UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-10509

AXA PREMIER VIP TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK C. AMOROSI, ESQ.

K&L Gates LLP

1601 K. Street, N.W.

Washington, D.C. 20036-1800

Telephone: (202) 778-9351

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2010 – March 31, 2010

Item 1. Schedule of Investments.

The following are schedules of investments of the registrant as of March 31, 2010. The schedules have not been audited.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 400 Portfolio-II‡	2,172,903	$	25,142,260
AXA Tactical Manager 500 Portfolio-II‡	13,588,945		152,177,488
AXA Tactical Manager International Portfolio-II‡	4,773,983		48,317,833
EQ/AllianceBernstein International Portfolio‡	507,346		4,276,646
EQ/BlackRock Basic Value Equity Portfolio‡	851,880		11,093,759
EQ/BlackRock International Value Portfolio‡	647,610		7,205,618
EQ/Boston Advisors Equity Income Portfolio‡	4,927,431		24,236,912
EQ/Core Bond Index Portfolio‡	39,204,166		373,985,062
EQ/Global Bond PLUS Portfolio‡	13,615,099		133,287,286
EQ/Global Multi-Sector Equity Portfolio‡	961,855		11,227,216
EQ/Intermediate Government Bond Index Portfolio‡	11,626,131		112,691,707
EQ/International Core PLUS Portfolio‡	849,893		7,730,498
EQ/International ETF Portfolio‡	735,996		5,151,436
EQ/International Growth Portfolio‡	892,479		5,155,801
EQ/Large Cap Core PLUS Portfolio‡	2,224,522		16,198,198
EQ/Large Cap Growth Index Portfolio‡	2,312,595		18,374,476
EQ/Large Cap Growth PLUS Portfolio‡	1,829,542		28,649,347
EQ/Large Cap Value PLUS Portfolio‡	3,249,584		31,651,680
EQ/PIMCO Ultra Short Bond Portfolio‡	15,000,813		149,315,984
EQ/Quality Bond PLUS Portfolio‡	39,273,243		360,823,975
Multimanager Core Bond Portfolio‡	35,791,840		372,305,286
Multimanager International Equity Portfolio‡	997,811		10,710,717
Multimanager Large Cap Core Equity Portfolio‡	2,309,871		22,270,835
Multimanager Large Cap Value Portfolio‡	3,852,279		35,722,660
Multimanager Mid Cap Value Portfolio‡	1,135,431		9,997,233
Multimanager Multi-Sector Bond Portfolio‡	29,444,698		112,430,406
Total Investment Companies (100.1%) (Cost $1,984,729,728)			2,090,130,319

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau 0.000%, 4/1/10 (Amortized Cost $679,914)	$	679,914		679,914
Total Investments (100.1%) (Cost/Amortized Cost $1,985,409,642)			$	2,090,810,233
Other Assets Less Liabilities (-0.1%)				(2,572,722	)
Net Assets (100%)			$	2,088,237,511

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

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

See Notes to Portfolio of Investments.

1

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 400 Portfolio-II	$	23,283,411	$	866,768	$	921,111	$	25,142,260	$	—	$	117,578
AXA Tactical Manager 500 Portfolio-II		145,787,815		8,667,678		9,454,975		152,177,488		—		931,912
AXA Tactical Manager International Portfolio-II		48,717,730		2,889,226		3,427,590		48,317,833		—		34,706
EQ/AllianceBernstein International Portfolio		4,279,906		288,923		212,427		4,276,646		—		133,802
EQ/BlackRock Basic Value Equity Portfolio		10,631,093		1,155,690		834,092		11,093,759		—		550,826
EQ/BlackRock International Value Portfolio		7,240,653		288,923		249,043		7,205,618		—		97,187
EQ/Boston Advisors Equity Income Portfolio		22,993,250		866,768		923,915		24,236,912		—		114,774
EQ/Core Bond Index Portfolio		372,036,511		20,802,426		23,807,323		373,985,062		—		1,121,207
EQ/Global Bond PLUS Portfolio		133,014,679		7,800,910		10,616,857		133,287,286		—		(1,268,658	)
EQ/Global Multi-Sector Equity Portfolio		11,066,036		1,155,690		1,111,327		11,227,216		—		273,591
EQ/Intermediate Government Bond Index Portfolio		112,700,053		5,778,452		6,924,005		112,691,707		—		587
EQ/International Core PLUS Portfolio		7,647,331		288,923		218,097		7,730,498		—		128,132
EQ/International ETF Portfolio		5,138,575		288,923		258,760		5,151,436		—		87,469
EQ/International Growth Portfolio		5,121,429		288,922		207,890		5,155,801		—		138,340
EQ/Large Cap Core PLUS Portfolio		15,429,070		866,768		748,105		16,198,198		—		290,584
EQ/Large Cap Growth Index Portfolio		17,619,043		288,923		236,595		18,374,476		—		109,635
EQ/Large Cap Growth PLUS Portfolio		27,591,530		1,733,535		1,447,158		28,649,347		—		630,219
EQ/Large Cap Value PLUS Portfolio		29,761,936		288,923		199,255		31,651,680		—		146,975
EQ/PIMCO Ultra Short Bond Portfolio		148,812,116		1,733,535		2,232,042		149,315,984		—		(154,665	)
EQ/Quality Bond PLUS Portfolio		358,710,792		23,113,807		26,375,681		360,823,975		—		1,322,685
Multimanager Core Bond Portfolio		369,797,349		26,013,556		27,935,998		372,305,286		2,899,749		(237,631	)
Multimanager International Equity Portfolio		10,643,150		288,923		258,935		10,710,717		—		87,294
Multimanager Large Cap Core Equity Portfolio		21,264,298		1,155,690		985,167		22,270,835		—		399,752
Multimanager Large Cap Value Portfolio		33,732,010		1,155,690		1,661,953		35,722,660		—		(277,035	)
Multimanager Mid Cap Value Portfolio		9,319,257		866,768		585,093		9,997,233		—		453,596
Multimanager Multi-Sector Bond Portfolio		111,993,472		9,534,445		15,595,726		112,430,406		—		(4,170,150	)
	$	2,064,332,495	$	118,468,785	$	137,429,120	$	2,090,130,319	$	2,899,749	$	1,062,712

See Notes to Portfolio of Investments.

2

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	2,090,130,319	$	—	$	2,090,130,319
Short-Term Investments		—		679,914		—		679,914
Total Assets	$	—	$	2,090,810,233	$	—	$	2,090,810,233
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	2,090,810,233	$	—	$	2,090,810,233

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Investment Companies	$	118,468,785
Net Proceeds of Sales and Redemptions:
Investment Companies	$	138,491,832

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	115,310,913
Aggregate gross unrealized depreciation		(12,527,912	)
Net unrealized appreciation	$	102,783,001
Federal income tax cost of investments	$	1,988,027,232

See Notes to Portfolio of Investments.

3

AXA PREMIER VIP TRUST

AXA CONSERVATIVE–PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡	2,067,805	$	23,637,029
AXA Tactical Manager 400 Portfolio-II‡	4,833,285		55,925,056
AXA Tactical Manager 500 Portfolio-II‡	20,833,771		233,309,580
AXA Tactical Manager International Portfolio-II‡	10,673,025		108,022,484
EQ/AllianceBernstein International Portfolio‡	1,187,229		10,007,687
EQ/AXA Franklin Small Cap Value Core Portfolio‡	1,526,876		13,693,104
EQ/BlackRock Basic Value Equity Portfolio‡	1,625,826		21,172,609
EQ/BlackRock International Value Portfolio‡	1,161,017		12,918,038
EQ/Boston Advisors Equity Income Portfolio‡	7,285,261		35,834,537
EQ/Core Bond Index Portfolio‡	26,365,437		251,511,014
EQ/GAMCO Small Company Value Portfolio‡	367,703		11,809,710
EQ/Global Bond PLUS Portfolio‡	11,010,826		107,792,317
EQ/Global Multi-Sector Equity Portfolio‡	1,751,809		20,447,921
EQ/Intermediate Government Bond Index Portfolio‡	8,118,667		78,693,974
EQ/International Core PLUS Portfolio‡	1,853,234		16,856,727
EQ/International ETF Portfolio‡	1,831,732		12,820,784
EQ/International Growth Portfolio‡	2,049,470		11,839,668
EQ/Large Cap Core PLUS Portfolio‡	3,138,946		22,856,718
EQ/Large Cap Growth Index Portfolio‡	3,753,067		29,819,587
EQ/Large Cap Growth PLUS Portfolio‡	2,701,866		42,309,336
EQ/Large Cap Value PLUS Portfolio‡	5,576,652		54,317,849
EQ/Mid Cap Index Portfolio‡	584,329		4,293,005
EQ/PIMCO Ultra Short Bond Portfolio‡	10,924,234		108,738,296
EQ/Quality Bond PLUS Portfolio‡	26,140,318		240,164,872
EQ/Small Company Index Portfolio‡	355,679		3,256,836
Multimanager Core Bond Portfolio‡	23,877,296		248,370,679
Multimanager International Equity Portfolio‡	1,462,320		15,696,864
Multimanager Large Cap Core Equity Portfolio‡	2,480,949		23,920,307
Multimanager Large Cap Value Portfolio‡	6,176,655		57,276,887
Multimanager Mid Cap Growth Portfolio*‡	593,462		4,686,356
Multimanager Mid Cap Value Portfolio‡	447,657		3,941,528
Multimanager Multi-Sector Bond Portfolio‡	26,257,105		100,259,032
Multimanager Small Cap Value Portfolio‡	607,204		5,767,479
Total Investments (100.2%) (Cost $1,871,883,560)			1,991,967,870
Other Assets Less Liabilities (-0.2%)			(4,760,649	)
Net Assets (100%)		$	1,987,207,221

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

4

AXA PREMIER VIP TRUST

AXA CONSERVATIVE–PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	21,791,837	$	1,273,605	$	1,260,430	$	23,637,029	$	—	$	97,713
AXA Tactical Manager 400 Portfolio-II		51,584,163		293,909		286,188		55,925,056		—		27,229
AXA Tactical Manager 500 Portfolio-II		221,939,193		4,800,509		4,750,654		233,309,580		—		368,499
AXA Tactical Manager International Portfolio-II		108,030,943		2,057,361		2,191,428		108,022,484		—		2,495
EQ/AllianceBernstein International Portfolio		9,925,047		195,939		123,861		10,007,687		—		85,084
EQ/AXA Franklin Small Cap Value Core Portfolio		12,578,852		195,939		235,298		13,693,104		—		(26,353	)
EQ/BlackRock Basic Value Equity Portfolio		20,043,720		979,696		787,753		21,172,609		—		256,972
EQ/BlackRock International Value Portfolio		12,908,931		293,909		418,841		12,918,038		—		(105,423	)
EQ/Boston Advisors Equity Income Portfolio		33,846,265		489,848		472,051		35,834,537		—		50,312
EQ/Core Bond Index Portfolio		247,827,219		5,388,327		5,515,935		251,511,014		—		230,052
EQ/GAMCO Small Company Value Portfolio		10,876,513		587,817		590,200		11,809,710		—		36,635
EQ/Global Bond PLUS Portfolio		106,483,951		2,057,361		2,278,746		107,792,317		—		(84,823	)
EQ/Global Multi-Sector Equity Portfolio		19,885,130		587,817		605,009		20,447,921		—		21,825
EQ/Intermediate Government Bond Index Portfolio		78,012,053		1,665,483		1,784,151		78,693,974		—		(8,119	)
EQ/International Core PLUS Portfolio		16,593,607		195,939		143,461		16,856,727		—		65,484
EQ/International ETF Portfolio		12,691,746		195,939		155,896		12,820,784		—		53,049
EQ/International Growth Portfolio		11,669,630		195,939		123,043		11,839,668		—		85,902
EQ/Large Cap Core PLUS Portfolio		21,626,237		391,878		302,983		22,856,718		—		114,906
EQ/Large Cap Growth Index Portfolio		28,552,004		489,848		364,104		29,819,587		—		158,258
EQ/Large Cap Growth PLUS Portfolio		40,437,561		783,756		615,773		42,309,336		—		220,007
EQ/Large Cap Value PLUS Portfolio		51,014,655		97,970		132,007		54,317,849		—		(27,535	)
EQ/Mid Cap Index Portfolio		3,944,332		97,970		67,014		4,293,005		—		37,458
EQ/PIMCO Ultra Short Bond Portfolio		108,148,446		391,878		414,398		108,738,296		—		3,492
EQ/Quality Bond PLUS Portfolio		236,157,718		5,878,175		6,959,757		240,164,872		—		(691,407	)
EQ/Small Company Index Portfolio		3,002,115		97,970		72,252		3,256,836		—		32,221
Multimanager Core Bond Portfolio		244,097,815		7,867,774		6,151,780		248,370,679		1,891,630		221,043
Multimanager International Equity Portfolio		15,549,475		391,878		302,808		15,696,864		—		115,081
Multimanager Large Cap Core Equity Portfolio		22,691,609		391,878		496,443		23,920,307		—		(78,553	)
Multimanager Large Cap Value Portfolio		53,871,523		685,787		1,088,147		57,276,887		—		(356,840	)
Multimanager Mid Cap Growth Portfolio		4,315,951		97,970		111,493		4,686,356		—		(7,020	)
Multimanager Mid Cap Value Portfolio		3,638,434		97,970		103,125		3,941,528		—		1,348
Multimanager Multi-Sector Bond Portfolio		98,344,482		1,763,452		2,818,313		100,259,032		—		(937,808	)

See Notes to Portfolio of Investments.

5

AXA PREMIER VIP TRUST

AXA CONSERVATIVE–PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain (Loss)
Multimanager Small Cap Value Portfolio	$	5,270,746	$	97,970	$	158,576	$	5,767,479	$	—	$	(54,103	)
	$	1,937,351,903	$	41,079,461	$	41,881,918	$	1,991,967,870	$	1,891,630	$	(92,919	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	1,991,967,870	$	—	$	1,991,967,870
Total Assets	$	—	$	1,991,967,870	$	—	$	1,991,967,870
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	1,991,967,870	$	—	$	1,991,967,870

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Investment Companies	$	41,079,461
Net Proceeds of Sales and Redemptions:
Investment Companies	$	41,788,999

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	147,055,945
Aggregate gross unrealized depreciation		(28,552,030	)
Net unrealized appreciation	$	118,503,915
Federal income tax cost of investments	$	1,873,463,955

See Notes to Portfolio of Investments.

6

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡		21,635,213	$	247,311,625
AXA Tactical Manager 400 Portfolio-II‡		31,991,436		370,167,044
AXA Tactical Manager 500 Portfolio-II‡		128,078,042		1,434,297,898
AXA Tactical Manager International Portfolio-II‡		75,381,010		762,936,803
EQ/AllianceBernstein International Portfolio‡		7,498,359		63,207,061
EQ/AllianceBernstein Small Cap Growth Portfolio‡		6,639,205		89,650,148
EQ/AXA Franklin Small Cap Value Core Portfolio‡		10,314,997		92,505,404
EQ/BlackRock Basic Value Equity Portfolio‡		10,017,920		130,460,153
EQ/BlackRock International Value Portfolio‡		6,950,648		77,336,249
EQ/Boston Advisors Equity Income Portfolio‡		29,811,287		146,634,924
EQ/Core Bond Index Portfolio‡		107,574,590		1,026,199,339
EQ/GAMCO Small Company Value Portfolio‡		2,256,543		72,474,610
EQ/Global Bond PLUS Portfolio‡		45,636,564		446,766,772
EQ/Global Multi-Sector Equity Portfolio‡		13,119,761		153,139,862
EQ/Intermediate Government Bond Index Portfolio‡		42,750,595		414,380,126
EQ/International Core PLUS Portfolio‡		12,107,953		110,132,050
EQ/International ETF Portfolio‡		12,756,524		89,286,342
EQ/International Growth Portfolio‡		13,276,256		76,696,165
EQ/Large Cap Core PLUS Portfolio‡		19,056,051		138,759,546
EQ/Large Cap Growth Index Portfolio‡		19,472,691		154,718,158
EQ/Large Cap Growth PLUS Portfolio‡		17,639,870		276,228,061
EQ/Large Cap Value PLUS Portfolio‡		39,690,708		386,596,436
EQ/Mid Cap Index Portfolio‡		3,845,850		28,255,046
EQ/PIMCO Ultra Short Bond Portfolio‡		54,820,241		545,672,980
EQ/Quality Bond PLUS Portfolio‡		119,762,363		1,100,319,933
EQ/Small Company Index Portfolio‡		3,822,802		35,004,113
Multimanager Core Bond Portfolio‡		111,725,666		1,162,165,909
Multimanager International Equity Portfolio‡		19,810,351		212,648,625
Multimanager Large Cap Core Equity Portfolio‡		13,414,692		129,339,008
Multimanager Large Cap Value Portfolio‡		26,937,773		249,797,283
Multimanager Mid Cap Growth Portfolio*‡		3,704,806		29,255,527
Multimanager Mid Cap Value Portfolio‡		1,808,553		15,923,937
Multimanager Multi-Sector Bond Portfolio‡		126,863,741		484,411,207
Multimanager Small Cap Growth Portfolio*‡		10,150,950		76,112,699
Multimanager Small Cap Value Portfolio‡		3,422,135		32,504,881
Total Investment Companies (100.0%) (Cost $10,335,371,472)				10,861,295,924
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau 0.000%, 4/1/10 (Amortized Cost $2,338,049)	$	2,338,049		2,338,049
Total Investments (100.0%) (Cost/Amortized Cost $10,337,709,521)				10,863,633,973
Other Assets Less Liabilities (0.0%)				1,247,855
Net Assets (100%)			$	10,864,881,828

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

7

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	231,355,933	$	1,605,684	$	5,106,473	$	247,311,625	$	—	$	312,197
AXA Tactical Manager 400 Portfolio-II		341,991,556		267,614		835,806		370,167,044		—		67,305
AXA Tactical Manager 500 Portfolio-II		1,373,799,749		4,460,234		14,118,654		1,434,297,898		—		933,206
AXA Tactical Manager International Portfolio-II		769,292,090		2,765,345		9,442,074		762,936,803		—		(109,920	)
EQ/AllianceBernstein International Portfolio		63,298,489		267,614		542,641		63,207,061		—		360,470
EQ/AllianceBernstein Small Cap Growth Portfolio		82,495,371		267,614		501,792		89,650,148		—		401,320
EQ/AXA Franklin Small Cap Value Core Portfolio		85,353,378		178,409		794,999		92,505,404		—		(192,924	)
EQ/BlackRock Basic Value Equity Portfolio		125,383,661		892,047		3,487,852		130,460,153		—		(477,480	)
EQ/BlackRock International Value Portfolio		78,097,868		356,819		1,916,981		77,336,249		—		(712,832	)
EQ/Boston Advisors Equity Income Portfolio		159,100,630		535,228		20,624,605		146,634,924		—		1,181,618
EQ/Core Bond Index Portfolio		1,018,700,444		3,835,802		12,453,663		1,026,199,339		—		490,937
EQ/GAMCO Small Company Value Portfolio		67,660,326		446,023		1,521,737		72,474,610		—		(16,551	)
EQ/Global Bond PLUS Portfolio		424,596,534		21,516,480		5,324,696		446,766,772		—		(207,063	)
EQ/Global Multi-Sector Equity Portfolio		150,273,043		624,433		2,625,144		153,139,862		—		(517,883	)
EQ/Intermediate Government Bond Index Portfolio		413,338,197		1,338,070		4,540,245		414,380,126		—		(24,687	)
EQ/International Core PLUS Portfolio		109,019,175		267,614		662,492		110,132,050		—		240,619
EQ/International ETF Portfolio		88,989,845		267,614		682,134		89,286,342		—		220,977
EQ/International Growth Portfolio		76,416,083		356,819		716,938		76,696,165		—		487,211
EQ/Large Cap Core PLUS Portfolio		132,249,923		446,023		962,722		138,759,546		—		542,464
EQ/Large Cap Growth Index Portfolio		168,930,318		535,228		15,051,743		154,718,158		—		6,754,480
EQ/Large Cap Growth PLUS Portfolio		265,923,225		892,047		2,239,734		276,228,061		—		770,638
EQ/Large Cap Value PLUS Portfolio		440,698,543		178,409		56,040,297		386,596,436		—		24,561,777
EQ/Mid Cap Index Portfolio		26,145,204		89,205		195,717		28,255,046		—		105,320
EQ/PIMCO Ultra Short Bond Portfolio		503,561,595		40,356,819		1,191,890		545,672,980		—		12,259
EQ/Quality Bond PLUS Portfolio		1,075,762,361		19,460,235		16,663,878		1,100,319,933		—		(1,612,018	)
EQ/Small Company Index Portfolio		32,440,947		89,205		197,312		35,004,113		—		103,725
Multimanager Core Bond Portfolio		1,111,118,341		53,331,458		15,116,572		1,162,165,909		8,871,224		(64,712	)
Multimanager International Equity Portfolio		212,218,974		713,638		3,647,952		212,648,625		—		(1,239,655	)
Multimanager Large Cap Core Equity Portfolio		123,670,186		446,023		1,947,356		129,339,008		—		(442,170	)
Multimanager Large Cap Value Portfolio		265,670,323		802,842		42,383,590		249,797,283		—		(9,674,255	)
Multimanager Mid Cap Growth Portfolio		27,132,679		89,205		425,818		29,255,527		—		(124,781	)
Multimanager Mid Cap Value Portfolio		19,698,619		89,205		5,649,747		15,923,937		—		(348,710	)

See Notes to Portfolio of Investments.

8

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain (Loss)
Multimanager Multi-Sector Bond Portfolio	$	438,288,593	$	41,427,275	$	6,825,044	$	484,411,207	$	—	$	(2,008,449	)
Multimanager Small Cap Growth Portfolio		71,175,071		267,614		1,048,864		76,112,699		—		(145,752	)
Multimanager Small Cap Value Portfolio		29,897,789		89,205		486,297		32,504,881		—		(185,260	)
	$	10,603,745,063	$	199,553,099	$	255,973,459	$	10,861,295,924	$	8,871,224	$	19,441,421

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	10,861,295,924	$	—	$	10,861,295,924
Short-Term Investments		—		2,338,049		—		2,338,049
Total Assets	$	—	$	10,863,633,973	$	—	$	10,863,633,973
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	10,863,633,973	$	—	$	10,863,633,973

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Investment Companies	$	199,553,099
Net Proceeds of Sales and Redemptions:
Investment Companies	$	275,414,880

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	788,457,533
Aggregate gross unrealized depreciation		(262,472,386	)
Net unrealized appreciation	$	525,985,147
Federal income tax cost of investments	$	10,337,648,826

See Notes to Portfolio of Investments.

9

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡		33,298,741	$	380,637,155
AXA Tactical Manager 400 Portfolio-II‡		45,599,615		527,624,785
AXA Tactical Manager 500 Portfolio-II‡		194,537,873		2,178,556,588
AXA Tactical Manager International Portfolio-II‡		112,361,149		1,137,215,537
EQ/AllianceBernstein International Portfolio‡		16,333,086		137,678,970
EQ/AllianceBernstein Small Cap Growth Portfolio‡		14,423,115		194,757,411
EQ/AXA Franklin Small Cap Value Core Portfolio‡		11,811,931		105,929,987
EQ/BlackRock Basic Value Equity Portfolio‡		15,240,246		198,468,823
EQ/BlackRock International Value Portfolio‡		14,651,275		163,017,130
EQ/Boston Advisors Equity Income Portfolio‡		41,144,670		202,381,251
EQ/Core Bond Index Portfolio‡		88,134,812		840,755,101
EQ/GAMCO Small Company Value Portfolio‡		2,796,060		89,802,595
EQ/Global Multi-Sector Equity Portfolio‡		17,036,197		198,854,299
EQ/Intermediate Government Bond Index Portfolio‡		37,789,200		366,289,482
EQ/International Core PLUS Portfolio‡		17,917,811		162,977,615
EQ/International ETF Portfolio‡		18,480,827		129,352,278
EQ/International Growth Portfolio‡		29,282,458		169,163,066
EQ/Large Cap Core PLUS Portfolio‡		25,116,871		182,892,332
EQ/Large Cap Growth Index Portfolio‡		34,516,443		274,246,664
EQ/Large Cap Growth PLUS Portfolio‡		26,309,359		411,986,210
EQ/Large Cap Value PLUS Portfolio‡		54,219,043		528,105,689
EQ/Mid Cap Index Portfolio‡		4,996,139		36,706,092
EQ/PIMCO Ultra Short Bond Portfolio‡		33,152,665		329,996,975
EQ/Quality Bond PLUS Portfolio‡		87,038,841		799,671,690
EQ/Small Company Index Portfolio‡		3,383,890		30,985,146
Multimanager Core Bond Portfolio‡		93,165,467		969,103,465
Multimanager International Equity Portfolio‡		26,956,635		289,358,384
Multimanager Large Cap Core Equity Portfolio‡		29,083,426		280,410,577
Multimanager Large Cap Value Portfolio‡		49,958,035		463,267,011
Multimanager Mid Cap Growth Portfolio*‡		4,586,880		36,220,957
Multimanager Mid Cap Value Portfolio‡		4,025,381		35,442,658
Multimanager Small Cap Growth Portfolio*‡		25,505,179		191,240,026
Multimanager Small Cap Value Portfolio‡		17,024,940		161,710,058
Total Investment Companies (100.1%) (Cost $11,212,784,234)				12,204,806,007
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau 0.000%, 4/1/10 (Amortized Cost $2,137,413)	$	2,137,413		2,137,413
Total Investments (100.1%) (Cost/Amortized Cost $11,214,921,647)				12,206,943,420
Other Assets Less Liabilities (-0.1%)				(14,351,087	)
Net Assets (100%)			$	12,192,592,333

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

10

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	355,943,575	$	5,013,075	$	10,026,510	$	380,637,155	$	—	$	483,952
AXA Tactical Manager 400 Portfolio-II		487,128,578		501,307		982,675		527,624,785		—		68,371
AXA Tactical Manager 500 Portfolio-II		2,085,083,774		12,699,790		25,305,283		2,178,556,588		—		1,321,219
AXA Tactical Manager International Portfolio-II		1,144,586,479		6,684,100		14,432,009		1,137,215,537		—		(418,060	)
EQ/AllianceBernstein International Portfolio		137,454,992		835,512		1,072,447		137,678,970		—		679,297
EQ/AllianceBernstein Small Cap Growth Portfolio		179,367,217		1,336,820		1,578,209		194,757,411		—		1,224,580
EQ/AXA Franklin Small Cap Value Core Portfolio		97,636,832		334,205		822,764		105,929,987		—		(122,066	)
EQ/BlackRock Basic Value Equity Portfolio		189,623,746		1,838,128		4,837,069		198,468,823		—		(983,233	)
EQ/BlackRock International Value Portfolio		163,786,455		835,513		2,542,968		163,017,130		—		(791,224	)
EQ/Boston Advisors Equity Income Portfolio		192,373,334		1,169,718		2,401,064		202,381,251		—		51,377
EQ/Core Bond Index Portfolio		832,990,511		5,347,280		10,756,875		840,755,101		—		454,284
EQ/GAMCO Small Company Value Portfolio		83,667,565		1,002,615		2,190,763		89,802,595		—		(88,671	)
EQ/Global Multi-Sector Equity Portfolio		194,743,947		1,336,820		5,532,183		198,854,299		—		(2,729,394	)
EQ/Intermediate Government Bond Index Portfolio		364,928,925		2,172,332		4,567,806		366,289,482		—		(13,273	)
EQ/International Core PLUS Portfolio		161,361,209		835,513		1,309,084		162,977,615		—		442,659
EQ/International ETF Portfolio		128,972,948		835,513		1,347,921		129,352,278		—		403,823
EQ/International Growth Portfolio		167,618,615		835,512		1,059,735		169,163,066		—		692,009
EQ/Large Cap Core PLUS Portfolio		174,059,773		1,002,615		1,361,432		182,892,332		—		740,660
EQ/Large Cap Growth Index Portfolio		263,926,486		1,336,820		2,003,657		274,246,664		—		799,133
EQ/Large Cap Growth PLUS Portfolio		395,935,831		2,172,333		3,719,635		411,986,210		—		834,898
EQ/Large Cap Value PLUS Portfolio		496,332,984		334,205		419,023		528,105,689		—		281,674
EQ/Mid Cap Index Portfolio		33,879,918		167,102		229,987		36,706,092		—		120,361
EQ/PIMCO Ultra Short Bond Portfolio		328,857,253		668,410		1,392,841		329,996,975		—		8,554
EQ/Quality Bond PLUS Portfolio		790,773,312		5,347,280		12,419,114		799,671,690		—		(1,207,955	)
EQ/Small Company Index Portfolio		28,911,640		334,205		450,306		30,985,146		—		250,391
Multimanager Core Bond Portfolio		956,977,192		13,083,731		11,705,847		969,103,465		7,402,246		206,009
Multimanager International Equity Portfolio		288,002,673		1,336,820		4,325,330		289,358,384		—		(1,522,540	)
Multimanager Large Cap Core Equity Portfolio		266,964,994		1,002,615		2,858,455		280,410,577		—		(756,362	)
Multimanager Large Cap Value Portfolio		437,591,383		1,838,128		6,206,922		463,267,011		—		(2,353,086	)
Multimanager Mid Cap Growth Portfolio		33,522,212		167,103		483,876		36,220,957		—		(133,527	)
Multimanager Mid Cap Value Portfolio		32,869,979		167,103		385,149		35,442,658		—		(34,800	)
Multimanager Small Cap Growth Portfolio		178,775,741		1,336,820		3,147,018		191,240,026		—		(344,228	)

See Notes to Portfolio of Investments.

11

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain (Loss)
Multimanager Small Cap Value Portfolio	$	148,067,770	$	334,205	$	1,093,066	$	161,710,058	$	—	$	(392,369	)
	$	11,822,717,843	$	74,243,248	$	142,967,023	$	12,204,806,007	$	7,402,246	$	(2,827,537	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	12,204,806,007	$	—	$	12,204,806,007
Short-Term Investments		—		2,137,413		—		2,137,413
Total Assets	$	—	$	12,206,943,420	$	—	$	12,206,943,420
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	12,206,943,420	$	—	$	12,206,943,420

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Investment Companies	$	74,243,248
Net Proceeds of Sales and Redemptions:
Investment Companies	$	140,139,486

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,209,783,849
Aggregate gross unrealized depreciation		(217,921,077	)
Net unrealized appreciation	$	991,862,772
Federal income tax cost of investments	$	11,215,080,648

See Notes to Portfolio of Investments.

12

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II‡	19,672,752	$	224,878,781
AXA Tactical Manager 400 Portfolio-II‡	11,878,981		137,449,516
AXA Tactical Manager 500 Portfolio-II‡	73,674,113		825,048,728
AXA Tactical Manager International Portfolio-II‡	39,033,216		395,058,079
EQ/AllianceBernstein International Portfolio‡	8,197,082		69,096,910
EQ/AllianceBernstein Small Cap Growth Portfolio‡	5,381,644		72,669,122
EQ/AXA Franklin Small Cap Value Core Portfolio‡	4,192,659		37,599,973
EQ/BlackRock Basic Value Equity Portfolio‡	5,734,285		74,675,749
EQ/BlackRock International Value Portfolio‡	7,852,522		87,370,934
EQ/Boston Advisors Equity Income Portfolio‡	11,097,341		54,585,289
EQ/Core Bond Index Portfolio‡	7,542,560		71,951,658
EQ/GAMCO Small Company Value Portfolio‡	2,219,005		71,269,004
EQ/Global Multi-Sector Equity Portfolio‡	6,438,542		75,153,611
EQ/Intermediate Government Bond Index Portfolio‡	2,428,060		23,535,107
EQ/International Core PLUS Portfolio‡	4,985,096		45,343,659
EQ/International ETF Portfolio‡	5,527,639		38,689,436
EQ/International Growth Portfolio‡	14,700,986		84,926,749
EQ/Large Cap Core PLUS Portfolio‡	9,641,354		70,204,992
EQ/Large Cap Growth Index Portfolio‡	13,184,477		104,755,836
EQ/Large Cap Growth PLUS Portfolio‡	10,349,221		162,061,587
EQ/Large Cap Value PLUS Portfolio‡	23,558,774		229,467,765
EQ/Mid Cap Index Portfolio‡	2,256,005		16,574,628
EQ/PIMCO Ultra Short Bond Portfolio‡	2,868,383		28,551,484
EQ/Quality Bond PLUS Portfolio‡	7,279,714		66,882,567
EQ/Small Company Index Portfolio‡	572,535		5,242,507
Multimanager Core Bond Portfolio‡	6,829,226		71,037,332
Multimanager International Equity Portfolio‡	4,245,775		45,575,077
Multimanager Large Cap Core Equity Portfolio‡	11,130,759		107,318,254
Multimanager Large Cap Value Portfolio‡	20,421,851		189,374,341
Multimanager Mid Cap Growth Portfolio*‡	712,768		5,628,476
Multimanager Mid Cap Value Portfolio‡	935,766		8,239,232
Multimanager Small Cap Growth Portfolio*‡	8,496,976		63,711,058
Multimanager Small Cap Value Portfolio‡	674,946		6,410,923
Total Investment Companies (100.0%) (Cost $3,145,763,781)			3,570,338,364

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.4%)
JPMorgan Chase Nassau 0.000%, 4/1/10 (Amortized Cost $13,392,915)	$	13,392,915	$	13,392,915
Total Investments (100.4%) (Cost/Amortized Cost $3,159,156,696)				3,583,731,279
Other Assets Less Liabilities (-0.4%)				(12,628,898	)
Net Assets (100%)			$	3,571,102,381

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

13

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain  (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	147,039,409	$	63,106,821	$	4,907,355	$	224,878,781	$	—	$	133,563
AXA Tactical Manager 400 Portfolio-II		201,196,199		469,755		70,171,587		137,449,516		—		2,216,176
AXA Tactical Manager 500 Portfolio-II		782,071,711		15,971,685		12,673,888		825,048,728		—		510,053
AXA Tactical Manager International Portfolio-II		393,730,203		7,829,257		6,698,446		395,058,079		—		(235,730	)
EQ/AllianceBernstein International Portfolio		68,311,907		1,252,681		628,157		69,096,910		—		405,877
EQ/AllianceBernstein Small Cap Growth Portfolio		66,228,475		1,252,681		594,893		72,669,122		—		439,142
EQ/AXA Franklin Small Cap Value Core Portfolio		34,471,978		469,755		495,782		37,599,973		—		(108,019	)
EQ/BlackRock Basic Value Equity Portfolio		70,357,616		1,565,852		1,484,585		74,675,749		—		(192,042	)
EQ/BlackRock International Value Portfolio		87,063,514		1,252,681		1,800,921		87,370,934		—		(766,886	)
EQ/Boston Advisors Equity Income Portfolio		51,385,599		1,096,096		872,056		54,585,289		—		32,724
EQ/Core Bond Index Portfolio		70,498,350		1,722,437		1,357,918		71,951,658		—		63,880
EQ/GAMCO Small Company Value Portfolio		49,911,220		15,939,511		805,916		71,269,004		—		(30,391	)
EQ/Global Multi-Sector Equity Portfolio		72,797,975		1,565,852		2,102,280		75,153,611		—		(809,736	)
EQ/Intermediate Government Bond Index Portfolio		23,242,737		313,170		257,210		23,535,107		—		1,298
EQ/International Core PLUS Portfolio		44,491,513		939,511		569,951		45,343,659		—		205,575
EQ/International ETF Portfolio		38,170,238		782,926		500,544		38,689,436		—		145,728
EQ/International Growth Portfolio		83,479,326		1,252,681		629,979		84,926,749		—		404,055
EQ/Large Cap Core PLUS Portfolio		66,175,802		1,565,852		832,695		70,204,992		—		459,848
EQ/Large Cap Growth Index Portfolio		100,001,878		1,722,437		1,028,584		104,755,836		—		393,213
EQ/Large Cap Growth PLUS Portfolio		154,419,349		2,661,948		1,676,615		162,061,587		—		520,709
EQ/Large Cap Value PLUS Portfolio		215,457,296		313,170		157,510		229,467,765		—		100,999
EQ/Mid Cap Index Portfolio		15,195,959		156,585		86,441		16,574,628		—		42,814
EQ/PIMCO Ultra Short Bond Portfolio		28,335,495		313,170		256,303		28,551,484		—		2,205
EQ/Quality Bond PLUS Portfolio		65,442,873		1,252,681		1,111,976		66,882,567		—		(77,941	)
EQ/Small Company Index Portfolio		4,794,222		313,170		173,190		5,242,507		—		85,319
Multimanager Core Bond Portfolio		69,406,183		2,258,891		1,417,917		71,037,332		536,455		3,880
Multimanager International Equity Portfolio		44,914,608		1,409,266		928,768		45,575,077		—		234,521
Multimanager Large Cap Core Equity Portfolio		101,493,167		1,879,022		2,159,257		107,318,254		—		(608,206	)
Multimanager Large Cap Value Portfolio		177,707,317		2,505,362		3,428,047		189,374,341		—		(1,359,978	)
Multimanager Mid Cap Growth Portfolio		5,162,866		156,585		143,997		5,628,476		—		(14,743	)
Multimanager Mid Cap Value Portfolio		7,579,596		156,585		131,227		8,239,232		—		(1,973	)
Multimanager Small Cap Growth Portfolio		58,912,710		1,252,681		1,141,017		63,711,058		—		(106,982	)

See Notes to Portfolio of Investments.

14

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain  (Loss)
Multimanager Small Cap Value Portfolio	$	5,807,052	$	469,756	$	514,489	$	6,410,923	$	—	$	(126,726	)
	$	3,405,254,343	$	135,170,513	$	121,739,501	$	3,570,338,364	$	536,455	$	1,962,226

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets  for identical securities		Level 2 Significant other observable  inputs (including quoted prices for similar  securities, interest rates, prepayment  speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including  the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	3,570,338,364	$	—	$	3,570,338,364
Short-Term Investments		—		13,392,915		—		13,392,915
Total Assets	$	—	$	3,583,731,279	$	—	$	3,583,731,279
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	3,583,731,279	$	—	$	3,583,731,279

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Investment Companies	$	135,170,513
Net Proceeds of Sales and Redemptions:
Investment Companies	$	123,701,727

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	472,972,871
Aggregate gross unrealized depreciation		(48,640,769	)
Net unrealized appreciation	$	424,332,102
Federal income tax cost of investments	$	3,159,399,177

See Notes to Portfolio of Investments.

15

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.0%)
Auto Components (0.3%)
Amerigon, Inc.*^	1,800	$	18,198
BorgWarner, Inc.*	11,673		445,675
Drew Industries, Inc.*	1,400		30,828
Fuel Systems Solutions, Inc.*^	1,800		57,528
Gentex Corp.^	16,200		314,604
Goodyear Tire & Rubber Co.*	26,193		331,079
Johnson Controls, Inc.	69,641		2,297,457
Raser Technologies, Inc.*^	2,500		2,500
TRW Automotive Holdings Corp.*^	1,700		48,586
			3,546,455
Automobiles (0.1%)
Ford Motor Co.*^	69,100		868,587
Thor Industries, Inc.	1,900		57,399
			925,986
Distributors (0.0%)
LKQ Corp.*	16,218		329,226
Diversified Consumer Services (0.3%)
American Public Education, Inc.*^	1,643		76,564
Apollo Group, Inc., Class A*	14,783		906,050
Bridgepoint Education, Inc.*^	1,425		35,027
Brink’s Home Security Holdings, Inc.*	5,315		226,153
Capella Education Co.*^	1,700		157,828
Career Education Corp.*^	6,900		218,316
ChinaCast Education Corp.*	3,085		22,551
Coinstar, Inc.*^	3,600		117,000
Corinthian Colleges, Inc.*^	9,200		161,828
DeVry, Inc.	7,046		459,399
Grand Canyon Education, Inc.*	2,000		52,280
H&R Block, Inc.	37,095		660,291
Hillenbrand, Inc.^	2,008		44,156
ITT Educational Services, Inc.*^	4,200		472,416
K12, Inc.*^	2,197		48,796
Learning Tree International, Inc.*^	700		9,849
Lincoln Educational Services Corp.*^	1,300		32,890
Matthews International Corp., Class A^	3,600		127,800
Pre-Paid Legal Services, Inc.*^	600		22,710
Princeton Review, Inc.*^	1,100		3,839
Sotheby’s, Inc.	6,600		205,194
Steiner Leisure Ltd.*	800		35,456
Strayer Education, Inc.^	1,600		389,632
Universal Technical Institute, Inc.*^	1,961		44,750
Weight Watchers International, Inc.^	268		6,842
			4,537,617
Hotels, Restaurants & Leisure (2.5%)
AFC Enterprises, Inc.*^	1,100		11,803
Ambassadors Group, Inc.^	1,500		16,575
Ameristar Casinos, Inc.^	2,398		43,692
Bally Technologies, Inc.*^	5,735		232,497
BJ’s Restaurants, Inc.*^	2,700		62,910
Brinker International, Inc.^	11,000		212,080
Buffalo Wild Wings, Inc.*^	2,200		105,842
Burger King Holdings, Inc.	12,340		262,348
California Pizza Kitchen, Inc.*	1,300		21,827
Carnival Corp.	21,778		846,729
CEC Entertainment, Inc.*	2,094		79,760
Chipotle Mexican Grill, Inc.*	3,700		416,879
Choice Hotels International, Inc.^	900		31,329
CKE Restaurants, Inc.	4,200		46,494
Cracker Barrel Old Country Store, Inc.	2,100		97,398
Ctrip.com International Ltd. (ADR)*	38,086		1,492,971
Darden Restaurants, Inc.	15,500		690,370
Denny’s Corp.*	7,700		29,568
DineEquity, Inc.*^	2,200		86,966
Dover Downs Gaming & Entertainment, Inc.	1,100		4,356
Einstein Noah Restaurant Group, Inc.*	200		2,430
Great Wolf Resorts, Inc.*^	200		636
Hyatt Hotels Corp., Class A*^	2,600		101,296
International Game Technology^	26,753		493,593
Interval Leisure Group, Inc.*^	3,592		52,300
Isle of Capri Casinos, Inc.*^	1,649		12,829
Jack in the Box, Inc.*^	6,706		157,926
Krispy Kreme Doughnuts, Inc.*	4,600		18,492
Las Vegas Sands Corp.*^	24,373		515,489
Life Time Fitness, Inc.*	296		8,318
Marriott International, Inc., Class A^	15,998		504,257
McDonald’s Corp.	220,183		14,690,610
MGM MIRAGE*^	10,769		129,228
Monarch Casino & Resort, Inc.*	400		3,416
Morgans Hotel Group Co.*^	1,800		11,538
P.F. Chang’s China Bistro, Inc.*^	2,900		127,977
Panera Bread Co., Class A*	3,200		244,768
Papa John’s International, Inc.*	1,400		35,994
Peet’s Coffee & Tea, Inc.*	1,100		43,615
Pinnacle Entertainment, Inc.*	3,134		30,525
Royal Caribbean Cruises Ltd.*	4,819		158,979
Ruth’s Hospitality Group, Inc.*^	900		4,770
Scientific Games Corp., Class A*^	7,600		107,008
Shuffle Master, Inc.*^	7,000		57,330
Sonic Corp.*	6,900		76,245
Starbucks Corp.*^	81,020		1,966,355
Starwood Hotels & Resorts Worldwide, Inc.	3,574		166,691
Texas Roadhouse, Inc.*^	6,300		87,507
Town Sports International Holdings, Inc.*	1,400		5,474
Wendy’s/Arby’s Group, Inc., Class A^	17,810		89,050
WMS Industries, Inc.*^	5,200		218,088
Wyndham Worldwide Corp.	8,500		218,705
Wynn Resorts Ltd.	41,397		3,139,134
Yum! Brands, Inc.	153,602		5,887,565
			34,160,532
Household Durables (0.1%)
Garmin Ltd.^	10,698		411,659
Harman International Industries, Inc.*	3,800		177,764
iRobot Corp.*^	1,500		22,740
Leggett & Platt, Inc.^	11,230		243,017
M.D.C. Holdings, Inc.^	1,352		46,793
National Presto Industries, Inc.^	459		54,580
Newell Rubbermaid, Inc.^	4,198		63,809
Pulte Group, Inc.*^	4,000		45,000
Tempur-Pedic International, Inc.*^	8,868		267,459
Tupperware Brands Corp.	7,200		347,184
Universal Electronics, Inc.*	1,100		24,574
			1,704,579
Internet & Catalog Retail (2.4%)
1-800-FLOWERS.COM, Inc., Class A*	2,100		5,271
Amazon.com, Inc.*	150,973		20,491,565
Blue Nile, Inc.*^	1,500		82,530
Drugstore.Com, Inc.*^	6,800		24,276
Expedia, Inc.	19,082		476,287
HSN, Inc.*	3,758		110,636

See Notes to Portfolio of Investments.

16

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Liberty Media Corp. - Interactive, Class A*	180,295	$	2,760,316
Netflix, Inc.*^	19,500		1,437,930
NutriSystem, Inc.^	2,500		44,525
Orbitz Worldwide, Inc.*^	200		1,422
Overstock.com, Inc.*^	1,300		21,125
PetMed Express, Inc.^	1,900		42,123
priceline.com, Inc.*	29,312		7,474,560
			32,972,566
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	8,575		328,251
Leapfrog Enterprises, Inc.*	2,700		17,685
Mattel, Inc.	30,283		688,635
Pool Corp.^	3,200		72,448
Smith & Wesson Holding Corp.*^	8,200		30,996
Sturm Ruger & Co., Inc.^	1,838		22,038
			1,160,053
Media (3.5%)
Arbitron, Inc.^	2,200		58,652
Cablevision Systems Corp. - New York Group, Class A	391,990		9,462,639
CBS Corp., Class B	33,880		472,287
Cinemark Holdings, Inc.	2,852		52,306
CKX, Inc.*^	5,499		33,709
Comcast Corp., Class A	663,605		11,976,652
Crown Media Holdings, Inc., Class A*^	400		768
CTC Media, Inc.	4,479		77,128
DIRECTV, Class A*	216,854		7,331,834
Discovery Communications, Inc., Class C*	28,541		839,391
Dolan Media Co.*^	2,100		22,827
Global Sources Ltd.*	1,540		10,025
Interactive Data Corp.	1,400		44,800
Liberty Global, Inc., Class A*	12,195		355,606
Liberty Media Corp. - Starz*	16,636		909,657
Liberty Media Corp., Capital Series, Class A*	97,255		3,537,164
Live Nation Entertainment, Inc.*	5,562		80,649
Madison Square Garden, Inc., Class A*	97,997		2,129,475
Martha Stewart Living Omnimedia, Inc., Class A*	2,100		11,718
McGraw-Hill Cos., Inc.^	34,535		1,231,173
Morningstar, Inc.*^	2,360		113,492
National CineMedia, Inc.^	224		3,866
Omnicom Group, Inc.^	34,313		1,331,688
Playboy Enterprises, Inc., Class B*	1,000		3,660
RCN Corp.*	4,900		73,892
Regal Entertainment Group, Class A	3,827		67,240
Rentrak Corp.*^	1,400		30,170
Scripps Networks Interactive, Inc., Class A	6,066		269,027
Valassis Communications, Inc.*	3,800		105,754
Value Line, Inc.	100		2,309
Viacom, Inc., Class B*	33,530		1,152,761
Walt Disney Co.	159,031		5,551,772
Warner Music Group Corp.*^	1,100		7,601
World Wrestling Entertainment, Inc., Class A^	42,700		738,710
			48,090,402
Multiline Retail (0.6%)
99 Cents Only Stores*	3,796		61,875
Big Lots, Inc.*	775		28,225
Dollar General Corp.*	1,900		47,975
Dollar Tree, Inc.*	10,200		604,044
Family Dollar Stores, Inc.	16,103		589,531
Fred’s, Inc., Class A^	1,345		16,113
Kohl’s Corp.*	31,333		1,716,422
Nordstrom, Inc.	18,673		762,792
Target Corp.	82,892		4,360,119
			8,187,096
Specialty Retail (1.4%)
Abercrombie & Fitch Co., Class A	4,700		214,508
Advance Auto Parts, Inc.^	10,900		456,928
Aeropostale, Inc.*^	11,550		332,987
American Eagle Outfitters, Inc.	19,527		361,640
America’s Car-Mart, Inc.*^	900		21,708
AutoZone, Inc.*	3,314		573,620
Barnes & Noble, Inc.^	855		18,485
bebe Stores, Inc.^	3,400		30,260
Bed Bath & Beyond, Inc.*	29,005		1,269,259
Best Buy Co., Inc.	37,098		1,578,149
Big 5 Sporting Goods Corp.^	2,169		33,012
Buckle, Inc.^	2,900		106,604
CarMax, Inc.*^	18,040		453,165
Cato Corp., Class A	2,606		55,873
Chico’s FAS, Inc.^	19,277		277,974
Children’s Place Retail Stores, Inc.*^	2,181		97,164
Christopher & Banks Corp.	1,900		15,200
Citi Trends, Inc.*^	1,200		38,928
Coldwater Creek, Inc.*^	4,600		31,924
Collective Brands, Inc.*	2,656		60,397
Dick’s Sporting Goods, Inc.*	10,000		261,100
Dress Barn, Inc.*	2,252		58,912
DSW, Inc., Class A*	600		15,318
Finish Line, Inc., Class A	1,100		17,952
Foot Locker, Inc.	8,309		124,967
GameStop Corp., Class A*^	16,440		360,200
Gap, Inc.	46,605		1,077,042
Guess?, Inc.^	6,700		314,766
Gymboree Corp.*	2,700		139,401
hhgregg, Inc.*^	1,000		25,240
Hibbett Sports, Inc.*^	3,500		89,530
Home Depot, Inc.	12,989		420,194
HOT Topic, Inc.*	2,820		18,330
J. Crew Group, Inc.*^	5,818		267,046
Jo-Ann Stores, Inc.*	1,047		43,953
JoS. A. Bank Clothiers, Inc.*^	2,182		119,246
Kirkland’s, Inc.*	1,900		39,900
Limited Brands, Inc.^	20,200		497,324
Lowe’s Cos., Inc.	50,793		1,231,222
Lumber Liquidators Holdings, Inc.*^	2,000		53,340
Men’s Wearhouse, Inc.^	500		11,970
Midas, Inc.*^	1,100		12,408
Office Depot, Inc.*	5,256		41,943
OfficeMax, Inc.*^	5,363		88,060
O’Reilly Automotive, Inc.*^	14,783		616,599
Penske Automotive Group, Inc.*^	1,421		20,491
PetSmart, Inc.	13,700		437,852
RadioShack Corp.	1,690		38,245
Ross Stores, Inc.^	13,800		737,886
Sally Beauty Holdings, Inc.*^	1,963		17,510
Sherwin-Williams Co.^	9,273		627,597
Staples, Inc.^	78,592		1,838,267
Stein Mart, Inc.*^	2,598		23,460
Systemax, Inc.^	400		8,696
Tiffany & Co.	12,939		614,473
TJX Cos., Inc.	45,675		1,942,101
Tractor Supply Co.	4,141		240,385

See Notes to Portfolio of Investments.

17

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Ulta Salon Cosmetics & Fragrance, Inc.*	3,400	$	76,908
Urban Outfitters, Inc.*^	13,852		526,792
Wet Seal, Inc., Class A*^	7,500		35,700
Williams-Sonoma, Inc.	3,580		94,118
Zumiez, Inc.*^	1,600		32,784
			19,287,013
Textiles, Apparel & Luxury Goods (0.7%)
American Apparel, Inc.*	2,700		8,181
Carter’s, Inc.*	5,240		157,986
Cherokee, Inc.^	300		5,400
Coach, Inc.	34,814		1,375,849
Crocs, Inc.*^	3,900		34,203
Fuqi International, Inc.*^	1,700		18,530
G-III Apparel Group Ltd.*^	700		19,292
Hanesbrands, Inc.*^	10,800		300,456
K-Swiss, Inc., Class A*	2,400		25,104
Liz Claiborne, Inc.*^	6,868		51,029
Lululemon Athletica, Inc.*^	4,851		201,316
Maidenform Brands, Inc.*^	2,500		54,625
NIKE, Inc., Class B	94,201		6,923,774
Oxford Industries, Inc.^	1,300		26,429
Polo Ralph Lauren Corp.	5,868		499,015
Steven Madden Ltd.*	1,479		72,175
Timberland Co., Class A*	2,670		56,978
True Religion Apparel, Inc.*^	2,344		71,164
Under Armour, Inc., Class A*^	3,900		114,699
Volcom, Inc.*^	1,500		29,280
Warnaco Group, Inc.*	5,300		252,863
Weyco Group, Inc.^	300		7,056
			10,305,404
Total Consumer Discretionary			165,206,929
Consumer Staples (9.3%)
Beverages (2.8%)
Boston Beer Co., Inc., Class A*^	700		36,582
Brown-Forman Corp., Class B^	8,600		511,270
Coca-Cola Bottling Co. Consolidated^	300		17,598
Coca-Cola Co.	195,523		10,753,765
Coca-Cola Enterprises, Inc.	28,636		792,071
Diageo plc (ADR)	87,100		5,874,895
Hansen Natural Corp.*	7,700		334,026
Molson Coors Brewing Co., Class B	714		30,031
National Beverage Corp.^	100		1,112
PepsiCo, Inc.	304,180		20,124,549
			38,475,899
Food & Staples Retailing (2.1%)
Arden Group, Inc., Class A^	100		10,628
BJ’s Wholesale Club, Inc.*^	940		34,771
Costco Wholesale Corp.	110,390		6,591,387
CVS Caremark Corp.	49,262		1,801,019
Kroger Co.	60,597		1,312,531
Pantry, Inc.*^	300		3,747
Pricesmart, Inc.^	1,200		27,900
Ruddick Corp.^	1,100		34,804
Sysco Corp.	64,939		1,915,700
Village Super Market, Inc., Class A	635		17,799
Walgreen Co.	108,388		4,020,111
Wal-Mart Stores, Inc.	237,619		13,211,616
Whole Foods Market, Inc.*^	10,564		381,889
			29,363,902
Food Products (0.9%)
AgFeed Industries, Inc.*^	1,600		7,024
Alico, Inc.	200		5,050
American Dairy, Inc.*^	1,300		24,895
American Italian Pasta Co., Class A*	1,407		54,690
Archer-Daniels-Midland Co.^	39,608		1,144,671
Calavo Growers, Inc.^	800		14,592
Cal-Maine Foods, Inc.^	1,000		33,890
Campbell Soup Co.^	14,550		514,342
Darling International, Inc.*^	10,200		91,392
Dean Foods Co.*^	20,740		325,411
Diamond Foods, Inc.^	1,300		54,652
General Mills, Inc.	14,838		1,050,382
Green Mountain Coffee Roasters, Inc.*	3,900		377,598
H.J. Heinz Co.	27,964		1,275,438
Hain Celestial Group, Inc.*^	400		6,940
Hershey Co.	9,713		415,814
Hormel Foods Corp.^	700		29,407
HQ Sustainable Maritime Industries, Inc.*^	500		3,000
J&J Snack Foods Corp.^	1,314		57,120
Kellogg Co.	28,103		1,501,543
Kraft Foods, Inc., Class A	26,830		811,339
Lifeway Foods, Inc.*	400		4,748
McCormick & Co., Inc.(Non- Voting)^	14,149		542,756
Mead Johnson Nutrition Co., Class A^	58,670		3,052,600
Sara Lee Corp.	19,854		276,566
Smart Balance, Inc.*	3,900		25,272
Synutra International, Inc.*^	2,500		56,525
Zhongpin, Inc.*^	1,500		19,050
			11,776,707
Household Products (2.1%)
Church & Dwight Co., Inc.^	8,000		535,600
Clorox Co.	13,437		861,849
Colgate-Palmolive Co.^	54,600		4,655,196
Energizer Holdings, Inc.*^	6,611		414,906
Kimberly-Clark Corp.	39,653		2,493,381
Procter & Gamble Co.^	309,057		19,554,037
WD-40 Co.	1,500		49,245
			28,564,214
Personal Products (0.2%)
Alberto-Culver Co.	8,399		219,634
American Oriental Bioengineering, Inc.*^	226		922
Avon Products, Inc.	47,060		1,593,922
China Sky One Medical, Inc.*	600		9,426
Estee Lauder Cos., Inc., Class A^	12,014		779,348
Herbalife Ltd.	7,100		327,452
Inter Parfums, Inc.	100		1,482
Medifast, Inc.*	1,600		40,208
USANA Health Sciences, Inc.*^	500		15,705
			2,988,099
Tobacco (1.2%)
Alliance One International, Inc.*^	5,200		26,468
Altria Group, Inc.	227,686		4,672,117
Lorillard, Inc.	16,417		1,235,215
Philip Morris International, Inc.	210,815		10,996,110
Star Scientific, Inc.*^	1,100		2,805
Vector Group Ltd.	4,835		74,604
			17,007,319
Total Consumer Staples			128,176,140
Energy (6.5%)
Energy Equipment & Services (3.1%)
Bolt Technology Corp.*^	700		7,917

See Notes to Portfolio of Investments.

18

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Cal Dive International, Inc.*	300	$	2,199
Cameron International Corp.*	24,266		1,040,041
Diamond Offshore Drilling, Inc.^	7,478		664,121
Dresser-Rand Group, Inc.*	9,600		301,632
Dril-Quip, Inc.*^	3,400		206,856
ENGlobal Corp.*	2,200		6,094
Exterran Holdings, Inc.*^	2,709		65,477
FMC Technologies, Inc.*^	39,350		2,543,190
Geokinetics, Inc.*	200		1,442
Gulfmark Offshore, Inc., Class A*^	1,600		42,480
Halliburton Co.	135,950		4,096,174
Helmerich & Payne, Inc.	3,819		145,428
Lufkin Industries, Inc.^	1,216		96,246
National Oilwell Varco, Inc.	142,481		5,781,879
Oceaneering International, Inc.*^	6,300		399,987
Patterson-UTI Energy, Inc.	1,881		26,278
PHI, Inc.*	700		14,826
Pioneer Drilling Co.*	500		3,520
Pride International, Inc.*	9,457		284,750
Rowan Cos., Inc.*	1,683		48,992
RPC, Inc.	2,400		26,712
Schlumberger Ltd.	59,847		3,797,891
Seahawk Drilling, Inc.*^	457		8,614
Smith International, Inc.	15,038		643,927
Sulphco, Inc.*^	4,700		1,363
TETRA Technologies, Inc.*^	3,406		41,621
Transocean Ltd.*^	143,261		12,374,885
Weatherford International Ltd.*	601,570		9,540,900
Willbros Group, Inc.*	4,800		57,648
			42,273,090
Oil, Gas & Consumable Fuels (3.4%)
Alpha Natural Resources, Inc.*^	13,010		649,069
Anadarko Petroleum Corp.	267,132		19,455,223
Apco Oil and Gas International, Inc.^	1,200		32,472
Arena Resources, Inc.*^	4,500		150,300
Atlas Energy, Inc.*	3,089		96,130
ATP Oil & Gas Corp.*	1,100		20,691
BPZ Resources, Inc.*^	9,200		67,620
Brigham Exploration Co.*^	4,998		79,718
Carrizo Oil & Gas, Inc.*^	3,400		78,030
Cheniere Energy, Inc.*^	3,100		9,579
Clean Energy Fuels Corp.*^	4,600		104,788
CNX Gas Corp.*^	3,000		114,150
Cobalt International Energy, Inc.*	67,800		922,080
Comstock Resources, Inc.*	314		9,985
Consol Energy, Inc.	19,788		844,156
Contango Oil & Gas Co.*^	1,100		56,265
Continental Resources, Inc.*	1,937		82,419
Delta Petroleum Corp.*^	17,400		24,534
Denbury Resources, Inc.*	176,077		2,970,419
El Paso Corp.	22,640		245,418
Endeavour International Corp.*	9,200		11,684
Evergreen Energy, Inc.*^	10,000		1,800
EXCO Resources, Inc.	65,500		1,203,890
Exxon Mobil Corp.	134,831		9,030,980
Forest Oil Corp.*^	4,925		127,163
Frontier Oil Corp.^	9,780		132,030
FX Energy, Inc.*	3,300		11,319
GMX Resources, Inc.*^	500		4,110
Golar LNG Ltd.*	2,400		28,080
Gulfport Energy Corp.*^	3,600		40,464
Isramco, Inc.*	200		13,110
James River Coal Co.*	3,400		54,060
Mariner Energy, Inc.*	10,498		157,155
Massey Energy Co.	7,985		417,536
McMoRan Exploration Co.*^	9,700		141,911
Northern Oil and Gas, Inc.*	1,700		26,945
Panhandle Oil and Gas, Inc., Class A^	600		14,178
Peabody Energy Corp.	29,441		1,345,454
Petrohawk Energy Corp.*^	32,790		664,981
Plains Exploration & Production Co.*^	8,796		263,792
PrimeEnergy Corp.*	100		2,693
Quicksilver Resources, Inc.*^	13,900		195,573
Range Resources Corp.^	2,747		128,752
Rex Energy Corp.*^	1,400		15,946
Ship Finance International Ltd.^	3,692		65,570
Southwestern Energy Co.*	147,722		6,015,240
Syntroleum Corp.*	9,600		20,352
Teekay Corp.	1,759		40,000
Teekay Tankers Ltd., Class A^	1,100		13,827
Toreador Resources Corp.*	2,900		23,722
VAALCO Energy, Inc.*^	1,500		7,410
Venoco, Inc.*	1,600		20,528
W&T Offshore, Inc.^	2,400		20,160
Warren Resources, Inc.*^	4,700		11,844
Westmoreland Coal Co.*^	700		8,834
World Fuel Services Corp.^	6,986		186,107
			46,480,246
Total Energy			88,753,336
Financials (7.9%)
Capital Markets (2.1%)
Affiliated Managers Group, Inc.*^	4,700		371,300
Ameriprise Financial, Inc.^	2,440		110,678
Apollo Global Management LLC (b)*	450,000		3,600,000
Bank of New York Mellon Corp.	26,764		826,472
BGC Partners, Inc., Class A^	1,500		9,165
BlackRock, Inc.	1,075		234,092
Broadpoint Gleacher Securities, Inc.*^	6,542		26,168
Charles Schwab Corp.	104,422		1,951,647
Cohen & Steers, Inc.^	800		19,968
Diamond Hill Investment Group, Inc.^	200		13,720
Duff & Phelps Corp., Class A^	2,100		35,154
Eaton Vance Corp.^	13,311		446,451
Epoch Holding Corp.^	800		9,032
Federated Investors, Inc., Class B^	9,500		250,610
Franklin Resources, Inc.	7,535		835,632
GAMCO Investors, Inc., Class A	200		9,100
GFI Group, Inc.	5,400		31,212
GLG Partners, Inc.*^	22,710		69,720
Goldman Sachs Group, Inc.	57,927		9,884,084
Greenhill & Co., Inc.	10,600		870,154
International Assets Holding Corp.*	400		5,988
Invesco Ltd.^	4,012		87,903
Investment Technology Group, Inc.*	305		5,091
Janus Capital Group, Inc.^	18,200		260,078
Jefferies Group, Inc.^	10,120		239,540
KBW, Inc.*^	1,516		40,780
Knight Capital Group, Inc., Class A*	5,642		86,041
Lazard Ltd., Class A	8,900		317,730
MF Global Holdings Ltd.*^	3,600		29,052
Morgan Stanley	35,004		1,025,267
Northern Trust Corp.	26,652		1,472,790
optionsXpress Holdings, Inc.*	5,100		83,079
Pzena Investment Management, Inc., Class A*	500		3,815
Riskmetrics Group, Inc.*^	1,700		38,437

See Notes to Portfolio of Investments.

19

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Safeguard Scientifics, Inc.*^	133	$	1,729
SEI Investments Co.^	13,900		305,383
State Street Corp.	29,142		1,315,470
Stifel Financial Corp.*^	3,207		172,376
T. Rowe Price Group, Inc.	28,202		1,549,136
TD Ameritrade Holding Corp.*	116,657		2,223,482
U.S. Global Investors, Inc., Class A	900		8,901
Waddell & Reed Financial, Inc., Class A^	9,700		349,588
Westwood Holdings Group, Inc.^	400		14,720
			29,240,735
Commercial Banks (1.9%)
Arrow Financial Corp.^	900		24,201
BOK Financial Corp.^	686		35,974
CapitalSource, Inc.	4,152		23,210
Cardinal Financial Corp.^	1,200		12,816
Cathay General Bancorp^	2,229		25,968
Commerce Bancshares, Inc./Missouri	2,601		107,005
Enterprise Financial Services Corp.^	500		5,530
First Financial Bankshares, Inc.^	1,034		53,303
Hancock Holding Co.	200		8,362
ICICI Bank Ltd. (ADR)^	54,045		2,307,721
PrivateBancorp, Inc.	2,800		38,360
Signature Bank/New York*	3,900		144,495
Suffolk Bancorp^	300		9,213
SVB Financial Group*^	500		23,330
SY Bancorp, Inc.	100		2,275
Tompkins Financial Corp.^	550		20,064
U.S. Bancorp	258,678		6,694,586
Wells Fargo & Co.	551,765		17,170,927
Westamerica Bancorp^	1,978		114,032
			26,821,372
Consumer Finance (1.1%)
Advance America Cash Advance Centers, Inc.^	5,800		33,756
American Express Co.	329,696		13,603,257
AmeriCredit Corp.*	2,643		62,798
Capital One Financial Corp.	13,859		573,901
Cardtronics, Inc.*^	1,000		12,570
EZCORP, Inc., Class A*^	4,336		89,322
First Cash Financial Services, Inc.*^	2,900		62,553
SLM Corp.*	12,181		152,506
			14,590,663
Diversified Financial Services (0.7%)
Asset Acceptance Capital Corp.*	1,000		6,310
CME Group, Inc.	426		134,663
IntercontinentalExchange, Inc.*^	8,195		919,315
JPMorgan Chase & Co.	170,052		7,609,827
Life Partners Holdings, Inc.^	500		11,085
MarketAxess Holdings, Inc.	3,130		49,235
Moody’s Corp.^	20,226		601,723
MSCI, Inc., Class A*	10,841		391,360
NASDAQ OMX Group, Inc.*	7,070		149,318
NewStar Financial, Inc.*^	600		3,828
NYSE Euronext	7,752		229,537
PICO Holdings, Inc.*^	769		28,599
Portfolio Recovery Associates, Inc.*	1,811		99,370
			10,234,170
Insurance (1.1%)
Aflac, Inc.	124,610		6,765,077
American International Group, Inc.*^	5,113		174,558
Amtrust Financial Services, Inc.^	100		1,395
Arthur J. Gallagher & Co.	10,752		263,962
Assured Guaranty Ltd.	1,500		32,955
Axis Capital Holdings Ltd.	4,772		149,173
Brown & Brown, Inc.^	10,061		180,293
Citizens, Inc./Texas*	2,748		18,989
CNA Financial Corp.*^	1,327		35,457
eHealth, Inc.*^	2,000		31,500
Endurance Specialty Holdings Ltd.^	1,562		58,028
Erie Indemnity Co., Class A	2,461		106,143
Fidelity National Financial, Inc., Class A	3,232		47,898
First Mercury Financial Corp.	200		2,606
Genworth Financial, Inc., Class A*	23,247		426,350
Hanover Insurance Group, Inc.	600		26,166
Lincoln National Corp.	10,742		329,779
Marsh & McLennan Cos., Inc.	4,718		115,214
Principal Financial Group, Inc.	34,091		995,798
Prudential Financial, Inc.	82,912		5,016,176
Reinsurance Group of America, Inc.	599		31,459
RLI Corp.^	749		42,708
Tower Group, Inc.	4,313		95,619
Validus Holdings Ltd.	1,343		36,973
W.R. Berkley Corp.	5,220		136,190
			15,120,466
Real Estate Investment Trusts (REITs) (0.5%)
Acadia Realty Trust (REIT)	1,300		23,218
Alexander’s, Inc. (REIT)*^	100		29,913
Alexandria Real Estate Equities, Inc. (REIT)	831		56,176
Associated Estates Realty Corp. (REIT)	700		9,653
Digital Realty Trust, Inc. (REIT)^	8,257		447,529
DuPont Fabros Technology, Inc. (REIT)	600		12,954
EastGroup Properties, Inc. (REIT)^	1,423		53,704
Equity Lifestyle Properties, Inc. (REIT)	1,900		102,372
Federal Realty Investment Trust (REIT)^	650		47,326
Getty Realty Corp. (REIT)^	1,000		23,400
HCP, Inc. (REIT)	13,032		430,056
Health Care REIT, Inc. (REIT)	6,450		291,733
Nationwide Health Properties, Inc. (REIT)	8,909		313,151
Omega Healthcare Investors, Inc. (REIT)	2,100		40,929
Plum Creek Timber Co., Inc. (REIT)^	6,800		264,588
Potlatch Corp. (REIT)	1,929		67,592
ProLogis (REIT)^	122,300		1,614,360
PS Business Parks, Inc. (REIT)	400		21,360
Public Storage (REIT)^	14,730		1,355,013
Rayonier, Inc. (REIT)	4,141		188,126
Redwood Trust, Inc. (REIT)^	1,600		24,672
Saul Centers, Inc. (REIT)^	500		20,700
Simon Property Group, Inc. (REIT)^	11,203		939,932
Tanger Factory Outlet Centers (REIT)^	2,538		109,540
Universal Health Realty Income Trust (REIT)	900		31,806
Washington Real Estate Investment Trust (REIT)^	547		16,711
			6,536,514
Real Estate Management & Development (0.1%)
CB Richard Ellis Group, Inc., Class A*^	27,391		434,147
St. Joe Co.*^	10,783		348,830
Tejon Ranch Co.*^	900		27,468
			810,445

See Notes to Portfolio of Investments.

20

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Thrifts & Mortgage Finance (0.4%)
Astoria Financial Corp.^	174,000	$	2,523,000
Brookline Bancorp, Inc.^	2,300		24,472
Capitol Federal Financial^	1,802		67,503
Hudson City Bancorp, Inc.	29,569		418,697
New York Community Bancorp, Inc.^	158,000		2,613,320
Oritani Financial Corp.^	900		14,463
TrustCo Bank Corp. NY/New York^	2,100		12,957
ViewPoint Financial Group	800		12,968
			5,687,380
Total Financials			109,041,745
Health Care (18.2%)
Biotechnology (5.6%)
Abraxis Bioscience, Inc.*	600		31,050
Acorda Therapeutics, Inc.*	4,600		157,320
Affymax, Inc.*^	900		21,087
Alexion Pharmaceuticals, Inc.*	9,998		543,591
Alkermes, Inc.*	11,200		145,264
Allos Therapeutics, Inc.*	7,600		56,468
Alnylam Pharmaceuticals, Inc.*^	4,300		73,186
AMAG Pharmaceuticals, Inc.*	2,000		69,820
Amgen, Inc.*	290,555		17,363,567
Amicus Therapeutics, Inc.*	400		1,276
Amylin Pharmaceuticals, Inc.*^	16,600		373,334
Arena Pharmaceuticals, Inc.*^	7,588		23,523
ARIAD Pharmaceuticals, Inc.*^	15,100		51,340
ArQule, Inc.*^	3,300		19,008
Array BioPharma, Inc.*^	3,900		10,686
AVI BioPharma, Inc.*^	15,200		18,088
BioCryst Pharmaceuticals, Inc.*^	2,500		16,425
Biogen Idec, Inc.*	243,697		13,978,460
BioMarin Pharmaceutical, Inc.*^	11,500		268,755
Celera Corp.*^	2,400		17,040
Celgene Corp.*	50,722		3,142,735
Cell Therapeutics, Inc.*^	64,038		34,625
Celldex Therapeutics, Inc.*	1,200		7,368
Cephalon, Inc.*^	8,014		543,189
Cepheid, Inc.*^	120,554		2,107,284
Chelsea Therapeutics International, Inc.*^	3,900		13,845
Clinical Data, Inc.*^	900		17,460
Cubist Pharmaceuticals, Inc.*	6,800		153,272
Curis, Inc.*^	9,800		30,086
Cytokinetics, Inc.*^	2,600		8,320
Cytori Therapeutics, Inc.*^	1,700		7,752
Dendreon Corp.*^	12,919		471,156
Dyax Corp.*^	4,500		15,345
Emergent Biosolutions, Inc.*	2,300		38,617
Enzon Pharmaceuticals, Inc.*	3,600		36,648
Exelixis, Inc.*^	12,700		77,089
Genomic Health, Inc.*^	92,400		1,625,316
Genzyme Corp.*	373,171		19,341,453
Geron Corp.*^	4,000		22,720
Gilead Sciences, Inc.*	171,067		7,780,127
GTx, Inc.*^	1,500		5,010
Halozyme Therapeutics, Inc.*	8,500		67,915
Hemispherx Biopharma, Inc.*^	11,022		8,156
Human Genome Sciences, Inc.*^	19,562		590,772
Idenix Pharmaceuticals, Inc.*	2,000		5,640
Idera Pharmaceuticals, Inc.*	1,700		10,557
Immunogen, Inc.*^	4,100		33,169
Immunomedics, Inc.*^	5,300		17,596
Incyte Corp.*^	6,200		86,552
Insmed, Inc.*	12,278		14,488
Isis Pharmaceuticals, Inc.*^	39,560		431,995
Lexicon Pharmaceuticals, Inc.*^	1,900		2,812
Ligand Pharmaceuticals, Inc., Class B*^	8,300		14,525
MannKind Corp.*^	4,949		32,466
Martek Biosciences Corp.*^	502		11,300
Maxygen, Inc.*	800		5,256
Medivation, Inc.*^	3,400		35,666
Metabolix, Inc.*	1,500		18,270
Micromet, Inc.*	4,528		36,586
Molecular Insight Pharmaceuticals, Inc.*^	1,400		1,834
Momenta Pharmaceuticals, Inc.*^	4,500		67,365
Myriad Genetics, Inc.*	11,188		269,071
Myriad Pharmaceuticals, Inc.*	1,875		8,475
Nabi Biopharmaceuticals*	400		2,188
Nanosphere, Inc.*	1,000		4,790
Neurocrine Biosciences, Inc.*	3,100		7,905
Novavax, Inc.*^	4,700		10,857
NPS Pharmaceuticals, Inc.*	3,800		19,152
OncoGenex Pharmaceutical, Inc.*^	700		14,371
Onyx Pharmaceuticals, Inc.*	7,100		214,988
Opko Health, Inc.*^	3,900		7,722
Orexigen Therapeutics, Inc.*	1,600		9,424
OSI Pharmaceuticals, Inc.*	6,700		398,985
Osiris Therapeutics, Inc.*^	1,200		8,880
PDL BioPharma, Inc.^	14,400		89,424
Pharmasset, Inc.*^	2,600		69,680
Poniard Pharmaceuticals, Inc.*^	3,000		3,450
Progenics Pharmaceuticals, Inc.*^	2,200		11,726
Protalix BioTherapeutics, Inc.*^	4,900		32,144
Repligen Corp.*^	2,500		10,150
Rigel Pharmaceuticals, Inc.*	3,000		23,910
Sangamo BioSciences, Inc.*^	3,000		16,260
Savient Pharmaceuticals, Inc.*^	7,200		104,040
Sciclone Pharmaceuticals, Inc.*^	5,800		20,474
Seattle Genetics, Inc.*^	9,600		114,624
SIGA Technologies, Inc.*^	2,771		18,372
Spectrum Pharmaceuticals, Inc.*^	3,469		15,992
StemCells, Inc.*^	11,303		13,112
Synta Pharmaceuticals Corp.*	1,400		6,034
Talecris Biotherapeutics Holdings Corp.*	4,900		97,608
United Therapeutics Corp.*	5,342		295,573
Vanda Pharmaceuticals, Inc.*	2,614		30,166
Vertex Pharmaceuticals, Inc.*	111,370		4,551,692
Vical, Inc.*^	6,900		23,184
ZymoGenetics, Inc.*	3,000		17,190
			76,753,238
Health Care Equipment & Supplies (4.3%)
Abaxis, Inc.*^	2,700		73,413
ABIOMED, Inc.*^	2,800		28,924
Accuray, Inc.*^	2,900		17,661
Align Technology, Inc.*^	7,000		135,380
Alphatec Holdings, Inc.*	2,000		12,740
American Medical Systems Holdings, Inc.*^	8,800		163,504
Analogic Corp.	1,100		47,003
AngioDynamics, Inc.*^	800		12,496
Atrion Corp.^	100		14,304
ATS Medical, Inc.*^	7,700		20,020
Baxter International, Inc.	66,640		3,878,448
Beckman Coulter, Inc.	7,419		465,913
Becton, Dickinson and Co.	26,341		2,073,827
Boston Scientific Corp.*	58,393		421,597

See Notes to Portfolio of Investments.

21

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
C.R. Bard, Inc.	10,953	$	948,749
Cerus Corp.*^	424,550		1,184,495
Conceptus, Inc.*^	3,800		75,848
Covidien plc	142,595		7,169,677
CryoLife, Inc.*^	2,300		14,881
Cyberonics, Inc.*^	3,500		67,060
DENTSPLY International, Inc.	16,900		588,965
DexCom, Inc.*	5,033		48,971
Edwards Lifesciences Corp.*^	6,098		602,970
Electro-Optical Sciences, Inc.*^	2,600		19,292
Endologix, Inc.*^	5,900		23,836
Exactech, Inc.*	600		12,582
Gen-Probe, Inc.*	5,900		295,000
Given Imaging Ltd.*^	141,490		3,340,579
Greatbatch, Inc.*^	1,589		33,671
Haemonetics Corp.*^	3,000		171,450
Hansen Medical, Inc.*^	1,400		3,206
HeartWare International, Inc.*	800		35,576
Hill-Rom Holdings, Inc.^	2,381		64,787
Hologic, Inc.*^	2,127		39,435
Hospira, Inc.*	17,985		1,018,850
ICU Medical, Inc.*	1,176		40,513
IDEXX Laboratories, Inc.*^	6,800		391,340
Immucor, Inc.*^	8,400		188,076
Insulet Corp.*	3,600		54,324
Integra LifeSciences Holdings Corp.*	2,300		100,809
Intuitive Surgical, Inc.*^	18,476		6,432,050
Invacare Corp.^	1,700		45,118
Inverness Medical Innovations, Inc.*^	4,300		167,485
IRIS International, Inc.*^	1,500		15,315
Kensey Nash Corp.*	600		14,154
Kinetic Concepts, Inc.*	2,642		126,314
MAKO Surgical Corp.*	2,600		35,048
Masimo Corp.	5,962		158,291
Medical Action Industries, Inc.*^	400		4,908
Medtronic, Inc.	299,565		13,489,412
Meridian Bioscience, Inc.^	4,800		97,776
Merit Medical Systems, Inc.*	3,600		54,900
Micrus Endovascular Corp.*	1,300		25,636
Natus Medical, Inc.*^	2,200		35,002
Neogen Corp.*	1,800		45,180
NxStage Medical, Inc.*^	1,200		13,740
OraSure Technologies, Inc.*^	3,600		21,348
Orthofix International N.V.*^	1,609		58,535
Orthovita, Inc.*^	5,400		23,004
Palomar Medical Technologies, Inc.*^	1,376		14,943
Quidel Corp.*^	2,300		33,442
ResMed, Inc.*^	8,200		521,930
RTI Biologics, Inc.*	4,400		19,052
Sirona Dental Systems, Inc.*	2,100		79,863
Somanetics Corp.*^	1,000		19,140
SonoSite, Inc.*	1,400		44,954
Spectranetics Corp.*^	2,600		17,966
St. Jude Medical, Inc.*	38,511		1,580,877
Stereotaxis, Inc.*^	2,500		12,525
STERIS Corp.^	6,800		228,888
Stryker Corp.	178,843		10,233,396
SurModics, Inc.*^	1,300		27,222
Symmetry Medical, Inc.*^	900		9,036
Synovis Life Technologies, Inc.*^	900		13,977
Teleflex, Inc.	2,021		129,486
TomoTherapy, Inc.*^	3,100		10,571
TranS1, Inc.*	1,000		3,250
Varian Medical Systems, Inc.*^	13,613		753,207
Volcano Corp.*^	2,500		60,400
West Pharmaceutical Services, Inc.	3,800		159,410
Wright Medical Group, Inc.*	4,600		81,742
Zoll Medical Corp.*	1,700		44,812
			58,863,477
Health Care Providers & Services (2.1%)
Aetna, Inc.	11,028		387,193
Air Methods Corp.*^	900		30,600
Alliance HealthCare Services, Inc.*^	1,900		10,678
Almost Family, Inc.*	500		18,845
America Service Group, Inc.	1,300		20,917
AmerisourceBergen Corp.^	28,799		832,867
AMN Healthcare Services, Inc.*	2,600		22,880
Bio-Reference Labs, Inc.*^	900		39,573
BioScrip, Inc.*^	4,447		35,487
CardioNet, Inc.*^	2,261		17,297
Catalyst Health Solutions, Inc.*	4,200		173,796
Centene Corp.*	2,184		52,503
Chemed Corp.^	2,711		147,424
Chindex International, Inc.*^	900		10,629
CIGNA Corp.	2,200		80,476
Corvel Corp.*	700		25,025
Coventry Health Care, Inc.*^	5,064		125,182
Cross Country Healthcare, Inc.*^	500		5,055
DaVita, Inc.*	11,331		718,385
Emdeon, Inc., Class A*	2,313		38,211
Emergency Medical Services Corp., Class A*	2,958		167,275
Emeritus Corp.*^	1,600		32,560
Ensign Group, Inc.	1,800		31,194
Express Scripts, Inc.*	30,219		3,075,086
Genoptix, Inc.*^	1,559		55,329
Gentiva Health Services, Inc.*^	900		25,452
Health Management Associates, Inc., Class A*	26,500		227,900
Healthways, Inc.*^	148		2,378
Henry Schein, Inc.*	9,817		578,221
HMS Holdings Corp.*	3,100		158,069
Humana, Inc.*	7,166		335,154
inVentiv Health, Inc.*	945		21,225
IPC The Hospitalist Co., Inc.*	1,517		53,262
Laboratory Corp. of America Holdings*^	11,869		898,602
Landauer, Inc.	400		26,088
Lincare Holdings, Inc.*^	6,200		278,256
McKesson Corp.	14,518		954,123
Medco Health Solutions, Inc.*	53,104		3,428,394
MEDNAX, Inc.*	1,751		101,891
MWI Veterinary Supply, Inc.*^	1,400		56,560
National Healthcare Corp.^	600		21,228
National Research Corp.	100		2,532
Odyssey HealthCare, Inc.*^	2,300		41,653
Omnicare, Inc.	5,894		166,741
Owens & Minor, Inc.	3,900		180,921
Patterson Cos., Inc.^	11,501		357,106
PharMerica Corp.*	2,796		50,943
Providence Service Corp.*	800		12,152
PSS World Medical, Inc.*^	7,000		164,570
Psychiatric Solutions, Inc.*	4,525		134,845
Quest Diagnostics, Inc.	17,013		991,688
RadNet, Inc.*	1,600		5,088
RehabCare Group, Inc.*^	1,414		38,560
Tenet Healthcare Corp.*	34,900		199,628
U.S. Physical Therapy, Inc.*	1,000		17,400
UnitedHealth Group, Inc.^	377,195		12,322,961

See Notes to Portfolio of Investments.

22

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Universal Health Services, Inc., Class B	734	$	25,756
VCA Antech, Inc.*^	9,700		271,891
Virtual Radiologic Corp.*^	500		5,500
WellPoint, Inc.*	4,011		258,228
			28,569,433
Health Care Technology (0.1%)
Allscripts-Misys Healthcare Solutions, Inc.*^	7,085		138,583
athenahealth, Inc.*^	25,349		926,759
Cerner Corp.*^	7,500		637,950
Computer Programs & Systems, Inc.^	1,300		50,804
Eclipsys Corp.*^	6,700		133,196
MedAssets, Inc.*	4,765		100,065
Omnicell, Inc.*^	2,500		35,075
Phase Forward, Inc.*^	5,300		69,271
Quality Systems, Inc.^	2,774		170,435
Vital Images, Inc.*	700		11,319
			2,273,457
Life Sciences Tools & Services (0.7%)
Accelrys, Inc.*	2,200		13,552
Affymetrix, Inc.*^	5,874		43,115
Bio-Rad Laboratories, Inc., Class A*	2,200		227,744
Bruker Corp.*	4,100		60,065
Cambrex Corp.*^	1,400		5,670
Compugen Ltd.*^	100,985		494,826
Covance, Inc.*^	7,391		453,733
Dionex Corp.*	2,100		157,038
Enzo Biochem, Inc.*^	2,000		12,040
eResearchTechnology, Inc.*	3,500		24,185
Illumina, Inc.*^	87,223		3,392,975
Life Technologies Corp.*	16,892		882,945
Luminex Corp.*^	5,000		84,150
Mettler-Toledo International, Inc.*	3,600		393,120
Millipore Corp.*	6,300		665,280
PAREXEL International Corp.*^	7,000		163,170
Pharmaceutical Product Development, Inc.^	12,100		287,375
QIAGEN N.V.*^	57,145		1,313,764
Sequenom, Inc.*^	4,900		30,919
Techne Corp.^	4,300		273,867
Varian, Inc.*	561		29,049
Waters Corp.*	10,900		736,186
			9,744,768
Pharmaceuticals (5.4%)
Abbott Laboratories, Inc.	165,494		8,718,224
Acura Pharmaceuticals, Inc.*^	700		3,773
Adolor Corp.*	3,700		6,660
Akorn, Inc.*^	4,600		7,038
Allergan, Inc.	159,287		10,404,627
Ardea Biosciences, Inc.*^	1,200		21,912
Auxilium Pharmaceuticals, Inc.*^	5,100		158,916
Biodel, Inc.*	900		3,843
BioMimetic Therapeutics, Inc.*^	34,618		455,227
BMP Sunstone Corp.*	1,700		8,602
Bristol-Myers Squibb Co.	108,326		2,892,304
Cadence Pharmaceuticals, Inc.*^	2,900		26,477
Caraco Pharmaceutical Laboratories Ltd.*	900		5,391
Cypress Bioscience, Inc.*^	2,500		12,250
Depomed, Inc.*^	4,100		14,555
Discovery Laboratories, Inc.*	7,800		4,056
Durect Corp.*	6,600		19,866
Eli Lilly and Co.^	58,927		2,134,336
Forest Laboratories, Inc.*	334,545		10,491,331
Impax Laboratories, Inc.*	5,689		101,719
Inspire Pharmaceuticals, Inc.*^	8,100		50,544
ISTA Pharmaceuticals, Inc.*^	4,300		17,501
Javelin Pharmaceuticals, Inc.*	4,000		5,160
Johnson & Johnson	317,051		20,671,725
KV Pharmaceutical Co., Class A*^	2,700		4,752
MAP Pharmaceuticals, Inc.*^	600		9,534
Medicines Co.*	4,200		32,928
Medicis Pharmaceutical Corp., Class A^	672		16,908
Merck & Co., Inc.	304,088		11,357,687
MiddleBrook Pharmaceuticals, Inc.*	2,900		870
Mylan, Inc.*^	23,365		530,619
Nektar Therapeutics*	10,926		166,184
Obagi Medical Products, Inc.*^	1,400		17,052
Optimer Pharmaceuticals, Inc.*^	3,700		45,436
Pain Therapeutics, Inc.*	2,800		17,556
Perrigo Co.^	9,100		534,352
Pozen, Inc.*	2,100		20,118
Questcor Pharmaceuticals, Inc.*^	4,100		33,743
Santarus, Inc.*	5,801		31,209
Sucampo Pharmaceuticals, Inc., Class A*^	700		2,499
Teva Pharmaceutical Industries Ltd. (ADR)^	32,700		2,062,716
Valeant Pharmaceuticals International*^	59,580		2,556,578
Vivus, Inc.*^	8,400		73,248
XenoPort, Inc.*	3,500		32,410
			73,782,436
Total Health Care			249,986,809
Industrials (11.1%)
Aerospace & Defense (3.7%)
AAR Corp.*^	700		17,374
Aerovironment, Inc.*	40,700		1,062,677
Alliant Techsystems, Inc.*	3,521		286,257
Applied Signal Technology, Inc.^	1,268		24,827
Argon ST, Inc.*	900		23,949
Ascent Solar Technologies, Inc.*^	600		2,310
BE Aerospace, Inc.*^	5,441		165,678
Boeing Co.^	6,837		496,435
Cubic Corp.^	1,439		51,804
DigitalGlobe, Inc.*	1,478		41,310
DynCorp International, Inc., Class A*	100		1,149
Esterline Technologies Corp.*^	816		40,335
GenCorp, Inc.*^	4,600		26,496
General Dynamics Corp.	94,013		7,257,804
GeoEye, Inc.*	1,673		49,354
Goodrich Corp.	149,616		10,550,920
HEICO Corp.^	2,800		144,368
Hexcel Corp.*	11,400		164,616
Honeywell International, Inc.	82,324		3,726,807
L-3 Communications Holdings, Inc.	85,815		7,863,228
LMI Aerospace, Inc.*	400		7,432
Lockheed Martin Corp.	35,121		2,922,770
Northrop Grumman Corp.^	4,456		292,180
Orbital Sciences Corp.*^	6,800		129,268
Precision Castparts Corp.^	15,596		1,976,169
Raytheon Co.	33,628		1,920,831
Rockwell Collins, Inc.	17,289		1,082,119
Spirit AeroSystems Holdings, Inc.,
Class A*^	3,146		73,554
Stanley, Inc.*	1,400		39,606
Taser International, Inc.*	5,100		29,886

See Notes to Portfolio of Investments.

23

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Teledyne Technologies, Inc.*	1,000	$	41,270
TransDigm Group, Inc.	4,572		242,499
United Technologies Corp.	140,331		10,329,765
			51,085,047
Air Freight & Logistics (1.2%)
C.H. Robinson Worldwide, Inc.	18,611		1,039,424
Dynamex, Inc.*	300		5,160
Expeditors International of Washington, Inc.^	151,933		5,609,366
FedEx Corp.	58,602		5,473,427
Forward Air Corp.^	1,173		30,850
Hub Group, Inc., Class A*^	1,900		53,162
United Parcel Service, Inc., Class B	76,261		4,911,971
UTi Worldwide, Inc.	10,900		166,988
			17,290,348
Airlines (0.3%)
AirTran Holdings, Inc.*^	14,464		73,477
Allegiant Travel Co.*	1,415		81,872
AMR Corp.*^	31,668		288,495
Continental Airlines, Inc., Class B*^	61,263		1,345,948
Delta Air Lines, Inc.*	86,641		1,264,092
Hawaiian Holdings, Inc.*^	6,400		47,168
Southwest Airlines Co.	26,780		354,032
UAL Corp.*^	13,350		260,993
			3,716,077
Building Products (0.1%)
AAON, Inc.^	1,100		24,882
Armstrong World Industries, Inc.*	1,000		36,310
Lennox International, Inc.	5,400		239,328
Masco Corp.	19,775		306,908
Owens Corning, Inc.*	4,548		115,701
Quanex Building Products Corp.^	1,900		31,407
Simpson Manufacturing Co., Inc.^	3,592		99,714
Trex Co., Inc.*^	1,900		40,451
			894,701
Commercial Services & Supplies (0.4%)
ABM Industries, Inc.	1,120		23,744
American Reprographics Co.*^	3,000		26,910
APAC Customer Services, Inc.*^	4,100		23,575
ATC Technology Corp.*	1,539		26,409
Avery Dennison Corp.	1,945		70,817
Brink’s Co.	5,390		152,160
Cenveo, Inc.*	3,900		33,774
Cintas Corp.	2,202		61,854
Clean Harbors, Inc.*^	2,400		133,344
Copart, Inc.*	7,669		273,016
Corrections Corp. of America*	1,111		22,065
Deluxe Corp.^	3,500		67,970
EnerNOC, Inc.*	1,185		35,171
Fuel Tech, Inc.*	1,500		12,030
GEO Group, Inc.*^	4,800		95,136
Healthcare Services Group, Inc.^	5,200		116,428
Herman Miller, Inc.^	6,632		119,774
HNI Corp.	3,994		106,360
Innerworkings, Inc.*	2,600		13,520
Interface, Inc., Class A	4,300		49,794
Iron Mountain, Inc.	19,593		536,848
Knoll, Inc.	6,000		67,500
Mine Safety Appliances Co.	2,266		63,357
Mobile Mini, Inc.*	777		12,036
Multi-Color Corp.	800		9,584
R.R. Donnelley & Sons Co.	6,310		134,719
Republic Services, Inc.	11,734		340,521
Standard Parking Corp.*	500		8,210
Standard Register Co.^	400		2,140
Stericycle, Inc.*^	9,200		501,400
Sykes Enterprises, Inc.*	4,302		98,258
Team, Inc.*	1,500		24,885
Tetra Tech, Inc.*	7,100		163,584
U.S. Ecology, Inc.^	1,300		20,930
Waste Connections, Inc.*	6,871		233,339
Waste Management, Inc.	48,666		1,675,570
			5,356,732
Construction & Engineering (0.8%)
Aecom Technology Corp.*	11,000		312,070
EMCOR Group, Inc.*	2,100		51,723
Fluor Corp.^	59,375		2,761,531
Furmanite Corp.*	2,200		11,418
Granite Construction, Inc.	514		15,533
Great Lakes Dredge & Dock Corp.	3,935		20,659
Jacobs Engineering Group, Inc.*	14,038		634,377
MasTec, Inc.*^	2,300		29,003
Michael Baker Corp.*	767		26,446
MYR Group, Inc.*	1,650		26,912
Orion Marine Group, Inc.*	3,400		61,370
Pike Electric Corp.*	400		3,728
Quanta Services, Inc.*	235,750		4,516,970
Shaw Group, Inc.*^	56,164		1,933,165
Sterling Construction Co., Inc.*	600		9,432
URS Corp.*	1,305		64,741
			10,479,078
Electrical Equipment (0.7%)
A123 Systems, Inc.*^	66,400		912,336
ABB Ltd. (ADR)*	43,100		941,304
Acuity Brands, Inc.^	3,900		164,619
Advanced Battery Technologies, Inc.*	3,600		14,040
AMETEK, Inc.	12,307		510,248
AZZ, Inc.	1,149		38,894
Baldor Electric Co.^	30,946		1,157,380
Broadwind Energy, Inc.*	3,167		14,157
Emerson Electric Co.	82,097		4,132,763
Ener1, Inc.*^	3,300		15,609
Energy Conversion Devices, Inc.*^	3,700		28,971
Evergreen Solar, Inc.*^	11,600		13,108
First Solar, Inc.*^	5,667		695,058
FuelCell Energy, Inc.*^	5,600		15,792
GrafTech International Ltd.*^	5,547		75,828
GT Solar International, Inc.*^	1,700		8,891
Harbin Electric, Inc.*^	2,100		45,339
Hubbell, Inc., Class B^	558		28,140
II-VI, Inc.*^	2,200		74,448
LaBarge, Inc.*^	900		9,945
Microvision, Inc.*^	5,500		15,510
Polypore International, Inc.*^	1,300		22,698
Powell Industries, Inc.*	600		19,518
PowerSecure International, Inc.*	1,400		11,032
Rockwell Automation, Inc.	1,700		95,812
Roper Industries, Inc.	8,372		484,236
Thomas & Betts Corp.*	1,560		61,214
Ultralife Corp.*	1,000		4,010
Valence Technology, Inc.*^	3,300		2,805
Vicor Corp.*^	1,600		22,096
Woodward Governor Co.	5,700		182,286
			9,818,087
Industrial Conglomerates (1.0%)
3M Co.	76,011		6,352,239
Carlisle Cos., Inc.	1,575		60,008
McDermott International, Inc.*	24,928		671,062
Raven Industries, Inc.^	1,300		38,337

See Notes to Portfolio of Investments.

24

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Tyco International Ltd.	167,685	$	6,413,951
			13,535,597
Machinery (1.2%)
3D Systems Corp.*	1,300		17,745
Actuant Corp., Class A^	3,923		76,695
Ampco-Pittsburgh Corp.	500		12,410
Badger Meter, Inc.^	1,800		69,318
Bucyrus International, Inc.^	2,130		140,559
Caterpillar, Inc.	33,251		2,089,825
Chart Industries, Inc.*	2,300		46,000
China Fire & Security Group, Inc.*^	1,100		14,267
CLARCOR, Inc.	2,298		79,258
Colfax Corp.*^	1,700		20,009
Crane Co.^	2,343		83,177
Cummins, Inc.	28,934		1,792,461
Danaher Corp.^	17,699		1,414,327
Deere & Co.	11,367		675,882
Donaldson Co., Inc.^	8,300		374,496
Dover Corp.	14,341		670,442
Dynamic Materials Corp.	1,000		15,620
Energy Recovery, Inc.*^	3,468		21,848
ESCO Technologies, Inc.^	3,100		98,611
Flow International Corp.*^	3,100		9,331
Flowserve Corp.	6,093		671,875
Force Protection, Inc.*	6,450		38,829
Gorman-Rupp Co.^	1,200		30,528
Graco, Inc.^	3,310		105,920
Graham Corp.^	800		14,392
Joy Global, Inc.	10,183		576,358
K-Tron International, Inc.*	200		29,994
Lindsay Corp.	1,000		41,410
Met-Pro Corp.^	1,200		11,760
Middleby Corp.*^	2,000		115,180
Navistar International Corp.*^	7,399		330,957
Nordson Corp.^	1,360		92,371
Omega Flex, Inc.^	300		3,150
PACCAR, Inc.	37,118		1,608,694
Pall Corp.	122,545		4,961,847
Pentair, Inc.	3,275		116,655
PMFG, Inc.*^	1,100		14,553
RBC Bearings, Inc.*	1,800		57,366
Robbins & Myers, Inc.^	166		3,954
Sauer-Danfoss, Inc.*	800		10,624
Snap-On, Inc.	1,476		63,970
Sun Hydraulics Corp.^	900		23,382
Tennant Co.^	2,300		62,997
WABCO Holdings, Inc.*	5,500		164,560
Wabtec Corp.^	5,665		238,610
			17,112,217
Marine (0.0%)
Kirby Corp.*^	937		35,747
Professional Services (0.3%)
Acacia Research Corp.- Acacia Technologies*^	3,307		35,815
Administaff, Inc.	2,600		55,484
Advisory Board Co.*^	1,300		40,950
CBIZ, Inc.*^	3,600		23,652
CDI Corp.^	100		1,466
Corporate Executive Board Co.	4,100		109,019
CoStar Group, Inc.*^	2,400		99,648
CRA International, Inc.*^	600		13,752
Diamond Management & Technology Consultants, Inc.^	3,600		28,260
Dun & Bradstreet Corp.	6,049		450,167
Equifax, Inc.	11,209		401,282
Exponent, Inc.*^	1,800		51,336
FTI Consulting, Inc.*	5,900		231,988
Hill International, Inc.*^	1,900		11,077
Huron Consulting Group, Inc.*	2,700		54,810
ICF International, Inc.*	909		22,579
IHS, Inc., Class A*^	5,530		295,689
Korn/Ferry International*	300		5,295
Manpower, Inc.	14,000		799,680
Navigant Consulting, Inc.*	6,100		73,993
Odyssey Marine Exploration, Inc.*^	3,400		4,454
Resources Connection, Inc.*^	5,400		103,518
Robert Half International, Inc.^	16,512		502,460
Verisk Analytics, Inc., Class A*	7,600		214,320
VSE Corp.^	300		12,348
			3,643,042
Road & Rail (1.3%)
Avis Budget Group, Inc.*^	6,628		76,222
Celadon Group, Inc.*	2,003		27,922
Con-way, Inc.^	1,920		67,430
CSX Corp.	8,100		412,290
Genesee & Wyoming, Inc., Class A*^	4,431		151,186
Heartland Express, Inc.^	2,800		46,200
J.B. Hunt Transport Services, Inc.^	10,123		363,213
Kansas City Southern*^	4,925		178,137
Landstar System, Inc.	5,900		247,682
Marten Transport Ltd.*	1,496		29,486
Norfolk Southern Corp.	88,601		4,951,910
Old Dominion Freight Line, Inc.*	381		12,722
Union Pacific Corp.	153,203		11,229,780
			17,794,180
Trading Companies & Distributors (0.1%)
Beacon Roofing Supply, Inc.*	3,481		66,591
Fastenal Co.^	15,004		720,042
GATX Corp.^	1,898		54,378
Houston Wire & Cable Co.^	1,400		16,212
Kaman Corp.	2,098		52,471
MSC Industrial Direct Co., Class A	5,000		253,600
RSC Holdings, Inc.*	3,900		31,044
TAL International Group, Inc.^	300		5,994
Titan Machinery, Inc.*	600		8,214
W.W. Grainger, Inc.	6,702		724,620
Watsco, Inc.^	2,845		161,824
WESCO International, Inc.*^	2,700		93,717
			2,188,707
Total Industrials			152,949,560
Information Technology (28.6%)
Communications Equipment (4.8%)
3Com Corp.*	36,974		284,330
Acme Packet, Inc.*^	4,800		92,544
ADC Telecommunications, Inc.*^	3,000		21,930
ADTRAN, Inc.^	5,144		135,544
Airvana, Inc.*	1,800		13,788
Anaren, Inc.*^	1,339		19,067
Arris Group, Inc.*	27,371		328,726
Aruba Networks, Inc.*^	7,300		99,718
BigBand Networks, Inc.*	2,700		9,531
Blue Coat Systems, Inc.*^	4,600		142,784
Brocade Communications Systems, Inc.*	16,196		92,479
Ciena Corp.*	836		12,741
Cisco Systems, Inc.*	1,176,812		30,632,416
Comtech Telecommunications Corp.*^	3,300		105,567

See Notes to Portfolio of Investments.

25

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
DG FastChannel, Inc.*^	2,500	$	79,875
Digi International, Inc.*	400		4,256
EMS Technologies, Inc.*	1,269		21,065
Emulex Corp.*	9,263		123,013
F5 Networks, Inc.*	9,000		553,590
Harmonic, Inc.*^	6,860		43,287
Harris Corp.	11,269		535,165
Hughes Communications, Inc.*	600		16,710
Infinera Corp.*^	10,300		87,756
InterDigital, Inc.*^	5,200		144,872
Ixia*^	2,100		19,467
JDS Uniphase Corp.*^	13,400		167,902
Juniper Networks, Inc.*	133,792		4,104,739
Loral Space & Communications, Inc.*^	1,058		37,157
Motorola, Inc.*^	17,397		122,127
NETGEAR, Inc.*^	500		13,050
Nokia Oyj (ADR)	549,830		8,544,358
Oplink Communications, Inc.*	600		11,124
Opnext, Inc.*	900		2,124
Parkervision, Inc.*^	1,900		3,230
PC-Tel, Inc.*	1,000		6,180
Plantronics, Inc.^	5,089		159,184
Polycom, Inc.*	4,008		122,565
QUALCOMM, Inc.	438,649		18,418,871
ShoreTel, Inc.*^	3,000		19,830
Tekelec*	2,126		38,608
ViaSat, Inc.*^	2,361		81,714
			65,472,984
Computers & Peripherals (7.2%)
3PAR, Inc.*^	2,200		22,000
Apple, Inc.*	179,335		42,131,172
Compellent Technologies, Inc.*^	1,100		19,305
Cray, Inc.*^	3,600		21,420
Dell, Inc.*	189,805		2,848,973
EMC Corp.*^	474,709		8,563,750
Hewlett-Packard Co.	198,959		10,574,671
Immersion Corp.*	1,200		6,000
Intermec, Inc.*^	7,500		106,350
International Business Machines Corp.	141,505		18,148,016
Isilon Systems, Inc.*^	2,000		17,220
NCR Corp.*	18,360		253,368
NetApp, Inc.*^	99,415		3,236,952
Netezza Corp.*^	5,700		72,903
Novatel Wireless, Inc.*^	3,014		20,284
QLogic Corp.*	13,876		281,683
Quantum Corp.*	28,800		75,744
SanDisk Corp.*^	188,651		6,532,984
Seagate Technology*^	264,702		4,833,459
Silicon Graphics International Corp.*	300		3,207
STEC, Inc.*^	3,341		40,025
Stratasys, Inc.*	1,700		41,446
Super Micro Computer, Inc.*	1,600		27,648
Synaptics, Inc.*^	4,200		115,962
Teradata Corp.*	15,285		441,584
Western Digital Corp.*	22,288		869,009
			99,305,135
Electronic Equipment, Instruments & Components (1.1%)
Agilent Technologies, Inc.*^	37,526		1,290,519
Amphenol Corp., Class A	18,660		787,265
Anixter International, Inc.*^	200		9,370
Arrow Electronics, Inc.*	5,793		174,543
Avnet, Inc.*	5,981		179,430
AVX Corp.	300		4,260
Benchmark Electronics, Inc.*	1,000		20,740
Brightpoint, Inc.*	4,906		36,942
Checkpoint Systems, Inc.*^	1,400		30,968
China Security & Surveillance Technology, Inc.*^	2,300		17,687
Cogent, Inc.*^	4,007		40,871
Cognex Corp.^	607		11,224
Comverge, Inc.*^	1,700		19,227
Corning, Inc.	146,143		2,953,550
CPI International, Inc.*^	100		1,326
Daktronics, Inc.^	2,700		20,574
Dolby Laboratories, Inc., Class A*^	46,900		2,751,623
DTS, Inc.*	1,400		47,656
Echelon Corp.*^	2,400		21,528
FARO Technologies, Inc.*	1,400		36,050
FLIR Systems, Inc.*	16,288		459,322
ICx Technologies, Inc.*	600		4,182
IPG Photonics Corp.*	1,600		23,680
Itron, Inc.*^	4,200		304,794
L-1 Identity Solutions, Inc.*^	5,509		49,195
Maxwell Technologies, Inc.*	1,500		18,585
Molex, Inc.	958		19,984
MTS Systems Corp.^	500		14,515
Multi-Fineline Electronix, Inc.*	1,300		33,488
OSI Systems, Inc.*^	1,000		28,050
Park Electrochemical Corp.	1,300		37,362
PC Mall, Inc.*	700		3,542
Plexus Corp.*^	1,118		40,282
Power-One, Inc.*^	400		1,688
RadiSys Corp.*	2,432		21,791
Rofin-Sinar Technologies, Inc.*	1,083		24,498
Scansource, Inc.*	130		3,741
Trimble Navigation Ltd.*	13,900		399,208
Tyco Electronics Ltd.	177,980		4,890,890
Universal Display Corp.*^	2,300		27,071
Vishay Intertechnology, Inc.*^	3,967		40,583
			14,901,804
Internet Software & Services (3.6%)
Akamai Technologies, Inc.*^	19,719		619,374
Art Technology Group, Inc.*^	10,500		46,305
Baidu, Inc. (ADR)*	11,231		6,704,907
comScore, Inc.*	1,500		25,035
Constant Contact, Inc.*^	2,900		67,338
DealerTrack Holdings, Inc.*	4,700		80,276
Dice Holdings, Inc.*^	1,300		9,880
Digital River, Inc.*	3,675		111,353
DivX, Inc.*	2,200		15,752
EarthLink, Inc.^	1,109		9,471
eBay, Inc.*	28,736		774,435
Equinix, Inc.*^	16,683		1,623,923
Google, Inc., Class A*	44,836		25,422,460
GSI Commerce, Inc.*^	34,200		946,314
IAC/InterActiveCorp*	5,007		113,859
InfoSpace, Inc.*	1,600		17,680
Innodata Isogen, Inc.*^	3,200		12,960
Internet Brands, Inc., Class A*^	800		7,376
Internet Capital Group, Inc.*^	1,900		16,055
j2 Global Communications, Inc.*^	4,900		114,660
Keynote Systems, Inc.	200		2,278
Knot, Inc.*^	2,300		17,986
Limelight Networks, Inc.*^	1,300		4,758
Liquidity Services, Inc.*	1,200		13,848
LivePerson, Inc.*	5,500		42,185
LoopNet, Inc.*	2,400		26,976
Marchex, Inc., Class B^	1,900		9,709

See Notes to Portfolio of Investments.

26

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
MercadoLibre, Inc.*^	45,000	$	2,169,450
Monster Worldwide, Inc.*^	8,538		141,816
Move, Inc.*	897,870		1,876,548
NIC, Inc.^	6,200		48,794
Rackspace Hosting, Inc.*^	310,230		5,810,608
RealNetworks, Inc.*	2,800		13,524
SAVVIS, Inc.*	4,400		72,600
Stamps.com, Inc.*	1,100		11,110
support.com, Inc.*^	2,600		8,502
Switch & Data Facilities Co., Inc.*	1,700		30,192
Terremark Worldwide, Inc.*^	4,300		30,143
ValueClick, Inc.*	10,100		102,414
VeriSign, Inc.*^	22,000		572,220
Vocus, Inc.*	1,300		22,165
WebMD Health Corp.*	5,900		273,642
Yahoo!, Inc.*	122,590		2,026,413
Zix Corp.*^	9,600		22,176
			50,089,470
IT Services (2.7%)
Acxiom Corp.*	5,056		90,705
Alliance Data Systems Corp.*^	5,980		382,660
Amdocs Ltd.*	3,325		100,116
Automatic Data Processing, Inc.	55,494		2,467,818
Broadridge Financial Solutions, Inc.	10,269		219,551
CACI International, Inc., Class A*	500		24,425
Cass Information Systems, Inc.^	500		15,575
China Information Security Technology, Inc.*	1,900		9,595
Cognizant Technology Solutions Corp., Class A*	32,064		1,634,623
Convergys Corp.*	2,000		24,520
CSG Systems International, Inc.*	1,500		31,440
Cybersource Corp.*^	8,200		144,648
DST Systems, Inc.	3,900		161,655
Euronet Worldwide, Inc.*	5,013		92,390
ExlService Holdings, Inc.*	1,200		20,016
Fidelity National Information Services, Inc.	20,934		490,693
Fiserv, Inc.*	16,957		860,737
Forrester Research, Inc.*	1,300		39,091
Gartner, Inc.*^	7,000		155,680
Genpact Ltd.*^	7,600		127,452
Global Cash Access Holdings, Inc.*	2,000		16,340
Global Payments, Inc.	9,200		419,060
Hackett Group, Inc.*^	3,300		9,174
Heartland Payment Systems, Inc.^	4,700		87,420
Hewitt Associates, Inc., Class A*	9,559		380,257
iGATE Corp.	1,800		17,514
Integral Systems, Inc.*^	1,400		13,482
Lender Processing Services, Inc.	10,337		390,222
Lionbridge Technologies, Inc.*^	9,400		34,122
ManTech International Corp., Class A*	2,100		102,543
Mastercard, Inc., Class A^	33,968		8,627,872
MAXIMUS, Inc.	1,465		89,262
MoneyGram International, Inc.*^	10,300		39,243
NCI, Inc., Class A*	500		15,115
Online Resources Corp.*	2,300		9,269
Paychex, Inc.^	220,722		6,776,165
RightNow Technologies, Inc.*	2,300		41,078
SAIC, Inc.*	32,036		567,037
Sapient Corp	10,200		93,228
SRA International, Inc., Class A*	1,600		33,264
Syntel, Inc.	1,600		61,552
TeleTech Holdings, Inc.*	3,000		51,240
TNS, Inc.*^	3,200		71,360
VeriFone Holdings, Inc.*	8,470		171,179
Virtusa Corp.*	500		5,155
Visa, Inc., Class A	111,034		10,107,425
Western Union Co.	77,059		1,306,921
Wright Express Corp.*	4,500		135,540
			36,765,429
Office Electronics (0.0%)
Xerox Corp.	31,327		305,438
Semiconductors & Semiconductor Equipment (3.3%)
Actel Corp.*	100		1,385
Advanced Analogic Technologies, Inc.*^	3,700		12,913
Advanced Energy Industries, Inc.*	2,654		43,950
Advanced Micro Devices, Inc.*^	34,381		318,712
Altera Corp.	31,874		774,857
Amkor Technology, Inc.*^	13,437		95,000
ANADIGICS, Inc.*	5,100		24,786
Analog Devices, Inc.	31,999		922,211
Applied Micro Circuits Corp.*^	6,142		53,005
Atheros Communications, Inc.*^	7,578		293,344
ATMI, Inc.*	782		15,100
Broadcom Corp., Class A	261,751		8,684,898
Cabot Microelectronics Corp.*	212		8,020
Cavium Networks, Inc.*^	4,400		109,384
CEVA, Inc.*	1,200		13,992
Cirrus Logic, Inc.*^	9,000		75,510
Cree, Inc.*^	66,130		4,643,649
Diodes, Inc.*	3,900		87,360
DSP Group, Inc.*^	24,930		207,667
Entropic Communications, Inc.*	700		3,556
Exar Corp.*	300		2,115
FEI Co.*^	4,106		94,068
FormFactor, Inc.*^	5,551		98,586
Hittite Microwave Corp.*^	2,600		114,322
Integrated Device Technology, Inc.*	2,978		18,255
Intel Corp.	487,863		10,859,830
International Rectifier Corp.*^	2,977		68,173
Intersil Corp., Class A	7,372		108,811
IXYS Corp.*	1,500		12,810
Kopin Corp.*^	6,811		25,201
Kulicke & Soffa Industries, Inc.*	8,700		63,075
Lam Research Corp.*	36,499		1,362,143
Lattice Semiconductor Corp.*^	4,700		17,249
Linear Technology Corp.^	24,242		685,564
Marvell Technology Group Ltd.*	50,600		1,031,228
Maxim Integrated Products, Inc.^	27,786		538,771
MEMC Electronic Materials, Inc.*	25,200		386,316
Micrel, Inc.	427		4,552
Microchip Technology, Inc.^	18,081		509,161
Micron Technology, Inc.*^	17,594		182,802
Microsemi Corp.*	9,700		168,198
Microtune, Inc.*	4,400		12,012
MIPS Technologies, Inc.*^	6,400		28,544
Monolithic Power Systems, Inc.*^	4,055		90,426
National Semiconductor Corp.	24,900		359,805
Netlogic Microsystems, Inc.*^	74,506		2,192,712
Novellus Systems, Inc.*	6,950		173,750
NVE Corp.*	400		18,120
NVIDIA Corp.*^	60,760		1,056,009
ON Semiconductor Corp.*^	48,465		387,720
PLX Technology, Inc.*	2,200		11,594
Power Integrations, Inc.	2,800		115,360
Rambus, Inc.*^	12,300		268,755

See Notes to Portfolio of Investments.

27

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
RF Micro Devices, Inc.*^	29,036	$	144,599
Rubicon Technology, Inc.*	1,100		22,220
Rudolph Technologies, Inc.*	300		2,571
Semtech Corp.*^	7,300		127,239
Sigma Designs, Inc.*^	1,800		21,114
Silicon Laboratories, Inc.*	33,861		1,614,154
Skyworks Solutions, Inc.*^	19,294		300,986
Standard Microsystems Corp.*	26,400		614,592
Supertex, Inc.*	900		23,031
Techwell, Inc.*	1,200		22,440
Teradyne, Inc.*^	18,500		206,645
Tessera Technologies, Inc.*	5,600		113,568
Texas Instruments, Inc.	139,107		3,403,948
Trident Microsystems, Inc.*^	2,000		3,480
TriQuint Semiconductor, Inc.*	7,870		55,090
Ultratech, Inc.*^	1,900		25,840
Varian Semiconductor Equipment Associates, Inc.*	8,500		281,520
Veeco Instruments, Inc.*^	2,300		100,050
Volterra Semiconductor Corp.*^	2,100		52,710
Xilinx, Inc.	29,900		762,450
Zoran Corp.*^	3,685		39,651
			45,393,234
Software (5.9%)
ACI Worldwide, Inc.*^	4,400		90,684
Activision Blizzard, Inc.	36,794		443,736
Actuate Corp.*^	4,900		27,391
Adobe Systems, Inc.*	57,528		2,034,765
Advent Software, Inc.*^	1,400		62,650
American Software, Inc., Class A^	1,200		6,972
ANSYS, Inc.*	10,041		433,169
ArcSight, Inc.*^	1,794		50,501
AsiaInfo Holdings, Inc.*^	2,800		74,144
Autodesk, Inc.*	237,811		6,996,400
Blackbaud, Inc.	5,000		125,950
BMC Software, Inc.*	20,212		768,056
Bottomline Technologies, Inc.*	2,617		44,044
CA, Inc.	32,983		774,111
Callidus Software, Inc.*	2,400		8,712
Chordiant Software, Inc.*	2,400		12,168
Citrix Systems, Inc.*^	19,732		936,678
CommVault Systems, Inc.*	5,000		106,750
Deltek, Inc.*	1,306		9,978
DemandTec, Inc.*^	1,700		11,815
Double-Take Software, Inc.*^	1,400		12,474
Ebix, Inc.*^	1,500		23,955
Electronic Arts, Inc.*	36,711		685,027
EPIQ Systems, Inc.*^	3,002		37,315
FactSet Research Systems, Inc.^	4,800		352,176
FalconStor Software, Inc.*^	3,100		10,788
Informatica Corp.*^	10,000		268,600
Interactive Intelligence, Inc.*^	1,100		20,559
Intuit, Inc.*	35,467		1,217,937
Jack Henry & Associates, Inc.	9,701		233,406
JDA Software Group, Inc.*^	2,324		64,654
Kenexa Corp.*	2,900		39,875
Lawson Software, Inc.*^	4,734		31,292
Manhattan Associates, Inc.*^	2,000		50,960
McAfee, Inc.*	16,942		679,882
Mentor Graphics Corp.*^	500		4,010
MICROS Systems, Inc.*^	9,300		305,784
Microsoft Corp.#	1,097,506		32,124,001
MicroStrategy, Inc., Class A*	1,100		93,577
NetScout Systems, Inc.*	2,000		29,580
NetSuite, Inc.*^	2,200		31,988
Novell, Inc.*	18,900		113,211
Nuance Communications, Inc.*^	350,312		5,829,192
Opnet Technologies, Inc.	1,000		16,120
Oracle Corp.	409,197		10,512,271
Parametric Technology Corp.*	13,400		241,870
Pegasystems, Inc.^	1,900		70,300
Phoenix Technologies Ltd.*^	2,200		7,084
Progress Software Corp.*	4,900		154,007
PROS Holdings, Inc.*	1,000		9,880
QAD, Inc.*	1,016		5,334
Radiant Systems, Inc.*	2,200		31,394
Red Hat, Inc.*	203,625		5,960,104
Renaissance Learning, Inc.^	800		12,984
Rosetta Stone, Inc.*	689		16,384
Rovi Corp.*^	8,111		301,161
S1 Corp.*	6,900		40,710
Salesforce.com, Inc.*	42,746		3,182,440
Smith Micro Software, Inc.*^	2,100		18,564
SolarWinds, Inc.*^	1,326		28,721
Solera Holdings, Inc.	7,945		307,074
SonicWALL, Inc.*	500		4,345
Sourcefire, Inc.*^	2,800		64,260
SuccessFactors, Inc.*^	57,000		1,085,280
Sybase, Inc.*^	9,560		445,687
Symantec Corp.*^	90,130		1,525,000
Symyx Technologies, Inc.*^	1,400		6,286
Synchronoss Technologies, Inc.*^	1,700		32,929
Synopsys, Inc.*^	10,461		234,013
Take-Two Interactive Software, Inc.*^	890		8,766
Taleo Corp., Class A*	3,700		95,867
TeleCommunication Systems, Inc., Class A*	2,700		19,791
THQ, Inc.*^	3,700		25,937
TIBCO Software, Inc.*	6,047		65,247
Tyler Technologies, Inc.*	3,100		58,094
Unica Corp.*^	1,100		9,779
VASCO Data Security International, Inc.*^	2,200		18,150
VMware, Inc., Class A*	25,185		1,342,360
Websense, Inc.*^	5,300		120,681
			81,357,791
Total Information Technology			393,591,285
Materials (4.9%)
Chemicals (3.1%)
Air Products & Chemicals, Inc.	21,824		1,613,885
Albemarle Corp.^	449		19,141
Arch Chemicals, Inc.^	700		24,073
Ashland, Inc.	500		26,385
Balchem Corp.	2,250		55,463
Calgon Carbon Corp.*^	6,600		112,992
Celanese Corp., Class A	15,624		497,624
CF Industries Holdings, Inc.	4,327		394,536
China Green Agriculture, Inc.*^	1,800		25,200
Dow Chemical Co.	466,716		13,800,792
E.I. du Pont de Nemours & Co.	32,858		1,223,632
Ecolab, Inc.	26,008		1,143,052
FMC Corp.^	7,116		430,803
Hawkins, Inc.^	891		21,562
International Flavors & Fragrances, Inc.	7,900		376,593
Koppers Holdings, Inc.^	1,245		35,258
Landec Corp.*	1,900		12,597
LSB Industries, Inc.*^	2,300		35,052

See Notes to Portfolio of Investments.

28

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Lubrizol Corp.	6,673	$	612,048
Monsanto Co.	112,698		8,048,891
Mosaic Co.	17,268		1,049,376
Nalco Holding Co.	188,245		4,580,001
NewMarket Corp.	1,221		125,751
NL Industries, Inc.^	300		2,574
Omnova Solutions, Inc.*^	5,500		43,175
Potash Corp. of Saskatchewan, Inc.	24,666		2,943,887
Praxair, Inc.	34,056		2,826,648
Scotts Miracle-Gro Co., Class A	5,195		240,788
Sigma-Aldrich Corp.	13,311		714,268
Sociedad Quimica y Minera de Chile S.A. (ADR)	30,400		1,136,656
Stepan Co.^	673		37,614
Terra Industries, Inc.	7,869		360,085
Valhi, Inc.	200		3,936
W.R. Grace & Co.*	1,801		49,996
Zep, Inc.	1,700		37,196
			42,661,530
Construction Materials (0.0%)
Eagle Materials, Inc.^	5,074		134,664
United States Lime & Minerals, Inc.*^	100		3,867
			138,531
Containers & Packaging (0.1%)
AEP Industries, Inc.*	400		10,408
Ball Corp.	6,966		371,845
Bway Holding Co.*^	500		10,050
Crown Holdings, Inc.*	18,300		493,368
Owens-Illinois, Inc.*	14,947		531,216
Packaging Corp. of America	1,503		36,989
Pactiv Corp.*	12,444		313,340
Silgan Holdings, Inc.	1,700		102,391
			1,869,607
Metals & Mining (1.7%)
Agnico-Eagle Mines Ltd.	17,500		974,225
Alcoa, Inc.	49,858		709,978
Allied Nevada Gold Corp.*^	3,200		53,024
AMCOL International Corp.^	700		19,040
Barrick Gold Corp.	33,300		1,276,722
BHP Billiton plc (ADR)	123,875		8,476,766
Cliffs Natural Resources, Inc.	1,064		75,491
Compass Minerals International, Inc.^	2,100		168,483
Freeport-McMoRan Copper & Gold, Inc.	68,868		5,753,233
General Steel Holdings, Inc.*^	900		3,699
Newmont Mining Corp.	52,973		2,697,915
Nucor Corp.^	36,300		1,647,294
Royal Gold, Inc.	978		45,194
Schnitzer Steel Industries, Inc., Class A^	1,995		104,797
Southern Copper Corp.	14,654		464,092
Stillwater Mining Co.*^	900		11,682
Walter Energy, Inc.	6,100		562,847
			23,044,482
Paper & Forest Products (0.0%)
Clearwater Paper Corp.*^	300		14,775
Deltic Timber Corp.	900		39,645
Wausau Paper Corp.*	2,500		21,350
			75,770
Total Materials			67,789,920
Telecommunication Services (0.3%)
Diversified Telecommunication Services (0.1%)
AboveNet, Inc.*	1,150		58,340
Alaska Communications Systems Group, Inc.^	4,318		35,062
Cogent Communications Group, Inc.*	5,500		57,255
Consolidated Communications Holdings, Inc.^	700		13,272
Frontier Communications Corp.^	16,224		120,707
General Communication, Inc., Class A*^	2,638		15,221
Global Crossing Ltd.*	3,200		48,480
Iowa Telecommunications Services, Inc.	300		5,010
Neutral Tandem, Inc.*^	4,119		65,822
PAETEC Holding Corp.*^	15,900		74,412
tw telecom, Inc.*^	17,403		315,864
Windstream Corp.^	21,100		229,779
			1,039,224
Wireless Telecommunication Services (0.2%)
American Tower Corp., Class A*	43,988		1,874,329
Crown Castle International Corp.*	11,217		428,826
Leap Wireless International, Inc.*	5,457		89,276
MetroPCS Communications, Inc.*^	29,022		205,476
NII Holdings, Inc.*^	743		30,953
NTELOS Holdings Corp.^	3,800		67,602
SBA Communications Corp., Class A*^	13,200		476,124
Syniverse Holdings, Inc.*	6,781		132,026
USA Mobility, Inc.*^	2,066		26,176
			3,330,788
Total Telecommunication Services			4,370,012
Utilities (0.6%)
Electric Utilities (0.2%)
Allegheny Energy, Inc.	11,855		272,665
Exelon Corp.	6,548		286,868
FPL Group, Inc.	6,224		300,806
ITC Holdings Corp.^	21,220		1,167,100
NV Energy, Inc.	11,851		146,123
PPL Corp.	41,225		1,142,344
			3,315,906
Gas Utilities (0.1%)
EQT Corp.	14,284		585,644
Independent Power Producers & Energy Traders (0.2%)
AES Corp.*	59,053		649,583
Calpine Corp.*	128,926		1,532,930
Constellation Energy Group, Inc.	16,812		590,270
Ormat Technologies, Inc.^	2,400		67,536
U.S. Geothermal, Inc.*^	5,000		4,550
			2,844,869
Multi-Utilities (0.1%)
CenterPoint Energy, Inc.	36,577		525,246
Integrys Energy Group, Inc.	1,569		74,339
			599,585
Water Utilities (0.0%)
Cadiz, Inc.*	1,000		12,770
Total Utilities			7,358,774
Total Common Stocks (99.4%) (Cost $1,141,257,629)			1,367,224,510

See Notes to Portfolio of Investments.

29

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (3.3%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10 (u)	$	26,963,544	$	26,963,544
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10 (h)(s)		5,499,964		1,264,992
Monumental Global Funding II
0.43%, 5/26/10 (l)		10,340,000		10,266,586
Pricoa Global Funding I
0.40%, 6/25/10 (l)		6,599,834		6,558,215
Total Short-Term Investments of Cash Collateral for Securities Loaned				45,053,337
Time Deposit (0.6%)
JPMorgan Chase Nassau
0.000%, 4/1/10		8,419,547		8,419,547
Total Short-Term Investments (3.9%) (Cost/Amortized Cost $57,822,889)				53,472,884
Total Investments (103.3%) (Cost/Amortized Cost $1,199,080,518)				1,420,697,394
Other Assets Less Liabilities (-3.3%)				(45,665,768	)
Net Assets (100%)			$	1,375,031,626

* Non-income producing.

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

# All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $761,020.

(b) Illiquid Security.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000%-8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $27,502,815.

Glossary:

ADR — American Depositary Receipt

See Notes to Portfolio of Investments.

30

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

At March 31, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	3	June-10	$	205,602	$	203,130	$	(2,472	)
S&P 500 E-Mini Index	27	June-10		1,574,212		1,573,020		(1,192	)
							$	(3,664	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities			Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	165,206,929		$	—	$	—	$	165,206,929
Consumer Staples		128,176,140			—		—		128,176,140
Energy		88,753,336			—		—		88,753,336
Financials		105,441,745			—		3,600,000		109,041,745
Health Care		249,986,809			—		—		249,986,809
Industrials		152,949,560			—		—		152,949,560
Information Technology		393,591,285			—		—		393,591,285
Materials		67,789,920			—		—		67,789,920
Telecommunication Services		4,370,012			—		—		4,370,012
Utilities		7,358,774			—		—		7,358,774
Short-Term Investments		—			53,472,884		—		53,472,884
Total Assets	$	1,363,624,510		$	53,472,884	$	3,600,000	$	1,420,697,394
Liabilities:
Futures	$	(3,664	)	$	—	$	—	$	(3,664	)
Total Liabilities	$	(3,664	)	$	—	$	—	$	(3,664	)
Total	$	1,363,620,846		$	53,472,884	$	3,600,000	$	1,420,693,730

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

	Investments in Securities-Financials
Balance as of 12/31/09	$	2,700,030
Total gains or losses (realized/unrealized) included in earnings		900,000
Purchases, sales, issuances, and settlements (net)		(30	)
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 3/31/10	$	3,600,000
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/10.	$	899,970

See Notes to Portfolio of Investments.

31

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	92,587,635
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	118,792,466
As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	263,256,488
Aggregate gross unrealized depreciation		(73,649,793	)
Net unrealized appreciation	$	189,606,695
Federal income tax cost of investments	$	1,231,090,699

At March 31, 2010, the Portfolio had loaned securities with a total value of $47,930,516. This was secured by collateral of $49,403,342 which was received as cash and subsequently invested in short-term investments currently valued at $45,053,337, as reported in the Portfolio of Investments.

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

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

See Notes to Portfolio of Investments.

32

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (6.9%)
Asset-Backed Securities (2.4%)
Aegis Asset Backed Securities Trust, Series 2006-1 A1
0.326%, 1/25/37(b)(l)	$	194,378 $	189,296
AEP Texas Central Transition Funding LLC, Series 2002-1 A5
6.250%, 1/15/17		150,000	171,662
Ameriquest Mortgage Securities, Inc., Series 2004-R11 A1
0.549%, 11/25/34(b)(l)		747,871	592,401
Asset Backed Funding Certificates, Series 2006-OPT3 A3A
0.306%, 11/25/36(b)(l)		47,868	47,265
Bank of America Auto Trust, Series 2009-2A A2
1.160%, 2/15/12§		3,750,000	3,759,616
Series 2009-2A A3
2.130%, 9/15/13§		4,500,000	4,562,959
Bank of America Credit Card Trust, Series 2008-A5 A5
1.430%, 12/16/13(l)		3,900,000	3,940,510
Capital One Multi-Asset Execution Trust, Series 2005-A7 A7
4.700%, 6/15/15		750,000	799,837
Series 2007-A7 A7
5.750%, 7/15/20		125,000	139,173
Series 2009-A2 A2
3.200%, 4/15/14		500,000	512,927
Cendant Mortgage Corp., Series 2003-A A1
5.983%, 7/25/43(l)§		11,177	11,089
Chase Issuance Trust, Series 2007-A17 A
5.120%, 10/15/14		1,500,000	1,623,679
Series 2008-A9 A9
4.260%, 5/15/13		250,000	259,438
Series 2009-A2 A2
1.780%, 4/15/14(l)		9,800,000	10,040,430
Series 2009-A3 A3
2.400%, 6/17/13		495,000	503,838
Series 2009-A7 A7
0.680%, 9/17/12(l)		5,435,000	5,441,637
Citibank Credit Card Issuance Trust, Series 2003-A10 A10
4.750%, 12/10/15		200,000	215,491
Series 2003-A7 A7
4.150%, 7/7/17		600,000	625,146
Series 2005-A2 A2
4.850%, 3/10/17		125,000	134,633
Series 2005-A9 A9
5.100%, 11/20/17		250,000	271,478
Series 2006-A3 A3
5.300%, 3/15/18		500,000	547,251
Series 2007-A8 A8
5.650%, 9/20/19		325,000	360,981
Series 2008-A1 A1
5.350%, 2/7/20		250,000	272,318
Series 2009-A4 A4
4.900%, 6/23/16		250,000	270,597
Daimler Chrysler Auto Trust, Series 2006-D A4
4.940%, 2/8/12		2,474,150	2,516,735
Series 2007-A A4
5.280%, 3/8/13		200,000	210,207
Ford Credit Auto Owner Trust, Series 2007-B A4A
5.240%, 7/15/12		100,000	104,620
Series 2008-C A3
1.650%, 6/15/12(l)		11,248,709	11,315,504
Series 2009-E A2
0.800%, 3/15/12		15,200,000	15,212,526
Franklin Auto Trust, Series 2008-A A2
1.240%, 10/20/11(l)		2,420,204	2,421,753
GSAA Home Equity Trust, Series 2006-5 2A1
0.316%, 3/25/36(b)(l)		280,555	186,416
Mid-State Trust, Series 4 A
8.330%, 4/1/30		192,892	192,548
Nissan Auto Receivables Owner Trust, Series 2007-B A4
5.160%, 3/17/14		200,000	208,345
Series 2008-A A4
4.280%, 6/16/14		250,000	259,544
Series 2009-A A2
2.940%, 7/15/11		1,938,107	1,948,301
PG&E Energy Recovery Funding LLC, Series 2005-1 A5
4.470%, 12/25/14		250,000	266,836
Renaissance Home Equity Loan Trust, Series 2003-3 A
0.746%, 12/25/33(b)(l)		206,325	171,754
SLM Student Loan Trust, Series 2005-4 A2
0.329%, 4/26/21(l)		1,297,202	1,287,458
Series 2008-5 A2
1.349%, 10/25/16(l)		4,140,000	4,204,322
Series 2008-5 A3
1.549%, 1/25/18(l)		1,050,000	1,087,533
Series 2008-5 A4
1.949%, 7/25/23(l)		2,860,000	3,052,913
Series 2008-9 A
1.749%, 4/25/23(l)		17,769,866	18,394,436
Structured Asset Receivables Trust, Series 2003-2A CTFS
0.649%, 1/21/11(b)(l)§†		976	976
USAA Auto Owner Trust, Series 2008-1 A4
4.500%, 10/15/13		350,000	364,894
Wells Fargo Home Equity Trust, Series 2005-2 AII2
0.486%, 10/25/35(l)		59,808	58,376
			98,759,649
Non-Agency CMO (4.5%)
Banc of America Alternative Loan Trust, Series 2004-5 4A1
5.000%, 6/25/19		281,811	251,605
Banc of America Commercial Mortgage, Inc., Series 2001-1 A2
6.503%, 4/15/36		1,002,783	1,033,464
Series 2002-PB2 A4
6.186%, 6/11/35		1,590,000	1,675,691
Series 2005-1 A4
5.039%, 11/10/42(l)		700,000	722,504
Series 2006-6 A4
5.356%, 10/10/45		250,000	253,756

See Notes to Portfolio of Investments.

33

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2007-2 A2
5.634%, 4/10/49(l)	$	1,000,000	$	1,025,027
Series 2007-2 A4
5.689%, 4/10/49(l)		1,500,000		1,432,366
Series 2007-3 A4
5.658%, 6/10/49(l)		4,380,000		3,904,440
Banc of America Funding Corp., Series 2006-A 1A1
4.457%, 2/20/36(l)		1,416,059		1,305,262
Bank of America-First Union NB Commercial Mortgage, Series 2001-3 A2
5.464%, 4/11/37		544,565		561,759
Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4 22A1
5.958%, 6/25/47(l)		636,652		502,289
Bear Stearns Commercial Mortgage Securities, Inc., Series 2000-WF2 A2
7.320%, 10/15/32(l)		547,130		553,156
Series 2003-T12 A4
4.680%, 8/13/39(l)		1,825,000		1,891,184
Series 2004-T16 A6
4.750%, 2/13/46(l)		1,340,000		1,352,037
Series 2005-PWR7 A3
5.116%, 2/11/41(l)		600,000		602,923
Series 2006-PW14 A4
5.201%, 12/11/38		400,000		399,900
Series 2006-T24 A4
5.537%, 10/12/41		825,000		827,735
Series 2007-PW16 A4
5.719%, 6/11/40(l)		1,000,000		957,455
Chase Commercial Mortgage Securities Corp., Series 2000-3 A2
7.319%, 10/15/32		955,107		969,221
Citigroup Commercial Mortgage Trust, Inc., Series 2007-C6 A4
5.699%, 12/10/49(l)		500,000		486,027
Series 2008-C7 A4
6.095%, 12/10/49(l)		2,259,313		2,276,825
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1 1A1
2.720%, 10/25/35(l)		6,379,710		5,233,705
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4 A2B
5.205%, 12/11/49		300,000		299,979
Series 2007-CD5 A1
5.171%, 11/15/44		296,426		304,645
Citimortgage Alternative Loan Trust, Series 2007-A8 A1
6.000%, 10/25/37		2,327,586		1,608,548
Commercial Mortgage Pass Through Certificates, Series 2000-C1 A2
7.416%, 8/15/33(l)		407,163		406,882
Series 2005-LP5 A4
4.982%, 5/10/43(l)		1,400,000		1,433,057
Countrywide Alternative Loan Trust, Series 2003-J3 2A1
6.250%, 12/25/33		127,449		133,550
Series 2006-OA21 A1
0.430%, 3/20/47(l)^		1,121,044		594,065
Series 2006-OA6 1A2
0.456%, 7/25/46(l)		266,460		143,567
Series 2007-OH1 A1D
0.456%, 4/25/47(l)		429,094		216,796
Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-OA5 2A1
0.446%, 4/25/46(l)		459,602		241,974
Credit Suisse Mortgage Capital Certificates, Series 2006-8 3A1
6.000%, 10/25/21		499,968		339,334
Series 2006-C4 A3
5.467%, 9/15/39		1,000,000		936,711
Series 2006-C5 A3
5.311%, 12/15/39		3,000,000		2,812,886
Series 2010-RR1 2A
5.695%, 9/17/40(l)§		4,800,000		4,659,884
Series 2010-RR1 3A
5.658%, 6/10/49(l)§		4,800,000		4,756,101
CS First Boston Mortgage Securities Corp., Series 2001-CK6 A3
6.387%, 8/15/36		481,085		504,370
Series 2002-CKS4 A2
5.183%, 11/15/36		1,525,000		1,591,931
Series 2002-CP3 A3
5.603%, 7/15/35		2,160,000		2,271,490
Series 2002-CP5 A2
4.940%, 12/15/35		2,065,000		2,148,329
Series 2003-C3 A5
3.936%, 5/15/38		2,220,000		2,249,847
Series 2004-C2 A1
3.819%, 5/15/36		388,508		388,633
Series 2004-C4 A6
4.691%, 10/15/39		600,000		609,355
Series 2004-C5 A4
4.829%, 11/15/37		1,000,000		1,004,968
CW Capital Cobalt Ltd., Series 2007-C3 A4
5.820%, 5/15/46(l)		567,500		501,295
Deutsche Alt-A Securities, Inc., Series 2006-OA1 A1
0.446%, 2/25/47(l)		243,396		131,224
DLJ Commercial Mortgage Corp., Series 2000-CKP1 A1B
7.180%, 11/10/33		874,841		883,146
EMF-NL B.V., Series 2008-1X A1
1.580%, 10/17/39(l)(m)†		925,065		1,185,783
Series 2008-1X A3
1.930%, 10/17/41(l)(m)†		500,000		455,390
Series 2008-2X A2
1.680%, 7/17/41(l)(m)†		1,200,000		1,141,511
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA2 1A5
6.000%, 5/25/36		1,388,051		937,632
First Republic Mortgage Loan Trust, Series 2001-FRB1 A
0.580%, 11/15/31(l)		488,354		421,881
First Union National Bank Commercial Mortgage Trust, Series 2001-C4 A2
6.223%, 12/12/33		1,950,000		2,033,033
GE Capital Commercial Mortgage Corp., Series 2004-C3 A3
4.865%, 7/10/39(l)		600,000		612,924
Series 2007-C1 A4
5.543%, 12/10/49		1,500,000		1,369,709

See Notes to Portfolio of Investments.

34

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
GMAC Commercial Mortgage Securities, Inc., Series 2000-C2 A2
7.455%, 8/16/33(l)	$	384,646	$	385,802
Series 2000-C3 A2
6.957%, 9/15/35		1,414,712		1,441,711
Series 2002-C3 A2
4.930%, 7/10/39		2,075,000		2,159,033
Series 2004-C3 A5
4.864%, 12/10/41		700,000		700,837
Greenwich Capital Commercial Funding Corp., Series 2004-GG1 A4
4.755%, 6/10/36		355,000		359,285
Series 2005-GG3 A4
4.799%, 8/10/42(l)		1,333,000		1,360,312
Series 2006-GG7 A4
5.886%, 7/10/38(l)		1,250,000		1,283,980
Series 2007-GG9 A4
5.444%, 3/10/39		950,000		911,552
GS Mortgage Securities Corp. II, Series 2001-LIBA A2
6.615%, 2/14/16§		3,000,000		3,145,077
Series 2001-LIBA C
6.733%, 2/14/16§		2,200,000		2,308,608
Series 2004-GG2 A6
5.396%, 8/10/38(l)		1,027,000		1,070,972
Series 2005-GG4 A4
4.761%, 7/10/39		1,000,000		988,314
Series 2006-GG6 A4
5.553%, 4/10/38(l)		1,000,000		1,002,865
Series 2006-GG8 A2
5.479%, 11/10/39		750,000		761,007
GSR Mortgage Loan Trust, Series 2004-9 4A1
3.252%, 8/25/34(l)		1,078,485		974,902
Series 2005-AR4 6A1
5.250%, 7/25/35(l)		4,363,513		4,169,075
Series 2005-AR6 2A1
2.953%, 9/25/35(l)		1,513,341		1,400,795
Hilton Hotel Pool Trust, Series 2000-HLTA B
0.728%, 10/3/15(l)§		5,600,000		5,596,040
Series 2000-HLTA C
7.458%, 10/3/15§		3,000,000		3,098,265
Homebanc Mortgage Trust, Series 2005-4 A1
0.516%, 10/25/35(l)		712,707		517,613
Impac CMB Trust, Series 2003-8 2A1
1.146%, 10/25/33(b)(l)		152,115		118,559
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2001-C1 A3
5.857%, 10/12/35		1,600,000		1,661,296
Series 2001-CIB2 A3
6.429%, 4/15/35		395,000		408,801
Series 2001-CIBC A3
6.260%, 3/15/33		1,363,210		1,391,472
Series 2003-CB7 A2
4.128%, 1/12/38		1,064,428		1,071,946
Series 2003-CB7 A4
4.879%, 1/12/38(l)		2,500,000		2,605,871
Series 2004-CB8 A1A
4.158%, 1/12/39§		953,115		951,018
Series 2005-LDP1 A3
4.865%, 3/15/46		2,000,000		2,012,762
Series 2005-LDP3 A4B
4.996%, 8/15/42(l)		1,275,000		1,155,737
Series 2005-LDP4 A3A1
4.871%, 10/15/42		700,000		706,638
Series 2006-CB15 A4
5.814%, 6/12/43(l)		785,000		788,121
Series 2006-LDP9 A1S
5.284%, 5/15/47		1,380,754		1,425,489
Series 2007-CB18 A4
5.440%, 6/12/47		1,350,000		1,326,926
Series 2007-LD12 A2
5.827%, 2/15/51		1,000,000		1,032,317
JP Morgan Mortgage Trust, Series 2006-S2 2A2
5.875%, 7/25/36		213,862		185,531
Series 2007-A1 3A3
4.607%, 7/25/35(l)		1,029,546		920,511
Series 2007-S1 1A2
5.500%, 3/25/22		212,245		195,823
LB-UBS Commercial Mortgage Trust, Series 2002-C2 A4
5.594%, 6/15/31		2,089,000		2,196,124
Series 2003-C7 A2
4.064%, 9/15/27(l)		237,941		238,728
Series 2004-C2 A4
4.367%, 3/15/36		1,800,000		1,827,260
Series 2004-C7 A1A
4.475%, 10/15/29		1,904,984		1,916,357
Series 2004-C8 A4
4.510%, 12/15/29		1,300,000		1,321,664
Series 2005-C7 A4
5.197%, 11/15/30(l)		300,000		309,560
Series 2007-C1 A4
5.424%, 2/15/40		4,000,000		3,854,240
Series 2007-C6 A4
5.858%, 7/15/40(l)		1,500,000		1,462,870
Series 2007-C7 A3
5.866%, 9/15/45(l)		3,940,000		3,931,167
MASTR Alternative Loans Trust, Series 2004-4 1A1
5.500%, 5/25/34		770,444		708,817
Merrill Lynch Mortgage Investors, Inc., Series 2003-A1 3A
1.884%, 12/25/32(l)		248,502		233,694
Series 2005-A10 A
0.456%, 2/25/36(l)		1,984,527		1,383,650
Merrill Lynch Mortgage Trust, Series 2004-KEY2 A4
4.864%, 8/12/39(l)		900,000		905,037
Series 2007-C1 A4
5.827%, 6/12/50(l)		1,000,000		982,085
Series 2008-C1 A3
5.710%, 2/12/51		300,000		305,308
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5 A4
5.378%, 8/12/48		2,700,000		2,255,173
Series 2007-6 A4
5.485%, 3/12/51(l)		150,000		128,851
Morgan Stanley Capital I, Inc., Series 2004-IQ8 A5
5.110%, 6/15/40(l)		600,000		622,511
Series 2005-HQ5 A4
5.168%, 1/14/42		1,194,000		1,237,919

See Notes to Portfolio of Investments.

35

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2005-IQ9 A5
4.700%, 7/15/56	$	1,875,000	$	1,893,217
Series 2006-HQ8 A3
5.438%, 3/12/44(l)		667,000		677,555
Series 2007-HQ13 A1
5.357%, 12/15/44		3,378,150		3,454,995
Series 2007-IQ14 A2
5.610%, 4/15/49		1,000,000		1,012,056
Series 2007-IQ15 A4
5.880%, 6/11/49(l)		3,450,000		3,415,808
Series 2007-T25 A3
5.514%, 11/12/49(l)		1,500,000		1,490,273
Series 2007-T27 A4
5.649%, 6/11/42(l)		1,210,000		1,251,261
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5 A4
6.390%, 10/15/35		597,179		625,550
Series 2002-IQ2 A4
5.740%, 12/15/35		1,712,024		1,791,517
Residential Accredit Loans, Inc., Series 2003-QR19 CB1
5.750%, 10/25/33		7,804		7,703
Series 2006-QS2 1A9
5.500%, 2/25/36		1,224,368		837,880
Salomon Brothers Mortgage Securities VII, Inc., Series 2001-C2 A3
6.499%, 11/13/36		2,128,405		2,230,905
Sequoia Mortgage Trust, Series 10 2A1
0.620%, 10/20/27(l)		68,083		58,314
Series 2003-4 2A1
0.590%, 7/20/33(l)		173,198		142,045
Station Place Securitization Trust, Series 2009-1 A
1.746%, 1/25/40(l)§		2,785,000		2,778,037
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19XS 1A1
0.566%, 10/25/35(l)		478,053		278,109
Structured Asset Mortgage Investments, Inc., Series 2005-AR5 A1
0.487%, 7/19/35(l)		411,666		266,913
Series 2005-AR5 A2
0.487%, 7/19/35(l)		2,001,002		1,557,478
Series 2006-AR3 12A1
0.466%, 5/25/36(l)		1,757,950		955,941
Thornburg Mortgage Securities Trust, Series 2007-1 A3A
0.329%, 3/25/37(l)		1,259,486		1,201,189
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4 A3
6.072%, 8/15/39(l)		985,000		1,030,377
Wachovia Bank Commercial Mortgage Trust, Series 2003-C8 A4
4.964%, 11/15/35(l)		2,300,000		2,389,013
Series 2004-C11 A5
5.215%, 1/15/41(l)		975,000		993,335
Series 2005-C17 APB
5.037%, 3/15/42		1,529,995		1,583,424
Series 2005-C20 A6A
5.110%, 7/15/42(l)		2,290,000		2,364,321
Series 2005-C22 A4
5.270%, 12/15/44(l)		1,320,000		1,326,154
Series 2007-C31 A2
5.421%, 4/15/47		1,500,000		1,530,242
Series 2007-C33 A4
5.902%, 2/15/51(l)		1,700,000		1,585,239
WaMu Mortgage Pass-Through Certificates, Series 2002-AR9 1A
1.871%, 8/25/42(l)		94,553		66,781
Series 2003-AR1 A5
2.385%, 3/25/33(l)		837,782		768,321
Series 2005-AR7 A4
4.887%, 8/25/35(l)		715,848		622,837
Series 2007-OA4 1A
1.233%, 5/25/47(l)		534,093		300,602
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR12 2A4
2.993%, 7/25/35(l)		883,685		836,082
Series 2006-AR12 2A1
6.039%, 9/25/36(l)		677,335		587,243
				186,875,356
Total Asset-Backed and Mortgage-Backed Securities				285,635,005
Corporate Bonds (31.2%)
Consumer Discretionary (1.1%)
Automobiles (0.1%)
Daimler Finance N.A. LLC
5.750%, 9/8/11	$	2,350,000		2,477,004
6.500%, 11/15/13		1,319,000		1,462,296
				3,939,300
Hotels, Restaurants & Leisure (0.1%)
International Game Technology
7.500%, 6/15/19		75,000		84,948
Marriott International, Inc.
5.625%, 2/15/13		250,000		265,991
McDonald’s Corp.
5.000%, 2/1/19		2,500,000		2,623,428
6.300%, 3/1/38		682,000		740,797
Yum! Brands, Inc.
4.250%, 9/15/15		250,000		255,917
5.300%, 9/15/19		150,000		153,576
6.875%, 11/15/37		100,000		108,580
				4,233,237
Household Durables (0.0%)
Fortune Brands, Inc.
3.000%, 6/1/12		250,000		250,502
Toll Brothers Finance Corp.
8.910%, 10/15/17		200,000		228,109
6.750%, 11/1/19		125,000		126,302
Whirlpool Corp.
8.000%, 5/1/12		115,000		126,392
8.600%, 5/1/14		50,000		58,027
				789,332
Leisure Equipment & Products (0.0%)
Hasbro, Inc.
6.350%, 3/15/40		110,000		108,685
Media (0.8%)
CBS Corp.
8.875%, 5/15/19		125,000		151,001
5.750%, 4/15/20		35,000		35,150
7.875%, 7/30/30		823,000		906,981
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13^		489,000		566,822
9.455%, 11/15/22		740,000		988,765
Comcast Cable Holdings LLC
7.875%, 8/1/13		39,000		44,446

See Notes to Portfolio of Investments.

36

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Comcast Corp.
6.500%, 1/15/15	$	969,000	$	1,090,755
5.900%, 3/15/16		1,395,000		1,523,881
6.500%, 1/15/17		1,765,000		1,962,168
5.700%, 5/15/18		300,000		318,087
5.700%, 7/1/19		250,000		261,049
7.050%, 3/15/33		4,000		4,302
6.500%, 11/15/35		370,000		378,982
6.450%, 3/15/37		658,000		670,085
6.950%, 8/15/37^		1,879,000		2,032,736
6.550%, 7/1/39		250,000		258,714
6.400%, 3/1/40		425,000		431,983
COX Communications, Inc.
7.125%, 10/1/12		115,000		128,531
4.625%, 6/1/13		600,000		634,376
8.375%, 3/1/39^§		1,390,000		1,738,473
DIRECTV Holdings LLC
3.550%, 3/15/15§		95,000		93,475
5.200%, 3/15/20§		130,000		127,986
6.350%, 3/15/40§		40,000		39,706
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
7.625%, 5/15/16		414,000		463,680
DISH DBS Corp.
6.375%, 10/1/11		1,100,000		1,144,000
McGraw-Hill Cos., Inc.
6.550%, 11/15/37		200,000		214,167
News America Holdings, Inc.
9.250%, 2/1/13		957,000		1,124,508
7.750%, 1/20/24		1,543,000		1,845,240
8.500%, 2/23/25		232,000		274,945
8.450%, 8/1/34		73,000		86,823
News America, Inc.
7.125%, 4/8/28		82,000		86,685
6.150%, 3/1/37		666,000		656,477
7.850%, 3/1/39		250,000		296,696
Omnicom Group, Inc.
6.250%, 7/15/19		150,000		162,492
TCI Communications, Inc.
7.875%, 2/15/26		246,000		281,970
7.125%, 2/15/28		108,000		114,823
Thomson Reuters Corp.
5.700%, 10/1/14		1,230,000		1,359,716
4.700%, 10/15/19		150,000		150,765
Time Warner Cable, Inc.
6.200%, 7/1/13		987,000		1,089,147
5.850%, 5/1/17		1,358,000		1,454,080
5.000%, 2/1/20		220,000		216,916
7.300%, 7/1/38		275,000		306,054
6.750%, 6/15/39		250,000		262,252
Time Warner Cos., Inc.
7.570%, 2/1/24		3,000		3,458
Time Warner Entertainment Co. LP
8.375%, 3/15/23		1,450,000		1,769,641
Time Warner, Inc.
5.875%, 11/15/16		668,000		729,817
7.700%, 5/1/32		1,962,000		2,264,485
Turner Broadcasting System, Inc.
8.375%, 7/1/13		65,000		74,398
Viacom, Inc.
4.375%, 9/15/14		100,000		103,319
5.625%, 9/15/19		350,000		363,542
6.875%, 4/30/36		300,000		318,055
Walt Disney Co.
4.500%, 12/15/13		500,000		538,464
5.500%, 3/15/19		500,000		542,960
				32,688,029
Multiline Retail (0.1%)
Kohl’s Corp.
6.250%, 12/15/17		622,000		691,977
Nordstrom, Inc.
6.750%, 6/1/14		100,000		112,290
Target Corp.
5.125%, 1/15/13		500,000		542,872
6.000%, 1/15/18		500,000		559,789
7.000%, 1/15/38		500,000		577,964
				2,484,892
Specialty Retail (0.0%)
Home Depot, Inc.
5.400%, 3/1/16		1,332,000		1,439,356
Lowe’s Cos., Inc.
5.800%, 10/15/36		655,000		659,417
TJX Cos., Inc.
4.200%, 8/15/15		100,000		105,770
6.950%, 4/15/19		145,000		171,341
				2,375,884
Total Consumer Discretionary				46,619,359
Consumer Staples (1.3%)
Beverages (0.4%)
Anheuser-Busch Cos., Inc.
6.450%, 9/1/37		677,000		721,476
Anheuser-Busch InBev Worldwide, Inc.
3.000%, 10/15/12		1,125,000		1,155,194
5.375%, 11/15/14§		4,250,000		4,603,201
4.125%, 1/15/15		630,000		648,206
5.375%, 1/15/20		1,820,000		1,877,477
6.375%, 1/15/40		250,000		266,840
Bottling Group LLC
6.950%, 3/15/14		700,000		810,396
Coca-Cola Co.
5.350%, 11/15/17		650,000		715,094
Coca-Cola Enterprises, Inc.
3.750%, 3/1/12		1,750,000		1,833,230
7.375%, 3/3/14		500,000		584,211
6.750%, 9/15/28		660,000		757,322
Diageo Finance B.V.
3.250%, 1/15/15		200,000		200,777
5.300%, 10/28/15		1,288,000		1,414,098
Dr. Pepper Snapple Group, Inc.
1.700%, 12/21/11		100,000		100,256
2.350%, 12/21/12		100,000		100,709
6.820%, 5/1/18		250,000		285,602
PepsiAmericas, Inc.
4.375%, 2/15/14		250,000		264,294
PepsiCo, Inc.
3.750%, 3/1/14		500,000		522,770
7.900%, 11/1/18		500,000		619,277
4.500%, 1/15/20		500,000		505,656
5.500%, 1/15/40		100,000		99,008
				18,085,094
Food & Staples Retailing (0.3%)
Costco Wholesale Corp.
5.300%, 3/15/12		200,000		214,847
5.500%, 3/15/17		200,000		219,473
CVS Caremark Corp.
4.875%, 9/15/14		250,000		266,352
6.250%, 6/1/27		688,000		714,448

See Notes to Portfolio of Investments.

37

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
CVS Pass-Through Trust
7.507%, 1/10/32§	$	5,588,295	$	6,214,295
Delhaize Group
5.875%, 2/1/14		250,000		273,363
Kroger Co.
7.500%, 1/15/14		500,000		577,347
3.900%, 10/1/15		250,000		253,066
6.400%, 8/15/17		250,000		277,942
8.000%, 9/15/29		250,000		304,619
Safeway, Inc.
5.800%, 8/15/12		400,000		436,228
7.250%, 2/1/31		250,000		285,918
Walgreen Co.
4.875%, 8/1/13		200,000		217,732
5.250%, 1/15/19		200,000		212,550
Wal-Mart Stores, Inc.
5.000%, 4/5/12		2,650,000		2,842,311
5.250%, 9/1/35		707,000		675,479
				13,985,970
Food Products (0.3%)
Bunge Ltd. Finance Corp.
8.500%, 6/15/19		85,000		98,814
Campbell Soup Co.
3.375%, 8/15/14		100,000		102,714
4.500%, 2/15/19		540,000		549,455
General Mills, Inc.
6.000%, 2/15/12		1,342,000		1,460,144
H.J. Heinz Co.
5.350%, 7/15/13		400,000		433,741
Hershey Co.
4.850%, 8/15/15		640,000		675,695
Kellogg Co.
4.250%, 3/6/13		500,000		528,224
Kraft Foods, Inc.
6.250%, 6/1/12		1,346,000		1,473,027
4.125%, 2/9/16		150,000		151,996
6.500%, 8/11/17		1,980,000		2,217,903
6.125%, 2/1/18^		1,702,000		1,862,652
5.375%, 2/10/20		3,355,000		3,409,871
7.000%, 8/11/37		100,000		109,759
6.500%, 2/9/40		200,000		207,256
Ralcorp Holdings, Inc.
6.625%, 8/15/39§		100,000		99,413
				13,380,664
Household Products (0.1%)
Clorox Co.
5.450%, 10/15/12		1,330,000		1,442,219
3.550%, 11/1/15		100,000		101,345
Kimberly-Clark Corp.
6.625%, 8/1/37		100,000		114,091
Procter & Gamble Co.
1.375%, 8/1/12		175,000		175,024
4.600%, 1/15/14		600,000		644,659
4.700%, 2/15/19		200,000		205,108
5.550%, 3/5/37		684,000		691,627
				3,374,073
Personal Products (0.0%)
Avon Products, Inc.
5.625%, 3/1/14		200,000		219,296
Tobacco (0.2%)
Altria Group, Inc.
8.500%, 11/10/13		1,340,000		1,566,310
9.950%, 11/10/38		500,000		656,581
Philip Morris International, Inc.
6.875%, 3/17/14		775,000		887,466
5.650%, 5/16/18		1,352,000		1,455,661
4.500%, 3/26/20		1,500,000		1,463,485
Reynolds American, Inc.
6.750%, 6/15/17		400,000		428,434
				6,457,937
Total Consumer Staples				55,503,034
Energy (1.9%)
Energy Equipment & Services (0.1%)
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		105,000		114,021
5.700%, 10/15/39		250,000		245,097
Halliburton Co.
5.500%, 10/15/10		330,000		339,083
6.700%, 9/15/38		300,000		334,221
Rowan Cos., Inc.
7.875%, 8/1/19		130,000		148,891
Transocean, Inc.
6.000%, 3/15/18		673,000		732,595
6.800%, 3/15/38		200,000		224,578
Weatherford International Ltd.
5.500%, 2/15/16		649,000		691,555
9.625%, 3/1/19		250,000		316,342
				3,146,383
Oil, Gas & Consumable Fuels (1.8%)
Alberta Energy Co., Ltd.
8.125%, 9/15/30		628,000		749,152
Anadarko Petroleum Corp.
5.950%, 9/15/16		640,000		697,261
6.450%, 9/15/36		250,000		254,785
Apache Corp.
6.000%, 1/15/37		682,000		717,588
Buckeye Partners LP
5.500%, 8/15/19		150,000		151,849
Canadian Natural Resources Ltd.
5.700%, 5/15/17		1,889,000		2,015,678
6.500%, 2/15/37		490,000		519,925
6.250%, 3/15/38		250,000		258,512
Cenovus Energy, Inc.
6.750%, 11/15/39§		1,570,000		1,702,767
Chevron Corp.
3.450%, 3/3/12		3,220,000		3,352,075
4.950%, 3/3/19		250,000		264,186
ConocoPhillips
4.400%, 5/15/13		2,602,000		2,761,789
4.600%, 1/15/15		2,830,000		3,035,138
5.750%, 2/1/19		500,000		545,049
7.000%, 3/30/29		9,000		10,166
Devon Financing Corp. ULC
6.875%, 9/30/11		1,362,000		1,469,614
7.875%, 9/30/31		142,000		176,304
Enbridge Energy Partners LP
9.875%, 3/1/19		250,000		324,860
Enbridge, Inc.
5.800%, 6/15/14		500,000		551,003
EnCana Corp.
4.750%, 10/15/13		656,000		702,546
6.500%, 5/15/19^		2,645,000		2,950,101
EnCana Holdings Finance Corp.
5.800%, 5/1/14		120,000		132,488
Energy Transfer Partners LP
6.000%, 7/1/13		500,000		540,506
9.000%, 4/15/19		500,000		613,956

See Notes to Portfolio of Investments.

38

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Enterprise Products Operating LLC
9.750%, 1/31/14	$	375,000	$	455,361
6.650%, 10/15/34		250,000		260,210
6.125%, 10/15/39		160,000		157,316
EOG Resources, Inc.
5.625%, 6/1/19		125,000		134,156
Gaz Capital S.A.
8.146%, 4/11/18§		1,800,000		2,029,500
Hess Corp.
7.300%, 8/15/31		659,000		750,925
Husky Energy, Inc.
5.900%, 6/15/14		85,000		92,504
7.250%, 12/15/19		50,000		57,915
Kinder Morgan Energy Partners LP
6.750%, 3/15/11		4,430,000		4,654,446
5.000%, 12/15/13		200,000		214,416
5.625%, 2/15/15		65,000		70,484
6.000%, 2/1/17		200,000		214,790
6.850%, 2/15/20		145,000		162,665
5.800%, 3/1/21		10,600,000		11,078,707
7.400%, 3/15/31		200,000		224,879
6.950%, 1/15/38		200,000		216,646
Magellan Midstream Partners LP
6.550%, 7/15/19		150,000		166,134
Marathon Oil Corp.
7.500%, 2/15/19		500,000		587,302
6.600%, 10/1/37		200,000		209,947
Nabors Industries, Inc.
9.250%, 1/15/19		300,000		373,164
Nexen, Inc.
6.200%, 7/30/19		30,000		32,344
5.875%, 3/10/35		672,000		638,956
6.400%, 5/15/37		210,000		211,685
7.500%, 7/30/39		120,000		136,882
Occidental Petroleum Corp.
7.000%, 11/1/13		200,000		231,669
4.125%, 6/1/16		150,000		154,543
ONEOK Partners LP
8.625%, 3/1/19		350,000		432,196
PC Financial Partnership
5.000%, 11/15/14		500,000		527,506
Pemex Project Funding Master Trust
6.625%, 6/15/35		670,000		660,075
Petrobras International Finance Co.
5.875%, 3/1/18^		125,000		130,544
7.875%, 3/15/19		750,000		877,169
5.750%, 1/20/20^		4,180,000		4,282,372
6.875%, 1/20/40		250,000		258,046
Petroleos Mexicanos
4.875%, 3/15/15§		250,000		256,750
8.000%, 5/3/19		500,000		586,250
6.000%, 3/5/20§		120,000		123,000
Plains All American Pipeline LP
6.650%, 1/15/37		678,000		703,045
Shell International Finance B.V.
1.875%, 3/25/13		5,035,000		5,030,066
4.000%, 3/21/14		2,425,000		2,551,895
4.375%, 3/25/20		300,000		297,414
6.375%, 12/15/38		500,000		550,603
Spectra Energy Capital LLC
6.200%, 4/15/18		350,000		377,430
Statoil ASA
5.250%, 4/15/19		150,000		156,649
Suncor Energy, Inc.
6.850%, 6/1/39		500,000		538,760
Talisman Energy, Inc.
7.750%, 6/1/19		75,000		89,366
Trans-Canada Pipelines Ltd.
7.125%, 1/15/19		700,000		820,130
6.200%, 10/15/37		250,000		259,203
7.625%, 1/15/39		500,000		609,283
Transcontinental Gas Pipe Line Corp. Series B
8.875%, 7/15/12		1,000,000		1,141,886
Valero Energy Corp.
4.500%, 2/1/15		65,000		65,119
6.125%, 2/1/20		65,000		65,016
7.500%, 4/15/32		616,000		634,861
6.625%, 6/15/37		1,730,000		1,645,327
XTO Energy, Inc.
6.250%, 4/15/13		500,000		558,270
6.250%, 8/1/17		270,000		306,878
6.500%, 12/15/18		250,000		288,537
6.750%, 8/1/37		1,002,000		1,173,142
6.375%, 6/15/38		220,000		246,372
				74,258,004
Total Energy				77,404,387
Financials (20.3%)
Capital Markets (2.7%)
Ameriprise Financial, Inc.
5.300%, 3/15/20		820,000		829,546
Bank of New York Mellon Corp.
5.125%, 8/27/13		500,000		545,653
4.300%, 5/15/14		145,000		152,641
3.100%, 1/15/15		500,000		498,982
5.450%, 5/15/19		200,000		212,109
Bear Stearns Cos. LLC
6.950%, 8/10/12		2,500,000		2,769,598
5.300%, 10/30/15		829,000		882,543
7.250%, 2/1/18		2,000,000		2,311,380
BlackRock, Inc.
3.500%, 12/10/14		200,000		202,457
5.000%, 12/10/19		300,000		300,308
Charles Schwab Corp.
4.950%, 6/1/14		125,000		133,278
Deutsche Bank AG/London
5.375%, 10/12/12		2,693,000		2,930,647
2.375%, 1/11/13		200,000		200,339
Goldman Sachs Capital I
6.345%, 2/15/34		381,000		351,799
Goldman Sachs Capital II
5.793%, 12/29/49(l)		1,455,000		1,233,112
Goldman Sachs Group, Inc.
1.625%, 7/15/11		1,352,000		1,367,233
2.150%, 3/15/12		250,000		254,688
3.250%, 6/15/12		2,712,000		2,827,792
3.625%, 8/1/12		180,000		186,407
5.450%, 11/1/12		2,690,000		2,907,895
5.250%, 10/15/13		1,518,000		1,631,738
6.000%, 5/1/14		75,000		82,124
5.125%, 1/15/15		1,826,000		1,926,105
6.150%, 4/1/18		1,600,000		1,692,928
5.375%, 3/15/20		2,100,000		2,080,577
5.950%, 1/15/27		810,000		777,568
6.125%, 2/15/33		699,000		690,890
6.750%, 10/1/37		700,000		699,121
Jefferies Group, Inc.
8.500%, 7/15/19		300,000		332,803

See Notes to Portfolio of Investments.

39

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Lazard Group LLC
7.125%, 5/15/15	$	200,000	$	209,999
Lehman Brothers Holdings, Inc.
0.000%, 12/23/10(h)(s)		10,200,000		2,346,000
5.625%, 1/24/13(h)(s)		5,000,000		1,175,000
6.750%, 12/28/17(h)(s)		1,297,000		3,243
Macquarie Bank Ltd.
3.300%, 7/17/14§		12,900,000		13,074,743
Merrill Lynch & Co., Inc.
0.482%, 6/5/12(l)		1,500,000		1,471,620
6.050%, 8/15/12		700,000		747,604
6.150%, 4/25/13		2,774,000		2,986,771
5.700%, 5/2/17		1,500,000		1,490,992
6.400%, 8/28/17^		13,000,000		13,701,038
Morgan Stanley
5.050%, 1/21/11		715,000		738,125
6.750%, 4/15/11		3,400,000		3,589,203
3.250%, 12/1/11		2,700,000		2,799,355
0.499%, 1/9/12(l)		1,250,000		1,235,860
5.625%, 1/9/12		3,335,000		3,532,319
2.250%, 3/13/12		250,000		255,073
6.600%, 4/1/12		485,000		526,210
5.300%, 3/1/13^		2,543,000		2,706,350
6.000%, 5/13/14		200,000		216,027
4.200%, 11/20/14		5,250,000		5,261,581
6.000%, 4/28/15		10,300,000		11,033,514
0.731%, 10/15/15(l)^		4,800,000		4,446,346
5.375%, 10/15/15		1,000,000		1,038,646
5.550%, 4/27/17		100,000		102,274
5.950%, 12/28/17		2,700,000		2,773,899
7.300%, 5/13/19		200,000		220,962
Nomura Holdings, Inc.
5.000%, 3/4/15		300,000		306,665
6.700%, 3/4/20		203,000		210,676
Northern Trust Corp.
4.625%, 5/1/14		65,000		69,130
Piper Jaffray Cos.
4.390%, 12/31/10(b)(l)§†		5,000,000		4,970,488
Raymond James Financial, Inc.
8.600%, 8/15/19		600,000		685,735
				114,937,709
Certificates of Deposit (0.5%)
Barclays Bank plc
0.456%, 1/12/11(l)		5,000,000		4,999,980
Deutsche Bank AG/New York
0.604%, 1/19/12(l)		2,000,000		1,999,900
Intesa Sanpaolo S.p.A.
0.804%, 1/19/12(l)		7,100,000		7,097,302
2.375%, 12/21/12		5,000,000		5,034,785
				19,131,967
Commercial Banks (8.0%)
American Express Bank FSB
3.150%, 12/9/11		750,000		777,419
Bank of Nova Scotia
2.250%, 1/22/13		260,000		262,398
3.400%, 1/22/15		200,000		201,316
Bank of Scotland plc
0.312%, 12/8/10(l)§		8,000,000		7,982,928
5.250%, 2/21/17§		8,200,000		8,369,109
Bank of Tokyo-Mitsubishi UFJ Ltd./New York
2.600%, 1/22/13§		1,500,000		1,510,909
Barclays Bank plc
5.450%, 9/12/12		700,000		754,593
5.000%, 9/22/16		500,000		513,935
6.750%, 5/22/19		400,000		442,517
5.125%, 1/8/20		1,000,000		986,068
5.926%, 9/29/49(l)§		1,300,000		1,144,000
BB&T Corp.
3.375%, 9/25/13		400,000		408,261
5.250%, 11/1/19		655,000		658,545
Canadian Imperial Bank of Commerce
2.000%, 2/4/13§		14,700,000		14,756,683
Citibank N.A.
1.375%, 8/10/11		500,000		504,039
1.250%, 9/22/11		300,000		301,954
1.875%, 5/7/12		500,000		506,484
1.750%, 12/28/12		3,770,000		3,780,718
Commonwealth Bank of Australia
0.821%, 3/19/13(l)§		2,800,000		2,804,760
0.671%, 7/12/13(l)§		12,800,000		12,871,015
3.500%, 3/19/15§		2,800,000		2,779,837
Credit Agricole S.A.
0.599%, 2/2/12(l)§		2,000,000		1,998,850
Credit Suisse AG
5.400%, 1/14/20		700,000		705,472
Credit Suisse AG/New York
3.450%, 7/2/12		250,000		258,798
5.000%, 5/15/13		15,840,000		17,024,468
5.500%, 5/1/14		300,000		326,529
6.000%, 2/15/18^		1,064,000		1,126,543
Dexia Credit Local S.A.
0.928%, 9/23/11(l)§		4,650,000		4,683,238
1.875%, 9/30/11		13,900,000		13,937,864
0.501%, 1/12/12(l)§		1,500,000		1,499,454
Dexia Credit Local S.A./New York
0.652%, 3/5/13(l)§		10,000,000		10,007,660
2.000%, 3/5/13§		1,870,000		1,857,882
Fifth Third Bancorp
8.250%, 3/1/38		1,400,000		1,471,047
GMAC, Inc.
1.750%, 10/30/12		500,000		502,892
2.200%, 12/19/12		500,000		507,514
HBOS plc
6.750%, 5/21/18§		1,400,000		1,286,321
HSBC Bank USA/New York
5.625%, 8/15/35		500,000		469,277
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/31/49(l)§		550,000		506,146
9.547%, 12/31/49(l)§		500,000		506,250
HSBC Holdings plc
6.500%, 5/2/36		700,000		721,332
6.800%, 6/1/38		500,000		536,164
ICICI Bank Ltd.
6.625%, 10/3/12§		300,000		318,616
ING Bank N.V.
1.090%, 3/30/12(b)(l)§		5,000,000		4,999,050
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		1,620,000		1,726,803
6.000%, 10/1/17		3,610,000		3,848,845
KeyBank N.A.
5.700%, 8/15/12		400,000		420,172
7.413%, 5/6/15		400,000		409,253
KeyCorp
6.500%, 5/14/13		1,302,000		1,390,418
Kreditanstalt fuer Wiederaufbau
3.250%, 10/14/11		2,000,000		2,069,228
1.875%, 1/14/13		1,000,000		1,003,655
3.250%, 3/15/13		2,705,000		2,812,207
2.625%, 3/3/15		500,000		495,553
4.875%, 1/17/17		2,724,000		2,958,479

See Notes to Portfolio of Investments.

40

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
4.000%, 1/27/20	$	1,000,000	$	996,499
(Zero Coupon), 4/18/36		1,824,000		476,041
Landeskreditbank Baden-Wuerttemberg Foerderbank
4.875%, 1/13/12		500,000		529,943
Landwirtschaftliche Rentenbank
5.250%, 7/2/12		645,000		698,430
1.875%, 9/24/12		1,000,000		1,007,736
4.125%, 7/15/13		190,000		202,241
3.125%, 7/15/15		1,000,000		1,003,115
Lloyds TSB Bank plc
2.300%, 4/1/11§		7,000,000		7,118,629
1.251%, 4/2/12(l)§		3,800,000		3,856,419
Marshall & Ilsley Corp.
5.350%, 4/1/11		1,453,000		1,460,731
National Australia Bank Ltd.
5.350%, 6/12/13§		9,100,000		9,807,698
3.750%, 3/2/15^§		3,000,000		3,011,946
New York Community Bank
3.000%, 12/16/11		5,950,000		6,145,541
NIBC Bank N.V.
2.800%, 12/2/14§		8,200,000		8,157,278
PNC Bank N.A.
4.875%, 9/21/17		1,250,000		1,243,632
PNC Funding Corp.
3.625%, 2/8/15		100,000		100,599
5.125%, 2/8/20		100,000		100,734
Rabobank Nederland N.V.
11.000%, 6/29/49(l)§		624,000		803,000
Regions Bank/Alabama
7.500%, 5/15/18		3,700,000		3,670,899
Regions Financial Corp.
7.750%, 11/10/14		500,000		526,070
Royal Bank of Scotland Group plc
0.512%, 3/30/12(l)§		17,900,000		17,912,727
2.625%, 5/11/12§		490,000		500,274
5.050%, 1/8/15		2,100,000		1,988,408
6.400%, 10/21/19		375,000		374,906
Scotland International Finance No. 2 B.V.
7.700%, 8/15/10(b)§		7,300,000		7,412,026
Sumitomo Mitsui Banking Corp.
1.049%, 6/29/49(l)	JPY	200,000,000		2,055,112
Svenska Handelsbanken AB
1.257%, 9/14/12(l)§	$	1,400,000		1,410,143
U.S. Bancorp
4.200%, 5/15/14		1,000,000		1,049,192
U.S. Bank N.A./Ohio
4.950%, 10/30/14		500,000		532,297
UBS AG/Connecticut
1.538%, 9/29/11(l)		13,000,000		13,057,226
1.352%, 2/23/12(l)		2,000,000		2,009,514
3.875%, 1/15/15		500,000		493,267
5.875%, 7/15/16		500,000		514,662
5.875%, 12/20/17		700,000		724,964
5.750%, 4/25/18		1,600,000		1,638,912
UFJ Finance Aruba AEC
6.750%, 7/15/13		310,000		347,515
Union Planters Corp.
7.750%, 3/1/11		1,000,000		1,015,855
USB Capital XIII Trust
6.625%, 12/15/39		125,000		126,532
Wachovia Bank N.A.
4.875%, 2/1/15		1,250,000		1,296,126
5.000%, 8/15/15		2,500,000		2,592,868
6.600%, 1/15/38		750,000		771,654
Wachovia Corp.
0.379%, 4/23/12(l)		1,100,000		1,088,737
5.500%, 5/1/13		2,400,000		2,591,921
5.700%, 8/1/13		1,381,000		1,512,354
5.625%, 10/15/16		1,340,000		1,412,152
0.527%, 6/15/17(l)		5,900,000		5,365,832
Wells Fargo & Co.
3.000%, 12/9/11		675,000		696,970
5.250%, 10/23/12		1,335,000		1,438,273
4.375%, 1/31/13		7,600,000		8,020,614
4.950%, 10/16/13		500,000		528,218
3.750%, 10/1/14		800,000		809,691
5.625%, 12/11/17		665,000		705,476
Series K
7.980%, 12/31/49(l)		8,000,000		8,360,000
Wells Fargo Bank N.A.
5.750%, 5/16/16		2,750,000		2,967,762
Series AI
4.750%, 2/9/15		5,700,000		5,919,233
Westpac Banking Corp.
3.250%, 12/16/11§		17,700,000		18,301,623
2.250%, 11/19/12		6,500,000		6,545,513
4.200%, 2/27/15		400,000		411,750
4.875%, 11/19/19		300,000		297,984
Westpac Securities NZ Ltd.
3.450%, 7/28/14§		12,900,000		13,179,956
				333,598,888
Consumer Finance (1.7%)
American Express Co.
7.250%, 5/20/14		250,000		283,317
7.000%, 3/19/18		15,968,000		18,136,326
8.125%, 5/20/19		250,000		302,800
American Express Credit Corp.
5.125%, 8/25/14		1,000,000		1,061,728
American Honda Finance Corp.
1.021%, 6/20/11(l)§		12,000,000		11,999,964
Capital One Financial Corp.
7.375%, 5/23/14		125,000		142,842
Discover Financial Services
6.450%, 6/12/17		704,000		693,601
8.700%, 11/18/19		200,000		219,055
Ford Motor Credit Co. LLC
9.750%, 9/15/10		2,700,000		2,764,735
HSBC Finance Corp.
0.601%, 7/19/12(l)		10,000,000		9,863,390
6.375%, 11/27/12		5,024,000		5,502,285
4.750%, 7/15/13		2,732,000		2,869,291
0.501%, 1/15/14(l)		4,200,000		4,035,864
5.000%, 6/30/15		685,000		713,349
0.682%, 6/1/16(l)		500,000		474,005
International Lease Finance Corp.
5.000%, 4/15/10^		2,000,000		2,000,182
0.472%, 5/24/10(l)		1,800,000		1,800,056
5.450%, 3/24/11		2,500,000		2,502,712
PACCAR Financial Corp.
1.950%, 12/17/12		200,000		199,574
SLM Corp.
0.409%, 7/26/10(l)		2,300,000		2,268,855
5.400%, 10/25/11		644,000		650,042
0.549%, 1/27/14(l)		885,000		765,673
8.000%, 3/25/20		100,000		97,376
				69,347,022
Diversified Financial Services (4.8%)
Allstate Life Global Funding Trusts
5.375%, 4/30/13		2,180,000		2,374,779

See Notes to Portfolio of Investments.

41

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Ameriprise Financial, Inc.
7.300%, 6/28/19	$	90,000	$	104,278
Bank of America Corp.
2.100%, 4/30/12		1,000,000		1,018,415
3.125%, 6/15/12		1,350,000		1,402,812
4.750%, 8/15/13		2,970,000		3,088,411
0.587%, 9/15/14(l)		1,450,000		1,392,206
6.500%, 8/1/16		1,000,000		1,080,995
5.625%, 10/14/16^		2,300,000		2,381,330
6.000%, 9/1/17		970,000		1,008,825
Bank of America N.A.
5.300%, 3/15/17		1,500,000		1,484,851
6.000%, 10/15/36		750,000		693,981
Belvoir Land LLC,
Series A-1
5.270%, 12/15/47§		167,000		130,290
Boeing Capital Corp.
6.500%, 2/15/12		1,334,000		1,457,316
BP Capital Markets plc
1.550%, 8/11/11		150,000		151,476
5.250%, 11/7/13		1,050,000		1,155,446
3.625%, 5/8/14		250,000		259,334
3.875%, 3/10/15		150,000		155,787
BTM Curacao Holdings N.V.
1.116%, 11/29/49(l)	JPY	100,000,000		1,063,489
Cantor Fitzgerald LP
7.875%, 10/15/19§	$	900,000		901,933
Capital One Capital IV
6.745%, 2/17/37(l)		692,000		596,850
Capital One Capital VI
8.875%, 5/15/40		300,000		326,935
Caterpillar Financial Services Corp.
5.125%, 10/12/11		326,000		345,265
4.250%, 2/8/13		1,342,000		1,427,495
2.000%, 4/5/13		100,000		99,829
7.150%, 2/15/19		300,000		353,129
CDP Financial, Inc.
3.000%, 11/25/14§		3,345,000		3,293,617
Citigroup Funding, Inc.
1.375%, 5/5/11		500,000		503,937
2.125%, 7/12/12		2,290,000		2,331,064
1.875%, 10/22/12		5,200,000		5,241,486
2.250%, 12/10/12		500,000		508,115
Citigroup, Inc.
0.340%, 5/18/11(l)		14,600,000		14,506,662
2.875%, 12/9/11		679,000		700,613
5.250%, 2/27/12		500,000		523,646
2.125%, 4/30/12		1,200,000		1,221,967
5.500%, 4/11/13		19,700,000		20,700,386
6.375%, 8/12/14		1,000,000		1,068,303
5.000%, 9/15/14		750,000		748,943
0.529%, 11/5/14(l)		3,690,000		3,419,755
6.000%, 8/15/17^		430,000		439,854
6.125%, 5/15/18		2,693,000		2,751,678
8.500%, 5/22/19		600,000		700,312
5.850%, 12/11/34		1,499,000		1,361,107
8.125%, 7/15/39		155,000		178,933
CME Group, Inc.
5.750%, 2/15/14		300,000		329,345
ConocoPhillips Canada Funding Co. I
5.950%, 10/15/36		614,000		635,710
Credit Suisse FB USA, Inc.
5.125%, 8/15/15		2,620,000		2,805,797
Crown Castle Towers LLC
6.113%, 1/15/20§		2,495,000		2,609,870
Equifax, Inc.
4.450%, 12/1/14		100,000		102,898
General Electric Capital Corp.
3.000%, 12/9/11		1,354,000		1,399,217
5.875%, 2/15/12		4,002,000		4,301,862
2.250%, 3/12/12^		20,600,000		21,038,100
0.369%, 4/10/12(l)^		13,665,000		13,467,090
2.200%, 6/8/12		1,000,000		1,018,561
2.000%, 9/28/12		2,950,000		2,990,158
2.125%, 12/21/12^		9,510,000		9,634,419
2.625%, 12/28/12		1,000,000		1,026,908
5.900%, 5/13/14		150,000		165,037
5.400%, 2/15/17		1,308,000		1,368,334
6.750%, 3/15/32		1,597,000		1,689,594
5.875%, 1/14/38		1,366,000		1,298,723
5.500%, 9/15/67(l)§	EUR	10,400,000		12,009,980
Irwin Land LLC
Series A-1
5.030%, 12/15/25§	$	217,000		197,449
Series A-2
5.300%, 12/15/35§		395,000		331,069
John Deere Capital Corp.
7.000%, 3/15/12		600,000		663,642
2.875%, 6/19/12		300,000		310,407
5.250%, 10/1/12		200,000		217,138
4.500%, 4/3/13		500,000		533,823
5.750%, 9/10/18		300,000		327,660
JPMorgan Chase & Co.
3.125%, 12/1/11		2,706,000		2,800,044
0.396%, 12/21/11(l)		2,700,000		2,693,309
6.625%, 3/15/12		2,661,000		2,892,720
0.399%, 11/1/12(l)		1,500,000		1,487,990
4.650%, 6/1/14		250,000		264,165
3.700%, 1/20/15		1,100,000		1,106,775
6.000%, 1/15/18		674,000		731,763
7.900%, 4/29/49(l)		982,000		1,046,910
JPMorgan Chase Capital XV
5.875%, 3/15/35		693,000		630,579
JPMorgan Chase Capital XVIII
6.950%, 8/17/36		671,000		657,658
JPMorgan Chase Capital XXV
6.800%, 10/1/37		1,409,000		1,402,555
JPMorgan Chase Capital XXVII
7.000%, 11/1/39		500,000		510,252
Magnolia Finance II plc
3.000%, 4/20/17(b)§	EUR	4,000,000		5,434,912
NASDAQ OMX Group, Inc.
4.000%, 1/15/15	$	100,000		99,523
5.550%, 1/15/20		100,000		99,447
National Rural Utilities Cooperative Finance Corp.
7.250%, 3/1/12		2,604,000		2,864,413
Noble Group Ltd.
6.750%, 1/29/20§		5,500,000		5,685,625
Pemex Finance Ltd.
9.030%, 2/15/11		6,000		6,180
Private Export Funding Corp.
5.685%, 5/15/12		150,000		163,880
4.550%, 5/15/15		200,000		214,547
4.950%, 11/15/15		200,000		217,679
4.300%, 12/15/21		200,000		188,520
Teco Finance, Inc.
4.000%, 3/15/16		65,000		64,053
5.150%, 3/15/20		50,000		49,375
Unilever Capital Corp.
4.800%, 2/15/19		750,000		773,272

See Notes to Portfolio of Investments.

42

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Western Union Co.
5.253%, 4/1/20§	$	1,417,000	$	1,433,012
				198,647,784
Insurance (2.0%)
ACE INA Holdings, Inc.
5.600%, 5/15/15		250,000		272,962
5.900%, 6/15/19		50,000		54,501
Aegon N.V.
4.625%, 12/1/15		300,000		302,657
Aflac, Inc.
8.500%, 5/15/19		150,000		180,608
6.900%, 12/17/39		55,000		56,681
Allstate Corp.
6.200%, 5/16/14		200,000		222,615
7.450%, 5/16/19		100,000		117,346
5.950%, 4/1/36		634,000		635,655
6.125%, 5/15/37(l)		444,000		420,690
American International Group, Inc.
0.371%, 3/20/12(l)		1,000,000		950,906
5.600%, 10/18/16		1,000,000		930,770
8.250%, 8/15/18		1,200,000		1,259,136
6.250%, 5/1/36		700,000		610,422
8.175%, 5/15/58(l)^		17,500,000		14,787,500
Berkshire Hathaway Finance Corp.
4.000%, 4/15/12		500,000		526,434
4.750%, 5/15/12^		2,728,000		2,917,037
5.000%, 8/15/13		600,000		655,247
4.850%, 1/15/15		600,000		644,946
5.750%, 1/15/40		200,000		197,845
Chubb Corp.
5.750%, 5/15/18		1,250,000		1,351,483
6.375%, 3/29/67(l)^		937,000		942,856
CNA Financial Corp.
7.350%, 11/15/19		120,000		125,415
Delphi Financial Group, Inc.
7.875%, 1/31/20		50,000		51,626
Genworth Financial, Inc.
8.625%, 12/15/16		500,000		545,631
Hartford Financial Services Group, Inc.
6.100%, 10/1/41		592,000		528,700
HCC Insurance Holdings, Inc.
6.300%, 11/15/19		100,000		104,197
Lincoln National Corp.
8.750%, 7/1/19		150,000		183,416
6.250%, 2/15/20		50,000		52,136
6.050%, 4/20/67(l)		607,000		505,327
Markel Corp.
7.125%, 9/30/19		100,000		107,499
Marsh & McLennan Cos., Inc.
5.375%, 7/15/14		290,000		299,976
5.750%, 9/15/15		75,000		79,424
MetLife, Inc.
6.125%, 12/1/11		272,000		291,002
6.750%, 6/1/16		500,000		560,326
5.700%, 6/15/35		244,000		234,032
6.400%, 12/15/36		2,000,000		1,790,000
Metropolitan Life Global Funding I
0.507%, 3/15/12(l)§		12,620,000		12,450,665
2.875%, 9/17/12§		1,725,000		1,753,459
2.500%, 1/11/13§		4,470,000		4,473,522
5.125%, 4/10/13§		2,450,000		2,630,313
5.125%, 6/10/14§		775,000		820,869
Monumental Global Funding III
0.419%, 1/25/13(l)§		2,500,000		2,395,520
Monumental Global Funding Ltd.
0.410%, 6/16/10(l)§		2,080,000		2,077,400
New York Life Global Funding
4.650%, 5/9/13§		11,900,000		12,739,878
Northwestern Mutual Life Insurance Co.
6.063%, 3/30/40§		2,800,000		2,809,990
PartnerRe Finance B LLC
5.500%, 6/1/20		100,000		99,050
Progressive Corp.
6.700%, 6/15/37(l)		717,000		703,999
Protective Life Corp.
7.375%, 10/15/19		200,000		212,442
8.450%, 10/15/39		100,000		104,875
Prudential Financial, Inc.
2.750%, 1/14/13		150,000		150,183
4.500%, 7/15/13		1,319,000		1,379,018
3.875%, 1/14/15		65,000		64,878
6.200%, 1/15/15		45,000		49,123
6.000%, 12/1/17		1,244,000		1,316,577
Reinsurance Group of America, Inc.
6.450%, 11/15/19		100,000		104,493
Swiss Reinsurance Solutions Holding Corp.
7.000%, 2/15/26		1,228,000		1,244,643
Teachers Insurance & Annuity Association of America
6.850%, 12/16/39§		870,000		943,717
Torchmark Corp.
9.250%, 6/15/19		100,000		119,773
Transatlantic Holdings, Inc.
8.000%, 11/30/39		200,000		204,402
Travelers Cos., Inc.
5.800%, 5/15/18		500,000		535,614
6.250%, 3/15/37(l)^		1,012,000		996,167
6.250%, 6/15/37		250,000		264,458
Willis North America, Inc.
5.625%, 7/15/15		665,000		682,726
				84,824,758
Real Estate Investment Trusts (REITs) (0.2%)
AvalonBay Communities, Inc.
5.700%, 3/15/17		150,000		158,112
Boston Properties LP
5.875%, 10/15/19		300,000		311,431
Duke Realty LP
6.250%, 5/15/13		100,000		105,353
6.750%, 3/15/20		50,000		50,890
Equity One, Inc.
6.250%, 12/15/14		100,000		102,504
ERP Operating LP
6.625%, 3/15/12		133,000		143,799
5.125%, 3/15/16		500,000		514,193
HCP, Inc.
6.000%, 1/30/17		300,000		298,819
Health Care REIT, Inc.
6.125%, 4/15/20		145,000		145,451
Healthcare Realty Trust, Inc.
6.500%, 1/17/17		200,000		205,183
Hospitality Properties Trust
7.875%, 8/15/14		1,100,000		1,181,321
5.625%, 3/15/17		250,000		233,249
HRPT Properties Trust
6.650%, 1/15/18		100,000		100,581
Kimco Realty Corp.
6.875%, 10/1/19		100,000		105,370
Mack-Cali Realty LP
7.750%, 8/15/19		250,000		275,680

See Notes to Portfolio of Investments.

43

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
ProLogis
7.625%, 8/15/14	$	150,000	$	164,009
6.250%, 3/15/17		100,000		98,444
7.375%, 10/30/19		200,000		205,304
6.875%, 3/15/20		90,000		88,896
Simon Property Group LP
5.300%, 5/30/13		1,319,000		1,395,660
6.750%, 5/15/14		215,000		235,224
4.200%, 2/1/15		135,000		135,343
5.100%, 6/15/15		658,000		675,784
5.650%, 2/1/20		200,000		195,129
6.750%, 2/1/40		100,000		99,476
Ventas Realty LP/Ventas Capital Corp.
7.125%, 6/1/15		2,248,000		2,332,842
6.750%, 4/1/17		760,000		780,290
				10,338,337
Thrifts & Mortgage Finance (0.4%)
Abbey National Treasury Services plc/London
3.875%, 11/10/14§		5,200,000		5,170,656
Achmea Hypotheekbank N.V.
3.200%, 11/3/14§		2,160,000		2,187,544
Santander Holdings USA, Inc.
2.500%, 6/15/12		10,000,000		10,234,770
U.S. Central Federal Credit Union
1.900%, 10/19/12		500,000		504,608
Western Corporate Federal Credit Union
1.750%, 11/2/12		200,000		200,577
				18,298,155
Total Financials				849,124,620
Health Care (1.0%)
Biotechnology (0.1%)
Amgen, Inc.
5.850%, 6/1/17		678,000		751,895
4.500%, 3/15/20		50,000		49,919
6.375%, 6/1/37		670,000		720,370
5.750%, 3/15/40		55,000		54,454
Biogen Idec, Inc.
6.875%, 3/1/18		100,000		109,595
Genentech, Inc.
4.750%, 7/15/15		250,000		266,907
Life Technologies Corp.
6.000%, 3/1/20		755,000		773,025
				2,726,165
Health Care Equipment & Supplies (0.1%)
Baxter International, Inc.
5.900%, 9/1/16		1,324,000		1,498,355
CareFusion Corp.
6.375%, 8/1/19		1,000,000		1,093,553
Hospira, Inc.
6.400%, 5/15/15		115,000		127,540
Mead Johnson Nutrition Co.
3.500%, 11/1/14§		200,000		198,246
4.900%, 11/1/19§		300,000		297,730
5.900%, 11/1/39§		100,000		97,404
Stryker Corp.
3.000%, 1/15/15		100,000		99,953
4.375%, 1/15/20		100,000		99,170
				3,511,951
Health Care Providers & Services (0.2%)
Aetna, Inc.
6.625%, 6/15/36		946,000		996,835
Cardinal Health, Inc.
5.650%, 6/15/12		21,000		22,390
Express Scripts, Inc.
5.250%, 6/15/12		400,000		426,502
6.250%, 6/15/14		135,000		149,571
7.250%, 6/15/19		80,000		92,615
HCA, Inc.
7.250%, 9/15/20^§		2,300,000		2,331,625
Humana, Inc.
7.200%, 6/15/18		300,000		324,404
McKesson Corp.
6.500%, 2/15/14		300,000		335,081
Medco Health Solutions, Inc.
7.125%, 3/15/18		250,000		285,028
Quest Diagnostics, Inc.
4.750%, 1/30/20		60,000		58,698
5.750%, 1/30/40		40,000		38,233
Roche Holdings, Inc.
2.252%, 2/25/11(l)§		505,000		514,167
5.000%, 3/1/14§		2,250,000		2,430,290
UnitedHealth Group, Inc.
6.875%, 2/15/38		500,000		530,638
WellPoint Health Networks, Inc.
6.375%, 1/15/12		1,335,000		1,439,341
				9,975,418
Pharmaceuticals (0.6%)
Abbott Laboratories, Inc.
5.600%, 5/15/11		1,334,000		1,401,929
6.000%, 4/1/39		300,000		317,549
AstraZeneca plc
5.900%, 9/15/17		300,000		335,078
6.450%, 9/15/37		676,000		752,258
Bristol-Myers Squibb Co.
5.875%, 11/15/36		678,000		695,985
6.875%, 8/1/97		45,000		48,320
Eli Lilly and Co.
3.550%, 3/6/12		1,070,000		1,116,422
5.200%, 3/15/17		1,316,000		1,416,275
5.500%, 3/15/27		300,000		304,263
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13		1,027,000		1,113,166
5.650%, 5/15/18		2,724,000		2,957,837
Johnson & Johnson
5.550%, 8/15/17		500,000		552,251
4.950%, 5/15/33		271,000		261,229
Merck & Co., Inc.
4.000%, 6/30/15		2,260,000		2,367,018
6.000%, 9/15/17		350,000		393,870
5.750%, 11/15/36		250,000		256,189
6.550%, 9/15/37		350,000		399,712
Novartis Capital Corp.
1.900%, 4/24/13		40,000		39,978
4.125%, 2/10/14		300,000		317,642
2.900%, 4/24/15		2,475,000		2,457,722
Novartis Securities Investment Ltd.
5.125%, 2/10/19		500,000		529,940
Pfizer, Inc.
4.500%, 2/15/14		250,000		267,045
5.350%, 3/15/15		3,265,000		3,597,557
Teva Pharmaceutical Finance LLC
5.550%, 2/1/16		268,000		293,436
6.150%, 2/1/36		270,000		280,070
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		125,000		130,151
6.125%, 8/15/19		130,000		136,647
Wyeth
5.500%, 2/15/16		652,000		727,309

See Notes to Portfolio of Investments.

44

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
7.250%, 3/1/23	$	683,000	$	800,677
5.950%, 4/1/37		500,000		523,489
				24,791,014
Total Health Care				41,004,548
Industrials (0.9%)
Aerospace & Defense (0.2%)
Boeing Co.
3.500%, 2/15/15		100,000		101,743
4.875%, 2/15/20		55,000		56,272
5.875%, 2/15/40		30,000		30,747
Embraer Overseas Ltd.
6.375%, 1/15/20		250,000		254,375
General Dynamics Corp.
1.800%, 7/15/11		65,000		65,636
5.250%, 2/1/14		500,000		549,355
Goodrich Corp.
6.125%, 3/1/19		200,000		217,344
4.875%, 3/1/20		100,000		100,718
Honeywell International, Inc.
3.875%, 2/15/14		380,000		397,963
5.300%, 3/1/18		1,334,000		1,420,857
ITT Corp.
4.900%, 5/1/14		1,110,000		1,178,827
Lockheed Martin Corp.
4.121%, 3/14/13		158,000		166,700
7.750%, 5/1/26		674,000		820,597
Northrop Grumman Corp.
3.700%, 8/1/14		60,000		61,395
Northrop Grumman Systems Corp.
7.750%, 2/15/31		405,000		496,335
Raytheon Co.
4.400%, 2/15/20		100,000		98,563
Rockwell Collins, Inc.
5.250%, 7/15/19		50,000		51,930
United Technologies Corp.
4.875%, 5/1/15		500,000		542,359
6.125%, 2/1/19		500,000		562,385
4.500%, 4/15/20		60,000		60,277
6.050%, 6/1/36		660,000		692,071
				7,926,449
Air Freight & Logistics (0.0%)
United Parcel Service, Inc.
6.200%, 1/15/38		694,000		755,356
Airlines (0.2%)
Continental Airlines, Inc.
9.000%, 7/8/16		244,947		266,992
Delta Air Lines, Inc.
7.750%, 12/17/19		200,000		210,000
Southwest Airlines Co.
10.500%, 12/15/11§		7,000,000		7,853,146
				8,330,138
Building Products (0.0%)
CRH America, Inc.
5.625%, 9/30/11		127,000		133,103
6.000%, 9/30/16		500,000		537,238
				670,341
Commercial Services & Supplies (0.1%)
Allied Waste North America, Inc.
6.875%, 6/1/17		350,000		381,500
Board of Trustees of the Leland Stanford Junior University
4.250%, 5/1/16		895,000		924,481
Cornell University
5.450%, 2/1/19		200,000		214,224
Darthmouth College
4.750%, 6/1/19		50,000		51,571
Pitney Bowes, Inc.
5.750%, 9/15/17		678,000		729,965
Princeton University
5.700%, 3/1/39		300,000		311,730
R.R. Donnelley & Sons Co.
8.600%, 8/15/16		500,000		554,892
11.250%, 2/1/19		250,000		313,712
Republic Services, Inc.
5.500%, 9/15/19§		148,000		151,574
Vanderbilt University
5.250%, 4/1/19		100,000		104,891
Waste Management, Inc.
6.375%, 11/15/12		700,000		775,606
7.375%, 3/11/19		200,000		231,837
Yale University
2.900%, 10/15/14		300,000		302,538
				5,048,521
Electrical Equipment (0.0%)
Amphenol Corp.
4.750%, 11/15/14		100,000		102,869
Emerson Electric Co.
4.875%, 10/15/19		500,000		523,067
6.125%, 4/15/39		100,000		107,185
5.250%, 11/15/39		150,000		142,029
Thomas & Betts Corp.
5.625%, 11/15/21		100,000		100,800
				975,950
Industrial Conglomerates (0.2%)
3M Co.
4.375%, 8/15/13		350,000		375,441
5.700%, 3/15/37		200,000		206,736
Acuity Brands Lighting, Inc.
6.000%, 12/15/19§		100,000		97,131
General Electric Co.
5.000%, 2/1/13^		2,081,000		2,243,262
5.250%, 12/6/17		500,000		524,424
Koninklijke Philips Electronics N.V.
6.875%, 3/11/38		1,348,000		1,523,350
Tyco International Finance S.A.
6.000%, 11/15/13		610,000		674,123
4.125%, 10/15/14		500,000		516,991
				6,161,458
Machinery (0.1%)
Caterpillar, Inc.
8.250%, 12/15/38		300,000		401,064
Deere & Co.
4.375%, 10/16/19		150,000		148,787
5.375%, 10/16/29		300,000		299,096
Dover Corp.
5.450%, 3/15/18		660,000		698,856
Roper Industries, Inc.
6.625%, 8/15/13		100,000		111,450
Snap-On, Inc.
6.125%, 9/1/21		100,000		104,546
				1,763,799
Road & Rail (0.1%)
Burlington Northern Santa Fe Corp.
5.900%, 7/1/12		1,342,000		1,457,502
4.700%, 10/1/19		150,000		148,529

See Notes to Portfolio of Investments.

45

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Canadian National Railway Co.
6.200%, 6/1/36	$	680,000	$	731,983
Canadian Pacific Railway Co.
7.250%, 5/15/19		220,000		249,929
CSX Corp.
6.250%, 3/15/18		650,000		702,356
Norfolk Southern Corp.
7.700%, 5/15/17		268,000		318,472
5.900%, 6/15/19		550,000		594,246
Union Pacific Corp.
5.125%, 2/15/14		500,000		535,704
5.700%, 8/15/18		500,000		526,167
				5,264,888
Trading Companies & Distributors (0.0%)
GATX Corp.
4.750%, 5/15/15		100,000		99,253
Total Industrials				36,996,153
Information Technology (0.5%)
Communications Equipment (0.1%)
American Tower Corp.
4.625%, 4/1/15		150,000		154,262
Cisco Systems, Inc.
4.950%, 2/15/19		1,000,000		1,039,935
4.450%, 1/15/20		2,443,000		2,429,459
5.900%, 2/15/39		300,000		304,576
Harris Corp.
6.375%, 6/15/19		85,000		92,670
Motorola, Inc.
8.000%, 11/1/11		200,000		216,098
6.000%, 11/15/17		676,000		699,579
Nokia Oyj
5.375%, 5/15/19		200,000		210,657
6.625%, 5/15/39		95,000		104,235
				5,251,471
Computers & Peripherals (0.1%)
Dell, Inc.
3.375%, 6/15/12		270,000		280,585
5.875%, 6/15/19		125,000		135,269
7.100%, 4/15/28		100,000		111,308
Hewlett-Packard Co.
5.250%, 3/1/12		664,000		712,822
4.750%, 6/2/14		475,000		512,825
International Business Machines Corp.
2.100%, 5/6/13		500,000		503,493
5.700%, 9/14/17		1,000,000		1,108,184
6.500%, 1/15/28		1,379,000		1,539,015
				4,903,501
Electronic Equipment, Instruments & Components (0.1%)
Agilent Technologies, Inc.
4.450%, 9/14/12		2,000,000		2,095,922
Arrow Electronics, Inc.
6.000%, 4/1/20		100,000		100,896
Corning, Inc.
6.625%, 5/15/19		30,000		33,275
				2,230,093
IT Services (0.0%)
Electronic Data Systems Corp.
6.000%, 8/1/13		670,000		749,472
Office Electronics (0.1%)
Xerox Corp.
5.500%, 5/15/12		1,302,000		1,381,034
8.250%, 5/15/14		40,000		46,445
6.350%, 5/15/18		1,372,000		1,486,252
5.625%, 12/15/19		200,000		205,577
				3,119,308
Semiconductors & Semiconductor Equipment (0.0%)
Analog Devices, Inc.
5.000%, 7/1/14		100,000		105,611
Software (0.1%)
Adobe Systems, Inc.
3.250%, 2/1/15		100,000		100,396
4.750%, 2/1/20		125,000		122,780
Microsoft Corp.
2.950%, 6/1/14		190,000		192,898
4.200%, 6/1/19		125,000		126,607
5.200%, 6/1/39		185,000		183,069
Oracle Corp.
4.950%, 4/15/13		1,100,000		1,195,009
5.250%, 1/15/16		1,302,000		1,434,334
5.750%, 4/15/18		270,000		296,138
6.500%, 4/15/38		600,000		662,268
				4,313,499
Total Information Technology				20,672,955
Materials (0.7%)
Chemicals (0.3%)
Air Products and Chemicals, Inc.
4.375%, 8/21/19		200,000		194,664
Airgas, Inc.
2.850%, 10/1/13		100,000		99,778
Cabot Corp.
5.000%, 10/1/16		100,000		99,798
Dow Chemical Co.
6.125%, 2/1/11		600,000		623,876
4.850%, 8/15/12		6,100,000		6,450,860
6.000%, 10/1/12		1,312,000		1,428,209
7.600%, 5/15/14		370,000		422,389
8.550%, 5/15/19		310,000		375,019
9.400%, 5/15/39		225,000		301,599
E.I. du Pont de Nemours & Co.
5.875%, 1/15/14		300,000		333,588
3.250%, 1/15/15		400,000		402,435
6.000%, 7/15/18		350,000		388,976
5.600%, 12/15/36		100,000		98,763
Monsanto Co.
5.125%, 4/15/18		150,000		158,531
5.875%, 4/15/38		100,000		102,150
Potash Corp of Saskatchewan, Inc.
5.250%, 5/15/14		155,000		167,571
3.750%, 9/30/15		120,000		121,424
6.500%, 5/15/19		85,000		94,541
4.875%, 3/30/20		70,000		70,120
PPG Industries, Inc.
6.650%, 3/15/18		300,000		333,952
Praxair, Inc.
2.125%, 6/14/13		300,000		300,733
4.625%, 3/30/15		253,000		269,605
4.500%, 8/15/19		300,000		303,184
Sherwin-Williams Co.
3.125%, 12/15/14		100,000		100,492
Valspar Corp.
7.250%, 6/15/19		100,000		112,868
				13,355,125
Construction Materials (0.0%)
Lafarge S.A.
6.500%, 7/15/16		100,000		105,871

See Notes to Portfolio of Investments.

46

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
7.125%, 7/15/36	$	200,000	$	201,108
				306,979
Containers & Packaging (0.0%)
Bemis Co., Inc.
5.650%, 8/1/14		55,000		59,151
6.800%, 8/1/19		45,000		50,260
				109,411
Metals & Mining (0.3%)
Alcoa, Inc.
5.900%, 2/1/27		665,000		589,076
Allegheny Technologies, Inc.
9.375%, 6/1/19		200,000		232,704
ArcelorMittal S.A.
5.375%, 6/1/13		300,000		319,324
9.000%, 2/15/15		225,000		268,723
6.125%, 6/1/18		250,000		262,427
9.850%, 6/1/19		250,000		317,749
Barrick Australian Finance Pty Ltd.
5.950%, 10/15/39		500,000		492,415
Barrick Gold Corp.
6.950%, 4/1/19		300,000		343,261
Barrick N.A. Finance LLC
7.500%, 9/15/38		100,000		118,413
BHP Billiton Finance USA Ltd.
5.125%, 3/29/12		628,000		672,303
6.500%, 4/1/19		500,000		571,647
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		1,000,000		1,112,500
Newmont Mining Corp.
5.125%, 10/1/19		360,000		362,147
6.250%, 10/1/39		200,000		199,994
Nucor Corp.
5.850%, 6/1/18		300,000		325,659
Rio Tinto Finance USA Ltd.
5.875%, 7/15/13		650,000		714,476
8.950%, 5/1/14		360,000		433,801
9.000%, 5/1/19		215,000		275,938
7.125%, 7/15/28		500,000		572,326
Vale Overseas Ltd.
6.875%, 11/21/36		1,366,000		1,413,196
6.875%, 11/10/39		170,000		176,145
Xstrata Canada Corp.
5.500%, 6/15/17		724,000		733,238
				10,507,462
Paper & Forest Products (0.1%)
Georgia-Pacific LLC
8.125%, 5/15/11		1,500,000		1,575,000
International Paper Co.
5.300%, 4/1/15		400,000		422,538
9.375%, 5/15/19		200,000		250,020
7.500%, 8/15/21		200,000		227,263
7.300%, 11/15/39^		1,475,000		1,576,263
Koch Forest Products, Inc.
2.283%, 12/20/12(l)		27,077		26,799
2.290%, 12/20/12		63,276		62,627
2.302%, 12/20/12(l)		356,285		352,636
				4,493,146
Total Materials				28,772,123
Telecommunication Services (1.8%)
Diversified Telecommunication Services (1.3%)
Ameritech Capital Funding Corp.
6.550%, 1/15/28		531,000		521,774
AT&T Corp.
7.300%, 11/15/11		38,000		41,537
AT&T, Inc.
5.500%, 2/1/18^		2,335,000		2,478,950
6.150%, 9/15/34		676,000		667,805
6.800%, 5/15/36		682,000		721,090
6.500%, 9/1/37		1,950,000		2,022,031
6.400%, 5/15/38		1,332,000		1,369,475
BellSouth Capital Funding Corp.
7.875%, 2/15/30		687,000		798,476
BellSouth Corp.
5.200%, 9/15/14		1,107,000		1,192,740
6.000%, 11/15/34		290,000		279,976
British Telecommunications plc
9.625%, 12/15/30		693,000		872,680
Cincinnati Bell, Inc.
8.375%, 1/15/14		1,100,000		1,131,625
Deutsche Telekom International Finance B.V.
8.500%, 6/15/10^		2,400,000		2,435,489
4.875%, 7/8/14		500,000		525,726
6.750%, 8/20/18		500,000		560,204
6.000%, 7/8/19		250,000		267,880
8.750%, 6/15/30		668,000		855,514
Embarq Corp.
7.082%, 6/1/16		500,000		544,574
GTE Corp.
8.750%, 11/1/21		250,000		308,330
6.940%, 4/15/28		67,000		70,343
Qwest Corp.
7.625%, 6/15/15		1,580,000		1,726,150
8.375%, 5/1/16		750,000		843,750
6.500%, 6/1/17		650,000		676,812
Sprint Capital Corp.
7.625%, 1/30/11^		5,500,000		5,658,125
Telecom Italia Capital S.A.
0.861%, 7/18/11(l)		2,700,000		2,688,169
6.175%, 6/18/14		250,000		267,224
5.250%, 10/1/15		472,000		483,277
6.999%, 6/4/18		500,000		540,747
7.175%, 6/18/19		7,350,000		7,935,097
6.375%, 11/15/33		1,374,000		1,272,836
Telefonica Emisiones S.A.U.
5.984%, 6/20/11		1,350,000		1,419,116
4.949%, 1/15/15		1,440,000		1,520,565
6.421%, 6/20/16		300,000		333,276
6.221%, 7/3/17		669,000		733,670
5.877%, 7/15/19		145,000		155,300
7.045%, 6/20/36		300,000		338,223
Telefonica Europe B.V.
7.750%, 9/15/10		165,000		169,987
Verizon Communications, Inc.
5.350%, 2/15/11		600,000		624,231
4.350%, 2/15/13		500,000		530,340
5.550%, 2/15/16		1,315,000		1,437,668
5.500%, 2/15/18		298,000		315,844
8.750%, 11/1/18		3,250,000		4,077,158
7.750%, 12/1/30		678,000		806,766
7.750%, 6/15/32		127,000		149,394
5.850%, 9/15/35		262,000		254,996
6.400%, 2/15/38		667,000		692,034
Verizon Maryland, Inc.
Series B
5.125%, 6/15/33		139,000		113,160
Verizon New England, Inc.
6.500%, 9/15/11		797,000		847,422

See Notes to Portfolio of Investments.

47

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
7.875%, 11/15/29	$	7,000	$	7,674
Verizon New Jersey, Inc.
Series A
5.875%, 1/17/12		312,000		332,331
Verizon New York, Inc.
Series A
6.875%, 4/1/12		500,000		544,425
				55,161,986
Wireless Telecommunication Services (0.5%)
America Movil S.A.B. de C.V.
5.625%, 11/15/17		1,322,000		1,396,537
5.000%, 3/30/20§		4,100,000		4,042,051
Cellco Partnership/Verizon Wireless Capital LLC
3.750%, 5/20/11		4,935,000		5,088,617
5.250%, 2/1/12		500,000		532,828
5.550%, 2/1/14		500,000		546,421
8.500%, 11/15/18		1,270,000		1,584,527
New Cingular Wireless Services, Inc.
8.125%, 5/1/12		1,348,000		1,521,174
Rogers Communications, Inc.
6.800%, 8/15/18		500,000		568,774
Sprint Nextel Corp.
0.688%, 6/28/10(l)		1,000,000		996,442
Vodafone Group plc
4.150%, 6/10/14		3,075,000		3,193,157
7.875%, 2/15/30		682,000		814,261
6.150%, 2/27/37		669,000		685,244
				20,970,033
Total Telecommunication Services				76,132,019
Utilities (1.7%)
Electric Utilities (0.9%)
Ameren Energy Generating Co.
6.300%, 4/1/20		100,000		100,491
Carolina Power & Light Co.
5.300%, 1/15/19		500,000		525,996
Cleco Power LLC
6.500%, 12/1/35		100,000		99,126
Columbus Southern Power Co.
6.600%, 3/1/33		651,000		702,047
Commonwealth Edison Co.
6.150%, 9/15/17		1,330,000		1,469,821
5.900%, 3/15/36		624,000		633,384
Consolidated Edison Co. of New York, Inc.
Series 02-B
4.875%, 2/1/13		1,305,000		1,402,521
Series 07-A
6.300%, 8/15/37		628,000		669,225
Series 08-B
6.750%, 4/1/38		400,000		451,260
Series 09-C
5.500%, 12/1/39		80,000		76,430
Dayton Power & Light Co.
5.125%, 10/1/13		900,000		972,800
Detroit Edison Co.
5.600%, 6/15/18		250,000		264,558
6.625%, 6/1/36		100,000		110,780
Duke Energy Carolinas LLC
6.000%, 1/15/38		500,000		523,106
Duke Energy Corp.
3.350%, 4/1/15		100,000		99,364
5.050%, 9/15/19		300,000		303,518
Duke Energy Ohio, Inc.
5.700%, 9/15/12		1,245,000		1,348,823
Entergy Gulf States Louisiana LLC
5.590%, 10/1/24		60,000		61,258
Entergy Louisiana LLC
5.400%, 11/1/24		75,000		75,113
Exelon Generation Co. LLC
5.350%, 1/15/14		300,000		319,888
FirstEnergy Corp.
Series B
6.450%, 11/15/11		29,000		30,759
Series C
7.375%, 11/15/31		522,000		540,209
FirstEnergy Solutions Corp.
4.800%, 2/15/15		500,000		511,711
6.800%, 8/15/39		497,000		486,624
Florida Power & Light Co.
5.550%, 11/1/17		500,000		537,894
4.950%, 6/1/35		875,000		782,769
5.950%, 2/1/38		309,000		316,759
5.690%, 3/1/40		100,000		98,902
Florida Power Corp.
4.550%, 4/1/20		50,000		49,671
5.900%, 3/1/33		582,000		591,734
6.350%, 9/15/37		400,000		431,923
6.400%, 6/15/38^		1,100,000		1,196,311
5.650%, 4/1/40		75,000		73,336
FPL Group Capital, Inc.
7.875%, 12/15/15		300,000		363,557
Georgia Power Co.
5.400%, 6/1/18		500,000		532,750
4.250%, 12/1/19		80,000		78,548
5.950%, 2/1/39		250,000		257,798
Hydro Quebec
7.500%, 4/1/16		300,000		362,141
Indiana Michigan Power Co.
7.000%, 3/15/19		250,000		282,168
Interstate Power and Light Co.
6.250%, 7/15/39		60,000		62,757
Massachusetts Electric Co.
5.900%, 11/15/39^§		785,000		795,207
MidAmerican Energy Co.
6.750%, 12/30/31		273,000		304,161
MidAmerican Energy Holdings Co.
5.950%, 5/15/37		1,684,000		1,657,822
6.500%, 9/15/37		600,000		634,486
MidAmerican Funding LLC
6.927%, 3/1/29		682,000		747,800
Nevada Power Co.
7.125%, 3/15/19		500,000		563,043
Northern States Power Co.
5.250%, 3/1/18		500,000		523,568
5.350%, 11/1/39		120,000		113,746
NSTAR
4.500%, 11/15/19		100,000		99,510
NSTAR Electric Co.
5.500%, 3/15/40		50,000		49,369
Oglethorpe Power Corp.
5.950%, 11/1/39		205,000		210,284
Ohio Power Co.
5.375%, 10/1/21		95,000		96,976
Oncor Electric Delivery Co. LLC
6.800%, 9/1/18		500,000		561,723
7.250%, 1/15/33		250,000		281,204
Pacific Gas & Electric Co.
6.250%, 12/1/13		500,000		564,506
6.050%, 3/1/34		657,000		676,588

See Notes to Portfolio of Investments.

48

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
5.400%, 1/15/40	$	100,000	$	94,122
PacifiCorp
6.000%, 1/15/39		500,000		514,075
Pepco Holdings, Inc.
6.450%, 8/15/12		2,130,000		2,282,225
Portland General Electric Co.
6.100%, 4/15/19		100,000		110,875
PPL Electric Utilities Corp.
6.250%, 5/15/39		75,000		80,075
Progress Energy, Inc.
6.000%, 12/1/39		100,000		97,464
PSEG Power LLC
6.950%, 6/1/12		400,000		441,288
2.500%, 4/15/13§		100,000		100,061
5.125%, 4/15/20§		80,000		79,949
Public Service Co. of Colorado
6.250%, 9/1/37		254,000		273,719
Public Service Electric & Gas Co.
6.330%, 11/1/13		500,000		567,210
5.300%, 5/1/18		250,000		263,694
5.800%, 5/1/37		250,000		255,261
Puget Sound Energy, Inc.
5.757%, 10/1/39		125,000		121,376
5.795%, 3/15/40		50,000		48,941
San Diego Gas & Electric Co.
6.125%, 9/15/37		200,000		214,417
6.000%, 6/1/39		30,000		31,770
Southern California Edison Co.
5.750%, 3/15/14		500,000		555,464
5.950%, 2/1/38		800,000		831,433
5.500%, 3/15/40		100,000		98,026
Southern Co.
4.150%, 5/15/14		125,000		130,465
Southwestern Electric Power Co.
6.200%, 3/15/40		25,000		24,941
Tampa Electric Co.
6.100%, 5/15/18		75,000		81,308
Toledo Edison Co.
7.250%, 5/1/20		30,000		34,688
TransAlta Corp.
4.750%, 1/15/15		300,000		309,807
6.500%, 3/15/40		70,000		69,204
Union Electric Co.
6.700%, 2/1/19		500,000		553,102
Virginia Electric & Power Co.
Series A
5.400%, 1/15/16		1,316,000		1,416,406
				35,359,189
Gas Utilities (0.5%)
Boardwalk Pipelines LP
5.750%, 9/15/19		200,000		206,611
CenterPoint Energy Resources Corp.
6.150%, 5/1/16		300,000		325,031
Consolidated Natural Gas Co.
Series A
5.000%, 3/1/14		75,000		79,631
Enbridge Energy Partners LP
5.200%, 3/15/20		30,000		30,131
Enterprise Products Operating LLC
5.250%, 1/31/20		250,000		252,272
EQT Corp.
8.125%, 6/1/19		250,000		297,010
NGPL Pipeco LLC
6.514%, 12/15/12§		14,400,000		15,798,614
Panhandle Eastern Pipeline Co.
6.200%, 11/1/17		250,000		265,420
Plains All American Pipeline LP
8.750%, 5/1/19		100,000		121,997
Rockies Express Pipeline LLC
3.900%, 4/15/15§		1,200,000		1,183,506
Sempra Energy
6.000%, 10/15/39		315,000		309,142
Southern California Gas Co.
5.500%, 3/15/14		200,000		217,599
Spectra Energy Capital LLC
8.000%, 10/1/19		100,000		117,878
Williams Partners LP
3.800%, 2/15/15§		200,000		199,641
5.250%, 3/15/20§		110,000		110,224
6.300%, 4/15/40§		140,000		139,119
				19,653,826
Independent Power Producers & Energy Traders (0.2%)
Tennessee Valley Authority
4.750%, 8/1/13		1,000,000		1,086,559
5.500%, 7/18/17		676,000		753,025
6.750%, 11/1/25		697,000		825,080
6.150%, 1/15/38		691,000		768,801
5.250%, 9/15/39^		6,665,000		6,590,872
				10,024,337
Multi-Utilities (0.1%)
Alliant Energy Corp.
4.000%, 10/15/14		200,000		201,564
Avista Corp.
5.125%, 4/1/22		55,000		55,205
Dominion Resources, Inc.
5.150%, 7/15/15		383,000		411,078
6.000%, 11/30/17		1,331,000		1,451,458
5.200%, 8/15/19		80,000		81,882
DTE Energy Co.
7.625%, 5/15/14		50,000		56,882
NiSource Finance Corp.
10.750%, 3/15/16		500,000		635,572
6.400%, 3/15/18		250,000		268,053
Sempra Energy
9.800%, 2/15/19		600,000		779,764
				3,941,458
Total Utilities				68,978,810
Total Corporate Bonds				1,301,208,008
Government Securities (68.4%)
Agency ABS (0.8%)
Federal Farm Credit Bank
0.228%, 10/7/11(l)	$	4,000,000		3,999,904
1.750%, 2/21/13		1,000,000		997,596
2.375%, 11/4/13		100,000		100,108
Federal Home Loan Bank
0.750%, 7/8/11		500,000		500,116
1.375%, 10/19/11		300,000		300,156
1.000%, 12/28/11		500,000		499,901
1.250%, 2/10/12		200,000		199,747
1.125%, 3/23/12		100,000		99,749
1.350%, 4/9/12		200,000		199,729
1.550%, 8/10/12		200,000		200,262
1.750%, 12/14/12		500,000		501,589
1.850%, 12/21/12		100,000		99,612
2.000%, 2/19/13		100,000		100,090

See Notes to Portfolio of Investments.

49

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
1.625%, 3/20/13	$	1,600,000	$	1,598,301
2.350%, 10/7/13		100,000		100,089
3.000%, 1/29/15		100,000		100,056
Federal Home Loan Mortgage Corp.
0.750%, 9/15/11		100,000		99,661
1.250%, 12/15/11		100,000		99,697
1.000%, 12/22/11		100,000		99,646
1.250%, 1/19/12		100,000		99,874
1.250%, 1/27/12		100,000		99,948
1.300%, 3/30/12		200,000		199,180
1.125%, 4/25/12		200,000		199,635
1.250%, 6/15/12		100,000		99,376
2.000%, 11/5/12		500,000		502,104
1.700%, 12/17/12		300,000		298,976
1.875%, 3/8/13		200,000		199,266
1.800%, 3/18/13		100,000		99,373
2.000%, 3/29/13		500,000		499,095
2.125%, 6/18/13		100,000		99,438
2.200%, 12/17/13		100,000		99,222
3.150%, 1/22/15		500,000		501,970
3.000%, 2/17/15		100,000		99,419
3.000%, 3/16/15		100,000		99,961
3.125%, 3/16/15		100,000		100,273
3.000%, 3/17/15		50,000		50,263
3.050%, 4/9/15		100,000		99,774
4.750%, 1/22/20		100,000		100,901
Federal National Mortgage Association
1.000%, 4/4/12		500,000		497,951
1.500%, 9/24/12		100,000		99,650
2.050%, 10/19/12		500,000		500,388
1.750%, 12/28/12		200,000		199,703
2.050%, 1/28/13		200,000		199,628
1.800%, 2/8/13		200,000		199,843
1.800%, 3/15/13		200,000		199,092
1.850%, 3/25/13		200,000		199,103
2.000%, 4/8/13		200,000		199,712
3.250%, 4/9/13		500,000		520,876
2.150%, 4/12/13		100,000		100,327
1.750%, 5/7/13		300,000		299,236
2.050%, 8/26/13		100,000		99,694
2.125%, 9/10/13		100,000		100,171
2.100%, 9/16/13		200,000		199,022
3.125%, 11/10/14		300,000		303,034
3.125%, 1/21/15		200,000		201,810
3.000%, 3/9/15		200,000		200,252
4.000%, 1/20/17		700,000		705,489
6.000%, 3/9/20		100,000		106,527
4.300%, 3/30/20		100,000		99,348
Small Business Administration
Series 2003-10A
4.628%, 3/10/13		116,804		121,695
Series 2008-P10B
5.944%, 8/1/18		2,711,432		2,883,521
Small Business Administration Participation Certificates
Series 2004-20A
4.930%, 1/1/24		523,922		551,696
Series 2004-20C
4.340%, 3/1/24		3,450,901		3,566,527
Series 2005-20B
4.625%, 2/1/25		311,464		324,970
Series 2008-20A
5.170%, 1/1/28		834,216		891,008
Series 2008-20C
5.490%, 3/1/28		3,077,140		3,286,737
Series 2008-20G
5.870%, 7/1/28		3,224,365		3,528,815
				33,829,882
Agency CMO (0.2%)
Federal Home Loan Mortgage Corp.
4.500%, 2/15/15		386,630		386,267
4.500%, 1/15/16		788,247		796,757
5.000%, 7/15/19		118,653		118,456
5.500%, 2/15/26		20,159		20,126
5.500%, 4/15/26		386,395		390,993
5.500%, 1/15/31		449,703		472,038
Federal National Mortgage Association
4.500%, 2/25/17		723,486		739,862
4.500%, 3/25/17		612,001		627,090
5.500%, 5/25/27		204,851		204,856
6.000%, 8/25/28		97,653		97,985
6.000%, 1/25/32		1,216,425		1,237,955
8.600%, 6/25/32(l)		106,369		112,841
5.310%, 8/25/33		2,475,315		2,402,759
6.000%, 10/25/33		1,206,900		1,228,402
6.500%, 7/25/34		284,102		298,514
Government National Mortgage Association
Series 2002-40
6.500%, 6/20/32		131,021		140,965
Series 2009-26
6.170%, 1/16/38 IO(l)		3,867,930		454,445
				9,730,311
Foreign Governments (2.5%)
Bundesrepublik Deutschland
4.250%, 7/4/18	EUR	36,000,000		53,330,631
Export-Import Bank of China
5.250%, 7/29/14§	$	3,700,000		4,001,639
Export-Import Bank of Korea
8.125%, 1/21/14		200,000		232,023
5.875%, 1/14/15		500,000		538,976
4.125%, 9/9/15		200,000		200,622
Federative Republic of Brazil
6.000%, 1/17/17		2,700,000		2,933,550
8.000%, 1/15/18		1,333,333		1,554,000
8.750%, 2/4/25		500,000		660,000
8.250%, 1/20/34		1,351,000		1,722,525
Hungary Government International Bond
4.750%, 2/3/15		250,000		257,145
Israel Government AID Bond
5.500%, 4/26/24		1,335,000		1,453,548
5.500%, 9/18/33		583,000		613,275
Oesterreichische Kontrollbank AG
4.875%, 2/16/16		2,749,000		2,956,670
Province of British Columbia
6.500%, 1/15/26		300,000		344,512
7.250%, 9/1/36		500,000		636,258
Province of Manitoba
4.900%, 12/6/16		500,000		540,661
Province of Nova Scotia
5.125%, 1/26/17		1,455,000		1,596,077
Province of Ontario
2.625%, 1/20/12		1,500,000		1,539,211
3.500%, 7/15/13		1,000,000		1,043,126
4.100%, 6/16/14^		2,640,000		2,820,286
4.000%, 10/7/19		250,000		245,481
Series 1
1.875%, 11/19/12^		2,030,000		2,043,002
Province of Quebec
4.600%, 5/26/15		1,372,000		1,471,721
7.500%, 9/15/29		500,000		650,781

See Notes to Portfolio of Investments.

50

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Republic of Chile
5.500%, 1/15/13	$	300,000	$	327,300
Republic of Croatia
Series A
1.250%, 7/30/10(l)		102,955		102,324
Republic of Italy
5.625%, 6/15/12		1,256,000		1,357,227
4.500%, 1/21/15		2,699,000		2,832,789
6.875%, 9/27/23		656,000		752,336
Republic of Korea
5.750%, 4/16/14		500,000		546,040
7.125%, 4/16/19		300,000		351,498
Republic of Panama
9.375%, 4/1/29		298,000		404,535
Republic of Peru
8.375%, 5/3/16		300,000		364,950
7.125%, 3/30/19		100,000		115,850
7.350%, 7/21/25		500,000		580,000
6.550%, 3/14/37		677,000		724,390
Republic of Poland
5.250%, 1/15/14		600,000		645,305
6.375%, 7/15/19		700,000		766,863
Republic of South Africa
7.375%, 4/25/12		60,000		65,943
6.500%, 6/2/14		1,480,000		1,629,850
6.875%, 5/27/19		500,000		558,125
5.500%, 3/9/20		300,000		303,750
State of Israel
5.500%, 11/9/16		656,000		721,668
United Mexican States
6.625%, 3/3/15		670,000		757,100
8.125%, 12/30/19		1,356,000		1,688,220
5.125%, 1/15/20		800,000		808,000
8.300%, 8/15/31		1,370,000		1,760,450
6.750%, 9/27/34		1,078,000		1,185,800
6.050%, 1/11/40		500,000		498,750
				103,234,783
Municipal Bonds (1.4%)
American Municipal Power-Ohio, Inc.
6.449%, 2/15/44		100,000		101,725
Bay Area Toll Authority California State
6.263%, 4/1/49		500,000		499,675
California State University, Class A
5.000%, 11/1/30		300,000		304,818
Central Puget Sound Washington Regional Transportation Authority
5.491%, 11/1/39		100,000		98,187
Chabot-Las Positas, California Community College District
(Zero Coupon), 8/1/22		6,230,000		3,154,934
Chicago, Illinois Metropolitan Water Reclamation
5.720%, 12/1/38		775,000		792,957
City of Chicago, Illinois, Class A
4.750%, 1/1/36		400,000		392,972
City of San Antonio, Texas
5.985%, 2/1/39		50,000		52,516
Clark County, Nevada Airport Revenue
6.881%, 7/1/42		100,000		100,503
6.820%, 7/1/45		150,000		153,904
Dallas, Texas Area Rapid Transit
6.249%, 12/1/34		400,000		405,652
Indianapolis, Indiana Local Public Improvement
6.116%, 1/15/40		100,000		101,211
Los Angeles Department of Airports
6.582%, 5/15/39		100,000		101,483
Los Angeles Department of Water & Power
6.008%, 7/1/39		100,000		98,646
Los Angeles, California Community College District
5.000%, 8/1/27		1,100,000		1,141,547
Los Angeles, California Unified School District
4.500%, 7/1/22		1,500,000		1,539,045
4.500%, 7/1/24		1,300,000		1,313,520
4.500%, 7/1/25		1,700,000		1,681,419
4.500%, 1/1/28		1,500,000		1,415,325
5.755%, 7/1/29		100,000		93,273
5.750%, 7/1/34		200,000		182,990
6.758%, 7/1/34		575,000		594,458
Los Gatos, California Union School District, Class B
5.000%, 8/1/30		160,000		163,718
Metropolitan Transportation Authority
5.871%, 11/15/39		100,000		90,357
6.668%, 11/15/39		75,000		75,458
7.336%, 11/15/39		1,065,000		1,207,710
Metropolitan Washington Airports Authority
7.462%, 10/1/46		13,000,000		13,372,710
Municipal Electric Authority of Georgia
6.637%, 4/1/57		100,000		99,187
7.055%, 4/1/57		100,000		96,945
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,185,000		1,379,850
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		4,500,000		4,626,000
6.561%, 12/15/40		200,000		209,068
New York City Municipal Water Finance Authority
5.750%, 6/15/41		200,000		194,690
5.952%, 6/15/42		200,000		201,556
6.011%, 6/15/42		35,000		35,316
New York State Dormitory Authority, Class F
5.628%, 3/15/39		875,000		859,688
New York State Urban Development Corp.
5.770%, 3/15/39		100,000		98,873
Pennsylvania State Turnpike Commission
6.105%, 12/1/39		250,000		254,940
Port Authority of New York & New Jersey
6.040%, 12/1/29		620,000		634,440
Puerto Rico Sales Tax Financing Corp.
(Zero Coupon), 8/1/54		1,100,000		63,492
San Diego County, California Water Authority
6.138%, 5/1/49		100,000		102,580
State of California
4.850%, 10/1/14		250,000		255,920
5.450%, 4/1/15		4,025,000		4,197,351
5.950%, 4/1/16		35,000		36,391
5.750%, 3/1/17		100,000		101,773
6.200%, 3/1/19		100,000		102,156
6.200%, 10/1/19		200,000		204,546
6.650%, 3/1/22		100,000		103,615
4.500%, 8/1/28		1,400,000		1,247,932
7.500%, 4/1/34		175,000		180,574
7.950%, 3/1/36		100,000		102,433
7.550%, 4/1/39		3,085,000		3,189,489
7.300%, 10/1/39		1,795,000		1,801,354
7.350%, 11/1/39		225,000		227,207
7.625%, 3/1/40		165,000		171,793
State of Georgia
4.503%, 11/1/25		100,000		101,049
State of Illinois
2.766%, 1/1/12		100,000		100,685
3.321%, 1/1/13		100,000		100,468
4.071%, 1/1/14		100,000		100,792

See Notes to Portfolio of Investments.

51

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
4.421%, 1/1/15	$	100,000	$	100,792
5.100%, 6/1/33		1,500,000		1,229,730
State of Illinois Toll Highway Authority
6.184%, 1/1/34		1,055,000		1,076,649
5.851%, 12/1/34		100,000		97,860
State of Iowa
6.750%, 6/1/34		1,800,000		1,858,752
State of Massachusetts
5.456%, 12/1/39		200,000		199,672
State of New York
5.206%, 10/1/31		150,000		136,561
State of Texas
4.750%, 4/1/37		300,000		301,980
5.517%, 4/1/39		2,110,000		2,094,935
State of Utah
4.554%, 7/1/24		120,000		120,140
State of Washington
5.481%, 8/1/39		100,000		101,553
University of Virginia
6.200%, 9/1/39		225,000		245,495
Utah Transit Authority
5.937%, 6/15/39		40,000		41,739
				58,018,724
Supranational (1.0%)
African Development Bank
1.750%, 10/1/12		375,000		376,785
3.000%, 5/27/14		200,000		203,995
Asian Development Bank
2.125%, 3/15/12		2,000,000		2,036,400
2.750%, 5/21/14		300,000		304,936
Corp. Andina de Fomento
8.125%, 6/4/19		475,000		558,010
Eksportfinans A/S
5.000%, 2/14/12		1,232,000		1,314,720
1.875%, 4/2/13		4,975,000		4,955,752
3.000%, 11/17/14^		2,550,000		2,559,794
5.500%, 5/25/16		1,675,000		1,844,867
European Bank for Reconstruction & Development
1.250%, 6/10/11		200,000		201,063
3.625%, 6/17/13		400,000		419,315
European Investment Bank
3.250%, 10/14/11		2,000,000		2,069,846
2.000%, 2/10/12		500,000		507,602
1.750%, 9/14/12		1,500,000		1,510,236
4.625%, 5/15/14		4,320,000		4,678,141
3.125%, 6/4/14		500,000		512,686
4.875%, 2/16/16		1,334,000		1,447,306
4.875%, 2/15/36		200,000		197,900
Export Development Canada
2.625%, 11/15/11		1,000,000		1,025,145
1.750%, 9/24/12		500,000		503,572
Inter-American Development Bank
5.000%, 4/5/11		1,199,000		1,251,636
1.750%, 10/22/12		500,000		503,013
4.250%, 9/10/18		1,368,000		1,424,374
International Bank for Reconstruction & Development
3.500%, 10/8/13		1,000,000		1,051,297
3.625%, 5/21/13		1,000,000		1,056,463
7.625%, 1/19/23		694,000		915,184
4.750%, 2/15/35		100,000		96,735
International Finance Corp.
3.500%, 5/15/13		475,000		497,298
3.000%, 4/22/14		510,000		517,572
Japan Finance Corp.
2.000%, 6/24/11		2,400,000		2,423,861
2.125%, 11/5/12		475,000		479,824
Korea Development Bank
8.000%, 1/23/14		500,000		576,621
Nordic Investment Bank
1.625%, 1/28/13		500,000		499,257
5.000%, 2/1/17		300,000		324,428
Svensk Exportkredit AB
3.250%, 9/16/14		575,000		587,429
				39,433,063
U.S. Government Agencies (29.5%)
Federal Farm Credit Bank
5.375%, 7/18/11		1,250,000		1,324,532
3.875%, 8/25/11		1,355,000		1,412,787
2.000%, 1/17/12		500,000		508,408
2.125%, 6/18/12		1,000,000		1,017,035
1.875%, 12/7/12		300,000		301,481
3.750%, 6/17/14		250,000		251,941
3.700%, 4/1/16		250,000		250,000
5.125%, 8/25/16		685,000		759,168
4.875%, 1/17/17		840,000		910,196
Federal Home Loan Bank
3.375%, 6/24/11		4,000,000		4,121,848
1.625%, 7/27/11		400,000		404,433
4.875%, 11/18/11		5,420,000		5,761,200
2.250%, 4/13/12		3,000,000		3,063,423
2.000%, 7/27/12		500,000		502,071
2.000%, 10/5/12		500,000		502,777
2.000%, 12/28/12		500,000		499,539
5.125%, 8/14/13		500,000		551,276
4.000%, 9/6/13		500,000		532,703
4.500%, 9/16/13		500,000		540,675
2.500%, 10/15/13		200,000		199,863
3.625%, 10/18/13		1,000,000		1,056,161
5.250%, 6/18/14		1,000,000		1,111,919
5.500%, 8/13/14		500,000		562,667
5.250%, 6/5/17		1,350,000		1,487,280
5.000%, 11/17/17		2,740,000		2,994,664
5.500%, 7/15/36		690,000		710,099
Federal Home Loan Bank/Illinois
5.625%, 6/13/16		2,450,000		2,573,225
Federal Home Loan Mortgage Corp.
4.000%, 6/1/10		236,239		237,017
1.750%, 4/20/11		250,000		250,139
1.625%, 4/26/11		5,000,000		5,054,035
1.700%, 6/29/11		500,000		501,407
1.750%, 7/27/11		1,000,000		1,000,999
1.625%, 8/11/11		1,000,000		1,001,407
2.000%, 10/14/11		500,000		500,300
1.125%, 12/15/11		10,065,000		10,087,988
2.125%, 3/23/12		10,000,000		10,180,780
2.200%, 4/20/12		250,000		250,240
2.000%, 4/27/12		250,000		252,686
2.050%, 5/11/12		1,000,000		1,001,840
1.750%, 6/15/12^		1,900,000		1,918,350
2.000%, 6/15/12		500,000		501,461
2.000%, 9/28/12		500,000		500,551
2.000%, 10/1/12		1,000,000		1,000,000
2.500%, 4/8/13		750,000		761,559
4.875%, 11/15/13		5,440,000		5,969,959
6.000%, 1/1/14		11,685		12,613
5.500%, 2/1/14		88,055		94,247
3.000%, 4/21/14		250,000		250,417

See Notes to Portfolio of Investments.

52

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
2.750%, 4/29/14	$	500,000	$	502,017
6.000%, 7/1/14		7,367		7,953
3.000%, 7/28/14		400,000		408,859
3.625%, 8/25/14		250,000		253,036
3.000%, 12/30/14		400,000		402,276
4.500%, 1/15/15		2,710,000		2,930,532
4.750%, 11/17/15		2,928,000		3,185,257
6.000%, 2/1/17		231,875		251,943
6.000%, 3/1/17		7,161		7,776
6.500%, 3/1/17		67,043		72,663
6.000%, 4/1/17		191,120		207,672
6.000%, 5/1/17		1,805		1,958
6.000%, 7/1/17		15,269		16,649
6.000%, 8/1/17		57,993		63,103
5.500%, 11/1/17		56,443		60,961
4.340%, 12/18/17		1,000,000		1,004,830
4.875%, 6/13/18		4,000,000		4,280,372
3.750%, 3/27/19		500,000		487,767
4.500%, 4/1/21		4,727,032		4,954,336
5.000%, 1/1/22		1,880,113		1,999,383
5.000%, 7/1/22		745,991		788,652
5.000%, 3/1/23		851,610		899,872
5.000%, 4/1/23		1,496,879		1,581,546
5.000%, 5/1/23		1,550,520		1,642,582
5.000%, 7/1/23		212,611		224,637
5.000%, 8/1/23		554,838		586,221
5.000%, 10/1/23		910,968		962,495
5.000%, 11/1/23		48,069		50,788
4.500%, 12/1/23		3,898,313		4,046,783
4.000%, 4/1/24		1,429,676		1,452,852
5.000%, 4/1/24		1,184,632		1,251,638
5.000%, 5/1/24		376,119		397,393
4.000%, 7/1/24		1,329,107		1,350,653
4.000%, 8/1/24		3,823,702		3,885,688
4.500%, 8/1/24		2,913,507		3,027,202
6.750%, 3/15/31		693,000		841,216
3.064%, 11/1/31(l)		16,762		17,292
6.250%, 7/15/32		836,000		967,622
5.000%, 4/1/34		1,017,709		1,057,542
5.000%, 10/1/34		5,921,941		6,150,028
4.759%, 1/1/35(l)		1,079,916		1,125,469
6.000%, 2/1/35		545,550		590,643
5.500%, 10/1/35		212,356		224,641
5.500%, 11/1/35		9,178,978		9,709,997
5.328%, 4/1/36(l)		1,936,872		2,034,927
5.543%, 4/1/36(l)		1,765,391		1,862,743
5.000%, 5/1/36		149,437		154,726
5.877%, 11/1/36(l)		728,663		762,225
6.500%, 11/1/36		10,428,927		11,365,086
5.637%, 1/1/37(l)		1,569,517		1,642,039
5.395%, 6/1/37(l)		545,003		576,118
5.448%, 6/1/37(l)		5,082,776		5,340,005
5.541%, 6/1/37(l)		616,468		653,604
6.000%, 6/1/37		7,336,665		7,910,897
5.426%, 7/1/37(l)		986,626		1,038,075
5.500%, 8/1/37		547,751		579,025
6.000%, 8/1/37		836,930		897,738
5.500%, 10/1/37		3,495,607		3,692,371
6.000%, 10/1/37		7,718,671		8,315,464
6.000%, 11/1/37		485,218		520,472
6.000%, 12/1/37		562,559		603,433
5.500%, 1/1/38		321,501		339,799
6.000%, 1/1/38		2,782,193		2,997,378
5.500%, 2/1/38		2,320,217		2,450,820
6.000%, 3/1/38		3,402,998		3,664,306
5.000%, 4/1/38		2,861,191		2,958,426
5.500%, 4/1/38		15,210,990		16,067,204
5.500%, 5/1/38		1,291,716		1,366,040
6.000%, 6/1/38		269,770		289,370
5.500%, 8/1/38		10,417,559		11,003,954
6.000%, 8/1/38		134,942		144,746
6.000%, 9/1/38		72,183		77,472
6.000%, 11/1/38		373,118		400,228
6.000%, 1/1/39		788,006		845,260
4.500%, 2/1/39		4,429,031		4,443,736
4.000%, 4/1/39		3,998,601		3,880,361
4.000%, 5/1/39		3,904,969		3,789,498
4.500%, 6/1/39		22,513,403		22,588,154
5.000%, 7/1/39		4,876,072		5,039,496
5.000%, 8/1/39		2,604,970		2,693,042
4.500%, 9/1/39		1,959,959		1,966,467
5.000%, 9/1/39		3,468,797		3,585,056
4.500%, 10/1/39		2,299,342		2,306,977
4.500%, 12/1/39		3,470,700		3,482,224
5.500%, 1/1/40		1,631,472		1,723,306
4.000%, 2/1/40		1,000,000		970,430
4.500%, 2/1/40		2,994,369		3,005,247
5.500%, 2/1/40		1,468,444		1,551,101
4.500%, 4/15/25 TBA		1,000,000		1,036,719
5.000%, 4/15/25 TBA		1,000,000		1,055,469
4.500%, 4/15/40 TBA		5,000,000		5,009,765
5.000%, 4/15/40 TBA		5,800,000		5,988,953
5.500%, 4/15/40 TBA		7,500,000		7,920,117
Federal National Mortgage Association
2.000%, 4/1/11		2,000,000		2,000,000
1.750%, 4/15/11		500,000		500,184
2.125%, 4/15/11		250,000		250,136
6.000%, 5/15/11		2,711,000		2,874,750
1.250%, 9/28/11		500,000		500,223
1.000%, 11/23/11		1,165,000		1,165,987
1.430%, 12/8/11		250,000		250,446
2.000%, 1/9/12		5,000,000		5,078,490
2.250%, 4/9/12		250,000		250,104
2.150%, 4/13/12		500,000		500,291
1.500%, 4/26/12		500,000		500,271
2.000%, 9/28/12		1,500,000		1,507,794
1.875%, 10/29/12		500,000		500,070
4.625%, 5/1/13		1,695,000		1,809,446
4.625%, 10/15/13		3,790,000		4,125,112
5.125%, 1/2/14		607,000		659,202
2.750%, 2/5/14		1,500,000		1,527,996
3.150%, 2/18/14		250,000		252,395
2.750%, 3/13/14		3,000,000		3,053,706
2.900%, 4/7/14		250,000		251,508
3.000%, 5/12/14		500,000		501,575
2.500%, 5/15/14		5,000,000		5,028,440
3.000%, 7/28/14		500,000		503,724
3.000%, 9/29/14		500,000		506,663
3.125%, 9/29/14		500,000		501,146
2.625%, 11/20/14		500,000		500,032
7.000%, 4/1/15		29,440		31,438
4.375%, 10/15/15		2,028,000		2,163,846
7.000%, 4/1/16		42,469		45,628
3.450%, 4/8/16		500,000		500,282
6.000%, 8/1/16		124,986		134,765
4.875%, 12/15/16		2,050,000		2,211,788
5.500%, 2/1/17		194,458		209,286
5.500%, 6/1/17		62,175		66,978
5.375%, 6/12/17		1,500,000		1,660,977
5.500%, 8/1/17		60,439		65,203

See Notes to Portfolio of Investments.

53

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
5.500%, 10/1/17	$	53,677	$	57,853
5.500%, 12/1/17		4,223		4,552
5.500%, 1/1/18		172,827		186,276
5.500%, 4/1/18		195,252		210,415
5.000%, 11/1/18		11,837		12,620
5.500%, 11/1/18		1,903,517		2,051,864
5.500%, 3/1/19		181,917		196,055
5.500%, 5/1/19		297,362		320,454
4.250%, 5/21/19		250,000		251,288
5.500%, 7/1/19		24,491		26,381
5.500%, 8/1/19		199,038		214,401
5.500%, 9/1/19		82,109		88,447
5.500%, 11/1/19		106,912		115,127
5.500%, 6/1/20		994,794		1,071,937
5.000%, 8/1/20		13,843		14,761
5.500%, 10/1/20		188,284		202,897
4.500%, 12/1/20		16,014,984		16,835,126
5.500%, 1/1/21		121,277		130,553
5.500%, 2/1/21		70,930		76,283
6.000%, 5/1/21		459,628		498,894
6.000%, 8/1/21		1,919,790		2,083,133
6.000%, 10/1/21		701,393		760,655
5.000%, 3/1/22		325,242		343,460
5.000%, 10/1/22		15,480		16,473
5.000%, 12/1/22		7,017,957		7,406,686
5.500%, 12/1/22		3,626,589		3,877,618
5.000%, 2/1/23		16,701		17,626
5.500%, 3/1/23		436,676		467,311
4.000%, 4/1/23		2,228,372		2,269,718
4.500%, 4/1/23		563,955		585,434
5.000%, 4/1/23		523,028		551,999
4.500%, 5/1/23		1,450,418		1,505,658
5.000%, 5/1/23		1,595,772		1,684,163
4.000%, 6/1/23		1,333,109		1,357,844
5.000%, 7/1/23		599,054		632,236
5.000%, 8/1/23		1,083,069		1,143,061
5.500%, 8/1/23		4,422,649		4,728,779
4.804%, 2/1/24(l)		2,554		2,670
4.500%, 4/1/24		9,105,499		9,452,290
4.500%, 5/1/24		1,962,743		2,037,496
4.000%, 6/1/24		3,739,790		3,799,831
5.022%, 6/1/24(l)		1,407		1,471
4.500%, 7/1/24		3,722,395		3,864,166
5.800%, 2/9/26		680,000		702,843
3.022%, 1/1/28(l)		139,514		143,457
7.125%, 1/15/30		1,586,000		1,993,083
7.000%, 4/1/32		28,804		32,409
6.500%, 6/1/32		51,521		56,631
6.500%, 8/1/32		58,721		64,554
6.500%, 9/1/32		518,558		569,975
5.500%, 12/1/32		42,431		44,970
5.000%, 1/1/33		1,999,497		2,075,181
2.509%, 3/1/33(l)		162,465		167,420
5.500%, 3/1/33		2,010,921		2,130,948
5.500%, 6/1/33		115,692		122,598
5.000%, 7/1/33		401,651		416,791
5.000%, 8/1/33		4,810,626		4,991,778
5.000%, 11/1/33		1,066,991		1,107,045
5.000%, 2/1/34		547,914		568,140
6.000%, 2/1/34		1,875,378		2,026,653
5.000%, 3/1/34		2,897,472		3,006,241
5.000%, 4/1/34		1,049,046		1,087,771
5.000%, 5/1/34		1,306,116		1,354,330
5.000%, 7/1/34		1,659,748		1,720,498
5.000%, 8/1/34		2,416,415		2,507,125
5.500%, 8/1/34		79,190		83,781
6.000%, 8/1/34		1,135,440		1,226,851
5.500%, 10/1/34		11,025,915		11,682,302
5.500%, 11/1/34		2,328,078		2,463,034
5.000%, 12/1/34		1,821,046		1,888,268
5.000%, 2/1/35		382,850		396,504
5.500%, 2/1/35		2,437,282		2,578,568
6.500%, 2/1/35		710,166		775,273
5.000%, 3/1/35		492,363		510,384
4.833%, 4/1/35(l)		1,764,494		1,842,423
6.000%, 4/1/35		10,941,993		11,826,328
5.000%, 6/1/35		16,653,731		17,263,284
5.500%, 8/1/35		6,058,533		6,406,310
5.000%, 9/1/35		893,960		927,518
5.500%, 9/1/35		390,085		411,601
4.500%, 10/1/35		231,046		233,600
5.500%, 10/1/35		7,612,109		8,035,137
5.000%, 11/1/35		7,098,003		7,348,929
5.500%, 12/1/35		4,056,001		4,287,320
3.407%, 1/1/36(l)		2,580,733		2,689,310
5.000%, 2/1/36		8,085,569		8,363,826
6.000%, 3/1/36		11,741,677		12,532,864
5.500%, 4/1/36		1,499,269		1,581,963
5.500%, 6/1/36		6,189,565		6,559,542
5.000%, 7/1/36		18,565,984		19,181,708
6.000%, 8/1/36		299,721		318,137
6.500%, 8/1/36		2,674,108		2,888,258
6.000%, 9/1/36		5,924,400		6,296,615
6.000%, 10/1/36		5,120,838		5,436,764
6.500%, 10/1/36		1,946,822		2,107,055
6.000%, 11/1/36		1,570,813		1,666,991
6.000%, 12/1/36		3,260,987		3,459,839
6.500%, 12/1/36		1,727,748		1,863,471
6.000%, 1/1/37		961,899		1,020,102
5.000%, 2/1/37		425,460		439,038
5.500%, 2/1/37		2,459,292		2,591,380
6.000%, 2/1/37		1,160,683		1,230,914
5.500%, 4/1/37		249,119		264,884
6.000%, 4/1/37		6,758,294		7,189,086
7.000%, 4/1/37		2,029,192		2,218,557
5.500%, 5/1/37		233,873		248,382
6.000%, 6/1/37		212,982		225,869
5.000%, 7/1/37		1,506,604		1,554,686
5.500%, 7/1/37		564,542		600,267
6.000%, 7/1/37		3,644,427		3,867,206
5.625%, 7/15/37		695,000		727,031
5.500%, 8/1/37		613,936		649,762
6.000%, 8/1/37		27,745		29,406
5.000%, 9/1/37		213,952		220,780
5.826%, 9/1/37(l)		7,560,626		7,967,320
5.500%, 10/1/37		337,088		358,104
6.500%, 10/1/37		4,103,277		4,425,608
5.000%, 11/1/37		146,866		151,554
6.000%, 11/1/37		2,650,774		2,850,571
7.500%, 11/1/37		562,968		615,123
6.500%, 12/1/37		3,913,159		4,220,557
5.000%, 1/1/38		935,035		964,876
5.000%, 2/1/38		20,416,460		21,106,299
5.500%, 2/1/38		1,943,901		2,046,867
6.000%, 2/1/38		3,668,888		3,912,668
5.000%, 3/1/38		3,756,195		3,876,071
4.500%, 4/1/38		903,388		906,317
5.500%, 4/1/38		437,756		466,004
5.500%, 5/1/38		2,767,278		2,945,854
6.000%, 5/1/38		9,658,351		10,236,720

See Notes to Portfolio of Investments.

54

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
5.000%, 6/1/38	$	504,044	$	520,130
5.500%, 6/1/38		37,234,626		39,212,827
6.000%, 6/1/38		1,300,291		1,399,285
5.500%, 7/1/38		174,303		185,551
6.000%, 7/1/38		542,055		578,919
6.000%, 8/1/38		1,988,783		2,133,626
5.500%, 9/1/38		3,287,776		3,473,227
6.500%, 9/1/38		379,602		411,320
6.000%, 11/1/38		858,616		910,033
6.500%, 11/1/38		2,747,272		2,976,819
5.500%, 12/1/38		7,457,375		7,938,609
4.500%, 1/1/39		749,051		751,480
5.354%, 1/1/39(l)		9,121,368		9,665,475
4.000%, 2/1/39		2,914,303		2,829,492
4.500%, 2/1/39		882,428		885,289
4.500%, 3/1/39		2,719,082		2,727,898
4.500%, 4/1/39		66,759		66,976
4.500%, 5/1/39		12,116,864		12,161,383
4.000%, 6/1/39		2,931,753		2,846,434
4.500%, 6/1/39		14,672,592		14,722,482
4.500%, 7/1/39		5,023,080		5,039,366
4.000%, 8/1/39		6,908,289		6,707,247
4.500%, 8/1/39		831,655		834,351
4.000%, 9/1/39		4,434,100		4,305,061
6.000%, 9/1/39		4,434,278		4,731,686
4.500%, 10/1/39		2,938,666		2,954,162
5.000%, 12/1/39		1,489,133		1,536,657
4.000%, 1/1/40		995,129		966,170
4.500%, 1/1/40		2,975,844		2,988,282
4.500%, 2/1/40		36,497,009		36,615,807
5.000%, 2/1/40		17,284,636		17,836,259
5.500%, 2/1/40		1,857,337		1,955,718
4.500%, 3/1/40		16,000,000		16,051,875
5.000%, 4/1/40		5,000,000		5,166,602
3.128%, 12/1/40(l)		97,723		100,840
4.000%, 4/25/25 TBA		13,300,000		13,490,149
5.000%, 4/25/25 TBA		7,700,000		8,119,289
5.500%, 4/25/25 TBA		3,900,000		4,168,734
4.000%, 4/25/40 TBA		7,600,000		7,368,437
4.500%, 4/25/40 TBA		49,600,000		49,693,000
5.000%, 4/25/40 TBA		4,400,000		4,537,844
6.000%, 4/25/40 TBA		10,100,000		10,726,515
6.500%, 4/25/40 TBA		12,000,000		13,005,000
4.500%, 5/25/40 TBA		26,000,000		25,954,297
5.500%, 6/25/40 TBA		50,400,000		52,821,563
6.000%, 6/25/40 TBA		5,500,000		5,845,684
Government National Mortgage Association
3.625%, 7/20/27(l)		6,711		6,927
6.000%, 1/15/29		21,469		23,295
6.000%, 6/15/29		13,531		14,677
6.000%, 12/15/31		23,776		25,774
7.000%, 2/15/32		23,629		26,159
6.500%, 5/15/32		267,811		294,142
6.000%, 7/15/32		23,791		25,791
6.000%, 8/15/32		20,192		21,889
6.000%, 1/15/33		18,557		20,133
6.500%, 1/15/33		230,740		253,427
6.000%, 2/15/33		44,494		48,247
6.500%, 2/15/33		290,997		320,057
7.000%, 2/15/33		18,405		20,354
5.500%, 4/15/33		63,000		67,154
6.500%, 6/15/34		287,350		315,602
6.500%, 8/15/34		2,342,253		2,572,544
6.000%, 9/15/34		487,291		526,560
6.000%, 12/15/34		62,963		67,919
6.000%, 1/15/35		151,097		162,990
6.000%, 2/15/35		74,549		80,417
6.000%, 3/15/35		304,744		328,731
6.000%, 5/15/35		26,346		28,556
6.000%, 7/15/35		177,164		191,966
6.000%, 9/15/35		26,822		29,033
6.000%, 10/15/35		58,688		63,124
6.000%, 12/15/35		82,772		89,029
6.500%, 12/15/35		2,669,848		2,932,348
6.000%, 1/15/36		85,947		92,596
6.000%, 2/15/36		59,389		63,767
6.000%, 3/15/36		58,185		62,474
6.000%, 4/15/36		78,975		84,976
6.000%, 5/15/36		288,725		310,007
6.000%, 6/15/36		392,136		420,588
6.000%, 7/15/36		937,088		1,004,405
6.000%, 8/15/36		1,221,342		1,311,590
6.000%, 9/15/36		612,217		656,196
6.000%, 10/15/36		1,046,481		1,121,655
6.000%, 11/15/36		52,075		55,751
6.000%, 2/15/37		640,409		685,612
6.000%, 6/15/37		29,321		31,354
6.000%, 11/15/37		21,383		22,859
6.000%, 2/15/38		310,654		332,582
6.000%, 4/15/38		2,725,292		2,931,673
6.000%, 5/15/38		802,245		857,368
6.000%, 6/15/38		397,304		424,603
6.000%, 8/15/38		41,865		44,742
6.000%, 9/15/38		277,540		296,610
6.000%, 10/15/38		1,561,307		1,668,586
6.000%, 11/15/38		184,318		196,983
5.500%, 12/15/38		1,118,487		1,184,373
6.000%, 12/15/38		2,880,433		3,078,351
6.500%, 12/15/38		676,650		729,222
5.500%, 1/15/39		19,703,978		20,864,664
6.000%, 1/15/39		252,483		269,831
5.000%, 2/15/39		8,657,775		9,012,203
4.500%, 3/15/39		1,968,383		1,994,833
4.500%, 4/15/39		6,831,441		6,923,239
4.000%, 6/15/39		846,539		830,203
4.500%, 6/15/39		7,926,004		8,032,510
4.000%, 7/15/39		443,660		435,099
5.500%, 7/15/39		121,694		128,863
4.000%, 8/15/39		671,886		658,921
4.500%, 8/15/39		1,850,653		1,877,835
5.000%, 8/15/39		46,721		48,633
4.500%, 9/15/39		1,122,064		1,137,141
5.000%, 9/15/39		11,692,087		12,173,066
5.500%, 10/15/39		3,481,129		3,686,189
5.000%, 11/15/39		1,486,595		1,548,614
4.500%, 12/15/39		2,987,626		3,028,239
4.500%, 1/15/40		2,991,930		3,032,134
4.500%, 4/15/40 TBA		3,000,000		3,033,750
5.000%, 4/15/40 TBA		17,600,000		18,270,453
Resolution Funding Corp.
0.000%, 7/15/18 STRIPS		75,000		53,042
0.000%, 10/15/18 STRIPS		75,000		52,195
Small Business Administration
4.524%, 2/10/13		47,411		49,339
Series P10A
4.504%, 2/1/14		247,067		256,648
U.S. Department of Housing and Urban Development
Series 03-A
5.380%, 8/1/18		1,660,000		1,781,190
				1,232,582,588

See Notes to Portfolio of Investments.

55

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
U.S. Treasuries (33.0%)
U.S. Treasury Bonds
11.250%, 2/15/15	$	2,716,000	$	3,812,585
9.250%, 2/15/16		3,684,000		4,964,190
7.250%, 5/15/16		2,734,000		3,394,431
7.500%, 11/15/16		4,095,000		5,171,539
8.875%, 8/15/17		4,107,000		5,607,661
8.500%, 2/15/20		5,627,000		7,782,844
8.750%, 5/15/20		3,800,000		5,355,625
8.750%, 8/15/20		1,500,000		2,120,157
7.875%, 2/15/21		1,500,000		2,017,500
8.125%, 5/15/21		9,450,000		12,942,068
8.000%, 11/15/21		17,975,000		24,490,938
7.625%, 11/15/22		1,000,000		1,339,219
7.125%, 2/15/23		500,000		644,375
6.250%, 8/15/23		3,000,000		3,605,157
6.750%, 8/15/26		1,755,000		2,229,124
6.625%, 2/15/27		3,573,000		4,491,933
6.375%, 8/15/27		1,634,000		2,007,523
6.125%, 11/15/27		2,258,000		2,704,659
6.125%, 8/15/29		5,588,000		6,728,298
6.250%, 5/15/30		1,000,000		1,224,062
5.375%, 2/15/31		2,770,000		3,064,312
4.750%, 2/15/37		5,081,000		5,150,864
5.000%, 5/15/37		2,293,000		2,414,458
4.375%, 2/15/38		7,204,000		6,850,557
3.500%, 2/15/39		1,500,000		1,213,828
4.250%, 5/15/39		4,500,000		4,169,529
4.500%, 8/15/39#		7,425,000		7,169,766
4.375%, 11/15/39		2,000,000		1,891,250
4.625%, 2/15/40		4,500,000		4,435,312
U.S. Treasury Notes
4.875%, 4/30/11		2,500,000		2,617,970
0.875%, 5/31/11		10,000,000		10,042,970
4.875%, 5/31/11		2,500,000		2,626,660
1.125%, 6/30/11		5,000,000		5,036,330
5.125%, 6/30/11		6,774,000		7,159,271
1.000%, 7/31/11		6,500,000		6,533,514
4.625%, 8/31/11		3,000,000		3,166,992
1.000%, 9/30/11		5,000,000		5,020,115
4.500%, 9/30/11		2,710,000		2,862,226
1.000%, 10/31/11		6,000,000		6,020,862
1.750%, 11/15/11		4,000,000		4,060,312
0.750%, 11/30/11		5,000,000		4,993,165
4.500%, 11/30/11		4,710,000		4,997,753
1.125%, 12/15/11		5,000,000		5,022,265
1.000%, 12/31/11#		283,700,000		284,265,130
4.625%, 12/31/11		14,980,000		15,955,453
1.125%, 1/15/12		8,000,000		8,029,376
1.375%, 2/15/12		9,000,000		9,069,957
0.875%, 2/29/12		5,000,000		4,989,650
4.625%, 2/29/12		2,000,000		2,139,532
1.375%, 3/15/12		5,000,000		5,038,280
1.000%, 3/31/12		1,910,000		1,909,102
4.500%, 3/31/12		10,840,000		11,589,489
4.500%, 4/30/12		6,778,000		7,260,933
1.375%, 5/15/12		4,000,000		4,024,688
4.750%, 5/31/12		5,000,000		5,389,455
1.750%, 8/15/12		8,000,000		8,098,128
4.125%, 8/31/12		5,420,000		5,792,625
1.375%, 9/15/12		10,000,000		10,021,880
4.250%, 9/30/12		1,000,000		1,072,891
1.375%, 10/15/12		7,000,000		7,008,750
1.375%, 11/15/12		6,000,000		5,998,596
1.125%, 12/15/12		2,000,000		1,982,656
3.625%, 12/31/12		6,780,000		7,180,440
2.750%, 2/28/13		4,000,000		4,139,688
3.125%, 4/30/13		9,487,000		9,916,875
3.375%, 6/30/13		9,490,000		9,986,004
3.375%, 7/31/13		5,563,000		5,854,190
2.750%, 10/31/13		5,848,000		6,017,498
4.250%, 11/15/13		5,000,000		5,416,015
2.000%, 11/30/13		1,139,000		1,140,958
1.500%, 12/31/13		3,782,000		3,712,268
1.750%, 1/31/14		4,000,000		3,954,688
4.000%, 2/15/14		2,000,000		2,149,532
1.875%, 2/28/14		1,500,000		1,487,343
1.750%, 3/31/14		5,000,000		4,925,000
1.875%, 4/30/14		5,000,000		4,939,455
4.750%, 5/15/14		4,000,000		4,416,248
2.250%, 5/31/14		5,000,000		5,006,640
2.625%, 6/30/14		8,000,000		8,118,128
2.625%, 7/31/14		5,000,000		5,068,360
2.375%, 8/31/14		4,700,000		4,711,017
2.375%, 9/30/14		5,000,000		5,001,560
2.375%, 10/31/14		62,700,000		62,616,734
4.250%, 11/15/14		4,000,000		4,334,688
2.625%, 12/31/14		9,100,000		9,165,411
2.250%, 1/31/15		12,600,000		12,463,177
4.000%, 2/15/15		4,082,000		4,370,291
2.375%, 2/28/15		154,170,000		153,110,852
2.500%, 3/31/15		20,825,000		20,766,482
4.125%, 5/15/15		7,000,000		7,528,283
2.625%, 2/29/16		12,000,000		11,793,744
2.375%, 3/31/16		6,000,000		5,803,128
2.625%, 4/30/16		2,000,000		1,957,968
5.125%, 5/15/16		4,087,000		4,587,020
3.250%, 5/31/16		3,000,000		3,037,734
3.250%, 6/30/16		2,000,000		2,022,500
4.875%, 8/15/16		10,810,000		11,979,674
3.000%, 9/30/16		5,000,000		4,953,125
3.125%, 10/31/16		5,000,000		4,982,810
2.750%, 11/30/16		2,000,000		1,944,844
3.250%, 12/31/16		4,000,000		4,005,312
3.125%, 1/31/17		5,000,000		4,964,455
4.625%, 2/15/17		5,458,000		5,947,086
4.750%, 8/15/17		8,186,000		8,954,076
4.250%, 11/15/17		1,150,000		1,216,484
3.500%, 2/15/18		3,000,000		3,009,141
3.875%, 5/15/18		7,432,000		7,619,539
4.000%, 8/15/18		6,500,000		6,695,507
3.750%, 11/15/18		12,000,000		12,090,936
2.750%, 2/15/19		8,000,000		7,425,624
3.125%, 5/15/19		13,000,000		12,381,486
3.625%, 8/15/19#		229,100,000		226,307,729
3.375%, 11/15/19		11,500,000		11,096,603
3.625%, 2/15/20		27,955,000		27,478,898
				1,378,543,988
Total Government Securities				2,855,373,339
Total Long-Term Debt Securities (106.5%)
(Cost $4,376,788,676)				4,442,216,352

See Notes to Portfolio of Investments.

56

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares			Value (Note 1)
CONVERTIBLE PREFERRED STOCK:
Financials (0.1%)
Commercial Banks (0.1%)
Wells Fargo & Co.
7.500%		5,000		$	4,885,000
Total Convertible Preferred Stocks (0.1%)
(Cost $5,000,000)					4,885,000
	Principal Amount			Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.0%)
Federal Home Loan Bank
0.10%, 6/11/10 (o)(p)	$	2,400,000			2,399,527
Federal Home Loan Mortgage Corp.
0.10%, 6/3/10 (o)(p)		1,100,000			1,099,807
Total Government Securities					3,499,334
Short-Term Investments of Cash Collateral for Securities Loaned (0.1%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10 (u)		2,419,897			2,419,897
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10 (h)(s)		359,998			82,799
Monumental Global Funding II
0.43%, 5/26/10 (l)		670,000			665,243
Pricoa Global Funding I
0.40%, 6/25/10 (l)		429,989			427,278
Total Short-Term Investments of Cash Collateral for Securities Loaned					3,595,217
Time Deposit (2.5%)
JPMorgan Chase Nassau
0.000%, 4/1/10		102,874,765			102,874,765
Total Short-Term Investments (2.6%)
(Cost/Amortized Cost $110,253,441)					109,969,316
Total Investments Before Options Written and Securities Sold Short (109.2%)
(Cost/Amortized Cost $4,492,042,117)					4,557,070,668
	Number of Contracts			Value (Note 1)
OPTIONS WRITTEN:
Call Options Written (0.0%)
10 Year U.S. Treasury Notes
April 2010 @ $119.00*		(1,927	)		(90,328	)
May 2010 @ $119.00*		(412	)		(70,813	)
U.S. Dollar vs. Japanese Yen
April 2010 @ $94.00(b)*		(15,600,000	)		(118,809	)
					(279,950	)
Put Options Written (0.0%)
10 Year U.S. Treasury Notes
April 2010 @ $114.00*		(2,398	)		(299,750	)
May 2010 @ $114.00*		(806	)		(277,063	)
May 2010 @ $115.00*		(162	)		(93,656	)
U.S. Dollar vs. Japanese Yen
April 2010 @ $88.00(b)*		(15,600,000	)		(4,387	)
					(674,856	)
Total Options Written (0.0%)
(Premiums Received $2,056,239)					(954,806	)
Total Investments Before Securities Sold Short (109.2%)
(Cost/Amortized Cost $4,489,985,878)					4,556,115,862
	Principal Amount			Value (Note 1)
SECURITIES SOLD SHORT:
U.S. Government Agencies (-1.7%)
Federal Home Loan Mortgage Corp.
6.000%, 2/15/40 TBA	$	(300,000	)	$	(322,031	)
5.500%, 5/15/40 TBA		(1,400,000	)		(1,473,609	)
6.000%, 5/15/40 TBA		(10,600,000	)		(11,326,266	)
Federal National Mortgage Association
4.500%, 4/25/25 TBA		(15,700,000	)		(16,277,711	)
5.500%, 4/25/40 TBA		(6,800,000	)		(7,164,969	)
5.000%, 5/25/40 TBA		(17,300,000	)		(17,769,667	)
5.500%, 5/25/40 TBA		(17,000,000	)		(17,843,360	)
Total Securities Sold Short (-1.7%)
(Proceeds Received $72,381,543)					(72,177,613	)
Total Investments after Options Written and Securities Sold Short (107.5%)
(Cost/Amortized Cost $4,417,604,335)					4,483,938,249
Other Assets Less Liabilities (-7.5%)					(311,918,431	)
Net Assets (100%)				$	4,172,019,818

See Notes to Portfolio of Investments.

57

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

* Non-income producing.

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

† Securities (totaling $7,754,148 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 March 31, 2010, the market value of these securities amounted to $376,958,472 or 9.0% 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.

# All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $5,453,446.

(b) Illiquid Security.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

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

(o) Discount Note Security. Effective rate calculated as of March 31, 2010.

(p) Yield to maturity.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000% – 8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $2,468,295.

Glossary:

ABS — Asset-Backed Security

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

IO — Interest Only

JPY — Japanese Yen

STRIPS — Separate Trading of Registered Interest and Principal Securities

TBA — Security is subject to delayed delivery.

At March 31, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2010		Unrealized Appreciation/ (Depreciation)
EURODollar	1,691	December-10	$	414,846,500	$	419,241,175	$	4,394,675
U.S. 10 Year Treasury Notes	389	June-10		45,247,999		45,221,250		(26,749	)
U.S. 5 Year Treasury Notes	38	June-10		4,389,423		4,364,063		(25,360	)
U.S. Ultra Bond	18	June-10		2,191,539		2,159,437		(32,102	)
							$	4,310,464
Sales
U.S. 2 Year Treasury Notes	395	June-10	$	85,761,494	$	85,696,484	$	65,010
U.S. 5 Year Treasury Notes	368	June-10		42,460,923		42,262,500		198,423
U.S. Long Bond	31	June-10		3,628,849		3,599,875		28,974
							$	292,407
							$	4,602,871

See Notes to Portfolio of Investments.

58

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

At March 31, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Chinese Renminbi vs. U.S. Dollar, expiring 11/17/10	35,018	$	5,148,771	$	5,260,000	$	(111,229	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	362,018		317,447		310,000		7,447
Korean Won vs. U.S. Dollar, expiring 11/12/10	712,236		624,548		610,000		14,548
Korean Won vs. U.S. Dollar, expiring 11/12/10	363,630		318,861		310,000		8,861
Korean Won vs. U.S. Dollar, expiring 11/12/10	708,759		621,499		610,000		11,499
Korean Won vs. U.S. Dollar, expiring 11/12/10	1,331,705		1,167,750		1,127,847		39,903
Korean Won vs. U.S. Dollar, expiring 11/12/10	471,280		413,257		400,000		13,257
Korean Won vs. U.S. Dollar, expiring 11/12/10	470,560		412,626		400,000		12,626
Korean Won vs. U.S. Dollar, expiring 11/12/10	1,369,809		1,201,162		1,190,000		11,162
Korean Won vs. U.S. Dollar, expiring 11/12/10	1,340,528		1,175,486		1,170,000		5,486
Korean Won vs. U.S. Dollar, expiring 11/12/10	793,450		695,763		700,000		(4,237	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	347,700		304,892		300,000		4,892
Korean Won vs. U.S. Dollar, expiring 11/12/10	736,628		645,936		630,000		15,936
Korean Won vs. U.S. Dollar, expiring 11/12/10	737,006		646,268		630,000		16,268
Korean Won vs. U.S. Dollar, expiring 11/12/10	727,461		637,898		630,000		7,898
Mexican Peso vs. U.S. Dollar, expiring 4/22/10	117,961		9,524,955		9,034,000		490,955
Mexican Peso vs. U.S. Dollar, expiring 9/24/10	117,961		9,353,310		9,283,917		69,393
Singapore Dollar vs. U.S. Dollar, expiring 6/16/10	3,819		2,728,877		2,684,694		44,183
Singapore Dollar vs. U.S. Dollar, expiring 6/16/10	13,641		9,747,907		9,600,000		147,907
						$	806,755

	Local Contract  Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sell Contracts
European Union Euro vs. U.S. Dollar, expiring 4/26/10	40,314	$	54,606,925	$	54,450,104	$	156,821
European Union Euro vs. U.S. Dollar, expiring 4/26/10	4,021		5,411,977		5,430,964		(18,987	)
European Union Euro vs. U.S. Dollar, expiring 4/26/10	1,500		2,061,773		2,025,975		35,798
European Union Euro vs. U.S. Dollar, expiring 4/26/10	8,218		11,609,216		11,099,642		509,574
European Union Euro vs. U.S. Dollar, expiring 4/26/10	1,469		2,021,285		1,984,105		37,180
Japanese Yen vs. U.S. Dollar, expiring 4/19/10	288,678		3,190,083		3,088,034		102,049
Mexican Peso vs. U.S. Dollar, expiring 4/22/10	117,961		9,449,768		9,524,955		(75,187	)
						$	747,248
						$	1,554,003

Options Written:

Options written through the three months ended March 31, 2010 were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2010	4,880		$	1,831,534
Options Written	31,206,121			2,124,793
Options Terminated in Closing Purchase Transactions	—			—
Options Expired	(5,296	)		(1,900,088	)
Options Exercised	—			—
Options Outstanding—March 31, 2010	31,205,705		$	2,056,239

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

See Notes to Portfolio of Investments.

59

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investment Type	Level 1 Quoted prices in active markets for identical securities			Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)			Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Asset-Backed and Mortgage-Backed
Securities
Asset-Backed Securities	$	—		$	98,758,673		$	976	$	98,759,649
Non-Agency CMO		—			181,314,635			5,560,721		186,875,356
Convertible Preferred Stocks
Financials		4,885,000			—			—		4,885,000
Corporate Bonds
Consumer Discretionary		—			46,619,359			—		46,619,359
Consumer Staples		—			55,503,034			—		55,503,034
Energy		—			77,404,387			—		77,404,387
Financials		—			838,719,220			10,405,400		849,124,620
Health Care		—			41,004,548			—		41,004,548
Industrials		—			36,996,153			—		36,996,153
Information Technology		—			20,672,955			—		20,672,955
Materials		—			28,772,123			—		28,772,123
Telecommunication Services		—			76,132,019			—		76,132,019
Utilities		—			68,978,810			—		68,978,810
Forward Currency Contracts		—			1,763,643			—		1,763,643
Futures		4,687,082			—			—		4,687,082
Government Securities
Agency ABS		—			33,829,882			—		33,829,882
Agency CMO		—			9,730,311			—		9,730,311
Foreign Governments		—			103,234,783			—		103,234,783
Municipal Bonds		—			58,018,724			—		58,018,724
Supranational		—			39,433,063			—		39,433,063
U.S. Government Agencies		—			1,232,582,588			—		1,232,582,588
U.S. Treasuries		—			1,378,543,988			—		1,378,543,988
Short-Term Investments		—			109,969,316			—		109,969,316
Total Assets	$	9,572,082		$	4,537,982,214		$	15,967,097	$	4,563,521,393
Liabilities:
Forward Currency Contracts	$	—		$	(209,640	)	$	—	$	(209,640	)
Futures		(84,211	)		—			—		(84,211	)
Government Securities
U.S. Government Agencies		—			(72,177,613	)		—		(72,177,613	)
Options Written
Call Options Written		(279,950	)		—			—		(279,950	)
Put Options Written		(674,856	)		—			—		(674,856	)
Total Liabilities	$	(1,039,017	)	$	(72,387,253	)	$	—	$	(73,426,270	)
Total	$	8,533,065		$	4,465,594,961		$	15,967,097	$	4,490,095,123

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

	Investments in Securities-Asset-Backed Securities		Investments in Securities-Financials
Balance as of 12/31/09	$	2,391,747	$	—
Total gains or losses (realized/unrealized) included in earnings		398,875		52,863
Purchases, sales, issuances, and settlements (net)		—		5,352,537
Transfers into Level 3		2,771,075		5,000,000
Transfers out of Level 3		—		—
Balance as of 3/31/10	$	5,561,697	$	10,405,400
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/10.	$	520,294	$	52,863

See Notes to Portfolio of Investments.

60

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,988,547,913
Long-term U.S. Treasury securities		5,281,637,296
	$	7,270,185,209
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	2,117,525,716
Long-term U.S. Treasury securities		5,130,356,314
	$	7,247,882,030

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	106,630,754
Aggregate gross unrealized depreciation		(52,044,149	)
Net unrealized appreciation	$	54,586,605
Federal income tax cost of investments	$	4,502,484,063

At March 31, 2010, the Portfolio had loaned securities with a total value of $3,802,574. This was secured by collateral of $3,879,884 which was received as cash and subsequently invested in short-term investments currently valued at $3,595,217, as reported in the Portfolio of Investments.

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

See Notes to Portfolio of Investments.

61

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (5.8%)
AGL Energy Ltd.	26,965	$	371,909
Alumina Ltd.	149,361		236,430
Amcor Ltd.	72,361		424,309
AMP Ltd.	122,029		700,994
Aristocrat Leisure Ltd.	19,544		81,244
Arrow Energy Ltd.*	34,495		159,221
Asciano Group*	148,526		258,279
ASX Ltd.	9,387		292,358
Australia & New Zealand Banking Group Ltd.^	278,217		6,474,556
Bendigo and Adelaide Bank Ltd.	22,320		204,819
BGP Holdings plc(b)*†	568,558		—
BHP Billiton Ltd.	230,234		9,209,444
Billabong International Ltd.	12,152		126,009
BlueScope Steel Ltd.*	105,514		281,761
Boral Ltd.	35,872		184,670
Brambles Ltd.	81,283		548,978
Caltex Australia Ltd.	7,714		80,061
CFS Retail Property Trust (REIT)	98,985		170,313
Coca-Cola Amatil Ltd.	31,480		324,986
Cochlear Ltd.	3,000		200,525
Commonwealth Bank of Australia	87,915		4,541,207
Computershare Ltd.	28,073		322,530
Crown Ltd.	25,013		187,757
CSL Ltd.	130,089		4,348,874
CSR Ltd.	87,982		133,619
Dexus Property Group (REIT)	290,965		216,273
Energy Resources of Australia Ltd.	4,089		70,918
Fairfax Media Ltd.	140,202		231,581
Fortescue Metals Group Ltd.*	72,229		324,777
Foster’s Group Ltd.	116,925		567,597
Goodman Fielder Ltd.	82,802		108,656
Goodman Group (REIT)	378,278		227,368
GPT Group (REIT)	479,992		253,267
Harvey Norman Holdings Ltd.	30,352		100,826
Incitec Pivot Ltd.	101,768		324,054
Insurance Australia Group Ltd.^	306,788		1,092,313
Intoll Group	877,418		901,782
Leighton Holdings Ltd.	8,255		295,433
Lend Lease Group	115,593		918,600
Macquarie Group Ltd.^	54,175		2,348,972
MAp Group	44,040		124,877
Metcash Ltd.	42,414		161,134
Mirvac Group (REIT)	146,792		198,688
National Australia Bank Ltd.^	247,493		6,250,121
Newcrest Mining Ltd.	27,674		833,465
Nufarm Ltd.	8,032		60,660
OneSteel Ltd.	78,606		281,318
Orica Ltd.	21,899		538,362
Origin Energy Ltd.	49,611		753,448
OZ Minerals Ltd.*	161,796		170,001
Paladin Energy Ltd.*	34,292		124,299
Qantas Airways Ltd.*	684,829		1,784,751
QBE Insurance Group Ltd.	59,618		1,139,577
Rio Tinto Ltd.^	31,778		2,286,229
Santos Ltd.	46,338		623,373
Sims Metal Management Ltd.	7,580		150,662
Sonic Healthcare Ltd.	20,629		272,027
SP AusNet	69,818		57,982
Stockland Corp., Ltd. (REIT)	131,606		481,865
Suncorp-Metway Ltd.	74,827		586,399
TABCORP Holdings Ltd.	37,476		237,290
Tatts Group Ltd.	60,790		137,228
Telstra Corp., Ltd.	552,882		1,516,983
Toll Holdings Ltd.	39,774		270,820
Transurban Group	68,684		318,291
Wesfarmers Ltd.	57,746		1,684,572
Wesfarmers Ltd. (PPS)	9,268		271,047
Westfield Group (REIT)	119,633		1,323,962
Westpac Banking Corp.	170,432		4,354,090
Woodside Petroleum Ltd.	31,411		1,351,860
Woolworths Ltd.	71,157		1,828,322
WorleyParsons Ltd.	9,726		227,143
			68,248,116
Austria (0.2%)
Erste Group Bank AG	10,257		430,847
Immoeast AG*	24,127		132,304
OMV AG	32,702		1,227,014
Raiffeisen International Bank Holding AG	3,470		164,974
Telekom Austria AG	17,945		250,857
Verbund - Oesterreichische Elektrizitaetswirtschafts AG, Class A	4,403		174,780
Vienna Insurance Group	2,194		115,866
Voestalpine AG	7,377		298,414
			2,795,056
Belgium (1.3%)
Anheuser-Busch InBev N.V.	239,365		12,057,412
Belgacom S.A.	9,372		366,078
Cie Nationale a Portefeuille	2,121		111,151
Colruyt S.A.	871		214,402
Delhaize Group S.A.	5,770		463,698
Dexia S.A.*	33,888		202,124
Fortis*	129,491		461,029
Groupe Bruxelles Lambert S.A.	4,638		409,811
KBC Groep N.V.*	8,616		417,252
Mobistar S.A.	1,677		103,207
Solvay S.A.	3,272		336,355
UCB S.A.	6,009		256,589
Umicore S.A.	7,077		247,136
			15,646,244
Bermuda (0.0%)
Seadrill Ltd.	16,211		377,780
Brazil (1.9%)
Cyrela Brazil Realty S.A.	291,900		3,419,055
Gafisa S.A.	540,188		3,675,471
NET Servicos de Comunicacao S.A. (Preference)*	117,600		1,520,960
OGX Petroleo e Gas Participacoes S.A.	515,700		4,825,399
PDG Realty S.A. Empreendimentos e Participacoes	358,700		3,001,353
Petroleo Brasileiro S.A. (ADR)	13,383		595,410
Vale S.A. (ADR)	177,946		5,728,082
			22,765,730
Canada (2.2%)
Bombardier, Inc., Class B	181,000		1,110,255
Canadian National Railway Co.	73,588		4,458,697
Lundin Mining Corp.*	79,800		423,494
National Bank of Canada	21,400		1,302,984
Nexen, Inc.	102,421		2,534,180
Research In Motion Ltd.*	104,580		7,733,691
Suncor Energy, Inc.	67,328		2,189,577
Teck Resources Ltd., Class B*	36,869		1,606,314
Toronto-Dominion Bank^	43,469		3,239,899

See Notes to Portfolio of Investments.

62

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Westjet Airlines Ltd. (Variable-Voting), Class A*	124,300	$	1,661,984
			26,261,075
China (0.4%)
China Life Insurance Co., Ltd., Class H^	96,000		459,954
Ctrip.com International Ltd. (ADR)*	34,800		1,364,160
Foxconn International Holdings Ltd.*	130,000		137,129
Industrial & Commercial Bank of China Ltd., Class H^	728,000		555,077
Longtop Financial Technologies Ltd. (ADR)*	54,241		1,747,103
Yangzijiang Shipbuilding Holdings Ltd.	95,000		78,773
			4,342,196
Cyprus (0.0%)
Bank of Cyprus PCL	34,777		219,827
Denmark (1.5%)
A. P. Moller - Maersk A/S, Class A	33		240,324
A. P. Moller - Maersk A/S, Class B	71		541,021
Carlsberg A/S, Class B	33,490		2,810,783
Coloplast A/S, Class B	1,495		164,640
Danske Bank A/S*	120,202		2,957,181
DSV A/S	12,208		218,166
H. Lundbeck A/S	3,600		67,862
Novo Nordisk A/S, Class B	101,770		7,897,063
Novozymes A/S, Class B	20,060		2,220,073
Topdanmark A/S*	725		94,443
TrygVesta A/S	1,743		115,045
Vestas Wind Systems A/S*	11,516		625,756
William Demant Holding A/S*	1,364		96,513
			18,048,870
Finland (1.0%)
Elisa Oyj*	7,882		162,562
Fortum Oyj	26,692		652,893
Kesko Oyj, Class B	4,198		165,225
Kone Oyj, Class B	8,303		343,162
Metso Oyj	8,203		264,908
Neste Oil Oyj	7,367		128,458
Nokia Oyj	512,090		7,974,775
Nokian Renkaat Oyj	5,156		133,917
Orion Oyj, Class B	5,723		126,614
Outokumpu Oyj	7,619		167,222
Pohjola Bank plc	10,100		113,498
Rautaruukki Oyj	5,471		118,230
Sampo Oyj, Class A	25,034		664,071
Sanoma Oyj	4,655		103,111
Stora Enso Oyj*	34,603		263,594
UPM-Kymmene Oyj	27,204		361,001
Wartsila Oyj	4,571		231,518
			11,974,759
France (10.5%)
Accor S.A.^	85,330		4,720,680
Aeroports de Paris S.A.	1,903		156,685
Air France-KLM*	7,720		122,048
Air Liquide S.A.	14,373		1,725,418
Alcatel-Lucent*	138,087		436,613
Alstom S.A.	82,963		5,173,532
Atos Origin S.A.*	2,539		127,501
AXA S.A.	97,881		2,177,383
Bio Merieux S.A.	789		90,613
BNP Paribas S.A.	174,214		13,379,280
Bouygues S.A.	35,079		1,763,463
Bureau Veritas S.A.	2,607		138,381
Cap Gemini S.A.	7,708		379,682
Carrefour S.A.	36,485		1,758,502
Casino Guichard Perrachon S.A.^	20,784		1,758,705
Christian Dior S.A.	3,895		415,497
Cie de Saint-Gobain S.A.^	57,188		2,749,779
Cie Generale de Geophysique - Veritas*	9,201		261,036
Cie Generale d’Optique Essilor International S.A.	11,636		742,903
CNP Assurances S.A.	2,125		200,680
Compagnie Generale des Etablissements Michelin, Class B	8,077		595,206
Credit Agricole S.A.^	186,001		3,255,840
Danone S.A.	31,009		1,867,951
Dassault Systemes S.A.	3,940		233,058
EDF S.A.	54,978		2,999,944
Eiffage S.A.	2,348		121,446
Eramet S.A.	299		102,920
Eurazeo S.A.	1,522		105,724
Eutelsat Communications S.A.	6,053		215,179
Fonciere Des Regions (REIT)	1,258		138,563
France Telecom S.A.	225,602		5,397,926
GDF Suez S.A.	79,119		3,056,255
Gecina S.A. (REIT)	1,046		115,763
Groupe Eurotunnel S.A.	26,729		272,386
Hermes International S.A.	3,036		421,744
ICADE (REIT)	1,261		140,358
Iliad S.A.	1,041		107,350
Imerys S.A.	1,948		120,082
Ipsen S.A.	1,441		70,368
J.C. Decaux S.A.*	3,507		98,003
Klepierre S.A. (REIT)^	18,527		727,683
Lafarge S.A.^	18,652		1,312,520
Lagardere S.C.A.	64,295		2,601,728
Legrand S.A.	5,896		186,265
L’Oreal S.A.	13,853		1,456,804
LVMH Moet Hennessy Louis Vuitton S.A.	19,028		2,224,093
M6-Metropole Television	3,684		95,287
Natixis S.A.*	51,700		278,965
Neopost S.A.	1,853		148,088
PagesJaunes Groupe S.A.	7,217		82,874
Pernod-Ricard S.A.	72,199		6,130,804
Peugeot S.A.*	9,129		268,796
PPR S.A.	8,896		1,184,356
Publicis Groupe S.A.^	83,792		3,585,342
Renault S.A.*	11,036		517,230
Safran S.A.	12,028		313,540
Sanofi-Aventis S.A.	134,773		10,046,299
Schneider Electric S.A.	65,381		7,668,567
SCOR SE	9,233		233,199
Societe BIC S.A.	1,711		131,008
Societe Des Autoroutes Paris-Rhin-Rhone*	1,449		104,215
Societe Generale S.A.	83,764		5,268,171
Societe Television Francaise 1 S.A.	6,707		124,423
Sodexo S.A.	5,387		321,961
Suez Environnement Co. S.A.	14,898		342,879
Technip S.A.	5,629		457,689
Thales S.A.	5,720		229,608
Total S.A.	151,631		8,802,322
Unibail-Rodamco S.A. (REIT)	5,070		1,027,169
Vallourec S.A.^	16,271		3,281,080
Veolia Environnement	22,107		766,775
Vinci S.A.	24,736		1,457,831

See Notes to Portfolio of Investments.

63

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Vivendi S.A.	179,499	$	4,803,955
			123,895,973
Germany (8.8%)
Adidas AG^	69,832		3,735,016
Allianz SE (Registered)	59,768		7,493,762
BASF SE	204,123		12,660,086
Bayer AG	105,866		7,160,835
Bayerische Motoren Werke (BMW) AG	70,303		3,245,553
Bayerische Motoren Werke (BMW) AG (Preference)	2,983		105,580
Beiersdorf AG	4,850		290,096
Celesio AG^	25,851		826,453
Commerzbank AG*	43,581		373,248
Daimler AG	138,755		6,532,156
Deutsche Bank AG (Registered)	83,295		6,416,011
Deutsche Boerse AG	10,803		800,758
Deutsche Lufthansa AG (Registered)	13,633		226,117
Deutsche Post AG (Registered)	150,686		2,614,266
Deutsche Postbank AG*	5,001		160,456
Deutsche Telekom AG (Registered)	160,165		2,170,840
E.ON AG	238,697		8,812,697
Fraport AG	2,096		110,365
Fresenius Medical Care AG & Co. KGaA	10,851		612,250
Fresenius SE	1,611		119,914
Fresenius SE (Preference)^	25,748		1,944,008
GEA Group AG	9,425		218,445
Hannover Rueckversicherung AG (Registered)*	3,389		167,348
HeidelbergCement AG	8,072		450,271
Henkel AG & Co. KGaA	7,805		361,637
Henkel AG & Co. KGaA (Preference)	10,681		575,032
Hochtief AG	2,692		226,229
Infineon Technologies AG*^	517,840		3,594,322
K+S AG	9,497		576,323
Linde AG	13,438		1,603,374
MAN SE	5,651		473,064
Merck KGaA	3,690		299,034
Metro AG	92,823		5,506,311
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	25,724		4,174,506
Porsche Automobil Holding SE (Preference)	5,233		319,365
Puma AG Rudolf Dassler Sport	366		115,947
RWE AG^	36,171		3,204,846
RWE AG (Non-Voting)(Preference)	2,278		187,345
Salzgitter AG	2,273		211,003
SAP AG	62,938		3,048,359
Siemens AG (Registered)	55,987		5,607,137
Solarworld AG	5,370		80,980
Suedzucker AG	4,248		93,752
Symrise AG	15,392		366,514
ThyssenKrupp AG	133,733		4,597,847
TUI AG*	5,925		66,622
United Internet AG*	7,184		108,965
Volkswagen AG	1,949		188,218
Volkswagen AG (Preference)	5,951		545,761
Wacker Chemie AG	894		133,306
			103,512,330
Greece (0.2%)
Alpha Bank AE*	24,320		230,263
Coca Cola Hellenic Bottling Co. S.A.	11,187		301,590
EFG Eurobank Ergasias S.A.*	17,706		162,619
Hellenic Petroleum S.A.	6,982		79,968
Hellenic Telecommunications Organization S.A.	14,384		178,541
Marfin Investment Group S.A.*	33,899		77,836
National Bank of Greece S.A.*	35,874		721,953
OPAP S.A.	13,676		310,321
Piraeus Bank S.A.*	26,504		231,611
Public Power Corp. S.A.*	6,689		117,448
Titan Cement Co. S.A.	3,301		87,387
			2,499,537
Hong Kong (2.7%)
ASM Pacific Technology Ltd.	11,800		111,780
Bank of East Asia Ltd.	90,447		333,166
Belle International Holdings Ltd.	158,000		212,451
BOC Hong Kong Holdings Ltd.	208,500		497,333
Cathay Pacific Airways Ltd.*	67,000		141,175
Cheung Kong Holdings Ltd.	77,000		991,725
Cheung Kong Infrastructure Holdings Ltd.	29,000		112,239
China Resources Enterprise Ltd.^	450,000		1,672,087
Chinese Estates Holdings Ltd.	47,000		78,573
CLP Holdings Ltd.	120,000		857,778
CNOOC Ltd.^	2,207,100		3,632,899
Esprit Holdings Ltd.^	434,118		3,424,636
Genting Singapore plc*	274,536		173,676
Hang Lung Group Ltd.	46,000		244,093
Hang Lung Properties Ltd.^	676,000		2,725,157
Hang Seng Bank Ltd.	43,200		602,021
Henderson Land Development Co., Ltd.	62,000		436,797
Hong Kong & China Gas Co., Ltd.	223,000		556,046
Hong Kong Aircraft Engineering Co., Ltd.	4,000		50,514
Hong Kong Exchanges and Clearing Ltd.	56,800		948,099
HongKong Electric Holdings Ltd.	75,000		444,827
Hopewell Holdings Ltd.	40,500		119,973
Hutchison Whampoa Ltd.	122,000		892,501
Hysan Development Co., Ltd.	34,448		99,605
Kerry Properties Ltd.	41,000		219,937
Li & Fung Ltd.^	980,000		4,821,586
Lifestyle International Holdings Ltd.	35,500		64,103
Link REIT (REIT)	120,813		297,821
Mongolia Energy Co., Ltd.*	214,000		98,948
MTR Corp.	78,089		295,691
New World Development Ltd.^	574,808		1,125,296
Noble Group Ltd.	800,000		1,749,884
NWS Holdings Ltd.	49,102		98,024
Orient Overseas International Ltd.	13,500		100,064
PCCW Ltd.	227,974		67,826
Shangri-La Asia Ltd.	84,000		164,879
Sino Land Co., Ltd.	111,373		218,321
Sun Hung Kai Properties Ltd.	79,000		1,188,421
Swire Pacific Ltd., Class A	46,000		553,357
Television Broadcasts Ltd.	16,000		77,483
Wharf Holdings Ltd.	82,000		462,054
Wheelock & Co., Ltd.	59,000		174,015
Wing Hang Bank Ltd.	10,000		91,445
Yue Yuen Industrial Holdings Ltd.†	42,500		147,793
			31,376,099
India (0.7%)
ICICI Bank Ltd. (ADR)	109,383		4,670,654
Reliance Industries Ltd. (GDR)§	68,300		3,268,572
			7,939,226
Ireland (0.7%)
Covidien plc	95,600		4,806,768

See Notes to Portfolio of Investments.

64

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
CRH plc	40,192	$	1,003,193
Elan Corp. plc*	29,254		220,477
Experian plc	59,496		585,499
Kerry Group plc, Class A	8,769		271,935
Shire plc	32,183		710,100
			7,597,972
Israel (0.7%)
Teva Pharmaceutical Industries Ltd. (ADR)	132,754		8,374,122
Italy (2.4%)
A2A S.p.A.	54,763		102,738
Assicurazioni Generali S.p.A.	67,723		1,625,423
Atlantia S.p.A.	14,275		333,168
Autogrill S.p.A.*	5,277		64,218
Banca Carige S.p.A.	41,203		112,554
Banca Monte dei Paschi di Siena S.p.A.	129,293		191,394
Banca Popolare Societa Cooperativa	163,782		1,017,023
Banco Popolare S.c.a.r.l.*	35,327		245,729
Enel S.p.A.	371,667		2,078,247
ENI S.p.A.^	284,472		6,673,938
Exor S.p.A.	4,121		71,579
Fiat S.p.A.*	41,419		539,286
Finmeccanica S.p.A.	20,566		274,441
Fondiaria-Sai S.p.A.	3,246		48,840
Intesa Sanpaolo S.p.A.*	658,001		2,409,260
Italcementi S.p.A.	3,583		41,425
Luxottica Group S.p.A.	7,406		198,058
Mediaset S.p.A.	41,818		359,222
Mediobanca S.p.A.*	28,205		303,046
Mediolanum S.p.A.	11,686		68,383
Parmalat S.p.A.	100,232		274,480
Pirelli & C S.p.A.*	140,715		86,476
Prysmian S.p.A.	6,190		121,646
Saipem S.p.A.	15,272		590,967
Snam Rete Gas S.p.A.	82,656		418,927
Telecom Italia S.p.A.	1,808,284		2,603,554
Telecom Italia S.p.A. (RNC)	1,309,832		1,477,219
Terna Rete Elettrica Nazionale S.p.A.	66,202		286,354
UniCredit S.p.A.*	1,778,807		5,255,569
Unione di Banche Italiane S.c.p.A.	34,990		472,120
Unipol Gruppo Finanziario S.p.A.*	38,013		42,922
			28,388,206
Japan (19.5%)
77 Bank Ltd.	22,000		125,660
ABC-Mart, Inc.	1,100		35,180
Acom Co., Ltd.	3,070		50,242
Advantest Corp.	8,700		217,570
Aeon Co., Ltd.	265,400		3,011,973
Aeon Credit Service Co., Ltd.	3,600		42,743
Aeon Mall Co., Ltd.	4,000		84,330
Air Water, Inc.	35,000		400,578
Aisin Seiki Co., Ltd.	11,400		341,427
Ajinomoto Co., Inc.	38,000		376,382
Alfresa Holdings Corp.	1,700		73,281
All Nippon Airways Co., Ltd.*	42,000		119,949
Amada Co., Ltd.	20,000		167,718
Aozora Bank Ltd.	36,000		50,829
Asahi Breweries Ltd.^	94,700		1,775,688
Asahi Glass Co., Ltd.	58,000		653,268
Asahi Kasei Corp.	77,000		414,280
Asics Corp.	9,000		87,988
Astellas Pharma, Inc.	26,700		966,729
Bank of Kyoto Ltd.	20,000		184,191
Bank of Yokohama Ltd.	76,000		372,318
Benesse Holdings, Inc.	4,800		207,937
Bridgestone Corp.	33,400		570,183
Brother Industries Ltd.	15,100		182,512
Canon Marketing Japan, Inc.	3,900		53,104
Canon, Inc.	219,100		10,147,641
Casio Computer Co., Ltd.	15,200		116,898
Central Japan Railway Co.	91		693,037
Chiba Bank Ltd.	42,000		251,128
Chiyoda Corp.	9,000		89,336
Chubu Electric Power Co., Inc.	38,900		972,396
Chugai Pharmaceutical Co., Ltd.	14,300		268,899
Chugoku Bank Ltd.	9,000		121,489
Chugoku Electric Power Co., Inc.	17,000		337,854
Chuo Mitsui Trust Holdings, Inc.	56,000		210,247
Citizen Holdings Co., Ltd.	18,900		129,181
Coca-Cola West Co., Ltd.	3,200		52,335
Cosmo Oil Co., Ltd.	35,000		84,608
Credit Saison Co., Ltd.	10,500		162,852
Dai Nippon Printing Co., Ltd.	33,000		445,812
Daicel Chemical Industries Ltd.	16,000		110,044
Daido Steel Co., Ltd.	17,000		71,462
Daihatsu Motor Co., Ltd.	12,000		114,622
Daiichi Sankyo Co., Ltd.	38,300		717,331
Daikin Industries Ltd.	62,764		2,567,893
Dainippon Sumitomo Pharma Co., Ltd.	10,300		94,418
Daito Trust Construction Co., Ltd.	4,600		221,906
Daiwa House Industry Co., Ltd.	28,000		315,970
Daiwa Securities Group, Inc.	677,000		3,562,777
DeNA Co., Ltd.	12		88,822
Denki Kagaku Kogyo KK	27,000		116,098
Denso Corp.	27,700		825,163
Dentsu, Inc.	8,900		233,900
Dowa Holdings Co., Ltd.	16,000		96,353
East Japan Railway Co.	42,800		2,975,719
Eisai Co., Ltd.	13,800		492,277
Electric Power Development Co., Ltd.	7,400		243,791
Elpida Memory, Inc.*	56,400		1,110,626
FamilyMart Co., Ltd.^	103,500		3,293,534
Fanuc Ltd.	11,300		1,199,016
Fast Retailing Co., Ltd.	2,600		451,920
Fuji Electric Holdings Co., Ltd.	28,000		76,372
Fuji Heavy Industries Ltd.*	33,000		170,842
Fuji Media Holdings, Inc.	21		31,110
Fujifilm Holdings Corp.	25,600		881,720
Fujitsu Ltd.	109,000		713,531
Fukuoka Financial Group, Inc.	40,000		169,858
Furukawa Electric Co., Ltd.	32,000		166,349
GS Yuasa Corp.	18,000		121,489
Gunma Bank Ltd.	22,000		121,660
Hachijuni Bank Ltd.	21,000		119,499
Hakuhodo DY Holdings, Inc.	1,330		69,993
Hankyu Hanshin Holdings, Inc.	67,000		310,311
Hino Motors Ltd.	13,000		54,926
Hirose Electric Co., Ltd.	2,000		230,613
Hiroshima Bank Ltd.	27,000		114,076
Hisamitsu Pharmaceutical Co., Inc.	3,700		137,528
Hitachi Chemical Co., Ltd.	6,000		129,640
Hitachi Construction Machinery Co., Ltd.	5,000		118,141
Hitachi High-Technologies Corp.	3,900		89,480
Hitachi Ltd.*	258,000		963,119
Hitachi Metals Ltd.	9,000		94,630
Hokkaido Electric Power Co., Inc.	10,000		191,892

See Notes to Portfolio of Investments.

65

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Hokuhoku Financial Group, Inc.	67,000	$	146,914
Hokuriku Electric Power Co.	10,800		237,510
Honda Motor Co., Ltd.	250,500		8,842,122
HOYA Corp.	24,800		681,476
Ibiden Co., Ltd.	8,100		278,982
Idemitsu Kosan Co., Ltd.	1,400		106,022
IHI Corp.	75,000		137,180
INPEX Corp.	51		374,222
Isetan Mitsukoshi Holdings Ltd.	19,600		210,696
Isuzu Motors Ltd.	78,000		211,081
Ito En Ltd.	3,200		49,528
ITOCHU Corp.	304,000		2,663,130
ITOCHU Techno-Solutions Corp.	1,400		45,973
Iyo Bank Ltd.	16,000		152,145
J. Front Retailing Co., Ltd.	33,000		194,138
Jafco Co., Ltd.	1,500		39,389
Japan Petroleum Exploration Co.	1,600		81,121
Japan Prime Realty Investment Corp. (REIT)	32		71,229
Japan Real Estate Investment Corp. (REIT)	25		213,124
Japan Retail Fund Investment Corp. (REIT)	80		94,128
Japan Steel Works Ltd.	19,000		217,660
Japan Tobacco, Inc.	1,000		3,722,323
JFE Holdings, Inc.	74,200		2,988,159
JGC Corp.	13,000		231,939
Joyo Bank Ltd.	34,000		151,653
JS Group Corp.	15,200		309,398
JSR Corp.	10,100		210,988
JTEKT Corp.	12,400		146,429
Jupiter Telecommunications Co., Ltd.	117		135,159
Kajima Corp.	46,000		112,675
Kamigumi Co., Ltd.	17,000		136,742
Kaneka Corp.	19,000		123,158
Kansai Electric Power Co., Inc.	43,600		998,943
Kansai Paint Co., Ltd.	14,000		114,108
Kao Corp.	30,600		775,719
Kawasaki Heavy Industries Ltd.	86,000		237,330
Kawasaki Kisen Kaisha Ltd.*	33,000		131,661
KDDI Corp.	496		2,567,804
Keihin Electric Express Railway Co., Ltd.	26,000		213,584
Keio Corp.	37,000		249,727
Keisei Electric Railway Co., Ltd.	18,000		109,552
Keyence Corp.	2,500		597,390
Kikkoman Corp.	10,000		117,018
Kinden Corp.	8,000		70,082
Kintetsu Corp.	90,000		280,137
Kirin Holdings Co., Ltd.	48,000		708,012
Kobe Steel Ltd.	139,000		298,845
Koito Manufacturing Co., Ltd.	6,000		89,079
Komatsu Ltd.^	90,900		1,905,701
Konami Corp.	6,400		123,427
Konica Minolta Holdings, Inc.	107,000		1,248,658
Kubota Corp.^	118,000		1,075,366
Kuraray Co., Ltd.	20,500		275,848
Kurita Water Industries Ltd.	6,300		178,238
Kyocera Corp.	9,300		906,225
Kyowa Hakko Kirin Co., Ltd.	15,000		154,829
Kyushu Electric Power Co., Inc.	23,200		504,995
Lawson, Inc.	3,500		149,374
Mabuchi Motor Co., Ltd.	1,900		109,338
Makita Corp.	7,300		240,496
Marubeni Corp.	1,085,000		6,742,807
Marui Group Co., Ltd.	16,300		118,209
Maruichi Steel Tube Ltd.	2,100		42,589
Matsui Securities Co., Ltd.	5,700		40,727
Mazda Motor Corp.	78,000		219,425
McDonald’s Holdings Co. Japan Ltd.	4,100		83,237
Medipal Holdings Corp.	9,400		111,304
MEIJI Holdings Co. Ltd.	4,155		161,329
Minebea Co., Ltd.	23,000		139,983
Mitsubishi Chemical Holdings Corp.	73,000		373,238
Mitsubishi Corp.	214,900		5,631,672
Mitsubishi Electric Corp.	113,000		1,038,261
Mitsubishi Estate Co., Ltd.	68,000		1,112,846
Mitsubishi Gas Chemical Co., Inc.	201,000		1,210,429
Mitsubishi Heavy Industries Ltd.	168,000		695,433
Mitsubishi Logistics Corp.	7,000		87,004
Mitsubishi Materials Corp.*	360,000		1,035,833
Mitsubishi Motors Corp.*	198,000		268,970
Mitsubishi Tanabe Pharma Corp.^	77,000		1,087,175
Mitsubishi UFJ Financial Group, Inc.	1,003,700		5,260,595
Mitsubishi UFJ Lease & Finance Co., Ltd.	3,330		121,104
Mitsui & Co., Ltd.	245,300		4,122,006
Mitsui Chemicals, Inc.	41,000		124,110
Mitsui Engineering & Shipbuilding Co., Ltd.	40,000		99,690
Mitsui Fudosan Co., Ltd.	198,000		3,361,065
Mitsui Mining & Smelting Co., Ltd.	33,000		98,834
Mitsui O.S.K. Lines Ltd.	62,000		444,989
Mitsui Sumitomo Insurance Group Holdings, Inc.	31,538		875,400
Mitsumi Electric Co., Ltd.	4,700		102,858
Mizuho Financial Group, Inc.^	2,261,400		4,474,906
Mizuho Securities Co., Ltd.	30,000		94,983
Mizuho Trust & Banking Co., Ltd.	97,000		97,529
Murata Manufacturing Co., Ltd.^	59,300		3,368,093
Namco Bandai Holdings, Inc.	11,100		108,162
NEC Corp.	138,000		414,782
NGK Insulators Ltd.	14,000		285,571
NGK Spark Plug Co., Ltd.	11,000		149,428
NHK Spring Co., Ltd.	8,000		73,420
Nidec Corp.	14,700		1,575,505
Nikon Corp.	19,100		416,976
Nintendo Co., Ltd.^	20,900		6,997,219
Nippon Building Fund, Inc. (REIT)	29		249,706
Nippon Electric Glass Co., Ltd.	18,000		253,567
Nippon Express Co., Ltd.	47,000		202,096
Nippon Meat Packers, Inc.	10,000		126,538
Nippon Mining Holdings, Inc.†	227,500		1,063,403
Nippon Oil Corp.†	66,000		332,506
Nippon Paper Group, Inc.	5,100		131,196
Nippon Sheet Glass Co., Ltd.	39,000		115,135
Nippon Steel Corp.	292,000		1,146,262
Nippon Telegraph & Telephone Corp.	100,700		4,243,855
Nippon Yusen KK	80,000		315,756
Nipponkoa Insurance Co., Ltd.†	35,000		219,756
Nishi-Nippon City Bank Ltd.	46,000		135,801
Nissan Chemical Industries Ltd.	8,000		111,926
Nissan Motor Co., Ltd.*	553,200		4,739,686
Nissha Printing Co., Ltd.	1,600		62,467
Nisshin Seifun Group, Inc.	11,500		148,470
Nisshin Steel Co., Ltd.	48,000		100,118
Nisshinbo Holdings, Inc.	7,000		72,478
Nissin Food Holdings Co., Ltd.	3,600		121,104
Nitori Co., Ltd.	2,250		170,874
Nitto Denko Corp.	8,800		341,684

See Notes to Portfolio of Investments.

66

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
NOK Corp.	6,400	$	96,318
Nomura Holdings, Inc.	242,900		1,790,118
Nomura Real Estate Holdings, Inc.	4,300		66,324
Nomura Real Estate Office Fund, Inc. (REIT)	18		101,080
Nomura Research Institute Ltd.	5,100		116,194
NSK Ltd.	24,000		189,453
NTN Corp.	24,000		108,332
NTT Data Corp.	76		253,225
NTT DoCoMo, Inc.	861		1,311,439
NTT Urban Development Corp.	66		55,771
Obayashi Corp.	35,000		155,364
Obic Co., Ltd.	400		72,649
Odakyu Electric Railway Co., Ltd.	38,000		316,226
OJI Paper Co., Ltd.	51,000		223,660
Olympus Corp.	12,900		413,948
Omron Corp.	11,100		257,643
Ono Pharmaceutical Co., Ltd.	5,500		244,732
Oracle Corp. Japan	2,200		102,011
Oriental Land Co., Ltd.	2,700		188,298
ORIX Corp.^	34,140		3,027,282
Osaka Gas Co., Ltd.	111,000		397,743
Otsuka Corp.	700		44,475
Panasonic Corp.	341,700		5,226,559
Panasonic Electric Works Co., Ltd.	22,000		277,677
Rakuten, Inc.	405		292,844
Resona Holdings, Inc.	26,800		338,834
Ricoh Co., Ltd.	39,000		609,049
Rinnai Corp.	2,300		120,794
Rohm Co., Ltd.	5,600		418,098
Sankyo Co., Ltd.	2,400		118,729
Santen Pharmaceutical Co., Ltd.	4,100		123,057
Sanyo Electric Co., Ltd.*	93,000		149,214
Sapporo Hokuyo Holdings, Inc.	14,700		67,140
Sapporo Holdings Ltd.	15,000		78,297
SBI Holdings, Inc.	1,074		211,951
Secom Co., Ltd.	12,500		546,850
Sega Sammy Holdings, Inc.	11,800		142,877
Seiko Epson Corp.	8,200		127,355
Sekisui Chemical Co., Ltd.	24,000		162,755
Sekisui House Ltd.	31,000		309,702
Senshu Ikeda Holdings, Inc.	26,600		48,369
Seven & I Holdings Co., Ltd.	44,000		1,063,173
Seven Bank Ltd.	24		48,262
Sharp Corp.^	207,000		2,588,330
Shikoku Electric Power Co., Inc.	11,000		311,680
Shimadzu Corp.	16,000		128,185
Shimamura Co., Ltd.	1,300		115,135
Shimano, Inc.	3,900		172,494
Shimizu Corp.	36,000		150,176
Shin-Etsu Chemical Co., Ltd.	32,700		1,899,251
Shinko Electric Industries Co., Ltd.	3,400		52,587
Shinsei Bank Ltd.	48,000		58,017
Shionogi & Co., Ltd.	15,600		296,682
Shiseido Co., Ltd.	21,000		455,985
Shizuoka Bank Ltd.	36,000		313,830
Showa Denko KK	76,000		171,526
Showa Shell Sekiyu KK	12,100		81,797
SMC Corp.^	5,300		719,403
Softbank Corp.	44,600		1,098,661
Sojitz Corp.	79,100		153,140
Sompo Japan Insurance, Inc.†	54,000		378,907
Sony Corp.^	127,700		4,889,999
Sony Financial Holdings, Inc.	50		164,189
Square Enix Holdings Co., Ltd.	3,600		78,708
Stanley Electric Co., Ltd.	7,300		141,565
Sumco Corp.*^	96,800		2,058,385
Sumitomo Chemical Co., Ltd.	96,000		469,269
Sumitomo Corp.	120,700		1,387,876
Sumitomo Electric Industries Ltd.	42,400		519,739
Sumitomo Heavy Industries Ltd.	37,000		222,815
Sumitomo Metal Industries Ltd.	202,000		611,466
Sumitomo Metal Mining Co., Ltd.	28,000		416,601
Sumitomo Mitsui Financial Group, Inc.	138,900		4,590,876
Sumitomo Realty & Development Co., Ltd.	52,000		989,496
Sumitomo Rubber Industries Ltd.	9,800		86,375
Sumitomo Trust & Banking Co., Ltd.	87,000		509,958
Suruga Bank Ltd.	12,000		107,306
Suzuken Co., Ltd.	3,700		130,404
Suzuki Motor Corp.	20,400		450,157
Sysmex Corp.	1,900		111,370
T&D Holdings, Inc.	15,150		358,615
Taiheiyo Cement Corp.*	58,000		83,132
Taisei Corp.	51,000		112,376
Taisho Pharmaceutical Co., Ltd.	8,000		145,470
Taiyo Nippon Sanso Corp.	15,000		146,647
Takashimaya Co., Ltd.	19,000		156,081
Takeda Pharmaceutical Co., Ltd.	42,300		1,861,852
TDK Corp.	6,200		412,493
Teijin Ltd.	63,000		211,595
Terumo Corp.	10,100		538,004
THK Co., Ltd.	7,700		168,018
Tobu Railway Co., Ltd.	47,000		260,916
Toho Co., Ltd.	7,300		117,593
Toho Gas Co., Ltd.	27,000		147,288
Tohoku Electric Power Co., Inc.	24,700		522,058
Tokio Marine Holdings, Inc.	41,700		1,174,415
Tokuyama Corp.	14,000		77,570
Tokyo Electric Power Co., Inc.^	145,500		3,878,340
Tokyo Electron Ltd.	9,400		623,382
Tokyo Gas Co., Ltd.^	284,000		1,251,556
Tokyo Steel Manufacturing Co., Ltd.	6,200		77,657
Tokyo Tatemono Co., Ltd.	15,000		53,910
Tokyu Corp.	64,000		267,665
Tokyu Land Corp.	26,000		99,283
TonenGeneral Sekiyu KK	18,000		151,909
Toppan Printing Co., Ltd.	32,000		288,887
Toray Industries, Inc.	80,000		467,216
Toshiba Corp.*	664,000		3,430,442
Tosoh Corp.	29,000		73,826
TOTO Ltd.	17,000		115,831
Toyo Seikan Kaisha Ltd.	8,100		143,476
Toyo Suisan Kaisha Ltd.	4,000		103,455
Toyoda Gosei Co., Ltd.	3,700		103,730
Toyota Boshoku Corp.	3,400		65,316
Toyota Industries Corp.	10,100		288,448
Toyota Motor Corp.	167,400		6,705,669
Toyota Tsusho Corp.	11,600		181,898
Trend Micro, Inc.	6,000		209,220
Tsumura & Co.	3,900		113,258
Ube Industries Ltd.	65,000		166,863
Unicharm Corp.	2,500		241,470
UNY Co., Ltd.	11,000		90,951
Ushio, Inc.	7,600		128,929
USS Co., Ltd.	1,400		95,090
West Japan Railway Co.	103		354,755
Yahoo! Japan Corp.^	2,071		754,279
Yakult Honsha Co., Ltd.	6,200		167,252

See Notes to Portfolio of Investments.

67

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Yamada Denki Co., Ltd.	4,640	$	342,454
Yamaguchi Financial Group, Inc.	12,000		131,308
Yamaha Corp.	10,700		138,142
Yamaha Motor Co., Ltd.*	12,900		193,314
Yamato Holdings Co., Ltd.	24,000		337,320
Yamato Kogyo Co., Ltd.	2,300		76,388
Yamazaki Baking Co., Ltd.	7,000		86,630
Yaskawa Electric Corp.	14,000		128,035
Yokogawa Electric Corp.	13,000		113,189
			229,481,230
Luxembourg (0.3%)
ArcelorMittal S.A.	49,422		2,168,767
Millicom International Cellular S.A. (SDR)	4,260		381,126
SES S.A. (FDR)	17,335		437,716
Tenaris S.A.	27,306		589,356
			3,576,965
Macau (0.0%)
Sands China Ltd.*	116,000		184,363
Wynn Macau Ltd.*^	148,800		214,645
			399,008
Mexico (0.1%)
America Movil S.A.B. de C.V. (ADR)	10,239		515,431
Fomento Economico Mexicano S.A.B. de C.V. (ADR)	7,687		365,363
Fresnillo plc	10,981		141,308
			1,022,102
Netherlands (4.1%)
Aegon N.V.*	92,910		636,229
Akzo Nobel N.V.^	70,416		4,013,056
ASML Holding N.V.	24,453		873,906
Corio N.V. (REIT)	2,947		196,769
European Aeronautic Defence and Space Co. N.V	24,950		501,942
Fugro N.V. (CVA)	4,163		272,085
Heineken Holding N.V.	6,300		280,247
Heineken N.V.	104,395		5,365,092
ING Groep N.V. (CVA)*	295,378		2,949,055
James Hardie Industries SE (CDI)*	24,740		164,821
Koninklijke (Royal) KPN N.V.	93,833		1,486,608
Koninklijke Ahold N.V.	74,965		999,352
Koninklijke Boskalis Westminster N.V.	3,406		130,534
Koninklijke DSM N.V.^	50,212		2,239,039
Koninklijke Philips Electronics N.V.	55,858		1,791,055
Koninklijke Vopak N.V.*	1,807		142,313
QIAGEN N.V.*	12,012		276,619
Randstad Holding N.V.*^	67,420		3,203,975
Reed Elsevier N.V.	88,199		1,071,896
Royal Dutch Shell plc, Class A	454,342		13,153,771
Royal Dutch Shell plc, Class B	156,126		4,301,305
SBM Offshore N.V.	8,134		162,760
TNT N.V.	22,230		637,430
Unilever N.V. (CVA)	93,260		2,820,910
Wolters Kluwer N.V.	33,640		729,473
			48,400,242
New Zealand (0.1%)
Auckland International Airport Ltd.	55,998		77,170
Contact Energy Ltd.*	17,601		80,018
Fletcher Building Ltd.	33,023		195,874
Sky City Entertainment Group Ltd.	30,510		69,786
Telecom Corp. of New Zealand Ltd.	382,045		586,567
			1,009,415
Norway (0.3%)
DnB NOR ASA*	51,822		592,057
Norsk Hydro ASA*	40,797		310,961
Orkla ASA	46,732		413,206
Renewable Energy Corp. ASA*	23,604		110,410
Statoil ASA	64,200		1,486,391
Telenor ASA*	48,000		650,963
Yara International ASA	10,450		453,645
			4,017,633
Portugal (0.1%)
Banco Comercial Portugues S.A. (Registered)	127,182		141,545
Banco Espirito Santo S.A. (Registered)*	32,154		173,715
Brisa Auto-Estradas de Portugal S.A.	9,848		83,531
Cimpor Cimentos de Portugal SGPS S.A.	15,360		116,074
EDP - Energias de Portugal S.A.	105,542		419,526
Galp Energia SGPS S.A., Class B	8,758		152,121
Jeronimo Martins SGPS S.A.	12,586		127,495
Portugal Telecom SGPS S.A. (Registered)	35,011		391,447
			1,605,454
Singapore (1.1%)
Ascendas Real Estate Investment Trust (REIT)	77,000		105,679
CapitaLand Ltd.	1,949,500		5,532,374
CapitaMall Trust (REIT)	138,000		174,602
CapitaMalls Asia Ltd.*	79,000		127,624
City Developments Ltd.	32,000		242,468
ComfortDelgro Corp., Ltd.	120,000		133,815
Cosco Corp. (Singapore) Ltd.	39,000		34,569
DBS Group Holdings Ltd.	98,000		1,001,751
Fraser and Neave Ltd.	62,000		212,731
Golden Agri-Resources Ltd.*	346,788		143,777
Jardine Cycle & Carriage Ltd.	8,000		168,012
Keppel Corp., Ltd.	73,000		475,900
Neptune Orient Lines Ltd.	45,000		64,656
Olam International Ltd.	69,962		129,527
Oversea-Chinese Banking Corp., Ltd.	145,525		906,053
SembCorp Industries Ltd.	63,000		185,990
SembCorp Marine Ltd.	47,000		140,770
Singapore Airlines Ltd.	29,000		315,093
Singapore Exchange Ltd.	49,000		267,951
Singapore Press Holdings Ltd.	89,000		243,025
Singapore Technologies Engineering Ltd.	75,000		171,021
Singapore Telecommunications Ltd.	469,000		1,062,747
StarHub Ltd.	37,000		60,567
United Overseas Bank Ltd.	69,000		947,982
UOL Group Ltd.	27,000		75,271
Wilmar International Ltd.	70,000		335,251
			13,259,206
South Korea (0.1%)
Samsung Electronics Co., Ltd.	888		641,994
Spain (4.6%)
Abertis Infraestructuras S.A.	16,769		322,749
Acciona S.A.	1,339		148,498
Acerinox S.A.	8,964		176,463
ACS Actividades de Construccion y Servicios S.A.	8,194		378,056
Banco Bilbao Vizcaya Argentaria S.A.	627,288		8,582,607
Banco de Sabadell S.A.	52,458		289,645
Banco de Valencia S.A.	13,653		87,039
Banco Popular Espanol S.A.	46,047		338,954
Banco Santander S.A.	762,273		10,130,910

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Bankinter S.A.	16,421	$	136,623
Criteria Caixacorp S.A.	49,971		247,633
EDP Renovaveis S.A.*	13,977		109,210
Enagas S.A.	10,231		224,205
Ferrovial S.A.	24,475		238,012
Fomento de Construcciones y Contratas S.A.	2,210		80,907
Gamesa Corp. Tecnologica S.A.	10,646		145,947
Gas Natural SDG S.A.	13,712		253,170
Gestevision Telecinco S.A.	4,992		78,347
Grifols S.A.	6,656		99,429
Iberdrola Renovables S.A.	54,146		224,882
Iberdrola S.A.	206,950		1,753,969
Iberia Lineas Aereas de Espana S.A.*	27,232		95,189
Inditex S.A.	135,577		8,937,029
Indra Sistemas S.A.	5,300		108,665
Mapfre S.A.	39,748		145,810
Red Electrica Corporacion S.A.	6,418		344,442
Repsol YPF S.A.	40,577		960,737
Sacyr Vallehermoso S.A.*	4,920		43,406
Telefonica S.A.	813,438		19,270,672
Zardoya Otis S.A.	7,731		133,969
			54,087,174
Sweden (1.4%)
Alfa Laval AB	19,555		287,884
Assa Abloy AB, Class B	16,734		327,468
Atlas Copco AB, Class A^	60,539		939,031
Atlas Copco AB, Class B	23,417		328,200
Electrolux AB, Class B	12,967		296,313
Getinge AB, Class B	11,699		280,461
Hennes & Mauritz AB, Class B	29,437		1,912,431
Holmen AB, Class B	3,021		81,376
Husqvarna AB, Class B*	25,026		181,961
Investor AB, Class B	26,321		504,869
Kinnevik Investment AB, Class B	12,149		223,779
Lundin Petroleum AB*	12,575		106,496
Nordea Bank AB	186,141		1,836,765
Ratos AB, Class B*	5,660		187,736
Sandvik AB	57,086		713,516
Scania AB, Class B	20,462		323,624
Securitas AB, Class B	18,534		197,645
Skandinaviska Enskilda Banken AB, Class A*	85,625		547,030
Skanska AB, Class B	22,436		407,667
SKF AB, Class B	21,522		382,416
SSAB AB, Class A	11,529		207,249
SSAB AB, Class B	4,277		69,421
Svenska Cellulosa AB, Class B	34,060		480,197
Svenska Handelsbanken AB, Class A	27,816		815,149
Swedbank AB, Class A*	32,591		334,459
Swedish Match AB	13,618		325,522
Tele2 AB, Class B	17,429		290,862
Telefonaktiebolaget LM Ericsson, Class B	171,564		1,808,163
TeliaSonera AB*	128,148		909,562
Volvo AB, Class A*	24,442		242,030
Volvo AB, Class B	63,676		640,675
			16,189,957
Switzerland (9.0%)
ABB Ltd. (Registered)*	324,539		7,088,518
Actelion Ltd. (Registered)*	5,678		258,321
Adecco S.A. (Registered)	6,782		384,961
Aryzta AG	5,059		221,667
Baloise Holding AG (Registered)	2,857		253,347
BKW FMB Energie AG	905		67,248
Cie Financiere Richemont S.A., Class A	28,958		1,121,354
Credit Suisse Group AG (Registered)	228,288		11,767,311
GAM Holding Ltd.	12,925		158,743
Geberit AG (Registered)	2,269		406,070
Givaudan S.A. (Registered)	438		384,247
Holcim Ltd. (Registered)*	24,277		1,809,723
Julius Baer Group Ltd.	100,112		3,631,719
Kuehne & Nagel International AG (Registered)	3,218		325,646
Lindt & Spruengli AG	48		113,581
Lindt & Spruengli AG (Registered)	6		162,462
Logitech International S.A. (Registered)*	11,052		181,859
Lonza Group AG (Registered)^	39,129		3,191,478
Nestle S.A. (Registered)	319,200		16,347,496
Nobel Biocare Holding AG (Registered)	6,563		175,528
Novartis AG (Registered)	330,470		17,849,266
Pargesa Holding S.A.	1,732		147,016
Roche Holding AG	47,932		7,773,494
Schindler Holding AG	3,847		337,400
SGS S.A. (Registered)	463		638,469
Sonova Holding AG	2,683		333,339
STMicroelectronics N.V.	40,971		407,837
Straumann Holding AG (Registered)	447		111,284
Swatch Group AG	8,882		2,832,064
Swatch Group AG (Registered)	2,835		168,584
Swiss Life Holding AG (Registered)*	1,671		219,493
Swiss Reinsurance Co., Ltd.*	19,837		976,423
Swisscom AG (Registered)	1,240		452,534
Syngenta AG (Registered)^	28,898		8,024,786
Transocean Ltd.*	71,388		6,166,496
UBS AG (Registered)*	205,820		3,345,746
Xstrata plc*	284,428		5,388,769
Zurich Financial Services AG	11,268		2,888,601
			106,112,880
Taiwan (0.4%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	482,676		5,063,271
United Kingdom (15.9%)
3i Group plc	56,707		250,586
Admiral Group plc	10,582		211,968
AMEC plc	18,989		230,238
Anglo American plc*	76,072		3,317,724
Antofagasta plc	23,664		373,465
Associated British Foods plc	19,467		289,060
AstraZeneca plc	156,147		6,964,051
Autonomy Corp. plc*	167,190		4,625,148
Aviva plc	264,968		1,549,249
BAE Systems plc	402,682		2,268,903
Balfour Beatty plc	36,900		163,620
Barclays plc	1,144,819		6,259,358
BG Group plc	252,087		4,362,892
BHP Billiton plc	126,719		4,345,891
BP plc	1,818,684		17,204,923
British Airways plc*	32,961		121,545
British American Tobacco plc	114,627		3,951,194
British Land Co. plc (REIT)	83,071		606,476
British Sky Broadcasting Group plc	65,409		597,534
BT Group plc, Class A	442,361		831,719
Bunzl plc	19,402		212,281
Burberry Group plc	91,295		989,869
Cable & Wireless Worldwide plc*	148,949		207,948

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
Cairn Energy plc*		76,260	$	482,571
Capita Group plc		34,797		399,466
Carnival plc		8,895		365,125
Centrica plc		386,737		1,724,821
Cobham plc		68,479		267,066
Compass Group plc		599,456		4,784,888
Diageo plc		143,706		2,411,897
Drax Group plc		19,394		109,952
Eurasian Natural Resources Corp.		15,013		271,564
Firstgroup plc		30,879		168,223
G4S plc		69,472		275,683
GlaxoSmithKline plc		331,036		6,357,203
Hammerson plc (REIT)		42,600		254,315
Home Retail Group plc		50,140		206,197
HSBC Holdings plc^		1,870,741		18,971,983
ICAP plc		111,198		630,761
Imperial Tobacco Group plc		108,878		3,320,970
Inmarsat plc		25,264		289,836
Intercontinental Hotels Group plc		13,714		214,769
International Power plc		86,896		420,516
Invensys plc		44,161		228,318
Investec plc		23,068		188,681
J Sainsbury plc		72,262		359,238
Johnson Matthey plc		11,756		311,482
Kazakhmys plc*		67,330		1,560,186
Kingfisher plc		135,525		440,933
Land Securities Group plc (REIT)		44,069		453,411
Legal & General Group plc		337,378		450,791
Liberty International plc (REIT)		27,718		211,783
Lloyds Banking Group plc*		2,188,482		2,084,605
London Stock Exchange Group plc		8,502		91,667
Lonmin plc*		8,539		264,083
Man Group plc		182,758		669,765
Marks & Spencer Group plc		565,471		3,175,836
National Grid plc		141,318		1,375,697
Next plc		10,871		356,990
Old Mutual plc*		955,373		1,775,979
Pearson plc		46,512		731,229
Petrofac Ltd.		13,119		239,295
Prudential plc		256,116		2,127,892
Randgold Resources Ltd.		4,697		357,454
Reckitt Benckiser Group plc		91,727		5,034,709
Reed Elsevier plc		69,181		551,681
Resolution Ltd.*		146,117		181,710
Rexam plc		51,166		227,420
Rio Tinto plc		159,888		9,474,703
Rolls-Royce Group plc*		597,729		5,401,505
Royal Bank of Scotland Group plc*		958,928		640,276
RSA Insurance Group plc		212,142		410,455
SABMiller plc		54,095		1,585,963
Sage Group plc		71,502		259,434
Schroders plc		7,877		168,184
Scottish & Southern Energy plc		52,979		885,156
Segro plc (REIT)		38,549		186,960
Serco Group plc		27,788		253,431
Severn Trent plc		15,119		274,170
Smith & Nephew plc		51,002		508,102
Smiths Group plc		22,229		383,201
Standard Chartered plc		285,443		7,786,047
Standard Life plc		130,926		397,956
Tesco plc		1,082,242		7,151,405
Thomas Cook Group plc		288,973		1,183,118
Tomkins plc		56,667		202,942
TUI Travel plc		347,863		1,591,565
Tullow Oil plc		48,996		929,393
Unilever plc		73,675		2,163,365
United Utilities Group plc		37,264		316,104
Vedanta Resources plc		8,241		347,159
Vodafone Group plc		6,340,066		14,623,996
Whitbread plc		9,936		222,248
WM Morrison Supermarkets plc		207,267		923,139
Wolseley plc*		100,782		2,434,752
WPP plc		141,116		1,462,600
				187,481,612
United States (0.0%)
Synthes, Inc.		3,546		442,577
Total Common Stocks (98.0%) (Cost $993,843,311)				1,157,053,838
	Number of Rights		Value (Note 1)
RIGHTS:
Germany (0.0%)
Volkswagen AG, expiring 4/13/10* (Cost $—)		7,900		4,908
	Number of Warrants		Value (Note 1)
WARRANT:
Singapore (0.0%)
Golden Agri-Resources Ltd., expiring 7/23/12* (Cost $—)		155		14
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (1.5%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10(u)	$	10,559,002		10,559,002
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10(h)(s)		2,109,986		485,297
Monumental Global Funding II
0.43%, 5/26/10(l)		3,960,000		3,931,884
Pricoa Global Funding I
0.40%, 6/25/10(l)		2,529,936		2,513,982
Total Short-Term Investments of Cash Collateral for Securities Loaned				17,490,165
Time Deposit (1.6%)
JPMorgan Chase Nassau
0.000%, 4/1/10		19,270,421		19,270,421
Total Short-Term Investments (3.1%)
(Cost/Amortized Cost $38,429,345)				36,760,586
Total Investments (101.1%)
(Cost/Amortized Cost $1,032,272,656)				1,193,819,346
Other Assets Less Liabilities (-1.1%)				(13,477,197	)
Net Assets (100%)			$	1,180,342,149

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

* Non-income producing.

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

† Securities (totaling $2,142,365 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 March 31, 2010, the market value of these securities amounted to $3,268,572 or 0.3% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b) Illiquid Security.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000%-8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $10,770,182.

Glossary:

ADR — American Depositary Receipt

CDI — Chess Depositary Interest

CVA — Dutch Certification

FDR — Finnish Depositary Receipt

GDR — Global Depositary Receipt

PPS — Price Protected Share

REIT — Real Estate Investment Trust

RNC — Risparmio Non-Convertible Savings Shares

SDR — Swedish Certification

Market Sector Diversification
As a Percentage of Total Net Assets
Consumer Discretionary	11.8	%
Consumer Staples	9.7
Energy	7.8
Financials	22.9
Health Care	8.9
Industrials	10.4
Information Technology	7.3
Materials	9.5
Telecommunication Services	5.7
Utilities	4.0
Cash and Other	2.0
	100.0	%

At March 31, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2010		Unrealized Appreciation/ (Depreciation)
Dow Jones EURO Stoxx 50 Index	40	June-10	$	1,521,417	$	1,540,281	$	18,864
E-Mini MSCI EAFE Index	57	June-10		4,428,393		4,485,330		56,937
							$	75,801

At March 31, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sell Contract
European Union Euro vs. U.S. Dollar, expiring 6/17/10	1,485	$	2,021,916	$	2,005,715	$	16,201

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	12,980,999	$	129,360,305	$	147,793	$	142,489,097
Consumer Staples		365,363		112,745,292		—		113,110,655
Energy		16,311,062		74,503,927		1,395,909		92,210,898
Financials		9,213,537		256,441,139		598,663		266,253,339
Health Care		13,180,890		88,977,661		—		102,158,551
Industrials		7,230,936		127,378,387		—		134,609,323
Information Technology		14,544,065		66,888,898		—		81,432,963
Materials		7,757,890		107,063,296		—		114,821,186
Telecommunication Services		515,431		65,121,856		—		65,637,287
Utilities		—		44,330,539		—		44,330,539
Forward Currency Contracts		—		16,201		—		16,201
Futures		75,801		—		—		75,801
Rights
Consumer Discretionary		—		4,908		—		4,908
Short-Term Investments		—		36,760,586		—		36,760,586
Warrants
Consumer Staples		—		14		—		14
Total Assets	$	82,175,974	$	1,109,593,009	$	2,142,365	$	1,193,911,348
Total Liabilities	$	—	$	—	$	—	$	–
Total	$	82,175,974	$	1,109,593,009	$	2,142,365	$	1,193,911,348

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

	Investments in Securities- Consumer Discretionary		Investments in Securities-Energy
Balance as of 12/31/09	$	—	$	—
Total gains or losses (realized/unrealized) included in earnings		25,048		20,363
Purchases, sales, issuances, and settlements (net)		—		796,775
Transfers into Level 3		122,745		578,771
Transfers out of Level 3		—		—
Balance as of 3/31/10	$	147,793	$	1,395,909
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/10.	$	25,048	$	9,414
	Investments in Securities-Financials		Investments in Securities-Industrials
Balance as of 12/31/09	$	—	$	42,047
Total gains or losses (realized/unrealized) included in earnings		57,054		(407	)
Purchases, sales, issuances, and settlements (net)		—		(41,640	)
Transfers into Level 3		541,609		—
Transfers out of Level 3		—		—
Balance as of 3/31/10	$	598,663	$	—
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/10.	$	57,054	$	—

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

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

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	134,332,245
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	152,493,085
As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	174,785,727
Aggregate gross unrealized depreciation		(49,149,668	)
Net unrealized appreciation	$	125,636,059
Federal income tax cost of investments	$	1,068,183,287

At March 31, 2010, the Portfolio had loaned securities with a total value of $18,269,351. This was secured by collateral of $19,158,924 which was received as cash and subsequently invested in short-term investments currently valued at $17,490,165, as reported in the Portfolio of Investments.

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

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.0%)
Auto Components (0.1%)
Goodyear Tire & Rubber Co.*	8,100	$	102,384
Johnson Controls, Inc.	22,600		745,574
TRW Automotive Holdings Corp.*	7,700		220,066
			1,068,024
Automobiles (0.3%)
Ford Motor Co.*^	179,300		2,253,801
Harley-Davidson, Inc.	7,900		221,753
			2,475,554
Distributors (0.0%)
Genuine Parts Co.	5,400		228,096
Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*	4,300		263,547
DeVry, Inc.	2,100		136,920
H&R Block, Inc.	11,300		201,140
			601,607
Hotels, Restaurants & Leisure (1.4%)
Carnival Corp.	14,700		571,536
Darden Restaurants, Inc.	4,700		209,338
International Game Technology	10,000		184,500
Life Time Fitness, Inc.*^	95,020		2,670,062
Marriott International, Inc., Class A	8,510		268,235
McDonald’s Corp.	36,400		2,428,608
Royal Caribbean Cruises Ltd.*^	19,300		636,707
Starbucks Corp.*	25,000		606,750
Starwood Hotels & Resorts Worldwide, Inc.	6,300		293,832
Vail Resorts, Inc.*	33,700		1,351,033
Wyndham Worldwide Corp.	6,000		154,380
Wynn Resorts Ltd.	2,300		174,409
Yum! Brands, Inc.	15,800		605,614
			10,155,004
Household Durables (0.5%)
D.R. Horton, Inc.^	29,900		376,740
Fortune Brands, Inc.	9,800		475,398
Garmin Ltd.^	22,200		854,256
Harman International Industries, Inc.*	2,300		107,594
Leggett & Platt, Inc.	5,100		110,364
Lennar Corp., Class A	5,400		92,934
Newell Rubbermaid, Inc.	9,300		141,360
NVR, Inc.*^	800		581,200
Pulte Group, Inc.*^	51,107		574,954
Stanley Black & Decker, Inc.	5,377		308,693
Whirlpool Corp.	2,500		218,125
			3,841,618
Internet & Catalog Retail (0.4%)
Amazon.com, Inc.*	11,300		1,533,749
Expedia, Inc.	7,100		177,216
Liberty Media Corp. - Interactive, Class A*	37,631		576,130
priceline.com, Inc.*	1,500		382,500
			2,669,595
Leisure Equipment & Products (0.1%)
Eastman Kodak Co.*	9,000		52,110
Hasbro, Inc.	4,200		160,776
Mattel, Inc.	12,200		277,428
			490,314
Media (5.0%)
CBS Corp., Class B^	245,250		3,418,785
Comcast Corp., Class A^	569,814		10,355,668
DIRECTV, Class A*	257,990		8,722,642
Discovery Communications, Inc., Class A*	9,617		324,958
DISH Network Corp., Class A	163,540		3,404,903
Gannett Co., Inc.	7,900		130,508
Interpublic Group of Cos., Inc.*	16,400		136,448
McGraw-Hill Cos., Inc.	10,600		377,890
Meredith Corp.	1,200		41,292
New York Times Co., Class A*	3,900		43,407
News Corp., Class A	135,000		1,945,350
Omnicom Group, Inc.	10,500		407,505
Scripps Networks Interactive, Inc., Class A	3,000		133,050
Time Warner Cable, Inc.	42,694		2,276,017
Time Warner, Inc.	69,133		2,161,789
Viacom, Inc., Class B*	32,200		1,107,036
Walt Disney Co.	64,900		2,265,659
Washington Post Co., Class B	300		133,254
			37,386,161
Multiline Retail (0.7%)
Big Lots, Inc.*	2,800		101,976
Family Dollar Stores, Inc.	4,700		172,067
J.C. Penney Co., Inc.	7,900		254,143
Kohl’s Corp.*	10,400		569,712
Macy’s, Inc.	47,500		1,034,075
Nordstrom, Inc.	5,600		228,760
Sears Holdings Corp.*	1,700		184,331
Target Corp.	51,140		2,689,964
			5,235,028
Specialty Retail (1.6%)
Abercrombie & Fitch Co., Class A	3,000		136,920
AutoNation, Inc.*	3,100		56,048
AutoZone, Inc.*	1,000		173,090
Bed Bath & Beyond, Inc.*	8,900		389,464
Best Buy Co., Inc.	11,500		489,210
GameStop Corp., Class A*	5,500		120,505
Gap, Inc.	46,900		1,083,859
Home Depot, Inc.	116,882		3,781,133
Limited Brands, Inc.^	29,790		733,430
Lowe’s Cos., Inc.	66,400		1,609,536
Office Depot, Inc.*	69,200		552,216
O’Reilly Automotive, Inc.*	4,600		191,866
RadioShack Corp.	4,200		95,046
Ross Stores, Inc.	12,900		689,763
Sherwin-Williams Co.	3,200		216,576
Staples, Inc.	24,400		570,716
Tiffany & Co.	4,200		199,458
TJX Cos., Inc.	24,000		1,020,480
Urban Outfitters, Inc.*	4,347		165,316
			12,274,632
Textiles, Apparel & Luxury Goods (0.8%)
Coach, Inc.	10,800		426,816
Jones Apparel Group, Inc.	33,460		636,409
NIKE, Inc., Class B	65,285		4,798,448
Polo Ralph Lauren Corp.	2,000		170,080
VF Corp.	3,000		240,450
			6,272,203
Total Consumer Discretionary			82,697,836
Consumer Staples (7.7%)
Beverages (1.5%)
Brown-Forman Corp., Class B	3,700		219,965
Coca-Cola Co.	85,060		4,678,300
Coca-Cola Enterprises, Inc.	30,620		846,949
Constellation Brands, Inc., Class A*^	31,400		516,216
Dr. Pepper Snapple Group, Inc.	8,500		298,945

See Notes to Portfolio of Investments.

74

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Molson Coors Brewing Co., Class B	5,300	$	222,918
PepsiCo, Inc.	73,693		4,875,529
			11,658,822
Food & Staples Retailing (1.7%)
Costco Wholesale Corp.	14,700		877,737
CVS Caremark Corp.	91,625		3,349,810
Kroger Co.	21,900		474,354
Rite Aid Corp.*	488,710		733,065
Safeway, Inc.	21,000		522,060
SUPERVALU, Inc.^	31,400		523,752
Sysco Corp.	19,900		587,050
Walgreen Co.	33,400		1,238,806
Wal-Mart Stores, Inc.	76,100		4,231,160
Whole Foods Market, Inc.*	4,700		169,905
			12,707,699
Food Products (1.4%)
Archer-Daniels-Midland Co.	49,500		1,430,550
Bunge Ltd.^	4,300		265,009
Campbell Soup Co.	6,400		226,240
ConAgra Foods, Inc.	14,900		373,543
Dean Foods Co.*^	15,600		244,764
Del Monte Foods Co.^	17,000		248,200
General Mills, Inc.	11,000		778,690
H.J. Heinz Co.	10,700		488,027
Hershey Co.	5,600		239,736
Hormel Foods Corp.	2,300		96,623
J.M. Smucker Co.	4,000		241,040
Kellogg Co.	8,600		459,498
Kraft Foods, Inc., Class A	71,100		2,150,064
McCormick & Co., Inc.(Non- Voting)	4,400		168,784
Mead Johnson Nutrition Co., Class A	6,893		358,643
Nestle S.A. (Registered) (ADR)	29,271		1,498,675
Sara Lee Corp.	42,700		594,811
Smithfield Foods, Inc.*^	12,900		267,546
Tyson Foods, Inc., Class A	26,200		501,730
			10,632,173
Household Products (1.7%)
Clorox Co.	4,700		301,458
Colgate-Palmolive Co.	33,980		2,897,135
Kimberly-Clark Corp.	22,295		1,401,910
Procter & Gamble Co.	125,671		7,951,204
			12,551,707
Personal Products (0.1%)
Avon Products, Inc.	14,400		487,728
Estee Lauder Cos., Inc., Class A	4,000		259,480
			747,208
Tobacco (1.3%)
Altria Group, Inc.	161,443		3,312,810
Lorillard, Inc.	5,400		406,296
Philip Morris International, Inc.	102,933		5,368,985
Reynolds American, Inc.	18,580		1,002,949
			10,091,040
Total Consumer Staples			58,388,649
Energy (11.2%)
Energy Equipment & Services (1.8%)
Baker Hughes, Inc.	10,500		491,820
BJ Services Co.	9,900		211,860
Cameron International Corp.*	8,200		351,452
Diamond Offshore Drilling, Inc.	2,400		213,144
Ensco plc (ADR)	13,500		604,530
FMC Technologies, Inc.*	4,100		264,983
Halliburton Co.	30,400		915,952
Helmerich & Payne, Inc.	3,593		136,821
Nabors Industries Ltd.*	9,500		186,485
National Oilwell Varco, Inc.	14,100		572,178
Noble Corp.*	8,900		372,198
Rowan Cos., Inc.*^	21,300		620,043
Schlumberger Ltd.	40,600		2,576,476
Smith International, Inc.	8,300		355,406
Transocean Ltd.*	68,600		5,925,668
			13,799,016
Oil, Gas & Consumable Fuels (9.4%)
Anadarko Petroleum Corp.	16,600		1,208,978
Apache Corp.	12,700		1,289,050
Cabot Oil & Gas Corp.	3,500		128,800
Chesapeake Energy Corp.	21,800		515,352
Chevron Corp.	73,400		5,565,922
Cimarex Energy Co.	12,400		736,312
ConocoPhillips	212,940		10,896,140
Consol Energy, Inc.	6,100		260,226
Denbury Resources, Inc.*	13,405		226,142
Devon Energy Corp.	29,700		1,913,571
El Paso Corp.	23,600		255,824
EOG Resources, Inc.	29,937		2,782,345
Exxon Mobil Corp.#	305,800		20,482,484
Forest Oil Corp.*^	6,100		157,502
Hess Corp.	55,227		3,454,449
Marathon Oil Corp.	250,970		7,940,691
Massey Energy Co.	2,900		151,641
Murphy Oil Corp.	6,500		365,235
Newfield Exploration Co.*^	11,300		588,165
Nexen, Inc.	35,100		867,321
Noble Energy, Inc.	5,900		430,700
Occidental Petroleum Corp.	44,580		3,768,793
Peabody Energy Corp.	9,000		411,300
Pioneer Natural Resources Co.	3,900		219,648
Range Resources Corp.	5,300		248,411
SandRidge Energy, Inc.*^	248,000		1,909,600
Southwestern Energy Co.*	11,700		476,424
Spectra Energy Corp.	21,800		491,154
Sunoco, Inc.	3,900		115,869
Tesoro Corp.	4,700		65,330
Valero Energy Corp.	60,800		1,197,760
Williams Cos., Inc.	19,600		452,760
XTO Energy, Inc.	19,600		924,728
			70,498,627
Total Energy			84,297,643
Financials (15.7%)
Capital Markets (2.6%)
Ameriprise Financial, Inc.	25,400		1,152,144
Bank of New York Mellon Corp.	40,600		1,253,728
Charles Schwab Corp.	32,100		599,949
Credit Suisse Group AG (ADR)	27,740		1,425,281
Deutsche Bank AG (Registered)	10,600		814,822
E*TRADE Financial Corp.*	52,200		86,130
Federated Investors, Inc., Class B	2,900		76,502
Franklin Resources, Inc.	5,100		565,590
Goldman Sachs Group, Inc.	36,609		6,246,594
Invesco Ltd.	14,400		315,504
Janus Capital Group, Inc.	6,100		87,169
Legg Mason, Inc.	5,400		154,818
Morgan Stanley	175,758		5,147,952
Northern Trust Corp.	8,200		453,132
State Street Corp.	16,700		753,838
T. Rowe Price Group, Inc.	8,700		477,891
			19,611,044
Commercial Banks (3.4%)
BB&T Corp.^	44,100		1,428,399

See Notes to Portfolio of Investments.

75

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Comerica, Inc.	5,100	$	194,004
Fifth Third Bancorp	26,800		364,212
First Horizon National Corp.*	7,583		106,539
Huntington Bancshares, Inc./Ohio	24,100		129,417
KeyCorp.	29,600		229,400
M&T Bank Corp.	2,800		222,264
Marshall & Ilsley Corp.	17,700		142,485
Mitsubishi UFJ Financial Group, Inc.	855,624		4,484,499
PNC Financial Services Group, Inc.	17,462		1,042,481
Regions Financial Corp.	40,100		314,785
SunTrust Banks, Inc.	16,800		450,072
U.S. Bancorp	339,150		8,777,202
Wells Fargo & Co.	239,900		7,465,688
Zions Bancorp	4,600		100,372
			25,451,819
Consumer Finance (0.4%)
American Express Co.	40,100		1,654,526
Capital One Financial Corp.	15,200		629,432
Discover Financial Services	18,300		272,670
SLM Corp.*	16,000		200,320
			2,756,948
Diversified Financial Services (4.0%)
Bank of America Corp.	529,725		9,455,591
Citigroup, Inc.*	658,200		2,665,710
CME Group, Inc.	2,300		727,053
IntercontinentalExchange, Inc.*	2,500		280,450
JPMorgan Chase & Co.	348,000		15,573,000
Leucadia National Corp.*	6,400		158,784
Moody’s Corp.	6,600		196,350
NASDAQ OMX Group, Inc.*	4,900		103,488
NYSE Euronext	43,728		1,294,786
			30,455,212
Insurance (4.6%)
ACE Ltd.	157,091		8,215,859
Aflac, Inc.	15,800		857,782
Allstate Corp.	18,100		584,811
American International Group, Inc.*	4,495		153,459
Aon Corp.	9,200		392,932
Assurant, Inc.	3,900		134,082
Berkshire Hathaway, Inc., Class B*	56,121		4,560,954
Chubb Corp.	11,500		596,275
Cincinnati Financial Corp.	5,500		158,950
Genworth Financial, Inc., Class A*	16,400		300,776
Hartford Financial Services Group, Inc.	188,878		5,367,913
Lincoln National Corp.	10,200		313,140
Loews Corp.	12,200		454,816
Marsh & McLennan Cos., Inc.	17,800		434,676
MetLife, Inc.	27,600		1,196,184
Principal Financial Group, Inc.	35,000		1,022,350
Progressive Corp.	22,700		433,343
Prudential Financial, Inc.	15,700		949,850
Torchmark Corp.	2,800		149,828
Transatlantic Holdings, Inc.	106,900		5,644,320
Travelers Cos., Inc.	27,000		1,456,380
Unum Group^	24,500		606,865
XL Capital Ltd., Class A	44,800		846,720
			34,832,265
Real Estate Investment Trusts (REITs) (0.6%)
Apartment Investment & Management Co. (REIT), Class A	3,900		71,799
AvalonBay Communities, Inc. (REIT)	2,800		241,780
Boston Properties, Inc. (REIT)	4,700		354,568
Equity Residential (REIT)	9,300		364,095
HCP, Inc. (REIT)	9,900		326,700
Health Care REIT, Inc. (REIT)	4,100		185,443
Host Hotels & Resorts, Inc. (REIT)	21,258		311,430
Kimco Realty Corp. (REIT)	13,500		211,140
Plum Creek Timber Co., Inc. (REIT)	5,500		214,005
ProLogis (REIT)	15,900		209,880
Public Storage (REIT)	4,600		423,154
Simon Property Group, Inc. (REIT)	9,609		806,195
Ventas, Inc. (REIT)	5,300		251,644
Vornado Realty Trust (REIT)	5,269		398,863
			4,370,696
Real Estate Management & Development (0.0%)
CB Richard Ellis Group, Inc., Class A*	9,100		144,235
Thrifts & Mortgage Finance (0.1%)
Hudson City Bancorp, Inc.	15,900		225,144
People’s United Financial, Inc.	11,700		182,988
			408,132
Total Financials			118,030,351
Health Care (14.1%)
Biotechnology (2.6%)
Alexion Pharmaceuticals, Inc.*	16,890		918,309
Amgen, Inc.*	43,500		2,599,560
Biogen Idec, Inc.*	9,800		562,128
Celgene Corp.*	74,480		4,614,781
Cephalon, Inc.*	2,500		169,450
Genzyme Corp.*	9,000		466,470
Gilead Sciences, Inc.*	230,490		10,482,685
			19,813,383
Health Care Equipment & Supplies (2.9%)
Alcon, Inc.	12,340		1,993,650
Baxter International, Inc.	64,050		3,727,710
Becton, Dickinson and Co.	8,000		629,840
Boston Scientific Corp.*	50,900		367,498
C.R. Bard, Inc.	3,300		285,846
CareFusion Corp.*	5,950		157,259
Covidien plc	20,875		1,049,595
DENTSPLY International, Inc.	5,100		177,735
Hospira, Inc.*	5,500		311,575
Intuitive Surgical, Inc.*	1,300		452,569
Inverness Medical Innovations, Inc.*^	105,000		4,089,750
Medtronic, Inc.	37,400		1,684,122
St. Jude Medical, Inc.*	11,300		463,865
Stryker Corp.	9,500		543,590
Varian Medical Systems, Inc.*^	94,948		5,253,473
Zimmer Holdings, Inc.*	7,200		426,240
			21,614,317
Health Care Providers & Services (1.6%)
Aetna, Inc.	38,900		1,365,779
AmerisourceBergen Corp.	9,700		280,524
Cardinal Health, Inc.	12,200		439,566
CIGNA Corp.	9,200		336,536
Community Health Systems, Inc.*^	71,822		2,652,387
Coventry Health Care, Inc.*	4,900		121,128
DaVita, Inc.*	3,500		221,900
Express Scripts, Inc.*	9,300		946,368
Humana, Inc.*	5,700		266,589
Laboratory Corp. of America Holdings*	3,600		272,556
McKesson Corp.	9,100		598,052
Medco Health Solutions, Inc.*	23,100		1,491,336
Patterson Cos., Inc.	3,100		96,255
Quest Diagnostics, Inc.	5,300		308,937
Tenet Healthcare Corp.*	14,600		83,512

See Notes to Portfolio of Investments.

76

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
UnitedHealth Group, Inc.	39,200	$	1,280,664
WellPoint, Inc.*	24,800		1,596,624
			12,358,713
Health Care Technology (0.0%)
Eclipsys Corp.*^	9,917		197,150
Life Sciences Tools & Services (1.2%)
Life Technologies Corp.*	6,000		313,620
Millipore Corp.*	1,900		200,640
PerkinElmer, Inc.	3,900		93,210
Thermo Fisher Scientific, Inc.*	151,400		7,788,016
Waters Corp.*	3,200		216,128
			8,611,614
Pharmaceuticals (5.8%)
Abbott Laboratories, Inc.	108,085		5,693,918
Allergan, Inc.	10,400		679,328
AstraZeneca plc (ADR)^	8,100		362,232
Bristol-Myers Squibb Co.	57,724		1,541,231
Eli Lilly and Co.	245,000		8,873,900
Forest Laboratories, Inc.*	10,200		319,872
Johnson & Johnson	113,900		7,426,280
King Pharmaceuticals, Inc.*	8,300		97,608
Merck & Co., Inc.	145,141		5,421,016
Mylan, Inc.*^	32,000		726,720
Novartis AG (ADR)	8,800		476,080
Pfizer, Inc.	383,835		6,582,770
Roche Holding AG	29,600		4,800,455
Sanofi-Aventis S.A. (ADR)	11,400		425,904
Watson Pharmaceuticals, Inc.*	3,600		150,372
			43,577,686
Total Health Care			106,172,863
Industrials (8.0%)
Aerospace & Defense (3.6%)
Boeing Co.	125,050		9,079,881
General Dynamics Corp.	13,000		1,003,600
Goodrich Corp.	4,200		296,184
Honeywell International, Inc.	25,700		1,163,439
ITT Corp.	6,200		332,382
L-3 Communications Holdings, Inc.	3,900		357,357
Lockheed Martin Corp.	63,000		5,242,860
Northrop Grumman Corp.^	19,200		1,258,944
Precision Castparts Corp.	32,330		4,096,534
Raytheon Co.	23,500		1,342,320
Rockwell Collins, Inc.	5,300		331,727
United Technologies Corp.	31,700		2,333,437
			26,838,665
Air Freight & Logistics (0.5%)
C.H. Robinson Worldwide, Inc.	5,700		318,345
Expeditors International of Washington, Inc.	7,100		262,132
FedEx Corp.	10,600		990,040
United Parcel Service, Inc., Class B	33,500		2,157,735
			3,728,252
Airlines (0.1%)
Delta Air Lines, Inc.*	46,100		672,599
Southwest Airlines Co.	25,000		330,500
			1,003,099
Building Products (0.0%)
Masco Corp.	12,100		187,792
Commercial Services & Supplies (0.2%)
Avery Dennison Corp.	3,750		136,538
Cintas Corp.	4,350		122,192
Iron Mountain, Inc.	6,050		165,770
Pitney Bowes, Inc.	6,950		169,927
R.R. Donnelley & Sons Co.	6,850		146,247
Republic Services, Inc.	10,900		316,318
Stericycle, Inc.*	2,850		155,325
Waste Management, Inc.	16,500		568,095
			1,780,412
Construction & Engineering (0.1%)
Fluor Corp.	6,000		279,060
Jacobs Engineering Group, Inc.*	4,200		189,798
Quanta Services, Inc.*	7,000		134,120
			602,978
Electrical Equipment (0.3%)
Cooper Industries plc	7,000		335,580
Emerson Electric Co.	25,400		1,278,636
First Solar, Inc.*	1,700		208,505
Rockwell Automation, Inc.	4,800		270,528
Roper Industries, Inc.	3,100		179,304
			2,272,553
Industrial Conglomerates (1.4%)
3M Co.	23,900		1,997,323
General Electric Co.	442,600		8,055,320
Textron, Inc.	9,100		193,193
			10,245,836
Machinery (1.3%)
Caterpillar, Inc.	21,000		1,319,850
Cummins, Inc.	6,800		421,260
Danaher Corp.^	45,314		3,621,042
Deere & Co.	14,300		850,278
Dover Corp.	6,300		294,525
Eaton Corp.	5,600		424,312
Flowserve Corp.	1,900		209,513
Illinois Tool Works, Inc.	13,000		615,680
Ingersoll-Rand plc^	22,000		767,140
PACCAR, Inc.	12,300		533,082
Pall Corp.	3,900		157,911
Parker Hannifin Corp.	5,400		349,596
Snap-On, Inc.	1,900		82,346
SPX Corp.	3,800		252,016
			9,898,551
Professional Services (0.0%)
Dun & Bradstreet Corp.	1,800		133,956
Equifax, Inc.	4,200		150,360
Robert Half International, Inc.	5,050		153,671
			437,987
Road & Rail (0.4%)
CSX Corp.	13,300		676,970
Hertz Global Holdings, Inc.*^	18,100		180,819
Norfolk Southern Corp.	12,400		693,036
Ryder System, Inc.	1,900		73,644
Union Pacific Corp.	17,000		1,246,100
			2,870,569
Trading Companies & Distributors (0.1%)
Fastenal Co.	4,500		215,955
W.W. Grainger, Inc.	2,200		237,864
			453,819
Total Industrials			60,320,513
Information Technology (20.3%)
Communications Equipment (2.7%)
Cisco Systems, Inc.*	304,745		7,932,513
Harris Corp.	4,400		208,956
JDS Uniphase Corp.*	7,500		93,975
Juniper Networks, Inc.*^	83,510		2,562,087
Motorola, Inc.*	206,000		1,446,120
Nokia Oyj (ADR)	50,000		777,000

See Notes to Portfolio of Investments.

77

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
QUALCOMM, Inc.	133,271	$	5,596,049
Research In Motion Ltd.*	25,139		1,859,029
Tellabs, Inc.	13,000		98,410
			20,574,139
Computers & Peripherals (5.4%)
Apple, Inc.*	42,097		9,889,848
Dell, Inc.*	615,120		9,232,951
EMC Corp.*	68,800		1,241,152
Hewlett-Packard Co.	98,400		5,229,960
International Business Machines Corp.	85,015		10,903,174
Lexmark International, Inc., Class A*	2,600		93,808
NCR Corp.*	184,000		2,539,200
NetApp, Inc.*	11,400		371,184
QLogic Corp.*	3,800		77,140
SanDisk Corp.*	7,700		266,651
Seagate Technology*^	23,600		430,936
Teradata Corp.*	5,700		164,673
Western Digital Corp.*	7,600		296,324
			40,737,001
Electronic Equipment, Instruments & Components (1.2%)
Agilent Technologies, Inc.*	11,600		398,924
Amphenol Corp., Class A	62,035		2,617,257
Corning, Inc.	235,397		4,757,373
FLIR Systems, Inc.*	5,100		143,820
Jabil Circuit, Inc.	6,400		103,616
Molex, Inc.	4,500		93,870
Tyco Electronics Ltd.	29,300		805,164
			8,920,024
Internet Software & Services (2.1%)
Akamai Technologies, Inc.*	5,700		179,037
AOL, Inc.*	7,700		194,656
eBay, Inc.*	122,381		3,298,168
Google, Inc., Class A*	20,227		11,468,911
Monster Worldwide, Inc.*	4,150		68,932
VeriSign, Inc.*	6,400		166,464
Yahoo!, Inc.*	40,200		664,506
			16,040,674
IT Services (2.9%)
Accenture plc, Class A	13,300		557,935
Amdocs Ltd.*	168,620		5,077,148
Automatic Data Processing, Inc.	17,000		755,990
Cognizant Technology Solutions Corp., Class A*	10,000		509,800
Computer Sciences Corp.*	53,930		2,938,646
Fidelity National Information Services, Inc.	11,000		257,840
Fiserv, Inc.*	148,100		7,517,556
Mastercard, Inc., Class A	3,300		838,200
Paychex, Inc.	10,800		331,560
SAIC, Inc.*	10,300		182,310
Total System Services, Inc.	6,600		103,356
Visa, Inc., Class A	15,100		1,374,553
Western Union Co.	60,367		1,023,824
			21,468,718
Office Electronics (0.1%)
Xerox Corp.	45,579		444,395
Semiconductors & Semiconductor Equipment (1.6%)
Advanced Micro Devices, Inc.*	19,000		176,130
Altera Corp.	9,900		240,669
Analog Devices, Inc.	9,800		282,436
Applied Materials, Inc.	45,000		606,600
Broadcom Corp., Class A	14,500		481,110
Intel Corp.	186,400		4,149,264
KLA-Tencor Corp.	5,700		176,244
Linear Technology Corp.	7,500		212,100
LSI Corp.*	22,000		134,640
MEMC Electronic Materials, Inc.*^	85,911		1,317,016
Microchip Technology, Inc.	6,200		174,592
Micron Technology, Inc.*	28,600		297,154
National Semiconductor Corp.	7,900		114,155
Novellus Systems, Inc.*	3,200		80,000
NVIDIA Corp.*	18,700		325,006
ON Semiconductor Corp.*^	245,272		1,962,176
Teradyne, Inc.*^	26,400		294,888
Texas Instruments, Inc.	42,200		1,032,634
Xilinx, Inc.	9,300		237,150
			12,293,964
Software (4.3%)
Adobe Systems, Inc.*	17,700		626,049
ANSYS, Inc.*	81,900		3,533,166
Autodesk, Inc.*	7,700		226,534
BMC Software, Inc.*	6,200		235,600
CA, Inc.	13,300		312,151
Citrix Systems, Inc.*	6,200		294,314
Compuware Corp.*	7,700		64,680
Electronic Arts, Inc.*	10,900		203,394
Intuit, Inc.*	10,700		367,438
McAfee, Inc.*	5,300		212,689
Microsoft Corp.	582,767		17,057,590
Novell, Inc.*	11,700		70,083
Oracle Corp.	284,561		7,310,372
Red Hat, Inc.*	6,300		184,401
Salesforce.com, Inc.*	3,700		275,465
Symantec Corp.*^	67,200		1,137,024
			32,110,950
Total Information Technology			152,589,865
Materials (3.8%)
Chemicals (1.9%)
Air Products & Chemicals, Inc.	7,200		532,440
Airgas, Inc.	2,800		178,136
CF Industries Holdings, Inc.	1,700		155,006
Dow Chemical Co.	38,600		1,141,402
E.I. du Pont de Nemours & Co.	44,600		1,660,904
Eastman Chemical Co.	2,500		159,200
Ecolab, Inc.	8,000		351,600
FMC Corp.	2,500		151,350
Huntsman Corp.	15,500		186,775
International Flavors & Fragrances, Inc.	2,700		128,709
Monsanto Co.	103,800		7,413,396
PPG Industries, Inc.	5,600		366,240
Praxair, Inc.	10,400		863,200
Sigma-Aldrich Corp.	4,100		220,006
Syngenta AG (ADR)	15,961		885,995
			14,394,359
Construction Materials (0.0%)
Vulcan Materials Co.	4,200		198,408
Containers & Packaging (0.1%)
Ball Corp.	3,200		170,816
Bemis Co., Inc.	3,600		103,392
Owens-Illinois, Inc.*	5,700		202,578
Pactiv Corp.*	4,400		110,792
Sealed Air Corp.	5,300		111,724
			699,302
Metals & Mining (1.7%)
AK Steel Holding Corp.	21,500		491,490
Alcoa, Inc.	32,800		467,072

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
Allegheny Technologies, Inc.		3,300	$	178,167
Cliffs Natural Resources, Inc.		4,400		312,180
Freeport-McMoRan Copper & Gold, Inc.^		27,600		2,305,704
Newmont Mining Corp.		16,500		840,345
Nucor Corp.		10,600		481,028
Steel Dynamics, Inc.^		23,000		401,810
Titanium Metals Corp.*		2,800		46,452
United States Steel Corp.^		108,200		6,872,864
				12,397,112
Paper & Forest Products (0.1%)
International Paper Co.		14,600		359,306
MeadWestvaco Corp.		5,700		145,635
Weyerhaeuser Co.		7,100		321,417
				826,358
Total Materials				28,515,539
Telecommunication Services (3.5%)
Diversified Telecommunication Services (2.2%)
AT&T, Inc.		398,900		10,307,576
CenturyTel, Inc.		10,035		355,841
Frontier Communications Corp.		10,500		78,120
Level 3 Communications, Inc.*^		1,452,300		2,352,726
Qwest Communications International, Inc.		50,100		261,522
Verizon Communications, Inc.		95,900		2,974,818
Windstream Corp.		14,700		160,083
				16,490,686
Wireless Telecommunication Services (1.3%)
American Tower Corp., Class A*		13,500		575,235
China Mobile Ltd.		553,600		5,326,196
Leap Wireless International, Inc.*		134,900		2,206,964
MetroPCS Communications, Inc.*		8,800		62,304
Sprint Nextel Corp.*^		290,200		1,102,760
Vodafone Group plc (ADR)^		29,800		694,042
				9,967,501
Total Telecommunication Services				26,458,187
Utilities (2.7%)
Electric Utilities (1.7%)
Allegheny Energy, Inc.		5,700		131,100
American Electric Power Co., Inc.		16,100		550,298
Duke Energy Corp.		44,000		718,080
Edison International		11,000		375,870
Entergy Corp.		87,004		7,077,776
Exelon Corp.		22,300		976,963
FirstEnergy Corp.		10,300		402,627
FPL Group, Inc.		14,000		676,620
Northeast Utilities		5,900		163,076
Pepco Holdings, Inc.		7,400		126,910
Pinnacle West Capital Corp.		3,400		128,282
PPL Corp.		12,700		351,917
Progress Energy, Inc.		9,400		369,984
Southern Co.		27,000		895,320
				12,944,823
Gas Utilities (0.1%)
EQT Corp.		4,400		180,400
Nicor, Inc.		1,500		62,880
ONEOK, Inc.		3,576		163,244
Questar Corp.		5,900		254,880
				661,404
Independent Power Producers & Energy Traders (0.2%)
AES Corp.*		22,500		247,500
Constellation Energy Group, Inc.		19,500		684,645
NRG Energy, Inc.*		8,628		180,325
				1,112,470
Multi-Utilities (0.7%)
Ameren Corp.		8,000		208,640
CenterPoint Energy, Inc.		13,100		188,116
CMS Energy Corp.^		33,775		522,162
Consolidated Edison, Inc.		9,500		423,130
Dominion Resources, Inc.		20,200		830,422
DTE Energy Co.		5,600		249,760
Integrys Energy Group, Inc.		2,600		123,188
NiSource, Inc.		41,300		652,540
PG&E Corp.		12,500		530,250
Public Service Enterprise Group, Inc.		17,100		504,792
SCANA Corp.		3,700		139,083
Sempra Energy		8,300		414,170
TECO Energy, Inc.		7,200		114,408
Wisconsin Energy Corp.		3,900		192,699
Xcel Energy, Inc.		15,400		326,480
				5,419,840
Total Utilities				20,138,537
Total Common Stocks (98.0%) (Cost $613,887,652)				737,609,983
	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bond (0.4%)
Industrials (0.4%)
Road & Rail (0.4%)
Hertz Global Holdings, Inc.
5.250%, 6/1/14	$	1,975,000		2,789,687
Total Industrials				2,789,687
Total Convertible Bonds				2,789,687
Total Long-Term Debt Securities (0.4%) (Cost $1,987,405)				2,789,687
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (1.2%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10 (u)	$	4,603,039		4,603,039
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10 (h)(s)		1,319,991		303,598
Monumental Global Funding II
0.43%, 5/26/10 (l)		2,490,000		2,472,321
Pricoa Global Funding I
0.40%, 6/25/10 (l)		1,589,960		1,579,933
Total Short-Term Investments of Cash Collateral for Securities Loaned				8,958,891
Time Deposit (2.1%)
JPMorgan Chase Nassau
0.000%, 4/1/10		16,159,363		16,159,363
Total Short-Term Investments (3.3%)      (Cost/Amortized Cost $26,162,353)				25,118,254
Total Investments (101.7%) (Cost/Amortized Cost $642,037,410)				765,517,924
Other Assets Less Liabilities (-1.7%)				(12,483,786	)
Net Assets (100%)			$	753,034,138

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

* Non-income producing.

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

# All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $2,679,200.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000%-8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $4,695,100.

Glossary:

ADR — American Depositary Receipt

At March 31, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	34	June-10	$	1,952,491	$	1,980,840	$	28,349

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	82,697,836	$	—	$	—	$	82,697,836
Consumer Staples		58,388,649		—		—		58,388,649
Energy		84,297,643		—		—		84,297,643
Financials		113,545,852		4,484,499		—		118,030,351
Health Care		101,372,408		4,800,455		—		106,172,863
Industrials		60,320,513		—		—		60,320,513
Information Technology		152,589,865		—		—		152,589,865
Materials		28,515,539		—		—		28,515,539
Telecommunication Services		21,131,991		5,326,196		—		26,458,187
Utilities		20,138,537		—		—		20,138,537
Convertible Bonds
Industrials		—		2,789,687		—		2,789,687
Futures		28,349		—		—		28,349
Short-Term Investments		—		25,118,254		—		25,118,254
Total Assets	$	723,027,182	$	42,519,091	$	—	$	765,546,273
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	723,027,182	$	42,519,091	$	—	$	765,546,273

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	91,726,258
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	86,814,039

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	125,787,203
Aggregate gross unrealized depreciation		(19,816,598	)
Net unrealized appreciation	$	105,970,605
Federal income tax cost of investments	$	659,547,319

At March 31, 2010, the Portfolio had loaned securities with a total value of $9,741,473. This was secured by collateral of $10,002,990 which was received as cash and subsequently invested in short-term investments currently valued at $8,958,891, as reported in the Portfolio of Investments.

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

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.1%)
Auto Components (0.2%)
BorgWarner, Inc.*	2,400	$	91,632
Gentex Corp.	3,200		62,144
Goodyear Tire & Rubber Co.*	5,800		73,312
Johnson Controls, Inc.	8,500		280,415
TRW Automotive Holdings Corp.*	200		5,716
			513,219
Automobiles (0.0%)
Thor Industries, Inc.	400		12,084
Distributors (0.0%)
LKQ Corp.*	3,100		62,930
Diversified Consumer Services (0.2%)
Apollo Group, Inc., Class A*	3,078		188,651
Brink’s Home Security Holdings, Inc.*	1,100		46,805
Career Education Corp.*	1,400		44,296
DeVry, Inc.	1,400		91,280
H&R Block, Inc.	7,800		138,840
Hillenbrand, Inc.	600		13,194
ITT Educational Services, Inc.*	800		89,984
Strayer Education, Inc.	340		82,797
Weight Watchers International, Inc.	100		2,553
			698,400
Hotels, Restaurants & Leisure (1.7%)
Brinker International, Inc.	2,400		46,272
Burger King Holdings, Inc.	2,600		55,276
Carnival Corp.	4,500		174,960
Chipotle Mexican Grill, Inc.*	700		78,869
Choice Hotels International, Inc.	200		6,962
Darden Restaurants, Inc.	3,200		142,528
Hyatt Hotels Corp., Class A*	600		23,376
International Game Technology	5,700		105,165
Las Vegas Sands Corp.*	5,100		107,865
Marriott International, Inc., Class A^	18,583		585,736
McDonald’s Corp.	25,255		1,685,014
MGM MIRAGE*^	18,000		216,000
Panera Bread Co., Class A*	600		45,894
Royal Caribbean Cruises Ltd.*	1,000		32,990
Scientific Games Corp., Class A*	1,500		21,120
Starbucks Corp.*^	28,900		701,403
Starwood Hotels & Resorts Worldwide, Inc.	2,000		93,280
Wendy’s/Arby’s Group, Inc., Class A	3,500		17,500
WMS Industries, Inc.*	1,200		50,328
Wyndham Worldwide Corp.	1,900		48,887
Yum! Brands, Inc.	10,544		404,151
			4,643,576
Household Durables (0.1%)
Garmin Ltd.	2,200		84,656
Harman International Industries, Inc.*	800		37,424
Leggett & Platt, Inc.	2,000		43,280
M.D.C. Holdings, Inc.	300		10,383
Newell Rubbermaid, Inc.	1,100		16,720
NVR, Inc.*	12		8,718
Pulte Group, Inc.*	900		10,125
			211,306
Internet & Catalog Retail (5.1%)
Amazon.com, Inc.*	43,903		5,958,954
Expedia, Inc.	14,640		365,415
Liberty Media Corp. - Interactive, Class A*	13,100		200,561
Netflix, Inc.*^	43,200		3,185,568
priceline.com, Inc.*^	17,265		4,402,575
			14,113,073
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	1,800		68,904
Mattel, Inc.	6,400		145,536
			214,440
Media (2.0%)
Comcast Corp., Class A	5,009		94,269
CTC Media, Inc.	800		13,776
DIRECTV, Class A*	10,637		359,637
Discovery Communications, Inc., Class C*	6,100		179,401
DreamWorks Animation SKG, Inc., Class A*	52,900		2,083,731
Interactive Data Corp.	400		12,800
John Wiley & Sons, Inc., Class A	900		38,952
McGraw-Hill Cos., Inc.	7,200		256,680
Morningstar, Inc.*	400		19,236
Omnicom Group, Inc.	7,100		275,551
Regal Entertainment Group, Class A	1,000		17,570
Scripps Networks Interactive, Inc., Class A	1,100		48,785
Viacom, Inc., Class B*^	23,750		816,525
Walt Disney Co.	35,800		1,249,778
Warner Music Group Corp.*	300		2,073
			5,468,764
Multiline Retail (1.4%)
Big Lots, Inc.*	200		7,284
Dollar General Corp.*	500		12,625
Dollar Tree, Inc.*	2,100		124,362
Family Dollar Stores, Inc.	3,200		117,152
Kohl’s Corp.*	27,360		1,498,781
Nordstrom, Inc.	3,800		155,230
Target Corp.	37,827		1,989,700
			3,905,134
Specialty Retail (3.9%)
Aaron’s, Inc.	1,100		36,674
Abercrombie & Fitch Co., Class A	900		41,076
Advance Auto Parts, Inc.	2,200		92,224
Aeropostale, Inc.*	2,100		60,543
American Eagle Outfitters, Inc.	3,800		70,376
AutoZone, Inc.*	700		121,163
Bed Bath & Beyond, Inc.*	13,840		605,638
Best Buy Co., Inc.	7,700		327,558
CarMax, Inc.*	3,500		87,920
Chico’s FAS, Inc.	4,000		57,680
Dick’s Sporting Goods, Inc.*	2,000		52,220
Foot Locker, Inc.	1,700		25,568
GameStop Corp., Class A*	3,200		70,112
Gap, Inc.	9,700		224,167
Guess?, Inc.	1,400		65,772
Home Depot, Inc.	2,700		87,345
J. Crew Group, Inc.*	69,500		3,190,050
Limited Brands, Inc.	4,000		98,480
Lowe’s Cos., Inc.	28,500		690,840
Office Depot, Inc.*	1,200		9,576
O’Reilly Automotive, Inc.*	7,400		308,654
Penske Automotive Group, Inc.*	300		4,326
PetSmart, Inc.	2,900		92,684
RadioShack Corp.	400		9,052
Ross Stores, Inc.	2,900		155,063
Sherwin-Williams Co.	1,800		121,824
Staples, Inc.	16,300		381,257
Tiffany & Co.	2,600		123,474
TJX Cos., Inc.	9,500		403,940

See Notes to Portfolio of Investments.

82

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Urban Outfitters, Inc.*	85,700	$	3,259,171
Williams-Sonoma, Inc.	900		23,661
			10,898,088
Textiles, Apparel & Luxury Goods (0.4%)
Coach, Inc.	7,200		284,544
Hanesbrands, Inc.*	2,200		61,204
NIKE, Inc., Class B	8,238		605,493
Phillips-Van Heusen Corp.	800		45,888
Polo Ralph Lauren Corp.	1,200		102,048
VF Corp.	400		32,060
			1,131,237
Total Consumer Discretionary			41,872,251
Consumer Staples (10.5%)
Beverages (2.4%)
Brown-Forman Corp., Class B	1,700		101,065
Coca-Cola Co.	41,583		2,287,065
Coca-Cola Enterprises, Inc.	6,000		165,960
Hansen Natural Corp.*	1,500		65,070
Molson Coors Brewing Co., Class B	200		8,412
PepsiCo, Inc.	60,791		4,021,932
			6,649,504
Food & Staples Retailing (2.8%)
BJ’s Wholesale Club, Inc.*	200		7,398
Costco Wholesale Corp.	9,979		595,846
CVS Caremark Corp.	41,849		1,529,999
Kroger Co.	12,600		272,916
Sysco Corp.	13,598		401,141
Walgreen Co.	22,576		837,344
Wal-Mart Stores, Inc.	74,411		4,137,252
Whole Foods Market, Inc.*	2,600		93,990
			7,875,886
Food Products (1.7%)
Archer-Daniels-Midland Co.	8,200		236,980
Campbell Soup Co.	3,000		106,050
Dean Foods Co.*	4,300		67,467
Flowers Foods, Inc.	1,500		37,110
General Mills, Inc.	3,100		219,449
Green Mountain Coffee Roasters, Inc.*	28,700		2,778,734
H.J. Heinz Co.	5,900		269,099
Hershey Co.	2,000		85,620
Hormel Foods Corp.	200		8,402
Kellogg Co.	5,800		309,894
Kraft Foods, Inc., Class A	5,900		178,416
McCormick & Co., Inc. (Non- Voting)	2,900		111,244
Mead Johnson Nutrition Co., Class A	2,319		120,658
Sara Lee Corp.	4,200		58,506
			4,587,629
Household Products (2.1%)
Church & Dwight Co., Inc.	1,600		107,120
Clorox Co.	2,800		179,592
Colgate-Palmolive Co.	11,398		971,793
Energizer Holdings, Inc.*	1,300		81,588
Kimberly-Clark Corp.	8,226		517,251
Procter & Gamble Co.	62,350		3,944,885
			5,802,229
Personal Products (0.2%)
Alberto-Culver Co.	1,700		44,455
Avon Products, Inc.	9,800		331,926
Estee Lauder Cos., Inc., Class A	2,500		162,175
Herbalife Ltd.	1,400		64,568
NBTY, Inc.*	900		43,182
			646,306
Tobacco (1.3%)
Altria Group, Inc.	47,407		972,792
Lorillard, Inc.	3,200		240,768
Philip Morris International, Inc.	44,819		2,337,759
			3,551,319
Total Consumer Staples			29,112,873
Energy (3.8%)
Energy Equipment & Services (1.8%)
Atwood Oceanics, Inc.*	1,100		38,093
Cameron International Corp.*	5,000		214,300
Diamond Offshore Drilling, Inc.	1,600		142,096
Dresser-Rand Group, Inc.*	1,800		56,556
Exterran Holdings, Inc.*	700		16,919
FMC Technologies, Inc.*	2,800		180,964
Halliburton Co.	26,500		798,445
Helmerich & Payne, Inc.	800		30,464
National Oilwell Varco, Inc.	26,750		1,085,515
Oceaneering International, Inc.*	1,300		82,537
Patterson-UTI Energy, Inc.	500		6,985
Pride International, Inc.*	1,800		54,198
Rowan Cos., Inc.*	500		14,555
Schlumberger Ltd.	20,704		1,313,876
Seahawk Drilling, Inc.*	133		2,507
Smith International, Inc.	3,300		141,306
Weatherford International Ltd.*	54,050		857,233
			5,036,549
Oil, Gas & Consumable Fuels (2.0%)
Alpha Natural Resources, Inc.*	2,792		139,293
CNX Gas Corp.*	600		22,830
Consol Energy, Inc.	4,200		179,172
Continental Resources, Inc.*	400		17,020
El Paso Corp.	4,700		50,948
EOG Resources, Inc.	3,200		297,408
EXCO Resources, Inc.	2,700		49,626
Exxon Mobil Corp.	28,755		1,926,010
Forest Oil Corp.*	1,000		25,820
Frontier Oil Corp.	2,000		27,000
Holly Corp.	1,000		27,910
Mariner Energy, Inc.*	1,900		28,443
Massey Energy Co.	1,600		83,664
Occidental Petroleum Corp.	5,850		494,559
Peabody Energy Corp.	6,200		283,340
Petrohawk Energy Corp.*	6,900		139,932
Petroleo Brasileiro S.A. (Preference) (ADR), Class A	4,300		170,237
Plains Exploration & Production Co.*	1,600		47,984
Quicksilver Resources, Inc.*	2,500		35,175
Range Resources Corp.	3,220		150,921
Southwestern Energy Co.*	7,800		317,616
St. Mary Land & Exploration Co.	400		13,924
Suncor Energy, Inc.	31,530		1,025,986
Teekay Corp.	400		9,096
Tesoro Corp.	1,400		19,460
			5,583,374
Total Energy			10,619,923
Financials (4.1%)
Capital Markets (1.7%)
Affiliated Managers Group, Inc.*	900		71,100
Ameriprise Financial, Inc.	400		18,144
Bank of New York Mellon Corp.	21,100		651,568
BlackRock, Inc.	200		43,552
Charles Schwab Corp.	33,415		624,526
Eaton Vance Corp.	2,600		87,204

See Notes to Portfolio of Investments.

83

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Federated Investors, Inc., Class B	1,900	$	50,122
Franklin Resources, Inc.	4,980		552,282
GLG Partners, Inc.*	4,600		14,122
Goldman Sachs Group, Inc.	3,170		540,897
Greenhill & Co., Inc.	500		41,045
Invesco Ltd.	800		17,528
Investment Technology Group, Inc.*	100		1,669
Janus Capital Group, Inc.	3,400		48,586
Jefferies Group, Inc.	2,100		49,707
Lazard Ltd., Class A	1,800		64,260
Morgan Stanley	17,000		497,930
Northern Trust Corp.	6,600		364,716
SEI Investments Co.	2,800		61,516
State Street Corp.	6,100		275,354
T. Rowe Price Group, Inc.	5,900		324,087
TD Ameritrade Holding Corp.*	5,900		112,454
Waddell & Reed Financial, Inc., Class A	2,000		72,080
			4,584,449
Commercial Banks (0.4%)
BOK Financial Corp.	200		10,488
Commerce Bancshares, Inc./Missouri	525		21,599
Wells Fargo & Co.	36,000		1,120,320
			1,152,407
Consumer Finance (0.1%)
American Express Co.	4,305		177,624
AmeriCredit Corp.*	700		16,632
Capital One Financial Corp.	3,000		124,230
SLM Corp.*	2,400		30,048
			348,534
Diversified Financial Services (0.9%)
CME Group, Inc.	100		31,611
IntercontinentalExchange, Inc.*^	3,200		358,976
JPMorgan Chase & Co.	40,050		1,792,238
Leucadia National Corp.*	1,600		39,696
Moody’s Corp.	4,400		130,900
MSCI, Inc., Class A*	2,200		79,420
NASDAQ OMX Group, Inc.*	1,400		29,568
NYSE Euronext	1,600		47,376
			2,509,785
Insurance (0.6%)
Aflac, Inc.	10,600		575,474
American International Group, Inc.*	1,105		37,725
Arthur J. Gallagher & Co.	2,200		54,010
Axis Capital Holdings Ltd.	800		25,008
Brown & Brown, Inc.	2,100		37,632
CNA Financial Corp.*	300		8,016
Endurance Specialty Holdings Ltd.	400		14,860
Erie Indemnity Co., Class A	500		21,565
Fidelity National Financial, Inc., Class A	800		11,856
Genworth Financial, Inc., Class A*	4,600		84,364
Lincoln National Corp.	2,200		67,540
Marsh & McLennan Cos., Inc.	900		21,978
Principal Financial Group, Inc.	7,200		210,312
Progressive Corp.	1,700		32,453
Prudential Financial, Inc.	5,500		332,750
Reinsurance Group of America, Inc.	100		5,252
Validus Holdings Ltd.	300		8,259
W.R. Berkley Corp.	1,100		28,699
			1,577,753
Real Estate Investment Trusts (REITs) (0.3%)
Alexandria Real Estate Equities, Inc. (REIT)	200		13,520
Digital Realty Trust, Inc. (REIT)	1,754		95,067
Federal Realty Investment Trust (REIT)	200		14,562
HCP, Inc. (REIT)	2,600		85,800
Health Care REIT, Inc. (REIT)	1,300		58,799
Macerich Co. (REIT)	1		38
Nationwide Health Properties, Inc. (REIT)	1,900		66,785
Plum Creek Timber Co., Inc. (REIT)	1,300		50,583
Public Storage (REIT)	3,100		285,169
Rayonier, Inc. (REIT)	800		36,344
Simon Property Group, Inc. (REIT)	2,347		196,913
			903,580
Real Estate Management & Development (0.1%)
CB Richard Ellis Group, Inc., Class A*	6,100		96,685
St. Joe Co.*	2,200		71,170
			167,855
Thrifts & Mortgage Finance (0.0%)
Capitol Federal Financial	500		18,730
Hudson City Bancorp, Inc.	6,200		87,792
			106,522
Total Financials			11,350,885
Health Care (16.0%)
Biotechnology (3.4%)
Abraxis Bioscience, Inc.*	200		10,350
Alexion Pharmaceuticals, Inc.*	2,000		108,740
Amgen, Inc.*	23,200		1,386,432
Amylin Pharmaceuticals, Inc.*	3,100		69,719
Biogen Idec, Inc.*	6,200		355,632
BioMarin Pharmaceutical, Inc.*	2,300		53,751
Celgene Corp.*	74,523		4,617,445
Cephalon, Inc.*	1,698		115,090
Dendreon Corp.*	2,800		102,116
Genzyme Corp.*	6,227		322,745
Gilead Sciences, Inc.*	38,666		1,758,530
Myriad Genetics, Inc.*	2,300		55,315
OSI Pharmaceuticals, Inc.*	1,300		77,415
Talecris Biotherapeutics Holdings Corp.*	1,200		23,904
United Therapeutics Corp.*	1,000		55,330
Vertex Pharmaceuticals, Inc.*^	7,500		306,525
			9,419,039
Health Care Equipment & Supplies (3.5%)
Baxter International, Inc.	18,674		1,086,827
Beckman Coulter, Inc.	1,600		100,480
Becton, Dickinson and Co.	5,484		431,755
Boston Scientific Corp.*	12,100		87,362
C.R. Bard, Inc.	2,300		199,226
Covidien plc	22,600		1,136,328
DENTSPLY International, Inc.	3,400		118,490
Edwards Lifesciences Corp.*	1,300		128,544
Gen-Probe, Inc.*	1,200		60,000
Hill-Rom Holdings, Inc.	600		16,326
Hologic, Inc.*	600		11,124
Hospira, Inc.*	3,700		209,605
IDEXX Laboratories, Inc.*	1,400		80,570
Intuitive Surgical, Inc.*^	9,900		3,446,487
Inverness Medical Innovations, Inc.*	900		35,055
Kinetic Concepts, Inc.*	500		23,905
Medtronic, Inc.	25,687		1,156,686
ResMed, Inc.*	1,700		108,205
St. Jude Medical, Inc.*	7,500		307,875
Stryker Corp.	12,260		701,517
Teleflex, Inc.	400		25,628

See Notes to Portfolio of Investments.

84

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Varian Medical Systems, Inc.*	2,900	$	160,457
			9,632,452
Health Care Providers & Services (1.9%)
Aetna, Inc.	31,550		1,107,720
AmerisourceBergen Corp.	5,800		167,736
CIGNA Corp.	400		14,632
Community Health Systems, Inc.*	1,100		40,623
Coventry Health Care, Inc.*	1,000		24,720
DaVita, Inc.*	2,400		152,160
Emdeon, Inc., Class A*	500		8,260
Express Scripts, Inc.*	10,018		1,019,432
Health Management Associates, Inc., Class A*	5,900		50,740
Henry Schein, Inc.*	2,100		123,690
Humana, Inc.*	1,400		65,478
Laboratory Corp. of America Holdings*	2,512		190,183
Lincare Holdings, Inc.*	1,300		58,344
McKesson Corp.	7,740		508,673
Medco Health Solutions, Inc.*	18,487		1,193,521
MEDNAX, Inc.*	300		17,457
Omnicare, Inc.	1,200		33,948
Patterson Cos., Inc.	2,400		74,520
Quest Diagnostics, Inc.	3,600		209,844
Tenet Healthcare Corp.*	7,800		44,616
VCA Antech, Inc.*	2,000		56,060
WellPoint, Inc.*	773		49,766
			5,212,123
Health Care Technology (1.3%)
Allscripts-Misys Healthcare Solutions, Inc.*	1,500		29,340
Cerner Corp.*^	40,600		3,453,436
			3,482,776
Life Sciences Tools & Services (0.9%)
Bio-Rad Laboratories, Inc., Class A*	400		41,408
Charles River Laboratories International, Inc.*	900		35,379
Covance, Inc.*	1,500		92,085
Illumina, Inc.*^	14,450		562,105
Life Technologies Corp.*	3,600		188,172
Mettler-Toledo International, Inc.*	800		87,360
Millipore Corp.*	1,300		137,280
PerkinElmer, Inc.	600		14,340
Pharmaceutical Product Development, Inc.	2,500		59,375
Techne Corp.	900		57,321
Thermo Fisher Scientific, Inc.*	23,150		1,190,836
Waters Corp.*	2,200		148,588
			2,614,249
Pharmaceuticals (5.0%)
Abbott Laboratories, Inc.	35,297		1,859,446
Allergan, Inc.	11,987		782,991
Bristol-Myers Squibb Co.	21,816		582,487
Elan Corp. plc (ADR)*	81,550		618,149
Eli Lilly and Co.	12,100		438,262
Johnson & Johnson	48,809		3,182,347
Merck & Co., Inc.	27,020		1,009,197
Mylan, Inc.*^	136,500		3,099,915
Perrigo Co.	1,800		105,696
Teva Pharmaceutical Industries Ltd. (ADR)^	15,000		946,200
Valeant Pharmaceuticals International*	1,500		64,365
Warner Chilcott plc, Class A*^	42,200		1,078,210
			13,767,265
Total Health Care			44,127,904
Industrials (7.7%)
Aerospace & Defense (2.8%)
Alliant Techsystems, Inc.*	700		56,910
BE Aerospace, Inc.*	1,100		33,495
Boeing Co.	1,362		98,895
General Dynamics Corp.	700		54,040
Goodrich Corp.	19,750		1,392,770
Honeywell International, Inc.	39,447		1,785,766
ITT Corp.	400		21,444
Lockheed Martin Corp.	6,947		578,129
Northrop Grumman Corp.	800		52,456
Precision Castparts Corp.	5,800		734,918
Raytheon Co.	7,000		399,840
Rockwell Collins, Inc.	3,600		225,324
Spirit AeroSystems Holdings, Inc., Class A*	800		18,704
TransDigm Group, Inc.	900		47,736
United Technologies Corp.	29,396		2,163,839
			7,664,266
Air Freight & Logistics (0.7%)
C.H. Robinson Worldwide, Inc.	3,900		217,815
Expeditors International of Washington, Inc.^	16,960		626,163
United Parcel Service, Inc., Class B	15,887		1,023,282
UTi Worldwide, Inc.	2,100		32,172
			1,899,432
Airlines (0.2%)
AMR Corp.*	6,900		62,859
Continental Airlines, Inc., Class B*	3,000		65,910
Copa Holdings S.A., Class A	700		42,560
Delta Air Lines, Inc.*	17,900		261,161
Southwest Airlines Co.	5,100		67,422
			499,912
Building Products (0.0%)
Armstrong World Industries, Inc.*	200		7,262
Lennox International, Inc.	1,100		48,752
Masco Corp.	4,100		63,632
Owens Corning, Inc.*	900		22,896
			142,542
Commercial Services & Supplies (0.3%)
Avery Dennison Corp.	500		18,205
Brink’s Co.	1,100		31,053
Cintas Corp.	600		16,854
Copart, Inc.*	1,500		53,400
Corrections Corp. of America*	300		5,958
Iron Mountain, Inc.	4,000		109,600
R.R. Donnelley & Sons Co.	1,300		27,755
Republic Services, Inc.	2,300		66,746
Stericycle, Inc.*	2,000		109,000
Waste Connections, Inc.*	1,400		47,544
Waste Management, Inc.	10,200		351,186
			837,301
Construction & Engineering (0.2%)
Aecom Technology Corp.*	2,100		59,577
Fluor Corp.	4,000		186,040
Jacobs Engineering Group, Inc.*	2,800		126,532
Shaw Group, Inc.*	1,600		55,072
URS Corp.*	300		14,883
			442,104
Electrical Equipment (1.1%)
A123 Systems, Inc.*	500		6,870

See Notes to Portfolio of Investments.

85

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
AMETEK, Inc.	2,500	$	103,650
Emerson Electric Co.^	44,407		2,235,448
First Solar, Inc.*^	1,749		214,515
Hubbell, Inc., Class B	200		10,086
Rockwell Automation, Inc.	4,400		247,984
Roper Industries, Inc.	1,800		104,112
SunPower Corp., Class A*	2,300		43,470
Thomas & Betts Corp.*	400		15,696
			2,981,831
Industrial Conglomerates (0.5%)
3M Co.	15,857		1,325,170
Carlisle Cos., Inc.	400		15,240
McDermott International, Inc.*	5,200		139,984
			1,480,394
Machinery (1.3%)
Bucyrus International, Inc.	400		26,396
Caterpillar, Inc.	6,919		434,859
Crane Co.	600		21,300
Cummins, Inc.	1,500		92,925
Danaher Corp.	19,970		1,595,803
Deere & Co.	2,400		142,704
Donaldson Co., Inc.	1,800		81,216
Dover Corp.	3,000		140,250
Flowserve Corp.	1,300		143,351
Graco, Inc.	700		22,400
Harsco Corp.	1,400		44,716
IDEX Corp.	1,100		36,410
Joy Global, Inc.	2,050		116,030
Navistar International Corp.*	1,500		67,095
PACCAR, Inc.	7,700		333,718
Pall Corp.	2,600		105,274
Pentair, Inc.	700		24,934
Snap-On, Inc.	400		17,336
Toro Co.	800		39,336
Valmont Industries, Inc.	500		41,415
WABCO Holdings, Inc.*	1,200		35,904
Wabtec Corp.	1,100		46,332
			3,609,704
Marine (0.0%)
Kirby Corp.*	300		11,445
Professional Services (0.2%)
Dun & Bradstreet Corp.	1,200		89,304
Equifax, Inc.	2,300		82,340
FTI Consulting, Inc.*	1,100		43,252
IHS, Inc., Class A*	1,100		58,817
Robert Half International, Inc.	3,500		106,505
Verisk Analytics, Inc., Class A*	1,700		47,940
			428,158
Road & Rail (0.2%)
Con-way, Inc.	400		14,048
J.B. Hunt Transport Services, Inc.	2,100		75,348
Kansas City Southern*	1,000		36,170
Landstar System, Inc.	1,200		50,376
Norfolk Southern Corp.	1,100		61,479
Union Pacific Corp.	6,120		448,596
			686,017
Trading Companies & Distributors (0.2%)
Fastenal Co.^	8,200		393,518
GATX Corp.	500		14,325
MSC Industrial Direct Co., Class A	1,000		50,720
W.W. Grainger, Inc.	1,400		151,368
WESCO International, Inc.*	500		17,355
			627,286
Total Industrials			21,310,392
Information Technology (37.5%)
Communications Equipment (7.1%)
Brocade Communications Systems, Inc.*	3,300		18,843
Ciena Corp.*	200		3,048
Cisco Systems, Inc.*	169,074		4,400,996
F5 Networks, Inc.*^	78,000		4,797,780
Harris Corp.	2,400		113,976
JDS Uniphase Corp.*	2,600		32,578
Juniper Networks, Inc.*^	135,400		4,154,072
Motorola, Inc.*	3,500		24,570
Polycom, Inc.*	96,300		2,944,854
QUALCOMM, Inc.	72,602		3,048,558
			19,539,275
Computers & Peripherals (10.9%)
Apple, Inc.*	66,314		15,579,148
Dell, Inc.*	39,155		587,717
Diebold, Inc.	1,300		41,288
EMC Corp.*^	55,498		1,001,184
Hewlett-Packard Co.	62,029		3,296,841
International Business Machines Corp.	40,501		5,194,253
NCR Corp.*	3,800		52,440
NetApp, Inc.*	113,900		3,708,584
QLogic Corp.*	2,600		52,780
SanDisk Corp.*^	7,600		263,188
Seagate Technology*	10,300		188,078
Teradata Corp.*	3,200		92,448
Western Digital Corp.*	4,600		179,354
			30,237,303
Electronic Equipment, Instruments & Components (0.8%)
Agilent Technologies, Inc.*	7,800		268,242
Amphenol Corp., Class A	4,000		168,760
Arrow Electronics, Inc.*	1,200		36,156
Avnet, Inc.*	1,200		36,000
AVX Corp.	100		1,420
Corning, Inc.	66,831		1,350,655
Dolby Laboratories, Inc., Class A*	1,200		70,404
FLIR Systems, Inc.*	3,500		98,700
Itron, Inc.*	800		58,056
Jabil Circuit, Inc.	2,300		37,237
Molex, Inc.	300		6,258
National Instruments Corp.	1,300		43,355
Trimble Navigation Ltd.*	2,700		77,544
Vishay Intertechnology, Inc.*	1,000		10,230
			2,263,017
Internet Software & Services (2.7%)
Akamai Technologies, Inc.*^	8,300		260,703
Baidu, Inc. (ADR)*	300		179,100
eBay, Inc.*	5,962		160,676
Equinix, Inc.*	900		87,606
Google, Inc., Class A*	10,612		6,017,110
IAC/InterActiveCorp*	800		18,192
Monster Worldwide, Inc.*	1,800		29,898
Sohu.com, Inc.*	700		38,220
VeriSign, Inc.*	4,300		111,843
WebMD Health Corp.*	1,300		60,294
Yahoo!, Inc.*	25,371		419,383
			7,383,025
IT Services (2.4%)
Accenture plc, Class A	25,010		1,049,169
Alliance Data Systems Corp.*	1,200		76,788

See Notes to Portfolio of Investments.

86

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Amdocs Ltd.*	700	$	21,077
Automatic Data Processing, Inc.	11,465		509,849
Broadridge Financial Solutions, Inc.	2,100		44,898
Cognizant Technology Solutions Corp., Class A*	6,700		341,566
DST Systems, Inc.	800		33,160
Fidelity National Information Services, Inc.	4,535		106,300
Fiserv, Inc.*	3,552		180,300
Genpact Ltd.*	1,300		21,801
Global Payments, Inc.	1,900		86,545
Hewitt Associates, Inc., Class A*	2,000		79,560
Lender Processing Services, Inc.	2,200		83,050
Mastercard, Inc., Class A	3,600		914,400
NeuStar, Inc., Class A*	1,600		40,320
Paychex, Inc.	7,300		224,110
SAIC, Inc.*	6,900		122,130
Total System Services, Inc.	2,800		43,848
Visa, Inc., Class A	24,808		2,258,272
Western Union Co.	15,900		269,664
			6,506,807
Office Electronics (0.0%)
Xerox Corp.	6,415		62,546
Zebra Technologies Corp., Class A*	1,200		35,520
			98,066
Semiconductors & Semiconductor Equipment (6.8%)
Advanced Micro Devices, Inc.*	7,100		65,817
Altera Corp.	6,600		160,446
Analog Devices, Inc.	6,700		193,094
Applied Materials, Inc.	8,800		118,624
ASML Holding N.V. (N.Y. Shares)^	7,680		271,872
Atheros Communications, Inc.*	73,600		2,849,056
Broadcom Corp., Class A	11,200		371,616
Cree, Inc.*^	65,900		4,627,498
Cypress Semiconductor Corp.*	3,400		39,100
Integrated Device Technology, Inc.*	800		4,904
Intel Corp.	123,689		2,753,317
International Rectifier Corp.*	800		18,320
Intersil Corp., Class A	1,500		22,140
Lam Research Corp.*	2,800		104,496
Linear Technology Corp.	5,100		144,228
Marvell Technology Group Ltd.*	32,540		663,165
Maxim Integrated Products, Inc.	5,800		112,462
MEMC Electronic Materials, Inc.*	5,200		79,716
Microchip Technology, Inc.	3,900		109,824
Micron Technology, Inc.*	3,600		37,404
National Semiconductor Corp.	5,500		79,475
Netlogic Microsystems, Inc.*^	151,000		4,443,930
Novellus Systems, Inc.*	1,400		35,000
NVIDIA Corp.*^	24,100		418,858
ON Semiconductor Corp.*	9,300		74,400
Rambus, Inc.*	2,400		52,440
Silicon Laboratories, Inc.*	1,000		47,670
Teradyne, Inc.*	4,200		46,914
Texas Instruments, Inc.	29,264		716,090
Varian Semiconductor Equipment Associates, Inc.*	1,600		52,992
Xilinx, Inc.	6,400		163,200
			18,878,068
Software (6.8%)
Activision Blizzard, Inc.	7,200		86,832
Adobe Systems, Inc.*	11,909		421,221
ANSYS, Inc.*	2,000		86,280
Autodesk, Inc.*	3,400		100,028
BMC Software, Inc.*	4,283		162,754
CA, Inc.	7,000		164,290
Cadence Design Systems, Inc.*	6,300		41,958
Check Point Software Technologies Ltd.*^	21,250		745,025
Citrix Systems, Inc.*	4,200		199,374
Electronic Arts, Inc.*	7,400		138,084
FactSet Research Systems, Inc.	1,000		73,370
Intuit, Inc.*	7,400		254,116
McAfee, Inc.*	3,600		144,468
MICROS Systems, Inc.*	1,900		62,472
Microsoft Corp.	234,953		6,877,074
Novell, Inc.*	3,600		21,564
Nuance Communications, Inc.*	4,500		74,880
Oracle Corp.	143,937		3,697,742
Red Hat, Inc.*	4,300		125,861
Rovi Corp.*	1,500		55,695
Salesforce.com, Inc.*	2,500		186,125
Sybase, Inc.*	1,800		83,916
Symantec Corp.*	18,700		316,404
Synopsys, Inc.*	2,200		49,214
VMware, Inc., Class A*	87,000		4,637,100
			18,805,847
Total Information Technology			103,711,408
Materials (3.3%)
Chemicals (2.4%)
Air Products & Chemicals, Inc.	14,334		1,059,999
Albemarle Corp.	100		4,263
Ashland, Inc.	100		5,277
Celanese Corp., Class A	3,400		108,290
CF Industries Holdings, Inc.	900		82,062
E.I. du Pont de Nemours & Co.	6,800		253,232
Ecolab, Inc.	5,400		237,330
FMC Corp.	1,400		84,756
International Flavors & Fragrances, Inc.	1,600		76,272
Intrepid Potash, Inc.*	900		27,297
Lubrizol Corp.	1,300		119,236
Monsanto Co.	14,837		1,059,659
Mosaic Co.	19,250		1,169,823
Nalco Holding Co.	3,300		80,289
Praxair, Inc.^	12,063		1,001,229
RPM International, Inc.	1,600		34,144
Scotts Miracle-Gro Co., Class A	1,100		50,985
Sigma-Aldrich Corp.	2,800		150,248
Syngenta AG (ADR)	16,875		936,731
Terra Industries, Inc.	1,500		68,640
Valhi, Inc.	100		1,968
			6,611,730
Construction Materials (0.0%)
Eagle Materials, Inc.	900		23,886
Martin Marietta Materials, Inc.	400		33,420
			57,306
Containers & Packaging (0.1%)
Ball Corp.	1,400		74,732
Crown Holdings, Inc.*	3,800		102,448
Owens-Illinois, Inc.*	3,200		113,728
Packaging Corp. of America	200		4,922
Pactiv Corp.*	2,600		65,468
			361,298
Metals & Mining (0.8%)
Alcoa, Inc.	10,100		143,824
Cliffs Natural Resources, Inc.	300		21,285
Compass Minerals International, Inc.	400		32,092

See Notes to Portfolio of Investments.

87

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
Freeport-McMoRan Copper & Gold, Inc.		5,700	$	476,178
Goldcorp, Inc.		14,950		556,439
Newmont Mining Corp.		11,029		561,707
Royal Gold, Inc.		200		9,242
Schnitzer Steel Industries, Inc., Class A		400		21,012
Southern Copper Corp.		2,900		91,843
Walter Energy, Inc.		1,200		110,724
				2,024,346
Total Materials				9,054,680
Telecommunication Services (0.6%)
Diversified Telecommunication Services (0.0%)
Frontier Communications Corp.		3,300		24,552
tw telecom, Inc.*		3,600		65,340
Windstream Corp.		4,500		49,005
				138,897
Wireless Telecommunication Services (0.6%)
American Tower Corp., Class A*		22,760		969,804
Crown Castle International Corp.*^		10,500		401,415
Leap Wireless International, Inc.*		1,100		17,996
MetroPCS Communications, Inc.*		6,100		43,188
NII Holdings, Inc.*		200		8,332
SBA Communications Corp., Class A*		2,700		97,389
				1,538,124
Total Telecommunication Services				1,677,021
Utilities (0.4%)
Electric Utilities (0.2%)
Allegheny Energy, Inc.		2,500		57,500
DPL, Inc.		200		5,438
Exelon Corp.		1,343		58,837
FPL Group, Inc.		1,300		62,829
ITC Holdings Corp.		1,200		66,000
NV Energy, Inc.		2,400		29,592
PPL Corp.		8,609		238,555
				518,751
Gas Utilities (0.1%)
EQT Corp.		3,289		134,849
Independent Power Producers & Energy Traders (0.1%)
AES Corp.*		12,400		136,400
Calpine Corp.*		4,400		52,316
Constellation Energy Group, Inc.		3,500		122,885
Ormat Technologies, Inc.		500		14,070
				325,671
Multi-Utilities (0.0%)
CenterPoint Energy, Inc.		7,500		107,700
Integrys Energy Group, Inc.		400		18,952
				126,652
Total Utilities				1,105,923
Total Common Stocks (99.0%) (Cost $215,842,892)				273,943,260
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills
0.14%, 6/17/10 #(p)	$	225,000		224,930
Short-Term Investments of Cash Collateral for Securities Loaned (0.9%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10 (u)		1,875,557		1,875,557
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10 (h)(s)		209,999		48,300
Monumental Global Funding II
0.43%, 5/26/10 (l)		410,000		407,089
Pricoa Global Funding I
0.40%, 6/25/10 (l)		269,993		268,291
Total Short-Term Investments of Cash Collateral for Securities Loaned				2,599,237
Time Deposit (1.0%)
JPMorgan Chase Nassau
0.000%, 4/1/10		2,757,736		2,757,736
Total Short-Term Investments (2.0%) (Cost/Amortized Cost $5,748,218)				5,581,903
Total Investments (101.0%) (Cost/Amortized Cost $221,591,110)				279,525,163
Other Assets Less Liabilities (-1.0%)				(2,752,825	)
Net Assets (100%)			$	276,772,338

* Non-income producing.

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

# All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $224,930.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

(p) Yield to maturity.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000%-8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $1,913,068.

Glossary:

ADR — American Depositary Receipt

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

At March 31, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2010		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index	8	June-10	$	306,618	$	312,920	$	6,302
S&P 500 E-Mini Index	13	June-10		744,897		757,380		12,483
							$	18,785

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices  in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of  investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	41,872,251	$	—	$	—	$	41,872,251
Consumer Staples		29,112,873		—		—		29,112,873
Energy		10,619,923		—		—		10,619,923
Financials		11,350,885		—		—		11,350,885
Health Care		44,127,904		—		—		44,127,904
Industrials		21,310,392		—		—		21,310,392
Information Technology		103,711,408		—		—		103,711,408
Materials		9,054,680		—		—		9,054,680
Telecommunication Services		1,677,021		—		—		1,677,021
Utilities		1,105,923		—		—		1,105,923
Futures		18,785		—		—		18,785
Short-Term Investments		—		5,581,903		—		5,581,903
Total Assets	$	273,962,045	$	5,581,903	$	—	$	279,543,948
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	273,962,045	$	5,581,903	$	—	$	279,543,948

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	41,930,005
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	47,727,120

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	60,714,618
Aggregate gross unrealized depreciation		(5,095,180	)
Net unrealized appreciation	$	55,619,438
Federal income tax cost of investments	$	223,905,725

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

At March 31, 2010, the Portfolio had loaned securities with a total value of $2,691,895. This was secured by collateral of $2,765,549 which was received as cash and subsequently invested in short-term investments currently valued at $2,599,237, as reported in the Portfolio of Investments.

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

See Notes to Portfolio of Investments.

90

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PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.7%)
Auto Components (0.8%)
Autoliv, Inc.*	11,100	$	571,983
BorgWarner, Inc.*	1,100		41,998
Federal Mogul Corp.*	1,800		33,048
Johnson Controls, Inc.	301,880		9,959,021
TRW Automotive Holdings Corp.*	41,900		1,197,502
			11,803,552
Automobiles (0.6%)
Ford Motor Co.*^	684,712		8,606,830
Harley-Davidson, Inc.	30,500		856,135
Thor Industries, Inc.	2,200		66,462
			9,529,427
Distributors (0.1%)
Genuine Parts Co.	20,800		878,592
Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*	7,460		457,223
Career Education Corp.*	700		22,148
Education Management Corp.*	1,100		24,090
Hillenbrand, Inc.	4,900		107,751
Service Corp. International	32,700		300,186
Weight Watchers International, Inc.	3,900		99,567
			1,010,965
Hotels, Restaurants & Leisure (0.5%)
Boyd Gaming Corp.*	7,100		70,148
Carnival Corp.	31,200		1,213,056
Choice Hotels International, Inc.	2,700		93,987
Hyatt Hotels Corp., Class A*	2,100		81,816
International Game Technology	6,400		118,080
International Speedway Corp., Class A	3,900		100,503
Las Vegas Sands Corp.*	9,400		198,810
Marriott International, Inc., Class A	20,656		651,077
MGM MIRAGE*	13,700		164,400
Penn National Gaming, Inc.*	8,700		241,860
Royal Caribbean Cruises Ltd.*^	76,600		2,527,034
Starwood Hotels & Resorts Worldwide, Inc.	20,400		951,456
Wendy’s/Arby’s Group, Inc., Class A	28,500		142,500
Wyndham Worldwide Corp.	12,900		331,917
Wynn Resorts Ltd.	8,700		659,721
			7,546,365
Household Durables (1.0%)
D.R. Horton, Inc.^	120,000		1,512,000
Fortune Brands, Inc.	19,600		950,796
Garmin Ltd.^	72,300		2,782,104
Harman International Industries, Inc.*	4,000		187,120
Jarden Corp.	11,400		379,506
KB Home	9,200		154,100
Leggett & Platt, Inc.	7,300		157,972
Lennar Corp., Class A	20,400		351,084
M.D.C. Holdings, Inc.	3,000		103,830
Mohawk Industries, Inc.*	7,300		396,974
Newell Rubbermaid, Inc.	30,300		460,560
NVR, Inc.*^	3,400		2,470,100
Pulte Group, Inc.*^	233,577		2,627,741
Stanley Black & Decker, Inc.^	43,351		2,488,781
Toll Brothers, Inc.*	17,700		368,160
Whirlpool Corp.	9,600		837,600
			16,228,428
Internet & Catalog Retail (0.1%)
Expedia, Inc.	2,100		52,416
Liberty Media Corp. - Interactive, Class A*	77,600		1,188,056
			1,240,472
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	36,760		1,407,173
Mattel, Inc.	10,400		236,496
			1,643,669
Media (4.9%)
Cablevision Systems Corp. - New York Group, Class A	30,500		736,270
CBS Corp., Class B^	215,700		3,006,858
Central European Media Enterprises Ltd., Class A*	4,500		131,895
Clear Channel Outdoor Holdings, Inc., Class A*	5,200		55,172
Comcast Corp., Class A	533,200		10,034,824
DIRECTV, Class A*	67,511		2,282,547
Discovery Communications, Inc., Class C*	2,500		73,525
DISH Network Corp., Class A	26,100		543,402
DreamWorks Animation SKG, Inc., Class A*	9,400		370,266
Gannett Co., Inc.	30,200		498,904
Interactive Data Corp.	2,500		80,000
Interpublic Group of Cos., Inc.*	62,300		518,336
Lamar Advertising Co., Class A*	7,400		254,190
Liberty Global, Inc., Class A*	34,700		1,011,852
Liberty Media Corp. - Starz*	6,760		369,637
Liberty Media Corp., Capital Series, Class A*	10,400		378,248
Madison Square Garden, Inc., Class A*	7,575		164,605
Meredith Corp.	4,400		151,404
New York Times Co., Class A*	12,500		139,125
News Corp., Class A	549,500		7,918,295
Omnicom Group, Inc.	77,105		2,992,445
Regal Entertainment Group, Class A	5,000		87,850
Scripps Networks Interactive, Inc., Class A	4,600		204,010
Time Warner Cable, Inc.^	131,560		7,013,463
Time Warner, Inc.	272,333		8,515,853
Viacom, Inc., Class B*	429,150		14,754,177
Virgin Media, Inc.	37,500		647,250
Walt Disney Co.	373,440		13,036,790
Warner Music Group Corp.*	5,200		35,932
Washington Post Co., Class B	800		355,344
			76,362,469
Multiline Retail (0.5%)
Big Lots, Inc.*	9,600		349,632
Dollar General Corp.*	1,400		35,350
J.C. Penney Co., Inc.	93,350		3,003,069
Kohl’s Corp.*	2,500		136,950
Macy’s, Inc.^	151,450		3,297,067
Sears Holdings Corp.*	6,500		704,795
			7,526,863
Specialty Retail (2.6%)
Abercrombie & Fitch Co., Class A	5,800		264,712
Advance Auto Parts, Inc.^	32,460		1,360,723
AutoNation, Inc.*	8,500		153,680
Barnes & Noble, Inc.	3,800		82,156
CarMax, Inc.*	8,300		208,496
Chico’s FAS, Inc.	1,400		20,188
Foot Locker, Inc.	89,600		1,347,584
GameStop Corp., Class A*	2,500		54,775
Gap, Inc.	92,200		2,130,742

See Notes to Portfolio of Investments.

91

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Home Depot, Inc.^	305,110	$	9,870,309
Limited Brands, Inc.^	93,900		2,311,818
Lowe’s Cos., Inc.	619,125		15,007,590
Office Depot, Inc.*	234,300		1,869,714
Penske Automotive Group, Inc.*	3,100		44,702
RadioShack Corp.	14,100		319,083
Ross Stores, Inc.	20,900		1,117,523
Sherwin-Williams Co.^	40,820		2,762,698
Signet Jewelers Ltd.*	11,100		358,974
Staples, Inc.	42,965		1,004,951
Tiffany & Co.	1,400		66,486
Williams-Sonoma, Inc.	7,300		191,917
			40,548,821
Textiles, Apparel & Luxury Goods (0.4%)
Jones Apparel Group, Inc.	85,300		1,622,406
NIKE, Inc., Class B	54,710		4,021,185
Phillips-Van Heusen Corp.	2,400		137,664
Polo Ralph Lauren Corp.	400		34,016
VF Corp.	9,000		721,350
			6,536,621
Total Consumer Discretionary			180,856,244
Consumer Staples (7.2%)
Beverages (2.0%)
Brown-Forman Corp., Class B	2,000		118,900
Central European Distribution Corp.*	8,000		280,080
Coca-Cola Co.	64,600		3,553,000
Coca-Cola Enterprises, Inc.	70,900		1,961,094
Constellation Brands, Inc., Class A*	92,544		1,521,423
Diageo plc	206,224		3,461,171
Dr. Pepper Snapple Group, Inc.	33,100		1,164,127
Molson Coors Brewing Co., Class B	15,700		660,342
PepsiCo, Inc.	267,425		17,692,838
			30,412,975
Food & Staples Retailing (0.9%)
BJ’s Wholesale Club, Inc.*	5,900		218,241
CVS Caremark Corp.	202,396		7,399,598
Kroger Co.	63,610		1,377,792
Rite Aid Corp.*	76,200		114,300
Safeway, Inc.	55,900		1,389,674
SUPERVALU, Inc.^	100,500		1,676,340
Wal-Mart Stores, Inc.	31,280		1,739,168
Whole Foods Market, Inc.*	2,800		101,220
			14,016,333
Food Products (2.3%)
Archer-Daniels-Midland Co.	118,000		3,410,200
Bunge Ltd.^	41,900		2,582,297
Campbell Soup Co.	23,130		817,646
ConAgra Foods, Inc.	58,300		1,461,581
Corn Products International, Inc.	9,700		336,202
Del Monte Foods Co.	25,700		375,220
Flowers Foods, Inc.	1,700		42,058
General Mills, Inc.	46,370		3,282,532
H.J. Heinz Co.	7,800		355,758
Hershey Co.	8,400		359,604
Hormel Foods Corp.	8,200		344,482
J.M. Smucker Co.	34,079		2,053,601
Kellogg Co.	48,340		2,582,806
Kraft Foods, Inc., Class A	263,400		7,965,216
Mead Johnson Nutrition Co., Class A	13,308		692,415
Nestle S.A. (Registered)	76,204		3,902,709
Ralcorp Holdings, Inc.*	7,400		501,572
Sara Lee Corp.	176,900		2,464,217
Smithfield Foods, Inc.*^	61,100		1,267,214
Tyson Foods, Inc., Class A	85,700		1,641,155
			36,438,485
Household Products (1.0%)
Clorox Co.	2,100		134,694
Energizer Holdings, Inc.*	1,500		94,140
Kimberly-Clark Corp.	29,410		1,849,301
Procter & Gamble Co.	221,772		14,031,514
			16,109,649
Personal Products (0.0%)
Alberto-Culver Co.	1,600		41,840
NBTY, Inc.*	2,200		105,556
			147,396
Tobacco (1.0%)
Altria Group, Inc.	149,575		3,069,279
Lorillard, Inc.	7,390		556,024
Philip Morris International, Inc.	154,855		8,077,237
Reynolds American, Inc.	63,050		3,403,439
			15,105,979
Total Consumer Staples			112,230,817
Energy (15.9%)
Energy Equipment & Services (2.3%)
Atwood Oceanics, Inc.*	1,100		38,093
Baker Hughes, Inc.	40,400		1,892,336
BJ Services Co.	38,000		813,200
Cameron International Corp.*	2,500		107,150
Ensco plc (ADR)	42,100		1,885,238
Exterran Holdings, Inc.*	4,300		103,931
Halliburton Co.	409,691		12,343,990
Helix Energy Solutions Group, Inc.*	13,400		174,602
Helmerich & Payne, Inc.	9,500		361,760
Nabors Industries Ltd.*	36,800		722,384
National Oilwell Varco, Inc.	104,595		4,244,465
Noble Corp.*	27,700		1,158,414
Oil States International, Inc.*	6,500		294,710
Patterson-UTI Energy, Inc.	17,000		237,490
Pride International, Inc.*	12,000		361,320
Rowan Cos., Inc.*^	58,100		1,691,291
Schlumberger Ltd.	85,200		5,406,792
SEACOR Holdings, Inc.*	3,000		241,980
Seahawk Drilling, Inc.*	793		14,948
Smith International, Inc.	13,100		560,942
Superior Energy Services, Inc.*	10,100		212,302
Tidewater, Inc.	6,700		316,709
Transocean Ltd.*	21,800		1,883,084
Unit Corp.*	5,300		224,084
			35,291,215
Oil, Gas & Consumable Fuels (13.6%)
Anadarko Petroleum Corp.	65,100		4,741,233
Apache Corp.	95,305		9,673,458
Arch Coal, Inc.	21,100		482,135
Cabot Oil & Gas Corp.	13,500		496,800
Chesapeake Energy Corp.	81,600		1,929,024
Chevron Corp.	399,424		30,288,322
Cimarex Energy Co.^	43,900		2,606,782
Comstock Resources, Inc.*	5,600		178,080
Concho Resources, Inc.*	10,600		533,816
ConocoPhillips	517,050		26,457,448
Continental Resources, Inc.*	2,100		89,355
Denbury Resources, Inc.*	51,655		871,420
Devon Energy Corp.	160,790		10,359,700
El Paso Corp.	65,900		714,356
EOG Resources, Inc.	56,475		5,248,786
EXCO Resources, Inc.	2,100		38,598
Exxon Mobil Corp.#	653,465		43,769,086

See Notes to Portfolio of Investments.

92

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Forest Oil Corp.*^	65,500	$	1,691,210
Frontier Oil Corp.	2,900		39,150
Frontline Ltd.	6,700		205,221
Hess Corp.	94,200		5,892,210
Marathon Oil Corp.	400,650		12,676,566
Mariner Energy, Inc.*	1,400		20,958
Massey Energy Co.	2,200		115,038
Murphy Oil Corp.	24,900		1,399,131
Newfield Exploration Co.*^	58,100		3,024,105
Nexen, Inc.	108,800		2,688,448
Noble Energy, Inc.	22,600		1,649,800
Occidental Petroleum Corp.	240,561		20,337,027
Overseas Shipholding Group, Inc.	3,100		121,613
Pioneer Natural Resources Co.	14,900		839,168
Plains Exploration & Production Co.*	8,300		248,917
Range Resources Corp.	17,400		815,538
SandRidge Energy, Inc.*	18,200		140,140
Southern Union Co.	14,500		367,865
Spectra Energy Corp.	84,000		1,892,520
St. Mary Land & Exploration Co.	6,100		212,341
Sunoco, Inc.	15,200		451,592
Teekay Corp.	3,000		68,220
Tesoro Corp.	10,600		147,340
Total S.A. (ADR)	118,975		6,902,929
Valero Energy Corp.	205,900		4,056,230
Whiting Petroleum Corp.*	6,600		533,544
Williams Cos., Inc.	75,600		1,746,360
XTO Energy, Inc.	75,600		3,566,808
			210,328,388
Total Energy			245,619,603
Financials (23.7%)
Capital Markets (3.9%)
Ameriprise Financial, Inc.	90,800		4,118,688
Bank of New York Mellon Corp.	383,959		11,856,654
BlackRock, Inc.	2,800		609,728
Deutsche Bank AG (Registered)	33,500		2,575,145
Federated Investors, Inc., Class B	700		18,466
Franklin Resources, Inc.	10,800		1,197,720
Goldman Sachs Group, Inc.	147,030		25,087,729
Invesco Ltd.	49,800		1,091,118
Investment Technology Group, Inc.*	5,100		85,119
Janus Capital Group, Inc.	3,100		44,299
Jefferies Group, Inc.	3,600		85,212
Legg Mason, Inc.	20,800		596,336
Morgan Stanley	244,100		7,149,689
Northern Trust Corp.^	18,640		1,030,046
Raymond James Financial, Inc.	12,700		339,598
State Street Corp.	111,330		5,025,436
			60,910,983
Commercial Banks (6.2%)
Associated Banc-Corp.	22,500		310,500
BancorpSouth, Inc.	10,800		226,368
Bank of Hawaii Corp.	6,200		278,690
BB&T Corp.^	398,700		12,913,893
BOK Financial Corp.	1,700		89,148
CapitalSource, Inc.	26,700		149,253
City National Corp./California	5,600		302,232
Comerica, Inc.	19,700		749,388
Commerce Bancshares, Inc./Missouri	5,385		221,539
Cullen/Frost Bankers, Inc.	6,700		373,860
Fifth Third Bancorp	103,600		1,407,924
First Citizens BancShares, Inc./North Carolina, Class A	800		159,008
First Horizon National Corp.*	29,287		411,487
Fulton Financial Corp.	22,800		232,332
Huntington Bancshares, Inc./Ohio	93,000		499,410
KeyCorp	114,400		886,600
M&T Bank Corp.	10,000		793,800
Marshall & Ilsley Corp.	68,300		549,815
PNC Financial Services Group, Inc.	110,563		6,600,611
Popular, Inc.*	83,300		242,403
Regions Financial Corp.^	257,940		2,024,829
SunTrust Banks, Inc.	65,000		1,741,350
Synovus Financial Corp.	49,300		162,197
TCF Financial Corp.	16,600		264,604
U.S. Bancorp^	763,350		19,755,498
Valley National Bancorp	19,875		305,479
Wells Fargo & Co.	1,403,990		43,692,169
Whitney Holding Corp./Louisiana	12,600		173,754
Wilmington Trust Corp.	9,000		149,130
Zions Bancorp	19,600		427,672
			96,094,943
Consumer Finance (0.5%)
American Express Co.	108,000		4,456,080
AmeriCredit Corp.*	8,100		192,456
Capital One Financial Corp.	42,300		1,751,643
Discover Financial Services	69,800		1,040,020
SLM Corp.*	47,700		597,204
Student Loan Corp.	500		17,765
			8,055,168
Diversified Financial Services (6.3%)
Bank of America Corp.	1,898,223		33,883,281
Citigroup, Inc.*^	2,859,700		11,581,785
CME Group, Inc.	8,200		2,592,102
Interactive Brokers Group, Inc., Class A*	5,200		83,980
JPMorgan Chase & Co.	1,060,731		47,467,712
Leucadia National Corp.*	15,500		384,555
NASDAQ OMX Group, Inc.*	9,800		206,976
NYSE Euronext	25,200		746,172
			96,946,563
Insurance (5.1%)
ACE Ltd.	11,800		617,140
Aflac, Inc.	124,050		6,734,675
Alleghany Corp.*	730		212,377
Allied World Assurance Co. Holdings Ltd./Bermuda	6,500		291,525
Allstate Corp.	214,525		6,931,303
American Financial Group, Inc./Ohio	11,200		318,640
American International Group, Inc.*	9,800		334,572
American National Insurance Co.	2,100		238,434
Aon Corp.	228,195		9,746,208
Arch Capital Group Ltd.*	6,400		488,000
Arthur J. Gallagher & Co.	900		22,095
Aspen Insurance Holdings Ltd.	10,800		311,472
Assurant, Inc.	15,300		526,014
Axis Capital Holdings Ltd.	12,300		384,498
Brown & Brown, Inc.	4,000		71,680
Chubb Corp.^	76,800		3,982,080
Cincinnati Financial Corp.	18,800		543,320
CNA Financial Corp.*	1,900		50,768
Endurance Specialty Holdings Ltd.	4,300		159,745
Erie Indemnity Co., Class A	1,200		51,756
Everest Reinsurance Group Ltd.	8,000		647,440
Fidelity National Financial, Inc., Class A	26,100		386,802
First American Corp.	12,900		436,536
Genworth Financial, Inc., Class A*	36,500		669,410
Hanover Insurance Group, Inc.	5,700		248,577

See Notes to Portfolio of Investments.

93

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Hartford Financial Services Group, Inc.	49,900	$	1,418,158
HCC Insurance Holdings, Inc.	14,600		402,960
Lincoln National Corp.	27,200		835,040
Loews Corp.	42,700		1,591,856
Markel Corp.*	1,300		487,058
Marsh & McLennan Cos., Inc.	63,000		1,538,460
MBIA, Inc.*	17,100		107,217
Mercury General Corp.	3,500		153,020
MetLife, Inc.	254,110		11,013,127
Old Republic International Corp.	31,300		396,884
OneBeacon Insurance Group Ltd., Class A	3,000		51,750
PartnerReinsurance Ltd.	10,800		860,976
Principal Financial Group, Inc.	68,300		1,995,043
Progressive Corp.	79,700		1,521,473
Protective Life Corp.	11,100		244,089
Prudential Financial, Inc.	80,285		4,857,243
Reinsurance Group of America, Inc.	8,800		462,176
RenaissanceReinsurance Holdings Ltd.	8,100		459,756
StanCorp Financial Group, Inc.	6,400		304,832
Torchmark Corp.	10,800		577,908
Transatlantic Holdings, Inc.	3,600		190,080
Travelers Cos., Inc.	164,309		8,862,827
Unitrin, Inc.	5,500		154,275
Unum Group^	105,800		2,620,666
Validus Holdings Ltd.	10,500		289,065
W.R. Berkley Corp.	11,700		305,253
Wesco Financial Corp.	200		77,100
White Mountains Insurance Group Ltd.	1,100		390,500
XL Capital Ltd., Class A	151,200		2,857,680
			79,431,539
Real Estate Investment Trusts (REITs) (1.5%)
Alexandria Real Estate Equities, Inc. (REIT)	4,500		304,200
AMB Property Corp. (REIT)	19,000		517,560
Annaly Capital Management, Inc. (REIT)	70,900		1,218,062
Apartment Investment & Management Co. (REIT), Class A	15,200		279,832
AvalonBay Communities, Inc. (REIT)	10,400		898,040
Boston Properties, Inc. (REIT)	18,100		1,365,464
Brandywine Realty Trust (REIT)	16,700		203,907
BRE Properties, Inc. (REIT)	7,100		253,825
Camden Property Trust (REIT)	8,700		362,181
Chimera Investment Corp. (REIT)	87,300		339,597
Corporate Office Properties Trust/Maryland (REIT)	7,500		300,975
Douglas Emmett, Inc. (REIT)	15,800		242,846
Duke Realty Corp. (REIT)	29,100		360,840
Equity Residential (REIT)	35,700		1,397,655
Essex Property Trust, Inc. (REIT)	3,800		341,810
Federal Realty Investment Trust (REIT)	6,700		487,827
HCP, Inc. (REIT)	23,400		772,200
Health Care REIT, Inc. (REIT)	7,800		352,794
Hospitality Properties Trust (REIT)	15,900		380,805
Host Hotels & Resorts, Inc. (REIT)	80,109		1,173,597
HRPT Properties Trust (REIT)	29,100		226,398
Kimco Realty Corp. (REIT)	52,800		825,792
Liberty Property Trust (REIT)	14,500		492,130
Macerich Co. (REIT)	12,735		487,878
Mack-Cali Realty Corp. (REIT)	10,200		359,550
Nationwide Health Properties, Inc. (REIT)	3,700		130,055
Plum Creek Timber Co., Inc. (REIT)	13,600		529,176
ProLogis (REIT)	61,600		813,120
Rayonier, Inc. (REIT)	5,600		254,408
Realty Income Corp. (REIT)	13,600		417,384
Regency Centers Corp. (REIT)	11,700		438,399
Senior Housing Properties Trust (REIT)	16,500		365,475
Simon Property Group, Inc. (REIT)	18,024		1,512,214
SL Green Realty Corp. (REIT)	10,000		572,700
Taubman Centers, Inc. (REIT)	6,900		275,448
UDR, Inc. (REIT)	19,600		345,744
Ventas, Inc. (REIT)	20,400		968,592
Vornado Realty Trust (REIT)	20,058		1,518,390
Weingarten Realty Investors (REIT)	13,600		293,216
			22,380,086
Real Estate Management & Development (0.0%)
Forest City Enterprises, Inc., Class A*	14,200		204,622
Jones Lang LaSalle, Inc.	5,500		400,895
			605,517
Thrifts & Mortgage Finance (0.2%)
First Niagara Financial Group, Inc.	24,500		348,390
Hudson City Bancorp, Inc.	27,100		383,736
New York Community Bancorp, Inc.	55,100		911,354
People’s United Financial, Inc.	48,300		755,412
TFS Financial Corp.	9,500		126,825
Washington Federal, Inc.	14,600		296,672
			2,822,389
Total Financials			367,247,188
Health Care (10.2%)
Health Care Equipment & Supplies (1.3%)
Becton, Dickinson and Co.	31,390		2,471,335
Boston Scientific Corp.*	126,400		912,608
CareFusion Corp.*	23,400		618,462
Cooper Cos., Inc.	5,900		229,392
Covidien plc	139,550		7,016,574
Hill-Rom Holdings, Inc.	4,900		133,329
Hologic, Inc.*	30,100		558,054
Inverness Medical Innovations, Inc.*	5,700		222,015
Kinetic Concepts, Inc.*	5,200		248,612
Medtronic, Inc.	83,430		3,756,853
St. Jude Medical, Inc.*	39,340		1,614,907
Teleflex, Inc.	3,000		192,210
Zimmer Holdings, Inc.*	28,000		1,657,600
			19,631,951
Health Care Providers & Services (1.5%)
Aetna, Inc.	119,300		4,188,623
AmerisourceBergen Corp.	4,600		133,032
Brookdale Senior Living, Inc.*	5,700		118,731
Cardinal Health, Inc.	46,900		1,689,807
CIGNA Corp.	33,200		1,214,456
Community Health Systems, Inc.*	6,000		221,580
Coventry Health Care, Inc.*	13,900		343,608
Emdeon, Inc., Class A*	800		13,216
Health Net, Inc.*	13,500		335,745
Humana, Inc.*	14,000		654,780
LifePoint Hospitals, Inc.*	7,100		261,138
Lincare Holdings, Inc.*	1,700		76,296
McKesson Corp.	18,100		1,189,532
MEDNAX, Inc.*	4,100		238,579
Omnicare, Inc.	8,900		251,781
Tenet Healthcare Corp.*	20,000		114,400
UnitedHealth Group, Inc.	155,000		5,063,850

See Notes to Portfolio of Investments.

94

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Universal Health Services, Inc., Class B	11,000	$	385,990
WellPoint, Inc.*	94,100		6,058,158
			22,553,302
Life Sciences Tools & Services (0.3%)
Charles River Laboratories International, Inc.*	2,900		113,999
Life Technologies Corp.*	2,600		135,902
PerkinElmer, Inc.	11,900		284,410
Thermo Fisher Scientific, Inc.*	68,860		3,542,158
Waters Corp.*	19,320		1,304,873
			5,381,342
Pharmaceuticals (7.1%)
Abbott Laboratories, Inc.	102,630		5,406,548
Bristol-Myers Squibb Co.	99,437		2,654,968
Eli Lilly and Co.	62,900		2,278,238
Endo Pharmaceuticals Holdings, Inc.*	15,200		360,088
Forest Laboratories, Inc.*	39,300		1,232,448
GlaxoSmithKline plc	58,865		1,130,441
Johnson & Johnson	200,265		13,057,278
King Pharmaceuticals, Inc.*	32,300		379,848
Merck & Co., Inc.	744,405		27,803,527
Mylan, Inc.*	11,300		256,623
Pfizer, Inc.	2,408,505		41,305,861
Roche Holding AG	5,610		909,816
Sanofi-Aventis S.A. (ADR)	348,750		13,029,300
Watson Pharmaceuticals, Inc.*	13,700		572,249
			110,377,233
Total Health Care			157,943,828
Industrials (11.1%)
Aerospace & Defense (3.5%)
BE Aerospace, Inc.*	6,300		191,835
Boeing Co.	86,900		6,309,809
General Dynamics Corp.	40,800		3,149,760
Honeywell International, Inc.	271,745		12,301,896
ITT Corp.	21,400		1,147,254
L-3 Communications Holdings, Inc.	15,200		1,392,776
Lockheed Martin Corp.	137,540		11,446,079
Northrop Grumman Corp.^	160,690		10,536,443
Raytheon Co.	11,800		674,016
Spirit AeroSystems Holdings, Inc., Class A*	9,200		215,096
United Technologies Corp.	89,170		6,563,804
			53,928,768
Air Freight & Logistics (0.2%)
FedEx Corp.	40,600		3,792,040
UTi Worldwide, Inc.	1,000		15,320
			3,807,360
Airlines (0.2%)
Delta Air Lines, Inc.*	122,700		1,790,193
Southwest Airlines Co.	66,400		877,808
			2,668,001
Building Products (0.0%)
Armstrong World Industries, Inc.*	1,500		54,465
Masco Corp.	24,700		383,344
Owens Corning, Inc.*	6,200		157,728
USG Corp.*	5,300		90,948
			686,485
Commercial Services & Supplies (0.2%)
Avery Dennison Corp.	11,900		433,279
Cintas Corp.	14,000		393,260
Corrections Corp. of America*	13,200		262,152
Covanta Holding Corp.*	16,800		279,888
Pitney Bowes, Inc.	26,900		657,705
R.R. Donnelley & Sons Co.	19,800		422,730
Republic Services, Inc.	28,600		829,972
Waste Connections, Inc.*	2,800		95,088
Waste Management, Inc.	6,600		227,238
			3,601,312
Construction & Engineering (0.1%)
KBR, Inc.	20,900		463,144
Quanta Services, Inc.*	27,200		521,152
Shaw Group, Inc.*	2,000		68,840
URS Corp.*	9,500		471,295
			1,524,431
Electrical Equipment (0.1%)
A123 Systems, Inc.*	1,100		15,114
General Cable Corp.*	6,700		180,900
Hubbell, Inc., Class B	6,900		347,967
Rockwell Automation, Inc.	16,600		935,576
Roper Industries, Inc.	1,700		98,328
Thomas & Betts Corp.*	4,700		184,428
			1,762,313
Industrial Conglomerates (2.7%)
3M Co.^	32,850		2,745,274
Carlisle Cos., Inc.	5,800		220,980
General Electric Co.	1,847,200		33,619,040
Textron, Inc.^	222,000		4,713,060
			41,298,354
Machinery (2.6%)
AGCO Corp.*	12,000		430,440
Bucyrus International, Inc.	7,600		501,524
Caterpillar, Inc.	195,400		12,280,890
Crane Co.	3,100		110,050
Cummins, Inc.	105,400		6,529,530
Danaher Corp.^	29,915		2,390,508
Deere & Co.	41,400		2,461,644
Dover Corp.	7,100		331,925
Eaton Corp.	44,450		3,367,976
Gardner Denver, Inc.	6,800		299,472
Graco, Inc.	4,200		134,400
Harsco Corp.	2,800		89,432
IDEX Corp.	4,300		142,330
Illinois Tool Works, Inc.	58,500		2,770,560
Ingersoll-Rand plc^	70,100		2,444,387
Joy Global, Inc.	1,600		90,560
Kennametal, Inc.	10,600		298,072
Lincoln Electric Holdings, Inc.	5,500		298,815
Manitowoc Co., Inc.	16,900		219,700
Oshkosh Corp.*	11,600		467,944
PACCAR, Inc.	3,500		151,690
Parker Hannifin Corp.	20,900		1,353,066
Pentair, Inc.	9,200		327,704
Snap-On, Inc.	5,500		238,370
SPX Corp.	18,100		1,200,392
Terex Corp.*	13,700		311,127
Timken Co.	12,600		378,126
Trinity Industries, Inc.	10,200		203,592
WABCO Holdings, Inc.*	900		26,928
			39,851,154
Marine (0.0%)
Alexander & Baldwin, Inc.	5,300		175,165
Kirby Corp.*	5,600		213,640
			388,805
Professional Services (0.2%)
Dun & Bradstreet Corp.	21,250		1,581,425
Equifax, Inc.	3,600		128,880
Manpower, Inc.	10,200		582,624

See Notes to Portfolio of Investments.

95

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Verisk Analytics, Inc., Class A*	3,200	$	90,240
			2,383,169
Road & Rail (1.2%)
Canadian National Railway Co.	21,280		1,289,355
Con-way, Inc.	4,300		151,016
CSX Corp.	229,725		11,693,003
Hertz Global Holdings, Inc.*^	96,700		966,033
Kansas City Southern*	6,800		245,956
Norfolk Southern Corp.	41,600		2,325,024
Ryder System, Inc.	7,300		282,948
Union Pacific Corp.	30,800		2,257,640
			19,210,975
Trading Companies & Distributors (0.1%)
GATX Corp.	3,500		100,275
W.W. Grainger, Inc.	5,000		540,600
WESCO International, Inc.*	2,600		90,246
			731,121
Total Industrials			171,842,248
Information Technology (7.0%)
Communications Equipment (1.7%)
Brocade Communications Systems, Inc.*	37,200		212,412
Ciena Corp.*	10,500		160,020
Cisco Systems, Inc.*^	292,430		7,611,953
CommScope, Inc.*	12,200		341,844
EchoStar Corp., Class A*	4,900		99,372
Harris Corp.	3,700		175,713
JDS Uniphase Corp.*^	91,900		1,151,507
Motorola, Inc.*	924,800		6,492,096
Nokia Oyj (ADR)	144,800		2,250,192
QUALCOMM, Inc.	173,750		7,295,762
Tellabs, Inc.	51,500		389,855
			26,180,726
Computers & Peripherals (1.6%)
Dell, Inc.*^	176,000		2,641,760
Diebold, Inc.	1,000		31,760
EMC Corp.*	235,000		4,239,400
Hewlett-Packard Co.^	239,190		12,712,948
International Business Machines Corp.	33,080		4,242,510
Lexmark International, Inc., Class A*	10,200		368,016
SanDisk Corp.*	15,300		529,839
Seagate Technology*	6,300		115,038
Teradata Corp.*	4,100		118,449
Western Digital Corp.*	2,900		113,071
			25,112,791
Electronic Equipment, Instruments & Components (0.3%)
Arrow Electronics, Inc.*	9,100		274,183
Avnet, Inc.*	13,100		393,000
AVX Corp.	4,900		69,580
Corning, Inc.	29,500		596,195
Ingram Micro, Inc., Class A*	21,000		368,550
Itron, Inc.*	400		29,028
Jabil Circuit, Inc.	12,200		197,518
Molex, Inc.	15,600		325,416
Tech Data Corp.*	6,500		272,350
Tyco Electronics Ltd.	91,400		2,511,672
Vishay Intertechnology, Inc.*^	29,150		298,204
			5,335,696
Internet Software & Services (0.3%)
AOL, Inc.*^	43,575		1,101,576
eBay, Inc.*	111,700		3,010,315
IAC/InterActiveCorp*	7,000		159,180
Monster Worldwide, Inc.*	6,800		112,948
Yahoo!, Inc.*	10,000		165,300
			4,549,319
IT Services (0.9%)
Accenture plc, Class A	221,490		9,291,506
Amdocs Ltd.*	21,600		650,376
Broadridge Financial Solutions, Inc.	6,900		147,522
Computer Sciences Corp.*	19,800		1,078,902
Convergys Corp.*	11,000		134,860
DST Systems, Inc.	600		24,870
Fidelity National Information Services, Inc.	16,300		382,072
Mastercard, Inc., Class A	700		177,800
SAIC, Inc.*	13,400		237,180
Total System Services, Inc.	5,800		90,828
Western Union Co.	90,015		1,526,654
			13,742,570
Office Electronics (0.1%)
Xerox Corp.	135,694		1,323,017
Zebra Technologies Corp., Class A*	700		20,720
			1,343,737
Semiconductors & Semiconductor Equipment (1.7%)
Advanced Micro Devices, Inc.*	34,400		318,888
Applied Materials, Inc.	173,200		2,334,736
Atmel Corp.*	58,700		295,261
Cypress Semiconductor Corp.*	1,800		20,700
Fairchild Semiconductor International, Inc.*	16,100		171,465
Integrated Device Technology, Inc.*	16,900		103,597
Intel Corp.	455,260		10,134,088
International Rectifier Corp.*	5,200		119,080
Intersil Corp., Class A	8,000		118,080
KLA-Tencor Corp.	22,100		683,332
LSI Corp.*	84,500		517,140
Marvell Technology Group Ltd.*	6,700		136,546
Maxim Integrated Products, Inc.	6,300		122,157
Microchip Technology, Inc.	2,100		59,136
Micron Technology, Inc.*	90,900		944,451
Novellus Systems, Inc.*	5,000		125,000
PMC-Sierra, Inc.*	29,000		258,680
Teradyne, Inc.*^	57,900		646,743
Texas Instruments, Inc.	391,175		9,572,052
			26,681,132
Software (0.4%)
Activision Blizzard, Inc.	30,400		366,624
Autodesk, Inc.*	9,600		282,432
CA, Inc.	11,600		272,252
Compuware Corp.*	29,600		248,640
Novell, Inc.*	24,400		146,156
Nuance Communications, Inc.*	2,700		44,928
Oracle Corp.	151,495		3,891,907
Rovi Corp.*	4,000		148,520
Symantec Corp.*^	23,300		394,236
Synopsys, Inc.*	7,000		156,590
			5,952,285
Total Information Technology			108,898,256
Materials (3.6%)
Chemicals (1.4%)
Air Products & Chemicals, Inc.	48,650		3,597,668
Airgas, Inc.	10,600		674,372
Albemarle Corp.	11,200		477,456
Ashland, Inc.	9,400		496,038
Cabot Corp.	8,500		258,400
CF Industries Holdings, Inc.	1,100		100,298
Cytec Industries, Inc.	6,200		289,788

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Dow Chemical Co.	145,000	$	4,287,650
E.I. du Pont de Nemours & Co.	140,400		5,228,496
Eastman Chemical Co.	9,500		604,960
FMC Corp.	1,400		84,756
Huntsman Corp.	75,900		914,595
International Flavors & Fragrances, Inc.	600		28,602
Intrepid Potash, Inc.*	400		12,132
Lubrizol Corp.	1,100		100,892
PPG Industries, Inc.^	62,830		4,109,082
RPM International, Inc.	7,900		168,586
Terra Industries, Inc.	4,100		187,616
Valhi, Inc.	500		9,840
Valspar Corp.	13,000		383,240
			22,014,467
Construction Materials (0.1%)
Martin Marietta Materials, Inc.	3,600		300,780
Vulcan Materials Co.	16,300		770,012
			1,070,792
Containers & Packaging (0.2%)
AptarGroup, Inc.	8,800		346,280
Ball Corp.	4,300		229,534
Bemis Co., Inc.	14,000		402,080
Greif, Inc., Class A	4,300		236,156
Owens-Illinois, Inc.*	4,000		142,160
Packaging Corp. of America	12,000		295,320
Pactiv Corp.*	3,100		78,058
Sealed Air Corp.	20,600		434,248
Sonoco Products Co.	13,000		400,270
Temple-Inland, Inc.	13,800		281,934
			2,846,040
Metals & Mining (1.7%)
AK Steel Holding Corp.	78,500		1,794,510
Alcoa, Inc.	68,100		969,744
Allegheny Technologies, Inc.	12,800		691,072
Carpenter Technology Corp.	5,700		208,620
Cliffs Natural Resources, Inc.	15,400		1,092,630
Commercial Metals Co.	14,600		219,876
Compass Minerals International, Inc.	2,000		160,460
Freeport-McMoRan Copper & Gold, Inc.	58,900		4,920,506
Newmont Mining Corp.	206,625		10,523,411
Nucor Corp.	41,000		1,860,580
Reliance Steel & Aluminum Co.	8,200		403,686
Royal Gold, Inc.	4,000		184,840
Schnitzer Steel Industries, Inc., Class A	600		31,518
Southern Copper Corp.	6,000		190,020
Steel Dynamics, Inc.	97,600		1,705,072
Titanium Metals Corp.*	11,000		182,490
United States Steel Corp.	18,700		1,187,824
			26,326,859
Paper & Forest Products (0.2%)
International Paper Co.	56,300		1,385,543
MeadWestvaco Corp.	22,300		569,765
Weyerhaeuser Co.	27,500		1,244,925
			3,200,233
Total Materials			55,458,391
Telecommunication Services (4.6%)
Diversified Telecommunication Services (3.3%)
AT&T, Inc.	1,400,035		36,176,904
CenturyTel, Inc.	38,659		1,370,848
Frontier Communications Corp.	23,000		171,120
Level 3 Communications, Inc.*	212,000		343,440
Qwest Communications International, Inc.	191,900		1,001,718
Verizon Communications, Inc.	380,200		11,793,804
Windstream Corp.	31,700		345,213
			51,203,047
Wireless Telecommunication Services (1.3%)
Clearwire Corp., Class A*	8,300		59,345
Crown Castle International Corp.*	24,300		928,989
Leap Wireless International, Inc.*	1,700		27,812
NII Holdings, Inc.*	20,500		854,030
Sprint Nextel Corp.*^	979,000		3,720,200
Telephone & Data Systems, Inc.	11,800		399,430
U.S. Cellular Corp.*	2,000		82,760
Vodafone Group plc	1,808,213		4,170,824
Vodafone Group plc (ADR)^	401,950		9,361,416
			19,604,806
Total Telecommunication Services			70,807,853
Utilities (4.3%)
Electric Utilities (2.0%)
Allegheny Energy, Inc.	8,500		195,500
American Electric Power Co., Inc.	90,100		3,079,618
DPL, Inc.	13,200		358,908
Duke Energy Corp.	167,700		2,736,864
Edison International	42,400		1,448,808
Entergy Corp.	38,590		3,139,296
Exelon Corp.	78,400		3,434,704
FirstEnergy Corp.	39,700		1,551,873
FPL Group, Inc.	74,890		3,619,434
Great Plains Energy, Inc.	17,600		326,832
Hawaiian Electric Industries, Inc.	11,900		267,155
Northeast Utilities	22,800		630,192
NV Energy, Inc.	17,500		215,775
Pepco Holdings, Inc.	28,600		490,490
Pinnacle West Capital Corp.	55,500		2,094,015
PPL Corp.	45,320		1,255,817
Progress Energy, Inc.	36,400		1,432,704
Southern Co.	102,000		3,382,320
Westar Energy, Inc.	14,100		314,430
			29,974,735
Gas Utilities (0.2%)
AGL Resources, Inc.	10,000		386,500
Atmos Energy Corp.	12,000		342,840
Energen Corp.	9,300		432,729
National Fuel Gas Co.	9,200		465,060
ONEOK, Inc.	13,700		625,405
Questar Corp.	22,700		980,640
UGI Corp.	14,100		374,214
			3,607,388
Independent Power Producers & Energy Traders (0.2%)
AES Corp.*	16,800		184,800
Calpine Corp.*	20,000		237,800
Constellation Energy Group, Inc.	32,400		1,137,564
Dynegy, Inc., Class A*	64,900		81,774
Mirant Corp.*	18,700		203,082
NRG Energy, Inc.*	34,500		721,050
RRI Energy, Inc.*^	59,700		220,293
			2,786,363
Multi-Utilities (1.9%)
Alliant Energy Corp.	14,400		478,944
Ameren Corp.^	43,000		1,121,440
CenterPoint Energy, Inc.	8,100		116,316
CMS Energy Corp.^	67,350		1,041,231
Consolidated Edison, Inc.	35,800		1,594,532
Dominion Resources, Inc.	162,939		6,698,422

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
DTE Energy Co.		21,400	$	954,440
Integrys Energy Group, Inc.		7,800		369,564
MDU Resources Group, Inc.		23,900		515,762
NiSource, Inc.		140,300		2,216,740
NSTAR		13,900		492,338
OGE Energy Corp.		12,500		486,750
PG&E Corp.^		103,485		4,389,834
Public Service Enterprise Group, Inc.		123,055		3,632,584
SCANA Corp.		15,900		597,681
Sempra Energy		31,800		1,586,820
TECO Energy, Inc.		27,700		440,153
Vectren Corp.		10,500		259,560
Wisconsin Energy Corp.		15,200		751,032
Xcel Energy, Inc.		59,300		1,257,160
				29,001,303
Water Utilities (0.0%)
American Water Works Co., Inc.		7,800		169,728
Aqua America, Inc.		17,600		309,232
				478,960
Total Utilities				65,848,749
Total Common Stocks (99.3%) (Cost $1,304,578,192)				1,536,753,177
	Number of Rights		Value (Note 1)
RIGHTS:
Telecommunication Services (0.0%)
Wireless Telecommunication Services (0.0%)
Clearwire Corp., expiring 6/21/10* (Cost $—)		6,500		1,203
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Commercial Paper (0.1%)
General Electric Capital Corp.
0.03%, 4/1/10 (p)	$	1,401,000		1,400,999
Short-Term Investments of Cash Collateral for Securities Loaned (1.1%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10 (u)		11,073,858		11,073,858
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10 (h)(s)		2,039,987		469,197
Monumental Global Funding II
0.43%, 5/26/10 (l)		3,830,000		3,802,807
Pricoa Global Funding I
0.40%, 6/25/10 (l)		2,439,939		2,424,552
Total Short-Term Investments of Cash Collateral for Securities Loaned				17,770,414
Time Deposit (0.6%)
JPMorgan Chase Nassau
0.000%, 4/1/10		8,666,118		8,666,118
Total Short-Term Investments (1.8%) (Cost/Amortized Cost $29,450,901)				27,837,531
Total Investments (101.1%)
(Cost/Amortized Cost $1,334,029,093)				1,564,591,911
Other Assets Less Liabilities (-1.1%)				(17,122,523	)
Net Assets (100%)			$	1,547,469,388

* Non-income producing.

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

# All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $3,014,100.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

(p) Yield to maturity.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000% – 8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $11,295,335.

Glossary:

ADR — American Depositary Receipt

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

At March 31, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2010		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	12	June-10	$	687,439	$	699,120	$	11,681

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for  identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	180,856,244	$	—	$	—	$	180,856,244
Consumer Staples		104,866,937		7,363,880		—		112,230,817
Energy		245,619,603		—		—		245,619,603
Financials		367,247,188		—		—		367,247,188
Health Care		155,903,571		2,040,257		—		157,943,828
Industrials		171,842,248		—		—		171,842,248
Information Technology		108,898,256		—		—		108,898,256
Materials		55,458,391		—		—		55,458,391
Telecommunication Services		66,637,029		4,170,824		—		70,807,853
Utilities		65,848,749		—		—		65,848,749
Futures		11,681		—		—		11,681
Rights
Telecommunication Services		1,203		—		—		1,203
Short-Term Investments		—		27,837,531		—		27,837,531
Total Assets	$	1,523,191,100	$	41,412,492	$	—	$	1,564,603,592
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	1,523,191,100	$	41,412,492	$	—	$	1,564,603,592

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	99,477,186
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	144,043,441

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	240,504,644
Aggregate gross unrealized depreciation		(48,040,393	)
Net unrealized appreciation	$	192,464,251
Federal income tax cost of investments	$	1,372,127,660

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

At March 31, 2010, the Portfolio had loaned securities with a total value of $18,795,013. This was secured by collateral of $19,383,784 which was received as cash and subsequently invested in short-term investments currently valued at $17,770,414, as reported in the Portfolio of Investments.

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

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (18.9%)
Auto Components (1.0%)
Amerigon, Inc.*	4,800	$	48,528
ArvinMeritor, Inc.*	2,200		29,370
BorgWarner, Inc.*	24,100		920,138
China Automotive Systems, Inc.*^	900		20,799
Cooper Tire & Rubber Co.	13,300		252,966
Dorman Products, Inc.*^	500		9,495
Drew Industries, Inc.*^	23,200		510,864
Federal Mogul Corp.*	1,600		29,376
Fuel Systems Solutions, Inc.*	3,400		108,664
Gentex Corp.	86,700		1,683,714
Goodyear Tire & Rubber Co.*	55,100		696,464
Raser Technologies, Inc.*^	15,700		15,700
Standard Motor Products, Inc.	1,500		14,880
Tenneco, Inc.*	37,000		875,050
TRW Automotive Holdings Corp.*	3,000		85,740
Wonder Auto Technology, Inc.*	4,800		50,784
			5,352,532
Automobiles (0.0%)
Thor Industries, Inc.	3,800		114,798
Winnebago Industries, Inc.*	1,400		20,454
			135,252
Distributors (0.3%)
Core-Mark Holding Co., Inc.*^	700		21,427
LKQ Corp.*	80,100		1,626,030
			1,647,457
Diversified Consumer Services (2.0%)
American Public Education, Inc.*	4,400		205,040
Bridgepoint Education, Inc.*^	3,500		86,030
Brink’s Home Security Holdings, Inc.*	10,500		446,775
Capella Education Co.*^	9,700		900,548
Career Education Corp.*	14,200		449,288
ChinaCast Education Corp.*	6,600		48,246
Coinstar, Inc.*^	33,100		1,075,750
Corinthian Colleges, Inc.*^	17,900		314,861
CPI Corp.	600		8,316
DeVry, Inc.	14,200		925,840
Education Management Corp.*	2,800		61,320
Grand Canyon Education, Inc.*^	27,200		711,008
Hillenbrand, Inc.	5,500		120,945
ITT Educational Services, Inc.*	7,900		888,592
K12, Inc.*	5,800		128,818
Learning Tree International, Inc.*^	1,000		14,070
Lincoln Educational Services Corp.*	2,700		68,310
Matthews International Corp., Class A	7,000		248,500
Nobel Learning Communities, Inc.*	900		7,056
Pre-Paid Legal Services, Inc.*^	1,800		68,130
Princeton Review, Inc.*	1,300		4,537
Sotheby’s, Inc.	13,500		419,715
Steiner Leisure Ltd.*	1,900		84,208
Strayer Education, Inc.^	12,610		3,070,787
Universal Technical Institute, Inc.*	4,900		111,818
Weight Watchers International, Inc.	300		7,659
			10,476,167
Hotels, Restaurants & Leisure (3.2%)
AFC Enterprises, Inc.*	600		6,438
Ambassadors Group, Inc.	4,400		48,620
Ameristar Casinos, Inc.^	5,800		105,676
Bally Technologies, Inc.*	12,300		498,642
Benihana, Inc., Class A*	1,600		10,400
BJ’s Restaurants, Inc.*^	5,000		116,500
Brinker International, Inc.	22,500		433,800
Buffalo Wild Wings, Inc.*^	19,300		928,523
Burger King Holdings, Inc.	23,500		499,610
California Pizza Kitchen, Inc.*	4,500		75,555
Caribou Coffee Co., Inc.*	600		3,972
Carrols Restaurant Group, Inc.*	1,300		8,840
CEC Entertainment, Inc.*	5,600		213,304
Cheesecake Factory, Inc.*^	62,750		1,698,015
Chipotle Mexican Grill, Inc.*	19,010		2,141,857
Choice Hotels International, Inc.	1,500		52,215
CKE Restaurants, Inc.	10,300		114,021
Cracker Barrel Old Country Store, Inc.	3,800		176,244
Denny’s Corp.*^	21,600		82,944
DineEquity, Inc.*	4,200		166,026
Domino’s Pizza, Inc.*	1,400		19,096
Dover Downs Gaming & Entertainment, Inc.	3,300		13,068
Einstein Noah Restaurant Group, Inc.*	600		7,290
Gaylord Entertainment Co.*	17,600		515,504
Great Wolf Resorts, Inc.*	800		2,544
Interval Leisure Group, Inc.*	9,200		133,952
Isle of Capri Casinos, Inc.*^	3,900		30,342
Jack in the Box, Inc.*	13,100		308,505
Krispy Kreme Doughnuts, Inc.*	13,700		55,074
Lakes Entertainment, Inc.*	1,600		3,680
Life Time Fitness, Inc.*	900		25,290
Marcus Corp.	400		5,196
MGM MIRAGE*	107,122		1,285,464
Monarch Casino & Resort, Inc.*	500		4,270
Morgans Hotel Group Co.*	2,200		14,102
Multimedia Games, Inc.*	100		390
Orient-Express Hotels Ltd., Class A*	75,040		1,064,067
P.F. Chang’s China Bistro, Inc.*^	5,700		251,541
Panera Bread Co., Class A*	22,500		1,721,025
Papa John’s International, Inc.*	4,600		118,266
Peet’s Coffee & Tea, Inc.*	17,100		678,015
Pinnacle Entertainment, Inc.*	7,500		73,050
Red Robin Gourmet Burgers, Inc.*^	900		21,996
Ruth’s Hospitality Group, Inc.*	6,900		36,570
Scientific Games Corp., Class A*	14,600		205,568
Shuffle Master, Inc.*	129,800		1,063,062
Sonic Corp.*	13,400		148,070
Texas Roadhouse, Inc.*^	11,400		158,346
Town Sports International Holdings, Inc.*^	5,000		19,550
Universal Travel Group*	1,700		16,847
Wendy’s/Arby’s Group, Inc., Class A	28,200		141,000
WMS Industries, Inc.*	11,700		490,698
Wyndham Worldwide Corp.	17,800		457,994
Youbet.com, Inc.*	7,000		20,580
			16,491,214
Household Durables (2.0%)
Blyth, Inc.	100		3,125
D.R. Horton, Inc.	103,670		1,306,242
Harman International Industries, Inc.*	8,700		406,986
Hovnanian Enterprises, Inc., Class A*^	6,600		28,710
iRobot Corp.*^	5,000		75,800
Jarden Corp.	56,270		1,873,228
KB Home	500		8,375
Leggett & Platt, Inc.	20,800		450,112
M.D.C. Holdings, Inc.	2,800		96,908
MRV Engenharia e Participacoes S.A.	151,580		1,065,454
National Presto Industries, Inc.	1,200		142,692

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
NIVS IntelliMedia Technology Group, Inc.*	2,000	$	7,680
NVR, Inc.*	204		148,206
Pulte Group, Inc.*^	50,280		565,650
Sealy Corp.*^	1,800		6,300
Tempur-Pedic International, Inc.*	109,680		3,307,949
Tupperware Brands Corp.	13,800		665,436
Universal Electronics, Inc.*	2,800		62,552
			10,221,405
Internet & Catalog Retail (0.7%)
Blue Nile, Inc.*	3,100		170,562
Drugstore.Com, Inc.*	20,400		72,828
Gaiam, Inc., Class A	84,668		702,744
HSN, Inc.*	9,200		270,848
Netflix, Inc.*^	23,140		1,706,344
NutriSystem, Inc.	6,600		117,546
Orbitz Worldwide, Inc.*	3,600		25,596
Overstock.com, Inc.*	4,100		66,625
PetMed Express, Inc.^	5,900		130,803
Shutterfly, Inc.*	1,000		24,090
Vitacost.com, Inc.*	1,100		13,255
			3,301,241
Leisure Equipment & Products (0.5%)
Brunswick Corp.	1,600		25,552
Hasbro, Inc.	16,900		646,932
Leapfrog Enterprises, Inc.*	500		3,275
Polaris Industries, Inc.^	6,800		347,888
Pool Corp.	53,771		1,217,376
Smith & Wesson Holding Corp.*	13,300		50,274
Sturm Ruger & Co., Inc.^	4,400		52,756
			2,344,053
Media (1.6%)
Arbitron, Inc.^	6,400		170,624
Carmike Cinemas, Inc.*	2,200		30,514
Cinemark Holdings, Inc.	6,000		110,040
CKX, Inc.*	12,700		77,851
Crown Media Holdings, Inc., Class A*^	1,300		2,496
CTC Media, Inc.	7,300		125,706
Dolan Media Co.*	7,300		79,351
DreamWorks Animation SKG, Inc., Class A*	33,040		1,301,446
Focus Media Holding Ltd. (ADR)*	74,930		1,368,222
Global Sources Ltd.*	470		3,060
Interactive Data Corp.	3,500		112,000
John Wiley & Sons, Inc., Class A	9,100		393,848
Knology, Inc.*	5,900		79,296
Lamar Advertising Co., Class A*	27,800		954,930
Lions Gate Entertainment Corp.*^	164,800		1,028,352
Live Nation Entertainment, Inc.*	12,227		177,291
LodgeNet Interactive Corp.*	3,100		21,607
Martha Stewart Living Omnimedia, Inc., Class A*	4,100		22,878
Mediacom Communications Corp., Class A*	3,400		20,230
Morningstar, Inc.*	4,300		206,787
National CineMedia, Inc.^	59,820		1,032,493
New York Times Co., Class A*	900		10,017
Playboy Enterprises, Inc., Class B*	5,000		18,300
PRIMEDIA, Inc.	100		344
RCN Corp.*	10,300		155,324
Reading International, Inc., Class A*	800		3,416
Regal Entertainment Group, Class A	8,800		154,616
Rentrak Corp.*	2,100		45,255
Valassis Communications, Inc.*	9,300		258,819
Value Line, Inc.	400		9,236
Warner Music Group Corp.*	300		2,073
World Wrestling Entertainment, Inc., Class A	3,800		65,740
			8,042,162
Multiline Retail (0.5%)
99 Cents Only Stores*^	9,900		161,370
Big Lots, Inc.*	1,800		65,556
Dollar Tree, Inc.*	21,440		1,269,677
Family Dollar Stores, Inc.	32,060		1,173,716
Fred’s, Inc., Class A	3,600		43,128
			2,713,447
Specialty Retail (5.0%)
Aaron’s, Inc.	10,400		346,736
Abercrombie & Fitch Co., Class A	9,900		451,836
Advance Auto Parts, Inc.	24,825		1,040,664
Aeropostale, Inc.*	21,650		624,169
American Eagle Outfitters, Inc.	37,900		701,908
America’s Car-Mart, Inc.*	1,500		36,180
AutoNation, Inc.*	1,100		19,888
Barnes & Noble, Inc.	1,200		25,944
bebe Stores, Inc.	6,000		53,400
Big 5 Sporting Goods Corp.	5,000		76,100
Buckle, Inc.^	5,100		187,476
CarMax, Inc.*^	67,000		1,683,040
Cato Corp., Class A	6,300		135,072
Charming Shoppes, Inc.*	2,600		14,196
Chico’s FAS, Inc.	37,000		533,540
Children’s Place Retail Stores, Inc.*	5,300		236,115
Citi Trends, Inc.*	3,600		116,784
Coldwater Creek, Inc.*^	10,500		72,870
Collective Brands, Inc.*	5,700		129,618
Destination Maternity Corp.*	800		20,528
Dick’s Sporting Goods, Inc.*	101,570		2,651,993
Dress Barn, Inc.*	2,829		74,007
DSW, Inc., Class A*	200		5,106
Finish Line, Inc., Class A	5,400		88,128
Foot Locker, Inc.	14,400		216,576
Guess?, Inc.	21,300		1,000,674
Gymboree Corp.*	5,300		273,639
hhgregg, Inc.*^	3,300		83,292
Hibbett Sports, Inc.*^	7,000		179,060
HOT Topic, Inc.*	5,800		37,700
J. Crew Group, Inc.*^	28,500		1,308,150
Jo-Ann Stores, Inc.*	2,500		104,950
JoS. A. Bank Clothiers, Inc.*^	4,400		240,460
Kirkland’s, Inc.*	3,200		67,200
Lumber Liquidators Holdings, Inc.*^	3,600		96,012
Men’s Wearhouse, Inc.	100		2,394
Midas, Inc.*	2,400		27,072
Monro Muffler Brake, Inc.	4,200		150,192
Office Depot, Inc.*	10,600		84,588
OfficeMax, Inc.*^	12,100		198,682
Penske Automotive Group, Inc.*^	57,000		821,940
PetSmart, Inc.	28,200		901,272
RadioShack Corp.	3,300		74,679
Ross Stores, Inc.	27,300		1,459,731
Rue21, Inc.*	1,000		34,670
Sally Beauty Holdings, Inc.*	5,300		47,276
Sonic Automotive, Inc., Class A*	2,400		26,400
Stein Mart, Inc.*	5,600		50,568
Systemax, Inc.^	400		8,696
Talbots, Inc.*^	4,100		53,136
Tiffany & Co.	25,900		1,229,991
Tractor Supply Co.^	27,000		1,567,350

See Notes to Portfolio of Investments.

102

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Ulta Salon Cosmetics & Fragrance, Inc.*	6,400	$	144,768
Urban Outfitters, Inc.*	77,570		2,949,987
Vitamin Shoppe, Inc.*	26,200		588,190
Wet Seal, Inc., Class A*^	24,100		114,716
Williams-Sonoma, Inc.	73,710		1,937,836
Zumiez, Inc.*	4,700		96,303
			25,503,448
Textiles, Apparel & Luxury Goods (2.1%)
American Apparel, Inc.*	5,000		15,150
Carter’s, Inc.*	38,760		1,168,614
Cherokee, Inc.	1,100		19,800
Coach, Inc.	30,010		1,185,995
Crocs, Inc.*	7,700		67,529
Deckers Outdoor Corp.*	3,000		414,000
Fossil, Inc.*	10,300		388,722
Fuqi International, Inc.*	3,200		34,880
G-III Apparel Group Ltd.*^	900		24,804
Hanesbrands, Inc.*	105,374		2,931,505
Iconix Brand Group, Inc.*	50,600		777,216
K-Swiss, Inc., Class A*	4,300		44,978
Liz Claiborne, Inc.*^	15,300		113,679
Lululemon Athletica, Inc.*^	9,300		385,950
Maidenform Brands, Inc.*	4,800		104,880
Oxford Industries, Inc.	1,800		36,594
Phillips-Van Heusen Corp.	7,300		418,728
Steven Madden Ltd.*	3,800		185,440
Timberland Co., Class A*	6,100		130,174
True Religion Apparel, Inc.*	6,100		185,196
Under Armour, Inc., Class A*^	33,500		985,235
UniFirst Corp.	500		25,750
Volcom, Inc.*	4,900		95,648
Warnaco Group, Inc.*	10,100		481,871
Weyco Group, Inc.^	1,700		39,984
Wolverine World Wide, Inc.	11,100		323,676
			10,585,998
Total Consumer Discretionary			96,814,376
Consumer Staples (3.1%)
Beverages (0.3%)
Boston Beer Co., Inc., Class A*^	2,200		114,972
Coca-Cola Bottling Co. Consolidated	1,000		58,660
Hansen Natural Corp.*	32,800		1,422,864
National Beverage Corp.^	2,100		23,352
			1,619,848
Food & Staples Retailing (0.3%)
Arden Group, Inc., Class A	400		42,512
BJ’s Wholesale Club, Inc.*^	1,600		59,184
Casey’s General Stores, Inc.	6,700		210,380
Diedrich Coffee, Inc.*	800		27,840
Pantry, Inc.*	500		6,245
Pricesmart, Inc.	4,200		97,650
Ruddick Corp.^	1,300		41,132
United Natural Foods, Inc.*	9,700		272,861
Village Super Market, Inc., Class A	900		25,227
Weis Markets, Inc.	500		18,180
Whole Foods Market, Inc.*	25,400		918,210
			1,719,421
Food Products (1.6%)
AgFeed Industries, Inc.*^	5,400		23,706
Alico, Inc.	700		17,675
American Dairy, Inc.*^	2,600		49,790
American Italian Pasta Co., Class A*	3,700		143,819
B&G Foods, Inc., Class A	2,000		20,960
Calavo Growers, Inc.	1,800		32,832
Cal-Maine Foods, Inc.	3,100		105,059
Darling International, Inc.*	19,900		178,304
Dean Foods Co.*	40,900		641,721
Diamond Foods, Inc.^	3,600		151,344
Dole Food Co., Inc.*	5,300		62,805
Farmer Bros Co.	700		13,118
Flowers Foods, Inc.	13,900		343,886
Green Mountain Coffee Roasters, Inc.*	34,400		3,330,608
Hain Celestial Group, Inc.*^	49,100		851,885
HQ Sustainable Maritime Industries, Inc.*	1,100		6,600
J&J Snack Foods Corp.^	3,300		143,451
Lancaster Colony Corp.	4,400		259,424
Lance, Inc.	6,300		145,719
Lifeway Foods, Inc.*	1,300		15,431
Overhill Farms, Inc.*	5,100		29,733
Sanderson Farms, Inc.	4,600		246,606
Smart Balance, Inc.*	11,100		71,928
Smithfield Foods, Inc.*	1,400		29,036
Synutra International, Inc.*^	4,500		101,745
Tootsie Roll Industries, Inc.^	5,115		138,258
TreeHouse Foods, Inc.*^	21,200		930,044
Zhongpin, Inc.*	4,900		62,230
			8,147,717
Household Products (0.4%)
Church & Dwight Co., Inc.	15,700		1,051,115
Energizer Holdings, Inc.*	12,900		809,604
Orchids Paper Products Co.*	700		11,515
WD-40 Co.	3,000		98,490
			1,970,724
Personal Products (0.4%)
Alberto-Culver Co.	16,000		418,400
American Oriental Bioengineering, Inc.*	5,600		22,848
China Sky One Medical, Inc.*^	1,900		29,849
China-Biotics, Inc.*	1,800		32,238
Female Health Co.	2,600		18,642
Herbalife Ltd.	14,000		645,680
Inter Parfums, Inc.	1,200		17,784
Medifast, Inc.*	2,700		67,851
NBTY, Inc.*	8,000		383,840
Nu Skin Enterprises, Inc., Class A	11,300		328,830
Revlon, Inc., Class A*^	2,600		38,610
USANA Health Sciences, Inc.*	1,700		53,397
			2,057,969
Tobacco (0.1%)
Alliance One International, Inc.*^	15,800		80,422
Star Scientific, Inc.*	15,600		39,780
Vector Group Ltd.	8,020		123,749
			243,951
Total Consumer Staples			15,759,630
Energy (4.6%)
Energy Equipment & Services (1.8%)
Atwood Oceanics, Inc.*	10,500		363,615
Baker Hughes, Inc.	23,410		1,096,524
Bolt Technology Corp.*	700		7,917
Cal Dive International, Inc.*	2,600		19,058
CARBO Ceramics, Inc.	3,900		243,126
Complete Production Services, Inc.*^	52,340		604,527
Dresser-Rand Group, Inc.*	18,700		587,554
Dril-Quip, Inc.*	21,600		1,314,144
ENGlobal Corp.*	3,500		9,695
Exterran Holdings, Inc.*^	6,000		145,020

See Notes to Portfolio of Investments.

103

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
FMC Technologies, Inc.*^	9,180	$	593,303
Geokinetics, Inc.*	600		4,326
Gulf Island Fabrication, Inc.	200		4,350
Gulfmark Offshore, Inc., Class A*	2,800		74,340
Helix Energy Solutions Group, Inc.*	29,100		379,173
Helmerich & Payne, Inc.	7,200		274,176
Hercules Offshore, Inc.*	1,300		5,603
ION Geophysical Corp.*^	1,700		8,364
Lufkin Industries, Inc.	3,200		253,280
Matrix Service Co.*	1,900		20,444
Natural Gas Services Group, Inc.*^	300		4,761
Oceaneering International, Inc.*^	21,120		1,340,909
Patterson-UTI Energy, Inc.	3,600		50,292
PHI, Inc.*	1,500		31,770
Pioneer Drilling Co.*	3,300		23,232
Rowan Cos., Inc.*	4,200		122,262
RPC, Inc.	6,300		70,119
Sulphco, Inc.*^	15,900		4,611
Superior Energy Services, Inc.*	61,930		1,301,769
TETRA Technologies, Inc.*	9,800		119,756
TGC Industries, Inc.*	2,500		10,100
Willbros Group, Inc.*	9,600		115,296
			9,203,416
Oil, Gas & Consumable Fuels (2.8%)
Alon USA Energy, Inc.	200		1,450
Alpha Natural Resources, Inc.*	27,473		1,370,628
Apco Oil and Gas International, Inc.	1,900		51,414
Arena Resources, Inc.*	8,500		283,900
Atlas Energy, Inc.*	7,000		217,840
ATP Oil & Gas Corp.*	1,500		28,215
Bill Barrett Corp.*	23,700		727,827
BPZ Resources, Inc.*^	17,200		126,420
Brigham Exploration Co.*	63,400		1,011,230
Cabot Oil & Gas Corp.	14,000		515,200
Carrizo Oil & Gas, Inc.*^	6,300		144,585
Cheniere Energy, Inc.*^	4,500		13,905
Clean Energy Fuels Corp.*	8,400		191,352
Cloud Peak Energy, Inc.*	3,400		56,576
Comstock Resources, Inc.*	300		9,540
Concho Resources, Inc.*	11,940		601,298
Contango Oil & Gas Co.*	2,900		148,335
CREDO Petroleum Corp.*	1,400		13,846
Cubic Energy, Inc.*	2,200		2,332
CVR Energy, Inc.*	400		3,500
Delta Petroleum Corp.*^	16,000		22,560
Endeavour International Corp.*	18,700		23,749
Evergreen Energy, Inc.*	27,700		4,986
EXCO Resources, Inc.	27,800		510,964
Forest Oil Corp.*	8,600		222,052
Frontier Oil Corp.	17,900		241,650
Frontline Ltd.	34,870		1,068,068
FX Energy, Inc.*	7,200		24,696
GMX Resources, Inc.*	2,900		23,838
Golar LNG Ltd.*	4,600		53,820
Gulfport Energy Corp.*	5,500		61,820
Holly Corp.^	10,100		281,891
Isramco, Inc.*	200		13,110
James River Coal Co.*	6,800		108,120
Karoon Gas Australia Ltd.*	41,612		320,756
Mariner Energy, Inc.*	20,000		299,400
Massey Energy Co.	33,290		1,740,734
McMoRan Exploration Co.*	18,100		264,803
Newfield Exploration Co.*^	7,700		400,785
Northern Oil and Gas, Inc.*	8,800		139,480
Panhandle Oil and Gas, Inc., Class A	1,600		37,808
Peabody Energy Corp.	11,510		526,007
PrimeEnergy Corp.*	200		5,386
Quicksilver Resources, Inc.*	26,100		367,227
Rex Energy Corp.*^	5,500		62,645
Ship Finance International Ltd.	5,504		97,747
St. Mary Land & Exploration Co.	3,200		111,392
Syntroleum Corp.*	15,800		33,496
Teekay Corp.	3,800		86,412
Teekay Tankers Ltd., Class A	1,500		18,855
Tesoro Corp.^	12,300		170,970
Toreador Resources Corp.*	4,800		39,264
Uranerz Energy Corp.*	9,300		17,298
Uranium Energy Corp.*^	10,300		33,166
VAALCO Energy, Inc.*	800		3,952
Valero Energy Corp.	58,130		1,145,161
Venoco, Inc.*	1,900		24,377
W&T Offshore, Inc.^	7,400		62,160
Warren Resources, Inc.*	5,800		14,616
Westmoreland Coal Co.*^	500		6,310
World Fuel Services Corp.	13,100		348,984
Zion Oil & Gas, Inc.*^	3,690		22,841
			14,582,749
Total Energy			23,786,165
Financials (7.0%)
Capital Markets (3.6%)
Affiliated Managers Group, Inc.*^	30,780		2,431,620
Ameriprise Financial, Inc.	40,360		1,830,730
Artio Global Investors, Inc.	700		17,318
BGC Partners, Inc., Class A	3,700		22,607
Broadpoint Gleacher Securities, Inc.*^	13,800		55,200
Calamos Asset Management, Inc., Class A	400		5,736
Cohen & Steers, Inc.	2,200		54,912
Diamond Hill Investment Group, Inc.	500		34,300
Duff & Phelps Corp., Class A	4,200		70,308
Eaton Vance Corp.	26,000		872,040
Epoch Holding Corp.^	2,600		29,354
Evercore Partners, Inc., Class A^	20,300		609,000
FBR Capital Markets Corp.*	400		1,820
Federated Investors, Inc., Class B	18,500		488,030
GAMCO Investors, Inc., Class A	900		40,950
GFI Group, Inc.	13,500		78,030
GLG Partners, Inc.*	46,500		142,755
Greenhill & Co., Inc.	15,670		1,286,350
International Assets Holding Corp.*	700		10,479
Invesco Ltd.	49,730		1,089,584
Investment Technology Group, Inc.*	900		15,021
Janus Capital Group, Inc.	102,400		1,463,296
Jefferies Group, Inc.^	19,400		459,198
JMP Group, Inc.	300		2,550
KBW, Inc.*	32,420		872,098
Knight Capital Group, Inc., Class A*	10,100		154,025
Kohlberg Capital Corp.^	100		566
Lazard Ltd., Class A^	38,780		1,384,446
Main Street Capital Corp.	1,165		18,186
MF Global Holdings Ltd.*^	6,400		51,648
optionsXpress Holdings, Inc.*	10,300		167,787
Penson Worldwide, Inc.*	3,100		31,217
Pzena Investment Management, Inc., Class A*	2,800		21,364
Riskmetrics Group, Inc.*^	4,900		110,789
Safeguard Scientifics, Inc.*	1,566		20,358
SEI Investments Co.	26,800		588,796
Stifel Financial Corp.*^	32,680		1,756,550

See Notes to Portfolio of Investments.

104

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
SWS Group, Inc.^	400	$	4,612
Teton Advisors, Inc., Class B*^†	10		104
Thomas Weisel Partners Group, Inc.*	100		392
TradeStation Group, Inc.*	2,700		18,927
U.S. Global Investors, Inc., Class A	1,800		17,802
Waddell & Reed Financial, Inc., Class A	55,490		1,999,860
Westwood Holdings Group, Inc.	1,100		40,480
			18,371,195
Commercial Banks (0.7%)
Ames National Corp.^	100		2,005
Arrow Financial Corp.^	1,442		38,775
Bank of Marin Bancorp/California^	500		16,540
Bank of the Ozarks, Inc.^	200		7,038
BOK Financial Corp.	1,300		68,172
Bridge Bancorp, Inc.	600		14,040
CapitalSource, Inc.	7,900		44,161
Cardinal Financial Corp.	2,800		29,904
Cathay General Bancorp	6,400		74,560
Centerstate Banks, Inc.	500		6,125
City Holding Co.	400		13,716
CNB Financial Corp./Pennsylvania^	300		4,632
Commerce Bancshares, Inc./Missouri	4,340		178,548
Danvers Bancorp, Inc.^	300		4,149
Enterprise Financial Services Corp.	400		4,424
First Financial Bankshares, Inc.^	2,600		134,030
First Interstate Bancsystem, Inc.	20,500		333,125
First Midwest Bancorp, Inc./Illinois^	27,700		375,335
Glacier Bancorp, Inc.^	20,400		310,692
Great Southern Bancorp, Inc.	600		13,464
Hancock Holding Co.	500		20,905
IBERIABANK Corp.^	5,900		354,059
Nara Bancorp, Inc.*	2,000		17,520
Orrstown Financial Services, Inc.	500		12,685
Peapack Gladstone Financial Corp.	15		236
Penns Woods Bancorp, Inc.	100		3,355
PrivateBancorp, Inc.	7,800		106,860
Republic Bancorp, Inc./Kentucky, Class A	200		3,768
Signature Bank/New York*	28,400		1,052,220
Southside Bancshares, Inc.	700		15,099
Suffolk Bancorp^	1,600		49,136
SVB Financial Group*	400		18,664
SY Bancorp, Inc.	1,200		27,300
Texas Capital Bancshares, Inc.*	800		15,192
Tompkins Financial Corp.^	770		28,089
Westamerica Bancorp^	3,400		196,010
Wilshire Bancorp, Inc.^	300		3,309
			3,597,842
Consumer Finance (0.2%)
Advance America Cash Advance Centers, Inc.	8,200		47,724
AmeriCredit Corp.*	5,500		130,680
Cardtronics, Inc.*^	2,900		36,453
CompuCredit Holdings Corp.^	300		1,548
Credit Acceptance Corp.*	1,100		45,364
Dollar Financial Corp.*	5,000		120,300
EZCORP, Inc., Class A*	10,800		222,480
First Cash Financial Services, Inc.*	5,700		122,949
Nelnet, Inc., Class A	1,200		22,272
Rewards Network, Inc.	33		442
Student Loan Corp.	100		3,553
			753,765
Diversified Financial Services (0.2%)
Asset Acceptance Capital Corp.*	200		1,262
Life Partners Holdings, Inc.	1,575		34,918
MarketAxess Holdings, Inc.	7,900		124,267
MSCI, Inc., Class A*	22,400		808,640
NewStar Financial, Inc.*	500		3,190
PICO Holdings, Inc.*	2,300		85,537
Portfolio Recovery Associates, Inc.*	3,700		203,019
			1,260,833
Insurance (0.9%)
Amtrust Financial Services, Inc.	300		4,185
Arthur J. Gallagher & Co.	20,500		503,275
Assured Guaranty Ltd.^	2,900		63,713
Axis Capital Holdings Ltd.	8,200		256,332
Brown & Brown, Inc.	18,700		335,104
Citizens, Inc./Texas*	7,600		52,516
Crawford & Co., Class B*	2,100		8,547
eHealth, Inc.*	5,900		92,925
Endurance Specialty Holdings Ltd.	3,700		137,455
Erie Indemnity Co., Class A	4,500		194,085
FBL Financial Group, Inc., Class A	1,400		34,272
Fidelity National Financial, Inc., Class A	6,100		90,402
First Mercury Financial Corp.	800		10,424
Genworth Financial, Inc., Class A*	131,900		2,419,046
Hanover Insurance Group, Inc.	300		13,083
Phoenix Cos., Inc.*^	100		242
Primerica, Inc.*	6,800		102,000
Reinsurance Group of America, Inc.	800		42,016
RLI Corp.^	1,600		91,232
Safety Insurance Group, Inc.	400		15,068
Symetra Financial Corp.*	2,600		34,268
Tower Group, Inc.	7,900		175,143
Universal Insurance Holdings, Inc.	100		506
Validus Holdings Ltd.	2,600		71,578
			4,747,417
Real Estate Investment Trusts (REITs) (0.9%)
Acadia Realty Trust (REIT)	2,300		41,078
Alexander’s, Inc. (REIT)*^	200		59,826
Alexandria Real Estate Equities, Inc. (REIT)^	1,800		121,680
Digital Realty Trust, Inc. (REIT)^	17,300		937,660
DuPont Fabros Technology, Inc. (REIT)	3,100		66,929
EastGroup Properties, Inc. (REIT)	3,400		128,316
Equity Lifestyle Properties, Inc. (REIT)	3,300		177,804
Federal Realty Investment Trust (REIT)	1,300		94,653
FelCor Lodging Trust, Inc. (REIT)*^	76,200		434,340
Getty Realty Corp. (REIT)	1,400		32,760
Health Care REIT, Inc. (REIT)	13,600		615,128
Invesco Mortgage Capital, Inc. (REIT)	200		4,600
iStar Financial, Inc. (REIT)*^	58,700		269,433
LTC Properties, Inc. (REIT)	600		16,236
Mid-America Apartment Communities, Inc. (REIT)	2,900		150,191
Nationwide Health Properties, Inc. (REIT)	18,900		664,335
Omega Healthcare Investors, Inc. (REIT)^	2,600		50,674
Piedmont Office Realty Trust, Inc. (REIT), Class A	1,400		27,790
Potlatch Corp. (REIT)	4,200		147,168
PS Business Parks, Inc. (REIT)	1,100		58,740
Rayonier, Inc. (REIT)	7,600		345,268
Redwood Trust, Inc. (REIT)	1,300		20,046

See Notes to Portfolio of Investments.

105

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Saul Centers, Inc. (REIT)	800	$	33,120
Tanger Factory Outlet Centers (REIT)	4,500		194,220
Universal Health Realty Income Trust (REIT)	1,400		49,476
Washington Real Estate Investment Trust (REIT)	900		27,495
			4,768,966
Real Estate Management & Development (0.3%)
CB Richard Ellis Group, Inc., Class A*	60,800		963,680
St. Joe Co.*^	21,100		682,585
Tejon Ranch Co.*^	2,800		85,456
			1,731,721
Thrifts & Mortgage Finance (0.2%)
Brookline Bancorp, Inc.	3,600		38,304
Capitol Federal Financial	4,300		161,078
Cheviot Financial Corp.	100		922
Clifton Savings Bancorp, Inc.	200		1,854
Kearny Financial Corp.	900		9,387
Kentucky First Federal Bancorp	100		1,049
Northwest Bancshares, Inc.	52,200		612,828
Oritani Financial Corp.^	1,600		25,712
Roma Financial Corp.	900		11,286
Territorial Bancorp, Inc.	300		5,709
TFS Financial Corp.	1,200		16,020
TrustCo Bank Corp. NY/New York^	6,200		38,254
ViewPoint Financial Group	2,200		35,662
			958,065
Total Financials			36,189,804
Health Care (18.3%)
Biotechnology (4.3%)
Abraxis Bioscience, Inc.*	1,500		77,625
Acorda Therapeutics, Inc.*	8,900		304,380
Affymax, Inc.*^	4,300		100,749
Alexion Pharmaceuticals, Inc.*	33,640		1,829,007
Alkermes, Inc.*	21,400		277,558
Allos Therapeutics, Inc.*	17,700		131,511
Alnylam Pharmaceuticals, Inc.*	8,800		149,776
AMAG Pharmaceuticals, Inc.*^	5,000		174,550
Amicus Therapeutics, Inc.*	3,800		12,122
Amylin Pharmaceuticals, Inc.*	47,175		1,060,966
Arena Pharmaceuticals, Inc.*^	21,600		66,960
ARIAD Pharmaceuticals, Inc.*	27,300		92,820
ArQule, Inc.*	3,000		17,280
Array BioPharma, Inc.*^	8,900		24,386
AVI BioPharma, Inc.*	17,100		20,349
BioCryst Pharmaceuticals, Inc.*^	5,000		32,850
BioMarin Pharmaceutical, Inc.*^	54,600		1,276,002
Biospecifics Technologies Corp.*^	900		24,975
Cardium Therapeutics, Inc.*	9,700		4,273
Celera Corp.*	5,000		35,500
Cell Therapeutics, Inc.*	124,900		67,533
Celldex Therapeutics, Inc.*	4,600		28,244
Cepheid, Inc.*^	13,800		241,224
Chelsea Therapeutics International, Inc.*	5,900		20,945
Clinical Data, Inc.*	3,500		67,900
Cubist Pharmaceuticals, Inc.*	13,100		295,274
Curis, Inc.*^	14,400		44,208
Cytokinetics, Inc.*	10,100		32,320
Cytori Therapeutics, Inc.*	6,000		27,360
Dendreon Corp.*	58,400		2,129,848
Dyax Corp.*^	15,500		52,855
Emergent Biosolutions, Inc.*	4,300		72,197
Enzon Pharmaceuticals, Inc.*	12,700		129,286
Exelixis, Inc.*	25,900		157,213
Facet Biotech Corp.*	1,100		29,689
Genomic Health, Inc.*	3,700		65,083
Geron Corp.*^	11,500		65,320
GTx, Inc.*	2,700		9,018
Halozyme Therapeutics, Inc.*	16,500		131,835
Hemispherx Biopharma, Inc.*	27,600		20,424
Human Genome Sciences, Inc.*^	63,900		1,929,780
Idenix Pharmaceuticals, Inc.*	6,000		16,920
Idera Pharmaceuticals, Inc.*	3,600		22,356
Immunogen, Inc.*	14,100		114,069
Immunomedics, Inc.*	14,800		49,136
Incyte Corp.*^	46,700		651,932
Infinity Pharmaceuticals, Inc.*^	700		4,270
Insmed, Inc.*	31,200		36,816
InterMune, Inc.*	14,200		632,894
Isis Pharmaceuticals, Inc.*	21,300		232,596
Lexicon Pharmaceuticals, Inc.*^	15,000		22,200
Ligand Pharmaceuticals, Inc., Class B*	24,500		42,875
MannKind Corp.*	13,400		87,904
Martek Biosciences Corp.*^	1,500		33,765
Maxygen, Inc.*	5,300		34,821
Medivation, Inc.*	6,500		68,185
Metabolix, Inc.*	4,500		54,810
Micromet, Inc.*	14,500		117,160
Molecular Insight Pharmaceuticals, Inc.*^	4,200		5,502
Momenta Pharmaceuticals, Inc.*	9,500		142,215
Myriad Genetics, Inc.*	38,200		918,710
Myriad Pharmaceuticals, Inc.*	3,625		16,385
Nabi Biopharmaceuticals*	8,500		46,495
Nanosphere, Inc.*	1,400		6,706
Neurocrine Biosciences, Inc.*^	8,700		22,185
NeurogesX, Inc.*^	1,500		14,100
Novavax, Inc.*^	15,400		35,574
NPS Pharmaceuticals, Inc.*	11,200		56,448
Omeros Corp.*^	1,400		9,856
OncoGenex Pharmaceutical, Inc.*	1,000		20,530
Onyx Pharmaceuticals, Inc.*	44,260		1,340,193
Opko Health, Inc.*^	13,800		27,324
Orexigen Therapeutics, Inc.*	7,400		43,586
OSI Pharmaceuticals, Inc.*	16,100		958,755
Osiris Therapeutics, Inc.*	4,700		34,780
OXiGENE, Inc.*^	14,600		17,958
PDL BioPharma, Inc.^	28,900		179,469
Pharmasset, Inc.*	5,200		139,360
Poniard Pharmaceuticals, Inc.*^	11,200		12,880
Progenics Pharmaceuticals, Inc.*	3,200		17,056
Protalix BioTherapeutics, Inc.*	9,100		59,696
Regeneron Pharmaceuticals, Inc.*^	40,100		1,062,249
Repligen Corp.*	4,800		19,488
Rigel Pharmaceuticals, Inc.*	12,400		98,828
Sangamo BioSciences, Inc.*^	9,500		51,490
Savient Pharmaceuticals, Inc.*	30,600		442,170
Sciclone Pharmaceuticals, Inc.*	6,100		21,533
Seattle Genetics, Inc.*^	38,500		459,690
SIGA Technologies, Inc.*^	6,000		39,780
Spectrum Pharmaceuticals, Inc.*	10,000		46,100
StemCells, Inc.*^	21,200		24,592
Synta Pharmaceuticals Corp.*	2,900		12,499
Talecris Biotherapeutics Holdings Corp.*	11,100		221,112
Theravance, Inc.*	15,400		205,128

See Notes to Portfolio of Investments.

106

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Transcept Pharmaceuticals, Inc.*^	25,400	$	201,930
United Therapeutics Corp.*	22,200		1,228,326
Vanda Pharmaceuticals, Inc.*	6,800		78,472
Vical, Inc.*^	8,400		28,224
ZymoGenetics, Inc.*	12,000		68,760
			21,990,038
Health Care Equipment & Supplies (4.4%)
Abaxis, Inc.*^	5,400		146,826
ABIOMED, Inc.*^	7,800		80,574
Accuray, Inc.*^	8,300		50,547
AGA Medical Holdings, Inc.*	3,200		52,000
Align Technology, Inc.*^	30,900		597,606
Alphatec Holdings, Inc.*	7,500		47,775
American Medical Systems Holdings, Inc.*^	67,000		1,244,860
Analogic Corp.	2,100		89,733
AngioDynamics, Inc.*	1,400		21,868
Atrion Corp.	300		42,912
ATS Medical, Inc.*	11,800		30,680
Beckman Coulter, Inc.	19,760		1,240,928
Bovie Medical Corp.*^	2,700		16,875
Cantel Medical Corp.	2,200		43,670
Cardiac Science Corp.*	600		1,122
Cardiovascular Systems, Inc.*	3,700		19,647
Conceptus, Inc.*	7,500		149,700
CryoLife, Inc.*	4,900		31,703
Cyberonics, Inc.*^	6,700		128,372
Delcath Systems, Inc.*	6,500		52,650
DexCom, Inc.*	115,500		1,123,815
Edwards Lifesciences Corp.*	21,950		2,170,416
Electro-Optical Sciences, Inc.*^	4,400		32,648
Endologix, Inc.*^	11,000		44,440
EnteroMedics, Inc.*	3,800		1,938
Exactech, Inc.*	1,900		39,843
Gen-Probe, Inc.*	10,900		545,000
Greatbatch, Inc.*	4,400		93,236
Haemonetics Corp.*	5,800		331,470
Hansen Medical, Inc.*	5,000		11,450
HeartWare International, Inc.*	1,700		75,599
Hill-Rom Holdings, Inc.	5,100		138,771
Hologic, Inc.*	89,230		1,654,324
ICU Medical, Inc.*	3,100		106,795
IDEXX Laboratories, Inc.*^	13,200		759,660
Immucor, Inc.*	15,900		356,001
Insulet Corp.*	8,600		129,774
Integra LifeSciences Holdings Corp.*	4,300		188,469
Intuitive Surgical, Inc.*	1,863		648,566
Invacare Corp.	3,300		87,582
Inverness Medical Innovations, Inc.*	8,300		323,285
IRIS International, Inc.*	4,400		44,924
Kensey Nash Corp.*	1,700		40,103
Kinetic Concepts, Inc.*	4,500		215,145
MAKO Surgical Corp.*	4,600		62,008
Masimo Corp.	54,380		1,443,789
Medical Action Industries, Inc.*	2,800		34,356
Meridian Bioscience, Inc.^	9,200		187,404
Merit Medical Systems, Inc.*^	7,000		106,750
Micrus Endovascular Corp.*	4,000		78,880
Natus Medical, Inc.*	5,400		85,914
Neogen Corp.*	4,950		124,245
NuVasive, Inc.*^	20,060		906,712
NxStage Medical, Inc.*^	6,000		68,700
OraSure Technologies, Inc.*	9,700		57,521
Orthofix International N.V.*	4,200		152,796
Orthovita, Inc.*	17,300		73,698
Palomar Medical Technologies, Inc.*	2,200		23,892
Quidel Corp.*^	6,600		95,964
ResMed, Inc.*^	31,300		1,992,245
Rochester Medical Corp.*	1,600		20,512
Rockwell Medical Technologies, Inc.*	3,000		17,340
RTI Biologics, Inc.*	2,700		11,691
Sirona Dental Systems, Inc.*	7,400		281,422
Somanetics Corp.*	2,800		53,592
SonoSite, Inc.*	3,700		118,807
Spectranetics Corp.*	7,700		53,207
Stereotaxis, Inc.*^	6,700		33,567
STERIS Corp.	24,100		811,206
SurModics, Inc.*^	4,000		83,760
Symmetry Medical, Inc.*	1,500		15,060
Synovis Life Technologies, Inc.*	2,000		31,060
Teleflex, Inc.	3,500		224,245
Thoratec Corp.*^	12,400		414,780
TomoTherapy, Inc.*	4,000		13,640
TranS1, Inc.*	5,500		17,875
Utah Medical Products, Inc.	800		22,504
Vascular Solutions, Inc.*	2,700		24,273
Volcano Corp.*^	45,400		1,096,864
West Pharmaceutical Services, Inc.	7,500		314,625
Wright Medical Group, Inc.*	9,300		165,261
Young Innovations, Inc.^	1,000		28,160
Zoll Medical Corp.*	4,600		121,256
			22,722,883
Health Care Providers & Services (3.6%)
Air Methods Corp.*	2,700		91,800
Alliance HealthCare Services, Inc.*^	7,300		41,026
Allied Healthcare International, Inc.*^	100		272
Almost Family, Inc.*	2,100		79,149
Amedisys, Inc.*^	5,700		314,754
America Service Group, Inc.	1,300		20,917
American Caresource Holding, Inc.*	2,600		4,602
American Dental Partners, Inc.*	1,200		15,660
AMERIGROUP Corp.*	11,900		395,556
AMN Healthcare Services, Inc.*	7,200		63,360
Bio-Reference Labs, Inc.*	3,000		131,910
BioScrip, Inc.*^	9,900		79,002
CardioNet, Inc.*	4,400		33,660
Catalyst Health Solutions, Inc.*	8,100		335,178
Centene Corp.*	5,500		132,220
Chemed Corp.	5,200		282,776
Chindex International, Inc.*^	2,200		25,982
Clarient, Inc.*	7,500		19,650
Community Health Systems, Inc.*	33,100		1,222,383
Continuecare Corp.*	6,300		23,310
Corvel Corp.*	1,900		67,925
Coventry Health Care, Inc.*	46,140		1,140,581
Cross Country Healthcare, Inc.*	700		7,077
Emdeon, Inc., Class A*	4,800		79,296
Emergency Medical Services Corp., Class A*	23,200		1,311,960
Emeritus Corp.*^	4,900		99,715
Ensign Group, Inc.	2,700		46,791
Genoptix, Inc.*^	4,200		149,058
Gentiva Health Services, Inc.*	2,900		82,012
Hanger Orthopedic Group, Inc.*	1,600		29,088
Health Grades, Inc.*	4,300		27,348
Health Management Associates, Inc., Class A*	54,900		472,140
HealthSouth Corp.*^	20,900		390,830
Healthways, Inc.*	400		6,428

See Notes to Portfolio of Investments.

107

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
HMS Holdings Corp.*^	23,860	$	1,216,621
Humana, Inc.*	25,810		1,207,134
inVentiv Health, Inc.*	2,900		65,134
IPC The Hospitalist Co., Inc.*	4,000		140,440
Landauer, Inc.	1,500		97,830
LCA-Vision, Inc.*	1,500		12,480
LHC Group, Inc.*^	3,800		127,414
Lincare Holdings, Inc.*	43,100		1,934,328
Magellan Health Services, Inc.*	17,000		739,160
MEDNAX, Inc.*	3,200		186,208
Metropolitan Health Networks, Inc.*	10,100		32,623
MWI Veterinary Supply, Inc.*	11,700		472,680
National Healthcare Corp.	900		31,842
NovaMed, Inc.*	600		2,040
Odyssey HealthCare, Inc.*	4,300		77,873
Omnicare, Inc.	10,600		299,874
Owens & Minor, Inc.	7,200		334,008
Patterson Cos., Inc.	22,700		704,835
PharMerica Corp.*	7,600		138,472
Providence Service Corp.*	2,600		39,494
PSS World Medical, Inc.*^	13,600		319,736
Psychiatric Solutions, Inc.*	32,600		971,480
RadNet, Inc.*	8,700		27,666
RehabCare Group, Inc.*	4,800		130,896
Select Medical Holdings Corp.*	2,300		19,412
Team Health Holdings, Inc.*	2,700		45,360
Tenet Healthcare Corp.*	74,000		423,280
Triple-S Management Corp., Class B*^	300		5,325
U.S. Physical Therapy, Inc.*	1,300		22,620
Universal Health Services, Inc., Class B	800		28,072
VCA Antech, Inc.*^	48,300		1,353,849
Virtual Radiologic Corp.*^	1,500		16,500
			18,448,102
Health Care Technology (1.4%)
Allscripts-Misys Healthcare Solutions, Inc.*^	13,900		271,884
AMICAS, Inc.*	6,600		39,732
athenahealth, Inc.*^	26,400		965,184
Computer Programs & Systems, Inc.	2,200		85,976
Eclipsys Corp.*	12,700		252,476
MedAssets, Inc.*^	39,500		829,500
Medidata Solutions, Inc.*^	18,031		274,071
Merge Healthcare, Inc.*	6,500		13,455
Omnicell, Inc.*	5,800		81,374
Phase Forward, Inc.*	81,800		1,069,126
Quality Systems, Inc.	12,000		737,280
SXC Health Solutions Corp.*	38,330		2,578,843
Transcend Services, Inc.*^	1,600		26,000
Vital Images, Inc.*	2,300		37,191
			7,262,092
Life Sciences Tools & Services (1.9%)
Accelrys, Inc.*	4,600		28,336
Affymetrix, Inc.*	14,200		104,228
BioDelivery Sciences International, Inc.*^	4,500		17,235
Bio-Rad Laboratories, Inc., Class A*	4,200		434,784
Bruker Corp.*	10,500		153,825
Cambrex Corp.*	4,400		17,820
Charles River Laboratories International, Inc.*	9,600		377,376
Covance, Inc.*	14,300		877,877
Dionex Corp.*	4,000		299,120
Enzo Biochem, Inc.*	4,300		25,886
eResearchTechnology, Inc.*	11,200		77,392
Harvard Bioscience, Inc.*	2,600		10,062
Kendle International, Inc.*	800		13,984
Luminex Corp.*	10,100		169,983
Mettler-Toledo International, Inc.*	7,500		819,000
Millipore Corp.*	12,700		1,341,120
PAREXEL International Corp.*^	66,400		1,547,784
PerkinElmer, Inc.	5,300		126,670
Pharmaceutical Product Development, Inc.	64,900		1,541,375
QIAGEN N.V.*^	35,600		818,444
Sequenom, Inc.*^	36,450		229,999
Techne Corp.	8,300		528,627
Varian, Inc.*	1,500		77,670
			9,638,597
Pharmaceuticals (2.7%)
Acura Pharmaceuticals, Inc.*	1,400		7,546
Adolor Corp.*	3,700		6,660
Akorn, Inc.*	8,400		12,852
Ardea Biosciences, Inc.*^	15,300		279,378
ARYx Therapeutics, Inc.*^	5,200		4,524
Auxilium Pharmaceuticals, Inc.*	61,875		1,928,025
AVANIR Pharmaceuticals, Inc., Class A*	11,500		26,680
Biodel, Inc.*	3,000		12,810
BioMimetic Therapeutics, Inc.*^	3,794		49,891
BMP Sunstone Corp.*	6,900		34,914
Cadence Pharmaceuticals, Inc.*^	58,400		533,192
Caraco Pharmaceutical Laboratories Ltd.*	900		5,391
Cornerstone Therapeutics, Inc.*	100		635
Cumberland Pharmaceuticals, Inc.*^	1,500		15,795
Cypress Bioscience, Inc.*	7,400		36,260
Depomed, Inc.*^	9,600		34,080
Discovery Laboratories, Inc.*^	25,100		13,052
Durect Corp.*	19,300		58,093
Hi-Tech Pharmacal Co., Inc.*	500		11,070
Impax Laboratories, Inc.*	56,400		1,008,432
Inspire Pharmaceuticals, Inc.*	15,400		96,096
Ironwood Pharmaceuticals, Inc.*	20,600		278,512
ISTA Pharmaceuticals, Inc.*	5,700		23,199
Javelin Pharmaceuticals, Inc.*	17,100		22,059
KV Pharmaceutical Co., Class A*^	2,400		4,224
Lannett Co., Inc.*	900		3,825
MAP Pharmaceuticals, Inc.*^	21,800		346,402
Matrixx Initiatives, Inc.*	3,900		19,773
Medicines Co.*	9,500		74,480
Medicis Pharmaceutical Corp., Class A^	29,300		737,188
MiddleBrook Pharmaceuticals, Inc.*^	9,900		2,970
Mylan, Inc.*	52,830		1,199,769
Nektar Therapeutics*^	40,300		612,963
Obagi Medical Products, Inc.*	3,600		43,848
Optimer Pharmaceuticals, Inc.*	7,300		89,644
Pain Therapeutics, Inc.*	7,700		48,279
Penwest Pharmaceuticals Co.*	79,500		274,275
Perrigo Co.^	17,900		1,051,088
Pozen, Inc.*	6,000		57,480
Questcor Pharmaceuticals, Inc.*^	13,300		109,459
Repros Therapeutics, Inc.*^	2,400		1,620
Salix Pharmaceuticals Ltd.*	36,800		1,370,800
Santarus, Inc.*	13,100		70,478
Shionogi & Co., Ltd.	52,430		997,118
Sucampo Pharmaceuticals, Inc., Class A*	4,700		16,779

See Notes to Portfolio of Investments.

108

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
SuperGen, Inc.*	6,100	$	19,520
Valeant Pharmaceuticals International*^	14,600		626,486
ViroPharma, Inc.*	3,900		53,157
Vivus, Inc.*	19,300		168,296
Watson Pharmaceuticals, Inc.*	35,400		1,478,658
XenoPort, Inc.*	7,700		71,302
			14,049,027
Total Health Care			94,110,739
Industrials (14.4%)
Aerospace & Defense (1.7%)
AAR Corp.*	800		19,856
Aerovironment, Inc.*	17,400		454,314
Alliant Techsystems, Inc.*	7,300		593,490
American Science & Engineering, Inc.	2,300		172,316
Applied Signal Technology, Inc.	2,800		54,824
Argon ST, Inc.*	3,100		82,491
Ascent Solar Technologies, Inc.*	100		385
Astronics Corp.*^	2,800		27,468
BE Aerospace, Inc.*^	63,310		1,927,790
Cubic Corp.	3,600		129,600
DigitalGlobe, Inc.*	17,100		477,945
DynCorp International, Inc., Class A*	800		9,192
Esterline Technologies Corp.*	2,200		108,746
GenCorp, Inc.*	10,300		59,328
GeoEye, Inc.*	4,300		126,850
HEICO Corp.^	21,700		1,118,852
Hexcel Corp.*^	76,880		1,110,147
LMI Aerospace, Inc.*	500		9,290
Orbital Sciences Corp.*	13,500		256,635
Rockwell Collins, Inc.	19,600		1,226,764
Spirit AeroSystems Holdings, Inc., Class A*	7,400		173,012
Stanley, Inc.*	3,000		84,870
Taser International, Inc.*	15,400		90,244
Teledyne Technologies, Inc.*	2,700		111,429
TransDigm Group, Inc.	8,900		472,056
			8,897,894
Air Freight & Logistics (0.3%)
Air Transport Services Group, Inc.*	4,900		16,513
Dynamex, Inc.*	1,600		27,520
Expeditors International of Washington, Inc.	31,360		1,157,811
Forward Air Corp.^	3,600		94,680
Hub Group, Inc., Class A*	4,500		125,910
UTi Worldwide, Inc.	20,600		315,592
			1,738,026
Airlines (1.2%)
AirTran Holdings, Inc.*	28,900		146,812
Alaska Air Group, Inc.*	500		20,615
Allegiant Travel Co.*^	21,900		1,267,134
AMR Corp.*^	76,300		695,093
Continental Airlines, Inc., Class B*^	31,500		692,055
Copa Holdings S.A., Class A	6,800		413,440
Hawaiian Holdings, Inc.*	12,800		94,336
JetBlue Airways Corp.*	179,300		1,000,494
Republic Airways Holdings, Inc.*	300		1,776
U.S. Airways Group, Inc.*	165,240		1,214,514
UAL Corp.*	35,600		695,980
			6,242,249
Building Products (0.8%)
AAON, Inc.	3,400		76,908
Apogee Enterprises, Inc.^	500		7,905
Armstrong World Industries, Inc.*	1,800		65,358
Builders FirstSource, Inc.*	9,472		29,837
Lennox International, Inc.	25,333		1,122,758
Masco Corp.	116,650		1,810,408
NCI Building Systems, Inc.*	20		221
Owens Corning, Inc.*	8,300		211,152
Quanex Building Products Corp.	5,600		92,568
Simpson Manufacturing Co., Inc.	27,500		763,400
Trex Co., Inc.*	2,900		61,741
			4,242,256
Commercial Services & Supplies (1.6%)
ABM Industries, Inc.	2,300		48,760
American Reprographics Co.*	7,800		69,966
APAC Customer Services, Inc.*	7,400		42,550
ATC Technology Corp.*^	3,800		65,208
Brink’s Co	10,500		296,415
Cenveo, Inc.*	13,200		114,312
Clean Harbors, Inc.*^	17,900		994,524
Copart, Inc.*	14,900		530,440
Corrections Corp. of America*	72,286		1,435,600
Deluxe Corp.	5,600		108,752
EnergySolutions, Inc.	2,500		16,075
EnerNOC, Inc.*	3,500		103,880
Fuel Tech, Inc.*	3,000		24,060
GEO Group, Inc.*	9,300		184,326
Healthcare Services Group, Inc.^	9,800		219,422
Heritage-Crystal Clean, Inc.*	600		6,780
Herman Miller, Inc.^	12,700		229,362
HNI Corp.	6,900		183,747
Innerworkings, Inc.*	4,300		22,360
Interface, Inc., Class A	11,900		137,802
KAR Auction Services, Inc.*	3,900		58,734
Knoll, Inc.	11,700		131,625
McGrath RentCorp	800		19,384
Mine Safety Appliances Co.^	5,600		156,576
Mobile Mini, Inc.*^	62,100		961,929
Multi-Color Corp.	1,400		16,772
North American Galvanizing & Coatings, Inc.*	2,300		12,788
Perma-Fix Environmental Services*	9,200		20,608
Rollins, Inc.	9,300		201,624
Standard Parking Corp.*	400		6,568
Standard Register Co.^	1,700		9,095
Sykes Enterprises, Inc.*	9,181		209,694
Team, Inc.*	4,600		76,314
Tetra Tech, Inc.*	31,600		728,064
U.S. Ecology, Inc.	4,200		67,620
Viad Corp.^	600		12,330
Waste Connections, Inc.*	12,900		438,084
Waste Services, Inc.*	500		4,945
			7,967,095
Construction & Engineering (0.3%)
Aecom Technology Corp.*	20,900		592,933
Argan, Inc.*^	1,900		24,700
EMCOR Group, Inc.*	4,200		103,446
Furmanite Corp.*	4,200		21,798
Granite Construction, Inc.	500		15,110
Great Lakes Dredge & Dock Corp.	7,100		37,275
MasTec, Inc.*	8,700		109,707
Michael Baker Corp.*	2,100		72,408
MYR Group, Inc.*	4,500		73,395
Orion Marine Group, Inc.*	6,600		119,130
Pike Electric Corp.*	1,500		13,980
Primoris Services Corp.^	2,000		15,480
Shaw Group, Inc.*	15,100		519,742

See Notes to Portfolio of Investments.

109

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Sterling Construction Co., Inc.*	300	$	4,716
			1,723,820
Electrical Equipment (1.4%)
A123 Systems, Inc.*	4,000		54,960
Acuity Brands, Inc.	7,300		308,133
Advanced Battery Technologies, Inc.*	11,900		46,410
American Superconductor Corp.*	9,700		280,330
AMETEK, Inc.^	46,960		1,946,962
AZZ, Inc.	3,100		104,935
Baldor Electric Co.^	31,080		1,162,392
Broadwind Energy, Inc.*	9,500		42,465
Ener1, Inc.*	13,400		63,382
Energy Conversion Devices, Inc.*	9,500		74,385
Evergreen Solar, Inc.*^	16,400		18,532
FuelCell Energy, Inc.*^	13,800		38,916
Generac Holdings, Inc.*	1,600		22,416
GrafTech International Ltd.*	9,900		135,333
GT Solar International, Inc.*^	7,100		37,133
Harbin Electric, Inc.*	3,500		75,565
Hubbell, Inc., Class B	1,100		55,473
II-VI, Inc.*	3,900		131,976
LaBarge, Inc.*	2,300		25,415
Lihua International, Inc.*	400		3,672
Microvision, Inc.*^	17,500		49,350
Polypore International, Inc.*	2,100		36,666
Powell Industries, Inc.*	2,100		68,313
PowerSecure International, Inc.*	100		788
Preformed Line Products Co.	500		19,075
Regal-Beloit Corp.	14,060		835,304
Roper Industries, Inc.	17,700		1,023,768
SatCon Technology Corp.*	13,800		33,534
Thomas & Betts Corp.*	3,300		129,492
Ultralife Corp.*^	2,700		10,827
Valence Technology, Inc.*^	1,300		1,105
Vicor Corp.*	2,500		34,525
Woodward Governor Co.	10,500		335,790
			7,207,322
Industrial Conglomerates (0.1%)
Carlisle Cos., Inc.	3,200		121,920
Raven Industries, Inc.	3,700		109,113
			231,033
Machinery (3.7%)
3D Systems Corp.*	3,000		40,950
Actuant Corp., Class A^	47,480		928,234
Altra Holdings, Inc.*	900		12,357
Ampco-Pittsburgh Corp.	1,000		24,820
Badger Meter, Inc.^	3,700		142,487
Blount International, Inc.*	3,700		38,332
Bucyrus International, Inc.^	22,020		1,453,100
Chart Industries, Inc.*	6,100		122,000
China Fire & Security Group, Inc.*^	3,000		38,910
CLARCOR, Inc.	3,900		134,511
Colfax Corp.*	2,300		27,071
Crane Co.^	5,300		188,150
Donaldson Co., Inc.	17,300		780,576
Duoyuan Printing, Inc.*	600		6,480
Dynamic Materials Corp.	2,800		43,736
Energy Recovery, Inc.*	8,500		53,550
ESCO Technologies, Inc.	6,000		190,860
Flow International Corp.*^	6,900		20,769
Force Protection, Inc.*	16,200		97,524
Gorman-Rupp Co.^	2,100		53,424
Graco, Inc.	5,600		179,200
Graham Corp.	1,100		19,789
Harsco Corp.	12,800		408,832
IDEX Corp.	33,630		1,113,153
Ingersoll-Rand plc	63,540		2,215,640
Joy Global, Inc.	18,640		1,055,024
Kaydon Corp.	17,600		661,760
K-Tron International, Inc.*	400		59,988
Lincoln Electric Holdings, Inc.	17,540		952,948
Lindsay Corp.	2,900		120,089
Met-Pro Corp.	1,600		15,680
Middleby Corp.*^	3,900		224,601
Navistar International Corp.*	44,230		1,978,408
Nordson Corp.	2,200		149,424
Pall Corp.	26,800		1,085,132
Pentair, Inc.	5,500		195,910
PMFG, Inc.*^	3,100		41,013
Portec Rail Products, Inc.	100		1,162
RBC Bearings, Inc.*	23,800		758,506
Robbins & Myers, Inc.	900		21,438
SmartHeat, Inc.*	1,700		18,258
Snap-On, Inc.	3,300		143,022
Sun Hydraulics Corp.^	1,300		33,774
Tennant Co.	4,400		120,516
Toro Co.^	7,600		373,692
Trimas Corp.*	2,300		14,927
Valmont Industries, Inc.^	12,440		1,030,405
WABCO Holdings, Inc.*	12,800		382,976
Wabtec Corp.^	22,300		939,276
			18,712,384
Marine (0.1%)
Kirby Corp.*^	17,000		648,550
Professional Services (1.3%)
Acacia Research Corp.- Acacia Technologies*^	7,500		81,225
Administaff, Inc.	5,000		106,700
Advisory Board Co.*	3,900		122,850
CBIZ, Inc.*	11,700		76,869
Corporate Executive Board Co.	8,100		215,379
CoStar Group, Inc.*^	4,900		203,448
CRA International, Inc.*	2,100		48,132
Diamond Management & Technology Consultants, Inc.	4,000		31,400
Equifax, Inc.	22,400		801,920
Exponent, Inc.*	3,600		102,672
Franklin Covey Co.*	2,600		20,644
FTI Consulting, Inc.*^	28,700		1,128,484
GP Strategies Corp.*	1,100		9,196
Hill International, Inc.*	4,500		26,235
Huron Consulting Group, Inc.*	16,100		326,830
ICF International, Inc.*	27,600		685,584
IHS, Inc., Class A*	10,800		577,476
Kelly Services, Inc., Class A*	700		11,662
Korn/Ferry International*^	900		15,885
Mistras Group, Inc.*	2,100		20,979
Navigant Consulting, Inc.*	12,000		145,560
Odyssey Marine Exploration, Inc.*	13,500		17,685
On Assignment, Inc.*^	1,000		7,130
Resources Connection, Inc.*	10,900		208,953
Robert Half International, Inc.	34,900		1,062,007
School Specialty, Inc.*	1,400		31,794
Towers Watson & Co., Class A	7,600		361,000
VSE Corp.	700		28,812
			6,476,511
Road & Rail (1.6%)
Avis Budget Group, Inc.*	12,800		147,200
Celadon Group, Inc.*	4,100		57,154

See Notes to Portfolio of Investments.

110

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Con-way, Inc.	3,200	$	112,384
Genesee & Wyoming, Inc., Class A*	26,000		887,120
Heartland Express, Inc.^	7,400		122,100
Hertz Global Holdings, Inc.*	58,540		584,814
J.B. Hunt Transport Services, Inc.^	51,820		1,859,302
Kansas City Southern*	9,400		339,998
Knight Transportation, Inc.^	83,730		1,765,866
Landstar System, Inc.	11,400		478,572
Localiza Rent a Car S.A	118,430		1,245,335
Marten Transport Ltd.*	4,200		82,782
Old Dominion Freight Line, Inc.*	1,200		40,068
Patriot Transportation Holding, Inc.*	300		25,344
RailAmerica, Inc.*	42,500		501,500
USA Truck, Inc.*	500		8,080
			8,257,619
Trading Companies & Distributors (0.3%)
Beacon Roofing Supply, Inc.*	9,100		174,083
GATX Corp.^	4,100		117,465
Houston Wire & Cable Co.	1,900		22,002
Kaman Corp.	5,500		137,555
MSC Industrial Direct Co., Class A	9,400		476,768
RSC Holdings, Inc.*	12,400		98,704
Rush Enterprises, Inc., Class A*	1,800		23,778
Titan Machinery, Inc.*	3,000		41,070
Watsco, Inc.	5,400		307,152
WESCO International, Inc.*^	5,000		173,550
			1,572,127
Total Industrials			73,916,886
Information Technology (26.9%)
Communications Equipment (3.5%)
3Com Corp.*	71,700		551,373
Acme Packet, Inc.*	9,300		179,304
ADC Telecommunications, Inc.*	4,800		35,088
ADTRAN, Inc.	9,100		239,785
Airvana, Inc.*	2,900		22,214
Anaren, Inc.*	2,200		31,328
Arris Group, Inc.*	20,600		247,406
Aruba Networks, Inc.*	13,200		180,312
BigBand Networks, Inc.*	5,900		20,827
Blue Coat Systems, Inc.*^	43,900		1,362,656
Brocade Communications Systems, Inc.*	34,500		196,995
Calix, Inc.*	11,000		147,950
Ciena Corp.*	2,400		36,576
Comtech Telecommunications Corp.*	6,400		204,736
DG FastChannel, Inc.*^	5,000		159,750
Digi International, Inc.*	2,000		21,280
EMS Technologies, Inc.*	2,300		38,180
Emulex Corp.*	17,300		229,744
F5 Networks, Inc.*^	30,980		1,905,580
Finisar Corp.*	48,912		768,407
Harmonic, Inc.*	18,300		115,473
Hughes Communications, Inc.*	2,100		58,485
Infinera Corp.*	20,400		173,808
InterDigital, Inc.*^	9,900		275,814
Ixia*^	150,500		1,395,135
JDS Uniphase Corp.*	24,700		309,491
Juniper Networks, Inc.*	39,740		1,219,223
KVH Industries, Inc.*	3,000		39,570
Loral Space & Communications, Inc.*	2,500		87,800
NETGEAR, Inc.*	2,100		54,810
Network Equipment Technologies, Inc.*^	2,000		11,020
Oplink Communications, Inc.*	3,900		72,306
Opnext, Inc.*	100		236
Palm, Inc.*^	31,700		119,192
Parkervision, Inc.*	12,500		21,250
Plantronics, Inc.	9,900		309,672
Polycom, Inc.*	87,800		2,684,924
Riverbed Technology, Inc.*^	80,790		2,294,436
SeaChange International, Inc.*	2,600		18,668
ShoreTel, Inc.*^	72,500		479,225
Tekelec*	4,900		88,984
ViaSat, Inc.*	43,700		1,512,457
			17,921,470
Computers & Peripherals (1.7%)
3PAR, Inc.*^	7,100		71,000
ActivIdentity Corp.*	200		568
Avid Technology, Inc.*	1,400		19,292
Compellent Technologies, Inc.*	4,000		70,200
Cray, Inc.*^	4,400		26,180
Diebold, Inc.	12,700		403,352
Immersion Corp.*	4,800		24,000
Intermec, Inc.*	14,000		198,520
Isilon Systems, Inc.*	6,000		51,660
NCR Corp.*	35,300		487,140
NetApp, Inc.*	35,293		1,149,140
Netezza Corp.*^	83,300		1,065,407
Novatel Wireless, Inc.*	7,100		47,783
QLogic Corp.*	26,800		544,040
Quantum Corp.*	51,100		134,393
SanDisk Corp.*	39,640		1,372,733
Seagate Technology*	138,336		2,526,016
Silicon Graphics International Corp.*	900		9,621
STEC, Inc.*^	5,000		59,900
Stratasys, Inc.*	4,500		109,710
Super Micro Computer, Inc.*	3,300		57,024
Synaptics, Inc.*	7,900		218,119
			8,645,798
Electronic Equipment, Instruments & Components (2.5%)
Anixter International, Inc.*	700		32,795
Arrow Electronics, Inc.*	10,500		316,365
Avnet, Inc.*	10,700		321,000
AVX Corp.	1,500		21,300
Benchmark Electronics, Inc.*	1,600		33,184
Brightpoint, Inc.*	11,000		82,830
Checkpoint Systems, Inc.*	2,300		50,876
China Security & Surveillance Technology, Inc.*	7,100		54,599
Cogent, Inc.*	9,600		97,920
Cognex Corp.^	2,200		40,678
Coherent, Inc.*	14,200		453,832
Comverge, Inc.*	4,600		52,026
Daktronics, Inc.^	7,100		54,102
DDi Corp.*	600		3,402
DTS, Inc.*	4,300		146,372
Echelon Corp.*^	5,200		46,644
FARO Technologies, Inc.*	50,000		1,287,500
FLIR Systems, Inc.*	34,200		964,440
ICx Technologies, Inc.*	1,500		10,455
Insight Enterprises, Inc.*	1,500		21,540
IPG Photonics Corp.*	5,900		87,320
Itron, Inc.*	8,100		587,817
Jabil Circuit, Inc.	88,600		1,434,434
L-1 Identity Solutions, Inc.*^	13,900		124,127
Maxwell Technologies, Inc.*	5,700		70,623
Methode Electronics, Inc.	1,000		9,900
Molex, Inc.	2,000		41,720
MTS Systems Corp.	400		11,612

See Notes to Portfolio of Investments.

111

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Multi-Fineline Electronix, Inc.*	2,700	$	69,552
National Instruments Corp.	44,200		1,474,070
OSI Systems, Inc.*	3,100		86,955
PAR Technology Corp.*	1,400		8,470
Park Electrochemical Corp.	3,000		86,220
PC Mall, Inc.*	100		506
Plexus Corp.*	3,100		111,693
Power-One, Inc.*	1,300		5,486
RadiSys Corp.*	4,500		40,320
RAE Systems, Inc.*	10,100		8,232
Rofin-Sinar Technologies, Inc.*	3,400		76,908
Rogers Corp.*	900		26,109
Sanmina-SCI Corp.*	80,090		1,321,485
Scansource, Inc.*	400		11,512
SYNNEX Corp.*^	1,000		29,560
Trimble Navigation Ltd.*	94,320		2,708,870
Universal Display Corp.*^	7,500		88,275
Vishay Intertechnology, Inc.*	7,500		76,725
			12,690,361
Internet Software & Services (3.4%)
Akamai Technologies, Inc.*^	39,500		1,240,695
Ancestry.com, Inc.*	1,300		22,035
Archipelago Learning, Inc.*	1,600		23,328
Art Technology Group, Inc.*^	228,028		1,005,604
comScore, Inc.*	5,000		83,450
Constant Contact, Inc.*^	5,900		136,998
DealerTrack Holdings, Inc.*^	56,400		963,312
Dice Holdings, Inc.*	4,800		36,480
Digital River, Inc.*	7,000		212,100
DivX, Inc.*	87,800		628,648
EarthLink, Inc.^	1,300		11,102
Equinix, Inc.*^	23,219		2,260,137
GSI Commerce, Inc.*	94,700		2,620,349
IAC/InterActiveCorp*	8,000		181,920
Imergent, Inc.	3,000		20,190
InfoSpace, Inc.*	4,800		53,040
Innodata Isogen, Inc.*	3,500		14,175
Internet Brands, Inc., Class A*^	2,700		24,894
Internet Capital Group, Inc.*	4,800		40,560
j2 Global Communications, Inc.*	9,400		219,960
Keynote Systems, Inc.	600		6,834
Knot, Inc.*	7,000		54,740
Limelight Networks, Inc.*	8,200		30,012
Liquidity Services, Inc.*	3,100		35,774
LivePerson, Inc.*	8,800		67,496
LogMeIn, Inc.*	1,700		35,173
LoopNet, Inc.*	4,400		49,456
Marchex, Inc., Class B	800		4,088
MercadoLibre, Inc.*	5,800		279,618
ModusLink Global Solutions, Inc.*	600		5,058
Monster Worldwide, Inc.*^	16,500		274,065
Move, Inc.*	36,000		75,240
NIC, Inc.	12,800		100,736
OpenTable, Inc.*	900		34,317
Openwave Systems, Inc.*	6,200		14,260
Perficient, Inc.*	1,500		16,905
QuinStreet, Inc.*	42,400		721,224
Rackspace Hosting, Inc.*^	69,930		1,309,789
RealNetworks, Inc.*	9,900		47,817
Saba Software, Inc.*	4,200		20,790
SAVVIS, Inc.*	8,700		143,550
Sohu.com, Inc.*	6,800		371,280
Stamps.com, Inc.*	2,000		20,200
support.com, Inc.*^	100		327
Switch & Data Facilities Co., Inc.*	4,800		85,248
Terremark Worldwide, Inc.*^	13,500		94,635
Travelzoo, Inc.*	1,400		21,014
ValueClick, Inc.*	20,000		202,800
VistaPrint NV*	51,004		2,919,979
Vocus, Inc.*	3,800		64,790
WebMD Health Corp.*	12,332		571,958
Zix Corp.*	11,000		25,410
			17,503,560
IT Services (2.8%)
Acxiom Corp.*	12,500		224,250
Alliance Data Systems Corp.*	11,900		761,481
Broadridge Financial Solutions, Inc.	18,900		404,082
CACI International, Inc., Class A*	500		24,425
Cass Information Systems, Inc.^	1,800		56,070
China Information Security Technology, Inc.*	4,700		23,735
Cognizant Technology Solutions Corp., Class A*	21,320		1,086,893
Computer Task Group, Inc.*	1,300		9,425
Convergys Corp.*	1,600		19,616
CSG Systems International, Inc.*	5,300		111,088
Cybersource Corp.*^	86,100		1,518,804
DST Systems, Inc.	7,400		306,730
Echo Global Logistics, Inc.*^	39,800		513,818
eLoyalty Corp.*	1,600		9,008
Euronet Worldwide, Inc.*	9,600		176,928
ExlService Holdings, Inc.*	3,900		65,052
Forrester Research, Inc.*	4,000		120,280
Gartner, Inc.*	14,800		329,152
Genpact Ltd.*	70,300		1,178,931
Global Cash Access Holdings, Inc.*	79,300		647,881
Global Payments, Inc.	18,000		819,900
Hackett Group, Inc.*	2,200		6,116
Heartland Payment Systems, Inc.	9,100		169,260
Hewitt Associates, Inc., Class A*	18,700		743,886
iGATE Corp.	6,100		59,353
infoGROUP, Inc.*	4,600		35,880
Integral Systems, Inc.*	100		963
Lionbridge Technologies, Inc.*^	11,200		40,656
ManTech International Corp., Class A*	3,700		180,671
MAXIMUS, Inc.^	3,900		237,627
MoneyGram International, Inc.*^	18,400		70,104
NCI, Inc., Class A*	1,600		48,368
NeuStar, Inc., Class A*	15,900		400,680
Online Resources Corp.*	2,000		8,060
RightNow Technologies, Inc.*	5,500		98,230
SAIC, Inc.*	66,900		1,184,130
Sapient Corp.	130,156		1,189,626
SRA International, Inc., Class A*	2,800		58,212
Syntel, Inc.	3,000		115,410
TeleTech Holdings, Inc.*	7,300		124,684
Tier Technologies, Inc., Class B*	600		4,776
TNS, Inc.*	6,100		136,030
Total System Services, Inc.	26,100		408,726
Unisys Corp.*	620		21,632
VeriFone Holdings, Inc.*	16,100		325,381
Virtusa Corp.*	1,800		18,558
Wright Express Corp.*	8,800		265,056
			14,359,624
Office Electronics (0.1%)
Zebra Technologies Corp., Class A* .	11,800		349,280
Semiconductors & Semiconductor Equipment (6.8%)
Actel Corp.*	2,000		27,700

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Advanced Analogic Technologies, Inc.*^	7,600	$	26,524
Advanced Energy Industries, Inc.*	6,000		99,360
Advanced Micro Devices, Inc.*	67,100		622,017
Amkor Technology, Inc.*^	24,700		174,629
ANADIGICS, Inc.*	12,300		59,778
Applied Micro Circuits Corp.*^	16,100		138,943
Atheros Communications, Inc.*^	97,001		3,754,909
ATMI, Inc.*	2,800		54,068
Broadcom Corp., Class A	44,770		1,485,469
Cabot Microelectronics Corp.*	900		34,047
Cavium Networks, Inc.*	8,800		218,768
CEVA, Inc.*	3,500		40,810
Cirrus Logic, Inc.*	16,100		135,079
Cree, Inc.*	23,200		1,629,104
Cymer, Inc.*	15,400		574,420
Cypress Semiconductor Corp.*	129,870		1,493,505
Diodes, Inc.*	8,200		183,680
Entropic Communications, Inc.*	12,000		60,960
Exar Corp.*	1,000		7,050
Fairchild Semiconductor International, Inc.*	63,900		680,535
FEI Co.*	7,800		178,698
FormFactor, Inc.*^	45,000		799,200
Hittite Microwave Corp.*^	17,480		768,595
Integrated Device Technology, Inc.*	7,500		45,975
International Rectifier Corp.*	7,000		160,300
Intersil Corp., Class A	12,600		185,976
IXYS Corp.*	4,100		35,014
Kopin Corp.*	15,700		58,090
Kulicke & Soffa Industries, Inc.*	15,800		114,550
Lattice Semiconductor Corp.*	2,400		8,808
Marvell Technology Group Ltd.*	86,150		1,755,737
Maxim Integrated Products, Inc.	66,211		1,283,831
MEMSIC, Inc.*	300		957
Micrel, Inc.	5,400		57,564
Microsemi Corp.*	65,500		1,135,770
Microtune, Inc.*^	3,900		10,647
MIPS Technologies, Inc.*^	8,600		38,356
Monolithic Power Systems, Inc.*	8,300		185,090
Netlogic Microsystems, Inc.*^	50,500		1,486,215
Novellus Systems, Inc.*	13,100		327,500
NVE Corp.*	1,100		49,830
ON Semiconductor Corp.*^	175,160		1,401,280
PLX Technology, Inc.*	7,100		37,417
Power Integrations, Inc.	43,510		1,792,612
Rambus, Inc.*	23,800		520,030
RF Micro Devices, Inc.*	257,410		1,281,902
Rubicon Technology, Inc.*	2,900		58,580
Rudolph Technologies, Inc.*	1,800		15,426
Semtech Corp.*	14,500		252,735
Sigma Designs, Inc.*	4,500		52,785
Silicon Laboratories, Inc.*^	36,400		1,735,188
Skyworks Solutions, Inc.*^	194,380		3,032,328
Standard Microsystems Corp.*	1,800		41,904
Supertex, Inc.*	2,400		61,416
Techwell, Inc.*	3,100		57,970
Teradyne, Inc.*^	107,500		1,200,775
Tessera Technologies, Inc.*	11,000		223,080
TriQuint Semiconductor, Inc.*	134,950		944,650
Ultratech, Inc.*	5,400		73,440
Varian Semiconductor Equipment Associates, Inc.*	50,225		1,663,452
Veeco Instruments, Inc.*	4,900		213,150
Volterra Semiconductor Corp.*	5,600		140,560
Zoran Corp.*	9,800		105,448
			35,094,186
Software (6.1%)
ACI Worldwide, Inc.*	8,500		175,185
Actuate Corp.*	10,900		60,931
Adobe Systems, Inc.*	39,340		1,391,456
Advent Software, Inc.*	3,700		165,575
American Software, Inc., Class A	2,900		16,849
ANSYS, Inc.*	39,900		1,721,286
ArcSight, Inc.*	4,500		126,675
Ariba, Inc.*	19,700		253,145
AsiaInfo Holdings, Inc.*^	22,500		595,800
Blackbaud, Inc.	10,000		251,900
Blackboard, Inc.*	7,300		304,118
BMC Software, Inc.*	22,390		850,820
Bottomline Technologies, Inc.*^	88,800		1,494,504
Cadence Design Systems, Inc.*	58,200		387,612
Callidus Software, Inc.*	2,000		7,260
China TransInfo Technology Corp.*	2,200		14,828
Chordiant Software, Inc.*	5,500		27,885
Citrix Systems, Inc.*	37,520		1,781,075
CommVault Systems, Inc.*	10,000		213,500
Concur Technologies, Inc.*^	47,408		1,944,202
Deltek, Inc.*	5,147		39,323
DemandTec, Inc.*	3,400		23,630
Double-Take Software, Inc.*	3,700		32,967
Ebix, Inc.*	5,700		91,029
EPIQ Systems, Inc.*^	8,300		103,169
FactSet Research Systems, Inc.	9,300		682,341
FalconStor Software, Inc.*	6,000		20,880
Fortinet, Inc.*	2,100		36,918
GSE Systems, Inc.*	4,000		21,640
Informatica Corp.*^	55,408		1,488,259
Interactive Intelligence, Inc.*	3,400		63,546
Jack Henry & Associates, Inc.	18,400		442,704
JDA Software Group, Inc.*	5,368		149,338
Kenexa Corp.*^	5,200		71,500
Lawson Software, Inc.*	13,000		85,930
Manhattan Associates, Inc.*	5,700		145,236
Mentor Graphics Corp.*^	1,600		12,832
MICROS Systems, Inc.*	17,900		588,552
MicroStrategy, Inc., Class A*	2,200		187,154
Net 1 UEPS Technologies, Inc.*^	7,700		141,603
NetScout Systems, Inc.*	5,500		81,345
NetSuite, Inc.*	3,900		56,706
Novell, Inc.*	34,200		204,858
Nuance Communications, Inc.*^	99,400		1,654,016
Opnet Technologies, Inc.	2,900		46,748
Parametric Technology Corp.*	25,400		458,470
Pegasystems, Inc.	3,500		129,500
Phoenix Technologies Ltd.*	5,700		18,354
Progress Software Corp.*	9,000		282,870
PROS Holdings, Inc.*	4,200		41,496
QAD, Inc.*	1,261		6,620
Quest Software, Inc.*	30,600		544,374
Radiant Systems, Inc.*	7,000		99,890
Red Hat, Inc.*	43,200		1,264,464
Renaissance Learning, Inc.^	1,600		25,968
Rosetta Stone, Inc.*	1,800		42,804
Rovi Corp.*	33,770		1,253,880
S1 Corp.*	11,500		67,850
Smith Micro Software, Inc.*^	6,200		54,808
SolarWinds, Inc.*^	38,300		829,578
Solera Holdings, Inc.	15,300		591,345
SonicWALL, Inc.*	900		7,821

See Notes to Portfolio of Investments.

113

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Sourcefire, Inc.*^	5,400	$	123,930
SRS Labs, Inc.*	2,900		28,826
SuccessFactors, Inc.*^	46,883		892,652
Sybase, Inc.*	18,600		867,132
Symyx Technologies, Inc.*	4,700		21,103
Synchronoss Technologies, Inc.*	4,300		83,291
Synopsys, Inc.*	19,700		440,689
Take-Two Interactive Software, Inc.*^	2,600		25,610
Taleo Corp., Class A*	71,300		1,847,383
TeleCommunication Systems, Inc., Class A*	10,400		76,232
THQ, Inc.*	12,600		88,326
TIBCO Software, Inc.*	115,400		1,245,166
TiVo, Inc.*	24,600		421,152
Tyler Technologies, Inc.*^	7,800		146,172
Ultimate Software Group, Inc.*	6,000		197,700
Unica Corp.*	2,900		25,781
VanceInfo Technologies, Inc. (ADR)*^	27,000		601,830
VASCO Data Security International, Inc.*	5,100		42,075
Websense, Inc.*	10,700		243,639
			31,395,611
Total Information Technology			137,959,890
Materials (3.5%)
Chemicals (1.7%)
Airgas, Inc.	5,500		349,910
Albemarle Corp.	500		21,315
American Vanguard Corp.	600		4,890
Arch Chemicals, Inc.	1,100		37,829
Ashland, Inc.	800		42,216
Balchem Corp.	6,700		165,155
Calgon Carbon Corp.*^	47,360		810,803
CF Industries Holdings, Inc.	12,100		1,103,278
China Green Agriculture, Inc.*^	2,000		28,000
Hawkins, Inc.^	1,700		41,140
International Flavors & Fragrances, Inc.	16,900		805,623
Intrepid Potash, Inc.*^	8,700		263,871
Koppers Holdings, Inc.	3,300		93,456
Kraton Performance Polymers, Inc.*	400		7,144
Landec Corp.*	5,300		35,139
LSB Industries, Inc.*	4,000		60,960
Lubrizol Corp.	13,200		1,210,704
Nalco Holding Co.	31,500		766,395
NewMarket Corp.	2,200		226,578
NL Industries, Inc.^	1,100		9,438
Olin Corp.^	600		11,772
Omnova Solutions, Inc.*	10,200		80,070
PolyOne Corp.*	4,400		45,056
RPM International, Inc.	14,500		309,430
Scotts Miracle-Gro Co., Class A	9,800		454,230
Solutia, Inc.*	50,900		819,999
Stepan Co.	1,700		95,013
STR Holdings, Inc.*	2,200		51,700
Terra Industries, Inc.	15,400		704,704
W.R. Grace & Co.*	4,900		136,024
Zep, Inc.	5,300		115,964
			8,907,806
Construction Materials (0.4%)
Eagle Materials, Inc.^	58,090		1,541,708
Martin Marietta Materials, Inc.	3,600		300,780
United States Lime & Minerals, Inc.*	300		11,601
			1,854,089
Containers & Packaging (0.6%)
AEP Industries, Inc.*	1,200		31,224
Ball Corp.	13,900		741,982
Boise, Inc.*	1,900		11,647
Bway Holding Co.*	200		4,020
Crown Holdings, Inc.*	36,400		981,344
Graham Packaging Co., Inc.*	800		10,040
Packaging Corp. of America	1,400		34,454
Pactiv Corp.*	24,400		614,392
Rock-Tenn Co., Class A	7,400		337,218
Silgan Holdings, Inc.	2,900		174,667
			2,940,988
Metals & Mining (0.8%)
Allied Nevada Gold Corp.*^	10,400		172,328
AMCOL International Corp.	1,300		35,360
Cliffs Natural Resources, Inc.	17,330		1,229,564
Compass Minerals International, Inc.^	3,900		312,897
General Steel Holdings, Inc.*	500		2,055
Paramount Gold and Silver Corp.*^	10,500		14,595
Royal Gold, Inc.	2,100		97,041
Schnitzer Steel Industries, Inc., Class A	3,700		194,361
Steel Dynamics, Inc.	58,330		1,019,025
Stillwater Mining Co.*^	700		9,086
Walter Energy, Inc.	12,100		1,116,467
Worthington Industries, Inc.	11,800		204,022
			4,406,801
Paper & Forest Products (0.0%)
Clearwater Paper Corp.*	400		19,700
Deltic Timber Corp.	2,000		88,100
Wausau Paper Corp.*	3,700		31,598
			139,398
Total Materials			18,249,082
Telecommunication Services (1.4%)
Diversified Telecommunication Services (0.5%)
AboveNet, Inc.*	3,900		197,847
Alaska Communications Systems Group, Inc.	13,900		112,868
Cbeyond, Inc.*^	9,000		123,120
Cincinnati Bell, Inc.*	20,500		69,905
Cogent Communications Group, Inc.*	10,200		106,182
Consolidated Communications Holdings, Inc.	5,600		106,176
Frontier Communications Corp.	38,400		285,696
General Communication, Inc., Class A*	14,400		83,088
Global Crossing Ltd.*	9,000		136,350
HickoryTech Corp.^	6,900		60,927
inContact, Inc.*	21,200		60,420
Iowa Telecommunications Services, Inc.	1,500		25,050
Neutral Tandem, Inc.*	7,200		115,056
PAETEC Holding Corp.*	38,500		180,180
Premiere Global Services, Inc.*^	11,900		98,294
tw telecom, Inc.*^	43,100		782,265
			2,543,424
Wireless Telecommunication Services (0.9%)
American Tower Corp., Class A*	25,910		1,104,025
Leap Wireless International, Inc.*	10,000		163,600
NTELOS Holdings Corp.	8,800		156,552
SBA Communications Corp., Class A*^	75,640		2,728,335
Shenandoah Telecommunications Co.	7,100		133,480
Syniverse Holdings, Inc.*	12,000		233,640

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
USA Mobility, Inc.*		3,600	$	45,612
				4,565,244
Total Telecommunication Services				7,108,668
Utilities (0.5%)
Electric Utilities (0.2%)
DPL, Inc		2,400		65,256
ITC Holdings Corp.		11,200		616,000
NV Energy, Inc.		21,100		260,163
				941,419
Gas Utilities (0.0%)
New Jersey Resources Corp.		1,200		45,072
Piedmont Natural Gas Co., Inc.^		400		11,032
South Jersey Industries, Inc.		400		16,796
				72,900
Independent Power Producers & Energy Traders (0.0%)
Ormat Technologies, Inc.		4,200		118,188
U.S. Geothermal, Inc.*		11,300		10,283
				128,471
Multi-Utilities (0.3%)
CenterPoint Energy, Inc.		74,700		1,072,692
Integrys Energy Group, Inc.		3,600		170,568
				1,243,260
Water Utilities (0.0%)
American Water Works Co., Inc.		1,500		32,640
Cadiz, Inc.*		2,200		28,094
California Water Service Group		400		15,044
Consolidated Water Co., Ltd.		200		2,716
York Water Co.		200		2,750
				81,244
Total Utilities				2,467,294
Total Common Stocks (98.6%) (Cost $380,162,646)				506,362,534
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (3.6%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10 (u)	$	10,038,522		10,038,522
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10 (h)(s)		2,419,984		556,596
Monumental Global Funding II
0.43%, 5/26/10 (l)		4,550,000		4,517,695
Pricoa Global Funding I
0.40%, 6/25/10 (l)		2,899,927		2,881,640
Total Short-Term Investments of Cash Collateral for Securities Loaned				17,994,453
Time Deposit (1.7%)
JPMorgan Chase Nassau
0.000%, 4/1/10		8,950,857		8,950,857
Total Short-Term Investments (5.3%) (Cost/Amortized Cost $28,859,290)				26,945,310
Total Investments (103.9%) (Cost/Amortized Cost $409,021,936)				533,307,844
Other Assets Less Liabilities (-3.9%)				(19,866,135	)
Net Assets (100%)			$	513,441,709

* Non-income producing.

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

† Securities (totaling $104 or 0.0% of net assets) at fair value by management.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000%-8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $10,239,292.

Glossary:

ADR — American Depositary Receipt

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

At March 31, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2010		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index	17	June-10	$	656,231	$	664,955	$	8,724
Russell 2000 Mini Index	30	June-10		2,024,081		2,031,300		7,219
S&P MidCap 400 E-Mini Index	53	June-10		4,140,637		4,176,930		36,293
							$	52,236

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment  speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of  investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	96,814,376	$	—	$	—	$	96,814,376
Consumer Staples		15,759,630		—		—		15,759,630
Energy		23,465,409		320,756		—		23,786,165
Financials		36,087,700		102,000		104		36,189,804
Health Care		93,113,621		997,118		—		94,110,739
Industrials		73,889,418		27,468		—		73,916,886
Information Technology		137,959,890		—		—		137,959,890
Materials		18,249,082		—		—		18,249,082
Telecommunication Services		7,108,668		—		—		7,108,668
Utilities		2,467,294		—		—		2,467,294
Futures		52,236		—		—		52,236
Short-Term Investments		—		26,945,310		—		26,945,310
Total Assets	$	504,967,324	$	28,392,652	$	104	$	533,360,080
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	504,967,324	$	28,392,652	$	104	$	533,360,080

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

	Investments in Securities-Financials
Balance as of 12/31/09	$	152
Total gains or losses (realized/unrealized) included in earnings		(48	)
Purchases, sales, issuances, and settlements (net)		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 3/31/10	$	104
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/10.	$	(48	)

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	65,171,525
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	72,645,189

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	127,989,163
Aggregate gross unrealized depreciation		(10,375,784	)
Net unrealized appreciation	$	117,613,379
Federal income tax cost of investments	$	415,694,465

At March 31, 2010, the Portfolio had loaned securities with a total value of $19,211,030. This was secured by collateral of $19,908,433 which was received as cash and subsequently invested in short-term investments currently valued at $17,994,453, as reported in the Portfolio of Investments.

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

See Notes to Portfolio of Investments.

117

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.8%)
Auto Components (1.1%)
American Axle & Manufacturing Holdings, Inc.*	12,845	$	128,193
ArvinMeritor, Inc.*	20,000		267,000
Autoliv, Inc.*	20,548		1,058,838
BorgWarner, Inc.*	1,100		41,998
Dana Holding Corp.*	34,344		408,007
Dorman Products, Inc.*	2,700		51,273
Drew Industries, Inc.*^	1,813		39,922
Exide Technologies, Inc.*	12,600		72,450
Federal Mogul Corp.*	3,600		66,096
Hawk Corp., Class A*	1,100		21,450
Magna International, Inc., Class A*	47,337		2,927,794
Modine Manufacturing Co.*	11,200		125,888
Motorcar Parts of America, Inc.*	1,500		9,750
Spartan Motors, Inc.^	12,300		68,880
Standard Motor Products, Inc.	1,800		17,856
Stoneridge, Inc.*	3,100		30,659
Superior Industries International, Inc.^	5,300		85,224
Tenneco, Inc.*	14,368		339,803
TRW Automotive Holdings Corp.*^	17,700		505,866
			6,266,947
Automobiles (0.0%)
Thor Industries, Inc.	4,200		126,882
Winnebago Industries, Inc.*	6,300		92,043
			218,925
Distributors (0.0%)
AMCON Distributing Co.	200		11,620
Audiovox Corp., Class A*	4,700		36,566
Core-Mark Holding Co., Inc.*	3,000		91,830
			140,016
Diversified Consumer Services (0.3%)
Career Education Corp.*	662		20,945
CPI Corp.	1,000		13,860
Education Management Corp.*	2,000		43,800
Hillenbrand, Inc.	9,500		208,905
Jackson Hewitt Tax Service, Inc.*^	8,500		17,000
Mac-Gray Corp.	3,020		34,096
Nobel Learning Communities, Inc.*	100		784
Regis Corp.^	21,100		394,148
Service Corp. International	62,000		569,160
Sotheby’s, Inc.	900		27,981
Steiner Leisure Ltd.*	1,800		79,776
Stewart Enterprises, Inc., Class A^	20,100		125,625
Weight Watchers International, Inc.	7,500		191,475
			1,727,555
Hotels, Restaurants & Leisure (1.0%)
AFC Enterprises, Inc.*	5,700		61,161
Benihana, Inc., Class A*	1,700		11,050
Bluegreen Corp.*	4,700		15,369
Bob Evans Farms, Inc.^	10,403		321,557
Boyd Gaming Corp.*	12,200		120,536
Brinker International, Inc.	18,000		347,040
Carrols Restaurant Group, Inc.*	2,000		13,600
CEC Entertainment, Inc.*^	1,000		38,090
Choice Hotels International, Inc.	5,000		174,050
Churchill Downs, Inc.	2,300		86,250
Cracker Barrel Old Country Store, Inc.	2,700		125,226
Domino’s Pizza, Inc.*	7,600		103,664
Frisch’s Restaurants, Inc.	800		17,680
Gaylord Entertainment Co.*	9,900		289,971
Great Wolf Resorts, Inc.*	7,500		23,850
International Speedway Corp., Class A	7,513		193,610
Interval Leisure Group, Inc.*	600		8,736
Lakes Entertainment, Inc.*	3,000		6,900
Landry’s Restaurants, Inc.*	1,816		32,543
Life Time Fitness, Inc.*	9,200		258,520
Luby’s, Inc.*	5,300		20,882
Marcus Corp.	4,900		63,651
McCormick & Schmick’s Seafood Restaurants, Inc.*	2,300		23,161
Monarch Casino & Resort, Inc.*	600		5,124
Morgans Hotel Group Co.*	2,600		16,666
Multimedia Games, Inc.*	4,900		19,110
O’Charleys, Inc.*	4,776		42,697
Orient-Express Hotels Ltd., Class A*	21,300		302,034
Papa John’s International, Inc.*	400		10,284
Penn National Gaming, Inc.*	15,900		442,020
Pinnacle Entertainment, Inc.*	7,170		69,836
Red Lion Hotels Corp.*	3,300		23,826
Red Robin Gourmet Burgers, Inc.*^	2,880		70,387
Ruby Tuesday, Inc.*^	25,870		273,446
Ruth’s Hospitality Group, Inc.*	2,000		10,600
Speedway Motorsports, Inc.	4,704		73,429
Steak n Shake Co.*	324		123,532
Thomas Cook Group plc	155,508		636,683
Town Sports International Holdings, Inc.*	1,600		6,256
Vail Resorts, Inc.*	7,000		280,630
Wendy’s/Arby’s Group, Inc., Class A	46,200		231,000
Wyndham Worldwide Corp.	24,289		624,956
			5,619,613
Household Durables (2.6%)
American Greetings Corp., Class A^	11,000		229,240
Beazer Homes USA, Inc.*	13,300		60,382
Blyth, Inc.	1,450		45,313
Brookfield Homes Corp.*	3,000		26,220
Cavco Industries, Inc.*^	1,600		54,624
CSS Industries, Inc.^	2,290		46,029
D.R. Horton, Inc.	67,969		856,410
Ethan Allen Interiors, Inc.^	5,600		115,528
Furniture Brands International, Inc.*	10,200		65,586
Harman International Industries, Inc.*	7,400		346,172
Helen of Troy Ltd.*	7,100		185,026
Hooker Furniture Corp.	2,700		43,416
Hovnanian Enterprises, Inc., Class A*^	5,634		24,508
Jarden Corp.	23,908		795,897
KB Home	16,300		273,025
La-Z-Boy, Inc.*	12,428		155,847
Leggett & Platt, Inc.	13,836		299,411
Lennar Corp., Class A	37,749		649,660
Libbey, Inc.*	1,479		18,236
M.D.C. Holdings, Inc.	39,820		1,378,170
M/I Homes, Inc.*	4,300		62,995
Meritage Homes Corp.*	7,858		165,018
Mohawk Industries, Inc.*	13,400		728,692
NVR, Inc.*	1,192		865,988
Pulte Group, Inc.*	72,172		811,935
Ryland Group, Inc	9,800		219,912
Sealy Corp.*	14,700		51,450
Sekisui House Ltd. (ADR)	284,224		2,830,871
Skyline Corp.	1,900		35,340
Standard Pacific Corp.*	25,500		115,260
Stanley Black & Decker, Inc.	37,946		2,178,480
Stanley Furniture Co., Inc.*^	2,600		26,416

See Notes to Portfolio of Investments.

118

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Toll Brothers, Inc.*^	73,400	$	1,526,720
Universal Electronics, Inc.*	900		20,106
			15,307,883
Internet & Catalog Retail (0.0%)
1-800-FLOWERS.COM, Inc., Class A*^	6,400		16,064
Gaiam, Inc., Class A	4,000		33,200
Orbitz Worldwide, Inc.*	4,245		30,182
Shutterfly, Inc.*	4,400		105,996
U.S. Auto Parts Network, Inc.*	800		6,016
Vitacost.com, Inc.*	1,200		14,460
			205,918
Leisure Equipment & Products (0.4%)
Arctic Cat, Inc.*	2,300		24,955
Brunswick Corp.	22,000		351,340
Callaway Golf Co.^	15,000		132,300
Eastman Kodak Co.*	64,700		374,613
Hasbro, Inc.	11,994		459,130
JAKKS Pacific, Inc.*	5,900		76,995
Leapfrog Enterprises, Inc.*	6,700		43,885
Marine Products Corp.*^	2,500		15,000
Mattel, Inc.	32,300		734,502
Polaris Industries, Inc.^	400		20,464
Pool Corp.	5,600		126,784
RC2 Corp.*	8,100		121,257
Sport Supply Group, Inc.	1,700		22,848
Steinway Musical Instruments, Inc.*	1,500		28,245
Sturm Ruger & Co., Inc.^	300		3,597
			2,535,915
Media (1.6%)
AH Belo Corp., Class A*	2,700		19,359
Alloy, Inc.*	1,600		13,120
Ascent Media Corp., Class A*	3,500		95,375
Belo Corp., Class A	22,400		152,768
Carmike Cinemas, Inc.*	500		6,935
CBS Corp., Class B^	54,000		752,760
Central European Media Enterprises Ltd., Class A*	8,600		252,066
Cinemark Holdings, Inc.	800		14,672
Clear Channel Outdoor Holdings, Inc., Class A*	10,300		109,283
Crown Media Holdings, Inc., Class A*^	2,300		4,416
DreamWorks Animation SKG, Inc., Class A*	17,200		677,508
EDCI Holdings, Inc.*	800		2,712
EW Scripps Co., Class A*^	8,200		69,290
Fisher Communications, Inc.*	1,500		21,150
Gannett Co., Inc.^	84,400		1,394,288
Global Sources Ltd.*	3,500		22,785
Harte-Hanks, Inc.^	15,099		194,173
Interactive Data Corp.	4,300		137,600
Interpublic Group of Cos., Inc.*^	160,210		1,332,947
Journal Communications, Inc., Class A*	16,800		70,560
Knology, Inc.*	4,784		64,297
Lamar Advertising Co., Class A*	13,300		456,855
Liberty Media Corp., Capital Series, Class A*	19,841		721,617
LIN TV Corp., Class A*	5,400		31,050
Live Nation Entertainment, Inc.*	20,941		303,645
LodgeNet Interactive Corp.*	1,000		6,970
Martha Stewart Living Omnimedia, Inc., Class A*	800		4,464
Media General, Inc., Class A*^	2,900		24,041
Mediacom Communications Corp., Class A*	6,400		38,080
Meredith Corp.	8,440		290,420
National CineMedia, Inc.	9,900		170,874
New York Times Co., Class A*	23,200		258,216
Outdoor Channel Holdings, Inc.*	3,800		25,042
PRIMEDIA, Inc.	4,700		16,168
Reading International, Inc., Class A*	3,500		14,945
Regal Entertainment Group, Class A	8,600		151,102
Salem Communications Corp., Class A*	2,700		9,666
Scholastic Corp.^	9,400		263,200
Sinclair Broadcast Group, Inc., Class A*	11,500		58,420
Valassis Communications, Inc.*	2,200		61,226
Virgin Media, Inc.^	70,180		1,211,307
Warner Music Group Corp.*	10,600		73,246
World Wrestling Entertainment, Inc., Class A^	1,200		20,760
			9,619,378
Multiline Retail (0.3%)
99 Cents Only Stores*	1,400		22,820
Big Lots, Inc.*	31,700		1,154,514
Bon-Ton Stores, Inc.*^	2,200		29,348
Dillard’s, Inc., Class A	12,068		284,805
Duckwall-ALCO Stores, Inc.*	500		7,245
Fred’s, Inc., Class A^	7,001		83,872
Retail Ventures, Inc.*	5,200		49,452
Saks, Inc.*^	30,700		264,020
Tuesday Morning Corp.*	7,400		48,766
			1,944,842
Specialty Retail (1.9%)
Aaron’s, Inc.	10,734		357,871
Abercrombie & Fitch Co., Class A	10,600		483,784
American Eagle Outfitters, Inc.^	23,500		435,220
America’s Car-Mart, Inc.*	1,049		25,302
AnnTaylor Stores Corp.*^	29,486		610,360
Asbury Automotive Group, Inc.*	8,200		109,060
AutoNation, Inc.*^	16,100		291,088
Barnes & Noble, Inc.^	7,351		158,929
Big 5 Sporting Goods Corp.^	4,700		71,534
Books-A-Million, Inc.^	2,760		19,982
Borders Group, Inc.*	13,500		23,220
Brown Shoe Co., Inc.	9,700		150,156
Buckle, Inc.^	500		18,380
Build-A-Bear Workshop, Inc.*	3,900		27,768
Cabela’s, Inc.*^	22,420		392,126
CarMax, Inc.*^	14,200		356,704
Charming Shoppes, Inc.*	25,900		141,414
Chico’s FAS, Inc.	1,100		15,862
Christopher & Banks Corp.	7,900		63,200
Coldwater Creek, Inc.*^	2,800		19,432
Collective Brands, Inc.*	8,043		182,898
Conn’s, Inc.*^	6,040		47,293
Dress Barn, Inc.*	11,285		295,216
DSW, Inc., Class A*	2,800		71,484
Finish Line, Inc., Class A	4,800		78,336
Foot Locker, Inc.	19,600		294,784
Genesco, Inc.*^	7,280		225,753
Group 1 Automotive, Inc.*^	5,500		175,230
Gymboree Corp.*	1,200		61,956
Hastings Entertainment, Inc.*	1,200		5,292
Haverty Furniture Cos., Inc.	4,400		71,808
HOT Topic, Inc.*	4,419		28,723
Jo-Ann Stores, Inc.*^	7,919		332,440

See Notes to Portfolio of Investments.

119

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Kirkland’s, Inc.*^	2,100	$	44,100
Lithia Motors, Inc., Class A*	5,400		34,560
Men’s Wearhouse, Inc.	11,500		275,310
New York & Co., Inc.*	6,300		30,177
Office Depot, Inc.*	54,559		435,381
OfficeMax, Inc.*	5,300		87,026
Pacific Sunwear of California, Inc.*^	16,200		86,022
Penske Automotive Group, Inc.*^	9,500		136,990
PEP Boys-Manny, Moe & Jack^	12,200		122,610
Pier 1 Imports, Inc.*	27,800		177,086
RadioShack Corp.	41,300		934,619
Rent-A-Center, Inc.*^	29,900		707,135
REX Stores Corp.*	1,800		29,160
Ross Stores, Inc.^	15,200		812,744
Rue21, Inc.*	800		27,736
Sally Beauty Holdings, Inc.*	17,700		157,884
Shoe Carnival, Inc.*	2,200		50,292
Signet Jewelers Ltd.*	20,800		672,672
Sonic Automotive, Inc., Class A*	5,100		56,100
Stage Stores, Inc.	9,600		147,744
Stein Mart, Inc.*	400		3,612
Syms Corp.*^	1,200		11,952
Systemax, Inc.^	1,500		32,610
Talbots, Inc.*^	2,200		28,512
Tiffany & Co.	2,200		104,478
Vitamin Shoppe, Inc.*	1,100		24,695
West Marine, Inc.*	3,600		39,060
Williams-Sonoma, Inc.	12,700		333,883
Zale Corp.*	2,100		5,754
Zumiez, Inc.*	300		6,147
			11,258,656
Textiles, Apparel & Luxury Goods (0.6%)
Carter’s, Inc.*	2,700		81,405
Columbia Sportswear Co.	2,700		141,831
Crocs, Inc.*	13,400		117,518
Delta Apparel, Inc.*	1,200		18,720
G-III Apparel Group Ltd.*^	2,750		75,790
Hallwood Group, Inc.*	300		12,222
Iconix Brand Group, Inc.*	17,278		265,390
Jones Apparel Group, Inc.	22,130		420,913
Kenneth Cole Productions, Inc., Class A*	1,800		23,058
K-Swiss, Inc., Class A*^	2,900		30,334
Liz Claiborne, Inc.*^	7,400		54,982
Movado Group, Inc.*	4,100		46,248
Oxford Industries, Inc.	964		19,598
Perry Ellis International, Inc.*	2,340		53,001
Phillips-Van Heusen Corp.	4,000		229,440
Quiksilver, Inc.*	32,400		153,252
R.G. Barry Corp.	1,800		18,360
Rocky Brands, Inc.*	700		6,678
Skechers U.S.A., Inc., Class A*	7,800		283,296
Steven Madden Ltd.*	2,700		131,760
Timberland Co., Class A*	3,900		83,226
Unifi, Inc.*	9,661		35,166
UniFirst Corp.	5,700		293,550
VF Corp.^	9,080		727,762
			3,323,500
Total Consumer Discretionary			58,169,148
Consumer Staples (5.2%)
Beverages (0.3%)
Central European Distribution Corp.*	14,900		521,649
Constellation Brands, Inc., Class A*	46,400		762,816
Heckmann Corp.*	20,000		116,000
National Beverage Corp.^	1,300		14,456
			1,414,921
Food & Staples Retailing (1.9%)
Andersons, Inc.	4,600		154,008
BJ’s Wholesale Club, Inc.*	96,202		3,558,512
Casey’s General Stores, Inc.	4,507		141,520
Great Atlantic & Pacific Tea Co., Inc.*^	8,400		64,428
Ingles Markets, Inc., Class A	3,400		51,102
Kroger Co.	269,050		5,827,623
Nash Finch Co.^	6,741		226,835
Pantry, Inc.*^	10,136		126,598
Rite Aid Corp.*	146,100		219,150
Ruddick Corp.^	8,841		279,729
Spartan Stores, Inc.^	5,600		80,752
Susser Holdings Corp.*	1,300		10,985
Village Super Market, Inc., Class A	100		2,803
Weis Markets, Inc.^	2,200		79,992
Whole Foods Market, Inc.*	4,900		177,135
Winn-Dixie Stores, Inc.*^	13,600		169,864
			11,171,036
Food Products (2.5%)
American Italian Pasta Co., Class A*^	3,000		116,610
B&G Foods, Inc., Class A^	7,100		74,408
BRF - Brasil Foods S.A.	23,560		636,843
BRF - Brasil Foods S.A. (ADR)^	600		32,964
Bunge Ltd.^	7,300		449,899
Chiquita Brands International, Inc.*^	10,800		169,884
Corn Products International, Inc.	22,141		767,407
Cresud S.A.C.I.F. y A. (ADR)	61,388		855,749
Dean Foods Co.*	36,200		567,978
Del Monte Foods Co.	76,400		1,115,440
Diamond Foods, Inc.^	900		37,836
Dole Food Co., Inc.*^	2,800		33,180
Farmer Bros Co.	1,000		18,740
Flowers Foods, Inc.^	2,300		56,902
Fresh Del Monte Produce, Inc.*	9,800		198,450
Griffin Land & Nurseries, Inc.	800		23,240
Hain Celestial Group, Inc.*	7,500		130,125
Harbinger Group, Inc.*	2,300		15,571
HQ Sustainable Maritime Industries, Inc.*	200		1,200
Imperial Sugar Co.	3,000		46,530
John B. Sanfilippo & Son, Inc.*	1,500		22,125
Omega Protein Corp.*	4,103		23,592
Overhill Farms, Inc.*	4,240		24,719
PureCircle Ltd.*	117,834		437,198
Ralcorp Holdings, Inc.*	13,384		907,168
Seneca Foods Corp., Class A*	2,500		72,800
Smart Balance, Inc.*	3,600		23,328
Smithfield Foods, Inc.*^	132,732		2,752,862
TreeHouse Foods, Inc.*	8,200		359,734
Tyson Foods, Inc., Class A	265,669		5,087,561
			15,060,043
Household Products (0.3%)
Cellu Tissue Holdings, Inc.*	800		7,984
Central Garden & Pet Co., Class A*	15,600		142,896
Energizer Holdings, Inc.*	2,200		138,072
KAO Corp. (ADR)	59,600		1,507,880
Oil-Dri Corp. of America^	2,400		46,392
WD-40 Co.	1,300		42,679
			1,885,903
Personal Products (0.1%)
Alberto-Culver Co.	2,100		54,915

See Notes to Portfolio of Investments.

120

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
American Oriental Bioengineering, Inc.*	9,800	$	39,984
CCA Industries, Inc.	900		5,220
Elizabeth Arden, Inc.*	7,650		137,700
Inter Parfums, Inc.	2,800		41,496
Mannatech, Inc.	4,900		16,366
NBTY, Inc.*	3,500		167,930
Nu Skin Enterprises, Inc., Class A^	3,200		93,120
Nutraceutical International Corp.*	2,600		38,844
Prestige Brands Holdings, Inc.*	8,720		78,480
Revlon, Inc., Class A*^	2,700		40,095
Schiff Nutrition International, Inc.^	1,700		13,906
			728,056
Tobacco (0.1%)
Alliance One International, Inc.*^	6,200		31,558
Universal Corp.^	5,500		289,795
			321,353
Total Consumer Staples			30,581,312
Energy (8.5%)
Energy Equipment & Services (2.3%)
Allis-Chalmers Energy, Inc.*	15,141		53,599
Atwood Oceanics, Inc.*	1,300		45,019
Basic Energy Services, Inc.*^	5,700		43,947
BJ Services Co.	126,661		2,710,545
Bolt Technology Corp.*	1,400		15,834
Boots & Coots, Inc.*^	19,600		47,628
Bristow Group, Inc.*^	8,700		328,251
Bronco Drilling Co., Inc.*^	5,500		25,850
Cal Dive International, Inc.*	8,600		63,038
CARBO Ceramics, Inc.	100		6,234
Cie Generale de Geophysique-Veritas (ADR)*^	22,720		643,430
Complete Production Services, Inc.*	14,600		168,630
Dawson Geophysical Co.*	1,974		57,720
ENGlobal Corp.*	300		831
Ensco plc (ADR)	7,500		335,850
Exterran Holdings, Inc.*^	7,400		178,858
Geokinetics, Inc.*	800		5,768
Global Industries Ltd.*	24,932		160,063
Gulf Island Fabrication, Inc.	2,900		63,075
Gulfmark Offshore, Inc., Class A*	2,700		71,685
Helix Energy Solutions Group, Inc.*	25,500		332,265
Helmerich & Payne, Inc.	17,346		660,536
Hercules Offshore, Inc.*	25,900		111,629
Hornbeck Offshore Services, Inc.*	5,580		103,621
ION Geophysical Corp.*^	23,800		117,096
Key Energy Services, Inc.*^	29,700		283,635
Lufkin Industries, Inc.	400		31,660
Matrix Service Co.*	4,600		49,496
Mitcham Industries, Inc.*	1,300		9,399
Natural Gas Services Group, Inc.*	2,700		42,849
Newpark Resources, Inc.*^	21,400		112,350
Oil States International, Inc.*	17,600		797,984
OYO Geospace Corp.*	1,000		47,810
Parker Drilling Co.*	29,224		144,074
Patterson-UTI Energy, Inc.	30,300		423,291
PHI, Inc.*	2,700		57,186
Pioneer Drilling Co.*	8,400		59,136
Rowan Cos., Inc.*^	34,700		1,010,117
SBM Offshore N.V.	24,140		483,039
SEACOR Holdings, Inc.*	9,700		782,402
Solar Cayman Ltd.(b)*§†	141,300		1,143,436
Superior Energy Services, Inc.*	19,300		405,686
Superior Well Services, Inc.*	3,900		52,182
T-3 Energy Services, Inc.*	3,100		76,136
TETRA Technologies, Inc.*^	14,000		171,080
TGC Industries, Inc.*	800		3,232
Tidewater, Inc.	12,525		592,057
Union Drilling, Inc.*	2,000		12,320
Unit Corp.*	10,100		427,028
Vantage Drilling Co.*	20,000		29,600
			13,598,187
Oil, Gas & Consumable Fuels (6.2%)
Adams Resources & Energy, Inc.	600		10,500
Alon USA Energy, Inc.	2,400		17,400
Approach Resources, Inc.*	2,000		18,160
Arch Coal, Inc.	170,893		3,904,905
Atlas Energy, Inc.*	8,500		264,520
ATP Oil & Gas Corp.*	12,100		227,601
Berry Petroleum Co., Class A^	17,899		504,036
Bill Barrett Corp.*	12,700		390,017
BPZ Resources, Inc.*	5,200		38,220
Brigham Exploration Co.*	11,377		181,463
Cabot Oil & Gas Corp.	25,400		934,720
Cameco Corp.	175,905		4,821,556
Cheniere Energy, Inc.*^	6,500		20,085
Cimarex Energy Co.	20,200		1,199,476
Clayton Williams Energy, Inc.*	1,500		52,470
Cloud Peak Energy, Inc.*	4,200		69,888
Cobalt International Energy, Inc.*	30,000		408,000
Comstock Resources, Inc.*	9,800		311,640
Concho Resources, Inc.*	19,600		987,056
Consol Energy, Inc.	30,529		1,302,367
Contango Oil & Gas Co.*	200		10,230
CREDO Petroleum Corp.*	300		2,967
Crosstex Energy, Inc.*	10,100		87,769
Cubic Energy, Inc.*	4,600		4,876
CVR Energy, Inc.*	5,300		46,375
Delek U.S. Holdings, Inc.	3,700		26,936
Delta Petroleum Corp.*^	22,400		31,584
DHT Holdings, Inc.	12,400		48,608
Double Eagle Petroleum Co.*	1,300		5,525
Endeavour International Corp.*	1,600		2,032
Energy XXI Bermuda Ltd.*	11,200		200,592
EXCO Resources, Inc.	4,100		75,358
Forest Oil Corp.*	16,572		427,889
Frontier Oil Corp.	5,200		70,200
Frontline Ltd.^	12,400		379,812
General Maritime Corp.^	12,500		89,875
GeoResources, Inc.*	1,800		27,486
GMX Resources, Inc.*^	3,300		27,126
Golar LNG Ltd.*	3,100		36,270
Goodrich Petroleum Corp.*^	6,100		95,404
Gran Tierra Energy, Inc.*	48,800		287,920
Green Plains Renewable Energy, Inc.*	3,700		52,799
Gulfport Energy Corp.*^	400		4,496
Harvest Natural Resources, Inc.*^	13,600		102,408
International Coal Group, Inc.*	39,798		181,877
Knightsbridge Tankers Ltd.	4,300		72,842
Mariner Energy, Inc.*	2,400		35,928
Massey Energy Co.	4,500		235,305
Newfield Exploration Co.*^	20,760		1,080,558
Nexen, Inc.	37,731		932,333
Noble Energy, Inc.^	8,700		635,100
Nordic American Tanker Shipping Ltd.	11,100		335,997
Oilsands Quest, Inc.*	59,300		43,835
Overseas Shipholding Group, Inc.	6,566		257,584
Patriot Coal Corp.*	18,100		370,326

See Notes to Portfolio of Investments.

121

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Peabody Energy Corp.	59,462	$	2,717,413
Penn Virginia Corp.	10,800		264,600
Petrobras Energia S.A. (ADR)	119,492		1,993,127
Petroleum Development Corp.*	5,000		115,850
PetroQuest Energy, Inc.*^	12,100		60,863
Rex Energy Corp.*^	1,700		19,363
Rosetta Resources, Inc.*	12,500		294,375
SandRidge Energy, Inc.*^	34,100		262,570
Ship Finance International Ltd.^	4,500		79,921
Southern Union Co.^	39,920		1,012,770
St. Mary Land & Exploration Co.	11,489		399,932
Stone Energy Corp.*^	10,500		186,375
Sunoco, Inc.	500		14,855
Swift Energy Co.*	9,100		279,734
Teekay Corp.	6,000		136,440
Tesoro Corp.	405,993		5,643,303
Toreador Resources Corp.*	300		2,454
USEC, Inc.*^	28,400		163,868
VAALCO Energy, Inc.*^	13,700		67,678
Venoco, Inc.*	3,100		39,773
W&T Offshore, Inc.^	400		3,360
Warren Resources, Inc.*	6,700		16,884
Western Refining, Inc.*^	8,100		44,550
Westmoreland Coal Co.*^	1,200		15,144
Whiting Petroleum Corp.*	12,400		1,002,416
			36,827,920
Total Energy			50,426,107
Financials (23.3%)
Capital Markets (2.3%)
Affiliated Managers Group, Inc.*^	7,800		616,200
Allied Capital Corp.*	43,300		215,201
American Capital Ltd.*	69,700		354,076
Ameriprise Financial, Inc.	32,640		1,480,550
Apollo Investment Corp.	41,214		524,654
Ares Capital Corp.	31,016		460,277
Artio Global Investors, Inc.	5,400		133,596
BGC Partners, Inc., Class A^	9,400		57,434
BlackRock Kelso Capital Corp.	3,471		34,571
Calamos Asset Management, Inc., Class A	4,500		64,530
Capital Southwest Corp.	700		63,616
Cohen & Steers, Inc.	2,300		57,408
Cowen Group, Inc., Class A*^	3,900		22,074
Daiwa Securities Group, Inc. (ADR)	753,870		3,995,511
E*TRADE Financial Corp.*	384,500		634,425
Epoch Holding Corp.	600		6,774
Evercore Partners, Inc., Class A	2,600		78,000
FBR Capital Markets Corp.*	4,800		21,840
Federated Investors, Inc., Class B	900		23,742
Fifth Street Finance Corp.^	8,298		96,340
GAMCO Investors, Inc., Class A	700		31,850
Gladstone Capital Corp.	4,900		57,820
Gladstone Investment Corp.	9,100		54,418
Harris & Harris Group, Inc.*	6,500		29,965
Hercules Technology Growth Capital, Inc.	8,633		91,423
International Assets Holding Corp.*	2,165		32,410
Invesco Ltd.^	37,200		815,052
Investment Technology Group, Inc.*	10,000		166,900
Janus Capital Group, Inc.	5,400		77,166
Jefferies Group, Inc.^	5,911		139,913
JMP Group, Inc.	3,300		28,050
KBW, Inc.*	4,700		126,430
Knight Capital Group, Inc., Class A*	10,156		154,879
Kohlberg Capital Corp.^	4,506		25,504
LaBranche & Co., Inc.*	9,900		52,074
Main Street Capital Corp.	739		11,536
MCG Capital Corp.*	16,600		86,486
MF Global Holdings Ltd.*^	17,100		137,997
MVC Capital, Inc.^	5,000		67,850
NGP Capital Resources Co.	4,732		40,317
Oppenheimer Holdings, Inc., Class A	2,400		61,224
PennantPark Investment Corp.	6,563		67,993
Penson Worldwide, Inc.*^	3,300		33,231
Piper Jaffray Cos., Inc.*	4,900		197,470
Prospect Capital Corp.^	15,744		191,290
Raymond James Financial, Inc.^	23,200		620,368
Safeguard Scientifics, Inc.*	3,183		41,379
Sanders Morris Harris Group, Inc.	4,800		29,712
Solar Capital Ltd.	600		12,684
SWS Group, Inc.	5,700		65,721
TD Ameritrade Holding Corp.*^	41,380		788,703
Teton Advisors, Inc., Class B*^†	28		293
Thomas Weisel Partners Group, Inc.*	4,700		18,424
TICC Capital Corp.	7,070		46,591
TradeStation Group, Inc.*	6,200		43,462
Triangle Capital Corp.^	2,095		29,414
Virtus Investment Partners, Inc.*	1,283		26,738
Westwood Holdings Group, Inc.	100		3,680
			13,447,236
Commercial Banks (5.8%)
1st Source Corp.	3,600		63,180
Access National Corp.	1,400		8,736
Alliance Financial Corp./New York^	1,584		46,696
American National Bankshares, Inc.	1,500		30,225
Ameris Bancorp^	3,479		31,411
Ames National Corp.	900		18,045
Arrow Financial Corp.^	927		24,927
Associated Banc-Corp^	57,400		792,120
Auburn National Bancorp., Inc.^	600		12,390
BancFirst Corp.^	1,500		62,865
Banco Latinoamericano de Comercio Exterior S.A.^	16,000		229,760
Bancorp Rhode Island, Inc.^	900		24,615
Bancorp, Inc./Delaware*	5,700		50,730
BancorpSouth, Inc.^	27,420		574,723
Bank of Commerce Holdings^	1,000		4,730
Bank of Hawaii Corp.^	15,219		684,094
Bank of Kentucky Financial Corp.^	800		15,952
Bank of Marin Bancorp/California^	300		9,924
Bank of the Ozarks, Inc.^	3,000		105,570
Banner Corp.^	5,300		20,352
Bar Harbor Bankshares^	700		21,350
BNC Bancorp	1,000		7,920
BOK Financial Corp.^	4,420		231,785
Boston Private Financial Holdings, Inc.^	17,100		126,027
Bridge Bancorp, Inc.	300		7,020
Bryn Mawr Bank Corp.^	1,600		29,040
C&F Financial Corp.	388		7,682
Camden National Corp.	1,800		57,798
Cape Bancorp, Inc.*	2,900		23,403
Capital City Bank Group, Inc.	3,200		45,600
CapitalSource, Inc.	51,400		287,326
Cardinal Financial Corp.	4,200		44,856
Cathay General Bancorp	9,600		111,840
Center Bancorp, Inc.	3,140		26,093
Centerstate Banks, Inc.	3,700		45,325
Central Pacific Financial Corp.*^	9,100		15,288

See Notes to Portfolio of Investments.

122

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Central Valley Community Bancorp*	1,300	$	7,085
Century Bancorp, Inc./Massachusetts, Class A^	2,149		41,261
Chemical Financial Corp.	5,300		125,186
Chicopee Bancorp, Inc.*	1,600		20,320
Citizens & Northern Corp.	2,100		26,355
Citizens Holding Co.	700		17,276
Citizens Republic Bancorp, Inc.*	92,100		108,678
City Holding Co.^	3,600		123,444
City National Corp./California^	12,443		671,549
CNB Financial Corp./Pennsylvania^	1,100		16,984
CoBiz Financial, Inc.	8,200		51,086
Columbia Banking System, Inc.	6,600		134,046
Comerica, Inc.	21,640		823,186
Commerce Bancshares, Inc./Missouri^	16,445		676,547
Community Bank System, Inc.^	7,700		175,406
Community Trust Bancorp, Inc.	3,816		103,375
Cullen/Frost Bankers, Inc.^	16,274		908,089
CVB Financial Corp.^	20,600		204,558
Danvers Bancorp, Inc.^	5,100		70,533
Eagle Bancorp, Inc.*	3,400		40,290
East West Bancorp, Inc.	26,400		459,888
Enterprise Bancorp, Inc./Massachusetts^	1,300		15,873
Enterprise Financial Services Corp.^	1,800		19,908
F.N.B. Corp./Pennsylvania	27,745		225,012
Farmers Capital Bank Corp.	1,900		16,283
Financial Institutions, Inc.	2,900		42,398
First Bancorp, Inc./Maine^	2,000		31,880
First Bancorp/North Carolina^	3,900		52,728
First BanCorp/Puerto Rico^	21,100		50,851
First Busey Corp.	12,500		55,250
First California Financial Group, Inc.*	1,400		3,696
First Citizens BancShares, Inc./North Carolina, Class A	3,360		667,834
First Commonwealth Financial Corp.	21,500		144,265
First Community Bancshares, Inc./Virginia^	3,800		47,006
First Financial Bancorp	13,400		238,386
First Financial Bankshares, Inc.^	2,400		123,720
First Financial Corp./Indiana^	2,900		83,984
First Horizon National Corp.*^	54,938		771,885
First Merchants Corp.	5,600		38,976
First Midwest Bancorp, Inc./Illinois	17,200		233,060
First of Long Island Corp.	1,100		26,510
First South Bancorp, Inc./North Carolina^	1,900		23,750
FirstMerit Corp.^	25,448		548,913
Fulton Financial Corp.	43,100		439,189
German American Bancorp, Inc.	2,800		42,364
Glacier Bancorp, Inc.^	22,378		340,817
Great Southern Bancorp, Inc.	1,900		42,636
Guaranty Bancorp*	14,700		23,373
Hampton Roads Bankshares, Inc.^	4,600		7,176
Hancock Holding Co.	6,000		250,860
Harleysville National Corp.	11,100		74,370
Hawthorn Bancshares, Inc.	600		7,230
Heartland Financial USA, Inc.^	3,579		57,157
Heritage Financial Corp./Washington*	1,800		27,162
Home Bancorp, Inc.*	2,200		30,800
Home Bancshares, Inc./Arkansas	4,100		108,404
Horizon Bancorp/Indiana	910		17,563
Huntington Bancshares, Inc./Ohio^	283,250		1,521,052
IBERIABANK Corp.	6,300		378,063
Independent Bank Corp./Massachusetts	5,200		128,232
International Bancshares Corp.	12,746		293,031
Intervest Bancshares Corp., Class A*^	1,000		3,950
Investors Bancorp, Inc.*	10,800		142,560
KeyCorp	216,500		1,677,875
Lakeland Bancorp, Inc.	5,300		46,905
Lakeland Financial Corp.	3,100		59,055
MainSource Financial Group, Inc.^	5,400		36,342
Marshall & Ilsley Corp.	130,100		1,047,305
MB Financial, Inc.^	12,300		277,119
Merchants Bancshares, Inc.	1,200		26,052
Metro Bancorp, Inc.*	1,400		19,278
Midsouth Bancorp, Inc.	1,100		18,150
Monarch Financial Holdings, Inc.*	600		4,674
Nara Bancorp, Inc.*	5,400		47,304
National Bankshares, Inc./Virginia	1,700		46,325
National Penn Bancshares, Inc.^	31,700		218,730
NB&T Financial Group, Inc.^	153		2,754
NBT Bancorp, Inc.	8,600		196,510
Northfield Bancorp, Inc./New Jersey	4,300		62,264
Northrim BanCorp, Inc.	1,600		27,328
Norwood Financial Corp.^	500		13,500
Ohio Valley Banc Corp.	1,000		21,540
Old National Bancorp/Indiana	21,393		255,646
Old Point Financial Corp.	500		7,380
Old Second Bancorp, Inc.^	3,400		22,406
OmniAmerican Bancorp, Inc.*	2,300		26,519
Oriental Financial Group, Inc.^	11,600		156,600
Orrstown Financial Services, Inc.	700		17,759
Pacific Capital Bancorp N.A.*^	13,300		24,073
Pacific Continental Corp.^	4,200		44,100
PacWest Bancorp	6,400		146,048
Park National Corp.	2,600		162,006
Parke Bancorp, Inc.*	600		5,484
Peapack Gladstone Financial Corp.	1,995		31,341
Penns Woods Bancorp, Inc.^	400		13,420
Peoples Bancorp, Inc./Ohio	2,600		42,848
Peoples Financial Corp./Mississippi^	900		13,473
Pinnacle Financial Partners, Inc.*^	7,700		116,347
Popular, Inc.*	160,000		465,600
Porter Bancorp, Inc.	735		9,629
Premier Financial Bancorp, Inc.	800		6,824
Premierwest Bancorp*	21,672		9,752
PrivateBancorp, Inc.	3,800		52,060
Prosperity Bancshares, Inc.^	15,180		622,380
Renasant Corp.^	5,500		88,990
Republic Bancorp, Inc./Kentucky, Class A	2,100		39,564
Republic First Bancorp, Inc.*	1,800		6,966
Rurban Financial Corp.	600		3,810
S&T Bancorp, Inc.^	5,400		112,860
Sandy Spring Bancorp, Inc.^	5,200		78,000
Santander BanCorp*	1,300		15,951
SCBT Financial Corp.^	2,900		107,416
Shore Bancshares, Inc.	2,336		33,288
Sierra Bancorp^	1,600		20,624
Signature Bank/New York*	1,700		62,985
Simmons First National Corp., Class A	3,600		99,252
Smithtown Bancorp, Inc.	4,107		16,962
South Financial Group, Inc.	42,300		29,242
Southside Bancshares, Inc.	2,660		57,376
Southwest Bancorp, Inc./Oklahoma	3,700		30,599
State Bancorp, Inc./New York	3,600		28,332
StellarOne Corp.^	6,000		80,220

See Notes to Portfolio of Investments.

123

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Sterling Bancorp/New York^	5,000	$	50,250
Sterling Bancshares, Inc./Texas	22,800		127,224
Sterling Financial Corp./Washington*^	12,200		6,954
Suffolk Bancorp^	800		24,568
Sumitomo Trust & Banking Co., Ltd. (ADR)	597,289		3,494,141
Sun Bancorp, Inc./New Jersey*	4,060		15,996
Susquehanna Bancshares, Inc.^	53,100		520,911
SVB Financial Group*^	11,439		533,744
SY Bancorp, Inc.	1,700		38,675
Synovus Financial Corp.	93,200		306,628
TCF Financial Corp.^	40,780		650,033
Texas Capital Bancshares, Inc.*	8,100		153,819
Tompkins Financial Corp.^	1,539		56,143
Tower Bancorp, Inc.^	900		24,093
TowneBank/Virginia^	5,400		75,384
Trico Bancshares^	3,500		69,650
Trustmark Corp.^	15,478		378,128
UMB Financial Corp.	9,263		376,078
Umpqua Holdings Corp.	30,000		397,800
Union First Market Bankshares Corp.^	5,400		81,540
United Bancorp, Inc./Ohio	700		5,880
United Bancshares, Inc./Ohio	691		7,325
United Bankshares, Inc.^	9,200		241,224
United Community Banks, Inc./Georgia*	20,770		91,596
United Security Bancshares, Inc./Alabama	1,500		22,455
Univest Corp. of Pennsylvania	4,300		80,367
Valley National Bancorp^	50,271		772,665
VIST Financial Corp.	800		7,176
Washington Banking Co.	2,700		33,993
Washington Trust Bancorp, Inc.^	3,700		68,968
Webster Financial Corp.	16,700		292,083
WesBanco, Inc.	5,900		95,934
West Bancorp, Inc.^	3,300		21,714
Westamerica Bancorp^	4,460		257,119
Western Alliance Bancorp*	11,459		65,202
Whitney Holding Corp./Louisiana^	23,600		325,444
Wilber Corp.^	1,500		9,825
Wilmington Trust Corp.^	23,516		389,660
Wilshire Bancorp, Inc.^	4,500		49,635
Wintrust Financial Corp.^	7,000		260,470
Yadkin Valley Financial Corp.	4,550		19,565
Zions Bancorp.^	37,400		816,068
			34,431,966
Consumer Finance (0.2%)
Advance America Cash Advance Centers, Inc.^	2,300		13,386
AmeriCredit Corp.*	15,000		356,400
Cardtronics, Inc.*	800		10,056
Cash America International, Inc.	7,026		277,387
CompuCredit Holdings Corp.	2,100		10,836
Dollar Financial Corp.*^	1,800		43,308
First Marblehead Corp.*	17,900		50,836
Nelnet, Inc., Class A	3,500		64,960
QC Holdings, Inc.^	600		3,102
Rewards Network, Inc.	1,066		14,284
Student Loan Corp.	1,636		58,127
World Acceptance Corp.*^	4,100		147,928
			1,050,610
Diversified Financial Services (0.4%)
Asset Acceptance Capital Corp.*^	2,300		14,513
California First National Bancorp	500		6,675
Compass Diversified Holdings	5,400		82,404
Encore Capital Group, Inc.*	3,100		50,995
Medallion Financial Corp.	4,300		34,228
NewStar Financial, Inc.*^	6,300		40,194
PHH Corp.*^	93,410		2,201,674
PICO Holdings, Inc.*	3,300		122,727
Primus Guaranty Ltd.*	2,100		8,820
Resource America, Inc., Class A	3,900		18,720
			2,580,950
Insurance (7.2%)
Alleghany Corp.*	1,342		390,347
Allied World Assurance Co. Holdings Ltd./Bermuda	22,150		993,427
Ambac Financial Group, Inc.*^	69,700		38,809
American Equity Investment Life Holding Co.^	25,200		268,380
American Financial Group, Inc./Ohio	21,961		624,790
American National Insurance Co.	3,900		442,806
American Physicians Capital, Inc.	2,266		72,399
American Physicians Service Group, Inc.	1,600		40,000
American Safety Insurance Holdings Ltd.*^	3,100		51,429
AMERISAFE, Inc.*	4,300		70,391
Amtrust Financial Services, Inc.	4,900		68,355
Aon Corp.	42,576		1,818,421
Arch Capital Group Ltd.*	10,982		837,377
Argo Group International Holdings Ltd.	7,800		254,202
Arthur J. Gallagher & Co.	1,800		44,190
Aspen Insurance Holdings Ltd.	32,106		925,937
Assured Guaranty Ltd.	26,300		577,811
Axis Capital Holdings Ltd.	113,953		3,562,171
Baldwin & Lyons, Inc., Class B^	2,000		48,180
Brown & Brown, Inc.	6,500		116,480
Citizens, Inc./Texas*	2,080		14,373
CNA Financial Corp.*^	62,958		1,682,238
CNA Surety Corp.*	4,500		80,055
Conseco, Inc.*^	90,800		564,776
Crawford & Co., Class B*^	1,000		4,070
Delphi Financial Group, Inc., Class A	11,300		284,308
Donegal Group, Inc., Class A	3,000		43,530
Eastern Insurance Holdings, Inc.	2,000		20,280
EMC Insurance Group, Inc.^	1,300		29,276
Employers Holdings, Inc.	10,600		157,410
Endurance Specialty Holdings Ltd.	16,520		613,718
Enstar Group, Ltd.*	1,700		117,572
Erie Indemnity Co., Class A	2,200		94,886
Everest Reinsurance Group Ltd.	9,120		738,082
FBL Financial Group, Inc., Class A^	2,100		51,408
Fidelity National Financial, Inc., Class A^	68,948		1,021,809
First Acceptance Corp.*^	3,100		6,324
First American Corp.	32,311		1,093,404
First Mercury Financial Corp.	1,900		24,757
Flagstone Reinsurance Holdings Ltd.^	15,000		171,900
FPIC Insurance Group, Inc.*	2,700		73,197
Genworth Financial, Inc., Class A*	69,100		1,267,294
Greenlight Capital Reinsurance Ltd., Class A*^	6,800		181,424
Hallmark Financial Services*	2,200		19,800
Hanover Insurance Group, Inc.	10,500		457,905
Harleysville Group, Inc.^	3,400		114,784
HCC Insurance Holdings, Inc.	27,048		746,525
Hilltop Holdings, Inc.*	10,200		119,850

See Notes to Portfolio of Investments.

124

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Horace Mann Educators Corp.	9,100	$	137,046
Independence Holding Co.	2,400		22,776
Infinity Property & Casualty Corp.	3,500		159,040
Kansas City Life Insurance Co.	1,200		37,896
Maiden Holdings Ltd.	12,900		95,331
Markel Corp.*	2,411		903,305
Marsh & McLennan Cos., Inc.	186,662		4,558,286
Max Capital Group Ltd.	11,500		264,385
MBIA, Inc.*^	33,000		206,910
Meadowbrook Insurance Group, Inc.	14,400		113,760
Mercer Insurance Group, Inc.^	2,000		36,000
Mercury General Corp.	6,631		289,907
Montpelier Reinsurance Holdings Ltd.	18,300		307,623
National Financial Partners Corp.*	10,400		146,640
National Interstate Corp.	1,700		35,207
National Western Life Insurance Co., Class A	500		92,175
Navigators Group, Inc.*	2,900		114,057
NYMAGIC, Inc.	1,300		27,599
Old Republic International Corp.	58,833		746,002
OneBeacon Insurance Group Ltd., Class A	6,000		103,500
PartnerReinsurance Ltd.^	21,586		1,720,836
Phoenix Cos., Inc.*^	26,400		63,888
Platinum Underwriters Holdings Ltd.	39,326		1,458,208
PMA Capital Corp., Class A*	8,600		52,804
Presidential Life Corp.^	5,000		49,850
Primerica, Inc.*	2,100		31,500
Principal Financial Group, Inc.^	28,000		817,880
ProAssurance Corp.*	8,100		474,174
Protective Life Corp.	21,180		465,748
Reinsurance Group of America, Inc.^	41,478		2,178,425
RenaissanceReinsurance Holdings Ltd.	15,013		852,138
RLI Corp.	2,700		153,954
Safety Insurance Group, Inc.	2,900		109,243
SeaBright Insurance Holdings, Inc.	7,800		85,878
Selective Insurance Group, Inc.	12,800		212,480
StanCorp Financial Group, Inc.	12,043		573,608
State Auto Financial Corp.	3,400		61,030
Stewart Information Services Corp.^	4,400		60,720
Symetra Financial Corp.*	5,300		69,854
Tower Group, Inc.	2,181		48,353
Transatlantic Holdings, Inc.	6,100		322,080
Unico American Corp.	700		6,720
United America Indemnity Ltd., Class A*	9,445		90,389
United Fire & Casualty Co.	5,300		95,347
Unitrin, Inc.	10,300		288,915
Universal Insurance Holdings, Inc.^	2,500		12,650
Unum Group^	58,000		1,436,660
Validus Holdings Ltd.	19,523		537,468
Wesco Financial Corp.	330		127,215
White Mountains Insurance Group Ltd.	1,900		674,500
Zenith National Insurance Corp.	9,100		348,712
			42,919,529
Real Estate Investment Trusts (REITs) (6.0%)
Acadia Realty Trust (REIT)	7,600		135,736
Agree Realty Corp. (REIT)	2,700		61,722
Alexander’s, Inc. (REIT)*	200		59,826
Alexandria Real Estate Equities, Inc. (REIT)	8,100		547,560
AMB Property Corp. (REIT)	34,651		943,893
American Campus Communities, Inc. (REIT)	12,826		354,767
American Capital Agency Corp. (REIT)	3,400		87,040
Anworth Mortgage Asset Corp. (REIT)	26,000		175,240
Apartment Investment & Management Co. (REIT), Class A	27,950		514,560
Apollo Commercial Real Estate Finance, Inc. (REIT)	2,800		50,428
Ashford Hospitality Trust, Inc. (REIT)*	28,400		203,628
Associated Estates Realty Corp. (REIT)	4,200		57,918
BioMed Realty Trust, Inc. (REIT)^	24,832		410,721
Brandywine Realty Trust (REIT)	32,659		398,766
BRE Properties, Inc. (REIT)^	12,600		450,450
Camden Property Trust (REIT)	15,705		653,799
CapLease, Inc. (REIT)	14,400		79,920
Capstead Mortgage Corp. (REIT)	17,900		214,084
CBL & Associates Properties, Inc. (REIT)^	54,512		746,814
Cedar Shopping Centers, Inc. (REIT)^	16,105		127,391
Chesapeake Lodging Trust (REIT)*	1,500		29,205
Chimera Investment Corp. (REIT)^	386,783		1,504,586
Cogdell Spencer, Inc. (REIT)	8,700		64,380
Colonial Properties Trust (REIT)	17,100		220,248
Colony Financial, Inc. (REIT)	3,700		74,000
Corporate Office Properties Trust/Maryland (REIT)	14,000		561,820
Cousins Properties, Inc. (REIT)	19,086		158,603
CreXus Investment Corp. (REIT)	3,700		49,469
Cypress Sharpridge Investments, Inc. (REIT)	3,500		46,830
DCT Industrial Trust, Inc. (REIT)^	49,906		261,008
Developers Diversified Realty Corp. (REIT)	49,200		598,764
DiamondRock Hospitality Co. (REIT)*^	33,072		334,358
Douglas Emmett, Inc. (REIT)^	47,300		727,001
Duke Realty Corp. (REIT)	53,900		668,360
DuPont Fabros Technology, Inc. (REIT)	4,190		90,462
Dynex Capital, Inc. (REIT)	3,800		34,200
EastGroup Properties, Inc. (REIT)	2,600		98,124
Education Realty Trust, Inc. (REIT)	16,000		91,840
Entertainment Properties Trust (REIT)^	10,600		435,978
Equity Lifestyle Properties, Inc. (REIT)	2,300		123,924
Equity One, Inc. (REIT)	8,200		154,898
Essex Property Trust, Inc. (REIT)	6,800		611,660
Extra Space Storage, Inc. (REIT)	21,100		267,548
Federal Realty Investment Trust (REIT)	12,166		885,807
FelCor Lodging Trust, Inc. (REIT)*	13,900		79,230
First Industrial Realty Trust, Inc. (REIT)*	11,300		87,688
First Potomac Realty Trust (REIT)	8,200		123,246
Franklin Street Properties Corp. (REIT)	16,300		235,209
Getty Realty Corp. (REIT)	2,600		60,840
Gladstone Commercial Corp. (REIT)	3,100		44,795
Glimcher Realty Trust (REIT)	17,073		86,560

See Notes to Portfolio of Investments.

125

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Government Properties Income Trust (REIT)	3,100	$	80,631
Gramercy Capital Corp./New York (REIT)*	12,600		35,154
Hatteras Financial Corp. (REIT)	9,259		238,605
Health Care REIT, Inc. (REIT)	14,288		646,246
Healthcare Realty Trust, Inc. (REIT)	15,119		352,122
Hersha Hospitality Trust (REIT)	27,400		141,932
Highwoods Properties, Inc. (REIT)	17,000		539,410
Home Properties, Inc. (REIT)	8,100		379,080
Hospitality Properties Trust (REIT)	47,600		1,140,020
HRPT Properties Trust (REIT)^	107,692		837,844
Inland Real Estate Corp. (REIT)	18,400		168,360
Invesco Mortgage Capital, Inc. (REIT)	3,100		71,300
Investors Real Estate Trust (REIT)^	18,000		162,360
iStar Financial, Inc. (REIT)*^	25,400		116,586
Kilroy Realty Corp. (REIT)^	10,100		311,484
Kite Realty Group Trust (REIT)^	20,000		94,600
LaSalle Hotel Properties (REIT)	15,611		363,736
Lexington Realty Trust (REIT)	25,368		165,146
Liberty Property Trust (REIT)	27,322		927,309
LTC Properties, Inc. (REIT)	5,200		140,712
Macerich Co. (REIT)	23,703		908,062
Mack-Cali Realty Corp. (REIT)	20,939		738,100
Medical Properties Trust, Inc. (REIT)^	43,082		451,499
MFA Financial, Inc. (REIT)	70,000		515,200
Mid-America Apartment Communities, Inc. (REIT)	3,400		176,086
Mission West Properties, Inc. (REIT)	8,000		55,040
Monmouth Real Estate Investment Corp. (REIT), Class A	5,500		46,255
National Health Investors, Inc. (REIT)	5,900		228,684
National Retail Properties, Inc. (REIT)^	20,200		461,166
Nationwide Health Properties, Inc. (REIT)	6,400		224,960
NorthStar Realty Finance Corp. (REIT)	18,200		76,622
Omega Healthcare Investors, Inc. (REIT)	16,400		319,636
One Liberty Properties, Inc. (REIT)^	1,076		17,926
Parkway Properties, Inc./Maryland (REIT)	5,900		110,802
Pebblebrook Hotel Trust (REIT)*	4,100		86,223
Pennsylvania Real Estate Investment Trust (REIT)^	14,200		177,074
Pennymac Mortgage Investment Trust (REIT)*	3,900		64,779
Piedmont Office Realty Trust, Inc. (REIT), Class A	18,800		373,180
Post Properties, Inc. (REIT)^	11,100		244,422
Potlatch Corp. (REIT)	4,708		164,968
PS Business Parks, Inc. (REIT)	2,800		149,520
RAIT Financial Trust (REIT)*	22,900		45,342
Ramco-Gershenson Properties Trust (REIT)^	11,100		124,986
Rayonier, Inc. (REIT)	10,600		481,558
Realty Income Corp. (REIT)^	25,500		782,595
Redwood Trust, Inc. (REIT)	17,300		266,766
Regency Centers Corp. (REIT)^	21,211		794,776
Resource Capital Corp. (REIT)	8,800		59,488
Saul Centers, Inc. (REIT)	900		37,260
Senior Housing Properties Trust (REIT)	31,300		693,295
SL Green Realty Corp. (REIT)^	20,100		1,151,127
Sovran Self Storage, Inc. (REIT)	6,700		233,562
Strategic Hotels & Resorts, Inc. (REIT)*	15,900		67,575
Sun Communities, Inc. (REIT)^	4,600		115,920
Sunstone Hotel Investors, Inc. (REIT)*	25,212		281,618
Tanger Factory Outlet Centers (REIT)	4,300		185,588
Taubman Centers, Inc. (REIT)^	13,400		534,928
Terreno Realty Corp. (REIT)*	1,800		35,514
Transcontinental Realty Investors, Inc.*	300		3,756
UDR, Inc. (REIT)	35,277		622,286
UMH Properties, Inc. (REIT)	1,700		13,889
Universal Health Realty Income Trust (REIT)	1,300		45,942
Urstadt Biddle Properties, Inc. (REIT), Class A	5,000		79,050
U-Store-It Trust (REIT)	21,000		151,200
Walter Investment Management Corp. (REIT)	5,900		94,400
Washington Real Estate Investment Trust (REIT)^	12,600		384,930
Weingarten Realty Investors (REIT)^	25,799		556,227
Winthrop Realty Trust (REIT)	4,500		54,180
			35,485,503
Real Estate Management & Development (0.5%)
American Realty Investors, Inc.*^	700		7,525
Avatar Holdings, Inc.*	2,100		45,654
BR Malls Participacoes S.A.*	32,300		381,421
BR Properties SA*	73,500		531,510
China Housing & Land Development, Inc.*^	6,800		25,840
Consolidated-Tomoka Land Co.^	1,400		44,114
Forest City Enterprises, Inc., Class A*	27,400		394,834
Forestar Group, Inc.*	8,672		163,727
Iguatemi Empresa de Shopping Centers S.A.	18,900		318,622
Jones Lang LaSalle, Inc.	9,986		727,880
Multiplan Empreendimentos Imobiliarios S.A.	29,600		495,677
Thomas Properties Group, Inc.	3,100		10,323
			3,147,127
Thrifts & Mortgage Finance (0.9%)
Abington Bancorp, Inc.	5,100		40,290
Astoria Financial Corp.^	31,852		461,854
Bank Mutual Corp.	12,100		78,650
BankFinancial Corp.	5,700		52,269
Beneficial Mutual Bancorp, Inc.*	26,689		253,012
Berkshire Bancorp, Inc./New York*	1,000		6,250
Berkshire Hills Bancorp, Inc.	3,500		64,155
Brookline Bancorp, Inc.	11,200		119,168
Brooklyn Federal Bancorp, Inc.	400		3,360
Cheviot Financial Corp.	600		5,532
Clifton Savings Bancorp, Inc.	2,500		23,175
Dime Community Bancshares, Inc.^	6,300		79,569
Doral Financial Corp.*^	1,900		8,189
Elmira Savings Bank FSB	300		5,067
ESB Financial Corp.^	4,150		53,494
ESSA Bancorp, Inc.	4,100		51,414
First Defiance Financial Corp.^	3,520		35,622
First Financial Holdings, Inc.^	3,800		57,228

See Notes to Portfolio of Investments.

126

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
First Financial Northwest, Inc.	5,100	$	34,833
First Financial Service Corp.	1,300		11,375
First Niagara Financial Group, Inc.	49,600		705,312
Flagstar Bancorp, Inc.*	30,052		18,031
Flushing Financial Corp.	6,900		87,354
Fox Chase Bancorp, Inc.*	1,300		14,053
Harleysville Savings Financial Corp.	256		3,507
Heritage Financial Group	400		4,832
HF Financial Corp.	300		3,030
Hingham Institution for Savings	300		10,401
Home Federal Bancorp, Inc./Idaho	4,200		60,942
HopFed Bancorp, Inc.	434		5,208
Kearny Financial Corp.	4,100		42,763
Kentucky First Federal Bancorp	600		6,294
K-Fed Bancorp	1,000		8,920
Legacy Bancorp., Inc./Massachusetts	1,800		17,082
Meridian Interstate Bancorp, Inc.*	2,600		27,040
MGIC Investment Corp.*	30,600		335,682
NASB Financial, Inc.^	1,000		23,120
New Hampshire Thrift Bancshares, Inc.	1,640		16,941
New York Community Bancorp, Inc.^	22,800		377,112
NewAlliance Bancshares, Inc.^	25,627		323,413
Northeast Community Bancorp, Inc.^	1,500		10,785
Northwest Bancshares, Inc.	8,925		104,780
OceanFirst Financial Corp.^	2,200		24,992
Ocwen Financial Corp.*	13,700		151,933
Oritani Financial Corp.^	600		9,642
PMI Group, Inc.*	15,738		85,300
Provident Financial Services, Inc.	15,100		179,690
Provident New York Bancorp	8,700		82,476
Prudential Bancorp, Inc. of Pennsylvania	200		1,688
Radian Group, Inc.^	19,324		302,227
Rockville Financial, Inc.	2,200		26,818
Roma Financial Corp.	1,200		15,048
Southern Missouri Bancorp, Inc.	100		1,420
Territorial Bancorp, Inc.	2,500		47,575
TF Financial Corp.	300		5,727
TFS Financial Corp.	17,000		226,950
Tree.com, Inc.*^	2,600		23,790
TrustCo Bank Corp. NY/New York^	11,800		72,806
United Financial Bancorp, Inc.	3,400		47,532
Washington Federal, Inc.	26,500		538,480
Waterstone Financial, Inc.*	2,600		9,412
Westfield Financial, Inc.^	7,900		72,601
WSFS Financial Corp.	1,700		66,300
			5,643,515
Total Financials			138,706,436
Health Care (6.3%)
Biotechnology (0.1%)
ArQule, Inc.*	1,900		10,944
Celera Corp.*	14,300		101,530
Facet Biotech Corp.*^	5,000		134,950
Geron Corp.*	10,100		57,368
Infinity Pharmaceuticals, Inc.*	900		5,490
Lexicon Pharmaceuticals, Inc.*^	12,100		17,908
Martek Biosciences Corp.*^	6,400		144,064
Maxygen, Inc.*	1,000		6,570
Myriad Pharmaceuticals, Inc.*	500		2,260
Nabi Biopharmaceuticals*	1,700		9,299
PDL BioPharma, Inc.^	26,292		163,273
Theravance, Inc.*^	9,440		125,741
			779,397
Health Care Equipment & Supplies (1.1%)
AGA Medical Holdings, Inc.*	300		4,875
Analogic Corp.	1,100		47,003
AngioDynamics, Inc.*	4,400		68,728
Cantel Medical Corp.	1,704		33,824
Cardiac Science Corp.*	3,700		6,919
CONMED Corp.*	7,000		166,670
Cooper Cos., Inc.^	15,602		606,606
Cutera, Inc.*	1,200		12,444
Cynosure, Inc., Class A*	2,400		26,976
ev3, Inc.*	17,500		277,550
Greatbatch, Inc.*	1,658		35,133
Hill-Rom Holdings, Inc.^	8,400		228,564
Hologic, Inc.*	55,300		1,025,262
Invacare Corp.^	7,858		208,551
Inverness Medical Innovations, Inc.*	10,400		405,080
Kewaunee Scientific Corp.	500		7,003
Kinetic Concepts, Inc.*^	14,520		694,201
Medical Action Industries, Inc.*	410		5,031
National Dentex Corp.*	800		7,800
Natus Medical, Inc.*^	1,800		28,638
OraSure Technologies, Inc.*	1,100		6,523
Palomar Medical Technologies, Inc.*	200		2,172
RTI Biologics, Inc.*	8,700		37,671
Span-America Medical Systems, Inc.	700		13,020
Symmetry Medical, Inc.*	7,100		71,284
Teleflex, Inc.	5,246		336,111
TomoTherapy, Inc.*^	3,300		11,253
Volcano Corp.*^	2,300		55,568
Zimmer Holdings, Inc.*	31,459		1,862,373
Zoll Medical Corp.*	400		10,544
			6,303,377
Health Care Providers & Services (3.6%)
Advocat, Inc.	800		5,432
Aetna, Inc.	164,209		5,765,378
Alliance HealthCare Services, Inc.*^	700		3,934
Allied Healthcare International, Inc.*^	9,400		25,568
Amedisys, Inc.*^	10,500		579,810
American Dental Partners, Inc.*^	3,000		39,150
AmerisourceBergen Corp.^	33,380		965,350
Amsurg Corp.*	7,200		155,448
Assisted Living Concepts, Inc., Class A*^	2,480		81,443
Brookdale Senior Living, Inc.*	10,700		222,881
Capital Senior Living Corp.*	6,400		33,664
Centene Corp.*	4,944		118,854
CIGNA Corp.	35,800		1,309,564
Community Health Systems, Inc.*	10,640		392,935
Coventry Health Care, Inc.*	8,400		207,648
Cross Country Healthcare, Inc.*	7,000		70,770
Emdeon, Inc., Class A*	1,500		24,780
Gentiva Health Services, Inc.*	4,100		115,948
Hanger Orthopedic Group, Inc.*	5,100		92,718
Health Management Associates, Inc., Class A*^	4,620		39,732
Health Net, Inc.*	44,075		1,096,145
Healthspring, Inc.*	12,000		211,200
Healthways, Inc.*	8,000		128,560
Humana, Inc.*	50,643		2,368,573
inVentiv Health, Inc.*	5,600		125,776
Kindred Healthcare, Inc.*^	15,600		281,580
Landauer, Inc.	1,000		65,220
LCA-Vision, Inc.*	1,500		12,480
LifePoint Hospitals, Inc.*	12,677		466,260

See Notes to Portfolio of Investments.

127

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Lincare Holdings, Inc.*^	2,600	$	116,688
Magellan Health Services, Inc.*	8,500		369,580
MedCath Corp.*^	4,000		41,880
MEDNAX, Inc.*	7,400		430,606
Molina Healthcare, Inc.*^	3,300		83,061
National Healthcare Corp.	1,100		38,918
Nighthawk Radiology Holdings, Inc.*	3,300		10,494
NovaMed, Inc.*	3,300		11,220
Odyssey HealthCare, Inc.*	4,100		74,251
Omnicare, Inc.	89,011		2,518,121
Owens & Minor, Inc.	1,500		69,585
Psychiatric Solutions, Inc.*	3,700		110,260
RadNet, Inc.*	700		2,226
RehabCare Group, Inc.*	1,000		27,270
Res-Care, Inc.*^	10,000		119,900
Select Medical Holdings Corp.*	5,500		46,420
Skilled Healthcare Group, Inc., Class A*	5,300		32,701
Sun Healthcare Group, Inc.*	10,900		103,986
Sunrise Senior Living, Inc.*	11,300		57,856
Team Health Holdings, Inc.*	21,100		354,480
Tenet Healthcare Corp.*	38,500		220,220
Triple-S Management Corp., Class B*^	4,900		86,975
U.S. Physical Therapy, Inc.*	1,600		27,840
Universal American Corp.*^	14,356		221,083
Universal Health Services, Inc., Class B	20,100		705,309
WellCare Health Plans, Inc.*	10,100		300,980
			21,188,711
Health Care Technology (0.0%)
AMICAS, Inc.*	2,200		13,244
Medidata Solutions, Inc.*	200		3,040
MedQuist, Inc.	2,300		17,963
Omnicell, Inc.*	1,100		15,433
Vital Images, Inc.*	1,100		17,787
			67,467
Life Sciences Tools & Services (0.2%)
Affymetrix, Inc.*	2,400		17,616
Albany Molecular Research, Inc.*	5,800		48,430
Cambrex Corp.*^	900		3,645
Charles River Laboratories International, Inc.*	4,800		188,688
Enzo Biochem, Inc.*	400		2,408
Harvard Bioscience, Inc.*	300		1,161
Kendle International, Inc.*	4,800		83,904
PerkinElmer, Inc.	21,800		521,020
Varian, Inc.*	5,428		281,062
			1,147,934
Pharmaceuticals (1.3%)
Adolor Corp.*	5,400		9,720
BMP Sunstone Corp.*	1,000		5,060
Caraco Pharmaceutical Laboratories Ltd.*	1,600		9,584
Cumberland Pharmaceuticals, Inc.*^	200		2,106
Endo Pharmaceuticals Holdings, Inc.*	46,560		1,103,006
Forest Laboratories, Inc.*	64,074		2,009,361
Hi-Tech Pharmacal Co., Inc.*^	1,600		35,424
Impax Laboratories, Inc.*	81,960		1,465,445
Ironwood Pharmaceuticals, Inc.*	200		2,704
King Pharmaceuticals, Inc.*^	119,300		1,402,968
KV Pharmaceutical Co., Class A*	4,400		7,744
Medicines Co.*	3,900		30,576
Medicis Pharmaceutical Corp., Class A	12,200		306,952
Par Pharmaceutical Cos., Inc.*	8,500		210,800
SuperGen, Inc.*	1,800		5,760
ViroPharma, Inc.*	15,500		211,265
Watson Pharmaceuticals, Inc.*	25,500		1,065,135
			7,883,610
Total Health Care			37,370,496
Industrials (11.0%)
Aerospace & Defense (0.7%)
AAR Corp.*	8,818		218,863
Argon ST, Inc.*^	600		15,966
Ascent Solar Technologies, Inc.*^	3,200		12,320
Astronics Corp.*^	400		3,924
BE Aerospace, Inc.*	11,600		353,220
Ceradyne, Inc.*	6,000		136,140
Curtiss-Wright Corp.	11,100		386,280
Ducommun, Inc.^	3,800		79,838
DynCorp International, Inc., Class A*	8,800		101,112
Esterline Technologies Corp.*	15,600		771,108
GeoEye, Inc.*	200		5,900
Herley Industries, Inc.*^	3,400		49,844
Ladish Co., Inc.*	3,700		74,592
LMI Aerospace, Inc.*	1,200		22,296
Moog, Inc., Class A*	11,100		393,162
SIFCO Industries, Inc.	800		13,656
Sparton Corp.*^	1,400		8,260
Spirit AeroSystems Holdings, Inc., Class A*	16,969		396,735
Teledyne Technologies, Inc.*	17,200		709,844
Todd Shipyards Corp.^	1,400		23,002
Triumph Group, Inc.	5,600		392,504
			4,168,566
Air Freight & Logistics (0.1%)
Air Transport Services Group, Inc.*	5,400		18,198
Atlas Air Worldwide Holdings, Inc.*	5,000		265,250
Dynamex, Inc.*	900		15,480
Forward Air Corp.^	3,800		99,940
Hub Group, Inc., Class A*	4,800		134,304
Pacer International, Inc.*^	8,700		52,374
UTi Worldwide, Inc.	1,900		29,108
			614,654
Airlines (0.6%)
Alaska Air Group, Inc.*	13,114		540,690
Delta Air Lines, Inc.*	135,780		1,981,030
ExpressJet Holdings, Inc.*	1,900		7,163
JetBlue Airways Corp.*^	58,788		328,037
Republic Airways Holdings, Inc.*	12,620		74,711
SkyWest, Inc.	31,740		453,247
U.S. Airways Group, Inc.*^	39,300		288,855
UAL Corp.*^	2,100		41,055
			3,714,788
Building Products (0.3%)
American Woodmark Corp.	2,600		50,414
Ameron International Corp.	2,287		143,830
Apogee Enterprises, Inc.^	6,685		105,690
Armstrong World Industries, Inc.*	2,900		105,299
Builders FirstSource, Inc.*	5,801		18,273
Gibraltar Industries, Inc.*^	9,000		113,490
Griffon Corp.*	10,900		135,814
Insteel Industries, Inc.^	4,700		50,243
NCI Building Systems, Inc.*	3,319		36,642
Owens Corning, Inc.*	17,060		434,006
Quanex Building Products Corp.	3,900		64,467
Simpson Manufacturing Co., Inc.	2,128		59,073
Trex Co., Inc.*	400		8,516
Universal Forest Products, Inc.	10,820		416,786

See Notes to Portfolio of Investments.

128

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
USG Corp.*	10,400	$	178,464
			1,921,007
Commercial Services & Supplies (0.7%)
A.T. Cross Co., Class A*	530		2,205
ABM Industries, Inc.	7,900		167,480
ACCO Brands Corp.*	13,093		100,292
American Reprographics Co.*	1,000		8,970
Amrep Corp.*	600		8,718
ATC Technology Corp.*	2,200		37,752
Bowne & Co., Inc.	10,165		113,441
Clean Harbors, Inc.*	300		16,668
Consolidated Graphics, Inc.*	2,400		99,384
Cornell Cos., Inc.*	2,000		36,620
Corrections Corp. of America*	23,800		472,668
Courier Corp.	2,300		37,973
Covanta Holding Corp.*	30,600		509,796
Deluxe Corp.^	10,400		201,968
EnergySolutions, Inc.	17,100		109,953
Ennis, Inc.	6,000		97,620
G&K Services, Inc., Class A	4,700		121,636
GEO Group, Inc.*	1,700		33,694
HNI Corp.	3,100		82,553
Innerworkings, Inc.*	1,100		5,720
KAR Auction Services, Inc.*	2,300		34,638
Kimball International, Inc., Class B	8,100		56,295
M&F Worldwide Corp.*	2,500		76,500
McGrath RentCorp.	5,100		123,573
Metalico, Inc.*	6,800		40,732
Mine Safety Appliances Co.	500		13,980
Mobile Mini, Inc.*	6,600		102,234
Multi-Color Corp.	500		5,990
North American Galvanizing & Coatings, Inc.*^	1,800		10,008
R.R. Donnelley & Sons Co.	290		6,192
Schawk, Inc.	3,400		61,642
Standard Parking Corp.*	900		14,778
Standard Register Co.^	1,200		6,420
Steelcase, Inc., Class A	17,800		115,166
Team, Inc.*	200		3,318
United Stationers, Inc.*	13,547		797,241
Viad Corp.	4,400		90,420
Virco MFG. Corp.	1,607		6,123
Waste Connections, Inc.*	4,400		149,424
Waste Services, Inc.*	3,900		38,571
			4,018,356
Construction & Engineering (1.3%)
Comfort Systems USA, Inc.	20,289		253,410
Dycom Industries, Inc.*	9,800		85,946
EMCOR Group, Inc.*^	25,800		635,454
Furmanite Corp.*	3,500		18,165
Granite Construction, Inc.	7,100		214,562
Great Lakes Dredge & Dock Corp.	700		3,675
Insituform Technologies, Inc., Class A*	9,446		251,358
Integrated Electrical Services, Inc.*	1,000		5,650
KBR, Inc.	38,300		848,728
Layne Christensen Co.*	4,900		130,879
MasTec, Inc.*	3,700		46,657
Northwest Pipe Co.*	2,338		51,085
Pike Electric Corp.*	2,600		24,232
Primoris Services Corp.^	2,000		15,480
Shaw Group, Inc.*	118,074		4,064,107
Sterling Construction Co., Inc.*	3,000		47,160
Tutor Perini Corp.*^	10,224		222,372
URS Corp.*	11,180		554,640
			7,473,560
Electrical Equipment (1.1%)
A. O. Smith Corp.	5,500		289,135
A123 Systems, Inc.*	2,100		28,854
Acuity Brands, Inc.	2,400		101,304
AMETEK, Inc.^	19,200		796,032
Baldor Electric Co.^	9,004		336,749
Belden, Inc.	11,183		307,085
Brady Corp., Class A	11,500		357,880
Chase Corp.	1,300		16,406
China BAK Battery, Inc.*^	9,400		22,654
Encore Wire Corp.^	4,700		97,760
Energy Conversion Devices, Inc.*	400		3,132
EnerSys*	10,100		249,066
Evergreen Solar, Inc.*^	22,000		24,860
Franklin Electric Co., Inc.	5,800		173,942
FuelCell Energy, Inc.*	1,600		4,512
Fushi Copperweld, Inc.*	6,400		71,808
Generac Holdings, Inc.*	2,500		35,025
General Cable Corp.*^	20,000		540,000
GrafTech International Ltd.*	17,600		240,592
Hubbell, Inc., Class B	12,400		625,332
II-VI, Inc.*	2,000		67,680
LaBarge, Inc.*	400		4,420
Lihua International, Inc.*	100		918
LSI Industries, Inc.	4,700		32,054
Orion Energy Systems, Inc.*	4,400		21,560
Polypore International, Inc.*	3,900		68,094
PowerSecure International, Inc.*	1,800		14,184
Preformed Line Products Co.	100		3,815
Regal-Beloit Corp.	8,704		517,105
Roper Industries, Inc.	2,900		167,736
SatCon Technology Corp.*	2,000		4,860
SL Industries, Inc.*	700		6,335
Thomas & Betts Corp.*	28,500		1,118,340
Ultralife Corp.*^	200		802
Valence Technology, Inc.*^	4,600		3,910
Vicor Corp.*	2,900		40,049
Woodward Governor Co.	2,700		86,346
			6,480,336
Industrial Conglomerates (0.3%)
Carlisle Cos., Inc.	10,907		415,557
Otter Tail Corp.	8,900		195,444
Seaboard Corp.	87		113,021
Standex International Corp.	4,700		121,119
Textron, Inc.^	31,900		677,237
Tredegar Corp.^	7,400		126,392
United Capital Corp.*	1,004		23,815
			1,672,585
Machinery (4.2%)
3D Systems Corp.*	700		9,555
Actuant Corp., Class A	8,782		171,688
AGCO Corp.*^	179,901		6,453,049
Alamo Group, Inc.^	2,400		47,976
Albany International Corp., Class A	6,800		146,404
Altra Holdings, Inc.*^	5,800		79,634
American Railcar Industries, Inc.	2,300		27,968
Ampco-Pittsburgh Corp.^	1,900		47,158
Astec Industries, Inc.*^	4,500		130,320
Barnes Group, Inc.^	57,200		1,112,540
Blount International, Inc.*^	6,500		67,340
Briggs & Stratton Corp.^	12,500		243,750
Bucyrus International, Inc.	14,900		983,251
Cascade Corp.	2,200		70,862

See Notes to Portfolio of Investments.

129

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Chart Industries, Inc.*^	1,100	$	22,000
CIRCOR International, Inc.	4,200		139,482
CLARCOR, Inc.	8,000		275,920
Colfax Corp.*	4,200		49,434
Columbus McKinnon Corp.*	4,800		76,176
Crane Co.	6,000		213,000
Dover Corp.	13,020		608,685
Duoyuan Printing, Inc.*	1,100		11,880
Eastern Co.	1,500		20,310
EnPro Industries, Inc.*^	5,000		145,400
Federal Signal Corp.^	19,400		174,794
Flow International Corp.*^	1,300		3,913
FreightCar America, Inc.	3,200		77,312
Gardner Denver, Inc.	19,100		841,164
Gorman-Rupp Co.^	1,300		33,072
Graco, Inc.	7,800		249,600
Graham Corp.	900		16,191
Greenbrier Cos., Inc.*	4,600		50,646
Harsco Corp.	5,000		159,700
Hurco Cos., Inc.*	1,500		25,245
IDEX Corp.	7,900		261,490
John Bean Technologies Corp.	6,900		121,026
Kadant, Inc.*	2,800		40,348
Kaydon Corp.	8,000		300,800
Kennametal, Inc.	19,400		545,528
K-Tron International, Inc.*	100		14,997
L.B. Foster Co., Class A*	2,300		66,447
Lincoln Electric Holdings, Inc.	10,500		570,465
Manitowoc Co., Inc.	31,600		410,800
Met-Pro Corp.	800		7,840
MFRI, Inc.*	900		6,012
Miller Industries, Inc.	2,500		31,075
Mueller Industries, Inc.	12,020		322,016
Mueller Water Products, Inc., Class A	37,600		179,728
NACCO Industries, Inc., Class A	1,300		96,395
Navistar International Corp.*^	9,400		420,462
Nordson Corp.	5,400		366,768
Oshkosh Corp.*	31,428		1,267,805
Pentair, Inc.	48,128		1,714,319
Portec Rail Products, Inc.	300		3,486
RBC Bearings, Inc.*	300		9,561
Robbins & Myers, Inc.	6,100		145,302
Sauer-Danfoss, Inc.*	2,500		33,200
Snap-On, Inc.	10,200		442,068
SPX Corp.	17,300		1,147,336
Sun Hydraulics Corp.^	1,800		46,764
Tecumseh Products Co., Class A*	4,600		56,442
Terex Corp.*	56,900		1,292,199
Timken Co.	36,800		1,104,368
Titan International, Inc.^	8,800		76,824
Trimas Corp.*	1,600		10,384
Trinity Industries, Inc.^	18,271		364,689
Twin Disc, Inc.	2,600		31,772
WABCO Holdings, Inc.*	1,800		53,856
Watts Water Technologies, Inc., Class A	8,210		255,003
			24,602,994
Marine (0.2%)
Alexander & Baldwin, Inc.	10,100		333,805
American Commercial Lines, Inc.*	2,300		57,730
Eagle Bulk Shipping, Inc.*	13,400		71,154
Genco Shipping & Trading Ltd.*^	10,100		213,211
Horizon Lines, Inc., Class A	7,500		40,800
International Shipholding Corp.	3,380		99,338
Kirby Corp.*^	10,400		396,760
Ultrapetrol Bahamas Ltd.*	6,219		34,143
			1,246,941
Professional Services (0.2%)
Barrett Business Services, Inc.	1,900		25,764
CDI Corp.	2,900		42,514
COMSYS IT Partners, Inc.*	3,600		62,928
CRA International, Inc.*	400		9,168
Equifax, Inc.	6,265		224,287
Franklin Covey Co.*^	500		3,970
GP Strategies Corp.*	1,500		12,540
Heidrick & Struggles International, Inc.	4,100		114,923
Kelly Services, Inc., Class A*	6,200		103,292
Kforce, Inc.*	6,600		100,386
Korn/Ferry International*	10,500		185,325
Mistras Group, Inc.*	700		6,993
National Technical Systems, Inc.	1,200		6,600
On Assignment, Inc.*^	7,500		53,475
School Specialty, Inc.*	3,000		68,130
SFN Group, Inc.*	13,000		104,130
Towers Watson & Co., Class A	1,300		61,750
TrueBlue, Inc.*	10,900		168,950
Volt Information Sciences, Inc.*	3,200		32,672
VSE Corp.	600		24,696
			1,412,493
Road & Rail (1.0%)
Amerco, Inc.*	2,200		119,438
Arkansas Best Corp.^	6,369		190,306
Avis Budget Group, Inc.*	9,548		109,802
Canadian Pacific Railway Ltd.	33,355		1,875,885
Celadon Group, Inc.*	1,000		13,940
Con-way, Inc.	8,100		284,472
Dollar Thrifty Automotive Group, Inc.*	6,700		215,271
Heartland Express, Inc.^	4,500		74,250
Hertz Global Holdings, Inc.*	44,810		447,652
J.B. Hunt Transport Services, Inc.	18,900		678,132
Kansas City Southern*	12,100		437,657
Knight Transportation, Inc.	2,100		44,289
Old Dominion Freight Line, Inc.*	5,800		193,662
Patriot Transportation Holding, Inc.*	100		8,448
RailAmerica, Inc.*	3,300		38,940
Ryder System, Inc.	21,600		837,216
Saia, Inc.*^	3,200		44,416
Universal Truckload Services, Inc.*	1,500		26,370
USA Truck, Inc.*	600		9,696
Werner Enterprises, Inc.	9,500		220,115
YRC Worldwide, Inc.*	264,000		143,563
			6,013,520
Trading Companies & Distributors (0.3%)
Aceto Corp.	6,200		37,448
Aircastle Ltd.	27,336		258,872
Applied Industrial Technologies, Inc.	10,100		250,985
Beacon Roofing Supply, Inc.*	3,700		70,781
BlueLinx Holdings, Inc.*	3,600		13,716
DXP Enterprises, Inc.*	1,900		24,263
GATX Corp.	6,700		191,955
H&E Equipment Services, Inc.*	6,800		73,304
Houston Wire & Cable Co.	2,500		28,950
Interline Brands, Inc.*	7,860		150,440
Kaman Corp.	900		22,509
Lawson Products, Inc.	900		13,923
Rush Enterprises, Inc., Class A*^	6,200		81,902
TAL International Group, Inc.^	3,900		77,922
Textainer Group Holdings Ltd.^	2,960		63,788

See Notes to Portfolio of Investments.

130

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Titan Machinery, Inc.*^	300	$	4,107
United Rentals, Inc.*	13,400		125,692
Watsco, Inc.	500		28,440
WESCO International, Inc.*^	4,990		173,203
Willis Lease Finance Corp.*	2,798		44,153
			1,736,353
Transportation Infrastructure (0.0%)
CAI International, Inc.*	2,400		29,568
Total Industrials			65,105,721
Information Technology (7.0%)
Communications Equipment (1.0%)
3Com Corp.*	16,100		123,809
ADC Telecommunications, Inc.*^	19,426		142,004
ADTRAN, Inc.	2,100		55,335
Airvana, Inc.*	2,600		19,916
Anaren, Inc.*^	400		5,696
Arris Group, Inc.*	17,217		206,776
Aviat Networks, Inc.*	14,500		96,135
Bel Fuse, Inc., Class B	2,800		56,420
Black Box Corp.^	9,109		280,193
Brocade Communications Systems, Inc.*	94,216		537,973
Ciena Corp.*	18,700		284,988
Cogo Group, Inc.*	6,300		44,037
CommScope, Inc.*	22,490		630,170
Communications Systems, Inc.	1,500		19,395
Digi International, Inc.*	4,000		42,560
EchoStar Corp., Class A*	8,600		174,408
Emcore Corp.*	18,800		22,748
EMS Technologies, Inc.*^	643		10,674
Emulex Corp.*	1,600		21,248
Extreme Networks, Inc.*	20,300		62,321
Globecomm Systems, Inc.*	5,200		39,988
Harmonic, Inc.*	5,600		35,336
Hughes Communications, Inc.*	1,100		30,635
JDS Uniphase Corp.*	43,720		547,811
KVH Industries, Inc.*	200		2,638
NETGEAR, Inc.*	6,400		167,040
Network Equipment Technologies, Inc.*^	3,600		19,836
Oplink Communications, Inc.*	1,400		25,956
Opnext, Inc.*	7,000		16,520
Palm, Inc.*^	2,300		8,648
PC-Tel, Inc.*	4,100		25,338
Plantronics, Inc.	1,500		46,920
Polycom, Inc.*	11,400		348,612
Powerwave Technologies, Inc.*	32,200		40,250
SeaChange International, Inc.*	3,800		27,284
Sonus Networks, Inc.*	51,600		134,676
Sycamore Networks, Inc.	4,810		96,729
Symmetricom, Inc.*^	11,800		68,794
Tekelec*^	20,386		370,210
Tellabs, Inc.	95,000		719,150
Telular Corp.*	100		304
UTStarcom, Inc.*^	25,200		70,308
			5,679,789
Computers & Peripherals (0.3%)
ActivIdentity Corp.*^	7,700		21,868
Adaptec, Inc.*	31,500		103,005
Avid Technology, Inc.*^	5,600		77,168
Cray, Inc.*^	2,400		14,280
Diebold, Inc.	2,100		66,696
Electronics for Imaging, Inc.*	12,000		139,560
Imation Corp.*	6,200		68,262
Intevac, Inc.*	5,600		77,392
Lexmark International, Inc., Class A*^	29,754		1,073,524
Rimage Corp.*	2,500		36,150
Silicon Graphics International Corp.*	6,700		71,623
Super Micro Computer, Inc.*	2,100		36,288
			1,785,816
Electronic Equipment, Instruments & Components (2.7%)
Agilysys, Inc.	3,800		42,446
Anixter International, Inc.*	6,300		295,155
Arrow Electronics, Inc.*	77,830		2,345,018
Avnet, Inc.*	23,600		708,000
AVX Corp.	9,600		136,320
Benchmark Electronics, Inc.*	13,900		288,286
Checkpoint Systems, Inc.*	7,424		164,219
China Security & Surveillance Technology, Inc.*	1,600		12,304
Cognex Corp.	8,100		149,769
Coherent, Inc.*	5,400		172,584
CPI International, Inc.*^	1,258		16,681
CTS Corp.	9,800		92,316
Daktronics, Inc.	1,100		8,382
DDi Corp.*	3,000		17,010
Echelon Corp.*^	2,300		20,631
Electro Rent Corp.	4,900		64,337
Electro Scientific Industries, Inc.*	7,200		92,232
FARO Technologies, Inc.*	400		10,300
Flextronics International Ltd.*	93,080		729,747
Gerber Scientific, Inc.*	3,000		18,630
ICx Technologies, Inc.*	500		3,485
Ingram Micro, Inc., Class A*	195,773		3,435,816
Insight Enterprises, Inc.*	10,000		143,600
Itron, Inc.*	300		21,771
Jabil Circuit, Inc.	22,700		367,513
Kingboard Laminates Holdings Ltd.	1,081,300		942,834
L-1 Identity Solutions, Inc.*^	4,100		36,613
Littelfuse, Inc.*	5,417		205,900
Measurement Specialties, Inc.*	3,207		47,175
Mercury Computer Systems, Inc.*	5,400		74,088
Methode Electronics, Inc.	7,800		77,220
Molex, Inc.	29,200		609,112
MTS Systems Corp.	3,700		107,411
Newport Corp.*	9,400		117,500
OSI Systems, Inc.*	700		19,635
PAR Technology Corp.*	600		3,630
Park Electrochemical Corp.	1,900		54,606
PC Connection, Inc.*	1,800		11,160
PC Mall, Inc.*	2,000		10,120
Plexus Corp.*	6,611		238,194
Power-One, Inc.*^	16,300		68,786
Rofin-Sinar Technologies, Inc.*	4,000		90,480
Rogers Corp.*	3,000		87,030
Scansource, Inc.*	6,300		181,314
SMART Modular Technologies (WWH), Inc.*	9,200		70,932
Spectrum Control, Inc.*	3,100		36,239
SYNNEX Corp.*^	7,830		231,455
Tech Data Corp.*	65,302		2,736,154
Technitrol, Inc.	10,303		54,400
TESSCO Technologies, Inc.	1,327		31,198
TTM Technologies, Inc.*	10,800		95,904
Vicon Industries, Inc.*	500		2,550
Vishay Intertechnology, Inc.*	57,157		584,716
X-Rite, Inc.*^	6,500		19,695

See Notes to Portfolio of Investments.

131

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Zygo Corp.*	3,500	$	32,305
			16,234,908
Internet Software & Services (0.3%)
Ancestry.com, Inc.*^	200		3,390
Digital River, Inc.*	1,900		57,570
DivX, Inc.*	3,000		21,480
EarthLink, Inc.^	47,100		402,234
IAC/InterActiveCorp*	10,900		247,866
InfoSpace, Inc.*	3,600		39,780
Internap Network Services Corp.*	12,700		71,120
Internet Brands, Inc., Class A*	2,700		24,894
Internet Capital Group, Inc.*	4,300		36,335
Ipass, Inc.*	12,600		14,490
j2 Global Communications, Inc.*	900		21,060
Keynote Systems, Inc.	1,600		18,224
LogMeIn, Inc.*	300		6,207
Marchex, Inc., Class B	2,100		10,731
ModusLink Global Solutions, Inc.*	10,800		91,044
Monster Worldwide, Inc.*^	12,100		200,981
Openwave Systems, Inc.*	14,700		33,810
Perficient, Inc.*	5,600		63,112
QuinStreet, Inc.*	300		5,103
RealNetworks, Inc.*	10,100		48,783
Reis, Inc.*	1,400		7,994
support.com, Inc.*^	5,000		16,350
TechTarget, Inc.*	2,900		15,167
United Online, Inc.^	43,256		323,555
Web.com Group, Inc.*	4,700		25,615
			1,806,895
IT Services (0.5%)
Acxiom Corp.*	3,100		55,614
Broadridge Financial Solutions, Inc.	11,800		252,284
CACI International, Inc., Class A*^	6,500		317,525
CIBER, Inc.*^	39,236		146,743
Computer Task Group, Inc.*^	1,400		10,150
Convergys Corp.*^	43,196		529,583
CSG Systems International, Inc.*	6,800		142,528
DST Systems, Inc.	600		24,870
Dynamics Research Corp.*	2,927		32,987
Echo Global Logistics, Inc.*	700		9,037
Euronet Worldwide, Inc.*	1,500		27,645
Global Cash Access Holdings, Inc.*	900		7,353
Hackett Group, Inc.*^	4,800		13,344
infoGROUP, Inc.*^	7,400		57,720
Information Services Group, Inc.*^	5,900		20,119
Integral Systems, Inc.*	3,200		30,816
ManTech International Corp., Class A*	700		34,181
MAXIMUS, Inc.	400		24,372
MoneyGram International, Inc.*	3,000		11,430
Ness Technologies, Inc.*	9,500		59,945
Online Resources Corp.*	2,200		8,866
SAIC, Inc.*	24,365		431,260
SRA International, Inc., Class A*	7,500		155,925
StarTek, Inc.*	2,500		17,375
TechTeam Global, Inc.*	1,200		8,124
Tier Technologies, Inc., Class B*	300		2,388
Total System Services, Inc.	10,200		159,732
Unisys Corp.*^	13,346		465,642
			3,057,558
Office Electronics (0.0%)
Zebra Technologies Corp., Class A*	1,400		41,440
Semiconductors & Semiconductor Equipment (1.6%)
Actel Corp.*	4,500		62,325
Advanced Energy Industries, Inc.*	1,800		29,808
Advanced Micro Devices, Inc.*	64,088		594,096
Amkor Technology, Inc.*^	11,550		81,659
ANADIGICS, Inc.*	3,100		15,066
Atmel Corp.*	106,300		534,689
ATMI, Inc.*	5,500		106,205
Brooks Automation, Inc.*	15,500		136,710
Cabot Microelectronics Corp.*	5,200		196,716
CEVA, Inc.*	700		8,162
Cirrus Logic, Inc.*^	5,360		44,970
Cohu, Inc.^	5,800		79,866
Conexant Systems, Inc.*	5,600		19,040
Cymer, Inc.*	7,400		276,020
Cypress Semiconductor Corp.*	2,400		27,600
DSP Group, Inc.*	6,100		50,813
Entegris, Inc.*	31,300		157,752
Exar Corp.*	8,600		60,630
Fairchild Semiconductor International, Inc.*	48,877		520,540
FEI Co.*	743		17,022
FormFactor, Inc.*^	700		12,432
GSI Technology, Inc.*	2,500		11,650
Integrated Device Technology, Inc.*	28,900		177,157
Integrated Silicon Solution, Inc.*	3,000		31,650
International Rectifier Corp.*	10,005		229,115
Intersil Corp., Class A	13,500		199,260
IXYS Corp.*	1,100		9,394
Kulicke & Soffa Industries, Inc.*	1,220		8,845
Lattice Semiconductor Corp.*	26,400		96,888
Linear Technology Corp.^	15,000		424,200
LSI Corp.*	158,800		971,856
MEMSIC, Inc.*	3,600		11,484
Micrel, Inc.	6,700		71,422
Microtune, Inc.*	600		1,638
Mindspeed Technologies, Inc.*^	3,000		24,030
MIPS Technologies, Inc.*	6,000		26,760
MKS Instruments, Inc.*	12,312		241,192
Novellus Systems, Inc.*	8,784		219,600
OmniVision Technologies, Inc.*	12,100		207,878
Pericom Semiconductor Corp.*	6,300		67,473
Photronics, Inc.*^	21,600		109,944
Pixelworks, Inc.*	1,700		9,775
PMC-Sierra, Inc.*	53,800		479,896
RF Micro Devices, Inc.*	1,200		5,976
Rudolph Technologies, Inc.*	4,700		40,279
Sigma Designs, Inc.*	1,800		21,114
Silicon Image, Inc.*^	18,700		56,474
Silicon Storage Technology, Inc.*	17,300		52,592
Skyworks Solutions, Inc.*^	19,500		304,200
Standard Microsystems Corp.*	4,100		95,448
Teradyne, Inc.*^	34,120		381,120
Trident Microsystems, Inc.*	14,100		24,534
TriQuint Semiconductor, Inc.*	16,000		112,000
Varian Semiconductor Equipment Associates, Inc.*	40,090		1,327,781
Veeco Instruments, Inc.*	3,800		165,300
Virage Logic Corp.*	2,300		18,078
White Electronic Designs Corp.*	5,100		35,700
Zoran Corp.*	3,200		34,432
			9,338,256
Software (0.6%)
American Software, Inc., Class A^	400		2,324
Compuware Corp.*	57,628		484,075
Deltek, Inc.*	580		4,431
Epicor Software Corp.*	11,800		112,808

See Notes to Portfolio of Investments.

132

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
ePlus, Inc.*	1,500	$	26,325
Fair Isaac Corp.^	12,000		304,080
Fortinet, Inc.*	700		12,306
JDA Software Group, Inc.*	3,179		88,440
Lawson Software, Inc.*	20,400		134,844
McAfee, Inc.*	13,460		540,150
Mentor Graphics Corp.*	35,008		280,764
Monotype Imaging Holdings, Inc.*	5,400		52,542
NetScout Systems, Inc.*	300		4,437
Novell, Inc.*	44,700		267,753
Nuance Communications, Inc.*	4,300		71,552
Pervasive Software, Inc.*	3,800		19,228
QAD, Inc.*^	200		1,050
Quest Software, Inc.*	12,300		218,817
Rovi Corp.*	6,800		252,484
SonicWALL, Inc.*	12,500		108,625
Symyx Technologies, Inc.*	1,700		7,633
Synchronoss Technologies, Inc.*	600		11,622
Synopsys, Inc.*	14,363		321,301
Take-Two Interactive Software, Inc.*^	17,500		172,375
THQ, Inc.*^	4,305		30,178
TIBCO Software, Inc.*	24,400		263,276
VASCO Data Security International, Inc.*	300		2,475
			3,795,895
Total Information Technology			41,740,557
Materials (12.1%)
Chemicals (2.6%)
A. Schulman, Inc.	5,806		142,073
Agrium, Inc. (When Issued)	9,420		665,335
Airgas, Inc.	20,000		1,272,400
Albemarle Corp.	21,100		899,493
American Vanguard Corp.	4,300		35,045
Ampal American Israel, Class A*^	3,900		10,842
Arch Chemicals, Inc.	5,272		181,304
Ashland, Inc.	17,077		901,153
Cabot Corp.	22,000		668,800
Cytec Industries, Inc.	19,273		900,820
Eastman Chemical Co.	24,453		1,557,167
Ferro Corp.*	31,300		275,127
FMC Corp.^	17,040		1,031,602
H.B. Fuller Co.	12,100		280,841
Hawkins, Inc.^	100		2,420
Huntsman Corp.	39,600		477,180
ICO, Inc.	6,300		50,904
Innophos Holdings, Inc.^	5,800		161,820
Innospec, Inc.*^	8,900		101,104
International Flavors & Fragrances, Inc.	700		33,369
Intrepid Potash, Inc.*^	700		21,231
Koppers Holdings, Inc.	1,965		55,649
Kraton Performance Polymers, Inc.*	1,600		28,576
Lubrizol Corp.	1,588		145,651
Methanex Corp.	6,100		148,291
Minerals Technologies, Inc.	4,500		233,280
Nalco Holding Co.	25,900		630,147
NewMarket Corp.^	1,100		113,289
NL Industries, Inc.^	1,000		8,580
Olin Corp.	16,900		331,578
OM Group, Inc.*^	13,521		458,091
PolyOne Corp.*	19,000		194,560
Quaker Chemical Corp.	2,800		75,908
Rockwood Holdings, Inc.*	13,210		351,650
RPM International, Inc.	14,570		310,924
Scotts Miracle-Gro Co., Class A	1,930		89,455
Sensient Technologies Corp.	11,732		340,932
ShengdaTech, Inc.*	7,000		52,430
Solutia, Inc.*	29,300		472,023
Spartech Corp.*^	11,484		134,363
Stepan Co.	200		11,178
STR Holdings, Inc.*	900		21,150
Terra Industries, Inc.	7,500		343,200
Valhi, Inc.	1,300		25,584
Valspar Corp.	24,500		722,260
W.R. Grace & Co.*	12,200		338,672
Westlake Chemical Corp.	4,700		121,213
Zoltek Cos., Inc.*	6,900		66,516
			15,495,180
Construction Materials (0.1%)
Headwaters, Inc.*	15,500		71,145
Martin Marietta Materials, Inc.	6,300		526,365
Texas Industries, Inc.	5,900		201,603
U.S. Concrete, Inc.*^	7,700		2,926
United States Lime & Minerals, Inc.*	200		7,734
			809,773
Containers & Packaging (1.3%)
AEP Industries, Inc.*	100		2,602
AptarGroup, Inc.	16,445		647,111
Ball Corp.	7,800		416,364
Bemis Co., Inc.	25,959		745,542
Boise, Inc.*	6,300		38,619
Bway Holding Co.*	2,800		56,280
Graham Packaging Co., Inc.*	2,200		27,610
Graphic Packaging Holding Co.*	27,900		100,719
Greif, Inc., Class A^	19,120		1,050,070
Myers Industries, Inc.	8,100		84,888
Owens-Illinois, Inc.*	30,320		1,077,573
Packaging Corp. of America	22,596		556,088
Pactiv Corp.*	5,206		131,087
Rexam plc	133,337		592,651
Rock-Tenn Co., Class A	2,000		91,140
Sealed Air Corp.	38,164		804,497
Silgan Holdings, Inc.	3,100		186,713
Sonoco Products Co.	24,221		745,765
Temple-Inland, Inc.	26,200		535,266
UFP Technologies, Inc.*	300		3,105
			7,893,690
Metals & Mining (7.5%)
A.M. Castle & Co.*	4,510		58,991
AK Steel Holding Corp.	26,700		610,362
Alcoa, Inc.	164,667		2,344,858
Allied Nevada Gold Corp.*	1,600		26,512
AMCOL International Corp.	4,300		116,960
AngloGold Ashanti Ltd. (ADR)	146,830		5,572,198
Banro Corp.*	955,431		2,025,514
Brush Engineered Materials, Inc.*^	4,900		110,593
Carpenter Technology Corp.	10,601		387,997
Century Aluminum Co.*	13,700		188,512
China Precision Steel, Inc.*	6,400		13,440
Coeur d’Alene Mines Corp.*^	23,040		345,139
Commercial Metals Co.	27,812		418,849
Compass Minerals International, Inc.^	3,500		280,805
Friedman Industries, Inc.	1,900		10,868
General Moly, Inc.*	12,600		41,832
General Steel Holdings, Inc.*^	3,500		14,385
Geovic Mining Corp.*	612,517		404,261
Gold Fields Ltd. (ADR)	471,970		5,956,261
Haynes International, Inc.	3,000		106,590
Hecla Mining Co.*	58,400		319,448

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Horsehead Holding Corp.*	10,400	$	123,136
Ivanhoe Mines Ltd.*	83,146		1,447,572
Kaiser Aluminum Corp.	3,930		151,580
Kinross Gold Corp.	441,952		7,552,960
Lihir Gold Ltd. (ADR)	256,858		7,233,121
Novagold Resources, Inc.*	362,648		2,589,307
Olympic Steel, Inc.	2,300		75,095
Reliance Steel & Aluminum Co.	15,416		758,930
Royal Gold, Inc.	7,363		340,244
RTI International Metals, Inc.*^	7,376		223,714
Schnitzer Steel Industries, Inc., Class A	900		47,277
Silver Standard Resources, Inc.*	159,301		2,833,965
Steel Dynamics, Inc.	51,690		903,024
Stillwater Mining Co.*^	8,800		114,224
Sutor Technology Group Ltd.*	2,500		7,250
Synalloy Corp.	500		4,060
Titanium Metals Corp.*	20,265		336,196
U.S. Gold Corp.*	20,000		54,000
Universal Stainless & Alloy Products, Inc.*	1,900		45,581
Worthington Industries, Inc.	1,300		22,477
			44,218,088
Paper & Forest Products (0.6%)
Buckeye Technologies, Inc.*^	15,500		202,740
Clearwater Paper Corp.*^	3,900		192,075
Deltic Timber Corp.^	600		26,430
Domtar Corp.*^	28,768		1,852,947
Glatfelter	11,500		166,635
KapStone Paper and Packaging Corp.*^	11,620		137,929
Louisiana-Pacific Corp.*^	30,700		277,835
Neenah Paper, Inc.	3,900		61,776
Schweitzer-Mauduit International, Inc.	4,300		204,508
Sino-Forest Corp.*	10,300		201,812
Sino-Forest Corp. (ADR)*§	13,700		268,429
Verso Paper Corp.*	6,600		20,064
Wausau Paper Corp.*	6,800		58,072
			3,671,252
Total Materials			72,087,983
Telecommunication Services (2.8%)
Diversified Telecommunication Services (1.9%)
Atlantic Tele-Network, Inc.	2,200		98,846
CenturyTel, Inc.^	86,199		3,056,617
Cincinnati Bell, Inc.*^	39,900		136,059
Consolidated Communications Holdings, Inc.	2,800		53,088
Frontier Communications Corp.	41,100		305,784
General Communication, Inc., Class A*^	4,500		25,965
Global Crossing Ltd.*	1,000		15,150
HickoryTech Corp.^	3,425		30,243
IDT Corp., Class B*	2,000		12,960
Iowa Telecommunications Services, Inc.	6,700		111,890
KT Corp. (ADR)	63,804		1,324,571
Level 3 Communications, Inc.*^	401,300		650,106
Premiere Global Services, Inc.*^	6,500		53,690
SureWest Communications*^	3,600		30,924
TELUS Corp. (Non-Voting)	143,120		5,126,558
			11,032,451
Wireless Telecommunication Services (0.9%)
Clearwire Corp., Class A*^	16,100		115,115
Leap Wireless International, Inc.*	3,539		57,898
SK Telecom Co., Ltd. (ADR)	144,698		2,497,487
Syniverse Holdings, Inc.*^	2,900		56,463
Telephone & Data Systems, Inc.	21,195		717,451
Tim Participacoes S.A. (Preference) (ADR)	77,409		2,148,874
USA Mobility, Inc.*	544		6,892
			5,600,180
Total Telecommunication Services			16,632,631
Utilities (7.4%)
Electric Utilities (2.5%)
Allegheny Energy, Inc.	18,400		423,200
Allete, Inc.	7,600		254,448
Centrais Eletricas Brasileiras S.A. (Preference) (ADR)	15,008		271,645
Central Vermont Public Service Corp.	3,400		68,578
Cleco Corp.	14,500		384,975
DPL, Inc.	24,743		672,762
El Paso Electric Co.*	11,600		238,960
Empire District Electric Co.	9,500		171,190
Great Plains Energy, Inc.	33,697		625,753
Hawaiian Electric Industries, Inc.^	22,600		507,370
IDACORP, Inc.	96,690		3,347,408
MGE Energy, Inc.	5,518		195,117
Northeast Utilities	76,024		2,101,303
NV Energy, Inc.	121,640		1,499,821
Pepco Holdings, Inc.	55,248		947,503
Pinnacle West Capital Corp.	27,897		1,052,554
PNM Resources, Inc.	21,800		273,154
Portland General Electric Co.	19,100		368,821
UIL Holdings Corp.	7,200		198,000
UniSource Energy Corp.	8,866		278,747
Unitil Corp.	2,600		60,450
Westar Energy, Inc.	45,400		1,012,420
			14,954,179
Gas Utilities (1.5%)
AGL Resources, Inc.	18,700		722,755
Atmos Energy Corp.	22,700		648,539
Chesapeake Utilities Corp.	2,307		68,748
Energen Corp.	17,200		800,316
Energy, Inc.	1,045		10,659
Laclede Group, Inc.	5,500		185,460
National Fuel Gas Co.	16,812		849,847
New Jersey Resources Corp.	8,700		326,772
Nicor, Inc.	10,900		456,928
Northwest Natural Gas Co.	6,500		302,900
ONEOK, Inc.	34,530		1,576,294
Piedmont Natural Gas Co., Inc.^	16,919		466,626
South Jersey Industries, Inc.	6,389		268,274
Southwest Gas Corp.	11,000		329,120
UGI Corp.	49,420		1,311,607
WGL Holdings, Inc.	12,321		426,923
			8,751,768
Independent Power Producers & Energy Traders (0.2%)
Dynegy, Inc., Class A*	113,900		143,514
Mirant Corp.*	50,400		547,344
RRI Energy, Inc.*	89,200		329,148
U.S. Geothermal, Inc.*	3,400		3,094
			1,023,100
Multi-Utilities (3.0%)
Alliant Energy Corp.	26,936		895,891
Ameren Corp.	297,195		7,750,846
Avista Corp.	14,000		289,940
CenterPoint Energy, Inc.	37,100		532,756
CH Energy Group, Inc.	3,800		155,192

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
CMS Energy Corp.^		60,056	$	928,466
Integrys Energy Group, Inc.		14,700		696,486
MDU Resources Group, Inc.		55,633		1,200,560
NorthWestern Corp.		9,300		249,333
NSTAR		26,153		926,339
OGE Energy Corp.		23,500		915,090
SCANA Corp.		29,800		1,120,182
TECO Energy, Inc.		51,929		825,152
Vectren Corp.		20,011		494,672
Wisconsin Energy Corp.^		15,360		758,938
				17,739,843
Water Utilities (0.2%)
American States Water Co.		4,400		152,680
American Water Works Co., Inc.		13,900		302,464
Aqua America, Inc.^		33,439		587,523
Artesian Resources Corp., Class A^		1,600		28,256
California Water Service Group^		4,558		171,427
Connecticut Water Service, Inc.		2,000		46,540
Consolidated Water Co., Ltd.		2,400		32,592
Middlesex Water Co.		3,200		54,560
Pennichuck Corp.^		900		21,159
SJW Corp.		3,400		86,428
Southwest Water Co.		6,800		70,992
York Water Co.^		1,800		24,750
				1,579,371
Total Utilities				44,048,261
Total Common Stocks (93.4%) (Cost $417,127,728)				554,868,652
CONVERTIBLE PREFERRED STOCKS:
Financials (0.4%)
Commercial Banks (0.0%)
Umpqua Holdings Corp.
15.000%*^		15,800		208,086
Insurance (0.4%)
Old Republic International Corp.
8.000%		1,602,000		2,006,505
Total Convertible Preferred Stocks (0.4%) (Cost $2,151,595)				2,214,591
INVESTMENT COMPANY:
Investment Company (0.0%)
Kayne Anderson Energy Development Co. (Cost $61,749)		4,453		71,960
	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bonds (4.1%)
Energy (1.9%)
Oil, Gas & Consumable Fuels (1.9%)
Delta Petroleum Corp.
3.750%, 5/1/37	$	4,773,000		3,722,940
Goodrich Petroleum Corp.
3.250%, 12/1/26		3,904,000		3,645,360
USEC, Inc.
3.000%, 10/1/14		5,088,000		4,108,560
Total Energy				11,476,860
Health Care (0.8%)
Biotechnology (0.3%)
Cubist Pharmaceuticals, Inc.
2.250%, 6/15/13		1,862,000		1,845,707
Health Care Providers & Services (0.5%)
Omnicare, Inc. Series OCR
3.250%, 12/15/35		3,303,000		2,795,164
Total Health Care				4,640,871
Industrials (0.5%)
Airlines (0.2%)
JetBlue Airways Corp. Series B
6.750%, 10/15/39		938,000		1,313,200
Building Products (0.3%)
Griffon Corp. Series 2ND
4.000%, 7/18/23		1,581,000		1,586,929
Total Industrials				2,900,129
Information Technology (0.6%)
Communications Equipment (0.6%)
Alcatel-Lucent USA, Inc. Series A
2.875%, 6/15/23		3,715,000		3,705,713
Total Information Technology				3,705,713
Telecommunication Services (0.3%)
Wireless Telecommunication Services (0.3%)
NII Holdings, Inc.
3.125%, 6/15/12		2,044,000		1,929,025
Total Telecommunication Services				1,929,025
Total Convertible Bonds				24,652,598
Total Long-Term Debt Securities (4.1%) (Cost $19,046,474)				24,652,598
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (3.7%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10 (u)		12,526,055		12,526,055
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10 (h)(s)		2,889,981		664,695
Monumental Global Funding II
0.43%, 5/26/10 (l)		5,430,000		5,391,447
Pricoa Global Funding I
0.40%, 6/25/10 (l)		3,469,913		3,448,031
Total Short-Term Investments of Cash Collateral for Securities Loaned				22,030,228

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Time Deposit (2.9%)
JPMorgan Chase Nassau
0.000%, 4/1/10	$	17,314,247	$	17,314,247
Total Short-Term Investments (6.6%) (Cost/Amortized Cost $41,630,195)				39,344,475
Total Investments (104.5%) (Cost/Amortized Cost $480,017,741)				621,152,276
Other Assets Less Liabilities (-4.5%)				(26,759,951	)
Net Assets (100%)			$	594,392,325

* Non-income producing.

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

† Securities (totaling $1,143,729 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 March 31, 2010, the market value of these securities amounted to $1,411,865 or 0.2% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b) Illiquid Security.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000%-8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $12,776,576.

Glossary:

ADR — American Depositary Receipt

At March 31, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	13	June-10	$	877,716	$	880,230	$	2,514
S&P MidCap 400 E-Mini Index	49	June-10		3,841,073		3,861,690		20,617
							$	23,131

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	57,532,465	$	636,683	$	—	$	58,169,148
Consumer Staples		30,144,114		437,198		—		30,581,312
Energy		48,799,632		483,039		1,143,436		50,426,107
Financials		138,674,643		31,500		293		138,706,436
Health Care		37,370,496		—		—		37,370,496
Industrials		65,101,797		3,924		—		65,105,721
Information Technology		40,797,723		942,834		—		41,740,557
Materials		71,495,332		592,651		—		72,087,983

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Telecommunication Services	$	16,632,631	$	—	$	—	$	16,632,631
Utilities		44,048,261		—		—		44,048,261
Convertible Bonds
Energy		—		11,476,860		—		11,476,860
Health Care		—		4,640,871		—		4,640,871
Industrials		—		2,900,129		—		2,900,129
Information Technology		—		3,705,713		—		3,705,713
Telecommunication Services		—		1,929,025		—		1,929,025
Convertible Preferred Stocks
Financials		208,086		2,006,505		—		2,214,591
Futures		23,131		—		—		23,131
Investment Companies
Investment Companies		71,960		—		—		71,960
Short-Term Investments		—		39,344,475		—		39,344,475
Total Assets	$	550,900,271	$	69,131,407	$	1,143,729	$	621,175,407
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	550,900,271	$	69,131,407	$	1,143,729	$	621,175,407

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

	Investments in Securities -Energy		Investments in Securities -Financials
Balance as of 12/31/09	$	1,100,162	$	425
Total gains or losses (realized/unrealized) included in earnings		43,274		(132	)
Purchases, sales, issuances, and settlements (net)		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—
Balance as of 3/31/10	$	1,143,436	$	293
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/10.	$	43,274	$	(132	)

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	54,889,259
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	62,861,331

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	146,103,583
Aggregate gross unrealized depreciation		(11,923,837	)
Net unrealized appreciation	$	134,179,746
Federal income tax cost of investments	$	486,972,530

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

At March 31, 2010, the Portfolio had loaned securities with a total value of $23,453,664. This was secured by collateral of $24,297,757 which was received as cash and subsequently invested in short-term investments currently valued at $22,030,228 as reported in the Portfolio of Investments.

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

See Notes to Portfolio of Investments.

138

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (3.4%)
Asset-Backed Securities (0.8%)
AEP Texas Central Transition Funding LLC, Series 2002-1 A5
6.250%, 1/15/17	$	75,000	$	85,831
Capital One Multi-Asset Execution Trust, Series 2006-A6 A6
5.300%, 2/18/14		500,000		522,402
Series 2007-A7 A7
5.750%, 7/15/20		600,000		668,030
Series 2009-A2 A2
3.200%, 4/15/14		1,500,000		1,538,781
Chase Issuance Trust, Series 2008-A9 A9
4.260%, 5/15/13		500,000		518,876
Series 2009-A2 A2
1.780%, 4/15/14(l)		2,800,000		2,868,694
Series 2009-A3 A3
2.400%, 6/17/13		495,000		503,838
Citibank Credit Card Issuance Trust, Series 2003-A10 A10
4.750%, 12/10/15		150,000		161,618
Series 2007-A8 A8
5.650%, 9/20/19		100,000		111,071
Series 2009-A4 A4
4.900%, 6/23/16		200,000		216,477
Daimler Chrysler Auto Trust, Series 2007-A A4
5.280%, 3/8/13		150,000		157,655
Ford Credit Auto Owner Trust, Series 2007-B A4A
5.240%, 7/15/12		100,000		104,620
Series 2008-C A3
1.650%, 6/15/12(l)		2,552,228		2,567,383
Series 2009-E A2
0.800%, 3/15/12		3,000,000		3,002,473
Franklin Auto Trust, Series 2008-A A2
1.240%, 10/20/11(l)		558,509		558,866
Nissan Auto Receivables Owner Trust, Series 2007-B A4
5.160%, 3/17/14		150,000		156,259
				13,742,874
Non-Agency CMO (2.6%)
Banc of America Commercial Mortgage, Inc., Series 2004-6 A5
4.811%, 12/10/42		1,000,000		1,023,617
Series 2006-6 A4
5.356%, 10/10/45		450,000		456,761
Series 2007-2 A4
5.689%, 4/10/49(l)		500,000		477,455
Series 2007-3 A4
5.658%, 6/10/49(l)		801,000		714,031
Bear Stearns Commercial Mortgage Securities, Inc., Series 2003-T12 A4
4.680%, 8/13/39(l)		1,205,000		1,248,700
Series 2004-T16 A6
4.750%, 2/13/46(l)		790,000		797,096
Series 2006-T22 A4
5.463%, 4/12/38(l)		675,000		706,497
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4 A2B
5.205%, 12/11/49		1,130,000		1,129,920
Commercial Mortgage Pass Through Certificates, Series 2005-LP5 A4
4.982%, 5/10/43(l)		1,000,000		1,023,612
Credit Suisse Mortgage Capital Certificates, Series 2006-C4 A3
5.467%, 9/15/39		1,000,000		936,711
Series 2010-RR1 2A
5.695%, 9/17/40(l)§		700,000		679,567
Series 2010-RR1 3A
5.658%, 6/10/49(l)§		700,000		693,598
CS First Boston Mortgage Securities Corp., Series 2004-C2 A1
3.819%, 5/15/36		388,508		388,633
Series 2004-C4 A6
4.691%, 10/15/39		1,210,000		1,228,866
EMF-NL B.V., Series 2008-APRX A2
1.480%, 4/17/41(l)(m)†		1,000,000		1,038,963
GE Capital Commercial Mortgage Corp., Series 2007-C1 A4
5.543%, 12/10/49		1,500,000		1,369,709
Greenpoint Mortgage Funding Trust, Series 2007-AR1 3A1
0.346%, 2/25/37(l)		118,042		92,618
Greenwich Capital Commercial Funding Corp., Series 2005-GG3 A4
4.799%, 8/10/42(l)		417,000		425,544
GS Mortgage Securities Corp. II, Series 2001-ROCK A2
6.624%, 5/3/18§		300,000		315,164
Series 2004-GG2 A6
5.396%, 8/10/38(l)		1,700,000		1,772,786
Hilton Hotel Pool Trust, Series 2000-HLTA B
0.728%, 10/3/15(l)§		2,900,000		2,897,949
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-CB7 A4
4.879%, 1/12/38(l)		2,000,000		2,084,697
Series 2005-LDP1 A3
4.865%, 3/15/46		1,000,000		1,006,381
Series 2006-CB15 A4
5.814%, 6/12/43(l)		1,535,000		1,541,102
Series 2007-CB18 A4
5.440%, 6/12/47		1,250,000		1,228,635
LB-UBS Commercial Mortgage Trust, Series 2004-C1 A4
4.568%, 1/15/31		1,415,000		1,448,333
Series 2004-C2 A4
4.367%, 3/15/36		1,000,000		1,015,145
Series 2007-C6 A4
5.858%, 7/15/40(l)		1,250,000		1,219,058
Series 2007-C7 A3
5.866%, 9/15/45(l)		1,050,000		1,047,646
Merrill Lynch Mortgage Trust, Series 2004-KEY2 A4
4.864%, 8/12/39(l)		1,110,000		1,116,213
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5 A4
5.378%, 8/12/48		1,500,000		1,252,874
Morgan Stanley Capital I, Inc., Series 2005-IQ9 A5
4.700%, 7/15/56		775,000		782,530

See Notes to Portfolio of Investments.

139

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2007-HQ12 A5
5.631%, 4/12/49(l)	$	1,250,000	$	1,221,987
Series 2007-T25 A3
5.514%, 11/12/49(l)		1,400,000		1,390,921
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3 A4
6.390%, 7/15/33		995,227		1,031,201
Series 2001-TOP5 A4
6.390%, 10/15/35		933,092		977,422
Series 2003-TOP9 A2
4.740%, 11/13/36		130,000		134,044
Wachovia Bank Commercial Mortgage Trust, Series 2003-C8 A4
4.964%, 11/15/35(l)		1,000,000		1,038,701
Series 2004-C11 A5
5.215%, 1/15/41(l)		1,500,000		1,528,209
Series 2007-C30 A5
5.342%, 12/15/43		695,000		593,611
Series 2007-C33 A4
5.902%, 2/15/51(l)		1,000,000		932,493
WaMu Mortgage Pass-Through Certificates, Series 2005-AR17 A1A1
0.516%, 12/25/45(l)		364,567		277,618
				42,286,618
Total Asset-Backed and Mortgage-Backed Securities				56,029,492
Convertible Bond (0.1%)
Financials (0.1%)
Commercial Banks (0.1%)
U.S. Bancorp
0.000%, 12/11/35(l)	$	2,400,000		2,376,000
Total Financials				2,376,000
Total Convertible Bonds				2,376,000
Corporate Bonds (38.1%)
Consumer Discretionary (4.1%)
Auto Components (0.3%)
American Tire Distributors, Inc.
6.501%, 4/1/12(l)	$	4,500,000		4,055,625
Johnson Controls, Inc.
5.000%, 3/30/20		50,000		49,879
Lear Corp.
8.125%, 3/15/20^		600,000		609,750
				4,715,254
Automobiles (0.0%)
Daimler Finance N.A. LLC
6.500%, 11/15/13		700,000		776,048
Distributors (0.0%)
SGS International, Inc.
12.000%, 12/15/13		700,000		735,875
Hotels, Restaurants & Leisure (0.6%)
Dave & Buster’s, Inc.
11.250%, 3/15/14		1,742,000		1,829,100
El Pollo Loco, Inc.
11.750%, 11/15/13		750,000		667,500
Harrahs Operating Co., Inc.
11.250%, 6/1/17^		1,350,000		1,454,625
International Game Technology
7.500%, 6/15/19		50,000		56,632
Landry’s Restaurants, Inc.
11.625%, 12/1/15^§		1,450,000		1,558,750
McDonald’s Corp.
4.300%, 3/1/13		200,000		213,064
5.350%, 3/1/18		500,000		542,224
Travelport LLC
11.875%, 9/1/16^		775,000		849,594
Wendy’s/Arby’s Restaurants LLC
10.000%, 7/15/16		1,950,000		2,096,250
Yum! Brands, Inc.
6.875%, 11/15/37		250,000		271,451
				9,539,190
Household Durables (0.3%)
Blyth, Inc.
5.500%, 11/1/13		2,050,000		1,775,813
Fortune Brands, Inc.
3.000%, 6/1/12		200,000		200,402
5.375%, 1/15/16		350,000		364,648
Sealy Mattress Co.
8.250%, 6/15/14		1,500,000		1,500,000
Toll Brothers Finance Corp.
6.750%, 11/1/19		100,000		101,042
Whirlpool Corp.
8.000%, 5/1/12		115,000		126,392
5.500%, 3/1/13		200,000		209,349
8.600%, 5/1/14		35,000		40,618
				4,318,264
Internet & Catalog Retail (0.3%)
Affinion Group, Inc.
10.125%, 10/15/13^		1,900,000		1,947,500
Catalina Marketing Corp.
10.500%, 10/1/15 PIK§		1,925,000		2,016,437
Visant Corp.
7.625%, 10/1/12		510,000		511,275
				4,475,212
Leisure Equipment & Products (0.0%)
Hasbro, Inc.
6.350%, 3/15/40		65,000		64,223
Media (2.3%)
Allbritton Communications Co.
7.750%, 12/15/12		513,000		514,283
CBS Corp.
6.625%, 5/15/11		200,000		210,033
5.625%, 8/15/12		200,000		215,742
8.875%, 5/15/19		125,000		151,001
Clear Channel Worldwide Holdings, Inc. Series A
9.250%, 12/15/17§		1,025,000		1,064,719
Series B
9.250%, 12/15/17^§		400,000		418,000
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		183,000		212,123
Comcast Corp.
5.900%, 3/15/16		400,000		436,955
6.500%, 1/15/17		400,000		444,684
5.700%, 7/1/19		100,000		104,420
6.950%, 8/15/37		400,000		432,727
6.550%, 7/1/39		100,000		103,486
COX Communications, Inc.
7.125%, 10/1/12		200,000		223,532
CSC Holdings LLC Series B
7.625%, 4/1/11		200,000		208,750

See Notes to Portfolio of Investments.

140

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
CW Media Holdings, Inc.
13.500%, 8/15/15 PIK§	$	468,486	$	520,019
DIRECTV Holdings LLC
3.550%, 3/15/15§		95,000		93,475
5.200%, 3/15/20§		130,000		127,986
6.350%, 3/15/40§		60,000		59,560
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
7.625%, 5/15/16		223,000		249,760
Gallery Capital S.A.
10.125%, 5/15/13(h)§		3,550,000		1,420,000
Grupo Televisa SA
6.625%, 1/15/40		250,000		249,644
Hughes Network Systems LLC/HNS Finance Corp.
9.500%, 4/15/14		1,500,000		1,526,250
Intelsat Intermediate Holding Co., Ltd.
9.500%, 2/1/15(e)		1,700,000		1,759,500
Interpublic Group of Cos., Inc.
10.000%, 7/15/17		1,000,000		1,131,250
Kabel Deutschland GmbH
10.625%, 7/1/14		2,000,000		2,097,500
Local Insight Regatta Holdings, Inc.
11.000%, 12/1/17		5,071,000		3,638,442
Network Communications, Inc.
10.750%, 12/1/13		7,350,000		3,785,250
News America, Inc.
6.900%, 3/1/19		500,000		568,231
6.150%, 3/1/37		100,000		98,570
6.650%, 11/15/37		200,000		210,341
Nielsen Finance LLC/Nielsen Finance Co.
11.500%, 5/1/16^		1,000,000		1,130,000
Omnicom Group, Inc.
6.250%, 7/15/19		200,000		216,656
Rainbow National Services LLC
10.375%, 9/1/14§		2,520,000		2,655,450
Reader’s Digest Association, Inc.
9.000%, 2/15/17(h)†		8,000,000		—
Sirius XM Radio, Inc.
8.750%, 4/1/15^§		825,000		821,906
Thomson Reuters Corp.
6.500%, 7/15/18		500,000		564,248
4.700%, 10/15/19		50,000		50,255
Time Warner Cable, Inc.
6.200%, 7/1/13		200,000		220,699
3.500%, 2/1/15		100,000		100,085
5.850%, 5/1/17		400,000		428,300
8.250%, 4/1/19		700,000		847,062
5.000%, 2/1/20		75,000		73,948
6.550%, 5/1/37		200,000		204,421
6.750%, 6/15/39		150,000		157,351
Time Warner, Inc.
6.875%, 5/1/12		500,000		549,977
5.875%, 11/15/16		200,000		218,508
7.625%, 4/15/31		350,000		399,742
7.700%, 5/1/32		300,000		346,252
Viacom, Inc.
4.375%, 9/15/14		100,000		103,319
5.625%, 9/15/19		100,000		103,869
6.875%, 4/30/36		200,000		212,037
Walt Disney Co.
4.500%, 12/15/13		500,000		538,464
WMG Acquisition Corp.
9.500%, 6/15/16^§		1,900,000		2,030,625
WPP Finance UK Corp.
5.875%, 6/15/14		900,000		951,656
XM Satellite Radio, Inc.
11.250%, 6/15/13§		2,050,000		2,219,125
				37,420,188
Multiline Retail (0.1%)
Kohl’s Corp.
6.250%, 12/15/17		200,000		222,501
Nordstrom, Inc.
6.750%, 6/1/14		60,000		67,374
Target Corp.
5.125%, 1/15/13		400,000		434,297
6.000%, 1/15/18		200,000		223,916
7.000%, 1/15/38		200,000		231,186
				1,179,274
Specialty Retail (0.2%)
AutoZone, Inc.
5.750%, 1/15/15		150,000		161,906
Home Depot, Inc.
5.400%, 3/1/16		200,000		216,120
5.875%, 12/16/36		500,000		485,213
Lowe’s Cos., Inc.
5.600%, 9/15/12		200,000		220,633
Staples, Inc.
9.750%, 1/15/14		500,000		606,165
Toys R Us Property Co. I LLC
10.750%, 7/15/17^§		1,250,000		1,393,750
Toys R Us Property Co. II LLC
8.500%, 12/1/17§		1,000,000		1,037,500
				4,121,287
Total Consumer Discretionary				67,344,815
Consumer Staples (2.4%)
Beverages (0.5%)
Anheuser-Busch Cos., Inc.
6.000%, 4/15/11		200,000		209,288
4.950%, 1/15/14		200,000		212,548
Anheuser-Busch InBev Worldwide, Inc.
3.000%, 10/15/12		725,000		744,458
4.125%, 1/15/15		125,000		128,612
5.375%, 1/15/20		575,000		593,159
6.375%, 1/15/40		250,000		266,840
Bottling Group LLC
6.950%, 3/15/14		300,000		347,313
Coca-Cola Co.
5.350%, 11/15/17		400,000		440,058
Coca-Cola Enterprises, Inc.
8.500%, 2/1/12		200,000		225,501
7.375%, 3/3/14		300,000		350,526
6.950%, 11/15/26		500,000		592,170
Diageo Capital plc
5.750%, 10/23/17		200,000		216,698
Diageo Finance B.V.
5.500%, 4/1/13		400,000		436,223
3.250%, 1/15/15		50,000		50,194
PepsiCo, Inc.
3.100%, 1/15/15		100,000		101,061
5.000%, 6/1/18		200,000		210,766
7.900%, 11/1/18^		2,700,000		3,344,093
4.500%, 1/15/20		100,000		101,131
5.500%, 1/15/40		50,000		49,504
				8,620,143
Food & Staples Retailing (0.7%)
Costco Wholesale Corp.
5.500%, 3/15/17		200,000		219,473

See Notes to Portfolio of Investments.

141

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
CVS Caremark Corp.
5.750%, 6/1/17	$	200,000	$	215,678
6.600%, 3/15/19		300,000		335,405
6.250%, 6/1/27		100,000		103,844
CVS Pass-Through Trust
7.507%, 1/10/32§		1,397,074		1,553,574
Great Atlantic & Pacific Tea Co., Inc.
11.375%, 8/1/15^§		920,300		906,496
Kroger Co.
3.900%, 10/1/15		100,000		101,227
6.150%, 1/15/20		300,000		325,667
Rite Aid Corp.
8.625%, 3/1/15^		750,000		641,250
10.375%, 7/15/16		1,300,000		1,374,750
10.250%, 10/15/19^		400,000		427,000
Safeway, Inc.
6.350%, 8/15/17		200,000		221,515
Tops Markets LLC
10.125%, 10/15/15§		800,000		832,000
U.S. Foodservice, Inc.
10.250%, 6/30/15(b)§		1,840,000		1,913,600
Walgreen Co.
4.875%, 8/1/13		200,000		217,732
Wal-Mart Stores, Inc.
4.550%, 5/1/13		400,000		430,092
5.800%, 2/15/18		500,000		558,001
6.500%, 8/15/37		500,000		554,305
6.200%, 4/15/38		100,000		107,690
				11,039,299
Food Products (0.6%)
Bunge Ltd. Finance Corp.
5.875%, 5/15/13		700,000		745,625
Campbell Soup Co.
3.375%, 8/15/14		100,000		102,714
ConAgra Foods, Inc.
8.250%, 9/15/30		100,000		122,633
General Mills, Inc.
5.650%, 9/10/12		200,000		218,018
5.650%, 2/15/19		300,000		321,785
H.J. Heinz Co.
5.350%, 7/15/13		300,000		325,306
Hershey Co.
5.000%, 4/1/13		1,000,000		1,073,533
Kellogg Co.
4.250%, 3/6/13		200,000		211,290
4.450%, 5/30/16		500,000		531,044
Kraft Foods, Inc.
6.250%, 6/1/12		1,100,000		1,203,812
6.750%, 2/19/14		2,900,000		3,260,983
4.125%, 2/9/16		100,000		101,331
6.125%, 2/1/18		200,000		218,878
5.375%, 2/10/20		150,000		152,453
6.875%, 2/1/38		200,000		216,366
6.500%, 2/9/40		250,000		259,070
Ralcorp Holdings, Inc.
6.625%, 8/15/39§		100,000		99,413
Sara Lee Corp.
6.125%, 11/1/32		100,000		98,256
Viskase Cos., Inc.
9.875%, 1/15/18§		1,000,000		1,012,500
				10,275,010
Household Products (0.3%)
American Achievement Corp.
8.250%, 4/1/12§		1,735,000		1,717,650
Clorox Co.
5.000%, 3/1/13		300,000		324,536
3.550%, 11/1/15		50,000		50,673
Colgate-Palmolive Co.
3.150%, 8/5/15		40,000		40,393
Diversey Holdings, Inc.
10.500%, 5/15/20§		1,300,000		1,417,000
Kimberly-Clark Corp.
6.125%, 8/1/17		200,000		225,344
Procter & Gamble Co.
3.500%, 2/15/15		300,000		307,285
4.850%, 12/15/15		200,000		219,296
4.700%, 2/15/19		300,000		307,663
5.550%, 3/5/37		100,000		101,115
				4,710,955
Personal Products (0.0%)
Avon Products, Inc.
5.625%, 3/1/14		300,000		328,943
Tobacco (0.3%)
Altria Group, Inc.
7.750%, 2/6/14^		500,000		571,863
9.250%, 8/6/19		600,000		729,079
9.950%, 11/10/38		200,000		262,633
Lorillard Tobacco Co.
8.125%, 6/23/19		65,000		71,611
Philip Morris International, Inc.
6.875%, 3/17/14		500,000		572,559
5.650%, 5/16/18		200,000		215,334
Reynolds American, Inc.
7.250%, 6/1/13		200,000		222,391
Vector Group Ltd.
11.000%, 8/15/15(b)		2,025,000		2,126,250
				4,771,720
Total Consumer Staples				39,746,070
Energy (2.8%)
Energy Equipment & Services (0.2%)
Baker Hughes, Inc.
6.500%, 11/15/13		200,000		228,686
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		65,000		70,585
Geokinetics Holdings USA, Inc.
9.750%, 12/15/14^§		825,000		773,438
Halliburton Co.
6.150%, 9/15/19		300,000		336,255
7.450%, 9/15/39		200,000		244,020
Parker Drilling Co.
9.125%, 4/1/18^§		650,000		665,437
Rowan Cos., Inc.
7.875%, 8/1/19		65,000		74,446
Transocean, Inc.
6.000%, 3/15/18		100,000		108,855
6.800%, 3/15/38		200,000		224,578
Weatherford International Ltd.
6.000%, 3/15/18		200,000		208,871
				2,935,171
Oil, Gas & Consumable Fuels (2.6%)
Anadarko Petroleum Corp.
5.950%, 9/15/16		400,000		435,788
6.450%, 9/15/36		400,000		407,656
Apache Corp.
5.250%, 4/15/13		100,000		108,806
6.000%, 9/15/13		665,000		745,069
6.000%, 1/15/37		250,000		263,046

See Notes to Portfolio of Investments.

142

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Buckeye Partners LP
5.500%, 8/15/19	$	75,000	$	75,924
Canadian Natural Resources Ltd.
6.250%, 3/15/38		200,000		206,809
Cenovus Energy, Inc.
5.700%, 10/15/19§		250,000		262,878
6.750%, 11/15/39§		250,000		271,141
Chevron Corp.
3.950%, 3/3/14		1,000,000		1,044,349
Conoco Funding Co.
6.350%, 10/15/11		200,000		215,743
Conoco, Inc.
6.950%, 4/15/29		350,000		401,731
ConocoPhillips
4.750%, 2/1/14		500,000		537,663
5.900%, 5/15/38		100,000		103,207
6.500%, 2/1/39		300,000		335,117
ConocoPhillips Canada Funding Co. I
5.300%, 4/15/12		1,500,000		1,611,149
5.625%, 10/15/16		300,000		333,951
Devon Financing Corp. ULC
7.875%, 9/30/31		400,000		496,630
El Paso Corp.
7.000%, 5/15/11		1,000,000		1,035,195
EnCana Corp.
5.900%, 12/1/17		100,000		108,212
6.500%, 5/15/19		25,000		27,884
6.625%, 8/15/37		350,000		375,881
Energy Transfer Partners LP
8.500%, 4/15/14		1,500,000		1,744,995
9.000%, 4/15/19		500,000		613,956
Energy XXI Gulf Coast, Inc.
16.000%, 6/15/14 PIK(b)§		2,003,666		2,314,234
Enterprise Products Operating LLC
6.125%, 10/15/39		250,000		245,807
Series L
6.300%, 9/15/17		300,000		329,544
EOG Resources, Inc.
5.625%, 6/1/19		90,000		96,593
Hess Corp.
8.125%, 2/15/19		500,000		609,475
Husky Energy, Inc.
5.900%, 6/15/14		105,000		114,270
7.250%, 12/15/19		65,000		75,289
Kinder Morgan Energy Partners LP
6.750%, 3/15/11		300,000		315,200
5.850%, 9/15/12		900,000		977,802
5.950%, 2/15/18		200,000		214,509
9.000%, 2/1/19^		2,050,000		2,557,789
6.850%, 2/15/20		30,000		33,655
5.800%, 3/15/35		200,000		187,974
Linn Energy LLC
9.875%, 7/1/18		1,325,000		1,417,750
Linn Energy LLC/Linn Energy Finance Corp.
8.625%, 4/15/20§		1,350,000		1,351,688
Magellan Midstream Partners LP
6.550%, 7/15/19		1,400,000		1,550,580
Marathon Oil Corp.
5.900%, 3/15/18		400,000		426,729
7.500%, 2/15/19		300,000		352,381
6.600%, 10/1/37		100,000		104,973
Mariner Energy, Inc.
11.750%, 6/30/16^		1,650,000		1,852,125
Nexen, Inc.
6.200%, 7/30/19		45,000		48,516
6.400%, 5/15/37		200,000		201,605
7.500%, 7/30/39		60,000		68,441
Occidental Petroleum Corp.
4.125%, 6/1/16		150,000		154,543
Ocean Energy, Inc.
7.250%, 10/1/11		1,000,000		1,082,303
ONEOK Partners LP
8.625%, 3/1/19		500,000		617,423
Petrobras International Finance Co.
5.875%, 3/1/18		500,000		522,175
7.875%, 3/15/19		350,000		409,345
5.750%, 1/20/20		250,000		256,123
PetroHawk Energy Corp.
10.500%, 8/1/14^		1,600,000		1,766,000
Petroleos Mexicanos
8.000%, 5/3/19		1,000,000		1,172,500
Shell International Finance B.V.
4.950%, 3/22/12		100,000		107,299
1.875%, 3/25/13		1,545,000		1,543,486
4.375%, 3/25/20		100,000		99,138
6.375%, 12/15/38		300,000		330,362
Spectra Energy Capital LLC
6.200%, 4/15/18		500,000		539,186
Statoil ASA
7.150%, 1/15/29		100,000		115,722
Suncor Energy, Inc.
7.150%, 2/1/32		100,000		110,411
6.500%, 6/15/38		200,000		208,553
Talisman Energy, Inc.
7.750%, 6/1/19		340,000		405,127
Trans-Canada Pipelines Ltd.
7.250%, 8/15/38		400,000		466,665
Valero Energy Corp.
6.875%, 4/15/12		1,400,000		1,517,148
4.750%, 6/15/13		100,000		103,328
4.500%, 2/1/15		45,000		45,082
6.125%, 2/1/20		65,000		65,016
6.625%, 6/15/37		100,000		95,106
Williams Cos., Inc.
8.750%, 3/15/32		297,000		361,846
XTO Energy, Inc.
7.500%, 4/15/12		200,000		224,068
5.900%, 8/1/12		1,500,000		1,647,258
6.250%, 4/15/13		983,000		1,097,559
5.750%, 12/15/13		400,000		445,635
6.500%, 12/15/18		400,000		461,659
6.750%, 8/1/37		100,000		117,080
				43,296,855
Total Energy				46,232,026
Financials (14.7%)
Capital Markets (2.1%)
Bank of New York Mellon Corp.
4.950%, 11/1/12		400,000		433,678
5.125%, 8/27/13		300,000		327,392
4.300%, 5/15/14		115,000		121,060
Bear Stearns Cos. LLC
5.700%, 11/15/14		200,000		217,802
BlackRock, Inc.
3.500%, 12/10/14		100,000		101,228
5.000%, 12/10/19		100,000		100,103
Charles Schwab Corp.
4.950%, 6/1/14		50,000		53,312
Credit Suisse USA, Inc.
5.375%, 3/2/16		300,000		319,293

See Notes to Portfolio of Investments.

143

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Deutsche Bank AG/London
5.375%, 10/12/12	$	100,000	$	108,825
2.375%, 1/11/13		250,000		250,424
4.875%, 5/20/13		400,000		428,650
6.000%, 9/1/17		500,000		548,222
Goldman Sachs Group, Inc.
6.600%, 1/15/12		400,000		434,019
3.250%, 6/15/12		2,110,000		2,200,089
3.625%, 8/1/12		145,000		150,161
5.450%, 11/1/12		500,000		540,501
5.150%, 1/15/14		800,000		848,524
6.000%, 5/1/14		75,000		82,124
5.350%, 1/15/16		600,000		632,054
5.950%, 1/18/18		800,000		839,318
7.500%, 2/15/19		500,000		571,399
6.125%, 2/15/33		200,000		197,680
6.750%, 10/1/37		750,000		749,058
Jefferies Group, Inc.
8.500%, 7/15/19		350,000		388,270
Macquarie Bank Ltd.
2.600%, 1/20/12§		2,900,000		2,959,995
3.300%, 7/17/14§		3,000,000		3,040,638
Merrill Lynch & Co., Inc.
6.150%, 4/25/13		400,000		430,681
0.711%, 1/15/15(l)		1,000,000		931,423
6.875%, 4/25/18		950,000		1,023,786
6.110%, 1/29/37		500,000		460,046
7.750%, 5/14/38		400,000		443,388
Morgan Stanley
6.750%, 4/15/11		400,000		422,259
0.499%, 1/9/12(l)		1,400,000		1,384,163
6.600%, 4/1/12		700,000		759,478
1.950%, 6/20/12		840,000		852,678
4.643%, 8/8/12(l)	AUD	2,100,000		1,869,193
5.300%, 3/1/13	$	400,000		425,694
4.750%, 4/1/14		400,000		408,431
6.000%, 5/13/14		3,600,000		3,888,493
6.000%, 4/28/15		300,000		321,365
5.450%, 1/9/17		300,000		304,172
5.550%, 4/27/17		200,000		204,548
5.950%, 12/28/17		400,000		410,948
6.625%, 4/1/18		600,000		639,948
7.300%, 5/13/19		100,000		110,481
5.625%, 9/23/19		500,000		498,237
Nomura Holdings, Inc.
5.000%, 3/4/15		150,000		153,332
6.700%, 3/4/20		135,000		140,105
Northern Trust Corp.
4.625%, 5/1/14		40,000		42,541
Piper Jaffray Cos.
4.390%, 12/31/10(b)(l)§†		2,000,000		1,988,195
Raymond James Financial, Inc.
8.600%, 8/15/19		100,000		114,289
				34,871,693
Certificates of Deposit (0.1%)
Deutsche Bank AG/New York
0.604%, 1/19/12(l)		1,000,000		999,950
Intesa Sanpaolo S.p.A.
0.804%, 1/19/12(l)		1,000,000		999,620
				1,999,570
Commercial Banks (6.1%)
American Express Bank FSB
3.150%, 12/9/11		850,000		881,075
American Express Centurion Bank
5.550%, 10/17/12		3,400,000		3,665,183
Banco Bilbao Vizcaya Argentaria/Puerto Rico
0.252%, 5/25/12(l)		3,000,000		2,998,482
Bank of Nova Scotia
2.250%, 1/22/13		100,000		100,922
3.400%, 1/22/15		200,000		201,316
Barclays Bank plc
5.450%, 9/12/12		400,000		431,196
5.000%, 9/22/16		500,000		513,935
6.750%, 5/22/19		150,000		165,944
BB&T Corp.
3.375%, 9/25/13		200,000		204,130
6.850%, 4/30/19		350,000		397,914
BNP Paribas/BNP Paribas U.S.
2.125%, 12/21/12		200,000		200,838
Canadian Imperial Bank of Commerce
2.000%, 2/4/13§		2,900,000		2,911,182
CapitalSource, Inc.
12.750%, 7/15/14§		1,825,000		2,089,625
CIT Group, Inc.
7.000%, 5/1/13^		400,000		389,000
7.000%, 5/1/16		625,000		576,563
Citibank N.A.
1.250%, 9/22/11		200,000		201,302
Citigroup, Inc.
6.010%, 1/15/15		750,000		787,926
Commonwealth Bank of Australia
0.634%, 12/10/12(l)§		2,900,000		2,898,501
0.671%, 7/12/13(l)§		2,900,000		2,916,089
Credit Suisse AG
5.400%, 1/14/20		500,000		503,909
Credit Suisse AG/New York
3.450%, 7/2/12		200,000		207,038
5.000%, 5/15/13		900,000		967,300
5.500%, 5/1/14		250,000		272,108
6.000%, 2/15/18		300,000		317,634
Danske Bank A/S
0.602%, 5/24/12(l)§		1,000,000		996,965
Dexia Credit Local S.A.
0.928%, 9/23/11(l)§		1,000,000		1,007,148
Dexia Credit Local S.A./New York
0.652%, 3/5/13(l)§		3,000,000		3,002,298
Fifth Third Bancorp
8.250%, 3/1/38		250,000		262,687
GMAC, Inc.
1.750%, 10/30/12		300,000		301,736
2.200%, 12/19/12		1,000,000		1,015,027
HSBC Bank USA/New York
4.625%, 4/1/14		400,000		417,354
HSBC Capital Funding LP/Jersey Channel Islands
9.547%, 12/31/49(l)§		250,000		253,125
HSBC Holdings plc
6.500%, 5/2/36		400,000		412,190
6.500%, 9/15/37		400,000		414,633
ING Bank N.V.
1.090%, 3/30/12(b)(l)§		1,500,000		1,499,715
JPMorgan Chase Bank N.A.
6.000%, 10/1/17		900,000		959,546
KeyCorp
6.500%, 5/14/13		500,000		533,954
Korea Development Bank
4.375%, 8/10/15		115,000		116,719
Kreditanstalt fuer Wiederaufbau
3.250%, 10/14/11		1,900,000		1,965,767
2.000%, 1/17/12		1,200,000		1,219,325
3.250%, 3/15/13		500,000		519,816

See Notes to Portfolio of Investments.

144

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
3.500%, 3/10/14	$	1,500,000	$	1,560,961
4.500%, 7/16/18		900,000		946,300
4.000%, 1/27/20		500,000		498,249
(Zero Coupon), 6/29/37		500,000		122,560
Landwirtschaftliche Rentenbank
3.250%, 3/15/13		1,000,000		1,037,012
Lloyds TSB Bank plc
2.300%, 4/1/11§		3,100,000		3,152,536
1.251%, 4/2/12(l)§		2,700,000		2,740,087
Oesterreichische Kontrollbank AG
1.875%, 3/21/12		1,500,000		1,518,835
PNC Funding Corp.
3.625%, 2/8/15		75,000		75,449
5.625%, 2/1/17		600,000		619,100
Rabobank Nederland N.V.
0.568%, 10/11/12(l)		2,900,000		2,865,458
Regions Bank/Alabama
3.250%, 12/9/11		840,000		871,245
Regions Financial Corp.
7.750%, 11/10/14		100,000		105,214
Royal Bank of Scotland Group plc
0.512%, 3/30/12(l)§		3,500,000		3,502,488
0.950%, 5/11/12(l)§		3,000,000		3,031,824
6.400%, 10/21/19		300,000		299,925
Santander U.S. Debt S.A.U.
1.089%, 3/30/12(l)§		1,500,000		1,499,082
Scotland International Finance No. 2 B.V.
7.700%, 8/15/10(b)§		1,000,000		1,015,346
Societe Financement de l’Economie Francaise
2.250%, 6/11/12§		3,000,000		3,052,341
Sovereign Bank
8.750%, 5/30/18		200,000		224,292
SunTrust Banks, Inc./Georgia
5.450%, 12/1/17		200,000		193,514
Swedbank AB
2.800%, 2/10/12§		2,800,000		2,872,444
2.900%, 1/14/13^§		3,000,000		3,072,831
U.S. Bancorp
4.200%, 5/15/14		250,000		262,298
U.S. Bank N.A./Ohio
6.375%, 8/1/11		1,000,000		1,064,763
UBS AG/Connecticut
1.538%, 9/29/11(l)		2,800,000		2,812,326
1.352%, 2/23/12(l)		400,000		401,903
5.875%, 12/20/17		750,000		776,747
5.750%, 4/25/18		400,000		409,728
UFJ Finance Aruba AEC
6.750%, 7/15/13		700,000		784,712
USB Capital XIII Trust
6.625%, 12/15/39		50,000		50,613
Wachovia Bank N.A.
4.875%, 2/1/15		400,000		414,761
6.600%, 1/15/38		700,000		720,210
Wachovia Corp.
0.381%, 10/15/11(l)		1,300,000		1,294,161
5.300%, 10/15/11		100,000		105,804
2.019%, 5/1/13(l)		2,900,000		2,983,491
5.250%, 8/1/14		1,000,000		1,050,387
5.750%, 2/1/18		700,000		744,151
Wells Fargo & Co.
3.000%, 12/9/11		1,950,000		2,013,469
4.375%, 1/31/13		600,000		633,206
3.750%, 10/1/14		400,000		404,845
5.625%, 12/11/17		300,000		318,260
Westpac Banking Corp.
2.250%, 11/19/12^		2,900,000		2,920,306
2.900%, 9/10/14§		3,100,000		3,134,732
4.200%, 2/27/15		400,000		411,750
4.875%, 11/19/19		100,000		99,328
Westpac Securities NZ Ltd.
3.450%, 7/28/14§		2,800,000		2,860,766
				101,246,927
Consumer Finance (1.0%)
American Express Co.
7.250%, 5/20/14		150,000		169,990
6.150%, 8/28/17		500,000		539,715
8.125%, 5/20/19		150,000		181,680
American Express Credit Corp.
5.875%, 5/2/13		200,000		216,646
7.300%, 8/20/13		500,000		561,206
Capital One Bank USA N.A.
8.800%, 7/15/19		250,000		302,065
Capital One Financial Corp.
7.375%, 5/23/14		600,000		685,639
6.150%, 9/1/16		100,000		103,747
6.750%, 9/15/17		300,000		331,504
Credit Acceptance Corp.
9.125%, 2/1/17§		825,000		847,688
Ford Motor Credit Co. LLC
9.750%, 9/15/10		1,000,000		1,023,976
12.000%, 5/15/15		850,000		1,015,492
HSBC Finance Corp.
0.460%, 8/9/11(l)		2,900,000		2,882,281
6.375%, 10/15/11		350,000		372,394
0.519%, 4/24/12(l)		2,880,000		2,855,186
6.375%, 11/27/12		500,000		547,600
0.501%, 1/15/14(l)		1,000,000		960,920
5.000%, 6/30/15		400,000		416,554
International Lease Finance Corp.
5.450%, 3/24/11		1,000,000		1,001,085
0.000%, 3/5/16		500,000		505,625
PACCAR Financial Corp.
1.950%, 12/17/12		50,000		49,893
SLM Corp.
5.000%, 10/1/13		450,000		429,912
8.450%, 6/15/18		100,000		101,136
8.000%, 3/25/20		150,000		146,064
				16,247,998
Diversified Financial Services (3.8%)
Allstate Life Global Funding Trusts
5.375%, 4/30/13		400,000		435,739
Ameriprise Financial, Inc.
7.300%, 6/28/19		45,000		52,139
Axcan Intermediate Holdings, Inc.
12.750%, 3/1/16		1,400,000		1,540,000
Bank of America Corp.
3.125%, 6/15/12		2,110,000		2,192,543
4.900%, 5/1/13		1,400,000		1,464,649
6.500%, 8/1/16		300,000		324,298
5.625%, 10/14/16		800,000		828,289
5.750%, 12/1/17		250,000		256,319
5.650%, 5/1/18		750,000		758,753
7.250%, 10/15/25		100,000		103,204
Bank of America N.A.
5.300%, 3/15/17		200,000		197,980
Bear Stearns Cos. LLC
5.350%, 2/1/12		400,000		427,543
Boeing Capital Corp.
6.500%, 2/15/12		200,000		218,488

See Notes to Portfolio of Investments.

145

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
BP Capital Markets plc
1.550%, 8/11/11	$	150,000	$	151,476
3.125%, 3/10/12		300,000		310,773
3.625%, 5/8/14		200,000		207,467
3.875%, 3/10/15		200,000		207,716
4.750%, 3/10/19		300,000		308,382
Capital One Capital VI
8.875%, 5/15/40		61,000		66,477
Caterpillar Financial Services Corp.
1.900%, 12/17/12		30,000		30,206
2.000%, 4/5/13		50,000		49,915
4.900%, 8/15/13		200,000		215,982
7.150%, 2/15/19		500,000		588,548
Citigroup Funding, Inc.
1.375%, 5/5/11		1,200,000		1,209,449
1.875%, 10/22/12		250,000		251,994
Citigroup, Inc.
0.340%, 5/18/11(l)		1,500,000		1,490,410
2.125%, 4/30/12		1,690,000		1,720,937
5.300%, 10/17/12		500,000		525,149
5.500%, 4/11/13		3,200,000		3,362,499
6.500%, 8/19/13		3,500,000		3,773,042
5.000%, 9/15/14		200,000		199,718
5.850%, 8/2/16		400,000		410,222
6.125%, 5/15/18		600,000		613,073
8.500%, 5/22/19		300,000		350,156
6.125%, 8/25/36		350,000		305,423
6.875%, 3/5/38		600,000		606,298
8.125%, 7/15/39		130,000		150,072
Credit Suisse USA, Inc.
6.500%, 1/15/12		200,000		217,453
Equifax, Inc.
4.450%, 12/1/14		50,000		51,449
General Electric Capital Corp.
3.000%, 12/9/11		1,500,000		1,550,093
5.875%, 2/15/12		800,000		859,942
2.200%, 6/8/12		840,000		855,591
5.250%, 10/19/12		800,000		858,833
0.271%, 12/21/12(l)		5,000,000		4,999,990
4.800%, 5/1/13		650,000		690,775
5.900%, 5/13/14		1,000,000		1,100,246
5.625%, 5/1/18		1,900,000		1,985,523
6.750%, 3/15/32		100,000		105,798
5.875%, 1/14/38		600,000		570,449
6.875%, 1/10/39		500,000		539,305
Holly Energy Partners LP/Holly Energy Finance Corp.
8.250%, 3/15/18§		775,000		782,750
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
8.000%, 1/15/18^§		3,100,000		2,987,625
John Deere Capital Corp.
7.000%, 3/15/12		700,000		774,249
2.875%, 6/19/12		680,000		703,588
5.500%, 4/13/17		200,000		215,732
JPMorgan Chase & Co.
6.625%, 3/15/12		800,000		869,664
2.125%, 6/22/12		2,530,000		2,577,774
4.750%, 5/1/13		400,000		426,354
4.650%, 6/1/14		650,000		686,828
3.700%, 1/20/15		1,000,000		1,006,159
6.000%, 1/15/18		600,000		651,421
6.400%, 5/15/38		300,000		323,913
JPMorgan Chase Capital XXV
6.800%, 10/1/37		500,000		497,713
LBI Escrow Corp.
8.000%, 11/1/17§		1,575,000		1,634,063
MassMutual Global Funding II
0.412%, 12/6/13(l)§		2,000,000		1,936,448
NASDAQ OMX Group, Inc.
4.000%, 1/15/15		100,000		99,522
5.550%, 1/15/20		50,000		49,724
National Money Mart Co.
10.375%, 12/15/16§		1,275,000		1,353,094
National Rural Utilities Cooperative Finance Corp.
5.450%, 2/1/18		100,000		105,637
8.000%, 3/1/32		400,000		476,556
Noble Group Ltd.
6.750%, 1/29/20^§		900,000		930,375
Private Export Funding Corp.
4.950%, 11/15/15		100,000		108,839
4.300%, 12/15/21		100,000		94,260
Susser Holdings LLC/Susser Finance Corp.
10.625%, 12/15/13		1,318,000		1,370,720
Teco Finance, Inc.
4.000%, 3/15/16		85,000		83,761
5.150%, 3/15/20		65,000		64,188
Textron Financial Corp.
4.600%, 5/3/10		201,000		200,986
Unilever Capital Corp.
4.800%, 2/15/19		300,000		309,309
UPC Germany GmbH
9.625%, 12/1/19(b)§	EUR	1,400,000		1,985,456
				63,597,483
Insurance (1.4%)
ACE INA Holdings, Inc.
5.900%, 6/15/19	$	25,000		27,251
Aflac, Inc.
8.500%, 5/15/19		150,000		180,608
Allied World Assurance Co. Holdings Ltd.
7.500%, 8/1/16		1,000,000		1,082,616
Allstate Corp.
6.200%, 5/16/14		150,000		166,961
7.450%, 5/16/19		100,000		117,346
American Financial Group, Inc./Ohio
9.875%, 6/15/19		50,000		58,950
American International Group, Inc.
8.250%, 8/15/18		1,000,000		1,049,280
Berkshire Hathaway Finance Corp.
4.000%, 4/15/12		200,000		210,574
5.750%, 1/15/40		100,000		98,922
Chubb Corp.
5.750%, 5/15/18		400,000		432,474
CNA Financial Corp.
7.350%, 11/15/19		30,000		31,354
Genworth Financial, Inc.
6.515%, 5/22/18		800,000		788,096
Hartford Financial Services Group, Inc.
5.375%, 3/15/17		500,000		500,370
Lincoln National Corp.
8.750%, 7/1/19		105,000		128,391
6.250%, 2/15/20		25,000		26,068
Markel Corp.
7.125%, 9/30/19		100,000		107,499
Marsh & McLennan Cos., Inc.
5.375%, 7/15/14		400,000		413,759
MetLife, Inc.
5.000%, 6/15/15		400,000		419,426
5.700%, 6/15/35		200,000		191,829
Metropolitan Life Global Funding I
5.750%, 7/25/11§		2,104,000		2,191,834
5.125%, 11/9/11§		770,000		803,810

See Notes to Portfolio of Investments.

146

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Monumental Global Funding III
0.419%, 1/25/13(l)§	$	1,500,000	$	1,437,312
Northwestern Mutual Life Insurance Co.
6.063%, 3/30/40§		1,400,000		1,404,995
PartnerRe Finance B LLC
5.500%, 6/1/20		50,000		49,525
Pricoa Global Funding I
0.392%, 5/24/11(l)§		1,000,000		988,778
0.349%, 1/30/12(l)§		1,900,000		1,857,771
Principal Life Income Funding Trusts
5.300%, 4/24/13		200,000		214,692
Prudential Financial, Inc.
2.750%, 1/14/13		50,000		50,061
5.100%, 9/20/14		200,000		211,246
3.875%, 1/14/15		65,000		64,878
6.200%, 1/15/15		30,000		32,749
7.375%, 6/15/19		385,000		441,513
5.700%, 12/14/36		100,000		94,751
Reinsurance Group of America, Inc.
6.450%, 11/15/19		50,000		52,247
Suncorp-Metway Ltd.
0.633%, 12/17/10(l)§		2,900,000		2,904,565
1.751%, 7/16/12(l)§		2,200,000		2,267,491
Swiss Reinsurance Solutions Holding Corp.
7.000%, 2/15/26		1,500,000		1,520,330
Transatlantic Holdings, Inc.
8.000%, 11/30/39		50,000		51,100
Travelers Cos., Inc.
6.750%, 6/20/36		400,000		438,080
				23,109,502
Real Estate Investment Trusts (REITs) (0.2%)
AvalonBay Communities, Inc.
5.700%, 3/15/17		100,000		105,408
6.100%, 3/15/20		100,000		106,296
ERP Operating LP
5.125%, 3/15/16		400,000		411,354
HCP, Inc.
5.650%, 12/15/13		200,000		209,062
Healthcare Realty Trust, Inc.
6.500%, 1/17/17		50,000		51,296
Hospitality Properties Trust
7.875%, 8/15/14		150,000		161,089
Kimco Realty Corp.
6.875%, 10/1/19		100,000		105,370
Mack-Cali Realty LP
7.750%, 8/15/19		100,000		110,272
ProLogis
7.625%, 8/15/14		100,000		109,339
5.625%, 11/15/15		600,000		594,867
6.250%, 3/15/17		50,000		49,222
7.375%, 10/30/19		50,000		51,326
6.875%, 3/15/20		60,000		59,264
Simon Property Group LP
6.750%, 5/15/14		105,000		114,877
5.625%, 8/15/14		200,000		212,049
4.200%, 2/1/15		45,000		45,114
5.250%, 12/1/16		200,000		198,197
5.650%, 2/1/20		100,000		97,565
6.750%, 2/1/40		50,000		49,738
				2,841,705
Thrifts & Mortgage Finance (0.0%)
Western Corporate Federal Credit Union
1.750%, 11/2/12		100,000		100,288
Total Financials				244,015,166
Health Care (2.4%)
Biotechnology (0.0%)
Amgen, Inc.
4.850%, 11/18/14		200,000		217,093
4.500%, 3/15/20		25,000		24,959
6.400%, 2/1/39		300,000		324,143
5.750%, 3/15/40		25,000		24,752
Genentech, Inc.
5.250%, 7/15/35		200,000		187,499
				778,446
Health Care Equipment & Supplies (0.2%)
Accellent, Inc.
10.500%, 12/1/13		1,750,000		1,776,250
Baxter International, Inc.
1.800%, 3/15/13		40,000		39,915
4.625%, 3/15/15		200,000		213,777
4.250%, 3/15/20		100,000		98,957
6.250%, 12/1/37		100,000		108,780
CareFusion Corp.
6.375%, 8/1/19		300,000		328,066
Covidien International Finance S.A.
6.000%, 10/15/17		100,000		109,664
Hospira, Inc.
6.400%, 5/15/15		45,000		49,907
Mead Johnson Nutrition Co.
3.500%, 11/1/14§		50,000		49,562
4.900%, 11/1/19§		100,000		99,243
5.900%, 11/1/39§		50,000		48,702
Medtronic, Inc.
4.500%, 3/15/14		400,000		426,679
Stryker Corp.
3.000%, 1/15/15		50,000		49,977
4.375%, 1/15/20		50,000		49,585
				3,449,064
Health Care Providers & Services (1.1%)
Apria Healthcare Group, Inc.
11.250%, 11/1/14^§		500,000		543,750
12.375%, 11/1/14^§		1,475,000		1,615,125
CIGNA Corp.
7.875%, 5/15/27		100,000		111,398
Express Scripts, Inc.
6.250%, 6/15/14		500,000		553,966
HCA, Inc.
9.625%, 11/15/16 PIK		400,000		428,500
7.250%, 9/15/20^§		500,000		506,875
Health Net, Inc.
6.375%, 6/1/17		1,400,000		1,302,000
Medco Health Solutions, Inc.
7.125%, 3/15/18		300,000		342,034
Quest Diagnostics, Inc.
4.750%, 1/30/20		60,000		58,698
5.750%, 1/30/40		20,000		19,116
Skilled Healthcare Group, Inc.
11.000%, 1/15/14		1,295,000		1,362,988
Stonemor Operating LLC/Cornerstone Family Services/Osiris Holdings
10.250%, 12/1/17§		1,650,000		1,699,500
Surgical Care Affiliates, Inc.
8.875%, 7/15/15 PIK§		2,142,202		2,142,202

See Notes to Portfolio of Investments.

147

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
10.000%, 7/15/17§	$	3,250,000	$	3,233,750
U.S. Oncology, Inc.
10.750%, 8/15/14		2,108,000		2,192,320
9.125%, 8/15/17		550,000		574,750
UnitedHealth Group, Inc.
6.000%, 2/15/18		250,000		266,924
6.875%, 2/15/38		250,000		265,319
WellPoint, Inc.
5.850%, 1/15/36		350,000		338,666
				17,557,881
Pharmaceuticals (1.1%)
Abbott Laboratories, Inc.
5.600%, 5/15/11		200,000		210,184
5.875%, 5/15/16		200,000		226,133
5.600%, 11/30/17		600,000		660,578
Angiotech Pharmaceuticals, Inc.
4.002%, 12/1/13(l)		2,695,000		2,196,425
Argatroban Royalty Sub LLC
18.500%, 9/30/14(b)†		2,712,450		2,169,960
AstraZeneca plc
5.400%, 9/15/12		200,000		218,408
5.900%, 9/15/17		500,000		558,463
6.450%, 9/15/37		200,000		222,562
Bristol-Myers Squibb Co.
5.250%, 8/15/13		300,000		330,579
5.450%, 5/1/18		200,000		215,112
6.125%, 5/1/38		500,000		531,745
Elan Finance plc/Elan Finance Corp.
4.377%, 12/1/13(l)		2,075,000		1,867,500
8.750%, 10/15/16§		1,875,000		1,856,250
Eli Lilly and Co.
4.200%, 3/6/14		500,000		530,085
5.200%, 3/15/17		100,000		107,620
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13		200,000		216,781
5.650%, 5/15/18		400,000		434,337
6.375%, 5/15/38		200,000		220,590
Johnson & Johnson
5.150%, 7/15/18		200,000		214,889
5.850%, 7/15/38		100,000		106,931
Merck & Co., Inc.
6.000%, 9/15/17		200,000		225,069
5.000%, 6/30/19		350,000		365,975
6.400%, 3/1/28		200,000		218,701
Novartis Capital Corp.
1.900%, 4/24/13		40,000		39,977
Novartis Securities Investment Ltd.
5.125%, 2/10/19		600,000		635,929
Pfizer, Inc.
4.450%, 3/15/12		200,000		211,999
5.350%, 3/15/15		500,000		550,928
6.200%, 3/15/19		300,000		338,844
7.200%, 3/15/39		200,000		243,917
Phibro Animal Health Corp.
13.000%, 8/1/14§		2,115,000		2,194,312
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		165,000		171,799
6.125%, 8/15/19		85,000		89,347
Wyeth
5.500%, 3/15/13		200,000		218,912
6.000%, 2/15/36		100,000		105,705
5.950%, 4/1/37		200,000		209,396
				18,915,942
Total Health Care				40,701,333
Industrials (2.7%)
Aerospace & Defense (0.3%)
Boeing Co.
5.000%, 3/15/14		500,000		541,272
3.500%, 2/15/15		100,000		101,743
4.875%, 2/15/20		55,000		56,273
6.125%, 2/15/33		100,000		105,121
5.875%, 2/15/40		30,000		30,747
General Dynamics Corp.
4.250%, 5/15/13		200,000		213,621
GeoEye, Inc.
9.625%, 10/1/15§		1,275,000		1,303,688
Goodrich Corp.
4.875%, 3/1/20		50,000		50,359
Honeywell International, Inc.
4.250%, 3/1/13		200,000		211,690
5.000%, 2/15/19		500,000		520,667
ITT Corp.
4.900%, 5/1/14		65,000		69,031
6.125%, 5/1/19		90,000		97,443
Lockheed Martin Corp.
4.250%, 11/15/19		350,000		338,411
Series B
6.150%, 9/1/36		200,000		211,630
Northrop Grumman Corp.
3.700%, 8/1/14		90,000		92,093
5.050%, 8/1/19		50,000		51,354
Northrop Grumman Systems Corp.
7.750%, 2/15/31		200,000		245,104
Raytheon Co.
4.400%, 2/15/20		50,000		49,281
Rockwell Collins, Inc.
5.250%, 7/15/19		50,000		51,930
United Technologies Corp.
5.375%, 12/15/17		200,000		215,713
6.125%, 2/1/19		500,000		562,385
6.125%, 7/15/38		100,000		106,657
				5,226,213
Air Freight & Logistics (0.0%)
United Parcel Service, Inc.
4.500%, 1/15/13		200,000		213,780
5.125%, 4/1/19		300,000		320,360
6.200%, 1/15/38		100,000		108,841
				642,981
Airlines (0.1%)
American Airlines, Inc.
13.000%, 8/1/16^		1,283,440		1,443,871
Continental Airlines, Inc.
9.000%, 7/8/16		146,968		160,195
				1,604,066
Building Products (0.1%)
CRH America, Inc.
6.000%, 9/30/16		500,000		537,237
Goodman Global, Inc.
13.500%, 2/15/16		1,250,000		1,396,875
				1,934,112
Commercial Services & Supplies (0.6%)
Alion Science and Technology Corp.
12.000%, 11/1/14 PIK§		1,900,000		1,923,750

See Notes to Portfolio of Investments.

148

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Allied Waste North America, Inc.
6.875%, 6/1/17	$	350,000	$	381,500
Darthmouth College
4.750%, 6/1/19		50,000		51,571
Iron Mountain, Inc.
8.375%, 8/15/21		900,000		936,000
Niska Gas Storage Partners LLC
8.875%, 3/15/18^§		1,550,000		1,584,875
PharmaNet Development Group, Inc.
10.875%, 4/15/17(b)§		850,000		850,000
Pitney Bowes, Inc.
4.750%, 1/15/16		100,000		105,455
R.R. Donnelley & Sons Co.
4.950%, 4/1/14		400,000		402,006
8.600%, 8/15/16		150,000		166,468
Republic Services, Inc.
5.500%, 9/15/19§		148,000		151,574
ServiceMaster Co.
10.750%, 7/15/15 PIK§		1,300,000		1,365,000
Sheridan Group, Inc.
10.250%, 8/15/11		850,000		843,625
Waste Management, Inc.
6.100%, 3/15/18		350,000		376,924
7.000%, 7/15/28		100,000		107,521
Yale University
2.900%, 10/15/14		100,000		100,846
				9,347,115
Construction & Engineering (0.1%)
Esco Corp.
8.625%, 12/15/13^§		1,700,000		1,708,500
Electrical Equipment (0.0%)
Amphenol Corp.
4.750%, 11/15/14		50,000		51,434
Emerson Electric Co.
5.250%, 10/15/18		100,000		106,499
Metals USA, Inc.
11.125%, 12/1/15		450,000		472,500
				630,433
Industrial Conglomerates (0.4%)
3M Co.
4.375%, 8/15/13		350,000		375,441
Cooper U.S., Inc.
5.250%, 11/15/12		100,000		108,465
General Electric Co.
5.000%, 2/1/13		200,000		215,595
5.250%, 12/6/17		500,000		524,424
Harland Clarke Holdings Corp.
6.000%, 5/15/15(l)		1,565,000		1,287,212
Ingersoll-Rand Global Holding Co., Ltd.
9.500%, 4/15/14		300,000		363,761
Koninklijke Philips Electronics N.V.
6.875%, 3/11/38		200,000		226,016
Trimas Corp.
9.750%, 12/15/17^§		2,100,000		2,173,500
Tyco International Finance S.A.
4.125%, 10/15/14		100,000		103,398
8.500%, 1/15/19		400,000		496,065
				5,873,877
Machinery (0.4%)
Caterpillar, Inc.
6.050%, 8/15/36		400,000		420,633
Danaher Corp.
5.625%, 1/15/18		300,000		326,524
Deere & Co.
4.375%, 10/16/19		75,000		74,394
5.375%, 10/16/29		50,000		49,849
Dover Corp.
6.600%, 3/15/38		100,000		112,959
FGI Holding Co., Inc.
11.250%, 10/1/15 PIK§		1,600,000		1,568,000
Freedom Group, Inc.
10.250%, 8/1/15§		900,000		951,750
Severstal Columbus LLC
10.250%, 2/15/18^§		850,000		893,562
Smith & Wesson Holding Corp.
4.000%, 12/15/26		1,250,000		1,203,125
Snap-On, Inc.
6.125%, 9/1/21		100,000		104,546
				5,705,342
Marine (0.2%)
Marquette Transportation Co., Inc.
10.875%, 1/15/17§		1,150,000		1,168,688
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc.
8.875%, 11/1/17^§		2,150,000		2,225,250
				3,393,938
Road & Rail (0.5%)
Burlington Northern Santa Fe Corp.
7.000%, 2/1/14		500,000		571,798
4.700%, 10/1/19		100,000		99,019
6.150%, 5/1/37		100,000		102,805
Burlington Resources Finance Co.
7.200%, 8/15/31		100,000		114,595
Canadian National Railway Co.
5.550%, 3/1/19		700,000		751,643
Canadian Pacific Railway Co.
7.250%, 5/15/19		45,000		51,122
CSX Corp.
7.375%, 2/1/19		300,000		349,585
6.150%, 5/1/37		500,000		503,928
Norfolk Southern Corp.
7.700%, 5/15/17		100,000		118,833
5.750%, 4/1/18		300,000		322,010
5.900%, 6/15/19		65,000		70,229
Sunstate Equipment Co. LLC
10.500%, 4/1/13§		2,400,000		2,106,000
Union Pacific Corp.
6.125%, 2/15/20		300,000		325,022
6.150%, 5/1/37		100,000		103,354
United Rentals North America, Inc.
7.750%, 11/15/13^		1,000,000		960,000
9.250%, 12/15/19		1,550,000		1,581,000
				8,130,943
Total Industrials				44,197,520
Information Technology (0.7%)
Communications Equipment (0.1%)
American Tower Corp.
4.625%, 4/1/15		25,000		25,710
Cisco Systems, Inc.
5.500%, 2/22/16		100,000		111,431
4.950%, 2/15/19		400,000		415,974
5.900%, 2/15/39		400,000		406,102
Motorola, Inc.
6.000%, 11/15/17		200,000		206,976

See Notes to Portfolio of Investments.

149

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Sorenson Communications, Inc.
10.500%, 2/1/15§	$	1,400,000	$	1,351,000
				2,517,193
Computers & Peripherals (0.2%)
Dell, Inc.
3.375%, 6/15/12		30,000		31,176
5.875%, 6/15/19		50,000		54,108
7.100%, 4/15/28		50,000		55,654
6.500%, 4/15/38		200,000		211,512
Hewlett-Packard Co.
4.250%, 2/24/12		750,000		792,291
4.500%, 3/1/13		400,000		428,279
International Business Machines Corp.
4.750%, 11/29/12		200,000		216,370
2.100%, 5/6/13		100,000		100,698
5.700%, 9/14/17		400,000		443,274
5.875%, 11/29/32		100,000		104,549
5.600%, 11/30/39		440,000		443,787
				2,881,698
Electronic Equipment, Instruments & Components (0.0%)
Arrow Electronics, Inc.
6.000%, 4/1/20		100,000		100,896
Corning, Inc.
6.625%, 5/15/19		20,000		22,183
				123,079
IT Services (0.2%)
Compucom Systems, Inc.
12.500%, 10/1/15§		1,975,000		2,093,500
Stratus Technologies, Inc.
12.000%, 3/29/15(b)§		700,000		674,870
Western Union Co.
5.930%, 10/1/16		500,000		552,945
				3,321,315
Office Electronics (0.1%)
Xerox Capital Trust I
8.000%, 2/1/27		1,400,000		1,373,558
Xerox Corp.
8.250%, 5/15/14		95,000		110,307
4.250%, 2/15/15		100,000		100,826
6.350%, 5/15/18		200,000		216,655
5.625%, 12/15/19		100,000		102,788
6.750%, 12/15/39		50,000		52,204
				1,956,338
Semiconductors & Semiconductor Equipment (0.0%)
Analog Devices, Inc.
5.000%, 7/1/14		150,000		158,416
Software (0.1%)
Adobe Systems, Inc.
3.250%, 2/1/15		50,000		50,198
4.750%, 2/1/20		85,000		83,491
Microsoft Corp.
2.950%, 6/1/14		115,000		116,754
4.200%, 6/1/19		125,000		126,607
5.200%, 6/1/39		110,000		108,852
Oracle Corp.
5.750%, 4/15/18		500,000		548,404
6.500%, 4/15/38		50,000		55,189
6.125%, 7/8/39		250,000		266,127
				1,355,622
Total Information Technology				12,313,661
Materials (2.7%)
Chemicals (0.9%)
Air Products and Chemicals, Inc.
4.375%, 8/21/19		100,000		97,332
Cabot Corp.
5.000%, 10/1/16		100,000		99,798
Dow Chemical Co.
4.850%, 8/15/12		2,000,000		2,115,036
7.600%, 5/15/14		220,000		251,150
8.550%, 5/15/19		155,000		187,510
9.400%, 5/15/39		90,000		120,640
E.I. du Pont de Nemours & Co.
5.000%, 7/15/13		200,000		216,586
3.250%, 1/15/15		100,000		100,609
5.250%, 12/15/16		100,000		107,912
5.750%, 3/15/19		500,000		543,659
4.625%, 1/15/20		40,000		40,291
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC
9.750%, 11/15/14^		1,800,000		1,836,000
Momentive Performance Materials, Inc.
12.500%, 6/15/14^§		825,000		932,250
9.000%, 12/1/14	EUR	650,000		834,026
9.750%, 12/1/14^	$	1,200,000		1,200,000
Monsanto Co.
7.375%, 8/15/12		200,000		225,834
5.125%, 4/15/18		100,000		105,687
5.875%, 4/15/38		200,000		204,300
Potash Corp of Saskatchewan, Inc.
5.250%, 5/15/14		2,980,000		3,221,681
3.750%, 9/30/15		40,000		40,475
6.500%, 5/15/19		65,000		72,296
4.875%, 3/30/20		35,000		35,060
Praxair, Inc.
2.125%, 6/14/13		50,000		50,122
Reichhold Industries, Inc.
9.000%, 8/15/14§		1,845,000		1,748,137
Rohm & Haas Co.
5.600%, 3/15/13		500,000		533,364
Sherwin-Williams Co.
3.125%, 12/15/14		100,000		100,492
Valspar Corp.
7.250%, 6/15/19		100,000		112,868
				15,133,115
Containers & Packaging (0.2%)
Bemis Co., Inc.
5.650%, 8/1/14		30,000		32,264
6.800%, 8/1/19		20,000		22,338
Berry Plastics Corp.
8.875%, 9/15/14		1,200,000		1,171,500
5.001%, 2/15/15(l)^		1,450,000		1,384,750
Packaging Corp. of America
5.750%, 8/1/13		500,000		532,051
				3,142,903
Metals & Mining (1.5%)
Alcoa, Inc.
6.000%, 7/15/13		200,000		213,334
5.900%, 2/1/27		200,000		177,166
Algoma Acquisition Corp.
9.875%, 6/15/15§		2,475,000		2,277,000

See Notes to Portfolio of Investments.

150

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Allegheny Technologies, Inc.
9.375%, 6/1/19	$	100,000	$	116,352
ArcelorMittal S.A.
5.375%, 6/1/13		200,000		212,883
9.000%, 2/15/15		125,000		149,291
6.125%, 6/1/18		200,000		209,941
9.850%, 6/1/19		150,000		190,649
Barrick Australian Finance Pty Ltd.
5.950%, 10/15/39		100,000		98,483
Barrick Gold Corp.
6.950%, 4/1/19		500,000		572,101
Barrick Gold Finance Co.
4.875%, 11/15/14		2,315,000		2,461,074
Barrick N.A. Finance LLC
7.500%, 9/15/38		100,000		118,413
BHP Billiton Finance USA Ltd.
5.125%, 3/29/12^		1,500,000		1,605,819
4.800%, 4/15/13		200,000		214,888
7.250%, 3/1/16		1,375,000		1,598,986
6.500%, 4/1/19		500,000		571,647
Consol Energy, Inc.
8.000%, 4/1/17(b)§		1,900,000		1,952,250
8.250%, 4/1/20§		1,900,000		1,952,250
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		300,000		333,750
Murray Energy Corp.
10.250%, 10/15/15^§		1,000,000		1,025,000
Newmont Mining Corp.
5.125%, 10/1/19		315,000		316,878
6.250%, 10/1/39		200,000		199,994
Novelis, Inc.
7.250%, 2/15/15		1,350,000		1,302,750
11.500%, 2/15/15		740,000		796,425
Nucor Corp.
5.750%, 12/1/17		200,000		216,123
Rio Tinto Finance USA Ltd.
5.875%, 7/15/13		800,000		879,355
6.500%, 7/15/18		200,000		225,114
7.125%, 7/15/28		100,000		114,465
Ryerson Holding Corp.
(Zero Coupon), 2/1/15§		4,150,000		1,929,750
Ryerson, Inc.
7.624%, 11/1/14(l)		1,750,000		1,627,500
12.000%, 11/1/15		425,000		446,250
Vale Overseas Ltd.
6.875%, 11/21/36		400,000		413,820
6.875%, 11/10/39		85,000		88,073
				24,607,774
Paper & Forest Products (0.1%)
International Paper Co.
7.500%, 8/15/21		200,000		227,263
Sappi Papier Holding AG
6.750%, 6/15/12(b)§		1,450,000		1,442,750
				1,670,013
Total Materials				44,553,805
Telecommunication Services (3.4%)
Diversified Telecommunication Services (2.4%)
AT&T Corp.
7.300%, 11/15/11		400,000		437,233
8.000%, 11/15/31		200,000		243,151
AT&T, Inc.
4.950%, 1/15/13		200,000		214,838
5.100%, 9/15/14		200,000		216,389
5.625%, 6/15/16		400,000		438,528
5.500%, 2/1/18		500,000		530,824
6.300%, 1/15/38		500,000		507,392
6.400%, 5/15/38		200,000		205,627
6.550%, 2/15/39		600,000		630,745
BellSouth Capital Funding Corp.
7.875%, 2/15/30		500,000		581,133
British Telecommunications plc
9.625%, 12/15/30		300,000		377,784
Cincinnati Bell, Inc.
8.375%, 1/15/14^		1,500,000		1,543,125
Deutsche Telekom International Finance B.V.
8.500%, 6/15/10		2,700,000		2,739,925
4.875%, 7/8/14		150,000		157,718
6.000%, 7/8/19		100,000		107,152
8.750%, 6/15/30		500,000		640,355
Digicel Ltd.
12.000%, 4/1/14§		2,075,000		2,349,938
Embarq Corp.
7.082%, 6/1/16		100,000		108,915
7.995%, 6/1/36		100,000		101,394
France Telecom S.A.
7.750%, 3/1/11^		300,000		318,505
4.375%, 7/8/14^		2,000,000		2,108,200
Global Crossing Ltd.
12.000%, 9/15/15§		2,000,000		2,220,000
Hawaiian Telcom Communications, Inc. Series B
9.750%, 5/1/13(b)(h)		4,050,000		111,375
ITC Deltacom, Inc.
10.500%, 4/1/16§		850,000		846,812
Level 3 Financing, Inc.
9.250%, 11/1/14^		2,100,000		2,047,500
PAETEC Holding Corp.
9.500%, 7/15/15		1,625,000		1,645,312
Qwest Corp.
8.375%, 5/1/16		600,000		675,000
Sprint Capital Corp.
7.625%, 1/30/11		1,000,000		1,028,750
Telcordia Technologies, Inc.
4.001%, 7/15/12(l)§		2,600,000		2,509,000
Telecom Italia Capital S.A.
4.875%, 10/1/10^		400,000		406,981
0.861%, 7/18/11(l)		2,900,000		2,887,292
5.250%, 11/15/13		200,000		209,485
6.175%, 6/18/14		100,000		106,890
5.250%, 10/1/15		400,000		409,557
7.175%, 6/18/19		100,000		107,960
7.721%, 6/4/38		250,000		268,219
Telefonica Emisiones S.A.U.
0.580%, 2/4/13(l)		1,000,000		978,261
4.949%, 1/15/15		1,685,000		1,779,272
6.421%, 6/20/16		700,000		777,645
5.877%, 7/15/19		145,000		155,300
7.045%, 6/20/36		300,000		338,223
Verizon Communications, Inc.
7.375%, 9/1/12		400,000		452,970
4.350%, 2/15/13		100,000		106,068
5.550%, 2/15/16		500,000		546,642
5.500%, 2/15/18		600,000		635,928
7.750%, 12/1/30		400,000		475,968
6.900%, 4/15/38		100,000		110,289
7.350%, 4/1/39		300,000		347,648
Wind Acquisition Finance S.A.
11.750%, 7/15/17§		2,400,000		2,652,000

See Notes to Portfolio of Investments.

151

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Windstream Corp.
7.875%, 11/1/17	$	1,100,000	$	1,083,500
				40,478,718
Wireless Telecommunication Services (1.0%)
America Movil S.A.B. de C.V.
5.000%, 3/30/20§		700,000		690,106
6.375%, 3/1/35		100,000		100,716
Cellco Partnership/Verizon Wireless Capital LLC
2.851%, 5/20/11(l)		2,900,000		2,984,480
3.750%, 5/20/11		300,000		309,338
5.550%, 2/1/14		500,000		546,421
8.500%, 11/15/18		400,000		499,064
Digicel Group Ltd.
10.500%, 4/15/18^§		2,350,000		2,438,125
MetroPCS Wireless, Inc.
9.250%, 11/1/14^		1,450,000		1,478,375
New Cingular Wireless Services, Inc.
8.125%, 5/1/12		200,000		225,693
8.750%, 3/1/31		100,000		129,121
Nextel Communications, Inc. Series E
6.875%, 10/31/13		1,600,000		1,560,000
Rogers Communications, Inc.
6.800%, 8/15/18		100,000		113,755
7.500%, 8/15/38		100,000		117,139
Sprint Nextel Corp.
0.688%, 6/28/10(l)		750,000		747,331
Vodafone Group plc
5.000%, 12/16/13		200,000		215,851
4.150%, 6/10/14		3,200,000		3,322,960
5.625%, 2/27/17		400,000		428,029
5.450%, 6/10/19		150,000		155,658
6.150%, 2/27/37		500,000		512,141
				16,574,303
Total Telecommunication Services				57,053,021
Utilities (2.2%)
Electric Utilities (1.3%)
Ameren Energy Generating Co.
6.300%, 4/1/20		50,000		50,246
Appalachian Power Co.
7.000%, 4/1/38		200,000		224,979
Baltimore Gas & Electric Co.
6.125%, 7/1/13		300,000		332,811
Carolina Power & Light Co.
6.300%, 4/1/38		300,000		322,951
CenterPoint Energy Houston Electric LLC
7.000%, 3/1/14		300,000		340,794
Commonwealth Edison Co.
6.450%, 1/15/38		400,000		428,852
Consolidated Edison Co. of New York, Inc. Series 04-A
4.700%, 2/1/14		2,900,000		3,064,732
Series 07-A
6.300%, 8/15/37		100,000		106,565
Series 08-A
5.850%, 4/1/18		500,000		547,211
Series 08-B
6.750%, 4/1/38		100,000		112,815
Duke Energy Carolinas LLC Series C
7.000%, 11/15/18		100,000		117,806
Duke Energy Corp.
5.650%, 6/15/13		400,000		436,746
6.300%, 2/1/14		500,000		556,996
3.350%, 4/1/15		50,000		49,682
Duke Energy Indiana, Inc.
6.450%, 4/1/39		300,000		326,448
Duke Energy Ohio, Inc.
5.700%, 9/15/12		200,000		216,678
Edison Mission Energy
7.500%, 6/15/13^		2,350,000		2,038,625
Entergy Gulf States Louisiana LLC
5.590%, 10/1/24		60,000		61,258
Exelon Corp.
4.900%, 6/15/15		200,000		208,447
Exelon Generation Co. LLC
6.200%, 10/1/17		100,000		108,828
FirstEnergy Corp. Series B
6.450%, 11/15/11		9,000		9,546
Series C
7.375%, 11/15/31		200,000		206,977
FirstEnergy Solutions Corp.
4.800%, 2/15/15		120,000		122,811
6.050%, 8/15/21		200,000		200,258
6.800%, 8/15/39		139,000		136,098
Florida Power & Light Co.
5.690%, 3/1/40		50,000		49,451
Florida Power Corp.
4.550%, 4/1/20		25,000		24,835
5.650%, 4/1/40		50,000		48,891
FPL Group Capital, Inc.
5.625%, 9/1/11		100,000		105,669
6.000%, 3/1/19		500,000		535,434
Georgia Power Co.
4.250%, 12/1/19		80,000		78,548
5.950%, 2/1/39		300,000		309,358
Hydro-Quebec
8.050%, 7/7/24		250,000		329,674
Interstate Power and Light Co.
6.250%, 7/15/39		30,000		31,379
MidAmerican Energy Co.
5.750%, 11/1/35		100,000		99,109
MidAmerican Energy Holdings Co.
3.150%, 7/15/12		200,000		204,979
5.875%, 10/1/12		400,000		436,654
5.750%, 4/1/18		400,000		422,705
6.125%, 4/1/36		200,000		201,505
5.950%, 5/15/37		100,000		98,446
6.500%, 9/15/37		200,000		211,495
Nevada Power Co.
6.500%, 8/1/18		200,000		218,305
Northern States Power Co.
5.250%, 3/1/18		200,000		209,427
5.350%, 11/1/39		30,000		28,437
NSTAR
4.500%, 11/15/19		50,000		49,755
NSTAR Electric Co.
5.500%, 3/15/40		50,000		49,369
Ohio Power Co.
5.375%, 10/1/21		100,000		102,080
Oncor Electric Delivery Co. LLC
6.375%, 5/1/12		100,000		108,137
6.800%, 9/1/18		400,000		449,378
Pacific Gas & Electric Co.
4.800%, 3/1/14		100,000		107,305
8.250%, 10/15/18		600,000		732,455
6.050%, 3/1/34		200,000		205,963

See Notes to Portfolio of Investments.

152

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
PacifiCorp
6.000%, 1/15/39	$	300,000	$	308,445
PPL Electric Utilities Corp.
6.250%, 5/15/39		30,000		32,030
PPL Energy Supply LLC
6.500%, 5/1/18		100,000		106,555
Progress Energy, Inc.
7.050%, 3/15/19		500,000		564,197
PSEG Power LLC
2.500%, 4/15/13§		75,000		75,045
5.125%, 4/15/20§		80,000		79,949
Public Service Co. of Colorado
5.125%, 6/1/19		85,000		88,407
Public Service Co. of Oklahoma
5.150%, 12/1/19		30,000		30,264
Public Service Electric & Gas Co.
5.375%, 9/1/13		200,000		219,470
Puget Sound Energy, Inc.
5.757%, 10/1/39		150,000		145,651
5.795%, 3/15/40		100,000		97,882
San Diego Gas & Electric Co.
6.000%, 6/1/39		30,000		31,770
South Carolina Electric & Gas Co.
6.050%, 1/15/38		100,000		103,885
Southern California Edison Co.
5.750%, 3/15/14		400,000		444,371
5.950%, 2/1/38		100,000		103,929
6.050%, 3/15/39		300,000		316,239
5.500%, 3/15/40		100,000		98,026
Southern Co.
4.150%, 5/15/14		75,000		78,279
Series A
5.300%, 1/15/12		400,000		425,251
Southwestern Electric Power Co.
6.200%, 3/15/40		50,000		49,883
Tampa Electric Co.
6.100%, 5/15/18		75,000		81,308
TransAlta Corp.
6.500%, 3/15/40		40,000		39,545
Union Electric Co.
6.700%, 2/1/19		200,000		221,241
Virginia Electric & Power Co.
5.000%, 6/30/19		165,000		169,496
8.875%, 11/15/38		300,000		416,854
Series A
4.750%, 3/1/13		200,000		213,801
6.000%, 5/15/37		100,000		103,168
Wisconsin Electric Power Co.
4.250%, 12/15/19		50,000		48,897
Wisconsin Power & Light Co.
5.000%, 7/15/19		50,000		50,615
				20,522,356
Gas Utilities (0.6%)
Boardwalk Pipelines LP
5.750%, 9/15/19		100,000		103,306
Copano Energy LLC/Copano Energy Finance Corp.
7.750%, 6/1/18		1,250,000		1,246,875
Crosstex Energy, L.P.
8.875%, 2/15/18^§		1,100,000		1,134,375
Enbridge Energy Partners LP
5.200%, 3/15/20		15,000		15,065
EQT Corp.
8.125%, 6/1/19		75,000		89,103
Kinder Morgan Finance Co. ULC
5.350%, 1/5/11		1,700,000		1,729,750
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. Series B
6.875%, 11/1/14		400,000		392,000
NGPL Pipeco LLC
6.514%, 12/15/12§		2,800,000		3,071,953
ONEOK, Inc.
6.000%, 6/15/35		100,000		95,413
Plains All American Pipeline LP
8.750%, 5/1/19		500,000		609,984
Regency Energy Partners LP/Regency Energy Finance Corp.
9.375%, 6/1/16§		1,200,000		1,272,000
Williams Partners LP
3.800%, 2/15/15§		100,000		99,821
5.250%, 3/15/20§		55,000		55,112
6.300%, 4/15/40§		70,000		69,559
				9,984,316
Independent Power Producers & Energy Traders (0.2%)
NRG Energy, Inc.
7.375%, 2/1/16		850,000		843,625
8.500%, 6/15/19^		1,000,000		1,012,500
Tennessee Valley Authority
5.500%, 7/18/17		550,000		612,668
5.250%, 9/15/39		1,025,000		1,013,600
				3,482,393
Multi-Utilities (0.1%)
Alliant Energy Corp.
4.000%, 10/15/14		50,000		50,391
Avista Corp.
5.125%, 4/1/22		55,000		55,205
CenterPoint Energy Resources Corp. Series B
7.875%, 4/1/13		200,000		229,012
Dominion Resources, Inc.
8.875%, 1/15/19		300,000		378,474
5.200%, 8/15/19		80,000		81,882
Series B
5.950%, 6/15/35		100,000		101,075
DTE Energy Co.
7.625%, 5/15/14		100,000		113,764
6.350%, 6/1/16		200,000		216,221
National Grid plc
6.300%, 8/1/16		500,000		555,954
NiSource Finance Corp.
5.450%, 9/15/20		100,000		99,122
6.125%, 3/1/22		50,000		52,167
Sempra Energy
6.000%, 2/1/13		200,000		215,651
6.500%, 6/1/16		60,000		67,031
				2,215,949
Total Utilities				36,205,014
Total Corporate Bonds				632,362,431
Government Securities (63.2%)
Agency ABS (0.6%)
Federal Farm Credit Bank
1.750%, 2/21/13		200,000		199,519
Federal Home Loan Bank
1.000%, 12/28/11		1,500,000		1,499,703
1.125%, 5/18/12		250,000		249,306
2.050%, 6/18/12		1,250,000		1,253,964

See Notes to Portfolio of Investments.

153

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
1.750%, 8/22/12	$	1,500,000	$	1,511,199
1.850%, 12/21/12		400,000		398,449
1.625%, 3/20/13		300,000		299,681
Federal Home Loan Mortgage Corp.
1.250%, 1/19/12		500,000		499,372
1.125%, 4/25/12		100,000		99,818
1.500%, 9/10/12		100,000		99,539
1.800%, 3/25/13		200,000		198,842
2.125%, 10/7/13		75,000		75,071
3.150%, 1/22/15		150,000		150,591
2.875%, 2/9/15		350,000		352,149
Federal National Mortgage Association
1.000%, 4/4/12		400,000		398,361
2.000%, 1/15/13		750,000		751,105
3.125%, 11/10/14		500,000		505,056
2.750%, 12/29/14		300,000		299,130
3.000%, 12/30/14		400,000		399,464
3.125%, 1/21/15		50,000		50,452
3.000%, 3/9/15		150,000		150,189
4.000%, 1/20/17		350,000		352,744
5.000%, 4/26/17		500,000		501,540
				10,295,244
Foreign Governments (1.7%)
Bundesrepublik Deutschland
4.250%, 7/4/18	EUR	7,100,000		10,517,986
Export-Import Bank of Korea
8.125%, 1/21/14	$	1,000,000		1,160,113
4.125%, 9/9/15		150,000		150,466
Federative Republic of Brazil
10.250%, 6/17/13		840,000		1,036,560
8.875%, 10/14/19		270,000		347,625
8.875%, 4/15/24		540,000		712,800
10.125%, 5/15/27		120,000		176,100
8.250%, 1/20/34		840,000		1,071,000
5.625%, 1/7/41		125,000		117,687
Province of Manitoba
5.000%, 2/15/12		400,000		428,428
Province of Nova Scotia
5.125%, 1/26/17		270,000		296,179
Province of Ontario
4.950%, 6/1/12		420,000		450,816
4.100%, 6/16/14		500,000		534,145
4.950%, 11/28/16		550,000		596,552
4.000%, 10/7/19		200,000		196,385
Province of Quebec
4.875%, 5/5/14		540,000		589,032
4.625%, 5/14/18		540,000		563,528
7.500%, 9/15/29		410,000		533,640
Republic of Italy
3.500%, 7/15/11		1,390,000		1,431,463
5.250%, 9/20/16		1,130,000		1,211,636
Republic of Korea
5.750%, 4/16/14		300,000		327,624
7.125%, 4/16/19		250,000		292,915
Republic of Peru
7.125%, 3/30/19		500,000		579,250
6.550%, 3/14/37		270,000		288,900
Republic of Poland
6.375%, 7/15/19		600,000		657,311
Republic of South Africa
6.875%, 5/27/19		150,000		167,437
5.875%, 5/30/22		570,000		582,825
State of Israel
5.125%, 3/1/14		120,000		130,290
5.125%, 3/26/19		300,000		310,731
United Mexican States
6.375%, 1/16/13		270,000		299,700
5.625%, 1/15/17		960,000		1,027,200
8.300%, 8/15/31		270,000		346,950
6.050%, 1/11/40		540,000		538,650
				27,671,924
Municipal Bonds (1.1%)
Bay Area Toll Authority California State
6.263%, 4/1/49		150,000		149,903
Central Puget Sound Washington Regional Transportation Authority
5.491%, 11/1/39		100,000		98,187
City of San Antonio, Texas
5.985%, 2/1/39		50,000		52,516
Clark County, Nevada Airport Revenue
6.881%, 7/1/42		100,000		100,503
Indianapolis, Indiana Local Public Improvement
5.854%, 1/15/30		1,500,000		1,499,040
Los Angeles, California Unified School District
5.755%, 7/1/29		50,000		46,637
5.750%, 7/1/34		100,000		91,495
6.758%, 7/1/34		135,000		139,568
Metro Wastewater Reclamation District, Class B
4.718%, 4/1/19		1,000,000		1,009,800
Metropolitan Transportation Authority
6.548%, 11/15/31		100,000		100,749
6.648%, 11/15/39		100,000		100,973
6.668%, 11/15/39		40,000		40,244
Metropolitan Washington Airports Authority
7.462%, 10/1/46		155,000		159,444
Municipal Electric Authority of Georgia
6.637%, 4/1/57		50,000		49,593
7.055%, 4/1/57		100,000		96,945
New Jersey Economic Development Authority Series A
7.425%, 2/15/29		250,000		273,933
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,000,000		1,164,430
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		1,000,000		1,028,000
6.561%, 12/15/40		50,000		52,267
New York City Municipal Water Finance Authority
6.011%, 6/15/42		35,000		35,316
New York State Urban Development Corp.
5.770%, 3/15/39		30,000		29,662
North Texas Tollway Authority, Class B
6.718%, 1/1/49		144,000		151,021
Seminole County Florida Water & Sewer
6.443%, 10/1/40		800,000		803,608
State of California
7.550%, 4/1/39		3,495,000		3,613,376
7.350%, 11/1/39		100,000		100,981
State of Georgia
4.503%, 11/1/25		50,000		50,525
State of Illinois
2.766%, 1/1/12		100,000		100,685
3.321%, 1/1/13		100,000		100,468
4.071%, 1/1/14		100,000		100,792
4.421%, 1/1/15		100,000		100,792
5.100%, 6/1/33		1,000,000		819,820
State of Illinois Toll Highway Authority
5.293%, 1/1/24		3,000,000		2,986,020
State of Massachusetts
5.456%, 12/1/39		100,000		99,836

See Notes to Portfolio of Investments.

154

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
State of New York
5.206%, 10/1/31	$	100,000	$	91,041
State of Utah
4.554%, 7/1/24		90,000		90,105
State of Washington
5.481%, 8/1/39		100,000		101,553
University of Texas, Class B
6.276%, 8/15/41		2,900,000		2,978,590
				18,608,418
Supranational (1.0%)
African Development Bank
3.000%, 5/27/14		500,000		509,987
Asian Development Bank
2.750%, 5/21/14		500,000		508,226
4.250%, 10/20/14		540,000		579,106
Corp. Andina de Fomento
8.125%, 6/4/19		325,000		381,796
European Investment Bank
3.125%, 7/15/11		1,960,000		2,018,588
1.750%, 9/14/12		500,000		503,412
1.625%, 3/15/13		500,000		497,374
4.250%, 7/15/13		1,390,000		1,486,394
3.000%, 4/8/14		1,000,000		1,022,822
3.125%, 6/4/14		750,000		769,028
4.875%, 1/17/17		550,000		596,651
Export Development Canada
2.375%, 3/19/12		1,000,000		1,023,702
Inter-American Development Bank
4.375%, 9/20/12		550,000		588,835
3.000%, 4/22/14		500,000		515,049
5.125%, 9/13/16		280,000		309,254
International Bank for Reconstruction & Development
4.750%, 2/15/35		130,000		125,755
International Bank for Reconstruction & Development
5.000%, 4/1/16		550,000		605,813
International Finance Corp.
3.000%, 4/22/14		750,000		761,135
Japan Finance Corp.
2.000%, 6/24/11		500,000		504,971
Kommunalbanken A/S
3.375%, 11/15/11		2,000,000		2,073,016
Korea Development Bank
8.000%, 1/23/14		500,000		576,621
Nordic Investment Bank
3.625%, 6/17/13		550,000		578,078
2.625%, 10/6/14		100,000		100,021
				16,635,634
U.S. Government Agencies (30.0%)
Federal Farm Credit Bank
3.875%, 8/25/11		20,000		20,853
1.125%, 10/3/11		400,000		401,011
1.875%, 12/7/12		200,000		200,987
2.300%, 9/3/13		500,000		497,158
2.970%, 12/2/14		200,000		200,090
Federal Home Loan Bank
0.500%, 4/6/11		200,000		199,791
1.625%, 7/27/11		2,500,000		2,527,707
5.375%, 8/19/11		1,960,000		2,079,007
1.875%, 6/20/12		250,000		253,038
1.875%, 11/19/12		500,000		502,716
1.625%, 11/21/12		350,000		350,947
2.000%, 12/28/12		100,000		99,908
5.125%, 8/14/13		1,110,000		1,223,832
4.000%, 9/6/13		1,400,000		1,491,570
2.500%, 10/15/13		500,000		499,658
5.500%, 8/13/14		1,120,000		1,260,374
5.000%, 11/17/17		1,690,000		1,847,074
5.500%, 7/15/36		270,000		277,865
Federal Home Loan Mortgage Corp.
1.625%, 4/26/11		1,000,000		1,010,807
3.875%, 6/29/11		5,730,000		5,953,693
1.750%, 7/27/11		1,500,000		1,501,499
1.125%, 12/15/11		300,000		300,685
2.350%, 3/2/12		500,000		503,331
2.000%, 4/27/12		350,000		353,761
1.750%, 6/15/12		1,800,000		1,817,385
2.000%, 6/15/12		150,000		150,438
2.000%, 10/1/12		300,000		300,000
2.000%, 11/5/12		400,000		400,498
4.500%, 7/15/13		2,800,000		3,028,057
2.500%, 1/7/14		1,690,000		1,709,592
2.500%, 4/23/14		6,000,000		6,048,936
5.000%, 7/15/14		1,680,000		1,854,023
3.000%, 12/30/14		250,000		250,424
5.000%, 4/18/17		300,000		325,650
5.125%, 11/17/17		800,000		876,040
4.875%, 6/13/18		4,300,000		4,601,400
4.250%, 12/12/18		250,000		249,101
5.000%, 7/1/19		2,740,093		2,923,337
5.000%, 2/1/22		3,687,075		3,925,583
5.500%, 5/1/22		3,376,938		3,629,153
4.500%, 2/1/24		4,656,806		4,834,164
4.000%, 7/1/24		2,836,060		2,882,035
4.500%, 8/1/24		964,737		1,002,385
4.500%, 9/1/24		406,284		421,757
4.500%, 11/1/24		2,075,045		2,154,075
4.000%, 2/1/25		995,974		1,012,120
6.500%, 5/1/26		716,955		781,621
6.500%, 8/1/26		1,385,861		1,510,859
6.500%, 9/1/27		1,056,085		1,151,339
6.750%, 3/15/31		550,000		667,632
6.250%, 7/15/32		280,000		324,084
5.000%, 12/1/34		16,422,758		17,065,555
6.000%, 3/1/36		758,724		815,747
6.000%, 8/1/36		1,617,893		1,737,970
5.500%, 10/1/36		701,272		740,746
6.000%, 10/1/36		742,297		797,389
5.500%, 5/1/37		757,056		799,670
6.000%, 6/1/37		195,355		209,548
6.500%, 11/1/37		3,465,713		3,765,984
5.500%, 12/1/37		768,512		811,771
5.500%, 1/1/38		1,322,213		1,397,465
5.500%, 2/1/38		14,915,680		15,755,271
5.500%, 3/1/38		967,192		1,021,634
6.000%, 3/1/38		36,075		38,697
6.500%, 5/1/38		559,239		607,691
5.500%, 6/1/38		1,121,021		1,184,122
6.000%, 6/1/38		284,564		305,240
6.000%, 7/1/38		148,574		159,369
6.000%, 8/1/38		548,989		588,877
5.500%, 9/1/38		720,223		761,214
6.000%, 9/1/38		584,711		627,237
6.000%, 10/1/38		159,893		171,510
5.500%, 11/1/38		500,972		529,171
5.500%, 12/1/38		2,846,694		3,008,711
6.000%, 12/1/38		994,404		1,066,654
6.000%, 2/1/39		6,534,836		7,009,632
6.000%, 3/1/39		2,711,832		2,908,863

See Notes to Portfolio of Investments.

155

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
4.500%, 4/1/39	$	4,825,894	$	4,841,918
4.000%, 5/1/39		972,016		943,274
4.000%, 6/1/39		2,945,539		2,858,439
4.500%, 6/1/39		1,957,687		1,964,187
4.500%, 7/1/39		5,847,663		5,867,079
5.000%, 7/1/39		4,876,072		5,039,496
4.500%, 8/1/39		2,966,360		2,982,698
5.000%, 9/1/39		1,990,503		2,057,216
4.500%, 2/1/40		3,487,006		3,498,584
4.500%, 4/15/40 TBA		1,000,000		1,001,953
5.000%, 4/15/40 TBA		2,000,000		2,065,156
5.500%, 4/15/40 TBA		1,000,000		1,056,016
Federal National Mortgage Association
5.125%, 4/15/11		4,000,000		4,190,872
6.000%, 5/15/11		1,120,000		1,187,650
1.000%, 11/23/11		390,000		390,330
5.000%, 2/16/12		730,000		781,815
1.500%, 4/26/12		250,000		250,135
1.750%, 8/10/12		1,200,000		1,208,020
2.000%, 9/28/12		300,000		301,559
1.875%, 10/29/12		250,000		250,035
1.750%, 12/28/12		100,000		100,257
2.170%, 3/21/13		500,000		501,005
4.625%, 10/15/13		3,460,000		3,765,933
3.000%, 9/15/14		500,000		502,765
3.000%, 9/16/14		1,000,000		1,018,395
3.000%, 10/29/14		800,000		801,374
2.625%, 11/20/14		400,000		400,026
5.000%, 2/13/17		2,810,000		3,060,281
5.000%, 5/11/17		1,390,000		1,510,523
4.500%, 3/1/23		7,347,176		7,723,432
5.000%, 6/1/23		2,446,053		2,581,541
5.500%, 7/1/23		38,141		40,780
6.000%, 7/1/23		4,817,246		5,197,169
5.500%, 8/1/23		45,564		48,718
5.500%, 11/1/23		750,039		801,956
5.000%, 4/1/24		3,744,843		3,952,272
4.500%, 5/1/24		1,472,057		1,528,122
5.000%, 5/20/24		200,000		200,236
5.375%, 6/25/24		200,000		202,267
4.000%, 7/1/24		2,935,826		2,982,960
6.250%, 5/15/29		850,000		960,350
7.125%, 1/15/30		550,000		691,170
6.625%, 11/15/30		500,000		597,534
6.000%, 11/1/32		3,985,724		4,307,852
5.000%, 6/1/33		14,683,946		15,237,463
6.000%, 10/1/33		5,642,556		6,097,707
5.500%, 11/1/34		11,842,621		12,529,123
5.000%, 7/1/35		1,853,825		1,921,678
5.500%, 10/1/35		1,368,807		1,445,588
5.500%, 11/1/35		12,527,242		13,218,198
5.000%, 5/1/36		12,439,292		12,867,379
6.000%, 9/1/36		8,693,566		9,235,895
6.500%, 9/1/36		6,541,873		7,063,946
5.500%, 12/1/36		14,896,534		15,685,585
6.500%, 12/1/36		6,029,782		6,526,062
5.683%, 7/1/37(l)		7,804,716		8,161,275
6.000%, 7/1/37		4,586,610		4,874,169
5.559%, 8/1/37(l)		7,852,651		8,297,017
6.000%, 8/1/37		4,692,387		4,976,313
6.500%, 11/1/37		3,292,880		3,551,551
5.500%, 2/1/38		2,002,525		2,112,977
4.500%, 1/1/39		32,033		32,136
5.086%, 2/1/39(l)		8,252,284		8,757,736
4.500%, 4/1/39		7,172,932		7,196,188
4.500%, 5/1/39		2,903,816		2,914,592
4.000%, 6/1/39		2,443,164		2,372,064
4.000%, 7/1/39		167,903		163,017
4.500%, 7/1/39		6,883,369		6,909,988
4.000%, 8/1/39		2,197,753		2,133,795
4.000%, 9/1/39		4,541,099		4,408,946
4.500%, 9/1/39		4,900,991		4,918,413
4.500%, 12/1/39		17,949,313		18,007,508
5.000%, 12/1/39		4,988,595		5,147,802
4.500%, 1/1/40		1,983,896		1,992,188
4.500%, 2/1/40		3,987,311		4,001,641
4.000%, 4/25/25 TBA		2,000,000		2,028,594
5.000%, 4/25/40 TBA		2,000,000		2,062,656
6.000%, 4/25/40 TBA		3,000,000		3,186,094
Government National Mortgage Association
6.500%, 5/15/31		6,401		7,040
6.500%, 9/15/36		8,360		9,041
6.500%, 10/15/37		1,802,202		1,943,351
6.500%, 8/15/38		342,881		369,521
6.000%, 9/15/38		2,737,416		2,925,506
6.500%, 9/15/38		286,236		308,475
6.000%, 10/15/38		4,628,916		4,946,973
6.500%, 10/15/38		684,232		742,209
6.000%, 11/15/38		336,159		359,256
5.500%, 12/15/38		2,791,519		2,955,957
6.000%, 12/15/38		738,436		789,815
5.500%, 1/15/39		2,333,188		2,470,627
6.000%, 1/15/39		775,652		829,023
6.000%, 2/15/39		51,071		54,580
4.500%, 4/15/39		1,269,948		1,287,013
4.000%, 6/15/39		124,017		121,623
4.500%, 6/15/39		5,907,947		5,987,335
5.000%, 6/15/39		3,897,570		4,057,361
4.000%, 7/15/39		867,494		850,754
5.500%, 7/15/39		301,982		319,771
5.000%, 8/15/39		4,972,392		5,179,834
4.500%, 9/15/39		1,983,161		2,009,810
5.000%, 9/15/39		5,228,244		5,442,475
5.500%, 10/15/39		8,702,822		9,215,472
4.500%, 12/15/39		1,493,813		1,514,119
4.500%, 1/15/40		3,989,240		4,042,845
4.500%, 4/15/40 TBA		1,800,000		1,820,250
5.000%, 4/15/40 TBA		5,000,000		5,194,922
				498,278,380
U.S. Treasuries (28.8%)
U.S. Treasury Bonds
11.250%, 2/15/15		3,930,000		5,516,738
9.250%, 2/15/16		840,000		1,131,900
7.250%, 5/15/16		2,780,000		3,451,542
8.750%, 5/15/17		1,680,000		2,270,624
9.125%, 5/15/18		840,000		1,176,985
8.875%, 2/15/19		1,200,000		1,675,031
8.125%, 8/15/19		1,980,000		2,662,482
8.750%, 8/15/20		2,880,000		4,070,702
7.875%, 2/15/21		840,000		1,129,800
8.125%, 8/15/21		840,000		1,152,638
8.000%, 11/15/21		2,000,000		2,725,000
7.125%, 2/15/23		840,000		1,082,550
6.000%, 2/15/26		1,000,000		1,179,375
6.750%, 8/15/26		2,240,000		2,845,149
6.625%, 2/15/27		1,550,000		1,948,641
6.125%, 11/15/27		600,000		718,687
5.500%, 8/15/28		2,300,000		2,576,359
5.250%, 11/15/28		1,800,000		1,959,750
5.250%, 2/15/29		2,450,000		2,665,906

See Notes to Portfolio of Investments.

156

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
6.125%, 8/15/29	$	2,050,000	$	2,468,327
6.250%, 5/15/30		1,840,000		2,252,274
5.375%, 2/15/31		1,000,000		1,106,250
4.500%, 2/15/36		2,630,000		2,568,771
4.750%, 2/15/37		1,120,000		1,135,400
5.000%, 5/15/37		500,000		526,485
4.375%, 2/15/38		1,940,000		1,844,820
4.500%, 5/15/38		1,130,000		1,096,276
3.500%, 2/15/39		2,050,000		1,658,899
4.250%, 5/15/39		2,700,000		2,501,717
4.500%, 8/15/39		3,350,000		3,234,844
4.375%, 11/15/39		3,400,000		3,215,125
4.625%, 2/15/40		2,200,000		2,168,375
U.S. Treasury Notes
0.875%, 4/30/11		3,000,000		3,012,306
4.875%, 4/30/11		1,000,000		1,047,188
0.875%, 5/31/11		2,000,000		2,008,594
4.875%, 5/31/11		1,000,000		1,050,664
5.125%, 6/30/11		8,280,000		8,750,925
1.000%, 7/31/11		8,500,000		8,543,826
4.875%, 7/31/11		3,500,000		3,698,107
5.000%, 8/15/11		3,480,000		3,689,071
1.000%, 8/31/11		3,000,000		3,013,827
1.000%, 9/30/11		2,000,000		2,008,046
4.500%, 9/30/11		5,040,000		5,323,107
1.000%, 10/31/11		3,000,000		3,010,431
0.750%, 11/30/11		1,000,000		998,633
4.500%, 11/30/11		1,390,000		1,474,921
1.125%, 12/15/11		3,000,000		3,013,359
1.000%, 12/31/11		50,100,000		50,199,799
4.625%, 12/31/11		2,800,000		2,982,328
1.125%, 1/15/12		2,000,000		2,007,344
0.875%, 1/31/12		4,000,000		3,995,312
1.375%, 2/15/12		1,000,000		1,007,773
4.875%, 2/15/12		2,800,000		3,004,968
0.875%, 2/29/12		4,000,000		3,991,720
1.375%, 3/15/12		3,000,000		3,022,968
1.000%, 3/31/12		1,500,000		1,499,295
4.500%, 3/31/12		2,820,000		3,014,978
1.375%, 4/15/12		1,000,000		1,006,953
1.375%, 5/15/12		1,000,000		1,006,172
1.875%, 6/15/12		2,000,000		2,032,656
1.500%, 7/15/12		2,500,000		2,519,530
4.625%, 7/31/12		550,000		593,613
1.750%, 8/15/12		3,000,000		3,036,798
1.375%, 9/15/12		2,000,000		2,004,376
1.375%, 10/15/12		3,000,000		3,003,750
1.375%, 11/15/12		2,000,000		1,999,532
4.000%, 11/15/12		2,800,000		2,992,500
1.125%, 12/15/12		1,200,000		1,189,594
1.375%, 1/15/13		2,000,000		1,993,594
1.375%, 2/15/13		2,500,000		2,488,280
3.875%, 2/15/13		2,500,000		2,667,773
2.750%, 2/28/13		3,480,000		3,601,529
1.375%, 3/15/13		3,000,000		2,982,420
3.500%, 5/31/13		1,680,000		1,775,288
3.375%, 7/31/13		2,520,000		2,651,907
3.125%, 9/30/13		3,650,000		3,805,979
2.750%, 10/31/13		2,520,000		2,593,040
2.000%, 11/30/13		5,050,000		5,058,681
1.500%, 12/31/13		2,940,000		2,885,792
1.750%, 1/31/14		8,090,000		7,998,356
1.750%, 3/31/14		3,000,000		2,955,000
4.750%, 5/15/14		19,000,000		20,977,178
2.250%, 5/31/14		2,000,000		2,002,656
2.625%, 6/30/14		2,000,000		2,029,532
2.625%, 7/31/14		2,700,000		2,736,914
4.250%, 8/15/14		2,230,000		2,418,156
2.375%, 8/31/14#		1,800,000		1,804,219
2.375%, 9/30/14		3,000,000		3,000,936
2.375%, 10/31/14		23,000,000		22,969,456
4.250%, 11/15/14		1,200,000		1,300,406
2.125%, 11/30/14		3,500,000		3,454,063
2.625%, 12/31/14#		10,600,000		10,676,193
2.250%, 1/31/15		3,000,000		2,967,423
4.000%, 2/15/15		2,410,000		2,580,206
2.375%, 2/28/15		30,900,000		30,687,717
2.500%, 3/31/15		2,500,000		2,492,975
4.125%, 5/15/15		2,000,000		2,150,938
4.250%, 8/15/15		2,790,000		3,012,330
4.500%, 11/15/15		1,000,000		1,092,656
2.625%, 4/30/16		1,500,000		1,468,476
5.125%, 5/15/16		1,500,000		1,683,516
3.250%, 6/30/16		1,500,000		1,516,875
4.875%, 8/15/16		1,380,000		1,529,320
3.000%, 8/31/16		1,500,000		1,489,101
3.000%, 9/30/16		1,000,000		990,625
3.125%, 10/31/16		2,400,000		2,391,749
2.750%, 11/30/16		2,500,000		2,431,055
3.250%, 12/31/16		1,500,000		1,501,992
3.125%, 1/31/17		2,000,000		1,985,782
4.625%, 2/15/17		1,380,000		1,503,660
3.000%, 2/28/17		2,300,000		2,263,883
3.250%, 3/31/17		2,400,000		2,397,000
4.750%, 8/15/17		2,370,000		2,592,372
4.250%, 11/15/17		2,790,000		2,951,296
3.500%, 2/15/18		3,180,000		3,189,689
3.875%, 5/15/18		2,200,000		2,255,515
4.000%, 8/15/18		2,670,000		2,750,308
3.750%, 11/15/18		5,110,000		5,148,724
2.750%, 2/15/19		3,800,000		3,527,171
3.125%, 5/15/19		2,500,000		2,381,055
3.625%, 8/15/19#		43,900,000		43,364,947
3.375%, 11/15/19		4,500,000		4,342,149
3.625%, 2/15/20		6,900,000		6,782,486
				478,722,725
Total Government Securities				1,050,212,325
Total Long-Term Debt Securities (104.8%) (Cost $1,726,312,957)				1,740,980,248
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
Federal Home Loan Bank
0.06%, 4/14/10 (o)(p)		300,000		299,993
Federal Home Loan Mortgage Corp.
0.10%, 6/1/10 (o)(p)		800,000		799,865
Federal National Mortgage Association
0.10%, 6/9/10 (o)(p)		400,000		399,923
U.S. Treasury Bills
0.20%, 9/2/10 #(p)		159,000		158,861
Total Government Securities				1,658,642
Short-Term Investments of Cash Collateral for Securities Loaned (1.7%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10 (u)		16,918,256		16,918,256

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount			Value (Note 1)
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10 (h)(s)	$	3,199,979		$	735,995
Monumental Global Funding II
0.43%, 5/26/10 (l)		6,020,000			5,977,258
Pricoa Global Funding I
0.40%, 6/25/10 (l)		3,839,903			3,815,689
Total Short-Term Investments of Cash Collateral for Securities Loaned					27,447,198
Time Deposit (2.2%)
JPMorgan Chase Nassau
0.000%, 4/1/10		37,186,672			37,186,672
Total Short-Term Investments (4.0%) (Cost/Amortized Cost $68,823,328)					66,292,512
Total Investments Before Options Written and Securities Sold Short (108.8%) (Cost/Amortized Cost $1,795,136,285)					1,807,272,760
	Number of Contracts			Value (Note 1)
OPTION WRITTEN:
Put Option Written (0.0%)
EURO-BOBL
September 2010 @ $97.38*		(278	)		(74,713	)
Total Options Written (0.0%) (Premiums Received $86,180)					(74,713	)
Total Investments Before Securities Sold Short (108.8%) (Cost/Amortized Cost $1,795,050,105)					1,807,198,047
	Principal Amount			Value (Note 1)
SECURITIES SOLD SHORT:
U.S. Government Agency (-0.2%)
Federal National Mortgage Association
6.000%, 5/25/40 TBA	$	(3,000,000	)	$	(3,198,398	)
Total Securities Sold Short (-0.2%) (Proceeds Received $3,177,344)					(3,198,398	)
Total Investments after Options Written and Securities Sold Short (108.6%) (Cost/Amortized Cost $1,791,872,761)					1,803,999,649
Other Assets Less Liabilities (-8.6%)					(142,920,665	)
Net Assets (100%)				$	1,661,078,984

* Non-income producing.

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

† Securities (totaling $5,197,118 or 0.3% of net assets) at fair value by management.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2010, the market value of these securities amounted to $189,832,597 or 11.4% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

# All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $398,478.

(b) Illiquid Security.

(e) Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of March 31, 2010. Maturity date disclosed is the ultimate maturity date.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

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

(o) Discount Note Security. Effective rate calculated as of March 31, 2010.

(p) Yield to maturity.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000%-8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $17,256,621.

Glossary:

AUD — Australian Dollar

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

PIK — Payment-in Kind Security

TBA — Security is subject to delayed delivery.

At March 31, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2010		Unrealized Appreciation/ (Depreciation)
EURODollar	206	December-10	$	50,547,062	$	51,072,550	$	525,488

At March 31, 2010, the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Chinese Renminbi vs. U.S. Dollar, expiring 11/17/10	6,877	$	1,011,156	$	1,033,000	$	(21,844	)
European Union Euro vs. U.S. Dollar, expiring 7/15/10	1,010		1,364,144		1,377,640		(13,496	)

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Local Contract Buy Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
Korean Won vs. U.S. Dollar, expiring 11/12/10	70,068	$	61,441	$	60,000	$	1,441
Korean Won vs. U.S. Dollar, expiring 11/12/10	140,112		122,862		120,000		2,862
Korean Won vs. U.S. Dollar, expiring 11/12/10	70,380		61,715		60,000		1,715
Korean Won vs. U.S. Dollar, expiring 11/12/10	139,428		122,262		120,000		2,262
Korean Won vs. U.S. Dollar, expiring 11/12/10	226,687		198,778		191,986		6,792
Korean Won vs. U.S. Dollar, expiring 11/12/10	117,820		103,314		100,000		3,314
Korean Won vs. U.S. Dollar, expiring 11/12/10	117,640		103,157		100,000		3,157
Korean Won vs. U.S. Dollar, expiring 11/12/10	276,264		242,251		240,000		2,251
Korean Won vs. U.S. Dollar, expiring 11/12/10	263,523		231,078		230,000		1,078
Korean Won vs. U.S. Dollar, expiring 11/12/10	113,350		99,395		100,000		(605	)
Korean Won vs. U.S. Dollar, expiring 11/12/10	69,540		60,979		60,000		979
Korean Won vs. U.S. Dollar, expiring 11/12/10	140,310		123,036		120,000		3,036
Korean Won vs. U.S. Dollar, expiring 11/12/10	152,081		133,357		130,000		3,357
Korean Won vs. U.S. Dollar, expiring 11/12/10	138,564		121,504		120,000		1,504
Mexican Peso vs. U.S. Dollar, expiring 4/22/10	22,929		1,851,431		1,756,000		95,431
Mexican Peso vs. U.S. Dollar, expiring 9/24/10	22,929		1,818,066		1,779,025		39,041
Singapore Dollar vs. U.S. Dollar, expiring 6/16/10	698		498,547		490,475		8,072
Singapore Dollar vs. U.S. Dollar, expiring 6/16/10	2,700		1,929,273		1,900,000		29,273
						$	169,620
	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sell Contracts
Australian Dollar vs. U.S. Dollar, expiring 4/1/10	23	$	20,303	$	21,106	$	(803	)
Australian Dollar vs. U.S. Dollar, expiring 4/1/10	1,895		1,688,170		1,738,947		(50,777	)
Australian Dollar vs. U.S. Dollar, expiring 4/30/10	1,918		1,756,908		1,755,418		1,490
European Union Euro vs. U.S. Dollar, expiring 4/15/10	1,400		2,083,760		1,890,910		192,850
European Union Euro vs. U.S. Dollar, expiring 4/15/10	355		528,950		479,481		49,469
European Union Euro vs. U.S. Dollar, expiring 4/26/10	602		828,328		813,091		15,237
European Union Euro vs. U.S. Dollar, expiring 4/26/10	134		184,185		180,987		3,198
European Union Euro vs. U.S. Dollar, expiring 4/26/10	7,987		10,818,711		10,787,642		31,069
European Union Euro vs. U.S. Dollar, expiring 7/15/10	595		804,440		803,629		811
European Union Euro vs. U.S. Dollar, expiring 7/15/10	2,490		3,642,434		3,363,088		279,346
Mexican Peso vs. U.S. Dollar, expiring 4/22/10	22,929		1,811,135		1,851,430		(40,295	)
						$	481,595
						$	651,215
Options Written:
Options written through the period ended March 31, 2010 were as follows:
				Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2010					—	$	—
Options Written					278		86,180
Options Terminated in Closing Purchase Transactions					—		—
Options Expired					—		—
Options Exercised					—		—
Options Outstanding—March 31, 2010					278	$	86,180

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investment Type	Level 1 Quoted prices in active markets for identical securities			Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)			Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Asset-Backed and Mortgage-Backed Securities
Asset-Backed Securities	$	—		$	13,742,874		$	—	$	13,742,874
Non-Agency CMO		—			41,247,655			1,038,963		42,286,618
Convertible Bonds
Financials		—			2,376,000			—		2,376,000
Corporate Bonds
Consumer Discretionary		—			67,344,815			—		67,344,815
Consumer Staples		—			39,746,070			—		39,746,070
Energy		—			46,232,026			—		46,232,026
Financials		—			242,026,971			1,988,195		244,015,166
Health Care		—			38,531,373			2,169,960		40,701,333
Industrials		—			44,197,520			—		44,197,520
Information Technology		—			12,313,661			—		12,313,661
Materials		—			44,553,805			—		44,553,805
Telecommunication Services		—			57,053,021			—		57,053,021
Utilities		—			36,205,014			—		36,205,014
Forward Currency Contracts		—			779,035			—		779,035
Futures		525,488			—			—		525,488
Government Securities
Agency ABS		—			10,295,244			—		10,295,244
Foreign Governments		—			27,671,924			—		27,671,924
Municipal Bonds		—			18,608,418			—		18,608,418
Supranational		—			16,635,634			—		16,635,634
U.S. Government Agencies		—			498,278,380			—		498,278,380
U.S. Treasuries		—			478,722,725			—		478,722,725
Short-Term Investments		—			66,292,512			—		66,292,512
Total Assets	$	525,488		$	1,802,854,677		$	5,197,118	$	1,808,577,283
Liabilities:
Forward Currency Contracts	$	—		$	(127,820	)	$	—	$	(127,820	)
Government Securities
U.S. Government Agencies		—			(3,198,398	)		—		(3,198,398	)
Options Written
Put Options Written		(74,713	)		—			—		(74,713	)
Total Liabilities	$	(74,713	)	$	(3,326,218	)	$	—	$	(3,400,931	)
Total	$	450,775		$	1,799,528,459		$	5,197,118	$	1,805,176,352

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

	Investments  in Securities- Asset-Backed Securities		Investments in Securities- Consumer Discretionary
Balance as of 12/31/09	$	857,606	$	—
Total gains or losses (realized/unrealized) included in earnings		181,357		(90,000	)
Purchases, sales, issuances, and settlements (net)		—		—
Transfers into Level 3		—		90,000
Transfers out of Level 3		—		—
Balance as of 3/31/10	$	1,038,963	$	—
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/10.	$	181,357	$	90,000

See Notes to Portfolio of Investments.

160

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Investments in Securities- Financials			Investments in Securities-Health Care
Balance as of 12/31/09	$	2,017,005		$	2,540,465
Total gains or losses (realized/unrealized) included in earnings		(11,805	)		92,626
Purchases, sales, issuances, and settlements (net)		—			(463,131	)
Transfers into Level 3		2,000,000			—
Transfers out of Level 3		(2,017,005	)		—
Balance as of 3/31/10	$	1,988,195		$	2,169,960
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/10.	$	43,354		$	92,626

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	622,912,260
Long-term U.S. Treasury securities		965,166,327
	$	1,588,078,587
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	677,734,137
Long-term U.S. Treasury securities		844,835,798
	$	1,522,569,935
As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	42,808,023
Aggregate gross unrealized depreciation		(32,942,477	)
Net unrealized appreciation	$	9,865,546
Federal income tax cost of investments	$	1,797,407,214

At March 31, 2010, the Portfolio had loaned securities with a total value of $29,246,618. This was secured by collateral of $29,978,138 which was received as cash and subsequently invested in short-term investments currently valued at $27,447,198, as reported in the Portfolio of Investments.

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

See Notes to Portfolio of Investments.

161

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (18.0%)
Auto Components (1.1%)
American Axle & Manufacturing Holdings, Inc.*^	282,190	$	2,816,256
Amerigon, Inc.*	14,300		144,573
ArvinMeritor, Inc.*^	197,501		2,636,638
China Automotive Systems, Inc.*	3,100		71,641
Cooper Tire & Rubber Co.	38,900		739,878
Dorman Products, Inc.*	1,300		24,687
Drew Industries, Inc.*	7,300		160,746
Fuel Systems Solutions, Inc.*	9,400		300,424
Hawk Corp., Class A*	600		11,700
Raser Technologies, Inc.*^	39,400		39,400
Standard Motor Products, Inc.	5,500		54,560
Wonder Auto Technology, Inc.*	11,100		117,438
			7,117,941
Automobiles (0.0%)
Winnebago Industries, Inc.*	2,400		35,064
Distributors (0.0%)
Core-Mark Holding Co., Inc.*	1,500		45,915
Diversified Consumer Services (2.9%)
American Public Education, Inc.*	12,500		582,500
Bridgepoint Education, Inc.*^	73,013		1,794,660
Capella Education Co.*	9,929		921,808
ChinaCast Education Corp.*	21,100		154,241
Coinstar, Inc.*^	152,562		4,958,265
Corinthian Colleges, Inc.*^	53,000		932,270
CPI Corp.	3,600		49,896
Grand Canyon Education, Inc.*	56,218		1,469,538
K12, Inc.*^	52,922		1,175,398
Learning Tree International, Inc.*	4,600		64,722
Lincoln Educational Services Corp.*	6,300		159,390
Mac-Gray Corp.	1,600		18,064
Matthews International Corp., Class A	20,776		737,548
Nobel Learning Communities, Inc.*	2,200		17,248
Pre-Paid Legal Services, Inc.*	4,900		185,465
Princeton Review, Inc.*	10,500		36,645
Sotheby’s, Inc.	154,434		4,801,353
Steiner Leisure Ltd.*	5,000		221,600
Universal Technical Institute, Inc.*	13,700		312,634
			18,593,245
Hotels, Restaurants & Leisure (4.5%)
AFC Enterprises, Inc.*	1,600		17,168
Ambassadors Group, Inc.	13,200		145,860
Ameristar Casinos, Inc.	16,400		298,808
Bally Technologies, Inc.*^	151,140		6,127,216
Benihana, Inc., Class A*	2,500		16,250
BJ’s Restaurants, Inc.*^	222,754		5,190,168
Buffalo Wild Wings, Inc.*	11,700		562,887
California Pizza Kitchen, Inc.*^	13,600		228,344
Caribou Coffee Co., Inc.*	4,900		32,438
Carrols Restaurant Group, Inc.*	8,000		54,400
CEC Entertainment, Inc.*	15,800		601,822
Cheesecake Factory, Inc.*^	39,600		1,071,576
Choice Hotels International, Inc.	30,918		1,076,255
CKE Restaurants, Inc.	33,800		374,166
Cracker Barrel Old Country Store, Inc.	11,300		524,094
Denny’s Corp.*	63,000		241,920
DineEquity, Inc.*	12,100		478,313
Domino’s Pizza, Inc.*	2,400		32,736
Dover Downs Gaming & Entertainment, Inc.	7,800		30,888
Einstein Noah Restaurant Group, Inc.*	2,800		34,020
Great Wolf Resorts, Inc.*^	121,010		384,812
Interval Leisure Group, Inc.*	25,700		374,192
Isle of Capri Casinos, Inc.*^	11,300		87,914
Jack in the Box, Inc.*	37,459		882,159
Krispy Kreme Doughnuts, Inc.*	38,500		154,770
Lakes Entertainment, Inc.*	4,800		11,040
Life Time Fitness, Inc.*^	1,700		47,770
Marcus Corp.	1,000		12,990
Monarch Casino & Resort, Inc.*	4,796		40,958
Morgans Hotel Group Co.*	10,300		66,023
Multimedia Games, Inc.*	4,900		19,110
P.F. Chang’s China Bistro, Inc.*^	15,482		683,221
Papa John’s International, Inc.*	12,300		316,233
Peet’s Coffee & Tea, Inc.*	7,900		313,235
Pinnacle Entertainment, Inc.*	20,300		197,722
Red Robin Gourmet Burgers, Inc.*^	2,200		53,768
Ruth’s Hospitality Group, Inc.*	14,700		77,910
Scientific Games Corp., Class A*^	144,049		2,028,210
Shuffle Master, Inc.*	509,556		4,173,264
Sonic Corp.*^	81,475		900,299
Texas Roadhouse, Inc.*^	32,500		451,425
Town Sports International Holdings, Inc.*^	7,700		30,107
Universal Travel Group*	7,500		74,325
WMS Industries, Inc.*^	18,227		764,440
Youbet.com, Inc.*	17,200		50,568
			29,335,794
Household Durables (1.3%)
Blyth, Inc.	300		9,375
Hovnanian Enterprises, Inc., Class A*^	16,800		73,080
iRobot Corp.*	12,600		191,016
M/I Homes, Inc.*	1,600		23,440
National Presto Industries, Inc.	3,100		368,621
NIVS IntelliMedia Technology Group, Inc.*	2,800		10,752
Sealy Corp.*^	6,000		21,000
Tempur-Pedic International, Inc.*	49,886		1,504,562
Tupperware Brands Corp.	41,800		2,015,596
Universal Electronics, Inc.*^	182,694		4,081,384
			8,298,826
Internet & Catalog Retail (0.6%)
Blue Nile, Inc.*	8,700		478,674
Drugstore.Com, Inc.*	60,800		217,056
HSN, Inc.*	26,300		774,272
NutriSystem, Inc.	21,100		375,791
Orbitz Worldwide, Inc.*	9,100		64,701
Overstock.com, Inc.*^	10,200		165,750
PetMed Express, Inc.^	16,200		359,154
Shutterfly, Inc.*	59,293		1,428,368
Vitacost.com, Inc.*	3,900		46,995
			3,910,761
Leisure Equipment & Products (0.5%)
Leapfrog Enterprises, Inc.*	5,100		33,405
Polaris Industries, Inc.	43,503		2,225,613
Pool Corp.	16,706		378,224
Smith & Wesson Holding Corp.*	38,600		145,908
Sport Supply Group, Inc.	1,400		18,816
Sturm Ruger & Co., Inc.^	11,700		140,283
			2,942,249

See Notes to Portfolio of Investments.

162

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Media (1.2%)
Arbitron, Inc.^	18,200	$	485,212
Carmike Cinemas, Inc.*	5,300		73,511
Cinemark Holdings, Inc.	42,110		772,297
CKX, Inc.*	37,600		230,488
Crown Media Holdings, Inc., Class A*^	3,700		7,104
Dolan Media Co.*	19,300		209,791
Global Sources Ltd.*	1,450		9,440
Knology, Inc.*^	6,000		80,640
Live Nation Entertainment, Inc.*	150,429		2,181,221
LodgeNet Interactive Corp.*^	80,530		561,294
Martha Stewart Living Omnimedia, Inc., Class A*	16,200		90,396
Mediacom Communications Corp., Class A*	9,700		57,715
National CineMedia, Inc.^	90,543		1,562,772
Outdoor Channel Holdings, Inc.*	1,800		11,862
Playboy Enterprises, Inc., Class B*	15,100		55,266
RCN Corp.*	23,600		355,888
Reading International, Inc., Class A*	1,900		8,113
Rentrak Corp.*	6,800		146,540
Valassis Communications, Inc.*	26,100		726,363
Value Line, Inc.	700		16,163
World Wrestling Entertainment, Inc., Class A	10,300		178,190
			7,820,266
Multiline Retail (0.1%)
99 Cents Only Stores*	26,800		436,840
Fred’s, Inc., Class A	8,700		104,226
			541,066
Specialty Retail (3.8%)
America’s Car-Mart, Inc.*	4,200		101,304
bebe Stores, Inc.	14,800		131,720
Big 5 Sporting Goods Corp.	13,900		211,558
Buckle, Inc.^	16,100		591,836
Cato Corp., Class A	19,100		409,504
Charming Shoppes, Inc.*	2,700		14,742
Chico’s FAS, Inc.	166,490		2,400,786
Children’s Place Retail Stores, Inc.*^	14,500		645,975
Christopher & Banks Corp.	2,700		21,600
Citi Trends, Inc.*	10,200		330,888
Coldwater Creek, Inc.*^	32,200		223,468
Collective Brands, Inc.*	18,100		411,594
Destination Maternity Corp.*	3,100		79,546
Dress Barn, Inc.*	8,793		230,025
Finish Line, Inc., Class A	15,100		246,432
Genesco, Inc.*	230,489		7,147,464
Gymboree Corp.*	15,800		815,754
hhgregg, Inc.*^	8,300		209,492
Hibbett Sports, Inc.*^	19,700		503,926
HOT Topic, Inc.*	18,900		122,850
J. Crew Group, Inc.*	33,525		1,538,797
Jo-Ann Stores, Inc.*	6,200		260,276
JoS. A. Bank Clothiers, Inc.*^	12,500		683,125
Kirkland’s, Inc.*	8,800		184,800
Lumber Liquidators Holdings, Inc.*^	9,300		248,031
Men’s Wearhouse, Inc.	900		21,546
Midas, Inc.*	9,800		110,544
Monro Muffler Brake, Inc.	11,500		411,240
OfficeMax, Inc.*^	36,400		597,688
Rue21, Inc.*	1,800		62,406
Sally Beauty Holdings, Inc.*	16,500		147,180
Sonic Automotive, Inc., Class A*	4,900		53,900
Stein Mart, Inc.*	15,600		140,868
Systemax, Inc.^	2,600		56,524
Talbots, Inc.*^	9,500		123,120
Tractor Supply Co.	23,800		1,381,590
Ulta Salon Cosmetics & Fragrance, Inc.*	19,000		429,780
Vitamin Shoppe, Inc.*	130,708		2,934,395
Wet Seal, Inc., Class A*^	62,800		298,928
Zumiez, Inc.*	13,200		270,468
			24,805,670
Textiles, Apparel & Luxury Goods (2.0%)
American Apparel, Inc.*	19,300		58,479
Carter’s, Inc.*	29,400		886,410
Cherokee, Inc.^	5,500		99,000
Crocs, Inc.*^	94,200		826,134
Deckers Outdoor Corp.*	8,700		1,200,600
Fossil, Inc.*	31,100		1,173,714
Fuqi International, Inc.*	8,000		87,200
G-III Apparel Group Ltd.*^	3,000		82,680
K-Swiss, Inc., Class A*^	10,700		111,922
Liz Claiborne, Inc.*^	42,900		318,747
Lululemon Athletica, Inc.*	27,000		1,120,500
Maidenform Brands, Inc.*	13,200		288,420
Oxford Industries, Inc.	5,700		115,881
Steven Madden Ltd.*	46,462		2,267,346
Timberland Co., Class A*	18,000		384,120
True Religion Apparel, Inc.*^	17,300		525,228
Under Armour, Inc., Class A*	22,700		667,607
UniFirst Corp.	1,400		72,100
Volcom, Inc.*	12,200		238,144
Warnaco Group, Inc.*	30,300		1,445,613
Weyco Group, Inc.	4,600		108,192
Wolverine World Wide, Inc.	32,500		947,700
			13,025,737
Total Consumer Discretionary			116,472,534
Consumer Staples (2.2%)
Beverages (0.1%)
Boston Beer Co., Inc., Class A*^	5,700		297,882
Coca-Cola Bottling Co. Consolidated	3,000		175,980
National Beverage Corp.^	3,200		35,584
			509,446
Food & Staples Retailing (0.3%)
Arden Group, Inc., Class A	700		74,396
Casey’s General Stores, Inc.	20,300		637,420
Diedrich Coffee, Inc.*	1,800		62,640
Pantry, Inc.*^	1,800		22,482
Pricesmart, Inc.	11,100		258,075
Ruddick Corp.^	4,400		139,216
Susser Holdings Corp.*	600		5,070
United Natural Foods, Inc.*	29,300		824,209
Village Super Market, Inc., Class A	3,900		109,317
Weis Markets, Inc.	1,200		43,632
			2,176,457
Food Products (0.9%)
AgFeed Industries, Inc.*^	19,800		86,922
Alico, Inc.	1,900		47,975
American Dairy, Inc.*^	6,400		122,560
American Italian Pasta Co., Class A*	9,600		373,152
B&G Foods, Inc., Class A	7,500		78,600
Calavo Growers, Inc.^	7,400		134,976
Cal-Maine Foods, Inc.	8,600		291,454
Darling International, Inc.*	56,600		507,136
Diamond Foods, Inc.^	11,000		462,440
Dole Food Co., Inc.*	14,300		169,455
Farmer Bros. Co.	1,700		31,858

See Notes to Portfolio of Investments.

163

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Hain Celestial Group, Inc.*	6,200	$	107,570
HQ Sustainable Maritime Industries, Inc.*	7,000		42,000
J&J Snack Foods Corp.	9,800		426,006
Lancaster Colony Corp.	13,100		772,376
Lance, Inc.	19,100		441,783
Lifeway Foods, Inc.*	3,300		39,171
Overhill Farms, Inc.*	9,100		53,053
Sanderson Farms, Inc.	13,300		713,013
Smart Balance, Inc.*	31,500		204,120
Synutra International, Inc.*^	11,800		266,798
Tootsie Roll Industries, Inc.^	17,065		461,268
Zhongpin, Inc.*	15,600		198,120
			6,031,806
Household Products (0.1%)
Orchids Paper Products Co.*	3,900		64,155
WD-40 Co.	8,000		262,640
			326,795
Personal Products (0.7%)
American Oriental Bioengineering, Inc.*^	12,700		51,816
China Sky One Medical, Inc.*	7,400		116,254
China-Biotics, Inc.*	6,000		107,460
Female Health Co.	11,100		79,587
Herbalife Ltd.	52,298		2,411,984
Inter Parfums, Inc.	2,000		29,640
Medifast, Inc.*	8,400		211,092
Nu Skin Enterprises, Inc., Class A	32,700		951,570
Revlon, Inc., Class A*^	6,600		98,010
Schiff Nutrition International, Inc.	500		4,090
USANA Health Sciences, Inc.*	4,400		138,204
			4,199,707
Tobacco (0.1%)
Alliance One International, Inc.*^	42,200		214,798
Star Scientific, Inc.*	52,300		133,365
Universal Corp.	800		42,152
Vector Group Ltd.	26,725		412,367
			802,682
Total Consumer Staples			14,046,893
Energy (5.1%)
Energy Equipment & Services (2.4%)
Bolt Technology Corp.*	1,800		20,358
Cal Dive International, Inc.*	4,900		35,917
CARBO Ceramics, Inc.	11,700		729,378
Dril-Quip, Inc.*^	19,300		1,174,212
ENGlobal Corp.*	10,000		27,700
Geokinetics, Inc.*	3,200		23,072
Gulf Island Fabrication, Inc.	500		10,875
Gulfmark Offshore, Inc., Class A*	7,400		196,470
Hercules Offshore, Inc.*	5,100		21,981
ION Geophysical Corp.*^	4,500		22,140
Lufkin Industries, Inc.^	85,867		6,796,373
Matrix Service Co.*	4,400		47,344
Natural Gas Services Group, Inc.*	800		12,696
OYO Geospace Corp.*	82,596		3,948,915
PHI, Inc.*	5,100		108,018
Pioneer Drilling Co.*	5,100		35,904
RPC, Inc.	19,700		219,261
Sulphco, Inc.*^	40,900		11,861
TETRA Technologies, Inc.*	27,800		339,716
TGC Industries, Inc.*	6,000		24,240
Unit Corp.*	23,088		976,160
Willbros Group, Inc.*	27,100		325,471
			15,108,062
Oil, Gas & Consumable Fuels (2.7%)
Apco Oil and Gas International, Inc.	6,000		162,360
Approach Resources, Inc.*	2,300		20,884
Arena Resources, Inc.*^	25,200		841,680
Atlas Energy, Inc.*	22,200		690,864
ATP Oil & Gas Corp.*	4,800		90,288
BPZ Resources, Inc.*^	50,800		373,380
Brigham Exploration Co.*	220,299		3,513,769
Carrizo Oil & Gas, Inc.*^	43,100		989,145
Cheniere Energy, Inc.*^	12,700		39,243
Clean Energy Fuels Corp.*^	23,300		530,774
Cloud Peak Energy, Inc.*	7,900		131,456
Contango Oil & Gas Co.*	7,900		404,085
CREDO Petroleum Corp.*	3,400		33,626
Delta Petroleum Corp.*^	56,500		79,665
Endeavour International Corp.*	78,700		99,949
Evergreen Energy, Inc.*	76,900		13,842
FX Energy, Inc.*^	29,500		101,185
GMX Resources, Inc.*	11,400		93,708
Golar LNG Ltd.*	12,700		148,590
Goodrich Petroleum Corp.*^	30,325		474,283
Gulfport Energy Corp.*	16,200		182,088
Isramco, Inc.*	600		39,330
James River Coal Co.*	19,000		302,100
McMoRan Exploration Co.*	53,900		788,557
Northern Oil and Gas, Inc.*	24,500		388,325
Panhandle Oil and Gas, Inc., Class A	4,400		103,972
PrimeEnergy Corp.*	400		10,772
Rex Energy Corp.*	13,700		156,043
Ship Finance International Ltd.^	17,172		304,976
Swift Energy Co.*	25,500		783,870
Syntroleum Corp.*	45,700		96,884
Teekay Tankers Ltd., Class A^	7,000		87,990
Toreador Resources Corp.*	14,600		119,428
Uranerz Energy Corp.*	24,100		44,826
Uranium Energy Corp.*	37,900		122,038
VAALCO Energy, Inc.*	2,600		12,844
Venoco, Inc.*	32,970		423,005
W&T Offshore, Inc.^	20,600		173,040
Warren Resources, Inc.*	24,400		61,488
Westmoreland Coal Co.*^	1,700		21,454
Whiting Petroleum Corp.*	43,170		3,489,863
World Fuel Services Corp.^	38,900		1,036,296
Zion Oil & Gas, Inc.*	8,664		53,630
			17,635,595
Total Energy			32,743,657
Financials (5.6%)
Capital Markets (1.3%)
Artio Global Investors, Inc.	3,100		76,694
BGC Partners, Inc., Class A	12,500		76,375
Broadpoint Gleacher Securities, Inc.*^	216,987		867,948
Calamos Asset Management, Inc., Class A	800		11,472
Cohen & Steers, Inc.	5,800		144,768
Cowen Group, Inc., Class A*	2,400		13,584
Diamond Hill Investment Group, Inc.	1,400		96,040
Duff & Phelps Corp., Class A	119,249		1,996,228
Epoch Holding Corp.^	6,800		76,772
Evercore Partners, Inc., Class A^	3,000		90,000
FBR Capital Markets Corp.*	1,700		7,735
GAMCO Investors, Inc., Class A	2,800		127,400
GFI Group, Inc.	41,800		241,604
International Assets Holding Corp.*	2,200		32,934
JMP Group, Inc.	800		6,800

See Notes to Portfolio of Investments.

164

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
KBW, Inc.*	10,300	$	277,070
Knight Capital Group, Inc., Class A*	30,300		462,075
Kohlberg Capital Corp.^	1,094		6,192
Main Street Capital Corp.^	3,259		50,873
MF Global Holdings Ltd.*^	17,600		142,032
optionsXpress Holdings, Inc.*^	92,220		1,502,264
Penson Worldwide, Inc.*^	7,100		71,497
Pzena Investment Management, Inc., Class A*	4,900		37,387
Riskmetrics Group, Inc.*^	14,200		321,062
Safeguard Scientifics, Inc.*	4,483		58,279
Solar Capital Ltd.	500		10,570
Stifel Financial Corp.*	19,900		1,069,625
SWS Group, Inc.	800		9,224
Teton Advisors, Inc., Class B*^†	28		293
Thomas Weisel Partners Group, Inc.*	2,100		8,232
TradeStation Group, Inc.*	5,000		35,050
U.S. Global Investors, Inc., Class A	7,800		77,142
Westwood Holdings Group, Inc.	3,600		132,480
			8,137,701
Commercial Banks (1.1%)
Ames National Corp.^	1,700		34,085
Arrow Financial Corp.^	4,095		110,114
Bank of Marin Bancorp/California	2,900		95,932
Bridge Bancorp, Inc.	2,900		67,860
Bryn Mawr Bank Corp.^	700		12,705
Cardinal Financial Corp.	7,700		82,236
Cathay General Bancorp	21,000		244,650
Centerstate Banks, Inc.	2,700		33,075
Citizens Holding Co.^	700		17,276
City Holding Co.^	400		13,716
CNB Financial Corp./Pennsylvania^	2,400		37,056
Danvers Bancorp, Inc.^	1,200		16,596
Enterprise Financial Services Corp.	3,200		35,392
First Commonwealth Financial Corp.	239,090		1,604,294
First Financial Bankshares, Inc.^	7,200		371,160
First of Long Island Corp.^	500		12,050
Great Southern Bancorp, Inc.	1,400		31,416
Hancock Holding Co.	2,000		83,620
Investors Bancorp, Inc.*	2,400		31,680
Metro Bancorp, Inc.*	1,700		23,409
Nara Bancorp, Inc.*	7,100		62,196
Orrstown Financial Services, Inc.	1,400		35,518
Park National Corp.	300		18,693
Peapack Gladstone Financial Corp.	700		10,997
Penns Woods Bancorp, Inc.^	1,300		43,615
PrivateBancorp, Inc.	22,500		308,250
Republic Bancorp, Inc./Kentucky, Class A	700		13,188
Signature Bank/New York*	21,500		796,575
Southside Bancshares, Inc.	1,700		36,669
Suffolk Bancorp^	4,600		141,266
SVB Financial Group*	2,000		93,320
SY Bancorp, Inc.	2,600		59,150
Texas Capital Bancshares, Inc.*	1,200		22,788
Tompkins Financial Corp.^	2,419		88,245
UMB Financial Corp.	34,830		1,414,098
Westamerica Bancorp^	10,715		617,720
			6,720,610
Consumer Finance (1.6%)
Advance America Cash Advance Centers, Inc.	26,800		155,976
Cardtronics, Inc.*^	33,500		421,095
Cash America International, Inc.	183,115		7,229,380
CompuCredit Holdings Corp.	5,700		29,412
Credit Acceptance Corp.*	3,700		152,588
Dollar Financial Corp.*	63,215		1,520,953
EZCORP, Inc., Class A*	29,600		609,760
First Cash Financial Services, Inc.*	15,900		342,963
Nelnet, Inc., Class A	3,300		61,248
QC Holdings, Inc.	2,800		14,476
Rewards Network, Inc.	1,600		21,440
			10,559,291
Diversified Financial Services (0.2%)
Asset Acceptance Capital Corp.*^	3,500		22,085
Life Partners Holdings, Inc.	4,350		96,440
MarketAxess Holdings, Inc.	22,000		346,060
NewStar Financial, Inc.*^	5,900		37,642
PICO Holdings, Inc.*	5,400		200,826
Portfolio Recovery Associates, Inc.*	11,100		609,057
			1,312,110
Insurance (0.4%)
American Safety Insurance Holdings Ltd.*	500		8,295
Amtrust Financial Services, Inc.	900		12,555
Assured Guaranty Ltd.^	10,200		224,094
Citizens, Inc./Texas*	17,900		123,689
Crawford & Co., Class B*	9,600		39,072
eHealth, Inc.*	16,000		252,000
FBL Financial Group, Inc., Class A^	3,300		80,784
First Mercury Financial Corp.	3,900		50,817
Phoenix Cos., Inc.*^	3,400		8,228
RLI Corp.^	4,800		273,696
Safety Insurance Group, Inc.	600		22,602
Tower Group, Inc.	75,460		1,672,948
Universal Insurance Holdings, Inc.	4,900		24,794
			2,793,574
Real Estate Investment Trusts (REITs) (0.9%)
Acadia Realty Trust (REIT)	5,400		96,444
Alexander’s, Inc. (REIT)*	900		269,217
Associated Estates Realty Corp. (REIT)	1,400		19,306
Cypress Sharpridge Investments, Inc. (REIT)	1,100		14,718
DuPont Fabros Technology, Inc. (REIT)	8,700		187,833
EastGroup Properties, Inc. (REIT)	10,400		392,496
Equity Lifestyle Properties, Inc. (REIT)	10,800		581,904
Getty Realty Corp. (REIT)	5,000		117,000
Government Properties Income Trust (REIT)	200		5,202
Invesco Mortgage Capital, Inc. (REIT)	700		16,100
Investors Real Estate Trust (REIT)^	900		8,118
LTC Properties, Inc. (REIT)	1,200		32,472
Mid-America Apartment Communities, Inc. (REIT)	8,996		465,903
National Health Investors, Inc. (REIT)	300		11,628
Omega Healthcare Investors, Inc. (REIT)	9,800		191,002
Pebblebrook Hotel Trust (REIT)*	200		4,206
Pennymac Mortgage Investment Trust (REIT)*	1,000		16,610
Potlatch Corp. (REIT)	13,400		469,536
PS Business Parks, Inc. (REIT)	3,600		192,240
Redwood Trust, Inc. (REIT)^	127,263		1,962,395
Saul Centers, Inc. (REIT)	2,500		103,500
Tanger Factory Outlet Centers (REIT)	14,500		625,820

See Notes to Portfolio of Investments.

165

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
UMH Properties, Inc. (REIT)	1,900	$	15,523
Universal Health Realty Income Trust (REIT)	3,900		137,826
Washington Real Estate Investment Trust (REIT)	3,500		106,925
			6,043,924
Real Estate Management & Development (0.0%)
Tejon Ranch Co.*^	7,600		231,952
Thrifts & Mortgage Finance (0.1%)
Brookline Bancorp, Inc.	7,800		82,992
Brooklyn Federal Bancorp, Inc.	700		5,880
Kearny Financial Corp.	2,100		21,903
Oritani Financial Corp.^	5,900		94,813
Prudential Bancorp, Inc. of Pennsylvania	2,000		16,880
Roma Financial Corp.^	2,000		25,080
Territorial Bancorp, Inc.	1,000		19,030
TrustCo Bank Corp. NY/New York	20,400		125,868
United Financial Bancorp, Inc.	1,700		23,766
ViewPoint Financial Group	7,300		118,333
			534,545
Total Financials			36,333,707
Health Care (23.6%)
Biotechnology (5.9%)
Acorda Therapeutics, Inc.*	51,400		1,757,880
Affymax, Inc.*	11,300		264,759
Alkermes, Inc.*	64,400		835,268
Allos Therapeutics, Inc.*	49,800		370,014
Alnylam Pharmaceuticals, Inc.*	24,800		422,096
AMAG Pharmaceuticals, Inc.*^	13,800		481,758
Amicus Therapeutics, Inc.*	9,200		29,348
Arena Pharmaceuticals, Inc.*^	64,400		199,640
ARIAD Pharmaceuticals, Inc.*	70,900		241,060
ArQule, Inc.*	15,700		90,432
Array BioPharma, Inc.*^	35,900		98,366
AVI BioPharma, Inc.*	69,100		82,229
BioCryst Pharmaceuticals, Inc.*^	15,200		99,864
BioMarin Pharmaceutical, Inc.*^	139,158		3,252,123
Biospecifics Technologies Corp.*^	2,100		58,275
Cardium Therapeutics, Inc.*	22,600		9,955
Celera Corp.*	9,500		67,450
Cell Therapeutics, Inc.*^	369,000		199,518
Celldex Therapeutics, Inc.*	17,300		106,222
Cepheid, Inc.*^	39,500		690,460
Chelsea Therapeutics International, Inc.*	20,200		71,710
Clinical Data, Inc.*	8,400		162,960
Cubist Pharmaceuticals, Inc.*	94,872		2,138,415
Curis, Inc.*	50,500		155,035
Cytokinetics, Inc.*	31,500		100,800
Cytori Therapeutics, Inc.*	20,800		94,848
Dyax Corp.*	50,200		171,182
Emergent Biosolutions, Inc.*	10,600		177,974
Enzon Pharmaceuticals, Inc.*	38,600		392,948
Exelixis, Inc.*	73,000		443,110
Facet Biotech Corp.*^	2,700		72,873
Genomic Health, Inc.*	9,100		160,069
Geron Corp.*^	31,300		177,784
GTx, Inc.*	13,400		44,756
Halozyme Therapeutics, Inc.*	99,921		798,369
Hemispherx Biopharma, Inc.*	77,800		57,572
Human Genome Sciences, Inc.*	122,800		3,708,560
Idenix Pharmaceuticals, Inc.*	19,000		53,580
Idera Pharmaceuticals, Inc.*	15,800		98,118
Immunogen, Inc.*	39,400		318,746
Immunomedics, Inc.*	42,700		141,764
Incyte Corp.*^	58,900		822,244
Infinity Pharmaceuticals, Inc.*^	4,900		29,890
Insmed, Inc.*	86,600		102,188
InterMune, Inc.*	29,600		1,319,272
Isis Pharmaceuticals, Inc.*^	63,400		692,328
Lexicon Pharmaceuticals, Inc.*	51,000		75,480
Ligand Pharmaceuticals, Inc., Class B*	79,700		139,475
MannKind Corp.*	39,800		261,088
Martek Biosciences Corp.*^	3,200		72,032
Maxygen, Inc.*	14,200		93,294
Medivation, Inc.*	19,600		205,604
Metabolix, Inc.*	14,100		171,738
Micromet, Inc.*	43,900		354,712
Molecular Insight Pharmaceuticals, Inc.*^	9,600		12,576
Momenta Pharmaceuticals, Inc.*	27,000		404,190
Myriad Pharmaceuticals, Inc.*	12,925		58,421
Nabi Biopharmaceuticals*	25,600		140,032
Nanosphere, Inc.*	8,200		39,278
Neurocrine Biosciences, Inc.*	27,800		70,890
NeurogesX, Inc.*^	7,200		67,680
Novavax, Inc.*^	47,100		108,801
NPS Pharmaceuticals, Inc.*	32,700		164,808
Omeros Corp.*	4,700		33,088
OncoGenex Pharmaceutical, Inc.*	3,100		63,643
Onyx Pharmaceuticals, Inc.*	150,298		4,551,023
Opko Health, Inc.*^	24,800		49,104
Orexigen Therapeutics, Inc.*	18,900		111,321
Osiris Therapeutics, Inc.*	12,200		90,280
OXiGENE, Inc.*	21,300		26,199
PDL BioPharma, Inc.^	81,900		508,599
Pharmasset, Inc.*	14,600		391,280
Poniard Pharmaceuticals, Inc.*	13,200		15,180
Progenics Pharmaceuticals, Inc.*	13,300		70,889
Protalix BioTherapeutics, Inc.*	23,000		150,880
Regeneron Pharmaceuticals, Inc.*^	107,384		2,844,602
Repligen Corp.*	21,400		86,884
Rigel Pharmaceuticals, Inc.*	34,500		274,965
Sangamo BioSciences, Inc.*^	31,100		168,562
Savient Pharmaceuticals, Inc.*	45,500		657,475
Sciclone Pharmaceuticals, Inc.*	24,700		87,191
Seattle Genetics, Inc.*^	147,141		1,756,864
SIGA Technologies, Inc.*	19,000		125,970
Spectrum Pharmaceuticals, Inc.*^	28,400		130,924
StemCells, Inc.*^	81,700		94,772
Synta Pharmaceuticals Corp.*	11,600		49,996
Theravance, Inc.*^	46,000		612,720
Vanda Pharmaceuticals, Inc.*	84,200		971,668
Vical, Inc.*^	29,400		98,784
ZymoGenetics, Inc.*	29,400		168,462
			38,495,236
Health Care Equipment & Supplies (6.4%)
Abaxis, Inc.*^	15,100		410,569
ABIOMED, Inc.*^	20,000		206,600
Accuray, Inc.*^	26,000		158,340
AGA Medical Holdings, Inc.*	7,400		120,250
Align Technology, Inc.*^	59,420		1,149,183
Alphatec Holdings, Inc.*	20,400		129,948
American Medical Systems Holdings, Inc.*^	270,851		5,032,412
Analogic Corp.^	5,100		217,923
AngioDynamics, Inc.*	4,000		62,480

See Notes to Portfolio of Investments.

166

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Atrion Corp.^	1,100	$	157,344
ATS Medical, Inc.*	34,100		88,660
Bovie Medical Corp.*^	12,300		76,875
Cantel Medical Corp.	6,400		127,040
Cardiovascular Systems, Inc.*	5,300		28,143
Conceptus, Inc.*	21,000		419,160
CryoLife, Inc.*	17,200		111,284
Cutera, Inc.*	112,636		1,168,035
Cyberonics, Inc.*^	18,900		362,124
Delcath Systems, Inc.*	22,900		185,490
DexCom, Inc.*	34,100		331,793
Electro-Optical Sciences, Inc.*	14,200		105,364
Endologix, Inc.*	34,100		137,764
EnteroMedics, Inc.*	9,000		4,590
ev3, Inc.*	89,911		1,425,988
Exactech, Inc.*	5,000		104,850
Greatbatch, Inc.*^	37,995		805,114
Haemonetics Corp.*	16,900		965,835
Hansen Medical, Inc.*	14,900		34,121
HeartWare International, Inc.*	4,500		200,115
ICU Medical, Inc.*	8,600		296,270
Immucor, Inc.*	46,600		1,043,374
Insulet Corp.*	23,000		347,070
Integra LifeSciences Holdings Corp.*	12,900		565,407
Invacare Corp.	7,700		204,358
IRIS International, Inc.*	11,800		120,478
Kensey Nash Corp.*	5,400		127,386
MAKO Surgical Corp.*	12,400		167,152
Masimo Corp.	33,600		892,080
Medical Action Industries, Inc.*	8,000		98,160
Meridian Bioscience, Inc.^	27,800		566,286
Merit Medical Systems, Inc.*	19,300		294,325
Micrus Endovascular Corp.*	11,100		218,892
Natus Medical, Inc.*	14,500		230,695
Neogen Corp.*	13,649		342,590
NuVasive, Inc.*^	45,149		2,040,735
NxStage Medical, Inc.*^	16,300		186,635
OraSure Technologies, Inc.*^	30,500		180,865
Orthofix International N.V.*^	11,800		429,284
Orthovita, Inc.*^	46,400		197,664
Palomar Medical Technologies, Inc.*	9,500		103,170
Quidel Corp.*^	16,600		241,364
Rochester Medical Corp.*	6,000		76,920
Rockwell Medical Technologies, Inc.*	11,800		68,204
RTI Biologics, Inc.*	11,200		48,496
SenoRx, Inc.*	48,755		356,887
Sirona Dental Systems, Inc.*	30,135		1,146,034
Somanetics Corp.*	8,600		164,604
SonoSite, Inc.*	45,252		1,453,042
Spectranetics Corp.*^	123,541		853,668
Stereotaxis, Inc.*	19,100		95,691
STERIS Corp.	75,804		2,551,563
SurModics, Inc.*	10,700		224,058
Symmetry Medical, Inc.*	4,400		44,176
Synovis Life Technologies, Inc.*	8,000		124,240
Thoratec Corp.*^	231,052		7,728,689
TomoTherapy, Inc.*	12,800		43,648
TranS1, Inc.*	6,200		20,150
Utah Medical Products, Inc.	2,300		64,699
Vascular Solutions, Inc.*	11,700		105,183
Volcano Corp.*^	58,907		1,423,193
West Pharmaceutical Services, Inc.	21,600		906,120
Wright Medical Group, Inc.*	24,600		437,142
Young Innovations, Inc.^	2,200		61,952
Zoll Medical Corp.*	12,700		334,772
			41,554,765
Health Care Providers & Services (5.3%)
Air Methods Corp.*	7,500		255,000
Alliance HealthCare Services, Inc.*	14,400		80,928
Allied Healthcare International, Inc.*	6,100		16,592
Almost Family, Inc.*	5,500		207,295
Amedisys, Inc.*^	87,977		4,858,090
America Service Group, Inc.	6,000		96,540
American Caresource Holding, Inc.*	6,400		11,328
American Dental Partners, Inc.*	2,800		36,540
AMERIGROUP Corp.*	67,500		2,243,700
AMN Healthcare Services, Inc.*	21,200		186,560
Bio-Reference Labs, Inc.*	8,200		360,554
BioScrip, Inc.*^	27,100		216,258
CardioNet, Inc.*^	17,300		132,345
Catalyst Health Solutions, Inc.*	24,230		1,002,637
Centene Corp.*^	164,870		3,963,475
Chemed Corp.	15,000		815,700
Chindex International, Inc.*^	8,100		95,661
Clarient, Inc.*	17,800		46,636
Continuecare Corp.*	14,700		54,390
Corvel Corp.*	4,900		175,175
Cross Country Healthcare, Inc.*	1,600		16,176
Emergency Medical Services Corp., Class A*	19,100		1,080,105
Emeritus Corp.*^	12,800		260,480
Ensign Group, Inc.	7,900		136,907
Genoptix, Inc.*^	108,806		3,861,525
Gentiva Health Services, Inc.*	7,400		209,272
Hanger Orthopedic Group, Inc.*	2,700		49,086
Health Grades, Inc.*	16,500		104,940
HealthSouth Corp.*^	62,900		1,176,230
Healthways, Inc.*	1,100		17,677
HMS Holdings Corp.*	17,000		866,830
inVentiv Health, Inc.*	6,800		152,728
IPC The Hospitalist Co., Inc.*	11,100		389,721
Landauer, Inc.	3,600		234,792
LCA-Vision, Inc.*	7,300		60,736
LHC Group, Inc.*^	10,500		352,065
Lincare Holdings, Inc.*^	71,785		3,221,711
Metropolitan Health Networks, Inc.*^	25,900		83,657
MWI Veterinary Supply, Inc.*	7,500		303,000
National Healthcare Corp.	2,500		88,450
National Research Corp.	1,300		32,916
NovaMed, Inc.*	7,200		24,480
Odyssey HealthCare, Inc.*	10,700		193,777
Owens & Minor, Inc.	22,000		1,020,580
PharMerica Corp.*	21,100		384,442
Providence Service Corp.*	6,500		98,735
PSS World Medical, Inc.*^	39,100		919,241
Psychiatric Solutions, Inc.*	116,835		3,481,683
RadNet, Inc.*	19,200		61,056
RehabCare Group, Inc.*	12,700		346,329
Select Medical Holdings Corp.*	6,100		51,484
Team Health Holdings, Inc.*	8,100		136,080
U.S. Physical Therapy, Inc.*	3,100		53,940
Virtual Radiologic Corp.*^	3,700		40,700
			34,366,935
Health Care Technology (2.7%)
AMICAS, Inc.*	16,500		99,330
athenahealth, Inc.*	22,300		815,288
Computer Programs & Systems, Inc.	6,700		261,836
Eclipsys Corp.*^	267,026		5,308,477
MedAssets, Inc.*	157,053		3,298,113

See Notes to Portfolio of Investments.

167

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Medidata Solutions, Inc.*	3,300	$	50,160
Merge Healthcare, Inc.*	20,800		43,056
Omnicell, Inc.*	18,900		265,167
Phase Forward, Inc.*	27,800		363,346
Quality Systems, Inc.^	83,233		5,113,835
Transcend Services, Inc.*^	4,700		76,375
Vital Images, Inc.*	102,492		1,657,296
			17,352,279
Life Sciences Tools & Services (1.4%)
Accelrys, Inc.*	19,600		120,736
Affymetrix, Inc.*	39,900		292,866
BioDelivery Sciences International, Inc.*^	5,500		21,065
Bio-Rad Laboratories, Inc., Class A*	13,150		1,361,288
Bruker Corp.*	33,700		493,705
Cambrex Corp.*	19,400		78,570
Dionex Corp.*	11,700		874,926
Enzo Biochem, Inc.*	14,700		88,494
eResearchTechnology, Inc.*	29,800		205,918
Harvard Bioscience, Inc.*	16,700		64,629
ICON plc (ADR)*	105,346		2,781,134
Kendle International, Inc.*	1,900		33,212
Luminex Corp.*^	73,283		1,233,353
PAREXEL International Corp.*	39,100		911,421
Sequenom, Inc.*^	39,800		251,138
Varian, Inc.*	4,600		238,188
			9,050,643
Pharmaceuticals (1.9%)
Acura Pharmaceuticals, Inc.*	4,600		24,794
Adolor Corp.*	11,500		20,700
Akorn, Inc.*	41,700		63,801
Ardea Biosciences, Inc.*^	9,300		169,818
ARYx Therapeutics, Inc.*^	11,900		10,353
Auxilium Pharmaceuticals, Inc.*^	49,800		1,551,768
AVANIR Pharmaceuticals, Inc., Class A*	44,800		103,936
Biodel, Inc.*	10,100		43,127
BioMimetic Therapeutics, Inc.*	9,091		119,547
BMP Sunstone Corp.*	21,400		108,284
Cadence Pharmaceuticals, Inc.*^	16,100		146,993
Caraco Pharmaceutical Laboratories Ltd.*	2,200		13,178
Cornerstone Therapeutics, Inc.*	4,900		31,115
Cumberland Pharmaceuticals, Inc.*^	3,700		38,961
Cypress Bioscience, Inc.*	25,000		122,500
Depomed, Inc.*	36,500		129,575
Discovery Laboratories, Inc.*	72,400		37,648
Durect Corp.*	54,300		163,443
Hi-Tech Pharmacal Co., Inc.*^	1,300		28,782
Impax Laboratories, Inc.*	41,300		738,444
Inspire Pharmaceuticals, Inc.*^	39,700		247,728
Ironwood Pharmaceuticals, Inc.*	10,800		146,016
ISTA Pharmaceuticals, Inc.*	23,800		96,866
Javelin Pharmaceuticals, Inc.*	30,600		39,474
KV Pharmaceutical Co., Class A*	13,800		24,288
Lannett Co., Inc.*	7,300		31,025
MAP Pharmaceuticals, Inc.*^	5,600		88,984
Matrixx Initiatives, Inc.*	5,600		28,392
Medicines Co.*	26,000		203,840
Medicis Pharmaceutical Corp., Class A	4,500		113,220
MiddleBrook Pharmaceuticals, Inc.*^	20,300		6,090
Nektar Therapeutics*	62,900		956,709
Obagi Medical Products, Inc.*	12,200		148,596
Optimer Pharmaceuticals, Inc.*	21,100		259,108
Pain Therapeutics, Inc.*	24,700		154,869
Pozen, Inc.*	18,500		177,230
Questcor Pharmaceuticals, Inc.*^	37,400		307,802
Repros Therapeutics, Inc.*	5,500		3,712
Salix Pharmaceuticals Ltd.*	68,348		2,545,963
Santarus, Inc.*	34,000		182,920
Sucampo Pharmaceuticals, Inc., Class A*	5,100		18,207
SuperGen, Inc.*	21,900		70,080
ViroPharma, Inc.*	67,400		918,662
Vivus, Inc.*^	180,042		1,569,966
XenoPort, Inc.*	20,600		190,756
			12,197,270
Total Health Care			153,017,128
Industrials (13.5%)
Aerospace & Defense (1.0%)
AAR Corp.*^	1,500		37,230
Aerovironment, Inc.*	8,600		224,546
American Science & Engineering, Inc.	6,300		471,996
Applied Signal Technology, Inc.	9,100		178,178
Argon ST, Inc.*	8,100		215,541
Ascent Solar Technologies, Inc.*	2,900		11,165
Astronics Corp.*^	4,400		43,164
Cubic Corp.	10,700		385,200
DigitalGlobe, Inc.*	9,500		265,525
DynCorp International, Inc., Class A*	1,300		14,937
Esterline Technologies Corp.*^	21,856		1,080,342
GenCorp, Inc.*	34,900		201,024
GeoEye, Inc.*	13,000		383,500
Global Defense Technology & Systems, Inc.*	1,700		22,780
HEICO Corp.	15,200		783,712
Hexcel Corp.*	63,800		921,272
LMI Aerospace, Inc.*	2,700		50,166
Orbital Sciences Corp.*	37,087		705,024
Stanley, Inc.*	8,000		226,320
Taser International, Inc.*	40,200		235,572
Teledyne Technologies, Inc.*	8,200		338,414
			6,795,608
Air Freight & Logistics (0.4%)
Air Transport Services Group, Inc.*	19,700		66,389
Atlas Air Worldwide Holdings, Inc.*^	17,800		944,290
Dynamex, Inc.*	5,000		86,000
Forward Air Corp.^	9,000		236,700
Hub Group, Inc., Class A*	12,210		341,636
UTi Worldwide, Inc.	45,900		703,188
			2,378,203
Airlines (0.5%)
AirTran Holdings, Inc.*	87,700		445,516
Alaska Air Group, Inc.*	800		32,984
Allegiant Travel Co.*	10,300		595,958
Hawaiian Holdings, Inc.*	33,400		246,158
Republic Airways Holdings, Inc.*	2,600		15,392
UAL Corp.*	105,100		2,054,705
			3,390,713
Building Products (0.2%)
AAON, Inc.	8,100		183,222
Apogee Enterprises, Inc.^	1,200		18,972
Builders FirstSource, Inc.*	23,116		72,816
NCI Building Systems, Inc.*	1,060		11,702
Quanex Building Products Corp.	13,900		229,767
Simpson Manufacturing Co., Inc.	19,100		530,216
Trex Co., Inc.*	8,900		189,481
			1,236,176

See Notes to Portfolio of Investments.

168

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Commercial Services & Supplies (3.7%)
ABM Industries, Inc.^	6,000	$	127,200
American Reprographics Co.*	21,200		190,164
APAC Customer Services, Inc.*	18,300		105,225
ATC Technology Corp.*^	9,500		163,020
Cenveo, Inc.*	37,000		320,420
Clean Harbors, Inc.*^	21,600		1,200,096
Deluxe Corp.^	18,200		353,444
EnergySolutions, Inc.	4,100		26,363
EnerNOC, Inc.*	9,700		287,896
Fuel Tech, Inc.*	8,300		66,566
GEO Group, Inc.*	232,234		4,602,878
Healthcare Services Group, Inc.^	28,000		626,920
Heritage-Crystal Clean, Inc.*	2,100		23,730
Herman Miller, Inc.^	36,800		664,608
HNI Corp.	22,100		588,523
Innerworkings, Inc.*	163,434		849,857
Interface, Inc., Class A	32,400		375,192
Knoll, Inc.	32,500		365,625
McGrath RentCorp.	1,900		46,037
Mine Safety Appliances Co.^	17,000		475,320
Mobile Mini, Inc.*	6,600		102,234
Multi-Color Corp.	6,900		82,662
North American Galvanizing & Coatings, Inc.*	5,400		30,024
Perma-Fix Environmental Services*	39,100		87,584
Ritchie Bros. Auctioneers, Inc.^	166,799		3,591,182
Rollins, Inc.	30,100		652,568
Standard Parking Corp.*	900		14,778
Standard Register Co.^	9,300		49,755
Sykes Enterprises, Inc.*^	126,633		2,892,298
Team, Inc.*	12,500		207,375
Tetra Tech, Inc.*	39,800		916,992
U.S. Ecology, Inc.	12,700		204,470
Viad Corp.^	600		12,330
Waste Connections, Inc.*	110,121		3,739,709
Waste Services, Inc.*	1,800		17,802
			24,060,847
Construction & Engineering (0.7%)
Argan, Inc.*^	4,300		55,900
EMCOR Group, Inc.*	13,000		320,190
Furmanite Corp.*	17,100		88,749
Granite Construction, Inc.	2,400		72,528
Great Lakes Dredge & Dock Corp.	24,400		128,100
MasTec, Inc.*^	88,548		1,116,590
Michael Baker Corp.*	5,500		189,640
MYR Group, Inc.*	12,000		195,720
Northwest Pipe Co.*	103,409		2,259,487
Orion Marine Group, Inc.*	18,500		333,925
Pike Electric Corp.*	4,600		42,872
Primoris Services Corp.	4,800		37,152
Sterling Construction Co., Inc.*	800		12,576
			4,853,429
Electrical Equipment (2.2%)
Acuity Brands, Inc.	38,466		1,623,650
Advanced Battery Technologies, Inc.*	39,300		153,270
American Superconductor Corp.*^	28,800		832,320
AZZ, Inc.	8,400		284,340
Baldor Electric Co.	5,500		205,700
Broadwind Energy, Inc.*	21,400		95,658
Ener1, Inc.*	33,400		157,982
Energy Conversion Devices, Inc.*	25,500		199,665
Evergreen Solar, Inc.*^	71,800		81,134
FuelCell Energy, Inc.*	42,300		119,286
Generac Holdings, Inc.*	5,000		70,050
GrafTech International Ltd.*	220,800		3,018,336
GT Solar International, Inc.*^	22,500		117,675
Harbin Electric, Inc.*	10,200		220,218
II-VI, Inc.*	11,600		392,544
LaBarge, Inc.*	7,200		79,560
Microvision, Inc.*^	61,300		172,866
Polypore International, Inc.*	59,839		1,044,789
Powell Industries, Inc.*	5,400		175,662
PowerSecure International, Inc.*	3,600		28,368
Preformed Line Products Co.	1,200		45,780
Regal-Beloit Corp.	62,241		3,697,738
SatCon Technology Corp.*	37,800		91,854
Ultralife Corp.*^	6,200		24,862
Valence Technology, Inc.*^	23,400		19,890
Vicor Corp.*	4,600		63,526
Woodward Governor Co.	32,100		1,026,558
			14,043,281
Industrial Conglomerates (0.1%)
Raven Industries, Inc.	11,100		327,339
Machinery (1.7%)
3D Systems Corp.*	9,300		126,945
Actuant Corp., Class A	19,900		389,045
Altra Holdings, Inc.*	2,200		30,206
Ampco-Pittsburgh Corp.	2,500		62,050
Badger Meter, Inc.^	10,210		393,187
Blount International, Inc.*	9,100		94,276
Chart Industries, Inc.*	37,409		748,180
China Fire & Security Group, Inc.*	10,000		129,700
CLARCOR, Inc.	13,000		448,370
Colfax Corp.*	4,000		47,080
Duoyuan Printing, Inc.*	500		5,400
Dynamic Materials Corp.	9,000		140,580
Energy Recovery, Inc.*	22,000		138,600
ESCO Technologies, Inc.^	17,900		569,399
Flow International Corp.*	28,900		86,989
Force Protection, Inc.*	48,500		291,970
Gardner Denver, Inc.	28,825		1,269,453
Gorman-Rupp Co.^	5,900		150,096
Graham Corp.	4,800		86,352
Hurco Cos., Inc.*	700		11,781
K-Tron International, Inc.*	1,300		194,961
Lindsay Corp.	8,100		335,421
Met-Pro Corp.	8,000		78,400
Middleby Corp.*^	22,714		1,308,099
Mueller Water Products, Inc., Class A	142,050		678,999
Nordson Corp.	7,700		522,984
Omega Flex, Inc.	1,800		18,900
PMFG, Inc.*^	9,300		123,039
Portec Rail Products, Inc.	2,500		29,050
RBC Bearings, Inc.*	14,200		452,554
Robbins & Myers, Inc.^	22,400		533,568
SmartHeat, Inc.*	5,500		59,070
Sun Hydraulics Corp.^	3,700		96,126
Tennant Co.	12,800		350,592
Trimas Corp.*	5,600		36,344
Wabash National Corp.*	24,279		170,196
Wabtec Corp.	14,300		602,316
			10,810,278
Professional Services (1.5%)
Acacia Research Corp.- Acacia Technologies*	20,900		226,347
Administaff, Inc.	14,500		309,430
Advisory Board Co.*	10,700		337,050
CBIZ, Inc.*^	28,400		186,588

See Notes to Portfolio of Investments.

169

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
CDI Corp.	800	$	11,728
Corporate Executive Board Co.	49,500		1,316,205
CoStar Group, Inc.*^	13,533		561,890
CRA International, Inc.*	6,100		139,812
Diamond Management & Technology Consultants, Inc.	16,100		126,385
Exponent, Inc.*	8,800		250,976
Franklin Covey Co.*	6,200		49,228
GP Strategies Corp.*	7,000		58,520
Hill International, Inc.*	13,600		79,288
Huron Consulting Group, Inc.*	14,800		300,440
ICF International, Inc.*	35,100		871,884
Kelly Services, Inc., Class A*	1,000		16,660
Korn/Ferry International*	800		14,120
Mistras Group, Inc.*	3,700		36,963
Navigant Consulting, Inc.*	98,498		1,194,781
Odyssey Marine Exploration, Inc.*	40,000		52,400
On Assignment, Inc.*^	108,576		774,147
Resources Connection, Inc.*	91,022		1,744,891
School Specialty, Inc.*	3,600		81,756
Towers Watson & Co., Class A	23,100		1,097,250
VSE Corp.	2,300		94,668
			9,933,407
Road & Rail (1.1%)
Avis Budget Group, Inc.*	38,700		445,050
Celadon Group, Inc.*	12,800		178,432
Genesee & Wyoming, Inc., Class A*	24,417		833,108
Heartland Express, Inc.^	21,900		361,350
Knight Transportation, Inc.^	30,200		636,918
Landstar System, Inc.	93,392		3,920,596
Marten Transport Ltd.*	10,800		212,868
Old Dominion Freight Line, Inc.*	2,400		80,136
Patriot Transportation Holding, Inc.*	500		42,240
RailAmerica, Inc.*	34,350		405,330
USA Truck, Inc.*	3,200		51,712
			7,167,740
Trading Companies & Distributors (0.4%)
Beacon Roofing Supply, Inc.*	24,200		462,946
Houston Wire & Cable Co.	4,400		50,952
Kaman Corp.	15,200		380,152
RSC Holdings, Inc.*	34,100		271,436
Rush Enterprises, Inc., Class A*	4,200		55,482
TAL International Group, Inc.^	400		7,992
Titan Machinery, Inc.*^	8,600		117,734
Watsco, Inc.^	23,100		1,313,928
			2,660,622
Total Industrials			87,657,643
Information Technology (27.0%)
Communications Equipment (3.3%)
3Com Corp.*	211,700		1,627,973
Acme Packet, Inc.*	26,600		512,848
ADC Telecommunications, Inc.*^	11,000		80,410
ADTRAN, Inc.	29,400		774,690
Airvana, Inc.*	8,400		64,344
Anaren, Inc.*	8,500		121,040
Arris Group, Inc.*	61,300		736,213
Aruba Networks, Inc.*^	40,300		550,498
BigBand Networks, Inc.*	25,600		90,368
Blue Coat Systems, Inc.*	38,500		1,195,040
Comtech Telecommunications Corp.*	18,400		588,616
DG FastChannel, Inc.*	14,300		456,885
Digi International, Inc.*	5,000		53,200
EMS Technologies, Inc.*	182,652		3,032,023
Emulex Corp.*	50,300		667,984
Harmonic, Inc.*	50,800		320,548
Hughes Communications, Inc.*	5,800		161,530
Infinera Corp.*	57,600		490,752
InterDigital, Inc.*	28,900		805,154
Ixia*	145,746		1,351,066
KVH Industries, Inc.*	9,400		123,986
Loral Space & Communications, Inc.*	7,400		259,888
NETGEAR, Inc.*	5,900		153,990
Network Equipment Technologies, Inc.*^	10,300		56,753
Oplink Communications, Inc.*	10,400		192,816
Opnext, Inc.*^	2,600		6,136
Palm, Inc.*^	96,800		363,968
Parkervision, Inc.*	19,500		33,150
PC-Tel, Inc.*	1,700		10,506
Plantronics, Inc.	28,400		888,352
Polycom, Inc.*	22,000		672,760
Riverbed Technology, Inc.*^	133,971		3,804,776
SeaChange International, Inc.*	9,400		67,492
ShoreTel, Inc.*	31,100		205,571
Tekelec*	13,800		250,608
ViaSat, Inc.*^	19,900		688,739
			21,460,673
Computers & Peripherals (1.5%)
3PAR, Inc.*^	17,800		178,000
ActivIdentity Corp.*^	9,300		26,412
Avid Technology, Inc.*	3,300		45,474
Compellent Technologies, Inc.*^	167,437		2,938,519
Cray, Inc.*	16,800		99,960
Imation Corp.*	400		4,404
Immersion Corp.*	20,400		102,000
Intermec, Inc.*	42,553		603,402
Isilon Systems, Inc.*	16,000		137,760
Netezza Corp.*^	257,706		3,296,060
Novatel Wireless, Inc.*	21,300		143,349
Quantum Corp.*	144,500		380,035
Silicon Graphics International Corp.*	2,700		28,863
STEC, Inc.*^	16,000		191,680
Stratasys, Inc.*	13,200		321,816
Super Micro Computer, Inc.*	11,100		191,808
Synaptics, Inc.*^	23,500		648,835
			9,338,377
Electronic Equipment, Instruments & Components (2.0%)
Anixter International, Inc.*	2,500		117,125
Benchmark Electronics, Inc.*	3,900		80,886
Brightpoint, Inc.*	30,300		228,159
Checkpoint Systems, Inc.*	6,600		145,992
China Security & Surveillance Technology, Inc.*	24,900		191,481
Cogent, Inc.*	29,600		301,920
Cognex Corp.	5,200		96,148
Coherent, Inc.*	100,862		3,223,550
Comverge, Inc.*	13,400		151,554
CPI International, Inc.*	700		9,282
CTS Corp.	1,500		14,130
Daktronics, Inc.^	19,000		144,780
DTS, Inc.*	145,865		4,965,245
Echelon Corp.*^	15,000		134,550
FARO Technologies, Inc.*	9,800		252,350
ICx Technologies, Inc.*^	3,800		26,486
Insight Enterprises, Inc.*	3,500		50,260
IPG Photonics Corp.*	14,900		220,520
L-1 Identity Solutions, Inc.*	38,000		339,340
Maxwell Technologies, Inc.*	14,500		179,655
Methode Electronics, Inc.	2,800		27,720

See Notes to Portfolio of Investments.

170

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
MTS Systems Corp.	1,100	$	31,933
Multi-Fineline Electronix, Inc.*	6,900		177,744
OSI Systems, Inc.*	8,600		241,230
PAR Technology Corp.*	3,500		21,175
Park Electrochemical Corp.	8,900		255,786
PC Mall, Inc.*	900		4,554
Plexus Corp.*	9,100		327,873
Power-One, Inc.*^	3,800		16,036
RadiSys Corp.*	15,300		137,088
RAE Systems, Inc.*	24,100		19,641
Rofin-Sinar Technologies, Inc.*	8,900		201,318
Rogers Corp.*	2,000		58,020
Scansource, Inc.*	900		25,902
SYNNEX Corp.*	1,900		56,164
Universal Display Corp.*	54,704		643,866
		13,119,463
Internet Software & Services (2.7%)
Ancestry.com, Inc.*	3,500		59,325
Archipelago Learning, Inc.*	4,500		65,610
Art Technology Group, Inc.*^	202,850		894,569
comScore, Inc.*	13,900		231,991
Constant Contact, Inc.*^	16,600		385,452
DealerTrack Holdings, Inc.*^	48,300		824,964
Dice Holdings, Inc.*	10,000		76,000
Digital River, Inc.*	20,700		627,210
DivX, Inc.*	14,900		106,684
EarthLink, Inc.^	6,291		53,725
GSI Commerce, Inc.*^	109,566		3,031,691
Imergent, Inc.	5,700		38,361
InfoSpace, Inc.*	13,100		144,755
Innodata Isogen, Inc.*	14,900		60,345
Internet Brands, Inc., Class A*^	8,500		78,370
Internet Capital Group, Inc.*	13,000		109,850
j2 Global Communications, Inc.*	28,100		657,540
Keynote Systems, Inc.	3,600		41,004
Knot, Inc.*	19,500		152,490
Limelight Networks, Inc.*	23,900		87,474
Liquidity Services, Inc.*	10,900		125,786
LivePerson, Inc.*	27,500		210,925
LogMeIn, Inc.*	3,100		64,139
LoopNet, Inc.*	13,200		148,368
Marchex, Inc., Class B	99,688		509,406
MercadoLibre, Inc.*	17,097		824,246
ModusLink Global Solutions, Inc.*	600		5,058
Monster Worldwide, Inc.*^	139,674		2,319,985
Move, Inc.*^	331,500		692,835
NIC, Inc.	34,800		273,876
OpenTable, Inc.*	1,700		64,821
Openwave Systems, Inc.*	14,500		33,350
Perficient, Inc.*	3,700		41,699
QuinStreet, Inc.*	46,603		792,717
Rackspace Hosting, Inc.*^	44,800		839,104
RealNetworks, Inc.*	30,600		147,798
Saba Software, Inc.*	17,100		84,645
SAVVIS, Inc.*	24,800		409,200
Stamps.com, Inc.*	7,000		70,700
support.com, Inc.*^	4,500		14,715
Switch & Data Facilities Co., Inc.*	14,100		250,416
Terremark Worldwide, Inc.*^	40,300		282,503
Travelzoo, Inc.*	4,000		60,040
ValueClick, Inc.*	59,500		603,330
VistaPrint NV*	14,457		827,663
Vocus, Inc.*	10,800		184,140
Zix Corp.*	43,900		101,409
			17,710,284
IT Services (2.8%)
Acxiom Corp.*	36,600		656,604
CACI International, Inc., Class A*	1,800		87,930
Cass Information Systems, Inc.^	5,800		180,670
China Information Security Technology, Inc.*	16,700		84,335
Computer Task Group, Inc.*	6,800		49,300
CSG Systems International, Inc.*	14,500		303,920
Cybersource Corp.*	79,430		1,401,145
Echo Global Logistics, Inc.*	400		5,164
eLoyalty Corp.*^	3,900		21,957
Euronet Worldwide, Inc.*	67,445		1,243,011
ExlService Holdings, Inc.*	9,700		161,796
Forrester Research, Inc.*	10,800		324,756
Gartner, Inc.*^	125,621		2,793,811
Global Cash Access Holdings, Inc.*	221,106		1,806,436
Hackett Group, Inc.*	11,500		31,970
Heartland Payment Systems, Inc.	25,800		479,880
iGATE Corp.	14,900		144,977
infoGROUP, Inc.*	13,300		103,740
Information Services Group, Inc.*^	109,085		371,980
Integral Systems, Inc.*	3,300		31,779
Lionbridge Technologies, Inc.*^	41,100		149,193
ManTech International Corp., Class A*	12,000		585,960
MAXIMUS, Inc.	10,500		639,765
MoneyGram International, Inc.*^	50,000		190,500
NCI, Inc., Class A*	4,600		139,058
Online Resources Corp.*	11,900		47,957
RightNow Technologies, Inc.*	15,200		271,472
Sapient Corp.	167,872		1,534,350
SRA International, Inc., Class A*	7,000		145,530
StarTek, Inc.*^	1,700		11,815
Syntel, Inc.	8,900		342,383
TeleTech Holdings, Inc.*	60,823		1,038,857
Tier Technologies, Inc., Class B*	5,300		42,188
TNS, Inc.*	16,600		370,180
Unisys Corp.*	1,370		47,799
VeriFone Holdings, Inc.*	48,000		970,080
Virtusa Corp.*	5,800		59,798
Wright Express Corp.*	43,513		1,310,612
			18,182,658
Semiconductors & Semiconductor Equipment (6.5%)
Actel Corp.*	4,600		63,710
Advanced Analogic Technologies, Inc.*	29,700		103,653
Advanced Energy Industries, Inc.*	18,100		299,736
Amkor Technology, Inc.*^	71,500		505,505
ANADIGICS, Inc.*	35,800		173,988
Applied Micro Circuits Corp.*	45,400		391,802
Atheros Communications, Inc.*	44,904		1,738,234
ATMI, Inc.*	6,600		127,446
Cabot Microelectronics Corp.*	1,126		42,596
Cavium Networks, Inc.*	24,900		619,014
CEVA, Inc.*	11,000		128,260
Cirrus Logic, Inc.*	42,200		354,058
Diodes, Inc.*	21,900		490,560
Entropic Communications, Inc.*	37,300		189,484
Exar Corp.*	1,300		9,165
Fairchild Semiconductor International, Inc.*	55,989		596,283
FEI Co.*	22,900		524,639
FormFactor, Inc.*^	278,568		4,947,368
Hittite Microwave Corp.*	14,700		646,359
IXYS Corp.*	11,800		100,772

See Notes to Portfolio of Investments.

171

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Kopin Corp.*	47,100	$	174,270
Kulicke & Soffa Industries, Inc.*	44,500		322,625
Lattice Semiconductor Corp.*	6,400		23,488
Micrel, Inc.	13,300		141,778
Microsemi Corp.*	139,634		2,421,253
Microtune, Inc.*	22,500		61,425
MIPS Technologies, Inc.*	30,900		137,814
Monolithic Power Systems, Inc.*	47,454		1,058,224
Netlogic Microsystems, Inc.*	31,000		912,330
NVE Corp.*	3,100		140,430
ON Semiconductor Corp.*^	499,764		3,998,112
PLX Technology, Inc.*	22,800		120,156
PMC-Sierra, Inc.*	184,070		1,641,904
Power Integrations, Inc.	16,300		671,560
RF Micro Devices, Inc.*^	162,000		806,760
Rubicon Technology, Inc.*	8,200		165,640
Rudolph Technologies, Inc.*	6,900		59,133
Semtech Corp.*	41,700		726,831
Sigma Designs, Inc.*	14,000		164,220
Skyworks Solutions, Inc.*	111,600		1,740,960
Standard Microsystems Corp.*	4,200		97,776
Supertex, Inc.*	7,700		197,043
Techwell, Inc.*	10,300		192,610
Teradyne, Inc.*^	287,681		3,213,397
Tessera Technologies, Inc.*	32,100		650,988
Trident Microsystems, Inc.*	3,700		6,438
TriQuint Semiconductor, Inc.*	53,600		375,200
Ultratech, Inc.*	15,300		208,080
Varian Semiconductor Equipment Associates, Inc.*	159,780		5,291,914
Veeco Instruments, Inc.*^	85,626		3,724,731
Volterra Semiconductor Corp.*^	15,700		394,070
Zoran Corp.*	24,600		264,696
			42,158,488
Software (8.2%)
ACI Worldwide, Inc.*	24,100		496,701
Actuate Corp.*	31,700		177,203
Advent Software, Inc.*	10,500		469,875
American Software, Inc., Class A^	14,400		83,664
ANSYS, Inc.*	101,124		4,362,489
ArcSight, Inc.*	12,700		357,505
Ariba, Inc.*	59,800		768,430
AsiaInfo Holdings, Inc.*^	21,100		558,728
Blackbaud, Inc.	30,000		755,700
Blackboard, Inc.*	22,100		920,686
Bottomline Technologies, Inc.*	17,300		291,159
Callidus Software, Inc.*	8,400		30,492
China TransInfo Technology Corp.*	5,600		37,744
Chordiant Software, Inc.*	21,000		106,470
CommVault Systems, Inc.*	28,500		608,475
Concur Technologies, Inc.*^	26,300		1,078,563
Deltek, Inc.*	12,539		95,798
DemandTec, Inc.*	13,900		96,605
Double-Take Software, Inc.*	9,700		86,427
Ebix, Inc.*	15,600		249,132
EPIQ Systems, Inc.*	22,400		278,432
FalconStor Software, Inc.*	23,800		82,824
Fortinet, Inc.*	5,800		101,964
GSE Systems, Inc.*	13,200		71,412
Informatica Corp.*^	226,018		6,070,844
Interactive Intelligence, Inc.*	8,900		166,341
Jack Henry & Associates, Inc.	55,600		1,337,736
JDA Software Group, Inc.*	16,303		453,549
Kenexa Corp.*	15,800		217,250
Lawson Software, Inc.*	163,651		1,081,733
Manhattan Associates, Inc.*	15,900		405,132
Mentor Graphics Corp.*^	3,700		29,674
MicroStrategy, Inc., Class A*	6,200		527,434
Net 1 UEPS Technologies, Inc.*	21,400		393,546
NetScout Systems, Inc.*	15,000		221,850
NetSuite, Inc.*	10,900		158,486
Opnet Technologies, Inc.	7,800		125,736
Parametric Technology Corp.*	77,000		1,389,850
Pegasystems, Inc.^	10,400		384,800
Phoenix Technologies Ltd.*	24,400		78,568
Progress Software Corp.*	26,170		822,523
PROS Holdings, Inc.*	13,700		135,356
QAD, Inc.*	6,615		34,729
Quest Software, Inc.*	3,100		55,149
Radiant Systems, Inc.*	59,222		845,098
Renaissance Learning, Inc.	3,600		58,428
Rosetta Stone, Inc.*	4,600		109,388
Rovi Corp.*	160,291		5,951,605
S1 Corp.*	36,800		217,120
Smith Micro Software, Inc.*	20,100		177,684
SolarWinds, Inc.*^	7,900		171,114
Solera Holdings, Inc.	46,300		1,789,495
SonicWALL, Inc.*	2,900		25,201
Sourcefire, Inc.*	15,300		351,135
SRS Labs, Inc.*	8,200		81,508
SuccessFactors, Inc.*^	143,152		2,725,614
Symyx Technologies, Inc.*	19,700		88,453
Synchronoss Technologies, Inc.*	83,097		1,609,589
Take-Two Interactive Software, Inc.*^	5,700		56,145
Taleo Corp., Class A*^	55,100		1,427,641
TeleCommunication Systems, Inc., Class A*	27,600		202,308
THQ, Inc.*^	114,400		801,944
TIBCO Software, Inc.*	470,636		5,078,162
TiVo, Inc.*	170,363		2,916,615
Tyler Technologies, Inc.*	21,500		402,910
Ultimate Software Group, Inc.*	16,700		550,265
Unica Corp.*	8,100		72,009
VASCO Data Security International, Inc.*	15,000		123,750
Websense, Inc.*	30,400		692,208
			52,782,153
Total Information Technology			174,752,096
Materials (2.7%)
Chemicals (1.6%)
American Vanguard Corp.	1,500		12,225
Arch Chemicals, Inc.	2,100		72,219
Balchem Corp.	18,900		465,885
Calgon Carbon Corp.*^	81,882		1,401,820
China Green Agriculture, Inc.*^	7,100		99,400
Hawkins, Inc.^	5,400		130,680
Huntsman Corp.	447,208		5,388,856
Koppers Holdings, Inc.	9,000		254,880
Kraton Performance Polymers, Inc.* .	2,500		44,650
Landec Corp.*	18,700		123,981
LSB Industries, Inc.*	11,300		172,212
NewMarket Corp	6,622		682,000
NL Industries, Inc.^	4,000		34,320
Olin Corp.^	3,700		72,594
Omnova Solutions, Inc.*	28,400		222,940
PolyOne Corp.*	9,500		97,280
Stepan Co.	4,700		262,683
STR Holdings, Inc.*	4,800		112,800
W.R. Grace & Co.*	14,400		399,744

See Notes to Portfolio of Investments.

172

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
Zep, Inc.		14,900	$	326,012
				10,377,181
Construction Materials (0.0%)
United States Lime & Minerals, Inc.*		900		34,803
Containers & Packaging (0.3%)
AEP Industries, Inc.*		3,500		91,070
Boise, Inc.*		7,400		45,362
Bway Holding Co.*		500		10,050
Graham Packaging Co., Inc.*		47,500		596,125
Rock-Tenn Co., Class A		22,100		1,007,097
Silgan Holdings, Inc.		9,600		578,208
				2,327,912
Metals & Mining (0.7%)
Allied Nevada Gold Corp.*^		31,500		521,955
AMCOL International Corp.		3,000		81,600
General Steel Holdings, Inc.*		7,100		29,181
Paramount Gold and Silver Corp.*		45,300		62,967
Stillwater Mining Co.*^		2,700		35,046
Titanium Metals Corp.*^		179,864		2,983,944
Worthington Industries, Inc.		36,100		624,169
				4,338,862
Paper & Forest Products (0.1%)
Clearwater Paper Corp.*		600		29,550
Deltic Timber Corp.		5,300		233,465
Schweitzer-Mauduit International, Inc.		6,500		309,140
Wausau Paper Corp.*		11,600		99,064
				671,219
Total Materials				17,749,977
Telecommunication Services (1.2%)
Diversified Telecommunication Services (0.8%)
AboveNet, Inc.*		8,600		436,278
Alaska Communications Systems Group, Inc.^		28,600		232,232
Cbeyond, Inc.*^		127,267		1,741,013
Cincinnati Bell, Inc.*^		28,000		95,480
Cogent Communications Group, Inc.*		30,700		319,587
Consolidated Communications Holdings, Inc.		7,800		147,888
General Communication, Inc., Class A*		17,200		99,244
Global Crossing Ltd.*		17,400		263,610
HickoryTech Corp.^		9,200		81,236
inContact, Inc.*		19,000		54,150
Iowa Telecommunications Services, Inc.		2,800		46,760
Neutral Tandem, Inc.*		22,500		359,550
PAETEC Holding Corp.*^		278,087		1,301,447
Premiere Global Services, Inc.*		30,200		249,452
				5,427,927
Wireless Telecommunication Services (0.4%)
Leap Wireless International, Inc.*^		40,100		656,036
NTELOS Holdings Corp.		20,800		370,032
Shenandoah Telecommunications Co.^		16,400		308,320
Syniverse Holdings, Inc.*		38,200		743,754
USA Mobility, Inc.*^		13,400		169,778
				2,247,920
Total Telecommunication Services				7,675,847
Utilities (0.1%)
Gas Utilities (0.1%)
New Jersey Resources Corp.		4,300		161,508
Piedmont Natural Gas Co., Inc.		2,600		71,708
South Jersey Industries, Inc.		1,800		75,582
			308,798
Independent Power Producers & Energy Traders (0.0%)
U.S. Geothermal, Inc.*		29,100		26,481
Water Utilities (0.0%)
Cadiz, Inc.*		8,900		113,653
California Water Service Group		500		18,805
Connecticut Water Service, Inc.		300		6,981
Consolidated Water Co., Ltd.		2,800		38,024
Pennichuck Corp.		300		7,053
York Water Co.^		2,600		35,750
				220,266
Total Utilities				555,545
Total Common Stocks (99.0%)				641,005,027
(Cost $498,381,737)
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (2.7%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10 (u)	$	8,631,909		8,631,909
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10 (h)(s)		2,689,982		618,696
Monumental Global Funding II
0.43%, 5/26/10 (l)		5,060,000		5,024,075
Pricoa Global Funding I
0.40%, 6/25/10 (l)		3,229,919		3,209,551
Total Short-Term Investments of Cash Collateral for Securities Loaned				17,484,231
Time Deposit (1.9%)
JPMorgan Chase Nassau
0.000%, 4/1/10		11,989,800		11,989,800
Total Short-Term Investments (4.6%)
(Cost/Amortized Cost $31,601,611)				29,474,031
Total Investments (103.6%)
(Cost/Amortized Cost $529,983,348)				670,479,058
Other Assets Less Liabilities (-3.6%)				(23,044,623	)
Net Assets (100%)			$	647,434,435

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

* Non-income producing.

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

† Securities (totaling $293 or 0.0% of net assets) at fair value by management.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio's undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000%-8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $8,804,547.

Glossary:

ADR — American Depositary Receipt

At March 31, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	80	June-10	$	5,400,154	$	5,416,800	$	16,646

The following is a summary of the inputs used to value the Portfolio's assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	116,472,534	$	—	$	—	$	116,472,534
Consumer Staples		14,046,893		—		—		14,046,893
Energy		32,743,657		—		—		32,743,657
Financials		36,333,414		—		293		36,333,707
Health Care		153,017,128		—		—		153,017,128
Industrials		87,614,479		43,164		—		87,657,643
Information Technology		174,752,096		—		—		174,752,096
Materials		17,749,977		—		—		17,749,977
Telecommunication Services		7,675,847		—		—		7,675,847
Utilities		555,545		—		—		555,545
Futures		16,646		—		—		16,646
Short-Term Investments		—		29,474,031		—		29,474,031
Total Assets	$	640,978,216	$	29,517,195	$	293	$	670,495,704
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	640,978,216	$	29,517,195	$	293	$	670,495,704

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

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

	Investments in Securities-Financials
Balance as of 12/31/09	$	425
Total gains or losses (realized/unrealized) included in earnings		(132	)
Purchases, sales, issuances, and settlements (net)		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 3/31/10	$	293
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/10.	$	(132	)

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	43,413,746
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	57,376,778
As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	149,890,033
Aggregate gross unrealized depreciation		(20,351,412	)
Net unrealized appreciation	$	129,538,621
Federal income tax cost of investments	$	540,940,437

At March 31, 2010, the Portfolio had loaned securities with a total value of $18,980,554. This was secured by collateral of $19,611,810 which was received as cash and subsequently invested in short-term investments currently valued at $17,484,231, as reported in the Portfolio of Investments.

The Portfolio has a net capital loss carryforward of $299,082,172 of which $69,758,333 expires in the year 2016, and $229,323,839 expires in the year 2017.

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.7%)
Auto Components (2.1%)
American Axle & Manufacturing
Holdings, Inc.*	44,600	$	445,108
Amerigon, Inc.*	230,000		2,325,300
ArvinMeritor, Inc.*	67,600		902,460
Autoliv, Inc.*^	101,100		5,209,683
Dana Holding Corp.*	111,400		1,323,432
Dorman Products, Inc.*	7,800		148,122
Drew Industries, Inc.*^	31,900		702,438
Exide Technologies, Inc.*	40,100		230,575
Gentex Corp.	197,400		3,833,508
Hawk Corp., Class A*	4,500		87,750
Modine Manufacturing Co.*	36,600		411,384
Raser Technologies, Inc.*	9,000		9,000
Spartan Motors, Inc.	25,300		141,680
Standard Motor Products, Inc.	7,500		74,400
Stoneridge, Inc.*	13,500		133,515
Superior Industries International, Inc.	18,700		300,696
Tenneco, Inc.*	47,400		1,121,010
			17,400,061
Automobiles (0.9%)
Thor Industries, Inc.^	181,000		5,468,010
Winnebago Industries, Inc.*^	148,200		2,165,202
			7,633,212
Distributors (0.0%)
Audiovox Corp., Class A*	15,800		122,924
Core-Mark Holding Co., Inc.*	5,000		153,050
			275,974
Diversified Consumer Services (0.5%)
Jackson Hewitt Tax Service, Inc.*	27,100		54,200
Mac-Gray Corp.	8,900		100,481
Regis Corp.^	172,100		3,214,828
Sotheby’s, Inc.	4,200		130,578
Steiner Leisure Ltd.*	6,200		274,784
Stewart Enterprises, Inc., Class A	68,100		425,625
			4,200,496
Hotels, Restaurants & Leisure (1.0%)
AFC Enterprises, Inc.*	19,100		204,943
Benihana, Inc., Class A*	7,200		46,800
Bluegreen Corp.*	6,900		22,563
Bob Evans Farms, Inc.	24,100		744,931
Churchill Downs, Inc.	8,300		311,250
Cracker Barrel Old Country Store, Inc.	5,200		241,176
Domino’s Pizza, Inc.*	28,200		384,648
Frisch’s Restaurants, Inc.	1,900		41,990
Gaylord Entertainment Co.*	31,500		922,635
Great Wolf Resorts, Inc.*	23,100		73,458
Interval Leisure Group, Inc.*	500		7,280
Lakes Entertainment, Inc.*	12,700		29,210
Landry’s Restaurants, Inc.*	5,800		103,936
Life Time Fitness, Inc.*	29,800		837,380
Luby’s, Inc.*	19,900		78,406
Marcus Corp.	14,500		188,355
McCormick & Schmick’s Seafood Restaurants, Inc.*	9,400		94,658
Monarch Casino & Resort, Inc.*	1,400		11,956
Morgans Hotel Group Co.*	3,600		23,076
Multimedia Games, Inc.*	14,900		58,110
O’Charleys, Inc.*	15,500		138,570
Orient-Express Hotels Ltd., Class A*	72,000		1,020,960
Papa John’s International, Inc.*	2,400		61,704
Pinnacle Entertainment, Inc.*	23,500		228,890
Red Lion Hotels Corp.*	8,500		61,370
Red Robin Gourmet Burgers, Inc.*	8,700		212,628
Ruby Tuesday, Inc.*	53,900		569,723
Ruth’s Hospitality Group, Inc.*	4,300		22,790
Sonic Corp.*	4,200		46,410
Speedway Motorsports, Inc.	10,800		168,588
Steak n Shake Co.*	985		375,551
Town Sports International Holdings, Inc.*	1,700		6,647
Vail Resorts, Inc.*	23,200		930,088
			8,270,680
Household Durables (2.2%)
American Greetings Corp., Class A	31,100		648,124
Bassett Furniture Industries, Inc.*	19,600		110,544
Beazer Homes USA, Inc.*	47,200		214,288
Blyth, Inc.	4,875		152,344
Brookfield Homes Corp.*	9,400		82,156
Cavco Industries, Inc.*	5,600		191,184
CSS Industries, Inc.	6,600		132,660
D.R. Horton, Inc.^	145,800		1,837,080
Ethan Allen Interiors, Inc.^	68,700		1,417,281
Furniture Brands International, Inc.*	34,400		221,192
Helen of Troy Ltd.*	23,400		609,804
Hooker Furniture Corp.	141,500		2,275,320
Hovnanian Enterprises, Inc., Class A*	17,000		73,950
La-Z-Boy, Inc.*	295,800		3,709,332
M.D.C. Holdings, Inc.	70,800		2,450,388
M/I Homes, Inc.*	145,400		2,130,110
Meritage Homes Corp.*	25,505		535,605
Ryland Group, Inc.	33,900		760,716
Sealy Corp.*	31,000		108,500
Skyline Corp.	5,200		96,720
Standard Pacific Corp.*	82,800		374,256
Stanley Furniture Co., Inc.*	9,600		97,536
Universal Electronics, Inc.*	2,300		51,382
			18,280,472
Internet & Catalog Retail (0.1%)
1-800-FLOWERS.COM, Inc., Class A*	22,300		55,973
Gaiam, Inc., Class A	14,700		122,010
Orbitz Worldwide, Inc.*	15,700		111,627
Shutterfly, Inc.*	13,800		332,442
U.S. Auto Parts Network, Inc.*	6,500		48,880
Vitacost.com, Inc.*	4,600		55,430
			726,362
Leisure Equipment & Products (0.7%)
Brunswick Corp.^	181,700		2,901,749
Callaway Golf Co.	50,700		447,174
Eastman Kodak Co.*	218,900		1,267,431
JAKKS Pacific, Inc.*	21,200		276,660
Leapfrog Enterprises, Inc.*	20,000		131,000
Marine Products Corp.*	6,700		40,200
Pool Corp.	18,300		414,312
RC2 Corp.*	16,800		251,496
Sport Supply Group, Inc.	4,100		55,104
Steinway Musical Instruments, Inc.*	6,500		122,395
			5,907,521
Media (0.6%)
Ascent Media Corp., Class A*	10,500		286,125
Belo Corp., Class A	73,200		499,224
Carmike Cinemas, Inc.*	700		9,709
Cinemark Holdings, Inc.	1,100		20,174
EW Scripps Co., Class A*	24,800		209,560
Fisher Communications, Inc.*	5,600		78,960
Global Sources Ltd.*	13,800		89,838

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Harte-Hanks, Inc.	31,100	$	399,946
Journal Communications, Inc., Class A*	36,400		152,880
Knology, Inc.*	14,400		193,536
LIN TV Corp., Class A*	24,100		138,575
Live Nation Entertainment, Inc.*	68,400		991,800
LodgeNet Interactive Corp.*	4,600		32,062
Martha Stewart Living Omnimedia, Inc., Class A*	100		558
Mediacom Communications Corp., Class A*	19,300		114,835
National CineMedia, Inc.	32,700		564,402
Outdoor Channel Holdings, Inc.*	10,100		66,559
PRIMEDIA, Inc.	14,200		48,848
Reading International, Inc., Class A*	14,000		59,780
Scholastic Corp.	17,400		487,200
Sinclair Broadcast Group, Inc., Class A*	32,700		166,116
Valassis Communications, Inc.*	7,300		203,159
World Wrestling Entertainment, Inc., Class A	2,600		44,980
			4,858,826
Multiline Retail (1.5%)
99 Cents Only Stores*	3,200		52,160
Dillard’s, Inc., Class A	40,700		960,520
Fred’s, Inc., Class A^	281,800		3,375,964
J.C. Penney Co., Inc.^	127,600		4,104,892
Retail Ventures, Inc.*	20,700		196,857
Saks, Inc.*^	283,600		2,438,960
Tuesday Morning Corp.*^	183,199		1,207,281
			12,336,634
Specialty Retail (4.8%)
America’s Car-Mart, Inc.*	2,700		65,124
AnnTaylor Stores Corp.*	47,300		979,110
Asbury Automotive Group, Inc.*	24,800		329,840
Books-A-Million, Inc.	6,600		47,784
Borders Group, Inc.*	38,900		66,908
Brown Shoe Co., Inc.^	280,200		4,337,496
Buckle, Inc.	1,100		40,436
Build-A-Bear Workshop, Inc.*	15,700		111,784
Cabela’s, Inc.*	33,000		577,170
Cato Corp., Class A	8,883		190,451
Charming Shoppes, Inc.*	84,500		461,370
Christopher & Banks Corp.^	391,100		3,128,800
Coldwater Creek, Inc.*	10,700		74,258
Collective Brands, Inc.*	29,300		666,282
Conn’s, Inc.*	339,400		2,657,502
Dress Barn, Inc.*	38,301		1,001,954
DSW, Inc., Class A*	8,900		227,217
Finish Line, Inc., Class A	16,000		261,120
Genesco, Inc.*	18,800		582,988
Group 1 Automotive, Inc.*^	148,500		4,731,210
Gymboree Corp.*	31,400		1,621,182
Haverty Furniture Cos., Inc.	14,800		241,536
HOT Topic, Inc.*	12,200		79,300
Jo-Ann Stores, Inc.*	12,900		541,542
Lithia Motors, Inc., Class A*	15,000		96,000
Men’s Wearhouse, Inc.^	218,000		5,218,920
New York & Co., Inc.*	19,500		93,405
OfficeMax, Inc.*	16,300		267,646
Pacific Sunwear of California, Inc.*	53,763		285,482
PEP Boys-Manny, Moe & Jack	40,000		402,000
Pier 1 Imports, Inc.*^	273,200		1,740,284
Rent-A-Center, Inc.*	54,300		1,284,195
REX Stores Corp.*	4,800		77,760
Rue21, Inc.*	2,800		97,076
Sally Beauty Holdings, Inc.*	58,400		520,928
Shoe Carnival, Inc.*	6,900		157,734
Sonic Automotive, Inc., Class A*	372,600		4,098,600
Stage Stores, Inc.	31,800		489,402
Stein Mart, Inc.*	2,000		18,060
Syms Corp.*	6,100		60,756
Systemax, Inc.	6,400		139,136
Talbots, Inc.*	8,200		106,272
Vitamin Shoppe, Inc.*	3,800		85,310
West Marine, Inc.*^	222,700		2,416,295
Zale Corp.*	20,600		56,444
Zumiez, Inc.*	300		6,147
			40,740,216
Textiles, Apparel & Luxury Goods (1.3%)
Carter’s, Inc.*	10,400		313,560
Columbia Sportswear Co.	9,700		509,541
Crocs, Inc.*	42,300		370,971
G-III Apparel Group Ltd.*	7,100		195,676
Iconix Brand Group, Inc.*	57,800		887,808
Jones Apparel Group, Inc.	68,100		1,295,262
Kenneth Cole Productions, Inc., Class A*	4,800		61,488
K-Swiss, Inc., Class A*	11,000		115,060
Liz Claiborne, Inc.*	24,000		178,320
Movado Group, Inc.*	12,700		143,256
Oxford Industries, Inc.	2,800		56,924
Perry Ellis International, Inc.*	7,600		172,140
Quiksilver, Inc.*	101,500		480,095
Skechers U.S.A., Inc., Class A*	26,300		955,216
Timberland Co., Class A*	67,100		1,431,914
Unifi, Inc.*	34,000		123,760
UniFirst Corp.	8,800		453,200
Warnaco Group, Inc.*	60,600		2,891,226
			10,635,417
Total Consumer Discretionary			131,265,871
Consumer Staples (2.4%)
Beverages (0.1%)
Heckmann Corp.*	70,000		406,000
National Beverage Corp.	5,500		61,160
			467,160
Food & Staples Retailing (0.8%)
Andersons, Inc.	15,200		508,896
Casey’s General Stores, Inc.^	113,700		3,570,180
Great Atlantic & Pacific Tea Co., Inc.*	27,100		207,857
Ingles Markets, Inc., Class A	8,900		133,767
Nash Finch Co.	10,900		366,785
Pantry, Inc.*	17,400		217,326
Ruddick Corp.	27,800		879,592
Spartan Stores, Inc.	17,900		258,118
Susser Holdings Corp.*	4,600		38,870
Weis Markets, Inc.	7,200		261,792
Winn-Dixie Stores, Inc.*	45,300		565,797
			7,008,980
Food Products (1.1%)
Alico, Inc.	400		10,100
American Italian Pasta Co., Class A*	4,300		167,141
B&G Foods, Inc., Class A	25,800		270,384
Chiquita Brands International, Inc.*	35,100		552,123
Darling International, Inc.*	330,000		2,956,800
Diamond Foods, Inc.	3,300		138,732
Dole Food Co., Inc.*	8,300		98,355
Farmer Bros Co.	3,800		71,212
Fresh Del Monte Produce, Inc.*	34,100		690,525

See Notes to Portfolio of Investments.

177

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Griffin Land & Nurseries, Inc.	3,200	$	92,960
Hain Celestial Group, Inc.*	24,600		426,810
Harbinger Group, Inc.*	6,900		46,713
Imperial Sugar Co.	9,200		142,692
Omega Protein Corp.*	377,800		2,172,350
Seneca Foods Corp., Class A*	8,200		238,784
Smart Balance, Inc.*	8,800		57,024
TreeHouse Foods, Inc.*	27,600		1,210,812
		9,343,517
Household Products (0.1%)
Cellu Tissue Holdings, Inc.*	6,700		66,866
Central Garden & Pet Co., Class A*	49,300		451,588
Oil-Dri Corp. of America	3,000		57,990
WD-40 Co.	3,400		111,622
			688,066
Personal Products (0.2%)
American Oriental
Bioengineering, Inc.*	30,600		124,848
Elizabeth Arden, Inc.*	19,800		356,400
Inter Parfums, Inc.	10,500		155,610
Mannatech, Inc.	12,400		41,416
Nutraceutical International Corp.*	7,200		107,568
Prestige Brands Holdings, Inc.*	28,400		255,600
Revlon, Inc., Class A*	8,200		121,770
Schiff Nutrition International, Inc.	8,600		70,348
			1,233,560
Tobacco (0.1%)
Alliance One International, Inc.*	24,500		124,705
Universal Corp.	18,600		980,034
			1,104,739
Total Consumer Staples			19,846,022
Energy (9.0%)
Energy Equipment & Services (6.4%)
Allis-Chalmers Energy, Inc.*	46,400		164,256
Atwood Oceanics, Inc.*	71,600		2,479,508
Basic Energy Services, Inc.*	17,600		135,696
Bolt Technology Corp.*	3,400		38,454
Boots & Coots, Inc.*	1,809,900		4,398,057
Bristow Group, Inc.*^	152,600		5,757,598
Bronco Drilling Co., Inc.*	19,900		93,530
Cal Dive International, Inc.*	30,300		222,099
CARBO Ceramics, Inc.^	7,400		461,316
Complete Production Services, Inc.*	48,200		556,710
Dawson Geophysical Co.*	5,800		169,592
Geokinetics, Inc.*	800		5,768
Global Industries Ltd.*	422,580		2,712,964
Gulf Island Fabrication, Inc.	9,700		210,975
Gulfmark Offshore, Inc., Class A*	9,500		252,225
Helix Energy Solutions Group, Inc.*^	154,200		2,009,226
Hercules Offshore, Inc.*	84,700		365,057
Hornbeck Offshore Services, Inc.*	125,000		2,321,250
ION Geophysical Corp.*	380,200		1,870,584
Key Energy Services, Inc.*	101,700		971,235
Lufkin Industries, Inc.	1,100		87,065
Matrix Service Co.*	238,700		2,568,412
Mitcham Industries, Inc.*	310,000		2,241,300
Natural Gas Services Group, Inc.*	109,100		1,731,417
Newpark Resources, Inc.*	74,300		390,075
Oil States International, Inc.*^	78,900		3,577,326
OYO Geospace Corp.*	3,000		143,430
Parker Drilling Co.*	501,200		2,470,916
PHI, Inc.*	5,200		110,136
Pioneer Drilling Co.*	29,200		205,568
Rowan Cos., Inc.*	195,000		5,676,450
Superior Well Services, Inc.*	14,200		189,996
T-3 Energy Services, Inc.*	10,800		265,248
TETRA Technologies, Inc.*	28,100		343,382
Tidewater, Inc.	112,600		5,322,602
Union Drilling, Inc.*	6,995		43,089
Unit Corp.*^	77,200		3,264,016
Vantage Drilling Co.*	55,800		82,584
			53,909,112
Oil, Gas & Consumable Fuels (2.6%)
Alon USA Energy, Inc.	6,300		45,675
Approach Resources, Inc.*	8,100		73,548
Arch Coal, Inc.^	29,700		678,645
Atlas Energy, Inc.*	28,900		899,368
ATP Oil & Gas Corp.*	26,300		494,703
Berry Petroleum Co., Class A	40,200		1,132,032
Bill Barrett Corp.*	31,900		979,649
BPZ Resources, Inc.*	15,900		116,865
Brigham Exploration Co.*	35,200		561,440
Cheniere Energy, Inc.*	32,800		101,352
Clayton Williams Energy, Inc.*	4,800		167,904
Cloud Peak Energy, Inc.*	13,800		229,632
Contango Oil & Gas Co.*	100		5,115
Crosstex Energy, Inc.*	33,800		293,722
Cubic Energy, Inc.*	4,500		4,770
CVR Energy, Inc.*	18,400		161,000
Delek U.S. Holdings, Inc.	12,500		91,000
Delta Petroleum Corp.*	75,800		106,878
DHT Holdings, Inc.	41,100		161,112
General Maritime Corp.	40,000		287,600
GeoResources, Inc.*	7,200		109,944
GMX Resources, Inc.*	13,000		106,860
Golar LNG Ltd.*	9,700		113,490
Goodrich Petroleum Corp.*	19,800		309,672
Gran Tierra Energy, Inc.*	167,500		988,250
Green Plains Renewable Energy, Inc.*	8,500		121,295
Gulfport Energy Corp.*	1,900		21,356
Harvest Natural Resources, Inc.*	27,500		207,075
International Coal Group, Inc.*	92,900		424,553
Knightsbridge Tankers Ltd.	14,300		242,242
Nordic American Tanker Shipping Ltd.	38,100		1,153,287
Oilsands Quest, Inc.*	158,500		117,163
Overseas Shipholding Group, Inc.	44,700		1,753,581
Patriot Coal Corp.*	60,100		1,229,646
Penn Virginia Corp.	37,600		921,200
Petroleum Development Corp.*	15,400		356,818
PetroQuest Energy, Inc.*	41,600		209,248
PostRock Energy Corp.*	34,500		351,555
Rex Energy Corp.*	5,900		67,201
Rosetta Resources, Inc.*	43,000		1,012,650
Ship Finance International Ltd.	14,713		261,295
Stone Energy Corp.*	33,900		601,725
Swift Energy Co.*	30,300		931,422
Teekay Corp.	78,900		1,794,186
Toreador Resources Corp.*	1,700		13,906
Uranerz Energy Corp.*	7,200		13,392
USEC, Inc.*	92,300		532,571
VAALCO Energy, Inc.*	45,900		226,746
Venoco, Inc.*	11,200		143,696
Warren Resources, Inc.*	27,000		68,040
Western Refining, Inc.*	35,400		194,700
Westmoreland Coal Co.*	7,600		95,912
			21,286,687
Total Energy			75,195,799

See Notes to Portfolio of Investments.

178

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Financials (25.2%)
Capital Markets (1.9%)
Allied Capital Corp.*	141,500	$	703,255
American Capital Ltd.*	228,600		1,161,288
Apollo Investment Corp.	140,804		1,792,435
Ares Capital Corp.	104,431		1,549,756
Artio Global Investors, Inc.	17,700		437,898
BGC Partners, Inc., Class A	17,300		105,703
BlackRock Kelso Capital Corp.	9,430		93,923
Calamos Asset Management, Inc., Class A	14,100		202,194
Capital Southwest Corp.	2,200		199,936
Cohen & Steers, Inc.	7,600		189,696
Cowen Group, Inc., Class A*	12,000		67,920
E*TRADE Financial Corp.*	1,281,200		2,113,980
Evercore Partners, Inc., Class A	8,200		246,000
FBR Capital Markets Corp.*	13,400		60,970
Fifth Street Finance Corp.	30,129		349,798
GAMCO Investors, Inc., Class A	2,800		127,400
Gladstone Capital Corp.	16,500		194,700
Gladstone Investment Corp.	20,500		122,590
Harris & Harris Group, Inc.*	23,200		106,952
Hercules Technology Growth Capital, Inc.	29,805		315,635
International Assets Holding Corp.*	8,053		120,553
JMP Group, Inc.	9,900		84,150
KBW, Inc.*	15,400		414,260
Knight Capital Group, Inc., Class A*	36,100		550,525
Kohlberg Capital Corp.	14,015		79,325
LaBranche & Co., Inc.*	35,900		188,834
Main Street Capital Corp.	2,700		42,147
MCG Capital Corp.*	49,900		259,979
MF Global Holdings Ltd.*	56,000		451,920
MVC Capital, Inc.	17,100		232,047
NGP Capital Resources Co.	18,101		154,220
Oppenheimer Holdings, Inc., Class A	7,600		193,876
PennantPark Investment Corp.	18,763		194,385
Penson Worldwide, Inc.*	7,200		72,504
Piper Jaffray Cos., Inc.*	16,000		644,800
Prospect Capital Corp.	50,134		609,128
Safeguard Scientifics, Inc.*	11,200		145,600
Sanders Morris Harris Group, Inc.	18,100		112,039
Solar Capital Ltd.	3,700		78,218
SWS Group, Inc.	19,800		228,294
Teton Advisors, Inc., Class B*†	74		773
Thomas Weisel Partners Group, Inc.*	18,300		71,736
TICC Capital Corp.	22,213		146,384
TradeStation Group, Inc.*	20,500		143,705
Triangle Capital Corp.	8,172		114,735
Virtus Investment Partners, Inc.*	5,300		110,452
Westwood Holdings Group, Inc.	900		33,120
			15,619,738
Commercial Banks (7.0%)
1st Source Corp.	12,600		221,130
Alliance Financial Corp./New York	4,000		117,920
American National Bankshares, Inc.	4,000		80,600
Ameris Bancorp.	12,482		112,715
Ames National Corp.	3,600		72,180
Arrow Financial Corp.	3,605		96,938
Auburn National Bancorp., Inc.	2,400		49,560
BancFirst Corp.	5,200		217,932
Banco Latinoamericano de Comercio Exterior S.A.	20,600		295,816
Bancorp Rhode Island, Inc.	3,600		98,460
Bancorp, Inc./Delaware*	14,300		127,270
Bank of Kentucky Financial Corp.	3,100		61,814
Bank of Marin Bancorp/California	200		6,616
Bank of the Ozarks, Inc.	9,300		327,267
Banner Corp.	14,500		55,680
Bar Harbor Bankshares	2,900		88,450
Boston Private Financial Holdings, Inc.	55,400		408,298
Bryn Mawr Bank Corp.	4,500		81,675
Camden National Corp.	6,400		205,504
Cape Bancorp, Inc.*	11,600		93,612
Capital City Bank Group, Inc.	11,000		156,750
Cardinal Financial Corp.	11,300		120,684
Cathay General Bancorp.	344,800		4,016,920
Center Bancorp, Inc.	12,226		101,598
Centerstate Banks, Inc.	10,500		128,625
Central Pacific Financial Corp.*	27,500		46,200
Century Bancorp, Inc./Massachusetts, Class A	1,900		36,480
Chemical Financial Corp.^	145,300		3,431,986
Chicopee Bancorp, Inc.*	6,400		81,280
Citizens & Northern Corp.	8,500		106,675
Citizens Holding Co.	3,000		74,040
Citizens Republic Bancorp, Inc.*	331,000		390,580
City Holding Co.	11,300		387,477
CNB Financial Corp./Pennsylvania	4,600		71,024
CoBiz Financial, Inc.	25,700		160,111
Columbia Banking System, Inc.	22,300		452,913
Community Bank System, Inc.	26,400		601,392
Community Trust Bancorp, Inc.	12,900		349,461
CVB Financial Corp.	68,600		681,198
Danvers Bancorp, Inc.	15,300		211,599
Eagle Bancorp, Inc.*	10,700		126,795
East West Bancorp, Inc.	318,400		5,546,528
Enterprise Bancorp, Inc./Massachusetts	5,100		62,271
Enterprise Financial Services Corp.	5,400		59,724
F.N.B. Corp./Pennsylvania	94,800		768,828
Farmers Capital Bank Corp.	5,700		48,849
Financial Institutions, Inc.	7,600		111,112
First Bancorp, Inc./Maine	7,500		119,550
First Bancorp/North Carolina	11,600		156,832
First BanCorp/Puerto Rico	62,400		150,384
First Busey Corp.	37,200		164,424
First California Financial Group, Inc.*	6,200		16,368
First Commonwealth Financial Corp.	71,200		477,752
First Community Bancshares, Inc./Virginia	12,500		154,625
First Financial Bancorp.	45,600		811,224
First Financial Bankshares, Inc.	7,200		371,160
First Financial Corp./Indiana	10,300		298,288
First Merchants Corp.	16,000		111,360
First Midwest Bancorp, Inc./Illinois	59,200		802,160
First of Long Island Corp.	3,400		81,940
First South Bancorp, Inc./North Carolina	7,100		88,750
FirstMerit Corp.	69,215		1,492,968
German American Bancorp, Inc.	9,200		139,196
Glacier Bancorp, Inc.	56,567		861,515
Great Southern Bancorp, Inc.	6,400		143,616
Guaranty Bancorp*	46,200		73,458
Hampton Roads Bankshares, Inc.	18,000		28,080
Hancock Holding Co.	20,300		848,743
Harleysville National Corp.	34,600		231,820
Heartland Financial USA, Inc.	11,500		183,655
Heritage Financial Corp./Washington*	6,200		93,558

See Notes to Portfolio of Investments.

179

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Home Bancorp, Inc.*	5,600	$	78,400
Home Bancshares, Inc./Arkansas	14,000		370,160
IBERIABANK Corp.	21,200		1,272,212
Independent Bank Corp./Massachusetts	17,800		438,948
International Bancshares Corp.	43,100		990,869
Investors Bancorp, Inc.*	36,500		481,800
Lakeland Bancorp, Inc.	18,500		163,725
Lakeland Financial Corp.	12,500		238,125
MainSource Financial Group, Inc.	18,700		125,851
MB Financial, Inc.	41,400		932,742
Merchants Bancshares, Inc.	4,700		102,037
Metro Bancorp, Inc.*	4,700		64,719
Midsouth Bancorp, Inc.	4,200		69,300
Nara Bancorp, Inc.*	16,400		143,664
National Bankshares, Inc./Virginia	5,000		136,250
National Penn Bancshares, Inc.	104,900		723,810
NBT Bancorp, Inc.	27,700		632,945
Northfield Bancorp, Inc./New Jersey	15,500		224,440
Northrim BanCorp, Inc.	4,700		80,276
Norwood Financial Corp.	1,900		51,300
Ohio Valley Banc Corp.	3,900		84,006
Old National Bancorp/Indiana	72,300		863,985
Old Point Financial Corp.	2,100		30,996
Old Second Bancorp, Inc.	8,900		58,651
OmniAmerican Bancorp, Inc.*	8,200		94,546
Oriental Financial Group, Inc.	25,600		345,600
Orrstown Financial Services, Inc.	2,700		68,499
Pacific Capital Bancorp N.A.*	39,500		71,495
Pacific Continental Corp.	15,700		164,850
PacWest Bancorp.	22,500		513,450
Park National Corp.	8,500		529,635
Peapack Gladstone Financial Corp.	5,280		82,949
Penns Woods Bancorp, Inc.	1,700		57,035
Peoples Bancorp, Inc./Ohio^	62,100		1,023,408
Peoples Financial Corp./Mississippi	2,000		29,940
Pinnacle Financial Partners, Inc.*	27,800		420,058
Porter Bancorp, Inc.	2,940		38,514
Premierwest Bancorp*	61,314		27,591
PrivateBancorp, Inc.	13,900		190,430
Prosperity Bancshares, Inc.	36,700		1,504,700
Renasant Corp.	15,600		252,408
Republic Bancorp, Inc./Kentucky, Class A	7,700		145,068
Republic First Bancorp, Inc.*	7,300		28,251
S&T Bancorp, Inc.	20,100		420,090
Sandy Spring Bancorp, Inc.	18,400		276,000
Santander BanCorp*	4,300		52,761
SCBT Financial Corp.	9,800		362,992
Shore Bancshares, Inc.	5,500		78,375
Sierra Bancorp.	6,600		85,074
Signature Bank/New York*	5,700		211,185
Simmons First National Corp., Class A	13,400		369,438
Smithtown Bancorp, Inc.	11,200		46,256
South Financial Group, Inc.	144,500		99,893
Southside Bancshares, Inc.	8,560		184,639
Southwest Bancorp, Inc./Oklahoma	13,600		112,472
State Bancorp, Inc./New York	12,800		100,736
StellarOne Corp.	19,100		255,367
Sterling Bancorp/New York	19,300		193,965
Sterling Bancshares, Inc./Texas	79,500		443,610
Sterling Financial Corp./Washington*	49,800		28,386
Suffolk Bancorp.	3,100		95,201
Sun Bancorp, Inc./New Jersey*	14,175		55,850
Susquehanna Bancshares, Inc.	102,900		1,009,449
SVB Financial Group*	29,500		1,376,470
SY Bancorp, Inc.	5,300		120,575
Texas Capital Bancshares, Inc.*	25,300		480,447
Tompkins Financial Corp.	4,510		164,525
Tower Bancorp, Inc.	3,200		85,664
TowneBank/Virginia	18,800		262,448
Trico Bancshares	11,600		230,840
Trustmark Corp.	51,400		1,255,702
UMB Financial Corp.	25,900		1,051,540
Umpqua Holdings Corp.	75,400		999,804
Union First Market Bankshares Corp.	19,600		295,960
United Bankshares, Inc.	30,900		810,198
United Community Banks, Inc./Georgia*	69,203		305,185
United Security Bancshares, Inc./Alabama	4,600		68,862
Univest Corp. of Pennsylvania	14,400		269,136
Washington Banking Co.	11,000		138,490
Washington Trust Bancorp, Inc.	12,300		229,272
Webster Financial Corp.	54,100		946,209
WesBanco, Inc.	19,500		317,070
West Bancorp, Inc.	15,400		101,332
Westamerica Bancorp.	9,800		564,970
Western Alliance Bancorp*	38,200		217,358
Wilber Corp.	5,900		38,645
Wilshire Bancorp, Inc.	14,600		161,038
Wintrust Financial Corp.	23,900		889,319
Yadkin Valley Financial Corp.	13,200		56,760
		58,919,159
Consumer Finance (1.0%)
Advance America Cash Advance Centers, Inc.	5,300		30,846
Cardtronics, Inc.*	1,500		18,855
Cash America International, Inc.	23,300		919,884
CompuCredit Holdings Corp.	4,900		25,284
Credit Acceptance Corp.*	100		4,124
Dollar Financial Corp.*	2,200		52,932
EZCORP, Inc., Class A*	207,000		4,264,200
First Cash Financial Services, Inc.*	100,000		2,157,000
First Marblehead Corp.*	49,600		140,864
Nelnet, Inc., Class A	10,100		187,456
Rewards Network, Inc.	4,333		58,062
World Acceptance Corp.*	13,300		479,864
			8,339,371
Diversified Financial Services (0.3%)
Asset Acceptance Capital Corp.*	9,100		57,421
Compass Diversified Holdings	20,100		306,726
Encore Capital Group, Inc.*	11,300		185,885
Medallion Financial Corp.	9,300		74,028
NewStar Financial, Inc.*	18,500		118,030
PHH Corp.*	43,700		1,030,009
PICO Holdings, Inc.*	10,500		390,495
Primus Guaranty Ltd.*	14,900		62,580
Resource America, Inc., Class A	9,700		46,560
			2,271,734
Insurance (7.3%)
Ambac Financial Group, Inc.*	236,100		131,461
American Equity Investment Life Holding Co.	47,500		505,875
American National Insurance Co.^	20,500		2,327,570
American Physicians Capital, Inc.	6,533		208,729
American Physicians Service Group, Inc.	4,300		107,500
American Safety Insurance Holdings Ltd.*	4,900		81,291

See Notes to Portfolio of Investments.

180

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
AMERISAFE, Inc.*	13,900	$	227,543
Amtrust Financial Services, Inc.	14,900		207,855
Argo Group International Holdings Ltd.	25,600		834,304
Arthur J. Gallagher & Co.^	73,800		1,811,790
Aspen Insurance Holdings Ltd.^	151,600		4,372,144
Assured Guaranty Ltd.	87,622		1,925,055
Baldwin & Lyons, Inc., Class B	6,900		166,221
Citizens, Inc./Texas*	8,300		57,353
CNA Surety Corp.*	14,200		252,618
Conseco, Inc.*	204,500		1,271,990
Crawford & Co., Class B*	4,700		19,129
Delphi Financial Group, Inc., Class A	37,100		933,436
Donegal Group, Inc., Class A	10,800		156,708
Eastern Insurance Holdings, Inc.	7,800		79,092
EMC Insurance Group, Inc.	4,700		105,844
Employers Holdings, Inc.	35,500		527,175
Enstar Group, Ltd.*	5,500		380,380
Erie Indemnity Co., Class A	52,500		2,264,325
FBL Financial Group, Inc., Class A	6,200		151,776
First Acceptance Corp.*	15,900		32,436
First Mercury Financial Corp.	7,400		96,422
Flagstone Reinsurance Holdings Ltd.	32,100		367,866
FPIC Insurance Group, Inc.*	8,600		233,146
Greenlight Capital Reinsurance Ltd., Class A*	23,300		621,644
Hallmark Financial Services*	5,800		52,200
Harleysville Group, Inc.	10,000		337,600
Hilltop Holdings, Inc.*	30,100		353,675
Horace Mann Educators Corp.	30,700		462,342
Independence Holding Co.	7,000		66,430
Infinity Property & Casualty Corp.	10,600		481,664
Kansas City Life Insurance Co.	4,100		129,478
Maiden Holdings Ltd.	38,200		282,298
Max Capital Group Ltd.	38,300		880,517
Meadowbrook Insurance Group, Inc.	44,500		351,550
Mercer Insurance Group, Inc.	5,500		99,000
Montpelier Reinsurance Holdings Ltd.	245,300		4,123,493
National Financial Partners Corp.*	34,200		482,220
National Interstate Corp.	6,000		124,260
National Western Life Insurance Co., Class A	1,702		313,764
Navigators Group, Inc.*	10,400		409,032
NYMAGIC, Inc.	4,300		91,289
Old Republic International Corp.	520,000		6,593,600
Phoenix Cos., Inc.*	84,500		204,490
Platinum Underwriters Holdings Ltd.	40,700		1,509,156
PMA Capital Corp., Class A*	28,500		174,990
Presidential Life Corp.	17,300		172,481
ProAssurance Corp.*	26,300		1,539,602
Protective Life Corp.^	294,000		6,465,060
RLI Corp.	48,500		2,765,470
Safety Insurance Group, Inc.	8,800		331,496
SeaBright Insurance Holdings, Inc.	16,100		177,261
Selective Insurance Group, Inc.	42,800		710,480
StanCorp Financial Group, Inc.^	51,000		2,429,130
State Auto Financial Corp.	12,000		215,400
Stewart Information Services Corp.	13,400		184,920
Tower Group, Inc.	148,693		3,296,524
United America Indemnity Ltd., Class A*	31,251		299,072
United Fire & Casualty Co.	19,100		343,609
Universal Insurance Holdings, Inc.	1,400		7,084
Validus Holdings Ltd.	121,000		3,331,130
Zenith National Insurance Corp.	30,700		1,176,424
			61,426,869
Real Estate Investment Trusts (REITs) (5.8%)
Acadia Realty Trust (REIT)	25,100		448,286
Agree Realty Corp. (REIT)	5,600		128,016
Alexander’s, Inc. (REIT)*	700		209,391
American Campus Communities, Inc. (REIT)	42,700		1,181,082
American Capital Agency Corp. (REIT)	12,300		314,880
Anworth Mortgage Asset Corp. (REIT)	92,400		622,776
Apollo Commercial Real Estate Finance, Inc. (REIT)	7,100		127,871
Ashford Hospitality Trust, Inc. (REIT)*	35,000		250,950
Associated Estates Realty Corp. (REIT)	12,600		173,754
BioMed Realty Trust, Inc. (REIT)	80,900		1,338,086
CapLease, Inc. (REIT)	41,900		232,545
Capstead Mortgage Corp. (REIT)	56,200		672,152
CBL & Associates Properties, Inc. (REIT)	113,000		1,548,100
Cedar Shopping Centers, Inc. (REIT)	34,100		269,731
Chesapeake Lodging Trust (REIT)*	6,100		118,767
Cogdell Spencer, Inc. (REIT)	27,300		202,020
Colonial Properties Trust (REIT)	55,600		716,128
Colony Financial, Inc. (REIT)	10,400		208,000
Cousins Properties, Inc. (REIT)	61,665		512,436
CreXus Investment Corp. (REIT)	9,600		128,352
Cypress Sharpridge Investments, Inc. (REIT)	12,900		172,602
DCT Industrial Trust, Inc. (REIT)	164,900		862,427
Developers Diversified Realty Corp. (REIT)	164,500		2,001,965
DiamondRock Hospitality Co. (REIT)*	103,337		1,044,737
DuPont Fabros Technology, Inc. (REIT)	10,000		215,900
Dynex Capital, Inc. (REIT)	7,200		64,800
EastGroup Properties, Inc. (REIT)	8,100		305,694
Education Realty Trust, Inc. (REIT)	46,000		264,040
Entertainment Properties Trust (REIT)	34,200		1,406,646
Equity Lifestyle Properties, Inc. (REIT)	8,200		441,816
Equity One, Inc. (REIT)	28,000		528,920
Extra Space Storage, Inc. (REIT)	69,800		885,064
FelCor Lodging Trust, Inc. (REIT)*	49,400		281,580
First Industrial Realty Trust, Inc. (REIT)*	40,300		312,728
First Potomac Realty Trust (REIT)	29,100		437,373
Franklin Street Properties Corp. (REIT)	55,600		802,308
Getty Realty Corp. (REIT)	8,900		208,260
Gladstone Commercial Corp. (REIT)	8,400		121,380
Glimcher Realty Trust (REIT)	53,200		269,724
Government Properties Income Trust (REIT)	11,700		304,317
Gramercy Capital Corp./New York (REIT)*	32,700		91,233
Hatteras Financial Corp. (REIT)	30,300		780,831
Healthcare Realty Trust, Inc. (REIT)	49,200		1,145,868
Hersha Hospitality Trust (REIT)	94,500		489,510
Highwoods Properties, Inc. (REIT)	57,200		1,814,956

See Notes to Portfolio of Investments.

181

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Home Properties, Inc. (REIT)	27,700	$	1,296,360
Inland Real Estate Corp. (REIT)	58,200		532,530
Invesco Mortgage Capital, Inc. (REIT)	11,700		269,100
Investors Real Estate Trust (REIT)	56,800		512,336
iStar Financial, Inc. (REIT)*	80,600		369,954
Kilroy Realty Corp. (REIT)	35,800		1,104,072
Kite Realty Group Trust (REIT)	35,400		167,442
LaSalle Hotel Properties (REIT)	52,500		1,223,250
Lexington Realty Trust (REIT)	82,210		535,187
LTC Properties, Inc. (REIT)	17,700		478,962
Medical Properties Trust, Inc. (REIT)	64,900		680,152
MFA Financial, Inc. (REIT)	230,500		1,696,480
Mid-America Apartment Communities, Inc. (REIT)	11,400		590,406
Mission West Properties, Inc. (REIT)	14,300		98,384
Monmouth Real Estate Investment Corp. (REIT), Class A	17,500		147,175
National Health Investors, Inc. (REIT)	20,000		775,200
National Retail Properties, Inc. (REIT)	65,100		1,486,233
NorthStar Realty Finance Corp. (REIT)	57,500		242,075
Omega Healthcare Investors, Inc. (REIT)	57,200		1,114,828
Parkway Properties, Inc./Maryland (REIT)	18,400		345,552
Pebblebrook Hotel Trust (REIT)*	14,500		304,935
Pennsylvania Real Estate Investment Trust (REIT)	33,200		414,004
Pennymac Mortgage Investment Trust (REIT)*	11,600		192,676
Post Properties, Inc. (REIT)	40,500		891,810
Potlatch Corp. (REIT)	15,600		546,624
PS Business Parks, Inc. (REIT)	10,000		534,000
RAIT Financial Trust (REIT)*	65,600		129,888
Ramco-Gershenson Properties Trust (REIT)	22,400		252,224
Redwood Trust, Inc. (REIT)	56,500		871,230
Resource Capital Corp. (REIT)	23,900		161,564
Saul Centers, Inc. (REIT)	2,100		86,940
Sovran Self Storage, Inc. (REIT)	22,900		798,294
Strategic Hotels & Resorts, Inc. (REIT)*	58,800		249,900
Sun Communities, Inc. (REIT)	14,000		352,800
Sunstone Hotel Investors, Inc. (REIT)*	81,500		910,355
Tanger Factory Outlet Centers (REIT)	16,100		694,876
Terreno Realty Corp. (REIT)*	6,900		136,137
UMH Properties, Inc. (REIT)	6,800		55,556
Universal Health Realty Income Trust (REIT)	4,300		151,962
Urstadt Biddle Properties, Inc. (REIT), Class A	18,000		284,580
U-Store-It Trust (REIT)	65,500		471,600
Walter Investment Management Corp. (REIT)	17,600		281,600
Washington Real Estate Investment Trust (REIT)	42,200		1,289,210
Winthrop Realty Trust (REIT)	10,700		128,828
			48,515,273
Real Estate Management & Development (0.1%)
American Realty Investors, Inc.*	600		6,450
Avatar Holdings, Inc.*	5,400		117,396
China Housing & Land Development, Inc.*	19,500		74,100
Consolidated-Tomoka Land Co.	4,500		141,795
Forestar Group, Inc.*	29,700		560,736
			900,477
Thrifts & Mortgage Finance (1.8%)
Abington Bancorp, Inc.	20,200		159,580
Astoria Financial Corp.	67,500		978,750
Bank Mutual Corp.	41,300		268,450
BankFinancial Corp.	14,900		136,633
Beneficial Mutual Bancorp, Inc.*	27,700		262,596
Berkshire Hills Bancorp, Inc.	12,200		223,626
Brookline Bancorp, Inc.	34,700		369,208
Clifton Savings Bancorp, Inc.	7,200		66,744
Dime Community Bancshares, Inc.	22,400		282,912
Doral Financial Corp.*	5,700		24,567
ESB Financial Corp.	9,000		116,010
ESSA Bancorp, Inc.	10,500		131,670
First Defiance Financial Corp.	5,000		50,600
First Financial Holdings, Inc.	12,000		180,720
First Financial Northwest, Inc.	14,700		100,401
First Financial Service Corp.	4,000		35,000
Flagstar Bancorp, Inc.*	73,837		44,302
Flushing Financial Corp.	26,100		330,426
Fox Chase Bancorp, Inc.*	5,400		58,374
Home Federal Bancorp, Inc./Idaho	13,300		192,983
Kearny Financial Corp.	13,300		138,719
Kentucky First Federal Bancorp.	400		4,196
K-Fed Bancorp.	4,200		37,464
Legacy Bancorp., Inc./Massachusetts	7,300		69,277
Meridian Interstate Bancorp, Inc.*	9,600		99,840
MGIC Investment Corp.*	101,900		1,117,843
NASB Financial, Inc.	3,300		76,296
NewAlliance Bancshares, Inc.	84,500		1,066,390
Northeast Community Bancorp, Inc.	6,000		43,140
Northwest Bancshares, Inc.	29,250		343,395
OceanFirst Financial Corp.	8,800		99,968
Ocwen Financial Corp.*	47,300		524,557
Oritani Financial Corp.	2,000		32,140
PMI Group, Inc.*	61,800		334,956
Provident Financial Services, Inc.	48,000		571,200
Provident New York Bancorp.	29,400		278,712
Radian Group, Inc.	67,100		1,049,444
Rockville Financial, Inc.	7,900		96,301
Roma Financial Corp.	4,900		61,446
Territorial Bancorp, Inc.	7,900		150,337
Tree.com, Inc.*	6,500		59,475
TrustCo Bank Corp. NY/New York^	682,900		4,213,493
United Financial Bancorp, Inc.	12,500		174,750
Waterstone Financial, Inc.*	6,800		24,616
Westfield Financial, Inc.	23,100		212,289
WSFS Financial Corp.	5,200		202,800
			15,096,596
Total Financials			211,089,217
Health Care (5.1%)
Biotechnology (0.2%)
ArQule, Inc.*	11,700		67,392
Celera Corp.*	53,400		379,140
Facet Biotech Corp.*	16,800		453,432
Geron Corp.*	36,600		207,888
Infinity Pharmaceuticals, Inc.*	9,900		60,390
Lexicon Pharmaceuticals, Inc.*	51,400		76,072
Martek Biosciences Corp.*	21,400		481,714
Maxygen, Inc.*	300		1,971

See Notes to Portfolio of Investments.

182

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Nabi Biopharmaceuticals*	9,000	$	49,230
Progenics Pharmaceuticals, Inc.*	2,400		12,792
		1,790,021
Health Care Equipment & Supplies (1.7%)
AGA Medical Holdings, Inc.*	600		9,750
Analogic Corp.	3,100		132,463
AngioDynamics, Inc.*	15,200		237,424
Cantel Medical Corp.	2,000		39,700
Cardiac Science Corp.*	18,000		33,660
CONMED Corp.*	22,900		545,249
Cutera, Inc.*	6,000		62,220
Cynosure, Inc., Class A*	7,200		80,928
ev3, Inc.*	61,000		967,460
Greatbatch, Inc.*	4,200		88,998
Invacare Corp.	13,100		347,674
Medical Action Industries, Inc.*	3,100		38,037
Natus Medical, Inc.*	4,600		73,186
Palomar Medical Technologies, Inc.*	2,500		27,150
Rochester Medical Corp.*	145,000		1,858,900
RTI Biologics, Inc.*	24,700		106,951
STERIS Corp.^	106,000		3,567,960
Symmetry Medical, Inc.*	23,900		239,956
Teleflex, Inc.	57,200		3,664,804
TomoTherapy, Inc.*	20,300		69,223
Volcano Corp.*	8,600		207,776
West Pharmaceutical Services, Inc.^	45,000		1,887,750
Young Innovations, Inc.	1,100		30,976
Zoll Medical Corp.*	1,400		36,904
			14,355,099
Health Care Providers & Services (1.8%)
Alliance HealthCare Services, Inc.*	2,800		15,736
Allied Healthcare International, Inc.*	35,900		97,648
Amedisys, Inc.*	900		49,698
America Service Group, Inc.	265,000		4,263,850
American Dental Partners, Inc.*	8,300		108,315
Amsurg Corp.*	23,700		511,683
Assisted Living Concepts, Inc., Class A*	8,460		277,826
Capital Senior Living Corp.*	19,900		104,674
Centene Corp.*	17,000		408,680
Continuecare Corp.*	100		370
Cross Country Healthcare, Inc.*	24,000		242,640
Gentiva Health Services, Inc.*	14,500		410,060
Hanger Orthopedic Group, Inc.*	17,400		316,332
Healthspring, Inc.*	40,500		712,800
Healthways, Inc.*	26,400		424,248
inVentiv Health, Inc.*	18,200		408,772
Kindred Healthcare, Inc.*	32,300		583,015
Landauer, Inc.	3,300		215,226
LCA-Vision, Inc.*	4,300		35,776
Magellan Health Services, Inc.*	28,500		1,239,180
MedCath Corp.*	12,000		125,640
Molina Healthcare, Inc.*	11,500		289,455
National Healthcare Corp.	3,700		130,906
Nighthawk Radiology Holdings, Inc.*	16,300		51,834
NovaMed, Inc.*	2,400		8,160
Odyssey HealthCare, Inc.*	12,500		226,375
Owens & Minor, Inc.	6,200		287,618
Psychiatric Solutions, Inc.*	14,800		441,040
RehabCare Group, Inc.*	3,600		98,172
Res-Care, Inc.*	20,400		244,596
Select Medical Holdings Corp.*	18,600		156,984
Skilled Healthcare Group, Inc., Class A*	16,800		103,656
Sun Healthcare Group, Inc.*	35,700		340,578
Sunrise Senior Living, Inc.*	39,000		199,680
Team Health Holdings, Inc.*	2,000		33,600
Triple-S Management Corp., Class B*	14,600		259,150
U.S. Physical Therapy, Inc.*	4,200		73,080
Universal American Corp.*	20,600		317,240
WellCare Health Plans, Inc.*	34,100		1,016,180
			14,830,473
Health Care Technology (0.0%)
AMICAS, Inc.*	6,300		37,926
MedQuist, Inc.	9,300		72,633
Omnicell, Inc.*	2,400		33,672
Vital Images, Inc.*	2,500		40,425
			184,656
Life Sciences Tools & Services (1.1%)
Affymetrix, Inc.*	7,900		57,986
Albany Molecular Research, Inc.*	19,500		162,825
Cambrex Corp.*	2,900		11,745
Enzo Biochem, Inc.*	4,500		27,090
Kendle International, Inc.*	9,800		171,304
Mettler-Toledo International, Inc.*	36,000		3,931,200
Pharmaceutical Product Development, Inc.	150,300		3,569,625
Varian, Inc.*	18,300		947,574
			8,879,349
Pharmaceuticals (0.3%)
Adolor Corp.*	8,800		15,840
Caraco Pharmaceutical Laboratories Ltd.*	2,900		17,371
Cumberland Pharmaceuticals, Inc.*	100		1,053
Hi-Tech Pharmacal Co., Inc.*	4,900		108,486
Ironwood Pharmaceuticals, Inc.*	3,500		47,320
KV Pharmaceutical Co., Class A*	18,000		31,680
Medicines Co.*	12,100		94,864
Medicis Pharmaceutical Corp., Class A	41,100		1,034,076
Par Pharmaceutical Cos., Inc.*	28,200		699,360
SuperGen, Inc.*	12,200		39,040
ViroPharma, Inc.*	50,800		692,404
			2,781,494
Total Health Care			42,821,092
Industrials (22.1%)
Aerospace & Defense (1.0%)
AAR Corp.*	29,300		727,226
Argon ST, Inc.*	800		21,288
Ascent Solar Technologies, Inc.*	12,600		48,510
Ceradyne, Inc.*^	68,800		1,561,072
Curtiss-Wright Corp.	36,800		1,280,640
Ducommun, Inc.	7,500		157,575
DynCorp International, Inc., Class A*	18,600		213,714
Esterline Technologies Corp.*	15,800		780,994
GeoEye, Inc.*	1,100		32,450
Global Defense Technology & Systems, Inc.*	1,000		13,400
Herley Industries, Inc.*	11,200		164,192
Ladish Co., Inc.*	13,300		268,128
LMI Aerospace, Inc.*	3,300		61,314
Moog, Inc., Class A*	36,900		1,306,998
Teledyne Technologies, Inc.*	20,100		829,527
Todd Shipyards Corp.	5,700		93,651
Triumph Group, Inc.	13,400		939,206
			8,499,885
Air Freight & Logistics (0.2%)
Air Transport Services Group, Inc.*	22,100		74,477
Atlas Air Worldwide Holdings, Inc.*	16,900		896,545
Dynamex, Inc.*	2,300		39,560

See Notes to Portfolio of Investments.

183

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Forward Air Corp.	12,400	$	326,120
Hub Group, Inc., Class A*	16,000		447,680
Pacer International, Inc.*	28,800		173,376
		1,957,758
Airlines (0.9%)
Alaska Air Group, Inc.*	28,200		1,162,686
JetBlue Airways Corp.*	206,256		1,150,909
Republic Airways Holdings, Inc.*	19,900		117,808
SkyWest, Inc.	257,500		3,677,100
U.S. Airways Group, Inc.*	131,900		969,465
UAL Corp.*	8,100		158,355
			7,236,323
Building Products (2.4%)
American Woodmark Corp.^	140,900		2,732,051
Ameron International Corp.	7,100		446,519
Apogee Enterprises, Inc.^	257,400		4,069,494
Builders FirstSource, Inc.*	8,094		25,496
Gibraltar Industries, Inc.*^	271,600		3,424,876
Griffon Corp.*	35,600		443,576
Insteel Industries, Inc.	13,000		138,970
NCI Building Systems, Inc.*	12,320		136,013
Quanex Building Products Corp.	12,600		208,278
Simpson Manufacturing Co., Inc.^	107,800		2,992,528
Trex Co., Inc.*	1,900		40,451
Universal Forest Products, Inc.^	130,499		5,026,821
			19,685,073
Commercial Services & Supplies (2.7%)
ABM Industries, Inc.^	206,300		4,373,560
ACCO Brands Corp.*	43,900		336,274
American Reprographics Co.*	4,400		39,468
Amrep Corp.*	1,600		23,248
ATC Technology Corp.*	3,800		65,208
Bowne & Co., Inc.	32,100		358,236
Clean Harbors, Inc.*	400		22,224
Consolidated Graphics, Inc.*	8,100		335,421
Copart, Inc.*	65,000		2,314,000
Cornell Cos., Inc.*	7,900		144,649
Courier Corp.	8,800		145,288
Deluxe Corp.	19,700		382,574
EnergySolutions, Inc.	56,800		365,224
Ennis, Inc.	22,100		359,567
Fuel Tech, Inc.*	3,300		26,466
G&K Services, Inc., Class A	14,100		364,908
GEO Group, Inc.*	7,000		138,740
HNI Corp.	10,448		278,230
Innerworkings, Inc.*	1,000		5,200
Kimball International, Inc., Class B	27,000		187,650
M&F Worldwide Corp.*	8,700		266,220
McGrath RentCorp.	16,800		407,064
Metalico, Inc.*	26,600		159,334
Mine Safety Appliances Co.	112,100		3,134,316
Mobile Mini, Inc.*	202,300		3,133,627
Multi-Color Corp.	1,700		20,366
North American Galvanizing & Coatings, Inc.*	200		1,112
Schawk, Inc.	11,600		210,308
Standard Parking Corp.*	3,500		57,470
Standard Register Co.	1,900		10,165
Steelcase, Inc., Class A	58,600		379,142
Team, Inc.*	180,000		2,986,200
United Stationers, Inc.*	18,800		1,106,380
Viad Corp.	15,600		320,580
Waste Services, Inc.*	13,500		133,515
			22,591,934
Construction & Engineering (1.6%)
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)*	80,000		1,860,800
Comfort Systems USA, Inc.	33,000		412,170
Dycom Industries, Inc.*	33,200		291,164
EMCOR Group, Inc.*^	116,100		2,859,543
Furmanite Corp.*	359,300		1,864,767
Granite Construction, Inc.	24,600		743,412
Great Lakes Dredge & Dock Corp.	3,300		17,325
Insituform Technologies, Inc., Class A*	32,100		854,181
Integrated Electrical Services, Inc.*	6,000		33,900
Layne Christensen Co.*	16,100		430,031
MasTec, Inc.*	12,100		152,581
Northwest Pipe Co.*	7,800		170,430
Orion Marine Group, Inc.*	185,000		3,339,250
Pike Electric Corp.*	7,900		73,628
Sterling Construction Co., Inc.*	11,200		176,064
Tutor Perini Corp.*	21,200		461,100
			13,740,346
Electrical Equipment (2.3%)
A. O. Smith Corp.	38,300		2,013,431
Acuity Brands, Inc.	8,000		337,680
Baldor Electric Co.	30,800		1,151,920
Belden, Inc.	38,300		1,051,718
Brady Corp., Class A^	154,000		4,792,480
Chase Corp.	5,300		66,886
China BAK Battery, Inc.*	28,700		69,167
Encore Wire Corp.	14,900		309,920
Energy Conversion Devices, Inc.*	6,100		47,763
EnerSys*	31,700		781,722
Evergreen Solar, Inc.*	70,000		79,100
Franklin Electric Co., Inc.	76,800		2,303,232
FuelCell Energy, Inc.*	11,600		32,712
Fushi Copperweld, Inc.*	14,800		166,056
Generac Holdings, Inc.*	9,500		133,095
GrafTech International Ltd.*	59,100		807,897
II-VI, Inc.*	6,700		226,728
LaBarge, Inc.*	900		9,945
LSI Industries, Inc.	13,900		94,798
Orion Energy Systems, Inc.*	13,700		67,130
Polypore International, Inc.*	12,800		223,488
Powell Industries, Inc.*^	18,200		592,046
PowerSecure International, Inc.*	8,300		65,404
Preformed Line Products Co.	300		11,445
Regal-Beloit Corp.	28,600		1,699,126
Roper Industries, Inc.	35,000		2,024,400
SatCon Technology Corp.*	3,400		8,262
Valence Technology, Inc.*	6,300		5,355
Vicor Corp.*	10,900		150,529
Woodward Governor Co.	9,900		316,602
			19,640,037
Industrial Conglomerates (0.7%)
Carlisle Cos., Inc.	108,000		4,114,800
Otter Tail Corp.	29,600		650,016
Seaboard Corp.	284		368,944
Standex International Corp.	10,400		268,008
Tredegar Corp.	24,200		413,336
United Capital Corp.*	1,800		42,696
			5,857,800
Machinery (6.2%)
3D Systems Corp.*	3,600		49,140
Actuant Corp., Class A	29,400		574,770
Alamo Group, Inc.	6,000		119,940
Albany International Corp., Class A	22,600		486,578

See Notes to Portfolio of Investments.

184

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Altra Holdings, Inc.*	19,300	$	264,989
American Railcar Industries, Inc.	8,900		108,224
Ampco-Pittsburgh Corp.	3,200		79,424
Astec Industries, Inc.*^	74,300		2,151,728
Barnes Group, Inc.	37,300		725,485
Blount International, Inc.*	21,700		224,812
Briggs & Stratton Corp.^	141,400		2,757,300
Cascade Corp.	7,600		244,796
Chart Industries, Inc.*	3,300		66,000
CIRCOR International, Inc.^	56,800		1,886,328
CLARCOR, Inc.	26,500		913,985
CNH Global N.V.*	13,500		415,125
Colfax Corp.*	14,100		165,957
Columbus McKinnon Corp.*	16,200		257,094
Duoyuan Printing, Inc.*	5,200		56,160
Eastern Co.	5,900		79,886
EnPro Industries, Inc.*	16,400		476,912
Federal Signal Corp.	39,000		351,390
Flow International Corp.*	800		2,408
FreightCar America, Inc.	9,100		219,856
Gardner Denver, Inc.^	76,300		3,360,252
Gorman-Rupp Co.	4,100		104,304
Graco, Inc.^	114,500		3,664,000
Graham Corp.	2,100		37,779
Greenbrier Cos., Inc.*	13,000		143,130
Hurco Cos., Inc.*	3,800		63,954
John Bean Technologies Corp.	22,700		398,158
Kadant, Inc.*	10,100		145,541
Kaydon Corp.	27,400		1,030,240
Kennametal, Inc.^	118,700		3,337,844
K-Tron International, Inc.*	400		59,988
L.B. Foster Co., Class A*	7,700		222,453
Lincoln Electric Holdings, Inc.	51,900		2,819,727
Lindsay Corp.	100		4,141
Met-Pro Corp.	700		6,860
Miller Industries, Inc.	8,200		101,926
Mueller Industries, Inc.	178,900		4,792,731
Mueller Water Products, Inc., Class A	127,300		608,494
NACCO Industries, Inc., Class A	4,400		326,260
Nordson Corp.^	79,700		5,413,224
Portec Rail Products, Inc.	1,200		13,944
RBC Bearings, Inc.*	100		3,187
Robbins & Myers, Inc.	20,000		476,400
Sauer-Danfoss, Inc.*	7,300		96,944
Sun Hydraulics Corp.	6,000		155,880
Tecumseh Products Co., Class A*	15,700		192,639
Timken Co.	29,000		870,290
Titan International, Inc.	30,300		264,519
Trimas Corp.*	2,945		19,113
Trinity Industries, Inc.^	222,000		4,431,120
Twin Disc, Inc.	7,600		92,872
Wabash National Corp.*^	373,200		2,616,132
Watts Water Technologies, Inc., Class A	106,900		3,320,314
			51,872,647
Marine (0.5%)
American Commercial Lines, Inc.*	7,500		188,250
Eagle Bulk Shipping, Inc.*	50,600		268,686
Genco Shipping & Trading Ltd.*	21,300		449,643
Horizon Lines, Inc., Class A	24,900		135,456
International Shipholding Corp.	4,700		138,133
Kirby Corp.*	75,000		2,861,250
Ultrapetrol Bahamas Ltd.*	16,100		88,389
			4,129,807
Professional Services (0.5%)
Administaff, Inc.	28,800		614,592
Barrett Business Services, Inc.	7,600		103,056
CDI Corp.	9,100		133,406
COMSYS IT Partners, Inc.*	11,600		202,768
CRA International, Inc.*	1,700		38,964
GP Strategies Corp.*	5,800		48,488
Heidrick & Struggles International, Inc.	14,000		392,420
Kelly Services, Inc., Class A*	19,900		331,534
Kforce, Inc.*	24,200		368,082
Korn/Ferry International*	35,000		617,750
Mistras Group, Inc.*	2,700		26,973
On Assignment, Inc.*	27,200		193,936
School Specialty, Inc.*	8,800		199,848
SFN Group, Inc.*	43,500		348,435
Towers Watson & Co., Class A	5,700		270,750
TrueBlue, Inc.*	36,500		565,750
Volt Information Sciences, Inc.*	10,200		104,142
VSE Corp.	600		24,696
			4,585,590
Road & Rail (2.2%)
Amerco, Inc.*	7,500		407,175
Arkansas Best Corp.	20,600		615,528
Avis Budget Group, Inc.*	33,000		379,500
Celadon Group, Inc.*	4,300		59,942
Dollar Thrifty Automotive Group, Inc.*	22,600		726,138
Genesee & Wyoming, Inc., Class A*^	197,000		6,721,640
Heartland Express, Inc.	16,400		270,600
Knight Transportation, Inc.	9,800		206,682
Old Dominion Freight Line, Inc.*	19,000		634,410
Patriot Transportation Holding, Inc.*	500		42,240
RailAmerica, Inc.*	11,300		133,340
Saia, Inc.*	238,100		3,304,828
Universal Truckload Services, Inc.*	5,000		87,900
USA Truck, Inc.*	400		6,464
Vitran Corp., Inc.*	330,000		3,993,000
Werner Enterprises, Inc.	35,400		820,218
YRC Worldwide, Inc.*	54,600		29,692
			18,439,297
Trading Companies & Distributors (0.9%)
Aceto Corp.	17,100		103,284
Aircastle Ltd.	36,200		342,814
Applied Industrial Technologies, Inc.^	91,600		2,276,260
Beacon Roofing Supply, Inc.*	5,800		110,954
BlueLinx Holdings, Inc.*	8,900		33,909
DXP Enterprises, Inc.*	157,400		2,009,998
H&E Equipment Services, Inc.*	23,500		253,330
Houston Wire & Cable Co.	6,800		78,744
Interline Brands, Inc.*	27,200		520,608
Kaman Corp.	3,600		90,036
Lawson Products, Inc.	4,100		63,427
Rush Enterprises, Inc., Class A*	21,300		281,373
TAL International Group, Inc.	12,400		247,752
Textainer Group Holdings Ltd.	6,500		140,075
United Rentals, Inc.*	47,100		441,798
Watsco, Inc.	1,300		73,944
Willis Lease Finance Corp.*	2,700		42,606
			7,110,912
Transportation Infrastructure (0.0%)
CAI International, Inc.*	9,000		110,880
Total Industrials			185,458,289

See Notes to Portfolio of Investments.

185

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Information Technology (6.6%)
Communications Equipment (0.9%)
3Com Corp.*	57,800	$	444,482
ADC Telecommunications, Inc.*	64,500		471,495
ADTRAN, Inc.	9,000		237,150
Airvana, Inc.*	10,700		81,962
Arris Group, Inc.*	24,300		291,843
Aviat Networks, Inc.*	49,900		330,837
Bel Fuse, Inc., Class B	8,800		177,320
Black Box Corp.	13,500		415,260
Cogo Group, Inc.*	16,900		118,131
Communications Systems, Inc.	6,200		80,166
Digi International, Inc.*	14,600		155,344
Emcore Corp.*	71,800		86,878
EMS Technologies, Inc.*	1,100		18,260
Emulex Corp.*	3,522		46,772
Extreme Networks, Inc.*	70,000		214,900
Globecomm Systems, Inc.*	15,100		116,119
Harmonic, Inc.*	15,500		97,805
NETGEAR, Inc.*	20,100		524,610
Network Equipment Technologies, Inc.*	14,100		77,691
Oplink Communications, Inc.*	3,500		64,890
Opnext, Inc.*	23,600		55,696
Palm, Inc.*	15,800		59,408
PC-Tel, Inc.*	16,200		100,116
Plantronics, Inc.	3,893		121,773
Polycom, Inc.*	40,100		1,226,258
Powerwave Technologies, Inc.*	103,200		129,000
SeaChange International, Inc.*	10,500		75,390
Sonus Networks, Inc.*	169,100		441,351
Sycamore Networks, Inc.	14,430		290,188
Symmetricom, Inc.*	38,200		222,706
Tekelec*	35,100		637,416
UTStarcom, Inc.*	96,600		269,514
			7,680,731
Computers & Peripherals (0.3%)
ActivIdentity Corp.*	18,600		52,824
Adaptec, Inc.*	104,000		340,080
Avid Technology, Inc.*	19,600		270,088
Cray, Inc.*	5,400		32,130
Diebold, Inc.^	18,900		600,264
Electronics for Imaging, Inc.*	37,600		437,288
Imation Corp.*	19,900		219,099
Intevac, Inc.*	18,400		254,288
Rimage Corp.*	8,400		121,464
Silicon Graphics International Corp.*	20,600		220,214
Super Micro Computer, Inc.*	4,900		84,672
			2,632,411
Electronic Equipment, Instruments & Components (2.3%)
Agilysys, Inc.	11,400		127,338
Anixter International, Inc.*	19,900		932,315
Benchmark Electronics, Inc.*	329,300		6,829,682
Checkpoint Systems, Inc.*	24,300		537,516
China Security & Surveillance Technology, Inc.*	5,000		38,450
Cognex Corp.	26,900		497,381
Coherent, Inc.*	16,800		536,928
CPI International, Inc.*	4,100		54,366
CTS Corp.	25,900		243,978
Daktronics, Inc.	1,500		11,430
DDi Corp.*	12,400		70,308
Echelon Corp.*	7,600		68,172
Electro Rent Corp.	16,200		212,706
Electro Scientific Industries, Inc.*	22,100		283,101
FARO Technologies, Inc.*	700		18,025
ICx Technologies, Inc.*	5,700		39,729
Insight Enterprises, Inc.*	32,800		471,008
L-1 Identity Solutions, Inc.*	14,700		131,271
Littelfuse, Inc.*	18,000		684,180
Measurement Specialties, Inc.*	11,100		163,281
Mercury Computer Systems, Inc.*	18,200		249,704
Methode Electronics, Inc.	27,000		267,300
MTS Systems Corp.	12,300		357,069
Newport Corp.*	30,500		381,250
OSI Systems, Inc.*	2,200		61,710
Park Electrochemical Corp.	6,300		181,062
PC Connection, Inc.*	9,300		57,660
PC Mall, Inc.*	7,700		38,962
Plexus Corp.*	20,600		742,218
Power-One, Inc.*	53,800		227,036
Rofin-Sinar Technologies, Inc.*^	99,800		2,257,476
Rogers Corp.*	9,400		272,694
Scansource, Inc.*	20,200		581,356
SMART Modular Technologies (WWH), Inc.*	31,300		241,323
Spectrum Control, Inc.*	9,000		105,210
SYNNEX Corp.*	11,700		345,852
Technitrol, Inc.	35,500		187,440
TTM Technologies, Inc.*	33,500		297,480
X-Rite, Inc.*	26,000		78,780
Zygo Corp.*	11,500		106,145
			18,988,892
Internet Software & Services (0.4%)
Ancestry.com, Inc.*	500		8,475
Digital River, Inc.*	5,300		160,590
DivX, Inc.*	7,100		50,836
EarthLink, Inc.	77,100		658,434
InfoSpace, Inc.*	11,200		123,760
Internap Network Services Corp.*	39,300		220,080
Internet Brands, Inc., Class A*	12,100		111,562
Internet Capital Group, Inc.*	14,000		118,300
Ipass, Inc.*	50,100		57,615
j2 Global Communications, Inc.*	1,900		44,460
Keynote Systems, Inc.	3,700		42,143
LogMeIn, Inc.*	800		16,552
Marchex, Inc., Class B	6,500		33,215
ModusLink Global Solutions, Inc.*	34,600		291,678
Openwave Systems, Inc.*	42,500		97,750
Perficient, Inc.*	18,300		206,241
QuinStreet, Inc.*	3,800		64,638
RealNetworks, Inc.*	35,200		170,016
support.com, Inc.*	33,900		110,853
TechTarget, Inc.*	11,900		62,237
United Online, Inc.	67,400		504,152
Web.com Group, Inc.*	19,100		104,095
			3,257,682
IT Services (0.5%)
Acxiom Corp.*	9,400		168,636
CACI International, Inc., Class A*	21,000		1,025,850
China Information Security
Technology, Inc.*	500		2,525
CIBER, Inc.*	59,400		222,156
Computer Task Group, Inc.*	3,800		27,550
CSG Systems International, Inc.*	11,200		234,752
Dynamics Research Corp.*	6,400		72,128
Echo Global Logistics, Inc.*	2,600		33,566
Euronet Worldwide, Inc.*	4,651		85,718
Global Cash Access Holdings, Inc.*	4,000		32,680
Hackett Group, Inc.*	11,800		32,804

See Notes to Portfolio of Investments.

186

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
infoGROUP, Inc.*	11,700	$	91,260
Information Services Group, Inc.*	23,200		79,112
Integral Systems, Inc.*	8,700		83,781
ManTech International Corp., Class A*	3,100		151,373
MAXIMUS, Inc.	800		48,744
MoneyGram International, Inc.*	5,600		21,336
Ness Technologies, Inc.*	33,500		211,385
Online Resources Corp.*	8,900		35,867
SRA International, Inc., Class A*	24,700		513,513
StarTek, Inc.*	6,200		43,090
Tier Technologies, Inc., Class B*	8,500		67,660
Unisys Corp.*	32,470		1,132,878
Virtusa Corp.*	1,500		15,465
			4,433,829
Semiconductors & Semiconductor Equipment (1.5%)
Actel Corp.*	15,200		210,520
Advanced Energy Industries, Inc.*	5,400		89,424
ANADIGICS, Inc.*	12,700		61,722
ATMI, Inc.*	17,700		341,787
Brooks Automation, Inc.*	52,300		461,286
Cabot Microelectronics Corp.*	16,300		616,629
CEVA, Inc.*	700		8,162
Cohu, Inc.^	266,700		3,672,459
Cymer, Inc.*	23,400		872,820
DSP Group, Inc.*	17,200		143,276
Entegris, Inc.*	104,200		525,168
Exar Corp.*	25,400		179,070
FEI Co.*	2,900		66,439
FormFactor, Inc.*	2,900		51,504
GSI Technology, Inc.*	12,200		56,852
IXYS Corp.*	3,000		25,620
Lattice Semiconductor Corp.*	84,500		310,115
MEMSIC, Inc.*	14,600		46,574
Micrel, Inc.	19,700		210,002
Microtune, Inc.*	20,900		57,057
MKS Instruments, Inc.*	40,900		801,231
OmniVision Technologies, Inc.*^	60,000		1,030,800
Pericom Semiconductor Corp.*	22,000		235,620
Photronics, Inc.*	40,800		207,672
RF Micro Devices, Inc.*	18,136		90,317
Rudolph Technologies, Inc.*	14,000		119,980
Sigma Designs, Inc.*	5,500		64,515
Silicon Image, Inc.*	61,700		186,334
Silicon Storage Technology, Inc.*	61,800		187,872
Standard Microsystems Corp.*	13,000		302,640
Trident Microsystems, Inc.*	47,300		82,302
TriQuint Semiconductor, Inc.*	49,700		347,900
Veeco Instruments, Inc.*	13,164		572,634
Virage Logic Corp.*	10,800		84,888
White Electronic Designs Corp.*	15,500		108,500
Zoran Corp.*	8,200		88,232
			12,517,923
Software (0.7%)
American Software, Inc., Class A	500		2,905
Callidus Software, Inc.*	8,600		31,218
Epicor Software Corp.*	39,900		381,444
ePlus, Inc.*	1,600		28,080
Fair Isaac Corp.	40,300		1,021,202
Fortinet, Inc.*	2,400		42,192
JDA Software Group, Inc.*	5,994		166,753
Lawson Software, Inc.*	67,400		445,514
Mentor Graphics Corp.*	76,600		614,332
Monotype Imaging Holdings, Inc.*	17,900		174,167
NetScout Systems, Inc.*	2,100		31,059
Pervasive Software, Inc.*	15,300		77,418
Quest Software, Inc.*	43,700		777,423
SonicWALL, Inc.*	38,900		338,041
Symyx Technologies, Inc.*	7,200		32,328
Synchronoss Technologies, Inc.*	1,600		30,992
Take-Two Interactive Software, Inc.*	57,600		567,360
THQ, Inc.*	11,800		82,718
TIBCO Software, Inc.*	87,900		948,441
VASCO Data Security International, Inc.*	5,200		42,900
			5,836,487
Total Information Technology			55,347,955
Materials (7.8%)
Chemicals (3.6%)
A. Schulman, Inc.	19,200		469,824
Airgas, Inc.	24,800		1,577,776
American Vanguard Corp.	13,100		106,765
Ampal American Israel, Class A*	15,800		43,924
Arch Chemicals, Inc.	17,500		601,825
Cabot Corp.	101,300		3,079,520
Ferro Corp.*	69,500		610,905
H.B. Fuller Co.	129,200		2,998,732
ICO, Inc.	21,100		170,488
Innophos Holdings, Inc.	13,900		387,810
Innospec, Inc.*	20,300		230,608
Koppers Holdings, Inc.	6,300		178,416
Kraton Performance Polymers, Inc.*	5,600		100,016
Minerals Technologies, Inc.	14,700		762,048
NL Industries, Inc.	2,800		24,024
Olin Corp.	56,840		1,115,201
OM Group, Inc.*	24,149		818,168
PolyOne Corp.*	62,400		638,976
Quaker Chemical Corp.	9,300		252,123
Rockwood Holdings, Inc.*	39,100		1,040,842
RPM International, Inc.	216,300		4,615,842
Sensient Technologies Corp.	41,900		1,217,614
ShengdaTech, Inc.*	23,300		174,517
Solutia, Inc.*	97,000		1,562,670
Spartech Corp.*	25,900		303,030
Stepan Co.	700		39,123
STR Holdings, Inc.*	3,300		77,550
W.R. Grace & Co.*	41,100		1,140,936
Westlake Chemical Corp.^	218,000		5,622,220
Zoltek Cos., Inc.*	21,200		204,368
			30,165,861
Construction Materials (0.1%)
Headwaters, Inc.*	47,000		215,730
Texas Industries, Inc.	18,500		632,145
U.S. Concrete, Inc.*	34,500		13,110
United States Lime & Minerals, Inc.*	538		20,804
			881,789
Containers & Packaging (0.5%)
AptarGroup, Inc.^	58,400		2,298,040
Boise, Inc.*	10,100		61,913
Bway Holding Co.*	5,100		102,510
Graham Packaging Co., Inc.*	8,700		109,185
Graphic Packaging Holding Co.*	94,200		340,062
Myers Industries, Inc.	27,100		284,008
Rock-Tenn Co., Class A	4,000		182,280
Silgan Holdings, Inc.	9,800		590,254
			3,968,252
Metals & Mining (2.7%)
A.M. Castle & Co.*	13,200		172,656
Allied Nevada Gold Corp.*	6,900		114,333

See Notes to Portfolio of Investments.

187

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
AMCOL International Corp.		15,100	$	410,720
Brush Engineered Materials, Inc.*		16,500		372,405
Century Aluminum Co.*		46,000		632,960
China Precision Steel, Inc.*		31,000		65,100
Coeur d’Alene Mines Corp.*		64,610		967,858
Commercial Metals Co.		130,000		1,957,800
General Moly, Inc.*		49,300		163,676
General Steel Holdings, Inc.*		8,000		32,880
Gerdau Ameristeel Corp.*^		339,200		2,655,936
Haynes International, Inc.		9,700		344,641
Hecla Mining Co.*		192,100		1,050,787
Horsehead Holding Corp.*		35,600		421,504
Kaiser Aluminum Corp.		12,000		462,840
Olympic Steel, Inc.		7,900		257,935
Paramount Gold and Silver Corp.*		2,300		3,197
Reliance Steel & Aluminum Co.^		115,000		5,661,450
RTI International Metals, Inc.*		24,700		749,151
Steel Dynamics, Inc.		275,000		4,804,250
Stillwater Mining Co.*		29,600		384,208
Sutor Technology Group Ltd.*		2,100		6,090
U.S. Gold Corp.*		64,600		174,420
United States Steel Corp.^		13,600		863,872
Universal Stainless & Alloy Products, Inc.*		5,900		141,541
Worthington Industries, Inc.		5,000		86,450
				22,958,660
Paper & Forest Products (0.9%)
Buckeye Technologies, Inc.*		30,800		402,864
Clearwater Paper Corp.*		8,200		403,850
Deltic Timber Corp.		1,800		79,290
Domtar Corp.*		33,300		2,144,853
Glatfelter		177,200		2,567,628
KapStone Paper and Packaging Corp.*		25,300		300,311
Louisiana-Pacific Corp.*		102,400		926,720
Neenah Paper, Inc.		11,800		186,912
Schweitzer-Mauduit International, Inc.		14,200		675,352
Wausau Paper Corp.*		23,700		202,398
				7,890,178
Total Materials				65,864,740
Telecommunication Services (0.5%)
Diversified Telecommunication Services (0.5%)
Atlantic Tele-Network, Inc.		7,100		319,003
Cincinnati Bell, Inc.*		133,646		455,733
Consolidated Communications Holdings, Inc.		7,800		147,888
General Communication, Inc., Class A*		17,700		102,129
Global Crossing Ltd.*		4,300		65,145
Iowa Telecommunications Services, Inc.		22,900		382,430
Premiere Global Services, Inc.*		258,300		2,133,558
SureWest Communications*		10,900		93,631
				3,699,517
Wireless Telecommunication Services (0.0%)
Syniverse Holdings, Inc.*		9,800		190,806
USA Mobility, Inc.*		2,400		30,408
				221,214
Total Telecommunication Services				3,920,731
Utilities (3.8%)
Electric Utilities (1.6%)
Allete, Inc.		26,395		883,705
Central Vermont Public Service Corp.		14,000		282,380
Cleco Corp.		48,800		1,295,640
El Paso Electric Co.*		39,800		819,880
Empire District Electric Co.		32,600		587,452
IDACORP, Inc.		39,700		1,374,414
MGE Energy, Inc.		19,300		682,448
NV Energy, Inc.		330,700		4,077,531
PNM Resources, Inc.		74,500		933,485
Portland General Electric Co.		65,500		1,264,805
UIL Holdings Corp.		23,700		651,750
UniSource Energy Corp.		29,800		936,912
Unitil Corp.		9,800		227,850
				14,018,252
Gas Utilities (1.6%)
Atmos Energy Corp.		37,000		1,057,090
Chesapeake Utilities Corp.		7,870		234,526
Energen Corp.		63,000		2,931,390
Laclede Group, Inc.		17,200		579,984
New Jersey Resources Corp.		28,400		1,066,704
Nicor, Inc.		36,700		1,538,464
Northwest Natural Gas Co.		20,900		973,940
Piedmont Natural Gas Co., Inc.		54,800		1,511,384
South Jersey Industries, Inc.		20,769		872,090
Southwest Gas Corp.		35,400		1,059,168
WGL Holdings, Inc.		39,800		1,379,070
				13,203,810
Independent Power Producers & Energy Traders (0.0%)
U.S. Geothermal, Inc.*		49,700		45,227
Multi-Utilities (0.3%)
Avista Corp.		46,900		971,299
CH Energy Group, Inc.		14,100		575,844
NorthWestern Corp.		31,200		836,472
				2,383,615
Water Utilities (0.3%)
American States Water Co.		15,300		530,910
Artesian Resources Corp., Class A		6,100		107,726
California Water Service Group		15,100		567,911
Connecticut Water Service, Inc.		6,800		158,236
Consolidated Water Co., Ltd.		6,400		86,912
Middlesex Water Co.		11,800		201,190
Pennichuck Corp.		3,400		79,934
SJW Corp.		11,300		287,246
Southwest Water Co.		18,900		197,316
York Water Co.		6,900		94,875
				2,312,256
Total Utilities				31,963,160
Total Common Stocks (98.2%) (Cost $732,529,030)				822,772,876
INVESTMENT COMPANY:
Investment Company (0.0%)
Kayne Anderson Energy Development Co. (Cost $106,017)		8,646		139,720
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (1.3%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10 (u)	$	5,864,928		5,864,928

See Notes to Portfolio of Investments.

188

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Principal Amount		Value (Note 1)
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10 (h)(s)	$	1,409,991	$	324,298
Monumental Global Funding II
0.43%, 5/26/10 (l)		2,650,000		2,631,185
Pricoa Global Funding I
0.40%, 6/25/10 (l)		1,689,957		1,679,300
Total Short-Term Investments of Cash Collateral for Securities Loaned				10,499,711
Time Deposit (1.9%)
JPMorgan Chase Nassau
0.000%, 4/1/10		16,093,562		16,093,562
Total Short-Term Investments (3.2%) (Cost/Amortized Cost $27,708,438)				26,593,273
Total Investments (101.4%) (Cost/Amortized Cost $760,343,485)				849,505,869
Other Assets Less Liabilities (-1.4%)				(11,705,525	)
Net Assets (100%)			$	837,800,344

* Non-income producing.

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

† Securities (totaling $773 or 0.0% of net assets) at fair value by management.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000%-8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $5,982,227.

At March 31, 2010, the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2010		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	47	June-10	$	3,184,970	$	3,182,370	$	(2,600	)

See Notes to Portfolio of Investments.

189

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities			Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	131,265,871		$	—	$	—	$	131,265,871
Consumer Staples		19,846,022			—		—		19,846,022
Energy		75,195,799			—		—		75,195,799
Financials		211,088,444			—		773		211,089,217
Health Care		42,821,092			—		—		42,821,092
Industrials		185,458,289			—		—		185,458,289
Information Technology		55,347,955			—		—		55,347,955
Materials		65,864,740			—		—		65,864,740
Telecommunication Services		3,920,731			—		—		3,920,731
Utilities		31,963,160			—		—		31,963,160
Investment Companies
Investment Companies		139,720			—		—		139,720
Short-Term Investments		—			26,593,273		—		26,593,273
Total Assets	$	822,911,823		$	26,593,273	$	773	$	849,505,869
Liabilities:
Futures	$	(2,600	)	$	—	$	—	$	(2,600	)
Total Liabilities	$	(2,600	)	$	—	$	—	$	(2,600	)
Total	$	822,909,223		$	26,593,273	$	773	$	849,503,269

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

	Investments in Securities-Financials
Balance as of 12/31/09	$	1,124
Total gains or losses (realized/unrealized) included in earnings		(351	)
Purchases, sales, issuances, and settlements (net)		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 3/31/10	$	773
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/10.	$	(351	)

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	22,429,223
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	43,117,254

See Notes to Portfolio of Investments.

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	164,907,213
Aggregate gross unrealized depreciation		(79,372,747	)
Net unrealized appreciation	$	85,534,466
Federal income tax cost of investments	$	763,971,403

At March 31, 2010, the Portfolio had loaned securities with a total value of $11,133,750. This was secured by collateral of $11,614,876 which was received as cash and subsequently invested in short-term investments currently valued at $10,499,711, as reported in the Portfolio of Investments.

The Portfolio has a net capital loss carryforward of $497,117,855 of which $237,563,279 expires in the year 2016, and $259,554,576 expires in the year 2017.

See Notes to Portfolio of Investments.

191

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (4.2%)
Auto Components (0.3%)
Johnson Controls, Inc.	53,965	$	1,780,306
Diversified Consumer Services (0.1%)
Strayer Education, Inc.^	1,900		462,688
Hotels, Restaurants & Leisure (0.4%)
Ctrip.com International Ltd. (ADR)*	61,770		2,421,384
Household Durables (0.1%)
Skyworth Digital Holdings Ltd.	478,000		557,156
Internet & Catalog Retail (3.3%)
Amazon.com, Inc.*	104,470		14,179,713
Blue Nile, Inc.*	1,300		71,526
Expedia, Inc.	17,700		441,792
Netflix, Inc.*^	67,915		5,008,052
NutriSystem, Inc.	2,600		46,306
priceline.com, Inc.*	3,850		981,750
			20,729,139
Total Consumer Discretionary			25,950,673
Health Care (0.5%)
Health Care Technology (0.5%)
athenahealth, Inc.*^	90,225		3,298,626
Total Health Care			3,298,626
Industrials (0.3%)
Electrical Equipment (0.3%)
SunPower Corp., Class B*	75,275		1,260,103
Suntech Power Holdings
Co., Ltd. (ADR)*^	40,235		564,095
Total Industrials			1,824,198
Information Technology (71.8%)
Communications Equipment (12.4%)
3Com Corp.*	33,100		254,539
ADC Telecommunications, Inc.*	8,100		59,211
ADTRAN, Inc.^	77,205		2,034,352
Alcatel-Lucent (ADR)*	82,360		256,963
Arris Group, Inc.*	10,600		127,306
Blue Coat Systems, Inc.*	7,375		228,920
Brocade Communications Systems, Inc.*	37,700		215,267
Ciena Corp.*^	54,595		832,028
Cisco Systems, Inc.*	1,199,396		31,220,278
CommScope, Inc.*	8,000		224,160
Comtech Telecommunications Corp.*	2,400		76,776
EchoStar Corp., Class A*	3,200		64,896
Emulex Corp.*	6,700		88,976
F5 Networks, Inc.*^	148,330		9,123,778
Finisar Corp.*	9,500		149,245
Harris Corp.	11,100		527,139
Infinera Corp.*	6,900		58,788
InterDigital, Inc.*	3,600		100,296
JDS Uniphase Corp.*	146,980		1,841,659
Juniper Networks, Inc.*^	167,875		5,150,405
Motorola, Inc.*^	387,000		2,716,740
Palm, Inc.*	14,000		52,640
Plantronics, Inc.	4,100		128,248
Polycom, Inc.*^	58,260		1,781,591
QUALCOMM, Inc.	207,090		8,695,709
Research In Motion Ltd.*	49,090		3,630,206
Riverbed Technology, Inc.*^	202,306		5,745,490
Sonus Networks, Inc.*	21,800		56,898
Sycamore Networks, Inc.	1,500		30,165
Tekelec*	5,600		101,696
Tellabs, Inc.^	251,650		1,904,991
ViaSat, Inc.*	2,400		83,064
			77,562,420
Computers & Peripherals (16.1%)
Acer, Inc.	190,908		563,863
Acer, Inc. (GDR)(m)*	1,565		22,880
Apple, Inc.*	173,824		40,836,472
Avid Technology, Inc.*	2,400		33,072
Dell, Inc.*^	254,780		3,824,248
Diebold, Inc.	5,500		174,680
Electronics for Imaging, Inc.*	3,600		41,868
EMC Corp.*	311,160		5,613,327
Hewlett-Packard Co.	542,758		28,847,588
Intermec, Inc.*	3,900		55,302
International Business Machines Corp.	106,052		13,601,169
Lexmark International, Inc., Class A*	6,500		234,520
NCR Corp.*	13,500		186,300
NetApp, Inc.*	104,365		3,398,124
QLogic Corp.*^	50,760		1,030,428
SanDisk Corp.*	19,500		675,285
Seagate Technology*^	7,170		130,924
STEC, Inc.*	2,700		32,346
Synaptics, Inc.*	2,800		77,308
Teradata Corp.*	14,100		407,349
Western Digital Corp.*	19,400		756,406
			100,543,459
Electronic Equipment, Instruments & Components (2.4%)
Agilent Technologies, Inc.*	29,600		1,017,944
Amphenol Corp., Class A	69,067		2,913,937
Anixter International, Inc.*	2,400		112,440
Arrow Electronics, Inc.*	10,000		301,300
Avnet, Inc.*	12,900		387,000
AVX Corp.	3,900		55,380
Benchmark Electronics, Inc.*	5,400		111,996
Byd Co., Ltd., Class H*	35,560		354,260
Celestica, Inc.*	17,900		195,647
Cogent, Inc.*	3,500		35,700
Corning, Inc.	131,600		2,659,636
Delta Electronics, Inc.	173,490		549,019
Digital China Holdings Ltd.	197,550		335,346
Dolby Laboratories, Inc., Class A*	4,400		258,148
FLIR Systems, Inc.*	12,700		358,140
Hitachi Ltd.*	688,000		2,568,318
Hon Hai Precision Industry Co., Ltd.	107,431		465,135
Ingram Micro, Inc., Class A*	14,000		245,700
Itron, Inc.*	3,400		246,738
Jabil Circuit, Inc.	16,600		268,754
L-1 Identity Solutions, Inc.*	6,400		57,152
Molex, Inc.	11,400		237,804
National Instruments Corp.	4,800		160,080
Plexus Corp.*	3,300		118,899
Rofin-Sinar Technologies, Inc.*	2,400		54,288
SYNNEX Corp.*	1,700		50,252
Tech Data Corp.*	4,300		180,170
Trimble Navigation Ltd.*	10,400		298,688
Vishay Intertechnology, Inc.*	15,800		161,634
			14,759,505
Internet Software & Services (7.8%)
Akamai Technologies, Inc.*^	121,800		3,825,738
Alibaba.com Ltd.	149,000		299,756

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
Baidu, Inc. (ADR)*	9,963	$	5,947,911
DealerTrack Holdings, Inc.*	3,700		63,196
Digital River, Inc.*	3,200		96,960
EarthLink, Inc.	8,900		76,006
eBay, Inc.*	350,200		9,437,890
Equinix, Inc.*^	31,561		3,072,148
Google, Inc., Class A*	34,848		19,759,164
GSI Commerce, Inc.*	2,400		66,408
IAC/InterActiveCorp.*	8,200		186,468
j2 Global Communications, Inc.*	3,800		88,920
NetEase.com, Inc. (ADR)*	7,780		275,957
Open Text Corp.*	4,800		227,856
Rackspace Hosting, Inc.*	5,700		106,761
SAVVIS, Inc.*	2,900		47,850
Tencent Holdings Ltd.	36,010		722,589
ValueClick, Inc.*	6,900		69,966
VeriSign, Inc.*	15,500		403,155
VistaPrint NV*	10,700		612,575
WebMD Health Corp.*	3,700		171,606
Yahoo! Japan Corp.	2,325		846,788
Yahoo!, Inc.*	121,381		2,006,428
			48,412,096
IT Services (5.6%)
Accenture plc, Class A	30,590		1,283,250
Acxiom Corp.*	6,800		121,992
Alliance Data Systems Corp.*^	34,816		2,227,876
Automatic Data Processing, Inc.	70,360		3,128,909
Broadridge Financial Solutions, Inc.	11,400		243,732
CACI International, Inc., Class A*	2,500		122,125
Cognizant Technology Solutions Corp., Class A*	137,290		6,999,044
Computer Sciences Corp.*	12,900		702,921
Convergys Corp.*	10,300		126,278
Cybersource Corp.*	5,700		100,548
DST Systems, Inc.	3,300		136,785
Euronet Worldwide, Inc.*	4,300		79,249
Fidelity National Information Services, Inc.	27,650		648,116
Fiserv, Inc.*	12,900		654,804
Gartner, Inc.*^	16,070		357,397
Genpact Ltd.*^	22,410		375,816
Global Payments, Inc.	6,900		314,295
Hewitt Associates, Inc., Class A*	7,200		286,416
Hi Sun Technology China Ltd.*	811,740		602,199
Lender Processing Services, Inc.	8,200		309,550
ManTech International Corp., Class A*	1,900		92,777
Mastercard, Inc., Class A	8,200		2,082,800
MAXIMUS, Inc.	1,500		91,395
NeuStar, Inc., Class A*	6,500		163,800
Paychex, Inc.	27,200		835,040
SAIC, Inc.*	33,700		596,490
Sapient Corp.	88,050		804,777
SRA International, Inc., Class A*	3,400		70,686
Syntel, Inc.	1,100		42,317
TeleTech Holdings, Inc.*	2,500		42,700
Tivit Terceirizacao de Tecnologia e Servicos S.A.	74,730		750,514
Total System Services, Inc.	16,700		261,522
Unisys Corp.*	3,600		125,604
VeriFone Holdings, Inc.*	6,200		125,302
Visa, Inc., Class A^	76,525		6,966,071
Western Union Co.^	189,950		3,221,552
Wright Express Corp.*	3,100		93,372
			35,188,021
Office Electronics (0.2%)
Xerox Corp	115,054		1,121,776
Zebra Technologies Corp., Class A*	4,900		145,040
			1,266,816
Semiconductors & Semiconductor Equipment (9.3%)
Advanced Micro Devices, Inc.*	47,200		437,544
Aixtron AG	31,100		1,118,389
Altera Corp.	24,900		605,319
Amkor Technology, Inc.*	11,300		79,891
Analog Devices, Inc.	241,875		6,970,838
Applied Materials, Inc.	139,100		1,875,068
Applied Micro Circuits Corp.*^	117,310		1,012,385
ASM Pacific Technology Ltd.	48,800		462,278
Atheros Communications, Inc.*	10,300		398,713
Atmel Corp.*	37,500		188,625
Broadcom Corp., Class A	77,900		2,584,722
Cavium Networks, Inc.*	3,300		82,038
Cree, Inc.*^	15,690		1,101,752
Cymer, Inc.*	2,400		89,520
Cypress Semiconductor Corp.*^	156,195		1,796,242
Epistar Corp.	109,000		362,098
Fairchild Semiconductor International, Inc.*	10,400		110,760
FEI Co.*	3,200		73,312
FormFactor, Inc.*	4,000		71,040
Hittite Microwave Corp.*	1,700		74,749
Integrated Device Technology, Inc.*	13,900		85,207
Intel Corp.	793,095		17,654,295
International Rectifier Corp.*	6,000		137,400
Intersil Corp., Class A	10,300		152,028
KLA-Tencor Corp.	14,400		445,248
Lam Research Corp.*	10,700		399,324
Linear Technology Corp.	18,900		534,492
LSI Corp.*	55,000		336,600
Maxim Integrated Products, Inc.	105,285		2,041,476
MediaTek, Inc.	34,920		605,861
MEMC Electronic Materials, Inc.*	19,100		292,803
Micrel, Inc.	3,600		38,376
Microchip Technology, Inc.	15,400		433,664
Micron Technology, Inc.*	72,100		749,119
Microsemi Corp.*	6,900		119,646
MKS Instruments, Inc.*	4,000		78,360
National Semiconductor Corp.	19,900		287,555
Netlogic Microsystems, Inc.*	3,800		111,834
Novellus Systems, Inc.*	8,300		207,500
NVIDIA Corp.*	47,100		818,598
ON Semiconductor Corp.*^	485,001		3,880,008
PMC-Sierra, Inc.*	19,700		175,724
Power Integrations, Inc.	2,300		94,760
Rambus, Inc.*	8,900		194,465
RF Micro Devices, Inc.*	23,000		114,540
Richtek Technology Corp.	45,000		481,768
Samsung Electronics Co., Ltd.	779		563,191
Semtech Corp.*	5,200		90,636
Seoul Semiconductor Co., Ltd.	19,248		741,714
Silicon Laboratories, Inc.*	3,800		181,146
Skyworks Solutions, Inc.*^	60,400		942,240
Taiwan Semiconductor Manufacturing Co., Ltd.	59,889		115,976
Teradyne, Inc.*	15,300		170,901
Tessera Technologies, Inc.*	4,200		85,176
Texas Instruments, Inc.	139,920		3,423,842
TriQuint Semiconductor, Inc.*^	89,900		629,300
Varian Semiconductor Equipment Associates, Inc.*	6,200		205,344

See Notes to Portfolio of Investments.

193

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
Veeco Instruments, Inc.*		3,300	$	143,550
Xilinx, Inc.		23,600		601,800
Zoran Corp.*		4,400		47,344
				57,908,094
Software (18.0%)
Activision Blizzard, Inc.		225,211		2,716,045
Adobe Systems, Inc.*		185,925		6,576,167
Advent Software, Inc.*		1,300		58,175
ANSYS, Inc.*		7,600		327,864
Ariba, Inc.*		7,600		97,660
AsiaInfo Holdings, Inc.*^		14,055		372,176
Autodesk, Inc.*		19,600		576,632
Blackbaud, Inc.		3,800		95,722
Blackboard, Inc.*		2,800		116,648
BMC Software, Inc.*		42,860		1,628,680
CA, Inc.		33,500		786,245
Cadence Design Systems, Inc.*		22,500		149,850
Check Point Software Technologies Ltd.*^		18,960		664,738
Citrix Systems, Inc.*^		33,025		1,567,697
CommVault Systems, Inc.*		3,600		76,860
Compuware Corp.*		19,300		162,120
Concur Technologies, Inc.*^		3,600		147,636
Electronic Arts, Inc.*		27,600		515,016
FactSet Research Systems, Inc.		3,600		264,132
Fair Isaac Corp.		4,000		101,360
Informatica Corp.*^		83,432		2,240,983
Intuit, Inc.*^		130,970		4,497,510
Jack Henry & Associates, Inc.		7,100		170,826
JDA Software Group, Inc.*		3,000		83,460
Lawson Software, Inc.*		11,400		75,354
Longtop Financial Technologies Ltd. (ADR)*^		65,732		2,117,228
McAfee, Inc.*		62,390		2,503,711
Mentor Graphics Corp.*		8,200		65,764
MICROS Systems, Inc.*		6,700		220,296
Microsoft Corp.		1,410,264		41,278,427
MicroStrategy, Inc., Class A*		800		68,056
NetSuite, Inc.*		1,600		23,264
Novell, Inc.*		29,100		174,309
Nuance Communications, Inc.*		19,900		331,136
Oracle Corp.^		953,868		24,504,869
Parametric Technology Corp.*		10,000		180,500
Pegasystems, Inc.		1,300		48,100
Perfect World Co., Ltd. (ADR)*^		8,500		318,325
Progress Software Corp.*		3,600		113,148
Quest Software, Inc.*		5,200		92,508
Red Hat, Inc.*		15,800		462,466
Rovi Corp.*		8,700		323,031
Salesforce.com, Inc.*^		115,900		8,628,755
SolarWinds, Inc.*		3,100		67,146
Solera Holdings, Inc		5,900		228,035
SuccessFactors, Inc.*^		182,300		3,470,992
Sybase, Inc.*		7,000		326,340
Symantec Corp.*		68,300		1,155,636
Synopsys, Inc.*		12,200		272,914
Take-Two Interactive Software, Inc.*		6,700		65,995
Taleo Corp., Class A*		3,300		85,503
TIBCO Software, Inc.*		14,200		153,218
TiVo, Inc.*^		39,560		677,267
VMware, Inc., Class A*		5,385		287,020
Websense, Inc.*		3,500		79,695
				112,393,210
Total Information Technology				448,033,621
Materials (0.1%)
Chemicals (0.1%)
Monsanto Co.		8,790		627,782
Total Materials				627,782
Telecommunication Services (1.5%)
Wireless Telecommunication Services (1.5%)
American Tower Corp., Class A*		120,665		5,141,536
SBA Communications Corp., Class A*^		119,935		4,326,055
Total Telecommunication Services				9,467,591
Total Common Stocks (78.4%) (Cost $383,066,809)				489,202,491
INVESTMENT COMPANIES:
Exchange Traded Funds (ETFs)(20.6%)
iShares S&P North American Technology Sector Index Fund		215,850		11,977,517
Technology Select Sector SPDR Fund		5,053,800		116,692,242
Total Investment Companies (20.6%) (Cost $102,735,015)				128,669,759
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (1.1%)
Credit Suisse (USA) LLC, Repurchase Agreement
0.03%, 4/1/10 (u)	$	4,317,525		4,317,525
Lehman Brothers Holdings, Inc.
0.00%, 4/1/10 (h)(s)		849,994		195,499
Monumental Global Funding II
0.43%, 5/26/10 (l)		1,590,000		1,578,711
Pricoa Global Funding I
0.40%, 6/25/10 (l)		1,009,975		1,003,605
Total Short-Term Investments of Cash Collateral for Securities Loaned				7,095,340
Time Deposit (1.0%)
JPMorgan Chase Nassau
0.000%, 4/1/10		5,973,993		5,973,993
Total Short-Term Investments (2.1%) (Cost/Amortized Cost $13,741,486)				13,069,333
Total Investments (101.1%) (Cost/Amortized Cost $499,543,310)				630,941,583
Other Assets Less Liabilities (-1.1%)				(7,149,482	)
Net Assets (100%)			$	623,792,101

See Notes to Portfolio of Investments.

194

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

* Non-income producing.

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

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2010.

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

(s) Issuer in bankruptcy.

(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 4.000%-8.000%, maturing 4/1/12 to 4/1/40, which had a total value of $4,403,876.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	25,393,517	$	557,156	$	—	$	25,950,673
Health Care		3,298,626		—		—		3,298,626
Industrials		1,824,198		—		—		1,824,198
Information Technology		436,252,193		11,781,428		—		448,033,621
Materials		627,782		—		—		627,782
Telecommunication Services		9,467,591		—		—		9,467,591
Investment Companies
Exchange Traded Funds (ETFs)		128,669,759		—		—		128,669,759
Short-Term Investments		—		13,069,333		—		13,069,333
Total Assets	$	605,533,666	$	25,407,917	$	—	$	630,941,583
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	605,533,666	$	25,407,917	$	—	$	630,941,583

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	140,139,988
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	141,975,860

See Notes to Portfolio of Investments.

195

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	103,282,594
Aggregate gross unrealized depreciation		(4,870,378	)
Net unrealized appreciation	$	98,412,216
Federal income tax cost of investments	$	532,529,367

At March 31, 2010, the Portfolio had loaned securities with a total value of $7,528,775. This was secured by collateral of $7,767,494 which was received as cash and subsequently invested in short-term investments currently valued at $7,095,340, as reported in the Portfolio of Investments.

The Portfolio has a net capital loss carryforward of $201,099,710 of which $38,254,621 expires in the year 2010, $25,653,017 expires in the year 2011, $18,596,528 expires in the year 2016, and $118,595,544 expires in the year 2017.

See Notes to Portfolio of Investments.

196

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PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		1,951,553	$	18,616,687
EQ/Equity 500 Index Portfolio‡		931,612		19,065,160
EQ/Global Bond PLUS Portfolio‡		279,253		2,733,792
EQ/Global Multi-Sector Equity Portfolio‡		988,770		11,541,380
EQ/International ETF Portfolio‡		1,597,496		11,181,306
EQ/Quality Bond PLUS Portfolio‡		113,828		1,045,793
EQ/Small Company Index Portfolio‡		408,158		3,737,368
Multimanager Aggressive Equity Portfolio‡		94,925		2,337,168
Multimanager Large Cap Value Portfolio‡		386,086		3,580,220
Multimanager Mid Cap Growth Portfolio*‡		38,288		302,348
Multimanager Mid Cap Value Portfolio‡		275,846		2,428,765
Multimanager Multi-Sector Bond Portfolio‡		1,334,014		5,093,745
Total Investment Companies (99.7%) (Cost $80,719,632)				81,663,732
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.6%)
JPMorgan Chase Nassau 0.000%, 4/1/10 (Amortized Cost $463,220)	$	463,220		463,220
Total Investments (100.3%) (Cost/Amortized Cost $81,182,852)				82,126,952
Other Assets Less Liabilities (-0.3%)				(225,419	)
Net Assets (100%)			$	81,901,533

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

197

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	17,570,196	$	1,162,967	$	409,868	$	18,616,687	$	—	$	413
EQ/Equity 500 Index Portfolio		18,717,898		784,583		1,784,803		19,065,160		—		(383,645	)
EQ/Global Bond PLUS Portfolio		2,345,774		495,562		132,959		2,733,792		—		8,286
EQ/Global Multi-Sector Equity Portfolio		11,054,803		503,811		539,225		11,541,380		—		(198,870	)
EQ/International ETF Portfolio		11,114,508		531,865		988,926		11,181,306		—		(403,865	)
EQ/Quality Bond PLUS Portfolio		675,211		495,562		135,145		1,045,793		—		6,100
EQ/Small Company Index Portfolio		3,379,482		213,374		188,518		3,737,368		—		(43,229	)
Multimanager Aggressive Equity Portfolio		2,206,176		114,500		117,286		2,337,168		—		(15,966	)
Multimanager Large Cap Value Portfolio		3,534,974		146,125		406,342		3,580,220		—		(87,081	)
Multimanager Mid Cap Growth Portfolio		244,230		88,445		56,300		302,348		—		(4,611	)
Multimanager Mid Cap Value Portfolio		2,217,760		69,156		49,062		2,428,765		—		(3,770	)
Multimanager Multi-Sector Bond Portfolio		4,898,169		347,163		358,333		5,093,745		—		(105,327	)
	$	77,959,181	$	4,953,113	$	5,166,767	$	81,663,732	$	—	$	(1,231,565	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	81,663,732	$	—	$	81,663,732
Short-Term Investments		—		463,220		—		463,220
Total Assets	$	—	$	82,126,952	$	—	$	82,126,952
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	82,126,952	$	—	$	82,126,952

See Notes to Portfolio of Investments.

198

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Investment Companies	$	4,953,113
Net Proceeds of Sales and Redemptions:
Investment Companies	$	3,935,202

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,858,590
Aggregate gross unrealized depreciation		(1,804,075	)
Net unrealized appreciation	$	1,054,515
Federal income tax cost of investments	$	81,072,437

See Notes to Portfolio of Investments.

199

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡	1,132,206	$	10,800,593
EQ/Equity 500 Index Portfolio‡	1,360,289		27,837,916
EQ/Global Bond PLUS Portfolio‡	141,109		1,381,407
EQ/Global Multi-Sector Equity Portfolio‡	1,077,195		12,573,519
EQ/International ETF Portfolio‡	2,008,726		14,059,611
EQ/Quality Bond PLUS Portfolio‡	56,721		521,126
EQ/Small Company Index Portfolio‡	565,869		5,181,469
Multimanager Aggressive Equity Portfolio‡	80,118		1,972,592
Multimanager Large Cap Value Portfolio‡	416,759		3,864,659
Multimanager Mid Cap Growth Portfolio*‡	26,913		212,521
Multimanager Mid Cap Value Portfolio‡	329,434		2,900,602
Multimanager Multi-Sector Bond Portfolio‡	1,020,523		3,896,722
Total Investments (100.1%) (Cost $88,059,749)			85,202,737
Other Assets Less Liabilities (-0.1%)			(111,035	)
Net Assets (100%)		$	85,091,702

* Non-income producing.

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

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

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain  (Loss)
EQ/Core Bond Index Portfolio	$	10,724,254	$	304,300	$	402,785	$	10,800,593	$	—	$	391
EQ/Equity 500 Index Portfolio		26,767,722		990,094		1,645,106		27,837,916		—		(303,173	)
EQ/Global Bond PLUS Portfolio		1,396,190		104,332		130,064		1,381,407		—		8,168
EQ/Global Multi-Sector Equity Portfolio		12,342,503		520,820		997,036		12,573,519		—		(338,228	)
EQ/International ETF Portfolio		14,090,571		577,609		1,287,708		14,059,611		—		(520,184	)
EQ/Quality Bond PLUS Portfolio		544,896		104,332		132,233		521,126		—		5,999
EQ/Small Company Index Portfolio		4,834,588		270,997		421,953		5,181,469		—		(77,406	)
Multimanager Aggressive Equity Portfolio		1,922,042		120,246		188,767		1,972,592		—		(14,944	)
Multimanager Large Cap Value Portfolio		3,688,139		154,252		269,336		3,864,659		—		(56,035	)
Multimanager Mid Cap Growth Portfolio		204,779		63,105		95,200		212,521		—		(20,517	)
Multimanager Mid Cap Value Portfolio		2,688,273		50,273		77,189		2,900,602		—		(11,697	)
Multimanager Multi-Sector Bond Portfolio		3,887,150		217,357		399,304		3,896,722		—		(111,321	)
	$	83,091,107	$	3,477,717	$	6,046,681	$	85,202,737	$	—	$	(1,438,947	)

See Notes to Portfolio of Investments.

200

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable  inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including  the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	85,202,737	$	—	$	85,202,737
Total Assets	$	—	$	85,202,737	$	—	$	85,202,737
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	85,202,737	$	—	$	85,202,737

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Investment Companies	$	3,477,717
Net Proceeds of Sales and Redemptions:
Investment Companies	$	4,607,734

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,939,176
Aggregate gross unrealized depreciation		(4,578,943	)
Net unrealized depreciation	$	(2,639,767	)
Federal income tax cost of investments	$	87,842,504

See Notes to Portfolio of Investments.

201

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TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		268,910	$	2,565,250
EQ/Equity 500 Index Portfolio‡		875,064		17,907,923
EQ/Global Bond PLUS Portfolio‡		33,364		326,627
EQ/Global Multi-Sector Equity Portfolio‡		682,811		7,970,081
EQ/International ETF Portfolio‡		1,215,089		8,504,735
EQ/Quality Bond PLUS Portfolio‡		31,937		293,426
EQ/Small Company Index Portfolio‡		449,689		4,117,647
Multimanager Aggressive Equity Portfolio‡		34,207		842,208
Multimanager Large Cap Value Portfolio‡		143,958		1,334,939
Multimanager Mid Cap Growth Portfolio*‡		28,645		226,199
Multimanager Mid Cap Value Portfolio‡		145,740		1,283,208
Multimanager Multi-Sector Bond Portfolio‡		338,487		1,292,465
Total Investment Companies (100.0%) (Cost $46,044,939)				46,664,708
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau 0.000%, 4/1/10 (Amortized Cost $10,197)	$	10,197		10,197
Total Investments (100.0%) (Cost/Amortized Cost $46,055,136)				46,674,905
Other Assets Less Liabilities (0.0%)				(1,627	)
Net Assets (100%)			$	46,673,278

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

202

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TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	2,423,931	$	142,892	$	41,417	$	2,565,250	$	—	$	5
EQ/Equity 500 Index Portfolio		16,590,251		1,146,982		1,003,794		17,907,923		—		(301,237	)
EQ/Global Bond PLUS Portfolio		286,894		50,432		13,767		326,627		—		852
EQ/Global Multi-Sector Equity Portfolio		7,105,492		784,096		230,395		7,970,081		—		(70,639	)
EQ/International ETF Portfolio		7,961,709		633,323		308,870		8,504,735		—		(125,431	)
EQ/Quality Bond PLUS Portfolio		258,655		42,027		11,662		293,426		—		521
EQ/Small Company Index Portfolio		3,281,188		592,439		110,022		4,117,647		—		(23,008	)
Multimanager Aggressive Equity Portfolio		884,733		135,886		147,571		842,208		—		65,027
Multimanager Large Cap Value Portfolio		1,144,326		157,834		46,412		1,334,939		—		(1,855	)
Multimanager Mid Cap Growth Portfolio		180,777		41,327		15,948		226,199		—		(3,072	)
Multimanager Mid Cap Value Portfolio		1,148,745		50,432		18,883		1,283,208		—		(4,264	)
Multimanager Multi-Sector Bond Portfolio		1,172,206		134,486		54,038		1,292,465		—		(15,053	)
	$	42,438,907	$	3,912,156	$	2,002,779	$	46,664,708	$	—	$	(478,154	)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable  inputs (including quoted prices for similar  securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including  the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	46,664,708	$	—	$	46,664,708
Short-Term Investments		—		10,197		—		10,197
Total Assets	$	—	$	46,674,905	$	—	$	46,674,905
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	46,674,905	$	—	$	46,674,905

See Notes to Portfolio of Investments.

203

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TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2010 (Unaudited)

Investment security transactions for the three months ended March 31, 2010 were as follows:

Cost of Purchases:
Investment Companies	$	3,912,156
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,524,625

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,775,747
Aggregate gross unrealized depreciation		(1,040,818	)
Net unrealized appreciation	$	734,929
Federal income tax cost of investments	$	45,939,976

See Notes to Portfolio of Investments.

204

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TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		11,788	$	112,451
EQ/Equity 500 Index Portfolio‡		507,587		10,387,614
EQ/Global Multi-Sector Equity Portfolio‡		368,975		4,306,849
EQ/International ETF Portfolio‡		724,219		5,069,007
EQ/Small Company Index Portfolio‡		254,820		2,333,300
Multimanager Aggressive Equity Portfolio‡		19,420		478,136
Multimanager Large Cap Value Portfolio‡		79,439		736,644
Multimanager Mid Cap Growth Portfolio*‡		17,061		134,725
Multimanager Mid Cap Value Portfolio‡		89,330		786,535
Multimanager Multi-Sector Bond Portfolio‡		18,656		71,237
Total Investment Companies (99.9%) (Cost $23,171,232)				24,416,498
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau 0.000%, 4/1/10 (Amortized Cost $11,685)	$	11,685		11,685
Total Investments (99.9%) (Cost/Amortized Cost $23,182,917)				24,428,183
Other Assets Less Liabilities (0.1%)				13,863
Net Assets (100%)			$	24,442,046

* Non-income producing.

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

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

Investments in companies which were affiliates for the three months ended March 31, 2010, were as follows:

Securities	Market Value December 31, 2009		Purchases at Cost		Sales at Cost		Market Value March 31, 2010		Dividend Income		Realized Gain (Loss)
EQ/Core Bond Index Portfolio	$	107,057	$	6,378	$	2,715	$	112,451	$	—	$	22
EQ/Equity 500 Index Portfolio		9,669,867		712,415		705,796		10,387,614		—		(195,020	)
EQ/Global Multi-Sector Equity Portfolio		3,877,220		435,729		203,076		4,306,849		—		(63,719	)
EQ/International ETF Portfolio		4,790,238		392,404		269,564		5,069,007		—		(97,313	)
EQ/Small Company Index Portfolio		1,892,229		331,812		99,286		2,333,300		—		(18,110	)
Multimanager Aggressive Equity Portfolio		486,534		79,290		82,077		478,136		—		27,056
Multimanager Large Cap Value Portfolio		643,186		87,535		29,854		736,644		—		8,107
Multimanager Mid Cap Growth Portfolio		113,697		19,239		10,845		134,725		—		(1,912	)
Multimanager Mid Cap Value Portfolio		709,117		29,196		16,103		786,535		—		(3,330	)
Multimanager Multi-Sector Bond Portfolio		66,209		6,378		2,629		71,237		—		110
	$	22,355,354	$	2,100,376	$	1,421,945	$	24,416,498	$	—	$	(344,109	)

See Notes to Portfolio of Investments.

205

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TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2009 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of March 31, 2010:

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

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

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable  inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	24,416,498	$	—	$	24,416,498
Short-Term Investments		—		11,685		—		11,685
Total Assets	$	—	$	24,428,183	$	—	$	24,428,183
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	—	$	24,428,183	$	—	$	24,428,183

Investment security transactions for three months ended March 31, 2010 were as follows:

Cost of Purchases:
Investment Companies	$	2,100,376
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,077,836

As of March 31, 2010, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,665,775
Aggregate gross unrealized depreciation		(378,270	)
Net unrealized appreciation	$	1,287,505
Federal income tax cost of investments	$	23,140,678

See Notes to Portfolio of Investments.

206

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NOTES TO PORTFOLIO OF INVESTMENTS

March 31, 2010 (Unaudited)

Note 1 Valuation

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

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

• Level 2 - other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

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

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

A summary of inputs used to value each Portfolio’s net assets as of March 31, 2010 is included in the Portfolio of Investments.

Accounting for Derivative Instruments:

The Portfolios are subject to the provisions of ASC 815, “Derivatives and Hedging”. ASC 815 requires disclosures about entities derivative and hedging activities. The following is a description of how and why the Portfolios use derivative instruments, the type of derivatives utilized by the Portfolios during the reporting period, as well as the primary underlying risk exposures related to each instrument type. Derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though the Portfolio may use derivatives in an attempt to achieve an economic hedge, the Portfolio’s derivatives are not accounted for as hedging instruments under ASC 815 because the Portfolios account for the 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.

For more information on each Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to a Portfolio’s most recent semi-annual or annual report.

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Item 2. 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.

(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 last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications required by Item 3 are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AXA Premier VIP Trust
By:	/s/ Steven M. Joenk
Steven M. Joenk
President
May 28, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Steven M. Joenk
Steven M. Joenk
Chief Executive Officer
May 28, 2010
By:	/s/ Brian Walsh
Brian Walsh
Chief Financial Officer and Treasurer
May 28, 2010