AXA Premier VIP Trust

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act File Number		811-10509

AXA PREMIER VIP TRUST

(Exact name of registrant as specified in charter)


1290 Avenue of the Americas New York, New York		10104
(Address of principal executive offices)		(Zip code)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK AMOROSI, ESQ.

Kirkpatrick & Lockhart Preston Gates Ellis LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

Telephone: (202) 778-9351

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2007 – June 30, 2007

Item 1.

Reports to Stockholders.

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

AXA Premier VIP Trust

2007 Certified

Semi-Annual Report

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

AXA PREMIER VIP TRUST

SEMI-ANNUAL REPORT

June 30, 2007

Table of Contents


• Portfolio Characteristics and Understanding Your Expenses		1

• Portfolio of Investments		23

• Financial Statements		121

• Notes to Financial Statements		178

• Management of the Trust		196

• Proxy Voting Policies and Procedures		200

AXA CONSERVATIVE ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2007


EQ/Short Duration Bond Portfolio	32.5	%
Multimanager Core Bond Portfolio	13.0
EQ/Long Term Bond Portfolio	11.2
EQ/Evergreen International Bond Portfolio	6.9
Multimanager High Yield Portfolio	5.5
EQ/AllianceBernstein Value Portfolio	5.2
EQ/JPMorgan Core Bond Portfolio	3.8
EQ/BlackRock Basic Value Equity Portfolio	3.1
EQ/Marsico Focus Portfolio	2.8
Multimanager Large Cap Value Portfolio	2.7
Multimanager International Equity Portfolio	2.7
EQ/AllianceBernstein Quality Bond Portfolio	2.4
EQ/PIMCO Real Return Portfolio	2.4
Multimanager Aggressive Equity Portfolio	1.8
Multimanager Mid Cap Value Portfolio	1.3
Multimanager Large Cap Core Portfolio	0.9
MarketPLUS International Core Portfolio	0.8
EQ/BlackRock International Value Portfolio	0.8
EQ/Davis New York Venture Portfolio	0.2
EQ/Money Market Portfolio	0.0	#

#	Less than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,023.00	$	0.50
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.30		0.50

Class B
Actual		1,000.00		1,021.20		1.75
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.06		1.76

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2007


EQ/Short Duration Bond Portfolio	22.3	%
Multimanager Core Bond Portfolio	9.8
EQ/AllianceBernstein Value Portfolio	9.5
EQ/Long Term Bond Portfolio	7.7
Multimanager International Equity Portfolio	6.3
EQ/Evergreen International Bond Portfolio	5.8
EQ/BlackRock Basic Value Equity Portfolio	5.5
EQ/Marsico Focus Portfolio	5.1
Multimanager High Yield Portfolio	4.2
Multimanager Large Cap Value Portfolio	4.0
EQ/AllianceBernstein Quality Bond Portfolio	2.7
EQ/PIMCO Real Return Portfolio	2.3
Multimanager Aggressive Equity Portfolio	1.8
MarketPLUS International Core Portfolio	1.8
EQ/BlackRock International Value Portfolio	1.8
EQ/Franklin Small Cap Value Portfolio	1.7
Multimanager Small Cap Value Portfolio	1.7
Multimanager Large Cap Core Equity Portfolio	1.5
EQ/JPMorgan Core Bond Portfolio	1.5
Multimanager Mid Cap Value Portfolio	1.5
EQ/Davis New York Venture Portfolio	1.1
Multimanager Mid Cap Growth Portfolio	0.3
EQ/Small Company Index Portfolio	0.1
EQ/Money Market Portfolio	0.0	#

#	Less than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,035.30	$	0.50
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.30		0.50

Class B
Actual		1,000.00		1,034.50		1.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.06		1.76

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

AXA MODERATE ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2007


EQ/AllianceBernstein Quality Bond Portfolio	11.8	%
Multimanager Core Bond Portfolio	10.7
EQ/BlackRock Basic Value Equity Portfolio	10.3
EQ/Short Duration Bond Portfolio	8.9
Multimanager International Equity Portfolio	6.8
EQ/AllianceBernstein Value Portfolio	5.8
EQ/Marsico Focus Portfolio	5.6
Multimanager High Yield Portfolio	4.7
EQ/Evergreen International Bond Portfolio	4.3
Multimanager Large Cap Value Portfolio	3.8
Multimanager Aggressive Equity Portfolio	3.8
EQ/Long Term Bond Portfolio	3.4
Multimanager Small Cap Value Portfolio	2.8
Multimanager Mid Cap Value Portfolio	2.6
EQ/Van Kampen Emerging Markets Equity Portfolio	2.5
EQ/BlackRock International Value Portfolio	2.4
MarketPLUS International Core Portfolio	2.4
Multimanager Large Cap Core Equity Portfolio	2.3
Multimanager Mid Cap Growth Portfolio	1.6
EQ/JPMorgan Core Bond Portfolio	1.3
EQ/PIMCO Real Return Portfolio	0.9
EQ/Small Company Index Portfolio	0.6
EQ/Franklin Small Cap Value Portfolio	0.4
EQ/Davis New York Venture Portfolio	0.3
EQ/Money Market Portfolio	0.0	#

#	Less than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,046.70	$	0.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.30		0.50

Class B
Actual		1,000.00		1,045.10		1.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.06		1.76

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2007


EQ/BlackRock Basic Value Equity Portfolio	11.4	%
Multimanager International Equity Portfolio	9.6
EQ/AllianceBernstein Value Portfolio	8.8
Multimanager Core Bond Portfolio	8.3
EQ/Short Duration Bond Portfolio	7.7
EQ/Marsico Focus Portfolio	7.3
EQ/BlackRock International Value Portfolio	5.4
Multimanager Large Cap Value Portfolio	5.4
Multimanager Aggressive Equity Portfolio	5.0
EQ/Long Term Bond Portfolio	4.1
Multimanager Large Cap Core Equity Portfolio	4.1
Multimanager Small Cap Value Portfolio	4.0
EQ/Van Kampen Emerging Markets Equity Portfolio	3.8
EQ/AllianceBernstein Quality Bond Portfolio	3.1
MarketPLUS International Core Portfolio	3.0
Multimanager Mid Cap Value Portfolio	2.5
EQ/Small Company Index Portfolio	2.3
EQ/JPMorgan Core Bond Portfolio	1.6
EQ/PIMCO Real Return Portfolio	1.0
Multimanager Mid Cap Growth Portfolio	0.6
EQ/Franklin Small Cap Value Portfolio	0.6
EQ/Davis New York Venture Portfolio	0.4

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,059.00	$	0.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.30		0.50

Class B
Actual		1,000.00		1,058.30		1.79
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.06		1.76

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

AXA AGGRESSIVE ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2007


EQ/BlackRock Basic Value Equity Portfolio	12.8	%
EQ/AllianceBernstein Value Portfolio	11.9
Multimanager International Equity Portfolio	11.5
EQ/Marsico Focus Portfolio	9.8
EQ/BlackRock International Value Portfolio	9.6
Multimanager Large Cap Value Portfolio	7.9
Multimanager Aggressive Equity Portfolio	6.1
Multimanager Small Cap Value Portfolio	5.4
EQ/Van Kampen Emerging Markets Equity Portfolio	4.7
Multimanager Large Cap Core Equity Portfolio	4.7
EQ/Small Company Index Portfolio	3.1
Multimanager Core Bond Portfolio	2.6
MarketPLUS International Core Portfolio	2.1
Multimanager Mid Cap Value Portfolio	1.6
EQ/Franklin Small Cap Value Portfolio	1.4
EQ/Davis New York Venture Portfolio	1.3
EQ/AllianceBernstein Quality Bond Portfolio	1.2
EQ/PIMCO Real Return Portfolio	0.9
EQ/JPMorgan Core Bond Portfolio	0.9
Multimanager Mid Cap Growth Portfolio	0.5

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,072.10	$	0.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.30		0.50

Class B
Actual		1,000.00		1,070.70		1.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.06		1.76

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO


Sector Weightings as of 6/30/07	% of Net Assets
Information Technology	26.7	%
Health Care	17.4
Consumer Discretionary	16.0
Financials	13.0
Industrials	11.7
Energy	8.1
Telecommunication Services	2.4
Consumer Staples	1.8
Materials	1.4
Utilities	0.5
Cash and Other	1.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,072.60	$	4.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.88		3.96

Class B
Actual		1,000.00		1,071.70		5.34
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.64		5.21

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.79% and 1.04%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER CORE BOND PORTFOLIO


Distribution of Assets by Sector as of 6/30/07	% of Net Assets
U.S. Government and Agency	80.5	%
Asset-Backed and Mortgage-Backed Securities	19.4
Corporate Bonds	20.0
Commercial Paper	6.6
Foreign Government Securities	0.8
Municipal Securities	0.0	#
Cash and Other	(27.3	)

Total	100.0	%

#	Less than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,003.40	$	3.48
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.32		3.51

Class B
Actual		1,000.00		1,001.10		4.71
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.08		4.76

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER HEALTH CARE PORTFOLIO


Sector Weightings as of 6/30/07	% of Net Assets
Pharmaceuticals	36.2	%
Biotechnology	18.4
Health Care Equipment	14.6
Life Sciences Tools & Services	7.0
Managed Health Care	6.1
Health Care Distributors	4.3
Health Care Services	3.8
Health Care Facilities	2.1
Consumer Staples	2.0
Health Care Technology	1.0
Health Care Supplies	0.9
Industrials	0.3
Cash and Other	3.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,056.20	$	7.29
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.70		7.15

Class B
Actual		1,000.00		1,055.10		8.56
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.46		8.40

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.43% and 1.68%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER HIGH YIELD PORTFOLIO


Distribution of Assets by Sector as of 6/30/07	% of Net Assets
Corporate Bonds	94.6	%
Commercial Paper	1.6
Asset-Backed Securities	0.6
Convertible Preferred Stocks	0.2
Common Stocks	0.0	#
Cash and Other	3.0

Total	100.0	%

#	Less than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,032.10	$	3.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.03		3.81

Class B
Actual		1,000.00		1,030.50		5.08
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.79		5.06

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.76% and 1.01%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO


Sector Weightings as of 6/30/07	% of Net Assets
Financials	24.6	%
Consumer Discretionary	16.4
Materials	11.8
Industrials	9.8
Energy	7.9
Consumer Staples	6.9
Health Care	5.8
Information Technology	5.4
Telecommunication Services	3.9
Utilities	3.3
Cash and Other	4.2

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,098.20	$	6.45
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.65		6.21

Class B
Actual		1,000.00		1,096.40		7.74
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.41		7.45

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.24% and 1.49%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO


Sector Weightings as of 6/30/07	% of Net Assets
Financials	19.2	%
Information Technology	18.8
Health Care	13.0
Consumer Discretionary	10.7
Consumer Staples	9.0
Industrials	7.8
Energy	6.7
Telecommunication Services	5.0
Materials	3.7
Utilities	1.5
Cash and Other	4.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,081.90	$	5.68
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.34		5.51

Class B
Actual		1,000.00		1,081.10		6.97
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.10		6.76

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.10% and 1.35%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO


Sector Weightings as of 6/30/07	% of Net Assets
Information Technology	34.7	%
Health Care	15.9
Consumer Discretionary	13.1
Financials	12.0
Industrials	9.8
Energy	5.5
Consumer Staples	4.0
Telecommunication Services	2.3
Materials	1.9
Cash and Other	0.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,069.30	$	5.64
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.34		5.51

Class B
Actual		1,000.00		1,068.20		6.92
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.10		6.76

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.10% and 1.35%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER LARGE CAP VALUE PORTFOLIO


Sector Weightings as of 6/30/07	% of Net Assets
Financials	26.5	%
Energy	11.7
Industrials	10.8
Consumer Staples	9.8
Health Care	8.8
Consumer Discretionary	8.4
Information Technology	7.6
Materials	6.0
Telecommunication Services	4.7
Utilities	3.2
Cash and Other	2.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,081.80	$	5.57
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.44		5.41

Class B
Actual		1,000.00		1,081.10		6.86
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.20		6.66

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.08% and 1.33%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER MID CAP GROWTH PORTFOLIO


Sector Weightings as of 6/30/07	% of Net Assets
Information Technology	25.7	%
Industrials	16.2
Consumer Discretionary	15.8
Health Care	14.7
Energy	10.6
Financials	8.4
Telecommunication Services	4.2
Materials	2.2
Consumer Staples	1.1
Cash and Other	1.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,111.70	$	6.81
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.35		6.51

Class B
Actual		1,000.00		1,110.10		8.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.16		7.70

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.30% and 1.55%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER MID CAP VALUE PORTFOLIO


Sector Weightings as of 6/30/07	% of Net Assets
Financials	19.0	%
Industrials	18.5
Information Technology	17.3
Consumer Discretionary	11.7
Health Care	8.0
Materials	6.8
Energy	5.8
Utilities	5.4
Consumer Staples	4.4
Telecommunication Services	1.2
Cash and Other	1.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,110.70	$	6.75
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.40		6.46

Class B
Actual		1,000.00		1,110.40		8.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.16		7.70

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.29% and 1.54%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO


Sector Weightings as of 6/30/07	% of Net Assets
Industrials	27.5	%
Consumer Discretionary	22.4
Information Technology	16.0
Materials	15.3
Energy	8.0
Consumer Staples	3.2
Health Care	3.0
Financials	2.5
Telecommunication Services	0.2
Cash and Other	1.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class B
Actual	$	1,000.00	$	1,098.60	$	7.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.10		6.76

*	Expenses are equal to the Portfolio’s Class B shares annualized expense ratio of 1.35% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER SMALL CAP VALUE PORTFOLIO


Sector Weightings as of 6/30/07	% of Net Assets
Financials	22.2	%
Industrials	19.1
Information Technology	18.7
Consumer Discretionary	15.2
Energy	6.3
Materials	6.1
Health Care	4.3
Utilities	2.3
Telecommunication Services	1.5
Consumer Staples	1.3
Cash and Other	3.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,045.30	$	4.72
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.18		4.66

Class B
Actual		1,000.00		1,044.50		5.93
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.99		5.86

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.93% and 1.18%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MULTIMANAGER TECHNOLOGY PORTFOLIO


Sector Weightings as of 6/30/07	% of Net Assets
Semiconductor & Semiconductor Equipment	19.6	%
Communications Equipment	17.9
Software	13.5
Computers & Peripherals	13.0
Internet Software & Services	9.1
Electronic Equipment & Instruments	5.4
Industrials	4.5
IT Services	4.2
Telecommunication Services	3.6
Consumer Discretionary	2.8
Materials	1.1
Health Care	0.6
Energy	0.3
Cash and Other	4.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,112.40	$	7.44
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.75		7.10

Class B
Actual		1,000.00		1,110.20		8.74
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.51		8.35

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.42% and 1.67%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

TARGET 2015 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2007


EQ/Equity 500 Index Portfolio	28.2	%
EQ/Bond Index Portfolio	22.9
EQ/International ETF Portfolio	16.3
Multimanager Aggressive Equity Portfolio	8.5
EQ/Small Company Index Portfolio	7.4
Multimanager High Yield Portfolio	5.1
EQ/Van Kampen Emerging Markets Equity Portfolio	4.8
Multimanager Large Cap Value Portfolio	3.8
Multimanager Mid Cap Value Portfolio	2.5
Multimanager Mid Cap Growth Portfolio	0.5

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,060.70	$	1.79
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.06		1.76

Class B
Actual		1,000.00		1,059.80		3.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.82		3.01

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

TARGET 2025 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2007


EQ/Equity 500 Index Portfolio	33.3	%
EQ/International ETF Portfolio	18.9
EQ/Bond Index Portfolio	15.4
EQ/Small Company Index Portfolio	8.6
Multimanager Aggressive Equity Portfolio	8.4
EQ/Van Kampen Emerging Markets Equity Portfolio	5.2
Multimanager Large Cap Value Portfolio	3.8
Multimanager High Yield Portfolio	2.9
Multimanager Mid Cap Value Portfolio	2.7
Multimanager Mid Cap Growth Portfolio	0.8

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,067.60	$	1.79
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.06		1.76

Class B
Actual		1,000.00		1,065.70		3.07
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.82		3.01

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

TARGET 2035 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2007


EQ/Equity 500 Index Portfolio	38.5	%
EQ/International ETF Portfolio	21.8
EQ/Small Company Index Portfolio	9.5
Multimanager Aggressive Equity Portfolio	8.4
EQ/Bond Index Portfolio	6.4
EQ/Van Kampen Emerging Markets Equity Portfolio	6.1
Multimanager Large Cap Value Portfolio	3.7
Multimanager Mid Cap Value Portfolio	2.5
Multimanager High Yield Portfolio	2.1
Multimanager Mid Cap Growth Portfolio	1.0

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,073.40	$	1.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.06		1.76

Class B
Actual		1,000.00		1,070.60		3.08
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.82		3.01

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

TARGET 2045 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2007


EQ/Equity 500 Index Portfolio	42.8	%
EQ/International ETF Portfolio	24.2
EQ/Small Company Index Portfolio	10.4
Multimanager Aggressive Equity Portfolio	8.3
EQ/Van Kampen Emerging Markets Equity Portfolio	6.9
Multimanager Large Cap Value Portfolio	3.7
Multimanager Mid Cap Value Portfolio	2.4
Multimanager Mid Cap Growth Portfolio	1.3

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 1/1/07		Ending Account Value 6/30/07		Expenses Paid During Period* 1/1/07 - 6/30/07
Class A
Actual	$	1,000.00	$	1,081.00	$	1.81
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.06		1.76

Class B
Actual		1,000.00		1,079.20		3.09
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.82		3.01

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡	1,123,774	$	11,320,174
EQ/AllianceBernstein Value Portfolio‡	1,411,264		24,444,183
EQ/BlackRock Basic Value Equity Portfolio‡	782,209		14,420,244
EQ/BlackRock International Value Portfolio‡	204,416		3,762,761
EQ/Davis New York Venture Portfolio‡	90,956		1,046,395
EQ/Evergreen International Bond Portfolio‡	3,155,616		31,912,219
EQ/JPMorgan Core Bond Portfolio‡	1,582,596		17,479,879
EQ/Long Term Bond Portfolio‡	3,999,054		52,337,714
EQ/Marsico Focus Portfolio‡	760,920		13,219,462
EQ/Money Market Portfolio‡	21,696		21,697
EQ/PIMCO Real Return Portfolio*‡	1,105,897		10,976,377
EQ/Short Duration Bond Portfolio‡	14,906,770		151,500,376
MarketPLUS International Core Portfolio‡	244,755		3,764,881
Multimanager Aggressive Equity Portfolio‡	273,737		8,451,208
Multimanager Core Bond Portfolio‡	6,056,257		60,552,273
Multimanager High Yield Portfolio‡	4,429,777		25,633,490
Multimanager International Equity Portfolio‡	734,809		12,574,241
Multimanager Large Cap Core Equity Portfolio‡	306,943		3,972,171
Multimanager Large Cap Value Portfolio‡	907,873		12,602,978
Multimanager Mid Cap Value Portfolio‡	548,102		6,106,436

Total Investments (100.1%)
(Cost $456,405,583)			466,099,159
Other Assets Less Liabilities (-0.1%)			(478,234	)

Net Assets (100%)		$	465,620,925

*	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 and Class IA shares for EQ Advisors Trust Portfolios.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value June 30, 2007		Dividend Income		Realized Gain/ (Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	8,951,693	$	4,691,941	$	2,330,829	$	11,320,174	$	—	$	30,674
EQ/AllianceBernstein Value Portfolio		20,091,406		8,161,525		4,409,750		24,444,183		—		664,457
EQ/BlackRock Basic Value Equity Portfolio		10,274,721		5,390,308		1,944,388		14,420,244		—		305,708
EQ/BlackRock International Value Portfolio		2,676,844		1,351,802		589,778		3,762,761		—		14,360
EQ/Davis New York Venture Portfolio		—		1,261,229		209,612		1,046,395		—		(496	)
EQ/Evergreen International Bond Portfolio		15,653,728		19,973,147		3,601,304		31,912,219		—		71,103
EQ/JPMorgan Core Bond Portfolio		—		24,560,825		6,939,159		17,479,879		—		45,168
EQ/Long Term Bond Portfolio		38,510,641		23,315,821		8,895,114		52,337,714		—		(334,171	)
EQ/Marsico Focus Portfolio		10,557,488		5,175,545		2,404,571		13,219,462		—		494,756
EQ/Money Market Portfolio		21,192		505		—		21,697		505		—
EQ/PIMCO Real Return Portfolio		—		11,671,080		678,005		10,976,377		—		(9,626	)
EQ/Short Duration Bond Portfolio		130,476,014		60,219,037		41,278,804		151,500,376		—		430,362
MarketPLUS International Core Portfolio		2,675,404		1,351,803		582,046		3,764,881		—		22,093
Multimanager Aggressive Equity Portfolio		6,419,021		3,073,828		1,317,154		8,451,208		—		294,825
Multimanager Core Bond Portfolio		53,362,516		13,805,151		5,493,718		60,552,273		1,316,826		(125,444	)
Multimanager High Yield Portfolio		18,820,630		9,896,317		3,709,561		25,633,490		—		(29,004	)
Multimanager International Equity Portfolio		9,075,504		4,506,009		1,953,170		12,574,241		—		127,292
Multimanager Large Cap Core Equity Portfolio		2,766,304		1,442,807		453,247		3,972,171		—		55,518
Multimanager Large Cap Value Portfolio		9,147,950		4,506,009		1,684,776		12,602,978		—		245,686
Multimanager Mid Cap Value Portfolio		4,779,004		2,253,005		1,472,253		6,106,436		—		17,979

	$	344,260,060	$	206,607,694	$	89,947,239	$	466,099,159	$	1,317,331	$	2,321,240

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	206,607,694
Net Proceeds of Sales and Redemptions:
Investment Companies	$	92,268,479

As of June 30, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation.	$	9,750,516
Aggregate gross unrealized depreciation		(2,674,529	)

Net unrealized appreciation	$	7,075,987

Federal income tax cost of investments	$	459,023,172

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		2,653,697	$	26,731,639
EQ/AllianceBernstein Value Portfolio‡		5,396,373		93,469,333
EQ/BlackRock Basic Value Equity Portfolio‡		2,919,238		53,816,974
EQ/BlackRock International Value Portfolio‡		948,501		17,459,394
EQ/Davis New York Venture Portfolio‡		945,404		10,876,295
EQ/Evergreen International Bond Portfolio‡		5,582,566		56,455,562
EQ/Franklin Small Cap Value Portfolio‡		1,372,809		16,306,560
EQ/JPMorgan Core Bond Portfolio‡		1,290,511		14,253,779
EQ/Long Term Bond Portfolio‡		5,754,797		75,316,043
EQ/Marsico Focus Portfolio‡		2,880,994		50,051,473
EQ/Money Market Portfolio‡		21,696		21,697
EQ/PIMCO Real Return Portfolio*‡		2,328,788		23,113,944
EQ/Short Duration Bond Portfolio‡		21,423,691		217,733,098
EQ/Small Company Index Portfolio‡		50,768		700,020
MarketPLUS International Core Portfolio‡		1,143,245		17,585,698
Multimanager Aggressive Equity Portfolio‡		572,544		17,676,458
Multimanager Core Bond Portfolio‡		9,567,934		95,663,074
Multimanager High Yield Portfolio‡		7,215,598		41,754,007
Multimanager International Equity Portfolio‡		3,623,209		62,001,318
Multimanager Large Cap Core Equity Portfolio‡ .		1,141,747		14,775,426
Multimanager Large Cap Value Portfolio‡		2,821,541		39,168,281
Multimanager Mid Cap Growth Portfolio*‡		278,718		2,800,495
Multimanager Mid Cap Value Portfolio‡		1,277,277		14,230,218
Multimanager Small Cap Value Portfolio‡		1,135,626		16,267,572

Total Investment Companies (99.7%)
(Cost $935,254,635)				978,228,358


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
4.76%, 7/2/07
(Amortized Cost $939,981)	$	939,981	$	939,981

Total Investments (99.8%)
(Cost/Amortized Cost $936,194,616)				979,168,339
Other Assets Less Liabilities (0.2%)				1,779,981

Net Assets (100%)			$	980,948,320

*	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 and Class IA shares for EQ Advisors Trust Portfolios.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value June 30, 2007		Dividend Income		Realized Gain/ (Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	22,801,702	$	5,521,828	$	1,812,682	$	26,731,639	$	—	$	(52,781	)
EQ/AllianceBernstein Value Portfolio		79,443,996		15,608,940		5,595,364		93,469,333		—		826,947
EQ/BlackRock Basic Value Equity Portfolio		44,313,642		8,781,477		2,766,394		53,816,974		—		421,634
EQ/BlackRock International Value Portfolio		14,059,918		3,073,517		1,233,861		17,459,394		—		31,949
EQ/Davis New York Venture Portfolio		—		10,848,221		—		10,876,295		—		—
EQ/Evergreen International Bond Portfolio		30,160,303		28,320,785		2,007,923		56,455,562		—		59,044
EQ/Franklin Small Cap Value Portfolio		53,203		16,607,887		484,745		16,306,560		—		23,761
EQ/JPMorgan Core Bond Portfolio		—		17,884,198		3,594,761		14,253,779		—		53,191
EQ/Long Term Bond Portfolio		61,129,833		19,452,827		4,498,126		75,316,043		—		(210,673	)
EQ/Marsico Focus Portfolio		50,743,765		9,199,173		9,670,522		50,051,473		—		1,703,199
EQ/Money Market Portfolio		21,192		505		—		21,697		505		—
EQ/PIMCO Real Return Portfolio		—		23,346,103		277,194		23,113,944		—		(1,106	)
EQ/Short Duration Bond Portfolio		213,265,762		39,731,460		38,939,654		217,733,098		—		419,662
EQ/Small Company Index Portfolio		13,736,732		642,321		13,442,978		700,020		—		1,068,186
MarketPLUS International Core Portfolio		14,036,731		3,211,725		1,253,608		17,585,698		—		35,979
Multimanager Aggressive Equity Portfolio		17,765,587		4,052,749		4,268,038		17,676,458		—		1,277,527
Multimanager Core Bond Portfolio		96,813,095		14,070,489		13,549,424		95,663,074		2,378,404		(472,704	)
Multimanager High Yield Portfolio		35,000,351		7,464,255		1,849,088		41,754,007		—		10,737
Multimanager International Equity Portfolio		50,300,154		10,395,276		3,821,173		62,001,318		—		219,268
Multimanager Large Cap Core Portfolio		11,828,243		2,625,055		646,002		14,775,426		—		91,965
Multimanager Large Cap Value Portfolio		32,214,874		6,147,034		1,794,603		39,168,281		—		237,016
Multimanager Mid Cap Growth Portfolio		1,978,990		779,289		224,529		2,800,495		—		(13,795	)
Multimanager Mid Cap Value Portfolio		10,629,093		3,034,169		756,717		14,230,218		—		(6,615	)
Multimanager Small Cap Value Portfolio		13,910,464		2,259,168		560,112		16,267,572		—		40,673

	$	814,207,630	$	253,058,451	$	113,047,498	$	978,228,358	$	2,378,909	$	5,763,064

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	253,058,451
Net Proceeds of Sales and Redemptions:
Investment Companies	$	118,810,562

As of June 30, 2007, 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	$	46,378,917
Aggregate gross unrealized depreciation		(4,987,177	)

Net unrealized appreciation	$	41,391,740

Federal income tax cost of investments	$	937,776,599

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		103,107,060	$	1,038,634,441
EQ/AllianceBernstein Value Portfolio‡		29,241,293		506,481,732
EQ/BlackRock Basic Value Equity Portfolio‡		48,891,099		901,321,030
EQ/BlackRock International Value Portfolio‡		11,477,044		211,261,962
EQ/Davis New York Venture Portfolio‡		2,184,100		25,126,740
EQ/Evergreen International Bond Portfolio‡		37,466,654		378,894,018
EQ/Franklin Small Cap Value Portfolio‡		2,749,810		32,662,897
EQ/JPMorgan Core Bond Portfolio‡		10,466,694		115,605,342
EQ/Long Term Bond Portfolio‡		22,769,818		298,000,528
EQ/Marsico Focus Portfolio‡		28,152,877		489,099,578
EQ/Money Market Portfolio‡		21,696		21,697
EQ/PIMCO Real Return Portfolio*‡		7,646,585		75,894,743
EQ/Short Duration Bond Portfolio‡		77,159,633		784,188,198
EQ/Small Company Index Portfolio‡		3,755,978		51,789,345
EQ/Van Kampen Emerging Markets Equity Portfolio‡		11,766,062		224,257,054
MarketPLUS International Core Portfolio‡		13,850,651		213,054,452
Multimanager Aggressive Equity Portfolio‡		10,658,413		329,062,644
Multimanager Core Bond Portfolio‡		93,720,873		937,049,400
Multimanager High Yield Portfolio‡		71,927,047		416,215,339
Multimanager International Equity Portfolio‡		34,923,735		597,624,188
Multimanager Large Cap Core Equity Portfolio‡		15,599,483		201,874,005
Multimanager Large Cap Value Portfolio‡		23,907,589		331,882,202
Multimanager Mid Cap Growth Portfolio*‡		13,785,121		138,509,556
Multimanager Mid Cap Value Portfolio‡		20,456,370		227,905,557
Multimanager Small Cap Value Portfolio‡		17,237,636		246,925,113

Total Investment Companies (99.7%)
(Cost $8,027,195,832)				8,773,341,761


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau
4.76%, 7/2/07
(Amortized Cost $23,205,403)	$	23,205,403	$	23,205,403

Total Investments (100.0%)
(Cost/Amortized Cost $8,050,401,235)				8,796,547,164
Other Assets Less Liabilities (0.0%)				(1,665,703	)

Net Assets (100%)			$	8,794,881,461

*	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 and Class IA shares for EQ Advisors Trust Portfolios.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value June 30, 2007		Dividend Income		Realized Gain/ (Loss)
EQ/AllianceBernstein Large Cap Growth Portfolio	$	74,637,582	$	—	$	56,545,188	$	—	$	—	$	19,525,667
EQ/AllianceBernstein Quality Bond Portfolio		1,050,743,242		15,482,210		35,627,069		1,038,634,441		—		(298,345	)
EQ/AllianceBernstein Value Portfolio		455,730,614		25,216,816		932,306		506,481,732		—		169,426
EQ/BlackRock Basic Value Equity Portfolio		811,733,864		39,649,689		12,786,969		901,321,030		—		3,946,787
EQ/BlackRock International Value Portfolio		182,206,994		9,904,264		410,899		211,261,962		—		21,841
EQ/Davis New York Venture Portfolio		—		25,354,867		154,700		25,126,740		—		(59	)
EQ/Evergreen International Bond Portfolio		226,029,580		152,643,333		635,512		378,894,018		—		17,965
EQ/Franklin Small Cap Value Portfolio		103,123		32,431,513		219,239		32,662,897		—		16,237
EQ/JPMorgan Core Bond Portfolio		—		118,184,235		2,409,486		115,605,342		—		38,889
EQ/Long Term Bond Portfolio		239,591,218		64,239,941		1,394,418		298,000,528		—		(56,624	)
EQ/Marsico Focus Portfolio		463,298,726		24,458,647		8,023,035		489,099,578		—		3,603,064
EQ/Money Market Portfolio		21,192		505		—		21,697		505		—
EQ/PIMCO Real Return Portfolio		—		75,907,143		196,629		75,894,743		—		(1,754	)
EQ/Short Duration Bond Portfolio		816,481,232		74,753,306		120,818,073		784,188,198		—		1,594,874
EQ/Small Company Index Portfolio		62,621,034		8,860,059		22,471,154		51,789,345		—		1,292,244
EQ/Van Kampen Emerging Markets Equity Portfolio		223,855,451		9,147,485		40,006,204		224,257,054		—		392,296
MarketPLUS International Core Portfolio		182,967,416		10,293,473		416,233		213,054,452		—		22,228
Multimanager Aggressive Equity Portfolio		300,374,133		17,464,479		7,146,254		329,062,644		—		4,121,438
Multimanager Core Bond Portfolio		917,014,241		76,824,765		38,180,524		937,049,400		22,075,039		(1,115,169	)
Multimanager High Yield Portfolio		386,680,704		17,996,789		715,673		416,215,339		—		59,364
Multimanager International Equity Portfolio		517,933,957		28,612,319		1,152,995		597,624,188		—		97,143
Multimanager Large Cap Core Equity Portfolio		177,296,749		10,063,153		344,964		201,874,005		—		65,685
Multimanager Large Cap Value Portfolio		292,553,572		15,406,634		558,461		331,882,202		—		114,690
Multimanager Mid Cap Growth Portfolio		154,239,777		188,163		25,330,483		138,509,556		—		4,677,835
Multimanager Mid Cap Value Portfolio		223,357,862		1,342,906		21,001,422		227,905,557		—		(965,024	)
Multimanager Small Cap Value Portfolio		212,983,113		24,209,230		635,204		246,925,113		—		149,954

	$	7,972,455,376	$	878,635,924	$	398,113,094	$	8,773,341,761	$	22,075,544	$	37,490,652

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	878,635,924
Net Proceeds of Sales and Redemptions:
Investment Companies	$	435,603,746

As of June 30, 2007, 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	$	794,101,755
Aggregate gross unrealized depreciation		(50,020,213	)

Net unrealized appreciation	$	744,081,542

Federal income tax cost of investments	$	8,052,465,622

The Portfolio has a net capital loss carryforward of $55,165,305, of which $196,495 expires in the year 2008, and $54,968,810 expires in the year 2009.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		27,252,405	$	274,523,257
EQ/AllianceBernstein Value Portfolio‡		45,205,519		782,994,412
EQ/BlackRock Basic Value Equity Portfolio‡		55,079,679		1,015,409,211
EQ/BlackRock International Value Portfolio‡		26,208,921		482,436,772
EQ/Davis New York Venture Portfolio‡		3,270,344		37,623,318
EQ/Franklin Small Cap Value Portfolio‡		4,201,959		49,911,877
EQ/JPMorgan Core Bond Portfolio‡		12,975,440		143,314,614
EQ/Long Term Bond Portfolio‡		27,507,923		360,010,583
EQ/Marsico Focus Portfolio‡		37,309,612		648,179,436
EQ/PIMCO Real Return Portfolio*‡		8,652,938		85,883,116
EQ/Short Duration Bond Portfolio‡		66,864,997		679,561,827
EQ/Small Company Index Portfolio‡		14,928,585		205,842,968
EQ/Van Kampen Emerging Markets Equity Portfolio‡		17,989,488		342,873,407
MarketPLUS International Core Portfolio‡		17,425,714		268,047,032
Multimanager Aggressive Equity Portfolio‡		14,406,057		444,765,584
Multimanager Core Bond Portfolio‡		73,718,862		737,063,297
Multimanager International Equity Portfolio‡		50,007,080		855,734,367
Multimanager Large Cap Core Equity Portfolio‡		27,795,245		359,700,224
Multimanager Large Cap Value Portfolio‡		34,587,348		480,137,308
Multimanager Mid Cap Growth Portfolio*‡		5,116,632		51,410,684
Multimanager Mid Cap Value Portfolio‡		19,687,537		219,339,950
Multimanager Small Cap Value Portfolio‡		24,741,689		354,418,920

Total Investment Companies (99.7%)
(Cost $8,102,583,011)				8,879,182,164


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
4.76%, 7/2/07
(Amortized Cost $8,966,091)	$	8,966,091	$	8,966,091

Total Investments (99.8%)
(Cost/Amortized Cost $8,111,549,102)				8,888,148,255
Other Assets Less Liabilities (0.2%)				13,481,191

Net Assets (100%)			$	8,901,629,446

*	Non-income producing.

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

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

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value June 30, 2007		Dividend Income		Realized Gain/ (Loss)
E/AllianceBernstein Large Cap Growth Portfolio	$	20,144,444	$	—	$	16,179,190	$	—	$	—	$	4,577,790
EQ/AllianceBernstein Quality Bond Portfolio		235,596,909		37,386,537		142,053		274,523,257		—		(6,073	)
EQ/AllianceBernstein Value Portfolio		612,012,618		143,086,579		9,426,406		782,994,412		—		1,913,544
EQ/BlackRock Basic Value Equity Portfolio		758,250,361		187,230,698		361,268		1,015,409,211		—		66,098
EQ/BlackRock International Value Portfolio		312,007,787		142,942,600		8,574,693		482,436,772		—		2,571,000
EQ/Davis New York Venture Portfolio		—		37,828,750		—		37,623,318		—		—
EQ/Franklin Small Cap Value Portfolio		325,480		48,817,265		37,819		49,911,877		—		1,032
EQJPMorgan Core Bond Portfolio		—		143,877,556		—		143,314,614		—		—
EQ/Long Term Bond Portfolio		267,290,086		97,775,187		178,455		360,010,583		—		(13,336	)
EQ/Marsico Focus Portfolio		600,809,019		149,617,657		93,349,215		648,179,436		—		25,749,587
EQ/PIMCO Real Return Portfolio		—		85,672,333		—		85,883,116		—		—
EQ/Short Duration Bond Portfolio		561,238,591		130,490,698		23,120,232		679,561,827		—		239,144
EQ/Small Company Index Portfolio		183,680,450		31,494,393		19,660,262		205,842,968		—		1,836,867
EQ/Van Kampen Emerging Markets Equity Portfolio		273,852,666		49,471,231		19,098,312		342,873,407		—		12,027,955
MarketPLUS International Core Portfolio		196,080,028		48,150,810		70,236		268,047,032		—		36,605
Multimanager Aggressive Equity Portfolio		378,734,859		99,913,996		48,953,517		444,765,584		—		15,909,017
Multimanager Core Bond Portfolio		666,239,477		101,385,439		16,302,965		737,063,297		16,657,540		(914,451	)
Multimanager International Equity Portfolio		567,369,872		234,235,490		7,332,764		855,734,367		—		3,939,196
Multimanager Large Cap Core Equity Portfolio		278,905,160		71,583,760		13,876,112		359,700,224		—		2,659,007
Multimanager Large Cap Value Portfolio		417,136,578		117,008,154		77,530,375		480,137,308		—		15,631,873
Multimanager Mid Cap Growth Portfolio		40,332,155		6,179,657		19,469		51,410,684		—		(43	)
Multimanager Mid Cap Value Portfolio		95,158,914		111,633,233		62,829		219,339,950		—		(4,552	)
Multimanager Small Cap Value Portfolio		230,822,766		111,086,632		154,385		354,418,920		—		(8,692	)

	$	6,695,988,220	$	2,186,868,655	$	354,430,557	$	8,879,182,164	$	16,657,540	$	86,211,568

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	2,186,868,655
Net Proceeds of Sales and Redemptions:
Investment Companies	$	440,642,125

As of June 30, 2007, 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	$	809,356,784
Aggregate gross unrealized depreciation		(32,993,335	)

Net unrealized appreciation	$	776,363,449

Federal income tax cost of investments	$	8,111,784,806

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		2,928,299	$	29,497,809
EQ/AllianceBernstein Value Portfolio‡		16,298,598		282,304,269
EQ/BlackRock Basic Value Equity Portfolio‡		16,552,935		305,157,964
EQ/BlackRock International Value Portfolio‡		12,452,842		229,223,818
EQ/Davis New York Venture Portfolio‡		2,626,687		30,218,444
EQ/Franklin Small Cap Value Portfolio‡		2,820,151		33,498,433
EQ/JPMorgan Core Bond Portfolio‡		1,967,352		21,729,532
EQ/Marsico Focus Portfolio‡		13,417,991		233,110,599
EQ/PIMCO Real Return Portfolio*‡		2,217,801		22,012,368
EQ/Small Company Index Portfolio‡		5,415,725		74,674,786
EQ/Van Kampen Emerging Markets Equity Portfolio‡		5,927,962		112,984,907
MarketPLUS International Core Portfolio‡		3,263,699		50,203,100
Multimanager Aggressive Equity Portfolio‡		4,722,837		145,810,573
Multimanager Core Bond Portfolio‡		6,119,271		61,182,312
Multimanager International Equity Portfolio‡		15,966,167		273,217,265
Multimanager Large Cap Core Equity Portfolio‡		8,665,048		112,134,998
Multimanager Large Cap Value Portfolio‡		13,562,730		188,276,151
Multimanager Mid Cap Growth Portfolio*‡		1,121,186		11,265,408
Multimanager Mid Cap Value Portfolio‡		3,303,842		36,808,290
Multimanager Small Cap Value Portfolio‡		8,969,275		128,482,769

Total Investment Companies (99.7%) (Cost $2,135,618,856)				2,381,793,795


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
4.76%, 7/2/07 (Amortized Cost $ 2,524,709)	$	2,524,709	$	2,524,709

Total Investments (99.8%) (Cost/Amortized Cost $ 2,138,143,565)				2,384,318,504
Other Assets Less Liabilities (0.2%)				4,834,121

Net Assets (100%)			$	2,389,152,625

*	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 and Class IA shares for EQ Advisors Trust Portfolios.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value June 30, 2007		Dividend Income		Realized Gain/ (Loss)
EQ/AllianceBernstein Large Cap Growth Portfolio	$	7,972,453	$	—	$	6,413,722	$	—	$	—	$	1,770,322
EQ/AllianceBernstein Quality Bond Portfolio		24,420,960		4,939,714		42,666		29,497,809		—		(1,785	)
EQ/AllianceBernstein Value Portfolio		198,877,346		70,758,974		571,036		282,304,269		—		69,425
EQ/BlackRock Basic Value Equity Portfolio		210,665,931		74,870,476		613,353		305,157,964		—		67,988
EQ/BlackRock International Value Portfolio		136,589,869		74,981,966		349,501		229,223,818		—		100,184
EQ/Davis New York Venture Portfolio		—		30,176,503		—		30,218,444		—		—
EQ/Franklin Small Cap Value Portfolio		103,100		32,996,301		53,949		33,498,433		—		559
EQ/JPMorgan Core Bond Portfolio		—		22,093,643		268,368		21,729,532		—		4,169
EQ/Marsico Focus Portfolio		203,806,964		66,810,246		33,878,412		233,110,599		—		9,162,929
EQ/PIMCO Real Return Portfolio		—		21,973,841		—		22,012,368		—		—
EQ/Small Company Index Portfolio		70,792,182		20,755,037		20,509,063		74,674,786		—		1,136,220
EQ/Van Kampen Emerging Markets Equity Portfolio		75,610,222		21,887,837		130,950		112,984,907		—		59,826
MarketPLUS International Core Portfolio		32,926,695		13,147,236		74,220		50,203,100		—		34,795
Multimanager Aggressive Equity Portfolio		122,559,548		39,981,680		21,094,274		145,810,573		—		5,730,902
Multimanager Core Bond Portfolio		72,328,612		9,403,746		19,767,718		61,182,312		1,730,847		(726,838	)
Multimanager International Equity Portfolio		163,240,163		90,425,897		377,642		273,217,265		—		153,804
Multimanager Large Cap Core Equity Portfolio		81,800,121		28,138,139		4,609,238		112,134,998		—		959,672
Multimanager Large Cap Value Portfolio		129,731,044		46,520,584		381,747		188,276,151		—		40,684
Multimanager Mid Cap Growth Portfolio		7,757,669		2,527,989		29,765		11,265,408		—		(2,511	)
Multimanager Mid Cap Value Portfolio		20,475,485		13,562,829		84,177		36,808,290		—		(2,416	)
Multimanager Small Cap Value Portfolio		85,355,835		38,727,856		350,409		128,482,769		—		(23,365	)

	$	1,645,014,199	$	724,680,494	$	109,600,210	$	2,381,793,795	$	1,730,847	$	18,534,564

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	724,680,494
Net Proceeds of Sales and Redemptions:
Investment Companies	$	128,134,774

As of June 30, 2007, 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	$	247,263,936
Aggregate gross unrealized depreciation		(1,335,220	)

Net unrealized appreciation	$	245,928,716

Federal income tax cost of investments	$	2,138,389,788

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.0%)
*Automobiles (1.0%)*
Toyota Motor Corp. (ADR)^	209,162	$	26,329,312

*Diversified Consumer Services (0.5%)*
Apollo Group, Inc., Class A*	231,237		13,511,178

*Hotels, Restaurants & Leisure (3.8%)*
Chipotle Mexican Grill, Inc., Class A*^	90,480		7,716,134
Hilton Hotels Corp.	210,600		7,048,782
Las Vegas Sands Corp.*^	238,837		18,244,758
McDonald’s Corp.	479,956		24,362,567
MGM MIRAGE*	216,024		17,817,660
Wynn Resorts Ltd.^	294,920		26,451,375

			101,641,276

*Internet & Catalog Retail (3.0%)*
Amazon.com, Inc.*^	773,400		52,908,294
Audible, Inc.*^	821,520		8,280,921
Expedia, Inc.*^	474,900		13,909,821
Liberty Media Corp., Interactive, Class A*	240,000		5,359,200

			80,458,236

*Media (5.7%)*
Cablevision Systems Corp. - New York Group, Class A*	583,700		21,124,103
CBS Corp., Class B	59,600		1,985,872
Citadel Broadcasting Corp.	28,445		183,470
Comcast Corp., Class A*	1,111,022		31,241,939
Comcast Corp., Special Class A*	1,021,674		28,566,005
Liberty Global, Inc., Class A*	38,500		1,580,040
Liberty Media Corp., Capital Series, Class A*	57,000		6,707,760
Sirius Satellite Radio, Inc.*	1,441,400		4,353,028
Time Warner, Inc.	1,272,300		26,769,192
Viacom, Inc., Class B*	58,500		2,435,355
Walt Disney Co.	370,400		12,645,456
XM Satellite Radio Holdings, Inc., Class A*^	1,223,900		14,405,303

			151,997,523

*Specialty Retail (1.6%)*
Home Depot, Inc.	569,800		22,421,630
Lowe’s Cos., Inc.	673,368		20,665,664

			43,087,294

*Textiles, Apparel & Luxury Goods (0.4%)*
Polo Ralph Lauren Corp.	43,575		4,275,143
Under Armour, Inc., Class A*^	141,450		6,457,193

			10,732,336

Total Consumer Discretionary			427,757,155

Consumer Staples (1.8%)
*Beverages (0.7%)*
PepsiCo, Inc.	268,686		17,424,287

*Food & Staples Retailing (0.7%)*
CVS Caremark Corp.	514,665		18,759,539

*Personal Products (0.4%)*
Bare Escentuals, Inc.*^	200,335		6,841,440
Estee Lauder Cos., Inc., Class A	95,000		4,323,450

			11,164,890

Total Consumer Staples			47,348,716

Energy (8.1%)
*Energy Equipment & Services (4.4%)*
FMC Technologies, Inc.*	85,800		6,797,076
Grant Prideco, Inc.*	480,600		25,870,698
Schlumberger Ltd.	418,798		35,572,702
Weatherford International Ltd.*	880,100		48,616,724

			116,857,200

*Oil, Gas & Consumable Fuels (3.7%)*
Anadarko Petroleum Corp.	1,267,300		65,886,927
Chesapeake Energy Corp.	179,600		6,214,160
El Paso Corp.	412,900		7,114,267
Petroleo Brasileiro S.A. (ADR)^	163,852		19,870,332

			99,085,686

Total Energy			215,942,886

Financials (13.0%)
*Capital Markets (5.6%)*
ETrade Financial Corp.	629,100		13,896,819
Goldman Sachs Group, Inc.	196,223		42,531,335
Lehman Brothers Holdings, Inc.	440,000		32,788,800
Merrill Lynch & Co., Inc.	267,100		22,324,218
TD Ameritrade Holding Corp.*	432,972		8,659,440
UBS AG (Registered)	491,394		29,488,554

			149,689,166

*Commercial Banks (1.3%)*
Industrial & Commercial Bank of China Ltd., Class H	40,922,000		22,713,510
Wells Fargo & Co.	366,220		12,879,958

			35,593,468

*Diversified Financial Services (3.0%)*
Chicago Mercantile Exchange Holdings, Inc., Class A	28,100		15,015,516
CIT Group, Inc.	60,000		3,289,800
Citigroup, Inc.	586,000		30,055,940
Interactive Brokers Group, Inc.*	235,800		6,397,254
MarketAxess Holdings, Inc.*^	418,820		7,534,572
NASDAQ Stock Market, Inc.*^	316,737		9,410,256
Nymex Holdings, Inc.	45,050		5,659,631
NYSE Euronext^	42,330		3,116,335

			80,479,304

*Insurance (1.2%)*
American International Group, Inc.	441,800		30,939,254

*Real Estate Investment Trusts (REITs) (0.4%)*
ProLogis (REIT)	180,903		10,293,381

*Real Estate Management & Development (0.3%)*
Move, Inc.*	1,944,940		8,713,331

*Thrifts & Mortgage Finance (1.2%)*
Countrywide Financial Corp.	908,400		33,020,340

Total Financials			348,728,244

Health Care (17.4%)
*Biotechnology (8.6%)*
Alnylam Pharmaceuticals, Inc.*^	450,140		6,837,627
Amgen, Inc.*	732,100		40,477,809
Applera Corp.- Celera Group*	887,521		11,005,260
Biogen Idec, Inc.*	671,200		35,909,200
Celgene Corp.*	124,700		7,149,051
Cepheid, Inc.*^	1,891,011		27,608,761
Combinatorx, Inc.*^	618,515		3,816,237
Genentech, Inc.*	362,542		27,429,928
Genzyme Corp.*	530,000		34,132,000
ImClone Systems, Inc.*	252,100		8,914,256
Memory Pharmaceuticals Corp.*^	1,289,200		3,055,404
Millennium Pharmaceuticals, Inc.*	351,300		3,713,241
Myriad Genetics, Inc.*^	215,250		8,005,147
Senomyx, Inc.*^	629,600		8,499,600

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
Vertex Pharmaceuticals, Inc.*	119,000	$	3,398,640

			229,952,161

*Health Care Equipment & Supplies (0.7%)*
Given Imaging Ltd.*	561,648		17,652,597

*Health Care Providers & Services (4.8%)*
Aetna, Inc.	357,700		17,670,380
UnitedHealth Group, Inc.	2,173,802		111,168,234

			128,838,614

*Life Sciences Tools & Services (1.0%)*
Affymetrix, Inc.*^	528,780		13,161,334
Compugen Ltd.*	1,378,450		4,011,290
Illumina, Inc.*^	11,500		466,785
Qiagen N.V.*^	510,700		9,085,353

			26,724,762

*Pharmaceuticals (2.3%)*
Alexza Pharmaceuticals, Inc.*^	743,640		6,149,903
BioMimetic Therapeutics, Inc.*	105,465		1,648,418
Forest Laboratories, Inc.*	530,600		24,221,890
Johnson & Johnson	139,700		8,608,314
King Pharmaceuticals, Inc.*	316,500		6,475,590
Schering-Plough Corp.	324,028		9,863,412
Teva Pharmaceutical Industries Ltd. (ADR)	40,100		1,654,125
Valeant Pharmaceuticals International	250,600		4,182,514

			62,804,166

Total Health Care			465,972,300

Industrials (11.2%)
*Aerospace & Defense (1.9%)*
General Dynamics Corp.	144,317		11,288,476
L-3 Communications Holdings, Inc.	212,600		20,705,114
Lockheed Martin Corp.	209,270		19,698,585

			51,692,175

*Air Freight & Logistics (0.5%)*
FedEx Corp.	123,100		13,660,407

*Airlines (0.1%)*
Continental Airlines, Inc., Class B*	98,350		3,331,114

*Building Products (0.1%)*
American Standard Cos., Inc.	55,900		3,296,982

*Commercial Services & Supplies (0.4%)*
Monster Worldwide, Inc.*	252,090		10,360,899

*Construction & Engineering (3.1%)*
Fluor Corp.	169,500		18,877,215
Foster Wheeler Ltd.*	191,800		20,520,682
Quanta Services, Inc.*^	746,300		22,889,021
Shaw Group, Inc.*^	439,389		20,339,317

			82,626,235

*Electrical Equipment (0.3%)*
First Solar, Inc.*^	9,900		883,971
Genlyte Group, Inc.*	78,200		6,141,828

			7,025,799

*Industrial Conglomerates (2.5%)*
General Electric Co.	834,100		31,929,348
Tyco International Ltd.*	1,067,800		36,080,962

			68,010,310

*Machinery (0.9%)*
Caterpillar, Inc.	215,700		16,889,310
Pall Corp.	176,700		8,126,433

			25,015,743

*Road & Rail (1.4%)*
Burlington Northern Santa Fe Corp.	215,251		18,326,470
Union Pacific Corp.	155,637		17,921,601

			36,248,071

Total Industrials			301,267,735

Information Technology (27.2%)
*Communications Equipment (7.2%)*
C-COR, Inc.*	186,400		2,620,784
Ciena Corp.*	133,000		4,805,290
Cisco Systems, Inc.*	1,234,382		34,377,539
Corning, Inc.*	217,300		5,552,015
Infinera Corp.*^	126,700		3,157,364
JDS Uniphase Corp.*^	1,588,887		21,338,752
Juniper Networks, Inc.*	901,113		22,681,014
Motorola, Inc.	597,600		10,577,520
Nokia Oyj (ADR)	1,664,700		46,794,717
Qualcomm, Inc.	943,850		40,953,652

			192,858,647

*Computers & Peripherals (1.6%)*
Apple, Inc.*	190,923		23,300,243
SanDisk Corp.*	296,600		14,515,604
Seagate Technology	268,700		5,849,599

			43,665,446

*Electronic Equipment & Instruments (1.6%)*
Itron, Inc.*^	159,130		12,402,592
Jabil Circuit, Inc.	600,900		13,261,863
SunPower Corp., Class A*^	193,300		12,187,565
Trimble Navigation Ltd.*	127,700		4,111,940

			41,963,960

*Internet Software & Services (5.2%)*
Akamai Technologies, Inc.*	185,200		9,008,128
eBay, Inc.*	1,050,300		33,798,654
Google, Inc., Class A*	83,154		43,521,140
Yahoo!, Inc.*	1,938,100		52,580,653

			138,908,575

*Semiconductors & Semiconductor Equipment (7.0%)*
Advanced Micro Devices, Inc.*^	1,753,096		25,069,273
Broadcom Corp., Class A*	777,312		22,736,376
Cirrus Logic, Inc.*	201,100		1,669,130
DSP Group, Inc.*	78,700		1,610,989
Intel Corp.	1,008,097		23,952,385
International Rectifier Corp.*	269,600		10,045,296
KLA-Tencor Corp.	325,948		17,910,843
Lam Research Corp.*	275,265		14,148,621
Micron Technology, Inc.*	1,017,900		12,754,287
Netlogic Microsystems, Inc.*^	483,237		15,386,266
NVIDIA Corp.*	70,420		2,909,050
RF Micro Devices, Inc.*	226,700		1,414,608
Silicon Laboratories, Inc.*	315,833		10,930,980
Teradyne, Inc.*	188,200		3,308,556
Texas Instruments, Inc.	617,400		23,232,762

			187,079,422

*Software (4.6%)*
Activision, Inc.*	350,300		6,540,101
Autodesk, Inc.*	143,100		6,737,148
Electronic Arts, Inc.*	493,900		23,371,348
NAVTEQ Corp.*^	637,814		27,005,045
Nuance Communications, Inc.*^	368,250		6,160,822
Opsware, Inc.*^	784,510		7,460,690
Red Hat, Inc.*^	779,570		17,368,820
Salesforce.com, Inc.*	344,365		14,759,484
Shanda Interactive Entertainment Ltd. (ADR)*	455,946		14,134,326

			123,537,784

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
Total Information Technology			$	728,013,834

Materials (1.4%)
*Chemicals (1.0%)*
Celanese Corp., Class A		174,400		6,763,232
Monsanto Co.		305,278		20,618,476

				27,381,708

*Metals & Mining (0.4%)*
Freeport-McMoRan Copper & Gold, Inc.^		116,616		9,658,137

Total Materials				37,039,845

Telecommunication Services (2.4%)
*Diversified Telecommunication Services (2.4%)*
Aruba Networks, Inc.*^		281,200		5,652,120
AT&T, Inc.		652,230		27,067,545
Level 3 Communications, Inc.*^		3,826,076		22,382,545
NeuStar, Inc., Class A*^		280,296		8,120,175

Total Telecommunication Services				63,222,385

Utilities (0.5%)
*Electric Utilities (0.2%)*
ITC Holdings Corp.		151,700		6,163,571

*Independent Power Producers & Energy Traders (0.3%)*
AES Corp.*		352,870		7,720,796

Total Utilities				13,884,367

Total Common Stocks (99.0%) (Cost $2,367,956,307)				2,649,177,467


	Number of Warrants
WARRANTS:
Health Care (0.0%)
*Biotechnology (0.0%)*
Curis, Inc., $4.45 expiring
10/14/09† (Cost $—)*		48,100		—


	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (0.4%)
Berkeley Square Finance LLC
5.43%, 7/2/07 §	$	11,000,000		10,996,682

Total Commercial Paper				10,996,682

Government Securities (0.2%)
Federal Home Loan Mortgage
4.75%, 7/2/07 (o)(p)		5,300,000		5,298,601

Total Government Securities				5,298,601

Short-Term Investments of Cash Collateral for Securities Loaned (13.6%)
Abbey National, plc/London
5.43%, 7/2/07		11,000,566		11,000,566
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)		551,854		551,854
Aquinas Funding LLC
5.34%, 8/2/07		3,323,274		3,323,274
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		4,440,188		4,440,188
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		70,384,371		70,384,371
Barclays plc/London
5.43%, 7/2/07		14,060,596		14,060,596
Bavaria TRR Corp.
5.35%, 7/25/07		14,734,888		14,734,888
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		3,256,139		3,256,139
Belmont Funding LLC
5.31%, 7/19/07		10,955,055		10,955,055
Beta Finance, Inc.
5.37%, 1/31/08 (l)		592,025		592,025
5.37%, 3/10/08 (l)		1,479,851		1,479,851
Cantabric Financing LLC
5.34%, 9/25/07		10,952,597		10,952,597
Cedar Springs Capital Co. LLC
5.33%, 7/19/07		8,763,600		8,763,600
5.32%, 7/23/07		4,383,832		4,383,832
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		7,104,301		7,104,301
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		3,700,157		3,700,157
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		3,466,011		3,466,011
Comerica Bank
5.35%, 3/16/09 (l)		1,479,907		1,479,907
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		6,660,229		6,660,229
Series C
5.32%, 7/3/07		7,369,808		7,369,808
Crown Point Capital Co. LLC
5.31%, 7/25/07		6,572,063		6,572,063
Dekabank Deutsche Girozentrale
5.38%, 7/29/08 (l)		3,848,163		3,848,163
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		444,019		444,019
5.34%, 10/18/07 (l)		8,880,377		8,880,377
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		1,480,063		1,480,063
Fenway Funding LLC
5.35%, 8/9/07		6,571,474		6,571,474
Fifth Third Bancorp
5.32%, 7/29/08 (l)		444,015		444,015
First Tennessee Bank
5.34%, 7/29/08 (l)		13,319,322		13,319,322
General Electric Capital Corp.
5.40%, 3/12/10 (l)		592,025		592,025
Glitnir Banki hf
5.44%, 12/28/07 (l)		7,400,314		7,400,314
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		1,628,069		1,628,069
5.50%, 7/29/08 (l)		2,960,126		2,960,126
5.41%, 3/27/09 (l)		4,144,176		4,144,176
Gotham Funding Corp.
5.37%, 7/3/07		6,652,349		6,652,349
Hartford Life, Inc.
5.45%, 6/27/08 (l)		1,184,050		1,184,050
HBOS Treasury Services plc
5.47%, 7/2/07		8,928,479		8,928,479
ING Bank N.V./Amsterdam
5.43%, 7/2/07		16,280,690		16,280,690
K2 (USA) LLC
5.37%, 5/29/09 (l)		5,916,995		5,916,995
5.37%, 6/18/09 (l)		7,395,874		7,395,874
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		8,879,994		8,879,994
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		518,022		518,022
Links Finance LLC
5.37%, 6/25/09 (l)		2,218,984		2,218,984

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
MBIA Global Funding LLC
5.37%, 3/30/09 (l)	$	3,700,157	$	3,700,157
Monumental Global Funding II
5.36%, 4/25/08 (l)		1,776,075		1,776,075
5.43%, 6/28/10 (l)		6,956,295		6,956,295
Morgan Stanley
5.53%, 5/7/09 (l)		7,400,314		7,400,314
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		1,375,748		1,375,748
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		4,440,188		4,440,188
5.37%, 1/28/08 (l)		4,440,188		4,440,188
New York Life Insurance Co.
5.41%, 9/28/07 (l)		5,032,213		5,032,213
Park Granada LLC
5.32%, 7/6/07		4,397,939		4,397,939
Pricoa Global Funding I
5.40%, 6/25/10 (l)		4,438,856		4,438,856
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07		5,606,630		5,606,630
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09 (l)		711,271		711,271
Solitaire Funding LLC
5.34%, 9/26/07		3,650,324		3,650,324
SunTrust Bank/Atlanta
5.33%, 7/30/07 (l)		444,019		444,019
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		1,480,063		1,480,063
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		2,100,937		2,100,937

Total Short-Term Investments of Cash Collateral for Securities Loaned				362,870,109

Time Deposit (0.7%)
JPMorgan Chase Nassau
4.76%, 7/2/07		18,741,486		18,741,486

Total Short-Term Investments (14.9%) (Cost/Amortized Cost $397,909,237)				397,906,878

Total Investments (113.9%) (Cost/Amortized Cost $2,765,865,544)				3,047,084,345
Other Assets Less Liabilities (-13.9%)				(372,272,736	)

Net Assets (100%)			$	2,674,811,609

*	Non-income producing.

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

†	Securities (totaling $0 or 0.00% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2007, the market value of these securities amounted to $10,996,682 or 0.41% 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.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(o)

Discount Note Security. Effective rate calculated as of June 30, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,318,396,012
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,385,136,880

As of June 30, 2007, 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	$	356,937,238
Aggregate gross unrealized depreciation		(115,705,649	)

Net unrealized appreciation	$	241,231,589

Federal income tax cost of investments	$	2,805,852,756

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

At June 30, 2007, the Portfolio had loaned securities with a total value of $363,982,012. This was secured by collateral of $362,870,019 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $8,186,392 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2007, the Portfolio incurred approximately $10,060 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $566,593,973 of which $499,390,632 expires in the year 2010, and $67,203,341 expires in the year 2011.

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (19.4%)
*Asset-Backed Securities (7.2%)*
ACE Securities Corp.,
Series 06-HE1 A2A
5.400%, 2/25/36 (l)	$	2,171,991	$	2,172,343
Series 06-HE3 A2A
5.370%, 6/25/36 (l)		4,039,955		4,040,113
Aegis Asset Backed Securities Trust,
Series 06-1 A1
5.400%, 1/25/37 (l)		7,279,678		7,279,658
Ameriquest Mortgage Securities, Inc.,
Series 04-R11 A1
5.622%, 11/25/34 (l)		4,176,602		4,185,747
Amortizing Residential Collateral Trust,
Series 02-BC3M A
5.590%, 6/25/32 (l)		44,949		44,954
Series 02-BC4 A
5.610%, 7/25/32 (l)		8,882		8,894
Asset Backed Funding Certificates,
Series 06-OPT3 A3A
5.380%, 11/25/36 (l)		7,026,827		7,027,235
Bank of America Credit Card Trust,
Series 06-A16 A16
4.720%, 5/15/13		13,475,000		13,206,566
Bear Stearns Asset Backed Securities Trust,
Series 02-2 A1
5.650%, 10/25/32 (l)		24,724		24,756
Series 03-2 A2
5.770%, 3/25/43 (l)		123,883		124,092
Series 06-HE1 1A1
5.410%, 12/25/35 (l)		2,788,690		2,788,224
Carrington Mortgage Loan Trust,
Series 06-RFC1 A1
5.360%, 5/25/36 (l)		2,992,246		2,991,164
Cendant Mortgage Corp.,
Series 03-A A1
6.000%, 7/25/43 §(l)		137,281		137,135
Chase Issuance Trust,
Series 04-A9 A9
3.220%, 6/15/10		6,025,000		5,989,545
Chase Manhattan Auto Owner Trust,
Series 05-A A3
3.870%, 6/15/09		5,170,544		5,130,171
Series 06-A A2
5.370%, 1/15/09		3,686,804		3,688,723
Citibank Credit Card Issuance Trust,
Series 03-A6 A6
2.900%, 5/17/10		2,475,000		2,423,298
Series 04-A4 A4
3.200%, 8/24/09		7,200,000		7,180,113
Series 06-A2 A2
4.850%, 2/10/11		7,725,000		7,667,938
Countrywide Asset-Backed Certificates,
Series 06-6 2A1
5.390%, 9/25/36 (l)		1,207,223		1,207,275
Series 06-19 2A1
5.380%, 3/25/37 (l)		8,093,793		8,093,773
CS First Boston Mortgage Securities Corp.,
Series 01-HE17 A1
5.940%, 1/25/32 (l)		36,594		36,608
Daimler Chrysler Auto Trust,
Series 06-B A3
5.330%, 8/8/10		8,000,000		8,000,975
Series 06-C A3
5.020%, 7/8/10		11,650,000		11,612,076
Series 06-D A4
4.940%, 2/8/12		9,900,000		9,784,427
Fieldstone Mortgage Investment Corp.,
Series 06-1 A1
5.400%, 5/25/36 (l)		3,819,391		3,819,671
First Franklin Mortgage Loan Asset Backed Certificates,
Series 05-FF8 A2A
5.430%, 9/25/35 (l)		1,287,379		1,287,470
Series 06-FF4 A1
5.390%, 3/25/36 (l)		2,976,730		2,976,097
Ford Credit Auto Owner Trust,
Series 05-B A3
4.170%, 1/15/09		2,141,408		2,135,795
Series 05-C A3
4.300%, 8/15/09		5,473,490		5,446,962
Series 06-B A3
5.260%, 10/15/10		12,250,000		12,230,799
GSAA Home Equity Trust,
Series 06-5 2A1
5.390%, 3/25/36 (l)		4,346,645		4,341,586
GSAMP Trust,
Series 02-NC1 A2
5.960%, 7/25/32 (l)		4,114		4,171
Home Equity Asset Trust,
Series 02-1 A4
5.920%, 11/25/32 (l)		4,106		4,107
Honda Auto Receivables Owner Trust,
Series 05-6 A3
4.850%, 10/19/09		7,375,000		7,354,947
MBNA Credit Card Master Note Trust,
Series 03-A6 A6
2.750%, 10/15/10		2,250,000		2,200,800
Series 03-A7 A7
2.650%, 11/15/10		6,150,000		5,997,347
Nationstar Home Equity Loan Trust,
Series 06-B AV1
6.020%, 9/25/36 (l)		5,088,032		5,088,020
Nissan Auto Receivables Owner Trust,
Series 06-B A3
5.160%, 2/15/10		10,225,000		10,204,467
Renaissance Home Equity Loan Trust,
Series 03-2A
5.760%, 8/25/33 (l)		49,462		49,588
Series 03-3 A
5.820%, 12/25/33 (l)		305,599		307,891
Residential Asset Mortgage Products, Inc.,
Series 05-EFC4 A1
5.430%, 9/25/35 (l)		781,234		781,244
Series 05-RZ4 A1
5.440%, 11/25/35 (l)		3,309,666		3,310,102
Series 06-RS2 A1
5.400%, 3/25/36 (l)		1,970,483		1,970,321
Salomon Brothers Mortgage Securities VII, Inc.,
Series 02-CIT1 A
5.620%, 3/25/32 (l)		85,288		85,395
Saxon Asset Securities Trust,
Series 02-1 AV2
5.590%, 1/25/32 (l)		19,324		19,330
SLM Student Loan Trust,
Series 06-8 A1
5.335%, 4/25/12 (l)		5,374,785		5,374,773
Soundview Home Equity Loan Trust,
Series 06-2 A1
5.390%, 3/25/36 (l)		225,197		225,205
Structured Asset Investment Loan Trust,
Series 06-1 A1
5.400%, 1/25/36 (l)		2,449,772		2,449,392

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Structured Asset Securities Corp.,
Series 02-HF1 A
5.610%, 1/25/33 (l)	$	99,101	$	99,250
Series 03-2
5.855%, 1/21/09 (b)(l)		1,864,748		1,863,582
Series 03-AL2 A
3.357%, 1/25/31 §		833,631		759,226
USAA Auto Owner Trust,
Series 04-3 A3
3.160%, 2/17/09		1,031,772		1,029,732
Wells Fargo Home Equity Trust,
Series 05-2 AII2
5.560%, 10/25/35 §(l)		1,384,000		1,385,187

				197,648,260

*Non-Agency CMO (12.2%)*
Banc of America Alternative Loan Trust,
Series 04-5 4A1
5.000%, 6/25/19		1,459,021		1,441,084
Series 04-6 4A1
5.000%, 7/25/19		1,495,838		1,466,100
Banc of America Commercial Mortgage, Inc.,
Series 00-1 A2A
7.333%, 11/15/31		6,310,000		6,509,717
Series 01-1 A2
6.503%, 4/15/36		4,507,315		4,622,638
Series 02-PB2 A2
5.676%, 6/11/35		4,611,286		4,613,968
Series 02-PB2 A4
6.186%, 6/11/35		5,320,000		5,431,519
Banc of America Funding Corp.,
Series 06-A 1A1
4.614%, 2/20/36 (l)		2,134,477		2,099,640
Bear Stearns Adjustable Rate Mortgage Trust,
Series 05-10 A2
4.750%, 10/25/35 (l)		2,500,000		2,452,207
Bear Stearns Alt-A Trust,
Series 06-6 31A1
5.824%, 11/25/36 (l)		5,076,545		5,080,931
Series 06-6 32A1
5.818%, 11/25/36 (l)		5,276,365		5,267,826
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 00-WF2 A2
7.320%, 10/15/32		2,890,000		3,021,475
Series 03-T12 A4
4.680%, 8/13/39		6,825,000		6,470,110
Chase Commercial Mortgage Securities Corp.,
Series 99-2 A2
7.198%, 1/15/32		524,950		541,509
Series 00-3 A2
7.319%, 10/15/32		2,255,000		2,352,700
Citigroup Commercial Mortgage Trust,
Series 05-EMG A2
4.221%, 9/20/51 §		5,700,000		5,556,728
Citigroup Mortgage Loan Trust, Inc.,
Series 06-AR1 1A1
4.900%, 10/25/35 (l)		9,140,999		9,012,350
Commercial Mortgage Acceptance Corp.,
Series 98-C2 A2
6.030%, 9/15/30		2,022,684		2,023,699
Commercial Mortgage Pass-Through Certificates,
Series 00-C1 A2
7.416%, 8/15/33		5,894,931		6,111,565
Countrywide Alternative Loan Trust,
Series 03-J3 2A1
6.250%, 12/25/33		304,423		303,289
Series 06-OC8 2A1A
5.410%, 11/25/36 (l)		8,370,679		8,373,138
Countrywide Home Loan Mortgage Pass Through Trust,
Series 03-R4 1A3
6.000%, 11/25/26 §		622,581		619,221
Series 03-R4 2A
6.500%, 1/25/34 §		315,997		319,974
Credit Suisse Mortgage Capital Certificates,
Series 06-3 1A1A
5.410%, 4/25/36 (l)		2,383,877		2,384,233
Series 06-C5 A3
5.311%, 12/15/39		10,020,000		9,606,146
CS First Boston Mortgage Securities Corp.,
Series 98-C1 A1B
6.480%, 5/17/40 (l)		6,387,787		6,429,027
Series 98-C2 A2
6.300%, 11/15/30		1,030,581		1,038,677
Series 02-CKS4 A2
5.183%, 11/15/36		7,435,000		7,272,216
Series 02-CP3 A3
5.603%, 7/15/35		7,210,000		7,196,443
Series 02-CP5 A2
4.940%, 12/15/35		6,905,000		6,665,073
Series 02-P1A A
5.953%, 3/25/32 §(l)		30,297		30,222
Series 03-C3 A5
3.936%, 5/15/38		7,430,000		6,792,012
Series 05-C2 A4
4.832%, 4/15/37		4,760,000		4,474,806
DLJ Commercial Mortgage Corp.,
Series 98-CF1 A1B
6.410%, 2/18/31		1,698,476		1,701,121
Series 99-CG1 A1B
6.460%, 3/10/32		260,354		263,415
Series 99-CG2 A1B
7.300%, 6/10/32		3,682,681		3,784,136
Series 00-CKP1 A1B
7.180%, 11/10/33		6,142,384		6,392,778
First Horizon Alternative Mortgage Securities,
Series 06-FA2 1A5
6.000%, 5/25/36		9,146,635		9,165,652
First Republic Mortgage Loan Trust,
Series 01-FRB1 A
5.670%, 11/15/31 (l)		703,228		705,538
First Union National Bank Commercial Mortgage,
Series 01-C4 A2
6.223%, 12/12/33		6,520,000		6,653,378
GE Capital Commercial Mortgage Corp.,
Series 02-3A A1
4.229%, 12/10/37		1,884,367		1,841,462
Series 07-C1 A4
5.543%, 12/10/49		8,775,000		8,545,622
GMAC Commercial Mortgage Securities, Inc.,
Series 99-C2 A2
6.945%, 9/15/33		315,966		322,526
Series 99-C3 A2
7.179%, 8/15/36		2,851,638		2,926,802
Series 00-C1 A2
7.724%, 3/15/33		3,815,594		3,979,898
Series 00-C2 A2
7.455%, 8/16/33		3,177,945		3,315,578
Series 00-C3 A2
6.957%, 9/15/35		5,125,000		5,329,039
Series 02-C3 A2
4.930%, 7/10/39		6,925,000		6,697,120
Greenwich Capital Commercial Funding Corp.,
Series 04-GG1 A4
4.755%, 6/10/36		1,205,000		1,185,045

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
GS Mortgage Securities Corp. II,
Series 98-C1 A3
6.135%, 10/18/30	$	4,556,359	$	4,570,306
Series 06-GG8 A4
5.560%, 11/10/39^		5,360,000		5,242,970
GSR Mortgage Loan Trust,
Series 04-9 4A1
4.059%, 8/25/34 (l)		6,345,340		6,255,072
Series 05-AR6 2A1
4.538%, 9/25/35 (l)		2,398,206		2,362,385
Heller Financial Commercial Mortgage Asset Corp.,
Series 99-PH1 A2
6.847%, 5/15/31		415,515		421,553
Homebanc Mortgage Trust,
Series 05-4 A1
5.590%, 10/25/35 (l)		3,514,643		3,517,278
Impac CMB Trust,
Series 03-8 2A1
6.220%, 10/25/33 (l)		311,845		312,024
JPMorgan Chase Commercial Mortgage Securities Corp.,
Series 01-C1 A3
5.857%, 10/12/35		5,340,000		5,379,302
Series 01-CIB2 A3
6.429%, 4/15/35		1,295,000		1,330,349
Series 01-CIBC A3
6.260%, 3/15/33		5,155,536		5,253,803
LB Commercial Conduit Mortgage Trust,
Series 98-C4 A1B
6.210%, 10/15/35		1,344,524		1,351,705
LB-UBS Commercial Mortgage Trust,
Series 02-C2 A4
5.594%, 6/15/31		6,949,000		6,937,073
Series 03-C7 A2
4.064%, 9/15/27 (l)		1,730,000		1,688,038
Series 04-C7 A1A
4.475%, 10/15/29		8,992,622		8,569,145
Series 06-C6 A4
5.372%, 9/15/39		3,295,000		3,182,044
MASTR Alternative Loans Trust,
Series 04-4 1A1
5.500%, 5/25/34		2,855,733		2,777,069
Merrill Lynch Mortgage Investors, Inc.,
Series 03-A1 3A
4.910%, 12/25/32 (l)		551,558		546,072
Morgan Stanley Capital I,
Series 99-LIFE A2
7.110%, 4/15/33		6,784,507		6,958,521
Series 06-IQ12 A4
5.332%, 12/15/43		3,455,000		3,319,272
Morgan Stanley Dean Witter Capital I,
Series 02-IQ2 A4
5.740%, 12/15/35		6,865,000		6,892,092
Nationslink Funding Corp.,
Series 98-2 A2
6.476%, 8/20/30		6,127,570		6,157,098
Residential Accredit Loans, Inc.,
Series 03-QR19 CB1
5.750%, 10/25/33		512,733		511,303
Series 06-QS2 1A9
5.500%, 2/25/36		7,474,000		7,416,527
Salomon Brothers Mortgage Securities VII, Inc.,
Series 01-C2 A3
6.499%, 10/13/11		8,650,000		8,906,421
Sequoia Mortgage Trust,
Series 03-4 2A1
5.670%, 7/20/33 (l)		311,739		313,065
Series 10 2A1
5.700%, 10/20/27 (l)		131,078		131,148
Structured Adjustable Rate Mortgage Loan Trust,
Series 05-19XS 1A1
5.640%, 10/25/35 (l)		2,706,737		2,717,762
Structured Asset Mortgage Investments, Inc.,
Series 02-AR3 A1
5.650%, 9/19/32 (l)		81,313		81,382
Series 06-AR3 12A1
5.540%, 5/25/36 (l)		2,207,201		2,210,192
Terra LNR Ltd.,
Series 06-1A A1
5.450%, 6/15/17 §(l)		1,831,669		1,831,660
TIAA Retail Commercial Trust,
Series 01-C1A A4
6.680%, 6/19/31 §		9,155,000		9,332,984
Wachovia Bank Commercial Mortgage Trust,
Series 05-C17 APB
5.037%, 3/15/42		5,110,000		4,962,960
Series 05-C20 A6A
5.110%, 7/15/42 (l)		7,640,000		7,435,475
WaMu Mortgage Pass-Through Certificate,
Series 02-AR6 A
6.429%, 6/25/42 (l)		170,969		170,892
Series 02-AR9 1A
6.429%, 8/25/42 (l)		235,926		236,636
Series 02-AR10 A6
4.816%, 10/25/32 (l)		208,300		207,679
Series 03-R1 A1
5.860%, 12/25/27 (l)		1,466,677		1,466,538
Wells Fargo Mortgage Backed Securities Trust,
Series 04-K 1A2
4.479%, 7/25/34 (l)		5,673,185		5,485,867

				334,831,015

Total Asset-Backed and Mortgage-Backed Securities				532,479,275

Consumer Discretionary (0.5%)
*Automobiles (0.0%)*
DaimlerChrysler N.A. Holding Corp.
4.050%, 6/4/08^.		200,000		197,194

*Hotels, Restaurants & Leisure (0.1%)*
Caesars Entertainment, Inc.
7.500%, 9/1/09		500,000		511,250
Mandalay Resort Group, Series B
10.250%, 8/1/07		1,100,000		1,102,885

				1,614,135

*Media (0.4%)*
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		1,020,000		1,138,636
Comcast Cable Holdings LLC
7.875%, 8/1/13		130,000		142,450
7.125%, 2/15/28		360,000		370,406
Comcast Corp.
6.500%, 1/15/15		969,000		993,562
6.500%, 1/15/17		2,550,000		2,603,438
7.050%, 3/15/33		15,000		15,482
6.500%, 11/15/35^		1,235,000		1,197,146
COX Communications, Inc.
7.125%, 10/1/12		115,000		121,495
Historic TW, Inc.
6.625%, 5/15/29^		200,000		194,188
News America Holdings, Inc.
7.750%, 1/20/24		145,000		159,128
8.500%, 2/23/25		775,000		910,191
8.450%, 8/1/34		245,000		295,432

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
News America, Inc.
7.125%, 4/8/28	$	275,000	$	283,514
TCI Communications, Inc.
7.875%, 2/15/26		820,000		914,052
Time Warner Cable, Inc.
6.550%, 5/1/37 §		2,350,000		2,271,292
Time Warner Cos., Inc.
7.570%, 2/1/24		10,000		10,682
Time Warner, Inc.
6.750%, 4/15/11		135,000		139,603
7.700%, 5/1/32		598,000		646,647
Turner Broadcasting System, Inc.
8.375%, 7/1/13		65,000		72,619

				12,479,963

Total Consumer Discretionary				14,291,292

Consumer Staples (0.1%)
*Tobacco (0.1%)*
Reynolds American, Inc.
6.750%, 6/15/17		3,500,000		3,516,450

Total Consumer Staples				3,516,450

Energy (0.5%)
*Energy Equipment & Services (0.3%)*
Halliburton Co.
5.500%, 10/15/10		1,100,000		1,098,933
7.600%, 8/15/96 §		525,000		579,751
Transocean, Inc.
5.560%, 9/5/08 (l)		6,200,000		6,204,048

				7,882,732

*Oil, Gas & Consumable Fuels (0.2%)*
Anadarko Petroleum Corp.
6.450%, 9/15/36		3,600,000		3,462,577
ConocoPhillips
7.000%, 3/30/29		30,000		32,613
El Paso Corp.
7.625%, 8/16/07		900,000		902,212
EnCana Holdings Finance Corp.
5.800%, 5/1/14		400,000		398,074
Enterprise Products Operating LP,
Series B 4.000%, 10/15/07		575,000		572,618

				5,368,094

Total Energy				13,250,826

Financials (16.9%)
*Capital Markets (3.1%)*
Bank of New York Co., Inc.
3.800%, 2/1/08		1,200,000		1,189,201
Bear Stearns Cos., Inc.
5.450%, 2/23/10 (l)		7,000,000		6,975,549
Goldman Sachs Capital II
5.793%, 12/31/49 (l)		3,650,000		3,562,199
Goldman Sachs Group, Inc.
5.450%, 12/22/08 (l)		100,000		100,099
5.400%, 12/23/08 (l)		5,100,000		5,100,066
5.660%, 6/28/10 (l)		10,000,000		10,057,440
5.250%, 10/15/13		7,710,000		7,474,336
Lehman Brothers Holdings, Inc.
5.410%, 12/23/08 (l)		10,200,000		10,207,293
5.500%, 5/25/10 (l)		8,975,000		8,967,075
5.750%, 7/18/11		2,375,000		2,382,971
Merrill Lynch & Co., Inc.
5.395%, 10/23/08 (l)		8,500,000		8,509,851
Series 1
5.390%, 12/22/08 (l)		1,700,000		1,699,782
Morgan Stanley
5.360%, 11/21/08 (l)		3,300,000		3,299,205
5.595%, 1/22/09 (l)		600,000		600,343
5.050%, 1/21/11^		2,315,000		2,267,140
6.750%, 4/15/11		800,000		829,461
5.610%, 1/9/12 (l)		8,575,000		8,559,325
5.625%, 1/9/12		1,935,000		1,930,824
5.300%, 3/1/13		300,000		294,052
5.550%, 4/27/17		2,825,000		2,697,593

				86,703,805

*Certificates of Deposit (2.5%)*
Bank of Ireland
5.396%, 1/15/10 (l)		4,000,000		4,001,468
Barclays Bank plc/New York
5.370%, 3/13/09 (l)		14,025,000		14,037,510
Calyon/New York
5.336%, 1/16/09 (l)		6,800,000		6,801,156
Fortis Bank S.A./New York
5.265%, 4/28/08 (l)		9,700,000		9,703,211
5.265%, 6/30/08 (l)		4,000,000		4,000,560
Nordea Bank Finland plc/New York
5.263%, 4/2/08 (l)		2,700,000		2,699,824
5.298%, 5/28/08 (l)		7,400,000		7,402,634
5.308%, 4/9/09 (l)		2,300,000		2,300,090
Royal Bank of Scotland plc/New York
5.260%, 7/3/08 (l)		6,000,000		5,998,806
Societe Generale/New York
5.269%, 6/30/08 (l)		3,500,000		3,501,302
SunTrust Bank
4.415%, 6/15/09		980,000		959,727
Unicredito Italiano Bank plc/New York
5.346%, 5/6/08 (l)		1,700,000		1,700,080
5.360%, 5/29/08 (l)		4,700,000		4,701,344

				67,807,712

*Commercial Banks (4.3%)*
Bank One N.A./Illinois
3.700%, 1/15/08#		1,250,000		1,239,581
Bank One N.A./Texas
6.250%, 2/15/08		1,000,000		1,003,921
BankBoston N.A.
6.375%, 4/15/08#		625,000		629,063
Charter One Bank N.A.
5.405%, 4/24/09 (l)		5,600,000		5,605,236
Commonwealth Bank of Australia
5.360%, 6/8/09 §(l)		600,000		600,262
Depfa ACS Bank
3.625%, 10/29/08^		2,000,000		1,957,822
DnB NOR Bank ASA
5.425%, 10/13/09 §(l)		6,100,000		6,100,104
Eksportfinans A/S
3.375%, 1/15/08		4,070,000		4,031,400
HBOS Treasury Services plc
3.600%, 8/15/07 §		780,000		778,994
3.500%, 11/30/07 §		1,285,000		1,276,600
5.397%, 7/17/09^§		4,300,000		4,302,911
5.000%, 11/21/11 §		9,490,000		9,304,888
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/31/49 §(l)		550,000		515,462
ICICI Bank Ltd.
5.895%, 1/12/10 §(l)		3,400,000		3,405,671
L-Bank Landeskreditbank Baden-Wuerttemberg Foerderbank
4.250%, 9/15/10		3,950,000		3,839,357
Mellon Capital IV,
Series 1
6.244%, 6/29/49 (l)		2,100,000		2,118,942

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Mizuho Financial Group, Inc./Aruba
1.433%, 10/2/27 †(l)	JPY	300,000,000	$	2,466,274
National Australia Bank Ltd.
5.400%, 9/11/09 §(l)	$	6,200,000		6,205,661
National Westminster Bank plc/United Kingdom
7.375%, 10/1/09		725,000		753,309
Rabobank Capital Funding II
5.260%, 12/29/49 §(l)		780,000		748,017
Rabobank Nederland
0.200%, 6/20/08	JPY	148,000,000		1,193,388
5.360%, 4/6/09 §(l)	$	6,330,000		6,333,298
Royal Bank of Scotland plc
5.360%, 4/11/08 §(l)		2,700,000		2,702,060
5.405%, 7/21/08 §(l)		1,200,000		1,200,793
5.760%, 7/6/12 (l)		2,900,000		2,900,049
Santander U.S. Debt S.A. Unipersonal
5.415%, 10/21/08 §(l)		8,900,000		8,906,284
Sumitomo Mitsui Banking Corp.
1.335%, 12/31/49 (l)	JPY	200,000,000		1,655,167
1.521%, 12/31/49 (l)		100,000,000		822,003
5.625%, 12/31/49 §(l)	$	300,000		285,900
SunTrust Banks, Inc.
3.625%, 10/15/07		845,000		840,643
4.000%, 10/15/08		895,000		878,946
SunTrust Capital VIII
6.100%, 12/15/36 (l)		1,450,000		1,327,846
U.S. Bancorp
3.950%, 8/23/07		100,000		99,797
U.S. Bank N.A./Ohio
4.400%, 8/15/08		2,270,000		2,238,379
Unicredito Luxembourg Finance S.A.
5.405%, 10/24/08 §(l)		8,200,000		8,202,304
Wachovia Bank N.A./ North Carolina
4.375%, 8/15/08		270,000		266,196
5.360%, 2/23/09 (l)		1,600,000		1,600,237
5.400%, 3/23/09 (l)		13,825,000		13,828,028
Wachovia Corp.
6.300%, 4/15/08		1,165,000		1,172,408
Wells Fargo & Co.
4.200%, 1/15/10		1,950,000		1,900,618
4.625%, 8/9/10		2,390,000		2,337,105
4.875%, 1/12/11		460,000		451,494

				118,026,418

*Consumer Finance (0.8%)*
Ford Motor Credit Co. LLC
4.950%, 1/15/08		3,900,000		3,870,797
5.625%, 10/1/08		3,600,000		3,553,477
7.250%, 10/25/11		3,150,000		3,031,661
7.800%, 6/1/12^		250,000		243,882
HSBC Finance Corp.
5.500%, 12/5/08 (l)		2,500,000		2,505,640
SLM Corp.
5.495%, 7/27/09 (l)		5,900,000		5,752,618
5.655%, 1/27/14^ (l)		2,950,000		2,558,597

				21,516,672

*Diversified Financial Services (5.2%)*
Associates Corp. of North America
6.250%, 11/1/08#		650,000		657,118
6.875%, 11/15/08		4,100,000		4,179,023
Bank of America Corp.
6.250%, 4/1/08		425,000		427,291
5.510%, 2/17/09 (l)		9,055,000		9,075,165
5.370%, 3/24/09 (l)		8,275,000		8,276,076
5.625%, 10/14/16		3,050,000		3,002,472
Bank of America N.A.
5.360%, 12/18/08 (l)		3,800,000		3,800,874
6.100%, 6/15/17		1,275,000		1,289,450
Belvoir Land LLC,
Series A-1
5.270%, 12/15/47 §		825,000		733,697
BTM Curacao Holdings N.V.
1.187%, 12/31/49 (l)	JPY	100,000,000		811,932
Caterpillar Financial Services Corp.
5.408%, 8/11/09 (l)	$	6,100,000		6,101,848
CIT Group, Inc.
5.570%, 5/23/08^ (l)		5,900,000		5,905,841
Citigroup Global Markets Holdings, Inc.
5.460%, 3/17/09 (l)		19,200,000		19,221,408
Citigroup, Inc.
3.500%, 2/1/08		2,615,000		2,588,554
5.400%, 12/26/08 (l)		300,000		300,148
3.625%, 2/9/09		980,000		954,469
6.200%, 3/15/09		905,000		917,161
5.390%, 12/28/09 (l)		4,100,000		4,100,927
4.125%, 2/22/10^		6,580,000		6,383,107
4.625%, 8/3/10		485,000		474,746
5.875%, 5/29/37		3,435,000		3,274,747
General Electric Capital Corp.
3.450%, 7/16/07		700,000		699,492
5.355%, 10/24/08 (l)		3,000,000		3,001,218
5.460%, 6/15/09 (l)		5,100,000		5,111,414
5.417%, 5/10/10 (l)		3,700,000		3,703,622
5.000%, 12/1/10		17,325,000		17,094,508
5.000%, 11/15/11		12,270,000		12,024,220
Irwin Land LLC,
Series A-1
5.030%, 12/15/25 §		725,000		661,244
Series A-2
5.300%, 12/15/35		1,195,000		1,094,106
JPMorgan Chase & Co.
4.000%, 2/1/08		740,000		733,718
6.375%, 2/15/08		775,000		777,227
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		5,400,000		5,400,162
MassMutual Global Funding II
2.550%, 7/15/08 §		850,000		820,267
Nationwide Building Society
3.500%, 7/31/07 §		1,975,000		1,972,246
4.250%, 2/1/10 §		295,000		286,093
New York Life Global Funding
3.875%, 1/15/09 §		775,000		758,221
Pemex Finance Ltd.
9.030%, 2/15/11#		80,000		85,279
Pricoa Global Funding I
4.350%, 6/15/08 §		1,275,000		1,255,799
Racers,
Series 97-R-8-3
5.660%, 8/15/07 †(b)(l).		800,000		799,930
TIAA Global Markets, Inc.
3.875%, 1/22/08 §		615,000		609,217
UFJ Finance Aruba AEC
6.750%, 7/15/13		310,000		327,327
USAA Capital Corp.
4.000%, 12/10/07 §		975,000		968,636
ZFS Finance USA Trust V
6.500%, 5/9/37 §(l)		1,945,000		1,881,097

				142,541,097

*Insurance (0.9%)*
Allstate Corp.
6.125%, 5/15/37^ (l)		1,480,000		1,425,857
American International Group, Inc.
5.395%, 1/29/10^ §(l)		10,400,000		10,407,420
Berkshire Hathaway Finance Corp.
3.400%, 7/2/07		2,140,000		2,139,803

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
4.125%, 1/15/10	$	85,000	$	82,640
4.750%, 5/15/12^		760,000		738,741
Chubb Corp.
6.375%, 3/29/37 (l)		1,450,000		1,417,954
MetLife, Inc.
6.400%, 12/15/36^		2,865,000		2,653,999
Progressive Corp.
6.700%, 6/15/37 (l)		2,390,000		2,375,347
Travelers Cos., Inc.
6.250%, 3/15/37 (l)		3,375,000		3,243,203

				24,484,964

*Real Estate Investment Trusts (REITs) (0.1%)*
AvalonBay Communities, Inc. (REIT)
6.625%, 9/15/11#		270,000		280,294
Rouse Co. (REIT)
3.625%, 3/15/09		1,160,000		1,111,802

				1,392,096

*Real Estate Management & Development (0.0%)*
ERP Operating LP
6.625%, 3/15/12		445,000		461,914

Total Financials				462,934,678

Government Securities (80.0%)
*Agency ABS (0.2%)*
Small Business Administration Participation Certificates,
Series 04-20A 1
4.930%, 1/1/24		735,253		709,167
Series 04-20C 1
4.340%, 3/1/24		4,995,012		4,625,878
Series 05-20B 1
4.625%, 2/1/25		432,933		406,068
Small Business Administration,
Series 03-10A 1
4.628%, 3/10/13		767,217		734,198

				6,475,311

*Agency CMO (5.1%)*
Federal Home Loan Mortgage Corp.
4.500%, 12/15/13		3,316,445		3,287,427
4.500%, 2/15/15		3,654,912		3,608,396
4.500%, 1/15/16		3,893,016		3,828,809
5.000%, 6/15/16		9,597		9,580
5.000%, 11/15/17		2,660,000		2,581,686
5.000%, 12/15/19		2,313,125		2,306,697
4.500%, 10/15/23		5,300,000		5,243,254
5.500%, 2/15/26		4,920,464		4,914,114
5.500%, 4/15/26		6,411,615		6,402,497
5.500%, 2/15/27		7,938,123		7,926,384
5.500%, 5/15/29		21,362,708		21,147,983
5.670%, 12/15/29 (l)		26,501		26,591
5.500%, 1/15/31		2,952,161		2,941,353
5.500%, 7/15/33		160,828		159,957
5.500%, 10/15/33		2,574,402		2,559,858
5.500%, 4/15/35		4,917,778		4,895,242
5.500%, 8/1/35 IO		6,731,048		1,789,293
5.500%, 2/1/36 IO		10,030,839		2,758,578
Pass Through Trust
6.500%, 7/25/43		829,790		841,178
Federal National Mortgage Association
4.500%, 2/25/17		2,320,570		2,270,201
4.500%, 3/25/17		1,811,914		1,772,380
5.000%, 3/25/18		1,190,000		1,139,780
5.500%, 9/25/24		8,207,037		8,187,502
5.500%, 10/25/24		9,405,420		9,382,357
5.500%, 5/25/27		5,274,438		5,260,654
5.500%, 9/25/27		6,329,637		6,309,423
6.000%, 8/25/28		2,034,094		2,039,485
5.500%, 2/25/29		6,547,028		6,522,834
5.310%, 8/25/33		2,900,000		2,860,576
5.500%, 12/25/33		4,098,563		4,058,537
5.500%, 1/25/34		3,271,960		3,238,130
6.500%, 7/25/34		2,155,939		2,189,998
5.500%, 2/25/35		2,910,875		2,893,043
5.500%, 8/25/35		941,230		933,460
5.000%, 7/1/36 IO		14,626,762		3,550,677
Government National Mortgage Association
6.500%, 6/20/32		207,423		211,274

				140,049,188

*Foreign Governments (0.8%)*
Export-Import Bank of China
5.250%, 7/29/14^§		3,700,000		3,617,745
Federative Republic of Brazil
12.500%, 1/5/22		1,900,000		1,269,129
10.250%, 1/10/28		3,000,000		1,743,390
Israel Government AID Bond
5.500%, 4/26/24		1,950,000		1,931,906
5.500%, 9/18/33		1,945,000		1,941,341
Republic of Chile
5.500%, 1/15/13		1,000,000		990,100
Republic of Croatia, Series A
6.213%, 7/31/10 (l)		720,682		722,260
Republic of Italy
3.800%, 3/27/08	JPY	364,000,000		3,018,242
Republic of Panama
9.625%, 2/8/11	$	350,000		394,118
Republic of Peru
9.125%, 1/15/08		400,000		404,000
Republic of South Africa
7.375%, 4/25/12		60,000		63,906
6.500%, 6/2/14		1,480,000		1,524,400
Russian Federation
7.500%, 3/31/30 (m)(e)		2,835,750		3,123,579
United Mexican States
6.055%, 1/13/09 (l)		950,000		954,750
10.375%, 2/17/09		1,352,000		1,453,941

				23,152,807

*Municipal Bonds (0.0%)*
City of Chicago, Illinois
6.225%, 1/1/14 §(l)		200,000		200,414
Los Gatos, California Union School District
5.000%, 8/1/30		160,000		164,890
New York City Municipal Water Finance Authority
6.240%, 6/15/34 §(l)		100,000		106,734

				472,038

*U.S. Government Agencies (57.2%)*
Federal Farm Credit Bank
4.100%, 6/16/11		200,000		191,694
Federal Home Loan Bank
2.850%, 6/26/08		2,000,000		1,952,006
4.010%, 9/17/08		3,000,000		2,956,116
4.000%, 1/16/09 (e)		1,800,000		1,767,503
4.000%, 4/20/09 (e)		1,800,000		1,763,327
4.120%, 11/9/09		600,000		585,747
4.125%, 1/5/10		500,000		487,424
4.500%, 6/22/10		10,900,000		10,695,134
4.500%, 6/12/13		3,700,000		3,524,180
4.625%, 9/11/20		32,800,000		30,095,378
Federal Home Loan Mortgage Corp.
6.875%, 7/15/08		8,770		8,819
4.000%, 10/7/09		2,000,000		1,948,988
4.000%, 6/1/10		1,073,232		1,046,781
4.625%, 5/28/13		850,000		813,429
6.000%, 1/1/14		31,132		31,414
5.500%, 2/1/14		329,943		327,656

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
6.000%, 7/1/14	$	17,702	$	17,840
6.000%, 2/1/17		618,901		622,353
6.000%, 3/1/17		5,052		5,080
6.500%, 3/1/17		91,016		92,901
6.000%, 4/1/17		564,471		567,620
6.000%, 5/1/17		4,306		4,330
6.000%, 7/1/17		85,706		86,180
6.000%, 8/1/17		114,064		114,700
5.500%, 11/1/17		126,140		124,690
4.500%, 4/1/19		271,976		258,815
4.000%, 5/1/19		34,226		31,800
4.500%, 5/1/19		1,695,832		1,613,771
4.500%, 6/1/19		583,177		555,324
4.500%, 8/1/19		63,788		60,701
4.500%, 11/1/19		1,424,286		1,355,364
4.500%, 2/1/20		21,926		20,820
4.500%, 5/1/20		109,263		103,750
4.500%, 8/1/20		3,316,148		3,155,679
4.000%, 9/1/20		86,659		80,283
5.000%, 10/1/20		6,069,293		5,870,017
5.500%, 3/1/23		71,045		69,478
6.500%, 4/1/31		1,288		1,314
5.500%, 11/1/31		1,537,875		1,490,242
7.385%, 11/1/31 (l)		31,843		32,083
5.500%, 11/1/32		805,853		780,893
5.500%, 1/1/33		118,516		114,851
5.500%, 2/1/33		702,776		681,045
5.500%, 3/1/33		49,019		47,504
5.500%, 4/1/33		68,176		66,069
5.500%, 5/1/33		23,626		22,896
5.500%, 10/1/33		70,828		68,639
5.000%, 4/1/34		3,946,363		3,714,717
4.773%, 1/1/35 (l)		5,386,748		5,268,434
5.500%, 10/1/35		887,431		857,907
5.345%, 4/1/36 (l)		4,987,145		4,943,258
5.542%, 4/1/36 (l)		8,280,348		8,143,960
5.000%, 5/1/36		653,851		613,408
6.000%, 9/1/36		265,686		263,430
5.000%, 1/1/37		100,000		93,815
5.677%, 1/1/37 (l)		6,758,122		6,756,120
1.330%, 6/15/37 (l)		78,795,000		3,727,373
4.500%, 7/15/22 TBA		4,700,000		4,460,592
6.000%, 7/15/22 TBA		8,000,000		8,032,496
5.500%, 7/15/37 TBA		95,000,000		91,615,625
6.000%, 7/15/37 TBA		4,000,000		3,962,500
5.500%, 8/15/37 TBA		46,000,000		44,346,852
6.000%, 8/15/37 TBA		11,000,000		10,886,568
Federal National Mortgage Association
3.740%, 2/24/09		10,600,000		10,354,038
4.040%, 3/16/09		500,000		490,410
4.000%, 7/23/09		187,000		182,663
7.250%, 1/15/10^		8,625,000		9,039,811
5.570%, 12/15/10		16,750,000		16,717,538
4.000%, 11/28/11		4,100,000		3,891,892
4.625%, 5/1/13^		5,650,000		5,416,169
5.125%, 1/2/14^		2,575,000		2,515,924
4.000%, 5/1/14		6,684,284		6,407,138
7.000%, 4/1/15		76,498		78,820
6.000%, 2/1/16		2,260,012		2,272,803
6.000%, 3/1/16		393,586		395,814
7.000%, 4/1/16		94,855		97,664
5.500%, 2/1/17		484,744		479,342
5.500%, 6/1/17		150,180		148,506
5.500%, 8/1/17		140,349		138,785
5.500%, 10/1/17		127,965		126,539
5.500%, 12/1/17		7,776		7,689
5.000%, 1/1/18		3,353,453		3,252,767
5.500%, 1/1/18		464,744		459,564
5.000%, 3/1/18		5,015,052		4,865,151
4.500%, 4/1/18		412,616		393,155
5.500%, 4/1/18		867,046		857,235
4.500%, 5/1/18		583,776		556,352
5.000%, 6/1/18		4,878,030		4,732,224
4.500%, 10/1/18		313,720		298,923
5.000%, 10/1/18		18,283		17,736
5.500%, 10/1/18		14,101		13,941
5.500%, 11/1/18		5,245,483		5,187,021
5.000%, 12/1/18		8,121,105		7,877,271
5.000%, 1/1/19		602,145		584,147
5.500%, 3/1/19		511,961		506,067
5.000%, 5/1/19		532,597		516,102
5.500%, 5/1/19		1,301,942		1,287,432
4.000%, 6/1/19		7,152,487		6,637,041
5.000%, 6/1/19		58,305		56,490
5.500%, 7/1/19		158,877		156,922
5.500%, 8/1/19		769,423		759,799
5.500%, 9/1/19		413,261		408,092
5.500%, 11/1/19		429,465		424,094
5.000%, 12/1/19		8,631,162		8,362,548
5.500%, 6/1/20		4,438,953		4,387,971
5.500%, 10/1/20		839,228		827,422
5.500%, 1/1/21		999,516		984,934
5.500%, 2/1/21		293,832		289,545
5.000%, 3/1/21		6,325,799		6,136,719
7.284%, 1/1/28 (l)		201,220		203,859
6.500%, 2/1/31		1,202		1,225
6.500%, 8/1/31		567		578
7.000%, 8/1/31		46,974		48,718
7.000%, 3/1/32		26,184		27,122
7.000%, 4/1/32		164,285		170,342
7.000%, 5/1/32		9,832		10,184
6.500%, 6/1/32		154,466		157,202
6.500%, 8/1/32		241,825		246,528
6.500%, 9/1/32		2,255,799		2,295,753
7.000%, 10/1/32		52,589		54,540
5.500%, 11/1/32		544,299		527,482
6.500%, 11/1/32		367,827		374,342
6.500%, 12/1/32		97,568		99,296
5.500%, 1/1/33		1,026,216		994,509
5.500%, 2/1/33		2,165,619		2,098,623
5.500%, 3/1/33		4,677,004		4,511,950
5.642%, 3/1/33 (l)		230,217		232,020
5.500%, 4/1/33		2,629,029		2,547,245
5.500%, 6/1/33		29,683,997		28,761,227
5.500%, 7/1/33		121,799		118,010
5.500%, 8/1/33		134,079		129,908
5.500%, 10/1/33		1,011,760		980,286
6.500%, 10/1/33		7,113		7,228
5.500%, 11/1/33		969,809		939,640
5.500%, 12/1/33		406,618		393,969
5.500%, 2/1/34		10,787,335		10,450,717
6.000%, 2/1/34		4,224,870		4,200,097
5.500%, 3/1/34		6,853,838		6,635,783
5.500%, 4/1/34		13,598,839		13,175,170
5.500%, 5/1/34		14,708,476		14,243,912
5.500%, 6/1/34		16,031,352		15,521,547
5.500%, 7/1/34		14,557,227		14,095,071
5.500%, 8/1/34		690,165		668,468
6.000%, 8/1/34		2,602,919		2,587,657
5.500%, 9/1/34		18,263,005		17,681,969
5.500%, 11/1/34		41,475,950		40,156,396
5.500%, 12/1/34		400,720		387,971
5.500%, 1/1/35		55,322,406		53,562,329
5.500%, 2/1/35		90,265,349		87,461,306
5.500%, 3/1/35		10,851,754		10,494,924
6.000%, 3/1/35		18,256		18,092

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
6.000%, 4/1/35	$	14,039,316	$	13,974,238
5.500%, 5/1/35		563,958		546,414
6.000%, 5/1/35		812,507		805,211
6.000%, 7/1/35		508,919		504,349
6.000%, 8/1/35		1,542,505		1,528,653
6.000%, 9/1/35		1,810,983		1,794,582
5.000%, 10/1/35		568,389		534,027
5.500%, 10/1/35		1,743,801		1,686,137
6.000%, 10/1/35		3,694,865		3,661,685
5.000%, 11/1/35		10,513,662		9,878,055
5.500%, 11/1/35		2,308,782		2,232,435
6.000%, 11/1/35		2,792,690		2,767,611
5.500%, 12/1/35		8,749,148		8,470,795
6.000%, 12/1/35		35,436		35,118
5.209%, 1/1/36 (l)		4,170,755		4,170,703
6.000%, 1/1/36		981,969		973,150
6.000%, 2/1/36		7,493,469		7,418,491
6.500%, 2/1/36		786,001		793,645
6.000%, 3/1/36		3,868,728		3,830,239
6.000%, 4/1/36		99,015		98,011
6.000%, 5/1/36		2,793,919		2,765,581
6.500%, 5/1/36		712,037		718,962
5.500%, 6/1/36		958,104		924,529
6.000%, 6/1/36		469,744		464,980
6.500%, 6/1/36		409,829		413,816
5.000%, 7/1/36		69,077,333		64,780,681
5.500%, 7/1/36		476,495		459,797
6.000%, 7/1/36		3,047,697		3,016,786
6.500%, 7/1/36		8,297,041		8,377,737
6.000%, 8/1/36		879,400		870,481
6.500%, 8/1/36		5,312,623		5,364,293
6.000%, 9/1/36		2,500,159		2,474,802
6.500%, 9/1/36		25,259,222		25,504,890
6.000%, 10/1/36		1,313,859		1,300,534
6.500%, 10/1/36		4,157,427		4,197,862
6.000%, 11/1/36		1,598,616		1,582,403
6.500%, 11/1/36		524,707		529,810
6.000%, 12/1/36		1,456,472		1,441,700
6.500%, 12/1/36		26,105,413		26,359,310
6.000%, 1/1/37		199,012		196,994
6.500%, 1/1/37		7,227,477		7,297,770
7.000%, 1/1/37		100,000		102,682
6.500%, 2/1/37		10,993,873		11,100,798
6.500%, 3/1/37		43,582,978		44,006,452
5.372%, 5/1/37 (l)		7,154,621		7,094,898
5.914%, 5/1/37 (l)		4,119,776		4,096,867
6.000%, 6/1/37		600,000		593,575
7.307%, 12/1/40 (l)		194,437		196,785
4.500%, 7/25/22 TBA		22,500,000		21,346,875
5.000%, 7/25/22 TBA		28,000,000		27,055,000
5.500%, 7/25/22 TBA		56,500,000		55,652,500
5.000%, 7/25/37 TBA		110,500,000		103,524,687
5.500%, 7/25/37 TBA		66,300,000		63,938,062
6.000%, 7/25/37 TBA		173,300,000		171,404,445
6.500%, 7/25/37 TBA		26,000,000		26,243,750
5.000%, 8/25/37 TBA		35,000,000		32,779,670
5.500%, 8/25/37 TBA		500,000		481,875
6.500%, 8/25/37 TBA		12,300,000		12,403,787
Government National Mortgage Association
5.750%, 7/20/27 (l)		11,570		11,674
6.000%, 9/15/28		13,587		13,569
6.000%, 11/15/28		23,820		23,787
6.000%, 1/15/29		67,866		67,762
6.000%, 2/15/29		21,720		21,687
6.500%, 5/15/29		39,692		40,552
6.000%, 6/15/29		30,213		30,167
7.000%, 9/15/31		51,610		53,797
7.000%, 10/15/31		9,986		10,405
6.000%, 11/15/31		15,094		15,064
6.000%, 12/15/31		97,715		97,522
7.000%, 2/15/32		45,397		47,310
7.000%, 4/15/32		27,779		28,950
7.000%, 5/15/32		28,431		29,630
6.000%, 7/15/32		55,273		55,153
6.000%, 1/15/33		58,730		58,569
6.000%, 2/15/33		86,442		86,204
7.000%, 2/15/33		50,234		52,360
5.500%, 4/15/33		150,085		145,982
6.000%, 9/15/34		2,016,165		2,009,076
6.000%, 12/15/34		168,219		167,628
6.000%, 1/15/35		759,259		755,982
6.000%, 2/15/35		325,955		324,548
6.000%, 3/15/35		1,383,870		1,377,898
6.000%, 5/15/35		103,932		103,483
6.000%, 7/15/35		787,587		784,432
6.000%, 9/15/35		99,328		98,899
6.000%, 10/15/35		311,140		309,797
6.000%, 12/15/35		491,072		488,953
6.000%, 1/15/36		196,199		195,257
6.000%, 2/15/36		337,748		336,126
6.000%, 3/15/36		276,034		274,707
6.000%, 4/15/36		277,629		276,295
6.000%, 5/15/36		1,644,924		1,637,019
6.000%, 6/15/36		2,215,876		2,205,226
6.000%, 7/15/36		4,117,558		4,097,770
6.000%, 8/15/36		4,245,844		4,226,762
6.000%, 9/15/36		3,036,716		3,022,120
6.000%, 10/15/36		4,816,686		4,793,537
Resolution Funding Strip
(Zero Coupon), 7/15/18		75,000		41,718
(Zero Coupon), 10/15/18		75,000		41,103
Small Business Administration
4.524%, 2/10/13		708,131		675,776
4.504%, 2/1/14		749,470		715,267
U.S. Department of Housing and Urban Development
5.380%, 8/1/18		1,660,000		1,615,401

				1,569,105,987

*U.S. Treasuries (16.7%)*
U.S. Treasury Bonds
6.000%, 2/15/26		4,250,000		4,639,138
6.125%, 8/15/29		5,900,000		6,618,142
4.750%, 2/15/37		5,025,000		4,738,027
U.S. Treasury Notes
4.750%, 12/31/08		286,900,000		286,025,816
5.125%, 6/30/11		139,370,000		140,426,146
4.750%, 5/31/12		14,950,000		14,833,211

				457,280,480

Total Government Securities				2,196,535,811

Health Care (0.1%)
*Pharmaceuticals (0.1%)*
Bristol-Myers Squibb Co.
5.875%, 11/15/36		1,925,000		1,815,980
6.875%, 8/1/97		150,000		154,587

Total Health Care				1,970,567

Industrials (0.1%)
*Airlines (0.1%)*
Continental Airlines, Inc.,
Series 99-2
7.056%, 9/15/09		850,000		860,625

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
United Air Lines, Inc.,
Series 01-1
6.602%, 9/1/13	$	231,114	$	232,847

				1,093,472

*Industrial Conglomerates (0.0%)*
General Electric Co.
5.000%, 2/1/13		1,081,000		1,048,071

Total Industrials				2,141,543

Materials (0.1%)
*Metals & Mining (0.1%)*
Teck Cominco Ltd.
6.125%, 10/1/35		1,075,000		994,022

*Paper & Forest Products (0.0%)*
Koch Forest Products, Inc.
7.345%, 12/20/12 (l)		47,619		47,707
7.353%, 12/20/12 (l)		761,905		763,305
7.364%, 12/20/12 (l)		177,976		178,303

				989,315

Total Materials				1,983,337

Telecommunication Services (0.9%)
*Diversified Telecommunication Services (0.6%)*
AT&T Corp.
7.300%, 11/15/11		38,000		40,450
8.000%, 11/15/31		698,000		829,629
BellSouth Corp.
4.240%, 4/26/08 §		3,600,000		3,567,769
5.460%, 8/15/08 (l)		3,000,000		3,002,286
Citizens Communications Co.
9.000%, 8/15/31		65,000		66,950
New England Telephone & Telegraph
7.875%, 11/15/29		25,000		27,352
Qwest Communications International, Inc.
8.860%, 2/15/09^ (l)		667,000		673,670
Qwest Corp.
7.625%, 6/15/15^		1,580,000		1,631,350
Telecom Italia Capital S.A.
5.250%, 10/1/15		1,575,000		1,464,539
6.000%, 9/30/34		210,000		189,194
Telefonica Emisiones S.A.U.
6.421%, 6/20/16		1,050,000		1,064,650
7.045%, 6/20/36		950,000		983,798
Telefonica Europe B.V.
7.750%, 9/15/10		550,000		583,046
Verizon Communications, Inc.
5.350%, 2/15/11^		600,000		596,470
6.940%, 4/15/28		225,000		231,413
7.750%, 6/15/32		425,000		475,749
Verizon Maryland, Inc.,
Series B
5.125%, 6/15/33^		465,000		376,270
Verizon New Jersey, Inc.,
Series A
5.875%, 1/17/12		1,040,000		1,043,864

				16,848,449

*Wireless Telecommunication Services (0.3%)*
America Movil S.A.B. de C.V.
5.460%, 6/27/08 §(l)		1,000,000		998,910
Sprint Nextel Corp.
6.000%, 12/1/16		1,600,000		1,517,848
Vodafone Group plc
5.450%, 12/28/07 (l)		4,165,000		4,166,758
7.750%, 2/15/10		1,985,000		2,085,050

				8,768,566

Total Telecommunication Services				25,617,015

Utilities (0.8%)
*Electric Utilities (0.3%)*
Appalachian Power Co.,
Series G
3.600%, 5/15/08		650,000		639,665
CenterPoint Energy Resources Corp.
6.150%, 5/1/16^		1,000,000		999,557
Dayton Power & Light Co.
5.125%, 10/1/13		900,000		872,837
Florida Power & Light Co.
4.950%, 6/1/35^		875,000		742,588
Florida Power Corp.
5.900%, 3/1/33		275,000		264,343
Pepco Holdings, Inc.
6.450%, 8/15/12		2,130,000		2,185,591
Scottish Power plc
4.910%, 3/15/10		1,100,000		1,084,052
TXU Electric Delivery Co.
5.735%, 9/16/08 §(l)		1,500,000		1,500,495

				8,289,128

*Gas Utilities (0.0%)*
Consolidated Natural Gas Co.,
Series A
5.000%, 3/1/14		250,000		238,205
Southern Natural Gas Co.
6.125%, 9/15/08		300,000		301,219

				539,424

*Multi-Utilities (0.5%)*
CMS Energy Corp.
9.875%, 10/15/07^		1,430,000		1,443,292
Dominion Resources, Inc.,
Series B
5.540%, 11/14/08 (l)		1,500,000		1,501,589
Series D
5.660%, 9/28/07 (l)		2,400,000		2,400,552
5.125%, 12/15/09		150,000		148,927
Energy East Corp.
6.750%, 7/15/36		950,000		984,229
Ipalco Enterprises, Inc.
8.375%, 11/14/08		3,290,000		3,355,800
Midamerican Energy Holdings Co.
5.950%, 5/15/37 §		2,350,000		2,214,781
PSEG Power LLC
6.950%, 6/1/12		400,000		418,673
Texas Eastern Transmission LP
5.250%, 7/15/07		120,000		119,972

				12,587,815

Total Utilities				21,416,367

Total Long-Term Debt Securities (119.4%)
(Cost $3,311,288,805)				3,276,137,161

SHORT-TERM INVESTMENTS:
Commercial Paper (6.6%)
Barclays U.S. Funding Corp.
5.19%, 9/26/07 (p)		66,500,000		65,667,420
Danske Corp.
5.13%, 9/5/07 (n)(p)		11,000,000		10,895,940
DnB NOR Bank ASA
5.30%, 7/6/07 (n)(p)		40,000,000		39,964,666
Fortis Funding LLC
5.30%, 7/26/07 (n)(p)		28,300,000		28,192,185

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Societe Generale North America, Inc.
5.20%, 10/1/07 (p)	$	38,500,000	$	37,989,875

Total Commercial Paper				182,710,086

Government Securities (1.3%)
Dutch Treasury Certificates
3.80%, 8/31/07 (p)	EUR	6,140,000		8,256,162
France Treasury Bills
3.81%, 8/23/07 (p)		1,700,000		2,287,781
3.88%, 9/13/07 (p)		13,420,000		18,017,800
U.S. Treasury Bills
4.46%, 9/13/07 (p)#	$	7,445,000		7,376,417

Total Government Securities				35,938,160

Short-Term Investments of Cash Collateral for Securities Loaned (1.8%)
Abbey National plc/London
5.43%, 7/2/07		1,484,604		1,484,604
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)		74,477		74,477
Aquinas Funding LLC
5.34%, 8/2/07		448,499		448,499
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		599,234		599,234
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		9,498,865		9,498,865
Barclays plc/London
5.43%, 7/2/07		1,897,576		1,897,576
Bavaria TRR Corp.
5.35%, 7/25/07		1,988,576		1,988,576
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		439,439		439,439
Belmont Funding LLC
5.31%, 7/19/07		1,478,461		1,478,461
Beta Finance, Inc.
5.37%, 1/31/08 (l)		79,898		79,898
5.37%, 3/10/08 (l)		199,716		199,716
Cantabric Financing LLC
5.34%, 9/25/07		1,478,130		1,478,130
Cedar Springs Capital Co. LLC
5.33%, 7/19/07		1,182,709		1,182,709
5.32%, 7/23/07		591,629		591,629
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		958,775		958,775
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		499,362		499,362
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		467,762		467,762
Comerica Bank
5.35%, 3/16/09 (l)		199,724		199,724
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		898,845		898,845
Series C
5.32%, 7/3/07		994,607		994,607
Crown Point Capital Co. LLC
5.31%, 7/25/07		886,946		886,946
DekaBank Deutsche Girozentrale
5.38%, 7/29/08 (l)		519,337		519,337
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		59,923		59,923
5.34%, 10/18/07 (l)		1,198,469		1,198,469
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		199,745		199,745
Fenway Funding LLC
5.35%, 8/9/07		886,866		886,866
Fifth Third Bancorp
5.32%, 7/29/08 (l)		59,923		59,923
First Tennessee Bank
5.34%, 7/29/08 (l)		1,797,536		1,797,536
General Electric Capital Corp.
5.40%, 3/12/10 (l)		79,898		79,898
Glitnir Banki hf
5.44%, 12/28/07 (l)		998,724		998,724
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		219,719		219,719
5.50%, 7/29/08 (l)		399,490		399,490
5.41%, 3/27/09 (l)		559,285		559,285
Gotham Funding Corp.
5.37%, 7/3/07		897,781		897,781
Hartford Life, Inc.
5.45%, 6/27/08 (l)		159,796		159,796
HBOS Treasury Services plc
5.47%, 7/2/07		1,204,961		1,204,961
ING Bank N.V./Amsterdam
5.43%, 7/2/07		2,197,193		2,197,193
K2 (USA) LLC
5.37%, 5/29/09 (l)		798,540		798,540
5.37%, 6/18/09		998,125		998,125
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		1,198,417		1,198,417
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		69,911		69,911
Links Finance LLC
5.37%, 6/25/09 (l)		299,467		299,467
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		499,362		499,362
Monumental Global Funding II
5.36%, 4/25/08 (l)		239,694		239,694
5.43%, 6/28/10 (l)		938,801		938,801
Morgan Stanley
5.53%, 5/7/09 (l)		998,724		998,724
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		185,667		185,667
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		599,234		599,234
5.37%, 1/28/08 (l)		599,235		599,235
New York Life Insurance Co.
5.41%, 6/29/07 (l)		179,770		179,770
5.41%, 9/28/07 (l)		499,362		499,362
Park Granada LLC
5.32%, 7/6/07		593,533		593,533
Pricoa Global Funding I
5.40%, 6/25/10 (l)		599,055		599,055
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07 (l)		756,654		756,654
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09 (l)		95,991		95,991
Solitaire Funding LLC
5.34%, 9/26/07		492,637		492,637
Sun Trust Bank/Atlanta
5.33%, 7/30/07 (l)		59,923		59,923
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		199,745		199,745
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		283,536		283,536

Total Short-Term Investments of Cash Collateral for Securities Loaned				48,971,863

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount			Value (Note 1)
Time Deposit (8.2%)
JPMorgan Chase Nassau
4.76%, 7/2/07	$	224,977,175		$	224,977,175

Total Short-Term Investments (17.9%) (Cost/Amortized Cost $492,297,045)					492,597,284


	Number of Contracts
OPTIONS PURCHASED:
Call Options Purchased (0.0%)
U.S. Treasury Note 10 Year Futures
August-2007 @ $111.00*		1,106			17,281
August-2007 @ $112.00*		4,000			62,500

Total Call Options Purchased					79,781

Put Options Purchased (0.0%)
EuroDollar Futures
September 2007 @ $86.50*		77,500,000			2,248
September 2007 @ $89.03*		590,000,000			6,254
September 2007 @ $91.50*		1,512			9,450
December 2007 @ $92.00*		720			4,500
December 2007 @ $93.00*		1,490			9,313
March 2008 @$93.00*		2,190			13,687
June 2008 @ $93.00*		5,407			33,794
June 2008 @ $92.50*		6,700			41,875

Total Put Options Purchased					121,121

Total Options Purchased (0.0%) (Cost $283,552)					200,902

Total Investments Before Securities Sold Short (137.3%) (Cost/Amortized Cost $3,803,869,402)					3,768,935,347


	Principal Amount
SECURITIES SOLD SHORT:
U.S. Government Agencies (-1.0%)
Federal Home Loan Mortgage Corp.
5.000%, 8/15/37 TBA	$	(4,700,000	)		(4,403,313	)
Government National Mortgage Association
6.000%, 7/15/37 TBA		(22,700,000	)		(22,579,418	)

Total Securities Sold Short (-1.0) (Proceeds Received $26,885,844)					(26,982,731	)

Total Investments (136.3%) (Cost/Amortized Cost $3,776,983,558)					3,741,952,616
Other Assets Less Liabilities (-36.3%)					(997,206,964	)

Net Assets (100%)				$	2,744,745,652

*	Non-income producing.

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

†	Securities (totaling $3,266,204 or 0.12% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2007, the market value of these securities amounted to $116,253,374 or 4.24% 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.

(b)

Illiquid security.

(e)

Step Bond—Coupon rate increases in increments to maturity. Rate disclosed is as of June 30, 2007. Maturity date disclosed is the ultimate maturity date.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(m)

Regulation S is an exemption for securities offering 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.

(n)

Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

(o)

Discount Note Security. Effective rate calculated as of June 30, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.


Glossary:

CMO		— Collateralized Mortgage Obligation
EUR		— European Currency Unit
IO		— Interest only
JPY		— Japanese Yen
TBA		— Security is subject to delayed delivery.

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

At June 30, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/07		Unrealized Appreciation/ (Depreciation)
British Pound Sterling 90-Day	602	December-07	$	143,085,545	$	141,650,068	$	(1,435,477	)
British Pound Sterling 90-Day	1,450	March-08		343,903,234		341,001,735		(2,901,499	)
EURODollar	253	December-07		60,051,797		59,907,238		(144,559	)
EURODollar	11,049	March-08		2,627,528,700		2,618,336,775		(9,191,925	)
EURODollar	6,994	June-08		1,658,537,713		1,658,015,125		(522,588	)
U.S. Treasury Bonds	1,444	September-07		156,548,681		155,591,000		(957,681	)
U.S. 2 Year Treasury Notes	123	September-07		25,015,125		25,065,094		49,969
U.S. 5 Year Treasury Notes	349	September-07		36,492,313		36,323,266		(169,047	)
U.S. 10 Year Treasury Notes	642	September-07		67,935,100		67,861,406		(73,694	)

							$	(15,346,501	)


Sales
U.S. 2 Year Treasury Notes	258	September-07	$	52,377,464	$	52,575,563	$	(198,099	)
U.S. 5 Year Treasury Notes	1,533	September-07		159,195,471		159,551,765		(356,294	)
U.S. 10 Year Treasury Notes	5,106	September-07		544,546,922		539,720,156		4,826,766

							$	4,272,373

							$	(11,074,128	)

At June 30, 2007 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
British Pound, expiring 8/9/07	1,821	$	3,639,323	$	3,655,051	$	15,728

Foreign Currency Sell Contracts
British Pound, expiring 8/9/07	3,921	$	7,828,100	$	7,870,100	$	(42,000	)
European Union, expiring 7/26/07	15,824		21,212,784		21,433,977		(221,193	)
European Union, expiring 7/26/07	1,690		2,277,216		2,289,144		(11,928	)
Japanese Yen, expiring 7/24/07	1,629,484		13,458,857		13,271,776		187,081

							(88,040	)

						$	(72,312	)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	4,763,387,786
Long-term U.S. Treasury securities		2,987,690,089

	$	7,751,077,875

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	4,693,642,801
Long-term U.S. Treasury securities		2,665,144,149

	$	7,358,786,950

As of June 30, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	5,019,585
Aggregate gross unrealized depreciation		(41,593,686	)

Net unrealized depreciation	$	(36,574,101	)

Federal income tax cost of investments	$	3,805,509,448

At June 30, 2007, the Portfolio had loaned securities with a total value of $52,548,048. This was secured by collateral of $48,971,863 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $4,405,517 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $13,285,672, of which $7,796,848 expires in the year 2013, and $5,488,824 expires in the year 2014.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Staples (2.0%)
*Food & Staples Retailing (1.7%)*
CVS Caremark Corp.	104,240	$	3,799,548
Longs Drug Stores Corp.^	30,500		1,601,860
Rite Aid Corp.*^	35,200		224,576
Walgreen Co.	31,100		1,354,094

			6,980,078

*Personal Products (0.3%)*
American Oriental Bioengineering, Inc.*	5,600		49,840
Herbalife Ltd.^	26,118		1,035,579

			1,085,419

Total Consumer Staples			8,065,497

Health Care (94.4%)
*Biotechnology (18.4%)*
Acadia Pharmaceuticals, Inc.*^	43,125		589,519
Affymax, Inc.*^	4,834		130,325
Alexion Pharmaceuticals, Inc.*^	32,020		1,442,821
Altus Pharmaceuticals, Inc.*^	23,045		265,939
Amgen, Inc.*	88,978		4,919,594
Amylin Pharmaceuticals, Inc.*^	97,975		4,032,651
Applera Corp.- Celera Group*^	113,560		1,408,144
Arena Pharmaceuticals, Inc.*^	26,162		287,520
Array Biopharma, Inc.*^	25,504		297,632
Avigen, Inc.*	40,156		246,960
Biogen Idec, Inc.*	31,173		1,667,755
BioMarin Pharmaceuticals, Inc.*^	63,763		1,143,908
Celgene Corp.*	80,370		4,607,612
Cephalon, Inc.*^	59,880		4,813,753
Cubist Pharmaceuticals, Inc.*^	30,780		606,674
CV Therapeutics, Inc.*^	69,900		923,379
Cytokinetics, Inc.*^	175,800		993,270
Encysive Pharmaceuticals, Inc.*^	42,008		74,774
Genentech, Inc.*	16,761		1,268,137
Genzyme Corp.*	110,376		7,108,214
Gilead Sciences, Inc.*	257,627		9,988,199
Human Genome Sciences, Inc.*^	207,549		1,851,337
ImClone Systems, Inc.*	19,610		693,410
Incyte Corp.*^	134,416		806,496
InterMune, Inc.*^	12,123		314,471
Keryx Biopharmaceuticals, Inc.*^	34,145		333,597
MannKind Corp.*^	23,928		295,032
Medarex, Inc.*^	72,757		1,039,697
Millennium Pharmaceuticals, Inc.*	267,100		2,823,247
Myriad Genetics, Inc.*^	15,654		582,172
NPS Pharmaceuticals, Inc.*	23,600		97,704
Onyx Pharmaceuticals, Inc.*^	36,691		986,988
OSI Pharmaceuticals, Inc.*^	9,428		341,388
Panacos Pharmaceuticals, Inc.*^	91,510		295,577
PDL BioPharma, Inc.*^	29,249		681,502
Pharmion Corp.*^	46,500		1,346,175
Progenics Pharmaceuticals, Inc.*^	71,700		1,546,569
Regeneron Pharmaceuticals, Inc.*^	43,700		783,104
Theravance, Inc.*^	67,417		2,157,344
United Therapeutics Corp.*^.	116,282		7,414,140
Vanda Pharmaceuticals, Inc.*^	18,246		369,664
Vertex Pharmaceuticals, Inc.*^	76,860		2,195,122
ZymoGenetics, Inc.*^	181,231		2,647,785

			76,419,301

*Health Care Distributors (4.3%)*
Animal Health International, Inc.*^	50,233		727,876
Cardinal Health, Inc.	165,970		11,724,121
McKesson Corp.	76,479		4,561,207
Profarma Distribuidora de Produtos Farmaceuticos S.A.*	40,100		748,367

			17,761,571

*Health Care Equipment (14.6%)*
Baxter International, Inc.	77,490		4,365,787
Beckman Coulter, Inc.	40,300		2,606,604
Cytyc Corp.*	67,686		2,917,943
DexCom, Inc.*^	79,275		649,262
Foxhollow Technologies, Inc.*^	34,140		725,134
Gen-Probe, Inc.*^	20,705		1,250,996
Hologic, Inc.*^	26,380		1,459,078
Hospira, Inc.*	76,234		2,976,175
Kyphon, Inc.*^	47,070		2,266,421
Medtronic, Inc.	318,791		16,532,501
Nobel Biocare Holding AG	3,365		1,103,301
Northstar Neuroscience, Inc.*^	43,300		503,579
NuVasive, Inc.*^	35,415		956,559
NxStage Medical, Inc.*^	53,728		694,703
Respironics, Inc.*	61,386		2,614,430
Smith & Nephew plc	116,629		1,449,715
St. Jude Medical, Inc.*	154,045		6,391,327
Stryker Corp.	63,525		4,007,792
Symmetry Medical, Inc.*	42,269		676,727
Synthes, Inc.	5,340		642,199
Thoratec Corp.*^	49,832		916,411
Varian Medical Systems, Inc.*	23,879		1,015,096
Zimmer Holdings, Inc.*	46,080		3,911,731

			60,633,471

*Health Care Facilities (2.1%)*
Assisted Living Concepts, Inc.*^	69,241		737,417
Community Health Systems, Inc.*	122,195		4,942,788
Rhoen-Klinikum AG	20,421		1,237,389
Skilled Healthcare Group, Inc.*^	33,203		514,978
Universal Health Services, Inc., Class B	22,900		1,408,350

			8,840,922

*Health Care Services (3.8%)*
DaVita, Inc.*	39,216		2,112,958
Express Scripts, Inc.*	126,059		6,304,211
HMS Holdings Corp.*^	47,166		902,757
Laboratory Corp. of America Holdings*	14,368		1,124,440
Medco Health Solutions, Inc.*	67,190		5,240,148

			15,684,514

*Health Care Supplies (0.9%)*
Arrow International, Inc.^	18,700		715,836
Cooper Cos., Inc.	23,201		1,237,077
DJO, Inc.*^	21,660		893,908
Xtent, Inc.*^	76,031		760,310

			3,607,131

*Health Care Technology (1.0%)*
Eclipsys Corp.*^	51,797		1,025,581
IMS Health, Inc.	47,900		1,539,027
TriZetto Group, Inc.*^	30,805		596,385
Vital Images, Inc.*^	34,289		931,289

			4,092,282

*Life Sciences Tools & Services (7.0%)*
Applera Corp.- Applied Biosystems Group	47,392		1,447,352
Charles River Laboratories International, Inc.*	35,022		1,807,836
Ciphergen Biosystems, Inc.*^	184,000		178,480
Covance, Inc.*	35,200		2,413,312
Exelixis, Inc.*^	96,000		1,161,600
Gerresheimer AG*	21,821		1,129,661
Invitrogen Corp.*^	33,008		2,434,340
MDS, Inc.	96,472		1,965,212

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
Millipore Corp.*		21,833	$	1,639,440
Parexel International Corp.*^		16,521		694,873
Pharmaceutical Product Development, Inc.		136,235		5,213,714
Thermo Fisher Scientific, Inc.*		158,178		8,180,966
Varian, Inc.*^		11,513		631,258

				28,898,044

*Managed Health Care (6.1%)*
Aetna, Inc.		24,010		1,186,094
CIGNA Corp.		59,700		3,117,534
Coventry Health Care, Inc.*		53,540		3,086,581
Health Net, Inc.*		77,480		4,090,944
UnitedHealth Group, Inc.		123,948		6,338,701
WellPoint, Inc.*		94,665		7,557,107

				25,376,961

*Pharmaceuticals (36.2%)*
Abbott Laboratories		282,205		15,112,078
Adams Respiratory Therapeutics, Inc.*		44,819		1,765,421
Allergan, Inc.		71,351		4,112,672
Astellas Pharma, Inc.		84,300		3,669,831
AstraZeneca plc (Sponsored ADR)		81,602		4,364,075
AtheroGenics, Inc.*^		50,718		108,537
Barr Pharmaceuticals, Inc.*		32,900		1,652,567
Biodel, Inc.*		20,393		403,781
BioMimetic Therapeutics, Inc.*^		54,400		850,272
Bristol-Myers Squibb Co.		124,400		3,926,064
Cadence Pharmaceuticals, Inc.*^		37,828		458,854
Cardiome Pharma Corp.*^		54,134		498,574
Daiichi Sankyo Co., Ltd.		143,900		3,821,750
Eisai Co., Ltd.		100,200		4,378,282
Elan Corp. plc (ADR)*^		142,400		3,122,832
Eli Lilly & Co.		146,167		8,167,812
Endo Pharmaceuticals Holdings, Inc.*		64,638		2,212,559
Forest Laboratories, Inc.*		38,000		1,734,700
H. Lundbeck A/S		29,700		756,220
Hikma Pharmaceuticals plc		14,890		114,220
Inspire Pharmaceuticals, Inc.*^		56,055		354,268
Ipsen		56,617		2,911,875
Johnson & Johnson		57,961		3,571,557
Laboratorios Almirall S.A.*		97,980		1,942,751
Matrixx Initiatives, Inc.*^		28,440		595,249
Medicines Co.*		61,450		1,082,749
Merck & Co., Inc.		202,775		10,098,195
Merck KGaA		13,830		1,910,194
MGI Pharma, Inc.*^		135,100		3,022,187
Novartis AG (ADR)		100,252		5,621,130
Novartis AG (Registered)		1,348		76,146
Pfizer, Inc.		158,114		4,042,975
Pharmstandard OJSC (GDR)*§		16,900		283,582
Pozen, Inc.*^		21,318		385,216
Roche Holding AG		37,091		6,601,378
Sanofi-Aventis		23,396		1,903,084
Sanofi-Aventis (ADR)		104,824		4,221,262
Schering-Plough Corp.		479,335		14,590,957
Sepracor, Inc.*		11,985		491,625
Shionogi & Co., Ltd.		251,901		4,112,252
Shire plc (ADR)^		72,449		5,370,644
Teva Pharmaceutical Industries Ltd. (ADR)^		89,460		3,690,225
UCB S.A. (Frankfurt Exchange)		37,548		2,228,428
UCB S.A. (Virt-x Exchange)		9,800		589,974
Wyeth		154,769		8,874,454

				149,803,458

Total Health Care				391,117,655

Industrials (0.3%)
*Industrial Conglomerates (0.3%)*
Tyco International Ltd.*		41,507		1,402,522

Total Industrials				1,402,522

Total Common Stocks (96.7%)
(Cost $359,029,657)				400,585,674


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (1.0%)
Federal Home Loan Bank
4.80%, 7/2/07 (o)(p)	$	4,000,000		3,998,933

Short-Term Investments of Cash Collateral for Securities Loaned (17.7%)
Abbey National plc/London
5.43%, 7/2/07 (l)		2,224,382		2,224,382
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)		111,588		111,588
Aquinas Funding LLC
5.34%, 8/2/07 (l)		671,986		671,986
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		897,833		897,833
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		14,232,151		14,232,151
Barclays plc/London
5.43%, 7/2/07		2,843,138		2,843,138
Bavaria TRR Corp.
5.35%, 7/25/07 (l)		2,979,485		2,979,485
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		658,411		658,411
Belmont Funding LLC
5.31%, 7/19/07		2,215,179		2,215,179
Beta Finance, Inc.
5.37%, 1/31/08 (l)		119,711		119,711
5.37%, 3/10/08 (l)		299,235		299,235
Cantabric Financing LLC
5.34%, 9/25/07		2,214,682		2,214,682
Cedar Springs Capital Co. LLC
5.33%, 7/19/07		1,772,053		1,772,053
5.32%, 7/23/07		886,438		886,438
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		1,436,533		1,436,533
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		748,194		748,194
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		700,849		700,849
Comerica Bank
5.35%, 3/16/09 (l)		299,246		299,246
Concord Minutemen C.C. LLC,
Series C
5.32%, 7/3/07		1,490,220		1,490,220
Series B
5.33%, 7/12/07		1,346,739		1,346,739
Crown Point Capital Co. LLC
5.31%, 7/25/07		1,328,911		1,328,911
DekaBank Deutsche Girozentrale
5.38%, 7/29/08 (l)		778,122		778,122
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		89,783		89,783
5.34%, 10/18/07 (l)		1,795,666		1,795,666
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		299,278		299,278

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount			Value (Note 1)
Fenway Funding LLC
5.35%, 8/9/07	$	1,328,792		$	1,328,792
Fifth Third Bancorp
5.32%, 7/29/08 (l)		89,783			89,783
First Tennessee Bank
5.34%, 7/29/08 (l)		2,693,248			2,693,248
General Electric Capital Corp.
5.40%, 3/12/10 (l)		119,711			119,711
Glitnir Banki hf
5.44%, 12/28/07 (l)		1,496,389			1,496,389
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		329,206			329,206
5.50%, 7/29/08 (l)		598,555			598,555
5.41%, 3/27/09 (l)		837,977			837,977
Gotham Funding Corp.
5.37%, 7/3/07		1,345,146			1,345,146
Hartford Life, Inc.
5.45%, 6/27/08 (l)		239,422			239,422
HBOS Treasury Services plc
5.47%, 7/2/07		1,805,393			1,805,393
ING Bank N.V./Amsterdam
5.43%, 7/2/07		3,292,056			3,292,056
K2 (USA) LLC
5.37%, 5/29/09 (l)		1,196,453			1,196,453
5.37%, 6/18/09 (l)		1,495,491			1,495,491
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		1,795,589			1,795,589
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		104,747			104,747
Links Finance LLC
5.37%, 6/25/09 (l)		448,692			448,692
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		748,194			748,194
Monumental Global Funding II
5.36%, 4/25/08 (l)		359,133			359,133
5.43%, 6/28/10 (l)		1,406,605			1,406,605
Morgan Stanley
5.53%, 5/7/09 (l)		1,496,389			1,496,389
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09		278,185			278,185
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		897,833			897,833
5.37%, 1/28/08 (l)		897,833			897,833
New York Life Insurance Co.
5.41%, 9/28/07 (l)		1,017,544			1,017,544
Park Granada LLC
5.32%, 7/6/07		889,290			889,290
Pricoa Global Funding I
5.40%, 6/25/10 (l)		897,564			897,564
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07		1,133,695			1,133,695
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09 (l)		143,823			143,823
Solitaire Funding LLC
5.34%, 9/26/07		738,118			738,118
SunTrust Bank/Atlanta
5.33%, 7/30/07 (l)		89,783			89,783
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		299,278			299,278
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		424,822			424,822

Total Short-Term Investments of Cash Collateral for Securities Loaned					73,374,552

Time Deposit (2.1%)
JPMorgan Chase Nassau
4.76%, 7/2/07		8,773,477			8,773,477

Total Short-Term Investments (20.8%)
(Cost/Amortized Cost $86,147,495)					86,146,962


	Number of Contracts(c)
OPTIONS PURCHASED:
Call Options Purchased (0.1%)
Amylin Pharmaceuticals, Inc.
January-2008 @ $35.00*		272			72,080
Genentech, Inc.
July-2008 @ $70.00*		459			279,990
Medimmune, Inc.
January-2008 @ $50.00*		128			640
Medtronic, Inc.
July-2008 @ $50.00*		468			107,640
United Therapeutics Corp.
August-2008 @ $60.00*		858			72,930

					533,280

Put Options Purchased (0.1%)
Medtronic, Inc.
July-2008 @ $50.00*		2,255			135,300
July-2008 @ $52.00*		1,295			226,625

					361,925

Total Options Purchased (0.2%) (Cost $952,935)					895,205

Total Investments before Options Written (117.7%) (Cost/Amortized Cost $446,130,087)					487,627,841

OPTIONS WRITTEN:
Call Options Written (-0.0%)
Amylin Pharmaceuticals, Inc.
January-2008 @ $60.00 (d)*		(272	)		(29,920	)

Total Options Written (-0.0%) (Premiums Received $26,193)					(29,920	)

Total Investments after Options Written (117.7%) (Cost/Amortized Cost $446,103,894)					487,597,921
Other Assets Less Liabilities (-17.7%)					(73,207,925	)

Net Assets (100%)				$	414,389,996

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

*	Non-income producing.

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

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2007, the market value of these securities amounted to $283,582 or 0.07% 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.

(c)

One contract relates to 100 shares.

(d)

Covered call option contracts written in connection with securities held.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(o)

Discount Note Security. Effective rate calculated as of June 30, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.


Glossary:

ADR		— American Depositary Receipt
GDR		— Global Depositary Receipt

Options written for the six months ended June 30, 2007 were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2007	—		$	—
Options Written	10,435			1,069,165
Options Terminated in Closing Purchase Transactions	(8,520	)		(885,613	)
Options Expired	(1,643	)		(157,359	)
Options Exercised	—			—

Options Outstanding—June 30, 2007	272		$	26,193

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	232,048,358
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	242,272,409

As of June 30, 2007, 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	$	43,212,297
Aggregate gross unrealized depreciation		(9,843,553	)

Net unrealized appreciation	$	33,368,744

Federal income tax cost of investments	$	454,259,097

At June 30, 2007, the Portfolio had loaned securities with a total value of $71,323,964. This was secured by collateral of $73,374,552 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the six months ended June 30, 2007, the Portfolio incurred approximately $4,188 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (0.6%)
*Asset-Backed Securities (0.6%)*
Pegasus Aviation Lease Securitization,
Series 01-1A A1
5.800%, 5/10/31 (b)(l)	$	3,800,000	$	2,432,000
Triton Aviation Finance,
Series 1A A1
6.090%, 6/15/25 (b)(l)		10,829,639		9,638,379

Total Asset-Backed and Mortgage-Backed Securities				12,070,379

Consumer Discretionary (23.0%)
*Auto Components (2.3%)*
American Tire Distributors, Inc.
11.610%, 4/1/12 § (l)		4,300,000		4,343,000
11.610%, 4/1/12 (l)		4,500,000		4,545,000
ArvinMeritor, Inc.
8.750%, 3/1/12^		6,910,000		6,979,100
8.125%, 9/15/15^		500,000		484,375
Cooper-Standard Automotive, Inc.
7.000%, 12/15/12^		3,325,000		3,117,188
Goodyear Tire & Rubber Co.
11.250%, 3/1/11		4,900,000		5,322,625
9.000%, 7/1/15^		2,750,000		2,963,125
Tenneco, Inc.
8.625%, 11/15/14^		5,050,000		5,201,500
Series B
10.250%, 7/15/13		3,550,000		3,816,250
TRW Automotive, Inc.
7.000%, 3/15/14^ §		2,300,000		2,190,750
7.250%, 3/15/17^ §		4,000,000		3,810,000
United Components, Inc.
9.375%, 6/15/13		3,000,000		3,097,500

				45,870,413

*Automobiles (1.2%)*
Ford Motor Co.
8.875%, 1/15/22		250,000		220,000
7.450%, 7/16/31^		9,575,000		7,648,031
General Motors Corp.
7.125%, 7/15/13^		2,700,000		2,534,625
8.250%, 7/15/23^		9,800,000		8,930,250
8.100%, 6/15/24		1,550,000		1,367,875
7.400%, 9/1/25		3,500,000		2,948,750

				23,649,531

*Distributors (0.8%)*
Buhrmann U.S., Inc.
8.250%, 7/1/14		2,000,000		2,010,000
7.875%, 3/1/15^		1,700,000		1,674,500
SGS International, Inc.
12.000%, 12/15/13		6,035,000		6,578,150
Varietal Distribution, Inc. (PIK)
10.250%, 7/15/15 §		5,000,000		4,987,500

				15,250,150

*Diversified Consumer Services (0.2%)*
Service Corp. International
7.375%, 10/1/14		750,000		753,750
7.625%, 10/1/18		3,250,000		3,290,625

				4,044,375

*Hotels, Restaurants & Leisure (3.9%)*
American Real Estate Partners LP
7.125%, 2/15/13 §		6,200,000		5,983,000
AMF Bowling Worldwide, Inc.
10.000%, 3/1/10		7,500,000		7,875,000
Buffets, Inc.
12.500%, 11/1/14		3,000,000		2,872,500
Choctaw Resort Development Enterprise, Inc.
7.250%, 11/15/19 §		3,876,000		3,817,860
El Pollo Loco, Inc.
11.750%, 11/15/13		4,000,000		4,220,000
Gaylord Entertainment Co.
8.000%, 11/15/13		2,800,000		2,838,500
Herbst Gaming, Inc.
8.125%, 6/1/12		1,800,000		1,818,000
7.000%, 11/15/14		500,000		468,750
MGM MIRAGE
6.625%, 7/15/15		5,375,000		4,884,531
6.875%, 4/1/16		1,825,000		1,679,000
7.500%, 6/1/16		2,425,000		2,300,719
7.625%, 1/15/17^		2,250,000		2,140,313
Mirage Resorts, Inc.
7.250%, 8/1/17		2,000,000		1,960,000
Outback Steakhouse, Inc.
10.000%, 6/15/15^		4,000,000		3,820,000
Riviera Holdings Corp.
11.000%, 6/15/10		5,779,000		5,990,916
Royal Caribbean Cruises Ltd.
7.250%, 3/15/18		3,000,000		2,937,498
Shingle Springs Tribal Gaming Authority
9.375%, 6/15/15 §		3,000,000		3,026,250
Station Casinos, Inc.
6.500%, 2/1/14		150,000		132,750
6.875%, 3/1/16^		2,610,000		2,303,325
7.750%, 8/15/16^		2,975,000		2,945,250
Turning Stone Resort Casino Enterprise
9.125%, 12/15/10 §		4,075,000		4,146,312
Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corp.
6.625%, 12/1/14^		10,879,000		10,484,636

				78,645,110

*Household Durables (0.8%)*
Blyth, Inc.
5.500%, 11/1/13		8,050,000		7,003,500
KB Home
7.750%, 2/1/10		2,260,000		2,248,700
9.500%, 2/15/11^		3,841,000		3,951,429
Legrand France S.A.
8.500%, 2/15/25		3,000,000		3,502,500

				16,706,129

*Leisure Equipment & Products (0.3%)*
Travelport LLC
9.875%, 9/1/14		1,300,000		1,378,000
9.875%, 9/1/14 §		4,075,000		4,339,875
9.985%, 9/1/14 § (l)		1,000,000		1,035,000

				6,752,875

*Media (10.7%)*
Advanstar Communications, Inc.,
Series B
12.000%, 2/15/11		1,000,000		1,040,000
Allbritton Communications Co.
7.750%, 12/15/12		6,775,000		6,808,875
AMC Entertainment, Inc.
8.000%, 3/1/14		2,000,000		1,960,000
11.000%, 2/1/16^		2,690,000		2,972,450
Block Communications, Inc.
8.250%, 12/15/15 §		5,000,000		5,050,000
CanWest Media, Inc.
8.000%, 9/15/12		2,670,000		2,649,975

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
CCH I Holdings LLC/CCH I Holdings Capital Corp.
11.000%, 10/1/15	$	8,775,000	$	9,156,406
CCO Holdings LLC/CCO Holdings Capital Corp.
8.750%, 11/15/13^		14,600,000		14,855,500
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.
10.250%, 9/15/10		3,300,000		3,448,500
Cinemark, Inc.
0.000%, 3/15/14 (e)		8,600,000		7,826,000
CSC Holdings, Inc.
6.750%, 4/15/12		3,475,000		3,301,250
Series B
7.625%, 4/1/11		3,675,000		3,647,437
Dex Media West LLC/Dex Media Finance Co.,
Series B
8.500%, 8/15/10		2,698,000		2,795,802
9.875%, 8/15/13^		11,875,000		12,706,250
Dex Media, Inc.
0.000%, 11/15/13 (e)		2,840,000		2,673,150
Echostar DBS Corp.
7.000%, 10/1/13^		500,000		492,500
6.625%, 10/1/14		1,200,000		1,146,000
7.125%, 2/1/16^		7,675,000		7,502,312
Gallery Capital S.A.
10.125%, 5/15/13^§		3,550,000		3,567,750
Idearc, Inc.
8.000%, 11/15/16 §		5,800,000		5,858,000
8.000%, 11/15/16^		1,200,000		1,212,000
Insight Communications Co., Inc.
12.250%, 2/15/11 (e)		7,200,000		7,524,000
Intelsat Bermuda Ltd.
9.250%, 6/15/16		5,250,000		5,578,125
Intelsat Corp.
9.000%, 6/15/16		1,500,000		1,571,250
Intelsat Subsidiary Holding Co., Ltd.
8.250%, 1/15/13		4,500,000		4,567,500
8.625%, 1/15/15		6,825,000		6,995,625
Kabel Deutschland GmbH
10.625%, 7/1/14^		4,000,000		4,380,000
LBI Media, Inc.
10.125%, 7/15/12		4,840,000		5,088,050
0.000%, 10/15/13 (e)		415,000		379,725
Lighthouse International Co. S.A.
8.000%, 4/30/14 (b)(m)	EUR	75,000		107,345
8.000%, 4/30/14 (b)		3,430,000		4,909,268
Network Communications, Inc.
10.750%, 12/1/13	$	6,300,000		6,583,500
Primedia, Inc.
8.875%, 5/15/11^		1,300,000		1,339,000
8.000%, 5/15/13^		700,000		736,750
R.H. Donnelley Corp.,
Series A-3
8.875%, 1/15/16		8,500,000		8,840,000
Reader’s Digest Association, Inc.
9.000%, 2/15/17^§		8,000,000		7,480,000
Rogers Cable, Inc.
8.750%, 5/1/32		1,000,000		1,212,268
Telenet Communications N.V.
9.000%, 12/15/13 §	EUR	242,775		354,871
Unity Media GmbH
10.125%, 2/15/15 §		1,750,000		2,510,650
10.375%, 2/15/15 §	$	7,250,000		7,376,875
Univision Communications, Inc. (PIK)
9.750%, 3/15/15^ §		8,260,000		8,156,750
UPC Holding B.V.
7.750%, 1/15/14 (b)(m)	EUR	925,000		1,242,552
8.625%, 1/15/14^ (b)(m)		2,500,000		3,459,757
8.625%, 1/15/14^ §		9,500,000		13,147,075
Visant Corp.
7.625%, 10/1/12	$	3,065,000		3,049,675
WMG Holdings Corp.
0.000%, 12/15/14^ (e)		8,541,000		6,491,160

				213,751,928

*Multiline Retail (0.5%)*
Bon-Ton Stores, Inc.
10.250%, 3/15/14^		8,925,000		9,036,563
Saks, Inc.
8.250%, 11/15/08		714		735

				9,037,298

*Specialty Retail (0.7%)*
General Nutrition Centers, Inc. (PIK)
9.796%, 3/15/14^ §		8,395,000		8,101,175
Group 1 Automotive, Inc.
8.250%, 8/15/13		1,700,000		1,755,250
Pep Boys - Manny, Moe & Jack
7.500%, 12/15/14^		3,640,000		3,585,400

				13,441,825

*Textiles, Apparel & Luxury Goods (1.6%)*
Levi Strauss & Co.
12.250%, 12/15/12		7,100,000		7,685,750
Perry Ellis International, Inc.,
Series B
8.875%, 9/15/13		7,325,000		7,434,875
Quicksilver, Inc.
6.875%, 4/15/15		4,875,000		4,582,500
Rafaella Apparel Group, Inc.,
Series B
11.250%, 6/15/11		6,707,000		6,774,070
Simmons Co.
7.875%, 1/15/14		5,400,000		5,373,000

				31,850,195

Total Consumer Discretionary				458,999,829

Consumer Staples (4.6%)
*Food & Staples Retailing (1.8%)*
Albertson’s, Inc.
7.750%, 6/15/26		4,000,000		4,034,200
6.570%, 2/23/28		100,000		86,000
7.450%, 8/1/29^		4,500,000		4,388,981
8.000%, 5/1/31		600,000		613,253
American Stores Co.
8.000%, 6/1/26		1,000,000		1,052,792
Delhaize America, Inc.
9.000%, 4/15/31		4,705,000		5,684,341
Ingles Markets, Inc.
8.875%, 12/1/11^		9,903,000		10,261,984
Rite Aid Corp.
9.375%, 12/15/15 §		8,500,000		8,160,000
Roundy’s, Inc., Term Loan
8.110%, 10/27/11 § (l)		1,481,288		1,489,805

				35,771,356

*Food Products (0.2%)*
Pilgrim’s Pride Corp.
7.625%, 5/1/15		3,460,000		3,451,350
8.375%, 5/1/17^		1,200,000		1,188,000

				4,639,350

*Household Products (1.9%)*
American Achievement Corp.
8.250%, 4/1/12		9,035,000		9,102,762
Amscan Holdings, Inc.
8.750%, 5/1/14		6,625,000		6,542,187

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Prestige Brands, Inc.
9.250%, 4/15/12	$	7,769,000	$	7,963,225
Visant Holding Corp.
0.000%, 12/1/13 (e)		6,025,000		5,527,938
Yankee Acquisition Corp.,
Series B
8.500%, 2/15/15^		9,300,000		9,021,000

				38,157,112

*Personal Products (0.3%)*
NBTY, Inc.
7.125%, 10/1/15^		5,000,000		4,950,000

*Tobacco (0.4%)*
Reynolds American, Inc.
7.625%, 6/1/16^		2,775,000		2,938,145
7.750%, 6/1/18		4,450,000		4,748,453
7.250%, 6/15/37		1,000,000		1,025,000

				8,711,598

Total Consumer Staples				92,229,416

Energy (7.2%)
*Energy Equipment & Services (0.6%)*
Cie Generale de Geophysique-Veritas
7.500%, 5/15/15		1,000,000		1,000,000
7.750%, 5/15/17		500,000		506,250
Complete Production Services, Inc.
8.000%, 12/15/16^ §		3,700,000		3,737,000
Dresser-Rand Group, Inc.
7.375%, 11/1/14		2,091,000		2,098,841
Hanover Equipment Trust,
Series 01-B
8.750%, 9/1/11		1,790,000		1,839,225
Seitel, Inc.
9.750%, 2/15/14 §		2,951,000		2,921,490

				12,102,806

*Oil, Gas & Consumable Fuels (6.6%)*
Alpha Natural Resources LLC/Alpha Natural Resources Capital Corp.
10.000%, 6/1/12^		4,975,000		5,248,625
Chesapeake Energy Corp.
7.000%, 8/15/14		3,875,000		3,845,938
7.750%, 1/15/15		1,000,000		1,017,500
6.625%, 1/15/16^		1,000,000		962,500
6.875%, 1/15/16		3,675,000		3,592,313
Citic Resources Finance Ltd.
6.750%, 5/15/14^§		850,000		820,250
El Paso Corp.
7.000%, 6/15/17		5,350,000		5,291,385
8.050%, 10/15/30		3,500,000		3,676,785
El Paso Production Holding Co.
7.750%, 6/1/13		10,950,000		11,539,997
Energy Partners Ltd.
9.750%, 4/15/14^§		3,875,000		3,845,938
Energy XXI Gulf Coast, Inc.
10.000%, 6/15/13 (b)		7,500,000		7,293,750
Ferrellgas Escrow LLC/Ferrellgas Finance Escrow Corp.
6.750%, 5/1/14^		5,560,000		5,268,100
Ferrellgas LP
7.240%, 8/1/10		9,000,000		9,033,750
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.
8.750%, 6/15/12		4,400,000		4,532,000
Inergy LP/Inergy Finance Corp.
6.875%, 12/15/14^		1,150,000		1,089,625
8.250%, 3/1/16		6,830,000		7,017,825
Mariner Energy, Inc.
8.000%, 5/15/17		4,000,000		3,970,000
Newfield Exploration Co.
6.625%, 9/1/14^.		1,000,000		965,000
OPTI Canada, Inc.
8.250%, 12/15/14 §		800,000		812,000
Paramount Resources Ltd.
8.500%, 1/31/13		8,000,000		8,200,000
Peabody Energy Corp.,
Series B
6.875%, 3/15/13^		1,850,000		1,840,750
PetroHawk Energy Corp.
9.125%, 7/15/13^		4,725,000		4,996,687
Plains Exploration & Production Co.
7.000%, 3/15/17		2,450,000		2,321,375
Pogo Producing Co.
7.875%, 5/1/13		850,000		867,000
Range Resources Corp.
7.500%, 5/15/16		2,000,000		2,025,000
Stone Energy Corp.
8.250%, 12/15/11		4,250,000		4,250,000
VeraSun Energy Corp.
9.875%, 12/15/12^		6,300,000		6,615,000
9.375%, 6/1/17^§		3,250,000		3,022,500
Williams Cos., Inc.
7.875%, 9/1/21^		14,150,000		15,211,250
Series A
7.500%, 1/15/31		3,250,000		3,363,750

				132,536,593

Total Energy				144,639,399

Financials (10.2%)
*Consumer Finance (3.9%)*
Ford Motor Credit Co. LLC
7.375%, 10/28/09		1,750,000		1,737,148
9.750%, 9/15/10		2,500,000		2,610,463
7.375%, 2/1/11		5,190,000		5,070,396
9.875%, 8/10/11		2,450,000		2,571,601
7.250%, 10/25/11		1,950,000		1,876,742
7.800%, 6/1/12^		17,275,000		16,852,229
7.000%, 10/1/13		2,000,000		1,852,992
8.000%, 12/15/16^		10,860,000		10,402,229
GMAC LLC
7.250%, 3/2/11		100,000		99,672
6.000%, 4/1/11		3,070,000		2,958,986
6.875%, 9/15/11		3,040,000		2,990,308
7.000%, 2/1/12^		430,000		421,725
6.625%, 5/15/12		4,250,000		4,104,144
6.875%, 8/28/12		5,900,000		5,766,206
6.750%, 12/1/14^		10,475,000		10,031,447
8.000%, 11/1/31^		8,225,000		8,410,729

				77,757,017

*Diversified Financial Services (5.3%)*
AES Ironwood LLC
8.857%, 11/30/25		6,367,262		7,067,660
AES Red Oak LLC,
Series A
8.540%, 11/30/19		1,667,471		1,817,543
Altra Industrial Motion, Inc.
9.000%, 12/1/11		3,500,000		3,622,500
9.000%, 12/1/11 §		2,000,000		2,070,000
Amadeus IT Group S.A., Term Loan
6.468%, 4/8/13 (b)(l)		2,000,000		2,720,210
American Real Estate Partners LP/American Real Estate Finance Corp.
7.125%, 2/15/13^		575,000		554,875
Bluewater Finance Ltd.
10.250%, 2/15/12		1,475,000		1,537,688
C10 Capital SPV Ltd.
6.722%, 12/31/49 § (l)		3,000,000		2,918,610

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
CHR Intermediate Holding Corp. (PIK)
12.610%, 6/1/13 §	$	1,200,000	$	1,195,500
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co.
8.500%, 4/1/15 §		2,000,000		2,065,000
9.750%, 4/1/17^§		2,000,000		2,090,000
K&F Acquisition, Inc.
7.750%, 11/15/14		1,550,000		1,643,000
KAR Holdings, Inc.
10.000%, 5/1/15^ §		8,500,000		8,287,500
KRATON Polymers LLC/KRATON Polymers Capital Corp.
8.125%, 1/15/14		4,200,000		4,095,000
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
9.250%, 4/1/15^ §		3,425,000		3,305,125
10.625%, 4/1/17^§		5,725,000		5,510,312
PNA Intermediate Holding Corp.
12.360%, 2/15/13^ §(l)		9,775,000		9,872,750
Rainbow National Services LLC
10.375%, 9/1/14 §		10,518,000		11,543,505
Sally Holdings LLC
9.250%, 11/15/14^§		3,675,000		3,684,187
Smurfit Kappa Funding plc
9.625%, 10/1/12		974,000		1,020,265
10.125%, 10/1/12	EUR	31,000		44,632
7.750%, 4/1/15	$	350,000		350,438
Susser Holdings LLC
10.625%, 12/15/13		4,018,000		4,359,530
TRAINS,
Series HY-1-2006
7.548%, 5/1/16^§		17,865,000		17,556,471
Universal City Development Partners Ltd.
11.750%, 4/1/10		525,000		556,500
Universal City Florida Holding Co. I/II
8.375%, 5/1/10		4,150,000		4,243,375
10.106%, 5/1/10 (l)		2,600,000		2,652,000

				106,384,176

*Insurance (0.3%)*
HUB International Ltd.
9.000%, 12/15/14 §		1,500,000		1,470,000
10.250%, 6/15/15 §		5,000,000		4,812,500

				6,282,500

*Real Estate Investment Trusts (REITs) (0.6%)*
Host Marriott LP (REIT)
7.125%, 11/1/13^		2,375,000		2,372,031
Series Q (REIT)
6.750%, 6/1/16^		1,250,000		1,225,000
Thornburg Mortgage, Inc. (REIT)
8.000%, 5/15/13^		3,400,000		3,408,500
Ventas Realty LP/ Ventas Capital Corp. (REIT)
9.000%, 5/1/12		1,200,000		1,311,000
7.125%, 6/1/15		1,000,000		1,007,500
6.750%, 4/1/17		1,785,000		1,762,688

				11,086,719

*Real Estate Management & Development (0.1%)*
Forest City Enterprises, Inc.
7.625%, 6/1/15		1,650,000		1,662,375
6.500%, 2/1/17		750,000		710,625

				2,373,000

Total Financials				203,883,412

Government Securities (1.5%)
*U.S. Government Agencies (1.5%)*
Federal National Mortgage Association
5.500%, 7/25/37 TBA		17,300,000		16,683,688
5.500%, 8/25/37 TBA		13,500,000		13,010,625

Total Government Securities				29,694,313

Health Care (7.5%)
*Biotechnology (0.4%)*
Angiotech Pharmaceuticals, Inc.
9.110%, 12/1/13 (l)		6,300,000		6,489,000
Quintiles Transnational Corp., Term Loan
9.360%, 3/31/14 (l)		1,500,000		1,518,750

				8,007,750

*Health Care Equipment & Supplies (1.0%)*
Accellent, Inc.
10.500%, 12/1/13		7,000,000		6,947,500
Fresenius Medical Care Capital Trust II
7.875%, 2/1/08		8,120,000		8,160,600
PTS Acquisition Corp. (PIK)
9.500%, 4/15/15^ §		5,150,000		5,059,875

				20,167,975

*Health Care Providers & Services (5.3%)*
DaVita, Inc.
7.250%, 3/15/15^		7,925,000		7,825,937
Hanger Orthopedic Group, Inc.
10.250%, 6/1/14		7,250,000		7,793,750
HCA, Inc.
6.750%, 7/15/13		6,555,000		5,965,050
7.190%, 11/15/15^		1,700,000		1,532,205
9.250%, 11/15/16 §		19,780,000		21,065,700
7.690%, 6/15/25^		3,200,000		2,783,341
(PIK) 9.625%, 11/15/16^§		4,950,000		5,321,250
HealthSouth Corp., Term Loan
7.860%, 2/2/13 §(l)		62,195		62,397
8.610%, 2/2/13 §(l)		3,345,046		3,355,880
Rotech Healthcare, Inc.
9.500%, 4/1/12^		6,650,000		6,284,250
Skilled Healthcare Group, Inc.
11.000%, 1/15/14 §		5,538,000		6,119,490
Surgical Care Affiliates, Inc.
10.000%, 7/15/17^§		2,500,000		2,493,750
(PIK) 8.875%, 7/15/15^§		2,500,000		2,487,500
Tenet Healthcare Corp.
7.375%, 2/1/13^		3,625,000		3,276,094
9.875%, 7/1/14^		350,000		346,500
Triad Hospitals, Inc.
7.000%, 11/15/13		14,475,000		15,216,105
U.S. Oncology Holdings, Inc. (PIK)
9.797%, 3/15/12^§		2,000,000		1,965,000
U.S. Oncology, Inc.
10.750%, 8/15/14^		10,460,000		11,192,200

				105,086,399

*Pharmaceuticals (0.8%)*
Argatroban Royalty Sub LLC
12.000%, 9/30/14		5,614,639		5,614,639
Elan Finance plc/ Elan Finance Corp.
8.875%, 12/1/13^		5,975,000		6,243,875
9.485%, 12/1/13 (l)		3,925,000		3,998,594

				15,857,108

Total Health Care				149,119,232

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Industrials (9.7%)
*Aerospace & Defense (1.5%)*
Alion Science and Technology Corp.
10.250%, 2/1/15 §	$	8,000,000	$	8,260,000
Armor Holdings, Inc.
8.250%, 8/15/13^		2,100,000		2,210,250
Bombardier, Inc.
8.000%, 11/15/14^§		6,350,000		6,572,250
DRS Technologies, Inc.
7.625%, 2/1/18		2,350,000		2,373,500
L-3 Communications Corp.
7.625%, 6/15/12		6,300,000		6,449,625
Series B
6.375%, 10/15/15		700,000		661,500
TransDigm, Inc.
7.750%, 7/15/14		2,000,000		2,020,000
7.750%, 7/15/14 §		500,000		505,000

				29,052,125

*Airlines (0.5%)*
Calair LLC/Calair Capital Corp.
8.125%, 4/1/08		7,000,000		7,026,250
Continental Airlines, Inc.,
Series 01-1
7.373%, 12/15/15		1,263,006		1,256,691
United Air Lines Inc.,
Series 00-2
7.032%, 10/1/10		766,925		774,118

				9,057,059

*Building Products (1.2%)*
Builders FirstSource, Inc.
9.610%, 2/15/12 (l)		8,000,000		8,100,000
Nortek, Inc.
8.500%, 9/1/14		5,940,000		5,657,850
RBS Global, Inc. & Rexnord Corp.
9.500%, 8/1/14^		5,500,000		5,637,500
11.750%, 8/1/16^		4,550,000		4,891,250

				24,286,600

*Commercial Services & Supplies (2.1%)*
Allied Waste North America, Inc.
7.875%, 4/15/13^		1,250,000		1,264,063
7.250%, 3/15/15^		9,145,000		9,053,550
Series B
9.250%, 9/1/12		4,787,000		5,020,366
ARAMARK Corp.
8.500%, 2/1/15^§		8,075,000		8,216,312
Corrections Corp. of America
7.500%, 5/1/11		2,400,000		2,433,000
Ford Holdings, Inc.
9.300%, 3/1/30		1,700,000		1,547,000
Knowledge Learning Corp., Inc.
7.750%, 2/1/15 §		6,610,000		6,395,175
MSX International UK/MXS International Business Services/MXS International GmbH
12.500%, 4/1/12 §		4,770,000		4,841,550
Sheridan Group, Inc.
10.250%, 8/15/11		3,000,000		3,150,000

				41,921,016

*Construction & Engineering (0.4%)*
Esco Corp.
8.625%, 12/15/13 §		7,250,000		7,612,500

*Electrical Equipment (0.6%)*
Polypore, Inc.
8.750%, 5/15/12	EUR	5,000,000		6,868,759
Superior Essex Communications LLC/Essex Group, Inc.
9.000%, 4/15/12	$	5,500,000		5,610,000

				12,478,759

*Industrial Conglomerates (1.0%)*
Covalence Specialty Materials Corp.
10.250%, 3/1/16 §		6,250,000		6,250,000
Harland Clarke Holdings Corp.
9.500%, 5/15/15^§		5,250,000		5,040,000
10.106%, 5/15/15 §(l)		4,225,000		4,077,125
Sequa Corp.
9.000%, 8/1/09		2,698,000		2,785,685
Series B
8.875%, 4/1/08		2,250,000		2,278,125

				20,430,935

*Machinery (1.4%)*
Accuride Corp.
8.500%, 2/1/15^.		5,762,000		5,689,975
Actuant Corp.
6.875%, 6/15/17 §		1,850,000		1,831,500
Case New Holland, Inc.
9.250%, 8/1/11		8,230,000		8,626,686
Stewart & Stevenson LLC
10.000%, 7/15/14 §		4,750,000		4,963,750
Trimas Corp.
9.875%, 6/15/12^		5,145,000		5,286,487
Trinity Industries, Inc.
6.500%, 3/15/14		2,325,000		2,272,688

				28,671,086

*Marine (0.1%)*
Horizon Lines LLC
9.000%, 11/1/12		2,837,000		3,000,128

*Road & Rail (0.6%)*
Hertz Corp.
8.875%, 1/1/14		7,450,000		7,766,625
Term B Loan
7.110%, 12/21/12 §(l)		679,776		682,060
7.090%, 12/21/12 §(l)		486,062		487,694
Term DD Loan
7.090%, 12/21/12 §(l)		75,495		75,748
Term Loan
5.360%, 12/21/12 §(l)		222,222		222,969
Kansas City Southern de Mexico S.A. de C.V.
9.375%, 5/1/12		2,350,000		2,514,500

				11,749,596

*Transportation Infrastructure (0.3%)*
Saint Acquisition Corp.
13.107%, 5/15/15 § (l)		4,000,000		3,790,000
12.500%, 5/15/17 §		2,750,000		2,598,750

				6,388,750

Total Industrials				194,648,554

Information Technology (5.2%)
*Communications Equipment (0.4%)*
Nortel Networks Ltd.
9.606%, 7/15/11^§(l)		1,000,000		1,063,750
10.125%, 7/15/13 §		5,775,000		6,193,688
10.750%, 7/15/16^ §		950,000		1,049,750

				8,307,188

*Computers & Peripherals (0.5%)*
Compucom Systems, Inc.
12.000%, 11/1/14 §		8,000,000		8,600,000
Solar Capital Corp., Term Loan
7.360%, 2/11/13 (l)§		1,974,950		1,990,996

				10,590,996

*Electronic Equipment & Instruments (1.4%)*
Advanced Lighting Technologies, Inc.
11.000%, 3/31/09		3,000,000		3,000,000
Celestica, Inc.
7.875%, 7/1/11^		8,585,000		8,327,450

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
7.625%, 7/1/13^	$	1,700,000	$	1,589,500
NXP B.V./NXP Funding LLC
9.500%, 10/15/15^		8,700,000		8,569,500
Sanmina-SCI Corp.
8.125%, 3/1/16^		3,375,000		3,138,750
Solectron Global Finance Ltd.
8.000%, 3/15/16^		3,200,000		3,424,000

				28,049,200

*IT Services (1.1%)*
Iron Mountain, Inc.
8.625%, 4/1/13		4,253,000		4,263,633
6.625%, 1/1/16		4,650,000		4,266,375
SunGard Data Systems, Inc.
9.125%, 8/15/13^		10,750,000		11,005,312
10.250%, 8/15/15^		3,000,000		3,172,500

				22,707,820

*Office Electronics (0.2%)*
Xerox Capital Trust I
8.000%, 2/1/27^		3,100,000		3,182,500

*Semiconductors & Semiconductor Equipment (1.5%)*
Amkor Technologies, Inc.
7.750%, 5/15/13		7,000,000		6,737,500
9.250%, 6/1/16^		1,250,000		1,287,500
Freescale Semiconductor, Inc.
8.875%, 12/15/14^ §		8,025,000		7,663,875
(PIK)
9.125%, 12/15/14 §		8,525,000		8,013,500
Sensata Technologies B.V.
8.000%, 5/1/14^		6,975,000		6,730,875

				30,433,250

*Software (0.1%)*
Pegasus Solutions, Inc.
10.500%, 4/15/15 §		1,750,000		1,750,000

Total Information Technology				105,020,954

Materials (10.7%)
*Chemicals (5.3%)*
Arco Chemical Co.
10.250%, 11/1/10		100,000		108,000
Chemtura Corp.
6.875%, 6/1/16		2,525,000		2,386,125
Cognis Holdings GmbH (PIK)
12.876%, 1/15/15§†	EUR	4,909,964		6,778,299
Equistar Chemicals LP/Equistar Funding Corp.
10.625%, 5/1/11	$	4,756,000		5,005,690
Ferro Corp., Term Loan
7.320%, 6/6/12 (l)		1,166,667		1,164,479
7.360%, 6/6/12 (l)		1,944,445		1,940,798
8.070%, 6/6/12 (l)		260,833		260,344
Headwaters, Inc., Term B Loan
7.360%, 4/30/11 (b)(l)		1,704,545		1,704,545
Hercules, Inc.
6.750%, 10/15/29		4,650,000		4,510,500
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC
9.750%, 11/15/14 §		7,450,000		7,710,750
Huntsman LLC
11.625%, 10/15/10		1,550,000		1,666,250
11.500%, 7/15/12		5,393,000		5,986,230
Ineos Group Holdings plc
8.500%, 2/15/16^§		14,325,000		14,002,687
Term B Loan
7.580%, 10/7/13 (b)(l)		990,000		995,569
Term C Loan
8.080%, 10/7/14 (b)(l)		990,000		995,569
Lyondell Chemical Co.
8.000%, 9/15/14^		9,800,000		10,069,500
8.250%, 9/15/16^		2,850,000		2,978,250
6.875%, 6/15/17^		1,425,000		1,375,125
Nalco Co.
7.750%, 11/15/11^		3,700,000		3,727,750
8.875%, 11/15/13^		2,650,000		2,749,375
Nova Chemicals Corp.
6.500%, 1/15/12^		2,825,000		2,641,375
8.484%, 11/15/13 (l)		5,704,000		5,704,000
Phibro Animal Health Corp.
13.000%, 8/1/14 §		5,850,000		6,171,750
PQ Corp.
7.500%, 2/15/13		3,500,000		3,710,000
Reichhold Industries, Inc.
9.000%, 8/15/14 §		4,745,000		4,887,350
Rockwood Specialties Group, Inc.
7.500%, 11/15/14^		4,680,000		4,703,400
SigmaKalon, Term A Loan
6.164%, 6/30/12 (b)	EUR	954,315		1,286,543

				105,220,253

*Containers & Packaging (2.1%)*
BPC Holding Corp.
8.875%, 9/15/14^	$	5,375,000		5,442,187
Crown Americas LLC/Crown Americas Capital Corp.
7.625%, 11/15/13^		1,050,000		1,060,500
7.750%, 11/15/15^		3,655,000		3,673,275
Jefferson Smurfit Corp.
8.250%, 10/1/12		7,102,000		7,048,735
7.500%, 6/1/13		2,700,000		2,619,000
Norampac, Inc.
6.750%, 6/1/13		1,675,000		1,597,531
Owens-Brockway Glass Container, Inc.
8.875%, 2/15/09		5,051,000		5,139,393
8.750%, 11/15/12		3,954,000		4,131,930
8.250%, 5/15/13^		3,550,000		3,674,250
6.750%, 12/1/14^		4,800,000		4,680,000
Russell-Stanley Holdings, Inc.
9.000%, 11/30/08 †(b)(h)		729,508		11,855
Smurfit-Stone Container Enterprises, Inc.
8.375%, 7/1/12		2,675,000		2,678,344
8.000%, 3/15/17^		200,000		194,000
8.000%, 3/15/17 §		800,000		776,000

				42,727,000

*Metals & Mining (1.1%)*
Compass Minerals International, Inc.,
Series B
0.000%, 6/1/13 (e)		6,461,000		6,412,542
Freeport-McMoRan Copper & Gold, Inc.
8.250%, 4/1/15		1,325,000		1,397,875
8.375%, 4/1/17		5,250,000		5,604,375
Noranda Aluminium Acquisition Corp. (PIK)
9.360%, 5/15/15^ §		8,000,000		7,720,000
Novelis, Inc.
7.250%, 2/15/15^		1,215,000		1,246,894

				22,381,686

*Paper & Forest Products (2.2%)*
Abitibi-Consolidated Co. of Canada
8.375%, 4/1/15^		1,800,000		1,575,000
Abitibi-Consolidated, Inc.
8.550%, 8/1/10^		1,500,000		1,432,500

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Bowater Canada Finance Corp.
7.950%, 11/15/11^	$	2,650,000	$	2,494,313
Cascades, Inc.
7.250%, 2/15/13^		3,000,000		2,917,500
Georgia-Pacific Corp.
7.000%, 1/15/15^ §		1,000,000		962,500
7.125%, 1/15/17 §		1,500,000		1,440,000
8.000%, 1/15/24		6,480,000		6,285,600
7.375%, 12/1/25^		6,350,000		5,953,125
7.250%, 6/1/28		3,050,000		2,806,000
7.750%, 11/15/29		800,000		752,000
Term Loan B
7.110%, 12/24/12 (l)		1,975,000		1,978,629
Neenah Paper, Inc.
7.375%, 11/15/14		2,750,000		2,722,500
Newark Group, Inc.
9.750%, 3/15/14		5,660,000		5,759,050
Smurfit Capital Funding plc
7.500%, 11/20/25		300,000		302,250
Verso Paper Holdings LLC/Verson Paper, Inc.
9.125%, 8/1/14 §		5,800,000		5,988,500

				43,369,467

Total Materials				213,698,406

Telecommunication Services (7.5%)
*Diversified Telecommunication Services (5.8%)*
Cincinnati Bell, Inc.
7.250%, 7/15/13^		3,825,000		3,920,625
8.375%, 1/15/14^		6,625,000		6,691,250
Citizens Communications Co.
7.125%, 3/15/19		4,050,000		3,827,250
7.000%, 11/1/25		200,000		179,500
7.875%, 1/15/27		750,000		729,375
9.000%, 8/15/31		3,490,000		3,594,700
Hawaiian Telcom Communications, Inc.,
Series B
9.750%, 5/1/13^		4,425,000		4,635,188
Insight Midwest LP/Insight Capital, Inc.
9.750%, 10/1/09		2,595,000		2,614,463
Level 3 Financing, Inc.
8.750%, 2/15/17^ §		7,500,000		7,415,625
Nordic Telephone Co. Holdings ApS
5.875%, 11/30/14 §	EUR	810,085		1,105,210
6.125%, 11/30/14 §		1,000,000		1,369,300
8.250%, 5/1/16 §		3,500,000		5,080,513
8.875%, 5/1/16^§	$	200,000		212,000
Qwest Communications International, Inc.
8.860%, 2/15/09 (l)		1,333,000		1,346,330
7.500%, 2/15/14		14,400,000		14,580,000
Series B
7.500%, 2/15/14^		6,807,000		6,892,087
Qwest Corp.
8.875%, 3/15/12		7,400,000		7,973,500
7.500%, 6/15/23		6,000,000		6,000,000
7.200%, 11/10/26		1,600,000		1,572,000
Telcordia Technologies, Inc.
9.110%, 7/15/12 § (l)		10,650,000		10,490,250
10.000%, 3/15/13^ §		2,000,000		1,780,000
Time Warner Telecom Holdings, Inc.
9.250%, 2/15/14^		6,500,000		6,890,000
Virgin Media Finance plc
8.750%, 4/15/14^	EUR	1,000,000		1,414,355
9.125%, 8/15/16^	$	4,000,000		4,190,000
West Corp.
9.500%, 10/15/14 §		7,400,000		7,566,500
11.000%, 10/15/16 §		2,000,000		2,090,000
11.000%, 10/15/16^		625,000		653,125
Wind Acquisition Finance S.A.
10.750%, 12/1/15^ §		1,600,000		1,836,000

				116,649,146

*Wireless Telecommunication Services (1.7%)*
American Cellular Corp.,
Series B
10.000%, 8/1/11		597,000		625,357
Cell C Pty Ltd.
11.000%, 7/1/15^ §		5,000,000		4,687,500
Centennial Cellular Corp./Centennial Cellular Operating Co. LLC
10.750%, 12/15/08		1,808,000		1,812,520
10.125%, 6/15/13		4,700,000		5,040,750
iPCS, Inc. (PIK)
8.605%, 5/1/14^ §		7,000,000		7,017,500
Mobile Telesystems Finance S.A.
8.375%, 10/14/10 (b)(m)		1,000,000		1,039,770
8.000%, 1/28/12 §		1,150,000		1,183,120
Nextel Communications, Inc.,
Series D
7.375%, 8/1/15		2,975,000		2,973,724
Rural Cellular Corp.
9.875%, 2/1/10^		6,783,000		7,088,235
Stratos Global Corp.
9.875%, 2/15/13		2,450,000		2,603,125

				34,071,601

Total Telecommunication Services				150,720,747

Utilities (6.9%)
*Electric Utilities (2.5%)*
Edison Mission Energy
7.750%, 6/15/16		1,450,000		1,442,750
7.000%, 5/15/17^ §		1,275,000		1,201,687
7.200%, 5/15/19 §		4,525,000		4,253,500
7.625%, 5/15/27 §		450,000		425,250
Midwest Generation LLC,
Series B
8.560%, 1/2/16		3,840,081		4,094,486
Mirant Americas Generation, Inc.
8.300%, 5/1/11		6,670,000		6,886,775
Nevada Power Co., Series R
6.750%, 7/1/37		500,000		507,568
Reliant Energy, Inc.
9.250%, 7/15/10		1,635,000		1,710,619
7.625%, 6/15/14^		6,525,000		6,361,875
6.750%, 12/15/14		8,225,000		8,389,500
7.875%, 6/15/17^		4,875,000		4,740,937
Sierra Pacific Power Co., Series P
6.750%, 7/1/37		900,000		913,622
Sierra Pacific Resources
7.803%, 6/15/12		750,000		788,644
8.625%, 3/15/14		2,700,000		2,897,942
6.750%, 8/15/17		2,850,000		2,801,721
Tenaska Alabama Partners LP
7.000%, 6/30/21 §		3,165,227		3,238,749

				50,655,625

*Gas Utilities (1.4%)*
AmeriGas Partners LP
7.250%, 5/20/15^		5,250,000		5,197,500
AmeriGas Partners LP/AmeriGas Eagle Finance Corp.
7.125%, 5/20/16		8,825,000		8,670,562
SemGroup plc
8.750%, 11/15/15^ §		5,925,000		5,954,625

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Suburban Propane Partners LP/Suburban Energy Finance Corp.
6.875%, 12/15/13^	$	7,875,000	$	7,599,375

				27,422,062

*Independent Power Producers & Energy Traders (1.8%)*
AES Corp.
8.750 %, 5/15/13 §		4,875,000		5,143,125
Dynegy Holdings, Inc.
7.500%, 6/1/15 §		1,000,000		941,250
8.375%, 5/1/16^		5,200,000		5,083,000
7.125%, 5/15/18		1,500,000		1,335,000
7.750%, 6/1/19 §		300,000		279,000
NRG Energy, Inc.
7.250%, 2/1/14		3,025,000		3,032,563
7.375%, 2/1/16		12,545,000		12,576,362
7.375%, 1/15/17^		6,425,000		6,449,094

				34,839,394

*Multi-Utilities (1.2%)*
Dynegy-Roseton Danskammer,
Series A
7.270%, 11/8/10^		6,500,000		6,573,125
Series B
7.670%, 11/8/16		1,950,000		2,018,250
PSEG Energy Holdings LLC
8.500%, 6/15/11		9,205,000		9,749,596
Reliant Energy Mid-Atlantic Power Holdings LLC,
Series B
9.237%, 7/2/17		2,966,993		3,263,692
South Point Energy Center LLC/Broad River Energy LLC/Rockgen Energy LLC
8.400%, 5/30/12 (b)(h)		2,551,638		2,521,373

				24,126,036

Total Utilities				137,043,117

Total Long-Term Debt Securities (94.6%) (Cost $1,889,049,256)				1,891,767,758

CONVERTIBLE BONDS:
Financials (0.1%)
*Capital Markets (0.1%)*
Deutsche Bank AG/London
(Zero Coupon), 7/14/08 §		500,000		467,600
(Zero Coupon), 9/29/08 §		600,000		560,940
(Zero Coupon), 10/24/08 §		625,000		614,375

Total Financials				1,642,915

Health Care (0.2%)
*Biotechnology (0.2%)*
NPS Pharmaceuticals, Inc.
3.000%, 6/15/08		5,000,000		4,750,000

Total Health Care				4,750,000

Information Technology (0.2%)
*Communications Equipment (0.1%)*
Nortel Networks Corp.
2.125%, 4/15/14^ §		1,575,000		1,537,594

*Semiconductors & Semiconductor Equipment (0.1%)*
Advanced Micro Devices, Inc.
6.000%, 5/1/15 §		1,425,000		1,371,562

Total Information Technology				2,909,156

Telecommunication Services (0.0%)
*Diversified Telecommunication Services (0.0%)*
Qwest Communications International, Inc.
3.500%, 11/15/25		375,000		657,188

Total Telecommunication Services				657,188

Utilities (0.1%)
*Multi-Utilities (0.1%)*
CMS Energy Corp.
2.875%, 12/1/24		1,875,000		2,449,219

Total Utilities				2,449,219

Total Convertible Bonds (0.6%) (Cost $12,093,611)				12,408,478


	Number of Shares
COMMON STOCK:
Consumer Discretionary (0.0%)
*Media (0.0%)*
RCN Corp. §(b)† (Cost $—)*		1,867		—

CONVERTIBLE PREFERRED STOCKS:
Energy (0.1%)
*Oil, Gas & Consumable Fuels (0.1%)*
Chesapeake Energy Corp.,
5.000%		14,800		1,648,350

Total Energy				1,648,350

Financials (0.1%)
*Capital Markets (0.1%)*
Vale Capital Ltd.,
5.500%^		27,400		1,344,792

Total Financials				1,344,792

Materials (0.0%)
*Metals & Mining (0.0%)*
Freeport-McMoRan Copper & Gold, Inc.,
6.750%		6,300		807,975

Total Materials				807,975

Total Convertible Preferred Stocks (0.2%) (Cost $3,677,778)				3,801,117


	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (1.6%)
Societe Generale North America, Inc.
5.21%, 10/9/07 (p)	$	30,200,000		29,764,818
UBS Finance Delaware LLC
5.07%, 7/19/07 (p)		1,900,000		1,894,928

Total Commercial Paper				31,659,746

Short-Term Investments of Cash Collateral for Securities Loaned (18.2%)
Abbey National plc/London
5.43%, 7/2/07		11,038,549		11,038,549
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)		553,759		553,759
Aquinas Funding LLC
5.34%, 8/2/07		3,334,749		3,334,749
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		4,455,520		4,455,520
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		70,627,395		70,627,395

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Barclays plc/London
5.43%, 7/2/07	$	14,109,145	$	14,109,145
Bavaria TRR Corp.
5.35%, 7/25/07		14,785,765		14,785,765
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		3,267,381		3,267,381
Belmont Funding LLC
5.31%, 7/19/07		10,992,880		10,992,880
Beta Finance, Inc.
5.37%, 1/31/08 (l)		594,069		594,069
5.37%, 3/10/08 (l)		1,484,961		1,484,961
Cantabric Financing LLC
5.34%, 9/25/07		10,990,414		10,990,414
Cedar Springs Capital Co. LLC
5.33%, 7/19/07		8,793,859		8,793,859
5.32%, 7/23/07		4,398,969		4,398,969
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		7,128,832		7,128,832
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		3,712,933		3,712,933
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		3,477,979		3,477,979
Comerica Bank
5.35%, 3/16/09 (l)		1,485,017		1,485,017
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		6,683,226		6,683,226
Series C
5.32%, 7/3/07		7,395,255		7,395,255
Crown Point Capital Co. LLC
5.31%, 7/25/07		6,594,755		6,594,755
DekaBank Deutsche Girozentrale
5.38%, 7/29/08 (l)		3,861,450		3,861,450
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		445,552		445,552
5.34%, 10/18/07 (l)		8,911,039		8,911,039
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		1,485,173		1,485,173
Fenway Funding LLC
5.35%, 8/9/07		6,594,164		6,594,164
Fifth Third Bancorp
5.32%, 7/29/08 (l)		445,548		445,548
First Tennessee Bank
5.34%, 7/29/08 (l)		13,365,311		13,365,311
General Electric Capital Corp.
5.40%, 3/12/10 (l)		594,069		594,069
Glitnir Banki hf
5.44%, 12/28/07 (l)		7,425,866		7,425,866
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		1,633,690		1,633,690
5.50%, 7/29/08 (l)		2,970,346		2,970,346
5.41%, 3/27/09 (l)		4,158,485		4,158,485
Gotham Funding Corp.
5.37%, 7/3/07		6,675,319		6,675,319
Hartford Life, Inc.
5.45%, 6/27/08 (l)		1,188,139		1,188,139
HBOS Treasury Services plc
5.47%, 7/2/07		8,959,307		8,959,307
ING Bank N.V./Amsterdam
5.43%, 7/2/07		16,336,904		16,336,904
K2 (USA) LLC
5.37%, 5/29/09 (l)		5,937,425		5,937,425
5.37%, 6/18/09 (l)		7,421,410		7,421,410
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		8,910,655		8,910,655
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		519,811		519,811
Links Finance LLC
5.37%, 6/25/09 (l)		2,226,646		2,226,646
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		3,712,933		3,712,933
Monumental Global Funding II
5.36%, 4/25/08 (l)		1,782,208		1,782,208
5.43%, 6/28/10 (l)		6,980,314		6,980,314
Morgan Stanley
5.53%, 5/7/09 (l)		7,425,866		7,425,866
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		1,380,498		1,380,498
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		4,455,519		4,455,519
5.37%, 1/28/08 (l)		4,455,519		4,455,519
New York Life Insurance Co.
5.41%, 9/28/07 (l)		5,049,589		5,049,589
Park Granada LLC
5.32%, 7/6/07		4,413,124		4,413,124
Pricoa Global Funding I
5.40%, 6/25/10 (l)		4,454,183		4,454,183
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07		5,625,988		5,625,988
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09 (l)		713,727		713,727
Solitaire Funding LLC
5.34%, 9/26/07		3,662,928		3,662,928
SunTrust Bank/Atlanta
5.33%, 7/30/07 (l)		445,552		445,552
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		1,485,173		1,485,173
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		2,108,191		2,108,191

Total Short-Term Investments of Cash Collateral for Securities Loaned				364,123,033

Time Deposit (2.5%)
JPMorgan Chase Nassau
4.76%, 7/2/07		49,895,966		49,895,966

Total Short-Term Investments (22.3%) (Cost/Amortized Cost $445,675,735)				445,678,745

Total Investments (117.7%) (Cost/Amortized Cost $2,350,496,380)				2,353,656,098
Other Assets Less Liabilities (-17.7%)				(354,132,845	)

Net Assets (100%)			$	1,999,523,253

*	Non-income producing.

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

†	Securities (totaling $6,790,154 or 0.3% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2007, the market value of these securities amounted to $491,412,531 or 24.6% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

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MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of June 30, 2007. Maturity date disclosed is the ultimate maturity date.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(m)

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.


Glossary:

EUR		— European Currency Unit
PIK		— Payment-in-Kind Security
TBA		— Security is subject to delayed delivery.

At June 30, 2007 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
European Union, expiring 7/16/07	9,900	$	13,317,975	$	13,405,161	$	87,186
European Union, expiring 10/3/07	7,000		9,440,550		9,502,648		62,098
European Union, expiring 10/3/07	7,100		9,575,415		9,638,400		62,985

						$	212,269

Foreign Currency Sell Contracts
European Union, expiring 7/16/07	9,900	$	13,063,248	$	13,405,161	$	(341,913	)
European Union, expiring 7/26/07	20,798		27,880,655		28,171,376		(290,721	)
European Union, expiring 10/4/07	10,125		13,482,855		13,745,262		(262,407	)
European Union, expiring 1/24/08	13,675		18,731,400		18,615,626		115,774

						$	(779,267	)

						$	(566,998	)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	881,711,669
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	757,934,524

As of June 30, 2007, 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	$	30,600,639
Aggregate gross unrealized depreciation		(29,183,695	)

Net unrealized appreciation	$	1,416,944

Federal income tax cost of investments	$	2,352,239,154

At June 30, 2007, the Portfolio had loaned securities with a total value of $356,326,304. This was secured by collateral of $364,123,033 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $315,974,892 of which $29,624,243 expires in the year 2007, $68,279,453 expires in the year 2008, $114,524,895 expires in the year 2009, $91,978.211 expires in the year 2010, and $11,568,090 expires in the year 2014.

See Notes to Financial Statements.

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (3.4%)
BHP Billiton Ltd^	749,034	$	22,245,137
Coles Group Ltd.^	212,100		2,898,672
CSL Ltd.^	118,172		8,816,387
Macquarie Airports	1,515,274		5,189,983
Macquarie Bank Ltd.^	276,059		19,893,640
Macquarie Infrastructure Group^	2,701,268		8,244,486
National Australia Bank Ltd.^	296,800		10,321,741
QBE Insurance Group Ltd.^	301,674		7,979,688
Zinifex Ltd.^	432,400		6,899,200

			92,488,934

Austria (1.0%)
Erste Bank der Oesterreichischen Sparkassen AG^	166,749		13,044,676
OMV AG	62,000		4,152,899
voestalpine AG^	115,100		9,736,381

			26,933,956

Belgium (0.9%)
Dexia S.A.^	191,615		6,019,312
Fortis (London International Exchange)^	185,809		7,929,265
Fortis (virt-x Exchange)	266,300		11,356,952

			25,305,529

Brazil (2.3%)
Cia Vale do Rio Doce (ADR)	318,706		14,198,352
Gafisa S.A.	358,144		5,586,601
Gol Linhas Aereas Inteligentes S.A. (ADR)	130,733		4,312,882
JHSF Participacoes S.A.*	606,900		3,539,463
Petroleo Brasileiro S.A. (ADR)	160,797		19,499,852
Unibanco-Uniao de Bancos Brasileiros S.A. (GDR)	148,911		16,807,585

			63,944,735

Canada (2.8%)
Bombardier, Inc., Class B*	497,200		2,987,167
Canadian Imperial Bank of Commerce	46,800		4,217,162
Canadian National Railway Co.	160,779		8,188,475
Celestica, Inc.*	50,674		319,671
EnCana Corp.	118,500		7,288,543
Gerdau Ameristeel Corp.	391,200		5,780,322
Husky Energy, Inc.^	55,800		4,593,908
ING Canada, Inc.	95,700		4,261,019
Nexen, Inc.	127,906		3,962,354
Research In Motion Ltd.*	103,606		20,720,164
Shoppers Drug Mart Corp.^	199,598		9,244,933
Teck Cominco Ltd., Class B	108,600		4,608,045

			76,171,763

Denmark (0.2%)
Carlsberg A/S, Class B	43,300		5,252,637

Egypt (0.0%)
Orascom Construction Industries (GDR)	9,332		1,221,282

Finland (1.0%)
Nokia Oyj^	940,255		26,482,559

France (11.5%)
Accor S.A.	403,137		35,858,526
Air France-KLM^	121,600		5,692,806
BNP Paribas	253,838		30,356,700
Cie de Saint-Gobain^	214,418		24,194,311
Compagnie Generale des Etablissements Michelin, Class B	79,900		11,230,407
Credit Agricole S.A.^	229,222		9,366,161
Electricite de France	87,718		9,530,996
France Telecom S.A.	227,100		6,270,317
Imerys S.A.^	60,001		6,099,560
J.C. Decaux S.A.^	408,839		13,020,164
Lafarge S.A.^	64,205		11,766,024
Lagardere SCA	87,900		7,667,504
Pernod-Ricard S.A.^	52,200		11,583,082
Renault S.A.^	132,000		21,297,510
Sanofi-Aventis^	294,391		23,946,455
Societe Generale	66,935		12,459,280
Total S.A.^	647,532		52,811,996
Veolia Environnement^	256,928		20,179,306

			313,331,105

Germany (8.7%)
Allianz SE (Registered)	84,700		19,899,874
BASF AG	152,986		20,134,408
Beiersdorf AG	69,023		4,936,269
Continental AG	244,395		34,546,289
DaimlerChrysler AG	264,546		24,558,635
Deutsche Bank AG (Registered)	14,500		2,103,803
Deutsche Lufthansa AG (Registered)	260,900		7,330,670
Deutsche Post AG (Registered)^	286,976		9,333,436
Deutsche Telekom AG (Registered)^	290,500		5,382,596
E.ON AG^	152,200		25,603,130
Epcos AG	48,200		947,883
Fresenius Medical Care AG & Co. KGaA	58,500		2,702,305
Linde AG^	119,008		14,375,620
MTU Aero Engines Holdings AG	2,614		170,528
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	92,600		17,068,610
RWE AG	97,390		10,411,869
SAP AG^	170,800		8,800,614
Siemens AG (Registered)	134,342		19,377,109
Symrise AG*	154,757		4,631,069
TUI AG*^	145,200		4,032,610

			236,347,327

Hong Kong (3.5%)
China Merchants Holdings International Co., Ltd.^	1,832,000		8,868,068
China Mobile Ltd.	2,811,500		30,185,367
CNOOC Ltd.^	9,447,600		10,705,154
Esprit Holdings Ltd.	1,805,000		22,899,529
Kerry Properties Ltd.	486		3,052
Melco PBL Entertainment Macau Ltd. (ADR)*	906,445		11,384,949
Orient Overseas International	174,000		1,700,123
Shangri-La Asia Ltd.^†	3,072,973		7,372,078
Sino Land Co.^	1,009,675		2,102,198

			95,220,518

India (0.3%)
ICICI Bank Ltd. (ADR)	172,878		8,496,954

Ireland (0.2%)
Bank of Ireland	273,700		5,534,363

Italy (2.9%)
Banca Popolare di Verona e Novara S.c.r.l.^	163,500		4,722,309
Buzzi Unicem S.p.A.^	158,000		5,472,296

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
ENI S.p.A.^	1,044,771	$	38,037,819
Fondiaria-Sai S.p.A.^	125,271		6,085,079
Fondiaria-Sai S.p.A. (RNC)	14,200		504,498
Intesa Sanpaolo S.p.A.	1,424,000		10,658,040
Italcementi S.p.A.^	157,800		4,895,125
UniCredito Italiano S.p.A.	1,135,200		10,186,574

			80,561,740

Japan (17.2%)
Aisin Seiki Co., Ltd.	200,700		7,384,130
Alps Electric Co., Ltd.^	341,600		3,418,081
Astellas Pharma, Inc.	148,400		6,460,296
Bank of Yokohama Ltd.	573,000		4,020,889
Canon, Inc.^	304,500		17,880,487
Chugai Pharmaceutical Co., Ltd.^	670,100		12,054,997
Daikin Industries Ltd.^	390,164		14,228,113
Dainippon Ink and Chemicals, Inc.	895,000		3,460,061
East Japan Railway Co.	1,269		9,791,269
EDION Corp.^	122,000		1,586,372
Fujitsu Ltd.	941,000		6,939,517
Hirose Electric Co., Ltd.^	28,100		3,701,783
Honda Motor Co., Ltd.^	524,800		19,180,508
Isuzu Motors Ltd.	1,326,000		7,194,055
Itochu Corp.	437,000		5,068,313
Japan Tobacco, Inc.	71		350,603
JFE Holdings, Inc.	239,100		14,894,595
Kyushu Electric Power Co., Inc.	205,700		5,396,231
Leopalace21 Corp.	73,700		2,520,016
Marubeni Corp.^	1,891,000		15,588,751
Mitsubishi Chemical Holdings Corp.	629,500		5,787,566
Mitsubishi Corp.	666,500		17,484,629
Mitsubishi UFJ Financial Group, Inc.	1,109		12,249,665
Mitsui & Co., Ltd.	467,000		9,311,553
Mitsui Chemicals, Inc.	513,000		3,904,008
Mitsui Fudosan Co., Ltd.	266,000		7,475,005
Mitsui O.S.K. Lines Ltd.^	687,000		9,340,410
Mitsui Trust Holdings, Inc.	1,163,000		10,144,666
Mizuho Financial Group, Inc.	1,531		10,606,644
Nidec Corp.^	100,600		5,915,484
Nippon Electric Glass Co., Ltd.^	294,000		5,193,503
Nippon Mining Holdings, Inc.	753,500		7,233,600
Nippon Telegraph & Telephone Corp.	1,964		8,725,344
Nippon Yusen KK^	429,000		3,940,703
Nissan Motor Co., Ltd.	1,994,200		21,395,640
Nitto Denko Corp.^	90,600		4,576,910
Nomura Holdings, Inc.	255,800		4,986,152
ORIX Corp.	39,000		10,278,579
Secom Co., Ltd.	14,000		660,629
Seven & I Holdings Co., Ltd.	229,300		6,555,419
Sharp Corp.	485,000		9,217,462
Shin-Etsu Chemical Co., Ltd.	129,700		9,280,463
SMC Corp.	49,500		6,593,300
Sony Corp.^	273,200		14,045,531
Sumitomo Corp.^	522,000		9,539,086
Sumitomo Heavy Industries Ltd.	103,000		1,168,658
Sumitomo Mitsui Financial Group, Inc.^	2,691		25,134,213
Tokyo Electric Power Co., Inc.	245,600		7,899,094
Toshiba Corp.^	1,311,000		11,446,294
Toyota Motor Corp.	578,700		36,660,792
Yamada Denki Co., Ltd.^	113,400		11,862,676

			469,732,745

Mexico (2.0%)
America Movil S.A.B. de C.V., Series L (ADR)	222,594		13,785,246
Cemex S.A.B. de C.V. (Sponsored ADR)*	269,189		9,933,074
Fomento Economico Mexicano S.A.B. de C.V. (Sponsored ADR)	358,587		14,099,641
Grupo Televisa S.A. (Sponsored ADR)	632,959		17,475,998

			55,293,959

Netherlands (5.1%)
ABN AMRO Holding N.V.^	110,919		5,111,699
Arcelor Mittal	210,851		13,289,974
Corporate Express^	207,700		3,199,050
European Aeronautic Defence and Space Co. N.V.^	137,990		4,504,713
Heineken N.V.	167,995		9,888,444
ING Groep N.V. (CVA)	1,266,071		56,187,767
Koninklijke Philips Electronics N.V.	225,732		9,642,116
Reed Elsevier N.V.	380,122		7,274,692
Royal Dutch Shell plc, Class A	333,000		13,606,598
Royal Dutch Shell plc, Class B	71,028		2,971,011
Wolters Kluwer N.V.	415,276		12,730,553

			138,406,617

Singapore (0.5%)
CapitaLand Ltd.^	2,166,000		11,461,441
Flextronics International Ltd.*	167,400		1,807,920
Neptune Orient Lines Ltd.	378,000		1,308,770

			14,578,131

South Korea (0.6%)
POSCO	12,640		6,067,911
Samsung Electronics Co., Ltd.	14,820		9,079,526

			15,147,437

Spain (1.3%)
Altadis S.A.^	112,665		7,502,333
Banco Bilbao Vizcaya Argentaria S.A.^	449,700		11,077,366
Banco Santander Central Hispano S.A.	311,100		5,764,288
Repsol YPF S.A.^	293,700		11,627,117

			35,971,104

Sweden (0.9%)
Nordea Bank AB	328,000		5,155,574
Svenska Cellulosa AB, Class B	328,500		5,523,672
Telefonaktiebolaget LM Ericsson, Class B	3,518,200		14,125,888

			24,805,134

Switzerland (9.9%)
ABB Ltd. (Registered)	1,039,788		23,664,434
Actelion Ltd. (Registered) *^	118,897		5,319,461
Adecco S.A. (Registered)^	83,120		6,461,108
Credit Suisse Group (Registered)^	194,800		13,930,233
Holcim Ltd. (Registered)	319,410		34,725,868
Lonza Group AG (Registered)^	152,538		14,061,219
Nestle S.A. (Registered)	74,511		28,425,809
Novartis AG (Registered)	373,141		21,077,961
Roche Holding AG	153,048		27,239,161
Swiss Reinsurance (Registered)	137,003		12,550,664
Syngenta AG (Registered)	93,863		18,380,704
UBS AG (Registered)	625,855		37,710,133
Xstrata plc	199,880		11,989,191

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
Zurich Financial Services AG (Registered)^		45,585	$	14,153,182

				269,689,128

Taiwan (0.2%)
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		555,261		6,180,055

United Kingdom (18.7%)
Amdocs Ltd.*		131,344		5,230,118
AstraZeneca plc		265,500		14,304,429
Aviva plc		638,858		9,538,293
BAE Systems plc		1,088,600		8,853,371
Barclays plc		1,980,444		27,679,430
BG Group plc		649,362		10,712,227
BHP Billiton plc		203,900		5,691,377
BP plc		513,200		6,214,258
British American Tobacco plc		104,500		3,563,193
British Land Co. plc (REIT)		255,331		6,870,584
British Sky Broadcasting Group plc		1,712,388		22,007,337
Burberry Group plc		614,687		8,480,005
Centrica plc		1,286,462		10,036,293
Friends Provident plc		770,202		2,771,584
George Wimpey plc		132,500		1,338,348
GlaxoSmithKline plc		1,126,429		29,518,866
Greene King plc		173,300		3,387,816
HBOS plc		820,440		16,236,364
Home Retail Group plc		750,200		6,914,728
HSBC Holdings plc^		1,452,000		26,461,786
ICAP plc		750,399		7,443,969
ITV plc		2,094,710		4,803,694
Kazakhmys plc		269,400		6,843,424
Kingfisher plc		1,138,396		5,177,819
Man Group plc		1,780,102		21,769,453
Marston’s plc		324,000		2,586,232
Mitchells & Butlers plc		244,882		4,324,920
Northern Rock plc		450,641		7,854,811
Reckitt Benckiser plc		239,829		13,171,777
Rio Tinto plc		365,213		28,066,614
Royal & Sun Alliance Insurance Group		951,491		2,780,053
Royal Bank of Scotland Group plc		1,306,809		16,611,206
SABMiller plc		229,100		5,824,305
Schroders plc		187,220		4,816,003
Smith & Nephew plc		622,641		7,739,514
Standard Chartered plc		504,904		16,526,533
Taylor Woodrow plc		277,500		2,010,272
Tesco plc		6,051,686		50,857,755
Trinity Mirror plc		430,300		4,571,012
Vodafone Group plc		12,456,621		41,973,728
Wm. Morrison Supermarkets plc		1,153,584		7,007,449
Wolseley plc		447,266		10,795,821
WPP Group plc		682,964		10,265,378

				509,632,149

United States (0.8%)
Schlumberger Ltd.		267,133		22,690,277

Total Common Stocks (95.8%)
(Cost $2,144,195,920)				2,619,420,138


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (18.9%)
Abbey National plc/London
5.43%, 7/2/07	$	15,652,995	$	15,652,995
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)		785,247		785,247
Aquinas Funding LLC
5.34%, 8/2/07		4,728,774		4,728,774
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		6,318,060		6,318,060
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		100,151,773		100,151,773
Barclays plc/London
5.43%, 7/2/07		20,007,192		20,007,192
Bavaria TRR Corp.
5.35%, 7/25/07		20,966,661		20,966,661
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		4,633,244		4,633,244
Belmont Funding LLC
5.31%, 7/19/07		15,588,235		15,588,235
Beta Finance, Inc.
5.37%, 1/31/08 (l)		842,408		842,408
5.37%, 3/10/08 (l)		2,105,719		2,105,719
Cantabric Financing LLC
5.34%, 9/25/07		15,584,738		15,584,738
Cedar Springs Capital Co. LLC
5.33%, 7/19/07		12,469,956		12,469,956
5.32%, 7/23/07		6,237,870		6,237,870
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		10,108,897		10,108,897
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		5,265,050		5,265,050
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		4,931,878		4,931,878
Comerica Bank
5.35%, 3/16/09 (l)		2,105,799		2,105,799
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		9,477,015		9,477,015
Concord Minutemen C.C. LLC,
Series C
5.32%, 7/3/07		10,486,694		10,486,694
Crown Point Capital Co. LLC
5.31%, 7/25/07		9,351,562		9,351,562
DekaBank Deutsche Girozentrale
5.38%, 7/29/08 (l)		5,475,653		5,475,653
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		631,806		631,806
5.34%, 10/18/07 (l)		12,636,121		12,636,121
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		2,106,020		2,106,020
Fenway Funding LLC
5.35%, 8/9/07		9,350,723		9,350,723
Fifth Third Bancorp
5.32%, 7/29/08 (l)		631,800		631,800
First Tennessee Bank
5.34%, 7/29/08 (l)		18,952,414		18,952,414
General Electric Capital Corp.
5.40%, 3/12/10 (l)		842,408		842,408
Glitnir Banki hf
5.44%, 12/28/07 (l)		10,530,101		10,530,101
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		2,316,622		2,316,622
5.50%, 7/29/08 (l)		4,212,040		4,212,040
5.41%, 3/27/09 (l)		5,896,856		5,896,856
Gotham Funding Corp.
5.37%, 7/3/07		9,465,803		9,465,803

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Hartford Life, Inc.
5.45%, 6/27/08 (l)	$	1,684,816	$	1,684,816
HBOS Treasury Services plc
5.47%, 7/2/07		12,704,567		12,704,567
ING Bank N.V./Amsterdam
5.43%, 7/2/07		23,166,223		23,166,223
K2 (USA) LLC
5.37%, 5/29/09 (l)		8,419,448		8,419,448
5.37%, 6/18/09 (l)		10,523,783		10,523,783
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		12,635,576		12,635,576
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		737,107		737,107
Links Finance LLC
5.37%, 6/25/09 (l)		3,157,451		3,157,451
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		5,265,050		5,265,050
Monumental Global Funding II
5.36%, 4/25/08 (l)		2,527,224		2,527,224
5.43%, 6/28/10 (l)		9,898,295		9,898,295
Morgan Stanley
5.53%, 5/7/09 (l)		10,530,101		10,530,101
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		1,957,588		1,957,588
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		6,318,060		6,318,060
5.37%, 1/28/08 (l)		6,318,061		6,318,061
New York Life Insurance Co.
5.41%, 9/28/07 (l)		7,160,468		7,160,468
Park Granada LLC
5.32%, 7/6/07		6,257,942		6,257,942
Pricoa Global Funding I
5.40%, 6/25/10 (l)		6,316,165		6,316,165
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07		7,977,820		7,977,820
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09 (l)		1,012,087		1,012,087
Solitaire Funding LLC
5.34%, 9/26/07		5,194,142		5,194,142
SunTrust Bank/Atlanta
5.33%, 7/30/07 (l)		631,806		631,806
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		2,106,020		2,106,020
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		2,989,478		2,989,478

Total Short-Term Investments of Cash Collateral for Securities Loaned				516,337,412


Time Deposit (3.4%)
JPMorgan Chase Nassau
4.76%, 7/2/07		92,287,775		92,287,775

Total Short-Term Investments (22.3%) (Amortized Cost $608,625,187)				608,625,187

Total Investments (118.1%) (Cost/Amortized Cost $2,752,821,107)				3,228,045,325
Other Assets Less Liabilities (-18.1%)				(495,435,211	)

Net Assets (100%)			$	2,732,610,114

*	Non-income producing.

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

†	Securities (totaling $7,372,078 or 0.27% of net assets) valued at fair value.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR—American Depositary Receipt

CVA—Dutch Certification

GDR—Global Depositary Receipt

REIT—Real Estate Investment Trust

RNC—Risparmio Non-Convertible Savings Shares

At June 30, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 6/30/07		Unrealized Appreciation/ (Depreciation)
Dow Jones Euro Stoxx 50 Index	117	September-07	$	7,015,681	$	7,149,667	$	133,986
TOPIX Index	15	September-07		2,166,466		2,162,437		(4,030	)

							$	129,956

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	901,412,063
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	511,304,199

As of June 30, 2007, 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	$	501,920,444
Aggregate gross unrealized depreciation		(35,244,039	)

Net unrealized appreciation	$	466,676,405

Federal income tax cost of investments	$	2,761,368,920

At June 30, 2007, the Portfolio had loaned securities with a total value of $496,056,805. This was secured by collateral of $516,337,412 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $741,891 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.7%)
*Auto Components (0.3%)*
Autoliv, Inc.^	18,200	$	1,035,034
BorgWarner, Inc.^	11,000		946,440
Magna International, Inc., Class A	12,800		1,164,672

			3,146,146

*Automobiles (0.3%)*
DaimlerChrysler AG	17,000		1,563,150
General Motors Corp.^	23,400		884,520

			2,447,670

*Hotels, Restaurants & Leisure (2.6%)*
Las Vegas Sands Corp.*	121,900		9,311,941
McDonald’s Corp.	54,800		2,781,648
Melco PBL Entertainment Macau Ltd. (ADR)*^	413,710		5,196,197
Starbucks Corp.*	270,295		7,092,541

			24,382,327

*Household Durables (0.7%)*
Black & Decker Corp.	16,600		1,465,946
Centex Corp.	17,000		681,700
KB Home^	28,100		1,106,297
Pulte Homes, Inc.^	31,500		707,175
Sony Corp. (ADR)^	62,220		3,196,241

			7,157,359

*Internet & Catalog Retail (0.6%)*
Liberty Media Corp., Interactive, Class A*	265,875		5,936,989

*Leisure Equipment & Products (0.1%)*
Mattel, Inc.	25,500		644,895

*Media (3.1%)*
CBS Corp., Class B	59,000		1,965,880
Citadel Broadcasting Corp.	4,561		29,418
Comcast Corp., Class A*	69,700		1,959,964
Comcast Corp., Special Class A*	645,912		18,059,700
Gannett Co., Inc.	23,100		1,269,345
Interpublic Group of Cos., Inc.*^	66,100		753,540
Time Warner, Inc.	124,300		2,615,272
Tribune Co.	21,990		646,506
Viacom, Inc., Class B*	37,650		1,567,370
Walt Disney Co.	34,900		1,191,486

			30,058,481

*Multiline Retail (2.3%)*
Dillards, Inc., Class A^	18,500		664,705
Dollar Tree Stores, Inc.*^	28,900		1,258,595
Family Dollar Stores, Inc.	28,300		971,256
J.C. Penney Co., Inc.	14,000		1,013,320
Macy’s, Inc.	50,400		2,004,912
Nordstrom, Inc.	134,590		6,880,241
Saks, Inc.^	35,900		766,465
Sears Holdings Corp.*	39,500		6,695,250
Target Corp.	21,500		1,367,400

			21,622,144

*Specialty Retail (0.5%)*
Gap, Inc.	76,300		1,457,330
Home Depot, Inc.	9,700		381,695
Limited Brands, Inc.	52,600		1,443,870
Office Depot, Inc.*	29,400		890,820
Sherwin-Williams Co.	7,700		511,819

			4,685,534

*Textiles, Apparel & Luxury Goods (0.2%)*
Jones Apparel Group, Inc.	31,300		884,225
VF Corp.	16,600		1,520,228

			2,404,453

Total Consumer Discretionary			102,485,998

Consumer Staples (9.0%)
*Beverages (1.1%)*
Coca-Cola Co.	73,900		3,865,709
Molson Coors Brewing Co., Class B	6,600		610,236
PepsiCo, Inc.	100,155		6,495,052

			10,970,997

*Food & Staples Retailing (2.6%)*
CVS Caremark Corp.	194,783		7,099,841
Kroger Co.	38,000		1,068,940
Rite Aid Corp.*^	1,282,100		8,179,798
Safeway, Inc.	47,700		1,623,231
Sysco Corp.	80,565		2,657,839
Wal-Mart Stores, Inc.	81,400		3,916,154

			24,545,803

*Food Products (2.0%)*
Cadbury Schweppes plc (ADR)	59,595		3,236,008
General Mills, Inc.	24,800		1,448,816
Kellogg Co.	26,100		1,351,719
Kraft Foods, Inc., Class A	319,555		11,264,314
Sara Lee Corp.	93,400		1,625,160

			18,926,017

*Household Products (1.5%)*
Colgate-Palmolive Co.	22,900		1,485,065
Kimberly-Clark Corp.	23,700		1,585,293
Procter & Gamble Co.	191,190		11,698,916

			14,769,274

*Personal Products (0.7%)*
Avon Products, Inc.	177,705		6,530,659

*Tobacco (1.1%)*
Altria Group, Inc.	155,525		10,908,523

Total Consumer Staples			86,651,273

Energy (6.7%)
*Energy Equipment & Services (0.0%)*
Schlumberger Ltd.	3,200		271,808

*Oil, Gas & Consumable Fuels (6.7%)*
Apache Corp.	118,500		9,668,415
BP plc (ADR)	21,100		1,522,154
Chevron Corp .	168,033		14,155,100
ConocoPhillips	162,200		12,732,700
EOG Resources, Inc.	61,300		4,478,578
Exxon Mobil Corp.	110,200		9,243,576
Marathon Oil Corp.	46,600		2,794,136
Royal Dutch Shell plc, Class A (ADR)	20,700		1,680,840
Total S.A. (Sponsored ADR)	18,300		1,481,934
Valero Energy Corp .	77,115		5,695,714

			63,453,147

Total Energy			63,724,955

Financials (19.2%)
*Capital Markets (3.8%)*
Charles Schwab Corp.	311,900		6,400,188
Goldman Sachs Group, Inc.	56,320		12,207,360
Janus Capital Group, Inc.^	31,900		888,096
Merrill Lynch & Co., Inc.	112,590		9,410,272
Morgan Stanley	3,100		260,028
optionsXpress Holdings, Inc.^	117,775		3,022,106
UBS AG (Registered)	68,455		4,107,985
Waddell & Reed Financial, Inc.^	15,900		413,559

			36,709,594

*Commercial Banks (2.5%)*
Comerica, Inc.	26,600		1,581,902
Fifth Third Bancorp.	47,200		1,877,144
HSBC Holdings plc.	259,400		4,727,402

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
KeyCorp	7,975	$	273,782
National City Corp.^	49,200		1,639,344
SunTrust Banks, Inc.	21,500		1,843,410
U.S. Bancorp.	62,900		2,072,555
Wachovia Corp.	162,400		8,323,000
Wells Fargo & Co.	32,200		1,132,474

			23,471,013

*Consumer Finance (2.3%)*
American Express Co.	194,245		11,883,909
Capital One Financial Corp.	80,900		6,345,796
SLM Corp.	63,340		3,647,117

			21,876,822

*Diversified Financial Services (3.2%)*
Bank of America Corp.	125,600		6,140,584
Chicago Mercantile Exchange Holdings, Inc., Class A	17,753		9,486,493
Citigroup, Inc.	191,950		9,845,116
JPMorgan Chase & Co.	101,800		4,932,210

			30,404,403

*Insurance (4.1%)*
ACE Ltd.	13,800		862,776
Aflac, Inc.	5,000		257,000
Allstate Corp.	29,700		1,826,847
Ambac Financial Group, Inc.	18,100		1,578,139
American International Group, Inc.	207,500		14,531,225
Aon Corp.	39,500		1,683,095
Chubb Corp.	30,800		1,667,512
Fidelity National Financial, Inc., Class A	28,600		677,820
Genworth Financial, Inc., Class A	48,400		1,664,960
Hartford Financial Services Group, Inc.	15,500		1,526,905
MBIA, Inc.^	22,400		1,393,728
MetLife, Inc.	39,300		2,534,064
Old Republic International Corp.	53,500		1,137,410
PartnerReinsurance Ltd.^	900		69,750
Prudential Financial, Inc.	7,600		738,948
RenaissanceReinsurance Holdings Ltd.^	11,800		731,482
Torchmark Corp.	16,100		1,078,700
Travelers Cos., Inc.	42,800		2,289,800
Unum Group.	39,300		1,026,123
XL Capital Ltd., Class A	17,800		1,500,362

			38,776,646

*Thrifts & Mortgage Finance (3.3%)*
Astoria Financial Corp.^	8,250		206,580
Countrywide Financial Corp.	55,200		2,006,520
Fannie Mae	211,455		13,814,355
Freddie Mac	201,666		12,241,126
MGIC Investment Corp.^	23,300		1,324,838
Washington Mutual, Inc.	56,400		2,404,896

			31,998,315

Total Financials			183,236,793

Health Care (13.0%)
*Biotechnology (3.1%)*
Amgen, Inc.*	120,875		6,683,179
Celgene Corp.*	81,440		4,668,955
Genentech, Inc.*	85,375		6,459,473
Gilead Sciences, Inc.*	208,100		8,068,037
OSI Pharmaceuticals, Inc.*^	90,040		3,260,348

			29,139,992

*Health Care Equipment & Supplies (1.5%)*
Alcon, Inc.	25,804		3,481,218
Cytyc Corp.*^	171,984		7,414,230
Varian Medical Systems, Inc.*	78,200		3,324,282

			14,219,730

*Health Care Providers & Services (3.1%)*
AmerisourceBergen Corp.	32,600		1,612,722
Cardinal Health, Inc.	15,900		1,123,176
Coventry Health Care, Inc.*	150,025		8,648,941
McKesson Corp.	28,100		1,675,884
UnitedHealth Group, Inc.	115,500		5,906,670
WellPoint, Inc.*	138,350		11,044,480

			30,011,873

*Health Care Technology (0.4%)*
Eclipsys Corp.*^	187,024		3,703,075

*Pharmaceuticals (4.9%)*
Abbott Laboratories	6,300		337,365
Eli Lilly & Co.	47,900		2,676,652
Johnson & Johnson	38,875		2,395,477
Merck & Co., Inc	74,700		3,720,060
Novartis AG (ADR)	64,015		3,589,321
Pfizer, Inc.	407,640		10,423,355
Sanofi-Aventis (ADR)	70,580		2,842,257
Schering-Plough Corp.	90,200		2,745,688
Teva Pharmaceutical Industries Ltd. (ADR)	195,400		8,060,250
Wyeth	180,800		10,367,072

			47,157,497

Total Health Care			124,232,167

Industrials (7.8%)
*Aerospace & Defense (1.4%)*
Boeing Co.	102,025		9,810,724
General Dynamics Corp.	6,400		500,608
Lockheed Martin Corp.	11,800		1,110,734
Northrop Grumman Corp.	21,700		1,689,779

			13,111,845

*Air Freight & Logistics (0.0%)*
United Parcel Service, Inc., Class B	600		43,800

*Airlines (0.6%)*
JetBlue Airways Corp.*^	489,000		5,745,750

*Commercial Services & Supplies (0.2%)*
Pitney Bowes, Inc.	37,500		1,755,750

*Industrial Conglomerates (3.6%)*
General Electric Co.	820,130		31,394,576
Tyco International Ltd.*	80,500		2,720,095

			34,114,671

*Machinery (0.6%)*
Cummins, Inc.^	22,200		2,246,862
Eaton Corp.	19,250		1,790,250
Ingersoll-Rand Co., Ltd., Class A	20,000		1,096,400
SPX Corp.	14,000		1,229,340

			6,362,852

*Road & Rail (1.4%)*
CSX Corp.	17,800		802,424
Hertz Global Holdings, Inc.*^	463,150		12,305,896

			13,108,320

Total Industrials			74,242,988

Information Technology (18.8%)
*Communications Equipment (4.6%)*
Cisco Systems, Inc.*	174,200		4,851,470
Corning, Inc.*	513,715		13,125,418
Motorola, Inc.	414,850		7,342,845
Nokia Oyj (ADR)^	59,100		1,661,301
QUALCOMM, Inc.	334,550		14,516,125

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
Research In Motion Ltd.*		13,620	$	2,723,864

				44,221,023

*Computers & Peripherals (5.2%)*
Apple, Inc.*		112,990		13,789,300
Dell, Inc.*		185,600		5,298,880
EMC Corp.*		465,595		8,427,270
Hewlett-Packard Co.		355,970		15,883,381
International Business Machines Corp.		48,400		5,094,100
Lexmark International, Inc., Class A*^		22,700		1,119,337

				49,612,268

*Electronic Equipment & Instruments (0.4%)*
Arrow Electronics, Inc.*		15,000		576,450
Avnet, Inc.*		25,500		1,010,820
Ingram Micro, Inc., Class A*		16,000		347,360
Sanmina-SCI Corp.*		46,300		144,919
Solectron Corp.*		154,400		568,192
Tech Data Corp.*^		17,600		676,896

				3,324,637

*Internet Software & Services (2.7%)*
Akamai Technologies, Inc.*		66,410		3,230,182
Google, Inc., Class A*		33,426		17,494,500
Yahoo!, Inc.*		184,530		5,006,299

				25,730,981

*IT Services (0.2%)*
Ceridian Corp.*^		12,900		451,500
Electronic Data Systems Corp.		53,800		1,491,874

				1,943,374

*Semiconductors & Semiconductor Equipment (3.8%)*
Cypress Semiconductor Corp.*^		226,055		5,264,821
Intel Corp.		402,100		9,553,896
ON Semiconductor Corp.*^		326,300		3,497,936
Samsung Electronics Co., Ltd. (GDR)^§		26,118		8,000,210
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		126,831		1,411,629
Texas Instruments, Inc.		221,515		8,335,609

				36,064,101

*Software (1.9%)*
Microsoft Corp.		448,350		13,212,874
Oracle Corp.*		155,300		3,060,963
SAP AG (Sponsored ADR)^		43,840		2,238,909

				18,512,746

Total Information Technology				179,409,130

Materials (3.7%)
*Chemicals (2.0%)*
Air Products & Chemicals, Inc.		100,800		8,101,296
Ashland, Inc.		6,600		422,070
Dow Chemical Co.		46,500		2,056,230
E.I. du Pont de Nemours & Co.		49,500		2,516,580
Lubrizol Corp.		22,800		1,471,740
Syngenta AG (ADR)^		104,635		4,073,440

				18,641,356

*Containers & Packaging (0.4%)*
Bemis Co., Inc.		7,200		238,896
Crown Holdings, Inc.*		39,800		993,806
Owens-Illinois, Inc.*^		54,400		1,904,000
Sonoco Products Co.		25,000		1,070,250

				4,206,952

*Metals & Mining (1.3%)*
Arcelor Mittal, Class A (N.Y. Shares)^		32,000		1,996,800
Freeport-McMoRan Copper & Gold, Inc.		127,163		10,531,640

				12,528,440

Total Materials				35,376,748

Telecommunication Services (5.0%)
*Diversified Telecommunication Services (2.4%)*
AT&T, Inc.		100,800		4,183,200
Chunghwa Telecom Co., Ltd. (ADR)		432,382		8,154,725
Level 3 Communications, Inc.*^		1,151,100		6,733,935
Verizon Communications, Inc.		98,800		4,067,596

				23,139,456

*Wireless Telecommunication Services (2.6%)*
American Tower Corp., Class A*		12,000		504,000
China Mobile Ltd.		614,500		6,597,513
Crown Castle International Corp.*		191,100		6,931,197
NII Holdings, Inc.*		72,815		5,879,083
Sprint Nextel Corp.		129,100		2,673,661
Vodafone Group plc (ADR)^		53,100		1,785,753

				24,371,207

Total Telecommunication Services				47,510,663

Utilities (1.5%)
*Electric Utilities (1.5%)*
American Electric Power Co., Inc.		43,300		1,950,232
Entergy Corp.		106,300		11,411,305
Pinnacle West Capital Corp.^		20,300		808,955

				14,170,492

*Independent Power Producers & Energy Traders (0.0%)*
Constellation Energy Group, Inc.		4,625		403,161

Total Utilities				14,573,653

Total Common Stocks (95.4%)
(Cost $796,519,354)				911,444,368


	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (1.1%)
Rabobank USA Finance Corp. 5.32%, 7/2/07 (p)	$	10,300,000		10,296,955

Short-Term Investments of Cash Collateral for Securities Loaned (8.3%)
Abbey National plc/London
5.43%, 7/2/07		2,410,077		2,410,077
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)		120,904		120,904
Aquinas Funding LLC
5.34%, 8/2/07		728,085		728,085
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		972,786		972,786
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		15,420,278		15,420,278
Barclays plc/London
5.43%, 7/2/07		3,080,489		3,080,489
Bavaria TRR Corp.
5.35%, 7/25/07		3,228,218		3,228,218
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		713,376		713,376
Belmont Funding LLC
5.31%, 7/19/07		2,400,106		2,400,106
Beta Finance, Inc.
5.37%, 1/31/08 (l)		129,705		129,705
5.37%, 3/10/08 (l)		324,216		324,216

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Cantabric Financing LLC
5.34%, 9/25/07	$	2,399,568	$	2,399,568
Cedar Springs Capital Co. LLC
5.33%, 7/19/07		1,919,988		1,919,988
5.32%, 7/23/07		960,439		960,439
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		1,556,458		1,556,458
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		810,655		810,655
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		759,357		759,357
Comerica Bank
5.35%, 3/16/09 (l)		324,228		324,228
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		1,459,167		1,459,167
Series C
5.32%, 7/3/07		1,614,627		1,614,627
Crown Point Capital Co. LLC
5.31%, 7/25/07		1,439,851		1,439,851
DekaBank Deutsche Girozentrale
5.38%, 7/29/08 (l)		843,081		843,081
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		97,279		97,279
5.34%, 10/18/07 (l)		1,945,572		1,945,572
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		324,262		324,262
Fenway Funding LLC
5.35%, 8/9/07		1,439,722		1,439,722
Fifth Third Bancorp
5.32%, 7/29/08 (l)		97,278		97,278
First Tennessee Bank
5.34%, 7/29/08 (l)		2,918,086		2,918,086
General Electric Capital Corp.
5.40%, 3/12/10 (l)		129,705		129,705
Glitnir Banki hf
5.44%, 12/28/07 (l)		1,621,310		1,621,310
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		356,688		356,688
5.50%, 7/29/08 (l)		648,524		648,524
5.41%, 3/27/09 (l)		907,934		907,934
Gotham Funding Corp.
5.37%, 7/3/07		1,457,441		1,457,441
Hartford Life, Inc.
5.45%, 6/27/08 (l)		259,410		259,410
HBOS Treasury Services plc
5.47%, 7/2/07		1,956,111		1,956,111
ING Bank N.V./Amsterdam
5.43%, 7/2/07		3,566,882		3,566,882
K2 (USA) LLC
5.37%, 5/29/09 (l)		1,296,335		1,296,335
5.37%, 6/18/09 (l)		1,620,337		1,620,337
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		1,945,488		1,945,488
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		113,492		113,492
Links Finance LLC
5.37%, 6/25/09 (l)		486,150		486,150
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		810,655		810,655
Monumental Global Funding II
5.36%, 4/25/08 (l)		389,114		389,114
5.43%, 6/28/10 (l)		1,524,031		1,524,031
Morgan Stanley
5.53%, 5/7/09 (l)		1,621,310		1,621,310
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		301,408		301,408
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		972,786		972,786
5.37%, 1/28/08 (l)		972,786		972,786
New York Life Insurance Co.
5.41%, 9/28/07 (l)		1,102,491		1,102,491
Park Granada LLC
5.32%, 7/6/07		963,530		963,530
Pricoa Global Funding I
5.40%, 6/25/10 (l)		972,494		972,494
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07		1,228,338		1,228,338
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09		155,830		155,830
Solitaire Funding LLC
5.34%, 9/26/07 (l)		799,737		799,737
SunTrust Bank/Atlanta
5.33%, 7/30/07 (l)		97,279		97,279
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		324,262		324,262
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		460,287		460,287

Total Short-Term Investments of Cash Collateral for Securities Loaned				79,500,003


Time Deposit (3.2%)
JPMorgan Chase Nassau
4.75%, 7/2/07		30,597,123		30,597,123

Total Short-Term Investments (12.6%)
(Cost/Amortized Cost $120,395,604)				120,394,081

Total Investments (108.0%)
(Cost/Amortized Cost $916,914,958)				1,031,838,449
Other Assets Less Liabilities (-8.0%)				(76,434,352	)

Net Assets (100%)			$	955,404,097

*	Non-income producing.

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

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2007, the market value of these securities amounted to $8,000,210 or 0.84% 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.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	309,559,383
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	233,490,772

As of June 30, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	124,363,686
Aggregate gross unrealized depreciation		(11,289,494	)

Net unrealized appreciation	$	113,074,192

Federal income tax cost of investments	$	918,764,257

At June 30, 2007, the Portfolio had loaned securities with a total value of $78,131,969. This was secured by collateral of $79,500,003 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.1%)
*Hotels, Restaurants & Leisure (2.6%)*
International Game Technology	49,800	$	1,977,060
Marriott International, Inc., Class A	80,000		3,459,200
MGM MIRAGE*	15,500		1,278,440
Starbucks Corp.*^	52,900		1,388,096
Starwood Hotels & Resorts Worldwide, Inc.^	31,000		2,079,170

			10,181,966

*Household Durables (1.2%)*
Harman International Industries, Inc.	18,700		2,184,160
Pulte Homes, Inc.	113,650		2,551,443

			4,735,603

*Internet & Catalog Retail (3.7%)*
Amazon.com, Inc.*	209,615		14,339,762

*Media (1.5%)*
Comcast Corp., Class A*	100,500		2,826,060
Walt Disney Co.	55,400		1,891,356
XM Satellite Radio Holdings, Inc., Class A*	108,500		1,277,045

			5,994,461

*Multiline Retail (2.1%)*
J.C. Penney Co., Inc.	34,900		2,526,062
Kohl’s Corp.*	38,300		2,720,449
Target Corp.	48,100		3,059,160

			8,305,671

*Specialty Retail (0.7%)*
Bed Bath & Beyond, Inc.*	39,700		1,428,803
Lowe’s Cos., Inc.	40,700		1,249,083

			2,677,886

*Textiles, Apparel & Luxury Goods (1.3%)*
Coach, Inc.*	56,800		2,691,752
Polo Ralph Lauren Corp.^	23,600		2,315,396

			5,007,148

Total Consumer Discretionary			51,242,497

Consumer Staples (4.0%)
*Beverages (0.9%)*
PepsiCo, Inc.	51,400		3,333,290

*Food & Staples Retailing (1.4%)*
CVS Caremark Corp.	75,408		2,748,622
Walgreen Co.	67,300		2,930,242

			5,678,864

*Household Products (1.7%)*
Clorox Co.	24,700		1,533,870
Colgate-Palmolive Co.	34,000		2,204,900
Procter & Gamble Co.	48,100		2,943,239

			6,682,009

Total Consumer Staples			15,694,163

Energy (5.5%)
*Energy Equipment & Services (4.7%)*
Schlumberger Ltd.	172,475		14,650,027
Transocean, Inc.*^	20,200		2,140,796
Weatherford International Ltd.*	29,200		1,613,008

			18,403,831

*Oil, Gas & Consumable Fuels (0.8%)*
Canadian Natural Resources Ltd.	25,000		1,658,750
XTO Energy, Inc.	21,200		1,274,120

			2,932,870

Total Energy			21,336,701

Financials (12.0%)
*Capital Markets (4.2%)*
ETrade Financial Corp.	59,000		1,303,310
Franklin Resources, Inc.^	37,600		4,980,872
Goldman Sachs Group, Inc.	16,500		3,576,375
Morgan Stanley	30,300		2,541,564
State Street Corp.	58,400		3,994,560

			16,396,681

*Commercial Banks (2.1%)*
Commerce Bancorp, Inc./New Jersey^	148,175		5,480,993
U.S. Bancorp.	38,600		1,271,870
Zions Bancorp.	19,300		1,484,363

			8,237,226

*Consumer Finance (0.4%)*
SLM Corp.	26,800		1,543,144

*Diversified Financial Services (0.8%)*
Chicago Mercantile Exchange Holdings, Inc., Class A	4,925		2,631,723
Interactive Brokers Group, Inc.*	27,000		732,510

			3,364,233

*Insurance (2.9%)*
American International Group, Inc.	29,600		2,072,888
MetLife, Inc.	28,300		1,824,784
Progressive Corp.	308,000		7,370,440

			11,268,112

*Thrifts & Mortgage Finance (1.6%)*
Countrywide Financial Corp.	174,400		6,339,440

Total Financials			47,148,836

Health Care (15.9%)
*Biotechnology (6.8%)*
Celgene Corp.*^	82,300		4,718,259
Cephalon, Inc.*^	36,800		2,958,352
Genentech, Inc.*	119,520		9,042,883
Genzyme Corp.*	66,500		4,282,600
Gilead Sciences, Inc.*^	142,400		5,520,848

			26,522,942

*Health Care Equipment & Supplies (2.8%)*
Medtronic, Inc.^	73,800		3,827,268
St. Jude Medical, Inc.*	63,100		2,618,019
Stryker Corp.	21,700		1,369,053
Varian Medical Systems, Inc.*	74,700		3,175,497

			10,989,837

*Health Care Providers & Services (2.1%)*
UnitedHealth Group, Inc.	50,800		2,597,912
WellPoint, Inc.*	72,200		5,763,726

			8,361,638

*Health Care Technology (0.5%)*
Cerner Corp.*^	33,600		1,863,792

*Life Sciences Tools & Services (0.3%)*
Thermo Fisher Scientific, Inc.*^	25,100		1,298,172

*Pharmaceuticals (3.4%)*
Abbott Laboratories	78,700		4,214,385
Merck & Co., Inc.	41,400		2,061,720
Novartis AG (ADR)	23,100		1,295,217
Schering-Plough Corp.	129,800		3,951,112
Wyeth	30,100		1,725,934

			13,248,368

Total Health Care			62,284,749

Industrials (9.8%)
*Aerospace & Defense (2.0%)*
Boeing Co.	36,300		3,490,608
General Dynamics Corp.	21,200		1,658,264
United Technologies Corp.	39,600		2,808,828

			7,957,700

*Air Freight & Logistics (2.2%)*
CH Robinson Worldwide, Inc.	74,995		3,938,737

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
Expeditors International of Washington, Inc.		110,900	$	4,580,170

				8,518,907

*Airlines (0.6%)*
Southwest Airlines Co.		149,400		2,227,554

*Commercial Services & Supplies (0.3%)*
Monster Worldwide, Inc.*		29,100		1,196,010

*Construction & Engineering (0.2%)*
Foster Wheeler Ltd.*		6,900		738,231

*Industrial Conglomerates (3.6%)*
General Electric Co.		354,300		13,562,604
McDermott International, Inc.*		8,700		723,144

				14,285,748

*Machinery (0.9%)*
Danaher Corp.		46,100		3,480,550

Total Industrials				38,404,700

Information Technology (34.7%)
*Communications Equipment (5.5%)*
Cisco Systems, Inc.*		166,600		4,639,810
Juniper Networks, Inc.*		155,300		3,908,901
QUALCOMM, Inc.		297,165		12,893,989

				21,442,700

*Computers & Peripherals (5.4%)*
Apple, Inc.*		49,200		6,004,368
Dell, Inc.*		84,450		2,411,048
EMC Corp.*		88,700		1,605,470
Hewlett-Packard Co.		62,800		2,802,136
Network Appliance, Inc.*		236,885		6,917,042
SanDisk Corp.*		28,200		1,380,108

				21,120,172

*Internet Software & Services (8.1%)* eBay, Inc.*		210,900		6,786,762
Google, Inc., Class A*		36,775		19,247,299
VeriSign, Inc.*		97,245		3,085,584
Yahoo!, Inc.*^		100,400		2,723,852

				31,843,497

*IT Services (1.8%)*
Accenture Ltd., Class A		60,700		2,603,423
Automatic Data Processing, Inc.		38,800		1,880,636
Cognizant Technology Solutions Corp., Class A*^		35,000		2,628,150

				7,112,209

*Semiconductors & Semiconductor Equipment (5.9%)*
Analog Devices, Inc.		64,700		2,435,308
Applied Materials, Inc.		98,800		1,963,156
ASML Holding N.V. (N.Y. Shares)*		54,900		1,507,005
Broadcom Corp., Class A*		116,500		3,407,625
Intel Corp.		188,800		4,485,888
Marvell Technology Group Ltd.*		240,300		4,375,863
Texas Instruments, Inc.		53,500		2,013,205
Xilinx, Inc.		103,800		2,778,726

				22,966,776

*Software (8.0%)*
Adobe Systems, Inc.*		97,900		3,930,685
Autodesk, Inc.*		196,470		9,249,808
Electronic Arts, Inc.*		29,000		1,372,280
Microsoft Corp.		282,700		8,331,169
NAVTEQ Corp.*		8,000		338,720
Red Hat, Inc.*		50,200		1,118,456
Salesforce.com, Inc.*^		165,900		7,110,474

				31,451,592

Total Information Technology				135,936,946

Materials (1.9%)
*Chemicals (1.4%)*
Air Products & Chemicals, Inc.		21,500		1,727,955
Monsanto Co.		57,400		3,876,796

				5,604,751

*Metals & Mining (0.5%)*
Allegheny Technologies, Inc.		17,500		1,835,400

Total Materials				7,440,151

Telecommunication Services (2.3%)
*Wireless Telecommunication Services (2.3%)*
American Tower Corp., Class A*		141,700		5,951,400
Crown Castle International Corp.*		42,400		1,537,848
MetroPCS Communications, Inc.*		41,300		1,364,552

Total Telecommunication Services				8,853,800

Total Common Stocks (99.2%)
(Cost $325,482,209)				388,342,543


	Principal Amount
SHORT-TERM INVESTMENTS
Short-Term Investments of Cash Collateral for Securities Loaned (6.9%)
Abbey National plc/London
5.43%, 7/2/07	$	825,787		825,787
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)		41,426		41,426
Aquinas Funding LLC
5.34%, 8/2/07		249,471		249,471
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		333,314		333,314
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		5,283,595		5,283,595
Barclays plc/London
5.43%, 7/2/07		1,055,497		1,055,497
Bavaria TRR Corp.
5.35%, 7/25/07		1,106,114		1,106,114
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		244,431		244,431
Belmont Funding LLC
5.31%, 7/19/07		822,371		822,371
Beta Finance, Inc.
5.37%, 1/31/08 (l)		44,442		44,442
5.37%, 3/10/08 (l)		111,089		111,089
Cantabric Financing LLC
5.34%, 9/25/07		822,186		822,186
Cedar Springs Capital Co. LLC
5.33%, 7/19/07		657,863		657,863
5.32%, 7/23/07		329,084		329,084
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		533,304		533,304
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		277,762		277,762
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		260,186		260,186
Comerica Bank
5.35%, 3/16/09 (l)		111,093		111,093
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		499,968		499,968
Series C
5.32%, 7/3/07		553,235		553,235
Crown Point Capital Co. LLC
5.31%, 7/25/07		493,350		493,350

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
DekaBank Deutsche Girozentrale
5.38%, 7/29/08 (l)	$	288,873	$	288,873
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		33,331		33,331
5.34%, 10/18/07 (l)		666,630		666,630
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		111,105		111,105
Fenway Funding LLC
5.35%, 8/9/07		493,306		493,306
Fifth Third Bancorp
5.32%, 7/29/08 (l)		33,331		33,331
First Tennessee Bank
5.34%, 7/29/08 (l)		999,851		999,851
General Electric Capital Corp.
5.40%, 3/12/10 (l)		44,442		44,442
Glitnir Banki hf
5.44%, 12/28/07 (l)		555,525		555,525
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		122,215		122,215
5.50%, 7/29/08 (l)		222,210		222,210
5.41%, 3/27/09 (l)		311,093		311,093
Gotham Funding Corp.
5.37%, 7/3/07		499,377		499,377
Hartford Life, Inc.
5.45%, 6/27/08 (l)		88,884		88,884
HBOS Treasury Services plc
5.47%, 7/2/07		670,241		670,241
ING Bank N.V./Amsterdam
5.43%, 7/2/07		1,222,155		1,222,155
K2 (USA) LLC
5.37%, 5/29/09 (l)		999,366		999,366
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		666,601		666,601
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		38,887		38,887
Links Finance LLC
5.37%, 6/25/09 (l)		166,574		166,574
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		277,762		277,762
Monumental Global Funding II
5.36%, 4/25/08 (l)		133,326		133,326
5.43%, 6/28/10 (l)		522,193		522,193
Morgan Stanley
5.53%, 5/7/09 (l)		555,525		555,525
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		103,274		103,274
Natexis Banques Populaires N.Y.
5.34%, 8/7/07(l)		333,315		333,315
5.37%, 1/28/08 (l)		333,315		333,315
New York Life Insurance Co.
5.41%, 9/28/07 (l)		377,756		377,756
Park Granada LLC
5.32%, 7/6/07		330,143		330,143
Pricoa Global Funding I
5.40%, 6/25/10 (l)		333,215		333,215
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07		420,877		420,877
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09 (l).		53,394		53,394
Solitaire Funding LLC
5.34%, 9/26/07		274,022		274,022
SunTrust Bank/Atlanta
5.33%, 7/30/07 (l)		33,331		33,331
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		111,105		111,105
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		157,713		157,713

Total Short-Term Investments of Cash Collateral for Securities Loaned				27,239,831

Time Deposit (1.1%)
JPMorgan Chase Nassau
4.76%, 7/2/07		4,182,113		4,182,113

Total Short-Term Investments (8.0%)
(Amortized Cost $31,421,944)				31,421,944

Total Investments (107.2%)
(Cost/Amortized Cost $356,904,153)				419,764,487
Other Assets Less Liabilities (-7.2%)				(28,255,089	)

Net Assets (100%)			$	391,509,398

*	Non-income producing.

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

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR—American Depositary Receipt

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	184,019,707
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	204,567,144

As of June 30, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	66,731,789
Aggregate gross unrealized depreciation		(5,996,221	)

Net unrealized appreciation	$	60,735,568

Federal income tax cost of investments	$	359,028,919

At June 30, 2007, the Portfolio had loaned securities with a total value of $26,973,850. This was secured by collateral of $27,239,831 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $19,650 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2007, the Portfolio incurred approximately $136 as brokerage commissions with Cowen and Co. LLC, and $532 as brokerage commissions with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (8.4%)
*Auto Components (0.7%)*
Autoliv, Inc.	46,400	$	2,638,768
BorgWarner, Inc.	30,800		2,650,032
Johnson Controls, Inc.	32,520		3,764,840
Magna International, Inc., Class A	33,800		3,075,462

			12,129,102

*Automobiles (0.3%)*
Ford Motor Co.	470,800		4,434,936
General Motors Corp.	46,100		1,742,580

			6,177,516

*Hotels, Restaurants & Leisure (1.3%)*
Intercontinental Hotels
Group plc (ADR)^	441,488		10,940,073
McDonald’s Corp.	150,200		7,624,152
Royal Caribbean Cruises Ltd.	120,760		5,190,265

			23,754,490

*Household Durables (0.3%)*
Centex Corp.	29,400		1,178,940
KB Home	31,700		1,248,029
Lennar Corp., Class B	15,000		527,400
Pulte Homes, Inc.	63,000		1,414,350
Toll Brothers, Inc.*^	71,680		1,790,566

			6,159,285

*Media (1.4%)*
CBS Corp., Class B	135,700		4,521,524
Citadel Broadcasting Corp.	9,930		64,048
Comcast Corp., Class A*	18,300		514,596
E.W. Scripps Co., Class A^	27,140		1,240,027
New York Times Co., Class A^	36,430		925,322
Time Warner, Inc.	183,900		3,869,256
Tribune Co.	41,781		1,228,361
Viacom, Inc., Class B*	174,240		7,253,611
Walt Disney Co.	129,590		4,424,203
WPP Group plc	181,760		2,731,968

			26,772,916

*Multiline Retail (2.2%)*
Dollar Tree Stores, Inc.*	32,500		1,415,375
Family Dollar Stores, Inc.	86,200		2,958,384
Macy’s, Inc.	328,150		13,053,807
Target Corp.	352,250		22,403,100

			39,830,666

*Specialty Retail (1.4%)*
Gap, Inc.	184,100		3,516,310
Home Depot, Inc.	30,000		1,180,500
Limited Brands, Inc.	37,400		1,026,630
Lowe’s Cos., Inc.	38,590		1,184,327
Office Depot, Inc.*	443,050		13,424,415
Sherwin-Williams Co.	40,270		2,676,747
Staples, Inc.	102,230		2,425,918

			25,434,847

*Textiles, Apparel & Luxury Goods (0.8%)*
Hanesbrands, Inc.*^	12,393		334,983
Jones Apparel Group, Inc.	62,900		1,776,925
NIKE, Inc., Class B	145,710		8,493,436
VF Corp.	38,700		3,544,146

			14,149,490

Total Consumer Discretionary			154,408,312

Consumer Staples (9.8%)
*Beverages (2.5%)*
Coca-Cola Co.	434,700		22,739,157
Coca-Cola Enterprises, Inc.	146,700		3,520,800
Diageo plc	317,898		6,619,907
Molson Coors Brewing Co., Class B	37,900		3,504,234
Pepsi Bottling Group, Inc.	88,100		2,967,208
PepsiAmericas, Inc.	49,400		1,213,264
PepsiCo, Inc.	78,890		5,116,017

			45,680,587

*Food & Staples Retailing (1.6%)*
CVS Caremark Corp.	651,462		23,745,790
Safeway, Inc.	111,300		3,787,539
Wal-Mart Stores, Inc.	55,000		2,646,050

			30,179,379

*Food Products (1.6%)*
Kellogg Co.	174,580		9,041,498
Kraft Foods, Inc., Class A	221,400		7,804,350
Nestle S.A. (Registered)	14,666		5,595,052
Sara Lee Corp.	181,600		3,159,840
Tyson Foods, Inc., Class A	120,400		2,774,016

			28,374,756

*Household Products (2.5%)*
Procter & Gamble Co.	759,280		46,460,343

*Tobacco (1.6%)*
Altria Group, Inc.	429,760		30,143,366

Total Consumer Staples			180,838,431

Energy (11.7%)
*Energy Equipment & Services (0.5%)*
Noble Corp.	27,180		2,650,594
Schlumberger Ltd.^	71,850		6,102,939

			8,753,533

*Oil, Gas & Consumable Fuels (11.2%)*
Apache Corp.	66,620		5,435,526
BP plc (ADR)	41,900		3,022,666
Chevron Corp.	264,269		22,262,021
ConocoPhillips	303,140		23,796,490
Consol Energy, Inc.	47,000		2,167,170
Devon Energy Corp.^	89,820		7,032,008
EOG Resources, Inc.^	54,040		3,948,162
Exxon Mobil Corp.	584,240		49,006,051
Hess Corp.	515,430		30,389,753
Marathon Oil Corp.	116,400		6,979,344
Occidental Petroleum Corp.	439,682		25,448,794
Royal Dutch Shell plc, Class A (ADR)	79,070		6,420,484
Total S.A. (Sponsored ADR)	234,630		19,000,337
Valero Energy Corp.	21,100		1,558,446

			206,467,252

Total Energy			215,220,785

Financials (26.5%)
*Capital Markets (4.7%)*
Bank of New York Co., Inc.*	133,600		5,536,384
Franklin Resources, Inc.	32,010		4,240,365
Goldman Sachs Group, Inc.	64,420		13,963,035
Lehman Brothers Holdings, Inc.	57,690		4,299,059
Mellon Financial Corp.	122,450		5,387,800
Merrill Lynch & Co., Inc.	73,760		6,164,861
Morgan Stanley	367,000		30,783,960
State Street Corp.	44,340		3,032,856
UBS AG (Registered)	187,400		11,291,559
Waddell & Reed Financial, Inc.	51,400		1,336,914

			86,036,793

*Commercial Banks (3.0%)*
BB&T Corp.	73,100		2,973,708
Comerica, Inc.	57,400		3,413,578
Fifth Third Bancorp	101,500		4,036,655
KeyCorp	100,400		3,446,732
National City Corp.	119,900		3,995,068

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
PNC Financial Services
Group, Inc.	96,240	$	6,888,859
SunTrust Banks, Inc.	169,900		14,567,226
U.S. Bancorp	207,900		6,850,305
Wachovia Corp.	84,700		4,340,875
Wells Fargo & Co.	141,900		4,990,623

			55,503,629

*Consumer Finance (0.4%)*
American Express Co.	103,140		6,310,105

*Diversified Financial Services (8.3%)*
Bank of America Corp.	834,403		40,793,963
Citigroup, Inc.	1,335,540		68,499,847
JPMorgan Chase & Co.	902,650		43,733,392

			153,027,202

*Insurance (7.8%)*
ACE Ltd.	58,400		3,651,168
Aflac, Inc.	83,760		4,305,264
Allstate Corp.	391,530		24,083,010
Ambac Financial Group, Inc.	41,200		3,592,228
American International
Group, Inc.^	613,550		42,966,907
Chubb Corp.	68,120		3,688,017
Cincinnati Financial Corp.	23,000		998,200
Fidelity National Financial, Inc., Class A	127,700		3,026,490
Genworth Financial, Inc., Class A	284,610		9,790,584
Hartford Financial Services
Group, Inc.	118,550		11,678,361
MBIA, Inc.	46,500		2,893,230
MetLife, Inc.	328,090		21,155,243
Old Republic International Corp.	131,400		2,793,564
Prudential Financial, Inc.	6,340		616,438
Torchmark Corp.	48,100		3,222,700
Travelers Cos., Inc.	103,700		5,547,950

			144,009,354

*Thrifts & Mortgage Finance (2.3%)*
Astoria Financial Corp.	57,300		1,434,792
Countrywide Financial Corp.	126,700		4,605,545
Fannie Mae	298,840		19,523,217
Freddie Mac	116,540		7,073,978
MGIC Investment Corp.	48,600		2,763,396
Washington Mutual, Inc.	144,100		6,144,424

			41,545,352

Total Financials			486,432,435

Health Care (8.8%)
*Health Care Equipment & Supplies (0.7%)*
Hospira, Inc.*	348,900		13,621,056

*Health Care Providers & Services (0.9%)*
AmerisourceBergen Corp.	67,000		3,314,490
Cardinal Health, Inc.	24,000		1,695,360
UnitedHealth Group, Inc.	54,450		2,784,573
WellPoint, Inc.*	100,160		7,995,773

			15,790,196

*Pharmaceuticals (7.2%)*
Abbott Laboratories	39,700		2,125,935
Bristol-Myers Squibb Co.	629,550		19,868,598
Eli Lilly & Co.	147,270		8,229,448
GlaxoSmithKline plc	123,280		3,230,639
Johnson & Johnson	283,640		17,477,897
Merck & Co., Inc.	245,690		12,235,362
Novartis AG (ADR)	660,350		37,025,824
Pfizer, Inc.	690,900		17,666,313
Schering-Plough Corp.	89,100		2,712,204
Wyeth	194,130		11,131,414

			131,703,634

Total Health Care			161,114,886

Industrials (10.8%)
*Aerospace & Defense (2.8%)*
General Dynamics Corp.	24,500		1,916,390
Lockheed Martin Corp.	237,770		22,381,290
Northrop Grumman Corp.	231,520		18,028,463
United Technologies Corp.	141,570		10,041,560

			52,367,703

*Building Products (0.5%)*
Masco Corp.^	342,400		9,748,128

*Electrical Equipment (0.3%)*
Cooper Industries Ltd., Class A	16,050		916,294
Rockwell Automation, Inc.	57,900		4,020,576

			4,936,870

*Industrial Conglomerates (4.1%)*
General Electric Co.	1,239,130		47,433,896
Textron, Inc.	231,500		25,490,465
Tyco International Ltd.*	90,400		3,054,616

			75,978,977

*Machinery (1.2%)*
Cummins, Inc.	34,200		3,461,382
Deere & Co.	55,960		6,756,610
Eaton Corp.	61,580		5,726,940
Ingersoll-Rand Co., Ltd., Class A	13,000		712,660
PACCAR, Inc.	46,800		4,073,472
Timken Co.	26,960		973,526

			21,704,590

*Road & Rail (1.6%)*
Burlington Northern
Santa Fe Corp.^	62,500		5,321,250
Norfolk Southern Corp.	447,380		23,518,767

			28,840,017

*Trading Companies & Distributors (0.3%)*
W.W. Grainger, Inc.	56,620		5,268,491

Total Industrials			198,844,776

Information Technology (7.6%)
*Communications Equipment (2.8%)*
Cisco Systems, Inc.*^	1,110,120		30,916,842
Motorola, Inc.	1,000,950		17,716,815
Nokia Oyj (ADR)	69,300		1,948,023

			50,581,680

*Computers & Peripherals (1.9%)*
Dell, Inc.*	51,700		1,476,035
Hewlett-Packard Co.	603,270		26,917,907
International Business
Machines Corp.	37,100		3,904,775
Lexmark International, Inc., Class A*	44,700		2,204,157

			34,502,874

*Electronic Equipment & Instruments (0.4%)*
Avnet, Inc.*	55,600		2,203,984
Celestica, Inc. *	72,965		456,031
Flextronics International Ltd.*	221,200		2,388,960
Sanmina-SCI Corp.*	310,100		970,613
Solectron Corp.*	527,100		1,939,728

			7,959,316

*IT Services (0.4%)*
Accenture Ltd., Class A^	152,520		6,541,583
Electronic Data Systems Corp.	39,000		1,081,470

			7,623,053

*Semiconductors & Semiconductor Equipment (1.4%)*
Intel Corp.	355,020		8,435,275

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
Taiwan Semiconductor
Manufacturing Co., Ltd.
(Sponsored ADR)		192,859	$	2,146,525
Texas Instruments, Inc.		424,700		15,981,461

				26,563,261

*Software (0.7%)*
Microsoft Corp.		86,700		2,555,049
Oracle Corp.*		483,030		9,520,521

				12,075,570

Total Information Technology				139,305,754

Materials (6.0%)
*Chemicals (3.6%)*
Air Products & Chemicals, Inc.		56,050		4,504,739
Dow Chemical Co.		187,720		8,300,978
E.I. du Pont de Nemours & Co.		688,550		35,005,882
PPG Industries, Inc.		113,790		8,660,557
Praxair, Inc.		67,190		4,837,008
Syngenta AG (Registered)		27,890		5,461,554

				66,770,718

*Containers & Packaging (1.2%)*
Bemis Co., Inc.		58,300		1,934,394
Crown Holdings, Inc.*		93,700		2,339,689
Smurfit-Stone Container Corp.*^		81,360		1,082,901
Temple-Inland, Inc.		281,200		17,302,236

				22,659,220

*Metals & Mining (1.2%)*
Arcelor Mittal, Class A (N.Y. Shares)		52,300		3,263,520
Rio Tinto plc (ADR)^		58,300		17,846,796

				21,110,316

*Paper & Forest Products (0.0%)*
Bowater, Inc.^		10,780		268,961

Total Materials				110,809,215

Telecommunication Services (4.7%)
*Diversified Telecommunication Services (3.7%)*
AT&T, Inc.		1,071,750		44,477,625
Embarq Corp.		115,402		7,313,025
TELUS Corp. (Non-Voting)		13,680		805,839
Verizon Communications, Inc.		378,020		15,563,083

				68,159,572

*Wireless Telecommunication Services (1.0%)*
Sprint Nextel Corp.		617,170		12,781,591
Vodafone Group plc		1,877,407		6,326,095

				19,107,686

Total Telecommunication Services				87,267,258

Utilities (3.2%)
*Electric Utilities (1.1%)*
Allegheny Energy, Inc.*		57,400		2,969,876
American Electric Power Co., Inc.		90,700		4,085,128
Edison International		26,500		1,487,180
Entergy Corp.		40,870		4,387,394
FPL Group, Inc.		100,860		5,722,796
PPL Corp.		35,850		1,677,422

				20,329,796

*Multi-Utilities (2.1%)*
Ameren Corp.		64,400		3,156,244
Dominion Resources, Inc.		391,880		33,823,163
Public Service Enterprise Group, Inc.		23,920		2,099,698

				39,079,105

Total Utilities				59,408,901

Total Common Stocks (97.5%) (Cost $1,605,204,016)				1,793,650,753


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Commercial Paper (0.3%)
CRC Funding LLC
5.36%, 7/2/07 (n)(p)	$	5,563,000	$	5,561,343

Short-Term Investments of Cash Collateral for Securities Loaned (2.4%)
Abbey National plc/London
5.43%, 7/2/07		1,329,455		1,329,455
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)		66,693		66,693
Aquinas Funding LLC
5.34%, 8/2/07		401,629		401,629
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		536,611		536,611
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		8,506,183		8,506,183
Barclays plc/London
5.43%, 7/2/07		1,699,269		1,699,269
Bavaria TRR Corp.
5.35%, 7/25/07		1,780,760		1,780,760
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		393,515		393,515
Belmont Funding LLC
5.31%, 7/19/07		1,323,954		1,323,954
Beta Finance, Inc.
5.37%, 1/31/08 (l)		71,548		71,548
5.37%, 3/10/08 (l)		178,845		178,845
Cantabric Financing LLC
5.34%, 9/25/07		1,323,657		1,323,657
Cedar Springs Capital Co. LLC
5.32%, 7/23/07		529,801		529,801
5.33%, 7/19/07		1,059,110		1,059,110
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		858,578		858,578
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		447,176		447,176
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		418,879		418,879
Comerica Bank
5.35%, 3/16/09 (l)		178,852		178,852
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		804,911		804,911
Series C
5.32%, 7/3/07		890,666		890,666
Crown Point Capital Co. LLC
5.31%, 7/25/07		794,255		794,255
DekaBank Deutsche Girozentrale
5.38%, 7/29/08 (l)		465,063		465,063
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		53,661		53,661
5.34%, 10/18/07 (l)		1,073,223		1,073,223
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		178,870		178,870
Fenway Funding LLC
5.35%, 8/9/07		794,184		794,184
Fifth Third Bancorp
5.32%, 7/29/08 (l)		53,661		53,661
First Tennessee Bank
5.34%, 7/29/08 (l)		1,609,684		1,609,684
General Electric Capital Corp.
5.40%, 3/12/10 (l)		71,548		71,548
Glitnir Banki hf
5.44%, 12/28/07 (l)		894,352		894,352
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		196,758		196,758

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
5.41%, 3/27/09 (l)	$	500,837	$	500,837
5.50%, 7/29/08 (l)		357,741		357,741
Gotham Funding Corp.
5.37%, 7/3/07		803,958		803,958
Hartford Life, Inc.
5.45%, 6/27/08 (l)		143,096		143,096
HBOS Treasury Services plc
5.47%, 7/2/07		1,079,036		1,079,036
ING Bank N.V./Amsterdam
5.43%, 7/2/07		1,967,575		1,967,575
K2 (USA) LLC
5.37%, 5/29/09 (l)		715,088		715,088
5.37%, 6/18/09 (l)		893,816		893,816
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		1,073,176		1,073,176
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		62,605		62,605
Links Finance LLC
5.37%, 6/25/09 (l)		268,172		268,172
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		447,176		447,176
Monumental Global Funding II
5.36%, 4/25/08 (l)		214,645		214,645
5.43%, 6/28/10 (l)		840,691		840,691
Morgan Stanley
5.53%, 5/7/09 (l)		894,352		894,352
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		166,264		166,264
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		536,611		536,611
5.37%, 1/28/08 (l)		536,611		536,611
New York Life Insurance Co.
5.41%, 9/28/07 (l)		608,160		608,160
Park Granada LLC
5.32%, 7/6/07		531,505		531,505
Pricoa Global Funding I
5.40%, 6/25/10 (l)		536,450		536,450
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07 (l)		677,580		677,580
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09 (l)		85,960		85,960
Solitaire Funding LLC
5.34%, 9/26/07		441,154		441,154
SunTrust Bank/Atlanta
5.33%, 7/30/07 (l)		53,661		53,661
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		178,870		178,870
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		253,905		253,905

Total Short-Term Investments of Cash Collateral for Securities Loaned				43,854,046

Time Deposit (2.0%)
JPMorgan Chase Nassau
4.76%, 7/2/0		36,087,852		36,087,852

Total Short-Term Investments (4.7%)
(Cost/Amortized Cost 85,504,069)				85,503,241

Total Investments (102.2%)
(Cost/Amortized Cost 1,690,708,085)				1,879,153,994
Other Assets Less Liabilities (-2.2%)				(40,277,022	)

Net Assets (100%)			$	1,838,876,972

*	Non-income producing.

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

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(n)

Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,038,552,049
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	957,444,936

As of June 30, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	203,408,099
Aggregate gross unrealized depreciation		(19,168,172	)

Net unrealized appreciation	$	184,239,927

Federal income tax cost of investments	$	1,694,914,067

At June 30, 2007, the Portfolio had loaned securities with a total value of $43,264,386. This was secured by collateral of $43,854,046 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the six months ended June 30, 2007, the Portfolio incurred approximately $17,721 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.8%)
*Auto Components (0.6%)*
Drew Industries, Inc.*^	74,200	$	2,458,988
Tenneco, Inc.*	56,500		1,979,760

			4,438,748

*Distributors (0.7%)*
LKQ Corp.*^	239,220		5,899,165

*Diversified Consumer Services (1.6%)*
ITT Educational Services, Inc.*	46,800		5,493,384
Strayer Education, Inc.^	46,100		6,071,831
Universal Technical Institute, Inc.*^	61,100		1,551,329

			13,116,544

*Hotels, Restaurants & Leisure (5.6%)*
BJ’s Restaurants, Inc.*^	68,200		1,346,268
Chipotle Mexican Grill, Inc., Class A*^	25,930		2,211,310
Chipotle Mexican Grill, Inc., Class B*	50,700		3,986,541
Gaylord Entertainment Co.*	113,000		6,061,320
Hilton Hotels Corp.	9,000		301,230
International Game Technology	158,300		6,284,510
Marriott International, Inc., Class A	107,300		4,639,652
Orient-Express Hotels Ltd., Class A^	156,700		8,367,780
Panera Bread Co., Class A*^	121,700		5,605,502
Penn National Gaming, Inc.*	74,900		4,500,741
Red Lion Hotels Corp.*	60,100		772,285
Scientific Games Corp., Class A*^	12,200		426,390

			44,503,529

*Household Durables (0.4%)*
D.R. Horton, Inc.	63,300		1,261,569
Garmin Ltd.^	7,500		554,775
Lennar Corp., Class A	32,300		1,180,888
NVR, Inc.*^	310		210,723

			3,207,955

*Leisure Equipment & Products (0.2%)*
MarineMax, Inc.*^	81,800		1,637,636

*Media (0.6%)*
Lions Gate Entertainment Corp.*	131,700		1,452,651
National CineMedia, Inc.*	111,600		3,125,916

			4,578,567

*Specialty Retail (5.8%)*
Advance Auto Parts, Inc.	4,400		178,332
Aeropostale, Inc.*^	164,300		6,848,024
Big 5 Sporting Goods Corp.	62,200		1,586,100
Christopher & Banks Corp.^	84,200		1,444,030
Coldwater Creek, Inc.*^	175,550		4,078,027
Dick’s Sporting Goods, Inc.*^	123,300		7,172,361
GameStop Corp., Class A*	327,760		12,815,416
Guess?, Inc.^	5,500		264,220
Hibbett Sports, Inc.*^	66,500		1,820,770
Men’s Wearhouse, Inc.	7,000		357,490
Office Depot, Inc.*	7,900		239,370
PetSmart, Inc.	173,100		5,617,095
Tractor Supply Co.*^	43,600		2,269,380
Zumiez, Inc.*^	43,800		1,654,764

			46,345,379

*Textiles, Apparel & Luxury Goods (0.3%)*
Under Armour, Inc., Class A*^	50,480		2,304,412
Wolverine World Wide, Inc.	14,180	$	392,928

			2,697,340

Total Consumer Discretionary			126,424,863

Consumer Staples (1.1%)
*Beverages (0.0%)*
Hansen Natural Corp.*^	12,100		520,058

*Food Products (0.2%)*
Hain Celestial Group, Inc.*^	59,500		1,614,830

*Personal Products (0.9%)*
Bare Escentuals, Inc.*^	95,400		3,257,910
Herbalife Ltd.^	95,400		3,782,610

			7,040,520

Total Consumer Staples			9,175,408

Energy (10.6%)
*Energy Equipment & Services (5.2%)*
Cameron International Corp.*	62,200		4,445,434
Complete Production Services, Inc.*	116,800		3,019,280
Diamond Offshore Drilling, Inc.^	44,200		4,488,952
FMC Technologies, Inc.*	24,100		1,909,202
Grant Prideco, Inc.*	178,400		9,603,272
National Oilwell Varco, Inc.*	74,819		7,799,132
Patterson-UTI Energy, Inc.	154,400		4,046,824
Superior Energy Services, Inc.*	150,400		6,003,968

			41,316,064

*Oil, Gas & Consumable Fuels (5.4%)*
Bill Barrett Corp.*^	204,200		7,520,686
Denbury Resources, Inc.*	138,070		5,177,625
Forest Oil Corp.*^	48,200		2,036,932
Helix Energy Solutions Group, Inc.*^	85,800		3,424,278
Mariner Energy, Inc.*	110,700		2,684,475
Newfield Exploration Co.*	79,600		3,625,780
Peabody Energy Corp.	82,200		3,976,836
Penn Virginia Corp.	38,200		1,535,640
Range Resources Corp.	81,100		3,033,951
Southwestern Energy Co.*^	138,640		6,169,480
U.S. BioEnergy Corp.*^	9,900		112,464
Ultra Petroleum Corp.*	66,200		3,656,888

			42,955,035

Total Energy			84,271,099

Financials (8.4%)
*Capital Markets (3.6%)*
Affiliated Managers Group, Inc.*^	33,800		4,352,088
Ares Capital Corp.^	31,610		532,628
ETrade Financial Corp.	19,900		439,591
GFI Group, Inc.*	4,700		340,656
Greenhill & Co., Inc.^	54,300		3,730,953
Kohlberg Capital Corp.^	80,200		1,487,710
Lazard Ltd., Class A^	144,330		6,499,180
Legg Mason, Inc.	56,700		5,578,146
Nuveen Investments, Inc., Class A	400		24,860
optionsXpress Holdings, Inc.^	213,110		5,468,403
SEI Investments Co.	9,800		284,592

			28,738,807

*Commercial Banks (1.3%)*
East West Bancorp, Inc.	60,200		2,340,576
Hancock Holding Co.^	27,600		1,036,380
Signature Bank/New York*^	46,621		1,589,776
UCBH Holdings, Inc.^	89,400		1,633,338
Western Alliance Bancorp*^	62,400		1,862,640
Whitney Holding Corp.	54,358		1,636,176

			10,098,886

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
*Diversified Financial Services (0.9%)*
NASDAQ Stock Market, Inc.*^	139,000	$	4,129,690
NewStar Financial, Inc.*^	120,600		1,716,138
Primus Guaranty Ltd.*^	128,600		1,378,592

			7,224,420

*Insurance (0.6%)*
Ambac Financial Group, Inc.	41,800		3,644,542
National Financial Partners Corp.	26,800		1,241,108

			4,885,650

*Real Estate Investment Trusts (REITs) (0.9%)*
CapitalSource, Inc. (REIT)^	45,874		1,128,042
FelCor Lodging Trust, Inc. (REIT)	93,700		2,439,011
LaSalle Hotel Properties (REIT)^	35,100		1,524,042
RAIT Financial Trust (REIT)	84,200		2,190,884

			7,281,979

*Real Estate Management & Development (0.6%)*
CB Richard Ellis Group, Inc., Class A*	120,225		4,388,212
Jones Lang LaSalle, Inc.	3,900		442,650

			4,830,862

*Thrifts & Mortgage Finance (0.5%)*
BankUnited Financial Corp., Class A^	49,100		985,437
Clayton Holdings, Inc.*^	279,571		3,184,314

			4,169,751

Total Financials			67,230,355

Health Care (14.7%)
*Biotechnology (2.3%)*
Alexion Pharmaceuticals, Inc.*^	64,700		2,915,382
Angiotech Pharmaceuticals, Inc.*^	299,600		2,130,156
Array Biopharma, Inc.*^	67,400		786,558
Celgene Corp.*	91,900		5,268,627
Coley Pharmaceutical Group, Inc.*^	92,800		335,936
Keryx Biopharmaceuticals, Inc.*^	99,300		970,161
MannKind Corp.*^	65,500		807,615
Myriad Genetics, Inc.*^	64,900		2,413,631
Onyx Pharmaceuticals, Inc.*^	1,500		40,350
Panacos Pharmaceuticals, Inc.*^	45,500		146,965
PDL BioPharma, Inc.*^	104,000		2,423,200

			18,238,581

*Health Care Equipment & Supplies (4.0%)*
American Medical Systems Holdings, Inc.*^	137,900		2,487,716
ArthroCare Corp.*^	70,900		3,113,219
C.R. Bard, Inc.	55,840		4,614,059
Cytyc Corp.*	8,200		353,502
DexCom, Inc.*^	150,100		1,229,319
Gen-Probe, Inc.*^	53,685		3,243,648
Hansen Medical, Inc.*^	101,000		1,907,890
Hologic, Inc.*^	76,700		4,242,277
Intuitive Surgical, Inc.*	32		4,441
Kyphon, Inc.*^	104,900		5,050,935
Meridian Bioscience, Inc.^	198,500		4,299,510
ResMed, Inc.*^	2,850		117,591
Stereotaxis, Inc.*^	7,700		100,562
TomoTherapy, Inc.*	51,500		1,128,880
Varian Medical Systems, Inc.*	6,600		280,566

			32,174,115

*Health Care Providers & Services (3.3%)*
Community Health Systems, Inc.*	2,715		109,822
Coventry Health Care, Inc.*	6,500		374,725
Express Scripts, Inc.*	9,000		450,090
HealthExtras, Inc.*^	102,800		3,040,824
Healthways, Inc.*^	35,000		1,657,950
Henry Schein, Inc.*^	140,600		7,512,258
Psychiatric Solutions, Inc.*^	151,926		5,508,837
VCA Antech, Inc.*	146,911		5,537,075
WellCare Health Plans, Inc.*	23,508		2,127,709

			26,319,290

*Health Care Technology (1.3%)*
Allscripts Healthcare Solutions, Inc.*^	137,500		3,503,500
Cerner Corp.*^	3,200		177,504
HLTH Corp.*	8,500		119,085
TriZetto Group, Inc.*^	338,100		6,545,616

			10,345,705

*Life Sciences Tools & Services (2.7%)*
Advanced Magnetics, Inc.*^	46,900		2,727,704
Covance, Inc.*	41,800		2,865,808
ICON plc (ADR)*	103,800		4,540,212
Nektar Therapeutics*^	172,400		1,636,076
Parexel International Corp.*	75,100		3,158,706
Pharmaceutical Product Development, Inc.	11,000		420,970
Varian, Inc.*	40,600		2,226,098
Ventana Medical Systems, Inc.*^	47,300		3,654,871
Waters Corp.*	7,900		468,944

			21,699,389

*Pharmaceuticals (1.1%)*
Adams Respiratory Therapeutics, Inc.*^	75,600		2,977,884
Cadence Pharmaceuticals, Inc.*^	68,900		835,757
Endo Pharmaceuticals Holdings, Inc.*	11,500		393,645
Impax Laboratories, Inc.*	102,300		1,227,600
Jazz Pharmaceuticals, Inc.*^	35,200		562,848
Medicines Co.*	64,300		1,132,966
Penwest Pharmaceuticals Co.*^	105,900		1,320,573

			8,451,273

Total Health Care			117,228,353

Industrials (16.2%)
*Aerospace & Defense (2.2%)*
Argon ST, Inc.*^	81,854		1,899,831
Empresa Brasileira de Aeronautica S.A. (ADR)^	11,542		556,440
Hexcel Corp.*^	193,700		4,081,259
Orbital Sciences Corp.*	107,500		2,258,575
Precision Castparts Corp.	69,500		8,434,520
Rockwell Collins, Inc.	4,223		298,313

			17,528,938

*Air Freight & Logistics (0.8%)*
CH Robinson Worldwide, Inc.	7,900		414,908
Expeditors International of Washington, Inc.	6,600		272,580
UTi Worldwide, Inc.^	201,934		5,409,812

			6,097,300

*Airlines (0.2%)*
Allegiant Travel Co.*^	43,900		1,349,486

*Commercial Services & Supplies (4.6%)*
CoStar Group, Inc.*^	26,300		1,390,744
Herman Miller, Inc.	1,900		60,040
Huron Consulting Group, Inc.*	29,800		2,175,698
Innerworkings, Inc.*^	81,400		1,304,028
Kenexa Corp.*^	85,700		3,231,747
Knoll, Inc.	162,500		3,640,000
LECG Corp.*^	104,500		1,578,995
Mobile Mini, Inc.*^	51,900		1,515,480
Monster Worldwide, Inc.*	108,550		4,461,405
Resources Connection, Inc.*^	194,700		6,460,146
Robert Half International, Inc.	10,400		379,600

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
Stericycle, Inc.*^	241,600	$	10,741,536

			36,939,419

*Construction & Engineering (1.4%)*
Fluor Corp.	74,800		8,330,476
Granite Construction, Inc.	49,660		3,187,179

			11,517,655

*Electrical Equipment (1.2%)*
Ametek, Inc.	124,450		4,938,176
Baldor Electric Co.^	97,600		4,809,728

			9,747,904

*Machinery (4.4%)*
Flowserve Corp.	23,100		1,653,960
Force Protection, Inc.*†(b)	139,300		2,379,188
IDEX Corp.	110,625		4,263,487
Joy Global, Inc.	84,400		4,923,052
Lincoln Electric Holdings, Inc.	65,100		4,833,024
Manitowoc Co., Inc.	101,600		8,166,608
Terex Corp.*	4,200		341,460
Trinity Industries, Inc.^	16,700		727,118
Wabtec Corp.	145,900		5,329,727
Watts Water Technologies, Inc., Class A^	58,800		2,203,236

			34,820,860

*Road & Rail (0.2%)*
JB Hunt Transport Services, Inc.	6,200		181,784
Knight Transportation, Inc.^	94,450		1,830,441

			2,012,225

*Trading Companies & Distributors (1.2%)*
Fastenal Co.^	69,600		2,913,456
Houston Wire & Cable Co.*^	94,100		2,673,381
MSC Industrial Direct Co.	72,500		3,987,500
WESCO International, Inc.*	2,000		120,900

			9,695,237

Total Industrials			129,709,024

Information Technology (25.7%)
*Communications Equipment (3.2%)*
Arris Group, Inc.*	139,630		2,456,092
Ciena Corp.*	109,197		3,945,287
F5 Networks, Inc.*	53,700		4,328,220
Foundry Networks, Inc.*	259,000		4,314,940
Harris Corp.	15,100		823,705
Ixia*	306,700		2,840,042
Juniper Networks, Inc.*	19,300		485,781
NETGEAR, Inc.*^	73,700		2,671,625
OpNext, Inc.*^	81,900		1,084,356
Starent Networks Corp.*	3,400		49,980
ViaSat, Inc.*^	91,900		2,949,990

			25,950,018

*Computers & Peripherals (1.8%)*
Logitech International S.A. (Registered)*^	10,600		279,734
Network Appliance, Inc.*	152,900		4,464,680
QLogic Corp.*	234,600		3,906,090
Super Micro Computer, Inc.*	74,700		747,747
Synaptics, Inc.*^	99,700		3,568,263
Xyratex Ltd.*	76,800		1,707,264

			14,673,778

*Electronic Equipment & Instruments (2.4%)*
Amphenol Corp., Class A	120,420		4,292,973
Flir Systems, Inc.*^	91,100		4,213,375
Mettler-Toledo International, Inc.*	4,800		458,448
National Instruments Corp.	66,250		2,157,763
Tektronix, Inc.	87,400		2,948,876
Spreadtrum Communications, Inc. (ADR)*	10,900		158,377
SunPower Corp., Class A*	1,500		94,575
Trimble Navigation Ltd.*	148,400		4,778,480

			19,102,867

*Internet Software & Services (3.9%)*
Akamai Technologies, Inc.*	63,100		3,069,184
aQuantive, Inc.*	44,150		2,816,770
DealerTrack Holdings, Inc.*	149,500		5,507,580
Entrust, Inc.*^	271,800		1,103,508
Equinix, Inc.*^	47,300		4,326,531
Internap Network Services Corp.*^	189,300		2,729,706
Limelight Networks, Inc.*^	9,600		189,888
Marchex, Inc., Class B^	191,800		3,130,176
Omniture, Inc.*^	105,600		2,420,352
VeriSign, Inc.*	7,300		231,629
VistaPrint Ltd.*^	144,600		5,530,950

			31,056,274

*IT Services (3.4%)*
Alliance Data Systems Corp.*	46,900		3,624,432
BearingPoint, Inc.*^	221,300		1,617,703
Cognizant Technology Solutions Corp., Class A*	56,000		4,205,040
EnerNOC, Inc.*	1,500		57,195
Global Cash Access Holdings, Inc.*	144,600		2,316,492
Global Payments, Inc.	12,900		511,485
Heartland Payment Systems, Inc.^	67,400		1,976,842
Iron Mountain, Inc.*	142,385		3,720,520
RightNow Technologies, Inc.*^	126,500		2,075,865
Sapient Corp.*^	534,500		4,131,685
VeriFone Holdings, Inc.*^	76,000		2,679,000

			26,916,259

*Semiconductors & Semiconductor Equipment (7.1%)*
Atheros Communications, Inc.*^	85,900		2,649,156
FormFactor, Inc.*^	64,500		2,470,350
Hittite Microwave Corp.*^	130,800		5,589,084
Integrated Device Technology, Inc.*	150,200		2,293,554
Intersil Corp., Class A	226,500		7,125,690
Lam Research Corp.*	5,700		292,980
Microchip Technology, Inc.	78,400		2,903,936
Microsemi Corp.*^	181,500		4,346,925
Microtune, Inc.*^	226,100		1,182,503
Netlogic Microsystems, Inc.*^	114,800		3,655,232
NVIDIA Corp.*	155,600		6,427,836
ON Semiconductor Corp.*	390,100		4,181,872
Power Integrations, Inc.*^	172,600		4,522,120
Silicon Laboratories, Inc.*	91,500		3,166,815
Varian Semiconductor Equipment Associates, Inc.*	62,625		2,508,757
Xilinx, Inc.	117,770		3,152,703

			56,469,513

*Software (3.9%)*
Activision, Inc.*	478,953		8,942,053
Commvault Systems, Inc.*^	101,800		1,758,086
FactSet Research Systems, Inc.	5,300		362,255
Micros Systems, Inc.*	38,400		2,088,960
Nuance Communications, Inc.*^	155,800		2,606,534
Parametric Technology Corp.*	183,600		3,967,596
Quest Software, Inc.*	352,100		5,700,499
Red Hat, Inc.*	111,800		2,490,904
Salesforce.com, Inc.*	2,100		90,006
SourceForge, Inc.*^	249,500		1,052,890
THQ, Inc.*	57,100		1,742,692

			30,802,475

Total Information Technology			204,971,184

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
Materials (2.2%)
*Chemicals (0.5%)*
Cabot Corp.		83	$	3,957
FMC Corp.		28,900		2,583,371
Minerals Technologies, Inc.		24,000		1,606,800

				4,194,128

*Construction Materials (0.8%)*
Martin Marietta Materials, Inc.^		37,900		6,140,558

*Metals & Mining (0.9%)*
Allegheny Technologies, Inc.		45,100		4,730,088
RTI International Metals, Inc.*^		31,260		2,356,066

				7,086,154

Total Materials				17,420,840

Telecommunication Services (4.2%)
*Diversified Telecommunication Services (0.6%)*
Time Warner Telecom, Inc., Class A*^		245,024		4,924,982

*Wireless Telecommunication Services (3.6%)*
American Tower Corp., Class A*		209,600		8,803,200
Crown Castle International Corp.*		10,300		373,581
Leap Wireless International, Inc.*		500		42,250
MetroPCS Communications, Inc.*		90,765		2,998,876
NII Holdings, Inc.*		146,400		11,820,336
SBA Communications Corp., Class A*		133,900		4,497,701

				28,535,944

Total Telecommunication Services				33,460,926

Total Common Stocks (98.9%)
(Cost $647,584,752)				789,892,052


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (0.6%)
World Bank
4.90%, 7/2/07 (o)(p)	$	5,220,000		5,218,579

Short-Term Investments of Cash Collateral for Securities Loaned (28.8%)
Abbey National plc/London
5.43%, 7/2/07		6,980,721		6,980,721
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)		350,195		350,195
Aquinas Funding LLC
5.34%, 8/2/07		2,108,878		2,108,878
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		2,817,648		2,817,648
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		44,664,399		44,664,399
Barclays plc/London
5.43%, 7/2/07		8,922,550		8,922,550
Bavaria TRR Corp.
5.35%, 7/25/07		9,350,441		9,350,441
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		2,066,275		2,066,275
Belmont Funding LLC
5.31%, 7/19/07		6,951,841		6,951,841
Beta Finance, Inc.
5.37%, 1/31/08 (l)		375,686		375,686
5.37%, 3/10/08 (l)		939,081		939,081
Cantabric Financing LLC
5.34%, 9/25/07		6,950,281		6,950,281
Cedar Springs Capital Co. LLC
5.33%, 7/19/07		5,561,191		5,561,191
5.32%, 7/23/07		2,781,885		2,781,885
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		4,508,236		4,508,236
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		2,348,040		2,348,040
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		2,199,456		2,199,456
Comerica Bank
5.35%, 3/16/09 (l)		939,117		939,117
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		4,226,437		4,226,437
Series C
5.32%, 7/3/07		4,676,721		4,676,721
Crown Point Capital Co. LLC
5.31%, 7/25/07		4,170,489		4,170,489
DekaBank Deutsche Girozentrale
5.38%, 7/29/08 (l)		2,441,961		2,441,961
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		281,765		281,765
5.34%, 10/18/07 (l)		5,635,295		5,635,295
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		939,216		939,216
Fenway Funding LLC
5.35%, 8/9/07		4,170,115		4,170,115
Fifth Third Bancorp
5.32%, 7/29/08 (l)		281,762		281,762
First Tennessee Bank
5.34%, 7/29/08 (l)		8,452,154		8,452,154
General Electric Capital Corp.
5.40%, 3/12/10 (l)		375,686		375,686
Glitnir Banki hf
5.44%, 12/28/07		4,696,079		4,696,079
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		1,033,137		1,033,137
5.50%, 7/29/08 (l)		1,878,432		1,878,432
5.41%, 3/27/09 (l)		2,629,805		2,629,805
Gotham Funding Corp.
5.37%, 7/3/07		4,221,437		4,221,437
Hartford Life, Inc.
5.45%, 6/27/08 (l)		751,373		751,373
HBOS Treasury Services plc
5.47%, 7/2/07		5,665,819		5,665,819
ING Bank N.V./Amsterdam
5.43%, 7/2/07		10,331,373		10,331,373
K2 (USA) LLC
5.37%, 5/29/09 (l)		3,754,797		3,754,797
5.37%, 6/18/09 (l)		4,693,261		4,693,261
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		5,635,052		5,635,052
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		328,726		328,726
Links Finance LLC
5.37%, 6/25/09 (l)		1,408,119		1,408,119
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		2,348,040		2,348,040
Monumental Global Funding II
5.36%, 4/25/08 (l)		1,127,059		1,127,059
5.43%, 6/28/10 (l)		4,414,314		4,414,314
Morgan Stanley
5.53%, 5/7/09 (l)		4,696,079		4,696,079
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		873,020		873,020
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		469,608		469,608

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
5.34%, 8/7/07 (l)	$	2,348,040	$	2,348,040
5.37%, 1/28/08 (l)		2,817,647		2,817,647
New York Life Insurance Co.
5.41%, 9/28/07 (l)		3,193,334		3,193,334
Park Granada LLC
5.32%, 7/6/07		2,790,837		2,790,837
Pricoa Global Funding I
5.40%, 6/25/10 (l)		2,816,802		2,816,802
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07		3,557,846		3,557,846
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09 (l)		451,357		451,357
Solitaire Funding LLC
5.34%, 9/26/07		2,316,417		2,316,417
Sun Trust Bank/Atlanta
5.33%, 7/30/07 (l)		281,765		281,765
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		939,216		939,216
Washington Mutual Home Equity,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		1,333,209		1,333,209

Total Short-Term Investments of Cash Collateral for Securities Loaned				230,269,522

Time Deposit (0.5%)
JPMorgan Chase Nassau
4.76%, 7/2/07		3,688,023		3,688,023

Total Short-Term Investments (29.9%)
(Cost/Amortized Cost $239,176,834)				239,176,124

Total Investments (128.8%)
(Cost/Amortized Cost $886,761,586)				1,029,068,176
Other Assets Less Liabilities (-28.8%)				(230,380,177	)

Net Assets (100%)			$	798,687,999

*	Non-income producing.

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

†	Securities (totaling $2,379,188 or 0.30% of net assets) valued at fair value.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(o)

Discount Note Security. Effective rate calculated as of June 30, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR—American Depositary Receipt

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	249,540,717
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	306,126,458

As of June 30, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	158,258,063
Aggregate gross unrealized depreciation		(20,301,452	)

Net unrealized appreciation	$	137,956,611

Federal income tax cost of investments	$	891,111,565

At June 30, 2007, the Portfolio had loaned securities with a total value of $226,291,873. This was secured by collateral of $230,269,522 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,692,320 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2007, the Portfolio incurred approximately $420 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.7%)
*Auto Components (0.8%)*
Aftermarket Technology Corp.*	27,128	$	805,159
ArvinMeritor, Inc.^	1,420		31,524
Autoliv, Inc.	16,561		941,824
BorgWarner, Inc.	53,300		4,585,932
Spartan Motors, Inc.^	11,568		196,887
Standard Motor Products, Inc.	1,130		16,984
Strattec Security Corp.*	110		5,170
TRW Automotive Holdings Corp.*	65,144		2,399,254

			8,982,734

*Distributors (0.0%)*
Coast Distribution System, Inc.	5,400		38,610

*Diversified Consumer Services (0.7%)*
Carriage Services, Inc.*^	8,780		72,523
CPI Corp.^	200		13,900
Nobel Learning Communities, Inc.*	170		2,478
Regis Corp.	188,069		7,193,639
Service Corp. International	28,606		365,585
Stewart Enterprises, Inc., Class A^	139,459		1,086,386

			8,734,511

*Hotels, Restaurants & Leisure (1.3%)*
Bob Evans Farms, Inc.	5,013		184,729
Brinker International, Inc.	39,100		1,144,457
Buffalo Wild Wings, Inc.*^	26		1,081
Burger King Holdings, Inc.	8,830		232,582
Canterbury Park Holding Corp.	620		8,041
CBRL Group, Inc.^	34,120		1,449,418
Cheesecake Factory, Inc.*^	289,600		7,100,992
CKE Restaurants, Inc.^	260		5,218
Frisch’s Restaurants, Inc.	4,870		148,730
Gaylord Entertainment Co.*	3,060		164,138
ILX Resorts, Inc.	1,460		14,235
J. Alexander’s Corp.	5,260		76,270
Jack in the Box, Inc.*	4,150		294,401
Marcus Corp.^	10,860		258,034
Mexican Restaurants, Inc.*	300		2,400
Nathan’s Famous, Inc.*	4,000		69,200
O’Charley’s, Inc.^	26,910		542,506
Red Lion Hotels Corp.*^	3,100		39,835
Ruby Tuesday, Inc.^	134,400		3,538,752
Silverleaf Resorts, Inc.*	41,466		246,723
Speedway Motorsports, Inc.	4,940		197,501
Triarc Cos., Inc., Class B	810		12,717
WMS Industries, Inc.*^	2,625		75,758

			15,807,718

*Household Durables (0.9%)*
American Biltrite, Inc.*	1,618		14,190
American Greetings Corp., Class A	180		5,099
Avatar Holdings, Inc.*^	6,298		484,568
Black & Decker Corp.	28,500		2,516,835
Blyth, Inc.	4,360		115,889
Chromcraft Revington, Inc.*	9,240		69,208
Cobra Electronics Corp.	3,904		37,634
CSS Industries, Inc.	2,210		87,538
Ethan Allen Interiors, Inc.^	38,096		1,304,788
Hooker Furniture Corp.^	8,120		182,213
Kimball International, Inc., Class B	17,565		246,086
La-Z-Boy, Inc.^	17,210		197,227
M.D.C. Holdings, Inc.^	39,600		1,915,056
National Presto Industries, Inc.^	6,020		375,287
Newell Rubbermaid, Inc.	80,000		2,354,400
P&F Industries, Inc., Class A*	719		8,103
Skyline Corp.^	3,230		96,932
Stanley Works	3,460		210,022
Syntax-Brillian Corp.*^	54,520		268,238
Universal Electronics, Inc.*^	7,744		281,262
Virco Manufacturing Corp.*	650		4,277

			10,774,852

*Internet & Catalog Retail (0.1%)*
1-800-FLOWERS.COM, Inc., Class A*^	30,600		288,558
Gaiam, Inc., Class A*^	15,800		288,034
PC Mall, Inc.*^	9,458		115,671
Systemax, Inc.^	15,194		316,187

			1,008,450

*Leisure Equipment & Products (0.3%)*
Callaway Golf Co.^	3,520		62,691
GameTech International, Inc.*^	9,075		86,213
Hasbro, Inc.	60,543		1,901,656
JAKKS Pacific, Inc.*^	35,192		990,303
Oakley, Inc.^	690		19,596
RC2 Corp.*^	4,228		169,162

			3,229,621

*Media (3.1%)*
Alloy, Inc.*	6,390		63,900
Cablevision Systems Corp. - New York Group, Class A*	86,300		3,123,197
Cinram International Income Fund	392,800		9,955,973
Entercom Communications Corp., Class A^	175,000		4,355,750
Journal Communications, Inc., Class A^	18,450		240,034
Mediacom Communications Corp., Class A*^	6,850		66,377
R.H. Donnelley Corp.*^	158,080		11,979,302
Regal Entertainment Group, Class A	36,785		806,695
Scholastic Corp.*^	25,420		913,595
Traffix, Inc.	7,740		42,570
Triple Crown Media, Inc.*	3,000		27,960
Virgin Media, Inc.	226,400		5,517,368

			37,092,721

*Multiline Retail (0.9%)*
Big Lots, Inc.*^	138,440		4,072,905
Gottschalks, Inc.*	13,507		160,598
Macy’s, Inc.	176,330		7,014,407

			11,247,910

*Specialty Retail (2.6%)*
Aaron Rents, Inc.	2,950		86,140
Aeropostale, Inc.*	55,040		2,294,067
Asbury Automotive Group, Inc.^	17,000		424,150
Books-A-Million, Inc.^	31,300		530,222
Cabela’s, Inc.*^	47,300		1,046,749
Charlotte Russe Holding, Inc.*	17,900		480,973
Circuit City Stores, Inc.	253,300		3,819,764
Coldwater Creek, Inc.*^	390,300		9,066,669
Factory Card & Party Outlet Corp.*^	3,750		39,788
Finish Line, Inc., Class A^	30,062		273,865
Foot Locker, Inc.	192,200		4,189,960
Franklin Covey Co.*	6,237		48,898
GameStop Corp., Class A*	20,800		813,280
Gap, Inc.	337,100		6,438,610
Gymboree Corp.*	2,290		90,249
Hastings Entertainment, Inc.*	10,124		71,880
Jennifer Convertibles, Inc.*	840		4,158

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
Jo-Ann Stores, Inc.*	980	$	27,861
Mothers Work, Inc.*	2,770		86,618
Pep Boys - Manny, Moe & Jack^	6,250		126,000
Pomeroy IT Solutions, Inc.*	3,570		34,915
Rent-A-Center, Inc.*	4,110		107,805
Rex Stores Corp.*	11,270		223,484
Shoe Carnival, Inc.*^	7,270		199,852
Stage Stores, Inc.	29,950		627,752
Trans World Entertainment Corp.*^	36,048		167,263

			31,320,972

*Textiles, Apparel & Luxury Goods (1.0%)*
Cherokee, Inc.^	1,592		58,172
Culp, Inc.*	3,330		30,003
Deckers Outdoor Corp.*^	13,992		1,411,793
Delta Apparel, Inc.	3,500		63,525
G-lII Apparel Group Ltd.*^	14,700		232,113
Jaclyn, Inc.*	200		2,276
Jones Apparel Group, Inc.	215,810		6,096,632
LaCrosse Footwear, Inc.	102		1,843
Movado Group, Inc.^	22,900		772,646
Perry Ellis International, Inc.*^	5,120		164,710
Phillips-Van Heusen Corp.	21,417		1,297,228
R.G. Barry Corp.*	5,040		59,724
Velcro Industries N.V.	800		14,848
Weyco Group, Inc.^	6,506		175,207
Wolverine World Wide, Inc.	53,680		1,487,473

			11,868,193

Total Consumer Discretionary			140,106,292

Consumer Staples (4.4%)
*Beverages (0.3%)*
Boston Beer Co., Inc., Class A*^	490		19,282
Molson Coors Brewing Co., Class B	36,500		3,374,790

			3,394,072

*Food & Staples Retailing (0.9%)*
Ingles Markets, Inc., Class A	3,800		130,910
Longs Drug Stores Corp.	48,970		2,571,905
Ruddick Corp.^	14,595		439,601
Spartan Stores, Inc.	3,286		108,142
Topps Co., Inc.^	4,247		44,636
Village Super Market, Inc., Class A^	200		9,562
Weis Markets, Inc.^	14,700		595,497
Whole Foods Market, Inc.^	178,100		6,821,230

			10,721,483

*Food Products (3.0%)*
Bunge Ltd.^	104,300		8,813,350
Cal-Maine Foods, Inc.^	2,060		33,743
Corn Products International, Inc.^	92,976		4,225,759
Flowers Foods, Inc.^	26,600		887,376
Griffin Land & Nurseries, Inc.*	1,690		61,009
Hain Celestial Group, Inc.*^	42,944		1,165,500
Imperial Sugar Co.^	15,298		471,026
J & J Snack Foods Corp.^	5,900		222,666
Marine Harvest*	4,704,000		5,121,237
Omega Protein Corp.*^	890		8,241
Pilgrim’s Pride Corp.^	205,520		7,844,698
Seaboard Corp.	680		1,594,600
Smithfield Foods, Inc.*	71,200		2,192,248
Tasty Baking Co.	8,569		89,632
Tyson Foods, Inc., Class A	146,000		3,363,840

			36,094,925

*Household Products (0.0%)*
Energizer Holdings, Inc.*	550		54,780
Oil-Dri Corp. of America	9,625		168,919

			223,699

*Personal Products (0.1%)*
Natural Alternatives International, Inc.*^	2,225		16,042
NBTY, Inc.*	28,128		1,215,130
Schiff Nutrition International, Inc.*	23,130		151,501

			1,382,673

*Tobacco (0.1%)*
Universal Corp.	11,590		706,063

Total Consumer Staples			52,522,915

Energy (5.8%)
*Energy Equipment & Services (2.3%)*
Cameron International Corp.*	66,200		4,731,314
Complete Production Services, Inc.*^	1,280		33,088
Dawson Geophysical Co.*^	2,640		162,254
GulfMark Offshore, Inc.*^	24,174		1,238,192
Lufkin Industries, Inc.^	3,940		254,327
Newpark Resources, Inc.*^	4,390		34,023
SBM Offshore N.V .	29,057		1,112,959
SEACOR Holdings, Inc.*^	18,200		1,699,152
Solar Cayman Ltd.†(b)	141,300		1,801,575
Superior Energy Services, Inc.*	57,488		2,294,921
T-3 Energy Services, Inc.*	1,920		64,224
Tidewater, Inc.^	53,450		3,788,536
Trico Marine Services, Inc.*^	17,359		709,636
Unit Corp.*	52,370		3,294,597
Weatherford International Ltd.*	119,400		6,595,656

			27,814,454

*Oil, Gas & Consumable Fuels (3.5%)*
Adams Resources & Energy, Inc.^	4,560		136,070
Arch Coal, Inc.^	102,000		3,549,600
Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A. (ADR)*§	362,500		2,333,848
Cimarex Energy Co.	28,200		1,111,362
Consol Energy, Inc.	164,200		7,571,262
Holly Corp.	48,900		3,627,891
Mariner Energy, Inc.*^	79,290		1,922,783
Murphy Oil Corp.	146,210		8,690,722
Newfield Exploration Co.*	131,700		5,998,935
Noble Energy, Inc.	68,500		4,273,715
Western Refining, Inc.^	32,300		1,866,940

			41,083,128

Total Energy			68,897,582

Financials (19.0%)
*Capital Markets (2.5%)*
A.G. Edwards, Inc.	4,234		357,985
Affiliated Managers Group, Inc.*^	39,700		5,111,772
American Physicians Service Group, Inc.	3,300		62,370
Cohen & Steers, Inc.^	17,466		758,898
ETrade Financial Corp.	585,800		12,940,322
Federated Investors, Inc., Class B	172,000		6,592,760
Knight Capital Group, Inc., Class A*^	59,016		979,666
MVC Capital, Inc.^	23,420		440,530
Nuveen Investments, Inc., Class A	580		36,047
Raymond James Financial, Inc.	42,760		1,321,284

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
SWS Group, Inc.^	42,765	$	924,579

			29,526,213

*Commercial Banks (3.8%)*
1st Constitution Bancorp*	1,091		18,569
1st Source Corp.^	250		6,230
Alliance Financial Corp./ New York^	420		11,054
Amcore Financial, Inc.^	30,500		884,195
American Community Bancshares, Inc.	5,025		57,285
Ameris Bancorp^	9,096		204,387
Auburn National Bancorp, Inc.	300		7,869
BancFirst Corp.^	10,442		447,126
Banco Latinoamericano de Exportaciones S.A., Class E^	39,800		748,240
Bank of Granite Corp.^	7,326		122,271
Banner Corp.^	12,561		427,828
Bar Harbor Bankshares	427		13,536
BNCCORP, Inc.*	3,609		67,236
BOE Financial Services of Virginia, Inc.	1,200		34,680
Bridge Capital Holdings*^	1,400		33,180
Britton & Koontz Capital Corp.	1,552		27,160
Bryn Mawr Bank Corp.^	7,300		167,754
C&F Financial Corp.	290		11,745
Cadence Financial Corp.^	1,900		37,012
Capital Bank Corp.^	308		5,181
Carolina Bank Holdings, Inc.*	468		6,215
Cascade Financial Corp.	14,026		222,032
CCF Holding Co.	1,292		23,256
Central Virginia Bankshares, Inc.	1,162		25,645
Centrue Financial Corp.	2,130		42,706
Citizens Holding Co.	360		7,862
City Holding Co.^	14,000		536,620
City National Corp./California	13,500		1,027,215
CNB Financial Corp./Pennsylvania^	1,400		19,544
Codorus Valley Bancorp, Inc.	527		9,918
Comm Bancorp, Inc.	300		14,829
Commerce Bancorp, Inc./ New Jersey^	241,900		8,947,881
Community Bank Shares of Indiana, Inc.	880		18,779
Community Capital Corp.	1,329		26,447
Community West Bancshares	11		132
Cowlitz Bancorp*	5,100		82,875
Crescent Banking Co.	140		5,957
ECB Bancorp, Inc.	1,048		30,885
Epic Bancorp	2,000		27,500
Farmers Capital Bank Corp.	341		9,865
Fidelity Southern Corp.	10,655		180,069
Financial Institutions, Inc.	7,124		143,834
First California Financial Group, Inc.*^	455		5,465
First Charter Corp.^	13,624		265,259
First Citizens BancShares, Inc./North Carolina, Class A	8,051		1,565,114
First Financial Bancorp^	36,954		553,940
First Indiana Corp.^	152		3,362
First M&F Corp.	3,200		59,616
First Mariner Bancorp, Inc.*	1,410		18,147
First Merchants Corp.^	22,893		550,119
First United Corp.	4,225		83,866
First West Virginia Bancorp, Inc.	240		4,680
Firstbank Corp./Michigan^	4,600		88,504
FirstMerit Corp.^	64,810		1,356,473
FNB Corp./Virginia^	4,145		148,805
FNB Financial Services Corp.	2,031		28,698
FNB United Corp.	4,820		77,072
Greater Community Bancorp	76		1,197
Greene Bancshares, Inc.^	5,956		186,185
Habersham Bancorp	500		9,800
Hawthorn Bancshares, Inc.	350		11,375
HF Financial Corp.	7,656		134,133
Horizon Bancorp/Indiana	3,300		89,496
Horizon Financial Corp.^	900		19,611
Huntington Bancshares, Inc./Ohio^	186,300		4,236,462
Integra Bank Corp.^	24,296		521,635
Leesport Financial Corp.	1,865		37,151
LSB Bancshares, Inc./ North Carolina^	3,523		48,089
Marshall & Ilsley Corp.	145,700		6,939,691
MidWestOne Financial Group, Inc.	4,700		82,250
National Bankshares, Inc.	1,580		32,279
NBT Bancorp, Inc.^	12,577		283,737
Northrim BanCorp, Inc.	4,748		129,668
Northway Financial, Inc.	300		10,758
Ohio Valley Banc Corp.	291		7,304
PAB Bankshares, Inc.	2,767		52,988
Pacific Premier Bancorp, Inc.*	2,540		27,153
Peoples Bancorp of North Carolina, Inc.	5,531		108,905
Peoples Bancorp, Inc./Ohio^	7,236		195,879
Peoples Financial Corp./MS	5,800		147,900
Pinnacle Bancshares, Inc.	1,800		26,010
Premier Financial Bancorp	1,417		23,012
Princeton National Bancorp, Inc.	300		8,280
QCR Holdings, Inc.	2,540		40,284
Republic First Bancorp, Inc.*	11,163		107,165
Royal Bancshares of Pennsylvania, Inc.^	1,505		29,664
Rurban Financial Corp.	884		11,271
Shore Bancshares, Inc.^	7,037		181,555
Shore Financial Corp	1,782		24,217
Simmons First National Corp., Class A^	15,230		420,196
Southwest Bancorp, Inc./Oklahoma^	19,670		472,867
Sussex Bancorp	400		5,740
SVB Financial Group*^	107,243		5,695,676
Team Financial, Inc.	3,300		51,282
Tompkins Financial Corp.^	240		8,976
UnionBanCal Corp.	18,800		1,122,360
United Bancshares, Inc./Ohio	1,420		21,584
United Security Bancshares, Inc./Alabama^	921		23,320
Unity Bancorp, Inc.	5,027		56,710
Univest Corp. of Pennsylvania^	15,712		353,834
Vineyard National Bancorp^	7,755		178,140
W Holding Co., Inc.^	15,610		41,210
Wainwright Bank & Trust Co.	479		6,241
Webster Financial Corp.	81,200		3,464,804

			45,239,768

*Consumer Finance (0.1%)*
Advance America Cash Advance Centers, Inc.^	1,250		22,175
Advanta Corp., Class A	5,910		167,903
Advanta Corp., Class B^	8,934		278,205
Cash America International, Inc.	100		3,965
Dollar Financial Corp.*^	13,450		383,325
EZCORP, Inc., Class A*^	70,800		937,392

			1,792,965

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
*Diversified Financial Services (1.1%)*
Asta Funding, Inc.^	977	$	37,546
California First National Bancorp	2,716		39,626
CIT Group, Inc.	52,700		2,889,541
Compass Diversified Trust^	14,876		265,239
Financial Federal Corp.^	5,450		162,519
Genesis Lease Ltd. (ADR)	201,200		5,512,880
KKR Financial Holdings LLC^	131,900		3,285,629
MicroFinancial, Inc.	2,700		16,740
PICO Holdings, Inc.*^	16,430		710,762

			12,920,482

*Insurance (7.7%)*
Alleghany Corp.*	7,282		2,960,133
Allied World Assurance Holdings Ltd./Bermuda	28,740		1,472,925
Ambac Financial Group, Inc.	77,800		6,783,382
American Financial Group, Inc./Ohio	109,750		3,747,962
American National Insurance Co.	17,777		2,712,770
American Safety Insurance Holdings Ltd.*^	11,060		263,560
Arch Capital Group Ltd.*	41,800		3,032,172
Arthur J. Gallagher & Co.^	153,545		4,280,835
Aspen Insurance Holdings Ltd.	84,460		2,370,792
Assurant, Inc.	76,190		4,489,115
Endurance Specialty Holdings Ltd.	69,600		2,786,784
Everest Reinsurance Group Ltd.	49,200		5,345,088
FBL Financial Group, Inc., Class A^	12,260		482,063
First American Corp.	39,440		1,952,280
FPIC Insurance Group, Inc.*^	1,150		46,886
Harleysville Group, Inc.	9,662		322,324
HCC Insurance Holdings, Inc.	112,890		3,771,655
Horace Mann Educators Corp.^	19,503		414,244
IPC Holdings Ltd.^	54,233		1,751,184
Kansas City Life Insurance Co.^	4,100		190,732
Max Capital Group Ltd.^	84,132		2,380,936
Meadowbrook Insurance Group, Inc.*^	13,200		144,672
Midland Co.^	11,814		554,549
National Western Life Insurance Co., Class A^	610		154,281
NYMAGIC, Inc.^	7,420		298,284
Odyssey Reinsurance Holdings Corp.^	5,160		221,312
Old Republic International Corp.	206,254		4,384,960
PartnerReinsurance Ltd.^	40,429		3,133,247
Platinum Underwriters Holdings Ltd.	164,326		5,710,328
Presidential Life Corp.^	12,648		248,660
Reinsurance Group of America, Inc.	125,800		7,578,192
RenaissanceReinsurance Holdings Ltd.	46,610		2,889,354
Selective Insurance Group, Inc.^	66,914		1,798,648
Unico American Corp.*	1,020		13,576
United America Indemnity Ltd., Class A*	4,040		100,475
Unum Group	154,700		4,039,217
Wesco Financial Corp.	860		331,100
Willis Group Holdings Ltd.^	175,999		7,754,516
Zenith National Insurance Corp.	28,110		1,323,700

			92,236,893

*Real Estate Investment Trusts (REITs) (1.8%)*
Ashford Hospitality Trust, Inc. (REIT)	89,997		1,058,365
CBL & Associates Properties, Inc. (REIT)	24,990		900,889
Douglas Emmett, Inc. (REIT)	97,258		2,406,163
Extra Space Storage, Inc. (REIT)^	85,997		1,418,950
FelCor Lodging Trust, Inc. (REIT)^	2,000		52,060
Gladstone Commercial Corp. (REIT)^	800		15,680
Hersha Hospitality Trust (REIT)^	40,090		473,864
HRPT Properties Trust (REIT)^	252,554		2,626,562
Investors Real Estate Trust (REIT)^	2,830		29,234
iStar Financial, Inc. (REIT)	7,441		329,859
LTC Properties, Inc. (REIT)^	34,460		783,965
Medical Properties Trust, Inc. (REIT)^	53,143		703,082
Mission West Properties, Inc. (REIT)^	29,490		411,091
Monmouth, Class A (REIT)^	23,000		199,870
National Retail Properties, Inc. (REIT)^	99,800		2,181,628
Omega Healthcare Investors, Inc. (REIT)^	63,530		1,005,680
One Liberty Properties, Inc. (REIT)	18,100		411,956
Presidential Realty Corp., Class B (REIT)	700		4,935
Ramco-Gershenson Properties Trust (REIT)^	21,840		784,711
Republic Property Trust (REIT)^	24,540		300,615
Strategic Hotels & Resorts, Inc. (REIT)^	105,600		2,374,944
Sunstone Hotel Investors, Inc. (REIT)^	78,330		2,223,789
Supertel Hospitality, Inc. (REIT)	13,721		116,217
Urstadt Biddle Properties, Inc. (REIT)^	1,200		21,420
Urstadt Biddle Properties, Inc., Class A (REIT)^	10,350		176,053
Winthrop Realty Trust (REIT)^	55,370		382,607

			21,394,189

*Real Estate Management & Development (0.0%)*
Reis, Inc.*^	4,460		40,497
Stratus Properties, Inc.*^	280		9,660
United Capital Corp.*	1,320		37,950
Wilshire Enterprises, Inc.*	510		2,779

			90,886

*Thrifts & Mortgage Finance (2.0%)*
1st Independence Financial Group, Inc.	1,500		25,050
Berkshire Hills Bancorp, Inc.^	2,706		85,266
Beverly Hills Bancorp, Inc.	32,163		251,515
Camco Financial Corp.	64		797
Carver Bancorp, Inc.	2,650		42,400
Central Bancorp, Inc./Massachusetts	1,100		27,555
CFS Bancorp, Inc.^	6,620		96,122
Community Financial Corp./Virginia	6,200		70,866
Cooperative Bankshares, Inc.	300		4,950
Elmira Savings Bank FSB^	23		538
Farmer Mac, Class C^	19,040		651,549
First Bancorp of Indiana, Inc.	1,600		24,624
First Bancshares, Inc./Missouri	200		3,302

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
First BancTrust Corp.	2,600	$	30,420
First Capital, Inc.	280		5,040
First Defiance Financial Corp.	6,485		193,383
First Federal Bancshares of Arkansas, Inc.	4,009		94,893
First Federal Bankshares, Inc.	4,200		81,648
First Financial Holdings, Inc.^	17,240		563,920
First Financial Service Corp.	300		8,532
First Franklin Corp.	1,700		24,225
First PacTrust Bancorp, Inc.	380		9,492
First Place Financial Corp./Ohio^	21,223		448,230
Franklin Bank Corp./Texas*^	33,739		502,711
Great Pee Dee Bancorp, Inc.	500		7,550
Guaranty Federal Bancshares, Inc.	1,599		48,130
Hingham Institution for Savings	600		18,900
HMN Financial, Inc.	2,977		104,642
Home Federal Bancorp/Indiana	2,100		60,123
HopFed Bancorp, Inc.	140		2,253
Hudson City Bancorp, Inc.	294,000		3,592,680
ITLA Capital Corp.^	7,400		385,688
Jefferson Bancshares, Inc./Tennessee	700		8,267
KNBT Bancorp, Inc.^	14,543		213,782
Lincoln Bancorp/Indiana	658		12,331
LSB Financial Corp.	263		6,575
MASSBANK Corp.^	100		3,340
MFB Corp.	100		3,390
MutualFirst Financial, Inc.	7,800		143,364
New Hampshire Thrift Bancshares, Inc.	1,540		22,484
New York Community Bancorp, Inc.^	352,642		6,001,967
North Central Bancshares, Inc.	290		11,557
Northeast Bancorp	600		10,782
Park Bancorp, Inc.	1,300		39,325
Parkvale Financial Corp.	3,452		102,559
People’s United Financial, Inc.	427,445		7,578,600
Peoples Bancorp/Indiana^	600		11,046
Peoples Community Bancorp, Inc.	2		33
Provident Financial Holdings, Inc.	12,160		304,000
Radian Group, Inc.^	8,156		440,424
Riverview Bancorp, Inc.	845		11,593
South Street Financial Corp.†	600		12
Southern Missouri Bancorp, Inc.	70		1,047
Teche Holding Co.	200		8,950
TF Financial Corp.^	520		15,631
Timberland Bancorp, Inc./Washington^	3,962		62,203
United Community Financial Corp./Ohio^	47,300		472,054
United Western Bancorp, Inc.	7,050		178,012
Washington Savings Bank FSB/Maryland	2,520		20,790
Wayne Savings Bancshares, Inc.	1,160		16,124
Willow Financial Bancorp, Inc.^	5,254		68,302
WSFS Financial Corp.^	8,330		545,032

			23,780,570

Total Financials			226,981,966

Health Care (8.0%)
*Biotechnology (0.5%)*
Theravance, Inc.*^	198,800		6,361,600

*Health Care Equipment & Supplies (3.0%)*
Align Technology, Inc.*^	3,100		74,896
Allied Healthcare Products, Inc.*	4,200		27,468
Analogic Corp.^	9,399		690,920
Angeion Corp.*	4,330		35,073
Atrion Corp.^	440		43,120
Beckman Coulter, Inc.	63,900		4,133,052
Cooper Cos., Inc.	101,700		5,422,644
Datascope Corp.^	16,713		639,774
Edwards Lifesciences Corp.*^	164,000		8,091,760
Hillenbrand Industries, Inc.^	122,420		7,957,300
Hospira, Inc.*	183,390		7,159,545
Immucor, Inc.*	17,670		494,230
Integra LifeSciences Holdings Corp.*^	490		24,216
National Dentex Corp.*	5,040		94,601
Orthofix International N.V.*^	14,971		673,246
Span-America Medical Systems, Inc.	2,700		68,472
Theragenics Corp.*	21,812		90,956
Zoll Medical Corp.*	7,341		163,778

			35,885,051

*Health Care Providers & Services (0.8%)*
Almost Family, Inc.*^	3,040		58,520
Amedisys, Inc.*^	26,384		958,531
American Shared Hospital Services	4,050		23,692
Gentiva Health Services, Inc.*^	22,650		454,359
Hanger Orthopedic Group, Inc.*	16,930		182,844
HealthSouth Corp.*^	234,640		4,249,330
Integramed America, Inc.*^	6,068		67,962
Kindred Healthcare, Inc.*	43,000		1,320,960
Manor Care, Inc.	817		53,342
MedCath Corp.*^	14,100		448,380
National Healthcare Corp.^	1,602		82,663
RehabCare Group, Inc.*^	24,440		348,026
Res-Care, Inc.*^	31,500		665,910
SRI/Surgical Express, Inc.*	1,080		5,616

			8,920,135

*Health Care Technology (0.4%)*
HLTH Corp.*^	5,320		74,533
IMS Health, Inc.	158,700		5,099,031

			5,173,564

*Life Sciences Tools & Services (1.3%)*
Albany Molecular Research, Inc.*	9,100		135,135
Bio-Rad Laboratories, Inc., Class A*	1,100		83,127
Bruker BioSciences Corp.*	8,740		78,747
Harvard Bioscience, Inc.*	520		2,730
Life Sciences Research, Inc.*	350		5,443
Medtox Scientific, Inc.*	8,519		249,607
New Brunswick Scientific Co., Inc.*	200		1,596
Parexel International Corp.*	12,206		513,384
PerkinElmer, Inc.	15,640		407,578
Thermo Fisher Scientific, Inc.*	176,000		9,102,720
Varian, Inc.*^	92,960		5,096,997

			15,677,064

*Pharmaceuticals (2.0%)*
Barr Pharmaceuticals, Inc.*	157,800		7,926,294
Endo Pharmaceuticals Holdings, Inc.*	193,700		6,630,351
Impax Laboratories, Inc.*^	442,600		5,311,200
King Pharmaceuticals, Inc.*	102,610		2,099,400
Perrigo Co.^	57,572		1,127,260
Sciele Pharma, Inc.*^	1,510		35,576

			23,130,081

Total Health Care			95,147,495

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
Industrials (18.5%)
*Aerospace & Defense (2.7%)*
Alliant Techsystems, Inc.*^	124,400	$	12,334,260
Ducommun, Inc.*	2,600		66,898
EDO Corp.^	14,280		469,384
Esterline Technologies Corp.*^	20		966
Goodrich Corp.	198,300		11,810,748
Herley Industries, Inc.*	2,710		44,363
Hexcel Corp.*^	203,800		4,294,066
Orbital Sciences Corp.*^	3,930		82,569
Precision Castparts Corp.	1		73
Sypris Solutions, Inc.	5,234		41,977
Teledyne Technologies, Inc.*	42,200		1,939,090
Triumph Group, Inc.^	20,990		1,374,215

			32,458,609

*Air Freight & Logistics (0.1%)*
Hub Group, Inc., Class A*^	42,110		1,480,588
Park-Ohio Holdings Corp.*^	240		6,552

			1,487,140

*Airlines (0.6%)*
Northwest Airlines Corp.*^	102,200		2,268,840
Pinnacle Airlines Corp.*^	3,973		74,494
Republic Airways Holdings, Inc.*	39,583		805,514
SkyWest, Inc.	1,650		39,319
UAL Corp.*^	97,100		3,941,289

			7,129,456

*Building Products (0.6%)*
American Standard Cos., Inc.	92,300		5,443,854
Ameron International Corp.^	13,800		1,244,622
Patrick Industries, Inc.*	3		47

			6,688,523

*Commercial Services & Supplies (2.2%)*
A.T. Cross Co., Class A*	4,950		57,915
Angelica Corp.	340		7,167
Avalon Holdings Corp., Class A*	660		6,534
Bowne & Co., Inc.^	42,300		825,273
CBIZ, Inc.*^	430		3,161
CDI Corp.^	17,020		548,044
Champion Industries, Inc.	4,140		29,808
Comfort Systems USA, Inc.^	39,270		556,849
Compx International, Inc.^	100		1,850
Consolidated Graphics, Inc.*	12,350		855,608
Copart, Inc.*	141,700		4,334,603
Corrections Corp. of America*	10,590		668,335
Dun & Bradstreet Corp.	18,300		1,884,534
Ecology And Environment, Inc.	5,170		66,434
Exponent, Inc.*^	20,890		467,309
GP Strategies Corp.*^	8,950		97,376
Heidrick & Struggles International, Inc.*^	4,610		236,216
IKON Office Solutions, Inc.	1,500		23,415
Interface, Inc., Class A^	55,270		1,042,392
Kelly Services, Inc., Class A	26,165		718,491
Layne Christensen Co.*^	9		369
Nashua Corp.*	6,700		72,293
National Technical Systems, Inc.*	190		1,283
North American Galvanizing & Coating, Inc.*^	8,916		76,499
R.R. Donnelley & Sons Co.	113,900		4,955,789
RCM Technologies, Inc.*	3,142		24,476
Spherion Corp.*	8,360		78,500
Steelcase, Inc., Class A	89,410		1,654,085
TeleTech Holdings, Inc.*^	12,091		392,716
United Stationers, Inc.*	77,000		5,131,280
Viad Corp.^	24,110		1,016,719
Waste Industries USA, Inc.	13,150		448,941
Westaff, Inc.*^	6,210		26,951

			26,311,215

*Construction & Engineering (1.5%)*
Granite Construction, Inc.	74,300		4,768,574
Michael Baker Corp.*^	10,100		375,215
Perini Corp.*	22,685		1,395,808
Shaw Group, Inc.*^	86,700		4,013,343
URS Corp.*	154,600		7,505,830

			18,058,770

*Electrical Equipment (0.7%)*
Acuity Brands, Inc.	930		56,060
AZZ, Inc.*^	200		6,730
Chase Corp.^	2,200		36,960
Espey Manufacturing & Electronics Corp.	320		7,709
General Cable Corp.*	14,490		1,097,617
Genlyte Group, Inc.*	2,559		200,984
II-VI, Inc.*^	370		10,053
Powell Industries, Inc.*^	570		18,103
Preformed Line Products Co.^	3,700		177,637
Regal-Beloit Corp.^	55,900		2,601,586
SL Industries, Inc.*	7,300		127,604
Superior Essex, Inc.*^	2,300		85,905
Universal Security Instruments, Inc.*	753		23,622
Woodward Governor Co.^	69,012		3,703,874

			8,154,444

*Industrial Conglomerates (2.0%)*
Carlisle Cos., Inc.	105,700		4,916,107
McDermott International, Inc.*	95,850		7,967,052
Sequa Corp., Class A*^	8,640		967,680
Standex International Corp.^	25,200		716,688
Teleflex, Inc.	81,174		6,638,410
Tredegar Corp.^	350		7,455
Walter Industries, Inc.^	89,400		2,589,024

			23,802,416

*Machinery (6.5%)*
AGCO Corp.*	202,800		8,803,548
Astec Industries, Inc.*^	400		16,888
Baldwin Technology Co., Class A*^	6,280		37,868
Barnes Group, Inc.^	44,740		1,417,363
CIRCOR International, Inc.^	970		39,217
Dover Corp.	123,895		6,337,229
Eastern Co.^	6,187		179,794
EnPro Industries, Inc.*^	20,600		881,474
Hardinge, Inc.^	5,045		171,681
Harsco Corp.	78,900		4,102,800
Hurco Cos., Inc.*^	100		4,998
Joy Global, Inc.	155,600		9,076,148
K-Tron International, Inc.*	1,400		141,918
Kadant, Inc.*^	1,510		47,112
Kennametal, Inc.	106,674		8,750,468
L.S. Starrett Co., Class A	920		16,854
Lydall, Inc.*	17,890		261,373
Manitowoc Co., Inc.	5,702		458,327
Mfri, Inc.*^	880		24,631
Mueller Water Products, Inc., Class B	33,322		499,830
NACCO Industries, Inc., Class A	6,920		1,075,991
Pentair, Inc.	261,300		10,078,341
Robbins & Myers, Inc.^	21,860		1,161,422
SPX Corp.	168,040		14,755,593
Tennant Co.^	1,000		36,500
Toro Co.^	103,600		6,101,004
Trinity Industries, Inc.^	58,640		2,553,186
Twin Disc, Inc.^	6,780		487,550

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
Watts Water Technologies, Inc., Class A^	300	$	11,241

			77,530,349

*Marine (0.4%)*
American Commercial Lines, Inc.*^	182,900		4,764,545
B&H Ocean Carriers Ltd.*	1,100		19,580
International Shipholding Corp.*	4,350		87,609

			4,871,734

*Road & Rail (0.5%)*
Avis Budget Group, Inc.*	155,900		4,432,237
Ryder System, Inc.	28,500		1,533,300
Saia, Inc.*	2,822		76,928
Werner Enterprises, Inc.^	29,268		589,750

			6,632,215

*Trading Companies & Distributors (0.7%)*
Applied Industrial Technologies, Inc.^	82,245		2,426,228
Industrial Distribution Group, Inc.*^	11,700		132,093
Kaman Corp.^	2,859		89,172
Rush Enterprises, Inc., Class A*^	19,298		419,153
Rush Enterprises, Inc., Class B*	7,900		165,426
UAP Holding Corp.^	165,400		4,985,156
Willis Lease Finance Corp.*	9,270		107,717

			8,324,945

Total Industrials			221,449,816

Information Technology (17.3%)
*Communications Equipment (1.5%)*
ADC Telecommunications, Inc.*	402,000		7,368,660
Black Box Corp.^	1,871		77,422
Channell Commercial Corp.*	300		1,311
CommScope, Inc.*	2,800		163,380
Communications Systems, Inc.^	13,200		146,652
Comverse Technology, Inc.*	225,977		4,711,620
Digi International, Inc.*^	13,659		201,334
EMS Technologies, Inc.*^	15,750		347,445
Globecomm Systems, Inc.*^	1,560		22,807
JDS Uniphase Corp.*^	318,400		4,276,112
Loral Space & Communications, Inc.*^	4,404		217,029
Oplink Communications, Inc.*^	30,230		453,450
PC-Tel, Inc.*^	18,300		160,125
Symmetricom, Inc.*^	8,270		69,468
Tollgrade Communications, Inc.*	15,100		159,305

			18,376,120

*Computers & Peripherals (2.2%)*
Astro-Med, Inc.	2,650		26,315
Diebold, Inc.	204,377		10,668,479
Imation Corp.	11,250		414,675
Komag, Inc.*^	2,300		73,347
NCR Corp.*	52,800		2,774,112
Printronix, Inc.	400		5,200
QLogic Corp.*	227,700		3,791,205
Sun Microsystems, Inc.*	1,583,000		8,326,580

			26,079,913

*Electronic Equipment & Instruments (3.8%)*
Agilysis, Inc.^	960		21,600
Arrow Electronics, Inc.*	303,191		11,651,630
Avnet, Inc.*	113,190		4,486,852
AVX Corp.^	69,000		1,155,060
Bonso Electronic International, Inc.	4,222		14,946
Coherent, Inc.*^	1,486		45,338
CTS Corp.^	45,000		569,700
FARO Technologies, Inc.*	9,485		302,192
Flextronics International Ltd.*	463,900		5,010,120
Gerber Scientific, Inc.*^	200		2,324
Insight Enterprises, Inc.*	21,494		485,120
Mesa Laboratories, Inc.^	600		13,800
NU Horizons Electronics Corp.*^	268		3,567
O.I. Corp.	4,500		61,650
Spectrum Control, Inc.*^	17,470		294,894
Technitrol, Inc.	7,240		207,571
Tektronix, Inc.	272,068		9,179,574
TESSCO Technologies, Inc.*	6,225		120,889
Vicon Industries, Inc.*	4,060		41,493
Vishay Intertechnology, Inc.*	717,350		11,348,477
Zones, Inc.*^	15,000		135,000
Zygo Corp.*^	11,342		162,077

			45,313,874

*Internet Software & Services (0.2%)*
Omniture, Inc.*^	2,566		58,813
SAVVIS, Inc.*^	32,715		1,619,720
United Online, Inc.	44,811		738,933

			2,417,466

*IT Services (1.7%)*
BearingPoint, Inc.*^	503,700		3,682,047
CACI International, Inc., Class A*^	140,500		6,863,425
Cass Information Systems, Inc.^	1,237		44,854
CheckFree Corp.*^	94,000		3,778,800
Ciber, Inc.*	25,140		205,645
Computer Task Group, Inc.*^	10,991		49,130
CSP, Inc.*^	30		268
Edgewater Technology, Inc.*^	8,800		69,344
MPS Group, Inc.*	186,680		2,495,912
Perot Systems Corp., Class A*^	87,734		1,494,987
TechTeam Global, Inc.*	9,194		109,960
Unisys Corp.*	113,800		1,040,132

			19,834,504

*Semiconductors & Semiconductor Equipment (6.8%)*
AMIS Holdings, Inc.*^	5,640		70,613
Analog Devices, Inc.	256,500		9,654,660
ASML Holding N.V. (N.Y. Shares)*^	191,700		5,262,165
Aviza Technology, Inc.*	4,210		24,713
Axcelis Technologies, Inc.*	11,186		72,597
Cirrus Logic, Inc.*^	61,313		508,898
Exar Corp.*	38,079		510,259
Fairchild Semiconductor International, Inc.*	270,300		5,222,196
FEI Co.*^	28,200		915,372
International Rectifier Corp.*	157,085		5,852,987
InTEST Corp.*	1,230		5,695
KLA-Tencor Corp.	106,400		5,846,680
LSI Corp.*	692,600		5,201,426
Maxim Integrated Products, Inc.	216,700		7,239,947
Micron Technology, Inc.*	460,000		5,763,800
MKS Instruments, Inc.*	50,100		1,387,770
Novellus Systems, Inc.*^	11,747		333,262
ON Semiconductor Corp.*	7,653		82,040
Pericom Semiconductor Corp.*	27,166		303,173
Rudolph Technologies, Inc.*^	34,150		567,231
Semitool, Inc.*^	13,752		132,157
SRS Labs, Inc.*^	100		975
Standard Microsystems Corp.*^	21,971		754,484
Teradyne, Inc.*	449,800		7,907,484
TriQuint Semiconductor, Inc.*	1,768		8,946
Varian Semiconductor Equipment Associates, Inc.*^	288,171		11,544,130
Verigy Ltd.*	217,415		6,220,243

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
White Electronic Designs Corp.*	2,249	$	13,044

			81,406,947

*Software (1.1%)*
American Software, Inc., Class A	9,630		99,189
BMC Software, Inc.*	147,640		4,473,492
Captaris, Inc.*^	7,050		36,096
ePlus, Inc.*^	7,775		75,651
JDA Software Group, Inc.*	8,890		174,511
Lawson Software, Inc.*^	16,300		161,207
McAfee, Inc.*	94,500		3,326,400
Mentor Graphics Corp.*^	350		4,609
Netmanage, Inc.*	1,158		5,327
NetScout Systems, Inc.*	670		5,809
SPSS, Inc.*^	15,647		690,659
SumTotal Systems, Inc.*^	25,000		196,250
Sybase, Inc.*	106,525		2,544,882
Synopsys, Inc.*	12,343		326,225
Taleo Corp., Class A*^	10,210		230,031
THQ, Inc.*	6,282		191,727

			12,542,065

Total Information Technology			205,970,889

Materials (6.8%)
*Chemicals (5.1%)*
Arch Chemicals, Inc.^	23,735		834,048
Celanese Corp., Class A	193,870		7,518,279
CF Industries Holdings, Inc.	82,999		4,970,810
Chemtura Corp.	449,900		4,998,389
Cytec Industries, Inc.	231,430		14,758,291
FMC Corp.	108,800		9,725,632
Innospec, Inc.^	17,621		1,043,339
International Flavors & Fragrances, Inc.	142,900		7,450,806
Landec Corp.*^	2,410		32,294
LSB Industries, Inc.*^	14,590		311,934
Material Sciences Corp.*	18,600		219,294
Nalco Holding Co.	1,330		36,508
OM Group, Inc.*	21,090		1,116,083
Penford Corp.^	5,414		147,748
Rockwood Holdings, Inc.*	49,361		1,804,145
Schulman (A.), Inc.^	41,676		1,013,977
Scotts Miracle-Gro Co., Class A^	9,379		402,734
Sensient Technologies Corp.^	57,220		1,452,816
Stepan Co.^	8,579		259,772
Terra Industries, Inc.*^	74,880		1,903,450
Valhi, Inc.	450		7,335

			60,007,684

*Construction Materials (0.0%)*
United States Lime & Minerals, Inc.*	150		5,517

*Containers & Packaging (0.8%)*
AEP Industries, Inc.*^	7,075		318,446
Bemis Co., Inc.	3,110		103,190
Chesapeake Corp.	22,985		288,921
Owens-Illinois, Inc.*	171,710		6,009,850
Packaging Corp. of America	56,808		1,437,811
Rock-Tenn Co., Class A	50,900		1,614,548

			9,772,766

*Metals & Mining (0.9%)*
Carpenter Technology Corp.	10,800		1,407,348
Chaparral Steel Co.	14,321		1,029,250
Cleveland-Cliffs, Inc.^	46,140		3,583,694
Commercial Metals Co.	41,502		1,401,522
Friedman Industries, Inc.	4,340		41,881
Metal Management, Inc.	13,000		572,910
Northwest Pipe Co.*^	7,380		262,506
Reliance Steel & Aluminum Co.^	10,500		590,730
Rock of Ages Corp.*	1,020		5,100
Schnitzer Steel Industries, Inc.^	15,756		755,343
Steel Dynamics, Inc.	21,470		899,808
Synalloy Corp.^	2,124		74,128

			10,624,220

*Paper & Forest Products (0.0%)*
Schweitzer-Mauduit International, Inc.^	10,420		323,020
Wausau Paper Corp.	600		8,040

			331,060

Total Materials			80,741,247

Telecommunication Services (1.2%)
*Diversified Telecommunication Services (1.0%)*
Atlantic Tele-Network, Inc.	4,250		121,720
CenturyTel, Inc.	94,280		4,624,434
D&E Communications, Inc.^	16,780		307,745
Embarq Corp.	76,700		4,860,479
Gilat Satellite Networks Ltd.*	40,330		388,378
Golden Telecom, Inc.^	23,581		1,297,191
HickoryTech Corp.^	1,046		9,518
Hungarian Telephone & Cable*^	280		5,603
Premiere Global Services, Inc.*^	14,840		193,217

			11,808,285

*Wireless Telecommunication Services (0.2%)*
NII Holdings, Inc.*	3,335		269,268
Rural Cellular Corp., Class A*	16,300		714,103
USA Mobility, Inc.*^	40,293		1,078,241

			2,061,612

Total Telecommunication Services			13,869,897

Utilities (5.4%)
*Electric Utilities (2.4%)*
Allete, Inc.^	4,580		215,489
Central Vermont Public Service Corp.^	830		31,274
Cleco Corp.^	35,350		866,075
El Paso Electric Co.*	1,360		33,402
Empire District Electric Co.^	2,910		65,097
Maine & Maritimes Corp.*	650		17,452
Northeast Utilities	314,005		8,905,182
Pepco Holdings, Inc.^	181,100		5,107,020
Portland General Electric Co.	38,127		1,046,205
PPL Corp.	164,500		7,696,955
Unisource Energy Corp.	50,150		1,649,433
Unitil Corp.	100		2,720
Westar Energy, Inc.	114,300		2,775,204

			28,411,508

*Gas Utilities (1.4%)*
AGL Resources, Inc.	31,000		1,254,880
Chesapeake Utilities Corp.^	2,920		100,039
Delta Natural Gas Co., Inc.	100		2,585
New Jersey Resources Corp.^	42,293		2,157,789
Nicor, Inc.^	57,800		2,480,776
Northwest Natural Gas Co.	41,810		1,931,204
South Jersey Industries, Inc.^	9,390		332,218
Southern Union Co.	50,963		1,660,884
UGI Corp.	191,990		5,237,487
WGL Holdings, Inc.	36,210		1,181,895

			16,339,757

*Multi-Utilities (1.6%)*
Alliant Energy Corp.^	123,960		4,815,846
Black Hills Corp.^	10,100		401,475
CH Energy Group, Inc.^	14,160		636,775
Florida Public Utilities Co.	100		1,230
MDU Resources Group, Inc.	147,150		4,126,086
Puget Energy, Inc.	155,613		3,762,723

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
Wisconsin Energy Corp.		123,900	$	5,480,097

				19,224,232

*Water Utilities (0.0%)*
American States Water Co.^		2,430		86,435
Artesian Resources Corp., Class A		667		12,806
Middlesex Water Co.^		8,713		167,377
SJW Corp.^		13,020		433,566

				700,184

Total Utilities				64,675,681

Total Common Stocks (98.1%)
(Cost $961,103,525)				1,170,363,780


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (27.3%)
Abbey National plc/London
5.43%, 7/2/07	$	9,847,932	$	9,847,932
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.39%, 6/27/08 (l)		494,031		494,031
Aquinas Funding LLC
5.34%, 8/2/07		2,975,063		2,975,063
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		3,974,947		3,974,947
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		63,009,531		63,009,531
Barclays plc/London
5.43%, 7/2/07		12,587,333		12,587,333
Bavaria TRR Corp.
5.35%, 7/25/07		13,190,974		13,190,974
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		2,914,961		2,914,961
Belmont Funding LLC
5.31%, 7/19/07		9,807,189		9,807,189
Beta Finance, Inc.
5.37%, 1/31/08 (l)		529,993		529,993
5.37%, 3/10/08 (l)		1,324,793		1,324,793
Cantabric Financing LLC
5.34%, 9/25/07		9,804,989		9,804,989
Cedar Springs Capital Co. LLC
5.33%, 7/19/07		7,845,354		7,845,354
5.32%, 7/23/07		3,924,496		3,924,496
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		6,359,916		6,359,916
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		3,312,456		3,312,456
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		3,102,844		3,102,844
Comerica Bank
5.35%, 3/16/09 (l)		1,324,843		1,324,843
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		5,962,373		5,962,373
Series C
5.32%, 7/3/07		6,597,603		6,597,603
Crown Point Capital Co. LLC
5.31%, 7/25/07		5,883,446		5,883,446
DekaBank Deutsche Girozentrale
5.37%, 7/29/08 (l)		3,444,954		3,444,954
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		397,495		397,495
5.34%, 10/18/07 (l)		7,949,895		7,949,895
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		1,324,982		1,324,982
Fenway Funding LLC
5.35%, 8/9/07		5,882,918		5,882,918
Fifth Third Bancorp
5.32%, 7/29/08 (l)		397,491		397,491
First Tennessee Bank
5.34%, 7/29/08 (l)		11,923,730		11,923,730
General Electric Capital Corp.
5.40%, 3/12/10 (l)		529,993		529,993
Glitnir Banki hf
5.44%, 12/28/07 (l)		6,624,912		6,624,912
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		1,457,481		1,457,481
5.41%, 3/27/09 (l)		3,709,951		3,709,951
5.50%, 7/29/08 (l)		2,649,965		2,649,965
Gotham Funding Corp.
5.37%, 7/3/07		5,955,319		5,955,319
Hartford Life, Inc.
5.45%, 6/27/08 (l)		1,059,986		1,059,986
HBOS Treasury Services plc
5.47%, 7/2/07		7,992,957		7,992,957
ING Bank N.V./Amsterdam
5.43%, 7/2/07		14,574,808		14,574,808
K2(USA)LLC
5.37%, 5/29/09 (l)		5,297,015		5,297,015
5.37%, 6/18/09 (l)		6,620,937		6,620,937
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		7,949,552		7,949,552
Lehman Brothers, Inc.
5.50%, 9/28/07		463,744		463,744
Links Finance LLC
5.37%, 6/25/09 (l)		1,986,480		1,986,480
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		3,312,456		3,312,456
Monumental Global Funding II
5.36%, 4/25/08 (l)		1,589,979		1,589,979
5.43%, 6/28/10 (l)		6,227,418		6,227,418
Morgan Stanley
5.53%, 5/7/09 (l)		6,624,912		6,624,912
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		1,231,598		1,231,598
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		3,974,947		3,974,947
5.37%, 1/28/08 (l)		3,974,947		3,974,947
New York Life Insurance Co.
5.41%, 9/28/07 (l)		4,504,940		4,504,940
Park Granada LLC
5.32%, 7/6/07		3,937,125		3,937,125
Pricoa Global Funding I
5.40%, 6/25/10 (l)		3,973,755		3,973,755
Rhein-Main Securitisaton Ltd.
5.35%, 7/16/07		5,019,169		5,019,169
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09		636,745		636,745
Solitaire Funding LLC
5.34%, 9/26/07		3,267,845		3,267,845
SunTrust Bank/Atlanta
5.33%, 7/30/07 (l)		397,495		397,495
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		1,324,982		1,324,982
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		1,880,802		1,880,802

Total Short-Term Investments of Cash Collateral for Securities Loaned				324,848,747

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note1)
Time Deposit (1.9%)
JPMorgan Chase Nassau
4.76%, 7/2/07	$	22,882,091	$	22,882,091

Total Short-Term Investments (29.2%)
(Amortized Cost 347,730,838)				347,730,838

Total Investments (127.3%)
(Cost/Amortized Cost 1,308,834,363)				1,518,094,618
Other Assets Less Liabilities (-27.3%)				(325,119,913	)

Net Assets (100%)			$	1,192,974,705

*	Non-income producing.

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

†	Securities (totaling $1,801,587 or 0.15% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2007, the market value of these securities amounted to $2,333,848 or 0.20% 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.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	362,532,416
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	268,950,906

As of June 30, 2007, 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	$	218,129,312
Aggregate gross unrealized depreciation		(14,728,348	)

Net unrealized appreciation	$	203,400,964

Federal income tax cost of investments	$	1,314,693,654

At June 30, 2007, the Portfolio had loaned securities with a total value of $318,164,244. This was secured by collateral of $324,848,747 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the six months ended June 30, 2007, the Portfolio incurred approximately $408 as brokerage commissions with Cowen and Co. LLC, $48 as brokerage commissions with Sanford C. Bernstein & Co., Inc., and $1,285 as brokerage commissions with Williams Capital Group, affiliated broker/dealers.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (22.4%)
*Auto Components (6.7%)*
Delphi Corp.*	1,648,083	$	3,908,099
Exide Technologies*^	109,500		1,018,350
Fuel Systems Solutions, Inc.*^	202,710		3,360,932
Sauer-Danfoss, Inc.^	124,065		3,692,174
Spartan Motors, Inc.^	421,865		7,180,134
Standard Motor Products, Inc.	54,800		823,644

			19,983,333

*Automobiles (0.3%)*
Brilliance China Automotive Holdings Ltd. (ADR)*^	32,100		796,080

*Distributors (0.3%)*
DXP Enterprises, Inc.*^	21,100		902,025

*Diversified Consumer Services (2.1%)*
Capella Education Co.*	1,872		86,168
Corinthian Colleges, Inc.*^	7,100		115,659
CPI Corp.	83,538		5,805,891
Strayer Education, Inc.^	1,311		172,672

			6,180,390

*Hotels, Restaurants & Leisure (0.4%)*
BJ’s Restaurants, Inc.*^	5,150		101,661
California Pizza Kitchen, Inc.*^	3,900		83,772
Gaylord Entertainment Co.*^	870		46,667
Great Wolf Resorts, Inc.*^	14,280		203,490
Pinnacle Entertainment, Inc.*	4,300		121,045
Red Lion Hotels Corp.*	7,740		99,459
Red Robin Gourmet Burgers, Inc.*^	3,615		145,938
Ruth’s Chris Steak House*^	1,959		33,283
Sonic Corp.*^	4,200		92,904
Town Sports International Holdings, Inc.*	6,060		117,079
Vail Resorts, Inc.*^	2,265		137,871

			1,183,169

*Household Durables (0.9%)*
Kimball International, Inc., Class B^	152,337		2,134,241
Universal Electronics, Inc.*	15,220		552,791

			2,687,032

*Internet & Catalog Retail (2.5%)*
GSI Commerce, Inc.*^	12,930		293,640
Priceline.com, Inc.*^	6,530		448,872
Shutterfly, Inc.*^	9,903		213,410
Systemax, Inc.^	303,202		6,309,634
U.S. Auto Parts Network, Inc.*	10,665		100,891

			7,366,447

*Leisure Equipment & Products (0.0%)*
Pool Corp.^	2,910		113,577

*Media (1.8%)*
Entravision Communications Corp., Class A*	16,740		174,598
Lodgenet Entertainment Corp.*^	165,999		5,321,928

			5,496,526

*Multiline Retail (0.2%)*
Bon-Ton Stores, Inc.^	16,500		660,990

*Specialty Retail (4.8%)*
Blockbuster, Inc., Class A*^	138,000		594,780
Books-A-Million, Inc.	174,291		2,952,490
Brown Shoe Co., Inc.	117,927		2,867,985
Build-A-Bear Workshop, Inc.*	12,045		314,856
Casual Male Retail Group, Inc.*^	263,043		2,656,734
Childrens Place Retail Stores, Inc.*	1,730		89,337
Coldwater Creek, Inc.*^	3,800		88,274
DSW, Inc., Class A*^	22,200		773,004
Genesco, Inc.*^	8,155		426,588
Jo-Ann Stores, Inc.*^	35,400		1,006,422
Mothers Work, Inc.*	77,109		2,411,198
Zumiez, Inc.*^	1,260		47,603

			14,229,271

*Textiles, Apparel & Luxury Goods (2.4%)*
Carter’s, Inc.*^	8,340		216,340
Fossil, Inc.*	35,000		1,032,150
G-lII Apparel Group Ltd.*^	4,650		73,423
Maidenform Brands, Inc.*	41,500		824,190
Skechers U.S.A., Inc., Class A*	152,381		4,449,525
Volcom, Inc.*^	10,720		537,394

			7,133,022

Total Consumer Discretionary			66,731,862

Consumer Staples (3.2%)
*Beverages (0.3%)*
National Beverage Corp.*^	68,180		784,752

*Food & Staples Retailing (2.1%)*
Ingles Markets, Inc., Class A	147,428		5,078,895
Spartan Stores, Inc.^	37,700		1,240,707

			6,319,602

*Food Products (0.7%)*
Cal-Maine Foods, Inc.	74,900		1,226,862
Ralcorp Holdings, Inc.*^	15,100		807,095

			2,033,957

*Personal Products (0.1%)*
Chattem, Inc.*^	1,100		69,718
Physicians Formula Holdings, Inc.*^	10,610		166,842

			236,560

Total Consumer Staples			9,374,871

Energy (8.0%)
*Energy Equipment & Services (2.6%)*
Core Laboratories N.V.*^	1,630		165,755
Lufkin Industries, Inc.	3,290		212,369
Matrix Service Co.*	276,159		6,862,551
Tetra Technologies, Inc.*	17,190		484,758
Unit Corp.*	835		52,530

			7,777,963

*Oil, Gas & Consumable Fuels (5.4%)*
Alon USA Energy, Inc.	25,000		1,100,250
Calumet Specialty Products Partners LP^	19,600		952,560
Copano Energy LLC^	142,482		6,079,707
Edge Petroleum Corp.*^	4,385		61,434
Goodrich Petroleum Corp.*^	8,365		289,680
Markwest Hydrocarbon, Inc.^	108,389		6,224,780
PetroHawk Energy Corp.* . . . . . .	9,680		153,525
Ultrapar Particpacoes S.A. (ADR)^	35,900		1,191,880
VENOCO, Inc.*	6,030		112,580

			16,166,396

Total Energy			23,944,359

Financials (2.5%)
*Capital Markets (1.5%)*
Cowen Group, Inc.*	9,655		172,921
Evercore Partners, Inc., Class A^	3,200		95,264
Greenhill & Co., Inc.^	3,720		255,601
HFF, Inc., Class A*	8,054		124,918
Investment Technology Group, Inc.*	5,220		226,183
SWS Group, Inc.^	164,817		3,563,343

			4,438,230

*Commercial Banks (0.1%)*
Boston Private Financial Holdings, Inc.^	3,795		101,972
Western Alliance Bancorp*^	3,160		94,326

			196,298

100

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
*Consumer Finance (0.2%)*
Cash America International, Inc.	9,060	$	359,229
Dollar Financial Corp.*	3,600		102,600

			461,829

*Diversified Financial Services (0.0%)*
Portfolio Recovery Associates, Inc.^	1,500		90,030

*Insurance (0.7%)*
American Safety Insurance Holdings Ltd.*	3,560		84,835
Amerisafe, Inc.*	49,100		963,833
First Mercury Financial Corp.*^	12,115		254,051
Navigators Group, Inc.*^	1,650		88,935
ProCentury Corp.	41,600		697,216
Tower Group, Inc.	2,950		94,105

			2,182,975

Total Financials			7,369,362

Health Care (3.0%)
*Biotechnology (0.1%)*
Applera Corp.- Celera Group*	4,800		59,520
Cubist Pharmaceuticals, Inc.*	5,480		108,011
Myriad Genetics, Inc.*^	4,370		162,520
Senomyx, Inc.*^	6,100		82,350

			412,401

*Health Care Equipment & Supplies (0.8%)*
American Medical Systems Holdings, Inc.*^	14,210		256,348
Arrow International, Inc.	8,605		329,399
Cutera, Inc.*^	9,295		231,631
DJO, Inc.*^	4,010		165,493
Inverness Medical Innovations, Inc.*	4,000		204,080
Kyphon, Inc.*^	7,020		338,013
Northstar Neuroscience, Inc.*^	7,350		85,481
Respironics, Inc.*	1,340		57,071
SenoRx, Inc.*	8,142		83,537
SonoSite, Inc.*	3,000		94,290
Spectranetics Corp.*^	10,590		121,997
Stereotaxis, Inc.*^	7,379		96,370
Symmetry Medical, Inc.*	8,240		131,922
Thoratec Corp.*^	9,445		173,694

			2,369,326

*Health Care Providers & Services (1.6%)*
American Dental Partners, Inc.*	47,000		1,220,590
Animal Health International, Inc.*	6,055		87,737
Apria Healthcare Group, Inc.*	29,400		845,838
Centene Corp.*	9,410		201,562
Emergency Medical Services Corp., Class A*^	34,700		1,357,811
inVentiv Health, Inc.*	9,329		341,535
Matria Healthcare, Inc.*^	6,735		203,936
MWI Veterinary Supply, Inc.*	3,170		126,451
PSS World Medical, Inc.*	8,950		163,069
Psychiatric Solutions, Inc.*^	2,900		105,154

			4,653,683

*Health Care Technology (0.2%)*
Eclipsys Corp.*^	17,795		352,341
TriZetto Group, Inc.*^	8,910		172,498
Vital Images, Inc.*^	4,265		115,837

			640,676

*Life Sciences Tools & Services (0.1%)*
Exelixis, Inc.*	10,110		122,331
ICON plc (ADR)*	3,210		140,405
Varian, Inc.*	1,400		76,762

			339,498

*Pharmaceuticals (0.2%)*
Medicines Co.*	7,049		124,204
MGI Pharma, Inc.*^	7,000		156,590
Sciele Pharma, Inc.*^	8,263		194,676

			475,470

Total Health Care			8,891,054

Industrials (27.5%)
*Airlines (0.3%)*
Airtran Holdings, Inc.*^	6,690		73,055
Republic Airways Holdings, Inc.*^	43,400		883,190

			956,245

*Building Products (1.4%)*
Ameron International Corp.^	47,367		4,272,030

*Commercial Services & Supplies (10.5%)*
ABM Industries, Inc.^	35,100		905,931
Advisory Board Co.*^	3,580		198,905
American Reprographics Co.*^	3,400		104,686
Cenveo, Inc.*^	39,500		916,005
Corrections Corp. of America*	2,905		183,334
First Consulting Group, Inc.*	311,451		2,958,784
FTI Consulting, Inc.*^	11,670		443,810
GEO Group, Inc.*^	230,310		6,702,021
Huron Consulting Group, Inc.*^	680		49,647
ICT Group, Inc.*^	103,674		1,939,740
IHS, Inc., Class A*^	2,070		95,220
Innerworkings, Inc.*^	9,780		156,676
Interface, Inc., Class A	5,000		94,300
M&F Worldwide Corp.*^	22,100		1,471,418
On Assignment, Inc.*	24,040		257,709
Resources Connection, Inc.*	13,320		441,958
RSC Holdings, Inc.*	4,900		98,000
School Specialty, Inc.*	6,325		224,158
Taleo Corp., Class A*	7,153		161,157
TeleTech Holdings, Inc.*^	164,607		5,346,435
Waste Connections, Inc.*	9,690		293,026
Waste Industries USA, Inc.	123,114		4,203,112
Watson Wyatt Worldwide, Inc., Class A	79,260		4,001,045

			31,247,077

*Construction & Engineering (3.7%)*
EMCOR Group, Inc.*	59,841		4,362,409
InfraSource Services, Inc.*	177,185		6,573,563

			10,935,972

*Electrical Equipment (4.4%)*
AZZ, Inc.*	180,900		6,087,285
Belden, Inc.	91,161		5,045,761
Evergreen Solar, Inc.*^	7,650		71,145
General Cable Corp.*	1,965		148,849
GrafTech International Ltd.*	100,400		1,690,736
Polypore International, Inc.*	3,300		57,981

			13,101,757

*Industrial Conglomerates (2.6%)*
Sequa Corp., Class A*^	33,156		3,713,472
Tredegar Corp.^	185,547		3,952,151

			7,665,623

*Machinery (2.5%)*
Actuant Corp., Class A^	7,425		468,221
Barnes Group, Inc.^	2,230		70,646
Bucyrus International, Inc., Class A^	5,880		416,186
Gardner Denver, Inc.*	9,290		395,290
Kaydon Corp.^	8,785		457,874
Lydall, Inc.*	63,600		929,196
Titan International, Inc.	12,980		410,298
Valmont Industries, Inc.^	61,746		4,492,639

			7,640,350

*Marine (1.9%)*
Horizon Lines, Inc., Class A	169,835		5,563,794

101

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
*Trading Companies & Distributors (0.2%)*
Houston Wire & Cable Co.*^		8,150	$	231,542
Interline Brands, Inc.*		8,130		212,030
Williams Scotsman International, Inc.*^		6,270		149,289

				592,861

Total Industrials				81,975,709

Information Technology (16.0%)
*Communications Equipment (3.0%)*
BigBand Networks, Inc.*		12,400		162,564
EMS Technologies, Inc.*		7,135		157,398
Ixia*^		38,905		360,260
Loral Space & Communications, Inc.*		18,800		926,464
MRV Communications, Inc.*^		1,042,566		3,388,340
Orbcomm, Inc.*^		6,347		104,154
Qiao Xing Universal Telephone, Inc.*^		301,618		3,731,015
Sirenza Microdevices, Inc.*^		11,745		139,413

				8,969,608

*Computers & Peripherals (1.1%)*
Avid Technology, Inc.*^		6,830		241,440
Cray, Inc.*^		71,300		544,019
STEC, Inc.*^		395,451		2,542,750

				3,328,209

*Electronic Equipment & Instruments (2.0%)*
Agilysys, Inc.		43,000		967,500
Coherent, Inc.*		12,400		378,324
Daktronics, Inc.^		2,595		55,741
Dolby Laboratories, Inc., Class A*		1,815		64,269
OYO Geospace Corp.*^		7,070		524,523
PC Connection, Inc.*^		294,957		3,905,231
Universal Display Corp.*^		7,410		116,411

				6,011,999

*Internet Software & Services (2.7%)*
Bankrate, Inc.*^		4,088		195,897
CMGI, Inc.*^		387,600		755,820
CNET Networks, Inc.*^		44,395		363,595
DealerTrack Holdings, Inc.*		6,180		227,671
Digital River, Inc.*		1,800		81,450
iBasis, Inc.*^		88,000		884,400
Imergent, Inc.^		164,811		4,031,277
Internet Capital Group, Inc.*^		12,250		151,900
Knot, Inc.*^		5,100		102,969
Marchex, Inc., Class B		13,449		219,488
SkillSoft plc (ADR)*		39,727		369,064
Switch & Data Facilities Co., Inc.*		8,620		165,418
VistaPrint Ltd.*^		10,209		390,494

				7,939,443

*IT Services (1.6%)*
EnerNOC, Inc.*		2,240		85,411
Forrester Research, Inc.*		4,600		129,398
Global Cash Access Holdings, Inc.*		44,050		705,681
Ness Technologies, Inc.*^		224,118		2,915,775
SI International, Inc.*		6,990		230,810
SYKES Enterprises, Inc.*		11,000		208,890
Wright Express Corp.*		7,713		264,325

				4,540,290

*Semiconductors & Semiconductor Equipment (5.2%)*
Advanced Energy Industries, Inc.*		5,040		114,206
Amkor Technology, Inc.*^		349,080		5,498,010
ASM International N.V.*^		169,689		4,542,574
Eagle Test Systems, Inc.*^		6,765		108,646
Microsemi Corp.*^		15,060		360,687
PMC-Sierra, Inc.*^		17,100		132,183
Power Integrations, Inc.*^		3,070		80,434
Silicon Laboratories, Inc.*		5,180		179,280
Trident Microsystems, Inc.*		6,605		121,202
Ultra Clean Holdings, Inc.*^		311,085		4,348,968

				15,486,190

*Software (0.4%)*
Ansys, Inc.*		12,360		327,540
Double-Take Software, Inc.*		4,800		78,768
Epicor Software Corp.*^		8,900		132,343
FactSet Research Systems, Inc.		1,170		79,970
Lawson Software, Inc.*^		16,500		163,185
Secure Computing Corp.*^		16,790		127,436
The9 Ltd. (ADR)*^		4,795		221,817
Transaction Systems Architects, Inc.*^		3,190		107,375

				1,238,434

Total Information Technology				47,514,173

Materials (15.3%)
*Chemicals (6.1%)*
H.B. Fuller Co.		139,074		4,156,922
Innospec, Inc.		15,600		923,676
LSB Industries, Inc.*^		65,600		1,402,528
OM Group, Inc.*		81,291		4,301,920
Quaker Chemical Corp.^		6,370		150,332
Sensient Technologies Corp.		36,300		921,657
Terra Industries, Inc.*^		25,880		657,869
W.R. Grace & Co.*^		232,209		5,686,798
Zoltek Cos., Inc.*		1,985		82,437

				18,284,139

*Construction Materials (0.1%)*
Texas Industries, Inc.^		2,830		221,900

*Containers & Packaging (2.9%)*
AEP Industries, Inc.*		68,439		3,080,439
Rock-Tenn Co., Class A		171,016		5,424,628

				8,505,067

*Metals & Mining (6.2%)*
AK Steel Holding Corp.*		226,629		8,469,126
Brush Engineered Materials, Inc.*^		120,935		5,078,061
Claymont Steel Holdings, Inc.*^		6,985		149,409
Metal Management, Inc.		20,800		916,656
Northwest Pipe Co.*		3,490		124,139
Universal Stainless & Alloy Products, Inc.*^		107,934		3,802,515

				18,539,906

Total Materials				45,551,012

Telecommunication Services (0.2%)
*Diversified Telecommunication Services (0.2%)*
Cbeyond, Inc.*^		3,670		141,332
Cogent Communications Group, Inc.*		4,300		128,441
NeuStar, Inc., Class A*^		10,010		289,990

				559,763

*Wireless Telecommunication Services (0.0%)*
Dobson Communications Corp., Class A*		12,510		138,986

Total Telecommunication Services				698,749

Total Common Stocks (98.1%) (Cost $244,447,613)				292,051,151


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (32.3%)
Abbey National plc/London
5.43%, 7/2/07	$	2,918,956		2,918,956

102

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)	$	146,432	$	146,432
Aquinas Funding LLC
5.34%, 8/2/07		881,818		881,818
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		1,178,186		1,178,186
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		18,676,211		18,676,211
Barclays plc/London
5.43%, 7/2/07		3,730,922		3,730,922
Bavaria TRR Corp.
5.35%, 7/25/07		3,909,843		3,909,843
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		864,004		864,004
Belmont Funding LLC
5.31%, 7/19/07		2,906,880		2,906,880
Beta Finance, Inc.
5.37%, 1/31/08 (l)		157,092		157,092
5.37%, 3/10/08 (l)		392,673		392,673
Cantabric Financing LLC
5.34%, 9/25/07		2,906,228		2,906,228
Cedar Springs Capital Co. LLC
5.32%, 7/23/07		1,163,232		1,163,232
5.33%, 7/19/07		2,325,386		2,325,386
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		1,885,098		1,885,098
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		981,822		981,822
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		919,692		919,692
Comerica Bank
5.35%, 3/16/09 (l)		392,687		392,687
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		1,767,265		1,767,265
Series C
5.32%, 7/3/07		1,955,549		1,955,549
Crown Point Capital Co. LLC
5.31%, 7/25/07		1,743,871		1,743,871
DekaBank Deutsche Girozentrale
5.38%, 7/29/08 (l)		1,021,095		1,021,095
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		117,819		117,819
5.34%, 10/18/07 (l)		2,356,373		2,356,373
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		392,729		392,729
Fenway Funding LLC
5.35%, 8/9/07		1,743,714		1,743,714
Fifth Third Bancorp
5.32%, 7/29/08		117,818		117,818
First Tennessee Bank
5.34%, 7/29/08 (l)		3,534,229		3,534,229
General Electric Capital Corp.
5.40%, 3/12/10 (l)		157,092		157,092
Glitnir Banki hf
5.44%, 12/28/07 (l)		1,963,644		1,963,644
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		432,002		432,002
5.41%, 3/27/09 (l)		1,099,641		1,099,641
5.50%, 7/29/08 (l)		785,458		785,458
Gotham Funding Corp.
5.37%, 7/3/07		1,765,174		1,765,174
Hartford Life, Inc.
5.45%, 6/27/08 (l)		314,183		314,183
HBOS Treasury Services plc
5.47%, 7/2/07		2,369,136		2,369,136
ING Bank N.V./Amsterdam
5.43%, 7/2/07		4,320,015		4,320,015
K2 (USA) LLC
5.37%, 5/29/09 (l)		1,570,051		1,570,051
5.37%, 6/18/09 (l)		1,962,466		1,962,466
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		2,356,271		2,356,271
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		137,455		137,455
Links Finance LLC
5.37%, 6/25/09 (l)		588,799		588,799
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		981,822		981,822
Monumental Global Funding II
5.36%, 4/25/08 (l)		471,275		471,275
5.43%, 6/28/10 (l)		1,845,825		1,845,825
Morgan Stanley
5.53%, 5/7/09 (l)		1,963,644		1,963,644
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		365,049		365,049
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		981,822		981,822
5.34%, 8/7/07 (l)		196,364		196,364
5.37%, 1/28/08 (l)		1,178,186		1,178,186
New York Life Insurance Co.
5.41%, 9/28/07 (l)		1,335,278		1,335,278
Park Granada LLC
5.32%, 7/6/07		1,166,975		1,166,975
Pricoa Global Funding I
5.40%, 6/25/10 (l)		1,177,833		1,177,833
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07		1,487,697		1,487,697
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09 (l)		188,733		188,733
Solitaire Funding LLC
5.34%, 9/26/07		968,599		968,599
SunTrust Bank/Atlanta
5.33%, 7/30/07 (l)		117,819		117,819
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		392,729		392,729
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		557,475		557,475

Total Short-Term Investments of Cash Collateral for Securities Loaned				96,286,136

Time Deposit (1.8%)
JPMorgan Chase Nassau
4.76%, 7/2/07		5,219,838		5,219,838

Total Short-Term Investments (34.1%) (Amortized Cost $101,505,974) .				101,505,974

Total Investments (132.2%) (Cost/Amortized Cost $345,953,587)				393,557,125
Other Assets Less Liabilities (-32.2%)				(95,749,348	)

Net Assets (100%)			$	297,807,777

103

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

*	Non-income producing.

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

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	84,940,707
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	94,734,399

As of June 30, 2007, 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	$	59,113,480
Aggregate gross unrealized depreciation		(11,509,942	)

Net unrealized appreciation	$	47,603,538

Federal income tax cost of investments	$	345,953,587

At June 30, 2007, the Portfolio had loaned securities with a total value of $92,438,253. This was secured by collateral of $96,286,136 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $104,156, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $9,518,049 which expires in the year 2014.

See Notes to Financial Statements.

104

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.2%)
*Auto Components (0.1%)*
Gentex Corp.^	106,550	$	2,097,970

*Automobiles (0.9%)*
Monaco Coach Corp.^	323,800		4,646,530
Thor Industries, Inc.^	164,500		7,425,530
Winnebago Industries, Inc.^	210,900		6,225,768

			18,297,828

*Distributors (0.2%)*
Building Materials Holding Corp.^	272,800		3,871,032

*Diversified Consumer Services (2.0%)*
Bright Horizons Family Solutions, Inc.*	182,500		7,101,075
Matthews International Corp., Class A^	333,200		14,530,852
Regis Corp.	214,800		8,216,100
Universal Technical Institute, Inc.*^	467,100		11,859,669

			41,707,696

*Hotels, Restaurants & Leisure (2.6%)*
Bally Technologies, Inc.*^	497,700		13,149,234
Bob Evans Farms, Inc.	51,900		1,912,515
Morton’s Restaurant Group, Inc.*^	305,425		5,531,247
Rare Hospitality International, Inc.*	494,900		13,248,473
Red Robin Gourmet Burgers, Inc.*^	339,489		13,705,171
Shuffle Master, Inc.*^	365,400		6,065,640

			53,612,280

*Household Durables (2.5%)*
Bassett Furniture Industries, Inc.^	19,600		267,540
Ethan Allen Interiors, Inc.^	445,600		15,261,800
Hooker Furniture Corp.^	246,400		5,529,216
La-Z-Boy, Inc.^	337,600		3,868,896
M.D.C. Holdings, Inc.^	65,700		3,177,252
M/I Homes, Inc.^	257,400		6,846,840
Russ Berrie & Co., Inc.*^	33,300		620,379
Sealy Corp.^	982,400		16,229,248

			51,801,171

*Leisure Equipment & Products (0.8%)*
Brunswick Corp.	134,300		4,382,209
Polaris Industries, Inc.^	219,308		11,877,721

			16,259,930

*Media (0.5%)*
Entercom Communications Corp., Class A^	237,800		5,918,842
Lions Gate Entertainment Corp.*	539,400		5,949,582

			11,868,424

*Multiline Retail (0.2%)*
Tuesday Morning Corp.^	388,700		4,804,332

*Specialty Retail (4.2%)*
Brown Shoe Co., Inc.	90,750		2,207,040
Charming Shoppes, Inc.*^	617,300		6,685,359
Christopher & Banks Corp.^	243,500		4,176,025
Finish Line, Inc., Class A^	906,100		8,254,571
Guitar Center, Inc.*^	153,500		9,180,835
HOT Topic, Inc.*^	286,200		3,110,994
Men’s Wearhouse, Inc.^	68,000		3,472,760
Pacific Sunwear of California, Inc.*	702,000		15,444,000
Pier 1 Imports, Inc.^	34,800		295,452
Stein Mart, Inc.^	1,178,800		14,452,088
TravelCenters of America LLC*	332,850		13,463,782
West Marine, Inc.*^	331,300		4,558,688
Zale Corp.*^	64,900		1,545,269

			86,846,863

*Textiles, Apparel & Luxury Goods (1.2%)*
Carter’s, Inc.*^	524,700		13,610,718
Timberland Co., Class A*^	135,100		3,403,169
Warnaco Group, Inc.*	195,200		7,679,168

			24,693,055

Total Consumer Discretionary			315,860,581

Consumer Staples (1.3%)
*Food & Staples Retailing (0.3%)*
Casey’s General Stores, Inc.^	235,700		6,425,182

*Household Products (0.5%)*
Central Garden & Pet Co.*^	90,000		1,103,400
Central Garden & Pet Co., Class A*^	802,500		9,413,325

			10,516,725

*Personal Products (0.3%)*
Prestige Brands Holdings, Inc.*	481,700		6,252,466

*Tobacco (0.2%)*
Universal Corp.	68,100		4,148,652

Total Consumer Staples			27,343,025

Energy (6.3%)
*Energy Equipment & Services (3.3%)*
Atwood Oceanics, Inc.*^	49,500		3,396,690
Bristow Group, Inc.*	18,500		916,675
Complete Production Services, Inc.*^	618,500		15,988,225
Global Industries Ltd.*	98,700		2,647,134
Hercules Offshore, Inc.*^	459,300		14,872,134
Oil States International, Inc.*^	123,600		5,109,624
Pioneer Drilling Co.*	362,100		5,398,911
Rowan Cos., Inc.	59,000		2,417,820
Tidewater, Inc.^	27,600		1,956,288
Unit Corp.*	54,800		3,447,468
W-H Energy Services, Inc.*	177,100		10,964,261

			67,115,230

*Oil, Gas & Consumable Fuels (3.0%)*
Brigham Exploration Co.*^	1,386,400		8,138,168
Forest Oil Corp.*	185,500		7,839,230
Foundation Coal Holdings, Inc.	256,800		10,436,352
Helix Energy Solutions Group, Inc.*	127,700		5,096,507
Overseas Shipholding Group	66,800		5,437,520
Teekay Corp.^	39,346		2,278,527
TXCO Resources Inc.*^	1,428,174		14,681,628
VENOCO, Inc.*	456,700		8,526,589

			62,434,521

Total Energy			129,549,751

Financials (22.2%)
*Capital Markets (2.5%)*
Apollo Investment Corp.^	265,800		5,720,016
Knight Capital Group, Inc., Class A*	289,798		4,810,647
Penson Worldwide, Inc.*^	562,100		13,788,313
Waddell & Reed Financial, Inc.	1,063,000		27,648,630

			51,967,606

*Commercial Banks (6.5%)*
Amcore Financial, Inc.	221,500		6,421,285
Bank of the Ozarks, Inc.^	606,400		16,900,368
Chemical Financial Corp.^	101,600		2,628,392
First Community Bancorp, Inc./California^	299,101		17,111,568
First Indiana Corp.^	385,421		8,525,513
Intervest Bancshares Corp.	231,919		6,530,839

105

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
Macatawa Bank Corp.^	293,347	$	4,667,151
Peoples Bancorp, Inc./Ohio^	88,500		2,395,695
Prosperity Bancshares, Inc.^	470,700		15,420,132
Provident Bankshares Corp.	196,800		6,451,104
Texas Capital Bancshares, Inc.*	363,400		8,121,990
United Bankshares, Inc.^	624,869		19,870,834
Wintrust Financial Corp.^	454,525		19,930,921

			134,975,792

*Consumer Finance (0.3%)*
United PanAm Financial Corp.*	377,861		5,388,298

*Diversified Financial Services (0.3%)*
KKR Financial Holdings LLC	283,300		7,057,003

*Insurance (4.0%)*
American National Insurance Co.	21,000		3,204,600
Arthur J. Gallagher & Co.^	123,800		3,451,544
Aspen Insurance Holdings Ltd.	884,952		24,840,602
Erie Indemnity Co., Class A	19,200		1,037,568
IPC Holdings Ltd.	215,600		6,961,724
Max Capital Group Ltd.	500,700		14,169,810
Montpelier Reinsurance Holdings Ltd.^	327,900		6,079,266
Navigators Group, Inc.*	113,890		6,138,671
Protective Life Corp.	82,100		3,925,201
RLI Corp.^	70,900		3,966,855
StanCorp Financial Group, Inc.	60,400		3,169,792
Tower Group, Inc.	184,969		5,900,511

			82,846,144

*Real Estate Investment Trusts (REITs) (6.6%)*
Arbor Realty Trust, Inc. (REIT)^	123,600		3,190,116
Ashford Hospitality Trust, Inc. (REIT)	1,821,700		21,423,192
Brandywine Realty Trust (REIT)^	329,100		9,405,678
Cousins Properties, Inc. (REIT)^	557,400		16,170,174
DCT Industrial Trust, Inc. (REIT)^	1,417,700		15,254,452
Extra Space Storage, Inc. (REIT)^	272,300		4,492,950
Healthcare Realty Trust, Inc. (REIT)^	658,200		18,284,796
JER Investors Trust, Inc. (REIT)	378,000		5,670,000
MFA Mortgage Investments, Inc. (REIT)	3,030,100		22,059,128
Newcastle Investment Corp. (REIT)^	212,800		5,334,896
RAIT Financial Trust (REIT)^	213,200		5,547,464
Sunstone Hotel Investors, Inc. (REIT)^	177,100		5,027,869
Washington Real Estate Investment Trust (REIT)^	139,100		4,729,400

			136,590,115

*Thrifts & Mortgage Finance (2.0%)*
BankAtlantic Bancorp, Inc., Class A^	833,600		7,177,296
BankUnited Financial Corp., Class A^	474,800		9,529,236
Brookline Bancorp, Inc.^	529,400		6,093,394
Franklin Bank Corp./Texas*^	900,900		13,423,410
Trustco Bank Corp./New York^	458,300		4,528,004

			40,751,340

Total Financials			459,576,298

Health Care (4.3%)
*Biotechnology (0.2%)*
Angiotech Pharmaceuticals, Inc.*	432,300		3,073,653

*Health Care Equipment & Supplies (1.4%)*
HealthTronics, Inc.*	1,001,500		4,356,525
STERIS Corp.	161,700		4,948,020
Symmetry Medical, Inc.*^	1,012,700		16,213,327
West Pharmaceutical Services, Inc.	94,400		4,450,960

			29,968,832

*Health Care Providers & Services (2.2%)*
Centene Corp.*^	538,100		11,526,102
Five Star Quality Care, Inc.*^‡	1,653,900		13,198,122
Hanger Orthopedic Group, Inc.*	731,500		7,900,200
LifePoint Hospitals, Inc.*^	345,200		13,352,336

			45,976,760

*Life Sciences Tools & Services (0.5%)*
PharmaNet Development Group, Inc.*	337,200		10,749,936

Total Health Care			89,769,181

Industrials (19.1%)
*Aerospace & Defense (1.0%)*
AAR Corp.*^	180,235		5,949,557
Applied Signal Technology, Inc. ‡	870,245		13,584,525

			19,534,082

*Air Freight & Logistics (0.3%)*
ABX Air, Inc.*	820,190		6,610,731

*Airlines (0.5%)*
Alaska Air Group, Inc.*^	225,200		6,274,072
SkyWest, Inc.	174,900		4,167,867

			10,441,939

*Building Products (3.1%)*
American Woodmark Corp.	130,600		4,518,760
Apogee Enterprises, Inc.^	282,100		7,848,022
Builders FirstSource, Inc.*^	777,100		12,480,226
Gibraltar Industries, Inc.^	351,300		7,781,295
Insteel Industries, Inc.^	908,300		16,349,400
NCI Building Systems, Inc.*	123,100		6,072,523
Simpson Manufacturing Co., Inc.^	71,200		2,402,288
Universal Forest Products, Inc.^	158,100		6,681,306

			64,133,820

*Commercial Services & Supplies (4.7%)*
ABM Industries, Inc.	149,900		3,868,919
Brady Corp., Class A^	185,800		6,900,612
G&K Services, Inc., Class A	424,700		16,779,897
Knoll, Inc.	441,800		9,896,320
Korn/Ferry International*	227,970		5,986,492
Labor Ready, Inc.*	587,400		13,574,814
Mine Safety Appliances Co.^	273,700		11,977,112
Navigant Consulting, Inc.*	814,900		15,124,544
Waste Connections, Inc.*	436,648		13,204,236

			97,312,946

*Electrical Equipment (1.3%)*
A.O. Smith Corp.^	65,200		2,600,828
Baldor Electric Co.^	24,600		1,212,288
Franklin Electric Co., Inc.^	40,600		1,915,508
Genlyte Group, Inc.*	51,700		4,060,518
Powell Industries, Inc.*^	71,900		2,283,544
Regal-Beloit Corp.^	310,400		14,446,016

			26,518,702

*Industrial Conglomerates (0.4%)*
Carlisle Cos., Inc.	84,100		3,911,491
Teleflex, Inc.	49,400		4,039,932

			7,951,423

*Machinery (4.5%)*
Altra Holdings, Inc.*	746,600		12,901,248
Astec Industries, Inc.*^	6,700		282,874
Briggs & Stratton Corp.^	146,300		4,617,228
CIRCOR International, Inc.	107,100		4,330,053
Graco, Inc.^	139,000		5,598,920
Kennametal, Inc.	234,500		19,236,035
Mueller Industries, Inc.	230,400		7,934,976

106

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
Mueller Water Products, Inc., Class A^	263,770	$	4,499,916
Nordson Corp.	65,400		3,280,464
RBC Bearings, Inc.*	156,600		6,459,750
Timken Co.	43,100		1,556,341
Trimas Corp.*	552,400		6,672,992
Trinity Industries, Inc.^	92,300		4,018,742
Wabash National Corp.^	501,600		7,338,408
Watts Water Technologies, Inc., Class A^	135,800		5,088,426

			93,816,373

*Marine (0.3%)*
American Commercial Lines, Inc.*^	220,500		5,744,025

*Road & Rail (1.0%)*
AMERCO, Inc.*^	75,895		5,730,073
Dollar Thrifty Automotive Group, Inc.*	176,500		7,208,260
Genesee & Wyoming, Inc., Class A*^	188,800		5,633,792
Kansas City Southern, Inc.*	69,400		2,605,276

			21,177,401

*Trading Companies & Distributors (2.0%)*
Applied Industrial Technologies, Inc.	55,800		1,646,100
Beacon Roofing Supply, Inc.*^	886,200		15,056,538
Houston Wire & Cable Co.*^	498,300		14,156,703
United Rentals, Inc.*^	330,300		10,747,962

			41,607,303

Total Industrials			394,848,745

Information Technology (18.7%)
*Communications Equipment (2.7%)*
Adtran, Inc.	234,600		6,092,562
Avocent Corp.*^	782,100		22,688,721
C-COR, Inc.*	253,373		3,562,425
Comtech Telecommunications Corp.*^	140,800		6,535,936
Foundry Networks, Inc.*	354,170		5,900,472
Powerwave Technologies, Inc.*^	1,755,200		11,759,840

			56,539,956

*Computers & Peripherals (1.1%)*
Avid Technology, Inc.*^	400,200		14,147,070
Diebold, Inc.	46,000		2,401,200
Electronics for Imaging, Inc.*	222,700		6,284,594

			22,832,864

*Electronic Equipment & Instruments (5.6%)*
Benchmark Electronics, Inc.*^	922,450		20,865,819
Brightpoint, Inc.*^	1,012,700		13,965,133
Cognex Corp.^	271,800		6,118,218
Coherent, Inc.*^	260,700		7,953,957
CPI International, Inc.*	666,779		13,222,227
Mettler-Toledo International, Inc.*	39,100		3,734,441
Plexus Corp.*	973,500		22,380,765
Rofin-Sinar Technologies, Inc.*	92,300		6,368,700
Rogers Corp.*	84,770		3,136,490
TTM Technologies, Inc.*	1,396,116		18,149,508

			115,895,258

*Internet Software & Services (0.3%)*
United Online, Inc.^	347,700		5,733,573

*IT Services (3.4%)*
BearingPoint, Inc.*^	1,642,200		12,004,482
Ness Technologies, Inc.*^	357,100		4,645,871
Perot Systems Corp., Class A*	595,800		10,152,432
SI International, Inc.*^	160,617		5,303,573
SRA International, Inc., Class A*	601,400		15,191,364
TNS, Inc.	431,381		6,216,200
Wright Express Corp.*	476,005		16,312,692

			69,826,614

*Semiconductors & Semiconductor Equipment (4.3%)*
Actel Corp.*^	815,300		11,340,823
ChipMOS TECHNOLOGIES Bermuda Ltd.*^	639,800		4,600,162
Cohu, Inc.^	246,300		5,480,175
Cymer, Inc.*^	120,100		4,828,020
FEI Co.*	389,300		12,636,678
LTX Corp.*	1,391,900		7,738,964
Mattson Technology, Inc.*^	1,214,600		11,781,620
Microsemi Corp.*^	469,700		11,249,315
OmniVision Technologies, Inc.*^	228,300		4,134,513
Semtech Corp.*	885,600		15,347,448

			89,137,718

*Software (1.3%)*
Lawson Software, Inc.*^	537,400		5,314,886
Secure Computing Corp.*	2,114,300		16,047,537
Transaction Systems Architects, Inc.*	175,013		5,890,938

			27,253,361

Total Information Technology			387,219,344

Materials (6.1%)
*Chemicals (1.4%)*
Airgas, Inc.	106,900		5,120,510
Cabot Corp.	102,700		4,896,736
Hercules, Inc.*	416,400		8,182,260
RPM International, Inc.	242,900		5,613,419
Westlake Chemical Corp.^	190,100		5,345,612

			29,158,537

*Construction Materials (0.4%)*
Headwaters, Inc.*^	486,300		8,398,401

*Containers & Packaging (0.9%)*
AptarGroup, Inc.^	120,300		4,277,868
Bemis Co., Inc.	84,600		2,807,028
Bway Holding Co.*	373,500		5,527,800
Packaging Corp. of America	232,300		5,879,513

			18,492,209

*Metals & Mining (2.9%)*
A.M. Castle & Co.	100,200		3,598,182
Century Aluminum Co.*	109,600		5,987,448
Gerdau Ameristeel Corp.^	301,900		4,416,797
Quanex Corp.	453,300		22,075,710
Reliance Steel & Aluminum Co.^	86,900		4,888,994
Schnitzer Steel Industries, Inc.^	258,100		12,373,314
Steel Dynamics, Inc.	153,000		6,412,230

			59,752,675

*Paper & Forest Products (0.5%)*
Bowater, Inc.	162,200		4,046,890
Glatfelter^.	324,300		4,407,237
Mercer International, Inc.*^	260,600		2,658,120

			11,112,247

Total Materials			126,914,069

Telecommunication Services (1.5%)
*Diversified Telecommunication Services (1.0%)*
Alaska Communications Systems Group, Inc.	215,600		3,415,104
NTELOS Holdings Corp.	462,700		12,789,028
PAETEC Holding Corp.*	356,100		4,020,369

			20,224,501

*Wireless Telecommunication Services (0.5%)*
USA Mobility, Inc.*^	426,900		11,423,844

Total Telecommunication Services			31,648,345

107

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
Utilities (2.3%)
*Electric Utilities (0.7%)*
El Paso Electric Co.*		294,900	$	7,242,744
IDACORP, Inc.		189,500		6,071,580
Sierra Pacific Resources*		66,400		1,165,984

				14,480,308

*Gas Utilities (0.6%)*
Atmos Energy Corp.		81,700		2,455,902
Energen Corp.		60,800		3,340,352
UGI Corp.		223,200		6,088,896

				11,885,150

*Multi-Utilities (1.0%)*
CMS Energy Corp.		351,300		6,042,360
Vectren Corp.^.		540,873		14,565,710

				20,608,070

Total Utilities				46,973,528

Total Common Stocks (97.0%) (Cost $1,928,399,912)				2,009,702,867


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (4.4%)
U.S. Treasury Bills
4.67%, 7/5/07 (p)	$	4,490,000		4,487,089
4.40%, 8/2/07 (p)		40,606,000		40,442,803
World Bank
4.90%, 7/2/07 (p)		46,770,000		46,757,268

Total Government Securities				91,687,160

Short-Term Investments of Cash Collateral for Securities Loaned (9.9%)
Abbey National plc/London
5.43%, 7/2/07		6,212,017		6,212,017
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)		311,632		311,632
Aquinas Funding LLC
5.34%, 8/2/07		1,876,652		1,876,652
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		2,507,374		2,507,374
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		39,746,034		39,746,034
Barclays plc/London
5.43%, 7/2/07		7,940,015		7,940,015
Bavaria TRR Corp.
5.35%, 7/25/07		8,320,787		8,320,787
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		1,838,740		1,838,740
Belmont Funding LLC
5.31%, 7/19/07		6,186,316		6,186,316
Beta Finance, Inc.
5.37%, 1/31/08 (l)		334,316		334,316
5.37%, 3/10/08 (l)		835,671		835,671
Cantabric Financing LLC
5.34%, 9/25/07		6,184,928		6,184,928
Cedar Springs Capital Co. LLC
5.33%, 7/19/07		4,948,802		4,948,802
5.32%, 7/23/07		2,475,549		2,475,549
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		4,011,797		4,011,797
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		2,089,478		2,089,478
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		1,957,255		1,957,255
Comerica Bank
5.35%, 3/16/09 (l)		835,703		835,703
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		3,761,029		3,761,029
Series C
5.32%, 7/3/07		4,161,729		4,161,729
Crown Point Capital Co. LLC
5.31%, 7/25/07		3,711,242		3,711,242
DekaBank Deutsche Girozentrale
5.38%, 7/29/08 (l)		2,173,057		2,173,057
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		250,737		250,737
5.34%, 10/18/07 (l)		5,014,746		5,014,746
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		835,791		835,791
Fenway Funding LLC
5.35%, 8/9/07		3,710,910		3,710,910
Fifth Third Bancorp
5.32%, 7/29/08 (l)		250,735		250,735
First Tennessee Bank
5.34%, 7/29/08 (l)		7,521,417		7,521,417
General Electric Capital Corp.
5.40%, 3/12/10 (l)		334,317		334,317
Glitnir Banki hf
5.44%, 12/28/07 (l)		4,178,955		4,178,955
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		919,370		919,370
5.50%, 7/29/08 (l)		1,671,582		1,671,582
5.41%, 3/27/09 (l)		2,340,215		2,340,215
Gotham Funding Corp.
5.37%, 7/3/07		3,756,580		3,756,580
Hartford Life, Inc.
5.45%, 6/27/08 (l)		668,633		668,633
HBOS Treasury Services plc
5.47%, 7/2/07		5,041,909		5,041,909
ING Bank N.V./Amsterdam
5.43%, 7/2/07		9,193,700		9,193,700
K2 (USA) LLC
5.37%, 5/29/09 (l)		3,341,325		3,341,325
5.37%, 6/18/09 (l)		4,176,448		4,176,448
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		5,014,530		5,014,530
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		292,527		292,527
Links Finance LLC
5.37%, 6/25/09 (l)		1,253,060		1,253,060
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		2,089,478		2,089,478
Monumental Global Funding II
5.36%, 4/25/08 (l)		1,002,949		1,002,949
5.43%, 6/28/10 (l)		3,928,218		3,928,218
Morgan Stanley
5.53%, 5/7/09 (l)		4,178,955		4,178,955
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		776,884		776,884
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		2,507,373		2,507,373
5.37%, 1/28/08 (l)		2,507,373		2,507,373
New York Life Insurance Co.
5.41%, 9/28/07 (l)		2,841,690		2,841,690
Park Granada LLC
5.32%, 7/6/07		2,483,515		2,483,515
Pricoa Global Funding I
5.40%, 6/25/10 (l)		2,506,621		2,506,621
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07		3,166,062		3,166,062

108

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09 (l)	$	401,655	$	401,655
Solitaire Funding LLC
5.34%, 9/26/07		2,061,337		2,061,337
SunTrust Bank/Atlanta
5.33%, 7/30/07 (l)		250,737		250,737
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		835,791		835,791
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		1,186,398		1,186,398

Total Short-Term Investments of Cash Collateral for Securities Loaned				204,912,646

Time Deposit (0.0%)
JPMorgan Chase Nassau
4.76%, 7/2/07		5,823		5,823

Total Short-Term Investments (14.3%) (Cost/Amortized Cost $296,618,504)				296,605,629

Total Investments (111.3%) (Cost/Amortized Cost $2,225,018,416)				2,306,308,496
Other Assets Less Liabilities (-11.3%)				(234,338,693	)

Net Assets (100%)			$	2,071,969,803

*	Non-income producing.

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

‡	Affiliated company as defined under the Investment Company Act of 1940 (See Note 6).

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(p)

Yield to maturity.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Investments in companies which were affiliates for the six months ended June 30, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value June 30, 2007		Dividend Income		Realized Gain
Applied Signal Technology, Inc.	$	12,097,224	$	1,532,450	$	1,617,990	$	13,584,525	$	227,031	$	(145,574	)
Five Star Quality Care, Inc.		18,440,985		—		—		13,198,122		—		—

	$	30,538,209	$	1,532,450	$	1,617,990	$	26,782,647	$	227,031	$	(145,574	)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,092,074,309
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	978,313,105

As of June 30, 2007, 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	$	168,251,826
Aggregate gross unrealized depreciation		(91,101,898	)

Net unrealized appreciation	$	77,149,928

Federal income tax cost of investments	$	2,229,158,568

At June 30, 2007, the Portfolio had loaned securities with a total value of $198,939,803. This was secured by collateral of $204,912,646 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

109

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (2.8%)
*Household Durables (1.7%)*
Koninklijke Philips Electronics N.V. (N.Y. Shares)	44,100	$	1,866,312
LG Electronics, Inc.	61,657		5,098,874
Sony Corp.	44,300		2,277,515

			9,242,701

*Media (0.9%)*
Focus Media Holding Ltd. (ADR)*^	97,860		4,941,930

*Specialty Retail (0.2%)*
GameStop Corp., Class A*	35,840		1,401,344

Total Consumer Discretionary			15,585,975

Energy (0.3%)
*Energy Equipment & Services (0.3%)*
Cameron International Corp.*	20,370		1,455,844

Total Energy			1,455,844

Health Care (0.6%)
*Health Care Technology (0.6%)*
Cerner Corp.*^	64,885		3,599,171

Total Health Care			3,599,171

Industrials (4.5%)
*Commercial Services & Supplies (1.8%)*
Manpower, Inc.	41,700		3,846,408
Monster Worldwide, Inc.*	52,200		2,145,420
Robert Half International, Inc.	110,400		4,029,600

			10,021,428

*Electrical Equipment (2.3%)*
ABB Ltd. (Registered)	184,440		4,197,652
Energy Conversion Devices, Inc.*^	6,965		214,661
First Solar, Inc.*^	32,700		2,919,783
Q-Cells AG*	14,080		1,223,242
Renewable Energy Corp. A/S*	72,457		2,826,056
Suntech Power Holdings Co., Ltd. (ADR)*^	45,137		1,646,146

			13,027,540

*Industrial Conglomerates (0.4%)*
Orkla ASA	118,715		2,254,739

Total Industrials			25,303,707

Information Technology (81.3%)
*Communications Equipment (17.9%)*
Alcatel-Lucent	183,000		2,570,932
Cisco Systems, Inc.*	535,955		14,926,347
Comverse Technology, Inc.*	89,695		1,870,141
Corning, Inc.*	905,474		23,134,861
Foundry Networks, Inc.*^	239,410		3,988,571
Juniper Networks, Inc.*	93,485		2,353,017
Nice Systems Ltd. (ADR)*^	116,690		4,053,811
Nokia Oyj (ADR)	518,020		14,561,542
Polycom, Inc.*^	112,100		3,766,560
QUALCOMM, Inc.	329,845		14,311,974
Research In Motion Ltd.*	30,980		6,195,690
Riverbed Technology, Inc.*	64,940		2,845,671
Sonus Networks, Inc.*^	219,800		1,872,696
Telefonaktiebolaget LM Ericsson (Sponsored ADR)	70,800		2,824,212

			99,276,025

*Computers & Peripherals (13.0%)*
Apple, Inc.*	147,475		17,997,849
Dell, Inc.*	67,800		1,935,690
EMC Corp.*	461,455		8,352,335
Hewlett-Packard Co.	358,900		16,014,118
International Business Machines Corp.	77,600		8,167,400
Network Appliance, Inc.*	56,698		1,655,582
SanDisk Corp.*	224,070		10,965,986
Seagate Technology^	314,059		6,837,064

			71,926,024

*Electronic Equipment & Instruments (4.4%)*
Dolby Laboratories, Inc., Class A*	49,300		1,745,713
Hon Hai Precision Industry Co., Ltd.	995,118		8,598,963
L-1 Identity Solutions, Inc.*^	561,284		11,478,258
SunPower Corp., Class A*^	45,550		2,871,927

			24,694,861

*Internet Software & Services (9.1%)*
Baidu.com (Sponsored ADR)*^	16,915		2,841,382
eBay, Inc.*	273,765		8,809,758
Equinix, Inc.*^	21,600		1,975,752
Google, Inc., Class A*	60,360		31,591,217
SINA Corp.*^	22,914		959,180
Tencent Holdings Ltd.	1,071,765		4,317,653

			50,494,942

*IT Services (3.9%)*
Accenture Ltd., Class A	82,500		3,538,425
Automatic Data Processing, Inc.	92,300		4,473,781
BISYS Group, Inc.*	41,000		485,030
DST Systems, Inc.*	55,400		4,388,234
Iron Mountain, Inc.*^	72,650		1,898,345
Paychex, Inc.	87,700		3,430,824
Western Union Co.	157,400		3,278,642

			21,493,281

*Semiconductors & Semiconductor Equipment (19.5%)*
Analog Devices, Inc.	25,040		942,506
Applied Materials, Inc.	222,975		4,430,513
ASML Holding N.V.*	101,402		2,813,472
ASML Holding N.V. (N.Y. Shares)*^	272,654		7,484,352
Austriamicrosystems AG*	16,890		1,258,281
Broadcom Corp., Class A*	258,798		7,569,841
Chartered Semiconductor Manufacturing Ltd.*	3,795,480		3,347,312
Infineon Technologies AG*	221,700		3,693,737
Intel Corp.	999,090		23,738,378
KLA-Tencor Corp.	58,400		3,209,080
Lam Research Corp.*	142,700		7,334,780
Maxim Integrated Products, Inc.	135,600		4,530,396
MEMC Electronic Materials, Inc.*	25,335		1,548,475
National Semiconductor Corp.^	43,945		1,242,325
NVIDIA Corp.*	180,225		7,445,095
ON Semiconductor Corp.*^	233,975		2,508,212
Samsung Electronics Co., Ltd. (GDR)^§	18,215		5,579,440
Semtech Corp.*^	85,300		1,478,249
Silicon-On-Insulater Technologies*	85,533		1,830,239
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)	553,104		6,156,048
Texas Instruments, Inc.	201,982		7,600,583
Trident Microsystems, Inc.*^	121,200		2,224,020

			107,965,334

*Software (13.5%)*
Activision, Inc.*^	370,435		6,916,021
Adobe Systems, Inc.*	218,680		8,780,002

110

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
Amdocs Ltd.*		253,210	$	10,082,822
Autodesk, Inc.*		87,335		4,111,732
Electronic Arts, Inc.*		132,300		6,260,436
McAfee, Inc.*		89,230		3,140,896
Microsoft Corp.		468,150		13,796,381
Nintendo Co., Ltd.		21,510		7,878,993
Oracle Corp.*		89,300		1,760,103
Red Hat, Inc.*^		258,225		5,753,253
Salesforce.com, Inc.*		97,200		4,165,992
THQ, Inc.*		77,075		2,352,329

				74,998,960

Total Information Technology				450,849,427

Materials (1.1%)
*Chemicals (1.1%)*
Monsanto Co.		52,595		3,552,266
Wacker Chemie AG		10,170		2,408,803

Total Materials				5,961,069

Telecommunication Services (3.2%)
*Diversified Telecommunication Services (0.8%)*
Level 3 Communications, Inc.*^		584,875		3,421,519
PT Telekomunikasi Indonesia Tbk		631,995		689,004

				4,110,523

*Wireless Telecommunication Services (2.4%)*
China Mobile Ltd. (ADR)^		111,897		6,031,248
NII Holdings, Inc.*		91,595		7,395,380

				13,426,628

Total Telecommunication Services				17,537,151

Total Common Stocks (93.8%) (Cost $438,295,670)				520,292,344


	Number of Warrants
WARRANTS:
Information Technology (1.4%)
*Electronic Equipment & Instruments (1.0%)*
Hon Hai Precision Industry Co., Ltd., expiring 11/17/10*§		654,295		5,659,652

*IT Services (0.3%)*
Tata Consultancy Services Ltd., expiring 9/12/07*(b)		25,726		1,451,255

*Semiconductors & Semiconductor Equipment(0.1%)*
MediaTek, Inc., expiring 4/9/12*§		48,690		759,564

Total Information Technology				7,870,471

Telecommunication Services (0.4%)
*Wireless Telecommunication Services (0.4%)*
Bharti Airtel Ltd., expiring 11/18/11*§		107,013		2,194,836

Total Telecommunication Services				2,194,386

Total Warrants (1.8%) (Cost $7,755,727)				10,065,307


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for
Securities Loaned (14.3%)
Abbey National plc/London
5.43%, 7/2/07	$	2,398,957		2,398,957
Accredited Mortgage Loan Trust,
Series 06-2 A1
5.36%, 6/27/08 (l)		120,346		120,346
Aquinas Funding LLC
5.34%, 8/2/07		724,726		724,726
Banco de Sabadell S.A.
5.40%, 4/23/09 (l)		968,298		968,298
Barclays Capital, Repurchase Agreement
5.42%, 7/2/07 (r)		15,349,127		15,349,127
Barclays plc/London
5.43%, 7/2/07		3,066,276		3,066,276
Bavaria TRR Corp.
5.35%, 7/25/07		3,213,323		3,213,323
BBVA Senior Finance S.A.
5.41%, 3/12/10 (l)		710,085		710,085
Belmont Funding LLC
5.31%, 7/19/07		2,389,032		2,389,032
Beta Finance, Inc.
5.37%, 1/31/08 (l)		129,106		129,106
5.37%, 3/10/08 (l)		322,720		322,720
Cantabric Financing LLC
5.34%, 9/25/07		2,388,496		2,388,496
Cedar Springs Capital Co. LLC
5.33%, 7/19/07		1,911,129		1,911,129
5.32%, 7/23/07		956,008		956,008
CIT Group Holdings, Inc.
5.37%, 6/18/08 (l)		1,549,276		1,549,276
Citigroup Funding, Inc.
5.36%, 3/16/09 (l)		806,915		806,915
Citigroup Global Markets, Inc.
5.45%, 7/6/07 (l)		755,853		755,853
Comerica Bank
5.35%, 3/16/09 (l)		322,732		322,732
Concord Minutemen C.C. LLC,
Series B
5.33%, 7/12/07		1,452,435		1,452,435
Series C
5.32%, 7/3/07		1,607,177		1,607,177
Crown Point Capital Co. LLC
5.31%, 7/25/07		1,433,208		1,433,208
DekaBank Deutsche Girozentrale
5.38%, 7/29/08 (l)		839,191		839,191
Deutsche Bank AG/London
5.34%, 8/20/07 (l)		96,830		96,830
5.34%, 10/18/07 (l)		1,936,595		1,936,595
Deutsche Bank AG/New York
5.47%, 1/22/08 (l)		322,766		322,766
Fenway Funding LLC
5.35%, 8/9/07		1,433,079		1,433,079
Fifth Third Bancorp
5.32%, 7/29/08 (l)		96,829		96,829
First Tennessee Bank
5.34%, 7/29/08 (l)		2,904,622		2,904,622
General Electric Capital Corp.
5.40%, 3/12/10 (l)		129,106		129,106
Glitnir Banki hf
5.44%, 12/28/07 (l)		1,613,829		1,613,829
Goldman Sachs Group, Inc.
5.38%, 6/27/08 (l)		355,042		355,042
5.50%, 7/29/08 (l)		645,532		645,532
5.41%, 3/27/09 (l)		903,745		903,745
Gotham Funding Corp.
5.37%, 7/3/07		1,450,716		1,450,716
Hartford Life, Inc.
5.45%, 6/27/08 (l)		258,213		258,213
HBOS Treasury Services plc
5.47%, 7/2/07		1,947,085		1,947,085
ING Bank N.V./Amsterdam
5.43%, 7/2/07		3,550,425		3,550,425

111

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2007 (Unaudited)


	Principal Amount		Value (Note 1)
K2 (USA) LLC
5.37%, 5/29/09 (l)	$	1,290,353	$	1,290,353
5.37%, 6/18/09 (l)		1,612,861		1,612,861
Kommunalkredit Austria AG
5.32%, 7/29/08 (l)		1,936,512		1,936,512
Lehman Brothers, Inc.
5.50%, 9/28/07 (l)		112,968		112,968
Links Finance LLC
5.37%, 6/25/09 (l)		483,907		483,907
MBIA Global Funding LLC
5.37%, 3/30/09 (l)		806,915		806,915
Monumental Global Funding II
5.36%, 4/25/08 (l)		387,319		387,319
5.43%, 6/28/10 (l)		1,517,000		1,517,000
Morgan Stanley
5.53%, 5/7/09 (l)		1,613,829		1,613,829
Morgan Stanley ABS Capital I,
Series 07-NC2 A2A
5.43%, 5/1/09 (l)		300,017		300,017
Natexis Banques Populaires N.Y.
5.34%, 8/7/07 (l)		968,298		968,298
5.37%, 1/28/08 (l)		968,298		968,298
New York Life Insurance Co.
5.41%, 9/28/07 (l)		1,097,404		1,097,404
Park Granada LLC
5.32%, 7/6/07		959,084		959,084
Pricoa Global Funding I
5.40%, 6/25/10 (l)		968,007		968,007
Rhein-Main Securitisation Ltd.
5.35%, 7/16/07		1,222,670		1,222,670
Saxon Asset Securities Trust,
Series 07-2 A2A
5.42%, 4/30/09 (l)		155,111		155,111
Solitaire Funding LLC
5.34%, 9/26/07		796,047		796,047
SunTrust Bank/Atlanta
5.33%, 7/30/07 (l)		96,830		96,830
Wachovia Bank N.A.
5.37%, 10/2/08 (l)		322,766		322,766
Washington Mutual Asset-Backed Certificates,
Series 07-HE2 2A1
5.43%, 4/10/09 (l)		458,163		458,163

Total Short-Term Investments of Cash Collateral for Securities Loaned				79,133,189

Time Deposit (4.7%)
JPMorgan Chase Nassau
4.76%, 7/2/07		25,851,498		25,851,498

Total Short-Term Investments (19.0%)
(Amortized Cost $104,984,687)				104,984,687

Total Investments (114.6%)
(Cost/Amortized Cost $551,036,084)				635,342,338
Other Assets Less Liabilities (-14.6%)				(80,733,360	)

Net Assets (100%)			$	554,608,978

*	Non-income producing.

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

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2007, the market value of these securities amounted to $14,193,492 or 2.56% 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.

(l)

Floating Rate Security. Rate disclosed is as of June 30, 2007.

(r)

The repurchase agreements are fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR

— American Depositary Receipt

GDR

— Global Depositary Receipt

112

AXA PREMIER VIP TRUST

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	350,201,837
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	410,938,551

As of June 30, 2007, 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	$	79,662,580
Aggregate gross unrealized depreciation		(5,766,969	)

Net unrealized appreciation	$	73,895,611

Federal income tax cost of investments	$	561,446,727

At June 30, 2007, the Portfolio had loaned securities with a total value of $78,302,577. This was secured by collateral of $79,133,189 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the six months ended June 30, 2007, the Portfolio incurred approximately $938 as brokerage commissions with BNP Paribas, and $1,150 as brokerage commissions with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $143,918,720 of which $118,265,703 expires in the year 2009, and $25,653,017 expires in the year 2010. Included in the capital loss carryforward amounts are $143,918,720 of losses acquired from EQ/Technology Portfolio as a result of a tax free reorganization. Certain capital loss carryforwards may be subject to limitation on 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 Financial Statements.

113

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		170,392	$	1,717,565
EQ/Equity 500 Index Portfolio‡		76,261		2,109,769
EQ/International ETF Portfolio‡		100,801		1,220,301
EQ/Small Company Index Portfolio‡		40,135		553,405
EQ/Van Kampen Emerging
Markets Equity Portfolio‡		18,737		357,112
Multimanager Aggressive
Equity Portfolio‡		20,675		638,296
Multimanager High Yield Portfolio‡		66,330		383,825
Multimanager Large Cap
Value Portfolio‡		20,253		281,143
Multimanager Mid Cap
Growth Portfolio*‡		3,831		38,491
Multimanager Mid Cap
Value Portfolio‡		17,372		193,540

Total Investment Companies (97.9%) (Cost $7,196,042)				7,493,447


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
4.76%, 7/2/07
(Amortized Cost $9,785)	$	9,785		9,785

Total Investments (98.0%) (Cost/Amortized Cost $ 7,205,827)				7,503,232
Other Assets Less Liabilities (2.0%)				151,911

Net Assets (100%)			$	7,655,143

*	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 and Class IA shares for EQ Advisors Trust Portfolios.

Investments in companies which were affiliates for the six months ended June 30, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value June 30, 2007		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	590,446	$	1,178,173	$	51,453	$	1,717,565	$	—	$	(972	)
EQ/Equity 500 Index Portfolio		729,443		1,347,777		55,333		2,109,769		—		3,928
EQ/International ETF Portfolio		406,244		772,711		29,183		1,220,301		—		3,453
EQ/Small Company
Index Portfolio		213,442		333,447		13,115		553,405		—		837
EQ/Van Kampen Emerging
Markets Equity Portfolio		123,549		199,366		7,814		357,112		—		1,108
Multimanager Aggressive
Equity Portfolio		210,032		415,275		15,489		638,296		—		2,262
Multimanager High
Yield Portfolio		124,304		266,645		10,988		383,825		—		(23	)
Multimanager Large Cap
Value Portfolio		82,198		193,362		7,181		281,143		—		651
Multimanager Mid Cap
Growth Portfolio		12,640		24,428		1,005		38,491		—		40
Multimanager Mid Cap
Value Portfolio		36,329		154,403		5,822		193,540		—		177

	$	2,528,627	$	4,885,587	$	197,383	$	7,493,447	$	—	$	11,461

114

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	4,885,587
Net Proceeds of Sales and Redemptions:
Investment Companies	$	208,844

As of June 30, 2007, 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	$	317,643
Aggregate gross unrealized depreciation		(20,269	)

Net unrealized appreciation	$	297,374

Federal income tax cost of investments	$	7,205,858

See Notes to Financial Statements.

115

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		159,025	$	1,602,987
EQ/Equity 500 Index Portfolio‡		125,656		3,476,270
EQ/International ETF Portfolio‡		163,001		1,973,305
EQ/Small Company
Index Portfolio‡		64,760		892,946
EQ/Van Kampen Emerging
Markets Equity Portfolio‡		28,764		548,223
Multimanager Aggressive
Equity Portfolio‡		28,681		885,492
Multimanager High
Yield Portfolio‡		52,241		302,300
Multimanager Large Cap
Value Portfolio‡		28,422		394,548
Multimanager Mid Cap
Growth Portfolio*‡		7,925		79,632
Multimanager Mid Cap
Value Portfolio‡		25,156		280,264

Total Investment Companies (99.4%)
(Cost $10,043,224)				10,435,967


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
4.76%, 7/2/07
(Amortized Cost $13,923)	$	13,923		13,923

Total Investments (99.5%)
(Cost/Amortized Cost $10,057,147)				10,449,890
Other Assets Less Liabilities (0.5%)				51,835

Net Assets (100%)			$	10,501,725

*	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 and Class IA shares for EQ Advisors Trust Portfolios.

Investments in companies which were affiliates for the six months ended June 30, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value June 30, 2007		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	419,954	$	1,195,324	$	10,342	$	1,602,987	$	—	$	(142	)
EQ/Equity 500 Index Portfolio		929,557		2,453,577		19,790		3,476,270		—		1,450
EQ/International ETF Portfolio		500,546		1,386,488		10,088		1,973,305		—		1,383
EQ/Small Company
Index Portfolio		248,595		624,618		4,859		892,946		—		361
EQ/Van Kampen Emerging
Markets Equity Portfolio		146,131		347,382		2,484		548,223		—		416
Multimanager Aggressive
Equity Portfolio		223,593		632,637		4,699		885,492		—		664
Multimanager High
Yield Portfolio		79,148		223,284		1,886		302,300		—		7
Multimanager Large Cap
Value Portfolio		87,490		295,349		2,273		394,548		—		227
Multimanager Mid Cap
Growth Portfolio		20,164		55,821		449		79,632		—		24
Multimanager Mid Cap
Value Portfolio		43,284		228,313		1,731		280,264		—		97

	$	2,698,462	$	7,442,793	$	58,601	$	10,435,967	$	—	$	4,487

116

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	7,442,793
Net Proceeds of Sales and Redemptions:
Investment Companies	$	63,088

As of June 30, 2007, 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	$	409,936
Aggregate gross unrealized depreciation		(17,193	)

Net unrealized appreciation	$	392,743

Federal income tax cost of investments	$	10,057,147

See Notes to Financial Statements.

117

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		35,246	$	355,285
EQ/Equity 500 Index Portfolio‡		77,199		2,135,722
EQ/International ETF Portfolio‡		99,759		1,207,695
EQ/Small Company Index Portfolio‡		38,352		528,819
EQ/Van Kampen Emerging Markets
Equity Portfolio‡		17,768		338,656
Multimanager Aggressive
Equity Portfolio‡		15,082		465,633
Multimanager High Yield Portfolio‡.		19,718		114,104
Multimanager Large Cap
Value Portfolio‡		14,999		208,208
Multimanager Mid Cap
Growth Portfolio*‡		5,594		56,212
Multimanager Mid Cap
Value Portfolio‡		12,305		137,096

Total Investment Companies (100.7%)
(Cost $5,244,625)				5,547,430


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.7%)
JPMorgan Chase Nassau
4.76%, 7/2/07
(Amortized Cost $37,831)	$	37,831		37,831

Total Investments (101.4%)
(Cost/Amortized Cost $5,282,456)				5,585,261
Other Assets Less Liabilities (-1.4%)				(79,820	)

Net Assets (100%)			$	5,505,441

*	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 and Class IA shares for EQ Advisors Trust Portfolios.

Investments in companies which were affiliates for the six months ended June 30, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value June 30, 2007		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	117,488	$	241,699	$	3,541	$	355,285	$	—	$	(75	)
EQ/Equity 500 Index Portfolio		707,530		1,364,118		18,803		2,135,722		—		1,054
EQ/International ETF Portfolio		380,353		769,460		9,959		1,207,695		—		949
EQ/Small Company Index Portfolio		182,456		332,637		4,130		528,819		—		173
EQ/Van Kampen Emerging
Markets Equity Portfolio		105,791		196,471		2,453		338,656		—		318
Multimanager Aggressive
Equity Portfolio		145,217		303,637		3,793		465,633		—		487
Multimanager High
Yield Portfolio		34,364		79,882		1,048		114,104		—		(12	)
Multimanager Large Cap
Value Portfolio		59,069		141,903		1,694		208,208		—		127
Multimanager Mid Cap
Growth Portfolio		17,628		35,722		499		56,212		—		4
Multimanager Mid Cap
Value Portfolio		25,507		106,674		1,403		137,096		—		12

	$	1,775,403	$	3,572,203	$	47,323	$	5,547,430	$	—	$	3,037

118

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

June 30, 2007 (Unaudited)

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	3,572,203
Net Proceeds of Sales and Redemptions:
Investment Companies	$	50,360

As of June 30, 2007, 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	$	306,505
Aggregate gross unrealized depreciation		(3,700	)

Net unrealized appreciation	$	302,805

Federal income tax cost of investments	$	5,282,456

See Notes to Financial Statements.

119

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2007 (Unaudited)


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Equity 500 Index Portfolio‡		60,573	$	1,675,742
EQ/International ETF Portfolio‡		78,145		946,033
EQ/Small Company Index Portfolio‡		29,557		407,542
EQ/Van Kampen Emerging Markets Equity Portfolio‡		14,096		268,662
Multimanager Aggressive Equity Portfolio‡		10,509		324,459
Multimanager Large Cap Value Portfolio‡		10,551		146,461
Multimanager Mid Cap Growth Portfolio*‡		4,903		49,265
Multimanager Mid Cap Value Portfolio‡		8,316		92,645

Total Investment Companies (99.5%) (Cost $3,675,125)				3,910,809


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.4%)
JPMorgan Chase Nassau
4.76%, 7/2/07 (Amortized Cost $14,279)	$	14,279	$	14,279

Total Investments (99.9%) (Cost/Amortized Cost $3,689,404)				3,925,088
Other Assets Less Liabilities (0.1%)				4,753

Net Assets (100%)			$	3,929,841

*	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 and Class IA shares for EQ Advisors Trust Portfolios.

Investments in companies which were affiliates for the six months ended June 30, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value June 30, 2007		Dividend Income		Realized Gain
EQ/Equity 500 Index Portfolio	$	699,297	$	960,394	$	45,932	$	1,675,742	$	—	$	4,154
EQ/International ETF Portfolio		379,540		537,844		24,235		946,033		—		3,742
EQ/Small Company Index Portfolio		178,057		226,702		10,823		407,542		—		927
EQ/Van Kampen Emerging Markets Equity Portfolio		107,285		137,737		5,939		268,662		—		1,202
Multimanager Aggressive Equity Portfolio		129,883		190,001		8,547		324,459		—		1,335
Multimanager Large Cap Value Portfolio		55,855		88,519		4,085		146,461		—		483
Multimanager Mid Cap Growth Portfolio		19,654		27,941		1,357		49,265		—		97
Multimanager Mid Cap Value Portfolio		25,254		66,166		3,182		92,645		—		222

	$	1,594,825	$	2,235,304	$	104,100	$	3,910,809	$	—	$	12,162

Investment security transactions for the six months ended June 30, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	2,235,304
Net Proceeds of Sales and Redemptions:
Investment Companies	$	116,262

As of June 30, 2007, 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	$	235,658
Aggregate gross unrealized depreciation		(5	)

Net unrealized appreciation	$	235,653

Federal income tax cost of investments	$	3,689,435

See Notes to Financial Statements.

120

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AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at cost:
Affiliated Issuers (Cost $456,405,583)	$	466,099,159
Receivable from Separate Accounts for Trust shares sold		987,668
Receivable from investment manager		35,627
Dividends, interest and other receivables		4,174
Other assets		34,172

Total assets		467,160,800

LIABILITIES
Overdraft payable		729,127
Payable to Separate Accounts for Trust shares redeemed		650,664
Distribution fees payable - Class B		93,375
Administrative fees payable		59,928
Trustees’ fees payable		6,781

Total liabilities		1,539,875

NET ASSETS	$	465,620,925

Net assets were comprised of:
Paid in capital	$	452,538,784
Accumulated undistributed net investment income		659,120
Accumulated undistributed net realized gain		2,729,445
Unrealized appreciation on investments		9,693,576

Net assets	$	465,620,925

Class A
Net asset value, offering and redemption price per share, $7,011,886 / 630,878 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.11

Class B
Net asset value, offering and redemption price per share, $458,609,039 / 41,308,198 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.10

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,317,331
Interest		34,171

Total income		1,351,502

EXPENSES
Distribution fees - Class B		490,622
Administrative fees		316,771
Investment management fees		199,607
Custodian fees		46,019
Professional fees		13,010
Printing and mailing expenses		12,760
Trustees’ fees		2,043
Miscellaneous		4,753

Gross expenses		1,085,585
Less: Waiver from investment advisor		(395,276	)

Net expenses		690,309

NET INVESTMENT INCOME		661,193

REALIZED AND UNREALIZED GAIN
Net realized gain on securities (All realized gain from affiliates)		2,321,240
Net change in unrealized appreciation on securities		5,178,644

NET REALIZED AND UNREALIZED GAIN		7,499,884

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,161,077

See Notes to Financial Statements.

121

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AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	661,193		$	9,935,221
Net realized gain on investments		2,321,240			5,015,826
Net change in unrealized appreciation on investments		5,178,644			5,203,661

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		8,161,077			20,154,708

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(166,159	)
Class B		—			(10,416,054	)

		—			(10,582,213	)

Distributions from net realized capital gains
Class A		—			(63,965	)
Class B		—			(4,516,945	)

		—			(4,580,910	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(15,163,123	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 452,960 and 402,755 shares, respectively ]		5,008,988			4,412,266
Capital shares issued in reinvestment of dividends and distributions [ 0 and 21,173 shares, respectively ]		—			230,124
Capital shares repurchased [ (282,188) and (249,615) shares, respectively ]		(3,124,491	)		(2,737,520	)

Total Class A transactions		1,884,497			1,904,870

Class B
Capital shares sold [ 22,465,441 and 28,284,413 shares, respectively ]		247,701,733			306,008,685
Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,374,257 shares, respectively ]		—			14,932,999
Capital shares repurchased [ (12,444,297) and (18,771,473) shares, respectively ]		(137,103,810	)		(203,913,235	)

Total Class B transactions		110,597,923			117,028,449

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		112,482,420			118,933,319

TOTAL INCREASE IN NET ASSETS		120,643,497			123,924,904
NET ASSETS:
Beginning of period		344,977,428			221,052,524

End of period (a)	$	465,620,925		$	344,977,428

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	659,120		$	(2,073	)

See Notes to Financial Statements.

122

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AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at cost:
Affiliated Issuers (Cost $935,254,635)	$	978,228,358
Unaffiliated Issuers (Amortized Cost $939,981)		939,981
Receivable from Separate Accounts for Trust shares sold		2,112,899
Receivable from investment manager		58,227
Dividends, interest and other receivables		7,149
Other assets		47,313

Total assets		981,393,927

LIABILITIES
Distribution fees payable - Class B		196,641
Administrative fees payable		121,894
Payable to Separate Accounts for Trust shares redeemed		113,365
Trustees’ fees payable		13,707

Total liabilities		445,607

NET ASSETS	$	980,948,320

Net assets were comprised of:
Paid in capital	$	921,375,631
Accumulated undistributed net investment income		848,392
Accumulated undistributed net realized gain		15,750,574
Unrealized appreciation on investments		42,973,723

Net assets	$	980,948,320

Class A
Net asset value, offering and redemption price per share, $8,526,228 / 709,095 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.02

Class B
Net asset value, offering and redemption price per share, $972,422,092 / 80,964,014 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.01

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	2,378,909
Interest		33,402

Total income		2,412,311

EXPENSES
Distribution fees - Class B		1,111,217
Administrative fees		689,216
Investment management fees		447,901
Custodian fees		29,555
Printing and mailing expenses		28,754
Professional fees		16,132
Trustees’ fees		4,669
Miscellaneous		10,371

Gross expenses		2,337,815
Less: Waiver from investment advisor		(778,398	)

Net expenses		1,559,417

NET INVESTMENT INCOME		852,894

REALIZED AND UNREALIZED GAIN
Net realized gain on securities (All realized gain from affiliates)		5,763,064
Net change in unrealized appreciation on securities		24,009,775

NET REALIZED AND UNREALIZED GAIN		29,772,839

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	30,625,733

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	852,894		$	18,438,456
Net realized gain on investments		5,763,064			21,900,840
Net change in unrealized appreciation on investments		24,009,775			18,491,440

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		30,625,733			58,830,736

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(159,559	)
Class B		—			(21,628,791	)

		—			(21,788,350	)

Distributions from net realized capital gains
Class A		—			(84,494	)
Class B		—			(12,580,580	)

		—			(12,665,074	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(34,453,424	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 278,292 and 297,911 shares, respectively ]		3,312,466			3,416,672
Capital shares issued in reinvestment of dividends and distributions [ 0 and 21,122 shares, respectively ]		—			244,053
Capital shares repurchased [ (46,834) and (151,897) shares, respectively ]		(554,128	)		(1,746,333	)

Total Class A transactions		2,758,338			1,914,392

Class B
Capital shares sold [ 22,332,175 and 34,007,781 shares, respectively ]		263,956,605			388,575,956
Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,961,709 shares, respectively ]		—			34,209,371
Capital shares repurchased [ (11,070,574) and (10,897,800) shares, respectively ]		(131,136,866	)		(124,798,351	)

Total Class B transactions		132,819,739			297,986,976

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		135,578,077			299,901,368

TOTAL INCREASE IN NET ASSETS		166,203,810			324,278,680
NET ASSETS:
Beginning of period		814,744,510			490,465,830

End of period (a)	$	980,948,320		$	814,744,510

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	848,392		$	(4,502	)

See Notes to Financial Statements.

124

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at cost:
Affiliated Issuers (Cost $8,027,195,832)	$	8,773,341,761
Unaffiliated Issuers (Amortized Cost $23,205,403)		23,205,403
Receivable from Separate Accounts for Trust shares sold		4,692,075
Receivable from investment manager		452,742
Dividends, interest and other receivables		29,092
Other assets		287,402

Total assets		8,802,008,475

LIABILITIES
Overdraft payable		122,297
Payable to Separate Accounts for Trust shares redeemed		4,570,018
Distribution fees payable - Class B		1,142,782
Administrative fees payable		1,078,875
Trustees’ fees payable		213,042

Total liabilities		7,127,014

NET ASSETS	$	8,794,881,461

Net assets were comprised of:
Paid in capital	$	7,938,310,250
Accumulated undistributed net investment income		11,273,078
Accumulated undistributed net realized gain		99,152,204
Unrealized appreciation on investments		746,145,929

Net assets	$	8,794,881,461

Class A
Net asset value, offering and redemption price per share, $3,179,051,261 / 179,417,613 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.72

Class B
Net asset value, offering and redemption price per share, $5,615,830,200 / 319,081,757 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.60

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends
(All dividend income received from affiliates)	$	22,075,544
Interest		98,559

Total income		22,174,103

EXPENSES
Distribution fees - Class B		6,487,218
Administrative fees		6,241,052
Investment management fees		4,149,080
Printing and mailing expenses		267,467
Professional fees		72,070
Trustees’ fees		43,856
Custodian fees		32,729
Miscellaneous		111,336

Gross expenses		17,404,808
Less: Waiver from investment advisor		(6,765,865	)

Net expenses		10,638,943

NET INVESTMENT INCOME		11,535,160

REALIZED AND UNREALIZED GAIN
Net realized gain on securities ($37,490,652 of realized gained from affiliates)		39,631,467
Net change in unrealized appreciation on securities		320,363,555

NET REALIZED AND UNREALIZED GAIN		359,995,022

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	371,530,182

See Notes to Financial Statements.

125

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	11,535,160		$	164,703,086
Net realized gain on investments		39,631,467			378,469,252
Net change in unrealized appreciation on investments		320,363,555			188,452,938

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		371,530,182			731,625,276

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(86,809,420	)
Class B		—			(122,870,234	)

		—			(209,679,654	)

Distributions from net realized capital gains
Class A		—			(24,774,863	)
Class B		—			(38,820,112	)

		—			(63,594,975	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(273,274,629	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 4,834,456 and 4,067,452 shares, respectively ]		84,290,690			67,111,778
Capital shares issued in reinvestment of dividends and distributions [ 0 and 6,596,914 shares, respectively ]		—			111,584,283
Capital shares repurchased [ (8,682,484) and (19,616,689) shares, respectively ]		(150,592,016	)		(322,868,918	)

Total Class A transactions		(66,301,326	)		(144,172,857	)

Class B
Capital shares sold [ 42,831,658 and 81,083,379 shares, respectively ]		739,423,636			1,324,685,837
Capital shares issued in reinvestment of dividends and distributions [ 0 and 9,611,138 shares, respectively ]		—			161,690,346
Capital shares repurchased [ (12,792,491) and (24,391,545) shares, respectively ]		(221,057,905	)		(400,067,966	)

Total Class B transactions		518,365,731			1,086,308,217

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		452,064,405			942,135,360

TOTAL INCREASE IN NET ASSETS		823,594,587			1,400,486,007
NET ASSETS:
Beginning of period		7,971,286,874			6,570,800,867

End of period (a)	$	8,794,881,461		$	7,971,286,874

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	11,273,078		$	(262,082	)

See Notes to Financial Statements.

126

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at cost:
Affiliated Issuers (Cost $ 8,102,583,011)	$	8,879,182,164
Unaffiliated Issuers
(Amortized Cost $ 8,966,091)		8,966,091
Receivable from Separate Accounts for Trust shares sold		16,194,501
Receivable from investment manager		447,148
Dividends, interest and other receivables		49,030
Other assets		198,112

Total assets		8,905,037,046

LIABILITIES
Distribution fees payable—Class B		1,765,966
Administrative fees payable		1,080,714
Payable to Separate Accounts for Trust shares redeemed		439,870
Trustees' fees payable		121,050

Total liabilities		3,407,600

NET ASSETS	$	8,901,629,446

Net assets were comprised of:
Paid in capital	$	7,881,521,454
Accumulated undistributed net investment income		3,595,836
Accumulated undistributed net realized gain		239,913,003
Unrealized appreciation on investments		776,599,153

Net assets	$	8,901,629,446

Class A
Net asset value, offering and redemption price per share, $151,861,745 / 10,321,544 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.71

Class B
Net asset value, offering and redemption price per share, $8,749,767,701 / 595,362,522 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.70

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends
(All dividend income received from affiliates)	$	16,657,540
Interest		308,457

Total income		16,965,997

EXPENSES
Distribution fees—Class B		9,482,761
Administrative fees		5,799,829
Investment management fees		3,854,935
Printing and mailing expenses		244,264
Professional fees		56,545
Trustees' fees		39,335
Custodian fees		31,043
Miscellaneous		69,601

Gross expenses		19,578,313
Less: Waiver from investment advisor		(6,236,383	)

Net expenses		13,341,930

NET INVESTMENT INCOME		3,624,067

REALIZED AND UNREALIZED GAIN
Net realized gain on securities (All realized gain from affiliates)		86,211,568
Net change in unrealized appreciation on securities		350,755,846

NET REALIZED AND UNREALIZED GAIN		436,967,414

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	440,591,481

See Notes to Financial Statements.

127

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,624,067		$	90,448,536
Net realized gain on investments		86,211,568			236,753,251
Net change in unrealized appreciation on investments		350,755,846			340,608,529

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		440,591,481			667,810,316

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(2,300,010	)
Class B		—			(134,389,966	)

		—			(136,689,976	)

Distributions from net realized capital gains
Class A		—			(1,191,383	)
Class B		—			(84,027,626	)

		—			(85,219,009	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(221,908,985	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 3,250,848 and 4,327,527 shares, respectively ]		46,521,333			58,002,090
Capital shares issued in reinvestment of dividends and distributions [ 0 and 255,726 shares, respectively ]		—			3,491,393
Capital shares repurchased [ (162,196) and (349,365) shares, respectively ]		(2,317,824	)		(4,632,298	)

Total Class A transactions		44,203,509			56,861,185

Class B
Capital shares sold [ 132,646,191 and 234,129,575 shares, respectively ]		1,893,640,414			3,114,124,721
Capital shares issued in reinvestment of dividends and distributions [ 0 and 16,044,608 shares, respectively ]		—			218,417,592
Capital shares repurchased [ (12,974,598) and (9,151,382) shares, respectively ]		(184,883,687	)		(121,391,583	)

Total Class B transactions		1,708,756,727			3,211,150,730

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,752,960,236			3,268,011,915

TOTAL INCREASE IN NET ASSETS		2,193,551,717			3,713,913,246
NET ASSETS:
Beginning of period		6,708,077,729			2,994,164,483

End of period (a)	$	8,901,629,446		$	6,708,077,729

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	3,595,836		$	(28,231	)

See Notes to Financial Statements.

128

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AXA AGGRESSIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at cost:
Affiliated Issuers (Cost $ 2,135,618,856)	$	2,381,793,795
Unaffiliated Issuers (Amortized Cost $ 2,524,709)		2,524,709
Receivable from Separate Accounts for Trust shares sold		5,650,516
Receivable from investment manager		126,103
Dividends, interest and other receivables		19,364
Other assets		46,056

Total assets		2,390,160,543

LIABILITIES
Distribution fees payable—Class B		463,159
Administrative fees payable		290,230
Payable to Separate Accounts for Trust shares redeemed		222,707
Trustees’ fees payable		31,822

Total liabilities		1,007,918

NET ASSETS	$	2,389,152,625

Net assets were comprised of:
Paid in capital	$	2,079,446,503
Accumulated net investment loss		(1,553,381	)
Accumulated undistributed net realized gain		65,084,564
Unrealized appreciation on investments		246,174,939

Net assets	$	2,389,152,625

Class A
Net asset value, offering and redemption price per share, $77,852,365 / 4,935,905 shares outstanding (unlimited amount authorized: $0.001 par value)	$	15.77

Class B
Net asset value, offering and redemption price per share, $2,311,300,260 / 146,708,645 shares outstanding (unlimited amount authorized: $ 0.001 par value)	$	15.75

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,730,847
Interest		116,817

Total income		1,847,664

EXPENSES
Distribution fees - Class B		2,400,444
Administrative fees		1,506,946
Investment management fees		993,048
Printing and mailing expenses		62,500
Custodian fees		31,539
Professional fees		22,130
Trustees’ fees		9,983
Miscellaneous		16,097

Gross expenses		5,042,687
Less: Waiver from investment advisor		(1,647,882	)

Net expenses		3,394,805

NET INVESTMENT LOSS		(1,547,141	)
REALIZED AND UNREALIZED GAIN
Net realized gain on securities (All realized gain from affiliates)		18,534,564
Net change in unrealized appreciation on securities		121,699,312

NET REALIZED AND UNREALIZED GAIN		140,233,876

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	138,686,735

See Notes to Financial Statements.

129

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,547,141	)	$	13,691,661
Net realized gain on investments		18,534,564			76,662,125
Net change in unrealized appreciation on investments		121,699,312			94,281,988

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		138,686,735			184,635,774

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(1,001,235	)
Class B		—			(27,597,120	)

		—			(28,598,355	)

Distributions from net realized capital gains
Class A		—			(743,323	)
Class B		—			(24,769,822	)

		—			(25,513,145	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(54,111,500	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,736,264 and 2,390,747 shares, respectively ]		26,260,347			33,628,174
Capital shares issued in reinvestment of dividends and distributions [ 0 and 120,950 shares, respectively ]		—			1,744,558
Capital shares repurchased [ (282,542) and (423,432) shares, respectively ]		(4,322,770	)		(5,887,122	)

Total Class A transactions		21,937,577			29,485,610

Class B
Capital shares sold [ 44,089,268 and 64,497,168 shares, respectively ]		670,727,575			899,027,348
Capital shares issued in reinvestment of dividends and distributions [ 0 and 3,642,377 shares, respectively]		—			52,366,942
Capital shares repurchased [ (5,835,890) and (6,716,945) shares, respectively ]		(88,742,094	)		(92,580,193	)

Total Class B transactions		581,985,481			858,814,097

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		603,923,058			888,299,707

TOTAL INCREASE IN NET ASSETS		742,609,793			1,018,823,981
NET ASSETS:
Beginning of period		1,646,542,832			627,718,851

End of period (a)	$	2,389,152,625		$	1,646,542,832

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(1,553,381	)	$	(6,240	)

See Notes to Financial Statements.

130

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $2,765,865,544)
(Securities on loan at market value $363,982,012)	$	3,047,084,345
Receivable for securities sold		4,801,439
Receivable from Separate Accounts for Trust shares sold		997,317
Dividends, interest and other receivables		789,360
Other assets		20,536

Total assets		3,053,692,997

LIABILITIES
Overdraft payable		4,939,303
Overdraft payable of Foreign Cash (Cost $7,549)		7,448
Collateral held for loaned securities		362,870,109
Payable to Separate Accounts for Trust shares redeemed		7,132,100
Payable for securities purchased		2,071,676
Investment management fees payable		1,369,165
Administrative fees payable		347,984
Trustees' fees payable		90,258
Distribution fees payable—Class B		52,006
Accrued expenses		1,339

Total liabilities		378,881,388

NET ASSETS	$	2,674,811,609

Net assets were comprised of:
Paid in capital	$	2,842,972,409
Accumulated undistributed net investment income		1,882,155
Accumulated undistributed net realized loss		(451,262,423	)
Unrealized appreciation on investments		281,219,468

Net assets	$	2,674,811,609

Class A
Net asset value, offering and redemption price per share, $2,423,682,345 / 78,505,182 shares outstanding (unlimited amount authorized: $0.001 par value)	$	30.87

Class B
Net asset value, offering and redemption price per share, $251,129,264 / 8,273,046 shares outstanding (unlimited amount authorized: $0.001 par value)	$	30.36

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends (net of $89,111 foreign withholding tax)	$	8,019,696
Interest		2,019,489
Securities lending (net)		1,071,191

Total income		11,110,376

EXPENSES
Investment management fees		8,115,958
Administrative fees		2,070,267
Distribution fees—Class B		316,214
Printing and mailing expenses		85,868
Custodian fees		77,557
Professional fees		76,583
Trustees' fees		14,077
Miscellaneous		38,219

Gross expenses		10,794,743
Less: Fees paid indirectly		(1,660,645	)

Net expenses		9,134,098

NET INVESTMENT INCOME		1,976,278

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		155,362,722
Foreign currency transactions		(48,051	)

Net realized gain		155,314,671

Change in unrealized appreciation (depreciation) on:
Securities		30,257,574
Foreign currency translations		(2,442	)

Net change in unrealized appreciation		30,255,132

NET REALIZED AND UNREALIZED GAIN		185,569,803

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	187,546,081

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,976,278		$	4,136,588
Net realized gain on investments and foreign currency transactions		155,314,671			186,513,687
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		30,255,132			(55,719,467	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		187,546,081			134,930,808

DIVIDENDS:
Dividends from net investment income
Class A		—			(4,141,455	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 5,974,463 and 12,772,853 shares, respectively ]		177,145,202			346,209,414
Capital shares issued in reinvestment of dividends [ 0 and 143,339 shares, respectively ]		—			4,141,455
Capital shares repurchased [ (8,530,330) and (9,429,092) shares, respectively ]		(256,754,847	)		(258,850,886	)

Total Class A transactions		(79,609,645	)		91,499,983

Class B
Capital shares sold [ 747,150 and 2,194,831 shares, respectively ]		21,795,887			59,730,003
Capital shares repurchased [ (1,709,223) and (2,894,508) shares, respectively ]		(49,466,496	)		(77,851,012	)

Total Class B transactions		(27,670,609	)		(18,121,009	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(107,280,254	)		73,378,974

TOTAL INCREASE IN NET ASSETS		80,265,827			204,168,327
NET ASSETS:
Beginning of year		2,594,545,782			2,390,377,455

End of year (a)	$	2,674,811,609		$	2,594,545,782

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	1,882,155		$	(94,123	)

See Notes to Financial Statements.

131

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MULTIMANAGER CORE BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $3,803,869,402)
(Securities on loan at market value $52,548,048)	$	3,768,935,347
Foreign Cash (Cost $8,222,645)		8,234,162
Receivable for forward commitments		426,811,242
Receivable for securities sold		19,497,190
Dividends, interest and other receivables		14,526,982
Receivable from Separate Accounts for Trust shares sold		2,163,927
Variation margin receivable on futures contracts		1,921,947
Unrealized appreciation of forward foreign currency contracts		202,809
Other assets		83,114

Total assets		4,242,376,720

LIABILITIES
Overdraft payable		11,816,178
Payable for forward commitments		1,080,064,863
Payable for securities purchased		307,082,961
Collateral held for loaned securities		48,971,863
Securities sold short
(Proceeds received $ 26,885,844)		26,982,731
Payable to Separate Accounts for Trust shares redeemed		20,656,864
Investment management fees payable		1,215,404
Administrative fees payable		353,945
Unrealized depreciation of forward foreign currency contracts		275,121
Distribution fees payable—Class B		168,123
Trustees’ fees payable		43,015

Total liabilities		1,497,631,068

NET ASSETS	$	2,744,745,652

Net assets were comprised of:
Paid in capital	$	2,833,196,625
Accumulated undistributed net investment income		81,599
Accumulated net realized loss		(42,368,179	)
Unrealized depreciation on investments, securities sold short, futures and foreign currency translations		(46,164,393	)

Net assets	$	2,744,745,652

Class A
Net asset value, offering and redemption price per share, $1,922,006,032 / 192,208,414 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.00

Class B
Net asset value, offering and redemption price per share, $822,739,620 / 82,337,355 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.99

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Interest (net of $6,815 foreign withholding tax)	$	73,923,872
Securities lending (net)		106,045

Total income		74,029,917

EXPENSES
Investment management fees		8,227,401
Administrative fees		2,157,037
Distribution fees—Class B		1,029,043
Custodian fees		127,840
Printing and mailing expenses		91,426
Professional fees		36,126
Trustees’ fees		15,022
Miscellaneous		36,139

Gross expenses		11,720,034
Less: Waiver from investment advisor		(849,210	)

Net expenses		10,870,824

NET INVESTMENT INCOME		63,159,093

REALIZED AND UNREALIZED GAIN (LOSS)
Realized loss on:
Securities		(19,286,492	)
Futures		(9,936,472	)
Foreign currency transactions		(485,157	)

Net realized loss		(29,708,121	)

Change in unrealized appreciation (depreciation) on:
Securities		(20,507,593	)
Securities sold short		(496,509	)
Futures		(7,802,194	)
Foreign currency translations		1,048,438

Net change in unrealized depreciation		(27,757,858	)

NET REALIZED AND UNREALIZED LOSS		(57,465,979	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,693,114

See Notes to Financial Statements.

132

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MULTIMANAGER CORE BOND PORTFOLIO


*STATEMENT OF CHANGES IN NET ASSETS*
	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	63,159,093		$	99,791,417
Net realized gain (loss) on investments and foreign currency transactions		(29,708,121	)		3,075,334
Net change in unrealized depreciation on investments and foreign currency translations		(27,757,858	)		(4,664,377	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		5,693,114			98,202,374

DIVIDENDS:
Dividends from net investment income
Class A		(46,384,477	)		(68,386,512	)
Class B		(18,190,396	)		(33,174,174	)

		(64,574,873	)		(101,560,686	)


CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 17,816,528 and 66,015,589 shares, respectively ]		181,157,577			668,899,610
Capital shares issued in reinvestment of dividends [ 4,574,816 and 6,759,317 shares, respectively ]		46,384,477			68,386,512
Capital shares repurchased [ (17,466,262) and (6,224,591) shares, respectively ]		(174,898,002	)		(63,075,019	)

Total Class A transactions		52,644,052			674,211,103

Class B
Capital shares sold [ 8,557,039 and 15,244,197 shares, respectively ]		86,950,177			154,635,674
Capital shares issued in reinvestment of dividends [ 1,795,032 and 3,281,419 shares, respectively ]		18,190,396			33,174,174
Capital shares repurchased [ (8,929,496) and (16,357,373) shares, respectively ]		(90,737,916	)		(165,678,750	)

Total Class B transactions		14,402,657			22,131,098

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		67,046,709			696,342,201

TOTAL INCREASE IN NET ASSETS		8,164,950			692,983,889
NET ASSETS:
Beginning of period		2,736,580,702			2,043,596,813

End of period (a)	$	2,744,745,652		$	2,736,580,702

(a) Includes accumulated undistributed net investment income of	$	81,599		$	1,497,379

See Notes to Financial Statements.

133

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MULTIMANAGER HEALTH CARE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $446,130,087)
(Securities on loan at market value $71,323,964)	$	487,627,841
Foreign cash (Cost $51,870)		51,898
Receivable for securities sold		1,782,387
Dividends, interest and other receivables		394,079
Receivable from Separate Accounts for Trust shares sold		240,444
Other assets		2,971

Total assets		490,099,620

LIABILITIES
Overdraft payable		130,588
Collateral held for loaned securities		73,374,552
Payable for securities purchased		1,350,091
Investment management fees payable		411,336
Payable to Separate Accounts for Trust shares redeemed		250,612
Distribution fees payable—Class B		82,061
Administrative fees payable		62,597
Options written, at value (Premiums received $26,193)		29,920
Trustees' fees payable		6,185
Accrued expenses		11,682

Total liabilities		75,709,624

NET ASSETS	$	414,389,996

Net assets were comprised of:
Paid in capital	$	355,616,015
Accumulated net investment loss		(1,018,211	)
Accumulated undistributed net realized gain		18,295,250
Unrealized appreciation on investments, written options and foreign currency translations		41,496,942

Net assets	$	414,389,996

Class A
Net asset value, offering and redemption price per share, $17,531,505 / 1,503,689 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.66

Class B
Net asset value, offering and redemption price per share, $396,858,491 / 34,562,565 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.48


*STATEMENT OF OPERATIONS* *For the Six Months Ended June 30, 2007 (Unaudited)*

INVESTMENT INCOME
Dividends (net of $65,611 foreign withholding tax)	$	1,930,896
Interest		349,430
Securities lending (net)		58,574

Total Income		2,338,900

EXPENSES
Investment management fees		2,428,818
Distribution fees - Class B		484,525
Administrative fees		372,360
Custodian fees		50,382
Professional fees		15,338
Printing and mailing expenses		13,081
Trustees' fees		2,156
Miscellaneous		9,671

Gross expenses		3,376,331
Less: Fees paid indirectly		(44,233	)

Net expenses		3,332,098

NET INVESTMENT LOSS		(993,198	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		21,432,434
Options written		(187,126	)
Foreign currency transactions		17,314

Net realized gain		21,262,622

Change in unrealized appreciation (depreciation) on:
Securities		1,356,581
Options written		(3,727	)
Foreign currency translations		(112	)

Net change in unrealized appreciation		1,352,319

NET REALIZED AND UNREALIZED GAIN		22,614,941

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,621,743

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(993,198	)	$	(1,979,054	)
Net realized gain on investments and foreign currency transactions		21,262,622			15,333,126
Net change in unrealized appreciation on investments and foreign currency translations		1,352,319			5,529,555

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		21,621,743			18,883,627

DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		—			(766,849	)
Class B		—			(17,273,592	)

TOTAL DISTRIBUTIONS		—			(18,040,441	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 151,778 and 444,269 shares, respectively ]		1,757,280			4,909,861
Capital shares issued in reinvestment of distributions [ 0 and 71,048 shares, respectively ]		—			766,849
Capital shares repurchased [ (171,300) and (390,415) shares, respectively ]		(1,973,498	)		(4,335,889	)

Total Class A transactions		(216,218	)		1,340,821

Class B
Capital shares sold [ 3,365,533 and 8,918,191 shares, respectively ]		38,379,713			97,805,926
Capital shares issued in reinvestment of distributions [ 0 and 1,620,342 shares, respectively]		—			17,273,592
Capital shares repurchased [ (3,859,449) and (6,247,787) shares, respectively ]		(43,652,124	)		(68,365,869	)

Total Class B transactions		(5,272,411	)		46,713,649


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(5,488,629	)		48,054,470

TOTAL INCREASE IN NET ASSETS		16,133,114			48,897,656
NET ASSETS:
Beginning of period		398,256,882			349,359,226

End of period (a)	$	414,389,996		$	398,256,882

(a) Includes accumulated net investment loss of	$	(1,018,211	)	$	(25,013	)

See Notes to Financial Statements.

134

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $2,350,496,380)
(Securities on loan at market value $356,326,304)	$	2,353,656,098
Receivable for securities sold		39,640,501
Dividends, interest and other receivables		37,419,791
Receivable from Separate Accounts for Trust shares sold		1,727,728
Unrealized appreciation of forward foreign currency contracts		328,043
Other assets		30,293

Total assets		2,432,802,454

LIABILITIES
Overdraft payable		7,290,919
Overdraft payable of foreign cash		4,021,617
Collateral held for loaned securities		364,123,033
Payable for securities purchased		54,580,860
Investment management fees payable		964,695
Unrealized depreciation of forward foreign currency contracts		895,041
Payable to Separate Accounts for Trust shares redeemed		873,228
Administrative fees payable		257,530
Distribution fees payable—Class B		234,130
Trustees’ fees payable		38,148

Total liabilities		433,279,201

NET ASSETS	$	1,999,523,253

Net assets were comprised of:
Paid in capital	$	2,220,368,096
Accumulated undistributed net investment income		76,037,716
Accumulated net realized loss		(299,462,084	)
Unrealized appreciation on investments, futures and foreign currency translations		2,579,525

Net assets	$	1,999,523,253

Class A
Net asset value, offering and redemption price per share, $881,032,443 / 152,207,348 shares outstanding (unlimited amount authorized: $0.001 par value)	$	5.79

Class B
Net asset value, offering and redemption price per share, $1,118,490,810 / 194,573,731 shares outstanding (unlimited amount authorized: $0.001 par value)	$	5.75


*STATEMENT OF OPERATIONS* *For the Six Months Ended June 30, 2007 (Unaudited)*

INVESTMENT INCOME
Interest	$	84,449,748
Securities lending (net)		21,544

Total Income		84,471,292

EXPENSES
Investment management fees		5,738,900
Administrative fees		1,537,881
Distribution fees—Class B		1,396,336
Professional fees		95,051
Printing and mailing expenses		64,473
Custodian fees		64,373
Trustees’ fees		10,604
Miscellaneous		28,642

Total Expenses		8,936,260

NET INVESTMENT INCOME		75,535,032

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		19,296,253
Futures		(1,475,011	)
Foreign currency transactions		(239,841	)

Net realized gain		17,581,401

Change in unrealized appreciation (depreciation) on:
Securities		(35,493,340	)
Futures		674,169
Foreign currency translations		1,614,612

Net change in unrealized depreciation		(33,204,559	)

NET REALIZED AND UNREALIZED LOSS		(15,623,158	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	59,911,874

See Notes to Financial Statements.

135

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	75,535,032		$	134,095,109
Net realized gain (loss) on investments and foreign currency transactions		17,581,401			(5,646,208	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(33,204,559	)		50,045,658

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		59,911,874			178,494,559

DIVIDENDS:
Dividends from net investment income
Class A		—			(59,039,233	)
Class B		—			(73,375,113	)

TOTAL DIVIDENDS		—			(132,414,346	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 17,948,829 and 30,965,342 shares, respectively ]		103,297,508			177,613,117
Capital shares issued in reinvestment of dividends [ 0 and 10,556,421 shares, respectively ]		—			59,039,233
Capital shares repurchased [ (18,137,490) and (29,993,676) shares, respectively ]		(104,167,233	)		(170,057,927	)

Total Class A transactions		(869,725	)		66,594,423

Class B
Capital shares sold [ 18,396,201 and 29,311,823 shares, respectively ]		105,690,707			165,765,087
Capital shares issued in reinvestment of dividends [ 0 and 13,194,478 shares, respectively ]		—			73,375,113
Capital shares repurchased [ (21,199,923) and (37,142,824) shares, respectively ]		(121,646,575	)		(209,701,913	)

Total Class B transactions		(15,955,868	)		29,438,287

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(16,825,593	)		96,032,710

TOTAL INCREASE IN NET ASSETS		43,086,281			142,112,923
NET ASSETS:
Beginning of period		1,956,436,972			1,814,324,049

End of period (a)	$	1,999,523,253		$	1,956,436,972

(a) Includes accumulated undistributed net investment income of	$	76,037,716		$	502,684

See Notes to Financial Statements.

136

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $2,752,821,107)
(Securities on loan at market value $496,056,805)	$	3,228,045,325
Cash		26,236,207
Foreign Cash (Cost $5,445,000)		5,481,771
Foreign Cash Held at Broker as Collateral		2,751,911
Receivable for securities sold		21,947,798
Dividends, interest and other receivables		5,370,957
Receivable from Separate Accounts for Trust shares sold		3,387,517
Variation margin receivable on futures contracts		72,602
Other assets		635,770

Total assets		3,293,929,858

LIABILITIES
Collateral held for loaned securities		516,337,412
Payable for securities purchased		41,232,193
Investment management fees payable		2,236,354
Payable to Separate Accounts for Trust shares redeemed		961,313
Administrative fees payable		340,811
Distribution fees payable - Class B		175,339
Trustees’ fees payable		36,322

Total liabilities		561,319,744

NET ASSETS	$	2,732,610,114

Net assets were comprised of:
Paid in capital	$	2,131,081,662
Accumulated undistributed net investment income		21,292,275
Accumulated undistributed net realized gain		104,762,100
Unrealized appreciation on investments, futures, and foreign currency translations		475,474,077

Net assets	$	2,732,610,114

Class A
Net asset value, offering and redemption price per share, $1,871,398,071 / 109,360,560 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.11

Class B
Net asset value, offering and redemption price per share, $861,212,043 / 50,482,166 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.06

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends (net of $4,860,978 foreign withholding tax)	$	38,021,851
Interest		2,078,929
Securities lending (net)		1,802,248

Total income		41,903,028

EXPENSES
Investment management fees		11,949,483
Administrative fees		1,827,402
Distribution fees - Class B		1,006,954
Custodian fees		619,216
Printing and mailing expenses		74,160
Professional fees		27,619
Trustees’ fees		12,031
Miscellaneous		22,086

Gross expenses		15,538,951
Less: Fees paid indirectly		(8,225	)

Net expenses		15,530,726

NET INVESTMENT INCOME		26,372,302

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		82,607,609
Futures		939,957
Foreign currency transactions		(130,504	)

Net realized gain		83,417,062

Change in unrealized appreciation (depreciation) on:
Securities		115,691,226
Futures		(110,364	)
Foreign currency translations		74,396

Net change in unrealized appreciation		115,655,258

NET REALIZED AND UNREALIZED GAIN		199,072,320

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	225,444,622

See Notes to Financial Statements.

137

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	26,372,302		$	10,585,558
Net realized gain on investments, futures, and foreign currency transactions		83,417,062			99,680,297
Net change in unrealized appreciation on investments, futures, and foreign currency translations		115,655,258			221,979,633

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		225,444,622			332,245,488

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(8,741,601	)
Class B		—			(3,092,428	)

		—			(11,834,029	)

Distributions from net realized capital gains
Class A		—			(52,172,293	)
Class B		—			(30,431,777	)

		—			(82,604,070	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(94,438,099	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 23,763,150 and 57,490,990 shares, respectively ]		389,248,890			830,531,407
Capital shares issued in reinvestment of dividends and distributions [ 0 and 3,994,841 shares, respectively ]		—			60,913,894
Capital shares repurchased [ (1,443,025) and (3,583,648) shares, respectively ]		(23,657,785	)		(51,199,878	)

Total Class A transactions		365,591,105			840,245,423

Class B
Capital shares sold [ 8,002,035 and 22,000,941 shares, respectively ]		128,228,436			319,199,727
Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,207,849 shares, respectively ]		—			33,524,205
Capital shares repurchased [ (6,742,833) and (9,541,422) shares, respectively ]		(108,765,067	)		(137,681,385	)

Total Class B transactions		19,463,369			215,042,547

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		385,054,474			1,055,287,970

TOTAL INCREASE IN NET ASSETS		610,499,096			1,293,095,359
NET ASSETS:
Beginning of period		2,122,111,018			829,015,659

End of period (a)	$	2,732,610,114		$	2,122,111,018

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	21,292,275		$	(5,080,027	)

See Notes to Financial Statements.

138

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $916,914,958)
(Securities on loan at market value $78,131,969)	$	1,031,838,449
Foreign Cash (Cost $692)		732
Receivable for securities sold		6,315,987
Dividends, interest and other receivables		1,074,866
Receivable from Separate Accounts for Trust shares sold		952,637
Other assets		5,874

Total assets		1,040,188,545

LIABILITIES
Overdraft payable		4
Collateral held for loaned securities		79,500,003
Payable for securities purchased		4,300,234
Investment management fees payable		705,665
Administrative fees payable		128,370
Payable to Separate Accounts for Trust shares redeemed		60,582
Distribution fees payable - Class B		44,676
Recoupment fees payable		28,841
Trustees’ fees payable		13,609
Accrued expenses		2,464

Total liabilities		84,784,448

NET ASSETS	$	955,404,097

Net assets were comprised of:
Paid in capital	$	785,265,578
Accumulated undistributed net investment income		3,369,977
Accumulated undistributed net realized gain		51,845,011
Unrealized appreciation on investments and foreign currency translations		114,923,531

Net assets	$	955,404,097

Class A
Net asset value, offering and redemption price per share, $738,745,860 / 57,087,007 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.94

Class B
Net asset value, offering and redemption price per share, $216,658,237 / 16,759,212 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.93

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends (net of $22,307 foreign withholding tax)	$	7,305,460
Interest		806,002
Securities lending (net)		319,362

Total income		8,430,824

EXPENSES
Investment management fees		3,951,332
Administrative fees		726,484
Distribution fees - Class B		261,675
Recoupment fees		49,575
Custodian fees		36,993
Printing and mailing expenses		28,034
Professional fees		18,041
Trustees’ fees		4,562
Miscellaneous		10,656

Gross expenses		5,087,352
Less: Fees paid indirectly		(35,615	)

Net expenses		5,051,737

NET INVESTMENT INCOME		3,379,087

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		40,165,568
Foreign currency transactions		(22,545	)

Net realized gain		40,143,023

Change in unrealized appreciation on:
Securities		26,255,002
Foreign currency translations		18

Net change in unrealized appreciation		26,255,020

NET REALIZED AND UNREALIZED GAIN		66,398,043

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	69,777,130

See Notes to Financial Statements.

139

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,379,087		$	4,282,638
Net realized gain on investments and foreign currency transactions		40,143,023			25,932,047
Net change in unrealized appreciation on investments and foreign currency translations		26,255,020			57,743,788

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		69,777,130			87,958,473

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(3,565,617	)
Class B		—			(741,319	)

		—			(4,306,936	)

Distributions from net realized capital gains
Class A		—			(11,387,989	)
Class B		—			(4,234,699	)

		—			(15,622,688	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(19,929,624	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 9,392,018 and 22,488,493 shares, respectively ]		116,854,495			252,809,780
Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,261,891 shares, respectively ]		—			14,953,606
Capital shares repurchased [ (2,323,171) and (2,395,573) shares, respectively ]		(29,577,062	)		(26,833,361	)

Total Class A transactions.		87,277,433			240,930,025

Class B
Capital shares sold [ 1,718,463 and 3,663,296 shares, respectively ]		21,442,577			41,341,710
Capital shares issued in reinvestment of dividends and distributions [ 0 and 422,202 shares, respectively ]		—			4,976,018
Capital shares repurchased [ (2,375,479) and (3,855,315) shares, respectively ]		(29,456,822	)		(43,482,835	)

Total Class B transactions		(8,014,245	)		2,834,893

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		79,263,188			243,764,918

TOTAL INCREASE IN NET ASSETS		149,040,318			311,793,767
NET ASSETS:
Beginning of period		806,363,779			494,570,012

End of period (a)	$	955,404,097		$	806,363,779

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	3,369,977		$	(9,110	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $356,904,153)
(Securities on loan at market value $26,973,850)	$	419,764,487
Receivable for securities sold		2,107,851
Receivable from Separate Accounts for Trust shares sold		247,175
Dividends, interest and other receivables		245,526
Other assets		2,950

Total assets		422,367,989

LIABILITIES
Overdraft payable		3
Collateral held for loaned securities		27,239,831
Payable for securities purchased		2,886,038
Payable to Separate Accounts for Trust shares redeemed		302,301
Investment management fees payable		286,615
Distribution fees payable - Class B		76,246
Administrative fees payable		59,693
Trustees’ fees payable		6,049
Accrued expenses		1,815

Total liabilities		30,858,591

NET ASSETS	$	391,509,398

Net assets were comprised of:
Paid in capital	$	298,341,199
Accumulated net investment loss		(687,806	)
Accumulated undistributed net realized gain		30,995,671
Unrealized appreciation on investments		62,860,334

Net assets	$	391,509,398

Class A
Net asset value, offering and redemption price per share, $22,383,304 / 2,102,406 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.65

Class B
Net asset value, offering and redemption price per share, $369,126,094 / 35,167,546 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.50

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends (net of $567 foreign withholding tax)	$	1,463,034
Interest		175,090
Securities lending (net)		20,741

Total income		1,658,865

EXPENSES
Investment management fees		1,742,930
Distribution fees - Class B		457,284
Administrative fees		359,283
Custodian fees		19,488
Professional fees		15,248
Printing and mailing expenses		12,554
Trustees’ fees		2,074
Miscellaneous		6,529

Gross expenses		2,615,390
Less: Waiver from investment advisor		(27,054	)
Fees paid indirectly		(250,438	)

Net expenses		2,337,898

NET INVESTMENT LOSS		(679,033	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		30,279,940
Net change in unrealized depreciation on securities		(3,803,631	)

NET REALIZED AND UNREALIZED GAIN		26,476,309

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,797,276

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(679,033	)	$	(1,866,271	)
Net realized gain on investments		30,279,940			22,699,347
Net change in unrealized depreciation on investments		(3,803,631	)		(20,109,132	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		25,797,276			723,944

DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		—			(983,003	)
Class B		—			(17,694,019	)

TOTAL DISTRIBUTIONS		—			(18,677,022	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [221,224 and 741,010 shares, respectively]		2,280,107			7,565,467
Capital shares issued in reinvestment of distributions [0 and 97,577 shares, respectively]		—			983,003
Capital shares repurchased [(238,506) and (427,834) shares, respectively]		(2,458,712	)		(4,354,718	)

Total Class A transactions		(178,605	)		4,193,752

Class B
Capital shares sold [2,700,354 and 8,074,961 shares, respectively]		27,392,487			81,171,735
Capital shares issued in reinvestment of distributions [0 and 1,779,183 shares, respectively]		—			17,694,019
Capital shares repurchased [(5,450,338) and (7,157,269) shares, respectively]		(55,259,112	)		(71,979,314	)

Total Class B transactions		(27,866,625	)		26,886,440

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(28,045,230	)		31,080,192

TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,247,954	)		13,127,114
NET ASSETS:
Beginning of period		393,757,352			380,630,238

End of period (a)	$	391,509,398		$	393,757,352

(a) Includes accumulated net investment loss of	$	(687,806	)	$	(8,773	)

See Notes to Financial Statements.

141

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $1,690,708,085)
(Securities on loan at market value $43,264,386)	$	1,879,153,994
Cash		71,704
Receivable for securities sold		7,151,757
Receivable from Separate Accounts for Trust shares sold		2,673,853
Dividends, interest and other receivables		2,627,017
Other assets		12,281

Total assets		1,891,690,606

LIABILITIES
Collateral held for loaned securities		43,854,046
Payable for securities purchased		6,613,263
Investment management fees payable		1,330,137
Payable to Separate Accounts for Trust shares redeemed		554,631
Administrative fees payable		237,541
Distribution fees payable - Class B		155,604
Recoupment fees payable		40,322
Trustees’ fees payable		27,081
Accrued expenses		1,009

Total liabilities		52,813,634

NET ASSETS	$	1,838,876,972

Net assets were comprised of:
Paid in capital	$	1,482,877,580
Accumulated undistributed net investment income		11,860,931
Accumulated undistributed net realized gain		155,691,462
Unrealized appreciation on investments		188,446,999

Net assets	$	1,838,876,972

Class A
Net asset value, offering and redemption price per share, $1,086,667,542 / 78,282,040 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.88

Class B
Net asset value, offering and redemption price per share, $752,209,430 / 54,251,511 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.87

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends (net of $96,984 foreign withholding tax)	$	20,199,312
Interest		913,365
Securities lending (net)		90,227

Total income		21,202,904

EXPENSES
Investment management fees		7,629,631
Administrative fees		1,369,142
Distribution fees - Class B		899,323
Recoupment fees		217,908
Custodian fees		70,457
Printing and mailing expenses		55,928
Professional fees		23,446
Trustees’ fees		9,107
Miscellaneous		19,957

Gross expenses		10,294,899
Less: Fees paid indirectly		(970,333	)

Net expenses		9,324,566

NET INVESTMENT INCOME		11,878,338

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		144,075,075
Foreign currency transactions		2,725

Net realized gain		144,077,800

Change in unrealized depreciation on:
Securities		(17,136,761	)
Foreign currency translations		(2,446	)

Net change in unrealized depreciation		(17,139,207	)

NET REALIZED AND UNREALIZED GAIN		126,938,593

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	138,816,931

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	11,878,338		$	12,824,941
Net realized gain on investments and foreign currency transactions		144,077,800			64,266,566
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(17,139,207	)		149,562,738

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		138,816,931			226,654,245

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(8,201,985	)
Class B		—			(4,635,213	)

		—			(12,837,198	)

Distributions from net realized capital gains
Class A		—			(28,519,535	)
Class B		—			(22,497,903	)

		—			(51,017,438	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(63,854,636	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [14,676,869 and 43,189,336 shares, respectively]		195,908,374			516,231,661
Capital shares issued in reinvestment of dividends and distributions [0 and 2,877,048 shares, respectively]		—			36,721,520
Capital shares repurchased [(7,688,362) and (2,426,429) shares, respectively]		(106,547,427	)		(28,717,665	)

Total Class A transactions		89,360,947			524,235,516

Class B
Capital shares sold [6,338,645 and 16,267,210 shares, respectively]		84,601,144			195,766,770
Capital shares issued in reinvestment of dividends and distributions [0 and 2,128,565 shares, respectively]		—			27,133,116
Capital shares repurchased [(6,836,471) and (10,723,895) shares, respectively]		(90,685,162	)		(129,263,373	)

Total Class B transactions		(6,084,018	)		93,636,513

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		83,276,929			617,872,029

TOTAL INCREASE IN NET ASSETS		222,093,860			780,671,638
NET ASSETS:
Beginning of period		1,616,783,112			836,111,474

End of period (a)	$	1,838,876,972		$	1,616,783,112

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	11,860,931		$	(17,407	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $886,761,586) (Securities on loan at market value $226,291,873	$	1,029,068,176
	$	1,029,068,176
Receivable for securities sold		4,492,694
Receivable from Separate Accounts for Trust shares sold		377,785
Dividends, interest and other receivables		191,415
Other assets		9,354

Total assets		1,034,139,424

LIABILITIES
Overdraft payable		39,710
Collateral held for loaned securities		230,269,522
Payable for securities purchased		3,831,720
Investment management fees payable		727,247
Payable to Separate Accounts for Trust shares redeemed		343,821
Distribution fees payable - Class B		117,157
Administrative fees payable		110,047
Trustees’ fees payable		12,201

Total liabilities		235,451,425

NET ASSETS	$	798,687,999

Net assets were comprised of:
Paid in capital	$	601,264,558
Accumulated net investment loss		(3,727,354	)
Accumulated undistributed net realized gain		58,844,205
Unrealized appreciation on investments		142,306,590

Net assets	$	798,687,999

Class A
Net asset value, offering and redemption price per share, $233,601,694 / 23,250,084 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.05

Class B
Net asset value, offering and redemption price per share, $565,086,305 / 57,204,583 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.88

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends	$	1,336,996
Interest		312,491
Securities lending (net)		265,880

Total income		1,915,367

EXPENSES
Investment management fees		4,278,362
Distribution fees - Class B		690,810
Administrative fees		651,558
Custodian fees		50,713
Printing and mailing expenses		25,267
Professional fees		17,918
Trustees’ fees		4,139
Miscellaneous		11,384

Gross expenses		5,730,151
Less: Fees paid indirectly		(113,923	)

Net expenses		5,616,228

NET INVESTMENT LOSS		(3,700,861	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		52,625,498
Net change in unrealized appreciation on securities		32,270,965

NET REALIZED AND UNREALIZED GAIN		84,896,463

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	81,195,602

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(3,700,861	)	$	(6,847,166	)
Net realized gain on investments		52,625,498			83,322,965
Net change in unrealized appreciation (depreciation) on investments		32,270,965			(8,037,436	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		81,195,602			68,438,363

DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		—			(22,299,544	)
Class B		—			(54,024,854	)

TOTAL DISTRIBUTIONS		—			(76,324,398	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [1,412,802 and 5,217,550 shares, respectively]		13,369,546			49,795,063
Capital shares issued in reinvestment of distributions [0 and 2,466,495 shares, respectively]		—			22,299,544
Capital shares repurchased [(3,667,382) and (6,699,119) shares, respectively]		(33,580,253	)		(64,098,826	)

Total Class A transactions		(20,210,707	)		7,995,781

Class B
Capital shares sold [2,944,774 and 10,984,913 shares, respectively]		27,622,731			104,492,969
Capital shares issued in reinvestment of distributions [0 and 6,068,076 shares, respectively]		—			54,024,854
Capital shares repurchased [(6,768,212) and (11,343,121) shares, respectively]		(63,643,331	)		(106,861,669	)

Total Class B transactions		(36,020,600	)		51,656,154

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(56,231,307	)		59,651,935

TOTAL INCREASE IN NET ASSETS		24,964,295			51,765,900
NET ASSETS:
Beginning of period		773,723,704			721,957,804

End of period (a)	$	798,687,999		$	773,723,704

(a) Includes accumulated net investment loss of	$	(3,727,354	)	$	(26,493	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $1,308,834,363) (Securities on loan at market value $318,164,244)	$	1,518,094,618
	$	1,518,094,618
Cash		87,935
Receivable for securities sold		5,286,305
Dividends, interest and other receivables		1,158,352
Receivable from Separate Accounts for Trust shares sold		690,712
Other assets		9,373

Total assets		1,525,327,295

LIABILITIES
Overdraft payable of foreign cash		51,622
Collateral held for loaned securities		324,848,747
Payable for securities purchased		5,275,248
Investment management fees payable		1,073,567
Payable to Separate Accounts for Trust shares redeemed		756,138
Administrative fees payable		158,066
Distribution fees payable - Class B		134,461
Trustees’ fees payable		17,382
Accrued expenses		37,359

Total liabilities		332,352,590

NET ASSETS	$	1,192,974,705

Net assets were comprised of:
Paid in capital	$	934,700,835
Accumulated undistributed net investment income		166,052
Accumulated undistributed net realized gain		48,847,779
Unrealized appreciation on investments and foreign currency translations		209,260,039

Net assets	$	1,192,974,705

Class A
Net asset value, offering and redemption price per share, $544,558,461 / 48,880,459 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.14

Class B
Net asset value, offering and redemption price per share, $648,416,244 / 59,186,518 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.96

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends (net of $87,238 foreign withholding tax)	$	6,971,661
Interest		596,573
Securities lending (net)		191,508

Total income		7,759,742

EXPENSES
Investment management fees		5,831,866
Administrative fees		865,328
Distribution fees - Class B		782,200
Custodian fees		72,350
Printing and mailing expenses		33,916
Professional fees		19,723
Trustees’ fees		5,494
Miscellaneous Fees paid indirectly		13,326

Gross expenses		7,624,203
Less: Fees paid indirectly		(23,833	)

Net expenses		7,600,370

NET INVESTMENT INCOME		159,372

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		41,805,032
Foreign currency transactions		(2,467	)

Net realized gain		41,802,565

Change in unrealized appreciation (depreciation) on:
Securities		67,691,276
Foreign currency translations		(97	)

Net change in unrealized appreciation		67,691,179

NET REALIZED AND UNREALIZED GAIN		109,493,744

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	109,653,116

See Notes to Financial Statements.

145

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	159,372		$	753,851
Net realized gain on investments and foreign currency transactions		41,802,565			94,692,210
Net change in unrealized appreciation on investments and foreign currency translations		67,691,179			27,126,610

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		109,653,116			122,572,671

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(706,658	)

Distributions from net realized capital gains
Class A		—			(38,650,458	)
Class B		—			(62,054,877	)

		—			(100,705,335	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(101,411,993	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [12,671,667 and 11,052,476 shares, respectively]		137,979,176			115,111,376
Capital shares issued in reinvestment of dividends and distributions [0 and 3,946,670 shares, respectively]		—			39,357,116
Capital shares repurchased [(2,492,642) and (9,091,923) shares, respectively]		(25,835,949	)		(93,686,609	)

Total Class A transactions		112,143,227			60,781,883

Class B
Capital shares sold [5,212,889 and 12,126,304 shares, respectively]		54,565,450			123,877,442
Capital shares issued in reinvestment of dividends and distributions [0 and 6,320,851 shares, respectively]		—			62,054,877
Capital shares repurchased [(6,793,777) and (10,817,249) shares, respectively]		(71,200,966	)		(110,314,738	)

Total Class B transactions		(16,635,516	)		75,617,581

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		95,507,711			136,399,464

TOTAL INCREASE IN NET ASSETS		205,160,827			157,560,142
NET ASSETS:
Beginning of period		987,813,878			830,253,736

End of period (a)	$	1,192,974,705		$	987,813,878

(a) Includes accumulated undistributed net investment income of	$	166,052		$	6,680

See Notes to Financial Statements.

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*STATEMENT OF ASSETS AND LIABILITIES*
*June 30, 2007 (Unaudited)*

ASSETS
Investments at value (Cost $345,953,587) (Securities on loan at market value $92,438,253)	$	393,557,125
Cash		997,366
Dividends, interest and other receivables		795,598
Receivable for securities sold		250,691
Receivable from Separate Accounts for Trust shares sold		207,668
Other assets		1,572

Total assets		395,810,020

LIABILITIES
Collateral held for loaned securities		96,286,136
Payable for securities purchased		877,567
Payable to Separate Accounts for Trust shares redeemed		435,350
Investment management fees payable		272,557
Distribution fees payable—Class B		62,044
Administrative fees payable		48,520
Trustees’ fees payable		788
Accrued expenses		19,281

Total liabilities		98,002,243

NET ASSETS	$	297,807,777

Net assets were comprised of:
Paid in capital	$	249,733,932
Accumulated undistributed net investment income		492,546
Accumulated net realized loss		(22,239	)
Unrealized appreciation on investments		47,603,538

Net assets	$	297,807,777

Class B
Net asset value, offering and redemption price per share, $297,807,777 / 28,431,953 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.47


*STATEMENT OF OPERATIONS*
*For the Six Months Ended June 30, 2007 (Unaudited)*

INVESTMENT INCOME
Dividends	$	1,795,544
Interest		100,798
Securities lending (net)		563,933

Total income		2,460,275

EXPENSES
Investment management fees		1,474,761
Distribution fees—Class B		364,964
Administrative fees		288,190
Professional fees		24,187
Printing and mailing expenses		18,006
Custodian fees		7,888
Trustees’ fees		2,612
Miscellaneous		4,688

Gross expenses		2,185,296
Less: Waiver from investment advisor		(217,986	)

Net expenses		1,967,310

NET INVESTMENT INCOME		492,965

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		10,903,787
Net change in unrealized appreciation on securities		15,745,088

NET REALIZED AND UNREALIZED GAIN		26,648,875

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,141,840

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	492,965		$	(1,976,965	)
Net realized gain (loss) on investments		10,903,787			(10,926,026	)
Net change in unrealized appreciation on investments		15,745,088			25,803,941

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		27,141,840			12,900,950

DISTRIBUTIONS:
Class B
Distributions from net realized capital gains		—			(3,441,458	)

CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 4,608,276 and 18,235,678 shares, respectively ]		47,404,933			177,478,314
Capital shares issued in reinvestment of distributions [ 0 and 393,328 shares, respectively ]		—			3,441,458
Capital shares repurchased [ (5,343,698) and (9,623,840) shares, respectively ]		(54,548,630	)		(89,180,006	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(7,143,697	)		91,739,766

TOTAL INCREASE IN NET ASSETS		19,998,143			101,199,258
NET ASSETS:
Beginning of period		277,809,634			176,610,376

End of period (a)	$	297,807,777		$	277,809,634

(a) Includes accumulated undistributed net investment income (loss) of	$	492,546		$	(419	)

See Notes to Financial Statements.

147

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $2,225,018,416) (Securities on loan at market value $198,939,803)	$	2,306,308,496
Cash		4,392,875
Receivable for securities sold		73,163,309
Receivable from Separate Accounts for Trust shares sold		1,888,861
Dividends, interest and other receivables		1,757,542
Other assets		13,429

Total assets		2,387,524,512

LIABILITIES
Collateral held for loaned securities		204,912,646
Payable for securities purchased		106,371,051
Payable to Separate Accounts for Trust shares redeemed		1,786,672
Investment management fees payable		1,491,536
Distribution fees payable—Class B		524,578
Administrative fees payable		409,529
Trustees’ fees payable		12,832
Accrued expenses		45,865

Total liabilities		315,554,709

NET ASSETS	$	2,071,969,803

Net assets were comprised of:
Paid in capital	$	1,811,939,762
Accumulated undistributed net investment income		9,327,503
Accumulated undistributed net realized gain		169,412,458
Unrealized appreciation on investments		81,290,080

Net assets	$	2,071,969,803

Class A
Net asset value, offering and redemption price per share, $782,321,601/ 54,618,839 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.32

Class B
Net asset value, offering and redemption price per share, $1,289,648,202 / 90,084,729 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.32


*STATEMENT OF OPERATIONS*
*For the Six Months Ended June 30, 2007 (Unaudited)*

INVESTMENT INCOME
Dividends (net of $9,179 foreign withholding tax)	$	16,799,308
Interest		2,412,078
Securities lending (net)		689,848

Total income		19,901,234

EXPENSES
Investment management fees		7,743,391
Distribution fees—Class B		1,610,939
Administrative fees		1,526,374
Printing and mailing expenses		117,460
Custodian fees		94,265
Professional fees		37,369
Trustees’ fees		12,880
Miscellaneous		244,058

Gross expenses		11,386,736
Less: Waiver from investment advisor		(466,180	)
Fees paid indirectly		(358,543	)

Net expenses		10,562,013

NET INVESTMENT INCOME		9,339,221

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		125,853,496
Futures		103,018

Net realized gain		125,956,514
Net change in unrealized depreciation on securities		(49,167,216	)

NET REALIZED AND UNREALIZED GAIN		76,789,298

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	86,128,519

See Notes to Financial Statements.

148

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	9,339,221		$	5,261,609
Net realized gain on investments		125,956,514			246,027,048
Net change in unrealized appreciation (depreciation) on investments		(49,167,216	)		16,121,489

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		86,128,519			267,410,146

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(2,907,950	)
Class B		—			(3,472,476	)

		—			(6,380,426	)

Distributions from net realized capital gains
Class A		—			(64,147,036	)
Class B		—			(150,994,169	)

		—			(215,141,205	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(221,521,631	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [12,767,668 and 4,753,399 shares, respectively]		179,068,913			68,908,035
Capital shares issued in reinvestment of dividends and distributions [0 and 4,947,513 shares, respectively]		—			67,054,986
Capital shares repurchased [(319,446) and (6,682,520) shares, respectively]		(4,483,507	)		(96,655,993	)

Total Class A transactions		174,585,406			39,307,028

Class B
Capital shares sold [4,563,674 and 13,719,493 shares, respectively]		64,277,143			196,371,087
Capital shares issued in reinvestment of dividends and distributions [0 and 11,386,504 shares, respectively]		—			154,466,645
Capital shares repurchased [(11,256,388) and (14,568,068) shares, respectively]		(157,517,522	)		(208,411,040	)

Total Class B transactions		(93,240,379	)		142,426,692

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		81,345,027			181,733,720

TOTAL INCREASE IN NET ASSETS		167,473,546			227,622,235
NET ASSETS:
Beginning of period		1,904,496,257			1,676,874,022

End of period (a)	$	2,071,969,803		$	1,904,496,257

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	9,327,503		$	(11,718	)

See Notes to Financial Statements.

149

AXA PREMIER VIP TRUST

MULTIMANAGER TECHNOLOGY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at value (Cost $551,036,084) (Securities on loan at market value $78,302,577)	$	635,342,338
Cash		743,854
Foreign cash (Cost $ 42)		43
Receivable for securities sold		12,783,975
Dividends, interest and other receivables		318,837
Receivable from Separate Accounts for Trust shares sold		279,516
Other assets		4,146

Total assets		649,472,709

LIABILITIES
Collateral held for loaned securities		79,133,189
Payable for securities purchased		14,443,168
Investment management fees payable		541,312
Payable to Separate Accounts for Trust shares redeemed		519,877
Distribution fees payable—Class B		108,696
Administrative fees payable		79,793
Trustees’ fees payable		10,440
Accrued expenses		27,256

Total liabilities		94,863,731

NET ASSETS	$	554,608,978

Net assets were comprised of:
Paid in capital	$	588,182,043
Accumulated net investment loss		(2,388,891	)
Accumulated undistributed net realized loss		(115,488,545	)
Unrealized appreciation on investments and foreign currency translation		84,304,371

Net assets	$	554,608,978

Class A
Net asset value, offering and redemption price per share, $28,265,187 / 2,284,989 shares outstanding (unlimited amount authorized: $0.001 par value).	$	12.37

Class B
Net asset value, offering and redemption price per share, $526,343,791 / 43,161,711 shares outstanding (unlimited amount authorized: $ 0.001 par value)	$	12.19

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Dividends (net of $38,408 foreign withholding tax)	$	1,556,178
Interest		352,073
Securities lending (net)		100,200

Total income		2,008,451

EXPENSES
Investment management fees		3,205,855
Distribution fees—Class B		632,674
Administrative fees		468,742
Custodian fees		72,698
Professional fees		19,877
Printing and mailing expenses		17,197
Trustees’ fees		2,861
Miscellaneous		12,517

Gross expenses		4,432,421
Less: Fees paid indirectly		(36,987	)

Net expenses		4,395,434

NET INVESTMENT LOSS		(2,386,983	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		38,903,783
Foreign currency transactions		(62,968	)

Net realized gain		38,840,815

Change in unrealized appreciation (depreciation) on:
Securities		20,167,379
Foreign currency translations		(1,976	)

Net change in unrealized appreciation		20,165,403

NET REALIZED AND UNREALIZED GAIN		59,006,218

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	56,619,235

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			Year Ended December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(2,386,983	)	$	(5,037,828	)
Net realized gain on investments and foreign currency transactions		38,840,815			47,631,895
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		20,165,403			(5,630,050	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		56,619,235			36,964,017

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 216,001 and 1,043,992 shares, respectively ]		2,480,659			11,036,745
Capital shares repurchased [ (491,512) and (1,121,111) shares, respectively ]		(5,627,708	)		(11,900,421	)

Total Class A transactions		(3,147,049	)		(863,676	)

Class B
Capital shares sold [ 4,651,319 and 14,490,105 shares, respectively ]		52,633,886			153,218,571
Capital shares repurchased [ (8,548,417) and (17,034,489) shares, respectively ]		(96,522,293	)		(179,030,768	)

Total Class B transactions		(43,888,407	)		(25,812,197	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(47,035,456	)		(26,675,873	)

TOTAL INCREASE IN NET ASSETS		9,583,779			10,288,144
NET ASSETS:
Beginning of period		545,025,199			534,737,055

End of period (a)	$	554,608,978		$	545,025,199

(a) Includes accumulated net investment loss of	$	(2,388,891	)	$	(1,908	)

See Notes to Financial Statements.

150

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at cost:
Affiliated Issuers (Cost $7,196,042)	$	7,493,447
Unaffiliated Issuers (Amortized Cost $9,785)		9,785
Receivable from Separate Accounts for Trust shares sold		142,483
Receivable for securities sold		20,809
Receivable from investment manager		14,958
Dividends, interest and other receivables		159

Total assets		7,681,641

LIABILITIES
Overdraft payable		20,809
Administrative fees payable		3,768
Distribution fees payable—Class B		1,368
Trustees’ fees payable		94
Payable to Separate Accounts for Trust shares redeemed		12
Accrued expenses		447

Total liabilities		26,498

NET ASSETS	$	7,655,143

Net assets were comprised of:
Paid in capital	$	7,320,487
Accumulated net investment loss		(12,645	)
Accumulated undistributed net realized gain		49,896
Unrealized appreciation on investments		297,405

Net assets	$	7,655,143

Class A
Net asset value, offering and redemption price per share, $572,518 / 51,205 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.18

Class B
Net asset value, offering and redemption price per share, $7,082,625 / 634,248 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.17

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Interest	$	904

EXPENSES
Administrative fees		20,915
Custodian fees		15,709
Professional fees		7,959
Distribution fees—Class B		5,242
Investment management fees		2,373
Printing and mailing expenses		141
Trustees’ fees		19
Miscellaneous		1,601

Gross expenses		53,959
Less: Waiver from investment advisor		(23,288	)
Reimbursement from investment manager		(17,121	)

Net expenses		13,550

NET INVESTMENT LOSS		(12,646	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities (All realized gain from affiliates)		11,461
Net change in unrealized appreciation on securities		276,616

NET REALIZED AND UNREALIZED GAIN		288,077

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	275,431

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(12,646	)	$	51,061
Net realized gain on investments		11,461			43,414
Net change in unrealized appreciation on investments		276,616			20,789

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		275,431			115,264

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(12,530	)
Class B		—			(43,399	)

		—			(55,929	)

Distributions from net realized capital gains
Class A		—			(130	)
Class B		—			(468	)

		—			(598	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(56,527	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,205 shares, respectively ]		—			12,660

Class B
Capital shares sold [ 473,385 and 142,984 shares, respectively ]		5,153,924			1,500,315
Capital shares issued in reinvestment of dividends and distributions [ 0 and 4,174 shares, respectively ]		—			43,867
Capital shares repurchased [ (31,165) and (5,130) shares, respectively ]		(337,038	)		(52,753	)

Total Class B transactions		4,816,886			1,491,429

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		4,816,886			1,504,089

TOTAL INCREASE IN NET ASSETS		5,092,317			1,562,826
NET ASSETS:
Beginning of period		2,562,826			1,000,000

End of period (a)	$	7,655,143		$	2,562,826

(a) Includes accumulated undistributed net investment income (loss) of	$	(12,645	)	$	1

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

151

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)



ASSETS
Investments at cost:
Affiliated Issuers (Cost $10,043,224)	$	10,435,967
Unaffiliated Issuers (Amortized Cost $13,923)		13,923
Receivable for securities sold		238,259
Receivable from Separate Accounts for Trust shares sold		44,130
Receivable from investment manager		14,147
Dividends, interest and other receivables		267

Total assets		10,746,693

LIABILITIES
Overdraft payable		238,259
Administrative fees payable		4,110
Distribution fees payable—Class B		1,936
Payable to Separate Accounts for Trust shares redeemed		135
Trustees’ fees payable		112
Accrued expenses		416

Total liabilities		244,968

NET ASSETS	$	10,501,725

Net assets were comprised of:
Paid in capital	$	10,071,730
Accumulated net investment loss		(14,993	)
Accumulated undistributed net realized gain		52,245
Unrealized appreciation on investments		392,743

Net assets	$	10,501,725

Class A
Net asset value, offering and redemption price per share, $580,165 / 51,039 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.37

Class B
Net asset value, offering and redemption price per share, $9,921,560 / 873,889 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.35

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Interest	$	1,565

EXPENSES
Administrative fees		21,670
Custodian fees		15,359
Professional fees		7,962
Distribution fees—Class B		6,494
Investment management fees		2,876
Printing and mailing expenses		160
Trustees’ fees		21
Miscellaneous		1,563

Gross expenses		56,105
Less: Waiver from investment advisor		(24,546	)
Reimbursement from investment manager		(14,994	)

Net expenses		16,565

NET INVESTMENT LOSS		(15,000	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities (All realized gain from affiliates)		4,487
Net change in unrealized appreciation on securities		353,313

NET REALIZED AND UNREALIZED GAIN		357,800

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	342,800


*STATEMENT OF CHANGES IN NET ASSETS*	Six Months Ended June 30, 2007 (Unaudited)			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(15,000	)	$	45,335
Net realized gain on investments		4,487			52,960
Net change in unrealized appreciation on investments		353,313			39,430

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		342,800			137,725

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(10,905	)
Class B		—			(39,584	)

		—			(50,489	)

Distributions from net realized capital gains
Class A		—			(125	)
Class B		—			(474	)

		—			(599	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(51,088	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,039 shares, respectively ]		—			11,030

Class B
Capital shares sold [ 689,380 and 151,710 shares, respectively ]		7,657,663			1,594,244
Capital shares issued in reinvestment of dividends and distributions [ 0 and 3,773 shares, respectively ]		—			40,058
Capital shares repurchased [ (17,695) and (3,279) shares, respectively ]		(196,273	)		(34,434	)

Total Class B transactions		7,461,390			1,599,868

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		7,461,390			1,610,898

TOTAL INCREASE IN NET ASSETS		7,804,190			1,697,535
NET ASSETS:
Beginning of period		2,697,535			1,000,000

End of period (a)	$	10,501,725		$	2,697,535

(a) Includes accumulated undistributed net investment income (loss) of	$	(14,993	)	$	7
* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

152

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at cost:
Affiliated Issuers (Cost $5,244,625)	$	5,547,430
Unaffiliated Issuers (Amortized Cost $37,831)		37,831
Receivable from investment manager		15,079
Receivable from Separate Accounts for Trust shares sold		7,975
Receivable for securities sold		4,524
Dividends, interest and other receivables		137

Total assets		5,612,976

LIABILITIES
Overdraft payable		4,524
Payable to Separate Accounts for Trust shares redeemed		98,001
Administrative fees payable		3,539
Distribution fees payable—Class B		983
Trustees’ fees payable		68
Accrued expenses		420

Total liabilities		107,535

NET ASSETS	$	5,505,441

Net assets were comprised of:
Paid in capital	$	5,172,440
Accumulated net investment loss		(8,422	)
Accumulated undistributed net realized gain		38,618
Unrealized appreciation on investments		302,805

Net assets	$	5,505,441

Class A
Net asset value, offering and redemption price per share, $587,330 / 50,858 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.55

Class B
Net asset value, offering and redemption price per share, $4,918,111 / 426,391 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.53

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Interest	$	846

EXPENSES
Administrative fees		19,847
Custodian fees		15,559
Professional fees		7,951
Distribution fees—Class B		3,450
Investment management fees		1,661
Printing and mailing expenses		95
Trustees’ fees		12
Miscellaneous		1,561

Gross expenses		50,136
Less: Waiver from investment advisor		(21,508	)
Reimbursement from investment manager		(19,361	)

Net expenses		9,267

NET INVESTMENT LOSS		(8,421	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities (All realized gain from affiliates)		3,037
Net change in unrealized appreciation on securities		247,147

NET REALIZED AND UNREALIZED GAIN		250,184

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	241,763

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(8,421	)	$	22,096
Net realized gain on investments		3,037			39,483
Net change in unrealized appreciation on investments		247,147			55,658

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		241,763			117,237

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(9,000	)
Class B		—			(16,850	)

		—			(25,850	)

Distributions from net realized capital gains
Class A		—			(190	)
Class B		—			(375	)

		—			(565	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(26,415	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [ 0 and 858 shares, respectively ]		—			9,190

Class B
Capital shares sold [ 328,779 and 67,844 shares, respectively ]		3,674,444			715,356
Capital shares issued in reinvestment of dividends and distributions [ 0 and 1,608 shares, respectively ]		—			17,225
Capital shares repurchased [ (16,493) and (5,347) shares, respectively ]		(186,537	)		(56,822	)

Total Class B transactions		3,487,907			675,759

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		3,487,907			684,949

TOTAL INCREASE IN NET ASSETS		3,729,670			775,771
NET ASSETS:
Beginning of period		1,775,771			1,000,000

End of period (a)	$	5,505,441		$	1,775,771

(a) Includes accumulated overdistributed net investment income (loss) of	$	(8,422	)	$	(1	)

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

153

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2007 (Unaudited)


ASSETS
Investments at cost:
Affiliated Issuers (Cost $3,675,125)	$	3,910,809
Unaffiliated Issuers (Amortized Cost $14,279)		14,279
Receivable for securities sold		53,107
Receivable from investment manager		9,241
Receivable from Separate Accounts for Trust shares sold		6,497
Dividends, interest and other receivables		115

Total assets		3,994,048

LIABILITIES
Overdraft payable		53,107
Payable to Separate Accounts for Trust shares redeemed		6,641
Administrative fees payable		3,335
Distribution fees payable - Class B		642
Trustees’ fees payable		52
Accrued expenses		430

Total liabilities		64,207

NET ASSETS	$	3,929,841

Net assets were comprised of:
Paid in capital	$	3,648,677
Accumulated net investment loss		(6,362	)
Accumulated undistributed net realized gain		51,842
Unrealized appreciation on investments		235,684

Net assets	$	3,929,841

Class A
Net asset value, offering and redemption price per share, $595,311 / 50,717 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.74

Class B
Net asset value, offering and redemption price per share, $3,334,530 / 284,440 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.72

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2007 (Unaudited)


INVESTMENT INCOME
Interest	$	488

EXPENSES
Administrative fees		19,245
Custodian fees		9,459
Professional fees		7,948
Distribution fees - Class B		2,440
Investment management fees		1,259
Printing and mailing expenses		75
Trustees’ fees		10
Miscellaneous		1,560

Gross expenses		41,996
Less: Waiver from investment advisor		(20,504	)
Reimbursement from investment manager		(14,642	)

Net expenses		6,850

NET INVESTMENT LOSS		(6,362	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities (All realized gain from affiliates)		12,162
Net change in unrealized appreciation		184,780

NET REALIZED AND UNREALIZED GAIN		196,942

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	190,580

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended June 30, 2007 (Unaudited)			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(6,362	)	$	17,300
Net realized gain on investments		12,162			43,596
Net change in unrealized appreciation on investments		184,780			50,904

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		190,580			111,800

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(7,695	)
Class B		—			(13,713	)

		—			(21,408	)

Distributions from net realized capital gains
Class A		—			(50	)
Class B		—			(95	)

		—			(145	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(21,553	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [0 and 717 shares, respectively]		—			7,745

Class B
Capital shares sold [206,178 and 51,940 shares, respectively]		2,347,126			559,665
Capital shares issued in reinvestment of dividends and distributions [0 and 1,278 shares, respectively]		—			13,808
Capital shares repurchased [(18,577) and (6,379) shares, respectively]		(210,416	)		(68,914	)

Total Class B transactions		2,136,710			504,559

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		2,136,710			512,304

TOTAL INCREASE IN NET ASSETS		2,327,290			602,551
NET ASSETS:
Beginning of period		1,602,551			1,000,000

End of period (a)	$	3,929,841		$	1,602,551

(a) Includes accumulated net investment loss of	$	(6,362	)	$	—

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

154

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AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,									July 31, 2003* to December 31, 2003 (c)
Class A				2006 (c)			2005 (c)			2004 (c)			July 31, 2003* to December 31, 2003 (c)
Net asset value, beginning of period	$	10.87		$	10.69		$	10.80		$	10.45		$	10.00

Income (loss) from investment operations:
Net investment income		0.03			0.41			0.34			0.38			0.53
Net realized and unrealized gain (loss) on investments		0.21			0.30			(0.04	)		0.28			0.06

Total from investment operations		0.24			0.71			0.30			0.66			0.59

Less distributions:
Dividends from net investment income		—			(0.38	)		(0.30	)		(0.30	)		(0.14	)
Distributions from net realized gains		—			(0.15	)		(0.11	)		(0.01	)		—

Total dividends and distributions		—			(0.53	)		(0.41	)		(0.31	)		(0.14	)

Net asset value, end of period	$	11.11		$	10.87		$	10.69		$	10.80		$	10.45

Total return (b)		2.30	%		6.55	%		2.78	%		6.29	%		5.89	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,012		$	4,999		$	3,054		$	2,071		$	93
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.30	%		0.32	%		0.32	%		0.51	%		9.14	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.58	%		3.80	%		3.17	%		3.50	%		12.33	%(l)
Before waivers and reimbursements (a)		0.38	%		3.58	%		2.95	%		3.09	%		3.29	%(l)
Portfolio turnover rate		23	%		55	%		101	%		18	%		9	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.04		$	0.39


Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,									July 31, 2003* to December 31, 2003 (c)
Class B				2006 (c)			2005 (c)			2004 (c)			July 31, 2003* to December 31, 2003 (c)
Net asset value, beginning of period	$	10.87		$	10.69		$	10.80		$	10.45		$	10.00

Income (loss) from investment operations:
Net investment income		0.02			0.38			0.32			0.35			0.53
Net realized and unrealized gain (loss) on investments		0.21			0.30			(0.05	)		0.28			0.05

Total from investment operations		0.23			0.68			0.27			0.63			0.58

Less distributions:
Dividends from net investment income		—			(0.35	)		(0.27	)		(0.27	)		(0.13	)
Distributions from net realized gains		—			(0.15	)		(0.11	)		(0.01	)		—

Total dividends and distributions		—			(0.50	)		(0.38	)		(0.28	)		(0.13	)

Net asset value, end of period	$	11.10		$	10.87		$	10.69		$	10.80		$	10.45

Total return (b)		2.12	%		6.37	%		2.52	%		6.02	%		5.78	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	458,609		$	339,978		$	217,999		$	109,357		$	5,986
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.55	%		0.57	%		0.57	%		0.76	%		9.39	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.33	%		3.48	%		2.92	%		3.25	%		12.08	%(l)
Before waivers and reimbursements (a)		0.13	%		3.26	%		2.70	%		2.84	%		3.04	%(l)
Portfolio turnover rate		23	%		55	%		101	%		18	%		9	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.04		$	0.40

See Notes to Financial Statements.

155

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AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,									July 31, 2003* to December 31, 2003 (c)
Class A				2006 (c)			2005 (c)			2004 (c)			July 31, 2003* to December 31, 2003 (c)
Net asset value, beginning of period	$	11.61		$	11.16		$	11.22		$	10.66		$	10.00

Income from investment operations:
Net investment income		0.03			0.36			0.30			0.33			0.47
Net realized and unrealized gain on investments		0.38			0.65			0.09			0.52			0.33

Total from investment operations		0.41			1.01			0.39			0.85			0.80

Less distributions:
Dividends from net investment income		—			(0.36	)		(0.25	)		(0.28	)		(0.14	)
Distributions from net realized gains		—			(0.20	)		(0.20	)		(0.01	)		—

Total dividends and distributions		—			(0.56	)		(0.45	)		(0.29	)		(0.14	)

Net asset value, end of period	$	12.02		$	11.61		$	11.16		$	11.22		$	10.66

Total return (b)		3.53	%		9.06	%		3.53	%		7.96	%		8.02	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	8,526		$	5,544		$	3,466		$	1,403		$	225
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.27	%		0.28	%		0.29	%		0.40	%		4.23	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.43	%		3.10	%		2.74	%		3.01	%		10.64	%(l)
Before waivers and reimbursements (a)		0.26	%		2.91	%		2.55	%		2.71	%		6.51	%(l)
Portfolio turnover rate		13	%		20	%		64	%		5	%		8	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.03		$	0.18


Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,									July 31, 2003* to December 31, 2003 (c)
Class B				2006 (c)			2005 (c)			2004 (c)			July 31, 2003* to December 31, 2003 (c)
Net asset value, beginning of period	$	11.61		$	11.16		$	11.22		$	10.66		$	10.00

Income from investment operations:
Net investment income		0.01			0.33			0.27			0.30			0.46
Net realized and unrealized gain on investments		0.39			0.64			0.09			0.52			0.33

Total from investment operations		0.40			0.97			0.36			0.82			0.79

Less distributions:
Dividends from net investment income		—			(0.32	)		(0.22	)		(0.25	)		(0.13	)
Distributions from net realized gains		—			(0.20	)		(0.20	)		(0.01	)		—

Total dividends and distributions		—			(0.52	)		(0.42	)		(0.26	)		(0.13	)

Net asset value, end of period	$	12.01		$	11.61		$	11.16		$	11.22		$	10.66

Total return (b)		3.45	%		8.78	%		3.27	%		7.68	%		7.92	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	972,422		$	809,200		$	487,000		$	214,970		$	9,486
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.52	%		0.53	%		0.54	%		0.65	%		4.48	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.19	%		2.84	%		2.49	%		2.76	%		10.39	%(l)
Before waivers and reimbursements (a)		0.01	%		2.65	%		2.30	%		2.46	%		6.26	%(l)
Portfolio turnover rate		13	%		20	%		64	%		5	%		8	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.03		$	0.18

See Notes to Financial Statements.

156

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AXA MODERATE ALLOCATION PORTFOLIO (f)(k)

FINANCIAL HIGHLIGHTS — (Continued)


Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,
Class A				2006 (c)			2005 (c)			2004 (c)			2003 (c)			2002
Net asset value, beginning of period	$	16.93		$	15.88		$	15.51		$	14.63		$	12.54		$	14.52

Income (loss) from investment operations:
Net investment income		0.04			0.39			0.33			0.25			0.33			0.33
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.75			1.29			0.46			1.06			2.10			(2.15	)

Total from investment operations		0.79			1.68			0.79			1.31			2.43			(1.82	)

Less distributions:
Dividends from net investment income		—			(0.49	)		(0.42	)		(0.43	)		(0.34	)		(0.16	)
Distributions from net realized gains		—			(0.14	)		—			—			—			—

Total dividends and distributions		—			(0.63	)		(0.42	)		(0.43	)		(0.34	)		(0.16	)

Net asset value, end of period	$	17.72		$	16.93		$	15.88		$	15.51		$	14.63		$	12.54

Total return (b)		4.67	%		10.58	%		5.06	%		8.99	%		19.40	%		(12.52	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,179,051		$	3,103,418		$	3,052,781		$	3,160,074		$	3,141,256		$	2,908,058
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.42	%		0.65	%
After waivers, reimbursements and fees paid indirectly (a)		0.10	%		0.10	%		0.10	%		0.09	%		0.37	%		0.63	%
Before waivers, reimbursements and fees paid indirectly (a)		0.26	%		0.27	%		0.27	%		0.26	%		0.49	%		0.66	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.43	%		2.36	%		2.11	%		1.65	%		2.42	%		1.91	%
After waivers, reimbursements and fees paid indirectly (a)		0.43	%		2.36	%		2.11	%		1.66	%		2.47	%		1.93	%
Before waivers, reimbursements and fees paid indirectly (a)		0.27	%		2.20	%		1.94	%		1.49	%		2.35	%		1.90	%
Portfolio turnover rate		5	%		19	%		34	%		—	‡%		324	%(h)		337	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03		$	0.03		$	0.02		$	0.01		$	—	#


Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,
Class B				2006 (c)			2005 (c)			2004 (c)			2003 (c)			2002
Net asset value, beginning of period	$	16.84		$	15.79		$	15.43		$	14.55		$	12.47		$	14.45

Income (loss) from investment operations:
Net investment income		0.02			0.37			0.27			0.21			0.30			0.26
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.74			1.26			0.46			1.06			2.08			(2.10	)

Total from investment operations		0.76			1.63			0.73			1.27			2.38			(1.84	)

Less distributions:
Dividends from net investment income		—			(0.44	)		(0.37	)		(0.39	)		(0.30	)		(0.14	)
Distributions from net realized gains		—			(0.14	)		—			—			—			—

Total dividends and distributions		—			(0.58	)		(0.37	)		(0.39	)		(0.30	)		(0.14	)

Net asset value, end of period	$	17.60		$	16.84		$	15.79		$	15.43		$	14.55		$	12.47

Total return (b)		4.51	%		10.34	%		4.74	%		8.75	%		19.11	%		(12.71	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,615,830		$	4,867,869		$	3,518,020		$	2,341,547		$	1,261,402		$	665,088
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.67	%		0.90	%
After waivers, reimbursements and fees paid indirectly (a)		0.35	%		0.35	%		0.35	%		0.34	%		0.62	%		0.88	%
Before waivers, reimbursements and fees paid indirectly (a)		0.51	%		0.52	%		0.52	%		0.51	%		0.74	%		0.91	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.18	%		2.26	%		1.86	%		1.40	%		2.17	%		1.66	%
After waivers, reimbursements and fees paid indirectly (a)		0.18	%		2.26	%		1.86	%		1.41	%		2.22	%		1.68	%
Before waivers, reimbursements and fees paid indirectly (a)		0.02	%		2.09	%		1.69	%		1.24	%		2.10	%		1.65	%
Portfolio turnover rate		5	%		19	%		34	%		—	‡%		324	%(h)		337	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03		$	0.03		$	0.02		$	0.01		$	—	#

See Notes to Financial Statements.

157

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AXA MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,									July 31, 2003* to December 31, 2003
Class A				2006 (c)			2005 (c)			2004 (c)			July 31, 2003* to December 31, 2003
Net asset value, beginning of period	$	13.89		$	12.60		$	12.25		$	11.17		$	10.00

Income from investment operations:
Net investment income		0.02			0.32			0.23			0.26			0.09
Net realized and unrealized gain on investments		0.80			1.52			0.62			1.07			1.17

Total from investment operations		0.82			1.84			0.85			1.33			1.26

Less distributions:
Dividends from net investment income		—			(0.33	)		(0.25	)		(0.25	)		(0.09	)
Distributions from net realized gains		—			(0.22	)		(0.25	)		—	#		—

Total dividends and distributions		—			(0.55	)		(0.50	)		(0.25	)		(0.09	)

Net asset value, end of period	$	14.71		$	13.89		$	12.60		$	12.25		$	11.17

Total return (b)		5.90	%		14.77	%		6.97	%		12.00	%		12.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	151,862		$	100,459		$	37,779		$	13,194		$	1,179
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.26	%		0.27	%		0.27	%		0.30	%		1.87	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.34	%		2.38	%		1.84	%		2.24	%		6.91	%(l)
Before waivers and reimbursements (a)		0.18	%		2.22	%		1.67	%		2.04	%		5.14	%(l)
Portfolio turnover rate		6	%		4	%		29	%		—	‡%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.02		$	0.02


Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,									July 31, 2003* to December 31, 2003
Class B				2006 (c)			2005 (c)			2004 (c)			July 31, 2003* to December 31, 2003
Net asset value, beginning of period	$	13.89		$	12.60		$	12.25		$	11.17		$	10.00

Income from investment operations:
Net investment income		0.01			0.26			0.20			0.23			0.08
Net realized and unrealized gain on investments		0.80			1.55			0.62			1.07			1.17

Total from investment operations		0.81			1.81			0.82			1.30			1.25

Less distributions:
Dividends from net investment income		—			(0.30	)		(0.22	)		(0.22	)		(0.08	)
Distributions from net realized gains		—			(0.22	)		(0.25	)		—	#		—

Total dividends and distributions		—			(0.52	)		(0.47	)		(0.22	)		(0.08	)

Net asset value, end of period	$	14.70		$	13.89		$	12.60		$	12.25		$	11.17

Total return (b)		5.83	%		14.48	%		6.70	%		11.71	%		12.50	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	8,749,768		$	6,607,618		$	2,956,385		$	1,003,694		$	28,383
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.51	%		0.52	%		0.52	%		0.55	%		2.12	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.09	%		1.95	%		1.59	%		1.99	%		6.66	%(l)
Before waivers and reimbursements (a)		(0.07	)%		1.79	%		1.42	%		1.79	%		4.89	%(l)
Portfolio turnover rate		6	%		4	%		29	%		—	‡%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.02		$	0.02

See Notes to Financial Statements.

158

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AXA AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,									July 31, 2003* to December 31, 2003 (c)
Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			2006 (c)			2005 (c)			2004 (c)			July 31, 2003* to December 31, 2003 (c)
Net asset value, beginning of period	$	14.71		$	12.96		$	12.44		$	11.26		$	10.00

Income from investment operations:
Net investment income		0.01			0.24			0.19			0.11			0.15
Net realized and unrealized gain on investments		1.05			2.10			0.84			1.26			1.16

Total from investment operations		1.06			2.34			1.03			1.37			1.31

Less distributions:
Dividends from net investment income		—			(0.30	)		(0.24	)		(0.18	)		(0.05	)
Distributions from net realized gains		—			(0.29	)		(0.27	)		(0.01	)		—

Total dividends and distributions		—			(0.59	)		(0.51	)		(0.19	)		(0.05	)

Net asset value, end of period	$	15.77		$	14.71		$	12.96		$	12.44		$	11.26

Total return (b)		7.21	%		18.22	%		8.27	%		12.15	%		13.08	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	77,852		$	51,217		$	18,069		$	5,704		$	555
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.27	%		0.28	%		0.29	%		0.39	%		6.01	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.09	%		1.72	%		1.50	%		0.91	%		3.38	%(l)
Before waivers and reimbursements (a)		(0.08	)%		1.54	%		1.31	%		0.62	%		(2.53	)%(l)
Portfolio turnover rate		6	%		6	%		50	%		2	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.03		$	0.27


Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,									July 31, 2003* to December 31, 2003 (c)
Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			2006 (c)			2005 (c)			2004 (c)			July 31, 2003* to December 31, 2003 (c)
Net asset value, beginning of period	$	14.71		$	12.96		$	12.43		$	11.26		$	10.00

Income from investment operations:
Net investment income		(0.01	)		0.18			0.17			0.08			0.14
Net realized and unrealized gain on investments		1.05			2.13			0.84			1.25			1.16

Total from investment operations		1.04			2.31			1.01			1.33			1.30

Less distributions:
Dividends from net investment income		—			(0.27	)		(0.21	)		(0.15	)		(0.04	)
Distributions from net realized gains		—			(0.29	)		(0.27	)		(0.01	)		—

Total dividends and distributions		—			(0.56	)		(0.48	)		(0.16	)		(0.04	)

Net asset value, end of period	$	15.75		$	14.71		$	12.96		$	12.43		$	11.26

Total return (b)		7.07	%		17.92	%		8.08	%		11.78	%		12.97	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,311,300		$	1,595,326		$	609,650		$	241,623		$	7,807
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.52	%		0.53	%		0.54	%		0.64	%		6.26	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.16	)%		1.30	%		1.25	%		0.66	%		3.13	%(l)
Before waivers and reimbursements (a)		(0.33	)%		1.12	%		1.06	%		0.37	%		(2.78	)%(l)
Portfolio turnover rate		6	%		6	%		50	%		2	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.03		$	0.27

See Notes to Financial Statements.

159

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO(j)

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,
Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002
Net asset value, beginning of period	$	28.78		$	27.36		$	25.23		$	22.45		$	16.29		$	22.83

Income (loss) from investment operations:
Net investment income (loss)		0.03			0.05			(0.02	)		(0.03	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.06			1.42			2.15			2.81			6.17			(6.53	)

Total from investment operations		2.09			1.47			2.13			2.78			6.16			(6.54	)

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

Net asset value, end of period	$	30.87		$	28.78		$	27.36		$	25.23		$	22.45		$	16.29

Total return (b)		7.26	%		5.38	%		8.44	%		12.38	%		37.90	%		(28.68	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,423,682		$	2,332,898		$	2,122,576		$	2,485,132		$	2,141,844		$	1,333,623
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.67	%		0.78	%		0.73	%		0.68	%		0.70	%		0.66	%
Before fees paid indirectly (a)		0.79	%		0.80	%		0.80	%		0.80	%		0.77	%		0.71	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.17	%		0.20	%		(0.07	)%		(0.12	)%		(0.09	)%		(0.11	)%
Before fees paid indirectly (a)		0.05	%		0.18	%		(0.14	)%		(0.24	)%		(0.16	)%		(0.16	)%
Portfolio turnover rate		51	%		90	%		96	%		111	%		119	%		112	%


Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,
Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002
Net asset value, beginning of period	$	28.33		$	26.96		$	24.91		$	22.22		$	16.16		$	22.72

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.01	)		(0.08	)		(0.08	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.04			1.38			2.13			2.77			6.12			(6.49	)

Total from investment operations		2.03			1.37			2.05			2.69			6.06			(6.56	)

Less distributions:
Dividends from net investment income		—			—			—			—			—			—	#

Net asset value, end of period	$	30.36		$	28.33		$	26.96		$	24.91		$	22.22		$	16.16

Total return (b)		7.17	%		5.08	%		8.23	%		12.11	%		37.50	%		(28.86	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	251,129		$	261,648		$	267,802		$	258,689		$	225,426		$	146,909
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.92	%(m)		1.03	%		0.98	%		0.93	%		0.95	%		0.91	%
Before fees paid indirectly (a)		1.04	%		1.05	%		1.05	%		1.05	%		1.02	%		0.96	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		(0.07	)%		(0.05	)%		(0.32	)%		(0.37	)%		(0.34	)%		(0.36	)%
Before fees paid indirectly (a)		(0.20	)%		(0.07	)%		(0.39	)%		(0.49	)%		(0.41	)%		(0.41	)%
Portfolio turnover rate		51	%		90	%		96	%		111	%		119	%		112	%

See Notes to Financial Statements.

160

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,
Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002 (c)
Net asset value, beginning of period	$	10.21		$	10.25		$	10.43		$	10.42		$	10.37		$	10.00

Income (loss) from investment operations:
Net investment income		0.23			0.44			0.36			0.24			0.24			0.34
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.20	)		(0.04	)		(0.16	)		0.18			0.18			0.48

Total from investment operations		0.03			0.40			0.20			0.42			0.42			0.82

Less distributions:
Dividends from net investment income		(0.24	)		(0.44	)		(0.38	)		(0.26	)		(0.25	)		(0.32	)
Distributions from realized gains		—			—			—			(0.15	)		(0.12	)		(0.13	)

Total dividends and distributions		(0.24	)		(0.44	)		(0.38	)		(0.41	)		(0.37	)		(0.45	)

Net asset value, end of period	$	10.00		$	10.21		$	10.25		$	10.43		$	10.42		$	10.37

Total return (b)		0.34	%		3.96	%		2.00	%		4.13	%		4.10	%		8.42	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,922,006		$	1,911,399		$	1,237,241		$	944,330		$	431,203		$	4,614
Ratio of expenses to average net assets:
After waivers (a)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Before waivers and fees paid indirectly (a)		0.76	%		0.77	%		0.78	%		0.80	%		0.86	%		1.01	%
Ratio of net investment income to average net assets:
After waivers (a)		4.57	%		4.31	%		3.51	%		2.38	%		2.23	%		3.28	%
After waivers and fees paid indirectly (a)		4.57	%		4.31	%		3.51	%		2.38	%		2.23	%		3.28	%
Before waivers and fees paid indirectly (a)		4.51	%		4.24	%		3.43	%		2.28	%		2.07	%		2.97	%
Portfolio turnover rate		227	%		366	%		654	%		767	%		633	%		536	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	0.01		$	0.01		$	0.01		$	0.02		$	0.03


Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,
Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002 (c)
Net asset value, beginning of period	$	10.20		$	10.24		$	10.42		$	10.41		$	10.37		$	10.00

Income (loss) from investment operations:
Net investment income		0.22			0.41			0.34			0.22			0.20			0.31
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.21	)		(0.03	)		(0.16	)		0.18			0.19			0.49

Total from investment operations		0.01			0.38			0.18			0.40			0.39			0.80

Less distributions:
Dividends from net investment income		(0.22	)		(0.42	)		(0.36	)		(0.24	)		(0.23	)		(0.30	)
Distributions from realized gains		—			—			—			(0.15	)		(0.12	)		(0.13	)

Total dividends and distributions		(0.22	)		(0.42	)		(0.36	)		(0.39	)		(0.35	)		(0.43	)

Net asset value, end of period	$	9.99		$	10.20		$	10.24		$	10.42		$	10.41		$	10.37

Total return		0.11	%		3.80	%		1.74	%		3.87	%		3.74	%		8.21	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	822,740		$	825,182		$	806,356		$	781,977		$	666,007		$	345,589
Ratio of expenses to average net assets:
After waivers (a)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Before waivers and fees paid indirectly (a)		1.01	%		1.02	%		1.03	%		1.05	%		1.11	%		1.26	%
Ratio of net investment income to average net assets:
After waivers (a)		4.32	%		4.04	%		3.26	%		2.13	%		1.98	%		3.03	%
After waivers and fees paid indirectly (a)		4.32	%		4.04	%		3.26	%		2.13	%		1.98	%		3.03	%
Before waivers and fees paid indirectly (a)		4.26	%		3.97	%		3.18	%		2.03	%		1.82	%		2.72	%
Portfolio turnover rate		227	%		366	%		654	%		767	%		633	%		536	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	0.01		$	0.01		$	0.01		$	0.02		$	0.03

See Notes to Financial Statements.

161

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,
Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			2006 (c)			2005 (c)			2004			2003 (c)			2002 (c)
Net asset value, beginning of period	$	11.03		$	10.98		$	10.78		$	10.22		$	8.02		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.01	)		(0.03	)		(0.05	)		(0.05	)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.64			0.59			0.81			1.28			2.35			(1.92	)

Total from investment operations		0.63			0.56			0.76			1.23			2.29			(1.98	)

Less distributions:
Distributions from net realized gains		—			(0.51	)		(0.56	)		(0.67	)		(0.09	)		—

Net asset value, end of period	$	11.66		$	11.03		$	10.98		$	10.78		$	10.22		$	8.02

Total return (b)		5.62	%		5.39	%		7.30	%		12.32	%		28.59	%		(19.80	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	17,532		$	16,808		$	15,347		$	10,588		$	6,376		$	2,506
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.43	%		1.43	%		1.48	%		1.60	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly (a)		1.41	%		1.38	%		1.46	%		1.56	%		1.59	%		1.57	%
Before waivers, reimbursements and fees paid indirectly (a)		1.43	%		1.43	%		1.48	%		1.60	%		1.68	%		2.34	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.27	)%		(0.34	)%		(0.46	)%		(0.59	)%		(0.69	)%		(0.73	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.25	)%		(0.28	)%		(0.44	)%		(0.55	)%		(0.68	)%		(0.70	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.27	)%		(0.34	)%		(0.46	)%		(0.59	)%		(0.77	)%		(1.47	)%
Portfolio turnover rate		59	%		145	%		109	%		127	%		108	%		91	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.01		$	0.06


Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			Year Ended December 31,
Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			2006 (c)			2005 (c)			2004			2003 (c)			2002 (c)
Net asset value, beginning of period	$	10.88		$	10.86		$	10.70		$	10.17		$	8.01		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.06	)		(0.07	)		(0.07	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.63			0.59			0.79			1.27			2.33			(1.91	)

Total from investment operations		0.60			0.53			0.72			1.20			2.25			(1.99	)

Less distributions:
Distributions from net realized gains		—			(0.51	)		(0.56	)		(0.67	)		(0.09	)		—

Net asset value, end of period	$	11.48		$	10.88		$	10.86		$	10.70		$	10.17		$	8.01

Total return (b)		5.51	%		5.08	%		6.98	%		12.09	%		28.12	%		(19.90	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	396,858		$	381,449		$	334,012		$	270,570		$	167,416		$	49,826
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.68	%		1.68	%		1.73	%		1.85	%		1.85	%		1.85	%
After waivers, reimbursements and fees paid indirectly (a)		1.66	%		1.63	%		1.71	%		1.81	%		1.84	%		1.82	%
Before waivers, reimbursements and fees paid indirectly (a)		1.68	%		1.68	%		1.73	%		1.85	%		1.93	%		2.59	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.52	)%		(0.59	)%		(0.71	)%		(0.84	)%		(0.94	)%		(0.98	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.50	)%		(0.53	)%		(0.69	)%		(0.80	)%		(0.93	)%		(0.95	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.52	)%		(0.59	)%		(0.71	)%		(0.84	)%		(1.02	)%		(1.72	)%
Portfolio turnover rate		59	%		145	%		109	%		127	%		108	%		91	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.01		$	0.06

See Notes to Financial Statements.

162

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO(i)

FINANCIAL HIGHLIGHTS—(Continued)


	Six Months Ended June 30, 2007			Year Ended December 31,
Class A	(Unaudited) (c)			2006 (c)			2005 (c)			2004(c)			2003(c)			2002(c)
Net asset value, beginning of period	$	5.61		$	5.47		$	5.75		$	5.63		$	4.82		$	5.46

Income (loss) from investment operations:
Net investment income		0.22			0.42			0.41			0.42			0.42			0.48
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.04	)		0.14			(0.23	)		0.09			0.69			(0.63	)

Total from investment operations		0.18			0.56			0.18			0.51			1.11			(0.15	)

Less distributions:
Dividends from net investment income		—			(0.42	)		(0.46	)		(0.39	)		(0.30	)		(0.49	)

Net asset value, end of period	$	5.79		$	5.61		$	5.47		$	5.75		$	5.63		$	4.82

Total return (b)		3.21	%		10.21	%		3.26	%		9.02	%		22.97	%		(2.72	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	881,032		$	855,156		$	770,374		$	974,088		$	784,005		$	234,361
Ratio of expenses to average net assets (a)		0.76	%		0.76	%		0.76	%		0.76	%		0.75	%		0.69	%
Ratio of net investment income to average net assets (a)		7.75	%		7.45	%		7.08	%		7.20	%		7.67	%		9.21	%
Portfolio turnover rate		41	%		103	%		116	%		78	%		66	%		141	%


	Six Months Ended June 30, 2007			Year Ended December 31,
Class B	(Unaudited) (c)			2006 (c)			2005 (c)			2004(c)			2003(c)			2002(c)
Net asset value, beginning of period	$	5.58		$	5.44		$	5.71		$	5.59		$	4.79		$	5.43

Income (loss) from investment operations:
Net investment income		0.21			0.41			0.39			0.40			0.40			0.47
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.04	)		0.13			(0.21	)		0.09			0.68			(0.63	)

Total from investment operations		0.17			0.54			0.18			0.49			1.08			(0.16	)

Less distributions:
Dividends from net investment income		—			(0.40	)		(0.45	)		(0.37	)		(0.28	)		(0.48	)

Net asset value, end of period	$	5.75		$	5.58		$	5.44		$	5.71		$	5.59		$	4.79

Total return (b)		3.05	%		9.93	%		3.13	%		8.75	%		22.54	%		(2.96	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,118,491		$	1,101,281		$	1,043,950		$	1,029,570		$	823,114		$	330,804
Ratio of expenses to average net assets (a)		1.01	%		1.01	%		1.01	%		1.01	%		1.00	%		0.94	%
Ratio of net investment income to average net assets (a)		7.50	%		7.20	%		6.83	%		6.95	%		7.42	%		8.96	%
Portfolio turnover rate		41	%		103	%		116	%		78	%		66	%		141	%

See Notes to Financial Statements.

163

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


	Six Months Ended June 30, 2007			Year Ended December 31,
Class A	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	15.58		$	13.03		$	12.14		$	10.60		$	7.93		$	10.00

Income (loss) from investment operations:
Net investment income		0.19			0.11			0.14			0.09			0.05			0.03
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		1.34			3.20			1.73			1.83			2.69			(2.10	)

Total from investment operations		1.53			3.31			1.87			1.92			2.74			(2.07	)

Less distributions:
Dividends from net investment income		—			(0.11	)		(0.21	)		(0.12	)		(0.07	)		—
Distributions from realized gains		—			(0.65	)		(0.77	)		(0.26	)		—			—

Total dividends and distributions		—			(0.76	)		(0.98	)		(0.38	)		(0.07	)		—

Net asset value, end of period	$	17.11		$	15.58		$	13.03		$	12.14		$	10.60		$	7.93

Total return (b)		9.82	%		25.58	%		15.74	%		18.18	%		34.64	%		(20.70	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,871,398		$	1,356,428		$	379,616		$	238,906		$	16,003		$	2,180
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.24	%		1.28	%		1.33	%		1.55	%		1.55	%		1.55	%
After waivers, reimbursements, and fees paid indirectly (a)		1.24	%		1.27	%		1.29	%		1.50	%		1.48	%		1.53	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.24	%		1.28	%		1.33	%		1.55	%		1.78	%		2.72	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		2.33	% (m)		0.77	%		1.13	%		0.73	%		0.45	%		0.35	%
After waivers, reimbursements, and fees paid indirectly (a)		2.33	% (m)		0.78	%		1.17	%		0.78	%		0.52	%		0.37	%
Before waivers, reimbursements, and fees paid indirectly (a)		2.33	% (m)		0.77	%		1.13	%		0.73	%		0.22	%		(0.82	)%
Portfolio turnover rate		23	%		45	%		67	%		83	%		72	%		22	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	0.02		$	0.10


	Six Months Ended June 30, 2007			Year Ended December 31,
Class B	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	15.56		$	13.01		$	12.12		$	10.58		$	7.91		$	10.00

Income (loss) from investment operations:
Net investment income		0.16			0.10			0.11			0.07			0.03			0.01
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		1.34			3.17			1.72			1.82			2.69			(2.10	)

Total from investment operations		1.50			3.27			1.83			1.89			2.72			(2.09	)

Less distributions:
Dividends from net investment income		—			(0.07	)		(0.17	)		(0.09	)		(0.05	)		—
Distributions from realized gains		—			(0.65	)		(0.77	)		(0.26	)		—			—

Total dividends and distributions		—			(0.72	)		(0.94	)		(0.35	)		(0.05	)		—

Net asset value, end of period	$	17.06		$	15.56		$	13.01		$	12.12		$	10.58		$	7.91

Total return (b)		9.64	%		25.30	%		15.47	%		17.91	%		34.39	%		(20.90	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	861,212		$	765,683		$	449,400		$	336,354		$	166,915		$	47,097
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.49	%		1.53	%		1.58	%		1.80	%		1.80	%		1.80	%
After waivers, reimbursements, and fees paid indirectly (a)		1.49	%		1.52	%		1.54	%		1.75	%		1.73	%		1.78	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.49	%		1.53	%		1.58	%		1.80	%		2.03	%		2.97	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		2.08	% (m)		0.67	%		0.88	%		0.48	%		0.20	%		0.10	%
After waivers, reimbursements, and fees paid indirectly (a)		2.08	% (m)		0.68	%		0.92	%		0.53	%		0.27	%		0.12	%
Before waivers, reimbursements, and fees paid indirectly (a)		2.08	% (m)		0.67	%		0.88	%		0.48	%		(0.03	)%		(1.07	)%
Portfolio turnover rate		23	%		45	%		67	%		83	%		72	%		22	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	0.02		$	0.10

See Notes to Financial Statements.

164

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007			Year Ended December 31,
Class A	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	11.96		$	10.79		$	10.37		$	9.89		$	7.73		$	10.00

Income (loss) from investment operations:
Net investment income		0.05			0.08			0.06			0.08			0.03			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.93			1.40			0.67			0.90			2.17			(2.28	)

Total from investment operations		0.98			1.48			0.73			0.98			2.20			(2.23	)

Less distributions:
Dividends from net investment income		—			(0.07	)		(0.03	)		(0.13	)		(0.04	)		(0.04	)
Distributions from realized gains		—			(0.24	)		(0.28	)		(0.37	)		—			—

Total dividends and distributions		—			(0.31	)		(0.31	)		(0.50	)		(0.04	)		(0.04	)

Net asset value, end of period	$	12.94		$	11.96		$	10.79		$	10.37		$	9.89		$	7.73

Total return (b)		8.19	%		13.84	%		7.07	%		9.92	%		28.41	%		(22.34	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	738,746		$	598,068		$	309,162		$	6,932		$	5,049		$	2,305
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly (a)		1.09	%		1.08	%		1.08	%		1.07	%		1.07	%		1.04	%
Before waivers, reimbursements and fees paid indirectly (a)		1.10	%		1.10	%		1.15	%		1.22	%		1.42	%		2.02	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.82	%		0.73	%		0.52	%		0.79	%		0.42	%		0.49	%
After waivers, reimbursements and fees paid indirectly (a)		0.83	%		0.75	%		0.54	%		0.82	%		0.45	%		0.55	%
Before waivers, reimbursements and fees paid indirectly (a)		0.82	%		0.72	%		0.47	%		0.67	%		0.10	%		(0.43	)%
Portfolio turnover rate		28	%		49	%		39	%		52	%		45	%		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—			—	#	$	0.01		$	0.01		$	0.03		$	0.08

Class B	Six Months Ended June 30, 2007			Year Ended December 31,
Class B	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	11.96		$	10.79		$	10.38		$	9.89		$	7.73		$	10.00

Income (loss) from investment operations:
Net investment income		0.04			0.06			0.03			0.05			0.01			0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.93			1.39			0.66			0.91			2.16			(2.27	)

Total from investment operations		0.97			1.45			0.69			0.96			2.17			(2.25	)

Less distributions:
Dividends from net investment income		—			(0.04	)		—	#		(0.10	)		(0.01	)		(0.02	)
Distributions from realized gains		—			(0.24	)		(0.28	)		(0.37	)		—			—

Total dividends and distributions		—			(0.28	)		(0.28	)		(0.47	)		(0.01	)		(0.02	)

Net asset value, end of period	$	12.93		$	11.96		$	10.79		$	10.38		$	9.89		$	7.73

Total return (b)		8.11	%		13.56	%		6.70	%		9.75	%		28.09	%		(22.53	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	216,658		$	208,296		$	185,408		$	173,875		$	136,178		$	48,689
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.34	%		1.33	%		1.33	%		1.32	%		1.32	%		1.29	%
Before waivers, reimbursements and fees paid indirectly (a)		1.35	%		1.35	%		1.40	%		1.47	%		1.67	%		2.27	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.57	%		0.47	%		0.27	%		0.54	%		0.17	%		0.24	%
After waivers, reimbursements and fees paid indirectly (a)		0.58	%		0.49	%		0.29	%		0.57	%		0.20	%		0.30	%
Before waivers, reimbursements and fees paid indirectly (a)		0.57	%		0.47	%		0.22	%		0.42	%		(0.15	)%		(0.68	)%
Portfolio turnover rate		28	%		49	%		39	%		52	%		45	%		39	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—			—	#	$	0.01		$	0.01		$	0.03		$	0.08

See Notes to Financial Statements.

165

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007			Year Ended December 31,
Class A	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	9.96		$	10.40		$	9.66		$	9.03		$	6.90		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.01	)		(0.03	)		(0.05	)		(0.01	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.70			0.08			0.79			0.64			2.14			(3.09	)

Total from investment operations		0.69			0.05			0.74			0.63			2.13			(3.10	)

Less distributions:
Distributions from realized gains		—			(0.49	)		—			—			—			—

Net asset value, end of period	$	10.65		$	9.96		$	10.40		$	9.66		$	9.03		$	6.90

Total return (b)		6.93	%		0.44	%		7.66	%		6.98	%		30.87	%		(31.00	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	22,383		$	21,104		$	17,780		$	12,166		$	8,168		$	2,637
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly (a)		0.97	%		1.08	%		1.08	%		1.05	%		1.07	%		0.96	%
Before waivers, reimbursements and fees paid indirectly (a)		1.11	%		1.12	%		1.13	%		1.16	%		1.33	%		1.84	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.24	)%		(0.27	)%		(0.49	)%		(0.23	)%		(0.32	)%		(0.31	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.12	)%		(0.25	)%		(0.47	)%		(0.18	)%		(0.29	)%		(0.17	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.26	)%		(0.28	)%		(0.52	)%		(0.29	)%		(0.55	)%		(1.05	)%
Portfolio turnover rate		48	%		48	%		42	%		53	%		30	%		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—	#	$	—	#	$	—	#	$	0.01		$	0.01		$	0.06

Class B	Six Months Ended June 30, 2007			Year Ended December 31,
Class B	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	9.83		$	10.30		$	9.58		$	8.99		$	6.88		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.05	)		(0.07	)		(0.04	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		0.69			0.07			0.79			0.63			2.14			(3.09	)

Total from investment operations		0.67			0.02			0.72			0.59			2.11			(3.12	)

Less distributions:
Distributions from realized gains		—			(0.49	)		—			—			—			—

Net asset value, end of period	$	10.50		$	9.83		$	10.30		$	9.58		$	8.99		$	6.88

Total return (b)		6.82	%		0.15	%		7.52	%		6.56	%		30.67	%		(31.20	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	369,126		$	372,653		$	362,850		$	343,638		$	253,326		$	76,577
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.22	%		1.33	%		1.33	%		1.30	%		1.32	%		1.21	%
Before waivers, reimbursements and fees paid indirectly (a)		1.36	%		1.37	%		1.38	%		1.41	%		1.58	%		2.09	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.49	)%		(0.52	)%		(0.74	)%		(0.48	)%		(0.57	)%		(0.56	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.36	)%		(0.50	)%		(0.72	)%		(0.43	)%		(0.54	)%		(0.42	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.51	)%		(0.53	)%		(0.77	)%		(0.54	)%		(0.80	)%		(1.30	)%
Portfolio turnover rate		48	%		48	%		42	%		53	%		30	%		19	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—	#	$	—	#	$	—	#	$	0.01		$	0.01		$	0.05

See Notes to Financial Statements.

166

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007			Year Ended December 31,
Class A	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	12.83		$	11.19		$	10.99		$	10.28		$	7.98		$	10.00

Income (loss) from investment operations:
Net investment income		0.10			0.14			0.13			0.13			0.07			0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.95			2.05			0.68			1.36			2.43			(2.05	)

Total from investment operations		1.05			2.19			0.81			1.49			2.50			(1.96	)

Less distributions:
Dividends from net investment income		—			(0.12	)		(0.09	)		(0.14	)		(0.07	)		(0.06	)
Distributions from realized gains		—			(0.43	)		(0.52	)		(0.64	)		(0.13	)		—

Total dividends and distributions		—			(0.55	)		(0.61	)		(0.78	)		(0.20	)		(0.06	)

Net asset value, end of period	$	13.88		$	12.83		$	11.19		$	10.99		$	10.28		$	7.98

Total return (b)		8.18	%		19.62	%		7.37	%		14.71	%		31.44	%		(19.63	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,086,668		$	914,471		$	309,385		$	9,758		$	5,999		$	2,345
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.08	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly (a)		0.97	%		1.06	%		1.04	%		0.96	%		1.03	%		0.92	%
Before waivers, reimbursements and fees paid indirectly (a)		1.08	%		1.10	%		1.12	%		1.15	%		1.33	%		1.77	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.36	%		1.12	%		1.03	%		1.35	%		0.92	%		0.90	%
After waivers, reimbursements and fees paid indirectly (a) .		1.47	%		1.16	%		1.09	%		1.49	%		0.99	%		1.08	%
Before waivers, reimbursements and fees paid indirectly (a)		1.36	%		1.12	%		1.01	%		1.30	%		0.69	%		0.23	%
Portfolio turnover rate		56	%		63	%		76	%		99	%		135	%		129	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	0.01		$	0.02		$	0.06

Class B	Six Months Ended June 30, 2007			Year Ended December 31,
Class B	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	12.83		$	11.19		$	10.99		$	10.28		$	7.98		$	10.00

Income (loss) from investment operations:
Net investment income		0.08			0.11			0.09			0.12			0.05			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.96			2.05			0.69			1.34			2.43			(2.05	)

Total from investment operations		1.04			2.16			0.78			1.46			2.48			(1.98	)

Less distributions:
Dividends from net investment income		—			(0.09	)		(0.06	)		(0.11	)		(0.05	)		(0.04	)
Distributions from realized gains		—			(0.43	)		(0.52	)		(0.64	)		(0.13	)		—

Total dividends and distributions		—			(0.52	)		(0.58	)		(0.75	)		(0.18	)		(0.04	)

Net asset value, end of period	$	13.87		$	12.83		$	11.19		$	10.99		$	10.28		$	7.98

Total return		8.11	%		19.32	%		7.10	%		14.42	%		31.11	%		(19.84	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	752,209		$	702,312		$	526,727		$	406,626		$	256,460		$	86,036
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.33	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.22	%		1.31	%(m)		1.29	%		1.21	%		1.28	%		1.17	%
Before waivers, reimbursements and fees paid indirectly (a)		1.33	%		1.35	%		1.37	%		1.40	%		1.58	%		2.02	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.11	%		0.85	%		0.78	%		1.10	%		0.67	%		0.65	%
After waivers, reimbursements and fees paid indirectly (a)		1.22	%		0.89	%		0.84	%		1.24	%		0.74	%		0.83	%
Before waivers, reimbursements and fees paid indirectly (a)		1.11	%		0.85	%		0.76	%		1.05	%		0.44	%		(0.02	)%
Portfolio turnover rate		56	%		63	%		76	%		99	%		135	%		129	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	0.01		$	0.02		$	0.06

See Notes to Financial Statements.

167

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FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007			Year Ended December 31,
Class A	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	9.04		$	9.12		$	9.63		$	8.75		$	6.30		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.07	)		(0.08	)		(0.06	)		(0.02	)		(0.06	)
Net realized and unrealized gain (loss) on investments		1.05			0.96			0.89			1.10			2.58			(3.64	)

Total from investment operations		1.01			0.89			0.81			1.04			2.56			(3.70	)

Less distributions:
Distributions from net realized gains		—			(0.97	)		(1.32	)		(0.16	)		(0.11	)		—

Net asset value, end of period	$	10.05		$	9.04		$	9.12		$	9.63		$	8.75		$	6.30

Total return (b)		11.17	%		9.83	%		8.66	%		12.04	%		40.60	%		(37.00	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	223,602		$	230,585		$	223,527		$	395,739		$	242,059		$	2,571
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.30	%		1.30	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.27	%		1.26	%		1.30	%		1.25	%		1.21	%		1.26	%
Before waivers, reimbursements and fees paid indirectly (a)		1.30	%		1.30	%		1.35	%		1.35	%		1.45	%		2.06	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.80	)%		(0.78	)%		(0.89	)%		(1.00	)%		(0.96	)%		(0.99	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.78	)%		(0.74	)%		(0.84	)%		(0.90	)%		(0.82	)%		(0.90	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.80	)%		(0.78	)%		(0.89	)%		(1.00	)%		(1.06	)%		(1.70	)%
Portfolio turnover rate		32	%		77	%		87	%		76	%		119	%		196	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.01		$	0.05

Class B	Six Months Ended June 30, 2007			Year Ended December 31,
Class B	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	8.90		$	9.01		$	9.55		$	8.70		$	6.28		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.05	)		(0.09	)		(0.10	)		(0.09	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss) on investments		1.03			0.95			0.88			1.10			2.58			(3.64	)

Total from investment operations		0.98			0.86			0.78			1.01			2.53			(3.72	)

Less distributions:
Distributions from net realized gains		—			(0.97	)		(1.32	)		(0.16	)		(0.11	)		—

Net asset value, end of period	$	9.88		$	8.90		$	9.01		$	9.55		$	8.70		$	6.28

Total return (b)		11.01	%		9.62	%		8.41	%		11.76	%		40.25	%		37.20	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	565,086		$	543,139		$	498,431		$	468,973		$	334,622		$	85,237
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.55	%(m)		1.55	%		1.60	%		1.60	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly (a)		1.52	%		1.51	%		1.55	%		1.50	%		1.46	%		1.51	%
Before waivers, reimbursements and fees paid indirectly (a)		1.55	%(m)		1.55	%		1.60	%		1.60	%		1.70	%		2.31	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(1.05	)%		(1.03	)%		(1.14	)%		(1.25	)%		(1.21	)%		(1.24	)%
After waivers, reimbursements and fees paid indirectly (a)		(1.02	)%		(0.99	)%		(1.09	)%		(1.15	)%		(1.07	)%		(1.15	)%
Before waivers, reimbursements and fees paid indirectly (a)		(1.05	)%		(1.03	)%		(1.14	)%		(1.25	)%		(1.31	)%		(1.95	)%
Portfolio turnover rate		32	%		77	%		87	%		76	%		119	%		196	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.01		$	0.05

See Notes to Financial Statements.

168

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MULTIMANAGER MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007			Year Ended December 31,
Class A	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	10.03		$	9.74		$	11.48		$	10.50		$	7.49		$	10.00

Income (loss) from investment operations:
Net investment income		0.01			0.03			0.01			0.01			0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.10			1.41			0.83			1.60			3.06			(2.52	)

Total from investment operations		1.11			1.44			0.84			1.61			3.07			(2.51	)

Less distributions:
Dividends from net investment income		—			(0.02	)		—			—			—			—
Distributions from realized gains		—			(1.13	)		(2.58	)		(0.63	)		(0.06	)		—

Total dividends and distributions		—			(1.15	)		(2.58	)		(0.63	)		(0.06	)		—

Net asset value, end of period	$	11.14		$	10.03		$	9.74		$	11.48		$	10.50		$	7.49

Total return (b)		11.07	%		15.08	%		7.61	%		15.47	%		40.94	%		(25.10	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	544,558		$	387,990		$	319,455		$	842,150		$	546,951		$	2,981
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.29	%		1.31	%		1.29	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.28	%		1.30	%		1.24	%		1.29	%		1.27	%		1.21	%
Before waivers, reimbursements and fees paid indirectly (a)		1.29	%		1.31	%		1.29	%		1.35	%		1.41	%		1.93	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.18	%		0.24	%		0.04	%		0.02	%		0.01	%		0.03	%
After waivers, reimbursements and fees paid indirectly (a)		0.18	%		0.25	%		0.09	%		0.08	%		0.09	%		0.17	%
Before waivers, reimbursements and fees paid indirectly (a)		0.18	%		0.24	%		0.04	%		0.02	%		(0.05	)%		(0.55	)%
Portfolio turnover rate		26	%		67	%		58	%		61	%		63	%		88	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	0.01		$	0.05

Class B	Six Months Ended June 30, 2007			Year Ended December 31,
Class B	(Unaudited) (c)			2006(c)			2005(c)			2004			2003			2002(c)
Net asset value, beginning of period	$	9.87		$	9.61		$	11.39		$	10.45		$	7.47		$	10.00

Income (loss) from investment operations:
Net investment loss		—	#		—	#		(0.02	)		(0.02	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.09			1.39			0.82			1.59			3.05			(2.52	)

Total from investment operations		1.09			1.39			0.80			1.57			3.04			(2.53	)

Less distributions:
Distributions from realized gains		—			(1.13	)		(2.58	)		(0.63	)		(0.06	)		—

Net asset value, end of period	$	10.96		$	9.87		$	9.61		$	11.39		$	10.45		$	7.47

Total return		11.04	%		14.75	%		7.29	%		15.16	%		40.64	%		(25.30	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	648,416		$	599,824		$	510,799		$	498,370		$	321,345		$	93,565
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.54	%		1.56	%(m)		1.54	%		1.60	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly (a)		1.53	%		1.55	%		1.49	%		1.54	%		1.52	%		1.46	%
Before waivers, reimbursements and fees paid indirectly (a)		1.54	%		1.56	%(m)		1.54	%		1.60	%		1.66	%		2.18	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.08	)%		(0.02	)%		(0.21	)%		(0.23	)%		(0.24	)%		(0.22	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.08	)%		(0.01	)%		(0.16	)%		(0.17	)%		(0.16	)%		(0.08	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.08	)%		(0.02	)%		(0.21	)%		(0.23	)%		(0.30	)%		(0.80	)%
Portfolio turnover rate		26	%		67	%		58	%		61	%		63	%		88	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.01		$	0.05

See Notes to Financial Statements.

169

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class B	Six Months Ended June 30, 2007			Year Ended December 31,
Class B	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003(c)			2002(c)
Net asset value, beginning of period	$	9.52		$	8.76		$	8.28		$	7.36		$	5.98		$	7.87

Income (loss) from investment operations:
Net investment income (loss)		0.02			(0.07	)		(0.07	)		(0.07	)		(0.07	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.93			0.95			0.70			0.99			1.45			(1.84	)

Total from investment operations		0.95			0.88			0.63			0.92			1.38			(1.89	)

Less distributions:
Distributions from realized gains		—			(0.12	)		(0.15	)		—			—			—

Net asset value, end of period	$	10.47		$	9.52		$	8.76		$	8.28		$	7.36		$	5.98

Total return (b)		9.86	%		10.26	%		7.55	%		12.50	%		23.08	%		(24.02	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	297,808		$	277,810		$	176,610		$	93,964		$	83,897		$	66,203
Ratio of expenses to average net assets:
After waivers (a)		1.35	%		1.30	%		1.30	%		1.30	%		1.29	%		1.12	%
After waivers and fees paid indirectly (a)		1.35	%		1.30	%		1.30	%		1.30	%		1.29	%		1.12	%
Before waivers and fees paid indirectly (a)		1.50	%		1.39	%		1.37	%		1.43	%		1.29	%		1.12	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)		0.34	%		(0.77	)%		(0.85	)%		(0.89	)%		(1.03	)%		(0.79	)%
After waivers and fees paid indirectly (a)		0.34	%		(0.77	)%		(0.85	)%		(0.89	)%		(1.03	)%		(0.79	)%
Before waivers and fees paid indirectly (a)		0.19	%		(0.85	)%		(0.92	)%		(1.02	)%		(1.03	)%		(0.79	)%
Portfolio turnover rate		29	%		279	%		273	%		199	%		85	%		37	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.01		$	0.01		$	0.01		$	0.01		$		**	$		**

See Notes to Financial Statements.

170

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007			Year Ended December 31,												October 2, *2002 to December 31,**
Class A	(Unaudited) (c)			2006			2005 (c)			2004			2003			2002
Net asset value, beginning of period	$	13.70		$	13.37		$	14.02		$	13.29		$	9.76		$	9.25

Income from investment operations:
Net investment income		0.08			0.07			0.06			0.07			0.10			0.02
Net realized and unrealized gain on investments		0.54			2.09			0.61			2.20			3.55			0.53

Total from investment operations		0.62			2.16			0.67			2.27			3.65			0.55

Less distributions:
Dividends from net investment income		—			(0.08	)		(0.06	)		(0.05	)		(0.06	)		(0.04	)
Distributions from realized gains		—			(1.75	)		(1.26	)		(1.49	)		(0.06	)		—

Total dividends and distributions		—			(1.83	)		(1.32	)		(1.54	)		(0.12	)		(0.04	)

Net asset value, end of period	$	14.32		$	13.70		$	13.37		$	14.02		$	13.29		$	9.76

Total return (b)		4.53	%		16.38	%		4.94	%		17.45	%		37.69	%		5.97	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	782,322		$	577,637		$	523,308		$	281,509		$	177,723		$	57
Ratio of expenses to average net assets:
After waivers (a)		0.93	%		0.85	%(m)		0.79	%		0.80	%		0.85	%		0.85	%
After waivers and fees paid indirectly (a)		0.90	%		0.77	%(m)		0.70	%		0.61	%		0.75	%		0.81	%
Before waivers and fees paid indirectly (a)		0.98	%		0.85	%(m)		0.79	%		0.80	%		0.85	%		0.86	%
Ratio of net investment income to average net assets:
After waivers (a)		1.10	%		0.40	%(m)		0.37	%		0.37	%		0.70	%		0.64	%
After waivers and fees paid indirectly (a)		1.14	%		0.47	%(m)		0.46	%		0.56	%		0.80	%		0.68	%
Before waivers and fees paid indirectly (a)		1.06	%		0.40	%(m)		0.37	%		0.37	%		0.70	%		0.63	%
Portfolio turnover rate		51	%		114	%		90	%		96	%		69	%		86	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—		$	—		$	—		$	—		$	—	#

Class B	Six Months Ended June 30, 2007			Year Ended December 31,
Class B	(Unaudited) (c)			2006			2005(c)			2004			2003(c)			2002
Net asset value, beginning of period	$	13.71		$	13.38		$	14.02		$	13.30		$	9.77		$	11.52

Income (loss) from investment operations:
Net investment income		0.06			0.03			0.03			0.03			0.06			0.03
Net realized and unrealized gain (loss) on investments		0.55			2.09			0.62			2.19			3.57			(1.61	)

Total from investment operations		0.61			2.12			0.65			2.22			3.63			(1.58	)

Less distributions:
Dividends from net investment income		—			(0.04	)		(0.03	)		(0.01	)		(0.04	)		(0.02	)
Distributions from realized gains		—			(1.75	)		(1.26	)		(1.49	)		(0.06	)		(0.15	)

Total dividends and distributions		—			(1.79	)		(1.29	)		(1.50	)		(0.10	)		(0.17	)

Net asset value, end of period	$	14.32		$	13.71		$	13.38		$	14.02		$	13.30		$	9.77

Total return (b)		4.45	%		16.07	%		4.75	%		17.06	%		37.42	%		(13.87	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,289,648		$	1,326,859		$	1,153,566		$	1,042,729		$	689,540		$	298,035
Ratio of expenses to average net assets:
After waivers (a)		1.18	%(m)		1.10	%(m)		1.04	%		1.05	%		1.10	%		1.10	%
After waivers and fees paid indirectly (a)		1.15	%(m)		1.02	%(m)		0.95	%		0.86	%		1.00	%		1.06	%
Before waivers and fees paid indirectly (a)		1.23	%(m)		1.10	%(m)		1.04	%		1.05	%		1.10	%		1.11	%
Ratio of net investment income to average net assets:
After waivers (a)		0.82	%		0.15	%(m)		0.12	%		0.12	%		0.45	%		0.39	%
After waivers and fees paid indirectly (a)		0.85	%		0.22	%(m)		0.21	%		0.31	%		0.55	%		0.43	%
Before waivers and fees paid indirectly (a)		0.78	%		0.15	%(m)		0.12	%		0.12	%		0.45	%		0.38	%
Portfolio turnover rate		51	%		114	%		90	%		96	%		69	%		86	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—	#	$	—		$	—		$	—		$	—		$	—	#

See Notes to Financial Statements.

171

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MULTIMANAGER TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007			Year Ended December 31,
Class A	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	11.12		$	10.34		$	9.26		$	8.87		$	5.76		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.07	)		(0.08	)		(0.05	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.29			0.85			1.16			0.50			3.38			(4.16	)

Total from investment operations		1.25			0.78			1.08			0.45			3.33			(4.24	)

Less distributions:
Distributions from realized gains		—			—			—			(0.06	)		(0.22	)		—

Net asset value, end of period	$	12.37		$	11.12		$	10.34		$	9.26		$	8.87		$	5.76

Total return (b)		11.24	%		7.54	%		11.54	%		5.25	%		58.24	%		(42.50	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	28,265		$	28,469		$	27,263		$	25,939		$	9,303		$	1,597
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.42	%		1.43	%		1.42	%		1.60	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly (a)		1.41	%		1.39	%		1.36	%		1.50	%		1.45	%		1.48	%
Before waivers, reimbursements and fees paid indirectly (a)		1.42	%		1.43	%		1.42	%		1.60	%		2.03	%		3.52	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.67	)%		(0.72	)%		(0.91	)%		(0.80	)%		(1.35	)%		(1.29	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.66	)%		(0.69	)%		(0.85	)%		(0.70	)%		(1.20	)%		(1.17	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.67	)%		(0.72	)%		(0.91	)%		(0.80	)%		(1.78	)%		(3.21	)%
Portfolio turnover rate		67	%		163	%		148	%		160	%		169	%		154	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.02		$	0.13

Class B	Six Months Ended June 30, 2007			Year Ended December 31,
Class B	(Unaudited) (c)			2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of period	$	10.98		$	10.23		$	9.19		$	8.82		$	5.74		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.05	)		(0.10	)		(0.10	)		(0.06	)		(0.06	)		(0.09	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.26			0.85			1.14			0.49			3.36			(4.17	)

Total from investment operations		1.21			0.75			1.04			0.43			3.30			(4.26	)

Less distributions:
Distributions from realized gains		—			—			—			(0.06	)		(0.22	)		—

Net asset value, end of period	$	12.19		$	10.98		$	10.23		$	9.19		$	8.82		$	5.74

Total return (b)		11.02	%		7.33	%		11.20	%		5.05	%		57.64	%		(42.60	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	526,344		$	516,556		$	507,474		$	486,608		$	113,251		$	21,937
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.67	%		1.68	%		1.67	%		1.85	%		1.85	%		1.85	%
After waivers, reimbursements and fees paid indirectly (a)		1.66	%		1.64	%		1.61	%		1.75	%		1.70	%		1.73	%
Before waivers, reimbursements and fees paid indirectly (a)		1.67	%		1.68	%		1.67	%		1.85	%		2.28	%		3.77	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.92	)%		(0.97	)%		(1.16	)%		(1.05	)%		(1.60	)%		(1.54	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.91	)%		(0.94	)%		(1.10	)%		(0.95	)%		(1.45	)%		(1.42	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.92	)%		(0.97	)%		(1.16	)%		(1.05	)%		(2.03	)%		(3.46	)%
Portfolio turnover rate		67	%		163	%		148	%		160	%		169	%		154	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.02		$	0.13

See Notes to Financial Statements.

172

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.54		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		0.23
Net realized and unrealized gain on investments		0.66			0.56

Total from investment operations		0.64			0.79

Less distributions:
Dividends from net investment income		—			(0.25	)
Distributions from net realized gains		—			—	#

Total dividends and distributions		—			(0.25	)

Net asset value, end of period	$	11.18		$	10.54

Total return (b)		6.07	%		7.94	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	573		$	540
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		2.06	%		7.98	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.31	)%		6.68	%(l)
Before waivers and reimbursements (a)		(2.02	)%		(1.66	)%(l)
Portfolio turnover rate		4	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.09		$	0.29

Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.54		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		0.39
Net realized and unrealized gain on investments		0.66			0.39

Total from investment operations		0.63			0.78

Less distributions:
Dividends from net investment income		—			(0.24	)
Distributions from net realized gains		—			—	#

Total dividends and distributions		—			(0.24	)

Net asset value, end of period	$	11.17		$	10.54

Total return (b)		5.98	%		7.85	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,083		$	2,023
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%
Before waivers and reimbursements (a)		2.31	%(m)		8.23	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.56	)%		11.01	%(l)
Before waivers and reimbursements (a)		(2.26	)%		3.72	%(l)
Portfolio turnover rate		4	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.09		$	0.26

See Notes to Financial Statements.

173

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.65		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		0.19
Net realized and unrealized gain on investments		0.74			0.68

Total from investment operations		0.72			0.87

Less distributions:
Dividends from net investment income		—			(0.22	)
Distributions from net realized gains		—			—	#

Total dividends and distributions		—			(0.22	)

Net asset value, end of period	$	11.37		$	10.65

Total return (b)		6.76	%		8.71	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	580		$	544
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		1.78	%		7.39	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.30	)%		5.55	%(l)
Before waivers and reimbursements (a)		(1.73	)%		(2.33	)%(l)
Portfolio turnover rate		1	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.08		$	0.27

Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.65		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		0.31
Net realized and unrealized gain on investments		0.73			0.55

Total from investment operations		0.70			0.86

Less distributions:
Dividends from net investment income		—			(0.21	)
Distributions from net realized gains		—			—	#

Total dividends and distributions		—			(0.21	)

Net asset value, end of period	$	11.35		$	10.65

Total return (b)		6.57	%		8.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	9,922		$	2,154
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%
Before waivers and reimbursements (a)		2.03	%(m)		7.64	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.55	)%		8.86	%(l)
Before waivers and reimbursements (a)		(1.98	)%(m)		2.18	%(l)
Portfolio turnover rate		1	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.08		$	0.24

See Notes to Financial Statements.

174

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


Class A	Six Months Ended June 30, 2007 (Unaudited) (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.76		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		0.16
Net realized and unrealized gain on investments		0.81			0.78

Total from investment operations		0.79			0.94

Less distributions:
Dividends from net investment income		—			(0.18	)
Distributions from net realized gains		—			—	#

Total dividends and distributions		—			(0.18	)

Net asset value, end of period	$	11.55		$	10.76

Total return (b)		7.34	%		9.45	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	587		$	547
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		2.85	%		9.66	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.30	)%		4.50	%(l)
Before waivers and reimbursements (a)		(2.80	)%		(4.99	)%(l)
Portfolio turnover rate		1	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.14		$	0.33

Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.76		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		0.19
Net realized and unrealized gain on investments		0.80			0.74

Total from investment operations		0.77			0.93

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

Total dividends and distributions		—			(0.17	)

Net asset value, end of period	$	11.53		$	10.76

Total return (b)		7.06	%		9.45	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,918		$	1,228
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%
Before waivers and reimbursements (a)		3.10	%(m)		9.91	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.55	)%		5.42	%(l)
Before waivers and reimbursements (a)		(3.05	)%(m)		(3.77	)%(l)
Portfolio turnover rate		1	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.14		$	0.32

See Notes to Financial Statements.

175

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS—(Continued)


	Six Months Ended June 30, 2007			August 31, 2006* to December 31,
Class A	(Unaudited) (c)			2006 (c)
Net asset value, beginning of period	$	10.86		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		0.12
Net realized and unrealized gain on investments		0.90			0.89

Total from investment operations		0.88			1.01

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

Total dividends and distributions		—			(0.15	)

Net asset value, end of period	$	11.74		$	10.86

Total return (b)		8.10	%		10.16	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	595		$	551
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		3.19	%		10.59	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.31	)%		3.47	%(l)
Before waivers and reimbursements (a)		(3.16	)%		(6.92	)%(l)
Portfolio turnover rate		5	%		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.16		$	0.36

Class B	Six Months Ended June 30, 2007 (Unaudited) (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.86		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		0.18
Net realized and unrealized gain on investments		0.89			0.82

Total from investment operations		0.86			1.00

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

Total dividends and distributions		—			(0.14	)

Net asset value, end of period	$	11.72		$	10.86

Total return (b)		7.92	%		10.06	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,335		$	1,052
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%
Before waivers and reimbursements (a)		3.44	%(m)		10.84	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.56	)%		5.06	%(l)
Before waivers and reimbursements (a)		(3.40	)%(m)		(5.07	)%(l)
Portfolio turnover rate		5	%		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.16		$	0.36

See Notes to Financial Statements.

176

AXA PREMIER VIP TRUST

FINANCIAL HIGHLIGHTS—(Concluded)

*	Commencement of operations.

**	Prior to December 31, 2004, these ratios and per share amounts were not provided.

#	Per share amount is less than $0.01.

‡	Amount is less than 1%.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Net investment income and capital changes are based on average shares outstanding.

(f)

On November 22, 2002, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Alliance Growth Investors Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2002 represents the results of operations of the EQ/Balanced Portfolio.

(h)

Reflects purchases and sales from change in investment strategy.

(i)

On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/High Yield Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2001 through August 14, 2003 is that of the predecessor EQ/High Yield Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/High Yield Portfolio from January 1, 2003 through August 14, 2003.

(j)

On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/Aggressive Stock Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2001 through August 14, 2003 is that of the predecessor EQ/Aggressive Stock Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/Aggressive Stock Portfolio from January 1, 2003 through August 14, 2003.

(k)

On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/Balanced Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2001 through August 14, 2003 is that of the predecessor EQ/Balanced Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/Balanced Portfolio from January 1, 2003 through August 14, 2003.

(l)

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

(m)

Reflects overall fund ratios for investment income and non-class specific expense.

See Notes to Financial Statements.

177

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2007 (Unaudited)

Note 1 Organization and Selected Significant Accounting Policies

AXA Premier VIP Trust (the “Trust”) was organized as a Delaware business trust on October 2, 2001 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with eleven diversified Portfolios and eleven non-diversified Portfolios (each a “Portfolio”). The non-diversified Portfolios are: AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio, AXA Aggressive Allocation Portfolio, Multimanager Health Care Portfolio, Multimanager Technology Portfolio, Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio. The investment manager to each Portfolio is AXA Equitable Life Insurance Company (“AXA Equitable” or the “Manager”). The day-to-day portfolio management of each Portfolio, other than the AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio and AXA Aggressive Allocation Portfolio (“AXA Allocation Portfolios”), and the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio (“Target Allocation Portfolios”), is provided by multiple investment sub-advisers (each an “Adviser”). On August 31, 2006, AXA Equitable contributed $500,000 per class in seed capital to each of the Target Allocation Portfolios.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust and management expect that risk of loss to be remote.

The AXA Allocation Portfolios and the Target Allocation Portfolios are types of mutual funds often described as “fund of funds.” Each AXA Allocation Portfolio and Target Allocation Portfolio pursues its investment objective by investing exclusively in other mutual funds managed by AXA Equitable (EQ Advisors Trust and AXA Premier VIP Trust).

All of the Portfolios, except the AXA Allocation Portfolios and Target Allocation Portfolios, employ multiple Advisers. Each of the Advisers independently chooses and maintains a portfolio of securities for the Portfolio and each is responsible for investing a specific allocated portion of the Portfolio’s assets. Because each Adviser will be managing its allocated portion of the Portfolio independently from the other Advisers, the same security may be held in different portions of the Portfolio, or may be acquired for one portion of the Portfolio at a time when the Adviser of another portion deems it appropriate to dispose of the security. Similarly, under some market conditions, one Adviser may believe that temporary defensive investments in short-term instruments or cash are appropriate when the other Adviser or Advisers believe continued exposure to the equity markets is appropriate for their portions of the Portfolio. Because each Adviser directs the trading for its own portion of the Portfolio, and does not aggregate its transactions with those of the other Advisers, the Portfolio may incur higher brokerage costs, and have higher portfolio turnover, than would be the case if a single Adviser were managing the entire Portfolio.

The Trust has the right to issue two classes of shares, Class A and Class B. The Class B shares are subject to distribution fees imposed under a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, both classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the Distribution Plan. The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by AXA Equitable, an indirect wholly-owned subsidiary of AXA, AXA Life and Annuity Company (“ALAC”), MONY Life Insurance Company (“MONY”) and MONY Life Insurance Company of America (“MONY America”), as well as insurance companies that are not affiliated with AXA Equitable, ALAC, MONY or MONY America and to The Investment Plan for Employees,

178

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS—(Continued)

June 30, 2007 (Unaudited)

Managers and Agents. The Investment Plan for Employees, Managers and Agents is the primary shareholder of Class A for the AXA Aggressive Allocation Portfolio, Multimanager Health Care Portfolio, Multimanager Large Cap Growth Portfolio and Multimanager Technology Portfolio.

The investment objectives of each Portfolio are as follows:

AXA Conservative Allocation Portfolio — Seeks a high level of current income.

AXA Conservative-Plus Allocation Portfolio — Seeks current income and growth of capital, with a greater emphasis on current income.

AXA Moderate Allocation Portfolio — Seeks long-term capital appreciation and current income.

AXA Moderate-Plus Allocation Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

AXA Aggressive Allocation Portfolio — Seeks long-term capital appreciation.

Multimanager Aggressive Equity Portfolio (formerly AXA Premier VIP Aggressive Equity Portfolio) (advised by AllianceBernstein L.P. (“AllianceBernstein”) (an affiliate of AXA Equitable), Legg Mason Capital Management, Inc., Marsico Capital Management, LLC (“Marsico”) and ClearBridge Advisors, LLC (“ClearBridge”)). — Long-term growth of capital. Effective January 12, 2007, ClearBridge replaced MFS Investment Management (“MFS”) as an advisor to the Portfolio.

Multimanager Core Bond Portfolio (formerly AXA Premier VIP Core Bond Portfolio) (advised by BlackRock Financial Management, Inc. and Pacific Investment Management Company LLC (“PIMCO”)) — To seek a balance of a high current income and capital appreciation, consistent with a prudent level of risk.

Multimanager Health Care Portfolio (formerly AXA Premier VIP Health Care Portfolio) (advised by A I M Capital Management, Inc., RCM Capital Management LLC (“RCM”) and Wellington Management Company, LLP (“Wellington”)) — Long-term growth of capital.

Multimanager High Yield Portfolio (formerly AXA Premier VIP High Yield Portfolio) (advised by PIMCO and Post Advisory Group, LLC) — High total return through a combination of current income and capital appreciation.

Multimanager International Equity Portfolio (formerly AXA Premier VIP International Equity Portfolio) (advised by AllianceBernstein, JPMorgan Investment Management Inc. and Marsico) — Long-term growth of capital.

Multimanager Large Cap Core Equity Portfolio (formerly AXA Premier VIP Large Cap Core Equity Portfolio) (advised by AllianceBernstein, Janus Capital Management LLC and Thornburg Investment Management, Inc.) — Long-term growth of capital.

Multimanager Large Cap Growth Portfolio (formerly AXA Premier VIP Large Cap Growth Portfolio) (advised by T. Rowe Price Associates, Inc. (“T. Rowe”), RCM and TCW Investment Management Company (“TCW”)) — Long-term growth of capital. Effective January 12, 2007, T. Rowe replaced AllianceBernstein as an advisor to the Portfolio.

Multimanager Large Cap Value Portfolio (formerly AXA Premier VIP Large Cap Value Portfolio) (advised by AllianceBernstein, Institutional Capital LLC and MFS) — Long-term growth of capital.

Multimanager Mid Cap Growth Portfolio (formerly AXA Premier VIP Mid Cap Growth Portfolio) (advised by AllianceBernstein, Franklin Advisers, Inc., and Provident Investment Counsel, Inc.) — Long-term growth of capital.

Multimanager Mid Cap Value Portfolio (formerly AXA Premier VIP Mid Cap Value Portfolio) (advised by AXA Rosenberg Investment Management LLC (an affiliate of AXA Equitable), TCW and Wellington) — Long-term growth of capital.

179

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS—(Continued)

June 30, 2007 (Unaudited)

Multimanager Small Cap Growth Portfolio (formerly EQ/Small Company Growth) (advised by Bear Stearns Asset Management Inc., Eagle Asset Management, Inc. and Wells Capital Management, Inc.)— Long-term growth of capital.

Multimanager Small Cap Value Portfolio (formerly EQ/Small Cap Value Portfolio) (advised by Lazard Asset Management LLC and Franklin Advisory Services, LLC) — Long-term growth of capital.

Multimanager Technology Portfolio (formerly AXA Premier VIP Technology Portfolio) (advised by Firsthand Capital Management, Inc., RCM and Wellington) — Long-term growth of capital.

Target 2015 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2025 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2035 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2045 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

The following is a summary of the significant accounting policies of the Trust:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

Valuation:

Equity securities listed on national securities exchanges are valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Other unlisted equity securities are valued at their last sale price or official closing price or, if no reported sale occurs during the day, at a bid price estimated by a broker. Securities listed on the NASDAQ exchange will be valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the security is outside the range of the bid/ ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price.

Convertible preferred stocks listed on national securities exchanges or included on the NASDAQ stock market are valued as of their last sale price or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are valued at bid prices obtained from one or more of the major dealers in such securities. Where there is a discrepancy between dealers, values may be adjusted based on recent premium spreads to the underlying common stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities. If a quoted price is unavailable, an equivalent yield or yield spread quote will be obtained from a broker and converted to a price.

Options, including options on futures that are traded on exchanges, are valued at their last sale price, and if the last sale price is not available then the previous day’s last sale price is used. If the bid price is higher or the asked price is lower than the last sale price, the higher bid or lower asked price may be used. Options not traded on an exchange or actively traded are valued at fair value under the direction of the Board of Trustees (“Trustees”).

Long-term corporate bonds may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The prices provided by a pricing service take into account many factors, including institutional size, trading in similar groups of securities

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and any developments related to specific securities; however, when such prices are unavailable, such bonds will be valued using broker quotes.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are valued at representative quoted prices.

Foreign securities, including foreign government securities, not traded directly, or in American Depositary Receipt (ADR) or similar form in the United States, are valued at representative quoted prices from the primary exchange in the currency of the country of origin.

Short-term investments which mature in 60 days or less are valued at amortized cost, which approximates market value. Short-term investments, which mature in more than 60 days, are valued at representative quoted prices.

Futures contracts are valued at their last sale price or, if there is no sale, at the latest available bid price.

Forward foreign exchange contracts are valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date.

Other securities and assets for which market quotations are not readily available or for which valuation can not be provided, are valued at fair value under the direction of the Trustees.

Investments in the AXA Allocation Portfolios and the Target Allocation Portfolios are valued based on the net asset value per share of each underlying fund, which follow the policies as described above.

Pursuant to procedures approved by the Trustees, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the net asset value is determined may be reflected, as by a method approved by the Trustees, in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust’s Manager deems that the particular event or circumstance would materially affect such Portfolio’s net asset value.

Securities transactions are recorded on the trade date net of brokerage fees, commissions, and transfer fees. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income (including amortization of premium and discount on long-term securities using the effective yield method) is accrued daily.

Realized gains and losses on the sale of investments are computed on the basis of the specific identification method of the investments sold. Unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities is presented net of deferred taxes on unrealized gains in the Statement of Assets and Liabilities.

Expenses attributable to a single Portfolio or class are charged to that Portfolio or class. Expenses of the Trust not attributable to a single Portfolio or class are charged to each Portfolio or class in proportion to the average net assets of each Portfolio or other appropriate allocation methods.

All income earned and expenses incurred by each Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the daily net assets of such class, except for distribution fees which are charged on a class specific basis.

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

(i)

market value of investment securities, other assets and liabilities - at the valuation date.

(ii)

purchases and sales of investment securities, income and expenses - at the date of such transactions.

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The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on securities.

Net currency gains or losses realized and unrealized as a result of differences between interest or dividends, withholding taxes, forward foreign currency exchange contracts and foreign cash recorded on the Portfolio’s books and the U.S. dollar equivalent amount actually received or paid are presented under foreign currency transactions in the realized and unrealized gains and losses section of the Statements of Operations. Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from forward foreign currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on a Portfolio’s books and the U.S. dollar equivalent of amounts actually received or paid.

Taxes:

The Trust intends to comply with the requirements of the Internal Revenue Code of 1986, as amended (“Code”) applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no Federal income tax provision is required. Dividends from net investment income are declared and distributed at least annually for all Portfolios. Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of the Portfolios to which such gains are attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All dividends are distributed on a tax basis and, as such, the amounts may differ from financial statement investment income and realized capital gains. Those differences are primarily due to differing book and tax treatments for organization costs, forward foreign currency transactions, losses due to wash sales transactions, mark-to-market of forward contracts, mark-to-market of passive foreign investment companies and straddle transactions. In addition, short-term capital gains and foreign currency gains are treated as capital gains for accounting (book) purposes but are considered ordinary income for tax purposes. Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year. The tax composition of distributed and undistributed income and gains for the years ended December 31, 2006 and December 31, 2005, were as follows:


	Year Ended December 31, 2006								Year Ended December 31, 2005
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
AXA Conservative Allocation	$	12,155,165	$	3,007,958	$	76,320	$	2,949,477	$	6,124,559	$	1,292,730	$	191,452	$	1,031,815
AXA Conservative-Plus Allocation		23,932,435		10,520,989		16,455		11,553,038		12,547,541		4,833,112		20,741		4,302,446
AXA Moderate Allocation		209,595,866		63,678,763		—		116,750,510		159,132,360		—		—		—
AXA Moderate-Plus Allocation		149,622,454		72,286,531		—		153,937,136		60,019,050		41,025,375		66,413		48,372,326
AXA Aggressive Allocation		33,235,844		20,875,656		—		46,796,225		13,856,983		7,104,538		—		10,392,297
Multimanager Aggressive Equity		4,141,455		—		—		—		—		—		—		—
Multimanager Core Bond		101,560,686		—		473,929		—		70,669,916		—		108,819		—
Multimanager Health Care		3,969,662		14,070,779		2,467,161		2,944,577		7,924,937		8,663,562		2,661,164		3,759,160
Multimanager High Yield		132,414,346		—		374,241		—		139,923,087		—		—		—

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	Year Ended December 31, 2006								Year Ended December 31, 2005
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
Multimanager International Equity	$	39,348,707	$	55,089,392	$	8,287,249	$	16,695,808	$	30,244,186	$	27,973,282	$	5,345,870	$	763,233
Multimanager Large Cap Core Equity		5,791,436		14,138,188		3,345,257		10,206,029		2,043,421		9,729,840		1,048,082		1,427,011
Multimanager Large Cap Growth		—		18,677,022		—		2,840,491		—		—		—		—
Multimanager Large Cap Value		41,096,678		22,757,958		6,670,591		9,149,048		20,662,192		16,696,964		2,505,250		663,668
Multimanager Mid Cap Growth		3,770,863		72,553,535		—		10,553,731		2,143,337		93,780,249		3,770,862		6,048,865
Multimanager Mid Cap Value		16,167,835		85,244,158		1,654,344		11,531,340		60,768,982		132,768,080		3,296,561		17,708,408
Multimanager Small Cap Growth		3,441,458		—		—		—		2,821,717		—		3,439,422		—
Multimanager Small Cap Value		100,859,888		120,661,743		21,128,937		26,467,155		71,385,606		74,071,413		8,436,548		7,385,198
Multimanager Technology		—		—		—		—		—		—		—		—
Target 2015 Allocation		56,527		—		617		37,850		—		—		—		—
Target 2025 Allocation		51,088		—		907		46,858		—		—		—		—
Target 2035 Allocation		26,415		—		3,119		32,462		—		—		—		—
Target 2045 Allocation		21,553		—		3,605		36,104		—		—		—		—

Fees Paid Indirectly:

For all Portfolios, the Board of Trustees has approved the payment of certain Trust expenses using brokerage service arrangements. These payments are reflected on the Statements of Operations. For the six months ended June 30, 2007, several Portfolios reduced expenses under these arrangements as follows:


Portfolios:	Amount
Multimanager Aggressive Equity	$	1,660,645
Multimanager Health Care		44,233
Multimanager International Equity		8,225
Multimanager Large Cap Core Equity		35,615
Multimanager Large Cap Growth		250,438
Multimanager Large Cap Value		970,333
Multimanager Mid Cap Growth		113,923
Multimanager Mid Cap Value		23,833
Multimanager Small Cap Value		358,543
Multimanager Technology		36,987

Securities Lending:

For all Portfolios, the Board of Trustees has approved the lending of portfolio securities, through its custodian bank, JPMorgan Chase Bank (“JPMorgan”), acting as lending agent, to certain approved broker-dealers in exchange for negotiated lenders’ fees. By lending investment securities, a Portfolio attempts to increase its net investment income through the receipt of interest on the cash equivalents held as collateral on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Portfolio. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of Portfolio

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securities will be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan will indemnify each Portfolio from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan invests the cash collateral on behalf of the Portfolios and retains a portion of the interest earned. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. At June 30, 2007, the cash collateral received by each Portfolio for securities loaned was invested by JPMorgan and is summarized in the Portfolio of Investments. The Portfolios bear the risk of any loss in market value of the collateral. Each Portfolio has an individual interest equal to the amount of cash collateral contributed.

Repurchase Agreements:

Certain Portfolios may enter into repurchase agreements with qualified and Manager approved banks, broker-dealers or other financial institutions as a means of earning a fixed rate of return on their cash reserves for periods as short as overnight. A repurchase agreement is a contract pursuant to which a Portfolio, against receipt of securities of at least equal value including accrued interest, agrees to advance a specified sum to the financial institution which agrees to reacquire the securities at a mutually agreed upon time (usually one day) and price. Each repurchase agreement entered into by a Portfolio will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest. A Portfolio’s right to liquidate such securities in the event of a default by the seller could involve certain costs, losses or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Portfolio could suffer a loss.

Options Written:

Certain Portfolios may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the portfolio or to enhance investment performance. Certain Portfolios may purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options which expire unexercised are recognized as gains on the expiration date. Premiums received from writing options which are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale or cost of purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. By writing a covered call option, a Portfolio, in exchange for the premium, foregoes the opportunity for capital appreciation above the exercise price should the market price of the underlying security increase. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options. The Portfolios, however, are not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

Short Sales Against the Box:

Certain Portfolios may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into at least an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred

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stocks or debt securities sold in connection with short sales against the box. Not more than 10% of a Portfolio’s net assets may be held as collateral for short sales against the box at any one time. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the broker to meet their obligation to perform.

Futures Contracts, Options on Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:

The futures contracts and options on futures contracts used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Certain Portfolios may buy or sell futures contracts and options on futures contracts for the purpose of protecting their portfolio securities against future changes in interest rates and indices which might adversely affect the value of the Portfolios’ securities or the price of securities that it intends to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and options on futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts and options on futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by “marking-to-market” at the end of each trading day. Variation margin payments on futures contracts and options on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Portfolio’s basis in the contract. Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. The use of futures contracts transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss. The Portfolios enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade.

Certain Portfolios may make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time (“forward commitments”) if they designate the segregation, either on their records or with the Trust’s custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or if they enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value in the financial statements. Forward commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is risk in addition to the risk of decline in value of the Portfolio’s other assets. Where such purchases or sales are made through dealers, a Portfolio relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Portfolio of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

Certain Portfolios may purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios may enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by “marking to market.” The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from foreign currency transactions in the Statement of Operations. The Advisers may engage in these forward contracts to protect against uncertainty in the level of future exchange rates in

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connection with the purchase and sale of Portfolio securities (“transaction hedging”) and to protect the value of specific portfolio positions (“position hedging”). The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Swaps:

Certain Portfolios may invest in swap contracts, which are derivatives in the form of a contract or other similar instrument which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. A Portfolio will usually enter into swaps on a net basis, i.e., the two return streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two returns. A Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid obligations. A Portfolio will not enter into any swap agreement unless the counterparty meets the rating requirements set forth in guidelines established by the Trust’s Board of Trustees. Swap agreements are stated at market value on the Statement of Assets and Liabilities. Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Notional principal amounts are used to express the extent of involvement in these transactions, but the amount potentially subject to credit risk is much smaller.

Dollar Roll Transactions:

Certain Portfolios may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage market. A dollar roll transaction involves a sale by a Portfolio of securities with a simultaneous agreement to repurchase substantially similar securities at an agreed-upon price at a future date. The securities repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. Dollar roll transactions involve the risk that the market value of the securities sold by the Portfolio may decline below the repurchase price of the similar securities. None of the Portfolios had dollar roll transactions outstanding at June 30, 2007.

Market and Credit Risk:

Written options, futures contracts, forward commitments, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The risk involved in writing an option on a security is that, if the option is exercised, the underlying security is then purchased or sold by the Portfolio at the contract price, which could be disadvantageous relative to the market price. The Portfolio bears the market risk, which arises from any changes in security values. The credit risk for futures contracts and exchange traded options is limited to failure of the exchange or board of trade which acts as the counterparty to the Portfolio’s futures transactions. Forward commitments, forward foreign currency exchange contracts, over-the-counter options and swaps are done directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement and the Portfolio is exposed to the risk of default by the counterparty.

Note 2 Management of the Trust

The Trust has entered into two separate investment management agreements (the “Management Agreements”) with AXA Equitable. The Management Agreement for the Portfolios (other than the AXA Allocation Portfolios and the Target Allocation Portfolios) obligates the Manager to: (i) provide

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investment management services to the Trust; (ii) select the sub-advisers for each portfolio: (iii) monitor each sub-adviser’s investment programs and results; (iv) review brokerage matters: (v) oversee the Trust’s compliance with various federal and state statutes; and (vi) carry out the directives of the Board of Trustees. The Management Agreement for the AXA Allocation Portfolios and the Target Allocation Portfolios obligates the Manager to: (i) provide investment management and advisory services; (ii) render investment advice concerning the underlying portfolios in which to invest and the appropriate allocations for each of the AXA Allocation Portfolios and the Target Allocation Portfolios; (iii) review brokerage matters; (iv) oversee the Trust’s compliance with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. For the six months ended June 30, 2007, for its services under the Management Agreements, the Manager was entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:


Portfolios:		Management Fee
AXA Conservative Allocation		0.10% of average daily net assets
AXA Conservative-Plus Allocation		0.10% of average daily net assets
AXA Moderate Allocation		0.10% of average daily net assets
AXA Moderate-Plus Allocation		0.10% of average daily net assets
AXA Aggressive Allocation		0.10% of average daily net assets
Target 2015 Allocation		0.10% of average daily net assets
Target 2025 Allocation		0.10% of average daily net assets
Target 2035 Allocation		0.10% of average daily net assets
Target 2045 Allocation		0.10% of average daily net assets


	(as a percentage of average daily net assets)
	First $1.5 Billion		Next $ 1 Billion		Next $ 1 Billion		Next $ 2.5 Billion		Thereafter
Portfolios:	First $1.5 Billion		Next $ 1 Billion		Next $ 1 Billion		Next $ 2.5 Billion		Thereafter
Multimanager Core Bond	0.600	%	0.575	%	0.550	%	0.525	%	0.500	%

	First $1 Billion		Next $1 Billion		Next $ 3 Billion		Next $ 5 Billion		Thereafter
Multimanager Aggressive Equity	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
Multimanager Health Care	1.200		1.150		1.125		1.100		1.075
Multimanager International Equity	1.050		1.000		0.975		0.950		0.925
Multimanager Large Cap Core Equity	0.900		0.850		0.825		0.800		0.775
Multimanager Large Cap Growth	0.900		0.850		0.825		0.800		0.775
Multimanager Large Cap Value	0.900		0.850		0.825		0.800		0.775
Multimanager Mid Cap Growth	1.100		1.050		1.025		1.000		0.975
Multimanager Mid Cap Value	1.100		1.050		1.025		1.000		0.975
Multimanager Small Cap Growth	1.050		1.000		0.975		0.950		0.925
Multimanager Small Cap Value	1.050		1.000		0.975		0.950		0.925
Multimanager Technology	1.200		1.150		1.125		1.100		1.075

	First $750 Million		Next $750 Million		Next $ 1 Billion		Next $ 2.5 Billion		Thereafter
Multimanager High Yield	0.600	%	0.575	%	0.550	%	0.530	%	0.520	%

On behalf of the Trust, with the exception of the AXA Allocation Portfolios and Target Allocation Portfolios, the Manager has entered into investment advisory agreements (“Advisory Agreements”) with each of the Advisers for the Trust’s other Portfolios. Each of the Advisory Agreements obligates the Advisers for the respective Portfolios to: (i) continuously furnish investment programs for the Portfolios; (ii) place all orders for the purchase and sale of investments for the Portfolios with brokers or dealers selected by the Manager or the respective Advisers; and (iii) perform certain limited related

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administrative functions in connection therewith. The Manager pays the expenses of providing investment advisory services to the Portfolios, including the fees of the Advisers of each Portfolio.

Note 3

Administrative Fees

Pursuant to an administrative agreement, AXA Equitable (“Administrator”) provides the Trust with necessary administrative services. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such administrative services to the Trust. For these administrative services, the Trust shall pay to AXA Equitable an annual fee in accordance with the following schedule:

(i) $35,000 for each Portfolio and for each multi-advised Portfolio, each “sleeve” of the multi-advised Portfolio; and

(ii) With respect to all Portfolios except the Allocation Portfolios and the Target Allocation Portfolios (“Multimanager Portfolios”):

0.150 of 1% of total assets of the Multimanager Portfolios up to and including $15 billion;

0.140 of 1% of total assets of the Multimanager Portfolios in excess of $15 billion and up to and including $30 billion;

0.125 of 1% of total assets of the Multimanager Portfolios in excess of $30 billion; and

(iii) With respect to the Allocation Portfolios and Target Allocation Portfolios:

0.150 of 1% of total assets of the Allocation Portfolios and Target Allocation Portfolios (excluding the assets of the Multimanager Portfolios).

The foregoing calculations are based on the average daily net assets of the Trust as described. The fees will be computed, billed and payable monthly.

Pursuant to a sub-administration arrangement with AXA Equitable, J.P. Morgan Investors Services Co. (“Sub-administrator”) provides the Trust with administrative services, including monitoring of portfolio compliance and portfolio accounting services.

Note 4

Custody Fees

JPMorgan, an affiliate of J.P. Morgan Investors Services Co., serves as custodian of the Trust’s portfolio securities and other assets. The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. Under the terms of the Custody Agreement between the Trust and JPMorgan, JPMorgan maintains cash, securities and other assets of the Portfolios. JPMorgan is also required, upon the order of the Trust, to deliver securities held by JPMorgan, and make payments for securities purchased by the Trust. JPMorgan has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the U.S. are maintained in the custody of these entities.

Note 5

Distribution Plans

The Trust has entered into distribution agreements with AXA Advisors, LLC (“AXA Advisors”) and AXA Distributors, LLC (“AXA Distributors”), both indirect wholly-owned subsidiaries of AXA Equitable (collectively, the “Distributors”), pursuant to which the Distributors serve as the principal underwriters of the Class A and Class B shares of the Trust. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to the Class B shares of the Trust (“Distribution Plan”). The Distribution Plan provides that each Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.50% of the average daily net assets attributable to the Trust’s Class B shares for which it provides service. This limitation will be in effect at least until April 30, 2008. The distribution agreements, however, limit payments for services provided under the Distribution Plan to an annual rate of 0.25% of the average daily net assets attributable to the Trust’s Class B shares. The Trust’s Class A shares are not subject to such fees.

188

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June 30, 2007 (Unaudited)

Note 6 Expense Limitation

The Manager has contractually agreed to make payments or waive its fees to limit the expenses of certain Portfolios through April 30, 2008 (“Expense Reimbursement Agreement”). The Manager first waives its management fees, then waives its administration fees, and then reimburses the Portfolio’s expenses out of its own resources. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments and waivers are reimbursed within three years of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense ratio cap. If the actual expense ratio is less than the expense cap and AXA Equitable has recouped any eligible previous payments and waivers made, the Portfolio will be charged such lower expenses. The expenses as a percentage of daily average net assets (excluding the 0.25% annual fee under the Trust’s Class B Distribution Plan) for each Portfolio are limited to:


Portfolios:
AXA Conservative Allocation	0.10	%
AXA Conservative-Plus Allocation	0.10	%
AXA Moderate Allocation	0.10	%
AXA Moderate-Plus Allocation	0.10	%
AXA Aggressive Allocation	0.10	%
Multimanager Core Bond	0.70	%
Multimanager Health Care	1.60	%
Multimanager International Equity	1.55	%
Multimanager Large Cap Core Equity	1.10	%
Multimanager Large Cap Growth	1.10	%
Multimanager Large Cap Value	1.10	%
Multimanager Mid Cap Growth	1.35	%
Multimanager Mid Cap Value	1.35	%
Multimanager Small Cap Growth	1.30	%
Multimanager Small Cap Value	1.30	%
Multimanager Technology	1.60	%
Target 2015 Allocation	0.35	%
Target 2025 Allocation	0.35	%
Target 2035 Allocation	0.35	%
Target 2045 Allocation	0.35	%

During the six months ended June 30, 2007, the Manager received $295,174 in recoupment for all of the Portfolios within the Trust. These recoupments in excess of waivers during the year are presented as Recoupment Fees in the Statement of Operations. At June 30, 2007, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:


	Amount Eligible through								Total Eligible for
Portfolios:	2007		2008		2009		2010		Reimbursement
AXA Conservative Allocation	$	142,458	$	390,859	$	618,709	$	395,276	$	1,547,302
AXA Conservative-Plus Allocation		204,278		661,740		1,196,229		778,398		2,840,645
AXA Moderate Allocation		3,286,675		9,769,040		11,899,559		6,765,865		31,721,139
AXA Moderate-Plus Allocation		620,229		3,142,219		7,678,378		6,236,383		17,677,209
AXA Aggressive Allocation		218,517		756,958		1,843,837		1,647,882		4,467,194
Multimanager Core Bond		726,764		1,549,648		1,606,496		849,210		4,732,118
Multimanager Large Cap Core Equity		83,406		136,218		39,438		—		259,062
Multimanager Large Cap Growth		50,390		93,920		63,008		27,054		234,372

189

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NOTES TO FINANCIAL STATEMENTS —(Continued)

June 30, 2007 (Unaudited)


	Amount Eligible through								Total Eligible for
Portfolios:	2007		2008		2009		2010		Reimbursement
Target 2015 Allocation	$	—	$	—	$	40,611	$	40,408	$	81,019
Target 2025 Allocation		—		—		40,627		39,540		80,167
Target 2035 Allocation		—		—		40,740		40,869		81,609
Target 2045 Allocation		—		—		40,673		35,146		75,819

The AXA Allocation Portfolios and the Target Allocation Portfolios invest exclusively in shares of other mutual funds (the “Underlying Portfolios”) managed by AXA Equitable. Therefore, each AXA Allocation Portfolio, in addition to its own expenses such as management fees, bears its pro-rata share of the fees and expenses incurred by the Underlying Portfolios and the investment return of each AXA Allocation Portfolio is reduced by each Underlying Portfolio’s expenses. The range of expenses (as a percentage of average net assets) incurred indirectly in connection with each AXA Allocation Portfolio’s investments in Underlying Portfolios is:


Portfolios:		Range of Expenses
AXA Conservative Allocation		0.55% to 0.80%
AXA Conservative-Plus Allocation		0.60% to 0.85%
AXA Moderate Allocation		0.65% to 0.90%
AXA Moderate-Plus Allocation		0.70% to 0.95%
AXA Aggressive Allocation		0.80% to 1.05%
Target 2015 Allocation		0.40% to 0.65%
Target 2025 Allocation		0.40% to 0.65%
Target 2035 Allocation		0.40% to 0.65%
Target 2045 Allocation		0.40% to 0.65%

Thus, the net expense ratio of the Class A shares and the Class B shares of each AXA Allocation Portfolio, including the AXA Allocation Portfolio’s direct and indirect expenses, would range from:


Portfolios:	Class A	Class B
AXA Conservative Allocation	0.65% to 0.90%	0.90% to 1.15%
AXA Conservative-Plus Allocation	0.70% to 0.95%	0.95% to 1.20%
AXA Moderate Allocation	0.75% to 1.00%	1.00% to 1.25%
AXA Moderate-Plus Allocation	0.80% to 1.05%	1.05% to 1.30%
AXA Aggressive Allocation	0.90% to 1.15%	1.15% to 1.40%
Target 2015 Allocation	0.75% to 1.00%	1.00% to 1.25%
Target 2025 Allocation	0.75% to 1.00%	1.00% to 1.25%
Target 2035 Allocation	0.75% to 1.00%	1.00% to 1.25%
Target 2045 Allocation	0.75% to 1.00%	1.00% to 1.25%

Absent the Expense Limitation Agreement of the Allocation Portfolios and the Target Allocation Portfolios, the total expense ratio of the Class A shares and the Class B shares of each AXA Allocation Portfolio would range from:


Portfolios:	Class A	Class B
AXA Conservative Allocation	0.85% to 1.10%	1.10% to 1.35%
AXA Conservative-Plus Allocation	0.87% to 1.12%	1.12% to 1.37%
AXA Moderate Allocation	0.91% to 1.16%	1.16% to 1.41%
AXA Moderate-Plus Allocation	0.96% to 1.21%	1.21% to 1.46%
AXA Aggressive Allocation	1.07% to 1.32%	1.32% to 1.57%
Target 2015 Allocation	2.46% to 2.71%	2.71% to 2.96%
Target 2025 Allocation	2.18% to 2.43%	2.43% to 2.68%
Target 2035 Allocation	3.25% to 3.50%	3.50% to 3.75%
Target 2045 Allocation	3.59% to 3.84%	3.84% to 4.09%

190

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NOTES TO FINANCIAL STATEMENTS—(Continued)

June 30, 2007 (Unaudited)

The above Allocation Portfolio information is based on a weighted-average range of the expense ratios since the average assets of each AXA Allocation Portfolio invested in Underlying Portfolios will fluctuate. The total expense ratios may be higher or lower depending on the allocation of an AXA Allocation Portfolio’s assets among Underlying Portfolios and the actual expenses of the Underlying Portfolios. An investor could realize lower overall expenses by allocating investments directly to the Underlying Portfolios.

Note 7 Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued earnings thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At June 30, 2007, the total amount deferred by the Trustees participating in the Plan was $509,526.

Note 8 Percentage of Ownership

At June 30, 2007, AXA Equitable held investments in each of the Portfolios as follows:


Portfolios:	Percentage of Ownership
AXA Conservative Allocation	—	%#
AXA Conservative-Plus Allocation	0.01
AXA Moderate Allocation	0.05
AXA Moderate-Plus Allocation	—	#
AXA Aggressive Allocation	0.07
Multimanager Aggressive Equity	0.12
Multimanager Core Bond	—	#
Multimanager Health Care	0.37
Multimanager High Yield	0.04
Multimanager International Equity	0.01
Multimanager Large Cap Core Equity	0.19
Multimanager Large Cap Growth	0.31
Multimanager Large Cap Value	0.10
Multimanager Mid Cap Growth	0.02
Multimanager Mid Cap Value	0.03
Multimanager Small Cap Growth	—	#
Multimanager Small Cap Value	0.02
Multimanager Technology	0.22
Target 2015 Allocation	14.95
Target 2025 Allocation	11.04
Target 2035 Allocation	21.32
Target 2045 Allocation	30.26

#	Percentage of ownership is less than 0.005%.

191

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NOTES TO FINANCIAL STATEMENTS—(Continued)

June 30, 2007 (Unaudited)

The following table represents the percentage of ownership that each AXA Allocation Portfolio has in each respective Underlying Portfolio’s net assets as of June 30, 2007:


Portfolios:	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
EQ/AllianceBernstein Quality Bond	0.53	%	1.26	%	48.81	%	12.90	%	1.39	%
EQ/AllianceBernstein Value	0.51		1.94		10.49		16.21		5.85
EQ/BlackRock Basic Value Equity	0.35		1.32		22.07		24.86		7.47
EQ/BlackRock International Value	0.13		0.60		7.32		16.70		7.94
EQ/Davis New York Venture	0.32		3.32		7.67		11.49		9.23
EQ/Evergreen International Bond	5.21		9.22		61.86		—		—
EQ/Franklin Small Cap Value	—		7.36		14.74		22.52		15.11
EQ/JPMorgan Core Bond	0.89		0.72		5.87		7.27		1.10
EQ/Long Term Bond	5.36		7.71		30.49		36.84		—
EQ/Marsico Focus	0.34		1.29		12.65		16.76		6.03
EQ/Money Market	—	#	—	#	—	#	—		—
EQ/PIMCO Real Return	1.63		3.43		11.27		12.76		3.27
EQ/Short Duration Bond	7.73		11.11		40.03		34.69		—
EQ/Small Company Index	—		0.06		4.60		18.27		6.63
EQ/Van Kampen Emerging Markets Equity	—		—		7.52		11.49		3.79
MarketPLUS International Core	0.21		0.97		11.81		14.85		2.78
Multimanager Aggressive Equity	0.32		0.66		12.30		16.63		5.45
Multimanager Core Bond	2.21		3.49		34.14		26.85		2.23
Multimanager High Yield	1.28		2.09		20.82		—		—
Multimanager International Equity	0.46		2.27		21.87		31.32		10.00
Multimanager Large Cap Core Equity	0.42		1.55		21.13		37.65		11.74
Multimanager Large Cap Value	0.69		2.13		18.05		26.11		10.24
Multimanager Mid Cap Growth	—		0.35		17.34		6.44		1.41
Multimanager Mid Cap Value	0.51		1.19		19.10		18.39		3.09
Multimanager Small Cap Value	—		0.79		11.92		17.11		6.20

#	Percentage of ownership is less than 0.005%.

The following table represents the percentage of ownership that the EQ/Enterprise Moderate Allocation Portfolio, as an affiliate of the Trust, has in each respective Underlying Portfolio’s net assets as of June 30, 2007:

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NOTES TO FINANCIAL STATEMENTS—(Continued)

June 30, 2007 (Unaudited)


Portfolios:	EQ/ Enterprise Moderate Allocation
Multimanager Aggressive Equity	0.34	%
Multimanager Core Bond	0.72
Multimanager High Yield	0.91
Multimanager International Equity	0.37
Multimanager Large Cap Core Equity	3.47
Multimanager Large Cap Value	0.25
Multimanager Mid Cap Growth	0.44
Multimanager Mid Cap Value	0.73
Multimanager Small Cap Value	0.91

The following table represents the percentage of ownership that each Target Allocation Portfolio has in each respective Underlying Portfolio’s net assets as of June 30, 2007:


Portfolios:	Target 2015 Allocation		Target 2025 Allocation		Target 2035 Allocation		Target 2045 Allocation
Multimanager Aggressive Equity	0.02	%	0.03	%	0.02	%	0.01	%
Multimanager High Yield	0.02		0.02		0.01		—
Multimanager Large Cap Value	0.02		0.02		0.01		0.01
Multimanager Mid Cap Growth	—	#	0.01		0.01		0.01
Multimanager Mid Cap Value	0.02		0.02		0.01		0.01
EQ/Bond Index	4.20		3.92		0.87		—
EQ/Equity 500 Index	0.05		0.09		0.06		0.04
EQ/International ETF	13.50		21.83		13.36		10.47
EQ/Small Company Index	0.05		0.08		0.05		0.04
EQ/Van Kampen Emerging Markets Equity	0.01		0.02		0.01		0.01

#	Percentage of ownership is less than 0.005%.

Note 9

New Accounting Pronouncements

In July 2006, the Financial Accounting Standards Board (the “FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation establishes for all entities, including pass-through entities such as the Portfolios, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Interpretation is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the date of effectiveness. Based on Management’s analysis, the determination has been made that the adoption of the interpretation did not have an impact to the Portfolios’ financial statements upon adoption. Management periodically reviews the Portfolios’ tax positions and such conclusions under the Interpretation based on factors, including, but not limited to, on going analyses of tax laws, regulations and interpretations, thereof.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

193

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NOTES TO FINANCIAL STATEMENTS—(Continued)

June 30, 2007 (Unaudited)

In February 2007, the FASB issued Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities – including an amendment of FASB Statement No. 115.”(“SFAS 159”), which is effective for fiscal years beginning after November 15, 2007. SFAS 159 permits entities to elect to measure certain financial assets and liabilities at fair value. The fair value option may be applied instrument by instrument, is irrevocable and is applied only to entire instruments and not to portions of instruments. SFAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. Management is currently evaluating the impact the adoption of SFAS 159 will have on the Portfolio’s financial statement disclosures.

Note 10 Substitution and Reorganization Transactions

On May 25, 2007, the net assets of the EQ/Small Cap Value Portfolio, an affiliate of the trust, merged into the Multimanager Small Cap Value Portfolio, a shell fund with no prior operations. The information for the period January 1, 2007 through May 25, 2007 and for prior periods is that of the predecessor EQ/ Small Cap Value Portfolio.

On May 25, 2007, the net assets of the EQ/Small Company Growth Portfolio, an affiliate of the trust, merged into the Multimanager Small Cap Growth Portfolio, a shell fund with no prior operations. The information for the period January 1, 2007 through May 25, 2007 and for prior periods is that of the predecessor EQ/Small Company Growth Portfolio.

Note 11 Subsequent Events

At a shareholder meeting that occurred on May 24, 2007, shareholders voted to approve an Agreement or Plan of Reorganization and Termination relating to the reorganization of the EQ/Wells Fargo Montgomery Small Cap Portfolio, a series of the EQ Advisors Trust, into the Multimanager Small Cap Growth Portfolio, a series of the Trust. The reorganization occurred on July 6, 2007.

After the close of business on July 6, 2007, Multimanager Small Cap Growth Portfolio acquired the net assets of the EQ/Wells Fargo Montgomery Small Cap Portfolio, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 16,003,257 Class B shares of Multimanager Small Cap Growth Portfolio (valued at $170,425,185) for the Class IA and IB shares of EQ/ Wells Fargo Montgomery Small Cap Portfolio outstanding on July 6, 2007. EQ/Wells Fargo Montgomery Small Cap Portfolio’s net assets at that date ($170,425,185), including $20,852,497 of unrealized appreciation, were combined with those of Multimanager Small Cap Growth Portfolio.

On July 19, 2007, the Board of Trustees of the Trust approved the following changes:

Management Fees

Effective August 1, 2007, the management fees for the Portfolios referenced below will be as follows:


	(as a percentage of average daily net assets)
Portfolios:	First $750 Million		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
Multimanager Aggressive Equity Portfolio	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
Multimanager Large Cap Core Equity Portfolio	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
Multimanager Large Cap Growth Portfolio	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
Multimanager Large Cap Value Portfolio	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%

194

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NOTES TO FINANCIAL STATEMENTS—(Concluded)

June 30, 2007 (Unaudited)


	(as a percentage of average daily net assets)
Portfolios:	First $750 Million		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
Multimanager Mid Cap Growth Portfolio	1.100	%	1.050	%	1.025	%	1.000	%	0.975	%
Multimanager Mid Cap Value Portfolio	1.100	%	1.050	%	1.025	%	1.000	%	0.975	%
Multimanager International Equity Portfolio	1.050	%	1.000	%	0.975	%	0.950	%	0.925	%
Multimanager Technology Portfolio	1.200	%	1.150	%	1.125	%	1.100	%	1.075	%
Multimanager Health Care Portfolio	1.200	%	1.150	%	1.125	%	1.100	%	1.075	%
Multimanager Small Cap Growth Portfolio	1.050	%	1.000	%	0.975	%	0.950	%	0.925	%
Multimanager Small Cap Value Portfolio	1.050	%	1.000	%	0.975	%	0.950	%	0.925	%

	(as a percentage of average daily net assets)
Portfolios:	First $1.25 Billion		Next $1 Billion		Next $1 Billion		Next $ 2.5 Billion		Thereafter
Multimanager Core Bond Portfolio	0.600	%	0.575	%	0.550	%	0.525	%	0.500	%
	First $500 Million		Next $750 Million		Next $1 Billion		Next $ 2.5 Billion		Thereafter
Multimanager High Yield Portfolio	0.600	%	0.575	%	0.550	%	0.530	%	0.520	%

Administration Fees

Effective August 1, 2007, the asset based administration fee for the Multimanager Portfolios, not including the Allocation Portfolios and the Target Allocation Portfolios, will be: 15 basis points up to $15 billion; 12.5 basis points for the next $15 billion and 10 basis points thereafter. The fixed charges will remain the same.

Expense Limitations

Effective October 1, 2007, the expense limitations for the Multimanager Core Bond Portfolio will change as follows: (i) Class A will increase from 70 basis points to 75 basis points and (ii) Class B will increase from 95 basis points to 100 basis points.

195

MANAGEMENT OF THE TRUST (UNAUDITED)

The Trust’s Board has the responsibility for the overall management of the Trust and the Portfolios, including general supervision and review of the Portfolios’ investment activities and their conformity with Delaware law and the stated policies of the Portfolios. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations. The Trustees and officers of the Trust, together with information as to their principal business occupation during the last five years, and other information are shown below.

The Trustees and Officers


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York 10104 (48)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present.	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since July 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc. and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).	84	None

Gerald C. Crotty c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (55)	Trustee	From November 2001 to present	President of Weichert Enterprise LLC, a private and public equity market investment firm; co-founder of Excelsior Ventures Management, a private equity and venture capital firm; from 1991 to 1998, held various positions with ITT Corporation, including President and COO of ITT Consumer Financial Corp. and Chairman, President and CEO of ITT Information Services.	22	From 2002 to present, Director of Access Integrated Technologies, Inc.; from 2005 to present, director of Jones Apparel Group, Inc.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

196


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees (Continued)
Barry Hamerling c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (60)	Trustee	From November 2001 to present	Since 1998, Managing Partner of Premium Ice Cream of America; Since 2003, Managing Partner of Premium Salads; from 1970 to 1998, President of Ayco Co. L.P., the largest independent financial counseling firm in the United States.	22	From 2005 to present, Trustee of Granum Series Trust—Granum Value Fund; from 1998 to present, Director of Ayco Charitable Foundation.

Cynthia R. Plouché c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (49)	Trustee	From November 2001 to present	Since June 2006, Portfolio Manager at Williams Capital Management, Inc.; from June 2003 to 2006, Managing Director and Chief Investment Officer of Blaylock-Abacus Asset Management, Inc.; prior thereto, Founder, Chief Investment Officer and Managing Director of Abacus Financial Group from May 1991 to 2003, a manager of fixed income portfolios for institutional clients.	22	None

Rayman Louis Solomon c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (59)	Trustee	From November 2001 to present	Since 1998, Dean and a Professor of Law at Rutgers University School of Law; prior thereto, an Associate Dean for Academic Affairs at Northwestern University School of Law.	22	None

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

197


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Officers

Steven M. Joenk* 1290 Avenue of the Americas, New York, New York 10104 (48)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since July 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc. and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).

Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York 10104 (51)	Vice President and Secretary	From November 2001 to present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and AXA Equitable; from July 1999 to May 2003, Vice President and Counsel of AXA Financial and AXA Equitable.

Joseph J. Paolo 1290 Avenue of the Americas, New York, New York 10104 (36)	Chief Compliance Officer and Anti-Money Laundering (“AML”) Compliance Officer	Chief Compliance Officer from May 2007 to present, AML Compliance Officer from December 2005 to present	From December 2005 to May 2007, Vice President of the Trust; From August 2005 to present, Vice President of AXA Financial and AXA Equitable; from March 2004 to August 2005, Vice President of AXA Financial and AXA Equitable and Compliance Officer of AXA Financial’s Funds Management Group; from May 2002 to March 2004, Compliance Director and Assistant Vice President of AXA Financial and AXA Equitable; from February 2001 to May 2002, Compliance Officer of AXA Financial and AXA Equitable.

Brian E. Walsh 1290 Avenue of the Americas, New York, New York 10104 (39)	Chief Financial Officer and Treasurer	From June 2007 to present	From December 2002 to May 2007, Vice President and Assistant Treasurer of the Trust; from November 2001 to May 2007, Assistant Treasurer of the Trust; From February 2003 to present, Vice President of AXA Financial and AXA Equitable; from January 2001 to February 2003, Assistant Vice President of AXA Financial and AXA Equitable.

Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (45)	Vice President	From November 2001 to present	From February 2001 to present, Vice President of AXA Financial; from July 2004 to present, a director of Enterprise Capital Management, Inc.

William T. MacGregor, Esq. 1290 Avenue of the Americas, New York, New York 10104 (31)	Vice President and Assistant Secretary	From June 2006 to present	From May 2007 to present, Assistant Vice President and Counsel of AXA Equitable; from May 2006 to May 2007, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley Austin LLP; from September 2003 to February 2005, Contract Attorney, Prudential Financial, Inc.; from September 2000 to April 2002, Associate Attorney, Zack Kosnitzky, P.A.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

198


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Officers (Continued)
Alwi Chan 1290 Avenue of the Americas, New York, New York 10104 (32)	Vice President	From June 2007 to present	From May 2007 to present, Vice President, AXA Financial and AXA Equitable; from November 2005 to May 2007, Assistant Vice President, AXA Financial and AXA Equitable; from December 2002 to November 2005, Senior Investment Analyst of AXA Equitable; and from June 1999 to November 2002, Senior Financial Analyst of AXA Equitable.

James D. Kelly 1290 Avenue of the Americas, New York, New York 10104 (38)	Controller	From June 2007 to present	From March 2006 to present, Assistant Vice President, AXA Financial and AXA Equitable; from July 2005 to February 2006, Assistant Treasurer, Lord Abbett & Co., from July 2002 to June 2005, Director, Prudential Investments.

Carla Price 1290 Avenue of the Americas, New York, New York 10104 (30)	Assistant Treasurer	From December 2006 to present	From February 2004 to present, Assistant Vice President of AXA Financial and AXA Equitable; from January 2003 to February 2004 Mutual Fund Manager of AXA Financial and AXA Equitable; from October 2000 to January 2003 Senior Fund Administrator of AXA Financial and AXA Equitable.

David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (32)	Assistant AML Compliance Officer	From December 2005 to present	From August 2005 to present, Associate Compliance Officer of AXA Equitable; from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management; from April 2002 to June 2004, Project Manager, AllianceBernstein L.P.; from January 1999 to April 2002, Business Analyst, AllianceBernstein L.P.

Judy Guhring 1290 Avenue of the Americas, New York, New York 10104 (35)	Assistant Secretary	From December 2005 to present	From August 2001 to present, Senior Legal Assistant of AXA Financial; from October 1995 to August 2001, Senior Paralegal of The Dreyfus Corporation.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

199

PROXY VOTING POLICIES AND PROCEDURES (UNAUDITED)

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling a toll-free number at 1-888-292-4492 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2007 is available (i) on the Trust’s proxy voting information website at http://www.axaonline.com (go to “Tools & Calculators” and click on “Proxy Voting” box under the “Investing Tools” column) and (ii) on the Securities and Exchange Commission’s website at http:// www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Portfolios file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Forms N-Q are available on the Securities and Exchange Commission’s website at http://www.sec.gov and may also be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

200

Item 2.

Code of Ethics.

Not required.

Item 3.

Audit Committee Financial Expert.

Not required.

Item 4.

Principal Accountant Fees and Services.

Not required.

Item 5.

Audit Committee of Listed Registrants.

Not required.

Item 6.

Schedule of Investments.

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11.

Controls and Disclosures.

(a)

The registrant’s 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.


(a) (1)		The registrant’s code of ethics required by Item 2 – not required.

(a) (2)		Certifications required by Item 11(a) are filed herewith.

(a) (3)		Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – not applicable.

(b)		Certifications required by Item 11(b) are filed herewith.

SIGNATURES

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

AXA Premier VIP Trust

/s/ Steven M. Joenk

Steven M. Joenk

President and Chief Executive Officer

August 31, 2007

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

/s/ Steven M. Joenk

Steven M. Joenk

Chief Executive Officer

August 31, 2007

/s/ Brian Walsh

Brian Walsh

Chief Financial Officer

August 31, 2007