQ/AllianceBernstein International Portfolio		137,454,992		10,143,016		2,793,275		121,818,620		—		1,569,466
EQ/AllianceBernstein Small Cap Growth Portfolio		179,367,217		1,828,826		3,776,272		173,257,172		—		3,204,114
EQ/AXA Franklin Small Cap Value Core Portfolio		97,636,832		457,206		2,012,096		91,903,064		—		(267,000	)
EQ/BlackRock Basic Value Equity Portfolio		189,623,746		2,514,636		12,013,675		167,401,921		—		(2,415,645	)
EQ/BlackRock International Value Portfolio		163,786,455		10,143,016		6,643,507		143,861,079		—		(2,280,766	)
EQ/Boston Advisors Equity Income Portfolio		192,373,334		1,600,223		34,106,823		152,010,122		—		3,751,014
EQ/Core Bond Index Portfolio		832,990,511		195,165,304		26,468,256		1,047,761,189		—		1,453,287
EQ/GAMCO Small Company Value Portfolio		83,667,565		1,371,619		5,245,841		79,669,706		—		(10,551	)
EQ/Global Multi-Sector Equity Portfolio		194,743,947		18,828,826		14,430,544		186,749,921		—		(7,450,158	)
EQ/Intermediate Government Bond Index Portfolio		364,928,925		2,971,842		11,276,342		371,625,661		—		66,785
EQ/International Core PLUS Portfolio		161,361,209		13,893,016		3,407,255		147,256,568		—		955,487
EQ/International ETF Portfolio		128,972,948		4,893,016		3,508,808		111,008,217		—		853,934
EQ/International Growth Portfolio		167,618,615		10,143,016		2,702,127		158,290,793		—		1,660,614
EQ/Large Cap Core PLUS Portfolio		174,059,773		1,371,619		3,372,569		158,731,557		—		1,862,720
EQ/Large Cap Growth Index Portfolio		263,926,486		1,828,826		4,966,202		238,471,331		—		2,014,184
EQ/Large Cap Growth PLUS Portfolio		395,935,831		2,971,842		9,266,193		352,289,325		—		2,076,934
EQ/Large Cap Value PLUS Portfolio		496,332,984		457,206		58,153,673		376,323,969		—		42,091,423
EQ/Mid Cap Index Portfolio		33,879,918		228,603		13,077,689		13,833,795		—		9,794,859
EQ/PIMCO Ultra Short Bond Portfolio		328,857,253		914,413		37,796,159		293,558,850		—		(87,216	)
EQ/Quality Bond PLUS Portfolio		790,773,312		7,315,303		124,939,633		719,048,734		—		(5,768,089	)
EQ/Small Company Index Portfolio		28,911,640		457,206		1,081,042		27,063,542		—		664,055
Multimanager Core Bond Portfolio		956,977,192		35,298,256		128,647,875		894,093,899		14,025,746		3,675,015
Multimanager International Equity Portfolio		288,002,673		1,828,826		11,256,725		241,163,415		—		(4,276,340	)
Multimanager Large Cap Core Equity Portfolio		266,964,994		1,371,619		7,140,763		240,023,176		—		(1,905,474	)
Multimanager Large Cap Value Portfolio		437,591,383		2,514,636		83,586,745		361,117,038		—		(26,238,715	)

See Notes to Financial Statements.

29

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
Multimanager Mid Cap Growth Portfolio	$	33,522,212	$	228,603	$	17,004,827	$	19,834,750	$	—	$	(1,882,278	)
Multimanager Mid Cap Value Portfolio		32,869,979		228,603		18,939,804		15,163,808		—		932,745
Multimanager Multi- Sector Bond Portfolio		—		105,650,000		—		108,106,181		—		—
Multimanager Small Cap Growth Portfolio		178,775,741		1,828,826		7,595,195		168,007,068		—		(614,809	)
Multimanager Small Cap Value Portfolio		148,067,770		457,206		2,625,720		141,339,915		—		(880,624	)
	$	11,822,717,843	$	640,592,036	$	847,861,650	$	11,019,828,778	$	14,025,746	$	36,282,637

The following is a summary of the inputs used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	11,019,828,778	$	—	$	11,019,828,778
Total Assets	$	—	$	11,019,828,778	$	—	$	11,019,828,778
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	11,019,828,778	$	—	$	11,019,828,778

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

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

Cost of Purchases:
Investment Companies	$	640,592,036
Net Proceeds of Sales and Redemptions:
Investment Companies	$	884,144,287

As of June 30, 2010, 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	$	568,421,883
Aggregate gross unrealized depreciation		(622,990,501	)
Net unrealized depreciation	$	(54,568,618	)
Federal income tax cost of investments	$	11,074,397,396

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $11,074,238,395)	$	11,019,828,778
Receivable for securities sold		3,185,906
Receivable from Separate Accounts for Trust shares sold		1,839,664
Other assets		65,678
Total assets		11,024,920,026
LIABILITIES
Overdraft payable		7,535,607
Payable to Separate Accounts for Trust shares redeemed		4,316,390
Distribution fees payable - Class B		2,278,652
Administrative fees payable		1,405,188
Investment management fees payable		860,280
Trustees’ fees payable		126,791
Accrued expenses		879,761
Total liabilities		17,402,669
NET ASSETS	$	11,007,517,357
Net assets were comprised of:
Paid in capital	$	14,810,403,240
Accumulated undistributed net investment income (loss)		(15,224,559	)
Accumulated undistributed net realized gain (loss) on investments		(3,733,251,707	)
Unrealized appreciation (depreciation) on investments		(54,409,617	)
Net assets	$	11,007,517,357
Class A
Net asset value, offering and redemption price per share, $278,438,643 / 30,169,542 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.23
Class B
Net asset value, offering and redemption price per share, $10,729,078,714 / 1,163,679,948 shares outstanding (unlimited amount authorized: $0.001 par value) .	$	9.22

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	14,025,746
Interest		11
Total income		14,025,757
EXPENSES
Distribution fees - Class B		14,327,805
Administrative fees		8,829,095
Investment management fees		5,875,248
Printing and mailing expenses		696,153
Custodian fees		168,411
Professional fees		124,633
Trustees’ fees		98,661
Miscellaneous		108,337
Gross expenses		30,228,343
Less:   Waiver from investment advisor		(949,385	)
Net expenses		29,278,958
NET INVESTMENT INCOME (LOSS)		(15,253,201	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		36,282,637
Net change in unrealized appreciation (depreciation) on securities		(595,619,451	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(559,336,814	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(574,590,015	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(15,253,201	)	$	134,523,203
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		36,282,637			(1,881,602,056	)
Net change in unrealized appreciation (depreciation) on investments		(595,619,451	)		3,893,936,600
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(574,590,015	)		2,146,857,747
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(4,068,257	)
Class B		—			(137,296,051	)
		—			(141,364,308	)
Distributions from net realized capital gains
Class A		—			(22,686,159	)
Class B		—			(928,851,225	)
		—			(951,537,384	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(1,092,901,692	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 2,792,531 and 4,702,679 shares, respectively ]		27,471,746			42,909,008
Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,764,126 shares, respectively ]		—			26,754,416
Capital shares repurchased [ (1,814,052) and (4,039,905) shares, respectively ]		(17,632,001	)		(36,264,239	)
Total Class A transactions		9,839,745			33,399,185
Class B
Capital shares sold [ 33,224,073 and 151,410,800 shares, respectively ]		327,553,078			1,350,355,496
Capital shares issued in reinvestment of dividends and distributions [ 0 and 110,122,084 shares, respectively ]		—			1,066,147,276
Capital shares repurchased [ (58,607,379) and (89,744,607) shares, respectively ]		(569,335,324	)		(830,114,241	)
Total Class B transactions		(241,782,246	)		1,586,388,531
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(231,942,501	)		1,619,787,716
TOTAL INCREASE (DECREASE) IN NET ASSETS		(806,532,516	)		2,673,743,771
NET ASSETS:
Beginning of period		11,814,049,873			9,140,306,102
End of period (a)	$	11,007,517,357		$	11,814,049,873
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(15,224,559	)	$	28,642

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.70		$	8.76		$	13.95		$	13.89		$	12.60		$	12.25
Income (loss) from investment operations:
Net investment income (loss) (x)		—	#(e)		0.15	(e)		0.25	(e)		0.32	(e)		0.32	(e)		0.23	(e)
Net realized and unrealized gain (loss) on investments		(0.47	)		1.80			(4.55	)		0.60			1.52			0.62
Total from investment operations		(0.47	)		1.95			(4.30	)		0.92			1.84			0.85
Less distributions:
Dividends from net investment income		—			(0.15	)		(0.28	)		(0.43	)		(0.33	)		(0.25	)
Distributions from net realized gains		—			(0.86	)		(0.61	)		(0.43	)		(0.22	)		(0.25	)
Total dividends and distributions		—			(1.01	)		(0.89	)		(0.86	)		(0.55	)		(0.50	)
Net asset value, end of period	$	9.23		$	9.70		$	8.76		$	13.95		$	13.89		$	12.60
Total return (b)		(4.85	)%		22.34	%		(31.63	)%		6.68	%		14.77	%		6.97	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	278,439		$	283,013		$	225,734		$	198,686		$	100,459		$	37,779
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.25	%(j)		0.23	%(j)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)(f)		0.27	%		0.28	%		0.27	%		0.27	%		0.27	%		0.27	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.02	)%		1.57	%		2.17	%		2.20	%		2.38	%		1.84	%
Before waivers and reimbursements (a)(f)(x)		(0.03	)%		1.52	%		2.00	%		2.03	%		2.22	%		1.67	%
Portfolio turnover rate		5	%		88	%		35	%		8	%		4	%		29	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.70		$	8.76		$	13.95		$	13.89		$	12.60		$	12.25
Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.12	(e)		0.21	(e)		0.26	(e)		0.26	(e)		0.20	(e)
Net realized and unrealized gain (loss) on investments		(0.47	)		1.81			(4.54	)		0.62			1.55			0.62
Total from investment operations		(0.48	)		1.93			(4.33	)		0.88			1.81			0.82
Less distributions:
Dividends from net investment income		—			(0.13	)		(0.25	)		(0.39	)		(0.30	)		(0.22	)
Distributions from net realized gains		—			(0.86	)		(0.61	)		(0.43	)		(0.22	)		(0.25	)
Total dividends and distributions		—			(0.99	)		(0.86	)		(0.82	)		(0.52	)		(0.47	)
Net asset value, end of period	$	9.22		$	9.70		$	8.76		$	13.95		$	13.89		$	12.60
Total return (b)		(4.95	)%		22.03	%		(31.81	)%		6.41	%		14.48	%		6.70	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	10,729,079		$	11,531,037		$	8,914,572		$	10,665,262		$	6,607,618		$	2,956,385
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.50	%(j)		0.48	%(j)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.52	%		0.53	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.27	)%		1.31	%		1.83	%		1.83	%		1.95	%		1.59	%
Before waivers and reimbursements (a)(f)(x)		(0.28	)%		1.26	%		1.65	%		1.66	%		1.79	%		1.42	%
Portfolio turnover rate		5	%		88	%		35	%		8	%		4	%		29	%

# Per share amount is less than $0.01.

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

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

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

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

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

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

See Notes to Financial Statements.

34

AXA AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
AXA Tactical Manager 500 Portfolio-II	22.7	%
AXA Tactical Manager International Portfolio-II	10.9
AXA Tactical Manager 2000 Portfolio-II	6.2
EQ/Large Cap Value PLUS Portfolio	5.7
Multimanager Large Cap Value Portfolio	4.7
EQ/Large Cap Growth PLUS Portfolio	4.5
EQ/Core Bond Index Portfolio	3.7
AXA Tactical Manager 400 Portfolio-II	3.7
Multimanager Large Cap Core Equity Portfolio	2.9
EQ/Large Cap Growth Index Portfolio	2.9
EQ/International Growth Portfolio	2.4
EQ/BlackRock International Value Portfolio	2.3
EQ/AllianceBernstein Small Cap Growth Portfolio	2.3
EQ/GAMCO Small Company Value Portfolio	2.2
EQ/Global Multi-Sector Equity Portfolio	2.1
EQ/BlackRock Basic Value Equity Portfolio	2.0
EQ/Large Cap Core PLUS Portfolio	1.9
Multimanager Core Bond Portfolio	1.9
Multimanager Small Cap Growth Portfolio	1.9
EQ/AllianceBernstein International Portfolio	1.8
EQ/Quality Bond PLUS Portfolio	1.8
EQ/Boston Advisors Equity Income Portfolio	1.4
EQ/AXA Franklin Small Cap Value Core Portfolio	1.2
EQ/International Core PLUS Portfolio	1.2
Multimanager International Equity Portfolio	1.2
EQ/International ETF Portfolio	1.0
EQ/Intermediate Government Bond Index Portfolio	0.8
EQ/PIMCO Ultra Short Bond Portfolio	0.8
Multimanager Multi-Sector Bond Portfolio	0.7
EQ/Mid Cap Index Portfolio	0.5
Multimanager Mid Cap Value Portfolio	0.2
Multimanager Small Cap Value Portfolio	0.2
Multimanager Mid Cap Growth Portfolio	0.2
EQ/Small Company Index Portfolio	0.1

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 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 1/1/10		Ending Account Value 6/30/10		Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$	1,000.00	$	926.10	$	1.34
Hypothetical (5% average return before expenses)		1,000.00		1,023.41		1.40
Class B
Actual		1,000.00		924.00		2.53
Hypothetical (5% average return before expenses)		1,000.00		1,022.17		2.66
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.28% and 0.53%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡	19,175,819	$	193,777,599
AXA Tactical Manager 400 Portfolio-II‡	11,133,884		114,061,984
AXA Tactical Manager 500 Portfolio-II‡	72,115,537		704,536,614
AXA Tactical Manager International Portfolio-II‡	39,570,792		338,992,733
EQ/AllianceBernstein International Portfolio‡	8,021,346		56,615,709
EQ/AllianceBernstein Small Cap Growth Portfolio‡	5,787,460		70,903,558
EQ/AXA Franklin Small Cap Value Core Portfolio‡	4,738,601		37,204,927
EQ/BlackRock Basic Value Equity Portfolio‡	5,601,293		63,264,007
EQ/BlackRock International Value Portfolio‡	7,719,687		72,340,665
EQ/Boston Advisors Equity Income Portfolio‡	9,776,122		43,444,827
EQ/Core Bond Index Portfolio‡	11,667,018		115,105,160
EQ/GAMCO Small Company Value Portfolio‡	2,270,028		66,784,425
EQ/Global Multi-Sector Equity Portfolio‡	6,286,944		64,126,123
EQ/Intermediate Government Bond Index Portfolio‡	2,395,981		23,947,723
EQ/International Core PLUS Portfolio‡	4,862,795		37,143,292
EQ/International ETF Portfolio‡	5,395,304		31,971,596
EQ/International Growth Portfolio‡	14,453,015		74,786,528
EQ/Large Cap Core PLUS Portfolio‡	9,407,132		60,419,332
EQ/Large Cap Growth Index Portfolio‡	12,949,080		90,755,228
EQ/Large Cap Growth PLUS Portfolio‡	10,162,575		138,229,242
EQ/Large Cap Value PLUS Portfolio‡	20,794,567		176,549,440
EQ/Mid Cap Index Portfolio‡	2,233,341		14,814,792
EQ/PIMCO Ultra Short Bond Portfolio‡	2,391,070		23,775,328
EQ/Quality Bond PLUS Portfolio‡	5,883,728		55,872,352
EQ/Small Company Index Portfolio‡	536,442		4,425,720
Multimanager Core Bond Portfolio‡	5,447,352		58,077,441
Multimanager International Equity Portfolio‡	4,090,922		37,135,649
Multimanager Large Cap Core Equity Portfolio‡	10,916,487		91,055,264
Multimanager Large Cap Value Portfolio‡	17,832,813		145,100,386
Multimanager Mid Cap Growth Portfolio*‡	691,530		4,875,103
Multimanager Mid Cap Value Portfolio‡	916,676		7,227,565

	Number of Shares	Value (Note 1)
Multimanager Multi-Sector Bond Portfolio‡	5,782,168	$	22,737,134
Multimanager Small Cap Growth Portfolio*‡	8,601,582		57,813,695
Multimanager Small Cap Value Portfolio‡	622,659		5,199,893
Total Investments (100.1%) (Cost $3,090,059,218)			3,103,071,034
Other Assets Less Liabilities (-0.1%)			(3,898,767	)
Net Assets (100%)		$	3,099,172,267

* Non-income producing.

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

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	147,039,409	$	67,041,631	$	13,319,196	$	193,777,599	$	—	$	1,083,641
AXA Tactical Manager 400 Portfolio-II		201,196,199		714,741		77,831,235		114,061,984		—		3,776,675
AXA Tactical Manager 500 Portfolio-II		782,071,711		24,301,189		35,781,306		704,536,614		—		1,887,652
AXA Tactical Manager International Portfolio-II		393,730,203		24,662,347		20,048,952		338,992,733		—		(1,583,776	)
EQ/AllianceBernstein International Portfolio		68,311,907		1,905,976		1,864,751		56,615,709		—		1,089,678
EQ/AllianceBernstein Small Cap Growth Portfolio		66,228,475		8,405,976		1,604,591		70,903,558		—		1,349,837
EQ/AXA Franklin Small Cap Value Core Portfolio		34,471,978		5,714,741		1,338,735		37,204,927		—		(230,825	)
EQ/BlackRock Basic Value Equity Portfolio		70,357,616		2,382,469		4,194,415		63,264,007		—		(501,379	)
EQ/BlackRock International Value Portfolio		87,063,514		1,905,976		5,424,264		72,340,665		—		(2,469,836	)
EQ/Boston Advisors Equity Income Portfolio		51,385,599		1,667,729		7,277,612		43,444,827		—		807,513
EQ/Core Bond Index Portfolio		70,498,350		43,895,716		3,829,700		115,105,160		—		232,638
EQ/GAMCO Small Company Value Portfolio		49,911,220		18,929,482		2,130,640		66,784,425		—		85,182
EQ/Global Multi-Sector Equity Portfolio		72,797,975		2,382,469		6,070,842		64,126,123		—		(2,377,807	)
EQ/Intermediate Government Bond Index Portfolio		23,242,737		476,494		728,723		23,947,723		—		9,884
EQ/International Core PLUS Portfolio		44,491,513		1,429,482		1,755,989		37,143,292		—		459,832
EQ/International ETF Portfolio		38,170,238		1,191,235		1,495,291		31,971,596		—		351,227
EQ/International Growth Portfolio		83,479,326		1,905,976		1,841,911		74,786,528		—		1,112,517
EQ/Large Cap Core PLUS Portfolio		66,175,802		2,382,469		2,343,429		60,419,332		—		1,349,606
EQ/Large Cap Growth Index Portfolio		100,001,878		2,620,716		2,897,146		90,755,228		—		1,165,193
EQ/Large Cap Growth PLUS Portfolio		154,419,349		4,050,198		4,745,229		138,229,242		—		1,532,930
EQ/Large Cap Value PLUS Portfolio		215,457,296		476,494		15,380,911		176,549,440		—		12,857,696
EQ/Mid Cap Index Portfolio		15,195,959		238,247		236,004		14,814,792		—		133,299
EQ/PIMCO Ultra Short Bond Portfolio		28,335,495		476,494		5,125,015		23,775,328		—		38,592
EQ/Quality Bond PLUS Portfolio		65,442,873		1,905,976		14,130,496		55,872,352		—		623,933
EQ/Small Company Index Portfolio		4,794,222		476,494		479,514		4,425,720		—		259,093
Multimanager Core Bond Portfolio		69,406,183		3,621,123		16,936,944		58,077,441		1,000,407		400,395
Multimanager International Equity Portfolio		44,914,608		2,144,223		2,857,310		37,135,649		—		466,422
Multimanager Large Cap Core Equity Portfolio		101,493,167		2,858,963		6,270,590		91,055,264		—		(1,838,948	)
Multimanager Large Cap Value Portfolio		177,707,317		3,811,951		40,454,374		145,100,386		—		(12,545,518	)

See Notes to Financial Statements.

37

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
Multimanager Mid Cap Growth Portfolio	$	5,162,866	$	238,247	$	398,904	$	4,875,103	$	—	$	(29,600	)
Multimanager Mid Cap Value Portfolio		7,579,596		238,247		363,713		7,227,565		—		5,590
Multimanager Multi-Sector Bond Portfolio		—		22,225,000		—		22,737,134		—		—
Multimanager Small Cap Growth Portfolio		58,912,710		3,905,976		3,097,476		57,813,695		—		(143,048	)
Multimanager Small Cap Value Portfolio		5,807,052		714,741		1,317,531		5,199,893		—		(209,621	)
	$	3,405,254,343	$	261,299,188	$	303,572,739	$	3,103,071,034	$	1,000,407	$	9,148,667

The following is a summary of the inputs used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	3,103,071,034	$	—	$	3,103,071,034
Total Assets	$	—	$	3,103,071,034	$	—	$	3,103,071,034
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	3,103,071,034	$	—	$	3,103,071,034

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

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

Cost of Purchases:
Investment Companies	$	261,299,188
Net Proceeds of Sales and Redemptions:
Investment Companies	$	312,721,406

As of June 30, 2010, 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	$	189,452,571
Aggregate gross unrealized depreciation		(176,683,236	)
Net unrealized appreciation	$	12,769,335
Federal income tax cost of investments	$	3,090,301,699

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $3,090,059,218)	$	3,103,071,034
Cash		26,784
Receivable from Separate Accounts for Trust shares sold		735,008
Other assets		18,905
Total assets		3,103,851,731
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		2,857,516
Distribution fees payable - Class B		645,532
Administrative fees payable		401,985
Investment management fees payable		327,914
Payable for securities purchased		64,512
Trustees’ fees payable		34,951
Accrued expenses		347,054
Total liabilities		4,679,464
NET ASSETS	$	3,099,172,267
Net assets were comprised of:
Paid in capital	$	4,595,803,677
Accumulated undistributed net investment income (loss)		(7,845,326	)
Accumulated undistributed net realized gain (loss) on investments		(1,501,797,900	)
Unrealized appreciation (depreciation) on investments		13,011,816
Net assets	$	3,099,172,267
Class A
Net asset value, offering and redemption price per share, $93,384,188 / 10,962,891 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.52
Class B
Net asset value, offering and redemption price per share, $3,005,788,079 / 353,235,106 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.51

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,000,407
Interest		12
Total income		1,000,419
EXPENSES
Distribution fees - Class B		4,113,708
Administrative fees		2,558,952
Investment management fees		1,695,203
Printing and mailing expenses		201,573
Custodian fees		124,964
Professional fees		53,360
Recoupment fees		35,122
Trustees' fees		28,513
Miscellaneous		29,101
Total expenses		8,840,496
NET INVESTMENT INCOME (LOSS)		(7,840,077	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		9,148,667
Net change in unrealized appreciation (depreciation) on securities		(259,909,758	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(250,761,091	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(258,601,168	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(7,840,077	)	$	27,923,723
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		9,148,667			(755,236,049	)
Net change in unrealized appreciation (depreciation) on investments		(259,909,758	)		1,468,075,203
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(258,601,168	)		740,762,877
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(1,072,649	)
Class B		—			(28,291,856	)
		—			(29,364,505	)
Distributions from net realized capital gains
Class A		—			(10,052,295	)
Class B		—			(342,987,817	)
		—			(353,040,112	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(382,404,617	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,621,361 and 3,058,500 shares, respectively ]		15,051,174			26,485,185
Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,211,365 shares, respectively ]		—			11,124,944
Capital shares repurchased [ (1,233,301) and (2,997,669) shares, respectively ]		(11,371,703	)		(26,653,788	)
Total Class A transactions		3,679,471			10,956,341
Class B
Capital shares sold [ 22,995,420 and 71,477,620 shares, respectively ]		214,977,384			601,162,981
Capital shares issued in reinvestment of dividends and distributions [ 0 and 40,417,891 shares, respectively ]		—			371,279,673
Capital shares repurchased [ (28,921,012) and (50,440,640) shares, respectively ]		(264,725,936	)		(440,738,444	)
Total Class B transactions		(49,748,552	)		531,704,210
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(46,069,081	)		542,660,551
TOTAL INCREASE (DECREASE) IN NET ASSETS		(304,670,249	)		901,018,811
NET ASSETS:
Beginning of period		3,403,842,516			2,502,823,705
End of period (a)	$	3,099,172,267		$	3,403,842,516
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(7,845,326	)	$	(5,249	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.20		$	8.15		$	14.68		$	14.71		$	12.96		$	12.44
Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.10	(e)		0.15	(e)		0.22	(e)		0.24	(e)		0.19	(e)
Net realized and unrealized gain (loss) on investments		(0.67	)		2.15			(5.71	)		0.71			2.10			0.84
Total from investment operations		(0.68	)		2.25			(5.56	)		0.93			2.34			1.03
Less distributions:
Dividends from net investment income		—			(0.12	)		(0.19	)		(0.40	)		(0.30	)		(0.24	)
Distributions from net realized gains		—			(1.08	)		(0.78	)		(0.56	)		(0.29	)		(0.27	)
Total dividends and distributions		—			(1.20	)		(0.97	)		(0.96	)		(0.59	)		(0.51	)
Net asset value, end of period	$	8.52		$	9.20		$	8.15		$	14.68		$	14.71		$	12.96
Total return (b)		(7.39	)%		27.56	%		(39.05	)%		6.43	%		18.22	%		8.27	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	93,384		$	97,335		$	75,827		$	97,742		$	51,217		$	18,069
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.28	%(j)		0.24	%(j)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)(f)		0.28	%		0.29	%		0.28	%		0.27	%		0.28	%		0.29	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.22	)%		1.18	%		1.27	%		1.41	%		1.72	%		1.50	%
Before waivers and reimbursements (a)(f)(x)		(0.22	)%		1.14	%		1.09	%		1.23	%		1.54	%		1.31	%
Portfolio turnover rate		8	%		102	%		39	%		10	%		6	%		50	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.21		$	8.15		$	14.68		$	14.71		$	12.96		$	12.43
Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.08	(e)		0.14	(e)		0.18	(e)		0.18	(e)		0.17	(e)
Net realized and unrealized gain (loss) on investments		(0.68	)		2.15			(5.72	)		0.71			2.13			0.84
Total from investment operations		(0.70	)		2.23			(5.58	)		0.89			2.31			1.01
Less distributions:
Dividends from net investment income		—			(0.09	)		(0.17	)		(0.36	)		(0.27	)		(0.21	)
Distributions from net realized gains		—			(1.08	)		(0.78	)		(0.56	)		(0.29	)		(0.27	)
Total dividends and distributions		—			(1.17	)		(0.95	)		(0.92	)		(0.56	)		(0.48	)
Net asset value, end of period	$	8.51		$	9.21		$	8.15		$	14.68		$	14.71		$	12.96
Total return (b)		(7.60	)%		27.37	%		(39.21	)%		6.16	%		17.92	%		8.08	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,005,788		$	3,306,507		$	2,426,997		$	3,038,613		$	1,595,326		$	609,650
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.53	%(j)		0.50	%(j)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.53	%		0.54	%		0.53	%		0.52	%		0.53	%		0.54	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.47	)%		0.97	%		1.18	%		1.17	%		1.30	%		1.25	%
Before waivers and reimbursements (a)(f)(x)		(0.47	)%		0.93	%		1.01	%		1.00	%		1.12	%		1.06	%
Portfolio turnover rate		8	%		102	%		39	%		10	%		6	%		50	%

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

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

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

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

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

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

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (Unaudited)

Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	21.7	%
Health Care	13.7
Consumer Discretionary	12.1
Industrials	10.1
Energy	6.2
Financials	6.0
Consumer Staples	5.8
Materials	4.2
Telecommunication Services	0.3
Utilities	0.2
Cash and Other	19.7
	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$  917.00	$3.71
Hypothetical (5% average return before expenses)	1,000.00	1,020.93	3.91
Class B
Actual	1,000.00	915.90	4.89
Hypothetical (5% average return before expenses)	1,000.00	1,019.69	5.16
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.78% and 1.03%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.1%)
Auto Components (0.2%)
Amerigon, Inc.*	1,800	$	13,284
BorgWarner, Inc.*	6,873		256,638
Drew Industries, Inc.*	1,400		28,280
Fuel Systems Solutions, Inc.*	1,800		46,710
Gentex Corp.	8,700		156,426
Goodyear Tire & Rubber Co.*	15,293		152,012
Johnson Controls, Inc.	67,741		1,820,201
TRW Automotive Holdings Corp.*	1,700		46,869
			2,520,420
Automobiles (0.3%)
Ford Motor Co.*	277,600		2,798,208
Harley-Davidson, Inc.	14,300		317,889
Thor Industries, Inc.	1,900		45,125
			3,161,222
Distributors (0.0%)
LKQ Corp.*	8,918		171,939
Diversified Consumer Services (0.1%)
American Public Education, Inc.*	1,643		71,799
Apollo Group, Inc., Class A*	7,983		339,038
Bridgepoint Education, Inc.*	1,425		22,529
Career Education Corp.*	6,900		158,838
DeVry, Inc.	3,946		207,126
Grand Canyon Education, Inc.*	2,000		46,860
H&R Block, Inc.	8,295		130,149
Hillenbrand, Inc.	2,008		42,951
ITT Educational Services, Inc.*	2,200		182,644
K12, Inc.*	2,197		48,729
Learning Tree International, Inc.*	700		7,595
Lincoln Educational Services Corp.*	1,300		26,767
Pre-Paid Legal Services, Inc.*	600		27,294
Princeton Review, Inc.*	1,100		2,552
Sotheby’s, Inc.	6,600		150,942
Steiner Leisure Ltd.*	800		30,752
Strayer Education, Inc.	900		187,101
Universal Technical Institute, Inc.*	1,961		46,358
Weight Watchers International, Inc.	268		6,885
			1,736,909
Hotels, Restaurants & Leisure (2.4%)
AFC Enterprises, Inc.*	1,100		10,010
Ambassadors Group, Inc.	1,500		16,935
Ameristar Casinos, Inc.	2,398		36,114
Bally Technologies, Inc.*	5,735		185,757
BJ’s Restaurants, Inc.*	2,700		63,720
Buffalo Wild Wings, Inc.*	2,200		80,476
Burger King Holdings, Inc. .	12,340		207,806
California Pizza Kitchen, Inc.*	1,300		19,695
Carnival Corp.	12,578		380,359
CEC Entertainment, Inc.*	2,094		73,834
Chipotle Mexican Grill, Inc.*	2,000		273,620
CKE Restaurants, Inc.	4,200		52,626

	Number of Shares	Value (Note 1)
Cracker Barrel Old Country Store, Inc.	2,100	$	97,776
Ctrip.com International Ltd. (ADR)*	41,386		1,554,458
Darden Restaurants, Inc.	8,700		337,995
Denny’s Corp.*	7,700		20,020
DineEquity, Inc.*	2,200		61,424
Einstein Noah Restaurant Group, Inc.*	200		2,158
International Game Technology	15,653		245,752
Interval Leisure Group, Inc.*	3,592		44,720
Isle of Capri Casinos, Inc.*	1,649		15,270
Krispy Kreme Doughnuts, Inc.*	4,600		15,502
Las Vegas Sands Corp.*	19,273		426,704
Life Time Fitness, Inc.* .	296		9,410
Marriott International, Inc., Class A	16,498		493,950
McDonald’s Corp.	231,483		15,247,785
MGM MIRAGE*	9,300		89,652
Monarch Casino & Resort, Inc.*	400		4,052
Morgans Hotel Group Co.*	1,800		11,088
Panera Bread Co., Class A*	3,200		240,928
Papa John’s International, Inc.*	1,400		32,368
Peet’s Coffee & Tea, Inc.*	1,100		43,197
Pinnacle Entertainment, Inc.*	3,134		29,648
Royal Caribbean Cruises Ltd.*	3,800		86,526
Ruth’s Hospitality Group, Inc.*	900		3,762
Scientific Games Corp., Class A*	7,600		69,920
Shuffle Master, Inc.*	7,000		56,070
Sonic Corp.*	6,900		53,475
Starbucks Corp.	46,720		1,135,296
Starwood Hotels & Resorts Worldwide, Inc.	33,300		1,379,619
Texas Roadhouse, Inc.*	6,300		79,506
Wendy’s/Arby’s Group, Inc., Class A	17,810		71,240
WMS Industries, Inc.*	5,200		204,100
Wynn Resorts Ltd.	45,997		3,508,191
Yum! Brands, Inc.	29,252		1,141,998
			28,214,512
Household Durables (0.1%)
Fortune Brands, Inc.	2,500		97,950
Garmin Ltd.	5,798		169,185
iRobot Corp.*	1,500		28,185
Leggett & Platt, Inc.	5,830		116,950
National Presto Industries, Inc.	459		42,623
NVR, Inc.*	400		262,012
Tempur-Pedic International, Inc.*	4,768		146,616
Tupperware Brands Corp.	4,000		159,400
Universal Electronics, Inc.*	1,100		18,293
Whirlpool Corp.	2,000		175,640
			1,216,854
Internet & Catalog Retail (2.0%)
1-800-FLOWERS.COM, Inc., Class A*	2,100		4,326
Amazon.com, Inc.*	126,532		13,824,886
Blue Nile, Inc.*	1,500		70,620
Drugstore.Com, Inc.*	6,800		20,944

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Expedia, Inc.	10,582	$	198,730
HSN, Inc.*	3,758		90,192
Liberty Media Corp.—Interactive, Class A*	180,295		1,893,098
Netflix, Inc.*	15,900		1,727,535
NutriSystem, Inc.	2,500		57,350
Orbitz Worldwide, Inc.*	200		762
Overstock.com, Inc.*	1,300		23,491
PetMed Express, Inc.	1,900		33,820
priceline.com, Inc.*	30,825		5,441,845
			23,387,599
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	7,975		327,772
Leapfrog Enterprises, Inc.*	2,700		10,854
Mattel, Inc.	17,683		374,172
Polaris Industries, Inc.	1,900		103,778
Pool Corp.	3,200		70,144
Smith & Wesson Holding Corp.*	8,200		33,538
Sturm Ruger & Co., Inc.	1,838		26,339
			946,597
Media (4.0%)
Arbitron, Inc.	2,200		56,386
Cablevision Systems Corp.—New York Group, Class A	391,990		9,411,680
CBS Corp., Class B	41,580		537,629
CKX, Inc.*	5,499		27,440
Comcast Corp., Class A	640,167		10,553,053
Crown Media Holdings, Inc., Class A*	400		704
DIRECTV, Class A*	195,354		6,626,408
Discovery Communications, Inc., Class A*	12,600		449,946
DreamWorks Animation SKG, Inc., Class A*	4,500		128,475
Global Sources Ltd.*	1,540		12,074
Interactive Data Corp.	1,400		46,732
Interpublic Group of Cos., Inc.*	164,300		1,171,459
Liberty Global, Inc., Class A*	12,195		316,948
Liberty Media Corp.—Capital, Class A*	97,255		4,075,957
Liberty Media Corp.—Starz*	16,636		862,410
Madison Square Garden, Inc., Class A*	97,997		1,927,601
Martha Stewart Living Omnimedia, Inc., Class A*	2,100		10,332
McGraw-Hill Cos., Inc.	13,435		378,061
National CineMedia, Inc.	44,524		741,770
News Corp., Class A	29,000		346,840
Omnicom Group, Inc	15,013		514,946
Playboy Enterprises, Inc., Class B*	1,000		4,200
RCN Corp.*	4,900		72,569
Regal Entertainment Group, Class A	3,827		49,904
Rentrak Corp.*	1,400		34,062
Scripps Networks Interactive, Inc., Class A	5,466		220,498
Sirius XM Radio, Inc.*	236,300		224,367
Thomson Reuters Corp.	7,400		265,142

	Number of Shares	Value (Note 1)
Time Warner, Inc.	14,300	$	413,413
Value Line, Inc.	100		1,814
Viacom, Inc., Class B	40,830		1,280,837
Walt Disney Co.	159,031		5,009,477
Warner Music Group Corp.*	1,100		5,346
World Wrestling Entertainment, Inc., Class A	42,700		664,412
			46,442,892
Multiline Retail (0.6%)
99 Cents Only Stores*	3,796		56,181
Big Lots, Inc.*	4,975		159,648
Dollar General Corp.*	4,200		115,710
Dollar Tree, Inc.*	8,550		355,936
Family Dollar Stores, Inc.	8,903		335,554
J.C. Penney Co., Inc.	4,700		100,956
Kohl’s Corp.*	13,833		657,067
Macy’s, Inc.	5,500		98,450
Nordstrom, Inc.	81,925		2,637,166
Target Corp.	44,792		2,202,423
			6,719,091
Specialty Retail (1.4%)
Abercrombie & Fitch Co., Class A	4,100		125,829
Advance Auto Parts, Inc.	5,600		281,008
Aeropostale, Inc.*	5,950		170,408
American Eagle Outfitters, Inc.	10,827		127,217
America’s Car-Mart, Inc.*	900		20,367
AutoZone, Inc.*	1,914		369,823
bebe Stores, Inc.	3,400		21,760
Bed Bath & Beyond, Inc.* .	16,505		612,005
Best Buy Co., Inc.	21,398		724,536
Big 5 Sporting Goods Corp.	2,169		28,501
Buckle, Inc.	2,900		94,018
CarMax, Inc.*	13,640		271,436
Cato Corp., Class A	2,606		57,384
Chico’s FAS, Inc.	10,577		104,501
Children’s Place Retail Stores, Inc.*	2,181		96,008
Christopher & Banks Corp.	1,900		11,761
Citi Trends, Inc.*	1,200		39,528
Coldwater Creek, Inc.*	4,600		15,456
Collective Brands, Inc.*	2,656		41,965
Dick’s Sporting Goods, Inc.*	5,400		134,406
Dress Barn, Inc.*	2,252		53,620
DSW, Inc., Class A*	600		13,476
Finish Line, Inc., Class A	1,100		15,323
Gap, Inc.	27,005		525,517
Guess?, Inc.	3,700		115,588
hhgregg, Inc.*	1,000		23,320
Home Depot, Inc.	230,142		6,460,086
HOT Topic, Inc.	2,820		14,326
J. Crew Group, Inc.*	3,218		118,455
Jo-Ann Stores, Inc.*	1,047		39,273
Kirkland’s, Inc.*	1,900		32,062
Limited Brands, Inc.	16,200		357,534
Lowe’s Cos., Inc.	66,893		1,365,955
Lumber Liquidators Holdings, Inc.*	2,000		46,660
Midas, Inc.*	1,100		8,437
Office Depot, Inc.*	5,256		21,234
OfficeMax, Inc.*	5,363		70,041

See Notes to Portfolio of Investments.

45

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
O’Reilly Automotive, Inc.*	8,583	$	408,207
Penske Automotive Group, Inc.*	1,421		16,143
PetSmart, Inc.	8,000		241,360
Ross Stores, Inc.	8,000		426,320
Sally Beauty Holdings, Inc.*	1,963		16,097
Staples, Inc.	45,392		864,718
Stein Mart, Inc.*	2,598		16,185
Systemax, Inc.	400		6,028
Tiffany & Co.	7,239		274,430
TJX Cos., Inc.	26,175		1,098,041
Tractor Supply Co.	2,241		136,634
Ulta Salon Cosmetics & Fragrance, Inc.*	3,400		80,444
Urban Outfitters, Inc.*	8,152		280,347
Wet Seal, Inc., Class A*	7,500		27,375
Williams-Sonoma, Inc.	5,880		145,942
Zumiez, Inc.*	1,600		25,776
			16,692,871
Textiles, Apparel & Luxury Goods (0.9%)
American Apparel, Inc.*	2,700		4,941
Cherokee, Inc.	300		5,130
Coach, Inc.	20,114		735,167
Crocs, Inc.*	3,900		41,262
Deckers Outdoor Corp.*	800		114,296
Fossil, Inc.*	3,200		111,040
G-III Apparel Group Ltd.*	700		16,023
Hanesbrands, Inc.*	6,000		144,360
K-Swiss, Inc., Class A*	2,400		26,952
Liz Claiborne, Inc.*	6,868		28,983
Maidenform Brands, Inc.*	2,500		50,900
NIKE, Inc., Class B	119,593		8,078,507
Oxford Industries, Inc.	1,300		27,209
Phillips-Van Heusen Corp.	3,600		166,572
Polo Ralph Lauren Corp.	3,268		238,433
Steven Madden Ltd.*	2,218		69,911
Timberland Co., Class A* .	2,670		43,121
True Religion Apparel, Inc.*	2,344		51,732
Volcom, Inc.*	1,500		27,855
Warnaco Group, Inc.*	5,300		191,542
Weyco Group, Inc.	300		6,834
			10,180,770
Total Consumer Discretionary			141,391,676
Consumer Staples (5.8%)
Beverages (2.0%)
Brown-Forman Corp., Class B	4,800		274,704
Coca-Cola Bottling Co. Consolidated	300		14,376
Coca-Cola Co.	95,523		4,787,613
Coca-Cola Enterprises, Inc.	11,836		306,079
Diageo plc (ADR)	87,100		5,464,654
Dr. Pepper Snapple Group, Inc.	4,600		171,994
Hansen Natural Corp.*	4,400		172,084
National Beverage Corp.	100		1,228
PepsiCo, Inc.	203,680		12,414,296
			23,607,028

	Number of Shares	Value (Note 1)
Food & Staples Retailing (1.1%)
Arden Group, Inc., Class A	100	$	8,787
BJ’s Wholesale Club, Inc.*	2,900		107,329
Casey's General Stores, Inc.	3,200		111,680
Costco Wholesale Corp.	94,790		5,197,336
CVS Caremark Corp.	9,162		268,630
Kroger Co.	5,697		112,174
Pantry, Inc.*	300		4,233
Pricesmart, Inc.	1,200		27,876
Sysco Corp.	37,439		1,069,632
Village Super Market, Inc., Class A	635		16,669
Walgreen Co.	54,188		1,446,820
Wal-Mart Stores, Inc.	74,919		3,601,356
Whole Foods Market, Inc.*	7,064		254,445
			12,226,967
Food Products (1.0%)
Alico, Inc.	200		4,596
Calavo Growers, Inc.	800		14,368
Campbell Soup Co.	8,450		302,763
ConAgra Foods, Inc.	4,600		107,272
Flowers Foods, Inc.	4,500		109,935
General Mills, Inc.	23,976		851,628
Green Mountain Coffee Roasters, Inc.*	6,600		169,620
H.J. Heinz Co.	7,864		339,882
Hershey Co.	5,713		273,824
Kellogg Co.	86,603		4,356,131
Lifeway Foods, Inc.*	400		3,896
McCormick & Co., Inc. (Non-Voting)	4,049		153,700
Mead Johnson Nutrition Co.	91,834		4,602,720
Sara Lee Corp.	28,654		404,021
Smart Balance, Inc.*	3,900		15,951
			11,710,307
Household Products (1.1%)
Church & Dwight Co., Inc.	4,500		282,195
Clorox Co.	7,837		487,148
Colgate-Palmolive Co.	25,000		1,969,000
Kimberly-Clark Corp.	19,953		1,209,750
Procter & Gamble Co.	154,357		9,258,333
			13,206,426
Personal Products (0.1%)
Alberto-Culver Co.	4,099		111,042
Avon Products, Inc.	27,060		717,090
Estee Lauder Cos., Inc., Class A	7,014		390,890
Herbalife Ltd.	3,900		179,595
Inter Parfums, Inc.	100		1,423
USANA Health Sciences, Inc.*	500		18,265
			1,418,305
Tobacco (0.5%)
Altria Group, Inc.	73,786		1,478,671
Philip Morris
International, Inc.	94,815		4,346,320
Star Scientific, Inc.*	1,100		1,804
			5,826,795
Total Consumer Staples			67,995,828

See Notes to Portfolio of Investments.

46

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Energy (6.2%)
Energy Equipment & Services (2.4%)
Baker Hughes, Inc.	7,100	$	295,147
Cameron International Corp.*	47,666		1,550,098
Core Laboratories N.V.	1,400		206,654
Diamond Offshore Drilling, Inc	1,778		110,574
Dresser-Rand Group, Inc.*	5,200		164,060
Exterran Holdings, Inc.*	2,709		69,919
FMC Technologies, Inc.*	7,800		410,748
Halliburton Co.	198,950		4,884,223
Lufkin Industries, Inc.	2,432		94,824
Nabors Industries Ltd.*	6,900		121,578
National Oilwell Varco, Inc.	142,481		4,711,847
Pride International, Inc.*	5,157		115,207
Rowan Cos., Inc.*	1,683		36,925
RPC, Inc.	2,400		32,760
Schlumberger Ltd.	72,547		4,014,751
TETRA Technologies, Inc.*	3,406		30,926
Transocean Ltd.*	69,200		3,206,036
Weatherford International Ltd.*	619,670		8,142,464
			28,198,741
Oil, Gas & Consumable Fuels (3.8%)
Alpha Natural Resources, Inc.*	2,910		98,562
Anadarko Petroleum Corp.	241,132		8,702,454
Apco Oil and Gas International, Inc.	1,200		28,212
Arch Coal, Inc.	7,000		138,670
Atlas Energy, Inc.*	3,089		83,619
BPZ Resources, Inc.*	9,200		38,180
Brigham Exploration Co.*	4,998		76,869
Carrizo Oil & Gas, Inc.*	3,400		52,802
Cheniere Energy, Inc.*	3,100		8,742
Chevron Corp.	6,500		441,090
Cimarex Energy Co.	5,100		365,058
Clean Energy Fuels Corp.*	4,600		68,724
Concho Resources, Inc.*	5,600		309,848
ConocoPhillips	34,700		1,703,423
Consol Energy, Inc.	6,281		212,047
Contango Oil & Gas Co.*	1,100		49,225
Continental Resources, Inc.*	1,937		86,429
Denbury Resources, Inc.*	160,977		2,356,703
El Paso Corp.	12,340		137,098
Endeavour International Corp.*	9,200		9,752
EOG Resources, Inc.	57,748		5,680,671
EXCO Resources, Inc.	66,200		967,182
Exxon Mobil Corp.	284,731		16,249,598
Forest Oil Corp.*	4,400		120,384
FX Energy, Inc.*	3,300		11,946
Golar LNG Ltd.	2,400		23,688
Gulfport Energy Corp.*	3,600		42,696
Isramco, Inc.*	200		9,436
James River Coal Co.*	3,400		54,128
Marathon Oil Corp.	11,500		357,535
Mariner Energy, Inc.*	4,898		105,209
McMoRan Exploration Co.*	9,700		107,767
Noble Energy, Inc.	12,700		766,191
Northern Oil and Gas, Inc.*	1,700		21,828
Occidental Petroleum Corp	10,000		771,500
Panhandle Oil and Gas, Inc., Class A	600		15,858

	Number of Shares	Value (Note 1)
Petrohawk Energy Corp.*	13,090	$	222,137
Range Resources Corp.	9,647		387,327
Rex Energy Corp.*	1,400		14,140
SM Energy Co.	2,600		104,416
Southwestern Energy Co.*	54,638		2,111,212
Syntroleum Corp.*	9,600		15,744
Ultra Petroleum Corp.*	9,300		411,525
VAALCO Energy, Inc.*	1,500		8,400
Venoco, Inc.*	1,600		26,352
W&T Offshore, Inc.	2,400		22,704
Warren Resources, Inc.*	4,700		13,630
Williams Cos., Inc.	14,600		266,888
			43,877,599
Total Energy			72,076,340
Financials (6.0%)
Capital Markets (1.2%)
Affiliated Managers Group, Inc.*	2,600		158,002
Ameriprise Financial, Inc.	2,440		88,157
Apollo Global Management LLC*(b)	450,000		3,150,000
BGC Partners, Inc., Class A	1,500		7,665
BlackRock, Inc.	1,075		154,155
Charles Schwab Corp.	60,222		853,948
Cohen & Steers, Inc.	800		16,592
Diamond Hill Investment Group, Inc.	200		11,338
Duff & Phelps Corp., Class A	2,100		26,523
Eaton Vance Corp.	7,411		204,618
Epoch Holding Corp.	800		9,816
Federated Investors, Inc., Class B	9,500		196,745
Franklin Resources, Inc.	9,035		778,727
GAMCO Investors, Inc., Class A	200		7,440
GFI Group, Inc.	5,400		30,132
Gleacher & Co., Inc.*	6,542		16,682
Goldman Sachs Group, Inc.	31,352		4,115,577
Greenhill & Co., Inc.	15,700		959,741
Invesco Ltd.	8,012		134,842
Janus Capital Group, Inc.	18,200		161,616
Lazard Ltd., Class A	4,900		130,879
Morgan Stanley	27,004		626,763
Northern Trust Corp.	5,852		273,288
optionsXpress Holdings, Inc.*	5,100		80,274
Pzena Investment Management, Inc., Class A	500		3,185
Safeguard Scientifics, Inc.*	133		1,404
SEI Investments Co.	7,700		156,772
T. Rowe Price Group, Inc.	16,202		719,207
TD Ameritrade Holding Corp.*	16,621		254,301
Waddell & Reed Financial, Inc., Class A	5,500		120,340
Westwood Holdings Group, Inc.	400		14,060
			13,462,789
Commercial Banks (2.0%)
Arrow Financial Corp.	900		20,790
ICICI Bank Ltd. (ADR)	54,045		1,953,186
PNC Financial Services Group, Inc.	54,022		3,052,243

See Notes to Portfolio of Investments.

47

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Suffolk Bancorp.	300	$	9,282
SY Bancorp, Inc.	100		2,298
U.S. Bancorp	258,678		5,781,453
Wells Fargo & Co.	484,823		12,411,469
Westamerica Bancorp	1,978		103,885
			23,334,606
Consumer Finance (1.2%)
Advance America Cash Advance Centers, Inc.	5,800		23,954
American Express Co.	342,480		13,596,456
Cardtronics, Inc.*	1,000		12,960
EZCORP, Inc., Class A*	4,336		80,433
			13,713,803
Diversified Financial Services (0.5%)
IntercontinentalExchange, Inc.*	4,595		519,373
JPMorgan Chase & Co.	125,905		4,609,382
Life Partners Holdings, Inc.	500		10,230
Moody’s Corp.	11,926		237,566
MSCI, Inc., Class A*	6,341		173,743
NewStar Financial, Inc.* .	600		3,816
NYSE Euronext	3,852		106,431
Portfolio Recovery Associates, Inc.*	1,811		120,938
			5,781,479
Insurance (0.3%)
ACE Ltd.	3,100		159,588
Aflac, Inc.	26,960		1,150,383
Arthur J. Gallagher & Co.	5,852		142,672
eHealth, Inc.*	2,000		22,740
Genworth Financial, Inc., Class A*	13,247		173,138
Marsh & McLennan Cos., Inc.	30,318		683,671
MetLife, Inc.	11,200		422,912
Tower Group, Inc.	4,313		92,859
Travelers Cos., Inc.	3,500		172,375
Validus Holdings Ltd.	1,343		32,796
			3,053,134
Real Estate Investment Trusts (REITs) (0.4%)
Acadia Realty Trust (REIT)	1,300		21,866
Alexander’s, Inc. (REIT)	100		30,292
Associated Estates Realty Corp. (REIT)	700		9,065
Digital Realty Trust, Inc. (REIT)	4,857		280,152
DuPont Fabros Technology, Inc. (REIT)	600		14,736
Equity Lifestyle Properties, Inc. (REIT)	1,900		91,637
Federal Realty Investment Trust (REIT)	2,200		154,594
General Growth Properties, Inc. (REIT)	12,300		163,098
Getty Realty Corp. (REIT)	1,000		22,410
Mid-America Apartment Communities, Inc. (REIT)	1,500		77,205
Plum Creek Timber Co., Inc. (REIT)	3,700		127,761
Potlatch Corp. (REIT)	1,929		68,923

	Number of Shares	Value (Note 1)
ProLogis (REIT)	120,400	$	1,219,652
PS Business Parks, Inc. (REIT)	400		22,312
Public Storage (REIT)	8,530		749,872
Saul Centers, Inc. (REIT)	500		20,315
Simon Property Group, Inc. (REIT)	12,303		993,467
Tanger Factory Outlet Centers (REIT)	2,538		105,023
Universal Health Realty Income Trust (REIT)	900		28,917
Ventas, Inc. (REIT)	2,600		122,070
Washington Real Estate Investment Trust (REIT)	547		15,092
			4,338,459
Real Estate Management & Development (0.0%)
CB Richard Ellis Group, Inc., Class A*	16,891		229,887
Jones Lang LaSalle, Inc.	2,600		170,664
St. Joe Co.*	5,883		136,250
Tejon Ranch Co.*	900		20,772
			557,573
Thrifts & Mortgage Finance (0.4%)
Astoria Financial Corp.	174,000		2,394,240
Capitol Federal Financial	1,802		59,754
Hudson City Bancorp, Inc.	16,469		201,581
New York Community Bancorp, Inc.	158,000		2,412,660
Oritani Financial Corp.	1,350		13,500
TrustCo Bank Corp. NY/New York	2,100		11,760
ViewPoint Financial Group	800		11,080
			5,104,575
Total Financials			69,346,418
Health Care (13.7%)
Biotechnology (4.4%)
Abraxis Bioscience, Inc.*	600		44,520
Affymax, Inc.*	900		5,382
Alexion Pharmaceuticals, Inc.*	5,598		286,562
Allos Therapeutics, Inc.*	7,600		46,588
Alnylam Pharmaceuticals, Inc.*	4,300		64,586
AMAG Pharmaceuticals, Inc.*	2,000		68,700
Amgen, Inc.*	179,805		9,457,743
Amylin Pharmaceuticals, Inc.*	8,900		167,320
Arena Pharmaceuticals, Inc.*	7,588		23,295
ARIAD Pharmaceuticals, Inc.*	15,100		42,582
ArQule, Inc.*	3,300		14,190
Array BioPharma, Inc.*	3,900		11,895
AVI BioPharma, Inc.*	15,200		24,472
BioCryst Pharmaceuticals, Inc.*	2,500		14,775
Biogen Idec, Inc.*	212,010		10,059,874
BioMarin Pharmaceutical, Inc.*	11,500		218,040
Celera Corp.*	2,400		15,720
Celgene Corp.*	29,222		1,485,062
Celldex Therapeutics, Inc.*	1,200		5,472
Cepheid, Inc.*	105,654		1,692,577
Chelsea Therapeutics International, Inc.*	3,900		11,427
Clinical Data, Inc.*	900		11,196
Curis, Inc.*	9,800		13,622

See Notes to Portfolio of Investments.

48

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Cytokinetics, Inc.*	2,600	$	6,162
Cytori Therapeutics, Inc.*	1,700		5,916
Dendreon Corp.*	8,419		272,186
Dyax Corp.*	4,500		10,215
Emergent Biosolutions, Inc.*	2,300		37,582
Enzon Pharmaceuticals, Inc.*	3,600		38,340
Exelixis, Inc.*	12,700		44,069
Genomic Health, Inc.*	90,400		1,168,872
Genzyme Corp.*	378,471		19,214,973
Geron Corp.*	4,000		20,080
Gilead Sciences, Inc.*	54,148		1,856,193
Halozyme Therapeutics, Inc.*	8,500		59,840
Human Genome Sciences, Inc.*	11,562		261,995
Idenix Pharmaceuticals, Inc.*	2,000		10,000
Immunogen, Inc.*	4,100		38,007
Immunomedics, Inc.*	5,300		16,377
Incyte Corp.*	6,200		68,634
InterMune, Inc.*	4,700		43,945
Isis Pharmaceuticals, Inc.*	39,560		378,589
Lexicon Pharmaceuticals, Inc.*	1,900		2,432
Ligand Pharmaceuticals, Inc., Class B*	8,300		12,118
MannKind Corp.*	4,949		31,624
Maxygen, Inc.*	800		4,424
Medivation, Inc.*	3,400		30,056
Metabolix, Inc.*	1,500		21,465
Micromet, Inc.*	4,528		28,255
Momenta Pharmaceuticals, Inc.*	4,500		55,170
Nabi Biopharmaceuticals*	400		2,176
Nanosphere, Inc.*	1,000		4,360
Neurocrine Biosciences, Inc.*	3,100		17,360
Novavax, Inc.*	4,700		10,199
NPS Pharmaceuticals, Inc.*	3,800		24,472
Opko Health, Inc.*	3,900		8,814
Orexigen Therapeutics, Inc.*	1,600		6,720
Osiris Therapeutics, Inc.*	1,200		6,972
PDL BioPharma, Inc.	14,400		80,928
Pharmasset, Inc.*	2,600		71,084
Progenics Pharmaceuticals, Inc.* .	2,200		12,056
Rigel Pharmaceuticals, Inc.*	3,000		21,600
Sangamo BioSciences, Inc.*	3,000		11,130
Savient Pharmaceuticals, Inc.*	7,200		90,720
Sciclone Pharmaceuticals, Inc.*	5,800		15,428
Seattle Genetics, Inc.*	9,600		115,104
SIGA Technologies, Inc.*	2,771		21,337
Spectrum Pharmaceuticals, Inc.*	3,469		13,598
StemCells, Inc.*	11,303		10,625
Synta Pharmaceuticals Corp.*	1,400		3,780
Talecris Biotherapeutics Holdings Corp.*	4,900		103,390
United Therapeutics Corp.*	2,942		143,599
Vanda Pharmaceuticals, Inc.*	2,614		17,279
Vertex Pharmaceuticals, Inc.*	102,370		3,367,973
Vical, Inc.*	6,900		21,390
ZymoGenetics, Inc.*	3,000		12,660
			51,737,873
Health Care Equipment & Supplies (3.0%)
Abaxis, Inc.*	2,700		57,861
ABIOMED, Inc.*	2,800		27,104
Accuray, Inc.*	2,900		19,227

	Number of Shares	Value (Note 1)
Alcon, Inc.	4,200	$	622,398
Align Technology, Inc.*	7,000		104,090
Alphatec Holdings, Inc.*	2,000		9,280
Analogic Corp.	1,100		50,061
Atrion Corp.	100		13,505
ATS Medical, Inc.*	7,700		30,569
Baxter International, Inc.	30,240		1,228,954
Becton, Dickinson and Co.	15,241		1,030,596
C.R. Bard, Inc.	6,253		484,795
Cerus Corp.*	418,050		1,321,038
Conceptus, Inc.*	3,800		59,204
Covidien plc	173,095		6,954,957
CryoLife, Inc.*	2,300		12,397
Cyberonics, Inc.*	3,500		82,880
DENTSPLY International, Inc.	9,400		281,154
DexCom, Inc.*	5,033		58,181
Edwards Lifesciences Corp.*	7,196		403,120
Endologix, Inc.*	5,900		26,727
Exactech, Inc.*	600		10,248
Gen-Probe, Inc.*	3,100		140,802
Given Imaging Ltd.*	110,590		1,727,416
Hansen Medical, Inc.*	1,400		2,982
HeartWare International, Inc.*	800		56,056
Hill-Rom Holdings, Inc.	2,381		72,454
Hospira, Inc.*	10,185		585,128
ICU Medical, Inc.*	1,176		37,832
IDEXX Laboratories, Inc.*	3,700		225,330
Insulet Corp.*	3,600		54,180
Integra LifeSciences Holdings Corp.*	2,300		85,100
Intuitive Surgical, Inc.*	21,758		6,867,260
Invacare Corp.	1,700		35,258
IRIS International, Inc.*	1,500		15,210
Kensey Nash Corp.*	600		14,226
Kinetic Concepts, Inc.*	2,642		96,459
MAKO Surgical Corp.*	2,600		32,370
Medtronic, Inc.	227,665		8,257,410
MELA Sciences, Inc.*	2,600		19,344
Meridian Bioscience, Inc.	4,800		81,600
Merit Medical Systems, Inc.*	3,600		57,852
Micrus Endovascular Corp.*	1,300		27,027
Natus Medical, Inc.*	2,200		35,838
Neogen Corp.*	1,800		46,890
NxStage Medical, Inc.*	1,200		17,808
OraSure Technologies, Inc.*	3,600		16,668
Orthofix International N.V.*	1,609		51,568
Orthovita, Inc.*	5,400		10,962
Palomar Medical Technologies, Inc.*	1,376		15,397
Quidel Corp.*	2,300		29,187
ResMed, Inc.*	4,800		291,888
RTI Biologics, Inc.*	4,400		12,892
Sirona Dental Systems, Inc.*	2,100		73,164
Somanetics Corp.*	1,000		24,950
SonoSite, Inc.*	1,400		37,954
Spectranetics Corp.*	2,600		13,468
St. Jude Medical, Inc.*	20,611		743,851
Stereotaxis, Inc.*	2,500		8,275
Stryker Corp.	19,143		958,299
SurModics, Inc.*	1,300		21,333
Synovis Life Technologies, Inc.*	900		13,752
Teleflex, Inc.	2,021		109,700

See Notes to Portfolio of Investments.

49

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Thoratec Corp.*	3,500	$	149,555
TomoTherapy, Inc.*	3,100		9,858
Varian Medical Systems, Inc.*	7,913		413,692
Volcano Corp.*	2,500		54,550
Wright Medical Group, Inc.*	4,600		76,406
Zoll Medical Corp.*	1,700		46,070
			34,663,617
Health Care Providers & Services (1.6%)
Air Methods Corp.*	900		26,775
Alliance HealthCare Services, Inc.*	1,900		7,676
Almost Family, Inc.*	500		17,465
America Service Group, Inc.	1,300		22,360
AmerisourceBergen Corp.	15,799		501,618
AMN Healthcare Services, Inc.*	2,600		19,448
Bio-Reference Labs, Inc.*	1,800		39,906
BioScrip, Inc.*	4,447		23,302
Cardinal Health, Inc.	7,600		255,436
CardioNet, Inc.*	2,261		12,390
Chindex International, Inc.*	900		11,277
Community Health Systems, Inc.*	4,000		135,240
Corvel Corp.*	700		23,653
DaVita, Inc.*	6,531		407,796
Emdeon, Inc., Class A*	2,313		28,982
Emeritus Corp.*	1,600		26,096
Ensign Group, Inc.	1,800		29,736
Express Scripts, Inc.*	34,838		1,638,083
Genoptix, Inc.*	1,559		26,815
Gentiva Health Services, Inc.*	900		24,309
Health Management Associates, Inc., Class A*	26,500		205,905
Henry Schein, Inc.*	5,717		313,863
inVentiv Health, Inc.*	945		24,192
IPC The Hospitalist Co., Inc.*	1,517		38,077
Laboratory Corp. of America Holdings*	6,869		517,579
Landauer, Inc.	400		24,352
Lincare Holdings, Inc.*	5,250		170,678
McKesson Corp.	8,418		565,353
Medco Health Solutions, Inc.*	27,804		1,531,444
MEDNAX, Inc.*	1,751		97,373
MWI Veterinary Supply, Inc.*	1,400		70,364
National Research Corp.	100		2,411
Odyssey HealthCare, Inc.*	2,300		61,456
Patterson Cos., Inc.	6,401		182,621
PharMerica Corp.*	2,796		40,989
Providence Service Corp.*	800		11,200
Quest Diagnostics, Inc.	9,813		488,393
RehabCare Group, Inc.*	1,414		30,797
U.S. Physical Therapy, Inc.*	1,000		16,880
UnitedHealth Group, Inc.	377,195		10,712,338
Universal Health Services, Inc., Class B	734		28,002
VCA Antech, Inc.*	5,200		128,752
Virtual Radiologic Corp.*	500		8,580
			18,549,962
Health Care Technology (0.2%)
Allscripts-Misys Healthcare Solutions, Inc.*	7,085		114,069
athenahealth, Inc.*	43,249		1,130,096

	Number of Shares	Value (Note 1)
Cerner Corp.*	4,300	$	326,327
Computer Programs & Systems, Inc.	1,300		53,196
Eclipsys Corp.*	6,700		119,528
MedAssets, Inc.*	4,765		109,976
Omnicell, Inc.*	2,500		29,225
Phase Forward, Inc.*	5,300		88,404
SXC Health Solutions Corp.*	1,900		139,175
Vital Images, Inc.*	700		8,925
			2,118,921
Life Sciences Tools & Services (0.6%)
Accelrys, Inc.*	2,200		14,190
Affymetrix, Inc.*	5,874		34,657
Bruker Corp.*	4,100		49,856
Compugen Ltd.*	99,435		331,119
Covance, Inc.*	4,091		209,950
Enzo Biochem, Inc.*	2,000		8,140
eResearchTechnology, Inc.*	3,500		27,580
Furiex Pharmaceuticals, Inc.*	558		5,669
Illumina, Inc.*	68,223		2,969,747
Life Technologies Corp.*	9,792		462,672
Luminex Corp.*	5,000		81,100
Mettler-Toledo International, Inc.*	2,100		234,423
Millipore Corp.*	3,500		373,275
Pharmaceutical Product Development, Inc.	6,700		170,247
QIAGEN N.V.*	59,745		1,148,299
Sequenom, Inc.*	4,900		28,959
Techne Corp.	2,400		137,880
Waters Corp.*	6,100		394,670
			6,682,433
Pharmaceuticals (3.9%)
Abbott Laboratories, Inc.	184,894		8,649,341
Acura Pharmaceuticals, Inc.*	700		1,757
Akorn, Inc.*	4,600		13,662
Allergan, Inc.	76,587		4,461,959
Ardea Biosciences, Inc.*	1,200		24,672
Biodel, Inc.*	900		3,402
BioMimetic Therapeutics, Inc.*	34,618		384,952
BMP Sunstone Corp.*	1,700		8,755
Cadence Pharmaceuticals, Inc.*	2,900		20,329
Caraco Pharmaceutical Laboratories Ltd.*	900		4,248
Cypress Bioscience, Inc.*	2,500		5,750
Depomed, Inc.*	4,100		11,480
Durect Corp.*	6,600		16,038
Eli Lilly and Co.	14,227		476,605
Forest Laboratories, Inc.*	334,545		9,176,569
Impax Laboratories, Inc.*	5,689		108,432
Inspire Pharmaceuticals, Inc.*	8,100		40,419
Johnson & Johnson	151,421		8,942,924
MAP Pharmaceuticals, Inc.*	600		7,872
Medicines Co.*	4,200		31,962
Merck & Co., Inc.	198,243		6,932,558
Mylan, Inc.*	13,865		236,260
Obagi Medical Products, Inc.*	1,400		16,548
Optimer Pharmaceuticals, Inc.*	3,700		34,299
Pain Therapeutics, Inc.*	2,800		15,568

See Notes to Portfolio of Investments.

50

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Perrigo Co.	5,100	$	301,257
Pozen, Inc.*	2,100		14,721
Questcor Pharmaceuticals, Inc.*	4,100		41,861
Salix Pharmaceuticals Ltd.*	5,900		230,277
Santarus, Inc.*	5,801		14,387
Sucampo Pharmaceuticals, Inc., Class A*	700		2,471
Teva Pharmaceutical Industries Ltd. (ADR)	48,800		2,537,112
Valeant Pharmaceuticals International*	55,780		2,916,736
Vivus, Inc.*	8,400		80,640
Warner Chilcott plc, Class A*	5,500		125,675
XenoPort, Inc.*	3,500		34,335
			45,925,833
Total Health Care			159,678,639
Industrials (10.1%)
Aerospace & Defense (3.0%)
Aerovironment, Inc.*	33,300		723,609
Alliant Techsystems, Inc.*	2,121		131,629
Applied Signal Technology, Inc.	1,268		24,916
Boeing Co.	37,337		2,342,897
Cubic Corp.	1,439		52,351
DigitalGlobe, Inc.*	1,478		38,871
DynCorp International, Inc., Class A*	100		1,752
GenCorp, Inc.*	4,600		20,148
General Dynamics Corp.	90,264		5,285,860
GeoEye, Inc.*	1,673		52,097
Goodrich Corp.	133,716		8,858,685
Honeywell International, Inc.	47,224		1,843,153
L-3 Communications Holdings, Inc.	85,815		6,079,135
Lockheed Martin Corp.	14,721		1,096,714
Precision Castparts Corp.	8,896		915,576
Rockwell Collins, Inc.	4,989		265,066
Spirit AeroSystems Holdings, Inc., Class A*	3,146		59,963
Stanley, Inc.*	1,400		52,332
Taser International, Inc.*	5,100		19,890
Teledyne Technologies, Inc.*	1,000		38,580
TransDigm Group, Inc.	4,572		233,309
United Technologies Corp.	104,831		6,804,580
			34,941,113
Air Freight & Logistics (1.0%)
C.H. Robinson Worldwide, Inc.	10,711		596,174
Dynamex, Inc.*	300		3,660
Expeditors International of Washington, Inc.	113,633		3,921,475
FedEx Corp.	59,830		4,194,682
Forward Air Corp.	1,173		31,964
Hub Group, Inc., Class A*	1,900		57,019
United Parcel Service, Inc., Class B	43,861		2,495,252
			11,300,226

	Number of Shares	Value (Note 1)
Airlines (0.2%)
Allegiant Travel Co.	1,415	$	60,406
AMR Corp.*	13,768		93,347
Continental Airlines, Inc., Class B*	53,563		1,178,386
Delta Air Lines, Inc.*	48,941		575,057
Hawaiian Holdings, Inc.*	6,400		33,088
Southwest Airlines Co.	14,680		163,095
UAL Corp.*	7,650		157,284
			2,260,663
Building Products (0.0%)
AAON, Inc.	1,100		25,641
Armstrong World Industries, Inc.*	1,000		30,180
Lennox International, Inc.	5,400		224,478
Masco Corp.	10,775		115,939
Owens Corning, Inc.*	3,900		116,649
Quanex Building Products Corp.	1,900		32,851
Trex Co., Inc.*	1,900		38,171
			583,909
Commercial Services & Supplies (0.2%)
ABM Industries, Inc.	1,120		23,464
American Reprographics Co.*	3,000		26,190
APAC Customer Services, Inc.*	4,100		23,370
ATC Technology Corp.*	1,539		24,809
Avery Dennison Corp.	1,945		62,493
Cenveo, Inc.*	3,900		21,372
Copart, Inc.*	4,269		152,873
Corrections Corp. of America*	1,111		21,198
Deluxe Corp.	3,500		65,625
EnerNOC, Inc.*	1,185		37,256
GEO Group, Inc.*	4,800		99,600
Healthcare Services Group, Inc.	5,200		98,540
Innerworkings, Inc.*	2,600		17,758
Interface, Inc., Class A	4,300		46,182
Iron Mountain, Inc.	11,393		255,887
Knoll, Inc.	6,000		79,740
Mine Safety Appliances Co.	2,266		56,151
Multi-Color Corp.	800		8,192
Pitney Bowes, Inc.	9,000		197,640
R.R. Donnelley & Sons Co.	6,300		103,131
Republic Services, Inc.	6,434		191,283
Standard Parking Corp.*	500		7,915
Standard Register Co.	400		1,256
Stericycle, Inc.*	5,400		354,132
Sykes Enterprises, Inc.*	4,302		61,217
Team, Inc.*	1,500		19,575
U.S. Ecology, Inc.	1,300		18,941
Waste Connections, Inc.*	3,771		131,570
			2,207,360
Construction & Engineering (0.7%)
Aecom Technology Corp.*	6,000		138,360
Fluor Corp.	42,075		1,788,188
Furmanite Corp.*	2,200		8,734

See Notes to Portfolio of Investments.

51

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Great Lakes Dredge & Dock Corp.	3,935	$	23,610
Jacobs Engineering Group, Inc.*	4,638		169,009
KBR, Inc.	5,000		101,700
Michael Baker Corp.*	767		26,768
MYR Group, Inc.*	1,650		27,538
Orion Marine Group, Inc.*	3,400		48,280
Quanta Services, Inc.*	187,450		3,870,843
Shaw Group, Inc.*	49,564		1,696,080
			7,899,110
Electrical Equipment (0.5%)
A123 Systems, Inc.*	89,100		840,213
Acuity Brands, Inc.	2,600		94,588
Advanced Battery Technologies, Inc.*	3,600		11,808
AMETEK, Inc.	6,807		273,301
AZZ, Inc.	1,149		42,249
Baldor Electric Co.	30,546		1,102,100
Broadwind Energy, Inc.*	3,167		8,867
Cooper Industries plc	10,200		448,800
Emerson Electric Co.	47,697		2,083,882
Ener1, Inc.*	3,300		11,154
GrafTech International Ltd.*	5,547		81,097
Hubbell, Inc., Class B	558		22,147
II-VI, Inc.*	2,200		65,186
LaBarge, Inc.*	900		10,269
Polypore International, Inc.*	1,300		29,562
PowerSecure International, Inc.*	1,400		12,726
Regal-Beloit Corp.	2,000		111,560
Rockwell Automation, Inc.	8,700		427,083
Roper Industries, Inc.	4,972		278,233
Thomas & Betts Corp.*	1,560		54,132
Vicor Corp.*	1,600		19,984
			6,028,941
Industrial Conglomerates (1.1%)
3M Co.	44,011		3,476,429
Carlisle Cos., Inc.	1,575		56,905
General Electric Co.	150,600		2,171,652
McDermott International, Inc.*	14,528		314,676
Raven Industries, Inc.	1,300		43,823
Textron, Inc.	8,600		145,942
Tyco International Ltd.	172,185		6,066,078
			12,275,505
Machinery (1.9%)
3D Systems Corp.*	1,300		16,315
Actuant Corp., Class A	3,923		73,870
Ampco-Pittsburgh Corp.	500		10,415
Badger Meter, Inc.	1,800		69,642
Bucyrus International, Inc.	4,600		218,270
Caterpillar, Inc.	38,151		2,291,731
CLARCOR, Inc.	2,298		81,625
CNH Global N.V.*	4,300		97,395
Colfax Corp.*	1,700		17,697
Cummins, Inc.	31,734		2,066,835
Danaher Corp.	29,898		1,109,814
Deere & Co.	24,367		1,356,754
Donaldson Co., Inc.	4,900		208,985
Dover Corp.	8,341		348,570

	Number of Shares	Value (Note 1)
Dynamic Materials Corp.	1,000	$	16,040
Eaton Corp.	92,636		6,062,100
Energy Recovery, Inc.*	3,468		13,872
Flow International Corp.*	3,100		7,316
Flowserve Corp.	3,593		304,686
Gardner Denver, Inc.	3,000		133,770
Gorman-Rupp Co.	1,200		30,060
Graco, Inc.	3,310		93,309
Graham Corp.	800		11,992
IDEX Corp.	4,100		117,137
Illinois Tool Works, Inc.	26,800		1,106,304
Joy Global, Inc.	5,683		284,661
Lincoln Electric Holdings, Inc.	2,600		132,574
Lindsay Corp.	1,000		31,690
Met-Pro Corp.	1,200		12,912
Navistar International Corp.*	3,999		196,751
Nordson Corp.	1,360		76,269
Omega Flex, Inc.	300		4,374
Oshkosh Corp.*	5,500		171,380
PACCAR, Inc.	21,318		849,949
Pall Corp.	116,645		4,009,089
Parker Hannifin Corp.	2,800		155,288
Pentair, Inc.	3,275		105,455
PMFG, Inc.*	1,100		16,665
RBC Bearings, Inc.*	1,800		52,182
Sauer-Danfoss, Inc.*	800		9,776
SPX Corp.	2,000		105,620
Sun Hydraulics Corp.	900		21,114
Tennant Co.	2,300		77,786
Toro Co.	2,000		98,240
WABCO Holdings, Inc.*	5,500		173,140
Wabtec Corp.	3,065		122,263
			22,571,682
Marine (0.0%)
Kirby Corp.*	937		35,840
Professional Services (0.2%)
Acacia Research Corp.- Acacia Technologies*	3,307		47,059
Administaff, Inc.	2,600		62,816
Advisory Board Co.*	1,300		55,848
CBIZ, Inc.*	3,600		22,896
CDI Corp.	100		1,553
CoStar Group, Inc.*	2,400		93,120
CRA International, Inc.*	600		11,298
Diamond Management & Technology Consultants, Inc.	3,600		37,116
Dolan Media Co.*	2,100		23,352
Dun & Bradstreet Corp.	3,149		211,361
Exponent, Inc.*	1,800		58,896
Hill International, Inc.*	1,900		7,714
Huron Consulting Group, Inc.*	2,700		52,407
ICF International, Inc.*	909		21,752
IHS, Inc., Class A*	3,030		177,012
Korn/Ferry International*	300		4,170
Manpower, Inc.	20,820		899,008
Navigant Consulting, Inc.*	6,100		63,318
Resources Connection, Inc.*	5,400		73,440
Robert Half International, Inc.	9,712		228,718
Towers Watson & Co., Class A	2,600		101,010

See Notes to Portfolio of Investments.

52

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Verisk Analytics, Inc., Class A*	7,600	$	227,240
VSE Corp.	300		9,546
			2,490,650
Road & Rail (1.2%)
Avis Budget Group, Inc.*	6,628		65,087
Celadon Group, Inc.*	2,003		28,323
Con-way, Inc.	1,920		57,638
Heartland Express, Inc.	2,800		40,656
Hertz Global Holdings, Inc.*	11,000		104,060
J.B. Hunt Transport Services, Inc.	5,523		180,436
Kansas City Southern*	3,700		134,495
Landstar System, Inc.	3,000		116,970
Marten Transport Ltd.*	1,496		31,087
Norfolk Southern Corp.	83,465		4,427,818
Old Dominion Freight Line, Inc.*	381		13,388
Union Pacific Corp.	125,127		8,697,578
			13,897,536
Trading Companies & Distributors (0.1%)
Beacon Roofing Supply, Inc.*	3,481		62,727
Fastenal Co.	8,404		421,797
GATX Corp.	1,898		50,639
Houston Wire & Cable Co.	1,400		15,190
Kaman Corp.	2,098		46,408
MSC Industrial Direct Co., Class A	2,700		136,782
TAL International Group, Inc.	300		6,741
Titan Machinery, Inc.*	600		7,878
W.W. Grainger, Inc.	3,902		388,054
WESCO International, Inc.*	2,700		90,909
			1,227,125
Total Industrials			117,719,660
Information Technology (21.7%)
Communications Equipment (3.2%)
ADC Telecommunications, Inc.*	3,000		22,230
Anaren, Inc.*	1,339		20,005
Arris Group, Inc.*	27,371		278,911
Aruba Networks, Inc.*	7,300		103,952
BigBand Networks, Inc.*	2,700		8,154
Ciena Corp.*	836		10,601
Cisco Systems, Inc.*	905,510		19,296,418
Comtech Telecommunications Corp.*	3,300		98,769
DG FastChannel, Inc.*	2,500		81,450
Digi International, Inc.*	400		3,308
EMS Technologies, Inc.*	1,269		19,060
F5 Networks, Inc.*	5,000		342,850
Harmonic, Inc.*	6,860		37,318
Harris Corp.	7,869		327,744
Hughes Communications, Inc.*	600		14,598
Infinera Corp.*	10,300		66,229
Ixia*	2,100		18,039
JDS Uniphase Corp.*	13,100		128,904
Juniper Networks, Inc.*	110,192		2,514,581
Loral Space & Communications, Inc.*	1,058		45,198
NETGEAR, Inc.*	500		8,920
Nokia Oyj (ADR)	118,480		965,612
Oplink Communications, Inc.*	600		8,598

	Number of Shares	Value (Note 1)
Polycom, Inc.*	5,200	$	154,908
QUALCOMM, Inc.	380,549		12,497,229
Riverbed Technology, Inc.*	3,800		104,956
ShoreTel, Inc.*	3,000		13,920
Tekelec*	2,126		28,148
ViaSat, Inc.*	2,361		76,874
			37,297,484
Computers & Peripherals (6.0%)
3PAR, Inc.*	2,200		20,482
Apple, Inc.*	147,384		37,071,498
Compellent Technologies, Inc.*	1,100		13,332
Cray, Inc.*	3,600		20,088
Dell, Inc.*	108,705		1,310,982
EMC Corp.*	550,809		10,079,805
Hewlett-Packard Co.	142,559		6,169,953
Immersion Corp.*	1,200		6,072
Intermec, Inc.*	7,500		76,875
Isilon Systems, Inc.*	59,400		762,696
NCR Corp.*	18,360		222,523
NetApp, Inc.*	70,615		2,634,646
Netezza Corp.*	5,700		77,976
Novatel Wireless, Inc.*	3,014		17,300
QLogic Corp.*	7,576		125,913
Quantum Corp.*	28,800		54,144
SanDisk Corp.*	190,251		8,003,860
Seagate Technology*	244,402		3,187,002
Silicon Graphics International Corp.*	300		2,124
STEC, Inc.*	3,341		41,963
Stratasys, Inc.*	1,700		41,752
Super Micro Computer, Inc.*	1,600		21,600
Teradata Corp.*	8,885		270,815
Western Digital Corp.*	3,288		99,166
			70,332,567
Electronic Equipment, Instruments & Components (0.8%)
Agilent Technologies, Inc.*	21,726		617,670
Amphenol Corp., Class A	10,860		426,581
Anixter International, Inc.*	200		8,520
AVX Corp.	300		3,846
Benchmark Electronics, Inc.*	1,000		15,850
Brightpoint, Inc.*	4,906		34,342
Checkpoint Systems, Inc.*	1,400		24,304
Cogent, Inc.*	4,007		36,103
Cognex Corp.	607		10,671
Comverge, Inc.*	1,700		15,232
Corning, Inc.	11,843		191,265
CPI International, Inc.*	100		1,559
Daktronics, Inc.	2,700		20,250
Dolby Laboratories, Inc., Class A*	39,600		2,482,524
DTS, Inc.*	1,400		46,018
Echelon Corp.*	2,400		17,592
FARO Technologies, Inc.*	1,400		26,194
FLIR Systems, Inc.*	9,488		276,006
ICx Technologies, Inc.*	600		4,380
IPG Photonics Corp.*	1,600		24,368
Itron, Inc.*	2,300		142,186
Maxwell Technologies, Inc.*	1,500		17,100
MTS Systems Corp.	500		14,500

See Notes to Portfolio of Investments.

53

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Multi-Fineline Electronix, Inc.*	1,300	$	32,448
National Instruments Corp.	3,500		111,230
OSI Systems, Inc.*	1,000		27,770
Park Electrochemical Corp.	1,300		31,733
Plexus Corp.*	1,118		29,895
Power-One, Inc.*	400		2,700
RadiSys Corp.*	2,432		23,153
Rofin-Sinar Technologies, Inc.*	1,083		22,548
Trimble Navigation Ltd.*	7,600		212,800
Tyco Electronics Ltd.	177,980		4,517,132
Universal Display Corp.*	2,300		41,354
			9,509,824
Internet Software & Services (3.1%)
Akamai Technologies, Inc.*	10,919		442,984
Art Technology Group, Inc.*	10,500		35,910
Baidu, Inc. (ADR)*	105,531		7,184,550
comScore, Inc.*	1,500		24,705
Constant Contact, Inc.*	2,900		61,857
DealerTrack Holdings, Inc.*	4,700		77,315
Dice Holdings, Inc.*	1,300		8,996
Digital River, Inc.*	3,675		87,869
DivX, Inc.*	2,200		16,852
eBay, Inc.*	26,536		520,371
Equinix, Inc.*	15,975		1,297,489
Google, Inc., Class A*	33,068		14,713,607
GSI Commerce, Inc.*	33,800		973,440
IAC/InterActiveCorp*	5,007		110,004
InfoSpace, Inc.*	1,600		12,032
Internet Brands, Inc., Class A*	800		8,264
Internet Capital Group, Inc.*	1,900		14,440
j2 Global Communications, Inc.*	4,900		107,016
Keynote Systems, Inc.	200		1,804
Knot, Inc.*	2,300		17,894
Limelight Networks, Inc.*	1,300		5,707
Liquidity Services, Inc.*	1,200		15,552
LivePerson, Inc.*	5,500		37,730
LoopNet, Inc.*	2,400		29,592
MercadoLibre, Inc.*	29,300		1,539,715
Move, Inc.*	841,870		1,725,833
NIC, Inc.	6,200		39,742
Rackspace Hosting, Inc.*	283,200		5,193,888
SAVVIS, Inc.*	4,400		64,900
Stamps.com, Inc.*	1,100		11,275
support.com, Inc.*	2,600		10,816
Terremark Worldwide, Inc.*	4,300		33,583
ValueClick, Inc.*	10,100		107,969
VeriSign, Inc.*	11,600		307,980
VistaPrint N.V.*	2,700		128,223
Vocus, Inc.*	1,300		19,864
WebMD Health Corp.*	3,300		153,219
Yahoo!, Inc.*	35,590		492,210
Zix Corp.*	9,600		21,696
			35,656,893
IT Services (2.0%)
Accenture plc, Class A	37,200		1,437,780
Acxiom Corp.*	5,056		74,273
Alliance Data Systems Corp.*	3,380		201,178
Amdocs Ltd.*	3,325		89,276
Automatic Data Processing, Inc.	31,794		1,280,026

	Number of Shares	Value (Note 1)
Broadridge Financial Solutions, Inc.	10,269	$	195,624
CACI International, Inc., Class A*	500		21,240
Cass Information Systems, Inc.	500		17,125
Cognizant Technology Solutions Corp., Class A*	18,564		929,314
CSG Systems International, Inc.*	1,500		27,495
ExlService Holdings, Inc.*	1,200		20,604
Fiserv, Inc.*	6,157		281,129
Forrester Research, Inc.*	1,300		39,338
Global Cash Access Holdings, Inc.*	2,000		14,420
Global Payments, Inc.	5,100		186,354
Hackett Group, Inc.*	3,300		9,273
Heartland Payment Systems, Inc.	4,700		69,748
Hewitt Associates, Inc., Class A*	5,259		181,225
iGATE Corp.	1,800		23,076
Integral Systems, Inc.*	1,400		8,890
International Business Machines Corp.	78,005		9,632,057
Lender Processing Services, Inc.	6,037		189,018
Lionbridge Technologies, Inc.*	9,400		42,958
ManTech International Corp., Class A*	2,100		89,397
Mastercard, Inc., Class A	5,908		1,178,823
MAXIMUS, Inc.	1,465		84,780
MoneyGram International, Inc.*	10,300		25,235
NCI, Inc., Class A*	500		11,290
Online Resources Corp.*	2,300		9,545
Paychex, Inc.	152,822		3,968,787
RightNow Technologies, Inc.*	2,300		36,087
SAIC, Inc.*	18,536		310,293
Sapient Corp.	10,200		103,428
SRA International, Inc., Class A*	1,600		31,472
Syntel, Inc.	1,600		54,320
TeleTech Holdings, Inc.*	3,000		38,670
TNS, Inc.*	3,200		55,808
Virtusa Corp.*	500		4,665
Visa, Inc., Class A	28,462		2,013,687
Western Union Co.	44,459		662,884
			23,650,592
Semiconductors & Semiconductor Equipment (2.7%)
Actel Corp.*	100		1,282
Advanced Analogic Technologies, Inc.*	3,700		11,803
Advanced Energy Industries, Inc.*	2,654		32,618
Advanced Micro Devices, Inc.*	18,681		136,745
Altera Corp.	18,574		460,821
Amkor Technology, Inc.*	13,437		74,038
ANADIGICS, Inc.*	5,100		22,236
Analog Devices, Inc.	18,499		515,382
Applied Materials, Inc.	81,700		982,034
Applied Micro Circuits Corp.*	6,142		64,368
Atheros Communications, Inc.*	4,278		117,816
Atmel Corp.*	25,100		120,480
ATMI, Inc.*	782		11,448
Avago Technologies Ltd.*	6,500		136,890
Broadcom Corp., Class A	238,251		7,855,135

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Cabot Microelectronics Corp.*	212	$	7,333
Cavium Networks, Inc.*	4,400		115,236
CEVA, Inc.*	1,200		15,120
Cree, Inc.*	61,130		3,669,634
Cypress Semiconductor Corp.*	10,000		100,400
Diodes, Inc.*	3,900		61,893
DSP Group, Inc.*	24,930		159,303
Energy Conversion Devices, Inc.*	3,700		15,170
Entropic Communications, Inc.*	700		4,438
Exar Corp.*	300		2,079
FEI Co.*	4,106		80,929
First Solar, Inc.*	3,267		371,883
GT Solar International, Inc.*	1,700		9,520
Integrated Device Technology, Inc.*	2,978		14,741
Intel Corp.	341,963		6,651,180
Intersil Corp., Class A	7,372		89,275
IXYS Corp.*	1,500		13,260
Kopin Corp.*	6,811		23,089
Kulicke & Soffa Industries, Inc.*	8,700		61,074
Lam Research Corp.*	8,059		306,726
Lattice Semiconductor Corp.*	4,700		20,398
Linear Technology Corp.	14,142		393,289
Marvell Technology Group Ltd.*	32,900		518,504
Maxim Integrated Products, Inc.	16,186		270,792
Micrel, Inc.	427		4,347
Microchip Technology, Inc.	10,581		293,517
Microtune, Inc.*	4,400		9,372
MIPS Technologies, Inc.*	6,400		32,704
Monolithic Power Systems, Inc.*	4,055		72,422
National Semiconductor Corp.	14,600		196,516
Netlogic Microsystems, Inc.*	74,506		2,026,563
Novellus Systems, Inc.*	5,200		131,872
NVE Corp.*	400		17,412
NVIDIA Corp.*	34,660		353,879
ON Semiconductor Corp.*	26,665		170,123
PLX Technology, Inc.*	2,200		9,218
Power Integrations, Inc.	2,800		90,146
Rambus, Inc.*	6,600		115,632
Rubicon Technology, Inc.*	1,100		32,769
Rudolph Technologies, Inc.*	300		2,265
Sigma Designs, Inc.*	1,800		18,018
Silicon Laboratories, Inc.*	33,461		1,357,178
Skyworks Solutions, Inc.*	11,194		187,947
Standard Microsystems Corp.*	26,400		614,592
Supertex, Inc.*	900		22,194
Teradyne, Inc.*	18,500		180,375
Tessera Technologies, Inc.*	5,600		89,880
Texas Instruments, Inc.	33,707		784,699
Trident Microsystems, Inc.*	2,000		2,840
TriQuint Semiconductor, Inc.*	7,870		48,086
Ultratech, Inc.*	1,900		30,913
Varian Semiconductor Equipment Associates, Inc.*	4,600		131,836
Veeco Instruments, Inc.*	2,300		78,844
Volterra Semiconductor Corp.*	2,100		48,426
Xilinx, Inc.	17,400		439,524
Zoran Corp.*	3,685		35,155
			31,147,626

	Number of Shares	Value (Note 1)
Software (3.9%)
ACI Worldwide, Inc.*	4,400	$	85,668
Activision Blizzard, Inc.	9,794		102,739
Actuate Corp.*	4,900		21,805
Adobe Systems, Inc.*	33,228		878,216
Advent Software, Inc.*	1,400		65,744
American Software, Inc., Class A	1,200		5,544
ANSYS, Inc.*	5,541		224,798
ArcSight, Inc.*	1,794		40,168
Autodesk, Inc.*	200,211		4,877,140
Blackbaud, Inc.	5,000		108,850
BMC Software, Inc.*	11,712		405,587
Bottomline Technologies, Inc.*	2,617		34,100
CA, Inc.	19,283		354,807
Citrix Systems, Inc.*	11,432		482,773
CommVault Systems, Inc.*	5,000		112,500
Deltek, Inc.*	1,306		10,892
DemandTec, Inc.*	1,700		11,475
Ebix, Inc.*	1,500		23,520
Electronic Arts, Inc.*	20,511		295,358
EPIQ Systems, Inc.*	3,002		38,816
FactSet Research Systems, Inc.	2,600		174,174
FalconStor Software, Inc.*	3,100		8,184
Informatica Corp.*	5,600		133,728
Interactive Intelligence, Inc.*	1,100		18,073
Intuit, Inc.*	17,067		593,420
Jack Henry & Associates, Inc.	9,701		231,660
JDA Software Group, Inc.*	2,324		51,082
Kenexa Corp.*	2,900		34,800
Lawson Software, Inc.*	4,734		34,558
Manhattan Associates, Inc.*	2,000		55,100
McAfee, Inc.*	9,842		302,346
Mentor Graphics Corp.*	500		4,425
MICROS Systems, Inc.*	5,100		162,537
Microsoft Corp.#	580,806		13,364,346
MicroStrategy, Inc., Class A*	1,100		82,599
NetScout Systems, Inc.*	2,000		28,440
NetSuite, Inc.*	2,200		27,808
Nuance Communications, Inc.*	322,612		4,823,049
Opnet Technologies, Inc.	1,000		14,690
Oracle Corp.	231,597		4,970,072
Parametric Technology Corp.*	13,400		209,978
Pegasystems, Inc.	1,900		61,009
PROS Holdings, Inc.*	1,000		6,500
QAD, Inc.*	1,016		4,196
Radiant Systems, Inc.*	2,200		31,812
Red Hat, Inc.*	178,225		5,157,831
Renaissance Learning, Inc.	800		11,752
Rosetta Stone, Inc.*	689		15,819
Rovi Corp.*	6,211		235,459
Salesforce.com, Inc.*	26,146		2,243,850
Smith Micro Software, Inc.*	2,100		19,971
SolarWinds, Inc.*	1,326		21,269
Solera Holdings, Inc.	4,445		160,909
SonicWALL, Inc.*	500		5,875
Sourcefire, Inc.*	2,800		53,200
SuccessFactors, Inc.*	52,200		1,085,238
Sybase, Inc.*	5,260		340,112
Symantec Corp.*	7,630		105,904
Symyx Technologies, Inc.*	1,400		7,014

See Notes to Portfolio of Investments.

55

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Synchronoss Technologies, Inc.*	1,700	$	32,249
Synopsys, Inc.*	5,061		105,623
Take-Two Interactive Software, Inc.*	890		8,010
Taleo Corp., Class A*	3,700		89,873
TeleCommunication Systems, Inc., Class A*	2,700		11,178
THQ, Inc.*	3,700		15,984
TIBCO Software, Inc.*	6,047		72,927
Tyler Technologies, Inc.*	3,100		48,112
Unica Corp.*	1,100		10,538
VASCO Data Security International, Inc.*	2,200		13,574
VMware, Inc., Class A*	22,085		1,382,300
Websense, Inc.*	5,300		100,170
			44,963,827
Total Information Technology			252,558,813
Materials (4.2%)
Chemicals (2.5%)
Air Products & Chemicals, Inc.	26,624		1,725,501
Airgas, Inc.	5,100		317,220
Albemarle Corp.	5,549		220,351
Arch Chemicals, Inc.	700		21,518
Ashland, Inc.	500		23,210
Balchem Corp.	2,250		56,250
Calgon Carbon Corp.*	6,600		87,384
Celanese Corp., Class A	9,924		247,207
CF Industries Holdings, Inc.	3,076		195,172
Dow Chemical Co.	342,632		8,127,231
E.I. du Pont de Nemours & Co.	18,958		655,757
Ecolab, Inc.	15,008		674,009
FMC Corp.	3,916		224,896
Hawkins, Inc.	891		21,455
International Flavors & Fragrances, Inc.	4,700		199,374
Koppers Holdings, Inc.	1,245		27,988
Landec Corp.*	1,900		11,191
LSB Industries, Inc.*	2,300		30,613
Lubrizol Corp.	3,773		303,010
Monsanto Co.	147,895		6,835,707
Mosaic Co.	10,068		392,451
Nalco Holding Co.	170,145		3,481,167
NewMarket Corp.	1,221		106,618
NL Industries, Inc.	300		1,830
Omnova Solutions, Inc.*	5,500		42,955
Potash Corp. of Saskatchewan, Inc.	24,238		2,090,285
PPG Industries, Inc.	1,700		102,697
Praxair, Inc.	19,456		1,478,461
Scotts Miracle-Gro Co., Class A	5,195		230,710
Sherwin-Williams Co.	3,473		240,297
Sigma-Aldrich Corp.	7,711		384,239
Stepan Co.	673		46,053
W.R. Grace & Co.*	1,801		37,893
Zep, Inc.	1,700		29,648
			28,670,348

	Number of Shares	Value (Note 1)
Construction Materials (0.0%)
Eagle Materials, Inc.	5,074	$	131,569
Martin Marietta Materials, Inc.	2,800		237,468
United States Lime & Minerals, Inc.*	100		3,852
			372,889
Containers & Packaging (0.1%)
AEP Industries, Inc.*	400		9,552
Ball Corp.	3,866		204,241
Crown Holdings, Inc.*	10,100		252,904
Owens-Illinois, Inc.*	3,747		99,108
Pactiv Corp.*	6,844		190,605
Silgan Holdings, Inc.	3,400		96,492
			852,902
Metals & Mining (1.6%)
Agnico-Eagle Mines Ltd.	18,700		1,136,586
Alcoa, Inc.	9,658		97,160
Allegheny Technologies, Inc.	6,000		265,140
Allied Nevada Gold Corp.*	3,200		62,976
AMCOL International Corp.	700		16,450
Barrick Gold Corp.	36,800		1,671,088
BHP Billiton plc (ADR)	116,270		5,980,929
Cliffs Natural Resources, Inc.	8,264		389,730
Compass Minerals International, Inc.	2,000		140,560
Freeport-McMoRan Copper & Gold, Inc.	67,368		3,983,470
Gerdau Ameristeel Corp.*	10,300		112,270
Newmont Mining Corp.	30,373		1,875,229
Nucor Corp.	44,500		1,703,460
Royal Gold, Inc.	978		46,944
Southern Copper Corp.	10,254		272,141
Stillwater Mining Co.*	900		10,458
United States Steel Corp.	2,500		96,375
Walter Energy, Inc.	3,400		206,890
			18,067,856
Paper & Forest Products (0.0%)
Clearwater Paper Corp.*	300		16,428
Deltic Timber Corp.	900		37,620
International Paper Co.	20,700		468,441
Wausau Paper Corp.*	2,500		16,925
			539,414
Total Materials			48,503,409
Telecommunication Services (0.3%)
Diversified Telecommunication Services (0.1%)
AboveNet, Inc.*	1,150		54,257
Alaska Communications Systems Group, Inc.	4,318		36,660
Cogent Communications Group, Inc.*	5,500		41,690
Consolidated Communications Holdings, Inc.	700		11,907
Global Crossing Ltd.*	3,200		33,824
Neutral Tandem, Inc.*	4,119		46,339
PAETEC Holding Corp.*	15,900		54,219

See Notes to Portfolio of Investments.

56

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
tw telecom, Inc.*	9,503	$	158,510
Windstream Corp.	21,341		225,361
			662,767
Wireless Telecommunication Services (0.2%)
American Tower Corp., Class A*	25,188		1,120,866
Crown Castle International Corp.*	17,617		656,409
MetroPCS Communications, Inc.*	12,722		104,193
NII Holdings, Inc.*	8,000		260,160
NTELOS Holdings Corp.	3,800		65,360
SBA Communications Corp., Class A*	7,400		251,674
USA Mobility, Inc.	2,066		26,693
			2,485,355
Total Telecommunication Services			3,148,122
Utilities (0.2%)
Electric Utilities (0.1%)
ITC Holdings Corp.	18,520		979,893
Gas Utilities (0.0%)
EQT Corp.	9,084		328,296
Independent Power Producers & Energy Traders (0.1%)
Calpine Corp.*	117,026		1,488,571
Total Utilities			2,796,760
Total Common Stocks (80.3%) (Cost $934,375,109)			935,215,665

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (2.1%)
Federal Home Loan Bank 0.00%, 7/1/10 (o)(p)	$	4,500,000	$	4,500,000
U.S. Treasury Bills 0.17%, 11/4/10 #(p)		20,032,000		20,019,941
Total Government Securities				24,519,941
Time Deposit (17.6%)
JPMorgan Chase Nassau 0.000%, 7/1/10		204,447,542		204,447,542
Total Short-Term Investments (19.7%)
(Cost/Amortized Cost $228,965,404)				228,967,483
Total Investments (100.0%) (Cost/Amortized Cost $1,163,340,513)				1,164,183,148
Other Assets Less Liabilities (0.0%)				77,577
Net Assets (100%)			$	1,164,260,725

* Non-income producing.

# All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $20,618,201.

(b) Illiquid Security.

(o) Discount Note Security. Effective rate calculated as of June 30, 2010.

(p) Yield to maturity.

Glossary:

ADR— American Depositary Receipt

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index	1,804	September-10	$	67,127,746	$	62,707,040	$	(4,420,706	)
S&P 500 E-Mini Index	2,843	September-10		154,345,045		145,931,190		(8,413,855	)
S&P MidCap 400 E-Mini Index	147	September-10		11,228,233		10,437,000		(791,233	)
							$	(13,625,794	)

The following is a summary of the inputs used to value the Portfolio's assets and liabilities carried at fair value as of June 30, 2010:

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

See Notes to Portfolio of Investments.

57

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	141,391,676		$	—	$	—	$	141,391,676
Consumer Staples		67,995,828			—		—		67,995,828
Energy		72,076,340			—		—		72,076,340
Financials		66,196,418			—		3,150,000		69,346,418
Health Care		159,678,639			—		—		159,678,639
Industrials		117,719,660			—		—		117,719,660
Information Technology		252,558,813			—		—		252,558,813
Materials		48,503,409			—		—		48,503,409
Telecommunication Services		3,148,122			—		—		3,148,122
Utilities		2,796,760			—		—		2,796,760
Short-Term Investments		—			228,967,483		—		228,967,483
Total Assets	$	932,065,665		$	228,967,483	$	3,150,000	$	1,164,183,148
Liabilities:
Futures	$	(13,625,794	)	$	—	$	—	$	(13,625,794	)
Total Liabilities	$	(13,625,794	)	$	—	$	—	$	(13,625,794	)
Total	$	918,439,871		$	228,967,483	$	3,150,000	$	1,150,557,354

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

	Investments in Securities-Financials
Balance as of 12/31/09	$	2,700,030
Total gains or losses (realized/unrealized) included in earnings		449,991
Purchases, sales, issuances, and settlements (net)		(21	)
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	3,150,000
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	450,000

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:

Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	—
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(13,625,794	)*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(13,625,794	)

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:

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		—		(16,039,020	)		—		—		(16,039,020	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(16,039,020	)	$	—	$	—	$	(16,039,020	)

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(13,666,504	)		—		—		(13,666,504	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(13,666,504	)	$	—	$	—	$	(13,666,504	)

The Portfolio held futures contracts with an average notional balance of approximately $55,325,000 during the six months ended June 30, 2010.

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

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	263,055,449
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	569,694,261

As of June 30, 2010, 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	$	87,527,863
Aggregate gross unrealized depreciation		(118,695,409	)
Net unrealized depreciation	$	(31,167,546	)
Federal income tax cost of investments	$	1,195,350,694

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

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

See Notes to Portfolio of Investments.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value (Cost $1,163,340,513)	$	1,164,183,148
Cash		217,547
Foreign cash (Cost $4,466)		4,382
Receivable for securities sold		16,418,653
Dividends, interest and other receivables		844,045
Receivable from Separate Accounts for Trust shares sold		92,164
Other assets		9,158
Total assets		1,181,769,097
LIABILITIES
Payable for securities purchased		13,764,570
Variation margin payable on futures contracts		2,209,665
Investment management fees payable		589,345
Payable to Separate Accounts for Trust shares redeemed		454,540
Administrative fees payable		168,350
Distribution fees payable - Class B		79,855
Trustees’ fees payable		42,767
Accrued expenses		199,280
Total liabilities		17,508,372
NET ASSETS	$	1,164,260,725
Net assets were comprised of:
Paid in capital	$	2,467,931,627
Accumulated undistributed net investment income (loss)		8,434,532
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(1,299,322,872	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(12,782,562	)
Net assets	$	1,164,260,725
Class A
Net asset value, offering and redemption price per share, $798,397,811 / 37,266,481 shares outstanding (unlimited amount authorized: $0.001 par value)	$	21.42
Class B
Net asset value, offering and redemption price per share, $365,862,914 / 17,394,106 shares outstanding (unlimited amount authorized: $0.001 par value)	$	21.03

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends (net of $10,233 foreign withholding tax)	$	8,064,529
Interest		24,776
Securities lending (net)		100,383
Total income		8,189,688
EXPENSES
Investment management fees		3,793,974
Administrative fees		1,080,702
Distribution fees - Class B		520,360
Custodian fees		85,383
Printing and mailing expenses		79,471
Professional fees		44,990
Trustees’ fees		11,145
Miscellaneous		11,674
Gross expenses		5,627,699
Less: Fees paid indirectly		(83,918	)
Net expenses		5,543,781
NET INVESTMENT INCOME (LOSS)		2,645,907
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		86,154,522
Foreign currency transactions		2,314
Futures		(16,039,020	)
Net realized gain (loss)		70,117,816
Change in unrealized appreciation (depreciation) on:
Securities		(164,199,461	)
Foreign currency translations		(9,957	)
Futures		(13,666,504	)
Net change in unrealized appreciation (depreciation)		(177,875,922	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(107,758,106	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(105,112,199	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,645,907		$	8,894,534
Net realized gain (loss) on investments, futures and foreign currency transactions		70,117,816			(147,734,217	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(177,875,922	)		441,427,369
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(105,112,199	)		302,587,686
DIVIDENDS:
Dividends from net investment income
Class A		—			(3,019,256	)
Class B		—			(373,122	)
TOTAL DIVIDENDS		—			(3,392,378	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 406,664 and 991,090 shares, respectively ]		9,745,806			18,808,002
Capital shares issued in connection with merger (Note 8)[ 0 and 2,497,130 shares, respectively ]		—			55,141,362
Capital shares issued in reinvestment of dividends [ 0 and 131,678 shares, respectively ]		—			3,019,256
Capital shares repurchased [ (2,258,736) and (5,019,566) shares, respectively ]		(53,515,492	)		(96,428,678	)
Total Class A transactions		(43,769,686	)		(19,460,058	)
Class B
Capital shares sold [ 663,249 and 1,188,359 shares, respectively ]		15,397,658			23,460,870
Capital shares issued in connection with merger (Note 8)[ 0 and 13,092,839 shares, respectively ]		—			283,699,895
Capital shares issued in reinvestment of dividends [ 0 and 16,553 shares, respectively ]		—			373,122
Capital shares repurchased [ (2,007,954) and (2,475,629) shares, respectively ]		(46,688,306	)		(48,739,273	)
Total Class B transactions		(31,290,648	)		258,794,614
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(75,060,334	)		239,334,556
TOTAL INCREASE (DECREASE) IN NET ASSETS		(180,172,533	)		538,529,864
NET ASSETS:
Beginning of period		1,344,433,258			805,903,394
End of period (a)	$	1,164,260,725		$	1,344,433,258
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	8,434,532		$	5,788,625

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (p)

FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	23.37		$	17.03		$	32.11		$	28.78		$	27.36		$	25.23
Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.19	(e)		0.08	(e)		0.04	(e)		0.05	(e)		(0.02	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(2.01	)		6.23			(15.09	)		3.32			1.42			2.15
Total from investment operations		(1.95	)		6.42			(15.01	)		3.36			1.47			2.13
Capital contribution from affiliate (†)		—			—			0.06			—			—			—
Less distributions:
Dividends from net investment income		—			(0.08	)		(0.13	)		(0.03	)		(0.05	)		—
Net asset value, end of period	$	21.42		$	23.37		$	17.03		$	32.11		$	28.78		$	27.36
Total return (b)		(8.30	)%		37.69	%		(46.55	)%(n)		11.69	%		5.38	%		8.44	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	798,398		$	914,031		$	690,098		$	2,638,093		$	2,332,898		$	2,122,576
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.77	%		0.67	%		0.77	%		0.72	%		0.78	%		0.73	%
Before fees paid indirectly (a)		0.78	%		0.82	%		0.79	%		0.79	%		0.80	%		0.80	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.48	%		0.96	%		0.31	%		0.14	%		0.20	%		(0.07	)%
Before fees paid indirectly (a)		0.47	%		0.81	%		0.30	%		0.07	%		0.18	%		(0.14	)%
Portfolio turnover rate		22	%		91	%		98	%		87	%		90	%		96	%

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (p)

FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	22.97		$	16.74		$	31.56		$	28.33		$	26.96		$	24.91
Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.16	(e)		0.02	(e)		(0.03	)(e)		(0.01	)(e)		(0.08	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.97	)		6.09			(14.82	)		3.26			1.38			2.13
Total from investment operations		(1.94	)		6.25			(14.80	)		3.23			1.37			2.05
Capital contribution from affiliate (†)		—			—			0.07			—			—			—
Less distributions:
Dividends from net investment income		—			(0.02	)		(0.09	)		—			—			—
Net asset value, end of period	$	21.03		$	22.97		$	16.74		$	31.56		$	28.33		$	26.96
Total return (b)		(8.41	)%		37.34	%		(46.68	)%(o)		11.40	%		5.08	%		8.23	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	365,863		$	430,402		$	115,805		$	244,593		$	261,648		$	267,802
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.02	%		0.92	%		1.02	%		0.97	%		1.03	%		0.98	%
Before fees paid indirectly (a)		1.03	%		1.07	%(c)		1.04	%		1.04	%		1.05	%		1.05	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.23	%		0.79	%		0.08	%		(0.10	)%		(0.05	)%		(0.32	)%
Before fees paid indirectly (a)		0.22	%		0.65	%		0.06	%		(0.18	)%		(0.07	)%		(0.39	)%
Portfolio turnover rate		22	%		91	%		98	%		87	%		90	%		96	%

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

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

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

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

(e) Net investment income are 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.

See Notes to Financial Statements.

64

MULTIMANAGER CORE BOND PORTFOLIO (Unaudited)

Distribution of Assets by Sector As of 6/30/2010	% of Net Assets
Government Securities	66.0	%
Corporate Bonds	32.4
Asset-Backed and Mortgage-Backed Securities	7.3
Convertible Preferred Stocks	0.1
Options Purchased	0.0	#
Cash and Other	(5.8	)
Total	100.0	%
#   Less than 0.05%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class A
Actual	$1,000.00	$1,052.10	$3.51
Hypothetical (5% average return before expenses)	1,000.00	1,021.37	3.46
Class B
Actual	1,000.00	1,050.70	4.78
Hypothetical (5% average return before expenses)	1,000.00	1,020.13	4.71
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.69% and 0.94%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (7.3%)
Asset-Backed Securities (2.4%)
Aegis Asset Backed Securities Trust,
Series 2006-1 A1 0.427%, 1/25/37(l)	$	131,568	$	130,365
AEP Texas Central Transition Funding LLC,
Series 2002-1 A5 6.250%, 1/15/17		150,000		176,192
American Money Management Corp.,
Series 2006-6A A1A 0.722%, 5/3/18(l)§†(b)		2,500,000		2,354,782
Ameriquest Mortgage Securities, Inc.,
Series 2004-R11 A1 0.650%, 11/25/34(l)		708,205		543,623
Bank of America Auto Trust,
Series 2009-2A A2 1.160%, 2/15/12§		2,854,574		2,857,318
Series 2009-2A A3 2.130%, 9/15/13§		4,500,000		4,559,576
Bank of America Credit Card Trust,
Series 2008-A5 A5 1.550%, 12/16/13(l)		3,900,000		3,938,361
BMW Vehicle Owner Trust,
Series 2010-A A3 1.390%, 4/25/14		100,000		100,527
Capital One Multi-Asset Execution Trust,
Series 2005-A7 A7 4.700%, 6/15/15		750,000		802,739
Series 2007-A7 A7 5.750%, 7/15/20		125,000		146,400
Chase Issuance Trust,
Series 2007-A17 A 5.120%, 10/15/14		1,500,000		1,628,363
Series 2009-A2 A2 1.900%, 4/15/14(l)		9,800,000		10,023,389
Series 2009-A7 A7 0.800%, 9/17/12(l)		5,435,000		5,438,213
Citibank Credit Card Issuance Trust,
Series 2003-A10 A10 4.750%, 12/10/15		200,000		219,407
Series 2003-A7 A7 4.150%, 7/7/17		600,000		647,521
Series 2005-A2 A2 4.850%, 3/10/17		125,000		138,875
Series 2005-A9 A9 5.100%, 11/20/17		250,000		281,979
Series 2006-A3 A3 5.300%, 3/15/18		500,000		571,564
Series 2007-A8 A8 5.650%, 9/20/19		325,000		381,829
Series 2008-A1 A1 5.350%, 2/7/20		250,000		290,420
Series 2009-A4 A4 4.900%, 6/23/16		250,000		277,007
Daimler Chrysler Auto Trust,
Series 2006-D A4 4.940%, 2/8/12		1,748,264		1,769,962
Delta Air Lines, Inc.,
Series 01A2 7.111%, 9/18/11		4,000,000		4,165,000

	Principal Amount		Value (Note 1)
EFS Volunteer LLC,
Series 2010-1 A1 1.389%, 10/26/26(l)§†	$	2,000,000	$	1,998,131
Ford Credit Auto Owner Trust,
Series 2007-B A4A 5.240%, 7/15/12		100,000		103,540
Series 2008-A A4 4.370%, 10/15/12		250,000		259,281
Series 2008-C A3 1.770%, 6/15/12(l)		8,598,156		8,637,061
Series 2009-E A2 0.800%, 3/15/12		15,200,000		15,192,557
GSAA Home Equity Trust,
Series 2006-5 2A1 0.417%, 3/25/36(l)		212,441		117,170
Mid-State Trust,
Series 4 A 8.330%, 4/1/30		184,539		184,223
Nissan Auto Receivables Owner Trust,
Series 2009-A A2 2.940%, 7/15/11		973,713		975,935
PG&E Energy Recovery Funding LLC,
Series 2005-1 A5 4.470%, 12/25/14		250,000		267,777
Renaissance Home Equity Loan Trust,
Series 2003-3 A 0.847%, 12/25/33(l)		201,635		157,836
SLM Student Loan Trust,
Series 2005-4 A2 0.396%, 4/26/21(l)		1,248,380		1,241,060
Series 2008-5 A2 1.416%, 10/25/16(l)		4,140,000		4,206,003
Series 2008-5 A3 1.616%, 1/25/18(l)		1,930,000		1,996,913
Series 2008-5 A4 2.016%, 7/25/23(l)		3,250,000		3,474,115
Series 2008-9 A 1.816%, 4/25/23(l)		17,318,474		18,118,764
Series 2010-C A1 1.846%, 12/15/17(l)§(b)		1,670,000		1,670,000
Structured Asset Receivables Trust,
Series 2003-2A CTFS 0.705%, 1/21/11(l)§†(b)		976		976
Wells Fargo Home Equity Trust,
Series 2005-2 AII2 0.587%, 10/25/35(l)		34,490		33,956
				100,078,710
Non-Agency CMO (4.9%)
American Home Mortgage Investment Trust,
Series 2004-3 5A 2.514%, 10/25/34(l)		281,136		234,677
Arkle Master Issuer plc,
Series 2010-1A 2A 1.534%, 5/17/60(l)§		2,490,000		2,475,657
Banc of America Alternative Loan Trust,
Series 2004-5 4A1 5.000%, 6/25/19		265,575		265,628
Banc of America Commercial Mortgage, Inc.,
Series 2001-1 A2 6.503%, 4/15/36		909,757		926,602

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2002-PB2 A4 6.186%, 6/11/35	$	1,574,621	$	1,643,924
Series 2005-1 A4 5.217%, 11/10/42(l)		700,000		721,582
Series 2006-6 A4 5.356%, 10/10/45		250,000		254,156
Series 2007-2 A2 5.634%, 4/10/49(l)		1,000,000		1,020,790
Series 2007-2 A4 5.867%, 4/10/49(l)		1,500,000		1,455,851
Series 2007-3 A4 5.837%, 6/10/49(l)		4,380,000		4,311,174
Banc of America Funding Corp.,
Series 2006-A 1A1 4.361%, 2/20/36(l)		1,348,936		1,264,929
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2007-4 22A1 5.898%, 6/25/47(l)		613,154		456,856
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 2000-WF2 A2 7.320%, 10/15/32(l)		99,027		98,948
Series 2003-T12 A4 4.680%, 8/13/39(l)		1,825,000		1,916,687
Series 2004-T16 A6 4.750%, 2/13/46(l)		1,340,000		1,369,708
Series 2005-PWR7 A3 5.116%, 2/11/41(l)		600,000		645,109
Series 2006-PW14 A4 5.201%, 12/11/38		400,000		411,232
Series 2006-T24 A4 5.537%, 10/12/41		825,000		848,148
Series 2007-PW16 A4 5.907%, 6/11/40(l)		1,000,000		1,017,565
Chase Commercial Mortgage Securities Corp.,
Series 2000-3 A2 7.319%, 10/15/32		260,248		260,986
Citigroup Commercial Mortgage Trust, Inc.,
Series 2007-C6 A4 5.888%, 12/10/49(l)		500,000		505,161
Series 2008-C7 A4 6.297%, 12/10/49(l)		2,259,313		2,346,530
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-AR1 1A1 2.810%, 10/25/35(l)		6,187,598		4,831,717
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2007-CD4 A2B 5.205%, 12/11/49		300,000		308,686
Citimortgage Alternative Loan Trust,
Series 2007-A8 A1 6.000%, 10/25/37		2,268,038		1,746,054
Commercial Mortgage Pass Through Certificates,
Series 2005-LP5 A4 4.982%, 5/10/43(l)		1,400,000		1,461,872
Countrywide Alternative Loan Trust,
Series 2003-J3 2A1 6.250%, 12/25/33		123,770		126,251
Series 2006-OA21 A1 0.538%, 3/20/47(l)		1,101,955		559,967
Series 2006-OA22 A1 0.507%, 2/25/47(l)		427,785		247,981

	Principal Amount		Value (Note 1)
Series 2006-OA6 1A2 0.557%, 7/25/46(l)	$	259,556	$	137,003
Series 2007-OH1 A1D 0.557%, 4/25/47(l)		422,608		213,173
Countrywide Home Loan Mortgage Pass Through Trust,
Series 2006-OA5 2A1 0.547%, 4/25/46(l)		453,725		227,654
Credit Suisse Commercial Mortgage Trust,
Series 2007-C3 A2 5.912%, 6/15/39(l)		4,100,000		4,196,029
Credit Suisse Mortgage Capital Certificates,
Series 2006-8 3A1 6.000%, 10/25/21		473,450		368,625
Series 2006-C4 A3 5.467%, 9/15/39		1,000,000		1,010,072
Series 2006-C5 A3 5.311%, 12/15/39		3,000,000		2,871,405
Series 2010-RR1 2A 5.695%, 9/17/40(l)§		4,800,000		4,715,013
Series 2010-RR1 3A 5.837%, 6/10/49(l)§		4,800,000		4,940,503
CS First Boston Mortgage Securities Corp.,
Series 2001-CK6 A3 6.387%, 8/15/36		439,409		455,953
Series 2002-CKS4 A2 5.183%, 11/15/36		1,525,000		1,600,439
Series 2002-CP3 A3 5.603%, 7/15/35		2,160,000		2,269,826
Series 2002-CP5 A2 4.940%, 12/15/35		2,065,000		2,162,265
Series 2003-C3 A5 3.936%, 5/15/38		2,220,000		2,281,138
Series 2004-C2 A1 3.819%, 5/15/36		372,274		375,448
Series 2004-C4 A6 4.691%, 10/15/39		600,000		608,772
Series 2004-C5 A4 4.829%, 11/15/37		1,000,000		1,028,217
CW Capital Cobalt Ltd.,
Series 2007-C3 A4 6.015%, 5/15/46(l)		567,500		545,458
Deutsche Bank AG,
Series 2006-OA1 A1 0.547%, 2/25/47(l)		238,132		128,568
DLJ Commercial Mortgage Corp.,
Series 2000-CKP1 A1B 7.180%, 11/10/33		225,054		224,977
EMF-NL B.V.,
Series 2008-1X A1 1.544%, 10/17/39(l)(m)		834,787		990,229
Series 2008-1X A3 1.894%, 10/17/41(l)(m)		500,000		421,929
Series 2008-2X A2 1.644%, 7/17/41(l)(m)		1,200,000		1,018,967
First Horizon Alternative Mortgage Securities Trust,
Series 2006-FA2 1A5 6.000%, 5/25/36		1,268,240		926,332
First Republic Mortgage Loan Trust,
Series 2001-FRB1 A 0.700%, 11/15/31(l)		487,765		403,181

See Notes to Financial Statements.

67

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
First Union National Bank Commercial Mortgage Trust,
Series 2001-C4 A2 6.223%, 12/12/33	$	1,903,420	$	1,968,794
GE Capital Commercial Mortgage Corp.,
Series 2004-C3 A3 4.865%, 7/10/39(l)		600,000		608,836
Series 2007-C1 A4 5.543%, 12/10/49		1,500,000		1,424,335
GMAC Commercial Mortgage Securities, Inc.,
Series 2000-C3 A2 6.957%, 9/15/35		1,093,464		1,103,429
Series 2002-C3 A2 4.930%, 7/10/39		2,075,000		2,170,624
Series 2004-C3 A5 4.864%, 12/10/41		700,000		709,178
Greenwich Capital Commercial Funding Corp.,
Series 2004-GG1 A4 4.755%, 6/10/36		259,696		261,243
Series 2005-GG3 A4 4.799%, 8/10/42(l)		1,333,000		1,384,523
Series 2006-GG7 A4 6.085%, 7/10/38(l)		1,250,000		1,302,820
Series 2007-GG9 A4 5.444%, 3/10/39		950,000		951,717
GS Mortgage Securities Corp. II,
Series 2001-LIBA A2 6.615%, 2/14/16§		3,000,000		3,100,846
Series 2001-LIBA C 6.733%, 2/14/16§		2,200,000		2,275,534
Series 2004-GG2 A6
5.396%, 8/10/38(l)		1,027,000		1,082,159
Series 2005-GG4 A4 4.761%, 7/10/39		1,000,000		1,014,629
Series 2006-GG6 A4 5.553%, 4/10/38(l)		1,000,000		1,015,109
Series 2006-GG8 A2 5.479%, 11/10/39		750,000		764,472
GSR Mortgage Loan Trust,
Series 2004-9 4A1 2.973%, 8/25/34(l)		1,001,957		940,349
Series 2005-AR4 6A1 5.250%, 7/25/35(l)		4,115,489		3,917,604
Series 2005-AR6 2A1 2.943%, 9/25/35(l)		1,449,798		1,365,844
Series 2006-AR2 2A1 3.308%, 4/25/36(l)		612,560		490,512
Hilton Hotel Pool Trust,
Series 2000-HLTA B 0.848%, 10/3/15(l)§		5,600,000		5,594,629
Series 2000-HLTA C 7.458%, 10/3/15§		3,000,000		3,048,474
Holmes Master Issuer, plc,
Series 2007-2A 3A1 0.383%, 7/15/21(l)		2,850,000		2,808,244
Homebanc Mortgage Trust,
Series 2005-4 A1 0.617%, 10/25/35(l)		684,855		484,397
Impac CMB Trust,
Series 2003-8 2A1 1.247%, 10/25/33(l)		151,237		118,518

	Principal Amount		Value (Note 1)
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2001-C1 A3 5.857%, 10/12/35	$	1,590,819	$	1,642,458
Series 2001-CIB2 A3 6.429%, 4/15/35		388,702		398,933
Series 2001-CIBC A3 6.260%, 3/15/33		1,176,353		1,191,151
Series 2003-CB7 A4 4.879%, 1/12/38(l)		1,000,000		1,050,293
Series 2004-CB8 A1A 4.158%, 1/12/39§		948,072		957,488
Series 2005-LDP1 A3 4.865%, 3/15/46		2,000,000		2,047,582
Series 2005-LDP3 A4B 4.996%, 8/15/42(l)		1,275,000		1,159,887
Series 2006-CB15 A4 5.814%, 6/12/43(l)		785,000		818,477
Series 2006-LDP9 A1S 5.284%, 5/15/47		1,375,718		1,408,566
Series 2007-CB18 A4 5.440%, 6/12/47		1,350,000		1,348,254
Series 2007-LD12 A2 5.827%, 2/15/51		1,000,000		1,036,040
JP Morgan Mortgage Trust,
Series 2006-S2 2A2 5.875%, 7/25/36		199,508		173,457
Series 2007-A1 3A3 3.359%, 7/25/35(l)		961,731		874,170
Series 2007-S1 1A2 5.500%, 3/25/22		201,445		186,588
LB-UBS Commercial Mortgage Trust,
Series 2002-C2 A4 5.594%, 6/15/31		2,089,000		2,191,233
Series 2003-C7 A2 4.064%, 9/15/27(l)		230,784		231,005
Series 2004-C2 A4 4.367%, 3/15/36		1,800,000		1,841,198
Series 2004-C7 A1A 4.475%, 10/15/29		1,896,505		1,925,136
Series 2004-C8 A4 4.510%, 12/15/29		1,300,000		1,325,841
Series 2005-C7 A4 5.197%, 11/15/30(l)		300,000		315,920
Series 2007-C1 A4 5.424%, 2/15/40		4,000,000		3,981,621
Series 2007-C6 A4 5.858%, 7/15/40(l)		1,500,000		1,475,772
Series 2007-C7 A3 5.866%, 9/15/45(l)		3,940,000		3,935,323
MASTR Alternative Loans Trust,
Series 2004-4 1A1 5.500%, 5/25/34		725,512		736,411
Merrill Lynch Mortgage Investors, Inc.,
Series 2003-A1 3A 2.046%, 12/25/32(l)		241,196		231,907
Series 2005-A10 A 0.557%, 2/25/36(l)		1,963,903		1,409,107
Merrill Lynch Mortgage Trust,
Series 2004-KEY2 A4 4.864%, 8/12/39(l)		900,000		926,168

See Notes to Financial Statements.

68

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2007-C1 A4 6.020%, 6/12/50(l)	$	1,000,000	$	1,009,385
Series 2008-C1 A3 5.710%, 2/12/51		300,000		305,168
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2007-5 A4 5.378%, 8/12/48		2,700,000		2,508,393
Series 2007-6 A4 5.485%, 3/12/51(l)		150,000		139,365
Morgan Stanley,
Series 2009-GG10 A4A 5.999%, 8/12/45(l)§		1,800,000		1,886,990
Morgan Stanley Capital I, Inc.,
Series 2004-IQ8 A5 5.110%, 6/15/40(l)		600,000		630,720
Series 2005-HQ5 A4 5.168%, 1/14/42		1,194,000		1,253,163
Series 2005-IQ9 A5 4.700%, 7/15/56		1,875,000		1,916,563
Series 2006-HQ8 A3 5.610%, 3/12/44(l)		667,000		673,609
Series 2007-HQ13 A1 5.357%, 12/15/44		3,348,990		3,392,505
Series 2007-IQ14 A2 5.610%, 4/15/49		1,000,000		1,024,437
Series 2007-IQ15 A4 6.075%, 6/11/49(l)		3,450,000		3,476,885
Series 2007-T25 A3 5.514%, 11/12/49(l)		1,500,000		1,610,584
Series 2007-T27 A4 5.802%, 6/11/42(l)		1,210,000		1,271,713
Morgan Stanley Dean Witter Capital I,
Series 2001-TOP5 A4 6.390%, 10/15/35		591,760		615,948
Series 2002-IQ2 A4 5.740%, 12/15/35		1,687,775		1,758,037
OBP Depositor LLC Trust,
Series 2010-OBP A 4.646%, 7/15/45§(b)		2,600,000		2,599,984
RBSCF Trust,
Series 2010-RR3 CSCA 5.467%, 9/16/39(l)§†		800,000		843,986
Series 2010-RR3 JPMA 5.420%, 1/16/49(l)§†		2,500,000		2,611,806
Residential Accredit Loans, Inc.,
Series 2006-QS2 1A9 5.500%, 2/25/36		1,151,098		722,344
Salomon Brothers Mortgage Securities VII, Inc.,
Series 2001-C2 A3 6.499%, 11/13/36		2,076,292		2,146,898
Sequoia Mortgage Trust,
Series 10 2A1 0.728%, 10/20/27(l)		65,905		54,317
Series 2003-4 2A1 0.698%, 7/20/33(l)		172,874		141,793
Station Place Securitization Trust,
Series 2009-1 A 1.847%, 1/25/40(l)§		2,785,000		2,785,000
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-19XS 1A1 0.667%, 10/25/35(l)		459,972		258,287
Structured Asset Mortgage Investments, Inc.,
Series 2005-AR5 A1 0.598%, 7/19/35(l)		406,277		258,336

	Principal Amount		Value (Note 1)
Series 2005-AR5 A2 0.598%, 7/19/35(l)	$	1,977,421	$	1,557,375
Series 2006-AR3 12A1 0.567%, 5/25/36(l)		1,719,278		894,199
Thornburg Mortgage Securities Trust,
Series 2007-1 A3A 0.447%, 3/25/37(l)		1,186,326		1,130,871
TIAA Seasoned Commercial Mortgage Trust,
Series 2007-C4 A3 6.071%, 8/15/39(l)		985,000		1,051,826
UBS Commercial Mortgage Trust,
Series 2007-FL1 A1 1.250%, 7/15/24(l)§		2,293,709		1,976,050
Wachovia Bank Commercial Mortgage Trust,
Series 2003-C8 A4 4.964%, 11/15/35(l)		2,300,000		2,434,900
Series 2004-C11 A5 5.215%, 1/15/41(l)		975,000		1,023,170
Series 2005-C17 APB 5.037%, 3/15/42		1,467,944		1,533,796
Series 2005-C20 A6A 5.110%, 7/15/42(l)		2,290,000		2,388,514
Series 2005-C22 A4 5.445%, 12/15/44(l)		1,320,000		1,395,733
Series 2007-C31 A2 5.421%, 4/15/47		1,500,000		1,533,101
Series 2007-C33 A4 6.099%, 2/15/51(l)		1,700,000		1,673,493
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR9 1A 1.821%, 8/25/42(l)		91,343		77,664
Series 2003-AR1 A5 2.386%, 3/25/33(l)		824,811		735,736
Series 2005-AR7 A4 4.185%, 8/25/35(l)		676,572		561,642
Series 2007-OA4 1A 1.191%, 5/25/47(l)		522,052		291,539
Wells Fargo Mortgage Backed Securities Trust,
Series 2005-AR12 2A4 2.921%, 7/25/35(l)		571,531		550,293
Series 2006-AR12 2A1 5.991%, 9/25/36(l)		640,983		580,397
				199,868,924
Total Asset-Backed and Mortgage-Backed Securities				299,947,634
Corporate Bonds (32.4%)
Consumer Discretionary (1.2%)
Automobiles (0.1%)
Daimler Finance N.A. LLC
5.750%, 9/8/11		2,350,000		2,447,154
6.500%, 11/15/13		1,319,000		1,476,273
				3,923,427
Hotels, Restaurants & Leisure (0.0%)
International Game Technology
7.500%, 6/15/19		75,000		87,091
5.500%, 6/15/20		100,000		103,162

See Notes to Financial Statements.

69

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Marriott International, Inc.
5.625%, 2/15/13	$	250,000	$	266,347
McDonald’s Corp.
6.300%, 3/1/38		682,000		832,850
Yum! Brands, Inc.
4.250%, 9/15/15		250,000		265,264
5.300%, 9/15/19		150,000		161,280
6.875%, 11/15/37		100,000		114,798
				1,830,792
Household Durables (0.0%)
Fortune Brands, Inc.
3.000%, 6/1/12		250,000		253,012
6.375%, 6/15/14		100,000		111,309
Toll Brothers Finance Corp.
8.910%, 10/15/17		200,000		223,043
6.750%, 11/1/19		125,000		122,536
Whirlpool Corp.
8.000%, 5/1/12		115,000		125,806
8.600%, 5/1/14		50,000		58,951
				894,657
Leisure Equipment & Products (0.0%)
Hasbro, Inc.
6.350%, 3/15/40		110,000		112,063
Media (0.9%)
CBS Corp.
8.875%, 5/15/19		125,000		157,265
5.750%, 4/15/20		35,000		37,566
7.875%, 7/30/30		823,000		952,879
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		489,000		566,246
9.455%, 11/15/22		740,000		1,020,800
Comcast Cable Holdings LLC
7.875%, 8/1/13		39,000		44,784
Comcast Corp.
6.500%, 1/15/15		969,000		1,112,161
5.900%, 3/15/16		1,395,000		1,572,091
6.500%, 1/15/17		1,765,000		2,022,404
5.700%, 5/15/18		300,000		329,774
5.700%, 7/1/19		250,000		274,822
7.050%, 3/15/33		4,000		4,618
6.500%, 11/15/35		370,000		402,377
6.450%, 3/15/37		658,000		711,495
6.950%, 8/15/37		1,045,000		1,188,715
6.550%, 7/1/39		250,000		273,396
6.400%, 3/1/40		425,000		457,435
COX Communications, Inc.
7.125%, 10/1/12		115,000		127,778
4.625%, 6/1/13		600,000		639,748
8.375%, 3/1/39§		1,390,000		1,889,472
CSC Holdings LLC Series B
7.625%, 4/1/11		1,000,000		1,025,000
DIRECTV Holdings LLC
3.550%, 3/15/15		195,000		196,294
5.200%, 3/15/20		130,000		135,487
6.350%, 3/15/40		40,000		42,833
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
7.625%, 5/15/16		414,000		449,708
5.875%, 10/1/19		200,000		218,477

	Principal Amount		Value (Note 1)
Discovery Communications LLC
3.700%, 6/1/15	$	840,000	$	861,205
DISH DBS Corp.
6.375%, 10/1/11		1,450,000		1,497,125
McGraw-Hill Cos., Inc.
6.550%, 11/15/37		200,000		229,198
NBC Universal, Inc.
3.650%, 4/30/15§		100,000		102,260
5.150%, 4/30/20§		1,360,000		1,418,464
6.400%, 4/30/40§		50,000		53,410
News America Holdings, Inc.
9.250%, 2/1/13		957,000		1,126,868
7.750%, 1/20/24		1,543,000		1,875,387
8.500%, 2/23/25		232,000		287,104
8.450%, 8/1/34		73,000		89,169
News America, Inc.
7.125%, 4/8/28		82,000		90,448
6.150%, 3/1/37		666,000		694,590
7.850%, 3/1/39		250,000		308,472
Omnicom Group, Inc.
6.250%, 7/15/19		150,000		170,724
TCI Communications, Inc.
7.875%, 2/15/26		246,000		295,784
7.125%, 2/15/28		108,000		120,337
Thomson Reuters Corp.
5.700%, 10/1/14		1,230,000		1,371,754
4.700%, 10/15/19		150,000		158,741
Time Warner Cable, Inc.
6.200%, 7/1/13		987,000		1,103,900
5.850%, 5/1/17		1,358,000		1,491,017
5.000%, 2/1/20		220,000		224,981
7.300%, 7/1/38		275,000		319,276
6.750%, 6/15/39		250,000		276,181
Time Warner Cos., Inc.
7.570%, 2/1/24		3,000		3,636
Time Warner Entertainment Co. LP
8.375%, 3/15/23		1,450,000		1,859,059
Time Warner, Inc.
5.875%, 11/15/16		668,000		753,040
7.700%, 5/1/32		1,364,000		1,645,030
Turner Broadcasting System, Inc.
8.375%, 7/1/13		65,000		75,967
Viacom, Inc.
4.375%, 9/15/14		100,000		106,287
5.625%, 9/15/19		350,000		383,406
6.875%, 4/30/36		300,000		339,620
Walt Disney Co.
4.500%, 12/15/13		500,000		550,681
5.500%, 3/15/19		500,000		576,262
				36,313,008
Multiline Retail (0.1%)
Kohl’s Corp.
6.250%, 12/15/17		200,000		232,956
Nordstrom, Inc.
6.750%, 6/1/14		100,000		116,207
4.750%, 5/1/20		70,000		72,496
Target Corp.
5.125%, 1/15/13		500,000		545,528
6.000%, 1/15/18		300,000		354,458

See Notes to Financial Statements.

70

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
7.000%, 1/15/38	$	500,000	$	638,726
				1,960,371
Specialty Retail (0.1%)
Home Depot, Inc.
5.400%, 3/1/16		1,000,000		1,113,013
Lowe’s Cos., Inc.
4.625%, 4/15/20		100,000		107,287
5.800%, 10/15/36		655,000		707,940
5.800%, 4/15/40		45,000		49,794
TJX Cos., Inc.
4.200%, 8/15/15		100,000		108,603
6.950%, 4/15/19		145,000		180,025
				2,266,662
Total Consumer Discretionary				47,300,980
Consumer Staples (1.3%)
Beverages (0.4%)
Anheuser-Busch Cos., Inc.
6.450%, 9/1/37		100,000		111,781
Anheuser-Busch InBev Worldwide, Inc.
3.000%, 10/15/12		700,000		718,583
5.375%, 11/15/14§		4,250,000		4,646,606
4.125%, 1/15/15		630,000		659,500
5.375%, 1/15/20		1,190,000		1,282,335
6.375%, 1/15/40		250,000		285,768
Bottling Group LLC
6.950%, 3/15/14		700,000		826,132
Coca-Cola Co.
5.350%, 11/15/17		650,000		743,337
Coca-Cola Enterprises, Inc.
7.375%, 3/3/14		500,000		595,982
6.750%, 9/15/28		660,000		809,453
Diageo Finance B.V.
3.250%, 1/15/15		200,000		205,711
5.300%, 10/28/15		1,288,000		1,441,461
Dr. Pepper Snapple Group, Inc.
1.700%, 12/21/11		100,000		100,556
2.350%, 12/21/12		100,000		101,158
6.820%, 5/1/18		250,000		298,165
PepsiAmericas, Inc.
4.375%, 2/15/14		250,000		272,708
PepsiCo, Inc.
3.750%, 3/1/14		100,000		106,608
7.900%, 11/1/18		500,000		646,479
4.500%, 1/15/20		200,000		213,226
5.500%, 1/15/40		100,000		109,552
				14,175,101
Food & Staples Retailing (0.3%)
Costco Wholesale Corp.
5.300%, 3/15/12		200,000		214,358
5.500%, 3/15/17		200,000		230,201
CVS Caremark Corp.
4.875%, 9/15/14		250,000		271,507
3.250%, 5/18/15		100,000		101,576
4.750%, 5/18/20		100,000		102,370
6.250%, 6/1/27		688,000		750,646
6.302%, 6/1/37(l)		200,000		179,000

	Principal Amount		Value (Note 1)
CVS Pass-Through Trust
7.507%, 1/10/32§	$	5,565,256	$	6,336,878
Delhaize Group S.A.
5.875%, 2/1/14		250,000		279,011
Kroger Co.
7.500%, 1/15/14		500,000		584,332
3.900%, 10/1/15		250,000		263,719
6.400%, 8/15/17		250,000		291,000
8.000%, 9/15/29		250,000		322,434
Safeway, Inc.
5.800%, 8/15/12		400,000		434,545
7.250%, 2/1/31		250,000		307,871
Walgreen Co.
4.875%, 8/1/13		200,000		219,938
5.250%, 1/15/19		200,000		226,866
Wal-Mart Stores, Inc.
5.000%, 4/5/12		2,000,000		2,140,344
5.250%, 9/1/35		707,000		744,616
				14,001,212
Food Products (0.4%)
Bunge Ltd. Finance Corp.
8.500%, 6/15/19		85,000		101,505
Campbell Soup Co.
3.375%, 8/15/14		100,000		105,923
4.500%, 2/15/19		540,000		588,199
General Mills, Inc.
5.400%, 6/15/40		65,000		69,115
H.J. Heinz Co.
5.350%, 7/15/13		400,000		439,615
Hershey Co.
4.850%, 8/15/15		640,000		701,306
Kellogg Co.
4.250%, 3/6/13		500,000		535,881
Kraft Foods, Inc.
6.250%, 6/1/12		1,346,000		1,467,114
4.125%, 2/9/16		150,000		158,321
6.500%, 8/11/17		580,000		673,681
6.125%, 2/1/18		1,702,000		1,931,596
5.375%, 2/10/20		3,355,000		3,595,054
7.000%, 8/11/37		170,000		200,304
6.500%, 2/9/40		500,000		559,165
Ralcorp Holdings, Inc.
6.625%, 8/15/39		100,000		109,130
Wrigley Co.
2.450%, 6/28/12§		3,000,000		3,004,860
				14,240,769
Household Products (0.0%)
Clorox Co.
5.450%, 10/15/12		400,000		435,077
3.550%, 11/1/15		100,000		105,528
Kimberly-Clark Corp.
6.625%, 8/1/37		100,000		127,127
Procter & Gamble Co.
1.375%, 8/1/12		175,000		176,744
4.700%, 2/15/19		200,000		219,158
5.550%, 3/5/37		684,000		772,938
				1,836,572

See Notes to Financial Statements.

71

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Personal Products (0.0%)
Avon Products, Inc.
5.625%, 3/1/14	$	200,000	$	223,544
Tobacco (0.2%)
Altria Group, Inc.
8.500%, 11/10/13		1,340,000		1,564,245
9.950%, 11/10/38		500,000		656,882
Lorillard Tobacco Co.
8.125%, 5/1/40		100,000		103,005
Philip Morris International, Inc.
6.875%, 3/17/14		775,000		896,642
5.650%, 5/16/18		1,352,000		1,478,984
4.500%, 3/26/20		1,500,000		1,523,546
Reynolds American, Inc.
6.750%, 6/15/17		400,000		433,355
				6,656,659
Total Consumer Staples				51,133,857
Energy (2.0%)
Energy Equipment & Services (0.0%)
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		105,000		108,826
5.700%, 10/15/39		250,000		225,133
Halliburton Co.
5.500%, 10/15/10		330,000		333,667
6.700%, 9/15/38		300,000		327,919
Rowan Cos., Inc.
7.875%, 8/1/19		130,000		143,219
Transocean, Inc.
6.000%, 3/15/18		273,000		251,256
6.800%, 3/15/38		200,000		180,232
Weatherford International Ltd.
5.500%, 2/15/16		649,000		691,944
9.625%, 3/1/19		250,000		301,048
				2,563,244
Oil, Gas & Consumable Fuels (2.0%)
Alberta Energy Co., Ltd.
8.125%, 9/15/30		628,000		786,002
Anadarko Petroleum Corp.
5.950%, 9/15/16		640,000		550,846
6.450%, 9/15/36		250,000		198,870
7.950%, 6/15/39		300,000		256,159
Apache Corp.
6.000%, 1/15/37		682,000		753,728
Buckeye Partners LP
5.500%, 8/15/19		150,000		155,425
Canadian Natural Resources Ltd.
5.700%, 5/15/17		1,889,000		2,114,329
6.500%, 2/15/37		490,000		547,378
6.250%, 3/15/38		250,000		273,304
Cenovus Energy, Inc.
6.750%, 11/15/39§		1,570,000		1,802,528
Chevron Corp.
3.450%, 3/3/12		500,000		521,112
4.950%, 3/3/19		250,000		274,904
ConocoPhillips
4.400%, 5/15/13		2,602,000		2,803,023
4.600%, 1/15/15		2,041,000		2,229,690

	Principal Amount		Value (Note 1)
5.750%, 2/1/19	$	500,000	$	571,909
7.000%, 3/30/29		329,000		391,819
Devon Financing Corp. ULC
6.875%, 9/30/11		1,362,000		1,454,160
7.875%, 9/30/31		142,000		180,355
Enbridge Energy Partners LP
9.875%, 3/1/19		250,000		328,466
5.200%, 3/15/20		30,000		30,912
Enbridge, Inc.
5.800%, 6/15/14		500,000		557,678
EnCana Corp.
4.750%, 10/15/13		656,000		703,439
6.500%, 5/15/19		2,645,000		3,039,669
EnCana Holdings Finance Corp.
5.800%, 5/1/14		120,000		135,119
Energy Transfer Partners LP
6.000%, 7/1/13		500,000		542,665
9.000%, 4/15/19		500,000		588,012
Enterprise Products Operating LLC
9.750%, 1/31/14		375,000		452,434
5.200%, 9/1/20		250,000		256,753
6.650%, 10/15/34		250,000		264,317
6.125%, 10/15/39		160,000		159,657
EOG Resources, Inc.
5.625%, 6/1/19		125,000		140,552
Gaz Capital S.A.
8.146%, 4/11/18§		1,800,000		1,964,250
Hess Corp.
7.300%, 8/15/31		659,000		777,493
Husky Energy, Inc.
5.900%, 6/15/14		85,000		94,616
7.250%, 12/15/19		50,000		60,425
Kinder Morgan Energy Partners LP
6.750%, 3/15/11		4,430,000		4,585,750
5.000%, 12/15/13		200,000		212,852
5.625%, 2/15/15		65,000		70,168
6.000%, 2/1/17		200,000		217,866
6.850%, 2/15/20		145,000		165,022
5.800%, 3/1/21		10,600,000		11,320,111
7.400%, 3/15/31		200,000		221,265
6.950%, 1/15/38		200,000		212,529
Magellan Midstream Partners LP
6.550%, 7/15/19		150,000		168,458
Marathon Oil Corp.
7.500%, 2/15/19		500,000		599,557
6.600%, 10/1/37		200,000		218,547
Nabors Industries, Inc.
9.250%, 1/15/19		300,000		368,834
Nexen, Inc.
6.200%, 7/30/19		30,000		33,683
5.875%, 3/10/35		672,000		657,465
6.400%, 5/15/37		210,000		218,991
7.500%, 7/30/39		120,000		140,633
Occidental Petroleum Corp.
7.000%, 11/1/13		200,000		233,730
4.125%, 6/1/16		150,000		161,428
ONEOK Partners LP
8.625%, 3/1/19		350,000		431,181
PC Financial Partnership
5.000%, 11/15/14		500,000		539,384

See Notes to Financial Statements.

72

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Pemex Project Funding Master Trust
6.625%, 6/15/35	$	670,000	$	689,133
Petrobras International Finance Co.
5.875%, 3/1/18		125,000		128,648
7.875%, 3/15/19		750,000		858,118
5.750%, 1/20/20		4,180,000		4,209,461
6.875%, 1/20/40		250,000		252,046
Petroleos Mexicanos
4.875%, 3/15/15§		250,000		258,750
8.000%, 5/3/19		500,000		595,000
6.000%, 3/5/20§		120,000		126,000
Plains All American Pipeline LP
8.750%, 5/1/19		100,000		119,365
6.650%, 1/15/37		678,000		677,144
QEP Resources, Inc.
6.800%, 3/1/20		100,000		103,931
Shell International Finance B.V.
1.300%, 9/22/11		500,000		502,999
1.875%, 3/25/13		235,000		236,974
4.000%, 3/21/14		2,668,000		2,821,928
3.100%, 6/28/15		7,400,000		7,514,515
4.375%, 3/25/20		300,000		310,119
6.375%, 12/15/38		500,000		597,352
Spectra Energy Capital LLC
6.200%, 4/15/18		350,000		387,914
8.000%, 10/1/19		100,000		120,276
Statoil ASA
5.250%, 4/15/19		150,000		164,531
Suncor Energy, Inc.
6.850%, 6/1/39		500,000		574,380
Sunoco, Inc.
9.625%, 4/15/15		200,000		237,061
Talisman Energy, Inc.
7.750%, 6/1/19		75,000		92,076
Total Capital S.A.
4.450%, 6/24/20		4,300,000		4,389,212
Trans-Canada PipeLines Ltd.
7.125%, 1/15/19		700,000		850,875
6.200%, 10/15/37		250,000		271,783
7.625%, 1/15/39		500,000		638,759
Transcontinental Gas Pipe Line Corp.
Series B 8.875%, 7/15/12		1,000,000		1,124,662
Valero Energy Corp.
4.500%, 2/1/15		65,000		66,791
6.125%, 2/1/20		65,000		66,794
7.500%, 4/15/32		616,000		645,817
6.625%, 6/15/37		1,730,000		1,684,404
Williams Cos., Inc.
8.750%, 3/15/32		400,000		466,786
XTO Energy, Inc.
6.250%, 4/15/13		500,000		564,382
6.250%, 8/1/17		270,000		321,509
6.500%, 12/15/18		250,000		303,382
6.750%, 8/1/37		1,002,000		1,290,829
6.375%, 6/15/38		220,000		272,211
				81,275,369
Total Energy				83,838,613

	Principal Amount		Value (Note 1)
Financials (21.1%)
Capital Markets (3.1%)
Ameriprise Financial, Inc.
5.300%, 3/15/20	$	820,000	$	856,694
Bank of New York Mellon Corp.
5.125%, 8/27/13		500,000		551,293
4.300%, 5/15/14		145,000		155,735
3.100%, 1/15/15		500,000		513,878
5.450%, 5/15/19		200,000		223,281
Bear Stearns Cos. LLC
6.950%, 8/10/12		13,900,000		15,246,465
5.300%, 10/30/15		829,000		896,042
BlackRock, Inc.
3.500%, 12/10/14		200,000		207,421
5.000%, 12/10/19		300,000		318,861
Charles Schwab Corp.
4.950%, 6/1/14		125,000		135,529
Deutsche Bank AG/London
5.375%, 10/12/12		1,000,000		1,071,607
2.375%, 1/11/13		200,000		201,065
Goldman Sachs Capital I
6.345%, 2/15/34		381,000		341,862
Goldman Sachs Capital II
5.793%, 6/1/43(l)		1,455,000		1,098,525
Goldman Sachs Group, Inc.
1.625%, 7/15/11		1,352,000		1,367,889
5.300%, 2/14/12		5,000,000		5,204,145
2.150%, 3/15/12		250,000		255,964
3.250%, 6/15/12		712,000		745,556
3.625%, 8/1/12		180,000		183,367
5.450%, 11/1/12		2,000,000		2,106,880
5.250%, 10/15/13		1,518,000		1,600,137
6.000%, 5/1/14		75,000		80,600
5.125%, 1/15/15		4,826,000		5,069,399
6.150%, 4/1/18		1,600,000		1,676,027
5.375%, 3/15/20		2,100,000		2,075,044
5.950%, 1/15/27		810,000		764,477
6.125%, 2/15/33		699,000		684,304
6.750%, 10/1/37		700,000		686,239
Jefferies Group, Inc.
8.500%, 7/15/19		300,000		336,978
Lazard Group LLC
7.125%, 5/15/15		200,000		210,640
Lehman Brothers Holdings, Inc.
0.000%, 12/23/10(h)		10,200,000		1,989,000
5.625%, 1/24/13(h)		5,000,000		1,012,500
6.750%, 12/28/17(h)		1,297,000		648
Macquarie Bank Ltd.
3.300%, 7/17/14§		12,900,000		13,523,251
Merrill Lynch & Co., Inc.
0.768%, 6/5/12(l)		1,500,000		1,456,815
6.050%, 8/15/12		700,000		744,272
6.150%, 4/25/13		2,774,000		2,965,795
5.700%, 5/2/17		1,500,000		1,504,533
6.400%, 8/28/17		13,000,000		13,555,529
Morgan Stanley
5.050%, 1/21/11		715,000		725,628
3.250%, 12/1/11		2,700,000		2,797,508
5.625%, 1/9/12		3,335,000		3,470,231
2.250%, 3/13/12		250,000		256,496
6.600%, 4/1/12		485,000		514,704

See Notes to Financial Statements.

73

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
5.300%, 3/1/13	$	2,543,000	$	2,644,486
2.930%, 5/14/13(l)		5,450,000		5,469,495
6.000%, 5/13/14		200,000		211,917
4.200%, 11/20/14		5,250,000		5,184,049
6.000%, 4/28/15		10,300,000		10,764,273
0.783%, 10/15/15(l)		4,800,000		4,284,840
5.375%, 10/15/15		1,000,000		1,012,874
5.550%, 4/27/17		100,000		99,187
5.950%, 12/28/17		2,700,000		2,734,182
7.300%, 5/13/19		200,000		215,084
Nomura Holdings, Inc.
5.000%, 3/4/15		300,000		317,003
6.700%, 3/4/20		203,000		214,762
Northern Trust Corp.
4.625%, 5/1/14		65,000		71,051
Piper Jaffray Cos.
4.633%, 12/31/10(l)(b)§		5,000,000		4,999,952
Raymond James Financial, Inc.
8.600%, 8/15/19		600,000		706,663
				128,312,632
Certificates of Deposit (0.3%)
Deutsche Bank AG
0.604%, 1/19/12		2,000,000		1,985,602
Intesa Sanpaolo S.p.A.
0.804%, 1/19/12		7,100,000		7,096,990
2.375%, 12/21/12		5,000,000		4,957,270
				14,039,862
Commercial Banks (8.5%)
Ally Financial, Inc.
1.750%, 10/30/12		500,000		508,675
2.200%, 12/19/12		500,000		513,751
American Express Bank FSB
3.150%, 12/9/11		750,000		776,671
Banco do Brasil S.A.
4.500%, 1/22/15§		5,350,000		5,403,500
Banco Santander S.A./Chile
1.557%, 4/20/12(l)§		7,800,000		7,795,406
Bank of Montreal
2.125%, 6/28/13		200,000		201,714
Bank of Nova Scotia
2.250%, 1/22/13		260,000		263,623
2.375%, 12/17/13		100,000		101,853
3.400%, 1/22/15		200,000		206,511
Bank of Scotland plc
0.597%, 12/8/10(l)§		8,000,000		7,985,912
5.250%, 2/21/17§		8,200,000		8,604,449
Bank of Tokyo-Mitsubishi UFJ
2.600%, 1/22/13§		1,500,000		1,524,529
Barclays Bank plc
5.450%, 9/12/12		700,000		743,903
5.000%, 9/22/16		500,000		512,874
6.750%, 5/22/19		400,000		444,974
5.125%, 1/8/20		1,000,000		994,705
5.926%, 9/29/49(l)§		1,300,000		1,059,500
BB&T Corp.
3.375%, 9/25/13		400,000		412,539
3.950%, 4/29/16		200,000		205,224
5.250%, 11/1/19		655,000		676,539

	Principal Amount		Value (Note 1)
Canadian Imperial Bank of Commerce
2.000%, 2/4/13§	$	14,700,000	$	14,863,479
Citibank N.A.
1.375%, 8/10/11		500,000		504,790
1.250%, 9/22/11		300,000		302,445
1.875%, 5/7/12		500,000		510,338
Citigroup, Inc.
2.136%, 5/15/18(l)		14,140,000		13,245,390
6.000%, 10/31/33		500,000		447,246
Commonwealth Bank of Australia
1.089%, 3/19/13(l)§		2,800,000		2,798,404
0.714%, 7/12/13(l)§		12,800,000		12,750,579
3.500%, 3/19/15§		2,800,000		2,836,924
Credit Agricole
0.694%, 2/2/12(l)§		1,200,000		1,193,575
Credit Suisse AG
5.400%, 1/14/20		700,000		695,985
Credit Suisse AG/New York
3.450%, 7/2/12		250,000		258,215
5.000%, 5/15/13		1,440,000		1,538,471
5.500%, 5/1/14		300,000		328,002
6.000%, 2/15/18		1,064,000		1,110,247
Dexia Credit Local S.A.
1.188%, 9/23/11(l)§		4,650,000		4,655,929
1.875%, 9/30/11		13,900,000		13,821,965
0.544%, 1/12/12(l)§		1,500,000		1,490,889
2.000%, 3/5/13§		1,870,000		1,868,966
Dexia Credit Local S.A./New York
0.938%, 3/5/13(l)§		10,000,000		10,002,850
Fifth Third Bancorp
8.250%, 3/1/38		1,400,000		1,569,582
Goldman Sachs Group, Inc.
5.700%, 9/1/12		10,000,000		10,558,940
6.000%, 6/15/20		850,000		876,463
HBOS plc
6.750%, 5/21/18§		1,400,000		1,310,400
HSBC Bank USA/New York
5.625%, 8/15/35		500,000		476,341
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/31/49(l)§		550,000		474,093
HSBC Holdings plc
6.500%, 5/2/36		700,000		726,018
6.800%, 6/1/38		500,000		538,841
ICICI Bank Ltd./Bahrain
6.625%, 10/3/12§		300,000		315,378
ING Bank N.V.
1.333%, 3/30/12(l)§		10,000,000		10,032,210
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		1,620,000		1,753,745
6.000%, 10/1/17		3,610,000		3,931,153
KeyBank N.A.
5.700%, 8/15/12		400,000		423,175
7.413%, 5/6/15		400,000		441,508
KeyCorp
6.500%, 5/14/13		1,302,000		1,424,220
Kreditanstalt fuer Wiederaufbau
3.250%, 10/14/11		2,000,000		2,062,632
1.875%, 1/14/13		1,000,000		1,014,021
3.250%, 3/15/13		2,705,000		2,831,724
2.625%, 3/3/15		500,000		507,907

See Notes to Financial Statements.

74

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
4.875%, 1/17/17	$	2,724,000	$	3,041,613
4.000%, 1/27/20		1,000,000		1,040,057
(Zero Coupon), 4/18/36		1,824,000		562,651
Landeskreditbank Baden-Wuerttemberg Foerderbank
4.875%, 1/13/12		500,000		526,643
Landwirtschaftliche Rentenbank
5.250%, 7/2/12		645,000		696,307
1.875%, 9/24/12		1,000,000		1,012,275
4.125%, 7/15/13		190,000		204,181
3.125%, 7/15/15		1,000,000		1,032,924
Lloyds TSB Bank plc
2.300%, 4/1/11§		7,000,000		7,055,685
1.534%, 4/2/12(l)§		3,800,000		3,849,252
National Australia Bank Ltd.
5.350%, 6/12/13§		9,100,000		9,859,067
NIBC Bank N.V.
2.800%, 12/2/14§		8,200,000		8,305,337
Oesterreichische Kontrollbank AG
4.875%, 2/16/16		1,000,000		1,109,492
PNC Bank N.A.
4.875%, 9/21/17		1,250,000		1,278,617
PNC Funding Corp.
3.625%, 2/8/15		100,000		102,935
5.125%, 2/8/20		100,000		103,982
Rabobank Nederland N.V.
11.000%, 6/29/49(l)§		624,000		770,640
Regions Bank/Alabama
7.500%, 5/15/18		3,700,000		3,756,210
Regions Financial Corp.
7.750%, 11/10/14		500,000		527,469
5.750%, 6/15/15		100,000		99,367
Royal Bank of Canada
2.100%, 7/29/13		400,000		406,099
Royal Bank of Scotland Group plc
1.028%, 12/2/11(l)		7,700,000		7,726,496
0.798%, 3/30/12(l)§		17,900,000		17,771,925
5.050%, 1/8/15		2,100,000		1,961,333
6.400%, 10/21/19		375,000		380,114
Scotland International Finance No. 2 B.V.
7.700%, 8/15/10§(b)		7,300,000		7,346,939
Societe Financement de l’Economie Francaise
3.375%, 5/5/14§		1,000,000		1,044,630
Sumitomo Mitsui Banking Corp.
1.002%, 6/29/49(l)		JPY 200,000,000		2,180,920
Svenska Handelsbanken AB
1.536%, 9/14/12(l)§	$	1,400,000		1,405,411
U.S. Bancorp
4.200%, 5/15/14		1,000,000		1,069,689
U.S. Bank N.A./Ohio
4.950%, 10/30/14		500,000		544,892
UBS AG/Connecticut
1.785%, 9/29/11(l)		9,000,000		9,041,058
1.584%, 2/23/12(l)		2,000,000		2,006,930
3.875%, 1/15/15		500,000		497,525
5.875%, 7/15/16		500,000		526,448
5.875%, 12/20/17		700,000		740,933
5.750%, 4/25/18		1,600,000		1,650,650
UFJ Finance Aruba AEC
6.750%, 7/15/13		310,000		347,190

	Principal Amount		Value (Note 1)
Union Planters Corp.
7.750%, 3/1/11	$	1,000,000	$	1,013,859
USB Capital XIII Trust
6.625%, 12/15/39		125,000		131,793
Wachovia Bank N.A.
5.000%, 9/28/11		5,800,000		5,985,397
4.875%, 2/1/15		1,250,000		1,310,044
5.000%, 8/15/15		2,500,000		2,627,617
6.600%, 1/15/38		750,000		815,503
Wachovia Corp.
0.443%, 4/23/12(l)		1,100,000		1,086,896
5.500%, 5/1/13		2,400,000		2,604,813
5.700%, 8/1/13		1,000,000		1,088,977
5.625%, 10/15/16		1,000,000		1,079,264
Wells Fargo & Co.
3.000%, 12/9/11		675,000		697,668
5.250%, 10/23/12		1,335,000		1,428,668
4.375%, 1/31/13		7,600,000		8,034,507
4.950%, 10/16/13		500,000		531,790
3.750%, 10/1/14		500,000		511,915
0.807%, 6/15/17(l)		5,900,000		5,103,470
5.625%, 12/11/17		665,000		726,973
7.980%, 12/31/49(l)		8,000,000		8,240,000
Wells Fargo Bank N.A.
4.750%, 2/9/15		5,700,000		5,965,666
5.750%, 5/16/16		1,000,000		1,090,332
Westpac Banking Corp.
3.250%, 12/16/11§		17,700,000		18,206,043
2.250%, 11/19/12		200,000		201,701
4.200%, 2/27/15		400,000		416,324
4.875%, 11/19/19		300,000		309,829
Westpac Securities NZ Ltd.
3.450%, 7/28/14§		12,900,000		13,474,463
				349,697,290
Consumer Finance (1.8%)
American Express Co.
7.250%, 5/20/14		250,000		284,157
6.150%, 8/28/17		1,000,000		1,095,688
7.000%, 3/19/18		9,968,000		11,497,021
8.125%, 5/20/19		250,000		310,399
Capital One Financial Corp.
7.375%, 5/23/14		125,000		142,932
Discover Financial Services
6.450%, 6/12/17		704,000		710,487
8.700%, 11/18/19		200,000		222,039
Ford Motor Credit Co. LLC
9.750%, 9/15/10		2,700,000		2,733,359
7.375%, 2/1/11		555,000		565,391
7.800%, 6/1/12		1,800,000		1,853,564
7.500%, 8/1/12		3,000,000		3,067,722
HSBC Finance Corp.
0.584%, 8/9/11(l)		3,000,000		2,972,829
0.586%, 4/24/12(l)		2,000,000		1,950,956
0.654%, 7/19/12(l)		10,000,000		9,731,530
0.887%, 9/14/12(l)		12,650,000		12,266,616
6.375%, 11/27/12		4,675,000		5,048,715
4.750%, 7/15/13		1,000,000		1,047,409
0.553%, 1/15/14(l)		4,200,000		3,936,307
5.000%, 6/30/15		685,000		714,728
0.968%, 6/1/16(l)		500,000		451,732

See Notes to Financial Statements.

75

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
International Lease Finance Corp.
5.625%, 9/15/10	$	5,000,000	$	4,981,250
5.450%, 3/24/11		2,500,000		2,463,750
ORIX Corp.
4.710%, 4/27/15		250,000		248,551
PACCAR Financial Corp.
1.950%, 12/17/12		200,000		201,990
SLM Corp.
0.476%, 7/26/10(l)		2,300,000		2,299,837
5.400%, 10/25/11		644,000		640,188
0.616%, 1/27/14(l)		885,000		729,625
8.000%, 3/25/20		100,000		87,818
Toyota Motor Credit Corp.
3.200%, 6/17/15		100,000		102,066
4.500%, 6/17/20		100,000		102,677
				72,461,333
Diversified Financial Services (4.0%)
Allstate Life Global Funding Trusts
5.375%, 4/30/13		2,180,000		2,390,305
Ameriprise Financial, Inc.
7.300%, 6/28/19		90,000		106,328
AngloGold Ashanti Holdings plc
5.375%, 4/15/20		3,815,000		3,873,221
6.500%, 4/15/40		20,000		20,631
Bank of America Corp.
2.100%, 4/30/12		1,000,000		1,024,060
3.125%, 6/15/12		1,350,000		1,409,846
4.750%, 8/15/13		2,970,000		3,049,596
0.867%, 9/15/14(l)		1,450,000		1,362,162
6.500%, 8/1/16		1,000,000		1,082,222
5.625%, 10/14/16		2,300,000		2,383,324
6.000%, 9/1/17		970,000		1,020,761
Bank of America N.A.
5.300%, 3/15/17		1,500,000		1,510,352
6.000%, 10/15/36		750,000		721,198
Belvoir Land LLC,
Series A-1 5.270%, 12/15/47§		167,000		138,632
Boeing Capital Corp.
6.500%, 2/15/12		1,334,000		1,448,709
BP Capital Markets plc
1.550%, 8/11/11		150,000		142,923
5.250%, 11/7/13		1,050,000		965,219
3.625%, 5/8/14		2,050,000		1,754,082
3.875%, 3/10/15		150,000		127,823
4.750%, 3/10/19		300,000		249,202
BTM Curacao Holdings N.V.
1.051%, 11/29/49(l)		JPY 100,000,000		1,126,952
Cantor Fitzgerald LP
7.875%, 10/15/19§	$	900,000		931,235
Capital One Capital IV
6.745%, 2/17/37(l)		692,000		577,820
Capital One Capital VI
8.875%, 5/15/40		300,000		312,412
Caterpillar Financial Services Corp.
5.125%, 10/12/11		326,000		342,244
4.250%, 2/8/13		842,000		898,193
2.000%, 4/5/13		100,000		101,159
7.150%, 2/15/19		300,000		369,500

	Principal Amount		Value (Note 1)
CDP Financial, Inc.
3.000%, 11/25/14§	$	3,345,000	$	3,375,821
Citigroup Funding, Inc.
2.125%, 7/12/12		2,290,000		2,349,364
1.875%, 10/22/12		5,200,000		5,309,309
2.250%, 12/10/12		500,000		514,701
Citigroup, Inc.
2.875%, 12/9/11		679,000		700,109
5.250%, 2/27/12		500,000		517,863
2.125%, 4/30/12		1,200,000		1,229,412
5.500%, 4/11/13		19,700,000		20,478,209
6.500%, 8/19/13		1,500,000		1,597,766
6.000%, 12/13/13		2,430,000		2,549,345
6.375%, 8/12/14		1,000,000		1,062,153
5.000%, 9/15/14		750,000		750,150
0.627%, 11/5/14(l)		3,690,000		3,379,697
5.500%, 2/15/17		200,000		196,909
6.000%, 8/15/17		430,000		446,654
6.125%, 5/15/18		2,693,000		2,810,636
8.500%, 5/22/19		600,000		715,274
5.850%, 12/11/34		1,499,000		1,418,940
6.125%, 8/25/36		300,000		272,667
8.125%, 7/15/39		155,000		184,911
CME Group, Inc.
5.750%, 2/15/14		300,000		333,686
ConocoPhillips Canada Funding Co. I
5.950%, 10/15/36		614,000		688,067
Credit Suisse FB USA, Inc.
5.125%, 8/15/15		2,620,000		2,851,980
Crown Castle Towers LLC
6.113%, 1/15/20§		2,495,000		2,738,397
Equifax, Inc.
4.450%, 12/1/14		100,000		104,200
General Electric Capital Corp.
3.000%, 12/9/11		1,354,000		1,398,686
5.875%, 2/15/12		4,002,000		4,253,101
2.250%, 3/12/12		600,000		615,574
0.414%, 4/10/12(l)		13,665,000		13,456,076
2.200%, 6/8/12		1,000,000		1,026,388
2.000%, 9/28/12		2,950,000		3,020,434
2.125%, 12/21/12		2,185,000		2,246,372
2.625%, 12/28/12		1,000,000		1,039,184
0.659%, 6/20/13(l)		4,000,000		3,796,984
5.900%, 5/13/14		150,000		165,572
5.400%, 2/15/17		1,308,000		1,389,304
6.750%, 3/15/32		1,597,000		1,718,751
5.875%, 1/14/38		1,366,000		1,339,504
5.500%, 9/15/67(l)§		EUR 6,400,000		6,495,779
Irwin Land LLC
Series A-1 5.030%, 12/15/25§	$	217,000		206,131
Series A-2 5.300%, 12/15/35§		395,000		347,268
John Deere Capital Corp.
7.000%, 3/15/12		300,000		329,426
2.875%, 6/19/12		300,000		311,966
5.250%, 10/1/12		200,000		216,720
4.500%, 4/3/13		500,000		538,567
5.750%, 9/10/18		300,000		343,226
JPMorgan Chase & Co.
3.125%, 12/1/11		2,706,000		2,799,395

See Notes to Financial Statements.

76

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
0.664%, 12/21/11(l)	$	2,700,000	$	2,687,826
6.625%, 3/15/12		2,000,000		2,151,958
0.494%, 11/1/12(l)		1,500,000		1,482,786
4.650%, 6/1/14		250,000		266,569
3.700%, 1/20/15		1,100,000		1,125,129
6.000%, 1/15/18		674,000		744,254
7.900%, 4/29/49(l)		982,000		1,012,177
JPMorgan Chase Capital XV
5.875%, 3/15/35		693,000		631,019
JPMorgan Chase Capital XVIII
6.950%, 8/17/36		671,000		670,636
JPMorgan Chase Capital XXV
6.800%, 10/1/37		409,000		404,245
JPMorgan Chase Capital XXVII
7.000%, 11/1/39		500,000		508,469
Magnolia Finance plc
3.000%, 4/20/17§		EUR 3,652,910		4,422,023
MassMutual Global Funding II
2.875%, 4/21/14§	$	4,300,000		4,410,506
NASDAQ OMX Group, Inc.
4.000%, 1/15/15		100,000		101,676
5.550%, 1/15/20		100,000		102,052
National Rural Utilities Cooperative Finance Corp.
7.250%, 3/1/12		1,000,000		1,096,591
Noble Group Ltd.
6.750%, 1/29/20§		5,500,000		5,335,000
Pemex Finance Ltd.
9.030%, 2/15/11		4,500		4,613
Private Export Funding Corp.
5.685%, 5/15/12		150,000		163,801
4.550%, 5/15/15		200,000		221,788
4.950%, 11/15/15		200,000		225,779
4.300%, 12/15/21		200,000		208,692
Teco Finance, Inc.
4.000%, 3/15/16		65,000		66,006
5.150%, 3/15/20		50,000		52,116
Unilever Capital Corp.
4.800%, 2/15/19		500,000		546,652
Western Union Co.
5.253%, 4/1/20§		1,000,000		1,066,890
				162,779,992
Insurance (2.2%)
ACE INA Holdings, Inc.
5.600%, 5/15/15		250,000		275,459
5.900%, 6/15/19		50,000		54,844
Aegon N.V.
4.625%, 12/1/15		300,000		306,808
Aflac, Inc.
8.500%, 5/15/19		150,000		180,476
6.900%, 12/17/39		55,000		57,172
Allstate Corp.
6.200%, 5/16/14		200,000		226,870
7.450%, 5/16/19		100,000		117,856
5.950%, 4/1/36		634,000		652,359
6.125%, 5/15/37(l)		444,000		391,275
American International Group, Inc.
0.639%, 3/20/12(l)		1,000,000		964,397
5.600%, 10/18/16		1,000,000		913,000
5.850%, 1/16/18		500,000		446,875
8.250%, 8/15/18		1,200,000		1,215,000

	Principal Amount		Value (Note 1)
6.250%, 5/1/36	$	700,000	$	556,500
8.175%, 5/15/58(l)		17,500,000		13,825,000
Berkshire Hathaway Finance Corp.
4.000%, 4/15/12		500,000		525,931
4.750%, 5/15/12		2,728,000		2,896,181
5.000%, 8/15/13		600,000		658,863
4.850%, 1/15/15		600,000		658,966
5.750%, 1/15/40		200,000		211,776
Chubb Corp.
5.750%, 5/15/18		250,000		278,351
6.375%, 3/29/67(l)		937,000		899,520
CNA Financial Corp.
7.350%, 11/15/19		120,000		127,517
Delphi Financial Group, Inc.
7.875%, 1/31/20		50,000		54,651
Genworth Financial, Inc.
8.625%, 12/15/16		500,000		533,206
7.700%, 6/15/20		100,000		99,892
Hartford Financial Services Group, Inc.
4.000%, 3/30/15		200,000		196,357
6.100%, 10/1/41		592,000		513,360
HCC Insurance Holdings, Inc.
6.300%, 11/15/19		100,000		104,999
Lincoln National Corp.
8.750%, 7/1/19		150,000		183,838
6.250%, 2/15/20		50,000		53,566
6.050%, 4/20/67(l)		607,000		455,250
Markel Corp.
7.125%, 9/30/19		100,000		109,710
Marsh & McLennan Cos., Inc.
5.375%, 7/15/14		290,000		306,563
5.750%, 9/15/15		75,000		80,218
MetLife, Inc.
6.125%, 12/1/11		272,000		287,780
2.500%, 1/11/13§		4,470,000		4,520,685
6.750%, 6/1/16		500,000		565,674
5.700%, 6/15/35		244,000		238,632
6.400%, 12/15/36		2,000,000		1,760,000
Metropolitan Life Global Funding I
0.787%, 3/15/12(l)§		12,620,000		12,466,617
2.875%, 9/17/12§		1,725,000		1,765,984
5.125%, 4/10/13§		2,450,000		2,649,849
5.125%, 6/10/14§		775,000		841,900
Monumental Global Funding III
0.486%, 1/25/13(l)§		2,900,000		2,799,889
New York Life Global Funding
4.650%, 5/9/13§		11,900,000		12,764,464
PartnerReinsurance Finance B LLC
5.500%, 6/1/20		100,000		96,641
Progressive Corp.
6.700%, 6/15/37(l)		717,000		670,395
Protective Life Corp.
7.375%, 10/15/19		200,000		217,150
8.450%, 10/15/39		100,000		106,715
Prudential Financial, Inc.
2.750%, 1/14/13		150,000		150,733
4.500%, 7/15/13		1,319,000		1,369,501
3.875%, 1/14/15		65,000		65,462
6.200%, 1/15/15		45,000		49,524
6.000%, 12/1/17		1,244,000		1,329,786

See Notes to Financial Statements.

77

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Reinsurance Group of America, Inc.
6.450%, 11/15/19	$	100,000	$	106,877
Sun Life Financial, Inc.
0.784%, 10/6/13(l)§		9,300,000		9,021,149
Swiss Reinsurance Solutions Holding Corp.
7.000%, 2/15/26		1,228,000		1,295,021
Teachers Insurance & Annuity Association of America
6.850%, 12/16/39§		870,000		1,013,328
Torchmark Corp.
9.250%, 6/15/19		100,000		124,994
Transatlantic Holdings, Inc.
8.000%, 11/30/39		200,000		201,927
Travelers Cos., Inc.
5.800%, 5/15/18		500,000		548,417
6.250%, 3/15/37(l)		1,012,000		949,631
6.250%, 6/15/37		250,000		276,554
Willis North America, Inc.
5.625%, 7/15/15		665,000		703,431
				88,091,316
Real Estate Investment Trusts (REITs) (0.2%)
AvalonBay Communities, Inc.
5.700%, 3/15/17		150,000		161,940
Boston Properties LP
5.875%, 10/15/19		300,000		320,959
Duke Realty LP
6.250%, 5/15/13		100,000		106,579
6.750%, 3/15/20		50,000		52,526
Entertainment Properties Trust
7.750%, 7/15/20§		100,000		100,250
Equity One, Inc.
6.250%, 12/15/14		100,000		104,243
ERP Operating LP
6.625%, 3/15/12		133,000		143,117
5.125%, 3/15/16		500,000		526,323
HCP, Inc.
5.950%, 9/15/11		2,000,000		2,073,290
6.000%, 1/30/17		300,000		302,903
Health Care REIT, Inc.
6.125%, 4/15/20		145,000		149,995
Healthcare Realty Trust, Inc.
6.500%, 1/17/17		200,000		209,135
Hospitality Properties Trust
7.875%, 8/15/14		1,100,000		1,212,731
5.625%, 3/15/17		250,000		239,367
HRPT Properties Trust
6.650%, 1/15/18		100,000		103,294
Kimco Realty Corp.
6.875%, 10/1/19		100,000		111,412
Mack-Cali Realty LP
7.750%, 8/15/19		250,000		293,780
ProLogis
7.625%, 8/15/14		150,000		159,192
6.250%, 3/15/17		100,000		95,236
7.375%, 10/30/19		200,000		195,874
6.875%, 3/15/20		90,000		85,066
Simon Property Group LP
5.300%, 5/30/13		319,000		343,184
6.750%, 5/15/14		215,000		241,643
4.200%, 2/1/15		135,000		138,726
5.100%, 6/15/15		658,000		694,071

	Principal Amount		Value (Note 1)
5.650%, 2/1/20	$	200,000	$	211,811
6.750%, 2/1/40		100,000		111,667
Ventas Realty LP/Ventas Capital Corp.
6.750%, 4/1/17		760,000		769,182
				9,257,496
Thrifts & Mortgage Finance (1.0%)
Abbey National Treasury Services plc/London
3.875%, 11/10/14§		5,200,000		5,134,324
Achmea Hypotheekbank N.V.
3.200%, 11/3/14§		2,160,000		2,231,619
Cie de Financement Foncier
2.125%, 4/22/13§		6,300,000		6,360,990
Nykredit Realkredit A/S
4.000%, 1/1/11		DKK 99,000,000		16,440,431
Santander Holdings USA, Inc.
2.500%, 6/15/12	$	10,000,000		10,276,200
U.S. Central Federal Credit Union
1.900%, 10/19/12		500,000		510,315
Western Corporate Federal Credit Union
1.750%, 11/2/12		200,000		203,333
				41,157,212
Total Financials				865,797,133
Health Care (0.9%)
Biotechnology (0.1%)
Amgen, Inc.
5.850%, 6/1/17		678,000		785,901
4.500%, 3/15/20		50,000		53,652
6.375%, 6/1/37		670,000		787,654
5.750%, 3/15/40		55,000		60,165
Biogen Idec, Inc.
6.875%, 3/1/18		100,000		113,945
Genentech, Inc.
4.750%, 7/15/15		250,000		276,609
Life Technologies Corp.
6.000%, 3/1/20		755,000		817,597
				2,895,523
Health Care Equipment & Supplies (0.1%)
Baxter International, Inc.
5.900%, 9/1/16		1,324,000		1,553,453
CareFusion Corp.
5.125%, 8/1/14		130,000		140,454
6.375%, 8/1/19		1,000,000		1,142,330
Covidien International Finance S.A.
1.875%, 6/15/13		200,000		201,240
2.800%, 6/15/15		570,000		575,646
4.200%, 6/15/20		200,000		204,686
6.550%, 10/15/37		214,000		258,910
Hospira, Inc.
6.400%, 5/15/15		315,000		357,882
Mead Johnson Nutrition Co.
3.500%, 11/1/14§		200,000		207,056
4.900%, 11/1/19§		300,000		317,226
5.900%, 11/1/39§		100,000		106,847
Medtronic, Inc.
3.000%, 3/15/15		300,000		310,773

See Notes to Financial Statements.

78

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
4.450%, 3/15/20	$	300,000	$	319,682
St. Jude Medical, Inc.
3.750%, 7/15/14		300,000		316,748
Stryker Corp.
3.000%, 1/15/15		100,000		103,253
4.375%, 1/15/20		100,000		106,368
				6,222,554
Health Care Providers & Services (0.2%)
Aetna, Inc.
6.625%, 6/15/36		946,000		1,052,822
Cardinal Health, Inc.
5.650%, 6/15/12		21,000		22,506
CIGNA Corp.
5.125%, 6/15/20		215,000		223,776
Express Scripts, Inc.
5.250%, 6/15/12		400,000		427,331
6.250%, 6/15/14		135,000		152,849
7.250%, 6/15/19		80,000		96,702
HCA, Inc.
7.250%, 9/15/20		2,300,000		2,311,500
Humana, Inc.
7.200%, 6/15/18		300,000		334,884
McKesson Corp.
6.500%, 2/15/14		300,000		342,778
Medco Health Solutions, Inc.
7.125%, 3/15/18		250,000		298,667
Medtronic, Inc.
5.550%, 3/15/40		200,000		223,251
Quest Diagnostics, Inc.
6.400%, 7/1/17		200,000		228,459
4.750%, 1/30/20		60,000		60,363
5.750%, 1/30/40		40,000		39,382
UnitedHealth Group, Inc.
6.875%, 2/15/38		500,000		565,247
WellPoint Health Networks, Inc.
6.375%, 1/15/12		1,335,000		1,427,666
Zimmer Holdings, Inc.
4.625%, 11/30/19		200,000		210,027
				8,018,210
Pharmaceuticals (0.5%)
Abbott Laboratories, Inc.
6.000%, 4/1/39		300,000		344,952
AstraZeneca plc
5.900%, 9/15/17		300,000		350,959
6.450%, 9/15/37		676,000		819,179
Bristol-Myers Squibb Co.
5.875%, 11/15/36		678,000		755,774
6.875%, 8/1/97		45,000		55,551
Eli Lilly and Co.
3.550%, 3/6/12		1,070,000		1,115,791
5.200%, 3/15/17		1,316,000		1,497,683
5.500%, 3/15/27		300,000		326,584
GlaxoSmithKline Capital, Inc.
5.650%, 5/15/18		1,500,000		1,716,411
Johnson & Johnson
5.550%, 8/15/17		500,000		583,861
4.950%, 5/15/33		271,000		282,355

	Principal Amount		Value (Note 1)
Merck & Co., Inc.
4.000%, 6/30/15	$	2,260,000	$	2,447,668
6.000%, 9/15/17		350,000		411,191
5.750%, 11/15/36		250,000		281,244
6.550%, 9/15/37		350,000		435,365
Novartis Capital Corp.
1.900%, 4/24/13		340,000		345,137
4.125%, 2/10/14		300,000		323,679
2.900%, 4/24/15		200,000		205,742
4.400%, 4/24/20		250,000		269,531
Novartis Securities Investment Ltd.
5.125%, 2/10/19		500,000		559,723
Pfizer, Inc.
4.450%, 3/15/12		500,000		527,484
4.500%, 2/15/14		250,000		272,343
5.350%, 3/15/15		1,962,000		2,222,891
7.200%, 3/15/39		500,000		657,290
Pharmacia Corp.
6.600%, 12/1/28		100,000		117,104
Teva Pharmaceutical Finance Co LLC
5.550%, 2/1/16		268,000		305,386
6.150%, 2/1/36		270,000		313,485
Teva Pharmaceutical Finance II B.V./Teva Pharmaceutical Finance III LLC
3.000%, 6/15/15		100,000		101,959
Teva Pharmaceutical Finance III LLC
1.500%, 6/15/12		100,000		100,380
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		125,000		133,892
6.125%, 8/15/19		130,000		146,361
Wyeth
5.500%, 2/15/16		652,000		747,356
7.250%, 3/1/23		683,000		844,676
5.950%, 4/1/37		500,000		566,374
				20,185,361
Total Health Care				37,321,648
Industrials (0.9%)
Aerospace & Defense (0.2%)
Boeing Co.
3.500%, 2/15/15		100,000		105,486
4.875%, 2/15/20		55,000		60,558
5.875%, 2/15/40		30,000		33,730
Embraer Overseas Ltd.
6.375%, 1/15/20		250,000		256,550
General Dynamics Corp.
1.800%, 7/15/11		65,000		65,440
5.250%, 2/1/14		500,000		561,055
Goodrich Corp.
6.125%, 3/1/19		200,000		231,290
4.875%, 3/1/20		100,000		107,353
Honeywell International, Inc.
3.875%, 2/15/14		380,000		408,749
5.300%, 3/1/18		834,000		952,359
ITT Corp.
4.900%, 5/1/14		1,110,000		1,209,555
Lockheed Martin Corp.
4.121%, 3/14/13		158,000		169,183
5.720%, 6/1/40§		852,000		922,874

See Notes to Financial Statements.

79

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Northrop Grumman Corp.
3.700%, 8/1/14	$	60,000	$	62,930
Northrop Grumman Systems Corp.
7.750%, 2/15/31		405,000		543,134
Raytheon Co.
4.400%, 2/15/20		100,000		107,283
Rockwell Collins, Inc.
5.250%, 7/15/19		50,000		55,093
United Technologies Corp.
4.875%, 5/1/15		500,000		559,128
6.125%, 2/1/19		500,000		596,269
4.500%, 4/15/20		60,000		64,914
6.050%, 6/1/36		660,000		752,741
				7,825,674
Air Freight & Logistics (0.0%)
United Parcel Service, Inc.
6.200%, 1/15/38		694,000		834,309
Airlines (0.2%)
Continental Airlines, Inc.
9.000%, 7/8/16		244,947		264,910
Delta Air Lines, Inc.
7.750%, 12/17/19		196,722		211,476
Southwest Airlines Co.
10.500%, 12/15/11§		7,000,000		7,809,347
				8,285,733
Building Products (0.0%)
CRH America, Inc.
5.625%, 9/30/11		127,000		131,827
6.000%, 9/30/16		500,000		557,396
Owens Corning, Inc.
9.000%, 6/15/19		300,000		354,714
				1,043,937
Commercial Services & Supplies (0.2%)
Allied Waste North America, Inc.
6.875%, 6/1/17		350,000		381,500
Avery Dennison Corp.
5.375%, 4/15/20		100,000		106,851
Board of Trustees of the Leland Stanford Junior University
4.250%, 5/1/16		895,000		972,767
Cornell University
5.450%, 2/1/19		200,000		226,558
Dartmouth College
4.750%, 6/1/19		50,000		54,386
Pitney Bowes, Inc.
5.750%, 9/15/17		678,000		761,407
Princeton University
5.700%, 3/1/39		300,000		335,724
R.R. Donnelley & Sons Co.
8.600%, 8/15/16		500,000		547,760
11.250%, 2/1/19		250,000		318,516
Republic Services, Inc.
5.500%, 9/15/19§		148,000		160,154
6.200%, 3/1/40§		200,000		214,512
Vanderbilt University
5.250%, 4/1/19		100,000		111,399

	Principal Amount		Value (Note 1)
Waste Management, Inc.
6.375%, 11/15/12	$	700,000	$	766,982
7.375%, 3/11/19		200,000		242,368
4.750%, 6/30/20		100,000		102,802
Yale University
2.900%, 10/15/14		300,000		311,192
				5,614,878
Electrical Equipment (0.0%)
Amphenol Corp.
4.750%, 11/15/14		100,000		105,963
Emerson Electric Co.
4.875%, 10/15/19		500,000		558,222
6.125%, 4/15/39		100,000		119,483
5.250%, 11/15/39		150,000		160,312
Thomas & Betts Corp.
5.625%, 11/15/21		100,000		107,152
				1,051,132
Industrial Conglomerates (0.1%)
3M Co.
4.375%, 8/15/13		350,000		381,941
5.700%, 3/15/37		200,000		228,655
Acuity Brands Lighting, Inc.
6.000%, 12/15/19§		100,000		103,864
General Electric Co.
5.000%, 2/1/13		1,000,000		1,072,355
5.250%, 12/6/17		500,000		543,703
Koninklijke Philips Electronics N.V.
6.875%, 3/11/38		400,000		493,321
Siemens Financieringsmat
5.500%, 2/16/12§		877,000		931,590
Textron, Inc.
7.250%, 10/1/19		200,000		228,325
Tyco International Finance S.A.
6.000%, 11/15/13		610,000		682,774
4.125%, 10/15/14		500,000		530,750
3.375%, 10/15/15		100,000		103,221
				5,300,499
Machinery (0.0%)
Caterpillar, Inc.
8.250%, 12/15/38		300,000		437,451
Deere & Co.
5.375%, 10/16/29		300,000		327,871
Dover Corp.
5.450%, 3/15/18		300,000		339,084
Pall Corp.
5.000%, 6/15/20		100,000		103,727
Roper Industries, Inc.
6.625%, 8/15/13		100,000		112,665
Snap-On, Inc.
6.125%, 9/1/21		100,000		112,716
				1,433,514
Road & Rail (0.2%)
Burlington Northern Santa Fe Corp.
5.900%, 7/1/12		1,342,000		1,453,518
4.700%, 10/1/19		150,000		158,865

See Notes to Financial Statements.

80

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Canadian National Railway Co.
6.200%, 6/1/36	$	680,000	$	800,622
Canadian Pacific Railway Co.
7.250%, 5/15/19		220,000		261,955
CSX Corp.
6.250%, 3/15/18		650,000		746,323
6.220%, 4/30/40§		200,000		220,634
Norfolk Southern Corp.
7.700%, 5/15/17		268,000		333,291
5.900%, 6/15/19		550,000		632,335
Union Pacific Corp.
5.125%, 2/15/14		500,000		547,019
5.700%, 8/15/18		500,000		560,095
				5,714,657
Trading Companies & Distributors (0.0%)
GATX Corp.
4.750%, 5/15/15		100,000		104,269
Total Industrials				37,208,602
Information Technology (0.5%)
Communications Equipment (0.1%)
American Tower Corp.
4.625%, 4/1/15		150,000		156,035
Cisco Systems, Inc.
4.950%, 2/15/19		1,000,000		1,099,133
5.900%, 2/15/39		300,000		333,470
Harris Corp.
6.375%, 6/15/19		85,000		95,294
Motorola, Inc.
8.000%, 11/1/11		200,000		214,665
6.000%, 11/15/17		676,000		725,613
Nokia Oyj
5.375%, 5/15/19		200,000		210,418
6.625%, 5/15/39		95,000		104,343
				2,938,971
Computers & Peripherals (0.1%)
Dell, Inc.
3.375%, 6/15/12		270,000		280,184
5.875%, 6/15/19		125,000		140,470
7.100%, 4/15/28		100,000		119,132
Hewlett-Packard Co.
5.250%, 3/1/12		400,000		428,014
4.750%, 6/2/14		475,000		526,293
International Business Machines Corp.
2.100%, 5/6/13		500,000		509,530
5.700%, 9/14/17		1,000,000		1,162,283
6.500%, 1/15/28		1,000,000		1,211,947
				4,377,853
Electronic Equipment, Instruments & Components (0.1%)
Agilent Technologies, Inc.
4.450%, 9/14/12		2,000,000		2,086,958
Arrow Electronics, Inc.
6.000%, 4/1/20		100,000		103,340
Corning, Inc.
6.625%, 5/15/19		30,000		35,091
				2,225,389

	Principal Amount		Value (Note 1)
IT Services (0.0%)
HP Enterprise Services LLC
6.000%, 8/1/13	$	670,000	$	755,457
Office Electronics (0.1%)
Xerox Corp.
5.500%, 5/15/12		1,000,000		1,065,951
8.250%, 5/15/14		40,000		46,886
6.350%, 5/15/18		1,000,000		1,115,434
				2,228,271
Semiconductors & Semiconductor Equipment (0.0%)
Analog Devices, Inc.
5.000%, 7/1/14		100,000		108,086
Maxim Integrated Products, Inc.
3.450%, 6/14/13		100,000		100,818
				208,904
Software (0.1%)
Adobe Systems, Inc.
3.250%, 2/1/15		100,000		102,695
4.750%, 2/1/20		125,000		128,876
BMC Software, Inc.
7.250%, 6/1/18		1,300,000		1,553,357
Microsoft Corp.
2.950%, 6/1/14		190,000		198,810
4.200%, 6/1/19		125,000		135,522
5.200%, 6/1/39		185,000		202,326
Oracle Corp.
4.950%, 4/15/13		1,100,000		1,203,232
5.250%, 1/15/16		1,302,000		1,477,418
6.500%, 4/15/38		600,000		728,073
				5,730,309
Total Information Technology				18,465,154
Materials (1.0%)
Chemicals (0.6%)
Air Products and Chemicals, Inc.
4.375%, 8/21/19		200,000		208,790
Airgas, Inc.
2.850%, 10/1/13		100,000		100,839
Cabot Corp.
5.000%, 10/1/16		100,000		106,134
Dow Chemical Co.
4.850%, 8/15/12		6,100,000		6,434,615
6.000%, 10/1/12		8,412,000		9,044,978
7.600%, 5/15/14		3,170,000		3,660,916
8.550%, 5/15/19		310,000		379,475
9.400%, 5/15/39		225,000		312,928
E.I. du Pont de Nemours & Co.
5.875%, 1/15/14		300,000		341,751
3.250%, 1/15/15		400,000		417,290
6.000%, 7/15/18		350,000		410,756
5.600%, 12/15/36		100,000		109,367
Monsanto Co.
5.125%, 4/15/18		150,000		166,759
5.875%, 4/15/38		100,000		111,595
Potash Corp of Saskatchewan, Inc.
5.250%, 5/15/14		155,000		170,971
3.750%, 9/30/15		120,000		124,945

See Notes to Financial Statements.

81

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
6.500%, 5/15/19	$	85,000	$	99,861
4.875%, 3/30/20		70,000		74,470
PPG Industries, Inc.
6.650%, 3/15/18		300,000		355,975
Praxair, Inc.
2.125%, 6/14/13		300,000		305,021
4.625%, 3/30/15		253,000		277,384
4.500%, 8/15/19		300,000		318,405
Sherwin-Williams Co.
3.125%, 12/15/14		100,000		103,490
Valspar Corp.
7.250%, 6/15/19		100,000		118,840
				23,755,555
Construction Materials (0.0%)
Lafarge S.A.
6.500%, 7/15/16		100,000		103,592
7.125%, 7/15/36		200,000		197,917
				301,509
Containers & Packaging (0.0%)
Bemis Co., Inc.
5.650%, 8/1/14		55,000		60,565
6.800%, 8/1/19		45,000		51,983
				112,548
Metals & Mining (0.3%)
Alcoa, Inc.
5.900%, 2/1/27		665,000		584,999
Allegheny Technologies, Inc.
9.375%, 6/1/19		200,000		236,155
ArcelorMittal S.A.
5.375%, 6/1/13		300,000		315,510
9.000%, 2/15/15		225,000		264,703
6.125%, 6/1/18		250,000		261,470
9.850%, 6/1/19		250,000		312,410
Barrick Australian Finance Pty Ltd.
5.950%, 10/15/39		200,000		213,127
Barrick Gold Corp.
6.950%, 4/1/19		300,000		359,712
Barrick N.A. Finance LLC
7.500%, 9/15/38		100,000		124,068
BHP Billiton Finance USA Ltd.
5.125%, 3/29/12		628,000		668,697
6.500%, 4/1/19		500,000		599,623
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		1,000,000		1,100,000
Newmont Mining Corp.
5.125%, 10/1/19		360,000		385,750
6.250%, 10/1/39		200,000		218,263
Nucor Corp.
5.850%, 6/1/18		300,000		343,777
Rio Tinto Finance USA Ltd.
5.875%, 7/15/13		650,000		712,174
8.950%, 5/1/14		360,000		436,657
9.000%, 5/1/19		215,000		282,138
7.125%, 7/15/28		500,000		593,821
Southern Copper Corp.
5.375%, 4/16/20		55,000		55,128
6.750%, 4/16/40		45,000		44,481

	Principal Amount		Value (Note 1)
Steel Dynamics, Inc.
7.375%, 11/1/12	$	4,250,000	$	4,398,750
Vale Overseas Ltd.
6.875%, 11/21/36		800,000		834,009
6.875%, 11/10/39		170,000		177,598
Xstrata Canada Corp.
5.500%, 6/15/17		724,000		769,750
				14,292,770
Paper & Forest Products (0.1%)
Georgia-Pacific LLC
8.125%, 5/15/11		1,500,000		1,561,875
International Paper Co.
5.300%, 4/1/15		400,000		427,726
9.375%, 5/15/19		200,000		258,318
7.500%, 8/15/21		200,000		234,179
7.300%, 11/15/39		630,000		694,721
Koch Forest Products, Inc.
2.283%, 12/20/12		63,276		61,092
2.283%, 12/20/12(l)		11,011		10,631
2.302%, 12/20/12(l)		356,285		343,994
				3,592,536
Total Materials				42,054,918
Telecommunication Services (1.8%)
Diversified Telecommunication Services (1.3%)
Ameritech Capital Funding Corp.
6.550%, 1/15/28		531,000		556,923
AT&T, Inc.
5.500%, 2/1/18		2,335,000		2,582,122
6.150%, 9/15/34		676,000		709,751
6.800%, 5/15/36		400,000		458,868
6.500%, 9/1/37		1,950,000		2,162,841
6.400%, 5/15/38		1,000,000		1,099,443
BellSouth Capital Funding Corp.
7.875%, 2/15/30		687,000		842,083
BellSouth Corp.
5.200%, 9/15/14		1,107,000		1,230,098
6.000%, 11/15/34		290,000		299,646
British Telecommunications plc
9.875%, 12/15/30		693,000		845,751
Deutsche Telekom International Finance B.V.
4.875%, 7/8/14		500,000		535,818
6.750%, 8/20/18		500,000		579,375
8.750%, 6/15/30		668,000		862,853
Embarq Corp.
7.082%, 6/1/16		500,000		533,029
GTE Corp.
8.750%, 11/1/21		250,000		327,635
6.940%, 4/15/28		67,000		73,709
Qwest Corp.
7.875%, 9/1/11		2,000,000		2,080,000
7.625%, 6/15/15		1,580,000		1,690,600
8.375%, 5/1/16		750,000		819,375
6.500%, 6/1/17		650,000		654,875
Sprint Capital Corp.
7.625%, 1/30/11		13,900,000		14,143,250
Telecom Italia Capital S.A.
0.914%, 7/18/11(l)		2,300,000		2,267,381

See Notes to Financial Statements.

82

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
6.175%, 6/18/14	$	250,000	$	261,359
5.250%, 10/1/15		472,000		476,366
6.999%, 6/4/18		500,000		532,582
7.175%, 6/18/19		250,000		269,153
6.375%, 11/15/33		1,374,000		1,230,385
Telefonica Emisiones S.A.U.
2.582%, 4/26/13		150,000		148,968
4.949%, 1/15/15		1,440,000		1,508,482
3.729%, 4/27/15		90,000		89,738
6.421%, 6/20/16		300,000		329,069
6.221%, 7/3/17		669,000		727,671
5.877%, 7/15/19		145,000		154,654
5.134%, 4/27/20		180,000		180,413
7.045%, 6/20/36		300,000		331,911
Telefonica Europe B.V.
7.750%, 9/15/10		165,000		167,064
Verizon Communications, Inc.
4.350%, 2/15/13		500,000		534,479
5.550%, 2/15/16		1,315,000		1,472,812
5.500%, 2/15/18		298,000		326,998
8.750%, 11/1/18		3,250,000		4,224,912
7.750%, 12/1/30		678,000		844,890
7.750%, 6/15/32		127,000		158,544
5.850%, 9/15/35		262,000		270,258
6.400%, 2/15/38		667,000		735,078
Verizon Maryland, Inc.
Series B 5.125%, 6/15/33		139,000		122,937
Verizon New England, Inc.
6.500%, 9/15/11		797,000		841,710
7.875%, 11/15/29		7,000		8,167
Verizon New Jersey, Inc.
Series A 5.875%, 1/17/12		312,000		330,761
Verizon New York, Inc.
Series A 6.875%, 4/1/12		500,000		540,285
				52,175,072
Wireless Telecommunication Services (0.5%)
America Movil S.A.B. de C.V.
5.625%, 11/15/17		1,322,000		1,445,098
5.000%, 3/30/20§		4,100,000		4,236,009
Cellco Partnership/Verizon Wireless Capital LLC
3.750%, 5/20/11		4,935,000		5,054,570
5.250%, 2/1/12		500,000		530,007
5.550%, 2/1/14		500,000		560,572
8.500%, 11/15/18		1,270,000		1,651,177
New Cingular Wireless Services, Inc.
8.125%, 5/1/12		1,348,000		1,508,404
Rogers Communications, Inc.
6.800%, 8/15/18		500,000		591,053
Vodafone Group plc
4.150%, 6/10/14		3,075,000		3,226,585
7.875%, 2/15/30		682,000		822,482
6.150%, 2/27/37		669,000		693,651
				20,319,608
Total Telecommunication Services				72,494,680

	Principal Amount		Value (Note 1)
Utilities (1.7%)
Electric Utilities (0.9%)
Ameren Energy Generating Co.
6.300%, 4/1/20	$	100,000	$	101,786
Carolina Power & Light Co.
5.300%, 1/15/19		500,000		559,076
Cleco Power LLC
6.500%, 12/1/35		100,000		107,702
Columbus Southern Power Co.
6.600%, 3/1/33		651,000		748,229
Commonwealth Edison Co.
6.150%, 9/15/17		1,330,000		1,526,513
5.900%, 3/15/36		624,000		679,493
Consolidated Edison Co. of New York, Inc.
5.500%, 12/1/39		80,000		83,048
Series 07-A 4.875%, 2/1/13		700,000		758,621
Series 08-B 6.300%, 8/15/37		628,000		722,332
Series 09-C 6.750%, 4/1/38		400,000		487,498
Dayton Power & Light Co.
5.125%, 10/1/13		900,000		996,996
Detroit Edison Co.
5.600%, 6/15/18		250,000		275,140
6.625%, 6/1/36		100,000		119,921
Duke Energy Carolinas LLC
4.300%, 6/15/20		300,000		316,823
6.000%, 1/15/38		500,000		570,704
Duke Energy Corp.
3.350%, 4/1/15		100,000		101,998
5.050%, 9/15/19		300,000		319,897
Duke Energy Ohio, Inc.
5.700%, 9/15/12		1,245,000		1,346,861
Entergy Gulf States Louisiana LLC
5.590%, 10/1/24		60,000		65,462
Entergy Louisiana LLC
5.400%, 11/1/24		75,000		81,653
Exelon Generation Co. LLC
5.350%, 1/15/14		300,000		327,033
FirstEnergy Corp.
Series B 6.450%, 11/15/11		29,000		30,631
Series C 7.375%, 11/15/31		522,000		550,393
FirstEnergy Solutions Corp.
4.800%, 2/15/15		500,000		523,197
6.800%, 8/15/39		497,000		491,732
Florida Power & Light Co.
5.550%, 11/1/17		500,000		572,494
4.950%, 6/1/35		875,000		873,219
5.950%, 2/1/38		309,000		352,955
5.690%, 3/1/40		100,000		110,867
Florida Power Corp.
4.550%, 4/1/20		50,000		53,559
5.900%, 3/1/33		582,000		642,908
6.350%, 9/15/37		400,000		473,471
6.400%, 6/15/38		1,100,000		1,314,673
5.650%, 4/1/40		75,000		81,711
FPL Group Capital, Inc.
2.550%, 11/15/13		100,000		100,841

See Notes to Financial Statements.

83

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
7.875%, 12/15/15	$	300,000	$	368,768
Georgia Power Co.
5.400%, 6/1/18		500,000		564,966
4.250%, 12/1/19		80,000		83,769
5.950%, 2/1/39		250,000		275,185
Hydro Quebec
7.500%, 4/1/16		300,000		376,120
Indiana Michigan Power Co.
7.000%, 3/15/19		250,000		292,507
Interstate Power and Light Co.
6.250%, 7/15/39		60,000		69,244
Massachusetts Electric Co.
5.900%, 11/15/39§		785,000		859,152
MidAmerican Energy Co.
6.750%, 12/30/31		273,000		326,804
MidAmerican Energy Holdings Co.
5.950%, 5/15/37		1,684,000		1,803,397
6.500%, 9/15/37		600,000		689,308
MidAmerican Funding LLC
6.927%, 3/1/29		682,000		804,570
Nevada Power Co.
7.125%, 3/15/19		500,000		591,416
Northern States Power Co.
5.250%, 3/1/18		500,000		558,169
5.350%, 11/1/39		120,000		126,150
NSTAR
4.500%, 11/15/19		100,000		106,251
NSTAR Electric Co.
5.500%, 3/15/40		50,000		54,136
Oglethorpe Power Corp.
5.950%, 11/1/39		205,000		230,870
Ohio Power Co.
5.375%, 10/1/21		95,000		101,371
Oklahoma Gas & Electric Co.
5.850%, 6/1/40		100,000		106,417
Oncor Electric Delivery Co. LLC
6.800%, 9/1/18		500,000		586,928
7.250%, 1/15/33		250,000		299,742
Pacific Gas & Electric Co.
6.250%, 12/1/13		500,000		568,000
6.050%, 3/1/34		657,000		733,027
5.400%, 1/15/40		100,000		103,554
PacifiCorp
6.000%, 1/15/39		500,000		574,373
Pepco Holdings, Inc.
6.450%, 8/15/12		2,130,000		2,372,935
Portland General Electric Co.
6.100%, 4/15/19		100,000		116,346
PPL Electric Utilities Corp.
6.250%, 5/15/39		75,000		87,774
Progress Energy, Inc.
6.000%, 12/1/39		100,000		107,027
PSEG Power LLC
6.950%, 6/1/12		400,000		437,004
2.500%, 4/15/13§		100,000		100,969
5.125%, 4/15/20§		80,000		82,933
Public Service Co. of Colorado
6.250%, 9/1/37		254,000		300,274
Public Service Electric & Gas Co.
6.330%, 11/1/13		500,000		569,388

	Principal Amount		Value (Note 1)
5.300%, 5/1/18	$	250,000	$	274,209
5.800%, 5/1/37		250,000		282,795
Puget Sound Energy, Inc.
5.757%, 10/1/39		125,000		129,373
5.795%, 3/15/40		50,000		52,037
5.764%, 7/15/40		100,000		103,647
San Diego Gas & Electric Co.
6.125%, 9/15/37		200,000		236,442
6.000%, 6/1/39		30,000		35,050
Southern California Edison Co.
5.750%, 3/15/14		500,000		562,683
5.950%, 2/1/38		800,000		924,392
5.500%, 3/15/40		100,000		109,096
Southern Co.
4.150%, 5/15/14		125,000		131,854
Southwestern Electric Power Co.
6.200%, 3/15/40		25,000		25,637
Tampa Electric Co.
6.100%, 5/15/18		75,000		84,970
Toledo Edison Co.
7.250%, 5/1/20		30,000		36,347
TransAlta Corp.
4.750%, 1/15/15		300,000		315,886
6.500%, 3/15/40		70,000		72,206
Union Electric Co.
6.700%, 2/1/19		500,000		581,228
Virginia Electric & Power Co.
5.400%, 1/15/16		1,316,000		1,468,952
				37,325,085
Gas Utilities (0.4%)
Boardwalk Pipelines LP
5.750%, 9/15/19		200,000		209,428
CenterPoint Energy Resources Corp.
6.150%, 5/1/16		300,000		328,365
Consolidated Natural Gas Co.
Series A 5.000%, 3/1/14		75,000		81,245
Enterprise Products Operating LLC
5.250%, 1/31/20		250,000		257,380
EQT Corp.
8.125%, 6/1/19		250,000		294,088
Kinder Morgan Energy Partners LP
5.300%, 9/15/20		200,000		206,847
NGPL Pipeco LLC
6.514%, 12/15/12§		14,400,000		14,339,477
Panhandle Eastern Pipeline Co.
6.200%, 11/1/17		250,000		257,326
Rockies Express Pipeline LLC
3.900%, 4/15/15§		1,200,000		1,159,757
Southern California Gas Co.
5.500%, 3/15/14		200,000		224,443
Williams Partners LP
3.800%, 2/15/15§		200,000		201,298
5.250%, 3/15/20§		110,000		112,482
6.300%, 4/15/40§		140,000		140,660
				17,812,796

See Notes to Financial Statements.

84

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Independent Power Producers & Energy Traders (0.3%)
Tennessee Valley Authority
4.750%, 8/1/13	$	1,000,000	$	1,099,091
5.500%, 7/18/17		676,000		786,860
6.750%, 11/1/25		697,000		895,982
6.150%, 1/15/38		691,000		849,756
5.250%, 9/15/39		6,665,000		7,368,097
				10,999,786
Multi-Utilities (0.1%)
Alliant Energy Corp.
4.000%, 10/15/14		200,000		206,378
Avista Corp.
5.125%, 4/1/22		55,000		58,606
Dominion Resources, Inc.
5.150%, 7/15/15		383,000		424,062
6.000%, 11/30/17		1,331,000		1,518,013
5.200%, 8/15/19		80,000		86,737
DTE Energy Co.
7.625%, 5/15/14		50,000		58,433
NiSource Finance Corp.
10.750%, 3/15/16		500,000		640,768
6.400%, 3/15/18		250,000		275,084
Sempra Energy
9.800%, 2/15/19		600,000		796,778
6.000%, 10/15/39		315,000		334,227
				4,399,086
Total Utilities				70,536,753
Total Corporate Bonds				1,326,152,338
Government Securities (67.0%)
Agency ABS (1.0%)
Federal Farm Credit Bank
1.110%, 6/14/12		200,000		201,016
1.250%, 9/14/12		100,000		100,152
1.470%, 10/26/12		200,000		200,141
1.750%, 2/21/13		1,000,000		1,014,587
1.375%, 6/25/13		250,000		251,401
2.375%, 4/28/14		100,000		101,061
2.550%, 3/16/15		200,000		200,606
2.620%, 6/15/15		100,000		101,015
3.875%, 12/17/18		100,000		100,497
3.990%, 6/17/19		100,000		100,517
4.740%, 12/7/23		100,000		100,491
4.790%, 6/3/24		100,000		100,489
Federal Home Loan Bank
0.600%, 5/10/11		200,000		200,052
0.750%, 7/8/11		500,000		501,443
1.000%, 11/10/11		200,000		200,115
1.000%, 11/14/11		500,000		500,095
1.000%, 12/28/11		500,000		502,976
1.125%, 3/23/12		100,000		100,160
1.350%, 4/9/12		200,000		200,035
1.550%, 8/10/12		200,000		200,243
1.750%, 12/14/12		500,000		509,632
1.850%, 12/21/12		100,000		100,478
1.625%, 3/20/13		1,600,000		1,623,267
3.000%, 1/29/15		100,000		100,206

	Principal Amount		Value (Note 1)
Federal Home Loan Mortgage Corp.
0.750%, 9/15/11	$	100,000	$	100,055
1.000%, 12/22/11		100,000		100,109
0.900%, 12/23/11		100,000		100,216
1.300%, 1/12/12		200,000		200,043
1.250%, 1/19/12		100,000		100,033
1.300%, 3/9/12		200,000		200,281
1.125%, 4/25/12		200,000		201,558
1.300%, 4/30/12		100,000		100,079
1.300%, 5/10/12		200,000		200,192
1.250%, 5/11/12		100,000		100,103
1.400%, 5/17/12		1,000,000		1,001,141
1.250%, 6/15/12		100,000		100,140
1.500%, 7/30/12		200,000		200,164
2.350%, 8/27/12		500,000		501,528
2.000%, 11/5/12		500,000		502,295
1.700%, 12/17/12		300,000		301,434
1.125%, 1/14/13		500,000		499,669
1.750%, 1/28/13		200,000		201,423
2.000%, 1/28/13		100,000		100,095
1.875%, 3/8/13		200,000		201,570
2.000%, 5/3/13		100,000		100,483
1.875%, 5/10/13		100,000		100,514
2.250%, 10/30/13		100,000		100,151
2.200%, 12/17/13		100,000		100,373
3.150%, 1/22/15		500,000		500,783
3.000%, 2/17/15		100,000		100,338
3.000%, 3/17/15		50,000		50,903
3.050%, 4/9/15		100,000		100,056
3.250%, 4/23/15		500,000		500,812
3.000%, 5/18/15		100,000		100,902
3.000%, 5/26/15		100,000		100,882
2.750%, 7/7/15		100,000		100,658
4.750%, 1/22/20		100,000		100,259
5.000%, 4/29/25		100,000		102,330
5.625%, 11/23/35		200,000		215,052
Federal National Mortgage Association
1.000%, 4/4/12		500,000		502,708
1.500%, 5/24/12		200,000		200,251
1.300%, 5/25/12		500,000		502,833
1.500%, 6/1/12		400,000		400,499
1.500%, 9/24/12		100,000		100,213
1.750%, 12/28/12		200,000		201,081
2.125%, 1/25/13		300,000		302,097
2.050%, 1/28/13		200,000		201,298
1.800%, 2/8/13		200,000		202,318
1.800%, 3/15/13		200,000		201,550
1.850%, 3/25/13		200,000		201,638
2.000%, 4/8/13		200,000		200,067
3.250%, 4/9/13		500,000		530,687
2.150%, 4/12/13		100,000		100,048
2.000%, 4/15/13		200,000		202,011
1.875%, 5/6/13		200,000		202,046
1.750%, 5/7/13		300,000		305,480
2.000%, 5/10/13		1,000,000		1,004,873
2.000%, 6/24/13		250,000		252,660
1.500%, 6/26/13		500,000		505,472
1.750%, 6/28/13		100,000		100,265
1.375%, 7/19/13		500,000		497,423
2.020%, 8/20/13		100,000		101,025

See Notes to Financial Statements.

85

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
2.050%, 8/26/13	$	100,000	$	100,245
2.125%, 9/10/13		100,000		100,348
2.100%, 9/16/13		200,000		200,664
2.000%, 12/16/13		200,000		200,545
2.500%, 3/3/14		200,000		200,776
2.500%, 4/29/14		100,000		100,457
3.125%, 11/10/14		300,000		303,086
3.125%, 1/21/15		200,000		202,416
3.000%, 3/9/15		200,000		200,945
3.125%, 5/19/15		300,000		302,690
4.000%, 1/20/17		700,000		712,842
6.000%, 3/9/20		100,000		105,841
4.300%, 3/30/20		100,000		101,779
6.000%, 4/18/36		200,000		221,813
Financing Corp. Fico
10.700%, 10/6/17		600,000		901,850
Small Business Administration
Series 2003-10A 4.628%, 3/10/13		116,804		122,048
Series 2008-P10B 1 5.944%, 8/1/18		2,535,196		2,787,592
Small Business Administration
Participation Certificates
Series 2004-20A 1 4.930%, 1/1/24		483,308		515,871
Series 2004-20C 4.340%, 3/1/24		3,450,901		3,626,306
Series 2005-20B 4.625%, 2/1/25		311,464		330,583
Series 2008-20A 1 5.170%, 1/1/28		834,216		909,894
Series 2008-20C 1 5.490%, 3/1/28		3,077,140		3,356,553
Series 2008-20G 5.870%, 7/1/28		3,224,365		3,596,154
				40,917,140
Agency CMO (0.2%)
Federal Home Loan Mortgage Corp.
4.500%, 2/15/15		118,321		118,150
4.500%, 1/15/16		538,761		542,519
5.500%, 4/15/26		258,971		259,409
5.500%, 1/15/31		419,732		441,585
Federal National Mortgage Association
4.500%, 2/25/17		585,701		597,538
4.500%, 3/25/17		508,501		520,023
5.500%, 5/25/27		90,958		90,768
6.000%, 1/25/32		885,000		896,116
8.579%, 6/25/32(l)		101,870		107,274
5.310%, 8/25/33		2,381,893		2,350,284
6.000%, 10/25/33		878,726		890,091
6.500%, 7/25/34		199,886		213,227
Government National Mortgage Association
6.500%, 6/20/32		124,788		137,916
				7,164,900
Foreign Governments (1.2%)
Export-Import Bank of China
5.250%, 7/29/14§		3,700,000		4,046,594

	Principal Amount		Value (Note 1)
Export-Import Bank of Korea
8.125%, 1/21/14	$	200,000	$	228,798
5.875%, 1/14/15		500,000		541,759
4.125%, 9/9/15		200,000		203,066
Federative Republic of Brazil
6.000%, 1/17/17		1,500,000		1,650,000
8.000%, 1/15/18		1,333,333		1,546,667
8.750%, 2/4/25		500,000		673,750
8.250%, 1/20/34		1,351,000		1,783,320
Hungary Government International Bond
4.750%, 2/3/15		250,000		248,017
Inter-American Development Bank
2.250%, 7/15/15		4,965,000		4,992,813
Israel Government AID Bond
5.500%, 4/26/24		1,335,000		1,568,629
5.500%, 9/18/33		583,000		671,523
Province of British Columbia
2.850%, 6/15/15		60,000		61,973
6.500%, 1/15/26		300,000		381,526
7.250%, 9/1/36		200,000		285,463
Province of Manitoba
4.900%, 12/6/16		500,000		562,674
Province of Nova Scotia
5.125%, 1/26/17		1,000,000		1,139,504
Province of Ontario
2.625%, 1/20/12		1,500,000		1,535,480
1.875%, 11/19/12		2,030,000		2,053,759
3.500%, 7/15/13		1,000,000		1,053,215
4.100%, 6/16/14		2,510,000		2,699,251
4.000%, 10/7/19		250,000		258,138
4.400%, 4/14/20		500,000		531,285
Province of Quebec
4.600%, 5/26/15		1,372,000		1,514,758
7.500%, 9/15/29		500,000		686,311
Republic of Chile
5.500%, 1/15/13		300,000		327,480
Republic of Croatia
1.250%, 7/30/10(l)		102,955		102,530
Republic of Italy
5.625%, 6/15/12		1,256,000		1,319,631
4.500%, 1/21/15		2,699,000		2,721,561
6.875%, 9/27/23		656,000		746,345
Republic of Korea
5.750%, 4/16/14		500,000		545,096
7.125%, 4/16/19		300,000		360,105
Republic of Panama
5.200%, 1/30/20		300,000		312,000
7.125%, 1/29/26		200,000		233,500
8.875%, 9/30/27		150,000		199,875
9.375%, 4/1/29		448,000		620,480
6.700%, 1/26/36		250,000		275,625
Republic of Peru
8.375%, 5/3/16		300,000		367,500
7.125%, 3/30/19		100,000		118,250
7.350%, 7/21/25		500,000		598,750
6.550%, 3/14/37		200,000		221,000
Republic of Poland
5.250%, 1/15/14		600,000		642,695
6.375%, 7/15/19		700,000		774,357

See Notes to Financial Statements.

86

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Republic of South Africa
7.375%, 4/25/12	$	60,000	$	65,508
6.500%, 6/2/14		1,480,000		1,642,800
6.875%, 5/27/19		500,000		571,875
5.500%, 3/9/20		300,000		310,125
State of Israel
5.500%, 11/9/16		656,000		742,271
United Mexican States
6.625%, 3/3/15		670,000		766,480
8.125%, 12/30/19		1,356,000		1,735,680
5.125%, 1/15/20		800,000		832,000
8.300%, 8/15/31		500,000		675,000
6.750%, 9/27/34		1,078,000		1,242,395
6.050%, 1/11/40		500,000		527,500
				50,516,687
Municipal Bonds (2.0%)
American Municipal Power-Ohio, Inc.
6.449%, 2/15/44		100,000		104,448
Bay Area Toll Authority California State
6.793%, 4/1/30		4,200,000		4,192,524
6.918%, 4/1/40		100,000		99,865
6.263%, 4/1/49		500,000		525,680
7.043%, 4/1/50		200,000		201,970
California State University, Class A
5.000%, 11/1/30		300,000		304,080
Central Puget Sound Washington Regional Transportation Authority
5.491%, 11/1/39		100,000		104,866
Chabot-Las Positas California Community College District Financing Corporation, Class C
(Zero Coupon), 8/1/22		6,230,000		3,305,763
City & County of Denver, Colorado
5.650%, 8/1/30		100,000		101,198
City of Chicago, Illinois
4.750%, 1/1/36		400,000		393,032
6.845%, 1/1/38		40,000		42,023
5.720%, 12/1/38		775,000		840,914
6.395%, 1/1/40		585,000		624,142
City of New York, New York
6.246%, 6/1/35		5,400,000		5,444,172
City of San Antonio, Texas
5.985%, 2/1/39		50,000		54,690
Clark County, Nevada Airport
6.881%, 7/1/42		100,000		104,747
6.820%, 7/1/45		150,000		167,544
Dallas, Texas Area Rapid Transit
6.249%, 12/1/34		400,000		418,148
Indianapolis, Indiana Local Public Improvement
6.116%, 1/15/40		100,000		106,404
Los Angeles Department of Airports
6.582%, 5/15/39		100,000		108,600
Los Angeles Department of Water & Power
6.008%, 7/1/39		100,000		102,996
Los Angeles, California Community College District
5.000%, 8/1/27		1,100,000		1,145,122
Los Angeles, California Unified School District
4.500%, 7/1/22		1,500,000		1,524,270
4.500%, 7/1/24		1,300,000		1,293,318
4.500%, 7/1/25		1,700,000		1,672,681
4.500%, 1/1/28		1,500,000		1,419,960

	Principal Amount		Value (Note 1)
5.755%, 7/1/29	$	100,000	$	98,852
5.750%, 7/1/34		200,000		195,842
6.758%, 7/1/34		575,000		630,315
Los Gatos, California Union School District, Class B
5.000%, 8/1/30		160,000		164,202
Metropolitan Government of Nashville & Davidson County Convention Center Authority
6.731%, 7/1/43		50,000		52,799
Metropolitan Transportation Authority
5.871%, 11/15/39		100,000		101,344
6.668%, 11/15/39		75,000		82,490
7.336%, 11/15/39		1,065,000		1,300,440
Metropolitan Washington Airports Authority
7.462%, 10/1/46		13,000,000		14,175,980
Municipal Electric Authority of Georgia
6.637%, 4/1/57		100,000		96,844
7.055%, 4/1/57		100,000		98,182
New Jersey Economic Development Authority
1.480%, 6/15/13(l)		3,000,000		2,995,500
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,185,000		1,443,449
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		4,500,000		4,745,610
6.561%, 12/15/40		200,000		218,080
New York City Municipal Water Finance Authority
5.750%, 6/15/41		200,000		208,716
5.724%, 6/15/42		190,000		195,301
5.952%, 6/15/42		200,000		210,470
6.011%, 6/15/42		35,000		37,134
6.124%, 6/15/42		500,000		502,580
New York City Transitional Finance Authority
5.267%, 5/1/27		5,000,000		5,026,300
New York State Dormitory Authority, Class F
5.500%, 3/15/30		200,000		200,654
5.628%, 3/15/39		875,000		883,776
5.600%, 3/15/40		200,000		201,144
New York State Urban Development Corp.
5.770%, 3/15/39		100,000		101,727
Northern California Power Agency, Class B
7.311%, 6/1/40		2,075,000		2,139,470
Oregon State Department of Transportation
5.834%, 11/15/34		150,000		162,408
Pennsylvania State Turnpike Commission
6.105%, 12/1/39		250,000		268,705
Port Authority of New York & New Jersey
6.040%, 12/1/29		620,000		665,911
Puerto Rico Sales Tax Financing Corp., Class A
(Zero Coupon), 8/1/54		1,100,000		61,831
San Diego County, California Water Authority
6.138%, 5/1/49		100,000		108,347
San Francisco City & County Public Utilities Commission
6.000%, 11/1/40		100,000		101,690
State of California
4.850%, 10/1/14		250,000		259,222
5.450%, 4/1/15		4,025,000		4,222,386
5.950%, 4/1/16		35,000		37,176
5.750%, 3/1/17		100,000		103,978
6.200%, 3/1/19		100,000		104,310
6.200%, 10/1/19		200,000		209,074
6.650%, 3/1/22		1,090,000		1,146,713
4.500%, 8/1/28		1,200,000		1,088,316
7.500%, 4/1/34		785,000		837,752

See Notes to Financial Statements.

87

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
7.950%, 3/1/36	$	100,000	$	105,039
7.550%, 4/1/39		3,085,000		3,310,359
7.300%, 10/1/39		2,215,000		2,306,014
7.350%, 11/1/39		845,000		886,101
7.625%, 3/1/40		165,000		178,278
State of Georgia
4.503%, 11/1/25		100,000		103,219
State of Illinois
2.766%, 1/1/12		100,000		100,226
3.321%, 1/1/13		100,000		99,365
4.071%, 1/1/14		100,000		98,534
4.421%, 1/1/15		100,000		99,341
5.100%, 6/1/33		1,500,000		1,169,370
State of Illinois Toll Highway Authority
6.184%, 1/1/34		1,055,000		1,092,706
5.851%, 12/1/34		100,000		101,738
State of Iowa
6.750%, 6/1/34		1,800,000		1,933,812
State of Massachusetts
4.910%, 5/1/29		100,000		97,022
5.456%, 12/1/39		200,000		209,602
State of New York
5.206%, 10/1/31		150,000		139,996
State of Texas
4.750%, 4/1/37		300,000		303,465
State of Utah
4.554%, 7/1/24		120,000		126,370
State of Washington
5.090%, 8/1/33		100,000		99,399
5.481%, 8/1/39		100,000		104,361
5.140%, 8/1/40		100,000		98,879
University of Virginia
6.200%, 9/1/39		225,000		262,870
Utah Transit Authority
5.937%, 6/15/39		40,000		43,821
				82,958,064
Supranational (1.0%)
African Development Bank
1.750%, 10/1/12		375,000		380,026
3.000%, 5/27/14		200,000		208,687
Asian Development Bank
2.125%, 3/15/12		2,000,000		2,038,958
2.750%, 5/21/14		300,000		311,098
Corp. Andina de Fomento
8.125%, 6/4/19		475,000		583,619
Eksportfinans A/S
5.000%, 2/14/12		1,232,000		1,306,800
1.875%, 4/2/13		4,975,000		5,015,745
3.000%, 11/17/14		2,550,000		2,626,026
5.500%, 5/25/16		1,675,000		1,903,704
European Bank for Reconstruction & Development
3.625%, 6/17/13		400,000		424,217
European Investment Bank
3.125%, 7/15/11		500,000		512,424
3.250%, 10/14/11		2,000,000		2,066,774
2.000%, 2/10/12		500,000		507,561
1.750%, 9/14/12		1,500,000		1,517,077
4.625%, 5/15/14		4,320,000		4,746,056
3.125%, 6/4/14		500,000		521,093
4.875%, 2/16/16		1,334,000		1,490,357
4.875%, 2/15/36		200,000		210,886

	Principal Amount		Value (Note 1)
Export Development Canada
2.625%, 11/15/11	$	1,000,000	$	1,026,098
1.750%, 9/24/12		500,000		506,973
2.250%, 5/28/15		150,000		151,704
Inter-American Development Bank
3.250%, 11/15/11		1,000,000		1,032,239
1.750%, 10/22/12		500,000		507,667
4.250%, 9/10/18		1,368,000		1,487,446
International Bank for Reconstruction & Development
3.625%, 5/21/13		1,000,000		1,063,777
3.500%, 10/8/13		1,000,000		1,061,380
2.375%, 5/26/15		300,000		305,020
7.625%, 1/19/23		694,000		969,467
4.750%, 2/15/35		100,000		107,743
International Finance Corp.
3.500%, 5/15/13		475,000		506,366
3.000%, 4/22/14		510,000		538,340
Japan Finance Corp.
2.000%, 6/24/11		1,400,000		1,412,139
1.500%, 7/6/12		300,000		302,349
2.125%, 11/5/12		475,000		484,367
Korea Development Bank
8.000%, 1/23/14		500,000		569,151
Nordic Investment Bank
1.625%, 1/28/13		500,000		504,988
5.000%, 2/1/17		300,000		340,658
Svensk Exportkredit AB
3.250%, 9/16/14		575,000		596,523
				39,845,503
U.S. Government Agencies (26.3%)
Federal Farm Credit Bank
5.375%, 7/18/11		250,000		262,787
3.875%, 8/25/11		355,000		368,721
2.000%, 1/17/12		500,000		510,699
2.125%, 6/18/12		1,000,000		1,026,954
1.875%, 12/7/12		300,000		306,451
5.125%, 8/25/16		685,000		786,072
4.875%, 1/17/17		840,000		949,641
Federal Home Loan Bank
1.625%, 7/27/11		400,000		404,804
4.875%, 11/18/11		5,420,000		5,738,214
2.250%, 4/13/12		3,000,000		3,082,368
2.000%, 7/27/12		500,000		500,512
2.000%, 10/5/12		500,000		501,875
5.125%, 8/14/13		500,000		559,300
4.000%, 9/6/13		500,000		541,010
4.500%, 9/16/13		500,000		549,802
2.500%, 10/15/13		200,000		201,036
3.625%, 10/18/13		1,000,000		1,071,140
5.250%, 6/18/14		1,000,000		1,139,799
5.500%, 8/13/14		500,000		576,373
5.250%, 6/5/17		1,350,000		1,550,683
5.000%, 11/17/17		2,740,000		3,126,718
5.500%, 7/15/36		690,000		783,676
Federal Home Loan Bank/Illinois
5.625%, 6/13/16		2,450,000		2,631,146
Federal Home Loan Mortgage Corp.
1.125%, 12/15/11		10,065,000		10,144,473
2.125%, 3/23/12		10,000,000		10,247,090
2.000%, 4/27/12		250,000		252,799

See Notes to Financial Statements.

88

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
1.750%, 6/15/12	$	1,900,000	$	1,937,287
2.250%, 8/24/12		500,000		501,376
2.000%, 9/28/12		500,000		501,401
2.500%, 4/8/13		750,000		761,496
4.875%, 11/15/13		5,440,000		6,080,157
6.000%, 1/1/14		10,458		11,367
5.500%, 2/1/14		77,479		83,644
2.750%, 4/29/14		500,000		509,490
6.000%, 7/1/14		6,598		7,171
3.000%, 7/28/14		400,000		421,146
3.625%, 8/25/14		250,000		251,193
3.000%, 12/30/14		300,000		304,015
4.500%, 1/15/15		2,710,000		3,021,967
4.750%, 11/17/15		2,928,000		3,297,244
6.000%, 2/1/17		221,673		241,036
6.000%, 3/1/17		6,210		6,749
6.500%, 3/1/17		45,777		49,709
6.000%, 4/1/17		179,116		194,686
6.000%, 5/1/17		1,728		1,878
6.000%, 7/1/17		14,848		16,208
6.000%, 8/1/17		53,007		57,681
5.500%, 11/1/17		51,955		56,282
4.875%, 6/13/18		4,000,000		4,527,416
3.750%, 3/27/19		500,000		521,662
4.500%, 4/1/21		4,521,728		4,802,216
5.000%, 1/1/22		1,691,316		1,811,930
5.000%, 7/1/22		682,186		727,850
5.000%, 3/1/23		785,292		837,859
5.000%, 4/1/23		1,371,169		1,462,954
5.000%, 5/1/23		1,405,921		1,505,085
5.000%, 7/1/23		194,533		207,554
5.000%, 8/1/23		509,293		543,385
5.000%, 10/1/23		852,326		909,380
5.000%, 11/1/23		40,513		43,225
4.500%, 12/1/23		3,619,433		3,830,378
4.000%, 4/1/24		1,369,975		1,428,627
5.000%, 4/1/24		1,141,457		1,217,865
5.000%, 5/1/24		371,307		396,162
4.000%, 7/1/24		1,285,048		1,337,655
4.000%, 8/1/24		3,713,718		3,865,749
4.500%, 8/1/24		2,830,316		2,990,847
4.000%, 4/1/25		1,878,291		1,954,303
6.750%, 3/15/31		693,000		917,295
3.061%, 11/1/31(l)		15,996		16,656
6.250%, 7/15/32		836,000		1,058,302
5.000%, 4/1/34		960,336		1,019,269
5.000%, 10/1/34		5,474,854		5,805,697
4.758%, 1/1/35(l)		950,947		993,983
6.000%, 2/1/35		474,996		519,007
5.500%, 10/1/35		211,244		226,980
5.500%, 11/1/35		8,713,206		9,356,827
5.343%, 4/1/36(l)		1,713,175		1,809,541
5.543%, 4/1/36(l)		1,575,259		1,675,266
5.000%, 5/1/36		138,071		146,221
5.879%, 11/1/36(l)		640,398		673,694
6.500%, 11/1/36		9,533,003		10,478,111
5.637%, 1/1/37(l)		1,495,368		1,574,268
5.395%, 6/1/37(l)		544,651		580,224
5.449%, 6/1/37(l)		4,819,733		5,134,524
5.491%, 6/1/37(l)		596,990		635,981
6.000%, 6/1/37		1,707,910		1,869,361
5.434%, 7/1/37(l)		956,634		1,019,115

	Principal Amount		Value (Note 1)
5.500%, 8/1/37	$	511,632	$	549,404
6.000%, 8/1/37		770,739		836,974
5.500%, 10/1/37		3,244,644		3,482,289
6.000%, 10/1/37		7,077,709		7,712,324
6.000%, 11/1/37		441,717		479,401
6.000%, 12/1/37		512,381		556,093
5.500%, 1/1/38		282,966		303,867
5.500%, 2/1/38		2,203,632		2,365,031
6.000%, 3/1/38		173,047		187,756
5.000%, 4/1/38		2,755,148		2,919,057
5.500%, 4/1/38		7,038,845		7,554,386
5.500%, 5/1/38		1,211,225		1,301,830
5.500%, 8/1/38		9,679,960		10,388,942
6.000%, 8/1/38		125,659		136,320
6.000%, 9/1/38		59,357		64,430
6.000%, 11/1/38		331,404		359,522
6.000%, 1/1/39		735,654		798,070
4.500%, 2/1/39		4,267,229		4,427,083
5.000%, 3/1/39		2,471,252		2,618,272
4.000%, 4/1/39		3,922,943		3,975,351
4.000%, 5/1/39		3,857,915		3,909,454
4.500%, 6/1/39		22,327,626		23,160,551
5.000%, 7/1/39		4,769,213		5,049,963
5.000%, 8/1/39		2,579,682		2,732,556
4.500%, 9/1/39		1,934,211		2,005,761
5.000%, 9/1/39		3,418,352		3,620,115
4.500%, 10/1/39		2,259,575		2,343,515
4.500%, 12/1/39		3,431,809		3,558,759
4.500%, 1/1/40		4,971,410		5,159,197
5.500%, 1/1/40		1,625,697		1,744,767
4.000%, 2/1/40		994,809		1,008,099
4.500%, 2/1/40		2,960,159		3,071,975
5.500%, 2/1/40		1,463,563		1,570,757
5.500%, 3/1/40		7,347,497		7,885,644
5.000%, 7/15/40 TBA		4,300,000		4,547,250
Federal National Mortgage Association
1.250%, 9/28/11		500,000		500,684
1.000%, 11/23/11		1,165,000		1,172,243
2.000%, 1/9/12		5,000,000		5,101,355
2.250%, 2/24/12		100,000		101,086
2.000%, 9/28/12		1,500,000		1,505,110
1.875%, 10/29/12		500,000		501,807
4.625%, 5/1/13		1,695,000		1,830,414
1.500%, 7/19/13		500,000		498,619
4.625%, 10/15/13		3,790,000		4,189,386
5.125%, 1/2/14		607,000		667,542
2.750%, 2/5/14		1,500,000		1,562,491
3.150%, 2/18/14		250,000		253,833
2.750%, 3/13/14		3,000,000		3,128,400
2.900%, 4/7/14		250,000		254,484
2.500%, 5/15/14		5,000,000		5,161,690
3.000%, 7/28/14		500,000		509,585
3.000%, 9/29/14		500,000		511,673
3.125%, 9/29/14		500,000		503,531
2.625%, 11/20/14		500,000		516,756
7.000%, 4/1/15		26,605		28,406
4.375%, 10/15/15		2,028,000		2,242,960
7.000%, 4/1/16		38,398		41,397
6.000%, 8/1/16		113,244		123,087
4.875%, 12/15/16		2,050,000		2,317,097
5.500%, 2/1/17		177,285		191,551
5.500%, 6/1/17		59,081		63,835

See Notes to Financial Statements.

89

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
5.375%, 6/12/17	$	1,500,000	$	1,747,760
5.500%, 8/1/17		58,646		63,474
5.500%, 10/1/17		51,522		55,786
5.500%, 12/1/17		4,094		4,438
5.500%, 1/1/18		167,231		181,602
5.500%, 4/1/18		188,827		205,055
5.000%, 11/1/18		10,952		11,758
5.500%, 11/1/18		1,753,146		1,894,579
5.500%, 3/1/19		170,065		184,669
5.500%, 5/1/19		272,571		295,995
5.500%, 7/1/19		22,686		24,625
5.500%, 8/1/19		183,767		199,531
5.500%, 9/1/19		61,942		67,236
5.500%, 11/1/19		83,843		91,054
5.500%, 6/1/20		916,177		994,862
5.000%, 8/1/20		12,793		13,735
5.500%, 10/1/20		179,498		194,790
4.500%, 12/1/20		14,985,279		15,968,103
5.500%, 1/1/21		112,602		122,201
5.500%, 2/1/21		61,982		67,241
6.000%, 5/1/21		402,163		439,379
6.000%, 8/1/21		1,658,499		1,811,605
6.000%, 10/1/21		608,514		664,065
5.000%, 3/1/22		152,856		163,174
5.000%, 10/1/22		15,137		16,262
5.000%, 12/1/22		5,811,559		6,203,840
5.500%, 12/1/22		3,260,753		3,523,141
5.000%, 2/1/23		14,448		15,423
5.500%, 3/1/23		389,289		420,675
4.000%, 4/1/23		2,113,324		2,208,093
4.500%, 4/1/23		469,080		496,327
5.000%, 4/1/23		477,380		509,603
4.500%, 5/1/23		1,343,189		1,421,209
5.000%, 5/1/23		1,445,586		1,543,162
4.000%, 6/1/23		1,223,806		1,280,216
5.000%, 7/1/23		551,845		589,095
5.000%, 8/1/23		896,811		957,346
5.500%, 8/1/23		4,022,635		4,346,332
4.768%, 2/1/24(l)		2,426		2,552
4.500%, 4/1/24		8,482,981		8,962,467
4.500%, 5/1/24		1,838,698		1,943,202
4.000%, 6/1/24		3,590,000		3,739,771
5.022%, 6/1/24(l)		1,334		1,390
4.500%, 7/1/24		3,596,766		3,800,067
4.000%, 3/1/25		3,946,156		4,110,785
5.000%, 3/1/25		2,391,859		2,553,309
5.800%, 2/9/26		680,000		698,801
2.803%, 1/1/28(l)		132,517		137,737
7.125%, 1/15/30		1,586,000		2,158,730
7.000%, 4/1/32		26,471		29,721
6.500%, 6/1/32		51,153		56,898
6.500%, 8/1/32		53,905		60,027
6.500%, 9/1/32		433,339		481,463
5.500%, 12/1/32		39,237		42,263
5.000%, 1/1/33		1,871,912		1,990,003
3.036%, 3/1/33(l)		157,709		162,522
5.500%, 3/1/33		1,829,834		1,970,646
5.500%, 6/1/33		107,829		116,127
5.000%, 7/1/33		393,154		417,957
5.000%, 8/1/33		4,659,620		4,953,285
5.000%, 11/1/33		1,002,996		1,065,958
5.000%, 2/1/34		545,087		579,304

	Principal Amount		Value (Note 1)
6.000%, 2/1/34	$	1,703,144	$	1,871,064
5.000%, 3/1/34		2,742,093		2,914,495
5.000%, 4/1/34		1,042,456		1,106,917
5.000%, 5/1/34		1,109,852		1,178,480
5.000%, 7/1/34		1,566,566		1,663,436
5.000%, 8/1/34		2,353,903		2,501,666
5.500%, 8/1/34		74,633		80,306
6.000%, 8/1/34		1,013,081		1,112,331
5.500%, 10/1/34		10,197,926		10,981,095
5.500%, 11/1/34		2,136,168		2,298,550
5.000%, 12/1/34		1,750,305		1,860,178
5.000%, 2/1/35		360,562		382,519
5.500%, 2/1/35		2,239,021		2,409,222
6.500%, 2/1/35		514,485		567,440
5.000%, 3/1/35		457,800		486,108
6.000%, 4/1/35		10,017,185		11,004,817
5.000%, 6/1/35		15,606,878		16,558,847
5.500%, 8/1/35		5,403,059		5,811,455
5.000%, 9/1/35		851,249		904,685
5.500%, 9/1/35		325,667		349,964
4.500%, 10/1/35		221,236		230,768
5.500%, 10/1/35		6,851,294		7,362,465
5.000%, 11/1/35		6,627,102		7,026,540
5.500%, 12/1/35		3,694,966		3,973,532
3.418%, 1/1/36(l)		2,500,423		2,621,641
5.000%, 2/1/36		7,426,483		7,871,782
6.000%, 3/1/36		9,806,505		10,699,817
5.500%, 4/1/36		1,316,038		1,414,227
5.500%, 6/1/36		5,753,143		6,195,487
5.000%, 7/1/36		16,621,403		17,610,245
6.500%, 8/1/36		2,336,560		2,569,554
6.000%, 9/1/36		4,914,204		5,346,106
6.000%, 10/1/36		4,263,463		4,633,980
6.500%, 10/1/36		1,627,039		1,789,934
6.000%, 11/1/36		1,278,819		1,389,716
6.000%, 12/1/36		2,405,777		2,615,152
6.500%, 12/1/36		1,085,270		1,189,854
6.000%, 1/1/37		768,084		834,692
5.000%, 2/1/37		400,746		424,525
5.500%, 2/1/37		2,115,546		2,272,035
6.000%, 2/1/37		974,338		1,058,832
6.000%, 3/1/37		20,334,034		22,122,795
5.500%, 4/1/37		234,341		252,851
6.000%, 4/1/37		5,632,998		6,128,741
7.000%, 4/1/37		1,396,801		1,553,177
5.500%, 5/1/37		169,084		182,322
6.000%, 6/1/37		165,788		179,998
5.000%, 7/1/37		1,376,168		1,457,824
5.500%, 7/1/37		533,074		575,190
6.000%, 7/1/37		3,000,189		3,259,030
5.625%, 7/15/37		695,000		812,945
5.500%, 8/1/37		546,804		588,679
6.000%, 8/1/37		22,577		24,507
5.000%, 9/1/37		185,762		196,784
5.831%, 9/1/37(l)		6,728,550		7,126,914
5.500%, 10/1/37		311,290		335,877
6.500%, 10/1/37		3,167,832		3,479,047
5.000%, 11/1/37		142,270		150,712
6.000%, 11/1/37		2,388,266		2,613,859
7.500%, 11/1/37		318,067		355,564
6.500%, 12/1/37		2,742,133		3,003,814
5.000%, 1/1/38		830,669		879,957

See Notes to Financial Statements.

90

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
5.000%, 2/1/38	$	18,693,599	$	19,811,859
5.500%, 2/1/38		1,741,356		1,869,373
6.000%, 2/1/38		3,216,518		3,505,502
5.000%, 3/1/38		3,427,857		3,631,252
4.500%, 4/1/38		843,712		877,164
5.500%, 4/1/38		433,107		467,451
5.500%, 5/1/38		2,681,597		2,894,239
6.000%, 5/1/38		7,610,924		8,256,664
5.000%, 6/1/38		502,137		531,932
5.500%, 6/1/38		28,576,939		30,680,621
6.000%, 6/1/38		1,133,443		1,241,651
5.500%, 7/1/38		173,624		187,419
6.000%, 7/1/38		513,896		559,906
6.000%, 8/1/38		1,829,897		2,000,034
5.500%, 9/1/38		3,014,233		3,242,890
6.500%, 9/1/38		345,502		379,985
6.000%, 11/1/38		744,564		807,270
6.500%, 11/1/38		2,686,315		2,954,422
5.500%, 12/1/38		6,797,493		7,337,574
4.500%, 1/1/39		707,374		734,426
5.379%, 1/1/39(l)		7,757,473		8,264,137
4.000%, 2/1/39		2,866,626		2,907,162
4.500%, 2/1/39		835,388		867,336
5.000%, 2/1/39		118,827		126,175
4.500%, 3/1/39		2,631,128		2,731,342
4.500%, 4/1/39		65,126		67,606
4.500%, 5/1/39		11,923,774		12,388,200
4.000%, 6/1/39		2,905,657		2,946,744
4.500%, 6/1/39		14,461,754		15,017,110
4.500%, 7/1/39		4,967,134		5,156,311
6.000%, 7/1/39		385,854		419,797
4.000%, 8/1/39		6,813,937		6,910,290
4.500%, 8/1/39		821,927		853,232
4.000%, 9/1/39		4,385,121		4,447,129
6.000%, 9/1/39		3,955,894		4,310,070
4.500%, 10/1/39		2,893,907		3,014,976
5.000%, 10/1/39		8,757,976		9,299,534
5.000%, 11/1/39		1,204,471		1,278,951
5.000%, 12/1/39		1,467,870		1,554,968
4.000%, 1/1/40		987,118		1,001,077
4.500%, 1/1/40		2,937,325		3,054,703
5.000%, 1/1/40		4,578,221		4,861,320
4.500%, 2/1/40		36,208,940		37,577,600
5.500%, 2/1/40		1,850,758		1,986,818
4.500%, 3/1/40		16,866,720		17,506,001
5.000%, 4/1/40		4,607,039		4,891,919
4.500%, 5/1/40		4,999,771		5,189,411
5.000%, 6/1/40		99,900		105,828
2.974%, 12/1/40(l)		94,870		99,082
4.000%, 7/25/25 TBA		12,700,000		13,193,117
5.500%, 7/25/25 TBA		3,900,000		4,213,218
5.000%, 8/25/25 TBA		5,200,000		5,539,828
4.000%, 7/25/40 TBA		3,400,000		3,443,297
4.500%, 7/25/40 TBA		9,300,000		9,637,851
5.500%, 7/25/40 TBA		18,900,000		20,287,969
4.000%, 8/25/40 TBA		4,200,000		4,239,375
5.000%, 8/25/40 TBA		13,800,000		14,551,993
6.500%, 8/25/40 TBA		8,600,000		9,400,203
Government National Mortgage Association
3.625%, 7/20/27(l) .		6,580		6,786
6.000%, 1/15/29		20,654		22,798
6.000%, 6/15/29		13,368		14,738

	Principal Amount		Value (Note 1)
6.000%, 12/15/31	$	22,054	$	24,442
7.000%, 2/15/32		23,493		26,477
6.500%, 5/15/32		250,565		280,310
6.000%, 7/15/32		22,704		25,106
6.000%, 8/15/32		18,914		20,914
6.000%, 1/15/33		18,466		20,443
6.500%, 1/15/33		213,904		239,297
6.000%, 2/15/33		44,242		48,935
6.500%, 2/15/33		272,391		304,976
7.000%, 2/15/33		18,323		20,616
5.500%, 4/15/33		60,122		65,404
6.500%, 6/15/34		274,235		306,789
6.500%, 8/15/34		2,229,888		2,496,889
6.000%, 9/15/34		446,234		491,903
6.000%, 12/15/34		61,795		68,119
6.000%, 1/15/35		150,463		165,627
6.000%, 2/15/35		72,168		79,441
6.000%, 3/15/35		269,585		296,754
6.000%, 5/15/35		24,084		26,519
6.000%, 7/15/35		166,059		183,547
6.000%, 9/15/35		24,805		27,417
6.000%, 10/15/35		56,340		61,930
6.000%, 12/15/35		76,066		83,470
6.500%, 12/15/35		2,545,481		2,847,657
6.000%, 1/15/36		80,905		88,966
6.000%, 2/15/36		49,960		54,823
6.000%, 3/15/36		57,942		63,582
6.000%, 4/15/36		73,465		80,587
5.753%, 4/20/36 IO(l)		5,654,465		689,138
6.000%, 5/15/36		267,416		292,946
6.000%, 6/15/36		371,752		407,242
6.000%, 7/15/36		859,421		941,513
6.000%, 8/15/36		1,154,259		1,266,393
6.000%, 9/15/36		560,460		613,359
6.000%, 10/15/36		862,935		943,970
6.000%, 11/15/36		47,332		51,777
6.000%, 2/15/37		608,542		664,737
6.000%, 6/15/37		27,032		29,528
6.000%, 11/15/37		20,176		22,014
6.000%, 2/15/38		267,620		292,752
6.000%, 4/15/38		2,514,763		2,757,989
6.000%, 5/15/38		703,383		767,232
6.000%, 6/15/38		374,636		408,529
6.000%, 8/15/38		36,648		39,964
6.000%, 9/15/38		254,122		277,112
6.000%, 10/15/38		1,459,163		1,591,171
6.000%, 11/15/38		167,672		182,841
5.500%, 12/15/38		1,016,571		1,099,366
6.000%, 12/15/38		2,652,926		2,892,933
6.500%, 12/15/38		632,334		694,357
5.500%, 1/15/39		18,227,507		19,712,051
6.000%, 1/15/39		231,780		252,749
5.000%, 2/15/39		8,056,591		8,600,726
4.500%, 3/15/39		1,927,803		2,012,370
4.500%, 4/15/39		6,559,797		6,847,557
4.000%, 6/15/39		842,830		858,403
4.500%, 6/15/39		7,879,091		8,224,725
4.000%, 7/15/39		438,411		446,511
5.500%, 7/15/39		114,322		123,633
4.000%, 8/15/39		668,959		681,319
4.500%, 8/15/39		1,842,814		1,925,957
5.000%, 8/15/39		45,132		48,180

See Notes to Financial Statements.

91

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
4.500%, 9/15/39	$	1,078,420	$	1,125,728
5.000%, 9/15/39		11,438,910		12,214,218
5.500%, 10/15/39		3,259,163		3,524,607
5.000%, 11/15/39		1,462,822		1,562,991
4.500%, 12/15/39		2,959,964		3,090,734
4.500%, 1/15/40		2,975,125		3,105,635
5.000%, 1/15/40		4,957,386		5,296,852
4.500%, 2/15/40		4,993,276		5,213,877
5.000%, 2/15/40		6,646,188		7,101,296
4.500%, 5/15/40		2,995,625		3,127,971
5.000%, 6/15/40		5,000,000		5,337,695
6.500%, 7/15/40 TBA		3,400,000		3,731,500
5.000%, 8/15/40 TBA		5,900,000		6,247,777
Resolution Funding Corp.
0.000%, 7/15/18 STRIPS		75,000		58,303
0.000%, 10/15/18 STRIPS		75,000		57,467
Small Business Administration
4.524%, 2/10/13		32,144		33,536
Series P10A 4.504%, 2/1/14		226,353		236,306
U.S. Department of Housing and Urban Development
5.380%, 8/1/18		1,660,000		1,842,942
				1,075,340,064
U.S. Treasuries (35.3%)
U.S. Treasury Bonds
11.250%, 2/15/15		2,716,000		3,876,878
9.250%, 2/15/16		3,684,000		5,104,930
7.250%, 5/15/16		2,734,000		3,511,908
7.500%, 11/15/16		4,095,000		5,365,728
8.875%, 8/15/17		4,107,000		5,849,908
3.625%, 2/15/20		3,000,000		3,169,686
8.500%, 2/15/20		5,627,000		8,254,106
8.750%, 5/15/20		3,840,000		5,738,999
8.750%, 8/15/20		1,500,000		2,248,829
7.875%, 2/15/21		1,500,000		2,147,109
8.125%, 5/15/21		5,890,000		8,588,356
8.000%, 11/15/21		8,325,000		12,107,672
7.625%, 11/15/22		1,000,000		1,435,625
7.125%, 2/15/23		500,000		692,265
6.250%, 8/15/23		3,000,000		3,888,750
6.750%, 8/15/26		1,755,000		2,436,433
6.625%, 2/15/27		3,573,000		4,918,456
6.375%, 8/15/27		1,634,000		2,201,305
6.125%, 11/15/27		2,258,000		2,972,092
6.125%, 8/15/29		5,588,000		7,423,312
6.250%, 5/15/30		1,000,000		1,352,500
5.375%, 2/15/31		2,770,000		3,407,964
4.750%, 2/15/37		5,081,000		5,833,623
5.000%, 5/15/37		2,293,000		2,732,969
4.375%, 2/15/38		7,204,000		7,789,325
3.500%, 2/15/39		1,500,000		1,393,359
4.250%, 5/15/39		5,500,000		5,815,392
4.500%, 8/15/39		8,425,000		9,279,346
4.375%, 11/15/39		2,000,000		2,159,062
4.625%, 2/15/40		4,500,000		5,058,279
4.375%, 5/15/40		32,605,000		35,264,264
U.S. Treasury Notes
1.000%, 7/31/11		6,500,000		6,540,625
4.625%, 8/31/11		3,000,000		3,145,665
1.000%, 9/30/11		5,000,000		5,034,375
4.500%, 9/30/11		2,710,000		2,848,253

	Principal Amount		Value (Note 1)
1.000%, 10/31/11	$	6,000,000	$	6,041,952
1.750%, 11/15/11		4,000,000		4,070,780
0.750%, 11/30/11		5,000,000		5,018,750
4.500%, 11/30/11		4,710,000		4,980,090
1.125%, 12/15/11		5,000,000		5,047,655
1.000%, 12/31/11		2,000,000		2,014,610
4.625%, 12/31/11		9,980,000		10,602,193
1.125%, 1/15/12		8,000,000		8,075,936
0.875%, 1/31/12		7,000,000		7,037,184
1.375%, 2/15/12		9,000,000		9,123,048
0.875%, 2/29/12		5,000,000		5,026,750
4.625%, 2/29/12		2,000,000		2,136,094
1.375%, 3/15/12		5,000,000		5,072,460
1.000%, 3/31/12		10,000,000		10,075,800
4.500%, 3/31/12		840,000		898,636
1.000%, 4/30/12#		14,110,000		14,215,825
4.500%, 4/30/12		6,778,000		7,268,612
1.375%, 5/15/12		4,000,000		4,058,752
0.750%, 5/31/12		6,190,000		6,207,889
4.750%, 5/31/12		5,000,000		5,397,265
1.750%, 8/15/12		8,000,000		8,185,624
4.125%, 8/31/12		5,420,000		5,828,619
1.375%, 9/15/12		10,000,000		10,152,340
4.250%, 9/30/12		1,000,000		1,081,250
1.375%, 10/15/12		7,000,000		7,103,908
1.375%, 11/15/12		6,000,000		6,085,782
1.125%, 12/15/12		2,000,000		2,016,406
3.625%, 12/31/12		6,780,000		7,271,021
1.375%, 1/15/13		5,000,000		5,067,190
1.375%, 2/15/13		5,000,000		5,065,625
2.750%, 2/28/13		4,000,000		4,201,248
1.375%, 3/15/13		7,000,000		7,090,790
1.750%, 4/15/13		7,000,000		7,159,110
3.125%, 4/30/13		9,487,000		10,085,867
1.375%, 5/15/13		6,000,000		6,073,140
3.375%, 6/30/13		9,490,000		10,169,873
3.375%, 7/31/13		5,563,000		5,964,582
2.750%, 10/31/13		5,848,000		6,154,564
4.250%, 11/15/13		5,000,000		5,514,060
2.000%, 11/30/13		1,139,000		1,169,254
1.500%, 12/31/13		3,782,000		3,813,913
1.750%, 1/31/14		4,000,000		4,064,376
4.000%, 2/15/14		2,000,000		2,192,968
1.875%, 2/28/14		1,500,000		1,528,593
1.750%, 3/31/14		5,000,000		5,069,140
1.875%, 4/30/14		5,000,000		5,090,235
4.750%, 5/15/14		4,000,000		4,512,500
2.250%, 5/31/14		5,000,000		5,158,985
2.625%, 6/30/14		8,000,000		8,363,128
2.625%, 7/31/14		5,000,000		5,224,610
2.375%, 8/31/14		2,500,000		2,584,570
2.375%, 9/30/14		6,000,000		6,197,346
2.375%, 10/31/14		6,000,000		6,190,314
4.250%, 11/15/14		4,000,000		4,454,688
2.625%, 12/31/14		5,000,000		5,207,810
2.250%, 1/31/15		8,000,000		8,199,376
4.000%, 2/15/15		4,082,000		4,505,189
4.125%, 5/15/15		7,000,000		7,777,112
2.125%, 5/31/15		149,972,000		152,550,019
1.875%, 6/30/15		9,715,000		9,752,189
2.625%, 2/29/16		12,000,000		12,345,936
2.375%, 3/31/16		6,000,000		6,088,596

See Notes to Financial Statements.

92

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
2.625%, 4/30/16	$	2,500,000	$	2,568,750
5.125%, 5/15/16		4,087,000		4,769,337
3.250%, 5/31/16		3,000,000		3,186,564
3.250%, 6/30/16		2,000,000		2,121,094
4.875%, 8/15/16		10,810,000		12,512,575
3.000%, 8/31/16		5,000,000		5,217,970
3.000%, 9/30/16		5,000,000		5,213,670
3.125%, 10/31/16		5,000,000		5,244,920
2.750%, 11/30/16		4,500,000		4,613,553
3.250%, 12/31/16		4,000,000		4,216,248
3.125%, 1/31/17		5,000,000		5,229,295
4.625%, 2/15/17		5,458,000		6,235,339
3.125%, 4/30/17#		58,400,000		61,046,221
2.750%, 5/31/17		6,000,000		6,126,564
4.750%, 8/15/17		3,186,000		3,683,564
4.250%, 11/15/17		1,150,000		1,291,863
3.500%, 2/15/18		3,000,000		3,206,952
3.875%, 5/15/18		7,432,000		8,122,946
4.000%, 8/15/18		6,500,000		7,149,493
3.750%, 11/15/18		12,000,000		12,930,000
2.750%, 2/15/19		8,000,000		7,970,000
3.125%, 5/15/19		164,500,000		167,931,306
3.625%, 8/15/19#		304,900,000		322,407,968
3.375%, 11/15/19		11,500,000		11,910,584
3.500%, 5/15/20		62,715,000		65,635,010
				1,444,811,261
Total Government Securities				2,741,553,619
Total Long-Term Debt Securities (106.7%) (Cost $4,227,149,676) .				4,367,653,591
	Number of Shares		Value (Note 1)
CONVERTIBLE PREFERRED STOCK:
Financials (0.1%)
Commercial Banks (0.1%)
Wells Fargo & Co.
7.500%		5,000		4,655,000
Total Convertible Preferred Stocks (0.1%) (Cost $5,000,000)				4,655,000
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Certificate of Deposit (0.4%)
Dexia Credit Local S.A./New York
0.79%, 3/22/12	$	15,700,000		15,683,515
Government Securities (2.3%)
Federal Home Loan Bank
0.02%, 7/2/10 (o)(p)		57,750,000		57,749,942
0.03%, 7/7/10 (o)(p)		7,250,000		7,249,964
U.S. Treasury Bills
0.00%, 7/1/10 (p)		1,600,000		1,600,000
0.09%, 7/15/10 #(p)		29,900,000		29,898,834
Total Government Securities				96,498,740

	Principal Amount			Value (Note 1)
Time Deposit (1.4%)
JPMorgan Chase Nassau
0.000%, 7/1/10	$	56,659,566		$	56,659,566
Total Short-Term Investments (4.1%) (Cost/Amortized Cost $168,858,795)					168,841,821
	Number of Contracts			Value (Note 1)
OPTION PURCHASED:
Put Option Purchased (0.0%)
1 Year Mid Curve
September 2010 @ $97.25*		20			125
Total Options Purchased (0.0%) (Cost $3,311)					125
Total Investments Before Options Written and Securities Sold Short (110.9%) (Cost/Amortized Cost $4,401,011,782)					4,541,150,537
OPTIONS WRITTEN:
Call Options Written (-0.1%)
10 Year U.S. Treasury Notes
August 2010 @ $120.00*		(155	)		(469,844	)
August 2010 @ $122.00*		(781	)		(1,293,531	)
August 2010 @ $122.50*		(99	)		(137,672	)
					(1,901,047	)
Put Options Written (0.0%)
10 Year U.S. Treasury Notes
August 2010 @ $119.50*		(99	)		(38,672	)
September 2010 @ $114.00*		(936	)		(43,875	)
					(82,547	)
Total Options Written (-0.1%)
(Premiums Received $1,129,693)					(1,983,594	)
Total Investments Before Securities Sold Short (110.8%) (Cost/Amortized Cost $4,399,882,089)					4,539,166,943

See Notes to Financial Statements.

93

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount			Value (Note 1)
SECURITIES SOLD SHORT:
U.S. Government Agencies (-1.0%)
Federal Home Loan Mortgage Corp.
5.500%, 8/15/40 TBA	$	(3,000,000	)	$	(3,210,468	)
Federal National Mortgage Association
4.500%, 7/25/25 TBA		(14,900,000	)		(15,717,173	)
5.000%, 5/25/40 TBA		(100,000	)		(105,781	)
5.000%, 7/25/40 TBA		(5,200,000	)		(5,501,438	)
6.000%, 7/25/40 TBA		(7,200,000	)		(7,809,187	)
4.500%, 8/25/40 TBA		(9,300,000	)		(9,605,884	)
Total Securities Sold Short (-1.0%) (Proceeds Received $41,696,281)					(41,949,931	)
Total Investments after Options Written and Securities Sold Short (109.8%) (Cost/Amortized Cost $4,358,185,808)					4,497,217,012
Other Assets Less Liabilities (-9.8%)					(403,119,141	)
Net Assets (100%)				$	4,094,097,871

* Non-income producing.

† Securities (totaling $7,809,681 or 0.2% of net assets) at fair value by management.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $406,847,954 or 9.9% 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 $5,945,840.

(b) Illiquid Security.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of June 30, 2010.

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

(o) Discount Note Security. Effective rate calculated as of June 30, 2010.

(p) Yield to maturity.

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

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)

	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Purchases
5 Year U.S. Treasury Notes	80	September-10	$	9,453,957	$	9,468,125	$	14,168
U.S. Long Bond	38	September-10		4,726,554		4,845,000		118,446
U.S. Ultra Bond	12	September-10		1,571,132		1,629,750		58,618
							$	191,232
Sales
10 Year U.S. Treasury Notes	1,686	September-10	$	202,592,529	$	206,614,031	$	(4,021,502	)
2 Year U.S. Treasury Notes .	8	September-10		1,750,608		1,750,625		(17	)
							$	(4,021,519	)
							$	(3,830,287	)

See Notes to Financial Statements.

94

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, 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)
Brazilian Real vs. U.S. Dollar, expiring 8/3/10	Goldman Sachs & Co.	19,342	$	10,642,524	$	10,622,246	$	20,278
Chinese Renminbi vs. U.S. Dollar, expiring 11/17/10	HSBC Bank plc	35,018		5,181,841		5,260,000		(78,159	)
Chinese Renminbi vs. U.S. Dollar, expiring 4/7/11	Credit Suisse First Boston	94,677		14,113,080		14,300,000		(186,920	)
European Union Euro vs. U.S. Dollar, expiring 7/26/10	Royal Bank of Canada	17,455		21,346,243		21,839,696		(493,453	)
European Union Euro vs. U.S. Dollar, expiring 7/26/10	JPMorgan Chase Bank	3,629		4,438,013		4,469,404		(31,391	)
European Union Euro vs. U.S. Dollar, expiring 8/24/10	Citibank N.A.	18,898		23,114,207		23,330,337		(216,130	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Citibank N.A.	362,018		295,326		310,000		(14,674	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Citibank N.A.	712,236		581,026		610,000		(28,974	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Goldman Sachs & Co.	363,630		296,641		310,000		(13,359	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Citibank N.A.	708,759		578,189		610,000		(31,811	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Bank of America	1,331,705		1,086,375		1,127,847		(41,472	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Barclays Bank plc	471,280		384,459		400,000		(15,541	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Barclays Bank plc	470,560		383,872		400,000		(16,128	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Morgan Stanley & Co., Inc.	1,369,809		1,117,459		1,190,000		(72,541	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	JPMorgan Chase Bank	1,340,528		1,093,571		1,170,000		(76,429	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	JPMorgan Chase Bank	793,450		647,278		700,000		(52,722	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Citibank N.A.	347,700		283,646		300,000		(16,354	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Citibank N.A.	736,628		600,924		630,000		(29,076	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	JPMorgan Chase Bank	737,006		601,232		630,000		(28,768	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Citibank N.A.	727,461		593,446		630,000		(36,554	)
Mexican Peso vs. U.S. Dollar, expiring 9/24/10	HSBC Bank plc	117,961		9,038,066		9,283,917		(245,851	)
Singapore Dollar vs. U.S. Dollar, expiring 9/16/10	Goldman Sachs & Co.	8,038		5,745,711		5,729,506		16,205
Singapore Dollar vs. U.S. Dollar, expiring 9/16/10	Barclays Bank plc	9,422		6,735,324		6,718,626		16,698
							$	(1,673,126	)
Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Brazilian Real vs. U.S. Dollar, expiring 8/3/10	Royal Bank of Canada	19,258	$	10,627,780	$	10,596,315	$	31,465
British Pound vs. U.S. Dollar, expiring 9/23/10	Bank of America	2,149		3,184,883		3,210,821		(25,938	)
Danish Krone vs. U.S. Dollar, expiring 1/4/11	Citibank N.A.	102,105		18,236,618		16,775,017		1,461,601
European Union Euro vs. U.S. Dollar, expiring 7/26/10	HSBC Bank plc	11		14,652		13,452		1,200
European Union Euro vs. U.S. Dollar, expiring 7/26/10	Credit Suisse First Boston	55,288		74,093,384		67,613,354		6,480,030
Japanese Yen vs. U.S. Dollar, expiring 7/14/10	Bank of America	288,678		3,153,228		3,265,668		(112,440	)
							$	7,835,918
							$	6,162,792

See Notes to Financial Statements.

95

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Options Written:

Options written through the six months ended June 30, 2010 were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding - January 1, 2010	4,880		$	1,831,534
Options Written	31,210,543			3,783,856
Options Terminated in Closing Purchase Transactions	—			—
Options Expired	(31,213,353	)		(4,485,697	)
Options Exercised	—			—
Options Outstanding - June 30, 2010	2,070		$	1,129,693

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Asset-Backed and Mortgage-Backed Securities
Asset-Backed Securities	$	—	$	95,724,821	$	4,353,889	$	100,078,710
Non-Agency CMO		—		191,197,007		8,671,917		199,868,924
Convertible Preferred Stocks
Financials		4,655,000		—		—		4,655,000
Corporate Bonds
Consumer Discretionary		—		47,300,980		—		47,300,980
Consumer Staples		—		51,133,857		—		51,133,857
Energy		—		83,838,613		—		83,838,613
Financials		—		865,797,133		—		865,797,133
Health Care		—		37,321,648		—		37,321,648
Industrials		—		37,208,602		—		37,208,602
Information Technology		—		18,465,154		—		18,465,154
Materials		—		42,054,918		—		42,054,918
Telecommunication Services		—		72,494,680		—		72,494,680
Utilities		—		70,536,753		—		70,536,753
Forward Currency Contracts		—		8,027,477		—		8,027,477
Futures		191,232		—		—		191,232
Government Securities
Agency ABS		—		40,917,140		—		40,917,140
Agency CMO		—		7,164,900		—		7,164,900
Foreign Governments		—		50,516,687		—		50,516,687
Municipal Bonds		—		82,958,064		—		82,958,064
Supranational		—		39,845,503		—		39,845,503
U.S. Government Agencies		—		1,075,340,064		—		1,075,340,064
U.S. Treasuries		—		1,444,811,261		—		1,444,811,261

See Notes to Financial Statements.

96

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)			Level 3 Significant Unobservable Inputs (including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Options Purchased
Put Options Purchased	$	125		$	—		$	—	$	125
Short-Term Investments		—			168,841,821			—		168,841,821
Total Assets	$	4,846,357		$	4,531,497,083		$	13,025,806	$	4,549,369,246
Liabilities:
Forward Currency Contracts	$	—		$	(1,864,685	)	$	—	$	(1,864,685	)
Futures		(4,021,519	)		—			—		(4,021,519	)
Government Securities
U.S. Government Agencies		—			(41,949,931	)		—		(41,949,931	)
Options Written
Call Options Written		(1,901,047	)		—			—		(1,901,047	)
Put Options Written		(82,547	)		—			—		(82,547	)
Total Liabilities	$	(6,005,113	)	$	(43,814,616)		$	—	$	(49,819,729)
Total	$	(1,158,756	)	$	4,487,682,467		$	13,025,806	$	4,499,549,517

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 12/31/09	$	2,391,747
Total gains or losses (realized/unrealized) included in earnings		387,604
Purchases, sales, issuances, and settlements (net)		7,475,380
Transfers into Level 3		2,771,075
Transfers out of Level 3		—
Balance as of 6/30/10	$	13,025,806
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	380,608

See Notes to Financial Statements.

97

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:

Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	191,357	*
Foreign exchange contracts	Receivables		8,027,477
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	8,218,834
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	(6,005,113	)*
Foreign exchange contracts	Payables		(1,864,685	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(7,869,798	)

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:

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	$	4,086,160	$	1,043,902		$	—	$	—	$	5,130,062
Foreign exchange contracts		233,220		—			453,173		—		686,393
Credit contracts		—		—			—		—		—
Equity contracts		—		—			—		—		—
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	4,319,380	$	1,043,902		$	453,173	$	—	$	5,816,455
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	$	207,316	$	(4,416,744	)	$	—	$	—	$	(4,209,428	)
Foreign exchange contracts		—		—			5,218,587		—		5,218,587
Credit contracts		—		—			—		—		—
Equity contracts		—		—			—		—		—
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	207,316	$	(4,416,744	)	$	5,218,587	$	—	$	1,009,159

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $191,137,000, futures contracts with an average notional balance of approximately $385,847,000 and option contracts with an average notional balance of approximately $1,382,000 during the six months ended June 30, 2010.

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,515,169,087
Long-term U.S. Treasury securities		10,353,663,440
	$	13,868,832,527
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,782,053,627
Long-term U.S. Treasury securities		10,202,185,559
	$	13,984,239,186

As of June 30, 2010, 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	$	167,996,230
Aggregate gross unrealized depreciation		(38,299,421	)
Net unrealized appreciation	$	129,696,809
Federal income tax cost of investments	$	4,411,453,728

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

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value (Cost $4,401,011,782)	$	4,541,150,537
Foreign cash (Cost $356,754)		355,878
Cash held as collateral at broker		2,000
Cash held as collateral for forward     commitments		8,278,921
Receivable for forward commitments		347,248,175
Receivable for securities sold		37,056,390
Dividends, interest and other receivables		33,093,799
Unrealized appreciation of forward foreign currency contracts		8,027,477
Receivable from Separate Accounts for Trust shares sold		3,783,956
Variation margin receivable on futures contracts		4,340
Other assets		24,722
Total assets		4,979,026,195
LIABILITIES
Overdraft payable		8,901,074
Payable for securities purchased		413,545,440
Payable for forward commitments		402,974,104
Securities sold short, at value (Proceeds received $41,696,281)		41,949,931
Payable for return of cash collateral on forward commitments		8,278,921
Payable to Separate Accounts for Trust shares redeemed		2,123,329
Options written, at value (Premiums received $1,129,693)		1,983,594
Unrealized depreciation of forward foreign currency contracts		1,864,685
Investment management fees payable		1,745,209
Administrative fees payable		518,005
Distribution fees payable - Class B		280,245
Trustees’ fees payable		41,315
Accrued expenses		722,472
Total liabilities		884,928,324
NET ASSETS	$	4,094,097,871
Net assets were comprised of:
Paid in capital	$	3,946,661,519
Accumulated undistributed net investment income (loss)		206,876
Accumulated undistributed net realized gains (losses) on investments, securities sold short, options written, futures and foreign currency transactions		5,932,299
Net unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		141,297,177
Net assets	$	4,094,097,871
Class A
Net asset value, offering and redemption price per share, $2,703,574,668 / 253,578,789 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.66
Class B
Net asset value, offering and redemption price per share, $1,390,523,203 / 130,207,544 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.68

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Interest	$	74,163,782
Dividends		187,500
Securities lending (net)		1,520
Total income		74,352,802
EXPENSES
Investment management fees		10,665,864
Administrative fees		3,168,382
Distribution fees - Class B		1,621,492
Printing and mailing expenses		243,284
Custodian fees		108,585
Professional fees		60,371
Trustees’ fees		34,307
Miscellaneous		85,447
Total expenses		15,987,732
NET INVESTMENT INCOME (LOSS)		58,365,070
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		51,189,644
Foreign currency transactions		(1,632,859	)
Futures		1,043,902
Options written		4,536,462
Securities sold short		(4,108,852	)
Net realized gain (loss)		51,028,297
Change in unrealized appreciation (depreciation) on:
Securities		102,963,106
Foreign currency translations		5,274,626
Options written		210,502
Futures		(4,416,744	)
Securities sold short		(279,312	)
Net change in unrealized appreciation (depreciation)		103,752,178
NET REALIZED AND UNREALIZED GAIN (LOSS)		154,780,475
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	213,145,545

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	58,365,070		$	124,151,687
Net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		51,028,297			20,173,573
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		103,752,178			135,869,565
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		213,145,545			280,194,825
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(41,583,171	)		(96,306,551	)
Class B		(17,275,742	)		(39,003,943	)
		(58,858,913	)		(135,310,494	)
Distributions from net realized capital gains
Class A		—			(6,263,576	)
Class B		—			(2,789,213	)
		—			(9,052,789	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(58,858,913	)		(144,363,283	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 15,826,066 and 73,497,702 shares, respectively ]		165,104,455			738,835,683
Capital shares issued in reinvestment of dividends and distributions [ 3,984,728 and 10,105,166 shares, respectively ]		41,583,171			102,570,127
Capital shares repurchased [ (38,525,709) and (62,978,766) shares, respectively ]		(404,729,873	)		(620,324,410	)
Total Class A transactions		(198,042,247	)		221,081,400
Class B
Capital shares sold [ 24,018,148 and 54,936,464 shares, respectively ]		251,864,079			556,253,083
Capital shares issued in reinvestment of dividends and distributions [ 1,652,427 and 4,107,514 shares, respectively ]		17,275,742			41,793,156
Capital shares repurchased [ (17,207,175) and (29,660,624) shares, respectively ]		(179,839,740	)		(300,194,154	)
Total Class B transactions		89,300,081			297,852,085
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(108,742,166	)		518,933,485
TOTAL INCREASE (DECREASE) IN NET ASSETS		45,544,466			654,765,027
NET ASSETS:
Beginning of period		4,048,553,405			3,393,788,378
End of period (a)	$	4,094,097,871		$	4,048,553,405
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	206,876		$	700,719

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	10.27		$	9.86		$	10.38		$	10.21		$	10.25		$	10.43
Income (loss) from investment operations:
Net investment income (loss)		0.15	(e)		0.36	(e)		0.46	(e)		0.47	(e)		0.44	(e)		0.36	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.39			0.46			(0.19	)		0.17			(0.04	)		(0.16	)
Total from investment operations		0.54			0.82			0.27			0.64			0.40			0.20
Less distributions:
Dividends from net investment income		(0.15	)		(0.38	)		(0.52	)		(0.47	)		(0.44	)		(0.38	)
Distributions from net realized gains		—			(0.03	)		(0.27	)		—			—			—
Total dividends and distributions		(0.15	)		(0.41	)		(0.79	)		(0.47	)		(0.44	)		(0.38	)
Net asset value, end of period	$	10.66		$	10.27		$	9.86		$	10.38		$	10.21		$	10.25
Total return (b)		5.21	%		8.44	%		2.55	%		6.53	%		3.96	%		2.00	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,703,575		$	2,796,284		$	2,481,594		$	2,088,488		$	1,911,399		$	1,237,241
Ratio of expenses to average net assets:
After waivers (a)		0.69	%		0.71	%		0.75	%		0.71	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.69	%		0.71	%		0.75	%		0.71	%		0.70	%		0.70	%
Before waivers and fees paid indirectly (a)		0.69	%		0.71	%		0.76	%		0.76	%		0.77	%		0.78	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		2.90	%		3.51	%		4.55	%		4.62	%		4.31	%		3.51	%
After waivers and fees paid indirectly (a)		2.90	%		3.51	%		4.55	%		4.62	%		4.31	%		3.51	%
Before waivers and fees paid indirectly (a)		2.90	%		3.51	%		4.54	%		4.57	%		4.24	%		3.43	%
Portfolio turnover rate		311	%		623	%		431	%		475	%		366	%		654	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	10.29		$	9.88		$	10.40		$	10.20		$	10.24		$	10.42
Income (loss) from investment operations:
Net investment income (loss)		0.14	(e)		0.33	(e)		0.44	(e)		0.44	(e)		0.41	(e)		0.34	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.39			0.47			(0.20	)		0.18			(0.03	)		(0.16	)
Total from investment operations		0.53			0.80			0.24			0.62			0.38			0.18
Less distributions:
Dividends from net investment income		(0.14	)		(0.36	)		(0.49	)		(0.42	)		(0.42	)		(0.36	)
Distributions from net realized gains		—			(0.03	)		(0.27	)		—			—			—
Total dividends and distributions		(0.14	)		(0.39	)		(0.76	)		(0.42	)		(0.42	)		(0.36	)
Net asset value, end of period	$	10.68		$	10.29		$	9.88		$	10.40		$	10.20		$	10.24
Total return (b)		5.07	%		8.16	%		2.30	%		6.23	%		3.80	%		1.74	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,390,523		$	1,252,270		$	912,195		$	829,932		$	825,182		$	806,356
Ratio of expenses to average net assets:
After waivers (a)		0.94	%		0.96	%		1.00	%		0.96	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.94	%		0.96	%		1.00	%		0.96	%		0.95	%		0.95	%
Before waivers and fees paid indirectly (a)		0.94	%		0.96	%		1.01	%		1.01	%		1.02	%		1.03	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		2.65	%		3.25	%		4.29	%		4.37	%		4.04	%		3.26	%
After waivers and fees paid indirectly (a)		2.65	%		3.25	%		4.29	%		4.37	%		4.04	%		3.26	%
Before waivers and fees paid indirectly (a)		2.65	%		3.25	%		4.28	%		4.32	%		3.97	%		3.18	%
Portfolio turnover rate		311	%		623	%		431	%		475	%		366	%		654	%

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

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

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

See Notes to Financial Statements.

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Sector Weightings as of 06/30/10	% of Net Assets
Financials	16.5	%
Consumer Discretionary	11.2
Industrials	9.4
Consumer Staples	8.2
Materials	6.8
Health Care	6.4
Information Technology	6.3
Energy	6.1
Telecommunication Services	4.4
Utilities	2.9
Cash and Other	21.8
	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$854.20	$4.78
Hypothetical (5% average return before expenses)	1,000.00	1,019.64	5.21
Class B
Actual	1,000.00	853.00	5.93
Hypothetical (5% average return before expenses)	1,000.00	1,018.40	6.46
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.04% and 1.29%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Argentina (0.1%)
MercadoLibre, Inc.*	23,200	$	1,219,160
Australia (3.7%)
AGL Energy Ltd.	18,100		222,909
Alumina Ltd.	61,448		77,866
Amcor Ltd.	41,564		221,438
AMP Ltd.	76,425		332,310
Aristocrat Leisure Ltd.	6,913		21,122
Arrow Energy Ltd.*	26,089		106,132
Asciano Group*	112,396		151,686
ASX Ltd.	6,863		167,448
Australia & New Zealand Banking Group Ltd.	216,134		3,880,065
AXA Asia Pacific Holdings Ltd.	41,803		191,441
Bendigo and Adelaide Bank Ltd.	15,921		108,828
BGP Holdings plc*†(b)	568,558		—
BHP Billiton Ltd.	147,828		4,597,429
Billabong International Ltd.	3,537		25,758
BlueScope Steel Ltd.*	73,693		128,376
Boral Ltd.	175,783		706,626
Brambles Ltd.	46,904		213,837
Caltex Australia Ltd.	1,288		10,058
CFS Retail Property Trust (REIT)	48,993		77,633
Coca-Cola Amatil Ltd.	18,417		184,447
Cochlear Ltd.	1,542		96,054
Commonwealth Bank of Australia	51,959		2,105,927
Computershare Ltd.	18,730		165,707
Crown Ltd.	11,281		73,117
CSL Ltd.	17,780		484,918
CSR Ltd.	62,356		87,452
Dexus Property Group (REIT)	214,527		138,123
Fairfax Media Ltd.	97,264		106,752
Fortescue Metals Group Ltd.*	34,810		118,681
Foster’s Group Ltd.	73,245		346,509
Goodman Fielder Ltd.	18,447		20,800
Goodman Group (REIT)	248,525		131,033
GPT Group (REIT)	73,630		172,870
Harvey Norman Holdings Ltd.	6,811		18,829
Incitec Pivot Ltd.	540,995		1,226,610
Insurance Australia Group Ltd.	259,146		737,191
Intoll Group	236,894		206,006
Leighton Holdings Ltd.	3,832		92,346
Lend Lease Group	101,376		618,836
MacArthur Coal Ltd.	1,465		14,732
Macquarie Group Ltd.	45,356		1,395,783
MAp Group	14,238		31,964
Metcash Ltd.	19,104		67,211
Mirvac Group (REIT)	88,392		96,769
National Australia Bank Ltd.	195,460		3,775,546
Newcrest Mining Ltd.	17,717		521,067
OneSteel Ltd.	34,036		84,276
Orica Ltd.	12,120		255,159
Origin Energy Ltd.	31,417		392,507
OZ Minerals Ltd.*	75,318		60,208
Paladin Energy Ltd.*	13,189		39,403
Qantas Airways Ltd.*	666,845		1,224,163

	Number of Shares	Value (Note 1)
QBE Insurance Group Ltd.	32,587	$	495,919
Rio Tinto Ltd.	20,313		1,125,013
Santos Ltd.	24,956		261,962
Sims Metal Management Ltd.	3,915		55,741
Sonic Healthcare Ltd.	15,263		132,952
SP AusNet	17,690		11,326
Stockland Corp., Ltd. (REIT)	90,670		281,716
Suncorp-Metway Ltd.	37,965		254,819
TABCORP Holdings Ltd.	27,080		143,443
Tatts Group Ltd.	51,539		96,480
Telstra Corp., Ltd.	445,225		1,211,455
Toll Holdings Ltd.	27,973		127,737
Transurban Group	56,233		199,474
Wesfarmers Ltd.	34,147		817,550
Wesfarmers Ltd. (PPS)	6,790		163,412
Westfield Group (REIT)	70,373		716,270
Westpac Banking Corp.	101,267		1,788,305
Woodside Petroleum Ltd.	17,728		618,335
Woolworths Ltd.	40,361		914,965
WorleyParsons Ltd.	5,571		102,940
			35,851,772
Austria (0.2%)
Erste Group Bank AG	5,762		183,309
Immofinaz AG*	24,380		62,765
OMV AG	43,204		1,302,102
Raiffeisen International Bank Holding AG*	2,552		97,262
Telekom Austria AG	10,728		119,250
Verbund AG, Class A	2,236		68,491
Vienna Insurance Group	2,194		91,480
Voestalpine AG	4,713		128,996
			2,053,655
Belgium (1.0%)
Ageas	67,900		151,651
Anheuser-Busch InBev N.V.	171,091		8,218,185
Belgacom S.A.	4,070		128,123
Colruyt S.A.	686		161,338
Delhaize Group S.A.	2,998		217,078
Dexia S.A.*	25,345		88,295
Groupe Bruxelles Lambert S.A.	2,278		158,226
KBC Groep N.V.*	6,303		241,757
Mobistar S.A.	1,357		71,767
Solvay S.A.	2,452		209,370
UCB S.A.	4,628		144,992
Umicore S.A.	2,847		82,380
			9,873,162
Bermuda (0.0%)
Seadrill Ltd.	8,062		144,916
Brazil (2.0%)
Cyrela Brazil Realty S.A.	145,100		1,578,817
Gafisa S.A.	217,888		1,307,328
NET Servicos de Comunicacao S.A. (Preference)*	60,700		570,681
OGX Petroleo e Gas Participacoes S.A.*	718,700		6,677,340
PDG Realty S.A. Empreendimentos e Participacoes	565,300		4,735,366

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Petroleo Brasileiro S.A. (ADR)	13,383	$	459,305
Vale S.A. (ADR)	174,026		4,237,533
			19,566,370
Canada (1.8%)
Bombardier, Inc., Class B	181,000		822,920
Canadian National Railway Co.	93,983		5,392,745
EnCana Corp.	39,700		1,202,318
Lundin Mining Corp.*	79,800		225,633
National Bank of Canada	21,400		1,094,575
Nexen, Inc.	102,638		2,018,919
Research In Motion Ltd.*	55,240		2,721,122
Suncor Energy, Inc.	67,328		1,981,482
Teck Resources Ltd., Class B	62,736		1,855,178
			17,314,892
China (1.3%)
Alibaba.com Ltd.	563,500		1,112,126
Baidu, Inc. (ADR)*	40,250		2,740,220
China Life Insurance Co., Ltd., Class H	96,000		421,738
Ctrip.com International Ltd. (ADR)*	70,400		2,644,224
Foxconn International Holdings Ltd.*	100,424		65,202
Industrial & Commercial Bank of China Ltd., Class H	728,000		528,608
Ping An Insurance Group Co. of China Ltd., Class H†(b)	328,000		2,644,073
Tencent Holdings Ltd.	131,200		2,163,541
Yangzijiang Shipbuilding Holdings Ltd.	21,182		20,220
			12,339,952
Cyprus (0.0%)
Bank of Cyprus plc	25,416		101,852
Denmark (1.3%)
A. P. Moller - Maersk A/S, Class A	24		182,729
A. P. Moller - Maersk A/S, Class B	45		352,831
Carlsberg A/S, Class B	30,295		2,303,250
Coloplast A/S, Class B	1,095		108,694
Danske Bank A/S*	107,102		2,056,904
DSV A/S	4,965		71,238
Novo Nordisk A/S, Class B	64,516		5,204,227
Novozymes A/S, Class B	22,227		2,359,117
Tryg A/S	1,552		81,598
Vestas Wind Systems A/S*	6,466		268,778
William Demant Holding A/S*	689		50,314
			13,039,680
Finland (0.5%)
Elisa Oyj*	2,982		51,623
Fortum Oyj	13,692		301,418
Kesko Oyj, Class B	3,398		110,035
Kone Oyj, Class B	5,323		211,653
Metso Oyj	3,203		102,281
Neste Oil Oyj	4,467		64,900
Nokia Oyj	419,525		3,425,540
Nokian Renkaat Oyj	2,356		57,700

	Number of Shares	Value (Note 1)
Orion Oyj, Class B	1,666	$	31,172
Outokumpu Oyj	6,019		90,499
Pohjola Bank plc	8,661		88,171
Rautaruukki Oyj	871		12,700
Sampo Oyj, Class A	12,734		266,435
Sanoma Oyj	4,655		80,310
Stora Enso Oyj, Class R	24,903		178,150
UPM-Kymmene Oyj	14,904		197,489
Wartsila Oyj	1,593		72,567
			5,342,643
France (7.4%)
Accor S.A.*	108,322		4,974,563
Aeroports de Paris S.A.	1,549		98,716
Air France-KLM*	4,672		54,959
Air Liquide S.A.	9,120		916,031
Alcatel-Lucent*	80,179		204,500
Alstom S.A.	6,341		285,945
Atos Origin S.A.*	1,940		77,485
AXA S.A.	55,619		843,511
bioMerieux S.A.	478		49,046
BNP Paribas S.A.	126,779		6,769,291
Bouygues S.A.	48,849		1,871,065
Bureau Veritas S.A.	2,408		129,635
Cap Gemini S.A.	23,752		1,037,729
Carrefour S.A.	20,550		811,388
Casino Guichard Perrachon S.A.	20,101		1,517,937
Christian Dior S.A.	2,200		209,038
Cie de Saint-Gobain S.A.	13,706		506,083
Cie Generale de Geophysique-Veritas*	6,204		108,968
Cie Generale d’Optique Essilor International S.A.	6,296		374,866
CNP Assurances S.A	1,284		87,462
Compagnie Generale des Etablissements Michelin, Class B	4,553		317,377
Credit Agricole S.A.	28,459		291,318
Danone S.A.	18,885		1,008,496
Dassault Systemes S.A.	1,595		96,522
EDF S.A.	49,310		1,873,899
Eiffage S.A.	1,687		72,823
Eramet S.A.	299		73,210
Eurazeo S.A.	1,191		68,477
Eutelsat Communications S.A.	4,587		153,245
Fonciere Des Regions (REIT) .	1,018		84,174
France Telecom S.A.	181,085		3,124,783
GDF Suez S.A.	49,258		1,393,636
Gecina S.A. (REIT)	1,046		93,443
Groupe Eurotunnel S.A.	20,186		136,425
Hermes International S.A.	1,415		187,739
ICADE (REIT)	1,261		106,378
Iliad S.A.	976		75,704
Imerys S.A.	1,387		70,149
Ipsen S.A.	733		22,347
J.C. Decaux S.A.*	3,507		81,236
Klepierre S.A. (REIT)	4,969		136,422
Lafarge S.A.	16,753		905,881
Lagardere S.C.A.	63,007		1,952,267
Legrand S.A.	4,920		144,948

See Notes to Financial Statements.

106

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
L’Oreal S.A.	7,659	$	748,405
LVMH Moet Hennessy Louis Vuitton S.A.	12,837		1,398,304
Metropole Television S.A.	677		13,715
Natixis S.A.*	36,222		155,822
Neopost S.A.	1,068		77,287
PagesJaunes Groupe S.A.	4,319		44,491
Pernod-Ricard S.A.	48,957		3,787,158
Peugeot S.A.*	5,441		137,534
PPR S.A.	6,658		821,624
Publicis Groupe S.A.	100,159		3,981,480
Renault S.A.*	7,172		263,948
Safran S.A.	4,955		137,410
Sanofi-Aventis S.A.	95,542		5,761,459
Schneider Electric S.A.	58,775		5,948,903
SCOR SE	7,519		143,715
Societe BIC S.A.	1,092		77,458
Societe Generale S.A.	73,828		3,003,229
Societe Television Francaise 1 S.A.	2,157		28,190
Sodexo S.A.	2,593		143,615
Suez Environnement Co. S.A.	11,265		185,583
Technip S.A.	3,108		176,963
Thales S.A.	4,207		135,233
Total S.A.	100,862		4,488,812
Unibail-Rodamco S.A. (REIT)	2,834		459,959
Vallourec S.A.	15,498		2,646,119
Veolia Environnement	13,255		309,606
Vinci S.A.	14,027		577,605
Vivendi S.A.	149,933		3,033,271
			72,086,015
Germany (8.3%)
Adidas AG	83,852		4,047,366
Allianz SE (Registered)	89,228		8,860,024
BASF SE	178,193		9,721,601
Bayer AG	88,232		4,922,911
Bayerische Motoren Werke (BMW) AG	62,036		3,000,571
Bayerische Motoren Werke (BMW) AG (Preference)	2,830		99,297
Beiersdorf AG	2,850		156,668
Celesio AG	24,439		532,016
Commerzbank AG*	28,241		197,102
Continental AG*	1,111		57,614
Daimler AG*	129,427		6,553,820
Deutsche Bank AG (Registered)	59,569		3,367,924
Deutsche Boerse AG	6,018		365,635
Deutsche Lufthansa AG (Registered)*	5,324		73,358
Deutsche Post AG (Registered)	26,640		386,442
Deutsche Postbank AG*	2,018		58,263
Deutsche Telekom AG (Registered)	95,409		1,124,705
E.ON AG	191,917		5,166,362
Fraport AG	2,096		89,084
Fresenius Medical Care AG & Co. KGaA	5,878		317,998
Fresenius SE	1,611		107,124
Fresenius SE (Preference)	3,377		223,299
GEA Group AG	7,469		148,372

	Number of Shares	Value (Note 1)
Hannover Rueckversicherung AG (Registered)	3,027	$	130,395
HeidelbergCement AG	4,336		206,526
Henkel AG & Co. KGaA	5,439		222,129
Henkel AG & Co. KGaA (Preference)	4,968		241,683
Hochtief AG	1,948		115,762
Infineon Technologies AG*	527,049		3,045,869
K+S AG	5,320		244,725
Linde AG	10,403		1,092,342
MAN SE	3,207		264,392
Merck KGaA	2,729		198,813
Metro AG	104,407		5,308,013
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)	20,669		2,587,600
Porsche Automobil Holding SE (Preference)	3,589		153,105
Puma AG Rudolf Dassler Sport	199		52,522
RWE AG	26,130		1,703,168
RWE AG (Preference)	1,770		106,736
Salzgitter AG	1,442		85,940
SAP AG	43,200		1,918,849
Siemens AG (Registered)	97,034		8,683,274
Suedzucker AG	2,105		37,749
Symrise AG	15,392		317,986
ThyssenKrupp AG	140,137		3,442,455
TUI AG*	4,785		42,068
United Internet AG	2,006		22,058
Volkswagen AG	1,334		112,977
Volkswagen AG (Preference)	9,246		809,471
Wacker Chemie AG	802		116,071
			80,840,234
Greece (0.1%)
Alpha Bank AE*	11,820		57,773
Coca Cola Hellenic Bottling Co. S.A.	7,694		164,159
EFG Eurobank Ergasias S.A.*	6,917		30,699
Hellenic Telecommunications Organization S.A.*	8,460		63,607
National Bank of Greece S.A.*	18,962		206,613
OPAP S.A.	7,714		95,950
Piraeus Bank S.A.*	14,858		62,641
Public Power Corp. S.A.	2,363		33,891
			715,333
Hong Kong (2.6%)
ASM Pacific Technology Ltd.	6,800		52,874
Bank of East Asia Ltd.	61,247		220,563
Belle International Holdings Ltd.	158,000		224,009
BOC Hong Kong Holdings Ltd.	115,000		261,402
Cathay Pacific Airways Ltd.	41,000		80,383
Cheung Kong Holdings Ltd.	45,000		517,106
Cheung Kong Infrastructure Holdings Ltd.	26,000		96,262
CLP Holdings Ltd.	65,000		470,618
CNOOC Ltd.	2,254,100		3,842,602
Esprit Holdings Ltd.	416,218		2,244,587
Great Eagle Holdings Ltd.	80,000		203,944
Hang Lung Group Ltd.	18,000		96,976
Hang Lung Properties Ltd.	800,000		3,068,347

See Notes to Financial Statements.

107

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Hang Seng Bank Ltd.	23,600	$	315,306
Henderson Land Development Co., Ltd.	31,000		180,603
Hong Kong & China Gas Co., Ltd.	123,200		304,510
Hong Kong Exchanges and Clearing Ltd.	32,800		511,460
Hong Kong Electric Holdings Ltd.	41,500		247,002
Hopewell Holdings Ltd.	33,500		94,226
Hutchison Whampoa Ltd.	68,000		419,830
Hysan Development Co., Ltd.	34,448		96,861
Kerry Properties Ltd.	17,000		72,967
Li & Fung Ltd.	1,412,000		6,320,854
Lifestyle International Holdings Ltd.	35,500		68,854
Link REIT (REIT)	90,313		223,447
Mongolia Energy Co., Ltd.*	169,540		59,169
MTR Corp.	49,589		168,965
New World Development Ltd.	871,808		1,408,337
Noble Group Ltd.	1,245,635		1,504,095
NWS Holdings Ltd.	47,102		85,141
Orient Overseas International Ltd.*	11,500		82,152
PCCW Ltd.	116,974		33,954
Shangri-La Asia Ltd.	62,000		114,257
Sino Land Co., Ltd.	37,373		66,378
Sun Hung Kai Properties Ltd.	46,000		625,430
Swire Pacific Ltd., Class A	26,500		300,266
Television Broadcasts Ltd.	10,000		46,344
Wharf Holdings Ltd.	40,000		193,630
Wheelock & Co., Ltd.	44,000		123,641
Wing Hang Bank Ltd.	9,500		92,591
Yue Yuen Industrial Holdings Ltd.	23,000		71,455
			25,211,398
India (0.8%)
ICICI Bank Ltd. (ADR)	124,708		4,506,947
Reliance Industries Ltd. (GDR)§	61,350		2,819,328
			7,326,275
Ireland (0.4%)
Bank of Ireland*	271,400		223,167
Covidien plc	66,700		2,680,006
CRH plc	24,106		490,220
Elan Corp. plc*	24,520		111,057
Experian plc	34,383		297,702
James Hardie Industries SE (CDI)*	10,028		52,228
Kerry Group plc, Class A	4,846		134,604
Shire plc	18,800		382,133
			4,371,117
Israel (1.1%)
Bank Hapoalim B.M.*	25,900		93,047
Bank Leumi Le-Israel B.M.*	32,713		116,213
Bezeq Israeli Telecommunication Corp., Ltd.	45,517		99,577
Cellcom Israel Ltd.	680		16,965
Elbit Systems Ltd.	299		15,165

	Number of Shares	Value (Note 1)
Israel Chemicals Ltd.	12,344	$	128,728
Israel Corp. Ltd.*	41		25,383
Israel Discount Bank Ltd., Class A*	6,760		11,408
Mizrahi Tefahot Bank Ltd.*	1,516		11,017
NICE Systems Ltd.*	1,165		28,933
Partner Communications Co., Ltd.	1,271		19,542
Teva Pharmaceutical Industries Ltd.	30,480		1,590,414
Teva Pharmaceutical Industries Ltd. (ADR)	171,141		8,897,621
			11,054,013
Italy (1.6%)
A2A S.p.A.	63,180		85,654
Assicurazioni Generali S.p.A.	39,688		692,570
Atlantia S.p.A.	7,220		128,000
Autogrill S.p.A.*	2,955		35,381
Banca Monte dei Paschi di Siena S.p.A.*	49,912		56,511
Banca Popolare di Milano S.c.a.r.l.	5,901		24,349
Banco Popolare S.c.a.r.l.	27,734		152,413
Beni Stabili S.p.A.*	6,108		4,631
Enel S.p.A.	209,512		886,341
ENI S.p.A.	222,868		4,091,217
Exor S.p.A.	308		5,189
Fiat S.p.A.	29,482		303,422
Finmeccanica S.p.A.	17,201		178,497
Intesa Sanpaolo S.p.A.	454,967		1,166,328
Luxottica Group S.p.A.	2,754		66,353
Mediaset S.p.A.	24,518		139,599
Mediobanca S.p.A.*	20,996		156,494
Mediolanum S.p.A.	11,686		45,730
Parmalat S.p.A.	48,536		112,752
Pirelli & C. S.p.A.	29,079		16,069
Prysmian S.p.A.	4,232		60,795
Saipem S.p.A.	8,016		243,613
Snam Rete Gas S.p.A.	40,578		161,316
Telecom Italia S.p.A.	1,507,424		1,661,462
Telecom Italia S.p.A. (RNC)	1,122,176		1,022,592
Terna Rete Elettrica Nazionale S.p.A.	42,513		153,107
UniCredit S.p.A.	1,659,624		3,683,873
Unione di Banche Italiane S.c.p.A.	17,514		150,696
			15,484,954
Japan (15.4%)
77 Bank Ltd.	13,000		69,694
ABC-Mart, Inc.	1,100		43,159
Acom Co., Ltd.	3,070		39,565
Advantest Corp.	6,800		142,391
Aeon Co., Ltd.	246,900		2,620,502
Aeon Mall Co., Ltd.	1,200		23,811
Air Water, Inc.	29,000		317,141
Aisin Seiki Co., Ltd.	7,300		197,224
Ajinomoto Co., Inc.	19,000		172,055
Alfresa Holdings Corp.	800		38,591
All Nippon Airways Co., Ltd.*	19,000		60,119
Amada Co., Ltd.	8,000		52,537

See Notes to Financial Statements.

108

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Aozora Bank Ltd.	25,000	$	32,485
Asahi Breweries Ltd.	89,500		1,512,879
Asahi Glass Co., Ltd.	37,000		345,225
Asahi Kasei Corp.	36,000		188,414
Asics Corp.	2,000		18,326
Astellas Pharma, Inc.	16,300		545,114
Bank of Kyoto Ltd.	15,000		123,180
Bank of Yokohama Ltd.	34,000		155,242
Benesse Holdings, Inc.	1,700		77,422
Bridgestone Corp.	20,100		318,650
Brother Industries Ltd.	10,200		106,198
Canon Marketing Japan, Inc.	1,300		18,318
Canon, Inc.	163,800		6,106,969
Casio Computer Co., Ltd.	9,600		57,510
Central Japan Railway Co.	48		395,299
Chiba Bank Ltd.	21,000		126,515
Chiyoda Corp.	6,000		43,528
Chubu Electric Power Co., Inc.	21,200		525,627
Chugai Pharmaceutical Co., Ltd.	9,700		171,295
Chugoku Bank Ltd.	9,000		106,083
Chugoku Electric Power Co., Inc.	11,400		235,217
Chuo Mitsui Trust Holdings, Inc.	40,000		140,862
Citizen Holdings Co., Ltd.	3,800		23,113
Cosmo Oil Co., Ltd.	11,000		26,443
Credit Saison Co., Ltd.	3,200		33,101
Dai Nippon Printing Co., Ltd.	18,000		208,005
Daicel Chemical Industries Ltd.	10,000		67,446
Daido Steel Co., Ltd.	8,000		34,330
Daihatsu Motor Co., Ltd.	10,000		92,832
Dai-ichi Life Insurance Co., Ltd.	258		354,812
Daiichi Sankyo Co., Ltd.	21,100		377,344
Daikin Industries Ltd.	57,364		1,750,770
Dainippon Sumitomo Pharma Co., Ltd.	10,300		79,165
Daito Trust Construction Co., Ltd.	3,300		186,554
Daiwa House Industry Co., Ltd.	11,000		99,095
Daiwa Securities Group, Inc.	51,000		214,542
DeNA Co., Ltd.	2,400		63,293
Denki Kagaku Kogyo KK	11,000		51,308
Denso Corp.	17,700		489,369
Dentsu, Inc.	4,883		128,874
Dowa Holdings Co., Ltd.	8,000		38,530
East Japan Railway Co.	34,105		2,273,448
Eisai Co., Ltd.	7,700		254,731
Electric Power Development Co., Ltd.	3,200		101,655
Elpida Memory, Inc.*	29,000		448,043
FamilyMart Co., Ltd.	105,300		3,470,458
Fanuc Ltd.	6,300		706,797
Fast Retailing Co., Ltd.	1,900		286,773
Fuji Electric Holdings Co., Ltd.	9,000		25,738
Fuji Heavy Industries Ltd.*	15,000		80,078
Fuji Media Holdings, Inc.	21		30,178
Fujifilm Holdings Corp.	16,700		480,393
Fujitsu Ltd.	59,000		370,662
Fukuoka Financial Group, Inc.	20,000		82,950

	Number of Shares	Value (Note 1)
Furukawa Electric Co., Ltd.	14,000	$	61,496
GS Yuasa Corp.	9,000		58,760
Gunma Bank Ltd.	20,000		105,796
Hachijuni Bank Ltd.	21,000		118,239
Hakuhodo DY Holdings, Inc.	670		33,637
Hankyu Hanshin Holdings, Inc.	47,000		206,811
Hino Motors Ltd.	5,000		24,591
Hirose Electric Co., Ltd.	1,400		127,823
Hiroshima Bank Ltd.	27,000		107,662
Hisamitsu Pharmaceutical Co., Inc.	3,300		130,940
Hitachi Chemical Co., Ltd.	5,300		98,395
Hitachi Construction Machinery Co., Ltd.	2,100		38,793
Hitachi High-Technologies Corp.	3,900		71,785
Hitachi Ltd.*	144,000		522,214
Hitachi Metals Ltd.	3,000		30,449
Hokkaido Electric Power Co., Inc.	8,100		174,370
Hokuhoku Financial Group, Inc.	62,000		113,691
Hokuriku Electric Power Co.	3,700		81,103
Honda Motor Co., Ltd.	175,100		5,085,170
HOYA Corp.	15,300		324,879
Ibiden Co., Ltd.	3,300		88,966
Idemitsu Kosan Co., Ltd.	300		22,532
IHI Corp.	26,000		41,521
INPEX Corp.	33		183,413
Isetan Mitsukoshi Holdings Ltd.	15,000		146,244
Isuzu Motors Ltd.	30,000		89,580
ITOCHU Corp.	268,600		2,094,246
ITOCHU Techno-Solutions Corp.	400		14,495
Iyo Bank Ltd.	12,000		111,456
J. Front Retailing Co., Ltd.	22,000		106,186
Jafco Co., Ltd.	100		2,196
Japan Petroleum Exploration Co.	1,600		65,280
Japan Prime Realty Investment Corp. (REIT)	25		52,536
Japan Real Estate Investment Corp. (REIT)	21		171,267
Japan Retail Fund Investment Corp. (REIT)	70		85,105
Japan Steel Works Ltd.	8,000		70,444
Japan Tobacco, Inc.	1,097		3,410,397
JFE Holdings, Inc.	62,900		1,941,837
JGC Corp.	5,000		75,799
Joyo Bank Ltd.	16,000		63,538
JS Group Corp.	7,100		135,555
JSR Corp.	4,700		78,805
JTEKT Corp.	9,300		85,758
Jupiter Telecommunications Co., Ltd.	107		101,974
JX Holdings, Inc.*	245,344		1,199,233
Kajima Corp.	43,000		97,028
Kamigumi Co., Ltd.	10,000		76,853
Kaneka Corp.	11,000		63,786
Kansai Electric Power Co., Inc.	23,900		583,526
Kansai Paint Co., Ltd.	7,000		59,907

See Notes to Financial Statements.

109

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Kao Corp.	16,600	$	390,229
Kawasaki Heavy Industries Ltd.	40,000		97,075
Kawasaki Kisen Kaisha Ltd.*	15,000		60,692
KDDI Corp.	441		2,094,793
Keihin Electric Express Railway Co., Ltd.	19,000		167,683
Keio Corp.	26,000		167,441
Keisei Electric Railway Co., Ltd.	9,000		50,132
Keyence Corp.	1,200		276,046
Kikkoman Corp.	6,000		62,883
Kinden Corp.	3,000		25,510
Kintetsu Corp.	67,000		204,277
Kirin Holdings Co., Ltd.	26,000		327,423
Kobe Steel Ltd.	72,000		137,487
Koito Manufacturing Co., Ltd.	2,000		29,370
Komatsu Ltd.	63,700		1,151,063
Konami Corp.	1,400		22,066
Konica Minolta Holdings, Inc.	93,000		894,965
Kubota Corp.	94,000		717,822
Kuraray Co., Ltd.	9,500		110,929
Kurita Water Industries Ltd.	5,100		139,301
Kyocera Corp.	5,900		476,447
Kyowa Hakko Kirin Co., Ltd.	12,000		113,982
Kyushu Electric Power Co., Inc.	11,400		255,643
Lawson, Inc.	1,000		43,705
Mabuchi Motor Co., Ltd.	500		22,892
Makita Corp.	2,600		69,359
Marubeni Corp.	1,090,000		5,583,410
Marui Group Co., Ltd.	3,000		20,213
Maruichi Steel Tube Ltd.	300		5,744
Mazda Motor Corp.	61,000		142,409
McDonald’s Holdings Co. Japan Ltd.	4,100		91,842
Medipal Holdings Corp.	2,700		32,117
MEIJI Holdings Co. Ltd.	3,382		138,188
Minebea Co., Ltd.	6,000		33,079
Mitsubishi Chemical Holdings Corp.	35,500		161,660
Mitsubishi Corp.	183,200		3,817,488
Mitsubishi Electric Corp.	59,000		459,546
Mitsubishi Estate Co., Ltd.	38,000		527,596
Mitsubishi Gas Chemical Co., Inc.	195,000		944,952
Mitsubishi Heavy Industries Ltd.	112,000		384,679
Mitsubishi Logistics Corp.	3,000		33,479
Mitsubishi Materials Corp.*	369,000		984,977
Mitsubishi Motors Corp.*	142,000		179,680
Mitsubishi Tanabe Pharma Corp.	68,000		1,035,598
Mitsubishi UFJ Financial Group, Inc.	704,500		3,193,611
Mitsubishi UFJ Lease & Finance Co., Ltd.	2,850		95,944
Mitsui & Co., Ltd.	199,800		2,348,943
Mitsui Chemicals, Inc.	22,000		61,082
Mitsui Engineering & Shipbuilding Co., Ltd.	10,000		20,132
Mitsui Fudosan Co., Ltd.	169,000		2,362,682
Mitsui Mining & Smelting Co., Ltd.	10,000		26,485

	Number of Shares	Value (Note 1)
Mitsui O.S.K. Lines Ltd.	34,000	$	224,379
Mitsumi Electric Co., Ltd.	3,400		57,854
Mizuho Financial Group, Inc.	2,465,750		4,047,082
Mizuho Securities Co., Ltd.	32,000		70,925
Mizuho Trust & Banking Co., Ltd.*	85,000		73,017
MS&AD Insurance Group Holdings, Inc.	16,738		357,308
Murata Manufacturing Co., Ltd.	31,600		1,505,042
Namco Bandai Holdings, Inc.	7,600		66,679
NEC Corp.	79,000		203,927
NGK Insulators Ltd.	10,000		155,461
NGK Spark Plug Co., Ltd.	8,000		99,152
NHK Spring Co., Ltd.	6,000		55,011
Nidec Corp.	9,500		795,663
Nikon Corp.	9,100		156,854
Nintendo Co., Ltd.	18,800		5,476,371
Nippon Building Fund, Inc. (REIT)	12		94,852
Nippon Electric Glass Co., Ltd.	14,000		159,323
Nippon Express Co., Ltd.	31,000		139,487
Nippon Meat Packers, Inc.	4,000		49,457
Nippon Paper Group, Inc.	2,368		65,550
Nippon Sheet Glass Co., Ltd.	12,000		29,218
Nippon Steel Corp.	182,000		603,225
Nippon Telegraph & Telephone Corp.	87,492		3,572,212
Nippon Yusen KK	42,000		152,523
Nishi-Nippon City Bank Ltd.	25,000		71,960
Nissan Chemical Industries Ltd.	6,000		67,103
Nissan Motor Co., Ltd.*	499,300		3,461,257
Nissha Printing Co., Ltd.	800		21,394
Nisshin Seifun Group, Inc.	9,500		107,480
Nisshin Steel Co., Ltd.	25,000		39,928
Nisshinbo Holdings, Inc.	1,000		9,605
Nissin Food Holdings Co., Ltd.	800		29,451
Nitori Co., Ltd.	1,750		150,626
Nitto Denko Corp.	4,600		150,082
NKSJ Holdings, Inc.*	52,892		313,650
NOK Corp.	2,000		31,747
Nomura Holdings, Inc.	158,700		868,793
Nomura Real Estate Holdings, Inc.	1,300		16,313
Nomura Real Estate Office Fund, Inc. (REIT)	10		49,738
Nomura Research Institute Ltd.	4,700		99,363
NSK Ltd.	20,000		139,115
NTN Corp.	20,000		81,812
NTT Data Corp.	36		132,802
NTT DoCoMo, Inc.	499		754,602
NTT Urban Development Corp.	3		2,371
Obayashi Corp.	31,000		122,338
Obic Co., Ltd.	120		23,038
Odakyu Electric Railway Co., Ltd.	26,000		222,564
OJI Paper Co., Ltd.	33,000		161,410
Olympus Corp.	8,900		210,660
Omron Corp.	8,500		183,827
Ono Pharmaceutical Co., Ltd.	3,600		146,223
Oracle Corp. Japan	2,100		103,180

See Notes to Financial Statements.

110

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Oriental Land Co., Ltd.	1,800	$	150,369
ORIX Corp.	32,140		2,334,417
Osaka Gas Co., Ltd.	58,000		209,452
Otsuka Corp.	200		12,732
Panasonic Corp.	272,800		3,406,408
Panasonic Electric Works Co., Ltd.	16,000		156,556
Rakuten, Inc.	198		142,993
Resona Holdings, Inc.	18,057		219,649
Ricoh Co., Ltd.	21,000		266,896
Rinnai Corp.	300		15,380
Rohm Co., Ltd.	3,800		226,956
Sankyo Co., Ltd.	1,300		58,715
Santen Pharmaceutical Co., Ltd.	1,700		61,174
Sanyo Electric Co., Ltd.*	79,000		101,736
Sapporo Hokuyo Holdings, Inc.	4,955		21,866
Sapporo Holdings Ltd.	8,000		34,404
SBI Holdings, Inc.	405		50,206
Secom Co., Ltd.	6,500		288,612
Sega Sammy Holdings, Inc.	4,800		68,714
Seiko Epson Corp.	2,700		34,606
Sekisui Chemical Co., Ltd.	20,000		124,786
Sekisui House Ltd.	22,000		188,606
Senshu Ikeda Holdings, Inc.	5,522		7,991
Seven & I Holdings Co., Ltd.	24,800		569,018
Seven Bank Ltd.	15		27,161
Sharp Corp.	178,000		1,873,966
Shikoku Electric Power Co., Inc.	7,400		211,603
Shimadzu Corp.	4,000		29,995
Shimamura Co., Ltd.	400		36,031
Shimano, Inc.	3,100		132,792
Shimizu Corp.	14,000		47,872
Shin-Etsu Chemical Co., Ltd.	21,700		1,009,534
Shinko Electric Industries Co., Ltd.	600		7,781
Shinsei Bank Ltd.*	48,000		40,512
Shionogi & Co., Ltd.	8,400		173,783
Shiseido Co., Ltd.	11,000		241,954
Shizuoka Bank Ltd.	18,000		156,899
Showa Denko KK	63,000		113,933
Showa Shell Sekiyu KK	12,100		83,541
SMC Corp.	3,700		493,974
Softbank Corp.	27,100		716,296
Sojitz Corp.	62,600		98,040
Sony Corp.	105,700		2,813,541
Sony Financial Holdings, Inc.	40		133,753
Square Enix Holdings Co., Ltd.	3,600		66,186
Stanley Electric Co., Ltd.	3,800		62,897
Sumco Corp.*	101,400		1,688,480
Sumitomo Chemical Co., Ltd.	45,000		173,743
Sumitomo Corp.	91,300		909,349
Sumitomo Electric Industries Ltd.	28,400		332,422
Sumitomo Heavy Industries Ltd.	14,000		82,455
Sumitomo Metal Industries Ltd.	127,000		286,453
Sumitomo Metal Mining Co., Ltd.	17,000		213,302
Sumitomo Mitsui Financial Group, Inc.	109,784		3,099,278

	Number of Shares	Value (Note 1)
Sumitomo Realty & Development Co., Ltd.	40,000	$	682,207
Sumitomo Rubber Industries Ltd.	3,400		29,942
Sumitomo Trust & Banking Co., Ltd.	43,000		218,743
Suruga Bank Ltd.	4,000		36,238
Suzuken Co., Ltd.	1,400		46,883
Suzuki Motor Corp.	9,900		194,363
Sysmex Corp.	1,700		96,539
T&D Holdings, Inc.	10,650		227,318
Taiheiyo Cement Corp.*	8,000		10,097
Taisei Corp.	51,000		101,522
Taisho Pharmaceutical Co., Ltd.	3,000		59,196
Taiyo Nippon Sanso Corp.	14,000		111,062
Takashimaya Co., Ltd.	6,000		47,737
Takeda Pharmaceutical Co., Ltd.	23,900		1,022,849
TDK Corp.	4,200		230,384
Teijin Ltd.	44,000		130,658
Terumo Corp.	6,400		306,275
THK Co., Ltd.	2,400		49,617
Tobu Railway Co., Ltd.	35,000		188,247
Toho Co., Ltd.	1,500		24,729
Toho Gas Co., Ltd.	5,000		26,670
Tohoku Electric Power Co., Inc.	14,200		304,898
Tokio Marine Holdings, Inc.	23,400		612,954
Tokuyama Corp.	11,000		48,279
Tokyo Electric Power Co., Inc.	228,600		6,223,076
Tokyo Electron Ltd.	5,200		280,819
Tokyo Gas Co., Ltd.	239,000		1,092,678
Tokyo Steel Manufacturing Co., Ltd.	1,500		17,364
Tokyo Tatemono Co., Ltd.	7,000		21,461
Tokyu Corp.	48,000		195,537
Tokyu Land Corp.	8,000		28,010
TonenGeneral Sekiyu KK	14,000		120,979
Toppan Printing Co., Ltd.	23,000		182,457
Toray Industries, Inc.	34,000		163,142
Toshiba Corp.*	581,000		2,886,534
Tosoh Corp.	7,000		18,070
TOTO Ltd.	14,000		93,249
Toyo Seikan Kaisha Ltd.	7,400		107,383
Toyo Suisan Kaisha Ltd.	2,000		47,596
Toyoda Gosei Co., Ltd.	3,300		81,781
Toyota Boshoku Corp.	600		8,758
Toyota Industries Corp.	7,400		187,802
Toyota Motor Corp.	93,100		3,201,650
Toyota Tsusho Corp.	9,800		140,336
Trend Micro, Inc.	4,500		121,318
Tsumura & Co.	1,200		36,778
Ube Industries Ltd.	47,000		111,376
Unicharm Corp.	1,800		202,704
UNY Co., Ltd.	3,600		27,337
Ushio, Inc.	2,200		33,966
USS Co., Ltd.	760		54,248
West Japan Railway Co.	50		182,770

See Notes to Financial Statements.

111

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Yahoo! Japan Corp.	3,749	$	1,489,985
Yakult Honsha Co., Ltd.	2,300		62,437
Yamada Denki Co., Ltd.	2,450		159,937
Yamaguchi Financial Group, Inc.	11,000		104,909
Yamaha Corp.	6,100		61,954
Yamaha Motor Co., Ltd.*	7,000		92,394
Yamato Holdings Co., Ltd.	11,000		145,568
Yamato Kogyo Co., Ltd.	1,400		34,837
Yamazaki Baking Co., Ltd.	7,000		94,518
Yaskawa Electric Corp.	4,000		29,628
Yokogawa Electric Corp.	9,300		57,301
			150,791,621
Luxembourg (0.6%)
ArcelorMittal S.A.	29,965		796,952
Millicom International Cellular S.A.	50,600		4,102,142
Millicom International Cellular S.A. (SDR)	2,223		179,403
SES S.A. (FDR)	11,608		241,112
Tenaris S.A.	16,932		293,855
			5,613,464
Macau (0.1%)
Sands China Ltd.*	177,733		260,895
Wynn Macau Ltd.*	182,800		299,057
			559,952
Mexico (0.1%)
America Movil S.A.B. de C.V. (ADR)	10,239		486,352
Fomento Economico Mexicano S.A.B. de C.V. (ADR)	7,687		331,694
Fresnillo plc	5,968		86,221
			904,267
Netherlands (2.5%)
Aegon N.V.*	52,679		282,204
Akzo Nobel N.V.	6,857		354,700
ASML Holding N.V.	14,920		409,725
Corio N.V. (REIT)	2,765		134,311
Delta Lloyd N.V.	1,098		18,363
European Aeronautic Defence and Space Co. N.V.*	16,273		332,054
Fugro N.V. (CVA)	3,134		143,298
Heineken Holding N.V.	4,837		176,467
Heineken N.V.	7,589		321,693
ING Groep N.V. (CVA)*	212,763		1,579,655
Koninklijke (Royal) KPN N.V.	54,980		702,031
Koninklijke Ahold N.V.	41,231		510,616
Koninklijke Boskalis Westminster N.V.	1,633		63,585
Koninklijke DSM N.V.	22,689		901,418
Koninklijke Philips Electronics N.V.	33,519		999,113
Koninklijke Vopak N.V.	1,663		61,030
QIAGEN N.V.*	9,755		188,969
Randstad Holding N.V.*	63,931		2,516,395
Reed Elsevier N.V.	64,803		714,885
Royal Dutch Shell plc, Class A	368,317		9,331,391
Royal Dutch Shell plc, Class B	90,298		2,186,234

	Number of Shares	Value (Note 1)
SBM Offshore N.V.	3,486	$	49,749
TNT N.V.	13,777		347,239
Unilever N.V. (CVA)	54,977		1,498,965
Wolters Kluwer N.V.	25,619		488,857
			24,312,947
New Zealand (0.1%)
Auckland International Airport Ltd.	26,544		33,929
Contact Energy Ltd.*	9,129		35,542
Fletcher Building Ltd.	27,578		147,665
Sky City Entertainment Group Ltd.	30,510		59,468
Telecom Corp. of New Zealand Ltd.	313,335		401,962
			678,566
Norway (0.2%)
Aker Solutions ASA	3,515		40,262
DnB NOR ASA	29,802		286,765
Norsk Hydro ASA	23,316		104,917
Orkla ASA	28,204		180,538
Petroleum Geo-Services ASA*	55,450		462,841
Renewable Energy Corp. ASA*	19,768		46,440
Statoil ASA	39,469		761,235
Telenor ASA	28,700		360,430
Yara International ASA	6,550		183,276
			2,426,704
Portugal (0.1%)
Banco Comercial Portugues S.A. (Registered)	129,456		97,042
Banco Espirito Santo S.A. (Registered)	11,619		45,786
Brisa Auto-Estradas de Portugal S.A.	2,208		13,361
Cimpor Cimentos de Portugal SGPS S.A	14,207		78,951
EDP - Energias de Portugal S.A.	48,451		143,062
Galp Energia SGPS S.A., Class B	5,828		87,021
Jeronimo Martins SGPS S.A.	11,897		108,474
Portugal Telecom SGPS S.A. (Registered)	20,101		199,249
			772,946
Singapore (0.9%)
Ascendas Real Estate Investment Trust (REIT)	49,000		63,248
CapitaLand Ltd.	1,605,500		4,093,666
CapitaMall Trust (REIT)	49,000		63,773
CapitaMalls Asia Ltd.	74,032		110,202
City Developments Ltd.	23,000		181,271
ComfortDelgro Corp., Ltd.	76,000		78,718
Cosco Corp. (Singapore) Ltd.	6,000		6,297
DBS Group Holdings Ltd.	56,000		542,988
Fraser and Neave Ltd.	19,000		69,438
Genting Singapore plc*	161,677		133,897
Golden Agri-Resources Ltd.	161,576		60,474
Jardine Cycle & Carriage Ltd.	1,000		21,225
Keppel Corp., Ltd.	38,000		228,969
Keppel Land Ltd.	13,000		35,766
K-Green Trust*	7,600		5,703

See Notes to Financial Statements.

112

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Neptune Orient Lines Ltd.*	9,000	$	12,697
Olam International Ltd.	58,962		107,965
Oversea-Chinese Banking Corp., Ltd.	83,525		525,404
SembCorp Industries Ltd.	48,000		138,711
SembCorp Marine Ltd.	34,000		92,953
Singapore Airlines Ltd.	18,000		186,499
Singapore Exchange Ltd.	23,000		120,350
Singapore Press Holdings Ltd.	55,000		148,169
Singapore Technologies Engineering Ltd.	64,000		149,665
Singapore Telecommunications Ltd.	287,000		619,935
StarHub Ltd.	37,000		59,382
United Overseas Bank Ltd.	44,000		611,252
UOL Group Ltd.	18,000		48,540
Wilmar International Ltd.	52,000		212,786
			8,729,943
South Korea (0.0%)
Samsung Electronics Co., Ltd.	708		444,545
Spain (2.7%)
Abertis Infraestructuras S.A.	8,545		123,124
Acciona S.A.	1,329		100,933
Acerinox S.A.	4,743		73,529
ACS Actividades de Construccion y Servicios S.A.	4,745		173,534
Banco Bilbao Vizcaya Argentaria S.A.	562,953		5,807,696
Banco de Sabadell S.A.	26,037		117,536
Banco de Valencia S.A.	6,867		30,512
Banco Popular Espanol S.A.	23,114		117,866
Banco Santander S.A.	278,505		2,926,526
Bankinter S.A.	10,548		64,091
Criteria Caixacorp S.A.	23,315		95,426
EDP Renovaveis S.A.*	13,977		82,021
Enagas S.A.	4,010		60,265
Ferrovial S.A.	9,934		64,177
Fomento de Construcciones y Contratas S.A.	1,127		24,072
Gamesa Corp. Tecnologica S.A.*	8,171		70,125
Gas Natural SDG S.A.	10,523		151,773
Gestevision Telecinco S.A.	3,504		31,092
Grifols S.A.	4,422		45,155
Iberdrola Renovables S.A.	18,168		56,758
Iberdrola S.A.	129,403		725,656
Iberia Lineas Aereas de Espana S.A.*	27,232		77,143
Inditex S.A.	157,171		8,914,003
Indra Sistemas S.A.	1,262		20,230
Mapfre S.A.*	39,010		105,876
Mapfre S.A.*†	1,258		3,414
Red Electrica Corporacion S.A.	2,841		101,556
Repsol YPF S.A.	24,637		497,762
Telefonica S.A.	322,726		5,959,620
Zardoya Otis S.A.*	7,475		96,310
Zardoya Otis S.A.*†	373		4,806
			26,722,587

	Number of Shares	Value (Note 1)
Sweden (1.1%)
Alfa Laval AB	14,230	$	183,805
Assa Abloy AB, Class B	71,044		1,416,985
Atlas Copco AB, Class A	46,790		684,989
Atlas Copco AB, Class B	16,142		213,797
Boliden AB	6,759		74,859
Electrolux AB, Class B	47,300		1,079,719
Getinge AB, Class B	7,899		152,856
Hennes & Mauritz AB, Class B	33,924		932,827
Holmen AB, Class B	1,621		38,458
Husqvarna AB, Class B	19,779		119,036
Investor AB, Class B	13,743		222,429
Kinnevik Investment AB, Class B	9,929		159,087
Modern Times Group AB, Class B	1,147		62,563
Nordea Bank AB	104,572		862,485
Ratos AB, Class B	4,995		125,330
Sandvik AB	31,742		386,380
Scania AB, Class B	13,214		201,439
Securitas AB, Class B	14,534		131,190
Skandinaviska Enskilda Banken AB, Class A	44,425		235,636
Skanska AB, Class B	11,735		169,398
SKF AB, Class B	11,651		208,705
SSAB AB, Class A	7,634		102,320
SSAB AB, Class B	5,554		66,205
Svenska Cellulosa AB, Class B	18,875		222,021
Svenska Handelsbanken AB, Class A	15,355		376,082
Swedbank AB, Class A*	23,891		219,969
Swedish Match AB	8,418		183,388
Tele2 AB, Class B	9,929		148,447
Telefonaktiebolaget LM Ericsson, Class B	97,564		1,086,258
TeliaSonera AB	70,268		451,705
Volvo AB, Class B*	33,976		373,627
			10,891,995
Switzerland (5.9%)
ABB Ltd. (Registered)*	115,104		2,000,167
Actelion Ltd. (Registered)*	3,527		131,527
Adecco S.A. (Registered)	3,538		166,932
Aryzta AG	1,832		70,300
Baloise Holding AG (Registered)	1,194		83,075
Cie Financiere Richemont S.A., Class A	16,934		589,144
Credit Suisse Group AG (Registered)	124,434		4,676,697
GAM Holding Ltd.*	4,202		45,807
Geberit AG (Registered)	1,138		176,473
Givaudan S.A. (Registered)	218		184,263
Holcim Ltd. (Registered)	16,972		1,136,057
Informa plc	127,900		673,117
Julius Baer Group Ltd.	8,316		236,763
Kuehne + Nagel International AG (Registered)	1,868		191,338
Lindt & Spruengli AG	35		76,001
Lindt & Spruengli AG (Registered)	5		122,516

See Notes to Financial Statements.

113

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Logitech International S.A. (Registered)*	3,838	$	52,127
Lonza Group AG (Registered)	27,794		1,850,221
Nestle S.A. (Registered)	258,182		12,457,275
Nobel Biocare Holding AG (Registered)	2,781		47,531
Novartis AG (Registered)	167,460		8,124,563
Pargesa Holding S.A.	1,401		91,792
Roche Holding AG	31,134		4,275,433
Schindler Holding AG	3,195		267,762
SGS S.A. (Registered)	320		430,840
Sika AG	52		91,902
Sonova Holding AG	1,266		155,250
STMicroelectronics N.V.	23,614		187,068
Straumann Holding AG (Registered)	316		68,369
Swatch Group AG	19,014		5,321,308
Swatch Group AG (Registered)	2,255		115,315
Swiss Life Holding AG (Registered)*	818		78,292
Swiss Reinsurance Co., Ltd.	12,789		526,091
Swisscom AG (Registered)	806		273,061
Syngenta AG (Registered)	21,718		5,015,106
UBS AG (Registered)*	124,612		1,651,802
Xstrata plc	347,984		4,559,060
Zurich Financial Services AG	7,882		1,730,185
			57,930,530
Taiwan (0.9%)
Hon Hai Precision Industry Co., Ltd.*	1,470,000		5,162,819
HTC Corp.	222,000		2,945,313
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	47,034		459,052
			8,567,184
United Kingdom (13.4%)
3i Group plc	32,514		128,144
Admiral Group plc	6,237		130,406
Aggreko plc	7,120		148,639
AMEC plc	11,118		135,534
Anglo American plc*	44,098		1,533,007
Antofagasta plc	13,212		153,360
ARM Holdings plc	36,084		149,294
Associated British Foods plc	11,893		170,941
AstraZeneca plc	135,365		6,360,421
Autonomy Corp. plc*	163,614		4,415,648
Aviva plc	92,692		430,821
BAE Systems plc	531,128		2,467,458
Balfour Beatty plc	23,696		84,200
Barclays plc	1,736,526		6,884,496
BG Group plc	171,482		2,538,465
BHP Billiton plc	73,944		1,913,438
BP plc	1,409,772		6,770,742
British Airways plc*	30,310		87,961
British American Tobacco plc	81,188		2,570,802
British Land Co. plc (REIT)	62,458		399,260
British Sky Broadcasting Group plc	37,982		396,157
BT Group plc, Class A	259,746		496,022
Bunzl plc	10,989		109,586

	Number of Shares	Value (Note 1)
Burberry Group plc	63,403	$	714,958
Cable & Wireless Worldwide plc	64,712		82,900
Cairn Energy plc*	41,883		256,249
Capita Group plc	20,877		229,054
Capital Shopping Centres Group plc (REIT)	16,532		76,264
Carnival plc	5,549		177,857
Centrica plc	235,735		1,038,087
Cobham plc	38,352		120,885
Compass Group plc	582,820		4,421,852
Diageo plc	83,831		1,313,553
Eurasian Natural Resources Corp.	84,289		1,072,138
Firstgroup plc	152,442		824,756
G4S plc	42,319		167,686
GlaxoSmithKline plc	206,910		3,506,540
Hammerson plc (REIT)	23,536		118,905
Home Retail Group plc	29,399		92,977
HSBC Holdings plc	1,280,672		11,688,742
ICAP plc	99,918		598,930
Imperial Tobacco Group plc	120,326		3,354,963
Inmarsat plc	14,605		154,743
Intercontinental Hotels Group plc	8,613		134,149
International Power plc	51,006		225,978
Invensys plc	27,024		96,528
Investec plc	19,428		130,667
ITV plc*	89,381		66,537
J Sainsbury plc	39,569		188,282
Johnson Matthey plc	7,193		159,262
Kazakhmys plc	62,270		913,628
Kingfisher plc	79,120		245,539
Land Securities Group plc (REIT)	25,330		207,772
Legal & General Group plc	196,397		228,512
Lloyds Banking Group plc*	1,305,249		1,035,619
London Stock Exchange Group plc	4,933		40,848
Lonmin plc*	5,134		107,158
Man Group plc	168,059		555,967
Marks & Spencer Group plc	503,002		2,479,061
National Grid plc	115,383		849,966
Next plc	6,613		195,693
Old Mutual plc	838,736		1,282,974
Pearson plc	27,169		355,536
Petrofac Ltd.	6,888		121,117
Prudential plc	194,891		1,460,729
Randgold Resources Ltd.	3,019		287,041
Reckitt Benckiser Group plc	81,630		3,775,926
Reed Elsevier plc	40,631		299,951
Rentokil Initial plc*	381,700		606,026
Resolution Ltd.	46,764		43,990
Rexam plc	29,378		131,832
Rio Tinto plc	128,237		5,611,627
Rolls-Royce Group plc*	856,626		7,133,579
Rolls-Royce Group plc, Class C*†(b)	53,795,610		80,376
Royal Bank of Scotland Group plc*	566,441		341,159
RSA Insurance Group plc	114,322		202,920
SABMiller plc	31,392		871,594

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Sage Group plc	44,002	$	150,570
Schroders plc	4,067		73,193
Scottish & Southern Energy plc	30,928		512,715
Segro plc (REIT)	17,267		65,039
Serco Group plc	16,438		143,191
Severn Trent plc	7,927		144,633
Smith & Nephew plc	29,672		279,366
Smiths Group plc	13,063		206,748
Standard Chartered plc	323,193		7,845,806
Standard Life plc	74,922		192,283
Tesco plc	1,008,683		5,679,365
Thomas Cook Group plc	277,955		733,011
Tomkins plc	30,514		102,511
Travis Perkins plc*	70,700		769,160
TUI Travel plc	336,128		1,042,714
Tullow Oil plc	29,643		441,553
Unilever plc	43,000		1,146,003
United Utilities Group plc	22,841		177,989
Vedanta Resources plc	4,570		143,805
Vodafone Group plc	5,082,231		10,531,505
Whitbread plc	5,868		122,684
WM Morrison Supermarkets plc	156,125		615,500
Wolseley plc*	9,511		185,945
WPP plc	106,691		1,003,298
			131,262,971
United States (0.0%)
Synthes, Inc.	2,396		275,511
Total Common Stocks (78.2%) (Cost $789,974,236)			764,823,126
	Number of Rights	Value (Note 1)
RIGHTS:
Norway (0.0%)
Norsk Hydro ASA, expiring 7/9/10* (Cost $—)	7,096		3,661
	Number of Warrants	Value (Note 1)
WARRANTS:
Hong Kong (0.0%)
Henderson Land Development Co., Ltd., expiring 6/1/11*	10,467		1,774
Singapore (0.0%)
Golden Agri-Resources Ltd., expiring 7/23/12*	155		11
Total Warrants (0.0%) (Cost $—)			1,785

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (0.2%)
BlackRock Liquidity Funds TempFund 0.16%(p)‡	$	2,180,477	$	2,180,477
Time Deposit (1.5%)
JPMorgan Chase Nassau 0.000%, 7/1/10		14,332,458		14,332,458
Total Short-Term Investments (1.7%) (Amortized Cost $16,512,935)				16,512,935
Total Investments (79.9%) (Cost/Amortized Cost $806,487,171)				781,341,507
Other Assets Less Liabilities (20.1%)				196,562,095
Net Assets (100%)			$	977,903,602

* Non-income producing.

† Securities (totaling $2,732,669 or 0.3% of net assets) at fair value by management.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $2,819,328 or 0.3% 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.

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

(p) Yield to maturity.

Glossary:

ADR — American Depositary Receipt

CDI — Chess Depositary Interest

CVA — Dutch Certification

FDR — Finnish Depositary Receipt

GDR — Global Depositary Receipt

PPS — Price Protected Share

REIT — Real Estate Investment Trust

RNC — Risparmio Non-Convertible Savings Shares

SDR — Swedish Certification

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June  30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	226,118,007	$	223,937,530	$	2,180,477	$	9,204	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Dow Jones EURO Stoxx 50 Index	2,560	September-10	$	85,195,086	$	80,391,137	$	(4,803,949	)
E-Mini MSCI EAFE Index	18	September-10		1,191,889		1,183,680		(8,209	)
FTSE 100 Index	675	September-10		52,533,606		49,220,697		(3,312,909	)
SPI 200 Index	213	September-10		20,517,866		19,103,642		(1,414,224	)
TOPIX Index	518	September-10		50,245,944		49,125,488		(1,120,456	)
							$	(10,659,747	)

At June 30, 2010, 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 9/15/10	JPMorgan Chase Bank	1,786	$	2,184,814	$	2,210,657	$	(25,843	)
European Union Euro vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	4,968		6,077,355		6,114,118		(36,763	)
European Union Euro vs. U.S. Dollar, expiring 9/17/10	Deutsche Bank AG	12,215		14,942,853		15,048,391		(105,538	)
Japanese Yen vs. U.S. Dollar, expiring 9/17/10	Credit Suisse First Boston	727,890		8,243,594		7,971,810		271,784
							$	103,640
Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Canadian Dollar vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	1,294	$	1,260,447	$	1,214,966	$	45,481
Canadian Dollar vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	3,570		3,440,068		3,351,955		88,113
European Union Euro vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	5,809		6,954,825		7,106,150		(151,325	)
European Union Euro vs. U.S. Dollar, expiring 9/15/10	JPMorgan Chase Bank	5,054		6,430,204		6,182,558		247,646
							$	229,915
							$	333,555

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)			Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	10,836,416		$	101,010,227		$	—	$	111,846,643
Consumer Staples		331,694			76,984,845			—		77,316,539
Energy		12,339,364			44,692,656			—		57,032,020
Financials		5,601,522			152,008,047			2,647,487		160,257,056
Health Care		11,577,627			51,247,755			—		62,825,382
Industrials		6,215,665			86,338,741			85,182		92,639,588
Information Technology		7,139,554			54,436,042			—		61,575,596
Materials		6,318,344			65,625,770			—		71,944,114
Telecommunication Services		4,588,494			36,583,407			—		41,171,901
Utilities		—			28,214,287			—		28,214,287
Forward Currency Contracts		—			653,024			—		653,024
Rights
Materials		—			3,661			—		3,661
Short-Term Investments		—			16,512,935			—		16,512,935
Warrants
Consumer Staples		—			11			—		11
Financials		—			1,774			—		1,774
Total Assets	$	64,948,680		$	714,313,182		$	2,732,669	$	781,994,531
Liabilities:
Forward Currency Contracts	$	—		$	(319,469	)	$	—	$	(319,469	)
Futures		(10,659,747	)		—			—		(10,659,747	)
Total Liabilities	$	(10,659,747	)	$	(319,469	)	$	—	$	(10,979,216	)
Total	$	54,288,933		$	713,993,713		$	2,732,669	$	771,015,315

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

	Investments in Securities-Financials		Investments in Securities-Industrials
Balance as of 12/31/09	$	—	$	42,047
Total gains or losses (realized/unrealized) included in earnings		42,511		1,887
Purchases, sales, issuances, and settlements (net)		2,604,976		41,248
Transfers into Level 3		—		—
Transfers out of Level 3		—		—
Balance as of 6/30/10	$	2,647,487	$	85,182
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	42,511	$	2,294

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Investments in Securities- Consumer Staples
Balance as of 12/31/09	$	—
Total gains or losses (realized/unrealized) included in earnings		715
Purchases, sales, issuances, and settlements (net)		(715	)
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	—
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	—

Fair Values of Derivative Instruments as of June 30, 2010:

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		653,024
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	653,024
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(319,469	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(10,659,747	)*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(10,979,216	)

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:

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		—		—			2,407,896		—		2,407,896
Credit contracts		—		—			—		—		—
Equity contracts		—		(6,888,357	)		—		—		(6,888,357	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(6,888,357	)	$	2,407,896	$	—	$	(4,480,461	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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		—		—			333,555		—		333,555
Credit contracts		—		—			—		—		—
Equity contracts		—		(10,774,457	)		—		—		(10,774,457	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(10,774,457	)	$	333,555	$	—	$	(10,440,902	)

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $62,801,000 and futures contracts with an average notional balance of approximately $36,639,000 during the six months ended June 30, 2010.

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

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	276,907,599
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	513,834,171

As of June 30, 2010, 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	$	33,700,940
Aggregate gross unrealized depreciation		(94,757,235	)
Net unrealized depreciation	$	(61,056,295	)
Federal income tax cost of investments	$	842,397,802

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

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $2,180,477)	$	2,180,477
Unaffiliated Issuers (Cost $804,306,694)		779,161,030
Foreign cash (Cost $181,598,612)		181,606,389
Cash held as collateral at broker		15,982,000
Dividends, interest and other receivables		3,384,303
Receivable for securities sold		3,231,928
Unrealized appreciation of forward foreign currency contracts		653,024
Receivable from Separate Accounts for Trust shares sold		113,946
Receivable from investment sub-advisor		8,568
Other assets		102,726
Total assets		986,424,391
LIABILITIES
Overdraft payable		10,869
Payable for securities purchased		5,179,449
Variation margin payable on futures contracts		971,071
Payable to Separate Accounts for Trust shares redeemed		855,358
Investment management fees payable		696,784
Unrealized depreciation of forward foreign currency contracts		319,469
Administrative fees payable		138,224
Distribution fees payable - Class B		103,494
Trustees’ fees payable		32,475
Accrued expenses		213,596
Total liabilities		8,520,789
NET ASSETS	$	977,903,602
Net assets were comprised of:
Paid in capital	$	2,143,394,150
Accumulated undistributed net investment income (loss)		10,389,664
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(1,140,392,466	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(35,487,746	)
Net assets	$	977,903,602
Class A
Net asset value, offering and redemption price per share, $491,832,773 / 54,182,308 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9 .08
Class B
Net asset value, offering and redemption price per share, $486,070,829 / 53,710,879 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9 .05

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends ($9,204 of dividend income received from affiliates) (net of $1,915,168 foreign withholding tax)	$	18,117,059
Interest		7,502
Securities lending (net)		86,415
Total income		18,210,976
EXPENSES
Investment management fees		4,624,372
Administrative fees		912,785
Distribution fees - Class B		690,460
Custodian fees		100,846
Printing and mailing expenses		67,189
Professional fees		30,858
Trustees’ fees		9,575
Miscellaneous		23,799
Gross expenses		6,459,884
Less:   Reimbursement from sub-advisor		(8,568	)
Fees paid indirectly		(720	)
Net expenses		6,450,596
NET INVESTMENT INCOME (LOSS)		11,760,380
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		33,287,292
Foreign currency transactions		(596,566	)
Futures		(6,888,357	)
Net realized gain (loss)		25,802,369
Change in unrealized appreciation (depreciation) on:
Securities		(197,083,740	)
Foreign currency translations		259,488
Futures		(10,774,457	)
Net change in unrealized appreciation (depreciation)		(207,598,709	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(181,796,340	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(170,035,960	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	11,760,380		$	20,622,876
Net realized gain (loss) on investments, futures and foreign currency transactions		25,802,369			(853,920,265	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(207,598,709	)		966,642,536
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(170,035,960	)		133,345,147
DIVIDENDS:
Dividends from net investment income
Class A		—			(9,712,352	)
Class B		—			(8,200,172	)
TOTAL DIVIDENDS		—			(17,912,524	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 829,449 and 6,861,990 shares, respectively ]		8,418,630			54,257,731
Capital shares issued in reinvestment of dividends [ 0 and 941,168 shares, respectively ]		—			9,712,352
Capital shares repurchased [ (2,440,385) and (126,692,813) shares, respectively ]		(24,565,711	)		(905,054,385	)
Total Class A transactions		(16,147,081	)		(841,084,302	)
Class B
Capital shares sold [ 3,216,353 and 10,298,328 shares, respectively ]		32,943,757			91,193,630
Capital shares issued in reinvestment of dividends [ 0 and 796,349 shares, respectively ]		—			8,200,172
Capital shares repurchased [ (5,516,880) and (11,600,495) shares, respectively ]		(55,696,626	)		(103,758,416	)
Total Class B transactions		(22,752,869	)		(4,364,614	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(38,899,950	)		(845,448,916	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(208,935,910	)		(730,016,293	)
NET ASSETS:
Beginning of period		1,186,839,512			1,916,855,805
End of period (a)	$	977,903,602		$	1,186,839,512
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	10,389,664		$	(1,370,716	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	10.62		$	8.29		$	16.38		$	15.58		$	13.03		$	12.14
Income (loss) from investment operations:
Net investment income (loss)		0.11	(e)		0.14	(e)		0.28	(e)		0.21	(e)		0.11	(e)		0.14	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.65	)		2.37			(7.90	)		1.73			3.20			1.73
Total from investment operations		(1.54	)		2.51			(7.62	)		1.94			3.31			1.87
Less distributions:
Dividends from net investment income		—			(0.18	)		(0.22	)		(0.16	)		(0.11	)		(0.21	)
Distributions from net realized gains		—			—			(0.25	)		(0.98	)		(0.65	)		(0.77	)
Total dividends and distributions		—			(0.18	)		(0.47	)		(1.14	)		(0.76	)		(0.98	)
Net asset value, end of period	$	9.08		$	10.62		$	8.29		$	16.38		$	15.58		$	13.03
Total return (b)		(14.58	)%		30.28	%		(47.13	)%		12.73	%		25.58	%		15.74	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	491,833		$	592,797		$	1,448,943		$	2,193,441		$	1,356,428		$	379,616
Ratio of expenses to average net assets:
After reimbursements (a)		1.04	%		0.97	%		1.25	%		1.23	%		1.27	%		1.29	%
After reimbursements and fees paid indirectly (a)		1.04	%		0.97	%		1.25	%		1.23	%		1.27	%		1.29	%
Before reimbursements and fees paid indirectly (a)		1.04	%		1.06	%		1.25	%		1.23	%		1.28	%		1.33	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		2.25	%		1.65	%		2.19	%		1.27	%		0.78	%		1.17	%
After reimbursements and fees paid indirectly (a)		2.25	%		1.65	%		2.19	%		1.27	%		0.78	%		1.17	%
Before reimbursements and fees paid indirectly (a)		2.25	%		1.56	%		2.19	%		1.27	%		0.77	%		1.13	%
Portfolio turnover rate		27	%		87	%		56	%		47	%		45	%		67	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	10.61		$	8.28		$	16.35		$	15.56		$	13.01		$	12.12
Income (loss) from investment operations:
Net investment income (loss)		0.10	(e)		0.15	(e)		0.26	(e)		0.17	(e)		0.10	(e)		0.11	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1.66	)		2.33			(7.88	)		1.72			3.17			1.72
Total from investment operations		(1.56	)		2.48			(7.62	)		1.89			3.27			1.83
Less distributions:
Dividends from net investment income		—			(0.15	)		(0.20	)		(0.12	)		(0.07	)		(0.17	)
Distributions from net realized gains		—			—			(0.25	)		(0.98	)		(0.65	)		(0.77	)
Total dividends and distributions		—			(0.15	)		(0.45	)		(1.10	)		(0.72	)		(0.94	)
Net asset value, end of period	$	9.05		$	10.61		$	8.28		$	16.35		$	15.56		$	13.01
Total return (b)		(14.70	)%		29.99	%		(47.23	)%		12.39	%		25.30	%		15.47	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	486,071		$	594,043		$	467,913		$	905,461		$	765,683		$	449,400
Ratio of expenses to average net assets:
After reimbursements (a)		1.29	%		1.25	%		1.49	%		1.48	%		1.52	%		1.54	%
After reimbursements and fees paid indirectly (a)		1.29	%		1.25	%		1.49	%		1.48	%		1.52	%		1.54	%
Before reimbursements and fees paid indirectly (a)		1.29	%		1.31	%(c)		1.49	%		1.48	%		1.53	%		1.58	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		1.99	%		1.66	%		1.99	%		1.08	%		0.68	%		0.92	%
After reimbursements and fees paid indirectly (a)		1.99	%		1.66	%		1.99	%		1.08	%		0.68	%		0.92	%
Before reimbursements and fees paid indirectly (a)		1.99	%		1.62	%		1.99	%		1.08	%		0.67	%		0.88	%
Portfolio turnover rate		27	%		87	%		56	%		47	%		45	%		67	%

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

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

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

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

See Notes to Financial Statements.

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO (Unaudited)

Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	18.3	%
Financials	12.4
Health Care	11.7
Energy	10.1
Consumer Discretionary	9.4
Industrials	6.3
Consumer Staples	5.8
Telecommunication Services	3.0
Materials	2.6
Utilities	1.3
Cash and Other	19.1
	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$912.50	$4.32
Hypothetical (5% average return before expenses)	1,000.00	1,020.28	4.56
Class B
Actual	1,000.00	911.40	5.50
Hypothetical (5% average return before expenses)	1,000.00	1,019.04	5.81
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.91% and 1.16%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.4%)
Auto Components (0.2%)
Goodyear Tire & Rubber Co.*	4,800	$	47,712
Johnson Controls, Inc.	13,500		362,745
Lear Corp.*	5,400		357,480
TRW Automotive Holdings Corp.*	7,700		212,289
			980,226
Automobiles (1.2%)
Ford Motor Co.*	141,200		1,423,296
Harley-Davidson, Inc.	4,700		104,481
Toyota Motor Corp.	169,500		5,828,998
			7,356,775
Distributors (0.0%)
Genuine Parts Co.	3,200		126,240
Diversified Consumer Services (0.0%)
Apollo Group, Inc., Class A*	2,600		110,422
DeVry, Inc.	1,300		68,237
H&R Block, Inc.	6,700		105,123
			283,782
Hotels, Restaurants & Leisure (1.2%)
Carnival Corp.	8,700		263,088
Darden Restaurants, Inc.	2,800		108,780
International Game Technology	5,900		92,630
Life Time Fitness, Inc.*	95,020		3,020,686
Marriott International, Inc., Class A	5,110		152,993
McDonald’s Corp.	21,700		1,429,379
Royal Caribbean Cruises Ltd.*	12,300		280,071
Starbucks Corp.	14,900		362,070
Starwood Hotels & Resorts Worldwide, Inc.	3,800		157,434
Vail Resorts, Inc.*	33,700		1,176,467
Wyndham Worldwide Corp.	3,600		72,504
Wynn Resorts Ltd.	1,400		106,778
Yum! Brands, Inc.	9,400		366,976
			7,589,856
Household Durables (0.4%)
D.R. Horton, Inc.	26,100		256,563
Fortune Brands, Inc.	3,100		121,458
Garmin Ltd.	24,400		711,992
Harman International Industries, Inc.*	1,400		41,846
Leggett & Platt, Inc.	2,900		58,174
Lennar Corp., Class A	3,200		44,512
Newell Rubbermaid, Inc.	5,500		80,520
NVR, Inc.*	800		524,024
Pulte Group, Inc.*	46,807		387,562
Stanley Black & Decker, Inc.	3,177		160,502
Whirlpool Corp.	1,500		131,730
			2,518,883
Internet & Catalog Retail (0.2%)
Amazon.com, Inc.*	6,900		753,894
Expedia, Inc.	4,200		78,876
Liberty Media Corp. - Interactive, Class A*	37,631		395,125

	Number of Shares	Value (Note 1)
priceline.com, Inc.*	1,000	$	176,540
			1,404,435
Leisure Equipment & Products (0.0%)
Eastman Kodak Co.*	5,400		23,436
Hasbro, Inc.	2,500		102,750
Mattel, Inc.	7,300		154,468
			280,654
Media (3.8%)
Cablevision Systems Corp. - New York Group, Class A	23,600		566,636
CBS Corp., Class B	236,050		3,052,126
Comcast Corp., Class A	434,864		7,240,132
DIRECTV, Class A*	100,610		3,412,691
Discovery Communications, Inc., Class A*	5,717		204,154
DISH Network Corp., Class A	163,540		2,968,251
Gannett Co., Inc.	4,700		63,262
Interpublic Group of Cos., Inc.*	9,700		69,161
McGraw-Hill Cos., Inc.	6,300		177,282
Meredith Corp.	700		21,791
New York Times Co., Class A*	2,300		19,895
News Corp., Class A	104,400		1,248,624
Omnicom Group, Inc.	6,200		212,660
Scripps Networks Interactive, Inc., Class A	1,800		72,612
Time Warner Cable, Inc.	35,094		1,827,696
Time Warner, Inc.	52,833		1,527,402
Viacom, Inc., Class B	12,200		382,714
Walt Disney Co.	39,100		1,231,650
Washington Post Co., Class B	200		82,096
			24,380,835
Multiline Retail (0.5%)
Big Lots, Inc.*	1,600		51,344
Family Dollar Stores, Inc.	2,800		105,532
J.C. Penney Co., Inc.	4,700		100,956
Kohl’s Corp.*	6,200		294,500
Macy’s, Inc.	8,400		150,360
Nordstrom, Inc.	3,300		106,227
Sears Holdings Corp.*	1,000		64,650
Target Corp.	40,940		2,013,020
			2,886,589
Specialty Retail (1.1%)
Abercrombie & Fitch Co., Class A	1,800		55,242
AutoNation, Inc.*	1,800		35,100
AutoZone, Inc.*	600		115,932
Bed Bath & Beyond, Inc.*	5,300		196,524
Best Buy Co., Inc.	6,900		233,634
CarMax, Inc.*	4,478		89,112
GameStop Corp., Class A*	3,000		56,370
Gap, Inc.	47,800		930,188
Home Depot, Inc.	77,582		2,177,727
Limited Brands, Inc.	5,300		116,971
Lowe’s Cos., Inc.	29,600		604,432
Office Depot, Inc.*	65,900		266,236
O’Reilly Automotive, Inc.*	2,800		133,168
RadioShack Corp.	2,500		48,775
Ross Stores, Inc.	14,400		767,376
Staples, Inc.	14,600		278,130

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Tiffany & Co.	2,500	$	94,775
TJX Cos., Inc.	20,000		839,000
Urban Outfitters, Inc.*	2,547		87,591
			7,126,283
Textiles, Apparel & Luxury Goods (0.8%)
Coach, Inc.	6,300		230,265
Jones Apparel Group, Inc.	33,460		530,341
NIKE, Inc., Class B	59,985		4,051,987
Polo Ralph Lauren Corp.	1,200		87,552
VF Corp.	1,800		128,124
			5,028,269
Total Consumer Discretionary			59,962,827
Consumer Staples (5.8%)
Beverages (0.8%)
Brown-Forman Corp., Class B	2,200		125,906
Coca-Cola Co.	46,500		2,330,580
Coca-Cola Enterprises, Inc.	6,400		165,504
Constellation Brands, Inc., Class A*	28,700		448,294
Dr. Pepper Snapple Group, Inc.	5,100		190,689
Molson Coors Brewing Co., Class B	3,200		135,552
PepsiCo, Inc.	32,993		2,010,923
			5,407,448
Food & Staples Retailing (1.1%)
Costco Wholesale Corp.	8,900		487,987
CVS Caremark Corp.	62,880		1,843,642
Kroger Co.	13,000		255,970
Rite Aid Corp.*	488,710		478,936
Safeway, Inc.	46,000		904,360
SUPERVALU, Inc.	4,200		45,528
Sysco Corp.	11,900		339,983
Walgreen Co.	19,800		528,660
Wal-Mart Stores, Inc.	47,100		2,264,097
Whole Foods Market, Inc.*	3,400		122,468
			7,271,631
Food Products (1.3%)
Archer-Daniels-Midland Co.	19,700		508,654
Bunge Ltd.	10,500		516,495
Campbell Soup Co.	3,800		136,154
ConAgra Foods, Inc.	19,600		457,072
Dean Foods Co.*	13,200		132,924
General Mills, Inc.	13,400		475,968
H.J. Heinz Co.	6,400		276,608
Hershey Co.	3,300		158,169
Hormel Foods Corp.	1,400		56,672
J.M. Smucker Co.	2,400		144,528
Kellogg Co.	5,100		256,530
Kraft Foods, Inc., Class A	47,600		1,332,800
McCormick & Co., Inc. (Non-Voting)	2,600		98,696
Mead Johnson Nutrition Co.	4,093		205,141
Nestle S.A. (Registered) (ADR)	29,271		1,412,033
Sara Lee Corp.	69,200		975,720
Smithfield Foods, Inc.*	31,800		473,820
Tyson Foods, Inc., Class A	22,100		362,219
			7,980,203
Household Products (1.4%)
Clorox Co.	2,800		174,048
Colgate-Palmolive Co.	27,180		2,140,697

	Number of Shares	Value (Note 1)
Kimberly-Clark Corp.	16,695	$	1,012,218
Procter & Gamble Co.	89,800		5,386,204
			8,713,167
Personal Products (0.1%)
Avon Products, Inc.	8,600		227,900
Estee Lauder Cos., Inc., Class A	2,400		133,752
			361,652
Tobacco (1.1%)
Altria Group, Inc.	133,443		2,674,198
Lorillard, Inc.	3,100		223,138
Philip Morris International, Inc.	74,333		3,407,425
Reynolds American, Inc.	16,280		848,513
			7,153,274
Total Consumer Staples			36,887,375
Energy (10.1%)
Energy Equipment & Services (2.3%)
Baker Hughes, Inc.	8,663		360,121
Cameron International Corp.*	4,900		159,348
Diamond Offshore Drilling, Inc.	1,400		87,066
Ensco plc (ADR)	136,100		5,346,008
FMC Technologies, Inc.*	2,500		131,650
Halliburton Co.	18,200		446,810
Helmerich & Payne, Inc.	2,093		76,436
Nabors Industries Ltd.*	5,700		100,434
National Oilwell Varco, Inc.	8,400		277,788
Rowan Cos., Inc.*	17,300		379,562
Schlumberger Ltd.	24,100		1,333,694
Smith International, Inc.	5,000		188,250
Transocean Ltd.*	126,600		5,865,378
			14,752,545
Oil, Gas & Consumable Fuels (7.8%)
Anadarko Petroleum Corp.	9,900		357,291
Apache Corp.	8,100		681,939
Arena Resources, Inc.*	29,400		937,860
Cabot Oil & Gas Corp.	2,100		65,772
Chesapeake Energy Corp.	13,100		274,445
Chevron Corp.	55,500		3,766,230
Cimarex Energy Co.	8,200		586,956
ConocoPhillips	128,990		6,332,119
Consol Energy, Inc.	4,400		148,544
Denbury Resources, Inc.*	7,905		115,729
Devon Energy Corp.	23,700		1,443,804
El Paso Corp.	14,100		156,651
EnCana Corp.	12,700		385,318
EOG Resources, Inc.	26,537		2,610,445
Exxon Mobil Corp.#	208,676		11,909,119
Forest Oil Corp.*	13,900		380,304
Gazprom OAO (ADR)	193,700		3,643,497
Hess Corp.	51,327		2,583,801
Marathon Oil Corp.	175,595		5,459,249
Massey Energy Co.	2,000		54,700
Murphy Oil Corp.	3,900		193,245
Newfield Exploration Co.*	7,800		381,108
Nexen, Inc.	23,700		466,179
Noble Energy, Inc.	3,500		211,155
Occidental Petroleum Corp.	33,580		2,590,697
Peabody Energy Corp.	5,400		211,302
Pioneer Natural Resources Co.	2,300		136,735
QEP Resources, Inc.*	3,547		109,354

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Range Resources Corp.	3,200	$	128,480
SandRidge Energy, Inc.*	283,200		1,651,056
Southwestern Energy Co.*	7,000		270,480
Spectra Energy Corp.	13,000		260,910
Sunoco, Inc.	2,300		79,971
Tesoro Corp.	2,800		32,676
Valero Energy Corp.	53,100		954,738
Williams Cos., Inc.	11,700		213,876
			49,785,735
Total Energy			64,538,280
Financials (12.4%)
Capital Markets (1.8%)
Ameriprise Financial, Inc.	5,100		184,263
Bank of New York Mellon Corp.	24,300		599,967
Blackstone Group LP	16,855		161,134
Charles Schwab Corp.	19,700		279,346
Credit Suisse Group AG (ADR)	27,740		1,038,308
E*TRADE Financial Corp.*	3,860		45,625
Federated Investors, Inc., Class B	1,700		35,207
Franklin Resources, Inc.	3,000		258,570
Goldman Sachs Group, Inc.	28,209		3,702,996
Invesco Ltd.	8,600		144,738
Janus Capital Group, Inc.	3,700		32,856
Legg Mason, Inc.	3,200		89,696
Morgan Stanley	172,818		4,011,106
Northern Trust Corp.	4,900		228,830
State Street Corp.	10,000		338,200
T. Rowe Price Group, Inc.	5,200		230,828
			11,381,670
Commercial Banks (2.7%)
BB&T Corp.	34,800		915,588
Comerica, Inc.	14,400		530,352
Fifth Third Bancorp	63,500		780,415
First Horizon National Corp.*	4,540		51,981
Huntington Bancshares, Inc./Ohio	14,400		79,776
KeyCorp	17,600		135,344
M&T Bank Corp.	1,700		144,415
Marshall & Ilsley Corp.	10,600		76,108
Mitsubishi UFJ Financial Group, Inc.	855,624		3,878,680
PNC Financial Services Group, Inc.	10,462		591,103
Regions Financial Corp.	24,000		157,920
SunTrust Banks, Inc.	10,000		233,000
U.S. Bancorp	237,400		5,305,890
Wells Fargo & Co.	171,800		4,398,080
Zions Bancorp	3,200		69,024
			17,347,676
Consumer Finance (0.3%)
American Express Co.	24,100		956,770
Capital One Financial Corp.	22,000		886,600
Discover Financial Services	10,900		152,382
SLM Corp.*	9,700		100,783
			2,096,535
Diversified Financial Services (3.7%)
Bank of America Corp.	461,720		6,634,916
Citigroup, Inc.*	448,250		1,685,420
CME Group, Inc.	1,400		394,170

	Number of Shares	Value (Note 1)
ING Groep N.V. (CVA)*	656,800	$	4,876,401
IntercontinentalExchange, Inc.*	1,500		169,545
JPMorgan Chase & Co.	235,250		8,612,502
Leucadia National Corp.*	3,800		74,138
Moody’s Corp.	3,900		77,688
NASDAQ OMX Group, Inc.*	2,900		51,562
NYSE Euronext	40,228		1,111,500
			23,687,842
Insurance (3.5%)
ACE Ltd.	157,091		8,087,045
Aflac, Inc.	9,400		401,098
Allstate Corp.	10,800		310,284
American International Group, Inc.*	2,695		92,816
Aon Corp.	5,400		200,448
Assurant, Inc.	2,300		79,810
Berkshire Hathaway, Inc., Class B*	33,321		2,655,350
Chubb Corp.	6,600		330,066
Cincinnati Financial Corp.	3,200		82,784
Genworth Financial, Inc., Class A*	9,800		128,086
Hartford Financial Services Group, Inc.	8,900		196,957
Lincoln National Corp.	6,000		145,740
Loews Corp.	7,100		236,501
Marsh & McLennan Cos., Inc.	10,700		241,285
MetLife, Inc.	16,500		623,040
Principal Financial Group, Inc.	26,700		625,848
Progressive Corp.	13,500		252,720
Prudential Financial, Inc.	9,400		504,404
Torchmark Corp.	1,700		84,167
Transatlantic Holdings, Inc.	106,900		5,126,924
Travelers Cos., Inc.	25,800		1,270,650
Unum Group	6,600		143,220
XL Capital Ltd., Class A	21,900		350,619
			22,169,862
Real Estate Investment Trusts (REITs) (0.4%)
Apartment Investment & Management Co. (REIT), Class A	2,300		44,551
AvalonBay Communities, Inc. (REIT)	1,700		158,729
Boston Properties, Inc. (REIT)	2,800		199,752
Equity Residential (REIT)	5,700		237,348
HCP, Inc. (REIT)	5,900		190,275
Health Care REIT, Inc. (REIT)	2,500		105,300
Host Hotels & Resorts, Inc. (REIT)	13,158		177,370
Kimco Realty Corp. (REIT)	8,100		108,864
Plum Creek Timber Co., Inc. (REIT)	3,300		113,949
ProLogis (REIT)	9,500		96,235
Public Storage (REIT)	2,800		246,148
Simon Property Group, Inc. (REIT)	5,909		477,152
Ventas, Inc. (REIT)	3,200		150,240
Vornado Realty Trust (REIT)	3,169		231,178
			2,537,091
Real Estate Management & Development (0.0%)
CB Richard Ellis Group, Inc., Class A*	5,400		73,494

See Notes to Financial Statements.

127

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Thrifts & Mortgage Finance (0.0%)
Hudson City Bancorp, Inc.	9,500	$	116,280
People’s United Financial, Inc.	7,400		99,900
			216,180
Total Financials			79,510,350
Health Care (11.7%)
Biotechnology (3.3%)
Alexion Pharmaceuticals, Inc.*	33,745		1,727,406
Amgen, Inc.*	29,000		1,525,400
Biogen Idec, Inc.*	5,400		256,230
Celgene Corp.*	68,280		3,469,990
Cephalon, Inc.*	1,500		85,125
Genzyme Corp.*	5,400		274,158
Gilead Sciences, Inc.*	333,140		11,420,039
Talecris Biotherapeutics Holdings Corp.*	94,900		2,002,390
			20,760,738
Health Care Equipment & Supplies (1.9%)
Alcon, Inc.	12,340		1,828,665
Baxter International, Inc.	12,100		491,744
Becton, Dickinson and Co.	4,800		324,576
Boston Scientific Corp.*	30,400		176,320
C.R. Bard, Inc.	1,900		147,307
CareFusion Corp.*	3,550		80,585
DENTSPLY International, Inc.	2,900		86,739
Hospira, Inc.*	3,300		189,585
Intuitive Surgical, Inc.*	800		252,496
Inverness Medical Innovations, Inc.*	105,000		2,799,300
Medtronic, Inc.	22,300		808,821
St. Jude Medical, Inc.*	6,500		234,585
Stryker Corp.	5,700		285,342
Varian Medical Systems, Inc.*	83,348		4,357,433
Zimmer Holdings, Inc.*	4,300		232,415
			12,295,913
Health Care Providers & Services (0.9%)
Aetna, Inc.	8,600		226,868
AmerisourceBergen Corp.	5,700		180,975
Cardinal Health, Inc.	7,300		245,353
CIGNA Corp.	5,500		170,830
Community Health Systems, Inc.*	35,694		1,206,814
Coventry Health Care, Inc.*	2,900		51,272
DaVita, Inc.*	2,100		131,124
Express Scripts, Inc.*	11,200		526,624
Humana, Inc.*	3,400		155,278
Laboratory Corp. of America Holdings*	2,100		158,235
McKesson Corp.	5,400		362,664
Medco Health Solutions, Inc.*	16,400		903,312
Patterson Cos., Inc.	1,800		51,354
Quest Diagnostics, Inc.	3,000		149,310
Tenet Healthcare Corp.*	8,700		37,758
UnitedHealth Group, Inc.	23,300		661,720
WellPoint, Inc.*	8,900		435,477
			5,654,968
Health Care Technology (0.0%)
Cerner Corp.*	1,405		106,626

	Number of Shares	Value (Note 1)
Life Sciences Tools & Services (0.8%)
Life Technologies Corp.*	3,600	$	170,100
Millipore Corp.*	1,200		127,980
PerkinElmer, Inc.	2,300		47,541
Thermo Fisher Scientific, Inc.*	96,400		4,728,420
Waters Corp.*	1,900		122,930
			5,196,971
Pharmaceuticals (4.8%)
Abbott Laboratories, Inc.	70,910		3,317,170
Allergan, Inc.	6,200		361,212
AstraZeneca plc (ADR)	17,500		824,775
Bristol-Myers Squibb Co.	34,524		861,028
Eli Lilly and Co.	244,300		8,184,050
Forest Laboratories, Inc.*	6,000		164,580
Johnson & Johnson	81,900		4,837,014
King Pharmaceuticals, Inc.*	5,000		37,950
Merck & Co., Inc.	86,441		3,022,842
Mylan, Inc.*	23,200		395,328
Novartis AG (ADR)	8,800		425,216
Pfizer, Inc.	274,135		3,909,165
Roche Holding AG	29,600		4,064,779
Sanofi-Aventis S.A. (ADR)	11,400		342,684
Watson Pharmaceuticals, Inc.*	2,100		85,197
			30,832,990
Total Health Care			74,848,206
Industrials (6.3%)
Aerospace & Defense (2.4%)
Boeing Co.	54,668		3,430,417
General Dynamics Corp.	7,800		456,768
Goodrich Corp.	2,500		165,625
Honeywell International, Inc.	15,400		601,062
ITT Corp.	3,700		166,204
L-3 Communications Holdings, Inc.	2,400		170,016
Lockheed Martin Corp.	58,600		4,365,700
Northrop Grumman Corp.	14,700		800,268
Precision Castparts Corp.	30,430		3,131,856
Raytheon Co.	18,200		880,698
Rockwell Collins, Inc.	3,200		170,016
United Technologies Corp.	18,900		1,226,799
			15,565,429
Air Freight & Logistics (0.3%)
C.H. Robinson Worldwide, Inc.	3,400		189,244
Expeditors International of Washington, Inc.	4,300		148,393
FedEx Corp.	6,300		441,693
United Parcel Service, Inc., Class B	20,000		1,137,800
			1,917,130
Airlines (0.1%)
Delta Air Lines, Inc.*	46,100		541,675
Southwest Airlines Co.	14,900		165,539
			707,214
Building Products (0.0%)
Masco Corp.	7,200		77,472
Commercial Services & Supplies (0.2%)
Avery Dennison Corp.	2,250		72,293
Cintas Corp.	2,650		63,521
Iron Mountain, Inc.	3,650		81,979

See Notes to Financial Statements.

128

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Pitney Bowes, Inc.	4,150	$	91,134
R.R. Donnelley & Sons Co.	4,050		66,298
Republic Services, Inc.	6,500		193,245
Stericycle, Inc.*	1,750		114,765
Waste Management, Inc.	9,700		303,513
			986,748
Construction & Engineering (0.1%)
Fluor Corp.	3,600		153,000
Jacobs Engineering Group, Inc.*	2,500		91,100
Quanta Services, Inc.*	4,200		86,730
			330,830
Electrical Equipment (0.1%)
Emerson Electric Co.	15,200		664,088
Rockwell Automation, Inc.	2,900		142,361
Roper Industries, Inc.	1,900		106,324
			912,773
Industrial Conglomerates (1.6%)
3M Co.	14,400		1,137,456
General Electric Co.	596,900		8,607,298
Textron, Inc.	16,400		278,308
			10,023,062
Machinery (1.2%)
Caterpillar, Inc.	12,600		756,882
Cummins, Inc.	4,100		267,033
Danaher Corp.	83,628		3,104,271
Deere & Co.	8,600		478,848
Dover Corp.	3,800		158,802
Eaton Corp.	3,300		215,952
Flowserve Corp.	1,200		101,760
Illinois Tool Works, Inc.	7,800		321,984
Ingersoll-Rand plc	33,200		1,145,068
PACCAR, Inc.	7,300		291,051
Pall Corp.	2,300		79,051
Parker Hannifin Corp.	10,500		582,330
Snap-On, Inc.	1,200		49,092
			7,552,124
Professional Services (0.0%)
Dun & Bradstreet Corp.	1,000		67,120
Equifax, Inc.	2,500		70,150
Robert Half International, Inc.	2,950		69,472
			206,742
Road & Rail (0.3%)
CSX Corp.	7,900		392,077
Hertz Global Holdings, Inc.*	18,100		171,226
Norfolk Southern Corp.	7,500		397,875
Ryder System, Inc.	1,100		44,253
Union Pacific Corp.	10,200		709,002
			1,714,433
Trading Companies & Distributors (0.0%)
Fastenal Co.	2,600		130,494
W.W. Grainger, Inc.	1,300		129,285
			259,779
Total Industrials			40,253,736

	Number of Shares	Value (Note 1)
Information Technology (18.3%)
Communications Equipment (2.2%)
Cisco Systems, Inc.*	255,330	$	5,441,082
Harris Corp.	2,600		108,290
JDS Uniphase Corp.*	4,500		44,280
Juniper Networks, Inc.*	76,310		1,741,394
Motorola, Inc.*	174,600		1,138,392
Nokia Oyj (ADR)	36,300		295,845
QUALCOMM, Inc.	102,041		3,351,027
Research In Motion Ltd.*	42,404		2,088,821
Tellabs, Inc.	7,700		49,203
			14,258,334
Computers & Peripherals (3.6%)
Apple, Inc.*	29,997		7,545,145
Dell, Inc.*	664,320		8,011,699
EMC Corp.*	41,300		755,790
Hewlett-Packard Co.	80,300		3,475,384
Lexmark International, Inc., Class A*	1,600		52,848
NCR Corp.*	184,000		2,230,080
NetApp, Inc.*	6,900		257,439
QLogic Corp.*	2,200		36,564
SanDisk Corp.*	4,600		193,522
Seagate Technology*	23,600		307,744
Teradata Corp.*	3,300		100,584
Western Digital Corp.*	4,600		138,736
			23,105,535
Electronic Equipment, Instruments & Components (1.1%)
Agilent Technologies, Inc.*	7,000		199,010
Amphenol Corp., Class A	59,735		2,346,391
Corning, Inc.	209,762		3,387,656
FLIR Systems, Inc.*	3,000		87,270
Jabil Circuit, Inc.	3,800		50,540
Molex, Inc.	2,700		49,248
Tyco Electronics Ltd.	29,300		743,634
			6,863,749
Internet Software & Services (1.7%)
Akamai Technologies, Inc.*	3,400		137,938
AOL, Inc.*	7,700		160,083
eBay, Inc.*	107,181		2,101,819
Google, Inc., Class A*	16,031		7,132,993
Monster Worldwide, Inc.*	2,450		28,543
VeriSign, Inc.*	3,600		95,580
Yahoo!, Inc.*	74,615		1,031,926
			10,688,882
IT Services (4.3%)
Accenture plc, Class A	13,300		514,045
Amdocs Ltd.*	168,620		4,527,447
Automatic Data Processing, Inc.	10,200		410,652
Cognizant Technology Solutions Corp., Class A*	6,000		300,360
Computer Sciences Corp.	104,530		4,729,983
Fidelity National Information Services, Inc.	6,600		177,012
Fiserv, Inc.*	146,000		6,666,360
International Business Machines Corp.	64,515		7,966,312
Mastercard, Inc., Class A	2,000		399,060

See Notes to Financial Statements.

129

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Paychex, Inc.	6,400	$	166,208
SAIC, Inc.*	6,100		102,114
Total System Services, Inc.	3,900		53,040
Visa, Inc., Class A	13,000		919,750
Western Union Co.	50,767		756,936
			27,689,279
Office Electronics (0.1%)
Xerox Corp.	27,179		218,519
Semiconductors & Semiconductor Equipment (1.8%)
Advanced Micro Devices, Inc.*	11,300		82,716
Altera Corp.	5,900		146,379
Analog Devices, Inc.	6,000		167,160
Applied Materials, Inc.	27,000		324,540
Broadcom Corp., Class A	8,700		286,839
First Solar, Inc.*	1,000		113,830
Intel Corp.	152,900		2,973,905
KLA-Tencor Corp.	3,400		94,792
Linear Technology Corp.	4,500		125,145
LSI Corp.*	13,200		60,720
MEMC Electronic Materials, Inc.*	276,804		2,734,824
Microchip Technology, Inc.	3,700		102,638
Micron Technology, Inc.*	17,100		145,179
National Semiconductor Corp.	4,700		63,262
Novellus Systems, Inc.*	1,900		48,184
NVIDIA Corp.*	11,100		113,331
ON Semiconductor Corp.*	245,272		1,564,835
Teradyne, Inc.*	24,000		234,000
Texas Instruments, Inc.	92,615		2,156,077
Xilinx, Inc.	5,500		138,930
			11,677,286
Software (3.5%)
Adobe Systems, Inc.*	131,200		3,467,616
ANSYS, Inc.*	50,830		2,062,173
Autodesk, Inc.*	4,600		112,056
BMC Software, Inc.*	3,700		128,131
CA, Inc.	7,900		145,360
Citrix Systems, Inc.*	3,700		156,251
Compuware Corp.*	4,500		35,910
Electronic Arts, Inc.*	6,500		93,600
Intuit, Inc.*	6,300		219,051
McAfee, Inc.*	3,200		98,304
Microsoft Corp.	477,367		10,984,215
Novell, Inc.*	7,000		39,760
Oracle Corp.	209,161		4,488,595
Red Hat, Inc.*	3,800		109,972
Salesforce.com, Inc.*	2,200		188,804
Symantec Corp.*	16,200		224,856
			22,554,654
Total Information Technology			117,056,238
Materials (2.6%)
Chemicals (1.4%)
Air Products & Chemicals, Inc.	4,300		278,683
Airgas, Inc.	1,700		105,740
CF Industries Holdings, Inc.	1,400		88,830
Dow Chemical Co.	23,100		547,932

	Number of Shares	Value (Note 1)
E.I. du Pont de Nemours & Co.	24,900	$	861,291
Eastman Chemical Co.	1,500		80,040
Ecolab, Inc.	4,800		215,568
FMC Corp.	1,500		86,145
Huntsman Corp.	9,500		82,365
International Flavors & Fragrances, Inc.	1,600		67,872
Monsanto Co.	107,500		4,968,650
PPG Industries, Inc.	3,400		205,394
Praxair, Inc.	6,200		471,138
Sherwin-Williams Co.	1,900		131,461
Sigma-Aldrich Corp.	2,500		124,575
Syngenta AG (ADR)	15,961		731,812
			9,047,496
Construction Materials (0.0%)
Vulcan Materials Co.	2,500		109,575
Containers & Packaging (0.1%)
Ball Corp.	1,900		100,377
Bemis Co., Inc.	2,200		59,400
Owens-Illinois, Inc.*	3,400		89,930
Pactiv Corp.*	2,600		72,410
Sealed Air Corp.	3,200		63,104
			385,221
Metals & Mining (1.0%)
AK Steel Holding Corp.	2,200		26,224
Alcoa, Inc.	20,500		206,230
Allegheny Technologies, Inc.	2,000		88,380
Cliffs Natural Resources, Inc.	2,700		127,332
Freeport-McMoRan Copper & Gold, Inc.	23,200		1,371,816
Newmont Mining Corp.	9,900		611,226
Nucor Corp.	6,300		241,164
Reliance Steel & Aluminum Co.	7,900		285,585
Steel Dynamics, Inc.	23,000		303,370
Titanium Metals Corp.*	1,700		29,903
United States Steel Corp.	83,800		3,230,490
			6,521,720
Paper & Forest Products (0.1%)
International Paper Co.	8,700		196,881
MeadWestvaco Corp.	3,400		75,480
Weyerhaeuser Co.	4,300		151,360
			423,721
Total Materials			16,487,733
Telecommunication Services (3.0%)
Diversified Telecommunication Services (1.7%)
AT&T, Inc.	303,100		7,331,989
CenturyLink, Inc.	6,035		201,026
Frontier Communications Corp.	6,200		44,082
Level 3 Communications, Inc.*	1,452,300		1,583,007
Qwest Communications International, Inc.	29,900		156,975
Verizon Communications, Inc.	57,100		1,599,942
Windstream Corp.	9,200		97,152
			11,014,173

See Notes to Financial Statements.

130

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Wireless Telecommunication Services (1.3%)
American Tower Corp., Class A*	8,100	$	360,450
China Mobile Ltd.	553,600		5,517,446
Leap Wireless International, Inc.*	82,453		1,070,240
MetroPCS Communications, Inc.*	5,200		42,588
Sprint Nextel Corp.*	226,100		958,664
Vodafone Group plc (ADR)	29,800		615,966
			8,565,354
Total Telecommunication Services			19,579,527
Utilities (1.3%)
Electric Utilities (0.6%)
Allegheny Energy, Inc.	3,400		70,312
American Electric Power Co., Inc.	9,600		310,080
Duke Energy Corp.	26,300		420,800
Edison International	6,500		206,180
Entergy Corp.	3,800		272,156
Exelon Corp.	13,300		505,001
FirstEnergy Corp.	6,100		214,903
NextEra Energy, Inc.	8,300		404,708
Northeast Utilities	3,500		89,180
Pepco Holdings, Inc.	17,700		277,536
Pinnacle West Capital Corp.	2,100		76,356
PPL Corp.	7,500		187,125
Progress Energy, Inc.	5,700		223,554
Southern Co.	16,500		549,120
			3,807,011
Gas Utilities (0.0%)
EQT Corp.	2,900		104,806
Nicor, Inc.	900		36,450
ONEOK, Inc.	2,076		89,787
			231,043
Independent Power Producers & Energy Traders (0.1%)
AES Corp.*	13,400		123,816
Constellation Energy Group, Inc.	16,700		538,575
NRG Energy, Inc.*	5,228		110,886
			773,277
Multi-Utilities (0.6%)
Ameren Corp.	4,700		111,719
CenterPoint Energy, Inc.	7,900		103,964
CMS Energy Corp.	30,675		449,389
Consolidated Edison, Inc.	5,700		245,670
Dominion Resources, Inc.	12,100		468,754
DTE Energy Co.	3,300		150,513
Integrys Energy Group, Inc.	1,500		65,610
NiSource, Inc.	37,500		543,750
PG&E Corp.	7,500		308,250
Public Service Enterprise Group, Inc.	10,200		319,566
SCANA Corp.	2,200		78,672

	Number of Shares	Value (Note 1)
Sempra Energy	5,000	$	233,950
TECO Energy, Inc.	4,300		64,801
Wisconsin Energy Corp.	2,400		121,776
Xcel Energy, Inc.	9,200		189,611
			3,455,995
Total Utilities			8,267,326
Total Common Stocks (80.9%) (Cost $514,343,130)			517,391,598

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (1.5%)
U.S. Treasury Bills 0.17%, 11/4/10 #(p)	$	9,872,000		9,866,057
Time Deposit (17.9%)
JPMorgan Chase Nassau
0.000%, 7/1/10		114,167,377		114,167,377
Total Short-Term Investments (19.4%) (Cost/Amortized Cost $124,032,403)				124,033,434
Total Investments (100.3%) (Cost/Amortized Cost $638,375,533)				641,425,032
Other Assets Less Liabilities (-0.3%)				(2,159,767	)
Net Assets (100%)			$	639,265,265

* Non-income producing.

# All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $12,148,853.

(p) Yield to maturity.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

See Notes to Financial Statements.

131

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	2,288	September-10	$	124,213,986	$	117,443,040	$	(6,770,946	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	54,133,829		$	5,828,998	$	—	$	59,962,827
Consumer Staples		36,887,375			—		—		36,887,375
Energy		64,538,280			—		—		64,538,280
Financials		70,755,269			8,755,081		—		79,510,350
Health Care		70,783,427			4,064,779		—		74,848,206
Industrials		40,253,736			—		—		40,253,736
Information Technology		117,056,238			—		—		117,056,238
Materials		16,487,733			—		—		16,487,733
Telecommunication Services		14,062,081			5,517,446		—		19,579,527
Utilities		8,267,326			—		—		8,267,326
Short-Term Investments		—			124,033,434		—		124,033,434
Total Assets	$	493,225,294		$	148,199,738	$	—	$	641,425,032
Liabilities:
Futures	$	(6,770,946	)	$	—	$	—	$	(6,770,946	)
Total Liabilities	$	(6,770,946	)	$	—	$	—	$	(6,770,946	)
Total	$	486,454,348		$	148,199,738	$	—	$	634,654,086

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:

Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	–	*
Foreign exchange contracts	Receivables		–
Credit contracts	Receivables		–
Equity contracts	Receivables, Net Assets - Unrealized appreciation		–	*
Commodity contracts	Receivables		–
Other contracts	Receivables		–
Total		$	–
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	–	*
Foreign exchange contracts	Payables		–
Credit contracts	Payables		–
Equity contracts	Payables, Net Assets - Unrealized depreciation		(6,770,946	)*
Commodity contracts	Payables		–
Other contracts	Payables		–
Total		$	(6,770,946	)

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:

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		—		(8,629,227	)		—		—		(8,629,227	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(8,629,227	)	$	—	$	—	$	(8,629,227	)

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures			Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—		$	—	$	—	$	—
Foreign exchange contracts		—		—			—		—		—
Credit contracts		—		—			—		—		—
Equity contracts		—		(6,818,392	)		—		—		(6,818,392	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(6,818,392	)	$	—	$	—	$	(6,818,392	)

The Portfolio held futures contracts with an average notional balance of approximately $29,738,000 during the six months ended June 30, 2010.

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	176,627,451
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	307,704,183

As of June 30, 2010, 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	$	32,655,147
Aggregate gross unrealized depreciation		(47,115,557	)
Net unrealized depreciation	$	(14,460,410	)
Federal income tax cost of investments	$	655,885,442

For the six months ended June 30, 2010, the Portfolio incurred approximately $1,608 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $1,066 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $403,669,944 of which $105,713,400 expires in the year 2016, and $297,956,544 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value (Cost $638,375,533)	$	641,425,032
Foreign cash (Cost $53,911)		54,000
Receivable for securities sold		4,873,442
Dividends, interest and other receivables		484,244
Receivable from Separate Accounts for Trust shares sold		84,092
Other assets		4,199
Total assets		646,925,009
LIABILITIES
Overdraft payable		53,788
Payable for securities purchased		5,790,717
Variation margin payable on futures contracts		995,280
Investment management fees payable		389,086
Payable to Separate Accounts for Trust shares redeemed		203,709
Administrative fees payable		96,731
Distribution fees payable - Class B		30,557
Trustees’ fees payable		12,265
Accrued expenses		87,611
Total liabilities		7,659,744
NET ASSETS	$	639,265,265
Net assets were comprised of:
Paid in capital	$	1,017,633,598
Accumulated undistributed net investment income (loss)		2,602,117
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(377,248,872	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(3,721,578	)
Net assets	$	639,265,265
Class A
Net asset value, offering and redemption price per share, $498,714,900 / 59,789,983 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.34
Class B
Net asset value, offering and redemption price per share, $140,550,365 / 16,865,955 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.33

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends (net of $54,526 foreign withholding tax)	$	5,811,410
Interest		51,063
Securities lending (net)		16,110
Total income		5,878,583
EXPENSES
Investment management fees		2,495,274
Administrative fees		615,465
Distribution fees - Class B		198,946
Custodian fees		52,102
Printing and mailing expenses		42,958
Professional fees		27,934
Trustees’ fees		5,997
Miscellaneous		12,856
Gross expenses		3,451,532
Less:   Fees paid indirectly		(10,302)
Net expenses		3,441,230
NET INVESTMENT INCOME (LOSS)		2,437,353
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		52,620,465
Foreign currency transactions		(12,812	)
Futures		(8,629,227	)
Net realized gain (loss)		43,978,426
Change in unrealized appreciation (depreciation) on:
Securities		(101,265,451	)
Foreign currency translations		(253	)
Futures		(6,818,392	)
Net change in unrealized appreciation (depreciation)		(108,084,096	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(64,105,670	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(61,668,317	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,437,353		$	10,239,324
Net realized gain (loss) on investments, futures and foreign currency transactions		43,978,426			(262,920,740	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(108,084,096	)		396,692,795
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(61,668,317	)		144,011,379
DIVIDENDS:
Dividends from net investment income
Class A		—			(8,111,150	)
Class B		—			(1,910,113	)
TOTAL DIVIDENDS		—			(10,021,263	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,164,232 and 10,160,542 shares, respectively ]		10,740,815			70,545,616
Capital shares issued in reinvestment of dividends [ 0 and 899,409 shares, respectively ]		—			8,111,150
Capital shares repurchased [ (2,078,543) and (59,862,128) shares, respectively ]		(18,991,887	)		(386,878,494	)
Total Class A transactions		(8,251,072	)		(308,221,728	)
Class B
Capital shares sold [ 1,695,576 and 4,046,714 shares, respectively ]		15,733,936			31,985,371
Capital shares issued in reinvestment of dividends [ 0 and 211,717 shares, respectively ]		—			1,910,113
Capital shares repurchased [ (2,075,452) and (3,674,557) shares, respectively ]		(19,050,158	)		(27,997,649	)
Total Class B transactions		(3,316,222	)		5,897,835
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(11,567,294	)		(302,323,893	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(73,235,611	)		(168,333,777	)
NET ASSETS:
Beginning of period		712,500,876			880,834,653
End of period (a)	$	639,265,265		$	712,500,876
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	2,602,117		$	164,764

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.14		$	6.98		$	11.66		$	11.96		$	10.79		$	10.37
Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.12	(e)		0.08	(e)		0.09	(e)		0.08	(e)		0.06	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.83	)		2.18			(4.67	)		0.52			1.40			0.67
Total from investment operations		(0.80	)		2.30			(4.59	)		0.61			1.48			0.73
Less distributions:
Dividends from net investment income		—			(0.14	)		(0.07	)		(0.08	)		(0.07	)		(0.03	)
Distributions from net realized gains		—			—			(0.02	)		(0.83	)		(0.24	)		(0.28	)
Total dividends and distributions		—			(0.14	)		(0.09	)		(0.91	)		(0.31	)		(0.31	)
Net asset value, end of period	$	8.34		$	9.14		$	6.98		$	11.66		$	11.96		$	10.79
Total return (b)		(8.75	)%		32.92	%		(39.40	)%		5.22	%		13.84	%		7.07	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	498,715		$	554,828		$	764,481		$	842,193		$	598,068		$	309,162
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.91	%		0.92	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly (a)		0.91	%		0.81	%		1.09	%		1.09	%		1.08	%		1.08	%
Before waivers, reimbursements and fees paid indirectly (a)		0.91	%		0.92	%		1.10	%		1.10	%		1.10	%		1.15	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.74	%		1.42	%		0.86	%		0.74	%		0.73	%		0.52	%
After waivers, reimbursements and fees paid indirectly (a)		0.74	%		1.54	%		0.86	%		0.74	%		0.75	%		0.54	%
Before waivers, reimbursements and fees paid indirectly (a)		0.74	%		1.42	%		0.86	%		0.74	%		0.72	%		0.47	%
Portfolio turnover rate		27	%		85	%		50	%		51	%		49	%		39	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	9.14		$	6.98		$	11.67		$	11.96		$	10.79		$	10.38
Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.09	(e)		0.06	(e)		0.06	(e)		0.06	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.83	)		2.18			(4.68	)		0.53			1.39			0.66
Total from investment operations		(0.81	)		2.27			(4.62	)		0.59			1.45			0.69
Less distributions:
Dividends from net investment income		—			(0.11	)		(0.05	)		(0.05	)		(0.04	)		—	#
Distributions from net realized gains		—			—			(0.02	)		(0.83	)		(0.24	)		(0.28	)
Total dividends and distributions		—			(0.11	)		(0.07	)		(0.88	)		(0.28	)		(0.28	)
Net asset value, end of period	$	8.33		$	9.14		$	6.98		$	11.67		$	11.96		$	10.79
Total return (b)		(8.86	)%		32.58	%		(39.61	)%		5.05	%		13.56	%		6.70	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	140,550		$	157,673		$	116,354		$	215,406		$	208,296		$	185,408
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.16	%		1.17	%(c)		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.16	%		1.10	%		1.34	%		1.34	%		1.33	%		1.33	%
Before waivers, reimbursements and fees paid indirectly (a)		1.16	%		1.17	%(c)		1.35	%		1.35	%		1.35	%		1.40	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.49	%		1.14	%		0.58	%		0.49	%		0.47	%		0.27	%
After waivers, reimbursements and fees paid indirectly (a)		0.49	%		1.22	%		0.59	%		0.50	%		0.49	%		0.29	%
Before waivers, reimbursements and fees paid indirectly (a)		0.49	%		1.14	%		0.58	%		0.49	%		0.47	%		0.22	%
Portfolio turnover rate		27	%		85	%		50	%		51	%		49	%		39	%

# Per share amount is less than $0.01.

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

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

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

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

See Notes to Financial Statements.

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Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	37.7	%
Consumer Discretionary	17.0
Health Care	12.4
Industrials	8.8
Energy	7.2
Consumer Staples	6.9
Financials	4.6
Materials	3.0
Telecommunication Services	0.7
Utilities	0.1
Cash and Other	1.6
	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class A
Actual	$1,000.00	$951.00	$4.93
Hypothetical (5% average return before expenses)	1,000.00	1,019.74	5.11
Class B
Actual	1,000.00	950.00	6.14
Hypothetical (5% average return before expenses)	1,000.00	1,018.50	6.36
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.02% and 1.27%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (17.0%)
Auto Components (0.3%)
Autoliv, Inc.*	600	$	28,710
BorgWarner, Inc.*	2,400		89,616
Federal-Mogul Corp.*	100		1,302
Gentex Corp.	3,200		57,536
Goodyear Tire & Rubber Co.*	5,300		52,682
Johnson Controls, Inc.	13,800		370,806
Lear Corp.*	300		19,860
TRW Automotive Holdings Corp.*	1,200		33,084
			653,596
Automobiles (0.4%)
Ford Motor Co.*	72,400		729,792
Harley-Davidson, Inc.	5,100		113,373
Thor Industries, Inc.	700		16,625
			859,790
Distributors (0.0%)
LKQ Corp.*	3,100		59,768
Diversified Consumer Services (0.2%)
Apollo Group, Inc., Class A*	2,778		117,982
Career Education Corp.*	1,400		32,228
DeVry, Inc.	1,400		73,486
Education Management Corp.*	700		10,675
H&R Block, Inc.	3,000		47,070
Hillenbrand, Inc.	1,400		29,946
ITT Educational Services, Inc.*	800		66,416
Strayer Education, Inc.	340		70,682
Weight Watchers International, Inc.	700		17,983
			466,468
Hotels, Restaurants & Leisure (3.2%)
Bally Technologies, Inc.*	1,200		38,868
Brinker International, Inc.	2,400		34,704
Burger King Holdings, Inc.	2,200		37,048
Carnival Corp.	10,900		329,616
Chipotle Mexican Grill, Inc.*	22,600		3,091,906
Choice Hotels International, Inc.	200		6,042
Darden Restaurants, Inc.	3,000		116,550
International Game Technology	6,500		102,050
International Speedway Corp., Class A	200		5,152
Las Vegas Sands Corp.*	6,900		152,766
Marriott International, Inc., Class A	18,983		568,351
McDonald’s Corp.	23,455		1,544,981
MGM MIRAGE*	14,100		135,924
Panera Bread Co., Class A*	700		52,703
Royal Caribbean Cruises Ltd.*	1,000		22,770
Starbucks Corp.	30,700		746,010
Starwood Hotels & Resorts Worldwide, Inc.	7,800		323,154
Wendy’s/Arby’s Group, Inc., Class A	3,500		14,000
WMS Industries, Inc.*	1,200		47,100
Wynn Resorts Ltd.	1,600		122,032
Yum! Brands, Inc.	10,144		396,022
			7,887,749

	Number of Shares	Value (Note 1)
Household Durables (0.1%)
Fortune Brands, Inc.	400	$	15,672
Garmin Ltd.	200		5,836
Harman International Industries, Inc.*	800		23,912
Leggett & Platt, Inc.	2,000		40,120
Mohawk Industries, Inc.*	100		4,576
NVR, Inc.*	112		73,363
Tempur-Pedic International, Inc.*	1,600		49,200
Tupperware Brands Corp.	1,400		55,790
Whirlpool Corp.	700		61,474
			329,943
Internet & Catalog Retail (2.7%)
Amazon.com, Inc.*	20,203		2,207,380
Expedia, Inc.	1,800		33,804
Liberty Media Corp. - Interactive, Class A*	18,200		191,100
Netflix, Inc.*	36,200		3,933,130
priceline.com, Inc.*	1,065		188,015
			6,553,429
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	2,800		115,080
Mattel, Inc.	4,600		97,336
			212,416
Media (1.6%)
CBS Corp., Class B	1,800		23,274
DIRECTV, Class A*	19,237		652,519
Discovery Communications, Inc., Class A*	4,500		160,695
DreamWorks Animation SKG, Inc., Class A*	1,600		45,680
Interactive Data Corp.	700		23,366
Interpublic Group of Cos., Inc.*	10,600		75,578
John Wiley & Sons, Inc., Class A	900		34,803
Lamar Advertising Co., Class A*	300		7,356
Madison Square Garden, Inc., Class A*	400		7,868
McGraw-Hill Cos., Inc.	4,800		135,072
Meredith Corp.	300		9,339
Morningstar, Inc.*	400		17,008
News Corp., Class A	10,400		124,384
Omnicom Group, Inc.	5,400		185,220
Regal Entertainment Group, Class A	400		5,216
Scripps Networks Interactive, Inc., Class A	1,900		76,646
Sirius XM Radio, Inc.*	84,400		80,138
Thomson Reuters Corp.	2,600		93,158
Time Warner, Inc.	5,100		147,441
Viacom, Inc., Class B	21,750		682,297
Walt Disney Co.	41,500		1,307,250
			3,894,308
Multiline Retail (1.4%)
Big Lots, Inc.*	1,800		57,762
Dollar General Corp.*	1,500		41,325
Dollar Tree, Inc.*	2,850		118,645
Family Dollar Stores, Inc.	2,900		109,301
J.C. Penney Co., Inc.	1,700		36,516
Kohl’s Corp.*	24,960		1,185,600

See Notes to Financial Statements.

140

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Macy’s, Inc.	900	$	16,110
Nordstrom, Inc.	3,600		115,884
Target Corp.	35,827		1,761,614
			3,442,757
Specialty Retail (4.7%)
Aaron’s, Inc.	850		14,510
Abercrombie & Fitch Co., Class A	1,500		46,035
Advance Auto Parts, Inc.	2,000		100,360
Aeropostale, Inc.*	2,100		60,144
American Eagle Outfitters, Inc.	1,100		12,925
AutoNation, Inc.*	500		9,750
AutoZone, Inc.*	600		115,932
Bed Bath & Beyond, Inc.*	12,340		457,567
Best Buy Co., Inc.	7,500		253,950
CarMax, Inc.*	4,900		97,510
Chico’s FAS, Inc.	3,700		36,556
Dick’s Sporting Goods, Inc.*	2,000		49,780
Gap, Inc.	8,900		173,194
Guess?, Inc.	1,300		40,612
Home Depot, Inc.	36,800		1,032,976
J. Crew Group, Inc.*	83,500		3,073,635
Limited Brands, Inc.	5,800		128,006
Lowe’s Cos., Inc.	40,800		833,136
Office Depot, Inc.*	1,200		4,848
O’Reilly Automotive, Inc.*	7,000		332,920
PetSmart, Inc.	2,600		78,442
Ross Stores, Inc.	2,700		143,883
Staples, Inc.	15,900		302,895
Tiffany & Co.	2,800		106,148
TJX Cos., Inc.	8,900		373,355
Tractor Supply Co.	800		48,776
Urban Outfitters, Inc.*	103,000		3,542,170
Williams-Sonoma, Inc.	2,100		52,122
			11,522,137
Textiles, Apparel & Luxury Goods (2.3%)
Coach, Inc.	6,600		241,230
Fossil, Inc.*	1,100		38,170
Hanesbrands, Inc.*	2,200		52,932
NIKE, Inc., Class B	21,778		1,471,104
Phillips-Van Heusen Corp.	1,200		55,524
Polo Ralph Lauren Corp.	1,200		87,552
Under Armour, Inc., Class A*	112,500		3,727,125
			5,673,637
Total Consumer Discretionary			41,555,998
Consumer Staples (6.9%)
Beverages (1.9%)
Brown-Forman Corp., Class B	1,700		97,291
Coca-Cola Co.	34,283		1,718,264
Coca-Cola Enterprises, Inc.	4,200		108,612
Dr. Pepper Snapple Group, Inc.	1,600		59,824
Hansen Natural Corp.*	1,200		46,932
PepsiCo, Inc.	44,341		2,702,584
			4,733,507
Food & Staples Retailing (2.7%)
BJ’s Wholesale Club, Inc.*	200		7,402
Costco Wholesale Corp.	9,679		530,699
CVS Caremark Corp.	3,249		95,261
Kroger Co.	800		15,752
Sysco Corp.	12,798		365,639

	Number of Shares	Value (Note 1)
Walgreen Co.	19,376	$	517,339
Wal-Mart Stores, Inc.	42,411		2,038,697
Whole Foods Market, Inc.*	84,700		3,050,894
			6,621,683
Food Products (0.5%)
Campbell Soup Co.	2,400		85,992
ConAgra Foods, Inc.	1,000		23,320
Flowers Foods, Inc.	600		14,658
General Mills, Inc.	8,600		305,472
Green Mountain Coffee Roasters, Inc.*	2,400		61,680
H.J. Heinz Co.	2,800		121,016
Hershey Co.	2,000		95,860
Kellogg Co.	5,000		251,500
McCormick & Co., Inc. (Non-Voting)	1,400		53,144
Mead Johnson Nutrition Co.	619		31,024
Sara Lee Corp.	10,200		143,820
			1,187,486
Household Products (0.8%)
Church & Dwight Co., Inc.	1,600		100,336
Clorox Co.	2,900		180,264
Colgate-Palmolive Co.	8,898		700,807
Kimberly-Clark Corp.	7,126		432,049
Procter & Gamble Co.	7,450		446,851
			1,860,307
Personal Products (0.2%)
Alberto-Culver Co.	400		10,836
Avon Products, Inc.	9,300		246,450
Estee Lauder Cos., Inc., Class A	2,500		139,325
Herbalife Ltd.	1,400		64,470
			461,081
Tobacco (0.8%)
Altria Group, Inc.	26,407		529,196
Philip Morris International, Inc.	34,019		1,559,431
			2,088,627
Total Consumer Staples			16,952,691
Energy (7.2%)
Energy Equipment & Services (2.2%)
Atwood Oceanics, Inc.*	200		5,104
Baker Hughes, Inc.	2,600		108,082
Cameron International Corp.*	3,000		97,560
Core Laboratories N.V.	500		73,805
Diamond Offshore Drilling, Inc.	500		31,095
Dresser-Rand Group, Inc.*	1,800		56,790
Exterran Holdings, Inc.*	100		2,581
FMC Technologies, Inc.*	2,600		136,916
Halliburton Co.	51,800		1,271,690
Nabors Industries Ltd.*	2,500		44,050
National Oilwell Varco, Inc.	25,900		856,513
Oil States International, Inc.*	100		3,958
Pride International, Inc.*	1,800		40,212
Rowan Cos., Inc.*	500		10,970
Schlumberger Ltd.	35,304		1,953,723
Superior Energy Services, Inc.*	100		1,867
Weatherford International Ltd.*	58,850		773,289
			5,468,205

See Notes to Financial Statements.

141

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Oil, Gas & Consumable Fuels (5.0%)
Alpha Natural Resources, Inc.*	392	$	13,277
Arch Coal, Inc.	2,500		49,525
Atlas Energy, Inc.*	1,200		32,484
Chevron Corp.	2,300		156,078
Cimarex Energy Co.	1,800		128,844
Concho Resources, Inc.*	2,000		110,660
ConocoPhillips	12,400		608,716
Consol Energy, Inc.	2,200		74,272
Continental Resources, Inc.*	600		26,772
El Paso Corp.	2,800		31,108
EOG Resources, Inc.	10,600		1,042,722
EXCO Resources, Inc.	3,200		46,752
Exxon Mobil Corp.	102,055		5,824,279
Forest Oil Corp.*	1,600		43,776
Frontline Ltd.	900		25,686
Holly Corp.	700		18,606
Marathon Oil Corp.	4,100		127,469
Mariner Energy, Inc.*	200		4,296
Murphy Oil Corp.	500		24,775
Occidental Petroleum Corp.	9,250		713,638
Peabody Energy Corp.	30,800		1,205,204
Petrohawk Energy Corp.*	4,700		79,759
Quicksilver Resources, Inc.*	200		2,200
Range Resources Corp.	6,720		269,808
SandRidge Energy, Inc.*	500		2,915
SM Energy Co.	900		36,144
Southwestern Energy Co.*	7,500		289,800
Suncor Energy, Inc.	35,730		1,051,891
Ultra Petroleum Corp.*	3,300		146,025
Whiting Petroleum Corp.*	100		7,842
Williams Cos., Inc.	5,200		95,056
			12,290,379
Total Energy			17,758,584
Financials (4.6%)
Capital Markets (1.3%)
Affiliated Managers Group, Inc.*	1,000		60,770
Ameriprise Financial, Inc.	1,100		39,743
Bank of New York Mellon Corp.	22,400		553,056
BlackRock, Inc.	300		43,020
Charles Schwab Corp.	30,615		434,121
Eaton Vance Corp.	2,600		71,786
Federated Investors, Inc., Class B	1,300		26,923
Franklin Resources, Inc.	8,280		713,653
GLG Partners, Inc.*	2,600		11,388
Goldman Sachs Group, Inc.	1,170		153,586
Greenhill & Co., Inc.	600		36,678
Invesco Ltd.	2,900		48,807
Janus Capital Group, Inc.	400		3,552
Lazard Ltd., Class A	2,000		53,420
Morgan Stanley	9,700		225,137
Northern Trust Corp.	4,400		205,480
SEI Investments Co.	3,200		65,152
T. Rowe Price Group, Inc.	5,700		253,023
TD Ameritrade Holding Corp.*	5,100		78,030
Waddell & Reed Financial, Inc., Class A	2,000		43,760
			3,121,085

	Number of Shares	Value (Note 1)
Commercial Banks (0.3%)
Bank of Hawaii Corp.	300	$	14,505
Wells Fargo & Co.	23,300		596,480
			610,985
Consumer Finance (0.5%)
American Express Co.	28,105		1,115,769
Diversified Financial Services (1.6%)
Interactive Brokers Group, Inc., Class A*	200		3,320
IntercontinentalExchange, Inc.*	21,300		2,407,539
JPMorgan Chase & Co.	39,150		1,433,281
Moody’s Corp.	4,500		89,640
MSCI, Inc., Class A*	2,400		65,760
NASDAQ OMX Group, Inc.*	300		5,334
NYSE Euronext	1,200		33,156
			4,038,030
Insurance (0.4%)
ACE Ltd.	1,100		56,628
Aflac, Inc.	9,600		409,632
Arch Capital Group Ltd.*	100		7,450
Arthur J. Gallagher & Co.	600		14,628
Axis Capital Holdings Ltd.	800		23,776
Brown & Brown, Inc.	1,300		24,882
Endurance Specialty Holdings Ltd.	100		3,753
Erie Indemnity Co., Class A	500		22,750
Genworth Financial, Inc., Class A*	2,000		26,140
Hartford Financial Services Group, Inc.	800		17,704
Marsh & McLennan Cos., Inc.	10,800		243,540
MetLife, Inc.	4,000		151,040
Travelers Cos., Inc.	1,200		59,100
Validus Holdings Ltd.	300		7,326
			1,068,349
Real Estate Investment Trusts (REITs) (0.4%)
AMB Property Corp. (REIT)	300		7,113
Apartment Investment & Management Co. (REIT), Class A	1,300		25,181
Digital Realty Trust, Inc. (REIT)	1,654		95,403
Equity Residential (REIT)	400		16,656
Essex Property Trust, Inc. (REIT)	300		29,262
Federal Realty Investment Trust (REIT)	800		56,216
General Growth Properties, Inc. (REIT)	4,400		58,344
Plum Creek Timber Co., Inc. (REIT)	1,500		51,795
ProLogis (REIT)	600		6,078
Public Storage (REIT)	2,800		246,148
Rayonier, Inc. (REIT)	500		22,010
Simon Property Group, Inc. (REIT)	4,447		359,095
UDR, Inc. (REIT)	200		3,826
Ventas, Inc. (REIT)	900		42,255
Vornado Realty Trust (REIT)	300		21,885
			1,041,267

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Real Estate Management & Development (0.1%)
CB Richard Ellis Group, Inc., Class A*	6,100	$	83,021
Jones Lang LaSalle, Inc.	900		59,076
St. Joe Co.*	2,100		48,636
			190,733
Thrifts & Mortgage Finance (0.0%)
Hudson City Bancorp, Inc.	900		11,016
Total Financials			11,197,234
Health Care (12.4%)
Biotechnology (1.5%)
Abraxis Bioscience, Inc.*	100		7,420
Alexion Pharmaceuticals, Inc.*	2,000		102,380
Amylin Pharmaceuticals, Inc.*	3,100		58,280
BioMarin Pharmaceutical, Inc.*	2,300		43,608
Celgene Corp.*	39,323		1,998,395
Dendreon Corp.*	3,000		96,990
Genzyme Corp.*	4,427		224,759
Gilead Sciences, Inc.*	19,316		662,152
Human Genome Sciences, Inc.*	4,100		92,906
Myriad Genetics, Inc.*	2,300		34,385
Regeneron Pharmaceuticals, Inc.*	1,400		31,248
Talecris Biotherapeutics Holdings Corp.*	1,200		25,320
United Therapeutics Corp.*	1,200		58,572
Vertex Pharmaceuticals, Inc.*	7,300		240,170
			3,676,585
Health Care Equipment & Supplies (4.6%)
Alcon, Inc.	6,900		1,022,511
Baxter International, Inc.	10,774		437,855
Becton, Dickinson and Co.	5,084		343,780
C.R. Bard, Inc.	2,100		162,813
CareFusion Corp.*	900		20,430
Cooper Cos., Inc.	200		7,958
Covidien plc	30,400		1,221,472
DENTSPLY International, Inc.	3,400		101,694
Edwards Lifesciences Corp.*	2,500		140,050
Gen-Probe, Inc.*	1,100		49,962
Hill-Rom Holdings, Inc.	1,200		36,516
Hospira, Inc.*	3,600		206,820
IDEXX Laboratories, Inc.*	1,300		79,170
Intuitive Surgical, Inc.*	11,000		3,471,820
Inverness Medical Innovations, Inc.*	500		13,330
Kinetic Concepts, Inc.*	100		3,651
Medtronic, Inc.	18,387		666,896
ResMed, Inc.*	1,700		103,377
St. Jude Medical, Inc.*	7,100		256,239
Stryker Corp.	11,860		593,712
Teleflex, Inc.	100		5,428
Thoratec Corp.*	52,400		2,239,052
Varian Medical Systems, Inc.*	2,800		146,384
			11,330,920
Health Care Providers & Services (1.7%)
Aetna, Inc.	28,350		747,873
AmerisourceBergen Corp.	6,100		193,675
Brookdale Senior Living, Inc.*	300		4,500
Cardinal Health, Inc.	2,700		90,747
Community Health Systems, Inc.*	1,400		47,334

	Number of Shares	Value (Note 1)
DaVita, Inc.*	2,300	$	143,612
Emdeon, Inc., Class A*	500		6,265
Emergency Medical Services Corp., Class A*	600		29,418
Express Scripts, Inc.*	18,636		876,265
Health Management Associates, Inc., Class A*	5,500		42,735
Henry Schein, Inc.*	2,000		109,800
Laboratory Corp. of America Holdings*	2,312		174,209
Lincare Holdings, Inc.*	2,150		69,897
McKesson Corp.	8,940		600,410
Medco Health Solutions, Inc.*	12,587		693,292
MEDNAX, Inc.*	1,000		55,610
Omnicare, Inc.	300		7,110
Patterson Cos., Inc.	2,200		62,766
Quest Diagnostics, Inc.	2,800		139,356
Tenet Healthcare Corp.*	7,800		33,852
Universal Health Services, Inc., Class B	300		11,445
VCA Antech, Inc.*	2,000		49,520
			4,189,691
Health Care Technology (0.1%)
Allscripts-Misys Healthcare Solutions, Inc.*	1,500		24,150
Cerner Corp.*	1,500		113,835
SXC Health Solutions Corp.*	700		51,275
			189,260
Life Sciences Tools & Services (2.4%)
Charles River Laboratories International, Inc.*	300		10,263
Covance, Inc.*	1,400		71,848
Furiex Pharmaceuticals, Inc.*	1		10
Illumina, Inc.*	95,650		4,163,645
Life Technologies Corp.*	2,800		132,300
Mettler-Toledo International, Inc.*	700		78,141
Millipore Corp.*	1,200		127,980
PerkinElmer, Inc.	1,200		24,804
Pharmaceutical Product Development, Inc.	2,400		60,984
Techne Corp.	800		45,960
Thermo Fisher Scientific, Inc.*	21,700		1,064,385
Waters Corp.*	2,000		129,400
			5,909,720
Pharmaceuticals (2.1%)
Abbott Laboratories, Inc.	30,297		1,417,294
Allergan, Inc.	9,887		576,017
Elan Corp. plc (ADR)*	74,550		335,475
Eli Lilly and Co.	5,100		170,850
Johnson & Johnson	9,009		532,071
Mylan, Inc.*	5,600		95,424
Perrigo Co.	1,800		106,326
Teva Pharmaceutical Industries Ltd. (ADR)	14,900		774,651
Valeant Pharmaceuticals International*	1,200		62,748
Warner Chilcott plc, Class A*	42,900		980,265
			5,051,121
Total Health Care			30,347,297

See Notes to Financial Statements.

143

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Industrials (8.8%)
Aerospace & Defense (2.6%)
Alliant Techsystems, Inc.*	700	$	43,442
Boeing Co.	13,362		838,466
Goodrich Corp.	14,250		944,062
Honeywell International, Inc.	38,347		1,496,683
Lockheed Martin Corp.	5,247		390,902
Precision Castparts Corp.	6,200		638,104
Rockwell Collins, Inc.	1,800		95,634
Spirit AeroSystems Holdings, Inc., Class A*	300		5,718
TransDigm Group, Inc.	1,100		56,133
United Technologies Corp.	29,996		1,947,040
			6,456,184
Air Freight & Logistics (1.2%)
C.H. Robinson Worldwide, Inc.	3,600		200,376
Expeditors International of Washington, Inc.	17,760		612,898
FedEx Corp.	14,820		1,039,030
United Parcel Service, Inc., Class B	19,987		1,137,060
UTi Worldwide, Inc.	2,100		25,998
			3,015,362
Airlines (0.2%)
AMR Corp.*	2,300		15,594
Continental Airlines, Inc., Class B*	3,000		66,000
Copa Holdings S.A., Class A	400		17,688
Delta Air Lines, Inc.*	17,400		204,450
Southwest Airlines Co.	2,100		23,331
UAL Corp.*	2,700		55,512
			382,575
Building Products (0.0%)
Armstrong World Industries, Inc.*	200		6,036
Lennox International, Inc.	1,100		45,727
Masco Corp.	2,300		24,748
Owens Corning, Inc.*	1,400		41,874
USG Corp.*	600		7,248
			125,633
Commercial Services & Supplies (0.2%)
Avery Dennison Corp.	100		3,213
Copart, Inc.*	1,500		53,715
Corrections Corp. of America*	300		5,724
Covanta Holding Corp.*	200		3,318
Iron Mountain, Inc.	4,000		89,840
KAR Auction Services, Inc.*	100		1,237
Pitney Bowes, Inc.	3,200		70,272
R.R. Donnelley & Sons Co.	200		3,274
Republic Services, Inc.	2,300		68,379
Stericycle, Inc.*	1,900		124,602
Waste Connections, Inc.*	1,400		48,846
			472,420
Construction & Engineering (0.1%)
Aecom Technology Corp.*	700		16,142
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	900		16,929
Fluor Corp.	200		8,500

	Number of Shares	Value (Note 1)
Jacobs Engineering Group, Inc.*	1,600	$	58,304
KBR, Inc.	200		4,068
Shaw Group, Inc.*	1,100		37,642
			141,585
Electrical Equipment (1.2%)
AMETEK, Inc.	2,400		96,360
Cooper Industries plc	3,600		158,400
Emerson Electric Co.	48,607		2,123,640
General Cable Corp.*	400		10,660
Hubbell, Inc., Class B	500		19,845
Regal-Beloit Corp.	700		39,046
Rockwell Automation, Inc.	5,500		269,995
Roper Industries, Inc.	2,000		111,920
Thomas & Betts Corp.*	200		6,940
			2,836,806
Industrial Conglomerates (1.0%)
3M Co.	18,057		1,426,323
Carlisle Cos., Inc.	100		3,613
General Electric Co.	53,800		775,796
McDermott International, Inc.*	4,000		86,640
Textron, Inc.	3,100		52,607
Tyco International Ltd.	1,600		56,368
			2,401,347
Machinery (1.9%)
Bucyrus International, Inc.	1,600		75,920
Caterpillar, Inc.	13,719		824,100
CNH Global N.V.*	100		2,265
Cummins, Inc.	4,400		286,572
Danaher Corp.	27,940		1,037,133
Deere & Co.	8,700		484,416
Donaldson Co., Inc.	1,700		72,505
Dover Corp.	2,600		108,654
Eaton Corp.	900		58,896
Flowserve Corp.	1,000		84,800
Gardner Denver, Inc.	1,100		49,049
Graco, Inc.	1,300		36,647
Harsco Corp.	100		2,350
IDEX Corp.	1,500		42,855
Illinois Tool Works, Inc.	9,600		396,288
Joy Global, Inc.	2,250		112,703
Kennametal, Inc.	1,300		33,059
Lincoln Electric Holdings, Inc.	900		45,891
Manitowoc Co., Inc.	2,900		26,506
Navistar International Corp.*	1,500		73,800
Oshkosh Corp.*	1,900		59,204
PACCAR, Inc.	7,900		314,973
Pall Corp.	2,600		89,362
Parker Hannifin Corp.	1,000		55,460
Pentair, Inc.	1,100		35,420
SPX Corp.	200		10,562
Timken Co.	1,400		36,386
Toro Co.	800		39,296
Valmont Industries, Inc.	500		36,330
WABCO Holdings, Inc.*	1,400		44,072
Wabtec Corp.	200		7,978
			4,583,452
Marine (0.0%)
Kirby Corp.*	100		3,825

See Notes to Financial Statements.

144

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Professional Services (0.1%)
Dun & Bradstreet Corp.	1,100	$	73,832
FTI Consulting, Inc.*	800		34,872
IHS, Inc., Class A*	1,100		64,262
Robert Half International, Inc.	3,500		82,425
Towers Watson & Co., Class A	100		3,885
Verisk Analytics, Inc., Class A*	2,200		65,780
			325,056
Road & Rail (0.1%)
Con-way, Inc.	100		3,002
Hertz Global Holdings, Inc.*	3,600		34,056
J.B. Hunt Transport Services, Inc.	1,900		62,073
Kansas City Southern*	1,300		47,255
Landstar System, Inc.	1,200		46,788
Ryder System, Inc.	600		24,138
Union Pacific Corp.	1,420		98,704
			316,016
Trading Companies & Distributors (0.2%)
Fastenal Co.	6,800		341,292
GATX Corp.	500		13,340
MSC Industrial Direct Co., Class A	1,000		50,660
W.W. Grainger, Inc.	1,400		139,230
WESCO International, Inc.*	300		10,101
			554,623
Total Industrials			21,614,884
Information Technology (37.7%)
Communications Equipment (8.1%)
Acme Packet, Inc.*	136,100		3,658,368
Ciena Corp.*	2,000		25,360
Cisco Systems, Inc.*	182,074		3,879,997
F5 Networks, Inc.*	78,000		5,348,460
Harris Corp.	2,800		116,620
JDS Uniphase Corp.*	4,700		46,248
Juniper Networks, Inc.*	35,400		807,828
Polycom, Inc.*	112,200		3,342,438
QUALCOMM, Inc.	76,152		2,500,831
			19,726,150
Computers & Peripherals (10.1%)
Apple, Inc.*	58,334		14,672,751
Dell, Inc.*	36,955		445,677
Diebold, Inc.	300		8,175
EMC Corp.*	94,798		1,734,804
Hewlett-Packard Co.	65,579		2,838,259
NCR Corp.*	3,300		39,996
NetApp, Inc.*	123,600		4,611,516
QLogic Corp.*	2,600		43,212
SanDisk Corp.*	5,000		210,350
Seagate Technology*	7,600		99,104
Teradata Corp.*	3,600		109,728
Western Digital Corp.*	1,100		33,176
			24,846,748
Electronic Equipment, Instruments & Components (0.6%)
Agilent Technologies, Inc.*	7,700		218,911
Amphenol Corp., Class A	3,800		149,264
Arrow Electronics, Inc.*	300		6,705
AVX Corp.	100		1,282

	Number of Shares	Value (Note 1)
Corning, Inc.	41,731	$	673,956
Dolby Laboratories, Inc., Class A*	1,200		75,228
FLIR Systems, Inc.*	3,400		98,906
Ingram Micro, Inc., Class A*	200		3,038
Itron, Inc.*	800		49,456
Jabil Circuit, Inc.	2,800		37,240
National Instruments Corp.	1,300		41,314
Trimble Navigation Ltd.*	2,700		75,600
			1,430,900
Internet Software & Services (2.4%)
Akamai Technologies, Inc.*	8,900		361,073
Baidu, Inc. (ADR)*	3,000		204,240
eBay, Inc.*	9,462		185,550
Equinix, Inc.*	1,000		81,220
Google, Inc., Class A*	10,412		4,632,819
IAC/InterActiveCorp*	800		17,576
Monster Worldwide, Inc.*	1,800		20,970
VeriSign, Inc.*	4,000		106,200
VistaPrint N.V.*	900		42,741
WebMD Health Corp.*	1,200		55,716
Yahoo!, Inc.*	12,671		175,240
			5,883,345
IT Services (4.0%)
Accenture plc, Class A	22,460		868,079
Alliance Data Systems Corp.*	1,200		71,424
Amdocs Ltd.*	1,300		34,905
Automatic Data Processing, Inc.	10,965		441,451
Broadridge Financial Solutions, Inc.	2,700		51,435
Cognizant Technology Solutions Corp., Class A*	6,500		325,390
DST Systems, Inc.	700		25,298
Fiserv, Inc.*	2,252		102,826
Gartner, Inc.*	1,600		37,200
Genpact Ltd.*	1,300		20,189
Global Payments, Inc.	1,700		62,118
Hewitt Associates, Inc., Class A*	2,000		68,920
International Business Machines Corp.	36,201		4,470,100
Lender Processing Services, Inc.	2,200		68,882
Mastercard, Inc., Class A	3,800		758,214
NeuStar, Inc., Class A*	1,600		32,992
Paychex, Inc.	7,000		181,790
SAIC, Inc.*	6,500		108,810
Visa, Inc., Class A	25,008		1,769,316
Western Union Co.	14,600		217,686
			9,717,025
Office Electronics (0.0%)
Zebra Technologies Corp., Class A*	700		17,759
Semiconductors & Semiconductor Equipment (2.9%)
Advanced Micro Devices, Inc.*	5,000		36,600
Altera Corp.	6,600		163,746
Analog Devices, Inc.	6,400		178,304
Applied Materials, Inc.	48,500		582,970
ASML Holding N.V. (N.Y. Shares)	7,180		197,234
Atheros Communications, Inc.*	1,500		41,310
Atmel Corp.*	9,000		43,200

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Avago Technologies Ltd.*	2,300	$	48,438
Broadcom Corp., Class A	15,200		501,144
Cree, Inc.*	2,300		138,069
Cypress Semiconductor Corp.*	3,400		34,136
First Solar, Inc.*	1,849		210,472
Intel Corp.	116,289		2,261,821
Intersil Corp., Class A	900		10,899
KLA-Tencor Corp.	200		5,576
Lam Research Corp.*	2,800		106,568
Linear Technology Corp.	5,000		139,050
Marvell Technology Group Ltd.*	71,140		1,121,166
Maxim Integrated Products, Inc.	6,600		110,418
MEMC Electronic Materials, Inc.*	2,100		20,748
Microchip Technology, Inc.	4,000		110,960
National Semiconductor Corp.	5,000		67,300
Novellus Systems, Inc.*	1,800		45,648
NVIDIA Corp.*	30,200		308,342
ON Semiconductor Corp.*	9,300		59,334
PMC-Sierra, Inc.*	300		2,256
Rambus, Inc.*	2,400		42,048
Silicon Laboratories, Inc.*	1,000		40,560
Skyworks Solutions, Inc.*	3,800		63,802
SunPower Corp., Class A*	800		9,680
Teradyne, Inc.*	3,900		38,025
Texas Instruments, Inc.	12,064		280,850
Varian Semiconductor Equipment Associates, Inc.*	1,600		45,856
Xilinx, Inc.	6,100		154,086
			7,220,616
Software (9.6%)
Activision Blizzard, Inc.	3,100		32,519
Adobe Systems, Inc.*	31,809		840,712
ANSYS, Inc.*	2,000		81,140
Autodesk, Inc.*	5,000		121,800
BMC Software, Inc.*	4,083		141,394
CA, Inc.	6,900		126,960
Cadence Design Systems, Inc.*	6,300		36,477
Citrix Systems, Inc.*	4,000		168,920
Compuware Corp.*	2,800		22,344
Electronic Arts, Inc.*	6,700		96,480
FactSet Research Systems, Inc.	1,000		66,990
Informatica Corp.*	2,000		47,760
Intuit, Inc.*	6,100		212,097
McAfee, Inc.*	3,500		107,520
MICROS Systems, Inc.*	1,800		57,366
Microsoft Corp.	153,953		3,542,459
Nuance Communications, Inc.*	5,000		74,750
Oracle Corp.	137,737		2,955,836
Red Hat, Inc.*	76,200		2,205,228
Rovi Corp.*	2,200		83,402
Salesforce.com, Inc.*	46,400		3,982,048
Solera Holdings, Inc.	1,500		54,300
SuccessFactors, Inc.*	129,600		2,694,384
Sybase, Inc.*	1,800		116,388
Symantec Corp.*	1,600		22,208
Synopsys, Inc.*	200		4,174
VMware, Inc., Class A*	88,400		5,532,956
			23,428,612
Total Information Technology			92,271,155

	Number of Shares	Value (Note 1)
Materials (3.0%)
Chemicals (2.0%)
Air Products & Chemicals, Inc.	16,934	$	1,097,493
Airgas, Inc.	1,800		111,960
Albemarle Corp.	2,000		79,420
Ashland, Inc.	100		4,642
Celanese Corp., Class A	3,400		84,694
CF Industries Holdings, Inc.	1,142		72,460
E.I. du Pont de Nemours & Co.	6,700		231,753
Eastman Chemical Co.	300		16,008
Ecolab, Inc.	5,200		233,532
FMC Corp.	1,100		63,173
International Flavors & Fragrances, Inc.	1,700		72,114
Lubrizol Corp.	1,500		120,465
Monsanto Co.	11,837		547,106
Mosaic Co.	3,600		140,328
Nalco Holding Co.	3,000		61,380
PPG Industries, Inc.	600		36,246
Praxair, Inc.	13,963		1,061,048
RPM International, Inc.	1,600		28,544
Scotts Miracle-Gro Co., Class A	1,000		44,410
Sherwin-Williams Co.	1,200		83,028
Sigma-Aldrich Corp.	2,400		119,592
Syngenta AG (ADR)	16,275		746,209
Valspar Corp.	200		6,024
			5,061,629
Construction Materials (0.0%)
Eagle Materials, Inc.	900		23,337
Martin Marietta Materials, Inc.	1,000		84,810
			108,147
Containers & Packaging (0.1%)
Ball Corp.	400		21,132
Crown Holdings, Inc.*	3,500		87,640
Owens-Illinois, Inc.*	1,100		29,095
Pactiv Corp.*	2,600		72,410
Temple-Inland, Inc.	400		8,268
			218,545
Metals & Mining (0.8%)
AK Steel Holding Corp.	400		4,768
Alcoa, Inc.	3,200		32,192
Allegheny Technologies, Inc.	2,100		92,799
Carpenter Technology Corp.	1,000		32,830
Cliffs Natural Resources, Inc.	2,900		136,764
Compass Minerals International, Inc.	700		49,196
Freeport-McMoRan Copper & Gold, Inc.	9,400		555,822
Gerdau Ameristeel Corp.*	400		4,360
Newmont Mining Corp.	10,329		637,712
Nucor Corp.	2,900		111,012
Reliance Steel & Aluminum Co.	200		7,230
Royal Gold, Inc.	200		9,600
Schnitzer Steel Industries, Inc., Class A	100		3,920
Southern Copper Corp.	3,700		98,198
Titanium Metals Corp.*	1,900		33,421
United States Steel Corp.	600		23,130
Walter Energy, Inc.	900		54,765
			1,887,719

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Paper & Forest Products (0.1%)
International Paper Co.	7,400	$	167,462
Total Materials			7,443,502
Telecommunication Services (0.7%)
Diversified Telecommunication Services (0.1%)
Frontier Communications Corp.	3,300		23,463
Level 3 Communications, Inc.*	13,900		15,151
tw telecom, Inc.*	3,200		53,376
Windstream Corp.	4,500		47,520
			139,510
Wireless Telecommunication Services (0.6%)
American Tower Corp., Class A*	18,160		808,120
Clearwire Corp., Class A*	2,500		18,200
Crown Castle International Corp.*	13,100		488,106
MetroPCS Communications, Inc.*	2,600		21,294
NII Holdings, Inc.*	2,900		94,308
SBA Communications Corp., Class A*	2,700		91,827
			1,521,855
Total Telecommunication Services			1,661,365
Utilities (0.1%)
Electric Utilities (0.0%)
ITC Holdings Corp.	1,000		52,910
Gas Utilities (0.1%)
EQT Corp.	2,989		108,023
Independent Power Producers & Energy Traders (0.0%)
Calpine Corp.*	3,900		49,608
Ormat Technologies, Inc.	200		5,658
			55,266
Total Utilities			216,199
Total Common Stocks (98.4%) (Cost $220,204,241)			241,018,909

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills 0.15%, 10/14/10 #(p)	$	225,000	$	224,900
Time Deposit (1.0%)
JPMorgan Chase Nassau 0.000%, 7/1/10		2,421,214		2,421,214
Total Short-Term Investments (1.1%)
(Cost/Amortized Cost $2,646,161)				2,646,114
Total Investments (99.5%)
(Cost/Amortized Cost $222,850,402)				243,665,023
Other Assets Less Liabilities (0.5%)				1,220,276
Net Assets (100%)			$	244,885,299

* Non-income producing.

# All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $224,900.

(p) Yield to maturity.

Glossary:

ADR — American Depositary Receipt

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index	14	September-10	$	512,644	$	486,640	$	(26,004)
Russell 1000 Mini Index	5	September-10		304,790		282,550		(22,240)
S&P 500 E-Mini Index	13	September-10		702,811		667,290		(35,521)
							$	(83,765)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	41,555,998		$	—	$	—	$	41,555,998
Consumer Staples		16,952,691			—		—		16,952,691
Energy		17,758,584			—		—		17,758,584
Financials		11,197,234			—		—		11,197,234
Health Care		30,347,297			—		—		30,347,297
Industrials		21,614,884			—		—		21,614,884
Information Technology		92,271,155			—		—		92,271,155
Materials		7,443,502			—		—		7,443,502
Telecommunication Services		1,661,365			—		—		1,661,365
Utilities		216,199			—		—		216,199
Short-Term Investments		—			2,646,114		—		2,646,114
Total Assets	$	241,018,909		$	2,646,114	$	—	$	243,665,023
Liabilities:
Futures	$	(83,765	)	$	—	$	—	$	(83,765	)
Total Liabilities	$	(83,765	)	$	—	$	—	$	(83,765	)
Total	$	240,935,144		$	2,646,114	$	—	$	243,581,258

Fair Values of Derivative Instruments as of June 30, 2010:

Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	—
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(83,765	)*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(83,765	)

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:

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		—		2,220			—		—		2,220
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	2,220		$	—	$	—	$	2,220
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		—		(111,349	)		—		—		(111,349	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(111,349)		$	—	$	—	$	(111,349)

The Portfolio held futures contracts with an average notional balance of approximately $1,063,000 during the six months ended June 30, 2010.

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

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	131,016,031
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	144,202,953

As of June 30, 2010, 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	$	29,804,484
Aggregate gross unrealized depreciation		(11,304,478	)
Net unrealized appreciation	$	18,500,006
Federal income tax cost of investments	$	225,165,017

For the six months ended June 30, 2010, the Portfolio incurred approximately $8 as brokerage commissions with Keefe Bruyette & Woods, Inc., $774 with Sanford C. Bernstein & Co., Inc. and $30 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $89,178,531 of which $9,817,379 expires in the year 2016, and $79,361,152 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value (Cost $222,850,402)	$	243,665,023
Cash		145,979
Receivable for securities sold		4,224,572
Receivable from Separate Accounts for Trust shares sold		832,108
Dividends, interest and other receivables		165,432
Other assets		1,981
Total assets		249,035,095
LIABILITIES
Payable for securities purchased		3,508,141
Payable to Separate Accounts for Trust shares redeemed		297,167
Investment management fees payable		159,773
Distribution fees payable - Class B		51,313
Administrative fees payable		45,310
Variation margin payable on futures contracts		14,945
Trustees’ fees payable		5,880
Accrued expenses		67,267
Total liabilities		4,149,796
NET ASSETS	$	244,885,299
Net assets were comprised of:
Paid in capital	$	300,449,084
Accumulated undistributed net investment income (loss)		(300,521	)
Accumulated undistributed net realized gains (losses) on investments and futures		(75,994,120	)
Net unrealized appreciation (depreciation) on investments and futures		20,730,856
Net assets	$	244,885,299
Class A
Net asset value, offering and redemption price per share, $8,928,075 / 1,278,591 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6.98
Class B
Net asset value, offering and redemption price per share, $235,957,224 / 34,481,256 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6.84

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends (net of $962 foreign withholding tax)	$	1,348,932
Interest		101
Securities lending (net)		2,873
Total income		1,351,906
EXPENSES
Investment management fees		996,804
Distribution fees - Class B		320,356
Administrative fees		279,943
Custodian fees		33,027
Professional fees		24,098
Printing and mailing expenses		16,565
Trustees’ fees		2,244
Miscellaneous		4,811
Gross expenses		1,677,848
Less:  Fees paid indirectly		(25,824	)
Net expenses		1,652,024
NET INVESTMENT INCOME (LOSS)		(300,118	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		15,524,390
Futures		2,220
Net realized gain (loss)		15,526,610
Change in unrealized appreciation (depreciation) on:
Securities		(27,629,179	)
Futures		(111,349	)
Net change in unrealized appreciation (depreciation)		(27,740,528	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(12,213,918	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,514,036	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(300,118	)	$	401,454
Net realized gain (loss) on investments and futures		15,526,610			(36,254,012	)
Net change in unrealized appreciation (depreciation) on investments and futures		(27,740,528	)		109,533,977
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(12,514,036	)		73,681,419
DIVIDENDS:
Dividends from net investment income
Class A		—			(36,540	)
Class B		—			(355,173	)
TOTAL DIVIDENDS		—			(391,713	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 67,020 and 236,933 shares, respectively ]		505,820			1,434,311
Capital shares issued in reinvestment of dividends [ 0 and 5,096 shares, respectively ]		—			36,540
Capital shares repurchased [ (86,855) and (211,953) shares, respectively ]		(651,156	)		(1,252,372	)
Total Class A transactions		(145,336	)		218,479
Class B
Capital shares sold [ 2,087,205 and 4,840,012 shares, respectively ]		15,099,466			28,030,392
Capital shares issued in reinvestment of dividends [ 0 and 50,471 shares, respectively ]		—			355,173
Capital shares repurchased [ (3,758,171) and (7,202,529) shares, respectively ]		(27,363,957	)		(41,953,921	)
Total Class B transactions		(12,264,491	)		(13,568,356	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(12,409,827	)		(13,349,877	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(24,923,863	)		59,939,829
NET ASSETS:
Beginning of period		269,809,162			209,869,333
End of period (a)	$	244,885,299		$	269,809,162
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(300,521	)	$	(403	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	7.34		$	5.38		$	9.84		$	9.96		$	10.40		$	9.66
Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		0.03	(e)		(0.02	)(e)		(0.01	)(e)		(0.03	)(e)		(0.05	)(e)
Net realized and unrealized gain (loss) on investments and futures		(0.36	)		1.96			(4.44	)		1.13			0.08			0.79
Total from investment operations		(0.36	)		1.99			(4.46	)		1.12			0.05			0.74
Less distributions:
Dividends from net investment income		—			(0.03	)		—			—			—			—
Distributions from net realized gains		—			—			—	#		(1.24	)		(0.49	)		—
Total dividends and distributions		—			(0.03	)		—	#		(1.24	)		(0.49	)		—
Net asset value, end of period	$	6.98		$	7.34		$	5.38		$	9.84		$	9.96		$	10.40
Total return(b)		(4.90	)%		36.96	%		(45.32	)%		11.51	%		0.44	%		7.66	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	8,928		$	9,527		$	6,823		$	25,968		$	21,104		$	17,780
Ratio of expenses to average net assets:
After waivers and reimbursements(a)		1.02	%		1.07	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly(a)		1.00	%		0.97	%		1.01	%		1.04	%		1.08	%		1.08	%
Before waivers, reimbursements and fees paid indirectly(a)		1.02	%		1.07	%		1.14	%		1.12	%		1.12	%		1.13	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements(a)		—	%‡‡		0.32	%		(0.35	)%		(0.12	)%		(0.27	)%		(0.49	)%
After waivers, reimbursements and fees paid indirectly(a)		0.02	%		0.42	%		(0.25	)%		(0.06	)%		(0.25	)%		(0.47	)%
Before waivers, reimbursements and fees paid indirectly(a)		—	%‡‡		0.32	%		(0.38	)%		(0.14	)%		(0.28	)%		(0.52	)%
Portfolio turnover rate		50	%		151	%		162	%		77	%		48	%		42	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	7.20		$	5.28		$	9.67		$	9.83		$	10.30		$	9.58
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)(e)		0.01	(e)		(0.04	)(e)		(0.03	)(e)		(0.05	)(e)		(0.07	)(e)
Net realized and unrealized gain (loss) on investments and futures		(0.35	)		1.92			(4.35	)		1.11			0.07			0.79
Total from investment operations		(0.36	)		1.93			(4.39	)		1.08			0.02			0.72
Less distributions:
Dividends from net investment income		—			(0.01	)		—			—			—			—
Distributions from net realized gains		—			—			—	#		(1.24	)		(0.49	)		—
Total dividends and distributions		—			(0.01	)		—	#		(1.24	)		(0.49	)		—
Net asset value, end of period	$	6.84		$	7.20		$	5.28		$	9.67		$	9.83		$	10.30
Total return(b)		(5.00	)%		36.55	%		(45.39	)%		11.26	%		0.15	%		7.52	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	235,957		$	26,028		$	203,047		$	391,335		$	372,653		$	362,850
Ratio of expenses to average net assets:
After waivers and reimbursements(a)		1.27	%		1.32	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly(a)		1.25	%		1.22	%		1.26	%		1.29	%(c)		1.33	%		1.33	%
Before waivers, reimbursements and fees paid indirectly(a)		1.27	%		1.32	%		1.39	%		1.37	%		1.37	%		1.38	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements(a)		(0.25	)%		0.07	%		(0.58	)%		(0.37	)%		(0.52	)%		(0.74	)%
After waivers, reimbursements and fees paid indirectly(a)		(0.23	)%		0.17	%		(0.49	)%		(0.30	)%		(0.50	)%		(0.72	)%
Before waivers, reimbursements and fees paid indirectly(a)		(0.25	)%		0.07	%		(0.62	)%		(0.39	)%		(0.53	)%		(0.77	)%
Portfolio turnover rate		50	%		151	%		162	%		77	%		48	%		42	%

# Per share amount is less than $0.01.

‡‡ Amount is less than 0.01%.

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

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

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

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

See Notes to Financial Statements.

153

MULTIMANAGER LARGE CAP VALUE PORTFOLIO (Unaudited)

Sector Weightings as of 06/30/10	% of Net Assets
Financials	18.6	%
Health Care	10.6
Energy	9.7
Consumer Staples	9.2
Consumer Discretionary	8.1
Industrials	7.3
Information Technology	6.9
Telecommunication Services	3.7
Utilities	3.4
Materials	2.6
Cash and Other	19.9
	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$933.50	$4.41
Hypothetical (5% average return before expenses)	1,000.00	1,020.23	4.61
Class B
Actual	1,000.00	932.30	5.61
Hypothetical (5% average return before expenses)	1,000.00	1,018.99	5.86
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.92% and 1.17%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

154

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (8.1%)
Auto Components (0.7%)
Autoliv, Inc.*	3,900	$	186,615
BorgWarner, Inc.*	600		22,404
Federal-Mogul Corp.*	1,000		13,020
Johnson Controls, Inc.	252,080		6,773,390
Lear Corp.*	18,400		1,218,080
TRW Automotive Holdings Corp.*	38,000		1,047,660
			9,261,169
Automobiles (0.1%)
Ford Motor Co.*	144,400		1,455,552
Distributors (0.0%)
Genuine Parts Co.	10,900		430,005
Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*	6,830		290,070
Education Management Corp.*	1,200		18,300
H&R Block, Inc.	13,200		207,108
Service Corp. International	17,500		129,500
			644,978
Hotels, Restaurants & Leisure (0.3%)
Brinker International, Inc.	900		13,014
Carnival Corp.	18,800		568,512
Choice Hotels International, Inc.	1,800		54,378
Hyatt Hotels Corp., Class A*	3,000		111,270
International Speedway Corp., Class A	1,300		33,488
McDonald’s Corp.	10,150		668,581
MGM MIRAGE*	15,700		151,348
Penn National Gaming, Inc.*	4,600		106,260
Royal Caribbean Cruises Ltd.*	44,800		1,020,096
Wendy’s/Arby’s Group, Inc., Class A	13,900		55,600
Wyndham Worldwide Corp.	12,300		247,722
			3,030,269
Household Durables (0.8%)
D.R. Horton, Inc.	103,000		1,012,490
Fortune Brands, Inc.	9,200		360,456
Garmin Ltd.	76,900		2,243,942
Harman International Industries, Inc.*	2,500		74,725
Jarden Corp.	6,300		169,281
KB Home	5,200		57,200
Leggett & Platt, Inc.	4,100		82,246
Lennar Corp., Class A	10,900		151,619
M.D.C. Holdings, Inc.	2,600		70,070
Mohawk Industries, Inc.*	3,400		155,584
Newell Rubbermaid, Inc.	19,100		279,624
NVR, Inc.*	2,700		1,768,581
Pulte Group, Inc.*	210,247		1,740,845
Stanley Black & Decker, Inc.	37,591		1,899,097
Toll Brothers, Inc.*	9,900		161,964
Whirlpool Corp.	3,000		263,460
			10,491,184
Internet & Catalog Retail (0.1%)
Expedia, Inc.	8,200		153,996

	Number of Shares	Value (Note 1)
Liberty Media Corp. - Interactive, Class A*	41,000	$	430,500
			584,496
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	27,770		1,141,347
Mattel, Inc.	10,500		222,180
			1,363,527
Media (4.0%)
Cablevision Systems Corp. - New York Group, Class A	69,000		1,656,690
CBS Corp., Class B	168,300		2,176,119
Central European Media Enterprises Ltd., Class A*	2,600		51,740
Clear Channel Outdoor Holdings, Inc., Class A*	2,700		23,436
Comcast Corp., Class A	380,100		6,602,337
DIRECTV, Class A*	47,500		1,611,200
Discovery Communications, Inc., Class A*	5,300		189,263
DISH Network Corp., Class A	13,700		248,655
Gannett Co., Inc.	16,300		219,398
Interactive Data Corp.	200		6,676
John Wiley & Sons, Inc., Class A	200		7,734
Lamar Advertising Co., Class A*	3,100		76,012
Liberty Global, Inc., Class A*	17,500		454,825
Liberty Media Corp. - Capital, Class A*	5,500		230,505
Liberty Media Corp. - Starz*	3,560		184,550
Madison Square Garden, Inc., Class A*	2,775		54,584
McGraw-Hill Cos., Inc.	6,400		180,096
Meredith Corp.	1,400		43,582
New York Times Co., Class A*	9,300		80,445
News Corp., Class A	332,700		3,979,092
Omnicom Group, Inc.	75,125		2,576,788
Regal Entertainment Group, Class A	4,200		54,768
Thomson Reuters Corp.	17,400		623,442
Time Warner Cable, Inc.	109,960		5,726,717
Time Warner, Inc.	178,633		5,164,280
Viacom, Inc., Class B	297,300		9,326,301
Virgin Media, Inc.	22,800		380,532
Walt Disney Co.	242,730		7,645,995
Washington Post Co., Class B	500		205,240
			49,781,002
Multiline Retail (0.1%)
J.C. Penney Co., Inc.	10,900		234,132
Kohl’s Corp.*	5,500		261,250
Macy’s, Inc.	26,100		467,190
Sears Holdings Corp.*	3,100		200,415
			1,162,987
Specialty Retail (1.5%)
Aaron’s, Inc.	2,200		37,554
Abercrombie & Fitch Co., Class A	1,400		42,966
Advance Auto Parts, Inc.	29,850		1,497,873
American Eagle Outfitters, Inc.	10,800		126,900

See Notes to Financial Statements.

155

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
AutoNation, Inc.*	3,300	$	64,350
Foot Locker, Inc.	89,000		1,123,180
GameStop Corp., Class A*	10,500		197,295
Gap, Inc.	98,800		1,922,648
Home Depot, Inc.	22,110		620,628
Lowe’s Cos., Inc.	459,825		9,389,626
Office Depot, Inc.*	218,700		883,548
RadioShack Corp.	8,600		167,786
Ross Stores, Inc.	31,600		1,683,964
Signet Jewelers Ltd.*	5,900		162,250
Staples, Inc.	39,375		750,094
			18,670,662
Textiles, Apparel & Luxury Goods (0.3%)
Jones Apparel Group, Inc.	85,300		1,352,005
NIKE, Inc., Class B	36,640		2,475,032
VF Corp.	6,100		434,198
			4,261,235
Total Consumer Discretionary			101,137,066
Consumer Staples (9.2%)
Beverages (3.0%)
Brown-Forman Corp., Class B	1,800		103,014
Central European Distribution Corp.*	4,800		102,624
Coca-Cola Co.	206,500		10,349,780
Coca-Cola Enterprises, Inc.	8,500		219,810
Constellation Brands, Inc., Class A*	80,444		1,256,535
Diageo plc.	189,424		2,968,096
Dr. Pepper Snapple Group, Inc.	11,700		437,463
Hansen Natural Corp.*	700		27,377
Molson Coors Brewing Co., Class B	75,000		3,177,000
PepsiCo, Inc.	312,555		19,050,227
			37,691,926
Food & Staples Retailing (1.0%)
BJ’s Wholesale Club, Inc.*	3,400		125,834
CVS Caremark Corp.	131,206		3,846,960
Kroger Co.	41,800		823,042
Safeway, Inc.	112,300		2,207,818
SUPERVALU, Inc.	14,500		157,180
Walgreen Co.	39,370		1,051,179
Wal-Mart Stores, Inc.	84,340		4,054,224
			12,266,237
Food Products (2.2%)
Archer-Daniels-Midland Co.	103,000		2,659,460
Bunge Ltd.	34,300		1,687,217
Campbell Soup Co.	5,000		179,150
ConAgra Foods, Inc.	27,500		641,300
Corn Products International, Inc.	5,200		157,560
Dean Foods Co.*	12,400		124,868
Del Monte Foods Co.	13,600		195,704
Flowers Foods, Inc.	3,200		78,176
General Mills, Inc.	72,050		2,559,216
H.J. Heinz Co.	12,800		553,216
Hershey Co.	4,400		210,892
Hormel Foods Corp.	4,800		194,304

	Number of Shares	Value (Note 1)
J.M. Smucker Co.	25,399	$	1,529,528
Kellogg Co.	46,380		2,332,914
Kraft Foods, Inc., Class A	181,800		5,090,400
McCormick & Co., Inc. (Non-Voting)	4,600		174,616
Mead Johnson Nutrition Co.	12,108		606,853
Nestle S.A. (Registered)	62,927		3,036,226
Ralcorp Holdings, Inc.*	3,800		208,240
Sara Lee Corp.	179,500		2,530,950
Smithfield Foods, Inc.*	106,900		1,592,810
Tyson Foods, Inc., Class A	66,900		1,096,491
			27,440,091
Household Products (1.7%)
Clorox Co.	600		37,296
Colgate-Palmolive Co.	5,500		433,180
Energizer Holdings, Inc.*	4,800		241,344
Kimberly-Clark Corp.	5,900		357,717
Procter & Gamble Co.	343,702		20,615,246
			21,684,783
Personal Products (0.0%)
Alberto-Culver Co.	4,500		121,905
NBTY, Inc.*	3,900		132,639
			254,544
Tobacco (1.3%)
Altria Group, Inc.	242,365		4,856,995
Lorillard, Inc.	10,500		755,790
Philip Morris International, Inc.	162,455		7,446,937
Reynolds American, Inc.	52,650		2,744,118
			15,803,840
Total Consumer Staples			115,141,421
Energy (9.7%)
Energy Equipment & Services (1.0%)
Atwood Oceanics, Inc.*	3,100		79,112
Baker Hughes, Inc.	21,392		889,265
Cameron International Corp.*	7,200		234,144
Diamond Offshore Drilling, Inc.	3,200		199,008
Dresser-Rand Group, Inc.*	500		15,775
Ensco plc (ADR)	62,100		2,439,288
Exterran Holdings, Inc.*	3,900		100,659
Helmerich & Payne, Inc.	6,500		237,380
Nabors Industries Ltd.*	11,700		206,154
National Oilwell Varco, Inc.	74,765		2,472,479
Noble Corp.*	28,030		866,407
Oceaneering International, Inc.*	3,800		170,620
Oil States International, Inc.*	3,200		126,656
Patterson-UTI Energy, Inc.	10,500		135,135
Pride International, Inc.*	7,300		163,082
Rowan Cos., Inc.*	50,000		1,097,000
SEACOR Holdings, Inc.*	1,600		113,056
Smith International, Inc.	17,100		643,815
Superior Energy Services, Inc.*	5,000		93,350
Tidewater, Inc.	3,600		139,392
Transocean Ltd.*	34,150		1,582,170
Unit Corp.*	2,800		113,652
Weatherford International Ltd.*	30,300		398,142
			12,515,741

See Notes to Financial Statements.

156

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Oil, Gas & Consumable Fuels (8.7%)
Alpha Natural Resources, Inc.*	7,200	$	243,864
Anadarko Petroleum Corp.	34,000		1,227,060
Apache Corp.	71,635		6,030,951
Arch Coal, Inc.	3,200		63,392
Atlas Energy, Inc.*	1,400		37,898
Cabot Oil & Gas Corp.	7,100		222,372
Chesapeake Energy Corp.	44,700		936,465
Chevron Corp.	263,034		17,849,487
Cimarex Energy Co.	26,900		1,925,502
Cobalt International Energy, Inc.*	5,000		37,250
Comstock Resources, Inc.*	3,200		88,704
ConocoPhillips	363,150		17,827,033
Consol Energy, Inc.	8,400		283,584
Continental Resources, Inc.*	200		8,924
Denbury Resources, Inc.*	27,355		400,477
Devon Energy Corp.	106,850		6,509,302
El Paso Corp.	39,400		437,734
EOG Resources, Inc.	19,745		1,942,316
Exxon Mobil Corp.	97,914		5,587,933
Forest Oil Corp.*	59,000		1,614,240
Frontier Oil Corp.	7,200		96,840
Frontline Ltd.	600		17,124
Hess Corp.	71,850		3,616,929
Holly Corp.	1,000		26,580
Marathon Oil Corp.	407,500		12,669,175
Mariner Energy, Inc.*	6,500		139,620
Massey Energy Co.	7,100		194,185
Murphy Oil Corp.	11,600		574,780
Newfield Exploration Co.*	35,200		1,719,872
Nexen, Inc.	71,700		1,410,339
Noble Energy, Inc.	12,000		723,960
Occidental Petroleum Corp.	163,021		12,577,070
Peabody Energy Corp.	18,500		723,905
Petrohawk Energy Corp.*	6,000		101,820
Pioneer Natural Resources Co.	8,000		475,600
Plains Exploration & Production Co.*	9,600		197,856
Quicksilver Resources, Inc.*	7,600		83,600
SandRidge Energy, Inc.*	10,200		59,466
SM Energy Co.	1,400		56,224
Southern Union Co.	8,500		185,810
Spectra Energy Corp.	44,500		893,115
Sunoco, Inc.	8,300		288,591
Teekay Corp.	2,900		75,893
Tesoro Corp.	9,700		113,199
Total S.A. (ADR)	96,705		4,316,911
Valero Energy Corp.	160,300		2,882,194
Whiting Petroleum Corp.*	3,300		258,786
Williams Cos., Inc.	23,600		431,408
			108,185,340
Total Energy			120,701,081
Financials (18.6%)
Capital Markets (2.7%)
Ameriprise Financial, Inc.	14,100		509,433
Ares Capital Corp.	13,100		164,143
Bank of New York Mellon Corp.	322,699		7,967,438
BlackRock, Inc.	1,600		229,440

	Number of Shares	Value (Note 1)
E*TRADE Financial Corp.*	15,100	$	178,482
Federated Investors, Inc., Class B	1,900		39,349
GLG Partners, Inc.*	700		3,066
Goldman Sachs Group, Inc.	119,500		15,686,765
Invesco Ltd.	20,900		351,747
Janus Capital Group, Inc.	11,400		101,232
Jefferies Group, Inc.	8,000		168,640
Legg Mason, Inc.	11,200		313,936
Morgan Stanley	173,600		4,029,256
Northern Trust Corp.	10,000		467,000
Raymond James Financial, Inc.	6,800		167,892
State Street Corp.	103,120		3,487,519
			33,865,338
Commercial Banks (4.8%)
Associated Banc-Corp	11,800		144,668
BancorpSouth, Inc.	5,700		101,916
Bank of Hawaii Corp.	2,300		111,205
BB&T Corp.	244,150		6,423,587
BOK Financial Corp.	1,700		80,699
CapitalSource, Inc.	22,100		105,196
CIT Group, Inc.*	13,700		463,882
City National Corp./California	3,100		158,813
Comerica, Inc.	46,400		1,708,912
Commerce Bancshares, Inc./Missouri	4,985		179,410
Cullen/Frost Bankers, Inc.	3,600		185,040
East West Bancorp, Inc.	10,100		154,025
Fifth Third Bancorp	204,100		2,508,389
First Citizens BancShares, Inc./North Carolina, Class A	400		76,932
First Horizon National Corp.*	15,896		182,006
Fulton Financial Corp.	13,600		131,240
Huntington Bancshares, Inc./Ohio	49,200		272,568
KeyCorp	60,400		464,476
M&T Bank Corp.	5,100		433,245
Marshall & Ilsley Corp.	36,200		259,916
PNC Financial Services Group, Inc.	75,833		4,284,564
Popular, Inc.*	43,900		117,652
Regions Financial Corp.	129,070		849,281
SunTrust Banks, Inc.	34,300		799,190
Synovus Financial Corp.	53,800		136,652
TCF Financial Corp.	9,700		161,117
U.S. Bancorp	457,300		10,220,655
Valley National Bancorp	10,998		149,793
Wells Fargo & Co.	1,115,300		28,551,680
Wilmington Trust Corp.	6,200		68,758
Zions Bancorp	11,000		237,270
			59,722,737
Consumer Finance (0.3%)
AmeriCredit Corp.*	4,300		78,346
Capital One Financial Corp.	70,500		2,841,150
Discover Financial Services	37,300		521,454
SLM Corp.*	33,300		345,987
			3,786,937
Diversified Financial Services (4.6%)
Bank of America Corp.	1,503,053		21,598,872
Citigroup, Inc.*	1,850,000		6,956,000
CME Group, Inc.	4,600		1,295,130

See Notes to Financial Statements.

157

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Interactive Brokers Group, Inc., Class A*	1,700	$	28,220
JPMorgan Chase & Co.	738,981		27,054,094
Leucadia National Corp.*	13,400		261,434
NASDAQ OMX Group, Inc.*	8,300		147,574
NYSE Euronext	14,000		386,820
			57,728,144
Insurance (5.1%)
ACE Ltd.	44,050		2,267,694
Aflac, Inc.	129,150		5,510,830
Alleghany Corp.*	530		155,449
Allied World Assurance Co. Holdings Ltd./Bermuda	3,500		158,830
Allstate Corp.	134,655		3,868,638
American Financial Group, Inc./Ohio	5,900		161,188
American International Group, Inc.*	8,300		285,852
American National Insurance Co.	500		40,485
Aon Corp.	197,235		7,321,363
Arch Capital Group Ltd.*	3,400		253,300
Arthur J. Gallagher & Co.	5,300		129,214
Aspen Insurance Holdings Ltd.	5,300		131,122
Assurant, Inc.	7,700		267,190
Assured Guaranty Ltd.	12,600		167,202
Axis Capital Holdings Ltd.	6,200		184,264
Berkshire Hathaway, Inc., Class B*	145,100		11,563,019
Brown & Brown, Inc.	3,600		68,904
Chubb Corp.	53,260		2,663,533
Cincinnati Financial Corp.	10,000		258,700
CNA Financial Corp.*	1,800		46,008
Endurance Specialty Holdings Ltd.	2,800		105,084
Erie Indemnity Co., Class A	600		27,300
Everest Reinsurance Group Ltd.	4,100		289,952
Fidelity National Financial, Inc., Class A	15,700		203,943
Genworth Financial, Inc., Class A*	27,400		358,118
Hanover Insurance Group, Inc.	3,100		134,850
Hartford Financial Services Group, Inc.	27,900		617,427
HCC Insurance Holdings, Inc.	7,900		195,604
Lincoln National Corp.	20,800		505,232
Loews Corp.	21,600		719,496
Markel Corp.*	700		238,000
Marsh & McLennan Cos., Inc.	2,900		65,395
MBIA, Inc.*	10,500		58,905
Mercury General Corp.	1,800		74,592
MetLife, Inc.	180,850		6,828,896
Old Republic International Corp.	16,500		200,145
OneBeacon Insurance Group Ltd., Class A	1,500		21,480
PartnerReinsurance Ltd.	5,400		378,756
Principal Financial Group, Inc.	79,000		1,851,760
Progressive Corp.	46,000		861,120
Protective Life Corp.	5,800		124,062
Prudential Financial, Inc.	83,065		4,457,268
Reinsurance Group of America, Inc.	5,000		228,550
RenaissanceReinsurance Holdings Ltd.	4,000		225,080
StanCorp Financial Group, Inc.	3,300		133,782

	Number of Shares	Value (Note 1)
Symetra Financial Corp.	2,400	$	28,800
Torchmark Corp.	5,700		282,207
Transatlantic Holdings, Inc.	4,400		211,024
Travelers Cos., Inc.	128,829		6,344,828
Unitrin, Inc.	3,500		89,600
Unum Group	22,800		494,760
Validus Holdings Ltd.	5,000		122,100
W.R. Berkley Corp.	8,700		230,202
Wesco Financial Corp.	100		32,320
White Mountains Insurance Group Ltd.	600		194,520
XL Capital Ltd., Class A	98,600		1,578,586
			64,016,529
Real Estate Investment Trusts (REITs) (1.0%)
Alexandria Real Estate Equities, Inc. (REIT)	3,100		196,447
AMB Property Corp. (REIT)	10,500		248,955
Annaly Capital Management, Inc. (REIT)	38,400		658,560
Apartment Investment & Management Co. (REIT), Class A	4,000		77,480
AvalonBay Communities, Inc. (REIT)	5,700		532,209
Boston Properties, Inc. (REIT)	9,600		684,864
Brandywine Realty Trust (REIT)	9,000		96,750
BRE Properties, Inc. (REIT)	4,400		162,492
Camden Property Trust (REIT)	4,500		183,825
Chimera Investment Corp. (REIT)	52,800		190,608
Corporate Office Properties Trust/Maryland (REIT)	4,000		151,040
Developers Diversified Realty Corp. (REIT)	13,700		135,630
Digital Realty Trust, Inc. (REIT)	300		17,304
Douglas Emmett, Inc. (REIT)	8,400		119,448
Duke Realty Corp. (REIT)	15,400		174,790
Equity Residential (REIT)	18,200		757,848
Essex Property Trust, Inc. (REIT)	1,300		126,802
Federal Realty Investment Trust (REIT)	1,700		119,459
General Growth Properties, Inc. (REIT)	3,000		39,780
HCP, Inc. (REIT)	20,200		651,450
Health Care REIT, Inc. (REIT)	8,500		358,020
Hospitality Properties Trust (REIT)	8,400		177,240
Host Hotels & Resorts, Inc. (REIT)	45,209		609,418
HRPT Properties Trust (REIT)*	17,700		109,917
Kimco Realty Corp. (REIT)	27,800		373,632
Liberty Property Trust (REIT)	7,800		225,030
Macerich Co. (REIT)	8,935		333,454
Mack-Cali Realty Corp. (REIT)	5,400		160,542
Nationwide Health Properties, Inc. (REIT)	8,200		293,314
Piedmont Office Realty Trust, Inc. (REIT), Class A	3,500		65,555
Plum Creek Timber Co., Inc. (REIT)	6,400		220,992
ProLogis (REIT)	30,700		310,991
Public Storage (REIT)	900		79,119

See Notes to Financial Statements.

158

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Rayonier, Inc. (REIT)	3,900	$	171,678
Realty Income Corp. (REIT)	7,200		218,376
Regency Centers Corp. (REIT)	5,600		192,640
Senior Housing Properties Trust (REIT)	8,700		174,957
Simon Property Group, Inc. (REIT)	6,224		502,588
SL Green Realty Corp. (REIT)	5,400		297,216
Taubman Centers, Inc. (REIT)	3,800		142,994
UDR, Inc. (REIT)	10,400		198,952
Ventas, Inc. (REIT)	7,900		370,905
Vornado Realty Trust (REIT)	10,158		741,026
Weingarten Realty Investors (REIT)	8,200		156,210
			11,810,507
Real Estate Management & Development (0.0%)
Forest City Enterprises, Inc., Class A*	8,700		98,484
St. Joe Co.*	600		13,896
			112,380
Thrifts & Mortgage Finance (0.1%)
Capitol Federal Financial	1,300		43,108
First Niagara Financial Group, Inc.	14,300		179,179
Hudson City Bancorp, Inc.	29,700		363,528
New York Community Bancorp, Inc.	29,900		456,573
People’s United Financial, Inc.	25,500		344,250
TFS Financial Corp.	5,400		67,014
Washington Federal, Inc.	7,700		124,586
			1,578,238
Total Financials			232,620,810
Health Care (10.6%)
Biotechnology (0.5%)
Abraxis Bioscience, Inc.*	300		22,260
Amgen, Inc.*	65,900		3,466,340
Biogen Idec, Inc.*	18,400		873,080
Cephalon, Inc.*	5,200		295,100
Genzyme Corp.*	4,400		223,388
Gilead Sciences, Inc.*	45,000		1,542,600
			6,422,768
Health Care Equipment & Supplies (1.1%)
Baxter International, Inc.	6,800		276,352
Beckman Coulter, Inc.	4,800		289,392
Becton, Dickinson and Co.	28,900		1,954,218
Boston Scientific Corp.*	104,200		604,360
CareFusion Corp.*	9,700		220,190
Cooper Cos., Inc.	2,500		99,475
Covidien plc	112,550		4,522,259
Hill-Rom Holdings, Inc.	700		21,301
Hologic, Inc.*	17,800		247,954
Inverness Medical Innovations, Inc.*	4,100		109,306
Kinetic Concepts, Inc.*	3,900		142,389
Medtronic, Inc.	94,280		3,419,536
St. Jude Medical, Inc.*	36,060		1,301,405

	Number of Shares	Value (Note 1)
Teleflex, Inc.	2,300	$	124,844
Zimmer Holdings, Inc.*	14,000		756,700
			14,089,681
Health Care Providers & Services (0.8%)
Aetna, Inc.	29,200		770,296
Brookdale Senior Living, Inc.*	5,000		75,000
Cardinal Health, Inc.	16,300		547,843
CIGNA Corp.	19,000		590,140
Community Health Systems, Inc.*	46,400		1,568,784
Coventry Health Care, Inc.*	10,100		178,568
Emdeon, Inc., Class A*	100		1,253
Health Net, Inc.*	6,800		165,716
Humana, Inc.*	11,700		534,339
LifePoint Hospitals, Inc.*	3,800		119,320
McKesson Corp.	10,600		711,896
MEDNAX, Inc.*	200		11,122
Omnicare, Inc.	7,400		175,380
Quest Diagnostics, Inc.	1,400		69,678
Tenet Healthcare Corp.*	9,200		39,928
UnitedHealth Group, Inc.	78,100		2,218,040
Universal Health Services, Inc., Class B	5,800		221,270
WellPoint, Inc.*	29,400		1,438,542
			9,437,115
Life Sciences Tools & Services (0.3%)
Bio-Rad Laboratories, Inc., Class A*	1,400		121,086
Charles River Laboratories International, Inc.*	3,500		119,735
Life Technologies Corp.*	3,700		174,825
PerkinElmer, Inc.	4,400		90,948
Thermo Fisher Scientific, Inc.*	45,470		2,230,304
Waters Corp.*	17,820		1,152,954
			3,889,852
Pharmaceuticals (7.9%)
Abbott Laboratories, Inc.	104,860		4,905,351
AstraZeneca plc (ADR)	26,300		1,239,519
Bristol-Myers Squibb Co.	118,237		2,948,831
Eli Lilly and Co.	53,800		1,802,300
Endo Pharmaceuticals Holdings, Inc.*	7,900		172,378
Forest Laboratories, Inc.*	20,800		570,544
GlaxoSmithKline plc	54,215		918,791
Johnson & Johnson	370,295		21,869,622
King Pharmaceuticals, Inc.*	17,100		129,789
Merck & Co., Inc.	662,675		23,173,745
Mylan, Inc.*	3,300		56,232
Pfizer, Inc.	1,963,385		27,997,870
Roche Holding AG	5,130		704,470
Sanofi-Aventis S.A. (ADR)	373,350		11,222,901
Watson Pharmaceuticals, Inc.*	7,700		312,389
			98,024,732
Total Health Care			131,864,148
Industrials (7.3%)
Aerospace & Defense (3.0%)
Alliant Techsystems, Inc.*	200		12,412

See Notes to Financial Statements.

159

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
BE Aerospace, Inc.*	6,600	$	167,838
Boeing Co.	9,900		621,225
General Dynamics Corp.	23,800		1,393,728
Goodrich Corp.	6,200		410,750
Honeywell International, Inc.	235,735		9,200,737
ITT Corp.	12,600		565,992
L-3 Communications Holdings, Inc.	8,000		566,720
Lockheed Martin Corp.	131,110		9,767,695
Northrop Grumman Corp.	133,820		7,285,161
Raytheon Co.	26,200		1,267,818
Rockwell Collins, Inc.	5,100		270,963
Spirit AeroSystems Holdings, Inc., Class A*	6,100		116,266
United Technologies Corp.	79,280		5,146,065
			36,793,370
Air Freight & Logistics (0.0%)
FedEx Corp.	7,600		532,836
UTi Worldwide, Inc.	1,100		13,618
			546,454
Airlines (0.2%)
AMR Corp.*	15,400		104,412
Copa Holdings S.A., Class A	800		35,376
Delta Air Lines, Inc.*	143,400		1,684,950
Southwest Airlines Co.	44,300		492,173
UAL Corp.*	2,900		59,624
			2,376,535
Building Products (0.0%)
Armstrong World Industries, Inc.*	1,300		39,234
Masco Corp.	17,200		185,072
Owens Corning, Inc.*	3,500		104,685
USG Corp.*	2,700		32,616
			361,607
Commercial Services & Supplies (0.2%)
Avery Dennison Corp.	7,100		228,123
Cintas Corp.	9,100		218,127
Corrections Corp. of America*	6,400		122,112
Covanta Holding Corp.*	8,300		137,697
KAR Auction Services, Inc.*	1,600		19,792
Pitney Bowes, Inc.	4,000		87,840
R.R. Donnelley & Sons Co.	13,400		219,358
Republic Services, Inc.	15,600		463,788
Waste Connections, Inc.*	1,100		38,379
Waste Management, Inc.	33,200		1,038,828
			2,574,044
Construction & Engineering (0.1%)
Aecom Technology Corp.*	4,800		110,688
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	4,100		77,121
Fluor Corp.	11,600		493,000
Jacobs Engineering Group, Inc.*	3,400		123,896
KBR, Inc.	10,400		211,536
Quanta Services, Inc.*	14,400		297,360
Shaw Group, Inc.*	2,500		85,550
URS Corp.*	5,700		224,295
			1,623,446

	Number of Shares	Value (Note 1)
Electrical Equipment (0.0%)
General Cable Corp.*	2,300	$	61,295
Hubbell, Inc., Class B	2,500		99,225
Regal-Beloit Corp.	400		22,312
Thomas & Betts Corp.*	3,000		104,100
			286,932
Industrial Conglomerates (1.5%)
3M Co.	33,940		2,680,921
Carlisle Cos., Inc.	3,900		140,907
General Electric Co.	799,000		11,521,580
McDermott International, Inc.*	3,300		71,478
Textron, Inc.	185,800		3,153,026
Tyco International Ltd.	30,000		1,056,900
			18,624,812
Machinery (1.5%)
AGCO Corp.*	6,400		172,608
Caterpillar, Inc.	81,650		4,904,716
CNH Global N.V.*	1,400		31,710
Crane Co.	3,400		102,714
Cummins, Inc.	58,050		3,780,796
Danaher Corp.	34,320		1,273,958
Deere & Co.	1,700		94,656
Dover Corp.	4,700		196,413
Eaton Corp.	29,520		1,931,789
Flowserve Corp.	600		50,880
Gardner Denver, Inc.	200		8,918
Harsco Corp.	5,100		119,850
IDEX Corp.	1,000		28,570
Ingersoll-Rand plc	119,700		4,128,453
Kennametal, Inc.	1,400		35,602
Parker Hannifin Corp.	8,000		443,680
Pentair, Inc.	3,200		103,040
Snap-On, Inc.	4,000		163,640
SPX Corp.	14,500		765,745
Terex Corp.*	7,400		138,676
Timken Co.	1,500		38,985
Trinity Industries, Inc.	5,400		95,688
Wabtec Corp.	2,800		111,692
			18,722,779
Marine (0.0%)
Alexander & Baldwin, Inc.	2,800		83,384
Kirby Corp.*	3,500		133,875
			217,259
Professional Services (0.2%)
Dun & Bradstreet Corp.	19,600		1,315,552
Equifax, Inc.	8,700		244,122
FTI Consulting, Inc.*	600		26,154
Manpower, Inc.	5,600		241,808
Towers Watson & Co., Class A	2,500		97,125
			1,924,761
Road & Rail (0.6%)
Canadian National Railway Co.	19,580		1,123,500
Con-way, Inc.	3,400		102,068
CSX Corp.	26,800		1,330,084
Hertz Global Holdings, Inc.*	74,300		702,878
Kansas City Southern*	2,900		105,415
Norfolk Southern Corp.	25,500		1,352,775

See Notes to Financial Statements.

160

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Ryder System, Inc.	1,700	$	68,391
Union Pacific Corp.	30,500		2,120,055
			6,905,166
Trading Companies & Distributors (0.0%)
GATX Corp.	2,300		61,364
WESCO International, Inc.*	2,000		67,340
			128,704
Total Industrials			91,085,869
Information Technology (6.9%)
Communications Equipment (1.7%)
Brocade Communications Systems, Inc.*	30,500		157,380
Cisco Systems, Inc.*	429,650		9,155,841
CommScope, Inc.*	6,500		154,505
EchoStar Corp., Class A*	2,500		47,700
Motorola, Inc.*	599,500		3,908,740
Nokia Oyj (ADR)	105,400		859,010
QUALCOMM, Inc.	199,650		6,556,506
Tellabs, Inc.	26,400		168,696
			21,008,378
Computers & Peripherals (0.9%)
Dell, Inc.*	111,900		1,349,514
Diebold, Inc.	3,500		95,375
Hewlett-Packard Co.	203,190		8,794,063
Lexmark International, Inc., Class A*	5,400		178,362
Seagate Technology*	72,300		942,792
Western Digital Corp.*	12,100		364,936
			11,725,042
Electronic Equipment, Instruments & Components (0.4%)
Arrow Electronics, Inc.*	7,400		165,390
Avnet, Inc.*	10,400		250,744
AVX Corp.	3,000		38,460
Corning, Inc.	93,800		1,514,870
Ingram Micro, Inc., Class A*	10,700		162,533
Itron, Inc.*	200		12,364
Jabil Circuit, Inc.	3,600		47,880
Molex, Inc.	9,100		165,984
Tech Data Corp.*	3,500		124,670
Tyco Electronics Ltd.	91,400		2,319,732
Vishay Intertechnology, Inc.*	21,850		169,119
			4,971,746
Internet Software & Services (0.2%)
AOL, Inc.*	36,675		762,473
eBay, Inc.*	49,000		960,890
IAC/InterActiveCorp*	3,700		81,289
Monster Worldwide, Inc.*	4,300		50,095
Yahoo!, Inc.*	55,000		760,650
			2,615,397
IT Services (1.4%)
Accenture plc, Class A	231,290		8,939,359
Amdocs Ltd.*	10,200		273,870
Broadridge Financial Solutions, Inc.	800		15,240

	Number of Shares	Value (Note 1)
Computer Sciences Corp.	10,600	$	479,650
Convergys Corp.*	6,800		66,708
CoreLogic, Inc.	7,100		125,386
Fidelity National Information Services, Inc.	22,800		611,496
Fiserv, Inc.*	3,500		159,810
International Business Machines Corp.	32,930		4,066,196
Mastercard, Inc., Class A	6,730		1,342,837
Total System Services, Inc.	11,300		153,680
Western Union Co.	82,935		1,236,561
			17,470,793
Office Electronics (0.1%)
Xerox Corp.	94,794		762,144
Zebra Technologies Corp., Class A*	1,700		43,129
			805,273
Semiconductors & Semiconductor Equipment (1.3%)
Advanced Micro Devices, Inc.*	25,400		185,928
Atmel Corp.*	3,300		15,840
Fairchild Semiconductor International, Inc.*	8,600		72,326
Intel Corp.	283,180		5,507,851
International Rectifier Corp.*	4,800		89,328
Intersil Corp., Class A	5,500		66,605
KLA-Tencor Corp.	11,000		306,680
LSI Corp.*	44,900		206,540
MEMC Electronic Materials, Inc.*	9,100		89,908
Micron Technology, Inc.*	58,800		499,212
National Semiconductor Corp.	1,400		18,844
Novellus Systems, Inc.*	700		17,752
PMC-Sierra, Inc.*	14,900		112,048
SunPower Corp., Class A*	4,000		48,400
Teradyne, Inc.*	57,900		564,525
Texas Instruments, Inc.	373,475		8,694,498
			16,496,285
Software (0.9%)
Activision Blizzard, Inc.	25,900		271,691
CA, Inc.	4,900		90,160
Compuware Corp.*	6,700		53,466
Electronic Arts, Inc.*	1,300		18,720
Microsoft Corp.	268,300		6,173,583
Novell, Inc.*	23,900		135,752
Oracle Corp.	170,715		3,663,544
Symantec Corp.*	49,700		689,836
Synopsys, Inc.*	9,600		200,352
			11,297,104
Total Information Technology			86,390,018
Materials (2.6%)
Chemicals (1.0%)
Air Products & Chemicals, Inc.	32,010		2,074,568
Ashland, Inc.	4,900		227,458
Cabot Corp.	4,500		108,495
CF Industries Holdings, Inc.	1,381		87,625
Cytec Industries, Inc.	3,400		135,966
Dow Chemical Co.	79,400		1,883,368

See Notes to Financial Statements.

161

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
E.I. du Pont de Nemours & Co.	40,800	$	1,411,272
Eastman Chemical Co.	4,000		213,440
FMC Corp.	1,600		91,888
Huntsman Corp.	60,100		521,067
Intrepid Potash, Inc.*	3,000		58,710
PPG Industries, Inc.	47,620		2,876,724
RPM International, Inc.	4,400		78,496
Sherwin-Williams Co.	35,980		2,489,456
Sigma-Aldrich Corp.	700		34,881
Valspar Corp.	6,100		183,732
			12,477,146
Construction Materials (0.0%)
Vulcan Materials Co.	8,800		385,704
Containers & Packaging (0.2%)
AptarGroup, Inc.	4,700		177,754
Ball Corp.	5,000		264,150
Bemis Co., Inc.	7,500		202,500
Greif, Inc., Class A	2,400		133,296
Owens-Illinois, Inc.*	7,800		206,310
Packaging Corp. of America	7,100		156,342
Pactiv Corp.*	900		25,065
Sealed Air Corp.	10,900		214,948
Sonoco Products Co.	6,900		210,312
Temple-Inland, Inc.	6,000		124,020
			1,714,697
Metals & Mining (1.3%)
AK Steel Holding Corp.	15,800		188,336
Alcoa, Inc.	60,000		603,600
Commercial Metals Co.	7,800		103,116
Freeport-McMoRan Copper & Gold, Inc.	32,100		1,898,073
Gerdau Ameristeel Corp.*	8,400		91,560
Newmont Mining Corp.	162,275		10,018,858
Nucor Corp.	12,400		474,672
Reliance Steel & Aluminum Co.	27,900		1,008,585
Royal Gold, Inc.	2,800		134,400
Schnitzer Steel Industries, Inc., Class A	1,200		47,040
Steel Dynamics, Inc.	84,400		1,113,236
United States Steel Corp.	8,000		308,400
Walter Energy, Inc.	800		48,680
			16,038,556
Paper & Forest Products (0.1%)
Domtar Corp.	2,900		142,535
International Paper Co.	6,600		149,358
MeadWestvaco Corp.	11,700		259,740
Weyerhaeuser Co.	14,500		510,400
			1,062,033
Total Materials			31,678,136
Telecommunication Services (3.7%)
Diversified Telecommunication Services (2.4%)
AT&T, Inc.	941,645		22,778,393
CenturyLink, Inc.	20,659		688,151
Frontier Communications Corp.	13,200		93,852
Level 3 Communications, Inc.*	69,900		76,191

	Number of Shares	Value (Note 1)
Qwest Communications International, Inc.	119,300	$	626,325
Verizon Communications, Inc.	194,300		5,444,286
Windstream Corp.	19,400		204,864
			29,912,062
Wireless Telecommunication Services (1.3%)
Clearwire Corp., Class A*	2,300		16,744
Leap Wireless International, Inc.*	4,100		53,218
MetroPCS Communications, Inc.*	9,000		73,710
NII Holdings, Inc.*	2,400		78,048
Sprint Nextel Corp.*	728,600		3,089,264
Telephone & Data Systems, Inc.	5,800		176,262
U.S. Cellular Corp.*	1,100		45,265
Vodafone Group plc	1,663,303		3,446,731
Vodafone Group plc (ADR)	425,850		8,802,320
			15,781,562
Total Telecommunication Services			45,693,624
Utilities (3.4%)
Electric Utilities (1.5%)
Allegheny Energy, Inc.	11,600		239,888
American Electric Power Co., Inc.	60,900		1,967,070
DPL, Inc.	8,100		193,590
Duke Energy Corp.	90,200		1,443,200
Edison International	22,400		710,528
Entergy Corp.	24,970		1,788,351
Exelon Corp.	45,400		1,723,838
FirstEnergy Corp.	21,000		739,830
Great Plains Energy, Inc.	9,300		158,286
Hawaiian Electric Industries, Inc.	6,400		145,792
ITC Holdings Corp.	400		21,164
NextEra Energy, Inc.	50,980		2,485,785
Northeast Utilities	12,100		308,308
NV Energy, Inc.	16,100		190,141
Pepco Holdings, Inc.	15,300		239,904
Pinnacle West Capital Corp.	49,800		1,810,728
PPL Corp.	67,650		1,687,868
Progress Energy, Inc.	19,700		772,634
Southern Co.	56,700		1,886,976
Westar Energy, Inc.	7,600		164,236
			18,678,117
Gas Utilities (0.2%)
AGL Resources, Inc.	5,300		189,846
Atmos Energy Corp.	6,400		173,056
Energen Corp.	4,900		217,217
EQT Corp.	700		25,298
National Fuel Gas Co.	5,100		233,988
ONEOK, Inc.	7,300		315,725
Questar Corp.	12,000		545,880
UGI Corp.	7,500		190,800
			1,891,810
Independent Power Producers & Energy Traders (0.2%)
AES Corp.*	46,000		425,040
Calpine Corp.*	12,800		162,816
Constellation Energy Group, Inc.	47,400		1,528,650

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Mirant Corp.*	10,000	$	105,600
NRG Energy, Inc.*	17,500		371,175
Ormat Technologies, Inc.	600		16,974
RRI Energy, Inc.*	24,200		91,718
			2,701,973
Multi-Utilities (1.5%)
Alliant Energy Corp.	7,600		241,224
Ameren Corp.	28,600		679,822
CenterPoint Energy, Inc.	41,140		541,402
CMS Energy Corp.	53,650		785,972
Consolidated Edison, Inc.	19,400		836,140
Dominion Resources, Inc.	114,229		4,425,231
DTE Energy Co.	11,600		529,076
Integrys Energy Group, Inc.	5,300		231,822
MDU Resources Group, Inc.	12,900		232,587
NiSource, Inc.	123,600		1,792,200
NSTAR	7,300		255,500
OGE Energy Corp.	6,700		244,952
PG&E Corp.	76,465		3,142,712
Public Service Enterprise Group, Inc.	87,375		2,737,459
SCANA Corp.	7,800		278,928
Sempra Energy	17,000		795,430
TECO Energy, Inc.	14,700		221,529
Vectren Corp.	5,500		130,130
Wisconsin Energy Corp.	8,000		405,920
Xcel Energy, Inc.	31,500		649,215
			19,157,251
Water Utilities (0.0%)
American Water Works Co., Inc.	12,000		247,200
Aqua America, Inc.	9,400		166,192
			413,392
Total Utilities			42,842,543
Total Common Stocks (80.1%)
(Cost $986,002,445)			999,154,716
PREFERRED STOCK:
Utilities (0.0%)
Electric Utilities (0.0%)
PPL Corp.
9.500%*	7,500		390,041
Total Preferred Stocks (0.0%)
(Cost $375,000)			390,041

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Commercial Paper (0.2%)
HSBC USA, Inc. 0.10%, 7/1/10 (p)	$	2,693,000	$	2,692,992
Government Securities (1.8%)
U.S. Treasury Bills 0.17%, 11/4/10 #(p)		22,008,300		21,995,051
Time Deposit (19.5%)
JPMorgan Chase Nassau 0.000%, 7/1/10		243,995,745		243,995,745
Total Short-Term Investments (21.5%) (Cost/Amortized Cost $268,682,597)				268,683,788
Total Investments (101.6%) (Cost/Amortized Cost $1,255,060,042)				1,268,228,545
Other Assets Less Liabilities (-1.6%)				(19,990,395	)
Net Assets (100%)			$	1,248,238,150

* Non-income producing.

# All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $21,995,051.

(p) Yield to maturity.

Glossary:

ADR— American Depositary Receipt

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	3,481	September-10	$	188,947,214	$	178,679,730	$	(10,267,484	)
S&P MidCap 400 E-Mini Index	839	September-10		64,070,415		59,569,000		(4,501,415	)
							$	(14,768,899	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar  Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	101,137,066		$	—	$	—	$	101,137,066
Consumer Staples		109,137,099			6,004,322		—		115,141,421
Energy		120,701,081			—		—		120,701,081
Financials		232,620,810			—		—		232,620,810
Health Care		130,240,887			1,623,261		—		131,864,148
Industrials		91,085,869			—		—		91,085,869
Information Technology		86,390,018			—		—		86,390,018
Materials		31,678,136			—		—		31,678,136
Telecommunication Services		42,246,893			3,446,731		—		45,693,624
Utilities		42,842,543			—		—		42,842,543
Preferred Stocks
Utilities		—			390,041		—		390,041
Short-Term Investments		—			268,683,788		—		268,683,788
Total Assets	$	988,080,402		$	280,148,143	$	—	$	1,268,228,545
Liabilities:
Futures	$	(14,768,899	)	$	—	$	—	$	(14,768,899	)
Total Liabilities	$	(14,768,899	)	$	—	$	—	$	(14,768,899	)
Total	$	973,311,503		$	280,148,143	$	—	$	1,253,459,646

Fair Values of Derivative Instruments as of June 30, 2010:

	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	—
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(14,768,899	)*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(14,768,899	)

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:

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		—		(16,866,847	)		—		—		(16,866,847	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(16,866,847	)	$	—	$	—	$	(16,866,847	)

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		—		(14,749,302	)		—		—		(14,749,302	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(14,749,302	)	$	—	$	—	$	(14,749,302	)

The Portfolio held futures contracts with an average notional balance of approximately $40,434,000 during the six months ended June 30, 2010.

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

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	283,195,299
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	718,345,649

As of June 30, 2010, 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	$	44,370,311
Aggregate gross unrealized depreciation		(69,300,375	)
Net unrealized depreciation	$	(24,930,064	)
Federal income tax cost of investments	$	1,293,158,609

For the six months ended June 30, 2010, the Portfolio incurred approximately $1,167 as brokerage commission with Keefe Bruyette & Woods, Inc., $3,595 with Sanford C. Bernstein & Co., Inc. and $3,569 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $781,512,491 of which $165,673,773 expires in the year 2016, and $615,838,718 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value (Cost $1,255,060,042)	$	1,268,228,545
Cash		9,468
Receivable for securities sold		2,540,437
Dividends, interest and other receivables		1,934,236
Receivable from Separate Accounts for Trust shares sold		427,425
Other assets		8,664
Total assets		1,273,148,775
LIABILITIES
Payable for securities purchased		21,272,209
Variation margin payable on futures contracts		1,816,275
Investment management fees payable		787,868
Payable to Separate Accounts for Trust shares redeemed		572,074
Administrative fees payable		175,580
Distribution fees payable - Class B		92,665
Trustees’ fees payable		24,759
Accrued expenses		169,195
Total liabilities		24,910,625
NET ASSETS	$	1,248,238,150
Net assets were comprised of:
Paid in capital	$	1,995,316,000
Accumulated undistributed net investment income (loss)		8,838,811
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(754,320,689	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(1,595,972	)
Net assets	$	1,248,238,150
Class A
Net asset value, offering and redemption price per share, $820,796,347 / 100,875,221 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.14
Class B
Net asset value, offering and redemption price per share, $427,441,803 / 52,584,158 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.13

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends (net of $22,729 foreign withholding tax)	$	15,709,308
Interest		6,058
Securities lending (net)		30,463
Total income		15,745,829
EXPENSES
Investment management fees		5,230,480
Administrative fees		1,161,554
Distribution fees - Class B		597,894
Printing and mailing expenses		87,138
Custodian fees		69,983
Professional fees		34,737
Trustees’ fees		12,382
Miscellaneous		18,386
Gross expenses		7,212,554
Less:   Fees paid indirectly		(44,879)
Net expenses		7,167,675
NET INVESTMENT INCOME (LOSS)		8,578,154
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		83,947,976
Foreign currency transactions		(7,838	)
Futures		(16,866,847	)
Net realized gain (loss)		67,073,291
Change in unrealized appreciation (depreciation) on:
Securities		(139,580,517	)
Foreign currency translations		3,776
Futures		(14,749,302	)
Net change in unrealized appreciation (depreciation)		(154,326,043	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(87,252,752	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(78,674,598	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	8,578,154		$	27,397,151
Net realized gain (loss) on investments, futures and foreign currency transactions		67,073,291			(529,407,231	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(154,326,043	)		732,269,456
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(78,674,598	)		230,259,376
DIVIDENDS:
Dividends from net investment income
Class A		—			(19,167,537	)
Class B		—			(7,955,602	)
TOTAL DIVIDENDS		—			(27,123,139	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,724,944 and 16,822,927 shares, respectively ]		15,612,492			116,248,547
Capital shares issued in reinvestment of dividends [ 0 and 2,218,818 shares, respectively ]		—			19,167,537
Capital shares repurchased [ (17,657,976) and (65,946,548) shares, respectively ]		(164,637,938	)		(417,607,071	)
Total Class A transactions		(149,025,446	)		(282,190,987	)
Class B
Capital shares sold [ 2,013,195 and 6,967,188 shares, respectively ]		17,887,833			49,964,835
Capital shares issued in reinvestment of dividends [ 0 and 920,621 shares, respectively ]		—			7,955,602
Capital shares repurchased [ (5,045,099) and (13,240,809) shares, respectively ]		(45,144,702	)		(96,220,039	)
Total Class B transactions		(27,256,869	)		(38,299,602	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(176,282,315	)		(320,490,589	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(254,956,913	)		(117,354,352	)
NET ASSETS:
Beginning of period		1,503,195,063			1,620,549,415
End of period (a)	$	1,248,238,150		$	1,503,195,063
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	8,838,811		$	260,657

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.72		$	7.21		$	11.79		$	12.83		$	11.19		$	10.99
Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.15	(e)		0.18	(e)		0.19	(e)		0.14	(e)		0.13	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.64	)		1.53			(4.58	)		0.29			2.05			0.68
Total from investment operations		(0.58	)		1.68			(4.40	)		0.48			2.19			0.81
Less distributions:
Dividends from net investment income		—			(0.17	)		(0.16	)		(0.18	)		(0.12	)		(0.09	)
Distributions from net realized gains		—			—			(0.02	)		(1.34	)		(0.43	)		(0.52	)
Total dividends and distributions		—			(0.17	)		(0.18	)		(1.52	)		(0.55	)		(0.61	)
Net asset value, end of period	$	8.14		$	8.72		$	7.21		$	11.79		$	12.83		$	11.19
Total return (b)		(6.65	)%		23.29	%		(37.33	)%		3.88	%		19.62	%		7.37	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	820,796		$	1,018,251		$	1,180,738		$	1,220,184		$	914,471		$	309,385
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.92	%		0.93	%		1.05	%		1.07	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly (a)		0.91	%		0.82	%(c)		1.03	%		1.01	%		1.06	%		1.04	%
Before waivers, reimbursements and fees paid indirectly (a)		0.92	%		0.93	%		1.05	%		1.07	%		1.10	%		1.12	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.27	%		1.92	%		1.79	%		1.38	%		1.12	%		1.03	%
After waivers, reimbursements and fees paid indirectly (a)		1.27	%		2.04	%		1.82	%		1.44	%		1.16	%		1.09	%
Before waivers, reimbursements and fees paid indirectly (a)		1.27	%		1.92	%		1.79	%		1.38	%		1.12	%		1.01	%
Portfolio turnover rate		21	%		77	%		60	%		77	%		63	%		76	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.72		$	7.21		$	11.79		$	12.83		$	11.19		$	10.99
Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.13	(e)		0.15	(e)		0.16	(e)		0.11	(e)		0.09	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.64	)		1.53			(4.57	)		0.29			2.05			0.69
Total from investment operations		(0.59	)		1.66			(4.42	)		0.45			2.16			0.78
Less distributions:
Dividends from net investment income		—			(0.15	)		(0.14	)		(0.15	)		(0.09	)		(0.06	)
Distributions from net realized gains		—			—			(0.02	)		(1.34	)		(0.43	)		(0.52	)
Total dividends and distributions		—			(0.15	)		(0.16	)		(1.49	)		(0.52	)		(0.58	)
Net asset value, end of period	$	8.13		$	8.72		$	7.21		$	11.79		$	12.83		$	11.19
Total return (b)		(6.77	)%		22.97	%		(37.49	)%		3.61	%		19.32	%		7.10	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	427,442		$	484,944		$	439,812		$	718,323		$	702,312		$	526,727
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.17	%		1.18	%		1.30	%		1.32	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.16	%		1.07	%(c)		1.28	%		1.26	%(c)		1.31	%(c)		1.29	%
Before waivers, reimbursements and fees paid indirectly (a)		1.17	%		1.18	%		1.30	%		1.32	%		1.35	%		1.37	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.02	%		1.63	%		1.51	%		1.12	%		0.85	%		0.78	%
After waivers, reimbursements and fees paid indirectly (a)		1.03	%		1.73	%		1.53	%		1.18	%		0.89	%		0.84	%
Before waivers, reimbursements and fees paid indirectly (a)		1.02	%		1.63	%		1.51	%		1.12	%		0.85	%		0.76	%
Portfolio turnover rate		21	%		77	%		60	%		77	%		63	%		76	%

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

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

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

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

See Notes to Financial Statements.

169

MULTIMANAGER MID CAP GROWTH PORTFOLIO (Unaudited)

Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	21.9	%
Consumer Discretionary	16.2
Industrials	13.5
Health Care	13.0
Financials	4.8
Energy	3.5
Materials	2.7
Consumer Staples	2.0
Telecommunication Services	0.9
Utilities	0.1
Cash and Other	21.4
	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class A
Actual	$1,000.00	$969.70	$5.23
Hypothetical (5% average return before expenses)	1,000.00	1,019.49	5.36
Class B
Actual	1,000.00	968.90	6.44
Hypothetical (5% average return before expenses)	1,000.00	1,018.25	6.61
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.07% and 1.32%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.2%)
Auto Components (0.9%)
American Axle & Manufacturing Holdings, Inc.*	7,581	$	55,569
Amerigon, Inc.*	3,300		24,354
Autoliv, Inc.*	3,668		175,514
BorgWarner, Inc.*	13,751		513,462
Cooper Tire & Rubber Co.	7,600		148,200
Dana Holding Corp.*	16,356		163,560
Dorman Products, Inc.*	1,368		27,811
Drew Industries, Inc.*	16,952		342,430
Exide Technologies, Inc.*	1,805		9,386
Federal-Mogul Corp.*	600		7,812
Fuel Systems Solutions, Inc.*	1,700		44,115
Gentex Corp.	69,300		1,246,014
Goodyear Tire & Rubber Co.*	30,939		307,534
Hawk Corp., Class A*	624		15,881
Lear Corp.*	1,763		116,711
Standard Motor Products, Inc.	915		7,384
Stoneridge, Inc.*	1,699		12,895
Tenneco, Inc.*	39,346		828,627
TRW Automotive Holdings Corp.*	6,714		185,105
			4,232,364
Automobiles (0.0%)
Thor Industries, Inc.	4,232		100,510
Winnebago Industries, Inc.*	3,546		35,247
			135,757
Distributors (0.5%)
Core-Mark Holding Co., Inc.*	100		2,740
LKQ Corp.*	120,970		2,332,302
			2,335,042
Diversified Consumer Services (1.6%)
American Public Education, Inc.*	2,286		99,898
Bridgepoint Education, Inc.*	2,474		39,114
Cambium Learning Group, Inc.*	1,110		3,996
Capella Education Co.*	2,153		175,147
Career Education Corp.*	8,287		190,767
Coinstar, Inc.*	26,606		1,143,260
Corinthian Colleges, Inc.*	10,869		107,060
CPI Corp.	732		16,411
DeVry, Inc.	8,080		424,119
Education Management Corp.*	3,010		45,902
Grand Canyon Education, Inc.*	27,114		635,281
Hillenbrand, Inc.	7,866		168,254
ITT Educational Services, Inc.*	4,362		362,133
K12, Inc.*	3,200		70,976
Learning Tree International, Inc.*	1,000		10,850
Lincoln Educational Services Corp.*	2,023		41,654
Matthews International Corp., Class A	3,700		108,336
Pre-Paid Legal Services, Inc.*	875		39,804
Princeton Review, Inc.*	2,300		5,336
Sotheby’s, Inc.	28,237		645,780
Steiner Leisure Ltd.*	1,882		72,344
Strayer Education, Inc.	11,280		2,344,999
Universal Technical Institute, Inc.*	2,800		66,192

	Number of Shares	Value (Note 1)
Weight Watchers International, Inc.	4,197	$	107,821
			6,925,434
Hotels, Restaurants & Leisure (2.5%)
AFC Enterprises, Inc.*	2,319		21,103
Ambassadors Group, Inc.	2,536		28,631
Ameristar Casinos, Inc.	3,100		46,686
Bally Technologies, Inc.*	6,977		225,985
BJ’s Restaurants, Inc.*	2,820		66,552
Brinker International, Inc.	11,425		165,206
Buffalo Wild Wings, Inc.*	25,929		948,483
Burger King Holdings, Inc	11,708		197,163
California Pizza Kitchen, Inc.*	2,554		38,693
Caribou Coffee Co., Inc.*	1,090		10,322
Carrols Restaurant Group, Inc.*	1,200		5,484
CEC Entertainment, Inc.*	2,788		98,305
Cheesecake Factory, Inc.*	53,355		1,187,682
Chipotle Mexican Grill, Inc.*	9,595		1,312,692
Choice Hotels International, Inc.	329		9,939
Churchill Downs, Inc.	242		7,938
CKE Restaurants, Inc.	6,900		86,457
Cracker Barrel Old Country Store, Inc.	2,814		131,020
Denny’s Corp.*	14,200		36,920
DineEquity, Inc.*	2,301		64,244
Domino’s Pizza, Inc.*	1,555		17,572
Einstein Noah Restaurant Group, Inc.*	600		6,474
Empire Resorts, Inc.*	2,891		4,712
Gaylord Entertainment Co.*	39,720		877,415
International Speedway Corp., Class A	660		17,002
Interval Leisure Group, Inc.*	5,400		67,230
Isle of Capri Casinos, Inc.*	266		2,463
Jack in the Box, Inc.*	6,457		125,589
Jamba, Inc.*	6,918		14,735
Krispy Kreme Doughnuts, Inc.*	9,200		31,004
Life Time Fitness, Inc.*	4,679		148,745
McCormick & Schmick’s Seafood Restaurants, Inc.*	643		4,797
MGM MIRAGE*	59,222		570,900
Monarch Casino & Resort, Inc.*	351		3,556
Morgans Hotel Group Co.*	1,452		8,944
Multimedia Games, Inc.*	100		450
Orient-Express Hotels Ltd., Class A*	90,360		668,664
P.F. Chang’s China Bistro, Inc.	2,889		114,549
Panera Bread Co., Class A*	18,252		1,374,193
Papa John’s International, Inc.*	2,101		48,575
Peet’s Coffee & Tea, Inc.*	24,909		978,176
Pinnacle Entertainment, Inc.*	681		6,442
Ruth’s Hospitality Group, Inc.*	4,100		17,138
Scientific Games Corp., Class A*	4,336		39,891
Shuffle Master, Inc.*	106,042		849,396
Sonic Corp.*	7,800		60,450
Texas Roadhouse, Inc.*	7,071		89,236
Wendy’s/Arby’s Group, Inc., Class A	15,900		63,600
WMS Industries, Inc.*	7,338		288,017
			11,189,420

See Notes to Financial Statements.

171

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Household Durables (1.4%)
Blyth, Inc.	244	$	8,313
D.R. Horton, Inc.	14,270		140,274
Ethan Allen Interiors, Inc.	717		10,031
Harman International Industries, Inc.*	4,271		127,660
iRobot Corp.*	2,660		49,981
Jarden Corp.	46,070		1,237,901
La-Z-Boy, Inc.*	655		4,867
Leggett & Platt, Inc.	11,357		227,822
Mohawk Industries, Inc.*	715		32,718
MRV Engenharia e Participacoes S.A.	139,480		985,247
National Presto Industries, Inc.	600		55,716
NVR, Inc.*	779		510,268
Sealy Corp.*	1,700		4,539
Tempur-Pedic International, Inc.*	82,040		2,522,730
Tupperware Brands Corp.	8,027		319,876
Universal Electronics, Inc.*	811		13,487
			6,251,430
Internet & Catalog Retail (0.5%)
Blue Nile, Inc.*	11,497		541,279
Drugstore.Com, Inc.*	13,800		42,504
Gaiam, Inc., Class A	84,668		513,935
HSN, Inc.*	5,100		122,400
Netflix, Inc.*	8,390		911,573
NutriSystem, Inc.	3,900		89,466
Orbitz Worldwide, Inc.*	2,458		9,365
Overstock.com, Inc.*	1,951		35,255
PetMed Express, Inc.	3,114		55,429
Shutterfly, Inc.*	3,393		81,296
U.S. Auto Parts Network, Inc.*	1,549		9,294
Vitacost.com, Inc.*	1,632		14,672
			2,426,468
Leisure Equipment & Products (0.4%)
Brunswick Corp.	85,283		1,060,068
Eastman Kodak Co.*	33,940		147,299
Leapfrog Enterprises, Inc.*	3,483		14,002
Polaris Industries, Inc.	3,991		217,988
Pool Corp.	6,258		137,175
Smith & Wesson Holding Corp.*	7,789		31,857
Sturm Ruger & Co., Inc.	2,700		38,691
Summer Infant, Inc.*	965		6,321
			1,653,401
Media (1.7%)
Arbitron, Inc.	3,300		84,579
Ballantyne Strong, Inc.*	1,461		10,578
Belo Corp., Class A*	11,522		65,560
Carmike Cinemas, Inc.*	890		5,393
CKX, Inc.*	1,526		7,615
Crown Media Holdings, Inc., Class A*	1,200		2,112
DreamWorks Animation SKG, Inc., Class A*	42,706		1,219,256
Entercom Communications Corp., Class A*	2,468		21,768
Entravision Communications Corp., Class A*	6,157		12,991

	Number of Shares	Value (Note 1)
Focus Media Holding Ltd. (ADR)*	67,230	$	1,044,082
Global Sources Ltd.*	2,323		18,212
Harte-Hanks, Inc.	4,894		51,142
Interactive Data Corp.	4,340		144,869
Interpublic Group of Cos., Inc.*	61,814		440,734
John Wiley & Sons, Inc., Class A	5,327		205,995
Knology, Inc.*	3,572		39,042
Lamar Advertising Co., Class A*	30,924		758,257
Lee Enterprises, Inc.*	5,576		14,330
Lions Gate Entertainment Corp.*	169,512		1,183,194
LodgeNet Interactive Corp.*	1,483		5,502
Madison Square Garden, Inc., Class A*	2,454		48,270
Martha Stewart Living Omnimedia, Inc., Class A*	3,282		16,147
McClatchy Co., Class A*	7,552		27,489
Media General, Inc., Class A*	529		5,163
Meredith Corp.	1,934		60,205
Morningstar, Inc.*	2,805		119,269
National CineMedia, Inc.	63,999		1,066,223
Playboy Enterprises, Inc., Class B*	2,677		11,243
PRIMEDIA, Inc.	100		293
RCN Corp.*	4,695		69,533
Regal Entertainment Group, Class A	2,626		34,243
Rentrak Corp.*	1,500		36,495
Sirius XM Radio, Inc.*	490,861		466,073
SuperMedia, Inc.*	1,427		26,100
Valassis Communications, Inc.*	6,368		201,993
Value Line, Inc.	118		2,141
Warner Music Group Corp.*	1,152		5,599
Westwood One, Inc.*	435		4,294
World Wrestling Entertainment, Inc., Class A	2,644		41,141
			7,577,125
Multiline Retail (0.7%)
99 Cents Only Stores*	4,900		72,520
Big Lots, Inc.*	10,244		328,730
Bon-Ton Stores, Inc.*	493		4,807
Dollar Tree, Inc.*	25,900		1,078,217
Family Dollar Stores, Inc.	37,960		1,430,712
Retail Ventures, Inc.*	2,731		21,356
			2,936,342
Specialty Retail (4.4%)
Aaron’s, Inc.	5,182		88,457
Abercrombie & Fitch Co., Class A	8,512		261,233
Advance Auto Parts, Inc.	22,825		1,145,359
Aeropostale, Inc.*	11,816		338,410
American Eagle Outfitters, Inc.	6,599		77,538
America’s Car-Mart, Inc.*	733		16,588
AnnTaylor Stores Corp.*	7,427		120,837
Asbury Automotive Group, Inc.*	3,361		35,425
AutoNation, Inc.*	3,120		60,840
bebe Stores, Inc.	1,077		6,893
Big 5 Sporting Goods Corp.	2,831		37,199
Brown Shoe Co., Inc.	3,746		56,864

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Buckle, Inc.	3,098	$	100,437
CarMax, Inc.*	66,953		1,332,365
Casual Male Retail Group, Inc.*	3,834		13,112
Cato Corp., Class A	3,614		79,580
Chico’s FAS, Inc.	22,280		220,126
Children’s Place Retail Stores, Inc.*	3,134		137,959
Christopher & Banks Corp.	2,376		14,707
Citi Trends, Inc.*	1,955		64,398
Coldwater Creek, Inc.*	6,500		21,840
Collective Brands, Inc.*	5,541		87,548
Destination Maternity Corp.*	800		20,240
Dick’s Sporting Goods, Inc.*	88,731		2,208,515
Dress Barn, Inc.*	7,050		167,861
DSW, Inc., Class A*	1,817		40,810
Express, Inc.*	1,678		27,469
Finish Line, Inc., Class A	2,132		29,699
Group 1 Automotive, Inc.*	476		11,200
Guess?, Inc.	18,176		567,818
Gymboree Corp.*	23,827		1,017,651
hhgregg, Inc.*	1,702		39,691
Hibbett Sports, Inc.*	3,719		89,107
HOT Topic, Inc.	2,794		14,194
J. Crew Group, Inc.*	24,743		910,790
Jo-Ann Stores, Inc.*	3,457		129,672
JoS. A. Bank Clothiers, Inc.*	2,348		126,769
Kirkland’s, Inc.*	2,197		37,074
Lumber Liquidators Holdings, Inc.*	2,854		66,584
Midas, Inc.*	2,300		17,641
Monro Muffler Brake, Inc.	2,522		99,695
Office Depot, Inc.*	4,287		17,319
OfficeMax, Inc.*	4,078		53,259
Penske Automotive Group, Inc.*	52,206		593,060
PetSmart, Inc.	15,034		453,576
Pier 1 Imports, Inc.*	13,207		84,657
Ross Stores, Inc.	25,100		1,337,579
Rue21, Inc.*	1,830		55,522
Sally Beauty Holdings, Inc.*	10,789		88,470
Select Comfort Corp.*	5,865		51,319
Sonic Automotive, Inc., Class A*	600		5,136
Stein Mart, Inc.*	1,801		11,220
Systemax, Inc.	1,218		18,355
Talbots, Inc.*	7,743		79,830
Tractor Supply Co.	28,440		1,733,987
Ulta Salon Cosmetics & Fragrance, Inc.*	41,517		982,292
Urban Outfitters, Inc.*	44,370		1,525,884
Vitamin Shoppe, Inc.*	26,905		690,113
Wet Seal, Inc., Class A*	10,593		38,664
Williams-Sonoma, Inc.	72,772		1,806,201
Zumiez, Inc.*	2,800		45,108
			19,611,746
Textiles, Apparel & Luxury Goods (1.6%)
American Apparel, Inc.*	2,054		3,759
Carter’s, Inc.*	34,544		906,780
Cherokee, Inc.	895		15,305
Coach, Inc.	27,610		1,009,146
Crocs, Inc.*	10,838		114,666
Culp, Inc.*	992		10,872
Deckers Outdoor Corp.*	1,659		237,021

	Number of Shares	Value (Note 1)
Fossil, Inc.*	6,727	$	233,427
G-III Apparel Group Ltd.*	2,089		47,817
Hanesbrands, Inc.*	72,474		1,743,725
Iconix Brand Group, Inc.*	39,100		561,867
Joe’s Jeans, Inc.*	4,722		9,350
K-Swiss, Inc., Class A*	1,966		22,078
LaCrosse Footwear, Inc.	329		5,540
Liz Claiborne, Inc.*	11,761		49,631
Maidenform Brands, Inc.*	2,926		59,573
Oxford Industries, Inc.	1,897		39,704
Phillips-Van Heusen Corp.	7,137		330,229
R.G. Barry Corp.	467		5,151
Skechers U.S.A., Inc., Class A*	4,371		159,629
Steven Madden Ltd.*	3,152		99,351
Timberland Co., Class A*	3,676		59,367
True Religion Apparel, Inc.*	3,271		72,191
Under Armour, Inc., Class A*	26,173		867,112
Volcom, Inc.*	2,545		47,261
Warnaco Group, Inc.*	5,700		205,998
Weyco Group, Inc.	731		16,652
Wolverine World Wide, Inc.	6,300		158,886
			7,092,088
Total Consumer Discretionary			72,366,617
Consumer Staples (2.0%)
Beverages (0.3%)
Boston Beer Co., Inc., Class A*	1,144		77,163
Coca-Cola Bottling Co. Consolidated	565		27,075
Hansen Natural Corp.*	30,369		1,187,731
Heckmann Corp.*	11,210		52,014
National Beverage Corp.	1,300		15,964
			1,359,947
Food & Staples Retailing (0.1%)
Arden Group, Inc., Class A	133		11,687
BJ’s Wholesale Club, Inc.*	607		22,465
Casey’s General Stores, Inc.	2,563		89,449
Pricesmart, Inc.	2,075		48,202
Ruddick Corp.	2,898		89,809
United Natural Foods, Inc.*	5,500		164,340
Village Super Market, Inc., Class A	500		13,125
			439,077
Food Products (1.3%)
Alico, Inc.	257		5,906
American Italian Pasta Co., Class A*	678		35,846
B&G Foods, Inc., Class A	3,179		34,270
Calavo Growers, Inc.	1,440		25,862
Cal-Maine Foods, Inc.	1,600		51,088
Darling International, Inc.*	8,071		60,613
Diamond Foods, Inc.	2,708		111,299
Farmer Bros Co.	248		3,742
Flowers Foods, Inc.	3,696		90,293
Green Mountain Coffee Roasters, Inc.*	113,660		2,921,062
Hain Celestial Group, Inc.*	38,100		768,477
J&J Snack Foods Corp.	1,700		71,570
Lancaster Colony Corp.	2,393		127,691
Lance, Inc.	3,300		54,417

See Notes to Financial Statements.

173

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Lifeway Foods, Inc.*	716	$	6,974
Pilgrim’s Pride Corp.*	1,800		11,826
Sanderson Farms, Inc.	2,589		131,366
Smart Balance, Inc.*	4,445		18,180
Synutra International, Inc.*	2,373		38,371
Tootsie Roll Industries, Inc.	2,714		64,186
TreeHouse Foods, Inc.*	23,800		1,086,708
			5,719,747
Household Products (0.1%)
Cellu Tissue Holdings, Inc.*	657		5,105
Church & Dwight Co., Inc.	9,015		565,331
WD-40 Co.	1,969		65,764
			636,200
Personal Products (0.2%)
Alberto-Culver Co.	2,621		71,003
Female Health Co.	2,500		12,975
Herbalife Ltd.	7,602		350,072
Inter Parfums, Inc.	1,736		24,703
Medifast, Inc.*	1,734		44,928
Nature’s Sunshine Products, Inc.*	539		4,512
Nu Skin Enterprises, Inc., Class A	6,500		162,045
Revlon, Inc., Class A*	858		9,575
USANA Health Sciences, Inc.*	700		25,571
			705,384
Tobacco (0.0%)
Star Scientific, Inc.*	14,200		23,288
Vector Group Ltd.	3,507		58,988
			82,276
Total Consumer Staples			8,942,631
Energy (3.5%)
Energy Equipment & Services (1.3%)
Atwood Oceanics, Inc.*	1,516		38,688
Baker Hughes, Inc.	21,610		898,328
Boots & Coots, Inc.*	8,152		24,048
CARBO Ceramics, Inc.	2,448		176,721
Complete Production Services, Inc.*	41,470		593,021
Core Laboratories N.V.	2,820		416,260
Dresser-Rand Group, Inc.*	9,521		300,388
Dril-Quip, Inc.*	24,626		1,084,036
Exterran Holdings, Inc.*	1,016		26,223
FMC Technologies, Inc.*	7,380		388,631
Helix Energy Solutions Group, Inc.*	29,100		313,407
ION Geophysical Corp.*	16,044		55,833
Key Energy Services, Inc.*	463		4,250
Lufkin Industries, Inc.	3,884		151,437
Matrix Service Co.*	600		5,586
Oceaneering International, Inc.*	12,080		542,392
Oil States International, Inc.*	201		7,956
OYO Geospace Corp.*	397		19,247
Rowan Cos., Inc.*	1,903		41,752
RPC, Inc.	3,857		52,648
Superior Energy Services, Inc.*	38,224		713,642
TETRA Technologies, Inc.*	1,513		13,738
			5,868,232

	Number of Shares	Value (Note 1)
Oil, Gas & Consumable Fuels (2.2%)
Alpha Natural Resources, Inc.*	2,117	$	71,703
American Oil & Gas, Inc.*	6,241		39,193
Apco Oil and Gas International, Inc.	1,400		32,914
Arch Coal, Inc.	14,511		287,463
Arena Resources, Inc.*	5,048		161,031
Atlas Energy, Inc.*	7,233		195,797
Bill Barrett Corp.*	23,700		729,249
BPZ Resources, Inc.*	3,474		14,417
Brigham Exploration Co.*	66,188		1,017,971
Cabot Oil & Gas Corp.	15,960		499,867
Callon Petroleum Co.*	3,340		21,042
CAMAC Energy, Inc.*	5,687		21,213
Carrizo Oil & Gas, Inc.*	4,067		63,161
Cheniere Energy, Inc.*	3,700		10,434
Clayton Williams Energy, Inc.*	601		25,314
Clean Energy Fuels Corp.*	5,041		75,313
Cloud Peak Energy, Inc.*	1,200		15,912
Comstock Resources, Inc.*	23,700		656,964
Concho Resources, Inc.*	19,905		1,101,344
Consol Energy, Inc.	24,200		816,992
Contango Oil & Gas Co.*	1,094		48,957
Endeavour International Corp.*	20,900		22,154
Energy XXI Bermuda Ltd.*	6,396		100,929
Evolution Petroleum Corp.*	1,253		6,278
EXCO Resources, Inc.	18,602		271,775
Forest Oil Corp.*	9,134		249,906
Frontline Ltd.	37,449		1,068,794
FX Energy, Inc.*	7,100		25,702
Golar LNG Ltd.	950		9,377
Gulfport Energy Corp.*	3,543		42,020
Holly Corp.	3,909		103,901
Houston American Energy Corp.	2,251		22,195
Isramco, Inc.*	200		9,436
James River Coal Co.*	2,907		46,279
Karoon Gas Australia Ltd.*	39,928		198,364
Kodiak Oil & Gas Corp.*	14,298		45,611
L&L Energy, Inc.*	1,662		14,293
Magnum Hunter Resources Corp.*	6,002		26,169
Mariner Energy, Inc.*	1,043		22,404
McMoRan Exploration Co.*	10,400		115,544
Newfield Exploration Co.*	4,900		239,414
Northern Oil and Gas, Inc.*	5,651		72,559
Panhandle Oil and Gas, Inc., Class A	1,021		26,985
Peabody Energy Corp.	10,610		415,169
PetroQuest Energy, Inc.*	1,117		7,551
Quicksilver Resources, Inc.*	1,175		12,925
RAM Energy Resources, Inc.*	5,346		11,066
Rentech, Inc.*	25,405		25,151
Rex Energy Corp.*	968		9,777
Rosetta Resources, Inc.*	4,082		80,864
SandRidge Energy, Inc.*	2,063		12,027
Scorpio Tankers, Inc.*	582		6,664
SM Energy Co.	11,494		461,599
Syntroleum Corp.*	10,600		17,384
TransAtlantic Petroleum Ltd.*	18,600		58,962
Uranium Energy Corp.*	8,800		20,768
VAALCO Energy, Inc.*	100		560

See Notes to Financial Statements.

174

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Venoco, Inc.*	692	$	11,397
W&T Offshore, Inc.	714		6,754
Warren Resources, Inc.*	3,600		10,440
Whiting Petroleum Corp.*	388		30,427
World Fuel Services Corp.	4,369		113,332
			9,959,157
Total Energy			15,827,389
Financials (4.8%)
Capital Markets (2.5%)
Affiliated Managers Group, Inc.*	25,916		1,574,915
Ameriprise Financial, Inc.	37,160		1,342,591
Artio Global Investors, Inc.	3,137		49,376
BGC Partners, Inc., Class A	6,982		35,678
Cohen & Steers, Inc.	1,682		34,885
Diamond Hill Investment Group, Inc.	300		17,007
Duff & Phelps Corp., Class A	3,267		41,262
Eaton Vance Corp.	14,900		411,389
Epoch Holding Corp.	1,900		23,313
Evercore Partners, Inc., Class A	23,164		540,879
Federated Investors, Inc., Class B	7,571		156,795
Financial Engines, Inc.*	1,077		14,647
GAMCO Investors, Inc., Class A	529		19,679
GFI Group, Inc.	5,520		30,802
Gleacher & Co., Inc.*	6,332		16,147
GLG Partners, Inc.*	15,646		68,529
Greenhill & Co., Inc.	14,911		911,509
HFF, Inc., Class A*	882		6,236
Invesco Ltd.	45,730		769,636
Janus Capital Group, Inc.	69,021		612,907
JMP Group, Inc.	300		1,857
KBW, Inc.*	31,775		681,256
Ladenburg Thalmann Financial Services, Inc.*	10,014		12,518
Lazard Ltd., Class A	38,531		1,029,163
optionsXpress Holdings, Inc.*	5,200		81,848
Pzena Investment Management, Inc., Class A	949		6,045
Rodman & Renshaw Capital Group, Inc.*	1,603		4,585
Safeguard Scientifics, Inc.*	618		6,526
SEI Investments Co.	18,900		384,804
Stifel Financial Corp.*	32,046		1,390,476
Teton Advisors, Inc., Class B*†	10		86
Thomas Weisel Partners Group, Inc.*	1,301		7,663
TradeStation Group, Inc.*	1,303		8,795
Virtus Investment Partners, Inc.*	327		6,121
Waddell & Reed Financial, Inc., Class A	44,690		977,817
Westwood Holdings Group, Inc.	723		25,413
			11,303,155
Commercial Banks (0.5%)
Arrow Financial Corp.	178		4,112
Bank of Hawaii Corp.	1,948		94,186
Bank of the Ozarks, Inc.	211		7,484
Bridge Bancorp, Inc.	321		7,794
First Financial Bankshares, Inc.	1,191		57,275
First Interstate Bancsystem, Inc.	30,900		486,057

	Number of Shares	Value (Note 1)
First Midwest Bancorp, Inc./Illinois	2,400	$	29,184
IBERIABANK Corp.	9,320		479,793
Investors Bancorp, Inc.*	709		9,302
Signature Bank/New York*	24,518		931,929
Suffolk Bancorp	434		13,428
SY Bancorp, Inc.	300		6,894
Westamerica Bancorp	1,657		87,026
			2,214,464
Consumer Finance (0.1%)
Advance America Cash Advance Centers, Inc.	1,970		8,136
Cardtronics, Inc.*	3,527		45,710
Cash America International, Inc.	887		30,398
CompuCredit Holdings Corp.	300		1,188
Credit Acceptance Corp.*	800		39,016
Dollar Financial Corp.*	3,198		63,288
EZCORP, Inc., Class A*	5,700		105,735
First Cash Financial Services, Inc.*	3,837		83,647
Nelnet, Inc., Class A	500		9,640
World Acceptance Corp.*	868		33,253
			420,011
Diversified Financial Services (0.1%)
Encore Capital Group, Inc.*	972		20,033
Life Partners Holdings, Inc.	1,014		20,747
MarketAxess Holdings, Inc.	3,800		52,402
MSCI, Inc., Class A*	13,943		382,038
NewStar Financial, Inc.*	400		2,544
Portfolio Recovery Associates, Inc.*	2,173		145,113
			622,877
Insurance (0.4%)
Arthur J. Gallagher & Co.	3,575		87,159
Axis Capital Holdings Ltd.	4,800		142,656
Brown & Brown, Inc.	7,830		149,866
CNO Financial Group, Inc.*	1,653		8,182
Crawford & Co., Class B*	2,000		6,320
eHealth, Inc.*	3,101		35,258
Endurance Specialty Holdings Ltd.	891		33,439
Erie Indemnity Co., Class A	2,600		118,300
Genworth Financial, Inc., Class A*	77,500		1,012,925
Tower Group, Inc.	2,571		55,354
Validus Holdings Ltd.	1,297		31,673
			1,681,132
Real Estate Investment Trusts (REITs) (0.7%)
Acadia Realty Trust (REIT)	1,101		18,519
Alexander’s, Inc. (REIT)	186		56,343
AMB Property Corp. (REIT)	1,976		46,851
Apartment Investment & Management Co. (REIT), Class A	7,276		140,936
Associated Estates Realty Corp. (REIT)	2,257		29,228
Chatham Lodging Trust (REIT)*	20,400		364,548
Digital Realty Trust, Inc. (REIT)	9,538		550,152

See Notes to Financial Statements.

175

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
DuPont Fabros Technology, Inc. (REIT)	2,081	$	51,109
EastGroup Properties, Inc. (REIT)	1,725		61,375
Equity Lifestyle Properties, Inc. (REIT)	2,260		109,000
Essex Property Trust, Inc. (REIT)	1,479		144,262
Federal Realty Investment Trust (REIT)	4,635		325,701
FelCor Lodging Trust, Inc. (REIT)*	47,448		236,766
Getty Realty Corp. (REIT)	1,180		26,444
Home Properties, Inc. (REIT)	1,637		73,780
LTC Properties, Inc. (REIT)	582		14,125
Mid-America Apartment Communities, Inc. (REIT)	2,000		102,940
National Health Investors, Inc. (REIT)	1,489		57,416
Omega Healthcare Investors, Inc. (REIT)	2,236		44,563
Potlatch Corp. (REIT)	2,701		96,507
PS Business Parks, Inc. (REIT)	600		33,468
Rayonier, Inc. (REIT)	3,131		137,827
Saul Centers, Inc. (REIT)	580		23,565
Strategic Hotels & Resorts, Inc. (REIT)*	4,241		18,618
Tanger Factory Outlet Centers (REIT)	3,015		124,761
UDR, Inc. (REIT)	621		11,880
Universal Health Realty Income Trust (REIT)	671		21,559
Washington Real Estate Investment Trust (REIT)	2,033		56,090
			2,978,333
Real Estate Management & Development (0.3%)
CB Richard Ellis Group, Inc., Class A*	36,035		490,436
Jones Lang LaSalle, Inc.	5,310		348,548
Kennedy-Wilson Holdings, Inc.*	1,650		16,665
St. Joe Co.*	10,540		244,107
Tejon Ranch Co.*	591		13,640
			1,113,396
Thrifts & Mortgage Finance (0.2%)
Capitol Federal Financial	263		8,721
Northwest Bancshares, Inc.	52,200		598,734
Oritani Financial Corp.	34,700		347,000
TrustCo Bank Corp. NY/New York	1,650		9,240
ViewPoint Financial Group	808		11,191
			974,886
Total Financials			21,308,254
Health Care (13.0%)
Biotechnology (2.3%)
Abraxis Bioscience, Inc.*	350		25,970
Acorda Therapeutics, Inc.*	4,928		153,310
Affymax, Inc.*	1,996		11,936
Alexion Pharmaceuticals, Inc.*	24,001		1,228,611
Alkermes, Inc.*	3,554		44,247

	Number of Shares	Value (Note 1)
Allos Therapeutics, Inc.*	9,576	$	58,701
Alnylam Pharmaceuticals, Inc.*	4,400		66,088
AMAG Pharmaceuticals, Inc.*	2,603		89,413
Amylin Pharmaceuticals, Inc.*	32,012		601,826
Arena Pharmaceuticals, Inc.*	12,100		37,147
ARIAD Pharmaceuticals, Inc.*	13,300		37,506
ArQule, Inc.*	43,604		187,497
Array BioPharma, Inc.*	8,000		24,400
AspenBio Pharma, Inc.*	4,238		4,153
AVI BioPharma, Inc.*	16,100		25,921
BioCryst Pharmaceuticals, Inc.*	3,595		21,246
BioMarin Pharmaceutical, Inc.*	33,452		634,250
BioSante Pharmaceuticals, Inc.*	5,985		10,534
Biospecifics Technologies Corp.*	533		10,596
Biotime, Inc.*	2,443		15,049
Celera Corp.*	1,442		9,445
Celldex Therapeutics, Inc.*	3,900		17,784
Cepheid, Inc.*	7,400		118,548
Chelsea Therapeutics International, Inc.*	5,500		16,115
Clinical Data, Inc.*	1,493		18,573
Codexis, Inc.*	479		4,196
Combinatorx, Inc.*	6,004		8,706
Cubist Pharmaceuticals, Inc.*	7,300		150,380
Curis, Inc.*	11,300		15,707
Cytokinetics, Inc.*	7,400		17,538
Cytori Therapeutics, Inc.*	4,854		16,892
CytRx Corp.*	10,855		8,358
Dendreon Corp.*	9,400		303,902
Dyax Corp.*	13,400		30,418
Dynavax Technologies Corp.*	7,865		14,629
Emergent Biosolutions, Inc.*	2,152		35,164
Enzon Pharmaceuticals, Inc.*	4,192		44,645
Exact Sciences Corp.*	3,792		16,685
Exelixis, Inc.*	8,261		28,666
Genomic Health, Inc.*	1,556		20,119
Geron Corp.*	11,607		58,267
Halozyme Therapeutics, Inc.*	9,087		63,972
Human Genome Sciences, Inc.*	40,471		917,073
Idenix Pharmaceuticals, Inc.*	5,400		27,000
Immunogen, Inc.*	8,452		78,350
Immunomedics, Inc.*	10,100		31,209
Incyte Corp.*	29,800		329,886
Infinity Pharmaceuticals, Inc.*	700		4,137
Inhibitex, Inc.*	5,763		14,696
Inovio Pharmaceuticals, Inc.*	4,795		4,891
InterMune, Inc.*	5,500		51,425
Ironwood Pharmaceuticals, Inc.*	21,799		259,844
Isis Pharmaceuticals, Inc.*	11,900		113,883
Keryx Biopharmaceuticals, Inc.*	6,256		22,897
Lexicon Pharmaceuticals, Inc.*	8,200		10,496
Ligand Pharmaceuticals, Inc., Class B*	17,700		25,842
MannKind Corp.*	7,884		50,379
Maxygen, Inc.*	733		4,053
Medivation, Inc.*	4,095		36,200
Metabolix, Inc.*	3,300		47,223
Micromet, Inc.*	10,107		63,068
Momenta Pharmaceuticals, Inc.*	5,173		63,421
Myriad Genetics, Inc.*	12,191		182,255
Nabi Biopharmaceuticals*	5,342		29,060

See Notes to Financial Statements.

176

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Nanosphere, Inc.*	1,600	$	6,976
Neuralstem, Inc.*	4,425		11,062
Neurocrine Biosciences, Inc.*	6,641		37,190
NeurogesX, Inc.*	1,500		9,945
Novavax, Inc.*	11,400		24,738
NPS Pharmaceuticals, Inc.*	7,726		49,755
Nymox Pharmaceutical Corp.*	1,250		3,900
Omeros Corp.*	2,126		15,775
Onyx Pharmaceuticals, Inc.*	22,500		485,775
Opko Health, Inc.*	8,200		18,532
Orexigen Therapeutics, Inc.*	2,800		11,760
Osiris Therapeutics, Inc.*	1,972		11,457
PDL BioPharma, Inc.	14,900		83,738
Peregrine Pharmaceuticals, Inc.*	5,025		10,804
Pharmacyclics, Inc.*	4,576		30,476
Pharmasset, Inc.*	3,753		102,607
Progenics Pharmaceuticals, Inc.*	3,200		17,536
Regeneron Pharmaceuticals, Inc.*	36,480		814,234
Rigel Pharmaceuticals, Inc.*	6,699		48,233
Sangamo BioSciences, Inc.*	6,700		24,857
Savient Pharmaceuticals, Inc.*	23,493		296,012
Sciclone Pharmaceuticals, Inc.*	6,000		15,960
Seattle Genetics, Inc.*	10,500		125,895
SIGA Technologies, Inc.*	3,952		30,430
Spectrum Pharmaceuticals, Inc.*	6,138		24,061
StemCells, Inc.*	19,800		18,612
Synta Pharmaceuticals Corp.*	2,700		7,290
Talecris Biotherapeutics Holdings Corp.*	6,400		135,040
Targacept, Inc.*	3,012		58,222
Theravance, Inc.*	7,942		99,831
Transcept Pharmaceuticals, Inc.*	25,400		211,582
United Therapeutics Corp.*	18,212		888,928
Vanda Pharmaceuticals, Inc.*	3,745		24,754
Vical, Inc.*	7,600		23,560
ZIOPHARM Oncology, Inc.*	5,560		17,681
ZymoGenetics, Inc.*	5,300		22,366
			10,493,972
Health Care Equipment & Supplies (3.1%)
Abaxis, Inc.*	2,863		61,354
ABIOMED, Inc.*	4,074		39,436
Accuray, Inc.*	6,000		39,780
AGA Medical Holdings, Inc.*	1,800		22,842
Align Technology, Inc.*	49,350		733,835
Alimera Sciences, Inc.*	519		3,861
Alphatec Holdings, Inc.*	6,000		27,840
American Medical Systems Holdings, Inc.*	59,600		1,318,352
Analogic Corp.	1,164		52,974
Antares Pharma, Inc.*	6,450		11,352
ArthroCare Corp.*	3,405		104,363
Atrion Corp.	177		23,904
ATS Medical, Inc.*	8,100		32,157
Cerus Corp.*	4,324		13,664
Conceptus, Inc.*	4,009		62,460
Cooper Cos., Inc.	771		30,678
CryoLife, Inc.*	880		4,743
Cyberonics, Inc.*	3,513		83,188
Delcath Systems, Inc.*	4,723		29,944
DexCom, Inc.*	110,763		1,280,420

	Number of Shares	Value (Note 1)
Edwards Lifesciences Corp.*	20,400	$	1,142,808
Endologix, Inc.*	7,500		33,975
ev3, Inc.*	10,494		235,171
Exactech, Inc.*	855		14,603
Gen-Probe, Inc.*	6,200		281,604
Haemonetics Corp.*	3,145		168,320
Hansen Medical, Inc.*	4,700		10,011
HealthTronics, Inc.*	3,741		18,069
HeartWare International, Inc.*	1,229		86,116
Hill-Rom Holdings, Inc.	6,722		204,550
Hologic, Inc.*	52,030		724,778
ICU Medical, Inc.*	352		11,324
IDEXX Laboratories, Inc.*	7,303		444,753
Immucor, Inc.*	8,700		165,735
Insulet Corp.*	5,000		75,250
Integra LifeSciences Holdings Corp.*	2,637		97,569
Invacare Corp.	371		7,695
Inverness Medical Innovations, Inc.*	3,092		82,433
IRIS International, Inc.*	2,136		21,659
Kensey Nash Corp.*	758		17,972
Kinetic Concepts, Inc.*	752		27,456
MAKO Surgical Corp.*	3,172		39,491
Masimo Corp.	23,125		550,606
MELA Sciences, Inc.*	2,999		22,313
Meridian Bioscience, Inc.	5,000		85,000
Merit Medical Systems, Inc.*	3,300		53,031
Micrus Endovascular Corp.*	2,300		47,817
Natus Medical, Inc.*	3,539		57,650
Neogen Corp.*	2,798		72,888
NuVasive, Inc.*	18,920		670,903
NxStage Medical, Inc.*	3,400		50,456
OraSure Technologies, Inc.*	6,400		29,632
Orthofix International N.V.*	2,255		72,273
Orthovita, Inc.*	10,300		20,909
Palomar Medical Technologies, Inc.*	1,434		16,046
Quidel Corp.*	3,008		38,172
ResMed, Inc.*	20,321		1,235,720
Rochester Medical Corp.*	1,500		14,175
RTI Biologics, Inc.*	2,500		7,325
SenoRx, Inc.*	1,818		19,962
Sirona Dental Systems, Inc.*	23,479		818,008
Somanetics Corp.*	1,519		37,899
SonoSite, Inc.*	1,880		50,967
Spectranetics Corp.*	5,000		25,900
STAAR Surgical Co.*	3,922		22,434
Stereotaxis, Inc.*	4,018		13,300
STERIS Corp.	7,146		222,098
SurModics, Inc.*	1,250		20,513
Synovis Life Technologies, Inc.*	1,480		22,614
Teleflex, Inc.	837		45,432
Thoratec Corp.*	7,251		309,835
TomoTherapy, Inc.*	3,800		12,084
Unilife Corp.*	5,499		32,004
Vascular Solutions, Inc.*	2,208		27,600
Volcano Corp.*	37,209		811,900
West Pharmaceutical Services, Inc.	4,200		153,258
Wright Medical Group, Inc.*	3,124		51,890
Young Innovations, Inc.	343		9,655

See Notes to Financial Statements.

177

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Zoll Medical Corp.*	2,707	$	73,360
			13,714,118
Health Care Providers & Services (2.8%)
Accretive Health, Inc.*	19,500		257,985
Air Methods Corp.*	1,446		43,018
Alliance HealthCare Services, Inc.*	4,200		16,968
Allied Healthcare International, Inc.*	100		232
Almost Family, Inc.*	1,041		36,362
Amedisys, Inc.*	3,598		158,204
America Service Group, Inc.	1,200		20,640
American Dental Partners, Inc.*	442		5,353
AMERIGROUP Corp.*	871		28,290
AMN Healthcare Services, Inc.*	2,505		18,737
Bio-Reference Labs, Inc.*	3,115		69,059
BioScrip, Inc.*	4,199		22,003
Brookdale Senior Living, Inc.*	1,162		17,430
CardioNet, Inc.*	822		4,505
Catalyst Health Solutions, Inc.*	4,836		166,842
Centene Corp.*	26,820		576,630
Chemed Corp.	2,894		158,128
Chindex International, Inc.*	993		12,442
Clarient, Inc.*	5,900		18,172
Community Health Systems, Inc.*	25,006		845,453
Continucare Corp.*	3,344		11,202
Corvel Corp.*	961		32,472
Coventry Health Care, Inc.*	42,440		750,339
Emdeon, Inc., Class A*	3,273		41,011
Emergency Medical Services Corp., Class A*	18,430		903,623
Emeritus Corp.*	2,800		45,668
Ensign Group, Inc.	1,800		29,736
Genoptix, Inc.*	2,093		36,000
Gentiva Health Services, Inc.*	1,200		32,412
Hanger Orthopedic Group, Inc.*	1,604		28,808
Health Grades, Inc.*	3,800		22,800
Health Management Associates, Inc., Class A*	31,500		244,755
HealthSouth Corp.*	11,204		209,627
HMS Holdings Corp.*	19,685		1,067,321
inVentiv Health, Inc.*	4,283		109,645
IPC The Hospitalist Co., Inc.*	1,969		49,422
Landauer, Inc.	1,160		70,621
LCA-Vision, Inc.*	2,290		12,687
LHC Group, Inc.*	1,970		54,667
Lincare Holdings, Inc.*	55,154		1,793,056
Magellan Health Services, Inc.*	18,330		665,746
MEDNAX, Inc.*	5,611		312,028
Metropolitan Health Networks, Inc.*	6,100		22,753
Molina Healthcare, Inc.*	587		16,906
MWI Veterinary Supply, Inc.*	10,543		529,891
Odyssey HealthCare, Inc.*	4,015		107,281
Omnicare, Inc.	1,617		38,323
Owens & Minor, Inc.	6,300		178,794
Patterson Cos., Inc.	12,908		368,265
PDI, Inc.*	545		4,513
PharMerica Corp.*	1,591		23,324
Providence Service Corp.*	1,700		23,800
PSS World Medical, Inc.*	7,343		155,304

	Number of Shares	Value (Note 1)
Psychiatric Solutions, Inc.*	25,175	$	823,726
RehabCare Group, Inc.*	605		13,177
Rural/Metro Corp.*	1,668		13,577
Sunrise Senior Living, Inc.*	6,663		18,523
Team Health Holdings, Inc.*	2,000		25,840
Tenet Healthcare Corp.*	43,000		186,620
U.S. Physical Therapy, Inc.*	1,100		18,568
Universal Health Services, Inc., Class B	702		26,781
VCA Antech, Inc.*	40,300		997,828
Virtual Radiologic Corp.*	898		15,410
			12,609,303
Health Care Technology (1.3%)
Allscripts-Misys Healthcare Solutions, Inc.*	8,316		133,888
athenahealth, Inc.*	29,190		762,735
Computer Programs & Systems, Inc.	1,161		47,508
Eclipsys Corp.*	7,100		126,664
MedAssets, Inc.*	32,893		759,170
Medidata Solutions, Inc.*	2,256		34,945
MedQuist, Inc.	864		6,834
Merge Healthcare, Inc.*	6,100		17,873
Omnicell, Inc.*	3,922		45,848
Phase Forward, Inc.*	5,194		86,636
Quality Systems, Inc.	9,222		534,784
SXC Health Solutions Corp.*	45,548		3,336,390
Transcend Services, Inc.*	1,300		17,550
Vital Images, Inc.*	1,342		17,111
			5,927,936
Life Sciences Tools & Services (1.3%)
Accelrys, Inc.*	4,400		28,380
Affymetrix, Inc.*	1,282		7,564
Bruker Corp.*	9,191		111,762
Caliper Life Sciences, Inc.*	4,635		19,791
Charles River Laboratories International, Inc.*	1,979		67,702
Covance, Inc.*	8,200		420,824
Dionex Corp.*	2,200		163,812
Enzo Biochem, Inc.*	4,100		16,687
eResearchTechnology, Inc.*	6,300		49,644
Furiex Pharmaceuticals, Inc.*	1,108		11,257
Kendle International, Inc.*	303		3,491
Luminex Corp.*	4,661		75,601
Mettler-Toledo International, Inc.*	4,257		475,209
PAREXEL International Corp.*	60,700		1,315,976
PerkinElmer, Inc.	6,772		139,977
Pharmaceutical Product Development, Inc.	76,300		1,938,783
Pure Bioscience*	3,725		8,903
QIAGEN N.V.*	31,580		606,968
Sequenom, Inc.*	8,124		48,013
Techne Corp.	4,534		260,478
			5,770,822
Pharmaceuticals (2.2%)
Acura Pharmaceuticals, Inc.*	1,300		3,263
Akorn, Inc.*	8,600		25,542
Alexza Pharmaceuticals, Inc.*	3,276		8,911

See Notes to Financial Statements.

178

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Aoxing Pharmaceutical Co., Inc.*	2,369	$	7,723
Ardea Biosciences, Inc.*	17,489		359,574
Auxilium Pharmaceuticals, Inc.*	50,989		1,198,242
AVANIR Pharmaceuticals, Inc., Class A*	10,300		26,471
Biodel, Inc.*	2,700		10,206
BioMimetic Therapeutics, Inc.*	2,194		24,397
BMP Sunstone Corp.*	1,432		7,375
Cadence Pharmaceuticals, Inc.*	54,700		383,447
Caraco Pharmaceutical Laboratories Ltd.*	800		3,776
Corcept Therapeutics, Inc.*	2,562		7,993
Cumberland Pharmaceuticals, Inc.*	1,300		8,346
Cypress Bioscience, Inc.*	1,934		4,448
Depomed, Inc.*	8,100		22,680
Durect Corp.*	13,300		32,319
Eurand N.V.*	1,523		14,758
Hi-Tech Pharmacal Co., Inc.*	1,135		26,003
Impax Laboratories, Inc.*	45,589		868,926
Inspire Pharmaceuticals, Inc.*	7,400		36,926
Jazz Pharmaceuticals, Inc.*	1,631		12,771
Lannett Co., Inc.*	800		3,656
MAP Pharmaceuticals, Inc.*	24,688		323,907
Medicines Co.*	3,666		27,898
Medicis Pharmaceutical Corp., Class A	21,880		478,734
Mylan, Inc.*	48,630		828,655
Nektar Therapeutics*	31,850		385,385
Neostem, Inc.*	2,644		4,839
Obagi Medical Products, Inc.*	2,311		27,316
Optimer Pharmaceuticals, Inc.*	4,261		39,499
Pain Therapeutics, Inc.*	5,600		31,136
Penwest Pharmaceuticals Co.*	44,100		145,530
Pozen, Inc.*	3,000		21,030
Questcor Pharmaceuticals, Inc.*	7,100		72,491
Salix Pharmaceuticals Ltd.*	34,530		1,347,706
Santarus, Inc.*	8,400		20,832
Shionogi & Co., Ltd.	50,330		1,041,248
Somaxon Pharmaceuticals, Inc.*	3,418		12,305
Sucampo Pharmaceuticals, Inc., Class A*	400		1,412
SuperGen, Inc.*	3,440		6,949
Valeant Pharmaceuticals International*	7,238		378,475
Vivus, Inc.*	10,200		97,920
Watson Pharmaceuticals, Inc.*	32,500		1,318,525
XenoPort, Inc.*	3,500		34,335
			9,743,880
Total Health Care			58,260,031
Industrials (13.5%)
Aerospace & Defense (1.7%)
Aerovironment, Inc.*	15,927		346,094
Alliant Techsystems, Inc.*	3,805		236,138
American Science & Engineering, Inc.	1,137		86,651
Applied Energetics, Inc.*	8,014		8,254
Applied Signal Technology, Inc.	917		18,019
Astronics Corp.*	1,109		18,143
BE Aerospace, Inc.*	45,310		1,152,233

	Number of Shares	Value (Note 1)
Cubic Corp.	866	$	31,505
DigitalGlobe, Inc.*	17,112		450,046
DynCorp International, Inc., Class A*	237		4,152
GenCorp, Inc.*	1,096		4,801
GeoEye, Inc.*	2,841		88,469
HEICO Corp.	28,695		1,030,724
Hexcel Corp.*	61,373		951,895
Orbital Sciences Corp.*	3,061		48,272
Rockwell Collins, Inc.	16,400		871,332
Safran S.A.	55,611		1,542,179
Spirit AeroSystems Holdings, Inc., Class A*	2,147		40,922
Stanley, Inc.*	1,764		65,938
Taser International, Inc.*	8,053		31,407
Teledyne Technologies, Inc.*	1,175		45,332
TransDigm Group, Inc.	6,221		317,458
			7,389,964
Air Freight & Logistics (0.4%)
Atlas Air Worldwide Holdings, Inc.*	6,430		305,425
Dynamex, Inc.*	865		10,553
Expeditors International of Washington, Inc.	28,860		995,959
Forward Air Corp.	3,661		99,762
Hub Group, Inc., Class A*	4,718		141,587
Pacer International, Inc.*	4,269		29,840
Park-Ohio Holdings Corp.*	914		13,153
UTi Worldwide, Inc.	11,013		136,341
			1,732,620
Airlines (0.8%)
Alaska Air Group, Inc.*	244		10,968
Allegiant Travel Co.	23,000		981,870
AMR Corp.*	13,794		93,523
Continental Airlines, Inc., Class B*	17,712		389,664
Copa Holdings S.A., Class A	2,455		108,560
Hawaiian Holdings, Inc.*	1,985		10,263
JetBlue Airways Corp.*	165,100		906,399
U.S. Airways Group, Inc.*	94,340		812,267
UAL Corp.*	16,015		329,268
			3,642,782
Building Products (0.5%)
A.O. Smith Corp.	2,850		137,341
AAON, Inc.	1,736		40,466
Armstrong World Industries, Inc.*	349		10,533
Builders FirstSource, Inc.*	2,805		6,732
Lennox International, Inc.	21,933		911,755
NCI Building Systems, Inc.*	2,179		18,238
Owens Corning, Inc.*	8,022		239,938
Quanex Building Products Corp.	1,311		22,667
Simpson Manufacturing Co., Inc.	27,307		670,387
Trex Co., Inc.*	1,984		39,859
USG Corp.*	3,487		42,123
			2,140,039

See Notes to Financial Statements.

179

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Commercial Services & Supplies (1.3%)
ABM Industries, Inc.	1,791	$	37,521
American Reprographics Co.*	1,160		10,127
APAC Customer Services, Inc.*	4,200		23,940
ATC Technology Corp.*	1,147		18,490
Bowne & Co., Inc.	3,547		39,797
Brink’s Co.	5,265		100,193
Casella Waste Systems, Inc., Class A*	2,660		10,161
Cenveo, Inc.*	7,700		42,196
Clean Harbors, Inc.*	18,501		1,228,651
Consolidated Graphics, Inc.*	1,177		50,893
Copart, Inc.*	9,064		324,582
Corrections Corp. of America*	72,449		1,382,327
Deluxe Corp.	6,083		114,056
EnerNOC, Inc.*	2,488		78,223
GEO Group, Inc.*	4,442		92,172
Healthcare Services Group, Inc.	5,414		102,595
Herman Miller, Inc.	7,250		136,808
HNI Corp.	5,712		157,594
Innerworkings, Inc.*	3,400		23,222
Interface, Inc., Class A	6,415		68,897
KAR Auction Services, Inc.*	810		10,020
Knoll, Inc.	5,800		77,082
McGrath RentCorp.	1,177		26,812
Mine Safety Appliances Co.	2,552		63,239
Mobile Mini, Inc.*	64,300		1,046,804
Multi-Color Corp.	569		5,827
Rollins, Inc.	5,300		109,657
Schawk, Inc.	913		13,649
Standard Parking Corp.*	1,799		28,478
Standard Register Co.	1,600		5,024
Sykes Enterprises, Inc.*	731		10,402
Team, Inc.*	396		5,168
Tetra Tech, Inc.*	7,700		150,997
U.S. Ecology, Inc.	2,200		32,054
United Stationers, Inc.*	1,926		104,909
Viad Corp.	408		7,201
Waste Connections, Inc.*	7,747		270,293
			6,010,061
Construction & Engineering (0.5%)
Aecom Technology Corp.*	45,130		1,040,698
Argan, Inc.*	623		6,498
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	5,169		97,229
Furmanite Corp.*	4,000		15,880
Great Lakes Dredge & Dock Corp.	3,305		19,830
Insituform Technologies, Inc., Class A*	4,263		87,306
Jacobs Engineering Group, Inc.*	24,100		878,204
KBR, Inc.	671		13,648
Michael Baker Corp.*	204		7,120
MYR Group, Inc.*	566		9,446
Orion Marine Group, Inc.*	3,200		45,440
Primoris Services Corp.	994		6,262
Shaw Group, Inc.*	6,207		212,404
			2,439,965
Electrical Equipment (1.2%)
A123 Systems, Inc.*	9,174		86,511

	Number of Shares	Value (Note 1)
Acuity Brands, Inc.	5,495	$	199,908
Advanced Battery Technologies, Inc.*	6,206		20,356
American Superconductor Corp.*	5,600		149,464
AMETEK, Inc.	36,591		1,469,129
AZZ, Inc.	1,528		56,185
Baldor Electric Co.	34,746		1,253,636
Belden, Inc.	5,906		129,932
Broadwind Energy, Inc.*	3,878		10,858
Capstone Turbine Corp.*	27,946		27,387
Coleman Cable, Inc.*	830		4,681
Ener1, Inc.*	8,100		27,378
EnerSys*	1,410		30,132
Franklin Electric Co., Inc.	2,700		77,814
FuelCell Energy, Inc.*	9,800		11,564
Generac Holdings, Inc.*	960		13,450
General Cable Corp.*	2,356		62,787
GrafTech International Ltd.*	15,211		222,385
Hubbell, Inc., Class B	3,048		120,975
II-VI, Inc.*	3,152		93,394
LaBarge, Inc.*	1,800		20,538
Polypore International, Inc.*	2,834		64,445
PowerSecure International, Inc.*	2,334		21,216
Preformed Line Products Co.	234		6,540
Regal-Beloit Corp.	17,036		950,268
SatCon Technology Corp.*	9,700		27,742
Thomas & Betts Corp.*	1,229		42,646
UQM Technologies, Inc.*	3,827		12,973
Vicor Corp.*	2,477		30,938
Woodward Governor Co.	7,699		196,555
			5,441,787
Industrial Conglomerates (0.0%)
Carlisle Cos., Inc.	697		25,183
Raven Industries, Inc.	2,119		71,431
			96,614
Machinery (3.7%)
3D Systems Corp.*	2,376		29,819
Actuant Corp., Class A	50,231		945,850
Albany International Corp., Class A	399		6,460
Altra Holdings, Inc.*	3,430		44,659
Ampco-Pittsburgh Corp.	300		6,249
ArvinMeritor, Inc.*	11,884		155,680
Badger Meter, Inc.	1,921		74,323
Barnes Group, Inc.	5,407		88,621
Blount International, Inc.*	5,744		58,991
Briggs & Stratton Corp.	3,934		66,957
Bucyrus International, Inc.	26,246		1,245,373
CLARCOR, Inc.	5,964		211,841
Colfax Corp.*	2,844		29,606
Donaldson Co., Inc.	9,788		417,458
Dynamic Materials Corp.	846		13,570
Energy Recovery, Inc.*	5,500		22,000
EnPro Industries, Inc.*	826		23,252
Flow International Corp.*	6,500		15,340
Gardner Denver, Inc.	6,257		279,000
Gorman-Rupp Co.	1,584		39,679
Graco, Inc.	7,656		215,823
Graham Corp.	1,332		19,967
Harsco Corp.	1,024		24,064

See Notes to Financial Statements.

180

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
IDEX Corp.	31,915	$	911,811
Ingersoll-Rand plc	58,540		2,019,045
John Bean Technologies Corp.	3,557		54,244
Joy Global, Inc.	17,750		889,097
Kaydon Corp.	18,125		595,587
Kennametal, Inc.	7,723		196,396
Lincoln Electric Holdings, Inc.	22,820		1,163,592
Lindsay Corp.	1,592		50,450
Manitowoc Co., Inc.	16,586		151,596
Met-Pro Corp.	755		8,124
Middleby Corp.*	2,100		111,699
Mueller Industries, Inc.	266		6,544
Mueller Water Products, Inc., Class A	18,225		67,615
NACCO Industries, Inc., Class A	674		59,824
Navistar International Corp.*	40,518		1,993,486
Nordson Corp.	4,391		246,247
Oshkosh Corp.*	11,340		353,354
Pall Corp.	14,851		510,429
Pentair, Inc.	6,480		208,656
PMFG, Inc.*	2,300		34,845
RBC Bearings, Inc.*	19,405		562,551
Sauer-Danfoss, Inc.*	1,617		19,760
SPX Corp.	1,223		64,587
Sun Hydraulics Corp.	1,563		36,668
Tennant Co.	2,456		83,062
Timken Co.	8,050		209,219
Titan International, Inc.	420		4,187
Toro Co.	4,310		211,707
Trimas Corp.*	2,110		23,864
Valmont Industries, Inc.	11,006		799,696
WABCO Holdings, Inc.*	8,129		255,901
Wabtec Corp.	12,714		507,161
Xerium Technologies, Inc.*	616		8,698
			16,454,284
Marine (0.2%)
Kirby Corp.*	17,502		669,452
Professional Services (1.0%)
Acacia Research Corp.- Acacia Technologies*	4,600		65,458
Administaff, Inc.	2,808		67,841
Advisory Board Co.*	2,041		87,681
CBIZ, Inc.*	3,890		24,740
CDI Corp.	316		4,907
Corporate Executive Board Co.	4,200		110,334
CoStar Group, Inc.*	2,624		101,811
CRA International, Inc.*	276		5,197
Diamond Management & Technology Consultants, Inc.	3,600		37,116
Dolan Media Co.*	1,980		22,018
Exponent, Inc.*	1,813		59,321
Franklin Covey Co.*	2,000		13,000
FTI Consulting, Inc.*	25,028		1,090,971
GP Strategies Corp.*	1,000		7,260
Hill International, Inc.*	1,658		6,731
Hudson Highland Group, Inc.*	3,623		15,941
Huron Consulting Group, Inc.*	26,061		505,844
ICF International, Inc.*	25,420		608,301
IHS, Inc., Class A*	6,127		357,939
Kelly Services, Inc., Class A*	511		7,599

	Number of Shares	Value (Note 1)
Kforce, Inc.*	11,782	$	150,221
Korn/Ferry International*	319		4,434
Manpower, Inc.	15,500		669,290
Mistras Group, Inc.*	1,636		17,538
Navigant Consulting, Inc.*	1,683		17,470
On Assignment, Inc.*	900		4,527
Resources Connection, Inc.*	5,600		76,160
Robert Half International, Inc.	19,038		448,345
School Specialty, Inc.*	808		14,601
Towers Watson & Co., Class A	913		35,470
TrueBlue, Inc.*	2,997		33,536
Volt Information Sciences, Inc.*	1,456		12,230
VSE Corp.	358		11,392
			4,695,224
Road & Rail (2.0%)
Avis Budget Group, Inc.*	12,969		127,356
Celadon Group, Inc.*	1,850		26,159
Con-way, Inc.	620		18,612
Dollar Thrifty Automotive Group, Inc.*	3,619		154,206
Genesee & Wyoming, Inc., Class A*	22,342		833,580
Heartland Express, Inc.	6,199		90,010
Hertz Global Holdings, Inc.*	74,716		706,813
J.B. Hunt Transport Services, Inc.	41,300		1,349,271
Kansas City Southern*	36,625		1,331,319
Knight Transportation, Inc.	70,701		1,430,988
Landstar System, Inc.	6,374		248,522
Localiza Rent a Car S.A.	113,630		1,307,532
Marten Transport Ltd.*	27,838		578,474
Old Dominion Freight Line, Inc.*	3,177		111,640
Patriot Transportation Holding, Inc.*	111		8,981
RailAmerica, Inc.*	35,410		351,267
Roadrunner Transportation Systems, Inc.*	354		5,030
Ryder System, Inc.	3,541		142,454
			8,822,214
Trading Companies & Distributors (0.2%)
Applied Industrial Technologies, Inc.	5,348		135,411
Beacon Roofing Supply, Inc.*	5,667		102,119
CAI International, Inc.*	358		4,260
DXP Enterprises, Inc.*	826		12,927
GATX Corp.	1,750		46,690
Houston Wire & Cable Co.	2,037		22,102
Kaman Corp.	1,951		43,156
MSC Industrial Direct Co., Class A	5,507		278,985
TAL International Group, Inc.	542		12,179
Textainer Group Holdings Ltd.	954		23,030
Titan Machinery, Inc.*	778		10,215
Watsco, Inc.	3,534		204,689
WESCO International, Inc.*	1,851		62,323
			958,086
Total Industrials			60,493,092

See Notes to Financial Statements.

181

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Information Technology (21.9%)
Communications Equipment (3.3%)
Acme Packet, Inc.*	5,580	$	149,990
ADC Telecommunications, Inc.*	10,476		77,627
ADTRAN, Inc.	7,852		214,124
Anaren, Inc.*	395		5,901
Arris Group, Inc.*	3,273		33,352
Aruba Networks, Inc.*	145,269		2,068,631
BigBand Networks, Inc.*	3,638		10,987
Blue Coat Systems, Inc.*	27,190		555,492
Calix, Inc.*	453		4,648
Ciena Corp.*	11,694		148,280
Comtech Telecommunications Corp.*	1,345		40,256
DG FastChannel, Inc.*	3,186		103,800
Digi International, Inc.*	500		4,135
EMS Technologies, Inc.*	288		4,326
Extreme Networks, Inc.*	1,749		4,722
F5 Networks, Inc.*	14,140		969,580
Finisar Corp.*	97,277		1,449,427
Harmonic, Inc.*	3,174		17,267
Hughes Communications, Inc.*	930		22,627
Infinera Corp.*	10,400		66,872
InterDigital, Inc.*	5,500		135,795
Ixia*	139,000		1,194,010
JDS Uniphase Corp.*	27,262		268,258
KVH Industries, Inc.*	2,200		27,324
Loral Space & Communications, Inc.*	1,428		61,004
Meru Networks, Inc.*	433		5,135
NETGEAR, Inc.*	4,447		79,334
Network Engines, Inc.*	3,838		10,401
Network Equipment Technologies, Inc.*	3,220		11,238
Occam Networks, Inc.*	957		5,321
Oclaro, Inc.*	6,239		69,190
Oplink Communications, Inc.*	1,214		17,397
Palm, Inc.*	19,400		110,386
Plantronics, Inc.	6,120		175,032
Polycom, Inc.*	99,064		2,951,117
Riverbed Technology, Inc.*	81,790		2,259,040
SeaChange International, Inc.*	1,898		15,620
ShoreTel, Inc.*	85,200		395,328
Sonus Networks, Inc.*	21,670		58,726
Tekelec*	1,222		16,179
ViaSat, Inc.*	25,881		842,685
			14,660,564
Computers & Peripherals (1.2%)
3PAR, Inc.*	4,660		43,385
Compellent Technologies, Inc.*	2,790		33,815
Cray, Inc.*	2,500		13,950
Diebold, Inc.	1,867		50,876
Hypercom Corp.*	5,099		23,659
Immersion Corp.*	3,634		18,388
Intermec, Inc.*	3,865		39,616
Intevac, Inc.*	697		7,437
Isilon Systems, Inc.*	3,447		44,259
Lexmark International, Inc., Class A*	22,800		753,084
NCR Corp.*	20,200		244,824
NetApp, Inc.*	32,393		1,208,583

	Number of Shares	Value (Note 1)
Netezza Corp.*	62,985	$	861,635
Novatel Wireless, Inc.*	688		3,949
Presstek, Inc.*	2,758		9,736
QLogic Corp.*	14,188		235,805
Quantum Corp.*	26,300		49,444
SanDisk Corp.*	35,440		1,490,961
STEC, Inc.*	5,092		63,955
Stratasys, Inc.*	2,698		66,263
Super Micro Computer, Inc.*	3,080		41,580
Synaptics, Inc.*	4,229		116,297
Xyratex Ltd.*	3,808		53,883
			5,475,384
Electronic Equipment, Instruments & Components (2.2%)
Anixter International, Inc.*	1,774		75,572
Arrow Electronics, Inc.*	1,841		41,146
AVX Corp.	900		11,538
Bell Microproducts, Inc.*	3,982		27,794
Benchmark Electronics, Inc.*	781		12,379
Brightpoint, Inc.*	8,721		61,047
Checkpoint Systems, Inc.*	1,890		32,810
Cogent, Inc.*	1,837		16,551
Cognex Corp.	3,969		69,775
Coherent, Inc.*	16,399		562,486
Comverge, Inc.*	3,200		28,672
CTS Corp.	1,237		11,430
Daktronics, Inc.	1,216		9,120
DDi Corp.	1,675		12,613
DTS, Inc.*	14,644		481,348
Echelon Corp.*	3,764		27,590
FARO Technologies, Inc.*	48,800		913,048
FLIR Systems, Inc.*	19,431		565,248
ICx Technologies, Inc.*	760		5,548
Ingram Micro, Inc., Class A*	395		6,000
Insight Enterprises, Inc.*	1,513		19,911
IPG Photonics Corp.*	3,400		51,782
Itron, Inc.*	4,700		290,554
Jabil Circuit, Inc.	93,380		1,241,954
Keithley Instruments, Inc.	1,064		9,395
Littelfuse, Inc.*	2,373		75,011
Maxwell Technologies, Inc.*	3,300		37,620
Methode Electronics, Inc.	2,719		26,483
Microvision, Inc.*	11,980		35,461
MTS Systems Corp.	2,065		59,885
Multi-Fineline Electronix, Inc.*	1,327		33,122
National Instruments Corp.	39,055		1,241,168
Newport Corp.*	950		8,607
OSI Systems, Inc.*	1,570		43,599
Park Electrochemical Corp.	1,607		39,227
Plexus Corp.*	5,098		136,321
Power-One, Inc.*	7,337		49,525
RadiSys Corp.*	2,500		23,800
Rofin-Sinar Technologies, Inc.*	1,783		37,122
Rogers Corp.*	679		18,856
Sanmina-SCI Corp.*	95,643		1,301,701
SMART Modular Technologies (WWH), Inc.*	3,547		20,750
Technitrol, Inc.	4,472		14,132
Trimble Navigation Ltd.*	69,620		1,949,360
TTM Technologies, Inc.*	1,768		16,796

See Notes to Financial Statements.

182

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Universal Display Corp.*	3,937	$	70,787
			9,824,644
Internet Software & Services (2.8%)
Ancestry.com, Inc.*	2,348		41,372
Archipelago Learning, Inc.*	1,200		13,716
Art Technology Group, Inc.*	229,928		786,354
comScore, Inc.*	2,800		46,116
Constant Contact, Inc.*	3,622		77,257
DealerTrack Holdings, Inc.*	58,926		969,333
Dice Holdings, Inc.*	2,700		18,684
Digital River, Inc.*	633		15,135
DivX, Inc.*	91,812		703,280
Equinix, Inc.*	18,333		1,489,006
GSI Commerce, Inc.*	96,447		2,777,674
IAC/InterActiveCorp*	4,600		101,062
InfoSpace, Inc.*	984		7,400
Internet Brands, Inc., Class A*	1,300		13,429
Internet Capital Group, Inc.*	909		6,908
j2 Global Communications, Inc.*	3,975		86,814
Keynote Systems, Inc.	600		5,412
KIT Digital, Inc.*	2,143		18,901
Knot, Inc.*	2,380		18,516
Limelight Networks, Inc.*	5,600		24,584
Liquidity Services, Inc.*	1,973		25,570
LivePerson, Inc.*	6,200		42,532
Local.com Corp.*	1,563		10,691
LogMeIn, Inc.*	19,864		521,033
LoopNet, Inc.*	2,569		31,676
Monster Worldwide, Inc.*	8,031		93,561
Move, Inc.*	22,700		46,535
NIC, Inc.	6,549		41,979
OpenTable, Inc.*	5,597		232,108
Openwave Systems, Inc.*	8,306		16,861
Perficient, Inc.*	1,856		16,537
QuinStreet, Inc.*	42,091		484,467
Rackspace Hosting, Inc.*	12,248		224,628
Saba Software, Inc.*	4,000		20,600
SAVVIS, Inc.*	4,800		70,800
Stamps.com, Inc.*	1,800		18,450
support.com, Inc.*	5,385		22,402
Terremark Worldwide, Inc.*	7,100		55,451
Travelzoo, Inc.*	639		7,911
United Online, Inc.	787		4,533
ValueClick, Inc.*	8,148		87,102
VistaPrint N.V.*	58,409		2,773,843
Vocus, Inc.*	2,181		33,326
WebMD Health Corp.*	6,809		316,142
Zix Corp.*	10,400		23,504
			12,443,195
IT Services (2.0%)
Acxiom Corp.*	8,635		126,848
Alliance Data Systems Corp.*	6,727		400,391
Broadridge Financial Solutions, Inc.	15,673		298,571
CACI International, Inc., Class A*	200		8,496
Cass Information Systems, Inc.	1,141		39,079
Cognizant Technology Solutions Corp., Class A*	19,720		987,183
Computer Task Group, Inc.*	1,200		7,752
CSG Systems International, Inc.*	2,094		38,383

	Number of Shares	Value (Note 1)
Cybersource Corp.*	9,074	$	231,659
DST Systems, Inc.	4,374		158,076
Echo Global Logistics, Inc.*	45,880		560,195
ExlService Holdings, Inc.*	2,024		34,752
Forrester Research, Inc.*	1,910		57,797
Gartner, Inc.*	9,206		214,039
Genpact Ltd.*	60,294		936,366
Global Cash Access Holdings, Inc.*	72,422		522,163
Global Payments, Inc.	10,300		376,362
Hackett Group, Inc.*	2,100		5,901
Heartland Payment Systems, Inc.	4,932		73,191
Hewitt Associates, Inc., Class A*	11,704		403,320
iGATE Corp.	3,500		44,870
infoGROUP, Inc.*	3,731		29,773
Integral Systems, Inc.*	100		635
Lender Processing Services, Inc.	11,978		375,031
Lionbridge Technologies, Inc.*	8,500		38,845
ManTech International Corp., Class A*	2,520		107,276
MAXIMUS, Inc.	2,217		128,298
MoneyGram International, Inc.*	11,100		27,195
NCI, Inc., Class A*	947		21,383
NeuStar, Inc., Class A*	9,100		187,642
Online Resources Corp.*	2,000		8,300
RightNow Technologies, Inc.*	2,864		44,936
Sapient Corp.	125,157		1,269,092
SRA International, Inc., Class A*	531		10,445
Syntel, Inc.	1,644		55,814
TeleTech Holdings, Inc.*	3,900		50,271
Tier Technologies, Inc., Class B*	600		3,648
TNS, Inc.*	3,337		58,197
Unisys Corp.*	2,144		39,643
VeriFone Systems, Inc.*	49,195		931,261
Virtusa Corp.*	1,129		10,534
Wright Express Corp.*	4,900		145,530
			9,069,143
Office Electronics (0.0%)
Zebra Technologies Corp., Class A*	4,223		107,137
Semiconductors & Semiconductor Equipment (5.5%)
Actel Corp.*	1,500		19,230
Advanced Analogic
Technologies, Inc.*	2,178		6,948
Advanced Energy Industries, Inc.*	3,106		38,173
Amkor Technology, Inc.*	13,600		74,936
ANADIGICS, Inc.*	6,831		29,783
Applied Micro Circuits Corp.*	8,200		85,936
Atheros Communications, Inc.*	84,437		2,325,395
Atmel Corp.*	52,088		250,022
ATMI, Inc.*	358		5,241
AXT, Inc.*	1,312		5,917
Broadcom Corp., Class A	41,070		1,354,078
Brooks Automation, Inc.*	4,264		32,961
Cabot Microelectronics Corp.*	665		23,002
Cavium Networks, Inc.*	5,637		147,633
CEVA, Inc.*	2,900		36,540
Cirrus Logic, Inc.*	8,476		134,006

See Notes to Financial Statements.

183

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Conexant Systems, Inc.*	9,327	$	20,893
Cymer, Inc.*	25,215		757,459
Cypress Semiconductor Corp.*	110,966		1,114,099
Diodes, Inc.*	4,100		65,067
Energy Conversion Devices, Inc.*	1,653		6,777
Entegris, Inc.*	4,507		17,893
Entropic Communications, Inc.*	8,000		50,720
Exar Corp.*	900		6,237
Fairchild Semiconductor International, Inc.*	56,230		472,894
FEI Co.*	1,451		28,599
FSI International, Inc.*	3,966		16,618
GSI Technology, Inc.*	1,013		5,794
GT Solar International, Inc.*	7,269		40,706
Hittite Microwave Corp.*	14,440		646,046
Integrated Device Technology, Inc.*	12,640		62,568
Integrated Silicon Solution, Inc.*	2,699		20,350
Intersil Corp., Class A	5,670		68,664
IXYS Corp.*	2,297		20,306
Kopin Corp.*	4,453		15,096
Kulicke & Soffa Industries, Inc.*	8,970		62,969
Lattice Semiconductor Corp.*	14,647		63,568
LTX-Credence Corp.*	18,551		52,499
Marvell Technology Group Ltd.*	52,350		825,036
Mattson Technology, Inc.*	5,801		21,986
Maxim Integrated Products, Inc.	60,911		1,019,041
MaxLinear, Inc., Class A*	567		7,927
MEMC Electronic Materials, Inc.*	11,980		118,362
Micrel, Inc.	6,424		65,396
Microsemi Corp.*	4,203		61,490
Microtune, Inc.*	3,700		7,881
Mindspeed Technologies, Inc.*	4,000		29,960
MIPS Technologies, Inc.*	6,232		31,846
MKS Instruments, Inc.*	2,639		49,402
Monolithic Power Systems, Inc.*	4,171		74,494
MoSys, Inc.*	2,714		11,996
Nanometrics, Inc.*	2,075		20,937
National Semiconductor Corp.	27,337		367,956
Netlogic Microsystems, Inc.*	61,092		1,661,702
Novellus Systems, Inc.*	10,763		272,950
NVE Corp.*	579		25,204
NVIDIA Corp.*	84,061		858,263
OmniVision Technologies, Inc.*	5,026		107,757
ON Semiconductor Corp.*	136,287		869,511
PDF Solutions, Inc.*	1,905		9,144
PLX Technology, Inc.*	5,800		24,302
Power Integrations, Inc.	53,842		1,733,443
Rambus, Inc.*	13,402		234,803
RF Micro Devices, Inc.*	201,668		788,522
Rubicon Technology, Inc.*	1,842		54,873
Rudolph Technologies, Inc.*	3,636		27,452
Semtech Corp.*	7,727		126,491
Sigma Designs, Inc.*	807		8,078
Silicon Image, Inc.*	6,177		21,681
Silicon Laboratories, Inc.*	28,817		1,168,818
Skyworks Solutions, Inc.*	170,349		2,860,160
Spansion, Inc., Class A*	1,281		20,893
Standard Microsystems Corp.*	1,000		23,280
SunPower Corp., Class A*	4,814		58,249
Supertex, Inc.*	1,317		32,477

	Number of Shares	Value (Note 1)
Teradyne, Inc.*	95,450	$	930,638
Tessera Technologies, Inc.*	3,698		59,353
TriQuint Semiconductor, Inc.*	19,606		119,793
Ultra Clean Holdings, Inc.*	2,458		20,942
Ultratech, Inc.*	2,557		41,602
Varian Semiconductor Equipment Associates, Inc.*	37,570		1,076,756
Veeco Instruments, Inc.*	5,122		175,582
Virage Logic Corp.*	2,905		34,540
Volterra Semiconductor Corp.*	3,204		73,884
Zoran Corp.*	911		8,691
			24,429,167
Software (4.9%)
ACI Worldwide, Inc.*	4,352		84,733
Actuate Corp.*	7,200		32,040
Adobe Systems, Inc.*	49,240		1,301,413
Advent Software, Inc.*	2,008		94,296
American Software, Inc., Class A	2,700		12,474
ANSYS, Inc.*	29,746		1,206,795
ArcSight, Inc.*	3,111		69,655
Ariba, Inc.*	11,407		181,714
AsiaInfo Holdings, Inc.*	15,290		334,239
Aspen Technology, Inc.*	7,859		85,585
Blackbaud, Inc.	5,726		124,655
Blackboard, Inc.*	4,300		160,519
BMC Software, Inc.*	20,590		713,032
Bottomline Technologies, Inc.*	83,150		1,083,444
Cadence Design Systems, Inc.*	34,074		197,288
Citrix Systems, Inc.*	24,720		1,043,926
CommVault Systems, Inc.*	5,472		123,120
Compuware Corp.*	16,061		128,167
Concur Technologies, Inc.*	54,678		2,333,657
Deltek, Inc.*	2,447		20,408
DemandTec, Inc.*	2,657		17,935
Digimarc Corp.*	517		9,694
Ebix, Inc.*	3,300		51,744
Epicor Software Corp.*	3,044		24,322
EPIQ Systems, Inc.*	495		6,400
FactSet Research Systems, Inc.	5,865		392,896
FalconStor Software, Inc.*	3,025		7,986
Fortinet, Inc.*	5,001		82,216
Guidance Software, Inc.*	873		4,557
Informatica Corp.*	44,999		1,074,576
Interactive Intelligence, Inc.*	1,704		27,997
Jack Henry & Associates, Inc.	10,703		255,588
JDA Software Group, Inc.*	1,112		24,442
Kenexa Corp.*	2,889		34,668
Lawson Software, Inc.*	17,528		127,954
Magma Design Automation, Inc.*	5,729		16,270
Manhattan Associates, Inc.*	2,967		81,741
Mentor Graphics Corp.*	5,822		51,525
MICROS Systems, Inc.*	10,154		323,608
MicroStrategy, Inc., Class A*	1,164		87,405
Monotype Imaging Holdings, Inc.*	2,134		19,227
NetScout Systems, Inc.*	3,853		54,790
NetSuite, Inc.*	2,234		28,238
Nuance Communications, Inc.*	62,449		933,613
Opnet Technologies, Inc.	1,875		27,544
Parametric Technology Corp.*	14,690		230,192
Pegasystems, Inc.	2,055		65,986

See Notes to Financial Statements.

184

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Progress Software Corp.*	5,400	$	162,162
PROS Holdings, Inc.*	2,442		15,873
QAD, Inc.*	1,161		4,795
Quest Software, Inc.*	6,868		123,899
Radiant Systems, Inc.*	4,000		57,840
Renaissance Learning, Inc.	1,657		24,341
Rosetta Stone, Inc.*	1,234		28,333
Rovi Corp.*	49,462		1,875,104
Smith Micro Software, Inc.*	3,533		33,599
SolarWinds, Inc.*	42,134		675,829
Solera Holdings, Inc.	8,879		321,420
Sonic Solutions, Inc.*	3,059		25,543
SonicWALL, Inc.*	6,244		73,367
Sourcefire, Inc.*	3,534		67,146
SRS Labs, Inc.*	2,200		20,130
SS&C Technologies Holdings, Inc.*	962		15,421
SuccessFactors, Inc.*	43,264		899,459
Symyx Technologies, Inc.*	701		3,512
Synchronoss Technologies, Inc.*	2,744		52,054
Synopsys, Inc.*	1,252		26,129
Take-Two Interactive Software, Inc.*	800		7,200
Taleo Corp., Class A*	74,490		1,809,362
TeleCommunication Systems, Inc., Class A*	3,028		12,536
THQ, Inc.*	3,882		16,770
TIBCO Software, Inc.*	101,588		1,225,151
TiVo, Inc.*	14,935		110,220
Tyler Technologies, Inc.*	4,033		62,592
Ultimate Software Group, Inc.*	3,233		106,236
Unica Corp.*	2,500		23,950
VanceInfo Technologies, Inc. (ADR)*	31,590		735,415
VASCO Data Security International, Inc.*	2,689		16,591
VirnetX Holding Corp.	3,910		23,147
Wave Systems Corp., Class A*	9,703		31,438
Websense, Inc.*	5,500		103,950
			22,184,788
Total Information Technology			98,194,022
Materials (2.7%)
Chemicals (1.4%)
Airgas, Inc.	14,945		929,579
Albemarle Corp.	11,546		458,492
Arch Chemicals, Inc.	1,754		53,918
Ashland, Inc.	934		43,356
Balchem Corp.	3,500		87,500
Calgon Carbon Corp.*	28,960		383,430
CF Industries Holdings, Inc.	9,800		621,810
Eastman Chemical Co.	1,892		100,957
Ferro Corp.*	4,439		32,715
Hawkins, Inc.	1,088		26,199
Innophos Holdings, Inc.	484		12,623
International Flavors & Fragrances, Inc.	10,061		426,788
KMG Chemicals, Inc.	437		6,275
Koppers Holdings, Inc.	2,556		57,459
Kraton Performance Polymers, Inc.*	1,246		23,412
Landec Corp.*	1,614		9,507

	Number of Shares	Value (Note 1)
LSB Industries, Inc.*	2,290	$	30,480
Nalco Holding Co.	16,534		338,286
NewMarket Corp.	1,335		116,572
NL Industries, Inc.	1,000		6,100
Olin Corp.	5,799		104,904
Omnova Solutions, Inc.*	6,400		49,984
PolyOne Corp.*	8,190		68,960
Quaker Chemical Corp.	877		23,758
Rockwood Holdings, Inc.*	4,891		110,977
RPM International, Inc.	8,200		146,288
Scotts Miracle-Gro Co., Class A	5,825		258,688
Senomyx, Inc.*	3,855		14,611
Solutia, Inc.*	72,640		951,584
Spartech Corp.*	1,488		15,252
Stepan Co.	1,029		70,415
STR Holdings, Inc.*	37,683		708,440
Valspar Corp.	644		19,397
W.R. Grace & Co.*	1,611		33,895
Zep, Inc.	2,820		49,181
			6,391,792
Construction Materials (0.4%)
Eagle Materials, Inc.	42,890		1,112,138
Martin Marietta Materials, Inc.	5,740		486,809
United States Lime & Minerals, Inc.*	305		11,749
			1,610,696
Containers & Packaging (0.3%)
AEP Industries, Inc.*	386		9,218
Ball Corp.	2,586		136,618
Crown Holdings, Inc.*	20,657		517,251
Graham Packaging Co., Inc.*	414		4,956
Pactiv Corp.*	14,996		417,639
Rock-Tenn Co., Class A	1,764		87,618
Silgan Holdings, Inc.	3,541		100,493
Temple-Inland, Inc.	2,514		51,964
			1,325,757
Metals & Mining (0.5%)
AK Steel Holding Corp.	1,729		20,610
Allied Nevada Gold Corp.*	8,229		161,947
AMCOL International Corp.	3,196		75,106
Capital Gold Corp.*	4,860		19,440
Carpenter Technology Corp.	5,556		182,403
Coeur d’Alene Mines Corp.*	408		6,438
Compass Minerals International, Inc.	4,134		290,538
General Moly, Inc.*	7,796		24,012
Gerdau Ameristeel Corp.*	1,657		18,061
Globe Specialty Metals, Inc.*	7,746		80,016
Golden Star Resources Ltd.*	32,572		142,665
Jaguar Mining, Inc.*	10,620		93,775
Metals USA Holdings Corp.*	484		7,236
Noranda Aluminium Holding Corp.*	988		6,353
Reliance Steel & Aluminum Co.	836		30,221
Royal Gold, Inc.	1,037		49,776
RTI International Metals, Inc.*	359		8,655
Schnitzer Steel Industries, Inc., Class A	711		27,871
Steel Dynamics, Inc.	35,130		463,365

See Notes to Financial Statements.

185

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Stillwater Mining Co.*	5,617	$	65,270
Thompson Creek Metals Co., Inc.*	1,458		12,655
Titanium Metals Corp.*	10,797		189,919
U.S. Gold Corp.*	11,261		56,418
Walter Energy, Inc.	5,383		327,556
Worthington Industries, Inc.	5,062		65,097
			2,425,403
Paper & Forest Products (0.1%)
Clearwater Paper Corp.*	1,153		63,138
Deltic Timber Corp.	1,343		56,138
Neenah Paper, Inc.	661		12,096
Schweitzer-Mauduit International, Inc.	2,320		117,044
Verso Paper Corp.*	1,568		3,622
Wausau Paper Corp.*	1,400		9,478
			261,516
Total Materials			12,015,164
Telecommunication Services (0.9%)
Diversified Telecommunication Services (0.2%)
AboveNet, Inc.*	2,844		134,180
Alaska Communications Systems Group, Inc.	5,657		48,028
Atlantic Tele-Network, Inc.	964		39,813
Cbeyond, Inc.*	3,270		40,875
Cincinnati Bell, Inc.*	5,600		16,856
Cogent Communications Group, Inc.*	5,400		40,932
Consolidated Communications Holdings, Inc.	2,508		42,661
Frontier Communications Corp.	15,911		113,127
Global Crossing Ltd.*	2,736		28,920
Level 3 Communications, Inc.*	80,770		88,039
Neutral Tandem, Inc.*	4,000		45,000
PAETEC Holding Corp.*	12,168		41,493
tw telecom, Inc.*	19,284		321,657
Vonage Holdings Corp.*	4,882		11,229
			1,012,810
Wireless Telecommunication Services (0.7%)
ICO Global Communications Holdings Ltd.*	4,790		7,712
MetroPCS Communications, Inc.*	144,985		1,187,427
NTELOS Holdings Corp.	3,600		61,920
SBA Communications Corp., Class A*	43,039		1,463,756
Shenandoah Telecommunications Co.	3,025		53,663
Syniverse Holdings, Inc.*	8,673		177,363
USA Mobility, Inc.	1,730		22,352
			2,974,193
Total Telecommunication Services			3,987,003

	Number of Shares		Value (Note 1)
Utilities (0.1%)
Electric Utilities (0.1%)
ITC Holdings Corp.		5,620	$	297,354
Gas Utilities (0.0%)
South Jersey Industries, Inc.		698		29,986
Independent Power Producers & Energy Traders (0.0%)
Ormat Technologies, Inc.		1,319		37,315
Water Utilities (0.0%)
Cadiz, Inc.*		2,100		25,347
Southwest Water Co.		859		9,002
				34,349
Total Utilities				399,004
Total Common Stocks (78.6%) (Cost $316,487,172)				351,793,207
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (18.6%)
BlackRock Liquidity Funds TempFund 0.16% ‡	$	83,488,770	$	83,488,770
Time Deposit (1.3%)
JPMorgan Chase Nassau 0.000%, 7/1/10		5,750,055		5,750,055
Total Short-Term Investments (19.9%)
(Amortized Cost $89,238,825)				89,238,825
Total Investments (98.5%) (Cost/Amortized Cost $405,725,997)				441,032,032
Other Assets Less Liabilities (1.5%)				6,707,736
Net Assets (100%)			$	447,739,768

* Non-income producing.

† Securities (totaling $86 or 0.0% of net assets) at fair value by management.

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

Glossary:

ADR — American Depositary Receipt

See Notes to Financial Statements.

186

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	113,339,517	$	29,850,747	$	83,488,770	$	15,010	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index	261	September-10	$	9,551,372	$	9,072,360	$	(479,012	)
Russell 2000 Mini Index	451	September-10		27,797,728		27,411,780		(385,948	)
S&P MidCap 400 E-Mini Index	779	September-10		58,342,119		55,309,000		(3,033,119	)
							$	(3,898,079	)

At June 30, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

Foreign Currency Buy Contract	Counterparty	Local Contract Buy Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Japanese Yen vs. U.S. Dollar, expiring 7/13/10	Deutsche Bank AG	8,660	$	97,964	$	93,008	$	4,956
Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
European Union Euro vs. U.S. Dollar, expiring 7/13/10	Bank of America	46	$	56,270	$	56,253	$	17
European Union Euro vs. U.S. Dollar, expiring 7/13/10	Bank of America	140		167,909		171,204		(3,295	)
European Union Euro vs. U.S. Dollar, expiring 7/13/10	Bank of America	571		707,109		698,268		8,841
European Union Euro vs. U.S. Dollar, expiring 7/13/10	Bank of America	359		445,418		439,016		6,402
Japanese Yen vs. U.S. Dollar, expiring 7/13/10	Brown Brothers Harriman & Co.	4,576		50,251		51,765		(1,514	)
Japanese Yen vs. U.S. Dollar, expiring 7/13/10	JPMorgan Chase Bank	55,610		589,501		629,078		(39,577	)
Japanese Yen vs. U.S. Dollar, expiring 7/13/10	Standard Chartered Bank	28,393		300,971		321,190		(20,219	)
							$	(49,345	)
							$	(44,389	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)			Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	72,366,617		$	—		$	—	$	72,366,617
Consumer Staples		8,942,631			—			—		8,942,631
Energy		15,629,025			198,364			—		15,827,389
Financials		21,308,168			—			86		21,308,254
Health Care		57,218,783			1,041,248			—		58,260,031
Industrials		58,932,770			1,560,322			—		60,493,092
Information Technology		98,194,022			—			—		98,194,022
Materials		12,015,164			—			—		12,015,164
Telecommunication Services		3,987,003			—			—		3,987,003
Utilities		399,004			—			—		399,004
Forward Currency Contracts		—			20,216			—		20,216
Short-Term Investments		—			89,238,825			—		89,238,825
Total Assets	$	348,993,187		$	92,058,975		$	86	$	441,052,248
Liabilities:
Forward Currency Contracts	$	—		$	(64,605	)	$	—	$	(64,605	)
Futures		(3,898,079	)		—			—		(3,898,079	)
Total Liabilities	$	(3,898,079	)	$	(64,605	)	$	—	$	(3,962,684	)
Total	$	345,095,108		$	91,994,370		$	86	$	437,089,564

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

	Investments in Securities-Financials
Balance as of 12/31/09	$	152
Total gains or losses (realized/unrealized) included in earnings		(66	)
Purchases, sales, issuances, and settlements (net)		—
Transfers in to Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	86
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at year ending 6/30/10.	$	(66	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:

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		20,216
Credit contracts	Receivables		–
Equity contracts	Receivables, Net Assets - Unrealized appreciation		–	*
Commodity contracts	Receivables		–
Other contracts	Receivables		–
Total		$	20,216
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	–	*
Foreign exchange contracts	Payables		(64,605	)
Credit contracts	Payables		–
Equity contracts	Payables, Net Assets - Unrealized depreciation		(3,898,079	)*
Commodity contracts	Payables		–
Other contracts	Payables		–
Total		$	(3,962,684	)

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:

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		—		—			(369	)		—		(369	)
Credit contracts		—		—			—			—		—
Equity contracts		—	$	(8,670,489	)		—			—	$	(8,670,489	)
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—
Total	$	—	$	(8,670,489	)	$	(369	)	$	—	$	(8,670,858	)

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		—		—			(44,389	)		—		(44,389	)
Credit contracts		—		—			—			—		—
Equity contracts		—		(4,191,743	)		—			—		(4,191,743	)
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—
Total	$	—	$	(4,191,743	)	$	(44,389	)	$	—	$	(4,236,132	)

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $1,347,000 and futures contracts with an average notional balance of approximately $19,225,000 during the six months ended June 30, 2010.

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	155,686,902
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	277,379,466

As of June 30, 2010, 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	$	45,584,361
Aggregate gross unrealized depreciation		(16,950,855	)
Net unrealized appreciation	$	28,633,506
Federal income tax cost of investments	$	412,398,526

For the six months ended June 30, 2010, the Portfolio incurred approximately $316 as brokerage commissions with Keefe Bruyette & Woods, Inc. and $67 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $174,298,838 of which $25,170,348 expires in the year 2016, and $149,128,490 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $83,488,770)	$	83,488,770
Unaffiliated Issuers (Cost $322,237,227)		357,543,262
Cash		18,013
Cash held as collateral at broker		8,943,000
Receivable for securities sold		2,180,151
Dividends, interest and other receivables		112,962
Receivable from Separate Accounts for Trust shares sold		94,454
Unrealized appreciation of forward foreign currency contracts		20,216
Receivable from investment sub- advisor		6,355
Other assets		3,763
Total assets		452,410,946
LIABILITIES
Payable for securities purchased		2,906,139
Variation margin payable on futures contracts		657,090
Payable to Separate Accounts for Trust shares redeemed		459,685
Investment management fees payable		308,719
Distribution fees payable—Class B		80,321
Administrative fees payable		71,794
Unrealized depreciation of forward foreign currency contracts		64,605
Trustees’ fees payable		11,615
Accrued expenses		111,210
Total liabilities		4,671,178
NET ASSETS	$	447,739,768
Net assets were comprised of:
Paid in capital	$	546,375,552
Accumulated undistributed net investment income (loss)		(1,625,533	)
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(128,373,920	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		31,363,669
Net assets	$	447,739,768
Class A
Net asset value, offering and redemption price per share, $80,333,144 / 11,395,601 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.05
Class B
Net asset value, offering and redemption price per share, $367,406,624 / 53,526,901 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6.86

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends ($15,010 of dividend income received from affiliates) (net of $4,593 foreign withholding tax)	$	1,474,997
Interest		17
Securities lending (net)		73,483
Total income		1,548,497
EXPENSES
Investment management fees		1,942,334
Distribution fees—Class B		503,268
Administrative fees		444,770
Custodian fees		87,222
Printing and mailing expenses		29,410
Professional fees		25,977
Trustees’ fees		4,065
Miscellaneous		60,495
Gross expenses		3,097,541
Less:   Reimbursement from sub-advisor		(6,355	)
Fees paid indirectly		(10,304	)
Net expenses		3,080,882
NET INVESTMENT INCOME (LOSS)		(1,532,385	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		61,599,209
Foreign currency transactions		2,273
Futures		(8,670,489	)
Net realized gain (loss)		52,930,993
Change in unrealized appreciation (depreciation) on:
Securities		(59,144,583	)
Foreign currency translations		(43,666	)
Futures		(4,191,743	)
Net change in unrealized appreciation (depreciation)		(63,379,992	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(10,448,999	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,981,384	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,532,385	)	$	(1,421,634	)
Net realized gain (loss) on investments, futures and foreign currency transactions		52,930,993			(101,137,968	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(63,379,992	)		245,984,194
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(11,981,384	)		143,424,592
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 2,436,724 and 1,587,566 shares, respectively ]		18,179,236			8,779,900
Capital shares repurchased [ (2,699,336) and (19,607,586) shares, respectively ]		(22,064,182	)		(100,318,900	)
Total Class A transactions		(3,884,946	)		(91,539,000	)
Class B
Capital shares sold [ 3,625,389 and 8,202,871 shares, respectively ]		27,264,785			46,016,657
Capital shares repurchased [ (5,807,456) and (10,212,029) shares, respectively ]		(42,963,149	)		(58,168,009	)
Total Class B transactions		(15,698,364	)		(12,151,352	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(19,583,310	)		(103,690,352	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(31,564,694	)		39,734,240
NET ASSETS:
Beginning of period		479,304,462			439,570,222
End of period (a)	$	447,739,768		$	479,304,462
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(1,625,533	)	$	(93,148	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	7.27		$	5.11		$	9.13		$	9.04		$	9.12		$	9.63
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(e)		—	#(e)		(0.04	)(e)		(0.07	)(e)		(0.07	)(e)		(0.08	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.20	)		2.16			(3.90	)		1.14			0.96			0.89
Total from investment operations		(0.22	)		2.16			(3.94	)		1.07			0.89			0.81
Less distributions:
Distributions from net realized gains		—			—			(0.08	)		(0.98	)		(0.97	)		(1.32	)
Net asset value, end of period	$	7.05		$	7.27		$	5.11		$	9.13		$	9.04		$	9.12
Total return(b)		(3.03	)%		42.27	%		(43.47	)%		12.22	%		9.83	%		8.66	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	80,333		$	84,705		$	151,539		$	303,194		$	230,585		$	223,527
Ratio of expenses to average net assets:
After reimbursements(a)		1.07	%		0.78	%		1.21	%		1.27	%		1.26	%		1.30	%
After reimbursements and fees paid indirectly(a)		1.06	%		0.78	%		1.21	%		1.27	%		1.26	%		1.30	%
Before reimbursements and fees paid indirectly(a)		1.07	%		1.07	%		1.31	%		1.30	%		1.30	%		1.35	%
Ratio of net investment income (loss) to average net assets:
After reimbursements(a)		(0.43	)%		(0.05	)%		(0.50	)%		(0.67	)%		(0.74	)%		(0.84	)%
After reimbursements and fees paid indirectly(a)		(0.42	)%		(0.05	)%		(0.50	)%		(0.67	)%		(0.74	)%		(0.84	)%
Before reimbursements and fees paid indirectly(a)		(0.43	)%		(0.34	)%		(0.61	)%		(0.70	)%		(0.78	)%		(0.89	)%
Portfolio turnover rate		35	%		122	%		128	%		81	%		77	%		87	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	7.08		$	4.99		$	8.95		$	8.90		$	9.01		$	9.55
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(e)		(0.02	)(e)		(0.05	)(e)		(0.09	)(e)		(0.09	)(e)		(0.10	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.20	)		2.11			(3.83	)		1.12			0.95			0.88
Total from investment operations		(0.22	)		2.09			(3.88	)		1.03			0.86			0.78
Less distributions:
Distributions from net realized gains		—			—			(0.08	)		(0.98	)		(0.97	)		(1.32	)
Net asset value, end of period	$	6.86		$	7.08		$	4.99		$	8.95		$	8.90		$	9.01
Total return(b)		(3.11	)%		41.88	%		(43.68	)%		11.97	%		9.62	%		8.41	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	367,407		$	394,599		$	288,031		$	554,500		$	543,139		$	498,431
Ratio of expenses to average net assets:
After reimbursements(a)		1.32	%		1.15	%		1.46	%		1.52	%		1.51	%		1.55	%
After reimbursements and fees paid indirectly(a)		1.31	%		1.15	%		1.46	%		1.52	%		1.51	%		1.55	%
Before reimbursements and fees paid indirectly(a)		1.32	%		1.32	%		1.56	%(c)		1.55	%		1.55	%		1.60	%
Ratio of net investment income (loss) to average net assets:
After reimbursements(a)		(0.68	)%		(0.42	)%		(0.75	)%		(0.93	)%		(0.99	)%		(1.09	)%
After reimbursements and fees paid indirectly(a)		(0.67	)%		(0.42	)%		(0.75	)%		(0.93	)%		(0.99	)%		(1.09	)%
Before reimbursements and fees paid indirectly(a)		(0.68	)%		(0.59	)%		(0.86	)%		(0.96	)%		(1.03	)%		(1.14	)%
Portfolio turnover rate		35	%		122	%		128	%		81	%		77	%		87	%

# Per share amount is less than $0.01.

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

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

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

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

See Notes to Financial Statements.

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MULTIMANAGER MID CAP VALUE PORTFOLIO (Unaudited)

Sector Weightings as of 06/30/10	% of Net Assets
Financials	17.2	%
Materials	10.9
Energy	9.6
Industrials	8.2
Health Care	6.4
Utilities	6.2
Information Technology	5.9
Consumer Discretionary	4.8
Consumer Staples	4.5
Telecommunication Services	2.7
Cash and Other	23.6
	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$970.40	$5.03
Hypothetical (5% average return before expenses)	1,000.00	1,019.69	5.16
Class B
Actual	1,000.00	969.80	6.25
Hypothetical (5% average return before expenses)	1,000.00	1,018.45	6.41
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.03% and 1.28%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (4.8%)
Auto Components (0.4%)
Autoliv, Inc.*	7,435	$	355,765
BorgWarner, Inc.*	1,203		44,920
Dana Holding Corp.*	1,908		19,080
Drew Industries, Inc.*	1,424		28,765
Exide Technologies, Inc.*	8,079		42,011
Federal-Mogul Corp.*	2,167		28,214
Lear Corp.*	4,132		273,538
Magna International, Inc., Class A	12,582		829,909
Modine Manufacturing Co.*	6,511		50,004
Motorcar Parts of America, Inc.*	600		3,828
Spartan Motors, Inc.	4,100		17,220
Standard Motor Products, Inc.	1,800		14,526
Superior Industries International, Inc.	1,800		24,192
TRW Automotive Holdings Corp.*	5,740		158,252
			1,890,224
Distributors (0.0%)
AMCON Distributing Co.	200		11,200
Audiovox Corp., Class A*	3,407		25,041
Core-Mark Holding Co., Inc.*	1,465		40,141
			76,382
Diversified Consumer Services (0.1%)
Corinthian Colleges, Inc.*	3,300		32,505
CPI Corp.	300		6,726
Education Management Corp.*	2,486		37,912
Mac-Gray Corp.	2,400		26,736
Regis Corp.	10,226		159,219
Service Corp. International	38,366		283,908
Stewart Enterprises, Inc., Class A	13,700		74,117
			621,123
Hotels, Restaurants & Leisure (0.5%)
AFC Enterprises, Inc.*	1,400		12,740
Biglari Holdings, Inc.*	184		52,790
Bob Evans Farms, Inc.	5,141		126,571
Boyd Gaming Corp.*	8,100		68,769
Carrols Restaurant Group, Inc.*	500		2,285
CEC Entertainment, Inc.*	1,000		35,260
Choice Hotels International, Inc.	3,040		91,838
Churchill Downs, Inc.	1,059		34,735
Cracker Barrel Old Country Store, Inc.	600		27,936
Domino’s Pizza, Inc.*	3,300		37,290
Gaylord Entertainment Co.*	4,608		101,791
International Speedway Corp., Class A	2,913		75,039
Isle of Capri Casinos, Inc.*	490		4,537
Landry’s Restaurants, Inc.*	1,196		29,254
Life Time Fitness, Inc.*	805		25,591
Marcus Corp.	4,100		38,786
McCormick & Schmick’s Seafood Restaurants, Inc.*	877		6,542
Monarch Casino & Resort, Inc.*	600		6,078
Morgans Hotel Group Co.*	2,600		16,016
Multimedia Games, Inc.*	4,900		22,050
O’Charleys, Inc.*	1,566		8,300
Orient-Express Hotels Ltd., Class A*	12,400		91,760

	Number of Shares	Value (Note 1)
Papa John’s International, Inc.*	856	$	19,791
Penn National Gaming, Inc.*	8,600		198,660
Pinnacle Entertainment, Inc.*	6,798		64,309
Red Lion Hotels Corp.*	3,300		19,701
Red Robin Gourmet Burgers, Inc.*	2,179		37,392
Ruby Tuesday, Inc.*	11,110		94,435
Scientific Games Corp., Class A*	2,293		21,096
Speedway Motorsports, Inc.	2,200		29,832
Thomas Cook Group plc	148,507		391,637
Vail Resorts, Inc.*	4,567		159,434
Wendy’s/Arby’s Group, Inc., Class A	22,808		91,232
Wyndham Worldwide Corp.	25,872		521,062
			2,564,539
Household Durables (1.3%)
Acme United Corp.	200		2,128
American Greetings Corp., Class A	5,552		104,156
Beazer Homes USA, Inc.*	11,100		40,293
Blyth, Inc.	450		15,331
Brookfield Homes Corp.*	2,700		18,198
Cavco Industries, Inc.*	1,056		37,150
CSS Industries, Inc.	1,204		19,866
D.R. Horton, Inc.	36,677		360,535
Ethan Allen Interiors, Inc.	2,600		36,374
Flexsteel Industries, Inc.	400		4,400
Furniture Brands International, Inc.*	3,900		20,358
Harman International Industries, Inc.*	4,686		140,065
Helen of Troy Ltd.*	3,829		84,468
Hooker Furniture Corp.	2,155		22,972
Hovnanian Enterprises, Inc., Class A*	934		3,437
Jarden Corp.	11,500		309,005
KB Home	9,769		107,459
La-Z-Boy, Inc.*	6,338		47,091
Leggett & Platt, Inc.	7,480		150,049
Lennar Corp., Class A	20,949		291,401
Libbey, Inc.*	998		12,954
M.D.C. Holdings, Inc.	41,495		1,118,290
M/I Homes, Inc.*	3,300		31,812
Meritage Homes Corp.*	4,185		68,132
Mohawk Industries, Inc.*	6,365		291,262
Pulte Group, Inc.*	42,705		353,597
Ryland Group, Inc.	5,639		89,209
Sealy Corp.*	8,800		23,496
Sekisui House Ltd. (ADR)	212,310		1,796,143
Skyline Corp.	1,335		24,043
Standard Pacific Corp.*	12,600		41,958
Toll Brothers, Inc.*	61,601		1,007,792
Universal Electronics, Inc.*	544		9,047
			6,682,471
Internet & Catalog Retail (0.0%)
1-800-FLOWERS.COM, Inc., Class A*	7,476		15,401
Gaiam, Inc., Class A	3,900		23,673
			39,074

See Notes to Financial Statements.

196

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Leisure Equipment & Products (0.2%)
Callaway Golf Co.	6,600	$	39,864
JAKKS Pacific, Inc.*	3,297		47,411
Leapfrog Enterprises, Inc.*	2,750		11,055
Mattel, Inc.	36,000		761,760
RC2 Corp.*	3,394		54,677
Steinway Musical Instruments, Inc.*	1,209		21,508
			936,275
Media (0.9%)
Ascent Media Corp., Class A*	1,604		40,517
Carmike Cinemas, Inc.*	500		3,030
CBS Corp., Class B	59,900		774,507
Central European Media Enterprises Ltd., Class A*	4,843		96,376
Cinemark Holdings, Inc.	7,488		98,467
CKX, Inc.*	3,665		18,288
Clear Channel Outdoor Holdings, Inc., Class A*	4,400		38,192
Crown Media Holdings, Inc., Class A*	2,300		4,048
Dex One Corp.*	5,917		112,423
EW Scripps Co., Class A*	5,700		42,351
Fisher Communications, Inc.*	1,500		25,260
Gannett Co., Inc.	36,625		492,973
Gray Television, Inc.*	4,100		9,881
Harte-Hanks, Inc.	2,000		20,900
Interactive Data Corp.	1,072		35,784
Journal Communications, Inc., Class A*	2,925		11,612
Knology, Inc.*	1,384		15,127
Lamar Advertising Co., Class A*	6,166		151,190
Liberty Media Corp. - Capital, Class A*	10,343		433,475
Liberty Media Corp. - Starz*	6,474		335,612
LIN TV Corp., Class A*	5,400		29,214
Live Nation Entertainment, Inc.*	17,805		186,062
LodgeNet Interactive Corp.*	1,200		4,452
Madison Square Garden, Inc., Class A*	5,163		101,556
Media General, Inc., Class A*	914		8,921
Mediacom Communications Corp., Class A*	3,910		26,275
Meredith Corp.	3,091		96,223
New York Times Co., Class A*	17,059		147,560
Outdoor Channel Holdings, Inc.*	3,800		17,746
PRIMEDIA, Inc.	1,546		4,530
Regal Entertainment Group, Class A	8,091		105,507
Salem Communications Corp., Class A*	1,000		3,710
Scholastic Corp.	4,813		116,090
Sinclair Broadcast Group, Inc., Class A*	4,472		26,072
Virgin Media, Inc.	70,080		1,169,635
Warner Music Group Corp.*	7,700		37,422
			4,840,988
Multiline Retail (0.1%)
99 Cents Only Stores*	522		7,726
Big Lots, Inc.*	2,300		73,807

	Number of Shares	Value (Note 1)
Dillard’s, Inc., Class A	6,045	$	129,968
Fred’s, Inc., Class A	4,136		45,744
Saks, Inc.*	17,094		129,743
Tuesday Morning Corp.*	5,315		21,207
			408,195
Specialty Retail (1.0%)
Aaron’s, Inc.	4,042		68,997
Abercrombie & Fitch Co., Class A	2,948		90,474
American Eagle Outfitters, Inc.	51,304		602,822
America’s Car-Mart, Inc.*	511		11,564
AnnTaylor Stores Corp.*	16,600		270,082
AutoNation, Inc.*	6,567		128,056
Barnes & Noble, Inc.	4,374		56,425
Books-A-Million, Inc.	1,900		11,438
Borders Group, Inc.*	13,100		17,423
Brown Shoe Co., Inc.	2,036		30,906
Buckle, Inc.	248		8,040
Build-A-Bear Workshop, Inc.*	3,900		26,442
Cabela’s, Inc.*	7,047		99,645
Charming Shoppes, Inc.*	17,100		64,125
Christopher & Banks Corp.	2,700		16,713
Collective Brands, Inc.*	3,043		48,079
Conn’s, Inc.*	2,001		11,766
Dress Barn, Inc.*	954		22,715
Finish Line, Inc., Class A	4,113		57,294
Foot Locker, Inc.	19,806		249,952
GameStop Corp., Class A*	19,300		362,647
Genesco, Inc.*	2,700		71,037
Group 1 Automotive, Inc.*	2,700		63,531
Hastings Entertainment, Inc.*	400		3,064
Haverty Furniture Cos., Inc.	1,600		19,664
HOT Topic, Inc.	2,767		14,056
Jo-Ann Stores, Inc.*	900		33,759
Lithia Motors, Inc., Class A	3,303		20,413
MarineMax, Inc.*	904		6,274
Men’s Wearhouse, Inc.	6,479		118,954
New York & Co., Inc.*	5,900		13,511
Office Depot, Inc.*	30,346		122,598
OfficeMax, Inc.*	6,839		89,317
Pacific Sunwear of California, Inc.*	11,700		37,440
Penske Automotive Group, Inc.*	3,067		34,841
PEP Boys-Manny, Moe & Jack	5,100		45,186
RadioShack Corp.	19,846		387,195
Rent-A-Center, Inc.*	11,145		225,798
Ross Stores, Inc.	16,600		884,614
Sally Beauty Holdings, Inc.*	2,951		24,198
Shoe Carnival, Inc.*	1,276		26,171
Signet Jewelers Ltd.*	11,029		303,298
Sonic Automotive, Inc., Class A*	4,990		42,714
Stage Stores, Inc.	4,538		48,466
Stein Mart, Inc.*	400		2,492
Systemax, Inc.	300		4,521
Talbots, Inc.*	600		6,186
West Marine, Inc.*	2,925		31,824
			4,936,727
Textiles, Apparel & Luxury Goods (0.3%)
Columbia Sportswear Co.	1,337		62,398
Delta Apparel, Inc.*	400		5,840
Hallwood Group, Inc.*	300		11,400

See Notes to Financial Statements.

197

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Iconix Brand Group, Inc.*	8,678	$	124,703
Jones Apparel Group, Inc.	14,800		234,580
Kenneth Cole Productions, Inc., Class A*	900		9,909
K-Swiss, Inc., Class A*	2,364		26,548
Movado Group, Inc.*	2,570		27,447
Perry Ellis International, Inc.*	1,440		29,088
Quiksilver, Inc.*	14,600		54,020
R.G. Barry Corp.	500		5,515
Rocky Brands, Inc.*	400		2,556
Steven Madden Ltd.*	1,000		31,520
Timberland Co., Class A*	1,412		22,804
Unifi, Inc.*	8,000		30,560
UniFirst Corp.	2,506		110,314
VF Corp.	10,280		731,730
			1,520,932
Total Consumer Discretionary			24,516,930
Consumer Staples (4.5%)
Beverages (0.2%)
Central European Distribution Corp.*	8,600		183,868
Coca-Cola Bottling Co. Consolidated	300		14,376
Constellation Brands, Inc., Class A*	24,101		376,458
Hansen Natural Corp.*	1,285		50,256
Molson Coors Brewing Co., Class B	10,300		436,308
			1,061,266
Food & Staples Retailing (1.7%)
Andersons, Inc.	2,238		72,936
BJ’s Wholesale Club, Inc.*	57,069		2,112,124
Casey’s General Stores, Inc.	3,858		134,644
Great Atlantic & Pacific Tea Co., Inc.*	6,700		26,130
Ingles Markets, Inc., Class A	1,050		15,803
Kroger Co.	286,650		5,644,138
Nash Finch Co.	1,245		42,529
Pantry, Inc.*	2,580		36,404
Rite Aid Corp.*	71,700		70,266
Ruddick Corp.	3,143		97,402
Spartan Stores, Inc.	3,731		51,189
SUPERVALU, Inc.	26,801		290,523
Susser Holdings Corp.*	500		5,895
Village Super Market, Inc., Class A	100		2,625
Weis Markets, Inc.	1,378		45,350
Winn-Dixie Stores, Inc.*	6,600		63,624
			8,711,582
Food Products (2.3%)
American Italian Pasta Co., Class A*	2,173		114,887
B&G Foods, Inc., Class A	4,375		47,162
Bunge Ltd.	8,400		413,196
Chiquita Brands International, Inc.*	6,433		78,161
Corn Products International, Inc.	9,384		284,335
Cresud S.A.C.I.F. y A. (ADR)	61,388		745,250

	Number of Shares	Value (Note 1)
Dean Foods Co.*	56,619	$	570,153
Del Monte Foods Co.	31,900		459,041
Dole Food Co., Inc.*	4,013		41,856
Farmer Bros Co.	1,000		15,090
Flowers Foods, Inc.	6,010		146,824
Fresh Del Monte Produce, Inc.*	144,659		2,927,898
Griffin Land & Nurseries, Inc.	800		20,320
Hain Celestial Group, Inc.*	4,804		96,897
Harbinger Group, Inc.*	2,300		14,444
Imperial Sugar Co.	2,600		26,260
John B. Sanfilippo & Son, Inc.*	400		5,788
PureCircle Ltd.*	138,831		513,483
Ralcorp Holdings, Inc.*	7,037		385,628
Seneca Foods Corp., Class A*	1,353		43,648
Smart Balance, Inc.*	2,572		10,519
Smithfield Foods, Inc.*	64,395		959,485
TreeHouse Foods, Inc.*	4,404		201,087
Tyson Foods, Inc., Class A	222,181		3,641,547
			11,762,959
Household Products (0.1%)
Cellu Tissue Holdings, Inc.*	800		6,216
Central Garden & Pet Co., Class A*	6,400		57,408
Energizer Holdings, Inc.*	8,849		444,928
Oil-Dri Corp. of America	990		22,720
Spectrum Brands Holdings, Inc.*	2,296		58,227
			589,499
Personal Products (0.1%)
Alberto-Culver Co.	8,398		227,502
CCA Industries, Inc.	300		1,605
Elizabeth Arden, Inc.*	2,812		40,830
NBTY, Inc.*	7,287		247,831
Nu Skin Enterprises, Inc., Class A	1,700		42,381
Nutraceutical International Corp.*	1,600		24,416
Prestige Brands Holdings, Inc.*	5,371		38,027
Revlon, Inc., Class A*	1,500		16,740
Schiff Nutrition International, Inc.	1,000		7,120
			646,452
Tobacco (0.1%)
Alliance One International, Inc.*	9,879		35,169
Universal Corp.	3,459		137,253
			172,422
Total Consumer Staples			22,944,180
Energy (7.8%)
Energy Equipment & Services (1.5%)
Allis-Chalmers Energy, Inc.*	11,741		24,186
Atwood Oceanics, Inc.*	5,661		144,469
Basic Energy Services, Inc.*	4,600		35,420
Boots & Coots, Inc.*	8,283		24,435
Bristow Group, Inc.*	4,566		134,240
Cal Dive International, Inc.*	11,899		69,609
Cie Generale de Geophysique- Veritas (ADR)*	21,320		379,283
Complete Production Services, Inc.*	9,643		137,895
Dawson Geophysical Co.*	1,516		32,245
Ensco plc (ADR)	11,800		463,504

See Notes to Financial Statements.

198

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Exterran Holdings, Inc.*	7,161	$	184,825
Global Industries Ltd.*	16,132		72,433
Gulf Island Fabrication, Inc.	2,300		35,696
Gulfmark Offshore, Inc., Class A*	2,941		77,054
Helix Energy Solutions Group, Inc.*	13,038		140,419
Helmerich & Payne, Inc.	11,839		432,360
Hercules Offshore, Inc.*	9,800		23,814
Hornbeck Offshore Services, Inc.*	2,874		41,960
Key Energy Services, Inc.*	15,200		139,536
Matrix Service Co.*	3,900		36,309
Natural Gas Services Group, Inc.*	2,006		30,351
Newpark Resources, Inc.*	12,498		75,613
Oceaneering International, Inc.*	6,962		312,594
Oil States International, Inc.*	6,238		246,900
OYO Geospace Corp.*	137		6,642
Parker Drilling Co.*	19,324		76,330
Patterson-UTI Energy, Inc.	19,109		245,933
PHI, Inc.*	1,700		23,953
Pioneer Drilling Co.*	5,907		33,493
Rowan Cos., Inc.*	15,890		348,627
SBM Offshore N.V.	27,731		395,748
SEACOR Holdings, Inc.*	3,400		240,244
Solar Cayman Ltd.*§†(b)	141,300		62,172
Superior Energy Services, Inc.*	9,204		171,839
Superior Well Services, Inc.*	2,713		45,361
T-3 Energy Services, Inc.*	2,005		55,940
Tesco Corp.*	1,490		18,297
TETRA Technologies, Inc.*	9,895		89,847
Tidewater, Inc.	6,479		250,867
Union Drilling, Inc.*	2,000		11,020
Unit Corp.*	5,090		206,603
Vantage Drilling Co.*	20,000		27,000
Weatherford International Ltd.*	140,936		1,851,899
Willbros Group, Inc.*	2,761		20,431
			7,477,396
Oil, Gas & Consumable Fuels (6.3%)
Adams Resources & Energy, Inc.	300		5,400
Alpha Natural Resources, Inc.*	13,253		448,879
Approach Resources, Inc.*	2,000		13,760
Arch Coal, Inc.	202,434		4,010,218
Atlas Energy, Inc.*	2,782		75,309
ATP Oil & Gas Corp.*	5,633		59,653
Berry Petroleum Co., Class A	6,269		161,239
Bill Barrett Corp.*	5,681		174,804
BPZ Resources, Inc.*	8,368		34,727
Cabot Oil & Gas Corp.	24,892		779,617
Cameco Corp.	294,719		6,271,620
Cheniere Energy, Inc.*	7,200		20,304
Clayton Williams Energy, Inc.*	135		5,686
Cloud Peak Energy, Inc.*	2,805		37,194
Cobalt International Energy, Inc.*	36,176		269,511
Comstock Resources, Inc.*	5,878		162,938
Consol Energy, Inc.	41,359		1,396,280
Contango Oil & Gas Co.*	443		19,824
Crosstex Energy, Inc.*	4,437		28,441
CVR Energy, Inc.*	4,700		35,344
Delek U.S. Holdings, Inc.	3,700		27,010
Delta Petroleum Corp.*	21,600		18,576
DHT Holdings, Inc.	10,600		40,810

	Number of Shares	Value (Note 1)
Double Eagle Petroleum Co.*	500	$	2,125
Energy Partners Ltd.*	2,200		26,862
Forest Oil Corp.*	5,346		146,267
Frontier Oil Corp.	13,497		181,535
Frontline Ltd.	1,568		44,751
Gastar Exploration Ltd.*	1,690		6,101
General Maritime Corp.	5,800		35,032
GeoResources, Inc.*	1,400		19,502
GMX Resources, Inc.*	3,724		24,169
Golar LNG Ltd.	3,709		36,608
Goodrich Petroleum Corp.*	3,186		38,232
Green Plains Renewable Energy, Inc.*	3,000		30,660
Harvest Natural Resources, Inc.*	5,145		37,919
Holly Corp.	596		15,842
International Coal Group, Inc.*	13,100		50,435
Knightsbridge Tankers Ltd.	2,675		47,053
Mariner Energy, Inc.*	12,097		259,844
Massey Energy Co.	13,009		355,796
Miller Petroleum, Inc.*	1,299		7,482
Newfield Exploration Co.*	14,860		726,060
Nexen, Inc.	93,079		1,830,864
Nordic American Tanker Shipping Ltd.	6,073		170,591
Overseas Shipholding Group, Inc.	20,489		758,913
Patriot Coal Corp.*	9,954		116,959
Peabody Energy Corp.	78,797		3,083,327
Penn Virginia Corp.	5,400		108,594
Petrobras Energia S.A. (ADR)	119,492		1,721,880
Petroleum Development Corp.*	2,602		66,663
PetroQuest Energy, Inc.*	6,511		44,014
Plains Exploration & Production Co.*	17,690		364,591
Quicksilver Resources, Inc.*	47,076		517,836
Resolute Energy Corp.*	4,373		53,526
REX American Resources Corp.*	1,293		20,688
Rex Energy Corp.*	3,205		32,370
Rosetta Resources, Inc.*	2,740		54,279
SandRidge Energy, Inc.*	20,744		120,938
Ship Finance International Ltd.	5,649		101,004
SM Energy Co.	2,726		109,476
Southern Union Co.	15,587		340,732
Stone Energy Corp.*	4,700		52,452
Sunoco, Inc.	700		24,339
Swift Energy Co.*	4,775		128,495
Teekay Corp.	5,361		140,297
Teekay Tankers Ltd., Class A	1,317		14,658
Tesoro Corp.	436,649		5,095,694
USEC, Inc.*	16,617		79,097
VAALCO Energy, Inc.*	8,406		47,074
Venoco, Inc.*	2,100		34,587
W&T Offshore, Inc.	3,405		32,211
Warren Resources, Inc.*	6,700		19,430
Western Refining, Inc.*	6,600		33,198
Whiting Petroleum Corp.*	6,069		475,931
World Fuel Services Corp.	3,383		87,755
			32,071,882
Total Energy			39,549,278

See Notes to Financial Statements.

199

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Financials (16.8%)
Capital Markets (2.2%)
Affiliated Managers Group, Inc.*	9,000	$	546,930
American Capital Ltd.*	41,977		202,329
Ameriprise Financial, Inc.	36,040		1,302,125
Apollo Investment Corp.	23,084		215,374
Ares Capital Corp.	24,488		306,835
Artio Global Investors, Inc.	1,300		20,462
BlackRock Kelso Capital Corp.	7,164		70,709
Calamos Asset Management, Inc., Class A	2,200		20,416
Capital Southwest Corp.	499		43,867
Cohen & Steers, Inc.	400		8,296
Cowen Group, Inc., Class A*	3,900		15,990
Daiwa Securities Group, Inc. (ADR)	831,815		3,518,577
E*TRADE Financial Corp.*	28,096		332,095
Evercore Partners, Inc., Class A	553		12,912
FBR Capital Markets Corp.*	4,800		15,984
Federated Investors, Inc., Class B	3,600		74,556
Fifth Street Finance Corp.	5,194		57,290
GAMCO Investors, Inc., Class A	549		20,423
Gladstone Capital Corp.	2,323		25,112
Gladstone Investment Corp.	5,500		32,065
Harris & Harris Group, Inc.*	6,500		26,585
Hercules Technology Growth Capital, Inc.	2,733		25,171
International Assets Holding Corp.*	1,242		19,872
Invesco Ltd.	40,900		688,347
Investment Technology Group, Inc.*	5,550		89,133
Janus Capital Group, Inc.	21,140		187,723
Jefferies Group, Inc.	14,730		310,508
JMP Group, Inc.	3,300		20,427
KBW, Inc.*	1,800		38,592
Knight Capital Group, Inc., Class A*	11,949		164,777
LaBranche & Co., Inc.*	8,900		38,092
Main Street Capital Corp.	1,179		17,602
MCG Capital Corp.	11,500		55,545
MF Global Holdings Ltd.*	9,307		53,143
MVC Capital, Inc.	3,915		50,582
NGP Capital Resources Co.	4,531		32,487
Oppenheimer Holdings, Inc., Class A	1,506		36,069
PennantPark Investment Corp.	3,356		32,050
Penson Worldwide, Inc.*	1,800		10,152
Piper Jaffray Cos., Inc.*	2,200		70,884
Prospect Capital Corp.	7,149		68,988
Raymond James Financial, Inc.	12,565		310,230
Safeguard Scientifics, Inc.*	3,183		33,612
Sanders Morris Harris Group, Inc.	4,800		26,640
Solar Capital Ltd.	57,318		1,103,945
SWS Group, Inc.	2,730		25,935
TD Ameritrade Holding Corp.*	41,880		640,764
Teton Advisors, Inc., Class B*†	28		239
Thomas Weisel Partners Group, Inc.*	2,900		17,081
TICC Capital Corp.	5,141		43,184
TradeStation Group, Inc.*	3,332		22,491

	Number of Shares	Value (Note 1)
Triangle Capital Corp.	899	$	12,784
Virtus Investment Partners, Inc.*	546		10,221
			11,126,202
Commercial Banks (3.4%)
1st Source Corp.	2,568		43,451
Access National Corp.	400		2,352
Alliance Financial Corp./New York	1,384		38,475
American National Bankshares, Inc.	1,500		32,085
Ameris Bancorp*	3,394		32,787
Ames National Corp.	900		17,586
Arrow Financial Corp.	927		21,414
Associated Banc-Corp.	21,229		260,268
BancFirst Corp.	1,154		42,109
Banco Latinoamericano de Comercio Exterior S.A., Class E	3,500		43,715
Bancorp Rhode Island, Inc.	900		23,580
Bancorp, Inc./Delaware*	4,700		36,801
BancorpSouth, Inc.	10,968		196,108
Bank of Commerce Holdings	400		1,896
Bank of Hawaii Corp.	4,830		233,530
Bank of Kentucky Financial Corp.	300		4,665
Bank of Marin Bancorp/California	300		9,579
Bank of the Ozarks, Inc.	1,319		46,785
BNC Bancorp	300		3,195
BOK Financial Corp.	3,293		156,319
Boston Private Financial Holdings, Inc.	10,439		67,123
Bridge Bancorp, Inc.	300		7,284
Bryn Mawr Bank Corp.	1,600		26,848
C&F Financial Corp.	388		5,762
Camden National Corp.	1,457		40,024
Capital City Bank Group, Inc.	2,173		26,902
CapitalSource, Inc.	40,825		194,327
Cardinal Financial Corp.	4,100		37,884
Cathay General Bancorp	9,926		102,536
Centerstate Banks, Inc.	3,600		36,324
Central Valley Community Bancorp*	400		2,568
Century Bancorp, Inc./Massachusetts, Class A	1,179		25,985
Chemical Financial Corp.	3,471		75,598
Citizens & Northern Corp.	2,100		22,470
Citizens Republic Bancorp, Inc.*	41,421		35,208
City Holding Co.	1,553		43,298
City National Corp./California	6,059		310,403
CNB Financial Corp./Pennsylvania	1,100		12,078
CoBiz Financial, Inc.	6,800		44,812
Columbia Banking System, Inc.	4,797		87,593
Comerica, Inc.	24,240		892,759
Commerce Bancshares, Inc./Missouri	9,773		351,730
Commercial National Financial Corp./Pennsylvania	200		3,230
Community Bank System, Inc.	3,868		85,212
Community Trust Bancorp, Inc.	2,269		56,952
Cullen/Frost Bankers, Inc.	6,876		353,426
CVB Financial Corp.	10,323		98,069
Danvers Bancorp, Inc.	1,765		25,504

See Notes to Financial Statements.

200

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June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Eagle Bancorp, Inc.*	3,400	$	40,052
East West Bancorp, Inc.	19,300		294,325
Enterprise Bancorp, Inc./Massachusetts	300		3,093
Enterprise Financial Services Corp.	1,800		17,352
Evans Bancorp, Inc.	300		3,795
F.N.B. Corp./Pennsylvania	12,945		103,948
Financial Institutions, Inc.	1,861		33,051
First Bancorp, Inc./Maine	2,000		26,260
First Bancorp/North Carolina	2,500		36,225
First Busey Corp.	3,524		15,964
First Citizens BancShares, Inc./North Carolina, Class A	688		132,323
First Commonwealth Financial Corp.	14,300		75,075
First Community Bancshares, Inc./Virginia	2,612		38,370
First Financial Bancorp	6,800		101,660
First Financial Bankshares, Inc.	1,103		53,043
First Financial Corp./Indiana	1,862		48,058
First Horizon National Corp.*	30,223		346,051
First Merchants Corp.	2,055		17,426
First Midwest Bancorp, Inc./Illinois	9,177		111,592
First of Long Island Corp.	1,100		28,281
First South Bancorp, Inc./North Carolina	1,900		20,159
FirstMerit Corp.	14,340		245,644
Fulton Financial Corp.	23,591		227,653
German American Bancorp, Inc.	2,448		37,454
Glacier Bancorp, Inc.	9,300		136,431
Great Southern Bancorp, Inc.	1,612		32,740
Green Bankshares, Inc.*	432		5,517
Hancock Holding Co.	3,470		115,759
Heartland Financial USA, Inc.	2,374		41,023
Heritage Financial Corp./Washington*	1,800		26,946
Home Bancorp, Inc.*	2,200		28,402
Home Bancshares, Inc./Arkansas	2,534		57,801
Horizon Bancorp/Indiana	200		4,266
Huntington Bancshares, Inc./Ohio	147,963		819,715
IBERIABANK Corp.	3,300		169,884
Independent Bank Corp./Massachusetts	2,334		57,603
International Bancshares Corp.	6,330		105,648
Investors Bancorp, Inc.*	4,851		63,645
Lakeland Bancorp, Inc.	4,018		34,233
Lakeland Financial Corp.	1,435		28,671
MainSource Financial Group, Inc.	1,462		10,483
Marshall & Ilsley Corp.	68,899		494,695
MB Financial, Inc.	6,526		120,013
Merchants Bancshares, Inc.	1,200		26,664
Metro Bancorp, Inc.*	1,400		17,276
Midsouth Bancorp, Inc.	1,100		14,047
Monarch Financial Holdings, Inc.	400		3,000
Nara Bancorp, Inc.*	4,600		38,778
National Bankshares, Inc./Virginia	1,447		35,061
National Penn Bancshares, Inc.	14,800		88,948
NB&T Financial Group, Inc.	153		2,524
NBT Bancorp, Inc.	3,700		75,554
Northfield Bancorp, Inc./New Jersey	3,400		44,132

	Number of Shares	Value (Note 1)
Old National Bancorp/Indiana	10,093	$	104,563
OmniAmerican Bancorp, Inc.*	1,500		16,935
Oriental Financial Group, Inc.	5,693		72,073
Orrstown Financial Services, Inc.	700		15,491
Pacific Continental Corp.	4,200		39,774
PacWest Bancorp	3,453		63,224
Park National Corp.	1,411		91,771
Parke Bancorp, Inc.*	370		3,460
Peapack Gladstone Financial Corp.	1,995		23,342
Penns Woods Bancorp, Inc.	400		12,168
Peoples Bancorp, Inc./Ohio	1,432		20,764
Pinnacle Financial Partners, Inc.*	3,911		50,256
Popular, Inc.*	205,012		549,432
Porter Bancorp, Inc.	735		9,276
Premier Financial Bancorp, Inc.	500		3,940
PrivateBancorp, Inc.	6,577		72,873
Prosperity Bancshares, Inc.	6,048		210,168
Renasant Corp.	3,441		49,378
Republic Bancorp, Inc./Kentucky, Class A	837		18,749
S&T Bancorp, Inc.	2,746		54,261
Sandy Spring Bancorp, Inc.	3,530		49,455
Santander BanCorp*	1,300		16,432
SCBT Financial Corp.	1,411		49,695
Sierra Bancorp	1,600		18,400
Simmons First National Corp., Class A	1,711		44,931
Southside Bancshares, Inc.	2,493		48,963
Southwest Bancorp, Inc./Oklahoma	2,060		27,377
State Bancorp, Inc./New York	3,530		33,535
StellarOne Corp.	3,750		47,888
Sterling Bancorp/New York	3,500		31,500
Sterling Bancshares, Inc./Texas	11,000		51,810
Suffolk Bancorp	800		24,752
Sumitomo Trust & Banking Co., Ltd. (ADR)	569,772		2,917,233
Susquehanna Bancshares, Inc.	15,900		132,447
SVB Financial Group*	5,569		229,610
SY Bancorp, Inc.	1,700		39,066
Synovus Financial Corp.	95,078		241,498
TCF Financial Corp.	18,502		307,318
Texas Capital Bancshares, Inc.*	4,392		72,029
Tompkins Financial Corp.	1,339		50,547
Tower Bancorp, Inc.	900		19,701
TowneBank/Virginia	3,664		53,201
Trico Bancshares	2,463		41,699
Trustmark Corp.	7,291		151,799
UMB Financial Corp.	4,003		142,347
Umpqua Holdings Corp.	30,700		352,436
Union First Market Bankshares Corp.	3,446		42,248
United Bancorp, Inc./Ohio	300		2,493
United Bancshares, Inc./Ohio	200		1,950
United Bankshares, Inc.	4,678		111,991
United Community Banks, Inc./Georgia*	10,777		42,569
Univest Corp. of Pennsylvania	2,802		48,531
Valley National Bancorp	21,596		294,138
VIST Financial Corp.	400		3,080
Washington Banking Co.	1,127		14,414

See Notes to Financial Statements.

201

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Washington Trust Bancorp, Inc.	2,571	$	43,810
Webster Financial Corp.	8,167		146,516
WesBanco, Inc.	3,452		58,166
West Bancorp, Inc.*	3,300		22,473
West Coast Bancorp/Oregon	6,611		16,858
Westamerica Bancorp	2,265		118,958
Western Alliance Bancorp*	7,140		51,194
Whitney Holding Corp./Louisiana	12,000		111,000
Wilber Corp.	300		1,785
Wilmington Trust Corp.	11,837		131,272
Wilshire Bancorp, Inc.	4,000		35,000
Wintrust Financial Corp.	3,856		128,559
Zions Bancorp	20,858		449,907
			17,629,401
Consumer Finance (0.1%)
Advance America Cash Advance Centers, Inc.	3,934		16,248
AmeriCredit Corp.*	11,344		206,688
Cash America International, Inc.	4,348		149,006
CompuCredit Holdings Corp.	2,100		8,316
First Marblehead Corp.*	12,900		30,315
Nelnet, Inc., Class A	2,901		55,931
QC Holdings, Inc.	200		736
Student Loan Corp.	603		14,520
World Acceptance Corp.*	2,122		81,294
			563,054
Diversified Financial Services (0.4%)
Asset Acceptance Capital Corp.*	2,300		9,522
California First National Bancorp	500		6,170
Compass Diversified Holdings	3,000		40,230
Encore Capital Group, Inc.*	905		18,652
Medallion Financial Corp.	3,190		21,054
NewStar Financial, Inc.*	4,500		28,620
PHH Corp.*	96,410		1,835,646
PICO Holdings, Inc.*	2,774		83,137
Primus Guaranty Ltd.*	2,100		7,749
			2,050,780
Insurance (5.9%)
Alleghany Corp.*	821		240,799
Allied World Assurance Co. Holdings Ltd./Bermuda	7,950		360,771
Alterra Capital Holdings Ltd.	12,181		228,759
Ambac Financial Group, Inc.*	39,100		26,197
American Equity Investment Life Holding Co.	6,491		66,987
American Financial Group, Inc./Ohio	13,182		360,132
American National Insurance Co.	1,042		84,371
American Physicians Capital, Inc.	1,188		36,650
American Physicians Service Group, Inc.	800		19,560
American Safety Insurance Holdings Ltd.*	2,300		36,156
AMERISAFE, Inc.*	2,931		51,439
Amtrust Financial Services, Inc.	3,611		43,476
Aon Corp.	51,576		1,914,501
Arch Capital Group Ltd.*	6,082		453,109
Argo Group International Holdings Ltd.	3,500		107,065

	Number of Shares	Value (Note 1)
Arthur J. Gallagher & Co.	9,814	$	239,265
Aspen Insurance Holdings Ltd.	12,659		313,184
Assured Guaranty Ltd.	23,328		309,563
Axis Capital Holdings Ltd.	97,244		2,890,092
Baldwin & Lyons, Inc., Class B	1,566		32,902
Brown & Brown, Inc.	6,676		127,779
Citizens, Inc./Texas*	2,080		13,853
CNA Financial Corp.*	58,458		1,494,186
CNA Surety Corp.*	2,885		46,362
CNO Financial Group, Inc.*	28,215		139,664
Delphi Financial Group, Inc., Class A	5,779		141,065
Donegal Group, Inc., Class A	2,356		28,955
EMC Insurance Group, Inc.	890		19,518
Employers Holdings, Inc.	6,054		89,175
Endurance Specialty Holdings Ltd.	6,352		238,391
Enstar Group, Ltd.*	906		60,195
Erie Indemnity Co., Class A	839		38,174
Everest Reinsurance Group Ltd.	9,620		680,326
FBL Financial Group, Inc., Class A	1,800		37,800
Fidelity National Financial, Inc., Class A	51,002		662,516
First American Financial Corp.	11,651		147,735
First Mercury Financial Corp.	1,900		20,102
Flagstone Reinsurance Holdings S.A.	7,400		80,068
FPIC Insurance Group, Inc.*	1,611		41,322
Greenlight Capital Reinsurance Ltd., Class A*	3,100		78,089
Hallmark Financial Services*	2,200		21,890
Hanover Insurance Group, Inc.	4,900		213,150
Harleysville Group, Inc.	1,670		51,820
HCC Insurance Holdings, Inc.	14,064		348,225
Hilltop Holdings, Inc.*	3,400		34,034
Horace Mann Educators Corp.	4,274		65,392
Infinity Property & Casualty Corp.	1,708		78,875
Kansas City Life Insurance Co.	801		23,686
Loews Corp.	100,200		3,337,662
Maiden Holdings Ltd.	8,612		56,581
Markel Corp.*	1,264		429,760
Marsh & McLennan Cos., Inc.	186,662		4,209,228
MBIA, Inc.*	19,276		108,138
Meadowbrook Insurance Group, Inc.	8,749		75,504
Mercury General Corp.	3,058		126,724
Montpelier Reinsurance Holdings Ltd.	8,200		122,426
National Financial Partners Corp.*	6,152		60,105
National Interstate Corp.	1,330		26,361
National Western Life Insurance Co., Class A	370		56,521
Navigators Group, Inc.*	1,389		57,130
NYMAGIC, Inc.	1,051		20,274
Old Republic International Corp.	29,744		360,795
OneBeacon Insurance Group Ltd., Class A	1,746		25,003
Phoenix Cos., Inc.*	8,827		18,625
Platinum Underwriters Holdings Ltd.	29,626		1,075,128
PMA Capital Corp., Class A*	5,547		36,333

See Notes to Financial Statements.

202

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Presidential Life Corp.	3,993	$	36,336
Primerica, Inc.*	3,039		65,156
Principal Financial Group, Inc.	33,200		778,208
ProAssurance Corp.*	4,100		232,716
Protective Life Corp.	10,590		226,520
Reinsurance Group of America, Inc.	39,137		1,788,952
RenaissanceReinsurance Holdings Ltd.	7,487		421,293
RLI Corp.	2,318		121,718
Safety Insurance Group, Inc.	1,736		64,267
SeaBright Holdings, Inc.	4,900		46,452
Selective Insurance Group, Inc.	7,386		109,756
StanCorp Financial Group, Inc.	6,001		243,281
State Auto Financial Corp.	2,347		36,402
Stewart Information Services Corp.	1,426		12,863
Symetra Financial Corp.	3,747		44,964
Tower Group, Inc.	2,799		60,262
Transatlantic Holdings, Inc.	8,128		389,819
United America Indemnity Ltd., Class A*	4,631		34,084
United Fire & Casualty Co.	3,248		64,375
Unitrin, Inc.	5,972		152,883
Universal Insurance Holdings, Inc.	1,300		5,434
Unum Group	62,100		1,347,570
Validus Holdings Ltd.	10,222		249,621
Wesco Financial Corp.	159		51,389
White Mountains Insurance Group Ltd.	997		323,227
			29,947,171
Real Estate Investment Trusts (REITs) (3.7%)
Acadia Realty Trust (REIT)	4,920		82,754
Agree Realty Corp. (REIT)	2,000		46,640
Alexander’s, Inc. (REIT)	100		30,292
Alexandria Real Estate Equities, Inc. (REIT)	5,606		355,252
AMB Property Corp. (REIT)	33,351		790,752
American Campus Communities, Inc. (REIT)	6,226		169,908
American Capital Agency Corp. (REIT)	4,142		109,432
Anworth Mortgage Asset Corp. (REIT)	11,800		84,016
Apartment Investment & Management Co. (REIT), Class A	8,033		155,599
Apollo Commercial Real Estate Finance, Inc. (REIT)	2,102		34,599
Ashford Hospitality Trust, Inc. (REIT)*	6,683		48,986
Associated Estates Realty Corp. (REIT)	2,300		29,785
BioMed Realty Trust, Inc. (REIT)	14,132		227,384
Brandywine Realty Trust (REIT)	18,704		201,068
BRE Properties, Inc. (REIT)	7,858		290,196
Camden Property Trust (REIT)	8,173		333,867
CapLease, Inc. (REIT)	10,800		49,788
Capstead Mortgage Corp. (REIT)	7,200		79,632
CBL & Associates Properties, Inc. (REIT)	22,445		279,216

	Number of Shares	Value (Note 1)
Cedar Shopping Centers, Inc. (REIT)	10,805	$	65,046
Chesapeake Lodging Trust (REIT)*	1,500		23,730
Chimera Investment Corp. (REIT)	189,483		684,034
Cogdell Spencer, Inc. (REIT)	7,100		47,996
Colonial Properties Trust (REIT)	9,703		140,985
Colony Financial, Inc. (REIT)	2,544		42,994
Corporate Office Properties Trust/Maryland (REIT)	7,142		269,682
Cousins Properties, Inc. (REIT)	11,915		80,307
CreXus Investment Corp. (REIT)	3,400		42,262
Cypress Sharpridge Investments, Inc. (REIT)	3,322		42,057
DCT Industrial Trust, Inc. (REIT)	27,906		126,135
Developers Diversified Realty Corp. (REIT)	26,228		259,657
DiamondRock Hospitality Co. (REIT)*	18,150		149,193
Douglas Emmett, Inc. (REIT)	15,600		221,832
Duke Realty Corp. (REIT)	77,349		877,911
DuPont Fabros Technology, Inc. (REIT)	3,067		75,326
Dynex Capital, Inc. (REIT)	3,903		36,025
EastGroup Properties, Inc. (REIT)	1,414		50,310
Education Realty Trust, Inc. (REIT)	11,000		66,330
Entertainment Properties Trust (REIT)	5,692		216,694
Equity Lifestyle Properties, Inc. (REIT)	800		38,584
Equity One, Inc. (REIT)	4,865		75,894
Essex Property Trust, Inc. (REIT)	2,432		237,217
Extra Space Storage, Inc. (REIT)	11,800		164,020
Federal Realty Investment Trust (REIT)	3,352		235,545
FelCor Lodging Trust, Inc. (REIT)*	6,162		30,748
First Industrial Realty Trust, Inc. (REIT)*	9,900		47,718
First Potomac Realty Trust (REIT)	5,755		82,699
Franklin Street Properties Corp. (REIT)	10,088		119,139
Getty Realty Corp. (REIT)	2,400		53,784
Gladstone Commercial Corp. (REIT)	1,000		16,340
Glimcher Realty Trust (REIT)	10,473		62,629
Government Properties Income Trust (REIT)	3,000		76,560
Hatteras Financial Corp. (REIT)	3,959		110,139
Health Care REIT, Inc. (REIT)	15,698		661,200
Healthcare Realty Trust, Inc. (REIT)	7,119		156,404
Hersha Hospitality Trust (REIT)	17,833		80,605
Highwoods Properties, Inc. (REIT)	7,800		216,528
Home Properties, Inc. (REIT)	3,574		161,080
Hospitality Properties Trust (REIT)	19,334		407,947

See Notes to Financial Statements.

203

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
HRPT Properties Trust (REIT)*	48,708	$	302,477
Inland Real Estate Corp. (REIT)	12,300		97,416
Invesco Mortgage Capital, Inc. (REIT)	3,100		62,031
Investors Real Estate Trust (REIT)	12,100		106,843
iStar Financial, Inc. (REIT)*	11,791		52,588
Kilroy Realty Corp. (REIT)	6,610		196,515
Kite Realty Group Trust (REIT)	9,479		39,622
LaSalle Hotel Properties (REIT)	8,611		177,128
Lexington Realty Trust (REIT)	16,195		97,332
Liberty Property Trust (REIT)	13,872		400,207
LTC Properties, Inc. (REIT)	3,161		76,718
Macerich Co. (REIT)	15,503		578,572
Mack-Cali Realty Corp. (REIT)	12,283		365,174
Medical Properties Trust, Inc. (REIT)	17,200		162,368
MFA Financial, Inc. (REIT)	34,800		257,520
Mid-America Apartment Communities, Inc. (REIT)	1,500		77,205
Mission West Properties, Inc. (REIT)	6,000		40,920
Monmouth Real Estate Investment Corp. (REIT), Class A	5,500		40,645
MPG Office Trust, Inc. (REIT)*	3,661		10,727
National Health Investors, Inc. (REIT)	2,061		79,472
National Retail Properties, Inc. (REIT)	9,900		212,256
Nationwide Health Properties, Inc. (REIT)	15,132		541,272
Newcastle Investment Corp. (REIT)*	4,368		11,706
NorthStar Realty Finance Corp. (REIT)	1,793		4,787
Omega Healthcare Investors, Inc. (REIT)	7,823		155,912
One Liberty Properties, Inc. (REIT)	500		7,455
Parkway Properties, Inc./Maryland (REIT)	3,378		49,217
Pebblebrook Hotel Trust (REIT)*	2,969		55,966
Pennsylvania Real Estate Investment Trust (REIT)	7,700		94,094
Pennymac Mortgage Investment Trust (REIT)*	3,200		50,880
Piedmont Office Realty Trust, Inc. (REIT), Class A	6,615		123,899
Post Properties, Inc. (REIT)	5,800		131,834
Potlatch Corp. (REIT)	2,024		72,318
PS Business Parks, Inc. (REIT)	1,536		85,678
RAIT Financial Trust (REIT)*	3,804		7,114
Ramco-Gershenson Properties Trust (REIT)	5,600		56,560
Rayonier, Inc. (REIT)	7,133		313,995
Realty Income Corp. (REIT)	12,656		383,857
Redwood Trust, Inc. (REIT)	10,700		156,648
Regency Centers Corp. (REIT)	10,711		368,458
Resource Capital Corp. (REIT)	7,100		40,328
Retail Opportunity Investments Corp.	5,278		50,933

	Number of Shares	Value (Note 1)
RioCan Real Estate Investment Trust (REIT)	11,300	$	202,106
Saul Centers, Inc. (REIT)	453		18,405
Senior Housing Properties Trust (REIT)	15,112		303,902
SL Green Realty Corp. (REIT)	11,227		617,934
Sovran Self Storage, Inc. (REIT)	3,200		110,176
Strategic Hotels & Resorts, Inc. (REIT)*	12,900		56,631
Sun Communities, Inc. (REIT)	2,637		68,457
Sunstone Hotel Investors, Inc. (REIT)*	13,813		137,163
Tanger Factory Outlet Centers (REIT)	2,000		82,760
Taubman Centers, Inc. (REIT)	6,900		259,647
Terreno Realty Corp. (REIT)*	1,800		31,878
UDR, Inc. (REIT)	18,809		359,816
UMH Properties, Inc. (REIT)	1,700		17,119
Universal Health Realty Income Trust (REIT)	1,056		33,929
Urstadt Biddle Properties, Inc. (REIT), Class A	3,459		55,794
U-Store-It Trust (REIT)	13,300		99,218
Walter Investment Management Corp. (REIT)	3,765		61,558
Washington Real Estate Investment Trust (REIT)	6,300		173,817
Weingarten Realty Investors (REIT)	14,745		280,892
Winthrop Realty Trust (REIT)	3,334		42,709
			19,163,010
Real Estate Management & Development (0.5%)
Avatar Holdings, Inc.*	1,573		30,170
BR Malls Participacoes S.A.	36,000		473,086
BR Properties S.A.	100,900		704,343
Consolidated-Tomoka Land Co.	1,172		33,402
Forest City Enterprises, Inc., Class A*	16,400		185,648
Forestar Group, Inc.*	4,950		88,902
Iguatemi Empresa de Shopping Centers S.A.	21,200		370,560
J.W. Mays, Inc.*	100		1,532
Multiplan Empreendimentos Imobiliarios S.A.	33,100		589,565
			2,477,208
Thrifts & Mortgage Finance (0.6%)
Abington Bancorp, Inc.	700		6,104
Astoria Financial Corp.	14,900		205,024
Bank Mutual Corp.	9,300		52,824
BankFinancial Corp.	5,500		45,705
Beneficial Mutual Bancorp, Inc.*	23,385		231,044
Berkshire Hills Bancorp, Inc.	2,363		46,031
Brookline Bancorp, Inc.	5,744		51,007
Capitol Federal Financial	2,348		77,860
CFS Bancorp, Inc.	400		1,944
Clifton Savings Bancorp, Inc.	2,500		21,625
Dime Community Bancshares, Inc.	2,355		29,037
Elmira Savings Bank FSB	300		5,100
ESB Financial Corp.	2,800		36,540

See Notes to Financial Statements.

204

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
ESSA Bancorp, Inc.	3,900	$	48,009
Federal Agricultural Mortgage Corp., Class C	596		8,362
First Defiance Financial Corp.	400		3,576
First Financial Holdings, Inc.	2,772		31,739
First Niagara Financial Group, Inc.	26,012		325,930
Flagstar Bancorp, Inc.*	4,970		15,606
Flushing Financial Corp.	3,040		37,179
Fox Chase Bancorp, Inc.*	1,390		13,302
Heritage Financial Group	400		4,328
HF Financial Corp.	300		2,940
Hingham Institution for Savings	300		11,079
Home Federal Bancorp, Inc./Idaho	3,398		42,917
HopFed Bancorp, Inc.	300		2,709
Kearny Financial Corp.	1,800		16,488
K-Fed Bancorp	1,000		9,080
Meridian Interstate Bancorp, Inc.*	2,600		28,340
MGIC Investment Corp.*	25,800		177,762
NASB Financial, Inc.	1,000		15,150
New Hampshire Thrift Bancshares, Inc.	400		4,200
New York Community Bancorp, Inc.	3,000		45,810
NewAlliance Bancshares, Inc.	11,765		131,886
Northeast Bancorp, Inc.	200		2,558
Northwest Bancshares, Inc.	13,990		160,465
Ocean Shore Holding Co.	300		3,114
OceanFirst Financial Corp.	2,200		26,554
Ocwen Financial Corp.*	7,871		80,205
Oritani Financial Corp.	780		7,800
PMI Group, Inc.*	16,501		47,688
Provident Financial Services, Inc.	6,400		74,816
Provident New York Bancorp	7,200		63,720
Radian Group, Inc.	16,596		120,155
Rockville Financial, Inc.	2,200		26,202
Roma Financial Corp.	1,200		13,032
Southern Missouri Bancorp, Inc.	100		1,475
Teche Holding Co.	200		5,620
Territorial Bancorp, Inc.	2,500		47,375
TF Financial Corp.	100		2,180
TFS Financial Corp.	9,843		122,152
TrustCo Bank Corp. NY/New York	4,451		24,926
United Financial Bancorp, Inc.	967		13,199
Washington Federal, Inc.	13,647		220,808
Waterstone Financial, Inc.*	1,968		6,711
Westfield Financial, Inc.	3,500		29,155
WSFS Financial Corp.	500		17,965
			2,904,112
Total Financials			85,860,938
Health Care (5.5%)
Biotechnology (0.2%)
Abraxis Bioscience, Inc.*	373		27,677
Alkermes, Inc.*	64,949		808,615
Celera Corp.*	9,845		64,485
Enzon Pharmaceuticals, Inc.*	733		7,806
Exelixis, Inc.*	4,252		14,754
Infinity Pharmaceuticals, Inc.*	920		5,437
Martek Biosciences Corp.*	4,755		112,741
Maxygen, Inc.*	3,833		21,197

	Number of Shares	Value (Note 1)
PDL BioPharma, Inc.	5,000	$	28,100
Progenics Pharmaceuticals, Inc.*	964		5,283
Synta Pharmaceuticals Corp.*	600		1,620
			1,097,715
Health Care Equipment & Supplies (0.9%)
Analogic Corp.	650		29,582
AngioDynamics, Inc.*	3,389		49,988
Beckman Coulter, Inc.	8,852		533,687
Cantel Medical Corp.	1,731		28,908
CONMED Corp.*	4,023		74,949
Cooper Cos., Inc.	7,271		289,313
CryoLife, Inc.*	2,323		12,521
Cutera, Inc.*	1,318		12,139
Cynosure, Inc., Class A*	1,065		11,470
DynaVox, Inc., Class A*	346		5,539
Greatbatch, Inc.*	3,458		77,148
Hill-Rom Holdings, Inc.	1,932		58,791
Hologic, Inc.*	33,471		466,251
Invacare Corp.	4,599		95,383
Inverness Medical Innovations, Inc.*	8,011		213,573
Kewaunee Scientific Corp.	200		2,204
Kinetic Concepts, Inc.*	7,953		290,364
Medical Action Industries, Inc.*	1,793		21,498
Orthofix International N.V.*	500		16,025
Palomar Medical Technologies, Inc.*	1,103		12,343
RTI Biologics, Inc.*	4,065		11,910
Span-America Medical Systems, Inc.	200		3,496
Symmetry Medical, Inc.*	4,774		50,318
Syneron Medical Ltd.*	1,555		15,985
Teleflex, Inc.	4,498		244,151
Wright Medical Group, Inc.*	392		6,511
Young Innovations, Inc.	587		16,524
Zimmer Holdings, Inc.*	31,459		1,700,359
			4,350,930
Health Care Providers & Services (3.2%)
Advocat, Inc.	400		1,960
Aetna, Inc.	177,644		4,686,249
Allied Healthcare International, Inc.*	9,400		21,808
Amedisys, Inc.*	13,100		576,007
American Dental Partners, Inc.*	1,646		19,933
AMERIGROUP Corp.*	5,680		184,486
AmerisourceBergen Corp.	38,180		1,212,215
Amsurg Corp.*	3,660		65,221
Assisted Living Concepts, Inc., Class A*	1,528		45,214
Brookdale Senior Living, Inc.*	9,073		136,095
Capital Senior Living Corp.*	6,200		30,814
CardioNet, Inc.*	996		5,458
Centene Corp.*	6,254		134,461
Chindex International, Inc.*	1,110		13,908
CIGNA Corp.	41,000		1,273,460
Community Health Systems, Inc.*	3,984		134,699
Coventry Health Care, Inc.*	22,180		392,142
Cross Country Healthcare, Inc.*	3,412		30,674
Emdeon, Inc., Class A*	506		6,340
Five Star Quality Care, Inc.*	1,500		4,530

See Notes to Financial Statements.

205

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Gentiva Health Services, Inc.*	2,429	$	65,607
Hanger Orthopedic Group, Inc.*	1,800		32,328
Health Net, Inc.*	12,192		297,119
Healthspring, Inc.*	7,199		111,657
Healthways, Inc.*	4,191		49,957
Humana, Inc.*	50,643		2,312,866
Kindred Healthcare, Inc.*	6,697		85,990
LifePoint Hospitals, Inc.*	6,871		215,749
Lincare Holdings, Inc.*	1		16
Magellan Health Services, Inc.*	4,157		150,982
MedCath Corp.*	3,600		28,296
MEDNAX, Inc.*	679		37,759
Molina Healthcare, Inc.*	1,100		31,680
National Healthcare Corp.	1,100		37,906
Odyssey HealthCare, Inc.*	552		14,750
Omnicare, Inc.	104,996		2,488,405
Owens & Minor, Inc.	1,930		54,773
PharMerica Corp.*	383		5,615
Psychiatric Solutions, Inc.*	2,076		67,927
RehabCare Group, Inc.*	2,675		58,262
Res-Care, Inc.*	3,985		38,495
Select Medical Holdings Corp.*	5,248		35,581
Skilled Healthcare Group, Inc., Class A*	4,900		33,271
Sun Healthcare Group, Inc.*	6,100		49,288
Team Health Holdings, Inc.*	23,300		301,036
Tenet Healthcare Corp.*	19,100		82,894
Triple-S Management Corp., Class B*	3,049		56,559
U.S. Physical Therapy, Inc.*	962		16,239
Universal American Corp.*	3,565		51,336
Universal Health Services, Inc., Class B	10,681		407,480
WellCare Health Plans, Inc.*	5,374		127,579
			16,323,076
Health Care Technology (0.0%)
MedQuist, Inc.	500		3,955
Vital Images, Inc.*	546		6,962
			10,917
Life Sciences Tools & Services (0.1%)
Affymetrix, Inc.*	8,812		51,991
Albany Molecular Research, Inc.*	4,100		21,197
Bio-Rad Laboratories, Inc., Class A*	2,460		212,765
Cambrex Corp.*	500		1,575
Charles River Laboratories International, Inc.*	6,863		234,783
Kendle International, Inc.*	1,410		16,243
PerkinElmer, Inc.	9,358		193,430
			731,984
Pharmaceuticals (1.1%)
BMP Sunstone Corp.*	2,216		11,412
Endo Pharmaceuticals Holdings, Inc.*	35,053		764,856
Forest Laboratories, Inc.*	115,545		3,169,399
Hi-Tech Pharmacal Co., Inc.*	300		6,873
Impax Laboratories, Inc.*	45,760		872,186
King Pharmaceuticals, Inc.*	32,600		247,434

	Number of Shares	Value (Note 1)
Medicines Co.*	3,439	$	26,171
Medicis Pharmaceutical Corp., Class A	8,086		176,922
Par Pharmaceutical Cos., Inc.*	4,862		126,217
ViroPharma, Inc.*	10,474		117,414
			5,518,884
Total Health Care			28,033,506
Industrials (7.7%)
Aerospace & Defense (0.6%)
AAR Corp.*	4,917		82,311
Argon ST, Inc.*	1,597		54,761
Astronics Corp.*	400		6,544
BE Aerospace, Inc.*	12,393		315,154
Breeze-Eastern Corp.*	300		1,770
Ceradyne, Inc.*	3,400		72,658
Curtiss-Wright Corp.	5,870		170,465
Ducommun, Inc.	2,200		37,620
DynCorp International, Inc., Class A*	2,380		41,698
Esterline Technologies Corp.*	16,192		768,310
GenCorp, Inc.*	4,495		19,688
Global Defense Technology & Systems, Inc.*	419		5,351
Herley Industries, Inc.*	2,672		38,103
Hexcel Corp.*	774		12,005
Ladish Co., Inc.*	2,390		54,301
LMI Aerospace, Inc.*	1,200		18,924
Moog, Inc., Class A*	5,697		183,614
Orbital Sciences Corp.*	4,292		67,685
SIFCO Industries, Inc.	400		4,280
Sparton Corp.*	500		2,515
Spirit AeroSystems Holdings, Inc., Class A*	11,576		220,638
Teledyne Technologies, Inc.*	15,942		615,042
Triumph Group, Inc.	2,105		140,256
			2,933,693
Air Freight & Logistics (0.1%)
Air Transport Services Group, Inc.*	5,300		25,228
Atlas Air Worldwide Holdings, Inc.*	3,281		155,847
Dynamex, Inc.*	900		10,980
UTi Worldwide, Inc.	1,968		24,364
			216,419
Airlines (1.1%)
AirTran Holdings, Inc.*	17,079		82,833
Alaska Air Group, Inc.*	5,596		251,540
AMR Corp.*	28,441		192,830
Copa Holdings S.A., Class A	1,401		61,952
Delta Air Lines, Inc.*	136,980		1,609,515
Hawaiian Holdings, Inc.*	1,570		8,117
JetBlue Airways Corp.*	30,470		167,280
Republic Airways Holdings, Inc.*	5,100		31,161
SkyWest, Inc.	232,794		2,844,743
U.S. Airways Group, Inc.*	20,714		178,348
UAL Corp.*	5,577		114,663
			5,542,982

See Notes to Financial Statements.

206

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Building Products (0.2%)
A.O. Smith Corp.	323	$	15,565
American Woodmark Corp.	1,611		27,548
Ameron International Corp.	1,098		66,242
Apogee Enterprises, Inc.	2,953		31,981
Armstrong World Industries, Inc.*	2,073		62,563
Builders FirstSource, Inc.*	5,201		12,483
Gibraltar Industries, Inc.*	4,277		43,198
Griffon Corp.*	6,557		72,521
Insteel Industries, Inc.	2,526		29,352
Owens Corning, Inc.*	8,774		262,430
Quanex Building Products Corp.	3,409		58,942
Simpson Manufacturing Co., Inc.	328		8,052
Universal Forest Products, Inc.	2,100		63,651
USG Corp.*	5,100		61,608
			816,136
Commercial Services & Supplies (0.3%)
A.T. Cross Co., Class A*	700		3,500
ABM Industries, Inc.	4,407		92,327
ACCO Brands Corp.*	9,193		45,873
American Reprographics Co.*	3,418		29,839
ATC Technology Corp.*	1,130		18,216
Bowne & Co., Inc.	2,134		23,943
Cornell Cos., Inc.*	1,790		48,097
Corrections Corp. of America*	12,029		229,513
Courier Corp.	2,300		28,083
Covanta Holding Corp.*	16,700		277,053
Deluxe Corp.	2,189		41,044
EnergySolutions, Inc.	9,600		48,864
Ennis, Inc.	2,200		33,022
Fuel Tech, Inc.*	1,909		12,065
G&K Services, Inc., Class A	2,281		47,103
GEO Group, Inc.*	2,094		43,450
KAR Auction Services, Inc.*	2,525		31,234
Kimball International, Inc., Class B	5,484		30,327
M&F Worldwide Corp.*	1,287		34,878
McGrath RentCorp	1,900		43,282
Metalico, Inc.*	6,800		27,064
Mine Safety Appliances Co.	1,179		29,216
Mobile Mini, Inc.*	4,383		71,355
Multi-Color Corp.	779		7,977
Schawk, Inc.	961		14,367
Steelcase, Inc., Class A	7,500		58,125
Sykes Enterprises, Inc.*	4,617		65,700
Team, Inc.*	2,047		26,713
United Stationers, Inc.*	1,231		67,053
Viad Corp.	2,205		38,918
Waste Connections, Inc.*	2,207		77,002
Waste Services, Inc.*	3,600		41,976
			1,687,179
Construction & Engineering (1.1%)
Aecom Technology Corp.*	8,868		204,496
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	7,591		142,787
Comfort Systems USA, Inc.	6,111		59,032
Dycom Industries, Inc.*	6,088		52,052
EMCOR Group, Inc.*	10,691		247,710
Furmanite Corp.*	3,500		13,895
Granite Construction, Inc.	4,204		99,130

	Number of Shares	Value (Note 1)
Great Lakes Dredge & Dock Corp.	3,532	$	21,192
Insituform Technologies, Inc., Class A*	1,191		24,392
KBR, Inc.	22,800		463,752
Layne Christensen Co.*	2,787		67,641
MasTec, Inc.*	6,694		62,924
Northwest Pipe Co.*	1,468		27,892
Pike Electric Corp.*	2,600		24,492
Primoris Services Corp.	400		2,520
Shaw Group, Inc.*	106,274		3,636,696
Sterling Construction Co., Inc.*	2,900		37,526
Tutor Perini Corp.*	4,449		73,320
URS Corp.*	12,180		479,283
			5,740,732
Electrical Equipment (0.6%)
AMETEK, Inc.	21,600		867,240
Baldor Electric Co.	501		18,076
Brady Corp., Class A	5,800		144,536
Broadwind Energy, Inc.*	5,637		15,784
Encore Wire Corp.	2,819		51,278
EnerSys*	6,700		143,179
Franklin Electric Co., Inc.	577		16,629
Generac Holdings, Inc.*	2,073		29,043
General Cable Corp.*	4,507		120,111
Hubbell, Inc., Class B	17,531		695,805
LaBarge, Inc.*	400		4,564
LSI Industries, Inc.	5,000		24,400
Preformed Line Products Co.	100		2,795
Regal-Beloit Corp.	908		50,648
SL Industries, Inc.*	400		4,800
Thomas & Betts Corp.*	28,728		996,862
			3,185,750
Industrial Conglomerates (0.2%)
Carlisle Cos., Inc.	7,155		258,510
Otter Tail Corp.	3,700		71,521
Seaboard Corp.	48		72,480
Standex International Corp.	1,984		50,294
Textron, Inc.	39,500		670,315
Tredegar Corp.	3,329		54,329
United Capital Corp.*	604		14,744
			1,192,193
Machinery (2.4%)
AGCO Corp.*	196,047		5,287,388
Alamo Group, Inc.	583		12,651
Albany International Corp., Class A	3,000		48,570
American Railcar Industries, Inc.*	1,600		19,328
Ampco-Pittsburgh Corp.	1,600		33,328
Astec Industries, Inc.*	2,512		69,658
Barnes Group, Inc.	52,498		860,442
Briggs & Stratton Corp.	2,572		43,775
Cascade Corp.	1,306		46,507
Chart Industries, Inc.*	3,621		56,415
CIRCOR International, Inc.	2,089		53,437
CLARCOR, Inc.	886		31,471
Columbus McKinnon Corp.*	2,188		30,566
Commercial Vehicle Group, Inc.*	1,972		20,134
Crane Co.	6,234		188,329
Dover Corp.	11,920		498,137

See Notes to Financial Statements.

207

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
EnPro Industries, Inc.*	1,606	$	45,209
ESCO Technologies, Inc.	3,339		85,979
Federal Signal Corp.	8,600		51,944
Flow International Corp.*	1,300		3,068
Force Protection, Inc.*	6,122		25,100
FreightCar America, Inc.	1,138		25,742
Gardner Denver, Inc.	531		23,677
Greenbrier Cos., Inc.*	2,847		31,886
Harsco Corp.	9,407		221,064
IDEX Corp.	1,884		53,826
Kadant, Inc.*	1,390		24,214
Kennametal, Inc.	2,762		70,238
L.B. Foster Co., Class A*	1,526		39,554
Met-Pro Corp.	800		8,608
MFRI, Inc.*	300		1,800
Miller Industries, Inc.	1,814		24,435
Mueller Industries, Inc.	6,220		153,012
Mueller Water Products, Inc., Class A	4,471		16,587
NACCO Industries, Inc., Class A	97		8,610
Oshkosh Corp.*	2,500		77,900
Pentair, Inc.	41,614		1,339,971
Robbins & Myers, Inc.	2,978		64,742
Snap-On, Inc.	7,073		289,356
SPX Corp.	5,125		270,651
Tecumseh Products Co., Class A*	2,600		28,912
Terex Corp.*	52,694		987,486
Timken Co.	3,066		79,685
Titan International, Inc.	3,300		32,901
Trinity Industries, Inc.	9,924		175,853
Twin Disc, Inc.	1,344		15,268
Wabash National Corp.*	7,449		52,962
Wabtec Corp.	5,113		203,958
Watts Water Technologies, Inc., Class A	3,300		94,578
			11,928,912
Marine (0.1%)
Alexander & Baldwin, Inc.	5,163		153,754
American Commercial Lines, Inc.*	1,465		32,977
Eagle Bulk Shipping, Inc.*	11,100		46,842
Excel Maritime Carriers Ltd.*	3,207		16,420
Genco Shipping & Trading Ltd.*	4,698		70,423
Horizon Lines, Inc., Class A	1,443		6,104
International Shipholding Corp.	1,377		30,473
Kirby Corp.*	6,503		248,740
Ultrapetrol Bahamas Ltd.*	5,719		24,877
			630,610
Professional Services (0.2%)
Barrett Business Services, Inc.	1,200		14,880
CDI Corp.	1,105		17,161
CRA International, Inc.*	1,036		19,508
Equifax, Inc.	16,241		455,723
FTI Consulting, Inc.*	1,144		49,867
GP Strategies Corp.*	1,500		10,890
Heidrick & Struggles International, Inc.	1,600		36,512
Huron Consulting Group, Inc.*	1,218		23,641
Kelly Services, Inc., Class A*	2,728		40,565
Korn/Ferry International*	5,507		76,547

	Number of Shares	Value (Note 1)
Navigant Consulting, Inc.*	4,913	$	50,997
On Assignment, Inc.*	1,900		9,557
School Specialty, Inc.*	1,215		21,955
SFN Group, Inc.*	7,800		42,588
Towers Watson & Co., Class A	4,756		184,771
TrueBlue, Inc.*	3,076		34,420
Volt Information Sciences, Inc.*	1,374		11,542
VSE Corp.	195		6,205
			1,107,329
Road & Rail (0.7%)
All America Latina Logistica S.A.	58,700		458,868
Amerco, Inc.*	1,008		55,490
Arkansas Best Corp.	3,140		65,155
Canadian Pacific Railway Ltd.	24,055		1,289,829
Celadon Group, Inc.*	1,000		14,140
Con-way, Inc.	6,316		189,606
Hertz Global Holdings, Inc.*	4,562		43,157
J.B. Hunt Transport Services, Inc.	21,300		695,871
Kansas City Southern*	5,200		189,020
Old Dominion Freight Line, Inc.*	734		25,793
Patriot Transportation Holding, Inc.*	100		8,091
RailAmerica, Inc.*	2,300		22,816
Ryder System, Inc.	5,137		206,661
Saia, Inc.*	2,671		40,065
Universal Truckload Services, Inc.*	1,500		20,895
USA Truck, Inc.*	600		9,672
Werner Enterprises, Inc.	4,486		98,199
			3,433,328
Trading Companies & Distributors (0.1%)
Aceto Corp.	5,460		31,286
Aircastle Ltd.	8,432		66,191
CAI International, Inc.*	1,385		16,482
GATX Corp.	3,940		105,119
H&E Equipment Services, Inc.*	2,300		17,227
Interline Brands, Inc.*	3,460		59,823
Kaman Corp.	1,239		27,407
Lawson Products, Inc.	900		15,282
RSC Holdings, Inc.*	3,386		20,892
Rush Enterprises, Inc., Class A*	3,654		48,817
TAL International Group, Inc.	1,684		37,839
Titan Machinery, Inc.*	589		7,734
United Rentals, Inc.*	7,675		71,531
WESCO International, Inc.*	3,594		121,010
Willis Lease Finance Corp.*	400		3,688
			650,328
Total Industrials			39,065,591
Information Technology (5.2%)
Communications Equipment (0.4%)
ADC Telecommunications, Inc.*	3,129		23,186
Anaren, Inc.*	1,197		17,883
Arris Group, Inc.*	14,546		148,224
Aviat Networks, Inc.*	11,300		41,019
Bel Fuse, Inc., Class B	1,491		24,616
Black Box Corp.	3,069		85,594
Brocade Communications Systems, Inc.*	56,236		290,178

See Notes to Financial Statements.

208

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
CommScope, Inc.*	11,978	$	284,717
Comtech Telecommunications Corp. *	2,283		68,330
Digi International, Inc.*	4,000		33,080
EchoStar Corp., Class A*	4,200		80,136
EMS Technologies, Inc.*	1,611		24,197
Emulex Corp.*	10,459		96,014
Extreme Networks, Inc.*	16,300		44,010
Globecomm Systems, Inc.*	4,394		36,250
Harmonic, Inc.*	9,706		52,801
Oplink Communications, Inc.*	1,351		19,360
Opnext, Inc.*	7,000		11,550
PC-Tel, Inc.*	5,400		27,216
Powerwave Technologies, Inc.*	25,700		39,578
SeaChange International, Inc.*	1,650		13,579
Sonus Networks, Inc.*	11,962		32,417
Sycamore Networks, Inc.	1,856		30,847
Symmetricom, Inc.*	7,694		39,162
Tekelec*	9,898		131,050
Tellabs, Inc.	50,576		323,181
Telular Corp.*	700		2,107
UTStarcom, Inc.*	21,400		39,376
ViaSat, Inc.*	2,664		86,740
			2,146,398
Computers & Peripherals (0.2%)
ADPT Corp.*	23,000		66,470
Avid Technology, Inc.*	3,624		46,134
Cray, Inc.*	2,246		12,533
Diebold, Inc.	6,608		180,068
Electronics for Imaging, Inc.*	5,635		54,941
Imation Corp.*	5,400		49,626
Intevac, Inc.*	2,438		26,013
Lexmark International, Inc., Class A*	12,604		416,310
Rimage Corp.*	1,034		16,368
Silicon Graphics International Corp.*	3,449		24,419
			892,882
Electronic Equipment, Instruments & Components (2.4%)
Agilysys, Inc.	2,780		18,598
Anixter International, Inc.*	1,890		80,514
Arrow Electronics, Inc.*	73,629		1,645,608
Avnet, Inc.*	19,250		464,117
AVX Corp.	4,655		59,677
Benchmark Electronics, Inc.*	6,800		107,780
Checkpoint Systems, Inc.*	3,124		54,233
Cogent, Inc.*	1,369		12,335
Cognex Corp.	1,339		23,540
Coherent, Inc.*	1,143		39,205
CPI International, Inc.*	1,258		19,612
CTS Corp.	3,754		34,687
Daktronics, Inc.	2,311		17,332
Electro Rent Corp.	1,586		20,285
Electro Scientific Industries, Inc.*	3,862		51,596
Flextronics International Ltd.*	73,880		413,728
ICx Technologies, Inc.*	500		3,650
Ingram Micro, Inc., Class A*	292,498		4,443,045
Insight Enterprises, Inc.*	4,300		56,588
Itron, Inc.*	376		23,244
Jabil Circuit, Inc.	7,536		100,229

	Number of Shares	Value (Note 1)
Kingboard Laminates Holdings Ltd.	1,066,300	$	891,990
L-1 Identity Solutions, Inc.*	9,698		79,427
Littelfuse, Inc.*	574		18,144
Measurement Specialties, Inc.*	2,032		27,838
Mercury Computer Systems, Inc.*	3,786		44,410
Methode Electronics, Inc.	2,826		27,525
Molex, Inc.	16,509		301,124
Newport Corp.*	4,082		36,983
OSI Systems, Inc.*	648		17,995
Park Electrochemical Corp.	710		17,331
PC Connection, Inc.*	1,800		10,908
Rofin-Sinar Technologies, Inc.*	1,991		41,453
Rogers Corp.*	1,589		44,127
Scansource, Inc.*	3,399		84,737
SMART Modular Technologies (WWH), Inc.*	5,296		30,982
Spectrum Control, Inc.*	1,613		22,550
SYNNEX Corp.*	3,397		87,031
Tech Data Corp.*	69,353		2,470,354
Tessco Technologies, Inc.	450		7,515
TTM Technologies, Inc.*	7,321		69,549
Vishay Intertechnology, Inc.*	28,594		221,318
X-Rite, Inc.*	6,500		23,985
Zygo Corp.*	3,500		28,385
			12,295,264
Internet Software & Services (0.2%)
AOL, Inc.*	13,475		280,145
Digital River, Inc.*	4,643		111,014
DivX, Inc.*	2,269		17,381
EarthLink, Inc.	17,684		140,765
IAC/InterActiveCorp.*	7,168		157,481
InfoSpace, Inc.*	3,600		27,072
Internap Network Services Corp.*	5,918		24,678
Internet Brands, Inc., Class A*	2,700		27,891
Internet Capital Group, Inc.*	3,924		29,822
j2 Global Communications, Inc.*	1,960		42,806
Keynote Systems, Inc.	839		7,568
ModusLink Global Solutions, Inc.*	7,500		45,225
Monster Worldwide, Inc.*	8,291		96,590
Perficient, Inc.*	2,203		19,629
RealNetworks, Inc.*	8,332		27,496
TechTarget, Inc.*	2,900		15,602
United Online, Inc.	13,600		78,336
			1,149,501
IT Services (0.6%)
Broadridge Financial Solutions, Inc.	2,402		45,758
CACI International, Inc., Class A*	3,766		159,980
CIBER, Inc.*	4,700		13,019
Computer Task Group, Inc.*	200		1,292
Convergys Corp.*	16,649		163,327
CoreLogic, Inc.	12,680		223,929
CSG Systems International, Inc.*	3,163		57,978
Dynamics Research Corp.*	400		4,044
Euronet Worldwide, Inc.*	6,233		79,720
Hackett Group, Inc.*	4,800		13,488
infoGROUP, Inc.*	3,900		31,122
Integral Systems, Inc.*	1,316		8,357

See Notes to Financial Statements.

209

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
ManTech International Corp., Class A*	382	$	16,262
MoneyGram International, Inc.*	3,000		7,350
Online Resources Corp.*	2,200		9,130
SAIC, Inc.*	110,521		1,850,121
SRA International, Inc., Class A*	5,184		101,969
Tier Technologies, Inc., Class B*	300		1,824
Total System Services, Inc.	21,079		286,674
Unisys Corp.*	5,727		105,892
Virtusa Corp.*	563		5,253
			3,186,489
Office Electronics (0.0%)
Zebra Technologies Corp., Class A*	3,330		84,482
Semiconductors & Semiconductor Equipment (0.9%)
Actel Corp.*	2,646		33,922
Advanced Energy Industries, Inc.*	1,666		20,475
Advanced Micro Devices, Inc.*	400		2,928
Amkor Technology, Inc.*	4,500		24,795
ANADIGICS, Inc.*	1,183		5,158
Atmel Corp.*	10,104		48,499
ATMI, Inc.*	3,512		51,416
Axcelis Technologies, Inc.*	6,301		9,766
Brooks Automation, Inc.*	5,122		39,593
Cabot Microelectronics Corp.*	2,200		76,098
Cohu, Inc.	3,120		37,846
Conexant Systems, Inc.*	3,100		6,944
Cymer, Inc.*	3,126		93,905
DSP Group, Inc.*	5,100		32,589
Energy Conversion Devices, Inc.*	3,747		15,363
Entegris, Inc.*	13,903		55,195
Exar Corp.*	6,291		43,597
Fairchild Semiconductor International, Inc.*	21,469		180,554
FEI Co.*	3,497		68,926
FormFactor, Inc.*	6,313		68,180
Integrated Device Technology, Inc.*	11,800		58,410
Integrated Silicon Solution, Inc.*	300		2,262
International Rectifier Corp.*	8,936		166,299
Intersil Corp., Class A	10,294		124,660
IXYS Corp.*	1,100		9,724
Kulicke & Soffa Industries, Inc.*	1,220		8,564
Linear Technology Corp.	11,800		328,158
LSI Corp.*	87,400		402,040
MEMC Electronic Materials, Inc.*	16,741		165,401
Microsemi Corp.*	6,498		95,066
Microtune, Inc.*	800		1,704
MKS Instruments, Inc.*	4,061		76,022
National Semiconductor Corp.	360		4,846
Novellus Systems, Inc.*	1,862		47,220
OmniVision Technologies, Inc.*	1,957		41,958
Pericom Semiconductor Corp.*	3,996		38,362
Photronics, Inc.*	11,343		51,270
Pixelworks, Inc.*	600		1,788
PMC-Sierra, Inc.*	28,500		214,320
Rudolph Technologies, Inc.*	1,636		12,352
Sigma Designs, Inc.*	3,181		31,842
Silicon Image, Inc.*	5,500		19,305
Standard Microsystems Corp.*	1,738		40,461

	Number of Shares	Value (Note 1)
SunPower Corp., Class A*	7,493	$	90,665
Tessera Technologies, Inc.*	1,403		22,518
Trident Microsystems, Inc.*	14,100		20,022
Varian Semiconductor Equipment Associates, Inc.*	41,390		1,186,237
Zoran Corp.*	5,830		55,618
			4,232,843
Software (0.5%)
BMC Software, Inc.*	17,300		599,099
CDC Corp., Class A*	8,499		17,678
Check Point Software Technologies Ltd.*	15,900		468,732
Compuware Corp.*	15,387		122,788
Double-Take Software, Inc.*	2,802		29,393
Epicor Software Corp.*	4,600		36,754
EPIQ Systems, Inc.*	1,424		18,412
ePlus, Inc.*	900		15,750
Fair Isaac Corp.	5,995		130,631
JDA Software Group, Inc.*	4,570		100,449
Mentor Graphics Corp.*	9,608		85,031
Novell, Inc.*	44,089		250,426
Quest Software, Inc.*	1,895		34,186
S1 Corp.*	2,302		13,835
SonicWALL, Inc.*	2,085		24,499
Symyx Technologies, Inc.*	3,351		16,788
Synopsys, Inc.*	18,198		379,792
Take-Two Interactive Software, Inc.*	8,300		74,700
TeleCommunication Systems, Inc., Class A*	1,418		5,870
THQ, Inc.*	5		22
			2,424,835
Total Information Technology			26,412,694
Materials (10.9%)
Chemicals (1.1%)
A. Schulman, Inc.	3,959		75,063
Agrium, Inc. (When Issued)	10,320		505,061
American Vanguard Corp.	4,000		31,720
Arch Chemicals, Inc.	1,383		42,513
Ashland, Inc.	9,028		419,080
Cabot Corp.	10,198		245,874
Cytec Industries, Inc.	6,131		245,179
Eastman Chemical Co.	7,465		398,332
Ferro Corp.*	7,235		53,322
FMC Corp.	18,740		1,076,238
Georgia Gulf Corp.*	4,258		56,802
H.B. Fuller Co.	5,600		106,344
Hawkins, Inc.	100		2,408
Huntsman Corp.	23,300		202,011
Innophos Holdings, Inc.	3,061		79,831
Intrepid Potash, Inc.*	5,632		110,218
Kraton Performance Polymers, Inc.*	592		11,124
Methanex Corp.	38,100		750,189
Minerals Technologies, Inc.	2,125		101,022
NewMarket Corp.	400		34,928
NL Industries, Inc.	1,000		6,100
Olin Corp.	4,806		86,941
OM Group, Inc.*	3,813		90,978

See Notes to Financial Statements.

210

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
PolyOne Corp.*	4,483	$	37,747
Quaker Chemical Corp.	505		13,680
Rockwood Holdings, Inc.*	1,947		44,177
RPM International, Inc.	7,294		130,125
Sensient Technologies Corp.	6,188		160,455
Spartech Corp.*	3,984		40,836
Valspar Corp.	11,513		346,772
W.R. Grace & Co.*	7,637		160,682
Westlake Chemical Corp.	2,725		50,603
Zoltek Cos., Inc.*	4,449		37,683
			5,754,038
Construction Materials (0.0%)
Headwaters, Inc.*	10,800		30,672
Texas Industries, Inc.	2,700		79,758
			110,430
Containers & Packaging (1.1%)
AptarGroup, Inc.	8,262		312,469
Ball Corp.	9,824		519,002
Bemis Co., Inc.	13,975		377,325
Boise, Inc.*	8,543		46,901
Graham Packaging Co., Inc.*	2,200		26,334
Graphic Packaging Holding Co.*	19,700		62,055
Greif, Inc., Class A	16,637		924,019
Myers Industries, Inc.	6,000		48,540
Owens-Illinois, Inc.*	34,020		899,829
Packaging Corp. of America	12,712		279,918
Pactiv Corp.*	2,263		63,025
Rexam plc	148,113		664,647
Rock-Tenn Co., Class A	3,620		179,805
Sealed Air Corp.	20,679		407,790
Silgan Holdings, Inc.	2,939		83,409
Sonoco Products Co.	12,257		373,593
Temple-Inland, Inc.	11,205		231,607
UFP Technologies, Inc.*	400		3,676
			5,503,944
Metals & Mining (8.0%)
A.M. Castle & Co.*	2,621		36,406
AK Steel Holding Corp.	12,942		154,269
Alcoa, Inc.	300,544		3,023,473
AngloGold Ashanti Ltd. (ADR)	125,624		5,424,444
Banro Corp.*	747,036		1,419,368
Brush Engineered Materials, Inc.*	2,634		52,627
Century Aluminum Co.*	8,096		71,488
Coeur d’Alene Mines Corp.*	10,140		160,009
Commercial Metals Co.	13,775		182,106
Geovic Mining Corp.*	612,517		349,135
Gerdau Ameristeel Corp.*	15,606		170,105
Gold Fields Ltd. (ADR)	397,377		5,312,930
Haynes International, Inc.	1,566		48,280
Hecla Mining Co.*	33,100		172,782
Horsehead Holding Corp.*	6,445		48,724
Ivanhoe Mines Ltd.*	107,737		1,404,890
Kaiser Aluminum Corp.	1,954		67,745
Kinross Gold Corp.	450,273		7,695,166
Lihir Gold Ltd. (ADR)	135,657		4,882,295
Newcrest Mining Ltd. (ADR)	89,300		2,634,350
Novagold Resources, Inc.*	299,296		2,089,086
Olympic Steel, Inc.	1,640		37,671
Polyus Gold Co. (ADR)	3,720		102,486

	Number of Shares	Value (Note 1)
Reliance Steel & Aluminum Co.	8,060	$	291,369
Royal Gold, Inc.	4,913		235,824
RTI International Metals, Inc.*	3,476		83,806
Schnitzer Steel Industries, Inc., Class A	2,250		88,200
Silver Standard Resources, Inc.*	211,103		3,768,189
Steel Dynamics, Inc.	27,269		359,678
Sutor Technology Group Ltd.*	400		796
Thompson Creek Metals Co., Inc.*	15,780		136,970
Universal Stainless & Alloy Products, Inc.*	1,237		19,780
Walter Energy, Inc.	1,449		88,172
Worthington Industries, Inc.	2,416		31,070
			40,643,689
Paper & Forest Products (0.7%)
Buckeye Technologies, Inc.*	7,329		72,924
Clearwater Paper Corp.*	988		54,103
Domtar Corp.	50,534		2,483,746
KapStone Paper and Packaging Corp.*	7,520		83,773
Louisiana-Pacific Corp.*	15,437		103,273
Neenah Paper, Inc.	1,176		21,521
P.H. Glatfelter Co.	6,787		73,639
Sino-Forest Corp.*	19,900		282,830
Sino-Forest Corp. (ADR)*§	13,700		194,712
Wausau Paper Corp.*	5,700		38,589
			3,409,110
Total Materials			55,421,211
Telecommunication Services (2.5%)
Diversified Telecommunication Services (1.2%)
Atlantic Tele-Network, Inc.	236		9,747
CenturyLink, Inc.	3,600		119,916
Cincinnati Bell, Inc.*	13,600		40,936
Consolidated Communications Holdings, Inc.	200		3,402
Frontier Communications Corp.	21,800		154,998
General Communication, Inc., Class A*	4,271		32,417
Global Crossing Ltd.*	1,431		15,126
IDT Corp., Class B*	700		8,925
Iridium Communications, Inc.*	2,307		23,162
Level 3 Communications, Inc.*	164,500		179,305
PAETEC Holding Corp.*	1,367		4,662
Premiere Global Services, Inc.*	5,957		37,767
SureWest Communications*	800		5,072
TELUS Corp. (Non-Voting)	151,277		5,476,227
Vonage Holdings Corp.*	4,587		10,550
			6,122,212
Wireless Telecommunication Services (1.3%)
FiberTower Corp.*	4,732		22,335
Leap Wireless International, Inc.*	8,259		107,202
MetroPCS Communications, Inc.*	16,575		135,749
SK Telecom Co., Ltd. (ADR)	189,056		2,784,795
Telephone & Data Systems, Inc.	11,691		355,289
Tim Participacoes S.A. (Preference) (ADR)	77,961		2,115,862
Turkcell Iletisim Hizmet A/S (ADR)	72,480		940,790

See Notes to Financial Statements.

211

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
USA Mobility, Inc.	1,638	$	21,163
			6,483,185
Total Telecommunication Services			12,605,397
Utilities (6.2%)
Electric Utilities (2.3%)
Allegheny Energy, Inc.	21,413		442,821
Allete, Inc.	4,195		143,637
Centrais Eletricas Brasileiras S.A. (Preference) (ADR)	68,388		1,082,582
Central Vermont Public Service Corp.	2,037		40,210
Cleco Corp.	6,400		169,024
DPL, Inc.	14,277		341,220
El Paso Electric Co.*	6,490		125,582
Empire District Electric Co.	6,091		114,328
Great Plains Energy, Inc.	15,926		271,061
Hawaiian Electric Industries, Inc.	10,772		245,386
IDACORP, Inc.	91,190		3,033,891
MGE Energy, Inc.	3,162		113,958
Northeast Utilities	60,410		1,539,247
NV Energy, Inc.	129,451		1,528,816
Pepco Holdings, Inc.	29,448		461,745
Pinnacle West Capital Corp.	15,621		567,980
PNM Resources, Inc.	12,200		136,396
Portland General Electric Co.	10,501		192,483
UIL Holdings Corp.	4,000		100,120
UniSource Energy Corp.	4,938		149,029
Unitil Corp.	2,157		45,103
Westar Energy, Inc.	35,282		762,444
			11,607,063
Gas Utilities (0.9%)
AGL Resources, Inc.	11,799		422,640
Atmos Energy Corp.	10,993		297,251
Chesapeake Utilities Corp.	1,706		53,568
Energen Corp.	8,797		389,971
Energy, Inc.	300		3,258
Laclede Group, Inc.	3,197		105,917
National Fuel Gas Co.	9,116		418,242
New Jersey Resources Corp.	4,610		162,272
Nicor, Inc.	5,600		226,800
Northwest Natural Gas Co.	3,621		157,767
ONEOK, Inc.	15,850		685,512
Piedmont Natural Gas Co., Inc.	8,719		220,591
South Jersey Industries, Inc.	3,376		145,033
Southwest Gas Corp.	6,059		178,740
UGI Corp.	39,233		998,088
WGL Holdings, Inc.	5,720		194,652
			4,660,302
Independent Power Producers & Energy Traders (0.1%)
Dynegy, Inc.*	14,500		55,825
Mirant Corp.*	23,984		253,271
RRI Energy, Inc.*	48,731		184,690
			493,786

	Number of Shares		Value (Note 1)
Multi-Utilities (2.7%)
Alliant Energy Corp.		13,430	$	426,268
Ameren Corp.		328,818		7,816,004
Avista Corp.		7,682		150,030
Black Hills Corp.		5,190		147,759
CenterPoint Energy, Inc.		51,227		674,147
CH Energy Group, Inc.		2,194		86,093
CMS Energy Corp.		30,356		444,716
Integrys Energy Group, Inc.		9,406		411,419
MDU Resources Group, Inc.		26,744		482,194
NorthWestern Corp.		4,922		128,956
NSTAR		12,653		442,855
OGE Energy Corp.		12,183		445,411
SCANA Corp.		14,670		524,599
TECO Energy, Inc.		28,429		428,425
Vectren Corp.		9,111		215,566
Wisconsin Energy Corp.		16,960		860,550
				13,684,992
Water Utilities (0.2%)
American States Water Co.		2,885		95,609
American Water Works Co., Inc.		22,085		454,951
Aqua America, Inc.		16,370		289,422
Artesian Resources Corp., Class A		2,100		38,766
California Water Service Group		2,872		102,530
Connecticut Water Service, Inc.		2,000		42,040
Consolidated Water Co., Ltd.		2,400		27,312
Middlesex Water Co.		2,694		42,700
SJW Corp.		2,286		53,584
Southwest Water Co.		2,920		30,601
York Water Co.		1,800		25,560
				1,203,075
Total Utilities				31,649,218
Total Common Stocks (71.9%) (Cost $334,674,233)				366,058,943
INVESTMENT COMPANY:
Investment Company (0.0%)
Kayne Anderson Energy Development Co. (Cost $11,974)		815		12,364
	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bonds (3.4%)
Energy (1.8%)
Oil, Gas & Consumable Fuels (1.8%)
Delta Petroleum Corp. 3.750%, 5/1/37	$	2,952,000		2,302,560
Goodrich Petroleum Corp. 3.250%, 12/1/26		5,328,000		5,041,620
USEC, Inc. 3.000%, 10/1/14		2,349,000		1,691,280
Total Energy				9,035,460

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Health Care (0.9%)
Biotechnology (0.4%)
Cubist Pharmaceuticals, Inc. 2.250%, 6/15/13	$	1,862,000	$	1,754,935
Health Care Providers & Services (0.5%)
Omnicare, Inc. 3.250%, 12/15/35		3,303,000		2,733,233
Total Health Care				4,488,168
Industrials (0.5%)
Airlines (0.2%)
JetBlue Airways Corp. Series B 6.750%, 10/15/39		938,000		1,335,477
Building Products (0.3%)
Griffon Corp. Series 2ND 4.000%, 7/18/23		1,581,000		1,581,000
Total Industrials				2,916,477
Telecommunication Services (0.2%)
Wireless Telecommunication Services (0.2%)
NII Holdings, Inc. 3.125%, 6/15/12		1,140,000		1,075,875
Total Telecommunication Services				1,075,875
Total Convertible Bonds				17,515,980
Corporate Bonds (1.1%)
Financials (0.4%)
Insurance (0.4%)
Old Republic International Corp. 8.000%, 5/15/12		1,602,000		1,902,375
Total Financials				1,902,375
Information Technology (0.7%)
Communications Equipment (0.7%)
Alcatel-Lucent USA, Inc. Series B 2.875%, 6/15/25		4,497,000		3,788,722
Total Information Technology				3,788,722
Total Corporate Bonds				5,691,097
Total Long-Term Debt Securities (4.5%) (Cost $19,858,052)				23,207,077

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (20.3%)
BlackRock Liquidity Funds TempFund 0.16% ‡	$	103,167,891	$	103,167,891
Time Deposit (1.7%)
JPMorgan Chase Nassau 0.000%, 7/1/10		8,657,323		8,657,323
Total Short-Term Investments (22.0%) (Amortized Cost $111,825,214)				111,825,214
Total Investments (98.4%) (Cost/Amortized Cost $466,369,473)				501,103,598
Other Assets Less Liabilities (1.6%)				8,194,899
Net Assets (100%)			$	509,298,497

* Non-income producing.

† Securities (totaling $62,411 or 0.0% of net assets) at fair value by management.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $256,884 or 0.1% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

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

(b) Illiquid security.

Glossary:

ADR— American Depositary Receipt

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	144,447,908	$	41,280,017	$	103,167,891	$	19,240	$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	373	September-10	$	22,980,829	$	22,670,940	$	(309,889	)
S&P MidCap 400 E-Mini Index	1,289	September-10		96,541,933		91,519,000		(5,022,933	)
							$	(5,332,822	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable  Inputs (including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs  (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	24,125,293		$	391,637	$	—	$	24,516,930
Consumer Staples		22,410,377			533,803		—		22,944,180
Energy		39,091,358			395,748		62,172		39,549,278
Financials		85,860,699			—		239		85,860,938
Health Care		28,033,506			—		—		28,033,506
Industrials		39,059,047			6,544		—		39,065,591
Information Technology		25,520,704			891,990		—		26,412,694
Materials		54,756,564			664,647		—		55,421,211
Telecommunication Services		12,605,397			—		—		12,605,397
Utilities		31,649,218			—		—		31,649,218
Convertible Bonds
Energy		—			9,035,460		—		9,035,460
Health Care		—			4,488,168		—		4,488,168
Industrials		—			2,916,477		—		2,916,477
Telecommunication Services		—			1,075,875		—		1,075,875
Corporate Bonds
Financials		—			1,902,375		—		1,902,375
Information Technology		—			3,788,722		—		3,788,722
Investment Companies
Investment Companies		12,364			—		—		12,364
Short-Term Investments		—			111,825,214		—		111,825,214
Total Assets	$	363,124,527		$	137,916,660	$	62,411	$	501,103,598
Liabilities:
Futures	$	(5,332,822	)	$	—	$	—	$	(5,332,822	)
Total Liabilities	$	(5,332,822	)	$	—	$	—	$	(5,332,822	)
Total	$	357,791,705		$	137,916,660	$	62,411	$	495,770,776

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

	Investments in Securities-Energy			Investments in Securities-Financials
Balance as of 12/31/09	$	1,100,162		$	425
Total gains or losses (realized/unrealized) included in earnings		1,081,510			(186	)
Purchases, sales, issuances, and settlements (net)		(2,119,500	)		—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Balance as of 6/30/10	$	62,172		$	239
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at year ending 6/30/10.	$	62,172		$	(186	)

Fair Values of Derivative Instruments as of June 30, 2010:

Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	—
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(5,332,822	)*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(5,332,822	)

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:

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		—		(11,862,431	)		—		—		(11,862,431	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(11,862,431	)	$	—	$	—	$	(11,862,431	)
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		—		(5,550,044	)		—		—		(5,550,044	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(5,550,044	)	$	—	$	—	$	(5,550,044	)

The Portfolio held futures contracts with an average notional balance of approximately $31,271,000 during the six months ended June 30, 2010.

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

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	166,107,425
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	322,450,844

As of June 30, 2010, 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	$	45,970,520
Aggregate gross unrealized depreciation		(18,191,184	)
Net unrealized appreciation	$	27,779,336
Federal income tax cost of investments	$	473,324,262

For the six months ended June 30, 2010, the Portfolio incurred approximately $580 as brokerage commissions with Keefe Bruyette & Woods, Inc., $24 with Sanford C. Bernstein & Co., Inc. and $140 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $319,907,273 of which $86,955,157 expires in the year 2016, and $232,952,116 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $103,167,891)	$	103,167,891
Unaffiliated Issuers (Cost $363,201,582)		397,935,707
Cash		93,106
Foreign cash (Cost $119)		119
Cash held as collateral at broker		11,538,000
Dividends, interest and other receivables		598,939
Receivable for securities sold		480,296
Receivable from Separate Accounts for Trust shares sold		174,095
Receivable from investment sub- advisor		8,410
Other assets		4,935
Total assets		514,001,498
LIABILITIES
Payable for securities purchased		2,767,662
Variation margin payable on futures contracts		665,460
Payable to Separate Accounts for Trust shares redeemed		598,602
Investment management fees payable		355,917
Distribution fees payable—Class B		95,095
Administrative fees payable		79,491
Trustees’ fees payable		15,976
Accrued expenses		124,798
Total liabilities		4,703,001
NET ASSETS	$	509,298,497
Net assets were comprised of:
Paid in capital	$	731,169,803
Accumulated undistributed net investment income (loss)		(529,498	)
Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency transactions		(250,743,112	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		29,401,304
Net assets	$	509,298,497
Class A
Net asset value, offering and redemption price per share, $69,924,136 / 8,868,514 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.88
Class B
Net asset value, offering and redemption price per share, $439,374,361 / 56,927,966 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.72

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends ($19,240 of dividend income received from affiliates) (net of $40,857 foreign withholding tax)	$	4,155,211
Interest		809,023
Securities lending (net)		73,480
Total income		5,037,714
EXPENSES
Investment management fees		2,253,860
Distribution fees - Class B		595,440
Administrative fees		503,181
Custodian fees		79,764
Printing and mailing expenses		34,107
Professional fees		27,150
Trustees’ fees		4,726
Miscellaneous		13,196
Gross expenses		3,511,424
Less:   Reimbursement from sub-advisor		(8,410	)
Fees paid indirectly		(27,655	)
Net expenses		3,475,359
NET INVESTMENT INCOME (LOSS)		1,562,355
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		86,011,581
Foreign currency transactions		(42,066	)
Futures		(11,862,431	)
Net realized gain (loss)		74,107,084
Change in unrealized appreciation (depreciation) on:
Securities		(83,348,339	)
Foreign currency translations		55
Futures		(5,550,044	)
Net change in unrealized appreciation (depreciation)		(88,898,328	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(14,791,244	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,228,889	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,562,355		$	7,172,186
Net realized gain (loss) on investments, futures and foreign currency transactions		74,107,084			(118,522,129	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(88,898,328	)		254,770,370
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(13,228,889	)		143,420,427
DIVIDENDS:
Dividends from net investment income
Class A		—			(2,629,322	)
Class B		—			(11,549,168	)
TOTAL DIVIDENDS		—			(14,178,490	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 601,755 and 2,672,474 shares, respectively ]		5,051,797			16,255,094
Capital shares issued in reinvestment of dividends [ 0 and 341,908 shares, respectively ]		—			2,629,322
Capital shares repurchased [ (3,495,325) and (48,616,943) shares, respectively ]		(31,444,016	)		(253,402,415	)
Total Class A transactions		(26,392,219	)		(234,517,999	)
Class B
Capital shares sold [ 4,790,578 and 12,525,853 shares, respectively ]		40,483,482			81,482,834
Capital shares issued in reinvestment of dividends [ 0 and 1,538,281 shares, respectively ]		—			11,549,168
Capital shares repurchased [ (5,885,478) and (12,621,492) shares, respectively ]		(48,768,425	)		(81,559,277	)
Total Class B transactions		(8,284,943	)		11,472,725
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(34,677,162	)		(223,045,274	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(47,906,051	)		(93,803,337	)
NET ASSETS:
Beginning of period		557,204,548			651,007,885
End of period (a)	$	509,298,497		$	557,204,548
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(529,498	)	$	(2,091,853	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.12		$	5.77		$	9.19		$	10.03		$	9.74		$	11.48
Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.11	(e)		0.06	(e)		0.02	(e)		0.03	(e)		0.01	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.27	)		2.47			(3.33	)		—	#		1.41			0.83
Total from investment operations		(0.24	)		2.58			(3.27	)		0.02			1.44			0.84
Less distributions:
Dividends from net investment income		—			(0.23	)		(0.05	)		—			(0.02	)		—
Distributions from net realized gains		—			—			(0.10	)		(0.86	)		(1.13	)		(2.58	)
Total dividends and distributions		—			(0.23	)		(0.15	)		(0.86	)		(1.15	)		(2.58	)
Net asset value, end of period	$	7.88		$	8.12		$	5.77		$	9.19		$	10.03		$	9.74
Total return (b)		(2.96	)%		44.90	%		(35.88	)%		0.31	%		15.08	%		7.61	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	69,924		$	95,496		$	330,996		$	535,842		$	387,990		$	319,455
Ratio of expenses to average net assets:
After reimbursements (a)		1.03	%		0.58	%		1.15	%		1.28	%		1.30	%		1.24	%
After reimbursements and fees paid indirectly (a)		1.02	%		0.58	%		1.15	%		1.28	%		1.30	%		1.24	%
Before reimbursements and fees paid indirectly (a)		1.04	%		1.04	%		1.30	%		1.29	%		1.31	%		1.29	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		0.76	%		1.76	%		0.78	%		0.17	%		0.25	%		0.09	%
After reimbursements and fees paid indirectly (a)		0.77	%		1.76	%		0.78	%		0.17	%		0.25	%		0.09	%
Before reimbursements and fees paid indirectly (a)		0.76	%		1.29	%		0.62	%		0.17	%		0.24	%		0.04	%
Portfolio turnover rate		33	%		95	%		78	%		60	%		67	%		58	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	7.96		$	5.66		$	9.01		$	9.87		$	9.61		$	11.39
Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.08	(e)		0.04	(e)		(0.01	)(e)		—	# (e)		(0.02	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.26	)		2.42			(3.25	)		0.01			1.39			0.82
Total from investment operations		(0.24	)		2.50			(3.21	)		—			1.39			0.80
Less distributions:
Dividends from net investment income		—			(0.20	)		(0.04	)		—			—			—
Distributions from net realized gains		—			—			(0.10	)		(0.86	)		(1.13	)		(2.58	)
Total dividends and distributions		—			(0.20	)		(0.14	)		(0.86	)		(1.13	)		(2.58	)
Net asset value, end of period	$	7.72		$	7.96		$	5.66		$	9.01		$	9.87		$	9.61
Total return (b)		(3.02	)%		44.46	%		(35.99	)%		0.10	%		14.75	%		7.29	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	439,374		$	461,709		$	320,011		$	539,894		$	599,824		$	510,799
Ratio of expenses to average net assets:
After reimbursements (a)		1.28	%		1.13	%		1.39	%		1.53	%		1.55	%		1.49	%
After reimbursements and fees paid indirectly (a).		1.27	%		1.13	%(c)		1.39	%		1.53	%		1.55	%		1.49	%
Before reimbursements and fees paid indirectly (a)		1.29	%		1.29	%(c)		1.55	%		1.54	%		1.56	%(c)		1.54	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		0.51	%		1.25	%		0.54	%		(0.08	)%		(0.01	)%		(0.16	)%
After reimbursements and fees paid indirectly (a).		0.52	%		1.25	%		0.54	%		(0.08	)%		(0.01	)%		(0.16	)%
Before reimbursements and fees paid indirectly (a)		0.50	%		1.05	%		0.38	%		(0.09	)%		(0.02	)%		(0.21	)%
Portfolio turnover rate		33	%		95	%		78	%		60	%		67	%		58	%

# Per share amount is less than $0.01.

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

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

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

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

See Notes to Financial Statements.

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO (Unaudited)

Distribution of Assets by Sector as of 6/30/2010	% of Net Assets
Government Securities	63.3	%
Corporate Bonds	37.1
Asset-Backed and Mortgage-Backed Securities	3.5
Convertible Bonds	0.1
Cash and Other	(4.0	)
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$1,050.80	$3.61
Hypothetical (5% average return before expenses)	1,000.00	1,021.27	3.56
Class B
Actual	1,000.00	1,051.10	4.88
Hypothetical (5% average return before expenses)	1,000.00	1,020.03	4.81
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.71% and 0.96%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (3.5%)
Asset-Backed Securities (0.6%)
AEP Texas Central Transition Funding LLC,
Series 2002-1 A5 6.250%, 1/15/17	$	75,000	$	88,096
American Express Credit Account Master Trust,
Series 2009-1 A 1.700%, 12/15/14(l)		750,000		765,327
American Money Management Corp.,
Series 2006-6A A1A 0.722%, 5/3/18(l)§†(b)		1,000,000		941,913
BMW Vehicle Owner Trust,
Series 2010-A A3 1.390%, 4/25/14		100,000		100,527
Capital One Multi-Asset Execution Trust,
Series 2007-A7 A7 5.750%, 7/15/20		600,000		702,722
Chase Issuance Trust,
Series 2007-A17 A 5.120%, 10/15/14		150,000		162,836
Series 2009-A2 A2 1.900%, 4/15/14(l)		2,800,000		2,863,826
Citibank Credit Card Issuance Trust,
Series 2003-A10 A10 4.750%, 12/10/15		150,000		164,555
Series 2007-A8 A8 5.650%, 9/20/19		100,000		117,486
Series 2009-A4 A4 4.900%, 6/23/16		200,000		221,606
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-3 2A2A 3.938%, 8/25/35(l)		286,516		259,642
Entergy Texas Restoration Funding LLC,
Series 2009-A A1 2.120%, 2/1/16		100,000		101,843
Ford Credit Auto Owner Trust,
Series 2007-B A4A 5.240%, 7/15/12		100,000		103,540
Series 2008-C A3 1.770%, 6/15/12(l)		1,950,842		1,959,669
Series 2009-E A2 0.800%, 3/15/12		3,000,000		2,998,531
				11,552,119
Non-Agency CMO (2.9%)
Adjustable Rate Mortgage Trust,
Series 2005-5 2A1 2.856%, 9/25/35(l)		1,120,721		875,773
Banc of America Commercial Mortgage, Inc.,
Series 2004-6 A5 4.811%, 12/10/42		1,000,000		1,034,363
Series 2006-6 A4 5.356%, 10/10/45		450,000		457,481
Series 2007-2 A4 5.867%, 4/10/49(l)		500,000		485,284
Series 2007-3 A4 5.837%, 6/10/49(l)		801,000		788,413
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-9 2A1 3.399%, 2/25/34(l)		730,695		604,653

	Principal Amount		Value (Note 1)
Bear Stearns Alt-A Trust,
Series 2005-7 22A1 4.539%, 9/25/35(l)	$	713,000	$	501,726
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 2003-T12 A4 4.680%, 8/13/39(l)		1,205,000		1,265,538
Series 2004-T16 A6 4.750%, 2/13/46(l)		790,000		807,515
Series 2006-BBA7 A1 0.459%, 3/15/19(l)§		683,763		635,899
Series 2006-T22 A4 5.628%, 4/12/38(l)		675,000		728,183
Series 2007-PW17 A2 5.574%, 6/11/50		500,000		514,646
Series 2007-PW17 AM 5.915%, 6/11/50(l)		2,000,000		1,691,808
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2007-CD4 A2B 5.205%, 12/11/49		1,130,000		1,162,719
Commercial Mortgage Pass Through Certificates,
Series 2005-LP5 A4 4.982%, 5/10/43(l)		1,000,000		1,044,194
Countrywide Alternative Loan Trust,
Series 2006-OA22 A1 0.507%, 2/25/47(l)		427,785		247,981
Credit Suisse Mortgage Capital Certificates,
Series 2006-C4 A3 5.467%, 9/15/39		1,000,000		1,010,072
Series 2010-RR1 2A 5.695%, 9/17/40(l)§		700,000		687,606
Series 2010-RR1 3A 5.837%, 6/10/49(l)§		700,000		720,490
CS First Boston Mortgage Securities Corp.,
Series 2004-C2 A1 3.819%, 5/15/36		372,274		375,448
Series 2004-C4 A6 4.691%, 10/15/39		1,210,000		1,227,690
EMF-NL B.V.,
Series 2008-APRX A2 1.444%, 4/17/41(l)(m)		1,000,000		1,008,749
GE Capital Commercial Mortgage Corp.,
Series 2007-C1 A4 5.543%, 12/10/49		1,500,000		1,424,335
Greenpoint Mortgage Funding Trust,
Series 2003-1 A1 2.999%, 10/25/33(l)		710,577		576,801
Series 2007-AR1 3A1 0.447%, 2/25/37(l)		108,182		86,892
Greenwich Capital Commercial Funding Corp.,
Series 2005-GG3 A4 4.799%, 8/10/42(l)		417,000		433,118
Series 2005-GG5 A5 5.224%, 4/10/37(l)		2,000,000		2,050,140
GS Mortgage Securities Corp. II,
Series 2001-ROCK A2 6.624%, 5/3/18§		299,130		309,925
Series 2004-GG2 A6 5.396%, 8/10/38(l)		1,700,000		1,791,306
Harborview Mortgage Loan Trust,
Series 2006-12 2A2A 0.538%, 1/19/38(l)		389,023		212,890

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Hilton Hotel Pool Trust,
Series 2000-HLTA B 0.848%, 10/3/15(l)§	$	2,900,000	$	2,897,219
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2003-CB7 A4 4.879%, 1/12/38(l)		2,000,000		2,100,586
Series 2005-LDP1 A3 4.865%, 3/15/46		1,000,000		1,023,791
Series 2006-CB15 A4 5.814%, 6/12/43(l)		1,535,000		1,600,462
Series 2007-C1 ASB 5.857%, 2/15/51		1,000,000		1,005,444
Series 2007-CB18 A4 5.440%, 6/12/47		1,250,000		1,248,383
Series 2007-LDPX A3 5.420%, 1/15/49		500,000		489,440
LB-UBS Commercial Mortgage Trust,
Series 2004-C1 A4 4.568%, 1/15/31		1,415,000		1,450,727
Series 2004-C2 A4 4.367%, 3/15/36		1,000,000		1,022,888
Series 2007-C6 A4 5.858%, 7/15/40(l)		1,250,000		1,229,810
Series 2007-C7 A3 5.866%, 9/15/45(l)		1,050,000		1,048,753
Merrill Lynch Mortgage Trust,
Series 2004-KEY2 A4 4.864%, 8/12/39(l)		1,110,000		1,142,274
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2007-5 A4 5.378%, 8/12/48		1,500,000		1,393,552
MLCC Mortgage Investors, Inc.,
Series 2005-2 3A 1.249%, 10/25/35(l)		395,041		305,273
Morgan Stanley,
Series 2009-GG10 A4A 5.999%, 8/12/45(l)§		800,000		838,662
Morgan Stanley Capital I, Inc.,
Series 2005-IQ9 A5 4.700%, 7/15/56		775,000		792,179
Series 2006-HQ8 A4 5.557%, 3/12/44(l)		500,000		515,668
Series 2007-HQ12 A5 5.812%, 4/12/49(l)		1,250,000		1,163,831
Series 2007-T25 A3 5.514%, 11/12/49(l)		1,400,000		1,503,212
Morgan Stanley Dean Witter Capital I,
Series 2001-TOP5 A4 6.390%, 10/15/35		924,624		962,418
Series 2003-TOP9 A2 4.740%, 11/13/36		130,000		136,425
OBP Depositor LLC Trust,
Series 2010-OBP A 4.646%, 7/15/45§(b)		1,000,000		999,994
RBSCF Trust,
Series 2009-RR1 JPA 6.068%, 9/17/39(l)§		800,000		834,766
Series 2010-RR3 CSCA 5.420%, 1/16/49(1)§†		1,000,000		1,044,722
Series 2010-RR3 JPMA 5.467%, 9/16/39(l)§†		800,000		843,986

	Principal Amount		Value (Note 1)
Structured Asset Mortgage Investments, Inc.,
Series 2005-AR5 A1 0.598%, 7/19/35(l)	$	172,668	$	109,793
Wachovia Bank Commercial Mortgage Trust,
Series 2003-C8 A4 4.964%, 11/15/35(l)		1,000,000		1,058,652
Series 2004-C11 A5 5.215%, 1/15/41(l)		1,500,000		1,574,107
Series 2007-C30 A5 5.342%, 12/15/43		695,000		645,097
Series 2007-C33 A4 6.099%, 2/15/51(l)		1,000,000		984,408
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR9 1A 1.821%, 8/25/42(l)		79,165		67,309
Series 2005-AR17 A1A1 0.617%, 12/25/45(l)		352,048		261,566
				57,057,035
Total Asset-Backed and Mortgage-Backed Securities				68,609,154
Convertible Bond (0.1%)
Financials (0.1%)
Commercial Banks (0.1%)
U.S. Bancorp
0.000%, 12/11/35(l)		2,400,000		2,374,560
Total Financials				2,374,560
Total Convertible Bonds				2,374,560
Corporate Bonds (37.1%)
Consumer Discretionary (3.4%)
Auto Components (0.0%)
Johnson Controls, Inc.
5.000%, 3/30/20		250,000		262,759
Automobiles (0.1%)
Daimler Finance N.A. LLC
6.500%, 11/15/13		1,000,000		1,119,237
Distributors (0.2%)
American Tire Distributors, Inc.
9.750%, 6/1/17§		2,175,000		2,180,438
SGS International, Inc.
12.000%, 12/15/13		700,000		714,875
				2,895,313
Hotels, Restaurants & Leisure (0.5%)
Dave & Buster’s, Inc.
11.250%, 3/15/14		1,742,000		1,839,987
El Pollo Loco, Inc.
11.750%, 11/15/13		750,000		581,250
Harrahs Operating Co., Inc.
11.250%, 6/1/17		850,000		894,625
12.750%, 4/15/18§		425,000		405,875
International Game Technology
7.500%, 6/15/19		50,000		58,061
Landry’s Restaurants, Inc.
11.625%, 12/1/15		1,450,000		1,500,750
Mandalay Resort Group
6.375%, 12/15/11		850,000		796,875

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
McDonald’s Corp.
4.300%, 3/1/13	$	200,000	$	214,860
5.350%, 3/1/18		500,000		572,644
Travelport LLC
11.875%, 9/1/16		775,000		782,750
Wendy’s/Arby’s Restaurants LLC
10.000%, 7/15/16		1,950,000		2,028,000
Yum! Brands, Inc.
6.875%, 11/15/37		250,000		286,994
				9,962,671
Household Durables (0.1%)
Blyth, Inc.
5.500%, 11/1/13		2,050,000		1,816,813
Fortune Brands, Inc.
3.000%, 6/1/12		200,000		202,409
5.375%, 1/15/16		350,000		377,326
Toll Brothers Finance Corp.
6.750%, 11/1/19		100,000		98,029
Whirlpool Corp.
8.000%, 5/1/12		115,000		125,806
5.500%, 3/1/13		200,000		214,210
8.600%, 5/1/14		35,000		41,265
				2,875,858
Internet & Catalog Retail (0.2%)
Affinion Group, Inc.
10.125%, 10/15/13		1,900,000		1,947,500
11.500%, 10/15/15		700,000		735,000
Catalina Marketing Corp.
10.500%, 10/1/15 PIK§ .		1,925,000		1,987,563
				4,670,063
Leisure Equipment & Products (0.0%)
Hasbro, Inc.
6.350%, 3/15/40		65,000		66,219
Media (1.9%)
CBS Corp.
5.625%, 8/15/12		200,000		211,898
8.875%, 5/15/19		125,000		157,265
CCO Holdings LLC/CCO Holdings Capital Corp.
8.125%, 4/30/20§		1,700,000		1,738,250
Clear Channel Worldwide Holdings, Inc.
9.250%, 12/15/17§		1,925,000		1,924,375
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		183,000		211,908
Comcast Corp.
5.900%, 3/15/16		400,000		450,779
6.500%, 1/15/17		400,000		458,335
5.700%, 7/1/19		100,000		109,929
5.150%, 3/1/20		500,000		523,474
6.950%, 8/15/37		400,000		455,010
6.550%, 7/1/39		400,000		437,433
COX Communications, Inc.
7.125%, 10/1/12		200,000		222,223
5.450%, 12/15/14		200,000		220,756
CSC Holdings LLC
Series B 7.625%, 4/1/11		1,700,000		1,742,500
CW Media Holdings, Inc.
13.500%, 8/15/15 PIK§ .		468,486		522,948

	Principal Amount		Value (Note 1)
DIRECTV Holdings LLC
3.550%, 3/15/15	$	295,000	$	296,957
5.200%, 3/15/20		130,000		135,488
6.350%, 3/15/40		60,000		64,249
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
7.625%, 5/15/16		223,000		242,234
Gallery Capital S.A.
10.125%, 5/15/13(h)§		3,550,000		1,220,312
Grupo Televisa SA
6.625%, 1/15/40		250,000		260,480
Hughes Network Systems LLC/HNS Finance Corp.
9.500%, 4/15/14		1,500,000		1,518,750
Intelsat Intermediate Holding Co., Ltd.
9.500%, 2/1/15(e)		1,700,000		1,729,750
Intelsat Jackson Holdings, Ltd.
11.500%, 6/15/16		1,200,000		1,272,000
Local Insight Regatta Holdings, Inc.
11.000%, 12/1/17		3,071,000		1,996,150
Network Communications, Inc.
10.750%, 12/1/13(h)		7,350,000		3,675,000
News America, Inc.
6.900%, 3/1/19		500,000		592,269
6.150%, 3/1/37		100,000		104,293
6.650%, 11/15/37		200,000		224,461
6.900%, 8/15/39		300,000		344,292
Nielsen Finance LLC/Nielsen Finance Co.
11.500%, 5/1/16		1,000,000		1,092,500
Omnicom Group, Inc.
6.250%, 7/15/19		200,000		227,632
Rainbow National Services LLC
10.375%, 9/1/14§		2,520,000		2,623,950
Reader’s Digest Association, Inc.
9.000%, 2/15/17(h)†		8,000,000		—
Sirius XM Radio, Inc.
8.750%, 4/1/15§		825,000		812,625
Thomson Reuters Corp.
6.500%, 7/15/18		500,000		590,610
4.700%, 10/15/19		50,000		52,914
Time Warner Cable, Inc.
6.200%, 7/1/13		200,000		223,688
3.500%, 2/1/15		100,000		102,226
5.850%, 5/1/17		400,000		439,180
8.250%, 4/1/19		700,000		860,861
5.000%, 2/1/20		75,000		76,698
6.550%, 5/1/37		200,000		215,566
6.750%, 6/15/39		150,000		165,709
Time Warner, Inc.
6.875%, 5/1/12		500,000		544,722
5.875%, 11/15/16		200,000		225,461
4.875%, 3/15/20		500,000		515,636
7.625%, 4/15/31		350,000		421,041
7.700%, 5/1/32		300,000		361,810
Viacom, Inc.
4.375%, 9/15/14		100,000		106,287
5.625%, 9/15/19		100,000		109,544
6.875%, 4/30/36		200,000		226,414
Walt Disney Co.
4.500%, 12/15/13		500,000		550,681
WMG Acquisition Corp.
9.500%, 6/15/16		1,900,000		2,023,500

See Notes to Financial Statements.

224

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
WPP Finance UK Corp.
5.875%, 6/15/14	$	900,000	$	976,487
XM Satellite Radio, Inc.
11.250%, 6/15/13§		560,000		597,800
				37,207,310
Multiline Retail (0.2%)
Bon-Ton Department Stores, Inc.
10.250%, 3/15/14		1,950,000		1,915,875
Kohl’s Corp.
6.250%, 12/15/17		200,000		232,956
Nordstrom, Inc.
6.750%, 6/1/14		60,000		69,724
4.750%, 5/1/20		45,000		46,605
Target Corp.
5.125%, 1/15/13		400,000		436,423
6.000%, 1/15/18		200,000		236,305
7.000%, 1/15/38		200,000		255,490
				3,193,378
Specialty Retail (0.2%)
AutoZone, Inc.
5.750%, 1/15/15		150,000		166,393
Home Depot, Inc.
5.400%, 3/1/16		200,000		222,603
5.875%, 12/16/36		500,000		512,549
Lowe’s Cos., Inc.
5.600%, 9/15/12		200,000		219,121
4.625%, 4/15/20		100,000		107,287
5.800%, 4/15/40		335,000		370,685
Staples, Inc.
9.750%, 1/15/14		500,000		613,339
Toys R Us Property Co. I LLC
10.750%, 7/15/17§		1,250,000		1,365,625
Toys R Us Property Co. II LLC
8.500%, 12/1/17§		1,000,000		1,025,000
				4,602,602
Total Consumer Discretionary				66,855,410
Consumer Staples (2.3%)
Beverages (0.5%)
Anheuser-Busch Cos., Inc.
4.950%, 1/15/14		200,000		215,916
Anheuser-Busch InBev Worldwide, Inc.
3.000%, 10/15/12		725,000		744,247
4.125%, 1/15/15		125,000		130,853
5.375%, 1/15/20		575,000		619,616
6.375%, 1/15/40		250,000		285,768
Bottling Group LLC
6.950%, 3/15/14		300,000		354,057
Coca-Cola Co.
5.350%, 11/15/17		400,000		457,439
Coca-Cola Enterprises, Inc.
8.500%, 2/1/12		200,000		222,511
7.375%, 3/3/14		300,000		357,589
6.950%, 11/15/26		500,000		616,953
Diageo Capital plc
5.750%, 10/23/17		200,000		226,187
Diageo Finance B.V.
5.500%, 4/1/13		400,000		439,745
3.250%, 1/15/15		50,000		51,427

	Principal Amount		Value (Note 1)
PepsiCo, Inc.
3.100%, 1/15/15	$	100,000	$	104,119
5.000%, 6/1/18		200,000		221,562
7.900%, 11/1/18		2,700,000		3,490,987
4.500%, 1/15/20		100,000		106,613
5.500%, 1/15/40		50,000		54,776
				8,700,365
Food & Staples Retailing (0.6%)
Costco Wholesale Corp. 5.500%, 3/15/17		200,000		230,201
CVS Caremark Corp. 3.250%, 5/18/15		150,000		152,364
5.750%, 6/1/17		200,000		222,496
6.600%, 3/15/19		300,000		349,104
4.750%, 5/18/20		150,000		153,554
6.250%, 6/1/27		100,000		109,106
CVS Pass-Through Trust 7.507%, 1/10/32§		1,391,314		1,584,220
Delhaize America, Inc. 9.000%, 4/15/31		100,000		136,677
Great Atlantic & Pacific Tea Co., Inc. 11.375%, 8/1/15§		320,000		266,400
Kroger Co. 7.500%, 1/15/14		300,000		350,599
3.900%, 10/1/15		100,000		105,488
6.150%, 1/15/20		300,000		346,552
Rite Aid Corp. 8.625%, 3/1/15		750,000		611,250
10.375%, 7/15/16		1,700,000		1,714,875
Safeway, Inc. 6.350%, 8/15/17		200,000		230,835
7.250%, 2/1/31		100,000		123,149
Tops Markets LLC 10.125%, 10/15/15§		800,000		824,000
U.S. Foodservice, Inc. 10.250%, 6/30/15§(b)		1,840,000		1,830,800
Walgreen Co. 4.875%, 8/1/13		200,000		219,938
Wal-Mart Stores, Inc. 4.550%, 5/1/13		400,000		435,073
5.800%, 2/15/18		500,000		588,987
6.500%, 8/15/37		500,000		605,540
6.200%, 4/15/38		100,000		117,063
5.625%, 4/1/40		500,000		545,601
				11,853,872
Food Products (0.6%)
Archer-Daniels-Midland Co. 5.375%, 9/15/35		300,000		315,107
Bunge Ltd. Finance Corp. 5.875%, 5/15/13		700,000		751,375
Campbell Soup Co. 3.375%, 8/15/14		100,000		105,924
ConAgra Foods, Inc. 8.250%, 9/15/30		100,000		128,770
General Mills, Inc. 5.650%, 2/15/19		300,000		340,884
5.400%, 6/15/40		30,000		31,899
H.J. Heinz Co. 5.350%, 7/15/13		300,000		329,711

See Notes to Financial Statements.

225

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Hershey Co. 5.000%, 4/1/13	$	1,000,000	$	1,093,827
Kellogg Co. 4.250%, 3/6/13		200,000		214,352
4.450%, 5/30/16		500,000		546,230
Kraft Foods, Inc. 6.250%, 6/1/12		1,100,000		1,198,979
6.750%, 2/19/14		2,900,000		3,333,988
4.125%, 2/9/16		100,000		105,547
6.125%, 2/1/18		200,000		226,980
5.375%, 2/10/20		150,000		160,733
6.875%, 2/1/38		200,000		232,461
6.500%, 2/9/40		750,000		838,747
Ralcorp Holdings, Inc. 6.625%, 8/15/39		100,000		109,130
Sara Lee Corp. 6.125%, 11/1/32		100,000		107,164
Viskase Cos., Inc. 9.875%, 1/15/18§		2,400,000		2,412,000
				12,583,808
Household Products (0.3%)
American Achievement Corp. 8.250%, 4/1/12§		1,735,000		1,721,988
Clorox Co. 5.000%, 3/1/13		300,000		326,154
3.550%, 11/1/15		50,000		52,764
Colgate-Palmolive Co. 3.150%, 8/5/15		40,000		41,924
Diversey Holdings, Inc. 10.500%, 5/15/20§		1,300,000		1,443,000
Kimberly-Clark Corp. 6.125%, 8/1/17		200,000		236,724
Procter & Gamble Co. 3.500%, 2/15/15		300,000		319,621
4.850%, 12/15/15		200,000		226,299
4.700%, 2/15/19		300,000		328,737
5.550%, 3/5/37		100,000		113,003
Spectrum Brands, Inc. 9.500%, 6/15/18§		450,000		464,062
12.000%, 8/28/19 PIK		1,000,000		1,090,000
				6,364,276
Personal Products (0.0%)
Avon Products, Inc. 5.625%, 3/1/14		300,000		335,315
Tobacco (0.3%)
Altria Group, Inc. 7.750%, 2/6/14		500,000		578,355
9.250%, 8/6/19		600,000		748,863
9.950%, 11/10/38		200,000		262,753
Lorillard Tobacco Co. 8.125%, 6/23/19		65,000		72,089
Philip Morris International, Inc. 6.875%, 3/17/14		500,000		578,479
5.650%, 5/16/18		200,000		218,785
Reynolds American, Inc. 7.250%, 6/1/13		200,000		220,022
Vector Group Ltd. 11.000%, 8/15/15(b)		2,775,000		2,830,500
				5,509,846
Total Consumer Staples				45,347,482

	Principal Amount		Value (Note 1)
Energy (2.8%)
Energy Equipment & Services (0.2%)
American Petroleum 10.250%, 5/1/15§	$	825,000	$	827,062
Baker Hughes, Inc. 6.500%, 11/15/13		200,000		228,477
Diamond Offshore Drilling, Inc. 5.875%, 5/1/19		65,000		67,369
Geokinetics Holdings USA, Inc. 9.750%, 12/15/14§		750,000		641,250
Halliburton Co. 6.150%, 9/15/19		100,000		109,541
7.450%, 9/15/39		200,000		237,507
Rowan Cos., Inc. 7.875%, 8/1/19		65,000		71,609
Transocean, Inc. 6.000%, 3/15/18		100,000		92,035
6.800%, 3/15/38		200,000		180,232
Series B 1.500%, 12/15/37		1,225,000		1,087,188
Series C 1.500%, 12/15/37		750,000		620,625
Weatherford International Ltd. 6.000%, 3/15/18		200,000		205,776
9.625%, 3/1/19		500,000		602,096
				4,970,767
Oil, Gas & Consumable Fuels (2.6%)
Anadarko Petroleum Corp. 5.950%, 9/15/16		400,000		344,279
6.450%, 9/15/36		400,000		318,191
Apache Corp. 5.250%, 4/15/13		100,000		109,225
6.000%, 9/15/13		665,000		745,073
6.000%, 1/15/37		250,000		276,293
ATP Oil & Gas Corp./United States 11.875%, 5/1/15§		625,000		453,125
Buckeye Partners LP 5.500%, 8/15/19		75,000		77,713
Canadian Natural Resources Ltd. 5.900%, 2/1/18		200,000		224,005
5.850%, 2/1/35		100,000		102,446
6.250%, 3/15/38		200,000		218,643
Cenovus Energy, Inc. 5.700%, 10/15/19§		250,000		273,060
6.750%, 11/15/39§		250,000		287,027
Chevron Corp. 3.950%, 3/3/14		1,000,000		1,071,895
Conoco Funding Co. 6.350%, 10/15/11		200,000		213,342
Conoco, Inc. 6.950%, 4/15/29		350,000		429,534
ConocoPhillips 4.750%, 2/1/14		500,000		549,880
5.900%, 5/15/38		100,000		112,467
6.500%, 2/1/39		300,000		362,286
ConocoPhillips Canada Funding Co. I 5.625%, 10/15/16		300,000		348,479

See Notes to Financial Statements.

226

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June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Devon Financing Corp. ULC 7.875%, 9/30/31	$	400,000	$	508,044
El Paso Corp. 7.000%, 5/15/11		1,000,000		1,021,268
Enbridge Energy Partners LP 9.875%, 3/1/19		100,000		131,386
5.200%, 3/15/20		115,000		118,497
EnCana Corp. 5.900%, 12/1/17		100,000		112,386
6.500%, 5/15/19		25,000		28,731
6.625%, 8/15/37		350,000		391,050
EnCana Holdings Finance Corp. 5.800%, 5/1/14		200,000		225,198
Energy Transfer Partners LP 8.500%, 4/15/14		1,500,000		1,737,923
9.000%, 4/15/19		500,000		588,012
Energy XXI Gulf Coast, Inc. 16.000%, 6/15/14		2,023,703		2,266,547
Enterprise Products Operating LLC 5.650%, 4/1/13		300,000		325,435
6.300%, 9/15/17		300,000		335,587
5.200%, 9/1/20		100,000		102,701
6.125%, 10/15/39		250,000		249,464
EOG Resources, Inc. 5.625%, 6/1/19		90,000		101,197
Hess Corp. 8.125%, 2/15/19		500,000		623,278
Husky Energy, Inc. 5.900%, 6/15/14		105,000		116,879
7.250%, 12/15/19		65,000		78,552
Kinder Morgan Energy Partners LP 6.750%, 3/15/11		300,000		310,547
5.850%, 9/15/12		1,200,000		1,286,544
5.950%, 2/15/18		200,000		216,008
9.000%, 2/1/19		2,050,000		2,551,684
6.850%, 2/15/20		30,000		34,142
5.800%, 3/15/35		200,000		188,730
Linn Energy LLC 9.875%, 7/1/18		1,325,000		1,404,500
Linn Energy LLC/Linn Energy Finance Corp. 8.625%, 4/15/20§		775,000		793,406
Magellan Midstream Partners LP 6.550%, 7/15/19		1,400,000		1,572,270
Marathon Oil Corp. 5.900%, 3/15/18		135,000		148,992
7.500%, 2/15/19		300,000		359,734
6.600%, 10/1/37		100,000		109,274
McMoRan Exploration Co. 11.875%, 11/15/14		1,950,000		1,989,000
Nexen, Inc. 6.200%, 7/30/19		45,000		50,525
6.400%, 5/15/37		200,000		208,563
7.500%, 7/30/39		60,000		70,316
Noble Energy, Inc. 8.250%, 3/1/19		200,000		242,051
Occidental Petroleum Corp. 4.125%, 6/1/16		150,000		161,428
ONEOK Partners LP 8.625%, 3/1/19		500,000		615,974

	Principal Amount		Value (Note 1)
Petrobras International Finance Co. 5.875%, 3/1/18	$	500,000	$	514,592
7.875%, 3/15/19		350,000		400,455
5.750%, 1/20/20		250,000		251,762
PetroHawk Energy Corp. 10.500%, 8/1/14		1,600,000		1,720,000
Petroleos Mexicanos 8.000%, 5/3/19		1,000,000		1,190,000
Petroquest Energy, Inc.
10.375%, 5/15/12		1,050,000		1,063,125
Plains All American Pipeline LP 8.750%, 5/1/19		500,000		596,826
Shell International Finance B.V. 4.950%, 3/22/12		100,000		106,699
1.875%, 3/25/13		1,545,000		1,557,978
4.000%, 3/21/14		1,200,000		1,269,233
3.100%, 6/28/15		1,800,000		1,827,855
4.375%, 3/25/20		100,000		103,373
6.375%, 12/15/38		300,000		358,411
Spectra Energy Capital LLC 6.200%, 4/15/18		500,000		554,163
Statoil ASA 5.250%, 4/15/19		500,000		548,437
7.150%, 1/15/29		100,000		124,880
Suncor Energy, Inc. 6.100%, 6/1/18		750,000		844,795
7.150%, 2/1/32		100,000		112,966
6.500%, 6/15/38		200,000		223,311
Talisman Energy, Inc. 7.750%, 6/1/19		340,000		417,412
Total Capital S.A. 4.450%, 6/24/20		1,800,000		1,837,345
Trans-Canada Pipelines Ltd. 7.125%, 1/15/19		300,000		364,661
7.250%, 8/15/38		400,000		485,422
Valero Energy Corp. 6.875%, 4/15/12		1,400,000		1,507,275
4.750%, 6/15/13		100,000		104,591
4.500%, 2/1/15		45,000		46,240
6.125%, 2/1/20		65,000		66,794
6.625%, 6/15/37		100,000		97,364
Williams Cos., Inc. 8.750%, 3/15/32		297,000		346,589
XTO Energy, Inc. 7.500%, 4/15/12		200,000		222,689
5.900%, 8/1/12		1,500,000		1,639,257
6.250%, 4/15/13		983,000		1,109,575
5.750%, 12/15/13		400,000		454,366
4.900%, 2/1/14		200,000		220,037
6.500%, 12/15/18		400,000		485,412
6.750%, 8/1/37		100,000		128,825
				50,795,501
Total Energy				55,766,268
Financials (15.6%)
Capital Markets (2.0%)
Bank of New York Mellon Corp. 4.950%, 11/1/12		400,000		433,157
5.125%, 8/27/13		300,000		330,776
4.300%, 5/15/14		115,000		123,514
Bear Stearns Cos. LLC 6.950%, 8/10/12		1,300,000		1,425,928
5.700%, 11/15/14		200,000		221,522
7.250%, 2/1/18		300,000		350,310

See Notes to Financial Statements.

227

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
BlackRock, Inc. 3.500%, 12/10/14	$	100,000	$	103,710
5.000%, 12/10/19		100,000		106,287
Charles Schwab Corp. 4.950%, 6/1/14		50,000		54,212
Credit Suisse USA, Inc. 5.375%, 3/2/16		300,000		328,958
Deutsche Bank AG/London 5.375%, 10/12/12		100,000		107,161
2.375%, 1/11/13		250,000		251,331
4.875%, 5/20/13		400,000		427,093
6.000%, 9/1/17		500,000		551,461
Goldman Sachs Group, Inc. 6.600%, 1/15/12		400,000		423,057
3.250%, 6/15/12		2,110,000		2,209,442
3.625%, 8/1/12		145,000		147,712
5.450%, 11/1/12		500,000		526,720
5.250%, 10/15/13		500,000		527,055
5.150%, 1/15/14		800,000		837,629
6.000%, 5/1/14		75,000		80,600
5.350%, 1/15/16		600,000		620,753
5.950%, 1/18/18		800,000		830,970
7.500%, 2/15/19		500,000		558,889
6.125%, 2/15/33		200,000		195,795
6.750%, 10/1/37		750,000		735,257
Jefferies Group, Inc.
8.500%, 7/15/19		350,000		393,141
Macquarie Bank Ltd.
2.600%, 1/20/12§		2,900,000		2,963,011
3.300%, 7/17/14§		3,000,000		3,144,942
Merrill Lynch & Co., Inc.
0.768%, 6/5/12(l)		4,000,000		3,884,840
6.150%, 4/25/13		400,000		427,656
0.763%, 1/15/15(l)		1,000,000		912,788
6.875%, 4/25/18		950,000		1,013,442
6.110%, 1/29/37		500,000		454,088
7.750%, 5/14/38		400,000		427,819
Morgan Stanley
0.545%, 1/9/12(l)		1,400,000		1,361,308
6.600%, 4/1/12		700,000		742,871
1.950%, 6/20/12		840,000		858,661
5.300%, 8/8/12(l)	AUD	2,100,000		1,707,746
5.300%, 3/1/13	$	400,000		415,963
4.750%, 4/1/14		400,000		400,686
6.000%, 5/13/14		3,600,000		3,814,510
6.000%, 4/28/15		300,000		313,522
5.450%, 1/9/17		300,000		297,389
5.550%, 4/27/17		200,000		198,375
5.950%, 12/28/17		400,000		405,064
6.625%, 4/1/18		600,000		628,880
7.300%, 5/13/19		100,000		107,542
5.625%, 9/23/19		500,000		483,707
Nomura Holdings, Inc.
5.000%, 3/4/15		150,000		158,501
6.700%, 3/4/20		135,000		142,823
Northern Trust Corp.
4.625%, 5/1/14		40,000		43,724
Piper Jaffray Cos.
4.633%, 12/31/10(l)§(b)		2,000,000		1,999,981
Raymond James Financial, Inc.
8.600%, 8/15/19		100,000		117,777
				40,330,056

	Principal Amount		Value (Note 1)
Certificates of Deposit (0.1%)
Deutsche Bank AG 0.604%, 1/19/12	$	1,000,000	$	992,801
Intesa Sanpaolo S.p.A.
0.804%, 1/19/12		1,000,000		999,576
				1,992,377
Commercial Banks (6.5%)
Ally Financial, Inc. 1.750%, 10/30/12		300,000		305,205
2.200%, 12/19/12		1,000,000		1,027,502
American Express Bank FSB 3.150%, 12/9/11		850,000		880,227
American Express Centurion Bank 5.550%, 10/17/12		3,400,000		3,654,708
Banco Bilbao Vizcaya Argentaria S.A./Puerto Rico 0.497%, 5/25/12(l)§		3,000,000		2,997,699
Banco do Brasil S.A. 4.500%, 1/22/15§		1,600,000		1,616,000
Banco Santander S.A./Chile 1.557%, 4/20/12(l)§		1,600,000		1,599,058
Bank of America Corp. 4.500%, 4/1/15		1,000,000		1,010,721
Bank of Nova Scotia 2.250%, 1/22/13		100,000		101,393
3.400%, 1/22/15		200,000		206,511
Barclays Bank plc 5.450%, 9/12/12		400,000		425,087
3.900%, 4/7/15		100,000		100,984
5.000%, 9/22/16		500,000		512,874
6.750%, 5/22/19		150,000		166,865
5.125%, 1/8/20		300,000		298,412
BB&T Corp. 4.750%, 10/1/12		300,000		317,224
3.375%, 9/25/13		200,000		206,270
3.950%, 4/29/16		150,000		153,918
6.850%, 4/30/19		350,000		410,216
BNP Paribas/BNP Paribas U.S. 2.125%, 12/21/12		200,000		199,457
Canadian Imperial Bank of Commerce 2.000%, 2/4/13§		2,900,000		2,932,251
CapitalSource, Inc. 12.750%, 7/15/14§		1,825,000		2,048,563
CIT Group, Inc. 7.000%, 5/1/14		400,000		377,000
7.000%, 5/1/16		1,725,000		1,574,063
Citibank N.A. 1.250%, 9/22/11		200,000		201,630
1.750%, 12/28/12		500,000		508,915
Citigroup, Inc. 6.010%, 1/15/15		750,000		786,662
4.750%, 5/19/15		200,000		199,894
Commonwealth Bank of Australia 0.917%, 12/10/12(l)§		2,900,000		2,897,378
0.714%, 7/12/13(l)§		2,900,000		2,888,803
2.900%, 9/17/14§		1,000,000		1,019,509
Credit Suisse AG 5.400%, 1/14/20		500,000		497,132
Credit Suisse AG/New York 3.450%, 7/2/12		200,000		206,572

See Notes to Financial Statements.

228

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
5.000%, 5/15/13	$	900,000	$	961,545
5.500%, 5/1/14		250,000		273,335
3.500%, 3/23/15		500,000		504,350
6.000%, 2/15/18		300,000		313,040
Danske Bank A/S 0.834%, 5/24/12(l)§		1,000,000		997,011
Dexia Credit Local S.A. 1.188%, 9/23/11(l)§		1,000,000		1,001,275
0.808%, 4/29/14(l)§		3,300,000		3,295,832
Dexia Credit Local S.A./New York 0.938%, 3/5/13(l)§		3,000,000		3,000,855
Discover Bank/Delaware 7.000%, 4/15/20		300,000		302,919
Fifth Third Bancorp 8.250%, 3/1/38		250,000		280,282
GMAC, Inc. 6.000%, 4/1/11		664,000		660,680
HSBC Bank USA/New York 4.625%, 4/1/14		400,000		421,288
HSBC Holdings plc 6.500%, 5/2/36		400,000		414,868
6.500%, 9/15/37		400,000		414,019
ING Bank N.V. 1.333%, 3/30/12(l)§		3,100,000		3,109,985
JPMorgan Chase Bank N.A. 6.000%, 10/1/17		900,000		980,066
KeyCorp 6.500%, 5/14/13		500,000		546,936
Kreditanstalt fuer Wiederaufbau 3.250%, 10/14/11		1,900,000		1,959,500
2.000%, 1/17/12		1,200,000		1,217,244
3.250%, 3/15/13		500,000		523,424
3.500%, 3/10/14		1,500,000		1,583,850
4.500%, 7/16/18		900,000		978,128
4.000%, 1/27/20		500,000		520,029
(Zero Coupon), 6/29/37		500,000		143,880
Landwirtschaftliche Rentenbank 3.250%, 3/15/13		1,000,000		1,046,848
Lloyds TSB Bank plc 2.300%, 4/1/11§		3,100,000		3,124,660
1.534%, 4/2/12(l)§		2,700,000		2,734,995
Morgan Stanley 6.250%, 8/28/17		1,000,000		1,016,636
5.500%, 1/26/20		500,000		483,700
Oesterreichische Kontrollbank AG 1.875%, 3/21/12		1,500,000		1,517,289
PNC Funding Corp. 3.000%, 5/19/14		300,000		302,875
3.625%, 2/8/15		75,000		77,202
5.625%, 2/1/17		600,000		638,324
5.125%, 2/8/20		500,000		519,908
Rabobank Nederland N.V. 0.423%, 10/11/12(l)		2,900,000		2,856,958
Regions Bank/Alabama 3.250%, 12/9/11		840,000		870,573
Regions Financial Corp. 7.750%, 11/10/14		100,000		105,494
5.750%, 6/15/15		150,000		149,051
Royal Bank of Canada 2.100%, 7/29/13		100,000		101,525
Royal Bank of Scotland Group plc 1.028%, 12/2/11(l)		1,700,000		1,705,850

	Principal Amount		Value (Note 1)
0.798%, 3/30/12(l)§	$	3,500,000	$	3,474,957
1.121%, 5/11/12(l)§		3,000,000		3,002,496
4.875%, 3/16/15		500,000		497,481
6.400%, 10/21/19		300,000		304,091
Santander U.S. Debt S.A.U. 1.333%, 3/30/12(l)§		1,500,000		1,455,647
Scotland International Finance No. 2 B.V.
7.700%, 8/15/10§(b)		1,000,000		1,006,430
Societe Financement de l’Economie Francaise 2.250%, 6/11/12§		3,000,000		3,065,655
3.375%, 5/5/14§		1,500,000		1,566,945
Sovereign Bank
8.750%, 5/30/18		200,000		229,264
SunTrust Banks, Inc./Georgia 5.000%, 9/1/15		500,000		511,470
5.450%, 12/1/17		200,000		199,952
Swedbank AB 2.800%, 2/10/12§		2,800,000		2,871,826
2.900%, 1/14/13§		3,000,000		3,107,019
U.S. Bancorp 4.200%, 5/15/14		250,000		267,422
U.S. Bank N.A./Ohio 6.375%, 8/1/11		1,000,000		1,055,809
UBS AG/Connecticut 1.785%, 9/29/11(l)		2,800,000		2,812,774
1.584%, 2/23/12(l)		400,000		401,386
5.875%, 12/20/17		750,000		793,857
5.750%, 4/25/18		400,000		412,662
UFJ Finance Aruba AEC 6.750%, 7/15/13		700,000		783,978
USB Capital XIII Trust 6.625%, 12/15/39		50,000		52,717
Wachovia Bank N.A. 5.000%, 9/28/11		3,000,000		3,095,895
4.875%, 2/1/15		400,000		419,214
6.600%, 1/15/38		700,000		761,136
Wachovia Corp. 0.433%, 10/15/11(l)		1,300,000		1,290,612
5.300%, 10/15/11		600,000		627,983
0.688%, 3/1/12(l)		1,400,000		1,384,009
2.114%, 5/1/13(l)		2,900,000		2,950,141
5.250%, 8/1/14		1,000,000		1,058,986
5.750%, 2/1/18		700,000		766,884
Wells Fargo & Co. 3.000%, 12/9/11		1,950,000		2,015,485
4.375%, 1/31/13		600,000		634,303
3.750%, 10/1/14		400,000		409,532
3.625%, 4/15/15		200,000		204,354
5.625%, 12/11/17		300,000		327,958
Westpac Banking Corp. 2.250%, 11/19/12		2,900,000		2,924,656
2.900%, 9/10/14§		3,100,000		3,176,744
4.200%, 2/27/15		400,000		416,324
4.875%, 11/19/19		100,000		103,276
Westpac Securities NZ Ltd. 3.450%, 7/28/14§		2,800,000		2,924,690
				127,350,952
Consumer Finance (1.1%)
American Express Co. 7.250%, 5/20/14		150,000		170,494

See Notes to Financial Statements.

229

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
6.150%, 8/28/17	$	800,000	$	876,550
7.000%, 3/19/18		500,000		576,697
8.125%, 5/20/19		150,000		186,239
American Express Credit Corp. 5.875%, 5/2/13		200,000		218,826
7.300%, 8/20/13		500,000		566,103
American General Finance Corp. 4.625%, 9/1/10		1,100,000		1,097,250
Capital One Bank USA N.A. 8.800%, 7/15/19		250,000		312,103
Capital One Financial Corp. 7.375%, 5/23/14		600,000		686,073
6.150%, 9/1/16		100,000		105,814
6.750%, 9/15/17		300,000		343,602
Credit Acceptance Corp. 9.125%, 2/1/17§		825,000		829,125
Ford Motor Credit Co. LLC 9.750%, 9/15/10		1,000,000		1,012,355
7.375%, 2/1/11		300,000		305,617
7.500%, 8/1/12		900,000		920,316
HSBC Finance Corp. 0.584%, 8/9/11(l)		2,900,000		2,873,735
6.375%, 10/15/11		350,000		365,773
0.586%, 4/24/12(l)		2,880,000		2,809,377
0.887%, 9/14/12(l)		1,250,000		1,212,116
6.375%, 11/27/12		500,000		539,969
0.553%, 1/15/14(l)		2,000,000		1,874,432
5.000%, 6/30/15		400,000		417,359
International Lease Finance Corp. 5.625%, 9/15/10		600,000		597,750
5.450%, 3/24/11		1,000,000		985,500
8.625%, 9/15/15§		1,000,000		947,500
0.000%, 3/5/16		500,000		490,536
ORIX Corp. 4.710%, 4/27/15		125,000		124,275
PACCAR Financial Corp. 1.950%, 12/17/12		50,000		50,498
SLM Corp. 5.000%, 10/1/13		450,000		430,185
8.450%, 6/15/18		100,000		92,281
8.000%, 3/25/20		150,000		131,728
Toyota Motor Credit Corp. 3.200%, 6/17/15		200,000		204,132
				22,354,310
Diversified Financial Services (3.8%)
Allstate Life Global Funding Trusts
5.375%, 4/30/13		400,000		438,588
Ameriprise Financial, Inc. 7.300%, 6/28/19		45,000		53,164
AngloGold Ashanti Holdings plc 5.375%, 4/15/20		1,110,000		1,126,940
6.500%, 4/15/40		20,000		20,631
Axcan Intermediate Holdings, Inc. 12.750%, 3/1/16		1,800,000		1,822,500
Bank of America Corp. 3.125%, 6/15/12		2,110,000		2,203,536
4.900%, 5/1/13		1,400,000		1,466,756
6.500%, 8/1/16		300,000		324,667
5.625%, 10/14/16		800,000		828,982
5.750%, 12/1/17		250,000		259,270
5.650%, 5/1/18		750,000		768,609

	Principal Amount		Value (Note 1)
5.625%, 7/1/20	$	300,000	$	302,383
7.250%, 10/15/25		100,000		105,824
Bank of America N.A. 5.300%, 3/15/17		200,000		201,380
Bankrate, Inc. 11.750%, 7/15/15§		1,625,000		1,616,875
Bear Stearns Cos. LLC
5.350%, 2/1/12		700,000		740,058
Boeing Capital Corp. 6.500%, 2/15/12		200,000		217,198
BP Capital Markets plc 0.667%, 4/11/11(l)		800,000		765,170
1.550%, 8/11/11		150,000		142,923
3.125%, 3/10/12		300,000		277,357
3.625%, 5/8/14		200,000		171,130
3.875%, 3/10/15		200,000		170,431
Capital One Capital VI 8.875%, 5/15/40		61,000		63,524
Caterpillar Financial Services Corp. 1.900%, 12/17/12		30,000		30,375
2.000%, 4/5/13		50,000		50,580
4.900%, 8/15/13		200,000		218,861
7.150%, 2/15/19		500,000		615,833
Citigroup Funding, Inc. 1.875%, 10/22/12		250,000		255,255
Citigroup, Inc. 0.535%, 5/18/11(l)		1,500,000		1,487,664
5.100%, 9/29/11		1,500,000		1,542,369
2.125%, 4/30/12		1,690,000		1,731,422
5.625%, 8/27/12		56,000		57,709
5.300%, 10/17/12		500,000		518,156
5.500%, 4/11/13		3,200,000		3,326,410
6.500%, 8/19/13		3,500,000		3,728,120
6.000%, 12/13/13		200,000		209,823
5.000%, 9/15/14		500,000		500,100
5.850%, 8/2/16		400,000		415,185
5.500%, 2/15/17		200,000		196,909
6.125%, 11/21/17		700,000		731,017
6.125%, 5/15/18		600,000		626,209
8.500%, 5/22/19		300,000		357,637
6.125%, 8/25/36		350,000		318,111
6.875%, 3/5/38		600,000		629,439
8.125%, 7/15/39		130,000		155,087
Comerica Capital Trust II 6.576%, 2/2/82		350,000		294,000
Credit Suisse FB USA, Inc. 5.125%, 8/15/15		300,000		326,563
Credit Suisse USA, Inc.
6.500%, 1/15/12		200,000		214,311
Equifax, Inc. 4.450%, 12/1/14		50,000		52,100
General Electric Capital Corp. 3.000%, 12/9/11		1,500,000		1,549,504
5.875%, 2/15/12		800,000		850,195
2.200%, 6/8/12		840,000		862,166
5.250%, 10/19/12		800,000		855,113
0.539%, 12/21/12(l)		5,000,000		5,015,790
4.800%, 5/1/13		650,000		692,951
0.659%, 6/20/13(l)		1,500,000		1,423,869
5.900%, 5/13/14		1,000,000		1,103,816
5.625%, 5/1/18		1,900,000		2,019,157

See Notes to Financial Statements.

230

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
6.750%, 3/15/32	$	900,000	$	968,613
5.875%, 1/14/38		600,000		588,362
6.875%, 1/10/39		500,000		552,066
Holly Energy Partners LP/Holly Energy Finance Corp. 8.250%, 3/15/18§		775,000		778,875
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 8.000%, 1/15/18§		3,100,000		3,007,000
John Deere Capital Corp. 7.000%, 3/15/12		700,000		768,662
2.875%, 6/19/12		680,000		707,123
5.500%, 4/13/17		200,000		225,640
JPMorgan Chase & Co. 6.625%, 3/15/12		800,000		860,783
2.125%, 6/22/12		2,530,000		2,595,383
4.750%, 5/1/13		400,000		426,722
4.650%, 6/1/14		650,000		693,079
3.700%, 1/20/15		1,000,000		1,022,845
6.000%, 1/15/18		600,000		662,541
6.300%, 4/23/19		500,000		564,748
6.400%, 5/15/38		550,000		636,633
JPMorgan Chase Capital XXV 6.800%, 10/1/37		500,000		494,187
LBI Escrow Corp. 8.000%, 11/1/17§		1,575,000		1,622,250
MassMutual Global Funding II 0.698%, 12/6/13(l)§		2,000,000		1,940,124
NASDAQ OMX Group, Inc. 4.000%, 1/15/15		100,000		101,676
5.550%, 1/15/20		50,000		51,026
National Money Mart Co. 10.375%, 12/15/16§		1,275,000		1,294,125
National Rural Utilities Cooperative Finance Corp. 7.250%, 3/1/12		200,000		219,318
5.450%, 2/1/18		100,000		110,951
8.000%, 3/1/32		400,000		515,699
Noble Group Ltd. 6.750%, 1/29/20§		900,000		873,000
Private Export Funding Corp. 4.950%, 11/15/15		100,000		112,889
4.300%, 12/15/21		100,000		104,346
SquareTwo Financial Corp. 11.625%, 4/1/17§		1,800,000		1,703,250
Teco Finance, Inc. 4.000%, 3/15/16		85,000		86,316
5.150%, 3/15/20		65,000		67,750
Trans Union LLC/TransUnion Financing Corp. 11.375%, 6/15/18§		750,000		776,250
Unilever Capital Corp. 4.800%, 2/15/19		300,000		327,991
UPC Germany GmbH 9.625%, 12/1/19§(b)	EUR	1,400,000		1,720,550
				74,230,475
Insurance (1.5%)
ACE INA Holdings, Inc. 5.800%, 3/15/18	$	300,000		328,170
5.900%, 6/15/19		25,000		27,422

	Principal Amount		Value (Note 1)
Aflac, Inc. 8.500%, 5/15/19	$	150,000	$	180,476
Allied World Assurance Co. Holdings Ltd./Bermuda 7.500%, 8/1/16		1,000,000		1,101,318
Allstate Corp. 6.200%, 5/16/14		150,000		170,153
7.450%, 5/16/19		100,000		117,856
American Financial Group, Inc./Ohio
9.875%, 6/15/19		50,000		59,806
American International Group, Inc.
8.250%, 8/15/18		1,000,000		1,012,500
Berkshire Hathaway Finance Corp.
4.000%, 4/15/12		200,000		210,372
4.850%, 1/15/15		500,000		549,139
5.750%, 1/15/40		100,000		105,888
Berkshire Hathaway, Inc. 2.125%, 2/11/13		400,000		408,390
Chubb Corp. 5.750%, 5/15/18		400,000		445,362
CNA Financial Corp. 7.350%, 11/15/19		30,000		31,879
Genworth Financial, Inc. 6.515%, 5/22/18		800,000		770,142
Hartford Financial Services Group, Inc.
5.375%, 3/15/17		500,000		495,586
6.625%, 3/30/40		100,000		92,857
Lincoln National Corp. 8.750%, 7/1/19		105,000		128,687
6.250%, 2/15/20		25,000		26,783
Markel Corp. 7.125%, 9/30/19		100,000		109,710
Marsh & McLennan Cos., Inc. 5.375%, 7/15/14		400,000		422,846
MetLife, Inc. 6.125%, 12/1/11		100,000		105,801
5.000%, 6/15/15		400,000		427,549
7.717%, 2/15/19		300,000		357,066
5.700%, 6/15/35		200,000		195,600
6.400%, 12/15/36		400,000		352,000
Metropolitan Life Global Funding I 5.750%, 7/25/11§		2,104,000		2,177,592
5.125%, 11/9/11§		770,000		800,446
5.125%, 4/10/13§		200,000		216,314
Monumental Global Funding III 0.486%, 1/25/13(l)§		3,500,000		3,379,176
PartnerReinsurance Finance B LLC
5.500%, 6/1/20		50,000		48,320
Pricoa Global Funding I 0.624%, 5/24/11(l)§		1,000,000		990,945
0.438%, 1/30/12(l)§		1,900,000		1,863,294
Principal Life Income Funding Trusts
5.300%, 4/24/13		200,000		216,267
Prudential Financial, Inc. 3.625%, 9/17/12		200,000		205,994
2.750%, 1/14/13		50,000		50,244
5.100%, 9/20/14		200,000		212,697
3.875%, 1/14/15		65,000		65,463
6.200%, 1/15/15		30,000		33,016
7.375%, 6/15/19		385,000		445,813
5.700%, 12/14/36		100,000		92,924

See Notes to Financial Statements.

231

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Reinsurance Group of America, Inc.
6.450%, 11/15/19	$	50,000	$	53,438
Sun Life Financial, Inc. 0.784%, 10/6/13(l)§		3,600,000		3,492,058
Suncorp-Metway Ltd. 0.914%, 12/17/10(l)§		2,900,000		2,901,528
1.803%, 7/16/12(l)§		2,200,000		2,259,827
Swiss Reinsurance Solutions Holding Corp. 7.000%, 2/15/26		1,500,000		1,581,865
Transatlantic Holdings, Inc. 8.000%, 11/30/39		50,000		50,482
Travelers Cos., Inc. 6.750%, 6/20/36		400,000		467,443
				29,838,504
Real Estate Investment Trusts (REITs) (0.3%)
AvalonBay Communities, Inc. 5.700%, 3/15/17		100,000		107,960
6.100%, 3/15/20		100,000		110,523
BioMed Realty LP 6.125%, 4/15/20§		100,000		104,120
Boston Properties LP 5.625%, 11/15/20		100,000		104,608
Boston Properties, Inc. 5.000%, 6/1/15		200,000		207,392
Duke Realty LP 6.250%, 5/15/13		100,000		106,578
ERP Operating LP 5.125%, 3/15/16		400,000		421,059
HCP, Inc. 5.950%, 9/15/11		1,600,000		1,658,632
5.650%, 12/15/13		200,000		211,021
5.625%, 5/1/17		200,000		202,586
Healthcare Realty Trust, Inc. 6.500%, 1/17/17		50,000		52,284
Hospitality Properties Trust 7.875%, 8/15/14		150,000		165,372
HRPT Properties Trust 5.750%, 11/1/15		200,000		206,548
Kimco Realty Corp. 6.875%, 10/1/19		100,000		111,412
Mack-Cali Realty LP 7.750%, 8/15/19		100,000		117,512
ProLogis 7.625%, 8/15/14		100,000		106,128
5.625%, 11/15/15		600,000		575,401
6.250%, 3/15/17		50,000		47,618
7.375%, 10/30/19		50,000		48,969
6.875%, 3/15/20		60,000		56,710
Simon Property Group LP 6.750%, 5/15/14		105,000		118,011
5.625%, 8/15/14		200,000		216,602
4.200%, 2/1/15		45,000		46,242
5.250%, 12/1/16		200,000		212,981
6.125%, 5/30/18		200,000		220,755
5.650%, 2/1/20		100,000		105,906
6.750%, 2/1/40		50,000		55,834
Vornado Realty Trust 4.250%, 4/1/15		100,000		99,411
				5,798,175

	Principal Amount		Value (Note 1)
Real Estate Management & Development (0.0%)
Regency Centers LP 6.750%, 1/15/12	$	100,000	$	104,945
Thrifts & Mortgage Finance (0.3%)
Cie de Financement Foncier 2.125%, 4/22/13§		3,200,000		3,230,979
Nykredit Realkredit A/S 4.000%, 1/1/11		DKK11,000,000		1,826,715
Western Corporate Federal Credit Union
1.750%, 11/2/12	$	100,000		101,666
				5,159,360
Total Financials				307,159,154
Health Care (2.3%)
Biotechnology (0.1%)
Amgen, Inc. 4.850%, 11/18/14		200,000		221,506
4.500%, 3/15/20		25,000		26,826
6.400%, 2/1/39		300,000		355,260
5.750%, 3/15/40		25,000		27,348
Genentech, Inc. 5.250%, 7/15/35		200,000		209,733
Talecris Biotherapeutics Holdings Corp. 7.750%, 11/15/16§		775,000		825,375
				1,666,048
Health Care Equipment & Supplies (0.2%)
Accellent, Inc. 10.500%, 12/1/13		1,750,000		1,723,750
Baxter International, Inc. 1.800%, 3/15/13		40,000		40,468
4.625%, 3/15/15		200,000		220,375
4.250%, 3/15/20		100,000		105,023
6.250%, 12/1/37		100,000		118,366
CareFusion Corp. 6.375%, 8/1/19		300,000		342,699
Covidien International Finance S.A. 1.875%, 6/15/13		100,000		100,620
2.800%, 6/15/15		100,000		100,990
6.000%, 10/15/17		100,000		116,047
4.200%, 6/15/20		100,000		102,343
Fresenius Medical Care Capital Trust IV 7.875%, 6/15/11		500,000		516,875
Hospira, Inc. 6.400%, 5/15/15		45,000		51,126
Mead Johnson Nutrition Co. 3.500%, 11/1/14§		50,000		51,764
4.900%, 11/1/19§		100,000		105,742
5.900%, 11/1/39§		50,000		53,424
Medtronic, Inc. 4.500%, 3/15/14		400,000		438,633
Stryker Corp. 3.000%, 1/15/15		50,000		51,626
4.375%, 1/15/20		50,000		53,184
				4,293,055
Health Care Providers & Services (1.0%)
Aetna, Inc. 6.500%, 9/15/18		500,000		578,579

See Notes to Financial Statements.

232

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Apria Healthcare Group, Inc. 11.250%, 11/1/14§	$	500,000	$	532,500
12.375%, 11/1/14§		1,475,000		1,574,563
Becton Dickinson and Co. 5.000%, 5/15/19		300,000		331,362
CIGNA Corp. 5.125%, 6/15/20		130,000		135,306
7.875%, 5/15/27		100,000		118,535
Express Scripts, Inc. 6.250%, 6/15/14		500,000		566,108
HCA, Inc. 7.250%, 9/15/20		500,000		502,500
Health Net, Inc. 6.375%, 6/1/17		1,400,000		1,302,000
Medco Health Solutions, Inc. 7.125%, 3/15/18		300,000		358,400
Medtronic, Inc. 5.550%, 3/15/40		100,000		111,626
Quest Diagnostics, Inc. 4.750%, 1/30/20		60,000		60,363
6.950%, 7/1/37		100,000		114,238
5.750%, 1/30/40		20,000		19,691
Radiation Therapy Services, Inc. 9.875%, 4/15/17§		975,000		936,000
Skilled Healthcare Group, Inc. 11.000%, 1/15/14		1,295,000		1,337,088
Stonemor Operating LLC/Cornerstone Family Services/Osiris Holdings
10.250%, 12/1/17§		1,650,000		1,674,750
Surgical Care Affiliates, Inc. 8.875%, 7/15/15 PIK§		2,142,202		2,104,713
10.000%, 7/15/17§		3,250,000		3,209,375
U.S. Oncology, Inc. 10.750%, 8/15/14		2,108,000		2,160,700
9.125%, 8/15/17		550,000		565,125
UnitedHealth Group, Inc. 5.375%, 3/15/16		200,000		217,352
6.000%, 2/15/18		250,000		278,755
6.875%, 2/15/38		250,000		282,623
Vanguard Health Holding Co. II LLC/Vanguard Holding Co II, Inc.
8.000%, 2/1/18§		325,000		313,625
WellPoint, Inc. 5.250%, 1/15/16		400,000		437,934
5.850%, 1/15/36		350,000		351,844
				20,175,655
Pharmaceuticals (1.0%)
Abbott Laboratories, Inc. 5.875%, 5/15/16		200,000		233,979
5.600%, 11/30/17		600,000		696,459
Angiotech Pharmaceuticals, Inc. 4.288%, 12/1/13(l)		2,695,000		2,075,150
Argatroban Royalty Sub LLC 18.500%, 9/30/14†(b)		2,029,675		1,664,333
AstraZeneca plc 5.400%, 9/15/12		200,000		218,382
5.900%, 9/15/17		500,000		584,932
6.450%, 9/15/37		200,000		242,360
Bristol-Myers Squibb Co. 5.250%, 8/15/13		300,000		332,628
5.450%, 5/1/18		200,000		229,075

	Principal Amount		Value (Note 1)
6.125%, 5/1/38	$	500,000	$	580,643
Elan Finance plc/Elan Finance Corp.
4.663%, 12/1/13(l)		2,075,000		1,981,625
8.750%, 10/15/16§		1,875,000		1,821,094
Eli Lilly and Co. 4.200%, 3/6/14		500,000		543,265
5.200%, 3/15/17		100,000		113,806
GlaxoSmithKline Capital, Inc. 4.850%, 5/15/13		200,000		218,660
5.650%, 5/15/18		400,000		457,710
6.375%, 5/15/38		200,000		238,027
Johnson & Johnson 5.150%, 7/15/18		200,000		226,954
5.850%, 7/15/38		500,000		588,183
Merck & Co., Inc. 6.000%, 9/15/17		200,000		234,967
5.000%, 6/30/19		350,000		389,312
6.400%, 3/1/28		200,000		237,790
6.550%, 9/15/37		500,000		621,950
Novartis Capital Corp. 1.900%, 4/24/13		40,000		40,604
Novartis Securities Investment Ltd. 5.125%, 2/10/19		600,000		671,668
Pfizer, Inc. 4.450%, 3/15/12		200,000		210,994
5.350%, 3/15/15		500,000		566,486
6.200%, 3/15/19		300,000		356,519
7.200%, 3/15/39		500,000		657,290
Phibro Animal Health Corp. 13.000%, 8/1/14§		2,115,000		2,252,475
Teva Pharmaceutical Finance II B.V./Teva Pharmaceutical Finance III LLC
3.000%, 6/15/15		100,000		101,959
Teva Pharmaceutical Finance III LLC
1.500%, 6/15/12		100,000		100,380
Watson Pharmaceuticals, Inc. 5.000%, 8/15/14		165,000		176,738
6.125%, 8/15/19		85,000		95,697
Wyeth 5.500%, 3/15/13		200,000		221,215
6.000%, 2/15/36		100,000		112,317
5.950%, 4/1/37		200,000		226,550
				20,322,176
Total Health Care				46,456,934
Industrials (2.6%)
Aerospace & Defense (0.3%)
Boeing Co. 5.000%, 3/15/14		500,000		556,236
3.500%, 2/15/15		100,000		105,486
4.875%, 2/15/20		55,000		60,558
6.125%, 2/15/33		100,000		113,218
5.875%, 2/15/40		30,000		33,730
General Dynamics Corp. 4.250%, 5/15/13		200,000		215,607
GeoEye, Inc. 9.625%, 10/1/15§		1,275,000		1,300,500
Goodrich Corp. 4.875%, 3/1/20		50,000		53,676
Honeywell International, Inc. 4.250%, 3/1/13		200,000		215,562
5.000%, 2/15/19		500,000		559,253

See Notes to Financial Statements.

233

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
ITT Corp. 4.900%, 5/1/14	$	65,000	$	70,830
6.125%, 5/1/19		90,000		103,728
Lockheed Martin Corp. 4.250%, 11/15/19		350,000		367,958
6.150%, 9/1/36		200,000		231,406
Northrop Grumman Corp. 3.700%, 8/1/14		90,000		94,395
5.050%, 8/1/19		50,000		54,948
Northrop Grumman Systems Corp. 7.750%, 2/15/31		200,000		268,214
Raytheon Co. 4.400%, 2/15/20		50,000		53,642
Rockwell Collins, Inc. 5.250%, 7/15/19		50,000		55,093
United Technologies Corp. 5.375%, 12/15/17		200,000		229,248
6.125%, 2/1/19		500,000		596,269
6.125%, 7/15/38		100,000		117,029
				5,456,586
Air Freight & Logistics (0.0%)
United Parcel Service, Inc. 4.500%, 1/15/13		200,000		216,127
5.125%, 4/1/19		300,000		342,468
6.200%, 1/15/38		100,000		120,217
				678,812
Airlines (0.2%)
American Airlines, Inc. 13.000%, 8/1/16		1,750,146		1,925,161
Continental Airlines, Inc. 9.000%, 7/8/16		146,968		158,946
Southwest Airlines Co. 10.500%, 12/15/11§		1,650,000		1,840,774
				3,924,881
Building Products (0.1%)
CRH America, Inc. 6.000%, 9/30/16		500,000		557,396
Goodman Global, Inc. 13.500%, 2/15/16		1,250,000		1,375,000
				1,932,396
Commercial Services & Supplies (0.6%)
Alion Science and Technology Corp.
12.000%, 11/1/14 PIK§		1,904,120		1,904,120
Allied Waste North America, Inc. 6.875%, 6/1/17		350,000		381,500
Altegrity, Inc. 10.500%, 11/1/15§		650,000		617,500
Avery Dennison Corp. 5.375%, 4/15/20		50,000		53,425
Dartmouth College 4.750%, 6/1/19		50,000		54,386
Iron Mountain, Inc. 8.375%, 8/15/21		900,000		918,000
Niska Gas Storage Partners LLC 8.875%, 3/15/18§		2,075,000		2,106,125
PharmaNet Development Group, Inc.
10.875%, 4/15/17§		850,000		828,750

	Principal Amount		Value (Note 1)
Pitney Bowes, Inc. 4.750%, 1/15/16	$	100,000	$	107,713
R.R. Donnelley & Sons Co. 4.950%, 4/1/14		400,000		407,626
8.600%, 8/15/16		150,000		164,328
Republic Services, Inc. 5.500%, 9/15/19§		148,000		160,154
ServiceMaster Co. 10.750%, 7/15/15 PIK§		1,300,000		1,345,500
Sheridan Group, Inc. 10.250%, 8/15/11		1,275,000		1,260,656
Waste Management, Inc. 6.100%, 3/15/18		350,000		398,917
7.000%, 7/15/28		100,000		115,635
Yale University 2.900%, 10/15/14		100,000		103,731
				10,928,066
Electrical Equipment (0.1%)
Amphenol Corp. 4.750%, 11/15/14		50,000		52,982
Emerson Electric Co. 5.250%, 10/15/18		100,000		113,010
Kemet Corp. 10.500%, 5/1/18§		1,350,000		1,336,500
Metals USA, Inc. 11.125%, 12/1/15		825,000		866,250
Thermo Fisher Scientific, Inc. 4.700%, 5/1/20		100,000		107,713
				2,476,455
Industrial Conglomerates (0.4%)
3M Co. 4.375%, 8/15/13		350,000		381,941
Cooper U.S., Inc. 5.250%, 11/15/12		100,000		107,885
General Electric Co. 5.000%, 2/1/13		700,000		750,648
5.250%, 12/6/17		500,000		543,703
Harland Clarke Holdings Corp. 6.000%, 5/15/15(l)		1,565,000		1,263,738
9.500%, 5/15/15		250,000		227,500
Ingersoll-Rand Global Holding Co., Ltd. 9.500%, 4/15/14		300,000		371,696
Koninklijke Philips Electronics N.V. 6.875%, 3/11/38		200,000		246,660
Siemens Financieringsmat 5.500%, 2/16/12§		1,400,000		1,487,144
Trimas Corp. 9.750%, 12/15/17§		2,100,000		2,126,250
Tyco International Finance S.A. 4.125%, 10/15/14		100,000		106,150
3.375%, 10/15/15		100,000		103,221
8.500%, 1/15/19		400,000		517,082
				8,233,618
Machinery (0.3%)
Caterpillar, Inc. 6.050%, 8/15/36		400,000		460,195

See Notes to Financial Statements.

234

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Danaher Corp. 5.625%, 1/15/18	$	300,000	$	345,355
Deere & Co. 4.375%, 10/16/19		75,000		79,913
5.375%, 10/16/29		50,000		54,645
Dover Corp. 6.600%, 3/15/38		100,000		124,541
FGI Holding Co., Inc. 11.250%, 10/1/15 PIK§		1,600,000		1,568,000
Freedom Group, Inc. 10.250%, 8/1/15§		900,000		936,000
Severstal Columbus LLC 10.250%, 2/15/18§		850,000		877,625
Smith & Wesson Holding Corp. 4.000%, 12/15/26		1,250,000		1,198,437
Snap-On, Inc. 6.125%, 9/1/21		100,000		112,716
				5,757,427
Marine (0.2%)
Marquette Transportation Co., Inc. 10.875%, 1/15/17§		1,150,000		1,127,000
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc. 8.875%, 11/1/17§		2,150,000		2,166,125
				3,293,125
Road & Rail (0.4%)
Burlington Northern Santa Fe Corp. 7.000%, 2/1/14		500,000		582,720
4.700%, 10/1/19		100,000		105,910
6.150%, 5/1/37		100,000		112,551
Burlington Resources Finance Co. 7.200%, 8/15/31		100,000		119,938
Canadian National Railway Co. 5.550%, 3/1/19		700,000		800,510
Canadian Pacific Railway Co. 7.250%, 5/15/19		45,000		53,582
CSX Corp. 7.375%, 2/1/19		300,000		367,460
6.150%, 5/1/37		500,000		546,743
Norfolk Southern Corp. 7.700%, 5/15/17		100,000		124,362
5.750%, 4/1/18		300,000		339,114
5.900%, 6/15/19		65,000		74,731
Sunstate Equipment Co. LLC 10.500%, 4/1/13§		2,400,000		2,064,000
Union Pacific Corp. 6.125%, 2/15/20		300,000		348,090
6.150%, 5/1/37		100,000		112,006
United Rentals North America, Inc. 7.000%, 2/15/14		1,000,000		940,000
9.250%, 12/15/19		1,550,000		1,561,625
				8,253,342
Total Industrials				50,934,708

	Principal Amount		Value (Note 1)
Information Technology (0.8%)
Communications Equipment (0.1%)
American Tower Corp. 4.625%, 4/1/15	$	25,000	$	26,006
Cisco Systems, Inc. 5.500%, 2/22/16		600,000		691,196
4.950%, 2/15/19		400,000		439,653
5.900%, 2/15/39		400,000		444,626
Motorola, Inc. 6.000%, 11/15/17		200,000		214,679
				1,816,160
Computers & Peripherals (0.1%)
Dell, Inc.
3.375%, 6/15/12		30,000		31,131
5.875%, 6/15/19		50,000		56,188
7.100%, 4/15/28		50,000		59,566
6.500%, 4/15/38		200,000		229,541
Hewlett-Packard Co. 4.250%, 2/24/12		750,000		790,350
4.500%, 3/1/13		400,000		431,761
International Business Machines Corp. 4.750%, 11/29/12		200,000		216,503
2.100%, 5/6/13		100,000		101,906
5.700%, 9/14/17		400,000		464,913
5.875%, 11/29/32		100,000		113,017
5.600%, 11/30/39		440,000		489,163
				2,984,039
Electronic Equipment, Instruments & Components (0.0%)
Arrow Electronics, Inc. 6.000%, 4/1/20		100,000		103,340
Corning, Inc. 6.625%, 5/15/19		20,000		23,394
				126,734
Internet Software & Services (0.1%)
GXS Worldwide, Inc. 9.750%, 6/15/15§		1,375,000		1,313,125
IT Services (0.2%)
Compucom Systems, Inc. 12.500%, 10/1/15§		1,975,000		2,078,687
Computer Sciences Corp. 6.500%, 3/15/18		442,000		492,751
Stratus Technologies, Inc. 12.000%, 3/29/15§(b)		700,000		609,875
Western Union Co. 5.930%, 10/1/16		500,000		561,058
				3,742,371
Office Electronics (0.1%)
Xerox Capital Trust I 8.000%, 2/1/27		1,400,000		1,407,536
Xerox Corp. 8.250%, 5/15/14		95,000		111,354
4.250%, 2/15/15		100,000		103,530
6.350%, 5/15/18		200,000		223,087
5.625%, 12/15/19		100,000		106,412
6.750%, 12/15/39		50,000		55,674
				2,007,593

See Notes to Financial Statements.

235

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Semiconductors & Semiconductor Equipment (0.0%)
Analog Devices, Inc. 5.000%, 7/1/14	$	150,000	$	162,129
Maxim Integrated Products, Inc. 3.450%, 6/14/13		100,000		100,818
				262,947
Software (0.2%)
Activant Solutions, Inc. 9.500%, 5/1/16		975,000		926,250
Adobe Systems, Inc. 3.250%, 2/1/15		50,000		51,347
4.750%, 2/1/20		85,000		87,636
Aspect Software, Inc. 10.625%, 5/15/17§		1,500,000		1,500,000
Microsoft Corp. 2.950%, 6/1/14		115,000		120,332
4.200%, 6/1/19		125,000		135,522
5.200%, 6/1/39		110,000		120,302
Oracle Corp. 5.750%, 4/15/18		500,000		578,837
6.500%, 4/15/38		50,000		60,673
6.125%, 7/8/39		250,000		292,393
				3,873,292
Total Information Technology				16,126,261
Materials (2.6%)
Chemicals (0.9%)
Air Products and Chemicals, Inc. 4.375%, 8/21/19		100,000		104,395
Cabot Corp. 5.000%, 10/1/16		100,000		106,134
Dow Chemical Co. 4.850%, 8/15/12		3,200,000		3,375,536
7.600%, 5/15/14		220,000		254,070
8.550%, 5/15/19		655,000		801,794
9.400%, 5/15/39		90,000		125,171
E.I. du Pont de Nemours & Co. 5.000%, 7/15/13		200,000		219,244
3.250%, 1/15/15		100,000		104,323
5.250%, 12/15/16		100,000		114,041
5.750%, 3/15/19		500,000		577,170
4.625%, 1/15/20		40,000		43,013
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC 9.750%, 11/15/14		1,800,000		1,701,000
Ineos Finance plc 9.250%, 5/15/15§		EUR1,025,000		1,240,887
Lyondell Chemical Co. 11.000%, 5/1/18	$	450,000		482,625
Momentive Performance Materials, Inc. 12.500%, 6/15/14		625,000		681,250
9.000%, 12/1/14		EUR650,000		731,264
9.750%, 12/1/14	$	1,200,000		1,134,000
Monsanto Co. 7.375%, 8/15/12		200,000		224,367
5.125%, 4/15/18		100,000		111,173
5.875%, 4/15/38		200,000		223,190

	Principal Amount		Value (Note 1)
Phibro Animal Health Corp. 9.250%, 7/1/18§	$	1,250,000	$	1,243,750
Potash Corp of Saskatchewan, Inc. 5.250%, 5/15/14		2,980,000		3,287,050
3.750%, 9/30/15		40,000		41,648
6.500%, 5/15/19		65,000		76,365
4.875%, 3/30/20		35,000		37,235
Praxair, Inc. 2.125%, 6/14/13		50,000		50,837
Reichhold Industries, Inc. 9.000%, 8/15/14§		1,345,000		1,183,600
Rohm & Haas Co.
5.600%, 3/15/13		500,000		536,227
Sherwin-Williams Co. 3.125%, 12/15/14		100,000		103,490
Valspar Corp. 7.250%, 6/15/19		100,000		118,841
				19,033,690
Construction Materials (0.0%)
Lafarge S.A. 6.500%, 7/15/16		100,000		103,592
7.125%, 7/15/36		100,000		98,958
				202,550
Containers & Packaging (0.1%)
Bemis Co., Inc. 5.650%, 8/1/14		30,000		33,036
6.800%, 8/1/19		20,000		23,103
Berry Plastics Corp. 8.875%, 9/15/14		1,200,000		1,155,000
Packaging Corp. of America 5.750%, 8/1/13		500,000		539,017
				1,750,156
Metals & Mining (1.5%)
Alcoa, Inc. 6.000%, 7/15/13		200,000		210,637
6.750%, 7/15/18		300,000		302,761
5.900%, 2/1/27		200,000		175,940
Algoma Acquisition Corp. 9.875%, 6/15/15§		1,975,000		1,678,750
Allegheny Technologies, Inc. 9.375%, 6/1/19		100,000		118,077
ArcelorMittal S.A. 5.375%, 6/1/13		200,000		210,340
9.000%, 2/15/15		125,000		147,057
6.125%, 6/1/18		200,000		209,176
9.850%, 6/1/19		150,000		187,446
Barrick Australian Finance Pty Ltd. 5.950%, 10/15/39		100,000		106,564
Barrick Gold Corp. 6.950%, 4/1/19		500,000		599,520
Barrick Gold Finance Co. 4.875%, 11/15/14		2,315,000		2,507,117
Barrick N.A. Finance LLC 7.500%, 9/15/38		100,000		124,068
BHP Billiton Finance USA Ltd. 5.125%, 3/29/12		1,500,000		1,597,206
4.800%, 4/15/13		200,000		216,897
7.250%, 3/1/16		1,375,000		1,637,207
6.500%, 4/1/19		500,000		599,623

See Notes to Financial Statements.

236

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Consol Energy, Inc. 8.250%, 4/1/20§	$	1,900,000	$	1,980,750
FMG Finance Property Ltd. 10.625%, 9/1/16§		1,900,000		2,090,000
Freeport-McMoRan Copper & Gold, Inc. 8.375%, 4/1/17		400,000		440,000
Murray Energy Corp. 10.250%, 10/15/15§		1,000,000		995,000
Newmont Mining Corp. 5.125%, 10/1/19		315,000		337,531
6.250%, 10/1/39		200,000		218,264
Novelis, Inc. 7.250%, 2/15/15		1,350,000		1,302,750
11.500%, 2/15/15		740,000		773,300
Nucor Corp. 5.750%, 12/1/17		200,000		228,297
Rio Tinto Finance USA Ltd. 5.875%, 7/15/13		800,000		876,522
6.500%, 7/15/18		200,000		227,948
7.125%, 7/15/28		100,000		118,764
Ryerson Holding Corp. (Zero Coupon), 2/1/15§		3,150,000		1,389,937
Ryerson, Inc. 7.719%, 11/1/14 (l)		1,750,000		1,627,500
12.000%, 11/1/15		425,000		434,563
Southern Copper Corp. 5.375%, 4/16/20		135,000		135,314
6.750%, 4/16/40		135,000		133,444
Steel Dynamics, Inc. 7.375%, 11/1/12		3,800,000		3,933,000
Teck Resources Ltd. 10.750%, 5/15/19		500,000		612,650
Vale Overseas Ltd. 6.875%, 11/21/36		400,000		417,005
6.875%, 11/10/39		85,000		88,799
Xstrata Canada Corp. 7.250%, 7/15/12		200,000		216,614
				29,206,338
Paper & Forest Products (0.1%)
Georgia-Pacific LLC 9.500%, 12/1/11		500,000		537,500
International Paper Co. 7.950%, 6/15/18		250,000		297,648
7.500%, 8/15/21		200,000		234,179
7.300%, 11/15/39		250,000		275,682
				1,345,009
Total Materials				51,537,743
Telecommunication Services (2.7%)
Diversified Telecommunication Services (2.0%)
AT&T Corp. 7.300%, 11/15/11		400,000		432,365
8.000%, 11/15/31		200,000		257,443
AT&T, Inc. 4.950%, 1/15/13		200,000		217,096
5.100%, 9/15/14		200,000		221,868
5.625%, 6/15/16		400,000		453,372
5.500%, 2/1/18		500,000		552,917

	Principal Amount		Value (Note 1)
6.300%, 1/15/38	$	500,000	$	542,591
6.400%, 5/15/38		200,000		219,889
6.550%, 2/15/39		600,000		672,055
BellSouth Capital Funding Corp. 7.875%, 2/15/30		500,000		612,870
British Telecommunications plc 9.875%, 12/15/30		300,000		366,126
Deutsche Telekom International Finance B.V. 4.875%, 7/8/14		150,000		160,746
6.000%, 7/8/19		100,000		110,592
8.750%, 6/15/30		500,000		645,848
Digicel Ltd. 12.000%, 4/1/14§		2,075,000		2,318,812
Embarq Corp. 7.082%, 6/1/16		330,000		351,800
7.995%, 6/1/36		100,000		99,242
France Telecom S.A. 7.750%, 3/1/11		300,000		313,050
4.375%, 7/8/14		2,000,000		2,156,742
5.375%, 7/8/19		400,000		436,413
8.500%, 3/1/31		300,000		412,831
Global Crossing Ltd. 12.000%, 9/15/15§		2,000,000		2,120,000
Hawaiian Telcom Communications, Inc.
Series B 9.750%, 5/1/13 (h)(b)		4,050,000		70,875
Integra Telecom Holdings, Inc.
10.750%, 4/15/16§		900,000		880,875
Level 3 Financing, Inc.
9.250%, 11/1/14		2,100,000		1,905,750
PAETEC Holding Corp.
9.500%, 7/15/15		1,625,000		1,580,312
Qwest Corp.
7.875%, 9/1/11		1,600,000		1,664,000
8.375%, 5/1/16		600,000		655,500
Sprint Capital Corp.
7.625%, 1/30/11		2,400,000		2,442,000
8.375%, 3/15/12		400,000		419,500
Telcordia Technologies, Inc.
11.000%, 5/1/18§		1,450,000		1,377,500
Telecom Italia Capital S.A.
4.875%, 10/1/10		400,000		402,960
0.914%, 7/18/11 (l)		2,300,000		2,267,381
5.250%, 11/15/13		200,000		206,579
6.175%, 6/18/14		100,000		104,544
5.250%, 10/1/15		400,000		403,700
7.175%, 6/18/19		100,000		107,661
7.721%, 6/4/38		250,000		255,983
Telefonica Emisiones S.A.U.
0.674%, 2/4/13 (l)		1,000,000		964,217
2.582%, 4/26/13		150,000		148,968
4.949%, 1/15/15		485,000		508,065
3.729%, 4/27/15		90,000		89,737
6.421%, 6/20/16		700,000		767,828
5.877%, 7/15/19		145,000		154,654
5.134%, 4/27/20		135,000		135,310
7.045%, 6/20/36		300,000		331,911
Verizon Communications, Inc.
7.375%, 9/1/12		400,000		449,397
4.350%, 2/15/13		100,000		106,896

See Notes to Financial Statements.

237

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
5.550%, 2/15/16	$	500,000	$	560,004
5.500%, 2/15/18		600,000		658,386
6.350%, 4/1/19		500,000		578,568
7.750%, 12/1/30		400,000		498,460
6.900%, 4/15/38		100,000		116,871
8.950%, 3/1/39		300,000		424,973
7.350%, 4/1/39		300,000		368,840
Wind Acquisition Finance S.A.
11.750%, 7/15/17§		2,050,000		2,101,250
Windstream Corp.
7.875%, 11/1/17		1,100,000		1,073,875
				38,457,998
Wireless Telecommunication Services (0.7%)
America Movil S.A.B. de C.V.
5.000%, 3/30/20§		1,200,000		1,239,807
6.375%, 3/1/35		100,000		107,017
6.125%, 3/30/40§		400,000		417,693
Cellco Partnership/Verizon Wireless Capital LLC
3.065%, 5/20/11(l)		2,900,000		2,964,612
5.550%, 2/1/14		500,000		560,572
8.500%, 11/15/18		400,000		520,056
Digicel Group Ltd.
10.500%, 4/15/18§		2,350,000		2,423,438
MetroPCS Wireless, Inc.
9.250%, 11/1/14		850,000		875,500
New Cingular Wireless Services, Inc.
8.125%, 5/1/12		200,000		223,799
8.750%, 3/1/31		100,000		137,280
Rogers Communications, Inc.
6.800%, 8/15/18		100,000		118,210
7.500%, 8/15/38		100,000		126,164
Vodafone Group plc
5.000%, 12/16/13		200,000		216,621
4.150%, 6/10/14		3,200,000		3,357,747
5.625%, 2/27/17		400,000		438,711
5.450%, 6/10/19		150,000		160,570
6.150%, 2/27/37		500,000		518,424
				14,406,221
Total Telecommunication Services				52,864,219
Utilities (2.0%)
Electric Utilities (1.2%)
Ameren Corp.
8.875%, 5/15/14		100,000		115,924
Ameren Energy Generating Co.
6.300%, 4/1/20		50,000		50,893
Appalachian Power Co.
7.000%, 4/1/38		200,000		232,450
Baltimore Gas & Electric Co.
6.125%, 7/1/13		300,000		334,883
Carolina Power & Light Co.
6.300%, 4/1/38		300,000		357,432
CenterPoint Energy Houston Electric LLC
7.000%, 3/1/14		300,000		348,031
Commonwealth Edison Co.
6.450%, 1/15/38		400,000		469,854
Consolidated Edison Co. of New York, Inc.
Series 04-A 4.700%, 2/1/14		2,900,000		3,148,054

	Principal Amount		Value (Note 1)
Series 08-A 5.850%, 4/1/18	$	500,000	$	571,607
Series 08-B 6.300%, 8/15/37		100,000		115,021
Series 09-C 6.750%, 4/1/38		100,000		121,874
Consumers Energy Co.
6.700%, 9/15/19		500,000		598,136
Duke Energy Carolinas LLC
Series C 7.000%, 11/15/18		100,000		124,323
Duke Energy Corp.
5.650%, 6/15/13		400,000		441,043
6.300%, 2/1/14		500,000		562,754
3.350%, 4/1/15		50,000		50,999
Duke Energy Indiana, Inc.
6.450%, 4/1/39		300,000		363,611
Duke Energy Ohio, Inc.
5.700%, 9/15/12		200,000		216,363
Edison Mission Energy
7.500%, 6/15/13		1,450,000		1,247,000
Entergy Gulf States Louisiana LLC
5.590%, 10/1/24		60,000		65,462
Entergy Louisiana LLC
5.400%, 11/1/24		100,000		108,870
Exelon Corp.
4.900%, 6/15/15		200,000		213,584
Exelon Generation Co. LLC
6.200%, 10/1/17		100,000		113,677
FirstEnergy Corp.
Series B 6.450%, 11/15/11		9,000		9,506
Series C 7.375%, 11/15/31		200,000		210,879
FirstEnergy Solutions Corp.
4.800%, 2/15/15		120,000		125,567
6.050%, 8/15/21		200,000		203,989
6.800%, 8/15/39		139,000		137,527
Florida Power & Light Co.
4.950%, 6/1/35		200,000		199,593
5.960%, 4/1/39		200,000		229,293
5.690%, 3/1/40		50,000		55,434
Florida Power Corp.
4.550%, 4/1/20		25,000		26,780
5.650%, 4/1/40		50,000		54,474
FPL Group Capital, Inc.
5.625%, 9/1/11		100,000		104,552
2.550%, 11/15/13		50,000		50,420
6.000%, 3/1/19		500,000		561,882
Georgia Power Co.
4.250%, 12/1/19		80,000		83,769
5.950%, 2/1/39		300,000		330,222
Hydro-Quebec
8.050%, 7/7/24		250,000		359,335
Iberdrola USA, Inc.
6.750%, 7/15/36		200,000		213,738
Interstate Power and Light Co.
6.250%, 7/15/39		30,000		34,622
Jersey Central Power & Light Co.
7.350%, 2/1/19		500,000		594,384
MidAmerican Energy Co.
5.750%, 11/1/35		100,000		107,479

See Notes to Financial Statements.

238

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
MidAmerican Energy Holdings Co.
3.150%, 7/15/12	$	200,000	$	205,059
5.875%, 10/1/12		400,000		433,067
5.750%, 4/1/18		400,000		447,481
6.125%, 4/1/36		200,000		220,195
5.950%, 5/15/37		100,000		107,090
6.500%, 9/15/37		200,000		229,769
Nevada Power Co.
6.500%, 8/1/18		200,000		228,948
Northern States Power Co.
5.250%, 3/1/18		200,000		223,268
5.350%, 11/1/39		330,000		346,912
NSTAR
4.500%, 11/15/19		50,000		53,125
NSTAR Electric Co.
5.500%, 3/15/40		50,000		54,136
Ohio Power Co.
5.375%, 10/1/21		100,000		106,706
Oncor Electric Delivery Co. LLC
6.375%, 5/1/12		100,000		108,016
6.800%, 9/1/18		400,000		469,543
Pacific Gas & Electric Co.
4.800%, 3/1/14		100,000		108,361
8.250%, 10/15/18		600,000		767,692
6.050%, 3/1/34		200,000		223,144
PacifiCorp
7.700%, 11/15/31		300,000		397,711
6.000%, 1/15/39		300,000		344,624
Potomac Electric Power Co.
6.500%, 11/15/37		300,000		358,351
PPL Electric Utilities Corp.
6.250%, 5/15/39		30,000		35,110
PPL Energy Supply LLC
6.500%, 5/1/18		100,000		110,602
Progress Energy, Inc.
7.050%, 3/15/19		500,000		590,719
PSEG Power LLC
2.500%, 4/15/13§		75,000		75,726
5.125%, 4/15/20§		80,000		82,933
Public Service Co. of Colorado
5.125%, 6/1/19		85,000		94,093
Public Service Co. of Oklahoma
5.150%, 12/1/19		30,000		31,591
Public Service Electric & Gas Co.
5.375%, 9/1/13		200,000		221,243
Puget Sound Energy, Inc.
5.757%, 10/1/39		150,000		155,248
5.795%, 3/15/40		100,000		104,074
5.764%, 7/15/40		50,000		51,823
San Diego Gas & Electric Co.
6.000%, 6/1/39		30,000		35,050
5.350%, 5/15/40		100,000		107,938
South Carolina Electric & Gas Co.
6.050%, 1/15/38		100,000		113,742
Southern California Edison Co.
5.750%, 3/15/14		400,000		450,146
5.950%, 2/1/38		100,000		115,549
6.050%, 3/15/39		300,000		352,102
5.500%, 3/15/40		100,000		109,096

	Principal Amount		Value (Note 1)
Southern Co.
4.150%, 5/15/14	$	75,000	$	79,112
Series A 5.300%, 1/15/12		400,000		423,012
Southwestern Electric Power Co.
6.200%, 3/15/40		50,000		51,275
Tampa Electric Co.
6.100%, 5/15/18		75,000		84,970
TransAlta Corp.
6.500%, 3/15/40		40,000		41,261
Union Electric Co.
6.700%, 2/1/19		200,000		232,491
Virginia Electric & Power Co.
8.875%, 11/15/38		300,000		435,142
Series A 4.750%, 3/1/13		200,000		216,632
5.000%, 6/30/19		165,000		179,909
Series B 6.000%, 5/15/37		100,000		111,284
Wisconsin Electric Power Co.
4.250%, 12/15/19		50,000		51,959
Wisconsin Power & Light Co.
5.000%, 7/15/19		50,000		55,138
Xcel Energy, Inc.
4.700%, 5/15/20		100,000		104,055
				24,001,513
Gas Utilities (0.5%)
Boardwalk Pipelines LP
5.750%, 9/15/19		100,000		104,714
CenterPoint Energy, Inc.
5.950%, 2/1/17		100,000		108,146
Copano Energy LLC/Copano Energy Finance Corp.
7.750%, 6/1/18		1,250,000		1,181,250
Crosstex Energy LP/Crosstex Energy Finance Corp.
8.875%, 2/15/18§		1,100,000		1,098,625
El Paso Natural Gas Co.
8.375%, 6/15/32		100,000		116,999
EQT Corp.
8.125%, 6/1/19		75,000		88,226
Kinder Morgan Energy Partners LP
5.300%, 9/15/20		75,000		77,568
Kinder Morgan Finance Co. ULC
5.350%, 1/5/11		1,700,000		1,708,500
NGPL Pipeco LLC
6.514%, 12/15/12§		2,800,000		2,788,232
ONEOK, Inc.
6.000%, 6/15/35		100,000		94,286
Regency Energy Partners LP/Regency Energy Finance Corp.
9.375%, 6/1/16§		1,200,000		1,272,000
Tennessee Gas Pipeline Co.
7.500%, 4/1/17		200,000		228,239
Texas Eastern Corp.
7.000%, 7/15/32		100,000		118,442
Williams Partners LP
3.800%, 2/15/15§		100,000		100,649
5.250%, 3/15/20§		55,000		56,241
6.300%, 4/15/40§		70,000		70,330
				9,212,447

See Notes to Financial Statements.

239

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Independent Power Producers & Energy Traders (0.1%)
NRG Energy, Inc.
8.500%, 6/15/19	$	1,000,000	$	1,016,250
Tennessee Valley Authority
5.500%, 7/18/17		550,000		640,197
5.250%, 9/15/39		1,025,000		1,133,128
				2,789,575
Multi-Utilities (0.2%)
Alliant Energy Corp.
4.000%, 10/15/14		50,000		51,595
Avista Corp.
5.125%, 4/1/22		55,000		58,605
CenterPoint Energy Resources Corp.
7.875%, 4/1/13		200,000		229,175
Dominion Resources, Inc.
8.875%, 1/15/19		300,000		396,256
5.200%, 8/15/19		80,000		86,737
5.950%, 6/15/35		100,000		105,867
DTE Energy Co.
7.625%, 5/15/14		100,000		116,866
6.350%, 6/1/16		200,000		223,983
National Grid plc
6.300%, 8/1/16		500,000		564,427
NiSource Finance Corp.
10.750%, 3/15/16		500,000		640,768
5.450%, 9/15/20		100,000		102,995
6.125%, 3/1/22		50,000		53,368
Sempra Energy
6.000%, 2/1/13		200,000		217,374
6.500%, 6/1/16		60,000		68,850
				2,916,866
Total Utilities				38,920,401
Total Corporate Bonds				731,968,580
Government Securities (63.3%)
Agency ABS (1.2%)
Federal Farm Credit Bank
1.110%, 6/14/12		100,000		100,508
1.750%, 2/21/13		200,000		202,918
2.550%, 3/16/15		100,000		100,303
Federal Home Loan Bank
1.000%, 12/28/11		1,500,000		1,508,928
1.125%, 3/23/12		500,000		500,797
1.125%, 5/18/12		250,000		251,838
1.750%, 8/22/12		1,500,000		1,529,274
1.850%, 12/21/12		400,000		401,913
1.625%, 3/20/13		300,000		304,363
1.875%, 6/21/13		200,000		203,942
Federal Home Loan Mortgage Corp.
1.250%, 1/19/12		500,000		500,167
1.125%, 4/25/12		100,000		100,779
0.875%, 8/22/12		6,700,000		6,706,599
1.500%, 9/10/12		100,000		100,168
1.125%, 1/14/13		300,000		299,801
2.125%, 10/7/13		75,000		75,536
3.150%, 1/22/15		150,000		150,235
2.875%, 2/9/15		2,350,000		2,448,040
Federal National Mortgage Association
1.000%, 4/4/12		4,400,000		4,423,831

	Principal Amount		Value (Note 1)
1.250%, 6/22/12	$	200,000	$	201,905
2.000%, 1/15/13		750,000		750,374
1.375%, 7/19/13		300,000		298,454
2.000%, 12/16/13		100,000		100,272
3.125%, 11/10/14		500,000		505,144
2.750%, 12/29/14		300,000		303,452
3.125%, 1/21/15		50,000		50,604
3.000%, 3/9/15		150,000		150,709
4.000%, 1/20/17		350,000		356,421
6.000%, 4/18/36		1,000,000		1,109,066
				23,736,341
Foreign Governments (1.1%)
Canadian Government Bond
2.375%, 9/10/14		300,000		307,910
Export-Import Bank of Korea
8.125%, 1/21/14		1,000,000		1,143,992
4.125%, 9/9/15		150,000		152,299
Federative Republic of Brazil
10.250%, 6/17/13		840,000		1,022,700
5.875%, 1/15/19		750,000		823,125
8.875%, 10/14/19		270,000		353,025
8.875%, 4/15/24		540,000		729,000
10.125%, 5/15/27		120,000		180,000
8.250%, 1/20/34		840,000		1,108,800
5.625%, 1/7/41		125,000		122,813
Province of British Columbia
2.850%, 6/15/15		60,000		61,973
Province of Manitoba
5.000%, 2/15/12		400,000		425,985
Province of Nova Scotia
5.125%, 1/26/17		270,000		307,666
Province of Ontario
4.950%, 6/1/12		420,000		449,529
4.100%, 6/16/14		500,000		537,699
2.950%, 2/5/15		1,000,000		1,025,243
4.950%, 11/28/16		550,000		616,213
4.000%, 10/7/19		200,000		206,510
Province of Quebec
4.875%, 5/5/14		540,000		595,532
4.625%, 5/14/18		540,000		589,840
7.500%, 9/15/29		410,000		562,775
Republic of Hungary
6.250%, 1/29/20		500,000		492,113
Republic of Italy
3.500%, 7/15/11		1,390,000		1,400,093
4.500%, 1/21/15		800,000		806,687
5.250%, 9/20/16		1,130,000		1,175,676
6.875%, 9/27/23		300,000		341,316
Republic of Korea
5.750%, 4/16/14		300,000		327,058
7.125%, 4/16/19		250,000		300,087
Republic of Panama
5.200%, 1/30/20		200,000		208,000
7.125%, 1/29/26		100,000		116,750
8.875%, 9/30/27		100,000		133,250
9.375%, 4/1/29		100,000		138,500
6.700%, 1/26/36		400,000		441,000
Republic of Peru
7.125%, 3/30/19		500,000		591,250
6.550%, 3/14/37		270,000		298,350

See Notes to Financial Statements.

240

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Republic of Poland
6.375%, 7/15/19	$	600,000	$	663,734
Republic of South Africa
6.875%, 5/27/19		150,000		171,562
5.875%, 5/30/22		570,000		599,925
State of Israel
5.125%, 3/1/14		120,000		132,007
5.125%, 3/26/19		300,000		323,641
United Mexican States
6.375%, 1/16/13		270,000		296,055
5.625%, 1/15/17		960,000		1,053,600
5.125%, 1/15/20		750,000		780,000
8.300%, 8/15/31		270,000		364,500
6.050%, 1/11/40		540,000		569,700
				23,047,483
Municipal Bonds (1.2%)
Bay Area Toll Authority California State
6.793%, 4/1/30		100,000		99,822
6.918%, 4/1/40		100,000		99,865
6.263%, 4/1/49		150,000		157,704
7.043%, 4/1/50		100,000		100,985
Central Puget Sound Washington Regional Transportation Authority
5.491%, 11/1/39		100,000		104,866
City & County of Denver, Colorado
5.650%, 8/1/30		100,000		101,198
City of Chicago, Illinois
6.845%, 1/1/38		85,000		89,299
6.395%, 1/1/40		70,000		74,684
City of New York, New York
6.246%, 6/1/35		1,200,000		1,209,816
City of San Antonio, Texas
5.985%, 2/1/39		50,000		54,690
Clark County, Nevada Airport
6.881%, 7/1/42		100,000		104,747
Indianapolis, Indiana Local Public Improvement
5.854%, 1/15/30		1,500,000		1,583,760
Los Angeles, California Unified School District
5.755%, 7/1/29		50,000		49,426
5.750%, 7/1/34		100,000		97,921
6.758%, 7/1/34		135,000		147,987
Metro Wastewater Reclamation District, Class B
4.718%, 4/1/19		1,000,000		1,048,430
Metropolitan Government of Nashville & Davidson County Convention Center Authority
6.731%, 7/1/43		100,000		105,599
Metropolitan Transportation Authority
6.548%, 11/15/31		100,000		106,609
6.648%, 11/15/39		100,000		106,659
6.668%, 11/15/39		40,000		43,995
Metropolitan Washington Airports Authority
7.462%, 10/1/46		155,000		169,021
Municipal Electric Authority of Georgia
6.637%, 4/1/57		50,000		48,422
7.055%, 4/1/57		100,000		98,182
New Jersey Economic Development Authority
7.425%, 2/15/29		250,000		279,500
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,000,000		1,218,100
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		1,000,000		1,054,580
6.561%, 12/15/40		50,000		54,520

	Principal Amount		Value (Note 1)
New York City Municipal Water Finance Authority
5.724%, 6/15/42	$	125,000	$	128,487
6.011%, 6/15/42		35,000		37,134
New York City Transitional Finance Authority
5.267%, 5/1/27		1,000,000		1,005,260
New York State Dormitory Authority
5.500%, 3/15/30		100,000		100,327
5.600%, 3/15/40		100,000		100,572
New York State Urban Development Corp.
5.770%, 3/15/39		30,000		30,518
North Texas Tollway Authority, Class B
6.718%, 1/1/49		144,000		155,696
Northern California Power Agency, Class B
7.311%, 6/1/40		1,000,000		1,031,070
Seminole County Florida Water & Sewer
6.443%, 10/1/40		800,000		837,144
State of California
7.550%, 4/1/39		3,495,000		3,750,310
7.350%, 11/1/39		100,000		104,864
State of Georgia
4.503%, 11/1/25		50,000		51,610
State of Illinois
2.766%, 1/1/12		100,000		100,226
3.321%, 1/1/13		100,000		99,365
4.071%, 1/1/14		100,000		98,534
4.421%, 1/1/15		100,000		99,341
5.100%, 6/1/33		1,000,000		779,580
State of Illinois Toll Highway Authority, Class A
5.293%, 1/1/24		3,000,000		2,999,610
State of Massachusetts
4.910%, 5/1/29		100,000		97,022
5.456%, 12/1/39		100,000		104,801
State of New York
5.206%, 10/1/31		100,000		93,331
State of Utah
4.554%, 7/1/24		90,000		94,777
State of Washington
5.481%, 8/1/39		100,000		104,361
University of Texas, Class B
6.276%, 8/15/41		2,900,000		3,050,075
				23,464,402
Supranational (1.0%)
African Development Bank
3.000%, 5/27/14		500,000		521,719
Asian Development Bank
2.750%, 5/21/14		500,000		518,496
4.250%, 10/20/14		540,000		592,532
Corp. Andina de Fomento
8.125%, 6/4/19		325,000		399,318
Eksportfinans A/S
1.875%, 4/2/13		1,000,000		1,008,190
European Investment Bank
3.125%, 7/15/11		1,960,000		2,008,702
1.750%, 9/14/12		500,000		505,692
1.625%, 3/15/13		500,000		503,117
4.250%, 7/15/13		1,390,000		1,498,858
3.000%, 4/8/14		1,000,000		1,038,270
3.125%, 6/4/14		750,000		781,639
2.875%, 1/15/15		500,000		513,046
2.750%, 3/23/15		500,000		509,202
4.875%, 1/17/17		550,000		613,436

See Notes to Financial Statements.

241

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Export Development Canada
2.375%, 3/19/12	$	1,000,000	$	1,024,160
Inter-American Development Bank
4.375%, 9/20/12		550,000		588,998
3.000%, 4/22/14		500,000		522,863
5.125%, 9/13/16		280,000		320,471
3.875%, 2/14/20		1,000,000		1,055,560
International Bank for Reconstruction & Development
2.000%, 4/2/12		500,000		510,265
5.000%, 4/1/16		550,000		627,025
4.750%, 2/15/35		130,000		140,065
International Finance Corp.
3.000%, 4/22/14		750,000		791,677
Kommunalbanken A/S
3.375%, 11/15/11		2,000,000		2,062,662
Korea Development Bank
8.000%, 1/23/14		500,000		569,151
4.375%, 8/10/15		115,000		117,258
Nordic Investment Bank
3.625%, 6/17/13		550,000		585,735
2.625%, 10/6/14		100,000		102,788
				20,030,895
U.S. Government Agencies (28.1%)
Federal Farm Credit Bank
3.875%, 8/25/11		20,000		20,773
1.125%, 10/3/11		400,000		402,534
1.875%, 12/7/12		200,000		204,301
Federal Home Loan Bank
1.625%, 7/27/11		2,500,000		2,530,022
5.375%, 8/19/11		1,960,000		2,064,429
3.625%, 9/16/11		1,000,000		1,038,465
2.250%, 4/13/12		1,000,000		1,027,456
1.875%, 6/20/12		250,000		255,433
1.875%, 11/19/12		500,000		502,699
1.625%, 11/21/12		350,000		355,747
3.625%, 5/29/13		1,000,000		1,071,051
5.125%, 8/14/13		1,110,000		1,241,646
4.000%, 9/6/13		1,400,000		1,514,828
2.500%, 10/15/13		500,000		502,591
3.625%, 10/18/13		1,000,000		1,071,140
5.500%, 8/13/14		1,120,000		1,291,077
4.750%, 12/16/16		500,000		562,308
5.000%, 11/17/17		1,690,000		1,928,523
5.500%, 7/15/36		270,000		306,656
Federal Home Loan Mortgage Corp.
1.125%, 12/15/11		300,000		302,369
2.350%, 3/2/12		500,000		501,399
2.000%, 4/27/12		350,000		353,919
1.750%, 6/15/12		1,800,000		1,835,325
4.500%, 7/15/13		2,800,000		3,080,056
2.500%, 1/7/14		1,690,000		1,752,314
2.500%, 4/23/14		6,000,000		6,212,196
5.000%, 7/15/14		1,680,000		1,892,868
3.000%, 12/30/14		100,000		101,338
5.000%, 4/18/17		300,000		342,571
5.125%, 11/17/17		800,000		921,682
4.875%, 6/13/18		4,300,000		4,866,972
4.250%, 12/12/18		250,000		259,223
5.000%, 7/1/19		2,562,099		2,748,816
5.000%, 2/1/22		3,456,721		3,709,715
5.500%, 5/1/22		3,101,421		3,349,656

	Principal Amount		Value (Note 1)
5.500%, 4/1/23	$	1,975,109	$	2,132,577
4.500%, 2/1/24		4,409,775		4,657,135
4.000%, 7/1/24		2,759,420		2,872,384
4.500%, 8/1/24		937,191		990,347
4.500%, 9/1/24		384,580		405,912
4.500%, 11/1/24		1,991,455		2,101,296
4.000%, 2/1/25		980,254		1,019,771
4.000%, 4/1/25		991,182		1,031,294
6.500%, 5/1/26		686,865		753,539
6.500%, 8/1/26		1,252,998		1,374,627
6.500%, 9/1/27		993,925		1,090,405
6.750%, 3/15/31		550,000		728,012
6.250%, 7/15/32		280,000		354,455
5.000%, 6/1/34		2,625,871		2,787,014
5.000%, 12/1/34		15,540,648		16,494,334
6.000%, 3/1/36		694,226		756,381
6.000%, 8/1/36		1,481,575		1,612,371
5.500%, 10/1/36		648,036		695,803
6.000%, 10/1/36		694,992		755,478
5.500%, 5/1/37		701,315		752,680
6.000%, 6/1/37		178,718		194,076
6.500%, 11/1/37		2,985,862		3,271,619
5.500%, 12/1/37		733,761		787,504
5.500%, 1/1/38		1,254,514		1,347,182
5.500%, 2/1/38		14,166,206		15,203,770
5.500%, 3/1/38		891,603		956,906
6.000%, 3/1/38		33,053		35,863
6.500%, 5/1/38		401,282		439,686
5.500%, 6/1/38		2,923,501		3,137,625
6.000%, 6/1/38		263,624		285,991
6.000%, 7/1/38		144,656		156,929
6.000%, 8/1/38		496,145		538,240
5.500%, 9/1/38		1,634,797		1,754,948
6.000%, 9/1/38		513,289		556,874
6.000%, 10/1/38		143,085		155,224
5.500%, 11/1/38		446,303		478,992
5.500%, 12/1/38		2,544,625		2,732,589
6.000%, 12/1/38		957,295		1,038,516
6.000%, 2/1/39		5,790,076		6,281,328
5.000%, 3/1/39		5,925,101		6,277,598
6.000%, 3/1/39		2,425,032		2,630,781
4.500%, 4/1/39		4,742,500		4,919,418
4.000%, 5/1/39		959,623		972,443
4.000%, 6/1/39		2,917,588		2,956,566
4.500%, 6/1/39		1,941,533		2,013,961
4.000%, 7/1/39		1,963,217		1,989,444
4.500%, 7/1/39		5,741,891		5,956,091
5.000%, 7/1/39		4,769,213		5,049,963
4.500%, 8/1/39		2,918,123		3,038,837
5.000%, 9/1/39		1,972,725		2,089,162
4.000%, 11/1/39		207,755		210,530
4.500%, 1/1/40		2,485,705		2,579,598
4.500%, 2/1/40		3,451,968		3,580,203
5.500%, 3/1/40		971,891		1,043,075
4.000%, 4/1/40		1,287,092		1,304,286
4.000%, 7/15/25 TBA		1,750,000		1,816,582
6.000%, 5/15/40 TBA		2,000,000		2,171,124
6.000%, 7/15/40 TBA		2,000,000		2,170,469
Federal National Mortgage Association
1.000%, 11/23/11		390,000		392,425
5.000%, 2/16/12		730,000		780,813
1.750%, 8/10/12		1,200,000		1,223,392

See Notes to Financial Statements.

242

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
2.000%, 9/28/12	$	300,000	$	301,022
1.875%, 10/29/12		250,000		250,904
1.750%, 12/28/12		100,000		100,832
2.170%, 3/21/13		500,000		501,596
1.500%, 7/19/13		300,000		299,172
4.625%, 10/15/13		3,460,000		3,824,611
3.000%, 9/15/14		500,000		502,756
3.000%, 9/16/14		1,000,000		1,049,401
3.000%, 10/29/14		800,000		806,592
2.625%, 11/20/14		400,000		413,405
4.375%, 10/15/15		500,000		552,998
5.000%, 2/13/17		2,810,000		3,193,863
5.000%, 5/11/17		1,390,000		1,585,859
5.375%, 6/12/17		2,000,000		2,330,346
4.500%, 3/1/23		6,803,560		7,247,651
5.000%, 6/1/23		2,282,439		2,436,504
5.500%, 7/1/23		34,406		37,175
6.000%, 7/1/23		4,044,611		4,398,672
5.500%, 8/1/23		37,800		40,841
5.500%, 11/1/23		697,418		753,539
5.000%, 4/1/24		3,360,752		3,587,602
4.500%, 5/1/24		1,379,023		1,457,401
5.000%, 5/20/24		200,000		200,151
4.000%, 7/1/24		2,882,775		3,003,041
4.500%, 1/1/25		4,894,436		5,168,027
4.000%, 3/1/25		6,965,822		7,253,307
6.250%, 5/15/29		850,000		1,051,707
7.125%, 1/15/30		550,000		748,614
6.625%, 11/15/30		500,000		650,228
6.000%, 11/1/32		3,630,494		3,992,976
5.000%, 6/1/33		13,808,748		14,677,727
6.000%, 10/1/33		4,784,728		5,256,473
5.500%, 7/1/34		955,166		1,027,773
5.500%, 11/1/34		10,844,905		11,662,509
5.000%, 7/1/35		1,724,693		1,829,724
5.500%, 10/1/35		1,236,846		1,329,320
5.500%, 11/1/35		11,141,619		11,972,888
5.000%, 5/1/36		11,399,267		12,079,215
6.000%, 9/1/36		9,154,905		9,960,251
6.500%, 9/1/36		5,014,413		5,507,040
5.500%, 12/1/36		13,584,384		14,587,293
6.500%, 12/1/36		4,836,912		5,328,727
5.626%, 7/1/37(l)		4,738,340		4,984,625
6.000%, 7/1/37		4,108,352		4,469,117
5.541%, 8/1/37(l)		6,301,349		6,712,909
6.000%, 8/1/37		4,002,143		4,349,204
6.000%, 10/1/37		3,544,850		3,845,609
6.500%, 11/1/37		2,022,007		2,213,703
6.000%, 12/1/37		35,616		38,638
5.500%, 2/1/38		1,782,117		1,915,079
5.500%, 7/1/38		6,597,513		7,082,533
4.500%, 1/1/39		27,424		28,472
5.082%, 2/1/39(l)		7,447,144		7,933,540
4.500%, 3/1/39		3,499,790		3,633,630
4.500%, 4/1/39		7,034,292		7,302,554
4.500%, 5/1/39		2,863,306		2,975,042
4.000%, 6/1/39		2,420,632		2,454,861
4.000%, 7/1/39		164,700		167,029
4.500%, 7/1/39		6,831,515		7,095,969
4.000%, 8/1/39		3,159,828		3,204,510
5.000%, 8/1/39		1,947,398		2,062,949
4.000%, 9/1/39		4,492,231		4,555,753

	Principal Amount		Value (Note 1)
4.500%, 9/1/39	$	4,838,329	$	5,024,113
4.500%, 12/1/39		17,804,567		18,477,106
5.000%, 12/1/39		4,917,366		5,209,142
4.500%, 1/1/40		1,958,217		2,036,469
5.000%, 1/1/40		5,021,212		5,331,703
4.500%, 2/1/40		8,927,509		9,278,402
4.500%, 3/1/40		5,987,492		6,226,757
Government National Mortgage Association
6.500%, 5/15/31		6,086		6,813
6.500%, 9/15/36		8,019		8,851
6.500%, 10/15/37		1,581,455		1,738,551
6.500%, 8/15/38		235,691		259,107
6.000%, 9/15/38		2,702,079		2,946,533
6.500%, 9/15/38		282,957		310,711
6.000%, 10/15/38		4,205,558		4,586,030
6.500%, 10/15/38		628,849		693,598
6.000%, 11/15/38		302,737		330,125
5.500%, 12/15/38		2,537,157		2,743,797
6.000%, 12/15/38		620,932		677,585
5.500%, 1/15/39		2,109,039		2,280,810
6.000%, 1/15/39		772,506		842,449
6.000%, 2/15/39		42,490		46,334
4.500%, 4/15/39		1,219,450		1,272,943
4.000%, 6/15/39		123,474		125,755
4.500%, 6/15/39		5,836,560		6,092,594
5.000%, 6/15/39		3,819,830		4,078,141
4.000%, 7/15/39		863,696		879,654
5.500%, 7/15/39		283,687		306,792
5.000%, 8/15/39		4,898,435		5,233,862
4.500%, 9/15/39		1,906,025		1,989,637
5.000%, 9/15/39		5,126,776		5,473,233
5.500%, 10/15/39		8,147,908		8,811,517
4.500%, 12/15/39		1,479,982		1,545,367
6.000%, 12/15/39		1,952,898		2,130,185
4.500%, 1/15/40		3,966,833		4,140,847
5.000%, 1/15/40		4,957,386		5,296,851
4.500%, 2/15/40		6,538,814		6,827,697
5.000%, 2/15/40		4,979,681		5,320,672
5.000%, 4/15/40		1,497,851		1,599,014
4.000%, 5/15/40		32,507		33,108
4.500%, 5/15/40		2,496,372		2,607,129
4.000%, 6/15/40		717,493		730,750
5.500%, 7/15/40 TBA		3,000,000		3,241,407
				554,786,136
U.S. Treasuries (30.7%)
U.S. Treasury Bonds
11.250%, 2/15/15		3,930,000		5,609,769
9.250%, 2/15/16		840,000		1,163,991
7.250%, 5/15/16		2,780,000		3,570,996
8.750%, 5/15/17		1,680,000		2,364,338
9.125%, 5/15/18		840,000		1,239,262
8.875%, 2/15/19		1,200,000		1,768,500
8.125%, 8/15/19		1,980,000		2,820,882
3.625%, 2/15/20		10,900,000		11,516,526
8.750%, 8/15/20		2,880,000		4,317,751
7.875%, 2/15/21		840,000		1,202,381
8.125%, 8/15/21		840,000		1,228,762
8.000%, 11/15/21		2,000,000		2,908,750
7.125%, 2/15/23		840,000		1,163,006
6.250%, 8/15/23		1,000,000		1,296,250
6.000%, 2/15/26		1,000,000		1,288,594

See Notes to Financial Statements.

243

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
6.750%, 8/15/26	$	2,240,000	$	3,109,749
6.625%, 2/15/27		1,550,000		2,133,671
6.125%, 11/15/27		2,100,000		2,764,125
5.500%, 8/15/28		2,300,000		2,843,375
5.250%, 11/15/28		1,800,000		2,166,469
5.250%, 2/15/29		2,450,000		2,948,423
6.125%, 8/15/29		2,050,000		2,723,298
6.250%, 5/15/30		1,840,000		2,488,600
5.375%, 2/15/31		3,300,000		4,060,030
4.500%, 2/15/36		2,630,000		2,905,329
4.750%, 2/15/37		1,120,000		1,285,900
5.000%, 5/15/37		500,000		595,938
4.375%, 2/15/38		1,940,000		2,097,625
4.500%, 5/15/38		1,130,000		1,246,355
3.500%, 2/15/39		2,050,000		1,904,257
4.250%, 5/15/39		2,700,000		2,854,829
4.500%, 8/15/39		4,350,000		4,791,116
4.375%, 11/15/39		4,100,000		4,426,077
4.625%, 2/15/40		4,600,000		5,170,685
4.375%, 5/15/40		3,400,000		3,677,304
U.S. Treasury Notes
1.000%, 7/31/11		8,500,000		8,553,125
4.875%, 7/31/11		3,500,000		3,668,301
5.000%, 8/15/11		3,480,000		3,659,846
1.000%, 8/31/11		3,000,000		3,019,452
1.000%, 9/30/11		2,000,000		2,013,750
4.500%, 9/30/11		5,040,000		5,297,121
1.000%, 10/31/11		3,000,000		3,020,976
0.750%, 11/30/11		4,000,000		4,015,000
4.500%, 11/30/11		1,390,000		1,469,708
1.125%, 12/15/11		3,000,000		3,028,593
1.000%, 12/31/11		3,500,000		3,525,568
4.625%, 12/31/11		2,800,000		2,974,563
1.125%, 1/15/12		2,000,000		2,018,984
0.875%, 1/31/12		4,000,000		4,021,248
1.375%, 2/15/12		1,000,000		1,013,672
4.875%, 2/15/12		2,800,000		2,999,718
0.875%, 2/29/12		4,000,000		4,021,400
1.375%, 3/15/12		3,000,000		3,043,476
1.000%, 3/31/12		4,500,000		4,534,110
4.500%, 3/31/12		2,820,000		3,016,850
1.375%, 4/15/12		4,000,000		4,060,156
1.000%, 4/30/12		8,000,000		8,060,000
1.375%, 5/15/12		3,000,000		3,044,064
0.750%, 5/31/12		4,000,000		4,011,560
1.875%, 6/15/12		2,000,000		2,049,376
1.500%, 7/15/12		2,500,000		2,545,508
4.625%, 7/31/12		550,000		595,891
1.750%, 8/15/12		3,000,000		3,069,609
4.375%, 8/15/12		2,000,000		2,160,156
1.375%, 9/15/12		4,000,000		4,060,936
1.375%, 10/15/12		3,000,000		3,044,532
1.375%, 11/15/12		2,000,000		2,028,594
4.000%, 11/15/12		2,800,000		3,015,905
1.125%, 12/15/12		3,200,000		3,226,250
3.625%, 12/31/12		1,500,000		1,608,633
1.375%, 1/15/13		3,500,000		3,547,033
2.875%, 1/31/13		1,500,000		1,580,157
1.375%, 2/15/13		2,500,000		2,532,813
3.875%, 2/15/13		2,500,000		2,700,585

	Principal Amount		Value (Note 1)
2.750%, 2/28/13	$	3,480,000	$	3,655,086
1.375%, 3/15/13		3,000,000		3,038,910
1.750%, 4/15/13		4,000,000		4,090,920
1.375%, 5/15/13		3,000,000		3,036,570
3.500%, 5/31/13		1,680,000		1,805,343
3.375%, 7/31/13		2,520,000		2,701,914
3.125%, 8/31/13		3,000,000		3,193,125
3.125%, 9/30/13		3,650,000		3,886,111
2.750%, 10/31/13		2,520,000		2,652,103
2.000%, 11/30/13		5,050,000		5,184,138
1.500%, 12/31/13		2,940,000		2,964,808
1.750%, 1/31/14		8,090,000		8,220,200
4.000%, 2/15/14		2,000,000		2,192,968
1.875%, 2/28/14		3,500,000		3,566,717
1.750%, 3/31/14		3,000,000		3,041,484
1.875%, 4/30/14		3,000,000		3,054,141
4.750%, 5/15/14		19,000,000		21,434,375
2.250%, 5/31/14		2,000,000		2,063,594
2.625%, 6/30/14		2,000,000		2,090,782
2.625%, 7/31/14		2,700,000		2,821,289
4.250%, 8/15/14		2,230,000		2,478,609
2.375%, 8/31/14		4,800,000		4,962,374
2.375%, 9/30/14		4,000,000		4,131,564
2.375%, 10/31/14#		23,000,000		23,729,537
4.250%, 11/15/14		2,700,000		3,006,914
2.125%, 11/30/14		3,500,000		3,574,375
2.625%, 12/31/14#		10,600,000		11,040,557
2.250%, 1/31/15		5,500,000		5,637,071
4.000%, 2/15/15		2,410,000		2,659,850
2.375%, 2/28/15		4,300,000		4,431,709
2.500%, 3/31/15		3,500,000		3,626,875
2.500%, 4/30/15		4,000,000		4,142,188
4.125%, 5/15/15		2,000,000		2,222,032
2.125%, 5/31/15		51,100,000		51,978,409
4.250%, 8/15/15		2,790,000		3,119,786
4.500%, 11/15/15		1,000,000		1,135,312
4.500%, 2/15/16		2,000,000		2,263,594
2.625%, 2/29/16		1,000,000		1,028,828
2.375%, 3/31/16		1,000,000		1,014,766
2.625%, 4/30/16		1,500,000		1,541,250
5.125%, 5/15/16		1,500,000		1,750,430
3.250%, 5/31/16		3,000,000		3,186,564
3.250%, 6/30/16		1,500,000		1,590,820
3.250%, 7/31/16		1,000,000		1,060,078
4.875%, 8/15/16		1,380,000		1,597,350
3.000%, 8/31/16		3,000,000		3,130,782
3.000%, 9/30/16		1,000,000		1,042,734
3.125%, 10/31/16		2,400,000		2,517,562
2.750%, 11/30/16		2,500,000		2,563,085
3.250%, 12/31/16		1,500,000		1,581,093
3.125%, 1/31/17		2,000,000		2,091,718
4.625%, 2/15/17		1,380,000		1,576,542
3.000%, 2/28/17		2,300,000		2,387,687
3.250%, 3/31/17		2,400,000		2,529,000
3.125%, 4/30/17		16,900,000		17,665,773
2.750%, 5/31/17		3,000,000		3,063,282
4.750%, 8/15/17		2,370,000		2,740,128
4.250%, 11/15/17		2,790,000		3,134,172
3.500%, 2/15/18		3,180,000		3,399,369
3.875%, 5/15/18		2,200,000		2,404,532
4.000%, 8/15/18		2,670,000		2,936,792
3.750%, 11/15/18		5,110,000		5,506,025
2.750%, 2/15/19		3,800,000		3,785,750

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Principal Amount			Value (Note 1)
3.125%, 5/15/19	$	3,000,000		$	3,062,577
3.625%, 8/15/19#		49,000,000			51,813,678
3.375%, 11/15/19		11,700,000			12,117,725
3.500%, 5/15/20		16,300,000			17,058,928
					605,224,486
Total Government Securities					1,250,289,743
Total Long-Term Debt Securities (104.0%) (Cost $2,003,212,833)				$	2,053,242,037
SHORT-TERM INVESTMENTS:
Government Securities (0.4%)
U.S. Treasury Bills
0.00%, 7/1/10 (p)		900,000			900,000
0.09%, 7/15/10 (p)		1,900,000			1,899,926
0.13%, 7/22/10 #(p)		4,800,000			4,799,631
Total Government Securities					7,599,557
Time Deposit (1.7%)
JPMorgan Chase Nassau 0.000%, 7/1/10		34,097,594			34,097,594
Total Short-Term Investments (2.1%) (Cost/Amortized Cost $41,697,326)					41,697,151
Total Investments Before Options Written (106.1%) (Cost/Amortized Cost $2,044,910,159)					2,094,939,188
	Number of Contracts			Value (Note 1)
OPTIONS WRITTEN:
Call Option Written (0.0%)
10 Year U.S. Treasury Notes August 2010 @ $122.00*		(219	)	$	(362,719	)
					(362,719	)
Put Options Written (0.0%)
10 Year U.S. Treasury Notes September 2010 @ $114.00*		(219	)		(10,266	)
EURO-BOBL September 2010 @ $97.38*		(278	)		(1,737	)
					(12,003	)
Total Options Written (0.0%)
(Premiums Received $286,976)					(374,722	)
Total Investments after Options Written (106.1%)
(Cost/Amortized Cost $2,044,623,183)					2,094,564,466
Other Assets Less Liabilities (-6.1%)					(121,312,846	)
Net Assets (100%)				$	1,973,251,620

* Non-income producing.

† Securities (totaling $4,494,954 or 0.2% of net assets) at fair value by management.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2010, the market value of these securities amounted to $223,506,702 or 11.3% 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 $660,712.

(b) Illiquid Security.

(e) Step Bond—Coupon rate increases in increments to maturity. Rate disclosed is as of June 30, 2010. Maturity date disclosed is the ultimate maturity date.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of June 30, 2010.

(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:

AUD — Australian Dollar

DKK — Denmark Krone

EUR — European Currency Unit

PIK — Payment-in Kind Security

TBA — Security is subject to delayed delivery.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

At June 30, 2010, 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)
Brazilian Real vs. U.S. Dollar, expiring 8/3/10	Goldman Sachs & Co.	4,107	$	2,259,674	$	2,255,369	$	4,305
Chinese Renminbi vs. U.S. Dollar, expiring 11/17/10	HSBC Bank plc	6,877		1,017,651		1,033,000		(15,349	)
Chinese Renminbi vs. U.S. Dollar, expiring 4/7/11	HSBC Bank plc	18,522		2,760,979		2,800,000		(39,021	)
European Union Euro vs. U.S. Dollar, expiring 7/15/10	JPMorgan Chase Bank	250		305,724		340,525		(34,801	)
European Union Euro vs. U.S. Dollar, expiring 7/15/10	JPMorgan Chase Bank	1,010		1,235,122		1,377,640		(142,518	)
European Union Euro vs. U.S. Dollar, expiring 7/26/10	Royal Bank of Canada	3,489		4,266,803		4,365,437		(98,634	)
European Union Euro vs. U.S. Dollar, expiring 8/24/10	Citibank N.A.	3,783		4,627,000		4,670,265		(43,265	)
European Union Euro vs. U.S. Dollar, expiring 4/18/11	JPMorgan Chase Bank	1,477		1,809,038		1,880,812		(71,774	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Citibank N.A.	70,068		57,160		60,000		(2,840	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Citibank N.A.	140,112		114,300		120,000		(5,700	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Goldman Sachs & Co.	70,380		57,414		60,000		(2,586	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Citibank N.A.	139,428		113,742		120,000		(6,258	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Bank of America	226,687		184,926		191,986		(7,060	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Barclays Bank plc	117,820		96,115		100,000		(3,885	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Barclays Bank plc	117,640		95,968		100,000		(4,032	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Morgan Stanley & Co., Inc.	276,264		225,370		240,000		(14,630	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	JPMorgan Chase Bank	263,523		214,976		230,000		(15,024	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	JPMorgan Chase Bank	113,350		92,468		100,000		(7,532	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Citibank N.A.	69,540		56,729		60,000		(3,271	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Citibank N.A.	140,310		114,462		120,000		(5,538	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	JPMorgan Chase Bank	152,081		124,064		130,000		(5,936	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	Goldman Sachs & Co.	138,564		113,037		120,000		(6,963	)
Mexican Peso vs. U.S. Dollar, expiring 9/24/10	HSBC Bank plc	22,929		1,756,790		1,779,025		(22,235	)
Singapore Dollar vs. U.S. Dollar, expiring 9/16/10	Goldman Sachs & Co.	1,564		1,118,326		1,115,172		3,154
Singapore Dollar vs. U.S. Dollar, expiring 9/16/10	Barclays Bank plc	1,833		1,310,322		1,307,073		3,249
							$	(548,144	)
Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar vs. U.S. Dollar, expiring 7/30/10	JPMorgan Chase Bank	1,918	$	1,664,824	$	1,609,106	$	55,718
Brazilian Real vs. U.S. Dollar, expiring 8/3/10	Royal Bank of Canada	4,113		2,270,000		2,263,279		6,721
British Pound vs. U.S. Dollar, expiring 9/23/10	Bank of America	448		663,950		669,357		(5,407	)
Danish Krone vs. U.S. Dollar, expiring 1/4/11	Citibank N.A.	11,345		2,026,291		1,863,891		162,400
European Union Euro vs. U.S. Dollar, expiring 7/15/10	JPMorgan Chase Bank	595		804,441		727,622		76,819
European Union Euro vs. U.S. Dollar, expiring 7/15/10	JPMorgan Chase Bank	2,490		3,642,434		3,045,004		597,430
European Union Euro vs. U.S. Dollar, expiring 7/26/10	Credit Suisse First Boston	8,719		11,684,637		10,662,727		1,021,910
European Union Euro vs. U.S. Dollar, expiring 4/18/11	JPMorgan Chase Bank	2,005		2,730,208		2,455,735		274,473
European Union Euro vs. U.S. Dollar, expiring 4/18/11	JPMorgan Chase Bank	2,510		3,302,909		3,074,262		228,647
							$	2,418,711
							$	1,870,567

Options Written:

Options written through the period ended June 30, 2010 were as follows:

	Total Number of Contracts	Total Premiums Received
Options Outstanding—January 1, 2010	—	$	—
Options Written	716		286,976
Options Terminated in Closing Purchase Transactions	—		—
Options Expired	—		—
Options Exercised	—		—
Options Outstanding—June 30, 2010	716		286,976

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted Prices in Active Markets For Identical Securities			Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)			Level 3 Significant Unobservable Inputs (including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Asset-Backed and Mortgage-Backed Securities
Asset-Backed Securities	$	—		$	10,610,206		$	941,913	$	11,552,119
Non-Agency CMO		—			54,159,578			2,897,457		57,057,035
Convertible Bonds
Financials		—			2,374,560			—		2,374,560
Corporate Bonds
Consumer Discretionary		—			66,855,410			—		66,855,410
Consumer Staples		—			45,347,482			—		45,347,482
Energy		—			55,766,268			—		55,766,268
Financials		—			307,159,154			—		307,159,154
Health Care		—			44,792,601			1,664,333		46,456,934
Industrials		—			50,934,708			—		50,934,708
Information Technology		—			16,126,261			—		16,126,261
Materials		—			51,537,743			—		51,537,743
Telecommunication Services		—			52,864,219			—		52,864,219
Utilities		—			38,920,401			—		38,920,401
Forward Currency Contracts		—			2,434,826			—		2,434,826
Government Securities
Agency ABS		—			23,736,341			—		23,736,341
Foreign Governments		—			23,047,483			—		23,047,483
Municipal Bonds		—			23,464,402			—		23,464,402
Supranational		—			20,030,895			—		20,030,895
U.S. Government Agencies		—			554,786,136			—		554,786,136
U.S. Treasuries		—			605,224,486			—		605,224,486
Short-Term Investments		—			41,697,151			—		41,697,151
Total Assets	$	—		$	2,091,870,311		$	5,503,703	$	2,097,374,014
Liabilities:
Forward Currency Contracts	$	—		$	(564,259	)	$	—	$	(564,259	)
Options Written
Call Options Written		(362,719	)		—			—		(362,719	)
Put Options Written		(12,003	)		—			—		(12,003	)
Total Liabilities	$	(374,722	)	$	(564,259	)	$	—	$	(938,981	)
Total	$	(374,722	)	$	2,091,306,052		$	5,503,703	$	2,096,435,033

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

		Investments in Securities- Asset-Backed Securities			Investments in Securities- Consumer Discretionary
Balance as of 12/31/09	$	857,606		$	—
Total gains or losses (realized/unrealized) included in earnings		203,874			(90,000)
Purchases, sales, issuances, and settlements (net)		2,777,890			—
Transfers into Level 3		—			90,000
Transfers out of Level 3		—			—
Balance as of 6/30/10	$	3,839,370		$	—
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	203,874		$	(90,000	)
	Investments in Securities-Financials			Investments in Securities-Health Care
Balance as of 12/31/09	$	2,017,005		$	2,540,465
Total gains or losses (realized/unrealized) included in earnings		—			269,775
Purchases, sales, issuances, and settlements (net)		—			(1,145,907	)
Transfers into Level 3		—			—
Transfers out of Level 3		(2,017,005	)		—
Balance as of 6/30/10	$	—		$	1,664,333
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	—		$	40,593

Fair Values of Derivative Instruments as of June 30, 2010:

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		2,434,826
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	2,434,826
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	(374,722	)*
Foreign exchange contracts	Payables		(564,259	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(938,981	)

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:

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	$	695		$	224,631		$	—		$	—	$	225,326
Foreign exchange contracts		—			—			(228,570	)		—		(228,570	)
Credit contracts		—			—			—			—		—
Equity contracts		—			—			—			—		—
Commodity contracts		—			—			—			—		—
Other contracts		—			—			—			—		—
Total	$	695		$	224,631		$	(228,570	)	$	—	$	(3,244	)
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	$	(87,746	)	$	(164,987	)	$	—		$	—	$	(252,733	)
Foreign exchange contracts		—			—			1,818,858			—		1,818,858
Credit contracts		—			—			—			—		—
Equity contracts		—			—			—			—		—
Commodity contracts		—			—			—			—		—
Other contracts		—			—			—			—		—
Total	$	(87,746	)	$	(164,987	)	$	1,818,858		$	—	$	1,566,125

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $31,947,000, and futures and written options contracts with an average notional balance of approximately $54,352,000 and $202,000 during the six months ended June 30, 2010.

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

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,106,104,244
Long-term U.S. Treasury securities		2,373,961,986
	$	3,480,066,230
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	981,858,080
Long-term U.S. Treasury securities		2,150,598,378
	$	3,132,456,458
As of June 30, 2010, 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	$	74,972,014
Aggregate gross unrealized depreciation		(27,213,914	)
Net unrealized appreciation	$	47,758,100
Federal income tax cost of investments	$	2,047,181,088

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

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value (Cost $2,044,910,159)	$	2,094,939,188
Foreign cash (Cost $248,990)		243,433
Cash held as collateral for forward commitments		1,449,187
Dividends, interest and other receivables		19,007,919
Receivable for securities sold		7,788,020
Receivable for forward commitments.		4,350,066
Unrealized appreciation of forward foreign currency contracts		2,434,826
Receivable from Separate Accounts for Trust shares sold		986,821
Other assets		12,535
Total assets		2,131,211,995
LIABILITIES
Overdraft payable		4,351,120
Payable for securities purchased		135,285,681
Payable for forward commitments		11,563,786
Payable to Separate Accounts for Trust shares redeemed		2,916,457
Payable for return of cash collateral on forward commitments		1,449,187
Investment management fees payable.		842,030
Unrealized depreciation of forward foreign currency contracts		564,259
Options written, at value (Premiums received $286,976)		374,722
Administrative fees payable		252,320
Distribution fees payable - Class B		147,015
Trustees’ fees payable		27,565
Accrued expenses		186,233
Total liabilities		157,960,375
NET ASSETS	$	1,973,251,620
Net assets were comprised of:
Paid in capital	$	2,582,922,780
Accumulated undistributed net investment income (loss)		28,446,061
Accumulated undistributed net realized gains (losses) on investments, securities sold short, options written, futures and foreign currency transactions		(689,920,986	)
Net unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		51,803,765
Net assets	$	1,973,251,620
Class A
Net asset value, offering and redemption price per share, $1,253,601,036 / 318,796,893 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.93
Class B
Net asset value, offering and redemption price per share, $719,650,584 / 184,132,939 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.91

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Interest	$	36,476,412
Securities lending (net)		17,011
Total income		36,493,423
EXPENSES
Investment management fees		4,594,362
Administrative fees		1,377,690
Distribution fees - Class B		866,635
Printing and mailing expenses		99,900
Custodian fees		60,207
Professional fees		47,867
Trustees’ fees		13,833
Miscellaneous		41,586
Total expenses		7,102,080
NET INVESTMENT INCOME (LOSS)		29,391,343
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		10,646,333
Foreign currency transactions		(498,610	)
Futures		224,631
Options written		695
Securities sold short		(610,885	)
Net realized gain (loss)		9,762,164
Change in unrealized appreciation (depreciation) on:
Securities		47,747,952
Foreign currency translations		1,818,517
Options written		(87,746	)
Futures		(164,987	)
Securities sold short		(11,016	)
Net change in unrealized appreciation (depreciation)		49,302,720
NET REALIZED AND UNREALIZED GAIN (LOSS)		59,064,884
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	88,456,227

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	29,391,343		$	66,690,389
Net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		9,762,164			(462,182,558	)
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		49,302,720			528,286,837
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		88,456,227			132,794,668
DIVIDENDS:
Dividends from net investment income
Class A		—			(42,279,989	)
Class B		—			(29,211,024	)
TOTAL DIVIDENDS		—			(71,491,013	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 93,035,585 and 62,358,222 shares, respectively ]		356,632,611			234,042,050
Capital shares issued in reinvestment of dividends [ 0 and 11,212,588 shares, respectively ]		—			42,279,989
Capital shares repurchased [ (18,047,691) and (21,206,527) shares, respectively ]		(69,069,975	)		(79,405,950	)
Total Class A transactions		287,562,636			196,916,089
Class B
Capital shares sold [ 24,293,026 and 36,339,311 shares, respectively ]		92,502,950			135,369,829
Capital shares issued in reinvestment of dividends [ 0 and 7,784,037 shares, respectively ]		—			29,211,024
Capital shares repurchased [ (20,293,476) and (39,727,828) shares, respectively ]		(77,447,507	)		(146,381,949	)
Total Class B transactions		15,055,443			18,198,904
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		302,618,079			215,114,993
TOTAL INCREASE (DECREASE) IN NET ASSETS		391,074,306			276,418,648
NET ASSETS:
Beginning of period		1,582,177,314			1,305,758,666
End of period (a)	$	1,973,251,620		$	1,582,177,314
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	28,446,061		$	(945,282	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30,  2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	3.74		$	3.56		$	5.34		$	5.61		$	5.47		$	5.75
Income (loss) from investment operations:
Net investment income (loss)		0.07	(e)		0.18	(e)		0.44	(e)		0.45	(e)		0.42	(e)		0.41	(e)
Net realized and unrealized gain (loss) on investments, futures, options written and foreign currency transactions		0.12			0.18			(1.72	)		(0.27	)		0.14			(0.23	)
Total from investment operations		0.19			0.36			(1.28	)		0.18			0.56			0.18
Less distributions:
Dividends from net investment income		—			(0.18	)		(0.50	)		(0.45	)		(0.42	)		(0.46	)
Net asset value, end of period	$	3.93		$	3.74		$	3.56		$	5.34		$	5.61		$	5.47
Total return (b)		5.08	%		10.09	%		(23.39	)%		3.29	%		10.21	%		3.26	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,253,601		$	911,802		$	682,451		$	887,961		$	855,156		$	770,374
Ratio of expenses to average net assets (a)		0.71	%		0.74	%		0.76	%		0.76	%		0.76	%		0.76	%
Ratio of net investment income (loss) to average net assets (a)		3.45	%		4.72	%		8.81	%		7.78	%		7.45	%		7.08	%
Portfolio turnover rate		170	%		371	%		155	%		108	%		103	%		116	%
	Six Months Ended June 30,  2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	3.72		$	3.55		$	5.32		$	5.58		$	5.44		$	5.71
Income (loss) from investment operations:
Net investment income (loss)		0.06	(e)		0.17	(e)		0.42	(e)		0.43	(e)		0.41	(e)		0.39	(e)
Net realized and unrealized gain (loss) on investments, futures, options written and foreign currency transactions		0.13			0.17			(1.70	)		(0.25	)		0.13			(0.21	)
Total from investment operations		0.19			0.34			(1.28	)		0.18			0.54			0.18
Less distributions:
Dividends from net investment income		—			(0.17	)		(0.49	)		(0.44	)		(0.40	)		(0.45	)
Net asset value, end of period	$	3.91		$	3.72		$	3.55		$	5.32		$	5.58		$	5.44
Total return (b)		5.11	%		9.53	%		(23.55	)%		3.18	%		9.93	%		3.13	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	719,651		$	670,375		$	623,307		$	1,034,629		$	1,101,281		$	1,043,950
Ratio of expenses to average net assets (a)		0.96	%		0.99	%(c)		1.01	%		1.01	%		1.01	%		1.01	%
Ratio of net investment income (loss) to average net assets (a)		3.22	%		4.62	%		8.46	%		7.53	%		7.20	%		6.83	%
Portfolio turnover rate		170	%		371	%		155	%		108	%		103	%		116	%

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

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

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

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

See Notes to Financial Statements.

252

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO (Unaudited)

Sector Weightings as of 06/30/10	% of Net Assets
Information Technology	21.2	%
Health Care	16.6
Consumer Discretionary	14.4
Industrials	13.1
Energy	4.4
Financials	4.2
Materials	2.6
Consumer Staples	1.8
Telecommunication Services	0.9
Utilities	0.0	#
Cash and Other	20.8
	100.0	%
#   Less than 0.05%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class A
Actual	$1,000.00	$966.90	$5.17
Hypothetical (5% average return before expenses)	1,000.00	1,019.54	5.31
Class B
Actual	1,000.00	965.30	6.38
Hypothetical (5% average return before expenses)	1,000.00	1,018.30	6.56
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.06% and 1.31%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.4%)
Auto Components (0.7%)
American Axle & Manufacturing Holdings, Inc.*	303,912	$	2,227,675
Amerigon, Inc.*	7,800		57,564
Cooper Tire & Rubber Co.	22,126		431,457
Dana Holding Corp.*	46,988		469,880
Dorman Products, Inc.*	4,042		82,174
Drew Industries, Inc.*	2,532		51,146
Exide Technologies, Inc.*	6,616		34,403
Fuel Systems Solutions, Inc.*	4,874		126,480
Hawk Corp., Class A*	1,826		46,472
Shiloh Industries, Inc.*	848		7,174
Standard Motor Products, Inc.	1,557		12,565
Stoneridge, Inc.*	5,484		41,624
Superior Industries International, Inc.	2,140		28,762
Tenneco, Inc.*	21,653		456,012
			4,073,388
Automobiles (0.0%)
Winnebago Industries, Inc.*	10,436		103,734
Distributors (0.0%)
Core-Mark Holding Co., Inc.*	624		17,098
Diversified Consumer Services (2.4%)
American Public Education, Inc.*	6,708		293,140
Bridgepoint Education, Inc.*	99,191		1,568,210
Cambium Learning Group, Inc.*	5,295		19,062
Capella Education Co.*	6,118		497,699
Coinstar, Inc.*	131,843		5,665,294
Corinthian Colleges, Inc.*	31,944		314,648
CPI Corp.	1,898		42,553
Grand Canyon Education, Inc.*	58,372		1,367,656
K12, Inc.*	39,381		873,471
Learning Tree International, Inc.*	2,269		24,619
Lincoln Educational Services Corp.*	5,999		123,519
Matthews International Corp., Class A	10,998		322,021
Pre-Paid Legal Services, Inc.*	2,733		124,324
Princeton Review, Inc.*	6,100		14,152
Sotheby’s, Inc.	119,267		2,727,636
Steiner Leisure Ltd.*	5,438		209,037
Universal Technical Institute, Inc.*	7,656		180,988
			14,368,029
Hotels, Restaurants & Leisure (3.8%)
AFC Enterprises, Inc.*	7,567		68,860
Ambassadors Group, Inc.	7,019		79,245
Ameristar Casinos, Inc.	9,514		143,281
Bally Technologies, Inc.*	114,840		3,719,668
Biglari Holdings, Inc.*	52		14,919
BJ’s Restaurants, Inc.*	188,699		4,453,296
Buffalo Wild Wings, Inc.*	6,616		242,013
California Pizza Kitchen, Inc.*	7,081		107,277
Caribou Coffee Co., Inc.*	2,699		25,560
Carrols Restaurant Group, Inc.*	4,538		20,739
CEC Entertainment, Inc.*	7,997		281,974
Cheesecake Factory, Inc.*	21,953		488,674

	Number of Shares	Value (Note 1)
Choice Hotels International, Inc.	52,277	$	1,579,288
Churchill Downs, Inc.	703		23,058
CKE Restaurants, Inc.	20,100		251,853
Cracker Barrel Old Country Store, Inc.	8,060		375,274
Denny’s Corp.*	35,801		93,083
DineEquity, Inc.*	6,495		181,340
Domino’s Pizza, Inc.*	4,881		55,155
Einstein Noah Restaurant Group, Inc.*	2,054		22,163
Empire Resorts, Inc.*	9,232		15,048
Gaylord Entertainment Co.*	32,100		709,089
Great Wolf Resorts, Inc.*	122,710		255,237
Interval Leisure Group, Inc.*	14,200		176,790
Jack in the Box, Inc.*	18,550		360,797
Jamba, Inc.*	22,557		48,046
Krispy Kreme Doughnuts, Inc.*	21,210		71,478
Life Time Fitness, Inc.*	13,452		427,639
McCormick & Schmick’s Seafood Restaurants, Inc.*	2,280		17,009
Monarch Casino & Resort, Inc.*	845		8,560
Morgans Hotel Group Co.*	2,732		16,829
P.F. Chang’s China Bistro, Inc.	8,439		334,606
Papa John’s International, Inc.*	5,990		138,489
Peet’s Coffee & Tea, Inc.*	4,293		168,586
Pinnacle Entertainment, Inc.*	1,296		12,260
Ruth’s Hospitality Group, Inc.*	10,808		45,177
Scientific Games Corp., Class A*	190,462		1,752,250
Shuffle Master, Inc.*	493,116		3,949,859
Sonic Corp.*	79,177		613,622
Texas Roadhouse, Inc.*	20,899		263,745
WMS Industries, Inc.*	12,227		479,910
			22,091,746
Household Durables (0.6%)
American Greetings Corp., Class A	933		17,503
Blyth, Inc.	637		21,703
Cavco Industries, Inc.*	516		18,153
Ethan Allen Interiors, Inc.	3,083		43,131
iRobot Corp.*	7,663		143,988
Kid Brands, Inc.*	900		6,327
La-Z-Boy, Inc.*	2,096		15,573
National Presto Industries, Inc.	1,794		166,591
Sealy Corp.*	6,666		17,798
Universal Electronics, Inc.*	173,399		2,883,625
			3,334,392
Internet & Catalog Retail (0.5%)
Blue Nile, Inc.*	4,570		215,156
Drugstore.Com, Inc.*	33,540		103,303
HSN, Inc.*	14,063		337,512
NutriSystem, Inc.	11,384		261,149
Orbitz Worldwide, Inc.*	7,156		27,264
Overstock.com, Inc.*	5,300		95,771
PetMed Express, Inc.	8,361		148,826
Shutterfly, Inc.*	66,962		1,604,409
U.S. Auto Parts Network, Inc.*	4,802		28,812
Vitacost.com, Inc.*	5,224		46,964
			2,869,166

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Leisure Equipment & Products (0.6%)
Brunswick Corp.	32,164	$	399,799
Eastman Kodak Co.*	97,539		423,319
Leapfrog Enterprises, Inc.*	10,259		41,241
Marine Products Corp.*	3,670		20,772
Polaris Industries, Inc.	34,017		1,858,009
Pool Corp.	18,041		395,459
RC2 Corp.*	685		11,035
Smith & Wesson Holding Corp.*	20,677		84,569
Sport Supply Group, Inc.	400		5,384
Sturm Ruger & Co., Inc.	7,007		100,410
Summer Infant, Inc.*	4,218		27,628
			3,367,625
Media (0.9%)
Arbitron, Inc.	9,661		247,611
Ballantyne Strong, Inc.*	5,224		37,822
Beasley Broadcasting Group, Inc., Class A*	1,420		6,915
Belo Corp., Class A*	33,181		188,800
Carmike Cinemas, Inc.*	1,995		12,090
CKX, Inc.*	3,305		16,492
Dex One Corp.*	1,071		20,349
Entercom Communications Corp., Class A*	7,200		63,504
Entravision Communications Corp., Class A*	17,965		37,906
Global Sources Ltd.*	7,837		61,442
Harte-Hanks, Inc.	14,131		147,669
Journal Communications, Inc., Class A*	2,123		8,428
Knology, Inc.*	10,236		111,879
Lee Enterprises, Inc.*	16,382		42,102
Lions Gate Entertainment Corp.*	17,700		123,546
Live Nation Entertainment, Inc.*	100,848		1,053,862
LodgeNet Interactive Corp.*	81,350		301,808
Martha Stewart Living Omnimedia, Inc., Class A*	9,681		47,631
McClatchy Co., Class A*	21,669		78,875
Media General, Inc., Class A*	1,760		17,178
National CineMedia, Inc.	88,467		1,473,860
Playboy Enterprises, Inc., Class B*	5,557		23,339
RCN Corp.*	12,858		190,427
ReachLocal, Inc.*	23,300		302,201
Rentrak Corp.*	3,465		84,303
Sinclair Broadcast Group, Inc., Class A*	1,316		7,672
SuperMedia, Inc.*	4,627		84,628
Valassis Communications, Inc.*	18,078		573,434
Value Line, Inc.	550		9,977
Warner Music Group Corp.*	4,810		23,377
Westwood One, Inc.*	1,926		19,010
World Wrestling Entertainment, Inc., Class A	8,028		124,916
			5,543,053
Multiline Retail (0.0%)
99 Cents Only Stores*	14,242		210,782
Bon-Ton Stores, Inc.*	1,501		14,635
Retail Ventures, Inc.*	8,347		65,273
			290,690

	Number of Shares	Value (Note 1)
Specialty Retail (3.6%)
America’s Car-Mart, Inc.*	1,824	$	41,277
AnnTaylor Stores Corp.*	21,368		347,657
Asbury Automotive Group, Inc.*	10,438		110,016
bebe Stores, Inc.	2,270		14,528
Big 5 Sporting Goods Corp.	7,397		97,197
Brown Shoe Co., Inc.	10,748		163,155
Buckle, Inc.	9,009		292,072
Casual Male Retail Group, Inc.*	13,458		46,026
Cato Corp., Class A	10,180		224,164
Chico’s FAS, Inc.	176,194		1,740,797
Children’s Place Retail Stores, Inc.*	9,000		396,180
Christopher & Banks Corp.	7,395		45,775
Citi Trends, Inc.*	5,402		177,942
Coldwater Creek, Inc.*	21,814		73,295
Collective Brands, Inc.*	16,087		254,175
Destination Maternity Corp.*	1,700		43,010
Dress Barn, Inc.*	20,266		482,533
DSW, Inc., Class A*	5,171		116,141
Express, Inc.*	5,815		95,192
Finish Line, Inc., Class A	5,487		76,434
Genesco, Inc.*	221,084		5,816,720
Group 1 Automotive, Inc.*	1,955		46,001
Gymboree Corp.*	10,757		459,431
Haverty Furniture Cos., Inc.	806		9,906
hhgregg, Inc.*	4,752		110,817
Hibbett Sports, Inc.*	10,429		249,879
HOT Topic, Inc.	6,892		35,011
Jo-Ann Stores, Inc.*	9,913		371,837
JoS. A. Bank Clothiers, Inc.*	6,665		359,843
Kirkland’s, Inc.*	6,048		102,060
Lumber Liquidators Holdings, Inc.*	8,072		188,320
Midas, Inc.*	5,002		38,365
Monro Muffler Brake, Inc.	7,225		285,604
OfficeMax, Inc.*	11,081		144,718
Penske Automotive Group, Inc.*	5,997		68,126
Pier 1 Imports, Inc.*	154,181		988,300
Rue21, Inc.*	5,341		162,046
Sally Beauty Holdings, Inc.*	30,738		252,052
Select Comfort Corp.*	16,865		147,569
Shoe Carnival, Inc.*	629		12,901
Sonic Automotive, Inc., Class A*	2,238		19,157
Stein Mart, Inc.*	3,965		24,702
Systemax, Inc.	3,277		49,384
Talbots, Inc.*	84,647		872,711
Ulta Salon Cosmetics & Fragrance, Inc.*	11,362		268,825
Vitamin Shoppe, Inc.*	185,371		4,754,766
Wet Seal, Inc., Class A*	27,053		98,743
Winmark Corp.	884		29,587
Zumiez, Inc.*	7,200		115,992
			20,920,939
Textiles, Apparel & Luxury Goods (1.3%)
Carter’s, Inc.*	21,537		565,346
Cherokee, Inc.	3,000		51,300
Crocs, Inc.*	64,335		680,664
Culp, Inc.*	3,244		35,554
Deckers Outdoor Corp.*	4,679		668,489
G-III Apparel Group Ltd.*	5,599		128,161

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Joe’s Jeans, Inc.*	15,312	$	30,318
Kenneth Cole Productions, Inc., Class A*	972		10,702
K-Swiss, Inc., Class A*	4,799		53,893
LaCrosse Footwear, Inc.	1,773		29,857
Liz Claiborne, Inc.*	34,266		144,603
Maidenform Brands, Inc.*	8,295		168,886
Oxford Industries, Inc.	5,053		105,759
R.G. Barry Corp.	3,110		34,303
Skechers U.S.A., Inc., Class A*	12,555		458,509
Steven Madden Ltd.*	80,093		2,524,531
Timberland Co., Class A*	10,516		169,834
True Religion Apparel, Inc.*	9,200		203,044
Under Armour, Inc., Class A*	12,749		422,374
Volcom, Inc.*	6,979		129,600
Warnaco Group, Inc.*	16,091		581,529
Weyco Group, Inc.	1,323		30,138
Wolverine World Wide, Inc.	17,990		453,708
			7,681,102
Total Consumer Discretionary			84,660,962
Consumer Staples (1.8%)
Beverages (0.1%)
Boston Beer Co., Inc., Class A*	3,253		219,415
Coca-Cola Bottling Co. Consolidated	1,572		75,330
Heckmann Corp.*	32,558		151,069
MGP Ingredients, Inc.*	1,002		6,643
National Beverage Corp.	4,116		50,545
			503,002
Food & Staples Retailing (0.2%)
Arden Group, Inc., Class A	500		43,935
Casey’s General Stores, Inc.	7,193		251,036
Great Atlantic & Pacific Tea Co., Inc.*	3,494		13,627
Pantry, Inc.*	774		10,921
Pricesmart, Inc.	5,848		135,849
Rite Aid Corp.*	14,573		14,281
Ruddick Corp.	8,446		261,742
United Natural Foods, Inc.*	15,707		469,325
Village Super Market, Inc., Class A	1,375		36,094
			1,236,810
Food Products (0.4%)
Alico, Inc.	531		12,202
American Italian Pasta Co., Class A*	1,821		96,276
B&G Foods, Inc., Class A	9,907		106,798
Bridgford Foods Corp.	711		9,954
Calavo Growers, Inc.	4,074		73,169
Cal-Maine Foods, Inc.	4,683		149,528
Darling International, Inc.*	22,232		166,962
Diamond Foods, Inc.	7,935		326,129
J&J Snack Foods Corp.	4,923		207,258
Lancaster Colony Corp.	7,101		378,909
Lance, Inc.	9,487		156,441
Lifeway Foods, Inc.*	1,881		18,321
Pilgrim’s Pride Corp.*	8,306		54,571
Sanderson Farms, Inc.	7,364		373,649
Smart Balance, Inc.*	10,722		43,853
Synutra International, Inc.*	6,531		105,606

	Number of Shares	Value (Note 1)
Tootsie Roll Industries, Inc.	7,956	$	188,160
			2,467,786
Household Products (0.1%)
Cellu Tissue Holdings, Inc.*	2,297		17,848
Oil-Dri Corp. of America	723		16,593
WD-40 Co.	6,000		200,400
			234,841
Personal Products (1.0%)
Female Health Co.	6,628		34,399
Herbalife Ltd.	45,308		2,086,433
Inter Parfums, Inc.	5,358		76,244
Medifast, Inc.*	4,911		127,244
Nature’s Sunshine Products, Inc.*	2,897		24,248
NBTY, Inc.*	84,053		2,858,643
Nu Skin Enterprises, Inc., Class A	17,986		448,391
Revlon, Inc., Class A*	1,894		21,137
Schiff Nutrition International, Inc.	1,394		9,925
USANA Health Sciences, Inc.*	2,222		81,170
			5,767,834
Tobacco (0.0%)
Star Scientific, Inc.*	32,100		52,644
Vector Group Ltd.	10,504		176,677
			229,321
Total Consumer Staples			10,439,594
Energy (4.4%)
Energy Equipment & Services (2.3%)
Boots & Coots, Inc.*	27,126		80,022
CARBO Ceramics, Inc.	6,936		500,710
Dril-Quip, Inc.*	12,321		542,370
ION Geophysical Corp.*	46,090		160,393
Key Energy Services, Inc.*	2,607		23,932
Lufkin Industries, Inc.	165,421		6,449,765
Matrix Service Co.*	1,525		14,198
Newpark Resources, Inc.* .	2,197		13,292
OYO Geospace Corp.*	81,968		3,973,809
RPC, Inc.	10,460		142,779
TETRA Technologies, Inc.*	2,918		26,495
Unit Corp.*	31,028		1,259,426
			13,187,191
Oil, Gas & Consumable Fuels (2.1%)
American Oil & Gas, Inc.*	18,339		115,169
Apco Oil and Gas International, Inc.	3,300		77,583
Arena Resources, Inc.*	14,356		457,956
BPZ Resources, Inc.*	8,412		34,910
Brigham Exploration Co.*	240,197		3,694,230
Callon Petroleum Co.*	10,401		65,526
CAMAC Energy, Inc.*	17,237		64,294
Carrizo Oil & Gas, Inc.*	54,028		839,055
Cheniere Energy, Inc.*	7,486		21,111
Clayton Williams Energy, Inc.*	1,931		81,334
Clean Energy Fuels Corp.*	14,694		219,528
Cloud Peak Energy, Inc.*	2,282		30,259
Contango Oil & Gas Co.*	2,873		128,567
Endeavour International Corp.*	48,500		51,410
Energy XXI Bermuda Ltd.*	18,427		290,778

See Notes to Financial Statements.

256

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Evolution Petroleum Corp.*	5,609	$	28,101
FX Energy, Inc.*	14,900		53,938
Golar LNG Ltd.	987		9,742
Gulfport Energy Corp.*	9,852		116,845
Hallador Energy Co.*	1,347		12,056
Houston American Energy Corp.	6,576		64,839
Isramco, Inc.*	432		20,382
James River Coal Co.*	8,134		129,493
Kodiak Oil & Gas Corp.*	41,183		131,374
L&L Energy, Inc.*	6,036		51,910
Magnum Hunter Resources Corp.*	17,731		77,307
McMoRan Exploration Co.*	30,223		335,778
Northern Oil and Gas, Inc.*	16,067		206,300
Oasis Petroleum, Inc.*	168,039		2,436,565
Panhandle Oil and Gas, Inc., Class A	2,676		70,727
PetroQuest Energy, Inc.*	4,657		31,481
RAM Energy Resources, Inc.*	18,719		38,748
Rentech, Inc.*	79,931		79,132
Resolute Energy Corp.*	1,332		16,304
Rex Energy Corp.*	1,971		19,907
Rosetta Resources, Inc.*	11,772		233,203
Scorpio Tankers, Inc.*	4,064		46,533
Stone Energy Corp.*	1,123		12,533
Swift Energy Co.*	31,400		844,974
Syntroleum Corp.*	25,240		41,394
TransAtlantic Petroleum Ltd.*	53,532		169,696
Uranium Energy Corp.*	22,167		52,314
VAALCO Energy, Inc.*	2,365		13,244
Venoco, Inc.*	32,228		530,795
W&T Offshore, Inc.	846		8,003
Warren Resources, Inc.*	4,239		12,293
World Fuel Services Corp.	12,180		315,949
			12,383,570
Total Energy			25,570,761
Financials (4.2%)
Capital Markets (0.9%)
Artio Global Investors, Inc.	9,133		143,753
BGC Partners, Inc., Class A	20,781		106,191
Cohen & Steers, Inc.	5,010		103,907
Diamond Hill Investment Group, Inc.	795		45,069
Duff & Phelps Corp., Class A	117,998		1,490,315
Epoch Holding Corp.	4,445		54,540
Evercore Partners, Inc., Class A	5,347		124,852
Financial Engines, Inc.*	4,864		66,150
GAMCO Investors, Inc., Class A	1,400		52,080
GFI Group, Inc.	13,863		77,356
Gleacher & Co., Inc.*	88,933		226,779
HFF, Inc., Class A*	4,654		32,904
KBW, Inc.*	8,667		185,820
Ladenburg Thalmann Financial Services, Inc.*	32,730		40,913
MF Global Holdings Ltd.*	55,450		316,620
optionsXpress Holdings, Inc.*	86,882		1,367,523
Pzena Investment Management, Inc., Class A	2,678		17,059
Rodman & Renshaw Capital Group, Inc.*	5,565		15,916
Stifel Financial Corp.*	10,570		458,632

	Number of Shares	Value (Note 1)
Teton Advisors, Inc., Class B*†	28	$	239
Thomas Weisel Partners Group, Inc.*	4,340		25,563
TradeStation Group, Inc.*	3,669		24,766
Virtus Investment Partners, Inc.*	1,678		31,412
Westwood Holdings Group, Inc.	1,986		69,808
			5,078,167
Commercial Banks (0.6%)
Arrow Financial Corp.	488		11,273
Bank of the Ozarks, Inc.	716		25,397
Bridge Bancorp, Inc.	1,139		27,655
First Commonwealth Financial Corp.	215,037		1,128,944
First Financial Bankshares, Inc.	3,533		169,902
Investors Bancorp, Inc.*	2,379		31,212
Signature Bank/New York*	14,907		566,615
Suffolk Bancorp	1,200		37,128
SY Bancorp, Inc.	988		22,704
UMB Financial Corp.	34,830		1,238,555
Westamerica Bancorp	4,865		255,510
			3,514,895
Consumer Finance (1.3%)
Advance America Cash Advance Centers, Inc.	2,818		11,638
Cardtronics, Inc.*	54,700		708,912
Cash America International, Inc.	140,025		4,798,657
Credit Acceptance Corp.*	2,349		114,561
Dollar Financial Corp.*	67,454		1,334,915
EZCORP, Inc., Class A*	15,659		290,474
First Cash Financial Services, Inc.*	11,124		242,503
Nelnet, Inc., Class A	894		17,236
World Acceptance Corp.*	3,006		115,160
			7,634,056
Diversified Financial Services (0.1%)
Compass Diversified Holdings	1,452		19,471
Encore Capital Group, Inc.*	3,568		73,537
Life Partners Holdings, Inc.	2,608		53,360
MarketAxess Holdings, Inc.	9,935		137,004
Portfolio Recovery Associates, Inc.*	6,207		414,503
			697,875
Insurance (0.3%)
CNO Financial Group, Inc.*	6,482		32,086
Crawford & Co., Class B*	8,733		27,596
eHealth, Inc.*	8,749		99,476
First American Financial Corp.	2,720		34,490
Tower Group, Inc.	60,360		1,299,551
			1,493,199
Real Estate Investment Trusts (REITs) (0.8%)
Acadia Realty Trust (REIT)	2,900		48,778
Alexander’s, Inc. (REIT)	467		141,464
Associated Estates Realty Corp. (REIT)	6,457		83,618
DuPont Fabros Technology, Inc. (REIT)	5,476		134,491
EastGroup Properties, Inc. (REIT)	4,436		157,833

See Notes to Financial Statements.

257

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Equity Lifestyle Properties, Inc. (REIT)	6,149	$	296,566
Equity One, Inc. (REIT)	1,865		29,094
FelCor Lodging Trust, Inc. (REIT)*	11,377		56,771
Getty Realty Corp. (REIT)	3,719		83,343
Home Properties, Inc. (REIT)	4,722		212,820
LTC Properties, Inc. (REIT)	1,739		42,205
Mid-America Apartment Communities, Inc. (REIT)	6,751		347,474
National Health Investors, Inc. (REIT)	3,873		149,343
Omega Healthcare Investors, Inc. (REIT)	6,675		133,033
Potlatch Corp. (REIT)	7,569		270,440
PS Business Parks, Inc. (REIT)	1,292		72,068
Redwood Trust, Inc. (REIT)	122,063		1,787,002
Saul Centers, Inc. (REIT)	1,519		61,717
Strategic Hotels & Resorts, Inc. (REIT)*	12,536		55,033
Tanger Factory Outlet Centers (REIT)	8,410		348,006
Universal Health Realty Income Trust (REIT)	2,413		77,530
Washington Real Estate Investment Trust (REIT)	5,573		153,759
			4,742,388
Real Estate Management & Development (0.0%)
Kennedy-Wilson Holdings, Inc.*	7,194		72,659
Tejon Ranch Co.*	1,644		37,944
			110,603
Thrifts & Mortgage Finance (0.2%)
MGIC Investment Corp.*	166,576		1,147,708
Oritani Financial Corp.	3,900		39,000
TrustCo Bank Corp. NY/New York	2,440		13,664
ViewPoint Financial Group	1,501		20,789
			1,221,161
Total Financials			24,492,344
Health Care (16.6%)
Biotechnology (3.1%)
Acorda Therapeutics, Inc.*	39,357		1,224,396
Affymax, Inc.*	7,200		43,056
Alkermes, Inc.*	9,463		117,814
Allos Therapeutics, Inc.*	28,518		174,815
Alnylam Pharmaceuticals, Inc.*	13,212		198,444
AMAG Pharmaceuticals, Inc.*	7,633		262,194
Anthera Pharmaceuticals, Inc.*	2,273		12,183
Arena Pharmaceuticals, Inc.*	36,785		112,930
ARIAD Pharmaceuticals, Inc.*	40,082		113,031
ArQule, Inc.*	14,977		64,401
Array BioPharma, Inc.*	19,187		58,520
AspenBio Pharma, Inc.*	13,545		13,274
AVEO Pharmaceuticals, Inc.*	3,323		23,494
AVI BioPharma, Inc.*	40,009		64,414
BioCryst Pharmaceuticals, Inc.*	10,439		61,694
BioMarin Pharmaceutical, Inc.*	98,328		1,864,299
BioSante Pharmaceuticals, Inc.*	23,227		40,880

	Number of Shares	Value (Note 1)
Biospecifics Technologies Corp.*	1,462	$	29,065
Biotime, Inc.*	7,737		47,660
Celera Corp.*	2,316		15,170
Celldex Therapeutics, Inc.*	10,800		49,248
Cepheid, Inc.*	21,555		345,311
Chelsea Therapeutics International, Inc.*	11,393		33,381
Clinical Data, Inc.*	3,821		47,533
Codexis, Inc.*	2,230		19,535
Combinatorx, Inc.*	24,149		35,016
Cubist Pharmaceuticals, Inc.*	21,130		435,278
Curis, Inc.*	27,400		38,086
Cytokinetics, Inc.*	15,300		36,261
Cytori Therapeutics, Inc.*	14,818		51,567
CytRx Corp.*	43,258		33,309
Dyax Corp.*	33,900		76,953
Dynavax Technologies Corp.*	25,921		48,213
Emergent Biosolutions, Inc.*	6,484		105,949
Enzon Pharmaceuticals, Inc.*	11,073		117,927
Exact Sciences Corp.*	12,952		56,989
Exelixis, Inc.*	20,896		72,509
Genomic Health, Inc.*	5,078		65,659
Geron Corp.*	35,580		178,612
Halozyme Therapeutics, Inc.*	83,786		589,853
Idenix Pharmaceuticals, Inc.*	12,821		64,105
Immunogen, Inc.*	24,550		227,578
Immunomedics, Inc.*	23,674		73,153
Incyte Corp.*	31,873		352,834
Infinity Pharmaceuticals, Inc.*	3,911		23,114
Inhibitex, Inc.*	17,856		45,533
Inovio Pharmaceuticals, Inc.*	19,444		19,833
InterMune, Inc.*	16,432		153,639
Ironwood Pharmaceuticals, Inc.*	6,800		81,056
Isis Pharmaceuticals, Inc.*	34,082		326,165
Keryx Biopharmaceuticals, Inc.*	18,423		67,428
Lexicon Pharmaceuticals, Inc.*	23,966		30,676
Ligand Pharmaceuticals, Inc., Class B*	44,344		64,742
MannKind Corp.*	22,200		141,858
Medivation, Inc.*	12,301		108,741
Metabolix, Inc.*	9,714		139,007
Micromet, Inc.*	29,298		182,820
Momenta Pharmaceuticals, Inc.*	14,569		178,616
Nabi Biopharmaceuticals*	16,217		88,220
Nanosphere, Inc.*	6,242		27,215
Neuralstem, Inc.*	15,443		38,607
Neurocrine Biosciences, Inc.*	17,680		99,008
NeurogesX, Inc.*	3,500		23,205
Novavax, Inc.*	31,000		67,270
NPS Pharmaceuticals, Inc.*	21,270		136,979
Nymox Pharmaceutical Corp.*	5,929		18,498
Omeros Corp.*	6,910		51,272
Onyx Pharmaceuticals, Inc.*	134,142		2,896,126
Opko Health, Inc.*	32,237		72,856
Orexigen Therapeutics, Inc.*	11,251		47,254
Osiris Therapeutics, Inc.*	6,026		35,011
PDL BioPharma, Inc.	42,824		240,671
Peregrine Pharmaceuticals, Inc.*	18,624		40,042
Pharmacyclics, Inc.*	13,768		91,695
Pharmasset, Inc.*	10,681		292,019
Progenics Pharmaceuticals, Inc.*	6,800		37,264

See Notes to Financial Statements.

258

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Regeneron Pharmaceuticals, Inc.*	56,109	$	1,252,353
Rigel Pharmaceuticals, Inc.*	18,929		136,289
Sangamo BioSciences, Inc.*	16,400		60,844
Savient Pharmaceuticals, Inc.*	24,470		308,322
Sciclone Pharmaceuticals, Inc.*	12,700		33,782
Seattle Genetics, Inc.*	90,888		1,089,747
SIGA Technologies, Inc.*	11,501		88,558
Spectrum Pharmaceuticals, Inc.*	18,027		70,666
StemCells, Inc.*	43,503		40,893
Synta Pharmaceuticals Corp.*	7,923		21,392
Targacept, Inc.*	8,649		167,185
Theravance, Inc.*	22,619		284,321
Transcept Pharmaceuticals, Inc.*	1,482		12,345
Vanda Pharmaceuticals, Inc.*	83,652		552,940
Vical, Inc.*	20,200		62,620
ZIOPHARM Oncology, Inc.*	17,861		56,798
ZymoGenetics, Inc.*	19,078		80,509
			17,882,597
Health Care Equipment & Supplies (4.9%)
Abaxis, Inc.*	8,032		172,126
ABIOMED, Inc.*	11,500		111,320
Accuray, Inc.*	18,543		122,940
AGA Medical Holdings, Inc.*	4,889		62,041
Align Technology, Inc.*	71,394		1,061,629
Alimera Sciences, Inc.*	2,417		17,982
Alphatec Holdings, Inc.*	14,334		66,510
American Medical Systems Holdings, Inc.*	240,568		5,321,364
Analogic Corp.	3,362		153,005
Antares Pharma, Inc.*	26,076		45,894
ArthroCare Corp.*	9,795		300,217
Atrion Corp.	615		83,056
ATS Medical, Inc.*	18,817		74,703
Cerus Corp.*	14,899		47,081
Conceptus, Inc.*	11,294		175,961
Cutera, Inc.*	94,971		874,683
Cyberonics, Inc.*	10,078		238,647
Delcath Systems, Inc.*	13,552		85,920
DexCom, Inc.*	20,857		241,107
DynaVox, Inc., Class A*	444		7,108
Endologix, Inc.*	17,900		81,087
ev3, Inc.*	30,184		676,423
Exactech, Inc.*	2,090		35,697
Greatbatch, Inc.*	31,495		702,653
Haemonetics Corp.*	9,128		488,531
Hansen Medical, Inc.*	15,428		32,862
HealthTronics, Inc.*	13,046		63,012
HeartWare International, Inc.*	3,416		239,359
ICU Medical, Inc.*	1,029		33,103
Immucor, Inc.*	25,339		482,708
Insulet Corp.*	13,600		204,680
Integra LifeSciences Holdings Corp.*	7,620		281,940
Invacare Corp.	638		13,232
IRIS International, Inc.*	5,931		60,140
Kensey Nash Corp.*	2,934		69,565
MAKO Surgical Corp.*	9,369		116,644
Masimo Corp.	19,035		453,223
MELA Sciences, Inc.*	8,389		62,414
Meridian Bioscience, Inc.	14,812		251,804
Merit Medical Systems, Inc.*	9,290		149,290

	Number of Shares	Value (Note 1)
Micrus Endovascular Corp.*	5,881	$	122,266
Natus Medical, Inc.*	10,361		168,781
Neogen Corp.*	8,277		215,616
NuVasive, Inc.*	40,052		1,420,244
NxStage Medical, Inc.*	8,395		124,582
OraSure Technologies, Inc.*	16,100		74,543
Orthofix International N.V.*	6,398		205,056
Orthovita, Inc.*	24,127		48,978
Palomar Medical Technologies, Inc.*	3,889		43,518
Quidel Corp.*	7,835		99,426
Rochester Medical Corp.*	3,476		32,848
SenoRx, Inc.*	6,113		67,121
Sirona Dental Systems, Inc.*	12,125		422,435
Solta Medical, Inc.*	6,398		12,156
Somanetics Corp.*	4,353		108,607
SonoSite, Inc.*	43,365		1,175,625
Spectranetics Corp.*	115,841		600,056
STAAR Surgical Co.*	12,772		73,056
Stereotaxis, Inc.*	10,377		34,348
STERIS Corp.	20,551		638,725
SurModics, Inc.*	3,666		60,159
Syneron Medical Ltd.*	3,106		31,930
Synovis Life Technologies, Inc.*	4,120		62,954
Thoratec Corp.*	169,457		7,240,898
TomoTherapy, Inc.*	6,336		20,148
Unilife Corp.*	17,546		102,118
Vascular Solutions, Inc.*	6,135		76,687
Volcano Corp.*	53,281		1,162,591
West Pharmaceutical Services, Inc.	12,081		440,836
Wright Medical Group, Inc.*	8,870		147,331
Young Innovations, Inc.	740		20,831
Zoll Medical Corp.*	7,790		211,109
			29,027,240
Health Care Providers & Services (3.4%)
Air Methods Corp.*	4,046		120,368
Alliance HealthCare Services, Inc.*	9,780		39,511
Almost Family, Inc.*	2,973		103,847
Amedisys, Inc.*	64,605		2,840,682
America Service Group, Inc.	3,286		56,519
AMERIGROUP Corp.*	35,510		1,153,365
AMN Healthcare Services, Inc.*	5,414		40,497
Bio-Reference Labs, Inc.*	8,697		192,812
BioScrip, Inc.*	10,374		54,360
Brookdale Senior Living, Inc.*	34,500		517,500
CardioNet, Inc.*	2,244		12,297
Catalyst Health Solutions, Inc.*	13,767		474,961
Centene Corp.*	148,153		3,185,290
Chemed Corp.	8,285		452,692
Chindex International, Inc.*	2,120		26,564
Clarient, Inc.*	19,984		61,551
Continucare Corp.*	8,200		27,470
Corvel Corp.*	2,634		89,003
Emeritus Corp.*	7,205		117,514
Ensign Group, Inc.	4,948		81,741
Genoptix, Inc.*	88,824		1,527,773
Gentiva Health Services, Inc.*	3,334		90,051
Hanger Orthopedic Group, Inc.*	4,806		86,316
Health Grades, Inc.*	9,336		56,016
HealthSouth Corp.*	32,325		604,801
HMS Holdings Corp.*	9,905		537,049

See Notes to Financial Statements.

259

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
inVentiv Health, Inc.*	12,324	$	315,494
IPC The Hospitalist Co., Inc.*	5,907		148,266
Landauer, Inc.	3,459		210,584
LCA-Vision, Inc.*	6,725		37,256
LHC Group, Inc.*	5,666		157,231
Lincare Holdings, Inc.*	121,110		3,937,286
Metropolitan Health Networks, Inc.*	14,419		53,783
Molina Healthcare, Inc.*	2,787		80,266
MWI Veterinary Supply, Inc.*	4,492		225,768
National Research Corp.	757		18,251
Odyssey HealthCare, Inc.*	11,509		307,520
Owens & Minor, Inc.	18,134		514,643
PDI, Inc.*	2,728		22,588
PharMerica Corp.*	4,274		62,657
Prospect Medical Holdings, Inc.*	1,812		10,963
Providence Service Corp.*	4,695		65,730
PSS World Medical, Inc.*	20,743		438,714
Psychiatric Solutions, Inc.*	15,162		496,101
RehabCare Group, Inc.*	1,612		35,109
Rural/Metro Corp.*	6,791		55,279
Sunrise Senior Living, Inc.*	20,292		56,412
Team Health Holdings, Inc.*	5,500		71,060
U.S. Physical Therapy, Inc.*	3,499		59,063
Virtual Radiologic Corp.*	2,648		45,440
			19,976,014
Health Care Technology (2.7%)
athenahealth, Inc.*	12,021		314,109
Computer Programs & Systems, Inc.	3,613		147,844
Eclipsys Corp.*	282,677		5,042,957
MedAssets, Inc.*	145,723		3,363,287
Medidata Solutions, Inc.*	6,865		106,339
MedQuist, Inc.	4,447		35,176
Merge Healthcare, Inc.*	18,636		54,603
Omnicell, Inc.*	11,878		138,854
Phase Forward, Inc.*	14,739		245,846
Quality Systems, Inc.	96,792		5,612,968
Transcend Services, Inc.*	3,100		41,850
Vital Images, Inc.*	73,313		934,741
			16,038,574
Life Sciences Tools & Services (1.3%)
Accelrys, Inc.*	10,225		65,951
Affymetrix, Inc.*	80,016		472,094
Bruker Corp.*	123,440		1,501,030
Caliper Life Sciences, Inc.*	16,291		69,563
Dionex Corp.*	6,407		477,065
Enzo Biochem, Inc.*	11,000		44,770
eResearchTechnology, Inc.*	17,774		140,059
ICON plc (ADR)*	114,901		3,319,490
Luminex Corp.*	59,861		970,946
PAREXEL International Corp.*	21,191		459,421
Pure Bioscience*	13,566		32,423
Sequenom, Inc.*	22,625		133,714
			7,686,526
Pharmaceuticals (1.2%)
Acura Pharmaceuticals, Inc.*	4,413		11,077
Akorn, Inc.*	20,000		59,400

	Number of Shares	Value (Note 1)
Alexza Pharmaceuticals, Inc.*	14,498	$	39,435
Aoxing Pharmaceutical Co., Inc.*	8,706		28,382
Ardea Biosciences, Inc.*	4,879		100,312
Auxilium Pharmaceuticals, Inc.*	43,084		1,012,474
AVANIR Pharmaceuticals, Inc., Class A*	26,040		66,923
Biodel, Inc.*	6,376		24,101
BioMimetic Therapeutics, Inc.*	5,352		59,514
BMP Sunstone Corp.*	2,042		10,516
Cadence Pharmaceuticals, Inc.*	9,100		63,791
Corcept Therapeutics, Inc.*	9,206		28,723
Cumberland Pharmaceuticals, Inc.*	4,526		29,057
Depomed, Inc.*	18,700		52,360
Durect Corp.*	32,100		78,003
Eurand N.V.*	6,660		64,535
Hi-Tech Pharmacal Co., Inc.*	3,291		75,397
Impax Laboratories, Inc.*	20,309		387,089
Inspire Pharmaceuticals, Inc.*	21,533		107,450
Jazz Pharmaceuticals, Inc.*	5,124		40,121
MAP Pharmaceuticals, Inc.*	5,032		66,020
Medicines Co.*	10,682		81,290
Nektar Therapeutics*	34,164		413,384
Neostem, Inc.*	10,036		18,366
Obagi Medical Products, Inc.*	6,300		74,466
Optimer Pharmaceuticals, Inc.*	12,138		112,519
Pain Therapeutics, Inc.*	13,131		73,008
Pozen, Inc.*	9,564		67,044
Questcor Pharmaceuticals, Inc.*	20,074		204,955
Salix Pharmaceuticals Ltd.*	52,054		2,031,668
Santarus, Inc.*	18,700		46,376
Somaxon Pharmaceuticals, Inc.*	10,326		37,174
ViroPharma, Inc.*	74,600		836,266
Vivus, Inc.*	29,443		282,653
XenoPort, Inc.*	10,010		98,198
			6,782,047
Total Health Care			97,392,998
Industrials (13.1%)
Aerospace & Defense (0.9%)
Aerovironment, Inc.*	6,023		130,880
American Science & Engineering, Inc.	3,290		250,731
Applied Energetics, Inc.*	27,684		28,514
Applied Signal Technology, Inc.	2,400		47,160
Astronics Corp.*	3,144		51,436
Cubic Corp.	2,447		89,022
DigitalGlobe, Inc.*	9,973		262,290
Esterline Technologies Corp.*	10,756		510,372
GeoEye, Inc.*	8,093		252,016
Global Defense Technology & Systems, Inc.*	710		9,067
HEICO Corp.	10,639		382,153
Hexcel Corp.*	28,855		447,541
Orbital Sciences Corp.*	8,487		133,840
Stanley, Inc.*	5,093		190,376
Taser International, Inc.*	22,532		87,875
Teledyne Technologies, Inc.*	3,552		137,036
Triumph Group, Inc.	33,964		2,263,021
			5,273,330

See Notes to Financial Statements.

260

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Air Freight & Logistics (0.4%)
Atlas Air Worldwide Holdings, Inc.*	21,000	$	997,500
Dynamex, Inc.*	1,895		23,119
Forward Air Corp.	10,643		290,022
Hub Group, Inc., Class A*	13,636		409,216
Pacer International, Inc.*	12,817		89,591
Park-Ohio Holdings Corp.*	2,851		41,026
UTi Worldwide, Inc.	47,400		586,812
			2,437,286
Airlines (0.1%)
Alaska Air Group, Inc.*	767		34,477
Allegiant Travel Co.	5,598		238,978
Hawaiian Holdings, Inc.*	4,771		24,666
			298,121
Building Products (0.2%)
A.O. Smith Corp.	8,224		396,314
AAON, Inc.	4,546		105,967
Builders FirstSource, Inc.*	2,573		6,175
NCI Building Systems, Inc.*	6,591		55,167
PGT, Inc.*	2,168		5,572
Quanex Building Products Corp.	2,924		50,556
Simpson Manufacturing Co., Inc.	13,407		329,142
Trex Co., Inc.*	5,633		113,167
			1,062,060
Commercial Services & Supplies (3.2%)
ABM Industries, Inc.	5,211		109,170
American Reprographics Co.*	1,907		16,648
APAC Customer Services, Inc.*	11,300		64,410
ATC Technology Corp.*	2,720		43,846
Bowne & Co., Inc.	10,953		122,893
Brink’s Co.	14,676		279,284
Casella Waste Systems, Inc., Class A*	10,336		39,484
Cenveo, Inc.*	19,872		108,899
Clean Harbors, Inc.*	17,618		1,170,011
Consolidated Graphics, Inc.*	3,395		146,800
Deluxe Corp.	17,522		328,537
EnerNOC, Inc.*	7,165		225,268
Ennis, Inc.	2,057		30,876
GEO Group, Inc.*	217,786		4,519,060
Healthcare Services Group, Inc.	16,128		305,626
Herman Miller, Inc.	20,727		391,118
HNI Corp.	16,499		455,207
Innerworkings, Inc.*	165,854		1,132,783
Interface, Inc., Class A	18,375		197,347
Knoll, Inc.	17,161		228,070
McGrath RentCorp	3,625		82,577
Mine Safety Appliances Co.	7,157		177,350
Ritchie Bros. Auctioneers, Inc.	92,532		1,685,933
Rollins, Inc.	15,604		322,847
Schawk, Inc.	3,502		52,355
Standard Parking Corp.*	5,721		90,563
Standard Register Co.	6,989		21,945
Steelcase, Inc., Class A	3,566		27,637
Sykes Enterprises, Inc.*	117,492		1,671,911
Tetra Tech, Inc.*	22,473		440,696
U.S. Ecology, Inc.	6,600		96,162
United Stationers, Inc.*	5,528		301,110

	Number of Shares	Value (Note 1)
Viad Corp.	1,072	$	18,921
Waste Connections, Inc.*	110,121		3,842,122
			18,747,466
Construction & Engineering (0.4%)
Furmanite Corp.*	11,915		47,302
Great Lakes Dredge & Dock Corp.	7,523		45,138
Insituform Technologies, Inc., Class A*	12,271		251,310
Michael Baker Corp.*	384		13,402
MYR Group, Inc.*	1,103		18,409
Northwest Pipe Co.*	103,409		1,964,771
Orion Marine Group, Inc.*	9,765		138,663
			2,478,995
Electrical Equipment (2.5%)
A123 Systems, Inc.*	26,463		249,546
Acuity Brands, Inc.	30,061		1,093,619
Advanced Battery Technologies, Inc.*	14,014		45,966
American Superconductor Corp.*	16,283		434,593
AZZ, Inc.	4,249		156,236
Baldor Electric Co.	34,219		1,234,622
Belden, Inc.	16,991		373,802
Broadwind Energy, Inc.*	8,500		23,800
Capstone Turbine Corp.*	87,769		86,014
Coleman Cable, Inc.*	2,857		16,113
Ener1, Inc.*	22,115		74,749
EnerSys*	5,004		106,935
Franklin Electric Co., Inc.	7,805		224,940
FuelCell Energy, Inc.*	26,100		30,798
Generac Holdings, Inc.*	2,524		35,361
GrafTech International Ltd.*	348,485		5,094,851
II-VI, Inc.*	9,119		270,196
LaBarge, Inc.*	3,833		43,735
Polypore International, Inc.*	32,034		728,453
PowerSecure International, Inc.*	6,664		60,576
Regal-Beloit Corp.	64,836		3,616,552
SatCon Technology Corp.*	26,000		74,360
UQM Technologies, Inc.*	13,186		44,701
Vicor Corp.*	7,072		88,329
Woodward Governor Co.	22,097		564,136
			14,772,983
Industrial Conglomerates (0.0%)
Otter Tail Corp.	1,086		20,993
Raven Industries, Inc.	5,903		198,990
Standex International Corp.	849		21,522
Tredegar Corp.	723		11,799
			253,304
Machinery (2.8%)
3D Systems Corp.*	6,618		83,056
Actuant Corp., Class A	24,642		464,009
Albany International Corp., Class A	1,846		29,887
Altra Holdings, Inc.*	9,756		127,023
Ampco-Pittsburgh Corp.	359		7,478
ArvinMeritor, Inc.*	251,103		3,289,449
Badger Meter, Inc.	5,463		211,363
Barnes Group, Inc.	15,520		254,373
Blount International, Inc.*	17,337		178,051

See Notes to Financial Statements.

261

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Briggs & Stratton Corp.	11,351	$	193,194
Chart Industries, Inc.*	25,909		403,662
CIRCOR International, Inc.	364		9,311
CLARCOR, Inc.	17,158		609,452
Colfax Corp.*	8,724		90,817
Dynamic Materials Corp.	1,988		31,888
Energy Recovery, Inc.*	13,129		52,516
EnPro Industries, Inc.*	3,169		89,207
Flow International Corp.*	13,500		31,860
Gardner Denver, Inc.	29,725		1,325,438
Gorman-Rupp Co.	4,475		112,099
Graham Corp.	3,614		54,174
John Bean Technologies Corp.	10,276		156,709
Kadant, Inc.*	1,224		21,322
Kaydon Corp.	12,172		399,972
Lindsay Corp.	4,558		144,443
Middleby Corp.*	16,476		876,358
Mueller Industries, Inc.	1,900		46,740
Mueller Water Products, Inc., Class A	192,982		715,963
NACCO Industries, Inc., Class A	1,947		172,816
Nordson Corp.	12,394		695,056
Omega Flex, Inc.	1,031		15,032
PMFG, Inc.*	5,400		81,810
RBC Bearings, Inc.*	7,900		229,021
Robbins & Myers, Inc.	24,600		534,804
Sauer-Danfoss, Inc.*	4,213		51,483
Sun Hydraulics Corp.	4,557		106,907
Tennant Co.	6,880		232,682
Titan International, Inc.	2,022		20,159
Trimas Corp.*	5,450		61,639
Wabash National Corp.*	60,200		428,022
WABCO Holdings, Inc.*	109,888		3,459,274
Wabtec Corp.	12,100		482,669
Watts Water Technologies, Inc., Class A	1,027		29,434
Xerium Technologies, Inc.*	2,166		30,584
			16,641,206
Professional Services (1.1%)
Acacia Research Corp.- Acacia Technologies*	12,200		173,606
Administaff, Inc.	7,941		191,855
Advisory Board Co.*	5,633		241,994
Barrett Business Services, Inc.	2,101		26,052
CBIZ, Inc.*	8,866		56,388
CDI Corp.	762		11,834
Corporate Executive Board Co.	47,068		1,236,476
CoStar Group, Inc.*	7,554		293,095
CRA International, Inc.*	758		14,273
Diamond Management & Technology Consultants, Inc.	8,646		89,140
Dolan Media Co.*	4,822		53,621
Exponent, Inc.*	4,803		157,154
Franklin Covey Co.*	4,861		31,596
GP Strategies Corp.*	1,669		12,117
Heidrick & Struggles International, Inc.	585		13,350
Hill International, Inc.*	2,228		9,046
Hudson Highland Group, Inc.*	11,842		52,105
Huron Consulting Group, Inc.*	2,504		48,603
ICF International, Inc.*	31,307		749,177

	Number of Shares	Value (Note 1)
Kelly Services, Inc., Class A*	1,145	$	17,026
Kforce, Inc.*	11,178		142,520
Korn/Ferry International*	970		13,483
LECG Corp.*	2,923		7,600
Mistras Group, Inc.*	5,265		56,441
Navigant Consulting, Inc.*	70,617		733,004
On Assignment, Inc.*	133,595		671,983
Resources Connection, Inc.*	79,039		1,074,930
School Specialty, Inc.*	2,434		43,982
SFN Group, Inc.*	2,607		14,234
TrueBlue, Inc.*	10,132		113,377
Volt Information Sciences, Inc.*	5,187		43,571
VSE Corp.	815		25,933
			6,419,566
Road & Rail (1.1%)
Avis Budget Group, Inc.*	37,222		365,520
Celadon Group, Inc.*	4,505		63,701
Dollar Thrifty Automotive Group, Inc.*	10,400		443,144
Genesee & Wyoming, Inc., Class A*	14,154		528,086
Heartland Express, Inc.	18,454		267,952
Knight Transportation, Inc.	21,694		439,086
Landstar System, Inc.	93,392		3,641,354
Marten Transport Ltd.*	983		20,427
Old Dominion Freight Line, Inc.*	9,190		322,937
RailAmerica, Inc.*	31,550		312,976
Roadrunner Transportation Systems, Inc.*	2,491		35,397
Werner Enterprises, Inc.	2,352		51,485
			6,492,065
Trading Companies & Distributors (0.4%)
Applied Industrial Technologies, Inc.	15,424		390,536
Beacon Roofing Supply, Inc.*	16,548		298,195
BlueLinx Holdings, Inc.*	3,998		10,515
CAI International, Inc.*	1,380		16,422
DXP Enterprises, Inc.*	3,022		47,294
Houston Wire & Cable Co.	6,538		70,937
Interline Brands, Inc.*	1,026		17,740
Kaman Corp.	5,053		111,772
TAL International Group, Inc.	1,363		30,627
Textainer Group Holdings Ltd.	3,474		83,862
Titan Machinery, Inc.*	1,606		21,087
Watsco, Inc.	20,141		1,166,567
			2,265,554
Total Industrials			77,141,936
Information Technology (21.2%)
Communications Equipment (2.2%)
Acme Packet, Inc.*	15,890		427,123
ADC Telecommunications, Inc.*	30,117		223,167
ADTRAN, Inc.	22,573		615,566
Anaren, Inc.*	642		9,591
Arris Group, Inc.*	8,776		89,427
Aruba Networks, Inc.*	26,591		378,656
BigBand Networks, Inc.*	8,408		25,392
Blue Coat Systems, Inc.*	40,186		821,000
Calix, Inc.*	2,382		24,439

See Notes to Financial Statements.

262

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Comtech Telecommunications Corp.*	3,802	$	113,794
DG FastChannel, Inc.*	9,100		296,478
Digi International, Inc.*	1,546		12,785
EMS Technologies, Inc.*	170,556		2,561,751
Extreme Networks, Inc.*	8,891		24,006
Finisar Corp.*	27,369		407,798
Harmonic, Inc.*	7,261		39,500
Hughes Communications, Inc.*	2,141		52,091
Infinera Corp.*	29,536		189,916
InterDigital, Inc.*	15,936		393,460
Ixia*	134,046		1,151,455
KVH Industries, Inc.*	5,300		65,826
Loral Space & Communications, Inc.*	3,954		168,915
Meru Networks, Inc.*	1,952		23,151
NETGEAR, Inc.*	12,779		227,977
Network Engines, Inc.*	13,155		35,650
Network Equipment Technologies, Inc.*	11,078		38,662
Occam Networks, Inc.*	4,694		26,099
Oclaro, Inc.*	17,943		198,988
Oplink Communications, Inc.*	2,988		42,818
Palm, Inc.*	53,162		302,492
Plantronics, Inc.	17,507		500,700
Riverbed Technology, Inc.*	120,557		3,329,784
SeaChange International, Inc.*	4,809		39,578
ShoreTel, Inc.*	16,423		76,203
Sonus Networks, Inc.*	63,673		172,554
Tekelec*	3,219		42,620
ViaSat, Inc.*	4,393		143,036
			13,292,448
Computers & Peripherals (0.9%)
3PAR, Inc.*	14,172		131,941
Compellent Technologies, Inc.*	8,506		103,093
Cray, Inc.*	5,585		31,164
Hypercom Corp.*	16,809		77,994
Immersion Corp.*	10,273		51,981
Intermec, Inc.*	10,547		108,107
Intevac, Inc.*	3,126		33,354
Isilon Systems, Inc.*	9,682		124,317
Netezza Corp.*	239,396		3,274,937
Novatel Wireless, Inc.*	1,176		6,750
Presstek, Inc.*	9,951		35,127
Quantum Corp.*	70,669		132,858
Silicon Graphics International Corp.*	807		5,714
STEC, Inc.*	14,743		185,172
Stratasys, Inc.*	7,458		183,169
Super Micro Computer, Inc.*	8,879		119,867
Synaptics, Inc.*	12,278		337,645
Xyratex Ltd.*	10,955		155,013
			5,098,203
Electronic Equipment, Instruments & Components (2.1%)
Anixter International, Inc.*	5,103		217,388
Bell Microproducts, Inc.*	11,844		82,671
Benchmark Electronics, Inc.*	2,026		32,112
Brightpoint, Inc.*	25,745		180,215
Checkpoint Systems, Inc.*	5,638		97,876
Cogent, Inc.*	4,804		43,284

	Number of Shares	Value (Note 1)
Cognex Corp.	11,431	$	200,957
Coherent, Inc.*	107,208		3,677,234
Comverge, Inc.*	9,100		81,536
CTS Corp.	3,614		33,393
Daktronics, Inc.	2,488		18,660
DDi Corp.	4,878		36,731
DTS, Inc.*	124,552		4,094,024
Echelon Corp.*	11,988		87,872
Electro Scientific Industries, Inc.*	996		13,307
FARO Technologies, Inc.*	5,800		108,518
Insight Enterprises, Inc.*	3,937		51,811
IPG Photonics Corp.*	9,443		143,817
Keithley Instruments, Inc.	4,089		36,106
Littelfuse, Inc.*	6,826		215,770
Maxwell Technologies, Inc.*	9,500		108,300
Mercury Computer Systems, Inc.*	977		11,460
Methode Electronics, Inc.	7,965		77,579
Microvision, Inc.*	32,205		95,327
MTS Systems Corp.	5,985		173,565
Multi-Fineline Electronix, Inc.*	3,333		83,192
Newport Corp.*	4,084		37,001
OSI Systems, Inc.*	4,386		121,799
Park Electrochemical Corp.	4,646		113,409
Plexus Corp.*	14,659		391,982
Power-One, Inc.*	21,070		142,223
RadiSys Corp.*	6,460		61,499
Richardson Electronics Ltd.	1,583		14,247
Rofin-Sinar Technologies, Inc.*	5,308		110,513
Rogers Corp.*	1,918		53,263
Sanmina-SCI Corp.*	28,876		393,002
SMART Modular Technologies (WWH), Inc.*	11,326		66,257
Spectrum Control, Inc.*	1,791		25,038
Technitrol, Inc.	15,036		47,514
Tessco Technologies, Inc.	1,143		19,088
TTM Technologies, Inc.*	6,799		64,590
Universal Display Corp.*	37,945		682,251
Viasystems Group, Inc.*	1,157		17,089
Zygo Corp.*	1,077		8,734
			12,372,204
Internet Software & Services (2.3%)
Ancestry.com, Inc.*	28,190		496,708
Archipelago Learning, Inc.*	4,259		48,680
Art Technology Group, Inc.*	205,087		701,398
comScore, Inc.*	8,243		135,762
Constant Contact, Inc.*	10,368		221,149
DealerTrack Holdings, Inc.*	44,708		735,447
Dice Holdings, Inc.*	5,400		37,368
Digital River, Inc.*	1,761		42,106
DivX, Inc.*	5,138		39,357
GSI Commerce, Inc.*	114,120		3,286,656
InfoSpace, Inc.*	1,609		12,100
Internet Brands, Inc., Class A*	2,505		25,877
Internet Capital Group, Inc.*	960		7,296
j2 Global Communications, Inc.*	11,360		248,102
KIT Digital, Inc.*	7,260		64,033
Knot, Inc.*	5,932		46,151
Limelight Networks, Inc.*	11,500		50,485
Liquidity Services, Inc.*	5,292		68,584
LivePerson, Inc.*	15,500		106,330
Local.com Corp.*	5,858		40,069

See Notes to Financial Statements.

263

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
LogMeIn, Inc.*	5,478	$	143,688
LoopNet, Inc.*	7,101		87,555
Marchex, Inc., Class B	100,588		387,264
Monster Worldwide, Inc.*	139,674		1,627,202
Move, Inc.*	308,376		632,171
NIC, Inc.	20,220		129,610
OpenTable, Inc.*	5,761		238,909
Openwave Systems, Inc.*	30,564		62,045
Perficient, Inc.*	5,746		51,197
QuinStreet, Inc.*	61,026		702,409
Rackspace Hosting, Inc.*	35,194		645,458
Saba Software, Inc.*	10,284		52,963
SAVVIS, Inc.*	13,637		201,146
Stamps.com, Inc.*	3,918		40,159
support.com, Inc.*	17,131		71,265
TechTarget, Inc.*	3,774		20,304
Terremark Worldwide, Inc.*	21,133		165,049
Travelzoo, Inc.*	1,995		24,698
United Online, Inc.	7,000		40,320
ValueClick, Inc.*	22,902		244,822
VistaPrint N.V.*	31,757		1,508,140
Vocus, Inc.*	6,107		93,315
Zix Corp.*	20,328		45,941
			13,629,288
IT Services (1.9%)
Acxiom Corp.*	24,748		363,548
CACI International, Inc., Class A*	823		34,961
Cass Information Systems, Inc.	3,128		107,134
Computer Task Group, Inc.*	3,722		24,044
CSG Systems International, Inc.*	5,771		105,782
Cybersource Corp.*	25,777		658,087
Echo Global Logistics, Inc.*	3,993		48,755
Euronet Worldwide, Inc.*	28,445		363,812
ExlService Holdings, Inc.*	5,500		94,435
Forrester Research, Inc.*	5,337		161,498
Gartner, Inc.*	68,421		1,590,788
Global Cash Access Holdings, Inc.*	225,768		1,627,787
Hackett Group, Inc.*	5,700		16,017
Heartland Payment Systems, Inc.	13,775		204,421
iGATE Corp.	8,400		107,688
infoGROUP, Inc.*	11,601		92,576
Information Services Group, Inc.*	112,685		225,370
Lionbridge Technologies, Inc.*	21,700		99,169
ManTech International Corp., Class A*	7,415		315,657
MAXIMUS, Inc.	6,368		368,516
MoneyGram International, Inc.*	27,370		67,056
NCI, Inc., Class A*	2,427		54,802
Online Resources Corp.*	3,304		13,712
RightNow Technologies, Inc.*	7,905		124,029
Sapient Corp.	149,958		1,520,574
SPS Commerce, Inc.*	1,795		20,858
SRA International, Inc., Class A*	1,258		24,745
Stream Global Services, Inc.*	1,268		7,101
Syntel, Inc.	4,782		162,349
TeleTech Holdings, Inc.*	10,369		133,656
Tier Technologies, Inc., Class B*	2,627		15,972
TNS, Inc.*	9,446		164,738
Unisys Corp.*	6,212		114,860
VeriFone Systems, Inc.*	30,996		586,754
Virtusa Corp.*	2,771		25,853

	Number of Shares	Value (Note 1)
Wright Express Corp.*	44,181	$	1,312,176
			10,959,280
Semiconductors & Semiconductor Equipment (5.1%)
Actel Corp.*	4,529		58,062
Advanced Analogic Technologies, Inc.*	3,361		10,722
Advanced Energy Industries, Inc.*	8,340		102,499
Amkor Technology, Inc.*	37,929		208,989
ANADIGICS, Inc.*	17,505		76,322
Applied Micro Circuits Corp.*	23,814		249,571
ATMI, Inc.*	701		10,263
Axcelis Technologies, Inc.*	3,726		5,775
AXT, Inc.*	4,782		21,567
Brooks Automation, Inc.*	13,975		108,027
Cabot Microelectronics Corp.*	1,965		67,969
Cavium Networks, Inc.*	16,152		423,021
CEVA, Inc.*	7,196		90,670
Cirrus Logic, Inc.*	23,762		375,677
Cohu, Inc.	1,712		20,767
Conexant Systems, Inc.*	29,362		65,771
Cymer, Inc.*	2,663		79,997
Diodes, Inc.*	12,317		195,471
Energy Conversion Devices, Inc.*	3,728		15,285
Entegris, Inc.*	15,019		59,625
Entropic Communications, Inc.*	19,800		125,532
Exar Corp.*	1,788		12,391
Fairchild Semiconductor International, Inc.*	35,589		299,303
FEI Co.*	3,758		74,070
FormFactor, Inc.*	247,968		2,678,054
FSI International, Inc.*	11,670		48,897
GSI Technology, Inc.*	5,087		29,098
GT Solar International, Inc.*	22,513		126,073
Hittite Microwave Corp.*	9,938		444,626
Integrated Device Technology, Inc.*	36,615		181,244
Integrated Silicon Solution, Inc.*	8,439		63,630
IXYS Corp.*	5,525		48,841
Kopin Corp.*	9,128		30,944
Kulicke & Soffa Industries, Inc.*	25,374		178,125
Lattice Semiconductor Corp.*	42,154		182,948
LTX-Credence Corp.*	53,297		150,830
Mattson Technology, Inc.*	18,280		69,281
MaxLinear, Inc., Class A*	2,744		38,361
Micrel, Inc.	18,501		188,340
Microsemi Corp.*	106,408		1,556,749
Mindspeed Technologies, Inc.*	11,586		86,779
MIPS Technologies, Inc.*	16,586		84,754
MKS Instruments, Inc.*	7,596		142,197
Monolithic Power Systems, Inc.*	44,911		802,110
MoSys, Inc.*	10,084		44,571
Nanometrics, Inc.*	6,521		65,797
Netlogic Microsystems, Inc.*	22,756		618,963
NVE Corp.*	1,728		75,220
OmniVision Technologies, Inc.*	14,463		310,087
ON Semiconductor Corp.*	499,764		3,188,494
PDF Solutions, Inc.*	8,342		40,042
Pericom Semiconductor Corp.*	1,127		10,819
PLX Technology, Inc.*	13,400		56,146
PMC-Sierra, Inc.*	212,570		1,598,526
Power Integrations, Inc.	8,969		288,757

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
RF Micro Devices, Inc.*	97,449	$	381,026
Rubicon Technology, Inc.*	92,046		2,742,050
Rudolph Technologies, Inc.*	10,683		80,657
Semtech Corp.*	22,575		369,553
Sigma Designs, Inc.*	1,767		17,688
Silicon Image, Inc.*	21,439		75,251
Spansion, Inc., Class A*	4,744		77,375
Standard Microsystems Corp.*	2,550		59,364
Supertex, Inc.*	3,604		88,875
Teradyne, Inc.*	186,678		1,820,110
Tessera Technologies, Inc.*	10,536		169,103
TriQuint Semiconductor, Inc.*	56,360		344,360
Ultra Clean Holdings, Inc.*	7,904		67,342
Ultratech, Inc.*	7,042		114,573
Varian Semiconductor Equipment Associates, Inc.*	152,565		4,372,513
Veeco Instruments, Inc.*	86,248		2,956,581
Virage Logic Corp.*	8,392		99,781
Volterra Semiconductor Corp.*	9,012		207,817
Zoran Corp.*	1,922		18,336
			30,249,004
Software (6.7%)
ACI Worldwide, Inc.*	12,356		240,571
Actuate Corp.*	16,406		73,007
Advent Software, Inc.*	5,735		269,316
American Software, Inc., Class A	8,638		39,908
ANSYS, Inc.*	101,124		4,102,601
ArcSight, Inc.*	85,647		1,917,636
Ariba, Inc.*	32,644		520,019
Aspen Technology, Inc.*	22,632		246,462
Blackbaud, Inc.	16,294		354,720
Blackboard, Inc.*	12,391		462,556
Bottomline Technologies, Inc.*	9,939		129,505
CommVault Systems, Inc.*	15,693		353,092
Concur Technologies, Inc.*	14,620		623,982
Convio, Inc.*	2,205		16,185
Deltek, Inc.*	6,671		55,636
DemandTec, Inc.*	6,990		47,182
Digimarc Corp.*	2,548		47,775
Ebix, Inc.*	9,500		148,960
Epicor Software Corp.*	10,920		87,251
EPIQ Systems, Inc.*	883		11,417
FalconStor Software, Inc.*	4,811		12,701
Fortinet, Inc.*	14,370		236,243
Guidance Software, Inc.*	5,043		26,324
Informatica Corp.*	165,978		3,963,555
Interactive Intelligence, Inc.*	4,764		78,273
Jack Henry & Associates, Inc.	31,013		740,590
JDA Software Group, Inc.*	2,761		60,687
Kenexa Corp.*	8,266		99,192
Lawson Software, Inc.*	50,352		367,570
Magma Design Automation, Inc.*	18,815		53,435
Manhattan Associates, Inc.*	8,252		227,343
Mentor Graphics Corp.*	16,729		148,052
MicroStrategy, Inc., Class A*	3,271		245,619
Monotype Imaging Holdings, Inc.*	8,133		73,278
NetScout Systems, Inc.*	11,111		157,998
NetSuite, Inc.*	6,646		84,005
Opnet Technologies, Inc.	4,903		72,025
Parametric Technology Corp.*	42,108		659,832
Pegasystems, Inc.	5,879		188,775

	Number of Shares	Value (Note 1)
Progress Software Corp.*	15,313	$	459,849
PROS Holdings, Inc.*	7,015		45,597
QAD, Inc.*	4,782		19,750
Quest Software, Inc.*	19,738		356,073
Radiant Systems, Inc.*	58,742		849,409
Renaissance Learning, Inc.	4,780		70,218
Rosetta Stone, Inc.*	3,801		87,271
Rovi Corp.*	160,291		6,076,632
Smith Micro Software, Inc.*	9,697		92,218
SolarWinds, Inc.*	12,690		203,548
Sonic Solutions, Inc.*	9,277		77,463
SonicWALL, Inc.*	17,961		211,042
Sourcefire, Inc.*	9,986		189,734
SRS Labs, Inc.*	4,417		40,416
SS&C Technologies Holdings, Inc.*	4,521		72,472
SuccessFactors, Inc.*	134,340		2,792,929
Synchronoss Technologies, Inc.*	81,996		1,555,464
Take-Two Interactive Software, Inc.*	2,359		21,231
Taleo Corp., Class A*	44,554		1,082,217
TeleCommunication Systems, Inc., Class A*	6,664		27,589
TeleNav, Inc.*	2,964		24,868
THQ, Inc.*	99,638		430,436
TIBCO Software, Inc.*	416,539		5,023,460
TiVo, Inc.*	140,909		1,039,908
Tyler Technologies, Inc.*	11,265		174,833
Ultimate Software Group, Inc.*	9,070		298,040
Unica Corp.*	6,149		58,907
VASCO Data Security International, Inc.*	7,929		48,922
VirnetX Holding Corp.	11,868		70,259
Wave Systems Corp., Class A*	29,108		94,310
Websense, Inc.*	15,674		296,239
			39,134,582
Total Information Technology			124,735,009
Materials (2.6%)
Chemicals (1.5%)
A. Schulman, Inc.	638		12,096
Arch Chemicals, Inc.	4,991		153,423
Balchem Corp.	10,283		257,075
Calgon Carbon Corp.*	65,470		866,823
Ferro Corp.*	13,636		100,497
H.B. Fuller Co.	1,210		22,978
Hawkins, Inc.	2,711		65,281
Huntsman Corp.	476,249		4,129,079
Innophos Holdings, Inc.	1,991		51,925
KMG Chemicals, Inc.	1,913		27,471
Koppers Holdings, Inc.	7,483		168,218
Kraton Performance Polymers, Inc.*	3,464		65,089
Landec Corp.*	1,766		10,402
LSB Industries, Inc.*	6,224		82,841
Minerals Technologies, Inc.	552		26,242
NewMarket Corp.	3,746		327,101
Olin Corp.	16,702		302,139
Omnova Solutions, Inc.*	16,180		126,366
PolyOne Corp.*	23,450		197,449
Quaker Chemical Corp.	2,966		80,349
Rockwood Holdings, Inc.*	14,025		318,227

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Senomyx, Inc.*	14,042	$	53,219
Solutia, Inc.*	44,040		576,924
Spartech Corp.*	5,214		53,444
Stepan Co.	2,836		194,067
STR Holdings, Inc.*	10,286		193,377
W.R. Grace & Co.*	4,118		86,643
Zep, Inc.	7,892		137,636
			8,686,381
Construction Materials (0.0%)
United States Lime & Minerals, Inc.*	982		37,827
Containers & Packaging (0.2%)
AEP Industries, Inc.*	751		17,934
Graham Packaging Co., Inc.*	43,800		524,286
Rock-Tenn Co., Class A	4,783		237,572
Silgan Holdings, Inc.	9,696		275,172
			1,054,964
Metals & Mining (0.8%)
Allied Nevada Gold Corp.*	23,024		453,112
AMCOL International Corp.	8,730		205,155
Brush Engineered Materials, Inc.*	599		11,968
Capital Gold Corp.*	17,841		71,364
Coeur d’Alene Mines Corp.*	2,059		32,491
General Moly, Inc.*	23,415		72,118
Globe Specialty Metals, Inc.*	22,319		230,555
Golden Star Resources Ltd.*	93,646		410,169
Haynes International, Inc.	620		19,115
Jaguar Mining, Inc.*	30,543		269,695
Metals USA Holdings Corp.*	2,189		32,726
Noranda Aluminium Holding Corp.*	4,260		27,392
RTI International Metals, Inc.*	1,467		35,369
Stillwater Mining Co.*	16,132		187,454
Thompson Creek Metals Co., Inc.*	5,352		46,455
Titanium Metals Corp.*	122,499		2,154,757
U.S. Gold Corp.*	33,486		167,765
Worthington Industries, Inc.	13,281		170,794
			4,598,454
Paper & Forest Products (0.1%)
Clearwater Paper Corp.*	3,058		167,456
Deltic Timber Corp.	3,868		161,682
Neenah Paper, Inc.	2,591		47,415
Schweitzer-Mauduit International, Inc.	6,652		335,594
Verso Paper Corp.*	5,024		11,606
Wausau Paper Corp.*	2,194		14,853
			738,606
Total Materials			15,116,232
Telecommunication Services (0.9%)
Diversified Telecommunication Services (0.6%)
AboveNet, Inc.*	8,215		387,584
Alaska Communications Systems Group, Inc.	16,500		140,085
Atlantic Tele-Network, Inc.	3,236		133,647
Cbeyond, Inc.*	125,306		1,566,325
Cincinnati Bell, Inc.*	20,163		60,691
Cogent Communications Group, Inc.*	16,336		123,827

	Number of Shares		Value (Note 1)
Consolidated Communications Holdings, Inc.		7,434	$	126,452
Global Crossing Ltd.*		6,811		71,992
Neutral Tandem, Inc.*		11,966		134,617
PAETEC Holding Corp.*		237,697		810,547
Vonage Holdings Corp.*		15,952		36,689
				3,592,456
Wireless Telecommunication Services (0.3%)
ICO Global Communications Holdings Ltd.*		20,229		32,569
Leap Wireless International, Inc.*		41,200		534,776
NTELOS Holdings Corp.		10,946		188,271
Shenandoah Telecommunications Co.		8,324		147,668
Syniverse Holdings, Inc.*		25,328		517,957
USA Mobility, Inc.		5,092		65,789
				1,487,030
Total Telecommunication Services				5,079,486
Utilities (0.0%)
Gas Utilities (0.0%)
South Jersey Industries, Inc.		2,346		100,784
Independent Power Producers & Energy Traders (0.0%)
American DG Energy, Inc.*		5,292		16,458
Water Utilities (0.0%)
Cadiz, Inc.*		4,900		59,143
Southwest Water Co.		4,441		46,543
				105,686
Total Utilities				222,928
Total Common Stocks (79.2%) (Cost $423,612,718)				464,852,250
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (18.4%)
BlackRock Liquidity Funds TempFund 0.16% ‡	$	107,767,695	$	107,767,695
Time Deposit (0.4%)
JPMorgan Chase Nassau 0.000%, 7/1/10		2,613,288		2,613,288
Total Short-Term Investments (18.8%) (Amortized Cost $110,380,983)				110,380,983
Total Investments (98.0%) (Cost/Amortized Cost $533,993,701)				575,233,233
Other Assets Less Liabilities (2.0%)				11,559,084
Net Assets (100%)			$	586,792,317

* Non-income producing.

† Securities (totaling $239 or 0.0% of net assets) at fair value by management.

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

Glossary:

ADR— American Depositary Receipt

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	149,134,499	$	41,366,804	$	107,767,695	$	19,560	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	1,946	September-10	$	119,913,957	$	118,277,880	$	(1,636,077	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	84,660,962		$	–	$	–	$	84,660,962
Consumer Staples		10,439,594			–		–		10,439,594
Energy		25,570,761			–		–		25,570,761
Financials		24,492,105			–		239		24,492,344
Health Care		97,392,998			–		–		97,392,998
Industrials		77,090,500			51,436		–		77,141,936
Information Technology		124,735,009			–		–		124,735,009
Materials		15,116,232			–		–		15,116,232
Telecommunication Services		5,079,486			–		–		5,079,486
Utilities		222,928			–		–		222,928
Short-Term Investments		–			110,380,983		–		110,380,983
Total Assets	$	464,800,575		$	110,432,419	$	239	$	575,233,233
Liabilities:
Futures	$	(1,636,077	)	$	–	$	–	$	(1,636,077	)
Total Liabilities	$	(1,636,077	)	$	–	$	–	$	(1,636,077	)
Total	$	463,164,498		$	110,432,419	$	239	$	573,597,156

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

	Investments  in Securities-Financials
Balance as of 12/31/09	$	425
Total gains or losses (realized/unrealized) included in earnings		(186	)
Purchases, sales, issuances, and settlements (net)		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	239
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	(186	)

Fair Values of Derivative Instruments as of June 30, 2010:

Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	—
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(1,636,077	)*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(1,636,077	)

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

The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2010:

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		—		(15,709,781	)		—		—		(15,709,781	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(15,709,781	)	$	—	$	—	$	(15,709,781	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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		—		(1,783,992	)		—		—		(1,783,992	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(1,783,992	)	$	—	$	—	$	(1,783,992	)

The Portfolio held futures contracts with an average notional balance of approximately $42,755,000 during the six months ended June 30, 2010.

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

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	143,665,015
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	283,310,139

As of June 30, 2010, 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	$	63,257,374
Aggregate gross unrealized depreciation		(32,974,931	)
Net unrealized appreciation	$	30,282,443
Federal income tax cost of investments	$	544,950,790

For the six months ended June 30, 2010, the Portfolio incurred approximately $713 as brokerage commissions with Keefe Bruyette & Woods, Inc. and $1,024 with Raymond James & Associates, Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $299,082,172 of which $69,758,333 expires in the year 2016, and $229,323,839 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $107,767,695)	$	107,767,695
Unaffiliated Issuers (Cost $426,226,006)		467,465,538
Cash held as collateral at broker		11,562,000
Receivable for securities sold		2,474,544
Dividends, interest and other receivables		161,410
Receivable from Separate Accounts for Trust shares sold		75,824
Receivable from investment sub- advisor		8,290
Other assets		3,198
Total assets		589,518,499
LIABILITIES
Overdraft payable		106,229
Variation margin payable on futures contracts		1,050,840
Payable to Separate Accounts for Trust shares redeemed		632,957
Investment management fees payable		432,410
Payable for securities purchased		187,393
Administrative fees payable		89,174
Distribution fees payable - Class B		59,029
Trustees’ fees payable		1,124
Accrued expenses		167,026
Total liabilities		2,726,182
NET ASSETS	$	586,792,317
Net assets were comprised of:
Paid in capital	$	814,633,724
Accumulated undistributed net investment income (loss)		(2,043,973	)
Accumulated undistributed net realized gains (losses) on investments and futures		(265,400,889	)
Net unrealized appreciation (depreciation) on investments and futures		39,603,455
Net assets	$	586,792,317
Class A
Net asset value, offering and redemption price per share, $317,034,125 / 47,168,354 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6.72
Class B
Net asset value, offering and redemption price per share, $269,758,192 / 40,386,598 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6.68

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends ($19,560 of dividend income received from affiliates) (net of $5,004 foreign withholding tax)	$	1,457,488
Interest		10
Securities lending (net)		162,176
Total income		1,619,674
EXPENSES
Investment management fees		2,646,769
Administrative fees		531,543
Distribution fees - Class B		370,749
Custodian fees		51,162
Printing and mailing expenses		37,456
Professional fees		27,644
Trustees’ fees		5,172
Miscellaneous		6,841
Gross expenses		3,677,336
Less:   Reimbursement from sub-advisor		(8,290)
Fees paid indirectly		(7,781	)
Net expenses		3,661,265
NET INVESTMENT INCOME (LOSS)		(2,041,591	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		60,496,069
Futures		(15,709,781	)
Net realized gain (loss)		44,786,288
Change in unrealized appreciation (depreciation) on:
Securities		(61,423,686	)
Futures		(1,783,992	)
Net change in unrealized appreciation (depreciation)		(63,207,678	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(18,421,390	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(20,462,981	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(2,041,591	)	$	(200,758	)
Net realized gain (loss) on investments and futures		44,786,288			(165,204,690	)
Net change in unrealized appreciation (depreciation) on investments and futures		(63,207,678	)		271,887,618
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(20,462,981	)		106,482,170
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 3,563,598 and 16,163,252 shares, respectively ]		25,520,844			95,022,342
Capital shares repurchased [ (1,782,302) and (42,137,347) shares, respectively ]		(12,700,442	)		(178,841,128	)
Total Class A transactions		12,820,402			(83,818,786	)
Class B
Capital shares sold [ 3,558,732 and 11,720,648 shares, respectively ]		25,680,190			65,191,386
Capital shares repurchased [ (5,573,014) and (9,778,339) shares, respectively ]		(39,844,835	)		(54,827,394	)
Total Class B transactions		(14,164,645	)		10,363,992
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,344,243	)		(73,454,794	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(21,807,224	)		33,027,376
NET ASSETS:
Beginning of period		608,599,541			575,572,165
End of period (a)	$	586,792,317		$	608,599,541
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(2,043,973	)	$	(2,382	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

Class A	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009			January 22, 2008* to December 31, 2008
Net asset value, beginning of period	$	6.95		$	5.15		$	7.61
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(e)		0.01	(e)		(0.04	)(e)
Net realized and unrealized gain (loss) on investments and futures		(0.21	)		1.79			(2.39	)
Total from investment operations		(0.23	)		1.80			(2.43	)
Less distributions:
Distributions from net realized gains		—			—			(0.03	)
Net asset value, end of period	$	6.72		$	6.95		$	5.15
Total return (b)		(3.31	)%		34.95	%		(32.08	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	317,034		$	315,379		$	367,823
Ratio of expenses to average net assets:
After reimbursements (a)		1.06	%		1.07	%		1.35	%(c)
After reimbursements and fees paid indirectly (a)		1.06	%		0.75	%		1.30	%(c)
Before reimbursements and fees paid indirectly (a)		1.06	%		1.07	%		1.35	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.54	)%		(0.17	)%		(0.64	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.54	)%		0.15	%		(0.59	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.54	)%		(0.17	)%		(0.64	)%
Portfolio turnover rate		25	%		116	%		98	%

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	6.92		$	5.13		$	8.91		$	9.52		$	8.76		$	8.28
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.01	)(e)		(0.06	)(e)		(0.02	)(e)		(0.07	)(e)		(0.07	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(0.21	)		1.80			(3.69	)		0.33			0.95			0.70
Total from investment operations		(0.24	)		1.79			(3.75	)		0.31			0.88			0.63
Less distributions:
Distributions from net realized gains		—			—			(0.03	)		(0.92	)		(0.12	)		(0.15	)
Net asset value, end of period	$	6.68		$	6.92		$	5.13		$	8.91		$	9.52		$	8.76
Total return (b)		(3.47	)%		34.89	%		(42.21	)%		3.60	%		10.26	%		7.55	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	269,758		$	293,221		$	207,749		$	392,037		$	277,810		$	176,610
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.31	%		1.32	%		1.53	%		1.47	%		1.30	%		1.30	%
After waivers, reimbursements and fees paid indirectly (a)		1.31	%		1.14	%		1.48	%		1.27	%		1.30	%		1.30	%
Before waivers, reimbursements and fees paid indirectly (a)		1.31	%		1 .32	%		1.53	%		1.54	%		1.39	%		1.37	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.79	)%		(0.42	)%		(0.90	)%		(0.39	)%		(0.77	)%		(0.85	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.79	)%		(0.24	)%		(0.85	)%		(0.19	)%		(0.77	)%		(0.85	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.79	)%		(0.42	)%		(0.90	)%		(0.46	)%		(0.85	)%		(0.92	)%
Portfolio turnover rate		25	%		116	%		98	%		177	%		279	%		273	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

* Commencement of operations.

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

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

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

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

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

See Notes to Financial Statements.

273

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Sector Weightings as of 06/30/10	% of Net Assets
Industrials	20.1	%
Financials	19.7
Consumer Discretionary	11.2
Energy	7.9
Materials	5.2
Health Care	4.6
Information Technology	4.3
Utilities	3.4
Consumer Staples	2.1
Telecommunication Services	0.4
Cash and Other	21.1
	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class A
Actual	$1,000.00	$963.10	$5.06
Hypothetical (5% average return before expenses)	1,000.00	1,019.64	5.21
Class B
Actual	1,000.00	962.00	6.28
Hypothetical (5% average return before expenses)	1,000.00	1,018.40	6.46
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.04% and 1.29%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.2%)
Auto Components (1.6%)
Amerigon, Inc.*	260,000	$	1,918,800
Autoliv, Inc.*	101,100		4,837,635
Dana Holding Corp.*	5,276		52,760
Drew Industries, Inc.*	31,934		645,067
Exide Technologies, Inc.*	28,569		148,559
Gentex Corp.	197,400		3,549,252
Modine Manufacturing Co.*	23,207		178,230
Shiloh Industries, Inc.*	1,376		11,641
Spartan Motors, Inc.	16,347		68,657
Standard Motor Products, Inc.	7,536		60,816
Superior Industries International, Inc.	8,578		115,288
			11,586,705
Automobiles (0.8%)
Thor Industries, Inc.	209,100		4,966,125
Winnebago Industries, Inc.*	126,700		1,259,398
			6,225,523
Distributors (0.0%)
Audiovox Corp., Class A*	8,700		63,945
Core-Mark Holding Co., Inc.*	4,604		126,150
			190,095
Diversified Consumer Services (0.4%)
Mac-Gray Corp.	5,898		65,704
Regis Corp.	159,736		2,487,089
Stewart Enterprises, Inc., Class A	40,836		220,923
			2,773,716
Hotels, Restaurants & Leisure (0.5%)
AFC Enterprises, Inc.*	2,467		22,450
Biglari Holdings, Inc.*	646		185,337
Bluegreen Corp.*	7,300		21,973
Bob Evans Farms, Inc.	15,185		373,855
Boyd Gaming Corp.*	26,371		223,890
Churchill Downs, Inc.	4,790		157,112
Cracker Barrel Old Country Store, Inc.	843		39,250
Domino’s Pizza, Inc.*	11,631		131,430
Gaylord Entertainment Co.*	17,305		382,267
Isle of Capri Casinos, Inc.*	7,121		65,940
Jack in the Box, Inc.*	1,895		36,858
Landry’s Restaurants, Inc.*	3,659		89,499
Life Time Fitness, Inc.*	2,355		74,865
Marcus Corp.	9,800		92,708
McCormick & Schmick’s Seafood Restaurants, Inc.*	4,475		33,384
Monarch Casino & Resort, Inc.*	3,221		32,629
Morgans Hotel Group Co.*	6,894		42,467
Multimedia Games, Inc.*	12,079		54,356
O’Charleys, Inc.*	8,981		47,599
Orient-Express Hotels Ltd., Class A*	45,309		335,287
Papa John’s International, Inc.*	2,216		51,234
Pinnacle Entertainment, Inc.*	28,082		265,656
Red Lion Hotels Corp.*	6,105		36,447

	Number of Shares	Value (Note 1)
Red Robin Gourmet Burgers, Inc.*	7,726	$	132,578
Ruby Tuesday, Inc.*	32,200		273,700
Scientific Games Corp., Class A*	15,625		143,750
Speedway Motorsports, Inc.	6,140		83,258
Vail Resorts, Inc.*	18,031		629,462
			4,059,241
Household Durables (1.5%)
American Greetings Corp., Class A	18,600		348,936
Bassett Furniture Industries, Inc.*	19,600		83,888
Beazer Homes USA, Inc.*	37,261		135,257
Blyth, Inc.	2,083		70,968
Brookfield Homes Corp.*	4,872		32,837
Cavco Industries, Inc.*	2,673		94,036
CSS Industries, Inc.	3,691		60,902
D.R. Horton, Inc.	114,800		1,128,484
Ethan Allen Interiors, Inc.	57,136		799,333
Furniture Brands International, Inc.*	21,100		110,142
Helen of Troy Ltd.*	15,324		338,047
Hooker Furniture Corp.	139,495		1,487,017
Hovnanian Enterprises, Inc., Class A*	25,715		94,631
Kid Brands, Inc.*	5,123		36,015
La-Z-Boy, Inc.*	277,704		2,063,341
Libbey, Inc.*	8,005		103,905
Lifetime Brands, Inc.*	4,642		67,866
M.D.C. Holdings, Inc.	70,800		1,908,060
M/I Homes, Inc.*	140,671		1,356,068
Meritage Homes Corp.*	16,011		260,659
Ryland Group, Inc.	21,992		347,914
Sealy Corp.*	15,028		40,125
Skyline Corp.	3,440		61,954
Standard Pacific Corp.*	53,498		178,148
Universal Electronics, Inc.*	4,247		70,628
			11,279,161
Internet & Catalog Retail (0.0%)
1-800-FLOWERS.COM, Inc., Class A*	12,258		25,251
Gaiam, Inc., Class A	8,041		48,809
			74,060
Leisure Equipment & Products (0.3%)
Arctic Cat, Inc.*	6,104		55,607
Brunswick Corp.	139,000		1,727,770
Callaway Golf Co.	32,400		195,696
JAKKS Pacific, Inc.*	13,891		199,753
Johnson Outdoors, Inc., Class A*	2,230		25,087
Leapfrog Enterprises, Inc.*	2,936		11,803
RC2 Corp.*	9,700		156,267
Sport Supply Group, Inc.	2,828		38,065
Steinway Musical Instruments, Inc.*	2,885		51,324
			2,461,372

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Media (0.5%)
AH Belo Corp., Class A*	9,021	$	59,899
Ascent Media Corp., Class A*	7,147		180,533
Carmike Cinemas, Inc.*	2,321		14,065
Cinemark Holdings, Inc.	27,901		366,898
CKX, Inc.*	22,668		113,113
Cumulus Media, Inc., Class A*	8,785		23,456
Dex One Corp.*	22,996		436,924
Entercom Communications Corp., Class A*	2,062		18,187
EW Scripps Co., Class A*	15,500		115,165
Fisher Communications, Inc.*	3,262		54,932
Gray Television, Inc.*	23,914		57,633
Journal Communications, Inc., Class A*	18,100		71,857
Knology, Inc.*	1,469		16,056
LIN TV Corp., Class A*	13,346		72,202
Lions Gate Entertainment Corp.*	9,552		66,673
Live Nation Entertainment, Inc.*	69,776		729,159
LodgeNet Interactive Corp.*	8,661		32,132
Media General, Inc., Class A*	8,635		84,278
Mediacom Communications Corp., Class A*	19,835		133,291
Nexstar Broadcasting Group, Inc., Class A*	4,368		19,132
Outdoor Channel Holdings, Inc.*	6,047		28,240
Playboy Enterprises, Inc., Class B*	3,428		14,398
PRIMEDIA, Inc.	5,952		17,439
Radio One, Inc., Class D*	15,752		20,163
Scholastic Corp.	15,235		367,468
Sinclair Broadcast Group, Inc., Class A*	21,028		122,593
Warner Music Group Corp.*	15,297		74,343
World Wrestling Entertainment, Inc., Class A	1,358		21,131
			3,331,360
Multiline Retail (1.2%)
99 Cents Only Stores*	3,200		47,360
Bon-Ton Stores, Inc.*	3,749		36,553
Dillard’s, Inc., Class A	22,952		493,468
Fred’s, Inc., Class A	280,272		3,099,808
J.C. Penney Co., Inc.	127,600		2,740,848
Saks, Inc.*	248,865		1,888,885
Tuesday Morning Corp.*	175,710		701,083
			9,008,005
Specialty Retail (3.6%)
America’s Car-Mart, Inc.*	2,464		55,760
Barnes & Noble, Inc.	18,776		242,210
bebe Stores, Inc.	13,025		83,360
Books-A-Million, Inc.	3,577		21,534
Borders Group, Inc.*	24,973		33,214
Brown Shoe Co., Inc.	221,804		3,366,985
Buckle, Inc.	679		22,013
Build-A-Bear Workshop, Inc.*	8,628		58,498
Cabela’s, Inc.*	20,041		283,380
Cato Corp., Class A	11,102		244,466
Charming Shoppes, Inc.*	57,847		216,926

	Number of Shares	Value (Note 1)
Children’s Place Retail Stores, Inc.*	1,337	$	58,855
Christopher & Banks Corp.	326,750		2,022,582
Collective Brands, Inc.*	10,206		161,255
Conn’s, Inc.*	354,810		2,086,283
Dress Barn, Inc.*	1,801		42,882
Finish Line, Inc., Class A	17,738		247,090
Genesco, Inc.*	10,816		284,569
Group 1 Automotive, Inc.*	139,138		3,273,917
Gymboree Corp.*	27,000		1,153,170
Haverty Furniture Cos., Inc.	8,006		98,394
HOT Topic, Inc.	12,741		64,724
Lithia Motors, Inc., Class A	9,677		59,804
MarineMax, Inc.*	10,895		75,611
Men’s Wearhouse, Inc.	174,966		3,212,376
New York & Co., Inc.*	11,908		27,269
OfficeMax, Inc.*	26,750		349,355
Pacific Sunwear of California, Inc.*	33,363		106,762
Penske Automotive Group, Inc.*	13,426		152,519
PEP Boys-Manny, Moe & Jack	26,312		233,124
Pier 1 Imports, Inc.*	180,200		1,155,082
Rent-A-Center, Inc.*	32,829		665,116
Sally Beauty Holdings, Inc.*	4,395		36,039
Select Comfort Corp.*	4,156		36,365
Shoe Carnival, Inc.*	3,801		77,959
Sonic Automotive, Inc., Class A*	371,661		3,181,418
Stage Stores, Inc.	19,403		207,224
Stein Mart, Inc.*	7,952		49,541
Systemax, Inc.	903		13,608
Talbots, Inc.*	4,496		46,354
West Marine, Inc.*	219,309		2,386,082
Wet Seal, Inc., Class A*	13,594		49,618
			26,243,293
Textiles, Apparel & Luxury Goods (0.8%)
American Apparel, Inc.*	14,143		25,882
Columbia Sportswear Co.	5,719		266,906
Delta Apparel, Inc.*	2,724		39,770
Iconix Brand Group, Inc.*	36,006		517,406
Jones Apparel Group, Inc.	43,564		690,489
Kenneth Cole Productions, Inc., Class A*	2,661		29,298
K-Swiss, Inc., Class A*	6,200		69,626
Movado Group, Inc.*	7,799		83,293
Perry Ellis International, Inc.*	4,737		95,688
Quiksilver, Inc.*	64,749		239,571
Timberland Co., Class A*	60,122		970,970
Unifi, Inc.*	20,737		79,215
UniFirst Corp.	7,042		309,989
Warnaco Group, Inc.*	60,600		2,190,084
Weyco Group, Inc.	1,860		42,371
			5,650,558
Total Consumer Discretionary			82,883,089

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Consumer Staples (2.1%)
Beverages (0.0%)
MGP Ingredients, Inc.*	4,882	$	32,368
Food & Staples Retailing (0.8%)
Andersons, Inc.	9,209		300,121
Casey’s General Stores, Inc.	110,544		3,857,986
Great Atlantic & Pacific Tea Co., Inc.*	11,461		44,698
Ingles Markets, Inc., Class A	6,190		93,159
Nash Finch Co.	6,276		214,388
Pantry, Inc.*	10,438		147,280
Rite Aid Corp.*	251,870		246,833
Ruddick Corp.	10,487		324,992
Spartan Stores, Inc.	11,311		155,187
Susser Holdings Corp.*	3,131		36,914
Village Super Market, Inc., Class A	1,598		41,948
Weis Markets, Inc.	5,460		179,689
Winn-Dixie Stores, Inc.*	27,545		265,534
			5,908,729
Food Products (1.1%)
Alico, Inc.	1,201		27,599
American Italian Pasta Co., Class A*	8,306		439,138
B&G Foods, Inc., Class A	10,453		112,683
Cal-Maine Foods, Inc.	696		22,223
Chiquita Brands International, Inc.*	22,100		268,515
Darling International, Inc.*	298,414		2,241,089
Dole Food Co., Inc.*	17,758		185,216
Farmer Bros Co.	3,226		48,680
Fresh Del Monte Produce, Inc.*	19,809		400,934
Griffin Land & Nurseries, Inc.	1,100		27,940
Hain Celestial Group, Inc.*	20,330		410,056
Harbinger Group, Inc.*	4,737		29,748
Imperial Sugar Co.	6,215		62,772
J&J Snack Foods Corp.	427		17,977
John B. Sanfilippo & Son, Inc.*	3,980		57,591
Lancaster Colony Corp.	21,000		1,120,560
Omega Protein Corp.*	345,000		1,383,450
Pilgrim’s Pride Corp.*	13,507		88,741
Sanderson Farms, Inc.	1,238		62,816
Seneca Foods Corp., Class A*	3,839		123,846
Smart Balance, Inc.*	16,571		67,776
Tootsie Roll Industries, Inc.	1,198		28,333
TreeHouse Foods, Inc.*	17,349		792,155
			8,019,838
Household Products (0.1%)
Central Garden & Pet Co., Class A*	28,000		251,160
Oil-Dri Corp. of America	2,187		50,192
Spectrum Brands Holdings, Inc.*	8,982		227,783
			529,135
Personal Products (0.0%)
Elizabeth Arden, Inc.*	12,171		176,723
Nutraceutical International Corp.*	4,772		72,821
Prestige Brands Holdings, Inc.*	20,906		148,014

	Number of Shares	Value (Note 1)
Revlon, Inc., Class A*	2,790	$	31,136
Schiff Nutrition International, Inc.	4,499		32,033
			460,727
Tobacco (0.1%)
Alliance One International, Inc.*	44,283		157,647
Universal Corp.	12,061		478,581
Vector Group Ltd.	6,924		116,462
			752,690
Total Consumer Staples			15,703,487
Energy (7.9%)
Energy Equipment & Services (6.0%)
Allis-Chalmers Energy, Inc.*	18,129		37,346
Atwood Oceanics, Inc.*	110,500		2,819,960
Basic Energy Services, Inc.*	11,597		89,297
Bristow Group, Inc.*	141,368		4,156,219
Cal Dive International, Inc.*	46,599		272,604
Complete Production Services, Inc.*	38,714		553,610
Dawson Geophysical Co.*	3,958		84,187
Global Geophysical Services, Inc.*	3,787		26,395
Global Industries Ltd.*	445,731		2,001,332
Gulf Island Fabrication, Inc.	7,254		112,582
Gulfmark Offshore, Inc., Class A*	11,527		302,007
Helix Energy Solutions Group, Inc.*	256,274		2,760,071
Hercules Offshore, Inc.*	57,188		138,967
Hornbeck Offshore Services, Inc.*	147,598		2,154,931
ION Geophysical Corp.*	375,000		1,305,000
Key Energy Services, Inc.*	59,107		542,602
Matrix Service Co.*	256,135		2,384,617
Mitcham Industries, Inc.*	310,000		2,092,500
Natural Gas Services Group, Inc.*	146,122		2,210,826
Newpark Resources, Inc.*	41,500		251,075
Oil States International, Inc.*	78,900		3,122,862
Parker Drilling Co.*	463,152		1,829,450
PHI, Inc.*	6,612		93,163
Pioneer Drilling Co.*	26,965		152,892
Rowan Cos., Inc.*	195,000		4,278,300
Seahawk Drilling, Inc.*	5,294		51,458
Superior Well Services, Inc.*	11,335		189,521
T-3 Energy Services, Inc.*	6,591		183,889
Tesco Corp.*	14,914		183,144
TETRA Technologies, Inc.*	33,477		303,971
Tidewater, Inc.	158,000		6,117,760
Union Drilling, Inc.*	7,509		41,375
Unit Corp.*	77,200		3,133,548
Vantage Drilling Co.*	61,734		83,341
Willbros Group, Inc.*	19,515		144,411
			44,205,213

See Notes to Financial Statements.

277

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Oil, Gas & Consumable Fuels (1.9%)
Alon USA Energy, Inc.	3,623	$	23,042
Approach Resources, Inc.*	6,683		45,979
Arch Coal, Inc.	29,700		588,357
ATP Oil & Gas Corp.*	22,154		234,611
Berry Petroleum Co., Class A	25,612		658,741
Bill Barrett Corp.*	22,936		705,741
BPZ Resources, Inc.*	36,751		152,517
Cheniere Energy, Inc.*	18,357		51,767
Clayton Williams Energy, Inc.*	335		14,110
Cloud Peak Energy, Inc.*	12,548		166,386
Contango Oil & Gas Co.*	2,063		92,319
Crosstex Energy, Inc.*	20,222		129,623
CVR Energy, Inc.*	15,066		113,296
Delek U.S. Holdings, Inc.	6,765		49,384
Delta Petroleum Corp.*	91,944		79,072
DHT Holdings, Inc.	23,952		92,215
Energy Partners Ltd.*	14,276		174,310
Gastar Exploration Ltd.*	21,811		78,738
General Maritime Corp.	25,000		151,000
GeoResources, Inc.*	6,560		91,381
GMX Resources, Inc.*	15,305		99,329
Golar LNG Ltd.	16,881		166,615
Goodrich Petroleum Corp.*	12,225		146,700
Green Plains Renewable Energy, Inc.*	7,957		81,320
Harvest Natural Resources, Inc.*	16,826		124,008
International Coal Group, Inc.*	65,401		251,794
James River Coal Co.*	2,626		41,806
Knightsbridge Tankers Ltd.	8,675		152,593
Kodiak Oil & Gas Corp.*	3,368		10,744
Miller Petroleum, Inc.*	9,047		52,111
Nordic American Tanker Shipping Ltd.	23,266		653,542
Overseas Shipholding Group, Inc.	57,222		2,119,503
Patriot Coal Corp.*	38,977		457,980
Penn Virginia Corp.	22,763		457,764
Petroleum Development Corp.*	9,671		247,771
PetroQuest Energy, Inc.*	21,442		144,948
PostRock Energy Corp.*	34,500		165,600
Resolute Energy Corp.*	17,148		209,891
REX American Resources Corp.*	3,647		58,352
Rex Energy Corp.*	13,405		135,390
Rosetta Resources, Inc.*	10,287		203,785
Ship Finance International Ltd.	21,996		393,288
Stone Energy Corp.*	20,113		224,461
Swift Energy Co.*	18,948		509,891
Teekay Corp.	78,900		2,064,813
Teekay Tankers Ltd., Class A	13,120		146,026
USEC, Inc.*	56,100		267,036
VAALCO Energy, Inc.*	22,767		127,495
Venoco, Inc.*	7,642		125,864
W&T Offshore, Inc.	16,321		154,397
Warren Resources, Inc.*	30,123		87,357
Western Refining, Inc.*	25,298		127,249
World Fuel Services Corp.	13,174		341,734
			14,243,746
Total Energy			58,448,959

	Number of Shares	Value (Note 1)
Financials (19.7%)
Capital Markets (1.0%)
American Capital Ltd.*	169,185	$	815,472
Apollo Investment Corp.	96,444		899,823
Artio Global Investors, Inc.	1,339		21,076
BlackRock Kelso Capital Corp.	27,867		275,047
Calamos Asset Management, Inc., Class A	9,728		90,276
Capital Southwest Corp.	1,459		128,261
Cohen & Steers, Inc.	1,839		38,141
Cowen Group, Inc., Class A*	18,109		74,247
FBR Capital Markets Corp.*	26,270		87,479
Fifth Street Finance Corp.	22,581		249,068
GAMCO Investors, Inc., Class A	1,441		53,605
GFI Group, Inc.	13,671		76,284
Gladstone Capital Corp.	10,464		113,116
Gladstone Investment Corp.	10,893		63,506
Gleacher & Co., Inc.*	19,726		50,301
Golub Capital BDC, Inc.	3,671		52,936
Harris & Harris Group, Inc.*	15,806		64,647
Hercules Technology Growth Capital, Inc.	17,831		164,224
HFF, Inc., Class A*	3,649		25,798
International Assets Holding Corp.*	6,328		101,248
Investment Technology Group, Inc.*	21,373		343,250
JMP Group, Inc.	7,137		44,178
KBW, Inc.*	5,757		123,430
Knight Capital Group, Inc., Class A*	46,775		645,027
LaBranche & Co., Inc.*	18,712		80,087
Main Street Capital Corp.	6,101		91,088
MCG Capital Corp.	38,388		185,414
MF Global Holdings Ltd.*	43,037		245,741
MVC Capital, Inc.	11,300		145,996
NGP Capital Resources Co.	10,566		75,758
Oppenheimer Holdings, Inc., Class A	5,116		122,528
PennantPark Investment Corp.	15,625		149,219
Penson Worldwide, Inc.*	10,203		57,545
Piper Jaffray Cos., Inc.*	8,646		278,574
Prospect Capital Corp.	33,223		320,602
Safeguard Scientifics, Inc.*	9,339		98,620
Sanders Morris Harris Group, Inc.	10,574		58,686
Solar Capital Ltd.	2,956		56,933
Stifel Financial Corp.*	893		38,747
SWS Group, Inc.	14,317		136,011
Teton Advisors, Inc., Class B*†	74		633
Thomas Weisel Partners Group, Inc.*	5,361		31,576
TICC Capital Corp.	13,422		112,745
TradeStation Group, Inc.*	15,321		103,417
Triangle Capital Corp.	5,839		83,031
			7,073,391

See Notes to Financial Statements.

278

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Commercial Banks (5.1%)
1st Source Corp.	7,661	$	129,624
1st United Bancorp, Inc.*	10,805		79,525
Alliance Financial Corp./New York	2,339		65,024
American National Bankshares, Inc.	3,071		65,689
Ameris Bancorp*	11,831		114,288
Ames National Corp.	4,131		80,720
Arrow Financial Corp.	4,422		102,148
BancFirst Corp.	3,528		128,737
Banco Latinoamericano de Comercio Exterior S.A., Class E	13,308		166,217
Bancorp Rhode Island, Inc.	1,876		49,151
Bancorp, Inc./Delaware*	10,900		85,347
Bank of Marin Bancorp/California	2,685		85,732
Bank of the Ozarks, Inc.	5,693		201,931
Boston Private Financial Holdings, Inc.	34,767		223,552
Bridge Bancorp, Inc.	2,049		49,750
Bryn Mawr Bank Corp.	4,283		71,869
Camden National Corp.	3,845		105,622
Capital City Bank Group, Inc.	5,600		69,328
Cardinal Financial Corp.	14,277		131,919
Cathay General Bancorp	323,895		3,345,835
Center Financial Corp.*	17,531		90,285
Centerstate Banks, Inc.	10,996		110,950
Century Bancorp, Inc./Massachusetts, Class A	1,745		38,460
Chemical Financial Corp.	125,405		2,731,321
Citizens & Northern Corp.	6,020		64,414
Citizens Republic Bancorp, Inc.*	197,500		167,875
City Holding Co.	7,833		218,384
CNB Financial Corp./Pennsylvania	4,359		47,862
CoBiz Financial, Inc.	16,196		106,732
Columbia Banking System, Inc.	19,619		358,243
Community Bank System, Inc.	16,510		363,715
Community Trust Bancorp, Inc.	6,800		170,680
CVB Financial Corp.	44,784		425,448
Danvers Bancorp, Inc.	9,416		136,061
Eagle Bancorp, Inc.*	8,300		97,774
East West Bancorp, Inc.	225,000		3,431,250
Encore Bancshares, Inc.*	4,037		39,926
Enterprise Financial Services Corp.	7,357		70,921
F.N.B. Corp./Pennsylvania	56,806		456,152
Financial Institutions, Inc.	5,548		98,532
First Bancorp, Inc./Maine	4,297		56,420
First Bancorp/North Carolina	7,542		109,284
First Bancorp/Puerto Rico*	44,227		23,440
First Busey Corp.	25,200		114,156
First Commonwealth Financial Corp.	42,700		224,175
First Community Bancshares, Inc./Virginia	7,910		116,198
First Financial Bancorp	28,959		432,937
First Financial Bankshares, Inc.	5,823		280,028

	Number of Shares	Value (Note 1)
First Financial Corp./Indiana	5,550	$	143,246
First Interstate Bancsystem, Inc.	6,031		94,868
First Merchants Corp.	12,693		107,637
First Midwest Bancorp, Inc./Illinois	37,001		449,932
First of Long Island Corp.	2,930		75,330
First South Bancorp, Inc./North Carolina	4,120		43,713
FirstMerit Corp.	53,661		919,213
German American Bancorp, Inc.	5,625		86,062
Glacier Bancorp, Inc.	35,844		525,831
Great Southern Bancorp, Inc.	5,079		103,154
Green Bankshares, Inc.*	5,850		74,705
Hancock Holding Co.	14,523		484,487
Hanmi Financial Corp.*	24,874		31,341
Heartland Financial USA, Inc.	6,600		114,048
Heritage Financial Corp./Washington*	5,076		75,988
Home Bancorp, Inc.*	3,993		51,550
Home Bancshares, Inc./Arkansas	10,931		249,336
Hudson Valley Holding Corp.	5,742		132,755
IBERIABANK Corp.	13,343		686,898
Independent Bank Corp./Massachusetts	10,578		261,065
International Bancshares Corp.	26,544		443,019
Investors Bancorp, Inc.*	20,659		271,046
Lakeland Bancorp, Inc.	10,304		87,790
Lakeland Financial Corp.	8,040		160,639
MainSource Financial Group, Inc.	10,081		72,281
MB Financial, Inc.	26,394		485,386
Merchants Bancshares, Inc.	2,349		52,195
Metro Bancorp, Inc.*	6,680		82,431
Midsouth Bancorp, Inc.	3,912		49,956
MidWestOne Financial Group, Inc.	3,517		54,443
Nara Bancorp, Inc.*	18,855		158,948
National Bankshares, Inc./Virginia	3,528		85,483
National Penn Bancshares, Inc.	62,727		376,989
NBT Bancorp, Inc.	17,159		350,387
Northfield Bancorp, Inc./New Jersey	9,001		116,833
Old National Bancorp/Indiana	43,512		450,784
OmniAmerican Bancorp, Inc.*	5,993		67,661
Oriental Financial Group, Inc.	16,564		209,700
Orrstown Financial Services, Inc.	3,322		73,516
Pacific Continental Corp.	9,349		88,535
PacWest Bancorp	15,410		282,157
Park National Corp.	6,141		399,411
Peapack Gladstone Financial Corp.	4,280		50,076
Penns Woods Bancorp, Inc.	1,836		55,851
Peoples Bancorp, Inc./Ohio	58,278		845,031
Pinnacle Financial Partners, Inc.*	16,576		213,002
Porter Bancorp, Inc.	1,395		17,605
PrivateBancorp, Inc.	25,636		284,047
Prosperity Bancshares, Inc.	23,280		808,980
Renasant Corp.	10,439		149,800

See Notes to Financial Statements.

279

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Republic Bancorp, Inc./Kentucky, Class A	4,899	$	109,738
S&T Bancorp, Inc.	12,374		244,510
Sandy Spring Bancorp, Inc.	11,996		168,064
Santander BanCorp*	2,255		28,503
SCBT Financial Corp.	6,408		225,690
Sierra Bancorp	4,814		55,361
Simmons First National Corp., Class A	8,591		225,600
Southside Bancshares, Inc.	7,788		152,956
Southwest Bancorp, Inc./Oklahoma	9,708		129,019
State Bancorp, Inc./New York	8,477		80,531
StellarOne Corp.	11,456		146,293
Sterling Bancorp/New York	13,289		119,601
Sterling Bancshares, Inc./Texas	45,740		215,435
Suffolk Bancorp	3,448		106,681
Susquehanna Bancshares, Inc.	64,766		539,501
SVB Financial Group*	20,791		857,213
SY Bancorp, Inc.	5,053		116,118
Taylor Capital Group, Inc.*	4,748		61,439
Texas Capital Bancshares, Inc.*	18,212		298,677
Tompkins Financial Corp.	3,933		148,471
Tower Bancorp, Inc.	2,690		58,884
TowneBank/Virginia	11,782		171,075
Trico Bancshares	7,040		119,187
Trustmark Corp.	31,781		661,680
UMB Financial Corp.	15,857		563,875
Umpqua Holdings Corp.	57,085		655,336
Union First Market Bankshares Corp.	8,993		110,254
United Bankshares, Inc.	19,343		463,071
United Community Banks, Inc./Georgia*	46,919		185,330
Univest Corp. of Pennsylvania	8,286		143,514
Virginia Commerce Bancorp, Inc.*	10,027		62,669
Washington Banking Co.	7,814		99,941
Washington Trust Bancorp, Inc.	6,990		119,110
Webster Financial Corp.	32,650		585,741
WesBanco, Inc.	11,284		190,135
West Bancorp, Inc.*	8,002		54,494
West Coast Bancorp/Oregon	46,008		117,320
Westamerica Bancorp	8,125		426,725
Western Alliance Bancorp*	29,231		209,586
Whitney Holding Corp./Louisiana	47,241		436,979
Wilshire Bancorp, Inc.	9,838		86,083
Wintrust Financial Corp.	15,547		518,337
			37,557,499
Consumer Finance (0.9%)
Advance America Cash Advance Centers, Inc.	23,926		98,814
Cash America International, Inc.	9,996		342,563
CompuCredit Holdings Corp.	6,890		27,284
EZCORP, Inc., Class A*	196,776		3,650,195
First Cash Financial Services, Inc.*	105,000		2,289,000
First Marblehead Corp.*	27,000		63,450
Nelnet, Inc., Class A	11,988		231,129

	Number of Shares	Value (Note 1)
Student Loan Corp.	1,854	$	44,644
World Acceptance Corp.*	4,174		159,906
			6,906,985
Diversified Financial Services (0.2%)
Asset Acceptance Capital Corp.*	7,715		31,940
Asta Funding, Inc.	5,394		53,239
Compass Diversified Holdings	14,400		193,104
Encore Capital Group, Inc.*	2,232		46,001
Marlin Business Services Corp.*	4,306		52,059
Medallion Financial Corp.	7,156		47,230
NewStar Financial, Inc.*	13,011		82,750
PHH Corp.*	27,655		526,551
PICO Holdings, Inc.*	11,265		337,612
Primus Guaranty Ltd.*	8,446		31,166
			1,401,652
Insurance (7.0%)
Alterra Capital Holdings Ltd.	47,566		893,289
Ambac Financial Group, Inc.*	138,600		92,862
American Equity Investment Life Holding Co.	29,234		301,695
American National Insurance Co.	20,500		1,659,885
American Physicians Capital, Inc.	4,027		124,233
American Physicians Service Group, Inc.	3,196		78,142
American Safety Insurance Holdings Ltd.*	5,230		82,216
AMERISAFE, Inc.*	9,480		166,374
Amtrust Financial Services, Inc.	11,269		135,679
Argo Group International Holdings Ltd.	15,452		472,677
Arthur J. Gallagher & Co.	73,800		1,799,244
Aspen Insurance Holdings Ltd.	151,600		3,750,584
Baldwin & Lyons, Inc., Class B	4,066		85,427
Citizens, Inc./Texas*	17,981		119,753
CNA Surety Corp.*	8,900		143,023
CNO Financial Group, Inc.*	101,840		504,108
Delphi Financial Group, Inc., Class A	23,706		578,663
Donegal Group, Inc., Class A	5,593		68,738
EMC Insurance Group, Inc.	2,460		53,948
Employers Holdings, Inc.	21,473		316,297
Enstar Group, Ltd.*	3,477		231,012
Erie Indemnity Co., Class A	52,500		2,388,750
FBL Financial Group, Inc., Class A	6,718		141,078
First American Financial Corp.	47,845		606,675
First Mercury Financial Corp.	7,139		75,531
Flagstone Reinsurance Holdings S.A.	25,879		280,011
FPIC Insurance Group, Inc.*	4,993		128,070
Greenlight Capital Reinsurance Ltd., Class A*	14,000		352,660
Hallmark Financial Services*	5,852		58,227
Hanover Insurance Group, Inc.	37,500		1,631,250
Harleysville Group, Inc.	5,777		179,260
HCC Insurance Holdings, Inc.	19,600		485,296

See Notes to Financial Statements.

280

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Hilltop Holdings, Inc.*	19,915	$	199,349
Horace Mann Educators Corp.	19,663		300,844
Infinity Property & Casualty Corp.	6,604		304,973
Kansas City Life Insurance Co.	2,056		60,796
Maiden Holdings Ltd.	24,912		163,672
Meadowbrook Insurance Group, Inc.	27,324		235,806
Montpelier Reinsurance Holdings Ltd.	222,181		3,317,162
National Financial Partners Corp.*	21,416		209,234
National Interstate Corp.	3,400		67,388
National Western Life Insurance Co., Class A	1,092		166,814
Navigators Group, Inc.*	6,077		249,947
NYMAGIC, Inc.	2,527		48,746
Old Republic International Corp.	520,000		6,307,600
Phoenix Cos., Inc.*	57,772		121,899
Platinum Underwriters Holdings Ltd.	22,535		817,795
PMA Capital Corp., Class A*	16,301		106,772
Presidential Life Corp.	10,338		94,076
Primerica, Inc.*	11,799		252,971
ProAssurance Corp.*	16,241		921,839
Protective Life Corp.	294,000		6,288,660
RLI Corp.	49,217		2,584,385
Safety Insurance Group, Inc.	6,260		231,745
SeaBright Holdings, Inc.	11,024		104,507
Selective Insurance Group, Inc.	26,540		394,384
StanCorp Financial Group, Inc.	51,000		2,067,540
State Auto Financial Corp.	7,206		111,765
Stewart Information Services Corp.	8,642		77,951
Tower Group, Inc.	166,926		3,593,917
Transatlantic Holdings, Inc.	27,500		1,318,900
United America Indemnity Ltd., Class A*	13,903		102,326
United Fire & Casualty Co.	11,406		226,067
Universal Insurance Holdings, Inc.	8,398		35,104
Validus Holdings Ltd.	121,000		2,954,820
			52,024,411
Real Estate Investment Trusts (REITs) (4.0%)
Acadia Realty Trust (REIT)	16,386		275,613
Agree Realty Corp. (REIT)	4,483		104,544
Alexander’s, Inc. (REIT)	400		121,168
American Campus Communities, Inc. (REIT)	26,324		718,382
American Capital Agency Corp. (REIT)	16,180		427,476
Anworth Mortgage Asset Corp. (REIT)	59,623		424,516
Apollo Commercial Real Estate Finance, Inc. (REIT)	5,816		95,731
Ashford Hospitality Trust, Inc. (REIT)*	20,559		150,697
Associated Estates Realty Corp. (REIT)	7,585		98,226

	Number of Shares	Value (Note 1)
BioMed Realty Trust, Inc. (REIT)	57,041	$	917,790
CapLease, Inc. (REIT)	29,234		134,769
Capstead Mortgage Corp. (REIT)	35,100		388,206
CBL & Associates Properties, Inc. (REIT)	69,150		860,226
Cedar Shopping Centers, Inc. (REIT)	27,746		167,031
Chatham Lodging Trust (REIT)*	4,486		80,165
Chesapeake Lodging Trust (REIT)*	4,200		66,444
Cogdell Spencer, Inc. (REIT)	21,809		147,429
Colonial Properties Trust (REIT)	35,274		512,531
Colony Financial, Inc. (REIT)	7,831		132,344
Cousins Properties, Inc. (REIT)	45,261		305,059
CreXus Investment Corp. (REIT)	7,300		90,739
Cypress Sharpridge Investments, Inc. (REIT)	8,196		103,761
DCT Industrial Trust, Inc. (REIT)	106,140		479,753
DiamondRock Hospitality Co. (REIT)*	77,586		637,757
DuPont Fabros Technology, Inc. (REIT)	12,960		318,298
Dynex Capital, Inc. (REIT)	7,044		65,016
EastGroup Properties, Inc. (REIT)	7,615		270,942
Education Realty Trust, Inc. (REIT)	28,977		174,731
Entertainment Properties Trust (REIT)	23,214		883,757
Equity Lifestyle Properties, Inc. (REIT)	4,730		228,128
Equity One, Inc. (REIT)	16,099		251,144
Excel Trust, Inc. (REIT)*	7,661		91,932
Extra Space Storage, Inc. (REIT)	44,222		614,686
FelCor Lodging Trust, Inc. (REIT)*	17,232		85,988
First Industrial Realty Trust, Inc. (REIT)*	32,056		154,510
First Potomac Realty Trust (REIT)	18,879		271,291
Franklin Street Properties Corp. (REIT)	34,855		411,638
Getty Realty Corp. (REIT)	5,800		129,978
Gladstone Commercial Corp. (REIT)	4,478		73,171
Glimcher Realty Trust (REIT)	34,655		207,237
Government Properties Income Trust (REIT)	10,975		280,082
Hatteras Financial Corp. (REIT)	18,200		506,324
Healthcare Realty Trust, Inc. (REIT)	31,388		689,594
Hersha Hospitality Trust (REIT)	55,284		249,884

See Notes to Financial Statements.

281

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Highwoods Properties, Inc. (REIT)	33,700	$	935,512
Home Properties, Inc. (REIT)	13,443		605,876
Inland Real Estate Corp. (REIT)	37,472		296,778
Invesco Mortgage Capital, Inc. (REIT)	13,326		266,653
Investors Real Estate Trust (REIT)	37,710		332,979
iStar Financial, Inc. (REIT)*	46,889		209,125
Kilroy Realty Corp. (REIT)	27,325		812,372
Kite Realty Group Trust (REIT)	27,577		115,272
LaSalle Hotel Properties (REIT)	35,064		721,267
Lexington Realty Trust (REIT)	48,310		290,343
LTC Properties, Inc. (REIT)	10,184		247,166
Medical Properties Trust, Inc. (REIT)	55,713		525,931
MFA Financial, Inc. (REIT)	139,967		1,035,756
Mid-America Apartment Communities, Inc. (REIT)	5,750		295,953
Mission West Properties, Inc. (REIT)	9,403		64,128
Monmouth Real Estate Investment Corp. (REIT), Class A	13,860		102,425
MPG Office Trust, Inc. (REIT)*	23,652		69,300
National Health Investors, Inc. (REIT)	7,336		282,876
National Retail Properties, Inc. (REIT)	41,827		896,771
Newcastle Investment Corp. (REIT)*	31,080		83,294
NorthStar Realty Finance Corp. (REIT)	37,614		100,429
Omega Healthcare Investors, Inc. (REIT)	37,784		753,035
One Liberty Properties, Inc. (REIT)	4,513		67,289
Parkway Properties, Inc./Maryland (REIT)	10,905		158,886
Pebblebrook Hotel Trust (REIT)*	9,837		185,427
Pennsylvania Real Estate Investment Trust (REIT)	27,652		337,907
Pennymac Mortgage Investment Trust (REIT)*	8,332		132,479
Post Properties, Inc. (REIT)	24,580		558,703
Potlatch Corp. (REIT)	9,806		350,368
PS Business Parks, Inc. (REIT)	7,683		428,558
RAIT Financial Trust (REIT)*	40,194		75,163
Ramco-Gershenson Properties Trust (REIT)	19,142		193,334
Redwood Trust, Inc. (REIT)	39,123		572,761
Resource Capital Corp. (REIT)	22,161		125,874
Retail Opportunity Investments Corp.	20,580		198,597
Saul Centers, Inc. (REIT)	1,253		50,909
Sovran Self Storage, Inc. (REIT)	14,076		484,637
Strategic Hotels & Resorts, Inc. (REIT)*	53,109		233,149

	Number of Shares	Value (Note 1)
Sun Communities, Inc. (REIT)	9,563	$	248,255
Sunstone Hotel Investors, Inc. (REIT)*	49,599		492,518
Tanger Factory Outlet Centers (REIT)	8,880		367,454
Terreno Realty Corp. (REIT)*	4,673		82,759
Two Harbors Investment Corp. (REIT)	13,672		112,794
UMH Properties, Inc. (REIT)	5,377		54,146
Universal Health Realty Income Trust (REIT)	2,946		94,655
Urstadt Biddle Properties, Inc. (REIT), Class A	9,507		153,348
U-Store-It Trust (REIT)	46,502		346,905
Walter Investment Management Corp. (REIT)	12,907		211,029
Washington Real Estate Investment Trust (REIT)	23,003		634,653
Winthrop Realty Trust (REIT)	9,139		117,071
			29,511,557
Real Estate Management & Development (0.1%)
Avatar Holdings, Inc.*	4,431		84,987
Consolidated-Tomoka Land Co.	2,797		79,714
Forestar Group, Inc.*	18,255		327,860
Tejon Ranch Co.*	4,256		98,228
Thomas Properties Group, Inc.	17,632		58,362
			649,151
Thrifts & Mortgage Finance (1.4%)
Abington Bancorp, Inc.	10,506		91,612
Astoria Financial Corp.	43,015		591,886
Bank Mutual Corp.	22,358		126,993
BankFinancial Corp.	9,587		79,668
Beneficial Mutual Bancorp, Inc.*	17,100		168,948
Berkshire Hills Bancorp, Inc.	6,949		135,367
BofI Holding, Inc.*	3,512		49,589
Brookline Bancorp, Inc.	29,269		259,909
Clifton Savings Bancorp, Inc.	5,134		44,409
Dime Community Bancshares, Inc.	13,227		163,089
Doral Financial Corp.*	9,307		22,709
ESB Financial Corp.	4,460		58,203
ESSA Bancorp, Inc.	6,872		84,594
Federal Agricultural Mortgage Corp., Class C	4,793		67,246
First Financial Holdings, Inc.	8,310		95,149
Flagstar Bancorp, Inc.*	23,012		72,258
Flushing Financial Corp.	15,469		189,186
Fox Chase Bancorp, Inc.*	2,812		26,911
Home Federal Bancorp, Inc./Idaho	8,281		104,589
Kearny Financial Corp.	7,603		69,643
K-Fed Bancorp	1,894		17,198
Meridian Interstate Bancorp, Inc.*	4,668		50,881
MGIC Investment Corp.*	100,075		689,517
NASB Financial, Inc.	1,711		25,922
NewAlliance Bancshares, Inc.	52,722		591,014
Northwest Bancshares, Inc.	54,530		625,459
OceanFirst Financial Corp.	6,973		84,164

See Notes to Financial Statements.

282

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Ocwen Financial Corp.*	37,117	$	378,222
Oritani Financial Corp.	18,830		188,300
PMI Group, Inc.*	71,326		206,132
Provident Financial Services, Inc.	29,811		348,491
Provident New York Bancorp	19,476		172,363
Radian Group, Inc.	66,412		480,823
Rockville Financial, Inc.	4,181		49,796
Roma Financial Corp.	4,062		44,113
Territorial Bancorp, Inc.	6,000		113,700
TrustCo Bank Corp. NY/New York	623,242		3,490,155
United Financial Bancorp, Inc.	8,151		111,261
ViewPoint Financial Group	3,272		45,317
Waterstone Financial, Inc.*	3,732		12,726
Westfield Financial, Inc.	14,940		124,450
WSFS Financial Corp.	2,475		88,927
			10,440,889
Total Financials			145,565,535
Health Care (4.6%)
Biotechnology (0.2%)
Alkermes, Inc.*	33,768		420,412
Celera Corp.*	37,929		248,435
Enzon Pharmaceuticals, Inc.*	9,464		100,791
Exelixis, Inc.*	25,038		86,882
Infinity Pharmaceuticals, Inc.*	2,404		14,208
Inovio Pharmaceuticals, Inc.*	15,653		15,966
Lexicon Pharmaceuticals, Inc.*	65,743		84,151
Martek Biosciences Corp.*	16,676		395,388
Maxygen, Inc.*	14,164		78,327
Progenics Pharmaceuticals, Inc.*	4,182		22,917
			1,467,477
Health Care Equipment & Supplies (1.6%)
Alphatec Holdings, Inc.*	5,681		26,360
Analogic Corp.	1,800		81,918
AngioDynamics, Inc.*	12,277		181,086
Cantel Medical Corp.	6,367		106,329
CONMED Corp.*	14,588		271,774
CryoLife, Inc.*	12,815		69,073
Cutera, Inc.*	6,323		58,235
Cynosure, Inc., Class A*	4,896		52,730
DynaVox, Inc., Class A*	4,078		65,289
Exactech, Inc.*	1,346		22,990
Greatbatch, Inc.*	11,439		255,204
HealthTronics, Inc.*	4,965		23,981
ICU Medical, Inc.*	4,389		141,194
Invacare Corp.	13,604		282,147
Medical Action Industries, Inc.*	7,091		85,021
Merit Medical Systems, Inc.*	1,347		21,646
NxStage Medical, Inc.*	970		14,395
Palomar Medical Technologies, Inc.*	3,897		43,607
Rochester Medical Corp.*	180,000		1,701,000
RTI Biologics, Inc.*	25,692		75,278
Solta Medical, Inc.*	20,865		39,643
STERIS Corp.	108,437		3,370,222
SurModics, Inc.*	3,639		59,716
Symmetry Medical, Inc.*	17,907		188,740
Syneron Medical Ltd.*	13,310		136,827

	Number of Shares	Value (Note 1)
Teleflex, Inc.	47,900	$	2,600,012
TomoTherapy, Inc.*	15,857		50,425
West Pharmaceutical Services, Inc.	45,000		1,642,050
Wright Medical Group, Inc.*	7,033		116,818
Young Innovations, Inc.	1,928		54,273
			11,837,983
Health Care Providers & Services (1.4%)
Allied Healthcare International, Inc.*	21,585		50,077
America Service Group, Inc.	223,000		3,835,600
American Dental Partners, Inc.*	7,447		90,183
AMERIGROUP Corp.*	22,035		715,697
AMN Healthcare Services, Inc.*	8,977		67,148
Amsurg Corp.*	15,427		274,909
Assisted Living Concepts, Inc., Class A*	4,956		146,648
BioScrip, Inc.*	5,300		27,772
Capital Senior Living Corp.*	13,600		67,592
CardioNet, Inc.*	8,819		48,328
Centene Corp.*	24,263		521,654
Chindex International, Inc.*	3,973		49,782
Continucare Corp.*	3,830		12,830
Cross Country Healthcare, Inc.*	15,609		140,325
Five Star Quality Care, Inc.*	15,746		47,553
Gentiva Health Services, Inc.*	9,520		257,135
Hanger Orthopedic Group, Inc.*	6,442		115,698
HealthSouth Corp.*	2,636		49,320
Healthspring, Inc.*	28,866		447,712
Healthways, Inc.*	17,002		202,664
Kindred Healthcare, Inc.*	19,500		250,380
Magellan Health Services, Inc.*	16,651		604,764
MedCath Corp.*	10,232		80,423
Molina Healthcare, Inc.*	2,737		78,826
National Healthcare Corp.	4,417		152,210
Odyssey HealthCare, Inc.*	978		26,132
Owens & Minor, Inc.	6,624		187,989
PharMerica Corp.*	9,248		135,576
Prospect Medical Holdings, Inc.*	2,620		15,851
Psychiatric Solutions, Inc.*	7,645		250,144
RehabCare Group, Inc.*	10,023		218,301
Res-Care, Inc.*	12,612		121,832
Select Medical Holdings Corp.*	24,929		169,019
Skilled Healthcare Group, Inc., Class A*	9,802		66,556
Sun Healthcare Group, Inc.*	21,710		175,417
Triple-S Management Corp., Class B*	10,038		186,205
Universal American Corp.*	15,929		229,378
WellCare Health Plans, Inc.*	21,158		502,291
			10,619,921
Health Care Technology (0.0%)
Vital Images, Inc.*	2,147		27,374
Life Sciences Tools & Services (1.1%)
Affymetrix, Inc.*	31,426		185,413
Albany Molecular Research, Inc.*	12,088		62,495
Cambrex Corp.*	15,101		47,568
Furiex Pharmaceuticals, Inc.*	1		10
Kendle International, Inc.*	7,034		81,032

See Notes to Financial Statements.

283

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Mettler-Toledo International, Inc.*	32,000	$	3,572,160
Pharmaceutical Product Development, Inc.	150,300		3,819,123
			7,767,801
Pharmaceuticals (0.3%)
BMP Sunstone Corp.*	11,267		58,025
Caraco Pharmaceutical Laboratories Ltd.*	3,000		14,160
Cornerstone Therapeutics, Inc.*	4,108		24,196
Cypress Bioscience, Inc.*	17,016		39,137
Impax Laboratories, Inc.*	3,349		63,832
Lannett Co., Inc.*	3,854		17,613
Medicines Co.*	11,928		90,772
Medicis Pharmaceutical Corp., Class A	30,128		659,200
Par Pharmaceutical Cos., Inc.*	17,582		456,429
Sucampo Pharmaceuticals, Inc., Class A*	5,407		19,087
SuperGen, Inc.*	26,798		54,132
ViroPharma, Inc.*	38,901		436,080
			1,932,663
Total Health Care			33,653,219
Industrials (20.1%)
Aerospace & Defense (1.0%)
AAR Corp.*	19,431		325,275
Applied Signal Technology, Inc.	3,510		68,972
Argon ST, Inc.*	6,668		228,646
Ceradyne, Inc.*	92,855		1,984,311
Cubic Corp.	4,392		159,781
Curtiss-Wright Corp.	22,840		663,274
Ducommun, Inc.	5,254		89,843
DynCorp International, Inc., Class A*	7,347		128,719
Esterline Technologies Corp.*	14,776		701,121
GenCorp, Inc.*	26,950		118,041
Global Defense Technology & Systems, Inc.*	1,635		20,879
Herley Industries, Inc.*	6,782		96,711
Hexcel Corp.*	8,428		130,718
Kratos Defense & Security Solutions, Inc.*	7,801		81,911
Ladish Co., Inc.*	7,850		178,352
LMI Aerospace, Inc.*	4,382		69,104
Moog, Inc., Class A*	22,640		729,687
Orbital Sciences Corp.*	16,613		261,987
Teledyne Technologies, Inc.*	13,071		504,279
Triumph Group, Inc.	8,314		553,962
			7,095,573
Air Freight & Logistics (0.1%)
Air Transport Services Group, Inc.*	26,919		128,134
Atlas Air Worldwide Holdings, Inc.*	12,879		611,753
Dynamex, Inc.*	2,779		33,904
			773,791

	Number of Shares	Value (Note 1)
Airlines (0.8%)
AirTran Holdings, Inc.*	66,189	$	321,016
Alaska Air Group, Inc.*	16,862		757,947
Hawaiian Holdings, Inc.*	19,375		100,169
JetBlue Airways Corp.*	121,698		668,122
Pinnacle Airlines Corp.*	9,205		50,075
Republic Airways Holdings, Inc.*	16,943		103,522
SkyWest, Inc.	274,445		3,353,718
U.S. Airways Group, Inc.*	80,485		692,976
			6,047,545
Building Products (2.2%)
A.O. Smith Corp.	21,847		1,052,807
American Woodmark Corp.	136,583		2,335,569
Ameron International Corp.	4,616		278,483
Apogee Enterprises, Inc.	250,250		2,710,208
Builders FirstSource, Inc.*	19,024		45,658
Gibraltar Industries, Inc.*	265,083		2,677,338
Griffon Corp.*	22,395		247,689
Insteel Industries, Inc.	8,481		98,549
PGT, Inc.*	6,868		17,651
Quanex Building Products Corp.	14,969		258,814
Simpson Manufacturing Co., Inc.	101,874		2,501,007
Universal Forest Products, Inc.	126,675		3,839,519
			16,063,292
Commercial Services & Supplies (2.6%)
ABM Industries, Inc.	197,629		4,140,328
ACCO Brands Corp.*	27,438		136,916
American Reprographics Co.*	15,611		136,284
ATC Technology Corp.*	6,072		97,881
Bowne & Co., Inc.	5,198		58,322
Brink’s Co.	3,768		71,705
Copart, Inc.*	85,000		3,043,850
Cornell Cos., Inc.*	5,700		153,159
Courier Corp.	5,096		62,222
Deluxe Corp.	1,591		29,831
EnergySolutions, Inc.	44,185		224,902
Ennis, Inc.	10,308		154,723
Fuel Tech, Inc.*	8,980		56,754
G&K Services, Inc., Class A	9,330		192,664
GEO Group, Inc.*	7,721		160,211
Kimball International, Inc., Class B	15,826		87,518
M&F Worldwide Corp.*	5,075		137,532
McGrath RentCorp	7,089		161,487
Metalico, Inc.*	18,786		74,768
Mine Safety Appliances Co.	113,434		2,810,894
Mobile Mini, Inc.*	230,089		3,745,849
Multi-Color Corp.	4,959		50,780
Steelcase, Inc., Class A	33,907		262,779
Sykes Enterprises, Inc.*	17,977		255,813
Team, Inc.*	188,682		2,462,300
United Stationers, Inc.*	4,471		243,535
Viad Corp.	9,006		158,956
Waste Services, Inc.*	13,586		158,413
			19,330,376
Construction & Engineering (1.8%)
Argan, Inc.*	3,185		33,220
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	80,000		1,504,800
Comfort Systems USA, Inc.	18,800		181,608

See Notes to Financial Statements.

284

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Dycom Industries, Inc.*	19,370	$	165,613
EMCOR Group, Inc.*	111,816		2,590,777
Furmanite Corp.*	370,000		1,468,900
Granite Construction, Inc.	135,865		3,203,697
Great Lakes Dredge & Dock Corp.	18,863		113,178
Insituform Technologies, Inc., Class A*	2,789		57,119
Layne Christensen Co.*	9,789		237,579
MasTec, Inc.*	26,158		245,885
Michael Baker Corp.*	3,436		119,916
MYR Group, Inc.*	8,425		140,613
Northwest Pipe Co.*	4,595		87,305
Orion Marine Group, Inc.*	195,000		2,769,000
Pike Electric Corp.*	8,239		77,611
Primoris Services Corp.	8,685		54,715
Sterling Construction Co., Inc.*	8,070		104,426
Tutor Perini Corp.*	13,322		219,547
			13,375,509
Electrical Equipment (1.2%)
Advanced Battery Technologies, Inc.*	10,246		33,607
AZZ, Inc.	413		15,186
Baldor Electric Co.	1,410		50,873
Brady Corp., Class A	139,366		3,473,000
Broadwind Energy, Inc.*	33,966		95,105
Encore Wire Corp.	9,153		166,493
EnerSys*	17,252		368,675
Franklin Electric Co., Inc.	59,221		1,706,749
Generac Holdings, Inc.*	6,100		85,461
Hoku Corp.*	7,817		26,109
LSI Industries, Inc.	9,791		47,780
Powell Industries, Inc.*	36,594		1,000,480
Preformed Line Products Co.	1,043		29,152
Roper Industries, Inc.	35,000		1,958,600
			9,057,270
Industrial Conglomerates (0.6%)
Carlisle Cos., Inc.	108,000		3,902,040
Otter Tail Corp.	16,814		325,015
Seaboard Corp.	162		244,620
Standex International Corp.	5,161		130,831
Tredegar Corp.	11,425		186,456
United Capital Corp.*	919		22,433
			4,811,395
Machinery (5.4%)
Alamo Group, Inc.	3,077		66,771
Albany International Corp., Class A	11,102		179,741
American Railcar Industries, Inc.*	4,736		57,211
Ampco-Pittsburgh Corp.	3,836		79,904
Astec Industries, Inc.*	97,882		2,714,268
Barnes Group, Inc.	3,122		51,170
Briggs & Stratton Corp.	110,675		1,883,688
Cascade Corp.	4,541		161,705
Chart Industries, Inc.*	14,114		219,896
CIRCOR International, Inc.	51,605		1,320,056
CLARCOR, Inc.	1,646		58,466
CNH Global N.V.*	13,500		305,775

	Number of Shares	Value (Note 1)
Columbus McKinnon Corp.*	9,551	$	133,427
Commercial Vehicle Group, Inc.*	12,048		123,010
Douglas Dynamics, Inc.*	5,631		64,756
Dynamic Materials Corp.	3,784		60,695
EnPro Industries, Inc.*	5,997		168,816
ESCO Technologies, Inc.	12,958		333,668
Federal Signal Corp.	30,940		186,878
Flow International Corp.*	100		236
Force Protection, Inc.*	34,423		141,134
FreightCar America, Inc.	5,895		133,345
Gardner Denver, Inc.	76,300		3,402,217
Graco, Inc.	114,500		3,227,755
Greenbrier Cos., Inc.*	9,503		106,434
Kadant, Inc.*	4,600		80,132
Kennametal, Inc.	118,700		3,018,541
L.B. Foster Co., Class A*	5,117		132,633
Lincoln Electric Holdings, Inc.	51,900		2,646,381
Lydall, Inc.*	8,445		64,520
Met-Pro Corp.	7,029		75,632
Miller Industries, Inc.	5,025		67,687
Mueller Industries, Inc.	164,711		4,051,891
Mueller Water Products, Inc., Class A	5,126		19,017
NACCO Industries, Inc., Class A	231		20,504
Nordson Corp.	64,500		3,617,160
Robbins & Myers, Inc.	13,493		293,338
Tecumseh Products Co., Class A*	9,310		103,527
Thermadyne Holdings Corp.*	4,044		43,716
Timken Co.	29,000		753,710
Titan International, Inc.	14,857		148,124
Trinity Industries, Inc.	222,000		3,933,840
Twin Disc, Inc.	3,764		42,759
Wabash National Corp.*	402,167		2,859,407
Watts Water Technologies, Inc., Class A	83,401		2,390,273
			39,543,814
Marine (0.5%)
American Commercial Lines, Inc.*	4,537		102,128
Baltic Trading Ltd.*	8,051		91,540
Eagle Bulk Shipping, Inc.*	31,071		131,119
Excel Maritime Carriers Ltd.*	19,341		99,026
Genco Shipping & Trading Ltd.*	12,898		193,341
Horizon Lines, Inc., Class A	15,009		63,488
International Shipholding Corp.	2,759		61,057
Kirby Corp.*	75,000		2,868,750
Ultrapetrol Bahamas Ltd.*	11,241		48,898
			3,659,347
Professional Services (0.5%)
Administaff, Inc.	71,000		1,715,360
Barrett Business Services, Inc.	1,349		16,728
CBIZ, Inc.*	9,967		63,390
CDI Corp.	5,462		84,825
CRA International, Inc.*	4,535		85,394
Dolan Media Co.*	8,469		94,175
GP Strategies Corp.*	5,446		39,538

See Notes to Financial Statements.

285

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Heidrick & Struggles International, Inc.	8,033	$	183,313
Hill International, Inc.*	9,834		39,926
Huron Consulting Group, Inc.*	7,399		143,615
ICF International, Inc.*	5,545		132,692
Kelly Services, Inc., Class A*	11,855		176,284
Korn/Ferry International*	21,685		301,421
LECG Corp.*	10,754		27,960
Navigant Consulting, Inc.*	19,123		198,497
On Assignment, Inc.*	16,390		82,442
School Specialty, Inc.*	6,029		108,944
SFN Group, Inc.*	22,703		123,958
TrueBlue, Inc.*	8,167		91,389
VSE Corp.	1,051		33,443
			3,743,294
Road & Rail (2.2%)
Amerco, Inc.*	4,283		235,779
Arkansas Best Corp.	12,646		262,405
Celadon Group, Inc.*	4,021		56,857
Genesee & Wyoming, Inc., Class A*	197,000		7,350,070
Marten Transport Ltd.*	6,491		134,883
Old Dominion Freight Line, Inc.*	1,388		48,774
P.A.M. Transportation Services, Inc.*	2,364		35,531
Patriot Transportation Holding, Inc.*	701		56,718
Quality Distribution, Inc.*	3,294		17,030
RailAmerica, Inc.*	11,364		112,731
Roadrunner Transportation Systems, Inc.*	2,073		29,457
Saia, Inc.*	233,006		3,495,090
Universal Truckload Services, Inc.*	3,093		43,085
USA Truck, Inc.*	3,966		63,932
Vitran Corp., Inc.*	309,700		4,097,331
Werner Enterprises, Inc.	18,559		406,257
			16,445,930
Trading Companies & Distributors (1.2%)
Aceto Corp.	12,677		72,639
Aircastle Ltd.	25,262		198,307
Applied Industrial Technologies, Inc.	56,600		1,433,112
CAI International, Inc.*	3,263		38,830
DXP Enterprises, Inc.*	160,000		2,504,000
H&E Equipment Services, Inc.*	14,000		104,860
Interline Brands, Inc.*	15,000		259,350
Kaman Corp.	5,978		132,233
Lawson Products, Inc.	2,101		35,675
RSC Holdings, Inc.*	24,180		149,191
Rush Enterprises, Inc., Class A*	15,840		211,622
TAL International Group, Inc.	141,500		3,179,505
Titan Machinery, Inc.*	4,365		57,312
United Rentals, Inc.*	30,189		281,362
			8,657,998
Total Industrials			148,605,134

	Number of Shares	Value (Note 1)
Information Technology (4.3%)
Communications Equipment (0.5%)
ADC Telecommunications, Inc.*	7,088	$	52,522
Anaren, Inc.*	6,484		96,871
Arris Group, Inc.*	50,493		514,524
Aviat Networks, Inc.*	29,814		108,225
Bel Fuse, Inc., Class B	5,009		82,698
BigBand Networks, Inc.*	13,070		39,471
Black Box Corp.	8,809		245,683
Comtech Telecommunications Corp.*	8,869		265,449
Digi International, Inc.*	10,480		86,670
EMS Technologies, Inc.*	7,147		107,348
Emulex Corp.*	39,822		365,566
Extreme Networks, Inc.*	33,009		89,124
Globecomm Systems, Inc.*	10,283		84,835
Harmonic, Inc.*	37,929		206,334
Hughes Communications, Inc.*	1,629		39,633
Infinera Corp.*	3,204		20,602
Oplink Communications, Inc.*	6,406		91,798
Opnext, Inc.*	21,395		35,302
PC-Tel, Inc.*	9,900		49,896
Powerwave Technologies, Inc.*	66,455		102,341
SeaChange International, Inc.*	7,551		62,145
Sonus Networks, Inc.*	18,067		48,961
Sycamore Networks, Inc.	9,642		160,250
Symmetricom, Inc.*	22,075		112,362
Tekelec*	29,576		391,586
UTStarcom, Inc.*	58,519		107,675
ViaSat, Inc.*	10,362		337,387
			3,905,258
Computers & Peripherals (0.3%)
ADPT Corp.*	62,800		181,492
Avid Technology, Inc.*	14,417		183,528
Cray, Inc.*	10,055		56,107
Diebold, Inc.	18,900		515,025
Electronics for Imaging, Inc.*	22,709		221,413
Hutchinson Technology, Inc.*	11,496		49,778
Imation Corp.*	14,856		136,527
Intermec, Inc.*	9,696		99,384
Intevac, Inc.*	6,894		73,559
Novatel Wireless, Inc.*	13,813		79,286
Quantum Corp.*	9,565		17,982
Rimage Corp.*	4,775		75,588
Silicon Graphics International Corp.*	14,287		101,152
			1,790,821
Electronic Equipment, Instruments & Components (1.6%)
Agilysys, Inc.	8,300		55,527
Anixter International, Inc.*	7,016		298,882
Benchmark Electronics, Inc.*	310,400		4,919,840
Checkpoint Systems, Inc.*	11,965		207,712
Cogent, Inc.*	19,277		173,686
Cognex Corp.	4,251		74,733
Coherent, Inc.*	3,963		135,931
CPI International, Inc.*	3,300		51,447
CTS Corp.	12,214		112,857
Daktronics, Inc.	13,575		101,812
Electro Rent Corp.	8,249		105,505

See Notes to Financial Statements.

286

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Electro Scientific Industries, Inc.*	12,585	$	168,136
Gerber Scientific, Inc.*	12,482		66,779
ICx Technologies, Inc.*	5,341		38,989
Insight Enterprises, Inc.*	17,695		232,866
L-1 Identity Solutions, Inc.*	37,824		309,778
Littelfuse, Inc.*	1,606		50,766
Measurement Specialties, Inc.*	7,320		100,284
Mercury Computer Systems, Inc.*	10,200		119,646
Methode Electronics, Inc.	7,988		77,803
Multi-Fineline Electronix, Inc.*	681		16,998
Newport Corp.*	12,819		116,140
OSI Systems, Inc.*	2,077		57,678
Park Electrochemical Corp.	4,012		97,933
PC Connection, Inc.*	4,829		29,264
RadiSys Corp.*	3,257		31,007
Richardson Electronics Ltd.	5,246		47,214
Rofin-Sinar Technologies, Inc.*	111,195		2,315,080
Rogers Corp.*	5,293		146,987
Scansource, Inc.*	13,391		333,838
SMART Modular Technologies (WWH), Inc.*	10,763		62,963
Spectrum Control, Inc.*	4,079		57,024
SYNNEX Corp.*	11,147		285,586
Tessco Technologies, Inc.	1,132		18,904
TTM Technologies, Inc.*	30,726		291,897
X-Rite, Inc.*	16,400		60,516
Zygo Corp.*	7,504		60,857
			11,432,865
Internet Software & Services (0.3%)
DealerTrack Holdings, Inc.*	3,269		53,775
Digital River, Inc.*	17,053		407,737
DivX, Inc.*	9,522		72,938
EarthLink, Inc.	53,700		427,452
InfoSpace, Inc.*	15,575		117,124
Internap Network Services Corp.*	26,047		108,616
Internet Brands, Inc., Class A*	11,081		114,467
Internet Capital Group, Inc.*	16,796		127,650
j2 Global Communications, Inc.*	6,838		149,342
Keynote Systems, Inc.	5,604		50,548
Knot, Inc.*	6,869		53,441
Limelight Networks, Inc.*	3,569		15,668
Marchex, Inc., Class B	9,969		38,381
ModusLink Global Solutions, Inc.*	20,914		126,111
Perficient, Inc.*	3,781		33,689
RealNetworks, Inc.*	41,446		136,772
TechTarget, Inc.*	2,495		13,423
United Online, Inc.	33,929		195,431
ValueClick, Inc.*	8,819		94,275
			2,336,840
IT Services (0.3%)
CACI International, Inc., Class A*	13,992		594,380
CIBER, Inc.*	31,396		86,967
Computer Task Group, Inc.*	2,589		16,725

	Number of Shares	Value (Note 1)
CSG Systems International, Inc.*	9,109	$	166,968
Euronet Worldwide, Inc.*	24,105		308,303
Global Cash Access Holdings, Inc.*	2,600		18,746
Hackett Group, Inc.*	5,827		16,374
infoGROUP, Inc.*	3,734		29,797
Integral Systems, Inc.*	8,471		53,791
ManTech International Corp., Class A*	964		41,038
Online Resources Corp.*	8,869		36,806
SRA International, Inc., Class A*	19,744		388,365
Tier Technologies, Inc., Class B*	4,128		25,098
Unisys Corp.*	12,682		234,490
Virtusa Corp.*	3,195		29,809
			2,047,657
Semiconductors & Semiconductor Equipment (1.0%)
Actel Corp.*	4,679		59,985
Advanced Analogic Technologies, Inc.*	16,787		53,551
Advanced Energy Industries, Inc.*	6,674		82,023
Alpha & Omega Semiconductor Ltd.*	2,272		31,376
ANADIGICS, Inc.*	8,640		37,670
ATMI, Inc.*	14,742		215,823
Axcelis Technologies, Inc.*	46,873		72,653
AXT, Inc.*	9,140		41,221
Brooks Automation, Inc.*	13,454		103,999
Cabot Microelectronics Corp.*	9,157		316,741
Cohu, Inc.	234,697		2,846,875
Cymer, Inc.*	11,384		341,975
DSP Group, Inc.*	11,614		74,213
Energy Conversion Devices, Inc.*	17,505		71,771
Entegris, Inc.*	44,970		178,531
Evergreen Solar, Inc.*	94,622		64,532
Exar Corp.*	16,019		111,012
FEI Co.*	13,605		268,155
FormFactor, Inc.*	24,469		264,265
GSI Technology, Inc.*	2,920		16,702
Ikanos Communications, Inc.*	12,508		20,138
Integrated Device Technology, Inc.*	30,397		150,465
Integrated Silicon Solution, Inc.*	1,424		10,737
IXYS Corp.*	4,544		40,169
Kopin Corp.*	20,463		69,370
Microsemi Corp.*	25,186		368,471
Microtune, Inc.*	23,383		49,806
MKS Instruments, Inc.*	14,631		273,892
OmniVision Technologies, Inc.*	6,152		131,899
Pericom Semiconductor Corp.*	11,263		108,125
Photronics, Inc.*	26,767		120,987
Sigma Designs, Inc.*	13,013		130,260
Silicon Image, Inc.*	9,118		32,004
Standard Microsystems Corp.*	7,732		180,001
Tessera Technologies, Inc.*	10,362		166,310
Trident Microsystems, Inc.*	32,000		45,440

See Notes to Financial Statements.

287

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Ultratech, Inc.*	2,319	$	37,730
Zoran Corp.*	22,716		216,711
			7,405,588
Software (0.3%)
CDC Corp., Class A*	48,670		101,234
Double-Take Software, Inc.*	10,553		110,701
Epicor Software Corp.*	9,693		77,447
EPIQ Systems, Inc.*	15,161		196,032
ePlus, Inc.*	1,875		32,812
Fair Isaac Corp.	22,837		497,618
FalconStor Software, Inc.*	8,058		21,273
JDA Software Group, Inc.*	16,904		371,550
Mentor Graphics Corp.*	30,552		270,385
Quest Software, Inc.*	2,947		53,164
S1 Corp.*	25,897		155,641
Smith Micro Software, Inc.*	1,954		18,583
SonicWALL, Inc.*	2,929		34,416
Symyx Technologies, Inc.*	16,411		82,219
Take-Two Interactive Software, Inc.*	32,143		289,287
TeleCommunication Systems, Inc., Class A*	13,380		55,393
THQ, Inc.*	6,700		28,944
VASCO Data Security International, Inc.*	2,881		17,776
			2,414,475
Total Information Technology			31,333,504
Materials (5.2%)
Chemicals (2.4%)
A. Schulman, Inc.	14,909		282,675
American Vanguard Corp.	10,285		81,560
Arch Chemicals, Inc.	4,474		137,531
Cabot Corp.	101,300		2,442,343
Ferro Corp.*	24,295		179,054
Georgia Gulf Corp.*	16,529		220,497
H.B. Fuller Co.	111,800		2,123,082
Hawkins, Inc.	775		18,662
Innophos Holdings, Inc.	8,000		208,640
Kraton Performance Polymers, Inc.*	872		16,385
Landec Corp.*	10,940		64,437
Minerals Technologies, Inc.	8,580		407,893
NL Industries, Inc.	2,000		12,200
Olin Corp.	16,392		296,531
OM Group, Inc.*	15,404		367,539
PolyOne Corp.*	14,060		118,385
Quaker Chemical Corp.	1,545		41,854
Rockwood Holdings, Inc.*	6,697		151,955
RPM International, Inc.	216,300		3,858,792
Sensient Technologies Corp.	82,194		2,131,290
Spartech Corp.*	8,418		86,285
TPC Group, Inc.*	3,928		65,205
W.R. Grace & Co.*	30,481		641,320
Westlake Chemical Corp.	211,578		3,929,003
Zoltek Cos., Inc.*	13,855		117,352
			18,000,470

	Number of Shares	Value (Note 1)
Construction Materials (0.0%)
Headwaters, Inc.*	30,121	$	85,544
Texas Industries, Inc.	10,430		308,102
			393,646
Containers & Packaging (0.5%)
AEP Industries, Inc.*	1,241		29,635
AptarGroup, Inc.	58,400		2,208,688
Boise, Inc.*	34,575		189,817
Graham Packaging Co., Inc.*	7,881		94,336
Graphic Packaging Holding Co.*	56,042		176,532
Myers Industries, Inc.	17,687		143,088
Rock-Tenn Co., Class A	12,588		625,246
Silgan Holdings, Inc.	13,635		386,961
			3,854,303
Metals & Mining (1.9%)
A.M. Castle & Co.*	8,343		115,884
Brush Engineered Materials, Inc.*	9,360		187,013
Century Aluminum Co.*	31,752		280,370
Coeur d’Alene Mines Corp.*	41,141		649,205
Commercial Metals Co.	130,000		1,718,600
Haynes International, Inc.	5,285		162,936
Hecla Mining Co.*	121,054		631,902
Horsehead Holding Corp.*	20,598		155,721
Kaiser Aluminum Corp.	7,574		262,591
Metals USA Holdings Corp.*	2,676		40,006
Olympic Steel, Inc.	4,558		104,697
Reliance Steel & Aluminum Co.	115,000		4,157,250
RTI International Metals, Inc.*	13,037		314,322
Steel Dynamics, Inc.	275,000		3,627,250
Thompson Creek Metals Co., Inc.*	61,238		531,546
U.S. Energy Corp. Wyoming*	13,216		62,776
United States Steel Corp.	13,600		524,280
Universal Stainless & Alloy Products, Inc.*	3,421		54,702
Worthington Industries, Inc.	11,830		152,134
			13,733,185
Paper & Forest Products (0.4%)
Buckeye Technologies, Inc.*	19,623		195,249
Clearwater Paper Corp.*	1,519		83,180
KapStone Paper and Packaging Corp.*	19,083		212,585
Louisiana-Pacific Corp.*	63,281		423,350
Neenah Paper, Inc.	3,746		68,552
P.H. Glatfelter Co.	143,980		1,562,183
Wausau Paper Corp.*	21,152		143,199
			2,688,298
Total Materials			38,669,902
Telecommunication Services (0.4%)
Diversified Telecommunication Services (0.4%)
Cincinnati Bell, Inc.*	72,559		218,403
Consolidated Communications Holdings, Inc.	2,811		47,815
General Communication, Inc., Class A*	23,714		179,989

See Notes to Financial Statements.

288

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Global Crossing Ltd.*	5,952	$	62,913
Globalstar, Inc.*	34,308		52,834
IDT Corp., Class B*	7,085		90,334
Iridium Communications, Inc.*	16,812		168,792
PAETEC Holding Corp.*	19,864		67,736
Premiere Global Services, Inc.*	274,646		1,741,256
Vonage Holdings Corp.*	30,674		70,550
			2,700,622
Wireless Telecommunication Services (0.0%)
FiberTower Corp.*	22,390		105,681
ICO Global Communications Holdings Ltd.*	19,187		30,891
USA Mobility, Inc.	4,670		60,336
			196,908
Total Telecommunication Services			2,897,530
Utilities (3.4%)
Electric Utilities (1.6%)
Allete, Inc.	15,479		530,001
Central Vermont Public Service Corp.	6,125		120,907
Cleco Corp.	30,389		802,573
El Paso Electric Co.*	22,068		427,016
Empire District Electric Co.	19,749		370,689
IDACORP, Inc.	24,096		801,674
MGE Energy, Inc.	11,570		416,983
NV Energy, Inc.	330,700		3,905,567
PNM Resources, Inc.	239,319		2,675,586
Portland General Electric Co.	37,435		686,184
UIL Holdings Corp.	14,875		372,321
UniSource Energy Corp.	18,064		545,172
Unitil Corp.	5,263		110,049
			11,764,722
Gas Utilities (1.3%)
Atmos Energy Corp.	37,000		1,000,480
Chesapeake Utilities Corp.	4,739		148,805
Energen Corp.	63,000		2,792,790
Laclede Group, Inc.	11,032		365,490
New Jersey Resources Corp.	20,531		722,691
Nicor, Inc.	22,531		912,506
Northwest Natural Gas Co.	13,265		577,956
Piedmont Natural Gas Co., Inc.	35,727		903,893
South Jersey Industries, Inc.	12,369		531,372
Southwest Gas Corp.	22,684		669,178
WGL Holdings, Inc.	25,195		857,386
			9,482,547
Independent Power Producers & Energy Traders (0.0%)
Dynegy, Inc.*	50,147		193,066
Multi-Utilities (0.3%)
Avista Corp.	27,484		536,762
Black Hills Corp.	19,544		556,418
CH Energy Group, Inc.	7,843		307,759
NorthWestern Corp.	18,033		472,465
			1,873,404

	Number of Shares		Value (Note 1)
Water Utilities (0.2%)
American States Water Co.		9,328	$	309,130
Artesian Resources Corp., Class A		3,266		60,290
California Water Service Group		9,841		351,324
Connecticut Water Service, Inc.		4,315		90,701
Consolidated Water Co., Ltd.		7,352		83,666
Middlesex Water Co.		6,890		109,207
SJW Corp.		6,578		154,188
Southwest Water Co.		8,344		87,445
York Water Co.		6,393		90,781
				1,336,732
Total Utilities				24,650,471
Total Common Stocks (78.8%) (Cost $638,212,832)				582,410,830
INVESTMENT COMPANIES:
Investment Company (0.1%)
Kayne Anderson Energy Development Co.		5,060		76,760
THL Credit, Inc.*		4,471		51,417
Total Investment Companies (0.1%)
(Cost $117,836)				128,177
		Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investment (18.8%)
BlackRock Liquidity Funds TempFund 0.16% ‡	$	138,833,717		138,833,717
Time Deposit (1.0%)
JPMorgan Chase Nassau 0.000%, 7/1/10		7,818,464		7,818,464
Total Short-Term Investments (19.8%)
(Amortized Cost $146,652,181)				146,652,181
Total Investments (98.7%) (Cost/Amortized Cost $784,982,849)				729,191,188
Other Assets Less Liabilities (1.3%)				9,763,728
Net Assets (100%)			$	738,954,916

* Non-income producing.

† Securities (totaling $633 or 0.0% of net assets) at fair value by management.

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

See Notes to Financial Statements.

289

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
BlackRock Liquidity Funds TempFund	$	—	$	195,888,152	$	57,054,435	$	138,833,717	$	26,188	$	—

At June 30, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	2,516	September-10	$	154,988,043	$	152,922,480	$    (2,065,563)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities			Level 2 Significant other observable  inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	82,883,090		$	—	$	—	$	82,883,090
Consumer Staples		15,675,547			27,940		—		15,703,487
Energy		58,448,959			—		—		58,448,959
Financials		145,564,902			—		633		145,565,535
Health Care		33,653,219			—		—		33,653,219
Industrials		148,605,134			—		—		148,605,134
Information Technology		31,333,504			—		—		31,333,504
Materials		38,669,902			—		—		38,669,902
Telecommunication Services		2,897,530			—		—		2,897,530
Utilities		24,650,471			—		—		24,650,471
Investment Companies
Investment Companies		128,176			—		—		128,176
Short-Term Investments		—			146,652,181		—		146,652,181
Total Assets	$	582,510,434		$	146,680,121	$	633	$	729,191,188
Liabilities:
Futures	$	(2,065,563	)	$	—	$	—	$	(2,065,563	)
Total Liabilities	$	(2,065,563	)	$	—	$	—	$	(2,065,563	)
Total	$	580,444,871		$	146,680,121	$	633	$	727,125,625

See Notes to Financial Statements.

290

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

		Investments in Securities-Financials
Balance as of 12/31/09	$	1,124
Total gains or losses (realized/unrealized) included in earnings		(491	)
Purchases, sales, issuances, and settlements (net)		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/10	$	633
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/10.	$	(491	)

Fair Values of Derivative Instruments as of June 30, 2010:

Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—
Total		$	—
	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(2,065,563	)*
Commodity contracts	Payables		—
Other contracts	Payables		—
Total		$	(2,065,563	)

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

The Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2010:

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		—		(21,071,253	)		—		—		(21,071,253	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(21,071,253	)	$	—	$	—	$	(21,071,253	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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		—		(2,266,728	)		—		—		(2,266,728	)
Commodity contracts		—		—			—		—		—
Other contracts		—		—			—		—		—
Total	$	—	$	(2,266,728	)	$	—	$	—	$	(2,266,728	)

The Portfolio held futures contracts with an average notional balance of approximately $25,116,000 during the six months ended June 30, 2010.

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

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	116,361,469
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	297,882,538
As of June 30, 2010, 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	$	54,192,075
Aggregate gross unrealized depreciation		(113,611,654	)
Net unrealized depreciation	$	(59,419,579	)
Federal income tax cost of investments	$	788,610,767

The Portfolio has a net capital loss carryforward of $497,117,855 of which $237,563,279 expires in the year 2016, and $259,554,576 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $138,833,717)	$	138,833,717
Unaffiliated Issuers (Cost $646,149,132)		590,357,471
Cash held as collateral at broker		15,270,000
Dividends, interest and other receivables		679,448
Receivable from Separate Accounts for Trust shares sold		262,098
Receivable for securities sold		211,143
Receivable from investment sub-advisor		11,196
Total assets		745,625,073
LIABILITIES
Overdraft payable		159,830
Payable for securities purchased		3,534,348
Variation margin payable on futures contracts		1,358,640
Payable to Separate Accounts for Trust shares redeemed		554,323
Distribution fees payable - Class B		379,026
Investment management fees payable		337,790
Administrative fees payable		257,642
Trustees’ fees payable		2,803
Accrued expenses		85,755
Total liabilities		6,670,157
NET ASSETS	$	738,954,916
Net assets were comprised of:
Paid in capital	$	1,267,376,389
Accumulated undistributed net investment income (loss)		683,778
Accumulated undistributed net realized gains (losses) on investments and futures		(471,248,027	)
Net unrealized appreciation (depreciation) on investments and futures		(57,857,224	)
Net assets	$	738,954,916
Class A
Net asset value, offering and redemption price per share, $192,392,886 / 23,038,269 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.35
Class B
Net asset value, offering and redemption price per share, $546,562,030 / 65,475,017 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.35

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends ($26,188 of dividend income received from affiliates)	$	5,847,155
Interest		952
Securities lending (net)		6,068
Total income		5,854,175
EXPENSES
Investment management fees		3,426,853
Distribution fees - Class B		749,050
Administrative fees		672,157
Printing and mailing expenses		48,695
Custodian fees		40,394
Professional fees		29,278
Trustees’ fees		6,713
Miscellaneous		8,846
Gross expenses		4,981,986
Less:   Reimbursement from sub-advisor		(11,196)
Fees paid indirectly		(5,261	)
Net expenses		4,965,529
NET INVESTMENT INCOME (LOSS)		888,646
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		66,896,103
Futures		(21,071,253	)
Net realized gain (loss)		45,824,850
Change in unrealized appreciation (depreciation) on:
Securities		(74,120,683	)
Futures		(2,266,728	)
Net change in unrealized appreciation (depreciation)		(76,387,411	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(30,562,561	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(29,673,915	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	888,646		$	7,060,567
Net realized gain (loss) on investments and futures		45,824,850			(213,420,089	)
Net change in unrealized appreciation (depreciation) on investments and futures		(76,387,411	)		387,328,005
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(29,673,915	)		180,968,483
DIVIDENDS:
Dividends from net investment income
Class A		—			(2,290,689	)
Class B		—			(5,214,890	)
TOTAL DIVIDENDS		—			(7,505,579	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [326,243 and 1,463,202 shares, respectively]		2,995,198			10,041,375
Capital shares issued in reinvestment of dividends [0 and 268,471 shares, respectively]		—			2,290,689
Capital shares repurchased [(497,211) and (13,588,645) shares, respectively]		(4,503,007	)		(108,397,361	)
Total Class A transactions		(1,507,809	)		(96,065,297	)
Class B
Capital shares sold [5,501,130 and 6,304,512 shares, respectively]		51,505,678			45,034,173
Capital shares issued in reinvestment of dividends [0 and 610,630 shares, respectively]		—			5,214,890
Capital shares repurchased [(6,986,155) and (13,083,686) shares, respectively]		(64,041,192	)		(94,275,320	)
Total Class B transactions		(12,535,514	)		(44,026,257	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(14,043,323	)		(140,091,554	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(43,717,238	)		33,371,350
NET ASSETS:
Beginning of period		782,672,154			749,300,804
End of period (a)	$	738,954,916		$	782,672,154
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	683,778		$	(204,868	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.67		$	6.92		$	11.23		$	13.70		$	13.37		$	14.02
Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.08	(e)		0.05	(e)		0.10	(e)		0.07	(e)		0.06	(e)
Net realized and unrealized gain (loss) on investments		(0.34	)		1.77			(4.28	)		(1.42	)		2.09			0.61
Total from investment operations		(0.32	)		1.85			(4.23	)		(1.32	)		2.16			0.67
Less distributions:
Dividends from net investment income		—			(0.10	)		(0.04	)		(0.07	)		(0.08	)		(0.06	)
Distributions from net realized gains		—			—			(0.04	)		(1.08	)		(1.75	)		(1.26	)
Total dividends and distributions		—			(0.10	)		(0.08	)		(1.15	)		(1.83	)		(1.32	)
Net asset value, end of period	$	8.35		$	8.67		$	6.92		$	11.23		$	13.70		$	13.37
Total return (b)		(3.69	)%		26.76	%		(37.75	)%		(9.62	)%		16.38	%		4.94	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	192,393		$	201,332		$	242,715		$	628,684		$	577,637		$	523,308
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.04	%		1.05	%		1.23	%		1.07	%(c)		0.85	%(c)		0.79	%
After waivers, reimbursements and fees paid indirectly (a)		1.04	%		0.77	%		1.17	%		1.06	%		0.77	%(c)		0.70	%
Before waivers, reimbursements and fees paid indirectly (a)		1.05	%		1.05	%		1.23	%		1.10	%		0.85	%(c)		0.79	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.05	%		0.82	%		0.42	%		0.71	%		0.40	%(c)		0.37	%
After waivers, reimbursements and fees paid indirectly (a)		1.05	%		1.09	%		0.47	%		0.72	%		0.47	%(c)		0.46	%
Before waivers, reimbursements and fees paid indirectly (a)		0.40	%		0.82	%		0.42	%		0.68	%		0.40	%(c)		0.37	%
Portfolio turnover rate		16	%		63	%		98	%		103	%		114	%		90	%
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	8.68		$	6.93		$	11.24		$	13.71		$	13.38		$	14.02
Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.06	(e)		0.02	(e)		0.07	(e)		0.03	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments		(0.34	)		1.77			(4.27	)		(1.42	)		2.09			0.62
Total from investment operations		(0.33	)		1.83			(4.25	)		(1.35	)		2.12			0.65
Less distributions:
Dividends from net investment income		—			(0.08	)		(0.02	)		(0.04	)		(0.04	)		(0.03	)
Distributions from net realized gains		—			—			(0.04	)		(1.08	)		(1.75	)		(1.26	)
Total dividends and distributions		—			(0.08	)		(0.06	)		(1.12	)		(1.79	)		(1.29	)
Net asset value, end of period	$	8.35		$	8.68		$	6.93		$	11.24		$	13.71		$	13.38
Total return (b)		(3.80	)%		26.40	%		(37.87	)%		(9.84	)%		16.07	%		4.75	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	546,562		$	581,340		$	506,586		$	980,945		$	1,326,859		$	1,153,566
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.29	%		1.30	%		1.48	%		1.32	%(c)		1.10	%(c)		1.04	%
After waivers, reimbursements and fees paid indirectly (a)		1.29	%		1.03	%		1.42	%		1.31	%(c)		1.02	%(c)		0.95	%
Before waivers, reimbursements and fees paid indirectly (a)		1.30	%(c)		1.30	%		1.48	%		1.35	%(c)		1.10	%(c)		1.04	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.30	%		0.60	%		0.17	%		0.48	%		0.15	%(c)		0.12	%
After waivers, reimbursements and fees paid indirectly (a)		1.30	%		0.87	%		0.23	%		0.50	%		0.22	%(c)		0.21	%
Before waivers, reimbursements and fees paid indirectly (a)		0.15	%		0.60	%		0.17	%		0.46	%		0.15	%(c)		0.12	%
Portfolio turnover rate		16	%		63	%		98	%		103	%		114	%		90	%

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

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

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

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

See Notes to Financial Statements.

295

MULTIMANAGER TECHNOLOGY PORTFOLIO (Unaudited)

Sector Weightings as of 06/30/10	% of Net Assets
Exchange Traded Funds	20.4	%
Software	15.4
Computers & Peripherals	15.3
Communications Equipment	11.4
Semiconductors & Semiconductor Equipment	10.5
IT Services	7.7
Internet Software & Services	6.8
Consumer Discretionary	4.0
Electronic Equipment, Instruments & Components	3.0
Telecommunication Services	0.3
Industrials	0.2
Office Electronics	0.2
Cash and Other	4.8
	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10 - 6/30/10
Class A
Actual	$1,000.00	$912.60	$5.50
Hypothetical (5% average return before expenses)	1,000.00	1,019.04	5.81
Class B
Actual	1,000.00	910.80	6.68
Hypothetical (5% average return before expenses)	1,000.00	1,017.80	7.05
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.16% and 1.41% , respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (4.0%)
Auto Components (0.3%)
Byd Co., Ltd., Class H	32,140	$	236,921
Johnson Controls, Inc.	40,255		1,081,652
			1,318,573
Automobiles (0.0%)
Tesla Motors, Inc.*	1,350		32,171
Diversified Consumer Services (0.1%)
Strayer Education, Inc.	2,653		551,532
Hotels, Restaurants & Leisure (0.2%)
Ctrip.com International Ltd. (ADR)*	30,590		1,148,960
Household Durables (0.1%)
Skyworth Digital Holdings Ltd.	678,000		445,938
Internet & Catalog Retail (3.3%)
Amazon.com, Inc.*	91,650		10,013,679
Blue Nile, Inc.*	1,200		56,496
Expedia, Inc.	12,900		242,262
Netflix, Inc.*	64,040		6,957,946
NutriSystem, Inc.	2,600		59,644
priceline.com, Inc.*	4,050		714,987
			18,045,014
Total Consumer Discretionary			21,542,188
Industrials (0.2%)
Electrical Equipment (0.2%)
Cooper Industries plc	23,960		1,054,240
Total Industrials			1,054,240
Information Technology (70.3%)
Communications Equipment (11.4%)
AAC Acoustic Technologies Holdings, Inc.	332,000		472,621
Acme Packet, Inc.*	1,000		26,880
ADC Telecommunications, Inc.*	8,100		60,021
ADTRAN, Inc.	178,495		4,867,559
Arris Group, Inc.*	11,300		115,147
Aruba Networks, Inc.*	3,500		49,840
Blue Coat Systems, Inc.*	3,500		71,505
Brocade Communications Systems, Inc.*	37,800		195,048
Ciena Corp.*	27,980		354,786
Cisco Systems, Inc.*	943,888		20,114,253
CommScope, Inc.*	8,000		190,160
Comtech Telecommunications Corp.*	2,300		68,839
DG FastChannel, Inc.*	1,800		58,644
EchoStar Corp., Class A*	1,500		28,620
Emulex Corp.*	6,700		61,506
F5 Networks, Inc.*	148,920		10,211,444
Finisar Corp.*	4,600		68,540
Harris Corp.	11,000		458,150
HTC Corp.	23,000		305,145
Infinera Corp.*	6,900		44,367
InterDigital, Inc.*	3,600		88,884
JDS Uniphase Corp.*	83,598		822,604
Juniper Networks, Inc.*	48,875		1,115,328
Motorola, Inc.*	358,500		2,337,420

	Number of Shares	Value (Note 1)
Palm, Inc.*	14,000	$	79,660
Plantronics, Inc.	4,000		114,400
Polycom, Inc.*	85,130		2,536,023
QUALCOMM, Inc.	213,770		7,020,207
Research In Motion Ltd.*	64,100		3,157,566
Riverbed Technology, Inc.*	108,810		3,005,332
Sonus Networks, Inc.*	21,800		59,078
Sycamore Networks, Inc.	1,500		24,930
Tekelec*	5,600		74,144
Tellabs, Inc.	501,455		3,204,297
ViaSat, Inc.*	3,400		110,704
			61,573,652
Computers & Peripherals (15.3%)
Acer, Inc.	224,908		521,584
Acer, Inc. (GDR)(m)	1,565		18,728
Apple, Inc.*	174,269		43,833,883
Avid Technology, Inc.*	2,400		30,552
Dell, Inc.*	175,180		2,112,671
Diebold, Inc.	5,500		149,875
Electronics for Imaging, Inc.*	4,400		42,900
EMC Corp.*	452,560		8,281,848
Hewlett-Packard Co.	334,873		14,493,303
Intermec, Inc.*	3,900		39,975
Lexmark International, Inc., Class A*	6,700		221,301
NCR Corp.*	13,600		164,832
NetApp, Inc.*	172,447		6,433,998
QLogic Corp.*	46,000		764,520
SanDisk Corp.*	107,070		4,504,435
STEC, Inc.*	2,700		33,912
Synaptics, Inc.*	2,800		77,000
Teradata Corp.*	14,200		432,816
Western Digital Corp.*	19,500		588,120
			82,746,253
Electronic Equipment, Instruments & Components (3.0%)
Agilent Technologies, Inc.*	29,600		841,528
Amphenol Corp., Class A	52,962		2,080,347
Anixter International, Inc.*	2,000		85,200
Arrow Electronics, Inc.*	10,200		227,970
Avnet, Inc.*	12,900		311,019
AVX Corp.	1,200		15,384
Benchmark Electronics, Inc.*	5,200		82,420
Celestica, Inc.*	18,000		145,080
Cogent, Inc.*	3,500		31,535
Corning, Inc.	132,800		2,144,720
Delta Electronics, Inc.	169,490		542,558
Digital China Holdings Ltd.	268,550		410,572
Dolby Laboratories, Inc., Class A*	2,000		125,380
FLIR Systems, Inc.*	13,000		378,170
Hitachi Ltd.*	1,200,000		4,351,781
Hon Hai Precision Industry Co., Ltd.*	131,431		461,602
Ingram Micro, Inc., Class A*	14,100		214,179
Itron, Inc.*	25,170		1,556,009
Jabil Circuit, Inc.	14,700		195,510
L-1 Identity Solutions, Inc.*	6,400		52,416
LG Innotek Co. Ltd.	8,800		1,158,182
Molex, Inc.	9,000		164,160
National Instruments Corp.	3,500		111,230

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Plexus Corp.*	3,300	$	88,242
Rofin-Sinar Technologies, Inc.*	2,400		49,968
Sanmina-SCI Corp.*	6,800		92,548
SYNNEX Corp.*	1,700		43,554
Tech Data Corp.*	4,200		149,604
Trimble Navigation Ltd.*	10,300		288,400
Vishay Intertechnology, Inc.*	15,300		118,422
			16,517,690
Internet Software & Services (6.8%)
Akamai Technologies, Inc.*	176,395		7,156,345
Alibaba.com Ltd.	149,000		294,067
AOL, Inc.*	9,100		189,189
Baidu, Inc. (ADR)*	92,450		6,293,996
DealerTrack Holdings, Inc.*	3,300		54,285
Digital River, Inc.*	3,200		76,512
EarthLink, Inc.	8,900		70,844
eBay, Inc.*	119,050		2,334,570
Equinix, Inc.*	15,300		1,242,666
Google, Inc., Class A*	31,765		14,133,837
GSI Commerce, Inc.*	1,400		40,320
IAC/InterActiveCorp*	5,000		109,850
j2 Global Communications, Inc.*	3,800		82,992
Monster Worldwide, Inc.*	10,700		124,655
NetEase.com, Inc. (ADR)*	31,680		1,004,573
Open Text Corp.*	4,800		180,192
Rackspace Hosting, Inc.*	3,200		58,688
SAVVIS, Inc.*	2,900		42,775
Tencent Holdings Ltd.	32,130		529,837
ValueClick, Inc.*	6,900		73,761
VeriSign, Inc.*	49,451		1,312,924
WebMD Health Corp.*	3,000		139,290
Yahoo!, Inc.*	85,100		1,176,933
			36,723,101
IT Services (7.7%)
Accenture plc, Class A	30,390		1,174,574
Acxiom Corp.*	6,500		95,485
Alliance Data Systems Corp.*	27,411		1,631,503
Amadeus IT Holding SA, Class A*	15,158		238,400
Automatic Data Processing, Inc.	68,340		2,751,368
Broadridge Financial Solutions, Inc.	11,600		220,980
CACI International, Inc., Class A*	2,500		106,200
Cognizant Technology Solutions Corp., Class A*	109,315		5,472,309
Computer Sciences Corp.	13,100		592,775
Convergys Corp.*	10,300		101,043
CoreLogic, Inc.	7,900		139,514
Cybersource Corp.*	6,000		153,180
DST Systems, Inc.	2,500		90,350
Euronet Worldwide, Inc.*	4,300		54,997
ExlService Holdings, Inc.*	8,544		146,700
Fidelity National Information Services, Inc.	24,850		666,477
Fiserv, Inc.*	13,000		593,580
Gartner, Inc.*	18,010		418,733
Genpact Ltd.*	17,933		278,499
Global Payments, Inc.	6,900		252,126

	Number of Shares	Value (Note 1)
Hewitt Associates, Inc., Class A*	6,300	$	217,098
Hi Sun Technology China Ltd.*	762,220		346,356
hiSoft Technology International Ltd. (ADR)*	15,600		162,240
International Business Machines Corp.	127,746		15,774,076
Lender Processing Services, Inc.	8,100		253,611
ManTech International Corp., Class A*	1,200		51,084
Mastercard, Inc., Class A	6,100		1,217,133
MAXIMUS, Inc.	1,400		81,018
NeuStar, Inc., Class A*	6,400		131,968
Paychex, Inc.	24,400		633,668
SAIC, Inc.*	19,200		321,408
Sapient Corp.	135,202		1,370,948
SRA International, Inc., Class A*	3,400		66,878
Syntel, Inc.	300		10,185
TeleTech Holdings, Inc.*	2,500		32,225
Tivit Terceirizacao de Tecnologia e Servicos S.A.	28,430		285,088
Total System Services, Inc.	16,800		228,480
Unisys Corp.*	3,500		64,715
VeriFone Systems, Inc.*	6,000		113,580
Visa, Inc., Class A	33,565		2,374,724
Western Union Co.	186,050		2,774,005
Wright Express Corp.*	3,300		98,010
			41,787,291
Office Electronics (0.2%)
Xerox Corp.	117,354		943,526
Zebra Technologies Corp., Class A*	4,900		124,313
			1,067,839
Semiconductors & Semiconductor Equipment (10.5%)
Advanced Micro Devices, Inc.*	40,400		295,728
Aixtron AG	127,275		3,015,561
Altera Corp.	25,700		637,617
Amkor Technology, Inc.*	7,900		43,529
Analog Devices, Inc.	200,535		5,586,905
Applied Materials, Inc.	159,100		1,912,382
Applied Micro Circuits Corp.*	110,090		1,153,743
ASM Pacific Technology Ltd.	75,700		588,616
Atheros Communications, Inc.*	5,900		162,486
Atmel Corp.*	39,200		188,160
Broadcom Corp., Class A	201,025		6,627,794
Cavium Networks, Inc.*	3,100		81,189
Cree, Inc.*	53,010		3,182,190
Cymer, Inc.*	2,400		72,096
Cypress Semiconductor Corp.*	154,785		1,554,042
Epistar Corp.	130,000		336,254
Fairchild Semiconductor International, Inc.*	10,400		87,464
FEI Co.*	3,200		63,072
First Solar, Inc.*	9,840		1,120,087
FormFactor, Inc.*	4,000		43,200
Hittite Microwave Corp.*	1,300		58,162
Integrated Device Technology, Inc.*	13,900		68,805
Intel Corp.	590,175		11,478,904
International Rectifier Corp.*	5,800		107,938
Intersil Corp., Class A	10,500		127,155

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
KLA-Tencor Corp.	14,500	$	404,260
Lam Research Corp.*	60,315		2,295,589
Linear Technology Corp.	19,100		531,171
LSI Corp.*	55,600		255,760
Maxim Integrated Products, Inc.	93,385		1,562,331
MediaTek, Inc.	29,920		417,295
MEMC Electronic Materials, Inc.*	19,300		190,684
Micrel, Inc.	3,600		36,648
Microchip Technology, Inc.	15,800		438,292
Micron Technology, Inc.*	62,500		530,625
Microsemi Corp.*	6,900		100,947
MKS Instruments, Inc.*	4,500		84,240
National Semiconductor Corp.	20,300		273,238
Netlogic Microsystems, Inc.*	3,700		100,640
Novellus Systems, Inc.*	8,200		207,952
NVIDIA Corp.*	48,700		497,227
OmniVision Technologies, Inc.*	4,400		94,336
ON Semiconductor Corp.*	345,051		2,201,425
PMC-Sierra, Inc.*	19,500		146,640
Power Integrations, Inc.	2,400		77,268
Rambus, Inc.*	9,700		169,944
RF Micro Devices, Inc.*	22,100		86,411
Richtek Technology Corp.	43,000		360,486
Samsung Electronics Co., Ltd.	765		480,334
Semtech Corp.*	5,100		83,487
Seoul Semiconductor Co., Ltd.	8,080		285,171
Silicon Laboratories, Inc.*	3,800		154,128
Skyworks Solutions, Inc.*	72,300		1,213,917
SunPower Corp., Class B*	52,470		566,676
Taiwan Semiconductor Manufacturing Co., Ltd.	53,889		100,767
Teradyne, Inc.*	15,300		149,175
Tessera Technologies, Inc.*	4,200		67,410
Texas Instruments, Inc.	104,000		2,421,120
TriQuint Semiconductor, Inc.*	13,200		80,652
Varian Semiconductor Equipment Associates, Inc.*	6,300		180,558
Veeco Instruments, Inc.*	17,100		586,188
Xilinx, Inc.	23,300		588,558
Zoran Corp.*	4,400		41,976
			56,656,605
Software (15.4%)
Activision Blizzard, Inc.	283,675		2,975,751
Adobe Systems, Inc.*	76,985		2,034,714
Advent Software, Inc.*	800		37,568
ANSYS, Inc.*	7,700		312,389
Ariba, Inc.*	7,300		116,289
AsiaInfo Holdings, Inc.*	20,400		445,944
Autodesk, Inc.*	19,500		475,020
Blackbaud, Inc.	3,700		80,549
Blackboard, Inc.*	2,900		108,257
BMC Software, Inc.*	58,460		2,024,470
CA, Inc.	25,300		465,520
Cadence Design Systems, Inc.*	23,000		133,170
Check Point Software Technologies Ltd.*	19,760		582,525
Citrix Systems, Inc.*	28,125		1,187,719
CommVault Systems, Inc.*	3,500		78,750
Compuware Corp.*	18,700		149,226
Concur Technologies, Inc.*	3,500		149,380

	Number of Shares	Value (Note 1)
Electronic Arts, Inc.*	27,900	$	401,760
FactSet Research Systems, Inc.	3,100		207,669
Fair Isaac Corp.	3,800		82,802
Informatica Corp.*	94,750		2,262,630
Intuit, Inc.*	160,595		5,583,888
Jack Henry & Associates, Inc.	7,300		174,324
JDA Software Group, Inc.*	2,900		63,742
Lawson Software, Inc.*	9,900		72,270
Longtop Financial Technologies Ltd. (ADR)*	80,680		2,614,032
McAfee, Inc.*	13,300		408,576
Mentor Graphics Corp.*	9,100		80,535
MICROS Systems, Inc.*	6,800		216,716
Microsoft Corp.	1,154,427		26,563,365
MicroStrategy, Inc., Class A*	800		60,072
NetSuite, Inc.*	1,300		16,432
Novell, Inc.*	29,800		169,264
Nuance Communications, Inc.*	16,700		249,665
Oracle Corp.	445,018		9,550,086
Parametric Technology Corp.*	9,900		155,133
Pegasystems, Inc.	600		19,266
Progress Software Corp.*	3,600		108,108
Quest Software, Inc.*	3,600		64,944
Red Hat, Inc.*	16,000		463,040
Rovi Corp.*	8,600		326,026
Salesforce.com, Inc.*	125,610		10,779,850
SolarWinds, Inc.*	1,500		24,060
Solera Holdings, Inc.	6,000		217,200
SuccessFactors, Inc.*	206,895		4,301,347
Sybase, Inc.*	7,400		478,484
Symantec Corp.*	68,000		943,840
Synopsys, Inc.*	12,600		262,962
Take-Two Interactive Software, Inc.*	6,700		60,300
Taleo Corp., Class A*	3,200		77,728
TIBCO Software, Inc.*	358,925		4,328,635
TiVo, Inc.*	9,000		66,420
VanceInfo Technologies, Inc. (ADR)*	22,510		524,033
VMware, Inc., Class A*	4,920		307,943
Websense, Inc.*	3,500		66,150
			83,710,538
Total Information Technology			380,782,969
Telecommunication Services (0.3%)
Wireless Telecommunication Services (0.3%)
American Tower Corp., Class A*	2,990		133,055
SBA Communications Corp., Class A*	41,725		1,419,067
Total Telecommunication Services			1,552,122
Total Common Stocks (74.8%) (Cost $358,246,332)			404,931,519

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
Exchange Traded Funds (ETFs)(20.4%)
iShares S&P North American Technology Sector Index Fund		234,750	$	11,350,162
Technology Select Sector SPDR Fund		4,861,400		99,172,560
Total Investment Companies (20.4%) (Cost $100,412,428)				110,522,722
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (4.4%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $23,796,586)	$	23,796,586	$	23,796,586
Total Investments (99.6%) (Cost/Amortized Cost $482,455,346)				539,250,827
Other Assets Less Liabilities (0.4%)				2,329,256
Net Assets (100%)			$	541,580,083

* Non-income producing.

(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.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

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

Investment Type	Level 1 Quoted Prices in Active Markets For Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, Etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	20,859,329	$	682,859	$	—	$	21,542,188
Industrials		1,054,240		–		—		1,054,240
Information Technology		365,547,052		15,235,917		—		380,782,969
Telecommunication Services		1,552,122		—		—		1,552,122
Investment Companies
Exchange Traded Funds (ETFs)		110,522,722		—		—		110,522,722
Short-Term Investments		—		23,796,586		—		23,796,586
Total Assets	$	499,535,465	$	39,715,362	$	—	$	539,250,827
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	499,535,465	$	39,715,362	$	—	$	539,250,827

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2010:

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

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2010:

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		—		—		14,001		—		14,001
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	—	$	14,001	$	—	$	14,001

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		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $251,000 during the six months ended June 30, 2010.

^ This Portfolio held forward foreign currency contracts to gain an economic hedge against changes in the values of securities held in the Portfolio, that does not qualify for hedge accounting under ASC 815.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

Cost of Purchases:
Stocks and long-term corporate debt securities	$	251,450,587
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	292,534,472

As of June 30, 2010, 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	$	39,274,801
Aggregate gross unrealized depreciation		(15,465,377	)
Net unrealized appreciation	$	23,809,424
Federal income tax cost of investments	$	515,441,403

The Portfolio has a net capital loss carryforward of $201,099,710 of which $38,254,621 expires in the year 2010, $25,653,017 expires in the year 2011, $18,596,528 expires in the year 2016, and $118,595,544 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value (Cost $482,455,346)	$	539,250,827
Cash		325
Foreign cash (Cost $614,288)		619,419
Receivable for securities sold		5,138,972
Receivable from Separate Accounts for Trust shares sold		211,046
Dividends, interest and other receivables		72,801
Other assets		4,269
Total assets		545,297,659
LIABILITIES
Payable for securities purchased		2,273,225
Payable to Separate Accounts for Trust shares redeemed		695,172
Investment management fees payable		449,099
Distribution fees payable - Class B		117,852
Administrative fees payable		82,821
Trustees’ fees payable		8,422
Accrued expenses		90,985
Total liabilities		3,717,576
NET ASSETS	$	541,580,083
Net assets were comprised of:
Paid in capital	$	691,270,223
Accumulated undistributed net investment income (loss)		(1,855,210	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency transactions		(204,644,360	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		56,809,430
Net assets	$	541,580,083
Class A
Net asset value, offering and redemption price per share, $10,417,297 / 1,028,428 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10 .13
Class B
Net asset value, offering and redemption price per share, $531,162,786 / 53,575,768 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9 .91

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Dividends (net of $4,225 foreign withholding tax)	$	2,315,698
Interest		304
Securities lending (net)		16,896
Total income		2,332,898
EXPENSES
Investment management fees		2,840,312
Distribution fees - Class B		733,056
Administrative fees		512,936
Custodian fees		43,001
Printing and mailing expenses		36,281
Professional fees		29,445
Trustees’ fees		5,073
Miscellaneous		8,659
Gross expenses		4,208,763
Less: Fees paid indirectly		(27,596	)
Net expenses		4,181,167
NET INVESTMENT INCOME (LOSS)		(1,848,269	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		29,438,460
Foreign currency transactions		1,473
Net realized gain (loss)		29,439,933
Change in unrealized appreciation (depreciation) on:
Securities		(81,870,620	)
Foreign currency translations		(746	)
Net change in unrealized appreciation (depreciation)		(81,871,366	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(52,431,433	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(54,279,702	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,848,269	)	$	(1,484,687	)
Net realized gain (loss) on investments and foreign currency transactions		29,439,933			(73,589,328	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(81,871,366	)		285,172,643
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(54,279,702	)		210,098,628
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 53,637 and 188,682 shares, respectively ]		592,804			1,664,376
Capital shares repurchased [ (101,298) and (132,240) shares, respectively ]		(1,119,674	)		(1,072,283	)
Total Class A transactions		(526,870	)		592,093
Class B
Capital shares sold [ 8,058,149 and 21,774,382 shares, respectively ]		87,052,000			190,294,003
Capital shares repurchased [ (9,815,423) and (14,791,991) shares, respectively ]		(104,759,632	)		(125,909,355	)
Total Class B transactions		(17,707,632	)		64,384,648
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(18,234,502	)		64,976,741
TOTAL INCREASE (DECREASE) IN NET ASSETS		(72,514,204	)		275,075,369
NET ASSETS:
Beginning of period		614,094,287			339,018,918
End of period (a)	$	541,580,083		$	614,094,287
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(1,855,210	)	$	(6,941	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class A				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	11.10		$	6.99		$	13.18		$	11.12		$	10.34		$	9.26
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(e)		(0.01	)(e)		(0.05	)(e)		(0.08	)(e)		(0.07	)(e)		(0.08	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.95	)		4.12			(6.14	)		2.14			0.85			1.16
Total from investment operations		(0.97	)		4.11			(6.19	)		2.06			0.78			1.08
Net asset value, end of period	$	10.13		$	11.10		$	6.99		$	13.18		$	11.12		$	10.34
Total return (b)		(8.74	)%		58.80	%		(46.97	)%		18.53	%		7.54	%		11.54	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	10,417		$	11,949		$	7,124		$	36,248		$	28,469		$	27,263
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.15	%		1.09	%		1.41	%		1.41	%		1.39	%		1.36	%
Before fees paid indirectly (a)		1.16	%		1.19	%		1.42	%		1.42	%		1.43	%		1.42	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		(0.37	)%		(0.08	)%		(0.41	)%		(0.62	)%		(0.69	)%		(0.85	)%
Before fees paid indirectly (a)		(0.38	)%		(0.19	)%		(0.42	)%		(0.63	)%		(0.72	)%		(0.91	)%
Portfolio turnover rate		43	%		129	%		148	%		132	%		163	%		148	%

See Notes to Financial Statements.

305

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MULTIMANAGER TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,
Class B				2009			2008			2007			2006			2005
Net asset value, beginning of period	$	10.88		$	6.86		$	12.98		$	10.98		$	10.23		$	9.19
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.03	)(e)		(0.07	)(e)		(0.11	)(e)		(0.10	)(e)		(0.10	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.94	)		4.05			(6.05	)		2.11			0.85			1.14
Total from investment operations		(0.97	)		4.02			(6.12	)		2.00			0.75			1.04
Net asset value, end of period	$	9.91		$	10.88		$	6.86		$	12.98		$	10.98		$	10.23
Total return (b)		(8.92	)%		58.60	%		(47.15	)%		18.21	%		7.33	%		11.20	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	531,163		$	602,145		$	331,894		$	656,676		$	516,556		$	507,474
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.40	%		1.34	%		1.66	%(c)		1.66	%		1.64	%		1.61	%
Before fees paid indirectly (a)		1.41	%		1.44	%		1.67	%(c)		1.67	%		1.68	%		1.67	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		(0.62	)%		(0.33	)%		(0.73	)%		(0.87	)%		(0.94	)%		(1.10	)%
Before fees paid indirectly (a)		(0.63	)%		(0.43	)%		(0.74	)%		(0.88	)%		(0.97	)%		(1.16	)%
Portfolio turnover rate		43	%		129	%		148	%		132	%		163	%		148	%

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

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

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

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

See Notes to Financial Statements.

306

TARGET 2015 ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
as of June 30, 2010
EQ/Core Bond Index Portfolio	21.6	%
EQ/Equity 500 Index Portfolio	19.9
EQ/Global Multi-Sector Equity Portfolio	14.0
EQ/International ETF Portfolio	13.2
Multimanager Multi-Sector Bond Portfolio	9.6
EQ/Small Company Index Portfolio	5.6
Multimanager Large Cap Value Portfolio	4.1
EQ/Global Bond PLUS Portfolio	3.7
Multimanager Mid Cap Value Portfolio	2.8
Multimanager Aggressive Equity Portfolio	2.7
EQ/Quality Bond PLUS Portfolio	1.5
Multimanager Mid Cap Growth Portfolio	1.3

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10		Ending Account Value 6/30/10		Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$	1,000.00	$	961.40	$	1.70
Hypothetical (5% average return before expenses)		1,000.00		1,023.06		1.76
Class B
Actual		1,000.00		959.10		2.91
Hypothetical (5% average return before expenses)		1,000.00		1,021.82		3.01
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60% , respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡	1,679,314	$	16,567,877
EQ/Equity 500 Index Portfolio‡	843,918		15,290,161
EQ/Global Bond PLUS Portfolio‡	284,581		2,833,397
EQ/Global Multi-Sector Equity Portfolio‡	1,057,605		10,787,448
EQ/International ETF Portfolio‡	1,715,714		10,167,011
EQ/Quality Bond PLUS Portfolio‡	119,554		1,135,297
EQ/Small Company Index Portfolio‡	517,996		4,273,539
Multimanager Aggressive Equity Portfolio‡	95,849		2,053,438
Multimanager Large Cap Value Portfolio‡	389,523		3,169,435
Multimanager Mid Cap Growth Portfolio*‡	136,581		962,859
Multimanager Mid Cap Value Portfolio‡	277,877		2,190,933
Multimanager Multi-Sector Bond Portfolio‡	1,886,160		7,416,919
Total Investment Companies (100.0%) (Cost $80,338,717)			76,848,314

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 0.000%, 7/1/10 (Amortized Cost $194,111)	$	194,111	$	194,111
Total Investments (100.3%) (Cost/Amortized Cost $80,532,828)				77,042,425
Other Assets Less Liabilities (-0.3%)				(216,397	)
Net Assets (100%)			$	76,826,028

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

* Non-income producing.

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

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June  30, 2010		Dividend Income		Realized Gain  (Loss)
EQ/Core Bond Index Portfolio	$	17,570,196	$	1,802,376	$	3,633,143	$	16,567,877	$	—	$	66,480
EQ/Equity 500 Index Portfolio		18,717,898		1,637,128		5,041,109		15,290,161		—		(962,496	)
EQ/Global Bond PLUS Portfolio		2,345,774		719,355		294,057		2,833,397		—		18,457
EQ/Global Multi-Sector Equity Portfolio		11,054,803		1,711,249		1,289,605		10,787,448		—		(484,375	)
EQ/International ETF Portfolio		11,114,508		1,739,304		1,847,169		10,167,011		—		(797,233	)
EQ/Quality Bond PLUS Portfolio		675,211		719,355		297,238		1,135,297		—		15,277
EQ/Small Company Index Portfolio		3,379,482		1,369,138		425,875		4,273,539		—		(84,849	)
Multimanager Aggressive Equity Portfolio		2,206,176		221,068		207,917		2,053,438		—		(25,039	)
Multimanager Large Cap Value Portfolio		3,534,974		295,320		551,300		3,169,435		—		(117,859	)
Multimanager Mid Cap Growth Portfolio		244,230		905,670		153,340		962,859		—		(11,938	)
Multimanager Mid Cap Value Portfolio		2,217,760		154,410		116,939		2,190,933		—		(6,401	)
Multimanager Multi-Sector Bond Portfolio		4,898,169		2,766,465		777,714		7,416,919		—		(222,947	)
	$	77,959,181	$	14,040,838	$	14,635,406	$	76,848,314	$	—	$	(2,612,923	)

See Notes to Financial Statements.

308

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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	$	—	$	76,848,314	$	—	$	76,848,314
Short-Term Investments		—		194,111		—		194,111
Total Assets	$	—	$	77,042,425	$	—	$	77,042,425
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	77,042,425	$	—	$	77,042,425

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

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

Cost of Purchases:
Investment Companies	$	14,040,838
Net Proceeds of Sales and Redemptions:
Investment Companies	$	12,022,483

As of June 30, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,548,214
Aggregate gross unrealized depreciation		(4,928,202	)
Net unrealized depreciation	$	(3,379,988	)
Federal income tax cost of investments	$	80,422,413

See Notes to Financial Statements.

309

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $80,338,717)	$	76,848,314
Unaffiliated Issuers (Cost $194,111)		194,111
Receivable for securities sold		28,231
Receivable from Separate Accounts for Trust shares sold		23,981
Other assets		413
Total assets		77,095,050
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		179,839
Administrative fees payable		12,383
Distribution fees payable - Class B		7,440
Investment management fees payable		313
Trustees’ fees payable		207
Accrued expenses		68,840
Total liabilities		269,022
NET ASSETS	$	76,826,028
Net assets were comprised of:
Paid in capital	$	95,965,979
Accumulated undistributed net investment income (loss)		(73,709	)
Accumulated undistributed net realized gain (loss) on investments		(15,575,839	)
Unrealized appreciation (depreciation) on investments		(3,490,403	)
Net assets	$	76,826,028
Class A
Net asset value, offering and redemption price per share, $41,400,356 / 5,190,539 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.98
Class B
Net asset value, offering and redemption price per share, $35,425,672 / 4,445,045 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.97

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

INVESTMENT INCOME
Interest	$	1
EXPENSES
Administrative fees		75,461
Custodian fees		46,043
Distribution fees - Class B		45,546
Investment management fees		39,563
Professional fees		23,980
Printing and mailing expenses		4,658
Trustees’ fees		658
Miscellaneous		1,966
Gross expenses		237,875
Less:   Waiver from investment advisor		(53,895	)
Net expenses		183,980
NET INVESTMENT INCOME (LOSS)		(183,979	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(2,612,923	)
Net change in unrealized appreciation (depreciation) on securities		(516,298	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(3,129,221	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,313,200	)

See Notes to Financial Statements.

310

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TARGET 2015 ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(183,979	)	$	2,531,383
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(2,612,923	)		(8,219,896	)
Net change in unrealized appreciation (depreciation) on investments		(516,298	)		18,452,478
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(3,313,200	)		12,763,965
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(1,614,306	)
Class B		—			(1,282,611	)
		—			(2,896,917	)
Distributions from net realized capital gains
Class A		—			(67,832	)
Class B		—			(57,790	)
		—			(125,622	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(3,022,539	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 487,518 and 734,573 shares, respectively ]		4,149,014			5,551,763
Capital shares issued in reinvestment of dividends and distributions [ 0 and 202,770 shares, respectively ]		—			1,682,138
Capital shares repurchased [ (382,333) and (471,085) shares, respectively ]		(3,208,320	)		(3,621,161	)
Total Class A transactions		940,694			3,612,740
Class B
Capital shares sold [ 747,146 and 2,170,695 shares, respectively ]		6,275,514			16,161,152
Capital shares issued in reinvestment of dividends and distributions [ 0 and 161,500 shares, respectively ]		—			1,340,401
Capital shares repurchased [ (595,292) and (1,301,954) shares, respectively ]		(4,952,358	)		(9,501,524	)
Total Class B transactions		1,323,156			8,000,029
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		2,263,850			11,612,769
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,049,350	)		21,354,195
NET ASSETS:
Beginning of period		77,875,378			56,521,183
End of period (a)	$	76,826,028		$	77,875,378
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(73,709	)	$	110,270

See Notes to Financial Statements.

311

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class A				2009			2008			2007
Net asset value, beginning of period	$	8.30		$	7.17		$	10.85		$	10.54		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(x)		(0.01	)(e)		0.30	(e)		0.40	(e)		0.26	(e)		0.23	(e)
Net realized and unrealized gain (loss) on investments		(0.31	)		1.17			(3.69	)		0.53			0.56
Total from investment operations		(0.32	)		1.47			(3.29	)		0.79			0.79
Less distributions:
Dividends from net investment income		—			(0.33	)		(0.31	)		(0.35	)		(0.25	)
Distributions from net realized gains		—			(0.01	)		(0.08	)		(0.13	)		—	#
Total dividends and distributions		—			(0.34	)		(0.39	)		(0.48	)		(0.25	)
Net asset value, end of period	$	7.98		$	8.30		$	7.17		$	10.85		$	10.54
Total return (b)		(3.86	)%		20.57	%		(30.31	)%		7.49	%		7.94	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	41,400		$	42,218		$	33,119		$	580		$	540
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.49	%		0.60	%		0.55	%		1.81	%		7.98	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.35	)%		3.88	%		4.45	%		2.37	%		6.68	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.49	)%		3.63	%		4.25	%		0.91	%		(1.66	)%(l)
Portfolio turnover rate		15	%		24	%		43	%		12	%		3	%
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class B				2009			2008			2007
Net asset value, beginning of period	$	8.31		$	7.17		$	10.85		$	10.54		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(x)		(0.02	)(e)		0.30	(e)		0.36	(e)		0.46	(e)		0.39	(e)
Net realized and unrealized gain (loss) on investments		(0.32	)		1.16			(3.67	)		0.30			0.39
Total from investment operations		(0.34	)		1.46			(3.31	)		0.76			0.78
Less distributions:
Dividends from net investment income		—			(0.31	)		(0.29	)		(0.32	)		(0.24	)
Distributions from net realized gains		—			(0.01	)		(0.08	)		(0.13	)		—	#
Total dividends and distributions		—			(0.32	)		(0.37	)		(0.45	)		(0.24	)
Net asset value, end of period	$	7.97		$	8.31		$	7.17		$	10.85		$	10.54
Total return (b)		(4.09	)%		20.40	%		(30.50	)%		7.22	%		7.85	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	35,426		$	35,657		$	23,402		$	13,218		$	2,023
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a)(f)		0.74	%		0.85	%(c)		0.80	%(c)		2.06	%(c)		8.23	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.60	)%		3.96	%		3.97	%		4.12	%		11.01	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.74	)%		3.70	%		3.63	%		2.72	%		3.72	%(l)
Portfolio turnover rate		15	%		24	%		43	%		12	%		3	%

See Notes to Financial Statements.

312

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TARGET 2015 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

* Commencement of operations.

# Per share amount is less than $0.01.

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

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

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

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

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

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

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

See Notes to Financial Statements.

313

TARGET 2025 ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2010
EQ/Equity 500 Index Portfolio	29.2	%
EQ/International ETF Portfolio	16.0
EQ/Global Multi-Sector Equity Portfolio	14.8
EQ/Core Bond Index Portfolio	11.5
Multimanager Multi-Sector Bond Portfolio	8.2
EQ/Small Company Index Portfolio	7.3
Multimanager Large Cap Value Portfolio	4.4
Multimanager Mid Cap Value Portfolio	3.3
Multimanager Aggressive Equity Portfolio	2.2
EQ/Global Bond PLUS Portfolio	1.8
EQ/Quality Bond PLUS Portfolio	0.8
Multimanager Mid Cap Growth Portfolio	0.5

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$943.10	$1.69
Hypothetical (5% average return before expenses)	1,000.00	1,023.06	1.76
Class B
Actual	1,000.00	941.80	2.89
Hypothetical (5% average return before expenses)	1,000.00	1,021.82	3.01
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60% , respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡	925,750	$	9,133,318
EQ/Equity 500 Index Portfolio‡	1,280,138		23,193,632
EQ/Global Bond PLUS Portfolio‡	147,747		1,471,029
EQ/Global Multi-Sector Equity Portfolio‡	1,155,819		11,789,219
EQ/International ETF Portfolio‡	2,143,312		12,700,878
EQ/Quality Bond PLUS Portfolio‡	63,781		605,671
EQ/Small Company Index Portfolio‡	700,511		5,779,316
Multimanager Aggressive Equity Portfolio‡	82,508		1,767,615
Multimanager Large Cap Value Portfolio‡	425,973		3,466,015
Multimanager Mid Cap Growth Portfolio*‡	60,035		423,233

	Number of Shares	Value (Note 1)
Multimanager Mid Cap Value Portfolio‡	333,002	$	2,625,562
Multimanager Multi-Sector Bond Portfolio‡	1,647,658		6,479,062
Total Investments (100.2%) (Cost $89,024,925)			79,434,550
Other Assets Less Liabilities (-0.2%)			(170,271	)
Net Assets (100%)		$	79,264,279

* Non-income producing.

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

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

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	10,724,254	$	687,682	$	2,746,676	$	9,133,318	$	—	$	49,483
EQ/Equity 500 Index Portfolio		26,767,722		2,173,100		5,110,443		23,193,632		—		(903,022	)
EQ/Global Bond PLUS Portfolio		1,396,190		235,777		192,273		1,471,029		—		12,124
EQ/Global Multi-Sector Equity Portfolio		12,342,503		1,743,768		1,590,125		11,789,219		—		(567,408	)
EQ/International ETF Portfolio		14,090,571		1,800,557		1,964,647		12,700,878		—		(833,214	)
EQ/Quality Bond PLUS Portfolio		544,896		235,777		194,325		605,671		—		10,072
EQ/Small Company Index Portfolio		4,834,588		1,643,425		655,310		5,779,316		—		(123,295	)
Multimanager Aggressive Equity Portfolio		1,922,042		240,737		245,095		1,767,615		—		(10,620	)
Multimanager Large Cap Value Portfolio		3,688,139		329,513		382,957		3,466,015		—		(81,436	)
Multimanager Mid Cap Growth Portfolio		204,779		361,689		148,106		423,233		—		(23,799	)
Multimanager Mid Cap Value Portfolio		2,688,273		115,995		112,433		2,625,562		—		(13,858	)
Multimanager Multi-Sector Bond Portfolio		3,887,150		2,761,201		590,618		6,479,062		—		(164,791	)
	$	83,091,107	$	12,329,221	$	13,933,008	$	79,434,550	$	—	$	(2,649,764	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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	$	—	$	79,434,550	$	—	$	79,434,550
Total Assets	$	—	$	79,434,550	$	—	$	79,434,550
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	79,434,550	$	—	$	79,434,550

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

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

Cost of Purchases:
Investment Companies	$	12,329,221
Net Proceeds of Sales and Redemptions:
Investment Companies	$	11,283,244

As of June 30, 2010, 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	$	644,477
Aggregate gross unrealized depreciation		(10,017,607	)
Net unrealized depreciation	$	(9,373,130	)
Federal income tax cost of investments	$	88,807,680

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $89,024,925)	$	79,434,550
Cash		34,243
Receivable from Separate Accounts for Trust shares sold		47,380
Total assets		79,516,173
LIABILITIES
Payable for securities purchased		113,870
Payable to Separate Accounts for Trust shares redeemed		46,898
Administrative fees payable		12,753
Distribution fees payable - Class B		8,350
Investment management fees payable		742
Trustees’ fees payable		253
Accrued expenses		69,028
Total liabilities		251,894
NET ASSETS	$	79,264,279
Net assets were comprised of:
Paid in capital	$	99,983,051
Accumulated undistributed net investment income (loss)		21,499
Accumulated undistributed net realized gain (loss) on investments		(11,149,896	)
Unrealized appreciation (depreciation) on investments		(9,590,375	)
Net assets	$	79,264,279
Class A
Net asset value, offering and redemption price per share, $39,792,215 / 5,224,441 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.62
Class B
Net asset value, offering and redemption price per share, $39,472,064 / 5,186,526 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.61

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

EXPENSES
Administrative fees	$	78,282
Distribution fees - Class B		50,596
Custodian fees		46,440
Investment management fees		41,444
Professional fees		24,015
Printing and mailing expenses		4,902
Trustees’ fees		695
Miscellaneous		2,165
Gross expenses		248,539
Less:   Waiver from investment advisor		(52,945)
Net expenses		195,594
NET INVESTMENT INCOME (LOSS)		(195,594	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(2,649,764	)
Net change in unrealized appreciation (depreciation) on securities		(2,052,769	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(4,702,533	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,898,127	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(195,594	)	$	2,520,937
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(2,649,764	)		(6,256,741	)
Net change in unrealized appreciation (depreciation) on investments		(2,052,769	)		18,549,907
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(4,898,127	)		14,814,103
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(1,617,793	)
Class B		—			(1,359,604	)
		—			(2,977,397	)
Distributions from net realized capital gains
Class A		—			(92,972	)
Class B		—			(79,593	)
		—			(172,565	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(3,149,962	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 360,859 and 854,670 shares, respectively ]		2,996,754			6,043,152
Capital shares issued in reinvestment of dividends and distributions [ 0 and 212,668 shares, respectively ]		—			1,710,765
Capital shares repurchased [ (490,167) and (393,114) shares, respectively ]		(3,991,103	)		(2,797,505	)
Total Class A transactions		(994,349	)		4,956,412
Class B
Capital shares sold [ 954,566 and 2,003,209 shares, respectively ]		7,784,964			14,553,964
Capital shares issued in reinvestment of dividends and distributions [ 0 and 178,808 shares, respectively ]		—			1,439,197
Capital shares repurchased [ (636,691) and (595,076) shares, respectively ]		(5,200,587	)		(4,265,046	)
Total Class B transactions		2,584,377			11,728,115
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,590,028			16,684,527
TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,308,099	)		28,348,668
NET ASSETS:
Beginning of period		82,572,378			54,223,710
End of period (a)	$	79,264,279		$	82,572,378
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	21,499		$	217,093

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class A				2009			2008			2007
Net asset value, beginning of period	$	8.08		$	6.81		$	11.02		$	10.65		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.28	(e)		0.36	(e)		0.21	(e)		0.19	(e)
Net realized and unrealized gain (loss) on investments		(0.45	)		1.32			(4.20	)		0.60			0.68
Total from investment operations		(0.46	)		1.60			(3.84	)		0.81			0.87
Less distributions:
Dividends from net investment income		—			(0.31	)		(0.26	)		(0.30	)		(0.22	)
Distributions from net realized gains		—			(0.02	)		(0.11	)		(0.14	)		—	#
Total dividends and distributions		—			(0.33	)		(0.37	)		(0.44	)		(0.22	)
Net asset value, end of period	$	7.62		$	8.08		$	6.81		$	11.02		$	10.65
Total return(b)		(5.69	)%		23.56	%		(34.83	)%		7.62	%		8.71	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	39,792		$	43,236		$	31,868		$	585		$	544
Ratio of expenses to average net assets:
After waivers and reimbursements(a)(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements(a)(f)		0.48	%		0.61	%		0.57	%		1.51	%		7.39	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements(a)(f)(x)		(0.35	)%		3.80	%		4.11	%		1.86	%		5.55	%(l)
Before waivers and reimbursements(a)(f)(x)		(0.48	)%		3.54	%		3.90	%		0.69	%		(2.33	)%(l)
Portfolio turnover rate		14	%		17	%		21	%		15	%		2	%
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class B				2009			2008			2007
Net asset value, beginning of period	$	8.08		$	6.81		$	11.02		$	10.65		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.29	(e)		0.31	(e)		0.35	(e)		0.31	(e)
Net realized and unrealized gain (loss) on investments		(0.45	)		1.29			(4.16	)		0.43			0.55
Total from investment operations		(0.47	)		1.58			(3.85	)		0.78			0.86
Less distributions:
Dividends from net investment income		—			(0.29	)		(0.25	)		(0.27	)		(0.21	)
Distributions from net realized gains		—			(0.02	)		(0.11	)		(0.14	)		—	#
Total dividends and distributions		—			(0.31	)		(0.36	)		(0.41	)		(0.21	)
Net asset value, end of period	$	7.61		$	8.08		$	6.81		$	11.02		$	10.65
Total return(b)		(5.82	)%		23.25	%		(35.00	)%		7.35	%		8.62	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	39,472		$	39,336		$	22,355		$	17,298		$	2,154
Ratio of expenses to average net assets:
After waivers and reimbursements(a)(f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements(a)(f)		0.73	%		0.86	%		0.82	%(c)		1.76	%(c)		7.64	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements(a)(f)(x)		(0.60	)%		3.98	%		3.40	%		3.10	%		8.86	%(l)
Before waivers and reimbursements(a)(f)(x)		(0.73	)%		3.72	%		3.05	%		2.03	%		2.18	%(l)
Portfolio turnover rate		14	%		17	%		21	%		15	%		2	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

* Commencement of operations.

# Per share amount is less than $0.01.

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

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

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

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

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

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

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

See Notes to Financial Statements.

320

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Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
EQ/Equity 500 Index Portfolio	35.8	%
EQ/International ETF Portfolio	17.8
EQ/Global Multi-Sector Equity Portfolio	17.3
EQ/Small Company Index Portfolio	9.5
Multimanager Multi-Sector Bond Portfolio	5.5
EQ/Core Bond Index Portfolio	4.7
Multimanager Large Cap Value Portfolio	2.8
Multimanager Mid Cap Value Portfolio	2.7
Multimanager Aggressive Equity Portfolio	1.8
EQ/Global Bond PLUS Portfolio	0.8
EQ/Quality Bond PLUS Portfolio	0.8
Multimanager Mid Cap Growth Portfolio	0.5

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$929.70	$1.67
Hypothetical (5% average return before expenses)	1,000.00	1,023.06	1.76
Class B
Actual	1,000.00	929.70	2.87
Hypothetical (5% average return before expenses)	1,000.00	1,021.82	3.01
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60% , respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡	204,950	$	2,022,008
EQ/Equity 500 Index Portfolio‡	858,019		15,545,654
EQ/Global Bond PLUS Portfolio‡	36,159		360,017
EQ/Global Multi-Sector Equity Portfolio‡	734,896		7,495,857
EQ/International ETF Portfolio‡	1,304,609		7,730,877
EQ/Quality Bond PLUS Portfolio‡	34,393		326,602
EQ/Small Company Index Portfolio‡	498,201		4,110,228
Multimanager Aggressive Equity Portfolio‡	36,484		781,621
Multimanager Large Cap Value Portfolio‡	151,994		1,236,732
Multimanager Mid Cap Growth Portfolio*‡	32,689		230,451
Multimanager Mid Cap Value Portfolio‡	148,860		1,173,696

	Number of Shares	Value (Note 1)
Multimanager Multi-Sector Bond Portfolio‡	605,087	$	2,379,376
Total Investments (99.8%) (Cost $47,391,354)			43,393,119
Other Assets Less Liabilities (0.2%)			75,016
Net Assets (100%)		$	43,468,135

* Non-income producing.

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

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

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June  30, 2010		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	2,423,931	$	257,598	$	763,237	$	2,022,008	$	—	$	15,345
EQ/Equity 500 Index Portfolio		16,590,251		1,990,410		2,446,721		15,545,654		—		(520,929	)
EQ/Global Bond PLUS Portfolio		286,894		90,917		26,086		360,017		—		1,649
EQ/Global Multi-Sector Equity Portfolio		7,105,492		1,515,153		498,777		7,495,857		—		(175,081	)
EQ/International ETF Portfolio		7,961,709		1,364,380		618,421		7,730,877		—		(271,041	)
EQ/Quality Bond PLUS Portfolio		258,655		75,764		21,925		326,602		—		1,187
EQ/Small Company Index Portfolio		3,281,188		1,112,336		213,875		4,110,228		—		(39,426	)
Multimanager Aggressive Equity Portfolio		884,733		216,855		166,165		781,621		—		72,663
Multimanager Large Cap Value Portfolio		1,144,326		265,793		78,202		1,236,732		—		1,330
Multimanager Mid Cap Growth Portfolio		180,777		88,559		36,574		230,451		—		(8,396	)
Multimanager Mid Cap Value Portfolio		1,148,745		90,917		34,874		1,173,696		—		(7,140	)
Multimanager Multi-Sector Bond Portfolio		1,172,206		1,192,445		100,478		2,379,376		—		(26,519	)
	$	42,438,907	$	8,261,127	$	5,005,335	$	43,393,119	$	—	$	(956,358	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (Including Quoted Prices for Similar Securities, Interest Rates, Prepayment Speeds, Credit Risk, etc.)		Level 3 Significant Unobservable Inputs (Including the Portfolio’s Own Assumptions in Determining the Fair Value of Investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	43,393,119	$	—	$	43,393,119
Total Assets	$	—	$	43,393,119	$	—	$	43,393,119
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	43,393,119	$	—	$	43,393,119

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

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

Cost of Purchases:
Investment Companies	$	8,261,127
Net Proceeds of Sales and Redemptions:
Investment Companies	$	4,048,977

As of June 30, 2010, 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	$	237,452
Aggregate gross unrealized depreciation		(4,120,527	)
Net unrealized depreciation	$	(3,883,075	)
Federal income tax cost of investments	$	47,276,194

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $47,391,354)	$	43,393,119
Receivable from Separate Accounts for Trust shares sold		190,938
Receivable for securities sold		14,601
Total assets		43,598,658
LIABILITIES
Overdraft payable		43,237
Payable to Separate Accounts for Trust shares redeemed		11,003
Distribution fees payable - Class B		6,131
Administrative fees payable		3,265
Trustees’ fees payable		157
Accrued expenses		66,730
Total liabilities		130,523
NET ASSETS	$	43,468,135
Net assets were comprised of:
Paid in capital	$	53,162,066
Accumulated undistributed net investment income (loss)		772
Accumulated undistributed net realized gain (loss) on investments		(5,696,468	)
Unrealized appreciation (depreciation) on investments		(3,998,235	)
Net assets	$	43,468,135
Class A
Net asset value, offering and redemption price per share, $14,619,827 / 1,972,146 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.41
Class B
Net asset value, offering and redemption price per share, $28,848,308 / 3,895,148 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.41

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

EXPENSES
Administrative fees	$	49,527
Custodian fees		45,795
Distribution fees - Class B		36,400
Professional fees		23,685
Investment management fees		22,274
Printing and mailing expenses		2,613
Trustees’ fees		366
Miscellaneous		1,976
Gross expenses		182,636
Less:   Waiver from investment advisor		(68,320	)
Net expenses		114,316
NET INVESTMENT INCOME (LOSS)		(114,316	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(956,358	)
Net change in unrealized appreciation (depreciation) on securities		(2,301,580	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(3,257,938	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,372,254	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(114,316	)	$	1,209,360
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(956,358	)		(3,656,851	)
Net change in unrealized appreciation (depreciation) on investments		(2,301,580	)		10,894,984
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(3,372,254	)		8,447,493
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(532,746	)
Class B		—			(937,221	)
		—			(1,469,967	)
Distributions from net realized capital gains
Class A		—			(44,790	)
Class B		—			(81,335	)
		—			(126,125	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(1,596,092	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [248,274 and 433,989 shares, respectively]		2,010,179			2,958,133
Capital shares issued in reinvestment of dividends and distributions [0 and 72,784 shares, respectively]		—			577,536
Capital shares repurchased [(117,585) and (187,611) shares, respectively]		(917,662	)		(1,434,554	)
Total Class A transactions		1,092,517			2,101,115
Class B
Capital shares sold [744,528 and 1,672,210 shares, respectively]		5,954,895			11,638,159
Capital shares issued in reinvestment of dividends and distributions [0 and 128,295 shares, respectively]		—			1,018,556
Capital shares repurchased [(297,368) and (540,351) shares, respectively]		(2,382,989	)		(3,901,489	)
Total Class B transactions		3,571,906			8,755,226
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		4,664,423			10,856,341
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,292,169			17,707,742
NET ASSETS:
Beginning of period		42,175,966			24,468,224
End of period (a)	$	43,468,135		$	42,175,966
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	772		$	115,088

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class A				2009			2008			2007
Net asset value, beginning of period	$	7.97		$	6.59		$	11.21		$	10.76		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.25	(e)		0.34	(e)		0.17	(e)		0.16	(e)
Net realized and unrealized gain (loss) on investments		(0.55	)		1.46			(4.58	)		0.66			0.78
Total from investment operations		(0.56	)		1.71			(4.24	)		0.83			0.94
Less distributions:
Dividends from net investment income		—			(0.30	)		(0.24	)		(0.27	)		(0.18	)
Distributions from net realized gains		—			(0.03	)		(0.14	)		(0.11	)		—	#
Total dividends and distributions		—			(0.33	)		(0.38	)		(0.38	)		(0.18	)
Net asset value, end of period	$	7.41		$	7.97		$	6.59		$	11.21		$	10.76
Total return (b)		(7.03	)%		25.92	%		(37.94	)%		7.75	%		9.45	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	14,620		$	14,680		$	10,038		$	589		$	547
Ratio of expenses to average net assets:
After waivers and reimbursements (a) (f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a) (f)		0.66	%		0.91	%		0.94	%		2.48	%		9.66	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a) (f) (x)		(0.35	)%		3.58	%		3.92	%		1.48	%		4.50	%(l)
Before waivers and reimbursements (a) (f) (x)		(0.66	)%		3.02	%		3.33	%		(0.64	)%		(4.99	)%(l)
Portfolio turnover rate		9	%		22	%		12	%		6	%		4	%
	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class B				2009			2008			2007
Net asset value, beginning of period	$	7.97		$	6.60		$	11.21		$	10.76		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.27	(e)		0.30	(e)		0.29	(e)		0.19	(e)
Net realized and unrealized gain (loss) on investments		(0.54	)		1.41			(4.55	)		0.51			0.74
Total from investment operations		(0.56	)		1.68			(4.25	)		0.80			0.93
Less distributions:
Dividends from net investment income		—			(0.28	)		(0.22	)		(0.24	)		(0.17	)
Distributions from net realized gains		—			(0.03	)		(0.14	)		(0.11	)		—	#
Total dividends and distributions		—			(0.31	)		(0.36	)		(0.35	)		(0.17	)
Net asset value, end of period	$	7.41		$	7.97		$	6.60		$	11.21		$	10.76
Total return (b)		(7.03	)%		25.41	%		(38.01	)%		7.37	%		9.45	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	28,848		$	27,496		$	14,430		$	9,825		$	1,228
Ratio of expenses to average net assets:
After waivers and reimbursements (a) (f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a) (f)		0.91	%		1.16	%(c)		1.19	%(c)		2.73	%(c)		9.91	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a) (f) (x)		(0.60	)%		3.79	%		3.34	%		2.54	%		5.42	%(l)
Before waivers and reimbursements (a) (f) (x)		(0.91	)%		3.22	%		2.59	%		0.53	%		(3.77	)%(l)
Portfolio turnover rate		9	%		22	%		12	%		6	%		4	%

* Commencement of operations.

# Per share amount is less than $0.01.

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

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

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

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

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

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

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

See Notes to Financial Statements.

326

TARGET 2045 ALLOCATION PORTFOLIO (Unaudited)

Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2010
EQ/Equity 500 Index Portfolio	42.1	%
EQ/International ETF Portfolio	20.1
EQ/Global Multi-Sector Equity Portfolio	17.7
EQ/Small Company Index Portfolio	9.8
Multimanager Mid Cap Value Portfolio	3.3
Multimanager Large Cap Value Portfolio	3.0
Multimanager Aggressive Equity Portfolio	1.9
EQ/Core Bond Index Portfolio	0.8
Multimanager Multi-Sector Bond Portfolio	0.7
Multimanager Mid Cap Growth Portfolio	0.6

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2010 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/10	Ending Account Value 6/30/10	Expenses Paid During Period* 1/1/10- 6/30/10
Class A
Actual	$1,000.00	$916.00	$1.66
Hypothetical (5% average return before expenses)	1,000.00	1,023.06	1.76
Class B
Actual	1,000.00	914.70	2.85
Hypothetical (5% average return before expenses)	1,000.00	1,021.82	3.01
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60% , respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡	17,183	$	169,528
EQ/Equity 500 Index Portfolio‡	505,245		9,154,070
EQ/Global Multi-Sector Equity Portfolio‡	377,574		3,851,212
EQ/International ETF Portfolio‡	738,763		4,377,773
EQ/Small Company Index Portfolio‡	258,885		2,135,840
Multimanager Aggressive Equity Portfolio‡	19,856		425,391
Multimanager Large Cap Value Portfolio‡	80,850		657,856
Multimanager Mid Cap Growth Portfolio*‡	17,780		125,341
Multimanager Mid Cap Value Portfolio‡	89,873		708,605

	Number of Shares	Value (Note 1)
Multimanager Multi-Sector Bond Portfolio‡	37,108	$	145,919
Total Investments (100.2%) (Cost $22,910,621)			21,751,535
Other Assets Less Liabilities (-0.2%)			(40,708	)
Net Assets (100%)		$	21,710,827

* Non-income producing.

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

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

Investments in companies which were affiliates for the six months ended June 30, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value June 30, 2010		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	107,057	$	111,004	$	54,730	$	169,528	$	—	$	1,776
EQ/Equity 500 Index Portfolio		9,669,867		1,364,618		1,560,631		9,154,070		—		(348,674	)
EQ/Global Multi-Sector Equity Portfolio		3,877,220		849,275		693,247		3,851,212		—		(237,442	)
EQ/International ETF Portfolio		4,790,238		805,950		842,169		4,377,773		—		(353,471	)
EQ/Small Company Index Portfolio		1,892,229		549,212		312,732		2,135,840		—		(54,496	)
Multimanager Aggressive Equity Portfolio		486,534		139,422		121,193		425,391		—		36,914
Multimanager Large Cap Value Portfolio		643,186		161,544		74,285		657,856		—		23,952
Multimanager Mid Cap Growth Portfolio		113,697		51,618		44,643		125,341		—		(9,339	)
Multimanager Mid Cap Value Portfolio		709,117		56,949		42,991		708,605		—		(7,614	)
Multimanager Multi-Sector Bond Portfolio		66,209		81,004		6,154		145,919		—		350
	$	22,355,354	$	4,170,596	$	3,752,775	$	21,751,535	$	—	$	(948,044	)

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2010:

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	$	—	$	21,751,535	$	—	$	21,751,535
Total Assets	$	—	$	21,751,535	$	—	$	21,751,535
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	21,751,535	$	—	$	21,751,535

The Portfolio held no derivatives contracts during the six months ended June 30, 2010.

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

Cost of Purchases:
Investment Companies	$	4,170,596
Net Proceeds of Sales and Redemptions:
Investment Companies	$	2,804,731

As of June 30, 2010, 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	$	319,616
Aggregate gross unrealized depreciation		(1,436,463	)
Net unrealized depreciation	$	(1,116,847	)
Federal income tax cost of investments	$	22,868,382

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2010 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $22,910,621)	$	21,751,535
Cash		65,449
Receivable from Separate Accounts for Trust shares sold		15,899
Receivable from investment manager		1,710
Total assets		21,834,593
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		33,189
Payable for securities purchased		30,815
Distribution fees payable - Class B		3,811
Trustees’ fees payable		101
Accrued expenses		55,850
Total liabilities		123,766
NET ASSETS	$	21,710,827
Net assets were comprised of:
Paid in capital	$	26,842,814
Accumulated undistributed net investment income (loss)		(22,024	)
Accumulated undistributed net realized gain (loss) on investments		(3,950,877	)
Unrealized appreciation (depreciation) on investments		(1,159,086	)
Net assets	$	21,710,827
Class A
Net asset value, offering and redemption price per share, $4,349,763 / 623,136 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6 .98
Class B
Net asset value, offering and redemption price per share, $17,361,064 / 2,489,164 shares outstanding (unlimited amount authorized: $0.001 par value)	$	6 .97

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010 (Unaudited)

EXPENSES
Custodian fees	$	34,613
Administrative fees		33,617
Professional fees		23,504
Distribution fees - Class B		23,416
Investment management fees		11,667
Printing and mailing expenses		1,375
Trustees’ fees		192
Miscellaneous		1,620
Gross expenses		130,004
Less:   Waiver from investment advisor		(45,284)
Reimbursement from investment advisor		(20,496	)
Net expenses		64,224
NET INVESTMENT INCOME (LOSS)		(64,224	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		(948,044	)
Net change in unrealized appreciation (depreciation) on securities		(1,021,639	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(1,969,683	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,033,907	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(64,224	)	$	607,165
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(948,044	)		(2,661,912	)
Net change in unrealized appreciation (depreciation) on investments		(1,021,639	)		6,729,661
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,033,907	)		4,674,914
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(160,118	)
Class B		—			(601,358	)
		—			(761,476	)
Distributions from net realized capital gains
Class A		—			(18,900	)
Class B		—			(70,782	)
		—			(89,682	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(851,158	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 75,786 and 204,967 shares, respectively ]		592,140			1,303,788
Capital shares issued in reinvestment of dividends and distributions [ 0 and 23,678 shares, respectively ]		—			179,018
Capital shares repurchased [ (31,252) and (136,166) shares, respectively ]		(236,746	)		(977,476	)
Total Class A transactions		355,394			505,330
Class B
Capital shares sold [ 559,496 and 1,387,350 shares, respectively ]		4,274,208			9,217,209
Capital shares issued in reinvestment of dividends and distributions [ 0 and 88,803 shares, respectively ]		—			672,140
Capital shares repurchased [ (391,628) and (557,304) shares, respectively ]		(2,977,145	)		(3,836,201	)
Total Class B transactions		1,297,063			6,053,148
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,652,457			6,558,478
TOTAL INCREASE (DECREASE) IN NET ASSETS		(381,450	)		10,382,234
NET ASSETS:
Beginning of period		22,092,277			11,710,043
End of period (a)	$	21,710,827		$	22,092,277
(a)   Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(22,024	)	$	42,200

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class A				2009			2008			2007
Net asset value, beginning of period	$	7.62		$	6.20		$	11.16		$	10.86		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.22	(e)		0.29	(e)		0.13	(e)		0.12	(e)
Net realized and unrealized gain (loss) on investments		(0.63	)		1.52			(4.86	)		0.74			0.89
Total from investment operations		(0.64	)		1.74			(4.57	)		0.87			1.01
Less distributions:
Dividends from net investment income		—			(0.29	)		(0.20	)		(0.23	)		(0.15	)
Distributions from net realized gains		—			(0.03	)		(0.19	)		(0.34	)		—	#
Total dividends and distributions		—			(0.32	)		(0.39	)		(0.57	)		(0.15	)
Net asset value, end of period	$	6.98		$	7.62		$	6.20		$	11.16		$	10.86
Total return (b)		(8.40	)%		28.13	%		(41.18	)%		8.09	%		10.16	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,350		$	4,407		$	3,014		$	595		$	551
Ratio of expenses to average net assets:
After waivers and reimbursements (a) (f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a) (f)		0.91	%		1.33	%		1.63	%		2.91	%		10.59	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a) (f) (x)		(0.35	)%		3.35	%		3.40	%		1.13	%		3.47	%(l)
Before waivers and reimbursements (a) (f) (x)		(0.91	)%		2.37	%		2.12	%		(1.42	)%		(6.92	)%(l)
Portfolio turnover rate		12	%		30	%		5	%		23	%		7	%

See Notes to Financial Statements.

332

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TARGET 2045 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31,									August 31, 2006* to December 31, 2006
Class B				2009			2008			2007
Net asset value, beginning of period	$	7.62		$	6.20		$	11.16		$	10.86		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.25	(e)		0.24	(e)		0.21	(e)		0.18	(e)
Net realized and unrealized gain (loss) on investments		(0.63	)		1.47			(4.82	)		0.63			0.82
Total from investment operations		(0.65	)		1.72			(4.58	)		0.84			1.00
Less distributions:
Dividends from net investment income		—			(0.27	)		(0.19	)		(0.20	)		(0.14	)
Distributions from net realized gains		—			(0.03	)		(0.19	)		(0.34	)		—	#
Total dividends and distributions		—			(0.30	)		(0.38	)		(0.54	)		(0.14	)
Net asset value, end of period	$	6.97		$	7.62		$	6.20		$	11.16		$	10.86
Total return (b)		(8.53	)%		27.80	%		(41.33	)%		7.82	%		10.06	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	17,361		$	17,686		$	8,696		$	6,588		$	1,052
Ratio of expenses to average net assets:
After waivers and reimbursements (a) (f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a) (f)		1.16	%		1.58	%(c)		1.88	%(c)		3.16	%(c)		10.84	%(c)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a) (f) (x)		(0.60	)%		3.78	%		2.71	%		1.78	%		5.06	%(l)
Before waivers and reimbursements (a) (f) (x)		(1.16	)%		2.78	%		1.33	%		(0.70	)%		(5.07	)%(l)
Portfolio turnover rate		12	%		30	%		5	%		23	%		7	%

* Commencement of operations.

# Per share amount is less than $0.01.

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

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

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

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

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

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

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

See Notes to Financial Statements.

333

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2010 (Unaudited)

Note  1 Organization and Selected Significant Accounting Policies

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

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

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

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

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

The investment objectives of each Portfolio are as follows:

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

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June 30, 2010 (Unaudited)

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 AXA Equitable), ClearBridge Advisors, LLC, Legg Mason Capital Management, Inc., and Marsico Capital Management, LLC (“Marsico”)) — Seeks to achieve long-term growth of capital.

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

Multimanager International Equity Portfolio (advised by AllianceBernstein, BlackRock Investment Management LLC (“BlackRock”), JPMorgan Investment Management Inc., and Marsico) — Seeks to achieve long-term growth of capital. On February 12, 2010, BlackRock replaced SSgA FM 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 Growth Portfolio (advised by Goodman & Co. NY Ltd., SSgA FM, T. Rowe Price Associates, Inc. and Westfield Capital Management Company L.P.) — 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. On February 12, 2010, BlackRock replaced SSgA FM as an Adviser to the Portfolio.

Multimanager Mid Cap Value Portfolio (advised by AXA Rosenberg Investment Management LLC (“AXA Rosenberg”) (an affiliate of AXA Equitable), BlackRock, Tradewinds Global Investors LLC and Wellington Management) — Seeks to achieve long-term growth of capital. On February 12, 2010, BlackRock replaced SSgA FM as an Adviser to the Portfolio.

Multimanager Multi-Sector Bond Portfolio (formerly Multimanager High Yield 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, Eagle Asset Management, Inc. and Wells Capital Management Inc.) — Seeks to achieve long-term growth of capital. On February 12, 2010, BlackRock replaced SSgA FM as an Adviser to the Portfolio.

Multimanager Small Cap Value Portfolio (advised by BlackRock, Franklin Advisory Services LLC and Pacific Global Investment Management Company) — Seeks to achieve long-term growth of capital. On February 12, 2010, BlackRock replaced SSgA FM as an Adviser to the Portfolio.

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

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:

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

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

• Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

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

A summary of inputs used to value each Portfolio’s net assets as of June 30, 2010 is included in the Portfolio of Investments.

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

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

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.

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

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

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

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

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

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

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

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

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

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

Pursuant to procedures approved by the Trustees, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected, as by a method approved by the Trustees, in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust’s Manager deems that the particular event or circumstance would materially affect such Portfolio’s net asset value. The value and percentage, based on Total Investments, of the investments that applied these procedures on June 30, 2010 are as follows:

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

Portfolios:	Market Value		Percentage of Total Investments
Multimanager International Equity	$	697,147,223	89.2	%
Multimanager Large Cap Core Equity		24,166,304	3.8
Multimanager Large Cap Value		11,074,315	0.9
Multimanager Mid Cap Growth		2,781,791	0.6
Multimanager Mid Cap Value		2,857,505	0.6
Multimanager Technology		15,918,774	3.0

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

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

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

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

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

Foreign Currency Valuation:

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

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on a Portfolio’s books and the U.S. dollar equivalent of amounts actually received or paid.

Taxes:

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

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

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

	Year Ended December 31, 2009								Year Ended December 31, 2008
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
AXA Conservative Allocation	$	103,723,297	$	2,842,654	$	5,670,245	$	1,446,446	$	66,401,374	$	14,776,714	$	—	$	2,702,908
AXA Conservative- Plus Allocation		137,056,942		3,625,414		1,625,797		331,489		54,829,847		36,745,585		—		2,679,153
AXA Moderate Allocation		789,882,043		12,069,728		41,006,521		562,114		370,627,445		388,857,007		—		11,769,459
AXA Moderate-Plus Allocation		1,071,322,419		21,579,273		67,880,293		944,600		250,828,191		559,424,936		—		20,523,372
AXA Aggressive Allocation		378,718,962		3,685,655		8,055,639		2,976,403		49,303,399		206,971,528		59,296		3,083,153
Multimanager Aggressive Equity		3,392,378		—		5,484,078		—		6,214,318		—		35,872		—
Multimanager Core Bond		144,363,283		—		2,221,491		—		207,175,981		47,135,586		—		—

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

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

Fees Paid Indirectly:

For all Portfolios, the Board of Trustees has approved the payment of certain Trust expenses using brokerage service arrangements. These payments are reflected on the Statements of Operations. For the six months ended June 30, 2010, several Portfolios reduced expenses under these arrangements as follows:

Portfolios:	Amount
Multimanager Aggressive Equity	$	83,918
Multimanager International Equity		720
Multimanager Large Cap Core Equity.		10,302
Multimanager Large Cap Growth.		25,824
Multimanager Large Cap Value		44,879
Multimanager Mid Cap Growth		10,304
Multimanager Mid Cap Value		27,655
Multimanager Small Cap Growth.		7,781
Multimanager Small Cap Value.		5,261
Multimanager Technology		27,596

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

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increase its net investment income through the return on the investment of cash collateral received on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Portfolio. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of Portfolio securities will generally be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan will indemnify each Portfolio from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan invests the cash collateral on behalf of the Portfolios and retains a portion of the interest earned. Cash collateral is invested on behalf of a Portfolio in a manner similar to the Portfolio’s investment of its cash reserves and the Portfolio bears all of the gains and losses on such investment. The net asset value of a Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. None of the Portfolios had any loans outstanding at June 30, 2010.

Short Sales Against the Box:

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

Accounting for Derivative Instruments:

The Portfolios are subject to the provisions of ASC 815, “Derivatives and Hedging.” ASC 815 requires disclosures about entities derivative and hedging activities. The following is a description of how and why the Portfolios use derivative instruments, the type of derivatives utilized by the Portfolios during the reporting period, as well as the primary underlying risk exposures related to each instrument type. Derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though the Portfolio may use derivatives in an attempt to achieve an economic hedge, the Portfolio’s derivatives are not accounted for as hedging instruments under ASC 815 because the Portfolios account for their derivatives at fair value and record any changes in fair value in current period earnings. All open derivative positions at year end are reflected on each respective Portfolio’s Portfolio of Investments. The volume of derivative activity, based on month-end notional amounts during the period is also noted in each respective Portfolio’s Portfolio of Investments.

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

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

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

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

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The Advisers may engage in these forward contracts to protect against uncertainty in the level of future exchange rates in connection with the purchase and sale of Portfolio securities (“transaction hedging”) and to protect the value of specific portfolio positions (“position hedging”). The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Options Written:

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

Market and Credit Risk:

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

Note  2 Management of the Trust

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

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Target Allocation Portfolios; (iii) review brokerage matters; (iv) oversee the Trust’s compliance with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. For the six months ended June 30, 2010, for its services under the Management Agreements, the Manager was entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:

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

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

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

Note  3 Administrative Fees

Pursuant to an administrative agreement, AXA Equitable (“Administrator”) provides the Trust with necessary administrative services. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such administrative services to the

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Trust. For these administrative services, the Trust shall pay to AXA Equitable an annual fee in accordance with the following schedule:

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

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

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

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

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

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

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

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

Note  4 Custody Fees

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

Note  5 Distribution Plans

The Trust has entered into distribution agreements with AXA Advisors, LLC (“AXA Advisors”) and AXA Distributors, LLC (“AXA Distributors”), both indirect wholly-owned subsidiaries of AXA Equitable (collectively, the “Distributors”), pursuant to which the Distributors serve as the principal underwriters of the Class A and Class B shares of the Trust. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to the Class B shares of the Trust (“Distribution Plan”). The Distribution Plan provides that each Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.50% of the average daily net assets attributable to the Trust’s Class B shares for which it provides service. The distribution agreements, however, limit payments for services provided under the Distribution Plan to an annual rate of 0.25% of the average daily net assets attributable to the Trust’s Class B shares. This limitation will be in effect at least until April 30, 2011. The Trust’s Class A shares are not subject to such fees.

Note  6 Expense Limitation

The Manager has contractually agreed to make payments or waive its fees to limit the expenses of certain Portfolios (exclusive of taxes, interest, brokerage commissions, capitalized expenses, fees and expenses of other investment companies in which a Portfolio invests and extraordinary expenses) through April 30, 2011 (“Expense Limitation Agreement”). The Manager first waives its management fees, then waives its administration fees, and then reimburses the Portfolio’s expenses

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out of its own resources. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments and waivers are reimbursed within three years of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense ratio cap. If the actual expense ratio is less than the expense cap and AXA Equitable has recouped any eligible previous payments and waivers made, the Portfolio will be charged such lower expenses. The expenses as a percentage of daily average net assets (excluding the 0.25% annual fee under the Trust’s Class B Distribution Plan) for each Portfolio (except the AXA Allocation Portfolios) are limited to:

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

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

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

During the six months ended June 30, 2010, the Manager did not receive any recoupment for the Portfolios within the Trust. Recoupments in excess of waivers during the year would be presented as Recoupment Fees in the Statement of Operations. At June 30, 2010, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:

	Amount Eligible through								Total Eligible for Reimbursement
Portfolios:	2010		2011		2012		2013
AXA Conservative Allocation	$	—	$	—	$	3,242,167	$	1,672,538	$	4,914,705
AXA Conservative-Plus Allocation		—		—		1,888,421		873,535		2,761,956
AXA Moderate Allocation		—		—		6,185,225		2,093,290		8,278,515
AXA Moderate-Plus Allocation		—		—		4,873,727		949,385		5,823,112
AXA Aggressive Allocation		—		—		1,101,117		26,582		1,127,699
Target 2015 Allocation		67,714		129,824		165,380		53,895		416,813
Target 2025 Allocation		67,265		131,260		167,830		52,945		419,300
Target 2035 Allocation		72,534		148,465		184,661		68,320		473,980
Target 2045 Allocation		64,875		149,579		163,312		65,780		443,546

During the six months ended June 30, 2010, BlackRock reimbursed certain Portfolios $42,819 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	$	8,568
Multimanager Mid Cap Growth		6,355
Multimanager Mid Cap Value		8,410
Multimanager Small Cap Growth		8,290
Multimanager Small Cap Value		11,196

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

Portfolios:	Range of Expenses
AXA Conservative Allocation	0.50% to 0.75%
AXA Conservative-Plus Allocation	0.50% 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	0.50% to 0.75%
Target 2045 Allocation	0.50% to 0.75%

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

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

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

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

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

Portfolios:	Class A	Class B
AXA Conservative Allocation	0.78% to 1.03%	1.03% to 1.28%
AXA Conservative-Plus Allocation	0.78% to 1.03%	1.03% to 1.28%
AXA Moderate Allocation	0.77% to 1.02%	1.02% to 1.27%
AXA Moderate-Plus Allocation	0.82% to 1.07%	1.07% to 1.32%
AXA Aggressive Allocation	0.83% to 1.08%	1.08% to 1.33%
Target 2015 Allocation	0.99% to 1.24%	1.24% to 1.49%
Target 2025 Allocation	0.98% to 1.23%	1.23% to 1.48%
Target 2035 Allocation	1.16% to 1.41%	1.41% to 1.66%
Target 2045 Allocation	1.41% to 1.66%	1.66% to 1.91%

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

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Note  7 Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued earnings thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At June 30, 2010, the total amount deferred by the Trustees participating in the Plan was $440,721.

Note  8 Percentage of Ownership by Affiliates

At June 30, 2010, AXA Equitable held investments in each of the Portfolios as follows:

Portfolios:	Percentage of Ownership
AXA Conservative Allocation	0.02	%
AXA Conservative-Plus Allocation	—	#
AXA Moderate Allocation	0.01
AXA Moderate-Plus Allocation	—	#
AXA Aggressive Allocation	0.01
Multimanager Aggressive Equity	0.07
Multimanager Core Bond	—	#
Multimanager International Equity	—	#
Multimanager Large Cap Core Equity	0.01
Multimanager Large Cap Growth	0.02
Multimanager Large Cap Value	—	#
Multimanager Mid Cap Growth	0.01
Multimanager Mid Cap Value	0.02
Multimanager Multi-Sector Bond	0.01
Multimanager Small Cap Growth	0.06
Multimanager Small Cap Value	0.01
Multimanager Technology	0.04
Target 2015 Allocation	0.01
Target 2025 Allocation	—	#
Target 2035 Allocation	1.98
Target 2045 Allocation	3.77

# Percentage of ownership is less than 0.005%.

Shares of some of the Portfolios are held by the All Asset Allocation Portfolio of the EQ Advisors Trust, also managed by AXA Equitable, and the AXA Allocation Portfolios and Target Allocation Portfolios. The following tables represent the percentage of ownership that the All Asset Allocation Portfolio, and each AXA Allocation Portfolio and Target Allocation Portfolio has in each respective underlying investment company’s net assets as of June 30, 2010.

Portfolios:	All Asset Allocation
Multimanager Core Bond Portfolio	0.19	%
Multimanager International Equity Portfolio	0.37	%
Multimanager Large Cap Core Equity Portfolio	0.66	%
Multimanager Large Cap Value Portfolio	0.38	%
Multimanager Mid Cap Growth Portfolio	0.36	%
Multimanager Mid Cap Value Portfolio	0.54	%
Multimanager Small Cap Growth Portfolio	1.22	%
Multimanager Small Cap Value Portfolio	0.11	%

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Portfolios:	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
EQ/International ETF Portfolio	1.33	%	4.13	%	28.77	%	40.51	%	11.67	%
AXA Tactical Manager 500 Portfolio-II	0.08		3.54		29.31		45.82		21.23
AXA Tactical Manager 400 Portfolio-II	2.22		4.70		32.60		48.05		12.42
AXA Tactical Manager 2000 Portfolio-II	3.40		4.92		28.77		45.42		17.49
AXA Tactical Manager International Portfolio-II	1.93		4.25		32.27		46.07		15.47
EQ/AllianceBernstein International Portfolio	0.22		0.55		3.77		7.06		3.28
EQ/AllianceBernstein Small Cap Growth Portfolio	0.14		0.67		7.31		14.48		5.93
EQ/AXA Franklin Small Cap Value Core Portfolio	—		3.59		23.85		27.28		11.04
EQ/BlackRock Basic Value Equity Portfolio	0.82		1.13		6.58		10.03		3.79
EQ/BlackRock International Value Portfolio	0.34		0.92		5.87		10.97		5.52
EQ/Boston Advisors Equity Income Portfolio	1.34		3.90		18.12		24.80		7.09
EQ/Core Bond Index Portfolio	8.34		5.72		23.31		20.15		2.21
EQ/GAMCO Small Company Value Portfolio	0.23		0.76		4.75		5.45		4.57
EQ/Global Bond PLUS Portfolio	10.97		8.64		35.00		—		—
EQ/Global Multi-Sector Equity Portfolio	0.48		0.94		7.72		8.56		2.94
EQ/Intermediate Government Bond Index Portfolio	6.31		4.32		22.22		19.58		1.26
EQ/International Core PLUS Portfolio	0.66		1.36		10.12		12.45		3.14
EQ/International Growth Portfolio	0.66		1.59		11.01		21.55		10.18
EQ/Large Cap Core Plus Portfolio	2.70		3.71		22.01		28.93		11.01
EQ/Large Cap Growth Index Portfolio	1.60		2.59		13.10		23.24		8.84
EQ/Large Cap Growth Plus Portfolio	2.16		2.70		16.40		24.41		9.58
EQ/Large Cap Value Plus Portfolio	1.09		2.46		26.27		35.06		16.45
EQ/Mid Cap Index Portfolio	—		0.60		2.12		2.12		2.27
EQ/PIMCO Ultra Short Bond Portfolio	5.12		3.60		17.86		10.40		0.84
EQ/Quality Bond Plus Portfolio	11.16		6.95		30.34		21.55		1.67
EQ/Small Company Index Portfolio	—		0.40		4.16		3.61		0.59
Multimanager Core Bond Portfolio	9.51		6.00		25.91		21.84		1.42
Multimanager International Equity Portfolio	0.66		1.48		18.11		24.66		3.80
Multimanager Large Cap Core Equity Portfolio	3.13		3.27		17.25		37.55		14.24
Multimanager Large Cap Value Portfolio	2.35		3.49		15.81		28.93		11.62
Multimanager Mid Cap Growth Portfolio	2.12		2.00		5.04		4.43		1.09

349

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

Portfolios:	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
Multimanager Mid Cap Value Portfolio	1.87	%	0.70	%	2.42	%	2.98	%	1.42	%
Multimanager Multi-Sector Bond Portfolio	7.22		6.35		29.51		5.48		1.15
Multimanager Small Cap Growth Portfolio	0.28		1.37		12.67		28.63		9.85
Multimanager Small Cap Value Portfolio	—		0.69		3.82		19.13		0.70

	Target 2015 Allocation		Target 2025 Allocation		Target 2035 Allocation		Target 2045 Allocation
EQ/International ETF Portfolio	3.71	%	4.64	%	2.82	%	1.60	%
EQ/Core Bond Index Portfolio	0.32		0.18		0.04		—	#
EQ/Equity 500 Index Portfolio	0.61		0.93		0.62		0.37
EQ/Global Bond PLUS Portfolio	0.22		0.11		0.03		—
EQ/Global Multi-Sector Equity Portfolio	0.49		0.54		0.34		0.18
EQ/Quality Bond Plus Portfolio	0.03		0.02		0.01		—
EQ/Small Company Index Portfolio	0.57		0.77		0.55		0.28
Multimanager Aggressive Equity Portfolio	0.18		0.15		0.07		0.04
Multimanager Large Cap Value Portfolio	0.25		0.28		0.10		0.05
Multimanager Mid Cap Growth Portfolio	0.22		0.09		0.05		0.03
Multimanager Mid Cap Value Portfolio	0.43		0.52		0.23		0.14
Multimanager Multi-Sector Bond Portfolio	0.38		0.33		0.12		0.01

# Percentage of ownership is less than 0.005%.

Note  9 Substitution and Reorganization Transactions

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

350

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2010 (Unaudited)

Multimanager Health Care Portfolio that have been included in Multimanager Aggressive Equity Portfolio’s Statement of Operations since the merger date, September 18, 2009. Prior to the combination, the net assets of the Multimanager Aggressive Equity Portfolio totaled $973,340,476. Immediately after the combination, the net assets of the Multimanager Aggressive Equity Portfolio totaled $1,312,181,733.

Note  10 Subsequent Events

The Manager evaluated subsequent events from June 30, 2010, the date of these financial statements, through the date these financial statements were issued and available. The subsequent events include the following:

At a meeting held on July 7-8, 2010, the Board of Trustees approved the following changes to the management fee payable by AXA Allocation Portfolios to the Manager:

Effective August 1, 2010, the Manager is entitled to receive a fee of: 0.10% on the first $12 billion of average daily net assets of each AXA Allocation Portfolio; 0.095% on the next $3 billion of average daily net assets of each AXA Allocation Portfolio and 0.09% of average daily net assets thereafter of each AXA Allocation Portfolio. The new management fee takes effect August 1, 2010.

At a meeting held on July 7-8, 2010, the Board of Trustees approved the following changes to the administrative services fee payable by the AXA Allocation and Target Allocation Portfolios to the Manager:

Effective August 1, 2010, each AXA Allocation and Target Allocation Portfolio pays the Manager a fee at an annual rate of 0.15% of each AXA Allocation and each Target Allocation Portfolio’s total average net assets up to and including $15 billion, 0.125% of each AXA Allocation and each Target Allocation Portfolio’s total average net assets over $15 billion up to and including $20 billion, and 0.10% of each AXA Allocation and each Target Allocation Portfolio’s total average net assets over $20 billon, plus $32,500 per each AXA Allocation and Target Allocation Portfolio. The new administrative services fee takes effect August 1, 2010.

At a meeting held on July 7-8, 2010, the Board of Trustees approved the following changes to the administrative services fee payable by all of the Portfolios of the Trust, except the AXA Allocation Portfolios and the Target Allocation Portfolios:

Effective August 1, 2010, the Trust pays the Manager a fee at an annual rate of 0.15% of the Trust’s total average net assets (excluding the Allocation Portfolios and the Target Allocation Portfolios) up to and including $15 billion; 0.125% of the Trust’s total average net assets in excess of $15 billion and up to and including $30 billion; and 0.100% of total Trust assets in excess of $30 billion, plus $32,500 per portfolio whose total average annual net assets are less than $5 billion. The new administrative services fee takes effect August 1, 2010.

Effective August 1, 2010, AXA Rosenberg no longer serves as an advisor to the Multimanager Mid Cap Value Portfolio.

Effective August 1, 2010, the Trust’s Class B Distribution Plan pursuant to Rule 12b-1 under the 1940 Act was amended to lower the maximum annual distribution and/or service (12b-1) fee for each Portfolio’s Class B shares to 0.25% of the average daily net assets attributable to Class B shares. At a meeting held July 7-8, 2010, the Trustees approved the change to the Distribution Plan fees.

AXA Equitable, on behalf of itself and certain affiliates, has received an order issued by the Securities and Exchange Commission (the “SEC”) approving the substitution of securities issued by the Trust’s Multimanager Aggressive Equity Portfolio (“Replacement Portfolio”) for securities issued by the Multimanager Large Cap Growth Portfolio (“Removed Portfolio”) (the “Substitution”). A description of each Portfolio is contained in the Trust’s Prospectus dated May 1, 2010, as

351

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS (Concluded)

June 30, 2010 (Unaudited)

supplemented. AXA Equitable expects the Substitution to be completed on or about September 17, 2010, or as soon thereafter as reasonably practicable. Immediately after the Substitution, the Replacement Portfolio will have a total expense ratio equal to or lower than that of the Removed Portfolio immediately before the Substitution. At the time of the Substitution, the assets of the Removed Portfolio will be transferred to the Replacement Portfolio and you will indirectly hold shares of the Replacement Portfolio instead of the Removed Portfolio.

352

MANAGEMENT OF THE TRUST (UNAUDITED)

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

The Trustees and Officers

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York 10104 (51)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From September 1999 to present, Senior Vice President of AXA Financial, Inc. and AXA Equitable; since September 2004, President of AXA Equitable’s Funds Management Group (“FMG”); since July 2004, Senior Vice President of MONY Life Insurance Company and MONY Life Insurance Company of America; Director of MONY Capital Management, Inc.; Director and President, 1740 Advisers, Inc.; Director, Chairman of the Board and President, MONY Asset Management, Inc. and Enterprise Capital Management; since January 2005, MONY Financial Resources of Americas Limited.	86	None
Gerald C. Crotty c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (58)	Trustee	From November 2001 to present	President of Weichert Enterprise LLC, a private equity investment firm; Co- founder and CEO of Excelsior Ventures Management, a private equity and venture capital firm; from 1991 to 1998, held various positions with ITT Corporation, including President and COO of ITT Consumer Financial Corp. and Chairman, President and CEO of ITT Information Services.	21	From 2002 to present, Director of Access Integrated Technologies, Inc.; from 2005 to present, director of Jones Apparel Group, Inc.

* Affiliated with the Manager and Distributors.

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

353

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees
Barry Hamerling c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (64)	Trustee	From November 2001 to present	Since 1998, Managing Partner of Premium Ice Cream of America; Since 2003, Managing Partner of Premium Salads; from 1970 to 1998, President of Ayco Co. L.P., the largest independent financial counseling firm in the United States.	21	From 2007 to present, Trustee of the Merger Fund; from 1998 to present, Director and Chairman of Ayco Charitable Foundation.
Cynthia R. Plouché c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (53)	Trustee	From November 2001 to present	Since June 2006, Portfolio Manager at Williams Capital Management, Inc.; from June 2003 to 2006, Managing Director and Chief Investment Officer of Blaylock-Abacus Asset Management, Inc.; prior thereto, Founder, Chief Investment Officer and Managing Director of Abacus Financial Group from May 1991 to 2003, a manager of fixed income portfolios for institutional clients.	21	None
Rayman Louis Solomon c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (62)	Trustee	From November 2001 to present	Since 1998, Dean and a Professor of Law at Rutgers University School of Law; prior thereto, an Associate Dean for Academic Affairs at Northwestern University School of Law.	21	None

* Affiliated with the Manager and Distributors.

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

354

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York 10104 (51)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From September 1999 to present, Senior Vice President of AXA Financial, Inc. and AXA Equitable; since September 2004, President of AXA Equitable’s Funds Management Group (“FMG”); since July 2004, Senior Vice President of MONY Life Insurance Company and MONY Life Insurance Company of America; Director of MONY Capital Management, Inc.; Director and President, 1740 Advisers, Inc.; Director, Chairman of the Board and President, MONY Asset Management, Inc. and Enterprise Capital Management; since January 2005, MONY Financial Resources of Americas Limited.
Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York 10104 (54)	Vice President and Secretary	From November 2001 to present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and AXA Equitable.
Joseph J. Paolo 1290 Avenue of the Americas, New York, New York 10104 (39)	Chief Compliance Officer, Vice President and Anti-Money Laundering (“AML”) Compliance Officer	Chief Compliance Officer from May 2007 to present; Vice President and AML Compliance Officer from December 2005 to present	From June 2007 to present, Vice President of AXA Equitable and Chief Compliance Officer of AXA Equitable’s Funds Management Group; from August 2005 to June 2007, Vice President of AXA Equitable and Deputy Chief Compliance Officer of AXA Equitable’s Fund Management Group; from March 2004 to August 2005, Vice President of AXA Equitable and Compliance Officer of AXA Equitable’s Funds Management Group.
Brian E. Walsh 1290 Avenue of the Americas, New York, New York 10104 (42)	Chief Financial Officer and Treasurer	From June 2007 to present	From December 2002 to May 2007, Vice President and Assistant Treasurer of the Trust; from November 2001 to May 2007, Assistant Treasurer of the Trust; from February 2003 to present, Vice President of AXA Equitable.
Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (48)	Vice President	From November 2001 to present	From February 2001 to present, Vice President of AXA Equitable; from July 2004 to present, a director of Enterprise Capital Management, Inc.
Armando Capasso, Esq. 1290 Avenue of the Americas, New York, New York 10104 (36)	Vice President and Assistant Secretary	From December 2007 to present	From September 2008 to present, Vice President of AXA Equitable; from September 2007 to August 2008, Counsel of AXA Equitable; from March 2005 September 2007, Investment Management Associate, Drinker Biddle & Reath, LLP.
Kenneth T. Kozlowski 1290 Avenue of the Americas New York, New York 10104 (48)	Vice President	From June 2010 to Present	From February 2001 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.
William T. MacGregor, Esq. 1290 Avenue of the Americas, New York, New York 10104 (35)	Vice President and Assistant Secretary	From June 2006 to present	From May 2008 to present, Vice President and Counsel of AXA Equitable; from May 2007 to May 2008, Assistant Vice President and Counsel of AXA Equitable; from May 2006 to May 2007, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley Austin LLP; from September 2003 to February 2005.

* Affiliated with the Manager and Distributors.

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

355

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers (Continued)
Alwi Chan 1290 Avenue of the Americas, New York, New York 10104 (34)	Vice President	From June 2007 to present	From May 2007 to present, Vice President, AXA Equitable; from November 2005 to May 2007, Assistant Vice President, AXA Equitable; from December 2002 to November 2005, Senior Investment Analyst of AXA Equitable.
James D. Kelly 1290 Avenue of the Americas, New York, New York 10104 (42)	Controller	From June 2007 to present	From September 2008 to present, Vice President of AXA Equitable; from March 2006 to September 2008, Assistant Vice President, AXA Equitable; from July 2005 to February 2006, Assistant Treasurer, Lord Abbett & Co.; from July 2002 to June 2005, Director, Prudential Investments.
Carla M. Byer 1290 Avenue of the Americas, New York, New York 10104 (33)	Assistant Treasurer	From December 2006 to present	From September 2008 to present, Vice President of AXA Equitable; from February 2004 to September 2008, Assistant Vice President of AXA Equitable; from January 2003 to February 2004, Mutual Fund Manager of AXA Equitable.
David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (36)	Assistant AML Compliance Officer	From December 2005 to present	From September 2007 to present, Assistant Vice President and Compliance Risk Manager of AXA Equitable; from August 2005 to present, Associate Compliance Officer of AXA Equitable; from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management.
Roselle Ibanga 1290 Avenue of the Americas, New York, New York 10104 (31)	Assistant Controller	From February 2009 to present	From February 2009 to present, Assistant Vice President of AXA Equitable; from December 2008 to February 2009, Director of AXA Equitable’s Funds Management Group (“FMG”); from October 2007 to December 2008, Second Vice President, New York Life Investments Management, LLC; from May 2007 to September 2007, Manager of FMG; from August 2004 to May 2007, Fund Administrator of FMG.
Lisa Perrelli 1290 Avenue of the Americas, New York, New York 10104 (35)	Assistant Controller	From February 2009 to present	From September 2008 to present, Assistant Vice President of AXA Equitable; from February 2008 to September 2008, Director of FMG; from September 2006 to February 2008, Manager of FMG; from November 2002 to September 2006, Fund Administrator of FMG.
Judy Guhring 1290 Avenue of the Americas, New York, New York 10104 (38)	Assistant Secretary	From December 2005 to present	From August 2001 to present, Senior Legal Assistant of AXA Equitable.

* Affiliated with the Manager and Distributors.

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

356

PROXY VOTING POLICIES AND PROCEDURES (UNAUDITED)

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

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2010 is available (i) on the Trust’s proxy voting information website at http://www.axa-equitablefunds.com and (ii) on the Securities and Exchange Commission’s website at http:// www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

357

Item 2. Code of Ethics.

Not required

Item 3. Audit Committee Financial Expert.

Not required

Item 4. Principal Accountant Fees and Services.

Not required

Item 5. Audit Committee of Listed Registrants.

Not required.

Item 6. Schedule of Investments.

The Schedule of Investments is included as part of the Semi-Annual Report to Shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Disclosures.

(a) The registrant’s certifying officers have evaluated the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report and have

determined such controls and procedures to be reasonably designed to achieve the purposes described in Rule 30a-3(c) under the Investment Company Act of 1940 as amended, (“1940 Act”), that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	Not applicable for the reporting period.
(a)(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - filed herewith.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AXA Premier VIP Trust

/S/    STEVEN M. JOENK        

Steven M. Joenk

President and Chief Executive Officer

August 31, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/S/    STEVEN M. JOENK        

Steven M. Joenk

Chief Executive Officer

August 31, 2010

/S/    BRIAN WALSH        

Brian Walsh

Chief Financial Officer

August 31, 2010