AXA Premier VIP Trust

N-CSRS 1 d372709dncsrs.htm AXA PREMIER VIP TRUST AXA Premier VIP Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-10509

AXA PREMIER VIP TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Executive Vice President and General Counsel

AXA Equitable Funds Management Group, LLC

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK AMOROSI, ESQ.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

Telephone: (202) 778-9351

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2012 – June 30, 2012

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

2012 Semi-Annual Report

AXA Premier VIP Trust

Semi-Annual Report

June 30, 2012

Table of Contents


Portfolios

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

Multimanager Portfolios
Multimanager Aggressive Equity		42
Multimanager Core Bond		63
Multimanager International Equity		98
Multimanager Large Cap Core Equity		118
Multimanager Large Cap Value		134
Multimanager Mid Cap Growth		153
Multimanager Mid Cap Value		177
Multimanager Multi-Sector Bond		206
Multimanager Small Cap Growth		238
Multimanager Small Cap Value		260
Multimanager Technology		285

Target Allocation Portfolios
Target 2015 Allocation		295
Target 2025 Allocation		302
Target 2035 Allocation		309
Target 2045 Allocation		316

Notes to Financial Statements		323
Approvals of Investment Advisory Agreements		343
Management of the Trust		345
Proxy Voting Policies and Procedures		350

AXA CONSERVATIVE ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2012
EQ/Intermediate Government Bond Portfolio	35.6	%
EQ/Core Bond Index Portfolio	25.5
EQ/PIMCO Ultra Short Bond Portfolio	13.4
ATM Large Cap Portfolio	7.0
Multimanager Core Bond Portfolio	2.5
EQ/Large Cap Growth PLUS Portfolio	1.9
ATM International Portfolio	1.8
Multimanager Multi-Sector Bond Portfolio	1.4
EQ/BlackRock Basic Value Equity Portfolio	1.2
EQ/Global Bond PLUS Portfolio	1.1
EQ/Boston Advisors Equity Income Portfolio	1.1
Multimanager Large Cap Core Equity Portfolio	0.9
EQ/MFS International Growth Portfolio	0.8
Multimanager Large Cap Value Portfolio	0.8
EQ/Large Cap Growth Index Portfolio	0.8
EQ/Large Cap Core PLUS Portfolio	0.7
EQ/Large Cap Value PLUS Portfolio	0.7
EQ/Global Multi-Sector Equity Portfolio	0.4
ATM Mid Cap Portfolio	0.4
EQ/GAMCO Small Company Value Portfolio	0.4
EQ/International Core PLUS Portfolio	0.3
ATM Small Cap Portfolio	0.2
EQ/AllianceBernstein Small Cap Growth Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.2
EQ/International Value PLUS Portfolio	0.2
Multimanager Mid Cap Growth Portfolio	0.1
EQ/International ETF Portfolio	0.1
Multimanager International Equity Portfolio	0.1
Multimanager Small Cap Growth Portfolio	0.1
EQ/International Equity Index Portfolio	0.1
EQ/Davis New York Venture Portfolio	0.0	#
# Less than 0.05%

UNDERSTANDING YOUR EXPENSES:

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

(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 A and 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, 2012 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 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,024.50		$2.29
Hypothetical (5% average return before expenses)		1,000.00		1,022.61		2.28
Class B
Actual		1,000.00		1,025.60		2.29
Hypothetical (5% average return before expenses)		1,000.00		1,022.61		2.28
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.45% and 0.45%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		4,769,309	$	40,388,297
ATM Large Cap Portfolio‡		13,938,421		155,967,455
ATM Mid Cap Portfolio‡		851,966		8,572,030
ATM Small Cap Portfolio‡		506,194		5,453,952
EQ/AllianceBernstein Small Cap Growth Portfolio‡		227,085		3,868,291
EQ/BlackRock Basic Value Equity Portfolio‡		1,983,325		27,274,944
EQ/Boston Advisors Equity Income Portfolio‡		4,314,751		24,070,581
EQ/Core Bond Index Portfolio‡		56,006,326		569,454,070
EQ/Davis New York Venture Portfolio‡		92,711		913,590
EQ/GAMCO Small Company Value Portfolio‡		214,429		8,413,074
EQ/Global Bond PLUS Portfolio‡		2,503,092		25,492,381
EQ/Global Multi-Sector Equity Portfolio‡		853,978		9,749,515
EQ/Intermediate Government Bond Portfolio‡		76,034,608		793,939,730
EQ/International Core PLUS Portfolio‡		780,555		6,207,130
EQ/International Equity Index Portfolio‡		190,626		1,415,302
EQ/International ETF Portfolio‡		455,055		2,725,076
EQ/International Value PLUS Portfolio‡		336,517		3,319,336
EQ/Large Cap Core PLUS Portfolio‡		2,209,160		15,780,193
EQ/Large Cap Growth Index Portfolio‡		1,713,422		16,662,132
EQ/Large Cap Growth PLUS Portfolio‡		2,321,794		41,711,664

EQ/Large Cap Value PLUS Portfolio‡		1,396,633	$	14,442,221
EQ/MFS International Growth Portfolio‡		3,159,876		18,769,824
EQ/PIMCO Ultra Short Bond Portfolio‡		29,966,418		299,051,321
Multimanager Core Bond Portfolio‡		5,283,361		56,430,751
Multimanager International Equity Portfolio‡		272,824		2,485,811
Multimanager Large Cap Core Equity Portfolio‡		1,982,261		19,971,032
Multimanager Large Cap Value Portfolio‡		1,872,056		18,406,142
Multimanager Mid Cap Growth Portfolio*‡		340,179		3,160,653
Multimanager Mid Cap Value Portfolio‡		412,101		3,766,435
Multimanager Multi-Sector Bond Portfolio‡		7,661,770		31,062,465
Multimanager Small Cap Growth Portfolio*‡		280,575		2,277,099

Total Investments (99.6%) (Cost $2,136,031,385)				2,231,202,497
Other Assets Less Liabilities (0.4%)				9,178,608

Net Assets (100%)			$	2,240,381,105

*	Non-income producing.

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
ATM International Portfolio	$	41,059,958	$	1,515,535	$	3,245,205	$	40,388,297	$	—	$	(1,883	)
ATM Large Cap Portfolio		156,145,820		5,414,143		19,921,200		155,967,455		—		(308,164	)
ATM Mid Cap Portfolio		14,935,574		282,747		7,947,404		8,572,030		—		(127,290	)
ATM Small Cap Portfolio		7,699,746		1,394,930		4,240,849		5,453,952		—		30,137
EQ/AllianceBernstein Small Cap Growth Portfolio		3,658,639		116,958		207,147		3,868,291		—		15,444
EQ/BlackRock Basic Value Equity Portfolio		23,439,919		3,584,791		1,095,995		27,274,944		—		16,962
EQ/Boston Advisors Equity Income Portfolio		19,761,757		3,584,791		1,103,968		24,070,581		—		8,989
EQ/Core Bond Index Portfolio		673,599,483		25,997,616		141,816,753		569,454,070		—		(632,302	)
EQ/Davis New York Venture Portfolio		857,552		—		—		913,590		—		—
EQ/GAMCO Small Company Value Portfolio		7,177,174		1,394,930		496,841		8,413,074		—		74,145

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
EQ/Global Bond PLUS Portfolio	$	79,326,022	$	3,789,613	$	55,922,605	$	25,492,381	$	—	$	2,244,323
EQ/Global Multi-Sector Equity Portfolio		9,495,734		389,861		741,356		9,749,515		—		616
EQ/Intermediate Government Bond Portfolio(a)		413,431,994		406,318,233		31,947,954		793,939,730		—		6,130
EQ/International Core PLUS Portfolio		6,446,417		394,930		870,860		6,207,130		—		125
EQ/International Equity Index Portfolio		3,566,347		43,908		2,245,188		1,415,302		—		41,877
EQ/International ETF Portfolio		3,602,731		—		998,257		2,725,076		—		1,743
EQ/International Value PLUS Portfolio		3,200,719		243,908		224,534		3,319,336		—		31
EQ/Large Cap Core PLUS Portfolio		15,072,986		584,791		1,112,957		15,780,193		—		1
EQ/Large Cap Growth Index Portfolio		15,667,549		584,791		1,076,471		16,662,132		—		36,486
EQ/Large Cap Growth PLUS Portfolio		43,002,156		1,515,535		6,680,872		41,711,664		—		412,450
EQ/Large Cap Value PLUS Portfolio		18,317,724		735,813		6,171,692		14,442,221		—		(62,314	)
EQ/MFS International Growth Portfolio		9,795,304		9,047,997		808,247		18,769,824		—		2,002
EQ/PIMCO Ultra Short Bond Portfolio		277,036,209		39,950,608		20,937,860		299,051,321		—		(2,888	)
Multimanager Core Bond Portfolio		230,890,285		7,222,765		174,562,522		56,430,751		726,779		8,932,081
Multimanager International Equity Portfolio		3,498,336		194,930		1,306,338		2,485,811		—		2,147
Multimanager Large Cap Core Equity Portfolio		21,039,885		779,722		3,254,035		19,971,032		—		229,908
Multimanager Large Cap Value Portfolio		21,296,207		867,538		5,179,843		18,406,142		—		253,229
Multimanager Mid Cap Growth Portfolio		5,586,411		26,345		2,437,626		3,160,653		—		447,112
Multimanager Mid Cap Value Portfolio		3,656,417		168,585		235,768		3,766,435		—		479
Multimanager Multi-Sector Bond Portfolio		106,410,462		8,074,648		81,802,639		31,062,465		—		2,981,342
Multimanager Small Cap Growth Portfolio		2,778,332		77,972		723,761		2,277,099		—		74,634

	$	2,241,453,849	$	524,298,934	$	579,316,747	$	2,231,202,497	$	726,779	$	14,677,552

(a)

Formerly known as EQ/Intermediate Government Bond Index Portfolio.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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, 2012:

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	$	—	$	2,231,202,497	$	—	$	2,231,202,497

Total Assets	$	—	$	2,231,202,497	$	—	$	2,231,202,497

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	2,231,202,497	$	—	$	2,231,202,497

The Portfolio held no derivatives contracts during the six months ended June 30, 2012.

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Investment Companies	$	524,298,934
Net Proceeds of Sales and Redemptions:
Investment Companies	$	593,994,299

As of June 30, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	101,945,299
Aggregate gross unrealized depreciation		(7,579,806	)

Net unrealized appreciation	$	94,365,493

Federal income tax cost of investments	$	2,136,837,004

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $2,136,031,385)	$	2,231,202,497
Cash		8,682,481
Receivable from Separate Accounts for Trust shares sold		3,440,576
Dividends, interest and other receivables		657
Other assets		13,779

Total assets		2,243,339,990

LIABILITIES
Payable for securities purchased		1,006,113
Payable to Separate Accounts for Trust shares redeemed		959,481
Distribution fees payable - Class B		449,974
Administrative fees payable		276,364
Investment management fees payable		54,701
Trustees’ fees payable		9,285
Distribution fees payable - Class A		6,188
Accrued expenses		196,779

Total liabilities		2,958,885

NET ASSETS	$	2,240,381,105

Net assets were comprised of:
Paid in capital	$	2,323,730,989
Accumulated undistributed net investment income (loss)		(4,304,419	)
Accumulated undistributed net realized gain (loss) on investments		(174,216,577	)
Net unrealized appreciation (depreciation) on investments		95,171,112

Net assets	$	2,240,381,105

Class A
Net asset value, offering and redemption price per share, $30,214,831 / 3,140,487 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.62

Class B
Net asset value, offering and redemption price per share, $2,210,166,274 / 229,625,506 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.63

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	726,779
Interest		2,606

Total income		729,385

EXPENSES
Distribution fees - Class B		2,731,610
Administrative fees		1,677,954
Investment management fees		1,107,835
Printing and mailing expenses		113,964
Custodian fees		87,271
Professional fees		42,017
Distribution fees - Class A		38,017
Trustees’ fees		25,036
Miscellaneous		14,988

Gross expenses		5,838,692
Less: Waiver from investment advisor		(809,915	)

Net expenses		5,028,777

NET INVESTMENT INCOME (LOSS)		(4,299,392	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		14,677,552
Net change in unrealized appreciation (depreciation) on securities (All of change in unrealized appreciation (depreciation) from affiliates)		44,766,461

NET REALIZED AND UNREALIZED GAIN (LOSS)		59,444,013

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	55,144,621

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(4,299,392	)	$	33,047,438
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		14,677,552			33,640,193
Net change in unrealized appreciation (depreciation) on investments		44,766,461			(26,851,331	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		55,144,621			39,836,300

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(612,367	)
Class B		—			(36,991,342	)

		—			(37,603,709	)

Distributions from net realized capital gains
Class A		—			(609,045	)
Class B		—			(43,334,200	)

		—			(43,943,245	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(81,546,954	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 312,822 and 1,749,873 shares, respectively ]		2,992,192			16,914,756
Capital shares issued in reinvestment of dividends and distributions [ 0 and 129,761 shares, respectively ]		—			1,221,412
Capital shares repurchased [ (351,924) and (893,068) shares, respectively ]		(3,371,567	)		(8,564,710	)

Total Class A transactions		(379,375	)		9,571,458

Class B
Capital shares sold [ 21,345,814 and 72,605,336 shares, respectively ]		204,511,879			703,320,653
Capital shares issued in reinvestment of dividends and distributions [ 0 and 8,528,703 shares, respectively ]		—			80,325,542
Capital shares repurchased [ (27,529,116) and (70,650,936) shares, respectively ]		(263,471,128	)		(682,256,289	)

Total Class B transactions		(58,959,249	)		101,389,906

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(59,338,624	)		110,961,364

TOTAL INCREASE (DECREASE) IN NET ASSETS		(4,194,003	)		69,250,710
NET ASSETS:
Beginning of period		2,244,575,108			2,175,324,398

End of period (a)	$	2,240,381,105		$	2,244,575,108

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(4,304,419	)	$	(5,027	)

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.39		$	9.56		$	9.51		$	9.13		$	10.90		$	10.87

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.18	(e)		0.19	(e)		0.33	(e)		0.53	(e)		0.47	(e)
Net realized and unrealized gain (loss) on investments		0.25			0.02			0.53			0.59			(1.71	)		0.18

Total from investment operations		0.23			0.20			0.72			0.92			(1.18	)		0.65

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

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

Net asset value, end of period	$	9.62		$	9.39		$	9.56		$	9.51		$	9.13		$	10.90

Total return (b)		2.45	%		2.15	%		7.59	%		10.07	%		(10.79	)%		6.11	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	30,215		$	29,850		$	20,959		$	28,327		$	13,472		$	9,015
Ratio of expenses to average net assets:
After waivers (a)(f)		0.45	%(j)		0.15	%(k)		0.13	%(k)		0.11	%(k)		0.10	%		0.10	%
Before waivers (a)(f)		0.53	%		0.27	%		0.28	%		0.29	%		0.30	%		0.31	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		(0.39	)%		1.90	%		1.91	%		3.44	%		5.12	%		4.17	%
Before waivers (a)(f)(x)		(0.46	)%		1.78	%		1.77	%		3.25	%		4.92	%		3.96	%
Portfolio turnover rate		24	%		41	%		50	%		79	%		59	%		39	%

	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.39		$	9.56		$	9.52		$	9.13		$	10.90		$	10.87

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.15	(e)		0.17	(e)		0.22	(e)		0.58	(e)		0.45	(e)
Net realized and unrealized gain (loss) on investments		0.26			0.03			0.52			0.68			(1.78	)		0.17

Total from investment operations		0.24			0.18			0.69			0.90			(1.20	)		0.62

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

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

Net asset value, end of period	$	9.63		$	9.39		$	9.56		$	9.52		$	9.13		$	10.90

Total return (b)		2.56	%		1.89	%		7.20	%		9.90	%		(11.02	)%		5.74	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,210,166		$	2,214,725		$	2,154,365		$	2,035,540		$	1,443,563		$	585,489
Ratio of expenses to average net assets:
After waivers (a)(f)		0.45	%(j)		0.40	%(k)		0.38	%(k)		0.36	%(k)		0.35	%		0.35	%
Before waivers (a)(f)		0.53	%		0.52	%		0.53	%		0.54	%		0.55	%		0.56	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		(0.39	)%		1.53	%		1.71	%		2.30	%		5.69	%		4.02	%
Before waivers (a)(f)(x)		(0.46	)%		1.40	%		1.56	%		2.12	%		5.50	%		3.81	%
Portfolio turnover rate		24	%		41	%		50	%		79	%		59	%		39	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

(j)

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

(k)

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

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying portfolios in which the Portfolio invests.

See Notes to Financial Statements.

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2012
EQ/Intermediate Government Bond Portfolio	26.1	%
EQ/Core Bond Index Portfolio	18.9
ATM Large Cap Portfolio	11.6
EQ/PIMCO Ultra Short Bond Portfolio	10.0
ATM International Portfolio	4.7
EQ/Large Cap Growth PLUS Portfolio	2.8
Multimanager Core Bond Portfolio	2.0
EQ/MFS International Growth Portfolio	1.9
ATM Small Cap Portfolio	1.9
EQ/BlackRock Basic Value Equity Portfolio	1.9
EQ/Boston Advisors Equity Income Portfolio	1.9
Multimanager Large Cap Value Portfolio	1.4
EQ/Large Cap Value PLUS Portfolio	1.4
EQ/Global Multi-Sector Equity Portfolio	1.4
ATM Mid Cap Portfolio	1.4
EQ/AllianceBernstein Small Cap Growth Portfolio	1.2
EQ/Large Cap Core PLUS Portfolio	1.1
Multimanager Large Cap Core Equity Portfolio	1.1
EQ/Large Cap Growth Index Portfolio	1.1
Multimanager Multi-Sector Bond Portfolio	1.1
EQ/GAMCO Small Company Value Portfolio	0.8
EQ/Global Bond PLUS Portfolio	0.8
EQ/International Core PLUS Portfolio	0.6
Multimanager Mid Cap Value Portfolio	0.5
EQ/International ETF Portfolio	0.5
EQ/International Value PLUS Portfolio	0.4
Multimanager International Equity Portfolio	0.3
EQ/AXA Franklin Small Cap Value Core Portfolio	0.2
EQ/International Equity Index Portfolio	0.2
EQ/Mid Cap Index Portfolio	0.2
Multimanager Mid Cap Growth Portfolio	0.2
EQ/Small Company Index Portfolio	0.2
Multimanager Small Cap Growth Portfolio	0.1
Multimanager Small Cap Value Portfolio	0.1
EQ/Davis New York Venture Portfolio	0.0	#
# Less than 0.05%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,037.10		$2.58
Hypothetical (5% average return before expenses)		1,000.00		1,022.33		2.57
Class B
Actual		1,000.00		1,035.90		2.58
Hypothetical (5% average return before expenses)		1,000.00		1,022.33		2.57
Class K
Actual		1,000.00		1,038.20		1.32
Hypothetical (5% average return before expenses)		1,000.00		1,023.57		1.31
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.51%, 0.51% and 0.26%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		11,049,307	$	93,569,679
ATM Large Cap Portfolio‡		20,488,235		229,258,233
ATM Mid Cap Portfolio‡		2,660,235		26,765,881
ATM Small Cap Portfolio‡		3,514,825		37,870,270
EQ/AllianceBernstein Small Cap Growth Portfolio‡		1,351,062		23,014,728
EQ/AXA Franklin Small Cap Value Core Portfolio‡		411,488		3,975,233
EQ/BlackRock Basic Value Equity Portfolio‡		2,662,625		36,616,778
EQ/Boston Advisors Equity Income Portfolio‡		6,548,043		36,529,384
EQ/Core Bond Index Portfolio‡		36,626,189		372,403,156
EQ/Davis New York Venture Portfolio‡		69,533		685,193
EQ/GAMCO Small Company Value Portfolio‡		426,355		16,727,980
EQ/Global Bond PLUS Portfolio‡		1,636,499		16,666,684
EQ/Global Multi-Sector Equity Portfolio‡		2,358,187		26,922,447
EQ/Intermediate Government Bond Portfolio‡		49,346,577		515,268,093
EQ/International Core PLUS Portfolio‡		1,472,115		11,706,553
EQ/International Equity Index Portfolio‡		505,489		3,752,993
EQ/International ETF Portfolio‡		1,559,164		9,336,985
EQ/International Value PLUS Portfolio‡		846,079		8,345,552
EQ/Large Cap Core PLUS Portfolio‡		3,149,080		22,494,111
EQ/Large Cap Growth Index Portfolio‡		2,174,642		21,147,255
EQ/Large Cap Growth PLUS Portfolio‡		3,074,356		55,231,664
EQ/Large Cap Value PLUS Portfolio‡		2,610,183		26,991,220

EQ/MFS International Growth Portfolio‡		6,407,672	$	38,061,895
EQ/Mid Cap Index Portfolio‡		388,422		3,414,686
EQ/PIMCO Ultra Short Bond Portfolio‡		19,695,020		196,547,411
EQ/Small Company Index Portfolio‡		306,954		3,011,023
Multimanager Core Bond Portfolio‡		3,652,223		39,008,817
Multimanager International Equity Portfolio‡		747,196		6,808,005
Multimanager Large Cap Core Equity Portfolio‡		2,187,428		22,038,065
Multimanager Large Cap Value Portfolio‡		2,748,892		27,027,232
Multimanager Mid Cap Growth Portfolio*‡		330,329		3,069,138
Multimanager Mid Cap Value Portfolio‡		1,062,976		9,715,159
Multimanager Multi-Sector Bond Portfolio‡		5,116,023		20,741,458
Multimanager Small Cap Growth Portfolio*‡		342,770		2,781,864
Multimanager Small Cap Value Portfolio‡		265,995		2,762,314

Total Investments (99.9%) (Cost $1,848,367,630)				1,970,267,139
Other Assets Less Liabilities (0.1%)				2,075,609

Net Assets (100%)			$	1,972,342,748

*	Non-income producing.

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
ATM International Portfolio	$	87,863,927	$	7,925,861	$	4,794,579	$	93,569,679	$	—	$	(2,308	)
ATM Large Cap Portfolio		228,417,537		3,628,281		22,756,571		229,258,233		—		700,073
ATM Mid Cap Portfolio		24,129,897		7,366,278		6,653,586		26,765,881		—		(53,589	)
ATM Small Cap Portfolio		39,109,087		4,528,864		8,978,459		37,870,270		—		765
EQ/AllianceBernstein Small Cap Growth Portfolio		14,121,083		8,195,266		671,527		23,014,728		—		10,963
EQ/AXA Franklin Small Cap Value Core Portfolio		5,674,817		162,586		1,683,340		3,975,233		—		445,887
EQ/BlackRock Basic Value Equity Portfolio		37,142,355		2,206,465		4,483,058		36,616,778		—		465,009
EQ/Boston Advisors Equity Income Portfolio		32,075,606		2,506,465		915,589		36,529,384		—		32,478
EQ/Core Bond Index Portfolio		395,896,731		17,498,816		48,182,524		372,403,156		—		(99,566	)
EQ/Davis New York Venture Portfolio		643,164		—		—		685,193		—		—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31,2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
EQ/GAMCO Small Company Value Portfolio	$	16,065,721	$	162,586	$	371,268	$	16,727,980	$	—	$	7,959
EQ/Global Bond PLUS Portfolio		54,969,584		2,282,193		39,741,267		16,666,684		—		1,200,934
EQ/Global Multi-Sector Equity Portfolio		25,816,512		406,465		948,747		26,922,447		—		(679	)
EQ/Intermediate Government Bond Portfolio(a)		293,203,112		243,090,884		25,067,198		515,268,093		—		8,680
EQ/International Core PLUS Portfolio		11,312,040		492,493		456,880		11,706,553		—		(1,688	)
EQ/International Equity Index Portfolio		6,777,071		111,200		3,139,103		3,752,993		—		126,475
EQ/International ETF Portfolio		10,207,178		162,586		1,378,845		9,336,985		—		382
EQ/International Value PLUS Portfolio		7,996,243		441,106		341,680		8,345,552		—		(138	)
EQ/Large Cap Core PLUS Portfolio		22,077,411		325,172		1,729,597		22,494,111		—		28,857
EQ/Large Cap Growth Index Portfolio		23,457,016		457,852		4,077,706		21,147,255		—		984,010
EQ/Large Cap Growth PLUS Portfolio		56,744,926		1,056,810		7,722,919		55,231,664		—		542,057
EQ/Large Cap Value PLUS Portfolio		28,831,300		539,145		4,263,756		26,991,220		—		487,574
EQ/MFS International Growth Portfolio		28,211,152		9,130,719		1,216,873		38,061,895		—		(3,823	)
EQ/Mid Cap Index Portfolio		3,170,525		—		—		3,414,686		—		—
EQ/PIMCO Ultra Short Bond Portfolio		191,964,618		13,903,109		11,369,354		196,547,411		—		3,836
EQ/Small Company Index Portfolio		3,719,727		—		897,734		3,011,023		—		102,266
Multimanager Core Bond Portfolio		124,367,914		2,283,126		84,156,071		39,008,817		526,248		4,676,524
Multimanager International Equity Portfolio		7,672,571		111,199		1,273,307		6,808,005		—		(7,729	)
Multimanager Large Cap Core Equity Portfolio		21,931,376		427,946		1,970,843		22,038,065		—		14,909
Multimanager Large Cap Value Portfolio		29,804,089		487,758		5,491,931		27,027,232		—		145,750
Multimanager Mid Cap Growth Portfolio		4,290,851		17,944		1,342,028		3,069,138		—		203,551
Multimanager Mid Cap Value Portfolio		9,350,173		63,349		144,383		9,715,159		—		(348	)
Multimanager Multi-Sector Bond Portfolio		82,268,648		5,192,455		69,851,475		20,741,458		—		(2,187,051	)
Multimanager Small Cap Growth Portfolio		5,369,072		111,199		2,926,985		2,781,864		—		138,593
Multimanager Small Cap Value Portfolio		3,640,607		81,293		1,204,305		2,762,314		—		(14,691	)

	$	1,938,293,641	$	335,357,471	$	370,203,488	$	1,970,267,139	$	526,248	$	7,955,922

(a)

Formerly known as EQ/Intermediate Government Bond Index Portfolio.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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, 2012:

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	$	—	$	1,970,267,139	$	—	$	1,970,267,139

Total Assets	$	—	$	1,970,267,139	$	—	$	1,970,267,139

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	1,970,267,139	$	—	$	1,970,267,139

The Portfolio held no derivatives contracts during the six months ended June 30, 2012.

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Investment Companies	$	335,357,471
Net Proceeds of Sales and Redemptions:
Investment Companies	$	378,159,410

As of June 30, 2012, 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	$	148,086,556
Aggregate gross unrealized depreciation		(27,028,686	)

Net unrealized appreciation	$	121,057,870

Federal income tax cost of investments	$	1,849,209,269

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $1,848,367,630)	$	1,970,267,139
Cash		1,758,000
Receivable for securities sold		845,378
Receivable from Separate Accounts for Trust shares sold		671,918
Dividends, interest and other receivables		194
Other assets		11,571

Total assets		1,973,554,200

LIABILITIES
Distribution fees payable - Class B		387,648
Payable to Separate Accounts for Trust shares redeemed		261,422
Administrative fees payable		242,336
Investment management fees payable		131,008
Trustees’ fees payable		16,068
Distribution fees payable - Class A		4,158
Accrued expenses		168,812

Total liabilities		1,211,452

NET ASSETS	$	1,972,342,748

Net assets were comprised of:
Paid in capital	$	2,182,268,241
Accumulated undistributed net investment income (loss)		(4,444,129	)
Accumulated undistributed net realized gain (loss) on investments		(327,380,873	)
Net unrealized appreciation (depreciation) on investments		121,899,509

Net assets	$	1,972,342,748

Class A
Net asset value, offering and redemption price per share, $20,525,785 / 2,159,460 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.51

Class B
Net asset value, offering and redemption price per share, $1,913,911,914 / 201,273,841 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.51

Class K
Net asset value, offering and redemption price per share, $37,905,049 / 3,982,929 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.52

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	526,248
Interest		1,182

Total income		527,430

EXPENSES
Distribution fees - Class B		2,386,084
Administrative fees		1,491,832
Investment management fees		983,756
Printing and mailing expenses		100,974
Custodian fees		98,558
Professional fees		39,956
Distribution fees - Class A		26,162
Trustees’ fees		22,123
Miscellaneous		13,533

Gross expenses		5,162,978
Less: Waiver from investment advisor		(190,470	)

Net expenses		4,972,508

NET INVESTMENT INCOME (LOSS)		(4,445,078	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		7,955,922
Net change in unrealized appreciation (depreciation) on securities (All of change in unrealized appreciation (depreciation) from affiliates)		66,819,515

NET REALIZED AND UNREALIZED GAIN (LOSS)		74,775,437

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	70,330,359

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(4,445,078	)	$	24,551,301
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		7,955,922			38,390,996
Net change in unrealized appreciation (depreciation) on investments		66,819,515			(75,792,595	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		70,330,359			(12,850,298	)

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

		—			(30,529,219	)

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

		—			(46,216,412	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(76,745,631	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 255,494 and 1,472,001 shares, respectively ]		2,406,451			14,279,433
Capital shares issued in reinvestment of dividends and distributions [ 0 and 153,107 shares, respectively ]		—			1,414,309
Capital shares repurchased [ (375,092) and (5,947,241) shares, respectively ]		(3,539,922	)		(56,590,774	)(y)

Total Class A transactions		(1,133,471	)		(40,897,032	)

Class B
Capital shares sold [ 10,886,406 and 27,786,796 shares, respectively ]		103,055,568			268,907,840
Capital shares issued in reinvestment of dividends and distributions [ 0 and 8,080,075 shares, respectively ]		—			74,260,366
Capital shares repurchased [ (14,611,242) and (39,235,624) shares, respectively ]		(138,567,783	)		(378,826,784	)

Total Class B transactions		(35,512,215	)		(35,658,578	)

Class K†
Capital shares sold [ 359,612 and 4,006,054 shares, respectively ]		3,425,401			37,815,732	(y)
Capital shares issued in reinvestment of dividends and distributions [ 0 and 117,444 shares, respectively ]		—			1,070,956
Capital shares repurchased [ (435,576) and (64,605) shares, respectively ]		(4,134,021	)		(599,146	)

Total Class K transactions		(708,620	)		38,287,542

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(37,354,306	)		(38,268,068	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		32,976,053			(127,863,997	)
NET ASSETS:
Beginning of period		1,939,366,695			2,067,230,692

End of period (a)	$	1,972,342,748		$	1,939,366,695

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(4,444,129	)	$	949

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

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.17		$	9.61		$	9.27		$	8.73		$	11.59		$	11.61

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.06	(e)		0.14	(e)		0.24	(e)		0.44	(e)		0.43	(e)
Net realized and unrealized gain (loss) on investments		0.36			(0.11	)		0.71			1.05			(2.65	)		0.23

Total from investment operations		0.34			(0.05	)		0.85			1.29			(2.21	)		0.66

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

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

Net asset value, end of period	$	9.51		$	9.17		$	9.61		$	9.27		$	8.73		$	11.59

Total return (b)		3.71	%		(0.45	)%		9.24	%		14.78	%		(19.24	)%		5.73	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	20,526		$	20,906		$	63,455		$	67,465		$	42,358		$	10,943
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.51	%(j)		0.22	%(k)		0.20	%(m)		0.18	%(m)		0.10	%		0.10	%
Before waivers and reimbursements (a)(f)		0.53	%		0.28	%		0.28	%		0.30	%		0.30	%		0.29	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.46	)%		0.62	%		1.48	%		2.56	%		4.29	%		3.58	%
Before waivers and reimbursements (a)(f)(x)		(0.48	)%		0.56	%		1.41	%		2.45	%		4.10	%		3.39	%
Portfolio turnover rate		17	%		30	%		33	%		75	%		51	%		21	%

	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.18		$	9.62		$	9.27		$	8.73		$	11.59		$	11.61

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.12	(e)		0.13	(e)		0.17	(e)		0.35	(e)		0.37	(e)
Net realized and unrealized gain (loss) on investments		0.35			(0.19	)		0.71			1.09			(2.58	)		0.26

Total from investment operations		0.33			(0.07	)		0.84			1.26			(2.23	)		0.63

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

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

Net asset value, end of period	$	9.51		$	9.18		$	9.62		$	9.27		$	8.73		$	11.59

Total return (b)		3.59	%		(0.69	)%		9.07	%		14.48	%		(19.45	)%		5.46	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,913,912		$	1,881,229		$	2,003,775		$	1,867,749		$	1,369,870		$	1,150,399
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.51	%(j)		0.47	%(k)		0.45	%(m)		0.43	%(m)		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.53	%		0.53	%		0.53	%		0.55	%		0.55	%(c)		0.54	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.46	)%		1.21	%		1.35	%		1.90	%		3.37	%		3.07	%
Before waivers and reimbursements (a)(f)(x)		(0.48	)%		1.16	%		1.28	%		1.79	%		3.18	%		2.88	%
Portfolio turnover rate		17	%		30	%		33	%		75	%		51	%		21	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	9.17		$	9.41

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.17	(e)
Net realized and unrealized gain (loss) on investments		0.36			(0.14	)

Total from investment operations		0.35			0.03

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

Total dividends and distributions		—			(0.27	)

Net asset value, end of period	$	9.52		$	9.17

Total return (b)		3.82	%		0.35	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	37,905		$	37,232
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.26	%(j)		0.25	%(k)
Before waivers and reimbursements (a)(f)		0.28	%		0.28	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.21	)%		21.14	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.23	)%		21.12	%(l)
Portfolio turnover rate		17	%		30	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

(j)

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

(k)

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

(l)

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

(m)

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

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying portfolios in which the Portfolio invests.

See Notes to Financial Statements.

AXA MODERATE ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2012
EQ/Intermediate Government Bond Portfolio	21.8	%
EQ/Core Bond Index Portfolio	15.6
ATM Large Cap Portfolio	12.9
EQ/PIMCO Ultra Short Bond Portfolio	8.3
ATM International Portfolio	7.2
EQ/Large Cap Growth PLUS Portfolio	3.4
ATM Small Cap Portfolio	2.8
EQ/MFS International Growth Portfolio	2.8
EQ/AllianceBernstein Small Cap Growth Portfolio	2.0
EQ/BlackRock Basic Value Equity Portfolio	1.8
EQ/Boston Advisors Equity Income Portfolio	1.8
EQ/Global Multi-Sector Equity Portfolio	1.7
Multimanager Large Cap Value Portfolio	1.7
Multimanager Core Bond Portfolio	1.6
EQ/Large Cap Value PLUS Portfolio	1.6
EQ/GAMCO Small Company Value Portfolio	1.3
ATM Mid Cap Portfolio	1.3
EQ/Large Cap Core PLUS Portfolio	1.2
EQ/Large Cap Growth Index Portfolio	1.1
Multimanager Large Cap Core Equity Portfolio	1.1
EQ/International Core PLUS Portfolio	1.0
Multimanager International Equity Portfolio	1.0
Multimanager Multi-Sector Bond Portfolio	0.7
EQ/Global Bond PLUS Portfolio	0.7
EQ/International Value PLUS Portfolio	0.7
EQ/International ETF Portfolio	0.6
EQ/AXA Franklin Small Cap Value Core Portfolio	0.5
Multimanager Small Cap Growth Portfolio	0.4
Multimanager Mid Cap Value Portfolio	0.4
EQ/International Equity Index Portfolio	0.3
EQ/Small Company Index Portfolio	0.2
Multimanager Small Cap Value Portfolio	0.2
Multimanager Mid Cap Growth Portfolio	0.1
EQ/Mid Cap Index Portfolio	0.1
EQ/Davis New York Venture Portfolio	0.1

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,041.30		$2.72
Hypothetical (5% average return before expenses)		1,000.00		1,022.20		2.69
Class B
Actual		1,000.00		1,040.70		2.71
Hypothetical (5% average return before expenses)		1,000.00		1,022.20		2.69
Class K
Actual		1,000.00		1,042.10		1.45
Hypothetical (5% average return before expenses)		1,000.00		1,023.45		1.43
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.54%, 0.54% and 0.29%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		86,118,532	$	729,284,074
ATM Large Cap Portfolio‡		117,269,820		1,312,220,028
ATM Mid Cap Portfolio‡		12,981,054		130,608,529
ATM Small Cap Portfolio‡		26,782,719		288,568,785
EQ/AllianceBernstein Small Cap Growth Portfolio*‡		12,023,497		204,814,832
EQ/AXA Franklin Small Cap Value Core Portfolio‡		4,937,654		47,700,904
EQ/BlackRock Basic Value Equity Portfolio‡		13,560,653		186,487,904
EQ/Boston Advisors Equity Income Portfolio‡		31,938,389		178,173,793
EQ/Core Bond Index Portfolio‡		155,998,031		1,586,137,135
EQ/Davis New York Venture Portfolio‡		533,086		5,253,144
EQ/GAMCO Small Company Value Portfolio‡		3,337,791		130,957,650
EQ/Global Bond PLUS Portfolio‡		6,616,412		67,383,889
EQ/Global Multi-Sector Equity Portfolio‡		15,471,499		176,631,723
EQ/Intermediate Government Bond Portfolio‡		211,769,325		2,211,257,266
EQ/International Core PLUS Portfolio‡		12,653,736		100,625,054
EQ/International Equity Index Portfolio‡		4,381,248		32,528,493
EQ/International ETF Portfolio‡		10,690,154		64,017,537
EQ/International Value PLUS Portfolio‡		6,724,183		66,325,991
EQ/Large Cap Core PLUS Portfolio‡		17,540,198		125,290,933
EQ/Large Cap Growth Index Portfolio‡		11,741,471		114,179,650
EQ/Large Cap Growth PLUS Portfolio‡		19,177,138		344,522,589
EQ/Large Cap Value PLUS Portfolio‡		15,614,646		161,466,965

EQ/MFS International Growth Portfolio‡		47,744,305	$	283,603,588
EQ/Mid Cap Index Portfolio‡		1,185,685		10,423,568
EQ/PIMCO Ultra Short Bond Portfolio‡		83,976,304		838,045,598
EQ/Small Company Index Portfolio‡		1,855,684		18,203,053
Multimanager Core Bond Portfolio‡		15,645,775		167,110,056
Multimanager International Equity Portfolio‡		10,578,067		96,380,987
Multimanager Large Cap Core Equity Portfolio‡		10,696,093		107,761,803
Multimanager Large Cap Value Portfolio‡		17,248,501		169,588,075
Multimanager Mid Cap Growth Portfolio*‡		1,397,415		12,983,593
Multimanager Mid Cap Value Portfolio‡		4,405,038		40,260,221
Multimanager Multi-Sector Bond Portfolio‡		18,032,106		73,106,044
Multimanager Small Cap Growth Portfolio*‡		5,351,934		43,435,382
Multimanager Small Cap Value Portfolio‡		1,590,627		16,518,365

Total Investments (100.0%) (Cost $9,523,019,523)				10,141,857,201
Other Assets Less Liabilities (0.0%)				3,949,127

Net Assets (100%)			$	10,145,806,328

*	Non-income producing.

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
ATM International Portfolio.	$	694,494,803	$	54,392,859	$	39,787,360	$	729,284,074	$	—	$	(44,762	)
ATM Large Cap Portfolio		1,315,012,777		2,686,323		116,313,578		1,312,220,028		—		7,309,631
ATM Mid Cap Portfolio		130,431,000		15,380,766		25,133,101		130,608,529		—		(285,178	)
ATM Small Cap Portfolio		302,830,571		21,761,532		60,650,147		288,568,785		—		45,698
EQ/AllianceBernstein Small Cap Growth Portfolio		142,863,753		54,277,109		5,594,358		204,814,832		—		87,893
EQ/AXA Franklin Small Cap Value Core Portfolio		60,890,442		164,469		16,655,868		47,700,904		—		(148,325	)
EQ/BlackRock Basic Value Equity Portfolio		175,301,178		7,177,109		5,586,470		186,487,904		—		95,781
EQ/Boston Advisors Equity Income Portfolio		166,137,937		7,174,115		9,339,039		178,173,793		—		673,533

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	1,605,488,580	$	86,764,814	$	136,401,406	$	1,586,137,135	$	—	$	(45,981	)
EQ/Davis New York Venture Portfolio		4,930,923		—		—		5,253,144		—		—
EQ/GAMCO Small Company Value Portfolio		120,554,741		7,819,292		3,965,072		130,957,650		—		44,986
EQ/Global Bond PLUS Portfolio		233,097,710		890,067		164,260,473		67,383,889		—		3,792,771
EQ/Global Multi-Sector Equity Portfolio		172,364,071		383,760		6,992,338		176,631,723		—		25,263
EQ/Intermediate Government Bond Portfolio(a)		1,335,021,713		999,832,938		141,229,336		2,211,257,266		—		244,925
EQ/International Core PLUS Portfolio		97,908,419		3,016,297		3,353,190		100,625,054		—		(12,811	)
EQ/International Equity Index Portfolio		54,100,240		161,474		21,158,931		32,528,493		—		1,578,933
EQ/International ETF Portfolio		71,293,534		164,469		9,779,840		64,017,537		—		27,704
EQ/International Value PLUS Portfolio		63,730,720		2,961,474		2,279,455		66,325,991		—		58,410
EQ/Large Cap Core PLUS Portfolio		120,166,428		274,115		4,932,255		125,290,933		—		80,317
EQ/Large Cap Growth Index Portfolio		123,949,855		331,932		15,100,629		114,179,650		—		7,084,136
EQ/Large Cap Growth PLUS Portfolio		350,113,258		715,692		38,321,388		344,522,589		—		2,780,979
EQ/Large Cap Value PLUS Portfolio		201,439,159		438,583		40,416,035		161,466,965		—		16,104,081
EQ/MFS International Growth Portfolio		205,569,782		73,395,738		9,690,269		283,603,588		—		6,047
EQ/Mid Cap Index Portfolio		9,678,250		—		—		10,423,568		—		—
EQ/PIMCO Ultra Short Bond Portfolio		858,496,034		21,757,328		51,223,147		838,045,598		—		26,995
EQ/Small Company Index Portfolio		21,509,417		—		4,392,525		18,203,053		—		607,475
Multimanager Core Bond Portfolio		495,015,451		4,374,990		325,460,124		167,110,056		2,488,204		12,289,714
Multimanager International Equity Portfolio		107,127,492		161,474		13,161,812		96,380,987		—		1,676,053
Multimanager Large Cap Core Equity Portfolio		114,909,701		280,104		16,332,576		107,761,803		—		19,354
Multimanager Large Cap Value Portfolio		176,501,678		383,760		21,701,338		169,588,075		—		(683,737	)
Multimanager Mid Cap Growth Portfolio		19,309,825		31,097		7,632,391		12,983,593		—		67,310
Multimanager Mid Cap Value Portfolio		43,718,303		23,726		5,449,069		40,260,221		—		353,744
Multimanager Multi-Sector Bond Portfolio		398,661,029		1,615,666		386,593,199		73,106,044		—		(55,490,255	)
Multimanager Small Cap Growth Portfolio		62,738,670		161,474		22,903,543		43,435,382		—		1,184,322
Multimanager Small Cap Value Portfolio		28,764,825		54,823		14,491,758		16,518,365		—		(239,244	)

	$	10,084,122,269	$	1,369,009,369	$	1,746,282,020	$	10,141,857,201	$	2,488,204	$	(684,238	)

(a)

Formerly known as EQ/Intermediate Government Bond Index Portfolio.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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, 2012:

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	$	—	$	10,141,857,201	$	—	$	10,141,857,201

Total Assets	$	—	$	10,141,857,201	$	—	$	10,141,857,201

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	10,141,857,201	$	—	$	10,141,857,201

The Portfolio held no derivatives contracts during the six months ended June 30, 2012.

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Investment Companies	$	1,369,009,369
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,745,597,782

As of June 30, 2012, 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	$	831,357,016
Aggregate gross unrealized depreciation		(214,138,565	)

Net unrealized appreciation	$	617,218,451

Federal income tax cost of investments	$	9,524,638,750

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $9,523,019,523)	$	10,141,857,201
Cash		6,118,943
Receivable for securities sold		4,887,227
Receivable from Separate Accounts for Trust shares sold		1,122,796
Dividends, interest and other receivables		664
Other assets		63,835

Total assets		10,154,050,666

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		3,071,533
Distribution fees payable - Class B		1,522,515
Investment management fees payable		1,319,595
Administrative fees payable		1,232,563
Distribution fees payable - Class A		466,716
Trustees’ fees payable		230,806
Accrued expenses		400,610

Total liabilities		8,244,338

NET ASSETS	$	10,145,806,328

Net assets were comprised of:
Paid in capital	$	11,916,360,833
Accumulated undistributed net investment income (loss)		(24,656,838	)
Accumulated undistributed net realized gain (loss) on investments		(2,364,735,345	)
Net unrealized appreciation (depreciation) on investments		618,837,678

Net assets	$	10,145,806,328

Class A
Net asset value, offering and redemption price per share, $2,309,651,401 / 176,099,895 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.12

Class B
Net asset value, offering and redemption price per share, $7,536,093,798 / 578,228,582 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.03

Class K
Net asset value, offering and redemption price per share, $300,061,129 / 22,849,789 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.13

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	2,488,204
Interest		3,559

Total income		2,491,763

EXPENSES
Distribution fees - Class B		9,539,282
Administrative fees		7,718,226
Investment management fees		5,134,584
Distribution fees - Class A		2,920,720
Recoupment fees		863,022
Printing and mailing expenses		527,636
Trustees’ fees		115,733
Professional fees		107,258
Custodian fees		103,929
Miscellaneous		69,589

Total expenses		27,099,979

NET INVESTMENT INCOME (LOSS)		(24,608,216	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (($684,238) of realized gain (loss) from affiliates)		(672,958	)
Net change in unrealized appreciation (depreciation) on securities (All of change in unrealized appreciation (depreciation) from affiliates)		435,007,583

NET REALIZED AND UNREALIZED GAIN (LOSS)		434,334,625

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	409,726,409

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(24,608,216	)	$	127,907,966
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		(672,958	)		230,784,724
Net change in unrealized appreciation (depreciation) on investments		435,007,583			(594,848,256	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		409,726,409			(236,155,566	)

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

		—			(165,586,322	)

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

		—			(252,630,922	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(418,217,244	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,992,331 and 6,342,142 shares, respectively ]		26,085,957			85,327,328
Capital shares issued in reinvestment of dividends and distributions [ 0 and 8,206,456 shares, respectively ]		—			103,615,189
Capital shares repurchased [ (9,327,022) and (45,345,279) shares, respectively ]		(121,990,077	)		(599,731,021	)(y)

Total Class A transactions		(95,904,120	)		(410,788,504	)

Class B
Capital shares sold [ 11,471,604 and 27,410,657 shares, respectively ]		149,276,228			367,360,567
Capital shares issued in reinvestment of dividends and distributions [ 0 and 24,369,926 shares, respectively ]		—			305,573,323
Capital shares repurchased [ (31,180,442) and (74,101,733) shares, respectively ]		(405,253,970	)		(989,650,989	)

Total Class B transactions		(255,977,742	)		(316,717,099	)

Class K†
Capital shares sold [ 477,485 and 22,959,044 shares, respectively ]		6,267,569			298,869,850	(y)
Capital shares issued in reinvestment of dividends and distributions [ 0 and 721,265 shares, respectively ]		—			9,028,732
Capital shares repurchased [ (953,584) and (354,421) shares, respectively ]		(12,505,316	)		(4,490,991	)

Total Class K transactions		(6,237,747	)		303,407,591

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(358,119,609	)		(424,098,012	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		51,606,800			(1,078,470,822	)
NET ASSETS:
Beginning of period		10,094,199,528			11,172,670,350

End of period (a)	$	10,145,806,328		$	10,094,199,528

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(24,656,838	)	$	(48,622	)

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

See Notes to Financial Statements.

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AXA MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	12.60		$	13.45		$	12.80		$	11.82		$	17.10		$	16.93

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.16	(e)		0.18	(e)		0.23	(e)		0.48	(e)		0.45	(e)
Net realized and unrealized gain (loss) on investments		0.55			(0.45	)		1.11			1.82			(4.57	)		0.65

Total from investment operations		0.52			(0.29	)		1.29			2.05			(4.09	)		1.10

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

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

Net asset value, end of period	$	13.12		$	12.60		$	13.45		$	12.80		$	11.82		$	17.10

Total return (b)		4.13	%		(2.14	)%		10.14	%		17.34	%		(24.29	)%		6.56	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,309,651		$	2,311,825		$	2,881,375		$	2,775,033		$	2,494,212		$	3,143,322
Ratio of expenses to average net assets:
After waivers (a)(f)		0.54	%(c)(j)		0.25	%(k)		0.23	%(m)		0.21	%(m)		0.10	%		0.10	%
Before waivers (a)(f)		0.54	%		0.26	%		0.27	%		0.28	%		0.27	%		0.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		(0.49	)%		1.22	%		1.39	%		1.85	%		3.19	%		2.58	%
Before waivers (a)(f)(x)		(0.49	)%		1.21	%		1.36	%		1.78	%		3.02	%		2.41	%
Portfolio turnover rate		13	%		23	%		26	%		71	%		34	%		9	%

	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	12.52		$	13.37		$	12.72		$	11.76		$	17.01		$	16.84

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.15	(e)		0.15	(e)		0.21	(e)		0.48	(e)		0.45	(e)
Net realized and unrealized gain (loss) on investments		0.54			(0.48	)		1.10			1.78			(4.57	)		0.60

Total from investment operations		0.51			(0.33	)		1.25			1.99			(4.09	)		1.05

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

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

Net asset value, end of period	$	13.03		$	12.52		$	13.37		$	12.72		$	11.76		$	17.01

Total return (b)		4.07	%		(2.41	)%		9.91	%		16.95	%		(24.46	)%		6.31	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,536,094		$	7,488,398		$	8,291,295		$	7,830,939		$	5,897,027		$	6,289,959
Ratio of expenses to average net assets:
After waivers (a)(f)		0.54	%(j)		0.50	%(k)		0.48	%(m)		0.46	%(m)		0.35	%		0.35	%
Before waivers (a)(f)		0.54	%		0.51	%		0.52	%		0.53	%		0.52	%(c)		0.52	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		(0.49	)%		1.12	%		1.16	%		1.69	%		3.23	%		2.57	%
Before waivers (a)(f)(x)		(0.49	)%		1.11	%		1.13	%		1.62	%		3.05	%		2.40	%
Portfolio turnover rate		13	%		23	%		26	%		71	%		34	%		9	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	12.60		$	12.97

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.23	(e)
Net realized and unrealized gain (loss) on investments		0.55			(0.21	)

Total from investment operations		0.53			0.02

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

Total dividends and distributions		—			(0.39	)

Net asset value, end of period	$	13.13		$	12.60

Total return (b)		4.21	%		0.22	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	300,061		$	293,976
Ratio of expenses to average net assets:
After waivers (a)(f)		0.29	%(j)		0.27	%(k)
Before waivers (a)(f)		0.29	%		0.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		(0.24	)%		21.57	%(l)
Before waivers (a)(f)(x)		(0.24	)%		21.57	%(l)
Portfolio turnover rate		13	%		23	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

(j)

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

(k)

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

(l)

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

(m)

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

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying portfolios in which the Portfolio invests.

See Notes to Financial Statements.

AXA MODERATE-PLUS ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2012
ATM Large Cap Portfolio	18.2	%
EQ/Intermediate Government Bond Portfolio	13.2
EQ/Core Bond Index Portfolio	9.2
ATM International Portfolio	9.2
EQ/PIMCO Ultra Short Bond Portfolio	4.9
ATM Small Cap Portfolio	4.9
EQ/Large Cap Growth PLUS Portfolio	4.2
EQ/MFS International Growth Portfolio	3.4
EQ/AllianceBernstein Small Cap Growth Portfolio	3.2
EQ/Large Cap Value PLUS Portfolio	2.7
Multimanager Large Cap Value Portfolio	2.6
Multimanager Large Cap Core Equity Portfolio	2.2
EQ/BlackRock Basic Value Equity Portfolio	2.1
EQ/Global Multi-Sector Equity Portfolio	1.9
EQ/Boston Advisors Equity Income Portfolio	1.9
ATM Mid Cap Portfolio	1.9
EQ/Large Cap Growth Index Portfolio	1.8
EQ/Large Cap Core PLUS Portfolio	1.5
EQ/GAMCO Small Company Value Portfolio	1.4
EQ/International Core PLUS Portfolio	1.3
Multimanager International Equity Portfolio	1.3
Multimanager Small Cap Growth Portfolio	1.3
EQ/International Value PLUS Portfolio	1.0
Multimanager Core Bond Portfolio	0.9
EQ/International ETF Portfolio	0.8
EQ/AXA Franklin Small Cap Value Core Portfolio	0.8
Multimanager Small Cap Value Portfolio	0.6
EQ/International Equity Index Portfolio	0.6
Multimanager Multi-Sector Bond Portfolio	0.5
EQ/Small Company Index Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.1
EQ/Mid Cap Index Portfolio	0.1
Multimanager Mid Cap Growth Portfolio	0.1
EQ/Davis New York Venture Portfolio	0.0	#
# Less than 0.05%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,052.00		$2.64
Hypothetical (5% average return before expenses)		1,000.00		1,022.29		2.60
Class B
Actual		1,000.00		1,053.00		2.64
Hypothetical (5% average return before expenses)		1,000.00		1,022.29		2.60
Class K
Actual		1,000.00		1,054.10		1.37
Hypothetical (5% average return before expenses)		1,000.00		1,023.53		1.35
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.52%, 0.52% and 0.27%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		120,189,607	$	1,017,810,731
ATM Large Cap Portfolio‡		180,460,537		2,019,308,383
ATM Mid Cap Portfolio‡		20,777,917		209,056,454
ATM Small Cap Portfolio‡		50,155,744		540,400,028
EQ/AllianceBernstein Small Cap Growth Portfolio‡		21,039,054		358,390,773
EQ/AXA Franklin Small Cap Value Core Portfolio‡		9,193,618		88,816,247
EQ/BlackRock Basic Value Equity Portfolio‡		17,189,323		236,389,857
EQ/Boston Advisors Equity Income Portfolio‡		38,140,989		212,776,065
EQ/Core Bond Index Portfolio‡		100,731,411		1,024,204,160
EQ/Davis New York Venture Portfolio‡		463,553		4,567,951
EQ/GAMCO Small Company Value Portfolio‡		3,904,224		153,181,565
EQ/Global Multi-Sector Equity Portfolio‡		18,724,750		213,772,744
EQ/Intermediate Government Bond Portfolio‡		140,862,831		1,470,864,393
EQ/International Core PLUS Portfolio‡		17,901,786		142,358,609
EQ/International Equity Index Portfolio‡		8,366,054		62,113,610
EQ/International ETF Portfolio‡		15,483,589		92,722,816
EQ/International Value PLUS Portfolio‡		11,816,896		116,559,487
EQ/Large Cap Core PLUS Portfolio‡		23,661,216		169,013,817
EQ/Large Cap Growth Index Portfolio‡		20,970,091		203,923,148
EQ/Large Cap Growth PLUS Portfolio‡		26,022,801		467,506,812
EQ/Large Cap Value PLUS Portfolio‡		29,077,716		300,685,051

EQ/MFS International Growth Portfolio‡		63,663,876	$	378,166,642
EQ/Mid Cap Index Portfolio‡		1,181,981		10,391,000
EQ/PIMCO Ultra Short Bond Portfolio‡		54,592,674		544,810,234
EQ/Small Company Index Portfolio‡		1,853,786		18,184,435
Multimanager Core Bond Portfolio‡		9,145,122		97,677,607
Multimanager International Equity Portfolio‡		15,553,331		141,712,599
Multimanager Large Cap Core Equity Portfolio‡		23,824,575		240,029,621
Multimanager Large Cap Value Portfolio‡		28,950,953		284,647,132
Multimanager Mid Cap Growth Portfolio*‡		1,111,425		10,326,413
Multimanager Mid Cap Value Portfolio‡		1,275,828		11,660,542
Multimanager Multi-Sector Bond Portfolio‡		13,658,544		55,374,679
Multimanager Small Cap Growth Portfolio*‡		17,216,142		139,723,263
Multimanager Small Cap Value Portfolio‡		6,352,677		65,971,371

Total Investments (100.0%) (Cost $10,128,647,610)				11,103,098,239
Other Assets Less Liabilities (0.0%)				(771,778	)

Net Assets (100%)			$	11,102,326,461

*	Non-income producing.

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
ATM International Portfolio	$	996,986,921	$	45,839,809	$	51,403,187	$	1,017,810,731	$	—	$	(39,685	)
ATM Large Cap Portfolio		1,955,002,146		1,485,816		105,442,866		2,019,308,383		—		8,338,805
ATM Mid Cap Portfolio		268,105,981		150,735		81,182,427		209,056,454		—		(278,900	)
ATM Small Cap Portfolio		524,293,480		30,430,671		58,888,176		540,400,028		—		44,300
EQ/AllianceBernstein Small Cap Growth Portfolio		277,084,431		68,893,802		12,651,410		358,390,773		—		109,488
EQ/AXA Franklin Small Cap Value Core Portfolio		89,664,579		86,134		5,214,716		88,816,247		—		53,336
EQ/BlackRock Basic Value Equity Portfolio		233,660,532		150,735		10,000,932		236,389,857		—		125,940
EQ/Boston Advisors Equity Income Portfolio		208,192,805		129,201		12,473,314		212,776,065		—		1,336,545
EQ/Core Bond Index Portfolio		1,337,534,730		36,033,611		373,633,154		1,024,204,160		—		(2,894,353	)
EQ/Davis New York Venture Portfolio		4,287,759		—		—		4,567,951		—		—
EQ/GAMCO Small Company Value Portfolio		124,245,458		31,350,735		9,089,944		153,181,565		—		129,147

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
EQ/Global Multi-Sector Equity Portfolio	$	210,784,383	$	172,269	$	10,566,559	$	213,772,744	$	—	$	(30,456	)
EQ/Intermediate Government Bond Portfolio(a)		727,506,618		850,229,336		118,408,550		1,470,864,393		—		203,977
EQ/International Core PLUS Portfolio		140,112,641		3,607,668		5,664,495		142,358,609		—		12,787
EQ/International Equity Index Portfolio		113,771,575		86,134		43,667,628		62,113,610		—		10,200,424
EQ/International ETF Portfolio		110,385,398		86,134		21,236,519		92,722,816		—		231,533
EQ/International Value PLUS Portfolio		113,863,798		3,586,134		4,389,249		116,559,487		—		(28,980	)
EQ/Large Cap Core PLUS Portfolio		163,379,128		129,201		7,830,668		169,013,817		—		71,409
EQ/Large Cap Growth Index Portfolio		228,709,209		193,802		27,536,551		203,923,148		—		19,724,346
EQ/Large Cap Growth PLUS Portfolio		448,359,304		430,671		22,894,796		467,506,812		—		3,445,462
EQ/Large Cap Value PLUS Portfolio		339,928,855		258,403		50,026,357		300,685,051		—		16,777,798
EQ/MFS International Growth Portfolio		272,607,109		104,215,336		16,386,408		378,166,642		—		414,848
EQ/Mid Cap Index Portfolio		9,648,011		—		—		10,391,000		—		—
EQ/PIMCO Ultra Short Bond Portfolio		552,751,279		35,430,671		49,188,332		544,810,234		—		51,926
EQ/Small Company Index Portfolio		16,814,472		—		—		18,184,435		—		—
Multimanager Core Bond Portfolio		430,294,528		10,042,751		335,529,153		97,677,607		1,418,277		10,649,676
Multimanager International Equity Portfolio		142,919,990		86,134		5,280,602		141,712,599		—		(12,550	)
Multimanager Large Cap Core Equity Portfolio		243,318,850		193,802		21,858,903		240,029,621		—		(5,787	)
Multimanager Large Cap Value Portfolio		295,071,038		193,802		34,614,032		284,647,132		—		(1,260,915	)
Multimanager Mid Cap Growth Portfolio		16,927,863		12,920		7,065,277		10,326,413		—		680,261
Multimanager Mid Cap Value Portfolio		11,279,312		8,613		166,449		11,660,542		—		(2,757	)
Multimanager Multi-Sector Bond Portfolio		135,515,802		8,215,336		88,805,982		55,374,679		—		1,785,893
Multimanager Small Cap Growth Portfolio		161,096,383		129,201		31,602,236		139,723,263		—		3,392,059
Multimanager Small Cap Value Portfolio		111,321,790		86,134		67,457,949		65,971,371		—		(14,663,243	)

	$	11,015,426,158	$	1,231,945,701	$	1,690,156,821	$	11,103,098,239	$	1,418,277	$	58,562,334

(a)

Formerly known as EQ/Intermediate Government Bond Index Portfolio.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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, 2012:

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	$	—	$	11,103,098,239	$	—	$	11,103,098,239

Total Assets	$	—	$	11,103,098,239	$	—	$	11,103,098,239

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	11,103,098,239	$	—	$	11,103,098,239

The Portfolio held no derivatives contracts during the six months ended June 30, 2012.

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Investment Companies	$	1,231,945,701
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,748,719,155

As of June 30, 2012, 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	$	1,235,184,801
Aggregate gross unrealized depreciation		(261,501,394	)

Net unrealized appreciation	$	973,683,407

Federal income tax cost of investments	$	10,129,414,832

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $10,128,647,610)	$	11,103,098,239
Cash		6,379,662
Receivable for securities sold		4,151,587
Receivable from Separate Accounts for Trust shares sold		615,375
Dividends, interest and other receivables		537
Other assets		63,164

Total assets		11,114,308,564

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		6,879,310
Distribution fees payable - Class B		2,168,725
Administrative fees payable		1,340,397
Investment management fees payable		891,800
Trustees’ fees payable		135,221
Distribution fees payable - Class A		45,816
Accrued expenses		520,834

Total liabilities		11,982,103

NET ASSETS	$	11,102,326,461

Net assets were comprised of:
Paid in capital	$	14,030,237,189
Accumulated undistributed net investment income (loss)		(27,666,633	)
Accumulated undistributed net realized gain (loss) on investments		(3,874,694,724	)
Net unrealized appreciation (depreciation) on investments		974,450,629

Net assets	$	11,102,326,461

Class A
Net asset value, offering and redemption price per share, $228,766,550 / 23,053,117 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.92

Class B
Net asset value, offering and redemption price per share, $10,798,677,083 / 1,087,917,744 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.93

Class K
Net asset value, offering and redemption price per share, $74,882,828 / 7,536,598 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.94

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,418,277
Interest		3,414

Total income		1,421,691

EXPENSES
Distribution fees - Class B		13,754,878
Administrative fees		8,498,915
Investment management fees		5,655,031
Printing and mailing expenses		580,726
Distribution fees - Class A		289,235
Trustees’ fees		127,479
Professional fees		115,651
Custodian fees		83,094
Miscellaneous		77,473

Total expenses		29,182,482

NET INVESTMENT INCOME (LOSS)		(27,760,791	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		58,562,334
Net change in unrealized appreciation (depreciation) on securities (All of change in unrealized appreciation (depreciation) from affiliates)		545,883,201

NET REALIZED AND UNREALIZED GAIN (LOSS)		604,445,535

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	576,684,744

See Notes to Financial Statements.

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AXA MODERATE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(27,760,791	)	$	113,742,716
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		58,562,334			266,356,373
Net change in unrealized appreciation (depreciation) on investments		545,883,201			(959,057,865	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		576,684,744			(578,958,776	)

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

		—			(166,605,593	)

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

		—			(301,903,611	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(468,509,204	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,154,325 and 4,335,529 shares, respectively ]		11,441,157			44,756,707
Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,180,300 shares, respectively ]		—			11,134,438
Capital shares repurchased [ (2,210,891) and (12,772,093) shares, respectively ]		(21,840,779	)		(127,274,397	)(y)

Total Class A transactions		(10,399,622	)		(71,383,252	)

Class B
Capital shares sold [ 10,838,846 and 33,492,104 shares, respectively ]		107,663,016			347,698,103
Capital shares issued in reinvestment of dividends and distributions [ 0 and 48,297,080 shares, respectively ]		—			455,045,580
Capital shares repurchased [ (59,365,516) and (127,407,546) shares, respectively ]		(589,161,058	)		(1,305,264,990	)

Total Class B transactions		(481,498,042	)		(502,521,307	)

Class K†
Capital shares sold [ 339,282 and 7,456,178 shares, respectively ]		3,400,150			72,909,997	(y)
Capital shares issued in reinvestment of dividends and distributions [ 0 and 249,168 shares, respectively ]		—			2,329,186
Capital shares repurchased [ (399,296) and (108,734) shares, respectively ]		(3,953,883	)		(1,032,893	)

Total Class K transactions		(553,733	)		74,206,290

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(492,451,397	)		(499,698,269	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		84,233,347			(1,547,166,249	)
NET ASSETS:
Beginning of period		11,018,093,114			12,565,259,363

End of period (a)	$	11,102,326,461		$	11,018,093,114

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(27,666,633	)	$	94,158

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

See Notes to Financial Statements.

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AXA MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.43		$	10.35		$	9.70		$	8.76		$	13.95		$	13.89

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.09	(e)		0.10	(e)		0.15	(e)		0.25	(e)		0.32	(e)
Net realized and unrealized gain (loss) on investments		0.51			(0.58	)		1.03			1.80			(4.55	)		0.60

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

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

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

Net asset value, end of period	$	9.92		$	9.43		$	10.35		$	9.70		$	8.76		$	13.95

Total return (b)		5.20	%		(4.65	)%		11.69	%		22.34	%		(31.63	)%		6.68	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	228,767		$	227,348		$	324,712		$	283,013		$	225,734		$	198,686
Ratio of expenses to average net assets:
After waivers (a)(f)		0.52	%(j)		0.27	%(k)		0.26	%(m)		0.23	%(m)		0.10	%		0.10	%
Before waivers (a)(f)		0.52	%		0.27	%		0.27	%		0.28	%		0.27	%		0.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		(0.49	)%		0.92	%		1.01	%		1.57	%		2.17	%		2.20	%
Before waivers (a)(f)(x)		(0.49	)%		0.92	%		1.00	%		1.52	%		2.00	%		2.03	%
Portfolio turnover rate		11	%		16	%		20	%		88	%		35	%		8	%

	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.43		$	10.36		$	9.70		$	8.76		$	13.95		$	13.89

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.10	(e)		0.07	(e)		0.12	(e)		0.21	(e)		0.26	(e)
Net realized and unrealized gain (loss) on investments		0.52			(0.62	)		1.04			1.81			(4.54	)		0.62

Total from investment operations		0.50			(0.52	)		1.11			1.93			(4.33	)		0.88

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

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

Net asset value, end of period	$	9.93		$	9.43		$	10.36		$	9.70		$	8.76		$	13.95

Total return (b)		5.30	%		(4.98	)%		11.52	%		22.03	%		(31.81	)%		6.41	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	10,798,677		$	10,719,111		$	12,240,547		$	11,531,037		$	8,914,572		$	10,665,262
Ratio of expenses to average net assets:
After waivers (a)(f)		0.52	%(j)		0.52	%(k)		0.51	%(m)		0.48	%(m)		0.35	%		0.35	%
Before waivers (a)(f)		0.52	%		0.52	%		0.52	%		0.53	%		0.52	%		0.52	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		(0.49	)%		0.93	%		0.73	%		1.31	%		1.83	%		1.83	%
Before waivers (a)(f)(x)		(0.49	)%		0.93	%		0.72	%		1.26	%		1.65	%		1.66	%
Portfolio turnover rate		11	%		16	%		20	%		88	%		35	%		8	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	9.43		$	9.73

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.16	(e)
Net realized and unrealized gain (loss) on investments		0.52			(0.15	)

Total from investment operations		0.51			0.01

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

Total dividends and distributions		—			(0.31	)

Net asset value, end of period	$	9.94		$	9.43

Total return (b)		5.41	%		0.18	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	74,883		$	71,635
Ratio of expenses to average net assets:
After waivers (a)(f)		0.27	%(j)		0.26	%(k)
Before waivers (a)(f)		0.27	%		0.26	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		(0.24	)%		20.10	%(l)
Before waivers (a)(f)(x)		(0.24	)%		20.10	%(l)
Portfolio turnover rate		11	%		16	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

(j)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.17%, 1.17% and 0.92% for Class A, Class B and Class K.

(k)

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

(l)

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

(m)

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

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying portfolios in which the Portfolio invests.

See Notes to Financial Statements.

AXA AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2012
ATM Large Cap Portfolio	23.7	%
ATM International Portfolio	9.8
ATM Small Cap Portfolio	5.6
EQ/Large Cap Value PLUS Portfolio	5.1
EQ/Large Cap Growth PLUS Portfolio	4.9
Multimanager Large Cap Value Portfolio	4.7
EQ/MFS International Growth Portfolio	4.4
EQ/Intermediate Government Bond Portfolio	4.1
EQ/Large Cap Growth Index Portfolio	3.5
EQ/AllianceBernstein Small Cap Growth Portfolio	3.1
Multimanager Large Cap Core Equity Portfolio	3.0
EQ/Core Bond Index Portfolio	2.9
EQ/GAMCO Small Company Value Portfolio	2.6
EQ/Global Multi-Sector Equity Portfolio	2.1
EQ/BlackRock Basic Value Equity Portfolio	2.1
EQ/International Value PLUS Portfolio	2.1
EQ/Large Cap Core PLUS Portfolio	2.0
ATM Mid Cap Portfolio	2.0
Multimanager Small Cap Growth Portfolio	1.8
EQ/PIMCO Ultra Short Bond Portfolio	1.6
EQ/Boston Advisors Equity Income Portfolio	1.5
EQ/International Equity Index Portfolio	1.4
EQ/International Core PLUS Portfolio	1.4
EQ/AXA Franklin Small Cap Value Core Portfolio	1.1
Multimanager International Equity Portfolio	1.0
EQ/International ETF Portfolio	1.0
Multimanager Core Bond Portfolio	0.3
Multimanager Multi-Sector Bond Portfolio	0.2
Multimanager Mid Cap Growth Portfolio	0.2
EQ/Small Company Index Portfolio	0.2
Multimanager Mid Cap Value Portfolio	0.2
Multimanager Small Cap Value Portfolio	0.2
EQ/Mid Cap Index Portfolio	0.2

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,062.90		$2.68
Hypothetical (5% average return before expenses)		1,000.00		1,022.26		2.63
Class B
Actual		1,000.00		1,062.90		2.68
Hypothetical (5% average return before expenses)		1,000.00		1,022.26		2.63
Class K
Actual		1,000.00		1,065.20		1.40
Hypothetical (5% average return before expenses)		1,000.00		1,023.50		1.38
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.52%, 0.52% and 0.27%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
ATM International Portfolio‡		37,364,216	$	316,414,211
ATM Large Cap Portfolio‡		68,758,426		769,389,635
ATM Mid Cap Portfolio‡		6,391,752		64,310,438
ATM Small Cap Portfolio‡		16,774,493		180,735,756
EQ/AllianceBernstein Small Cap Growth Portfolio‡		5,896,497		100,444,153
EQ/AXA Franklin Small Cap Value Core Portfolio‡		3,820,837		36,911,732
EQ/BlackRock Basic Value Equity Portfolio‡		4,894,079		67,304,027
EQ/Boston Advisors Equity Income Portfolio‡		8,796,890		49,074,965
EQ/Core Bond Index Portfolio‡		9,415,557		95,734,312
EQ/GAMCO Small Company Value Portfolio‡		2,185,670		85,754,411
EQ/Global Multi-Sector Equity Portfolio‡		5,960,087		68,043,859
EQ/Intermediate Government Bond Portfolio‡		12,798,184		133,636,343
EQ/International Core PLUS Portfolio‡		5,857,918		46,583,344
EQ/International Equity Index Portfolio‡		6,336,277		47,043,566
EQ/International ETF Portfolio‡		5,294,213		31,704,173
EQ/International Value PLUS Portfolio‡		6,750,083		66,581,460
EQ/Large Cap Core PLUS Portfolio‡		9,158,174		65,417,516
EQ/Large Cap Growth Index Portfolio‡		11,526,821		112,092,295
EQ/Large Cap Growth PLUS Portfolio‡		8,772,235		157,595,632
EQ/Large Cap Value PLUS Portfolio‡		16,093,383		166,417,464
EQ/MFS International Growth Portfolio‡		24,179,583		143,627,942

EQ/Mid Cap Index Portfolio‡		590,191	$	5,188,471
EQ/PIMCO Ultra Short Bond Portfolio‡		5,073,868		50,634,909
EQ/Small Company Index Portfolio‡		583,086		5,719,693
Multimanager Core Bond Portfolio‡		1,020,003		10,894,493
Multimanager International Equity Portfolio‡		3,629,278		33,067,799
Multimanager Large Cap Core Equity Portfolio‡		9,507,688		95,788,767
Multimanager Large Cap Value Portfolio‡		15,441,271		151,819,300
Multimanager Mid Cap Growth Portfolio*‡		656,627		6,100,822
Multimanager Mid Cap Value Portfolio‡		586,904		5,364,061
Multimanager Multi-Sector Bond Portfolio‡		1,630,369		6,609,866
Multimanager Small Cap Growth Portfolio*‡		7,130,188		57,867,387
Multimanager Small Cap Value Portfolio‡		515,412		5,352,459

Total Investments (99.8%) (Cost $2,841,982,289)				3,239,225,261
Other Assets Less Liabilities (0.2%)				6,482,290

Net Assets (100%)			$	3,245,707,551

*	Non-income producing.

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
ATM International Portfolio	$	328,327,692	$	3,401,551	$	23,320,281	$	316,414,211	$	—	$	(177,151	)
ATM Large Cap Portfolio		740,962,246		6,447,338		44,250,051		769,389,635		—		647,282
ATM Mid Cap Portfolio		99,548,247		449,035		44,144,893		64,310,438		—		52,554
ATM Small Cap Portfolio		192,775,299		1,755,483		30,211,675		180,735,756		—		(180,818	)
EQ/AllianceBernstein Small Cap Growth Portfolio		87,422,409		10,772,509		5,000,354		100,444,153		—		365,894
EQ/AXA Franklin Small Cap Value Core Portfolio		39,034,978		412,563		4,458,239		36,911,732		—		49,680
EQ/BlackRock Basic Value Equity Portfolio		67,705,276		651,133		4,264,086		67,304,027		—		492,918
EQ/Boston Advisors Equity Income Portfolio		48,110,900		460,995		3,299,303		49,074,965		—		388,804
EQ/Core Bond Index Portfolio		133,628,309		4,482,974		44,334,165		95,734,312		—		30,443
EQ/GAMCO Small Company Value Portfolio		79,910,326		5,618,844		3,741,099		85,754,411		—		395,779
EQ/Global Multi-Sector Equity Portfolio		63,229,246		4,550,084		3,673,734		68,043,859		—		3,491
EQ/Intermediate Government Bond Portfolio(a)		51,025,458		87,312,302		5,718,977		133,636,343		—		859

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
EQ/International Core PLUS Portfolio	$	35,865,538	$	12,796,418	$	2,446,605	$	46,583,344	$	—	$	1,251
EQ/International Equity Index Portfolio		48,317,982		449,035		2,382,680		47,043,566		—		214,767
EQ/International ETF Portfolio		32,210,099		275,042		1,841,734		31,704,173		—		(3,122	)
EQ/International Value PLUS Portfolio		66,415,246		432,890		2,287,240		66,581,460		—		144
EQ/Large Cap Core PLUS Portfolio		63,341,261		550,084		3,643,292		65,417,516		—		33,934
EQ/Large Cap Growth Index Portfolio		106,359,874		825,125		4,528,625		112,092,295		—		987,213
EQ/Large Cap Growth PLUS Portfolio		152,150,759		1,771,627		9,264,811		157,595,632		—		2,376,109
EQ/Large Cap Value PLUS Portfolio		175,976,873		1,221,544		19,758,253		166,417,464		—		5,205,441
EQ/MFS International Growth Portfolio		112,145,717		33,559,512		8,285,245		143,627,942		—		10,275
EQ/Mid Cap Index Portfolio		4,817,479		—		—		5,188,471		—		—
EQ/PIMCO Ultra Short Bond Portfolio		52,930,662		1,412,563		4,258,040		50,634,909		—		(121	)
EQ/Small Company Index Portfolio		5,288,788		—		—		5,719,693		—		—
Multimanager Core Bond Portfolio		38,716,759		2,623,276		29,665,349		10,894,493		133,586		1,111,029
Multimanager International Equity Portfolio		34,057,885		343,802		2,287,142		33,067,799		—		11,124
Multimanager Large Cap Core Equity Portfolio		93,319,750		808,981		5,206,791		95,788,767		—		(1,015	)
Multimanager Large Cap Value Portfolio		145,451,430		825,125		5,518,440		151,819,300		—		(2,602	)
Multimanager Mid Cap Growth Portfolio		5,659,251		31,570		87,045		6,100,822		—		2,710
Multimanager Mid Cap Value Portfolio		5,158,733		21,046		59,683		5,364,061		—		154
Multimanager Multi-Sector Bond Portfolio		11,430,071		2,673,993		7,530,457		6,609,866		—		188,377
Multimanager Small Cap Growth Portfolio		58,295,987		465,179		5,472,316		57,867,387		—		185,194
Multimanager Small Cap Value Portfolio		5,327,599		16,144		296,647		5,352,459		—		13,415

	$	3,184,918,129	$	187,417,767	$	331,237,252	$	3,239,225,261	$	133,586	$	12,404,012

(a)

Formerly known as EQ/Intermediate Government Bond Index Portfolio.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2012:

See Notes to Financial Statements.

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AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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	$	—	$	3,239,225,261	$	—	$	3,239,225,261

Total Assets	$	—	$	3,239,225,261	$	—	$	3,239,225,261

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	3,239,225,261	$	—	$	3,239,225,261

The Portfolio held no derivatives contracts during the six months ended June 30, 2012.

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Investment Companies	$	187,417,767
Net Proceeds of Sales and Redemptions:
Investment Companies	$	343,641,264

As of June 30, 2012, 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	$	482,041,059
Aggregate gross unrealized depreciation		(85,689,096	)

Net unrealized appreciation	$	396,351,963

Federal income tax cost of investments	$	2,842,873,298

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $2,841,982,289)	$	3,239,225,261
Cash		7,121,912
Receivable for securities sold		1,291,307
Receivable from Separate Accounts for Trust shares sold		561,972
Dividends, interest and other receivables		591
Other assets		18,013

Total assets		3,248,219,056

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		967,600
Distribution fees payable - Class B		627,102
Administrative fees payable		391,064
Investment management fees payable		258,927
Trustees’ fees payable		37,810
Distribution fees payable - Class A		14,976
Accrued expenses		214,026

Total liabilities		2,511,505

NET ASSETS	$	3,245,707,551

Net assets were comprised of:
Paid in capital	$	4,390,641,010
Accumulated undistributed net investment income (loss)		(8,501,592	)
Accumulated undistributed net realized gain (loss) on investments		(1,533,674,839	)
Net unrealized appreciation (depreciation) on investments		397,242,972

Net assets	$	3,245,707,551

Class A
Net asset value, offering and redemption price per share, $75,735,019 / 8,004,100 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.46

Class B
Net asset value, offering and redemption price per share, $3,143,533,074 / 332,170,004 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.46

Class K
Net asset value, offering and redemption price per share, $26,439,458 / 2,790,454 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.47

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	133,586
Interest		3,016

Total income		136,602

EXPENSES
Distribution fees - Class B		4,015,593
Administrative fees		2,502,229
Investment management fees		1,657,338
Printing and mailing expenses		170,112
Distribution fees - Class A		94,456
Custodian fees		90,006
Professional fees		50,862
Trustees’ fees		37,330
Miscellaneous		23,425

Total expenses		8,641,351

NET INVESTMENT INCOME (LOSS)		(8,504,749	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		12,404,012
Net change in unrealized appreciation (depreciation) on securities (All of change in unrealized appreciation (depreciation) from affiliates)		198,126,617

NET REALIZED AND UNREALIZED GAIN (LOSS)		210,530,629

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	202,025,880

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(8,504,749	)	$	25,678,002
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		12,404,012			78,454,463
Net change in unrealized appreciation (depreciation) on investments		198,126,617			(367,169,590	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		202,025,880			(263,037,125	)

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

		—			(44,726,548	)

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

		—			(85,545,110	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(130,271,658	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 612,674 and 1,861,662 shares, respectively ]		5,820,178			18,575,568
Capital shares issued in reinvestment of dividends and distributions [ 0 and 399,279 shares, respectively ]		—			3,544,751
Capital shares repurchased [ (801,123) and (5,463,824) shares, respectively ]		(7,561,201	)		(51,694,414	)(y)

Total Class A transactions		(1,741,023	)		(29,574,095	)

Class B
Capital shares sold [ 9,264,256 and 30,099,662 shares, respectively ]		88,051,619			300,404,981
Capital shares issued in reinvestment of dividends and distributions [ 0 and 14,196,753 shares, respectively ]		—			125,835,156
Capital shares repurchased [ (24,052,261) and (54,298,554) shares, respectively ]		(228,471,434	)		(535,569,263	)

Total Class B transactions		(140,419,815	)		(109,329,126	)

Class K†
Capital shares sold [ 161,197 and 3,109,150 shares, respectively ]		1,533,529			28,712,168	(y)
Capital shares issued in reinvestment of dividends and distributions [ 0 and 101,291 shares, respectively ]		—			891,751
Capital shares repurchased [ (286,950) and (294,234) shares, respectively ]		(2,763,958	)		(2,618,969	)

Total Class K transactions		(1,230,429	)		26,984,950

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(143,391,267	)		(111,918,271	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		58,634,613			(505,227,054	)
NET ASSETS:
Beginning of period		3,187,072,938			3,692,299,992

End of period (a)	$	3,245,707,551		$	3,187,072,938

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(8,501,592	)	$	3,157

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

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.90		$	10.02		$	9.20		$	8.15		$	14.68		$	14.71

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.07	(e)		0.06	(e)		0.10	(e)		0.15	(e)		0.22	(e)
Net realized and unrealized gain (loss) on investments		0.58			(0.80	)		1.16			2.15			(5.71	)		0.71

Total from investment operations		0.56			(0.73	)		1.22			2.25			(5.56	)		0.93

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

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

Net asset value, end of period	$	9.46		$	8.90		$	10.02		$	9.20		$	8.15		$	14.68

Total return (b)		6.29	%		(7.19	)%		13.33	%		27.56	%		(39.05	)%		6.43	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	75,735		$	72,908		$	114,201		$	97,335		$	75,827		$	97,742
Ratio of expenses to average net assets:
After waivers (a)(f)		0.52	%(j)		0.29	%(k)		0.28	%(m)		0.24	%(m)		0.10	%		0.10	%
Before waivers (a)(f)		0.52	%		0.29	%		0.28	%		0.29	%		0.28	%		0.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		(0.51	)%		0.66	%		0.67	%		1.18	%		1.27	%		1.41	%
Before waivers (a)(f)(x)		(0.52	)%		0.66	%		0.67	%		1.14	%		1.09	%		1.23	%
Portfolio turnover rate		6	%		10	%		15	%		102	%		39	%		10	%

	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.90		$	10.02		$	9.21		$	8.15		$	14.68		$	14.71

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.07	(e)		0.04	(e)		0.08	(e)		0.14	(e)		0.18	(e)
Net realized and unrealized gain (loss) on investments		0.58			(0.82	)		1.14			2.15			(5.72	)		0.71

Total from investment operations		0.56			(0.75	)		1.18			2.23			(5.58	)		0.89

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

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

Net asset value, end of period	$	9.46		$	8.90		$	10.02		$	9.21		$	8.15		$	14.68

Total return (b)		6.29	%		(7.43	)%		12.92	%		27.37	%		(39.21	)%		6.16	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,143,533		$	3,088,209		$	3,578,099		$	3,306,507		$	2,426,997		$	3,038,613
Ratio of expenses to average net assets:
After waivers (a)(f)		0.52	%(j)		0.54	%(k)		0.53	%(m)		0.50	%(m)		0.35	%		0.35	%
Before waivers (a)(f)		0.52	%		0.54	%		0.53	%		0.54	%		0.53	%		0.52	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		(0.51	)%		0.71	%		0.39	%		0.97	%		1.18	%		1.17	%
Before waivers (a)(f)(x)		(0.52	)%		0.71	%		0.39	%		0.93	%		1.01	%		1.00	%
Portfolio turnover rate		6	%		10	%		15	%		102	%		39	%		10	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.90		$	9.18

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.15	(e)
Net realized and unrealized gain (loss) on investments		0.58			(0.14	)

Total from investment operations		0.57			0.01

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

Total dividends and distributions		—			(0.29	)

Net asset value, end of period	$	9.47		$	8.90

Total return (b)		6.52	%		0.12	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	26,439		$	25,955
Ratio of expenses to average net assets:
After waivers (a)(f)		0.27	%(j)		0.27	%(k)
Before waivers (a)(f)		0.27	%		0.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		(0.27	)%		19.41	%(l)
Before waivers (a)(f)(x)		(0.27	)%		19.41	%(l)
Portfolio turnover rate		6	%		10	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

(j)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.22%, 1.22% and 0.97% for Class A, Class B and Class K.

(k)

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

(l)

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

(m)

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

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying portfolios in which the Portfolio invests.

See Notes to Financial Statements.

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of June 30, 2012	% of Net Assets
Information Technology		26.8	%
Consumer Discretionary		15.9
Health Care		12.7
Industrials		8.8
Consumer Staples		6.5
Energy		4.7
Financials		4.2
Materials		2.8
Telecommunication Services		1.0
Utilities		0.1
Cash and Other		16.5

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,098.80		$5.24
Hypothetical (5% average return before expenses)		1,000.00		1,019.87		5.04
Class B
Actual		1,000.00		1,098.60		5.24
Hypothetical (5% average return before expenses)		1,000.00		1,019.87		5.04
Class K
Actual		1,000.00		1,100.40		3.94
Hypothetical (5% average return before expenses)		1,000.00		1,021.11		3.79
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (15.9%)
*Auto Components (0.2%)*
Allison Transmission Holdings, Inc.		8,200	$	143,992
Amerigon, Inc.*		1,800		20,682
BorgWarner, Inc.*		9,273		608,216
Dana Holding Corp.		9,800		125,538
Delphi Automotive plc*		23,000		586,500
Drew Industries, Inc.*		1,400		38,990
Gentex Corp.		11,900		248,353
Goodyear Tire & Rubber Co.*		20,593		243,203
Tenneco, Inc.*		4,300		115,326
WABCO Holdings, Inc.*		4,600		243,478

				2,374,278

*Automobiles (0.4%)*
Ford Motor Co.		117,570		1,127,497
Harley-Davidson, Inc.		16,200		740,826
Tesla Motors, Inc.*		128,832		4,031,153

				5,899,476

*Distributors (0.1%)*
Genuine Parts Co.		10,900		656,725
LKQ Corp.*		12,018		401,401
Pool Corp.		3,200		129,472

				1,187,598

*Diversified Consumer Services (0.1%)*
American Public Education, Inc.*		1,643		52,576
Apollo Group, Inc., Class A*		10,961		396,679
Bridgepoint Education, Inc.*		1,425		31,065
Grand Canyon Education, Inc.*		2,000		41,880
H&R Block, Inc.		12,800		204,544
Hillenbrand, Inc.		3,408		62,639
ITT Educational Services, Inc.*		3,000		182,250
K12, Inc.*		2,197		51,190
Sotheby’s, Inc.		6,600		220,176
Steiner Leisure Ltd.*		800		37,128
Universal Technical Institute, Inc.		1,961		26,493
Weight Watchers International, Inc.		1,968		101,470

				1,408,090

*Hotels, Restaurants & Leisure (3.9%)*
AFC Enterprises, Inc.*		1,100		25,454
Ameristar Casinos, Inc.		2,398		42,612
Brinker International, Inc.		5,300		168,911
Buffalo Wild Wings, Inc.*		64,100		5,553,624
Carnival Corp.		45,700		1,566,139
CEC Entertainment, Inc.		2,094		76,159
Chipotle Mexican Grill, Inc.*		23,779		9,034,831
Choice Hotels International, Inc.		200		7,986
Cracker Barrel Old Country Store, Inc.		2,100		131,880
Ctrip.com International Ltd. (ADR)*		86,096		1,442,969
Darden Restaurants, Inc.		12,000		607,560
Denny’s Corp.*		7,700		34,188

DineEquity, Inc.*		2,200	$	98,208
Dunkin’ Brands Group, Inc.		5,700		195,738
Einstein Noah Restaurant Group, Inc.		200		3,512
International Game Technology		10,953		172,510
Interval Leisure Group, Inc.		3,592		68,284
Las Vegas Sands Corp.		161,663		7,030,724
Life Time Fitness, Inc.*		296		13,767
Marriott International, Inc., Class A		16,446		644,683
McDonald’s Corp.		117,271		10,382,002
Morgans Hotel Group Co.*		1,800		8,460
Panera Bread Co., Class A*		2,200		306,768
Papa John’s International, Inc.*		1,400		66,598
Peet’s Coffee & Tea, Inc.*		1,100		66,044
Penn National Gaming, Inc.*		3,500		156,065
Pinnacle Entertainment, Inc.*		3,134		30,149
Ruth’s Hospitality Group, Inc.*		900		5,940
Scientific Games Corp., Class A*		7,600		64,980
Shuffle Master, Inc.*		7,000		96,600
Sonic Corp.*		6,900		69,138
Starbucks Corp.		195,470		10,422,460
Starwood Hotels & Resorts Worldwide, Inc.		40,000		2,121,600
Texas Roadhouse, Inc.		6,300		116,109
Wyndham Worldwide Corp.		10,200		537,948
Wynn Resorts Ltd.		37,797		3,920,305
Yum! Brands, Inc.		33,096		2,132,044

				57,422,949

*Household Durables (0.1%)*
D.R. Horton, Inc.		9,400		172,772
Garmin Ltd.		4,000		153,160
iRobot Corp.*		31,380		695,067
Jarden Corp.		3,800		159,676
NVR, Inc.*		300		255,000
Tempur-Pedic International, Inc.*		6,368		148,948
Tupperware Brands Corp.		5,400		295,704

				1,880,327

*Internet & Catalog Retail (2.8%)*
1-800-FLOWERS.COM, Inc., Class A*		2,100		7,329
Amazon.com, Inc.*		82,043		18,734,519
Blue Nile, Inc.*		1,500		44,565
Expedia, Inc.		2,991		143,778
Groupon, Inc.*		125,100		1,329,813
Liberty Interactive Corp.*		101,095		1,798,480
Netflix, Inc.*		9,200		629,924
Nutrisystem, Inc.		2,500		28,900
Overstock.com, Inc.*		1,300		8,983
PetMed Express, Inc.		1,900		23,104
priceline.com, Inc.*		25,741		17,105,409
TripAdvisor, Inc.*		5,691		254,331

				40,109,135

*Leisure Equipment & Products (0.1%)*
Hasbro, Inc.		11,075		375,110
Mattel, Inc.		18,383		596,345
Polaris Industries, Inc.		3,800		271,624

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Smith & Wesson Holding Corp.*		8,200	$	68,142

				1,311,221

*Media (2.8%)*
AMC Networks, Inc., Class A*		21,422		761,552
Arbitron, Inc.		2,200		77,000
Cablevision Systems Corp. - New York Group, Class A		192,690		2,560,850
CBS Corp., Class B		35,280		1,156,478
Charter Communications, Inc., Class A*		4,100		290,567
Cinemark Holdings, Inc.		8,000		182,800
Comcast Corp., Class A		290,697		9,219,416
Crown Media Holdings, Inc., Class A*		400		700
DIRECTV, Class A*		86,867		4,240,847
Discovery Communications, Inc., Class A*		19,800		1,069,200
DISH Network Corp., Class A		10,700		305,485
Global Sources Ltd.*		1,540		10,164
Interpublic Group of Cos., Inc.		13,300		144,305
John Wiley & Sons, Inc., Class A		3,300		161,667
Lamar Advertising Co., Class A*		300		8,580
Liberty Global, Inc., Class A*		29,695		1,473,763
Liberty Media Corp. - Liberty Capital*		25,683		2,257,793
Madison Square Garden Co., Class A*		39,747		1,488,128
McGraw-Hill Cos., Inc.		18,235		820,575
Morningstar, Inc.		3,300		190,872
National CineMedia, Inc.		224		3,398
News Corp., Class A		50,400		1,123,416
Omnicom Group, Inc.		20,713		1,006,652
Regal Entertainment Group, Class A		4,227		58,163
Scripps Networks Interactive, Inc., Class A		7,366		418,831
Sirius XM Radio, Inc.*		320,700		593,295
Time Warner Cable, Inc.		21,900		1,797,990
Value Line, Inc.		100		1,189
Viacom, Inc., Class B		78,800		3,705,176
Virgin Media, Inc.		22,600		551,214
Walt Disney Co.		94,240		4,570,640
World Wrestling Entertainment, Inc., Class A		42,700		333,914

				40,584,620

*Multiline Retail (0.7%)*
Big Lots, Inc.*		4,600		187,634
Dollar General Corp.*		146,131		7,948,065
Dollar Tree, Inc.*		17,400		936,120
Family Dollar Stores, Inc.		8,703		578,576
Kohl’s Corp.		3,533		160,716
Macy’s, Inc.		4,200		144,270
Nordstrom, Inc.		11,173		555,186
Target Corp.		2,700		157,113

				10,667,680


*Specialty Retail (3.2%)*
Aaron’s, Inc.		850	$	24,064
Advance Auto Parts, Inc.		5,100		347,922
Aeropostale, Inc.*		8,050		143,531
American Eagle Outfitters, Inc.		10,600		209,138
America’s Car-Mart, Inc.*		900		34,965
Ascena Retail Group, Inc.*		8,604		160,206
AutoNation, Inc.*		4,700		165,816
AutoZone, Inc.*		2,714		996,499
Bed Bath & Beyond, Inc.*		40,605		2,509,389
Buckle, Inc.		2,900		114,753
CarMax, Inc.*		5,500		142,670
Cato Corp., Class A		2,606		79,379
Dick’s Sporting Goods, Inc.		7,400		355,200
DSW, Inc., Class A		600		32,640
Finish Line, Inc., Class A		1,100		23,001
Foot Locker, Inc.		5,300		162,074
Gap, Inc.		21,200		580,032
GNC Holdings, Inc., Class A		5,200		203,840
hhgregg, Inc.*		1,000		11,310
Home Depot, Inc.		225,957		11,973,461
Limited Brands, Inc.		18,300		778,299
Lowe’s Cos., Inc.		108,650		3,090,006
Lumber Liquidators Holdings, Inc.*		2,000		67,580
O’Reilly Automotive, Inc.*		8,783		735,752
PetSmart, Inc.		7,600		518,168
Ross Stores, Inc.		16,800		1,049,496
Sally Beauty Holdings, Inc.*		10,163		261,596
Systemax, Inc.*		400		4,728
Tiffany & Co.		10,039		531,565
TJX Cos., Inc.		148,192		6,361,883
Tractor Supply Co.		75,082		6,236,311
Ulta Salon Cosmetics & Fragrance, Inc.		79,800		7,451,724
Urban Outfitters, Inc.*		10,752		296,648
Williams-Sonoma, Inc.		4,400		153,868
Zumiez, Inc.*		1,600		63,360

				45,870,874

*Textiles, Apparel & Luxury Goods (1.5%)*
Carter’s, Inc.*		3,400		178,840
Cherokee, Inc.		300		4,179
Coach, Inc.		41,624		2,434,171
Crocs, Inc.*		3,900		62,985
Deckers Outdoor Corp.*		2,800		123,228
Fifth & Pacific Cos., Inc.*		6,868		73,694
Fossil, Inc.*		14,800		1,132,792
G-III Apparel Group Ltd.*		700		16,583
Hanesbrands, Inc.*		8,200		227,386
Maidenform Brands, Inc.*		2,500		49,800
Michael Kors Holdings Ltd.*		5,900		246,856
NIKE, Inc., Class B		95,737		8,403,794
Oxford Industries, Inc.		1,300		58,110
PVH Corp.		4,500		350,055
Ralph Lauren Corp.		6,668		933,920
Steven Madden Ltd.*		3,327		105,632
True Religion Apparel, Inc.		2,344		67,929
Under Armour, Inc., Class A*		72,200		6,821,456

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

VF Corp.		6,100	$	814,045

				22,105,455

Total Consumer Discretionary				230,821,703

Consumer Staples (6.5%)
*Beverages (1.9%)*
Anheuser-Busch InBev N.V. (ADR)		20,742		1,652,100
Brown-Forman Corp., Class B		6,600		639,210
Coca-Cola Bottling Co. Consolidated		300		19,284
Coca-Cola Co.		135,506		10,595,214
Coca-Cola Enterprises, Inc.		5,636		158,034
Diageo plc (ADR)		24,100		2,483,987
Dr. Pepper Snapple Group, Inc.		15,800		691,250
Monster Beverage Corp.*		17,900		1,274,480
National Beverage Corp.*		100		1,494
PepsiCo, Inc.		132,971		9,395,731

				26,910,784

*Food & Staples Retailing (1.5%)*
Arden Group, Inc., Class A		100		8,721
Costco Wholesale Corp.		31,169		2,961,055
CVS Caremark Corp.		18,100		845,813
Fresh Market, Inc.*		4,200		225,246
Harris Teeter Supermarkets, Inc.		3,500		143,465
Kroger Co.		39,300		911,367
Pantry, Inc.*		300		4,410
Pricesmart, Inc.		1,200		81,012
Safeway, Inc.		8,800		159,720
Sysco Corp.		21,637		644,999
United Natural Foods, Inc.*		3,400		186,524
Wal-Mart Stores, Inc.		92,505		6,449,449
Whole Foods Market, Inc.		103,264		9,843,124

				22,464,905

*Food Products (1.2%)*
Alico, Inc.		200		6,108
Campbell Soup Co.		10,850		362,173
Darling International, Inc.*		9,000		148,410
Dean Foods Co.*		11,100		189,033
Flowers Foods, Inc.		7,650		177,710
General Mills, Inc.		54,926		2,116,848
Green Mountain Coffee Roasters, Inc.*		9,000		196,020
H.J. Heinz Co.		13,364		726,734
Hain Celestial Group, Inc.*		2,900		159,616
Hershey Co.		40,063		2,885,738
Hillshire Brands Co.		10,030		290,770
Hormel Foods Corp.		5,200		158,184
Ingredion, Inc.		4,400		217,888
Kellogg Co.		16,303		804,227
Kraft Foods, Inc., Class A		47,820		1,846,808
Lifeway Foods, Inc.		400		4,148
McCormick & Co., Inc. (Non-Voting)		9,249		560,952
Mead Johnson Nutrition Co.		87,131		7,014,917

				17,866,284


*Household Products (0.6%)*
Church & Dwight Co., Inc.		5,900	$	327,273
Clorox Co.		2,200		159,412
Colgate-Palmolive Co.		47,998		4,996,592
Kimberly-Clark Corp.		24,479		2,050,606
Procter & Gamble Co.		14,007		857,928

				8,391,811

*Personal Products (0.1%)*
Avon Products, Inc.		30,360		492,136
Estee Lauder Cos., Inc., Class A		15,428		834,963
Herbalife Ltd.		10,600		512,298
Inter Parfums, Inc.		100		1,727
Nu Skin Enterprises, Inc., Class A		4,000		187,600
USANA Health Sciences, Inc.*		500		20,560

				2,049,284

*Tobacco (1.2%)*
Altria Group, Inc.		111,193		3,841,718
Lorillard, Inc.		9,100		1,200,745
Philip Morris International, Inc.		133,234		11,625,999
Reynolds American, Inc.		7,300		327,551
Star Scientific, Inc.*		1,100		5,016

				17,001,029

Total Consumer Staples				94,684,097

Energy (4.7%)
*Energy Equipment & Services (2.0%)*
Atwood Oceanics, Inc.*		4,000		151,360
Cameron International Corp.*		43,326		1,850,454
CARBO Ceramics, Inc.		1,400		107,422
Dresser-Rand Group, Inc.*		7,000		311,780
Dril-Quip, Inc.*		2,400		157,416
FMC Technologies, Inc.*		17,100		670,833
Halliburton Co.		80,732		2,291,982
Heckmann Corp.*		526,884		1,780,868
Helmerich & Payne, Inc.		6,300		273,924
Lufkin Industries, Inc.		2,200		119,504
Nabors Industries Ltd.*		110,400		1,589,760
National Oilwell Varco, Inc.		106,701		6,875,812
Oceaneering International, Inc.		7,700		368,522
Oil States International, Inc.*		3,100		205,220
RPC, Inc.		5,400		64,206
Schlumberger Ltd.		131,651		8,545,466
Weatherford International Ltd.*		353,400		4,463,442

				29,827,971

*Oil, Gas & Consumable Fuels (2.7%)*
Anadarko Petroleum Corp.		58,082		3,845,028
Apco Oil and Gas International, Inc.		1,200		21,660
Berry Petroleum Co., Class A		3,700		146,742
BPZ Resources, Inc.*		9,200		23,276
Cabot Oil & Gas Corp.		14,800		583,120
Cameco Corp.		89,640		1,967,598
Cheniere Energy, Inc.*		14,600		215,204
Cimarex Energy Co.		15,300		843,336
Clean Energy Fuels Corp.*		4,600		71,300
Cobalt International Energy, Inc.*		12,100		284,350

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Concho Resources, Inc.*		7,600	$	646,912
Contango Oil & Gas Co.*		1,100		65,120
Continental Resources, Inc.*		3,000		199,860
CVR Energy, Inc.*		6,000		159,480
Denbury Resources, Inc.*		235,947		3,565,159
Energy XXI Bermuda Ltd.		5,400		168,966
EOG Resources, Inc.		28,000		2,523,080
FX Energy, Inc.*		3,300		19,635
Golar LNG Ltd.		2,400		90,480
Gulfport Energy Corp.*		3,600		74,268
Isramco, Inc.*		200		22,000
Kinder Morgan, Inc.		278,630		8,977,459
Kosmos Energy Ltd.*		8,400		92,820
Laredo Petroleum Holdings, Inc.*		8,100		168,480
Noble Energy, Inc.		24,610		2,087,420
Northern Oil and Gas, Inc.*		1,700		27,098
Occidental Petroleum Corp.		41,099		3,525,061
Panhandle Oil and Gas, Inc., Class A		600		18,084
Pioneer Natural Resources Co.		9,100		802,711
Range Resources Corp.		28,767		1,779,814
Rosetta Resources, Inc.*		3,800		139,232
SM Energy Co.		3,700		181,707
Southwestern Energy Co.*		23,188		740,393
Suncor Energy, Inc.		39,470		1,142,657
Sunoco, Inc.		6,300		299,250
VAALCO Energy, Inc.*		1,500		12,945
Valero Energy Corp.		67,200		1,622,880
Venoco, Inc.*		1,600		16,016
W&T Offshore, Inc.		2,400		36,720
Warren Resources, Inc.*		4,700		11,280
Whiting Petroleum Corp.*		3,900		160,368
Williams Cos., Inc.		59,100		1,703,262
World Fuel Services Corp.		4,100		155,923

				39,238,154

Total Energy				69,066,125

Financials (4.2%)
*Capital Markets (0.8%)*
Affiliated Managers Group, Inc.*		3,700		404,965
Apollo Global Management LLC, Class A		255,500		3,168,200
BGC Partners, Inc., Class A		1,500		8,805
BlackRock, Inc.		12,875		2,186,433
Cohen & Steers, Inc.		800		27,608
Diamond Hill Investment Group, Inc.		200		15,658
Duff & Phelps Corp., Class A		2,100		30,450
Eaton Vance Corp.		10,011		269,796
Epoch Holding Corp.		800		18,224
Federated Investors, Inc., Class B		6,200		135,470
Franklin Resources, Inc.		13,115		1,455,634
GAMCO Investors, Inc., Class A		200		8,878
Greenhill & Co., Inc.		2,400		85,560
ICG Group, Inc.*		1,900		17,575
Lazard Ltd., Class A		6,900		179,331
LPL Financial Holdings, Inc.		4,400		148,588

Pzena Investment Management, Inc., Class A		500	$	2,215
SEI Investments Co.		10,900		216,801
State Street Corp.		30,750		1,372,680
T. Rowe Price Group, Inc.		18,402		1,158,590
TD Ameritrade Holding Corp.		45,400		771,800
Waddell & Reed Financial, Inc., Class A		7,500		227,100
Westwood Holdings Group, Inc.		400		14,904

				11,925,265

*Commercial Banks (0.7%)*
Arrow Financial Corp.		954		23,058
Signature Bank/New York*		2,900		176,813
U.S. Bancorp		122,593		3,942,591
Wells Fargo & Co.		188,876		6,316,013
Westamerica Bancorp		1,978		93,342

				10,551,817

*Consumer Finance (0.6%)*
American Express Co.		87,441		5,089,941
EZCORP, Inc., Class A*		4,336		101,722
Green Dot Corp., Class A*		170,530		3,772,124

				8,963,787

*Diversified Financial Services (0.6%)*
Citigroup, Inc.		106,640		2,923,002
IntercontinentalExchange, Inc.*		4,995		679,220
JPMorgan Chase & Co.		85,190		3,043,839
Leucadia National Corp.		7,200		153,144
Moody’s Corp.		16,426		600,370
MSCI, Inc.*		8,741		297,369

				7,696,944

*Insurance (0.3%)*
Allied World Assurance Co. Holdings AG		2,000		158,940
Aon plc		3,300		154,374
Arch Capital Group Ltd.*		4,200		166,698
Arthur J. Gallagher & Co.		8,300		291,081
Brown & Brown, Inc.		5,900		160,893
Erie Indemnity Co., Class A		2,200		157,542
Marsh & McLennan Cos., Inc.		30,300		976,569
MetLife, Inc.		46,900		1,446,865
Travelers Cos., Inc.		11,800		753,312
Validus Holdings Ltd.		5,000		160,150

				4,426,424

*Real Estate Investment Trusts (REITs) (0.8%)*
Acadia Realty Trust (REIT)		1,300		30,134
Alexander’s, Inc. (REIT)		100		43,111
American Campus Communities, Inc. (REIT)		3,500		157,430
American Tower Corp. (REIT)		28,588		1,998,587
Apartment Investment & Management Co. (REIT), Class A		6,600		178,398
Associated Estates Realty Corp. (REIT)		700		10,465
Boston Properties, Inc. (REIT)		1,800		195,066
BRE Properties, Inc. (REIT)		3,200		160,064
Camden Property Trust (REIT)		3,600		243,612

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Digital Realty Trust, Inc. (REIT)		6,711	$	503,795
DuPont Fabros Technology, Inc. (REIT)		600		17,136
Equity Lifestyle Properties, Inc. (REIT)		1,900		131,043
Equity Residential (REIT)		3,000		187,080
Essex Property Trust, Inc. (REIT)		2,500		384,800
Extra Space Storage, Inc. (REIT)		5,300		162,180
Federal Realty Investment Trust (REIT)		3,000		312,270
HCP, Inc. (REIT)		3,700		163,355
Highwoods Properties, Inc. (REIT)		4,700		158,155
Home Properties, Inc. (REIT)		2,800		171,808
Kilroy Realty Corp. (REIT)		3,300		159,753
Mid-America Apartment Communities, Inc. (REIT)		2,700		184,248
Omega Healthcare Investors, Inc. (REIT)		7,400		166,500
Plum Creek Timber Co., Inc. (REIT)		11,300		448,610
Post Properties, Inc. (REIT)		3,200		156,640
Potlatch Corp. (REIT)		1,929		61,612
PS Business Parks, Inc. (REIT)		400		27,088
Public Storage (REIT)		10,030		1,448,432
Rayonier, Inc. (REIT)		8,700		390,630
Regency Centers Corp. (REIT)		3,800		180,766
Saul Centers, Inc. (REIT)		500		21,435
Simon Property Group, Inc. (REIT)		17,850		2,778,531
Tanger Factory Outlet Centers (REIT)		5,076		162,686
Taubman Centers, Inc. (REIT)		2,100		162,036
Universal Health Realty Income Trust (REIT)		900		37,377
Washington Real Estate Investment Trust (REIT)		547		15,562
Weyerhaeuser Co. (REIT)		11,100		248,196

				11,858,591

*Real Estate Management & Development (0.2%)*
CBRE Group, Inc., Class A*		23,591		385,949
Tejon Ranch Co.*		900		25,758
Zillow, Inc., Class A*		58,770		2,270,285

				2,681,992

*Thrifts & Mortgage Finance (0.2%)*
Astoria Financial Corp.		174,000		1,705,200
New York Community Bancorp, Inc.		112,500		1,409,625
People’s United Financial, Inc.		11,600		134,676

				3,249,501

Total Financials				61,354,321

Health Care (12.7%)
*Biotechnology (5.1%)*
Affymax, Inc.*		900		11,592
Alexion Pharmaceuticals, Inc.*		102,796		10,207,643

Allos Therapeutics, Inc.*		7,600	$	13,604
Alnylam Pharmaceuticals, Inc.*		4,300		50,181
AMAG Pharmaceuticals, Inc.*		2,000		30,800
Amgen, Inc.		98,805		7,216,717
Amylin Pharmaceuticals, Inc.*		12,000		338,760
Arena Pharmaceuticals, Inc.*		7,588		75,728
ARIAD Pharmaceuticals, Inc.*		11,600		199,636
ArQule, Inc.*		3,300		19,569
Array BioPharma, Inc.*		3,900		13,533
BioCryst Pharmaceuticals, Inc.*		2,500		9,950
Biogen Idec, Inc.*		109,178		15,763,120
BioMarin Pharmaceutical, Inc.*		7,200		284,976
BioMimetic Therapeutics, Inc.*		33,407		87,860
Celgene Corp.*		126,803		8,135,680
Celldex Therapeutics, Inc.*		1,200		6,228
Cepheid, Inc.*		199,964		8,948,389
Cubist Pharmaceuticals, Inc.*		43,600		1,652,876
Curis, Inc.*		106,650		575,910
Cytori Therapeutics, Inc.*		1,700		4,590
Dendreon Corp.*		11,619		85,981
Dyax Corp.*		4,500		9,585
Emergent Biosolutions, Inc.*		2,300		34,845
Exelixis, Inc.*		12,700		70,231
Genomic Health, Inc.*		55,894		1,866,860
Gilead Sciences, Inc.*		83,064		4,259,522
Halozyme Therapeutics, Inc.*		8,500		75,310
Human Genome Sciences, Inc.*		46,592		611,753
Idenix Pharmaceuticals, Inc.*		2,000		20,600
Immunogen, Inc.*		17,300		290,294
Immunomedics, Inc.*		5,300		18,921
Incyte Corp.*		6,200		140,740
InterMune, Inc.*		4,700		56,165
Isis Pharmaceuticals, Inc.*		39,560		474,720
Lexicon Pharmaceuticals, Inc.*		1,900		4,275
Ligand Pharmaceuticals, Inc., Class B*		1,383		23,428
MannKind Corp.*		4,949		11,333
Medivation, Inc.*		3,400		310,760
Momenta Pharmaceuticals, Inc.*		4,500		60,840
Myriad Genetics, Inc.*		61,500		1,461,855
Neurocrine Biosciences, Inc.*		3,100		24,521
Novavax, Inc.*		4,700		7,332
NPS Pharmaceuticals, Inc.*		3,800		32,718
Onyx Pharmaceuticals, Inc.*		4,500		299,025
Opko Health, Inc.*		3,900		17,940
Orexigen Therapeutics, Inc.*		1,600		8,864
Osiris Therapeutics, Inc.*		1,200		13,164
PDL BioPharma, Inc.		14,400		95,472
Pharmacyclics, Inc.*		3,800		207,518
Progenics Pharmaceuticals, Inc.*		2,200		21,516
Regeneron Pharmaceuticals, Inc.*		24,100		2,752,702
Rigel Pharmaceuticals, Inc.*		3,000		27,900
Sangamo BioSciences, Inc.*		3,000		16,560
Seattle Genetics, Inc.*		9,600		243,744
SIGA Technologies, Inc.*		2,771		7,953
Spectrum Pharmaceuticals, Inc.*		3,469		53,978
Synta Pharmaceuticals Corp.*		1,400		7,658
United Therapeutics Corp.*		4,142		204,532
Vanda Pharmaceuticals, Inc.*		2,614		11,501
Vertex Pharmaceuticals, Inc.*		111,490		6,234,521

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Vical, Inc.*		6,900	$	24,840

				73,849,319

*Health Care Equipment & Supplies (2.1%)*
Abaxis, Inc.*		2,700		99,900
ABIOMED, Inc.*		2,800		63,896
Accuray, Inc.*		3,410		23,324
Align Technology, Inc.*		7,000		234,220
Analogic Corp.		1,100		68,200
Atrion Corp.		100		20,498
Baxter International, Inc.		36,514		1,940,719
Becton, Dickinson and Co.		13,225		988,569
C.R. Bard, Inc.		6,053		650,334
Cerus Corp.*		574,980		1,908,934
Conceptus, Inc.*		3,800		75,316
Cooper Cos., Inc.		12,940		1,032,094
Covidien plc		45,295		2,423,283
Cyberonics, Inc.*		3,500		157,290
DENTSPLY International, Inc.		18,300		691,923
DexCom, Inc.*		5,033		65,228
Edwards Lifesciences Corp.*		20,296		2,096,577
Endologix, Inc.*		5,900		91,096
Exactech, Inc.*		600		10,062
Gen-Probe, Inc.*		4,200		345,240
Given Imaging Ltd.*		148,609		2,348,022
Hansen Medical, Inc.*		1,400		3,178
HeartWare International, Inc.*		800		71,040
ICU Medical, Inc.*		1,176		62,775
IDEXX Laboratories, Inc.*		5,000		480,650
Insulet Corp.*		3,600		76,932
Integra LifeSciences Holdings Corp.*		2,300		85,514
Intuitive Surgical, Inc.*		13,256		7,341,040
IRIS International, Inc.*		1,500		16,950
MAKO Surgical Corp.*		2,600		66,586
Medtronic, Inc.		54,702		2,118,609
Merit Medical Systems, Inc.*		4,500		62,145
Natus Medical, Inc.*		2,200		25,564
Neogen Corp.*		1,800		83,160
NxStage Medical, Inc.*		1,200		20,112
OraSure Technologies, Inc.*		3,600		40,464
Orthofix International N.V.*		1,609		66,371
Quidel Corp.*		2,300		36,064
ResMed, Inc.*		13,000		405,600
RTI Biologics, Inc.*		4,400		16,544
Sirona Dental Systems, Inc.*		4,000		180,040
Spectranetics Corp.*		2,600		29,692
St. Jude Medical, Inc.		16,911		674,918
Stryker Corp.		30,803		1,697,245
Thoratec Corp.*		4,700		157,826
Varian Medical Systems, Inc.*		8,313		505,181
Volcano Corp.*		2,500		71,625
Zimmer Holdings, Inc.		2,500		160,900

				29,891,450

*Health Care Providers & Services (1.7%)*
Air Methods Corp.*		900		88,425
AMERIGROUP Corp.*		2,400		158,184
AmerisourceBergen Corp.		17,699		696,456
AMN Healthcare Services, Inc.*		2,600		15,418
Bio-Reference Labs, Inc.*		1,800		47,304
BioScrip, Inc.*		4,447		33,041

Cardinal Health, Inc.		52,440	$	2,202,480
Catalyst Health Solutions, Inc.*		4,700		439,168
Corvel Corp.*		700		34,300
DaVita, Inc.*		6,831		670,873
Emeritus Corp.*		1,600		26,928
Ensign Group, Inc.		1,800		50,886
Express Scripts Holding Co.*		165,695		9,250,752
HCA Holdings, Inc.		5,800		176,494
Henry Schein, Inc.*		3,517		276,049
HMS Holdings Corp.*		6,000		199,860
IPC The Hospitalist Co., Inc.*		1,517		68,750
Laboratory Corp. of America Holdings*		7,381		683,554
Landauer, Inc.		400		22,932
Lincare Holdings, Inc.		7,400		251,748
McKesson Corp.		33,758		3,164,812
MWI Veterinary Supply, Inc.*		1,400		143,878
National Research Corp.		100		5,235
Patterson Cos., Inc.		6,100		210,267
Providence Service Corp.*		800		10,968
Quest Diagnostics, Inc.		2,713		162,509
Tenet Healthcare Corp.*		31,500		165,060
U.S. Physical Therapy, Inc.		1,000		25,430
UnitedHealth Group, Inc.		92,995		5,440,208
Universal Health Services, Inc., Class B		6,434		277,691
WellPoint, Inc.		2,200		140,338

				25,139,998

*Health Care Technology (0.4%)*
athenahealth, Inc.*		43,960		3,480,313
Cerner Corp.*		11,600		958,856
Computer Programs & Systems, Inc.		1,300		74,386
MedAssets, Inc.*		4,765		64,089
Omnicell, Inc.*		2,500		36,600
Quality Systems, Inc.		3,800		104,538
SXC Health Solutions Corp.*		9,800		972,258

				5,691,040

*Life Sciences Tools & Services (0.7%)*
Agilent Technologies, Inc.		24,626		966,324
Charles River Laboratories International, Inc.*		300		9,828
Compugen Ltd.*		144,885		559,256
Covance, Inc.*		5,491		262,745
eResearchTechnology, Inc.*		3,500		27,965
Illumina, Inc.*		124,172		5,015,307
Life Technologies Corp.*		2,892		130,111
Luminex Corp.*		5,000		122,450
Mettler-Toledo International, Inc.*		2,900		451,965
Sequenom, Inc.*		4,900		19,894
Techne Corp.		3,200		237,440
Thermo Fisher Scientific, Inc.		38,770		2,012,551
Waters Corp.*		6,500		516,555

				10,332,391

*Pharmaceuticals (2.7%)*
Abbott Laboratories		111,583		7,193,756
Acura Pharmaceuticals, Inc.*		700		2,198
Akorn, Inc.*		4,600		72,542

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Allergan, Inc.		75,752	$	7,012,363
Bristol-Myers Squibb Co.		215,160		7,735,002
Cadence Pharmaceuticals, Inc.*		2,900		10,353
Depomed, Inc.*		4,100		23,329
Eli Lilly and Co.		26,127		1,121,110
Endo Health Solutions, Inc.*		8,300		257,134
Forest Laboratories, Inc.*		128,595		4,499,539
Impax Laboratories, Inc.*		5,689		115,316
Johnson & Johnson		67,130		4,535,303
MAP Pharmaceuticals, Inc.*		600		8,988
Medicines Co.*		4,200		96,348
Mylan, Inc.*		28,265		604,023
Obagi Medical Products, Inc.*		1,400		21,378
Optimer Pharmaceuticals, Inc.*		3,700		57,424
Pain Therapeutics, Inc.*		2,800		13,132
Perrigo Co.		6,900		813,717
Pozen, Inc.*		2,100		13,104
Questcor Pharmaceuticals, Inc.*		4,100		218,284
Salix Pharmaceuticals Ltd.*		4,100		223,204
Santarus, Inc.*		5,801		41,129
Sciclone Pharmaceuticals, Inc.*		5,800		40,658
Sucampo Pharmaceuticals, Inc., Class A*		700		4,921
Teva Pharmaceutical Industries Ltd. (ADR)		14,700		579,768
Valeant Pharmaceuticals International, Inc.*		36,550		1,637,074
Vivus, Inc.*		8,400		239,736
Warner Chilcott plc, Class A*		99,310		1,779,635
Watson Pharmaceuticals, Inc.*		8,500		628,915
XenoPort, Inc.*		3,500		21,140

				39,620,523

Total Health Care				184,524,721

Industrials (8.8%)
*Aerospace & Defense (2.2%)*
Aerovironment, Inc.*		1,700		44,727
BE Aerospace, Inc.*		6,500		283,790
Boeing Co.		70,899		5,267,796
Cubic Corp.		1,439		69,187
DigitalGlobe, Inc.*		1,478		22,406
GenCorp, Inc.*		4,600		29,946
Goodrich Corp.		8,854		1,123,573
HEICO Corp.		3,750		148,200
Hexcel Corp.*		7,000		180,530
Honeywell International, Inc.		55,971		3,125,421
L-3 Communications Holdings, Inc.		35,065		2,595,161
Lockheed Martin Corp.		17,168		1,494,989
National Presto Industries, Inc.		459		32,024
Precision Castparts Corp.		51,044		8,396,228
Rockwell Collins, Inc.		10,989		542,307
Spirit AeroSystems Holdings, Inc., Class A*		3,446		82,118
Taser International, Inc.*		5,100		26,724
Teledyne Technologies, Inc.*		1,000		61,650
Textron, Inc.		6,100		151,707
TransDigm Group, Inc.*		3,472		466,290
United Technologies Corp.		111,287		8,405,507

				32,550,281


*Air Freight & Logistics (0.7%)*
C.H. Robinson Worldwide, Inc.		11,711	$	685,445
Expeditors International of Washington, Inc.		15,083		584,466
FedEx Corp.		1,700		155,737
Forward Air Corp.		1,173		37,853
Hub Group, Inc., Class A*		1,900		68,780
United Parcel Service, Inc., Class B		100,548		7,919,160

				9,451,441

*Airlines (0.1%)*
Alaska Air Group, Inc.*		4,700		168,730
Allegiant Travel Co.*		1,415		98,597
Copa Holdings S.A., Class A		400		32,992
Delta Air Lines, Inc.*		36,141		395,744
Southwest Airlines Co.		13,800		127,236
United Continental Holdings, Inc.*		46,052		1,120,445

				1,943,744

*Building Products (0.1%)*
AAON, Inc.		1,650		31,103
Armstrong World Industries, Inc.		1,200		58,992
Fortune Brands Home & Security, Inc.*		6,800		151,436
Masco Corp.		25,475		353,338
Trex Co., Inc.*		1,900		57,171
USG Corp.*		600		11,430

				663,470

*Commercial Services & Supplies (0.2%)*
American Reprographics Co.*		3,000		15,090
Cintas Corp.		4,200		162,162
Clean Harbors, Inc.*		3,400		191,828
Copart, Inc.*		11,538		273,335
Covanta Holding Corp.		200		3,430
Deluxe Corp.		3,500		87,290
EnerNOC, Inc.*		1,185		8,579
Healthcare Services Group, Inc.		7,800		151,164
InnerWorkings, Inc.*		2,600		35,178
Interface, Inc.		4,300		58,609
Iron Mountain, Inc.		9,893		326,073
Knoll, Inc.		6,000		80,520
Mine Safety Appliances Co.		2,266		91,184
Multi-Color Corp.		800		17,792
Portfolio Recovery Associates, Inc.*		1,811		165,272
Rollins, Inc.		7,000		156,590
Standard Parking Corp.*		500		10,760
Stericycle, Inc.*		7,300		669,191
Team, Inc.*		1,500		46,770
U.S. Ecology, Inc.		1,300		23,062
Waste Connections, Inc.		7,756		232,060

				2,805,939

*Construction & Engineering (0.2%)*
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		4,000		151,840
Fluor Corp.		30,250		1,492,535
MYR Group, Inc.*		1,650		28,149

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Shaw Group, Inc.*		50,648	$	1,383,197

				3,055,721

*Electrical Equipment (0.8%)*
A123 Systems, Inc.*		1,320,692		1,664,072
Acuity Brands, Inc.		2,600		132,366
AMETEK, Inc.		13,810		689,257
AZZ, Inc.		1,149		70,388
Babcock & Wilcox Co.*		9,264		226,968
Cooper Industries plc		7,700		524,986
Emerson Electric Co.		89,954		4,190,057
General Cable Corp.*		400		10,376
Hubbell, Inc., Class B		3,400		264,996
II-VI, Inc.*		4,400		73,348
Polypore International, Inc.*		48,460		1,957,299
Rockwell Automation, Inc.		9,900		653,994
Roper Industries, Inc.		7,172		707,016
Vicor Corp.		1,600		11,104

				11,176,227

*Industrial Conglomerates (1.2%)*
3M Co.		71,468		6,403,533
Carlisle Cos., Inc.		1,675		88,808
Danaher Corp.		98,688		5,139,671
General Electric Co.		60,970		1,270,615
Raven Industries, Inc.		1,300		90,467
Tyco International Ltd.		85,075		4,496,214

				17,489,308

*Machinery (1.9%)*
Actuant Corp., Class A		3,923		106,549
Caterpillar, Inc.		45,670		3,877,840
CLARCOR, Inc.		2,298		110,672
Colfax Corp.*		1,700		46,869
Cummins, Inc.		83,102		8,053,415
Deere & Co.		29,867		2,415,344
Donaldson Co., Inc.		13,200		440,484
Dynamic Materials Corp.		1,000		17,330
Eaton Corp.		25,980		1,029,587
Flow International Corp.*		3,100		9,765
Flowserve Corp.		3,393		389,347
Gorman-Rupp Co.		1,500		44,700
Graco, Inc.		4,610		212,429
Graham Corp.		800		14,896
IDEX Corp.		5,600		218,288
Illinois Tool Works, Inc.		28,100		1,486,209
Ingersoll-Rand plc		18,700		788,766
Joy Global, Inc.		7,933		450,039
Lincoln Electric Holdings, Inc.		5,900		258,361
Lindsay Corp.		1,000		64,900
Manitowoc Co., Inc.		2,900		33,930
Met-Pro Corp.		1,200		11,052
Nordson Corp.		4,920		252,347
Omega Flex, Inc.*		300		3,573
PACCAR, Inc.		5,618		220,169
Pall Corp.		34,245		1,876,968
Parker Hannifin Corp.		4,800		369,024
Proto Labs, Inc.*		46,252		1,330,208
RBC Bearings, Inc.*		1,800		85,140
Sauer-Danfoss, Inc.		800		27,944
Snap-on, Inc.		2,400		149,400
SPX Corp.		2,200		143,704

Stanley Black & Decker, Inc.		28,690	$	1,846,488
Sun Hydraulics Corp.		1,350		32,791
Tennant Co.		2,300		91,885
Timken Co.		4,500		206,055
Toro Co.		2,100		153,909
Valmont Industries, Inc.		1,600		193,552
Wabtec Corp.		3,400		265,234
Woodward, Inc.		4,800		189,312
Xylem, Inc.		6,200		156,054

				27,674,529

*Marine (0.0%)*
Kirby Corp.*		1,037		48,822

*Professional Services (0.2%)*
Acacia Research Corp.*		3,307		123,153
Advisory Board Co.*		2,600		128,934
CDI Corp.		100		1,640
Dun & Bradstreet Corp.		4,249		302,401
Equifax, Inc.		7,600		354,160
Exponent, Inc.*		1,800		95,094
Huron Consulting Group, Inc.*		2,700		85,455
IHS, Inc., Class A*		8,130		875,845
Insperity, Inc.		2,600		70,330
Nielsen Holdings N.V.*		5,200		136,344
Robert Half International, Inc.		13,212		377,467
Verisk Analytics, Inc., Class A*		9,800		482,748

				3,033,571

*Road & Rail (1.0%)*
Avis Budget Group, Inc.*		6,628		100,746
Celadon Group, Inc.		2,003		32,809
Con-way, Inc.		2,020		72,942
CSX Corp.		49,200		1,100,112
Genesee & Wyoming, Inc., Class A*		2,800		147,952
Heartland Express, Inc.		2,800		40,068
Hertz Global Holdings, Inc.*		17,400		222,720
J.B. Hunt Transport Services, Inc.		7,723		460,291
Kansas City Southern		5,000		347,800
Landstar System, Inc.		3,300		170,676
Norfolk Southern Corp.		34,800		2,497,596
Old Dominion Freight Line, Inc.*		571		24,718
Union Pacific Corp.		82,274		9,816,111

				15,034,541

*Trading Companies & Distributors (0.2%)*
Beacon Roofing Supply, Inc.*		3,481		87,791
Fastenal Co.		43,008		1,733,653
Houston Wire & Cable Co.		1,400		15,302
Kaman Corp.		2,098		64,912
MSC Industrial Direct Co., Inc., Class A		3,700		242,535
TAL International Group, Inc.		300		10,047
Titan Machinery, Inc.*		600		18,222
United Rentals, Inc.*		6,600		224,664
W.W. Grainger, Inc.		4,102		784,466

				3,181,592

Total Industrials				128,109,186

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Information Technology (26.8%)
*Communications Equipment (2.3%)*
Acme Packet, Inc.*		3,800	$	70,870
ADTRAN, Inc.		4,400		132,836
Anaren, Inc.*		1,339		26,244
Arris Group, Inc.*		27,371		380,731
Aruba Networks, Inc.*		6,200		93,310
Ciena Corp.*		2,836		46,425
Cisco Systems, Inc.		149,230		2,562,279
F5 Networks, Inc.*		62,700		6,242,412
Harris Corp.		3,369		140,993
Infinera Corp.*		10,300		70,452
InterDigital, Inc.		3,100		91,481
Ixia*		2,100		25,242
Juniper Networks, Inc.*		104,100		1,697,871
Loral Space & Communications, Inc.		1,058		71,256
Motorola Solutions, Inc.		20,400		981,444
NETGEAR, Inc.*		500		17,255
QUALCOMM, Inc.		361,226		20,113,064
Riverbed Technology, Inc.*		10,900		176,035
ShoreTel, Inc.*		3,000		13,140
ViaSat, Inc.*		2,361		89,175

				33,042,515

*Computers & Peripherals (7.2%)*
3D Systems Corp.*		2,600		88,764
Apple, Inc.*		132,918		77,624,112
EMC Corp.*		338,127		8,666,195
Fusion-io, Inc.*		407,542		8,513,552
Immersion Corp.*		1,200		6,756
NCR Corp.*		11,360		258,213
NetApp, Inc.*		17,100		544,122
SanDisk Corp.*		93,115		3,396,835
Seagate Technology plc		70,125		1,734,191
Silicon Graphics International Corp.*		427,713		2,745,918
Stratasys, Inc.*		16,230		804,197
Super Micro Computer, Inc.*		1,600		25,376
Western Digital Corp.*		6,700		204,216

				104,612,447

*Electronic Equipment, Instruments & Components (0.3%)*
Amphenol Corp., Class A		11,360		623,891
Anixter International, Inc.		200		10,610
Badger Meter, Inc.		1,800		67,590
Cognex Corp.		607		19,211
Daktronics, Inc.		2,700		18,657
Dolby Laboratories, Inc., Class A*		21,200		875,560
DTS, Inc.*		1,400		36,512
Echelon Corp.*		2,400		8,352
FARO Technologies, Inc.*		1,400		58,912
FEI Co.*		4,106		196,431
FLIR Systems, Inc.		12,888		251,316
IPG Photonics Corp.*		1,600		69,744
Jabil Circuit, Inc.		11,300		229,729
Maxwell Technologies, Inc.*		1,500		9,840
MTS Systems Corp.		500		19,275
Multi-Fineline Electronix, Inc.*		1,300		32,032
National Instruments Corp.		6,500		174,590
OSI Systems, Inc.*		1,000		63,340

Plexus Corp.*		1,118	$	31,528
TE Connectivity Ltd.		49,780		1,588,480
Trimble Navigation Ltd.*		10,300		473,903
Universal Display Corp.*		2,300		82,662

				4,942,165

*Internet Software & Services (4.1%)*
Akamai Technologies, Inc.*		28,219		895,953
AOL, Inc.*		5,900		165,672
Baidu, Inc. (ADR)*		61,699		7,094,151
Blucora, Inc.*		1,600		19,712
comScore, Inc.*		1,500		24,690
Constant Contact, Inc.*		2,900		51,852
Cornerstone OnDemand, Inc.*		134,933		3,212,755
CoStar Group, Inc.*		2,488		202,026
DealerTrack Holdings, Inc.*		4,700		141,517
Dice Holdings, Inc.*		1,300		12,207
eBay, Inc.*		186,398		7,830,580
Equinix, Inc.*		12,420		2,181,573
Facebook, Inc., Class A*		118,629		3,691,734
Google, Inc., Class A*		27,833		16,145,088
IAC/InterActiveCorp		101,400		4,623,840
j2 Global, Inc.		4,900		129,458
LinkedIn Corp., Class A*		70,147		7,454,522
Liquidity Services, Inc.*		1,200		61,428
LivePerson, Inc.*		5,500		104,830
Move, Inc.*		4,800		43,728
NIC, Inc.		6,200		78,740
Rackspace Hosting, Inc.*		72,600		3,190,044
Stamps.com, Inc.*		1,100		27,137
support.com, Inc.*		2,600		8,294
VeriSign, Inc.*		10,200		444,414
Vocus, Inc.*		1,300		24,180
XO Group, Inc.*		2,300		20,401
Yelp, Inc.*		77,959		1,772,008
Zix Corp.*		9,600		24,960

				59,677,494

*IT Services (3.8%)*
Accenture plc, Class A		98,299		5,906,787
Alliance Data Systems Corp.*		4,580		618,300
Automatic Data Processing, Inc.		35,659		1,984,780
Broadridge Financial Solutions, Inc.		12,969		275,851
CACI International, Inc., Class A*		500		27,510
Cardtronics, Inc.*		1,000		30,210
Cass Information Systems, Inc.		550		22,137
Cognizant Technology Solutions Corp., Class A*		65,494		3,929,640
CSG Systems International, Inc.*		1,500		25,920
DST Systems, Inc.		700		38,017
ExlService Holdings, Inc.*		1,200		29,568
Fiserv, Inc.*		8,409		607,298
FleetCor Technologies, Inc.*		4,100		143,664
Forrester Research, Inc.		1,300		44,018
Gartner, Inc.*		5,200		223,860
Genpact Ltd.*		9,900		164,637
Global Payments, Inc.		7,000		302,610
Hackett Group, Inc.*		3,300		18,381

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Heartland Payment Systems, Inc.		4,700	$	141,376
iGATE Corp.*		1,800		30,636
International Business Machines Corp.		76,274		14,917,669
Jack Henry & Associates, Inc.		9,701		334,879
Lionbridge Technologies, Inc.*		9,400		29,610
Mastercard, Inc., Class A		16,798		7,224,988
MAXIMUS, Inc.		2,930		151,627
MoneyGram International, Inc.*		1,287		18,790
NeuStar, Inc., Class A*		1,600		53,440
Paychex, Inc.		21,172		665,012
SAIC, Inc.		9,236		111,940
Teradata Corp.*		94,285		6,789,463
TNS, Inc.*		3,200		57,408
Total System Services, Inc.		9,700		232,121
Vantiv, Inc., Class A*		6,500		151,385
VeriFone Systems, Inc.*		6,100		201,849
Virtusa Corp.*		500		6,675
Visa, Inc., Class A		76,816		9,496,762
Western Union Co.		47,559		800,894
Wright Express Corp.*		2,700		166,644

				55,976,356

*Office Electronics (0.0%)*
Zebra Technologies Corp., Class A*		3,900		134,004

*Semiconductors & Semiconductor Equipment (1.9%)*
Advanced Micro Devices, Inc.*		43,800		250,974
Altera Corp.		25,174		851,888
Analog Devices, Inc.		4,099		154,409
Atmel Corp.*		134,100		898,470
ATMI, Inc.*		782		16,086
Avago Technologies Ltd.		16,100		577,990
Broadcom Corp., Class A*		160,351		5,419,864
Cabot Microelectronics Corp.		212		6,193
CEVA, Inc.*		1,200		21,132
Cree, Inc.*		40,245		1,033,089
Cypress Semiconductor Corp.*		13,400		177,148
Exar Corp.*		300		2,448
GT Advanced Technologies, Inc.*		1,700		8,976
Intel Corp.		314,295		8,375,962
Lam Research Corp.*		4,459		168,283
Linear Technology Corp.		19,142		599,719
LSI Corp.*		39,800		253,526
Maxim Integrated Products, Inc.		10,186		261,169
MEMC Electronic Materials, Inc.*		2,100		4,557
Micrel, Inc.		427		4,069
Microchip Technology, Inc.		14,581		482,339
Monolithic Power Systems, Inc.*		4,055		80,573
NVE Corp.*		400		21,500
NVIDIA Corp.*		325,053		4,492,232
Power Integrations, Inc.		2,800		104,440
Rambus, Inc.*		9,000		51,660
Skyworks Solutions, Inc.*		14,994		410,386
Teradyne, Inc.*		10,600		149,036
Texas Instruments, Inc.		52,471		1,505,393
Ultratech, Inc.*		1,900		59,850
Veeco Instruments, Inc.*		2,300		79,028

Volterra Semiconductor Corp.*		2,100	$	49,245
Xilinx, Inc.		18,300		614,331

				27,185,965

*Software (7.2%)*
Actuate Corp.*		4,900		33,957
Adobe Systems, Inc.*		111,487		3,608,834
Advent Software, Inc.*		2,800		75,908
American Software, Inc., Class A		1,200		9,540
ANSYS, Inc.*		7,541		475,913
Ariba, Inc.*		6,900		308,844
Autodesk, Inc.*		53,861		1,884,596
Blackbaud, Inc.		5,000		128,350
BMC Software, Inc.*		12,595		537,555
Bottomline Technologies, Inc.*		2,617		47,237
CA, Inc.		5,900		159,831
Cadence Design Systems, Inc.*		19,100		209,909
Check Point Software Technologies Ltd.*		22,250		1,103,377
Citrix Systems, Inc.*		115,032		9,655,786
Compuware Corp.*		2,800		26,012
Concur Technologies, Inc.*		2,900		197,490
Deltek, Inc.*		1,306		15,137
Ebix, Inc.		1,500		29,925
EPIQ Systems, Inc.		3,002		36,774
FactSet Research Systems, Inc.		3,600		334,584
FalconStor Software, Inc.*		3,100		8,091
Fortinet, Inc.*		8,500		197,370
Guidewire Software, Inc.*		74,210		2,086,785
Informatica Corp.*		33,150		1,404,234
Interactive Intelligence Group, Inc.*		1,100		31,031
Intuit, Inc.		42,517		2,523,384
JDA Software Group, Inc.*		2,324		69,000
Kenexa Corp.*		2,900		84,187
Manhattan Associates, Inc.*		2,000		91,420
Mentor Graphics Corp.*		500		7,500
MICROS Systems, Inc.*		6,900		353,280
Microsoft Corp.#		686,199		20,990,827
NetScout Systems, Inc.*		2,000		43,180
NetSuite, Inc.*		54,680		2,994,824
Nuance Communications, Inc.*		53,900		1,283,898
OPNET Technologies, Inc.		1,000		26,590
Oracle Corp.		325,124		9,656,183
Parametric Technology Corp.*		13,400		280,864
Pegasystems, Inc.		1,900		62,662
PROS Holdings, Inc.*		1,000		16,820
QLIK Technologies, Inc.*		5,000		110,600
Red Hat, Inc.*		120,888		6,827,754
Rovi Corp.*		8,538		167,516
Salesforce.com, Inc.*		91,088		12,593,827
ServiceNow, Inc.*		29,379		722,723
SolarWinds, Inc.*		182,026		7,929,053
Solera Holdings, Inc.		5,945		248,442
Sourcefire, Inc.*		122,300		6,286,220
Splunk, Inc.*		64,905		1,823,830
Symantec Corp.*		10,500		153,405
Synchronoss Technologies, Inc.*		1,700		31,399
Synopsys, Inc.*		6,100		179,523
Take-Two Interactive Software, Inc.*		890		8,419

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

TIBCO Software, Inc.*		79,447	$	2,377,054
Tyler Technologies, Inc.*		3,100		125,085
Ultimate Software Group, Inc.*		1,900		169,328
VASCO Data Security International, Inc.*		2,200		17,996
VMware, Inc., Class A*		34,487		3,139,696
Websense, Inc.*		5,300		99,269
Zynga, Inc., Class A*		44,900		244,256

				104,347,084

Total Information Technology				389,918,030

Materials (2.8%)
*Chemicals (2.0%)*
Airgas, Inc.		4,800		403,248
Albemarle Corp.		3,549		211,662
Balchem Corp.		2,250		73,373
Calgon Carbon Corp.*		6,600		93,852
Celanese Corp.		13,324		461,277
CF Industries Holdings, Inc.		1,018		197,227
E.I. du Pont de Nemours & Co.		66,058		3,340,553
Eastman Chemical Co.		10,200		513,774
Ecolab, Inc.		18,244		1,250,261
FMC Corp.		10,032		536,511
Hawkins, Inc.		891		34,019
International Flavors & Fragrances, Inc.		6,400		350,720
Koppers Holdings, Inc.		1,245		42,330
LSB Industries, Inc.*		2,300		71,093
LyondellBasell Industries N.V., Class A		3,800		153,026
Monsanto Co.		137,791		11,406,339
Omnova Solutions, Inc.*		5,500		41,470
PPG Industries, Inc.		27,760		2,945,891
Praxair, Inc.		34,919		3,796,743
Rockwood Holdings, Inc.		4,600		204,010
Sherwin-Williams Co.		14,873		1,968,442
Sigma-Aldrich Corp.		7,911		584,860
Solutia, Inc.		8,700		244,035
Valspar Corp.		6,500		341,185
W.R. Grace & Co.*		4,701		237,166
Westlake Chemical Corp.		3,000		156,780
Zep, Inc.		1,700		23,341

				29,683,188

*Construction Materials (0.0%)*
Eagle Materials, Inc.		5,974		223,069
Martin Marietta Materials, Inc.		1,900		149,758
United States Lime & Minerals, Inc.*		100		4,667

				377,494

*Containers & Packaging (0.1%)*
AEP Industries, Inc.*		400		17,420
Ball Corp.		12,000		492,600
Crown Holdings, Inc.*		4,500		155,205
Owens-Illinois, Inc.*		8,500		162,945
Packaging Corp. of America		6,600		186,384
Rock-Tenn Co., Class A		4,900		267,295

				1,281,849


*Metals & Mining (0.6%)*
AK Steel Holding Corp.		400	$	2,348
Allied Nevada Gold Corp.*		6,400		181,632
AMCOL International Corp.		700		19,817
Barrick Gold Corp.		23,700		890,409
Carpenter Technology Corp.		3,100		148,304
Compass Minerals International, Inc.		2,700		205,956
Freeport-McMoRan Copper & Gold, Inc.		103,680		3,532,378
Goldcorp, Inc.		32,360		1,216,089
Molycorp, Inc.*		4,000		86,200
Nucor Corp.		30,300		1,148,370
Royal Gold, Inc.		3,878		304,035
Southern Copper Corp.		8,503		267,929
Steel Dynamics, Inc.		11,300		132,775

				8,136,242

*Paper & Forest Products (0.1%)*
Deltic Timber Corp.		900		54,882
International Paper Co.		49,400		1,428,154

				1,483,036

Total Materials				40,961,809

Telecommunication Services (1.0%)
*Diversified Telecommunication Services (0.7%)*
AboveNet, Inc.*		1,150		96,600
Cogent Communications Group, Inc.*		8,300		159,775
Consolidated Communications Holdings, Inc.		700		10,360
Level 3 Communications, Inc.*		7,200		159,480
Lumos Networks Corp.		1,900		17,955
tw telecom, Inc.*		12,703		325,959
Verizon Communications, Inc.		198,900		8,839,116
Windstream Corp.		20,141		194,562

				9,803,807

*Wireless Telecommunication Services (0.3%)*
Crown Castle International Corp.*		59,317		3,479,535
NTELOS Holdings Corp.		1,900		35,815
SBA Communications Corp., Class A*		10,100		576,205

				4,091,555

Total Telecommunication Services				13,895,362

Utilities (0.1%)
*Electric Utilities (0.0%)*
ITC Holdings Corp.		3,600		248,076

*Gas Utilities (0.1%)*
ONEOK, Inc.		14,600		617,726
Questar Corp.		7,700		160,622

				778,348

Total Utilities				1,026,424

Total Common Stocks (83.5%) (Cost $954,469,816)				1,214,361,778

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Corporate Bond (0.0%)
Financials (0.0%)
*Capital Markets (0.0%)*
GAMCO Investors, Inc. (Zero Coupon), 12/31/15	$	600	$	502

Total Financials				502

Total Corporate Bonds				502

Total Long-Term Debt Securities (0.0%) (Cost $600)				502

	Number of Rights		Value (Note 1)
RIGHTS:
Health Care (0.0%)
*Biotechnology (0.0%)*
Celgene Corp., expiring 12/31/30*		700		1,316

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

Total Rights (0.0%) (Cost $3,710)				2,171

	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Government Securities (2.0%)
U.S. Treasury Bills 0.11%, 11/1/12 #(p) (Cost $28,019,549)	$	28,032,000	$	28,021,320

Total Investments (85.5%) (Cost $982,493,675)				1,242,385,771
Other Assets Less Liabilities (14.5%)				211,472,462

Net Assets (100%)			$	1,453,858,233

*	Non-income producing.

†	Securities (totaling $855 or 0.0% of net assets) at fair value by management.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $28,816,660.

(b)

Illiquid Security.

(p)

Yield to maturity.

Glossary:

ADR

— American Depositary Receipt

At June 30, 2012, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2012		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index		1,066		September-12	$	53,952,968	$	55,639,870	$	1,686,902
S&P 500 E-Mini Index		1,791		September-12		117,313,258		121,465,620		4,152,362
S&P MidCap 400 E-Mini Index		429		September-12		39,345,971		40,304,550		958,579

									$	6,797,843

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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, 2012:

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 (a)		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	$	230,821,703	$	—	$	—	$	230,821,703
Consumer Staples		94,684,097		—		—		94,684,097
Energy		69,066,125		—		—		69,066,125
Financials		61,354,321		—		—		61,354,321
Health Care		184,524,721		—		—		184,524,721
Industrials		128,109,186		—		—		128,109,186
Information Technology		389,918,030		—		—		389,918,030
Materials		40,961,809		—		—		40,961,809
Telecommunication Services		13,895,362		—		—		13,895,362
Utilities		1,026,424		—		—		1,026,424
Corporate Bonds
Financials		—		502		—		502
Futures		6,797,843		—		—		6,797,843
Rights
Health Care		1,316		—		855		2,171
Short-Term Investments		—		28,021,320		—		28,021,320

Total Assets	$	1,221,160,937	$	28,021,822	$	855	$	1,249,183,614

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	1,221,160,937	$	28,021,822	$	855	$	1,249,183,614

(a) A Security with a market value of $132,836 transferred from Level 2 to Level 1 since the beginning of the period due to active trading.

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



	Investments in Rights-Health Care

Balance as of 12/31/11	$	855
Total gains or losses (realized/unrealized) included in earnings		—
Purchases		—
Sales		—
Issuances		—
Settlements		—
Transfers into Level 3		—
Transfers out of Level 3		—

Balance as of 6/30/12	$	855

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/12.	$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2012:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		6,797,843	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	6,797,843


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	—

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2012:


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		—		19,768,449		—		—		19,768,449
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	19,768,449	$	—	$	—	$	19,768,449


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		—		4,781,393		—		—		4,781,393
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	4,781,393	$	—	$	—	$	4,781,393

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

The Portfolio held futures contracts with an average notional balance of approximately $238,810,000 during the six months ended June 30, 2012.

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

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	431,258,387
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	486,852,179

As of June 30, 2012, 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	$	290,304,627
Aggregate gross unrealized depreciation		(45,115,057	)

Net unrealized appreciation	$	245,189,570

Federal income tax cost of investments	$	997,196,201

For the six months ended June 30, 2012, the Portfolio incurred approximately $1,730 as brokerage commissions with Sanford C. Bernstein & Co., LLC and $10 with Williams Capital Group, affiliated broker/dealers. Effective May 1, 2012, Williams Capital Group is no longer an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $1,143,610,652 of which $5,225,109 expires in the year 2015, $810,254,156 expires in the year 2016 and $328,131,387 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value (Cost $982,493,675)	$	1,242,385,771
Cash		194,055,453
Foreign cash (Cost $1,910)		1,962
Receivable for securities sold		21,560,891
Due from broker for futures variation margin		5,942,660
Dividends, interest and other receivables		839,771
Receivable from Separate Accounts for Trust shares sold		386,909
Other assets		9,683

Total assets		1,465,183,100

LIABILITIES
Payable for securities purchased		9,645,991
Investment management fees payable		674,149
Payable to Separate Accounts for Trust shares redeemed		368,504
Administrative fees payable		191,639
Distribution fees payable - Class A		174,385
Distribution fees payable - Class B		116,439
Trustees’ fees payable		49,875
Accrued expenses		103,885

Total liabilities		11,324,867

NET ASSETS	$	1,453,858,233

Net assets were comprised of:
Paid in capital	$	2,336,322,329
Accumulated undistributed net investment income (loss)		592,798
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(1,149,746,885	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		266,689,991

Net assets	$	1,453,858,233

Class A
Net asset value, offering and redemption price per share, $866,863,744 / 30,815,672 shares outstanding (unlimited amount authorized: $0.001 par value)	$	28.13

Class B
Net asset value, offering and redemption price per share, $578,837,608 / 20,948,583 shares outstanding (unlimited amount authorized: $0.001 par value)	$	27.63

Class K
Net asset value, offering and redemption price per share, $8,156,881 / 289,605 shares outstanding (unlimited amount authorized: $0.001 par value)	$	28.17

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (net of $9,913 foreign withholding tax)	$	7,416,433
Interest		119,008

Total income		7,535,441

EXPENSES
Investment management fees		4,290,309
Administrative fees		1,135,402
Distribution fees - Class A		1,110,120
Distribution fees - Class B		743,191
Printing and mailing expenses		77,454
Custodian fees		57,434
Professional fees		34,609
Trustees’ fees		16,767
Miscellaneous		18,441

Gross expenses		7,483,727
Less: Fees paid indirectly		(52,660	)

Net expenses		7,431,067

NET INVESTMENT INCOME (LOSS)		104,374

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		26,976,027
Futures		19,768,449
Foreign currency transactions		(4,171	)

Net realized gain (loss)		46,740,305

Change in unrealized appreciation (depreciation) on:
Securities		87,328,866
Futures		4,781,393
Foreign currency translations		(45	)

Net change in unrealized appreciation (depreciation)		92,110,214

NET REALIZED AND UNREALIZED GAIN (LOSS)		138,850,519

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	138,954,893

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	104,374		$	1,719,551
Net realized gain (loss) on investments, futures and foreign currency transactions		46,740,305			17,551,216
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		92,110,214			(110,256,224	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		138,954,893			(90,985,457	)

DIVIDENDS:
Dividends from net investment income
Class A		—			(1,502,805	)
Class K†		—			(18,239	)

TOTAL DIVIDENDS		—			(1,521,044	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 274,293 and 896,126 shares, respectively ]		7,738,036			24,135,458
Capital shares issued in reinvestment of dividends [ 0 and 59,964 shares, respectively ]		—			1,502,805
Capital shares repurchased [ (2,033,158) and (5,343,851) shares, respectively ]		(57,354,912	)		(145,629,933	)(z)

Total Class A transactions		(49,616,876	)		(119,991,670	)

Class B
Capital shares sold [ 464,174 and 1,070,632 shares, respectively ]		12,881,964			28,742,322
Capital shares repurchased [ (1,733,817) and (4,778,573) shares, respectively ]		(48,183,794	)		(129,237,075	)

Total Class B transactions		(35,301,830	)		(100,494,753	)

Class K†
Capital shares sold [ 25,211 and 413,222 shares, respectively ]		710,500			10,485,663	(z)
Capital shares issued in reinvestment of dividends [ 0 and 728 shares, respectively ]		—			18,239
Capital shares repurchased [ (129,787) and (19,769) shares, respectively ]		(3,691,125	)		(504,351	)

Total Class K transactions		(2,980,625	)		9,999,551

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(87,899,331	)		(210,486,872	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		51,055,562			(302,993,373	)
NET ASSETS:
Beginning of period		1,402,802,671			1,705,796,044

End of period (a)	$	1,453,858,233		$	1,402,802,671

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	592,798		$	488,424

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

See Notes to Financial Statements.

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO(p)(q)

FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	25.60		$	27.32		$	23.37		$	17.03		$	32.11		$	28.78

Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		0.06	(e)		0.14	(e)		0.19	(e)		0.08	(e)		0.04	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		2.53			(1.73	)		4.03			6.23			(15.09	)		3.32

Total from investment operations		2.53			(1.67	)		4.17			6.42			(15.01	)		3.36

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

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

Net asset value, end of period	$	28.13		$	25.60		$	27.32		$	23.37		$	17.03		$	32.11

Total return (b)		9.88	%		(6.12	)%		17.92	%(aa)		37.69	%		(46.55	)%(n)		11.69	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	866,864		$	833,975		$	1,009,682		$	914,031		$	690,098		$	2,638,093
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.00	%		0.74	%		0.76	%		0.67	%		0.77	%		0.72	%
Before fees paid indirectly (a)		1.00	%		0.75	%		0.77	%		0.82	%		0.79	%		0.79	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.01	%		0.21	%		0.56	%		0.96	%		0.31	%		0.14	%
Before fees paid indirectly (a)		0.01	%		0.20	%		0.55	%		0.81	%		0.30	%		0.07	%
Portfolio turnover rate		35	%		74	%		54	%		91	%		98	%		87	%

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO(p)(q)

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	25.15		$	26.85		$	22.97		$	16.74		$	31.56		$	28.33

Income (loss) from investment operations:
Net investment income (loss)		—	#(e)		(0.01	)(e)		—	#(e)		0.16	(e)		0.02	(e)		(0.03	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		2.48			(1.69	)		4.03			6.09			(14.82	)		3.26

Total from investment operations		2.48			(1.70	)		4.03			6.25			(14.80	)		3.23

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

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

Net asset value, end of period	$	27.63		$	25.15		$	26.85		$	22.97		$	16.74		$	31.56

Total return (b)		9.86	%		(6.33	)%		17.63	%(bb)		37.34	%		(46.68	)%(o)		11.40	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	578,838		$	558,736		$	696,114		$	430,402		$	115,805		$	244,593
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.00	%		0.99	%		1.01	%		0.92	%		1.02	%		0.97	%
Before fees paid indirectly (a)		1.00	%		1.00	%		1.02	%		1.07	%(c)		1.04	%		1.04	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.01	%		(0.04	)%		(0.02	)%		0.79	%		0.08	%		(0.10	)%
Before fees paid indirectly (a)		0.01	%		(0.05	)%		(0.02	)%		0.65	%		0.06	%		(0.18	)%
Portfolio turnover rate		35	%		74	%		54	%		91	%		98	%		87	%

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO(p)(q)

FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	25.60		$	24.85

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		2.54			0.77

Total from investment operations		2.57			0.80

Less distributions:
Dividends from net investment income		—			(0.05	)

Net asset value, end of period	$	28.17		$	25.60

Total return (b)		10.04	%		3.21	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	8,157		$	10,092
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.75	%		0.74	%
Before fees paid indirectly (a)		0.75	%		0.75	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.24	%		0.37	%
Before fees paid indirectly (a)		0.23	%		0.37	%
Portfolio turnover rate		35	%		74	%

*	Commencement of Operations.

#	Per share amount is less than $0.005.

(†)

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

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

(n)

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

(o)

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

(p)

On September 18, 2009, this Portfolio received, through a substitution transaction, the assets and liabilities of the Multimanager Health Care Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2009 represents the results of operations of the Multimanager Aggressive Equity Portfolio.

(q)

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

(aa)

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

(bb)

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

See Notes to Financial Statements.

MULTIMANAGER CORE BOND PORTFOLIO (Unaudited)


Distribution of Assets by Sector as of June 30, 2012	% of Net Assets
Government Securities		60.2	%
Corporate Bonds		28.0
Asset-Backed and Mortgage-Backed Securities		8.5
Time Deposits		0.5
Convertible Preferred Stocks		0.3
Options Purchased		0.0	#
Cash and Other		2.5

Total		100.0	%

# Less than 0.05%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,032.90		$4.96
Hypothetical (5% average return before expenses)		1,000.00		1,019.99		4.93
Class B
Actual		1,000.00		1,032.90		4.96
Hypothetical (5% average return before expenses)		1,000.00		1,019.99		4.93
Class K
Actual		1,000.00		1,034.20		3.69
Hypothetical (5% average return before expenses)		1,000.00		1,021.24		3.67
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.98%, 0.98% and 0.73%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (8.5%)
*Asset-Backed Securities (2.3%)*
321 Henderson Receivables LLC,
Series 2010-3A A 3.820%, 12/15/48§	$	1,262,571	$	1,286,244
Series 2012-1A A 4.210%, 2/16/65§		358,697		366,862
AH Mortgage Advance Trust,
Series SART-1 A1R 2.230%, 5/10/43§		280,000		279,966
Series SART-3 1A1 2.980%, 3/13/43§		300,000		300,340
American Money Management Corp.,
Series 2006-6A A1A 0.692%, 5/3/18(l)§		1,869,995		1,829,501
AmeriCredit Automobile Receivables Trust,
Series 2012-2 C 2.640%, 10/10/17		255,000		256,050
Series 2012-2 D 3.380%, 4/9/18		355,000		356,971
CarMax Auto Owner Trust,
Series 2012-1 B 1.760%, 8/15/17		200,000		200,713
Series 2012-1 C 2.200%, 10/16/17		90,000		90,299
Series 2012-1 D 3.090%, 8/15/18		115,000		115,374
Chesapeake Funding LLC,
Series 2012-1A B 1.840%, 11/7/23(l)§		220,000		220,000
Series 2012-1A C 2.240%, 11/7/23(l)§		200,000		200,000
Cumberland CLO Ltd.,
Series 2005-2A A 0.716%, 11/10/19(l)§		5,737,718		5,620,657
EFS Volunteer LLC,
Series 2010-1 A1 1.316%, 10/26/26(l)§		1,432,797		1,439,297
Ford Credit Floorplan Master Owner Trust,
Series 2010-5 C 2.070%, 9/15/15§		240,000		240,898
Series 2010-5 D 2.410%, 9/15/15§		125,000		125,237
Series 2011-2 C 2.370%, 9/15/15		305,000		305,435
Series 2011-2 D 2.860%, 9/15/15		210,000		210,287
Series 2012-1 B 1.142%, 1/15/16(l)		100,000		99,463
Series 2012-1 C 1.742%, 1/15/16(l)		345,000		343,682
Series 2012-1 D 2.342%, 1/15/16(l)		320,000		319,236
Series 2012-2 C 2.860%, 1/15/19		100,000		101,034
Series 2012-2 D 3.500%, 1/15/19		145,000		147,333
Galaxy CLO Ltd.,
Series 2005-4A A1VB 0.746%, 4/17/17(l)§		1,459,660		1,441,316

GSAA Home Equity Trust,
Series 2005-11 2A1 0.525%, 10/25/35(l)	$	1,161,108	$	827,807
Series 2006-5 2A1 0.315%, 3/25/36(l)		80,516		34,432
Harvest CLO S.A.,
Series IX A1 1.587%, 3/29/17(l)(m)	EUR	1,150,020		1,431,456
Hyundai Auto Receivables Trust,
Series 2012-A D 2.610%, 5/15/18	$	200,000		201,661
Katonah Ltd.,
Series 3A A 0.907%, 5/18/15(l)§		269,090		267,603
Magnolia Funding Ltd.,
Series 2010-1A A1 3.000%, 4/20/17†§	EUR	1,315,347		1,668,878
Mid-State Trust,
Series 4 A 8.330%, 4/1/30	$	123,446		124,150
MSRR_12-XA-A, 2.000%, 7/27/49§		531,975		533,471
Nelnet Student Loan Trust,
Series 2006-1 A5 0.577%, 8/23/27(l)		1,005,000		964,721
Series 2008-3 A4 2.117%, 11/25/24(l)		345,000		364,035
PFS Financing Corp.,
Series 2012-AA A 1.442%, 2/15/16(l)§		300,000		300,501
Renaissance Home Equity Loan Trust,
Series 2003-3 A 0.745%, 12/25/33(l)		153,904		128,141
Sagamore CLO Ltd.,
Series 2003-1A A2 1.007%, 10/15/15(l)§		466,129		461,770
Santander Drive Auto Receivables Trust,
Series 2012-2 D 3.870%, 2/15/18		1,400,000		1,413,482
Scholar Funding Trust,
Series 2011-A A 1.366%, 10/28/43(l)§		1,589,366		1,544,821
SLM Student Loan Trust,
Series 2003-B A2 0.868%, 3/15/22(l)		825,147		787,433
Series 2004-B A2 0.668%, 6/15/21(l)		313,731		303,221
Series 2005-B A2 0.648%, 3/15/23(l)		1,376,412		1,324,232
Series 2008-5 A4 2.166%, 7/25/23(l)		740,000		769,958
Series 2008-9 A 1.966%, 4/25/23(l)		14,023,855		14,494,193
Series 2011-C A2B 4.540%, 10/17/44§		280,000		294,117
Series 2012-A A1 1.642%, 8/15/25(l)§		166,211		167,358
Series 2012-B A2 3.480%, 10/15/30§		800,000		809,290
Series 2012-C A1 1.339%, 8/15/23(l)§		590,000		589,995

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

Series 2012-C A2 3.310%, 10/15/46§	$	910,000	$	909,876
Structured Asset Receivables Trust,
Series 2003-2A CTFS 1.989%, 1/21/11†§(b)(l)		976		976
Structured Receivables Finance LLC,
Series 2010-B A 3.730%, 8/15/36†§		747,972		771,159

				47,384,932

*Non-Agency CMO (6.2%)*
American Home Mortgage Investment Trust,
Series 2004-3 5A 2.569%, 10/25/34(l)		202,663		181,804
Banc of America Commercial Mortgage, Inc.,
Series 2006-5 AM 5.448%, 9/10/47		190,000		184,578
Series 2007-1 AMFX 5.482%, 1/15/49(l)		45,000		45,909
Series 2007-3 A4 5.805%, 6/10/49(l)		920,000		1,028,636
Banc of America Funding Corp.,
Series 2006-A 1A1 2.643%, 2/20/36(l)		1,023,616		890,152
Banc of America Large Loan, Inc.,
Series 2009-UB1 A4A 5.692%, 6/24/50(l)§		2,200,000		2,453,425
Series 2010-HLTN 1.992%, 11/15/15(l)§		7,415,251		7,026,076
Series 2010-UB4 A4A 5.035%, 12/20/41(l)§		235,000		246,807
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 2003-T12 A4 4.680%, 8/13/39(l)		1,825,000		1,880,180
Series 2005-PW10 AM 5.449%, 12/11/40(l)		210,000		219,336
Series 2006-PW14 A4 5.201%, 12/11/38		400,000		450,947
Citigroup Commercial Mortgage Trust, Inc.,
Series 2008-C7 A3 6.276%, 12/10/49(l)		7,500,000		7,792,985
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-4 A 5.328%, 8/25/35(l)		3,828,370		3,650,388
Series 2006-AR1 1A1 2.530%, 10/25/35(l)		4,953,764		3,999,727
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2006-CD3 AJ 5.688%, 10/15/48		360,000		252,818
Commercial Mortgage Pass Through Certificates,
Series 2006-C8 AM 5.347%, 12/10/46		385,000		392,644
Series 2010-C1 A1 3.156%, 7/10/46§		7,533,785		7,873,176
Series 2012-CR1 XA 2.452%, 5/15/45 IO(l)		3,926,124		541,800
Countrywide Alternative Loan Trust,
Series 2003-J3 2A1 6.250%, 12/25/33		73,987		77,499
Series 2006-OA21 A1 0.434%, 3/20/47(l)		982,744		477,691

Series 2006-OA22 A1 0.405%, 2/25/47(l)	$	352,633	$	216,790
Series 2006-OA6 1A2 0.455%, 7/25/46(l)		213,261		129,173
Series 2007-OH1 A1D 0.455%, 4/25/47(l)		372,006		183,007
Countrywide Home Loan Mortgage Pass Through Trust,
Series 2006-OA5 2A1 0.445%, 4/25/46(l)		399,002		210,773
Credit Suisse Mortgage Capital Certificates,
Series 2006-C3 AM 6.008%, 6/15/38(l)		290,000		304,186
Series 2006-C5 A3 5.311%, 12/15/39		500,000		554,441
Series 2007-C3 A2 5.678%, 6/15/39(l)		803,116		806,694
Series 2008-C1 A2 6.408%, 2/15/41(l)		378,868		397,815
Series 2010-RR1 2A 5.695%, 9/15/40(l)§		4,800,000		5,333,894
Series 2010-RR1 3A 5.805%, 6/10/49(l)§		4,800,000		5,351,544
Series 2010-RR2 2A 5.966%, 9/15/39(l)§		1,630,000		1,803,719
Series 2010-RR7 2A 5.467%, 9/18/39(l)§		2,785,000		3,037,179
Series 2011-4R 5A1 5.149%, 5/27/36(l)§		2,541,860		2,452,028
Series 2011-4R 6A1 2.915%, 5/27/36(l)§		1,179,139		1,139,904
CS First Boston Mortgage Securities Corp.,
Series 2003-C3 A5 3.936%, 5/15/38		2,079,180		2,109,758
Series 2005-C3 AJ 4.771%, 7/15/37		605,000		572,537
DBRR Trust,
Series 2011-C32 A3A 5.927%, 6/17/49(l)§		500,000		563,061
EMF-NL B.V.,
Series 2008-2X A2 1.753%, 7/17/41(l)(m)	EUR	1,200,000		969,154
Extended Stay America Trust,
Series 2010-ESHA D 5.498%, 11/5/27§	$	355,000		358,279
First Republic Mortgage Loan Trust,
Series 2001-FRB1 A 0.592%, 11/15/31(l)		395,814		357,922
GMAC Commercial Mortgage Securities, Inc.,
Series 2006-C1 AM 5.290%, 11/10/45(l)		330,000		333,656
Granite Master Issuer plc,
Series 2006-3 A7 0.344%, 12/20/54(l)		958,695		920,617
Series 2006-4 A6 0.424%, 12/20/54(l)		2,396,736		2,301,507
GS Mortgage Securities Corp. II,
Series 2010-C1 A2 4.592%, 8/10/43§		6,200,000		6,893,604
GSR Mortgage Loan Trust,
Series 2005-AR6 2A1 2.651%, 9/25/35(l)		1,082,611		1,008,783

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

Series 2006-AR2 2A1 2.910%, 4/25/36(l)	$	563,008	$	425,028
Homebanc Mortgage Trust,
Series 2005-4 A1 0.515%, 10/25/35(l)		573,578		427,474
Impac CMB Trust,
Series 2003-8 2A1 1.145%, 10/25/33(l)		98,064		84,761
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2004-CB8 A1A 4.158%, 1/12/39§		798,137		821,659
Series 2004-LN2 A2 5.115%, 7/15/41		1,190,000		1,258,129
Series 2008-C2 ASB 6.125%, 2/12/51(l)		520,000		565,368
Series 2012-CBX XA 2.066%, 6/16/45 IO		1,830,000		208,751
JP Morgan Mortgage Trust,
Series 2006-A3 6A1 2.875%, 8/25/34(l)		781,070		715,445
Series 2006-A4 2A2 5.596%, 6/25/36(l)		1,288,051		1,063,779
Series 2006-S2 2A2 5.875%, 6/25/21		93,793		86,873
Series 2007-A1 3A3 3.055%, 7/25/35(l)		715,575		663,553
Series 2007-S1 1A2 5.500%, 3/25/22		92,842		83,714
LB-UBS Commercial Mortgage Trust,
Series 2004-C7 A1A 4.475%, 10/15/29		987,136		1,041,601
Series 2006-C4 AM 6.087%, 6/15/38(l)		240,000		250,588
Series 2006-C7 AM 5.378%, 11/15/38		230,000		231,617
Series 2007-C1 A4 5.424%, 2/15/40		4,000,000		4,511,204
Series 2007-C1 AM 5.455%, 2/15/40		240,000		250,318
Series 2007-C6 A4 5.858%, 7/15/40(l)		850,000		969,713
Series 2007-C7 A3 5.866%, 9/15/45(l)		740,000		843,172
Merrill Lynch Mortgage Investors, Inc.,
Series 2003-A1 3A 2.227%, 12/25/32(l)		156,363		145,129
Series 2005-A10 A 0.455%, 2/25/36(l)		1,722,958		1,214,151
Merrill Lynch Mortgage Trust,
Series 2004-KEY2 A4 4.864%, 8/12/39(l)		1,000,000		1,065,041
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2007-9 A4 5.700%, 9/12/49		1,910,000		2,087,029
Morgan Stanley Capital I, Inc.,
Series 1998-HF2 J 6.010%, 11/15/30§		7,000,000		6,814,769
Series 2007-HQ12 A2FX 5.599%, 4/12/49(l)		1,003,735		1,044,172
Series 2007-HQ13 A1 5.357%, 12/15/44		164,689		165,067

Series 2007-IQ14 A2FX 5.610%, 4/15/49	$	2,163,356	$	2,227,897
Series 2012-C4 XA 2.893%, 3/15/45 IO(l)§		3,294,192		495,772
Morgan Stanley Reremic Trust,
Series 2009-GG10 A4A 5.979%, 8/12/45(l)§		1,800,000		2,039,787
Series 2011-IO A 2.500%, 3/23/51§		431,140		434,508
OBP Depositor LLC Trust,
Series 2010-OBP A 4.646%, 7/15/45§		6,500,000		7,471,343
RBSCF Trust,
Series 2010-RR3 CSCA 5.467%, 9/16/39(l)§		800,000		878,466
Series 2010-RR3 JPMA 5.420%, 1/16/49(l)§		2,500,000		2,767,405
Series 2010-RR4 CMLA 6.203%, 12/16/49(l)§		1,234,000		1,402,237
S2 Hospitality LLC,
Series 2012-LV1 A 4.500%, 4/15/25§		500,000		500,057
Sequoia Mortgage Trust,
Series 10 2A1 1.004%, 10/20/27(l)		51,569		47,321
Series 2003-4 2A1 0.594%, 7/20/33(l)		167,141		147,273
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-16 3A1 2.840%, 11/25/34(l)		1,090,384		970,755
Structured Asset Mortgage Investments, Inc.,
Series 2005-AR5 A1 0.493%, 7/19/35(l)		378,663		265,305
Series 2005-AR5 A2 0.493%, 7/19/35(l)		1,733,266		1,369,759
Series 2006-AR3 12A1 0.465%, 5/25/36(l)		1,435,657		708,729
UBS Commercial Mortgage Trust,
Series 2007-FL1 A1 1.138%, 7/15/24(l)§		519,945		501,018
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C2 A4 3.525%, 5/10/63		250,000		253,936
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR9 1A 1.550%, 8/25/42(l)		72,527		58,070
Series 2003-AR1 A5 2.120%, 3/25/33(l)		622,538		609,558

				128,163,904

Total Asset-Backed and Mortgage-Backed Securities				175,548,836

Corporate Bonds (28.0%)
Consumer Discretionary (1.5%)
*Auto Components (0.0%)*
BorgWarner, Inc. 4.625%, 9/15/20		220,000		238,968

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

Johnson Controls, Inc.
1.750%, 3/1/14	$	250,000	$	253,852
4.250%, 3/1/21		310,000		333,450

				826,270

*Automobiles (0.0%)*
Daimler Finance N.A. LLC 6.500%, 11/15/13		300,000		321,385

*Hotels, Restaurants & Leisure (0.1%)*
Darden Restaurants, Inc. 4.500%, 10/15/21		150,000		155,719
Hyatt Hotels Corp.
3.875%, 8/15/16		100,000		105,826
5.375%, 8/15/21		100,000		109,533
International Game Technology 5.500%, 6/15/20		100,000		107,726
McDonald’s Corp.
5.800%, 10/15/17		250,000		303,817
3.500%, 7/15/20		160,000		173,884
3.625%, 5/20/21		100,000		109,910
Starbucks Corp. 6.250%, 8/15/17		100,000		120,126
Wyndham Worldwide Corp. 4.250%, 3/1/22		495,000		497,475
Yum! Brands, Inc.
4.250%, 9/15/15		100,000		108,209
5.300%, 9/15/19		150,000		172,840

				1,965,065

*Household Durables (0.0%)*
Newell Rubbermaid, Inc. 4.700%, 8/15/20		200,000		214,774
Tupperware Brands Corp. 4.750%, 6/1/21		100,000		103,002
Whirlpool Corp.
8.600%, 5/1/14		100,000		111,249
4.850%, 6/15/21		100,000		103,736

				532,761

*Internet & Catalog Retail (0.0%)*
Expedia, Inc. 5.950%, 8/15/20		300,000		316,500

*Media (1.1%)*
CBS Corp.
8.875%, 5/15/19		250,000		331,504
5.750%, 4/15/20		380,000		440,293
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.
3.500%, 9/6/16		1,371,262		1,357,358
Comcast Corp.
6.500%, 1/15/15		1,369,000		1,544,978
5.900%, 3/15/16		300,000		344,153
6.500%, 1/15/17		300,000		356,599
5.875%, 2/15/18		777,000		915,769
5.700%, 5/15/18		300,000		351,322
3.125%, 7/15/22		250,000		251,749
6.950%, 8/15/37		416,000		530,137
4.650%, 7/15/42		680,000		679,330
COX Communications, Inc.
7.125%, 10/1/12		115,000		116,751
5.500%, 10/1/15		150,000		168,186

8.375%, 3/1/39§	$	840,000	$	1,193,014
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
3.550%, 3/15/15		195,000		205,499
3.500%, 3/1/16		300,000		315,210
5.200%, 3/15/20		130,000		145,479
4.600%, 2/15/21		300,000		320,366
6.375%, 3/1/41		335,000		383,550
5.150%, 3/15/42		165,000		165,832
Discovery Communications LLC
3.700%, 6/1/15		200,000		213,607
5.050%, 6/1/20		200,000		227,960
Interpublic Group of Cos., Inc. 10.000%, 7/15/17		1,220,000		1,378,600
NBCUniversal Media LLC
3.650%, 4/30/15		300,000		317,905
5.150%, 4/30/20		966,000		1,102,934
4.375%, 4/1/21		300,000		326,940
News America, Inc.
4.500%, 2/15/21		500,000		551,362
7.750%, 1/20/24		293,000		351,295
8.500%, 2/23/25		232,000		291,124
Omnicom Group, Inc.
5.900%, 4/15/16		200,000		229,587
4.450%, 8/15/20		200,000		215,662
Reed Elsevier Capital, Inc. 8.625%, 1/15/19		300,000		382,243
Thomson Reuters Corp.
5.700%, 10/1/14		300,000		328,103
4.700%, 10/15/19		150,000		168,093
Time Warner Cable, Inc.
6.200%, 7/1/13		500,000		525,589
5.850%, 5/1/17		750,000		874,545
5.000%, 2/1/20		200,000		223,546
4.000%, 9/1/21		250,000		260,469
5.875%, 11/15/40		395,000		439,588
5.500%, 9/1/41		470,000		506,133
Time Warner, Inc.
5.875%, 11/15/16		500,000		583,056
4.875%, 3/15/20		250,000		279,081
4.700%, 1/15/21		150,000		166,689
3.400%, 6/15/22		100,000		100,895
Viacom, Inc.
4.375%, 9/15/14		400,000		427,481
5.625%, 9/15/19		250,000		294,548
Walt Disney Co.
4.500%, 12/15/13		500,000		527,547
5.500%, 3/15/19		300,000		364,280
WPP Finance UK Corp. 8.000%, 9/15/14		250,000		281,973

				22,057,914

*Multiline Retail (0.2%)*
Family Dollar Stores, Inc.
5.000%, 2/1/21		100,000		107,498
Kohl’s Corp.
6.250%, 12/15/17		100,000		120,371
Macy’s Retail Holdings, Inc.
5.750%, 7/15/14		160,000		174,000
5.900%, 12/1/16		920,000		1,062,600
7.450%, 7/15/17		769,000		938,180
Nordstrom, Inc.
6.750%, 6/1/14		100,000		111,151

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

4.750%, 5/1/20	$	100,000	$	115,509
4.000%, 10/15/21		100,000		110,262
Target Corp.
6.000%, 1/15/18		400,000		489,579

				3,229,150

*Specialty Retail (0.1%)*
AutoZone, Inc.
6.500%, 1/15/14		100,000		107,674
4.000%, 11/15/20		250,000		267,033
Best Buy Co., Inc. 5.500%, 3/15/21		300,000		275,430
Home Depot, Inc.
5.400%, 3/1/16		500,000		575,457
4.400%, 4/1/21		250,000		287,931
Lowe’s Cos., Inc.
2.125%, 4/15/16		200,000		205,065
4.625%, 4/15/20		300,000		337,358
O’Reilly Automotive, Inc. 4.625%, 9/15/21		100,000		104,846
Staples, Inc. 9.750%, 1/15/14		200,000		223,612
TJX Cos., Inc.
6.950%, 4/15/19		145,000		184,969

				2,569,375

*Textiles, Apparel & Luxury Goods (0.0%)*
Cintas Corp. No. 2 2.850%, 6/1/16		200,000		207,894

Total Consumer Discretionary				32,026,314

Consumer Staples (1.5%)
*Beverages (0.3%)*
Anheuser-Busch InBev Worldwide, Inc.
1.500%, 7/14/14		250,000		253,301
4.125%, 1/15/15		630,000		677,114
2.875%, 2/15/16		200,000		211,595
7.750%, 1/15/19		250,000		328,430
5.375%, 1/15/20		250,000		297,915
Beam, Inc.
6.375%, 6/15/14		100,000		109,629
Bottling Group LLC
6.950%, 3/15/14		400,000		442,411
5.500%, 4/1/16		200,000		231,003
Brown-Forman Corp.
2.500%, 1/15/16		150,000		157,202
Coca-Cola Co.
0.750%, 11/15/13		150,000		150,523
0.750%, 3/13/15		100,000		100,125
1.500%, 11/15/15		250,000		254,929
1.800%, 9/1/16		400,000		411,202
3.150%, 11/15/20		250,000		267,088
Coca-Cola Enterprises, Inc.
1.125%, 11/12/13		100,000		100,486
2.000%, 8/19/16		100,000		100,796
3.250%, 8/19/21		100,000		103,935
Diageo Capital plc
5.750%, 10/23/17		250,000		302,965
Diageo Finance B.V.
3.250%, 1/15/15		200,000		211,319
5.300%, 10/28/15		250,000		283,847

Dr. Pepper Snapple Group, Inc.
2.600%, 1/15/19	$	200,000	$	203,236
3.200%, 11/15/21		100,000		101,952
PepsiAmericas, Inc.
4.375%, 2/15/14		300,000		316,902
PepsiCo, Inc.
7.900%, 11/1/18		500,000		666,719
4.500%, 1/15/20		400,000		455,537

				6,740,161

*Food & Staples Retailing (0.6%)*
Costco Wholesale Corp.
5.500%, 3/15/17		150,000		178,383
CVS Caremark Corp.
4.875%, 9/15/14		100,000		108,623
3.250%, 5/18/15		350,000		369,636
4.750%, 5/18/20		350,000		400,299
CVS Pass-Through Trust
7.507%, 1/10/32§		5,337,994		6,580,349
Delhaize Group S.A.
5.875%, 2/1/14		100,000		105,339
4.125%, 4/10/19		100,000		97,450
Kroger Co.
7.500%, 1/15/14		300,000		329,438
6.400%, 8/15/17		250,000		298,109
Safeway, Inc.
5.000%, 8/15/19		400,000		415,601
Walgreen Co.
4.875%, 8/1/13		200,000		208,768
5.250%, 1/15/19		100,000		113,696
Wal-Mart Stores, Inc.
3.000%, 2/3/14		600,000		622,610
2.875%, 4/1/15		750,000		794,320
5.800%, 2/15/18		500,000		614,612
3.250%, 10/25/20		200,000		214,294

				11,451,527

*Food Products (0.4%)*
Bunge Ltd. Finance Corp. 5.350%, 4/15/14		400,000		421,585
Campbell Soup Co. 3.375%, 8/15/14		100,000		105,435
ConAgra Foods, Inc. 5.819%, 6/15/17		200,000		227,506
General Mills, Inc.
5.250%, 8/15/13		250,000		262,417
5.650%, 2/15/19		250,000		301,637
H.J. Heinz Co. 5.350%, 7/15/13		250,000		261,648
Hershey Co. 4.850%, 8/15/15		250,000		279,135
Hormel Foods Corp. 4.125%, 4/15/21		100,000		111,984
Ingredion, Inc.
3.200%, 11/1/15		100,000		103,991
4.625%, 11/1/20		100,000		108,211
J.M. Smucker Co. 3.500%, 10/15/21		200,000		209,205
Kellogg Co. 4.000%, 12/15/20		250,000		274,600
Kraft Foods Group, Inc.
3.500%, 6/6/22§		888,000		903,657
5.000%, 6/4/42§		101,000		105,675

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

Kraft Foods, Inc.
4.125%, 2/9/16	$	350,000	$	380,382
6.500%, 8/11/17		1,030,000		1,246,348
6.125%, 2/1/18		500,000		598,654
5.375%, 2/10/20		500,000		589,440
6.500%, 2/9/40		250,000		322,125
McCormick & Co., Inc.
3.900%, 7/15/21		75,000		82,613
Mead Johnson Nutrition Co.
3.500%, 11/1/14		100,000		104,347
4.900%, 11/1/19		200,000		227,492
Tyson Foods, Inc.
4.500%, 6/15/22		1,000,000		1,028,800

				8,256,887

*Household Products (0.1%)*
Clorox Co. 3.550%, 11/1/15		250,000		264,018
Colgate-Palmolive Co. 3.150%, 8/5/15		300,000		321,692
Energizer Holdings, Inc. 4.700%, 5/19/21		150,000		155,957
Kimberly-Clark Corp.
6.125%, 8/1/17		250,000		304,157
7.500%, 11/1/18		100,000		132,568
3.875%, 3/1/21		105,000		117,827
Procter & Gamble Co.
3.150%, 9/1/15		350,000		374,520
4.700%, 2/15/19		500,000		592,831

				2,263,570

*Personal Products (0.0%)*
Avon Products, Inc. 5.625%, 3/1/14		200,000		209,882

*Tobacco (0.1%)*
Altria Group, Inc.
8.500%, 11/10/13		300,000		329,553
9.700%, 11/10/18		650,000		896,937
4.750%, 5/5/21		250,000		282,487
Lorillard Tobacco Co.
3.500%, 8/4/16		110,000		114,551
6.875%, 5/1/20		250,000		294,938
Philip Morris International, Inc. 5.650%, 5/16/18		650,000		784,734
Reynolds American, Inc. 6.750%, 6/15/17		300,000		360,187

				3,063,387

Total Consumer Staples				31,985,414

Energy (3.4%)
*Energy Equipment & Services (0.3%)*
Cameron International Corp. 4.500%, 6/1/21		150,000		160,541
Diamond Offshore Drilling, Inc. 5.875%, 5/1/19		105,000		124,910
Ensco plc
3.250%, 3/15/16		520,000		545,728
4.700%, 3/15/21		951,000		1,035,092
Halliburton Co. 6.150%, 9/15/19		250,000		311,856

Pride International, Inc. 6.875%, 8/15/20	$	360,000	$	441,905
Rowan Cos., Inc. 7.875%, 8/1/19		130,000		156,848
Transocean, Inc.
4.950%, 11/15/15		250,000		270,544
5.050%, 12/15/16		340,000		368,778
6.000%, 3/15/18		753,000		840,537
6.500%, 11/15/20		460,000		522,476
Weatherford International Ltd.
5.500%, 2/15/16		299,000		329,145
9.625%, 3/1/19		300,000		393,830

				5,502,190

*Oil, Gas & Consumable Fuels (3.1%)*
Anadarko Petroleum Corp.
5.950%, 9/15/16		1,611,000		1,822,722
6.375%, 9/15/17		690,000		804,411
8.700%, 3/15/19		300,000		396,223
Apache Corp.
6.000%, 9/15/13		250,000		266,231
5.625%, 1/15/17		200,000		237,082
Buckeye Partners LP 4.875%, 2/1/21		200,000		199,877
Canadian Natural Resources Ltd. 5.700%, 5/15/17		400,000		466,840
Cenovus Energy, Inc.
4.500%, 9/15/14		100,000		106,802
5.700%, 10/15/19		200,000		235,458
Chevron Corp.
3.950%, 3/3/14		350,000		369,194
4.950%, 3/3/19		250,000		300,929
ConocoPhillips
5.750%, 2/1/19		250,000		306,749
6.000%, 1/15/20		250,000		314,286
Devon Energy Corp.
2.400%, 7/15/16		150,000		154,396
4.000%, 7/15/21		200,000		217,492
Enbridge Energy Partners LP 9.875%, 3/1/19		250,000		330,251
Enbridge, Inc. 5.800%, 6/15/14		300,000		325,467
EnCana Corp.
4.750%, 10/15/13		300,000		313,002
6.500%, 5/15/19		2,845,000		3,395,252
Energy Transfer Partners LP
6.000%, 7/1/13		250,000		260,525
9.000%, 4/15/19		300,000		379,731
Enterprise Products Operating LLC
9.750%, 1/31/14		200,000		226,130
3.200%, 2/1/16		400,000		417,327
6.300%, 9/15/17		450,000		536,892
5.250%, 1/31/20		100,000		113,508
6.125%, 10/15/39		510,000		574,596
EOG Resources, Inc.
2.950%, 6/1/15		250,000		262,575
5.625%, 6/1/19		100,000		119,187
4.100%, 2/1/21		250,000		278,708
EQT Corp. 8.125%, 6/1/19		200,000		239,897
Gazprom S.A. (Gaz Capital S.A.)
8.146%, 4/11/18§		1,800,000		2,146,500
9.250%, 4/23/19(m)		300,000		374,625

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

Husky Energy, Inc. 5.900%, 6/15/14	$	335,000	$	364,042
Kinder Morgan Energy Partners LP
5.000%, 12/15/13		200,000		210,416
5.625%, 2/15/15		100,000		110,866
6.000%, 2/1/17		200,000		230,500
6.850%, 2/15/20		250,000		300,797
5.800%, 3/1/21		5,500,000		6,257,007
Magellan Midstream Partners LP
6.550%, 7/15/19		150,000		181,110
4.250%, 2/1/21		100,000		107,842
Marathon Petroleum Corp.
3.500%, 3/1/16		130,000		136,356
5.125%, 3/1/21		150,000		168,064
6.500%, 3/1/41		698,000		793,249
Nabors Industries, Inc. 9.250%, 1/15/19		300,000		392,729
Nexen, Inc.
6.200%, 7/30/19		100,000		115,569
7.500%, 7/30/39		490,000		567,592
Noble Holding International Ltd.
3.050%, 3/1/16		150,000		155,061
2.500%, 3/15/17		225,000		227,928
4.625%, 3/1/21		200,000		212,685
NuStar Logistics LP 4.800%, 9/1/20		200,000		201,877
Occidental Petroleum Corp.
2.500%, 2/1/16		100,000		104,885
4.125%, 6/1/16		150,000		166,817
4.100%, 2/1/21		300,000		342,055
ONEOK Partners LP
3.250%, 2/1/16		100,000		104,991
8.625%, 3/1/19		100,000		129,432
PC Financial Partnership
5.000%, 11/15/14		500,000		539,917
Petrobras International Finance Co.
3.875%, 1/27/16		2,940,000		3,044,782
3.500%, 2/6/17		250,000		256,292
7.875%, 3/15/19		350,000		426,157
5.750%, 1/20/20		2,680,000		2,945,642
5.375%, 1/27/21		750,000		812,152
Petrohawk Energy Corp.
6.250%, 6/1/19		250,000		279,015
Petroleos Mexicanos
4.875%, 3/15/15		350,000		376,075
8.000%, 5/3/19		500,000		635,000
6.000%, 3/5/20		620,000		719,200
Plains All American Pipeline LP/Plains All American Finance Corp.
3.950%, 9/15/15		250,000		267,711
8.750%, 5/1/19		100,000		132,112
5.000%, 2/1/21		100,000		113,329
Shell International Finance B.V.
4.000%, 3/21/14		500,000		529,403
3.100%, 6/28/15		6,600,000		7,043,339
4.300%, 9/22/19		200,000		231,917
4.375%, 3/25/20		100,000		116,701
Spectra Energy Capital LLC
6.200%, 4/15/18		200,000		237,683
8.000%, 10/1/19		100,000		128,147
Statoil ASA
2.900%, 10/15/14		500,000		523,986

3.125%, 8/17/17	$	5,200,000	$	5,617,713
5.250%, 4/15/19		250,000		298,750
Talisman Energy, Inc.
7.750%, 6/1/19		200,000		247,798
Total Capital Canada Ltd.
1.625%, 1/28/14		200,000		203,321
Total Capital S.A.
3.125%, 10/2/15		400,000		427,007
4.450%, 6/24/20		100,000		114,407
4.125%, 1/28/21		200,000		221,793
TransCanada PipeLines Ltd.
3.400%, 6/1/15		200,000		212,312
7.125%, 1/15/19		400,000		513,883
3.800%, 10/1/20		5,800,000		6,341,654
6.350%, 5/15/67(l)		100,000		102,500
Transcontinental Gas Pipe Line Corp.
Series B 8.875%, 7/15/12		1,000,000		1,002,466
Valero Energy Corp.
6.125%, 2/1/20		365,000		421,566
6.625%, 6/15/37		160,000		180,232
Williams Partners LP
3.800%, 2/15/15		200,000		210,637
5.250%, 3/15/20		310,000		350,554
4.000%, 11/15/21		100,000		104,758
XTO Energy, Inc. 6.250%, 8/1/17		200,000		246,073

				64,250,719

Total Energy				69,752,909

Financials (13.7%)
*Capital Markets (1.9%)*
Ameriprise Financial, Inc.
5.650%, 11/15/15		150,000		169,043
7.300%, 6/28/19		90,000		112,399
5.300%, 3/15/20		100,000		113,724
Bank of New York Mellon Corp.
5.125%, 8/27/13		250,000		263,033
3.100%, 1/15/15		500,000		529,529
1.200%, 2/20/15		85,000		85,778
5.450%, 5/15/19		200,000		236,330
4.150%, 2/1/21		200,000		222,436
3.550%, 9/23/21		100,000		106,475
Bear Stearns Cos. LLC
5.300%, 10/30/15		829,000		898,870
BlackRock, Inc.
3.500%, 12/10/14		250,000		264,871
5.000%, 12/10/19		200,000		228,913
Charles Schwab Corp.
4.950%, 6/1/14		100,000		107,273
4.450%, 7/22/20		100,000		109,988
Deutsche Bank AG/London
3.875%, 8/18/14		500,000		520,781
6.000%, 9/1/17		500,000		571,740
Eaton Vance Corp.
6.500%, 10/2/17		100,000		114,615
Goldman Sachs Group, Inc.
5.700%, 9/1/12		4,600,000		4,633,986
6.000%, 5/1/14		575,000		608,917
5.125%, 1/15/15		3,500,000		3,671,084
5.350%, 1/15/16		1,000,000		1,051,438

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

3.625%, 2/7/16	$	1,000,000	$	1,000,555
5.625%, 1/15/17		300,000		315,401
6.250%, 9/1/17		750,000		813,150
6.150%, 4/1/18		750,000		812,722
7.500%, 2/15/19		1,300,000		1,482,711
5.375%, 3/15/20		1,000,000		1,029,620
5.250%, 7/27/21		725,000		736,629
5.750%, 1/24/22		960,000		1,006,145
Jefferies Group, Inc.
8.500%, 7/15/19		300,000		325,275
Lazard Group LLC
7.125%, 5/15/15		200,000		218,000
Lehman Brothers Holdings, Inc.
0.000%, 12/23/09		10,200,000		2,295,000
5.625%, 1/24/13		5,000,000		1,143,750
6.750%, 12/28/17†(b)		1,297,000		—
Merrill Lynch & Co., Inc.
5.700%, 5/2/17		750,000		770,100
6.875%, 4/25/18		1,000,000		1,118,580
Morgan Stanley
5.300%, 3/1/13		43,000		43,931
6.000%, 5/13/14		700,000		724,031
6.000%, 4/28/15		45,000		46,264
4.000%, 7/24/15		1,500,000		1,487,519
5.550%, 4/27/17		1,000,000		1,015,960
5.950%, 12/28/17		500,000		510,426
7.300%, 5/13/19		1,200,000		1,297,056
5.750%, 1/25/21		750,000		737,859
5.500%, 7/28/21		150,000		146,613
Nomura Holdings, Inc.
5.000%, 3/4/15		300,000		312,861
4.125%, 1/19/16		100,000		101,862
6.700%, 3/4/20		203,000		228,293
Northern Trust Corp.
3.450%, 11/4/20		200,000		214,766
Raymond James Financial, Inc.
4.250%, 4/15/16		100,000		103,989
8.600%, 8/15/19		100,000		122,351
SteelRiver Transmission Co. LLC
4.710%, 6/30/17§(b)		2,025,288		2,087,626
TD Ameritrade Holding Corp.
5.600%, 12/1/19		100,000		113,437
Tiers Trust
Series 2012-01 2.216%, 5/12/14(l)†§		1,526,000		1,518,370

				38,502,075

*Commercial Banks (4.4%)*
American Express Centurion Bank
6.000%, 9/13/17		400,000		475,085
Banco do Brasil S.A./Cayman
3.359%, 7/2/14(l)§		100,000		102,105
4.500%, 1/22/15§		50,000		52,750
Banco Santander S.A./Chile 2.066%, 1/19/16(l)§		7,600,000		6,992,000
Bancolombia S.A. 4.250%, 1/12/16		250,000		258,750
Bank of Nova Scotia
2.375%, 12/17/13		1,000,000		1,024,493
3.400%, 1/22/15		200,000		210,250
Bank of Scotland plc 5.250%, 2/21/17§		725,000		797,654

Bank of Tokyo-Mitsubishi UFJ Ltd.
2.600%, 1/22/13§	$	1,500,000	$	1,514,383
Barclays Bank plc
2.375%, 1/13/14		500,000		501,320
5.000%, 9/22/16		400,000		434,516
5.125%, 1/8/20		750,000		811,956
BB&T Corp.
3.375%, 9/25/13		100,000		103,083
3.200%, 3/15/16		400,000		423,359
5.250%, 11/1/19		300,000		343,656
BBVA Senior Finance S.A. Unipersonal
3.250%, 5/16/14		200,000		191,900
BNP Paribas S.A.
3.250%, 3/11/15		600,000		603,882
5.000%, 1/15/21		500,000		511,127
Canadian Imperial Bank of Commerce
1.450%, 9/13/13		300,000		302,803
2.600%, 7/2/15§		870,000		914,801
2.350%, 12/11/15		200,000		206,806
Comerica Bank
5.750%, 11/21/16		250,000		281,332
Credit Suisse AG/New York
5.300%, 8/13/19		100,000		112,126
5.400%, 1/14/20		330,000		341,125
4.375%, 8/5/20		400,000		427,218
Discover Bank/Delaware 8.700%, 11/18/19		895,000		1,112,753
DnB Bank ASA 3.200%, 4/3/17§		4,300,000		4,334,400
Fifth Third Bancorp
3.625%, 1/25/16		250,000		264,012
5.450%, 1/15/17		250,000		273,329
First Horizon National Corp. 5.375%, 12/15/15		100,000		105,358
HSBC Bank plc 3.100%, 5/24/16§		570,000		588,018
HSBC Bank S.A./Brasil 4.000%, 5/11/16§		1,150,000		1,169,350
HSBC Bank USA/New York 4.875%, 8/24/20		500,000		513,760
HSBC Holdings plc
4.000%, 3/30/22		500,000		519,745
6.100%, 1/14/42		430,000		529,420
Huntington BancShares, Inc. 7.000%, 12/15/20		25,000		29,699
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		2,555,000		2,843,384
6.000%, 10/1/17		3,900,000		4,365,050
KeyBank N.A./Ohio 7.413%, 5/6/15		400,000		453,640
KfW
1.375%, 7/15/13		1,045,000		1,055,625
1.375%, 1/13/14		1,500,000		1,517,465
3.500%, 3/10/14		1,000,000		1,048,656
2.625%, 3/3/15		500,000		526,216
1.250%, 10/26/15		750,000		761,928
2.625%, 2/16/16		1,000,000		1,061,870
4.875%, 1/17/17		1,324,000		1,544,650
4.500%, 7/16/18		500,000		588,981
4.875%, 6/17/19		500,000		604,451
4.000%, 1/27/20		500,000		574,129
2.750%, 9/8/20		1,000,000		1,053,873

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

6.250%, 5/19/21	AUD	6,200,000	$	7,188,580
2.625%, 1/25/22	$	500,000		516,959
Landwirtschaftliche Rentenbank
3.125%, 7/15/15		500,000		532,660
2.500%, 2/15/16		1,000,000		1,050,271
Lloyds TSB Bank plc
4.875%, 1/21/16		350,000		368,192
6.375%, 1/21/21		250,000		284,933
M&I Marshall & Ilsley Bank 4.850%, 6/16/15		250,000		267,246
Mellon Funding Corp. 5.000%, 12/1/14		250,000		272,501
National Australia Bank Ltd./New York
2.750%, 3/9/17		300,000		301,164
Nordea Bank AB 1.367%, 1/14/14(l)§		5,800,000		5,800,386
Oesterreichische Kontrollbank AG
1.375%, 1/21/14		500,000		502,085
4.875%, 2/16/16		500,000		559,255
PNC Bank N.A.
4.875%, 9/21/17		300,000		330,890
PNC Funding Corp.
3.625%, 2/8/15		750,000		795,430
5.625%, 2/1/17		300,000		335,734
5.125%, 2/8/20		100,000		115,728
4.375%, 8/11/20		100,000		113,137
Rabobank Nederland N.V.
1.850%, 1/10/14		750,000		755,422
3.875%, 2/8/22		500,000		505,983
Royal Bank of Canada
2.100%, 7/29/13		250,000		254,314
2.625%, 12/15/15		350,000		363,842
2.300%, 7/20/16		200,000		205,360
Royal Bank of Scotland Group plc
5.050%, 1/8/15		2,100,000		2,084,250
6.400%, 10/21/19		275,000		292,062
Royal Bank of Scotland plc
2.887%, 8/23/13(l)		4,600,000		4,609,771
3.250%, 1/11/14		250,000		251,930
3.950%, 9/21/15		500,000		507,624
5.625%, 8/24/20		250,000		261,052
Series 2 3.400%, 8/23/13		250,000		252,283
Santander Holdings USA, Inc./Pennsylvania
4.625%, 4/19/16		100,000		96,578
Sberbank (SB Capital S.A.) 5.499%, 7/7/15		2,250,000		2,351,250
Sparebank 1 Boligkreditt A/S
2.300%, 6/30/17§		1,335,000		1,339,481
SunTrust Banks, Inc./Georgia
7.250%, 3/15/18		250,000		290,196
Svenska Handelsbanken AB
1.468%, 9/14/12(l)§		600,000		601,072
3.125%, 7/12/16		250,000		257,393
Toronto-Dominion Bank
2.500%, 7/14/16		350,000		361,966
1.625%, 9/14/16§		1,165,000		1,185,729
2.375%, 10/19/16		200,000		205,154
U.S. Bancorp
4.200%, 5/15/14		750,000		797,768
2.450%, 7/27/15		250,000		260,233

U.S. Bank N.A./Ohio 4.950%, 10/30/14	$	400,000	$	434,934
UBS AG/Connecticut
2.250%, 8/12/13		250,000		251,613
3.875%, 1/15/15		250,000		260,305
5.875%, 7/15/16		250,000		262,545
5.875%, 12/20/17		350,000		391,468
4.875%, 8/4/20		350,000		375,228
UFJ Finance Aruba AEC
6.750%, 7/15/13		810,000		848,446
Union Bank N.A.
2.125%, 12/16/13		450,000		457,460
Wachovia Corp.
5.625%, 10/15/16		250,000		282,437
5.750%, 2/1/18		700,000		824,933
Wells Fargo & Co.
4.950%, 10/16/13		500,000		524,250
1.500%, 7/1/15		500,000		499,769
5.625%, 12/11/17		500,000		582,730
3.500%, 3/8/22		1,535,000		1,574,234
Westpac Banking Corp.
2.100%, 8/2/13		300,000		304,521
3.000%, 8/4/15		500,000		519,335
4.875%, 11/19/19		300,000		327,762
Zions Bancorp
7.750%, 9/23/14		100,000		108,195

				91,634,271

*Consumer Finance (1.8%)*
Ally Financial, Inc.
6.875%, 8/28/12		1,000,000		1,005,000
3.667%, 2/11/14(l)		4,000,000		3,970,960
8.300%, 2/12/15		600,000		657,000
American Express Co.
7.250%, 5/20/14		250,000		277,208
6.150%, 8/28/17		1,000,000		1,185,830
7.000%, 3/19/18		6,450,000		7,980,649
8.125%, 5/20/19		250,000		332,924
American Express Credit Corp.
5.125%, 8/25/14		500,000		540,830
1.750%, 6/12/15		130,000		131,046
2.750%, 9/15/15		500,000		518,456
2.800%, 9/19/16		300,000		312,949
Capital One Bank USA N.A.
8.800%, 7/15/19		313,000		392,547
Capital One Financial Corp.
7.375%, 5/23/14		125,000		137,575
2.125%, 7/15/14		100,000		100,711
3.150%, 7/15/16		340,000		351,982
Caterpillar Financial Services Corp.
1.550%, 12/20/13		200,000		202,372
1.375%, 5/20/14		140,000		141,509
2.750%, 6/24/15		500,000		526,244
7.150%, 2/15/19		200,000		262,437
Discover Financial Services
6.450%, 6/12/17		200,000		227,500
Ford Motor Credit Co. LLC
7.500%, 8/1/12		3,000,000		3,017,700
12.000%, 5/15/15		750,000		933,750
3.984%, 6/15/16§		250,000		258,750
8.000%, 12/15/16		500,000		590,650

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

3.000%, 6/12/17	$	750,000	$	746,250
5.875%, 8/2/21		500,000		556,400
HSBC Finance Corp.
4.750%, 7/15/13		250,000		258,308
5.000%, 6/30/15		685,000		729,423
John Deere Capital Corp.
2.800%, 9/18/17		500,000		531,674
3.150%, 10/15/21		300,000		312,021
PACCAR Financial Corp.
1.550%, 9/29/14		100,000		101,667
SLM Corp.
5.000%, 10/1/13		400,000		412,000
0.766%, 1/27/14(l)		885,000		844,069
6.250%, 1/25/16		1,373,000		1,427,920
8.000%, 3/25/20		500,000		545,000
Toyota Motor Credit Corp.
1.375%, 8/12/13		150,000		151,307
2.800%, 1/11/16		400,000		420,863
2.000%, 9/15/16		300,000		306,771
3.400%, 9/15/21		300,000		316,002
Volkswagen International Finance N.V.
4.000%, 8/12/20§		5,000,000		5,428,579

				37,144,833

*Diversified Financial Services (3.8%)*
Bank of America Corp.
4.750%, 8/15/13		470,000		481,032
7.375%, 5/15/14		1,000,000		1,074,590
0.798%, 9/15/14(l)		1,450,000		1,381,212
4.500%, 4/1/15		500,000		516,071
6.500%, 8/1/16		1,225,000		1,344,854
5.625%, 10/14/16		500,000		532,443
3.875%, 3/22/17		405,000		412,432
5.650%, 5/1/18		750,000		806,139
7.625%, 6/1/19		250,000		294,140
5.625%, 7/1/20		1,000,000		1,067,911
5.000%, 5/13/21		500,000		515,892
5.700%, 1/24/22		1,115,000		1,225,751
Bank of America N.A.
5.300%, 3/15/17		500,000		524,517
Boeing Capital Corp.
3.250%, 10/27/14		500,000		529,254
2.125%, 8/15/16		150,000		156,177
BP Capital Markets plc
5.250%, 11/7/13		500,000		530,184
3.875%, 3/10/15		350,000		375,740
3.200%, 3/11/16		500,000		533,310
4.500%, 10/1/20		500,000		565,801
Caisse Centrale Desjardins du Quebec
2.550%, 3/24/16§		830,000		873,162
1.600%, 3/6/17§		775,000		782,781
Citigroup, Inc.
5.500%, 4/11/13		800,000		821,913
6.000%, 12/13/13		500,000		524,960
6.375%, 8/12/14		1,000,000		1,071,310
5.000%, 9/15/14		750,000		769,924
4.750%, 5/19/15		500,000		523,292
4.587%, 12/15/15		1,530,000		1,603,608
3.953%, 6/15/16		500,000		512,310
4.450%, 1/10/17		160,000		167,668
5.500%, 2/15/17		250,000		261,914

6.000%, 8/15/17	$	430,000	$	477,165
2.167%, 5/15/18(l)		11,140,000		10,424,091
6.125%, 5/15/18		1,000,000		1,116,510
8.500%, 5/22/19		1,000,000		1,243,140
CME Group, Inc. 5.750%, 2/15/14		250,000		267,964
Credit Suisse FB USA, Inc. 5.125%, 8/15/15		1,000,000		1,089,803
Crown Castle Towers LLC 6.113%, 1/15/20§		1,495,000		1,718,026
General Electric Capital Corp.
2.125%, 12/21/12		1,685,000		1,699,868
1.875%, 9/16/13		500,000		505,610
5.900%, 5/13/14		1,000,000		1,086,111
3.500%, 6/29/15		1,000,000		1,055,346
5.400%, 2/15/17		808,000		920,273
6.000%, 8/7/19		1,500,000		1,747,715
5.300%, 2/11/21		890,000		998,957
4.650%, 10/17/21		500,000		555,180
Hutchison Whampoa International Ltd.
7.625%, 4/9/19(m)		700,000		866,393
JPMorgan Chase & Co.
4.650%, 6/1/14		1,000,000		1,053,659
5.125%, 9/15/14		600,000		637,548
4.750%, 3/1/15		500,000		534,854
3.150%, 7/5/16		7,066,000		7,267,397
6.000%, 1/15/18		1,500,000		1,716,423
6.300%, 4/23/19		500,000		581,433
4.400%, 7/22/20		1,000,000		1,061,157
4.625%, 5/10/21		500,000		535,014
NASDAQ OMX Group, Inc.
4.000%, 1/15/15		100,000		102,080
5.550%, 1/15/20		100,000		104,070
National Credit Union Administration Guaranteed Notes
Series A3 2.350%, 6/12/17		200,000		209,900
National Rural Utilities Cooperative Finance Corp.
3.050%, 3/1/16		300,000		318,728
5.450%, 2/1/18		300,000		355,558
Northern Rock Asset Management plc
5.625%, 6/22/17§		450,000		490,470
ORIX Corp.
4.710%, 4/27/15		250,000		264,879
Private Export Funding Corp.
4.550%, 5/15/15		200,000		221,967
4.950%, 11/15/15		200,000		227,052
1.375%, 2/15/17		50,000		51,020
RZD Capital Ltd. 5.739%, 4/3/17		200,000		213,500
TECO Finance, Inc. 5.150%, 3/15/20		100,000		113,864
TNK-BP Finance S.A.
7.500%, 3/13/13(m)		800,000		830,000
6.250%, 2/2/15(m)		600,000		631,500
7.500%, 7/18/16(m)		2,000,000		2,235,000
6.625%, 3/20/17(m)		1,100,000		1,203,125
7.875%, 3/13/18(m)		1,300,000		1,488,500
Transneft OJSC (TransCapitalInvest Ltd.)
8.700%, 8/7/18(m)		900,000		1,111,500
Unilever Capital Corp.
2.750%, 2/10/16		100,000		106,044
4.800%, 2/15/19		300,000		352,438

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

Waha Aerospace B.V. 3.925%, 7/28/20§	$	8,415,000	$	8,776,845
XTRA Finance Corp. 5.150%, 4/1/17		100,000		114,520

				79,462,489

*Insurance (1.3%*)
ACE INA Holdings, Inc.
5.600%, 5/15/15		250,000		278,745
2.600%, 11/23/15		100,000		103,374
5.900%, 6/15/19		100,000		122,045
Aegon N.V. 4.625%, 12/1/15		300,000		321,463
Aflac, Inc. 8.500%, 5/15/19		150,000		195,852
Alleghany Corp. 5.625%, 9/15/20		100,000		106,999
Allianz Finance II B.V. 5.750%, 7/8/41(l)	EUR	200,000		227,483
Allstate Corp. 7.450%, 5/16/19	$	200,000		255,166
American Financial Group, Inc./Ohio
9.875%, 6/15/19		100,000		129,258
American International Group, Inc.
4.250%, 9/15/14		300,000		310,519
5.050%, 10/1/15		250,000		265,005
5.600%, 10/18/16		100,000		108,607
3.800%, 3/22/17		613,000		624,418
5.450%, 5/18/17		250,000		270,503
5.850%, 1/16/18		500,000		549,900
6.400%, 12/15/20		200,000		225,704
4.875%, 6/1/22		706,000		723,230
8.175%, 5/15/58(l)		6,400,000		6,880,000
Aon Corp.
3.500%, 9/30/15		250,000		261,986
5.000%, 9/30/20		100,000		110,651
Axis Specialty Finance LLC 5.875%, 6/1/20		150,000		163,487
Berkshire Hathaway Finance Corp.
5.000%, 8/15/13		250,000		262,154
4.850%, 1/15/15		400,000		440,071
4.250%, 1/15/21		300,000		333,278
Chubb Corp.
5.750%, 5/15/18		100,000		121,389
6.375%, 3/29/67(l)		200,000		205,000
CNA Financial Corp. 5.875%, 8/15/20		300,000		328,586
Fairfax Financial Holdings Ltd.
5.800%, 5/15/21§		533,000		523,578
Genworth Financial, Inc.
8.625%, 12/15/16		200,000		210,044
7.700%, 6/15/20		250,000		243,199
Hartford Financial Services Group, Inc.
5.500%, 3/30/20		200,000		211,169
HCC Insurance Holdings, Inc.
6.300%, 11/15/19		100,000		113,515
Lincoln National Corp.
8.750%, 7/1/19		100,000		126,000
7.000%, 6/15/40		585,000		680,071
6.050%, 4/20/67(l)		907,000		807,230
Manulife Financial Corp. 3.400%, 9/17/15		1,230,000		1,268,044

Markel Corp.
7.125%, 9/30/19	$	100,000	$	115,856
5.350%, 6/1/21		100,000		105,345
Marsh & McLennan Cos., Inc.
5.750%, 9/15/15		175,000		194,539
4.800%, 7/15/21		100,000		109,383
MetLife, Inc.
2.375%, 2/6/14		250,000		254,384
6.750%, 6/1/16		300,000		351,442
4.750%, 2/8/21		250,000		277,721
Metropolitan Life Global Funding I
2.500%, 1/11/13§		470,000		473,431
5.125%, 6/10/14§		775,000		831,931
PartnerReinsurance Finance B LLC
5.500%, 6/1/20		100,000		104,492
Principal Financial Group, Inc. 8.875%, 5/15/19		200,000		262,533
Progressive Corp. 3.750%, 8/23/21		125,000		135,038
Protective Life Corp. 7.375%, 10/15/19		100,000		115,375
Prudential Financial, Inc.
4.500%, 7/15/13		269,000		277,191
6.200%, 1/15/15		45,000		49,711
4.750%, 9/17/15		1,695,000		1,824,583
6.000%, 12/1/17		750,000		852,790
5.375%, 6/21/20		470,000		516,569
Reinsurance Group of America, Inc.
6.450%, 11/15/19		100,000		113,029
Torchmark Corp. 9.250%, 6/15/19		100,000		126,455
Travelers Cos., Inc.
5.500%, 12/1/15		150,000		168,560
5.800%, 5/15/18		250,000		300,637
Unum Group 5.625%, 9/15/20		100,000		108,277
Willis North America, Inc. 5.625%, 7/15/15		365,000		390,229

				26,167,224

*Real Estate Investment Trusts (REITs) (0.3%)*
American Tower Corp.
4.625%, 4/1/15		150,000		159,488
5.050%, 9/1/20		350,000		369,348
AvalonBay Communities, Inc.
5.700%, 3/15/17		150,000		172,633
Boston Properties LP
3.700%, 11/15/18		200,000		207,254
5.875%, 10/15/19		300,000		347,129
Brandywine Operating Partnership LP 4.950%, 4/15/18		100,000		101,759
Camden Property Trust 4.625%, 6/15/21		200,000		215,088
CommonWealth REIT 6.650%, 1/15/18		100,000		107,739
Digital Realty Trust LP 4.500%, 7/15/15		100,000		104,596
Duke Realty LP 6.750%, 3/15/20		150,000		176,137
Entertainment Properties Trust 7.750%, 7/15/20		100,000		110,285

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

Equity One, Inc. 6.250%, 12/15/14	$	100,000	$	108,116
ERP Operating LP 5.125%, 3/15/16		500,000		552,077
HCP, Inc.
2.700%, 2/1/14		120,000		122,208
3.750%, 2/1/16		100,000		103,764
6.000%, 1/30/17		200,000		224,066
Health Care REIT, Inc.
4.700%, 9/15/17		200,000		211,225
6.125%, 4/15/20		145,000		163,738
Healthcare Realty Trust, Inc. 6.500%, 1/17/17		100,000		109,540
Hospitality Properties Trust
7.875%, 8/15/14		100,000		108,374
5.625%, 3/15/17		100,000		106,567
Kilroy Realty LP 5.000%, 11/3/15		100,000		106,439
Kimco Realty Corp. 6.875%, 10/1/19		100,000		119,470
Liberty Property LP 4.750%, 10/1/20		200,000		211,732
Mack-Cali Realty LP 7.750%, 8/15/19		100,000		122,439
Realty Income Corp. 5.750%, 1/15/21		250,000		281,741
Senior Housing Properties Trust 4.300%, 1/15/16		100,000		100,625
Simon Property Group LP
5.100%, 6/15/15		508,000		555,924
5.650%, 2/1/20		500,000		587,384
UDR, Inc. 4.250%, 6/1/18		200,000		213,116
Ventas Realty LP/Ventas Capital Corp.
3.125%, 11/30/15		100,000		101,851
4.250%, 3/1/22		110,000		111,654

				6,393,506

*Real Estate Management & Development (0.0%)*
ProLogis LP
7.625%, 8/15/14		150,000		164,927
6.250%, 3/15/17		100,000		113,059
7.375%, 10/30/19		200,000		243,915

				521,901

*Thrifts & Mortgage Finance (0.2%)*
Abbey National Treasury Services plc/London
2.875%, 4/25/14		100,000		97,911
3.875%, 11/10/14§		3,900,000		3,859,515
4.000%, 4/27/16		100,000		98,543

				4,055,969

Total Financials				283,882,268

Health Care (1.7%)
*Biotechnology (0.1%)*
Amgen, Inc.
1.875%, 11/15/14		250,000		254,438
5.850%, 6/1/17		300,000		354,352
6.150%, 6/1/18		30,000		35,981
3.450%, 10/1/20		300,000		310,680
4.100%, 6/15/21		300,000		320,625
3.625%, 5/15/22		250,000		257,646

Biogen Idec, Inc. 6.875%, 3/1/18	$	100,000	$	121,883
Genentech, Inc. 4.750%, 7/15/15		100,000		110,515
Gilead Sciences, Inc.
4.500%, 4/1/21		300,000		332,179

				2,098,299

*Health Care Equipment & Supplies (0.3%)*
Baxter International, Inc.
4.000%, 3/1/14		250,000		263,746
5.900%, 9/1/16		200,000		237,093
4.250%, 3/15/20		100,000		112,951
Becton Dickinson and Co.
3.250%, 11/12/20		300,000		314,562
Boston Scientific Corp.
4.500%, 1/15/15		525,000		557,821
6.250%, 11/15/15		837,000		937,467
6.400%, 6/15/16		335,000		385,023
5.125%, 1/12/17		960,000		1,063,657
6.000%, 1/15/20		100,000		119,119
C.R. Bard, Inc.
2.875%, 1/15/16		100,000		104,607
CareFusion Corp.
5.125%, 8/1/14		130,000		139,229
Covidien International Finance S.A.
2.800%, 6/15/15		100,000		104,167
4.200%, 6/15/20		100,000		111,708
DENTSPLY International, Inc.
2.750%, 8/15/16		55,000		55,903
4.125%, 8/15/21		100,000		104,365
Medtronic, Inc.
3.000%, 3/15/15		300,000		317,142
4.450%, 3/15/20		300,000		344,629
St. Jude Medical, Inc.
3.750%, 7/15/14		300,000		316,441
Stryker Corp.
3.000%, 1/15/15		100,000		105,165
4.375%, 1/15/20		100,000		113,838
Zimmer Holdings, Inc.
4.625%, 11/30/19		150,000		170,013

				5,978,646

*Health Care Providers & Services (0.7%)*
Aetna, Inc.
3.950%, 9/1/20		350,000		380,235
AmerisourceBergen Corp.
4.875%, 11/15/19		150,000		171,683
Cardinal Health, Inc.
4.000%, 6/15/15		100,000		107,322
4.625%, 12/15/20		100,000		112,363
Cigna Corp.
5.125%, 6/15/20		215,000		240,126
4.375%, 12/15/20		100,000		107,411
Coventry Health Care, Inc.
5.450%, 6/15/21		155,000		173,987
Express Scripts Holding Co.
6.250%, 6/15/14		135,000		147,539
2.750%, 11/21/14§		250,000		255,951
3.125%, 5/15/16		250,000		261,107
4.750%, 11/15/21§		100,000		111,340

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

Fresenius Medical Care U.S. Finance, Inc.
1.836%, 3/31/13	$	4,857,193	$	4,854,157
HCA, Inc.
2.495%, 11/17/13		3,500,000		3,478,853
2.745%, 3/15/14		2,812,500		2,749,219
Humana, Inc.
7.200%, 6/15/18		150,000		181,245
Laboratory Corp. of America Holdings
4.625%, 11/15/20		250,000		274,800
McKesson Corp.
6.500%, 2/15/14		100,000		108,608
4.750%, 3/1/21		250,000		287,659
Medco Health Solutions, Inc.
2.750%, 9/15/15		100,000		102,617
7.125%, 3/15/18		250,000		306,853
Quest Diagnostics, Inc.
6.400%, 7/1/17		200,000		237,114
UnitedHealth Group, Inc.
4.700%, 2/15/21		400,000		456,159
3.375%, 11/15/21		225,000		234,650
WellPoint, Inc.
4.350%, 8/15/20		650,000		712,279

				16,053,277

*Life Sciences Tools & Services (0.1%)*
Agilent Technologies, Inc.
2.500%, 7/15/13		100,000		101,260
6.500%, 11/1/17		100,000		119,641
Life Technologies Corp.
4.400%, 3/1/15		200,000		213,211
6.000%, 3/1/20		305,000		359,633
Thermo Fisher Scientific, Inc.
2.050%, 2/21/14		300,000		306,243
3.200%, 3/1/16		500,000		534,016

				1,634,004

*Pharmaceuticals (0.5%)*
Abbott Laboratories
2.700%, 5/27/15		300,000		315,547
5.600%, 11/30/17		250,000		302,818
4.125%, 5/27/20		400,000		456,128
Allergan, Inc.
3.375%, 9/15/20		250,000		265,931
AstraZeneca plc
5.900%, 9/15/17		200,000		240,181
Bristol-Myers Squibb Co.
5.450%, 5/1/18		200,000		240,903
Eli Lilly and Co.
5.200%, 3/15/17		300,000		351,619
GlaxoSmithKline Capital plc
2.850%, 5/8/22		250,000		254,389
GlaxoSmithKline Capital, Inc.
5.650%, 5/15/18		750,000		905,391
Hospira, Inc.
6.400%, 5/15/15		250,000		277,047
Johnson & Johnson
1.200%, 5/15/14		200,000		202,428
5.550%, 8/15/17		300,000		363,700
2.950%, 9/1/20		200,000		214,869
Merck & Co., Inc.
5.300%, 12/1/13		500,000		532,756
6.000%, 9/15/17		200,000		244,661

Novartis Capital Corp.
4.125%, 2/10/14	$	300,000	$	316,121
2.900%, 4/24/15		200,000		211,190
Novartis Securities Investment Ltd.
5.125%, 2/10/19		350,000		417,631
Pfizer, Inc.
4.500%, 2/15/14		250,000		265,586
5.350%, 3/15/15		500,000		558,385
6.200%, 3/15/19		250,000		314,287
Sanofi S.A.
1.625%, 3/28/14		200,000		203,207
2.625%, 3/29/16		250,000		262,138
4.000%, 3/29/21		200,000		222,911
Teva Pharmaceutical Finance Co. B.V.
Series 2 3.650%, 11/10/21		245,000		257,250
Teva Pharmaceutical Finance Co. LLC
5.550%, 2/1/16		268,000		304,850
Teva Pharmaceutical Finance IV B.V.
3.650%, 11/10/21		435,000		456,750
Teva Pharmaceutical Finance IV LLC
1.700%, 11/10/14		150,000		152,726
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		125,000		132,896
6.125%, 8/15/19		130,000		149,202
Wyeth LLC
5.500%, 2/15/16		500,000		575,460

				9,968,958

Total Health Care				35,733,184

Industrials (1.2%)
*Aerospace & Defense (0.3%)*
Embraer Overseas Ltd.
6.375%, 1/15/20		100,000		110,750
General Dynamics Corp.
5.250%, 2/1/14		600,000		643,116
Goodrich Corp.
6.125%, 3/1/19		200,000		245,982
Honeywell International, Inc.
5.300%, 3/1/18		350,000		417,572
4.250%, 3/1/21		250,000		288,918
L-3 Communications Corp.
3.950%, 11/15/16		100,000		105,832
4.950%, 2/15/21		400,000		432,599
Lockheed Martin Corp.
2.125%, 9/15/16		250,000		256,548
3.350%, 9/15/21		250,000		258,822
Northrop Grumman Corp.
3.700%, 8/1/14		300,000		314,878
Raytheon Co.
4.400%, 2/15/20		400,000		454,381
Rockwell Collins, Inc.
5.250%, 7/15/19		50,000		58,749
Textron, Inc.
4.625%, 9/21/16		100,000		106,527
7.250%, 10/1/19		100,000		118,184
United Technologies Corp.
4.875%, 5/1/15		250,000		278,556
1.200%, 6/1/15		90,000		91,069
1.800%, 6/1/17		50,000		50,973
6.125%, 2/1/19		150,000		185,348

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

4.500%, 4/15/20	$	200,000	$	231,792
3.100%, 6/1/22		135,000		141,363
4.500%, 6/1/42		120,000		131,139

				4,923,098

*Air Freight & Logistics (0.0%)*
FedEx Corp.
8.000%, 1/15/19		100,000		131,887
United Parcel Service, Inc.
3.875%, 4/1/14		300,000		316,907
3.125%, 1/15/21		300,000		320,037

				768,831

*Airlines (0.2%)*
American Airlines, Inc.
Series A 8.625%, 10/15/21		388,191		412,453
Continental Airlines, Inc., Class B
9.000%, 7/8/16		221,188		252,154
Series B B 6.000%, 1/12/19		2,878,535		2,849,749
Delta Air Lines, Inc.
4.950%, 5/23/19		183,244		194,019
7.750%, 12/17/19		164,258		187,254
UAL Pass Through Trust, Class 2009-2A
9.750%, 1/15/17		166,977		189,937

				4,085,566

*Building Products (0.1%)*
CRH America, Inc.
6.000%, 9/30/16		250,000		273,454
5.750%, 1/15/21		250,000		269,002
Owens Corning, Inc.
9.000%, 6/15/19		200,000		251,000

				793,456

*Commercial Services & Supplies (0.1%)*
Avery Dennison Corp.
5.375%, 4/15/20		100,000		106,268
Board of Trustees of the Leland Stanford Junior University
4.250%, 5/1/16		250,000		278,834
Cornell University
5.450%, 2/1/19		200,000		239,441
Pitney Bowes, Inc.
5.750%, 9/15/17		300,000		312,750
Republic Services, Inc.
5.500%, 9/15/19		148,000		172,635
Waste Management, Inc.
7.375%, 3/11/19		200,000		253,106
4.750%, 6/30/20		100,000		111,897
Yale University
2.900%, 10/15/14		250,000		262,051

				1,736,982

*Construction & Engineering (0.0%)*
ABB Finance USA, Inc.
1.625%, 5/8/17		125,000		125,504
2.875%, 5/8/22		200,000		202,712

				328,216


*Electrical Equipment (0.0%)*
Emerson Electric Co.
5.625%, 11/15/13	$	150,000	$	159,720
4.875%, 10/15/19		250,000		297,281
Roper Industries, Inc.
6.625%, 8/15/13		100,000		105,681

				562,682

*Industrial Conglomerates (0.1%)*
3M Co.
4.375%, 8/15/13		100,000		104,454
1.375%, 9/29/16		100,000		101,773
Acuity Brands Lighting, Inc.
6.000%, 12/15/19		100,000		112,987
Cooper U.S., Inc.
2.375%, 1/15/16		100,000		102,723
3.875%, 12/15/20		100,000		108,586
Danaher Corp.
5.400%, 3/1/19		100,000		120,947
3.900%, 6/23/21		150,000		168,318
General Electric Co.
5.250%, 12/6/17		500,000		581,986
Ingersoll-Rand Global Holding Co., Ltd.
6.000%, 8/15/13		150,000		157,816
6.875%, 8/15/18		100,000		121,433
Koninklijke Philips Electronics N.V.
5.750%, 3/11/18		200,000		235,904
Tyco Electronics Group S.A.
4.875%, 1/15/21		200,000		218,435
Tyco International Finance S.A.
4.125%, 10/15/14		100,000		106,460
Tyco International Ltd./Tyco International Finance S.A.
6.875%, 1/15/21		300,000		384,096

				2,625,918

*Machinery (0.1%)*
Caterpillar, Inc.
1.375%, 5/27/14		125,000		126,559
1.500%, 6/26/17		500,000		500,826
Deere & Co.
2.600%, 6/8/22		500,000		499,583
Dover Corp.
5.450%, 3/15/18		100,000		118,885
Harsco Corp.
2.700%, 10/15/15		250,000		249,582
Illinois Tool Works, Inc.
5.150%, 4/1/14		100,000		107,664
3.375%, 9/15/21§		120,000		129,531
Joy Global, Inc.
5.125%, 10/15/21		160,000		175,553
Kennametal, Inc.
3.875%, 2/15/22		147,000		150,743
Pall Corp.
5.000%, 6/15/20		100,000		112,094
Pentair, Inc.
5.000%, 5/15/21		150,000		165,333
Snap-On, Inc.
4.250%, 1/15/18		100,000		110,727
Xylem, Inc.
3.550%, 9/20/16§		250,000		262,682

				2,709,762

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

*Professional Services (0.0%)*
Dun & Bradstreet Corp.
2.875%, 11/15/15	$	115,000	$	120,440
Equifax, Inc.
4.450%, 12/1/14		100,000		105,877
Verisk Analytics, Inc.
5.800%, 5/1/21		100,000		113,625

				339,942

*Road & Rail (0.2%)*
Burlington Northern Santa Fe LLC
4.700%, 10/1/19		500,000		565,159
Canadian National Railway Co.
5.550%, 3/1/19		350,000		423,899
Canadian Pacific Railway Co.
7.250%, 5/15/19		100,000		123,257
CSX Corp.
6.250%, 4/1/15		150,000		170,642
6.250%, 3/15/18		300,000		359,224
3.700%, 10/30/20		100,000		105,422
JB Hunt Transport Services, Inc.
3.375%, 9/15/15		100,000		103,046
Norfolk Southern Corp.
7.700%, 5/15/17		268,000		336,599
5.900%, 6/15/19		200,000		243,821
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.125%, 5/11/15§		550,000		553,880
Ryder System, Inc.
3.600%, 3/1/16		200,000		209,831
Union Pacific Corp.
5.125%, 2/15/14		100,000		106,484
5.700%, 8/15/18		250,000		298,705

				3,599,969

*Trading Companies & Distributors (0.1%)*
Doric Nimrod Air One Ltd.
Series 2012-1A
5.125%, 11/30/24§(b)		600,000		600,000
GATX Corp.
4.750%, 5/15/15		100,000		107,007
3.500%, 7/15/16		100,000		102,731
Noble Group Ltd.
6.750%, 1/29/20§		1,700,000		1,640,500

				2,450,238

Total Industrials				24,924,660

Information Technology (0.8%)
*Communications Equipment (0.1%)*
Cisco Systems, Inc.
5.500%, 2/22/16		650,000		751,580
4.950%, 2/15/19		550,000		649,733
Harris Corp.
6.375%, 6/15/19		85,000		100,552
Motorola Solutions, Inc.
6.000%, 11/15/17		100,000		113,645

				1,615,510

*Computers & Peripherals (0.1%)*
Dell, Inc.
1.400%, 9/10/13		200,000		201,119
2.300%, 9/10/15		250,000		257,423
5.875%, 6/15/19		125,000		147,506

Hewlett-Packard Co.
4.750%, 6/2/14	$	475,000	$	501,236
2.350%, 3/15/15		100,000		100,941
2.200%, 12/1/15		250,000		250,293
3.000%, 9/15/16		250,000		256,199
3.750%, 12/1/20		500,000		496,593
4.375%, 9/15/21		250,000		258,989

				2,470,299

*Electronic Equipment, Instruments & Components (0.1%)*
Amphenol Corp.
4.750%, 11/15/14		100,000		107,580
Arrow Electronics, Inc.
3.375%, 11/1/15		100,000		102,162
6.000%, 4/1/20		100,000		110,424
Avnet, Inc.
5.875%, 6/15/20		250,000		274,435
Jabil Circuit, Inc.
8.250%, 3/15/18		970,000		1,136,113

				1,730,714

*Internet Software & Services (0.0%)*
eBay, Inc.
1.625%, 10/15/15		100,000		102,261
3.250%, 10/15/20		100,000		105,119
Google, Inc.
1.250%, 5/19/14		250,000		253,046
2.125%, 5/19/16		100,000		104,097
3.625%, 5/19/21		100,000		109,872

				674,395

*IT Services (0.2%)*
Computer Sciences Corp.
6.500%, 3/15/18		200,000		215,471
Fiserv, Inc.
3.125%, 10/1/15		250,000		258,390
4.625%, 10/1/20		100,000		106,691
HP Enterprise Services LLC
6.000%, 8/1/13		550,000		575,863
International Business Machines Corp.
1.000%, 8/5/13		300,000		301,778
1.250%, 5/12/14		250,000		252,384
5.700%, 9/14/17		750,000		900,167
SAIC, Inc.
4.450%, 12/1/20		200,000		214,186
Western Union Co.
5.253%, 4/1/20		400,000		458,848

				3,283,778

*Office Electronics (0.0%)*
Xerox Corp.
8.250%, 5/15/14		390,000		436,123
6.350%, 5/15/18		300,000		350,516

				786,639

*Semiconductors & Semiconductor Equipment (0.1%)*
Analog Devices, Inc.
5.000%, 7/1/14		100,000		108,663
Intel Corp.
1.950%, 10/1/16		200,000		207,092
3.300%, 10/1/21		296,000		315,212

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

Texas Instruments, Inc.
1.375%, 5/15/14	$	250,000	$	252,922
2.375%, 5/16/16		250,000		262,460

				1,146,349

*Software (0.2%)*
Adobe Systems, Inc.
3.250%, 2/1/15		100,000		104,804
4.750%, 2/1/20		125,000		140,400
BMC Software, Inc.
4.250%, 2/15/22		25,000		24,980
CA, Inc.
6.125%, 12/1/14		150,000		163,647
Microsoft Corp.
2.950%, 6/1/14		500,000		522,788
4.200%, 6/1/19		300,000		346,889
Oracle Corp.
5.250%, 1/15/16		500,000		569,092
5.750%, 4/15/18		600,000		729,355
5.375%, 7/15/40		575,000		702,407
Symantec Corp.
3.950%, 6/15/22		500,000		496,412

				3,800,774

Total Information Technology				15,508,458

Materials (1.0%)
*Chemicals (0.3%)*
Air Products and Chemicals, Inc.
2.000%, 8/2/16		55,000		56,681
4.375%, 8/21/19		200,000		228,414
Airgas, Inc.
2.850%, 10/1/13		100,000		101,960
3.250%, 10/1/15		200,000		208,100
Cabot Corp.
5.000%, 10/1/16		100,000		111,148
Dow Chemical Co.
7.600%, 5/15/14		370,000		412,187
8.550%, 5/15/19		310,000		412,335
4.250%, 11/15/20		600,000		651,866
4.125%, 11/15/21		190,000		203,170
E.I. du Pont de Nemours & Co.
1.750%, 3/25/14		200,000		204,070
3.250%, 1/15/15		300,000		318,532
6.000%, 7/15/18		250,000		310,692
3.625%, 1/15/21		350,000		382,617
Monsanto Co.
5.125%, 4/15/18		100,000		118,211
Potash Corp. of Saskatchewan, Inc.
5.250%, 5/15/14		155,000		167,310
4.875%, 3/30/20		150,000		173,838
PPG Industries, Inc.
1.900%, 1/15/16		100,000		101,963
6.650%, 3/15/18		150,000		182,478
3.600%, 11/15/20		150,000		158,205
Praxair, Inc.
4.625%, 3/30/15		253,000		279,112
4.500%, 8/15/19		200,000		231,673
RPM International, Inc.
6.125%, 10/15/19		100,000		114,341

Sherwin-Williams Co.
3.125%, 12/15/14	$	100,000	$	105,091
Valspar Corp.
7.250%, 6/15/19		100,000		120,985

				5,354,979

*Construction Materials (0.0%)*
Lafarge S.A.
7.125%, 7/15/36		237,000		234,630

*Containers & Packaging (0.0%)*
Bemis Co., Inc.
6.800%, 8/1/19		100,000		119,699

*Metals & Mining (0.6%)*
Alcoa, Inc.
6.000%, 7/15/13		200,000		209,578
6.150%, 8/15/20		500,000		526,027
Allegheny Technologies, Inc.
9.375%, 6/1/19		200,000		256,297
ArcelorMittal S.A.
9.000%, 2/15/15		100,000		112,928
4.500%, 2/25/17		100,000		98,034
6.125%, 6/1/18		250,000		251,995
9.850%, 6/1/19		250,000		296,597
5.500%, 3/1/21		200,000		189,183
6.250%, 2/25/22		50,000		48,833
Barrick Gold Corp.
1.750%, 5/30/14		150,000		152,083
2.900%, 5/30/16		200,000		209,732
6.950%, 4/1/19		150,000		187,085
Barrick North America Finance LLC
4.400%, 5/30/21		250,000		270,467
BHP Billiton Finance USA Ltd.
5.500%, 4/1/14		500,000		540,893
6.500%, 4/1/19		500,000		635,116
2.875%, 2/24/22		300,000		305,191
Cliffs Natural Resources, Inc.
4.800%, 10/1/20		105,000		103,175
CSN Islands VIII Corp.
9.750%, 12/16/13(m)		1,500,000		1,642,500
CSN Resources S.A.
6.500%, 7/21/20§		1,900,000		2,066,250
Freeport-McMoRan Copper & Gold, Inc.
2.150%, 3/1/17		130,000		128,413
3.550%, 3/1/22		350,000		343,537
Newcrest Finance Pty Ltd.
4.450%, 11/15/21§		230,000		239,306
Newmont Mining Corp.
5.125%, 10/1/19		100,000		113,139
3.500%, 3/15/22		500,000		493,922
Nucor Corp.
5.850%, 6/1/18		150,000		182,413
Rio Tinto Alcan, Inc.
5.000%, 6/1/15		200,000		221,250
Rio Tinto Finance USA Ltd.
8.950%, 5/1/14		360,000		410,757
9.000%, 5/1/19		500,000		683,823
4.125%, 5/20/21		250,000		275,050
Teck Resources Ltd.
10.750%, 5/15/19		150,000		180,750
4.500%, 1/15/21		100,000		104,750

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

Vale Overseas Ltd.
6.250%, 1/11/16	$	250,000	$	280,995
4.625%, 9/15/20		350,000		365,312
Xstrata Canada Corp.
5.500%, 6/15/17		224,000		250,075

				12,375,456

*Paper & Forest Products (0.1%)*
Celulosa Arauco y Constitucion S.A.
5.000%, 1/21/21		250,000		260,708
Georgia-Pacific LLC
8.250%, 5/1/16§		970,000		1,062,150
International Paper Co.
5.300%, 4/1/15		100,000		108,602
9.375%, 5/15/19		400,000		534,701
4.750%, 2/15/22		630,000		688,524
6.000%, 11/15/41		330,000		370,793

				3,025,478

Total Materials				21,110,242

Telecommunication Services (1.3%)
*Diversified Telecommunication Services (0.6%)*
AT&T, Inc.
4.850%, 2/15/14		750,000		796,709
2.500%, 8/15/15		500,000		517,813
2.400%, 8/15/16		250,000		258,620
1.700%, 6/1/17		300,000		300,348
5.500%, 2/1/18		500,000		594,488
4.450%, 5/15/21		600,000		686,821
BellSouth Corp.
5.200%, 9/15/14		250,000		271,832
British Telecommunications plc
5.950%, 1/15/18		250,000		291,902
CenturyLink, Inc.
6.450%, 6/15/21		250,000		262,097
5.800%, 3/15/22		250,000		249,880
Deutsche Telekom International Finance B.V.
4.875%, 7/8/14		500,000		530,981
6.750%, 8/20/18		200,000		241,543
France Telecom S.A.
4.375%, 7/8/14		250,000		263,078
5.375%, 7/8/19		200,000		227,685
4.125%, 9/14/21		100,000		104,726
Qwest Corp.
6.500%, 6/1/17		250,000		280,000
Telecom Italia Capital S.A.
6.175%, 6/18/14		600,000		610,144
6.999%, 6/4/18		250,000		251,050
7.175%, 6/18/19		100,000		99,245
Telefonica Emisiones S.A.U.
3.992%, 2/16/16		200,000		178,918
6.221%, 7/3/17		200,000		188,259
5.134%, 4/27/20		180,000		155,703
5.462%, 2/16/21		250,000		215,933
Telefonos de Mexico S.A.B. de C.V.
5.500%, 11/15/19		100,000		115,386
Verizon Communications, Inc.
1.950%, 3/28/14		300,000		306,145
5.550%, 2/15/16		600,000		688,193
5.500%, 2/15/18		750,000		892,015
4.600%, 4/1/21		500,000		579,041

3.500%, 11/1/21	$	350,000	$	375,245
6.400%, 2/15/38		613,000		791,646
Virgin Media Secured Finance plc
6.500%, 1/15/18		1,526,000		1,656,166
5.250%, 1/15/21		250,000		275,664

				13,257,276

*Wireless Telecommunication Services (0.7%)*
America Movil S.A.B. de C.V.
2.375%, 9/8/16		1,200,000		1,230,516
5.625%, 11/15/17		100,000		116,984
5.000%, 3/30/20		4,500,000		5,093,280
Cellco Partnership/Verizon Wireless Capital LLC
5.550%, 2/1/14		600,000		642,785
8.500%, 11/15/18		300,000		409,514
Rogers Communications, Inc.
6.800%, 8/15/18		250,000		309,366
Vodafone Group plc
4.150%, 6/10/14		500,000		529,664
5.000%, 9/15/15		300,000		334,721
5.450%, 6/10/19		300,000		358,749
Term Loan
6.875%, 8/17/15		4,651,615		4,698,132

				13,723,711

Total Telecommunication Services				26,980,987

Utilities (1.9%)
*Electric Utilities (1.2%)*
Alabama Power Co.
3.950%, 6/1/21		460,000		510,201
Ameren Illinois Co.
6.250%, 4/1/18		150,000		180,083
Arizona Public Service Co.
5.800%, 6/30/14		250,000		271,954
Carolina Power & Light Co.
5.300%, 1/15/19		250,000		300,768
Cleveland Electric Illuminating Co.
8.875%, 11/15/18		187,000		247,129
5.950%, 12/15/36		90,000		101,901
Commonwealth Edison Co.
6.150%, 9/15/17		500,000		606,553
Consumers Energy Co.
6.700%, 9/15/19		250,000		322,232
Dayton Power & Light Co.
5.125%, 10/1/13		900,000		949,500
Detroit Edison Co.
5.600%, 6/15/18		100,000		120,776
2.650%, 6/15/22		250,000		251,711
Duke Energy Carolinas LLC
4.300%, 6/15/20		600,000		688,102
4.250%, 12/15/41		450,000		484,684
Duke Energy Corp.
2.150%, 11/15/16		400,000		410,314
5.050%, 9/15/19		100,000		117,126
Entergy Arkansas, Inc.
3.750%, 2/15/21		2,700,000		2,829,706
Entergy Texas, Inc.
7.125%, 2/1/19		250,000		306,804

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

FirstEnergy Solutions Corp.
4.800%, 2/15/15	$	500,000	$	532,444
Florida Power & Light Co.
5.550%, 11/1/17		100,000		120,631
5.950%, 2/1/38		189,000		249,642
Florida Power Corp.
4.550%, 4/1/20		50,000		57,452
3.100%, 8/15/21		100,000		103,625
5.900%, 3/1/33		82,000		99,505
Georgia Power Co.
1.300%, 9/15/13		250,000		251,417
3.000%, 4/15/16		370,000		394,286
5.400%, 6/1/18		300,000		354,724
Hydro Quebec
7.500%, 4/1/16		300,000		365,378
2.000%, 6/30/16		200,000		206,617
8.400%, 1/15/22		1,150,000		1,673,605
Series IO 8.050%, 7/7/24		1,180,000		1,743,869
Indiana Michigan Power Co.
7.000%, 3/15/19		250,000		313,385
Ipalco Enterprises, Inc.
5.000%, 5/1/18		1,150,000		1,150,000
Jersey Central Power & Light Co.
7.350%, 2/1/19		132,000		169,216
Kansas City Power & Light Co.
5.850%, 6/15/17		200,000		228,890
LG&E and KU Energy LLC
2.125%, 11/15/15		250,000		249,369
3.750%, 11/15/20		300,000		303,009
MidAmerican Energy Co.
4.650%, 10/1/14		100,000		107,889
MidAmerican Energy Holdings Co.
5.750%, 4/1/18		100,000		119,212
5.950%, 5/15/37		434,000		532,887
6.500%, 9/15/37		400,000		525,194
Nevada Power Co.
7.125%, 3/15/19		300,000		382,336
NextEra Energy Capital Holdings, Inc.
2.550%, 11/15/13		200,000		204,599
7.875%, 12/15/15		300,000		360,455
Northern States Power Co.
1.950%, 8/15/15		100,000		102,366
5.250%, 3/1/18		150,000		178,111
Ohio Power Co.
6.050%, 5/1/18		100,000		119,603
Oncor Electric Delivery Co. LLC
6.800%, 9/1/18		200,000		237,830
Pacific Gas & Electric Co.
6.250%, 12/1/13		250,000		268,610
3.500%, 10/1/20		250,000		267,245
4.250%, 5/15/21		100,000		112,748
PacifiCorp
5.500%, 1/15/19		250,000		299,280
Peco Energy Co.
5.000%, 10/1/14		100,000		108,919
Portland General Electric Co.
6.100%, 4/15/19		100,000		124,504
Progress Energy, Inc.
5.625%, 1/15/16		200,000		227,246
Public Service Co. of Colorado
3.200%, 11/15/20		250,000		267,031

Public Service Co. of Oklahoma
4.400%, 2/1/21	$	400,000	$	443,018
Public Service Electric & Gas Co.
6.330%, 11/1/13		250,000		268,126
Southern California Edison Co.
5.750%, 3/15/14		300,000		324,375
Series 08-A 5.950%, 2/1/38		150,000		196,677
Southern Co.
4.150%, 5/15/14		125,000		132,502
1.950%, 9/1/16		110,000		112,372
Tampa Electric Co.
6.100%, 5/15/18		75,000		91,103
Trans-Allegheny Interstate Line Co.
4.000%, 1/15/15§		395,000		414,846
TransAlta Corp.
4.750%, 1/15/15		200,000		208,608
Union Electric Co.
6.700%, 2/1/19		250,000		313,136
Virginia Electric & Power Co.
Series A 5.400%, 1/15/16		300,000		341,443
Wisconsin Electric Power Co.
2.950%, 9/15/21		250,000		260,166

				24,919,045

*Gas Utilities (0.2%)*
AGL Capital Corp.
3.500%, 9/15/21		250,000		258,161
Boardwalk Pipelines LP
5.750%, 9/15/19		200,000		218,033
CenterPoint Energy Resources Corp.
4.500%, 1/15/21		300,000		330,448
El Paso Pipeline Partners Operating Co. LLC
6.500%, 4/1/20		375,000		437,344
KeySpan Gas East Corp.
5.819%, 4/1/41§		390,000		481,273
Panhandle Eastern Pipe Line Co. LP
6.200%, 11/1/17		200,000		224,692
Questar Corp.
2.750%, 2/1/16		85,000		88,295
Rockies Express Pipeline LLC
3.900%, 4/15/15§		728,000		699,790
Southern California Gas Co.
5.500%, 3/15/14		100,000		107,917

				2,845,953

*Independent Power Producers & Energy Traders (0.4%)*
Constellation Energy Group, Inc.
5.150%, 12/1/20		250,000		275,379
Exelon Generation Co. LLC
5.350%, 1/15/14		300,000		317,127
4.250%, 6/15/22§		273,000		273,813
NRG Energy, Inc.
7.625%, 1/15/18		1,500,000		1,541,250
PSEG Power LLC
5.125%, 4/15/20		200,000		220,527
Tennessee Valley Authority
4.750%, 8/1/13		500,000		524,127
5.500%, 7/18/17		676,000		826,481

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

3.875%, 2/15/21	$	500,000	$	577,832
5.250%, 9/15/39		2,815,000		3,664,748

				8,221,284

*Multi-Utilities (0.1%)*
Alliant Energy Corp.
4.000%, 10/15/14		200,000		211,429
Dominion Resources, Inc.
5.150%, 7/15/15		283,000		314,609
1.950%, 8/15/16		622,000		633,653
6.000%, 11/30/17		400,000		478,400
National Grid plc
6.300%, 8/1/16		100,000		115,133
NiSource Finance Corp.
6.400%, 3/15/18		200,000		234,345
NSTAR LLC
4.500%, 11/15/19		100,000		115,202
Sempra Energy
9.800%, 2/15/19		350,000		485,389

				2,588,160

Total Utilities				38,574,442

Total Corporate Bonds				580,478,878

Government Securities (62.8%)
*Agency ABS (0.6%)*
Small Business Administration, Class 1
Series 2003-10A 1 4.628%, 3/10/13		71,257		72,882
Series 2008-P10B 1 5.944%, 8/10/18		1,815,403		1,989,305
Small Business Administration Participation Certificates, Class 1
Series 2004-20A 1 4.930%, 1/1/24		347,089		384,958
Series 2004-20C 1 4.340%, 3/1/24		2,587,756		2,839,951
Series 2005-20B 1 4.625%, 2/1/25		239,851		264,729
Series 2008-20A 1 5.170%, 1/1/28		611,646		692,324
Series 2008-20C 1 5.490%, 3/1/28		2,312,786		2,637,078
Series 2008-20G 1 5.870%, 7/1/28		2,320,062		2,701,997

				11,583,224

*Agency CMO (13.9%)*
Federal Home Loan Mortgage Corp.
6.000%, 1/1/14		2,762		2,837
5.500%, 2/1/14		8,536		9,177
6.000%, 7/1/14		2,274		2,356
6.000%, 2/1/17		73,247		78,621
6.000%, 3/1/17		3,354		3,595
6.500%, 3/1/17		23,566		25,485
6.000%, 4/1/17		53,915		57,917
6.000%, 5/1/17		978		1,057
6.000%, 7/1/17		11,158		12,063
6.000%, 8/1/17		26,492		28,567
5.500%, 11/1/17		27,585		29,657
5.500%, 1/15/31		144,802		148,141
2.375%, 11/1/31(l)		12,547		13,204
2.837%, 4/1/36(l)		365,838		391,265

5.000%, 3/1/38	$	7,000,201	$	7,519,201
5.500%, 4/1/38		13,395		14,527
5.500%, 1/1/40		78,591		85,234
4.500%, 8/15/42 TBA		600,000		640,406
Federal National Mortgage Association
7.000%, 4/1/15		9,953		10,429
7.000%, 4/1/16		17,129		18,250
5.500%, 2/1/17		34,508		37,442
5.500%, 6/1/17		8,952		9,713
4.000%, 4/1/23		19,936		21,188
4.788%, 2/1/24(l)		1,473		1,603
5.074%, 6/1/24(l)		525		541
4.000%, 9/1/25		602,514		640,360
4.000%, 1/1/26		619,251		658,147
4.000%, 7/1/26		850,727		904,163
4.000%, 8/1/26		437,913		465,419
3.500%, 11/1/26		865,547		914,539
3.500%, 4/1/27		900,000		950,941
3.500%, 6/1/27		1,720,000		1,817,355
2.343%, 1/1/28(l)		105,575		110,167
2.474%, 3/1/33(l)		122,478		127,317
5.310%, 8/25/33		829,241		868,433
6.000%, 2/1/34		427,108		476,610
5.000%, 7/1/34		2,198,432		2,386,930
6.500%, 7/25/34		123,134		129,681
6.000%, 8/1/34		249,368		278,375
5.500%, 2/1/35		1,234,409		1,355,053
5.000%, 3/1/35		1,285,466		1,393,274
6.000%, 4/1/35		3,882,365		4,324,294
5.000%, 5/1/35		111,070		120,385
5.000%, 6/1/35		532,276		577,416
5.000%, 7/1/35		186,487		202,301
5.500%, 12/1/35		860,694		944,814
2.509%, 1/1/36(l)		1,991,765		2,136,168
6.000%, 5/1/38		1,100,000		1,211,031
5.500%, 6/1/38		2		2
4.000%, 8/1/39		905,500		963,084
6.000%, 4/1/40		857,348		939,935
6.500%, 5/1/40		5,105,446		5,733,256
4.000%, 8/1/40		1,390,332		1,478,749
4.000%, 9/1/40		1,138,342		1,210,733
4.000%, 10/1/40		5,328,730		5,671,575
4.000%, 11/1/40		8,763,356		9,320,652
2.361%, 12/1/40(l)		55,648		58,350
4.000%, 12/1/40		32,866,723		34,990,854
4.000%, 1/1/41		6,848,591		7,398,907
4.500%, 1/1/41		247,844		269,269
4.000%, 2/1/41		1,019,959		1,084,822
4.500%, 3/1/41		2,617,224		2,844,792
4.000%, 4/1/41		3,283,020		3,515,333
4.500%, 4/1/41		2,940,792		3,196,848
3.330%, 6/1/41(l)		531,592		561,645
4.500%, 6/1/41		461,130		501,281
3.481%, 9/1/41(l)		381,141		403,717
4.000%, 12/1/41		6,720,809		7,271,003
4.000%, 2/1/42		1,637,021		1,747,265
3.500%, 4/1/42		199,238		210,157
3.500%, 5/1/42		5,326,202		5,624,760
4.000%, 6/1/42		154,516		165,212
4.000%, 7/1/42		53,700		57,417
4.500%, 7/25/27 TBA		4,400,000		4,717,281

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

3.500%, 7/25/42 TBA	$	2,700,000	$	2,837,531
3.500%, 8/25/42 TBA		107,000,000		112,141,019
4.500%, 8/25/42 TBA		7,000,000		7,503,672
5.500%, 8/25/42 TBA		4,700,000		5,123,367
6.000%, 8/25/42 TBA		900,000		988,945
FHLMC Multifamily Structured Pass Through Certificates
4.879%, 5/19/17		3,500,000		3,640,000
1.696%, 12/25/18 IO(l)		1,829,895		150,974
3.974%, 1/25/21(l)		1,440,000		1,614,032
2.873%, 12/25/21		1,410,000		1,470,038
FREMF Mortgage Trust
4.306%, 9/25/44(l)§		95,000		97,053
4.162%, 11/25/44(l)§		120,000		103,680
Government National Mortgage Association
1.625%, 7/20/27(l)		5,598		5,769
6.500%, 6/20/32		88,046		99,662
5.500%, 4/15/33		15,028		16,707
4.000%, 7/15/42 TBA		3,500,000		3,822,930
4.500%, 7/15/42 TBA		6,400,000		6,997,500
5.000%, 7/15/42 TBA		7,600,000		8,363,563

				287,068,990

*Foreign Governments (3.3%)*
Canadian Government Bond
2.375%, 9/10/14		400,000		417,036
1.500%, 3/1/17	CAD	10,300,000		10,232,217
Deutsche Bundesrepublik Inflation Linked Bond
0.100%, 4/15/23	EUR	2,950,097		3,776,281
Development Bank of Japan
5.125%, 2/1/17	$	200,000		233,794
Eksportfinans ASA
1.875%, 4/2/13		500,000		492,500
0.669%, 4/5/13(l)		300,000		290,685
1.600%, 3/20/14	JPY	2,000,000		23,314
3.000%, 11/17/14	$	400,000		379,000
2.000%, 9/15/15		800,000		716,000
2.375%, 5/25/16		200,000		177,750
5.500%, 5/25/16		1,155,000		1,136,289
2.875%, 11/16/16	CHF	100,000		95,507
5.500%, 6/26/17	$	300,000		292,125
Export Development Canada
2.250%, 5/28/15		250,000		262,154
1.250%, 10/26/16		250,000		254,872
Export-Import Bank of China
5.250%, 7/29/14§		3,700,000		3,926,440
Export-Import Bank of Korea
8.125%, 1/21/14		200,000		218,400
5.875%, 1/14/15		250,000		272,425
4.125%, 9/9/15		200,000		211,060
4.000%, 1/29/21		1,500,000		1,551,870
Federative Republic of Brazil
6.000%, 1/17/17		500,000		589,500
8.000%, 1/15/18		504,000		585,900
4.875%, 1/22/21		750,000		864,375
Italy Buoni Poliennali Del Tesoro
4.000%, 2/1/37	EUR	400,000		389,875
Japan Finance Corp.
2.500%, 1/21/16	$	750,000		786,026
2.250%, 7/13/16		500,000		520,586
Japan Finance Organization for Municipalities
5.000%, 5/16/17		500,000		584,171

Korea Development Bank
8.000%, 1/23/14	$	500,000	$	544,800
3.250%, 3/9/16		300,000		308,611
Korea Finance Corp.
4.625%, 11/16/21		250,000		269,005
Province of British Columbia
2.850%, 6/15/15		300,000		318,755
2.100%, 5/18/16		300,000		313,815
Province of Manitoba
1.375%, 4/28/14		100,000		101,224
4.900%, 12/6/16		500,000		578,138
Province of New Brunswick
2.750%, 6/15/18		250,000		266,494
Province of Nova Scotia
5.125%, 1/26/17		250,000		292,420
Province of Ontario
3.500%, 7/15/13		500,000		515,081
1.375%, 1/27/14		500,000		505,643
4.100%, 6/16/14		500,000		532,818
1.875%, 9/15/15		1,750,000		1,800,195
4.000%, 10/7/19		750,000		852,653
4.400%, 4/14/20		250,000		291,850
2.450%, 6/29/22		250,000		248,075
Province of Quebec
4.600%, 5/26/15		750,000		829,476
3.500%, 7/29/20		500,000		554,397
Republic of Chile
3.875%, 8/5/20		250,000		277,500
Republic of Colombia
8.250%, 12/22/14		400,000		468,000
4.375%, 7/12/21		600,000		675,000
Republic of Italy
4.500%, 1/21/15		1,000,000		985,514
5.250%, 9/20/16		750,000		741,977
Republic of Korea
5.750%, 4/16/14		4,400,000		4,735,280
4.875%, 9/22/14		300,000		322,620
7.125%, 4/16/19		9,650,000		12,239,938
Republic of Panama
5.200%, 1/30/20		300,000		350,250
9.375%, 4/1/29		298,000		482,760
Republic of Peru
8.375%, 5/3/16		100,000		123,200
7.125%, 3/30/19		200,000		257,000
Republic of Poland
5.250%, 1/15/14		250,000		264,375
6.375%, 7/15/19		750,000		883,125
5.125%, 4/21/21		320,000		353,600
Republic of South Africa
6.500%, 6/2/14		1,480,000		1,628,932
6.875%, 5/27/19		300,000		370,125
5.500%, 3/9/20		300,000		345,000
State of Israel
5.500%, 11/9/16		500,000		570,625
Svensk Exportkredit AB
3.250%, 9/16/14		250,000		262,311
1.750%, 10/20/15		500,000		509,086
United Mexican States
6.625%, 3/3/15		1,000,000		1,130,000
5.625%, 1/15/17		590,000		686,465
8.125%, 12/30/19		750,000		1,005,000
5.125%, 1/15/20		235,000		274,950

				68,346,235

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

*Municipal Bonds (3.0%)*
Bay Area Toll Authority California State
6.793%, 4/1/30	$	4,100,000	$	5,179,325
California State University
5.000%, 11/1/30		300,000		320,388
City of New York, New York
6.246%, 6/1/35		5,400,000		6,189,750
Dallas, Texas Area Rapid Transit
6.249%, 12/1/34		400,000		458,332
Los Angeles County, California Public Works Financing Authority
5.591%, 8/1/20		3,700,000		4,153,139
5.841%, 8/1/21		400,000		453,200
Los Angeles, California Community College District
5.000%, 8/1/27		1,100,000		1,226,335
Los Angeles, California Unified School District
4.500%, 7/1/22		1,500,000		1,657,680
Los Gatos, California Union School District
5.000%, 8/1/30		160,000		168,133
Metropolitan Washington Airports Authority
7.462%, 10/1/46		8,000,000		9,489,440
New Jersey Economic Development Authority
1.468%, 6/15/13(l)		3,000,000		3,002,880
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,000,000		1,457,650
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		4,400,000		5,052,388
New York City Municipal Water Finance Authority
6.124%, 6/15/42		500,000		570,790
5.375%, 6/15/43		635,000		727,881
5.500%, 6/15/43		750,000		866,543
New York City Transitional Finance Authority
4.075%, 11/1/20		800,000		901,648
4.325%, 11/1/21		1,300,000		1,478,633
4.525%, 11/1/22		1,800,000		2,066,112
Northern California Power Agency
7.311%, 6/1/40		2,075,000		2,454,601
San Diego County Regional Airport Authority
6.628%, 7/1/40		700,000		768,761
State of California
4.850%, 10/1/14		250,000		269,517
5.950%, 4/1/16		35,000		40,119
5.750%, 3/1/17		100,000		115,572
6.200%, 3/1/19		100,000		117,097
6.200%, 10/1/19		100,000		117,868
7.550%, 4/1/39		3,000,000		3,857,760
State of Illinois
4.071%, 1/1/14		100,000		103,194
4.421%, 1/1/15		100,000		105,127
4.961%, 3/1/16		300,000		322,800
5.665%, 3/1/18		300,000		332,862
State of Illinois Toll Highway Authority
6.184%, 1/1/34		1,000,000		1,240,130
State of Iowa
6.750%, 6/1/34		1,800,000		2,137,230
University of California Medical Center
5.235%, 5/15/22		1,500,000		1,730,130
5.435%, 5/15/23		1,975,000		2,304,094

				61,437,109


*Supranational (1.2%)*
African Development Bank
3.000%, 5/27/14	$	200,000	$	209,210
2.500%, 3/15/16		500,000		530,951
Asian Development Bank
1.625%, 7/15/13		750,000		758,933
2.750%, 5/21/14		500,000		520,569
2.625%, 2/9/15		500,000		525,399
2.500%, 3/15/16		500,000		530,575
1.125%, 3/15/17		350,000		354,768
1.875%, 10/23/18		250,000		259,337
Corp. Andina de Fomento
3.750%, 1/15/16		200,000		207,896
8.125%, 6/4/19		250,000		315,158
Council of Europe Development Bank
2.625%, 2/16/16		500,000		524,246
1.500%, 6/19/17		250,000		249,035
European Bank for Reconstruction & Development
2.500%, 3/15/16		400,000		424,358
1.375%, 10/20/16		200,000		204,088
European Investment Bank
4.625%, 5/15/14		2,000,000		2,143,104
1.125%, 8/15/14		1,000,000		1,007,074
1.000%, 7/15/15		750,000		753,705
4.875%, 2/16/16		1,334,000		1,510,600
2.500%, 5/16/16		2,000,000		2,097,794
4.875%, 1/17/17		500,000		576,080
2.875%, 9/15/20		500,000		520,642
4.000%, 2/16/21		500,000		561,123
Inter-American Development Bank
3.000%, 4/22/14		1,000,000		1,043,930
1.375%, 10/18/16		1,000,000		1,023,001
4.250%, 9/10/18		750,000		886,726
International Bank for Reconstruction & Development
3.500%, 10/8/13		1,000,000		1,039,166
0.500%, 11/26/13		500,000		500,671
2.375%, 5/26/15		1,000,000		1,051,223
2.125%, 3/15/16		1,000,000		1,049,556
0.875%, 4/17/17		500,000		497,299
International Finance Corp.
3.000%, 4/22/14		750,000		783,639
1.000%, 4/24/17		500,000		501,189
2.125%, 11/17/17		500,000		527,685
Nordic Investment Bank
2.500%, 7/15/15		300,000		316,775
5.000%, 2/1/17		300,000		355,170

				24,360,675

*U.S. Government Agencies (4.3%)*
Federal Farm Credit Bank
1.125%, 2/27/14		2,000,000		2,023,260
5.125%, 8/25/16		685,000		804,332
4.875%, 1/17/17		840,000		987,937
Federal Home Loan Bank
5.125%, 8/14/13		1,000,000		1,054,307
4.000%, 9/6/13		1,000,000		1,043,548
3.625%, 10/18/13		2,000,000		2,085,657
0.550%, 10/25/13		400,000		400,546
0.375%, 11/27/13		250,000		250,089
0.875%, 12/27/13		1,000,000		1,007,800
1.375%, 5/28/14		250,000		254,587
0.500%, 7/17/14		750,000		750,222

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

5.500%, 8/13/14	$	500,000	$	551,771
2.875%, 6/12/15		2,000,000		2,134,285
1.630%, 8/20/15		500,000		516,929
4.750%, 12/16/16		500,000		586,702
5.250%, 6/5/17		1,350,000		1,624,320
1.000%, 6/21/17		350,000		350,882
5.000%, 11/17/17		1,000,000		1,207,759
4.125%, 3/13/20		1,500,000		1,772,692
Federal Home Loan Bank/Illinois
5.625%, 6/13/16		1,550,000		1,786,208
Federal Home Loan Mortgage Corp.
0.500%, 10/18/13		1,000,000		1,001,131
4.875%, 11/15/13		1,000,000		1,062,224
0.375%, 11/27/13		1,500,000		1,500,536
0.550%, 12/27/13		500,000		500,976
2.500%, 1/7/14		2,000,000		2,064,493
0.550%, 1/9/14		500,000		501,001
1.375%, 2/25/14		2,000,000		2,033,421
0.375%, 4/28/14		1,000,000		999,541
1.200%, 7/25/14		200,000		200,154
3.000%, 7/28/14		1,500,000		1,578,963
1.100%, 8/8/14		300,000		300,307
1.000%, 12/5/14		200,000		200,661
0.875%, 12/19/14		500,000		501,459
1.000%, 12/19/14		400,000		401,408
0.625%, 12/29/14		2,000,000		2,006,391
0.850%, 1/9/15		200,000		200,601
0.800%, 1/13/15		100,000		100,622
4.500%, 1/15/15		1,000,000		1,100,279
2.875%, 2/9/15		2,000,000		2,124,930
0.550%, 2/27/15		500,000		500,856
1.500%, 7/13/15		200,000		200,084
1.050%, 9/28/15		200,000		200,313
4.750%, 11/17/15		928,000		1,053,233
0.850%, 2/24/16		500,000		502,361
5.500%, 7/18/16		1,000,000		1,189,250
5.125%, 10/18/16		2,000,000		2,359,838
1.600%, 11/2/16		400,000		401,745
1.625%, 11/14/16		400,000		401,925
2.250%, 1/23/17		200,000		205,272
2.000%, 2/1/17		200,000		200,313
2.000%, 2/27/17		500,000		501,497
1.000%, 3/8/17		1,000,000		1,003,968
4.875%, 6/13/18		1,500,000		1,815,633
3.750%, 3/27/19		750,000		864,584
2.000%, 7/30/19		100,000		101,293
2.375%, 1/13/22		490,000		504,189
Federal National Mortgage Association
4.625%, 5/1/13		1,695,000		1,754,612
4.375%, 7/17/13		2,000,000		2,086,608
1.000%, 9/23/13		2,500,000		2,520,999
1.125%, 10/8/13		200,000		202,101
1.000%, 10/15/13		200,000		201,815
4.625%, 10/15/13		790,000		833,920
0.600%, 10/25/13		1,000,000		1,001,521
0.625%, 12/6/13		500,000		501,027
5.125%, 1/2/14		607,000		647,614
2.750%, 2/5/14		1,500,000		1,557,318
1.350%, 2/24/14		200,000		203,228
1.250%, 2/27/14		1,500,000		1,521,546
2.750%, 3/13/14		1,000,000		1,040,189

2.500%, 5/15/14	$	1,000,000	$	1,040,366
3.000%, 9/16/14		1,000,000		1,055,863
0.700%, 10/17/14		500,000		500,128
2.625%, 11/20/14		500,000		525,835
0.750%, 11/21/14		400,000		400,825
0.500%, 11/24/14		750,000		750,669
0.900%, 12/5/14		500,000		501,436
0.750%, 12/19/14		1,000,000		1,006,507
1.000%, 1/26/15		500,000		501,171
0.550%, 2/27/15		300,000		300,514
0.625%, 2/27/15		1,000,000		999,986
0.700%, 6/26/15		500,000		500,137
0.500%, 7/2/15		1,500,000		1,496,528
2.375%, 7/28/15		1,500,000		1,579,181
2.150%, 8/4/15		100,000		104,966
0.750%, 9/14/15		200,000		199,936
2.000%, 9/21/15		200,000		209,203
1.875%, 10/15/15		200,000		207,675
4.375%, 10/15/15		1,000,000		1,120,381
1.625%, 10/26/15		1,500,000		1,549,300
1.750%, 11/14/16		400,000		402,189
1.375%, 11/15/16		1,000,000		1,023,168
4.875%, 12/15/16		2,050,000		2,411,543
1.250%, 2/27/17		100,000		100,390
1.250%, 3/6/17		200,000		200,826
1.200%, 3/8/17		200,000		200,650
5.375%, 6/12/17		2,000,000		2,427,140
1.750%, 1/30/19		200,000		201,693
(Zero Coupon), 10/9/19		905,000		733,567
2.700%, 3/28/22		500,000		505,442
Financing Corp.
10.700%, 10/6/17		600,000		895,858
Resolution Funding Corp.
0.000%, 7/15/18 STRIPS		75,000		69,311
0.000%, 10/15/18 STRIPS		75,000		68,908
Small Business Administration, Class 1
Series 2003-P10A 1
4.524%, 2/10/13		17,090		17,434
Series 2004-P10A 1
4.504%, 2/1/14		128,132		131,830

				89,592,339

*U.S. Treasuries (36.5%)*
U.S. Treasury Bonds
11.250%, 2/15/15		1,216,000		1,558,771
9.250%, 2/15/16		2,684,000		3,519,564
7.500%, 11/15/16		1,695,000		2,192,499
8.875%, 8/15/17		4,107,000		5,779,718
8.500%, 2/15/20		3,000,000		4,598,110
7.875%, 2/15/21		500,000		764,450
2.000%, 1/15/26 TIPS		1,800,000		2,663,482
2.375%, 1/15/27 TIPS		500,000		765,785
1.750%, 1/15/28 TIPS		2,100,000		2,887,084
2.500%, 1/15/29 TIPS		1,500,000		2,228,579
2.125%, 2/15/41#		697,500		1,045,309
0.750%, 2/15/42		980,000		1,045,852
3.125%, 2/15/42		4,080,000		4,380,278
3.000%, 5/15/42		10,273,000		10,757,757
U.S. Treasury Notes
1.000%, 7/15/13		6,800,000		6,851,797
3.375%, 7/31/13		5,563,000		5,749,274

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)

4.250%, 8/15/13	$	8,000,000	$	8,356,156
0.125%, 8/31/13		5,000,000		4,991,601
3.125%, 9/30/13		2,000,000		2,070,625
0.500%, 10/15/13		12,000,000		12,032,813
2.750%, 10/31/13		8,848,000		9,135,871
0.500%, 11/15/13		5,000,000		5,014,199
4.250%, 11/15/13		5,000,000		5,269,629
0.125%, 12/31/13		6,000,000		5,984,063
1.500%, 12/31/13		3,212,000		3,268,950
0.250%, 1/31/14		8,000,000		7,992,813
1.750%, 1/31/14		4,000,000		4,090,469
0.250%, 2/28/14		5,000,000		4,994,922
1.875%, 2/28/14		1,500,000		1,538,496
0.250%, 3/31/14		5,000,000		4,994,140
1.750%, 3/31/14		5,000,000		5,123,438
1.250%, 4/15/14		2,000,000		2,032,656
0.250%, 4/30/14		5,000,000		4,993,946
1.875%, 4/30/14		5,000,000		5,140,625
1.000%, 5/15/14		5,000,000		5,061,719
4.750%, 5/15/14		11,000,000		11,905,782
0.250%, 5/31/14		4,000,000		3,995,000
2.250%, 5/31/14		5,000,000		5,182,090
0.250%, 6/30/14		5,000,000		4,993,750
2.625%, 6/30/14		8,000,000		8,366,125
0.625%, 7/15/14		10,000,000		10,057,266
0.500%, 8/15/14		2,500,000		2,508,359
2.375%, 8/31/14		7,500,000		7,826,719
2.375%, 9/30/14		6,000,000		6,273,890
2.375%, 10/31/14		6,000,000		6,279,610
4.250%, 11/15/14		4,000,000		4,365,562
0.250%, 12/15/14		5,000,000		4,987,031
2.625%, 12/31/14		10,000,000		10,560,156
0.250%, 1/15/15		2,000,000		1,994,156
0.250%, 2/15/15		7,000,000		6,975,226
0.375%, 3/15/15		1,500,000		1,499,109
0.375%, 4/15/15		3,000,000		2,997,797
2.500%, 4/30/15		1,630,000		1,725,368
2.125%, 5/31/15		15,000,000		15,735,821
0.375%, 6/15/15		5,525,000		5,520,252
1.875%, 6/30/15		10,500,000		10,947,890
1.250%, 8/31/15		5,000,000		5,124,414
1.250%, 10/31/15		5,000,000		5,124,414
4.500%, 11/15/15		7,000,000		7,933,844
1.375%, 11/30/15		10,000,000		10,294,297
4.500%, 2/15/16		5,000,000		5,711,407
2.625%, 2/29/16		6,000,000		6,457,031
2.375%, 3/31/16		6,000,000		6,405,469
2.625%, 4/30/16		2,500,000		2,695,312
5.125%, 5/15/16		4,087,000		4,797,500
1.750%, 5/31/16		5,000,000		5,228,086
3.250%, 5/31/16		3,000,000		3,310,289
1.500%, 7/31/16		8,000,000		8,288,187
1.000%, 9/30/16		4,000,000		4,062,094
3.000%, 9/30/16		5,000,000		5,495,312
3.125%, 10/31/16		5,000,000		5,527,735
0.875%, 12/31/16		5,000,000		5,044,726
0.875%, 1/31/17		2,000,000		2,017,312
3.125%, 1/31/17		5,000,000		5,547,344

0.875%, 2/28/17	$	5,000,000	$	5,043,203
1.000%, 3/31/17		7,000,000		7,096,359
3.125%, 4/30/17		4,000,000		4,453,781
4.500%, 5/15/17		3,500,000		4,128,879
0.625%, 5/31/17		1,625,000		1,617,560
2.750%, 5/31/17		6,000,000		6,582,047
0.750%, 6/30/17		7,595,000		7,603,010
4.750%, 8/15/17		3,186,000		3,821,931
1.875%, 8/31/17		5,500,000		5,802,371
1.875%, 9/30/17		3,500,000		3,692,227
1.875%, 10/31/17		5,000,000		5,275,000
4.250%, 11/15/17		1,150,000		1,356,272
2.750%, 12/31/17		5,000,000		5,510,156
3.500%, 2/15/18		7,000,000		8,008,930
2.625%, 4/30/18		3,000,000		3,292,148
2.375%, 5/31/18		6,000,000		6,500,812
2.250%, 7/31/18		1,000,000		1,076,500
4.000%, 8/15/18		4,000,000		4,733,250
1.375%, 9/30/18		7,500,000		7,678,418
3.750%, 11/15/18		4,000,000		4,685,312
1.375%, 12/31/18		3,000,000		3,066,938
1.250%, 1/31/19		2,000,000		2,027,375
2.750%, 2/15/19		5,000,000		5,549,023
1.500%, 3/31/19		5,000,000		5,140,508
1.250%, 4/30/19		1,500,000		1,516,617
1.125%, 5/31/19		3,395,000		3,400,305
1.000%, 6/30/19		6,385,000		6,334,619
3.375%, 11/15/19		10,350,000		11,974,465
3.625%, 2/15/20		10,000,000		11,763,594
3.500%, 5/15/20		10,000,000		11,684,219
1.250%, 7/15/20		1,600,000		1,958,930
2.625%, 8/15/20		14,000,000		15,408,093
2.625%, 11/15/20		5,000,000		5,495,703
1.125%, 1/15/21		1,900,000		2,297,758
3.125%, 5/15/21		12,000,000		13,661,531
0.625%, 7/15/21		3,500,000		3,978,620
2.125%, 8/15/21		8,000,000		8,408,125
2.000%, 11/15/21		3,500,000		3,628,707
0.125%, 1/15/22#		28,300,000		30,426,879
2.000%, 2/15/22		95,100,000		98,288,827
1.750%, 5/15/22#		19,814,000		19,974,989

				756,581,163

Total Government Securities				1,298,969,735

Time Deposit (0.5%)
Financials (0.5%)
*Certificates of Deposit (0.5%)*
Banco do Brasil S.A. 0.756%, 2/14/14		10,600,000		10,588,329

Total Financials				10,588,329

Total Time Deposits				10,588,329

Total Long-Term Debt Securities (99.8%) (Cost $1,985,771,780)				2,065,585,778

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares			Value (Note 1)

CONVERTIBLE PREFERRED STOCK:
Financials (0.3%)
*Commercial Banks (0.3%)*
Wells Fargo & Co. 7.500%		5,000		$	5,625,000

Total Convertible Preferred Stock (0.3%)
(Cost $5,000,000)					5,625,000

	Principal Amount			Value (Note 1)
SHORT-TERM INVESTMENTS:
Certificate of Deposit (0.3%)
Itau Unibanco Holding S.A. 2.37%, 3/26/13	$	6,850,000			6,730,879

Government Securities (5.9%)
U.S. Treasury Bills
0.04%, 7/26/12 #(p)		742,000			741,979
0.05%, 8/9/12 #(p)		420,000			419,978
0.05%, 8/30/12 #(p)		157,000			156,986
0.08%, 9/13/12 (p)		7,500,000			7,498,747
0.08%, 9/20/12 (p)		1,900,000			1,899,673
0.09%, 9/27/12 #(p)		33,237,000			33,229,777
0.12%, 11/8/12 (p)		22,900,000			22,889,954
0.18%, 4/4/13 (p)		2,500,000			2,496,551
0.19%, 5/2/13 (p)		8,400,000			8,386,351
0.19%, 5/30/13 #(p)		44,100,000			44,020,726

Total Government Securities					121,740,722

Total Short-Term Investments (6.2%)
(Cost $128,473,319)					128,471,601

	Number of Contracts			Value (Note 1)
OPTIONS PURCHASED:
Call Option Purchased (0.0%)
Eurodollar 3 Year Mid Curve
August 2012 @ $99.00*		172			19,350

Put Option Purchased (0.0%)
10 Year U.S. Treasury Notes
July 2012 @ $131.00*		136			14,875

Total Options Purchased (0.0%) (Cost $98,813)					34,225

Total Investments Before Options Written and Securities Sold Short (106.3%) (Cost $2,119,343,912)					2,199,716,604

OPTIONS WRITTEN:
Call Option Written (0.0%)
Eurodollar 3 Year Mid Curve
August 2012 @ $99.13*		(172	)		(6,450	)


Put Option Written (0.0%)
10 Year U.S. Treasury Notes
July 2012 @ $129.50*		(136	)	$	(4,250	)

Total Options Written (0.0%) (Premiums Received $46,037)					(10,700	)

Total Investments Before Securities Sold Short (106.3%) (Cost $2,119,297,875)					2,199,705,904

	Principal Amount			Value (Note 1)
SECURITIES SOLD SHORT:
*Agency CMO (-2.6%)*
Federal National Mortgage Association
4.000%, 7/25/42 TBA	$	(39,400,000	)		(41,933,298	)
5.000%, 7/25/42 TBA		(4,300,000	)		(4,654,078	)
6.000%, 7/25/42 TBA		(1,100,000	)		(1,208,883	)
6.500%, 7/25/42 TBA		(2,700,000	)		(3,038,766	)
4.000%, 8/25/42 TBA		(2,300,000	)		(2,443,660	)

Total Securities Sold Short (-2.6%) (Proceeds Received $53,090,492)					(53,278,685	)

Total Investments after Options Written and Securities Sold Short (103.7%) (Cost $2,066,207,383)					2,146,427,219
Other Assets Less Liabilities (-3.7%)					(76,926,255	)

Net Assets (100%)				$	2,069,500,964

*	Non-income producing.

†	Securities (totaling $3,959,383 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, 2012, the market value of these securities amounted to $167,192,723 or 8.1% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $2,555,989.

(b)

Illiquid Security.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2012.

(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. At June 30, 2012, the market value of these securities amounted to $12,783,753 or 0.6% of net assets.

(p)

Yield to maturity.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


Glossary:
ABS	—	Asset-Backed Security
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CMO	—	Collateralized Mortgage Obligation
EUR	—	European Currency Unit
IO	—	Interest Only
JPY	—	Japanese Yen
STRIPS	—	Separate Trading of Registered Interest and Principal Securities
TBA	—	Security is subject to delayed delivery.
TIPS	—	Treasury Inflation Protected Security

At June 30, 2012, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2012		Unrealized Appreciation/ (Depreciation)
10 Year Australian Bonds		557		September-12	$	71,808,303	$	71,522,149	$	(286,154	)
2 Year U.S. Treasury Notes		136		September-12		29,957,925		29,945,500		(12,425	)
90 Day Eurodollar		3		September-12		745,996		746,400		404
90 Day Eurodollar		3		December-12		745,697		746,213		516
90 Day Eurodollar		2		March-13		497,072		497,375		303
90 Day Eurodollar		2		June-13		496,879		497,250		371
90 Day Eurodollar		2		September-13		496,906		497,150		244
90 Day Eurodollar		2		December-13		496,755		497,000		245
U.S. Long Bond		34		September-12		5,056,358		5,030,938		(25,420	)

									$	(321,916	)

Sales
10 Year U.S. Treasury Notes		35		September-12	$	4,686,921	$	4,668,125	$	18,796
3 Year Australian Bonds		98		September-12		11,116,852		11,072,557		44,295
5 Year U.S. Treasury Notes		91		September-12		11,280,305		11,281,156		(851	)
90 Day Bank Accepted Bills		59		December-12		59,952,675		59,937,216		15,459
Bank Accept		110		June-13		26,559,945		26,676,159		(116,214	)
Euro Bond		49		September-12		8,850,853		8,737,138		113,715
U.S. Ultra Bond		101		September-12		16,614,807		16,851,219		(236,412	)

									$	(161,212	)

									$	(483,128	)

At June 30, 2012, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Buy Contracts	Counterparty	Local Contract Buy Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar vs. U.S. Dollar, expiring 8/9/12	Royal Bank of Canada		613	$	625,139	$	615,104	$	10,035
European Union Euro vs. U.S. Dollar, expiring 9/14/12	Royal Bank of Canada		97		122,842		121,000		1,842
Korean Won vs. U.S. Dollar, expiring 7/12/12	Barclays Bank plc		76,555		66,796		66,258		538
Korean Won vs. U.S. Dollar, expiring 7/12/12	Citibank N.A.		12,984,726		11,329,563		11,502,614		(173,051	)
Mexican Peso vs. U.S. Dollar, expiring 8/15/12	JPMorgan Chase Bank		67		5,035		5,160		(125	)
Singapore Dollar vs. U.S. Dollar, expiring 8/3/12	Citibank N.A.		19,315		15,247,802		15,451,485		(203,683	)

								$	(364,444	)

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


Foreign Currency Sell Contracts	Counterparty	Local Contract Sell Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar vs. U.S. Dollar, expiring 8/9/12	Bank of America		16,190	$	16,181,905	$	16,510,623	$	(328,718	)
British Pound vs. U.S. Dollar, expiring 9/12/12	Barclays Bank plc		783		1,218,868		1,226,057		(7,189	)
Canadian Dollar vs. U.S. Dollar, expiring 9/20/12	Barclays Bank plc		16,707		16,253,526		16,380,430		(126,904	)
Danish Krone vs. U.S. Dollar, expiring 8/23/12	HSBC Bank plc		5,450		936,776		929,022		7,754
European Union Euro vs. U.S. Dollar, expiring 7/25/12	JPMorgan Chase Bank		181		238,931		229,096		9,835
European Union Euro vs. U.S. Dollar, expiring 7/25/12	Royal Bank of Scotland		3,031		3,917,207		3,836,411		80,796
European Union Euro vs. U.S. Dollar, expiring 9/14/12	Citibank N.A.		22,397		27,943,393		28,363,747		(420,354	)
European Union Euro vs. U.S. Dollar, expiring 9/14/12	JPMorgan Chase Bank		316		398,117		400,185		(2,068	)
Japanese Yen vs. U.S. Dollar, expiring 9/10/12	Citibank N.A.		597,264		7,651,453		7,479,208		172,245
Korean Won vs. U.S. Dollar, expiring 7/12/12	Barclays Bank plc		8,775,908		7,453,001		7,657,243		(204,242	)
Korean Won vs. U.S. Dollar, expiring 7/12/12	Goldman Sachs & Co.		4,285,373		3,773,000		3,739,117		33,883
Korean Won vs. U.S. Dollar, expiring 9/28/12	Barclays Bank plc		76,555		65,930		66,457		(527	)
Singapore Dollar vs. U.S. Dollar, expiring 8/3/12	Citibank N.A.		19,438		15,223,000		15,344,873		(121,873	)
Taiwan Dollar vs. U.S. Dollar, expiring 11/30/12	Barclays Bank plc		854		28,993		28,651		342

								$	(907,020	)

								$	(1,271,464	)

Options Written:

Options written through the period ended June 30, 2012 were as follows:


	Total Number of Contracts			Total Premiums Received
Options Outstanding - January 1, 2012		—		$	—
Options Written		1,129			245,402
Options Terminated in Closing Purchase Transactions		(821	)		(199,365	)
Options Expired		—			—
Options Exercised		—			—

Options Outstanding - June 30, 2012		308		$	46,037

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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, 2012:

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	$	—		$	44,943,919		$	2,441,013	$	47,384,932
Non-Agency CMO		—			128,163,904			—		128,163,904
Convertible Preferred Stocks
Financials		5,625,000			—			—		5,625,000
Corporate Bonds
Consumer Discretionary		—			32,026,314			—		32,026,314
Consumer Staples		—			31,985,414			—		31,985,414
Energy		—			69,752,909			—		69,752,909
Financials		—			282,363,898			1,518,370		283,882,268
Health Care		—			35,733,184			—		35,733,184
Industrials		—			24,924,660			—		24,924,660
Information Technology		—			15,508,458			—		15,508,458
Materials		—			21,110,242			—		21,110,242
Telecommunication Services		—			26,980,987			—		26,980,987
Utilities		—			38,574,442			—		38,574,442
Forward Currency Contracts		—			317,270			—		317,270
Futures		194,348			—			—		194,348
Government Securities
Agency ABS		—			11,583,224			—		11,583,224
Agency CMO		—			287,068,990			—		287,068,990
Foreign Governments		—			68,346,235			—		68,346,235
Municipal Bonds		—			61,437,109			—		61,437,109
Supranational		—			24,360,675			—		24,360,675
U.S. Government Agencies		—			89,592,339			—		89,592,339
U.S. Treasuries		—			756,581,163			—		756,581,163
Options Purchased
Call Options Purchased		19,350			—			—		19,350
Put Options Purchased		14,875			—			—		14,875
Short-Term Investments		—			128,471,601			—		128,471,601
Time Deposits
Financials		—			10,588,329			—		10,588,329

Total Assets	$	5,853,573		$	2,190,415,266		$	3,959,383	$	2,200,228,222

Liabilities:
Forward Currency Contracts	$	—		$	(1,588,734	)	$	—	$	(1,588,734	)
Futures		(677,476	)		—			—		(677,476	)
Government Securities
Agency CMO		—			(53,278,685	)		—		(53,278,685	)
Options Written
Call Options Written		(6,450	)		—			—		(6,450	)
Put Options Written		(4,250	)		—			—		(4,250	)

Total Liabilities	$	(688,176	)	$	(54,867,419	)	$	—	$	(55,555,595	)

Total	$	5,165,397		$	2,135,547,847		$	3,959,383	$	2,144,672,627

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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 Corporate Bonds-Financials

Balance as of 12/31/11	$	2,969,442		$	—
Total gains or losses (realized/unrealized) included in earnings		10,255			(1,304,128	)
Purchases		—			2,822,498
Sales		(791,113	)		—
Issuances		—			—
Settlements		—			—
Transfers into Level 3		792,741			—
Transfers out of Level 3		(540,312	)		—

Balance as of 6/30/12	$	2,441,013		$	1,518,370

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/12.	$	2,070		$	(1,304,128	)

Fair Values of Derivative Instruments as of June 30, 2012:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	194,348	*
Foreign exchange contracts	Receivables		317,270
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	511,618


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	(688,176	)*
Foreign exchange contracts	Payables		(1,588,734	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(2,276,910	)

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

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2012:


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	$	15,945	$	3,524,308		$	—		$	—	$	3,540,253
Foreign exchange contracts		—		—			1,859,951			—		1,859,951
Credit contracts.		—		—			—			—		—
Equity contracts		—		—			—			—		—
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	15,945	$	3,524,308		$	1,859,951		$	—	$	5,400,204


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	$	117,483	$	(1,895,290	)	$	—		$	—	$	(1,777,807	)
Foreign exchange contracts		—		—			(1,828,333	)		—		(1,828,333	)
Credit contracts		—		—			—			—		—
Equity contracts		—		—			—			—		—
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	117,483	$	(1,895,290	)	$	(1,828,333	)	$	—	$	(3,606,140	)

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $145,460,000, futures contracts and option contracts with an average notional balance of approximately $260,593,000 and $84,000, respectively, during the six months ended June 30, 2012.

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

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,358,900,062
Long-term U.S. Treasury securities		2,025,385,947

	$	4,384,286,009

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,183,017,827
Long-term U.S. Treasury securities		2,330,599,413

	$	5,513,617,240

As of June 30, 2012, 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	$	100,683,651
Aggregate gross unrealized depreciation		(21,367,044	)

Net unrealized appreciation	$	79,316,607

Federal income tax cost of investments	$	2,120,399,997

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value (Cost $2,119,343,912)	$	2,199,716,604
Cash		42,776,987
Cash held as collateral at broker		30,000
Foreign cash (Cost $414,139)		421,833
Receivable for forward commitments		226,193,470
Dividends, interest and other receivables		13,963,853
Receivable for securities sold		8,935,188
Receivable from Separate Accounts for Trust shares sold		1,541,641
Unrealized appreciation on forward foreign currency contracts		317,270
Other assets		15,045

Total assets		2,493,911,891

LIABILITIES
Payable for forward commitments		325,354,282
Securities sold short (Proceeds received $53,090,492)		53,278,685
Payable for securities purchased		38,165,506
Payable to Separate Accounts for Trust shares redeemed		2,492,861
Unrealized depreciation on forward foreign currency contracts		1,588,734
Payable for return of cash collateral on forward commitments		1,118,461
Investment management fees payable		916,754
Distribution fees payable - Class B		336,822
Payable for return of cash collateral on forward contracts		277,158
Administrative fees payable		270,775
Trustees’ fees payable		36,866
Due to broker for futures variation margin		23,073
Options written, at value (Premiums received $46,037)		10,700
Distribution fees payable - Class A		8,749
Accrued expenses		531,501

Total liabilities		424,410,927

NET ASSETS	$	2,069,500,964

Net assets were comprised of:
Paid in capital	$	1,922,363,846
Accumulated undistributed net investment income (loss)		1,114,162
Accumulated undistributed net realized gain (loss) on investments, options written, futures and foreign currency transactions		67,543,163
Net unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		78,479,793

Net assets	$	2,069,500,964

Class A
Net asset value, offering and redemption price per share, $42,348,602 / 3,964,917 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.68

Class B
Net asset value, offering and redemption price per share, $1,647,594,689 / 153,990,253 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.70

Class K
Net asset value, offering and redemption price per share, $379,557,673 / 35,532,458 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.68

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Interest	$	31,515,173
Dividends		187,500

Total income		31,702,673

EXPENSES
Investment management fees		5,653,403
Distribution fees - Class B		1,945,372
Administrative fees		1,588,255
Custodian fees		120,539
Printing and mailing expenses		113,020
Distribution fees - Class A		52,793
Professional fees		43,503
Trustees’ fees		27,285
Interest expense		7,127
Miscellaneous		112,093

Total expenses		9,663,390

NET INVESTMENT INCOME (LOSS)		22,039,283

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		47,284,836
Futures		3,524,308
Foreign currency transactions		2,744,600
Options written		121,542
Securities sold short		(1,989,840	)

Net realized gain (loss)		51,685,446

Change in unrealized appreciation (depreciation) on:
Securities		(830,043	)
Futures		(1,895,290	)
Foreign currency translations		(1,758,979	)
Options written		35,337
Securities sold short		426,887

Net change in unrealized appreciation (depreciation)		(4,022,088	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		47,663,358

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	69,702,641

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	22,039,283		$	92,270,843
Net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		51,685,446			137,609,064
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		(4,022,088	)		(1,508,795	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		69,702,641			228,371,112

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(411,518	)		(45,312,788	)
Class B		(15,097,031	)		(36,855,362	)
Class K†		(5,380,959	)		(21,089,996	)

		(20,889,508	)		(103,258,146	)

Distributions from net realized capital gains
Class A		—			(1,447,943	)
Class B		—			(52,039,080	)
Class K†		—			(45,400,907	)

		—			(98,887,930	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(20,889,508	)		(202,146,076	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 263,437 and 12,609,194 shares, respectively ]		2,781,698			133,644,216
Capital shares issued in reinvestment of dividends and distributions [ 38,975 and 4,428,898 shares, respectively ]		411,518			46,760,731
Capital shares repurchased [ (339,700) and (282,658,898) shares, respectively ]		(3,589,568	)		(3,049,768,983	)(z)

Total Class A transactions		(396,352	)		(2,869,364,036	)

Class B
Capital shares sold [ 20,320,638 and 41,117,372 shares, respectively ]		215,410,070			440,799,703
Capital shares issued in reinvestment of dividends and distributions [ 1,427,096 and 8,459,118 shares, respectively ]		15,097,031			88,894,442
Capital shares repurchased [ (14,413,226) and (35,203,821) shares, respectively ]		(152,064,613	)		(375,203,780	)

Total Class B transactions		78,442,488			154,490,365

Class K†
Capital shares sold [ 2,234,660 and 230,130,596 shares, respectively ]		23,490,994			2,491,211,741	(z)
Capital shares issued in reinvestment of dividends and distributions [ 510,119 and 6,333,134 shares, respectively ]		5,380,959			66,490,903
Capital shares repurchased [ (94,197,446) and (109,478,605) shares, respectively ]		(987,567,043	)		(1,182,724,100	)

Total Class K transactions		(958,695,090	)		1,374,978,544

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(880,648,954	)		(1,339,895,127	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(831,835,821	)		(1,313,670,091	)
NET ASSETS:
Beginning of period		2,901,336,785			4,215,006,876

End of period (a)	$	2,069,500,964		$	2,901,336,785

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,114,162		$	(35,613	)

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Core Bond Portfolio exchanged approximately 228,045,315 Class A shares for approximately 228,045,315 Class K shares. This exchange amounted to approximately $2,468,678,090.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	10.44		$	10.48		$	10.27		$	9.86		$	10.38		$	10.21

Income (loss) from investment operations:
Net investment income (loss)		0.11	(e)		0.24	(e)		0.30	(e)		0.36	(e)		0.46	(e)		0.47	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.23			0.39			0.37			0.46			(0.19	)		0.17

Total from investment operations		0.34			0.63			0.67			0.82			0.27			0.64

Less distributions:
Dividends from net investment income		(0.10	)		(0.30	)		(0.32	)		(0.38	)		(0.52	)		(0.47	)
Distributions from net realized gains		—			(0.37	)		(0.14	)		(0.03	)		(0.27	)		—

Total dividends and distributions		(0.10	)		(0.67	)		(0.46	)		(0.41	)		(0.79	)		(0.47	)

Net asset value, end of period	$	10.68		$	10.44		$	10.48		$	10.27		$	9.86		$	10.38

Total return (b)		3.29	%		6.10	%		6.60	%		8.44	%		2.55	%		6.53	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	42,349		$	41,783		$	2,826,132		$	2,796,284		$	2,481,594		$	2,088,488
Ratio of expenses to average net assets:
After waivers (a)		0.98	%		0.69	%		0.69	%		0.71	%		0.75	%		0.71	%
Before waivers (a)		0.98	%		0.69	%		0.69	%		0.71	%		0.76	%		0.76	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		2.04	%		2.28	%		2.80	%		3.51	%		4.55	%		4.62	%
Before waivers (a)		2.04	%		2.28	%		2.80	%		3.51	%		4.54	%		4.57	%
Portfolio turnover rate		197	%		384	%		492	%		623	%		431	%		475	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	10.46		$	10.50		$	10.29		$	9.88		$	10.40		$	10.20

Income (loss) from investment operations:
Net investment income (loss)		0.11	(e)		0.23	(e)		0.27	(e)		0.33	(e)		0.44	(e)		0.44	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.23			0.37			0.38			0.47			(0.20	)		0.18

Total from investment operations		0.34			0.60			0.65			0.80			0.24			0.62

Less distributions:
Dividends from net investment income		(0.10	)		(0.27	)		(0.30	)		(0.36	)		(0.49	)		(0.42	)
Distributions from net realized gains		—			(0.37	)		(0.14	)		(0.03	)		(0.27	)		—

Total dividends and distributions		(0.10	)		(0.64	)		(0.44	)		(0.39	)		(0.76	)		(0.42	)

Net asset value, end of period	$	10.70		$	10.46		$	10.50		$	10.29		$	9.88		$	10.40

Total return (b)		3.29	%		5.83	%		6.33	%		8.16	%		2.30	%		6.23	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,647,595		$	1,533,747		$	1,388,875		$	1,252,270		$	912,195		$	829,932
Ratio of expenses to average net assets:
After waivers (a)		0.98	%		0.94	%		0.94	%		0.96	%		1.00	%		0.96	%
Before waivers (a)		0.98	%		0.94	%		0.94	%		0.96	%		1.01	%		1.01	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		2.04	%		2.19	%		2.55	%		3.25	%		4.29	%		4.37	%
Before waivers (a)		2.04	%		2.19	%		2.55	%		3.25	%		4.28	%		4.32	%
Portfolio turnover rate		197	%		384	%		492	%		623	%		431	%		475	%

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	10.44		$	10.81

Income (loss) from investment operations:
Net investment income (loss)		0.12	(e)		0.11	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.24			0.02

Total from investment operations		0.36			0.13

Less distributions:
Dividends from net investment income		(0.12	)		(0.13	)
Distributions from net realized gains		—			(0.37	)

Total dividends and distributions		(0.12	)		(0.50	)

Net asset value, end of period	$	10.68		$	10.44

Total return (b)		3.42	%		1.17	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	379,558		$	1,325,807
Ratio of expenses to average net assets:
After waivers (a)		0.73	%		0.69	%
Before waivers (a)		0.73	%		0.69	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		2.30	%		2.78	%
Before waivers (a)		2.30	%		2.78	%
Portfolio turnover rate		197	%		384	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of June 30, 2012	% of Net Assets
Financials		15.0	%
Consumer Discretionary		9.8
Health Care		9.1
Industrials		8.5
Consumer Staples		7.6
Information Technology		7.4
Energy		7.2
Materials		6.9
Telecommunication Services		3.6
Utilities		1.5
Exchange Traded Funds		0.9
Cash and Other		22.5

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,025.90		$6.55
Hypothetical (5% average return before expenses)		1,000.00		1,018.39		6.53
Class B
Actual		1,000.00		1,024.80		6.55
Hypothetical (5% average return before expenses)		1,000.00		1,018.39		6.53
Class K
Actual		1,000.00		1,027.10		5.30
Hypothetical (5% average return before expenses)		1,000.00		1,019.64		5.28
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.30%, 1.30% and 1.05%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Argentina (0.3%)
MercadoLibre, Inc.		24,483	$	1,855,811

Australia (3.5%)
AGL Energy Ltd.		12,423		188,399
Alumina Ltd.		56,094		46,066
Amcor Ltd.		27,652		201,515
AMP Ltd.		65,402		259,693
APA Group		14,635		74,995
Asciano Ltd.		22,379		100,653
ASX Ltd.		4,017		123,227
Australia & New Zealand Banking Group Ltd.		61,343		1,392,553
Bendigo and Adelaide Bank Ltd.		8,965		68,337
BGP Holdings plc*†(b)		568,558		—
BHP Billiton Ltd.		124,077		4,044,483
BHP Billiton Ltd. (ADR)		59,400		3,878,820
Boral Ltd.		17,115		51,959
Brambles Ltd.		35,617		225,907
Caltex Australia Ltd.		3,108		43,419
Campbell Brothers Ltd.		1,549		86,779
Centro Retail Australia (REIT)		28,035		56,970
CFS Retail Property Trust Group (REIT)		55,267		109,915
Coca-Cola Amatil Ltd.		13,058		179,347
Cochlear Ltd.		1,307		88,518
Commonwealth Bank of Australia		36,199		1,981,040
Computershare Ltd.		10,205		78,012
Crown Ltd.		9,198		80,346
CSL Ltd.		11,895		482,442
Dexus Property Group (REIT)		105,478		100,890
Echo Entertainment Group Ltd.		17,075		74,904
Fairfax Media Ltd.		51,501		29,486
Fortescue Metals Group Ltd.		32,122		164,166
Goodman Group (REIT)		35,483		134,496
GPT Group (REIT)		33,209		112,335
Harvey Norman Holdings Ltd.		11,472		23,105
Iluka Resources Ltd.		9,602		112,517
Incitec Pivot Ltd.		37,364		110,146
Insurance Australia Group Ltd.		47,659		170,788
Leighton Holdings Ltd.		3,486		58,763
Lend Lease Group		12,466		92,533
Lynas Corp., Ltd.*		37,247		32,933
Macquarie Group Ltd.		7,589		204,329
Metcash Ltd.		17,716		61,322
Mirvac Group (REIT)		78,406		102,681
National Australia Bank Ltd.		51,254		1,244,724
Newcrest Mining Ltd.		17,507		407,498
Orica Ltd.		8,364		212,889
Origin Energy Ltd.		24,881		312,965
OZ Minerals Ltd.		7,234		58,699
Qantas Airways Ltd.*		25,563		28,333
QBE Insurance Group Ltd.		26,516		365,581
QR National Ltd.		39,166		137,330
Ramsay Health Care Ltd.		3,018		70,103
Rio Tinto Ltd.		18,995		1,116,505
Santos Ltd.		21,639		237,648
Sonic Healthcare Ltd.		8,499		110,836
SP AusNet		40,261		42,034
Stockland Corp., Ltd. (REIT)		53,096		168,116
Suncorp Group Ltd.		29,480		246,035

Sydney Airport		8,605	$	25,638
TABCORP Holdings Ltd.		16,397		49,410
Tatts Group Ltd.		30,781		82,976
Telstra Corp., Ltd.		99,752		377,997
Toll Holdings Ltd.		15,645		64,242
Transurban Group		30,084		175,408
Wesfarmers Ltd.		23,046		709,489
Westfield Group (REIT)		50,234		489,414
Westfield Retail Trust (REIT)		66,500		194,944
Westpac Banking Corp.		69,918		1,521,034
Whitehaven Coal Ltd.		10,494		45,160
Woodside Petroleum Ltd.		14,760		472,681
Woolworths Ltd.		28,092		772,655
WorleyParsons Ltd.		4,715		122,470

				25,291,603

Austria (0.8%)
Andritz AG		1,626		83,710
Conwert Immobilien Invest SE		54,594		599,123
Erste Group Bank AG*		81,332		1,546,233
Immofinanz AG*		21,378		68,052
OMV AG		3,379		106,078
Raiffeisen Bank International AG		1,127		36,912
Schoeller-Bleckmann Oilfield Equipment AG		41,500		3,351,375
Telekom Austria AG		7,631		75,008
Verbund AG		1,569		35,918
Vienna Insurance Group AG Wiener Versicherung Gruppe		886		35,795
Voestalpine AG		2,524		66,920

				6,005,124

Belgium (1.0%)
Ageas		53,596		106,162
Anheuser-Busch InBev N.V.		79,280		6,163,448
Belgacom S.A.		3,491		99,186
Colruyt S.A.		1,742		77,626
Delhaize Group S.A.		2,339		85,669
Groupe Bruxelles Lambert S.A.		1,850		125,726
KBC Groep N.V.		3,702		78,589
Mobistar S.A.		694		23,735
Solvay S.A.		1,359		134,450
Telenet Group Holding N.V.		1,247		54,471
UCB S.A.		2,523		127,315
Umicore S.A.		2,614		120,839

				7,197,216

Bermuda (0.6%)
Everest Reinsurance Group Ltd.		38,000		3,932,620
Seadrill Ltd.		8,062		287,814

				4,220,434

Brazil (1.6%)
Amil Participacoes S.A.		452,100		4,434,339
Banco Bradesco S.A. (ADR)		142,300		2,116,001
Banco do Brasil S.A.		225,100		2,179,833
BR Malls Participacoes S.A.		147,200		1,667,314
Petroleo Brasileiro S.A. (ADR)		63,100		1,184,387

				11,581,874

Canada (0.7%)
Canadian National Railway Co.		27,111		2,287,626

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Imax Corp.*		34,420	$	827,113
Rogers Communications, Inc., Class B		52,700		1,908,267

				5,023,006

Cayman Islands (0.0%)
Veripos, Inc.*†		645		203

China (2.9%)
Anhui Conch Cement Co., Ltd., Class H		866,500		2,376,731
Baidu, Inc. (ADR)*		27,290		3,137,804
China Construction Bank Corp., Class H		999,000		688,784
China Oilfield Services Ltd., Class H		1,697,500		2,460,123
China Shipping Container Lines Co., Ltd., Class H*		6,579,000		1,597,605
CNOOC Ltd.		930,100		1,876,281
Industrial & Commercial Bank of China Ltd., Class H		3,749,135		2,096,423
Mindray Medical International Ltd. (ADR)		93,700		2,838,173
Ping An Insurance Group Co. of China Ltd., Class H		78,500		633,470
Weichai Power Co., Ltd., Class H*		735,900		2,943,160
Yangzijiang Shipbuilding Holdings Ltd.		44,182		35,449

				20,684,003

Colombia (0.6%)
Bancolombia S.A. (ADR)		53,300		3,296,072
Pacific Rubiales Energy Corp.		38,568		816,743

				4,112,815

Czech Republic (0.2%)
Komercni Banka A/S		9,300		1,615,853

Denmark (0.7%)
A. P. Moller - Maersk A/S, Class A		13		81,241
A. P. Moller - Maersk A/S, Class B		30		197,426
Carlsberg A/S, Class B		2,452		193,211
Coloplast A/S, Class B		523		94,000
Danske Bank A/S*		14,946		208,243
DSV A/S		4,360		86,512
Novo Nordisk A/S, Class B		27,172		3,931,002
Novozymes A/S, Class B		5,597		145,073
TDC A/S		11,367		79,011
Tryg A/S		566		31,779
William Demant Holding A/S*		578		51,945

				5,099,443

Finland (0.2%)
Elisa Oyj		3,255		65,536
Fortum Oyj		10,179		193,405
Kesko Oyj, Class B		1,464		38,271
Kone Oyj, Class B		3,568		216,062
Metso Oyj		2,932		101,513
Neste Oil Oyj		2,958		33,330
Nokia Oyj		85,801		176,754

Nokian Renkaat Oyj		2,545	$	97,001
Orion Oyj, Class B		2,088		39,610
Pohjola Bank plc, Class A		3,184		37,184
Sampo Oyj, Class A		9,603		249,627
Stora Enso Oyj, Class R		12,657		78,118
UPM-Kymmene Oyj		12,041		136,469
Wartsila Oyj		3,844		126,360

				1,589,240

France (4.7%)
Accor S.A.		28,489		896,968
Aeroports de Paris S.A.		683		51,610
Air Liquide S.A.		7,421		849,042
Alcatel-Lucent S.A.*		53,249		88,470
Alstom S.A.		4,726		150,113
Arkema S.A.		1,419		92,976
AtoS		1,248		74,734
AXA S.A.‡		40,486		541,873
BNP Paribas S.A.		35,944		1,387,575
Bouygues S.A.		4,333		116,766
Bureau Veritas S.A.		1,254		111,469
Cap Gemini S.A.		3,394		125,117
Carrefour S.A.		13,231		244,481
Casino Guichard Perrachon S.A.		1,269		111,425
Christian Dior S.A.		1,250		172,151
Cie de Saint-Gobain S.A.		9,200		340,441
Cie Generale de Geophysique-Veritas*		3,138		81,079
Cie Generale des Etablissements Michelin		4,124		269,729
Cie Generale d’Optique Essilor International S.A.		4,657		432,608
CNP Assurances S.A.*		3,421		41,798
Credit Agricole S.A.*		22,936		101,244
Danone S.A.		13,234		821,598
Dassault Systemes S.A.		1,400		131,519
Edenred		3,887		110,296
EDF S.A.		5,514		122,762
Eurazeo S.A.		689		26,562
Eutelsat Communications S.A.		3,031		93,194
Fonciere des Regions (REIT)		570		41,066
France Telecom S.A.		42,460		558,759
GDF Suez S.A.		28,370		676,878
Gecina S.A. (REIT)		505		45,186
Groupe Eurotunnel S.A. (Registered)		12,861		104,581
ICADE (REIT)		538		40,813
Iliad S.A.		524		75,816
Imerys S.A.		9,042		461,756
J.C. Decaux S.A.		1,534		33,849
Klepierre S.A. (REIT)		2,178		71,770
Lafarge S.A.		22,231		994,954
Lagardere S.C.A.		2,711		75,687
Legrand S.A.		5,446		185,219
L’Oreal S.A.		5,505		644,873
LVMH Moet Hennessy Louis Vuitton S.A.		11,980		1,825,972
Natixis S.A.		21,265		57,544
Pernod-Ricard S.A.		32,291		3,454,379
Peugeot S.A.*		5,302		52,432
PPR S.A.		8,163		1,165,674
Publicis Groupe S.A.		3,349		153,155

See Notes to Financial Statements.

100

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Remy Cointreau S.A.		490	$	53,684
Renault S.A.		4,405		176,623
Rexel S.A.		2,344		40,014
Safran S.A.		5,243		194,609
Sanofi S.A.		43,325		3,285,382
Schneider Electric S.A.		53,726		2,993,545
SCOR SE		3,746		90,887
Societe BIC S.A.		657		67,875
Societe Generale S.A.*		65,529		1,544,986
Sodexo S.A.		2,161		168,382
Suez Environnement Co. S.A.		6,444		69,367
Technip S.A.		11,454		1,195,283
Thales S.A.		2,092		69,227
Total S.A.		86,318		3,895,459
Unibail-Rodamco S.A. (REIT)		2,103		387,995
Vallourec S.A.		2,368		97,189
Veolia Environnement S.A.		7,751		98,083
Vinci S.A.		10,383		485,959
Vivendi S.A.		29,515		548,703
Wendel S.A.		756		55,938
Zodiac Aerospace		760		77,332

				33,904,485

Germany (4.5%)
Adidas AG		33,258		2,385,359
Allianz SE (Registered)		17,694		1,779,218
Axel Springer AG		912		39,217
BASF SE		21,026		1,461,069
Bayer AG (Registered)		35,152		2,534,764
Bayerische Motoren Werke (BMW) AG		36,603		2,652,178
Bayerische Motoren Werke (BMW) AG (Preference)		1,199		59,151
Beiersdorf AG		2,311		149,945
Brenntag AG		1,063		117,598
Celesio AG		1,963		32,054
Commerzbank AG*		83,369		141,618
Continental AG		1,834		152,881
Daimler AG (Registered)		20,751		933,254
Deutsche Bank AG (Registered)		21,282		773,458
Deutsche Boerse AG		4,468		241,148
Deutsche Lufthansa AG (Registered)		5,263		60,920
Deutsche Post AG (Registered)		19,385		343,330
Deutsche Telekom AG (Registered)		64,316		705,563
E.ON AG		41,234		888,199
Fraport AG		845		45,496
Fresenius Medical Care AG & Co. KGaA		14,295		1,011,824
Fresenius SE & Co. KGaA		2,841		294,598
GEA Group AG		4,006		106,369
Hannover Rueckversicherung AG (Registered)		1,384		82,179
HeidelbergCement AG		3,224		154,772
Henkel AG & Co. KGaA		2,978		165,030
Henkel AG & Co. KGaA (Preference)		15,942		1,058,736
Hochtief AG*		710		34,385
Hugo Boss AG		453		44,807
Infineon Technologies AG		24,904		168,860
K+S AG (Registered)		3,949		180,179

Kabel Deutschland Holding AG*		41,674	$	2,593,489
Lanxess AG		1,908		120,354
Linde AG		9,380		1,461,011
MAN SE		970		99,136
Merck KGaA		1,482		147,892
Metro AG		2,976		86,812
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		4,107		579,456
Porsche Automobil Holding SE (Preference)		3,509		174,733
ProSiebenSat.1 Media AG (Preference)		1,907		42,570
RWE AG		11,208		458,171
RWE AG (Preference)		900		33,320
Salzgitter AG		899		36,956
SAP AG		43,585		2,573,849
Siemens AG (Registered)		29,067		2,443,306
Suedzucker AG		1,525		53,945
Symrise AG		9,642		292,898
ThyssenKrupp AG		8,845		144,097
United Internet AG (Registered)		2,093		35,930
Volkswagen AG		677		102,141
Volkswagen AG (Preference)		9,414		1,492,567
Wacker Chemie AG		361		24,813

				31,795,605

Greece (0.0%)
Coca Cola Hellenic Bottling Co. S.A.*		4,629		82,120
OPAP S.A.		5,158		32,459

				114,579

Hong Kong (2.6%)
AIA Group Ltd.		752,927		2,596,052
ASM Pacific Technology Ltd.		4,600		58,660
Bank of East Asia Ltd.		31,047		111,810
Belle International Holdings Ltd.		823,000		1,407,717
BOC Hong Kong Holdings Ltd.		85,000		261,039
Cathay Pacific Airways Ltd.		27,000		43,674
Cheung Kong Holdings Ltd.		100,000		1,234,425
Cheung Kong Infrastructure Holdings Ltd.		11,000		66,265
China Unicom Hong Kong Ltd.		2,070,000		2,600,615
CLP Holdings Ltd.		41,500		352,977
First Pacific Co., Ltd.		48,000		49,885
Foxconn International Holdings Ltd.*		50,424		18,392
Galaxy Entertainment Group Ltd.*		33,000		82,890
Hang Lung Group Ltd.		20,000		123,261
Hang Lung Properties Ltd.		883,000		3,005,761
Hang Seng Bank Ltd.		17,500		239,831
Henderson Land Development Co., Ltd.		22,000		122,227
Hong Kong & China Gas Co., Ltd.		119,922		254,748
Hong Kong Exchanges and Clearing Ltd.		23,500		337,107
Hopewell Holdings Ltd.		13,000		37,189
Hutchison Whampoa Ltd.		49,000		423,795
Hysan Development Co., Ltd.		14,448		54,954
Kerry Properties Ltd.		16,500		70,702

See Notes to Financial Statements.

101

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Li & Fung Ltd.		130,000	$	252,258
Lifestyle International Holdings Ltd.		11,500		25,312
Link REIT (REIT)		51,813		211,834
MGM China Holdings Ltd.		20,800		31,991
MTR Corp., Ltd.		33,089		113,238
New World Development Co., Ltd.		84,212		99,420
Noble Group Ltd.		88,454		78,975
NWS Holdings Ltd.		31,653		46,090
Orient Overseas International Ltd.		601,700		2,948,509
PCCW Ltd.		85,974		31,585
Power Assets Holdings Ltd.		32,000		240,268
Shangri-La Asia Ltd.		35,166		67,444
Sino Land Co., Ltd.		67,910		103,085
SJM Holdings Ltd.		43,000		80,231
Sun Hung Kai Properties Ltd.		36,000		427,187
Swire Pacific Ltd., Class A		15,500		180,799
Wharf Holdings Ltd.		35,000		194,585
Wheelock & Co., Ltd.		21,000		79,795
Wing Hang Bank Ltd.		4,000		38,765
Yue Yuen Industrial Holdings Ltd.		17,000		53,514

				18,858,861

India (0.7%)
ICICI Bank Ltd. (ADR)		53,900		1,746,899
Yes Bank Ltd.*		482,000		2,952,519

				4,699,418

Indonesia (0.0%)
PT Astra International Tbk		347,500		254,101

Ireland (2.1%)
Accenture plc, Class A		38,704		2,325,723
CRH plc		16,406		318,367
Elan Corp. plc*		20,470		298,399
Experian plc		23,020		325,184
ICON plc (ADR)*		130,800		2,946,924
James Hardie Industries SE (CDI)		10,005		81,949
Kerry Group plc, Class A		3,431		149,861
Shire plc		253,053		7,272,921
WPP plc		113,650		1,381,337

				15,100,665

Israel (0.8%)
Bank Hapoalim B.M.		24,326		75,371
Bank Leumi Le-Israel B.M.*		28,761		70,130
Bezeq Israeli Telecommunication Corp., Ltd.		41,764		44,192
Ceragon Networks Ltd.*		127,300		1,090,961
Check Point Software Technologies Ltd.*		47,158		2,338,565
Delek Group Ltd.		117		17,280
Elbit Systems Ltd.		540		18,686
Israel Chemicals Ltd.		10,216		112,783
Israel Corp., Ltd.		49		27,587
Mizrahi Tefahot Bank Ltd.*		2,711		21,119
NICE Systems Ltd.*		1,330		48,554
Teva Pharmaceutical Industries Ltd.		21,573		850,321

Teva Pharmaceutical Industries Ltd. (ADR)		18,755	$	739,697

				5,455,246

Italy (0.7%)
Assicurazioni Generali S.p.A.		26,749		363,000
Atlantia S.p.A.		7,593		96,979
Autogrill S.p.A.		2,383		21,641
Banca Monte dei Paschi di Siena S.p.A.*		155,412		38,989
Banco Popolare S.c.a.r.l.*		40,580		54,549
Enel Green Power S.p.A.		40,220		63,767
Enel S.p.A.		150,744		486,463
Eni S.p.A.		55,020		1,174,202
Exor S.p.A.		1,372		29,546
Fiat Industrial S.p.A.		19,612		193,265
Fiat S.p.A.*		20,080		101,606
Finmeccanica S.p.A.*		9,332		37,738
Intesa Sanpaolo S.p.A. (BATS Europe Exchange)		21,562		24,688
Intesa Sanpaolo S.p.A. (XetraIntlMkt Exchange)		448,961		642,152
Luxottica Group S.p.A.		2,683		94,076
Mediaset S.p.A.		16,363		28,628
Mediobanca S.p.A.		11,892		52,662
Pirelli & C. S.p.A.		5,244		55,317
Prysmian S.p.A.		4,678		69,970
Saipem S.p.A.		6,066		270,153
Snam S.p.A.		36,843		164,246
Telecom Italia S.p.A.		215,255		212,120
Telecom Italia S.p.A. (RNC)		138,282		111,234
Terna Rete Elettrica Nazionale S.p.A.		29,974		108,000
UniCredit S.p.A.*		92,799		351,640
Unione di Banche Italiane S.c.p.A.		19,693		64,637

				4,911,268

Japan (12.3%)
ABC-Mart, Inc.		600		22,424
Advantest Corp.		3,400		53,170
Aeon Co., Ltd.		13,800		172,017
Aeon Credit Service Co., Ltd.		1,800		33,378
Aeon Mall Co., Ltd.		1,700		36,160
Air Water, Inc.		3,000		36,287
Aisin Seiki Co., Ltd.		4,400		146,420
Ajinomoto Co., Inc.		15,000		208,529
Alfresa Holdings Corp.		1,000		53,003
All Nippon Airways Co., Ltd.		19,000		53,883
Amada Co., Ltd.		8,000		47,451
Aozora Bank Ltd.		13,000		31,028
Asahi Glass Co., Ltd.		23,000		154,811
Asahi Group Holdings Ltd.		8,900		191,150
Asahi Kasei Corp.		29,000		157,327
Asics Corp.		3,200		40,658
Astellas Pharma, Inc.		10,200		445,535
Bank of Kyoto Ltd.		7,000		53,022
Bank of Yokohama Ltd.		28,000		132,249
Benesse Holdings, Inc.		1,600		71,533
Bridgestone Corp.		14,900		341,773
Brother Industries Ltd.		5,400		61,801
Canon, Inc.		109,700		4,392,691

See Notes to Financial Statements.

102

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Casio Computer Co., Ltd.		5,200	$	34,096
Central Japan Railway Co.		34		268,703
Chiba Bank Ltd.		17,000		102,102
Chiyoda Corp.		4,000		49,004
Chubu Electric Power Co., Inc.		14,800		240,290
Chugai Pharmaceutical Co., Ltd.		5,100		96,554
Chugoku Bank Ltd.		4,000		52,120
Chugoku Electric Power Co., Inc.		6,800		111,959
Citizen Holdings Co., Ltd.		6,100		35,805
Coca-Cola West Co., Ltd.		1,500		26,156
Cosmo Oil Co., Ltd.		12,000		30,516
Credit Saison Co., Ltd.		3,500		77,666
Dai Nippon Printing Co., Ltd.		13,000		101,786
Daicel Corp.		7,000		42,991
Daido Steel Co., Ltd.		6,000		37,366
Daihatsu Motor Co., Ltd.		4,000		70,073
Dai-ichi Life Insurance Co., Ltd.		195		225,887
Daiichi Sankyo Co., Ltd.		15,400		259,290
Daikin Industries Ltd.		18,500		519,442
Dainippon Sumitomo Pharma Co., Ltd.		3,700		37,739
Daito Trust Construction Co., Ltd.		1,700		161,264
Daiwa House Industry Co., Ltd.		12,000		170,360
Daiwa Securities Group, Inc.		38,000		143,071
DeNA Co., Ltd.		2,300		61,053
Denki Kagaku Kogyo KK		10,000		34,902
Denso Corp.		115,400		3,929,252
Dentsu, Inc.		4,183		123,744
East Japan Railway Co.		14,205		891,848
Eisai Co., Ltd.		5,800		254,643
Electric Power Development Co., Ltd.		2,700		70,810
FamilyMart Co., Ltd.		1,300		59,523
FANUC Corp.		24,400		4,008,853
Fast Retailing Co., Ltd.		1,200		240,897
Fuji Electric Co., Ltd.		13,000		31,751
Fuji Heavy Industries Ltd.		13,000		104,935
Fujifilm Holdings Corp.		10,600		200,397
Fujitsu Ltd.		43,000		206,043
Fukuoka Financial Group, Inc.		18,000		70,336
Furukawa Electric Co., Ltd.		14,000		33,171
Gree, Inc.		2,100		42,200
GS Yuasa Corp.		8,000		36,566
Gunma Bank Ltd.		9,000		42,573
Hachijuni Bank Ltd.		10,000		52,027
Hakuhodo DY Holdings, Inc.		500		33,106
Hamamatsu Photonics KK		1,600		54,179
Hankyu Hanshin Holdings, Inc.		26,000		131,295
Hino Motors Ltd.		6,000		43,360
Hirose Electric Co., Ltd.		700		69,211
Hisamitsu Pharmaceutical Co., Inc.		1,400		68,954
Hitachi Chemical Co., Ltd.		2,400		37,610
Hitachi Construction Machinery Co., Ltd.		2,400		45,182
Hitachi High-Technologies Corp.		1,400		34,500
Hitachi Ltd.		583,000		3,585,521
Hitachi Metals Ltd.		4,000		47,655
Hokkaido Electric Power Co., Inc.		4,200		54,284
Hokuriku Electric Power Co.		3,900		60,696
Honda Motor Co., Ltd.		161,700		5,632,760

Hoya Corp.		66,900	$	1,474,064
Ibiden Co., Ltd.		2,700		48,761
Idemitsu Kosan Co., Ltd.		500		44,712
IHI Corp.		30,000		64,027
INPEX Corp.		50		280,316
Isetan Mitsukoshi Holdings Ltd.		8,200		86,982
Isuzu Motors Ltd.		27,000		144,350
ITOCHU Corp.		34,500		362,031
ITOCHU Techno-Solutions Corp.		600		29,027
Iyo Bank Ltd.		6,000		47,885
J. Front Retailing Co., Ltd.		11,000		55,267
Japan Petroleum Exploration Co.		700		26,652
Japan Prime Realty Investment Corp. (REIT)		16		45,071
Japan Real Estate Investment Corp. (REIT)		12		110,324
Japan Retail Fund Investment Corp. (REIT)		43		68,183
Japan Steel Works Ltd.		7,000		38,633
Japan Tobacco, Inc.		54,600		1,617,992
JFE Holdings, Inc.		10,600		177,243
JGC Corp.		5,000		144,716
Joyo Bank Ltd.		15,000		68,291
JS Group Corp.		6,100		129,048
JSR Corp.		4,100		71,127
JTEKT Corp.		4,900		50,612
Jupiter Telecommunications Co., Ltd.		48		48,999
JX Holdings, Inc.		51,444		264,267
Kajima Corp.		19,000		55,748
Kamigumi Co., Ltd.		5,000		39,909
Kaneka Corp.		6,000		33,196
Kansai Electric Power Co., Inc.		17,200		206,050
Kansai Paint Co., Ltd.		5,000		53,541
Kao Corp.		12,100		333,718
Kawasaki Heavy Industries Ltd.		33,000		90,289
Kawasaki Kisen Kaisha Ltd.*		15,000		29,691
KDDI Corp.		62		399,921
Keikyu Corp.		11,000		100,089
Keio Corp.		13,000		94,249
Keisei Electric Railway Co., Ltd.		6,000		50,665
Keyence Corp.		1,030		254,738
Kikkoman Corp.		4,000		49,467
Kinden Corp.		3,000		19,696
Kintetsu Corp.		37,000		147,540
Kirin Holdings Co., Ltd.		20,000		235,715
Kobe Steel Ltd.		57,000		68,471
Koito Manufacturing Co., Ltd.		2,000		28,009
Komatsu Ltd.		54,300		1,301,461
Konami Corp.		2,300		52,239
Konica Minolta Holdings, Inc.		11,000		86,688
Kubota Corp.		107,000		987,476
Kuraray Co., Ltd.		7,900		102,262
Kurita Water Industries Ltd.		2,600		60,116
Kyocera Corp.		3,500		302,215
Kyowa Hakko Kirin Co., Ltd.		6,000		61,646
Kyushu Electric Power Co., Inc.		9,800		116,257
Lawson, Inc.		1,400		97,948
Mabuchi Motor Co., Ltd.		500		19,925
Makita Corp.		19,200		675,044
Marubeni Corp.		227,000		1,510,854
Marui Group Co., Ltd.		4,900		37,397

See Notes to Financial Statements.

103

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Maruichi Steel Tube Ltd.		1,200	$	25,817
Mazda Motor Corp.*		60,000		81,442
McDonald’s Holdings Co. Japan Ltd.		1,500		42,205
Medipal Holdings Corp.		3,400		48,108
MEIJI Holdings Co., Ltd.		1,382		63,442
Miraca Holdings, Inc.		1,200		49,896
Mitsubishi Chemical Holdings Corp.		31,000		136,527
Mitsubishi Corp.		78,800		1,591,256
Mitsubishi Electric Corp.		44,000		366,720
Mitsubishi Estate Co., Ltd.		29,000		520,235
Mitsubishi Gas Chemical Co., Inc.		9,000		51,151
Mitsubishi Heavy Industries Ltd.		70,000		284,237
Mitsubishi Logistics Corp.		3,000		31,663
Mitsubishi Materials Corp.		26,000		75,273
Mitsubishi Motors Corp.*		89,000		89,556
Mitsubishi Tanabe Pharma Corp.		5,200		74,718
Mitsubishi UFJ Financial Group, Inc.		291,600		1,395,537
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,340		55,828
Mitsui & Co., Ltd.		39,800		590,502
Mitsui Chemicals, Inc.		19,000		47,611
Mitsui Fudosan Co., Ltd.		19,000		368,577
Mitsui O.S.K. Lines Ltd.		25,000		90,052
Mizuho Financial Group, Inc.		522,550		884,590
MS&AD Insurance Group Holdings, Inc.		11,638		203,705
Murata Manufacturing Co., Ltd.		16,200		849,824
Nabtesco Corp.		2,200		48,914
Namco Bandai Holdings, Inc.		4,100		56,356
NEC Corp.*		60,000		93,128
Nexon Co., Ltd.*		2,400		46,952
NGK Insulators Ltd.		6,000		66,223
NGK Spark Plug Co., Ltd.		4,000		52,812
NHK Spring Co., Ltd.		3,700		39,840
Nidec Corp.		12,100		917,598
Nikon Corp.		7,800		236,959
Nintendo Co., Ltd.		2,400		280,042
Nippon Building Fund, Inc. (REIT)		14		135,562
Nippon Electric Glass Co., Ltd.		9,000		53,529
Nippon Express Co., Ltd.		20,000		82,562
Nippon Meat Packers, Inc.		4,000		52,972
Nippon Paper Group, Inc.		2,368		37,592
Nippon Steel Corp.		969,000		2,195,727
Nippon Telegraph & Telephone Corp.		9,992		464,250
Nippon Yusen KK		37,000		98,264
Nishi-Nippon City Bank Ltd.		16,000		38,989
Nissan Motor Co., Ltd.		56,900		538,883
Nisshin Seifun Group, Inc.		4,500		52,676
Nisshin Steel Co., Ltd.		15,000		21,060
Nissin Foods Holdings Co., Ltd.		1,300		49,531
Nitori Holdings Co., Ltd.		800		75,754
Nitto Denko Corp.		3,800		162,071
NKSJ Holdings, Inc.		8,523		181,655
NOK Corp.		2,300		48,978
Nomura Holdings, Inc.		83,200		310,714
Nomura Real Estate Holdings, Inc.		2,100		38,451

Nomura Real Estate Office Fund, Inc. (REIT)		6	$	33,877
Nomura Research Institute Ltd.		2,300		50,693
NSK Ltd.		10,000		64,559
NTN Corp.		10,000		31,403
NTT Data Corp.		29		89,047
NTT DoCoMo, Inc.		350		582,462
NTT Urban Development Corp.		29		23,433
Obayashi Corp.		15,000		65,728
Odakyu Electric Railway Co., Ltd.		14,000		139,289
OJI Paper Co., Ltd.		18,000		69,118
Olympus Corp.*		5,000		81,094
Omron Corp.		29,400		620,764
Ono Pharmaceutical Co., Ltd.		1,900		119,508
Oracle Corp. Japan		900		38,735
Oriental Land Co., Ltd.		1,100		125,803
ORIX Corp.		2,400		223,388
Osaka Gas Co., Ltd.		43,000		180,238
Otsuka Corp.		300		25,737
Otsuka Holdings Co., Ltd.		8,300		254,315
Panasonic Corp.		50,600		411,559
Rakuten, Inc.		246,700		2,554,779
Resona Holdings, Inc.		43,257		178,538
Ricoh Co., Ltd.		15,000		126,626
Rinnai Corp.		700		48,228
Rohm Co., Ltd.		2,200		84,623
Sankyo Co., Ltd.		1,100		53,669
Sanrio Co., Ltd.		1,000		36,448
Santen Pharmaceutical Co., Ltd.		1,700		69,721
SBI Holdings, Inc.		533		39,527
Secom Co., Ltd.		74,900		3,438,136
Sega Sammy Holdings, Inc.		4,600		93,558
Seiko Epson Corp.		2,800		28,382
Sekisui Chemical Co., Ltd.		10,000		93,122
Sekisui House Ltd.		12,000		113,256
Seven & I Holdings Co., Ltd.		17,300		521,272
Seven Bank Ltd.		11,300		28,997
Sharp Corp.		23,000		116,754
Shikoku Electric Power Co., Inc.		3,900		82,813
Shimadzu Corp.		5,000		43,145
Shimamura Co., Ltd.		500		57,836
Shimano, Inc.		1,700		111,197
Shimizu Corp.		13,000		45,122
Shin-Etsu Chemical Co., Ltd.		23,800		1,309,394
Shinsei Bank Ltd.		35,000		42,466
Shionogi & Co., Ltd.		6,900		93,830
Shiseido Co., Ltd.		8,300		130,853
Shizuoka Bank Ltd.		13,000		133,676
Showa Denko KK		33,000		64,133
Showa Shell Sekiyu KK		4,400		26,947
SMC Corp.		5,900		1,021,142
Softbank Corp.		20,300		754,736
Sojitz Corp.		28,800		47,653
Sony Corp.		23,000		327,304
Sony Financial Holdings, Inc.		4,000		65,430
Square Enix Holdings Co., Ltd.		1,400		22,075
Stanley Electric Co., Ltd.		3,100		47,852
Sumco Corp.*		2,700		24,503
Sumitomo Chemical Co., Ltd.		34,000		104,561
Sumitomo Corp.		77,400		1,082,865
Sumitomo Electric Industries Ltd.		17,300		215,089

See Notes to Financial Statements.

104

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Sumitomo Heavy Industries Ltd.		13,000	$	58,371
Sumitomo Metal Industries Ltd.		77,000		126,753
Sumitomo Metal Mining Co., Ltd.		12,000		135,065
Sumitomo Mitsui Financial Group, Inc.		30,784		1,015,529
Sumitomo Mitsui Trust Holdings, Inc.		71,070		212,321
Sumitomo Realty & Development Co., Ltd.		64,000		1,574,708
Sumitomo Rubber Industries Ltd.		3,700		48,205
Suruga Bank Ltd.		4,000		40,968
Suzuken Co., Ltd.		1,600		53,965
Suzuki Motor Corp.		8,400		172,182
Sysmex Corp.		1,700		67,185
T&D Holdings, Inc.		13,300		141,850
Taiheiyo Cement Corp.		25,000		57,364
Taisei Corp.		23,000		61,615
Taisho Pharmaceutical Holdings Co., Ltd.		800		67,631
Taiyo Nippon Sanso Corp.		6,000		35,054
Takashimaya Co., Ltd.		6,000		46,068
Takeda Pharmaceutical Co., Ltd.		18,100		821,367
TDK Corp.		2,800		113,649
Teijin Ltd.		21,000		63,894
Terumo Corp.		3,500		143,792
THK Co., Ltd.		2,700		51,144
Tobu Railway Co., Ltd.		23,000		121,154
Toho Co., Ltd.		2,700		46,638
Toho Gas Co., Ltd.		9,000		55,897
Tohoku Electric Power Co., Inc.*		10,400		104,487
Tokio Marine Holdings, Inc.		16,600		417,388
Tokyo Electric Power Co., Inc.*		33,200		64,170
Tokyo Electron Ltd.		3,900		182,389
Tokyo Gas Co., Ltd.		56,000		285,996
Tokyu Corp.		26,000		122,381
Tokyu Land Corp.		9,000		44,677
TonenGeneral Sekiyu KK		6,000		53,257
Toppan Printing Co., Ltd.		13,000		86,907
Toray Industries, Inc.		34,000		231,889
Toshiba Corp.		92,000		349,169
Tosoh Corp.		12,000		32,586
TOTO Ltd.		6,000		44,807
Toyo Seikan Kaisha Ltd.		3,500		42,406
Toyo Suisan Kaisha Ltd.		2,000		53,389
Toyoda Gosei Co., Ltd.		1,400		32,187
Toyota Boshoku Corp.		1,400		16,990
Toyota Industries Corp.		3,700		105,711
Toyota Motor Corp.		95,100		3,833,061
Toyota Tsusho Corp.		4,900		93,462
Trend Micro, Inc.		2,400		70,858
Tsumura & Co.		1,300		34,400
Ube Industries Ltd.		23,000		53,382
Unicharm Corp.		2,600		148,114
Ushio, Inc.		2,200		27,201
USS Co., Ltd.		500		54,009
West Japan Railway Co.		3,900		160,635
Yahoo! Japan Corp.		1,516		490,619
Yakult Honsha Co., Ltd.		2,200		86,129
Yamada Denki Co., Ltd.		2,000		102,081
Yamaguchi Financial Group, Inc.		5,000		44,072
Yamaha Corp.		3,600		37,045
Yamaha Motor Co., Ltd.		6,400		61,058

Yamato Holdings Co., Ltd.		8,600	$	138,465
Yamato Kogyo Co., Ltd.		900		25,078
Yamazaki Baking Co., Ltd.		3,000		39,283
Yaskawa Electric Corp.		5,000		37,945
Yokogawa Electric Corp.		4,600		47,480

				87,820,243

Luxembourg (0.5%)
ArcelorMittal S.A.		21,453		331,408
Millicom International Cellular S.A. (SDR)		34,266		3,232,923
SES S.A. (FDR)		6,489		153,447
Tenaris S.A.		10,822		189,212

				3,906,990

Macau (0.1%)
Sands China Ltd.		199,733		639,815
Wynn Macau Ltd.		35,600		83,710

				723,525

Mexico (0.3%)
America Movil S.A.B. de C.V. (ADR)		18,078		471,113
Fresnillo plc		4,115		94,439
Wal-Mart de Mexico S.A.B. de C.V.		469,600		1,256,402

				1,821,954

Netherlands (4.6%)
Aegon N.V.		39,394		183,501
Akzo Nobel N.V.		12,001		564,527
ASML Holding N.V.		49,320		2,513,216
Core Laboratories N.V.		49,500		5,737,050
Corio N.V. (REIT)		1,484		65,365
D.E Master Blenders 1753 N.V.*		13,679		154,239
Delta Lloyd N.V.		2,178		30,243
European Aeronautic Defence and Space Co. N.V.		9,405		333,526
Fugro N.V. (CVA)		1,588		96,494
Gemalto N.V.		1,780		128,011
Heineken Holding N.V.		2,313		103,525
Heineken N.V.		5,278		275,695
ING Groep N.V. (CVA)*		208,927		1,409,595
Koninklijke (Royal) KPN N.V.		153,091		1,465,910
Koninklijke Ahold N.V.		23,958		296,873
Koninklijke Boskalis Westminster N.V.		1,550		51,152
Koninklijke DSM N.V.		3,534		174,358
Koninklijke Philips Electronics N.V.		23,155		457,858
Koninklijke Vopak N.V.		1,613		103,436
LyondellBasell Industries N.V., Class A		71,924		2,896,380
QIAGEN N.V.*		5,375		89,754
Randstad Holding N.V.		2,747		81,124
Reed Elsevier N.V.		15,767		180,364
Royal Dutch Shell plc (BATS Europe Exchange), Class A		146,627		4,954,828
Royal Dutch Shell plc (Euro Comp Exchange), Class A		83,978		2,828,903
Royal Dutch Shell plc, Class B		60,925		2,126,294
SBM Offshore N.V.*		3,940		54,681

See Notes to Financial Statements.

105

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Sensata Technologies Holding N.V.*		43,463	$	1,163,939
TNT Express N.V.		7,481		87,512
Unilever N.V. (CVA)		37,294		1,248,246
Wolters Kluwer N.V.		6,920		110,163
Yandex N.V., Class A*		70,186		1,337,043
Ziggo N.V.*		52,603		1,681,789

				32,985,594

New Zealand (0.0%)
Auckland International Airport Ltd.		20,107		39,450
Contact Energy Ltd.*		7,698		29,804
Fletcher Building Ltd.		15,631		73,931
SKYCITY Entertainment Group Ltd.		13,294		36,297
Telecom Corp. of New Zealand Ltd.		44,192		84,863

				264,345

Norway (1.4%)
Aker Solutions ASA		3,613		51,443
DNB ASA		338,594		3,368,418
Gjensidige Forsikring ASA		4,387		51,040
Norsk Hydro ASA		478,565		2,159,872
Orkla ASA		17,698		128,460
Statoil ASA		25,555		611,072
Statoil ASA (ADR)		131,100		3,128,046
Telenor ASA		16,580		276,514
Yara International ASA		4,286		187,699

				9,962,564

Portugal (0.1%)
Banco Espirito Santo S.A. (Registered)*		49,610		33,878
EDP - Energias de Portugal S.A.		43,798		103,468
Galp Energia SGPS S.A., Class B		5,314		67,400
Jeronimo Martins SGPS S.A.		5,055		85,301
Portugal Telecom SGPS S.A. (Registered)		14,424		63,395

				353,442

Singapore (0.6%)
Ascendas Real Estate Investment Trust (REIT)		42,000		71,709
CapitaLand Ltd.		59,000		127,364
CapitaMall Trust (REIT)		54,000		81,799
CapitaMalls Asia Ltd.		31,032		38,699
City Developments Ltd.		11,000		98,306
ComfortDelGro Corp., Ltd.		43,000		52,691
Cosco Corp., (Singapore) Ltd.		23,000		18,052
DBS Group Holdings Ltd.		42,000		463,596
Fraser and Neave Ltd.		21,000		117,031
Genting Singapore plc		139,677		156,752
Global Logistic Properties Ltd.*		46,000		76,633
Golden Agri-Resources Ltd.		153,576		82,099
Hutchison Port Holdings Trust, Class U		120,000		85,785
Jardine Cycle & Carriage Ltd.		2,000		73,791
Keppel Corp., Ltd.		32,800		268,766
Keppel Land Ltd.		16,000		41,124
Neptune Orient Lines Ltd.*		19,000		16,771

Olam International Ltd.		36,962	$	53,787
Oversea-Chinese Banking Corp., Ltd.		59,525		415,835
SembCorp Industries Ltd.		23,000		94,031
SembCorp Marine Ltd.		19,000		72,547
Singapore Airlines Ltd.		12,000		98,649
Singapore Exchange Ltd.		20,000		100,401
Singapore Press Holdings Ltd.		37,000		114,250
Singapore Technologies Engineering Ltd.		35,000		86,371
Singapore Telecommunications Ltd.		183,000		478,515
StarHub Ltd.		14,000		37,960
United Overseas Bank Ltd.		29,000		430,956
UOL Group Ltd.		11,000		43,123
Wilmar International Ltd.		44,000		126,493

				4,023,886

South Korea (1.4%)
Hanjin Shipping Co., Ltd.*		61,600		800,105
Hyundai Mobis		12,518		3,030,298
POSCO		6,600		2,107,450
Samsung Electronics Co., Ltd.		3,722		3,946,150

				9,884,003

Spain (1.3%)
Abertis Infraestructuras S.A.*		8,010		108,455
Abertis Infraestructuras S.A.*†		400		5,416
Acciona S.A.		513		30,633
Acerinox S.A.		2,131		23,940
ACS Actividades de Construccion y Servicios S.A.		3,255		69,779
Amadeus IT Holding S.A., Class A		7,184		152,136
Banco Bilbao Vizcaya Argentaria S.A.		185,094		1,334,039
Banco de Sabadell S.A.		49,338		96,300
Banco Popular Espanol S.A.		24,630		55,839
Banco Santander S.A.		214,314		1,431,358
Bankia S.A.*		18,011		21,158
CaixaBank		17,669		57,794
Distribuidora Internacional de Alimentacion S.A.*		14,047		66,021
Enagas S.A.		4,113		75,055
Ferrovial S.A.		9,258		104,385
Gas Natural SDG S.A.		7,965		102,317
Grifols S.A.*		3,424		86,849
Iberdrola S.A.		88,924		421,046
Inditex S.A.		30,754		3,180,877
Mapfre S.A.		17,733		36,147
Red Electrica Corporacion S.A.		2,483		108,283
Repsol YPF S.A.		18,179		292,286
Telefonica S.A.		94,040		1,240,673
Zardoya Otis S.A.*		3,380		37,612
Zardoya Otis S.A.*†		169		1,880

				9,140,278

Sweden (1.8%)
Alfa Laval AB		7,694		132,210
Assa Abloy AB, Class B		7,599		212,491
Atlas Copco AB, Class A		55,081		1,189,273
Atlas Copco AB, Class B		8,944		171,008
Boliden AB		6,278		87,818
Electrolux AB		5,518		110,173

See Notes to Financial Statements.

106

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Elekta AB, Class B		21,828	$	995,442
Getinge AB, Class B		167,090		4,140,625
Hennes & Mauritz AB, Class B		21,740		781,615
Hexagon AB, Class B		5,433		93,690
Holmen AB, Class B		1,128		30,708
Husqvarna AB, Class B		9,265		43,860
Industrivarden AB, Class C		2,528		32,633
Investment AB Kinnevik, Class B		4,721		94,821
Investor AB, Class B		10,439		199,718
Lundin Petroleum AB*		5,106		95,789
Modern Times Group AB, Class B		1,051		48,776
Nordea Bank AB		60,246		521,579
Ratos AB, Class B		4,410		41,945
Sandvik AB		22,987		295,940
Scania AB, Class B		7,339		126,017
Securitas AB, Class B		7,198		55,996
Skandinaviska Enskilda Banken AB, Class A		32,327		210,722
Skanska AB, Class B		8,714		133,645
SKF AB, Class B		8,983		177,718
SSAB AB, Class A		3,325		27,669
Svenska Cellulosa AB, Class B		13,260		199,144
Svenska Handelsbanken AB, Class A		11,226		370,057
Swedbank AB, Class A		18,795		297,219
Swedish Match AB		4,882		197,027
Tele2 AB, Class B		7,290		112,984
Telefonaktiebolaget LM Ericsson, Class B		68,959		629,245
TeliaSonera AB		49,595		317,278
Volvo AB, Class B		31,875		365,149

				12,539,984

Switzerland (6.9%)
ABB Ltd. (Registered)*		92,208		1,504,855
Actelion Ltd. (Registered)*		2,544		104,487
Adecco S.A. (Registered)*		3,038		135,196
Aryzta AG*		2,001		99,441
Baloise Holding AG (Registered)		1,091		72,023
Banque Cantonale Vaudoise (Registered)		65		34,479
Barry Callebaut AG (Registered)*		42		38,154
Cie Financiere Richemont S.A., Class A		11,952		655,932
Credit Suisse Group AG (Registered)*		58,900		1,076,031
Credit Suisse Group AG (ADR)		79,500		1,457,235
GAM Holding AG*		4,291		47,771
Geberit AG (Registered)*		868		171,216
Givaudan S.A. (Registered)*		190		186,614
Glencore International plc		31,734		147,428
Holcim Ltd. (Registered)*		15,561		862,109
Julius Baer Group Ltd.*		77,486		2,805,482
Kuehne + Nagel International AG (Registered)		1,238		131,036
Lindt & Spruengli AG*		21		64,913
Lindt & Spruengli AG (Registered)*		2		73,476
Lonza Group AG (Registered)*		1,153		48,012
Nestle S.A. (Registered)		163,879		9,775,615

Novartis AG (Registered)		74,212	$	4,139,541
Novartis AG (ADR)		46,600		2,604,940
Pargesa Holding S.A.		623		37,123
Partners Group Holding AG		307		54,579
Roche Holding AG		57,617		9,946,275
Schindler Holding AG		1,115		124,690
Schindler Holding AG (Registered)		495		55,817
SGS S.A. (Registered)		454		850,701
Sika AG		49		94,371
Sonova Holding AG (Registered)*		1,127		108,751
STMicroelectronics N.V.		14,635		80,486
Straumann Holding AG (Registered)		199		29,227
Sulzer AG (Registered)		551		65,322
Swatch Group AG		5,240		2,073,261
Swatch Group AG (Registered)		997		69,365
Swiss Life Holding AG (Registered)*		700		66,055
Swiss Prime Site AG (Registered)*		1,094		91,310
Swiss Reinsurance AG*		8,065		506,666
Swisscom AG (Registered)		534		214,668
Syngenta AG (Registered)		2,166		739,436
Transocean Ltd. (BATS Europe Exchange)		8,026		360,742
Transocean Ltd. (New York Exchange)		41,900		1,874,187
UBS AG (Registered)*		83,323		974,412
Wolseley plc		6,531		244,013
Xstrata plc		208,631		2,633,344
Zurich Insurance Group AG*		7,929		1,788,938

				49,319,725

Taiwan (0.9%)
Advanced Semiconductor Engineering, Inc. (ADR)		761,300		3,098,491
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)*		229,206		3,199,716

				6,298,207

United Kingdom (14.2%)
3i Group plc		22,313		69,076
Aberdeen Asset Management plc		19,084		77,722
Admiral Group plc		4,662		87,198
Aggreko plc		6,121		199,111
AMEC plc		7,600		119,952
Anglo American plc		30,379		996,734
Antofagasta plc		9,040		155,149
ARM Holdings plc		251,796		2,005,152
ARM Holdings plc (ADR)		259,600		6,175,884
Associated British Foods plc		8,167		164,325
AstraZeneca plc		29,227		1,306,415
Aviva plc		207,670		888,927
Babcock International Group plc		8,238		110,232
BAE Systems plc		74,149		335,552
Balfour Beatty plc		15,787		73,949
Barclays plc		489,881		1,253,994
BG Group plc		168,233		3,443,362
BHP Billiton plc		48,352		1,380,760

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

BP plc		434,445	$	2,910,851
British American Tobacco plc		72,538		3,692,060
British Land Co. plc (REIT)		19,605		157,050
British Sky Broadcasting Group plc		282,189		3,079,828
BT Group plc		178,184		590,666
Bunzl plc		7,585		124,256
Burberry Group plc		47,183		984,199
Capita plc		14,989		154,127
Capital Shopping Centres Group plc (REIT)		12,847		64,973
Carnival plc		4,153		142,117
Centrica plc		296,082		1,476,021
Cobham plc		24,755		90,159
Compass Group plc		43,362		454,834
Croda International plc		3,035		107,763
Diageo plc		218,095		5,610,551
Eurasian Natural Resources Corp.		5,928		38,686
Evraz plc		7,225		29,569
G4S plc		32,343		141,444
GKN plc		35,631		101,455
GlaxoSmithKline plc		166,884		3,784,234
Hammerson plc (REIT)		16,319		113,757
HSBC Holdings plc (Hong Kong Exchange)		219,033		1,963,630
HSBC Holdings plc (London Exchange)		632,242		5,574,756
ICAP plc		80,045		423,779
IMI plc		7,198		93,945
Imperial Tobacco Group plc		50,783		1,953,980
Inmarsat plc		10,297		79,207
InterContinental Hotels Group plc		57,331		1,385,549
International Consolidated Airlines Group S.A.*		21,340		53,629
International Power plc†		35,021		229,053
Intertek Group plc		3,672		154,325
Invensys plc		18,668		65,163
Investec plc		12,370		72,212
ITV plc		84,758		102,314
J Sainsbury plc		27,990		132,577
Johnson Matthey plc		4,921		170,629
Kazakhmys plc		4,869		55,429
Kingfisher plc		54,281		245,432
Land Securities Group plc (REIT)		17,857		207,093
Legal & General Group plc		134,554		269,793
Lloyds Banking Group plc*		946,477		465,544
London Stock Exchange Group plc		4,049		63,786
Lonmin plc		3,731		45,544
Man Group plc		159,648		190,879
Marks & Spencer Group plc		154,247		788,555
Meggitt plc		124,884		757,336
National Grid plc		81,634		864,065
Next plc		28,364		1,422,272
Old Mutual plc		111,505		265,376
Pearson plc		18,690		371,204
Petrofac Ltd.		5,946		129,989
Prudential plc		227,856		2,640,026
Randgold Resources Ltd.		1,997		179,703
Reckitt Benckiser Group plc		15,100		796,399
Reed Elsevier plc		27,893		223,771
Resolution Ltd.		31,575		97,007
Rexam plc		20,112		133,050
Rio Tinto plc		46,667		2,228,783

Rio Tinto plc (ADR)		85,800	$	4,102,098
Rolls-Royce Holdings plc*		141,919		1,914,615
Rolls-Royce Holdings plc (Preference)*†(b)		17,968,378		28,141
Royal Bank of Scotland Group plc*		47,563		161,240
RSA Insurance Group plc		80,980		137,278
SABMiller plc		21,867		878,339
Sage Group plc		29,927		130,036
Schroders plc		2,599		54,710
Segro plc (REIT)		17,045		58,103
Serco Group plc		11,426		96,072
Severn Trent plc		5,448		141,104
Smith & Nephew plc		20,531		205,522
Smiths Group plc		9,001		143,269
SSE plc		21,491		468,541
Standard Chartered plc		277,810		6,056,488
Standard Life plc		53,949		197,849
Subsea 7 S.A.		6,453		128,105
Tate & Lyle plc		10,703		108,761
Tesco plc		365,638		1,777,313
TUI Travel plc		10,326		27,555
Tullow Oil plc		154,400		3,564,207
Unilever plc		150,884		5,071,083
United Utilities Group plc		15,629		165,364
Vedanta Resources plc		2,449		35,279
Vodafone Group plc		1,865,233		5,240,623
Weir Group plc		4,847		116,904
Whitbread plc		72,855		2,324,878
WM Morrison Supermarkets plc		54,557		227,694

				101,149,049

United States (1.0%)
Carnival Corp.		67,700		2,320,079
Perrigo Co.		18,616		2,195,385
Sims Metal Management Ltd.		3,578		35,440
Wynn Resorts Ltd.		23,219		2,408,275

				6,959,179

Total Common Stocks (76.6%) (Cost $513,214,206)				546,523,821

INVESTMENT COMPANIES:
*Exchange Traded Funds (ETFs) (0.9%)*
iShares MSCI EAFE Index Fund		82,100		4,101,716
iShares MSCI United Kingdom Index Fund		149,500		2,435,355

Total Investment Companies (0.9%) (Cost $6,671,747)				6,537,071

	Number of Warrants		Value (Note 1)
WARRANT:
Singapore (0.0%)
Golden Agri-Resources Ltd., expiring 7/23/12* (Cost $—)		155		15

Total Investments (77.5%) (Cost $519,885,953)				553,060,907
Other Assets Less Liabilities (22.5%)				160,924,193

Net Assets (100%)			$	713,985,100

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

*	Non-income producing.

†	Securities (totaling $264,693 or 0.0% of net assets) at fair value by management.

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

(b)

Illiquid Security.

Glossary:

ADR

— American Depositary Receipt

CDI

— Chess Depositary Interest

CVA

— Dutch Certification

FDR

— Finnish Depositary Receipt

REIT

— Real Estate Investment Trust

RNC

— Risparmio Non-Convertible Savings Shares

SDR

— Swedish Certification

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
AXA S.A.	$	723,088	$	—	$	300,232	$	541,873	$	42,697	$	(130,242	)

At June 30, 2012, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date	Original Value		Value at 6/30/2012		Unrealized Appreciation/ (Depreciation)
DJ EURO Stoxx 50 Index		2,054	September-12	$	55,575,068	$	58,615,048	$	3,039,980
E-Mini MSCI EAFE Index		1	September-12		67,243		71,190		3,947
FTSE 100 Index		402	September-12		34,046,108		34,772,382		726,274
SPI 200 Index		135	September-12		14,106,858		14,014,145		(92,713	)
TOPIX Index		365	September-12		31,936,459		35,114,155		3,177,696

								$	6,855,184

At June 30, 2012 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Buy Currency vs. Sell Currency	Counterparty	Local Contract Buy Amount (000’s)		Local Contract Sell Amount (000’s)		U.S. $ Buy Value		U.S. $ Sell Value		Unrealized Appreciation
European Union Euro vs. U.S. Dollar, expiring 9/14/12	HSBC Bank plc		9,000		11,286	$	11,397,675	$	11,285,820	$	111,855

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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, 2012:

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	$	5,555,467		$	64,562,682	$	—	$	70,118,149
Consumer Staples		1,256,402			52,701,790		—		53,958,192
Energy		12,740,413			38,717,797		203		51,458,413
Financials		16,395,974			90,831,144		—		107,227,118
Health Care		15,759,458			49,398,562		—		65,158,020
Industrials		3,451,565			57,023,421		35,437		60,510,423
Information Technology		24,559,998			28,071,190		—		52,631,188
Materials		10,877,298			38,755,806		—		49,633,104
Telecommunication Services		2,379,380			22,982,868		—		25,362,248
Utilities		—			10,237,913		229,053		10,466,966
Forward Currency Contracts		—			111,855		—		111,855
Futures		6,947,897			—		—		6,947,897
Investment Companies
Exchange Traded Funds (ETFs)		6,537,071			—		—		6,537,071
Warrants
Consumer Staples		—			15		—		15

Total Assets	$	106,460,923		$	453,395,043	$	264,693	$	560,120,659


Liabilities:
Futures	$	(92,713	)	$	—	$	—	$	(92,713	)

Total Liabilities	$	(92,713	)	$	—	$	—	$	(92,713	)

Total	$	106,368,210		$	453,395,043	$	264,693	$	560,027,946

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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††		Investments in Securities-Industrials			Investments in Securities-Utilities

Balance as of 12/31/11	$	—	$	—	$	35,541		$	—
Total gains or losses (realized/unrealized) included in earnings		203		—		35,372			63,983
Purchases		—		—		—			—
Sales		—		—		(35,476	)		(102,034	)
Issuances		—		—		—			—
Settlements		—		—		—			—
Transfers into Level 3		—		—		—			267,104
Transfers out of Level 3		—		—		—			—
Balance as of 6/30/12	$	203	$	—	$	35,437		$	229,053

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/12.	$	203	$	—	$	35,437		$	43,716

†	Security received through corporate action with $0 cost.

††	Security represents level 3 investments with $0 Cost and Market Value.

Fair Values of Derivative Instruments as of June 30, 2012:


	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		111,855
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		6,947,897	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	7,059,752


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(92,713	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(92,713	)

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2012:


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		—		—		(557,143	)		—		(557,143	)
Credit contracts .		—		—		—			—		—
Equity contracts		—		403,434		—			—		403,434
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	—	$	403,434	$	(557,143	)	$	—	$	(153,709	)


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		—		—		362,506		—		362,506
Credit contracts .		—		—		—		—		—
Equity contracts		—		6,247,359		—		—		6,247,359
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	6,247,359	$	362,506	$	—	$	6,609,865

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $51,310,000 and futures contracts with an average notional balance of approximately $70,067,000 for the six months ended June 30, 2012.

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

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	68,012,410
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	188,453,795

As of June 30, 2012, 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	$	81,180,422
Aggregate gross unrealized depreciation		(54,389,864	)

Net unrealized appreciation	$	26,790,558

Federal income tax cost of investments	$	526,270,349

The Portfolio has a net capital loss carryforward of $1,098,833,388 of which $127,078,780 expires in the year 2016 and $971,754,608 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $814,656)	$	541,873
Unaffiliated Issuers (Cost $519,071,297)		552,519,034
Cash		18,377,906
Cash held as collateral at broker		9,331,000
Foreign cash (Cost $126,890,733)		126,794,922
Due from broker for futures variation margin		4,395,793
Dividends, interest and other receivables		2,535,753
Receivable for securities sold		1,991,992
Unrealized appreciation on forward foreign currency contracts		111,855
Receivable from Separate Accounts for Trust shares sold		97,894
Other assets		4,969

Total assets		716,702,991

LIABILITIES
Payable for securities purchased		1,444,538
Investment management fees payable		481,672
Payable to Separate Accounts for Trust shares redeemed		358,299
Administrative fees payable		101,164
Distribution fees payable - Class B		83,645
Accrued India taxes		65,032
Trustees’ fees payable		32,994
Distribution fees payable - Class A		2,177
Accrued expenses		148,370

Total liabilities		2,717,891

NET ASSETS	$	713,985,100

Net assets were comprised of:
Paid in capital	$	1,832,843,278
Accumulated undistributed net investment income (loss)		8,524,586
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(1,167,355,887	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations (net of India tax of $65,032 on unrealized appreciation on investments)		39,973,123

Net assets	$	713,985,100

Class A
Net asset value, offering and redemption price per share, $11,015,317 / 1,210,520 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.10

Class B
Net asset value, offering and redemption price per share, $422,516,566 / 46,510,773 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.08

Class K
Net asset value, offering and redemption price per share, $280,453,217 / 30,781,766 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.11

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends ($42,697 of dividend income received from affiliates) (net of $1,039,325 foreign withholding tax)	$	12,617,504
Interest		42,797

Total income		12,660,301

EXPENSES
Investment management fees		3,197,437
Administrative fees		581,470
Distribution fees - Class B		551,958
Custodian fees		87,716
Printing and mailing expenses		38,926
Professional fees		31,587
Distribution fees - Class A		14,391
Trustees’ fees		8,582
Miscellaneous		15,679

Total expenses		4,527,746

NET INVESTMENT INCOME (LOSS)		8,132,555

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities ($(130,242) of realized gain (loss) from affiliates)		6,478,114
Futures		403,434
Foreign currency transactions		(1,090,402	)

Net realized gain (loss)		5,791,146

Change in unrealized appreciation (depreciation) on:
Securities (net of India tax of $65,032 on unrealized appreciation on investments) ($119,017 of change in unrealized appreciation (depreciation) from affiliates)		(588,606	)
Futures		6,247,359
Foreign currency translations		1,155,708

Net change in unrealized appreciation (depreciation)		6,814,461

NET REALIZED AND UNREALIZED GAIN (LOSS)		12,605,607

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	20,738,162

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	8,132,555		$	11,844,316
Net realized gain (loss) on investments, futures and foreign currency transactions		5,791,146			(57,281,175	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		6,814,461			(117,711,470	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		20,738,162			(163,148,329	)

DIVIDENDS:
Dividends from net investment income
Class A		—			(1,581,856	)
Class B		—			(8,392,745	)
Class K†		—			(5,247,609	)

TOTAL DIVIDENDS		—			(15,222,210	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 36,400 and 557,214 shares, respectively ]		344,416			6,121,225
Capital shares issued in reinvestment of dividends [ 0 and 168,256 shares, respectively ]		—			1,581,856
Capital shares repurchased [ (102,675) and (37,215,881) shares, respectively ]		(967,252	)		(363,156,211	)(z)

Total Class A transactions		(622,836	)		(355,453,130	)

Class B
Capital shares sold [ 1,835,348 and 3,967,717 shares, respectively ]		17,364,998			40,962,909
Capital shares issued in reinvestment of dividends [ 0 and 952,940 shares, respectively ]		—			8,392,745
Capital shares repurchased [ (3,561,690) and (8,908,058) shares, respectively ]		(33,322,800	)		(94,024,022	)

Total Class B transactions		(15,957,802	)		(44,668,368	)

Class K†
Capital shares sold [ 100,466 and 33,769,411 shares, respectively ]		997,215			324,949,494	(z)
Capital shares issued in reinvestment of dividends [ 0 and 607,550 shares, respectively ]		—			5,247,609
Capital shares repurchased [ (2,845,753) and (849,908) shares, respectively ]		(27,196,431	)		(7,775,868	)

Total Class K transactions		(26,199,216	)		322,421,235

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(42,779,854	)		(77,700,263	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(22,041,692	)		(256,070,802	)
NET ASSETS:
Beginning of period		736,026,792			992,097,594

End of period (a)	$	713,985,100		$	736,026,792

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	8,524,586		$	392,031

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager International Equity Portfolio exchanged approximately 33,666,696 Class A shares for approximately 33,666,696 Class K shares. This exchange amounted to approximately $323,990,549.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.87		$	11.04		$	10.62		$	8.29		$	16.38		$	15.58

Income (loss) from investment operations:
Net investment income (loss)		0.10	(e)		0.20	(e)		0.13	(e)		0.14	(e)		0.28	(e)		0.21	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.13			(2.17	)		0.64			2.37			(7.90	)		1.73

Total from investment operations		0.23			(1.97	)		0.77			2.51			(7.62	)		1.94

Less distributions:
Dividends from net investment income		—			(0.20	)		(0.35	)		(0.18	)		(0.22	)		(0.16	)
Distributions from net realized gains		—			—			—			—			(0.25	)		(0.98	)

Total dividends and distributions		—			(0.20	)		(0.35	)		(0.18	)		(0.47	)		(1.14	)

Net asset value, end of period	$	9.10		$	8.87		$	11.04		$	10.62		$	8.29		$	16.38

Total return (b)		2.59	%		(17.84	)%		7.32	%		30.28	%		(47.13	)%		12.73	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	11,015		$	11,328		$	416,772		$	592,797		$	1,448,943		$	2,193,441
Ratio of expenses to average net assets:
After reimbursements (a)(f)		1.30	%		1.04	%		1.04	%		0.97	%		1.25	%		1.23	%
After reimbursements and fees paid indirectly (a)(f)		1.30	%		1.04	%		1.04	%		0.97	%		1.25	%		1.23	%
Before reimbursements and fees paid indirectly (a)(f)		1.30	%		1.04	%		1.04	%		1.06	%		1.25	%		1.23	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)(f)		2.06	%		1.81	%		1.29	%		1.65	%		2.19	%		1.27	%
After reimbursements and fees paid indirectly (a)(f)		2.06	%		1.81	%		1.29	%		1.65	%		2.19	%		1.27	%
Before reimbursements and fees paid indirectly (a)(f)		2.06	%		1.81	%		1.29	%		1.56	%		2.19	%		1.27	%
Portfolio turnover rate		10	%		55	%		47	%		87	%		56	%		47	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.86		$	11.02		$	10.61		$	8.28		$	16.35		$	15.56

Income (loss) from investment operations:
Net investment income (loss)		0.10	(e)		0.13	(e)		0.11	(e)		0.15	(e)		0.26	(e)		0.17	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.12			(2.11	)		0.62			2.33			(7.88	)		1.72

Total from investment operations		0.22			(1.98	)		0.73			2.48			(7.62	)		1.89

Less distributions:
Dividends from net investment income		—			(0.18	)		(0.32	)		(0.15	)		(0.20	)		(0.12	)
Distributions from net realized gains		—			—			—			—			(0.25	)		(0.98	)

Total dividends and distributions		—			(0.18	)		(0.32	)		(0.15	)		(0.45	)		(1.10	)

Net asset value, end of period	$	9.08		$	8.86		$	11.02		$	10.61		$	8.28		$	16.35

Total return (b)		2.48	%		(17.99	)%		6.95	%		29.99	%		(47.23	)%		12.39	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	422,517		$	427,242		$	575,326		$	594,043		$	467,913		$	905,461
Ratio of expenses to average net assets:
After reimbursements (a)(f)		1.30	%		1.29	%		1.29	%		1.25	%		1.49	%		1.48	%
After reimbursements and fees paid indirectly (a)(f)		1.30	%		1.29	%		1.29	%		1.25	%		1.49	%		1.48	%
Before reimbursements and fees paid indirectly (a)(f)		1.30	%		1.29	%		1.29	%		1.31	%(c)		1.49	%		1.48	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)(f)		2.07	%		1.22	%		1.09	%		1.66	%		1.99	%		1.08	%
After reimbursements and fees paid indirectly (a)(f)		2.07	%		1.22	%		1.09	%		1.66	%		1.99	%		1.08	%
Before reimbursements and fees paid indirectly (a)(f)		2.07	%		1.22	%		1.09	%		1.62	%		1.99	%		1.08	%
Portfolio turnover rate		10	%		55	%		47	%		87	%		56	%		47	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.87		$	9.52

Income (loss) from investment operations:
Net investment income (loss)		0.11	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.13			(0.51	)

Total from investment operations		0.24			(0.49	)

Less distributions:
Dividends from net investment income		—			(0.16	)

Net asset value, end of period	$	9.11		$	8.87

Total return (b)		2.71	%		(5.11	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	280,453		$	297,457
Ratio of expenses to average net assets:
After reimbursements (a)(f)		1.05	%		1.06	%
After reimbursements and fees paid indirectly (a)(f)		1.05	%		1.06	%
Before reimbursements and fees paid indirectly (a)(f)		1.05	%		1.06	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)(f)		2.29	%		0.57	%
After reimbursements and fees paid indirectly (a)(f)		2.29	%		0.57	%
Before reimbursements and fees paid indirectly (a)(f)		2.29	%		0.57	%
Portfolio turnover rate		10	%		55	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds.

See Notes to Financial Statements.

117

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO (Unaudited)


Sector Weightings as of June 30, 2012	% of Net Assets
Information Technology		18.9	%
Consumer Discretionary		14.4
Health Care		11.9
Financials		11.2
Energy		9.1
Industrials		7.1
Consumer Staples		6.2
Telecommunication Services		3.3
Materials		2.7
Utilities		1.9
Cash and Other		13.3

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,071.40		$5.88
Hypothetical (5% average return before expenses)		1,000.00		1,019.19		5.73
Class B
Actual		1,000.00		1,072.40		5.88
Hypothetical (5% average return before expenses)		1,000.00		1,019.19		5.73
Class K
Actual		1,000.00		1,072.40		4.60
Hypothetical (5% average return before expenses)		1,000.00		1,020.43		4.48
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.14%, 1.14% and 0.89%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (14.4%)
*Auto Components (0.5%)*
BorgWarner, Inc.*		1,860	$	121,997
Delphi Automotive plc*		57,569		1,468,010
Goodyear Tire & Rubber Co.*		4,600		54,326
Johnson Controls, Inc.		12,800		354,688
Lear Corp.		12,700		479,171
TRW Automotive Holdings Corp.*		8,700		319,812

				2,798,004

*Automobiles (0.3%)*
Ford Motor Co.		127,110		1,218,985
General Motors Co.*		30,300		597,516
Harley-Davidson, Inc.		4,400		201,212

				2,017,713

*Distributors (0.0%)*
Genuine Parts Co.		3,000		180,750

*Diversified Consumer Services (0.1%)*
Apollo Group, Inc., Class A*		17,300		626,087
DeVry, Inc.		1,200		37,164
H&R Block, Inc.		5,700		91,086

				754,337

*Hotels, Restaurants & Leisure (2.4%)*
Carnival Corp.		8,100		277,587
Chipotle Mexican Grill, Inc.*		598		227,210
Darden Restaurants, Inc.		2,600		131,638
International Game Technology		5,600		88,200
Las Vegas Sands Corp.		44,910		1,953,136
Life Time Fitness, Inc.*		54,820		2,549,678
Marriott International, Inc., Class A		5,310		208,152
McDonald’s Corp.		22,700		2,009,631
MGM Resorts International*		69,000		770,040
Starbucks Corp.		14,200		757,144
Starwood Hotels & Resorts Worldwide, Inc.		3,700		196,248
Vail Resorts, Inc.		31,340		1,569,507
Wyndham Worldwide Corp.		3,200		168,768
Wynn Resorts Ltd.		1,500		155,580
Yum! Brands, Inc.		68,603		4,419,406

				15,481,925

*Household Durables (0.5%)*
D.R. Horton, Inc.		5,300		97,414
Harman International Industries, Inc.		1,300		51,480
Leggett & Platt, Inc.		2,700		57,051
Lennar Corp., Class A		3,000		92,730
Newell Rubbermaid, Inc.		38,100		691,134
NVR, Inc.*		275		233,750
PulteGroup, Inc.*		180,491		1,931,254
Whirlpool Corp.		1,400		85,624

				3,240,437

*Internet & Catalog Retail (0.8%)*
Amazon.com, Inc.*		6,800		1,552,780
Expedia, Inc.		1,850		88,929
Netflix, Inc.*		900		61,623

priceline.com, Inc.*		4,405	$	2,927,211
TripAdvisor, Inc.*		1,850		82,676

				4,713,219

*Leisure Equipment & Products* (*0.1%)*
Hasbro, Inc.		2,500		84,675
Mattel, Inc.		6,500		210,860

				295,535

*Media (3.9%)*
Cablevision Systems Corp. - New York Group, Class A		4,300		57,147
CBS Corp., Class B		200,145		6,560,753
Comcast Corp., Class A		52,300		1,672,031
DIRECTV, Class A*		68,794		3,358,523
Discovery Communications, Inc., Class A*		5,217		281,718
Gannett Co., Inc.		45,000		662,850
Interpublic Group of Cos., Inc.		9,200		99,820
McGraw-Hill Cos., Inc.		15,700		706,500
News Corp., Class A		58,700		1,308,423
Omnicom Group, Inc.		5,300		257,580
Scripps Networks Interactive, Inc., Class A		1,700		96,662
Time Warner Cable, Inc.		53,414		4,385,289
Time Warner, Inc.		20,233		778,971
Viacom, Inc., Class B		55,890		2,627,948
Walt Disney Co.		40,200		1,949,700
Washington Post Co., Class B		100		37,382

				24,841,297

*Multiline Retail (0.4%)*
Big Lots, Inc.*		1,400		57,106
Dollar Tree, Inc.*		4,020		216,276
Family Dollar Stores, Inc.		2,300		152,904
J.C. Penney Co., Inc.		4,000		93,240
Kohl’s Corp.		5,300		241,097
Macy’s, Inc.		27,200		934,320
Nordstrom, Inc.		3,200		159,008
Sears Holdings Corp.*		800		47,760
Target Corp.		15,000		872,850

				2,774,561

*Specialty Retail (4.3%)*
Abercrombie & Fitch Co., Class A		1,700		58,038
AutoNation, Inc.*		1,200		42,336
AutoZone, Inc.*		13,166		4,834,160
Bed Bath & Beyond, Inc.*		4,700		290,460
Best Buy Co., Inc.		149,000		3,123,040
CarMax, Inc.*		4,178		108,377
GameStop Corp., Class A		11,600		212,976
Gap, Inc.		127,500		3,488,400
Home Depot, Inc.		49,500		2,623,005
Limited Brands, Inc.		4,700		199,891
Lowe’s Cos., Inc.		32,700		929,988
Office Depot, Inc.*		626,900		1,354,104
OfficeMax, Inc.*		196,200		992,772
O’Reilly Automotive, Inc.*		2,600		217,802
Ross Stores, Inc.		4,400		274,868
Staples, Inc.		401,400		5,238,270
Tiffany & Co.		18,065		956,542

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

TJX Cos., Inc.		61,855	$	2,655,435
Urban Outfitters, Inc.*		2,347		64,754

				27,665,218

*Textiles, Apparel & Luxury Goods (1.1%)*
Coach, Inc.		37,155		2,172,824
Fossil, Inc.*		996		76,234
Lululemon Athletica, Inc.*		15,915		949,011
NIKE, Inc., Class B		41,320		3,627,070
Ralph Lauren Corp.		1,200		168,072
VF Corp.		1,700		226,865

				7,220,076

Total Consumer Discretionary				91,983,072

Consumer Staples (6.2%)
*Beverages (1.2%)*
Beam, Inc.		2,900		181,221
Brown-Forman Corp., Class B		2,000		193,700
Coca-Cola Co.		51,000		3,987,690
Coca-Cola Enterprises, Inc.		6,100		171,044
Constellation Brands, Inc., Class A*		3,300		89,298
Dr. Pepper Snapple Group, Inc.		4,200		183,750
Molson Coors Brewing Co., Class B		3,000		124,830
Monster Beverage Corp.*		2,500		178,000
PepsiCo, Inc.		33,893		2,394,879

				7,504,412

*Food & Staples Retailing (1.1%)*
Costco Wholesale Corp.		8,300		788,500
CVS Caremark Corp.		34,100		1,593,493
Kroger Co.		62,200		1,442,418
Safeway, Inc.		6,600		119,790
Sysco Corp.		11,000		327,910
Walgreen Co.		17,300		511,734
Wal-Mart Stores, Inc.		30,431		2,121,649
Whole Foods Market, Inc.		2,800		266,896

				7,172,390

*Food Products (0.9%)*
Archer-Daniels-Midland Co.		17,300		510,696
Campbell Soup Co.		3,400		113,492
ConAgra Foods, Inc.		25,500		661,215
Dean Foods Co.*		38,900		662,467
General Mills, Inc.		12,000		462,480
H.J. Heinz Co.		6,100		331,718
Hershey Co.		2,900		208,887
Hormel Foods Corp.		2,600		79,092
J.M. Smucker Co.		2,200		166,144
Kellogg Co.		4,700		231,851
Kraft Foods, Inc., Class A		33,200		1,282,184
McCormick & Co., Inc. (Non-Voting)		2,500		151,625
Mead Johnson Nutrition Co.		3,893		313,426
Tyson Foods, Inc., Class A		18,000		338,940

				5,514,217

*Household Products (1.0%)*
Clorox Co.		2,500		181,150
Colgate-Palmolive Co.		9,300		968,130

Kimberly-Clark Corp.		10,300	$	862,831
Procter & Gamble Co.		69,800		4,275,250

				6,287,361

*Personal Products (0.3%)*
Avon Products, Inc.		8,100		131,301
Estee Lauder Cos., Inc., Class A		35,990		1,947,779

				2,079,080

*Tobacco (1.7%)*
Altria Group, Inc.		104,853		3,622,671
Lorillard, Inc.		10,900		1,438,255
Philip Morris International, Inc.		66,033		5,762,040
Reynolds American, Inc.		8,800		394,856

				11,217,822

Total Consumer Staples				39,775,282

Energy (9.1%)
*Energy Equipment & Services (1.3%)*
Baker Hughes, Inc.		8,263		339,609
Cameron International Corp.*		4,600		196,466
Diamond Offshore Drilling, Inc.		1,300		76,869
FMC Technologies, Inc.*		4,500		176,535
Halliburton Co.		146,700		4,164,813
Helmerich & Payne, Inc.		15,793		686,680
Nabors Industries Ltd.*		5,400		77,760
National Oilwell Varco, Inc.		8,000		515,520
Noble Corp.*		4,693		152,663
Rowan Cos., plc, Class A*		2,400		77,592
Schlumberger Ltd.		25,683		1,667,083
Transocean Ltd.		13,500		603,855

				8,735,445

*Oil, Gas & Consumable Fuels (7.8%)*
Alpha Natural Resources, Inc.*		115,150		1,002,956
Anadarko Petroleum Corp.		57,200		3,786,640
Apache Corp.		7,300		641,597
BP plc (ADR)		27,400		1,110,796
Cabot Oil & Gas Corp.		4,000		157,600
Chesapeake Energy Corp.		12,400		230,640
Chevron Corp.		62,270		6,569,485
ConocoPhillips		26,800		1,497,584
CONSOL Energy, Inc.		4,300		130,032
Denbury Resources, Inc.*		7,505		113,401
Devon Energy Corp.		10,500		608,895
EOG Resources, Inc.		5,100		459,561
EQT Corp.		2,800		150,164
Exxon Mobil Corp.#		190,406		16,293,041
Hess Corp.		41,622		1,808,476
INPEX Corp.		976		5,471,770
Kinder Morgan, Inc.		9,700		312,534
Marathon Oil Corp.		32,100		820,797
Marathon Petroleum Corp.		22,350		1,003,962
Murphy Oil Corp.		3,700		186,073
Newfield Exploration Co.*		2,500		73,275
Noble Energy, Inc.		3,400		288,388
Occidental Petroleum Corp.		15,400		1,320,858
Peabody Energy Corp.		5,100		125,052
Phillips 66*		13,400		445,416
Pioneer Natural Resources Co.		2,200		194,062
QEP Resources, Inc.		3,347		100,310

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Range Resources Corp.		3,000	$	185,610
Southwestern Energy Co.*		6,600		210,738
Spectra Energy Corp.		12,200		354,532
Sunoco, Inc.		2,300		109,250
Tesoro Corp.*		2,700		67,392
Total S.A.		71,000		3,204,171
Valero Energy Corp.		14,700		355,005
Williams Cos., Inc.		11,100		319,902
WPX Energy, Inc.*		3,700		59,866

				49,769,831

Total Energy				58,505,276

Financials (11.2%)
*Capital Markets (1.6%)*
Ameriprise Financial, Inc.		4,600		240,396
Bank of New York Mellon Corp.		23,400		513,630
BlackRock, Inc.		2,462		418,097
Blackstone Group LP		15,675		204,872
Charles Schwab Corp.		416,300		5,382,759
ETRADE Financial Corp.		4,760		38,271
Federated Investors, Inc., Class B		1,700		37,145
Franklin Resources, Inc.		2,800		310,772
Goldman Sachs Group, Inc.		9,848		944,029
Invesco Ltd.		8,700		196,620
Legg Mason, Inc.		2,800		73,836
Morgan Stanley		28,100		409,979
Northern Trust Corp.		4,600		211,692
State Street Corp.		21,000		937,440
T. Rowe Price Group, Inc.		4,900		308,504

				10,228,042

*Commercial Banks (1.8%)*
BB&T Corp.		13,100		404,135
CIT Group, Inc.*		64,545		2,300,383
Comerica, Inc.		3,300		101,343
Fifth Third Bancorp		17,300		231,820
First Horizon National Corp.		4,897		42,359
Huntington Bancshares, Inc./Ohio		16,300		104,320
KeyCorp		17,900		138,546
M&T Bank Corp.		2,400		198,168
PNC Financial Services Group, Inc.		9,962		608,778
Regions Financial Corp.		23,700		159,975
SunTrust Banks, Inc.		10,100		244,723
U.S. Bancorp		48,100		1,546,896
Wells Fargo & Co.		154,300		5,159,792
Zions Bancorp		3,400		66,028

				11,307,266

*Consumer Finance (0.5%)*
American Express Co.		19,825		1,154,013
Capital One Financial Corp.		32,395		1,770,711
Discover Financial Services		13,800		477,204
SLM Corp.		9,900		155,529

				3,557,457

*Diversified Financial Services (3.3%)*
Bank of America Corp.		563,486		4,609,315
Citigroup, Inc.		230,394		6,315,100
CME Group, Inc.		1,300		348,543
IntercontinentalExchange, Inc.*		1,400		190,372

JPMorgan Chase & Co.		211,250	$	7,547,963
Leucadia National Corp.		13,000		276,510
Moody’s Corp.		18,900		690,795
NASDAQ OMX Group, Inc.		2,800		63,476
NYSE Euronext		37,478		958,687

				21,000,761

*Insurance (3.2%)*
ACE Ltd.		6,365		471,837
Aflac, Inc.		8,800		374,792
Allstate Corp.		9,800		343,882
American International Group, Inc.*		8,188		262,753
Aon plc		6,200		290,036
Assurant, Inc.		1,800		62,712
Berkshire Hathaway, Inc., Class B*		32,742		2,728,391
Chubb Corp.		7,800		567,996
Cincinnati Financial Corp.		3,000		114,210
Genworth Financial, Inc., Class A*		422,600		2,391,916
Hartford Financial Services Group, Inc.		264,600		4,664,898
Lincoln National Corp.		5,900		129,033
Loews Corp.		5,800		237,278
Marsh & McLennan Cos., Inc.		10,300		331,969
MetLife, Inc.		175,488		5,413,805
Principal Financial Group, Inc.		6,000		157,380
Progressive Corp.		12,300		256,209
Prudential Financial, Inc.		9,200		445,556
Reinsurance Group of America, Inc.		1,400		74,494
Torchmark Corp.		2,100		106,155
Travelers Cos., Inc.		10,400		663,936
Unum Group		5,800		110,954
XL Group plc		5,800		122,032

				20,322,224

*Real Estate Investment Trusts (REITs) (0.8%)*
American Tower Corp. (REIT)		7,500		524,325
Apartment Investment & Management Co. (REIT), Class A		2,200		59,466
AvalonBay Communities, Inc. (REIT)		1,700		240,516
Boston Properties, Inc. (REIT)		2,800		303,436
Equity Residential (REIT)		5,600		349,216
HCP, Inc. (REIT)		7,600		335,540
Health Care REIT, Inc. (REIT)		3,300		192,390
Host Hotels & Resorts, Inc. (REIT)		12,958		204,995
Kimco Realty Corp. (REIT)		7,600		144,628
Plum Creek Timber Co., Inc. (REIT)		3,000		119,100
Prologis, Inc. (REIT)		8,547		284,017
Public Storage (REIT)		2,700		389,907
Simon Property Group, Inc. (REIT)		5,609		873,097
Ventas, Inc. (REIT)		5,408		341,353
Vornado Realty Trust (REIT)		3,069		257,735
Weyerhaeuser Co. (REIT)		10,122		226,328

				4,846,049

See Notes to Financial Statements.

121

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

*Real Estate Management & Development (0.0%)*
CBRE Group, Inc., Class A*		5,500	$	89,980

*Thrifts & Mortgage Finance (0.0%)*
Hudson City Bancorp, Inc.		9,900		63,063
People’s United Financial, Inc.		7,100		82,431

				145,494

Total Financials				71,497,273

Health Care (11.9%)
*Biotechnology (2.1%)*
Alexion Pharmaceuticals, Inc.*		4,880		484,584
Amgen, Inc.		16,055		1,172,657
Biogen Idec, Inc.*		4,600		664,148
Celgene Corp.*		41,115		2,637,939
Gilead Sciences, Inc.*		158,750		8,140,700
Vertex Pharmaceuticals, Inc.*		3,400		190,128

				13,290,156

*Health Care Equipment & Supplies (1.9%)*
Alere, Inc.*		151,352		2,942,283
Baxter International, Inc.		10,800		574,020
Becton, Dickinson and Co.		4,200		313,950
Boston Scientific Corp.*		28,900		163,863
C.R. Bard, Inc.		1,600		171,904
CareFusion Corp.*		4,150		106,572
Covidien plc		9,376		501,616
DENTSPLY International, Inc.		2,600		98,306
Edwards Lifesciences Corp.*		2,138		220,855
Intuitive Surgical, Inc.*		800		443,032
Medtronic, Inc.		20,200		782,346
St. Jude Medical, Inc.		46,700		1,863,797
Stryker Corp.		6,300		347,130
Varian Medical Systems, Inc.*		55,087		3,347,637
Zimmer Holdings, Inc.		3,600		231,696

				12,109,007

*Health Care Providers & Services (2.2%)*
Aetna, Inc.		10,000		387,700
AmerisourceBergen Corp.		5,200		204,620
Cardinal Health, Inc.		6,600		277,200
Cigna Corp.		5,100		224,400
Community Health Systems, Inc.*		149,081		4,178,740
Coventry Health Care, Inc.		2,800		89,012
DaVita, Inc.*		1,800		176,778
Express Scripts Holding Co.*		63,991		3,572,618
Health Net, Inc.*		9,700		235,419
Humana, Inc.		3,200		247,808
Laboratory Corp. of America Holdings*		1,900		175,959
McKesson Corp.		6,600		618,750
Patterson Cos., Inc.		1,800		62,046
Quest Diagnostics, Inc.		3,000		179,700
Tenet Healthcare Corp.*		9,200		48,208
UnitedHealth Group, Inc.		38,000		2,223,000
WellPoint, Inc.		25,100		1,601,129

				14,503,087

*Health Care Technology (0.0%)*
Cerner Corp.*		2,710		224,009


*Life Sciences Tools & Services (1.0%)*
Agilent Technologies, Inc.		6,600	$	258,984
Life Technologies Corp.*		3,400		152,966
PerkinElmer, Inc.		2,100		54,180
Thermo Fisher Scientific, Inc.		111,409		5,783,241
Waters Corp.*		1,800		143,046

				6,392,417

*Pharmaceuticals (4.7%)*
Abbott Laboratories		46,100		2,972,067
Allergan, Inc.		21,570		1,996,735
AstraZeneca plc (ADR)		26,300		1,176,925
Bristol-Myers Squibb Co.		32,224		1,158,453
Eli Lilly and Co.		19,200		823,872
Forest Laboratories, Inc.*		5,400		188,946
Hospira, Inc.*		3,200		111,936
Johnson & Johnson		81,200		5,485,872
Merck & Co., Inc.		88,041		3,675,712
Mylan, Inc.*		63,970		1,367,039
Perrigo Co.		17,385		2,050,213
Pfizer, Inc.		244,635		5,626,605
Roche Holding AG (ADR)		8,800		380,336
Shire plc (ADR)		23,865		2,061,697
Valeant Pharmaceuticals International, Inc.*		15,813		708,264
Watson Pharmaceuticals, Inc.*		2,400		177,576

				29,962,248

Total Health Care				76,480,924

Industrials (7.1%)
*Aerospace & Defense (1.6%)*
Boeing Co.		44,325		3,293,348
General Dynamics Corp.		14,800		976,208
Goodrich Corp.		2,400		304,560
Honeywell International, Inc.		14,900		832,016
L-3 Communications Holdings, Inc.		2,000		148,020
Lockheed Martin Corp.		5,400		470,232
Northrop Grumman Corp.		7,100		452,909
Precision Castparts Corp.		10,770		1,771,557
Raytheon Co.		6,700		379,153
Rockwell Collins, Inc.		2,900		143,115
Textron, Inc.		5,200		129,324
United Technologies Corp.		17,300		1,306,669

				10,207,111

*Air Freight & Logistics (0.4%)*
C.H. Robinson Worldwide, Inc.		3,100		181,443
Expeditors International of Washington, Inc.		4,000		155,000
FedEx Corp.		8,000		732,880
United Parcel Service, Inc., Class B		18,700		1,472,812

				2,542,135

*Airlines (0.1%)*
Delta Air Lines, Inc.*		49,400		540,930
Southwest Airlines Co.		14,900		137,378

				678,308

See Notes to Financial Statements.

122

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

*Building Products (0.1%)*
Fortune Brands Home & Security, Inc.*		11,200	$	249,424
Masco Corp.		6,700		92,929

				342,353

*Commercial Services & Supplies (0.1%)*
Avery Dennison Corp.		1,950		53,313
Cintas Corp.		2,350		90,734
Iron Mountain, Inc.		3,750		123,600
Pitney Bowes, Inc.		3,850		57,634
R.R. Donnelley & Sons Co.		3,450		40,607
Republic Services, Inc.		5,700		150,822
Stericycle, Inc.*		1,650		151,255
Waste Management, Inc.		8,900		297,260

				965,225

*Construction & Engineering (0.1%)*
Fluor Corp.		3,300		162,822
Jacobs Engineering Group, Inc.*		2,400		90,864
Quanta Services, Inc.*		4,000		96,280

				349,966

*Electrical Equipment (0.3%)*
Cooper Industries plc		2,300		156,814
Emerson Electric Co.		14,200		661,436
Rockwell Automation, Inc.		18,365		1,213,192
Roper Industries, Inc.		1,800		177,444

				2,208,886

*Industrial Conglomerates (1.9%)*
3M Co.		13,500		1,209,600
Danaher Corp.		10,300		536,424
General Electric Co.		490,965		10,231,711
Tyco International Ltd.		8,820		466,137

				12,443,872

*Machinery (1.2%)*
Caterpillar, Inc.		12,200		1,035,902
Cummins, Inc.		3,700		358,567
Deere & Co.		23,710		1,917,428
Dover Corp.		3,500		187,635
Eaton Corp.		6,400		253,632
Flowserve Corp.		1,100		126,225
Illinois Tool Works, Inc.		9,410		497,695
Ingersoll-Rand plc		6,200		261,516
Joy Global, Inc.		2,011		114,084
Oshkosh Corp.*		79,910		1,674,114
PACCAR, Inc.		6,900		270,411
Pall Corp.		2,200		120,582
Parker Hannifin Corp.		6,000		461,280
Snap-on, Inc.		1,100		68,475
Stanley Black & Decker, Inc.		3,177		204,472
Xylem, Inc.		3,500		88,095

				7,640,113

*Professional Services (0.3%)*
Dun & Bradstreet Corp.		900		64,053
Equifax, Inc.		2,300		107,180
Nielsen Holdings N.V.*		55,600		1,457,832
Robert Half International, Inc.		2,750		78,567

				1,707,632


*Road & Rail (0.9%)*
CSX Corp.		37,400	$	836,264
Norfolk Southern Corp.		6,700		480,859
Ryder System, Inc.		1,000		36,010
Union Pacific Corp.		39,120		4,667,407

				6,020,540

*Trading Companies & Distributors (0.1%)*
Fastenal Co.		5,500		221,705
W.W. Grainger, Inc.		1,100		210,364

				432,069

Total Industrials				45,538,210

Information Technology (18.9%)
*Communications Equipment (1.2%)*
Cisco Systems, Inc.		157,900		2,711,143
F5 Networks, Inc.*		1,600		159,296
Harris Corp.		2,400		100,440
JDS Uniphase Corp.*		4,200		46,200
Juniper Networks, Inc.*		167,870		2,737,960
Motorola Solutions, Inc.		8,271		397,918
QUALCOMM, Inc.		31,600		1,759,488

				7,912,445

*Computers & Peripherals (5.3%)*
Apple, Inc.*		40,419		23,604,696
Dell, Inc.*		41,100		514,572
EMC Corp.*		136,300		3,493,369
Hewlett-Packard Co.		105,396		2,119,514
Lexmark International, Inc., Class A		1,400		37,212
NetApp, Inc.*		117,390		3,735,350
SanDisk Corp.*		4,500		164,160
Seagate Technology plc		6,850		169,400
Western Digital Corp.*		4,400		134,112

				33,972,385

*Electronic Equipment, Instruments & Components (1.0%)*
Amphenol Corp., Class A		49,310		2,708,105
Corning, Inc.		29,700		384,021
FLIR Systems, Inc.		3,000		58,500
Jabil Circuit, Inc.		3,700		75,221
Molex, Inc.		2,600		62,244
TE Connectivity Ltd.		87,375		2,788,136

				6,076,227

*Internet Software & Services (2.7%)*
Akamai Technologies, Inc.*		3,500		111,125
eBay, Inc.*		93,831		3,941,840
Facebook, Inc., Class A*		8,684		270,246
Google, Inc., Class A*		14,155		8,210,891
VeriSign, Inc.*		3,100		135,067
Yahoo!, Inc.*		307,300		4,864,559

				17,533,728

*IT Services (3.5%)*
Accenture plc, Class A		16,420		986,678
Amdocs Ltd.*		89,220		2,651,618
Automatic Data Processing, Inc.		9,400		523,204
Cognizant Technology Solutions Corp., Class A*		83,905		5,034,300

See Notes to Financial Statements.

123

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Computer Sciences Corp.		2,900	$	71,978
Fidelity National Information Services, Inc.		5,000		170,400
Fiserv, Inc.*		2,700		194,994
International Business Machines Corp.		26,800		5,241,544
Mastercard, Inc., Class A		9,587		4,123,465
Paychex, Inc.		6,000		188,460
SAIC, Inc.		5,200		63,024
Teradata Corp.*		13,940		1,003,819
Total System Services, Inc.		3,000		71,790
Visa, Inc., Class A		12,280		1,518,176
Western Union Co.		29,332		493,951

				22,337,401

*Office Electronics (0.0%)*
Xerox Corp.		26,479		208,390

*Semiconductors & Semiconductor Equipment (2.3%)*
Advanced Micro Devices, Inc.*		10,900		62,457
Advanced Semiconductor Engineering, Inc. (ADR)		82,948		337,598
Altera Corp.		6,100		206,424
Analog Devices, Inc.		5,600		210,952
Applied Materials, Inc.		102,000		1,168,920
Broadcom Corp., Class A*		9,000		304,200
First Solar, Inc.*		1,100		16,566
Intel Corp.		262,960		7,007,884
KLA-Tencor Corp.		3,200		157,600
Lam Research Corp.*		18,602		702,039
Linear Technology Corp.		4,300		134,719
LSI Corp.*		64,300		409,591
MEMC Electronic Materials, Inc.*		544,750		1,182,108
Microchip Technology, Inc.		3,600		119,088
Micron Technology, Inc.*		103,200		651,192
NVIDIA Corp.*		11,300		156,166
ON Semiconductor Corp.*		154,375		1,096,063
Teradyne, Inc.*		3,500		49,210
Texas Instruments, Inc.		21,900		628,311
Xilinx, Inc.		5,000		167,850

				14,768,938

*Software (2.9%)*
Adobe Systems, Inc.*		9,500		307,515
Autodesk, Inc.*		4,300		150,457
BMC Software, Inc.*		3,300		140,844
CA, Inc.		7,100		192,339
Citrix Systems, Inc.*		3,600		302,184
Electronic Arts, Inc.*		6,200		76,570
Intuit, Inc.		48,185		2,859,780
Microsoft Corp.		309,087		9,454,971
Oracle Corp.		141,881		4,213,866
Red Hat, Inc.*		3,600		203,328
Salesforce.com, Inc.*		2,300		317,998
Symantec Corp.*		19,000		277,590

				18,497,442

Total Information Technology				121,306,956


Materials (2.7%)
*Chemicals (1.7%)*
Air Products and Chemicals, Inc.		4,000	$	322,920
Airgas, Inc.		1,300		109,213
CF Industries Holdings, Inc.		1,400		271,236
Dow Chemical Co.		22,200		699,300
E.I. du Pont de Nemours & Co.		65,345		3,304,497
Eastman Chemical Co.		2,800		141,036
Ecolab, Inc.		5,060		346,762
FMC Corp.		2,800		149,744
International Flavors & Fragrances, Inc.		1,500		82,200
LyondellBasell Industries N.V., Class A		29,215		1,176,488
Monsanto Co.		10,100		836,078
Mosaic Co.		5,000		273,800
PPG Industries, Inc.		8,300		880,796
Praxair, Inc.		5,800		630,634
Sherwin-Williams Co.		1,700		224,995
Sigma-Aldrich Corp.		2,300		170,039
Syngenta AG (ADR)		14,846		1,016,060

				10,635,798

*Construction Materials (0.0%)*
Vulcan Materials Co.		2,400		95,304

*Containers & Packaging (0.0%)*
Ball Corp.		3,100		127,255
Bemis Co., Inc.		1,900		59,546
Owens-Illinois, Inc.*		3,100		59,427
Sealed Air Corp.		3,000		46,320

				292,548

*Metals & Mining (0.9%)*
Alcoa, Inc.		20,100		175,875
Allegheny Technologies, Inc.		2,000		63,780
Cliffs Natural Resources, Inc.		2,800		138,012
Freeport-McMoRan Copper & Gold, Inc.		41,415		1,411,009
Newmont Mining Corp.		9,300		451,143
Nucor Corp.		5,900		223,610
Titanium Metals Corp.		1,700		19,227
United States Steel Corp.		149,240		3,074,344

				5,557,000

*Paper & Forest Products (0.1%)*
International Paper Co.		8,200		237,062
MeadWestvaco Corp.		3,200		92,000

				329,062

Total Materials				16,909,712

Telecommunication Services (3.2%)
*Diversified Telecommunication Services (1.8%)*
AT&T, Inc.		124,800		4,450,368
CenturyLink, Inc.		39,909		1,576,006
Frontier Communications Corp.		18,806		72,027
Level 3 Communications, Inc.*		131,006		2,901,783
Verizon Communications, Inc.		53,500		2,377,540
Windstream Corp.		9,600		92,736

				11,470,460

See Notes to Financial Statements.

124

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

*Wireless Telecommunication Services (1.4%)*
Crown Castle International Corp.*		4,750	$	278,635
KDDI Corp.		597		3,850,854
MetroPCS Communications, Inc.*		5,000		30,250
Softbank Corp.		122,812		4,566,044
Sprint Nextel Corp.*		56,600		184,516

				8,910,299

Total Telecommunication Services				20,380,759

Utilities (1.9%)
*Electric Utilities (1.1%)*
American Electric Power Co., Inc.		22,100		881,790
Duke Energy Corp.		25,100		578,806
Edison International		16,500		762,300
Entergy Corp.		3,400		230,826
Exelon Corp.		16,034		603,199
FirstEnergy Corp.		7,901		388,650
Great Plains Energy, Inc.		19,300		413,213
NextEra Energy, Inc.		8,000		550,480
Northeast Utilities		5,720		221,994
NV Energy, Inc.		35,400		622,332
Pepco Holdings, Inc.		4,200		82,194
Pinnacle West Capital Corp.		2,000		103,480
PPL Corp.		10,900		303,129
Progress Energy, Inc.		5,600		336,952
Southern Co.		16,000		740,800
Xcel Energy, Inc.		9,100		258,531

				7,078,676

*Gas Utilities (0.1%)*
AGL Resources, Inc.		2,079		80,561
Atmos Energy Corp.		12,200		427,854
ONEOK, Inc.		4,152		175,671

				684,086

*Independent Power Producers & Energy Traders (0.0%)*
AES Corp.*		12,400		159,092
NRG Energy, Inc.*		4,528		78,606

				237,698

*Multi-Utilities (0.7%)*
Ameren Corp.		4,500		150,930
CenterPoint Energy, Inc.		31,900		659,373
CMS Energy Corp.		4,700		110,450
Consolidated Edison, Inc.		5,500		342,045
Dominion Resources, Inc.		10,900		588,600
DTE Energy Co.		8,000		474,640
Integrys Energy Group, Inc.		1,500		85,305

NiSource, Inc.		15,500	$	383,625
PG&E Corp.		7,500		339,525
Public Service Enterprise Group, Inc.		12,800		416,000
SCANA Corp.		2,100		100,464
Sempra Energy		6,000		413,280
TECO Energy, Inc.		4,000		72,240
Wisconsin Energy Corp.		4,400		174,108

				4,310,585

Total Utilities				12,311,045

Total Common Stocks (86.6%) (Cost $463,559,168)				554,688,509

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bond (0.1%)
Telecommunication Services (0.1%)
*Diversified Telecommunication Services (0.1%)*
Level 3 Communications, Inc.
6.500%, 10/1/16	$	554,000		773,522

Total Telecommunication Services				773,522

Total Convertible Bonds				773,522

Total Long-Term Debt Securities (0.1%) (Cost $554,000)				773,522

SHORT-TERM INVESTMENT:
Government Securities (1.6%)
U.S. Treasury Bills 0.11%, 11/1/12 #(p) (Cost $10,117,504)	$	10,122,000		10,118,144

Total Investments (88.3%) (Cost $474,230,672)				565,580,175
Other Assets Less Liabilities (11.7%)				74,990,777

Net Assets (100%)			$	640,570,952

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $13,540,944.

(p)

Yield to maturity.

Glossary:

ADR

— American Depositary Receipt

At June 30, 2012, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2012		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		1,195		September-12	$	78,274,723	$	81,044,900	$	2,770,177

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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, 2012:

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	$	91,983,072	$	—	$	—	$	91,983,072
Consumer Staples		39,775,282		—		—		39,775,282
Energy		49,829,335		8,675,941		—		58,505,276
Financials		71,497,273		—		—		71,497,273
Health Care		76,480,924		—		—		76,480,924
Industrials		45,538,210		—		—		45,538,210
Information Technology		121,306,956		—		—		121,306,956
Materials		16,909,712		—		—		16,909,712
Telecommunication Services		11,963,861		8,416,898		—		20,380,759
Utilities		12,311,045		—		—		12,311,045
Convertible Bonds
Telecommunication Services		—		773,522		—		773,522
Futures		2,770,177		—		—		2,770,177
Short-Term Investments		—		10,118,144		—		10,118,144

Total Assets	$	540,365,847	$	27,984,505	$	—	$	568,350,352

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	540,365,847	$	27,984,505	$	—	$	568,350,352

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



	Investments in Common Stocks- Consumer Discretionary			Investments in Preferred Stocks- Consumer Discretionary

Balance as of 12/31/11	$	—		$	—
Total gains or losses (realized/unrealized) included in earnings		559			48
Purchases		—			—
Sales		(559	)		(48	)
Issuances		—			—
Settlements		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—

Balance as of 6/30/12	$	—		$	—

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/12.	$	—		$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2012:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		2,770,177	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	2,770,177

	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	—

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2012:


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		—		8,042,838		—		—		8,042,838
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	8,042,838	$	—	$	—	$	8,042,838


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		—		1,567,705		—		—		1,567,705
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	1,567,705	$	—	$	—	$	1,567,705

The Portfolio held futures contracts with an average notional balance of approximately $95,738,000 for the six months ended June 30, 2012.

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Investment security transactions for six months ended June 30, 2012 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	80,520,977
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	99,026,761

As of June 30, 2012, 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	$	124,192,132
Aggregate gross unrealized depreciation		(39,374,531	)

Net unrealized appreciation	$	84,817,601

Federal income tax cost of investments	$	480,762,574

For the six months ended June 30, 2012, the Portfolio incurred approximately $5,616 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $331,111,631 of which $33,243,026 expires in the year 2016 and $297,868,605 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value (Cost $474,230,672)	$	565,580,175
Cash		72,384,762
Due from broker for futures variation margin		2,147,214
Receivable for securities sold		959,082
Dividends, interest and other receivables		780,318
Receivable from Separate Accounts for Trust shares sold		14,783
Other assets		3,935

Total assets		641,870,269

LIABILITIES
Payable for securities purchased		378,875
Payable to Separate Accounts for Trust shares redeemed		373,808
Investment management fees payable		360,340
Administrative fees payable		93,378
Distribution fees payable - Class B		30,211
Trustees’ fees payable		12,834
Distribution fees payable - Class A		705
Accrued expenses		49,166

Total liabilities		1,299,317

NET ASSETS	$	640,570,952

Net assets were comprised of:
Paid in capital	$	887,954,829
Accumulated undistributed net investment income (loss)		1,941,709
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(343,449,129	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		94,123,543

Net assets	$	640,570,952

Class A
Net asset value, offering and redemption price per share, $3,487,079 / 346,554 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.06

Class B
Net asset value, offering and redemption price per share, $151,493,531 / 15,051,031 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.07

Class K
Net asset value, offering and redemption price per share, $485,590,342 / 48,199,141 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.07

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (net of $23,623 foreign withholding tax)	$	4,903,615
Interest		67,936

Total income		4,971,551

EXPENSES
Investment management fees		2,352,510
Administrative fees		520,275
Distribution fees - Class B		194,720
Custodian fees		43,709
Printing and mailing expenses		34,761
Professional fees		30,576
Trustees’ fees		7,593
Distribution fees - Class A		4,649
Miscellaneous		9,000

Gross expenses		3,197,793
Less: Fees paid indirectly		(5,991	)

Net expenses		3,191,802

NET INVESTMENT INCOME (LOSS)		1,779,749

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		3,880,210
Futures		8,042,838
Foreign currency transactions		(11,610	)

Net realized gain (loss)		11,911,438

Change in unrealized appreciation (depreciation) on:
Securities		33,316,440
Futures		1,567,705
Foreign currency translations		(773	)

Net change in unrealized appreciation (depreciation)		34,883,372

NET REALIZED AND UNREALIZED GAIN (LOSS)		46,794,810

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	48,574,559

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,779,749		$	3,339,751
Net realized gain (loss) on investments, futures and foreign currency transactions		11,911,438			(1,279,523	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		34,883,372			(54,479,335	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		48,574,559			(52,419,107	)

DIVIDENDS:
Dividends from net investment income
Class A		—			(280,393	)
Class B		—			(514,351	)
Class K†		—			(2,687,031	)

TOTAL DIVIDENDS		—			(3,481,775	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 11,545 and 1,458,446 shares, respectively ]		118,615			15,189,461
Capital shares issued in reinvestment of dividends [ 0 and 30,567 shares, respectively ]		—			280,393
Capital shares repurchased [ (58,947) and (58,676,995) shares, respectively ]		(601,450	)		(550,221,291	)(z)

Total Class A transactions		(482,835	)		(534,751,437	)

Class B
Capital shares sold [ 766,242 and 4,366,400 shares, respectively ]		7,824,747			44,869,973
Capital shares issued in reinvestment of dividends [ 0 and 56,384 shares, respectively ]		—			514,351
Capital shares repurchased [ (1,494,242) and (5,422,275) shares, respectively ]		(15,140,067	)		(54,888,400	)

Total Class B transactions		(7,315,320	)		(9,504,076	)

Class K†
Capital shares sold [ 254,129 and 54,630,728 shares, respectively ]		2,577,004			508,586,752	(z)
Capital shares issued in reinvestment of dividends [ 0 and 294,919 shares, respectively ]		—			2,687,031
Capital shares repurchased [ (5,186,642) and (1,793,993) shares, respectively ]		(53,398,073	)		(16,671,534	)

Total Class K transactions		(50,821,069	)		494,602,249

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(58,619,224	)		(49,653,264	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(10,044,665	)		(105,554,146	)
NET ASSETS:
Beginning of period		650,615,617			756,169,763

End of period (a)	$	640,570,952		$	650,615,617

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,941,709		$	161,960

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Large Cap Core Equity Portfolio exchanged approximately 53,941,027 Class A shares for approximately 53,941,027 Class K shares. This exchange amounted to approximately $502,182,547.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.39		$	10.17		$	9.14		$	6.98		$	11.66		$	11.96

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.04	(e)		0.06	(e)		0.12	(e)		0.08	(e)		0.09	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.65			(0.76	)		1.02			2.18			(4.67	)		0.52

Total from investment operations		0.67			(0.72	)		1.08			2.30			(4.59	)		0.61

Less distributions:
Dividends from net investment income		—			(0.06	)		(0.05	)		(0.14	)		(0.07	)		(0.08	)
Distributions from net realized gains		—			—			—			—			(0.02	)		(0.83	)

Total dividends and distributions		—			(0.06	)		(0.05	)		(0.14	)		(0.09	)		(0.91	)

Net asset value, end of period	$	10.06		$	9.39		$	10.17		$	9.14		$	6.98		$	11.66

Total return (b)		7.14	%		(7.11	)%		11.84	%		32.92	%		(39.40	)%		5.22	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,487		$	3,698		$	585,508		$	554,828		$	764,481		$	842,193
Ratio of expenses to average net assets:
After waivers (a)		1.14	%		0.88	%		0.90	%		0.92	%		1.10	%		1.10	%
After waivers and fees paid indirectly (a)		1.14	%		0.88	%		0.90	%		0.81	%		1.09	%		1.09	%
Before waivers and fees paid indirectly (a)		1.14	%		0.88	%		0.90	%		0.92	%		1.10	%		1.10	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.33	%		0.35	%		0.59	%		1.42	%		0.86	%		0.74	%
After waivers and fees paid indirectly (a)		0.34	%		0.36	%		0.60	%		1.54	%		0.86	%		0.74	%
Before waivers and fees paid indirectly (a)		0.33	%		0.35	%		0.59	%		1.42	%		0.86	%		0.74	%
Portfolio turnover rate		14	%		44	%		44	%		85	%		50	%		51	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.39		$	10.17		$	9.14		$	6.98		$	11.67		$	11.96

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.03	(e)		0.03	(e)		0.09	(e)		0.06	(e)		0.06	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.66			(0.78	)		1.03			2.18			(4.68	)		0.53

Total from investment operations		0.68			(0.75	)		1.06			2.27			(4.62	)		0.59

Less distributions:
Dividends from net investment income		—			(0.03	)		(0.03	)		(0.11	)		(0.05	)		(0.05	)
Distributions from net realized gains		—			—			—			—			(0.02	)		(0.83	)

Total dividends and distributions		—			(0.03	)		(0.03	)		(0.11	)		(0.07	)		(0.88	)

Net asset value, end of period	$	10.07		$	9.39		$	10.17		$	9.14		$	6.98		$	11.67

Total return (b)		7.24	%		(7.34	)%		11.56	%		32.58	%		(39.61	)%		5.05	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	151,494		$	148,166		$	170,662		$	157,673		$	116,354		$	215,406
Ratio of expenses to average net assets:
After waivers (a)		1.14	%		1.13	%		1.15	%		1.17	%(c)		1.35	%		1.35	%
After waivers and fees paid indirectly (a)		1.14	%		1.13	%		1.15	%		1.10	%		1.34	%		1.34	%
Before fees paid indirectly (a)		1.14	%		1.13	%		1.15	%		1.17	%(c)		1.35	%		1.35	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.34	%		0.26	%		0.34	%		1.14	%		0.58	%		0.49	%
After waivers and fees paid indirectly (a)		0.34	%		0.26	%		0.35	%		1.22	%		0.59	%		0.50	%
Before fees paid indirectly (a)		0.34	%		0.26	%		0.34	%		1.14	%		0.58	%		0.49	%
Portfolio turnover rate		14	%		44	%		44	%		85	%		50	%		51	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	9.39		$	9.18

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.03	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.65			0.23

Total from investment operations		0.68			0.26

Less distributions:
Dividends from net investment income		—			(0.05	)

Net asset value, end of period	$	10.07		$	9.39

Total return (b)		7.24	%		2.86	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	485,590		$	498,752
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.89	%		0.88	%
Before fees paid indirectly (a)		0.89	%		0.89	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.59	%		0.88	%
Before fees paid indirectly (a)		0.59	%		0.88	%
Portfolio turnover rate		14	%		44	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO (Unaudited)


Sector Weightings as of June 30, 2012	% of Net Assets
Financials		17.6	%
Health Care		12.5
Energy		11.4
Consumer Discretionary		9.2
Industrials		8.7
Information Technology		8.4
Consumer Staples		7.4
Utilities		3.5
Telecommunication Services		3.4
Materials		2.9
Cash and Other		15.0

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,074.40		$6.01
Hypothetical (5% average return before expenses)		1,000.00		1,019.07		5.85
Class B
Actual		1,000.00		1,074.40		6.02
Hypothetical (5% average return before expenses)		1,000.00		1,019.06		5.86
Class K
Actual		1,000.00		1,075.50		4.73
Hypothetical (5% average return before expenses)		1,000.00		1,020.31		4.60
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.17%, 1.17% and 0.92%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (9.2%)
*Auto Components (1.2%)*
Delphi Automotive plc*		31,450	$	801,975
Johnson Controls, Inc.		330,270		9,151,782
Lear Corp.		42,700		1,611,071
TRW Automotive Holdings Corp.*		29,400		1,080,744
Visteon Corp.*		2,600		97,500
WABCO Holdings, Inc.*		300		15,879

				12,758,951

*Automobiles (0.5%)*
Ford Motor Co.		297,400		2,852,066
General Motors Co.*		154,530		3,047,331
Thor Industries, Inc.		2,100		57,561

				5,956,958

*Diversified Consumer Services (0.1%)*
Apollo Group, Inc., Class A*		27,400		991,606
DeVry, Inc.		3,500		108,395
H&R Block, Inc.		5,800		92,684
Service Corp. International		11,600		143,492

				1,336,177

*Hotels, Restaurants & Leisure (0.3%)*
Carnival Corp.		22,200		760,794
Choice Hotels International, Inc.		1,300		51,909
Hyatt Hotels Corp., Class A*		2,400		89,184
International Game Technology		7,000		110,250
Marriott International, Inc., Class A		1,000		39,200
MGM Resorts International*		187,700		2,094,732
Penn National Gaming, Inc.*		3,200		142,688
Royal Caribbean Cruises Ltd.		8,100		210,843
Wendy’s Co.		14,900		70,328

				3,569,928

*Household Durables (0.4%)*
D.R. Horton, Inc.		13,700		251,806
Garmin Ltd.		5,400		206,766
Harman International Industries, Inc.		3,800		150,480
Jarden Corp.		3,300		138,666
Leggett & Platt, Inc.		7,500		158,475
Lennar Corp., Class A		8,600		265,826
Mohawk Industries, Inc.*		3,100		216,473
Newell Rubbermaid, Inc.		99,300		1,801,302
NVR, Inc.*		975		828,750
PulteGroup, Inc.*		18,257		195,350
Toll Brothers, Inc.*		7,600		225,948
Whirlpool Corp.		4,100		250,756

				4,690,598

*Internet & Catalog Retail (0.1%)*
Expedia, Inc.		1,800		86,526
HomeAway, Inc.*		182		3,957
Liberty Interactive Corp.*		25,600		455,424

				545,907


*Leisure Equipment & Products (0.2%)*
Hasbro, Inc.		48,630	$	1,647,098
Mattel, Inc.		4,100		133,004

				1,780,102

*Media (4.9%)*
Cablevision Systems Corp. - New York Group, Class A		9,500		126,255
CBS Corp., Class B		80,300		2,632,234
Clear Channel Outdoor Holdings, Inc., Class A*		900		5,418
Comcast Corp., Class A		133,020		4,219,749
DIRECTV, Class A*		29,600		1,445,072
DISH Network Corp., Class A		2,400		68,520
DreamWorks Animation SKG, Inc., Class A*		3,600		68,616
Gannett Co., Inc.		132,500		1,951,725
Interpublic Group of Cos., Inc.		22,200		240,870
John Wiley & Sons, Inc., Class A		1,400		68,586
Lamar Advertising Co., Class A*		500		14,300
Liberty Media Corp. - Liberty Capital*		5,420		476,472
Madison Square Garden Co., Class A*		3,075		115,128
McGraw-Hill Cos., Inc.		31,100		1,399,500
News Corp., Class A		153,403		3,419,353
Omnicom Group, Inc.		47,035		2,285,901
Regal Entertainment Group, Class A		2,700		37,152
Thomson Reuters Corp.		19,800		563,310
Time Warner Cable, Inc.		33,500		2,750,350
Time Warner, Inc.		356,243		13,715,356
Viacom, Inc., Class B		241,770		11,368,025
Walt Disney Co.		134,270		6,512,095
Washington Post Co., Class B		300		112,146

				53,596,133

*Multiline Retail (0.8%)*
Dillard’s, Inc., Class A		1,600		101,888
J.C. Penney Co., Inc.		8,500		198,135
Kohl’s Corp.		25,290		1,150,442
Macy’s, Inc.		77,500		2,662,125
Sears Holdings Corp.*		1,900		113,430
Target Corp.		84,430		4,912,982

				9,139,002

*Specialty Retail (0.7%)*
Aaron’s, Inc.		900		25,479
Abercrombie & Fitch Co., Class A		4,500		153,630
Advance Auto Parts, Inc.		9,100		620,802
American Eagle Outfitters, Inc.		2,300		45,379
AutoNation, Inc.*		900		31,752
Best Buy Co., Inc.		14,400		301,824
CarMax, Inc.*		10,000		259,400
Chico’s FAS, Inc.		2,600		38,584
DSW, Inc., Class A		100		5,440
Foot Locker, Inc.		6,400		195,712
GameStop Corp., Class A		32,300		593,028
Guess?, Inc.		3,400		103,258

See Notes to Financial Statements.

135

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Home Depot, Inc.		16,800	$	890,232
Lowe’s Cos., Inc.		93,170		2,649,755
Sally Beauty Holdings, Inc.*		500		12,870
Signet Jewelers Ltd.		4,500		198,045
Staples, Inc.		118,575		1,547,403
Tiffany & Co.		1,100		58,245
Williams-Sonoma, Inc.		2,100		73,437

				7,804,275

*Textiles, Apparel & Luxury Goods (0.0%)*
Deckers Outdoor Corp.*		800		35,208
PVH Corp.		300		23,337

				58,545

Total Consumer Discretionary				101,236,576

Consumer Staples (7.4%)
*Beverages (0.6%)*
Beam, Inc.		8,400		524,916
Brown-Forman Corp., Class B		700		67,795
Coca-Cola Enterprises, Inc.		14,800		414,992
Constellation Brands, Inc., Class A*		8,400		227,304
Diageo plc		135,985		3,498,250
Molson Coors Brewing Co., Class B		6,800		282,948
PepsiCo, Inc.		22,720		1,605,395

				6,621,600

*Food & Staples Retailing (1.1%)*
CVS Caremark Corp.		107,495		5,023,241
Kroger Co.		120,500		2,794,395
Safeway, Inc.		11,000		199,650
Sysco Corp.		14,800		441,188
Walgreen Co.		86,810		2,567,840
Wal-Mart Stores, Inc.		19,090		1,330,955

				12,357,269

*Food Products (2.1%)*
Archer-Daniels-Midland Co.		199,300		5,883,336
Bunge Ltd.		7,800		489,372
Campbell Soup Co.		2,000		66,760
ConAgra Foods, Inc.		22,200		575,646
Danone S.A.		31,978		1,985,270
Dean Foods Co.*		1,400		23,842
General Mills, Inc.		86,130		3,319,450
Green Mountain Coffee Roasters, Inc.*		1,100		23,958
H.J. Heinz Co.		6,500		353,470
Hillshire Brands Co.		950		27,541
Hormel Foods Corp.		3,100		94,302
Ingredion, Inc.		3,200		158,464
J.M. Smucker Co.		15,180		1,146,394
Kellogg Co.		18,680		921,484
Kraft Foods, Inc., Class A		89,900		3,471,938
Nestle S.A. (Registered)		39,147		2,335,174
Ralcorp Holdings, Inc.*		3,000		200,220
Smithfield Foods, Inc.*		8,600		186,018
Tyson Foods, Inc., Class A		59,207		1,114,868

				22,377,507

*Household Products (1.9%)*
Church & Dwight Co., Inc.		2,900		160,863

Clorox Co.		6,500	$	470,990
Colgate-Palmolive Co.		2,100		218,610
Energizer Holdings, Inc.*		3,500		263,375
Kimberly-Clark Corp.		2,200		184,294
Procter & Gamble Co.		321,602		19,698,122

				20,996,254

*Personal Products (0.0%)*
Avon Products, Inc.		5,200		84,292

*Tobacco (1.7%)*
Altria Group, Inc.		136,465		4,714,866
Lorillard, Inc.		33,830		4,463,868
Philip Morris International, Inc.		101,275		8,837,257
Reynolds American, Inc.		18,700		839,069

				18,855,060

Total Consumer Staples				81,291,982

Energy (11.4%)
*Energy Equipment & Services (0.7%)*
Atwood Oceanics, Inc.*		2,100		79,464
Baker Hughes, Inc.		23,492		965,521
Cameron International Corp.*		3,100		132,401
Diamond Offshore Drilling, Inc.		3,700		218,781
Halliburton Co.		33,600		953,904
Helmerich & Payne, Inc.		36,000		1,565,280
McDermott International, Inc.*		12,600		140,364
Nabors Industries Ltd.*		15,500		223,200
National Oilwell Varco, Inc.		17,600		1,134,144
Oil States International, Inc.*		400		26,480
Patterson-UTI Energy, Inc.		8,300		120,848
Rowan Cos., plc, Class A*		6,600		213,378
RPC, Inc.		400		4,756
SEACOR Holdings, Inc.*		600		53,628
Superior Energy Services, Inc.*		8,400		169,932
Tidewater, Inc.		2,700		125,172
Transocean Ltd.		44,300		1,981,539
Unit Corp.*		2,600		95,914

				8,204,706

*Oil, Gas & Consumable Fuels (10.7%)*
Alpha Natural Resources, Inc.*		11,747		102,316
Anadarko Petroleum Corp.		39,000		2,581,800
Apache Corp.		37,146		3,264,762
BP plc (ADR)		65,800		2,667,532
Cheniere Energy, Inc.*		3,400		50,116
Chesapeake Energy Corp.		35,400		658,440
Chevron Corp.		187,124		19,741,582
Cimarex Energy Co.		4,600		253,552
Cobalt International Energy, Inc.*		500		11,750
ConocoPhillips		67,685		3,782,238
CONSOL Energy, Inc.		12,100		365,904
Denbury Resources, Inc.*		20,855		315,119
Devon Energy Corp.		32,900		1,907,871
Encana Corp.		133,150		2,773,515
Energen Corp.		3,900		176,007
EOG Resources, Inc.		12,105		1,090,782
EQT Corp.		7,000		375,410
EXCO Resources, Inc.		6,600		50,094
Exxon Mobil Corp.		507,299		43,409,575

See Notes to Financial Statements.

136

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Hess Corp.		19,360	$	841,192
HollyFrontier Corp.		11,000		389,730
Laredo Petroleum Holdings, Inc.*		100		2,080
Marathon Oil Corp.		91,800		2,347,326
Marathon Petroleum Corp.		61,550		2,764,826
Murphy Oil Corp.		10,400		523,016
Newfield Exploration Co.*		7,200		211,032
Noble Energy, Inc.		7,400		627,668
Occidental Petroleum Corp.		161,891		13,885,391
Peabody Energy Corp.		14,500		355,540
Phillips 66*		135,742		4,512,064
Pioneer Natural Resources Co.		1,100		97,031
Plains Exploration & Production Co.*		6,900		242,742
QEP Resources, Inc.		9,500		284,715
SandRidge Energy, Inc.*		26,100		174,609
SM Energy Co.		600		29,466
Southwestern Energy Co.*		116,950		3,734,213
Spectra Energy Corp.		34,900		1,014,194
Sunoco, Inc.		700		33,250
Teekay Corp.		1,900		55,632
Tesoro Corp.*		7,500		187,200
Ultra Petroleum Corp.*		8,100		186,867
Valero Energy Corp.		47,300		1,142,295
Whiting Petroleum Corp.*		5,400		222,048
World Fuel Services Corp.		2,600		98,878
WPX Energy, Inc.*		10,566		170,958

				117,712,328

Total Energy				125,917,034

Financials (17.6%)
*Capital Markets (2.3%)*
Affiliated Managers Group, Inc.*		700		76,615
American Capital Ltd.*		17,800		179,246
Ameriprise Financial, Inc.		11,700		611,442
Ares Capital Corp.		11,800		188,328
Bank of New York Mellon Corp.		209,349		4,595,210
BlackRock, Inc.		17,267		2,932,282
Charles Schwab Corp.		57,500		743,475
ETRADE Financial Corp.		15,200		122,208
Federated Investors, Inc., Class B		800		17,480
Franklin Resources, Inc.		16,670		1,850,203
Goldman Sachs Group, Inc.		68,190		6,536,693
Invesco Ltd.		23,900		540,140
Janus Capital Group, Inc.		10,000		78,200
Jefferies Group, Inc.		7,500		97,425
Legg Mason, Inc.		7,500		197,775
LPL Financial Holdings, Inc.		232		7,835
Morgan Stanley		82,435		1,202,727
Northern Trust Corp.		11,500		529,230
Raymond James Financial, Inc.		6,100		208,864
State Street Corp.		102,470		4,574,261
TD Ameritrade Holding Corp.		12,400		210,800

				25,500,439

*Commercial Banks (4.4%)*
Associated Banc-Corp		9,300		122,667

Bank of Hawaii Corp.		2,400	$	110,280
BB&T Corp.		227,450		7,016,833
BOK Financial Corp.		1,400		81,480
CapitalSource, Inc.		12,400		83,328
CIT Group, Inc.*		94,200		3,357,288
City National Corp./California		2,500		121,450
Comerica, Inc.		10,500		322,455
Commerce Bancshares, Inc./Missouri		4,025		152,548
Cullen/Frost Bankers, Inc.		2,900		166,721
East West Bancorp, Inc.		7,700		180,642
Fifth Third Bancorp		49,200		659,280
First Citizens BancShares, Inc./North Carolina, Class A		300		49,995
First Horizon National Corp.		13,439		116,247
First Niagara Financial Group, Inc.		18,800		143,820
First Republic Bank/California*		5,400		181,440
Fulton Financial Corp.		10,700		106,893
Huntington Bancshares, Inc./Ohio		46,200		295,680
KeyCorp		77,000		595,980
M&T Bank Corp.		6,767		558,751
PNC Financial Services Group, Inc.		68,443		4,182,552
Popular, Inc.*		5,420		90,026
Regions Financial Corp.		113,700		767,475
Signature Bank/New York*		2,200		134,134
SunTrust Banks, Inc.		41,210		998,518
SVB Financial Group*		2,400		140,928
Synovus Financial Corp.		42,000		83,160
TCF Financial Corp.		8,600		98,728
U.S. Bancorp		101,400		3,261,024
Valley National Bancorp		10,519		111,501
Wells Fargo & Co.		716,120		23,947,053
Zions Bancorp		9,800		190,316

				48,429,193

*Consumer Finance (1.0%)*
American Express Co.		19,100		1,111,811
Capital One Financial Corp.		143,750		7,857,375
Discover Financial Services		41,900		1,448,902
SLM Corp.		26,100		410,031

				10,828,119

*Diversified Financial Services (4.4%)*
Bank of America Corp.		933,173		7,633,355
CBOE Holdings, Inc.		600		16,608
Citigroup, Inc.		525,260		14,397,377
CME Group, Inc.		3,600		965,196
Interactive Brokers Group, Inc., Class A		2,100		30,912
JPMorgan Chase & Co.		635,771		22,716,098
Leucadia National Corp.		33,100		704,037
Moody’s Corp.		47,620		1,740,511
NASDAQ OMX Group, Inc.		6,200		140,554
NYSE Euronext		13,500		345,330

				48,689,978

*Insurance (3.9%)*
ACE Ltd.		40,200		2,980,026
Aflac, Inc.		25,000		1,064,750

See Notes to Financial Statements.

137

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Alleghany Corp.*		968	$	328,878
Allied World Assurance Co. Holdings AG		1,000		79,470
Allstate Corp.		26,200		919,358
American Financial Group, Inc./Ohio		4,600		180,458
American International Group, Inc.*		34,500		1,107,105
American National Insurance Co.		400		28,508
Aon plc		55,595		2,600,734
Arch Capital Group Ltd.*		6,400		254,016
Aspen Insurance Holdings Ltd.		3,800		109,820
Assurant, Inc.		4,600		160,264
Assured Guaranty Ltd.		8,600		121,260
Axis Capital Holdings Ltd.		5,800		188,790
Berkshire Hathaway, Inc., Class B*		107,206		8,933,476
Brown & Brown, Inc.		5,700		155,439
Chubb Corp.		44,670		3,252,869
Cincinnati Financial Corp.		7,800		296,946
CNA Financial Corp.		1,400		38,808
Endurance Specialty Holdings Ltd.		2,100		80,472
Everest Reinsurance Group Ltd.		2,800		289,772
Fidelity National Financial, Inc., Class A		11,900		229,194
Genworth Financial, Inc., Class A*		26,300		148,858
Hanover Insurance Group, Inc.		1,300		50,869
Hartford Financial Services Group, Inc.		23,500		414,305
HCC Insurance Holdings, Inc.		5,400		169,560
Kemper Corp.		2,600		79,950
Lincoln National Corp.		15,200		332,424
Loews Corp.		16,700		683,197
Markel Corp.*		600		265,020
Marsh & McLennan Cos., Inc.		6,100		196,603
MBIA, Inc.*		7,500		81,075
Mercury General Corp.		1,400		58,338
MetLife, Inc.		151,190		4,664,212
Old Republic International Corp.		13,800		114,402
PartnerReinsurance Ltd.		3,500		264,845
Principal Financial Group, Inc.		16,000		419,680
ProAssurance Corp.		1,700		151,453
Progressive Corp.		32,700		681,141
Protective Life Corp.		4,300		126,463
Prudential Financial, Inc.		71,315		3,453,785
Reinsurance Group of America, Inc.		22,300		1,186,583
RenaissanceReinsurance Holdings Ltd.		2,800		212,828
StanCorp Financial Group, Inc.		2,400		89,184
Torchmark Corp.		5,300		267,915
Travelers Cos., Inc.		62,269		3,975,253
Unum Group		15,200		290,776
Validus Holdings Ltd.		4,500		144,135
W. R. Berkley Corp.		5,900		229,628
White Mountains Insurance Group Ltd.		400		208,700

XL Group plc		16,600	$	349,264

				42,710,859

*Real Estate Investment Trusts (REITs) (1.5%)*
Alexandria Real Estate Equities, Inc. (REIT)		3,300		239,976
American Campus Communities, Inc. (REIT)		3,600		161,928
American Capital Agency Corp. (REIT)		16,010		538,096
Annaly Capital Management, Inc. (REIT)		52,138		874,876
Apartment Investment & Management Co. (REIT), Class A		2,000		54,060
AvalonBay Communities, Inc. (REIT)		5,100		721,548
BioMed Realty Trust, Inc. (REIT)		8,200		153,176
Boston Properties, Inc. (REIT)		6,700		726,079
Brandywine Realty Trust (REIT)		7,600		93,784
BRE Properties, Inc. (REIT)		2,900		145,058
Camden Property Trust (REIT)		1,100		74,437
CBL & Associates Properties, Inc. (REIT)		7,900		154,366
Chimera Investment Corp. (REIT)		54,900		129,564
CommonWealth REIT (REIT)		4,425		84,606
Corporate Office Properties Trust/Maryland (REIT)		3,800		89,338
DDR Corp. (REIT)		11,700		171,288
Douglas Emmett, Inc. (REIT)		7,400		170,940
Duke Realty Corp. (REIT)		14,200		207,888
Equity Lifestyle Properties, Inc. (REIT)		400		27,588
Equity Residential (REIT)		14,800		922,928
Extra Space Storage, Inc. (REIT)		2,000		61,200
Federal Realty Investment Trust (REIT)		800		83,272
General Growth Properties, Inc. (REIT)		28,259		511,205
Hatteras Financial Corp. (REIT)		5,200		148,720
HCP, Inc. (REIT)		20,861		921,013
Health Care REIT, Inc. (REIT)		11,400		664,620
Home Properties, Inc. (REIT)		1,200		73,632
Hospitality Properties Trust (REIT)		6,600		163,482
Host Hotels & Resorts, Inc. (REIT)		38,409		607,630
Kilroy Realty Corp. (REIT)		3,400		164,594
Kimco Realty Corp. (REIT)		21,700		412,951
Liberty Property Trust (REIT)		5,500		202,620
Macerich Co. (REIT)		7,135		421,322
Mack-Cali Realty Corp. (REIT)		4,700		136,629
MFA Financial, Inc. (REIT)		19,100		150,699
Mid-America Apartment Communities, Inc. (REIT)		100		6,824
National Retail Properties, Inc. (REIT)		5,700		161,253

See Notes to Financial Statements.

138

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Piedmont Office Realty Trust, Inc. (REIT), Class A		9,200	$	158,332
Post Properties, Inc. (REIT)		1,700		83,215
Prologis, Inc. (REIT)		24,615		817,956
Rayonier, Inc. (REIT)		1,400		62,860
Realty Income Corp. (REIT)		7,100		296,567
Regency Centers Corp. (REIT)		1,900		90,383
Retail Properties of America, Inc. (REIT), Class A		4,500		43,740
Senior Housing Properties Trust (REIT)		8,700		194,184
Simon Property Group, Inc. (REIT)		2,624		408,452
SL Green Realty Corp. (REIT)		4,800		385,152
Taubman Centers, Inc. (REIT)		2,200		169,752
UDR, Inc. (REIT)		13,200		341,088
Ventas, Inc. (REIT)		15,506		978,739
Vornado Realty Trust (REIT)		9,958		836,273
Weingarten Realty Investors (REIT)		6,400		168,576
Weyerhaeuser Co. (REIT)		19,492		435,841

				16,104,300

*Real Estate Management & Development (0.0%)*
Forest City Enterprises, Inc., Class A*		7,500		109,500
Howard Hughes Corp.*		1,485		91,536
Jones Lang LaSalle, Inc.		2,400		168,888
St. Joe Co.*		3,000		47,430

				417,354

*Thrifts & Mortgage Finance (0.1%)*
BankUnited, Inc.		1,800		42,444
Capitol Federal Financial, Inc.		8,716		103,546
Hudson City Bancorp, Inc.		28,200		179,634
New York Community Bancorp, Inc.		23,500		294,455
People’s United Financial, Inc.		14,900		172,989
TFS Financial Corp.*		4,200		40,110
Washington Federal, Inc.		5,700		96,273

				929,451

Total Financials				193,609,693

Health Care (12.5%)
*Biotechnology (0.2%)*
Amylin Pharmaceuticals, Inc.*		800		22,584
Gilead Sciences, Inc.*		35,000		1,794,800
Vertex Pharmaceuticals, Inc.*		8,900		497,688

				2,315,072

*Health Care Equipment & Supplies (1.5%)*
Alere, Inc.*		4,300		83,592
Baxter International, Inc.		2,500		132,875
Becton, Dickinson and Co.		16,710		1,249,073
Boston Scientific Corp.*		76,400		433,188
CareFusion Corp.*		11,800		303,024
Cooper Cos., Inc.		1,800		143,568
Covidien plc		121,300		6,489,550
DENTSPLY International, Inc.		4,200		158,802
Hill-Rom Holdings, Inc.		3,300		101,805
Hologic, Inc.*		14,100		254,364

Medtronic, Inc.		108,270	$	4,193,297
Sirona Dental Systems, Inc.*		2,400		108,024
St. Jude Medical, Inc.		48,330		1,928,850
Stryker Corp.		4,400		242,440
Teleflex, Inc.		2,200		134,002
Zimmer Holdings, Inc.		8,500		547,060

				16,503,514

*Health Care Providers & Services (2.1%)*
Aetna, Inc.		31,300		1,213,501
AMERIGROUP Corp.*		800		52,728
Brookdale Senior Living, Inc.*		5,200		92,248
Cardinal Health, Inc.		8,500		357,000
Cigna Corp.		15,400		677,600
Community Health Systems, Inc.*		4,800		134,544
Coventry Health Care, Inc.		7,600		241,604
HCA Holdings, Inc.		3,100		94,333
Health Management Associates, Inc., Class A*		13,700		107,545
Health Net, Inc.*		34,900		847,023
Henry Schein, Inc.*		2,100		164,829
Humana, Inc.		8,800		681,472
LifePoint Hospitals, Inc.*		2,600		106,548
Lincare Holdings, Inc.		1,000		34,020
McKesson Corp.		49,700		4,659,375
MEDNAX, Inc.*		2,600		178,204
Omnicare, Inc.		6,000		187,380
Patterson Cos., Inc.		300		10,341
Quest Diagnostics, Inc.		25,960		1,555,004
Tenet Healthcare Corp.*		20,800		108,992
UnitedHealth Group, Inc.		112,507		6,581,659
Universal Health Services, Inc., Class B		4,500		194,220
VCA Antech, Inc.*		4,600		101,108
WellPoint, Inc.		72,000		4,592,880

				22,974,158

*Health Care Technology (0.0%)*
Allscripts Healthcare Solutions, Inc.*		10,200		111,486

*Life Sciences Tools & Services (0.3%)*
Bio-Rad Laboratories, Inc., Class A*		1,100		110,011
Charles River Laboratories International, Inc.*		900		29,484
Covance, Inc.*		2,800		133,980
Life Technologies Corp.*		8,700		391,413
PerkinElmer, Inc.		6,000		154,800
QIAGEN N.V.*		12,600		210,420
Thermo Fisher Scientific, Inc.		51,170		2,656,235

				3,686,343

*Pharmaceuticals (8.4%)*
Abbott Laboratories		57,920		3,734,102
AstraZeneca plc (ADR)		66,500		2,975,875
Bristol-Myers Squibb Co.		8,337		299,715
Eli Lilly and Co.		34,900		1,497,559
Endo Health Solutions, Inc.*		2,300		71,254
Forest Laboratories, Inc.*		14,200		496,858
Hospira, Inc.*		8,800		307,824

See Notes to Financial Statements.

139

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Johnson & Johnson		392,705	$	26,531,150
Merck & Co., Inc.		459,995		19,204,791
Mylan, Inc.*		1,800		38,466
Pfizer, Inc.		1,544,066		35,513,518
Roche Holding AG		5,908		1,019,883
Roche Holding AG (ADR)		21,900		946,518

				92,637,513

Total Health Care				138,228,086

Industrials (8.7%)
*Aerospace & Defense (2.8%)*
Alliant Techsystems, Inc.		1,800		91,026
Boeing Co.		3,900		289,770
Exelis, Inc.		9,900		97,614
General Dynamics Corp.		27,100		1,787,516
Honeywell International, Inc.		213,925		11,945,572
Huntington Ingalls Industries, Inc.*		8,654		348,237
L-3 Communications Holdings, Inc.		5,200		384,852
Lockheed Martin Corp.		78,020		6,793,982
Northrop Grumman Corp.		56,970		3,634,116
Raytheon Co.		17,800		1,007,302
Spirit AeroSystems Holdings, Inc., Class A*		4,900		116,767
Textron, Inc.		14,000		348,180
Triumph Group, Inc.		1,800		101,286
United Technologies Corp.		53,340		4,028,770

				30,974,990

*Air Freight & Logistics (0.3%)*
Expeditors International of Washington, Inc.		1,100		42,625
FedEx Corp.		15,800		1,447,438
United Parcel Service, Inc., Class B		27,350		2,154,086
UTi Worldwide, Inc.		5,500		80,355

				3,724,504

*Airlines (0.2%)*
Copa Holdings S.A., Class A		400		32,992
Delta Air Lines, Inc.*		147,000		1,609,650
Southwest Airlines Co.		33,100		305,182

				1,947,824

*Building Products (0.1%)*
Fortune Brands Home & Security, Inc.*		35,200		783,904
Owens Corning, Inc.*		6,500		185,510

				969,414

*Commercial Services & Supplies (0.2%)*
Avery Dennison Corp.		5,500		150,370
Cintas Corp.		3,200		123,552
Corrections Corp. of America		5,300		156,085
Covanta Holding Corp.		5,400		92,610
Iron Mountain, Inc.		500		16,480
KAR Auction Services, Inc.*		1,500		25,785
Pitney Bowes, Inc.		3,400		50,898
R.R. Donnelley & Sons Co.		9,600		112,992
Republic Services, Inc.		16,200		428,652

Waste Connections, Inc.		6,150	$	184,008
Waste Management, Inc.		24,700		824,980

				2,166,412

*Construction & Engineering (0.1%)*
AECOM Technology Corp.*		6,000		98,700
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		2,000		75,920
Fluor Corp.		7,840		386,826
Jacobs Engineering Group, Inc.*		6,900		261,234
KBR, Inc.		7,900		195,209
Quanta Services, Inc.*		11,100		267,177
Shaw Group, Inc.*		3,500		95,585
URS Corp.		4,000		139,520

				1,520,171

*Electrical Equipment (0.1%)*
Cooper Industries plc		2,700		184,086
Emerson Electric Co.		6,200		288,796
General Cable Corp.*		2,500		64,850
GrafTech International Ltd.*		6,700		64,655
Hubbell, Inc., Class B		600		46,764
Regal-Beloit Corp.		2,100		130,746

				779,897

*Industrial Conglomerates (3.3%)*
3M Co.		41,360		3,705,856
Carlisle Cos., Inc.		3,000		159,060
Danaher Corp.		64,350		3,351,348
General Electric Co.		1,199,050		24,988,202
Tyco International Ltd.		81,570		4,310,974

				36,515,440

*Machinery (1.1%)*
AGCO Corp.*		5,200		237,796
CNH Global N.V.*		1,500		58,290
Colfax Corp.*		1,800		49,626
Crane Co.		2,600		94,588
Cummins, Inc.		31,100		3,013,901
Dover Corp.		9,800		525,378
Eaton Corp.		49,310		1,954,155
Flowserve Corp.		300		34,425
Gardner Denver, Inc.		2,700		142,857
Harsco Corp.		4,300		87,634
IDEX Corp.		3,600		140,328
Illinois Tool Works, Inc.		1,300		68,757
Ingersoll-Rand plc		2,900		122,322
ITT Corp.		3,750		66,000
Kennametal, Inc.		4,300		142,545
Manitowoc Co., Inc.		1,600		18,720
Navistar International Corp.*		3,200		90,784
Nordson Corp.		300		15,387
Oshkosh Corp.*		4,900		102,655
PACCAR, Inc.		14,800		580,012
Parker Hannifin Corp.		14,600		1,122,448
Pentair, Inc.		5,300		202,884
Snap-on, Inc.		2,500		155,625
SPX Corp.		1,900		124,108
Stanley Black & Decker, Inc.		41,661		2,681,302
Terex Corp.*		5,900		105,197
Timken Co.		4,300		196,897
Trinity Industries, Inc.		4,200		104,916

See Notes to Financial Statements.

140

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Xylem, Inc.		8,800	$	221,496

				12,461,033

*Marine (0.0%)*
Alexander & Baldwin, Inc.		2,100		111,825
Kirby Corp.*		800		37,664

				149,489

*Professional Services (0.2%)*
Dun & Bradstreet Corp.		14,460		1,029,118
Equifax, Inc.		600		27,960
Manpower, Inc.		4,300		157,595
Nielsen Holdings N.V.*		4,829		126,617
Towers Watson & Co., Class A		3,300		197,670
Verisk Analytics, Inc., Class A*		1,100		54,186

				1,593,146

*Road & Rail (0.3%)*
Canadian National Railway Co.		15,030		1,268,231
Con-way, Inc.		1,300		46,943
CSX Corp.		17,900		400,244
Hertz Global Holdings, Inc.*		5,700		72,960
Kansas City Southern		1,300		90,428
Norfolk Southern Corp.		17,400		1,248,798
Ryder System, Inc.		2,700		97,227

				3,224,831

*Trading Companies & Distributors (0.0%)*
Air Lease Corp.*		3,600		69,804
GATX Corp.		2,500		96,250
MRC Global, Inc.*		400		8,512
WESCO International, Inc.*		2,300		132,365

				306,931

Total Industrials				96,334,082

Information Technology (8.4%)
*Communications Equipment (1.7%)*
Brocade Communications Systems, Inc.*		24,500		120,785
Cisco Systems, Inc.		994,880		17,082,090
EchoStar Corp., Class A*		1,500		39,630
Harris Corp.		4,300		179,955
JDS Uniphase Corp.*		12,300		135,300
Juniper Networks, Inc.*		28,300		461,573
Motorola Solutions, Inc.		8,700		418,557
Polycom, Inc.*		9,500		99,940

				18,537,830

*Computers & Peripherals (0.8%)*
Dell, Inc.*		118,400		1,482,368
Diebold, Inc.		3,100		114,421
Hewlett-Packard Co.		304,280		6,119,071
Lexmark International, Inc., Class A		3,800		101,004
NetApp, Inc.*		6,400		203,648
SanDisk Corp.*		13,000		474,240
Western Digital Corp.*		7,400		225,552

				8,720,304

*Electronic Equipment, Instruments & Components (0.2%)*
Arrow Electronics, Inc.*		5,900		193,579

Avnet, Inc.*		7,700	$	237,622
AVX Corp.		2,500		26,725
Corning, Inc.		81,200		1,049,916
Dolby Laboratories, Inc., Class A*		1,100		45,430
FLIR Systems, Inc.		1,500		29,250
Ingram Micro, Inc., Class A*		8,100		141,507
Itron, Inc.*		2,100		86,604
Jabil Circuit, Inc.		8,000		162,640
Molex, Inc.		7,300		174,762
Tech Data Corp.*		2,100		101,157
Vishay Intertechnology, Inc.*		7,700		72,611

				2,321,803

*Internet Software & Services (0.1%)*
Akamai Technologies, Inc.*		700		22,225
AOL, Inc.*		3,775		106,002
IAC/InterActiveCorp		3,300		150,480
VeriSign, Inc.*		700		30,499
Yahoo!, Inc.*		65,200		1,032,116

				1,341,322

*IT Services (1.3%)*
Accenture plc, Class A		67,650		4,065,089
Amdocs Ltd.*		9,000		267,480
Booz Allen Hamilton Holding Corp.		1,212		18,519
Computer Sciences Corp.		8,300		206,006
CoreLogic, Inc.*		5,700		104,367
DST Systems, Inc.		1,500		81,465
Fidelity National Information Services, Inc.		13,417		457,251
Fiserv, Inc.*		13,280		959,082
Genpact Ltd.*		1,300		21,619
International Business Machines Corp.		20,890		4,085,666
Mastercard, Inc., Class A		2,394		1,029,683
Paychex, Inc.		1,200		37,692
SAIC, Inc.		9,800		118,776
Total System Services, Inc.		1,200		28,716
Visa, Inc., Class A		10,400		1,285,752
Western Union Co.		107,675		1,813,247

				14,580,410

*Office Electronics (0.1%)*
Xerox Corp.		72,094		567,380
Zebra Technologies Corp., Class A*		2,300		79,028

				646,408

*Semiconductors & Semiconductor Equipment (2.8%)*
Advanced Semiconductor Engineering, Inc. (ADR)		95,769		389,780
Analog Devices, Inc.		14,600		549,982
Applied Materials, Inc.		633,150		7,255,899
ASML Holding N.V. (N.Y. Shares)		8,290		426,272
Atmel Corp.*		21,700		145,390
Avago Technologies Ltd.		700		25,130
Broadcom Corp., Class A*		11,200		378,560
Cree, Inc.*		6,200		159,154
Cypress Semiconductor Corp.*		3,300		43,626

See Notes to Financial Statements.

141

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Fairchild Semiconductor International, Inc.*		6,800	$	95,880
Freescale Semiconductor Ltd.*		100		1,025
Intel Corp.		291,080		7,757,282
KLA-Tencor Corp.		9,000		443,250
Lam Research Corp.*		39,812		1,502,505
Marvell Technology Group Ltd.		25,100		283,128
Maxim Integrated Products, Inc.		7,800		199,992
Micron Technology, Inc.*		275,500		1,738,405
NVIDIA Corp.*		33,100		457,442
ON Semiconductor Corp.*		24,300		172,530
PMC-Sierra, Inc.*		12,400		76,136
Silicon Laboratories, Inc.*		200		7,580
Skyworks Solutions, Inc.*		1,100		30,107
Teradyne, Inc.*		8,700		122,322
Texas Instruments, Inc.		302,725		8,685,180

				30,946,557

*Software (1.4%)*
Activision Blizzard, Inc.		22,600		270,974
Adobe Systems, Inc.*		11,300		365,781
CA, Inc.		26,700		723,303
Compuware Corp.*		11,000		102,190
Electronic Arts, Inc.*		17,000		209,950
Microsoft Corp.		299,400		9,158,646
Oracle Corp.		128,395		3,813,331
Rovi Corp.*		4,700		92,214
Symantec Corp.*		36,300		530,343
Synopsys, Inc.*		7,200		211,896

				15,478,628

Total Information Technology				92,573,262

Materials (2.9%)
*Chemicals (1.7%)*
Air Products and Chemicals, Inc.		33,270		2,685,887
Albemarle Corp.		2,100		125,244
Ashland, Inc.		4,200		291,102
Cabot Corp.		3,400		138,380
CF Industries Holdings, Inc.		2,781		538,791
Cytec Industries, Inc.		2,500		146,600
Dow Chemical Co.		64,000		2,016,000
Eastman Chemical Co.		1,500		75,555
Huntsman Corp.		10,200		131,988
Intrepid Potash, Inc.*		1,500		34,140
Kronos Worldwide, Inc.		1,000		15,790
LyondellBasell Industries N.V., Class A		58,000		2,335,660
Monsanto Co.		76,700		6,349,226
Mosaic Co.		15,900		870,684
PPG Industries, Inc.		26,710		2,834,465
Rockwood Holdings, Inc.		2,600		115,310
RPM International, Inc.		4,300		116,960
Scotts Miracle-Gro Co., Class A		300		12,336
W.R. Grace & Co.*		300		15,135
Westlake Chemical Corp.		800		41,808

				18,891,061

*Construction Materials (0.0%)*
Martin Marietta Materials, Inc.		1,200		94,584

Vulcan Materials Co.		6,900	$	273,999

				368,583

*Containers & Packaging (0.1%)*
AptarGroup, Inc.		2,400		122,520
Bemis Co., Inc.		5,500		172,370
Crown Holdings, Inc.*		6,000		206,940
Greif, Inc., Class A		1,700		69,700
Owens-Illinois, Inc.*		2,200		42,174
Packaging Corp. of America		400		11,296
Rock-Tenn Co., Class A		3,400		185,470
Sealed Air Corp.		10,300		159,032
Sonoco Products Co.		5,400		162,810

				1,132,312

*Metals & Mining (1.0%)*
Alcoa, Inc.		57,000		498,750
Allegheny Technologies, Inc.		5,700		181,773
Barrick Gold Corp.		135,050		5,073,829
Carpenter Technology Corp.		2,200		105,248
Cliffs Natural Resources, Inc.		7,600		374,604
Commercial Metals Co.		6,200		78,368
Freeport-McMoRan Copper & Gold, Inc.		50,800		1,730,756
Molycorp, Inc.*		2,600		56,030
Newmont Mining Corp.		26,300		1,275,813
Nucor Corp.		17,000		644,300
Reliance Steel & Aluminum Co.		4,000		202,000
Southern Copper Corp.		2,200		69,322
Steel Dynamics, Inc.		9,100		106,925
Tahoe Resources, Inc.*		3,300		45,837
Titanium Metals Corp.		4,200		47,502
United States Steel Corp.		7,700		158,620
Walter Energy, Inc.		3,300		145,728

				10,795,405

*Paper & Forest Products (0.1%)*
Domtar Corp.		2,000		153,420
International Paper Co.		23,400		676,494
MeadWestvaco Corp.		9,200		264,500

				1,094,414

Total Materials				32,281,775

Telecommunication Services (3.4%)
*Diversified Telecommunication Services (2.2%)*
AT&T, Inc.		546,015		19,470,895
CenturyLink, Inc.		107,464		4,243,753
Frontier Communications Corp.		53,339		204,289
Level 3 Communications, Inc.*		4,140		91,701
Windstream Corp.		12,700		122,682

				24,133,320

*Wireless Telecommunication Services (1.2%)*
Clearwire Corp., Class A*		18,700		20,944
MetroPCS Communications, Inc.*		16,200		98,010
NII Holdings, Inc.*		9,100		93,093
Sprint Nextel Corp.*		160,500		523,230
Telephone & Data Systems, Inc.		5,026		107,003
U.S. Cellular Corp.*		700		27,034

See Notes to Financial Statements.

142

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Vodafone Group plc		1,171,526	$	3,291,560
Vodafone Group plc (ADR)		328,700		9,262,766

				13,423,640

Total Telecommunication Services				37,556,960

Utilities (3.5%)
*Electric Utilities (1.9%)*
American Electric Power Co., Inc.		45,900		1,831,410
Duke Energy Corp.		71,600		1,651,096
Edison International		49,700		2,296,140
Entergy Corp.		9,500		644,955
Exelon Corp.		45,586		1,714,946
FirstEnergy Corp.		22,370		1,100,380
Great Plains Energy, Inc.		55,000		1,177,550
Hawaiian Electric Industries, Inc.		5,100		145,452
NextEra Energy, Inc.		22,300		1,534,463
Northeast Utilities		16,778		651,154
NV Energy, Inc.		106,000		1,863,480
OGE Energy Corp.		5,300		274,487
Pepco Holdings, Inc.		12,200		238,754
Pinnacle West Capital Corp.		5,900		305,266
PPL Corp.		44,696		1,242,996
Progress Energy, Inc.		15,900		956,703
Southern Co.		46,500		2,152,950
Westar Energy, Inc.		6,700		200,665
Xcel Energy, Inc.		26,000		738,660

				20,721,507

*Gas Utilities (0.2%)*
AGL Resources, Inc.		6,300		244,125
Atmos Energy Corp.		37,600		1,318,632
National Fuel Gas Co.		3,900		183,222
Questar Corp.		7,300		152,278
UGI Corp.		6,000		176,580

				2,074,837

*Independent Power Producers & Energy Traders (0.1%)*
AES Corp.*		34,300		440,069
Calpine Corp.*		21,600		356,616
NRG Energy, Inc.*		12,100		210,056

				1,006,741

*Multi-Utilities (1.3%)*
Alliant Energy Corp.		5,900		268,863
Ameren Corp.		13,000		436,020
CenterPoint Energy, Inc.		76,300		1,577,121
CMS Energy Corp.		14,000		329,000
Consolidated Edison, Inc.		15,700		976,383
Dominion Resources, Inc.		30,600		1,652,400
DTE Energy Co.		23,000		1,364,590
Integrys Energy Group, Inc.		4,200		238,854
MDU Resources Group, Inc.		10,100		218,261
NiSource, Inc.		25,700		636,075
PG&E Corp.		56,125		2,540,779
Public Service Enterprise Group, Inc.		55,445		1,801,962
SCANA Corp.		6,300		301,392
Sempra Energy		12,900		888,552

TECO Energy, Inc.		11,500	$	207,690
Vectren Corp.		4,400		129,888
Wisconsin Energy Corp.		12,300		486,711

				14,054,541

*Water Utilities (0.0%)*
American Water Works Co., Inc.		9,400		322,232
Aqua America, Inc.		6,600		164,736

				486,968

Total Utilities				38,344,594

Total Common Stocks (85.0%) (Cost $804,701,916)				937,374,044

CONVERTIBLE PREFERRED STOCK:
Utilities (0.0%)
*Electric Utilities (0.0%)*
PPL Corp. 9.500%		7,500		396,750

Total Convertible Preferred Stock (0.0%) (Cost $375,000)				396,750

PREFERRED STOCK:
Industrials (0.0%)
*Aerospace & Defense (0.0%)*
United Technologies Corp. 7.500%*		5,230		275,569

Total Preferred Stock (0.0%) (Cost $262,641)				275,569

	Number of Rights		Value (Note 1)
RIGHTS:
Health Care (0.0%)
*Biotechnology (0.0%)*
Celgene Corp., expiring 12/31/30* (Cost $1,590)		300		564

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Commercial Paper (0.2%)
HSBC USA, Inc.
0.06%, 7/2/12 (p)	$	1,652,000		1,651,995

Government Securities (2.0%)
U.S. Treasury Bills
0.11%, 11/1/12#(p)		22,008,300		21,999,915

Total Short-Term Investments (2.2%) (Cost $23,650,522)				23,651,910

Total Investments (87.2%) (Cost $828,991,669)				961,698,837
Other Assets Less Liabilities (12.8%)				141,486,471

Net Assets (100%)			$	1,103,185,308

See Notes to Financial Statements.

143

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

*	Non-income producing.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $21,999,915.

(p)

Yield to maturity.

Glossary:

ADR

— American Depositary Receipt

At June 30, 2012, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2012		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index		1,929		September-12	$	126,352,471	$	130,824,780	$	4,472,309
S&P MidCap 400 E-Mini Index		286		September-12		26,230,647		26,869,700		639,053

									$	5,111,362

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, 2012:

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 (a)		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	$	101,236,576	$	—	$	—	$	101,236,576
Consumer Staples		73,473,288		7,818,694		—		81,291,982
Energy		125,917,034		—		—		125,917,034
Financials		193,609,693		—		—		193,609,693
Health Care		137,208,203		1,019,883		—		138,228,086
Industrials		96,334,082		—		—		96,334,082
Information Technology		92,573,262		—		—		92,573,262
Materials		32,281,775		—		—		32,281,775
Telecommunication Services		34,265,400		3,291,560		—		37,556,960
Utilities		38,344,594		—		—		38,344,594
Convertible Preferred Stocks
Utilities		396,750		—		—		396,750
Futures		5,111,362		—		—		5,111,362
Preferred Stocks
Industrials		275,569		—		—		275,569
Rights
Health Care		564		—		—		564
Short-Term Investments		—		23,651,910		—		23,651,910

Total Assets	$	931,028,152	$	35,782,047	$	—	$	966,810,199

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	931,028,152	$	35,782,047	$	—	$	966,810,199

(a) A Security with a market value of $396,750 transferred from Level 2 to Level 1 since the beginning of the period due to active trading.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

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



	Investments in Common Stocks- Consumer Discretionary			Investments in Preferred Stocks- Consumer Discretionary

Balance as of 12/31/11	$	—		$	—
Total gains or losses (realized/unrealized) included in earnings		1,526			127
Purchases		—			—
Sales		(1,526	)		(127	)
Issuances		—			—
Settlements		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—

Balance as of 6/30/12	$	—		$	—

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/12.	$	—		$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2012:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets- Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets- Unrealized appreciation		5,111,362	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	5,111,362


	Liability Derivatives
Interest rate contracts	Payables, Net Assets- Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets- Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	—

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2012:


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		—		13,283,615		—		—		13,283,615
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	13,283,615	$	—	$	—	$	13,283,615


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts .		—		—		—		—		—
Equity contracts		—		3,153,232		—		—		3,153,232
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	3,153,232	$	—	$	—	$	3,153,232

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

The Portfolio held futures contracts with an average notional balance of approximately $172,384,000 during the six months ended June 30, 2012.

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

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	179,613,713
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	234,374,522

As of June 30, 2012, 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	$	153,118,201
Aggregate gross unrealized depreciation		(39,737,267	)

Net unrealized appreciation	$	113,380,934

Federal income tax cost of investments	$	848,317,903

For the six months ended June 30, 2012, the Portfolio incurred approximately $4,264 as brokerage commissions with Sanford C. Bernstein & Co., LLC and $64 with Williams Capital Group, affiliated broker/dealers. Effective May 1, 2012, Williams Capital Group is no longer an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $638,001,243 of which $22,342,812 expires in the year 2016 and $615,658,431 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value (Cost $828,991,669)	$	961,698,837
Cash		134,725,851
Due from broker for futures variation margin		4,045,780
Receivable for securities sold		3,235,484
Dividends, interest and other receivables		1,935,890
Receivable from Separate Accounts for Trust shares sold		61,830
Other assets		6,740

Total assets		1,105,710,412

LIABILITIES
Payable for securities purchased		902,276
Investment management fees payable		647,272
Payable to Separate Accounts for Trust shares redeemed		608,274
Administrative fees payable		148,277
Distribution fees payable - Class B		81,212
Trustees’ fees payable		25,775
Distribution fees payable - Class A		2,864
Accrued expenses		109,154

Total liabilities		2,525,104

NET ASSETS	$	1,103,185,308

Net assets were comprised of:
Paid in capital	$	1,593,947,818
Accumulated undistributed net investment income (loss)		7,690,092
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(636,273,279	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		137,820,677

Net assets	$	1,103,185,308

Class A
Net asset value, offering and redemption price per share, $14,203,435 / 1,446,446 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.82

Class B
Net asset value, offering and redemption price per share, $407,465,340 / 41,482,752 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.82

Class K
Net asset value, offering and redemption price per share, $681,516,533 / 69,317,712 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.83

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (net of $36,442 foreign withholding tax)	$	12,847,936
Interest		85,103

Total income		12,933,039

EXPENSES
Investment management fees		4,161,162
Administrative fees		867,888
Distribution fees - Class B		518,956
Printing and mailing expenses		59,418
Custodian fees		58,826
Distribution fees - Class A		35,580
Professional fees		32,514
Trustees’ fees		12,838
Miscellaneous		13,266

Gross expenses		5,760,448
Less: Fees paid indirectly		(26,639	)

Net expenses		5,733,809

NET INVESTMENT INCOME (LOSS)		7,199,230

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		29,957,631
Futures		13,283,615
Foreign currency transactions		(1,261	)

Net realized gain (loss)		43,239,985

Change in unrealized appreciation (depreciation) on:
Securities		31,598,024
Futures		3,153,232
Foreign currency translations		1,121

Net change in unrealized appreciation (depreciation)		34,752,377

NET REALIZED AND UNREALIZED GAIN (LOSS)		77,992,362

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	85,191,592

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	7,199,230		$	13,781,152
Net realized gain (loss) on investments, futures and foreign currency transactions		43,239,985			17,209,216
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		34,752,377			(90,498,775	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		85,191,592			(59,508,407	)

DIVIDENDS:
Dividends from net investment income
Class A		—			(821,923	)
Class B		—			(4,458,615	)
Class K†		—			(8,769,131	)

TOTAL DIVIDENDS		—			(14,049,669	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 435,747 and 2,347,648 shares, respectively ]		4,220,792			23,307,082
Capital shares issued in reinvestment of dividends [ 0 and 92,905 shares, respectively ]		—			821,923
Capital shares repurchased [ (2,624,042) and (89,352,741) shares, respectively ]		(26,408,122	)		(814,874,044	)(z)

Total Class A transactions		(22,187,330	)		(790,745,039	)

Class B
Capital shares sold [ 1,289,219 and 4,124,821 shares, respectively ]		12,493,052			39,646,706
Capital shares issued in reinvestment of dividends [ 0 and 503,793 shares, respectively ]		—			4,458,615
Capital shares repurchased [ (3,994,007) and (10,458,466) shares, respectively ]		(39,014,952	)		(102,046,050	)

Total Class B transactions		(26,521,900	)		(57,940,729	)

Class K†
Capital shares sold [ 2,594,178 and 75,746,207 shares, respectively ]		26,105,071			676,188,755	(z)
Capital shares issued in reinvestment of dividends [ 0 and 991,158 shares, respectively ]		—			8,769,131
Capital shares repurchased [ (7,807,288) and (2,206,543) shares, respectively ]		(77,279,916	)		(19,743,796	)

Total Class K transactions		(51,174,845	)		665,214,090

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(99,884,075	)		(183,471,678	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(14,692,483	)		(257,029,754	)
NET ASSETS:
Beginning of period		1,117,877,791			1,374,907,545

End of period (a)	$	1,103,185,308		$	1,117,877,791

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	7,690,092		$	490,862

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Large Cap Value Portfolio exchanged approximately 75,097,387 Class A shares for approximately 75,097,387 Class K shares. This exchange amounted to approximately $670,375,386.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.14		$	9.78		$	8.72		$	7.21		$	11.79		$	12.83

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.10	(e)		0.10	(e)		0.15	(e)		0.18	(e)		0.19	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.63			(0.62	)		1.07			1.53			(4.58	)		0.29

Total from investment operations		0.68			(0.52	)		1.17			1.68			(4.40	)		0.48

Less distributions:
Dividends from net investment income		—			(0.12	)		(0.11	)		(0.17	)		(0.16	)		(0.18	)
Distributions from net realized gains		—			—			—			—			(0.02	)		(1.34	)

Total dividends and distributions		—			(0.12	)		(0.11	)		(0.17	)		(0.18	)		(1.52	)

Net asset value, end of period	$	9.82		$	9.14		$	9.78		$	8.72		$	7.21		$	11.79

Total return (b)		7.44	%		(5.23	)%		13.39	%		23.29	%		(37.33	)%		3.88	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	14,203		$	33,205		$	885,584		$	1,018,251		$	1,180,738		$	1,220,184
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.16	%		0.90	%		0.91	%		0.82	%(c)		1.03	%		1.01	%
Before fees paid indirectly (a)		1.17	%		0.91	%		0.91	%		0.93	%		1.05	%		1.07	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		1.02	%		1.01	%		1.14	%		2.04	%		1.82	%		1.44	%
Before fees paid indirectly (a)		1.01	%		1.01	%		1.13	%		1.92	%		1.79	%		1.38	%
Portfolio turnover rate		19	%		37	%		35	%		77	%		60	%		77	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.14		$	9.78		$	8.72		$	7.21		$	11.79		$	12.83

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.09	(e)		0.08	(e)		0.13	(e)		0.15	(e)		0.16	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.63			(0.63	)		1.06			1.53			(4.57	)		0.29

Total from investment operations		0.68			(0.54	)		1.14			1.66			(4.42	)		0.45

Less distributions:
Dividends from net investment income		—			(0.10	)		(0.08	)		(0.15	)		(0.14	)		(0.15	)
Distributions from net realized gains		—			—			—			—			(0.02	)		(1.34	)

Total dividends and distributions		—			(0.10	)		(0.08	)		(0.15	)		(0.16	)		(1.49	)

Net asset value, end of period	$	9.82		$	9.14		$	9.78		$	8.72		$	7.21		$	11.79

Total return (b)		7.44	%		(5.47	)%		13.11	%		22.97	%		(37.49	)%		3.61	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	407,465		$	403,797		$	489,324		$	484,944		$	439,812		$	718,323
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.16	%		1.15	%(c)		1.16	%		1.07	%(c)		1.28	%		1.26	%(c)
Before fees paid indirectly (a)		1.17	%		1.16	%		1.16	%		1.18	%		1.30	%		1.32	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		1.11	%		0.95	%		0.89	%		1.73	%		1.53	%		1.18	%
Before fees paid indirectly (a)		1.11	%		0.95	%		0.88	%		1.63	%		1.51	%		1.12	%
Portfolio turnover rate		19	%		37	%		35	%		77	%		60	%		77	%


Class K	Six Months Ended June 30, 2012 (Unaudited)			August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	9.14		$	8.85

Income (loss) from investment operations:
Net investment income (loss)		0.07	(e)		0.05	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.62			0.36

Total from investment operations		0.69			0.41

Less distributions:
Dividends from net investment income		—			(0.12	)

Net asset value, end of period	$	9.83		$	9.14

Total return (b)		7.55	%		4.66	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	681,517		$	680,876
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.91	%		0.90	%
Before fees paid indirectly (a)		0.92	%		0.91	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		1.37	%		1.65	%
Before fees paid indirectly (a)		1.36	%		1.65	%
Portfolio turnover rate		19	%		37	%

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 expenses.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

152

MULTIMANAGER MID CAP GROWTH PORTFOLIO (Unaudited)


Sector Weightings as of June 30, 2012	% of Net Assets
Information Technology		19.1	%
Consumer Discretionary		16.0
Industrials		14.6
Health Care		13.2
Financials		6.0
Energy		4.7
Materials		2.8
Consumer Staples		2.1
Telecommunication Services		0.9
Exchange Traded Funds		0.3
Utilities		0.2
Cash and Other		20.1

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,086.70		$6.55
Hypothetical (5% average return before expenses)		1,000.00		1,018.58		6.34
Class B
Actual		1,000.00		1,087.00		6.55
Hypothetical (5% average return before expenses)		1,000.00		1,018.58		6.34
Class K
Actual		1,000.00		1,087.80		5.26
Hypothetical (5% average return before expenses)		1,000.00		1,019.83		5.09
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.26%, 1.26% and 1.01%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (16.0%)
*Auto Components* (*0.7%)*
Allison Transmission Holdings, Inc.		2,786	$	48,922
Amerigon, Inc.*		3,147		36,159
Cooper Tire & Rubber Co.		5,779		101,364
Dana Holding Corp.		1,649		21,124
Dorman Products, Inc.*		2,612		65,535
Drew Industries, Inc.*		970		27,014
Fuel Systems Solutions, Inc.*		333		5,558
Gentex Corp.		15,404		321,481
Goodyear Tire & Rubber Co.*		26,142		308,737
Tenneco, Inc.*		59,819		1,604,346
Tower International, Inc.*		670		7,035
Visteon Corp.*		343		12,862
WABCO Holdings, Inc.*		13,274		702,593

				3,262,730

*Automobiles* (*0.1%)*
Tesla Motors, Inc.*		6,988		218,655
Thor Industries, Inc.		328		8,990
Winnebago Industries, Inc.*		895		9,120

				236,765

*Distributors* (*0.4%)*
Core-Mark Holding Co., Inc.		206		9,917
LKQ Corp.*		50,527		1,687,601
Pool Corp.		5,078		205,456

				1,902,974

*Diversified Consumer Services* (*1.1%)*
American Public Education, Inc.*		1,924		61,568
Apollo Group, Inc., Class A*		10,914		394,978
Bridgepoint Education, Inc.*		1,863		40,613
Capella Education Co.*		1,438		49,985
Coinstar, Inc.*		26,545		1,822,580
Collectors Universe		569		8,353
Grand Canyon Education, Inc.*		59,264		1,240,988
Hillenbrand, Inc.		5,890		108,258
ITT Educational Services, Inc.*		2,578		156,614
K12, Inc.*		2,852		66,452
Mac-Gray Corp.		177		2,494
Matthews International Corp., Class A		1,421		46,168
National American University Holdings, Inc.		364		1,565
Sotheby’s, Inc.		15,717		524,319
Steiner Leisure Ltd.*		1,627		75,509
Strayer Education, Inc.		1,267		138,128
Universal Technical Institute, Inc.		1,520		20,535
Weight Watchers International, Inc.		2,842		146,534

				4,905,641

*Hotels, Restaurants & Leisure* (*2.8%)*
AFC Enterprises, Inc.*		2,603		60,233
Ameristar Casinos, Inc.		3,088		54,874
Bally Technologies, Inc.*		4,608		215,009
Benihana, Inc.		371		5,977
Biglari Holdings, Inc.*		12		4,637
BJ’s Restaurants, Inc.*		19,057		724,166

Bob Evans Farms, Inc.		424	$	17,045
Boyd Gaming Corp.*		464		3,341
Bravo Brio Restaurant Group, Inc.*		2,079		37,069
Brinker International, Inc.		8,059		256,840
Buffalo Wild Wings, Inc.*		21,313		1,846,558
Burger King Worldwide, Inc.*		6,200		92,814
Caesars Entertainment Corp.*		3,531		40,253
Caribou Coffee Co., Inc.*		2,254		29,099
Carrols Restaurant Group, Inc.*		1,306		7,758
CEC Entertainment, Inc.		1,952		70,994
Cheesecake Factory, Inc.*		32,919		1,052,091
Choice Hotels International, Inc.		253		10,102
Churchill Downs, Inc.		460		27,043
Cracker Barrel Old Country Store, Inc.		2,058		129,242
Denny’s Corp.*		8,057		35,773
DineEquity, Inc.*		1,635		72,986
Domino’s Pizza, Inc.		6,187		191,240
Dunkin’ Brands Group, Inc.		8,682		298,140
Einstein Noah Restaurant Group, Inc.		625		10,975
Fiesta Restaurant Group, Inc.*		1,557		20,599
Gaylord Entertainment Co.*		2,232		86,066
Ignite Restaurant Group, Inc.*		704		12,749
Interval Leisure Group, Inc.		4,148		78,854
Jack in the Box, Inc.*		41,108		1,146,091
Jamba, Inc.*		7,041		13,800
Life Time Fitness, Inc.*		5,384		250,410
Morgans Hotel Group Co.*		854		4,014
MTR Gaming Group, Inc.*		2,434		11,562
Multimedia Games Holding Co., Inc.*		2,939		41,146
Nathan’s Famous, Inc.*		276		8,142
Orient-Express Hotels Ltd., Class A*		95,800		801,846
P.F. Chang’s China Bistro, Inc.		1,938		99,749
Panera Bread Co., Class A*		15,016		2,093,831
Papa John’s International, Inc.*		1,918		91,239
Peet’s Coffee & Tea, Inc.*		23,916		1,435,917
Penn National Gaming, Inc.*		568		25,327
Pinnacle Entertainment, Inc.*		393		3,781
Premier Exhibitions, Inc.*		2,718		7,339
Red Robin Gourmet Burgers, Inc.*		705		21,510
Ruth’s Hospitality Group, Inc.*		3,774		24,908
Scientific Games Corp., Class A*		817		6,985
Shuffle Master, Inc.*		5,882		81,172
Six Flags Entertainment Corp.		4,241		229,777
Sonic Corp.*		5,229		52,395
Texas Roadhouse, Inc.		6,669		122,910
Town Sports International Holdings, Inc.*		2,482		32,986
Vail Resorts, Inc.		1,359		68,059

				12,167,423

*Household Durables* (*0.7%)*
American Greetings Corp., Class A		252		3,684
Blyth, Inc.		1,113		38,465
Cavco Industries, Inc.*		662		33,947
D.R. Horton, Inc.		15,436		283,714

See Notes to Financial Statements.

154

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Ethan Allen Interiors, Inc.		2,240	$	44,643
iRobot Corp.*		2,931		64,922
Jarden Corp.		22,558		947,887
La-Z-Boy, Inc.*		1,648		20,254
Lennar Corp., Class A		13,260		409,867
Libbey, Inc.*		2,196		33,752
Meritage Homes Corp.*		737		25,014
NVR, Inc.*		482		409,700
PulteGroup, Inc.*		23,080		246,956
Ryland Group, Inc.		2,697		68,989
Skullcandy, Inc.*		1,732		24,508
Tempur-Pedic International, Inc.*		6,786		158,725
Tupperware Brands Corp.		5,972		327,027
Zagg, Inc.*		2,730		29,784

				3,171,838

*Internet & Catalog Retail* (*1.3%)*
Blue Nile, Inc.*		18,075		537,008
CafePress, Inc.*		487		7,247
Geeknet, Inc.*		455		9,018
HomeAway, Inc.*		48,386		1,051,912
HSN, Inc.		4,074		164,386
Netflix, Inc.*		5,930		406,027
Nutrisystem, Inc.		3,025		34,969
Orbitz Worldwide, Inc.*		2,482		9,059
Overstock.com, Inc.*		1,220		8,430
PetMed Express, Inc.		2,098		25,512
Shutterfly, Inc.*		63,935		1,962,165
TripAdvisor, Inc.*		29,150		1,302,713
U.S. Auto Parts Network, Inc.*		1,660		6,939
Vitacost.com, Inc.*		2,359		13,918

				5,539,303

*Leisure Equipment & Products* (*0.3%)*
Arctic Cat, Inc.*		1,358		49,648
Brunswick Corp.		25,753		572,232
LeapFrog Enterprises, Inc.*		5,412		55,527
Marine Products Corp.		464		2,821
Polaris Industries, Inc.		6,916		494,356
Smith & Wesson Holding Corp.*		6,947		57,729
Sturm Ruger & Co., Inc.		2,052		82,388

				1,314,701

*Media* (*1.1%)*
AMC Networks, Inc., Class A*		6,099		216,819
Arbitron, Inc.		2,828		98,980
Belo Corp., Class A		3,692		23,776
Cablevision Systems Corp. - New York Group, Class A		2,380		31,630
Carmike Cinemas, Inc.*		615		9,010
Cinemark Holdings, Inc.		12,268		280,324
Clear Channel Outdoor Holdings, Inc., Class A*		2,647		15,935
Crown Media Holdings, Inc., Class A*		1,013		1,773
Digital Domain Media Group, Inc.*		1,142		7,149
DreamWorks Animation SKG, Inc., Class A*		30,760		586,286
Global Sources Ltd.*		333		2,198
Interpublic Group of Cos., Inc.		2,868		31,118
John Wiley & Sons, Inc., Class A		2,174		106,504

Knology, Inc.*		3,329	$	65,481
Lamar Advertising Co., Class A*		7,106		203,232
Lions Gate Entertainment Corp.*		9,065		133,618
Madison Square Garden Co., Class A*		374		14,003
MDC Partners, Inc., Class A		1,050		11,907
Morningstar, Inc.		2,559		148,013
National CineMedia, Inc.		67,936		1,030,589
Nexstar Broadcasting Group, Inc., Class A*		440		2,966
Outdoor Channel Holdings, Inc.		473		3,458
Pandora Media, Inc.*		83,089		903,177
ReachLocal, Inc.*		1,037		11,407
Regal Entertainment Group, Class A		3,161		43,495
Rentrak Corp.*		605		12,493
Sinclair Broadcast Group, Inc., Class A		369		3,343
Sirius XM Radio, Inc.*		347,480		642,838
Valassis Communications, Inc.*		2,816		61,248
Value Line, Inc.		101		1,201
World Wrestling Entertainment, Inc., Class A		2,538		19,847

				4,723,818

*Multiline Retail* (*0.3%)*
Big Lots, Inc.*		7,073		288,508
Dollar Tree, Inc.*		20,120		1,082,456
Gordmans Stores, Inc.*		901		14,866

				1,385,830

*Specialty Retail* (*5.0%)*
Aaron’s, Inc.		6,171		174,701
Aeropostale, Inc.*		8,686		154,871
American Eagle Outfitters, Inc.		16,251		320,632
America’s Car-Mart, Inc.*		855		33,217
ANN, Inc.*		5,213		132,879
Asbury Automotive Group, Inc.*		2,640		62,542
Ascena Retail Group, Inc.*		13,130		244,481
AutoNation, Inc.*		1,994		70,348
Barnes & Noble, Inc.*		263		4,329
bebe stores, Inc.		402		2,360
Body Central Corp.*		1,738		15,642
Buckle, Inc.		2,966		117,365
Cabela’s, Inc.*		4,525		171,090
CarMax, Inc.*		24,493		635,348
Cato Corp., Class A		2,927		89,156
Chico’s FAS, Inc.		12,582		186,717
Children’s Place Retail Stores, Inc.*		12,738		634,735
Citi Trends, Inc.*		37,025		571,666
Collective Brands, Inc.*		6,506		139,359
Conn’s, Inc.*		109		1,613
Cost Plus, Inc.*		2,026		44,572
Destination Maternity Corp.		638		13,781
Dick’s Sporting Goods, Inc.		39,152		1,879,296
DSW, Inc., Class A		15,394		837,434
Express, Inc.*		50,679		920,837
Finish Line, Inc., Class A		2,064		43,158
Foot Locker, Inc.		3,345		102,290
Francesca’s Holdings Corp.*		48,730		1,316,197
Genesco, Inc.*		2,615		157,292

See Notes to Financial Statements.

155

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

GNC Holdings, Inc., Class A		37,605	$	1,474,116
Guess?, Inc.		25,000		759,250
hhgregg, Inc.*		115		1,301
Hibbett Sports, Inc.*		14,421		832,236
Hot Topic, Inc.		4,509		43,692
Jos. A. Bank Clothiers, Inc.*		2,785		118,251
Lumber Liquidators Holdings, Inc.*		2,943		99,444
Mattress Firm Holding Corp.*		19,676		596,380
Men’s Wearhouse, Inc.		1,137		31,995
Monro Muffler Brake, Inc.		3,304		109,825
New York & Co., Inc.*		1,822		6,341
Penske Automotive Group, Inc.		1,179		25,042
Pier 1 Imports, Inc.		10,396		170,806
Ross Stores, Inc.		11,760		734,647
rue21, Inc.*		1,650		41,646
Sally Beauty Holdings, Inc.*		15,504		399,073
Select Comfort Corp.*		53,732		1,124,073
Systemax, Inc.*		79		934
Talbots, Inc.*		4,246		10,700
Teavana Holdings, Inc.*		943		12,759
Tilly’s, Inc., Class A*		16,681		267,730
Tractor Supply Co.		12,645		1,050,294
Ulta Salon Cosmetics & Fragrance, Inc.		18,460		1,723,795
Urban Outfitters, Inc.*		34,236		944,571
Vitamin Shoppe, Inc.*		36,136		1,984,950
Williams-Sonoma, Inc.		5,301		185,376
Winmark Corp.		230		13,467
Zumiez, Inc.*		2,342		92,743

				21,933,345

*Textiles, Apparel & Luxury Goods* (*2.2%)*
Carter’s, Inc.*		5,171		271,995
Cherokee, Inc.		756		10,531
Crocs, Inc.*		9,615		155,282
Deckers Outdoor Corp.*		17,359		763,970
Fifth & Pacific Cos., Inc.*		717		7,693
Fossil, Inc.*		5,839		446,917
G-III Apparel Group Ltd.*		231		5,472
Hanesbrands, Inc.*		52,973		1,468,941
Iconix Brand Group, Inc.*		48,200		842,054
Kenneth Cole Productions, Inc., Class A*		379		5,704
Maidenform Brands, Inc.*		1,798		35,816
Movado Group, Inc.		145		3,628
Oxford Industries, Inc.		1,501		67,095
PVH Corp.		17,848		1,388,396
R.G. Barry Corp.		837		11,375
Samsonite International S.A.		435,600		737,425
Steven Madden Ltd.*		4,197		133,255
True Religion Apparel, Inc.		2,756		79,869
Tumi Holdings, Inc.*		39,638		693,665
Under Armour, Inc., Class A*		10,250		968,420
Vera Bradley, Inc.*		2,151		45,343
Warnaco Group, Inc.*		3,845		163,720
Wolverine World Wide, Inc.		28,400		1,101,352

				9,407,918

Total Consumer Discretionary				69,952,286


Consumer Staples (2.1%)
*Beverages* (*0.3%)*
Boston Beer Co., Inc., Class A*		11,024	$	1,333,904
Coca-Cola Bottling Co. Consolidated		493		31,690
Craft Brew Alliance, Inc.*		340		2,781
National Beverage Corp.*		1,232		18,406

				1,386,781

*Food & Staples Retailing* (*0.5%)*
Arden Group, Inc., Class A		74		6,454
Casey’s General Stores, Inc.		16,076		948,323
Chefs’ Warehouse, Inc.*		19,573		353,293
Fresh Market, Inc.*		2,943		157,833
Harris Teeter Supermarkets, Inc.		657		26,930
Pantry, Inc.*		176		2,587
Pricesmart, Inc.		1,943		131,172
Rite Aid Corp.*		6,305		8,827
Roundy’s, Inc.		2,148		21,931
SUPERVALU, Inc.		17,179		88,987
Susser Holdings Corp.*		522		19,403
United Natural Foods, Inc.*		5,217		286,205

				2,051,945

*Food Products* (*1.0%)*
Alico, Inc.		184		5,619
Annie’s, Inc.*		373		15,614
B&G Foods, Inc.		5,172		137,575
Calavo Growers, Inc.		1,298		33,203
Cal-Maine Foods, Inc.		1,327		51,886
Darling International, Inc.*		3,831		63,173
Dean Foods Co.*		16,915		288,062
Flowers Foods, Inc.		11,969		278,040
Green Mountain Coffee Roasters, Inc.*		12,444		271,030
Hain Celestial Group, Inc.*		18,339		1,009,379
Ingredion, Inc.		1,749		86,611
Inventure Foods, Inc.*		1,401		8,826
J&J Snack Foods Corp.		1,581		93,437
Lancaster Colony Corp.		1,969		140,213
Lifeway Foods, Inc.		425		4,407
Limoneira Co.		896		14,533
Pilgrim’s Pride Corp.*		5,213		37,273
Post Holdings, Inc.*		2,076		63,837
Sanderson Farms, Inc.		2,452		112,351
Snyders-Lance, Inc.		4,189		105,689
Tootsie Roll Industries, Inc.		2,361		56,333
TreeHouse Foods, Inc.*		20,384		1,269,719

				4,146,810

*Household Products* (*0.0%)*
Central Garden & Pet Co., Class A*		618		6,730
Orchids Paper Products Co.		298		5,269
Spectrum Brands Holdings, Inc.*		2,048		66,703
WD-40 Co.		1,696		84,478

				163,180

*Personal Products* (*0.3%)*
Elizabeth Arden, Inc.*		2,300		89,263
Female Health Co.		2,142		12,574
Herbalife Ltd.		12,489		603,593

See Notes to Financial Statements.

156

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Inter Parfums, Inc.		1,268	$	21,898
Medifast, Inc.*		1,520		29,914
Nature’s Sunshine Products, Inc.		759		11,461
Nu Skin Enterprises, Inc., Class A		6,045		283,511
Prestige Brands Holdings, Inc.*		3,547		56,078
Schiff Nutrition International, Inc.*		1,437		25,794
Synutra International, Inc.*		1,740		9,396
USANA Health Sciences, Inc.*		628		25,823

				1,169,305

*Tobacco* (*0.0%)*
Star Scientific, Inc.*		15,610		71,181
Vector Group Ltd.		4,234		72,063

				143,244

Total Consumer Staples				9,061,265

Energy (4.7%)
*Energy Equipment & Services* (*2.0%)*
Atwood Oceanics, Inc.*		1,913		72,388
C&J Energy Services, Inc.*		31,960		591,260
CARBO Ceramics, Inc.		2,108		161,747
Dresser-Rand Group, Inc.*		8,073		359,571
Dril-Quip, Inc.*		13,496		885,203
Ensco plc, Class A		14,240		668,853
Forum Energy Technologies, Inc.*		12,119		238,623
Global Geophysical Services, Inc.*		2,156		13,195
Gulfmark Offshore, Inc., Class A*		620		21,105
Heckmann Corp.*		1,008		3,407
Helmerich & Payne, Inc.		2,369		103,004
ION Geophysical Corp.*		14,122		93,064
Key Energy Services, Inc.*		91,200		693,120
Lufkin Industries, Inc.		3,590		195,009
Matrix Service Co.*		569		6,458
Mitcham Industries, Inc.*		870		14,764
Oceaneering International, Inc.		31,111		1,488,972
Oil States International, Inc.*		19,727		1,305,927
OYO Geospace Corp.*		681		61,283
PHI, Inc. (Non-Voting)*		111		3,087
Pioneer Drilling Co.*		90,692		722,815
RigNet, Inc.*		1,290		22,433
RPC, Inc.		5,766		68,558
SEACOR Holdings, Inc.*		1,007		90,006
Superior Energy Services, Inc.*		54,752		1,107,633
TGC Industries, Inc.*		1,565		15,196
Willbros Group, Inc.*		1,069		6,906

				9,013,587

*Oil, Gas & Consumable Fuels* (*2.7%)*
Abraxas Petroleum Corp.*		8,822		28,142
Alon USA Energy, Inc.		896		7,580
Apco Oil and Gas International, Inc.		1,023		18,465
Approach Resources, Inc.*		3,092		78,970
ATP Oil & Gas Corp.*		398		1,345
Berry Petroleum Co., Class A		5,597		221,977
Bonanza Creek Energy, Inc.*		171		2,844
BPZ Resources, Inc.*		3,511		8,883
Cabot Oil & Gas Corp.		28,680		1,129,992

Carrizo Oil & Gas, Inc.*		3,649	$	85,788
Ceres, Inc.*		627		5,674
Cheniere Energy, Inc.*		13,044		192,269
Clayton Williams Energy, Inc.*		64		3,096
Clean Energy Fuels Corp.*		7,065		109,507
Cobalt International Energy, Inc.*		18,920		444,620
Contango Oil & Gas Co.*		1,229		72,757
CREDO Petroleum Corp.*		459		6,642
Crosstex Energy, Inc.		3,997		55,958
CVR Energy, Inc.*		1,212		32,215
Endeavour International Corp.*		3,783		31,777
Energy XXI Bermuda Ltd.		6,144		192,246
Evolution Petroleum Corp.*		1,653		13,786
FX Energy, Inc.*		5,656		33,653
GasLog Ltd.*		1,005		10,201
GeoResources, Inc.*		2,265		82,922
Gevo, Inc.*		2,017		10,024
Golar LNG Ltd.		4,652		175,380
Goodrich Petroleum Corp.*		2,783		38,572
Gulfport Energy Corp.*		2,010		41,466
Halcon Resources Corp.*		6,060		57,206
Harvest Natural Resources, Inc.*		379		3,240
Isramco, Inc.*		118		12,980
KiOR, Inc., Class A*		2,816		25,203
Kodiak Oil & Gas Corp.*		107,574		883,183
Kosmos Energy Ltd.*		7,517		83,063
Laredo Petroleum Holdings, Inc.*		24,222		503,818
Magnum Hunter Resources Corp.*		5,569		23,278
Matador Resources Co.*		51,255		550,479
Midstates Petroleum Co., Inc.*		1,162		11,283
Newfield Exploration Co.*		12,390		363,151
Northern Oil and Gas, Inc.*		6,783		108,121
Oasis Petroleum, Inc.*		37,612		909,458
Panhandle Oil and Gas, Inc., Class A		764		23,027
PDC Energy, Inc.*		29,500		723,340
Pioneer Natural Resources Co.		5,390		475,452
Renewable Energy Group, Inc.*		136		1,010
Rentech, Inc.*		16,528		34,048
REX American Resources Corp.*		106		2,069
Rosetta Resources, Inc.*		5,653		207,126
Sanchez Energy Corp.*		32,932		684,986
Saratoga Resources, Inc.*		1,917		11,272
SM Energy Co.		18,970		931,617
Solazyme, Inc.*		3,492		48,539
Southwestern Energy Co.*		28,240		901,703
Targa Resources Corp.		3,096		132,199
Uranerz Energy Corp.*		6,726		9,753
Uranium Energy Corp.*		4,358		9,980
VAALCO Energy, Inc.*		6,181		53,342
Venoco, Inc.*		3,135		31,381
W&T Offshore, Inc.		279		4,269
Warren Resources, Inc.*		1,249		2,998
Western Refining, Inc.		3,626		80,751
Whiting Petroleum Corp.*		15,300		629,136
World Fuel Services Corp.		2,463		93,668
ZaZa Energy Corp.*		1,230		5,560

				11,768,440

Total Energy				20,782,027

See Notes to Financial Statements.

157

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Financials (6.0%)
*Capital Markets* (*2.0%)*
Affiliated Managers Group, Inc.*		20,983	$	2,296,589
BGC Partners, Inc., Class A		10,538		61,858
Cohen & Steers, Inc.		1,976		68,192
Diamond Hill Investment Group, Inc.		285		22,313
Duff & Phelps Corp., Class A		990		14,355
Eaton Vance Corp.		12,337		332,482
Epoch Holding Corp.		1,713		39,022
Evercore Partners, Inc., Class A		35,890		839,467
Federated Investors, Inc., Class B		8,181		178,755
Financial Engines, Inc.*		4,945		106,070
GAMCO Investors, Inc., Class A		691		30,673
Greenhill & Co., Inc.		3,107		110,765
HFF, Inc., Class A*		3,041		42,392
ICG Group, Inc.*		292		2,701
Invesco Ltd.		33,480		756,648
Ladenburg Thalmann Financial Services, Inc.*		11,055		17,025
Lazard Ltd., Class A		43,468		1,129,733
LPL Financial Holdings, Inc.		4,659		157,334
Main Street Capital Corp.		212		5,130
Manning & Napier, Inc.		39,900		567,777
Pzena Investment Management, Inc., Class A		802		3,553
SEI Investments Co.		14,666		291,707
Stifel Financial Corp.*		37,605		1,161,994
Virtus Investment Partners, Inc.*		349		28,269
Waddell & Reed Financial, Inc., Class A		9,227		279,394
Westwood Holdings Group, Inc.		706		26,306
WisdomTree Investments, Inc.*		6,272		41,207

				8,611,711

*Commercial Banks* (*1.3%)*
Arrow Financial Corp.		52		1,257
Bank of the Ozarks, Inc.		2,290		68,883
Bridge Capital Holdings*		287		4,635
Eagle Bancorp, Inc.*		127		2,000
Encore Bancshares, Inc.*		120		2,476
FNB United Corp.*		791		10,275
Hancock Holding Co.		18,800		572,272
IBERIABANK Corp.		16,986		856,944
Investors Bancorp, Inc.*		795		11,997
M&T Bank Corp.		8,650		714,230
MB Financial, Inc.		39,500		850,830
Pacific Capital Bancorp*		44		2,012
Penns Woods Bancorp, Inc.		52		2,070
Regions Financial Corp.		56,830		383,602
Signature Bank/New York*		34,509		2,104,014
Texas Capital Bancshares, Inc.*		3,543		143,102
Westamerica Bancorp		1,643		77,533

				5,808,132

*Consumer Finance* (*0.2%)*
Cash America International, Inc.		1,339		58,970
Credit Acceptance Corp.*		856		72,272
DFC Global Corp.*		3,744		69,002
EZCORP, Inc., Class A*		3,581		84,010
First Cash Financial Services, Inc.*		3,091		124,165

Green Dot Corp., Class A*		2,588	$	57,247
Netspend Holdings, Inc.*		40,703		374,061
Regional Management Corp.*		558		9,179
World Acceptance Corp.*		1,196		78,697

				927,603

*Diversified Financial Services (0.3%)*
CBOE Holdings, Inc.		8,082		223,710
FX Alliance, Inc.*		637		10,007
Justice Holdings Ltd.*†(b)		37,965		550,493
MarketAxess Holdings, Inc.		3,907		104,082
MicroFinancial, Inc.		453		3,669
MSCI, Inc.*		12,983		441,682

				1,333,643

*Insurance (0.3%)*
Allied World Assurance Co. Holdings AG		1,989		158,066
American Safety Insurance Holdings Ltd.*		113		2,119
Amtrust Financial Services, Inc.		415		12,330
Arch Capital Group Ltd.*		1,630		64,695
Arthur J. Gallagher & Co.		12,724		446,231
Brown & Brown, Inc.		1,177		32,097
Donegal Group, Inc., Class A		142		1,886
eHealth, Inc.*		2,153		34,685
Endurance Specialty Holdings Ltd.		489		18,738
Erie Indemnity Co., Class A		2,750		196,927
First American Financial Corp.		1,061		17,994
Flagstone Reinsurance Holdings S.A.		304		2,435
Greenlight Capital Reinsurance Ltd., Class A*		844		21,454
Hallmark Financial Services*		161		1,256
Hanover Insurance Group, Inc.		2,200		86,086
Homeowners Choice, Inc.		177		3,115
Meadowbrook Insurance Group, Inc.		428		3,762
Montpelier Reinsurance Holdings Ltd.		704		14,988
Navigators Group, Inc.*		452		22,622
State Auto Financial Corp.		315		4,426
Tower Group, Inc.		2,017		42,095
Universal Insurance Holdings, Inc.		551		1,879
Validus Holdings Ltd.		1,627		52,113

				1,241,999

*Real Estate Investment Trusts (REITs)* (*1.6%)*
Acadia Realty Trust (REIT)		4,724		109,502
Alexander’s, Inc. (REIT)		225		97,000
American Campus Communities, Inc. (REIT)		834		37,513
Apartment Investment & Management Co. (REIT), Class A		10,172		274,949
Apollo Residential Mortgage, Inc. (REIT)		310		5,977
Associated Estates Realty Corp. (REIT)		2,029		30,334
BRE Properties, Inc. (REIT)		2,343		117,197

See Notes to Financial Statements.

158

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Camden Property Trust (REIT)		6,478	$	438,366
Coresite Realty Corp. (REIT)		1,096		28,299
DuPont Fabros Technology, Inc. (REIT)		3,114		88,936
EastGroup Properties, Inc. (REIT)		2,872		153,078
Equity Lifestyle Properties, Inc. (REIT)		3,658		252,292
Essex Property Trust, Inc. (REIT)		3,767		579,817
Extra Space Storage, Inc. (REIT)		7,024		214,934
Federal Realty Investment Trust (REIT)		5,369		558,859
FelCor Lodging Trust, Inc. (REIT)*		7,988		37,544
Glimcher Realty Trust (REIT)		13,492		137,888
Gyrodyne Co. of America, Inc. (REIT)*		123		14,060
Highwoods Properties, Inc. (REIT)		5,484		184,537
Home Properties, Inc. (REIT)		2,803		171,992
Host Hotels & Resorts, Inc. (REIT)		51,453		813,986
Inland Real Estate Corp. (REIT)		3,759		31,500
Kilroy Realty Corp. (REIT)		595		28,804
LTC Properties, Inc. (REIT)		753		27,319
Mid-America Apartment Communities, Inc. (REIT)		4,147		282,991
Monmouth Real Estate Investment Corp. (REIT), Class A		1,992		23,346
National Health Investors, Inc. (REIT)		2,636		134,225
Omega Healthcare Investors, Inc. (REIT)		11,358		255,555
Post Properties, Inc. (REIT)		2,400		117,480
Potlatch Corp. (REIT)		2,738		87,452
PS Business Parks, Inc. (REIT)		1,645		111,399
Rayonier, Inc. (REIT)		10,394		466,691
Regency Centers Corp. (REIT)		5,792		275,525
Saul Centers, Inc. (REIT)		821		35,196
Sovran Self Storage, Inc. (REIT)		2,847		142,606
Strategic Hotels & Resorts, Inc. (REIT)*		16,479		106,454
Sun Communities, Inc. (REIT)		2,846		125,907
Tanger Factory Outlet Centers (REIT)		9,933		318,353
Taubman Centers, Inc. (REIT)		1,953		150,694
UMH Properties, Inc. (REIT)		301		3,230
Universal Health Realty Income Trust (REIT)		671		27,867
Urstadt Biddle Properties, Inc. (REIT), Class A		1,864		36,851
Washington Real Estate Investment Trust (REIT)		2,279		64,838

				7,201,343

*Real Estate Management & Development* (*0.0%)*
St. Joe Co.*		824		13,028
Tejon Ranch Co.*		1,418		40,583
Zillow, Inc., Class A*		329		12,709

				66,320


*Thrifts & Mortgage Finance* (*0.3%)*
Beneficial Mutual Bancorp, Inc.*		448	$	3,866
BofI Holding, Inc.*		107		2,114
Clifton Savings Bancorp, Inc.		196		2,041
Heritage Financial Group, Inc.		156		2,008
Meridian Interstate Bancorp, Inc.*		147		2,046
Nationstar Mortgage Holdings, Inc.*		28,691		617,430
Northwest Bancshares, Inc.		28,300		331,393
Ocwen Financial Corp.*		758		14,235
Oritani Financial Corp.		1,706		24,549
People’s United Financial, Inc.		8,257		95,864
Tree.com, Inc.*		456		5,217

				1,100,763

Total Financials				26,291,514

Health Care (13.2%)
*Biotechnology* (*3.0%)*
Achillion Pharmaceuticals, Inc.*		40,778		252,824
Acorda Therapeutics, Inc.*		4,279		100,813
Aegerion Pharmaceuticals, Inc.*		27,399		406,601
Affymax, Inc.*		3,868		49,820
Agenus, Inc.*		1,498		7,850
Alkermes plc*		13,077		221,917
Allos Therapeutics, Inc.*		7,915		14,168
Alnylam Pharmaceuticals, Inc.*		4,954		57,813
AMAG Pharmaceuticals, Inc.*		1,806		27,812
Amarin Corp. plc (ADR)*		66,860		966,796
Amicus Therapeutics, Inc.*		3,228		17,754
Amylin Pharmaceuticals, Inc.*		22,311		629,840
Anacor Pharmaceuticals, Inc.*		1,519		9,858
Arena Pharmaceuticals, Inc.*		44,278		441,895
ARIAD Pharmaceuticals, Inc.*		44,366		763,539
ArQule, Inc.*		6,232		36,956
Array BioPharma, Inc.*		9,523		33,045
AVEO Pharmaceuticals, Inc.*		3,833		46,609
BioCryst Pharmaceuticals, Inc.*		5,271		20,979
BioMarin Pharmaceutical, Inc.*		13,053		516,638
Biospecifics Technologies Corp.*		530		9,953
Biotime, Inc.*		3,269		15,037
Celldex Therapeutics, Inc.*		6,285		32,619
Cepheid, Inc.*		26,357		1,179,476
ChemoCentryx, Inc.*		580		8,700
Clovis Oncology, Inc.*		1,459		31,631
Coronado Biosciences, Inc.*		1,438		7,262
Cubist Pharmaceuticals, Inc.*		6,763		256,385
Curis, Inc.*		6,548		35,359
Cytori Therapeutics, Inc.*		4,638		12,523
Dendreon Corp.*		16,455		121,767
Discovery Laboratories, Inc.*		4,607		10,688
DUSA Pharmaceuticals, Inc.*		2,538		13,248
Dyax Corp.*		10,565		22,504
Dynavax Technologies Corp.*		16,484		71,211
Emergent Biosolutions, Inc.*		573		8,681
Exact Sciences Corp.*		6,117		65,574
Exelixis, Inc.*		15,878		87,805
Genomic Health, Inc.*		1,736		57,982
GTx, Inc.*		2,428		8,571
Halozyme Therapeutics, Inc.*		9,599		85,047
Horizon Pharma, Inc.*		1,232		8,784

See Notes to Financial Statements.

159

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Human Genome Sciences, Inc.*		21,283	$	279,446
Idenix Pharmaceuticals, Inc.*		7,078		72,903
ImmunoCellular Therapeutics Ltd.*		4,264		15,990
Immunogen, Inc.*		6,440		108,063
Immunomedics, Inc.*		7,053		25,179
Incyte Corp.*		10,284		233,447
Infinity Pharmaceuticals, Inc.*		2,118		28,720
InterMune, Inc.*		29,411		351,462
Ironwood Pharmaceuticals, Inc.*		38,387		528,973
Isis Pharmaceuticals, Inc.*		10,708		128,496
Keryx Biopharmaceuticals, Inc.*		8,123		14,621
Lexicon Pharmaceuticals, Inc.*		9,162		20,615
Ligand Pharmaceuticals, Inc., Class B*		1,807		30,611
MannKind Corp.*		12,053		27,601
Medivation, Inc.*		3,877		354,358
Merrimack Pharmaceuticals, Inc.*		1,615		11,757
Momenta Pharmaceuticals, Inc.*		1,943		26,269
Myriad Genetics, Inc.*		9,066		215,499
Neurocrine Biosciences, Inc.*		7,081		56,011
NewLink Genetics Corp.*		1,354		20,283
Novavax, Inc.*		12,420		19,375
NPS Pharmaceuticals, Inc.*		6,148		52,934
OncoGenex Pharmaceutical, Inc.*		1,577		21,195
Oncothyreon, Inc.*		6,125		28,665
Onyx Pharmaceuticals, Inc.*		15,518		1,031,171
Opko Health, Inc.*		11,420		52,532
Orexigen Therapeutics, Inc.*		6,479		35,894
Osiris Therapeutics, Inc.*		1,861		20,415
PDL BioPharma, Inc.		12,878		85,381
Pharmacyclics, Inc.*		17,420		951,306
Progenics Pharmaceuticals, Inc.*		3,239		31,677
Raptor Pharmaceutical Corp.*		5,219		29,174
Regeneron Pharmaceuticals, Inc.*		1,370		156,481
Repligen Corp.*		2,971		12,775
Rigel Pharmaceuticals, Inc.*		6,242		58,051
Sangamo BioSciences, Inc.*		5,659		31,238
Seattle Genetics, Inc.*		10,156		257,861
SIGA Technologies, Inc.*		3,590		10,303
Spectrum Pharmaceuticals, Inc.*		6,368		99,086
Sunesis Pharmaceuticals, Inc.*		2,728		7,829
Synageva BioPharma Corp.*		984		39,911
Synergy Pharmaceuticals, Inc.*		4,388		20,843
Synta Pharmaceuticals Corp.*		3,983		21,787
Theravance, Inc.*		6,482		144,030
Threshold Pharmaceuticals, Inc.*		4,835		35,779
Trius Therapeutics, Inc.*		2,633		15,166
United Therapeutics Corp.*		5,393		266,306
Vanda Pharmaceuticals, Inc.*		3,230		14,212
Verastem, Inc.*		666		6,793
Vical, Inc.*		7,181		25,852
XOMA Corp.*		6,437		19,311
ZIOPHARM Oncology, Inc.*		7,109		42,299

				12,970,270

*Health Care Equipment & Supplies* (*3.8%)*
Abaxis, Inc.*		2,320		85,840
ABIOMED, Inc.*		3,578		81,650
Accuray, Inc.*		7,627		52,169
Align Technology, Inc.*		7,682		257,040
Analogic Corp.		1,311		81,282

Anika Therapeutics, Inc.*		1,265	$	17,191
Antares Pharma, Inc.*		9,774		35,577
ArthroCare Corp.*		2,449		71,707
AtriCure, Inc.*		1,664		15,991
Atrion Corp.		164		33,617
Biolase, Inc.*		— @		—
Cantel Medical Corp.		2,266		61,749
Cardiovascular Systems, Inc.*		1,782		17,446
Cerus Corp.*		5,194		17,244
Conceptus, Inc.*		3,355		66,496
Cooper Cos., Inc.		1,507		120,198
Cyberonics, Inc.*		2,943		132,258
Cynosure, Inc., Class A*		520		10,998
DexCom, Inc.*		87,330		1,131,797
Edwards Lifesciences Corp.*		18,940		1,956,502
Endologix, Inc.*		5,922		91,436
EnteroMedics, Inc.*		2,729		9,415
Exactech, Inc.*		223		3,740
Gen-Probe, Inc.*		4,870		400,314
Haemonetics Corp.*		2,704		200,393
Hansen Medical, Inc.*		5,440		12,349
HeartWare International, Inc.*		22,809		2,025,439
Hologic, Inc.*		75,850		1,368,334
ICU Medical, Inc.*		1,212		64,697
IDEXX Laboratories, Inc.*		5,878		565,052
Insulet Corp.*		5,106		109,115
Integra LifeSciences Holdings Corp.*		1,195		44,430
Intuitive Surgical, Inc.*		1,085		600,862
IRIS International, Inc.*		1,702		19,233
MAKO Surgical Corp.*		3,867		99,034
Masimo Corp.*		5,362		120,002
Meridian Bioscience, Inc.		4,405		90,126
Merit Medical Systems, Inc.*		280		3,867
Natus Medical, Inc.*		1,930		22,427
Navidea Biopharmaceuticals, Inc.*		10,333		38,439
Neogen Corp.*		19,715		910,833
NuVasive, Inc.*		1,149		29,139
NxStage Medical, Inc.*		46,833		784,921
OraSure Technologies, Inc.*		5,159		57,987
Orthofix International N.V.*		1,604		66,165
PhotoMedex, Inc.*		1,181		14,349
Quidel Corp.*		3,010		47,197
ResMed, Inc.*		15,251		475,831
Rochester Medical Corp.*		976		10,502
Rockwell Medical Technologies, Inc.*		2,116		19,700
RTI Biologics, Inc.*		392		1,474
Sirona Dental Systems, Inc.*		23,894		1,075,469
Spectranetics Corp.*		3,679		42,014
STAAR Surgical Co.*		3,904		30,334
STERIS Corp.		4,558		142,984
SurModics, Inc.*		367		6,349
Symmetry Medical, Inc.*		1,216		10,433
Thoratec Corp.*		24,370		818,345
Tornier N.V.*		1,096		24,572
Unilife Corp.*		7,919		26,766
Utah Medical Products, Inc.		342		11,467
Vascular Solutions, Inc.*		1,790		22,482
Volcano Corp.*		56,742		1,625,658

See Notes to Financial Statements.

160

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

West Pharmaceutical Services, Inc.		2,310	$	116,632
Young Innovations, Inc.		264		9,105
Zeltiq Aesthetics, Inc.*		865		4,844

				16,521,008

*Health Care Providers & Services* (*1.9%)*
Acadia Healthcare Co., Inc.*		2,455		43,061
Accretive Health, Inc.*		6,030		66,089
Air Methods Corp.*		1,371		134,701
AMERIGROUP Corp.*		21,749		1,433,477
AMN Healthcare Services, Inc.*		2,417		14,333
Amsurg Corp.*		1,102		33,038
Bio-Reference Labs, Inc.*		2,628		69,064
BioScrip, Inc.*		1,324		9,837
Capital Senior Living Corp.*		2,595		27,507
Catalyst Health Solutions, Inc.*		5,408		505,323
Centene Corp.*		5,512		166,242
Chemed Corp.		2,053		124,083
Corvel Corp.*		677		33,173
Emeritus Corp.*		3,282		55,236
Ensign Group, Inc.		1,166		32,963
ExamWorks Group, Inc.*		604		7,991
HealthSouth Corp.*		8,616		200,408
HMS Holdings Corp.*		47,931		1,596,582
IntegraMed America, Inc.*		549		7,604
IPC The Hospitalist Co., Inc.*		1,768		80,126
Landauer, Inc.		1,006		57,674
LHC Group, Inc.*		93		1,577
Lincare Holdings, Inc.		7,132		242,631
Magellan Health Services, Inc.*		147		6,663
MEDNAX, Inc.*		17,020		1,166,551
Metropolitan Health Networks, Inc.*		4,728		45,247
MModal, Inc.*		4,209		54,633
Molina Healthcare, Inc.*		273		6,405
MWI Veterinary Supply, Inc.*		8,559		879,608
National Research Corp.		268		14,030
Owens & Minor, Inc.		5,804		177,776
Patterson Cos., Inc.		9,237		318,399
Providence Service Corp.*		293		4,017
PSS World Medical, Inc.*		5,389		113,115
Skilled Healthcare Group, Inc., Class A*		1,902		11,944
Sunrise Senior Living, Inc.*		5,025		36,632
Team Health Holdings, Inc.*		3,031		73,017
Tenet Healthcare Corp.*		2,749		14,405
U.S. Physical Therapy, Inc.		1,224		31,126
Universal Health Services, Inc., Class B		557		24,040
Vanguard Health Systems, Inc.*		44,136		392,369
WellCare Health Plans, Inc.*		2,229		118,137

				8,430,834

*Health Care Technology* (*1.1%)*
athenahealth, Inc.*		3,831		303,300
Computer Programs & Systems, Inc.		1,185		67,806
Epocrates, Inc.*		1,837		14,733
Greenway Medical Technologies*		666		10,863
HealthStream, Inc.*		2,093		54,418
MedAssets, Inc.*		2,091		28,124

Medidata Solutions, Inc.*		2,378	$	77,689
Mediware Information Systems*		267		3,898
Merge Healthcare, Inc.*		4,667		13,348
Omnicell, Inc.*		433		6,339
Quality Systems, Inc.		19,934		548,384
SXC Health Solutions Corp.*		38,940		3,863,237
Vocera Communications, Inc.*		298		7,984

				5,000,123

*Life Sciences Tools & Services* (*1.1%)*
Agilent Technologies, Inc.		25,370		995,519
BG Medicine, Inc.*		1,163		8,118
Bruker Corp.*		9,963		132,608
Cambrex Corp.*		1,649		15,517
Charles River Laboratories International, Inc.*		3,319		108,730
Covance, Inc.*		371		17,752
eResearchTechnology, Inc.*		5,284		42,219
Fluidigm Corp.*		2,182		32,817
Furiex Pharmaceuticals, Inc.*		791		16,571
Luminex Corp.*		4,452		109,030
Medtox Scientific, Inc.*		775		20,894
Mettler-Toledo International, Inc.*		3,359		523,500
PAREXEL International Corp.*		75,124		2,120,751
Sequenom, Inc.*		9,345		37,941
Techne Corp.		3,927		291,383
Waters Corp.*		4,300		341,721

				4,815,071

*Pharmaceuticals* (*2.3%)*
Acura Pharmaceuticals, Inc.*		1,098		3,448
Akorn, Inc.*		86,697		1,367,212
Ampio Pharmaceuticals, Inc.*		2,051		10,419
Auxilium Pharmaceuticals, Inc.*		42,192		1,134,543
AVANIR Pharmaceuticals, Inc., Class A*		13,369		52,406
BioDelivery Sciences International, Inc.*		2,257		10,111
Cadence Pharmaceuticals, Inc.*		6,407		22,873
Cempra, Inc.*		366		3,426
Corcept Therapeutics, Inc.*		4,723		21,206
Cumberland Pharmaceuticals, Inc.*		682		4,406
Depomed, Inc.*		5,966		33,947
Endo Health Solutions, Inc.*		7,871		243,844
Endocyte, Inc.*		3,168		26,041
Forest Laboratories, Inc.*		7,500		262,425
Hi-Tech Pharmacal Co., Inc.*		443		14,353
Impax Laboratories, Inc.*		49,759		1,008,615
Jazz Pharmaceuticals plc*		4,443		199,979
MAP Pharmaceuticals, Inc.*		2,671		40,012
Medicines Co.*		5,890		135,117
Medicis Pharmaceutical Corp., Class A		6,141		209,715
Nektar Therapeutics*		8,696		70,177
Obagi Medical Products, Inc.*		2,003		30,586
Omeros Corp.*		2,404		24,040
Optimer Pharmaceuticals, Inc.*		28,408		440,892
Pacira Pharmaceuticals, Inc.*		1,974		31,663
Pain Therapeutics, Inc.*		3,876		18,178
Par Pharmaceutical Cos., Inc.*		2,985		107,878

See Notes to Financial Statements.

161

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Pernix Therapeutics Holdings*		959	$	6,991
Pozen, Inc.*		2,859		17,840
Questcor Pharmaceuticals, Inc.*		28,829		1,534,856
Repros Therapeutics, Inc.*		1,597		14,501
Sagent Pharmaceuticals, Inc.*		999		18,062
Salix Pharmaceuticals Ltd.*		29,745		1,619,318
Santarus, Inc.*		5,867		41,597
Sciclone Pharmaceuticals, Inc.*		6,083		42,642
Sucampo Pharmaceuticals, Inc., Class A*		1,279		8,991
Transcept Pharmaceuticals, Inc.*		84		521
Ventrus Biosciences, Inc.*		1,339		5,717
Vivus, Inc.*		10,663		304,322
Watson Pharmaceuticals, Inc.*		11,680		864,203
XenoPort, Inc.*		3,299		19,926
Zogenix, Inc.*		3,903		9,679

				10,036,678

Total Health Care				57,773,984

Industrials (14.6%)
*Aerospace & Defense* (*1.4%)*
Aerovironment, Inc.*		1,112		29,257
American Science & Engineering, Inc.		182		10,274
Astronics Corp.*		1,123		31,713
BE Aerospace, Inc.*		10,456		456,509
CPI Aerostructures, Inc.*		594		6,534
Cubic Corp.		910		43,753
DigitalGlobe, Inc.*		52,438		794,960
GenCorp, Inc.*		5,058		32,928
HEICO Corp.		5,628		222,419
Hexcel Corp.*		105,841		2,729,639
KEYW Holding Corp.*		61,232		614,769
LMI Aerospace, Inc.*		127		2,207
Moog, Inc., Class A*		543		22,453
National Presto Industries, Inc.		53		3,698
SIFCO Industries, Inc.		108		2,482
Spirit AeroSystems Holdings, Inc., Class A*		2,875		68,511
Sypris Solutions, Inc.		784		5,464
Taser International, Inc.*		5,749		30,125
Teledyne Technologies, Inc.*		1,364		84,091
TransDigm Group, Inc.*		5,456		732,741
Triumph Group, Inc.		1,813		102,017

				6,026,544

*Air Freight & Logistics* (*1.0%)*
C.H. Robinson Worldwide, Inc.		13,200		772,596
Echo Global Logistics, Inc.*		59,672		1,137,348
Expeditors International of Washington, Inc.		26,170		1,014,088
Forward Air Corp.		3,106		100,231
Hub Group, Inc., Class A*		29,960		1,084,552
Pacer International, Inc.*		413		2,238
Park-Ohio Holdings Corp.*		922		17,546
XPO Logistics, Inc.*		1,888		31,718

				4,160,317

*Airlines* (*0.8%)*
Alaska Air Group, Inc.*		7,194		258,265
Allegiant Travel Co.*		19,698		1,372,557

Copa Holdings S.A., Class A		2,861	$	235,975
Hawaiian Holdings, Inc.*		2,995		19,497
Republic Airways Holdings, Inc.*		2,853		15,834
SkyWest, Inc.		376		2,455
Spirit Airlines, Inc.*		67,558		1,314,679
U.S. Airways Group, Inc.*		17,361		231,422

				3,450,684

*Building Products* (*0.3%)*
A.O. Smith Corp.		1,144		55,930
AAON, Inc.		1,981		37,342
Ameresco, Inc., Class A*		1,651		19,696
American Woodmark Corp.*		175		2,992
Armstrong World Industries, Inc.		2,260		111,102
Builders FirstSource, Inc.*		4,840		22,942
Fortune Brands Home & Security, Inc.*		2,811		62,601
Insteel Industries, Inc.		137		1,528
Lennox International, Inc.		5,446		253,947
Nortek, Inc.*		825		41,283
Patrick Industries, Inc.		444		5,661
PGT, Inc.*		1,077		3,263
Simpson Manufacturing Co., Inc.		20,406		602,181
Trex Co., Inc.*		1,499		45,105
USG Corp.*		7,928		151,028

				1,416,601

*Commercial Services & Supplies* (*1.0%)*
A.T. Cross Co., Class A*		893		8,814
ACCO Brands Corp.*		5,558		57,470
Acorn Energy, Inc.		1,932		16,074
American Reprographics Co.*		580		2,917

Brink’s Co.		5,051		117,082
Casella Waste Systems, Inc., Class A*		236		1,381
CECO Environmental Corp.		633		5,001
Cintas Corp.		5,270		203,475
Clean Harbors, Inc.*		5,076		286,388
Copart, Inc.*		10,886		257,889
Covanta Holding Corp.		815		13,977
Deluxe Corp.		3,670		91,530
Encore Capital Group, Inc.*		1,892		56,041
EnergySolutions, Inc.*		1,797		3,037
EnerNOC, Inc.*		1,050		7,602
Healthcare Services Group, Inc.		7,178		139,110
Heritage-Crystal Clean, Inc.*		824		13,472
Herman Miller, Inc.		6,215		115,102
HNI Corp.		4,601		118,476
InnerWorkings, Inc.*		3,405		46,070
Interface, Inc.		6,252		85,215
Intersections, Inc.		674		10,683
Knoll, Inc.		56,262		755,036
McGrath RentCorp		1,362		36,093
Mine Safety Appliances Co.		2,952		118,788
Mobile Mini, Inc.*		64,400		927,360
Multi-Color Corp.		80		1,779
Pitney Bowes, Inc.		11,194		167,574
Portfolio Recovery Associates, Inc.*		1,846		168,466
Rollins, Inc.		6,823		152,631
Standard Parking Corp.*		1,620		34,862
Steelcase, Inc., Class A		1,180		10,655

See Notes to Financial Statements.

162

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Team, Inc.*		2,128	$	66,351
Tetra Tech, Inc.*		5,524		144,066
TMS International Corp., Class A*		718		7,158
TRC Cos., Inc.*		1,445		8,786
U.S. Ecology, Inc.		1,247		22,122
United Stationers, Inc.		257		6,926
Waste Connections, Inc.		785		23,487

				4,308,946

*Construction & Engineering* (*0.2%)*
Aegion Corp.*		595		10,645
Argan, Inc.		182		2,544
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		6,390		242,564
Comfort Systems USA, Inc.		1,180		11,824
Dycom Industries, Inc.*		3,142		58,473
Fluor Corp.		11,480		566,423
Great Lakes Dredge & Dock Corp.		734		5,226
MasTec, Inc.*		6,235		93,774
MYR Group, Inc.*		1,224		20,882
Primoris Services Corp.		897		10,764
Sterling Construction Co., Inc.*		210		2,146

				1,025,265

*Electrical Equipment* (*0.9%)*
Acuity Brands, Inc.		4,528		230,520
American Superconductor Corp.*		487		2,289
AMETEK, Inc.		25,490		1,272,206
AZZ, Inc.		1,349		82,640
Babcock & Wilcox Co.*		12,664		310,268
Belden, Inc.		4,329		144,372
Capstone Turbine Corp.*		31,933		32,252
Coleman Cable, Inc.		899		7,812
EnerSys*		1,867		65,476
Enphase Energy, Inc.*		647		4,024
Franklin Electric Co., Inc.		2,373		121,332
FuelCell Energy, Inc.*		4,401		4,445
Generac Holdings, Inc.*		1,215		29,233
General Cable Corp.*		333		8,638
Hubbell, Inc., Class B		5,236		408,094
II-VI, Inc.*		4,793		79,899
Polypore International, Inc.*		30,594		1,235,692
Powell Industries, Inc.*		407		15,206
Preformed Line Products Co.		28		1,621
Thermon Group Holdings, Inc.*		1,576		32,639
Vicor Corp.		435		3,019

				4,091,677

*Industrial Conglomerates* (*0.0%)*
Carlisle Cos., Inc.		590		31,282
Raven Industries, Inc.		1,938		134,866
Standex International Corp.		311		13,239

				179,387

*Machinery* (*4.6%)*
Actuant Corp., Class A		44,525		1,209,299
Altra Holdings, Inc.		37,389		589,998
Blount International, Inc.*		5,218		76,444
Cascade Corp.		58		2,729
Chart Industries, Inc.*		19,528		1,342,745

CIRCOR International, Inc.		142	$	4,841
CLARCOR, Inc.		5,365		258,378
Colfax Corp.*		52,054		1,435,129
Commercial Vehicle Group, Inc.*		2,610		22,498
Donaldson Co., Inc.		15,907		530,817
Dynamic Materials Corp.		544		9,428
EnPro Industries, Inc.*		1,150		42,976
ESCO Technologies, Inc.		913		33,270
Federal Signal Corp.*		528		3,084
Flow International Corp.*		1,176		3,704
Flowserve Corp.		7,070		811,283
Gardner Denver, Inc.		11,770		622,751
Gorman-Rupp Co.		1,620		48,276
Graco, Inc.		6,455		297,446
Graham Corp.		1,099		20,463
IDEX Corp.		32,282		1,258,352
ITT Corp.		2,321		40,850
John Bean Technologies Corp.		3,075		41,728
Joy Global, Inc.		14,150		802,729
Kaydon Corp.		21,200		453,468
Lincoln Electric Holdings, Inc.		32,123		1,406,666
Lindsay Corp.		1,359		88,199
Manitowoc Co., Inc.		60,983		713,501
Meritor, Inc.*		2,462		12,852
Met-Pro Corp.		150		1,382
Middleby Corp.*		12,719		1,266,940
Mueller Industries, Inc.		477		20,315
Mueller Water Products, Inc., Class A		10,969		37,953
Nordson Corp.		6,369		326,666
Omega Flex, Inc.*		256		3,049
Pall Corp.		16,810		921,356
Proto Labs, Inc.*		536		15,415
RBC Bearings, Inc.*		26,083		1,233,726
Rexnord Corp.*		666		13,347
Robbins & Myers, Inc.		25,537		1,067,957
Sauer-Danfoss, Inc.		1,251		43,697
Snap-on, Inc.		1,232		76,692
SPX Corp.		1,634		106,733
Sun Hydraulics Corp.		2,209		53,657
Tennant Co.		2,009		80,260
Timken Co.		826		37,823
Titan International, Inc.		4,512		110,679
Toro Co.		3,197		234,308
Trimas Corp.*		3,173		63,777
Valmont Industries, Inc.		12,184		1,473,898
Wabash National Corp.*		7,321		48,465
Wabtec Corp.		5,146		401,439
Woodward, Inc.		7,392		291,540

				20,114,978

*Marine* (*0.3%)*
Alexander & Baldwin, Inc.		316		16,827
Kirby Corp.*		27,773		1,307,553

				1,324,380

*Professional Services* (*2.0%)*
Acacia Research Corp.*		5,312		197,819
Advisory Board Co.*		35,275		1,749,287
Barrett Business Services, Inc.		747		15,792
Capita plc		87,362		898,317
CDI Corp.		258		4,231

See Notes to Financial Statements.

163

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Corporate Executive Board Co.		3,582	$	146,432
Dun & Bradstreet Corp.		3,441		244,896
Equifax, Inc.		11,574		539,348
Exponent, Inc.*		1,430		75,547
Franklin Covey Co.*		1,027		10,517
GP Strategies Corp.*		1,434		26,486
Huron Consulting Group, Inc.*		24,047		761,088
IHS, Inc., Class A*		10,860		1,169,948
Insperity, Inc.		2,424		65,569
Kforce, Inc.*		2,811		37,836
Mistras Group, Inc.*		1,670		43,888
Odyssey Marine Exploration, Inc.*		7,814		29,224
On Assignment, Inc.*		4,596		73,352
Robert Half International, Inc.		64,468		1,841,851
RPX Corp.*		41,672		597,993
TrueBlue, Inc.*		3,155		48,839
WageWorks, Inc.*		424		6,385

				8,584,645

*Road & Rail* (*1.1%)*
Avis Budget Group, Inc.*		11,357		172,626
Celadon Group, Inc.		2,146		35,151
Con-way, Inc.		3,271		118,116
Dollar Thrifty Automotive Group, Inc.*		1,580		127,917
Genesee & Wyoming, Inc., Class A*		30,349		1,603,641
Heartland Express, Inc.		3,978		56,925
Hertz Global Holdings, Inc.*		15,052		192,666
Knight Transportation, Inc.		6,122		97,891
Landstar System, Inc.		5,013		259,272
Localiza Rent a Car S.A.		41,930		630,672
Marten Transport Ltd.		40,991		871,469
Old Dominion Freight Line, Inc.*		5,077		219,783
Quality Distribution, Inc.*		859		9,526
RailAmerica, Inc.*		1,758		42,544
Roadrunner Transportation Systems, Inc.*		713		12,043
Saia, Inc.*		322		7,049
Swift Transportation Co.*		8,440		79,758
Werner Enterprises, Inc.		4,067		97,161
Zipcar, Inc.*		2,372		27,823

				4,662,033

*Trading Companies & Distributors* (*1.0%)*
Aceto Corp.		673		6,077
Applied Industrial Technologies, Inc.		4,158		153,222
Beacon Roofing Supply, Inc.*		5,014		126,453
BlueLinx Holdings, Inc.*		764		1,795
CAI International, Inc.*		558		11,093
DXP Enterprises, Inc.*		943		39,125
Edgen Group, Inc.*		406		3,053
H&E Equipment Services, Inc.*		1,718		25,822
Houston Wire & Cable Co.		707		7,728
Interline Brands, Inc.*		384		9,627
Kaman Corp.		2,814		87,065
MRC Global, Inc.*		1,484		31,580
MSC Industrial Direct Co., Inc., Class A		19,196		1,258,298
SeaCube Container Leasing Ltd.		159		2,714

TAL International Group, Inc.		1,572	$	52,646
Textainer Group Holdings Ltd.		1,318		48,634
Titan Machinery, Inc.*		1,803		54,757
United Rentals, Inc.*		61,220		2,083,929
Watsco, Inc.		3,140		231,732

				4,235,350

*Transportation Infrastructure* (*0.0%)*
Wesco Aircraft Holdings, Inc.*		489		6,225

Total Industrials				63,587,032

Information Technology (19.1%)
*Communications Equipment* (*1.4%)*
Acme Packet, Inc.*		35,616		664,238
ADTRAN, Inc.		6,810		205,594
Ambient Corp.*		294		1,608
Anaren, Inc.*		183		3,587
Arris Group, Inc.*		1,586		22,061
Aruba Networks, Inc.*		17,132		257,837
Aware, Inc.		1,096		7,069
CalAmp Corp.*		3,087		22,628
Calix, Inc.*		1,463		12,026
Ciena Corp.*		54,358		889,841
Comverse Technology, Inc.*		23,399		136,182
EchoStar Corp., Class A*		1,113		29,405
Extreme Networks, Inc.*		10,070		34,641
Finisar Corp.*		42,670		638,343
Globecomm Systems, Inc.*		1,903		19,296
Infinera Corp.*		10,532		72,039
InterDigital, Inc.		4,741		139,907
Ixia*		87,409		1,050,656
Juniper Networks, Inc.*		20,670		337,128
KVH Industries, Inc.*		1,333		16,663
Loral Space & Communications, Inc.		1,108		74,624
NETGEAR, Inc.*		1,824		62,946
Numerex Corp., Class A*		964		8,965
Parkervision, Inc.*		8,176		19,459
Plantronics, Inc.		1,527		51,002
Procera Networks, Inc.*		2,068		50,273
Riverbed Technology, Inc.*		16,944		273,646
ShoreTel, Inc.*		133,943		586,670
Sonus Networks, Inc.*		1,722		3,702
Telular Corp.		1,079		9,970
Tessco Technologies, Inc.		303		6,681
Ubiquiti Networks, Inc.*		1,124		16,017
ViaSat, Inc.*		16,106		608,324

				6,333,028

*Computers & Peripherals* (*0.3%)*
3D Systems Corp.*		4,621		157,761
Cray, Inc.*		3,967		47,921
Datalink Corp.*		1,642		15,681
Diebold, Inc.		526		19,415
Electronics for Imaging, Inc.*		336		5,460
Fusion-io, Inc.*		7,206		150,533
Immersion Corp.*		2,746		15,460
Intermec, Inc.*		818		5,072
NCR Corp.*		16,964		385,592
QLogic Corp.*		2,566		35,129
Quantum Corp.*		1,584		3,215

See Notes to Financial Statements.

164

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Silicon Graphics International Corp.*		212	$	1,361
Stratasys, Inc.*		8,779		434,999
Super Micro Computer, Inc.*		2,839		45,026
Synaptics, Inc.*		3,601		103,097

				1,425,722

*Electronic Equipment, Instruments & Components* (*2.1%)*
Anixter International, Inc.		1,839		97,559
Audience, Inc.*		107		2,063
Badger Meter, Inc.		1,548		58,127
Cognex Corp.		33,782		1,069,200
Coherent, Inc.*		740		32,042
Daktronics, Inc.		1,034		7,145
DTS, Inc.*		18,963		494,555
Echelon Corp.*		2,224		7,740
Electro Rent Corp.		221		3,587
Fabrinet*		38,621		484,694
FARO Technologies, Inc.*		28,010		1,178,661
FEI Co.*		3,808		182,175
FLIR Systems, Inc.		13,348		260,286
GSI Group, Inc.*		175		2,005
InvenSense, Inc.*		3,894		44,002
IPG Photonics Corp.*		3,408		148,555
Jabil Circuit, Inc.		40,587		825,134
Key Tronic Corp.*		224		1,846
LeCroy Corp.*		1,346		19,194
Littelfuse, Inc.		2,097		119,298
Maxwell Technologies, Inc.*		3,128		20,520
Measurement Specialties, Inc.*		1,431		46,522
Mesa Laboratories, Inc.		275		12,785
MTS Systems Corp.		1,720		66,306
Multi-Fineline Electronix, Inc.*		169		4,164
National Instruments Corp.		28,028		752,832
Neonode, Inc.*		2,414		14,846
OSI Systems, Inc.*		2,123		134,471
Plexus Corp.*		1,640		46,248
RealD, Inc.*		4,065		60,812
Rogers Corp.*		732		28,995
Trimble Navigation Ltd.*		48,347		2,224,445
Universal Display Corp.*		16,997		610,872
Zygo Corp.*		361		6,447

				9,068,133

*Internet Software & Services* (*2.5%)*
Active Network, Inc.*		4,151		63,884
Ancestry.com, Inc.*		3,093		85,150
Angie’s List, Inc.*		3,798		60,160
AOL, Inc.*		2,293		64,387
Bankrate, Inc.*		4,334		79,702
Bazaarvoice, Inc.*		958		17,436
Blucora, Inc.*		621		7,651
Brightcove, Inc.*		600		9,150
Carbonite, Inc.*		1,199		10,719
comScore, Inc.*		3,769		62,038
Constant Contact, Inc.*		3,254		58,182
Cornerstone OnDemand, Inc.*		3,592		85,526
CoStar Group, Inc.*		23,845		1,936,214
DealerTrack Holdings, Inc.*		50,999		1,535,580
Demand Media, Inc.*		2,375		26,600
Demandware, Inc.*		657		15,564
Dice Holdings, Inc.*		4,975		46,715

EasyLink Services International Corp., Class A*		3,407	$	24,667
Envestnet, Inc.*		54,486		653,832
Equinix, Inc.*		8,890		1,561,529
ExactTarget, Inc.*		1,040		22,734
IAC/InterActiveCorp		21,155		964,668
Internap Network Services Corp.*		2,900		18,879
Ipass, Inc.*		5,169		12,302
j2 Global, Inc.		4,093		108,137
LinkedIn Corp., Class A*		10,340		1,098,832
Liquidity Services, Inc.*		2,521		129,050
LivePerson, Inc.*		5,884		112,149
LogMeIn, Inc.*		2,359		71,997
Market Leader, Inc.*		2,005		10,185
MeetMe, Inc.*		712		1,673
Millennial Media, Inc.*		1,155		15,234
Move, Inc.*		4,193		38,198
NIC, Inc.		6,884		87,427
OpenTable, Inc.*		13,612		612,676
Perficient, Inc.*		2,629		29,524
Responsys, Inc.*		3,812		46,201
Saba Software, Inc.*		3,232		29,993
SciQuest, Inc.*		1,908		34,268
Spark Networks, Inc.*		1,171		6,042
SPS Commerce, Inc.*		1,134		34,451
Stamps.com, Inc.*		1,518		37,449
support.com, Inc.*		3,875		12,361
Synacor, Inc.*		685		9,384
Travelzoo, Inc.*		761		17,290
Unwired Planet, Inc.*		2,752		6,330
ValueClick, Inc.*		5,189		85,048
VistaPrint N.V.*		3,955		127,747
Vocus, Inc.*		2,214		41,180
Web.com Group, Inc.*		3,750		68,700
XO Group, Inc.*		2,780		24,659
Yelp, Inc.*		17,001		386,433
Zix Corp.*		6,199		16,117

				10,722,004

*IT Services* (*2.7%)*
Alliance Data Systems Corp.*		5,379		726,165
Broadridge Financial Solutions, Inc.		13,342		283,784
CACI International, Inc., Class A*		232		12,765
Cardtronics, Inc.*		4,720		142,591
Cass Information Systems, Inc.		993		39,968
CIBER, Inc.*		161,300		695,203
Computer Task Group, Inc.*		1,257		18,842
CSG Systems International, Inc.*		2,089		36,098
DST Systems, Inc.		571		31,011
EPAM Systems, Inc.*		529		8,988
ExlService Holdings, Inc.*		2,496		61,501
FleetCor Technologies, Inc.*		5,239		183,575
Forrester Research, Inc.		1,527		51,704
Gartner, Inc.*		26,775		1,152,664
Genpact Ltd.*		44,259		736,027
Global Cash Access Holdings, Inc.*		7,027		50,665
Global Payments, Inc.		8,421		364,040
Hackett Group, Inc.*		2,641		14,710
Heartland Payment Systems, Inc.		4,151		124,862

See Notes to Financial Statements.

165

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Higher One Holdings, Inc.*		48,432	$	591,839
iGATE Corp.*		3,437		58,498
Innodata, Inc.*		2,380		16,279
Jack Henry & Associates, Inc.		9,327		321,968
Lender Processing Services, Inc.		9,049		228,759
Lionbridge Technologies, Inc.*		6,251		19,691
Mattersight Corp.*		1,021		8,148
MAXIMUS, Inc.		3,629		187,801
MoneyGram International, Inc.*		702		10,249
NeuStar, Inc., Class A*		7,146		238,676
PRGX Global, Inc.*		2,278		18,110
SAIC, Inc.		10,725		129,987
Sapient Corp.		77,947		784,926
ServiceSource International, Inc.*		110,330		1,528,071
Syntel, Inc.		1,649		100,094
Teradata Corp.*		7,830		563,838
TNS, Inc.*		2,586		46,393
Total System Services, Inc.		14,853		355,432
Unisys Corp.*		2,392		46,764
Vantiv, Inc., Class A*		4,208		98,004
VeriFone Systems, Inc.*		38,473		1,273,072
Virtusa Corp.*		1,991		26,580
Wright Express Corp.*		4,154		256,385

				11,644,727

*Office Electronics* (*0.0%)*
Zebra Technologies Corp., Class A*		879		30,202

*Semiconductors & Semiconductor Equipment* (*3.2%*)
Atmel Corp.*		4,052		27,148
ATMI, Inc.*		171		3,517
AuthenTec, Inc.*		4,351		18,840
Cabot Microelectronics Corp.		2,510		73,317
Cavium, Inc.*		5,312		148,736
CEVA, Inc.*		1,884		33,177
Cirrus Logic, Inc.*		6,895		206,023
Cymer, Inc.*		14,116		832,138
Cypress Semiconductor Corp.*		58,110		768,214
Exar Corp.*		593		4,839
Fairchild Semiconductor International, Inc.*		56,578		797,750
Freescale Semiconductor Ltd.*		5,052		51,783
GT Advanced Technologies, Inc.*		10,740		56,707
Hittite Microwave Corp.*		3,360		171,763
Inphi Corp.*		1,022		9,689
Intermolecular, Inc.*		1,467		11,369
Lattice Semiconductor Corp.*		196,800		741,936
LSI Corp.*		60,784		387,194
MA-COM Technology Solutions Holdings, Inc.*		114		2,109
MaxLinear, Inc., Class A*		421		2,088
Mellanox Technologies Ltd.*		14,650		1,037,806
MEMC Electronic Materials, Inc.*		5,494		11,922
Micrel, Inc.		5,215		49,699
Microsemi Corp.*		9,487		175,415
MIPS Technologies, Inc.*		3,953		26,367
Monolithic Power Systems, Inc.*		3,260		64,776
NVE Corp.*		529		28,434
PDF Solutions, Inc.*		2,600		25,662
PLX Technology, Inc.*		4,459		28,315

Power Integrations, Inc.		21,030	$	784,419
QuickLogic Corp.*		3,634		9,121
Rambus, Inc.*		866		4,971
RF Micro Devices, Inc.*		3,673		15,610
Semtech Corp.*		82,173		1,998,447
Silicon Image, Inc.*		7,437		30,789
Silicon Laboratories, Inc.*		27,774		1,052,635
Skyworks Solutions, Inc.*		64,980		1,778,503
Standard Microsystems Corp.*		2,466		90,971
SunPower Corp.*		1,955		9,404
Teradyne, Inc.*		62,350		876,641
Ultratech, Inc.*		2,802		88,263
Veeco Instruments, Inc.*		22,490		772,756
Volterra Semiconductor Corp.*		35,510		832,709

				14,141,972

*Software* (*6.9%)*
ACI Worldwide, Inc.*		4,251		187,937
Activision Blizzard, Inc.		65,810		789,062
Actuate Corp.*		4,952		34,317
Advent Software, Inc.*		37,579		1,018,767
American Software, Inc., Class A		2,528		20,098
ANSYS, Inc.*		9,955		628,260
Ariba, Inc.*		10,484		469,264
Aspen Technology, Inc.*		60,509		1,400,783
AVG Technologies N.V.*		814		10,590
Blackbaud, Inc.		4,831		124,012
Bottomline Technologies, Inc.*		54,292		979,971
BroadSoft, Inc.*		11,213		324,728
Cadence Design Systems, Inc.*		280,598		3,083,772
Callidus Software, Inc.*		3,732		18,585
CommVault Systems, Inc.*		21,977		1,089,400
Compuware Corp.*		1,280		11,891
Concur Technologies, Inc.*		23,931		1,629,701
Deltek, Inc.*		2,359		27,341
Digimarc Corp.		763		19,579
Ebix, Inc.		2,276		45,406
Ellie Mae, Inc.*		2,323		41,814
Envivio, Inc.*		274		1,756
EPIQ Systems, Inc.		240		2,940
FactSet Research Systems, Inc.		4,799		446,019
Fair Isaac Corp.		3,666		154,998
FalconStor Software, Inc.*		3,187		8,318
Fortinet, Inc.*		57,788		1,341,837
Glu Mobile, Inc.*		5,461		30,309
Guidance Software, Inc.*		1,540		14,645
Guidewire Software, Inc.*		12,074		339,521
Imperva, Inc.*		1,043		30,059
Infoblox, Inc.*		22,663		519,663
Informatica Corp.*		22,148		938,189
Interactive Intelligence Group, Inc.*		1,573		44,374
JDA Software Group, Inc.*		1,041		30,907
Jive Software, Inc.*		42,675		895,748
Kenexa Corp.*		2,925		84,913
Manhattan Associates, Inc.*		2,175		99,419
Mentor Graphics Corp.*		5,392		80,880
MICROS Systems, Inc.*		34,610		1,772,032
MicroStrategy, Inc., Class A*		3,851		500,091
Monotype Imaging Holdings, Inc.*		3,919		65,722
NetScout Systems, Inc.*		3,936		84,978

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

NetSuite, Inc.*		3,358	$	183,918
Nuance Communications, Inc.*		25,826		615,175
OPNET Technologies, Inc.		1,605		42,677
Parametric Technology Corp.*		12,787		268,016
Pegasystems, Inc.		1,844		60,815
Progress Software Corp.*		27,900		582,273
Proofpoint, Inc.*		644		10,916
PROS Holdings, Inc.*		2,345		39,443
QAD, Inc., Class A*		469		6,669
QAD, Inc., Class B*		116		1,579
QLIK Technologies, Inc.*		47,977		1,061,251
Quest Software, Inc.*		5,991		166,849
RealPage, Inc.*		3,830		88,703
Rosetta Stone, Inc.*		571		7,903
Rovi Corp.*		2,440		47,873
Salesforce.com, Inc.*		9,110		1,259,549
ServiceNow, Inc.*		5,152		126,739
SolarWinds, Inc.*		29,204		1,272,126
Solera Holdings, Inc.		28,787		1,203,009
Sourcefire, Inc.*		3,164		162,630
Splunk, Inc.*		7,959		223,648
SRS Labs, Inc.*		1,291		11,619
SS&C Technologies Holdings, Inc.*		1,002		25,050
Synchronoss Technologies, Inc.*		20,594		380,371
Synopsys, Inc.*		1,157		34,050
Take-Two Interactive Software, Inc.*		8,367		79,152
Tangoe, Inc.*		3,189		67,958
TIBCO Software, Inc.*		67,593		2,022,383
TiVo, Inc.*		6,686		55,293
Tyler Technologies, Inc.*		3,223		130,048
Ultimate Software Group, Inc.*		2,849		253,903
VASCO Data Security International, Inc.*		1,394		11,403
Verint Systems, Inc.*		2,333		68,847
VirnetX Holding Corp.*		4,490		158,272
Websense, Inc.*		3,980		74,545

				30,247,251

Total Information Technology				83,613,039

Materials (2.8%)
*Chemicals* (*1.5%)*
ADA-ES, Inc.*		966		24,507
Albemarle Corp.		5,376		320,625
American Vanguard Corp.		2,976		79,132
Arabian American Development Co.*		2,149		20,824
Balchem Corp.		16,926		551,957
Calgon Carbon Corp.*		5,114		72,721
Chemtura Corp.*		7,336		106,372
Flotek Industries, Inc.*		5,298		49,483
Georgia Gulf Corp.		2,317		59,477
GSE Holding, Inc.*		852		9,006
H.B. Fuller Co.		5,332		163,692
Hawkins, Inc.		974		37,187
Innophos Holdings, Inc.		2,332		131,665
Innospec, Inc.*		316		9,357
International Flavors & Fragrances, Inc.		8,652		474,130
Intrepid Potash, Inc.*		2,748		62,544

KMG Chemicals, Inc.		837	$	16,137
Koppers Holdings, Inc.		2,219		75,446
Landec Corp.*		666		5,701
LSB Industries, Inc.*		1,160		35,856
Methanex Corp.		23,120		643,661
NewMarket Corp.		935		202,521
Olin Corp.		5,866		122,541
Omnova Solutions, Inc.*		4,953		37,346
PolyOne Corp.		70,749		967,846
Quaker Chemical Corp.		397		18,345
Rockwood Holdings, Inc.		2,211		98,058
RPM International, Inc.		5,458		148,458
Scotts Miracle-Gro Co., Class A		3,963		162,958
Solutia, Inc.		24,328		682,400
Stepan Co.		848		79,865
TPC Group, Inc.*		1,002		37,024
Valspar Corp.		9,945		522,013
W.R. Grace & Co.*		7,288		367,680
Westlake Chemical Corp.		498		26,025
Zep, Inc.		1,003		13,771

				6,436,331

*Construction Materials* (*0.1%)*
Eagle Materials, Inc.		4,845		180,912
Headwaters, Inc.*		6,551		33,738
Martin Marietta Materials, Inc.		2,491		196,341
United States Lime & Minerals, Inc.*		173		8,074

				419,065

*Containers & Packaging* (*0.7%)*
AEP Industries, Inc.*		433		18,857
AptarGroup, Inc.		2,380		121,499
Ball Corp.		34,597		1,420,207
Crown Holdings, Inc.*		25,642		884,393
Myers Industries, Inc.		3,588		61,570
Owens-Illinois, Inc.*		13,037		249,919
Packaging Corp. of America		9,615		271,528
Rock-Tenn Co., Class A		871		47,513
Silgan Holdings, Inc.		5,232		223,354

				3,298,840

*Metals & Mining* (*0.4%)*
AK Steel Holding Corp.		1,936		11,364
Allied Nevada Gold Corp.*		9,608		272,675
AMCOL International Corp.		2,539		71,879
Carpenter Technology Corp.		376		17,988
Coeur d’Alene Mines Corp.*		3,950		69,362
Compass Minerals International, Inc.		3,527		269,039
General Moly, Inc.*		1,177		3,696
Globe Specialty Metals, Inc.		482		6,473
Gold Reserve, Inc.*		725		2,530
Gold Resource Corp.		3,194		83,012
Handy & Harman Ltd.*		505		6,807
Haynes International, Inc.		1,086		55,321
Materion Corp.		166		3,823
Metals USA Holdings Corp.*		320		5,091
Midway Gold Corp.*		12,238		17,011
Molycorp, Inc.*		1,783		38,424
Noranda Aluminum Holding Corp.		3,561		28,346

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Paramount Gold and Silver Corp.*		13,969	$	33,526
Royal Gold, Inc.		6,277		492,117
Steel Dynamics, Inc.		5,077		59,655
SunCoke Energy, Inc.*		5,277		77,308
Tahoe Resources, Inc.*		1,937		26,905
U.S. Antimony Corp.*		5,755		23,250
U.S. Silica Holdings, Inc.*		1,258		14,165

				1,689,767

*Paper & Forest Products* (*0.1%)*
Buckeye Technologies, Inc.		2,470		70,370
Clearwater Paper Corp.*		1,994		68,035
Deltic Timber Corp.		1,164		70,981
Neenah Paper, Inc.		1,024		27,331
P.H. Glatfelter Co.		777		12,719
Schweitzer-Mauduit International, Inc.		1,234		84,085
Wausau Paper Corp.		4,485		43,639

				377,160

Total Materials				12,221,163

Telecommunication Services (0.9%)
*Diversified Telecommunication Services* (*0.5%)*
8x8, Inc.*		7,598		31,912
AboveNet, Inc.*		2,513		211,092
Atlantic Tele-Network, Inc.		965		32,549
Cbeyond, Inc.*		239		1,618
Cincinnati Bell, Inc.*		7,585		28,216
Cogent Communications Group, Inc.*		4,999		96,231
Consolidated Communications Holdings, Inc.		2,702		39,990
Fairpoint Communications, Inc.*		1,885		11,593
General Communication, Inc., Class A*		3,940		32,741
HickoryTech Corp.		1,530		16,998
IDT Corp., Class B		1,538		15,088
inContact, Inc.*		3,277		16,418
Iridium Communications, Inc.*		750		6,720
Level 3 Communications, Inc.*		8,926		197,711
Lumos Networks Corp.		1,581		14,940
magicJack VocalTec Ltd.*		1,127		21,413
ORBCOMM, Inc.*		1,891		6,165
Premiere Global Services, Inc.*		1,241		10,412
Primus Telecommunications Group, Inc.		1,298		20,210
SureWest Communications		76		1,601
Towerstream Corp.*		5,102		21,173
tw telecom, Inc.*		54,608		1,401,241

				2,236,032

*Wireless Telecommunication Services* (*0.4%)*
Boingo Wireless, Inc.*		1,683		19,557
Crown Castle International Corp.*		13,650		800,709
Leap Wireless International, Inc.*		1,321		8,494
NTELOS Holdings Corp.		1,599		30,141

SBA Communications Corp., Class A*		12,959	$	739,311

				1,598,212

Total Telecommunication Services				3,834,244

Utilities (0.2%)
*Electric Utilities* (*0.1%)*
ITC Holdings Corp.		5,493		378,523
Otter Tail Corp.		283		6,472

				384,995

*Gas Utilities* (*0.0%)*
Piedmont Natural Gas Co., Inc.		659		21,213
Questar Corp.		4,275		89,176
South Jersey Industries, Inc.		714		36,393

				146,782

*Independent Power Producers & Energy Traders* (*0.0%)*
American DG Energy, Inc.*		2,320		5,267
Atlantic Power Corp.		1,035		13,258
Ormat Technologies, Inc.		539		11,529

				30,054

*Water Utilities* (*0.1%)*
American States Water Co.		220		8,708
Aqua America, Inc.		1,684		42,033
Cadiz, Inc.*		1,278		9,214
California Water Service Group		2,243		41,428
Connecticut Water Service, Inc.		602		17,446
SJW Corp.		471		11,309
York Water Co.		1,024		18,319

				148,457

Total Utilities				710,288

Total Common Stocks (79.6%) (Cost $274,847,151)				347,826,842

INVESTMENT COMPANY:
*Exchange Traded Fund (ETF) (0.3%)*
SPDR S&P MidCap 400 ETF (Cost $1,124,372)		6,710		1,149,423


	Number of Rights		Value (Note 1)

RIGHTS:
Financials (0.0%)
*Commercial Banks* (*0.0%)*
Hampton Roads Bankshares, Inc., expiring 12/31/49† (Cost $11,659)*		1,208		876

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Warrants		Value (Note 1)

WARRANTS:
Energy (0.0%)
*Oil, Gas & Consumable Fuels* (*0.0%)*
Magnum Hunter Resources Corp., expiring 10/14/13(b) (Cost $—)*		1,376	$	—

Total Investments (79.9%) (Cost $275,983,182)				348,977,141
Other Assets Less Liabilities (20.1%)				87,701,704

Net Assets (100%)			$	436,678,845

*	Non-income producing.

†	Securities (totaling $551,369 or 0.1% of net assets) at fair value by management.

@	Shares are less than 0.5.

(b)

Illiquid Security.

Glossary:

ADR

— American Depositary Receipt

At June 30, 2012, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2012		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index		159		September-12	$	7,993,811	$	8,299,005	$	305,194
Russell 2000 Mini Index		313		September-12		23,498,601		24,896,020		1,397,419
S&P MidCap 400 E-Mini Index		529		September-12		48,018,116		49,699,550		1,681,434

									$	3,384,047

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, 2012:

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 (a)		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	$	69,214,861	$	737,425	$	—	$	69,952,286
Consumer Staples		9,061,265		—		—		9,061,265
Energy		20,782,027		—		—		20,782,027
Financials		25,741,021		—		550,493		26,291,514
Health Care		57,773,984		—		—		57,773,984
Industrials		62,688,715		898,317		—		63,587,032
Information Technology		83,613,039		—		—		83,613,039
Materials		12,221,163		—		—		12,221,163
Telecommunication Services		3,834,244		—		—		3,834,244
Utilities		710,288		—		—		710,288
Futures		3,384,047		—		—		3,384,047
Investment Companies
Exchange Traded Funds (ETFs)		1,149,423		—		—		1,149,423
Rights
Financials		—		—		876		876
Warrants
Energy		—		—		—		—

Total Assets	$	350,174,077	$	1,635,742	$	551,369	$	352,361,188

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	350,174,077	$	1,635,742	$	551,369	$	352,361,188

(a)	A Security with a market value of $205,594 transferred from Level 2 to Level 1 since the beginning of the period due to active trading.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

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



	Investments in Common Stocks-Financials			Investments in Rights-Financials

Balance as of 12/31/11	$	—		$	—
Total gains or losses (realized/unrealized) included in earnings		42,209			(10,783	)
Purchases		—			11,659
Sales		(41,841	)		—
Issuances		—			—
Settlements		—			—
Transfers into Level 3		550,125			—
Transfers out of Level 3		—			—

Balance as of 6/30/12	$	550,493		$	876

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/12.	$	43,440		$	(10,783	)

Fair Values of Derivative Instruments as of June 30, 2012:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		3,384,047	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	3,384,047


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	—

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

See Notes to Financial Statements.

170

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2012:


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		—		—		(37	)		—		(37	)
Credit contracts.		—		—		—			—		—
Equity contracts		—		2,951,657		—			—		2,951,657
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	—	$	2,951,657	$	(37	)	$	—	$	2,951,620


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts.		—		—		—		—		—
Equity contracts		—		3,065,329		—		—		3,065,329
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	3,065,329	$	—	$	—	$	3,065,329

The Portfolio held futures contracts with an average notional balance of approximately $70,512,000 for the six months ended June 30, 2012.

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

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	116,772,172
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	176,149,824

As of June 30, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	84,559,282
Aggregate gross unrealized depreciation		(15,819,525	)

Net unrealized appreciation	$	68,739,757

Federal income tax cost of investments	$	280,237,384

For the six months ended June 30, 2012, the Portfolio incurred approximately $289 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $52,535,288, which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value (Cost $275,983,182)	$	348,977,141
Cash		80,363,131
Cash held as collateral at broker		5,259,000
Due from broker for futures variation margin		2,405,813
Receivable for securities sold		1,700,762
Receivable from Separate Accounts for Trust shares sold		196,826
Dividends, interest and other receivables		135,157
Other assets		3,584

Total assets		439,041,414

LIABILITIES
Payable for securities purchased		1,664,763
Investment management fees payable		278,133
Payable to Separate Accounts for Trust shares redeemed		181,785
Distribution fees payable - Class B		76,784
Administrative fees payable		68,312
Trustees’ fees payable		12,005
Distribution fees payable - Class A		2,359
Accrued expenses		78,428

Total liabilities		2,362,569

NET ASSETS	$	436,678,845

Net assets were comprised of:
Paid in capital	$	395,360,697
Accumulated undistributed net investment income (loss)		(1,479,288	)
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(33,580,558	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		76,377,994

Net assets	$	436,678,845

Class A
Net asset value, offering and redemption price per share, $11,846,182 / 1,276,559 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.28

Class B
Net asset value, offering and redemption price per share, $386,028,090 / 42,886,706 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.00

Class K
Net asset value, offering and redemption price per share, $38,804,573 / 4,176,646 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.29

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (net of $3,307 foreign withholding tax)	$	1,309,855
Interest		33,354

Total income		1,343,209

EXPENSES
Investment management fees		1,819,071
Distribution fees - Class B		500,771
Administrative fees		357,241
Custodian fees		65,382
Professional fees		26,252
Printing and mailing expenses		23,728
Distribution fees - Class A		15,521
Trustees’ fees		5,191
Miscellaneous		8,044

Gross expenses		2,821,201
Less: Fees paid indirectly		(9,840	)

Net expenses		2,811,361

NET INVESTMENT INCOME (LOSS)		(1,468,152	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		22,599,644
Futures		2,951,657
Foreign currency transactions		(13,234	)

Net realized gain (loss)		25,538,067

Change in unrealized appreciation (depreciation) on:
Securities		10,791,146
Futures		3,065,329
Foreign currency translations		(12	)

Net change in unrealized appreciation (depreciation)		13,856,463

NET REALIZED AND UNREALIZED GAIN (LOSS)		39,394,530

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	37,926,378

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,468,152	)	$	(4,046,471	)
Net realized gain (loss) on investments, futures and foreign currency transactions		25,538,067			23,527,815
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		13,856,463			(58,064,970	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		37,926,378			(38,583,626	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 19,080 and 382,732 shares, respectively ]		181,237			3,612,906
Capital shares repurchased [ (132,944) and (7,441,933) shares, respectively ]		(1,242,214	)		(63,173,922	)(z)

Total Class A transactions		(1,060,977	)		(59,561,016	)

Class B
Capital shares sold [ 2,006,531 and 6,034,863 shares, respectively ]		18,487,780			55,820,538
Capital shares repurchased [ (4,682,604) and (12,167,709) shares, respectively ]		(42,507,126	)		(110,396,239	)

Total Class B transactions		(24,019,346	)		(54,575,701	)

Class K†
Capital shares sold [ 48,147 and 6,986,737 shares, respectively ]		452,512			58,811,108	(z)
Capital shares repurchased [ (2,546,225) and (312,013) shares, respectively ]		(22,787,032	)		(2,648,615	)

Total Class K transactions		(22,334,520	)		56,162,493

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(47,414,843	)		(57,974,224	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(9,488,465	)		(96,557,850	)
NET ASSETS:
Beginning of period		446,167,310			542,725,160

End of period (a)	$	436,678,845		$	446,167,310

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(1,479,288	)	$	(11,136	)

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Mid Cap Growth Portfolio exchanged approximately 6,916,319 Class A shares for approximately 6,916,319 Class K shares. This exchange amounted to approximately $58,211,892.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.54		$	9.24		$	7.27		$	5.11		$	9.13		$	9.04

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.06	)(e)		(0.03	)(e)		—	#(e)		(0.04	)(e)		(0.07	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.77			(0.64	)		2.00			2.16			(3.90	)		1.14

Total from investment operations		0.74			(0.70	)		1.97			2.16			(3.94	)		1.07

Less distributions:
Distributions from net realized gains		—			—			—			—			(0.08	)		(0.98	)

Net asset value, end of period	$	9.28		$	8.54		$	9.24		$	7.27		$	5.11		$	9.13

Total return (b)		8.67	%		(7.58	)%		27.10	%		42.27	%		(43.47	)%		12.22	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	11,846		$	11,871		$	78,095		$	84,705		$	151,539		$	303,194
Ratio of expenses to average net assets:
After reimbursements (a)		1.26	%		0.99	%		1.04	%		0.78	%		1.21	%		1.27	%
After reimbursements and fees paid indirectly (a)		1.26	%		0.99	%		1.03	%		0.78	%		1.21	%		1.27	%
Before reimbursements and fees paid indirectly (a)		1.26	%		1.01	%		1.04	%		1.07	%		1.31	%		1.30	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		(0.67	)%		(0.59	)%		(0.43	)%		(0.05	)%		(0.50	)%		(0.67	)%
After reimbursements and fees paid indirectly (a)		(0.67	)%		(0.59	)%		(0.43	)%		(0.05	)%		(0.50	)%		(0.67	)%
Before reimbursements and fees paid indirectly (a)		(0.67	)%		(0.60	)%		(0.44	)%		(0.34	)%		(0.61	)%		(0.70	)%
Portfolio turnover rate		31	%		64	%		65	%		122	%		128	%		81	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.28		$	8.99		$	7.08		$	4.99		$	8.95		$	8.90

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.07	)(e)		(0.05	)(e)		(0.02	)(e)		(0.05	)(e)		(0.09	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.75			(0.64	)		1.96			2.11			(3.83	)		1.12

Total from investment operations		0.72			(0.71	)		1.91			2.09			(3.88	)		1.03

Less distributions:
Distributions from net realized gains		—			—			—			—			(0.08	)		(0.98	)

Net asset value, end of period	$	9.00		$	8.28		$	8.99		$	7.08		$	4.99		$	8.95

Total return (b)		8.70	%		(7.90	)%		26.98	%		41.88	%		(43.68	)%		11.97	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	386,028		$	377,314		$	464,630		$	394,599		$	288,031		$	554,500
Ratio of expenses to average net assets:
After reimbursements (a)		1.26	%		1.24	%(c)		1.29	%		1.15	%		1.46	%		1.52	%
After reimbursements and fees paid indirectly (a)		1.26	%		1.24	%		1.28	%		1.15	%		1.46	%		1.52	%
Before reimbursements and fees paid indirectly (a)		1.26	%		1.26	%(c)		1.29	%		1.32	%		1.56	%(c)		1.55	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		(0.67	)%		(0.81	)%		(0.67	)%		(0.42	)%		(0.75	)%		(0.93	)%
After reimbursements and fees paid indirectly (a)		(0.67	)%		(0.81	)%		(0.67	)%		(0.42	)%		(0.75	)%		(0.93	)%
Before reimbursements and fees paid indirectly (a)		(0.67	)%		(0.82	)%		(0.68	)%		(0.59	)%		(0.86	)%		(0.96	)%
Portfolio turnover rate		31	%		64	%		65	%		122	%		128	%		81	%


Class K	Six Months Ended June 30, 2012 (Unaudited)			August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.54		$	8.22

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(e)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.77			0.33

Total from investment operations		0.75			0.32

Net asset value, end of period	$	9.29		$	8.54

Total return (b)		8.78	%		3.89	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	38,805		$	56,983
Ratio of expenses to average net assets:
After reimbursements (a)		1.01	%		1.00	%
After reimbursements and fees paid indirectly (a)		1.01	%		1.00	%
Before reimbursements and fees paid indirectly (a)		1.01	%		1.01	%(c)
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)		(0.43	)%		(0.48	)%
After reimbursements and fees paid indirectly (a)		(0.43	)%		(0.48	)%
Before reimbursements and fees paid indirectly (a)		(0.43	)%		(0.48	)%
Portfolio turnover rate		31	%		64	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

*	Commencement of Operations.

#	Per share amount is less than $0.005.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratio for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

176

MULTIMANAGER MID CAP VALUE PORTFOLIO (Unaudited)


Sector Weightings as of June 30, 2012	% of Net Assets
Financials		20.9	%
Industrials		13.0
Consumer Discretionary		8.8
Information Technology		7.2
Energy		6.6
Health Care		5.9
Materials		5.5
Consumer Staples		4.8
Utilities		4.3
Telecommunication Services		0.3
Cash and Other		22.7

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,045.80		$6.38
Hypothetical (5% average return before expenses)		1,000.00		1,018.63		6.29
Class B
Actual		1,000.00		1,046.80		6.38
Hypothetical (5% average return before expenses)		1,000.00		1,018.63		6.29
Class K
Actual		1,000.00		1,047.00		5.11
Hypothetical (5% average return before expenses)		1,000.00		1,019.87		5.04
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.25%, 1.25% and 1.00%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (8.8%)
*Auto Components (0.8%)*
American Axle & Manufacturing Holdings, Inc.*		7,583	$	79,546
Cooper Tire & Rubber Co.		948		16,628
Dana Holding Corp.		15,030		192,534
Drew Industries, Inc.*		1,161		32,334
Exide Technologies, Inc.*		8,907		29,928
Federal-Mogul Corp.*		2,124		23,364
Fuel Systems Solutions, Inc.*		1,326		22,131
Lear Corp.		11,299		426,311
Modine Manufacturing Co.*		5,253		36,403
Shiloh Industries, Inc.		552		6,348
Spartan Motors, Inc.		3,956		20,729
Standard Motor Products, Inc.		2,192		30,863
Stoneridge, Inc.*		3,163		21,540
Superior Industries International, Inc.		2,599		42,546
Tenneco, Inc.*		39,740		1,065,827
TRW Automotive Holdings Corp.*		11,427		420,057
Visteon Corp.*		47,609		1,785,337
WABCO Holdings, Inc.*		528		27,947

				4,280,373

*Automobiles (0.0%)*
Thor Industries, Inc.		4,519		123,866
Winnebago Industries, Inc.*		2,380		24,252

				148,118

*Distributors (0.0%)*
Core-Mark Holding Co., Inc.		1,088		52,376
VOXX International Corp.*		2,165		20,178
Weyco Group, Inc.		697		16,157

				88,711

*Diversified Consumer Services (0.7%)*
Ascent Capital Group, Inc., Class A*		1,624		84,042
Career Education Corp.*		5,864		39,230
Carriage Services, Inc.		1,743		14,502
Corinthian Colleges, Inc.*		8,589		24,822
DeVry, Inc.		7,420		229,797
Education Management Corp.*		3,028		21,045
Hillenbrand, Inc.		59,970		1,102,249
Lincoln Educational Services Corp.		2,659		17,284
Mac-Gray Corp.		1,163		16,387
Matthews International Corp., Class A		1,690		54,908
National American University Holdings, Inc.		536		2,305
Regis Corp.		6,514		116,991
Service Corp. International		24,595		304,240
Sotheby’s, Inc.		4,986		166,333
Steiner Leisure Ltd.*		25,130		1,166,283
Stewart Enterprises, Inc., Class A		8,459		60,397
Universal Technical Institute, Inc.		815		11,011

				3,431,826


*Hotels, Restaurants & Leisure (1.7%)*
Ameristar Casinos, Inc.		480	$	8,530
Benihana, Inc.		818		13,178
Biglari Holdings, Inc.*		124		47,912
Bluegreen Corp.*		1,620		8,035
Bob Evans Farms, Inc.		2,848		114,490
Boyd Gaming Corp.*		5,885		42,372
Caesars Entertainment Corp.*		455		5,187
Carrols Restaurant Group, Inc.*		521		3,095
Cedar Fair LP		66,600		1,996,002
Choice Hotels International, Inc.		2,756		110,047

Churchill Downs, Inc.		989		58,143
Darden Restaurants, Inc.		16,800		850,584
Denny’s Corp.*		2,463		10,936
Einstein Noah Restaurant Group, Inc.		12		211
Fiesta Restaurant Group, Inc.*		191		2,527
Frisch’s Restaurants, Inc.		326		9,239
Gaylord Entertainment Co.*		1,170		45,115
Hyatt Hotels Corp., Class A*		20,900		776,644
International Speedway Corp., Class A		3,129		81,917
Isle of Capri Casinos, Inc.*		2,480		15,301
Jack in the Box, Inc.*		989		27,573
Krispy Kreme Doughnuts, Inc.*		6,736		43,043
Life Time Fitness, Inc.*		368		17,116
Luby’s, Inc.*		2,253		15,095
Marcus Corp.		2,242		30,850
Marriott Vacations Worldwide Corp.*		3,003		93,033
Monarch Casino & Resort, Inc.*		1,071		9,789
Morgans Hotel Group Co.*		1,600		7,520
Orient-Express Hotels Ltd., Class A*		10,991		91,995
Penn National Gaming, Inc.*		19,879		886,405
Pinnacle Entertainment, Inc.*		6,643		63,906
Red Lion Hotels Corp.*		1,522		13,165
Red Robin Gourmet Burgers, Inc.*		16,525		504,178
Ruby Tuesday, Inc.*		7,245		49,338
Scientific Games Corp., Class A*		5,602		47,897
Sonic Corp.*		1,355		13,577
Speedway Motorsports, Inc.		1,293		21,865
Vail Resorts, Inc.		2,649		132,662
Wendy’s Co.		586,798		2,769,686
WMS Industries, Inc.*		6,262		124,927

				9,163,085

*Household Durables (1.3%)*
American Greetings Corp., Class A		3,722		54,416
Bassett Furniture Industries, Inc.		1,230		12,681
Beazer Homes USA, Inc.*		11,403		37,060
Cavco Industries, Inc.*		84		4,308
CSS Industries, Inc.		1,075		22,091
D.R. Horton, Inc.		29,209		536,861
Ethan Allen Interiors, Inc.		371		7,394
Flexsteel Industries, Inc.		481		9,514
Harman International Industries, Inc.		7,994		316,562
Helen of Troy Ltd.*		3,611		122,377
Hooker Furniture Corp.		1,164		13,724

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Hovnanian Enterprises, Inc., Class A*		11,329	$	32,854
Jarden Corp.		28,965		1,217,109
KB Home		8,749		85,740
La-Z-Boy, Inc.*		4,141		50,893
Leggett & Platt, Inc.		65,724		1,388,748
Lennar Corp., Class A		18,348		567,137
Lifetime Brands, Inc.		1,096		13,667
M.D.C. Holdings, Inc.		4,335		141,624
M/I Homes, Inc.*		2,096		36,303
Meritage Homes Corp.*		2,444		82,949
Mohawk Industries, Inc.*		16,166		1,128,872
NVR, Inc.*		63		53,550
PulteGroup, Inc.*		38,823		415,406
Ryland Group, Inc.		2,213		56,609
Sealy Corp.*		5,986		11,074
Standard Pacific Corp.*		12,315		76,230
Toll Brothers, Inc.*		16,313		484,985
Universal Electronics, Inc.*		1,686		22,205

				7,002,943

*Internet & Catalog Retail (0.0%)*
1-800-FLOWERS.COM, Inc., Class A*		2,927		10,215
HomeAway, Inc.*		415		9,022
Shutterfly, Inc.*		3,040		93,298

				112,535

*Leisure Equipment & Products (0.2%)*
Black Diamond, Inc.*		2,465		23,294
Callaway Golf Co.		146,402		865,236
JAKKS Pacific, Inc.		2,923		46,797
Johnson Outdoors, Inc., Class A*		564		11,618
Marine Products Corp.		540		3,283
Steinway Musical Instruments, Inc.*		793		19,429

				969,657

*Media (2.0%)*
Beasley Broadcasting Group, Inc., Class A*		436		2,568
Belo Corp., Class A		6,732		43,354
Cablevision Systems Corp. - New York Group, Class A		20,297		269,747
Carmike Cinemas, Inc.*		1,360		19,924
Central European Media Enterprises Ltd., Class A*		4,031		20,478
Clear Channel Outdoor Holdings, Inc., Class A*		1,982		11,932
Crown Media Holdings, Inc., Class A*		3,389		5,931
Cumulus Media, Inc., Class A*		6,386		19,222
Daily Journal Corp.*		110		9,436
Dial Global, Inc.*		40		133
Digital Generation, Inc.*		3,137		38,805
DreamWorks Animation SKG, Inc., Class A*		7,718		147,105
Entercom Communications Corp., Class A*		2,904		17,482
Entravision Communications Corp., Class A		5,451		6,596
EW Scripps Co., Class A*		3,382		32,501

Fisher Communications, Inc.*		985	$	29,461
Gannett Co., Inc.		284,640		4,192,747
Global Sources Ltd.*		1,785		11,781
Harte-Hanks, Inc.		5,050		46,157
Interpublic Group of Cos., Inc.		224,023		2,430,650
John Wiley & Sons, Inc., Class A		3,003		147,117
Journal Communications, Inc., Class A*		4,695		24,226
Lamar Advertising Co., Class A*		1,202		34,377
LIN TV Corp., Class A*		3,264		9,857
Live Nation Entertainment, Inc.*		15,913		146,081
Madison Square Garden Co., Class A*		6,491		243,023
Martha Stewart Living Omnimedia, Inc., Class A		3,165		10,761
McClatchy Co., Class A*		6,918		15,220
MDC Partners, Inc., Class A		1,781		20,197
Meredith Corp.		4,115		131,433
National CineMedia, Inc.		4,244		64,382
New York Times Co., Class A*		271,873		2,120,609
Nexstar Broadcasting Group, Inc., Class A*		1,061		7,151
Outdoor Channel Holdings, Inc.		1,150		8,407
Reading International, Inc., Class A*		1,869		10,111
Regal Entertainment Group, Class A		5,940		81,734
Rentrak Corp.*		419		8,652
Saga Communications, Inc., Class A*		373		13,842
Salem Communications Corp., Class A		1,141		6,241
Scholastic Corp.		2,946		82,959
Sinclair Broadcast Group, Inc., Class A		5,284		47,873
Valassis Communications, Inc.*		1,888		41,064
Washington Post Co., Class B		481		179,807
World Wrestling Entertainment, Inc., Class A		350		2,737

				10,813,871

*Multiline Retail (0.1%)*
Bon-Ton Stores, Inc.		1,456		11,371
Dillard’s, Inc., Class A		3,349		213,264
Fred’s, Inc., Class A		4,154		63,515
Saks, Inc.*		12,496		133,083
Tuesday Morning Corp.*		4,683		20,090

				441,323

*Specialty Retail (1.4%)*
Aaron’s, Inc.		22,259		630,152
Abercrombie & Fitch Co., Class A		9,619		328,393
American Eagle Outfitters, Inc.		4,978		98,216
Asbury Automotive Group, Inc.*		372		8,813
AutoNation, Inc.*		1,864		65,762
Barnes & Noble, Inc.*		2,941		48,409
bebe stores, Inc.		3,738		21,942
Big 5 Sporting Goods Corp.		1,863		14,084
Brown Shoe Co., Inc.		4,842		62,510
Cabela’s, Inc.*		6,006		227,087
Casual Male Retail Group, Inc.*		5,045		18,313

See Notes to Financial Statements.

179

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Chico’s FAS, Inc.		5,671	$	84,158
Children’s Place Retail Stores, Inc.*		1,718		85,608
Citi Trends, Inc.*		1,577		24,349
Conn’s, Inc.*		1,598		23,650
Destination Maternity Corp.		834		18,014
DSW, Inc., Class A		250		13,600
Express, Inc.*		46,200		839,454
Finish Line, Inc., Class A		3,576		74,774
Foot Locker, Inc.		13,674		418,151
GameStop Corp., Class A		14,979		275,014
Group 1 Automotive, Inc.		2,600		118,586
Guess?, Inc.		7,339		222,885
Haverty Furniture Cos., Inc.		2,228		24,887
hhgregg, Inc.*		1,673		18,922
Jos. A. Bank Clothiers, Inc.*		231		9,808
Kirkland’s, Inc.*		1,639		18,439
Lithia Motors, Inc., Class A		2,456		56,611
MarineMax, Inc.*		2,303		21,902
Men’s Wearhouse, Inc.		25,970		730,796
New York & Co., Inc.*		1,178		4,099
Office Depot, Inc.*		32,218		69,591
OfficeMax, Inc.*		9,841		49,795
Orchard Supply Hardware Stores Corp., Class A*		203		3,376
Penske Automotive Group, Inc.		13,570		288,227
PEP Boys-Manny, Moe & Jack		5,996		59,360
Perfumania Holdings, Inc.*		551		4,568
RadioShack Corp.		11,299		43,388
Rent-A-Center, Inc.		6,737		227,306
Sally Beauty Holdings, Inc.*		1,113		28,649
Shoe Carnival, Inc.		1,649		35,437
Signet Jewelers Ltd.		9,667		425,445
Sonic Automotive, Inc., Class A		4,552		62,226
Stage Stores, Inc.		3,469		63,552
Staples, Inc.		79,500		1,037,475
Stein Mart, Inc.*		3,032		24,104
Systemax, Inc.*		1,224		14,468
Talbots, Inc.*		3,473		8,752
West Marine, Inc.*		1,771		20,809
Wet Seal, Inc., Class A*		10,229		32,324
Williams-Sonoma, Inc.		4,398		153,798

				7,260,038

*Textiles, Apparel & Luxury Goods (0.6%)*
Cherokee, Inc.		55		766
Columbia Sportswear Co.		1,380		73,996
Culp, Inc.		960		9,840
Deckers Outdoor Corp.*		1,655		72,837
Delta Apparel, Inc.*		773		10,559
Fifth & Pacific Cos., Inc.*		11,562		124,060
G-III Apparel Group Ltd.*		1,643		38,923
Gildan Activewear, Inc.		23,000		632,960
Hanesbrands, Inc.*		24,940		691,586
Iconix Brand Group, Inc.*		8,059		140,791
Jones Group, Inc.		9,300		88,908
Kenneth Cole Productions, Inc., Class A*		608		9,150
K-Swiss, Inc., Class A*		3,073		9,465
Maidenform Brands, Inc.*		769		15,318
Movado Group, Inc.		1,847		46,212
Perry Ellis International, Inc.*		1,366		28,345

PVH Corp.		13,020	$	1,012,826
Quiksilver, Inc.*		14,767		34,407
R.G. Barry Corp.		94		1,277
Skechers U.S.A., Inc., Class A*		4,300		87,591
Unifi, Inc.*		1,665		18,864
Warnaco Group, Inc.*		581		24,739

				3,173,420

Total Consumer Discretionary				46,885,900

Consumer Staples (4.8%)
*Beverages (1.1%)*
Beam, Inc.		23,700		1,481,013
Central European Distribution Corp.*		407,503		1,165,459
Constellation Brands, Inc., Class A*		52,829		1,429,553
Craft Brew Alliance, Inc.*		703		5,750
Molson Coors Brewing Co., Class B		38,570		1,604,898

				5,686,673

*Food & Staples Retailing (0.5%)*
Andersons, Inc.		2,108		89,927
Arden Group, Inc., Class A		32		2,791
Harris Teeter Supermarkets, Inc.		50,383		2,065,199
Ingles Markets, Inc., Class A		1,388		22,250
Nash Finch Co.		1,339		28,762
Pantry, Inc.*		2,429		35,706
Rite Aid Corp.*		68,432		95,805
Spartan Stores, Inc.		2,451		44,437
SUPERVALU, Inc.		5,876		30,438
Susser Holdings Corp.*		744		27,654
Village Super Market, Inc., Class A		937		30,527
Weis Markets, Inc.		1,242		55,294

				2,528,790

*Food Products (2.6%)*
Alico, Inc.		230		7,024
Annie’s, Inc.*		173		7,242
B&G Foods, Inc.		56,925		1,514,205
Bunge Ltd.		17,600		1,104,224
Cal-Maine Foods, Inc.		231		9,032
Chiquita Brands International, Inc.*		5,421		27,105
ConAgra Foods, Inc.		142,160		3,686,209
Darling International, Inc.*		9,302		153,390
Dean Foods Co.*		2,977		50,698
Diamond Foods, Inc.		2,523		45,010
Dole Food Co., Inc.*		4,070		35,734
Farmer Bros Co.*		701		5,580
Flowers Foods, Inc.		61,055		1,418,308
Fresh Del Monte Produce, Inc.		4,378		102,752
Green Mountain Coffee Roasters, Inc.*		2,410		52,490
Griffin Land & Nurseries, Inc.		284		7,949
Ingredion, Inc.		6,807		337,083
John B. Sanfilippo & Son, Inc.*		889		15,869
Omega Protein Corp.*		2,088		15,368
Pilgrim’s Pride Corp.*		1,341		9,588
Post Holdings, Inc.*		108,936		3,349,782

See Notes to Financial Statements.

180

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Ralcorp Holdings, Inc.*		16,569	$	1,105,815
Seneca Foods Corp., Class A*		1,028		27,653
Smart Balance, Inc.*		6,662		62,556
Smithfield Foods, Inc.*		18,278		395,353
Snyders-Lance, Inc.		561		14,154
Tootsie Roll Industries, Inc.		141		3,364
TreeHouse Foods, Inc.*		1,344		83,718
Westway Group, Inc.*		1,152		6,900

				13,654,155

*Household Products (0.6%)*
Central Garden & Pet Co., Class A*		3,749		40,827
Energizer Holdings, Inc.*		42,334		3,185,633
Harbinger Group, Inc.*		4,718		36,753
Oil-Dri Corp. of America		571		12,505
Orchids Paper Products Co.		315		5,569
Spectrum Brands Holdings, Inc.*		435		14,168

				3,295,455

*Personal Products (0.0%)*
Elizabeth Arden, Inc.*		423		16,417
Inter Parfums, Inc.		486		8,393
Nature’s Sunshine Products, Inc.		481		7,263
Nutraceutical International Corp.*		981		14,960
Prestige Brands Holdings, Inc.*		1,977		31,256
Revlon, Inc., Class A*		1,328		18,898

				97,187

*Tobacco (0.0%)*
Alliance One International, Inc.*		9,825		33,994
Universal Corp.		2,624		121,570
Vector Group Ltd.		1,479		25,173

				180,737

Total Consumer Staples				25,442,997

Energy (6.6%)
*Energy Equipment & Services (1.5%)*
Atwood Oceanics, Inc.*		4,437		167,896
Basic Energy Services, Inc.*		3,517		36,296
Bolt Technology Corp.		953		14,305
Bristow Group, Inc.		4,056		164,958
C&J Energy Services, Inc.*		3,516		65,046
Cal Dive International, Inc.*		10,839		31,433
Dawson Geophysical Co.*		892		21,247
Exterran Holdings, Inc.*		76,482		975,146
Forbes Energy Services Ltd.*		1,620		7,614
Gulf Island Fabrication, Inc.		1,606		45,305
Gulfmark Offshore, Inc., Class A*		23,601		803,378
Heckmann Corp.*		14,163		47,871
Helix Energy Solutions Group, Inc.*		46,808		768,119
Helmerich & Payne, Inc.		8,358		363,406
Hercules Offshore, Inc.*		17,942		63,515
Hornbeck Offshore Services, Inc.*		4,012		155,585
Key Energy Services, Inc.*		32,938		250,329
Matrix Service Co.*		2,366		26,854
McDermott International, Inc.*		26,726		297,728
Mitcham Industries, Inc.*		535		9,079
Nabors Industries Ltd.*		32,945		474,408

Natural Gas Services Group, Inc.*		1,456	$	21,578
Newpark Resources, Inc.*		10,084		59,496
Oil States International, Inc.*		807		53,423
Parker Drilling Co.*		13,380		60,344
Patterson-UTI Energy, Inc.		17,681		257,435
PHI, Inc. (Non-Voting)*		1,366		37,989
Pioneer Drilling Co.*		5,572		44,409
Rowan Cos., plc, Class A*		14,100		455,853
RPC, Inc.		854		10,154
SEACOR Holdings, Inc.*		1,330		118,875
Solar Cayman Ltd.*†§(b)		141,300		14,130
Superior Energy Services, Inc.*		54,674		1,106,055
Tesco Corp.*		3,417		41,004
TETRA Technologies, Inc.*		8,786		62,644
Tidewater, Inc.		5,789		268,378
Union Drilling, Inc.*		1,686		7,553
Unit Corp.*		5,506		203,116
Vantage Drilling Co.*		22,424		33,636
Willbros Group, Inc.*		3,377		21,815

				7,667,405

*Oil, Gas & Consumable Fuels (5.1%)*
Adams Resources & Energy, Inc.		235		9,851
Alon USA Energy, Inc.		285		2,411
Alpha Natural Resources, Inc.*		24,983		217,602
Amyris, Inc.*		3,376		14,956
Arch Coal, Inc.		24,101		166,056
ATP Oil & Gas Corp.*		4,672		15,791
Berry Petroleum Co., Class A		27,060		1,073,200
Bill Barrett Corp.*		5,469		117,146
Bonanza Creek Energy, Inc.*		952		15,832
BPZ Resources, Inc.*		8,434		21,338
Callon Petroleum Co.*		4,446		18,940
Carrizo Oil & Gas, Inc.*		632		14,858
Cheniere Energy, Inc.*		7,332		108,074
Cimarex Energy Co.		35,025		1,930,578
Clayton Williams Energy, Inc.*		608		29,415
Cloud Peak Energy, Inc.*		6,954		117,592
Comstock Resources, Inc.*		5,477		89,932
Contango Oil & Gas Co.*		128		7,578
CREDO Petroleum Corp.*		275		3,979
Crimson Exploration, Inc.*		2,613		11,994
Crosstex Energy, Inc.		373		5,222
CVR Energy, Inc.*		634		16,852
Delek U.S. Holdings, Inc.		1,944		34,195
Denbury Resources, Inc.*		135,900		2,053,449
Endeavour International Corp.*		313		2,629
Energen Corp.		30,326		1,368,612
Energy Partners Ltd.*		3,149		53,218
Energy XXI Bermuda Ltd.		2,434		76,160
EQT Corp.		18,500		992,155
EXCO Resources, Inc.		14,042		106,579
Forest Oil Corp.*		13,377		98,053
Frontline Ltd.		5,737		26,161
GasLog Ltd.*		1,640		16,646
Gastar Exploration Ltd.*		6,938		13,390
Gevo, Inc.*		259		1,287
Green Plains Renewable Energy, Inc.*		2,837		17,703
Gulfport Energy Corp.*		4,191		86,460
Halcon Resources Corp.*		1,572		14,840
Hallador Energy Co.		647		5,487

See Notes to Financial Statements.

181

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Harvest Natural Resources, Inc.*		4,025	$	34,414
HollyFrontier Corp.		23,483		832,003
Knightsbridge Tankers Ltd.		2,851		23,207
Laredo Petroleum Holdings, Inc.*		199		4,139
Magnum Hunter Resources Corp.*		10,880		45,478
Matador Resources Co.*		307		3,297
McMoRan Exploration Co.*		11,516		145,908
Midstates Petroleum Co., Inc.*		1,515		14,711
Miller Energy Resources, Inc.*		3,264		16,320
Newfield Exploration Co.*		15,295		448,296
Noble Energy, Inc.		38,405		3,257,512
Nordic American Tankers Ltd.		5,988		81,257
Overseas Shipholding Group, Inc.		2,793		31,030
Patriot Coal Corp.*		10,523		12,838
PDC Energy, Inc.*		3,395		83,245
Penn Virginia Corp.		5,163		37,896
PetroQuest Energy, Inc.*		6,411		32,055
Plains Exploration & Production Co.*		120,637		4,244,010
QEP Resources, Inc.		105,000		3,146,850
Quicksilver Resources, Inc.*		13,287		72,016
Range Resources Corp.		17,000		1,051,790
Renewable Energy Group, Inc.*		675		5,015
Resolute Energy Corp.*		5,486		52,501
REX American Resources Corp.*		576		11,244
Rex Energy Corp.*		4,897		54,895
SandRidge Energy, Inc.*		55,525		371,462
Scorpio Tankers, Inc.*		4,323		27,624
SemGroup Corp., Class A*		4,777		152,530
Ship Finance International Ltd.		5,135		80,260
SM Energy Co.		1,221		59,963
Southwestern Energy Co.*		26,310		840,078
Stone Energy Corp.*		5,621		142,436
Swift Energy Co.*		4,877		90,761
Synergy Resources Corp.*		4,218		12,991
Teekay Corp.		4,113		120,429
Teekay Tankers Ltd., Class A		7,102		32,385
Tesoro Corp.*		15,959		398,337
Triangle Petroleum Corp.*		5,006		27,934
Ultra Petroleum Corp.*		17,361		400,518
Uranium Energy Corp.*		5,079		11,631
Voyager Oil & Gas, Inc.*		5,362		9,437
W&T Offshore, Inc.		3,644		55,753
Warren Resources, Inc.*		6,363		15,271
Western Refining, Inc.		2,703		60,196
Westmoreland Coal Co.*		1,233		9,926
Whiting Petroleum Corp.*		23,905		982,974
World Fuel Services Corp.		5,570		211,827
WPX Energy, Inc.*		22,515		364,293
ZaZa Energy Corp.*		1,479		6,685

				27,203,849

Total Energy				34,871,254

Financials (20.9%)
*Capital Markets (1.1%)*
Affiliated Managers Group, Inc.*		1,484		162,424
American Capital Ltd.*		37,707		379,709
Apollo Investment Corp.		23,015		176,755
Ares Capital Corp.		25,164		401,617

Arlington Asset Investment Corp., Class A		946	$	20,538
Artio Global Investors, Inc.		3,404		11,914
BlackRock Kelso Capital Corp.		8,351		81,506
Calamos Asset Management, Inc., Class A		2,247		25,728
Capital Southwest Corp.		328		33,732
CIFC Corp.*		740		5,454
Cowen Group, Inc., Class A*		9,819		26,119
Duff & Phelps Corp., Class A		2,538		36,801
ETRADE Financial Corp.		32,382		260,351
Edelman Financial Group, Inc.		2,397		20,854
Evercore Partners, Inc., Class A		2,945		68,884
FBR & Co.*		4,560		12,631
Federated Investors, Inc., Class B		1,738		37,975
Fidus Investment Corp.		1,057		16,035
Fifth Street Finance Corp.		9,402		93,832
FXCM, Inc., Class A		2,331		27,413
GFI Group, Inc.		7,794		27,747
Gladstone Capital Corp.		2,488		19,630
Gladstone Investment Corp.		2,626		19,406
Golub Capital BDC, Inc.		1,632		24,627
GSV Capital Corp.*		2,191		20,376
Harris & Harris Group, Inc.*		3,716		14,121
Hercules Technology Growth Capital, Inc.		5,658		64,162
HFF, Inc., Class A*		551		7,681
Horizon Technology Finance Corp.		701		11,559
ICG Group, Inc.*		3,888		35,964
INTL FCStone, Inc.*		1,576		30,496
Investment Technology Group, Inc.*		4,414		40,609
Janus Capital Group, Inc.		21,412		167,442
Jefferies Group, Inc.		15,978		207,554
JMP Group, Inc.		1,778		10,988
KBW, Inc.		3,942		64,846
Knight Capital Group, Inc., Class A*		11,218		133,943
Kohlberg Capital Corp.		2,525		18,332
Legg Mason, Inc.		15,989		421,630
LPL Financial Holdings, Inc.		778		26,273
Main Street Capital Corp.		2,521		61,008
Manning & Napier, Inc.		1,522		21,658
MCG Capital Corp.		8,655		39,813
Medallion Financial Corp.		2,062		21,898
Medley Capital Corp.		1,930		23,237
MVC Capital, Inc.		2,705		35,030
New Mountain Finance Corp.		1,028		14,587
NGP Capital Resources Co.		2,550		18,054
Oppenheimer Holdings, Inc., Class A		1,234		19,398
PennantPark Investment Corp.		6,354		65,764
Piper Jaffray Cos., Inc.*		1,893		44,353
Prospect Capital Corp.		13,887		158,173
Pzena Investment Management, Inc., Class A		474		2,100
Raymond James Financial, Inc.		43,385		1,485,502
Safeguard Scientifics, Inc.*		2,362		36,564
Solar Capital Ltd.		4,144		92,245
Solar Senior Capital Ltd.		1,022		17,272

See Notes to Financial Statements.

182

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Stifel Financial Corp.*		3,120	$	96,408
SWS Group, Inc.*		3,450		18,388
TCP Capital Corp.		645		9,327
THL Credit, Inc.		1,301		17,524
TICC Capital Corp.		4,284		41,555
Triangle Capital Corp.		3,122		71,119
Virtus Investment Partners, Inc.*		322		26,082
Walter Investment Management Corp.		3,264		76,508

				5,781,225

*Commercial Banks (5.8%)*
1st Source Corp.		1,689		38,171
1st United Bancorp, Inc./Florida*		3,392		21,064
Access National Corp.		801		10,493
Alliance Financial Corp./New York		570		19,574
American National Bankshares, Inc.		862		20,309
Ameris Bancorp*		2,707		34,108
Ames National Corp.		899		20,668
Arrow Financial Corp.		1,064		25,717
Associated Banc-Corp		19,805		261,228
BancFirst Corp.		738		30,930
Banco Latinoamericano de Comercio Exterior S.A., Class E		3,234		69,305
Bancorp, Inc./Delaware*		3,300		31,185
BancorpSouth, Inc.		10,728		155,771
Bank of Hawaii Corp.		5,168		237,470
Bank of Kentucky Financial Corp.		691		18,408
Bank of Marin Bancorp/California		635		23,501
Bank of the Ozarks, Inc.		913		27,463
Banner Corp.		2,097		45,945
Bar Harbor Bankshares		433		15,588
BBCN Bancorp, Inc.*		8,922		97,161
Berkshire Bancorp, Inc./New York*		458		4,030
BOK Financial Corp.		21,691		1,262,416
Boston Private Financial Holdings, Inc.		8,914		79,602
Bridge Bancorp, Inc.		957		22,576
Bridge Capital Holdings*		795		12,839
Bryn Mawr Bank Corp.		1,293		27,244
BSB Bancorp, Inc./Massachusetts*		931		11,870
C&F Financial Corp.		358		14,377
Camden National Corp.		864		31,640
Capital Bank Corp.*		1,298		2,959
Capital City Bank Group, Inc.		1,349		9,942
CapitalSource, Inc.		26,313		176,823
Cardinal Financial Corp.		3,301		40,536
Cascade Bancorp*		582		3,451
Cathay General Bancorp		8,971		148,111
Center Bancorp, Inc.		1,455		16,369
Centerstate Banks, Inc.		3,310		23,667
Central Pacific Financial Corp.*		2,437		34,410
Century Bancorp, Inc./Massachusetts, Class A		423		12,576
Chemical Financial Corp.		3,127		67,230
Citizens & Northern Corp.		1,354		25,794

Citizens Republic Bancorp, Inc.*		4,529	$	77,582
City Holding Co.		1,678		56,532
City National Corp./California		16,392		796,323
CNB Financial Corp./Pennsylvania		1,475		24,057
CoBiz Financial, Inc.		3,783		23,682
Columbia Banking System, Inc.		4,507		84,822
Comerica, Inc.		53,500		1,642,985
Commerce Bancshares, Inc./Missouri		31,315		1,186,838
Community Bank System, Inc.		4,500		122,040
Community Trust Bancorp, Inc.		1,593		53,350
Crescent Financial Bancshares, Inc.*		335		1,514
Cullen/Frost Bankers, Inc.		19,447		1,118,008
CVB Financial Corp.		10,034		116,896
Eagle Bancorp, Inc.*		1,845		29,059
East West Bancorp, Inc.		56,299		1,320,775
Encore Bancshares, Inc.*		916		18,897
Enterprise Bancorp, Inc./Massachusetts		694		11,375
Enterprise Financial Services Corp.		2,021		22,150
F.N.B. Corp./Pennsylvania		15,873		172,540
Farmers National Banc Corp.		2,043		12,728
Fidelity Southern Corp.		1,060		9,158
Financial Institutions, Inc.		1,520		25,658
First Bancorp, Inc./Maine		1,053		17,901
First Bancorp/North Carolina		1,816		16,144
First BanCorp/Puerto Rico*		7,833		31,019
First Busey Corp.		8,423		40,683
First California Financial Group, Inc.*		2,552		17,558
First Citizens BancShares, Inc./North Carolina, Class A		581		96,824
First Commonwealth Financial Corp.		11,952		80,437
First Community Bancshares, Inc./Virginia		1,750		25,252
First Connecticut Bancorp, Inc./Connecticut		2,008		27,108
First Financial Bancorp		6,670		106,587
First Financial Bankshares, Inc.		3,563		123,137
First Financial Corp./Indiana		1,260		36,540
First Horizon National Corp.		28,714		248,376
First Interstate Bancsystem, Inc.		1,881		26,785
First Merchants Corp.		3,272		40,769
First Midwest Bancorp, Inc./Illinois		8,552		93,901
First Niagara Financial Group, Inc.		208,774		1,597,121
First of Long Island Corp.		927		26,855
First Republic Bank/California*		29,285		983,976
FirstMerit Corp.		12,459		205,823
FNB United Corp.*		262		3,403
Fulton Financial Corp.		22,814		227,912
German American Bancorp, Inc.		1,411		28,925
Glacier Bancorp, Inc.		8,186		126,801
Great Southern Bancorp, Inc.		1,136		31,331
Green Bankshares, Inc.*		1,118		1,856
Guaranty Bancorp*		8,362		17,644
Hancock Holding Co.		30,873		939,774

See Notes to Financial Statements.

183

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Hanmi Financial Corp.*		3,572	$	37,435
Heartland Financial USA, Inc.		1,683		40,392
Heritage Commerce Corp.*		2,485		16,152
Heritage Financial Corp./Washington		1,724		25,257
Heritage Oaks Bancorp*		2,220		12,365
Home BancShares, Inc./Arkansas		2,516		76,939
Horizon Bancorp/Indiana		412		10,836
Hudson Valley Holding Corp.		1,751		31,693
Huntington Bancshares, Inc./Ohio		229,964		1,471,770
IBERIABANK Corp.		3,365		169,764
Independent Bank Corp./Massachusetts		2,470		72,149
International Bancshares Corp.		6,048		118,057
Investors Bancorp, Inc.*		4,278		64,555
Lakeland Bancorp, Inc.		3,030		31,876
Lakeland Financial Corp.		1,860		49,904
MainSource Financial Group, Inc.		2,280		26,972
MB Financial, Inc.		6,240		134,410
Mercantile Bank Corp.*		960		17,712
Merchants Bancshares, Inc.		576		15,869
Metro Bancorp, Inc.*		1,686		20,283
MetroCorp Bancshares, Inc.*		1,785		19,046
Middleburg Financial Corp.		579		9,843
MidSouth Bancorp, Inc.		912		12,841
MidWestOne Financial Group, Inc.		753		16,189
National Bankshares, Inc./Virginia		822		24,759
National Penn Bancshares, Inc.		121,499		1,162,745
NBT Bancorp, Inc.		3,791		81,848
Northrim BanCorp, Inc.		704		15,129
Old National Bancorp/Indiana		10,765		129,288
OmniAmerican Bancorp, Inc.*		1,274		27,302
Oriental Financial Group, Inc.		4,626		51,256
Pacific Capital Bancorp*		448		20,487
Pacific Continental Corp.		1,974		17,509
Pacific Mercantile Bancorp*		1,162		8,029
PacWest Bancorp		3,433		81,259
Park National Corp.		1,299		90,605
Park Sterling Corp.*		3,889		18,317
Penns Woods Bancorp, Inc.		410		16,322
Peoples Bancorp, Inc./Ohio		1,254		27,563
Pinnacle Financial Partners, Inc.*		3,964		77,338
Popular, Inc.*		197,610		3,282,302
Preferred Bank/California*		1,311		17,515
PrivateBancorp, Inc.		6,866		101,342
Prosperity Bancshares, Inc.		5,395		226,752
Renasant Corp.		2,863		44,978
Republic Bancorp, Inc./Kentucky, Class A		1,102		24,520
S&T Bancorp, Inc.		3,242		59,880
Sandy Spring Bancorp, Inc.		2,757		49,626
SCBT Financial Corp.		1,718		60,559
Seacoast Banking Corp. of Florida*		8,628		13,028
Sierra Bancorp		1,407		13,929
Signature Bank/New York*		22,884		1,395,237
Simmons First National Corp., Class A		1,952		45,384
Southside Bancshares, Inc.		1,992		44,780

Southwest Bancorp, Inc./Oklahoma*		2,138	$	20,119
State Bank Financial Corp.*		3,695		56,016
StellarOne Corp.		2,589		32,311
Sterling Bancorp/New York		3,502		34,950
Sterling Financial Corp./Washington*		3,036		57,350
Suffolk Bancorp*		1,187		15,395
Sun Bancorp, Inc./New Jersey*		4,751		12,828
SunTrust Banks, Inc.		39,495		956,964
Susquehanna Bancshares, Inc.		21,338		219,781
SVB Financial Group*		5,029		295,303
SY Bancorp, Inc.		1,369		32,788
Synovus Financial Corp.		89,183		176,582
Taylor Capital Group, Inc.*		1,848		30,289
TCF Financial Corp.		18,451		211,817
Texas Capital Bancshares, Inc.*		573		23,143
Tompkins Financial Corp.		1,089		41,034
TowneBank/Virginia		3,010		42,140
Trico Bancshares		1,805		27,797
Trustmark Corp.		7,357		180,099
UMB Financial Corp.		3,668		187,912
Umpqua Holdings Corp.		12,722		167,422
Union First Market Bankshares Corp.		2,284		33,004
United Bankshares, Inc./West Virginia		4,678		121,067
United Community Banks, Inc./Georgia*		4,732		40,553
Univest Corp. of Pennsylvania		1,880		31,076
Valley National Bancorp		22,397		237,408
Virginia Commerce Bancorp, Inc.*		3,084		25,998
Washington Banking Co.		1,686		23,435
Washington Trust Bancorp, Inc.		1,633		39,813
Webster Financial Corp.		8,203		177,677
WesBanco, Inc.		2,663		56,615
West Bancorp, Inc.		1,860		17,689
West Coast Bancorp/Oregon*		2,196		43,151
Westamerica Bancorp		1,430		67,482
Western Alliance Bancorp*		7,984		74,730
Wilshire Bancorp, Inc.*		7,020		38,470
Wintrust Financial Corp.		30,025		1,065,888
Zions Bancorp		56,608		1,099,327

				31,127,252

*Consumer Finance (0.0%)*
Cash America International, Inc.		1,967		86,627
DFC Global Corp.*		1,103		20,328
EZCORP, Inc., Class A*		1,710		40,117
First Marblehead Corp.*		7,162		8,379
Nelnet, Inc., Class A		2,745		63,135
Nicholas Financial, Inc.		1,246		15,974

				234,560

*Diversified Financial Services (0.1%)*
California First National Bancorp		157		2,463
CBOE Holdings, Inc.		1,312		36,316
Gain Capital Holdings, Inc.		1,650		8,234
Marlin Business Services Corp.		904		14,817
MicroFinancial, Inc.		568		4,601
NASDAQ OMX Group, Inc.		13,222		299,743

See Notes to Financial Statements.

184

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

NewStar Financial, Inc.*		2,997	$	38,841
PHH Corp.*		6,453		112,798
PICO Holdings, Inc.*		2,589		58,019
Resource America, Inc., Class A		1,255		8,007

				583,839

*Insurance (7.3%)*
Alleghany Corp.*		7,138		2,425,136
Allied World Assurance Co. Holdings AG		2,028		161,165
Alterra Capital Holdings Ltd.		43,129		1,007,062
American Equity Investment Life Holding Co.		6,822		75,110
American Financial Group, Inc./Ohio		9,673		379,472
American National Insurance Co.		824		58,727
American Safety Insurance Holdings Ltd.*		950		17,813
AMERISAFE, Inc.*		2,076		53,872
Amtrust Financial Services, Inc.		2,357		70,027
Arch Capital Group Ltd.*		54,774		2,173,980
Argo Group International Holdings Ltd.		2,916		85,351
Aspen Insurance Holdings Ltd.		8,112		234,437
Assurant, Inc.		64,808		2,257,911
Assured Guaranty Ltd.		297,429		4,193,749
Axis Capital Holdings Ltd.		12,431		404,629
Baldwin & Lyons, Inc., Class B		976		22,682
Brown & Brown, Inc.		47,074		1,283,708
Citizens, Inc./Texas*		4,356		42,471
CNO Financial Group, Inc.		24,079		187,816
Crawford & Co., Class B		2,859		11,693
Donegal Group, Inc., Class A		771		10,239
Eastern Insurance Holdings, Inc.		688		11,696
EMC Insurance Group, Inc.		522		10,544
Employers Holdings, Inc.		2,876		51,883
Endurance Specialty Holdings Ltd.		4,417		169,259
Enstar Group Ltd.*		964		95,378
Everest Reinsurance Group Ltd.		5,984		619,284
FBL Financial Group, Inc., Class A		1,148		32,156
Fidelity National Financial, Inc., Class A		25,247		486,257
First American Financial Corp.		244,946		4,154,284
Flagstone Reinsurance Holdings S.A.		5,637		45,152
Fortegra Financial Corp.*		805		6,440
Genworth Financial, Inc., Class A*		55,754		315,568
Global Indemnity plc*		1,299		26,305
Greenlight Capital Reinsurance Ltd., Class A*		2,330		59,229
Hallmark Financial Services*		1,478		11,528
Hanover Insurance Group, Inc.		2,789		109,134
Hartford Financial Services Group, Inc.		107,635		1,897,605
HCC Insurance Holdings, Inc.		61,084		1,918,038
Hilltop Holdings, Inc.*		4,523		46,632
Homeowners Choice, Inc.		644		11,334
Horace Mann Educators Corp.		4,502		78,695
Independence Holding Co.		998		9,830

Infinity Property & Casualty Corp.		1,339	$	77,220
Investors Title Co.		126		7,173
Kansas City Life Insurance Co.		448		15,765
Kemper Corp.		5,583		171,677
Maiden Holdings Ltd.		5,708		49,545
Markel Corp.*		1,097		484,545
MBIA, Inc.*		337,058		3,643,597
Meadowbrook Insurance Group, Inc.		5,337		46,912
Mercury General Corp.		3,020		125,843
Montpelier Reinsurance Holdings Ltd.		4,966		105,726
National Financial Partners Corp.*		4,612		61,801
National Interstate Corp.		706		18,773
National Western Life Insurance Co., Class A		253		35,906
Navigators Group, Inc.*		674		33,734
Old Republic International Corp.		29,372		243,494
OneBeacon Insurance Group Ltd., Class A		2,611		33,995
PartnerReinsurance Ltd.		10,200		771,834
Phoenix Cos., Inc.*		12,858		23,787
Platinum Underwriters Holdings Ltd.		3,948		150,419
Presidential Life Corp.		2,369		23,287
Primerica, Inc.		5,334		142,578
ProAssurance Corp.		3,481		310,122
Protective Life Corp.		9,194		270,396
Reinsurance Group of America, Inc.		8,364		445,048
RenaissanceReinsurance Holdings Ltd.		18,778		1,427,316
RLI Corp.		2,402		163,816
Safety Insurance Group, Inc.		1,435		58,318
SeaBright Holdings, Inc.		2,155		19,158
Selective Insurance Group, Inc.		33,906		590,304
StanCorp Financial Group, Inc.		5,042		187,361
State Auto Financial Corp.		1,384		19,445
Stewart Information Services Corp.		2,027		31,115
Symetra Financial Corp.		8,762		110,576
Tower Group, Inc.		1,839		38,380
United Fire Group, Inc.		2,276		48,547
Universal Insurance Holdings, Inc.		1,670		5,695
Validus Holdings Ltd.		9,567		306,431
W. R. Berkley Corp.		12,574		489,380
White Mountains Insurance Group Ltd.		676		352,703
XL Group plc		108,500		2,282,840

				38,747,843

*Real Estate Investment Trusts (REITs) (4.6%)*
AG Mortgage Investment Trust, Inc. (REIT)		1,849		39,735
Agree Realty Corp. (REIT)		1,436		31,779
Alexandria Real Estate Equities, Inc. (REIT)		7,070		514,130
American Assets Trust, Inc. (REIT)		3,830		92,877

See Notes to Financial Statements.

185

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

American Campus Communities, Inc. (REIT)		27,105	$	1,219,183
American Capital Mortgage Investment Corp. (REIT)		4,177		99,747
American Realty Capital Trust, Inc. (REIT)		18,128		197,958
Anworth Mortgage Asset Corp. (REIT)		16,101		113,512
Apartment Investment & Management Co. (REIT), Class A		4,374		118,229
Apollo Commercial Real Estate Finance, Inc. (REIT)		2,238		35,965
Apollo Residential Mortgage, Inc. (REIT)		2,487		47,949
Ares Commercial Real Estate Corp. (REIT)		869		15,190
ARMOUR Residential REIT, Inc. (REIT)		20,694		147,134
Ashford Hospitality Trust, Inc. (REIT)		6,093		51,364
Associated Estates Realty Corp. (REIT)		2,813		42,054
BioMed Realty Trust, Inc. (REIT)		17,604		328,843
Brandywine Realty Trust (REIT)		16,251		200,537
BRE Properties, Inc. (REIT)		6,274		313,825
Camden Property Trust (REIT)		2,278		154,152
Campus Crest Communities, Inc. (REIT)		3,469		36,043
CapLease, Inc. (REIT)		7,857		32,607
Capstead Mortgage Corp. (REIT)		10,970		152,593
CBL & Associates Properties, Inc. (REIT)		16,896		330,148
Cedar Realty Trust, Inc. (REIT)		6,812		34,401
Chatham Lodging Trust (REIT)		1,730		24,704
Chesapeake Lodging Trust (REIT)		3,762		64,782
Chimera Investment Corp. (REIT)		117,215		276,627
Colonial Properties Trust (REIT)		10,051		222,529
Colony Financial, Inc. (REIT)		3,968		68,646
CommonWealth REIT (REIT)		9,623		183,992
Coresite Realty Corp. (REIT)		1,171		30,235
Corporate Office Properties Trust/Maryland (REIT)		8,172		192,124
Cousins Properties, Inc. (REIT)		530,585		4,112,034
CreXus Investment Corp. (REIT)		7,809		79,417
CubeSmart (REIT)		14,060		164,080
CYS Investments, Inc. (REIT)		13,682		188,401
DCT Industrial Trust, Inc. (REIT)		28,294		178,252
DDR Corp. (REIT)		25,071		367,039
DiamondRock Hospitality Co. (REIT)		19,186		195,697
Digital Realty Trust, Inc. (REIT)		11,300		848,291
Douglas Emmett, Inc. (REIT)		15,891		367,082
Duke Realty Corp. (REIT)		30,311		443,753
DuPont Fabros Technology, Inc. (REIT)		3,735		106,672
Dynex Capital, Inc. (REIT)		6,731		69,868
EastGroup Properties, Inc. (REIT)		286		15,244

Education Realty Trust, Inc. (REIT)		10,883	$	120,584
Entertainment Properties Trust (REIT)		5,386		221,418
Equity Lifestyle Properties, Inc. (REIT)		878		60,556
Equity One, Inc. (REIT)		6,363		134,896
Excel Trust, Inc. (REIT)		3,918		46,859
Extra Space Storage, Inc. (REIT)		4,454		136,292
Federal Realty Investment Trust (REIT)		1,585		164,983
FelCor Lodging Trust, Inc. (REIT)*		5,780		27,166
First Industrial Realty Trust, Inc. (REIT)*		10,153		128,131
First Potomac Realty Trust (REIT)		5,914		69,608
Franklin Street Properties Corp. (REIT)		8,427		89,158
Getty Realty Corp. (REIT)		2,959		56,665
Gladstone Commercial Corp. (REIT)		1,331		22,174
Glimcher Realty Trust (REIT)		1,736		17,742
Government Properties Income Trust (REIT)		4,422		100,026
Gramercy Capital Corp./New York (REIT)*		5,387		13,467
Gyrodyne Co. of America, Inc. (REIT)*		18		2,058
Hatteras Financial Corp. (REIT)		11,306		323,352
Healthcare Realty Trust, Inc. (REIT)		8,957		213,535
Hersha Hospitality Trust (REIT)		19,762		104,343
Highwoods Properties, Inc. (REIT)		1,680		56,532
Home Properties, Inc. (REIT)		2,635		161,684
Hospitality Properties Trust (REIT)		14,084		348,861
Hudson Pacific Properties, Inc. (REIT)		4,211		73,313
Inland Real Estate Corp. (REIT)		5,106		42,788
Invesco Mortgage Capital, Inc. (REIT)		13,328		244,435
Investors Real Estate Trust (REIT)		9,989		78,913
iStar Financial, Inc. (REIT)*		209,693		1,352,520
Kilroy Realty Corp. (REIT)		7,217		349,375
Kite Realty Group Trust (REIT)		6,488		32,375
LaSalle Hotel Properties (REIT)		9,766		284,581
Lexington Realty Trust (REIT)		13,622		115,378
Liberty Property Trust (REIT)		12,617		464,810
LTC Properties, Inc. (REIT)		2,780		100,858
Mack-Cali Realty Corp. (REIT)		10,038		291,805
Medical Properties Trust, Inc. (REIT)		15,656		150,611
MFA Financial, Inc. (REIT)		41,086		324,168
Mid-America Apartment Communities, Inc. (REIT)		317		21,632
Mission West Properties, Inc. (REIT)		2,311		19,921
Monmouth Real Estate Investment Corp. (REIT), Class A		2,805		32,875

See Notes to Financial Statements.

186

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

National Retail Properties, Inc. (REIT)		12,285	$	347,543
New York Mortgage Trust, Inc. (REIT)		2,033		14,353
NorthStar Realty Finance Corp. (REIT)		15,516		80,993
One Liberty Properties, Inc. (REIT)		1,404		26,437
Parkway Properties, Inc./Maryland (REIT)		1,902		21,759
Pebblebrook Hotel Trust (REIT)		6,023		140,396
Pennsylvania Real Estate Investment Trust (REIT)		6,397		95,827
PennyMac Mortgage Investment Trust (REIT)		4,866		96,006
Piedmont Office Realty Trust, Inc. (REIT), Class A		19,709		339,192
Post Properties, Inc. (REIT)		3,664		179,353
Potlatch Corp. (REIT)		1,791		57,204
PS Business Parks, Inc. (REIT)		423		28,646
RAIT Financial Trust (REIT)		5,534		25,567
Ramco-Gershenson Properties Trust (REIT)		5,305		66,684
Rayonier, Inc. (REIT)		2,927		131,422
Realty Income Corp. (REIT)		15,200		634,904
Redwood Trust, Inc. (REIT)		9,116		113,768
Regency Centers Corp. (REIT)		4,130		196,464
Resource Capital Corp. (REIT)		9,900		52,767
Retail Opportunity Investments Corp. (REIT)		5,726		69,056
Retail Properties of America, Inc. (REIT), Class A		9,732		94,595
RLJ Lodging Trust (REIT)		12,164		220,533
Rouse Properties, Inc. (REIT)*		2,589		35,081
Sabra Health Care REIT, Inc. (REIT)		4,251		72,735
Select Income REIT (REIT)*		1,129		26,825
Senior Housing Properties Trust (REIT)		18,581		414,728
Sovran Self Storage, Inc. (REIT)		349		17,481
STAG Industrial, Inc. (REIT)		2,774		40,445
Strategic Hotels & Resorts, Inc. (REIT)*		3,291		21,260
Summit Hotel Properties, Inc. (REIT)		3,466		29,010
Sunstone Hotel Investors, Inc. (REIT)*		13,629		149,783
Taubman Centers, Inc. (REIT)		4,593		354,396
Terreno Realty Corp. (REIT)		1,724		26,050
Two Harbors Investment Corp. (REIT)		24,985		258,845
UMH Properties, Inc. (REIT)		1,398		15,000
Universal Health Realty Income Trust (REIT)		605		25,126
Urstadt Biddle Properties, Inc. (REIT), Class A		618		12,218
Washington Real Estate Investment Trust (REIT)		5,266		149,818
Weingarten Realty Investors (REIT)		13,809		363,729
Western Asset Mortgage Capital Corp. (REIT)*		955		18,613

Whitestone REIT (REIT), Class B		1,234	$	17,042
Winthrop Realty Trust (REIT)		3,348		40,712

				24,272,238

*Real Estate Management & Development (1.1%)*
AV Homes, Inc.*		1,057		15,411
Consolidated-Tomoka Land Co.		508		14,620
Forest City Enterprises, Inc., Class A*		16,100		235,060
Forestar Group, Inc.*		3,946		50,548
Howard Hughes Corp.*		80,111		4,938,042
Jones Lang LaSalle, Inc.		4,962		349,176
Kennedy-Wilson Holdings, Inc.		3,961		55,494
St. Joe Co.*		6,523		103,129
Thomas Properties Group, Inc.		3,588		19,519

				5,780,999

*Thrifts & Mortgage Finance (0.9%)*
Astoria Financial Corp.		9,911		97,128
Bank Mutual Corp.		5,386		23,752
BankFinancial Corp.		2,429		18,290
BankUnited, Inc.		3,934		92,764
Beneficial Mutual Bancorp, Inc.*		3,358		28,980
Berkshire Hills Bancorp, Inc.		2,487		54,714
BofI Holding, Inc.*		1,130		22,329
Brookline Bancorp, Inc.		7,886		69,791
Cape Bancorp, Inc.*		1,407		11,692
Capitol Federal Financial, Inc.		18,629		221,313
Charter Financial Corp./Georgia		795		7,711
Clifton Savings Bancorp, Inc.		909		9,463
Dime Community Bancshares, Inc.		3,595		47,778
Doral Financial Corp.*		15,247		22,870
ESB Financial Corp.		1,192		15,734
ESSA Bancorp, Inc.		1,023		11,048
EverBank Financial Corp.*		2,574		27,979
Farmer Mac, Class C		1,129		29,614
First Defiance Financial Corp.		1,184		20,270
First Federal Bancshares of Arkansas, Inc.*		263		2,130
First Financial Holdings, Inc.		1,948		20,883
First Financial Northwest, Inc.*		1,734		14,080
First PacTrust Bancorp, Inc.		1,103		13,082
Flushing Financial Corp.		3,523		48,018
Fox Chase Bancorp, Inc.		1,397		20,173
Franklin Financial Corp./Virginia*		1,687		27,751
Heritage Financial Group, Inc.		831		10,695
Hingham Institution for Savings		127		7,680
Home Bancorp, Inc.*		789		13,516
Home Federal Bancorp, Inc./Idaho		1,824		19,152
Home Loan Servicing Solutions Ltd.		1,533		20,542
HomeStreet, Inc.*		488		15,611
Hudson City Bancorp, Inc.		59,856		381,283
Kaiser Federal Financial Group, Inc.		954		14,100
Kearny Financial Corp.		1,618		15,678
Meridian Interstate Bancorp, Inc.*		954		13,280
MGIC Investment Corp.*		495,369		1,426,663

See Notes to Financial Statements.

187

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares			Value (Note 1)

NASB Financial, Inc.*		461		$	9,151
Northfield Bancorp, Inc./New Jersey		1,673			23,773
Northwest Bancshares, Inc.		11,080			129,747
OceanFirst Financial Corp.		1,608			23,091
Ocwen Financial Corp.*		11,534			216,609
Oritani Financial Corp.		3,388			48,753
Peoples Federal Bancshares, Inc.*		678			11,323
People’s United Financial, Inc.		31,591			366,771
Provident Financial Holdings, Inc.		1,085			12,510
Provident Financial Services, Inc.		6,842			105,025
Provident New York Bancorp		3,872			29,388
Radian Group, Inc.		15,124			49,758
Rockville Financial, Inc.		3,234			37,417
Roma Financial Corp.		898			7,651
SI Financial Group, Inc.		1,182			13,593
Territorial Bancorp, Inc.		1,218			27,734
TFS Financial Corp.*		9,134			87,230
Tree.com, Inc.*		233			2,666
TrustCo Bank Corp./New York		10,535			57,521
United Financial Bancorp, Inc.		1,756			25,251
ViewPoint Financial Group, Inc.		3,877			60,636
Walker & Dunlop, Inc.*		1,311			16,846
Washington Federal, Inc.		12,134			204,943
Waterstone Financial, Inc.*		759			2,884
Westfield Financial, Inc.		2,906			21,214
WSFS Financial Corp.		855			34,551

					4,543,573

Total Financials					111,071,529

Health Care (5.9%)
*Biotechnology (0.3%)*
Agenus, Inc.*		975			5,109
Allos Therapeutics, Inc.*		2,024			3,623
AMAG Pharmaceuticals, Inc.*		513			7,900
Amylin Pharmaceuticals, Inc.*		1,773			50,052
Arena Pharmaceuticals, Inc.*		2,580			25,748
Astex Pharmaceuticals*		10,470			21,882
AVEO Pharmaceuticals, Inc.*		338			4,110
Codexis, Inc.*		2,891			10,812
Curis, Inc.*		2,037			11,000
Cytori Therapeutics, Inc.*		1,483			4,004
Dynavax Technologies Corp.*		2,271			9,811
Emergent Biosolutions, Inc.*		2,335			35,375
Enzon Pharmaceuticals, Inc.*		4,791			32,914
Geron Corp.*		14,772			25,408
GTx, Inc.*		663			2,340
Horizon Pharma, Inc.*		1,060			7,558
Idenix Pharmaceuticals, Inc.*		980			10,094
Immunogen, Inc.*		1,943			32,604
InterMune, Inc.*		3,274			39,124
Lexicon Pharmaceuticals, Inc.*		12,787			28,771
Maxygen, Inc.*		3,001			17,886
Momenta Pharmaceuticals, Inc.*		3,260			44,075
Myriad Genetics, Inc.*		49,915			1,186,480
NPS Pharmaceuticals, Inc.*		3,273			28,181
PDL BioPharma, Inc.		2,241			14,858
Repligen Corp.*		456			1,961
Rigel Pharmaceuticals, Inc.*		1,501			13,959
Targacept, Inc.*		3,045			13,093
Vical, Inc.*		941			3,388

XOMA Corp.*		848		$	2,544

					1,694,664

*Health Care Equipment & Supplies (1.1%)*
Alere, Inc.*		9,140			177,682
Alphatec Holdings, Inc.*		6,446			11,861
AngioDynamics, Inc.*		2,805			33,688
ArthroCare Corp.*		544			15,928
Biolase, Inc.*		—	@		1
Boston Scientific Corp.*		137,625			780,334
CareFusion Corp.*		60,755			1,560,188
Cerus Corp.*		623			2,068
CONMED Corp.		3,219			89,070
Cooper Cos., Inc.		3,774			301,014
CryoLife, Inc.*		3,037			15,884
Cynosure, Inc., Class A*		551			11,654
Derma Sciences, Inc.*		969			9,225
Exactech, Inc.*		745			12,494
Greatbatch, Inc.*		44,455			1,009,573
Hill-Rom Holdings, Inc.		7,028			216,814
Hologic, Inc.*		30,032			541,777
ICU Medical, Inc.*		139			7,420
Integra LifeSciences Holdings Corp.*		954			35,470
Invacare Corp.		3,597			55,502
Merit Medical Systems, Inc.*		4,487			61,965
Natus Medical, Inc.*		1,307			15,187
NuVasive, Inc.*		3,693			93,654
Orthofix International N.V.*		427			17,614
Palomar Medical Technologies, Inc.*		2,281			19,388
PhotoMedex, Inc.*		225			2,734
Rochester Medical Corp.*		193			2,077
RTI Biologics, Inc.*		5,712			21,477
Sirona Dental Systems, Inc.*		5,143			231,486
Solta Medical, Inc.*		7,251			21,245
STERIS Corp.		1,717			53,862
SurModics, Inc.*		1,356			23,459
Symmetry Medical, Inc.*		2,909			24,959
Teleflex, Inc.		4,622			281,526
Tornier N.V.*		511			11,457
West Pharmaceutical Services, Inc.		1,392			70,282
Wright Medical Group, Inc.*		4,471			95,456
Young Innovations, Inc.		338			11,658
Zeltiq Aesthetics, Inc.*		1,127			6,311

					5,953,444

*Health Care Providers & Services (2.5%)*
Almost Family, Inc.*		986			22,027
Amedisys, Inc.*		3,368			41,932
AMERIGROUP Corp.*		1,644			108,356
AMN Healthcare Services, Inc.*		2,086			12,370
Amsurg Corp.*		2,434			72,971
Assisted Living Concepts, Inc., Class A		2,163			30,758
BioScrip, Inc.*		3,602			26,763
Brookdale Senior Living, Inc.*		11,022			195,530
Capital Senior Living Corp.*		471			4,993
Chindex International, Inc.*		1,291			12,652
Community Health Systems, Inc.*		34,239			959,719
Coventry Health Care, Inc.		16,211			515,348

See Notes to Financial Statements.

188

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Cross Country Healthcare, Inc.*		3,287	$	14,364
DaVita, Inc.*		12,900		1,266,909
Ensign Group, Inc.		736		20,807
ExamWorks Group, Inc.*		2,690		35,589
Five Star Quality Care, Inc.*		5,040		15,473
Gentiva Health Services, Inc.*		3,367		23,333
Hanger, Inc.*		17,778		455,828
Health Management Associates, Inc., Class A*		29,110		228,513
Health Net, Inc.*		9,447		229,279
HealthSouth Corp.*		1,722		40,054
Healthways, Inc.*		3,786		30,212
IntegraMed America, Inc.*		396		5,485
Kindred Healthcare, Inc.*		6,020		59,177
Laboratory Corp. of America Holdings*		4,500		416,745
LHC Group, Inc.*		1,674		28,391
LifePoint Hospitals, Inc.*		30,742		1,259,807
Lincare Holdings, Inc.		2,201		74,878
Magellan Health Services, Inc.*		2,947		133,587
McKesson Corp.		3,100		290,625
MEDNAX, Inc.*		21,381		1,465,454
Molina Healthcare, Inc.*		3,121		73,219
National Healthcare Corp.		1,173		53,055
Omnicare, Inc.		12,823		400,462
Owens & Minor, Inc.		1,045		32,008
Patterson Cos., Inc.		751		25,887
PDI, Inc.*		988		8,141
PharMerica Corp.*		3,343		36,506
Providence Service Corp.*		1,094		14,999
Quest Diagnostics, Inc.		53,705		3,216,929
Select Medical Holdings Corp.*		4,075		41,198
Skilled Healthcare Group, Inc., Class A*		176		1,105
Sun Healthcare Group, Inc.*		2,970		24,859
Sunrise Senior Living, Inc.*		1,299		9,470
Tenet Healthcare Corp.*		44,230		231,765
Triple-S Management Corp., Class B*		2,205		40,307
Universal American Corp.*		4,250		44,752
Universal Health Services, Inc., Class B		9,555		412,394
Vanguard Health Systems, Inc.*		538		4,783
VCA Antech, Inc.*		9,946		218,613
WellCare Health Plans, Inc.*		2,531		134,143

				13,122,524

*Health Care Technology (0.1%)*
Allscripts Healthcare Solutions, Inc.*		21,662		236,766
Epocrates, Inc.*		241		1,933
Greenway Medical Technologies*		214		3,490
MedAssets, Inc.*		4,424		59,503
Mediware Information Systems*		139		2,029
Merge Healthcare, Inc.*		1,542		4,410
Omnicell, Inc.*		3,348		49,015
Vocera Communications, Inc.*		453		12,136

				369,282

*Life Sciences Tools & Services (0.8%)*
Affymetrix, Inc.*		7,975		37,403

Bio-Rad Laboratories, Inc., Class A*		2,300	$	230,023
Cambrex Corp.*		1,648		15,508
Charles River Laboratories International, Inc.*		2,044		66,961
Covance, Inc.*		5,894		282,028
Harvard Bioscience, Inc.*		2,608		9,832
Life Technologies Corp.*		28,050		1,261,969
Pacific Biosciences of California, Inc.*		4,106		8,910
PerkinElmer, Inc.		79,812		2,059,150
QIAGEN N.V.*		26,731		446,408
Sequenom, Inc.*		3,120		12,667

				4,430,859

*Pharmaceuticals (1.1%)*
AVANIR Pharmaceuticals, Inc., Class A*		966		3,787
Cornerstone Therapeutics, Inc.*		840		5,317
Cumberland Pharmaceuticals, Inc.*		586		3,785
Endo Health Solutions, Inc.*		4,952		153,413
Forest Laboratories, Inc.*		97,975		3,428,145
Hi-Tech Pharmacal Co., Inc.*		758		24,559
Lannett Co., Inc.*		1,791		7,594
Nektar Therapeutics*		3,788		30,569
Par Pharmaceutical Cos., Inc.*		1,020		36,863
Supernus Pharmaceuticals, Inc.*		397		3,716
Transcept Pharmaceuticals, Inc.*		1,228		7,614
ViroPharma, Inc.*		7,916		187,609
Watson Pharmaceuticals, Inc.*		29,800		2,204,902
XenoPort, Inc.*		450		2,718

				6,100,591

Total Health Care				31,671,364

Industrials (13.0%)
*Aerospace & Defense (1.1%)*
AAR Corp.		4,553		61,374
Aerovironment, Inc.*		792		20,838
Alliant Techsystems, Inc.		3,748		189,536
American Science & Engineering, Inc.		817		46,120
API Technologies Corp.*		3,636		13,380
Ceradyne, Inc.		2,764		70,897
Cubic Corp.		836		40,195
Curtiss-Wright Corp.		5,326		165,372
DigitalGlobe, Inc.*		1,264		19,162
Esterline Technologies Corp.*		3,488		217,477
Exelis, Inc.		311,949		3,075,817
GenCorp, Inc.*		1,464		9,531
GeoEye, Inc.*		1,732		26,811
Hexcel Corp.*		26,100		673,119
Huntington Ingalls Industries, Inc.*		5,625		226,350
KEYW Holding Corp.*		1,261		12,660
Kratos Defense & Security Solutions, Inc.*		4,451		25,994
LMI Aerospace, Inc.*		891		15,486
Moog, Inc., Class A*		4,571		189,011
National Presto Industries, Inc.		484		33,769
Orbital Sciences Corp.*		6,695		86,499

See Notes to Financial Statements.

189

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

SIFCO Industries, Inc.		149	$	3,424
Spirit AeroSystems Holdings, Inc., Class A*		10,413		248,142
Sypris Solutions, Inc.		339		2,363
Teledyne Technologies, Inc.*		2,730		168,304
Triumph Group, Inc.		3,744		210,675

				5,852,306

*Air Freight & Logistics (0.5%)*
Air Transport Services Group, Inc.*		6,036		31,387
Atlas Air Worldwide Holdings, Inc.*		29,002		1,261,877
Hub Group, Inc., Class A*		37,340		1,351,708
Pacer International, Inc.*		3,384		18,341
Park-Ohio Holdings Corp.*		107		2,036
UTi Worldwide, Inc.		11,729		171,361

				2,836,710

*Airlines (0.8%)*
Alaska Air Group, Inc.*		29,912		1,073,841
Copa Holdings S.A., Class A		712		58,726
Hawaiian Holdings, Inc.*		2,641		17,193
JetBlue Airways Corp.*		26,505		140,477
Republic Airways Holdings, Inc.*		2,471		13,714
SkyWest, Inc.		5,353		34,955
Southwest Airlines Co.		260,743		2,404,050
Spirit Airlines, Inc.*		26,600		517,636

				4,260,592

*Building Products (1.2%)*
A.O. Smith Corp.		3,208		156,839
Ameresco, Inc., Class A*		558		6,657
American Woodmark Corp.*		897		15,339
Apogee Enterprises, Inc.		3,192		51,296
Fortune Brands Home & Security, Inc.*		47,609		1,060,252
Gibraltar Industries, Inc.*		3,435		35,655
Griffon Corp.		5,195		44,573
Insteel Industries, Inc.		1,799		20,059
NCI Building Systems, Inc.*		2,065		22,364
Owens Corning, Inc.*		13,807		394,052
PGT, Inc.*		987		2,991
Quanex Building Products Corp.		4,155		74,291
Simpson Manufacturing Co., Inc.		4,072		120,165
Universal Forest Products, Inc.		8,631		336,436
USG Corp.*		211,000		4,019,550

				6,360,519

*Commercial Services & Supplies (1.7%)*
A.T. Cross Co., Class A*		161		1,589
ABM Industries, Inc.		6,071		118,749
ACCO Brands Corp.*		6,952		71,884
American Reprographics Co.*		3,411		17,157
Asset Acceptance Capital Corp.*		1,765		12,002
Asta Funding, Inc.		1,202		11,263
Avery Dennison Corp.		11,750		321,245
Brink’s Co.		92,570		2,145,773
Casella Waste Systems, Inc., Class A*		2,735		16,000
CECO Environmental Corp.		247		1,951
Cenveo, Inc.*		6,186		11,939

Cintas Corp.		6,856	$	264,710
CompX International, Inc.		140		1,764
Consolidated Graphics, Inc.*		903		26,232
Corrections Corp. of America		66,470		1,957,541
Courier Corp.		1,211		16,046
Covanta Holding Corp.		11,477		196,831
Deluxe Corp.		1,915		47,760
Encore Capital Group, Inc.*		522		15,462
EnergySolutions, Inc.*		6,255		10,571
EnerNOC, Inc.*		1,741		12,605
Ennis, Inc.		2,959		45,509
G&K Services, Inc., Class A		2,129		66,403
GEO Group, Inc.*		6,996		158,949
HNI Corp.		268		6,901
Intersections, Inc.		313		4,961
KAR Auction Services, Inc.*		3,295		56,641
Kimball International, Inc., Class B		3,703		28,513
Knoll, Inc.		1,636		21,955
McGrath RentCorp		1,357		35,960
Metalico, Inc.*		4,540		9,988
Mobile Mini, Inc.*		4,329		62,338
Multi-Color Corp.		1,434		31,892
NL Industries, Inc.		687		8,567
Pitney Bowes, Inc.		7,391		110,643
Quad/Graphics, Inc.		2,921		42,004
R.R. Donnelley & Sons Co.		20,450		240,696
Schawk, Inc.		1,407		17,869
Steelcase, Inc., Class A		7,431		67,102
Swisher Hygiene, Inc.*		12,651		32,007
Sykes Enterprises, Inc.*		4,416		70,479
Tetra Tech, Inc.*		60,550		1,579,144
TMS International Corp., Class A*		745		7,428
TRC Cos., Inc.*		344		2,092
U.S. Ecology, Inc.		751		13,323
UniFirst Corp.		1,650		105,187
United Stationers, Inc.		4,339		116,936
Viad Corp.		2,278		45,560
Waste Connections, Inc.		35,643		1,066,439

				9,334,560

*Construction & Engineering (1.6%)*
AECOM Technology Corp.*		12,805		210,642
Aegion Corp.*		3,844		68,769
Argan, Inc.		891		12,456
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		34,924		1,325,715
Comfort Systems USA, Inc.		2,988		29,940
Dycom Industries, Inc.*		502		9,342
EMCOR Group, Inc.		7,584		210,987
Fluor Corp.		17,110		844,208
Furmanite Corp.*		4,172		20,276
Granite Construction, Inc.		4,381		114,388
Great Lakes Dredge & Dock Corp.		5,958		42,421
Jacobs Engineering Group, Inc.*		31,600		1,196,376
KBR, Inc.		16,824		415,721
Layne Christensen Co.*		138,253		2,860,455
Michael Baker Corp.*		1,004		26,194
MYR Group, Inc.*		1,035		17,657
Northwest Pipe Co.*		1,036		25,133

See Notes to Financial Statements.

190

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Orion Marine Group, Inc.*		2,952	$	20,546
Pike Electric Corp.*		1,961		15,139
Primoris Services Corp.		2,458		29,496
Quanta Services, Inc.*		23,715		570,820
Shaw Group, Inc.*		7,493		204,634
Sterling Construction Co., Inc.*		1,662		16,986
Tutor Perini Corp.*		4,051		51,326
URS Corp.		8,592		299,689

				8,639,316

*Electrical Equipment (1.0%)*
A123 Systems, Inc.*		12,067		15,204
American Superconductor Corp.*		3,990		18,753
Babcock & Wilcox Co.*		135,000		3,307,500
Belden, Inc.		578		19,276
Brady Corp., Class A		5,548		152,625
Encore Wire Corp.		2,142		57,363
EnerSys*		22,871		802,086
Enphase Energy, Inc.*		295		1,835
Franklin Electric Co., Inc.		139		7,107
FuelCell Energy, Inc.*		12,604		12,730
Generac Holdings, Inc.*		1,542		37,101
General Cable Corp.*		5,311		137,767
Global Power Equipment Group, Inc.		1,949		42,566
GrafTech International Ltd.*		14,340		138,381
Hubbell, Inc., Class B		1,156		90,099
II-VI, Inc.*		887		14,786
LSI Industries, Inc.		2,286		16,276
Powell Industries, Inc.*		591		22,080
Preformed Line Products Co.		228		13,204
Regal-Beloit Corp.		4,402		274,069
Vicor Corp.		1,742		12,089

				5,192,897

*Industrial Conglomerates (0.1%)*
Carlisle Cos., Inc.		6,413		340,017
Seaboard Corp.*		35		74,654
Standex International Corp.		1,103		46,955

				461,626

*Machinery (3.6%)*
Accuride Corp.*		405,360		2,432,160
Actuant Corp., Class A		6,280		170,565
AGCO Corp.*		11,037		504,722
Alamo Group, Inc.		813		25,504
Albany International Corp., Class A		3,117		58,319
Altra Holdings, Inc.		1,384		21,839
American Railcar Industries, Inc.*		1,070		28,997
Ampco-Pittsburgh Corp.		916		16,790
Astec Industries, Inc.*		2,288		70,196
Barnes Group, Inc.		6,154		149,481
Briggs & Stratton Corp.		5,518		96,510
Cascade Corp.		986		46,391
CIRCOR International, Inc.		1,829		62,351
Colfax Corp.*		3,884		107,082
Columbus McKinnon Corp.*		2,196		33,138
Crane Co.		5,541		201,582
Douglas Dynamics, Inc.		2,495		35,554
Dover Corp.		61,775		3,311,758
Dynamic Materials Corp.		941		16,308

Eastern Co.		669	$	10,804
Energy Recovery, Inc.*		4,696		11,270
EnPro Industries, Inc.*		1,125		42,041
ESCO Technologies, Inc.		25,464		927,908
Federal Signal Corp.*		6,374		37,224
Flow International Corp.*		4,198		13,224
FreightCar America, Inc.		1,329		30,527
Gardner Denver, Inc.		5,683		300,687
Greenbrier Cos., Inc.*		2,587		45,479
Hardinge, Inc.		1,266		11,521
Harsco Corp.		9,137		186,212
Hurco Cos., Inc.*		773		15,839
IDEX Corp.		7,664		298,743
ITT Corp.		47,488		835,789
Kadant, Inc.*		1,321		30,977
Kaydon Corp.		3,633		77,710
Kennametal, Inc.		36,325		1,204,174
L.B. Foster Co., Class A		1,011		28,925
Lydall, Inc.*		1,902		25,715
Manitowoc Co., Inc.		3,572		41,792
Meritor, Inc.*		8,388		43,785
Met-Pro Corp.		1,609		14,819
Miller Industries, Inc.		1,212		19,307
Mueller Industries, Inc.		2,580		109,882
Mueller Water Products, Inc., Class A		6,137		21,234
NACCO Industries, Inc., Class A		624		72,540
Navistar International Corp.*		6,973		197,824
NN, Inc.*		1,904		19,440
Nordson Corp.		524		26,876
Oshkosh Corp.*		10,416		218,215
Parker Hannifin Corp.		8,140		625,803
Pentair, Inc.		11,231		429,923
PMFG, Inc.*		2,334		18,229
Rexnord Corp.*		2,582		51,743
Robbins & Myers, Inc.		2,590		108,314
Snap-on, Inc.		5,278		328,555
SPX Corp.		4,010		261,933
Terex Corp.*		12,542		223,624
Timken Co.		26,931		1,233,170
Toro Co.		17,775		1,302,730
Trimas Corp.*		291		5,849
Trinity Industries, Inc.		9,095		227,193
Twin Disc, Inc.		953		17,621
Watts Water Technologies, Inc., Class A		3,365		112,189
Xylem, Inc.		79,000		1,988,430

				19,245,036

*Marine (0.1%)*
Alexander & Baldwin, Inc.		4,447		236,803
Genco Shipping & Trading Ltd.*		3,586		10,937
International Shipholding Corp.		651		12,278
Kirby Corp.*		1,644		77,400
Rand Logistics, Inc.*		1,859		15,801

				353,219

*Professional Services (0.3%)*
CBIZ, Inc.*		4,412		26,207
CDI Corp.		1,289		21,140
CRA International, Inc.*		1,211		17,790
Dolan Co.*		3,413		22,969

See Notes to Financial Statements.

191

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Dun & Bradstreet Corp.		1,777	$	126,469
Equifax, Inc.		1,364		63,562
Franklin Covey Co.*		495		5,069
FTI Consulting, Inc.*		4,782		137,482
GP Strategies Corp.*		169		3,121
Heidrick & Struggles International, Inc.		2,048		35,840
Hill International, Inc.*		2,396		7,667
Hudson Global, Inc.*		3,888		16,213
ICF International, Inc.*		2,262		53,926
Kelly Services, Inc., Class A		3,028		39,091
Kforce, Inc.*		247		3,325
Korn/Ferry International*		5,456		78,294
Manpower, Inc.		9,076		332,635
Navigant Consulting, Inc.*		5,912		74,728
Pendrell Corp.*		17,320		19,398
Resources Connection, Inc.		4,809		59,151
RPX Corp.*		194		2,784
Towers Watson & Co., Class A		6,884		412,352
TrueBlue, Inc.*		1,244		19,257
VSE Corp.		497		11,824
WageWorks, Inc.*		295		4,443

				1,594,737

*Road & Rail (0.6%)*
Amerco, Inc.		988		88,890
Arkansas Best Corp.		2,855		35,973
Con-way, Inc.		2,863		103,383
Dollar Thrifty Automotive Group, Inc.*		1,510		122,250
Genesee & Wyoming, Inc., Class A*		13,200		697,488
Heartland Express, Inc.		1,153		16,499
Hertz Global Holdings, Inc.*		12,232		156,570
Kansas City Southern		7,500		521,700
Marten Transport Ltd.		1,749		37,184
Patriot Transportation Holding, Inc.*		742		17,459
Quality Distribution, Inc.*		1,585		17,578
RailAmerica, Inc.*		284		6,873
Roadrunner Transportation Systems, Inc.*		708		11,958
Ryder System, Inc.		5,815		209,398
Saia, Inc.*		1,481		32,419
Universal Truckload Services, Inc.		629		9,514
Werner Enterprises, Inc.		45,076		1,076,866
Zipcar, Inc.*		513		6,017

				3,168,019

*Trading Companies & Distributors (0.4%)*
Aceto Corp.		2,324		20,986
Air Lease Corp.*		7,653		148,392
Aircastle Ltd.		6,664		80,301
Applied Industrial Technologies, Inc.		371		13,671
BlueLinx Holdings, Inc.*		2,069		4,862
CAI International, Inc.*		880		17,494
Edgen Group, Inc.*		1,276		9,596
GATX Corp.		5,311		204,474
H&E Equipment Services, Inc.*		1,448		21,763
Houston Wire & Cable Co.		1,266		13,837
Interline Brands, Inc.*		3,244		81,327

MRC Global, Inc.*		1,011	$	21,514
Rush Enterprises, Inc., Class A*		3,765		61,558
SeaCube Container Leasing Ltd.		1,103		18,828
TAL International Group, Inc.		32,056		1,073,556
WESCO International, Inc.*		4,946		284,642
Willis Lease Finance Corp.*		639		7,873

				2,084,674

*Transportation Infrastructure (0.0%)*
Wesco Aircraft Holdings, Inc.*		1,563		19,897

Total Industrials				69,404,108

Information Technology (7.2%)
*Communications Equipment (0.7%)*
Anaren, Inc.*		1,478		28,969
Arris Group, Inc.*		11,166		155,319
Aviat Networks, Inc.*		7,186		20,121
Bel Fuse, Inc., Class B		1,262		22,224
Black Box Corp.		1,968		56,482
Brocade Communications Systems, Inc.*		52,046		256,587
Calix, Inc.*		2,909		23,912
Ciena Corp.*		2,773		45,394
Comtech Telecommunications Corp.		2,160		61,733
Digi International, Inc.*		2,891		29,604
EchoStar Corp., Class A*		3,259		86,103
Emulex Corp.*		9,854		70,949
Finisar Corp.*		10,359		154,971
Globecomm Systems, Inc.*		602		6,104
Harmonic, Inc.*		13,322		56,752
Infinera Corp.*		1,290		8,824
JDS Uniphase Corp.*		26,218		288,398
Juniper Networks, Inc.*		106,705		1,740,358
KVH Industries, Inc.*		274		3,425
Loral Space & Communications, Inc.		80		5,388
NETGEAR, Inc.*		2,377		82,030
Oclaro, Inc.*		6,001		18,243
Oplink Communications, Inc.*		2,152		29,116
PC-Tel, Inc.		2,032		13,147
Plantronics, Inc.		3,205		107,047
Polycom, Inc.*		20,207		212,578
ShoreTel, Inc.*		644		2,821
Sonus Networks, Inc.*		22,150		47,622
Sycamore Networks, Inc.*		2,351		34,136
Symmetricom, Inc.*		4,743		28,410
Tellabs, Inc.		41,392		137,835
Telular Corp.		707		6,533
Tessco Technologies, Inc.		285		6,284
Westell Technologies, Inc., Class A*		5,497		13,083

				3,860,502

*Computers & Peripherals (0.3%)*
Avid Technology, Inc.*		3,519		26,146
Diebold, Inc.		6,587		243,126
Electronics for Imaging, Inc.*		4,856		78,910
Imation Corp.*		3,550		20,981
Immersion Corp.*		110		619
Intermec, Inc.*		5,928		36,754

See Notes to Financial Statements.

192

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Intevac, Inc.*		2,727	$	20,507
Lexmark International, Inc., Class A		8,076		214,660
OCZ Technology Group, Inc.*		7,626		40,418
QLogic Corp.*		8,335		114,106
Quantum Corp.*		24,989		50,728
Silicon Graphics International Corp.*		3,401		21,834
STEC, Inc.*		3,996		31,169
Super Micro Computer, Inc.*		343		5,440
Synaptics, Inc.*		21,200		606,956

				1,512,354

*Electronic Equipment, Instruments & Components (1.3%)*
Aeroflex Holding Corp.*		2,227		13,473
Agilysys, Inc.*		1,619		14,037
Amphenol Corp., Class A		17,900		983,068
Anixter International, Inc.		1,259		66,790
Arrow Electronics, Inc.*		12,650		415,046
Audience, Inc.*		582		11,221
Avnet, Inc.*		16,455		507,801
AVX Corp.		5,440		58,154
Benchmark Electronics, Inc.*		6,555		91,442
Brightpoint, Inc.*		7,828		42,349
Checkpoint Systems, Inc.*		4,542		39,561
Coherent, Inc.*		1,903		82,400
CTS Corp.		3,853		36,295
Daktronics, Inc.		3,001		20,737
Echelon Corp.*		1,926		6,702
Electro Rent Corp.		1,873		30,399
Electro Scientific Industries, Inc.		2,619		30,957
Fabrinet*		2,492		31,275
FEI Co.*		269		12,869
FLIR Systems, Inc.		3,304		64,428
GSI Group, Inc.*		3,092		35,434
Ingram Micro, Inc., Class A*		17,272		301,742
Insight Enterprises, Inc.*		5,038		84,790
Itron, Inc.*		4,537		187,106
Jabil Circuit, Inc.		61,743		1,255,235
Kemet Corp.*		5,001		30,056
Key Tronic Corp.*		958		7,894
LeCroy Corp.*		492		7,016
Littelfuse, Inc.		232		13,198
Measurement Specialties, Inc.*		202		6,567
Mercury Computer Systems, Inc.*		3,446		44,557
Methode Electronics, Inc.		4,123		35,087
Molex, Inc.		15,649		374,637
Multi-Fineline Electronix, Inc.*		800		19,712
NeoPhotonics Corp.*		2,147		10,606
Newport Corp.*		4,336		52,119
Park Electrochemical Corp.		2,352		60,870
PC Connection, Inc.		1,093		11,608
Plexus Corp.*		2,237		63,083
Power-One, Inc.*		7,600		34,352
RadiSys Corp.*		2,617		16,435
RealD, Inc.*		710		10,622
Richardson Electronics Ltd.		1,463		18,039
Rofin-Sinar Technologies, Inc.*		3,234		61,220
Rogers Corp.*		1,074		42,541
Sanmina-SCI Corp.*		9,250		75,757
ScanSource, Inc.*		22,609		692,740
SYNNEX Corp.*		3,015		103,987

Tech Data Corp.*		4,516	$	217,536
TTM Technologies, Inc.*		6,045		56,883
Viasystems Group, Inc.*		423		7,191
Vishay Intertechnology, Inc.*		16,457		155,189
Vishay Precision Group, Inc.*		1,490		20,785
Zygo Corp.*		1,489		26,594

				6,700,192

*Internet Software & Services (0.2%)*
AOL, Inc.*		8,175		229,554
Bankrate, Inc.*		642		11,806
Bazaarvoice, Inc.*		75		1,365
Blucora, Inc.*		3,841		47,321
Brightcove, Inc.*		26		397
DealerTrack Holdings, Inc.*		524		15,778
Demand Media, Inc.*		860		9,632
Demandware, Inc.*		71		1,682
Digital River, Inc.*		4,187		69,588
EarthLink, Inc.		12,084		89,905
IAC/InterActiveCorp		7,034		320,750
Internap Network Services Corp.*		2,960		19,270
IntraLinks Holdings, Inc.*		4,101		17,962
j2 Global, Inc.		895		23,646
Keynote Systems, Inc.		1,754		26,047
KIT Digital, Inc.*		5,422		23,260
Limelight Networks, Inc.*		6,757		19,798
Marchex, Inc., Class B		2,431		8,776
Market Leader, Inc.*		426		2,164
MeetMe, Inc.*		1,780		4,183
Millennial Media, Inc.*		154		2,031
Monster Worldwide, Inc.*		13,769		117,036
Perficient, Inc.*		855		9,602
QuinStreet, Inc.*		3,710		34,355
RealNetworks, Inc.		2,465		21,298
support.com, Inc.*		1,972		6,291
TechTarget, Inc.*		1,698		8,558
United Online, Inc.		10,111		42,668
Unwired Planet, Inc.*		590		1,357
ValueClick, Inc.*		3,654		59,889
WebMD Health Corp.*		5,753		117,994

				1,363,963

*IT Services (2.7%)*
Acxiom Corp.*		8,733		131,956
Alliance Data Systems Corp.*		8,300		1,120,500
Amdocs Ltd.*		47,400		1,408,728
Booz Allen Hamilton Holding Corp.		2,778		42,448
Broadridge Financial Solutions, Inc.		91,335		1,942,695
CACI International, Inc., Class A*		2,785		153,231
CIBER, Inc.*		8,194		35,316
Computer Task Group, Inc.*		390		5,846
Convergys Corp.		13,247		195,658
CoreLogic, Inc.*		115,147		2,108,341
CSG Systems International, Inc.*		51,521		890,283
DST Systems, Inc.		3,173		172,326
Euronet Worldwide, Inc.*		5,775		98,868
Fiserv, Inc.*		17,900		1,292,738
FleetCor Technologies, Inc.*		25,300		886,512
Genpact Ltd.*		2,861		47,578

See Notes to Financial Statements.

193

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares			Value (Note 1)

Global Payments, Inc.		27,500		$	1,188,825
Lender Processing Services, Inc.		44,300			1,119,904
ManTech International Corp., Class A		2,621			61,515
ModusLink Global Solutions, Inc.*		4,328			12,941
MoneyGram International, Inc.*		1,732			25,287
SAIC, Inc.		20,807			252,181
Sapient Corp.		101,600			1,023,112
TeleTech Holdings, Inc.*		2,597			41,552
Total System Services, Inc.		2,600			62,218
Unisys Corp.*		2,458			48,054

					14,368,613

*Office Electronics (0.0%)*
Zebra Technologies Corp., Class A*		4,946			169,944

*Semiconductors & Semiconductor Equipment* (*1.4%)*
Advanced Energy Industries, Inc.*		4,516			60,605
Alpha & Omega Semiconductor Ltd.*		1,991			18,218
Amkor Technology, Inc.*		9,095			44,384
ANADIGICS, Inc.*		7,959			14,406
Applied Micro Circuits Corp.*		6,972			39,880
Atmel Corp.*		46,017			308,314
ATMI, Inc.*		3,392			69,773
AuthenTec, Inc.*		436			1,888
Axcelis Technologies, Inc.*		12,541			15,049
AXT, Inc.*		3,613			14,271
Brooks Automation, Inc.		7,482			70,630
CEVA, Inc.*		641			11,288
Cohu, Inc.		2,842			28,875
Cree, Inc.*		13,171			338,100
Cymer, Inc.*		2,430			143,249
Cypress Semiconductor Corp.*		7,091			93,743
Diodes, Inc.*		4,012			75,305
DSP Group, Inc.*		2,433			15,425
Entegris, Inc.*		15,529			132,618
Entropic Communications, Inc.*		9,938			56,050
Exar Corp.*		3,631			29,629
Fairchild Semiconductor International, Inc.*		14,458			203,858
First Solar, Inc.*		6,840			103,010
FormFactor, Inc.*		5,610			36,297
Freescale Semiconductor Ltd.*		361			3,700
FSI International, Inc.*		4,589			16,475
GSI Technology, Inc.*		2,414			11,442
GT Advanced Technologies, Inc.*		2,068			10,919
Inphi Corp.*		1,575			14,931
Integrated Device Technology, Inc.*		16,076			90,347
Integrated Silicon Solution, Inc.*		3,198			32,268
International Rectifier Corp.*		7,858			157,081
Intersil Corp., Class A		14,383			153,179
IXYS Corp.*		2,754			30,762
Kopin Corp.*		7,491			25,769
Lam Research Corp.*		27,500			1,037,850
Lattice Semiconductor Corp.*		13,347			50,318
Linear Technology Corp.		50,745			1,589,841
LTX-Credence Corp.*		5,545			37,152

MA-COM Technology Solutions Holdings, Inc.*		581		$	10,749
Mattson Technology, Inc.*		6,547			11,457
MaxLinear, Inc., Class A*		2,024			10,039
MEMC Electronic Materials, Inc.*		20,402			44,272
Mindspeed Technologies, Inc.*		4,024			9,899
MIPS Technologies, Inc.*		1,241			8,277
MKS Instruments, Inc.		5,954			172,249
MoSys, Inc.*		3,682			11,930
Nanometrics, Inc.*		2,664			40,919
OmniVision Technologies, Inc.*		5,945			79,425
ON Semiconductor Corp.*		51,490			365,579
Pericom Semiconductor Corp.*		2,706			24,354
Photronics, Inc.*		7,004			42,724
PLX Technology, Inc.*		351			2,229
PMC-Sierra, Inc.*		26,319			161,599
QuickLogic Corp.*		866			2,174
Rambus, Inc.*		11,595			66,555
RF Micro Devices, Inc.*		27,681			117,644
Rubicon Technology, Inc.*		1,919			19,574
Rudolph Technologies, Inc.*		3,552			30,973
Sigma Designs, Inc.*		3,794			24,206
Silicon Image, Inc.*		1,499			6,206
Silicon Laboratories, Inc.*		430			16,297
Skyworks Solutions, Inc.*		2,341			64,073
Spansion, Inc., Class A*		5,480			60,170
STR Holdings, Inc.*		3,599			16,411
SunPower Corp.*		2,454			11,804
Supertex, Inc.*		1,228			23,148
Teradyne, Inc.*		18,627			261,896
Tessera Technologies, Inc.		5,887			90,483
TriQuint Semiconductor, Inc.*		19,096			105,028
Ultra Clean Holdings, Inc.*		2,602			16,731
Veeco Instruments, Inc.*		3,278			112,632

					7,228,605

*Software (0.6%)*
Accelrys, Inc.*		6,354			51,404
ACI Worldwide, Inc.*		—	@		8
Actuate Corp.*		424			2,938
Aspen Technology, Inc.*		608			14,075
AVG Technologies N.V.*		75			976
Bottomline Technologies, Inc.*		2,825			50,991
Compuware Corp.*		23,401			217,395
Ebix, Inc.		824			16,439
Envivio, Inc.*		644			4,128
EPIQ Systems, Inc.		3,307			40,511
ePlus, Inc.*		473			15,302
Glu Mobile, Inc.*		407			2,259
Infoblox, Inc.*		96			2,201
JDA Software Group, Inc.*		3,742			111,100
Mentor Graphics Corp.*		4,887			73,305
Nuance Communications, Inc.*		63,200			1,505,424
Pervasive Software, Inc.*		1,348			10,097
Progress Software Corp.*		7,132			148,845
Rosetta Stone, Inc.*		628			8,692
Rovi Corp.*		10,008			196,357
Sapiens International Corp. N.V.*		1,492			5,371
SeaChange International, Inc.*		3,237			26,640
SS&C Technologies Holdings, Inc.*		2,802			70,050

See Notes to Financial Statements.

194

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Synopsys, Inc.*		15,324	$	450,985
TeleNav, Inc.*		1,896		11,622
TiVo, Inc.*		7,102		58,734
VASCO Data Security International, Inc.*		1,745		14,274

				3,110,123

Total Information Technology				38,314,296

Materials (5.5%)
*Chemicals (2.3%)*
A. Schulman, Inc.		3,339		66,279
Albemarle Corp.		21,703		1,294,367
Ashland, Inc.		8,898		616,720
Cabot Corp.		7,182		292,307
Calgon Carbon Corp.*		1,044		14,846
Celanese Corp.		24,500		848,190
Chase Corp.		753		9,940
Chemtura Corp.*		358,218		5,194,161
Cytec Industries, Inc.		5,212		305,632
Eastman Chemical Co.		22,100		1,113,177
Ferro Corp.*		9,814		47,107
FutureFuel Corp.		2,139		22,481
Georgia Gulf Corp.		12,931		331,939
Huntsman Corp.		21,681		280,552
Innospec, Inc.*		2,285		67,659
Intrepid Potash, Inc.*		3,197		72,764
Kraton Performance Polymers, Inc.*		3,657		80,125
Kronos Worldwide, Inc.		2,293		36,206
Landec Corp.*		2,208		18,900
LSB Industries, Inc.*		905		27,974
Minerals Technologies, Inc.		2,020		128,836
Olin Corp.		2,866		59,871
OM Group, Inc.*		3,716		70,604
PolyOne Corp.		2,204		30,151
Quaker Chemical Corp.		1,048		48,428
Rockwood Holdings, Inc.		5,446		241,530
RPM International, Inc.		9,107		247,710
Scotts Miracle-Gro Co., Class A		551		22,657
Sensient Technologies Corp.		5,660		207,892
Spartech Corp.*		3,661		18,927
Stepan Co.		54		5,086
TPC Group, Inc.*		411		15,186
Tredegar Corp.		2,697		39,268
W.R. Grace & Co.*		730		36,829
Westlake Chemical Corp.		1,736		90,723
Zep, Inc.		1,436		19,716
Zoltek Cos., Inc.*		3,093		27,930

				12,052,670

*Construction Materials (0.0%)*
Martin Marietta Materials, Inc.		2,540		200,203
Texas Industries, Inc.		2,562		99,943
United States Lime & Minerals, Inc.*		19		887

				301,033

*Containers & Packaging (1.4%)*
AptarGroup, Inc.		5,005		255,505
Bemis Co., Inc.		11,695		366,521
Boise, Inc.		11,396		74,986

Crown Holdings, Inc.*		12,853	$	443,300
Graphic Packaging Holding Co.*		19,024		104,632
Greif, Inc., Class A		3,559		145,919
Owens-Illinois, Inc.*		4,875		93,454
Packaging Corp. of America		911		25,727
Rock-Tenn Co., Class A		27,897		1,521,781
Sealed Air Corp.		253,024		3,906,690
Sonoco Products Co.		11,404		343,831
UFP Technologies, Inc.*		609		10,292

				7,292,638

*Metals & Mining (1.7%)*
A.M. Castle & Co.*		1,834		19,477
African Barrick Gold Ltd.		420,000		2,551,727
AK Steel Holding Corp.		10,545		61,899
Allegheny Technologies, Inc.		28,345		903,922
AMCOL International Corp.		158		4,473
Carpenter Technology Corp.		21,841		1,044,873
Century Aluminum Co.*		5,846		42,851
Coeur d’Alene Mines Corp.*		6,036		105,992
Commercial Metals Co.		13,169		166,456
General Moly, Inc.*		6,412		20,134
Globe Specialty Metals, Inc.		6,463		86,798
Gold Reserve, Inc.*		5,175		18,061
Golden Minerals Co.*		3,190		14,387
Golden Star Resources Ltd.*		29,150		33,814
Handy & Harman Ltd.*		124		1,672
Haynes International, Inc.		242		12,327
Hecla Mining Co.		32,406		153,928
Horsehead Holding Corp.*		4,979		49,591
Kaiser Aluminum Corp.		2,186		113,322
Materion Corp.		2,124		48,916
McEwen Mining, Inc.*		22,398		67,418
Metals USA Holdings Corp.*		1,008		16,037
Molycorp, Inc.*		5,591		120,486
Olympic Steel, Inc.		1,106		18,161
Reliance Steel & Aluminum Co.		34,716		1,753,158
Revett Minerals, Inc.*		2,878		9,469
RTI International Metals, Inc.*		3,449		78,051
Schnitzer Steel Industries, Inc., Class A		2,864		80,249
Steel Dynamics, Inc.		19,463		228,690
Stillwater Mining Co.*		13,141		112,224
SunCoke Energy, Inc.*		2,378		34,838
Tahoe Resources, Inc.*		7,125		98,966
Titanium Metals Corp.		9,047		102,322
United States Steel Corp.		16,331		336,419
Universal Stainless & Alloy Products, Inc.*		785		32,263
Vista Gold Corp.*		6,470		18,828
Walter Energy, Inc.		7,089		313,050
Worthington Industries, Inc.		5,917		121,121

				8,996,370

*Paper & Forest Products (0.1%)*
Buckeye Technologies, Inc.		1,861		53,020
Clearwater Paper Corp.*		560		19,107
Domtar Corp.		4,099		314,434
KapStone Paper and Packaging Corp.*		4,581		72,609
Louisiana-Pacific Corp.*		15,609		169,826
Neenah Paper, Inc.		725		19,350

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

P.H. Glatfelter Co.		4,044	$	66,200
Resolute Forest Products*		9,160		106,073
Schweitzer-Mauduit International, Inc.		468		31,890
Wausau Paper Corp.		259		2,520

				855,029

Total Materials				29,497,740

Telecommunication Services (0.3%)
*Diversified Telecommunication Services (0.2%)*
Cbeyond, Inc.*		2,922		19,782
Cincinnati Bell, Inc.*		14,700		54,684
Consolidated Communications Holdings, Inc.		633		9,368
Fairpoint Communications, Inc.*		475		2,921
Frontier Communications Corp.		113,434		434,452
Hawaiian Telcom Holdco, Inc.*		1,196		23,334
IDT Corp., Class B		163		1,599
inContact, Inc.*		347		1,738
Iridium Communications, Inc.*		4,913		44,021
Level 3 Communications, Inc.*		8,959		198,442
magicJack VocalTec Ltd.*		526		9,994
Neutral Tandem, Inc.*		3,213		42,347
ORBCOMM, Inc.*		2,106		6,866
Premiere Global Services, Inc.*		4,400		36,916
SureWest Communications		1,565		32,975
Vonage Holdings Corp.*		9,503		19,101

				938,540

*Wireless Telecommunication Services (0.1%)*
Clearwire Corp., Class A*		39,752		44,522
Leap Wireless International, Inc.*		4,578		29,436
MetroPCS Communications, Inc.*		34,475		208,574
NII Holdings, Inc.*		19,491		199,393
Shenandoah Telecommunications Co.		2,688		36,584
Telephone & Data Systems, Inc.		10,771		229,315
U.S. Cellular Corp.*		1,568		60,556
USA Mobility, Inc.		2,422		31,147

				839,527

Total Telecommunication Services				1,778,067

Utilities (4.3%)
*Electric Utilities (1.6%)*
ALLETE, Inc.		4,320		180,576
Cleco Corp.		31,348		1,311,287
El Paso Electric Co.		4,562		151,276
Empire District Electric Co.		4,797		101,217
Great Plains Energy, Inc.		15,466		331,127
Hawaiian Electric Industries, Inc.		10,915		311,296
IDACORP, Inc.		5,692		239,519
ITC Holdings Corp.		13,000		895,830
MGE Energy, Inc.		2,616		123,737
NV Energy, Inc.		98,467		1,731,050
OGE Energy Corp.		11,188		579,427
Otter Tail Corp.		3,850		88,049
Pepco Holdings, Inc.		25,869		506,256
Pinnacle West Capital Corp.		12,411		642,145

PNM Resources, Inc.		9,047	$	176,778
Portland General Electric Co.		8,597		229,196
UIL Holdings Corp.		5,779		207,235
Unitil Corp.		1,578		41,817
UNS Energy Corp.		4,598		176,609
Westar Energy, Inc.		14,287		427,896

				8,452,323

*Gas Utilities (0.9%)*
AGL Resources, Inc.		13,307		515,646
Atmos Energy Corp.		10,201		357,749
Chesapeake Utilities Corp.		1,093		47,786
Delta Natural Gas Co., Inc.		716		15,559
Laclede Group, Inc.		2,570		102,312
National Fuel Gas Co.		8,215		385,941
New Jersey Resources Corp.		4,720		205,839
Northwest Natural Gas Co.		3,050		145,180
Piedmont Natural Gas Co., Inc.		7,459		240,105
Questar Corp.		15,668		326,834
South Jersey Industries, Inc.		2,705		137,874
Southwest Gas Corp.		5,239		228,682
UGI Corp.		61,444		1,808,297
WGL Holdings, Inc.		5,859		232,895

				4,750,699

*Independent Power Producers & Energy Traders (0.2%)*
Atlantic Power Corp.		11,811		151,299
Genie Energy Ltd., Class B		1,682		13,069
GenOn Energy, Inc.*		87,745		150,044
NRG Energy, Inc.*		25,836		448,513
Ormat Technologies, Inc.		1,456		31,144

				794,069

*Multi-Utilities (1.2%)*
Alliant Energy Corp.		12,576		573,088
Avista Corp.		6,667		178,009
Black Hills Corp.		5,014		161,301
CH Energy Group, Inc.		1,693		111,213
CMS Energy Corp.		82,486		1,938,421
Integrys Energy Group, Inc.		8,866		504,210
MDU Resources Group, Inc.		21,397		462,389
NorthWestern Corp.		4,139		151,901
SCANA Corp.		13,287		635,650
TECO Energy, Inc.		24,453		441,621
Vectren Corp.		9,279		273,916
Wisconsin Energy Corp.		28,500		1,127,745

				6,559,464

*Water Utilities (0.4%)*
American States Water Co.		1,927		76,271
American Water Works Co., Inc.		19,961		684,263
Aqua America, Inc.		47,376		1,182,505
Artesian Resources Corp., Class A		857		18,460
Cadiz, Inc.*		157		1,132
California Water Service Group		2,420		44,697
Connecticut Water Service, Inc.		358		10,375
Consolidated Water Co., Ltd.		1,699		14,085
Middlesex Water Co.		1,752		33,288
SJW Corp.		1,110		26,651

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

York Water Co.		369	$	6,602

				2,098,329

Total Utilities				22,654,884

Total Common Stocks (77.3%) (Cost $403,685,708)				411,592,139

INVESTMENT COMPANY:
*Investment Company (0.0%)*
Firsthand Technology Value Fund, Inc.* (Cost $18,458)		971		17,148


	Number of Rights		Value (Note 1)

RIGHTS:
Information Technology (0.0%)
*Electronic Equipment, Instruments & Components (0.0%)*
Gerber Scientific, Inc., expiring 12/31/49*† (Cost $—)		3,050	$	30

Total Investments (77.3%) (Cost $403,704,166)				411,609,317
Other Assets Less Liabilities (22.7%)				121,051,329

Net Assets (100%)			$	532,660,646

*	Non-income producing.

†	Securities (totaling $14,160 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, 2012, the market value of these securities amounted to $14,130 or 0.0% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

@	Shares are less than 0.5.

(b)

Illiquid Security.

At June 30, 2012, the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2012		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index		273		September-12	$	20,413,749	$	21,714,420	$	1,300,671
S&P MidCap 400 E-Mini Index		927		September-12		84,077,532		87,091,650		3,014,118

									$	4,314,789

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, 2012:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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	$	46,885,900	$	—	$	—	$	46,885,900
Consumer Staples		25,442,997		—		—		25,442,997
Energy		34,857,124		—		14,130		34,871,254
Financials		111,071,529		—		—		111,071,529
Health Care		31,671,364		—		—		31,671,364
Industrials		69,404,108		—		—		69,404,108
Information Technology		38,314,296		—		—		38,314,296
Materials		26,946,013		2,551,727		—		29,497,740
Telecommunication Services		1,778,067		—		—		1,778,067
Utilities		22,654,884		—		—		22,654,884
Futures		4,314,789		—		—		4,314,789
Investment Companies
Investment Companies		17,148		—		—		17,148
Rights
Information Technology		—		—		30		30

Total Assets	$	413,358,219	$	2,551,727	$	14,160	$	415,924,106

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	413,358,219	$	2,551,727	$	14,160	$	415,924,106

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



	Investments in Common Stocks-Energy		Investments in Rights-Information Technology

Balance as of 12/31/11	$	14,130	$	30
Total gains or losses (realized/unrealized) included in earnings		—		—
Purchases		—		—
Sales		—		—
Issuances		—		—
Settlements		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—

Balance as of 6/30/12	$	14,130	$	30

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/12.	$	—	$	—

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2012:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		4,314,789	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	4,314,789


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	—

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2012:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts .		—		—		—		—		—
Equity contracts		—		1,783,381		—		—		1,783,381
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	1,783,381	$	—	$	—	$	1,783,381


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		—		4,125,093		—		—		4,125,093
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	4,125,093	$	—	$	—	$	4,125,093

The Portfolio held futures contracts with an average notional balance of approximately $119,721,000 for the six months ended June 30, 2012.

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	212,490,413
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	247,203,079

As of June 30, 2012, 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	$	41,695,047
Aggregate gross unrealized depreciation		(35,469,483	)

Net unrealized appreciation	$	6,225,564

Federal income tax cost of investments	$	405,383,753

For the six months ended June 30, 2012, the Portfolio incurred approximately $36 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $148,177,580, which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value (Cost $403,704,166)	$	411,609,317
Cash		110,669,595
Cash held as collateral at broker		7,548,000
Due from broker for futures variation margin		3,125,324
Receivable for securities sold		2,187,468
Dividends, interest and other receivables		578,924
Receivable from Separate Accounts for Trust shares sold		110,747
Other assets		4,978

Total assets		535,834,353

LIABILITIES
Payable for securities purchased		2,309,124
Investment management fees payable		338,274
Payable to Separate Accounts for Trust shares redeemed		267,978
Distribution fees payable - Class B		87,605
Administrative fees payable		79,589
Trustees’ fees payable		16,402
Distribution fees payable - Class A		2,331
Accrued expenses		72,404

Total liabilities		3,173,707

NET ASSETS	$	532,660,646

Net assets were comprised of:
Paid in capital	$	670,721,761
Accumulated undistributed net investment income (loss)		(141,804	)
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(150,139,251	)
Net unrealized appreciation (depreciation) on investments and futures		12,219,940

Net assets	$	532,660,646

Class A
Net asset value, offering and redemption price per share, $11,793,712 / 1,291,935 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.13

Class B
Net asset value, offering and redemption price per share, $442,446,707 / 49,457,427 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.95

Class K
Net asset value, offering and redemption price per share, $78,420,227 / 8,580,622 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.14

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (net of $12,172 foreign withholding tax)	$	3,783,233
Interest		155,377

Total income		3,938,610

EXPENSES
Investment management fees		2,232,260
Distribution fees - Class B		576,189
Administrative fees		434,715
Custodian fees		55,011
Printing and mailing expenses		28,971
Professional fees		28,768
Distribution fees - Class A		15,469
Trustees’ fees		6,344
Miscellaneous		14,773

Gross expenses		3,392,500
Less: Fees paid indirectly		(122,490	)

Net expenses		3,270,010

NET INVESTMENT INCOME (LOSS)		668,600

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		6,152,715
Futures		1,783,381
Foreign currency transactions		(250	)

Net realized gain (loss)		7,935,846

Change in unrealized appreciation (depreciation) on:
Securities		13,560,394
Futures		4,125,093

Net change in unrealized appreciation (depreciation)		17,685,487

NET REALIZED AND UNREALIZED GAIN (LOSS)		25,621,333

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	26,289,933

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	668,600		$	375,186
Net realized gain (loss) on investments, futures and foreign currency transactions		7,935,846			45,868,547
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		17,685,487			(126,634,001	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		26,289,933			(80,390,268	)

DIVIDENDS:
Dividends from net investment income
Class A		—			(32,926	)
Class B		—			(95,704	)
Class K†		—			(221,718	)

TOTAL DIVIDENDS		—			(350,348	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 57,024 and 968,541 shares, respectively ]		527,482			9,126,800
Capital shares issued in reinvestment of dividends [ 0 and 3,882 shares, respectively ]		—			32,926
Capital shares repurchased [ (164,469) and (6,002,457) shares, respectively ]		(1,546,559	)		(53,549,398	)(z)

Total Class A transactions		(1,019,077	)		(44,389,672	)

Class B
Capital shares sold [ 1,709,395 and 7,016,497 shares, respectively ]		15,464,827			68,698,837
Capital shares issued in reinvestment of dividends [ 0 and 11,513 shares, respectively ]		—			95,704
Capital shares repurchased [ (4,946,155) and (10,450,432) shares, respectively ]		(45,142,662	)		(99,757,973	)

Total Class B transactions		(29,677,835	)		(30,963,432	)

Class K†
Capital shares sold [ 112,039 and 9,768,114 shares, respectively ]		1,029,446			85,532,850	(z)
Capital shares issued in reinvestment of dividends [ 0 and 26,145 shares, respectively ]		—			221,718
Capital shares repurchased [ (1,177,130) and (148,546) shares, respectively ]		(11,041,496	)		(1,283,850	)

Total Class K transactions		(10,012,050	)		84,470,718

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(40,708,962	)		9,117,614

TOTAL INCREASE (DECREASE) IN NET ASSETS		(14,419,029	)		(71,623,002	)
NET ASSETS:
Beginning of period		547,079,675			618,702,677

End of period (a)	$	532,660,646		$	547,079,675

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(141,804	)	$	(810,404	)

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Mid Cap Value Portfolio exchanged approximately 5,457,575 Class A shares for approximately 5,457,575 Class K shares. This exchange amounted to approximately $48,208,044.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.73		$	10.07		$	8.12		$	5.77		$	9.19		$	10.03

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		0.02	(e)		0.06	(e)		0.11	(e)		0.06	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.39			(1.34	)		1.98			2.47			(3.33	)		—	#

Total from investment operations		0.40			(1.32	)		2.04			2.58			(3.27	)		0.02

Less distributions:
Dividends from net investment income		—			(0.02	)		(0.09	)		(0.23	)		(0.05	)		—
Distributions from net realized gains		—			—			—			—			(0.10	)		(0.86	)

Total dividends and distributions		—			(0.02	)		(0.09	)		(0.23	)		(0.15	)		(0.86	)

Net asset value, end of period	$	9.13		$	8.73		$	10.07		$	8.12		$	5.77		$	9.19

Total return (b)		4.58	%		(13.07	)%		25.19	%		44.90	%		(35.88	)%		0.31	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	11,794		$	12,213		$	64,756		$	95,496		$	330,996		$	535,842
Ratio of expenses to average net assets:
After reimbursements (a)(f)		1.25	%		0.98	%		1.02	%		0.58	%		1.15	%		1.28	%
After reimbursements and fees paid indirectly (a)(f)		1.21	%		0.96	%		1.00	%		0.58	%		1.15	%		1.28	%
Before reimbursements and fees paid indirectly (a)(f)		1.25	%		0.99	%		1.02	%		1.04	%		1.30	%		1.29	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)(f)		0.16	%		0.20	%		0.64	%		1.76	%		0.78	%		0.17	%
After reimbursements and fees paid indirectly (a)(f)		0.20	%		0.22	%		0.65	%		1.76	%		0.78	%		0.17	%
Before reimbursements and fees paid indirectly (a)(f)		0.16	%		0.19	%		0.63	%		1.29	%		0.62	%		0.17	%
Portfolio turnover rate		51	%		95	%		51	%		95	%		78	%		60	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.55		$	9.87		$	7.96		$	5.66		$	9.01		$	9.87

Income (loss) from investment operations:
Net investment income (loss)		0.01	(e)		—	#(e)		0.03	(e)		0.08	(e)		0.04	(e)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.39			(1.32	)		1.95			2.42			(3.25	)		0.01

Total from investment operations		0.40			(1.32	)		1.98			2.50			(3.21	)		—

Less distributions:
Dividends from net investment income		—			—	#		(0.07	)		(0.20	)		(0.04	)		—
Distributions from net realized gains		—			—			—			—			(0.10	)		(0.86	)

Total dividends and distributions		—			—	#		(0.07	)		(0.20	)		(0.14	)		(0.86	)

Net asset value, end of period	$	8.95		$	8.55		$	9.87		$	7.96		$	5.66		$	9.01

Total return (b)		4.68	%		(13.36	)%		24.86	%		44.46	%		(35.99	)%		0.10	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	442,447		$	450,690		$	553,947		$	461,709		$	320,011		$	539,894
Ratio of expenses to average net assets:
After reimbursements (a)(f)		1.25	%		1.23	%		1.27	%		1.13	%		1.39	%		1.53	%
After reimbursements and fees paid indirectly (a)(f)		1.21	%		1.21	%		1.25	%		1.13	%		1.39	%		1.53	%
Before reimbursements and fees paid indirectly (a)(f)		1.25	%		1.24	%		1.27	%		1.29	%(c)		1.55	%		1.54	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)(f)		0.16	%		—	%‡‡		0.38	%		1.25	%		0.54	%		(0.08	)%
After reimbursements and fees paid indirectly (a)(f)		0.20	%		0.03	%		0.39	%		1.25	%		0.54	%		(0.08	)%
Before reimbursements and fees paid indirectly (a)(f)		0.16	%		—	%‡‡		0.37	%		1.05	%		0.38	%		(0.09	)%
Portfolio turnover rate		51	%		95	%		51	%		95	%		78	%		60	%

See Notes to Financial Statements.

204

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MULTIMANAGER MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.73		$	8.70

Income (loss) from investment operations:
Net investment income (loss)		0.02	(e)		0.01	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.39			0.04

Total from investment operations		0.41			0.05

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

Net asset value, end of period	$	9.14		$	8.73

Total return (b)		4.70	%		0.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	78,420		$	84,176
Ratio of expenses to average net assets:
After reimbursements (a)(f)		1.00	%		0.99	%
After reimbursements and fees paid indirectly (a)(f)		0.96	%		0.94	%
Before reimbursements and fees paid indirectly (a)(f)		1.00	%		0.99	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)(f)		0.41	%		0.35	%
After reimbursements and fees paid indirectly (a)(f)		0.45	%		0.40	%
Before reimbursements and fees paid indirectly (a)(f)		0.41	%		0.35	%
Portfolio turnover rate		51	%		95	%

*	Commencement of Operations.

#	Per share amount is less than $0.005.

‡‡	Amount is less than 0.005%.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds.

See Notes to Financial Statements.

205

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO (Unaudited)


Distribution of Assets by Sector as of June 30, 2012	% of Net Assets
Government Securities		58.9	%
Corporate Bonds		35.9
Asset-Backed and Mortgage-Backed Securities		2.7
Time Deposits		0.5
Preferred Stocks		0.2
Equities & Warrants		0.1
Convertible Bonds		0.0	#
Cash and Other		1.7

Total		100.0	%

# Less than 0.05%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,033.20		$4.98
Hypothetical (5% average return before expenses)		1,000.00		1,019.97		4.95
Class B
Actual		1,000.00		1,030.70		4.97
Hypothetical (5% average return before expenses)		1,000.00		1,019.97		4.95
Class K
Actual		1,000.00		1,033.20		3.70
Hypothetical (5% average return before expenses)		1,000.00		1,021.22		3.68
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.98%, 0.98% and 0.73%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

206

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (2.7%)
*Asset-Backed Securities (0.5%)*
Aircraft Certificate Owner Trust,
Series 2003-1A D 6.455%, 9/20/22§	$	547,417	$	547,417
Series 2003-1A E 7.001%, 9/20/22†§		3,900,000		3,819,435
American Money Management Corp.,
Series 2006-6A A1A 0.692%, 5/3/18(l)§		747,998		731,800
Harvest CLO S.A., Series IX A1 1.587%, 3/29/17(l)(m)	EUR	353,852		440,448

				5,539,100

*Non-Agency CMO (2.2%)*
Adjustable Rate Mortgage Trust,
Series 2005-5 2A1 3.124%, 9/25/35(l)	$	837,086		667,071
Banc of America Funding Corp.,
Series 2004-A 1A3 5.459%, 9/20/34(l)		905,077		902,299
Banc of America Large Loan, Inc.,
Series 2009-UB1 A4A 5.692%, 6/24/50(l)§		500,000		557,597
Series 2010-HLTN 1.992%, 11/15/15(l)§		1,777,789		1,684,485
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-9 2A1 2.956%, 2/25/34(l)		552,140		513,481
Bear Stearns Alt-A Trust,
Series 2005-7 22A1 2.879%, 9/25/35(l)		603,280		410,391
Citigroup Commercial Mortgage Trust, Inc.,
Series 2008-C7 A3 6.276%, 12/10/49(l)		2,200,000		2,285,942
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-3 2A2A 2.644%, 8/25/35(l)		211,194		194,481
Commercial Mortgage Pass Through Certificates,
Series 2010-C1 A1 3.156%, 7/10/46§		2,124,914		2,220,640
Countrywide Alternative Loan Trust,
Series 2006-OA22 A1 0.405%, 2/25/47(l)		352,633		216,791
Credit Suisse Mortgage Capital Certificates,
Series 2010-RR1 2A 5.695%, 9/15/40(l)§		700,000		777,860
Series 2010-RR1 3A 5.805%, 6/10/49(l)§		700,000		780,433
Series 2010-RR7 2A 5.467%, 9/18/39(l)§		800,000		872,439
EMF-NL B.V.,
Series 2008-APRX A2 1.553%, 4/17/41(l)(m)	EUR	1,000,000		971,696
Granite Master Issuer plc,
Series 2006-3 A7 0.344%, 12/20/54(l)	$	221,237		212,450
Series 2006-4 A6 0.424%, 12/20/54(l)		589,966		566,525
Greenpoint Mortgage Funding Trust,
Series 2007-AR1 3A1 0.345%, 2/25/37(l)	$	27,844	$	25,197
Greenpoint Mortgage Pass-Through Certificates,
Series 2003-1 A1 3.130%, 10/25/33(l)		521,669		451,211
GS Mortgage Securities Corp. II,
Series 2010-C1 A2 4.592%, 8/10/43§		1,500,000		1,667,807
Harborview Mortgage Loan Trust,
Series 2006-12 2A2A 0.433%, 1/19/38(l)		313,376		187,247
MLCC Mortgage Investors, Inc.,
Series 2005-2 3A 1.240%, 10/25/35(l)		341,056		273,203
Morgan Stanley Capital I, Inc.,
Series 1998-HF2 J 6.010%, 11/15/30§		3,000,000		2,920,615
Morgan Stanley Reremic Trust,
Series 2009-GG10 A4A 5.979%, 8/12/45(l)§		800,000		906,572
OBP Depositor LLC Trust,
Series 2010-OBP A 4.646%, 7/15/45§		1,000,000		1,149,437
RBSCF Trust,
Series 2009-RR1 JPA 6.068%, 9/17/39(l)§		800,000		907,847
Series 2010-RR3 CSCA 5.467%, 9/16/39(l)§		800,000		878,466
Series 2010-RR3 JPMA 5.420%, 1/16/49(l)§		1,000,000		1,106,962
Series 2010-RR4 CMLA 6.203%, 12/16/49(l)§		500,000		568,167
Structured Asset Mortgage Investments, Inc.,
Series 2005-AR5 A1 0.493%, 7/19/35(l)		160,932		112,755
Wachovia Bank Commercial Mortgage Trust,
Series 2006-C28 A2 5.500%, 10/15/48		427,865		429,215
WaMu Mortgage Pass-Through Certificates,
Series 2002-AR9 1A 1.547%, 8/25/42(l)		62,857		50,328
Series 2005-AR17 A1A1 0.515%, 12/25/45(l)		274,114		211,446

				25,681,056

Total Asset-Backed and Mortgage-Backed Securities				31,220,156

Convertible Bond (0.0%)
Energy (0.0%)
*Oil, Gas & Consumable Fuels* (*0.0%*)
Chesapeake Energy Corp. 2.750%, 11/15/35		575,000		525,406

Total Energy				525,406


Total Convertible Bonds				525,406

See Notes to Financial Statements.

207

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
Corporate Bonds (35.9%)
Consumer Discretionary (2.6%)
*Auto Components (0.1%)*
Johnson Controls, Inc.
1.750%, 3/1/14	$	300,000	$	304,622
5.000%, 3/30/20		100,000		112,540

				417,162

*Automobiles (0.0%)*
Daimler Finance N.A. LLC 6.500%, 11/15/13		250,000		267,821

*Distributors (0.1%)*
American Tire Distributors, Inc. 9.750%, 6/1/17		1,450,000		1,544,250

*Hotels, Restaurants & Leisure (0.4%)*
Darden Restaurants, Inc. 4.500%, 10/15/21		100,000		103,813
Diamond Resorts Corp. 12.000%, 8/15/18		750,000		802,500
Greektown Superholdings, Inc.
Series A 13.000%, 7/1/15		1,200,000		1,311,000
Hyatt Hotels Corp.
3.875%, 8/15/16		100,000		105,826
5.375%, 8/15/21		100,000		109,533
International Game Technology
5.500%, 6/15/20		100,000		107,725
Landry’s, Inc.
9.375%, 5/1/20§		650,000		663,000
McDonald’s Corp.
5.350%, 3/1/18		100,000		120,110
3.500%, 7/15/20		150,000		163,016
Starbucks Corp.
6.250%, 8/15/17		100,000		120,126
Wendy’s Restaurants LLC
10.000%, 7/15/16		1,000,000		1,080,000
Yum! Brands, Inc.
4.250%, 9/15/15		250,000		270,522
5.300%, 9/15/19		100,000		115,227

				5,072,398

*Household Durables (0.0%)*
Newell Rubbermaid, Inc.
4.700%, 8/15/20		100,000		107,387
Tupperware Brands Corp.
4.750%, 6/1/21		100,000		103,002
Whirlpool Corp.
4.850%, 6/15/21		100,000		103,736

				314,125

*Internet & Catalog Retail (0.2%)*
Affinion Group, Inc.
11.500%, 10/15/15		1,200,000		1,020,000
Catalina Marketing Corp.
10.500%, 10/1/15 PIK§		650,000		627,250
Expedia, Inc.
5.950%, 8/15/20		200,000		211,000

				1,858,250

*Media (1.5%)*
CBS Corp.
8.875%, 5/15/19	$	100,000	$	132,601
5.750%, 4/15/20		100,000		115,867
Clear Channel Worldwide Holdings, Inc.
7.625%, 3/15/20§		1,000,000		970,000
Comcast Corp.
6.500%, 1/15/15		400,000		451,418
5.900%, 3/15/16		300,000		344,153
6.500%, 1/15/17		300,000		356,598
5.700%, 7/1/19		100,000		118,015
5.150%, 3/1/20		150,000		173,133
3.125%, 7/15/22		250,000		251,749
COX Communications, Inc.
5.450%, 12/15/14		200,000		219,329
5.500%, 10/1/15		100,000		112,124
Crown Media Holdings, Inc.
10.500%, 7/15/19		1,000,000		1,077,500
DCP LLC/DCP Corp.
10.750%, 8/15/15§		775,000		724,625
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
3.550%, 3/15/15		195,000		205,499
5.875%, 10/1/19		300,000		347,795
5.000%, 3/1/21		300,000		332,625
Discovery Communications LLC
3.700%, 6/1/15		150,000		160,205
5.050%, 6/1/20		200,000		227,961
European Media Capital S.A.
10.000%, 2/1/15§(b)		1,984,553		1,727,052
Good Sam Enterprises LLC
11.500%, 12/1/16		1,000,000		1,041,250
Local Insight Regatta Holdings, Inc.
11.000%, 12/1/17*(h)		1,916,000		192
NBCUniversal Media LLC
5.150%, 4/30/20		250,000		285,438
4.375%, 4/1/21		400,000		435,920
Network Communications, Inc.
8.600%, 1/14/20 PIK†§(b)		2,126,761		797,535
News America, Inc.
8.000%, 10/17/16		400,000		492,321
Omnicom Group, Inc.
6.250%, 7/15/19		200,000		237,018
Radio One, Inc.
15.000%, 5/24/16 PIK		626,072		496,162
Reed Elsevier Capital, Inc.
8.625%, 1/15/19		150,000		191,122
Thomson Reuters Corp.
6.500%, 7/15/18		350,000		430,302
Time Warner Cable, Inc.
6.200%, 7/1/13		300,000		315,353
3.500%, 2/1/15		100,000		105,560
5.850%, 5/1/17		400,000		466,424
8.250%, 4/1/19		300,000		390,536
5.000%, 2/1/20		200,000		223,546
Time Warner, Inc.
5.875%, 11/15/16		200,000		233,222
4.875%, 3/15/20		500,000		558,163
3.400%, 6/15/22		100,000		100,895

See Notes to Financial Statements.

208

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
Viacom, Inc.
4.375%, 9/15/14	$	150,000	$	160,305
6.250%, 4/30/16		134,000		156,081
5.625%, 9/15/19		250,000		294,548
Walt Disney Co.
4.500%, 12/15/13		408,000		430,479
6.000%, 7/17/17		100,000		122,733
3.750%, 6/1/21		150,000		166,796
Wolverine Healthcare Analytics, Inc.
7.250%, 5/14/17		1,000,000		993,750
WPP Finance UK Corp.
5.875%, 6/15/14		200,000		215,858

				17,389,758

*Multiline Retail (0.1%)*
Family Dollar Stores, Inc.
5.000%, 2/1/21		100,000		107,498
Kohl’s Corp.
6.250%, 12/15/17		100,000		120,371
Macy’s Retail Holdings, Inc.
5.750%, 7/15/14		160,000		174,000
5.900%, 12/1/16		100,000		115,500
Nordstrom, Inc.
6.750%, 6/1/14		100,000		111,151
Target Corp.
1.125%, 7/18/14		105,000		106,047
6.000%, 1/15/18		350,000		428,382

				1,162,949

*Specialty Retail (0.2%)*
AutoZone, Inc.
6.500%, 1/15/14		100,000		107,674
4.000%, 11/15/20		100,000		106,813
Home Depot, Inc.
5.400%, 3/1/16		450,000		517,911
4.400%, 4/1/21		150,000		172,759
Lowe’s Cos., Inc.
2.125%, 4/15/16		150,000		153,798
4.625%, 4/15/20		250,000		281,132
O’Reilly Automotive, Inc.
4.875%, 1/14/21		100,000		106,942
Staples, Inc.
9.750%, 1/15/14		250,000		279,516

				1,726,545

*Textiles, Apparel & Luxury Goods (0.0%)*
Cintas Corp. No. 2
6.125%, 12/1/17		100,000		119,896

*Trading Companies & Distributors (0.0%)*
HD Supply, Inc.
11.000%, 4/15/20§		350,000		376,687

Total Consumer Discretionary				30,249,841

Consumer Staples (2.6%)
*Beverages (0.7%)*
Anheuser-Busch Cos. LLC
4.950%, 1/15/14		200,000		212,393
Anheuser-Busch InBev Worldwide, Inc.
1.192%, 3/26/13(l)		300,000		301,409
1.016%, 1/27/14(l)		2,200,000		2,214,150
2.875%, 2/15/16		250,000		264,494
7.750%, 1/15/19	$	300,000	$	394,116
5.375%, 1/15/20		400,000		476,664
Beam, Inc.
6.375%, 6/15/14		100,000		109,629
Bottling Group LLC
6.950%, 3/15/14		300,000		331,808
Brown-Forman Corp.
2.500%, 1/15/16		100,000		104,801
Coca-Cola Co.
0.750%, 11/15/13		300,000		301,046
0.750%, 3/13/15		100,000		100,125
1.500%, 11/15/15		200,000		203,944
1.800%, 9/1/16		400,000		411,202
3.150%, 11/15/20		200,000		213,670
Coca-Cola Enterprises, Inc.
3.500%, 9/15/20		150,000		156,970
3.250%, 8/19/21		100,000		103,935
Diageo Capital plc
5.750%, 10/23/17		200,000		242,372
Diageo Finance B.V.
3.250%, 1/15/15		150,000		158,490
Dr. Pepper Snapple Group, Inc.
2.600%, 1/15/19		100,000		101,618
3.200%, 11/15/21		100,000		101,952
PepsiCo, Inc.
0.875%, 10/25/13		300,000		301,060
2.500%, 5/10/16		300,000		313,640
7.900%, 11/1/18		250,000		333,360
4.500%, 1/15/20		200,000		227,768

				7,680,616

*Food & Staples Retailing (0.6%)*
Costco Wholesale Corp.
5.500%, 3/15/17		100,000		118,922
CVS Caremark Corp.
3.250%, 5/18/15		250,000		264,026
5.750%, 6/1/17		200,000		235,919
6.600%, 3/15/19		200,000		250,154
CVS Pass-Through Trust
5.789%, 1/10/26§		898,670		989,912
7.507%, 1/10/32§		1,334,498		1,645,087
D.S Waters Enterprise LP
10.500%, 8/15/17		1,200,000		1,179,000
Delhaize Group S.A.
4.125%, 4/10/19		100,000		97,450
Kroger Co.
7.500%, 1/15/14		200,000		219,625
6.400%, 8/15/17		100,000		119,244
6.150%, 1/15/20		100,000		119,539
Safeway, Inc.
6.350%, 8/15/17		200,000		222,905
5.000%, 8/15/19		150,000		155,851
Walgreen Co.
4.875%, 8/1/13		100,000		104,384
5.250%, 1/15/19		150,000		170,544
Wal-Mart Stores, Inc.
1.625%, 4/15/14		200,000		203,687
2.875%, 4/1/15		500,000		529,546
5.800%, 2/15/18		250,000		307,306
3.250%, 10/25/20		450,000		482,162

				7,415,263

See Notes to Financial Statements.

209

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
*Food Products (0.5%)*
Archer-Daniels-Midland Co.
4.479%, 3/1/21	$	250,000	$	288,086
Campbell Soup Co.
3.375%, 8/15/14		100,000		105,435
4.250%, 4/15/21		100,000		113,397
ConAgra Foods, Inc.
7.000%, 4/15/19		150,000		184,510
General Mills, Inc.
5.250%, 8/15/13		100,000		104,967
5.200%, 3/17/15		100,000		110,929
5.650%, 2/15/19		200,000		241,310
H.J. Heinz Co.
5.350%, 7/15/13		100,000		104,659
Hershey Co.
5.000%, 4/1/13		1,000,000		1,032,119
1.500%, 11/1/16		80,000		81,081
Hillshire Brands Co.
2.750%, 9/15/15		200,000		204,910
Hormel Foods Corp.
4.125%, 4/15/21		100,000		111,984
Ingredion, Inc.
3.200%, 11/1/15		100,000		103,991
J.M. Smucker Co.
3.500%, 10/15/21		150,000		156,904
Kellogg Co.
4.450%, 5/30/16		100,000		110,786
4.000%, 12/15/20		100,000		109,840
Kraft Foods, Inc.
4.125%, 2/9/16		250,000		271,701
6.125%, 2/1/18		400,000		478,923
5.375%, 2/10/20		500,000		589,440
McCormick & Co., Inc.
3.900%, 7/15/21		100,000		110,151
Mead Johnson Nutrition Co.
4.900%, 11/1/19		100,000		113,746
Tyson Foods, Inc.
4.500%, 6/15/22		500,000		514,400
Viskase Cos., Inc.
9.875%, 1/15/18§		775,000		806,000

				6,049,269

*Household Products (0.4%)*
Amscan Holdings, Inc.
8.750%, 5/1/14		1,000,000		1,003,750
Clorox Co.
3.550%, 11/1/15		200,000		211,215
Colgate-Palmolive Co.
3.150%, 8/5/15		300,000		321,692
Energizer Holdings, Inc.
4.700%, 5/19/21		150,000		155,958
Kimberly-Clark Corp.
6.125%, 8/1/17		150,000		182,494
7.500%, 11/1/18		100,000		132,568
3.875%, 3/1/21		100,000		112,216
Procter & Gamble Co.
3.500%, 2/15/15		300,000		321,171
4.850%, 12/15/15		200,000		226,311
4.700%, 2/15/19		200,000		237,132
Spectrum Brands, Inc.
6.750%, 3/15/20§		1,500,000		1,552,500

				4,457,007

*Personal Products (0.0%)*
Avon Products, Inc.
5.625%, 3/1/14	$	200,000	$	209,882

*Tobacco (0.4%)*
Altria Group, Inc.
7.750%, 2/6/14		500,000		550,468
4.125%, 9/11/15		300,000		325,821
9.700%, 11/10/18		300,000		413,971
9.250%, 8/6/19		250,000		346,175
4.750%, 5/5/21		200,000		225,990
Lorillard Tobacco Co.
8.125%, 6/23/19		165,000		204,219
6.875%, 5/1/20		100,000		117,975
Philip Morris International, Inc.
6.875%, 3/17/14		250,000		276,050
5.650%, 5/16/18		400,000		482,913
Reynolds American, Inc.
7.625%, 6/1/16		300,000		361,474
Vector Group Ltd.
11.000%, 8/15/15		1,000,000		1,040,000

				4,345,056

Total Consumer Staples				30,157,093

Energy (2.9%)
*Energy Equipment & Services (0.1%)*
Cameron International Corp.
6.375%, 7/15/18		100,000		119,043
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		165,000		196,287
Ensco plc
3.250%, 3/15/16		200,000		209,895
4.700%, 3/15/21		300,000		326,528
Halliburton Co.
6.150%, 9/15/19		100,000		124,742
3.250%, 11/15/21		100,000		104,960
Rowan Cos., Inc.
7.875%, 8/1/19		65,000		78,424
Transocean, Inc.
6.000%, 3/15/18		100,000		111,625
6.500%, 11/15/20		150,000		170,373
Weatherford International Ltd.
6.000%, 3/15/18		200,000		227,512
9.625%, 3/1/19		200,000		262,554

				1,931,943

*Metals & Mining (0.1%)*
Alpha Appalachia Holdings, Inc.
3.250%, 8/1/15		1,025,000		884,062

*Oil, Gas & Consumable Fuels (2.7%)*
Anadarko Petroleum Corp.
5.950%, 9/15/16		200,000		226,284
8.700%, 3/15/19		250,000		330,186
Apache Corp.
5.625%, 1/15/17		250,000		296,352
Buckeye Partners LP
5.500%, 8/15/19		75,000		76,330
4.875%, 2/1/21		200,000		199,877
Canadian Natural Resources Ltd.
4.900%, 12/1/14		100,000		109,691
5.700%, 5/15/17		200,000		233,420
5.900%, 2/1/18		100,000		118,278

See Notes to Financial Statements.

210

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
Cenovus Energy, Inc.
4.500%, 9/15/14	$	100,000	$	106,802
5.700%, 10/15/19		150,000		176,594
Chevron Corp.
3.950%, 3/3/14		400,000		421,936
ConocoPhillips
4.750%, 2/1/14		300,000		319,153
5.750%, 2/1/19		300,000		368,099
Devon Energy Corp.
2.400%, 7/15/16		100,000		102,931
4.000%, 7/15/21		150,000		163,119
Enbridge Energy Partners LP
9.875%, 3/1/19		200,000		264,200
Enbridge, Inc.
5.600%, 4/1/17		200,000		227,744
EnCana Corp.
5.900%, 12/1/17		100,000		113,478
6.500%, 5/15/19		100,000		119,341
EnCana Holdings Finance Corp.
5.800%, 5/1/14		200,000		214,459
Energy Transfer Partners LP
6.000%, 7/1/13		150,000		156,315
9.000%, 4/15/19		300,000		379,731
Energy XXI Gulf Coast, Inc.
9.250%, 12/15/17		1,225,000		1,307,688
Enterprise Products Operating LLC
6.300%, 9/15/17		100,000		119,309
5.250%, 1/31/20		200,000		227,017
EOG Resources, Inc.
2.950%, 6/1/15		250,000		262,575
5.625%, 6/1/19		200,000		238,374
EQT Corp.
8.125%, 6/1/19		100,000		119,948
Gaz Capital S.A. for Gazprom OAO
6.510%, 3/7/22(m)		1,200,000		1,309,500
Gazprom S.A. (Gaz Capital S.A.)
5.092%, 11/29/15§		400,000		421,000
8.625%, 4/28/34(m)		500,000		636,250
Hess Corp.
8.125%, 2/15/19		150,000		192,637
Husky Energy, Inc.
5.900%, 6/15/14		105,000		114,103
7.250%, 12/15/19		150,000		184,245
Kinder Morgan Energy Partners LP
5.000%, 12/15/13		150,000		157,812
5.625%, 2/15/15		100,000		110,865
6.000%, 2/1/17		150,000		172,875
9.000%, 2/1/19		100,000		130,206
5.300%, 9/15/20		150,000		165,713
Kodiak Oil & Gas Corp.
8.125%, 12/1/19§		1,100,000		1,127,500
Magellan Midstream Partners LP
6.550%, 7/15/19		100,000		120,740
4.250%, 2/1/21		100,000		107,842
Magnum Hunter Resources Corp.
9.750%, 5/15/20§		1,050,000		1,018,500
Marathon Oil Corp.
5.900%, 3/15/18		123,000		146,449
Marathon Petroleum Corp.
3.500%, 3/1/16		100,000		104,889
5.125%, 3/1/21		100,000		112,043
McMoRan Exploration Co.
11.875%, 11/15/14	$	575,000	$	590,812
Nabors Industries, Inc.
9.250%, 1/15/19		300,000		392,729
Noble Energy, Inc.
8.250%, 3/1/19		200,000		258,021
Noble Holding International Ltd.
3.050%, 3/1/16		100,000		103,374
4.900%, 8/1/20		200,000		216,682
NuStar Logistics LP
4.800%, 9/1/20		150,000		151,408
Occidental Petroleum Corp.
2.500%, 2/1/16		100,000		104,885
4.125%, 6/1/16		150,000		166,818
4.100%, 2/1/21		200,000		228,036
ONEOK Partners LP
3.250%, 2/1/16		100,000		104,991
8.625%, 3/1/19		100,000		129,432
Petrobras International Finance Co.
3.875%, 1/27/16		250,000		258,910
3.500%, 2/6/17		250,000		256,292
5.875%, 3/1/18		250,000		276,623
7.875%, 3/15/19		250,000		304,398
5.750%, 1/20/20		400,000		439,648
5.375%, 1/27/21		250,000		270,717
Petrohawk Energy Corp.
6.250%, 6/1/19		250,000		279,015
Petroleos Mexicanos
4.875%, 3/15/15		250,000		268,625
8.000%, 5/3/19		400,000		508,000
6.000%, 3/5/20		500,000		580,000
Plains All American Pipeline LP/Plains All American Finance Corp.
3.950%, 9/15/15		100,000		107,085
8.750%, 5/1/19		100,000		132,112
Resolute Energy Corp.
8.500%, 5/1/20§		975,000		970,125
Samson Investment Co.
9.750%, 2/15/20§		625,000		620,312
Shell International Finance B.V.
4.000%, 3/21/14		300,000		317,642
4.300%, 9/22/19		350,000		405,855
4.375%, 3/25/20		200,000		233,402
Spectra Energy Capital LLC
6.200%, 4/15/18		250,000		297,104
Statoil ASA
2.900%, 10/15/14		250,000		261,993
5.250%, 4/15/19		250,000		298,750
Stone Energy Corp.
8.625%, 2/1/17		1,500,000		1,522,500
Suncor Energy, Inc.
6.100%, 6/1/18		300,000		355,989
Talisman Energy, Inc.
7.750%, 6/1/19		150,000		185,849
Total Capital S.A.
3.125%, 10/2/15		350,000		373,631
4.450%, 6/24/20		200,000		228,814
4.125%, 1/28/21		100,000		110,896
TransCanada PipeLines Ltd.
3.400%, 6/1/15		200,000		212,312
7.125%, 1/15/19		100,000		128,471

See Notes to Financial Statements.

211

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
3.800%, 10/1/20	$	200,000	$	218,677
6.350%, 5/15/67(l)		200,000		205,000
Valero Energy Corp.
9.375%, 3/15/19		200,000		264,096
Vanguard Natural Resources LLC/Vanguard Natural Resources Finance Corp.
7.875%, 4/1/20		1,325,000		1,321,687
Venoco, Inc.
8.875%, 2/15/19		900,000		828,000
W&T Offshore, Inc.
8.500%, 6/15/19		800,000		824,000
Williams Partners LP
3.800%, 2/15/15		100,000		105,318
5.250%, 3/15/20		200,000		226,164
XTO Energy, Inc.
6.250%, 4/15/13		983,000		1,026,753
6.250%, 8/1/17		150,000		184,555

				31,188,908

Total Energy				34,004,913

Financials (13.4%)
*Capital Markets (2.4%)*
American Capital Ltd.
7.960%, 12/31/13		1,000,000		1,001,250
Ameriprise Financial, Inc.
5.650%, 11/15/15		100,000		112,696
Bank of New York Mellon Corp.
5.125%, 8/27/13		200,000		210,426
4.300%, 5/15/14		100,000		106,960
1.200%, 2/20/15		85,000		85,778
2.500%, 1/15/16		300,000		313,934
4.150%, 2/1/21		200,000		222,436
3.550%, 9/23/21		100,000		106,476
BlackRock, Inc.
3.500%, 12/10/14		200,000		211,896
5.000%, 12/10/19		200,000		228,913
Charles Schwab Corp.
4.950%, 6/1/14		100,000		107,273
4.450%, 7/22/20		100,000		109,988
CKE Holdings, Inc.
10.500%, 3/14/16 PIK§		700,000		770,000
Deutsche Bank AG/London
3.450%, 3/30/15		200,000		207,407
6.000%, 9/1/17		500,000		571,740
E*TRADE Financial Corp.
12.500%, 11/30/17		1,000,000		1,145,000
Eaton Vance Corp.
6.500%, 10/2/17		100,000		114,615
Franklin Resources, Inc.
3.125%, 5/20/15		100,000		105,327
Goldman Sachs Group, Inc.
5.250%, 10/15/13		500,000		520,507
6.000%, 5/1/14		500,000		529,493
3.300%, 5/3/15		250,000		250,000
3.700%, 8/1/15		300,000		301,228
5.350%, 1/15/16		1,000,000		1,051,438
0.918%, 3/22/16(l)		2,100,000		1,887,081
5.625%, 1/15/17		400,000		420,535
6.250%, 9/1/17		1,300,000		1,409,460
6.150%, 4/1/18		1,000,000		1,083,629
5.375%, 3/15/20	$	750,000	$	772,215
5.250%, 7/27/21		400,000		406,416
Jefferies Group, Inc.
5.125%, 4/13/18		400,000		389,798
Merrill Lynch & Co., Inc.
5.000%, 2/3/14		100,000		103,402
4.875%, 5/30/14	EUR	1,600,000		2,088,229
1.187%, 7/22/14(l)		400,000		481,517
0.927%, 1/15/15(l)	$	1,000,000		941,315
6.050%, 5/16/16		550,000		570,625
5.700%, 5/2/17		400,000		410,720
6.875%, 4/25/18		1,500,000		1,677,870
Morgan Stanley
4.750%, 4/1/14		500,000		503,591
6.000%, 5/13/14		500,000		517,165
4.100%, 1/26/15		250,000		249,412
6.000%, 4/28/15		300,000		308,430
5.375%, 10/15/15		500,000		509,041
5.750%, 10/18/16		500,000		511,920
5.550%, 4/27/17		500,000		507,980
7.300%, 5/13/19		750,000		810,660
5.500%, 1/26/20		250,000		245,244
5.750%, 1/25/21		300,000		295,144
5.500%, 7/28/21		120,000		117,290
Nomura Holdings, Inc.
4.125%, 1/19/16		100,000		101,863
6.700%, 3/4/20		150,000		168,689
Northern Trust Corp.
4.625%, 5/1/14		140,000		150,050
3.450%, 11/4/20		150,000		161,075
Raymond James Financial, Inc.
8.600%, 8/15/19		100,000		122,351
SteelRiver Transmission Co. LLC
4.710%, 6/30/17§(b)		1,104,702		1,138,705
TD Ameritrade Holding Corp.
4.150%, 12/1/14		100,000		105,854
5.600%, 12/1/19		100,000		113,437

				27,665,494

*Commercial Banks (4.5%)*
American Express Centurion Bank
6.000%, 9/13/17		250,000		296,928
Banco do Brasil S.A./Cayman
4.500%, 1/22/15§		100,000		105,500
Banco Santander S.A./Chile
2.066%, 1/19/16(l)§		3,100,000		2,852,000
Bancolombia S.A.
4.250%, 1/12/16		200,000		207,000
Bank of Nova Scotia
2.375%, 12/17/13		600,000		614,696
2.900%, 3/29/16		350,000		364,888
Barclays Bank plc
2.375%, 1/13/14		500,000		501,320
3.900%, 4/7/15		150,000		155,463
6.750%, 5/22/19		250,000		292,076
5.125%, 1/8/20		300,000		324,782
5.140%, 10/14/20		100,000		96,137
BB&T Corp.
3.375%, 9/25/13		200,000		206,166
3.200%, 3/15/16		300,000		317,519
6.850%, 4/30/19		100,000		127,925

See Notes to Financial Statements.

212

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
BBVA Senior Finance S.A. Unipersonal
3.250%, 5/16/14	$	250,000	$	239,875
BNP Paribas S.A.
3.250%, 3/11/15		500,000		503,235
5.000%, 1/15/21		350,000		357,789
BPCE S.A.
2.375%, 10/4/13§		3,500,000		3,460,211
Canadian Imperial Bank of Commerce
1.450%, 9/13/13		350,000		353,270
CIT Group, Inc.
7.000%, 5/2/17§		710,235		711,123
Comerica Bank
5.750%, 11/21/16		250,000		281,333
Credit Suisse AG/New York
5.500%, 5/1/14		500,000		530,388
3.500%, 3/23/15		300,000		310,722
4.375%, 8/5/20		350,000		373,816
Discover Bank/Delaware
7.000%, 4/15/20		200,000		232,750
DnB Bank ASA
3.200%, 4/3/17§		1,400,000		1,411,200
Fifth Third Bancorp
3.625%, 1/25/16		200,000		211,210
5.450%, 1/15/17		100,000		109,331
First Horizon National Corp.
5.375%, 12/15/15		200,000		210,717
HSBC Bank USA/New York
4.625%, 4/1/14		200,000		208,719
HSBC Holdings plc
5.100%, 4/5/21		200,000		221,692
JPMorgan Chase Bank N.A.
6.000%, 10/1/17		600,000		671,546
KeyBank N.A./Ohio
7.413%, 5/6/15		100,000		113,410
KeyCorp
5.100%, 3/24/21		250,000		279,036
KfW
1.375%, 1/13/14		1,000,000		1,011,643
3.500%, 3/10/14		1,000,000		1,048,656
2.625%, 3/3/15		900,000		947,190
0.625%, 4/24/15		250,000		250,124
2.625%, 2/16/16		1,050,000		1,114,963
5.125%, 3/14/16		1,000,000		1,151,632
4.500%, 7/16/18		500,000		588,981
4.875%, 6/17/19		400,000		483,561
4.000%, 1/27/20		500,000		574,129
2.750%, 9/8/20		500,000		526,936
6.250%, 5/19/21	AUD	2,200,000		2,550,786
2.625%, 1/25/22	$	500,000		516,959
Landwirtschaftliche Rentenbank
2.500%, 2/15/16		400,000		420,108
5.125%, 2/1/17		500,000		584,970
Lloyds TSB Bank plc
2.816%, 1/24/14(l)		2,100,000		2,101,841
4.875%, 1/21/16		300,000		315,593
6.375%, 1/21/21		200,000		227,946
M&I Marshall & Ilsley Bank
4.850%, 6/16/15		100,000		106,899
Mellon Funding Corp.
5.000%, 12/1/14		200,000		218,001
Nordea Bank AB
1.367%, 1/14/14(l)§	$	2,000,000	$	2,000,133
Oesterreichische Kontrollbank AG
1.375%, 1/21/14		400,000		401,668
4.875%, 2/16/16		400,000		447,404
PNC Funding Corp.
3.000%, 5/19/14		300,000		311,686
2.700%, 9/19/16		250,000		259,911
5.625%, 2/1/17		250,000		279,779
5.125%, 2/8/20		400,000		462,912
Rabobank Nederland N.V.
0.703%, 10/11/12(l)		2,900,000		2,898,954
1.850%, 1/10/14		300,000		302,169
2.125%, 10/13/15		200,000		200,926
3.875%, 2/8/22		200,000		202,393
Royal Bank of Canada
2.100%, 7/29/13		200,000		203,451
2.625%, 12/15/15		300,000		311,865
2.300%, 7/20/16		300,000		308,040
Royal Bank of Scotland Group plc
4.875%, 3/16/15		500,000		517,746
Royal Bank of Scotland plc
2.887%, 8/23/13(l)		2,000,000		2,004,248
3.950%, 9/21/15		350,000		355,337
5.625%, 8/24/20		250,000		261,051
6.125%, 1/11/21		100,000		109,644
Sovereign Bank/Delaware
8.750%, 5/30/18		100,000		104,229
SunTrust Banks, Inc.
3.600%, 4/15/16		200,000		207,353
SunTrust Banks, Inc./Georgia
7.250%, 3/15/18		100,000		116,078
Svenska Handelsbanken AB
3.125%, 7/12/16		200,000		205,914
Toronto-Dominion Bank
2.500%, 7/14/16		400,000		413,676
2.375%, 10/19/16		100,000		102,577
U.S. Bancorp
1.375%, 9/13/13		300,000		302,893
4.200%, 5/15/14		150,000		159,554
3.150%, 3/4/15		200,000		211,861
2.450%, 7/27/15		100,000		104,093
3.442%, 2/1/16		150,000		154,081
U.S. Bank N.A./Ohio
4.950%, 10/30/14		200,000		217,467
4.800%, 4/15/15		100,000		109,780
UBS AG/Connecticut
1.466%, 1/28/14(l)		100,000		99,311
3.875%, 1/15/15		250,000		260,305
5.875%, 7/15/16		250,000		262,545
5.875%, 12/20/17		250,000		279,620
5.750%, 4/25/18		300,000		332,359
4.875%, 8/4/20		200,000		214,416
UFJ Finance Aruba AEC
6.750%, 7/15/13		300,000		314,239
Union Bank N.A.
2.125%, 12/16/13		200,000		203,316
Wachovia Bank N.A.
6.000%, 11/15/17		500,000		581,948
Wachovia Corp.
5.250%, 8/1/14		350,000		372,623
5.750%, 2/1/18		300,000		353,543

See Notes to Financial Statements.

213

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
Wells Fargo & Co.
4.950%, 10/16/13	$	200,000	$	209,700
3.750%, 10/1/14		350,000		368,969
3.625%, 4/15/15		200,000		211,786
1.500%, 7/1/15		500,000		499,768
5.125%, 9/15/16		250,000		275,823
2.100%, 5/8/17		200,000		200,374
5.625%, 12/11/17		650,000		757,549
Westpac Banking Corp.
2.100%, 8/2/13		200,000		203,014
4.200%, 2/27/15		400,000		425,012
4.875%, 11/19/19		300,000		327,762
Zions Bancorp
7.750%, 9/23/14		100,000		108,195

				53,105,741

*Consumer Finance (1.5%)*
Ally Financial, Inc.
3.667%, 2/11/14(l)		1,700,000		1,687,658
American Express Co.
4.875%, 7/15/13		150,000		155,931
6.150%, 8/28/17		550,000		652,206
7.000%, 3/19/18		1,850,000		2,289,024
8.125%, 5/20/19		150,000		199,754
6.800%, 9/1/66(l)		150,000		154,500
American Express Credit Corp.
7.300%, 8/20/13		250,000		268,135
1.750%, 6/12/15		117,000		117,941
2.750%, 9/15/15		250,000		259,228
2.800%, 9/19/16		250,000		260,791
Capital One Bank USA N.A.
8.800%, 7/15/19		287,000		359,939
Capital One Financial Corp.
7.375%, 5/23/14		300,000		330,180
6.150%, 9/1/16		100,000		111,147
6.750%, 9/15/17		200,000		237,837
Caterpillar Financial Services Corp.
1.550%, 12/20/13		200,000		202,372
6.125%, 2/17/14		200,000		217,255
2.750%, 6/24/15		100,000		105,249
2.050%, 8/1/16		200,000		206,184
7.150%, 2/15/19		400,000		524,874
Community Choice Financial, Inc.
10.750%, 5/1/19§		475,000		470,250
Discover Financial Services
5.200%, 4/27/22§		100,000		105,000
Ford Motor Credit Co. LLC
7.500%, 8/1/12		900,000		905,310
2.750%, 5/15/15		500,000		504,050
3.984%, 6/15/16§		300,000		310,500
8.000%, 12/15/16		250,000		295,325
3.000%, 6/12/17		500,000		497,500
5.875%, 8/2/21		500,000		556,400
HSBC Finance Corp.
4.750%, 7/15/13		300,000		309,969
5.000%, 6/30/15		400,000		425,941
6.676%, 1/15/21		300,000		324,319
HSBC USA, Inc.
5.000%, 9/27/20		150,000		152,934
iPayment Holdings, Inc.
15.000%, 11/15/18 PIK		2,156,703		1,811,631
John Deere Capital Corp.
2.800%, 9/18/17	$	500,000	$	531,674
SLM Corp.
5.000%, 10/1/13		300,000		309,000
6.250%, 1/25/16		250,000		260,000
8.450%, 6/15/18		300,000		333,000
8.000%, 3/25/20		200,000		218,000
Toyota Motor Credit Corp.
1.375%, 8/12/13		100,000		100,871
1.250%, 11/17/14		100,000		100,879
3.200%, 6/17/15		200,000		212,446
2.800%, 1/11/16		100,000		105,216
2.000%, 9/15/16		100,000		102,257
1.750%, 5/22/17		300,000		301,529
3.400%, 9/15/21		300,000		316,002

				17,900,208

*Diversified Financial Services (3.4%)*
AngloGold Ashanti Holdings plc
5.375%, 4/15/20		110,000		112,200
Bank of America Corp.
7.375%, 5/15/14		500,000		537,295
4.500%, 4/1/15		1,000,000		1,032,143
6.500%, 8/1/16		500,000		548,920
5.625%, 10/14/16		800,000		851,909
5.000%, 5/13/21		500,000		515,892
Boeing Capital Corp.
2.125%, 8/15/16		100,000		104,118
BP Capital Markets plc
3.625%, 5/8/14		200,000		209,720
3.875%, 3/10/15		500,000		536,772
3.125%, 10/1/15		500,000		531,435
4.500%, 10/1/20		450,000		509,221
Citigroup, Inc.
5.500%, 4/11/13		300,000		308,217
2.467%, 8/13/13(l)		400,000		402,296
6.500%, 8/19/13		3,500,000		3,662,440
5.000%, 9/15/14		500,000		513,283
6.010%, 1/15/15		500,000		538,352
4.750%, 5/19/15		200,000		209,316
5.850%, 8/2/16		400,000		436,254
5.500%, 2/15/17		150,000		157,149
6.125%, 11/21/17		500,000		552,749
6.125%, 5/15/18		500,000		558,255
8.500%, 5/22/19		600,000		745,884
5.375%, 8/9/20		100,000		108,281
CME Group, Inc.
5.750%, 2/15/14		200,000		214,371
CNG Holdings, Inc.
9.375%, 5/15/20§		1,000,000		1,025,000
ConocoPhillips Canada Funding Co. I
5.625%, 10/15/16		300,000		353,506
Credit Suisse USA, Inc.
5.375%, 3/2/16		300,000		331,006
Fox Acquisition Sub LLC
13.375%, 7/15/16§		600,000		642,000
Gazprom OAO Via White Nights Finance B.V.
10.500%, 3/25/14(m)		300,000		337,020
General Electric Capital Corp.
5.900%, 5/13/14		600,000		651,667
5.650%, 6/9/14		300,000		325,208

See Notes to Financial Statements.

214

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
3.500%, 6/29/15	$	750,000	$	791,509
5.400%, 2/15/17		800,000		911,162
6.000%, 8/7/19		1,000,000		1,165,143
5.300%, 2/11/21		250,000		280,606
4.650%, 10/17/21		300,000		333,108
Hutchison Whampoa International Ltd.
7.625%, 4/9/19(m)		600,000		742,622
JPMorgan Chase & Co.
4.650%, 6/1/14		750,000		790,244
5.125%, 9/15/14		500,000		531,290
3.700%, 1/20/15		1,000,000		1,041,973
4.750%, 3/1/15		300,000		320,913
3.450%, 3/1/16		500,000		518,108
3.150%, 7/5/16		1,300,000		1,337,053
6.000%, 1/15/18		750,000		858,211
6.300%, 4/23/19		700,000		814,007
4.400%, 7/22/20		1,000,000		1,061,157
4.250%, 10/15/20		250,000		262,848
NASDAQ OMX Group, Inc.
4.000%, 1/15/15		100,000		102,081
5.250%, 1/16/18		100,000		106,581
National Credit Union Administration Guaranteed Notes Series A3
2.350%, 6/12/17		200,000		209,900
National Rural Utilities Cooperative Finance Corp.
3.050%, 3/1/16		300,000		318,728
5.450%, 2/1/18		250,000		296,298
Nationstar Mortgage LLC/Nationstar Capital Corp.
10.875%, 4/1/15		1,175,000		1,263,125
ORIX Corp.
4.710%, 4/27/15		400,000		423,807
Private Export Funding Corp.
4.550%, 5/15/15		150,000		166,475
4.950%, 11/15/15		100,000		113,526
1.375%, 2/15/17		50,000		51,020
RFC Borrower LLC
0.000%, 11/18/13		1,200,000		1,200,000
SquareTwo Financial Corp.
11.625%, 4/1/17		1,000,000		892,500
TECO Finance, Inc.
5.150%, 3/15/20		100,000		113,864
TNK-BP Finance S.A.
7.500%, 3/13/13(m)		600,000		622,500
Tops Holding/Tops Markets LLC
10.125%, 10/15/15		1,275,000		1,353,094
Unilever Capital Corp.
2.750%, 2/10/16		100,000		106,045
4.800%, 2/15/19		200,000		234,958
Waha Aerospace B.V.
3.925%, 7/28/20§		2,125,000		2,216,375
XTRA Finance Corp.
5.150%, 4/1/17		100,000		114,520

				39,227,230

*Insurance (1.0%)*
ACE INA Holdings, Inc.
2.600%, 11/23/15		200,000		206,748
5.800%, 3/15/18		100,000		120,183
5.900%, 6/15/19		100,000		122,045
Aegon N.V.
4.625%, 12/1/15		200,000		214,309
Allied World Assurance Co. Holdings Ltd./Bermuda
7.500%, 8/1/16	$	100,000	$	115,143
Allstate Corp.
6.200%, 5/16/14		150,000		164,146
7.450%, 5/16/19		100,000		127,583
American Financial Group, Inc./Ohio
9.875%, 6/15/19		100,000		129,258
American International Group, Inc.
3.750%, 11/30/13§		700,000		705,790
5.050%, 10/1/15		300,000		318,006
5.450%, 5/18/17		300,000		324,603
8.250%, 8/15/18		500,000		603,670
6.400%, 12/15/20		100,000		112,852
Aon Corp.
3.500%, 9/30/15		100,000		104,795
5.000%, 9/30/20		100,000		110,651
Asurion Corp.
11.000%, 8/16/19		1,450,000		1,484,075
Axis Specialty Finance LLC
5.875%, 6/1/20		200,000		217,983
Berkshire Hathaway Finance Corp.
1.600%, 5/15/17		150,000		150,331
4.250%, 1/15/21		250,000		277,732
Berkshire Hathaway, Inc.
3.200%, 2/11/15		400,000		424,069
Chubb Corp.
5.750%, 5/15/18		100,000		121,390
6.375%, 3/29/67(l)		100,000		102,500
CNA Financial Corp.
5.875%, 8/15/20		200,000		219,057
Genworth Financial, Inc.
8.625%, 12/15/16		250,000		262,554
7.700%, 6/15/20		100,000		97,280
Hartford Financial Services Group, Inc.
4.000%, 3/30/15		100,000		104,399
5.375%, 3/15/17		100,000		107,358
5.500%, 3/30/20		100,000		105,585
Jefferson-Pilot Corp.
4.750%, 1/30/14		100,000		104,669
Lincoln National Corp.
6.250%, 2/15/20		100,000		112,611
7.000%, 5/17/66(l)		100,000		95,500
6.050%, 4/20/67(l)		100,000		89,000
Markel Corp.
7.125%, 9/30/19		100,000		115,856
Marsh & McLennan Cos., Inc.
5.750%, 9/15/15		200,000		222,330
4.800%, 7/15/21		100,000		109,383
MetLife, Inc.
6.750%, 6/1/16		250,000		292,868
7.717%, 2/15/19		300,000		379,961
PartnerReinsurance Finance B LLC
5.500%, 6/1/20		150,000		156,738
Principal Financial Group, Inc.
8.875%, 5/15/19		200,000		262,533
Protective Life Corp.
7.375%, 10/15/19		150,000		173,063
Prudential Financial, Inc.
4.500%, 7/15/13		100,000		103,045
5.100%, 9/20/14		200,000		214,335
4.750%, 6/13/15		150,000		161,050

See Notes to Financial Statements.

215

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
6.000%, 12/1/17	$	250,000	$	284,264
7.375%, 6/15/19		135,000		164,862
Reinsurance Group of America, Inc.
6.450%, 11/15/19		100,000		113,029
Torchmark Corp.
9.250%, 6/15/19		100,000		126,455
Travelers Cos., Inc.
5.500%, 12/1/15		100,000		112,374
5.800%, 5/15/18		100,000		120,254
Unum Group
5.625%, 9/15/20		100,000		108,277
W.R. Berkley Corp.
5.375%, 9/15/20		100,000		107,299
Willis North America, Inc.
5.625%, 7/15/15		200,000		213,824
7.000%, 9/29/19		100,000		115,833

				11,213,508

*Real Estate Investment Trusts (REITs) (0.5%)*
American Tower Corp.
4.625%, 4/1/15		125,000		132,907
4.500%, 1/15/18		100,000		105,353
5.050%, 9/1/20		100,000		105,528
AvalonBay Communities, Inc.
5.700%, 3/15/17		100,000		115,089
BioMed Realty LP
6.125%, 4/15/20		100,000		113,295
Boston Properties LP
5.000%, 6/1/15		100,000		108,618
3.700%, 11/15/18		200,000		207,254
5.625%, 11/15/20		100,000		115,210
Brandywine Operating Partnership LP
4.950%, 4/15/18		100,000		101,759
Camden Property Trust
4.625%, 6/15/21		100,000		107,544
CommonWealth REIT
5.750%, 11/1/15		100,000		104,114
6.650%, 1/15/18		100,000		107,739
Digital Realty Trust LP
4.500%, 7/15/15		100,000		104,596
Duke Realty LP
6.750%, 3/15/20		100,000		117,424
Equity One, Inc.
6.250%, 12/15/14		100,000		108,116
ERP Operating LP
5.125%, 3/15/16		300,000		331,246
4.750%, 7/15/20		200,000		220,018
HCP, Inc.
5.650%, 12/15/13		200,000		209,791
5.625%, 5/1/17		100,000		110,790
Health Care REIT, Inc.
6.200%, 6/1/16		100,000		111,667
4.700%, 9/15/17		100,000		105,613
6.125%, 4/15/20		100,000		112,923
Healthcare Realty Trust, Inc.
6.500%, 1/17/17		150,000		164,310
Hospitality Properties Trust
7.875%, 8/15/14		150,000		162,562
5.625%, 3/15/17		100,000		106,566
Kilroy Realty LP
5.000%, 11/3/15		100,000		106,439
Kimco Realty Corp.
6.875%, 10/1/19	$	100,000	$	119,470
Liberty Property LP
4.750%, 10/1/20		150,000		158,799
Realty Income Corp.
5.750%, 1/15/21		200,000		225,393
Senior Housing Properties Trust
4.300%, 1/15/16		100,000		100,625
Simon Property Group LP
5.100%, 6/15/15		200,000		218,868
5.250%, 12/1/16		200,000		225,686
6.125%, 5/30/18		300,000		354,316
5.650%, 2/1/20		100,000		117,477
UDR, Inc.
4.250%, 6/1/18		150,000		159,837
Ventas Realty LP/Ventas Capital Corp.
3.125%, 11/30/15		100,000		101,852
4.250%, 3/1/22		100,000		101,503
Vornado Realty LP
4.250%, 4/1/15		100,000		105,327

				5,485,624

*Real Estate Management & Development (0.1%)*
ProLogis LP
6.250%, 3/15/17		100,000		113,059
6.625%, 5/15/18		200,000		230,577
Toys R Us Property Co. I LLC
10.750%, 7/15/17		1,125,000		1,226,250

				1,569,886

*Thrifts & Mortgage Finance (0.0%)*
Abbey National Treasury Services plc/London
2.875%, 4/25/14		100,000		97,911
4.000%, 4/27/16		100,000		98,543

				196,454

Total Financials				156,364,145

Health Care (3.3%)
*Biotechnology (0.2%)*
Alkermes, Inc.
9.500%, 6/9/18		950,000		964,250
Amgen, Inc.
4.850%, 11/18/14		200,000		216,017
2.300%, 6/15/16		130,000		133,071
5.850%, 6/1/17		200,000		236,234
4.500%, 3/15/20		325,000		357,424
4.100%, 6/15/21		200,000		213,750
Genentech, Inc.
4.750%, 7/15/15		200,000		221,030

				2,341,776

*Health Care Equipment & Supplies (0.5%)*
Angiotech Pharmaceuticals, Inc.
5.000%, 12/1/13(l)		1,200,000		1,170,000
Baxter International, Inc.
4.625%, 3/15/15		200,000		219,895
4.250%, 3/15/20		150,000		169,426
Becton Dickinson and Co.
5.000%, 5/15/19		200,000		236,778

See Notes to Financial Statements.

216

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
Boston Scientific Corp.
4.500%, 1/15/15	$	250,000	$	265,629
6.400%, 6/15/16		100,000		114,932
6.000%, 1/15/20		100,000		119,119
C.R. Bard, Inc.
2.875%, 1/15/16		100,000		104,607
CareFusion Corp.
6.375%, 8/1/19		100,000		118,805
Covidien International Finance S.A.
2.800%, 6/15/15		100,000		104,167
6.000%, 10/15/17		100,000		120,192
DENTSPLY International, Inc.
4.125%, 8/15/21		100,000		104,365
Kinetic Concepts, Inc./KCI USA, Inc.
10.500%, 11/1/18§		850,000		894,625
Medtronic, Inc.
4.500%, 3/15/14		200,000		212,745
4.450%, 3/15/20		250,000		287,192
Series B
4.750%, 9/15/15		100,000		111,795
Physio-Control International, Inc.
9.875%, 1/15/19§		1,150,000		1,224,750
St. Jude Medical, Inc.
3.750%, 7/15/14		100,000		105,480
4.875%, 7/15/19		100,000		114,834
Stryker Corp.
2.000%, 9/30/16		150,000		153,421
Zimmer Holdings, Inc.
1.400%, 11/30/14		100,000		100,336
3.375%, 11/30/21		100,000		103,333

				6,156,426

*Health Care Providers & Services (1.4%)*
Aetna, Inc.
6.500%, 9/15/18		200,000		246,880
3.950%, 9/1/20		100,000		108,638
AmerisourceBergen Corp.
4.875%, 11/15/19		150,000		171,683
Apria Healthcare Group, Inc.
11.250%, 11/1/14		1,050,000		1,082,813
Ardent Health Services LLC
6.500%, 7/19/15		1,374,063		1,363,757
Cardinal Health, Inc.
5.800%, 10/15/16		200,000		230,751
Cigna Corp.
5.125%, 6/15/20		130,000		145,193
4.375%, 12/15/20		100,000		107,411
Coventry Health Care, Inc.
5.450%, 6/15/21		120,000		134,700
Express Scripts Holding Co.
6.250%, 6/15/14		200,000		218,576
3.125%, 5/15/16		250,000		261,107
4.750%, 11/15/21§		100,000		111,340
Fresenius Medical Care US Finance, Inc.
6.875%, 7/15/17		1,000,000		1,115,000
HCA, Inc.
2.745%, 3/15/14		468,750		458,203
7.250%, 9/15/20		500,000		552,500
Health Management Associates, Inc.
7.375%, 1/15/20§		1,200,000		1,276,500
Howard Hughes Medical Institute
3.450%, 9/1/14		100,000		106,136
Humana, Inc.
7.200%, 6/15/18	$	150,000	$	181,245
Laboratory Corp. of America Holdings
4.625%, 11/15/20		100,000		109,920
McKesson Corp.
6.500%, 2/15/14		100,000		108,608
4.750%, 3/1/21		100,000		115,063
Medco Health Solutions, Inc.
2.750%, 9/15/15		150,000		153,926
7.125%, 3/15/18		200,000		245,482
MedImpact Holdings, Inc.
10.500%, 2/1/18§		1,125,000		1,181,250
Quest Diagnostics, Inc.
6.400%, 7/1/17		150,000		177,836
4.700%, 4/1/21		100,000		111,714
Radiation Therapy Services, Inc.
8.875%, 1/15/17§		1,150,000		1,101,125
RegionalCare Hospital Partners
8.000%, 11/2/18		1,141,375		1,127,584
Res-Care, Inc.
10.750%, 1/15/19		1,200,000		1,329,000
Select Medical Corp.
7.625%, 2/1/15		750,000		752,813
Truven Health Analytics, Inc.
10.625%, 6/1/20§		750,000		783,750
UnitedHealth Group, Inc.
5.375%, 3/15/16		200,000		228,472
6.000%, 2/15/18		150,000		180,734
4.700%, 2/15/21		100,000		114,040
WellPoint, Inc.
5.250%, 1/15/16		300,000		335,866
4.350%, 8/15/20		200,000		219,163

				16,248,779

*Health Care Technology (0.1%)*
Emdeon, Inc.
11.000%, 12/31/19§		975,000		1,092,000

*Life Sciences Tools & Services (0.1%)*
Agilent Technologies, Inc.
2.500%, 7/15/13		100,000		101,260
5.000%, 7/15/20		100,000		113,275
Life Technologies Corp.
6.000%, 3/1/20		100,000		117,913
Thermo Fisher Scientific, Inc.
2.050%, 2/21/14		100,000		102,081
3.200%, 3/1/16		300,000		320,410
4.700%, 5/1/20		100,000		114,702

				869,641

*Pharmaceuticals (1.0%)*
Abbott Laboratories
2.700%, 5/27/15		150,000		157,774
5.875%, 5/15/16		100,000		117,882
5.600%, 11/30/17		300,000		363,382
4.125%, 5/27/20		250,000		285,080
Aptalis Pharma, Inc.
4.467%, 2/11/17		1,160,313		1,122,602
5.500%, 2/11/17		400,000		387,000
AstraZeneca plc
5.900%, 9/15/17		250,000		300,226

See Notes to Financial Statements.

217

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
Bristol-Myers Squibb Co.
5.250%, 8/15/13	$	100,000	$	105,254
5.450%, 5/1/18		100,000		120,451
Elan Finance plc/Elan Finance Corp.
8.750%, 10/15/16		1,600,000		1,740,000
Eli Lilly and Co.
4.200%, 3/6/14		200,000		211,586
5.200%, 3/15/17		100,000		117,207
GlaxoSmithKline Capital, Inc.
4.375%, 4/15/14		200,000		212,870
5.650%, 5/15/18		300,000		362,157
Hospira, Inc.
6.400%, 5/15/15		200,000		221,638
Johnson & Johnson
1.200%, 5/15/14		200,000		202,427
5.550%, 8/15/17		100,000		121,233
5.150%, 7/15/18		200,000		241,525
3.550%, 5/15/21		100,000		112,619
Lantheus Medical Imaging, Inc.
9.750%, 5/15/17		725,000		643,438
Merck & Co., Inc.
5.300%, 12/1/13		350,000		372,930
6.000%, 9/15/17		100,000		122,330
5.000%, 6/30/19		200,000		240,417
Novartis Capital Corp.
4.125%, 2/10/14		250,000		263,434
2.900%, 4/24/15		100,000		105,595
4.400%, 4/24/20		100,000		115,929
Novartis Securities Investment Ltd.
5.125%, 2/10/19		300,000		357,969
Pfizer, Inc.
4.500%, 2/15/14		200,000		212,469
5.350%, 3/15/15		400,000		446,708
6.200%, 3/15/19		400,000		502,859
Quintiles Transnational Corp.
7.500%, 2/22/17		1,275,000		1,278,188
Sanofi S.A.
1.625%, 3/28/14		150,000		152,406
2.625%, 3/29/16		150,000		157,283
4.000%, 3/29/21		250,000		278,638
Teva Pharmaceutical Finance Co. LLC
5.550%, 2/1/16		100,000		113,750
Teva Pharmaceutical Finance II B.V./Teva Pharmaceutical Finance III LLC
3.000%, 6/15/15		200,000		210,678
Teva Pharmaceutical Finance IV B.V.
3.650%, 11/10/21		250,000		262,500
Watson Pharmaceuticals, Inc.
6.125%, 8/15/19		100,000		114,770

				12,455,204

Total Health Care				39,163,826

Industrials (3.2%)
*Aerospace & Defense (0.4%)*
Boeing Co.
5.000%, 3/15/14		250,000		268,305
3.500%, 2/15/15		100,000		106,895
6.000%, 3/15/19		200,000		250,076
Delos Aircraft, Inc.
4.750%, 3/17/16		500,000		501,875
Embraer Overseas Ltd.
6.375%, 1/15/20	$	100,000	$	110,750
General Dynamics Corp.
5.250%, 2/1/14		300,000		321,558
Goodrich Corp.
6.125%, 3/1/19		150,000		184,486
Honeywell International, Inc.
5.300%, 3/1/18		250,000		298,266
L-3 Communications Corp.
3.950%, 11/15/16		100,000		105,832
5.200%, 10/15/19		100,000		109,371
4.950%, 2/15/21		100,000		108,150
Lockheed Martin Corp.
4.250%, 11/15/19		350,000		388,786
Northrop Grumman Corp.
3.700%, 8/1/14		150,000		157,439
Raytheon Co.
4.400%, 2/15/20		300,000		340,786
Rockwell Collins, Inc.
5.250%, 7/15/19		100,000		117,499
Textron, Inc.
5.600%, 12/1/17		100,000		110,443
5.950%, 9/21/21		100,000		113,332
United Technologies Corp.
4.875%, 5/1/15		150,000		167,133
1.200%, 6/1/15		90,000		91,069
1.800%, 6/1/17		50,000		50,973
6.125%, 2/1/19		250,000		308,914
4.500%, 4/15/20		100,000		115,896

				4,327,834

*Air Freight & Logistics (0.1%)*
FedEx Corp.
7.375%, 1/15/14		100,000		109,208
United Parcel Service, Inc.
3.875%, 4/1/14		250,000		264,090
5.125%, 4/1/19		100,000		120,546
3.125%, 1/15/21		250,000		266,697

				760,541

*Airlines (0.5%)*
American Airlines, Inc.
Series A
8.625%, 10/15/21		388,191		412,453
Series B
7.000%, 1/31/18§		1,116,399		1,088,489
Continental Airlines, Inc., Class A
Series A A
4.750%, 1/12/21		2,549,921		2,667,982
Delta Air Lines, Inc.
4.950%, 5/23/19		279,447		295,878
Series 2010-1 A
6.200%, 7/2/18		178,058		192,748
UAL Pass Through Trust, Class 2009-2A
9.750%, 1/15/17		834,886		949,683

				5,607,233

*Building Products (0.1%)*
CRH America, Inc.
6.000%, 9/30/16		350,000		382,836
Euramax International, Inc.
9.500%, 4/1/16		750,000		660,937

See Notes to Financial Statements.

218

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
Owens Corning, Inc.
9.000%, 6/15/19	$	100,000	$	125,500

				1,169,273

*Commercial Services & Supplies (0.8%)*
Altegrity, Inc.
12.000%, 11/1/15†§		1,100,000		1,030,040
American Reprographics Co.
10.500%, 12/15/16		1,200,000		1,203,000
Board of Trustees of the Leland Stanford Junior University
4.250%, 5/1/16		100,000		111,534
4.750%, 5/1/19		100,000		118,434
Cornell University
5.450%, 2/1/19		200,000		239,441
Neff Rental LLC/Neff Finance Corp.
9.625%, 5/15/16§		1,000,000		995,000
Pitney Bowes, Inc.
5.750%, 9/15/17		200,000		208,500
6.250%, 3/15/19		100,000		106,000
Republic Services, Inc.
5.500%, 9/15/19		250,000		291,613
Rocket Software, Inc.
10.250%, 2/18/19		1,000,000		990,000
Rural/Metro Corp.
10.125%, 7/15/19§		925,000		897,250
Sheridan Group, Inc.
12.500%, 4/15/14		389,050		326,802
Sheridan Holdings, Inc.
0.000%, 6/20/20		550,000		561,000
Verisure Holding AB
8.750%, 9/1/18§	EUR	650,000		789,672
Waste Management, Inc.
6.100%, 3/15/18	$	100,000		118,308
7.375%, 3/11/19		150,000		189,829
4.750%, 6/30/20		100,000		111,897
Yale University
2.900%, 10/15/14		100,000		104,820
Zinc Capital S.A.
8.875%, 5/15/18§	EUR	1,000,000		1,119,967

				9,513,107

*Construction & Engineering (0.1%)*
ABB Finance USA, Inc.
1.625%, 5/8/17	$	100,000		100,403
2.875%, 5/8/22		150,000		152,034
Abengoa Finance S.A.U.
8.875%, 11/1/17§		900,000		796,500

				1,048,937

*Electrical Equipment (0.0%)*
Emerson Electric Co.
5.625%, 11/15/13		100,000		106,480
4.875%, 10/15/19		200,000		237,825
Roper Industries, Inc.
6.625%, 8/15/13		100,000		105,681

				449,986

*Industrial Conglomerates (0.7%)*
3M Co.
4.375%, 8/15/13		250,000		261,136
Cooper U.S., Inc.
2.375%, 1/15/16		100,000		102,723
3.875%, 12/15/20	$	100,000	$	108,586
Danaher Corp.
5.625%, 1/15/18		200,000		240,317
3.900%, 6/23/21		100,000		112,212
GE Capital Trust I
6.375%, 11/15/67(l)		300,000		308,250
General Electric Co.
5.250%, 12/6/17		300,000		349,191
Harland Clarke Holdings Corp.
0.000%, 6/30/14		465,429		415,395
6.000%, 5/15/15(l)		815,000		615,325
Ingersoll-Rand Global Holding Co., Ltd.
6.000%, 8/15/13		150,000		157,816
6.875%, 8/15/18		100,000		121,433
JB Poindexter & Co., Inc.
9.000%, 4/1/22§		950,000		954,750
Koninklijke Philips Electronics N.V.
5.750%, 3/11/18		200,000		235,904
Mark IV USA/Euro Lux S.C.A.
8.875%, 12/15/17§	EUR	967,500		1,261,102
Tyco Electronics Group S.A.
6.000%, 10/1/12	$	1,768,000		1,788,962
6.550%, 10/1/17		100,000		119,523
Tyco International Finance S.A.
6.000%, 11/15/13		100,000		106,634
4.125%, 10/15/14		100,000		106,460
8.500%, 1/15/19		100,000		136,164
Tyco International Ltd./Tyco International Finance S.A.
6.875%, 1/15/21		100,000		128,032

				7,629,915

*Machinery (0.2%)*
Caterpillar, Inc.
1.375%, 5/27/14		100,000		101,247
2.600%, 6/26/22		250,000		249,107
Deere & Co.
2.600%, 6/8/22		250,000		249,792
Dover Corp.
5.450%, 3/15/18		150,000		178,328
Harsco Corp.
2.700%, 10/15/15		100,000		99,833
Illinois Tool Works, Inc.
5.150%, 4/1/14		100,000		107,664
6.250%, 4/1/19		100,000		124,047
Kennametal, Inc.
3.875%, 2/15/22		118,000		121,005
PACCAR, Inc.
6.875%, 2/15/14		100,000		109,888
Pall Corp.
5.000%, 6/15/20		100,000		112,094
Pentair, Inc.
5.000%, 5/15/21		100,000		110,222
Severstal Columbus LLC
10.250%, 2/15/18		600,000		600,750
Xylem, Inc.
3.550%, 9/20/16§		150,000		157,609

				2,321,586

*Marine (0.0%)*
Hapag-Lloyd AG
9.750%, 10/15/17§		600,000		546,000

See Notes to Financial Statements.

219

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
*Professional Services (0.0%)*
Dun & Bradstreet Corp.
2.875%, 11/15/15	$	55,000	$	57,602
Equifax, Inc.
4.450%, 12/1/14		100,000		105,877
Verisk Analytics, Inc.
5.800%, 5/1/21		100,000		113,625

				277,104

*Road & Rail (0.2%)*
Burlington Northern Santa Fe Corp.
7.000%, 2/1/14		200,000		218,786
Burlington Northern Santa Fe LLC
4.700%, 10/1/19		200,000		226,064
Canadian National Railway Co.
5.550%, 3/1/19		350,000		423,899
Canadian Pacific Railway Co.
7.250%, 5/15/19		45,000		55,466
CSX Corp.
7.900%, 5/1/17		250,000		312,667
7.375%, 2/1/19		200,000		255,133
Norfolk Southern Corp.
7.700%, 5/15/17		200,000		251,193
5.750%, 4/1/18		100,000		118,379
Ryder System, Inc.
7.200%, 9/1/15		100,000		114,983
3.600%, 3/1/16		100,000		104,915
Union Pacific Corp.
5.700%, 8/15/18		200,000		238,963
6.125%, 2/15/20		100,000		124,059

				2,444,507

*Trading Companies & Distributors (0.1%)*
Doric Nimrod Air One Ltd.
Series 2012-1A 5.125%, 11/30/24§(b)		200,000		200,000
GATX Corp.
3.500%, 7/15/16		150,000		154,097
4.850%, 6/1/21		100,000		103,911
Noble Group Ltd.
6.750%, 1/29/20§		600,000		579,000

				1,037,008

Total Industrials				37,133,031

Information Technology (1.7%)
*Communications Equipment (0.2%)*
Blue Coat Systems, Inc
7.500%, 1/17/18		1,200,000		1,194,000
Cisco Systems, Inc.
5.500%, 2/22/16		400,000		462,511
4.950%, 2/15/19		500,000		590,666
Harris Corp.
6.375%, 6/15/19		100,000		118,296
Motorola Solutions, Inc.
6.000%, 11/15/17		100,000		113,645

				2,479,118

*Computers & Peripherals (0.2%)*
Dell, Inc.
1.400%, 9/10/13		250,000		251,399
2.300%, 9/10/15		200,000		205,939
Hewlett-Packard Co.
4.750%, 6/2/14	$	400,000	$	422,094
2.350%, 3/15/15		300,000		302,822
5.500%, 3/1/18		200,000		226,043
3.750%, 12/1/20		250,000		248,297
4.375%, 9/15/21		300,000		310,786
Oberthur Technologies
6.250%, 3/30/19		925,000		893,781

				2,861,161

*Electronic Equipment, Instruments & Components (0.1%)*
Arrow Electronics, Inc.
3.375%, 11/1/15		150,000		153,243
Avnet, Inc.
6.000%, 9/1/15		100,000		109,300
5.875%, 6/15/20		100,000		109,774
Kemet Corp.
10.500%, 5/1/18		770,000		793,100

				1,165,417

*Internet Software & Services (0.1%)*
eBay, Inc.
0.875%, 10/15/13		100,000		100,565
3.250%, 10/15/20		100,000		105,119
Google, Inc.
1.250%, 5/19/14		100,000		101,218
2.125%, 5/19/16		100,000		104,097
3.625%, 5/19/21		100,000		109,872
Interactive Network, Inc./FriendFinder Networks, Inc.
14.000%, 9/30/13		969,612		765,993

				1,286,864

*IT Services (0.5%)*
Compucom Systems, Inc.
12.500%, 10/1/15§		1,250,000		1,296,875
Computer Sciences Corp.
6.500%, 3/15/18		210,000		226,244
EVERTEC LLC/EVERTEC Finance Corp.
11.000%, 10/1/18§		975,000		1,018,875
Fiserv, Inc.
3.125%, 10/1/15		200,000		206,712
6.800%, 11/20/17		100,000		119,652
HP Enterprise Services LLC
6.000%, 8/1/13		450,000		471,161
International Business Machines Corp.
1.000%, 8/5/13		500,000		502,963
1.250%, 5/12/14		200,000		201,907
5.700%, 9/14/17		800,000		960,178
SAIC, Inc.
4.450%, 12/1/20		100,000		107,093
Western Union Co.
5.930%, 10/1/16		250,000		288,548

				5,400,208

*Office Electronics (0.0%)*
Xerox Corp.
8.250%, 5/15/14		250,000		279,566
6.350%, 5/15/18		250,000		292,097
5.625%, 12/15/19		100,000		112,486

				684,149

See Notes to Financial Statements.

220

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
*Semiconductors & Semiconductor Equipment (0.1%)*
Analog Devices, Inc.
3.000%, 4/15/16	$	100,000	$	107,093
Intel Corp.
1.950%, 10/1/16		100,000		103,546
3.300%, 10/1/21		254,000		270,486
KLA-Tencor Corp.
6.900%, 5/1/18		43,000		51,394
National Semiconductor Corp.
3.950%, 4/15/15		100,000		108,435
Texas Instruments, Inc.
1.375%, 5/15/14		100,000		101,169
2.375%, 5/16/16		100,000		104,984

				847,107

*Software (0.5%)*
Adobe Systems, Inc.
3.250%, 2/1/15		150,000		157,206
Aspect Software, Inc.
10.625%, 5/15/17		650,000		686,563
BMC Software, Inc.
4.250%, 2/15/22		25,000		24,981
CA, Inc.
6.125%, 12/1/14		200,000		218,195
Lawson Software, Inc.
10.000%, 4/1/19§	EUR	1,125,000		1,459,280
Microsoft Corp.
2.950%, 6/1/14	$	500,000		522,789
4.200%, 6/1/19		350,000		404,703
Misys plc
6.750%, 12/20/19		1,250,000		1,222,188
Oracle Corp.
5.250%, 1/15/16		450,000		512,183
5.750%, 4/15/18		550,000		668,575

				5,876,663

Total Information Technology				20,600,687

Materials (1.9%)
*Chemicals (0.9%)*
Air Products and Chemicals, Inc.
4.375%, 8/21/19		100,000		114,207
Airgas, Inc.
3.250%, 10/1/15		100,000		104,050
Cabot Corp.
5.000%, 10/1/16		100,000		111,148
Dow Chemical Co.
7.600%, 5/15/14		300,000		334,206
2.500%, 2/15/16		100,000		102,866
8.550%, 5/15/19		250,000		332,528
4.250%, 11/15/20		250,000		271,611
4.125%, 11/15/21		100,000		106,932
E.I. du Pont de Nemours & Co.
5.000%, 7/15/13		200,000		209,131
3.250%, 1/15/15		200,000		212,355
5.250%, 12/15/16		100,000		117,445
6.000%, 7/15/18		250,000		310,692
3.625%, 1/15/21		200,000		218,638
Eastman Chemical Co.
5.500%, 11/15/19		100,000		112,892
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC
8.875%, 2/1/18		850,000		867,000
Ineos U.S. Finance LLC
6.500%, 5/17/18	$	500,000	$	488,500
Momentive Performance Materials, Inc.
12.500%, 6/15/14		625,000		650,000
9.500%, 1/15/21	EUR	1,225,000		1,085,166
Monsanto Co.
5.125%, 4/15/18	$	100,000		118,211
Oxea Finance/Cy S.C.A.
9.500%, 7/15/17§		336,000		356,160
9.625%, 7/15/17§	EUR	676,875		907,980
Phibro Animal Health Corp.
9.250%, 7/1/18§	$	750,000		733,125
Potash Corp. of Saskatchewan, Inc.
5.250%, 5/15/14		200,000		215,884
6.500%, 5/15/19		100,000		125,808
PPG Industries, Inc.
1.900%, 1/15/16		150,000		152,945
6.650%, 3/15/18		150,000		182,477
Praxair, Inc.
4.625%, 3/30/15		200,000		220,641
4.500%, 8/15/19		100,000		115,837
3.000%, 9/1/21		100,000		103,325
Reichhold Industries, Inc.
9.000%, 5/8/17 PIK§		1,434,829		1,047,425
RPM International, Inc.
6.125%, 10/15/19		100,000		114,341
Sherwin-Williams Co.
3.125%, 12/15/14		100,000		105,091
Valspar Corp.
7.250%, 6/15/19		100,000		120,985

				10,369,602

*Containers & Packaging (0.1%)*
Bemis Co., Inc.
6.800%, 8/1/19		150,000		179,548
Berry Plastics Corp.
9.750%, 1/15/21		625,000		679,687
Packaging Corp. of America
5.750%, 8/1/13		150,000		156,750

				1,015,985

*Metals & Mining (0.8%)*
Alcoa, Inc.
6.000%, 7/15/13		100,000		104,789
6.750%, 7/15/18		200,000		226,974
6.150%, 8/15/20		150,000		157,808
5.400%, 4/15/21		100,000		100,411
Allegheny Technologies, Inc.
9.375%, 6/1/19		100,000		128,148
Aperam
7.750%, 4/1/18§		700,000		575,750
ArcelorMittal S.A.
9.000%, 2/15/15		125,000		141,161
3.750%, 3/1/16		100,000		99,562
4.500%, 2/25/17		100,000		98,035
6.125%, 6/1/18		200,000		201,596
9.850%, 6/1/19		150,000		177,958
5.500%, 3/1/21		250,000		236,478
6.250%, 2/25/22		50,000		48,833
Barrick Gold Corp.
1.750%, 5/30/14		120,000		121,667
2.900%, 5/30/16		200,000		209,732
6.950%, 4/1/19		100,000		124,723

See Notes to Financial Statements.

221

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
Barrick North America Finance LLC
4.400%, 5/30/21	$	200,000	$	216,373
BHP Billiton Finance USA Ltd.
5.500%, 4/1/14		500,000		540,893
6.500%, 4/1/19		300,000		381,070
Cliffs Natural Resources, Inc.
4.800%, 10/1/20		55,000		54,044
CSN Islands XI Corp.
6.875%, 9/21/19§		200,000		220,000
CSN Resources S.A.
6.500%, 7/21/20§		900,000		978,750
Essar Steel Algoma, Inc.
9.375%, 3/15/15§		475,000		458,375
FMG Resources Pty Ltd.
8.250%, 11/1/19§		900,000		958,500
6.875%, 4/1/22§		250,000		252,500
Nucor Corp.
5.750%, 12/1/17		100,000		120,100
5.850%, 6/1/18		100,000		121,609
Rio Tinto Alcan, Inc.
5.000%, 6/1/15		400,000		442,500
Rio Tinto Finance USA Ltd.
8.950%, 5/1/14		200,000		228,198
9.000%, 5/1/19		350,000		478,676
4.125%, 5/20/21		250,000		275,050
Southern Copper Corp.
5.375%, 4/16/20		135,000		148,793
Teck Resources Ltd.
10.750%, 5/15/19		150,000		180,750
4.500%, 1/15/21		100,000		104,750
Thompson Creek Metals Co., Inc.
12.500%, 5/1/19		500,000		485,000
Vale Overseas Ltd.
6.250%, 1/11/16		300,000		337,194
4.625%, 9/15/20		200,000		208,750

				9,945,500

*Paper & Forest Products (0.1%)*
Celulosa Arauco y Constitucion S.A.
5.000%, 1/21/21		200,000		208,566
International Paper Co.
5.300%, 4/1/15		100,000		108,602
9.375%, 5/15/19		300,000		401,026

				718,194

Total Materials				22,049,281

Telecommunication Services (2.0%)
*Diversified Telecommunication Services (1.6%)*
AT&T, Inc.
5.100%, 9/15/14		200,000		217,307
2.500%, 8/15/15		500,000		517,813
5.625%, 6/15/16		200,000		231,529
1.700%, 6/1/17		500,000		500,579
5.500%, 2/1/18		300,000		356,693
4.450%, 5/15/21		500,000		572,351
BellSouth Corp.
5.200%, 9/15/14		300,000		326,198
British Telecommunications plc
5.950%, 1/15/18		200,000		233,521
CenturyLink, Inc.
6.450%, 6/15/21		200,000		209,678
Deutsche Telekom International Finance B.V.
5.250%, 7/22/13	$	200,000	$	209,023
4.875%, 7/8/14		150,000		159,294
6.750%, 8/20/18		150,000		181,157
France Telecom S.A.
4.375%, 7/8/14		200,000		210,462
2.750%, 9/14/16		100,000		101,448
5.375%, 7/8/19		200,000		227,686
Integra Telecom Holdings, Inc.
10.750%, 4/15/16§		625,000		609,375
Intelsat Jackson Holdings S.A.
11.250%, 6/15/16		352,000		366,960
7.250%, 10/15/20§		850,000		886,125
ITC Deltacom, Inc.
10.500%, 4/1/16		1,000,000		1,065,000
Level 3 Financing, Inc.
10.000%, 2/1/18		600,000		649,500
8.125%, 7/1/19		300,000		306,750
PAETEC Holding Corp.
9.875%, 12/1/18		1,200,000		1,344,000
Telecom Italia Capital S.A.
5.250%, 11/15/13		200,000		199,028
6.175%, 6/18/14		300,000		305,072
5.250%, 10/1/15		100,000		98,206
7.175%, 6/18/19		200,000		198,490
Telefonica Emisiones S.A.U.
6.421%, 6/20/16		300,000		288,498
5.877%, 7/15/19		145,000		129,728
5.462%, 2/16/21		300,000		259,120
Telefonos de Mexico S.A.B. de C.V.
5.500%, 11/15/19		100,000		115,386
Verizon Communications, Inc.
5.550%, 2/15/16		600,000		688,193
5.500%, 2/15/18		300,000		356,806
8.750%, 11/1/18		2,200,000		3,011,801
6.350%, 4/1/19		400,000		499,574
4.600%, 4/1/21		300,000		347,424
Virgin Media Secured Finance plc
5.250%, 1/15/21		100,000		110,266
Zayo Escrow Corp.
10.125%, 7/1/20§(b)		1,150,000		1,221,875
Zayo Group LLC/Zayo Capital, Inc.
10.250%, 3/15/17		750,000		830,625

				18,142,541

*Wireless Telecommunication Services (0.4%)*
America Movil S.A.B. de C.V.
3.625%, 3/30/15		100,000		106,439
2.375%, 9/8/16		300,000		307,629
5.000%, 3/30/20		1,000,000		1,131,840
Cellco Partnership/Verizon Wireless Capital LLC
5.550%, 2/1/14		500,000		535,654
8.500%, 11/15/18		200,000		273,009
Rogers Communications, Inc.
7.500%, 3/15/15		200,000		231,187
6.800%, 8/15/18		150,000		185,620
Vodafone Group plc
5.000%, 12/16/13		200,000		211,563
4.150%, 6/10/14		300,000		317,798
5.625%, 2/27/17		200,000		233,290
5.450%, 6/10/19		200,000		239,166

See Notes to Financial Statements.

222

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
Term Loan
6.875%, 8/17/15	$	1,107,527	$	1,118,603

				4,891,798

Total Telecommunication Services				23,034,339

Utilities (2.3%)
*Electric Utilities (1.2%)*
Ameren Illinois Co.
6.250%, 4/1/18		150,000		180,083
Arizona Public Service Co.
5.800%, 6/30/14		100,000		108,782
Baltimore Gas & Electric Co.
6.125%, 7/1/13		100,000		104,839
Carolina Power & Light Co.
5.300%, 1/15/19		200,000		240,614
CenterPoint Energy Houston Electric LLC
7.000%, 3/1/14		100,000		109,740
Commonwealth Edison Co.
1.625%, 1/15/14		100,000		100,734
4.000%, 8/1/20		160,000		176,710
Connecticut Light & Power Co.
5.650%, 5/1/18		100,000		120,055
Consumers Energy Co.
6.700%, 9/15/19		250,000		322,232
Duke Energy Carolinas LLC
7.000%, 11/15/18		100,000		129,525
4.300%, 6/15/20		250,000		286,709
Duke Energy Corp.
3.350%, 4/1/15		100,000		105,835
5.050%, 9/15/19		150,000		175,690
Entergy Arkansas, Inc.
3.750%, 2/15/21		2,500,000		2,620,098
Entergy Corp.
5.125%, 9/15/20		100,000		104,032
Entergy Texas, Inc.
7.125%, 2/1/19		100,000		122,721
Exelon Corp.
4.900%, 6/15/15		200,000		217,322
FirstEnergy Solutions Corp.
4.800%, 2/15/15		250,000		266,222
Florida Power Corp.
4.550%, 4/1/20		25,000		28,726
Georgia Power Co.
1.300%, 9/15/13		400,000		402,267
Hydro Quebec
2.000%, 6/30/16		350,000		361,580
Jersey Central Power & Light Co.
7.350%, 2/1/19		100,000		128,194
Kansas City Power & Light Co.
5.850%, 6/15/17		100,000		114,445
6.375%, 3/1/18		100,000		117,782
Korea Electric Power Corp.
3.000%, 10/5/15§		2,000,000		2,037,800
LG&E and KU Energy LLC
2.125%, 11/15/15		100,000		99,747
3.750%, 11/15/20		150,000		151,505
MidAmerican Energy Co.
4.650%, 10/1/14		200,000		215,777
MidAmerican Energy Holdings Co.
5.750%, 4/1/18		150,000		178,818
Nevada Power Co.
6.500%, 8/1/18	$	200,000	$	245,718
NextEra Energy Capital Holdings, Inc.
2.550%, 11/15/13		100,000		102,299
7.875%, 12/15/15		100,000		120,152
6.000%, 3/1/19		100,000		117,515
Northern States Power Co.
1.950%, 8/15/15		100,000		102,367
Ohio Power Co.
6.050%, 5/1/18		200,000		239,205
Oncor Electric Delivery Co. LLC
6.800%, 9/1/18		200,000		237,830
Pacific Gas & Electric Co.
6.250%, 12/1/13		250,000		268,610
3.500%, 10/1/20		250,000		267,245
Peco Energy Co.
5.000%, 10/1/14		100,000		108,919
5.350%, 3/1/18		100,000		119,040
Progress Energy, Inc.
5.625%, 1/15/16		100,000		113,623
7.050%, 3/15/19		100,000		127,411
Public Service Co. of Colorado
3.200%, 11/15/20		150,000		160,219
Public Service Co. of Oklahoma
4.400%, 2/1/21		100,000		110,754
Public Service Electric & Gas Co.
5.375%, 9/1/13		200,000		210,575
3.500%, 8/15/20		100,000		108,660
Sierra Pacific Power Co. Series M
6.000%, 5/15/16		100,000		115,757
Southern California Edison Co.
5.750%, 3/15/14		250,000		270,313
Southern Co.
4.150%, 5/15/14		145,000		153,702
Southwestern Electric Power Co. Series E
5.550%, 1/15/17		120,000		136,120
Tampa Electric Co.
6.100%, 5/15/18		100,000		121,471
TransAlta Corp.
4.750%, 1/15/15		100,000		104,304
Union Electric Co.
6.700%, 2/1/19		100,000		125,254
Virginia Electric & Power Co. Series A
5.400%, 1/15/16		100,000		113,814
Series B
5.000%, 6/30/19		165,000		195,967
Wisconsin Electric Power Co.
4.250%, 12/15/19		150,000		170,437
2.950%, 9/15/21		100,000		104,066
Wisconsin Power & Light Co.
5.000%, 7/15/19		50,000		58,483
Xcel Energy, Inc.
4.700%, 5/15/20		100,000		114,680

				13,873,094

*Gas Utilities (0.3%)*
AGL Capital Corp.
3.500%, 9/15/21		250,000		258,161

See Notes to Financial Statements.

223

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
Atmos Energy Corp.
8.500%, 3/15/19	$	100,000	$	133,441
Boardwalk Pipelines LP
5.750%, 9/15/19		200,000		218,033
CenterPoint Energy Resources Corp.
4.500%, 1/15/21		100,000		110,149
EP Energy LLC/EP Energy Finance, Inc.
9.375%, 5/1/20§		675,000		698,625
NGPL PipeCo LLC
7.119%, 12/15/17§		350,000		350,000
Panhandle Eastern Pipe Line Co. LP
6.200%, 11/1/17		150,000		168,519
Star Gas Partners LP/Star Gas Finance Co.
8.875%, 12/1/17(b)		1,450,000		1,421,000
Tennessee Gas Pipeline Co. LLC
7.500%, 4/1/17		100,000		119,584
Transcontinental Gas Pipe Line Co. LLC
6.050%, 6/15/18		100,000		118,219

				3,595,731

*Independent Power Producers & Energy Traders (0.3%)*
Constellation Energy Group, Inc.
5.150%, 12/1/20		100,000		110,152
Exelon Generation Co. LLC
5.350%, 1/15/14		100,000		105,709
6.200%, 10/1/17		100,000		114,235
NRG Energy, Inc.
7.625%, 1/15/18		500,000		513,750
PPL Energy Supply LLC
6.500%, 5/1/18		100,000		115,624
PSEG Power LLC
5.125%, 4/15/20		200,000		220,527
Tennessee Valley Authority
4.750%, 8/1/13		500,000		524,126
5.500%, 7/18/17		550,000		672,433
3.875%, 2/15/21		1,000,000		1,155,664

				3,532,220

*Multi-Utilities (0.5%)*
Ameren Corp.
8.875%, 5/15/14		100,000		111,418
CenterPoint Energy, Inc.
5.950%, 2/1/17		100,000		114,452
Consolidated Edison Co. of New York, Inc.
6.650%, 4/1/19		100,000		127,041
Series 04-A
4.700%, 2/1/14		2,900,000		3,070,597
Series 08-A
5.850%, 4/1/18		300,000		365,224
Dominion Resources, Inc.
1.800%, 3/15/14		100,000		101,058
5.150%, 7/15/15		200,000		222,339
8.875%, 1/15/19		200,000		271,319
DTE Energy Co.
7.625%, 5/15/14		100,000		111,547
6.350%, 6/1/16		100,000		115,720
National Grid plc
6.300%, 8/1/16		100,000		115,133
NiSource Finance Corp.
6.400%, 3/15/18		100,000		117,172
5.450%, 9/15/20		100,000		112,656
NSTAR LLC
4.500%, 11/15/19	$	150,000	$	172,804
SCANA Corp.
6.250%, 4/1/20		100,000		115,493
Sempra Energy
6.500%, 6/1/16		60,000		71,202
6.150%, 6/15/18		100,000		121,664
Veolia Environnement S.A.
6.000%, 6/1/18		200,000		220,135

				5,656,974

Total Utilities				26,658,019

Total Corporate Bonds				419,415,175

Government Securities (58.9%)
*Agency CMO (4.5%)*
Federal National Mortgage Association
4.000%, 12/1/39		932,677		991,989
4.000%, 8/1/40		724,237		770,294
4.000%, 9/1/40		1,830,175		1,946,563
4.000%, 9/1/41		959,447		1,020,462
4.000%, 7/25/42 TBA		1,000,000		1,064,297
3.500%, 8/25/42 TBA		42,000,000		44,017,970
4.000%, 8/25/42 TBA		1,000,000		1,062,461
FHLMC Multifamily Structured Pass Through Certificates
4.879%, 5/19/17		1,200,000		1,248,000

				52,122,036

*Foreign Governments (2.4%)*
Canadian Government Bond
2.375%, 9/10/14		350,000		364,906
1.500%, 3/1/17	CAD	3,400,000		3,377,625
Development Bank of Japan
5.125%, 2/1/17	$	200,000		233,794
Eksportfinans ASA
1.875%, 4/2/13		200,000		197,000
0.669%, 4/5/13(l)		100,000		96,895
1.600%, 3/20/14	JPY	1,000,000		11,657
3.000%, 11/17/14	$	200,000		189,500
2.000%, 9/15/15		200,000		179,000
5.500%, 5/25/16		100,000		98,380
5.500%, 6/26/17		100,000		97,375
Export Development Canada
2.250%, 5/28/15		450,000		471,877
1.250%, 10/26/16		200,000		203,898
Export-Import Bank of Korea
8.125%, 1/21/14		800,000		873,600
4.125%, 9/9/15		150,000		158,295
4.000%, 1/29/21		600,000		620,748
Federative Republic of Brazil
8.000%, 1/15/18		366,667		426,250
5.875%, 1/15/19		300,000		363,000
8.875%, 10/14/19		100,000		141,000
4.875%, 1/22/21		250,000		288,125
Italy Buoni Poliennali Del Tesoro
4.000%, 2/1/37	EUR	100,000		97,469
Japan Finance Corp.
2.500%, 1/21/16	$	500,000		524,017
2.250%, 7/13/16		500,000		520,586

See Notes to Financial Statements.

224

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
Japan Finance Organization for Municipalities
5.000%, 5/16/17	$	300,000	$	350,503
4.000%, 1/13/21		100,000		113,743
Korea Development Bank
8.000%, 1/23/14		250,000		272,400
3.250%, 3/9/16		500,000		514,351
Korea Finance Corp.
4.625%, 11/16/21		250,000		269,005
Province of British Columbia
2.850%, 6/15/15		400,000		425,006
Province of Manitoba
4.900%, 12/6/16		400,000		462,510
Province of Nova Scotia
5.125%, 1/26/17		250,000		292,420
Province of Ontario
3.500%, 7/15/13		500,000		515,081
4.100%, 6/16/14		500,000		532,818
2.950%, 2/5/15		250,000		263,543
1.875%, 9/15/15		650,000		668,644
4.950%, 11/28/16		550,000		636,013
4.000%, 10/7/19		600,000		682,123
2.450%, 6/29/22		200,000		198,460
Province of Quebec
4.875%, 5/5/14		340,000		366,231
4.600%, 5/26/15		150,000		165,895
4.625%, 5/14/18		200,000		233,795
3.500%, 7/29/20		200,000		221,759
Republic of Chile
3.875%, 8/5/20		200,000		222,000
Republic of Colombia
8.250%, 12/22/14		500,000		585,000
4.375%, 7/12/21		350,000		393,750
Republic of Italy
4.500%, 1/21/15		500,000		492,757
5.250%, 9/20/16		630,000		623,261
Republic of Korea
5.750%, 4/16/14		1,750,000		1,883,350
7.125%, 4/16/19		1,850,000		2,346,517
Republic of Panama
5.200%, 1/30/20		200,000		233,500
Republic of Peru
8.375%, 5/3/16		100,000		123,200
7.125%, 3/30/19		100,000		128,500
Republic of Poland
5.250%, 1/15/14		250,000		264,375
6.375%, 7/15/19		500,000		588,750
Republic of South Africa
6.875%, 5/27/19		250,000		308,437
5.500%, 3/9/20		250,000		287,500
State of Israel
5.125%, 3/1/14		120,000		127,050
5.500%, 11/9/16		100,000		114,125
5.125%, 3/26/19		200,000		227,500
Svensk Exportkredit AB
3.250%, 9/16/14		300,000		314,773
5.125%, 3/1/17		200,000		230,294
United Mexican States
5.875%, 2/17/14		500,000		535,000
6.625%, 3/3/15		250,000		282,500
5.625%, 1/15/17		500,000		581,750
8.125%, 12/30/19		300,000		402,000

				28,015,186

*Municipal Bonds (2.1%)*
City of New York, New York
6.246%, 6/1/35	$	1,200,000	$	1,375,500
Indianapolis, Indiana Local Public Improvement
5.854%, 1/15/30		1,500,000		1,780,935
Metro Wastewater Reclamation District
4.718%, 4/1/19		1,000,000		1,188,970
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,000,000		1,457,650
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		1,000,000		1,148,270
Northern California Power Agency
7.311%, 6/1/40		1,000,000		1,182,940
Port Authority of New York & New Jersey
5.647%, 11/1/40		700,000		848,463
San Diego County Regional Airport Authority
6.628%, 7/1/40		500,000		549,115
State of California
3.950%, 11/1/15		400,000		430,152
State of Illinois
4.071%, 1/1/14		100,000		103,194
4.421%, 1/1/15		100,000		105,127
5.665%, 3/1/18		500,000		554,770
State of Illinois Toll Highway Authority
5.293%, 1/1/24		3,000,000		3,263,220
Texas State Transportation Commission
5.028%, 4/1/26		1,800,000		2,154,330
University of California Medical Center
5.435%, 5/15/23		4,700,000		5,483,161
University of Texas
6.276%, 8/15/41		2,900,000		3,391,927

				25,017,724

*Supranational (1.8%)*
African Development Bank
3.000%, 5/27/14		500,000		523,025
2.500%, 3/15/16		150,000		159,285
Asian Development Bank
3.625%, 9/5/13		500,000		518,349
2.750%, 5/21/14		500,000		520,569
4.250%, 10/20/14		250,000		270,802
2.500%, 3/15/16		250,000		265,287
5.500%, 6/27/16		250,000		295,398
1.875%, 10/23/18		250,000		259,337
Corp. Andina de Fomento
3.750%, 1/15/16		250,000		259,870
8.125%, 6/4/19		250,000		315,158
Council of Europe Development Bank
2.625%, 2/16/16		400,000		419,397
European Bank for Reconstruction & Development
1.625%, 9/3/15		250,000		257,034
1.375%, 10/20/16		250,000		255,110
European Investment Bank
4.250%, 7/15/13		1,390,000		1,441,181
3.000%, 4/8/14		1,000,000		1,039,468
3.125%, 6/4/14		750,000		783,821
1.125%, 8/15/14		1,000,000		1,007,074
2.875%, 1/15/15		500,000		525,291
2.750%, 3/23/15		500,000		525,068
4.875%, 2/16/16		1,100,000		1,245,622
2.125%, 7/15/16		1,000,000		1,034,260
4.875%, 1/17/17		550,000		633,687

See Notes to Financial Statements.

225

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
2.875%, 9/15/20	$	500,000	$	520,642
4.000%, 2/16/21		200,000		224,449
Inter-American Development Bank
3.000%, 4/22/14		750,000		782,948
5.125%, 9/13/16		280,000		329,577
1.375%, 10/18/16		250,000		255,750
4.250%, 9/10/18		500,000		591,151
3.875%, 2/14/20		500,000		586,651
International Bank for Reconstruction & Development
3.500%, 10/8/13		800,000		831,333
1.125%, 8/25/14		500,000		506,637
2.375%, 5/26/15		500,000		525,611
2.125%, 3/15/16		1,000,000		1,049,556
0.875%, 4/17/17		500,000		497,299
International Finance Corp.
3.000%, 4/22/14		500,000		522,426
2.250%, 4/11/16		500,000		527,394
2.125%, 11/17/17		250,000		263,843
Nordic Investment Bank
5.000%, 2/1/17		250,000		295,975

				20,865,335

*U.S. Government Agencies (5.7%)*
Federal Farm Credit Bank
1.125%, 2/27/14		1,650,000		1,669,189
1.500%, 11/16/15		1,000,000		1,026,069
4.875%, 1/17/17		700,000		823,281
Federal Home Loan Bank
5.125%, 8/14/13		1,200,000		1,265,168
4.000%, 9/6/13		1,400,000		1,460,968
3.625%, 10/18/13		1,900,000		1,981,374
0.550%, 10/25/13		400,000		400,546
0.375%, 11/27/13		250,000		250,089
5.250%, 6/18/14		800,000		875,907
5.500%, 8/13/14		850,000		938,012
1.630%, 8/20/15		400,000		413,543
5.375%, 5/18/16		1,000,000		1,178,162
4.750%, 12/16/16		1,250,000		1,466,754
1.000%, 6/21/17		400,000		401,008
5.000%, 11/17/17		1,250,000		1,509,699
Federal Home Loan Bank/Illinois
5.625%, 6/13/16		1,150,000		1,325,251
Federal Home Loan Mortgage Corp.
4.500%, 7/15/13		1,000,000		1,044,055
0.500%, 10/18/13		1,000,000		1,001,131
4.875%, 11/15/13		1,000,000		1,062,224
0.375%, 11/27/13		2,000,000		2,000,714
0.550%, 12/27/13		500,000		500,976
2.500%, 1/7/14		1,690,000		1,744,496
0.550%, 1/9/14		300,000		300,600
4.500%, 1/15/14		500,000		531,890
1.375%, 2/25/14		1,900,000		1,931,750
2.500%, 4/23/14		500,000		518,943
5.000%, 7/15/14		680,000		742,943
1.200%, 7/25/14		200,000		200,155
3.000%, 7/28/14		350,000		368,425
1.100%, 8/8/14		300,000		300,308
1.000%, 12/5/14		200,000		200,661
0.875%, 12/19/14		500,000		501,459
1.000%, 12/19/14		400,000		401,408
0.850%, 1/9/15		200,000		200,602
0.800%, 1/13/15		100,000		100,623
4.500%, 1/15/15	$	1,000,000	$	1,100,279
2.875%, 2/9/15		1,500,000		1,593,697
0.550%, 2/27/15		500,000		500,857
1.500%, 7/13/15		200,000		200,084
1.050%, 9/28/15		200,000		200,313
4.750%, 11/17/15		1,000,000		1,134,949
0.850%, 2/24/16		500,000		502,361
5.125%, 10/18/16		1,000,000		1,179,919
1.600%, 11/2/16		400,000		401,745
1.625%, 11/14/16		400,000		401,925
2.250%, 1/23/17		200,000		205,273
2.000%, 2/1/17		200,000		200,313
2.000%, 2/27/17		500,000		501,497
5.000%, 4/18/17		300,000		356,775
1.000%, 6/29/17		500,000		500,526
5.500%, 8/23/17		450,000		551,087
2.000%, 7/30/19		100,000		101,293
2.375%, 1/13/22		1,000,000		1,028,956
Federal National Mortgage Association
4.375%, 7/17/13		1,650,000		1,721,452
1.000%, 9/23/13		2,050,000		2,067,219
1.125%, 10/8/13		100,000		101,051
1.000%, 10/15/13		100,000		100,908
4.625%, 10/15/13		1,460,000		1,541,168
0.600%, 10/25/13		1,000,000		1,001,521
0.625%, 12/6/13		500,000		501,027
0.750%, 12/18/13		2,000,000		2,008,392
1.350%, 2/24/14		150,000		152,421
2.500%, 5/15/14		2,500,000		2,600,914
3.000%, 9/16/14		1,000,000		1,055,863
0.750%, 11/21/14		400,000		400,825
0.900%, 12/5/14		500,000		501,436
1.000%, 1/26/15		500,000		501,171
0.550%, 2/27/15		300,000		300,514
0.625%, 2/27/15		1,000,000		999,986
0.500%, 7/2/15		1,000,000		997,686
2.375%, 7/28/15		1,200,000		1,263,345
1.875%, 9/9/15		250,000		260,454
0.750%, 9/14/15		200,000		199,936
1.875%, 10/15/15		100,000		103,838
5.000%, 3/15/16		1,150,000		1,330,504
1.750%, 11/14/16		400,000		402,188
5.000%, 2/13/17		1,000,000		1,186,294
1.250%, 2/27/17		100,000		100,390
1.250%, 3/6/17		200,000		200,826
1.200%, 3/8/17		100,000		100,325
5.000%, 5/11/17		1,390,000		1,657,334
5.375%, 6/12/17		1,450,000		1,759,677
1.750%, 1/30/19		200,000		201,692

				66,620,589

*U.S. Treasuries (42.4%)*
U.S. Treasury Bonds
11.250%, 2/15/15		3,930,000		5,037,809
9.250%, 2/15/16		3,000,000		3,933,939
7.500%, 11/15/16		2,500,000		3,233,775
9.125%, 5/15/18		840,000		1,235,930
8.875%, 2/15/19		500,000		752,725
8.125%, 8/15/19		1,980,000		2,937,361
8.750%, 8/15/20		2,880,000		4,541,794
2.000%, 1/15/26 TIPS		300,000		443,914
2.375%, 1/15/27 TIPS		200,000		306,314

See Notes to Financial Statements.

226

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Principal Amount		Value (Note 1)
1.750%, 1/15/28 TIPS	$	600,000	$	824,881
2.500%, 1/15/29 TIPS		500,000		742,859
U.S. Treasury Notes
3.375%, 7/31/13		2,520,000		2,604,381
0.750%, 8/15/13		7,200,000		7,238,531
3.125%, 8/31/13		3,000,000		3,099,246
0.750%, 9/15/13		5,000,000		5,028,320
0.125%, 9/30/13		1,900,000		1,896,341
3.125%, 9/30/13		3,250,000		3,364,766
0.500%, 10/15/13		5,250,000		5,264,356
2.750%, 10/31/13		2,520,000		2,601,989
0.500%, 11/15/13		5,000,000		5,014,199
4.250%, 11/15/13		4,100,000		4,321,096
2.000%, 11/30/13		5,050,000		5,171,298
0.750%, 12/15/13		3,000,000		3,019,336
1.500%, 12/31/13		4,940,000		5,027,589
1.750%, 1/31/14		3,090,000		3,159,887
4.000%, 2/15/14		2,000,000		2,118,672
0.250%, 2/28/14		4,300,000		4,295,633
1.875%, 2/28/14		3,500,000		3,589,824
0.250%, 3/31/14		3,000,000		2,996,484
1.750%, 3/31/14		5,000,000		5,123,438
0.250%, 4/30/14		4,000,000		3,995,156
1.875%, 4/30/14		8,000,000		8,225,000
1.000%, 5/15/14		3,000,000		3,037,031
4.750%, 5/15/14		5,000,000		5,411,719
0.250%, 5/31/14		10,000,000		9,987,500
0.250%, 6/30/14		4,000,000		3,995,000
2.625%, 6/30/14		5,000,000		5,228,828
0.500%, 8/15/14		2,500,000		2,508,359
4.250%, 8/15/14		1,500,000		1,623,434
2.375%, 8/31/14		9,200,000		9,600,775
2.375%, 9/30/14		8,000,000		8,365,187
0.500%, 10/15/14		4,000,000		4,014,125
4.250%, 11/15/14		2,700,000		2,946,755
2.625%, 12/31/14		8,500,000		8,976,133
2.250%, 1/31/15		5,500,000		5,763,097
4.000%, 2/15/15		2,410,000		2,635,711
0.375%, 4/15/15		5,500,000		5,495,961
2.500%, 4/30/15		9,000,000		9,526,570
4.125%, 5/15/15		2,000,000		2,210,219
0.375%, 6/15/15		3,000,000		2,997,422
1.875%, 6/30/15		8,550,000		8,914,710
4.250%, 8/15/15		2,790,000		3,116,975
1.250%, 9/30/15		6,450,000		6,609,134
1.250%, 10/31/15		5,000,000		5,124,414
1.375%, 11/30/15		8,150,000		8,389,852
4.500%, 2/15/16		2,000,000		2,284,563
2.625%, 2/29/16		4,000,000		4,304,688
2.375%, 3/31/16		3,000,000		3,202,734
5.125%, 5/15/16		3,350,000		3,932,377
3.250%, 6/30/16		3,000,000		3,314,766
3.125%, 10/31/16		5,400,000		5,969,953
0.875%, 12/31/16		4,000,000		4,035,781
3.250%, 12/31/16		2,350,000		2,617,313
3.125%, 1/31/17		2,200,000		2,440,831
4.625%, 2/15/17		4,450,000		5,242,656
0.875%, 2/28/17		3,500,000		3,530,242
3.000%, 2/28/17		4,300,000		4,752,542
1.000%, 3/31/17		4,090,000		4,146,301
3.250%, 3/31/17		2,400,000		2,682,600
3.125%, 4/30/17	$	4,100,000	$	4,565,126
4.500%, 5/15/17		2,000,000		2,359,359
2.750%, 5/31/17		3,000,000		3,291,023
2.375%, 7/31/17		3,000,000		3,239,461
4.750%, 8/15/17		2,600,000		3,118,964
1.875%, 8/31/17		3,500,000		3,692,418
1.875%, 9/30/17		3,200,000		3,375,750
1.875%, 10/31/17		5,000,000		5,275,000
2.250%, 11/30/17		1,150,000		1,236,268
2.625%, 1/31/18		2,500,000		2,739,805
3.500%, 2/15/18		3,250,000		3,718,432
2.625%, 4/30/18		3,000,000		3,292,148
2.375%, 5/31/18		3,000,000		3,250,406
2.250%, 7/31/18		5,000,000		5,382,500
4.000%, 8/15/18		1,300,000		1,538,306
1.500%, 8/31/18		4,000,000		4,127,156
1.375%, 9/30/18		5,500,000		5,630,840
3.750%, 11/15/18		5,110,000		5,985,487
1.375%, 12/31/18		5,000,000		5,111,562
2.750%, 2/15/19		5,600,000		6,214,906
1.500%, 3/31/19		10,100,000		10,383,826
1.250%, 4/30/19		2,000,000		2,022,156
3.125%, 5/15/19		5,650,000		6,421,666
1.000%, 6/30/19		5,000,000		4,960,547
3.625%, 8/15/19		2,000,000		2,345,813
3.625%, 2/15/20		6,000,000		7,058,156
3.500%, 5/15/20		4,000,000		4,673,688
1.250%, 7/15/20		600,000		734,599
2.625%, 8/15/20		7,850,000		8,639,538
2.625%, 11/15/20		6,000,000		6,594,844
1.125%, 1/15/21		600,000		725,608
3.625%, 2/15/21		5,000,000		5,903,125
3.125%, 5/15/21		7,000,000		7,969,226
0.625%, 7/15/21		1,000,000		1,136,749
2.125%, 8/15/21		6,000,000		6,306,094
2.000%, 11/15/21		4,700,000		4,872,835
0.125%, 1/15/22#		9,900,000		10,644,032
2.000%, 2/15/22		33,650,000		34,778,328
1.750%, 5/15/22		2,000,000		2,016,250

				495,415,098

Total Government Securities				688,055,968

Time Deposit (0.5%)
Financials (0.5%)
*Certificates of Deposit* (*0.5%*)
Banco do Brasil S.A.
0.756%, 2/14/14		5,600,000		5,593,834

Total Financials				5,593,834

Total Time Deposits				5,593,834

Total Long-Term Debt Securities (98.0%)
(Cost $1,098,297,896)				1,144,810,539

See Notes to Financial Statements.

227

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
PREFERRED STOCK:
Financials (0.2%)
*Consumer Finance* (*0.2%)*
Ally Financial, Inc.
7.300%		52,000	$	1,230,320
7.350%*		26,000		620,620

Total Preferred Stocks (0.2%)
(Cost $1,770,600)				1,850,940

COMMON STOCKS:
Consumer Discretionary (0.0%)
*Media* (*0.0%)*
Network Communications, Inc. (ADR)*†(b)		310,800		15,540

Total Consumer Discretionary				15,540

Energy (0.0%)
*Oil, Gas & Consumable Fuels* (*0.0%)*
General Maritime Corp.*†		1,166		32,217

Total Energy				32,217

Total Common Stocks (0.0%) (Cost $15,540)				47,757

	Number of Warrants		Value (Note 1)
WARRANTS:
Energy (0.0%)
*Oil, Gas & Consumable Fuels* (*0.0%)*
General Maritime Corp., expiring 5/17/17*†		1,803		—

Total Energy				—

Industrials (0.1%)
*Marine* (*0.1%)*
Horizon Lines, Inc., expiring 9/27/36*†(b)		14,763,285		1,110,199

Total Industrials				1,110,199

Total Warrants (0.1%) (Cost $1,447,432)				1,110,199

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (4.2%)
U.S. Treasury Bills
0.05%, 8/9/12#(p)	$	143,000	$	142,992
0.08%, 9/13/12(p)		1,200,000		1,199,800
0.09%, 9/27/12(p)		1,100,000		1,099,761
0.11%, 10/25/12#(p)		47,000		46,984
0.17%, 2/7/13(p)		500,000		499,496
0.17%, 3/7/13(p)		2,100,000		2,097,578
0.18%, 4/4/13(p)		300,000		299,586
0.19%, 5/2/13(p)		5,300,000		5,291,388
0.19%, 5/30/13(p)		38,953,000		38,882,978

Total Short-Term Investments (Cost $49,569,570)				49,560,563

Total Investments (102.5%) (Cost $1,151,101,038)				1,197,379,998
Other Assets Less Liabilities (-2.5%)				(29,700,669	)

Net Assets (100%)			$	1,167,679,329

*	Non-income producing.

†	Securities (totaling $6,804,966 or 0.6% 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, 2012, the market value of these securities amounted to $89,206,965 or 7.6% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

#	All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $243,734.

(b)

Illiquid Security.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2012.

(m)

(p)

Yield to maturity.

Glossary:

ADR

— American Depositary Receipt

AUD

— Australian Dollar

CAD

— Canadian Dollar

CMO

— Collateralized Mortgage Obligation

EUR

— European Currency Unit

JPY

— Japanese Yen

PIK

— Payment-in Kind Security

TBA

— Security is subject to delayed delivery.

TIPS

— Treasury Inflation Protected Security

See Notes to Financial Statements.

228

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

At June 30, 2012, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2012		Unrealized Appreciation/ (Depreciation)
10 Year Australian Bonds		154		September-12	$	19,850,661	$	19,774,526	$	(76,135	)

At June 30, 2012, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


Foreign Currency Buy Contracts	Counterparty	Local Contract Buy Amount (000’s)		U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar vs. U.S. Dollar, expiring 8/9/12	Royal Bank of Canada		179	$	182,545	$	179,615	$	2,930
European Union Euro vs. U.S. Dollar, expiring 11/13/12	JPMorgan Chase Bank		325		411,896		421,987		(10,091	)
European Union Euro vs. U.S. Dollar, expiring 12/5/12	JPMorgan Chase Bank		175		221,857		219,402		2,455
Korean Won vs. U.S. Dollar, expiring 7/12/12	Barclays Bank plc		28,605		24,959		24,758		201
Korean Won vs. U.S. Dollar, expiring 7/12/12	Citibank N.A.		4,512,068		3,936,915		3,997,048		(60,133	)
Mexican Peso vs. U.S. Dollar, expiring 8/15/12	JPMorgan Chase Bank		118		8,817		9,037		(220	)
Singapore Dollar vs. U.S. Dollar, expiring 8/3/12	Citibank N.A.		6,287		4,962,968		5,029,264		(66,296	)

								$	(131,154)


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 8/9/12	Bank of America		5,606	$	5,603,197	$	5,717,020	$	(113,823	)
British Pound vs. U.S. Dollar, expiring 9/12/12	Barclays Bank plc		1,575		2,451,747		2,466,207		(14,460	)
Canadian Dollar vs. U.S. Dollar, expiring 9/20/12	Barclays Bank plc		5,465		5,316,665		5,358,176		(41,511	)
Chinese Renminbi vs. U.S. Dollar, expiring 2/1/13	JPMorgan Chase Bank		91		14,263		14,231		32
European Union Euro vs. U.S. Dollar, expiring 9/14/12	Citibank N.A.		8,814		10,996,699		11,162,123		(165,424	)
European Union Euro vs. U.S. Dollar, expiring 9/14/12	JPMorgan Chase Bank		79		99,529		100,046		(517	)
European Union Euro vs. U.S. Dollar, expiring 10/4/12	JPMorgan Chase Bank		2,950		3,875,031		3,736,725		138,306
European Union Euro vs. U.S. Dollar, expiring 10/4/12	JPMorgan Chase Bank		1,150		1,533,605		1,456,689		76,916
European Union Euro vs. U.S. Dollar, expiring 11/13/12	JPMorgan Chase Bank		975		1,264,977		1,235,689		29,288
European Union Euro vs. U.S. Dollar, expiring 12/5/12	JPMorgan Chase Bank		1,025		1,275,232		1,299,445		(24,213	)
Japanese Yen vs. U.S. Dollar, expiring 9/10/12	Citibank N.A.		191,507		2,453,366		2,398,137		55,229
Korean Won vs. U.S. Dollar, expiring 7/12/12	Barclays Bank plc		2,847,195		2,418,000		2,484,263		(66,263	)
Korean Won vs. U.S. Dollar, expiring 7/12/12	Goldman Sachs & Co.		1,693,478		1,491,000		1,477,610		13,390
Korean Won vs. U.S. Dollar, expiring 9/28/12	Barclays Bank plc		28,605		24,635		24,832		(197	)
Singapore Dollar vs. U.S. Dollar, expiring 8/3/12	Citibank N.A.		6,339		4,964,000		5,003,741		(39,741	)
Taiwan Dollar vs. U.S. Dollar, expiring 11/30/12	Barclays Bank plc		198		6,732		6,653		79

								$	(152,909	)

								$	(284,063	)

See Notes to Financial Statements.

229

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Options Written:

Options written through the period ended June 30, 2012 were as follows:


	Total Number of Contracts			Total Premiums Received
Options Outstanding - January 1, 2012		—		$	—
Options Written		34			47,498
Options Terminated in Closing Purchase Transactions		(34	)		(47,498	)
Options Expired		—			—
Options Exercised		—			—

Options Outstanding - June 30, 2012		—		$	—

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, 2012:

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	$	—	$	1,719,665	$	3,819,435	$	5,539,100
Non-Agency CMO		—		25,681,056		—		25,681,056
Common Stocks
Consumer Discretionary		—		—		15,540		15,540
Energy		—		—		32,217		32,217
Convertible Bonds
Energy		—		525,406		—		525,406
Corporate Bonds
Consumer Discretionary		—		29,452,306		797,535		30,249,841
Consumer Staples		—		30,157,093		—		30,157,093
Energy		—		34,004,913		—		34,004,913
Financials		—		156,364,145		—		156,364,145
Health Care		—		39,163,826		—		39,163,826
Industrials		—		36,102,991		1,030,040		37,133,031
Information Technology		—		20,600,687		—		20,600,687
Materials		—		22,049,281		—		22,049,281
Telecommunication Services		—		23,034,339		—		23,034,339
Utilities		—		26,658,019		—		26,658,019
Forward Currency Contracts		—		318,826		—		318,826
Government Securities
Agency CMO		—		52,122,036		—		52,122,036
Foreign Governments		—		28,015,186		—		28,015,186
Municipal Bonds		—		25,017,724		—		25,017,724
Supranational		—		20,865,335		—		20,865,335
U.S. Government Agencies		—		66,620,589		—		66,620,589
U.S. Treasuries		—		495,415,098		—		495,415,098

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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
Preferred Stocks
Financials	$	1,850,940		$	—		$	—	$	1,850,940
Short-Term Investments		—			49,560,563			—		49,560,563
Time Deposits
Financials		—			5,593,834			—		5,593,834
Warrants
Energy		—			—			—		—
Industrials		—			—			1,110,199		1,110,199

Total Assets	$	1,850,940		$	1,189,042,918		$	6,804,966	$	1,197,698,824


Liabilities:
Forward Currency Contracts	$	—		$	(602,889	)	$	—	$	(602,889	)
Futures		(76,135	)		—			—		(76,135	)

Total Liabilities	$	(76,135	)	$	(602,889	)	$	—	$	(679,024	)

Total	$	1,774,805		$	1,188,440,029		$	6,804,966	$	1,197,019,800

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



	Investments in Bonds-Asset Backed Securities		Investments in Corporate Bonds- Consumer Discretionary			Investments in Corporate Bonds- Industrials			Investments in Common Stocks- Consumer Discretionary		Investments in Common Stocks- Energy†		Investments in Warrants- Energy††		Investments in Warrants- Industrials

Balance as of 12/31/11	$	3,580,007	$	1,427,357		$	2,289,376		$	15,540	$	—	$	—	$	49,569
Total gains or losses (realized/unrealized) included in earnings		239,428		(717,502	)		211,105			—		32,217		—		(269,998	)
Purchases		—		87,680			—			—		—		—		1,330,631
Sales		—		—			(1,470,441	)		—		—		—		(3	)
Issuances		—		—			—			—		—		—		—
Settlements		—		—			—			—		—		—		—
Transfers into Level 3		—		—			—			—		—		—		—
Transfers out of Level 3		—		—			—			—		—		—		—

Balance as of 6/30/12	$	3,819,435	$	797,535		$	1,030,040		$	15,540	$	32,217	$	—	$	1,110,199

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/12.	$	239,428	$	(717,502	)	$	(43,560	)	$	—	$	32,217	$	—	$	(270,001	)

†	Security received through corporate action with $0 cost.

††	Security represents level 3 investments with $0 Cost and Market Value.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2012:


	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		318,826
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		—	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	318,826


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		(602,889	)
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		(76,135	)*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	(679,024	)

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2012:


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	$	47,594	$	1,214,512	$	—	$	—	$	1,262,106
Foreign exchange contracts		—		—		1,838,284		—		1,838,284
Credit contracts		—		—		—		—		—
Equity contracts		—		—		—		—		—
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	47,594	$	1,214,512	$	1,838,284	$	—	$	3,100,390


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	$	—	$	(565,395	)	$	—		$	—	$	(565,395	)
Foreign exchange contracts		—		—			(1,269,077	)		—		(1,269,077	)
Credit contracts		—		—			—			—		—
Equity contracts		—		—			—			—		—
Commodity contracts		—		—			—			—		—
Other contracts		—		—			—			—		—

Total	$	—	$	(565,395	)	$	(1,269,077	)	$	—	$	(1,834,472	)

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $73,132,000 and futures contracts and option contracts with an average notional balance of approximately $23,371,000 and $60,000, respectively, during the six months ended June 30, 2012.

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	952,288,309
Long-term U.S. Treasury securities		384,031,911

	$	1,336,320,220

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,433,418,073
Long-term U.S. Treasury securities		570,838,588

	$	2,004,256,661

As of June 30, 2012, 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	$	54,768,735
Aggregate gross unrealized depreciation		(8,722,749	)

Net unrealized appreciation	$	46,045,986

Federal income tax cost of investments	$	1,151,334,012

The Portfolio has a net capital loss carryforward of $545,947,121 of which $38,579,495 expires in the year 2016 and $507,367,626 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value (Cost $1,151,101,038)	$	1,197,379,998
Cash		14,443,772
Cash held as collateral at broker		211,015
Foreign cash (Cost $224,528)		227,167
Receivable for forward commitments		45,030,000
Receivable for securities sold		11,243,986
Dividends, interest and other receivables		10,152,095
Receivable from Separate Accounts for Trust shares sold		384,351
Unrealized appreciation on forward foreign currency contracts		318,826
Other assets		10,334

Total assets		1,279,401,544

LIABILITIES
Payable for forward commitments		90,768,594
Payable for securities purchased		17,852,384
Payable for return of cash collateral on forward commitments		763,966
Payable to Separate Accounts for Trust shares redeemed		606,329
Unrealized depreciation on forward foreign currency contracts		602,889
Investment management fees payable		513,484
Administrative fees payable		159,945
Distribution fees payable - Class B		148,435
Due to broker for futures variation margin		100,972
Distribution fees payable - Class A		43,802
Trustees’ fees payable		24,802
Payable for return of cash collateral on forward contracts		19,365
Accrued expenses		117,248

Total liabilities		111,722,215

NET ASSETS	$	1,167,679,329

Net assets were comprised of:
Paid in capital	$	1,631,597,058
Accumulated undistributed net investment income (loss)		13,301,172
Accumulated undistributed net realized gain (loss) on investments, options written, futures and foreign currency transactions		(523,136,462	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		45,917,561

Net assets	$	1,167,679,329

Class A
Net asset value, offering and redemption price per share, $213,866,437 / 52,819,336 shares outstanding (unlimited amount authorized: $0.001 par value)	$	4.05

Class B
Net asset value, offering and redemption price per share, $723,692,115 / 179,567,485 shares outstanding (unlimited amount authorized: $0.001 par value)	$	4.03

Class K
Net asset value, offering and redemption price per share, $230,120,777 / 56,759,372 shares outstanding (unlimited amount authorized: $0.001 par value)	$	4.05

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Interest	$	20,680,953
Dividends		23,725

Total income		20,704,678

EXPENSES
Investment management fees		3,237,868
Administrative fees		924,746
Distribution fees - Class B		893,717
Distribution fees - Class A		269,593
Custodian fees		87,632
Printing and mailing expenses		65,210
Professional fees		35,941
Trustees’ fees		15,863
Interest expense		5,121
Miscellaneous		81,189

Total expenses		5,616,880

NET INVESTMENT INCOME (LOSS)		15,087,798

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		21,781,245
Futures		1,214,512
Foreign currency transactions		2,039,402
Options written		47,594
Securities sold short		(354,531	)

Net realized gain (loss)		24,728,222

Change in unrealized appreciation (depreciation) on:
Securities		1,289,455
Futures		(565,395	)
Foreign currency translations		(1,246,870	)

Net change in unrealized appreciation (depreciation)		(522,810	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		24,205,412

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	39,293,210

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	15,087,798		$	63,633,870
Net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		24,728,222			57,005,571
Net change in unrealized appreciation (depreciation) on investments, options written, futures and foreign currency translations		(522,810	)		3,063,715

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		39,293,210			123,703,156

DIVIDENDS:
Dividends from net investment income
Class A		—			(9,518,985	)
Class B		—			(27,241,196	)
Class K†		—			(31,462,559	)

TOTAL DIVIDENDS		—			(68,222,740	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 2,332,642 and 54,866,202 shares, respectively ]		9,321,535			217,514,732
Capital shares issued in reinvestment of dividends [ 0 and 2,424,161 shares, respectively ]		—			9,518,985
Capital shares repurchased [ (4,883,422) and (447,765,861) shares, respectively ]		(19,541,660	)		(1,811,465,807	)(z)

Total Class A transactions		(10,220,125	)		(1,584,432,090	)

Class B
Capital shares sold [ 13,871,213 and 28,787,494 shares, respectively ]		55,044,029			114,006,482
Capital shares issued in reinvestment of dividends [ 0 and 6,982,648 shares, respectively ]		—			27,241,196
Capital shares repurchased [ (15,293,732) and (40,047,128) shares, respectively ]		(60,803,939	)		(158,853,959	)

Total Class B transactions		(5,759,910	)		(17,606,281	)

Class K†
Capital shares sold [ 9,073,295 and 384,241,513 shares, respectively ]		36,126,338			1,557,950,637	(z)
Capital shares issued in reinvestment of dividends [ 0 and 8,030,348 shares, respectively ]		—			31,462,559
Capital shares repurchased [ (148,688,098) and (195,897,686) shares, respectively ]		(586,643,190	)		(796,189,401	)

Total Class K transactions		(550,516,852	)		793,223,795

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(566,496,887	)		(808,814,576	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(527,203,677	)		(753,334,160	)
NET ASSETS:
Beginning of period		1,694,883,006			2,448,217,166

End of period (a)	$	1,167,679,329		$	1,694,883,006

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	13,301,172		$	(1,786,626	)

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Multi-Sector Bond Portfolio exchanged approximately 376,426,249 Class A shares for approximately 376,426,249 Class K shares. This exchange amounted to approximately $1,526,251,253.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	3.92		$	3.88		$	3.74		$	3.56		$	5.34		$	5.61

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.11	(e)		0.13	(e)		0.18	(e)		0.44	(e)		0.45	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.08			0.10			0.12			0.18			(1.72	)		(0.27	)

Total from investment operations		0.13			0.21			0.25			0.36			(1.28	)		0.18

Less distributions:
Dividends from net investment income		—			(0.17	)		(0.11	)		(0.18	)		(0.50	)		(0.45	)

Net asset value, end of period	$	4.05		$	3.92		$	3.88		$	3.74		$	3.56		$	5.34

Total return (b)		3.32	%		5.35	%		6.79	%		10.09	%		(23.39	)%		3.29	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	213,866		$	217,288		$	1,731,954		$	911,802		$	682,451		$	887,961
Ratio of expenses to average net assets (a)		0.98	%		0.69	%		0.70	%		0.74	%		0.76	%		0.76	%
Ratio of net investment income (loss) to average net assets (a)		2.43	%		2.67	%		3.20	%		4.72	%		8.81	%		7.78	%
Portfolio turnover rate		106	%		186	%		261	%		371	%		155	%		108	%



	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	3.91		$	3.87		$	3.72		$	3.55		$	5.32		$	5.58

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.10	(e)		0.12	(e)		0.17	(e)		0.42	(e)		0.43	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.07			0.10			0.13			0.17			(1.70	)		(0.25	)

Total from investment operations		0.12			0.20			0.25			0.34			(1.28	)		0.18

Less distributions:
Dividends from net investment income		—			(0.16	)		(0.10	)		(0.17	)		(0.49	)		(0.44	)

Net asset value, end of period	$	4.03		$	3.91		$	3.87		$	3.72		$	3.55		$	5.32

Total return (b)		3.07	%		5.08	%		6.82	%		9.53	%		(23.55	)%		3.18	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	723,692		$	706,955		$	716,263		$	670,375		$	623,307		$	1,034,629
Ratio of expenses to average net assets (a)		0.98	%		0.94	%		0.95	%(c)		0.99	%(c)		1.01	%		1.01	%
Ratio of net investment income (loss) to average net assets (a)		2.43	%		2.48	%		2.99	%		4.62	%		8.46	%		7.53	%
Portfolio turnover rate		106	%		186	%		261	%		371	%		155	%		108	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	3.92		$	4.05

Income (loss) from investment operations:
Net investment income (loss)		0.05	(e)		0.04	(e)
Net realized and unrealized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions		0.08			—

Total from investment operations		0.13			0.04

Less distributions:
Dividends from net investment income		—			(0.17	)

Net asset value, end of period	$	4.05		$	3.92

Total return (b)		3.32	%		0.89	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	230,121		$	770,640
Ratio of expenses to average net assets (a)		0.73	%		0.69	%
Ratio of net investment income (loss) to average net assets (a)		2.70	%		2.90	%
Portfolio turnover rate		106	%		186	%

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

See Notes to Financial Statements.

237

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO (Unaudited)


Sector Weightings as of June 30, 2012	% of Net Assets
Information Technology		19.2	%
Health Care		16.8
Industrials		16.3
Consumer Discretionary		12.5
Financials		4.1
Energy		3.6
Materials		3.0
Consumer Staples		3.0
Utilities		1.4
Telecommunication Services		0.6
Cash and Other		19.5

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,079.90		$6.74
Hypothetical (5% average return before expenses)		1,000.00		1,018.39		6.54
Class B
Actual		1,000.00		1,079.30		6.73
Hypothetical (5% average return before expenses)		1,000.00		1,018.39		6.54
Class K
Actual		1,000.00		1,081.20		5.45
Hypothetical (5% average return before expenses)		1,000.00		1,019.63		5.29
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.30%, 1.30% and 1.05%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.4%)
*Auto Components (0.7%)*
Amerigon, Inc.*		222,415	$	2,555,548
Cooper Tire & Rubber Co.		13,683		240,000
Dana Holding Corp.		3,877		49,664
Dorman Products, Inc.*		6,197		155,483
Drew Industries, Inc.*		2,301		64,083
Fuel Systems Solutions, Inc.*		787		13,135
Tenneco, Inc.*		15,378		412,438
Tower International, Inc.*		1,303		13,682

				3,504,033

*Automobiles (0.0%)*
Winnebago Industries, Inc.*		2,116		21,562

*Distributors (0.1%)*
Core-Mark Holding Co., Inc.		492		23,685
Pool Corp.		12,064		488,109
Weyco Group, Inc.		149		3,454

				515,248

*Diversified Consumer Services (0.5%)*
American Public Education, Inc.*		4,513		144,416
Bridgepoint Education, Inc.*		4,393		95,767
Capella Education Co.*		3,410		118,532
Coinstar, Inc.*		7,928		544,337
Collectors Universe		1,341		19,686
Grand Canyon Education, Inc.*		10,112		211,745
Hillenbrand, Inc.		13,969		256,750
K12, Inc.*		6,758		157,461
Mac-Gray Corp.		428		6,031
Matthews International Corp., Class A		3,394		110,271
National American University Holdings, Inc.		1,245		5,354
Sotheby’s, Inc.		6,031		201,194
Steiner Leisure Ltd.*		3,862		179,235
Strayer Education, Inc.		3,009		328,041
Universal Technical Institute, Inc.		3,604		48,690

				2,427,510

*Hotels, Restaurants & Leisure (3.4%)*
AFC Enterprises, Inc.*		6,168		142,727
Ameristar Casinos, Inc.		7,299		129,703
Benihana, Inc.		856		13,790
Biglari Holdings, Inc.*		30		11,592
BJ’s Restaurants, Inc.*		6,214		236,132
Bob Evans Farms, Inc.		1,009		40,562
Boyd Gaming Corp.*		1,050		7,560
Bravo Brio Restaurant Group, Inc.*		4,886		87,117
Buffalo Wild Wings, Inc.*		4,703		407,468
Caesars Entertainment Corp.*		8,345		95,133
Caribou Coffee Co., Inc.*		5,342		68,965
Carrols Restaurant Group, Inc.*		2,633		15,640
CEC Entertainment, Inc.		4,640		168,757
Cheesecake Factory, Inc.*		13,655		436,414
Churchill Downs, Inc.		1,083		63,670
Country Style Cooking Restaurant Chain Co., Ltd. (ADR)*		21,806		150,461
Cracker Barrel Old Country Store, Inc.		4,882		306,590
Denny’s Corp.*		19,094	$	84,777
DineEquity, Inc.*		3,875		172,980
Domino’s Pizza, Inc.		14,668		453,388
Dunkin’ Brands Group, Inc.		54,704		1,878,535
Einstein Noah Restaurant Group, Inc.		1,296		22,758
Fiesta Restaurant Group, Inc.*		123,240		1,630,465
Gaylord Entertainment Co.*		5,276		203,443
Ignite Restaurant Group, Inc.*		69,681		1,261,923
Interval Leisure Group, Inc.		9,825		186,773
Jack in the Box, Inc.*		9,045		252,175
Jamba, Inc.*		17,777		34,843
Life Time Fitness, Inc.*		10,052		467,518
Morgans Hotel Group Co.*		2,681		12,601
MTR Gaming Group, Inc.*		5,712		27,132
Multimedia Games Holding Co., Inc.*		6,924		96,936
Nathan’s Famous, Inc.*		667		19,676
P.F. Chang’s China Bistro, Inc.		5,398		277,835
Papa John’s International, Inc.*		4,547		216,301
Peet’s Coffee & Tea, Inc.*		37,052		2,224,602
Pinnacle Entertainment, Inc.*		923		8,879
Premier Exhibitions, Inc.*		6,460		17,442
Red Robin Gourmet Burgers, Inc.*		1,668		50,891
Ruth’s Hospitality Group, Inc.*		8,902		58,753
Scientific Games Corp., Class A*		1,907		16,305
Shuffle Master, Inc.*		63,375		874,575
Six Flags Entertainment Corp.		10,053		544,672
Sonic Corp.*		12,401		124,258
Texas Roadhouse, Inc.		15,814		291,452
Town Sports International Holdings, Inc.*		5,855		77,813
Vail Resorts, Inc.		65,957		3,303,127

				17,275,109

*Household Durables (0.5%)*
American Greetings Corp., Class A		627		9,167
Blyth, Inc.		2,628		90,824
Brookfield Incorporacoes S.A.		330,088		552,201
Cavco Industries, Inc.*		1,568		80,407
Ethan Allen Interiors, Inc.		5,309		105,808
iRobot Corp.*		49,532		1,097,134
La-Z-Boy, Inc.*		3,862		47,464
Libbey, Inc.*		5,243		80,585
Meritage Homes Corp.*		1,739		59,021
Ryland Group, Inc.		6,387		163,379
Skullcandy, Inc.*		4,088		57,845
Zagg, Inc.*		6,447		70,337

				2,414,172

*Internet & Catalog Retail (1.2%)*
Blue Nile, Inc.*		68,568		2,037,155
CafePress, Inc.*		1,159		17,246
Geeknet, Inc.*		1,098		21,762
HSN, Inc.		9,611		387,804
MakeMyTrip Ltd.*		94,533		1,553,177
Nutrisystem, Inc.		7,200		83,232
Ocado Group plc*		620,314		756,482
Orbitz Worldwide, Inc.*		5,799		21,166
Overstock.com, Inc.*		3,006		20,772

See Notes to Financial Statements.

239

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Peixe Urbano, Inc. (ADR)*†(b)		10,195	$	242,641
PetMed Express, Inc.		5,070		61,651
Shutterfly, Inc.*		35,507		1,089,710
U.S. Auto Parts Network, Inc.*		3,803		15,897
Vitacost.com, Inc.*		5,563		32,822

				6,341,517

*Leisure Equipment & Products (0.2%)*
Arctic Cat, Inc.*		3,200		116,992
Brunswick Corp.		22,626		502,750
LeapFrog Enterprises, Inc.*		12,775		131,071
Marine Products Corp.		1,697		10,318
Smith & Wesson Holding Corp.*		16,421		136,458
Sturm Ruger & Co., Inc.		4,852		194,808

				1,092,397

*Media (1.8%)*
Arbitron, Inc.		6,682		233,870
Belo Corp., Class A		8,759		56,408
Carmike Cinemas, Inc.*		1,432		20,979
Crown Media Holdings, Inc., Class A*		1,466		2,565
Digital Domain Media Group, Inc.*		2,714		16,990
Global Sources Ltd.*		742		4,897
Knology, Inc.*		7,902		155,432
Lamar Advertising Co., Class A*		53,732		1,536,735
Legendary Pictures, Inc. (ADR)*†(b)		577		524,355
Lions Gate Entertainment Corp.*		224,782		3,313,287
MDC Partners, Inc., Class A		2,481		28,135
Morningstar, Inc.		35,192		2,035,505
National CineMedia, Inc.		4,785		72,588
Nexstar Broadcasting Group, Inc., Class A*		535		3,606
Outdoor Channel Holdings, Inc.		1,103		8,063
Pandora Media, Inc.*		76,356		829,990
ReachLocal, Inc.*		2,541		27,951
Rentrak Corp.*		1,430		29,530
Sinclair Broadcast Group, Inc., Class A		937		8,489
Valassis Communications, Inc.*		6,654		144,724
Value Line, Inc.		392		4,661
World Wrestling Entertainment, Inc., Class A		6,185		48,367

				9,107,127

*Multiline Retail (0.0%)*
Gordmans Stores, Inc.*		2,141		35,326

*Specialty Retail (2.9%)*
Aeropostale, Inc.*		20,580		366,941
American Eagle Outfitters, Inc.		150,400		2,967,392
America’s Car-Mart, Inc.*		15,013		583,255
ANN, Inc.*		12,358		315,005
Asbury Automotive Group, Inc.*		6,249		148,039
Barnes & Noble, Inc.*		608		10,008
bebe stores, Inc.		896		5,260
Body Central Corp.*		4,087		36,783
Buckle, Inc.		7,026		278,019
Cabela’s, Inc.*		10,709		404,907
Cato Corp., Class A		6,973		212,398
Children’s Place Retail Stores, Inc.*		2,320		115,606
Citi Trends, Inc.*		52,861	$	816,174
Collective Brands, Inc.*		15,422		330,339
Conn’s, Inc.*		323		4,780
Cost Plus, Inc.*		4,780		105,160
Destination Maternity Corp.		1,495		32,292
Express, Inc.*		22,647		411,496
Finish Line, Inc., Class A		4,875		101,936
Francesca’s Holdings Corp.*		28,635		773,431
Genesco, Inc.*		6,196		372,689
hhgregg, Inc.*		287		3,246
Hibbett Sports, Inc.*		18,315		1,056,959
Hot Topic, Inc.		10,667		103,363
Jos. A. Bank Clothiers, Inc.*		6,547		277,986
Lumber Liquidators Holdings, Inc.*		53,424		1,805,197
Mattress Firm Holding Corp.*		2,783		84,353
Men’s Wearhouse, Inc.		2,694		75,809
Monro Muffler Brake, Inc.		7,832		260,336
New York & Co., Inc.*		4,250		14,790
Penske Automotive Group, Inc.		2,775		58,941
Pier 1 Imports, Inc.		24,603		404,227
rue21, Inc.*		3,914		98,789
Select Comfort Corp.*		14,359		300,390
Systemax, Inc.*		222		2,624
Talbots, Inc.*		10,004		25,210
Teavana Holdings, Inc.*		2,215		29,969
Tilly’s, Inc., Class A*		24,870		399,164
Vitamin Shoppe, Inc.*		7,456		409,558
Winmark Corp.		563		32,964
Zumiez, Inc.*		33,912		1,342,915

				15,178,700

*Textiles, Apparel & Luxury Goods (1.1%)*
Cherokee, Inc.		1,790		24,935
Crocs, Inc.*		22,795		368,139
Fifth & Pacific Cos., Inc.*		1,564		16,782
G-III Apparel Group Ltd.*		534		12,650
Kenneth Cole Productions, Inc., Class A*		926		13,936
Maidenform Brands, Inc.*		4,264		84,939
Movado Group, Inc.		323		8,081
Oxford Industries, Inc.		3,554		158,864
Perry Ellis International, Inc.*		154,411		3,204,028
R.G. Barry Corp.		2,003		27,221
Steven Madden Ltd.*		9,942		315,659
True Religion Apparel, Inc.		6,532		189,297
Tumi Holdings, Inc.*		5,468		95,690
Vera Bradley, Inc.*		5,126		108,056
Warnaco Group, Inc.*		9,120		388,330
Wolverine World Wide, Inc.		12,334		478,313

				5,494,920

Total Consumer Discretionary				63,407,621

Consumer Staples (3.0%)
*Beverages (0.4%)*
Boston Beer Co., Inc., Class A*		17,266		2,089,186
Coca-Cola Bottling Co. Consolidated		1,163		74,758
Craft Brew Alliance, Inc.*		1,285		10,511
National Beverage Corp.*		2,768		41,354

				2,215,809

See Notes to Financial Statements.

240

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
*Food & Staples Retailing (0.4%)*
Arden Group, Inc., Class A		177	$	15,436
Casey’s General Stores, Inc.		9,649		569,195
Chefs’ Warehouse, Inc.*		2,785		50,269
Harris Teeter Supermarkets, Inc.		1,554		63,699
Pantry, Inc.*		413		6,071
Pricesmart, Inc.		4,609		311,154
Rite Aid Corp.*		14,491		20,287
Roundy’s, Inc.		5,063		51,693
SUPERVALU, Inc.		40,752		211,095
Susser Holdings Corp.*		1,202		44,678
United Natural Foods, Inc.*		12,368		678,509

				2,022,086

*Food Products (1.0%)*
Alico, Inc.		378		11,544
Annie’s, Inc.*		53,019		2,219,375
B&G Foods, Inc.		12,254		325,956
Calavo Growers, Inc.		3,020		77,252
Cal-Maine Foods, Inc.		3,147		123,048
Darling International, Inc.*		9,069		149,548
Hain Celestial Group, Inc.*		9,331		513,578
Inventure Foods, Inc.*		3,290		20,727
J&J Snack Foods Corp.		3,753		221,802
Lancaster Colony Corp.		4,675		332,907
Lifeway Foods, Inc.		1,112		11,531
Limoneira Co.		2,195		35,603
Pilgrim’s Pride Corp.*		12,318		88,074
Post Holdings, Inc.*		4,927		151,505
Sanderson Farms, Inc.		5,821		266,718
Snyders-Lance, Inc.		9,933		250,610
Tootsie Roll Industries, Inc.		5,598		133,568
TreeHouse Foods, Inc.*		6,137		382,274
Westway Group, Inc.*		575		3,444

				5,319,064

*Household Products (0.1%)*
Central Garden & Pet Co., Class A*		1,438		15,660
Orchids Paper Products Co.		689		12,181
Spectrum Brands Holdings, Inc.*		4,858		158,225
WD-40 Co.		4,059		202,179

				388,245

*Personal Products (1.0%)*
Elizabeth Arden, Inc.*		5,443		211,243
Female Health Co.		4,721		27,712
Inter Parfums, Inc.		2,982		51,499
Medifast, Inc.*		3,498		68,841
Nature’s Sunshine Products, Inc.		1,758		26,546
Prestige Brands Holdings, Inc.*		285,605		4,515,415
Schiff Nutrition International, Inc.*		3,381		60,689
Synutra International, Inc.*		4,399		23,754
USANA Health Sciences, Inc.*		1,514		62,256

				5,047,955

*Tobacco (0.1%)*
Star Scientific, Inc.*		36,899		168,259
Vector Group Ltd.		10,072		171,426

				339,685

Total Consumer Staples				15,332,844

Energy (3.6%)
*Energy Equipment & Services (0.6%)*
C&J Energy Services, Inc.*		3,462	$	64,047
Dril-Quip, Inc.*		10,176		667,444
Forum Energy Technologies, Inc.*		5,612		110,500
Global Geophysical Services, Inc.*		118,041		722,411
Gulfmark Offshore, Inc., Class A*		1,470		50,039
Heckmann Corp.*		2,399		8,108
ION Geophysical Corp.*		33,535		220,995
Lufkin Industries, Inc.		8,509		462,209
Matrix Service Co.*		1,408		15,981
Mitcham Industries, Inc.*		2,042		34,653
OYO Geospace Corp.*		1,613		145,154
PHI, Inc. (Non-Voting)*		254		7,064
Pioneer Drilling Co.*		3,270		26,062
RigNet, Inc.*		24,307		422,699
TGC Industries, Inc.*		3,679		35,723
Willbros Group, Inc.*		2,415		15,601

				3,008,690

*Oil, Gas & Consumable Fuels (3.0%)*
Abraxas Petroleum Corp.*		1,217,474		3,883,742
Alon USA Energy, Inc.		2,199		18,604
Apco Oil and Gas International, Inc.		2,285		41,244
Approach Resources, Inc.*		7,324		187,055
ATP Oil & Gas Corp.*		983		3,323
Berry Petroleum Co., Class A		13,268		526,209
Bonanza Creek Energy, Inc.*		398		6,619
BPZ Resources, Inc.*		7,982		20,194
Carrizo Oil & Gas, Inc.*		8,653		203,432
Ceres, Inc.*		1,501		13,584
Clayton Williams Energy, Inc.*		145		7,015
Clean Energy Fuels Corp.*		16,731		259,331
Contango Oil & Gas Co.*		2,968		175,706
CREDO Petroleum Corp.*		1,109		16,047
Crosstex Energy, Inc.		9,461		132,454
CVR Energy, Inc.*		2,860		76,019
Endeavour International Corp.*		8,960		75,264
Energy XXI Bermuda Ltd.		14,552		455,332
Evolution Petroleum Corp.*		3,995		33,318
FX Energy, Inc.*		13,581		80,807
GasLog Ltd.*		38,283		388,572
GeoResources, Inc.*		5,358		196,156
Gevo, Inc.*		4,802		23,866
Goodrich Petroleum Corp.*		6,478		89,785
Gulfport Energy Corp.*		4,748		97,951
Halcon Resources Corp.*		65,884		621,945
Harvest Natural Resources, Inc.*		663		5,669
Isramco, Inc.*		266		29,260
KiOR, Inc., Class A*		6,678		59,768
Kodiak Oil & Gas Corp.*		66,748		548,001
Magnum Hunter Resources Corp.*		792,754		3,313,712
Matador Resources Co.*		2,964		31,833
Midstates Petroleum Co., Inc.*		2,781		27,004
Northern Oil and Gas, Inc.*		16,088		256,443
Oasis Petroleum, Inc.*		72,596		1,755,371
Panhandle Oil and Gas, Inc., Class A		1,739		52,413

See Notes to Financial Statements.

241

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Renewable Energy Group, Inc.*		452	$	3,358
Rentech, Inc.*		38,833		79,996
REX American Resources Corp.*		185		3,611
Rosetta Resources, Inc.*		13,400		490,976
Sanchez Energy Corp.*		2,934		61,027
Saratoga Resources, Inc.*		4,569		26,866
Solazyme, Inc.*		8,284		115,148
Targa Resources Corp.		7,339		313,375
Uranerz Energy Corp.*		16,403		23,784
Uranium Energy Corp.*		10,174		23,299
VAALCO Energy, Inc.*		14,638		126,326
Venoco, Inc.*		7,442		74,494
W&T Offshore, Inc.		647		9,899
Warren Resources, Inc.*		3,019		7,246
Western Refining, Inc.		8,586		191,210
ZaZa Energy Corp.*		2,889		13,058

				15,276,721

Total Energy				18,285,411

Financials (4.1%)
*Capital Markets (1.4%)*
BGC Partners, Inc., Class A		24,911		146,228
CETIP S.A.		57,946		723,856
Cohen & Steers, Inc.		4,674		161,300
Diamond Hill Investment Group, Inc.		700		54,803
Duff & Phelps Corp., Class A		2,198		31,871
Epoch Holding Corp.		4,034		91,894
Evercore Partners, Inc., Class A		675		15,788
Financial Engines, Inc.*		111,094		2,382,966
GAMCO Investors, Inc., Class A		1,629		72,311
Greenhill & Co., Inc.		54,227		1,933,193
HFF, Inc., Class A*		6,980		97,301
ICG Group, Inc.*		684		6,327
Ladenburg Thalmann Financial Services, Inc.*		26,994		41,571
Main Street Capital Corp.		485		11,737
Pzena Investment Management, Inc., Class A		1,525		6,756
Stifel Financial Corp.*		6,671		206,134
Virtus Investment Partners, Inc.*		812		65,772
Westwood Holdings Group, Inc.		1,680		62,597
WisdomTree Investments, Inc.*		137,041		900,359

				7,012,764

*Commercial Banks (0.6%)*
Arrow Financial Corp.		139		3,360
Bank of the Ozarks, Inc.		5,405		162,582
Bridge Capital Holdings*		667		10,772
Eagle Bancorp, Inc.*		232		3,654
Encore Bancshares, Inc.*		258		5,323
FNB United Corp.*		1,885		24,486
Home BancShares, Inc./Arkansas		36,100		1,103,938
Investors Bancorp, Inc.*		1,931		29,139
Pacific Capital Bancorp*		77		3,521
Penns Woods Bancorp, Inc.		90		3,583
Texas Capital Bancshares, Inc.*		8,382		338,549
Westamerica Bancorp		3,900		184,041
Western Alliance Bancorp*		116,929		1,094,455

				2,967,403

*Consumer Finance (0.3%)*
Cash America International, Inc.		3,094	$	136,260
Credit Acceptance Corp.*		1,990		168,016
DFC Global Corp.*		8,740		161,078
EZCORP, Inc., Class A*		8,363		196,196
First Cash Financial Services, Inc.*		7,249		291,192
Green Dot Corp., Class A*		6,072		134,313
Netspend Holdings, Inc.*		7,853		72,169
Regional Management Corp.*		1,213		19,954
World Acceptance Corp.*		2,789		183,516

				1,362,694

*Diversified Financial Services (0.1%)*
FX Alliance, Inc.*		1,504		23,628
MarketAxess Holdings, Inc.		9,241		246,180
MicroFinancial, Inc.		769		6,229
PICO Holdings, Inc.*		19,143		428,995

				705,032

*Insurance (0.5%)*
American Safety Insurance Holdings Ltd.*		262		4,913
Amtrust Financial Services, Inc.		983		29,205
Donegal Group, Inc., Class A		248		3,293
eHealth, Inc.*		4,950		79,744
First American Financial Corp.		2,518		42,705
Flagstone Reinsurance Holdings S.A.		1,168		9,356
Greenlight Capital Reinsurance Ltd., Class A*		96,358		2,449,420
Hallmark Financial Services*		357		2,785
Homeowners Choice, Inc.		398		7,005
Meadowbrook Insurance Group, Inc.		1,039		9,133
Montpelier Reinsurance Holdings Ltd.		1,691		36,001
Navigators Group, Inc.*		1,098		54,955
State Auto Financial Corp.		651		9,147
Tower Group, Inc.		4,790		99,967
Universal Insurance Holdings, Inc.		965		3,291

				2,840,920

*Real Estate Investment Trusts (REITs) (1.0%)*
Acadia Realty Trust (REIT)		11,229		260,288
Alexander’s, Inc. (REIT)		538		231,937
Apollo Residential Mortgage, Inc. (REIT)		625		12,050
Associated Estates Realty Corp. (REIT)		4,830		72,209
Coresite Realty Corp. (REIT)		2,591		66,900
DuPont Fabros Technology, Inc. (REIT)		7,369		210,459
EastGroup Properties, Inc. (REIT)		6,826		363,826
FelCor Lodging Trust, Inc. (REIT)*		18,859		88,637
Glimcher Realty Trust (REIT)		31,952		326,550
Gyrodyne Co. of America, Inc. (REIT)*		291		33,264

See Notes to Financial Statements.

242

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Highwoods Properties, Inc. (REIT)		13,640	$	458,986
Inland Real Estate Corp. (REIT)		8,991		75,345
LTC Properties, Inc. (REIT)		1,791		64,978
Monmouth Real Estate Investment Corp. (REIT), Class A		4,731		55,447
National Health Investors, Inc. (REIT)		6,258		318,657
Omega Healthcare Investors, Inc. (REIT)		26,929		605,903
Potlatch Corp. (REIT)		6,526		208,440
PS Business Parks, Inc. (REIT)		3,913		264,988
Saul Centers, Inc. (REIT)		1,974		84,625
Sovran Self Storage, Inc. (REIT)		6,748		338,007
Strategic Hotels & Resorts, Inc. (REIT)*		38,966		251,720
Sun Communities, Inc. (REIT)		6,763		299,195
UMH Properties, Inc. (REIT)		730		7,833
Universal Health Realty Income Trust (REIT)		1,571		65,244
Urstadt Biddle Properties, Inc. (REIT), Class A		4,417		87,324
Washington Real Estate Investment Trust (REIT)		5,452		155,109

				5,007,921

*Real Estate Management & Development (0.1%)*
Tejon Ranch Co.*		3,302		94,503
Zillow, Inc., Class A*		17,366		670,849

				765,352

*Thrifts & Mortgage Finance (0.1%)*
Beneficial Mutual Bancorp, Inc.*		1,036		8,941
BofI Holding, Inc.*		169		3,339
Clifton Savings Bancorp, Inc.		235		2,446
First Federal Bancshares of Arkansas, Inc.*		460		3,726
First PacTrust Bancorp, Inc.		22,600		268,036
Heritage Financial Group, Inc.		272		3,501
Meridian Interstate Bancorp, Inc.*		258		3,591
Nationstar Mortgage Holdings, Inc.*		4,851		104,393
Ocwen Financial Corp.*		1,629		30,593
Oritani Financial Corp.		4,012		57,733
Tree.com, Inc.*		928		10,616

				496,915

Total Financials				21,159,001

Health Care (16.8%)
*Biotechnology (3.3%)*
Abcam plc		175,887		1,149,899
Achillion Pharmaceuticals, Inc.*		13,470		83,514
Acorda Therapeutics, Inc.*		10,147		239,063
Aegerion Pharmaceuticals, Inc.*		5,447		80,833
Affymax, Inc.*		80,625		1,038,450
Agenus, Inc.*		3,509		18,387
Alkermes plc*		30,987		525,849
Allos Therapeutics, Inc.*		23,088		41,327
Alnylam Pharmaceuticals, Inc.*		11,731		136,901
AMAG Pharmaceuticals, Inc.*		4,290		66,066
Amarin Corp. plc (ADR)*		43,853	$	634,114
Amicus Therapeutics, Inc.*		7,644		42,042
Anacor Pharmaceuticals, Inc.*		3,648		23,675
Arena Pharmaceuticals, Inc.*		44,191		441,026
ArQule, Inc.*		14,761		87,533
Array BioPharma, Inc.*		22,563		78,294
AVEO Pharmaceuticals, Inc.*		9,085		110,474
BioCryst Pharmaceuticals, Inc.*		12,443		49,523
Biospecifics Technologies Corp.*		1,241		23,306
Biotime, Inc.*		7,684		35,346
Celldex Therapeutics, Inc.*		14,867		77,160
Cepheid, Inc.*		16,613		743,432
ChemoCentryx, Inc.*		1,358		20,370
Clovis Oncology, Inc.*		3,456		74,926
Coronado Biosciences, Inc.*		3,424		17,291
Cubist Pharmaceuticals, Inc.*		16,030		607,697
Curis, Inc.*		15,420		83,268
Cytori Therapeutics, Inc.*		10,927		29,503
Dendreon Corp.*		38,997		288,578
Discovery Laboratories, Inc.*		10,992		25,501
DUSA Pharmaceuticals, Inc.*		5,468		28,543
Dyax Corp.*		25,009		53,269
Dynavax Technologies Corp.*		291,013		1,257,176
Emergent Biosolutions, Inc.*		1,342		20,331
Exact Sciences Corp.*		14,453		154,936
Exelixis, Inc.*		37,867		209,404
Genomic Health, Inc.*		37,363		1,247,924
GTx, Inc.*		5,795		20,456
Halozyme Therapeutics, Inc.*		22,714		201,246
Horizon Pharma, Inc.*		2,915		20,784
Idenix Pharmaceuticals, Inc.*		16,723		172,247
ImmunoCellular Therapeutics Ltd.*		10,056		37,710
Immunogen, Inc.*		15,237		255,677
Immunomedics, Inc.*		16,861		60,194
Infinity Pharmaceuticals, Inc.*		5,021		68,085
InterMune, Inc.*		9,261		110,669
Ironwood Pharmaceuticals, Inc.*		121,047		1,668,028
Isis Pharmaceuticals, Inc.*		25,362		304,344
Keryx Biopharmaceuticals, Inc.*		19,015		34,227
Lexicon Pharmaceuticals, Inc.*		21,555		48,499
Ligand Pharmaceuticals, Inc., Class B*		4,421		74,892
MannKind Corp.*		28,594		65,480
Merrimack Pharmaceuticals, Inc.*		3,823		27,831
Momenta Pharmaceuticals, Inc.*		4,583		61,962
Neurocrine Biosciences, Inc.*		16,780		132,730
NewLink Genetics Corp.*		3,204		47,996
Novavax, Inc.*		29,309		45,722
NPS Pharmaceuticals, Inc.*		14,532		125,121
OncoGenex Pharmaceutical, Inc.*		3,625		48,720
Oncothyreon, Inc.*		14,469		67,715
Opko Health, Inc.*		27,266		125,424
Orexigen Therapeutics, Inc.*		15,302		84,773
Osiris Therapeutics, Inc.*		4,292		47,083
PDL BioPharma, Inc.		30,535		202,447
Pharmacyclics, Inc.*		13,774		752,198
Progenics Pharmaceuticals, Inc.*		7,643		74,749
Raptor Pharmaceutical Corp.*		12,528		70,032
Repligen Corp.*		6,965		29,949
Rigel Pharmaceuticals, Inc.*		14,773		137,389

See Notes to Financial Statements.

243

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares			Value (Note 1)
Sangamo BioSciences, Inc.*		13,585		$	74,989
Seattle Genetics, Inc.*		24,025			609,995
SIGA Technologies, Inc.*		8,747			25,104
Spectrum Pharmaceuticals, Inc.*		15,067			234,443
Sunesis Pharmaceuticals, Inc.*		6,626			19,017
Synageva BioPharma Corp.*		2,319			94,059
Synergy Pharmaceuticals, Inc.*		10,375			49,281
Synta Pharmaceuticals Corp.*		9,397			51,402
Theravance, Inc.*		15,358			341,255
Threshold Pharmaceuticals, Inc.*		11,388			84,271
Trius Therapeutics, Inc.*		6,268			36,104
Vanda Pharmaceuticals, Inc.*		6,800			29,920
Verastem, Inc.*		1,580			16,116
Vical, Inc.*		17,451			62,824
XOMA Corp.*		15,196			45,588
ZIOPHARM Oncology, Inc.*		16,565			98,562

					16,942,240

*Health Care Equipment & Supplies (2.8%)*
Abaxis, Inc.*		5,494			203,278
ABIOMED, Inc.*		8,463			193,126
Accuray, Inc.*		18,050			123,462
Align Technology, Inc.*		18,189			608,604
Analogic Corp.		3,103			192,386
Anika Therapeutics, Inc.*		2,966			40,308
Antares Pharma, Inc.*		23,329			84,918
ArthroCare Corp.*		5,797			169,736
AtriCure, Inc.*		3,528			33,904
Atrion Corp.		395			80,967
Biolase, Inc.*		—	@		—
Cantel Medical Corp.		5,354			145,896
Cardiovascular Systems, Inc.*		4,246			41,568
Cerus Corp.*		12,516			41,553
Conceptus, Inc.*		85,491			1,694,432
Cyberonics, Inc.*		6,974			313,412
Cynosure, Inc., Class A*		1,218			25,761
DexCom, Inc.*		108,959			1,412,109
Endologix, Inc.*		101,118			1,561,262
EnteroMedics, Inc.*		6,388			22,039
Exactech, Inc.*		510			8,553
Haemonetics Corp.*		6,414			475,342
Hansen Medical, Inc.*		14,555			33,040
HeartWare International, Inc.*		3,578			317,726
ICU Medical, Inc.*		2,873			153,361
Insulet Corp.*		61,640			1,317,247
Integra LifeSciences Holdings Corp.*		2,829			105,182
IRIS International, Inc.*		4,016			45,381
MAKO Surgical Corp.*		9,155			234,460
Masimo Corp.*		12,646			283,017
Meridian Bioscience, Inc.		10,444			213,684
Merit Medical Systems, Inc.*		638			8,811
Natus Medical, Inc.*		4,564			53,034
Navidea Biopharmaceuticals, Inc.*		24,797			92,245
Neogen Corp.*		5,966			275,629
NuVasive, Inc.*		2,709			68,700
NxStage Medical, Inc.*		12,460			208,830
OraSure Technologies, Inc.*		95,013			1,067,946
Orthofix International N.V.*		3,798			156,667
PhotoMedex, Inc.*		2,794			33,947
Quidel Corp.*		7,111		$	111,500
Rochester Medical Corp.*		2,323			24,995
Rockwell Medical Technologies, Inc.*		5,024			46,773
RTI Biologics, Inc.*		878			3,301
Spectranetics Corp.*		8,727			99,662
STAAR Surgical Co.*		74,797			581,173
STERIS Corp.		10,802			338,859
SurModics, Inc.*		868			15,016
Symmetry Medical, Inc.*		2,871			24,633
Tornier N.V.*		2,674			59,951
Unilife Corp.*		18,770			63,443
Utah Medical Products, Inc.		817			27,394
Vascular Solutions, Inc.*		4,086			51,320
Volcano Corp.*		13,492			386,546
West Pharmaceutical Services, Inc.		5,473			276,332
Young Innovations, Inc.		630			21,729
Zeltiq Aesthetics, Inc.*		38,634			216,350

					14,490,500

*Health Care Providers & Services (4.1%)*
Acadia Healthcare Co., Inc.*		150,269			2,635,718
Accretive Health, Inc.*		14,266			156,355
Air Methods Corp.*		46,412			4,559,979
AMN Healthcare Services, Inc.*		5,705			33,831
Amsurg Corp.*		2,606			78,128
Bio-Reference Labs, Inc.*		6,270			164,776
BioScrip, Inc.*		576,016			4,279,799
Capital Senior Living Corp.*		6,128			64,957
Centene Corp.*		13,028			392,924
Chemed Corp.		4,874			294,585
Corvel Corp.*		1,562			76,538
Emeritus Corp.*		7,825			131,695
Ensign Group, Inc.		2,744			77,573
ExamWorks Group, Inc.*		1,425			18,853
HealthSouth Corp.*		20,418			474,923
HMS Holdings Corp.*		111,592			3,717,129
IntegraMed America, Inc.*		1,280			17,728
IPC The Hospitalist Co., Inc.*		4,201			190,389
Landauer, Inc.		2,410			138,165
LCA-Vision, Inc.*		51,903			223,183
LHC Group, Inc.*		257			4,359
Magellan Health Services, Inc.*		349			15,820
Metropolitan Health Networks, Inc.*		11,152			106,725
MModal, Inc.*		9,951			129,164
Molina Healthcare, Inc.*		625			14,662
MWI Veterinary Supply, Inc.*		13,026			1,338,682
National Research Corp.		635			33,242
Owens & Minor, Inc.		13,756			421,346
PDI, Inc.*		418			3,444
Providence Service Corp.*		844			11,571
PSS World Medical, Inc.*		12,839			269,491
Skilled Healthcare Group, Inc., Class A*		4,508			28,310
Sunrise Senior Living, Inc.*		11,849			86,379
Team Health Holdings, Inc.*		7,186			173,111
U.S. Physical Therapy, Inc.		2,993			76,112
Vanguard Health Systems, Inc.*		6,930			61,608
WellCare Health Plans, Inc.*		5,271			279,363

					20,780,617

See Notes to Financial Statements.

244

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
*Health Care Technology (2.4%)*
athenahealth, Inc.*		73,813	$	5,843,775
Computer Programs & Systems, Inc.		2,829		161,875
Epocrates, Inc.*		4,410		35,368
Greenway Medical Technologies*		77,925		1,270,957
HealthStream, Inc.*		41,019		1,066,494
MedAssets, Inc.*		4,951		66,591
Medidata Solutions, Inc.*		5,636		184,128
Mediware Information Systems*		628		9,169
Merge Healthcare, Inc.*		676,101		1,933,649
Omnicell, Inc.*		1,023		14,977
Quality Systems, Inc.		10,032		275,980
Vocera Communications, Inc.*		47,095		1,261,675

				12,124,638

*Life Sciences Tools & Services (1.2%)*
BG Medicine, Inc.*		2,721		18,993
Cambrex Corp.*		3,874		36,454
eResearchTechnology, Inc.*		12,497		99,851
Fluidigm Corp.*		65,990		992,490
Furiex Pharmaceuticals, Inc.*		1,866		39,093
Harvard Bioscience, Inc.*		464		1,749
Luminex Corp.*		10,547		258,296
Medtox Scientific, Inc.*		1,867		50,334
PAREXEL International Corp.*		15,169		428,221
Sequenom, Inc.*		22,123		89,819
Techne Corp.		56,836		4,217,231

				6,232,531

*Pharmaceuticals (3.0%)*
Acura Pharmaceuticals, Inc.*		2,502		7,856
Akorn, Inc.*		112,649		1,776,475
Ampio Pharmaceuticals, Inc.*		5,844		29,688
Auxilium Pharmaceuticals, Inc.*		12,257		329,591
AVANIR Pharmaceuticals, Inc., Class A*		31,615		123,931
BioDelivery Sciences International, Inc.*		5,377		24,089
Cadence Pharmaceuticals, Inc.*		15,268		54,507
Cempra, Inc.*		911		8,527
Corcept Therapeutics, Inc.*		11,199		50,283
Cumberland Pharmaceuticals, Inc.*		1,639		10,588
Depomed, Inc.*		551,871		3,140,146
Endocyte, Inc.*		7,504		61,683
Hi-Tech Pharmacal Co., Inc.*		1,043		33,793
Impax Laboratories, Inc.*		203,752		4,130,053
Jazz Pharmaceuticals plc*		10,518		473,415
MAP Pharmaceuticals, Inc.*		6,311		94,539
Medicines Co.*		13,957		320,174
Medicis Pharmaceutical Corp., Class A		14,570		497,565
Nektar Therapeutics*		20,630		166,484
Obagi Medical Products, Inc.*		4,678		71,433
Omeros Corp.*		5,676		56,760
Optimer Pharmaceuticals, Inc.*		80,248		1,245,449
Pacira Pharmaceuticals, Inc.*		4,676		75,003
Pain Therapeutics, Inc.*		9,352		43,861
Par Pharmaceutical Cos., Inc.*		7,077		255,763
Pernix Therapeutics Holdings*		2,276		16,592
Pozen, Inc.*		6,812		42,507
Questcor Pharmaceuticals, Inc.*		13,615	$	724,863
Repros Therapeutics, Inc.*		3,747		34,023
Sagent Pharmaceuticals, Inc.*		27,285		493,313
Santarus, Inc.*		13,844		98,154
Sciclone Pharmaceuticals, Inc.*		14,339		100,516
Sucampo Pharmaceuticals, Inc., Class A*		2,977		20,928
Transcept Pharmaceuticals, Inc.*		402		2,492
Ventrus Biosciences, Inc.*		3,167		13,523
Vivus, Inc.*		25,256		720,806
XenoPort, Inc.*		8,036		48,537
Zogenix, Inc.*		9,247		22,933

				15,420,843

Total Health Care				85,991,369

Industrials (16.3%)
*Aerospace & Defense (0.4%)*
Aerovironment, Inc.*		2,640		69,458
American Science & Engineering, Inc.		428		24,161
Astronics Corp.*		2,676		75,570
CPI Aerostructures, Inc.*		1,407		15,477
Cubic Corp.		2,158		103,757
DigitalGlobe, Inc.*		6,359		96,402
GenCorp, Inc.*		11,988		78,042
HEICO Corp.		13,341		527,236
Hexcel Corp.*		25,209		650,140
KEYW Holding Corp.*		1,972		19,799
LMI Aerospace, Inc.*		281		4,884
Moog, Inc., Class A*		1,288		53,259
National Presto Industries, Inc.		130		9,070
SIFCO Industries, Inc.		246		5,653
Sypris Solutions, Inc.		1,772		12,351
Taser International, Inc.*		13,904		72,857
Teledyne Technologies, Inc.*		3,234		199,376

				2,017,492

*Air Freight & Logistics (2.1%)*
Air Transport Services Group, Inc.*		831,842		4,325,578
Atlas Air Worldwide Holdings, Inc.*		88,163		3,835,972
Echo Global Logistics, Inc.*		44,676		851,524
Forward Air Corp.		7,388		238,411
Hub Group, Inc., Class A*		9,388		339,846
Pacer International, Inc.*		1,098		5,951
Park-Ohio Holdings Corp.*		2,157		41,048
XPO Logistics, Inc.*		78,006		1,310,501

				10,948,831

*Airlines (0.3%)*
Alaska Air Group, Inc.*		17,054		612,239
Allegiant Travel Co.*		3,788		263,948
Hawaiian Holdings, Inc.*		7,038		45,817
Republic Airways Holdings, Inc.*		6,737		37,390
SkyWest, Inc.		855		5,583
Spirit Airlines, Inc.*		10,532		204,953
U.S. Airways Group, Inc.*		41,118		548,103

				1,718,033

See Notes to Financial Statements.

245

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
*Building Products (0.2%)*
A.O. Smith Corp.		2,713	$	132,639
AAON, Inc.		4,743		89,406
Ameresco, Inc., Class A*		3,899		46,515
American Woodmark Corp.*		405		6,925
Builders FirstSource, Inc.*		11,370		53,894
Insteel Industries, Inc.		201		2,241
Nortek, Inc.*		1,957		97,928
Patrick Industries, Inc.*		1,002		12,775
PGT, Inc.*		2,423		7,342
Simpson Manufacturing Co., Inc.		1,034		30,513
Trex Co., Inc.*		3,540		106,519
USG Corp.*		18,773		357,626

				944,323

*Commercial Services & Supplies (2.3%)*
A.T. Cross Co., Class A*		315,825		3,117,193
ACCO Brands Corp.*		13,137		135,837
Acorn Energy, Inc.		4,538		37,756
American Reprographics Co.*		1,358		6,831
Brink’s Co.		11,977		277,627
Casella Waste Systems, Inc., Class A*		466		2,726
CECO Environmental Corp.		1,502		11,866
Consolidated Graphics, Inc.*		88,700		2,576,735
Covanta Holding Corp.		105,617		1,811,332
Deluxe Corp.		8,702		217,028
Encore Capital Group, Inc.*		25,295		749,238
EnergySolutions, Inc.*		6,451		10,902
EnerNOC, Inc.*		2,399		17,369
Healthcare Services Group, Inc.		17,017		329,789
Heritage-Crystal Clean, Inc.*		1,933		31,605
Herman Miller, Inc.		14,757		273,300
HNI Corp.		10,915		281,061
InnerWorkings, Inc.*		8,053		108,957
Interface, Inc.		14,819		201,983
Intersections, Inc.		1,554		24,631
Knoll, Inc.		8,475		113,734
McGrath RentCorp.		3,231		85,621
Mine Safety Appliances Co.		6,989		281,237
Multi-Color Corp.		149		3,314
Portfolio Recovery Associates, Inc.*		4,331		395,247
Standard Parking Corp.*		3,923		84,423
Steelcase, Inc., Class A		2,860		25,826
Team, Inc.*		5,041		157,178
Tetra Tech, Inc.*		13,075		340,996
TMS International Corp., Class A*		1,633		16,281
TRC Cos., Inc.*		3,322		20,198
U.S. Ecology, Inc.		2,922		51,836
United Stationers, Inc.		603		16,251

				11,815,908

*Construction & Engineering (0.6%)*
Aegion Corp.*		1,393		24,921
Argan, Inc.		550		7,689
Comfort Systems USA, Inc.		2,773		27,785
Dycom Industries, Inc.*		7,429		138,254
Furmanite Corp.*		458,918		2,230,341
Great Lakes Dredge & Dock Corp.		1,657		11,798
MasTec, Inc.*		14,754	$	221,900
MYR Group, Inc.*		33,532		572,056
Primoris Services Corp.		2,065		24,780
Sterling Construction Co., Inc.*		421		4,303

				3,263,827

*Electrical Equipment (0.8%)*
Acuity Brands, Inc.		10,729		546,213
American Superconductor Corp.*		1,038		4,879
AZZ, Inc.		3,198		195,909
Belden, Inc.		10,278		342,771
Capstone Turbine Corp.*		727,173		734,445
Coleman Cable, Inc.		2,053		17,841
EnerSys*		4,417		154,904
Enphase Energy, Inc.*		1,580		9,828
Franklin Electric Co., Inc.		5,628		287,760
FuelCell Energy, Inc.*		10,136		10,237
Generac Holdings, Inc.*		2,857		68,739
II-VI, Inc.*		11,353		189,255
Powell Industries, Inc.*		964		36,015
Preformed Line Products Co.		53		3,069
Thermon Group Holdings, Inc.*		58,757		1,216,857
Vicor Corp.		970		6,732

				3,825,454

*Industrial Conglomerates (0.1%)*
Raven Industries, Inc.		4,591		319,488
Standex International Corp.		732		31,161

				350,649

*Machinery (2.7%)*
Actuant Corp., Class A		3,337		90,633
Altra Holdings, Inc.		3,745		59,096
Blount International, Inc.*		12,387		181,470
Cascade Corp.		118		5,552
Chart Industries, Inc.*		7,572		520,651
CIRCOR International, Inc.		336		11,454
CLARCOR, Inc.		12,723		612,740
Commercial Vehicle Group, Inc.*		6,207		53,504
Dynamic Materials Corp.		32,970		571,370
EnPro Industries, Inc.*		2,737		102,282
ESCO Technologies, Inc.		2,168		79,002
Federal Signal Corp.*		1,296		7,569
Flow International Corp.*		2,668		8,404
Gorman-Rupp Co.		3,869		115,296
Graham Corp.		2,424		45,135
John Bean Technologies Corp.		7,333		99,509
Lindsay Corp.		3,224		209,238
Meritor, Inc.*		5,829		30,427
Met-Pro Corp.		237		2,183
Middleby Corp.*		4,738		471,952
Mueller Industries, Inc.		1,127		47,999
Mueller Water Products, Inc., Class A		25,930		89,718
Omega Flex, Inc.*		734		8,742
Proto Labs, Inc.*		39,415		1,133,575
RBC Bearings, Inc.*		31,660		1,497,518
Rexnord Corp.*		95,061		1,905,022
Robbins & Myers, Inc.		3,994		167,029
Sauer-Danfoss, Inc.		2,982		104,161
Sun Hydraulics Corp.		5,231		127,061
Tennant Co.		4,780		190,961

See Notes to Financial Statements.

246

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Titan International, Inc.		172,031	$	4,219,920
Trimas Corp.*		7,508		150,911
Wabash National Corp.*		17,151		113,540
Woodward, Inc.		17,509		690,555

				13,724,179

*Marine (0.0%)*
Rand Logistics, Inc.*		404		3,434

*Professional Services (3.9%)*
Acacia Research Corp.*		118,465		4,411,637
Advisory Board Co.*		143,967		7,139,323
Barrett Business Services, Inc.		1,767		37,354
CDI Corp.		604		9,906
Corporate Executive Board Co.		135,886		5,555,020
Exponent, Inc.*		3,394		179,305
Franklin Covey Co.*		2,438		24,965
GP Strategies Corp.*		3,390		62,613
Huron Consulting Group, Inc.*		5,803		183,665
Insperity, Inc.		5,712		154,510
Kforce, Inc.*		6,602		88,863
Mistras Group, Inc.*		3,950		103,806
Odyssey Marine Exploration, Inc.*		18,526		69,287
On Assignment, Inc.*		10,865		173,405
RPX Corp.*		4,920		70,602
TrueBlue, Inc.*		7,471		115,651
WageWorks, Inc.*		89,013		1,340,536

				19,720,448

*Road & Rail (1.6%)*
Avis Budget Group, Inc.*		26,887		408,682
Celadon Group, Inc.		5,066		82,981
Dollar Thrifty Automotive Group, Inc.*		3,739		302,710
Genesee & Wyoming, Inc., Class A*		10,257		541,980
Heartland Express, Inc.		9,425		134,872
Knight Transportation, Inc.		14,666		234,509
Old Dominion Freight Line, Inc.*		12,024		520,519
Quality Distribution, Inc.*		382,413		4,240,960
RailAmerica, Inc.*		42,039		1,017,344
Roadrunner Transportation Systems, Inc.*		1,690		28,544
Saia, Inc.*		743		16,264
Swift Transportation Co.*		19,991		188,915
Werner Enterprises, Inc.		9,633		230,132
Zipcar, Inc.*		37,461		439,418

				8,387,830

*Trading Companies & Distributors (1.1%)*
Aceto Corp.		1,575		14,222
Applied Industrial Technologies, Inc.		9,851		363,009
Beacon Roofing Supply, Inc.*		11,865		299,235
BlueLinx Holdings, Inc.*		1,336		3,140
CAI International, Inc.*		1,300		25,844
DXP Enterprises, Inc.*		2,247		93,228
Edgen Group, Inc.*		944		7,099
H&E Equipment Services, Inc.*		4,048		60,841
Houston Wire & Cable Co.		1,658		18,122
Interline Brands, Inc.*		876		21,961
Kaman Corp.		6,675		206,525
Rush Enterprises, Inc., Class A*		40,057	$	654,932
SeaCube Container Leasing Ltd.		365		6,231
TAL International Group, Inc.		3,721		124,616
Textainer Group Holdings Ltd.		3,111		114,796
Titan Machinery, Inc.*		106,204		3,225,416
Watsco, Inc.		7,448		549,662

				5,788,879

*Transportation Infrastructure (0.2%)*
LLX Logistica S.A.*		744,050		822,400
Wesco Aircraft Holdings, Inc.*		1,126		14,334

				836,734

Total Industrials				83,346,021

Information Technology (19.2%)
*Communications Equipment (0.7%)*
ADTRAN, Inc.		16,175		488,323
Ambient Corp.*		674		3,687
Anaren, Inc.*		457		8,957
Arris Group, Inc.*		3,746		52,107
Aruba Networks, Inc.*		28,319		426,201
Aware, Inc.		2,526		16,293
CalAmp Corp.*		7,263		53,238
Calix, Inc.*		3,454		28,392
Ciena Corp.*		18,970		310,539
Comverse Technology, Inc.*		55,499		323,004
Extreme Networks, Inc.*		23,810		81,906
Globecomm Systems, Inc.*		4,502		45,650
Infinera Corp.*		24,966		170,767
InterDigital, Inc.		11,225		331,250
Ixia*		10,674		128,302
KVH Industries, Inc.*		3,161		39,513
Loral Space & Communications, Inc.		2,633		177,333
NETGEAR, Inc.*		4,314		148,876
Numerex Corp., Class A*		2,551		23,724
Parkervision, Inc.*		19,190		45,672
Plantronics, Inc.		3,611		120,607
Procera Networks, Inc.*		4,917		119,532
ShoreTel, Inc.*		10,761		47,133
Sonus Networks, Inc.*		4,378		9,413
Telular Corp.		2,514		23,229
Tessco Technologies, Inc.		693		15,281
Ubiquiti Networks, Inc.*		2,648		37,734
ViaSat, Inc.*		9,496		358,664

				3,635,327

*Computers & Peripherals (0.9%)*
3D Systems Corp.*		10,939		373,457
Cray, Inc.*		9,369		113,177
Datalink Corp.*		3,867		36,930
Electronics for Imaging, Inc.*		1,033		16,786
Immersion Corp.*		6,757		38,042
Intermec, Inc.*		1,944		12,053
QLogic Corp.*		6,045		82,756
Quantum Corp.*		1,662,019		3,373,899
Silicon Graphics International Corp.*		469		3,011
Stratasys, Inc.*		5,393		267,223
Super Micro Computer, Inc.*		6,609		104,819
Synaptics, Inc.*		8,530		244,214

				4,666,367

See Notes to Financial Statements.

247

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
*Electronic Equipment, Instruments & Components (1.0%)*
Anixter International, Inc.		4,357	$	231,139
Audience, Inc.*		56,638		1,091,981
Badger Meter, Inc.		3,676		138,034
Cognex Corp.		10,849		343,371
Coherent, Inc.*		1,750		75,775
Daktronics, Inc.		2,295		15,858
DTS, Inc.*		4,180		109,014
Echelon Corp.*		5,220		18,166
Electro Rent Corp.		499		8,099
FARO Technologies, Inc.*		15,895		668,862
FEI Co.*		9,021		431,565
GSI Group, Inc.*		399		4,573
InvenSense, Inc.*		9,218		104,163
Key Tronic Corp.*		463		3,815
LeCroy Corp.*		3,155		44,990
Littelfuse, Inc.		4,967		282,573
Maxwell Technologies, Inc.*		7,484		49,095
Measurement Specialties, Inc.*		3,383		109,981
Mesa Laboratories, Inc.		652		30,311
MTS Systems Corp.		4,072		156,976
Multi-Fineline Electronix, Inc.*		432		10,644
Neonode, Inc.*		5,693		35,012
OSI Systems, Inc.*		5,026		318,347
Plexus Corp.*		3,876		109,303
RealD, Inc.*		9,594		143,526
Rogers Corp.*		1,741		68,961
Universal Display Corp.*		10,061		361,592
Zygo Corp.*		856		15,288

				4,981,014

*Internet Software & Services (7.2%)*
Active Network, Inc.*		95,744		1,473,500
Ancestry.com, Inc.*		50,274		1,384,043
Angie’s List, Inc.*		195,329		3,094,011
Bankrate, Inc.*		83,270		1,531,335
Bazaarvoice, Inc.*		22,986		418,345
Blucora, Inc.*		1,565		19,281
Brightcove, Inc.*		1,420		21,655
Carbonite, Inc.*		2,849		25,470
comScore, Inc.*		8,943		147,202
Constant Contact, Inc.*		35,080		627,231
Cornerstone OnDemand, Inc.*		68,649		1,634,533
CoStar Group, Inc.*		64,827		5,263,952
DealerTrack Holdings, Inc.*		9,609		289,327
Demand Media, Inc.*		5,646		63,235
Demandware, Inc.*		42,178		999,197
Dice Holdings, Inc.*		11,585		108,783
EasyLink Services International Corp., Class A*		8,038		58,195
Envestnet, Inc.*		5,247		62,964
ExactTarget, Inc.*		2,468		53,951
Internap Network Services Corp.*		6,840		44,528
Ipass, Inc.*		12,137		28,886
j2 Global, Inc.		9,709		256,512
Liquidity Services, Inc.*		5,965		305,348
LivePerson, Inc.*		82,387		1,570,296
LogMeIn, Inc.*		5,597		170,821
Market Leader, Inc.*		4,700		23,876
MeetMe, Inc.*		314		738
MercadoLibre, Inc.		31,854		2,414,533
Millennial Media, Inc.*		2,733		36,048
Move, Inc.*		10,038	$	91,446
NIC, Inc.		16,422		208,559
OpenTable, Inc.*		60,349		2,716,309
Perficient, Inc.*		6,222		69,873
Responsys, Inc.*		97,392		1,180,391
Saba Software, Inc.*		7,754		71,957
SciQuest, Inc.*		4,539		81,521
Sohu.com, Inc.*		20,300		906,192
Spark Networks, Inc.*		2,868		14,799
SPS Commerce, Inc.*		2,677		81,327
Stamps.com, Inc.*		3,585		88,442
support.com, Inc.*		9,153		29,198
Synacor, Inc.*		1,619		22,180
Travelzoo, Inc.*		1,810		41,123
Unwired Planet, Inc.*		7,015		16,135
ValueClick, Inc.*		12,285		201,351
Velti plc*		109,290		710,385
VistaPrint N.V.*		45,022		1,454,211
Vocus, Inc.*		5,237		97,408
Web.com Group, Inc.*		238,301		4,365,674
Workday, Inc.*†(b)		14,106		158,989
XO Group, Inc.*		6,621		58,728
Yelp, Inc.*		29,507		670,694
Youku, Inc. (ADR)*		69,061		1,497,243
Zix Corp.*		15,506		40,316

				37,002,247

*IT Services (1.2%)*
CACI International, Inc., Class A*		549		30,206
Cardtronics, Inc.*		11,172		337,506
Cass Information Systems, Inc.		2,396		96,439
Computer Task Group, Inc.*		2,956		44,311
CSG Systems International, Inc.*		4,950		85,536
EPAM Systems, Inc.*		53,002		900,504
ExlService Holdings, Inc.*		5,911		145,647
Forrester Research, Inc.		3,572		120,948
Global Cash Access Holdings, Inc.*		16,654		120,075
Hackett Group, Inc.*		6,190		34,478
Heartland Payment Systems, Inc.		9,823		295,476
Higher One Holdings, Inc.*		8,137		99,434
hiSoft Technology International Ltd. (ADR)*		64,275		921,061
iGATE Corp.*		8,133		138,424
Innodata, Inc.*		5,580		38,167
Lionbridge Technologies, Inc.*		14,336		45,158
Mattersight Corp.*		2,404		19,184
MAXIMUS, Inc.		8,603		445,205
MoneyGram International, Inc.*		1,569		22,907
PRGX Global, Inc.*		5,339		42,445
Sapient Corp.		31,238		314,567
ServiceSource International, Inc.*		38,825		537,726
Syntel, Inc.		3,906		237,094
TNS, Inc.*		6,200		111,228
Unisys Corp.*		5,662		110,692
Virtusa Corp.*		4,705		62,812
Wright Express Corp.*		9,841		607,387

				5,964,617

*Semiconductors & Semiconductor Equipment (3.3%)*
ATMI, Inc.*		499		10,264

See Notes to Financial Statements.

248

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
AuthenTec, Inc.*		10,287	$	44,543
Cabot Microelectronics Corp.		5,962		174,150
Cavium, Inc.*		12,598		352,744
CEVA, Inc.*		4,451		78,382
Cirrus Logic, Inc.*		16,336		488,120
Cymer, Inc.*		2,415		142,364
Exar Corp.*		1,116		9,107
First Solar, Inc.*		36,316		546,919
GT Advanced Technologies, Inc.*		25,444		134,344
Hittite Microwave Corp.*		7,982		408,040
Inphi Corp.*		2,416		22,904
Intermolecular, Inc.*		3,519		27,272
IXYS Corp.*		226,071		2,525,213
MA-COM Technology Solutions Holdings, Inc.*		42,812		792,022
Magnachip Semiconductor Corp.*		353,892		3,372,591
MaxLinear, Inc., Class A*		1,080		5,357
MEMC Electronic Materials, Inc.*		13,004		28,219
Micrel, Inc.		12,200		116,266
Microsemi Corp.*		22,501		416,044
MIPS Technologies, Inc.*		161,117		1,074,650
Monolithic Power Systems, Inc.*		56,682		1,126,271
NVE Corp.*		1,259		67,671
PDF Solutions, Inc.*		6,130		60,503
PLX Technology, Inc.*		10,539		66,923
Power Integrations, Inc.		7,203		268,672
QuickLogic Corp.*		8,579		21,533
Rambus, Inc.*		2,079		11,933
RDA Microelectronics, Inc. (ADR)*		84,344		846,814
RF Micro Devices, Inc.*		8,693		36,945
Semtech Corp.*		16,596		403,615
Silicon Image, Inc.*		17,650		73,071
Standard Microsystems Corp.*		5,841		215,475
SunPower Corp.*		4,662		22,424
Tessera Technologies, Inc.		102,616		1,577,208
Ultratech, Inc.*		6,636		209,034
Veeco Instruments, Inc.*		2,537		87,171
Volterra Semiconductor Corp.*		45,208		1,060,128

				16,924,906

*Software (4.9%)*
ACI Worldwide, Inc.*		10,078		445,548
Actuate Corp.*		11,712		81,164
Advent Software, Inc.*		8,014		217,259
Allot Communications Ltd.*		56,427		1,572,056
American Software, Inc., Class A		5,836		46,396
Aspen Technology, Inc.*		22,388		518,282
AVG Technologies N.V.*		1,938		25,213
Blackbaud, Inc.		11,446		293,819
Bottomline Technologies, Inc.*		2,574		46,461
BroadSoft, Inc.*		6,964		201,677
Callidus Software, Inc.*		8,819		43,919
CommVault Systems, Inc.*		11,319		561,083
Deltek, Inc.*		5,566		64,510
Digimarc Corp.		1,809		46,419
Ebix, Inc.		5,380		107,331
Ellie Mae, Inc.*		43,976		791,568
Envivio, Inc.*		42,739		273,957
EPIQ Systems, Inc.		629		7,705
Fair Isaac Corp.		8,681		367,033
FalconStor Software, Inc.*		7,688	$	20,066
Glu Mobile, Inc.*		13,068		72,527
Guidance Software, Inc.*		3,641		34,626
Guidewire Software, Inc.*		4,912		138,125
Imperva, Inc.*		32,400		933,768
Infoblox, Inc.*		1,870		42,879
Interactive Intelligence Group, Inc.*		3,728		105,167
JDA Software Group, Inc.*		2,469		73,305
Jive Software, Inc.*		4,107		86,206
Kenexa Corp.*		6,924		201,004
Manhattan Associates, Inc.*		5,182		236,869
Mentor Graphics Corp.*		12,759		191,385
MicroStrategy, Inc., Class A*		10,898		1,415,214
Monotype Imaging Holdings, Inc.*		9,280		155,626
NetScout Systems, Inc.*		9,398		202,903
NetSuite, Inc.*		82,080		4,495,521
NQ Mobile, Inc. (ADR)*		74,254		608,140
OPNET Technologies, Inc.		3,797		100,962
Parametric Technology Corp.*		30,296		635,004
Pegasystems, Inc.		4,362		143,859
Pervasive Software, Inc.*		475		3,558
Proofpoint, Inc.*		76,930		1,303,963
PROS Holdings, Inc.*		5,573		93,738
QAD, Inc., Class A*		1,224		17,405
QAD, Inc., Class B*		206		2,804
QLIK Technologies, Inc.*		21,626		478,367
Quest Software, Inc.*		14,188		395,136
RealPage, Inc.*		9,087		210,455
Rosetta Stone, Inc.*		1,345		18,615
ServiceNow, Inc.*		25,157		618,862
Solera Holdings, Inc.		44,354		1,853,554
Sourcefire, Inc.*		23,031		1,183,793
SRS Labs, Inc.*		2,755		24,795
SS&C Technologies Holdings, Inc.*		2,365		59,125
Synchronoss Technologies, Inc.*		7,010		129,475
Take-Two Interactive Software, Inc.*		19,834		187,630
Tangoe, Inc.*		54,459		1,160,521
TiVo, Inc.*		15,862		131,179
Tyler Technologies, Inc.*		7,636		308,113
Ultimate Software Group, Inc.*		6,749		601,471
VASCO Data Security International, Inc.*		3,259		26,659
Verint Systems, Inc.*		5,531		163,220
VirnetX Holding Corp.*		10,629		374,672
Websense, Inc.*		9,420		176,437

				25,128,103

Total Information Technology				98,302,581

Materials (3.0%)
*Chemicals (1.5%)*
ADA-ES, Inc.*		2,275		57,717
American Vanguard Corp.		7,044		187,300
Arabian American Development Co.*		5,034		48,779
Balchem Corp.		7,413		241,738
Calgon Carbon Corp.*		12,135		172,560

See Notes to Financial Statements.

249

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Chemtura Corp.*		17,371	$	251,879
Flotek Industries, Inc.*		12,499		116,741
Georgia Gulf Corp.		5,485		140,800
GSE Holding, Inc.*		2,031		21,468
H.B. Fuller Co.		12,635		387,894
Hawkins, Inc.		2,318		88,501
Innophos Holdings, Inc.		5,521		311,716
Innospec, Inc.*		736		21,793
Intrepid Potash, Inc.*		55,961		1,273,672
KMG Chemicals, Inc.		1,975		38,078
Koppers Holdings, Inc.		15,383		523,022
Landec Corp.*		1,577		13,499
LSB Industries, Inc.*		2,744		84,817
Olin Corp.		13,914		290,663
Omnova Solutions, Inc.*		11,688		88,128
PolyOne Corp.		17,829		243,901
Quaker Chemical Corp.		928		42,883
Rockwood Holdings, Inc.		65,638		2,911,045
Stepan Co.		2,007		189,019
TPC Group, Inc.*		2,366		87,424
Zep, Inc.		2,370		32,540

				7,867,577

*Construction Materials (0.5%)*
Eagle Materials, Inc.		61,965		2,313,773
Headwaters, Inc.*		15,472		79,681
United States Lime & Minerals, Inc.*		407		18,995

				2,412,449

*Containers & Packaging (0.0%)*
AEP Industries, Inc.*		1,024		44,595
Myers Industries, Inc.		8,488		145,654

				190,249

*Metals & Mining (0.8%)*
AK Steel Holding Corp.		4,629		27,172
AMCOL International Corp.		6,004		169,973
Coeur d’Alene Mines Corp.*		9,359		164,344
General Moly, Inc.*		2,689		8,444
Globe Specialty Metals, Inc.		1,124		15,095
Gold Reserve, Inc.*		1,660		5,793
Gold Resource Corp.		7,561		196,510
Handy & Harman Ltd.*		1,166		15,718
Haynes International, Inc.		2,570		130,916
Lynas Corp., Ltd.*		2,795,790		2,471,958
Materion Corp.		14,903		343,216
Metals USA Holdings Corp.*		738		11,742
Midway Gold Corp.*		28,875		40,136
Noranda Aluminum Holding Corp.		8,405		66,904
Paramount Gold and Silver Corp.*		33,087		79,409
SunCoke Energy, Inc.*		12,511		183,286
U.S. Antimony Corp.*		13,549		54,738
U.S. Silica Holdings, Inc.*		2,972		33,465

				4,018,819

*Paper & Forest Products (0.2%)*
Buckeye Technologies, Inc.		5,832		166,154
Clearwater Paper Corp.*		4,712		160,774
Deltic Timber Corp.		2,763		168,488
Neenah Paper, Inc.		2,418	$	64,536
P.H. Glatfelter Co.		1,828		29,924
Schweitzer-Mauduit International, Inc.		2,922		199,105
Wausau Paper Corp.		10,600		103,138

				892,119

Total Materials				15,381,213

Telecommunication Services (0.6%)
*Diversified Telecommunication Services (0.6%)*
8x8, Inc.*		17,952		75,398
AboveNet, Inc.*		5,959		500,556
Atlantic Tele-Network, Inc.		2,280		76,904
Cbeyond, Inc.*		538		3,642
Cincinnati Bell, Inc.*		18,028		67,064
Cogent Communications Group, Inc.*		77,073		1,483,655
Consolidated Communications Holdings, Inc.		6,427		95,120
Fairpoint Communications, Inc.*		4,521		27,804
General Communication, Inc., Class A*		9,182		76,303
HickoryTech Corp.		3,478		38,641
IDT Corp., Class B		3,624		35,552
inContact, Inc.*		7,032		35,230
Iridium Communications, Inc.*		1,765		15,814
Lumos Networks Corp.		3,803		35,938
magicJack VocalTec Ltd.*		2,654		50,426
ORBCOMM, Inc.*		4,451		14,510
Premiere Global Services, Inc.*		2,911		24,423
Primus Telecommunications Group, Inc.		3,071		47,816
SureWest Communications		206		4,341
Towerstream Corp.*		12,026		49,908

				2,759,045

*Wireless Telecommunication Services (0.0%)*
Boingo Wireless, Inc.*		3,984		46,294
Leap Wireless International, Inc.*		3,245		20,865
NTELOS Holdings Corp.		3,803		71,687

				138,846

Total Telecommunication Services				2,897,891

Utilities (1.4%)
*Electric Utilities (1.3%)*
Brookfield Infrastructure Partners LP		197,880		6,642,832
Otter Tail Corp.		616		14,088

				6,656,920

*Gas Utilities (0.0%)*
Piedmont Natural Gas Co., Inc.		1,549		49,862
South Jersey Industries, Inc.		1,696		86,445

				136,307

*Independent Power Producers & Energy Traders (0.0%)*
American DG Energy, Inc.*		5,453		12,378
Atlantic Power Corp.		2,471		31,654

See Notes to Financial Statements.

250

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Ormat Technologies, Inc.		1,270	$	27,165

				71,197

*Water Utilities (0.1%)*
American States Water Co.		519		20,542
Cadiz, Inc.*		3,051		21,998
California Water Service Group		5,323		98,316
Connecticut Water Service, Inc.		1,418		41,094
SJW Corp.		1,111		26,675
York Water Co.		2,441		43,669

				252,294

Total Utilities				7,116,718

Total Common Stocks (80.4%)
(Cost $385,264,497)				411,220,670

PREFERRED STOCK:
Consumer Discretionary (0.1%)
*Auto Components (0.1%)*
Better Place, Inc. 0.000%†(b)		139,552		392,630

Total Preferred Stocks (0.1%)
(Cost $633,566)				392,630


	Number of Rights		Value (Note 1)
RIGHTS:
Financials (0.0%)
*Commercial Banks (0.0%)*
Hampton Roads Bankshares, Inc., expiring 12/31/49† (Cost $33,598)*		3,481	$	2,525

	Number of Warrants		Value (Note 1)
WARRANTS:
Energy (0.0%)
*Oil, Gas & Consumable Fuels (0.0%)*
Magnum Hunter Resources Corp., expiring 10/14/13(b) (Cost $—)*		105,185		—

Total Investments (80.5%) (Cost $385,931,661)				411,615,825
Other Assets Less Liabilities (19.5%)				99,440,179

Net Assets (100%)			$	511,056,004

*	Non-income producing.

†	Securities (totaling $1,321,140 or 0.3% of net assets) at fair value by management.

@	Shares are less than 0.5.

(b)

Illiquid Security.

Glossary:

ADR

— American Depositary Receipt

At June 30, 2012, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2012		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index		1,209		September-12	$	90,444,709	$	96,163,860	$	5,719,151

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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, 2012:

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 (a)		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	$	61,884,143	$	756,482	$	766,996	$	63,407,621
Consumer Staples		15,332,844		—		—		15,332,844
Energy		18,285,411		—		—		18,285,411
Financials		21,159,001		—		—		21,159,001
Health Care		84,841,470		1,149,899		—		85,991,369
Industrials		83,346,021		—		—		83,346,021
Information Technology		98,143,592		—		158,989		98,302,581
Materials		12,909,255		2,471,958		—		15,381,213
Telecommunication Services		2,897,891		—		—		2,897,891
Utilities		7,116,718		—		—		7,116,718
Futures		5,719,151		—		—		5,719,151
Preferred Stocks
Consumer Discretionary		—		—		392,630		392,630
Rights
Financials		—		—		2,525		2,525
Warrants
Energy		—		—		—		—

Total Assets	$	411,635,497	$	4,378,339	$	1,321,140	$	417,334,976

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	411,635,497	$	4,378,339	$	1,321,140	$	417,334,976

(a)	A Security with a market value of $488,323 transferred from Level 2 to Level 1 since the beginning of the period due to active trading.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

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



	Investments in Common Stocks- Consumer Discretionary			Investments in Common Stocks- Information Technology		Investments in Preferred Stocks- Consumer Discretionary			Investments in Rights-Financials

Balance as of 12/31/11	$	285,284		$	158,989	$	538,531		$	—
Total gains or losses (realized/unrealized) included in earnings		(135,176	)		—		(145,901	)		(31,073	)
Purchases		616,888			—		—			33,598
Sales		—			—		—			—
Issuances		—			—		—			—
Settlements		—			—		—			—
Transfers into Level 3		—			—		—			—
Transfers out of Level 3		—			—		—			—

Balance as of 6/30/12	$	766,996		$	158,989	$	392,630		$	2,525

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/12.	$	(135,176	)	$	—	$	(145,901	)	$	(31,073	)

Fair Values of Derivative Instruments as of June 30, 2012:


	Statement of Assets and Liabilities
Derivatives Not Accounted for as Hedging Instruments^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net Assets - Unrealized appreciation	$	—	*
Foreign exchange contracts	Receivables		—
Credit contracts	Receivables		—
Equity contracts	Receivables, Net Assets - Unrealized appreciation		5,719,151	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	5,719,151


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	—

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2012:


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		—		3,559,476		—		—		3,559,476
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	3,559,476	$	—	$	—	$	3,559,476


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		—		5,199,325		—		—		5,199,325
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	5,199,325	$	—	$	—	$	5,199,325

The Portfolio held futures contracts with an average notional balance of approximately $60,739,000 for the six months ended June 30, 2012.

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

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	143,189,774
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	238,850,198

As of June 30, 2012, 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	$	75,848,632
Aggregate gross unrealized depreciation		(50,975,855	)

Net unrealized appreciation	$	24,872,777

Federal income tax cost of investments	$	386,743,048

For the six months ended June 30, 2012, the Portfolio incurred approximately $ 532 as brokerage commissions with Citation Financial Group and $212 with Sanford C. Bernstein & Co., LLC, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $129,529,974, which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value (Cost $385,931,661)	$	411,615,825
Cash		87,930,260
Cash held as collateral at broker		8,662,000
Receivable for securities sold		2,896,475
Due from broker for futures variation margin		2,826,121
Dividends, interest and other receivables		166,475
Receivable from Separate Accounts for Trust shares sold		88,767
Other assets		2,349

Total assets		514,188,272

LIABILITIES
Payable for securities purchased		2,290,723
Investment management fees payable		343,498
Payable to Separate Accounts for Trust shares redeemed		312,016
Administrative fees payable		76,780
Distribution fees payable - Class B		52,204
Trustees’ fees payable		1,559
Distribution fees payable - Class A		25
Accrued expenses		55,463

Total liabilities		3,132,268

NET ASSETS	$	511,056,004

Net assets were comprised of:
Paid in capital	$	608,779,712
Accumulated undistributed net investment income (loss)		(1,247,734	)
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(127,879,335	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		31,403,361

Net assets	$	511,056,004

Class A
Net asset value, offering and redemption price per share, $129,079 / 15,926 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.10

Class B
Net asset value, offering and redemption price per share, $264,837,176 / 32,987,971 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.03

Class K
Net asset value, offering and redemption price per share, $246,089,749 / 30,322,962 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.12

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (net of $1,443 foreign withholding tax)	$	1,459,679
Interest		26,671

Total income		1,486,350

EXPENSES
Investment management fees		2,288,339
Administrative fees		419,991
Distribution fees - Class B		345,014
Custodian fees		51,965
Professional fees		28,417
Printing and mailing expenses		27,847
Trustees’ fees		6,179
Distribution fees - Class A		180
Miscellaneous		12,366

Gross expenses		3,180,298
Less: Fees paid indirectly		(3,974	)

Net expenses		3,176,324

NET INVESTMENT INCOME (LOSS)		(1,689,974	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		7,371,515
Futures		3,559,476
Foreign currency transactions		(1,480	)

Net realized gain (loss)		10,929,511

Change in unrealized appreciation (depreciation) on:
Securities		30,537,649
Futures		5,199,325
Foreign currency translations		66

Net change in unrealized appreciation (depreciation)		35,737,040

NET REALIZED AND UNREALIZED GAIN (LOSS)		46,666,551

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	44,976,577

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,689,974	)	$	(4,723,063	)
Net realized gain (loss) on investments, futures and foreign currency transactions		10,929,511			66,654,462
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		35,737,040			(169,199,289	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		44,976,577			(107,267,890	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 17,339 and 804,343 shares, respectively ]		143,570			7,307,881
Capital shares repurchased [ (10,220) and (44,933,211) shares, respectively ]		(82,190	)		(342,406,037	)(z)

Total Class A transactions		61,380			(335,098,156	)

Class B
Capital shares sold [ 3,504,423 and 4,715,145 shares, respectively ]		27,892,184			40,115,223
Capital shares repurchased [ (4,914,115) and (9,366,724) shares, respectively ]		(40,336,950	)		(79,704,201	)

Total Class B transactions		(12,444,766	)		(39,588,978	)

Class K†
Capital shares sold [ 119,019 and 43,104,091 shares, respectively ]		985,668			325,259,808	(z)
Capital shares repurchased [ (8,895,199) and (4,004,949) shares, respectively ]		(72,436,258	)		(29,994,447	)

Total Class K transactions		(71,450,590	)		295,265,361

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(83,833,976	)		(79,421,773	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(38,857,399	)		(186,689,663	)
NET ASSETS:
Beginning of period		549,913,403			736,603,066

End of period (a)	$	511,056,004		$	549,913,403

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(1,247,734	)	$	442,240

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Small Cap Growth Portfolio exchanged approximately 42,444,072 Class A shares for approximately 42,444,072 Class K shares. This exchange amounted to approximately $320,402,236.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,									January 22, 2008* to December 31, 2008
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			January 22, 2008* to December 31, 2008
Net asset value, beginning of period	$	7.51		$	8.88		$	6.95		$	5.15		$	7.61

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.06	)(e)		(0.03	)(e)		0.01	(e)		(0.04	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.62			(1.31	)		1.96			1.79			(2.39	)

Total from investment operations		0.59			(1.37	)		1.93			1.80			(2.43	)

Less distributions:
Distributions from net realized gains		—			—			—			—			(0.03	)

Net asset value, end of period	$	8.10		$	7.51		$	8.88		$	6.95		$	5.15

Total return (b)		7.99	%		(15.43	)%		27.77	%		34.95	%		(32.08	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	129		$	66		$	391,893		$	315,379		$	367,823
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.30	%		1.02	%		1.04	%		0.75	%		1.30	%(c)
After waivers, reimbursements and fees paid indirectly (a)		1.30	%		1.00	%		1.03	%		0.75	%		1.30	%(c)
Before waivers, reimbursements and fees paid indirectly (a)		1.30	%		1.03	%		1.05	%		1.07	%		1.35	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.71	)%		(0.69	)%		(0.47	)%		0.15	%		(0.59	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.71	)%		(0.67	)%		(0.46	)%		0.15	%		(0.59	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.71	)%		(0.70	)%		(0.47	)%		(0.17	)%		(0.64	)%
Portfolio turnover rate		30	%		137	%(s)		44	%		116	%		98	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	7.44		$	8.83		$	6.92		$	5.13		$	8.91		$	9.52

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.07	)(e)		(0.05	)(e)		(0.01	)(e)		(0.06	)(e)		(0.02	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.62			(1.32	)		1.96			1.80			(3.69	)		0.33

Total from investment operations		0.59			(1.39	)		1.91			1.79			(3.75	)		0.31

Less distributions:
Distributions from net realized gains		—			—			—			—			(0.03	)		(0.92	)

Net asset value, end of period	$	8.03		$	7.44		$	8.83		$	6.92		$	5.13		$	8.91

Total return (b)		7.93	%		(15.74	)%		27.60	%		34.89	%		(42.21	)%		3.60	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	264,837		$	256,026		$	344,710		$	293,221		$	207,749		$	392,037
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.30	%		1.27	%(c)		1.29	%		1.32	%		1.53	%		1.47	%
After waivers, reimbursements and fees paid indirectly (a)		1.30	%		1.25	%		1.28	%(c)		1.14	%		1.48	%		1.27	%
Before waivers, reimbursements and fees paid indirectly (a)		1.30	%		1.28	%		1.30	%		1.32	%		1.53	%		1.54	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.74	)%		(0.86	)%		(0.71	)%		(0.42	)%		(0.90	)%		(0.39	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.74	)%		(0.84	)%		(0.71	)%		(0.24	)%		(0.85	)%		(0.19	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.74	)%		(0.87	)%		(0.72	)%		(0.42	)%		(0.90	)%		(0.46	)%
Portfolio turnover rate		30	%		137	%(s)		44	%		116	%		98	%		177	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	7.51		$	7.40

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(e)		(0.01	)(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.63			0.12

Total from investment operations		0.61			0.11

Net asset value, end of period	$	8.12		$	7.51

Total return (b)		8.12	%		1.49	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	246,090		$	293,821
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.05	%		1.04	%
After waivers, reimbursements and fees paid indirectly (a)		1.05	%		1.02	%
Before waivers, reimbursements and fees paid indirectly (a)		1.05	%		1.04	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.51	)%		(0.42	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.51	)%		(0.40	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.51	)%		(0.42	)%
Portfolio turnover rate		30	%		137	%(s)

*	Commencement of Operations.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(d)

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

(e)

Net investment income per share is based on average shares outstanding.

(s)

Higher rate than normal due to advisor changes during the year.

See Notes to Financial Statements.

259

MULTIMANAGER SMALL CAP VALUE PORTFOLIO (Unaudited)


Sector Weightings as of June 30, 2012	% of Net Assets
Financials		24.1	%
Industrials		16.3
Consumer Discretionary		15.1
Energy		7.6
Information Technology		4.9
Materials		3.6
Health Care		2.6
Consumer Staples		2.1
Utilities		2.1
Telecommunication Services		0.8
Investment Companies		0.7
Cash and Other		20.1

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,057.10		$6.62
Hypothetical (5% average return before expenses)		1,000.00		1,018.43		6.50
Class B
Actual		1,000.00		1,058.10		6.62
Hypothetical (5% average return before expenses)		1,000.00		1,018.43		6.50
Class K
Actual		1,000.00		1,058.10		5.34
Hypothetical (5% average return before expenses)		1,000.00		1,019.67		5.24
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 1.29%, 1.29% and 1.04%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.1%)
*Auto Components (2.6%)*
American Axle & Manufacturing Holdings, Inc.*		21,053	$	220,846
Amerigon, Inc.*		305,000		3,504,450
Autoliv, Inc.		27,136		1,483,254
Cooper Tire & Rubber Co.		2,660		46,656
Dana Holding Corp.		41,707		534,267
Dorman Products, Inc.*		24,400		612,196
Drew Industries, Inc.*		23,524		655,144
Exide Technologies, Inc.*		24,770		83,227
Federal-Mogul Corp.*		5,883		64,713
Fuel Systems Solutions, Inc.*		3,686		61,519
Gentex Corp.		63,400		1,323,158
Icahn Enterprises LP		177,579		7,108,487
Modine Manufacturing Co.*		14,367		99,563
Shiloh Industries, Inc.		1,595		18,343
Spartan Motors, Inc.		10,326		54,108
Standard Motor Products, Inc.		6,236		87,803
Stoneridge, Inc.*		8,840		60,200
Superior Industries International, Inc.		7,062		115,605

				16,133,539

*Automobiles (0.4%)*
Thor Industries, Inc.		66,100		1,811,801
Winnebago Industries, Inc.*		41,897		426,930

				2,238,731

*Distributors (0.0%)*
Core-Mark Holding Co., Inc.		3,004		144,612
VOXX International Corp.*		5,950		55,454
Weyco Group, Inc.		1,905		44,158

				244,224

*Diversified Consumer Services (1.0%)*
Ascent Capital Group, Inc., Class A*		40,467		2,094,167
Career Education Corp.*		16,214		108,472
Carriage Services, Inc.		4,861		40,444
Corinthian Colleges, Inc.*		24,062		69,539
Education Management Corp.*		8,322		57,838
Hillenbrand, Inc.		42,000		771,960
Lincoln Educational Services Corp.		7,323		47,599
Mac-Gray Corp.		3,199		45,074
Matthews International Corp., Class A		4,667		151,631
National American University Holdings, Inc.		1,491		6,411
Regis Corp.		100,545		1,805,788
Sotheby’s, Inc.		13,841		461,736
Stewart Enterprises, Inc., Class A		23,330		166,576
Universal Technical Institute, Inc.		2,278		30,776

				5,858,011

*Hotels, Restaurants & Leisure (1.2%)*
Ameristar Casinos, Inc.		1,360		24,167
Benihana, Inc.		2,261		36,425
Biglari Holdings, Inc.*		341		131,759
Bluegreen Corp.*		4,552		22,578
Bob Evans Farms, Inc.		7,893	$	317,299
Boyd Gaming Corp.*		16,381		117,943
Bravo Brio Restaurant Group, Inc.*		225,800		4,026,014
Caesars Entertainment Corp.*		1,305		14,877
Carrols Restaurant Group, Inc.*		1,483		8,809
Churchill Downs, Inc.		2,742		161,202
Denny’s Corp.*		6,764		30,032
Einstein Noah Restaurant Group, Inc.		211		3,705
Fiesta Restaurant Group, Inc.*		545		7,210
Frisch’s Restaurants, Inc.		913		25,874
Gaylord Entertainment Co.*		3,258		125,629
International Speedway Corp., Class A		8,673		227,059
Isle of Capri Casinos, Inc.*		6,415		39,581
Jack in the Box, Inc.*		2,748		76,614
Krispy Kreme Doughnuts, Inc.*		18,711		119,563
Life Time Fitness, Inc.*		1,029		47,859
Luby’s, Inc.*		6,385		42,780
Marcus Corp.		6,144		84,541
Marriott Vacations Worldwide Corp.*		8,352		258,745
Monarch Casino & Resort, Inc.*		2,859		26,131
Morgans Hotel Group Co.*		4,342		20,407
Orient-Express Hotels Ltd., Class A*		30,473		255,059
Pinnacle Entertainment, Inc.*		18,604		178,971
Red Lion Hotels Corp.*		4,104		35,500
Red Robin Gourmet Burgers, Inc.*		2,575		78,563
Ruby Tuesday, Inc.*		20,202		137,576
Scientific Games Corp., Class A*		15,575		133,166
Sonic Corp.*		3,787		37,946
Speedway Motorsports, Inc.		3,654		61,789
Vail Resorts, Inc.		7,361		368,639
WMS Industries, Inc.*		17,359		346,312

				7,630,324

*Household Durables (2.7%)*
American Greetings Corp., Class A		10,358		151,434
Bassett Furniture Industries, Inc.		3,435		35,415
Beazer Homes USA, Inc.*		32,127		104,413
Brookfield Residential Properties, Inc.*		235,600		2,568,040
Cavco Industries, Inc.*		228		11,692
CSS Industries, Inc.		2,992		61,486
Ethan Allen Interiors, Inc.		13,886		276,748
Flexsteel Industries, Inc.		1,349		26,683
Helen of Troy Ltd.*		10,021		339,612
Hooker Furniture Corp.		40,268		474,760
Hovnanian Enterprises, Inc., Class A*		31,485		91,306
Jarden Corp.		206,600		8,681,332
KB Home		24,256		237,709
La-Z-Boy, Inc.*		99,356		1,221,085
Lifetime Brands, Inc.		2,930		36,537
M.D.C. Holdings, Inc.		28,706		937,825
M/I Homes, Inc.*		45,092		780,993
Meritage Homes Corp.*		6,784		230,249
Ryland Group, Inc.		6,145		157,189

See Notes to Financial Statements.

261

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Sealy Corp.*		15,421	$	28,529
Standard Pacific Corp.*		34,151		211,395
Universal Electronics, Inc.*		4,707		61,991

				16,726,423

*Internet & Catalog Retail (0.2%)*
1-800-FLOWERS.COM, Inc., Class A*		7,358		25,680
Expedia, Inc.		12,400		596,068
Shutterfly, Inc.*		8,435		258,870

				880,618

*Leisure Equipment & Products (0.3%)*
Black Diamond, Inc.*		72,832		688,263
Brunswick Corp.		39,100		868,802
Callaway Golf Co.		20,299		119,967
JAKKS Pacific, Inc.		8,010		128,240
Johnson Outdoors, Inc., Class A*		1,738		35,803
Marine Products Corp.		1,567		9,527
Steinway Musical Instruments, Inc.*		2,188		53,606

				1,904,208

*Media (2.2%)*
Beasley Broadcasting Group, Inc., Class A*		1,277		7,521
Belo Corp., Class A		18,668		120,222
Carmike Cinemas, Inc.*		3,805		55,743
Central European Media Enterprises Ltd., Class A*		11,565		58,750
Crown Media Holdings, Inc., Class A*		8,309		14,541
Cumulus Media, Inc., Class A*		17,842		53,704
Daily Journal Corp.*		311		26,678
Dial Global, Inc.*		12		40
Digital Generation, Inc.*		8,735		108,052
DreamWorks Animation SKG, Inc., Class A*		270,500		5,155,730
Entercom Communications Corp., Class A*		7,648		46,041
Entravision Communications Corp., Class A		15,300		18,513
EW Scripps Co., Class A*		9,272		89,104
Fisher Communications, Inc.*		2,768		82,791
Global Sources Ltd.*		4,965		32,769
Harte-Hanks, Inc.		13,948		127,485
John Wiley & Sons, Inc., Class A		36,900		1,807,731
Journal Communications, Inc., Class A*		13,115		67,673
LIN TV Corp., Class A*		9,951		30,052
Live Nation Entertainment, Inc.*		394,172		3,618,499
Martha Stewart Living Omnimedia, Inc., Class A		8,686		29,532
McClatchy Co., Class A*		18,234		40,115
MDC Partners, Inc., Class A		4,984		56,519
Meredith Corp.		11,426		364,946
National CineMedia, Inc.		11,804		179,067
New York Times Co., Class A*		42,738		333,356
Nexstar Broadcasting Group, Inc., Class A*		2,615		17,625
Outdoor Channel Holdings, Inc.		3,170		23,173
Promotora de Informaciones S.A. (Prisa) (ADR), Class B		200,100	$	574,287
Reading International, Inc., Class A*		5,366		29,030
Rentrak Corp.*		1,187		24,512
Saga Communications, Inc., Class A*		1,111		41,229
Salem Communications Corp., Class A		3,274		17,909
Scholastic Corp.		8,250		232,320
Sinclair Broadcast Group, Inc., Class A		14,417		130,618
Valassis Communications, Inc.*		5,259		114,383
World Wrestling Entertainment, Inc., Class A		941		7,359

				13,737,619

*Multiline Retail (0.2%)*
Bon-Ton Stores, Inc.		3,850		30,069
Fred’s, Inc., Class A		16,467		251,780
Saks, Inc.*		86,048		916,411
Tuesday Morning Corp.*		13,533		58,057

				1,256,317

*Specialty Retail (3.5%)*
Asbury Automotive Group, Inc.*		1,047		24,803
Barnes & Noble, Inc.*		8,181		134,659
bebe stores, Inc.		10,334		60,661
Big 5 Sporting Goods Corp.		5,166		39,055
Brown Shoe Co., Inc.		90,469		1,167,955
Cabela’s, Inc.*		1,421		53,728
Casual Male Retail Group, Inc.*		13,125		47,644
Cato Corp., Class A		36,600		1,114,836
Children’s Place Retail Stores, Inc.*		4,772		237,789
Christopher & Banks Corp.		97,100		114,578
Citi Trends, Inc.*		4,373		67,519
Conn’s, Inc.*		324,468		4,802,126
Destination Maternity Corp.		2,321		50,134
Finish Line, Inc., Class A		9,916		207,344
GameStop Corp., Class A		53,000		973,080
Group 1 Automotive, Inc.		44,713		2,039,360
Haverty Furniture Cos., Inc.		6,065		67,746
hhgregg, Inc.*		4,549		51,449
Jos. A. Bank Clothiers, Inc.*		654		27,769
Kirkland’s, Inc.*		4,400		49,500
Lithia Motors, Inc., Class A		6,815		157,086
MarineMax, Inc.*		6,377		60,645
Men’s Wearhouse, Inc.		57,482		1,617,543
New York & Co., Inc.*		3,242		11,282
Office Depot, Inc.*		89,383		193,067
OfficeMax, Inc.*		27,328		138,280
Orchard Supply Hardware Stores Corp., Class A*		586		9,745
Penske Automotive Group, Inc.		55,026		1,168,752
PEP Boys-Manny, Moe & Jack		16,729		165,617
Perfumania Holdings, Inc.*		1,568		12,999
Pier 1 Imports, Inc.		35,000		575,050
RadioShack Corp.		31,389		120,534
Rent-A-Center, Inc.		18,688		630,533
Shoe Carnival, Inc.		4,544		97,651
Sonic Automotive, Inc., Class A		322,630		4,410,352

See Notes to Financial Statements.

262

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Stage Stores, Inc.		9,646	$	176,715
Stein Mart, Inc.*		8,628		68,593
Systemax, Inc.*		3,186		37,658
Talbots, Inc.*		9,674		24,378
West Marine, Inc.*		54,994		646,179
Wet Seal, Inc., Class A*		29,106		91,975

				21,746,369

*Textiles, Apparel & Luxury Goods (0.8%)*
Cherokee, Inc.		138		1,922
Columbia Sportswear Co.		3,830		205,365
Culp, Inc.		2,683		27,501
Delta Apparel, Inc.*		2,212		30,216
Fifth & Pacific Cos., Inc.*		32,320		346,794
G-III Apparel Group Ltd.*		4,564		108,121
Iconix Brand Group, Inc.*		22,344		390,350
Jones Group, Inc.		25,776		246,418
Kenneth Cole Productions, Inc., Class A*		1,579		23,764
K-Swiss, Inc., Class A*		8,198		25,250
Maidenform Brands, Inc.*		34,210		681,463
Movado Group, Inc.		85,897		2,149,143
Perry Ellis International, Inc.*		3,746		77,729
Quiksilver, Inc.*		41,550		96,811
R.G. Barry Corp.		205		2,786
Skechers U.S.A., Inc., Class A*		11,927		242,953
Unifi, Inc.*		4,372		49,535
Warnaco Group, Inc.*		1,621		69,022

				4,775,143

Total Consumer Discretionary				93,131,526

Consumer Staples (2.1%)
*Beverages (0.0%)*
Central European Distribution Corp.*		20,927		59,851
Craft Brew Alliance, Inc.*		2,073		16,957

				76,808

*Food & Staples Retailing (0.3%)*
Andersons, Inc.		5,840		249,134
Arden Group, Inc., Class A		121		10,552
Harris Teeter Supermarkets, Inc.		11,890		487,371
Ingles Markets, Inc., Class A		3,874		62,100
Nash Finch Co.		3,841		82,505
Pantry, Inc.*		6,704		98,549
Rite Aid Corp.*		190,078		266,109
Spartan Stores, Inc.		6,689		121,272
SUPERVALU, Inc.		16,289		84,377
Susser Holdings Corp.*		2,074		77,091
Village Super Market, Inc., Class A		2,612		85,099
Weis Markets, Inc.		3,433		152,837

				1,776,996

*Food Products (1.2%)*
Alico, Inc.		695		21,225
Annie’s, Inc.*		484		20,260
Cal-Maine Foods, Inc.		628		24,555
Chiquita Brands International, Inc.*		14,823		74,115
Darling International, Inc.*		320,814		5,290,223
Diamond Foods, Inc.		7,021	$	125,255
Dole Food Co., Inc.*		11,359		99,732
Farmer Bros Co.*		1,781		14,177
Fresh Del Monte Produce, Inc.		12,035		282,462
Griffin Land & Nurseries, Inc.		762		21,328
John B. Sanfilippo & Son, Inc.*		2,491		44,464
Lancaster Colony Corp.		11,200		797,552
Omega Protein Corp.*		6,181		45,492
Pilgrim’s Pride Corp.*		3,721		26,605
Post Holdings, Inc.*		2,591		79,673
Seneca Foods Corp., Class A*		2,921		78,575
Smart Balance, Inc.*		18,506		173,771
Snyders-Lance, Inc.		1,550		39,107
Tootsie Roll Industries, Inc.		309		7,373
TreeHouse Foods, Inc.*		3,736		232,716
Westway Group, Inc.*		3,281		19,653

				7,518,313

*Household Products (0.0%)*
Central Garden & Pet Co., Class A*		10,407		113,332
Harbinger Group, Inc.*		13,193		102,773
Oil-Dri Corp. of America		1,565		34,274
Orchids Paper Products Co.		879		15,541
Spectrum Brands Holdings, Inc.*		1,245		40,550

				306,470

*Personal Products (0.5%)*
Elizabeth Arden, Inc.*		1,190		46,184
Inter Parfums, Inc.		161,786		2,794,044
Nature’s Sunshine Products, Inc.		1,374		20,747
Nutraceutical International Corp.*		2,669		40,702
Prestige Brands Holdings, Inc.*		5,485		86,718
Revlon, Inc., Class A*		3,703		52,694

				3,041,089

*Tobacco (0.1%)*
Alliance One International, Inc.*		26,698		92,375
Universal Corp.		7,279		337,236
Vector Group Ltd.		4,104		69,850

				499,461

Total Consumer Staples				13,219,137

Energy (7.6%)
*Energy Equipment & Services (5.9%)*
Atwood Oceanics, Inc.*		32,500		1,229,800
Basic Energy Services, Inc.*		9,786		100,991
Bolt Technology Corp.		2,659		39,912
Bristow Group, Inc.		51,357		2,088,689
C&J Energy Services, Inc.*		9,768		180,708
Cal Dive International, Inc.*		30,174		87,505
Dawson Geophysical Co.*		2,485		59,193
Exterran Holdings, Inc.*		20,409		260,215
Forbes Energy Services Ltd.*		4,583		21,540
Gulf Island Fabrication, Inc.		4,457		125,732
Gulfmark Offshore, Inc., Class A*		6,630		225,685
Heckmann Corp.*		39,337		132,959
Helix Energy Solutions Group, Inc.*		101,285		1,662,087
Hercules Offshore, Inc.*		49,834		176,412

See Notes to Financial Statements.

263

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Hornbeck Offshore Services, Inc.*		138,140	$	5,357,069
ION Geophysical Corp.*		390,000		2,570,100
Key Energy Services, Inc.*		47,560		361,456
Matrix Service Co.*		286,545		3,252,286
Mitcham Industries, Inc.*		231,450		3,927,706
Natural Gas Services Group, Inc.*		98,928		1,466,113
Newpark Resources, Inc.*		28,356		167,300
North American Energy Partners, Inc.*		560,000		1,444,800
Oil States International, Inc.*		20,800		1,376,960
Parker Drilling Co.*		437,039		1,971,046
PHI, Inc. (Non-Voting)*		3,779		105,094
Pioneer Drilling Co.*		15,499		123,527
Rowan Cos., plc, Class A*		54,997		1,778,053
Tesco Corp.*		9,500		114,000
TETRA Technologies, Inc.*		24,397		173,951
Tidewater, Inc.		103,500		4,798,260
Union Drilling, Inc.*		3,789		16,975
Unit Corp.*		27,000		996,030
Vantage Drilling Co.*		60,685		91,027
Willbros Group, Inc.*		9,274		59,910

				36,543,091

*Oil, Gas & Consumable Fuels (1.7%)*
Adams Resources & Energy, Inc.		660		27,667
Alon USA Energy, Inc.		797		6,743
Amyris, Inc.*		9,429		41,770
Arch Coal, Inc.		77,735		535,594
ATP Oil & Gas Corp.*		12,979		43,869
Bill Barrett Corp.*		15,174		325,027
Bonanza Creek Energy, Inc.*		2,640		43,903
BPZ Resources, Inc.*		24,182		61,180
Callon Petroleum Co.*		12,331		52,530
Carrizo Oil & Gas, Inc.*		1,758		41,331
Clayton Williams Energy, Inc.*		1,686		81,569
Cloud Peak Energy, Inc.*		19,294		326,262
Comstock Resources, Inc.*		15,182		249,288
Contango Oil & Gas Co.*		353		20,898
CREDO Petroleum Corp.*		743		10,751
Crimson Exploration, Inc.*		6,348		29,137
Crosstex Energy, Inc.		1,342		18,788
CVR Energy, Inc.*		1,791		47,605
Delek U.S. Holdings, Inc.		5,434		95,584
Endeavour International Corp.*		859		7,216
Energen Corp.		17,000		767,210
Energy Partners Ltd.*		8,673		146,574
Energy XXI Bermuda Ltd.		6,747		211,114
Forest Oil Corp.*		37,113		272,038
Frontline Ltd.		16,820		76,699
GasLog Ltd.*		4,592		46,609
Gastar Exploration Ltd.*		18,130		34,991
Gevo, Inc.*		645		3,206
Green Plains Renewable Energy, Inc.*		7,942		49,558
Gulfport Energy Corp.*		11,618		239,679
Halcon Resources Corp.*		4,359		41,149
Hallador Energy Co.		1,794		15,213
Harvest Natural Resources, Inc.*		11,187		95,649
Knightsbridge Tankers Ltd.		7,587		61,758
Magnum Hunter Resources Corp.*		30,210		126,278
Matador Resources Co.*		822		8,828
McMoRan Exploration Co.*		31,945	$	404,743
Midstates Petroleum Co., Inc.*		4,217		40,947
Miller Energy Resources, Inc.*		9,651		48,255
Nordic American Tankers Ltd.		16,565		224,787
Overseas Shipholding Group, Inc.		45,777		508,582
Patriot Coal Corp.*		29,344		35,800
PDC Energy, Inc.*		9,426		231,125
Penn Virginia Corp.		14,043		103,076
PetroQuest Energy, Inc.*		17,782		88,910
Quicksilver Resources, Inc.*		37,231		201,792
Renewable Energy Group, Inc.*		1,940		14,414
Resolute Energy Corp.*		15,226		145,713
REX American Resources Corp.*		1,607		31,369
Rex Energy Corp.*		13,581		152,243
Scorpio Tankers, Inc.*		11,826		75,568
SemGroup Corp., Class A*		13,255		423,232
Ship Finance International Ltd.		14,213		222,149
Stone Energy Corp.*		15,589		395,025
Swift Energy Co.*		13,511		251,440
Synergy Resources Corp.*		11,704		36,048
Teekay Corp.		18,700		547,536
Teekay Tankers Ltd., Class A		19,748		90,051
Triangle Petroleum Corp.*		13,894		77,529
Uranium Energy Corp.*		14,089		32,264
Voyager Oil & Gas, Inc.*		14,859		26,152
W&T Offshore, Inc.		10,093		154,423
Warren Resources, Inc.*		18,883		45,319
Western Refining, Inc.		7,543		167,983
Westmoreland Coal Co.*		3,405		27,410
WPX Energy, Inc.*		67,850		1,097,813
ZaZa Energy Corp.*		4,079		18,437

				10,183,400

Total Energy				46,726,491

Financials (24.1%)
*Capital Markets (3.0%)*
Apollo Investment Corp.		63,817		490,115
Arlington Asset Investment Corp., Class A		2,614		56,750
Artio Global Investors, Inc.		9,549		33,422
BlackRock Kelso Capital Corp.		22,069		215,393
Calamos Asset Management, Inc., Class A		6,182		70,784
Capital Southwest Corp.		926		95,230
CIFC Corp.*		2,057		15,160
Cohen & Steers, Inc.		121,340		4,187,443
Cowen Group, Inc., Class A*		27,468		73,065
Duff & Phelps Corp., Class A		7,087		102,762
Dundee Corp., Class A*		101,100		2,228,244
Edelman Financial Group, Inc.		6,429		55,932
Evercore Partners, Inc., Class A		8,196		191,704
FBR & Co.*		13,363		37,016
Fidus Investment Corp.		2,971		45,070
Fifth Street Finance Corp.		26,069		260,169
FXCM, Inc., Class A		6,504		76,487
GFI Group, Inc.		22,255		79,228
Gladstone Capital Corp.		6,644		52,421
Gladstone Investment Corp.		6,917		51,117
Golub Capital BDC, Inc.		4,604		69,474
GSV Capital Corp.*		6,111		56,832
Harris & Harris Group, Inc.*		9,908		37,650

See Notes to Financial Statements.

264

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Hercules Technology Growth Capital, Inc.		15,668	$	177,675
HFF, Inc., Class A*		1,562		21,774
Horizon Technology Finance Corp.		2,005		33,062
ICG Group, Inc.*		10,885		100,686
INTL FCStone, Inc.*		4,322		83,631
Investment Technology Group, Inc.*		12,522		115,202
JMP Group, Inc.		5,208		32,185
KBW, Inc.		10,909		179,453
Knight Capital Group, Inc., Class A*		31,293		373,638
Kohlberg Capital Corp.		6,668		48,410
Main Street Capital Corp.		7,005		169,521
Manning & Napier, Inc.		4,252		60,506
MCG Capital Corp.		24,219		111,407
Medallion Financial Corp.		5,576		59,217
Medley Capital Corp.		5,436		65,449
MVC Capital, Inc.		7,584		98,213
New Mountain Finance Corp.		2,716		38,540
NGP Capital Resources Co.		6,765		47,896
Oppenheimer Holdings, Inc., Class A		3,288		51,687
PennantPark Investment Corp.		17,720		183,402
Piper Jaffray Cos., Inc.*		5,150		120,665
Prospect Capital Corp.		38,530		438,857
Pzena Investment Management, Inc., Class A		1,067		4,727
Safeguard Scientifics, Inc.*		6,590		102,013
Solar Capital Ltd.		11,539		256,858
Solar Senior Capital Ltd.		2,865		48,419
Stifel Financial Corp.*		8,675		268,058
SWS Group, Inc.*		9,363		49,905
TCP Capital Corp.		1,838		26,578
THL Credit, Inc.		3,681		49,583
TICC Capital Corp.		11,674		113,238
Triangle Capital Corp.		8,664		197,366
Value Partners Group Ltd.		4,634,000		2,258,297
Virtus Investment Partners, Inc.*		898		72,738
Walter Investment Management Corp.		9,076		212,741
WisdomTree Investments, Inc.*		555,450		3,649,307

				18,502,372

*Commercial Banks (5.3%)*
1st Source Corp.		4,607		104,118
1st United Bancorp, Inc./Florida*		9,755		60,579
Access National Corp.		2,260		29,606
Alliance Financial Corp./ New York		1,515		52,025
American National Bankshares, Inc.		2,430		57,251
Ameris Bancorp*		7,698		96,995
Ames National Corp.		2,541		58,418
Arrow Financial Corp.		3,115		75,290
BancFirst Corp.		2,038		85,413
Banco Latinoamericano de Comercio Exterior S.A., Class E		8,968		192,184
Bancorp, Inc./Delaware*		8,990		84,955
BancorpSouth, Inc.		29,753		432,014
Bank of Kentucky Financial Corp.		1,811	$	48,245
Bank of Marin Bancorp/California		1,663		61,548
Bank of the Ozarks, Inc.		2,535		76,253
Banner Corp.		5,738		125,720
Bar Harbor Bankshares		1,235		44,460
BBCN Bancorp, Inc.*		24,693		268,907
Berkshire Bancorp, Inc./ New York*		1,323		11,642
BOK Financial Corp.		14,500		843,900
Boston Private Financial Holdings, Inc.		24,682		220,410
Bridge Bancorp, Inc.		2,686		63,363
Bridge Capital Holdings*		2,204		35,595
Bryn Mawr Bank Corp.		3,616		76,189
BSB Bancorp, Inc./Massachusetts*		2,625		33,469
C&F Financial Corp.		1,006		40,401
Camden National Corp.		2,371		86,826
Capital Bank Corp.*		4,228		9,640
Capital City Bank Group, Inc.		3,356		24,734
Cardinal Financial Corp.		9,335		114,634
Cascade Bancorp*		1,868		11,077
Cathay General Bancorp		240,888		3,977,061
Center Bancorp, Inc.		3,815		42,919
Centerstate Banks, Inc.		9,448		67,553
Central Pacific Financial Corp.*		6,790		95,875
Century Bancorp, Inc./Massachusetts, Class A		1,077		32,019
Chemical Financial Corp.		38,656		831,104
Citizens & Northern Corp.		3,753		71,495
Citizens Republic Bancorp, Inc.*		12,595		215,752
City Holding Co.		4,595		154,806
CNB Financial Corp./ Pennsylvania		3,882		63,315
CoBiz Financial, Inc.		11,152		69,811
Columbia Banking System, Inc.		12,489		235,043
Community Bank System, Inc.		12,492		338,783
Community Trust Bancorp, Inc.		4,452		149,097
Crescent Financial Bancshares, Inc.*		755		3,413
CVB Financial Corp.		27,957		325,699
Eagle Bancorp, Inc.*		5,225		82,294
East West Bancorp, Inc.		182,000		4,269,720
Encore Bancshares, Inc.*		2,675		55,185
Enterprise Bancorp, Inc./Massachusetts		1,806		29,600
Enterprise Financial Services Corp.		5,652		61,946
F.N.B. Corp./Pennsylvania		44,013		478,421
Farmers National Banc Corp.		5,773		35,966
Fidelity Southern Corp.		3,018		26,075
Financial Institutions, Inc.		4,416		74,542
First Bancorp, Inc./Maine		2,757		46,869
First Bancorp/North Carolina		4,799		42,663
First BanCorp/Puerto Rico*		21,908		86,756
First Busey Corp.		23,101		111,578
First California Financial Group, Inc.*		7,140		49,123
First Commonwealth Financial Corp.		33,095		222,729

See Notes to Financial Statements.

265

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
First Community Bancshares, Inc./Virginia		4,921	$	71,010
First Connecticut Bancorp, Inc./Connecticut		5,794		78,219
First Financial Bancorp		18,479		295,294
First Financial Bankshares, Inc.		9,914		342,628
First Financial Corp./Indiana		3,512		101,848
First Interstate Bancsystem, Inc.		5,058		72,026
First Merchants Corp.		9,124		113,685
First Midwest Bancorp, Inc./Illinois		23,712		260,358
First of Long Island Corp.		2,486		72,019
FirstMerit Corp.		34,560		570,931
FNB United Corp.*		746		9,691
German American Bancorp, Inc.		3,891		79,765
Glacier Bancorp, Inc.		22,696		351,561
Great Southern Bancorp, Inc.		3,160		87,153
Green Bankshares, Inc.*		3,069		5,095
Guaranty Bancorp*		23,485		49,553
Hancock Holding Co.		24,067		732,599
Hanmi Financial Corp.*		10,088		105,722
Heartland Financial USA, Inc.		4,572		109,728
Heritage Commerce Corp.*		6,476		42,094
Heritage Financial Corp./Washington		4,963		72,708
Heritage Oaks Bancorp*		6,261		34,874
Home BancShares, Inc./Arkansas		6,979		213,418
Horizon Bancorp/Indiana		1,173		30,850
Hudson Valley Holding Corp.		4,931		89,251
IBERIABANK Corp.		9,345		471,455
Independent Bank Corp./Massachusetts		6,905		201,695
International Bancshares Corp.		16,772		327,389
Investors Bancorp, Inc.*		11,952		180,356
Lakeland Bancorp, Inc.		8,450		88,894
Lakeland Financial Corp.		5,117		137,289
MainSource Financial Group, Inc.		6,537		77,333
MB Financial, Inc.		17,318		373,030
Mercantile Bank Corp.*		2,693		49,686
Merchants Bancshares, Inc.		1,627		44,824
Metro Bancorp, Inc.*		4,515		54,315
MetroCorp Bancshares, Inc.*		4,989		53,233
Middleburg Financial Corp.		1,652		28,084
MidSouth Bancorp, Inc.		2,589		36,453
MidWestOne Financial Group, Inc.		2,128		45,752
National Bankshares, Inc./Virginia		2,145		64,607
National Penn Bancshares, Inc.		38,805		371,364
NBT Bancorp, Inc.		10,522		227,170
Northrim BanCorp, Inc.		1,988		42,722
Old National Bancorp/Indiana		29,845		358,438
OmniAmerican Bancorp, Inc.*		3,566		76,419
Oriental Financial Group, Inc.		60,785		673,498
Pacific Capital Bancorp*		1,228		56,156
Pacific Continental Corp.		5,719		50,727
Pacific Mercantile Bancorp*		3,279		22,658
PacWest Bancorp		9,501		224,889
Park National Corp.		3,607		251,588
Park Sterling Corp.*		10,737		50,571
Penns Woods Bancorp, Inc.		1,148		45,702
Peoples Bancorp, Inc./Ohio		14,812	$	325,568
Pinnacle Financial Partners, Inc.*		10,996		214,532
Preferred Bank/California*		3,679		49,151
PrivateBancorp, Inc.		19,038		281,001
Prosperity Bancshares, Inc.		14,970		629,189
Renasant Corp.		8,007		125,790
Republic Bancorp, Inc./Kentucky, Class A		3,141		69,887
S&T Bancorp, Inc.		9,098		168,040
Sandy Spring Bancorp, Inc.		7,511		135,198
SCBT Financial Corp.		4,756		167,649
Seacoast Banking Corp. of Florida*		22,938		34,636
Sierra Bancorp		3,648		36,115
Simmons First National Corp., Class A		5,467		127,108
Southside Bancshares, Inc.		5,614		126,203
Southwest Bancorp, Inc./Oklahoma*		5,945		55,942
State Bank Financial Corp.*		10,238		155,208
StellarOne Corp.		7,154		89,282
Sterling Bancorp/New York		9,549		95,299
Sterling Financial Corp./Washington*		8,301		156,806
Suffolk Bancorp*		3,210		41,634
Sun Bancorp, Inc./New Jersey*		11,815		31,900
Susquehanna Bancshares, Inc.		59,164		609,389
SY Bancorp, Inc.		3,828		91,681
Taylor Capital Group, Inc.*		5,153		84,458
Texas Capital Bancshares, Inc.*		1,603		64,745
Tompkins Financial Corp.		2,947		111,043
TowneBank/Virginia		8,310		116,340
Trico Bancshares		5,009		77,139
Trustmark Corp.		20,406		499,539
UMB Financial Corp.		10,177		521,368
Umpqua Holdings Corp.		35,218		463,469
Union First Market Bankshares Corp.		6,276		90,688
United Bankshares, Inc./West Virginia		12,961		335,431
United Community Banks, Inc./Georgia*		12,694		108,788
Univest Corp. of Pennsylvania		5,171		85,477
Virginia Commerce Bancorp, Inc.*		8,555		72,119
Washington Banking Co.		4,817		66,956
Washington Trust Bancorp, Inc.		4,630		112,879
Webster Financial Corp.		22,756		492,895
WesBanco, Inc.		7,369		156,665
West Bancorp, Inc.		4,792		45,572
West Coast Bancorp/Oregon*		5,949		116,898
Westamerica Bancorp		3,977		187,675
Western Alliance Bancorp*		22,126		207,099
Wilshire Bancorp, Inc.*		19,352		106,049
Wintrust Financial Corp.		11,457		406,723

				32,898,673

*Consumer Finance (0.7%)*
Cash America International, Inc.		5,479		241,295
DFC Global Corp.*		3,105		57,225
EZCORP, Inc., Class A*		152,778		3,584,172

See Notes to Financial Statements.

266

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
First Marblehead Corp.*		18,704	$	21,884
Nelnet, Inc., Class A		7,640		175,720
Nicholas Financial, Inc.		3,064		39,280

				4,119,576

*Diversified Financial Services (2.3%)*
California First National Bancorp		727		11,407
CBOE Holdings, Inc.		18,000		498,240
Gain Capital Holdings, Inc.		4,693		23,418
Marlin Business Services Corp.		2,709		44,401
MicroFinancial, Inc.		1,643		13,308
NewStar Financial, Inc.*		8,167		105,844
Onex Corp.		159,000		6,165,354
PHH Corp.*		17,905		312,980
PICO Holdings, Inc.*		7,164		160,545
Resource America, Inc., Class A		3,553		22,668
Texas Pacific Land Trust		123,300		7,058,925

				14,417,090

*Insurance (4.5%)*
Alterra Capital Holdings Ltd.		26,988		630,170
American Equity Investment Life Holding Co.		18,934		208,463
American Safety Insurance Holdings Ltd.*		2,646		49,613
AMERISAFE, Inc.*		5,701		147,941
Amtrust Financial Services, Inc.		67,301		1,999,513
Argo Group International Holdings Ltd.		8,101		237,116
Arthur J. Gallagher & Co.		18,500		648,795
Aspen Insurance Holdings Ltd.		44,500		1,286,050
Baldwin & Lyons, Inc., Class B		2,781		64,630
Citizens, Inc./Texas*		12,302		119,945
CNO Financial Group, Inc.		66,839		521,344
Crawford & Co., Class B		8,117		33,199
Donegal Group, Inc., Class A		2,142		28,446
Eastern Insurance Holdings, Inc.		1,949		33,133
EMC Insurance Group, Inc.		1,239		25,028
Employers Holdings, Inc.		7,978		143,923
Enstar Group Ltd.*		2,684		265,555
FBL Financial Group, Inc., Class A		3,195		89,492
First American Financial Corp.		30,370		515,075
Flagstone Reinsurance Holdings S.A.		15,696		125,725
Fortegra Financial Corp.*		1,954		15,632
Global Indemnity plc*		3,623		73,366
Greenlight Capital Reinsurance Ltd., Class A*		224,924		5,717,568
Hallmark Financial Services*		4,181		32,612
Hanover Insurance Group, Inc.		34,600		1,353,898
HCC Insurance Holdings, Inc.		17,500		549,500
Hilltop Holdings, Inc.*		12,518		129,061
Homeowners Choice, Inc.		1,799		31,662
Horace Mann Educators Corp.		12,426		217,207
Independence Holding Co.		2,379		23,433
Infinity Property & Casualty Corp.		3,715		214,244
Investors Title Co.		356		20,267
Kansas City Life Insurance Co.		1,304		45,888
Maiden Holdings Ltd.		15,952		138,463
Meadowbrook Insurance Group, Inc.		14,806	$	130,145
Montpelier Reinsurance Holdings Ltd.		65,198		1,388,065
National Financial Partners Corp.*		12,846		172,136
National Interstate Corp.		1,857		49,378
National Western Life Insurance Co., Class A		709		100,621
Navigators Group, Inc.*		1,884		94,294
Old Republic International Corp.		113,000		936,770
OneBeacon Insurance Group Ltd., Class A		6,869		89,434
Phoenix Cos., Inc.*		37,378		69,149
Platinum Underwriters Holdings Ltd.		10,938		416,738
Presidential Life Corp.		6,749		66,343
Primerica, Inc.		14,836		396,566
Protective Life Corp.		91,000		2,676,310
RLI Corp.		10,077		687,251
Safety Insurance Group, Inc.		3,971		161,381
SeaBright Holdings, Inc.		5,996		53,304
Selective Insurance Group, Inc.		17,198		299,417
StanCorp Financial Group, Inc.		35,700		1,326,612
State Auto Financial Corp.		4,033		56,664
Stewart Information Services Corp.		5,734		88,017
Symetra Financial Corp.		24,374		307,600
Tower Group, Inc.		62,119		1,296,424
United Fire Group, Inc.		6,313		134,656
Universal Insurance Holdings, Inc.		5,661		19,304
Validus Holdings Ltd.		35,000		1,121,050

				27,873,586

*Real Estate Investment Trusts (REITs) (5.8%)*
AG Mortgage Investment Trust, Inc. (REIT)		5,230		112,393
Agree Realty Corp. (REIT)		4,007		88,675
Alexander’s, Inc. (REIT)		685		295,310
American Assets Trust, Inc. (REIT)		10,835		262,749
American Capital Mortgage Investment Corp. (REIT)		11,697		279,324
American Realty Capital Trust, Inc. (REIT)		50,608		552,639
Anworth Mortgage Asset Corp. (REIT)		45,217		318,780
Apollo Commercial Real Estate Finance, Inc. (REIT)		6,466		103,909
Apollo Residential Mortgage, Inc. (REIT)		6,932		133,649
Ares Commercial Real Estate Corp. (REIT)		2,418		42,267
ARMOUR Residential REIT, Inc. (REIT)		57,856		411,356
Ashford Hospitality Trust, Inc. (REIT)		17,138		144,473
Associated Estates Realty Corp. (REIT)		7,926		118,494

See Notes to Financial Statements.

267

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Campus Crest Communities, Inc. (REIT)		9,815	$	101,978
CapLease, Inc. (REIT)		21,940		91,051
Capstead Mortgage Corp. (REIT)		30,819		428,692
Cedar Realty Trust, Inc. (REIT)		19,310		97,515
Chatham Lodging Trust (REIT)		4,796		68,487
Chesapeake Lodging Trust (REIT)		10,530		181,327
Colonial Properties Trust (REIT)		27,986		619,610
Colony Financial, Inc. (REIT)		11,164		193,137
Coresite Realty Corp. (REIT)		3,250		83,915
Cousins Properties, Inc. (REIT)		29,501		228,633
CreXus Investment Corp. (REIT)		22,216		225,937
CubeSmart (REIT)		39,115		456,472
CYS Investments, Inc. (REIT)		38,479		529,856
DCT Industrial Trust, Inc. (REIT)		78,856		496,793
DiamondRock Hospitality Co. (REIT)		53,367		544,343
DuPont Fabros Technology, Inc. (REIT)		10,432		297,938
Dynex Capital, Inc. (REIT)		18,977		196,981
EastGroup Properties, Inc. (REIT)		894		47,650
Education Realty Trust, Inc. (REIT)		30,323		335,979
Entertainment Properties Trust (REIT)		15,016		617,308
Equity Lifestyle Properties, Inc. (REIT)		95,050		6,555,598
Equity One, Inc. (REIT)		17,851		378,441
Excel Trust, Inc. (REIT)		11,321		135,399
FelCor Lodging Trust, Inc. (REIT)*		16,127		75,797
First Industrial Realty Trust, Inc. (REIT)*		28,269		356,755
First Potomac Realty Trust (REIT)		16,521		194,452
Franklin Street Properties Corp. (REIT)		23,546		249,117
Getty Realty Corp. (REIT)		8,338		159,673
Gladstone Commercial Corp. (REIT)		3,924		65,374
Glimcher Realty Trust (REIT)		5,010		51,202
Government Properties Income Trust (REIT)		12,369		279,787
Gramercy Capital Corp./New York (REIT)*		15,268		38,170
Gyrodyne Co. of America, Inc. (REIT)*		59		6,744
Healthcare Realty Trust, Inc. (REIT)		24,995		595,881
Hersha Hospitality Trust (REIT)		54,605		288,314
Highwoods Properties, Inc. (REIT)		4,814		161,991
Hudson Pacific Properties, Inc. (REIT)		11,919		207,510
Inland Real Estate Corp. (REIT)		14,485		121,384
Invesco Mortgage Capital, Inc. (REIT)		37,188		682,028
Investors Real Estate Trust (REIT)		28,466		224,881
iStar Financial, Inc. (REIT)*		26,890		173,440
Kite Realty Group Trust (REIT)		18,207	$	90,853
LaSalle Hotel Properties (REIT)		27,154		791,268
Lexington Realty Trust (REIT)		38,193		323,495
LTC Properties, Inc. (REIT)		7,840		284,435
Medical Properties Trust, Inc. (REIT)		43,693		420,327
Mission West Properties, Inc. (REIT)		6,388		55,065
Monmouth Real Estate Investment Corp. (REIT), Class A		8,011		93,889
New York Mortgage Trust, Inc. (REIT)		5,944		41,965
NorthStar Realty Finance Corp. (REIT)		43,346		226,266
One Liberty Properties, Inc. (REIT)		3,898		73,399
Parkway Properties, Inc./Maryland (REIT)		5,388		61,639
Pebblebrook Hotel Trust (REIT)		16,800		391,608
Pennsylvania Real Estate Investment Trust (REIT)		17,781		266,359
PennyMac Mortgage Investment Trust (REIT)		12,694		250,453
Potlatch Corp. (REIT)		5,088		162,511
PS Business Parks, Inc. (REIT)		1,247		84,447
RAIT Financial Trust (REIT)		15,415		71,217
Ramco-Gershenson Properties Trust (REIT)		14,790		185,910
Redwood Trust, Inc. (REIT)		25,582		319,263
Resource Capital Corp. (REIT)		27,863		148,510
Retail Opportunity Investments Corp. (REIT)		15,812		190,693
RLJ Lodging Trust (REIT)		34,009		616,583
Rouse Properties, Inc. (REIT)*		237,132		3,213,139
Sabra Health Care REIT, Inc. (REIT)		11,911		203,797
Select Income REIT (REIT)*		3,303		78,479
Sovran Self Storage, Inc. (REIT)		1,047		52,444
STAG Industrial, Inc. (REIT)		7,870		114,745
Strategic Hotels & Resorts, Inc. (REIT)*		9,312		60,156
Summit Hotel Properties, Inc. (REIT)		9,450		79,096
Sunstone Hotel Investors, Inc. (REIT)*		37,895		416,466
Terreno Realty Corp. (REIT)		4,585		69,279
Two Harbors Investment Corp. (REIT)		69,936		724,537
UMH Properties, Inc. (REIT)		4,039		43,338
Universal Health Realty Income Trust (REIT)		1,765		73,300
Urstadt Biddle Properties, Inc. (REIT), Class A		2,341		46,282
Washington Real Estate Investment Trust (REIT)		14,798		421,003
Western Asset Mortgage Capital Corp. (REIT)*		2,744		53,481
Whitestone REIT (REIT), Class B		3,663		50,586
Winthrop Realty Trust (REIT)		412,600		5,017,216

				35,577,057

See Notes to Financial Statements.

268

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares			Value (Note 1)
*Real Estate Management & Development (1.6%)*
AV Homes, Inc.*		3,128		$	45,606
Consolidated-Tomoka Land Co.		1,349			38,824
Forestar Group, Inc.*		10,949			140,257
Howard Hughes Corp.*		150,000			9,246,000
Kennedy-Wilson Holdings, Inc.		11,002			154,138
Thomas Properties Group, Inc.		9,995			54,373

					9,679,198

*Thrifts & Mortgage Finance (0.9%)*
Astoria Financial Corp.		27,497			269,471
Bank Mutual Corp.		14,699			64,823
BankFinancial Corp.		6,526			49,141
Beneficial Mutual Bancorp, Inc.*		9,361			80,785
Berkshire Hills Bancorp, Inc.		7,009			154,198
BofI Holding, Inc.*		2,948			58,252
Brookline Bancorp, Inc.		22,042			195,072
Cape Bancorp, Inc.*		3,506			29,135
Charter Financial Corp./Georgia		2,120			20,564
Clifton Savings Bancorp, Inc.		2,253			23,454
Dime Community Bancshares, Inc.		9,849			130,893
Doral Financial Corp.*		40,234			60,351
ESB Financial Corp.		3,297			43,520
ESSA Bancorp, Inc.		2,933			31,676
EverBank Financial Corp.*		7,332			79,699
Farmer Mac, Class C		3,133			82,179
First Defiance Financial Corp.		3,019			51,685
First Federal Bancshares of Arkansas, Inc.*		642			5,200
First Financial Holdings, Inc.		5,220			55,958
First Financial Northwest, Inc.*		4,928			40,015
First PacTrust Bancorp, Inc.		3,310			39,257
Flushing Financial Corp.		9,833			134,024
Fox Chase Bancorp, Inc.		3,875			55,955
Franklin Financial Corp./Virginia*		4,660			76,657
Heritage Financial Group, Inc.		2,372			30,528
Hingham Institution for Savings		383			23,160
Home Bancorp, Inc.*		2,262			38,748
Home Federal Bancorp, Inc./ Idaho		4,735			49,718
Home Loan Servicing Solutions Ltd.		4,273			57,258
HomeStreet, Inc.*		1,332			42,611
Kaiser Federal Financial Group, Inc.		2,740			40,497
Kearny Financial Corp.		4,533			43,925
Meridian Interstate Bancorp, Inc.*		2,613			36,373
MGIC Investment Corp.*		59,989			172,768
NASB Financial, Inc.*		1,317			26,142
Northfield Bancorp, Inc./ New Jersey		4,638			65,906
Northwest Bancshares, Inc.		30,762			360,223
OceanFirst Financial Corp.		4,591			65,927
Ocwen Financial Corp.*		31,920			599,458
Oritani Financial Corp.		9,438			135,813
Peoples Federal Bancshares, Inc.*		1,951			32,582
Provident Financial Holdings, Inc.		3,106			35,812
Provident Financial Services, Inc.		19,122			293,523
Provident New York Bancorp		10,728			81,426
Radian Group, Inc.		41,331			135,979
Rockville Financial, Inc.		8,960		$	103,667
Roma Financial Corp.		2,126			18,114
SI Financial Group, Inc.		3,377			38,835
Territorial Bancorp, Inc.		3,460			78,784
Tree.com, Inc.*		687			7,859
TrustCo Bank Corp./New York		163,430			892,328
United Financial Bancorp, Inc.		4,730			68,017
ViewPoint Financial Group, Inc.		10,807			169,021
Walker & Dunlop, Inc.*		3,720			47,802
Waterstone Financial, Inc.*		2,252			8,558
Westfield Financial, Inc.		8,224			60,035
WSFS Financial Corp.		2,398			96,903

					5,790,264

Total Financials					148,857,816

Health Care (2.6%)
*Biotechnology (0.2%)*
Agenus, Inc.*		2,706			14,179
Allos Therapeutics, Inc.*		7,188			12,867
AMAG Pharmaceuticals, Inc.*		1,416			21,806
Arena Pharmaceuticals, Inc.*		7,159			71,447
Astex Pharmaceuticals*		29,106			60,832
AVEO Pharmaceuticals, Inc.*		956			11,625
Codexis, Inc.*		8,084			30,234
Curis, Inc.*		5,577			30,116
Cytori Therapeutics, Inc.*		4,077			11,008
Dynavax Technologies Corp.*		6,309			27,255
Emergent Biosolutions, Inc.*		6,494			98,384
Enzon Pharmaceuticals, Inc.*		13,296			91,344
Geron Corp.*		40,989			70,501
GTx, Inc.*		1,491			5,263
Horizon Pharma, Inc.*		2,962			21,119
Idenix Pharmaceuticals, Inc.*		2,703			27,841
Immunogen, Inc.*		5,377			90,226
InterMune, Inc.*		8,963			107,108
Lexicon Pharmaceuticals, Inc.*		34,886			78,493
Maxygen, Inc.*		8,454			50,386
Momenta Pharmaceuticals, Inc.*		9,046			122,302
NPS Pharmaceuticals, Inc.*		9,091			78,273
PDL BioPharma, Inc.		6,082			40,324
Repligen Corp.*		1,026			4,412
Rigel Pharmaceuticals, Inc.*		4,156			38,651
Targacept, Inc.*		8,466			36,404
Vical, Inc.*		2,474			8,906
XOMA Corp.*		2,363			7,089

					1,268,395

*Health Care Equipment & Supplies (1.6%)*
Alphatec Holdings, Inc.*		16,874			31,048
AngioDynamics, Inc.*		7,931			95,251
ArthroCare Corp.*		1,517			44,418
Biolase, Inc.*		—	@		1
Cerus Corp.*		2,125			7,055
CONMED Corp.		8,917			246,733
CryoLife, Inc.*		8,961			46,866
Cynosure, Inc., Class A*		1,520			32,148
Derma Sciences, Inc.*		2,711			25,809
Exactech, Inc.*		2,085			34,965
Greatbatch, Inc.*		7,492			170,143
Hill-Rom Holdings, Inc.		28,100			866,885
ICU Medical, Inc.*		385			20,551

See Notes to Financial Statements.

269

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Integra LifeSciences Holdings Corp.*		2,658	$	98,824
Invacare Corp.		9,999		154,285
Merit Medical Systems, Inc.*		12,477		172,307
Natus Medical, Inc.*		3,614		41,995
NuVasive, Inc.*		10,253		260,016
Orthofix International N.V.*		1,191		49,129
Palomar Medical Technologies, Inc.*		5,942		50,507
PhotoMedex, Inc.*		644		7,825
Rochester Medical Corp.*		371,433		3,996,619
Rockwell Medical Technologies, Inc.*		487		4,534
RTI Biologics, Inc.*		16,344		61,453
Solta Medical, Inc.*		18,875		55,304
STERIS Corp.		34,880		1,094,186
SurModics, Inc.*		3,743		64,754
Symmetry Medical, Inc.*		8,063		69,180
Teleflex, Inc.		18,000		1,096,380
Tornier N.V.*		1,430		32,061
West Pharmaceutical Services, Inc.		16,924		854,493
Wright Medical Group, Inc.*		12,388		264,484
Young Innovations, Inc.		902		31,110
Zeltiq Aesthetics, Inc.*		3,151		17,646

				10,098,965

*Health Care Providers & Services (0.6%)*
Almost Family, Inc.*		2,594		57,950
Amedisys, Inc.*		9,484		118,076
AMN Healthcare Services, Inc.*		5,759		34,151
Amsurg Corp.*		6,744		202,185
Assisted Living Concepts, Inc., Class A		5,990		85,178
BioScrip, Inc.*		10,025		74,486
Capital Senior Living Corp.*		1,278		13,547
Chindex International, Inc.*		3,603		35,309
Cross Country Healthcare, Inc.*		8,866		38,744
Ensign Group, Inc.		2,045		57,812
ExamWorks Group, Inc.*		7,477		98,921
Five Star Quality Care, Inc.*		12,887		39,563
Gentiva Health Services, Inc.*		9,639		66,798
Hanger, Inc.*		10,771		276,168
HealthSouth Corp.*		4,772		110,997
Healthways, Inc.*		10,482		83,646
IntegraMed America, Inc.*		1,104		15,290
Kindred Healthcare, Inc.*		16,709		164,249
LHC Group, Inc.*		4,730		80,221
Magellan Health Services, Inc.*		8,171		370,391
Molina Healthcare, Inc.*		8,671		203,422
National Healthcare Corp.		3,288		148,716
Owens & Minor, Inc.		2,919		89,409
PDI, Inc.*		2,798		23,056
PharMerica Corp.*		9,448		103,172
Providence Service Corp.*		3,198		43,845
Select Medical Holdings Corp.*		11,079		112,009
Skilled Healthcare Group, Inc., Class A*		496		3,115
Sun Healthcare Group, Inc.*		7,861		65,797
Sunrise Senior Living, Inc.*		3,597		26,222
Triple-S Management Corp., Class B*		6,070		110,960
Universal American Corp.*		11,823	$	124,496
Vanguard Health Systems, Inc.*		1,492		13,264
WellCare Health Plans, Inc.*		7,024		372,272

				3,463,437

*Health Care Technology (0.1%)*
Epocrates, Inc.*		164		1,315
Greenway Medical Technologies*		583		9,509
MedAssets, Inc.*		12,315		165,637
Mediware Information Systems*		319		4,657
Merge Healthcare, Inc.*		4,306		12,315
Omnicell, Inc.*		9,292		136,035
Vocera Communications, Inc.*		1,267		33,943

				363,411

*Life Sciences Tools & Services (0.0%)*
Affymetrix, Inc.*		21,611		101,355
Cambrex Corp.*		4,525		42,580
Harvard Bioscience, Inc.*		6,632		25,003
Pacific Biosciences of California, Inc.*		11,482		24,916
Sequenom, Inc.*		8,661		35,164

				229,018

*Pharmaceuticals (0.1%)*
AVANIR Pharmaceuticals, Inc., Class A*		2,804		10,992
Cornerstone Therapeutics, Inc.*		2,430		15,382
Cumberland Pharmaceuticals, Inc.*		1,658		10,711
Hi-Tech Pharmacal Co., Inc.*		2,099		68,008
Lannett Co., Inc.*		4,964		21,047
Nektar Therapeutics*		10,498		84,719
Par Pharmaceutical Cos., Inc.*		2,840		102,637
Supernus Pharmaceuticals, Inc.*		1,065		9,968
Transcept Pharmaceuticals, Inc.*		3,412		21,154
ViroPharma, Inc.*		21,957		520,381
XenoPort, Inc.*		1,269		7,665

				872,664

Total Health Care				16,295,890

Industrials (16.3%)
*Aerospace & Defense (0.9%)*
AAR Corp.		94,643		1,275,788
Aerovironment, Inc.*		2,207		58,066
American Science & Engineering, Inc.		2,270		128,141
API Technologies Corp.*		10,146		37,337
Ceradyne, Inc.		44,416		1,139,270
Cubic Corp.		2,307		110,921
Curtiss-Wright Corp.		14,751		458,018
DigitalGlobe, Inc.*		3,516		53,303
Esterline Technologies Corp.*		9,669		602,862
GenCorp, Inc.*		4,015		26,138
GeoEye, Inc.*		4,813		74,505
KEYW Holding Corp.*		3,467		34,809
Kratos Defense & Security Solutions, Inc.*		12,658		73,923
LMI Aerospace, Inc.*		2,470		42,929
Moog, Inc., Class A*		12,613		521,547
National Presto Industries, Inc.		1,350		94,189

See Notes to Financial Statements.

270

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Orbital Sciences Corp.*		18,589	$	240,170
SIFCO Industries, Inc.		398		9,146
Sypris Solutions, Inc.		943		6,573
Teledyne Technologies, Inc.*		7,569		466,629

				5,454,264

*Air Freight & Logistics (0.1%)*
Air Transport Services Group, Inc.*		16,311		84,817
Atlas Air Worldwide Holdings, Inc.*		8,318		361,916
Pacer International, Inc.*		9,981		54,097
Park-Ohio Holdings Corp.*		240		4,568

				505,398

*Airlines (0.2%)*
Alaska Air Group, Inc.*		1,198		43,008
Hawaiian Holdings, Inc.*		7,278		47,380
JetBlue Airways Corp.*		73,483		389,460
Republic Airways Holdings, Inc.*		6,861		38,078
SkyWest, Inc.		94,820		619,175

				1,137,101

*Building Products (1.2%)*
A.O. Smith Corp.		18,186		889,114
Ameresco, Inc., Class A*		1,582		18,873
American Woodmark Corp.*		34,440		588,924
Apogee Enterprises, Inc.		75,947		1,220,468
Gibraltar Industries, Inc.*		79,534		825,563
Griffon Corp.		14,173		121,604
Insteel Industries, Inc.		5,029		56,073
NCI Building Systems, Inc.*		5,720		61,948
PGT, Inc.*		2,782		8,429
Quanex Building Products Corp.		11,544		206,407
Simpson Manufacturing Co., Inc.		46,272		1,365,487
Universal Forest Products, Inc.		56,876		2,217,027

				7,579,917

*Commercial Services & Supplies (2.4%)*
A.T. Cross Co., Class A*		223		2,201
ABM Industries, Inc.		65,758		1,286,226
ACCO Brands Corp.*		19,270		199,252
American Reprographics Co.*		9,170		46,125
Asset Acceptance Capital Corp.*		4,994		33,959
Asta Funding, Inc.		3,415		31,999
Casella Waste Systems, Inc., Class A*		7,667		44,852
CECO Environmental Corp.		555		4,384
Cenveo, Inc.*		17,220		33,235
CompX International, Inc.		248		3,125
Consolidated Graphics, Inc.*		2,521		73,235
Courier Corp.		3,177		42,095
Deluxe Corp.		5,341		133,204
Encore Capital Group, Inc.*		1,472		43,601
EnergySolutions, Inc.*		18,920		31,975
EnerNOC, Inc.*		5,089		36,844
Ennis, Inc.		8,279		127,331
G&K Services, Inc., Class A		5,884		183,522
GEO Group, Inc.*		19,400		440,768
HNI Corp.		764		19,673
Intersections, Inc.		890		14,106
Kimball International, Inc., Class B		10,081	$	77,624
Knoll, Inc.		4,574		61,383
McGrath RentCorp		3,743		99,189
Metalico, Inc.*		12,664		27,861
Mine Safety Appliances Co.		25,800		1,038,192
Mobile Mini, Inc.*		217,020		3,125,088
Multi-Color Corp.		3,995		88,849
NL Industries, Inc.		1,938		24,167
Quad/Graphics, Inc.		8,001		115,054
Schawk, Inc.		50,898		646,405
Steelcase, Inc., Class A		20,615		186,153
Swisher Hygiene, Inc.*		35,120		88,854
Sykes Enterprises, Inc.*		12,275		195,909
Team, Inc.*		158,800		4,951,384
Tetra Tech, Inc.*		3,753		97,878
TMS International Corp., Class A*		1,945		19,392
TRC Cos., Inc.*		774		4,706
U.S. Ecology, Inc.		2,093		37,130
UniFirst Corp.		4,569		291,274
United Stationers, Inc.		12,046		324,640
Viad Corp.		6,340		126,800

				14,459,644

*Construction & Engineering (1.5%)*
Aegion Corp.*		10,655		190,618
Argan, Inc.		2,353		32,895
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)		72,000		2,733,120
Comfort Systems USA, Inc.		8,261		82,775
Dycom Industries, Inc.*		1,398		26,017
EMCOR Group, Inc.		47,188		1,312,770
Furmanite Corp.*		451,624		2,194,893
Granite Construction, Inc.		72,639		1,896,604
Great Lakes Dredge & Dock Corp.		16,482		117,352
Layne Christensen Co.*		6,281		129,954
Michael Baker Corp.*		2,649		69,112
MYR Group, Inc.*		2,885		49,218
Northwest Pipe Co.*		2,912		70,645
Orion Marine Group, Inc.*		8,610		59,926
Pike Electric Corp.*		5,178		39,974
Primoris Services Corp.		6,836		82,032
Sterling Construction Co., Inc.*		4,610		47,114
Tutor Perini Corp.*		11,277		142,880

				9,277,899

*Electrical Equipment (0.7%)*
A123 Systems, Inc.*		33,652		42,401
American Superconductor Corp.*		11,080		52,076
Belden, Inc.		1,611		53,727
Brady Corp., Class A		52,901		1,455,306
Encore Wire Corp.		5,929		158,779
EnerSys*		12,123		425,154
Enphase Energy, Inc.*		687		4,273
Franklin Electric Co., Inc.		15,748		805,195
FuelCell Energy, Inc.*		35,107		35,458
Generac Holdings, Inc.*		4,281		103,001
General Cable Corp.*		8,500		220,490
Global Power Equipment Group, Inc.		5,413		118,220

See Notes to Financial Statements.

271

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
II-VI, Inc.*		2,497	$	41,625
LSI Industries, Inc.		6,042		43,019
Powell Industries, Inc.*		18,637		696,278
Preformed Line Products Co.		693		40,132
Roper Industries, Inc.		1,300		128,154
Vicor Corp.		4,868		33,784

				4,457,072

*Industrial Conglomerates (0.3%)*
Carlisle Cos., Inc.		26,500		1,405,030
Seaboard Corp.*		99		211,165
Standex International Corp.		3,076		130,945

				1,747,140

*Machinery (3.3%)*
Accuride Corp.*		14,925		89,550
Actuant Corp., Class A		17,416		473,019
Alamo Group, Inc.		2,205		69,171
Albany International Corp., Class A		8,650		161,841
Altra Holdings, Inc.		3,843		60,643
American Railcar Industries, Inc.*		3,036		82,276
Ampco-Pittsburgh Corp.		2,698		49,454
Astec Industries, Inc.*		35,858		1,100,123
Barnes Group, Inc.		17,035		413,780
Briggs & Stratton Corp.		69,506		1,215,660
Cascade Corp.		2,686		126,376
CIRCOR International, Inc.		12,878		439,011
Colfax Corp.*		44,900		1,237,893
Columbus McKinnon Corp.*		6,117		92,306
Douglas Dynamics, Inc.		6,973		99,365
Dynamic Materials Corp.		2,611		45,249
Eastern Co.		1,855		29,958
Energy Recovery, Inc.*		14,295		34,308
EnPro Industries, Inc.*		34,617		1,293,637
ESCO Technologies, Inc.		5,725		208,619
Federal Signal Corp.*		17,287		100,956
Flow International Corp.*		11,645		36,682
FreightCar America, Inc.		3,751		86,160
Gardner Denver, Inc.		20,300		1,074,073
Graco, Inc.		18,900		870,912
Greenbrier Cos., Inc.*		7,179		126,207
Hardinge, Inc.		3,514		31,977
Hurco Cos., Inc.*		1,996		40,898
Kadant, Inc.*		3,664		85,921
Kaydon Corp.		43,555		931,641
Kennametal, Inc.		31,000		1,027,650
L.B. Foster Co., Class A		2,801		80,137
Lincoln Electric Holdings, Inc.		27,100		1,186,709
Lydall, Inc.*		5,415		73,211
Meritor, Inc.*		23,318		121,720
Met-Pro Corp.		4,094		37,706
Miller Industries, Inc.		3,480		55,436
Mueller Industries, Inc.		36,341		1,547,763
Mueller Water Products, Inc., Class A		16,917		58,533
NACCO Industries, Inc., Class A		1,727		200,764
NN, Inc.*		5,283		53,939
Nordson Corp.		14,200		728,318
Pentair, Inc.		20,000		765,600
PMFG, Inc.*		6,474		50,562
Rexnord Corp.*		7,179		143,867
Robbins & Myers, Inc.		7,181	$	300,309
Timken Co.		1,700		77,843
Trimas Corp.*		810		16,281
Trinity Industries, Inc.		61,900		1,546,262
Twin Disc, Inc.		2,640		48,814
Wabash National Corp.*		100,569		665,767
Watts Water Technologies, Inc., Class A		30,323		1,010,969

				20,505,826

*Marine (0.5%)*
Genco Shipping & Trading Ltd.*		10,001		30,503
International Shipholding Corp.		1,840		34,703
Kirby Corp.*		66,000		3,107,280
Rand Logistics, Inc.*		5,190		44,115

				3,216,601

*Professional Services (0.4%)*
CBIZ, Inc.*		12,427		73,816
CDI Corp.		3,592		58,909
CRA International, Inc.*		3,272		48,066
Dolan Co.*		9,594		64,568
Franklin Covey Co.*		1,316		13,476
FTI Consulting, Inc.*		13,278		381,742
GP Strategies Corp.*		451		8,330
Heidrick & Struggles International, Inc.		5,583		97,702
Hill International, Inc.*		6,290		20,128
Hudson Global, Inc.*		10,195		42,513
ICF International, Inc.*		6,300		150,192
Insperity, Inc.		24,600		665,430
Kelly Services, Inc., Class A		8,533		110,161
Kforce, Inc.*		926		12,464
Korn/Ferry International*		15,037		215,781
Navigant Consulting, Inc.*		16,383		207,081
Pendrell Corp.*		48,225		54,012
Resources Connection, Inc.		13,170		161,991
RPX Corp.*		553		7,936
TrueBlue, Inc.*		3,444		53,313
VSE Corp.		1,288		30,642
WageWorks, Inc.*		822		12,379

				2,490,632

*Road & Rail (2.4%)*
Amerco, Inc.		2,746		247,058
Arkansas Best Corp.		8,109		102,173
Dollar Thrifty Automotive Group, Inc.*		4,190		339,222
Genesee & Wyoming, Inc., Class A*		85,700		4,528,388
Heartland Express, Inc.		3,184		45,563
Marten Transport Ltd.		46,852		996,074
Patriot Transportation Holding, Inc.*		1,931		45,437
Quality Distribution, Inc.*		4,202		46,600
RailAmerica, Inc.*		773		18,707
Roadrunner Transportation Systems, Inc.*		1,953		32,986
Saia, Inc.*		229,100		5,014,999
Universal Truckload Services, Inc.		1,777		26,877
Vitran Corp., Inc.*		565,000		3,390,000
Werner Enterprises, Inc.		1,852		44,244

See Notes to Financial Statements.

272

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Zipcar, Inc.*		1,427	$	16,739

				14,895,067

*Trading Companies & Distributors (2.4%)*
Aceto Corp.		6,414		57,918
Aircastle Ltd.		18,520		223,166
Applied Industrial Technologies, Inc.		7,929		292,184
BlueLinx Holdings, Inc.*		5,870		13,794
CAI International, Inc.*		2,450		48,706
DXP Enterprises, Inc.*		125,000		5,186,250
Edgen Group, Inc.*		3,573		26,869
H&E Equipment Services, Inc.*		4,006		60,210
Houston Wire & Cable Co.		3,531		38,594
Interline Brands, Inc.*		8,914		223,474
Rush Enterprises, Inc., Class A*		227,491		3,719,478
SeaCube Container Leasing Ltd.		3,038		51,859
TAL International Group, Inc.		149,600		5,010,104
Willis Lease Finance Corp.*		1,815		22,361

				14,974,967

*Transportation Infrastructure (0.0%)*
Wesco Aircraft Holdings, Inc.*		4,021		51,187

Total Industrials				100,752,715

*Information Technology (4.9%)*
*Communications Equipment (0.8%)*
Anaren, Inc.*		4,032		79,027
Arris Group, Inc.*		30,979		430,918
Aviat Networks, Inc.*		19,217		53,808
Aware, Inc.		744		4,799
Bel Fuse, Inc., Class B		3,278		57,726
Black Box Corp.		5,521		158,453
Calix, Inc.*		8,105		66,623
Ciena Corp.*		7,718		126,344
Comtech Telecommunications Corp.		6,026		172,223
Digi International, Inc.*		8,028		82,207
Emulex Corp.*		27,306		196,603
Finisar Corp.*		28,749		430,085
Globecomm Systems, Inc.*		1,632		16,548
Harmonic, Inc.*		37,040		157,790
Infinera Corp.*		3,584		24,515
KVH Industries, Inc.*		703		8,787
Loral Space & Communications, Inc.		21,030		1,416,371
NETGEAR, Inc.*		6,595		227,593
Oclaro, Inc.*		15,959		48,515
Oplink Communications, Inc.*		5,996		81,126
PC-Tel, Inc.		5,710		36,944
Plantronics, Inc.		8,890		296,926
ShoreTel, Inc.*		1,825		7,993
Sonus Networks, Inc.*		60,530		130,139
Sycamore Networks, Inc.*		6,341		92,071
Symmetricom, Inc.*		12,921		77,397
Tellabs, Inc.		114,660		381,818
Telular Corp.		1,982		18,314
Tessco Technologies, Inc.		801		17,662
ViaSat, Inc.*		9,000		339,930
Westell Technologies, Inc., Class A*		14,432		34,348

				5,273,603

*Computers & Peripherals (0.2%)*
Avid Technology, Inc.*		9,053	$	67,264
Electronics for Imaging, Inc.*		13,365		217,181
Imation Corp.*		9,494		56,110
Immersion Corp.*		707		3,980
Intermec, Inc.*		16,427		101,847
Intevac, Inc.*		7,164		53,873
OCZ Technology Group, Inc.*		21,156		112,127
QLogic Corp.*		23,120		316,513
Quantum Corp.*		69,911		141,919
Silicon Graphics International Corp.*		9,451		60,676
STEC, Inc.*		11,102		86,596
Super Micro Computer, Inc.*		963		15,273

				1,233,359

*Electronic Equipment, Instruments & Components (1.4%)*
Aeroflex Holding Corp.*		6,230		37,692
Agilysys, Inc.*		4,494		38,963
Anixter International, Inc.		3,505		185,940
Audience, Inc.*		1,626		31,349
Benchmark Electronics, Inc.*		126,282		1,761,634
Brightpoint, Inc.*		21,820		118,046
Checkpoint Systems, Inc.*		12,858		111,993
Coherent, Inc.*		5,290		229,057
CTS Corp.		10,489		98,806
Daktronics, Inc.		8,246		56,980
Echelon Corp.*		5,346		18,604
Electro Rent Corp.		5,197		84,347
Electro Scientific Industries, Inc.		7,200		85,104
Fabrinet*		6,937		87,059
FEI Co.*		756		36,167
GSI Group, Inc.*		8,683		99,507
Ingram Micro, Inc., Class A*		55,000		960,850
Insight Enterprises, Inc.*		13,976		235,216
Kemet Corp.*		14,118		84,849
Key Tronic Corp.*		2,664		21,951
LeCroy Corp.*		1,377		19,636
Littelfuse, Inc.		647		36,808
Measurement Specialties, Inc.*		561		18,238
Mercury Computer Systems, Inc.*		9,693		125,331
Methode Electronics, Inc.		11,642		99,073
Multi-Fineline Electronix, Inc.*		25,385		625,486
NeoPhotonics Corp.*		6,049		29,882
Newport Corp.*		12,045		144,781
Park Electrochemical Corp.		6,504		168,324
PC Connection, Inc.		2,769		29,407
Plexus Corp.*		6,220		175,404
Power-One, Inc.*		21,150		95,598
RadiSys Corp.*		7,095		44,557
RealD, Inc.*		2,015		30,144
Richardson Electronics Ltd.		4,219		52,020
Rofin-Sinar Technologies, Inc.*		68,884		1,303,974
Rogers Corp.*		2,983		118,157
Sanmina-SCI Corp.*		25,655		210,115
ScanSource, Inc.*		8,673		265,741
SYNNEX Corp.*		8,307		286,509
TTM Technologies, Inc.*		16,831		158,380
Viasystems Group, Inc.*		1,201		20,417
Vishay Precision Group, Inc.*		3,861		53,861
Zygo Corp.*		4,245		75,816

				8,571,773

See Notes to Financial Statements.

273

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
*Internet Software & Services (0.4%)*
Bankrate, Inc.*		1,909	$	35,107
Bazaarvoice, Inc.*		205		3,731
Blucora, Inc.*		10,694		131,750
Brightcove, Inc.*		108		1,647
DealerTrack Holdings, Inc.*		1,451		43,690
Demand Media, Inc.*		2,400		26,880
Demandware, Inc.*		158		3,743
Digital River, Inc.*		11,620		193,124
EarthLink, Inc.		33,401		248,503
Internap Network Services Corp.*		8,268		53,825
IntraLinks Holdings, Inc.*		11,414		49,993
j2 Global, Inc.		2,484		65,627
Keynote Systems, Inc.		4,890		72,616
KIT Digital, Inc.*		15,079		64,689
Limelight Networks, Inc.*		18,782		55,031
Marchex, Inc., Class B		6,802		24,555
Market Leader, Inc.*		958		4,867
MeetMe, Inc.*		4,990		11,726
Millennial Media, Inc.*		346		4,564
Monster Worldwide, Inc.*		38,166		324,411
Perficient, Inc.*		2,286		25,672
QuinStreet, Inc.*		10,307		95,443
RealNetworks, Inc.		6,662		57,560
support.com, Inc.*		4,122		13,149
TechTarget, Inc.*		4,723		23,804
United Online, Inc.		28,434		119,991
Unwired Planet, Inc.*		1,524		3,505
ValueClick, Inc.*		10,145		166,277
WebMD Health Corp.*		15,964		327,422

				2,252,902

*IT Services (0.4%)*
Acxiom Corp.*		24,218		365,934
CACI International, Inc., Class A*		7,732		425,415
CIBER, Inc.*		22,840		98,440
Computer Task Group, Inc.*		1,071		16,054
Convergys Corp.		36,781		543,255
CSG Systems International, Inc.*		4,617		79,782
Euronet Worldwide, Inc.*		15,952		273,098
ManTech International Corp., Class A		7,215		169,336
ModusLink Global Solutions, Inc.*		11,515		34,430
MoneyGram International, Inc.*		4,839		70,650
TeleTech Holdings, Inc.*		7,242		115,872
Unisys Corp.*		6,816		133,253

				2,325,519

*Semiconductors & Semiconductor Equipment (1.4%)*
Advanced Energy Industries, Inc.*		12,610		169,226
Alpha & Omega Semiconductor Ltd.*		5,481		50,151
Amkor Technology, Inc.*		25,312		123,523
ANADIGICS, Inc.*		21,289		38,533
Applied Micro Circuits Corp.*		19,437		111,180
ATMI, Inc.*		9,466		194,716
AuthenTec, Inc.*		1,213		5,252
Axcelis Technologies, Inc.*		32,256		38,707
AXT, Inc.*		10,121		39,978
Brooks Automation, Inc.		20,729	$	195,682
CEVA, Inc.*		1,791		31,539
Cohu, Inc.		80,243		815,269
Cymer, Inc.*		6,751		397,971
Diodes, Inc.*		11,170		209,661
DSP Group, Inc.*		6,506		41,248
Entegris, Inc.*		43,138		368,398
Entropic Communications, Inc.*		27,663		156,019
Exar Corp.*		10,161		82,914
First Solar, Inc.*		18,997		286,095
FormFactor, Inc.*		15,749		101,896
FSI International, Inc.*		12,133		43,557
GSI Technology, Inc.*		6,291		29,819
GT Advanced Technologies, Inc.*		5,827		30,767
Inphi Corp.*		4,414		41,845
Integrated Device Technology, Inc.*		44,724		251,349
Integrated Silicon Solution, Inc.*		8,429		85,049
International Rectifier Corp.*		21,807		435,922
Intersil Corp., Class A		39,996		425,957
IXYS Corp.*		7,701		86,020
Kopin Corp.*		20,940		72,034
Lattice Semiconductor Corp.*		37,171		140,135
LTX-Credence Corp.*		15,415		103,280
MA-COM Technology Solutions Holdings, Inc.*		1,632		30,192
Mattson Technology, Inc.*		18,447		32,282
MaxLinear, Inc., Class A*		5,761		28,575
MEMC Electronic Materials, Inc.*		56,854		123,373
Mindspeed Technologies, Inc.*		11,263		27,707
MIPS Technologies, Inc.*		3,410		22,745
MKS Instruments, Inc.		16,505		477,490
MoSys, Inc.*		10,357		33,557
Nanometrics, Inc.*		7,403		113,710
OmniVision Technologies, Inc.*		16,530		220,841
Pericom Semiconductor Corp.*		7,432		66,888
Photronics, Inc.*		18,959		115,650
PLX Technology, Inc.*		1,006		6,388
QuickLogic Corp.*		1,949		4,892
Rambus, Inc.*		32,248		185,104
RF Micro Devices, Inc.*		77,044		327,437
Rubicon Technology, Inc.*		5,367		54,743
Rudolph Technologies, Inc.*		9,951		86,773
Sigma Designs, Inc.*		10,048		64,106
Silicon Image, Inc.*		4,225		17,491
Spansion, Inc., Class A*		15,186		166,742
STR Holdings, Inc.*		9,597		43,762
SunPower Corp.*		6,791		32,665
Supertex, Inc.*		3,367		63,468
Tessera Technologies, Inc.		16,344		251,207
TriQuint Semiconductor, Inc.*		53,065		291,857
Ultra Clean Holdings, Inc.*		7,285		46,843
Veeco Instruments, Inc.*		9,111		313,054

				8,453,234

*Software (0.3%)*
Accelrys, Inc.*		17,548		141,963
Actuate Corp.*		870		6,029
Aspen Technology, Inc.*		1,696		39,263
AVG Technologies N.V.*		203		2,641
Bottomline Technologies, Inc.*		7,838		141,476

See Notes to Financial Statements.

274

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Ebix, Inc.		2,281	$	45,506
Envivio, Inc.*		1,792		11,487
EPIQ Systems, Inc.		9,193		112,614
ePlus, Inc.*		1,234		39,920
Glu Mobile, Inc.*		1,036		5,750
Infoblox, Inc.*		215		4,930
JDA Software Group, Inc.*		10,375		308,034
Mentor Graphics Corp.*		13,549		203,235
Pervasive Software, Inc.*		3,762		28,177
Progress Software Corp.*		19,782		412,850
QAD, Inc., Class A*		349		4,963
Rosetta Stone, Inc.*		1,734		23,999
Sapiens International Corp. N.V.*		4,162		14,983
SeaChange International, Inc.*		8,996		74,037
SS&C Technologies Holdings, Inc.*		7,702		192,550
TeleNav, Inc.*		5,283		32,385
TiVo, Inc.*		19,759		163,407
VASCO Data Security International, Inc.*		4,846		39,640

				2,049,839

Total Information Technology				30,160,229

Materials (3.6%)
*Chemicals (1.7%)*
A. Schulman, Inc.		46,343		919,909
Cabot Corp.		26,800		1,090,760
Calgon Carbon Corp.*		2,905		41,309
Chase Corp.		1,899		25,067
Chemtura Corp.*		9,491		137,619
Ferro Corp.*		26,815		128,712
FutureFuel Corp.		5,955		62,587
Georgia Gulf Corp.		3,973		101,987
H.B. Fuller Co.		16,000		491,200
Innospec, Inc.*		6,349		187,994
Kraton Performance Polymers, Inc.*		10,155		222,496
Landec Corp.*		6,094		52,165
LSB Industries, Inc.*		2,519		77,862
Minerals Technologies, Inc.		5,587		356,339
Olin Corp.		7,958		166,243
OM Group, Inc.*		10,220		194,180
PolyOne Corp.		6,136		83,940
Quaker Chemical Corp.		2,911		134,517
RPM International, Inc.		59,101		1,607,547
Sensient Technologies Corp.		29,500		1,083,535
Spartech Corp.*		9,720		50,252
Stepan Co.		149		14,033
TPC Group, Inc.*		1,144		42,271
Tredegar Corp.		7,589		110,496
Valhi, Inc.		215,900		2,696,591
Zep, Inc.		4,017		55,153
Zoltek Cos., Inc.*		8,517		76,909

				10,211,673

*Construction Materials (0.0%)*
Texas Industries, Inc.		7,065		275,606
United States Lime & Minerals, Inc.*		41		1,913

				277,519

*Containers & Packaging (0.1%)*
AptarGroup, Inc.		1,000	$	51,050
Boise, Inc.		31,633		208,145
Graphic Packaging Holding Co.*		52,855		290,703
UFP Technologies, Inc.*		1,707		28,848

				578,746

*Metals & Mining (1.6%)*
A.M. Castle & Co.*		5,261		55,872
AK Steel Holding Corp.		29,136		171,028
AMCOL International Corp.		440		12,456
Century Aluminum Co.*		15,930		116,767
Coeur d’Alene Mines Corp.*		16,705		293,340
Commercial Metals Co.		31,000		391,840
General Moly, Inc.*		17,795		55,876
Globe Specialty Metals, Inc.		17,917		240,625
Gold Reserve, Inc.*		14,288		49,865
Golden Minerals Co.*		8,796		39,670
Golden Star Resources Ltd.*		80,296		93,143
Handy & Harman Ltd.*		298		4,017
Harry Winston Diamond Corp.*		40,300		457,808
Haynes International, Inc.		660		33,621
Hecla Mining Co.		89,771		426,412
Horsehead Holding Corp.*		13,816		137,607
Inmet Mining Corp.		40,000		1,639,525
Kaiser Aluminum Corp.		6,059		314,099
Materion Corp.		5,810		133,804
McEwen Mining, Inc.*		312,098		939,415
Metals USA Holdings Corp.*		2,804		44,612
Olympic Steel, Inc.		2,855		46,879
Reliance Steel & Aluminum Co.		36,500		1,843,250
Revett Minerals, Inc.*		7,985		26,271
RTI International Metals, Inc.*		9,574		216,660
Schnitzer Steel Industries, Inc., Class A		7,948		222,703
Steel Dynamics, Inc.		71,700		842,475
Stillwater Mining Co.*		36,450		311,283
SunCoke Energy, Inc.*		6,582		96,426
Universal Stainless & Alloy Products, Inc.*		2,212		90,913
Vista Gold Corp.*		18,734		54,516
Worthington Industries, Inc.		16,411		335,933

				9,738,711

*Paper & Forest Products (0.2%)*
Buckeye Technologies, Inc.		5,158		146,951
Clearwater Paper Corp.*		1,556		53,091
KapStone Paper and Packaging Corp.*		12,796		202,817
Louisiana-Pacific Corp.*		43,278		470,865
Neenah Paper, Inc.		2,010		53,647
P.H. Glatfelter Co.		11,206		183,442
Resolute Forest Products*		25,466		294,896
Schweitzer-Mauduit International, Inc.		1,296		88,310
Wausau Paper Corp.		684		6,655

				1,500,674

Total Materials				22,307,323

See Notes to Financial Statements.

275

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)
Telecommunication Services (0.8%)
*Diversified Telecommunication Services (0.8%)*
Cbeyond, Inc.*		8,249	$	55,846
Cincinnati Bell, Inc.*		40,920		152,222
Consolidated Communications Holdings, Inc.		1,620		23,976
Fairpoint Communications, Inc.*		1,353		8,321
Hawaiian Telcom Holdco, Inc.*		3,373		65,807
IDT Corp., Class B		192		1,884
inContact, Inc.*		745		3,732
Iridium Communications, Inc.*		13,730		123,021
magicJack VocalTec Ltd.*		1,461		27,759
Neutral Tandem, Inc.*		8,913		117,473
ORBCOMM, Inc.*		5,812		18,947
Premiere Global Services, Inc.*		492,199		4,129,550
SureWest Communications		4,329		91,212
Vonage Holdings Corp.*		25,169		50,590

				4,870,340

*Wireless Telecommunication Services (0.0%)*
Leap Wireless International, Inc.*		12,754		82,008
Shenandoah Telecommunications Co.		7,527		102,442
USA Mobility, Inc.		6,751		86,818

				271,268

Total Telecommunication Services				5,141,608

Utilities (2.1%)
*Electric Utilities (1.0%)*
ALLETE, Inc.		11,992		501,266
Cleco Corp.		19,202		803,220
El Paso Electric Co.		12,644		419,275
Empire District Electric Co.		13,224		279,026
IDACORP, Inc.		15,772		663,686
MGE Energy, Inc.		7,222		341,600
NV Energy, Inc.		32,500		571,350
Otter Tail Corp.		10,626		243,017
PNM Resources, Inc.		25,055		489,575
Portland General Electric Co.		23,832		635,361
UIL Holdings Corp.		16,022		574,549
Unitil Corp.		4,336		114,904
UNS Energy Corp.		12,745		489,535

				6,126,364

*Gas Utilities (0.6%)*
Chesapeake Utilities Corp.		3,031		132,515
Delta Natural Gas Co., Inc.		1,985		43,134
Laclede Group, Inc.		7,116		283,288
New Jersey Resources Corp.		13,080		570,419
Northwest Natural Gas Co.		8,446		402,030
Piedmont Natural Gas Co., Inc.		20,682		665,754
South Jersey Industries, Inc.		7,497		382,122
Southwest Gas Corp.		14,522		633,885
WGL Holdings, Inc.		16,250		645,937

				3,759,084

*Independent Power Producers & Energy Traders (0.1%)*
Atlantic Power Corp.		32,603		417,645
Genie Energy Ltd., Class B		4,707		36,573
GenOn Energy, Inc.*		243,203		415,877
Ormat Technologies, Inc.		4,033	$	86,266

				956,361

*Multi-Utilities (0.3%)*
Avista Corp.		18,467		493,069
Black Hills Corp.		13,890		446,841
CH Energy Group, Inc.		4,685		307,758
NorthWestern Corp.		11,462		420,655

				1,668,323

*Water Utilities (0.1%)*
American States Water Co.		5,333		211,080
Artesian Resources Corp., Class A		2,261		48,702
Cadiz, Inc.*		352		2,538
California Water Service Group		6,694		123,638
Connecticut Water Service, Inc.		954		27,647
Consolidated Water Co., Ltd.		4,635		38,424
Middlesex Water Co.		4,916		93,404
SJW Corp.		3,035		72,871
York Water Co.		910		16,280

				634,584

Total Utilities				13,144,716

Total Common Stocks (79.2%) (Cost $449,692,571)				489,737,451

INVESTMENT COMPANIES:
*Exchange Traded Funds (ETFs) (0.7%)*
JZ Capital Partners Ltd.		93,000		531,850
RIT Capital Partners plc		194,720		3,793,876

				4,325,726

*Investment Company (0.0%)*
Firsthand Technology Value Fund, Inc.*		2,690		47,505

Total Investment Companies (0.7%) (Cost $4,779,072)				4,373,231

	Number of Rights		Value (Note 1)
RIGHTS:
Information Technology (0.0%)
*Electronic Equipment, Instruments & Components (0.0%)*
Gerber Scientific, Inc., expiring 12/31/49†(b) (Cost $—)*		11,430		114

Total Investments (79.9%) (Cost $454,471,643)				494,110,796
Other Assets Less Liabilities (20.1%)				124,024,863

Net Assets (100%)			$	618,135,659

*	Non-income producing.

†	Securities (totaling $114 or 0.0% of net assets) at fair value by management.

@	Shares are less than 0.5.

(b)

Illiquid Security.

Glossary:

ADR

— American Depositary Receipt

See Notes to Financial Statements.

276

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

At June 30, 2012, the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts		Expiration Date		Original Value		Value at 6/30/2012		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index		1,516		September-12	$	113,369,675	$	120,582,640	$	7,212,965

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, 2012:

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 (a)		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) (b)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	93,131,526	$	—	$	—	$	93,131,526
Consumer Staples		13,219,137		—		—		13,219,137
Energy		46,726,491		—		—		46,726,491
Financials		144,371,275		4,486,541		—		148,857,816
Health Care		16,295,890		—		—		16,295,890
Industrials		100,752,715		—		—		100,752,715
Information Technology		30,160,229		—		—		30,160,229
Materials		22,307,323		—		—		22,307,323
Telecommunication Services		5,141,608		—		—		5,141,608
Utilities		13,144,716		—		—		13,144,716
Futures		7,212,965		—		—		7,212,965
Investment Companies
Exchange Traded Funds (ETFs)		—		4,325,726		—		4,325,726
Investment Companies		47,505		—		—		47,505
Rights
Information Technology		—		—		114		114

Total Assets	$	492,511,380	$	8,812,267	$	114	$	501,323,761

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	492,511,380	$	8,812,267	$	114	$	501,323,761

(a) A Security with a market value of $7,058,925 transferred from Level 2 to Level 1 since the beginning of the period due to active trading.

(b) A Security with a market value of $2,228,244 transferred from Level 1 to Level 2 since the beginning of the period due to active trading.

See Notes to Financial Statements.

277

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

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



	Investments in Rights-Information Technology

Balance as of 12/31/11	$	114
Total gains or losses (realized/unrealized) included in earnings		—
Purchases		—
Sales		—
Issuances		—
Settlements		—
Transfers into Level 3		—
Transfers out of Level 3		—

Balance as of 6/30/12	$	114

The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/12.	$	—

Fair Values of Derivative Instruments as of June 30, 2012:


	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		7,212,965	*
Commodity contracts	Receivables		—
Other contracts	Receivables		—

Total		$	7,212,965


	Liability Derivatives
Interest rate contracts	Payables, Net Assets - Unrealized depreciation	$	—	*
Foreign exchange contracts	Payables		—
Credit contracts	Payables		—
Equity contracts	Payables, Net Assets - Unrealized depreciation		—	*
Commodity contracts	Payables		—
Other contracts	Payables		—

Total		$	—

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

See Notes to Financial Statements.

278

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2012:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Not Accounted for as Hedging Instruments^	Options		Futures		Forward Currency Contracts		Swaps		Total
Interest rate contracts	$	—	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		—		—		—		—
Credit contracts		—		—		—		—		—
Equity contracts		—		1,941,210		—		—		1,941,210
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	1,941,210	$	—	$	—	$	1,941,210


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		—		6,508,067		—		—		6,508,067
Commodity contracts		—		—		—		—		—
Other contracts		—		—		—		—		—

Total	$	—	$	6,508,067	$	—	$	—	$	6,508,067

The Portfolio held futures contracts with an average notional balance of approximately $58,890,000 for the six months ended June 30, 2012.

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

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	55,764,825
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	198,547,773

As of June 30, 2012, 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	$	93,284,966
Aggregate gross unrealized depreciation		(54,873,549	)

Net unrealized appreciation	$	38,411,417

Federal income tax cost of investments	$	455,699,379

The Portfolio has a net capital loss carryforward of $420,862,526 of which $161,332,945 expires in the year 2016 and $259,529,581 expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value (Cost $454,471,643)	$	494,110,796
Cash		108,286,558
Cash held as collateral at broker		10,959,000
Due from broker for futures variation margin		3,562,600
Receivable for securities sold		1,584,978
Dividends, interest and other receivables		695,208
Receivable from Separate Accounts for Trust shares sold		66,507

Total assets		619,265,647

LIABILITIES
Investment management fees payable		418,090
Payable to Separate Accounts for Trust shares redeemed		268,924
Payable for securities purchased		197,396
Distribution fees payable - Class B		102,531
Administrative fees payable		89,943
Trustees’ fees payable		3,202
Distribution fees payable - Class A		2,356
Accrued expenses		47,546

Total liabilities		1,129,988

NET ASSETS	$	618,135,659

Net assets were comprised of:
Paid in capital	$	968,423,626
Accumulated undistributed net investment income (loss)		2,532,725
Accumulated undistributed net realized gain (loss) on investments, futures and foreign currency transactions		(399,673,590	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		46,852,898

Net assets	$	618,135,659

Class A
Net asset value, offering and redemption price per share, $11,830,384 / 1,140,649 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.37

Class B
Net asset value, offering and redemption price per share, $515,692,380 / 49,680,130 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.38

Class K
Net asset value, offering and redemption price per share, $90,612,895 / 8,725,781 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.38

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (net of $7,367 foreign withholding tax)	$	5,767,337
Interest		24,115

Total income		5,791,452

EXPENSES
Investment management fees		2,787,967
Distribution fees - Class B		671,475
Administrative fees		508,161
Custodian fees		49,826
Printing and mailing expenses		34,084
Professional fees		29,400
Distribution fees - Class A		15,305
Trustees’ fees		7,543
Miscellaneous		10,400

Gross expenses		4,114,161
Less: Fees paid indirectly		(6,429	)

Net expenses		4,107,732

NET INVESTMENT INCOME (LOSS)		1,683,720

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		27,193,084
Futures		1,941,210
Foreign currency transactions		265,308

Net realized gain (loss)		29,399,602

Change in unrealized appreciation (depreciation) on:
Securities		3,779,347
Futures		6,508,067
Foreign currency translations		780

Net change in unrealized appreciation (depreciation)		10,288,194

NET REALIZED AND UNREALIZED GAIN (LOSS)		39,687,796

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	41,371,516

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,683,720		$	542,824
Net realized gain (loss) on investments, futures and foreign currency transactions		29,399,602			13,185,825
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		10,288,194			(83,906,389	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		41,371,516			(70,177,740	)

DIVIDENDS:
Dividends from net investment income
Class A		—			(36,712	)
Class B		—			(384,573	)
Class K†		—			(521,109	)

TOTAL DIVIDENDS		—			(942,394	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 38,114 and 150,105 shares, respectively ]		402,214			1,631,569
Capital shares issued in reinvestment of dividends [ 0 and 3,846 shares, respectively ]		—			36,712
Capital shares repurchased [ (77,705) and (20,105,749) shares, respectively ]		(813,815	)		(193,568,277	)(z)

Total Class A transactions		(411,601	)		(191,899,996	)

Class B
Capital shares sold [ 2,123,395 and 2,887,545 shares, respectively ]		21,769,518			30,539,410
Capital shares issued in reinvestment of dividends [ 0 and 40,258 shares, respectively ]		—			384,604
Capital shares repurchased [ (4,263,334) and (10,938,836) shares, respectively ]		(45,414,073	)		(117,177,451	)

Total Class B transactions		(23,644,555	)		(86,253,437	)

Class K†
Capital shares sold [ 22,731 and 18,908,477 shares, respectively ]		241,351			180,473,385(z	)
Capital shares issued in reinvestment of dividends [ 0 and 54,597 shares, respectively ]		—			521,109
Capital shares repurchased [ (6,586,619) and (3,673,405) shares, respectively ]		(69,454,749	)		(35,475,386	)

Total Class K transactions		(69,213,398	)		145,519,108

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(93,269,554	)		(132,634,325	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(51,898,038	)		(203,754,459	)
NET ASSETS:
Beginning of period		670,033,697			873,788,156

End of period (a)	$	618,135,659		$	670,033,697

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	2,532,725		$	849,005

† Class K commenced operations on August 26, 2011.
(z) On August 29, 2011, certain affiliated shareholders of the Multimanager Small Cap Value Portfolio exchanged approximately 18,877,921 Class A shares for approximately 18,877,921 Class K shares. This exchange amounted to approximately $180,176,667.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.81		$	10.79		$	8.67		$	6.92		$	11.23		$	13.70

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.01	(e)		0.04	(e)		0.08	(e)		0.05	(e)		0.10	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.53			(0.96	)		2.12			1.77			(4.28	)		(1.42	)

Total from investment operations		0.56			(0.95	)		2.16			1.85			(4.23	)		(1.32	)

Less distributions:
Dividends from net investment income		—			(0.03	)		(0.04	)		(0.10	)		(0.04	)		(0.07	)
Distributions from net realized gains		—			—			—			—			(0.04	)		(1.08	)

Total dividends and distributions		—			(0.03	)		(0.04	)		(0.10	)		(0.08	)		(1.15	)

Net asset value, end of period	$	10.37		$	9.81		$	10.79		$	8.67		$	6.92		$	11.23

Total return (b)		5.71	%		(8.79	)%		24.93	%		26.76	%		(37.75	)%		(9.62	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	11,830		$	11,573		$	227,924		$	201,332		$	242,715		$	628,684
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.29	%		1.02	%		1.03	%		1.05	%		1.23	%		1.07	%(c)
After waivers, reimbursements and fees paid indirectly (a)(f)		1.29	%		1.01	%		1.03	%		0.77	%		1.17	%		1.06	%
Before waivers, reimbursements and fees paid indirectly (a)(f)		1.29	%		1.03	%		1.04	%		1.05	%		1.23	%		1.10	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		0.49	%		0.12	%		0.45	%		0.82	%		0.42	%		0.71	%
After waivers, reimbursements and fees paid indirectly (a)(f)		0.49	%		0.12	%		0.45	%		1.09	%		0.47	%		0.72	%
Before waivers, reimbursements and fees paid indirectly (a)(f)		0.49	%		0.11	%		0.44	%		0.82	%		0.42	%		0.68	%
Portfolio turnover rate		9	%		63	%		20	%		63	%		98	%		103	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.81		$	10.79		$	8.68		$	6.93		$	11.24		$	13.71

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		—	#(e)		0.02	(e)		0.06	(e)		0.02	(e)		0.07	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.54			(0.97	)		2.10			1.77			(4.27	)		(1.42	)

Total from investment operations		0.57			(0.97	)		2.12			1.83			(4.25	)		(1.35	)

Less distributions:
Dividends from net investment income		—			(0.01	)		(0.01	)		(0.08	)		(0.02	)		(0.04	)
Distributions from net realized gains		—			—			—			—			(0.04	)		(1.08	)

Total dividends and distributions		—			(0.01	)		(0.01	)		(0.08	)		(0.06	)		(1.12	)

Net asset value, end of period	$	10.38		$	9.81		$	10.79		$	8.68		$	6.93		$	11.24

Total return (b)		5.81	%		(9.01	)%		24.48	%		26.40	%		(37.87	)%		(9.84	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	515,692		$	508,540		$	645,864		$	581,340		$	506,586		$	980,945
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.29	%		1.27	%		1.28	%		1.30	%		1.48	%		1.32	%(c)
After waivers, reimbursements and fees paid indirectly (a)(f)		1.29	%		1.26	%(c)		1.28	%		1.03	%		1.42	%		1.31	%(c)
Before waivers, reimbursements and fees paid indirectly (a)(f)		1.29	%		1.28	%		1.29	%		1.30	%		1.48	%		1.35	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		0.49	%		—	%‡‡		0.20	%		0.60	%		0.17	%		0.48	%
After waivers, reimbursements and fees paid indirectly (a)(f)		0.49	%		—	%‡‡		0.20	%		0.87	%		0.23	%		0.50	%
Before waivers, reimbursements and fees paid indirectly (a)(f)		0.49	%		(0.01	)%		0.19	%		0.60	%		0.17	%		0.46	%
Portfolio turnover rate		9	%		63	%		20	%		63	%		98	%		103	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			August 26, 2011* to December 31, 2011
Net asset value, beginning of period	$	9.81		$	9.38

Income (loss) from investment operations:
Net investment income (loss)		0.03	(e)		0.02	(e)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.54			0.44

Total from investment operations		0.57			0.46

Less distributions:
Dividends from net investment income		—			(0.03	)

Net asset value, end of period	$	10.38		$	9.81

Total return (b)		5.81	%		4.93	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	90,613		$	149,921
Ratio of expenses to average net assets:
After reimbursements (a)(f)		1.04	%		1.04	%
After reimbursements and fees paid indirectly (a)(f)		1.04	%		1.04	%
Before reimbursements and fees paid indirectly (a)(f)		1.04	%		1.04	%
Ratio of net investment income (loss) to average net assets:
After reimbursements (a)(f)		0.63	%		0.60	%
After reimbursements and fees paid indirectly (a)(f)		0.64	%		0.60	%
Before reimbursements and fees paid indirectly (a)(f)		0.63	%		0.60	%
Portfolio turnover rate		9	%		63	%

*	Commencement of Operations.

#	Per share amount is less than $0.005.

‡‡	Amount is less than 0.005%.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds.

See Notes to Financial Statements.

284

MULTIMANAGER TECHNOLOGY PORTFOLIO (Unaudited)


Sector Weightings as of June 30, 2012	% of Net Assets
Information Technology		69.9	%
Mutual Funds		20.9
Consumer Discretionary		4.2
Materials		0.7
Health Care		0.4
Industrials		0.3
Cash and Other		3.6

		100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,106.40		$7.30
Hypothetical (5% average return before expenses)		1,000.00		1,017.93		7.00
Class B
Actual		1,000.00		1,106.60		7.31
Hypothetical (5% average return before expenses)		1,000.00		1,017.93		7.00
* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.39% and 1.39%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

COMMON STOCKS:
Consumer Discretionary (4.2%)
*Automobiles (0.2%)*
Tesla Motors, Inc.*		41,839	$	1,309,142

*Internet & Catalog Retail (3.3%)*
Amazon.com, Inc.*		46,275		10,566,896
Expedia, Inc.		6,850		329,280
Groupon, Inc.*		78,685		836,422
Netflix, Inc.*		10,441		714,895
priceline.com, Inc.*		12,015		7,984,208
Shutterfly, Inc.*		2,200		67,518
TripAdvisor, Inc.*		7,131		318,684

				20,817,903

*Media (0.7%)*
Comcast Corp., Class A		101,520		3,245,594
Walt Disney Co.		15,800		766,300

				4,011,894

Total Consumer Discretionary				26,138,939

Health Care (0.4%)
*Health Care Technology (0.4%)*
athenahealth, Inc.*		21,805		1,726,302
M3, Inc.		162		775,774

Total Health Care				2,502,076

Industrials (0.3%)
*Electrical Equipment (0.1%)*
Nidec Corp.		8,060		611,226

*Machinery (0.1%)*
Hiwin Technologies Corp.		68,900		707,913

*Professional Services (0.1%)*
Huron Consulting Group, Inc.*		20,185		638,855

Total Industrials				1,957,994

Information Technology (69.9%)
*Communications Equipment (6.9%)*
AAC Technologies Holdings, Inc.		124,600		360,804
Acme Packet, Inc.*		4,212		78,554
ADTRAN, Inc.		4,700		141,893
Arris Group, Inc.*		8,500		118,235
Aruba Networks, Inc.*		8,000		120,400
Brocade Communications Systems, Inc.*		33,000		162,690
Calix, Inc.*		42,140		346,391
Ciena Corp.*		43,900		718,643
Cisco Systems, Inc.		963,155		16,537,371
Comtech Telecommunications Corp.		1,400		40,012
Comverse Technology, Inc.*		16,400		95,448
EchoStar Corp., Class A*		2,900		76,618
Emulex Corp.*		6,100		43,920
F5 Networks, Inc.*		14,300		1,423,708
Finisar Corp.*		31,100		465,256
Harris Corp.		8,500		355,725
Infinera Corp.*		8,000		54,720
InterDigital, Inc.		3,400		100,334
Ixia*		3,500		42,070
JDS Uniphase Corp.*		16,600		182,600
Juniper Networks, Inc.*		65,190		1,063,249

Loral Space & Communications, Inc.		900	$	60,615
Motorola Solutions, Inc.		39,127		1,882,400
NETGEAR, Inc.*		2,800		96,628
Plantronics, Inc.		3,200		106,880
Polycom, Inc.*		13,062		137,412
QUALCOMM, Inc.		310,120		17,267,482
Research In Motion Ltd.*		35,305		260,904
Riverbed Technology, Inc.*		41,983		678,025
Sonus Networks, Inc.*		21,000		45,150
Tellabs, Inc.		26,300		87,579
ViaSat, Inc.*		3,100		117,087

				43,268,803

*Computers & Peripherals (13.2%)*
3D Systems Corp.*		2,500		85,350
Advantech Co., Ltd.		195,000		649,419
Apple, Inc.*		93,685		54,712,040
Catcher Technology Co., Ltd.		168,000		1,137,099
Dell, Inc.*		173,880		2,176,978
Diebold, Inc.		4,700		173,477
Electronics for Imaging, Inc.*		3,100		50,375
EMC Corp.*		531,770		13,629,265
Fusion-io, Inc.*		138,525		2,893,787
Hewlett-Packard Co.		148,000		2,976,280
Lexmark International, Inc., Class A		5,300		140,874
NCR Corp.*		11,900		270,487
NetApp, Inc.*		32,963		1,048,883
QLogic Corp.*		7,000		95,830
SanDisk Corp.*		41,465		1,512,643
Seagate Technology plc		52,700		1,303,271
Stratasys, Inc.*		1,600		79,280
Synaptics, Inc.*		2,300		65,849
Western Digital Corp.*		17,500		533,400

				83,534,587

*Electronic Equipment, Instruments & Components (2.3%)*
Aeroflex Holding Corp.*		2,423		14,659
Amphenol Corp., Class A		12,107		664,917
Anixter International, Inc.		2,000		106,100
Arrow Electronics, Inc.*		8,200		269,042
Audience, Inc.*		8,800		169,664
Avnet, Inc.*		10,900		336,374
AVX Corp.		3,600		38,484
Benchmark Electronics, Inc.*		4,400		61,380
Celestica, Inc.*		14,700		106,722
Cognex Corp.		3,000		94,950
Coherent, Inc.*		1,700		73,610
Corning, Inc.		113,600		1,468,848
Dolby Laboratories, Inc., Class A*		3,663		151,282
FEI Co.*		2,700		129,168
FLIR Systems, Inc.		11,508		224,406
Hitachi Ltd.		776,000		4,772,494
Hon Hai Precision Industry Co., Ltd.		205,600		619,956
Ingram Micro, Inc., Class A*		11,400		199,158
IPG Photonics Corp.*		2,200		95,898
Itron, Inc.*		2,900		119,596
Jabil Circuit, Inc.		13,500		274,455
Littelfuse, Inc.		1,500		85,335
Molex, Inc.		10,319		247,037

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

National Instruments Corp.		23,500	$	631,210
OSI Systems, Inc.*		1,500		95,010
Plexus Corp.*		2,600		73,320
RealD, Inc.*		3,000		44,880
Rofin-Sinar Technologies, Inc.*		2,200		41,646
Sanmina-SCI Corp.*		5,900		48,321
SYNNEX Corp.*		1,800		62,082
Synnex Technology International Corp.		193,150		472,404
TE Connectivity Ltd.		31,999		1,021,088
Tech Data Corp.*		2,900		139,693
Trimble Navigation Ltd.*		29,280		1,347,173
TTM Technologies, Inc.*		3,900		36,699
Universal Display Corp.*		3,000		107,820
Vishay Intertechnology, Inc.*		11,400		107,502

				14,552,383

*Internet Software & Services (8.0%)*
Akamai Technologies, Inc.*		49,520		1,572,260
Ancestry.com, Inc.*		1,900		52,307
AOL, Inc.*		6,749		189,512
Bankrate, Inc.*		1,504		27,659
CoStar Group, Inc.*		1,900		154,280
DealerTrack Holdings, Inc.*		3,100		93,341
Digital River, Inc.*		2,800		46,536
EarthLink, Inc.		7,900		58,776
eBay, Inc.*		263,660		11,076,357
Equinix, Inc.*		17,530		3,079,144
Google, Inc., Class A*		37,603		21,812,372
IAC/InterActiveCorp		6,100		278,160
j2 Global, Inc.		3,400		89,828
Kakaku.com, Inc.		29,100		990,920
Liquidity Services, Inc.*		1,800		92,142
LogMeIn, Inc.*		1,600		48,832
Monster Worldwide, Inc.*		9,100		77,350
NetEase, Inc. (ADR)*		50,470		2,970,159
Open Text Corp.*		4,250		212,075
OpenTable, Inc.*		1,600		72,016
Phoenix New Media Ltd. (ADR)*		74,203		354,690
Rackspace Hosting, Inc.*		36,805		1,617,212
Renren, Inc. (ADR)*		878		3,960
SINA Corp.*		26,816		1,389,337
Tencent Holdings Ltd.		22,100		652,624
ValueClick, Inc.*		6,000		98,340
VeriSign, Inc.*		37,180		1,619,933
WebMD Health Corp.*		3,567		73,159
Yahoo!, Inc.*		91,200		1,443,696

				50,246,977

*IT Services (12.2%)*
Accenture plc, Class A		77,778		4,673,680
Acxiom Corp.*		5,900		89,149
Alliance Data Systems Corp.*		17,914		2,418,390
Automatic Data Processing, Inc.		99,216		5,522,363
Booz Allen Hamilton Holding Corp.		2,565		39,193
Broadridge Financial Solutions, Inc.		9,000		191,430
CACI International, Inc., Class A*		1,900		104,538
Cardtronics, Inc.*		3,300		99,693
CGI Group, Inc., Class A*		16,800		403,032

Cognizant Technology Solutions Corp., Class A*		61,620	$	3,697,200
Computer Sciences Corp.		11,600		287,912
Convergys Corp.		8,600		127,022
CoreLogic, Inc.*		7,700		140,987
DST Systems, Inc.		2,600		141,206
Euronet Worldwide, Inc.*		3,700		63,344
ExlService Holdings, Inc.*		15,794		389,164
Fidelity National Information Services, Inc.		74,230		2,529,758
Fiserv, Inc.*		37,685		2,721,611
FleetCor Technologies, Inc.*		2,752		96,430
Gartner, Inc.*		7,000		301,350
Genpact Ltd.*		62,579		1,040,689
Global Payments, Inc.		5,700		246,411
Heartland Payment Systems, Inc.		2,900		87,232
Higher One Holdings, Inc.*		2,300		28,106
hiSoft Technology International Ltd. (ADR)*		48,110		689,416
iGATE Corp.*		2,200		37,444
International Business Machines Corp.		122,613		23,980,651
Jack Henry & Associates, Inc.		6,500		224,380
Lender Processing Services, Inc.		6,100		154,208
ManTech International Corp., Class A		1,700		39,899
Mastercard, Inc., Class A		11,585		4,982,824
MAXIMUS, Inc.		2,400		124,200
NeuStar, Inc., Class A*		4,854		162,124
Paychex, Inc.		24,100		756,981
SAIC, Inc.		20,100		243,612
Sapient Corp.		95,987		966,589
Syntel, Inc.		1,200		72,840
TeleTech Holdings, Inc.*		1,900		30,400
Teradata Corp.*		22,999		1,656,158
Total System Services, Inc.		12,000		287,160
Unisys Corp.*		3,300		64,515
VeriFone Systems, Inc.*		8,100		268,029
Visa, Inc., Class A		128,160		15,844,421
Western Union Co.		62,155		1,046,690
Wright Express Corp.*		2,800		172,816

				77,245,247

*Office Electronics (0.1%)*
Xerox Corp.		100,854		793,721
Zebra Technologies Corp., Class A*		3,700		127,132

				920,853

*Semiconductors & Semiconductor Equipment (9.7%)*
Advanced Micro Devices, Inc.*		44,100		252,693
Altera Corp.		24,100		815,544
Amkor Technology, Inc.*		6,655		32,476
Analog Devices, Inc.		56,580		2,131,369
Applied Materials, Inc.		95,900		1,099,014
ASM Pacific Technology Ltd.		54,500		694,991
ASML Holding N.V. (N.Y. Shares)		13,950		717,309
Atmel Corp.*		32,200		215,740
Avago Technologies Ltd.		29,775		1,068,923
Broadcom Corp., Class A*		76,785		2,595,333
Cabot Microelectronics Corp.		1,600		46,736

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

Cavium, Inc.*		3,500	$	98,000
Cirrus Logic, Inc.*		4,700		140,436
Cree, Inc.*		8,445		216,783
Cymer, Inc.*		2,200		129,690
Cypress Semiconductor Corp.*		48,026		634,904
Diodes, Inc.*		2,700		50,679
Entegris, Inc.*		10,300		87,962
Fairchild Semiconductor International, Inc.*		41,700		587,970
First Solar, Inc.*		4,400		66,264
GT Advanced Technologies, Inc.*		9,100		48,048
Hittite Microwave Corp.*		2,100		107,352
Integrated Device Technology, Inc.*		10,300		57,886
Intel Corp.		798,745		21,286,554
International Rectifier Corp.*		15,600		311,844
Intersil Corp., Class A		9,500		101,175
KLA-Tencor Corp.		12,500		615,625
Lam Research Corp.*		66,605		2,513,673
Linear Technology Corp.		46,300		1,450,579
LSI Corp.*		42,600		271,362
Marvell Technology Group Ltd.		37,700		425,256
Maxim Integrated Products, Inc.		43,185		1,107,263
Micrel, Inc.		3,700		35,261
Microchip Technology, Inc.		25,800		853,464
Micron Technology, Inc.*		123,660		780,295
Microsemi Corp.*		6,600		122,034
MKS Instruments, Inc.		3,900		112,827
NVIDIA Corp.*		46,300		639,866
OmniVision Technologies, Inc.*		3,868		51,676
ON Semiconductor Corp.*		33,941		240,981
PMC-Sierra, Inc.*		16,800		103,152
Power Integrations, Inc.		2,100		78,330
Rambus, Inc.*		8,300		47,642
RF Micro Devices, Inc.*		20,100		85,425
Samsung Electronics Co., Ltd.		8,336		8,838,018
Semtech Corp.*		4,600		111,872
Silicon Laboratories, Inc.*		3,200		121,280
Skyworks Solutions, Inc.*		112,924		3,090,730
Spansion, Inc., Class A*		3,600		39,528
SunPower Corp.*		3,031		14,579
Taiwan Semiconductor Manufacturing Co., Ltd.*		625,000		1,710,709
Teradyne, Inc.*		13,600		191,216
Tessera Technologies, Inc.		3,600		55,332
Texas Instruments, Inc.		118,465		3,398,761
TriQuint Semiconductor, Inc.*		12,500		68,750
Veeco Instruments, Inc.*		2,800		96,208
Xilinx, Inc.		19,800		664,686

				61,532,055

*Software (17.5%)*
ACI Worldwide, Inc.*		2,900		128,209
Activision Blizzard, Inc.		107,137		1,284,573
Adobe Systems, Inc.*		37,100		1,200,927
Advent Software, Inc.*		2,400		65,064
ANSYS, Inc.*		7,000		441,770
Ariba, Inc.*		103,125		4,615,875
Aspen Technology, Inc.*		98,183		2,272,936
Autodesk, Inc.*		17,200		601,828
Blackbaud, Inc.		3,300		84,711
BMC Software, Inc.*		11,900		507,892

BroadSoft, Inc.*		2,033	$	58,876
CA, Inc.		26,500		717,885
Cadence Design Systems, Inc.*		87,700		963,823
Citrix Systems, Inc.*		54,461		4,571,456
CommVault Systems, Inc.*		3,200		158,624
Compuware Corp.*		15,500		143,995
Concur Technologies, Inc.*		3,500		238,350
Electronic Arts, Inc.*		23,800		293,930
FactSet Research Systems, Inc.		3,400		315,996
Fair Isaac Corp.		2,500		105,700
Fortinet, Inc.*		27,430		636,925
Informatica Corp.*		8,100		343,116
Intuit, Inc.		99,135		5,883,662
JDA Software Group, Inc.*		3,200		95,008
Jive Software, Inc.*		1,074		22,543
Mentor Graphics Corp.*		6,500		97,500
MICROS Systems, Inc.*		5,990		306,688
Microsoft Corp.		1,588,945		48,605,828
MicroStrategy, Inc., Class A*		9,070		1,177,830
NetSuite, Inc.*		1,700		93,109
Nuance Communications, Inc.*		35,875		854,542
Oracle Corp.		619,768		18,407,110
Parametric Technology Corp.*		8,600		180,256
Pegasystems, Inc.		1,200		39,576
Progress Software Corp.*		4,404		91,911
QLIK Technologies, Inc.*		5,300		117,236
Quest Software, Inc.*		4,200		116,970
RealPage, Inc.*		2,600		60,216
Red Hat, Inc.*		14,400		813,312
Rovi Corp.*		8,327		163,376
Salesforce.com, Inc.*		42,716		5,905,914
SolarWinds, Inc.*		4,000		174,240
Solera Holdings, Inc.		5,069		211,834
Sourcefire, Inc.*		2,200		113,080
Splunk, Inc.*		18,000		505,800
SS&C Technologies Holdings, Inc.*		1,800		45,000
Symantec Corp.*		53,900		787,479
Synchronoss Technologies, Inc.*		1,900		35,093
Synopsys, Inc.*		11,000		323,730
Take-Two Interactive Software, Inc.*		6,400		60,544
TIBCO Software, Inc.*		153,745		4,600,050
TiVo, Inc.*		9,100		75,257
Tyler Technologies, Inc.*		1,800		72,630
Ultimate Software Group, Inc.*		2,100		187,152
Verint Systems, Inc.*		1,600		47,216
VirnetX Holding Corp.*		2,700		95,175
Websense, Inc.*		2,900		54,317

				110,173,645

Total Information Technology				441,474,550

Materials (0.7%)
*Chemicals (0.7%)*
Monsanto Co.		54,395		4,502,818

Total Materials				4,502,818

Total Common Stocks (75.5%) (Cost $362,907,764)				476,576,377

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
*Exchange Traded Funds (ETFs)(20.9%)*
iShares S&P North American Technology Sector Index Fund		234,750	$	15,390,210
Technology Select Sector SPDR Fund		2,598,500		74,706,875
Vanguard Information Technology Index ETF		610,000		41,925,300

Total Investment Companies (20.9%) (Cost $95,535,984)				132,022,385

Total Investments (96.4%) (Cost $458,443,748)				608,598,762
Other Assets Less Liabilities (3.6%)				22,701,325

Net Assets (100%)			$	631,300,087

*	Non-income producing.

Glossary:

ADR

— American Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of June 30, 2012:

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 (a)		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	$	26,138,939	$	—	$	—	$	26,138,939
Health Care		1,726,302		775,774		—		2,502,076
Industrials		638,855		1,319,139		—		1,957,994
Information Technology		420,575,112		20,899,438		—		441,474,550
Materials		4,502,818		—		—		4,502,818
Investment Companies
Exchange Traded Funds (ETFs)		132,022,385		—		—		132,022,385

Total Assets	$	585,604,411	$	22,994,351	$	—	$	608,598,762

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	585,604,411	$	22,994,351	$	—	$	608,598,762

(a) A Security with a market value of $141,893 transferred from Level 2 to Level 1 since the beginning of the period due to active trading.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2012:


	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 the Portfolio of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2012:


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		—		—		(168	)		—		(168	)
Credit contracts		—		—		—			—		—
Equity contracts		—		—		—			—		—
Commodity contracts		—		—		—			—		—
Other contracts		—		—		—			—		—

Total	$	—	$	—	$	(168	)	$	—	$	(168	)

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 $15,000 during the six months ended June 30, 2012.

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (Unaudited)

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	212,149,216
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	241,051,816

As of June 30, 2012, 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	$	146,363,747
Aggregate gross unrealized depreciation		(15,361,273	)

Net unrealized appreciation	$	131,002,474

Federal income tax cost of investments	$	477,596,288

For the six months ended June 30, 2012, the Portfolio incurred approximately $60 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $103,998,669, which expires in the year 2017.

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value (Cost $458,443,748)	$	608,598,762
Cash		20,169,855
Foreign cash (Cost $2,359,905)		2,358,341
Receivable for securities sold		1,747,048
Receivable from Separate Accounts for Trust shares sold		659,142
Dividends, interest and other receivables		99,831
Other assets		4,247

Total assets		633,637,226

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		964,193
Payable for securities purchased		587,037
Investment management fees payable		481,298
Distribution fees payable - Class B		124,170
Administrative fees payable		92,157
Trustees’ fees payable		9,058
Distribution fees payable - Class A		2,487
Accrued expenses		76,739

Total liabilities		2,337,139

NET ASSETS	$	631,300,087

Net assets were comprised of:
Paid in capital	$	588,816,015
Accumulated undistributed net investment income (loss)		(1,196,891	)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(106,472,486	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		150,153,449

Net assets	$	631,300,087

Class A
Net asset value, offering and redemption price per share, $12,444,221 / 899,515 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.83

Class B
Net asset value, offering and redemption price per share, $618,855,866 / 45,876,280 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.49

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Dividends (net of $10,459 foreign withholding tax)	$	3,227,879
Interest		6,334

Total income		3,234,213

EXPENSES
Investment management fees		3,069,241
Distribution fees - Class B		791,651
Administrative fees		500,783
Custodian fees		50,771
Printing and mailing expenses		33,277
Professional fees		30,939
Distribution fees - Class A		16,043
Trustees’ fees		7,254
Miscellaneous		8,873

Gross expenses		4,508,832
Less: Fees paid indirectly		(37,628	)

Net expenses		4,471,204

NET INVESTMENT INCOME (LOSS)		(1,236,991	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		24,369,907
Foreign currency transactions		(19,074	)

Net realized gain (loss)		24,350,833

Change in unrealized appreciation (depreciation) on:
Securities		39,638,183
Foreign currency translations		64,597

Net change in unrealized appreciation (depreciation)		39,702,780

NET REALIZED AND UNREALIZED GAIN (LOSS)		64,053,613

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	62,816,622

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,236,991	)	$	(3,391,600	)
Net realized gain (loss) on investments and foreign currency transactions		24,350,833			37,577,546
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		39,702,780			(65,272,266	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		62,816,622			(31,086,320	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 68,052 and 147,526 shares, respectively ]		946,715			1,920,949
Capital shares repurchased [ (147,678) and (143,442) shares, respectively ]		(2,081,895	)		(1,893,835	)

Total Class A transactions		(1,135,180	)		27,114

Class B
Capital shares sold [ 3,939,602 and 9,965,999 shares, respectively ]		53,739,735			129,819,829
Capital shares repurchased [ (5,680,273) and (14,181,800) shares, respectively ]		(76,973,655	)		(182,578,650	)

Total Class B transactions		(23,233,920	)		(52,758,821	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(24,369,100	)		(52,731,707	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		38,447,522			(83,818,027	)
NET ASSETS:
Beginning of period		592,852,565			676,670,592

End of period (a)	$	631,300,087		$	592,852,565

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(1,196,891	)	$	40,100

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	12.50		$	13.10		$	11.10		$	6.99		$	13.18		$	11.12

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.03	)(e)		(0.04	)(e)		(0.01	)(e)		(0.05	)(e)		(0.08	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.36			(0.57	)		2.04			4.12			(6.14	)		2.14

Total from investment operations		1.33			(0.60	)		2.00			4.11			(6.19	)		2.06

Net asset value, end of period	$	13.83		$	12.50		$	13.10		$	11.10		$	6.99		$	13.18

Total return (b)		10.64	%		(4.58	)%		18.02	%		58.80	%		(46.97	)%		18.53	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	12,444		$	12,244		$	12,776		$	11,949		$	7,124		$	36,248
Ratio of expenses to average net assets:
After fees paid indirectly (a)(f)		1.38	%		1.13	%		1.14	%		1.09	%		1.41	%		1.41	%
Before fees paid indirectly (a)(f)		1.39	%		1.14	%		1.16	%		1.19	%		1.42	%		1.42	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)(f)		(0.39	)%		(0.26	)%		(0.34	)%		(0.08	)%		(0.41	)%		(0.62	)%
Before fees paid indirectly (a)(f)		(0.40	)%		(0.27	)%		(0.35	)%		(0.19	)%		(0.42	)%		(0.63	)%
Portfolio turnover rate		34	%		78	%		84	%		129	%		148	%		132	%

	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	12.19		$	12.81		$	10.88		$	6.86		$	12.98		$	10.98

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)(e)		(0.07	)(e)		(0.06	)(e)		(0.03	)(e)		(0.07	)(e)		(0.11	)(e)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.33			(0.55	)		1.99			4.05			(6.05	)		2.11

Total from investment operations		1.30			(0.62	)		1.93			4.02			(6.12	)		2.00

Net asset value, end of period	$	13.49		$	12.19		$	12.81		$	10.88		$	6.86		$	12.98

Total return (b)		10.66	%		(4.84	)%		17.74	%		58.60	%		(47.15	)%		18.21	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	618,856		$	580,608		$	663,895		$	602,145		$	331,894		$	656,676
Ratio of expenses to average net assets:
After fees paid indirectly (a)(f)		1.38	%		1.38	%		1.39	%		1.34	%		1.66	%(c)		1.66	%
Before fees paid indirectly (a)(f)		1.39	%		1.39	%		1.41	%		1.44	%		1.67	%(c)		1.67	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)(f)		(0.38	)%		(0.52	)%		(0.58	)%		(0.33	)%		(0.73	)%		(0.87	)%
Before fees paid indirectly (a)(f)		(0.39	)%		(0.53	)%		(0.60	)%		(0.43	)%		(0.74	)%		(0.88	)%
Portfolio turnover rate		34	%		78	%		84	%		129	%		148	%		132	%

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying funds.

See Notes to Financial Statements.

294

TARGET 2015 ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2012
EQ/Equity 500 Index Portfolio	18.1	%
Multimanager Multi-Sector Bond Portfolio	14.1
EQ/International ETF Portfolio	13.6
EQ/Global Multi-Sector Equity Portfolio	13.4
EQ/Core Bond Index Portfolio	11.9
EQ/Global Bond PLUS Portfolio	7.5
EQ/PIMCO Ultra Short Bond Portfolio	6.1
Multimanager Large Cap Value Portfolio	3.9
Multimanager Aggressive Equity Portfolio	3.5
Multimanager Mid Cap Value Portfolio	3.1
EQ/Small Company Index Portfolio	3.1
Multimanager Mid Cap Growth Portfolio	1.7

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class B
Actual		$1,000.00		$1,048.20		$3.06
Hypothetical (5% average return before expenses)		1,000.00		1,021.88		3.02
Class K
Actual		1,000.00		1,050.60		1.78
Hypothetical (5% average return before expenses)		1,000.00		1,023.12		1.76
* Expenses are equal to the Portfolio’s Class B and Class K shares annualized expense ratios of 0.60% and 0.35%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		924,572	$	9,400,749
EQ/Equity 500 Index Portfolio‡		595,881		14,268,070
EQ/Global Bond PLUS Portfolio‡		584,787		5,955,682
EQ/Global Multi-Sector Equity Portfolio‡		922,542		10,532,280
EQ/International ETF Portfolio‡		1,788,173		10,708,401
EQ/PIMCO Ultra Short Bond Portfolio‡		481,153		4,801,685
EQ/Small Company Index Portfolio‡		245,732		2,410,466
Multimanager Aggressive Equity Portfolio‡		96,955		2,730,740
Multimanager Large Cap Value Portfolio‡		316,576		3,112,595
Multimanager Mid Cap Growth Portfolio*‡		148,355		1,378,388

Multimanager Mid Cap Value Portfolio‡		264,993	$	2,421,930
Multimanager Multi-Sector Bond Portfolio‡		2,733,413		11,081,846

Total Investments (99.3%) (Cost $71,007,465)				78,802,832
Other Assets Less Liabilities (0.7%)				517,702

Net Assets (100%)			$	79,320,534

*	Non-income producing.

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	10,355,841	$	381,333	$	1,456,625	$	9,400,749	$	—	$	64,786
EQ/Equity 500 Index Portfolio		15,232,581		423,026		2,506,770		14,268,070		—		262,505
EQ/Global Bond PLUS Portfolio		6,108,017		580,208		825,000		5,955,682		—		(2,656	)
EQ/Global Multi-Sector Equity Portfolio		10,069,399		737,409		906,667		10,532,280		—		156
EQ/International ETF Portfolio		10,084,763		1,192,409		906,556		10,708,401		—		267
EQ/PIMCO Ultra Short Bond Portfolio		5,069,100		204,098		524,852		4,801,685		—		(79	)
EQ/Small Company Index Portfolio		2,216,361		541,802		499,616		2,410,466		—		18,836
Multimanager Aggressive Equity Portfolio		3,510,245		68,646		1,065,210		2,730,740		—		136,020
Multimanager Large Cap Value Portfolio		3,369,428		220,658		698,856		3,112,595		—		27,922
Multimanager Mid Cap Growth Portfolio		1,508,746		34,492		266,268		1,378,388		—		27,118
Multimanager Mid Cap Value Portfolio		2,410,402		254,145		359,205		2,421,930		—		114
Multimanager Multi-Sector Bond Portfolio		9,412,409		2,320,727		997,982		11,081,846		—		(1,388	)

	$	79,347,292	$	6,958,953	$	11,013,607	$	78,802,832	$	—	$	533,601

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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, 2012:

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	$	—	$	78,802,832	$	—	$	78,802,832

Total Assets	$	—	$	78,802,832	$	—	$	78,802,832

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	78,802,832	$	—	$	78,802,832

The Portfolio held no derivatives contracts during the six months ended June 30, 2012.

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Investment Companies	$	6,958,953
Net Proceeds of Sales and Redemptions:
Investment Companies	$	11,547,208

As of June 30, 2012, 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	$	8,759,361
Aggregate gross unrealized depreciation		(1,120,309	)

Net unrealized appreciation	$	7,639,052

Federal income tax cost of investments	$	71,163,780

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $71,007,465)	$	78,802,832
Cash		485,354
Receivable from Separate Accounts for Trust shares sold		110,475
Receivable for securities sold		23,699
Dividends, interest and other receivables		41
Other assets		453

Total assets		79,422,854

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		28,727
Administrative fees payable		10,998
Distribution fees payable - Class B		7,500
Trustees’ fees payable		243
Accrued expenses		54,852

Total liabilities		102,320

NET ASSETS	$	79,320,534

Net assets were comprised of:
Paid in capital	$	89,495,516
Accumulated undistributed net investment income (loss)		(185,595	)
Accumulated undistributed net realized gain (loss) on investments		(17,784,754	)
Net unrealized appreciation (depreciation) on investments		7,795,367

Net assets	$	79,320,534

Class B
Net asset value, offering and redemption price per share, $37,527,939 / 4,206,814 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.92

Class K
Net asset value, offering and redemption price per share, $41,792,595 / 4,681,133 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.93

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Interest	$	243

EXPENSES
Administrative fees		76,153
Distribution fees - Class B		46,700
Investment management fees		39,993
Custodian fees		37,445
Professional fees		24,679
Printing and mailing expenses		4,113
Trustees’ fees		908
Miscellaneous		1,567

Gross expenses		231,558
Less: Waiver from investment advisor		(44,831	)

Net expenses		186,727

NET INVESTMENT INCOME (LOSS)		(186,484	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		533,601
Net change in unrealized appreciation (depreciation) on securities (All of change in unrealized appreciation (depreciation) from affiliates)		3,510,194

NET REALIZED AND UNREALIZED GAIN (LOSS)		4,043,795

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,857,311

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(186,484	)	$	1,367,226
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		533,601			1,226,008
Net change in unrealized appreciation (depreciation) on investments		3,510,194			(4,932,522	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,857,311			(2,339,288	)

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		—			(635,924	)
Class K†		—			(776,830	)

		—			(1,412,754	)

Distributions from net realized capital gains
Class A		—			(251,445	)
Class B		—			(571,711	)
Class K†		—			(343,467	)

		—			(1,166,623	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(2,579,377	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 0 and 812,883 shares, respectively ]		—			7,329,152
Capital shares issued in reinvestment of distributions [ 0 and 29,329 shares, respectively ]		—			251,445
Capital shares repurchased [ 0 and (5,802,372) shares, respectively ]		—			(51,162,866	)(y)

Total Class A transactions		—			(43,582,269	)

Class B
Capital shares sold [ 333,646 and 1,201,988 shares, respectively ]		2,971,153			10,880,818
Capital shares issued in reinvestment of dividends and distributions [ 0 and 142,617 shares, respectively ]		—			1,207,635
Capital shares repurchased [ (504,086) and (1,719,648) shares, respectively ]		(4,462,153	)		(15,278,891	)

Total Class B transactions		(1,491,000	)		(3,190,438	)

Class K†
Capital shares sold [ 145,262 and 4,988,459 shares, respectively ]		1,299,180			43,744,113	(y)
Capital shares issued in reinvestment of dividends and distributions [ 0 and 132,749 shares, respectively ]		—			1,120,297
Capital shares repurchased [ (458,697) and (126,640) shares, respectively ]		(4,055,605	)		(1,080,081	)

Total Class K transactions		(2,756,425	)		43,784,329

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(4,247,425	)		(2,988,378	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(390,114	)		(7,907,043	)
NET ASSETS:
Beginning of period		79,710,648			87,617,691

End of period (a)	$	79,320,534		$	79,710,648

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(185,595	)	$	889

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the Target 2015 Allocation Portfolio exchanged approximately 4,976,543 Class A shares for approximately 4,976,628 Class K shares. This exchange amounted to approximately $43,643,024.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.51		$	9.02		$	8.31		$	7.17		$	10.85		$	10.54

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.13	(e)		0.13	(e)		0.30	(e)		0.36	(e)		0.46	(e)
Net realized and unrealized gain (loss) on investments		0.44			(0.38	)		0.75			1.16			(3.67	)		0.30

Total from investment operations		0.41			(0.25	)		0.88			1.46			(3.31	)		0.76

Less distributions:
Dividends from net investment income		—			(0.14	)		(0.12	)		(0.31	)		(0.29	)		(0.32	)
Distributions from net realized gains		—			(0.12	)		(0.05	)		(0.01	)		(0.08	)		(0.13	)

Total dividends and distributions		—			(0.26	)		(0.17	)		(0.32	)		(0.37	)		(0.45	)

Net asset value, end of period	$	8.92		$	8.51		$	9.02		$	8.31		$	7.17		$	10.85

Total return (b)		4.82	%		(2.74	)%		10.61	%		20.40	%		(30.50	)%		7.22	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	37,528		$	37,239		$	42,881		$	35,657		$	23,402		$	13,218
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a)(f)		0.71	%		0.69	%		0.71	%		0.85	%(c)		0.80	%(c)		2.06	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.60	)%		1.43	%		1.49	%		3.96	%		3.97	%		4.12	%
Before waivers and reimbursements (a)(f)(x)		(0.71	)%		1.34	%		1.38	%		3.70	%		3.63	%		2.72	%
Portfolio turnover rate		9	%		32	%		34	%		24	%		43	%		12	%


Class K	Six Months Ended June 30, 2012 (Unaudited)			December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.50		$	8.74

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.22	(e)
Net realized and unrealized gain (loss) on investments		0.45			(0.23	)

Total from investment operations		0.43			(0.01	)

Less distributions:
Dividends from net investment income		—			(0.16	)
Distributions from net realized gains		—			(0.07	)

Total dividends and distributions		—			(0.23	)

Net asset value, end of period	$	8.93		$	8.50

Total return (b)		5.06	%		(0.10	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	41,793		$	42,472
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.46	%		0.48	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.35	)%		30.30	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.46	)%		30.18	%(l)
Portfolio turnover rate		9	%		32	%

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 expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

(l)

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

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying portfolios in which the Portfolio invests.

See Notes to Financial Statements.

301

TARGET 2025 ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2012
EQ/Equity 500 Index Portfolio	28.4	%
EQ/International ETF Portfolio	15.8
EQ/Global Multi-Sector Equity Portfolio	15.6
Multimanager Multi-Sector Bond Portfolio	8.6
EQ/Core Bond Index Portfolio	7.1
EQ/Small Company Index Portfolio	5.7
EQ/Global Bond PLUS Portfolio	4.8
EQ/PIMCO Ultra Short Bond Portfolio	3.8
Multimanager Aggressive Equity Portfolio	3.5
Multimanager Mid Cap Value Portfolio	3.0
Multimanager Large Cap Value Portfolio	2.8
Multimanager Mid Cap Growth Portfolio	0.9

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class B
Actual		$1,000.00		$1,057.10		$3.07
Hypothetical (5% average return before expenses)		1,000.00		1,021.88		3.02
Class K
Actual		1,000.00		1,059.60		1.79
Hypothetical (5% average return before expenses)		1,000.00		1,023.12		1.76
* Expenses are equal to the Portfolio’s Class B and Class K shares annualized expense ratios of 0.60% and 0.35%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		717,283	$	7,293,101
EQ/Equity 500 Index Portfolio‡		1,222,796		29,279,211
EQ/Global Bond PLUS Portfolio‡		487,287		4,962,706
EQ/Global Multi-Sector Equity Portfolio‡		1,403,004		16,017,523
EQ/International ETF Portfolio‡		2,724,617		16,316,253
EQ/PIMCO Ultra Short Bond Portfolio‡		389,714		3,889,167
EQ/Small Company Index Portfolio‡		598,474		5,870,644
Multimanager Aggressive Equity Portfolio‡		127,993		3,604,937
Multimanager Large Cap Value Portfolio‡		296,403		2,914,244
Multimanager Mid Cap Growth Portfolio*‡		99,075		920,525

Multimanager Mid Cap Value Portfolio‡		333,191	$	3,045,224
Multimanager Multi-Sector Bond Portfolio‡		2,186,972		8,866,454

Total Investments (99.7%) (Cost $97,053,105)				102,979,989
Other Assets Less Liabilities (0.3%)				269,434

Net Assets (100%)			$	103,249,423

*	Non-income producing.

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

The holdings in affliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	6,628,187	$	1,507,415	$	975,691	$	7,293,101	$	—	$	680
EQ/Equity 500 Index Portfolio		27,683,217		2,556,435		3,549,106		29,279,211		—		(15,011	)
EQ/Global Bond PLUS Portfolio		4,991,224		477,766		579,209		4,962,706		—		308
EQ/Global Multi-Sector Equity Portfolio		14,123,230		2,056,302		1,057,999		16,017,523		—		(2,025	)
EQ/International ETF Portfolio		14,166,632		2,731,302		1,054,890		16,316,253		—		1,083
EQ/PIMCO Ultra Short Bond Portfolio		3,895,770		361,504		409,580		3,889,167		—		(113	)
EQ/Small Company Index Portfolio		5,207,437		805,063		576,164		5,870,644		—		(2,030	)
Multimanager Aggressive Equity Portfolio		4,045,468		271,945		1,045,296		3,604,937		—		82,842
Multimanager Large Cap Value Portfolio		3,031,437		289,277		616,165		2,914,244		—		14,497
Multimanager Mid Cap Growth Portfolio		972,631		111,576		243,855		920,525		—		3,098
Multimanager Mid Cap Value Portfolio		2,986,200		201,923		283,348		3,045,224		—		1,741
Multimanager Multi-Sector Bond Portfolio		7,425,338		1,889,665		718,103		8,866,454		—		120

	$	95,156,771	$	13,260,173	$	11,109,406	$	102,979,989	$	—	$	85,190

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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, 2012:

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	$	—	$	102,979,989	$	—	$	102,979,989

Total Assets	$	—	$	102,979,989	$	—	$	102,979,989

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	102,979,989	$	—	$	102,979,989

The Portfolio held no derivatives contracts for six months ended June 30, 2012.

Investment security transactions for six months ended June 30, 2012 were as follows:


Cost of Purchases:
Investment Companies	$	13,260,173
Net Proceeds of Sales and Redemptions:
Investment Companies	$	11,194,596

As of June 30, 2012, 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	$	8,896,110
Aggregate gross unrealized depreciation		(3,211,547	)

Net unrealized appreciation	$	5,684,563

Federal income tax cost of investments	$	97,295,426

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $97,053,105)	$	102,979,989
Cash		359,408
Receivable for securities sold		36,093
Receivable from Separate Accounts for Trust shares sold		31,473
Dividends, interest and other receivables		34
Other assets		539

Total assets		103,407,536

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		73,762
Administrative fees payable		15,076
Distribution fees payable - Class B		10,936
Investment management fees payable		2,458
Trustees’ fees payable		335
Accrued expenses		55,546

Total liabilities		158,113

NET ASSETS	$	103,249,423

Net assets were comprised of:
Paid in capital	$	110,833,253
Accumulated undistributed net investment income (loss)		(171,414	)
Accumulated undistributed net realized gain (loss) on investments		(13,339,300	)
Net unrealized appreciation (depreciation) on investments		5,926,884

Net assets	$	103,249,423

Class B
Net asset value, offering and redemption price per share, $54,299,068 / 6,115,447 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.88

Class K
Net asset value, offering and redemption price per share, $48,950,355 / 5,508,798 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.89

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Interest	$	214

EXPENSES
Administrative fees		91,841
Distribution fees - Class B		67,334
Investment management fees		50,451
Custodian fees		37,244
Professional fees		24,842
Printing and mailing expenses		5,159
Trustees’ fees		1,122
Miscellaneous		1,324

Gross expenses		279,317
Less: Waiver from investment advisor		(35,328	)

Net expenses		243,989

NET INVESTMENT INCOME (LOSS)		(243,775	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		85,190
Net change in unrealized appreciation (depreciation) on securities (All of change in unrealized appreciation (depreciation) from affiliates)		5,672,451

NET REALIZED AND UNREALIZED GAIN (LOSS)		5,757,641

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,513,866

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(243,775	)	$	1,456,576
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		85,190			968,187
Net change in unrealized appreciation (depreciation) on investments		5,672,451			(6,482,649	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		5,513,866			(4,057,886	)

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		—			(779,148	)
Class K†		—			(739,332	)

		—			(1,518,480	)

Distributions from net realized capital gains
Class A		—			(172,260	)
Class B		—			(306,307	)
Class K†		—			(79,762	)

		—			(558,329	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(2,076,809	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 0 and 589,012 shares, respectively ]		—			5,325,221
Capital shares issued in reinvestment of distributions [ 0 and 20,694 shares, respectively ]		—			172,260
Capital shares repurchased [ 0 and (6,015,730) shares, respectively ]		—			(51,956,637	)(y)

Total Class A transactions		—			(46,459,156	)

Class B
Capital shares sold [ 636,561 and 1,676,135 shares, respectively ]		5,650,604			15,017,545
Capital shares issued in reinvestment of dividends and distributions [ 0 and 130,468 shares, respectively ]		—			1,085,455
Capital shares repurchased [ (645,319) and (1,730,535) shares, respectively ]		(5,686,906	)		(15,245,837	)

Total Class B transactions		(36,302	)		857,163

Class K†
Capital shares sold [ 713,257 and 5,129,151 shares, respectively ]		6,239,026			44,095,177	(y)
Capital shares issued in reinvestment of dividends and distributions [ 0 and 98,491 shares, respectively ]		—			819,094
Capital shares repurchased [ (420,407) and (11,694) shares, respectively ]		(3,651,986	)		(99,008	)

Total Class K transactions		2,587,040			44,815,263

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		2,550,738			(786,730	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		8,064,604			(6,921,425	)
NET ASSETS:
Beginning of period		95,184,819			102,106,244

End of period (a)	$	103,249,423		$	95,184,819

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(171,414	)	$	72,361

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the Target 2025 Allocation Portfolio exchanged approximately 5,085,048 Class A shares for approximately 5,085,111 Class K shares. This exchange amounted to approximately $43,728,029.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.40		$	8.92		$	8.08		$	6.81		$	11.02		$	10.65

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.12	(e)		0.13	(e)		0.29	(e)		0.31	(e)		0.35	(e)
Net realized and unrealized gain (loss) on investments		0.51			(0.47	)		0.83			1.29			(4.16	)		0.43

Total from investment operations		0.48			(0.35	)		0.96			1.58			(3.85	)		0.78

Less distributions:
Dividends from net investment income		—			(0.12	)		(0.11	)		(0.29	)		(0.25	)		(0.27	)
Distributions from net realized gains		—			(0.05	)		(0.01	)		(0.02	)		(0.11	)		(0.14	)

Total dividends and distributions		—			(0.17	)		(0.12	)		(0.31	)		(0.36	)		(0.41	)

Net asset value, end of period	$	8.88		$	8.40		$	8.92		$	8.08		$	6.81		$	11.02

Total return (b)		5.71	%		(3.88	)%		11.95	%		23.25	%		(35.00	)%		7.35	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	54,299		$	51,415		$	53,927		$	39,336		$	22,355		$	17,298
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a)(f)		0.67	%		0.66	%		0.70	%		0.86	%		0.82	%(c)		1.76	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.60	)%		1.32	%		1.54	%		3.98	%		3.40	%		3.10	%
Before waivers and reimbursements (a)(f)(x)		(0.67	)%		1.26	%		1.44	%		3.72	%		3.05	%		2.03	%
Portfolio turnover rate		11	%		26	%		24	%		17	%		21	%		15	%


Class K	Six Months Ended June 30, 2012 (Unaudited)			December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.39		$	8.56

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.20	(e)
Net realized and unrealized gain (loss) on investments		0.52			(0.21	)

Total from investment operations		0.50			(0.01	)

Less distributions:
Dividends from net investment income		—			(0.14	)
Distributions from net realized gains		—			(0.02	)

Total dividends and distributions		—			(0.16	)

Net asset value, end of period	$	8.89		$	8.39

Total return (b)		5.96	%		(0.10	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	48,950		$	43,769
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.42	%		0.45	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.35	)%		28.40	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.42	)%		28.31	%(l)
Portfolio turnover rate		11	%		26	%

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 expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

(l)

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

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying portfolios in which the Portfolio invests.

See Notes to Financial Statements.

308

TARGET 2035 ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2012
EQ/Equity 500 Index Portfolio	35.5	%
EQ/International ETF Portfolio	17.6
EQ/Global Multi-Sector Equity Portfolio	17.3
EQ/Small Company Index Portfolio	7.4
Multimanager Multi-Sector Bond Portfolio	5.4
EQ/Core Bond Index Portfolio	4.0
EQ/Global Bond PLUS Portfolio	2.9
Multimanager Large Cap Value Portfolio	2.6
Multimanager Aggressive Equity Portfolio	2.2
EQ/PIMCO Ultra Short Bond Portfolio	2.1
Multimanager Mid Cap Value Portfolio	2.1
Multimanager Mid Cap Growth Portfolio	0.9

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,062.80		$3.08
Hypothetical (5% average return before expenses)		1,000.00		1,021.88		3.02
Class B
Actual		1,000.00		1,062.80		3.08
Hypothetical (5% average return before expenses)		1,000.00		1,021.88		3.02
Class K
Actual		1,000.00		1,064.00		1.80
Hypothetical (5% average return before expenses)		1,000.00		1,023.12		1.76
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.60%, 0.60% and 0.35%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		249,462	$	2,536,444
EQ/Equity 500 Index Portfolio‡		945,484		22,639,132
EQ/Global Bond PLUS Portfolio‡		181,186		1,845,267
EQ/Global Multi-Sector Equity Portfolio‡		970,486		11,079,642
EQ/International ETF Portfolio‡		1,872,936		11,215,997
EQ/PIMCO Ultra Short Bond Portfolio‡		132,623		1,323,514
EQ/Small Company Index Portfolio‡		484,949		4,757,028
Multimanager Aggressive Equity Portfolio‡		49,359		1,390,192
Multimanager Large Cap Value Portfolio‡		171,974		1,690,852
Multimanager Mid Cap Growth Portfolio*‡		60,882		565,660

Multimanager Mid Cap Value Portfolio‡		144,626	$	1,321,825
Multimanager Multi-Sector Bond Portfolio‡		847,443		3,435,716

Total Investments (100.0%) (Cost $58,394,929)				63,801,269
Other Assets Less Liabilities (0.0%)				20,981

Net Assets (100%)			$	63,822,250

*	Non-income producing.

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	2,578,418	$	400,785	$	490,684	$	2,536,444	$	—	$	(352	)
EQ/Equity 500 Index Portfolio		22,011,305		2,405,699		3,807,607		22,639,132		—		6,057
EQ/Global Bond PLUS Portfolio		1,646,295		406,271		233,638		1,845,267		—		(209	)
EQ/Global Multi-Sector Equity Portfolio		9,916,859		1,957,542		1,404,420		11,079,642		—		(2,294	)
EQ/International ETF Portfolio		10,419,856		1,857,542		1,401,776		11,215,997		—		350
EQ/PIMCO Ultra Short Bond Portfolio		1,278,867		239,431		208,375		1,323,514		—		75
EQ/Small Company Index Portfolio		4,430,912		614,914		651,783		4,757,028		—		1,016
Multimanager Aggressive Equity Portfolio		1,822,024		206,914		770,673		1,390,192		—		64,823
Multimanager Large Cap Value Portfolio		1,840,165		231,170		510,381		1,690,852		—		4,388
Multimanager Mid Cap Growth Portfolio		580,501		84,927		148,730		565,660		—		262
Multimanager Mid Cap Value Portfolio		1,439,676		130,930		320,966		1,321,825		—		1,382
Multimanager Multi-Sector Bond Portfolio		2,797,630		891,015		355,283		3,435,716		—		26

	$	60,762,508	$	9,427,140	$	10,304,316	$	63,801,269	$	—	$	75,524

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, 2012:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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	$	—	$	63,801,269	$	—	$	63,801,269

Total Assets	$	—	$	63,801,269	$	—	$	63,801,269

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	63,801,269	$	—	$	63,801,269

The Portfolio held no derivatives contracts for the six months ended June 30, 2012.

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Investment Companies	$	9,427,140
Net Proceeds of Sales and Redemptions:
Investment Companies	$	10,379,840

As of June 30, 2012, 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	$	6,911,010
Aggregate gross unrealized depreciation		(1,527,555	)

Net unrealized appreciation	$	5,383,455

Federal income tax cost of investments	$	58,417,814

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $58,394,929)	$	63,801,269
Cash		242,157
Receivable for securities sold		73,468
Receivable from Separate Accounts for Trust shares sold		16,963
Dividends, interest and other receivables		25
Other assets		358

Total assets		64,134,240

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		242,546
Distribution fees payable - Class B		9,047
Administrative fees payable		6,949
Trustees’ fees payable		212
Distribution fees payable - Class A		105
Accrued expenses		53,131

Total liabilities		311,990

NET ASSETS	$	63,822,250

Net assets were comprised of:
Paid in capital	$	65,000,556
Accumulated undistributed net investment income (loss)		(102,675	)
Accumulated undistributed net realized gain (loss) on investments		(6,481,971	)
Net unrealized appreciation (depreciation) on investments		5,406,340

Net assets	$	63,822,250

Class A
Net asset value, offering and redemption price per share, $529,045 / 60,129 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.80

Class B
Net asset value, offering and redemption price per share, $45,026,711 / 5,115,902 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.80

Class K
Net asset value, offering and redemption price per share, $18,266,494 / 2,073,567 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.81

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Interest	$	170

EXPENSES
Administrative fees		63,767
Distribution fees - Class B		56,012
Custodian fees		36,948
Investment management fees		31,736
Professional fees		24,542
Printing and mailing expenses		3,247
Trustees’ fees		711
Distribution fees - Class A		656
Miscellaneous		1,307

Gross expenses		218,926
Less: Waiver from investment advisor		(51,123	)

Net expenses		167,803

NET INVESTMENT INCOME (LOSS)		(167,633	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		75,524
Net change in unrealized appreciation (depreciation) on securities (All of change in unrealized appreciation (depreciation) from affiliates)		3,915,937

NET REALIZED AND UNREALIZED GAIN (LOSS)		3,991,461

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,823,828

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(167,633	)	$	853,010
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		75,524			835,638
Net change in unrealized appreciation (depreciation) on investments		3,915,937			(4,545,076	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,823,828			(2,856,428	)

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(8,189	)
Class B		—			(608,033	)
Class K†		—			(279,052	)

		—			(895,274	)

Distributions from net realized capital gains
Class A		—			(70,907	)
Class B		—			(234,351	)
Class K†		—			(23,942	)

		—			(329,200	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(1,224,474	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 0 and 278,359 shares, respectively ]		—			2,484,136
Capital shares issued in reinvestment of dividends and distributions [ 0 and 9,705 shares, respectively ]		—			79,096
Capital shares repurchased [ 0 and (2,302,495) shares, respectively ]		—			(19,663,191	)(y)

Total Class A transactions		—			(17,099,959	)

Class B
Capital shares sold [ 961,908 and 1,342,970 shares, respectively ]		8,459,358			11,839,485
Capital shares issued in reinvestment of dividends and distributions [ 0 and 102,899 shares, respectively ]		—			842,384
Capital shares repurchased [ (1,029,099) and (1,032,752) shares, respectively ]		(9,036,955	)		(9,115,029	)

Total Class B transactions		(577,597	)		3,566,840

Class K†
Capital shares sold [ 186,724 and 2,049,431 shares, respectively ]		1,645,263			17,379,376	(y)
Capital shares issued in reinvestment of dividends and distributions [ 0 and 36,964 shares, respectively ]		—			302,994
Capital shares repurchased [ (160,133) and (39,419) shares, respectively ]		(1,443,546	)		(323,938	)

Total Class K transactions		201,717			17,358,432

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(375,880	)		3,825,313

TOTAL INCREASE (DECREASE) IN NET ASSETS		3,447,948			(255,589	)
NET ASSETS:
Beginning of period		60,374,302			60,629,891

End of period (a)	$	63,822,250		$	60,374,302

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(102,675	)	$	64,958

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the Target 2035 Allocation Portfolio exchanged approximately 2,035,561 Class A shares for approximately 2,035,621 Class K shares. This exchange amounted to approximately $17,265,269.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.28		$	8.86		$	7.97		$	6.59		$	11.21		$	10.76

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		(0.02	)†(e)		0.12	(e)		0.25	(e)		0.34	(e)		0.17	(e)
Net realized and unrealized gain (loss) on investments		0.55			(0.37	)		0.92			1.46			(4.58	)		0.66

Total from investment operations		0.52			(0.39	)		1.04			1.71			(4.24	)		0.83

Less distributions:
Dividends from net investment income		—			(0.14	)		(0.13	)		(0.30	)		(0.24	)		(0.27	)
Distributions from net realized gains		—			(0.05	)		(0.02	)		(0.03	)		(0.14	)		(0.11	)

Total dividends and distributions		—			(0.19	)		(0.15	)		(0.33	)		(0.38	)		(0.38	)

Net asset value, end of period	$	8.80		$	8.28		$	8.86		$	7.97		$	6.59		$	11.21

Total return (b)		6.28	%		(4.43	)%		13.06	%		25.92	%		(37.94	)%		7.75	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	529		$	498		$	18,373		$	14,680		$	10,038		$	589
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.60	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.76	%		0.51	%		0.60	%		0.91	%		0.94	%		2.48	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.60	)%		(0.24	)%		1.47	%		3.58	%		3.92	%		1.48	%
Before waivers and reimbursements (a)(f)(x)		(0.76	)%		(0.40	)%		1.22	%		3.02	%		3.33	%		(0.64	)%
Portfolio turnover rate		15	%		18	%		18	%		22	%		12	%		6	%

	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	8.28		$	8.86		$	7.97		$	6.60		$	11.21		$	10.76

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.03	)(e)		0.12	(e)		0.12	(e)		0.27	(e)		0.30	(e)		0.29	(e)
Net realized and unrealized gain (loss) on investments		0.55			(0.53	)		0.89			1.41			(4.55	)		0.51

Total from investment operations		0.52			(0.41	)		1.01			1.68			(4.25	)		0.80

Less distributions:
Dividends from net investment income		—			(0.12	)		(0.10	)		(0.28	)		(0.22	)		(0.24	)
Distributions from net realized gains		—			(0.05	)		(0.02	)		(0.03	)		(0.14	)		(0.11	)

Total dividends and distributions		—			(0.17	)		(0.12	)		(0.31	)		(0.36	)		(0.35	)

Net asset value, end of period	$	8.80		$	8.28		$	8.86		$	7.97		$	6.60		$	11.21

Total return (b)		6.28	%		(4.67	)%		12.78	%		25.41	%		(38.01	)%		7.37	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	45,027		$	42,928		$	42,257		$	27,496		$	14,430		$	9,825
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a)(f)		0.76	%		0.76	%		0.85	%(c)		1.16	%(c)		1.19	%(c)		2.73	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.60	)%		1.32	%		1.48	%		3.79	%		3.34	%		2.54	%
Before waivers and reimbursements (a)(f)(x)		(0.76	)%		1.17	%		1.24	%		3.22	%		2.59	%		0.53	%
Portfolio turnover rate		15	%		18	%		18	%		22	%		12	%		6	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	8.28		$	8.44

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.19	(e)
Net realized and unrealized gain (loss) on investments		0.55			(0.20	)

Total from investment operations		0.53			(0.01	)

Less distributions:
Dividends from net investment income		—			(0.14	)
Distributions from net realized gains		—			(0.01	)

Total dividends and distributions		—			(0.15	)

Net asset value, end of period	$	8.81		$	8.28

Total return (b)		6.40	%		(0.09	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	18,266		$	16,948
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.51	%		0.55	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.35	)%		27.43	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.51	)%		27.24	%(l)
Portfolio turnover rate		15	%		18	%

*	Commencement of Operations.

†	The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

(l)

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

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying portfolios in which the Portfolio invests.

See Notes to Financial Statements.

315

TARGET 2045 ALLOCATION PORTFOLIO (Unaudited)


Portfolio Allocation (as a percentage of Total Investment Companies)
As of June 30, 2012
EQ/Equity 500 Index Portfolio	40.9	%
EQ/Global Multi-Sector Equity Portfolio	19.5
EQ/International ETF Portfolio	19.2
EQ/Small Company Index Portfolio	8.6
Multimanager Large Cap Value Portfolio	2.9
EQ/Core Bond Index Portfolio	2.5
Multimanager Mid Cap Value Portfolio	2.4
Multimanager Multi-Sector Bond Portfolio	1.7
Multimanager Aggressive Equity Portfolio	1.2
Multimanager Mid Cap Growth Portfolio	0.8
EQ/PIMCO Ultra Short Bond Portfolio	0.3

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2012 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/12		Ending Account Value 6/30/12		Expenses Paid During Period* 1/1/12 - 6/30/12
Class A
Actual		$1,000.00		$1,068.70		$3.09
Hypothetical (5% average return before expenses)		1,000.00		1,021.88		3.02
Class B
Actual		1,000.00		1,067.30		3.08
Hypothetical (5% average return before expenses)		1,000.00		1,021.88		3.02
Class K
Actual		1,000.00		1,070.00		1.80
Hypothetical (5% average return before expenses)		1,000.00		1,023.12		1.76
* Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.60%, 0.60% and 0.35%, respectively, multiplied by the average account value over the period, and multiplied by 182/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

June 30, 2012 (Unaudited)


	Number of Shares		Value (Note 1)

INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		88,116	$	895,938
EQ/Equity 500 Index Portfolio‡		605,761		14,504,645
EQ/Global Multi-Sector Equity Portfolio‡		604,436		6,900,599
EQ/International ETF Portfolio‡		1,137,217		6,810,175
EQ/PIMCO Ultra Short Bond Portfolio‡		10,040		100,193
EQ/Small Company Index Portfolio‡		310,625		3,047,025
Multimanager Aggressive Equity Portfolio‡		14,895		419,531
Multimanager Large Cap Value Portfolio‡		103,622		1,018,820
Multimanager Mid Cap Growth Portfolio*‡		31,142		289,344

Multimanager Mid Cap Value Portfolio‡		93,812	$	857,400
Multimanager Multi-Sector Bond Portfolio‡		151,430		613,932

Total Investments (99.9%) (Cost $32,192,250)				35,457,602
Other Assets Less Liabilities (0.1%)				19,177

Net Assets (100%)			$	35,476,779

*	Non-income producing.

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

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the six months ended June 30, 2012, were as follows:


Securities	Market Value December 31, 2011		Purchases at Cost		Sales at Cost		Market Value June 30, 2012		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	840,992	$	95,704	$	56,596	$	895,938	$	—	$	19
EQ/Equity 500 Index Portfolio		13,363,065		2,136,883		2,226,162		14,504,645		—		6,510
EQ/Global Multi-Sector Equity Portfolio		5,580,886		1,735,498		744,830		6,900,599		—		974
EQ/International ETF Portfolio		5,902,615		1,485,498		744,954		6,810,175		—		850
EQ/PIMCO Ultra Short Bond Portfolio		—		100,000		—		100,193		—		—
EQ/Small Company Index Portfolio		2,568,553		577,293		307,328		3,047,025		—		334
Multimanager Aggressive Equity Portfolio		703,988		162,995		488,989		419,531		—		37,274
Multimanager Large Cap Value Portfolio		992,559		188,229		233,970		1,018,820		—		1,224
Multimanager Mid Cap Growth Portfolio		252,579		69,609		54,150		289,344		—		35
Multimanager Mid Cap Value Portfolio		876,257		98,751		160,131		857,400		—		1,537
Multimanager Multi-Sector Bond Portfolio		365,407		284,975		52,463		613,932		—		(28	)

	$	31,446,901	$	6,935,435	$	5,069,573	$	35,457,602	$	—	$	48,729

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, 2012:

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2012 (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	$	—	$	35,457,602	$	—	$	35,457,602

Total Assets	$	—	$	35,457,602	$	—	$	35,457,602

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	—	$	35,457,602	$	—	$	35,457,602

The Portfolio held no derivatives contracts during the six months ended June 30, 2012.

Investment security transactions for the six months ended June 30, 2012 were as follows:


Cost of Purchases:
Investment Companies	$	6,935,435
Net Proceeds of Sales and Redemptions:
Investment Companies	$	5,118,302

As of June 30, 2012, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	4,208,650
Aggregate gross unrealized depreciation		(952,784	)

Net unrealized appreciation	$	3,255,866

Federal income tax cost of investments	$	32,201,736

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2012 (Unaudited)


ASSETS
Investments at value:
Affiliated Issuers (Cost $32,192,250)	$	35,457,602
Cash		102,423
Receivable for securities sold		38,323
Receivable from Separate Accounts for Trust shares sold		19,270
Receivable from investment manager		282
Dividends, interest and other receivables		12
Other assets		190

Total assets		35,618,102

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		87,585
Distribution fees payable - Class B		5,606
Trustees’ fees payable		139
Distribution fees payable - Class A		102
Accrued expenses		47,891

Total liabilities		141,323

NET ASSETS	$	35,476,779

Net assets were comprised of:
Paid in capital	$	36,240,089
Accumulated undistributed net investment income (loss)		(80,352	)
Accumulated undistributed net realized gain (loss) on investments		(3,948,310	)
Net unrealized appreciation (depreciation) on investments		3,265,352

Net assets	$	35,476,779

Class A
Net asset value, offering and redemption price per share, $514,907 / 61,327 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.40

Class B
Net asset value, offering and redemption price per share, $28,414,831 / 3,382,872 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.40

Class K
Net asset value, offering and redemption price per share, $6,547,041 / 778,854 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.41

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2012 (Unaudited)


INVESTMENT INCOME
Interest	$	84

EXPENSES
Administrative fees		41,764
Distribution fees - Class B		34,211
Custodian fees		34,014
Professional fees		24,307
Investment management fees		17,068
Printing and mailing expenses		1,755
Distribution fees - Class A		639
Trustees’ fees		376
Miscellaneous		956

Gross expenses		155,090
Less: Waiver from investment advisor		(58,832	)
Reimbursement from investment advisor		(1,637	)

Net expenses		94,621

NET INVESTMENT INCOME (LOSS)		(94,537	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities (All realized gain (loss) from affiliates)		48,729
Net change in unrealized appreciation (depreciation) on securities (All of change in unrealized appreciation (depreciation) from affiliates)		2,144,839

NET REALIZED AND UNREALIZED GAIN (LOSS)		2,193,568

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,099,031

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(94,537	)	$	405,012
Net realized gain (loss) on investments and net distributions of realized gain received from Underlying Portfolios		48,729			501,974
Net change in unrealized appreciation (depreciation) on investments		2,144,839			(2,820,144	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,099,031			(1,913,158	)

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(7,555	)
Class B		—			(337,100	)
Class K†		—			(86,135	)

		—			(430,790	)

Distributions from net realized capital gains
Class A		—			(27,678	)
Class B		—			(162,677	)
Class K†		—			(9,410	)

		—			(199,765	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(630,555	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 0 and 141,024 shares, respectively ]		—			1,202,395
Capital shares issued in reinvestment of dividends and distributions [ 0 and 4,567 shares, respectively ]		—			35,233
Capital shares repurchased [ 0 and (729,005) shares, respectively ]		—			(5,901,750	)(y)

Total Class A transactions		—			(4,664,122	)

Class B
Capital shares sold [ 691,575 and 973,273 shares, respectively ]		5,841,653			8,260,275
Capital shares issued in reinvestment of dividends and distributions [ 0 and 64,420 shares, respectively ]		—			499,777
Capital shares repurchased [ (482,368) and (694,686) shares, respectively ]		(4,074,469	)		(5,760,058	)

Total Class B transactions		1,767,184			2,999,994

Class K†
Capital shares sold [ 109,155 and 689,905 shares, respectively ]		920,077			5,559,457	(y)
Capital shares issued in reinvestment of dividends and distributions [ 0 and 12,286 shares, respectively ]		—			95,545
Capital shares repurchased [ (32,492) and 0 shares, respectively ]		(278,475	)		—

Total Class K transactions		641,602			5,655,002

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		2,408,786			3,990,874

TOTAL INCREASE (DECREASE) IN NET ASSETS		4,507,817			1,447,161
NET ASSETS:
Beginning of period		30,968,962			29,521,801

End of period (a)	$	35,476,779		$	30,968,962

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(80,352	)	$	14,185

† Class K commenced operations on December 1, 2011.
(y) On December 7, 2011, certain shareholders of the Target 2045 Allocation Portfolio exchanged approximately 683,158 Class A shares for approximately 683,201 Class K shares. This exchange amounted to approximately $5,506,722.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class A	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	7.86		$	8.49		$	7.62		$	6.20		$	11.16		$	10.86

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		(0.01	)†(e)		0.11	(e)		0.22	(e)		0.29	(e)		0.13	(e)
Net realized and unrealized gain (loss) on investments		0.56			(0.44	)		0.91			1.52			(4.86	)		0.74

Total from investment operations		0.54			(0.45	)		1.02			1.74			(4.57	)		0.87

Less distributions:
Dividends from net investment income		—			(0.13	)		(0.11	)		(0.29	)		(0.20	)		(0.23	)
Distributions from net realized gains		—			(0.05	)		(0.04	)		(0.03	)		(0.19	)		(0.34	)

Total dividends and distributions		—			(0.18	)		(0.15	)		(0.32	)		(0.39	)		(0.57	)

Net asset value, end of period	$	8.40		$	7.86		$	8.49		$	7.62		$	6.20		$	11.16

Total return (b)		6.87	%		(5.30	)%		13.46	%		28.13	%		(41.18	)%		8.09	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	515		$	482		$	5,475		$	4,407		$	3,014		$	595
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.60	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.95	%		0.74	%		0.84	%		1.33	%		1.63	%		2.91	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x).		(0.60	)%		(0.14	)%		1.36	%		3.35	%		3.40	%		1.13	%
Before waivers and reimbursements (a)(f)(x)		(0.95	)%		(0.53	)%		0.86	%		2.37	%		2.12	%		(1.42	)%
Portfolio turnover rate		15	%		13	%		18	%		30	%		5	%		23	%

	Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31,
Class B	Six Months Ended June 30, 2012 (Unaudited)			2011			2010			2009			2008			2007
Net asset value, beginning of period	$	7.87		$	8.50		$	7.62		$	6.20		$	11.16		$	10.86

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.02	)(e)		0.10	(e)		0.09	(e)		0.25	(e)		0.24	(e)		0.21	(e)
Net realized and unrealized gain (loss) on investments		0.55			(0.57	)		0.92			1.47			(4.82	)		0.63

Total from investment operations		0.53			(0.47	)		1.01			1.72			(4.58	)		0.84

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.09	)		(0.27	)		(0.19	)		(0.20	)
Distributions from net realized gains		—			(0.05	)		(0.04	)		(0.03	)		(0.19	)		(0.34	)

Total dividends and distributions		—			(0.16	)		(0.13	)		(0.30	)		(0.38	)		(0.54	)

Net asset value, end of period	$	8.40		$	7.87		$	8.50		$	7.62		$	6.20		$	11.16

Total return (b)		6.73	%		(5.53	)%		13.31	%		27.80	%		(41.33	)%		7.82	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	28,415		$	24,966		$	24,047		$	17,686		$	8,696		$	6,588
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a)(f)		0.95	%		0.99	%		1.09	%		1.58	%(c)		1.88	%(c)		3.16	%(c)
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x).		(0.60	)%		1.22	%		1.21	%		3.78	%		2.71	%		1.78	%
Before waivers and reimbursements (a)(f)(x)		(0.95	)%		0.83	%		0.71	%		2.78	%		1.33	%		(0.70	)%
Portfolio turnover rate		15	%		13	%		18	%		30	%		5	%		23	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class K	Six Months Ended June 30, 2012 (Unaudited)			December 1, 2011* to December 31, 2011
Net asset value, beginning of period	$	7.86		$	8.01

Income (loss) from investment operations:
Net investment income (loss) (x)		(0.01	)(e)		0.17	(e)
Net realized and unrealized gain (loss) on investments		0.56			(0.18	)

Total from investment operations		0.55			(0.01	)

Less distributions:
Dividends from net investment income		—			(0.13	)
Distributions from net realized gains		—			(0.01	)

Total dividends and distributions		—			(0.14	)

Net asset value, end of period	$	8.41		$	7.86

Total return (b)		7.00	%		(0.12	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,547		$	5,521
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.35	%		0.35	%
Before waivers and reimbursements (a)(f)		0.70	%		0.82	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x).		(0.35	)%		26.13	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.70	)%		25.66	%(l)
Portfolio turnover rate		15	%		13	%

*	Commencement of Operations.

†	The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Reflects overall fund ratios for non-class specific expenses.

(e)

Net investment income per share is based on average shares outstanding.

(f)

Expenses do not include the expenses of the underlying portfolios.

(l)

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

(x)

Recognition of net investment income is affected by the timing of dividend declarations by the underlying portfolios in which the Portfolio invests.

See Notes to Financial Statements.

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NOTES TO FINANCIAL STATEMENTS

June 30, 2012 (Unaudited)

Note 1

Organization and Selected Significant Accounting Policies

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

On December 1, 2011, FMG LLC contributed $10,000 in seed capital into Class K shares of each of the following Portfolios: AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio, AXA Aggressive Allocation Portfolio, Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio.

On August 26, 2011, FMG LLC contributed $10,000 in seed capital into Class K shares of each of the following Portfolios: Multimanager Aggressive Equity Portfolio, Multimanager Core Bond Portfolio, Multimanager International Equity Portfolio, Multimanager Large Cap Core Equity Portfolio, Multimanager Large Cap Value Portfolio, Multimanager Mid Cap Growth Portfolio, Multimanager Mid Cap Value Portfolio, Multimanager Multi-Sector Bond Portfolio, Multimanager Small Cap Growth Portfolio and Multimanager Small Cap Value Portfolio.

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

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

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

The Trust issues three classes of shares, Class A, Class B and Class K. The Class A and Class B shares are each subject to distribution fees imposed under a distribution plan (“Distribution Plan”)

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June 30, 2012 (Unaudited)

adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, each class of shares has identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the applicable Distribution Plan. The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by AXA Equitable, AXA Life and Annuity Company and other affiliated or unaffiliated insurance companies and to the AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other Series of the Trust and to Series of EQ Advisors Trust, a separate registered investment company managed by FMG LLC that currently sells its shares to accounts and plans.

The investment objectives of each Portfolio are as follows:

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

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

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

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

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

Multimanager Aggressive Equity Portfolio (advised by AllianceBernstein L.P. (“AllianceBernstein”) (an affiliate of FMG LLC), ClearBridge Advisors, LLC, GCIC U.S. Ltd., Legg Mason Capital Management, LLC, Marsico Capital Management, LLC (“Marsico”), T. Rowe Price Associates, Inc. and Westfield Capital Management Company, L.P.) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

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

Multimanager International Equity Portfolio (advised by BlackRock Investment Management, LLC (“BlackRock”), EARNEST Partners, LLC, J.P. Morgan Investment Management Inc., and Marsico) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in 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 with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

Multimanager Large Cap Value Portfolio (advised by AllianceBernstein, Institutional Capital LLC, and MFS Investment Management) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

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 with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

Multimanager Mid Cap Value Portfolio (advised by BlackRock, Diamond Hill Capital Management, Inc., Knightsbridge Asset Management, LLC and Lord, Abbett & Co. LLC (“Lord Abbett”)) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. Effective April 30, 2012, Tradewinds Global Investors, LLC is no longer an Adviser to the Portfolio. Effective June 18, 2012, Lord Abbett was added as an Adviser to the Portfolio.

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June 30, 2012 (Unaudited)

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

Multimanager Small Cap Growth Portfolio (advised by BlackRock, Lord Abbett, Morgan Stanley Investment Management Inc., and NorthPointe Capital, LLC) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

Multimanager Small Cap Value Portfolio (advised by BlackRock, Franklin Advisory Services, LLC, Horizon Asset Management, LLC and Pacific Global Investment Management Company) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

Multimanager Technology Portfolio (advised by FMG LLC, RCM Capital Management, LLC, SSgA FM and Wellington Management) — Seeks to achieve long-term growth of capital.

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

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

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

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

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

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

Valuation:

Equity securities (including securities issued by Exchange Traded Funds (“ETFs”)) listed on national securities exchanges are valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Securities listed on the NASDAQ stock market will be valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the security is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. Other unlisted stocks are valued at their last sale price or official closing price, or if there is no such price, at a bid price estimated by a broker.

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

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

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities. The pricing service may utilize data such as issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond in making evaluations. If a quoted price is unavailable, an equivalent yield or yield spread quotes will be obtained from a broker and converted to a price.

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2012 (Unaudited)

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

Corporate and Municipal bonds and notes may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The pricing service may utilize many factors in making evaluations, including institutional size, trading in similar groups of securities and any developments related to specific securities. However, when such prices are not available, such bonds and notes are valued at a bid price estimated by a broker.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are valued at prices obtained from a bond pricing service where available. The pricing service may utilize data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues in making evaluations.

Foreign securities, including foreign government securities, not traded directly in the U.S., or traded in American Depository Receipt (“ADR”) or similar form, are valued at representative quoted prices from the primary exchange in the currency of the country of origin. Foreign currency is converted into U.S. dollar equivalent at current exchange rates.

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

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

Forward foreign exchange contracts are valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date. The pricing service may utilize data such as actual trading information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world in making valuations.

During the six months ended June 30, 2012, each of the Multimanager Core Bond Portfolio, Multimanager International Equity Portfolio, Multimanager Multi-Sector Bond Portfolio, and Multimanager Technology Portfolio held forward foreign currency contracts to either enter into exposure to certain currencies, or enter into an economic hedge against changes in the values of securities held in the Portfolio, that do not qualify for hedge accounting under Accounting Standards Codification, (“ASC”) 815. The Statement of Operations for each Portfolio reflects realized gains or losses, if any, in forward currency transactions and unrealized gains or losses in forward currency exchange transactions. Further information on the impact of these positions on the Portfolios’ financial statements can be found in the Statement of Operations and Portfolio of Investments for each Portfolio.

If market quotations are not readily available for a security or other financial instruments, such securities and instruments shall be referred to the Trust’s Valuation Committee, who will value the assets in good faith pursuant to procedures adopted by the Board of Trustees (“Pricing Procedures”) of the Trust (the “Board”).

The Board is responsible for ensuring that appropriate valuation methods are used to price securities for the Trust’s Portfolios. The Board has delegated the responsibility of calculating the NAVs of the Trust’s Portfolios and classes pursuant to these Pricing Procedures to the Trust’s administrator, FMG LLC (in its capacity as administrator, the “Administrator”). The Administrator has entered into a sub-administration agreement with JPMorgan Investor Services Co. (the “Sub-Administrator”) to assist in performing certain of the duties described herein. The Trust’s Valuation Committee (“Committee”), established by the Board, determines the value of the Trust’s securities and assets for which market quotations are not readily available or for which valuation cannot otherwise be provided in accordance with procedures adopted by the Board. The Valuation Committee is comprised of senior employees from FMG LLC.

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2012 (Unaudited)

Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed. If trading or events occurring after the close of the principal market in which securities are traded are expected to materially affect the value of those securities, then they may be valued at their fair value, taking this trading or these events into account.

Various inputs are used in determining the value of the Trust’s assets or liabilities carried at fair value. These inputs are summarized in three broad levels below:

•

Level 1 - quoted prices in active markets for identical assets

•

Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

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

On a monthly basis, the Committee meets and reviews reports based on the valuation technique used to value each particular Level 3 security. In connection with this review, the Committee obtains, when available, updates from its pricing vendors and Advisers for each fair valued security. For example, with respect to model driven prices, the Committee receives a report regarding a review and recalculation of pricing models and related discounts. For securities valued based on broker quotes, the Committee calculates variances between existing broker quotes and any alternative broker quotes provided by an Adviser or other pricing source.

To substantiate unobservable inputs used in fair valuation, the Secretary of the Committee performs an independent verification and additional research for all fair value notifications received from its pricing agent. Among other factors, particular areas of focus include: description of security, historical pricing, intra-day price movement, last trade information, corporate actions, related securities, any available company news and announcements, any available trade data and actions taken by other clients of the pricing vendor. The Committee also notes the materiality of holdings and price changes on portfolio NAV.

On a monthly basis, the Committee reviews and considers changes in value for all fair valued securities that occur since the last review.

The Portfolios’ policy is to recognize transfers into and transfers out of the valuation levels as of the beginning of the reporting period. Transfers between Level 1 and Level 2 are included after the Summary of Level 1, Level 2 and Level 3 inputs, following the Portfolio of Investments for each Portfolio. Transfers from Level 2 to Level 3 or from Level 3 to Level 2 may be due to a decline or an increase in market activity (e.g., frequency of trades), which may result in a lack of or increase in available market inputs to determine price. Transfers into and transfers out of Level 3 are included in the Level 3 reconciliation following the Portfolio of Investments for each Portfolio.

A summary of inputs used to value each Portfolio’s assets and liabilities carried at fair value as of June 30, 2012 is included in the Portfolio of Investments.

Investments in shares of open-ended 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.

Pursuant to procedures approved by the Board, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the net

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2012 (Unaudited)

asset value is determined may be reflected in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust’s Manager deems that the particular event or circumstance would materially affect such Portfolio’s net asset value. The value and percentages, based on Total Investments, of the investments that applied these procedures on June 30, 2012 are as follows:


Portfolios:	Market Value		Percentage of Total Investments
Multimanager International Equity	$	453,223,075		81.9	%
Multimanager Large Cap Core Equity		17,092,839		3.0
Multimanager Large Cap Value		12,130,136		1.3
Multimanager Mid Cap Growth		1,635,742		0.5
Multimanager Mid Cap Value		2,551,727		0.6
Multimanager Small Cap Growth		4,378,339		1.1
Multimanager Small Cap Value		6,584,023		1.3
Multimanager Technology		22,994,352		3.8

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

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

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

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

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

Foreign Currency Valuation:

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

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

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

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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2012 (Unaudited)

Net currency gains or losses realized and unrealized as a result of differences between interest or dividends, withholding taxes, forward foreign currency exchange contracts and foreign cash recorded on a Portfolio’s books and the U.S. dollar equivalent amount actually received or paid are presented under foreign currency transactions and foreign currency translations, in the realized and unrealized gains and losses section, respectively, of the Statements of Operations. Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from forward foreign currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on a Portfolio’s books and the U.S. dollar equivalent of amounts actually received or paid.

Taxes:

The Trust intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies (“RICS”) and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no Federal income tax provision is required.

The Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, the Portfolios’ conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year, the Portfolios did not incur any interest or penalties. Each of the tax years in the four year period ended December 31, 2011 remains subject to examination by the Internal Revenue Service and state taxing authorities.

Dividends from net investment income, if any, are declared and distributed at least annually for all Portfolios (Multimanager Core Bond declares and distributes monthly). Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of the Portfolios to which such gains are attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. Those differences are primarily due to differing book and tax treatments for derivative transactions, losses due to wash sales transactions, mark-to-market of forward contracts, mark-to-market of passive foreign investment companies, investments in Real Estate Investment Trusts, post-October losses, paydowns, mergers and affiliated fund of fund investments. In addition, short-term capital gains and foreign currency gains are treated as capital gains for accounting purposes but are considered ordinary income for tax purposes. Capital and net specified losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of

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June 30, 2012 (Unaudited)

a Portfolio’s next taxable year. The tax composition of distributed and undistributed income and gains for the years ended December 31, 2011 and December 31, 2010, were as follows:


	Year Ended December 31, 2011								Year Ended December 31, 2010
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
AXA Conservative Allocation	$	41,777,124	$	39,769,830	$	953,429	$	11,563,803	$	64,553,856	$	74,484,685	$	68,121	$	26,706,622
AXA Conservative-Plus Allocation		34,079,961		42,665,670		511,994		11,889,407		48,285,148		52,271,123		596,927		24,875,382
AXA Moderate Allocation		176,320,499		241,896,745		2,730,785		66,802,303		310,108,425		182,379,868		3,621,057		124,240,419
AXA Moderate-Plus Allocation		177,617,689		290,891,515		3,252,932		47,074,553		300,628,534		226,195,363		—		137,837,619
AXA Aggressive Allocation		48,493,939		81,777,719		445,896		11,825,356		71,535,304		62,222,237		—		37,585,061
Multimanager Aggressive Equity		1,521,044		—		191,662		—		10,919,558		—		—		—
Multimanager Core Bond		126,684,595		75,461,481		29,799,589		8,115,989		162,506,315		17,795,982		1,939,567		—
Multimanager International Equity		15,222,210		—		1,006,374		—		29,513,962		—		3,408,597		—
Multimanager Large Cap Core Equity		3,481,775		—		114,534		—		3,372,045		—		424,090		—
Multimanager Large Cap Value		14,049,669		—		339,342		—		13,736,418		—		965,747		—
Multimanager Mid Cap Growth		—		—		—		—		—		—		—		—
Multimanager Mid Cap Value		350,348		—		—		—		4,343,220		—		1,996,210		—
Multimanager Multi-Sector Bond		68,222,740		—		—		—		68,138,649		—		884,349		—
Multimanager Small Cap Growth		—		—		—		—		—		—		—		—
Multimanager Small Cap Value		942,394		—		—		—		1,749,528		—		484,853		—
Multimanager Technology		—		—		—		—		—		—		—		—
Target 2015 Allocation		1,527,860		1,051,517		—		642,253		1,409,569		372,017		10,617		481,881
Target 2025 Allocation		1,579,951		496,858		8,543		987,555		1,439,714		111,837		984		378,316
Target 2035 Allocation		919,820		304,654		9,333		791,478		827,253		71,067		—		243,067
Target 2045 Allocation		435,896		194,659		2,789		444,191		378,965		78,664		—		145,931

Fees Paid Indirectly:

For all Portfolios, the Board has approved the payment of certain Trust expenses using brokerage service arrangements. These payments are reflected in the Statements of Operations.

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Securities Lending:

For all Portfolios (except the AXA Allocation Portfolios and Target Allocation Portfolios), the Board has approved the lending of portfolio securities, through its custodian bank, JPMorgan Chase Bank (“JPMorgan”), acting as lending agent, to certain approved broker-dealers in exchange for negotiated lenders’ fees. By lending investment securities, a Portfolio attempts to increase its net investment income through the return on the investment of cash collateral received on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Portfolio. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of Portfolio securities will generally be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan will indemnify each Portfolio from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan invests the cash collateral on behalf of the Portfolios and retains a portion of the interest earned. Cash collateral is invested on behalf of a Portfolio in a manner similar to the Portfolio’s investment of its cash reserves and the Portfolio bears all of the gains and losses on such investment. The net asset value of a Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. None of the Portfolios had any loans outstanding at June 30, 2012.

Sale-Buybacks:

The Multimanager Core Bond Portfolio and the Multimanager Multi-Sector Bond Portfolio entered into financing transactions referred to as ‘sale-buybacks’ during the six-month period ended June 30, 2012. A sale-buyback transaction consists of a sale of a security by a Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Portfolio’s Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the ‘price drop’. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Portfolio’s Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Portfolio’s Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid to cover its obligations under sale-buyback transactions. Neither Portfolio had open sale-buybacks at June 30, 2012.

Short Sales Against the Box:

Certain Portfolios enter into a “short sale” of securities in circumstances where, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into at least an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by a Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales

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against the box. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the broker to meet their obligation to perform.

Accounting for Derivative Instruments:

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

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

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

Each of the Multimanager Aggressive Equity Portfolio, Multimanager International Equity Portfolio, Multimanager Large Cap Core Equity Portfolio, Multimanager Large Cap Value Portfolio, Multimanager Mid Cap Growth Portfolio, Multimanager Mid Cap Value Portfolio, Multimanager Small Cap Growth Portfolio, and Multimanager Small Cap Value Portfolio used futures contracts during the six months ended June 30, 2012 to allow each Portfolio to equitize cash, to increase, decrease or change the level of equity exposure during periods when market volatility increased above specific thresholds set for each Portfolio. Information on the impact of these positions on the Portfolios’ financial statements can be found in the Statement of Operations and Portfolio of Investments for each Portfolio.

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At June 30, 2012, the following Portfolios had entered into exchange-traded long futures contracts as set forth in the following table. The aggregate market value of investments pledged to cover margin requirements for open positions was approximately $67,157,242. The aggregate cash pledged to cover margin requirements for open positions disclosed in the Statements of Assets and Liabilities was $42,000,015. Further information on the impact of these positions on the Portfolios’ financial statements can be found in the Statement of Operations and Portfolio of Investments for each Portfolio.


Futures Collateral
Six Months Ended June 30, 2012

Portfolios:	Market Value of Collateral
Multimanager Aggressive Equity	$	28,816,660
Multimanager Core Bond		2,555,989
Multimanager Large Cap Core Equity		13,540,944
Multimanager Large Cap Value		21,999,915
Multimanager Multi-Sector Bond		243,734

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

The Portfolios may be exposed to foreign currency risks associated with portfolio investments. During the reporting period, the Portfolios entered into certain forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date to hedge or otherwise manage these exposures. The Portfolios also buy forward foreign currency exchange contracts to gain exposure to currencies. Unrealized gains or losses on forward foreign currency exchange contracts are recorded by the Portfolios on a daily basis and realized gains or losses are recorded on the settlement date of a contract.

Certain Portfolios purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by “marking to market.” The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from foreign currency transactions in the Statement of Operations. The Advisers may engage in these forward contracts to protect against uncertainty in the level of future exchange rates in connection with the purchase and sale of portfolio securities (“transaction hedging”) and to protect the value of specific portfolio positions (“position hedging”). The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

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Options Written:

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

Market and Credit Risk:

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

On September 15, 2008, Lehman Brothers Holdings and thereafter certain Lehman affiliates domiciled in the U.S., United Kingdom and elsewhere, filed petitions under various insolvency regimes. In connection with these filings, the Lehman Brothers group of companies (collectively “Lehman Brothers”) will be reorganized and/or liquidated in an orderly fashion, subject to court approval.

The Multimanager Core Bond Portfolio and Multimanager Multi-Sector Bond Portfolio had select to be announced (“TBA”) transactions outstanding with Lehman Brothers as counterparty at the time the entity filed for protection. The TBA transactions associated with the relevant Lehman Brothers entity as counterparty were written down to their estimated recoverable values. The remaining balances due from, or to Lehman Brothers are included on the Statement of Assets and Liabilities of each Portfolio. The estimated recovery values were arrived at using market inputs, including trading levels of Lehman Brothers bonds and other instruments.

Note 2

Management of the Trust

The Trust has entered into two separate investment management agreements (the “Management Agreements”) with FMG LLC. The Management Agreement for the Portfolios (other than the AXA Allocation Portfolios and the Target Allocation Portfolios) obligates the Manager to, among other things: (i) provide investment management services to the Trust; (ii) search for and select the

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Advisers for each Portfolio; (iii) monitor each Adviser’s investment programs and results; (iv) review brokerage matters; (v) oversee each Portfolio’s compliance with investment objectives and policies as well as the Trust’s compliance with various federal and state statutes; and (vi) carry out the directives of the Board. The Management Agreement for the AXA Allocation Portfolios and the Target Allocation Portfolios obligates the Manager to, among other things: (i) provide investment management and advisory services; (ii) render investment advice concerning the underlying funds in which to invest and the appropriate allocations for each of the AXA Allocation Portfolios and the Target Allocation Portfolios; (iii) review brokerage matters; (iv) oversee each Portfolio’s compliance with investment objectives and policies as well as the Trust’s compliance with various federal and state statutes; and (v) carry out the directives of the Board. For the six months ended June 30, 2012, for its services under the Management Agreements, the Manager was entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:


Portfolios:		Management Fee
Target 2015 Allocation		0.100% of average daily net assets
Target 2025 Allocation		0.100% of average daily net assets
Target 2035 Allocation		0.100% of average daily net assets
Target 2045 Allocation		0.100% of average daily net assets


	(as a percentage of average daily net assets)
Portfolios:	First $12 Billion			Next $3 Billion			Thereafter
AXA Conservative Allocation		0.100	%		0.095	%		0.090	%
AXA Conservative-Plus Allocation		0.100	%		0.095	%		0.090	%
AXA Moderate Allocation		0.100	%		0.095	%		0.090	%
AXA Moderate-Plus Allocation		0.100	%		0.095	%		0.090	%
AXA Aggressive Allocation		0.100	%		0.095	%		0.090	%


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


	(as a percentage of average daily net assets)
Portfolio:	First $500 Million			Next $750 Million			Next $1 Billion			Next $2.5 Billion			Thereafter
Multimanager Multi-Sector Bond		0.550	%		0.525	%		0.500	%		0.480	%		0.470	%


	(as a percentage of average daily net assets)
Portfolio:	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	%

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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, the Administrator provides the Trust with necessary administrative services. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such administrative services to the Trust. For these administrative services, the Trust pays to FMG LLC, as Administrator, an annual fee in accordance with the following schedule:

(i) $32,500 for each AXA Allocation and Target Allocation Portfolio; $32,500 for each Portfolio of the multi-advised Portfolios whose total average annual net assets are less than $5 billion; and

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

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

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

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

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

0.150% of total average net assets of the AXA Allocation Portfolios and Target Allocation Portfolios up to and including $15 billion;

0.125% of total average net assets of the AXA Allocation Portfolios and Target Allocation Portfolios in excess of $15 billion and up to and including $20 billion;

0.100% of total average net assets of the AXA Allocation Portfolios and Target Allocation Portfolios in excess of $20 billion.

To be calculated on a per portfolio basis.

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

Concentration of Credit Risk

At June 30, 2012, certain Portfolios maintained significant cash balances or significant foreign currency balances with JPMorgan Chase or its affiliates. The Portfolios are subject to credit risk should JPMorgan Chase or its affiliates be unable to fulfill their obligations.

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Note 6

Distribution Plans

The Trust has entered into a distribution agreement with AXA Distributors, LLC (“AXA Distributors”), an indirect wholly-owned subsidiary of AXA Equitable (the “Distributor”), pursuant to which the Distributor serves as the principal underwriter of the Class A, Class B and Class K shares of the Trust. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to each of the Class A and Class B shares of the Trust (“Distribution Plans”). The Distribution Plans provide that the Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.25% of the average daily net assets attributable to each of the Trust’s Class A and Class B shares for which it provides service.

Note 7

Expense Limitation

The Manager has contractually agreed to make payments or waive its fees to limit the expenses of certain Portfolios (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses, fees and expenses of other investment companies in which a Portfolio invests and extraordinary expenses) through April 30, 2013 (“Expense Limitation Agreement”). The Manager first waives its management fees, then waives its administration fees, and then reimburses a Portfolio’s expenses out of its own resources. FMG LLC may be reimbursed the amount of any such payments and waivers in the future provided that the payments and waivers are reimbursed within three years of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense ratio cap. If the actual expense ratio is less than the expense cap and FMG LLC has recouped any eligible previous payments and waivers made, the Portfolio will be charged such lower expenses. The expenses as a percentage of daily average net assets (Class A and Class B shares would be 0.25% higher due to the annual fee under the Trust’s Distribution Plans) for each Portfolio (except the AXA Allocation Portfolios) are limited to:


Portfolios:
Multimanager Core Bond		0.750%
Target 2015 Allocation		0.350%
Target 2025 Allocation		0.350%
Target 2035 Allocation		0.350%
Target 2045 Allocation		0.350%

The expenses as a percentage of daily average net assets (excluding the 0.25% annual fee under the Trust’s Distribution Plans) 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		0.750%
AXA Conservative-Plus Allocation		0.850%
AXA Moderate Allocation		0.900%
AXA Moderate-Plus Allocation		0.950%
AXA Aggressive Allocation		1.000%

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During the six months June 30, 2012, the Manager received $406,084 in recoupment for all of the Portfolios within the Trust. Recoupments in excess of waivers during the period would be presented as Recoupment Fees in the Statement of Operations. At June 30, 2012, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:


Portfolios:	2012		2013		2014		2015		Total Eligible For Reimbursement
AXA Conservative Allocation	$	1,938,913	$	3,168,426	$	2,638,624	$	809,915	$	8,555,878
AXA Conservative-Plus Allocation		1,117,579		1,536,305		1,116,262		190,470		3,960,616
AXA Moderate Allocation		2,908,645		3,485,656		1,102,714		—		7,497,015
Target 2015 Allocation		107,801		90,474		78,302		44,831		321,408
Target 2025 Allocation		108,951		86,342		65,796		35,328		296,417
Target 2035 Allocation		116,414		117,239		98,702		51,123		383,478
Target 2045 Allocation		97,153		121,004		124,080		60,469		402,706

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


Portfolios:		Range of Expenses
AXA Conservative Allocation		0.45% to 0.70%
AXA Conservative-Plus Allocation		0.50% to 0.75%
AXA Moderate Allocation		0.50% to 0.75%
AXA Moderate-Plus Allocation		0.55% to 0.80%
AXA Aggressive Allocation		0.55% to 0.80%
Target 2015 Allocation		0.50% to 0.75%
Target 2025 Allocation		0.50% to 0.75%
Target 2035 Allocation		0.45% to 0.70%
Target 2045 Allocation		0.45% to 0.70%

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


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

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

Portfolios:	Class A	Class B	Class K
Target 2015 Allocation	N/A	1.10% to 1.35%	0.85% to 1.10%
Target 2025 Allocation	N/A	1.10% to 1.35%	0.85% to 1.10%
Target 2035 Allocation	1.05% to 1.30%	1.05% to 1.30%	0.80% to 1.05%
Target 2045 Allocation	1.05% to 1.30%	1.05% to 1.30%	0.80% to 1.05%

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


Portfolios:	Class A	Class B	Class K
AXA Conservative Allocation	0.96% to 1.21%	0.96% to 1.21%	N/A
AXA Conservative-Plus Allocation	1.00% to 1.25%	1.00% to 1.25%	0.75% to 1.00%
AXA Moderate Allocation	1.03% to 1.28%	1.03% to 1.28%	0.78% to 1.03%
AXA Moderate-Plus Allocation	1.08% to 1.33%	1.08% to 1.33%	0.83% to 1.08%
AXA Aggressive Allocation	1.13% to 1.38%	1.13% to 1.38%	0.88% to 1.13%
Target 2015 Allocation	N/A	1.21% to 1.46%	0.96% to 1.21%
Target 2025 Allocation	N/A	1.17% to 1.42%	0.92% to 1.17%
Target 2035 Allocation	1.21% to 1.46%	1.21% to 1.46%	0.96% to 1.21%
Target 2045 Allocation	1.40% to 1.65%	1.40% to 1.65%	1.15% to 1.40%

The above AXA Allocation Portfolio information is based on a weighted-average range of the expense ratios since the average assets of each AXA Allocation Portfolio invested in Underlying Portfolios will fluctuate. The total expense ratios may be higher or lower depending on the allocation of an AXA Allocation Portfolio’s assets among Underlying Portfolios and the actual expenses of the Underlying Portfolios. An investor could realize lower overall expenses by allocating investments directly to the Underlying Portfolios.

Note 8

Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued earnings thereon, will be disbursed to a participating Trustee in monthly installments over a five- to twenty-year period elected by such Trustee. At June 30, 2012, the total amount deferred by the Trustees participating in the Plan was $536,411.

Note 9

Percentage of Ownership by Affiliates

At June 30, 2012, AXA Equitable held investments in each of the Portfolios as follows:


Portfolios:	Percentage of Ownership
AXA Conservative Allocation		0.02	%
AXA Conservative-Plus Allocation		—	#
AXA Moderate Allocation		0.01
AXA Moderate-Plus Allocation		—	#
AXA Aggressive Allocation		0.01
Multimanager Aggressive Equity		0.07
Multimanager Core Bond		—	#
Multimanager International Equity		0.01
Multimanager Large Cap Core Equity		0.02
Multimanager Large Cap Value		0.01
Multimanager Mid Cap Growth		0.02
Multimanager Mid Cap Value		0.04
Multimanager Multi-Sector Bond		0.02
Multimanager Small Cap Growth		0.07
Multimanager Small Cap Value		0.02
Multimanager Technology		0.04
Target 2015 Allocation		0.02

339

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2012 (Unaudited)


Portfolios:	Percentage of Ownership
Target 2025 Allocation		0.01	%
Target 2035 Allocation		1.68
Target 2045 Allocation		2.92

#	Percentage of ownership is less than 0.005%.

Shares of some of the Portfolios are held by the All Asset Growth-Alt 20 Portfolio of the EQ Advisors Trust, also managed by FMG LLC, and the AXA Allocation Portfolios and Target Allocation Portfolios. The following tables represent the percentage of ownership that the All Asset Growth-Alt 20 Portfolio, and each AXA Allocation Portfolio and Target Allocation Portfolio has in each respective underlying investment company’s net assets as of June 30, 2012.


Portfolio:	All Asset Growth-Alt 20
Multimanager Core Bond		0.41	%


Portfolios:	AXA Conservative Allocation			AXA Conservative- Plus Allocation			AXA Moderate Allocation			AXA Moderate- Plus Allocation			AXA Aggressive Allocation
EQ/International ETF		1.09	%		3.73	%		25.57	%		37.04	%		12.67	%
ATM International		1.84			4.26			33.19			46.32			14.40
ATM Large Cap		3.48			5.11			29.25			45.01			17.15
ATM Mid Cap		1.95			6.09			29.72			47.57			14.63
ATM Small Cap		0.52			3.60			27.40			51.31			17.16
EQ/AllianceBernstein Small Cap Growth		0.22			1.28			11.42			19.98			5.60
EQ/AXA Franklin Small Cap Value Core		—			1.25			14.96			27.86			11.58
EQ/BlackRock Basic Value Equity		1.26			1.69			8.62			10.93			3.11
EQ/Boston Advisors Equity Income		2.76			4.19			20.46			24.43			5.63
EQ/Core Bond Index		9.05			5.92			25.22			16.28			1.52
EQ/Davis New York Venture		0.23			0.17			1.33			1.16			—
EQ/GAMCO Small Company Value		0.40			0.79			6.20			7.26			4.06
EQ/Global Bond PLUS		3.28			2.15			8.68			—			—
EQ/Global Multi-Sector Equity		0.48			1.32			8.63			10.44			3.32
EQ/Intermediate Government Bond		10.47			6.80			29.17			19.40			1.76
EQ/International Core PLUS		0.55			1.04			8.98			12.70			4.16
EQ/International Equity Index		0.10			0.26			2.24			4.29			3.25
EQ/International Value PLUS		0.29			0.73			5.81			10.21			5.83
EQ/Large Cap Core PLUS		2.80			4.00			22.26			30.03			11.62
EQ/Large Cap Growth Index		1.49			1.89			10.20			18.21			10.01
EQ/Large Cap Growth PLUS		2.01			2.67			16.64			22.58			7.61
EQ/Large Cap Value PLUS		0.50			0.93			5.54			10.32			5.71
EQ/MFS International Growth		1.33			2.70			20.09			26.79			10.17
EQ/Mid Cap Index		—			0.29			0.88			0.88			0.44
EQ/PIMCO Ultra Short Bond		9.02			5.93			25.28			16.44			1.53
EQ/Small Company Index		—			0.36			2.19			2.19			0.69
Multimanager Core Bond		2.73			1.88			8.07			4.72			0.53
Multimanager International Equity		0.35			0.95			13.50			19.85			4.63
Multimanager Large Cap Core Equity		3.12			3.44			16.82			37.47			14.95
Multimanager Large Cap Value		1.67			2.45			15.37			25.80			13.76
Multimanager Mid Cap Growth		0.72			0.70			2.97			2.36			1.40
Multimanager Mid Cap Value		0.71			1.82			7.56			2.19			1.01
Multimanager Multi-Sector Bond		2.66			1.78			6.26			4.74			0.57
Multimanager Small Cap Growth		0.45			0.54			8.50			27.34			11.32
Multimanager Small Cap Value		—			0.45			2.67			10.67			0.87

340

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2012 (Unaudited)


Portfolios:	Target 2015 Allocation			Target 2025 Allocation			Target 2035 Allocation			Target 2045 Allocation
EQ/International ETF		4.28	%		6.52	%		4.48	%		2.72	%
EQ/Core Bond Index		0.15			0.12			0.04			0.01
EQ/Equity 500 Index		0.48			0.98			0.75			0.48
EQ/Global Bond PLUS		0.77			0.64			0.24			—
EQ/Global Multi-Sector Equity		0.51			0.78			0.54			0.34
EQ/PIMCO Ultra Short Bond		0.14			0.12			0.04			—	#
EQ/Small Company Index		0.29			0.71			0.57			0.37
Multimanager Aggressive Equity		0.19			0.25			0.10			0.03
Multimanager Large Cap Value		0.28			0.26			0.15			0.09
Multimanager Mid Cap Growth		0.32			0.21			0.13			0.07
Multimanager Mid Cap Value		0.45			0.57			0.25			0.16
Multimanager Multi-Sector Bond		0.95			0.76			0.29			0.05

#	Less than 0.005%

Note 10

Subsequent Events

The Manager evaluated subsequent events from June 30, 2012, 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 July 12-13, 2012, the Board of Trustees approved the following voluntary expense limitation arrangements such that, effective as of September 1, 2012, the Manager voluntarily will waive and/or reimburse its management, administration or other fees so that the Total Annual Portfolio Operating Expenses of the Portfolios (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, fees and expenses of other investment companies in which a Portfolio invests and, other expenditures that are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not in the ordinary course of a Portfolio’s business) do not exceed the following limits:

•

Multimanager Aggressive Equity — 0.80% for Class K, 1.05% for Class A/B

•

Multimanager International Equity — 1.05% for Class K, 1.30% for Class A/B

•

Multimanager Large Cap Core — 0.90% for Class K, 1.15% for Class A/B

•

Multimanager Large Cap Value — 0.90% for Class K, 1.15% for Class A/B

•

Multimanager Mid Cap Growth — 1.00% for Class K, 1.25% for Class A/B

•

Multimanager Mid Cap Value — 1.00% for Class K, 1.25% for Class A/B

•

Multimanager Multi-Sector Bond — 0.75% for Class K, 1.00% for Class A/B

•

Multimanager Small Cap Growth — 1.05% for Class K, 1.30% for Class A/B

•

Multimanager Small Cap Value — 1.05% for Class K, 1.30% for Class A/B

•

Multimanager Technology — 1.15% for Class K, 1.40% for Class A/B

At the same meeting held on July 12-13, 2012, the Board of Trustees approved the following revisions to the Management fee schedule for the AXA Allocation Portfolios:


Current fee schedule for each Portfolio:		New Fee schedule for each Portfolio:
0.100% for the first $12 billion		0.100% for the first $10 billion
0.095% for the next $3 billion		0.095% for the next $3 billion
0.090% thereafter		0.090% thereafter

The New Management fee schedule will be effective as of September 1, 2012.

341

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS (Concluded)

June 30, 2012 (Unaudited)

Note 11

Pending Legal Proceedings

In July 2011, a lawsuit was filed in the United States District Court of the District of New Jersey, entitled Mary Ann Sivolella v. AXA Equitable Life Insurance Company and AXA Equitable Funds Management Group, LLC. The lawsuit was filed derivatively on behalf of eight funds: EQ/Common Stock Index Portfolio; EQ/Equity Growth PLUS Portfolio; EQ/Equity 500 Index Portfolio; EQ/Intermediate Government Bond Index; EQ/Large Cap Value PLUS Portfolio; EQ/Global Multi- Sector Equity Portfolio; EQ/Mid Cap Value PLUS Portfolio; and EQ/GAMCO Small Company Value Portfolio. The lawsuit sought recovery under Section 36(b) of the 1940 Act for alleged excessive fees paid to AXA Equitable and the Manager (the “Defendants”) for investment management services. The Plaintiff sought recovery of the alleged overpayments, or alternatively, rescission of the contracts and restitution of all fees paid, interest, costs, attorney fees, fees for expert witnesses, and reserves the right to seek punitive damages where applicable. In October 2011, the Defendants filed a motion to dismiss the complaint. In November 2011, the Plaintiff filed an amended complaint asserting a claim under Section 36(b) and new claims under (1) Section 26(f) of the 1940 Act alleging that the variable annuity contracts sold by the Defendants charged unreasonable management fees, and seeking restitution and rescission of those contracts under Section 47(b) of the 1940 Act; and (2) a claim for unjust enrichment. In the amended complaint, the Plaintiff seeks recovery of the alleged overpayments, rescission of the contracts, restitution of all fees paid, interest, costs, attorney fees, fees for expert witness, and reserves the right to seek punitive damages where applicable. The Defendants filed a motion to dismiss the amended complaint in December 2011. In February 2012, the Plaintiff filed her opposition to the motion. In March 2012, the Defendants filed a reply memorandum. In May 2012, Plaintiff voluntarily dismissed the Section 26(f) claim seeking restitution and rescission under Section 47(b).

No liability for litigation relating to this matter has been accrued in the financial statements of the Portfolios. The Portfolios are not party to the suit.

On November 1, 2010, the Trust was named as a defendant and a putative member of the proposed defendant class of shareholders in a lawsuit brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Committee”) in the United States Bankruptcy Court for the District of Delaware regarding Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The lawsuit relates to amounts paid to the Trust as holder of publicly-traded shares of Tribune Company, which was a component of certain broad-based securities market indices, for which there were public tender offers during 2007. The suit seeks return of the share price received by Tribune Company shareholders in the tender offers plus interest and attorneys’ fees and expenses.

On August 24, 2011, the trustees of certain trusts that hold notes issued by Tribune Company (the “Noteholders”) initiated a separate lawsuit in the United States District Court for the Southern District of New York against certain Tribune Company shareholders who sold their shares as part of the 2007 public tender offers (the “Noteholder Suit”). This Noteholder Suit also seeks return of the share price received by Tribune Company shareholders in connection with the tender offers plus interest and attorneys’ fees and expenses. The Noteholder Suit has been consolidated with the suit filed by the Committee and with a number of related lawsuits filed by the Noteholders around the country into a single multi-district litigation proceeding now pending in the United States District Court for the Southern District of New York (In re: Tribune Company Fraudulent Conveyance Litigation).

With respect to the Trust, Multimanager Large Cap Core Equity Portfolio and the Multimanager Large Cap Value Portfolio are named as defendants in the Noteholder Suit and as putative members of the proposed defendant class of shareholders in the Committee’s suit (and named separately in the Committee’s suit, in the event it is not certified as a class action). The amounts paid to the Multimanager Large Cap Core Equity Portfolio and the Multimanager Large Cap Value Portfolio in connection with the public tender offers were approximately $1,768,000 and $3,359,200, respectively.

The outcome of the proceedings cannot be predicted at this time. The complaints allege no misconduct by any of the Portfolios listed above, or any member of the defendant class.

342

AXA PREMIER VIP TRUST

DISCLOSURE REGARDING ADVISORY CONTRACT APPROVALS

APPROVAL OF AN INVESTMENT ADVISORY AGREEMENT DURING THE SIX-MONTH PERIOD ENDED JUNE 30, 2012 (UNAUDITED)

At a meeting held on June 13, 2012, the Board of Trustees of the Trust (the “Board”), including the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) of the Trust (the “Independent Trustees”), unanimously approved an Investment Advisory Agreement (“Advisory Agreement” or “Agreement”) between AXA Equitable Funds Management Group, LLC (“AXA FMG” or “Manager”), which serves as the Trust’s investment manager, and Lord Abbett & Co. LLC (“Lord Abbett” or “Adviser”) under which Lord Abbett would serve as an Adviser with respect to the Multimanager Mid Cap Value Portfolio (the “Portfolio”).

In reaching its decision to approve the Advisory Agreement, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interests of the Portfolio and its shareholders. The Board further considered factors it deemed relevant with respect to the Portfolio and the Agreement, including, as applicable: (1) the nature, quality and extent of the services to be provided to the Portfolio by the Adviser, including the Adviser’s resources, best execution policies and responsibilities under the Agreement; (2) comparative performance information; (3) the level of the proposed advisory fees; (4) economies of scale that may be realized by the Portfolio; and (5) the “fall out” benefits to be realized by the proposed Adviser and its affiliates (i.e., any direct or indirect benefits to be derived by the Adviser and its affiliates from the relationship with the Portfolio). In considering the Agreement, the Board did not identify any single factor or information as all-important or controlling and each Trustee may have attributed different weight to each factor.

In connection with its deliberations, the Board took into account information prepared by the Manager and the proposed Adviser, including memoranda and other materials addressing the factors set out above, and provided to the Trustees prior to the relevant meeting. During the relevant meeting, the Trustees met with senior representatives of the Manager to discuss the Advisory Agreement and the information provided. As applicable, the materials provided to the Trustees described, among other things, the services to be provided by the Adviser as well as the Adviser’s investment personnel, proposed advisory fees and other matters. The Independent Trustees were assisted by independent counsel during the meeting, and also received materials discussing the legal standards applicable to their consideration of the Advisory Agreement. In approving the Advisory Agreement, the Board, including the Independent Trustees, determined that the proposed fee structure was fair and reasonable and that approval of the Advisory Agreement was in the best interests of the Portfolio. While attention was given to all information furnished, the following discusses in more detail some of the primary factors relevant to the Board’s decision.

Nature, Quality and Extent of Services. The Board evaluated the nature, quality and extent of the overall services to be provided to the Portfolio by the proposed Adviser under the Agreement considered. In addition to the investment performance information discussed later, the Board considered the responsibilities of the Adviser as well as the Adviser’s experience in serving as an investment adviser for portfolios and accounts similar to the Portfolio it would advise pursuant to the Advisory Agreement. The Board also considered that the Adviser would be responsible for (i) making investment decisions on behalf of the portion of the Portfolio that it would advise, (ii) placing all orders for the purchase and sale of investments for the assets advised by the Adviser with brokers or dealers, and (iii) performing related administrative functions. The Board considered, among other things, information regarding the Adviser’s investment process, the qualifications and background of each portfolio manager who would provide services to the portion of the Portfolio that would be advised by the Adviser, and the Adviser’s best execution trading policies. Based on its review, the Board determined that the nature, quality and extent of the advisory services to be provided by the Adviser were appropriate for the Portfolio in light of its investment objective and, thus, supported a decision to approve the Advisory Agreement.

Performance. The Board received and reviewed performance data for another similar mutual fund advised by the proposed Adviser and a composite of the Adviser’s other accounts with substantially similar investment objectives, policies and strategies as compared to a peer group and an appropriate benchmark. The Board generally considered long-term performance more important than short-term performance. The Board also considered the Adviser’s expertise, resources and proposed methodology for advising the portion of the Portfolio that it would advise. Based on its review, the Board determined that the performance data and related information supported approval of the Advisory Agreement.

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Fees. The Board considered the proposed advisory fee for the Adviser with respect to the portion of the Portfolio that it would advise in light of the nature, quality and extent of the services to be provided by the Adviser. The Board also considered the proposed advisory fee in light of the fees that the Adviser normally charges under other advisory agreements with other clients. The Board further noted that the Manager, and not the Portfolio, would pay the Adviser’s advisory fee and that the proposed advisory fee was negotiated between the Adviser and the Manager. Moreover, the Board noted that the Manager generally is aware of the fees charged by advisers to other clients and the Manager believes that the fee agreed upon with the proposed Adviser is reasonable in light of the quality of investment advisory services to be rendered. Based on its review, the Board determined that the Adviser’s proposed fee rate is fair and reasonable.

Profitability and Costs. The Board considered the estimated impact of the proposed advisory fees on the profitability of the Manager with respect to the Portfolio. The Board, however, did not consider the costs of the services to be provided and profits to be realized by the proposed Adviser from its relationship with the Portfolio to be material to its evaluation of the Advisory Agreement, noting instead the arm’s-length nature of the relationship between the Manager and the Adviser with respect to the negotiation of the advisory fee rate on behalf the Portfolio. In this connection, the Board generally does not regard the Adviser’s profitability as meaningful to an evaluation of the Advisory Agreement with the Adviser because the willingness of the Adviser to serve in such capacity depends primarily upon negotiations with the Manager, the Manager generally is aware of the fees charged by the Adviser to other clients, the Manager believes that the fee agreed upon with the Adviser is reasonable in light of the fees charged by the Adviser to comparable clients and the quality of investment advisory services to be rendered, and the Adviser’s fee is paid by the Manager.

Economies of Scale. The Board considered whether economies of scale would be realized as the Portfolio grows larger and the extent to which this is reflected in the proposed advisory fee schedules. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board noted that the proposed advisory fee schedule for the Adviser includes breakpoints that would reduce the advisory fee as Portfolio assets under the Adviser’s management increase. In addition, the Board noted that the proposed fee is lower than the fee the Adviser charges to other accounts and portfolios. The Board considered these factors, and the relationship they bear to the fee structure charged to the Portfolio by the Manager, and concluded that there was a reasonable sharing of benefits from any economies of scale with the Portfolio.

Fall-Out Benefits. The Board noted that the Adviser may derive ancillary benefits from the Portfolio’s operations. For example, the Adviser, through its position as Adviser to the Portfolio, may engage in soft dollar transactions. The Board considered information provided regarding the Adviser’s procedures for executing portfolio transactions for the Portfolio and the Adviser’s policies and procedures for the selection of brokers and dealers and obtaining research from those brokers and dealers. In addition, the Board noted that the Adviser may be affiliated with registered broker-dealers, who may, from time to time, receive brokerage commissions from a Portfolio in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, must be consistent with seeking best execution. The Board also recognized that affiliates of the Adviser may sell, and earn sales commissions and/or other compensation with respect to, insurance products issued by the Manager’s affiliated insurance companies and that the proceeds of those sales may be invested in the Portfolio. Based on its review, the Board determined that any “fall-out” benefits which may accrue to the Adviser are fair and reasonable.

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MANAGEMENT OF THE TRUST (UNAUDITED)

The Trust’s Board is responsible for the overall management of the Trust and the Portfolios, including general supervision and review of the Portfolios’ investment activities and their conformity with federal and state law as well as the stated policies of the Portfolios. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations. The Trustees of the Trust are identified in the table below along with information as to their principal business occupations held during the last five years and certain other information.

The Trustees


Name, Address and Age	Position(s) Held With Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas New York, New York 10104 (53)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From May 2011 to present, Director, President, Chief Executive Officer and Chairman, FMG LLC; from September 1999 to present, Senior Vice President, AXA Equitable; from September 2004 to April 2011, President, AXA Equitable’s FMG; from July 2004 to present, Senior Vice President, MONY Life Insurance Company and MONY Life Insurance Company of America and Director, 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 (from July 2004 to January 2011); from January 2005 to January 2011, Director, MONY Financial Resources of Americas Limited and; from November 2005 to present, Director MONY International. Holdings, LLC.	92	None

*	Affiliated with the portfolios’ investment manager and the co-distributors.

**	Each Trustee serves until his or her resignation or retirement.

***	The registered investment companies in the fund complex include EQ Advisors Trust and the Trust.

345


Name, Address and Age	Position(s) Held With Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Independent Trustees
Gerald C. Crotty c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (60)	Trustee	From November 2001 to present	Since 2001, President of Weichert Enterprise LLC, a private equity market investment firm.	20	From 2005 to present, director of Jones Apparel Group, Inc; from 2002 to present, director of Cinedigm Digital Cinema Corp.
Barry Hamerling c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (66)	Trustee	From November 2001 to present	Since 1998, Managing Partner of Premium Ice Cream of America; from 1970 to 1998, President of Ayco Co. L.P., the largest independent financial counseling firm in the United States.	20	From 2007 to present, Independent Lead Director of The Merger Fund; from 1998 to present, Chairman of Ayco Charitable Foundation.
Cynthia R. Plouché c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (55)	Lead Independent Trustee	Since March 2010; Trustee from November 2001 to March 2010	From June 2006 to April 2012, Portfolio Manager at Williams Capital Management, Inc.; from June 2003 to 2006, Managing Director and Chief Investment Officer of Blaylock-Abacus Asset Management, Inc.; prior thereto, Founder, Chief Investment Officer and Managing Director of Abacus Financial Group from May 1991 to 2003, a manager of fixed-income portfolios for institutional clients.	20	None
Rayman L. Solomon c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (64)	Trustee	From November 2001 to present	Since 1998, Dean and a Professor of Law at Rutgers University School of Law; prior thereto, an Associate Dean for Academic Affairs at Northwestern University School of Law.	20	None

*	Affiliated with the portfolios’ investment manager and the co-distributors.

**	Each Trustee serves until his or her resignation or retirement.

***	The registered investment companies in the fund complex include EQ Advisors Trust and the Trust.

Qualifications and Experience

In addition to the information set forth in the table above, the following sets forth additional information about the qualifications and experience of each of the Trustees.

Steven M. Joenk — Mr. Joenk has a background in the financial services industry; senior management experience with multiple insurance companies, investment management firms and investment companies; multiple years of service as officer, Trustee and Chairman of the Trust and other registered investment companies.

Gerald C. Crotty — Mr. Crotty has a background in the financial services industry; business management experience, including chief executive and chief operating officer experience, with multiple years of service as a

346

Trustee of the Trust and as a director of publicly-traded operating companies; multiple years of executive experience with a publicly-traded operating company and private equity investment firm; and legal and governmental experience.

Barry Hamerling — Mr. Hamerling has a background in the financial services industry; business management experience, including chief executive officer experience, with multiple years of service as a Trustee of the Trust and another registered investment company; and prior executive experience with a financial consulting firm.

Cynthia R. Plouché — Ms. Plouché has a background in the financial services industry; business management experience with multiple years of service as a Trustee of the Trust; and multiple years of executive experience as a chief investment officer and portfolio manager with investment management firms.

Rayman L. Solomon — Mr. Solomon has a legal and higher education background, including executive management experience as Dean of the Rutgers School of Law — Camden and Associate Dean of Northwestern University School of Law; and multiple years of service as a Trustee of the Trust.

347

The Trust’s Officers

No officer of the Trust receives any compensation paid by the Trust. Each officer of the Trust is an employee of AXA Equitable, or AXA Distributors, LLC. The Trust’s principal officers are:


Name, Address and Age	Position(s) Held With Fund*	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Steven M. Joenk 1290 Avenue of the Americas, New York, New York 10104 (53)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From May 2011 to present, Director, President, Chief Executive Officer and Chairman, FMG LLC; from September 1999 to present, Senior Vice President, AXA Equitable; from September 2004 to April 2011, President, AXA Equitable’s FMG; from July 2004 to present, Senior Vice President, MONY Life Insurance Company and MONY Life Insurance Company of America and Director, 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 (from July 2004 to January 2011); from January 2005 to January 2011, Director, MONY Financial Resources of Americas Limited and; from November 2005 to present, Director MONY International Holdings, LLC.
Brian E. Walsh 1290 Avenue of the Americas New York, NY (44)	Chief Financial Officer and Treasurer	From June 2007 to present	From May 2011 to present, Senior Vice President of FMG LLC; from February 2003 to present, Vice President of AXA Financial and AXA Equitable.
Joseph J. Paolo 1290 Avenue of the Americas New York, NY (41)	Chief Compliance Officer, Vice President and Anti-Money Laundering (“AML”) Compliance Officer	Chief Compliance Officer from May 2007 to present; Vice President and AML Compliance Officer from December 2005 to present	From May 2011 to present, Senior Vice President and Chief Compliance Officer of FMG LLC; from June 2007 to May 2011, Vice President of AXA Equitable and Chief Compliance Officer of AXA Equitable FMG; from August 2005 to June 2007, Vice President, AXA Financial and AXA Equitable and Deputy Chief Compliance Officer of FMG LLC.
Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York 10104 (56)	Vice President and Secretary	From November 2001 to present	From June 2012 to present, Executive Vice President and General Counsel of FMG LLC; from May 2011 to June 2012, Senior Vice President and Corporate Counsel of FMG LLC; from February 2011 to present, Senior Vice President and Associate General Counsel of AXA Financial and AXA Equitable; from May 2003 to February 2011, Vice President and Associate General Counsel of AXA Financial and AXA Equitable.
Kenneth T. Kozlowski 1290 Avenue of the Americas New York, New York 10104 (50)	Senior Vice President	From June 2010 to present	From June 2012 to present, Executive Vice President and Chief Investment Officer of FMG LLC; from May 2011 to June 2012, Senior Vice President of FMG, LLC; from February 2011 to present, Vice President, AXA Financial; from November 2001 to June 2007, Treasurer of the Trust; from December 2002 to June 2007, Chief Financial Officer of the Trust; from July 2004 to June 2007, Director, Enterprise Capital Management, Inc. from July 2004 to January 2011, Director, Enterprise Capital Management, Inc.
Alwi Chan 1290 Avenue of the Americas New York, NY (37)	Vice President	From June 2007 to present	From June 2012 to present, Senior Vice President and Deputy Chief Investment Officer of FMG LLC; from May 2011 to June 2012, Vice President of FMG LLC; from February 2007 to present, Vice President, AXA Financial and AXA Equitable; from November 2005 to May 2007, Assistant Vice President, AXA Financial and AXA Equitable.
Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (50)	Vice President	From November 2001 to present	From June 2012 to present, Senior Vice President of FMG LLC; from May 2011 to June 2012, Vice President of FMG LLC; from February 2001 to present, Vice President of AXA Financial.

*	Each officer holds a similar position with other funds within the Trust complex.

**	Each officer is elected on an annual basis.

348


Name, Address and Age	Position(s) Held With Fund*	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
William T. MacGregor, Esq. 1290 Avenue of the Americas, New York, New York 10104 (36)	Vice President and Assistant Secretary	From May 2008 to present	From June 2012 to present, Senior Vice President, Secretary and Associate General Counsel of FMG LLC; from May 2011 to June 2012, Vice President and Associate General Counsel of FMG LLC; from May 2008 to present, Vice President and Counsel of AXA Equitable; from May 2007 to May 2008, Assistant Vice President and Counsel of AXA Equitable; from May 2006 to May 2007, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley Austin LLP.
Gariel Nahoum, Esq. 1290 Avenue of the Americas, New York, New York 10104 (29)	Vice President and Assistant Secretary	From September 2011 to present	From June 2012 to present, Vice President, Assistant Secretary and Associate General Counsel of FMG LLC; from September 2011 to June 2012, Vice President, Assistant Secretary and Counsel of FMG LLC; from August 2011 to present, Counsel of AXA Equitable; from September 2008 to August 2011, Associate, Kramer Levin Naftalis & Frankel LLP; graduate, Hofstra Law School, magna cum laude, May 2008.
Richard Guinnessey 1290 Avenue of the Americas New York, NY 10104 (48)	Vice President	From March 2010 to present	From May 2011 to present, Vice President of FMG LLC; from September 2010 to present, Vice President of AXA Equitable; from November 2005 to September 2010 Assistant Vice President of AXA Equitable.
James Kelly 1290 Avenue of the Americas New York, NY (44)	Controller	From June 2007 to present	From May 2011 to present, Vice President of FMG LLC; from September 2008 to present, Vice President of AXA Equitable; from March 2006 to September 2008, Assistant Vice President, AXA Financial and AXA Equitable; from July 2005 to February 2006, Assistant Treasurer, Lord, Abbett & Co. LLC
David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (38)	Vice President and Risk Officer	From March 2011 to present; from December 2005 to March 2011 Assistant Anti-Money Laundering Compliance Officer	From May 2011 to present, Vice President of FMG LLC; from September 2007 to present, Assistant Vice President and Compliance Risk Manager of AXA Equitable, from August 2005 to present, Associate Compliance Officer, AXA Equitable.
Roselle Ibanga 1290 Avenue of the Americas New York, New York 10104 (33)	Assistant Controller	From February 2009 to present	From February 2009 to present, Assistant Vice President of AXA Equitable; from December 2008 to February 2009, Director of AXA Equitable FMG; from October 2007 to December 2008, Second Vice President, New York Life Investments Management, LLC; from May 2007 to September 2007, Manager of FMG LLC; from August 2004 to May 2007, Fund Administrator of FMG LLC.
Lisa Perrelli 1290 Avenue of the Americas New York, New York 10104 (37)	Assistant Controller	From February 2009 to present	From September 2008 to present, Assistant Vice President of AXA Equitable; from February 2008 to September 2008, Director of FMG; from September 2006 to February 2008, Manager of FMG; from November 2002 to September 2006, Fund Administrator of FMG LLC.
Jennifer Mastronardi 1290 Avenue of the Americas, New York, New York 10104 (26)	Assistant Vice President	From March 2012 to present	From February 2009 to present, Assistant Compliance Manager AXA Equitable; from June 2007 to February 2009, Operations Associate in Managed Futures Department. Graduated May 2007 Sacred Heart University, John F. Welch College of Business.
Paul Bianco, CPA 1290 Avenue of the Americas New York, New York 10104 (27)	Assistant Vice President	From March 2012 to present	From December 2010 to present, Compliance Manager, AXA Equitable; from June 2006 to August 2006 and from August 2007 to November 2010, Senior Consultant, Protiviti, Inc. Graduated May 2007 University at Albany, State University of New York.
Judy Guhring 1290 Avenue of the Americas, New York, New York 10104 (40)	Assistant Secretary	From December 2005 to present	From June 2012 to present, Assistant Vice President and Assistant Secretary of FMG LLC; from May 2011 to June 2012, Assistant Secretary of FMG LLC; from August 2001 to present, Senior Legal Assistant of AXA Financial.

*	Each officer holds a similar position with other funds within the Trust complex.

**	Each officer is elected on an annual basis.

349

PROXY VOTING POLICIES AND PROCEDURES (UNAUDITED)

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling a toll-free number at 1-877-222-2144 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov. Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge (i) on the Trust’s website at www.axa-equitablefunds.com and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

350

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

Chairman of the Board, Trustee, President

and Chief Executive Officer

August 31, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Steven M. Joenk

Steven M. Joenk

Chairman of the Board, Trustee, President

and Chief Executive Officer

August 31, 2012

/s/ Brian Walsh

Brian Walsh

Chief Financial Officer

August 31, 2012