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)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK AMOROSI, ESQ.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

Telephone: (202) 778-9351

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2009 – June 30, 2009

 

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

2009 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, 2009

Table of Contents

 

    Ø  Portfolio Characteristics and Understanding Your Expenses    1
    Ø  Portfolio of Investments    23
    Ø  Financial Statements    186
    Ø  Notes to Financial Statements    253
    Ø  Management of the Trust    272
    Ø  Proxy Voting Policies and Procedures    276

AXA CONSERVATIVE ALLOCATION PORTFOLIO

 

 

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2009    

EQ/Core Bond Index Portfolio

    18.4 % 

Multimanager Core Bond Portfolio

    18.2   

EQ/Quality Bond PLUS Portfolio

    17.7   

EQ/PIMCO Ultra Short Bond Portfolio

    7.9   

EQ/Global Bond PLUS Portfolio

    6.1   

EQ/Intermediate Government Bond Index Portfolio

    5.8   

Multimanager Multi-Sector Bond Portfolio

    4.8   

EQ/Large Cap Core PLUS Portfolio

    3.9   

EQ/Large Cap Growth Index Portfolio

    3.2   

EQ/Large Cap Growth PLUS Portfolio

    1.9   

EQ/Large Cap Value Index Portfolio

    1.5   

Multimanager Large Cap Value Portfolio

    1.5   

EQ/Large Cap Value PLUS Portfolio

    1.4   

Multimanager Large Cap Core Equity Portfolio

    1.4   

EQ/International Core PLUS Portfolio

    1.3   

EQ/International ETF Portfolio

    1.2   

EQ/Boston Advisors Equity Income Portfolio

    1.0   

EQ/BlackRock Basic Value Equity Portfolio

    0.6   

Multimanager International Equity Portfolio

    0.6   

Multimanager Mid Cap Value Portfolio

    0.5   

EQ/Global Multi-Sector Equity Portfolio

    0.4   

EQ/BlackRock International Value Portfolio

    0.3   

EQ/International Growth Portfolio

    0.2   

EQ/AllianceBernstein International Portfolio

    0.2   
        

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, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,025.20   $ 3.77   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,021.08     3.76   

Class B

        

Actual

     1,000.00     1,024.10     5.02   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.84     5.01   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.75% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

1

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

 

 

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2009    

EQ/Core Bond Index Portfolio

    13.3 % 

Multimanager Core Bond Portfolio

    13.2   

EQ/Quality Bond PLUS Portfolio

    12.8   

EQ/Large Cap Core PLUS Portfolio

    6.2   

EQ/PIMCO Ultra Short Bond Portfolio

    6.2   

EQ/Large Cap Growth Index Portfolio

    5.5   

EQ/Global Bond PLUS Portfolio

    4.6   

EQ/Intermediate Government Bond Index Portfolio

    4.4   

Multimanager Multi-Sector Bond Portfolio

    3.9   

EQ/International ETF Portfolio

    3.5   

EQ/Large Cap Growth PLUS Portfolio

    3.1   

EQ/International Core PLUS Portfolio

    3.0   

EQ/Large Cap Value Index Portfolio

    2.7   

Multimanager Large Cap Value Portfolio

    2.6   

EQ/Large Cap Value PLUS Portfolio

    2.5   

EQ/Boston Advisore Equity Income Portfolio

    2.1   

Multimanager Large Cap Core Equity Portfolio

    1.4   

Multimanager International Equity Portfolio

    1.4   

EQ/Small Company Index Portfolio

    1.2   

EQ/BlackRock Basic Value Equity Portfolio

    1.1   

EQ/Global Multi-Sector Equity Portfolio

    0.9   

EQ/Mid Cap Index Portfolio

    0.9   

EQ/BlackRock International Value Portfolio

    0.6   

EQ/AXA Franklin Small Cap Value Core Portfolio

    0.6   

EQ/International Growth Portfolio

    0.5   

EQ/GAMCO Small Company Value Portfolio

    0.5   

EQ/AllianceBernstein International Portfolio

    0.5   

Multimanager Small Cap Value Portfolio

    0.3   

Multimanager Mid Cap Growth Portfolio

    0.3   

Multimanager Mid Cap Value Portfolio

    0.2   

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, 2009 and held for the entire six-month period.

Actual Expenses

The first line of the table to the right provides information about actual account values and actual expenses. You may use the information in this

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,033.20   $ 4.29   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,020.58     4.26   

Class B

        

Actual

     1,000.00     1,032.10     5.54   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.34     5.51   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.85% and 1.10%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

2

AXA MODERATE ALLOCATION PORTFOLIO

 

 

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2009    

Multimanager Core Bond Portfolio

    11.0 % 

EQ/Quality Bond PLUS Portfolio

    10.6   

EQ/Core Bond Index Portfolio

    9.8   

EQ/Large Cap Core PLUS Portfolio

    7.3   

EQ/Large Cap Growth Index Portfolio

    6.4   

EQ/PIMCO Ultra Short Bond Portfolio

    5.2   

EQ/International ETF Portfolio

    4.8   

EQ/Large Cap Value PLUS Portfolio

    4.4   

EQ/Intermediate Government Bond Index Portfolio

    4.4   

EQ/Large Cap Growth PLUS Portfolio

    3.8   

EQ/International Core PLUS Portfolio

    3.8   

Multimanager Multi-Sector Bond Portfolio

    3.6   

EQ/Global Bond PLUS Portfolio

    3.5   

EQ/Large Cap Value Index Portfolio

    2.8   

Multimanager Large Cap Value Portfolio

    2.5   

EQ/Small Company Index Portfolio

    2.3   

Multimanager International Equity Portfolio

    1.9   

Multimanager Large Cap Core Equity Portfolio

    1.4   

EQ/Boston Advisore Equity Income Portfolio

    1.4   

EQ/BlackRock Basic Value Equity Portfolio

    1.3   

EQ/Global Multi-Sector Equity Portfolio

    1.3   

EQ/Mid Cap Index Portfolio

    1.2   

EQ/AXA Franklin Small Cap Value Core Portfolio

    0.7   

EQ/AllianceBernstein Small Cap Growth Portfolio

    0.7   

EQ/BlackRock International Value Portfolio

    0.7   

EQ/International Growth Portfolio

    0.6   

Multimanager Small Cap Growth Portfolio

    0.6   

EQ/GAMCO Small Company Value Portfolio

    0.6   

EQ/AllianceBernstein International Portfolio

    0.5   

Multimanager Small Cap Value Portfolio

    0.4   

Multimanager Mid Cap Growth Portfolio

    0.3   

Multimanager Mid Cap Value Portfolio

    0.2   

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, 2009 and held for the entire six-month period.

 

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,039.80   $ 4.55   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,020.33     4.51   

Class B

        

Actual

     1,000.00     1,037.40     5.81   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.09     5.76   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.90% and 1.15%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

3

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

 

 

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2009    

EQ/Large Cap Growth Index Portfolio

    9.1 % 

EQ/Large Cap Core PLUS Portfolio

    8.8   

Multimanager Core Bond Portfolio

    7.2   

EQ/Core Bond Index Portfolio

    7.1   

EQ/Quality Bond PLUS Portfolio

    6.8   

EQ/International ETF Portfolio

    6.5   

EQ/Large Cap Value PLUS Portfolio

    6.3   

EQ/Large Cap Growth PLUS Portfolio

    5.3   

EQ/International Core PLUS Portfolio

    5.2   

Multimanager Large Cap Value Portfolio

    4.0   

EQ/Large Cap Value Index Portfolio

    3.6   

EQ/Intermediate Government Bond Index Portfolio

    3.6   

EQ/PIMCO Ultra Short Bond Portfolio

    3.2   

Multimanager International Equity Portfolio

    2.6   

Multimanager Large Cap Core Equity Portfolio

    2.5   

EQ/Small Company Index Portfolio

    2.3   

Multimanager Small Cap Value Portfolio

    1.7   

EQ/BlackRock Basic Value Equity Portfolio

    1.7   

EQ/Boston Advisore Equity Income Portfolio

    1.6   

EQ/Global Multi-Sector Equity Portfolio

    1.5   

EQ/Mid Cap Index Portfolio

    1.4   

EQ/BlackRock International Value Portfolio

    1.4   

EQ/International Growth Portfolio

    1.3   

EQ/AllianceBernstein Small Cap Growth Portfolio

    1.1   

EQ/AllianceBernstein International Portfolio

    1.1   

Multimanager Small Cap Growth Portfolio

    1.0   

EQ/AXA Franklin Small Cap Value Core Portfolio

    0.8   

EQ/GAMCO Small Company Value Portfolio

    0.7   

Multimanager Mid Cap Growth Portfolio

    0.3   

Multimanager Mid Cap Value Portfolio

    0.3   

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

The first line of the table to the right provides information about actual account values and actual expenses. You may use the information in this

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,049.10   $ 4.83   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,020.08     4.76   

Class B

        

Actual

     1,000.00     1,047.90     6.09   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,018.84     6.01   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.95% and 1.20%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

4

AXA AGGRESSIVE ALLOCATION PORTFOLIO

 

 

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2009    
   

EQ/Large Cap Core PLUS Portfolio

    11.9 % 

EQ/Large Cap Growth Index Portfolio

    11.7   

EQ/Large Cap Value PLUS Portfolio

    8.1   

EQ/Large Cap Growth PLUS Portfolio

    7.3   

EQ/International ETF Portfolio

    7.0   

EQ/Large Cap Value Index Portfolio

    5.7   

Multimanager Large Cap Value Portfolio

    5.7   

EQ/International Core PLUS Portfolio

    5.1   

Multimanager Large Cap Core Equity Portfolio

    3.1   

Multimanager International Equity Portfolio

    2.9   

EQ/BlackRock International Value Portfolio

    2.5   

EQ/Small Company Index Portfolio

    2.5   

EQ/International Growth Portfolio

    2.4   

EQ/Mid Cap Index Portfolio

    2.3   

EQ/BlackRock Basic Value Equity Portfolio

    2.1   

EQ/Quality Bond PLUS Portfolio

    2.0   

EQ/AllianceBernstein International Portfolio

    2.0   

EQ/Core Bond Index Portfolio

    1.9   

Multimanager Core Bond Portfolio

    1.9   

EQ/Global Multi-Sector Equity Portfolio

    1.9   

EQ/AllianceBernstein Small Cap Growth Portfolio

    1.6   

EQ/Boston Advisore Equity Income Portfolio

    1.5   

Multimanager Small Cap Growth Portfolio

    1.4   

Multimanager Small Cap Value Portfolio

    1.1   

EQ/GAMCO Small Company Value Portfolio

    1.1   

EQ/AXA Franklin Small Cap Value Core Portfolio

    1.0   

EQ/PIMCO Ultra Short Bond Portfolio

    1.0   

EQ/Intermediate Government Bond Index Portfolio

    0.8   

Multimanager Mid Cap Value Portfolio

    0.3   

Multimanager Mid Cap Growth Portfolio

    0.2   

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, 2009 and held for the entire six-month period.

 

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,060.10   $ 5.11   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.84     5.01   

Class B

        

Actual

     1,000.00     1,058.90     6.38   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,018.60     6.26   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.00% and 1.25%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

5

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

 

 

Sector Weightings

as of 6/30/09

    % of
Net Assets		   
  

Information Technology

    27.7 % 

Health Care

    18.0   

Consumer Discretionary

    12.0   

Industrials

    10.8   

Consumer Staples

    9.9   

Energy

    8.4   

Financials

    7.6   

Materials

    3.9   

Utilities

    0.5   

Telecommunication Services

    0.3   

Cash and Other

    0.9   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,109.80   $ 4.34   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,020.68     4.16   

Class B

        

Actual

     1,000.00     1,108.10     5.65   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.44     5.41   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.83% and 1.08%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

6

MULTIMANAGER CORE BOND PORTFOLIO

 

 

Distribution of Assets by Sector

as of 6/30/09

    % of
Net Assets		   
  

U.S. Government and Agency

    81.5 % 

Corporate Bonds

    28.7   

Asset-Backed and Mortgage-Backed Securities

    6.9   

Foreign Government Securities

    1.9   

Municipal Bonds

    1.4   

Convertible Preferred Stock

    0.1   

Cash and Other

    (20.5 ) 
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,037.90   $ 3.59   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,021.27     3.56   

Class B

        

Actual

     1,000.00     1,035.50     4.84   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,020.03     4.81   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.71% and 0.96%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

7

MULTIMANAGER HEALTH CARE PORTFOLIO

 

 

Sector Weightings

as of 6/30/09

    % of
Net Assets		   
  

Pharmaceuticals

    38.7 % 

Health Care Equipment

    18.3   

Biotechnology

    18.2   

Managed Health Care

    7.1   

Health Care Services

    5.3   

Life Sciences Tools & Services

    4.4   

Health Care Distributors

    3.4   

Health Care Supplies

    1.5   

Health Care Facilities

    1.0   

Consumer Staples

    0.8   

Health Care Technology

    0.7   

Financials

    0.1   

Cash and Other

    0.5   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,023.50   $ 6.12   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,018.74     6.11   

Class B

        

Actual

     1,000.00     1,024.00     7.38   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,017.50     7.35   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.22% and 1.47%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

8

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

 

 

Sector Weightings

as of 6/30/09

    % of
Net Assets		   
  

Financials

    24.0 % 

Industrials

    11.4   

Energy

    10.5   

Consumer Discretionary

    8.9   

Consumer Staples

    8.5   

Health Care

    8.4   

Materials

    7.7   

Telecommunication Services

    7.5   

Information Technology

    5.7   

Utilities

    4.3   

Cash and Other

    3.1   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,078.40   $ 5.64   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.39     5.48   

Class B

        

Actual

     1,000.00     1,076.10     6.87   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,018.15     6.68   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.09% and 1.34%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

9

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

 

 

Sector Weightings

as of 6/30/09

    % of
Net Assets		   
  

Information Technology

    22.1 % 

Financials

    15.4   

Health Care

    14.6   

Energy

    10.2   

Consumer Staples

    9.9   

Consumer Discretionary

    9.7   

Industrials

    6.7   

Telecommunication Services

    3.8   

Utilities

    2.8   

Materials

    2.2   

Cash and Other

    2.6   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,087.40   $ 4.71   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,020.28     4.56   

Class B

        

Actual

     1,000.00     1,087.40     6.06   

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 0.91% and 1.16%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

10

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

 

 

Sector Weightings

as of 6/30/09

    % of
Net Assets		   
  

Information Technology

    36.6 % 

Health Care

    14.8   

Consumer Discretionary

    11.4   

Consumer Staples

    10.1   

Industrials

    9.0   

Financials

    7.2   

Energy

    4.9   

Materials

    3.5   

Telecommunication Services

    0.7   

Utilities

    0.6   

Cash and Other

    1.2   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,096.70   $ 5.51   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.54     5.30   

Class B

        

Actual

     1,000.00     1,094.70     6.80   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,018.30     6.55   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.06% and 1.31%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

11

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

 

 

Sector Weightings

as of 6/30/09

    % of
Net Assets		   
  

Financials

    20.5 % 

Energy

    17.0   

Health Care

    11.8   

Industrials

    10.2   

Consumer Discretionary

    9.2   

Consumer Staples

    8.9   

Information Technology

    8.0   

Utilities

    5.2   

Telecommunication Services

    5.0   

Materials

    3.0   

Cash and Other

    1.2   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,013.90   $ 4.63   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,020.18     4.65   

Class B

        

Actual

     1,000.00     1,013.90     5.88   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,018.94     5.90   

 

*    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).

          


 

12

MULTIMANAGER MID CAP GROWTH PORTFOLIO

 

 

Sector Weightings

as of 6/30/09

    % of
Net Assets		   
  

Information Technology

    27.4 % 

Health Care

    18.5   

Consumer Discretionary

    18.1   

Industrials

    14.3   

Financials

    7.0   

Energy

    4.7   

Consumer Staples

    3.8   

Materials

    3.1   

Telecommunication Services

    1.3   

Utilities

    0.6   

Cash and Other

    1.2   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,138.90   $ 5.62   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.54     5.31   

Class B

        

Actual

     1,000.00     1,138.30     6.95   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,018.30     6.56   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.06% and 1.31%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

13

MULTIMANAGER MID CAP VALUE PORTFOLIO

 

Sector Weightings

as of 6/30/09

    % of
Net Assets		   
  

Financials

    18.7 % 

Materials

    13.4   

Industrials

    12.5   

Energy

    10.6   

Consumer Discretionary

    10.2   

Utilities

    8.2   

Information Technology

    8.1   

Health Care

    6.6   

Consumer Staples

    5.8   

Telecommunication Services

    3.6   

Cash and Other

    2.3   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     
 
 
 		 Beginning
Account
Value
1/1/09		    
 
 
 		 Ending
Account
Value
6/30/09		    
 
 
 
 
 		 Expenses
Paid
During
Period*
1/1/09 -
6/30/09		   
  
  
  
  
  

Class A

        

Actual

   $ 1,000.00   $ 1,130.00   $ 5.49   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.64     5.21   

Class B

        

Actual

     1,000.00     1,129.00     6.81   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,018.40     6.46   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.04% and 1.29%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

14

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

 

 

Distribution of Assets by Sector as of 6/30/09    % of
Net Assets		   
  

Government Securities

    71.7 % 

Corporate Bonds

    33.2   

Asset-Backed Securities

    3.1   

Foreign Government Securities

    1.8   

Municipal Bonds

    0.8   

Cash and Other

    (10.6)   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,036.50   $ 3.69   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,021.17     3.66   

Class B

        

Actual

     1,000.00     1,033.80     4.94   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.93     4.91   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.73% and 0.98%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

15

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

 

 

Sector Weightings

as of 6/30/09

    % of
Net Assets		   
  

Information Technology

    27.4 % 

Health Care

    24.4   

Consumer Discretionary

    16.7   

Industrials

    15.5   

Financials

    5.9   

Energy

    3.6   

Materials

    2.4   

Consumer Staples

    2.4   

Telecommunication Services

    1.4   

Utilities

    0.1   

Cash and Other

    0.2   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,101.00   $ 5.52   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.54     5.31   

Class B

        

Actual

     1,000.00     1,099.40     6.82   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,018.30     6.56   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratio of 1.06% and 1.31% respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

16

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

 

 

Sector Weightings

as of 6/30/09

    % of
Net Assets		   
  

Industrials

    23.1 % 

Financials

    22.9   

Consumer Discretionary

    15.1   

Energy

    8.7   

Materials

    8.2   

Information Technology

    7.0   

Health Care

    5.6   

Utilities

    4.6   

Consumer Staples

    2.9   

Telecommunication Services

    0.5   

Cash and Other

    1.4   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,015.90   $ 5.21   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,019.64     5.22   

Class B

        

Actual

     1,000.00     1,013.00     6.45   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,018.40     6.47   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.04% and 1.29%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

17

MULTIMANAGER TECHNOLOGY PORTFOLIO

 

 

Sector Weightings

as of 6/30/09

    % of
Net Assets		   
  

Investment Companies

    19.0 % 

Computers & Peripherals

    18.1   

Software

    16.7   

Communications Equipment

    11.9   

Semiconductor & Semiconductor Equipment

    9.9   

Internet Software & Services

    7.9   

IT Services

    5.0   

Electronic Equipment, Instruments & Components

    3.0   

Industrials

    2.3   

Consumer Discretionary

    1.5   

Telecommunication Services

    1.4   

Materials

    0.4   

Electronics

    0.2   

Office Electronics

    0.1   

Cash and Other

    2.6   
        

Total

    100.0 % 
        
        

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,238.90   $ 6.71   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,018.79     6.05   

Class B

        

Actual

     1,000.00     1,239.10     8.09   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,017.55     7.29   

 

*    Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.21% and 1.46%, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

          


 

18

TARGET 2015 ALLOCATION PORTFOLIO

 

 

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2009    

EQ/Bond Index Portfolio

    25.8 % 

EQ/Equity 500 Index Portfolio

    24.4   

EQ/International ETF Portfolio

    13.7   

EQ/Global Multi-Sector Equity Portfolio

    9.4   

Multimanager Multi-Sector Bond Portfolio

    6.7   

Multimanager Large Cap Value Portfolio

    5.6   

Multimanager Aggressive Equity Portfolio

    5.4   

EQ/Small Company Index Portfolio

    4.1   

Multimanager Mid Cap Value Portfolio

    2.7   

EQ/Global Bond PLUS Portfolio

    1.2   

EQ/Quality Bond PLUS Portfolio

    0.7   

Multimanager Mid Cap Growth Portfolio

    0.3   

EQ/PIMCO Ultra Short Bond Portfolio

    0.0 # 

# Less than 0.05%

       

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,040.40   $ 1.77   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,023.06     1.76   

Class B

        

Actual

     1,000.00     1,039.10     3.03   

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).

          


 

19

TARGET 2025 ALLOCATION PORTFOLIO

 

 

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2009    

EQ/Equity 500 Index Portfolio

    32.0 % 

EQ/International ETF Portfolio

    16.6   

EQ/Bond Index Portfolio

    15.3   

EQ/Global Multi-Sector Equity Portfolio

    9.5   

Multimanager Aggressive Equity Portfolio

    5.9   

Multimanager Large Cap Value Portfolio

    5.8   

EQ/Small Company Index Portfolio

    5.6   

Multimanager Multi-Sector Bond Portfolio

    4.4   

Multimanager Mid Cap Value Portfolio

    3.2   

EQ/Global Bond PLUS Portfolio

    1.0   

EQ/Quality Bond PLUS Portfolio

    0.5   

Multimanager Mid Cap Growth Portfolio

    0.2   

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, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,042.60   $ 1.77   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,023.06     1.76   

Class B

        

Actual

     1,000.00     1,041.10     3.04   

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).

          


 

20

TARGET 2035 ALLOCATION PORTFOLIO

 

 

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2009    

EQ/Equity 500 Index Portfolio

    38.5 % 

EQ/International ETF Portfolio

    18.7   

EQ/Global Multi-Sector Equity Portfolio

    10.5   

EQ/Bond Index Portfolio

    6.8   

Multimanager Aggressive Equity Portfolio

    6.2   

EQ/Small Company Index Portfolio

    6.0   

Multimanager Large Cap Value Portfolio

    5.9   

Multimanager Multi-Sector Bond Portfolio

    3.0   

Multimanager Mid Cap Value Portfolio

    2.6   

EQ/Global Bond PLUS Portfolio

    0.7   

EQ/Quality Bond PLUS Portfolio

    0.7   

Multimanager Mid Cap Growth Portfolio

    0.4   

EQ/PIMCO Ultra Short Bond Portfolio

    0.0 # 

# Less than 0.05%

       

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,045.50   $ 1.78   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,023.06     1.76   

Class B

        

Actual

     1,000.00     1,042.40     3.04   

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).

          


 

21

TARGET 2045 ALLOCATION PORTFOLIO

 

 

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2009    

EQ/Equity 500 Index Portfolio

    43.1 % 

EQ/International ETF Portfolio

    21.6   

EQ/Global Multi-Sector Equity Portfolio

    11.0   

EQ/Small Company Index Portfolio

    7.2   

Multimanager Aggressive Equity Portfolio

    6.4   

Multimanager Large Cap Value Portfolio

    6.0   

Multimanager Mid Cap Value Portfolio

    3.2   

Multimanager Mid Cap Growth Portfolio

    0.6   

EQ/Bond Index Portfolio

    0.6   

Multimanager Multi-Sector Bond Portfolio

    0.3   

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2009 and held for the entire six-month period.

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

 

     Beginning
Account
Value
1/1/09		   Ending
Account
Value
6/30/09		   Expenses
Paid
During
Period*
1/1/09 -
6/30/09		  

Class A

        

Actual

   $ 1,000.00   $ 1,048.40   $ 1.78   

Hypothetical (5% average annual return before expenses)

     1,000.00     1,023.06     1.76   

Class B

        

Actual

     1,000.00     1,046.80     3.05   

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).

          


 

22

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

  

INVESTMENT COMPANIES:

      

EQ/AllianceBernstein International Portfolio‡

      453,736    $ 3,200,389   

EQ/BlackRock Basic Value Equity Portfolio‡

      982,672      9,985,797   

EQ/BlackRock International Value Portfolio‡

      603,224      5,651,777   

EQ/Boston Advisors Equity Income Portfolio‡

      4,485,746      17,863,380   

EQ/Core Bond Index Portfolio‡

      35,696,287      332,592,724   

EQ/Global Bond PLUS Portfolio‡

      11,665,403      109,370,888   

EQ/Global Multi-Sector Equity Portfolio‡

      822,142      7,640,987   

EQ/Intermediate Government Bond Index Portfolio‡

      10,935,262      105,286,506   

EQ/International Core PLUS Portfolio‡

      3,051,946      22,913,842   

EQ/International ETF Portfolio‡ .

      3,325,313      21,578,899   

EQ/International Growth Portfolio‡

      818,516      3,767,383   

EQ/Large Cap Core PLUS Portfolio‡

      11,848,515      69,945,764   

EQ/Large Cap Growth Index Portfolio‡

      9,288,818      58,599,014   

EQ/Large Cap Growth PLUS Portfolio‡

      2,721,632      33,807,076   

EQ/Large Cap Value Index Portfolio‡

      6,646,826      27,429,894   

EQ/Large Cap Value PLUS Portfolio‡

      3,403,092      25,887,284   

EQ/PIMCO Ultra Short Bond Portfolio‡

      14,555,855      143,260,848   

EQ/Quality Bond PLUS Portfolio‡

      35,757,028      319,191,039   

Multimanager Core Bond Portfolio‡

      32,527,006      327,425,011   

Multimanager International Equity Portfolio‡

      1,319,490      11,795,433   

Multimanager Large Cap Core Equity Portfolio‡

      3,226,575      24,502,377   

Multimanager Large Cap Value Portfolio‡

      3,626,238      26,517,507   

Multimanager Mid Cap Value Portfolio‡

      1,407,560      9,182,359   

Multimanager Multi-Sector Bond Portfolio‡

      23,248,310      85,834,576   
           

Total Investment Companies (100.0%)
(Cost $1,783,550,454)

         1,803,230,754   
           
      Principal
Amount		   

Value

(Note 1)

  

SHORT-TERM INVESTMENT:

      

Time Deposit (0.1%)

      

JPMorgan Chase Nassau
0.000%, 7/1/09
(Amortized Cost $2,441,798)

    $ 2,441,798      2,441,798   
           

Total Investments (100.1%)
(Cost/Amortized Cost $1,785,992,252)

         1,805,672,552   

Other Assets Less Liabilities (-0.1%)

         (1,990,407 ) 
           

Net Assets (100%)

       $ 1,803,682,145   
           

 

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

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


 

See Notes to Financial Statements.

23

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

EQ/AllianceBernstein International Portfolio

    $ —    $ 2,764,756    $ 277,520    $ 3,200,389    $ —    $ 94,116   

EQ/BlackRock Basic Value Equity Portfolio

      40,859,007      8,619,927      56,923,959      9,985,797      —      (18,847,250 ) 

EQ/BlackRock International Value Portfolio

      8,851,457      2,705,057      10,906,496      5,651,777      —      (5,278,138 ) 

EQ/Boston Advisors Equity Income Portfolio

      11,639,215      7,478,984      1,969,123      17,863,380      —      (294,713 ) 

EQ/Core Bond Index Portfolio

      —      339,923,461      13,551,057      332,592,724      —      92,422   

EQ/Davis New York Venture Portfolio

      18,776,904      2,544,747      26,958,181      —      —      (9,060,922 ) 

EQ/Focus PLUS Portfolio(a)

      663,549      —      938,610      —      —      (404,310 ) 

EQ/Global Bond PLUS Portfolio(b)

      97,180,719      19,511,258      6,928,728      109,370,888      —      (862,948 ) 

EQ/Global Multi-Sector Equity Portfolio(c)

      4,486,170      2,728,758      2,055,242      7,640,987      —      (968,337 ) 

EQ/Intermediate Government Bond Index Portfolio

      —      112,166,212      6,039,416      105,286,506      —      (50,337 ) 

EQ/International Core PLUS Portfolio

      20,370,684      6,143,547      11,858,544      22,913,842      —      (6,012,921 ) 

EQ/International ETF Portfolio

      —      17,964,269      857,523      21,578,899      —      257,384   

EQ/International Growth Portfolio

      —      3,264,756      288,062      3,767,383      —      83,574   

EQ/Large Cap Core PLUS Portfolio

      34,200,344      31,434,281      4,296,290      69,945,764      —      (999,822 ) 

EQ/Large Cap Growth Index Portfolio

      —      50,482,838      2,985,757      58,599,014      —      894,058   

EQ/Large Cap Growth PLUS Portfolio

      61,611,302      14,797,658      54,602,438      33,807,076      —      (12,529,321 ) 

EQ/Large Cap Value Index Portfolio

      —      25,466,647      965,196      27,429,894      —      335,529   

EQ/Large Cap Value PLUS Portfolio

      4,262,971      19,599,025      2,380,270      25,887,284      —      (893,727 ) 

EQ/Long Term Bond Portfolio

      149,643,370      13,996,109      162,036,786      —      —      (12,080,713 ) 

EQ/Money Market Portfolio

      324,912,338      44,177,523      369,089,841      —      171,509      (2,147 ) 

EQ/PIMCO Ultra Short Bond Portfolio(d)

      112,339,812      31,545,974      9,038,674      143,260,848      —      (567,466 ) 

EQ/Quality Bond PLUS Portfolio

      23,778,958      300,350,820      14,331,586      319,191,039      —      (1,836,309 ) 

EQ/Short Duration Bond Portfolio

      223,898,353      22,902,724      264,244,617      —      —      (16,119,639 ) 

Multimanager Core Bond Portfolio

      168,735,569      165,401,501      14,192,208      327,425,011      4,300,649      (133,086 ) 

Multimanager International Equity Portfolio

      20,480,545      4,905,358      24,489,031      11,795,433      —      (11,743,951 ) 

Multimanager Large Cap Core Equity Portfolio

      24,393,123      9,810,715      18,803,418      24,502,377      —      (7,633,258 ) 

Multimanager Large Cap Value Portfolio

      28,019,420      8,115,171      19,254,398      26,517,507      —      (9,869,325 ) 

Multimanager Mid Cap Value Portfolio

      12,105,333      2,957,435      11,696,943      9,182,359      —      (3,532,768 ) 

Multimanager Multi-Sector Bond Portfolio(e)

      67,910,279      20,702,046      8,741,361      85,834,576      —      (3,182,131 ) 
                                           
   $ 1,459,119,422    $ 1,292,461,557    $ 1,120,701,275    $ 1,803,230,754    $ 4,472,158    $ (121,146,456 ) 
                                           

 

(a) formerly known as EQ/Marsico Focus Portfolio
(b) formerly known as EQ/Evergreen International Bond Portfolio
(c) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

 

See Notes to Financial Statements.

24

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

(d) formerly known as EQ/PIMCO Real Return Portfolio
(e) formerly known as Multimanager High Yield Portfolio

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

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

Asset:

            

Investment Companies

            

Investment Companies

    $ –    $ 1,803,230,754    $ –    $ 1,803,230,754

Short-Term Investments

      –      2,441,798      –      2,441,798

Total Asset

    $ –    $ 1,805,672,552    $ –    $ 1,805,672,552

Total Liability

    $ –    $ –    $ –    $ –

Total

    $ –    $ 1,805,672,552    $ –    $ 1,805,672,552

The Portfolio held no derivatives contracts during the six months ended June 30, 2009.

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Investment Companies

    $ 1,292,461,557   

Net Proceeds of Sales and Redemptions:

   

Investment Companies

    $ 999,554,819   

 

As of June 30, 2009, 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

    $ 58,086,176   

Aggregate gross unrealized depreciation

      (38,373,789 ) 
        

Net unrealized appreciation

    $ 19,712,387   
        

Federal income tax cost of investments

    $ 1,785,960,165   
        

 

See Notes to Financial Statements.

25

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

  

INVESTMENT COMPANIES:

      

EQ/AllianceBernstein International Portfolio‡

    1,092,950    $ 7,709,029   

EQ/AXA Franklin Small Cap Value Core Portfolio‡

    1,467,004      9,793,527   

EQ/BlackRock Basic Value Equity Portfolio‡

    1,805,397      18,346,223   

EQ/BlackRock International Value Portfolio‡

    1,085,299      10,168,471   

EQ/Boston Advisors Equity Income Portfolio‡

    8,924,942      35,541,389   

EQ/Core Bond Index Portfolio‡

    24,042,844      224,014,192   

EQ/GAMCO Small Company Value Portfolio‡

    343,656      8,105,632   

EQ/Global Bond PLUS Portfolio‡

    8,338,219      78,176,325   

EQ/Global Multi-Sector Equity Portfolio‡

    1,635,284      15,198,333   

EQ/Intermediate Government Bond Index Portfolio‡

    7,695,032      74,089,036   

EQ/International Core PLUS Portfolio‡

    6,822,171      51,220,480   

EQ/International ETF Portfolio‡

    9,023,899      58,558,647   

EQ/International Growth Portfolio‡

    1,924,017      8,855,670   

EQ/Large Cap Core PLUS Portfolio‡

    17,724,855      104,635,776   

EQ/Large Cap Growth Index Portfolio‡

    14,609,029      92,161,860   

EQ/Large Cap Growth PLUS Portfolio‡

    4,182,314      51,951,113   

EQ/Large Cap Value Index Portfolio‡

    10,962,586      45,240,026   

EQ/Large Cap Value PLUS Portfolio‡

    5,609,399      42,670,641   

EQ/Mid Cap Index Portfolio‡

    2,720,432      14,688,057   

EQ/PIMCO Ultra Short Bond Portfolio‡

    10,590,937      104,237,547   

EQ/Quality Bond PLUS Portfolio‡

    24,021,551      214,432,364   

EQ/Small Company Index Portfolio‡

    2,978,782      20,595,993   

Multimanager Core Bond Portfolio‡

    21,997,091      221,428,247   

Multimanager International Equity Portfolio‡

    2,669,449      23,863,242   

Multimanager Large Cap Core Equity Portfolio‡

    3,176,387      24,121,260   

Multimanager Large Cap Value Portfolio‡

    5,872,092      42,940,711   

Multimanager Mid Cap Growth Portfolio*‡

    754,337      4,388,363   

Multimanager Mid Cap Value Portfolio‡

    501,450      3,271,262   

Multimanager Multi-Sector Bond Portfolio‡

    17,704,442      65,366,184   

Multimanager Small Cap Value Portfolio‡

    736,116      5,171,238   
           

Total Investments (100.1%)
(Cost $1,677,045,102)

         1,680,940,838   

Other Assets Less Liabilities (-0.1%)

         (1,163,239 ) 
           

Net Assets (100%)

       $ 1,679,777,599   
           

 

* Non-income producing.
‡ Affiliated company as defined under the Investment Company Act of 1940.

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


 

See Notes to Financial Statements.

26

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

EQ/AllianceBernstein International Portfolio

    $ —    $ 6,021,655    $ 105,338    $ 7,709,029    $ —    $ 35,080   

EQ/AXA Franklin Small Cap Value Core Portfolio(a)

      16,769,110      1,848,599      16,528,122      9,793,527      —      (9,608,927 ) 

EQ/BlackRock Basic Value Equity Portfolio

      75,998,116      9,043,688      107,790,701      18,346,223      —      (44,870,480 ) 

EQ/BlackRock International Value Portfolio

      19,393,056      2,957,536      24,391,609      10,168,471      —      (13,568,609 ) 

EQ/Boston Advisors Equity Income Portfolio

      30,238,802      7,035,819      456,804      35,541,389      —      (45,491 ) 

EQ/Core Bond Index Portfolio

      —      221,441,089      1,393,625      224,014,192      —      10,557   

EQ/Davis New York Venture Portfolio

      31,729,579      2,072,717      48,934,678      —      —      (21,004,816 ) 

EQ/Focus PLUS Portfolio(b)

      1,128,994      —      1,590,842      —      —      (681,758 ) 

EQ/GAMCO Small Company Value Portfolio

      18,044,360      2,095,154      19,568,501      8,105,632      —      (8,927,508 ) 

EQ/Global Bond PLUS Portfolio(c)

      70,700,872      9,363,480      793,778      78,176,325      —      (68,323 ) 

EQ/Global Multi-Sector Equity Portfolio(d)

      9,926,338      2,833,699      284,860      15,198,333      —      (67,044 ) 

EQ/Intermediate Government Bond Index Portfolio

      —      75,565,288      851,509      74,089,036      —      (9,000 ) 

EQ/International Core PLUS Portfolio

      52,062,000      7,331,921      25,762,393      51,220,480      —      (14,207,486 ) 

EQ/International ETF Portfolio

      —      46,668,704      406,041      58,558,647      —      120,527   

EQ/International Growth Portfolio

      —      7,071,655      109,039      8,855,670      —      31,379   

EQ/Large Cap Core PLUS Portfolio

      52,046,186      43,223,345      1,125,495      104,635,776      —      (261,418 ) 

EQ/Large Cap Growth Index Portfolio

      —      77,747,356      3,009,824      92,161,860      —      992,267   

EQ/Large Cap Growth PLUS Portfolio

      97,018,349      12,521,443      75,305,486      51,951,113      —      (19,182,705 ) 

EQ/Large Cap Value Index Portfolio

      —      40,511,223      235,321      45,240,026      —      80,620   

EQ/Large Cap Value PLUS Portfolio

      5,555,727      31,834,963      804,783      42,670,641      —      (383,529 ) 

EQ/Long Term Bond Portfolio

      99,625,819      5,329,842      104,513,647      —      —      (8,700,318 ) 

EQ/Mid Cap Index Portfolio

      —      11,483,741      78,079      14,688,057      —      27,235   

EQ/Money Market Portfolio

      244,267,280      9,000,808      253,268,073      —      124,848      (1,619 ) 

EQ/PIMCO Ultra Short Bond Portfolio(e)

      86,219,885      13,307,233      890,804      104,237,547      —      (5,160 ) 

EQ/Quality Bond PLUS Portfolio

      25,554,566      185,563,276      1,817,232      214,432,364      —      (238,484 ) 

EQ/Short Duration Bond Portfolio

      131,249,720      7,698,661      150,313,316      —      —      (10,513,143 ) 

EQ/Small Company Index Portfolio

      5,410,226      17,094,036      6,995,712      20,595,993      —      476,712   

Multimanager Core Bond Portfolio

      123,328,080      94,833,218      1,629,665      221,428,247      2,933,456      (31,147 ) 

Multimanager International Equity Portfolio

      55,123,733      4,128,949      69,114,219      23,863,242      —      (38,115,540 ) 

Multimanager Large Cap Core Equity Portfolio

      31,337,217      4,251,667      22,081,314      24,121,260      —      (10,486,021 ) 

Multimanager Large Cap Value Portfolio

      52,137,724      7,098,363      29,722,412      42,940,711      —      (15,710,604 ) 

Multimanager Mid Cap Growth Portfolio

      6,110,173      307,914      4,903,885      4,388,363      —      (2,008,780 ) 

Multimanager Mid Cap Value Portfolio

      13,250,094      801,022      19,140,418      3,271,262      —      (9,401,720 ) 

 

See Notes to Financial Statements.

27

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

Multimanager Multi-Sector Bond Portfolio(f)

    $ 53,994,342    $ 9,980,425    $ 1,073,537    $ 65,366,184    $ —    $ (409,304 ) 

Multimanager Small Cap Value Portfolio

      4,809,099      307,914      70,935      5,171,238      —      (35,830 ) 
                                           
   $ 1,413,029,447    $ 978,376,403    $ 995,061,997    $ 1,680,940,838    $ 3,058,304    $ (226,770,387 ) 
                                           

 

(a) formerly known as EQ/Franklin Small Cap Value Portfolio
(b) formerly known as EQ/Marsico Focus Portfolio
(c) formerly known as EQ/Evergreen International Bond Portfolio
(d) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio
(e) formerly known as EQ/PIMCO Real Return Portfolio
(f) formerly known as Multimanager High Yield Portfolio

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

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

Asset:

            

Investment Companies

            

Investment Companies

    $ –    $ 1,680,940,838    $ –    $ 1,680,940,838

Total Asset

    $ –    $ 1,680,940,838    $ –    $ 1,680,940,838

Total Liability

    $ –    $ –    $ –    $ –

Total

    $ –    $ 1,680,940,838    $ –    $ 1,680,940,838

The Portfolio held no derivatives contracts during the six months ended June 30, 2009.

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Investment Companies

    $ 978,376,403   

Net Proceeds of Sales and Redemptions:

   

Investment Companies

    $ 768,291,610   
As of June 30, 2009, 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

    $ 71,576,006   

Aggregate gross unrealized depreciation

      (67,596,952 ) 
        

Net unrealized appreciation

    $ 3,979,054   
        

Federal income tax cost of investments

    $ 1,676,961,784   
        

 

See Notes to Financial Statements.

28

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

INVESTMENT COMPANIES:

      

EQ/AllianceBernstein International Portfolio‡

    7,274,018    $ 51,306,661

EQ/AllianceBernstein Small Cap Growth Portfolio‡

    6,628,081      66,267,913

EQ/AXA Franklin Small Cap Value Core Portfolio‡

    10,156,225      67,801,620

EQ/BlackRock Basic Value Equity Portfolio‡

    11,617,893      118,059,636

EQ/BlackRock International Value Portfolio‡

    6,796,637      63,679,602

EQ/Boston Advisors Equity Income Portfolio‡

    32,896,637      131,002,780

EQ/Core Bond Index Portfolio‡

    97,854,121      911,735,398

EQ/GAMCO Small Company Value Portfolio‡

    2,276,675      53,698,712

EQ/Global Bond PLUS Portfolio‡

    35,256,816      330,556,016

EQ/Global Multi-Sector Equity Portfolio‡

    12,701,180      118,044,812

EQ/Intermediate Government Bond Index Portfolio‡

    42,117,133      405,510,710

EQ/International Core PLUS Portfolio‡

    46,680,852      350,477,222

EQ/International ETF Portfolio‡

    68,534,302      444,738,558

EQ/International Growth Portfolio‡

    13,082,199      60,213,406

EQ/Large Cap Core PLUS Portfolio‡

    114,597,884      676,509,816

EQ/Large Cap Growth Index Portfolio‡

    94,086,355      593,548,912

EQ/Large Cap Growth PLUS Portfolio‡

    28,271,664      351,179,847

EQ/Large Cap Value Index Portfolio‡

    62,362,172      257,354,086

EQ/Large Cap Value PLUS Portfolio‡

    54,388,934      413,736,068

EQ/Mid Cap Index Portfolio‡

    20,275,519      109,470,833

EQ/PIMCO Ultra Short Bond Portfolio‡

    49,552,582      487,703,751

EQ/Quality Bond PLUS Portfolio‡

    111,044,307      991,255,424

EQ/Small Company Index Portfolio‡

    30,755,738      212,652,330

Multimanager Core Bond Portfolio‡

    102,088,417      1,027,647,646

Multimanager International Equity Portfolio‡

    19,593,495      175,153,891

Multimanager Large Cap Core Equity Portfolio‡

    17,375,911      131,951,429

Multimanager Large Cap Value Portfolio‡

    31,667,202      231,572,019

Multimanager Mid Cap Growth Portfolio*‡

    4,660,364      27,111,705

Multimanager Mid Cap Value Portfolio‡

    3,174,353      20,708,208

Multimanager Multi-Sector Bond Portfolio‡

    90,966,015      335,853,635

Multimanager Small Cap Growth Portfolio*‡

    10,149,586      57,523,695

Multimanager Small Cap Value Portfolio‡

    4,946,693      34,750,673
         

Total Investment Companies (100.0%)
(Cost $9,617,109,489)

         9,308,777,014
         

 

      Principal
Amount		   

Value

(Note 1)

  

SHORT-TERM INVESTMENT:

      

Time Deposit (0.1%)

      

JPMorgan Chase Nassau
0.000%, 7/1/09
(Amortized Cost $10,195,550)

    $ 10,195,550    $ 10,195,550   
           

Total Investments (100.1%)
(Cost/Amortized Cost $9,627,305,039)

         9,318,972,564   

Other Assets Less Liabilities (-0.1%)

         (7,658,163 ) 
           

Net Assets (100%)

       $ 9,311,314,401   
           

 

* Non-income producing.
‡ Affiliated company as defined under the Investment Company Act of 1940.

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


 

See Notes to Financial Statements.

29

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

EQ/AllianceBernstein International Portfolio

    $ —    $ 38,717,841    $ 76,780    $ 51,306,661    $ —    $ 33,619   

EQ/AllianceBernstein Small Cap Growth Portfolio

      —      50,458,380      57,329      66,267,913      —      25,470   

EQ/AXA Franklin Small Cap Value Core Portfolio(a)

      89,598,930      6,034,308      54,905,585      67,801,620      —      (32,541,973 ) 

EQ/BlackRock Basic Value Equity Portfolio

      605,833,588      21,863,218      833,764,716      118,059,636      —      (360,081,494 ) 

EQ/BlackRock International Value Portfolio

      145,585,817      8,561,732      176,316,076      63,679,602      —      (98,274,457 ) 

EQ/Boston Advisors Equity Income Portfolio

      120,902,663      18,898,016      2,325,331      131,002,780      —      (543,290 ) 

EQ/Core Bond Index Portfolio

      —      899,386,840      4,534,647      911,735,398      —      (1,487 ) 

EQ/Davis New York Venture Portfolio

      193,527,295      6,022,986      303,474,218      —      —      (139,404,923 ) 

EQ/Focus PLUS Portfolio(b)

      4,940,618      —      7,141,508      —      —      (3,163,246 ) 

EQ/GAMCO Small Company Value Portfolio

      142,571,633      6,086,824      154,599,455      53,698,712      —      (72,596,505 ) 

EQ/Global Bond PLUS Portfolio(c)

      317,625,681      19,851,781      1,298,658      330,556,016      —      (149,974 ) 

EQ/Global Multi-Sector Equity Portfolio(d)

      81,350,047      17,787,829      1,576,214      118,044,812      —      (721,405 ) 

EQ/Intermediate Government Bond Index Portfolio

      —      410,000,714      1,059,170      405,510,710      —      (11,436 ) 

EQ/International Core PLUS Portfolio

      390,055,706      25,169,210      193,717,821      350,477,222      —      (109,676,435 ) 

EQ/International ETF Portfolio

      —      349,089,202      395,035      444,738,558      —      156,960   

EQ/International Growth Portfolio

      —      46,427,840      79,834      60,213,406      —      30,565   

EQ/Large Cap Core PLUS Portfolio

      397,715,402      223,714,516      5,210,693      676,509,816      —      (1,894,256 ) 

EQ/Large Cap Growth Index Portfolio

      —      491,525,304      12,802,802      593,548,912      —      4,359,592   

EQ/Large Cap Growth PLUS Portfolio

      707,123,244      37,669,378      507,789,625      351,179,847      —      (128,331,548 ) 

EQ/Large Cap Value Index Portfolio

      —      234,855,141      177,999      257,354,086      —      70,399   

EQ/Large Cap Value PLUS Portfolio

      77,178,623      280,810,821      1,007,011      413,736,068      —      (537,816 ) 

EQ/Long Term Bond Portfolio

      472,410,152      11,293,098      484,401,344      —      —      (43,223,141 ) 

EQ/Mid Cap Index Portfolio

      —      84,298,381      58,532      109,470,833      —      24,267   

EQ/Money Market Portfolio

      429,254,234      14,665,499      443,919,714      —      217,835      (2,856 ) 

EQ/PIMCO Ultra Short Bond Portfolio(e)

      431,945,718      30,940,938      2,249,935      487,703,751      —      (81,626 ) 

EQ/Quality Bond PLUS Portfolio

      509,478,327      462,366,551      1,219,383      991,255,424      —      (152,323 ) 

EQ/Short Duration Bond Portfolio

      667,755,504      15,057,464      734,949,703      —      —      (47,483,051 ) 

EQ/Small Company Index Portfolio

      91,097,972      113,083,105      35,822,338      212,652,330      —      (5,653,533 ) 

Multimanager Core Bond Portfolio

      956,806,297      95,090,572      46,782,681      1,027,647,646      15,867,910      (2,264,408 ) 

Multimanager International Equity Portfolio

      454,868,970      9,593,708      530,245,399      175,153,891      —      (281,586,843 ) 

Multimanager Large Cap Core Equity Portfolio

      190,599,940      11,089,156      124,064,187      131,951,429      —      (55,844,563 ) 

Multimanager Large Cap Value Portfolio

      304,198,513      21,041,305      157,485,200      231,572,019      —      (79,151,564 ) 

Multimanager Mid Cap Growth Portfolio

      51,671,766      1,495,448      52,405,309      27,111,705      —      (23,524,240 ) 

 

See Notes to Financial Statements.

30

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

Multimanager Mid Cap Value Portfolio

    $ 110,235,380    $ 1,495,448    $ 170,003,676    $ 20,708,208    $ —    $ (88,322,607 ) 

Multimanager Multi-Sector Bond Portfolio(f)

      302,595,580      23,927,169      2,437,535      335,853,635      —      (820,439 ) 

Multimanager Small Cap Growth Portfolio

      101,941,417      9,646,224      89,167,741      57,523,695      —      (40,609,848 ) 

Multimanager Small Cap Value Portfolio

      32,755,795      1,495,448      256,761      34,750,673      —      (155,693 ) 
                                           
   $ 8,381,624,812    $ 4,099,511,395    $ 5,137,779,945    $ 9,308,777,014    $ 16,085,745    $ (1,612,106,108 ) 
                                           

 

(a) formerly known as EQ/Franklin Small Cap Value Portfolio
(b) formerly known as EQ/Marsico Focus Portfolio
(c) formerly known as EQ/Evergreen International Bond Portfolio
(d) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio
(e) formerly known as EQ/PIMCO Real Return Portfolio
(f) formerly known as Multimanager High Yield Portfolio

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type    Level 1
Quoted prices in active
markets for identical
securities		   

Level 2

Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)

    Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total

Asset:

            

Investment Companies

            

Investment Companies

    $ –    $ 9,308,777,014    $ –    $ 9,308,777,014

Short-Term Investments

      –      10,195,550      –      10,195,550

Total Asset

    $ –    $ 9,318,972,564    $ –    $ 9,318,972,564

Total Liability

    $ –    $ –    $ –    $ –

Total

    $ –    $ 9,318,972,564    $ –    $ 9,318,972,564

The Portfolio held no derivatives contracts during the six months ended June 30, 2009.

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Investment Companies

    $ 4,099,511,395   

Net Proceeds of Sales and Redemptions:

   

Investment Companies

    $ 3,525,673,837   

 

As of June 30, 2009, 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

    $ 408,043,121   

Aggregate gross unrealized depreciation

      (715,738,771 ) 
        

Net unrealized depreciation

    $ (307,695,650 ) 
        

Federal income tax cost of investments

    $ 9,626,668,214   
        

 

See Notes to Financial Statements.

31

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

  

INVESTMENT COMPANIES:

      

EQ/AllianceBernstein International Portfolio‡

    16,081,600    $ 113,430,180   

EQ/AllianceBernstein Small Cap Growth Portfolio‡

    11,362,115      113,599,040   

EQ/AXA Franklin Small Cap Value Core Portfolio‡

    11,801,275      78,783,759   

EQ/BlackRock Basic Value Equity Portfolio‡

    16,648,379      169,178,828   

EQ/BlackRock International Value Portfolio‡

    15,320,706      143,544,010   

EQ/Boston Advisors Equity Income Portfolio‡

    40,362,783      160,734,871   

EQ/Core Bond Index Portfolio‡

    77,357,434      720,761,780   

EQ/GAMCO Small Company Value Portfolio‡

    2,865,113      67,577,903   

EQ/Global Multi-Sector Equity Portfolio‡

    16,918,982      157,245,080   

EQ/Intermediate Government Bond Index Portfolio‡

    37,571,437      361,743,997   

EQ/International Core PLUS Portfolio‡

    70,223,409      527,233,419   

EQ/International ETF Portfolio‡

    102,314,548      663,948,175   

EQ/International Growth Portfolio‡

    29,128,009      134,067,419   

EQ/Large Cap Core PLUS Portfolio‡

    152,090,061      897,838,736   

EQ/Large Cap Growth Index Portfolio‡

    146,362,555      923,336,177   

EQ/Large Cap Growth PLUS Portfolio‡

    43,066,769      534,959,009   

EQ/Large Cap Value Index Portfolio‡

    87,979,865      363,072,309   

EQ/Large Cap Value PLUS Portfolio‡

    84,378,112      641,863,439   

EQ/Mid Cap Index Portfolio‡

    26,694,749      144,129,303   

EQ/PIMCO Ultra Short Bond Portfolio‡

    32,610,623      320,958,516   

EQ/Quality Bond PLUS Portfolio‡

    77,669,516      693,329,821   

EQ/Small Company Index Portfolio‡

    33,759,971      233,424,299   

Multimanager Core Bond Portfolio‡

    72,276,738      727,555,796   

Multimanager International Equity Portfolio‡

    29,467,965      263,425,628   

Multimanager Large Cap Core Equity Portfolio‡

    33,467,821      254,152,250   

Multimanager Large Cap Value Portfolio‡

    55,012,932      402,291,799   

Multimanager Mid Cap Growth Portfolio*‡

    5,570,262      32,405,045   

Multimanager Mid Cap Value Portfolio‡

    4,775,735      31,154,987   

Multimanager Small Cap Growth Portfolio*‡

    18,166,047      102,957,708   

Multimanager Small Cap Value Portfolio‡

    24,364,201      171,159,269   
           

Total Investments (100.1%)
(Cost $10,454,265,626)

         10,149,862,552   

Other Assets Less Liabilities (-0.1%)

         (6,580,543 ) 
           

Net Assets (100%)

       $ 10,143,282,009   
           
* Non-income producing.
‡ Affiliated company as defined under the Investment Company Act of 1940.

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


 

See Notes to Financial Statements.

32

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

EQ/AllianceBernstein International Portfolio

    $ —    $ 86,023,417    $ 280,981    $ 113,430,180    $ —    $ 75,297   

EQ/AllianceBernstein Small Cap Growth Portfolio

      —      85,567,667      155,758      113,599,040      —      47,829   

EQ/AXA Franklin Small Cap Value Core Portfolio(a)

      121,038,754      9,359,125      96,626,866      78,783,759      —      (56,191,215 ) 

EQ/BlackRock Basic Value Equity Portfolio

      886,693,862      29,385,084      1,271,088,126      169,178,828      —      (577,304,268 ) 

EQ/BlackRock International Value Portfolio

      338,163,647      13,692,860      426,330,718      143,544,010      —      (247,197,305 ) 

EQ/Boston Advisors Equity Income Portfolio

      150,677,787      20,874,748      2,541,864      160,734,871      —      (604,888 ) 

EQ/Core Bond Index Portfolio

      —      710,162,546      2,778,737      720,761,780      —      1,105   

EQ/Davis New York Venture Portfolio

      288,077,279      11,250,829      449,992,469      —      —      (203,443,225 ) 

EQ/Focus PLUS Portfolio(b)

      6,319,320      —      8,941,350      —      —      (3,852,935 ) 

EQ/GAMCO Small Company Value Portfolio

      177,103,816      10,002,159      194,199,847      67,577,903      —      (90,822,109 ) 

EQ/Global Multi-Sector Equity Portfolio(c)

      112,778,515      18,858,773      4,371,088      157,245,080      —      (2,958,246 ) 

EQ/Intermediate Government Bond Index Portfolio

      —      365,825,530      1,007,909      361,743,997      —      (7,297 ) 

EQ/International Core PLUS Portfolio

      583,316,094      44,055,986      295,033,434      527,233,419      —      (165,490,378 ) 

EQ/International ETF Portfolio

      —      520,833,667      1,160,473      663,948,175      —      264,639   

EQ/International Growth Portfolio

      —      103,673,417      289,989      134,067,419      —      66,289   

EQ/Large Cap Core PLUS Portfolio

      501,015,516      318,940,076      7,024,780      897,838,736      —      (2,562,445 ) 

EQ/Large Cap Growth Index Portfolio

      —      775,071,665      31,310,666      923,336,177      —      10,518,931   

EQ/Large Cap Growth PLUS Portfolio

      1,076,012,558      52,837,579      774,578,825      534,959,009      —      (198,351,577 ) 

EQ/Large Cap Value Index Portfolio

      —      332,539,167      395,001      363,072,309      —      113,968   

EQ/Large Cap Value PLUS Portfolio

      141,605,091      416,766,001      2,870,626      641,863,439      —      (1,649,101 ) 

EQ/Long Term Bond Portfolio

      407,810,733      8,182,421      413,561,931      —      —      (34,252,258 ) 

EQ/Mid Cap Index Portfolio

      —      111,089,584      196,031      144,129,303      —      58,453   

EQ/Money Market Portfolio

      148,125,481      5,219,416      153,344,898      —      75,143      (993 ) 

EQ/PIMCO Ultra Short Bond Portfolio(d)

      287,522,827      16,859,410      1,414,342      320,958,516      —      (58,531 ) 

EQ/Quality Bond PLUS Portfolio

      108,234,615      570,994,536      1,720,450      693,329,821      —      (223,140 ) 

EQ/Short Duration Bond Portfolio

      549,581,703      8,182,421      605,999,725      —      —      (44,451,613 ) 

EQ/Small Company Index Portfolio

      54,028,068      145,629,387      18,470,829      233,424,299      —      (3,024,408 ) 

Multimanager Core Bond Portfolio

      1,043,262,253      50,946,118      393,334,036      727,555,796      13,282,222      (15,306,874 ) 

Multimanager International Equity Portfolio

      689,982,411      11,001,841      813,370,372      263,425,628      —      (437,604,118 ) 

Multimanager Large Cap Core Equity Portfolio

      371,141,914      18,550,747      251,326,635      254,152,250      —      (118,962,182 ) 

Multimanager Large Cap Value Portfolio

      536,269,110      32,243,607      291,699,849      402,291,799      —      (152,891,983 ) 

Multimanager Mid Cap Growth Portfolio

      62,071,676      2,809,901      67,761,858      32,405,045      —      (32,755,890 ) 

Multimanager Mid Cap Value Portfolio

      141,972,124      2,166,867      214,553,631      31,154,987      —      (113,609,750 ) 

 

See Notes to Financial Statements.

33

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

Multimanager Small Cap Growth Portfolio

    $ 190,520,694    $ 12,050,144    $ 163,916,915    $ 102,957,708    $ —    $ (75,004,106 ) 

Multimanager Small Cap Value Portfolio

      165,815,596      2,928,784      527,055      171,159,269      —      (312,277 ) 
                                           
   $ 9,139,141,444    $ 4,924,575,480    $ 6,962,178,064    $ 10,149,862,552    $ 13,357,365    $ (2,567,746,601 ) 
                                           

 

(a) formerly known as EQ/Franklin Small Cap Value Portfolio
(b) formerly known as EQ/Marsico Focus Portfolio
(c) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio
(d) formerly known as EQ/PIMCO Real Return Portfolio

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1

Quoted prices in active

markets for identical

securities

   

Level 2

Significant other

observable inputs

(including quoted prices

for similar securities,

interest rates,

prepayment speeds,

credit risk, etc.)

   

Level 3

Significant unobservable

inputs (including the

Portfolio’s own

assumptions in

determining the fair

value of investments)

    Total

Asset:

            

Investment Companies

            

Investment Companies

    $ –    $ 10,149,862,552    $ –    $ 10,149,862,552

Total Asset

    $ –    $ 10,149,862,552    $ –    $ 10,149,862,552

Total Liability

    $ –    $ –    $ –    $ –

Total

    $ –    $ 10,149,862,552    $ –    $ 10,149,862,552

The Portfolio held no derivatives contracts during the six months ended June 30, 2009.

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Investment Companies

    $ 4,924,575,480   

Net Proceeds of Sales and Redemptions:

   

Investment Companies

    $ 4,394,431,463   

 

As of June 30, 2009, 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

    $ 602,689,580   

Aggregate gross unrealized depreciation

      (906,157,895 ) 
        

Net unrealized depreciation

    $ (303,468,315 ) 
        

Federal income tax cost of investments

    $ 10,453,330,867   
        

 

See Notes to Financial Statements.

34

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

INVESTMENT COMPANIES:

      

EQ/AllianceBernstein International Portfolio‡

    8,058,330    $ 56,838,738

EQ/AllianceBernstein Small Cap Growth Portfolio‡

    4,443,380      44,425,148

EQ/AXA Franklin Small Cap Value Core Portfolio‡

    4,198,113      28,026,049

EQ/BlackRock Basic Value Equity Portfolio‡

    5,925,139      60,210,554

EQ/BlackRock International Value Portfolio‡

    7,730,799      72,432,035

EQ/Boston Advisors Equity Income Portfolio‡

    10,928,061      43,518,318

EQ/Core Bond Index Portfolio‡

    5,854,057      54,543,957

EQ/GAMCO Small Company Value Portfolio‡

    1,281,723      30,231,327

EQ/Global Multi-Sector Equity Portfolio‡

    5,778,857      53,708,722

EQ/Intermediate Government Bond Index Portfolio‡

    2,405,934      23,164,731

EQ/International Core PLUS Portfolio‡

    19,563,800      146,883,918

EQ/International ETF Portfolio‡

    30,723,307      199,372,268

EQ/International Growth Portfolio‡

    14,610,595      67,248,152

EQ/Large Cap Core PLUS Portfolio‡

    57,526,633      339,599,045

EQ/Large Cap Growth Index Portfolio‡

    53,092,632      334,937,771

EQ/Large Cap Growth PLUS Portfolio‡

    16,756,765      208,146,158

EQ/Large Cap Value Index Portfolio‡

    39,181,189      161,691,596

EQ/Large Cap Value PLUS Portfolio‡

    30,498,132      231,998,975

EQ/Mid Cap Index Portfolio‡

    12,046,652      65,041,838

EQ/PIMCO Ultra Short Bond Portfolio‡

    2,835,856      27,910,909

EQ/Quality Bond PLUS Portfolio‡

    6,428,046      57,381,020

EQ/Small Company Index Portfolio‡

    10,334,586      71,455,734

Multimanager Core Bond Portfolio‡

    5,415,435      54,513,124

Multimanager International Equity Portfolio‡

    9,317,303      83,291,005

Multimanager Large Cap Core Equity Portfolio‡

    11,599,382      88,084,878

Multimanager Large Cap Value Portfolio‡

    21,985,877      160,775,614

Multimanager Mid Cap Growth Portfolio*‡

    1,201,836      6,991,691

Multimanager Mid Cap Value Portfolio‡

    1,339,946      8,741,270

Multimanager Small Cap Growth Portfolio*‡

    6,842,170      38,778,617

Multimanager Small Cap Value Portfolio‡

    4,467,937      31,387,394
         

Total Investment Companies (100.0%)
(Cost $2,889,226,152)

         2,851,330,556
         

 

     

Principal

Amount

   

Value

(Note 1)

  

SHORT-TERM INVESTMENT:

      

Time Deposit (0.1%)

      

JPMorgan Chase Nassau
0.000%, 7/1/09
(Amortized Cost $1,196,657)

    $ 1,196,657    $ 1,196,657   
           

Total Investments (100.1%)
(Cost/Amortized Cost $2,890,422,809)

         2,852,527,213   

Other Assets Less Liabilities (-0.1%)

         (2,209,604 ) 
           

Net Assets (100%)

       $ 2,850,317,609   
           

 

* Non-income producing.
‡ Affiliated company as defined under the Investment Company Act of 1940.

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


 

See Notes to Financial Statements.

35

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

EQ/AllianceBernstein International Portfolio

    $ —    $ 43,922,753    $ 565,940    $ 56,838,738    $ —    $ 161,070   

EQ/AllianceBernstein Small Cap Growth Portfolio

      —      33,956,377      275,941      44,425,148      —      87,565   

EQ/AXA Franklin Small Cap Value Core Portfolio(a)

      53,101,425      4,025,979      54,114,271      28,026,049      —      (31,694,509 ) 

EQ/BlackRock Basic Value Equity Portfolio

      306,808,182      16,952,943      453,856,693      60,210,554      —      (208,616,008 ) 

EQ/BlackRock International Value Portfolio

      175,458,865      5,011,055      221,396,743      72,432,035      —      (128,682,566 ) 

EQ/Boston Advisors Equity Income Portfolio

      37,527,342      9,742,865      2,185,854      43,518,318      —      (452,668 ) 

EQ/Core Bond Index Portfolio

      —      53,753,275      71,607      54,543,957      —      1,094   

EQ/Davis New York Venture Portfolio

      138,381,107      4,138,090      215,732,446      —      —      (98,413,237 ) 

EQ/Focus PLUS Portfolio(b)

      4,560,860      —      6,680,116      —      —      (3,007,640 ) 

EQ/GAMCO Small Company Value Portfolio

      78,451,236      5,215,130      89,434,939      30,231,327      —      (43,091,594 ) 

EQ/Global Multi-Sector Equity Portfolio(c)

      37,760,579      8,730,922      5,313,928      53,708,722      —      (3,273,742 ) 

EQ/Intermediate Government Bond Index Portfolio

      —      23,433,275      72,595      23,164,731      —      106   

EQ/International Core PLUS Portfolio

      155,060,371      20,427,184      87,626,325      146,883,918      —      (50,106,616 ) 

EQ/International ETF Portfolio

      —      158,461,534      1,810,826      199,372,268      —      442,906   

EQ/International Growth Portfolio

      —      52,792,753      585,667      67,248,152      —      141,343   

EQ/Large Cap Core PLUS Portfolio

      159,212,995      149,809,616      7,400,801      339,599,045      —      (2,255,141 ) 

EQ/Large Cap Growth Index Portfolio

      —      279,399,864      9,454,715      334,937,771      —      2,946,831   

EQ/Large Cap Growth PLUS Portfolio

      420,599,387      29,354,821      310,367,246      208,146,158      —      (77,297,869 ) 

EQ/Large Cap Value Index Portfolio

      —      144,429,130      839,024      161,691,596      —      251,492   

EQ/Large Cap Value PLUS Portfolio

      50,441,408      152,801,534      5,375,013      231,998,975      —      (3,121,281 ) 

EQ/Mid Cap Index Portfolio

      —      50,586,202      445,191      65,041,838      —      136,416   

EQ/PIMCO Ultra Short Bond Portfolio(d)

      25,365,447      1,155,139      202,151      27,910,909      —      (6,763 ) 

EQ/Quality Bond PLUS Portfolio

      5,688,561      50,752,427      279,527      57,381,020      —      (43,242 ) 

EQ/Small Company Index Portfolio

      6,206,744      49,873,205      1,223,800      71,455,734      —      (324,115 ) 

Multimanager Core Bond Portfolio

      142,509,078      5,186,719      97,887,046      54,513,124      1,355,990      (4,363,595 ) 

Multimanager International Equity Portfolio

      206,400,719      13,139,863      277,544,880      83,291,005      —      (159,371,931 ) 

Multimanager Large Cap Core Equity Portfolio

      127,076,383      8,841,784      92,106,867      88,084,878      —      (45,249,239 ) 

Multimanager Large Cap Value Portfolio

      212,783,663      16,129,105      120,595,648      160,775,614      —      (63,261,260 ) 

Multimanager Mid Cap Growth Portfolio

      21,483,145      560,563      30,667,409      6,991,691      —      (15,143,812 ) 

Multimanager Mid Cap Value Portfolio

      35,996,970      1,155,139      52,093,043      8,741,270      —      (25,567,655 ) 

Multimanager Small Cap Growth Portfolio

      70,208,759      6,072,982      61,079,311      38,778,617      —      (27,421,472 ) 

Multimanager Small Cap Value Portfolio

      29,850,203      1,350,389      737,960      31,387,394      —      (406,260 ) 
                                           
   $ 2,500,933,429    $ 1,401,162,617    $ 2,208,023,523    $ 2,851,330,556    $ 1,355,990    $ (987,003,392 ) 
                                           

 

See Notes to Financial Statements.

36

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

(a) formerly known as EQ/Franklin Small Cap Value Portfolio
(b) formerly known as EQ/Marsico Focus Portfolio
(c) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio
(d) formerly known as EQ/PIMCO Real Return Portfolio

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type    Level 1
Quoted prices in active
markets for identical
securities		   

Level 2

Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,

prepayment speeds,
credit risk, etc.)

    Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total

Asset:

            

Investment Companies

            

Investment Companies

    $ –    $ 2,851,330,556    $ –    $ 2,851,330,556

Short-Term Investments

      –      1,196,657      –      1,196,657

Total Asset

    $ –    $ 2,852,527,213    $ –    $ 2,852,527,213

Total Liability

    $ –    $ –    $ –    $ –

Total

    $ –    $ 2,852,527,213    $ –    $ 2,852,527,213

The Portfolio held no derivatives contracts during the six months ended June 30, 2009.

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Investment Companies

    $ 1,401,162,617   

Net Proceeds of Sales and Redemptions:

   

Investment Companies

    $ 1,221,020,131   

 

As of June 30, 2009, 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

    $ 234,334,682   

Aggregate gross unrealized depreciation

      (271,978,258 ) 
        

Net unrealized depreciation

    $ (37,643,576 ) 
        

Federal income tax cost of investments

    $ 2,890,170,789   
        

 

See Notes to Financial Statements.

37

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (12.0%)

      

Auto Components (0.2%)

      

Amerigon, Inc.*^

    1,800    $ 10,980

BorgWarner, Inc.^

    26,523      905,760

Cooper Tire & Rubber Co.

    5,406      53,628

Drew Industries, Inc.*^

    100      1,217

Fuel Systems Solutions, Inc.*^

    900      18,171

Gentex Corp.^

    11,600      134,560

Goodyear Tire & Rubber Co.*^

    20,793      234,129

Johnson Controls, Inc.^

    27,841      604,707

Raser Technologies, Inc.*^

    2,500      7,000

WABCO Holdings, Inc.

    5,300      93,810

Wonder Auto Technology, Inc.*

    1,200      12,156
         
        2,076,118
         

Automobiles (0.1%)

      

Thor Industries, Inc.

    900      16,533

Toyota Motor Corp. (ADR)^

    7,300      551,369

Winnebago Industries, Inc.

    2,400      17,832
         
        585,734
         

Distributors (0.0%)

      

LKQ Corp.*

    12,118      199,341
         

Diversified Consumer Services (0.5%)

      

American Public Education, Inc.*^

    1,643      65,079

Apollo Group, Inc., Class A*

    11,283      802,447

Bridgepoint Education, Inc.*

    1,425      24,225

Brink’s Home Security Holdings, Inc.*

    4,015      113,665

Capella Education Co.*^

    1,200      71,940

Career Education Corp.*

    5,908      147,050

ChinaCast Education Corp.*

    3,085      21,965

Coinstar, Inc.*^

    2,300      61,410

Corinthian Colleges, Inc.*^

    6,900      116,817

DeVry, Inc.

    5,346      267,514

Grand Canyon Education, Inc.*^

    700      11,746

H&R Block, Inc.

    28,995      499,584

Hillenbrand, Inc.

    2,008      33,413

ITT Educational Services, Inc.*^

    3,200      322,112

K12, Inc.*^

    2,197      47,345

Learning Tree International, Inc.*

    700      7,210

Lincoln Educational Services Corp.*^

    200      4,186

Matthews International Corp., Class A^

    2,400      74,688

New Oriental Education & Technology Group, Inc. (ADR)*^

    11,750      791,480

Pre-Paid Legal Services, Inc.*

    600      26,154

Princeton Review, Inc.*

    1,100      5,951

Sotheby’s, Inc.^

    5,500      77,605

Steiner Leisure Ltd.*^

    800      24,424

Strayer Education, Inc.^

    1,200      261,732

Universal Technical Institute, Inc.*

    1,961      29,278

Weight Watchers International, Inc.^

    268      6,906
         
        3,915,926
         

Hotels, Restaurants & Leisure (3.3%)

      

AFC Enterprises, Inc.*

    1,100      7,425

Ambassadors Group, Inc.

    1,500      20,655

Ameristar Casinos, Inc.

    2,398      45,634

Bally Technologies, Inc.*

    4,400      131,648

BJ’s Restaurants, Inc.*

    1,100      18,557

Brinker International, Inc.^

    8,200      139,646

Buffalo Wild Wings, Inc.*^

    1,400      45,528

Burger King Holdings, Inc.^

    9,240      159,575

California Pizza Kitchen, Inc.*^

    1,300      17,277

 

      Number of
Shares		   

Value

(Note 1)

Carnival Corp.

    16,978    $ 437,523

CEC Entertainment, Inc.*

    2,094      61,731

Cheesecake Factory, Inc.*^

    4,800      83,040

Chipotle Mexican Grill, Inc., Class A*^

    2,700      216,000

Choice Hotels International, Inc.^

    900      23,949

CKE Restaurants, Inc.

    4,200      35,616

Cracker Barrel Old Country Store, Inc.^

    1,200      33,480

Ctrip.com International Ltd. (ADR)*

    16,493      763,626

Darden Restaurants, Inc.^

    11,400      375,972

Denny’s Corp.*

    7,700      16,555

DineEquity, Inc.

    1,400      43,666

Dover Downs Gaming & Entertainment, Inc.

    1,100      5,115

Einstein Noah Restaurant Group, Inc.*

    200      1,730

Great Wolf Resorts, Inc.*

    200      408

International Game Technology

    47,403      753,708

Interval Leisure Group, Inc.*^

    3,592      33,477

Isle of Capri Casinos, Inc.*

    1,649      21,965

Jack in the Box, Inc.*

    5,006      112,385

Krispy Kreme Doughnuts, Inc.*

    4,600      13,800

Las Vegas Sands Corp.*^

    19,673      154,630

Life Time Fitness, Inc.*^

    296      5,923

Marriott International, Inc., Class A^

    11,901      262,645

McDonald’s Corp.

    281,026      16,156,184

MGM MIRAGE*^

    7,669      49,005

Monarch Casino & Resort, Inc.*^

    400      2,920

Morgans Hotel Group Co.*^

    1,800      6,894

P.F. Chang’s China Bistro, Inc.*^

    1,800      57,708

Panera Bread Co., Class A*

    2,200      109,692

Papa John’s International, Inc.*^

    1,400      34,706

Peet’s Coffee & Tea, Inc.*

    1,100      27,720

Pinnacle Entertainment, Inc.*

    3,134      29,115

Red Robin Gourmet Burgers, Inc.*^

    1,100      20,625

Royal Caribbean Cruises Ltd.

    3,719      50,355

Ruth’s Hospitality Group, Inc.*^

    900      3,303

Scientific Games Corp., Class A*^

    5,200      82,004

Shuffle Master, Inc.*^

    4,300      28,423

Sonic Corp.*^

    4,100      41,123

Starbucks Corp.*^

    62,520      868,403

Starwood Hotels & Resorts Worldwide, Inc.^

    2,574      57,143

Texas Roadhouse, Inc., Class A*

    4,000      43,640

Tim Hortons, Inc.

    15,000      368,100

Town Sports International Holdings, Inc.*^

    1,400      5,250

Wendy’s/Arby’s Group, Inc., Class A

    12,410      49,640

WMS Industries, Inc.*^

    3,600      113,436

Wyndham Worldwide Corp.

    6,999      84,828

Wynn Resorts Ltd.*

    63,954      2,257,576

Yum! Brands, Inc.

    127,252      4,242,581
         
        28,833,263
         

Household Durables (0.3%)

      

D.R. Horton, Inc.

    136,072      1,273,634

Garmin Ltd.

    7,798      185,748

Harman International Industries, Inc.^

    3,500      65,800

iRobot Corp.*^

    1,500      19,470

Leggett & Platt, Inc.

    8,530      129,912

M.D.C. Holdings, Inc.

    1,352      40,709

National Presto Industries, Inc.

    459      34,930

Newell Rubbermaid, Inc.

    4,198      43,701

NVR, Inc.*

    94      47,225

 

See Notes to Financial Statements.

38

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Pulte Homes, Inc.^

    4,000    $ 35,320

Snap-On, Inc.

    1,476      42,420

Tempur-Pedic International, Inc.^

    6,668      87,151

Tupperware Brands Corp.^

    5,000      130,100

Universal Electronics, Inc.*

    1,100      22,187
         
        2,158,307
         

Internet & Catalog Retail (1.3%)

      

1-800-FLOWERS.COM, Inc., Class A*^

    2,100      4,032

Amazon.com, Inc.*

    95,882      8,021,487

Blue Nile, Inc.*^

    1,100      47,289

Drugstore.Com, Inc.*

    6,800      12,376

Expedia, Inc.*

    14,382      217,312

HSN, Inc.*

    3,758      39,722

Liberty Media Corp., Interactive, Class A*

    147,295      737,948

Netflix, Inc.*^

    3,300      136,422

NutriSystem, Inc.^

    2,500      36,250

Orbitz Worldwide, Inc.*^

    200      380

Overstock.com, Inc.*^

    1,300      15,548

PetMed Express, Inc.*^

    1,900      28,557

priceline.com, Inc.*^

    12,110      1,350,871

Stamps.com, Inc.*

    1,100      9,328

Ticketmaster Entertainment, Inc.*

    3,773      24,223
         
        10,681,745
         

Leisure Equipment & Products (0.1%)

      

Hasbro, Inc.

    6,475      156,954

Leapfrog Enterprises, Inc.*

    2,700      6,183

Mattel, Inc.

    23,783      381,717

Polaris Industries, Inc.^

    2,400      77,088

Pool Corp.^

    3,100      51,336

Smith & Wesson Holding Corp.*

    3,000      17,040

Sturm Ruger & Co., Inc.

    1,838      22,865
         
        713,183
         

Media (3.1%)

      

Arbitron, Inc.

    2,200      34,958

Cablevision Systems Corp. - New York Group, Class A

    326,990      6,346,875

CBS Corp., Class B

    18,880      130,650

Cinemark Holdings, Inc.

    2,852      32,285

CKX, Inc.*

    5,499      38,988

Comcast Corp., Class A^

    528,405      7,472,189

Crown Media Holdings, Inc., Class A*

    400      668

CTC Media, Inc.*

    2,179      25,756

DIRECTV Group, Inc.*

    38,881      960,750

Discovery Communications, Inc., Class C*

    22,341      458,661

Dolan Media Co.*^

    2,100      26,859

Global Sources Ltd.*

    1,540      11,103

Interactive Data Corp.

    1,400      32,396

John Wiley & Sons, Inc., Class A

    3,300      109,725

Liberty Global, Inc., Class A*

    12,195      193,779

Liberty Media Corp., Capital Series, Class A*

    97,255      1,318,778

Liberty Media Corp., Entertainment Series, Class A*

    136,365      3,647,763

Martha Stewart Living Omnimedia, Inc., Class A*

    2,100      6,426

Marvel Entertainment, Inc.*^

    4,000      142,360

McGraw-Hill Cos., Inc.

    26,735      804,991

Morningstar, Inc.*

    1,760      72,565

National CineMedia, Inc.

    224      3,082

Omnicom Group, Inc.

    26,413      834,123

Playboy Enterprises, Inc., Class B*

    1,000      2,510

RCN Corp.*^

    1,600      9,552

Regal Entertainment Group, Class A

    3,827      50,861

 

     

Number of

Shares

   

Value

(Note 1)

Scripps Networks Interactive, Inc., Class A

    4,566    $ 127,072

Valassis Communications, Inc.*

    1,900      11,609

Value Line, Inc.

    100      3,287

Viacom, Inc., Class B*

    18,530      420,631

Walt Disney Co.

    117,375      2,738,358

Warner Music Group Corp.*

    1,100      6,435

World Wrestling Entertainment, Inc., Class A^

    1,700      21,352
         
        26,097,397
         

Multiline Retail (0.5%)

      

99 Cents Only Stores*^

    3,796      51,550

Big Lots, Inc.*^

    775      16,298

Dollar Tree, Inc.*

    7,300      307,330

Family Dollar Stores, Inc.

    12,003      339,685

Fred’s, Inc., Class A

    1,345      16,947

Kohl’s Corp.*

    24,238      1,036,175

Nordstrom, Inc.^

    13,473      267,978

Target Corp.

    63,692      2,513,923
         
        4,549,886
         

Specialty Retail (1.7%)

      

Aaron’s, Inc.

    4,172      124,409

Abercrombie & Fitch Co., Class A^

    3,693      93,765

Advance Auto Parts, Inc.

    8,000      331,920

Aeropostale, Inc.*^

    5,400      185,058

American Eagle Outfitters, Inc.^

    14,727      208,682

AutoZone, Inc.*^

    2,714      410,113

Barnes & Noble, Inc.

    855      17,639

bebe Stores, Inc.

    700      4,816

Bed Bath & Beyond, Inc.*^

    22,205      682,804

Best Buy Co., Inc.

    28,598      957,747

Big 5 Sporting Goods Corp.

    2,169      23,989

Buckle, Inc.^

    1,900      60,363

CarMax, Inc.*^

    13,240      194,628

Cato Corp., Class A^

    2,606      45,449

Charlotte Russe Holding, Inc.*

    300      3,864

Chico’s FAS, Inc.*^

    14,477      140,861

Children’s Place Retail Stores, Inc.*

    2,181      57,644

Christopher & Banks Corp.^

    1,900      12,749

Citi Trends, Inc.*

    1,200      31,056

Coldwater Creek, Inc.*

    4,600      27,876

Collective Brands, Inc.*

    2,656      38,698

Dick’s Sporting Goods, Inc.*^

    6,900      118,680

DSW, Inc., Class A*^

    600      5,910

Finish Line, Inc., Class A

    1,100      8,162

Foot Locker, Inc.

    6,209      65,008

GameStop Corp., Class A*

    12,240      269,402

Gap, Inc.

    36,305      595,402

Guess?, Inc.

    4,900      126,322

Gymboree Corp.*^

    1,700      60,316

hhgregg, Inc.*^

    1,000      15,160

Hibbett Sports, Inc.*^

    2,300      41,400

Home Depot, Inc.

    9,789      231,314

HOT Topic, Inc.*

    2,820      20,614

J. Crew Group, Inc.*^

    4,418      119,374

Jo-Ann Stores, Inc.*

    1,047      21,641

JoS. A. Bank Clothiers, Inc.*^

    1,682      57,962

Limited Brands, Inc.

    14,300      171,171

Lowe’s Cos., Inc.

    226,794      4,402,071

Lumber Liquidators, Inc.*^

    800      12,608

Men’s Wearhouse, Inc.

    500      9,590

Midas, Inc.*^

    1,100      11,528

Monro Muffler, Inc.^

    1,593      40,956

Office Depot, Inc.*

    5,256      23,967

OfficeMax, Inc.

    5,363      33,680

O’Reilly Automotive, Inc.*^

    11,583      441,081

 

See Notes to Financial Statements.

39

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Penske Automotive Group, Inc.

    1,421    $ 23,645

PetSmart, Inc.

    10,300      221,038

RadioShack Corp.

    1,690      23,592

Ross Stores, Inc.^

    10,700      413,020

Sally Beauty Holdings, Inc.*^

    1,963      12,485

Sherwin-Williams Co.^

    7,173      385,549

Staples, Inc.

    60,692      1,224,158

Stein Mart, Inc.*

    2,598      23,018

Systemax, Inc.*

    400      4,764

Tiffany & Co.^

    9,239      234,301

TJX Cos., Inc.

    34,675      1,090,876

Tractor Supply Co.*^

    3,141      129,786

Tween Brands, Inc.*

    1,600      10,688

Ulta Salon Cosmetics & Fragrance, Inc.*

    1,600      17,792

Urban Outfitters, Inc.*^

    11,052      230,655

Wet Seal, Inc., Class A*^

    7,500      23,025

Williams-Sonoma, Inc.^

    3,580      42,495

Zumiez, Inc.*^

    1,600      12,816
         
        14,681,152
         

Textiles, Apparel & Luxury Goods (0.9%)

      

American Apparel, Inc.*

    2,700      9,828

Carter’s, Inc.*

    3,940      96,963

Cherokee, Inc.^

    300      5,946

Coach, Inc.

    27,014      726,136

Crocs, Inc.*^

    6,300      21,420

Deckers Outdoor Corp.*

    1,100      77,297

FGX International Holdings Ltd.*^

    1,100      12,518

Fossil, Inc.*

    3,700      89,096

Fuqi International, Inc.*^

    800      16,568

G-III Apparel Group Ltd.*^

    700      8,043

Hanesbrands, Inc.*^

    7,600      114,076

Liz Claiborne, Inc.

    6,868      19,780

Lululemon Athletica, Inc.*

    3,751      48,876

Maidenform Brands, Inc.*^

    900      10,323

NIKE, Inc., Class B

    85,926      4,449,249

Phillips-Van Heusen Corp.

    2,821      80,934

Polo Ralph Lauren Corp.

    21,285      1,139,599

Steven Madden Ltd.*

    1,479      37,641

Timberland Co., Class A*

    2,670      35,431

True Religion Apparel, Inc.*^

    2,344      52,271

Under Armour, Inc., Class A*^

    2,700      60,426

VF Corp.

    1,755      97,139

Volcom, Inc.*^

    1,500      18,750

Warnaco Group, Inc.*^

    3,700      119,880

Weyco Group, Inc.^

    300      6,927

Wolverine World Wide, Inc.

    4,000      88,240
         
        7,443,357
         

Total Consumer Discretionary

         101,935,409
         

Consumer Staples (9.9%)

      

Beverages (2.4%)

      

Boston Beer Co., Inc., Class A*^

    700      20,713

Brown-Forman Corp., Class B

    6,200      266,476

Coca-Cola Bottling Co. Consolidated^

    300      16,539

Coca-Cola Co.

    153,204      7,352,260

Coca-Cola Enterprises, Inc.

    22,436      373,559

Hansen Natural Corp.*^

    5,900      181,838

Molson Coors Brewing Co., Class B

    714      30,224

National Beverage Corp.*^

    100      1,065

Pepsi Bottling Group, Inc.

    9,645      326,387

PepsiCo, Inc.

    207,423      11,399,968
         
        19,969,029
         

Food & Staples Retailing (3.8%)

      

Arden Group, Inc., Class A^

    100      12,510

BJ’s Wholesale Club, Inc.*

    940      30,296

 

     

Number of

Shares

   

Value

(Note 1)

Casey’s General Stores, Inc.

    2,786    $ 71,572

Costco Wholesale Corp.

    85,690      3,916,033

CVS Caremark Corp.

    322,515      10,278,553

Kroger Co.

    46,697      1,029,669

Pantry, Inc.*^

    300      4,980

Pricesmart, Inc.

    1,200      20,100

Ruddick Corp.^

    200      4,686

Sysco Corp.

    50,057      1,125,281

United Natural Foods, Inc.*^

    3,797      99,671

Village Super Market, Inc., Class A

    635      18,891

Walgreen Co.

    83,988      2,469,247

Wal-Mart Stores, Inc.

    258,013      12,498,151

Whole Foods Market, Inc.^

    7,764      147,361
         
        31,727,001
         

Food Products (0.6%)

      

AgFeed Industries, Inc.*^

    1,600      9,488

Alico, Inc.^

    200      6,004

American Dairy, Inc.*

    400      15,864

American Italian Pasta Co., Class A*

    1,407      41,000

Archer-Daniels-Midland Co.

    30,608      819,375

Calavo Growers, Inc.^

    800      15,864

Cal-Maine Foods, Inc.^

    1,000      24,960

Campbell Soup Co.

    11,450      336,859

Darling International, Inc.*

    6,600      43,560

Dean Foods Co.*

    15,440      296,294

Diamond Foods, Inc.

    1,300      36,270

Flowers Foods, Inc.^

    5,601      122,326

General Mills, Inc.

    11,538      646,359

Green Mountain Coffee Roasters, Inc.*^

    2,600      153,712

H.J. Heinz Co.

    21,664      773,405

Hain Celestial Group, Inc.*^

    400      6,244

Hershey Co.^

    7,713      277,668

Hormel Foods Corp.

    700      24,178

HQ Sustainable Maritime Industries, Inc.*

    500      4,575

J&J Snack Foods Corp.

    1,314      47,173

Kellogg Co.

    21,603      1,006,051

Lancaster Colony Corp.

    1,600      70,512

Lance, Inc.^

    2,543      58,820

Lifeway Foods, Inc.*

    400      5,160

McCormick & Co., Inc. (Non-Voting)

    11,149      362,677

Sanderson Farms, Inc.^

    1,807      81,315

Sara Lee Corp.

    15,054      146,927

Smart Balance, Inc.*

    3,900      26,559

Synutra International, Inc.*^

    800      8,800

Tootsie Roll Industries, Inc.^

    2,231      50,621

Zhongpin, Inc.*^

    1,500      15,540
         
        5,534,160
         

Household Products (1.6%)

      

Church & Dwight Co., Inc.^

    5,700      309,567

Clorox Co.

    10,505      586,494

Colgate-Palmolive Co.

    42,300      2,992,302

Energizer Holdings, Inc.*

    4,911      256,551

Kimberly-Clark Corp.

    30,553      1,601,894

Procter & Gamble Co.

    160,764      8,215,040

WD-40 Co.

    600      17,400
         
        13,979,248
         

Personal Products (0.2%)

      

Alberto-Culver Co.^

    6,299      160,184

American Oriental Bioengineering, Inc.*^

    226      1,196

Avon Products, Inc.

    36,260      934,783

Bare Escentuals, Inc.*

    4,900      43,463

Chattem, Inc.*^

    1,612      109,777

China Sky One Medical, Inc.*^

    600      8,088

 

See Notes to Financial Statements.

40

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Estee Lauder Cos., Inc., Class A

    9,514    $ 310,822

Herbalife Ltd.

    5,300      167,162

Inter Parfums, Inc.^

    100      734

Mead Johnson Nutrition Co., Class A*

    1,916      60,871

NBTY, Inc.*^

    3,286      92,402

Nu Skin Enterprises, Inc., Class A^

    4,464      68,299

USANA Health Sciences, Inc.*^

    500      14,865
         
        1,972,646
         

Tobacco (1.3%)

      

Alliance One International, Inc.*

    5,200      19,760

Altria Group, Inc.

    175,086      2,869,660

Lorillard, Inc.

    12,617      855,054

Philip Morris International, Inc.

    165,150      7,203,843

Star Scientific, Inc.*^

    1,100      979

Vector Group Ltd.

    2,700      38,583
         
        10,987,879
         

Total Consumer Staples

         84,169,963
         

Energy (8.4%)

      

Energy Equipment & Services (4.1%)

      

Atwood Oceanics, Inc.*^

    4,500      112,095

Bolt Technology Corp.*

    700      7,868

Cal Dive International, Inc.*

    300      2,589

Cameron International Corp.*^

    18,496      523,437

CARBO Ceramics, Inc.^

    1,700      58,140

Diamond Offshore Drilling, Inc.^

    5,878      488,168

Dresser-Rand Group, Inc.*

    7,000      182,700

Dril-Quip, Inc.*^

    2,500      95,250

ENGlobal Corp.*

    2,200      10,824

ENSCO International, Inc.

    3,395      118,384

Exterran Holdings, Inc.*

    2,709      43,452

FMC Technologies, Inc.*^

    42,050      1,580,239

Geokinetics, Inc.*

    200      2,730

Gulf Island Fabrication, Inc.^

    1,000      15,830

GulfMark Offshore, Inc.*

    1,400      38,640

Halliburton Co.

    179,600      3,717,720

Helmerich & Payne, Inc.

    2,919      90,110

Lufkin Industries, Inc.^

    1,216      51,133

NATCO Group, Inc., Class A*

    313      10,304

National Oilwell Varco, Inc.*

    122,481      4,000,229

Natural Gas Services Group, Inc.*

    1,000      13,300

Oceaneering International, Inc.*

    4,500      203,400

Patterson-UTI Energy, Inc.

    1,881      24,190

PHI, Inc.*

    700      11,998

Pioneer Drilling Co.*^

    500      2,395

Pride International, Inc.*^

    6,857      171,836

Rowan Cos., Inc.^

    1,683      32,516

RPC, Inc.^

    2,400      20,040

Schlumberger Ltd.

    45,947      2,486,192

Smith International, Inc.

    11,038      284,229

Sulphco, Inc.*^

    4,700      4,324

TETRA Technologies, Inc.*^

    3,406      27,112

Transocean Ltd.*

    139,834      10,388,268

Weatherford International Ltd.*

    531,570      10,397,508

Willbros Group, Inc.*

    3,200      40,032
         
        35,257,182
         

Oil, Gas & Consumable Fuels (4.3%)

      

Alpha Natural Resources, Inc.*^

    5,700      149,739

Anadarko Petroleum Corp.

    274,342      12,452,383

Apco Argentina, Inc.

    300      5,769

Approach Resources, Inc.*^

    700      4,830

Arena Resources, Inc.*^

    3,100      98,735

Atlas America, Inc.^

    1,389      24,821

ATP Oil & Gas Corp.*^

    2,300      16,008

BPZ Resources, Inc.*^

    4,900      23,961

Brigham Exploration Co.*

    4,998      17,443

 

     

Number of

Shares

   

Value

(Note 1)

Carrizo Oil & Gas, Inc.*

    2,200    $ 37,730

Cheniere Energy, Inc.*^

    3,100      9,114

Clean Energy Fuels Corp.*^

    2,000      17,220

CNX Gas Corp.*

    2,200      57,794

Comstock Resources, Inc.*^

    314      10,378

Consol Energy, Inc.

    15,388      522,576

Contango Oil & Gas Co.*^

    1,100      46,739

Continental Resources, Inc.*^

    1,237      34,327

CVR Energy, Inc.*^

    1,900      13,927

Delta Petroleum Corp.*

    5,000      9,650

Denbury Resources, Inc.*

    149,177      2,197,377

El Paso Corp.

    16,940      156,356

Endeavour International Corp.*

    9,200      12,512

Evergreen Energy, Inc.*

    10,000      9,800

EXCO Resources, Inc.*

    11,400      147,288

Exxon Mobil Corp.

    106,000      7,410,460

Forest Oil Corp.*

    3,725      55,577

Foundation Coal Holdings, Inc.

    3,700      104,007

Frontier Oil Corp.

    6,280      82,331

FX Energy, Inc.*

    3,300      12,507

GMX Resources, Inc.*

    500      5,320

Golar LNG Ltd.^

    2,400      20,520

Gulfport Energy Corp.*^

    700      4,795

Holly Corp.

    3,500      62,930

James River Coal Co.*

    2,200      33,286

Mariner Energy, Inc.*^

    7,098      83,402

Massey Energy Co.

    5,785      113,039

McMoRan Exploration Co.*

    4,900      29,204

Northern Oil and Gas, Inc.*^

    1,700      10,829

Panhandle Oil and Gas, Inc., Class A

    600      11,778

Peabody Energy Corp.

    22,741      685,869

Petrohawk Energy Corp.*

    23,490      523,827

Petroleo Brasileiro S.A. (ADR)

    104,895      4,298,597

Plains Exploration & Production Co.*

    5,496      150,371

PrimeEnergy Corp.*

    100      3,581

Quicksilver Resources, Inc.*^

    8,800      81,752

Range Resources Corp.^

    1,947      80,625

Rex Energy Corp.*

    1,400      7,980

Ship Finance International Ltd.^

    3,578      39,465

Southwestern Energy Co.*

    62,009      2,409,050

St. Mary Land & Exploration Co.

    884      18,449

Teekay Corp.

    1,759      36,992

Teekay Tankers Ltd., Class A^

    1,100      10,219

Tesoro Corp.^

    5,063      64,452

VAALCO Energy, Inc.*^

    1,500      6,345

Venoco, Inc.*^

    1,600      12,272

W&T Offshore, Inc.^

    2,400      23,376

Warren Resources, Inc.*^

    4,700      11,515

Westmoreland Coal Co.*^

    700      5,670

World Fuel Services Corp.

    2,593      106,909

XTO Energy, Inc.

    96,400      3,676,696
         
        36,370,474
         

Total Energy

         71,627,656
         

Financials (7.6%)

      

Capital Markets (2.4%)

      

Affiliated Managers Group, Inc.*^

    3,300      192,027

Ameriprise Financial, Inc.

    1,640      39,803

Apollo Investment Corp., Class A(b)*

    450,000      1,575,000

Bank of New York Mellon Corp.

    20,864      611,524

BGC Partners, Inc., Class A^

    1,500      5,685

BlackRock, Inc.^

    575      100,867

Broadpoint Gleacher Securities, Inc.*^

    3,842      21,438

Charles Schwab Corp.

    80,519      1,412,303

Cohen & Steers, Inc.

    800      11,960

 

See Notes to Financial Statements.

41

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Diamond Hill Investment Group, Inc.*^

    200    $ 8,036

Eaton Vance Corp.^

    10,011      267,794

Epoch Holding Corp.^

    800      6,912

Federated Investors, Inc., Class B^

    7,100      171,039

Franklin Resources, Inc.

    5,735      412,977

GAMCO Investors, Inc., Class A

    200      9,700

GFI Group, Inc.

    5,400      36,396

GLG Partners, Inc.^

    17,110      69,980

Goldman Sachs Group, Inc.

    43,673      6,439,148

Greenhill & Co., Inc.^

    1,600      115,536

International Assets Holding Corp.*^

    400      5,948

Invesco Ltd.

    2,812      50,110

Investment Technology Group, Inc.*

    305      6,219

Janus Capital Group, Inc.

    12,300      140,220

Jefferies Group, Inc.*

    7,620      162,535

KBW, Inc.*^

    1,516      43,600

Knight Capital Group, Inc., Class A*^

    4,242      72,326

Lazard Ltd., Class A^

    6,100      164,212

MF Global Ltd.*^

    3,600      21,348

Morgan Stanley

    61,635      1,757,214

Northern Trust Corp.

    20,452      1,097,863

optionsXpress Holdings, Inc.

    3,400      52,802

Pzena Investment Management, Inc., Class A

    500      3,790

Riskmetrics Group, Inc.*^

    1,700      30,022

Safeguard Scientifics, Inc.*

    800      1,056

SEI Investments Co.

    10,900      196,636

State Street Corp.

    22,342      1,054,542

Stifel Financial Corp.*^

    2,407      115,753

T. Rowe Price Group, Inc.^

    21,702      904,322

TD Ameritrade Holding Corp.*

    103,082      1,808,058

Teton Advisors, Inc.(b)*†

    3      5

U.S. Global Investors, Inc., Class A

    900      8,334

Waddell & Reed Financial, Inc., Class A^

    7,000      184,590

Westwood Holdings Group, Inc.^

    400      16,724
         
        19,406,354
         

Commercial Banks (1.5%)

      

BOK Financial Corp.

    686      25,842

CapitalSource, Inc.

    4,152      20,262

Cardinal Financial Corp.

    1,200      9,396

Cathay General Bancorp

    2,229      21,198

Commerce Bancshares, Inc./Missouri

    1,878      59,777

Enterprise Financial Services Corp.

    500      4,545

First Financial Bankshares, Inc.^

    1,034      52,072

Hancock Holding Co.^

    200      6,498

PrivateBancorp, Inc.^

    1,700      37,808

Signature Bank/New York*^

    2,500      67,800

Suffolk Bancorp^

    300      7,692

SVB Financial Group*^

    500      13,610

SY Bancorp, Inc.^

    100      2,417

U.S. Bancorp

    204,411      3,663,045

Wells Fargo & Co.

    363,658      8,822,342

Westamerica Bancorporation^

    1,478      73,324
         
        12,887,628
         

Consumer Finance (0.7%)

      

Advance America Cash Advance Centers, Inc.

    1,000      4,430

American Express Co.

    218,780      5,084,447

AmeriCredit Corp.*

    2,643      35,813

Capital One Financial Corp.

    10,959      239,783

Cardtronics, Inc.*^

    1,000      3,810

Credit Acceptance Corp.*^

    300      6,555

Dollar Financial Corp.*^

    2,000      27,580

EZCORP, Inc., Class A*

    4,336      46,742

 

      Number of
Shares		    Value
(Note 1)

First Cash Financial Services, Inc.*

    1,500    $ 26,280

SLM Corp.*^

    8,581      88,127
         
        5,563,567
         

Diversified Financial Services (1.9%)

Asset Acceptance Capital Corp.*^

    1,000      7,690

Bank of America Corp.

    408,327      5,389,915

CME Group, Inc.

    326      101,422

Fifth Street Finance Corp.

    5      53

Financial Federal Corp.

    984      20,221

IntercontinentalExchange, Inc.*^

    6,195      707,717

JPMorgan Chase & Co.

    152,123      5,188,916

Leucadia National Corp.*

    5,954      125,570

Life Partners Holdings, Inc.^

    500      7,090

MarketAxess Holdings, Inc.*

    3,130      29,829

Moody’s Corp.

    16,026      422,285

MSCI, Inc., Class A*

    8,641      211,186

NASDAQ OMX Group, Inc.*

    66,006      1,406,588

NewStar Financial, Inc.*

    600      1,146

NYSE Euronext

    107,202      2,921,255

PICO Holdings, Inc.*

    769      22,070

Portfolio Recovery Associates, Inc.*^

    1,411      54,648
         
        16,617,601
         

Insurance (0.8%)

Aflac, Inc.^

    135,660      4,217,669

American International Group, Inc.

    80,283      93,128

Amtrust Financial Services, Inc.

    100      1,140

Arthur J. Gallagher & Co.

    8,052      171,830

Axis Capital Holdings Ltd.

    3,572      93,515

Brown & Brown, Inc.

    7,461      148,698

Citizens, Inc./Texas*

    2,748      16,708

CNA Financial Corp.

    1,327      20,529

eHealth, Inc.*^

    2,000      35,320

Endurance Specialty Holdings Ltd.

    1,562      45,767

Erie Indemnity Co., Class A^

    1,861      66,549

Fidelity National Financial, Inc., Class A

    3,232      43,729

First Mercury Financial Corp.

    200      2,754

Genworth Financial, Inc., Class A

    16,226      113,420

Lincoln National Corp.

    6,942      119,472

Marsh & McLennan Cos., Inc.

    3,518      70,817

Principal Financial Group, Inc.

    26,491      499,090

Progressive Corp.*

    6,152      92,957

Prudential Financial, Inc.

    18,712      696,461

Reinsurance Group of America, Inc.

    599      20,911

RLI Corp.

    749      33,555

Tower Group, Inc.

    3,213      79,618

Validus Holdings Ltd.

    1,343      29,519

W.R. Berkley Corp.

    3,920      84,162
         
        6,797,318
         

Real Estate Investment Trusts (REITs) (0.3%)

Acadia Realty Trust (REIT)^

    1,300      16,965

Alexander’s, Inc. (REIT)

    100      26,960

Alexandria Real Estate Equities, Inc. (REIT)

    831      29,741

Associated Estates Realty Corp. (REIT)

    700      4,172

Digital Realty Trust, Inc. (REIT)^

    6,557      235,069

DuPont Fabros Technology, Inc. (REIT)^

    600      5,652

EastGroup Properties, Inc. (REIT)

    1,423      46,987

Equity Lifestyle Properties, Inc. (REIT)

    1,100      40,898

Federal Realty Investment Trust (REIT)

    650      33,488

HCP, Inc. (REIT)^

    9,232      195,626

Health Care REIT, Inc. (REIT)

    4,850      165,385

 

See Notes to Financial Statements.

42

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Macerich Co. (REIT)^

    183    $ 3,223

Mid-America Apartment Communities, Inc. (REIT)^

    1,300      47,723

Nationwide Health Properties, Inc. (REIT)

    6,709      172,690

Omega Healthcare Investors, Inc. (REIT)^

    800      12,416

Plum Creek Timber Co., Inc. (REIT)^

    4,500      134,010

Potlatch Corp. (REIT)

    1,929      46,855

PS Business Parks, Inc. (REIT)^

    400      19,376

Public Storage (REIT)

    11,430      748,437

Rayonier, Inc. (REIT)

    3,141      114,175

Saul Centers, Inc. (REIT)

    500      14,785

Simon Property Group, Inc. (REIT)^

    8,501      437,207

Tanger Factory Outlet Centers (REIT)

    1,638      53,120

Universal Health Realty Income Trust (REIT)^

    100      3,152

Washington Real Estate Investment Trust (REIT)^

    547      12,236
         
        2,620,348
         

Real Estate Management & Development (0.0%)

CB Richard Ellis Group, Inc., Class A*^

    18,991      177,756

St. Joe Co.*^

    7,983      211,469

Tejon Ranch Co.*^

    900      23,841
         
        413,066
         

Thrifts & Mortgage Finance (0.0%)

      

Capitol Federal Financial^

    1,802      69,071

Hudson City Bancorp, Inc.

    22,269      295,955

Oritani Financial Corp.*^

    900      12,339

TrustCo Bank Corp. NY/New York^

    2,100      12,411

ViewPoint Financial Group

    800      12,184
         
        401,960
         

Total Financials

         64,707,842
         

Health Care (18.0%)

      

Biotechnology (6.1%)

      

Abraxis Bioscience, Inc.*

    600      22,116

Acorda Therapeutics, Inc.*^

    3,000      84,570

Affymax, Inc.*^

    900      16,587

Alexion Pharmaceuticals, Inc.*^

    6,798      279,534

Alkermes, Inc.*^

    7,800      84,396

Allos Therapeutics, Inc.*

    4,300      35,647

Alnylam Pharmaceuticals, Inc.*^

    29,372      654,114

Amgen, Inc.*

    253,981      13,445,755

Amicus Therapeutics, Inc.*^

    400      4,580

Amylin Pharmaceuticals, Inc.*^

    11,100      149,850

Arena Pharmaceuticals, Inc.*

    7,588      37,864

ARIAD Pharmaceuticals, Inc.*

    5,600      8,904

ArQule, Inc.*^

    3,300      20,262

Array BioPharma, Inc.*

    3,900      12,246

Biogen Idec, Inc.*^

    236,490      10,677,524

BioMarin Pharmaceutical, Inc.*^

    8,000      124,880

Celera Corp.*

    104,945      800,730

Celgene Corp.*^

    39,009      1,866,191

Cell Therapeutics, Inc.*

    41,838      71,961

Celldex Therapeutics, Inc.*

    1,200      9,384

Cephalon, Inc.*^

    6,314      357,688

Cepheid, Inc.*^

    101,254      953,813

Cougar Biotechnology, Inc.*

    1,200      51,552

Cubist Pharmaceuticals, Inc.*

    4,600      84,318

Cytokinetics, Inc.*

    2,600      7,358

Cytori Therapeutics, Inc.*^

    1,700      6,137

Dendreon Corp.*^

    9,919      246,487

Dyax Corp.*

    4,500      9,630

 

      Number of
Shares		   

Value

(Note 1)

Emergent Biosolutions, Inc.*^

    800    $ 11,464

Enzon Pharmaceuticals, Inc.*

    3,600      28,332

Facet Biotech Corp.*

    1,900      17,651

Genomic Health, Inc.*

    64,700      1,121,251

Genzyme Corp.*

    182,271      10,147,027

Geron Corp.*^

    4,000      30,680

Gilead Sciences, Inc.*

    143,556      6,724,163

GTx, Inc.*^

    1,500      13,845

Halozyme Therapeutics, Inc.*

    4,900      34,153

Hemispherx Biopharma, Inc.*

    11,022      27,996

Human Genome Sciences, Inc.*^

    13,041      37,297

Idenix Pharmaceuticals, Inc.*

    2,000      7,360

Idera Pharmaceuticals, Inc.*^

    1,700      9,962

Immunogen, Inc.*

    4,100      35,301

Immunomedics, Inc.*

    5,300      13,462

Incyte Corp.*^

    6,200      20,398

Insmed, Inc.*

    12,278      12,278

InterMune, Inc.*^

    2,600      39,520

Isis Pharmaceuticals, Inc.*

    7,300      120,450

Lexicon Pharmaceuticals, Inc.*

    1,900      2,356

Ligand Pharmaceuticals, Inc., Class B*

    8,300      23,738

MannKind Corp.*^

    4,949      41,126

Martek Biosciences Corp.*^

    502      10,617

Maxygen, Inc.*^

    800      5,376

Medarex, Inc.*

    10,400      86,840

Medivation, Inc.*^

    2,100      47,061

Metabolix, Inc.*

    1,500      12,330

Micromet, Inc.*

    4,528      22,549

Molecular Insight Pharmaceuticals, Inc.*^

    1,400      7,238

Momenta Pharmaceuticals, Inc.*

    2,200      26,466

Myriad Genetics, Inc.*

    8,188      291,902

Myriad Pharmaceuticals, Inc.*

    1,875      8,719

Nabi Biopharmaceuticals*

    400      968

Nanosphere, Inc.*

    1,000      4,910

Neurocrine Biosciences, Inc.*

    3,100      10,013

Novavax, Inc.*^

    4,700      15,416

NPS Pharmaceuticals, Inc.*

    3,800      17,708

Onyx Pharmaceuticals, Inc.*

    4,500      127,170

Opko Health, Inc.*^

    3,900      6,903

Orexigen Therapeutics, Inc.*^

    1,600      8,208

OSI Pharmaceuticals, Inc.*^

    4,600      129,858

Osiris Therapeutics, Inc.*^

    1,200      16,116

PDL BioPharma, Inc.

    9,700      76,630

Pharmasset, Inc.*^

    1,400      15,750

Progenics Pharmaceuticals, Inc.*

    2,200      11,330

Protalix BioTherapeutics, Inc.*

    900      4,068

Regeneron Pharmaceuticals, Inc.*

    5,000      89,600

Repligen Corp.*

    2,500      13,750

Rigel Pharmaceuticals, Inc.*^

    3,000      36,360

Sangamo BioSciences, Inc.*^

    3,000      14,820

Savient Pharmaceuticals, Inc.*^

    4,400      60,984

Seattle Genetics, Inc.*^

    4,900      47,628

SIGA Technologies, Inc.*

    2,771      23,387

StemCells, Inc.*

    11,303      19,215

Synta Pharmaceuticals Corp.*

    1,400      3,234

Theravance, Inc.*^

    4,200      61,488

United Therapeutics Corp.*^

    1,971      164,243

Vanda Pharmaceuticals, Inc.*

    2,614      30,767

Vertex Pharmaceuticals, Inc.*^

    52,470      1,870,031

ZymoGenetics, Inc.*

    3,000      13,800
         
        52,057,341
         

Health Care Equipment & Supplies (3.3%)

      

Abaxis, Inc.*^

    1,800      36,972

ABIOMED, Inc.*^

    2,800      24,696

Accuray, Inc.*^

    2,900      19,343

 

See Notes to Financial Statements.

43

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Align Technology, Inc.*^

    5,000    $ 53,000

Alphatec Holdings, Inc.*

    2,000      6,640

American Medical Systems Holdings, Inc.*

    5,900      93,220

Analogic Corp.^

    1,100      40,645

AngioDynamics, Inc.*^

    800      10,616

Atrion Corp.^

    100      13,409

Baxter International, Inc.

    51,240      2,713,670

Beckman Coulter, Inc.

    6,219      355,354

Becton, Dickinson & Co.

    20,315      1,448,663

Boston Scientific Corp.*

    45,793      464,341

C.R. Bard, Inc.

    8,453      629,326

Cerus Corp.*

    48,150      49,595

Conceptus, Inc.*^

    2,500      42,250

Covidien plc

    102,595      3,841,157

CryoLife, Inc.*

    2,300      12,742

Cyberonics, Inc.*

    1,900      31,597

DENTSPLY International, Inc.^

    12,700      387,604

DexCom, Inc.*

    5,033      31,154

Edwards Lifesciences Corp.*^

    4,798      326,408

Exactech, Inc.*

    600      8,700

Gen-Probe, Inc.*

    4,400      189,112

Given Imaging Ltd.

    238,924      2,353,401

Greatbatch, Inc.*

    1,589      35,927

Haemonetics Corp.*^

    2,100      119,700

Hansen Medical, Inc.*

    1,400      6,916

Hill-Rom Holdings, Inc.^

    2,381      38,620

Hologic, Inc.*

    2,127      30,267

Hospira, Inc.*

    13,685      527,146

ICU Medical, Inc.*^

    1,176      48,392

Idexx Laboratories, Inc.*^

    4,900      226,380

I-Flow Corp.*

    1,800      12,492

Immucor, Inc.*

    5,700      78,432

Insulet Corp.*^

    1,500      11,550

Integra LifeSciences Holdings Corp.*^

    1,400      37,114

Intuitive Surgical, Inc.*

    3,156      516,511

Invacare Corp.

    500      8,825

Inverness Medical Innovations, Inc.*^

    3,200      113,856

IRIS International, Inc.*^

    1,500      17,700

Kensey Nash Corp.*

    600      15,726

Kinetic Concepts, Inc.*^

    1,842      50,195

Masimo Corp.*

    4,462      107,579

Medical Action Industries, Inc.*^

    400      4,580

Medtronic, Inc.

    180,115      6,284,212

Meridian Bioscience, Inc.^

    3,300      74,514

Merit Medical Systems, Inc.*^

    2,200      35,860

Micrus Endovascular Corp.*^

    1,300      11,752

Natus Medical, Inc.*^

    2,200      25,388

Neogen Corp.*^

    1,200      34,776

NuVasive, Inc.*^

    2,900      129,340

NxStage Medical, Inc.*^

    1,200      7,080

OraSure Technologies, Inc.*^

    3,600      8,892

Orthofix International N.V.*

    1,609      40,241

Orthovita, Inc.*

    5,400      27,810

Palomar Medical Technologies, Inc.*

    1,376      20,172

Quidel Corp.*^

    2,300      33,488

ResMed, Inc.*^

    6,300      256,599

RTI Biologics, Inc.*^

    4,400      18,876

Sirona Dental Systems, Inc.*

    1,300      25,987

Somanetics Corp.*^

    1,000      16,510

SonoSite, Inc.*

    1,400      28,084

Spectranetics Corp.*^

    2,600      12,818

St. Jude Medical, Inc.*

    29,391      1,207,970

Stereotaxis, Inc.*

    2,500      9,700

STERIS Corp.^

    4,800      125,184

Stryker Corp.

    98,816      3,926,948

 

      Number of
Shares		   

Value

(Note 1)

SurModics, Inc.*

    1,300    $ 29,419

Symmetry Medical, Inc.*

    900      8,388

Synovis Life Technologies, Inc.*

    900      18,693

Teleflex, Inc.

    1,521      68,186

Thoratec Corp.*^

    4,400      117,832

TomoTherapy, Inc.*

    3,100      8,525

TranS1, Inc.*^

    1,000      6,230

Varian Medical Systems, Inc.*^

    10,713      376,455

Volcano Corp.*^

    3,800      53,124

West Pharmaceutical Services, Inc.^

    2,600      90,610

Wright Medical Group, Inc.*^

    3,000      48,780

Zoll Medical Corp.*

    1,700      32,878
         
        28,412,844
         

Health Care Providers & Services (2.6%)

Aetna, Inc.

    136,678      3,423,784

Air Methods Corp.*^

    900      24,624

Alliance HealthCare Services, Inc.*^

    1,900      13,927

Almost Family, Inc.*^

    500      13,055

Amedisys, Inc.*^

    2,200      72,644

AMERIGROUP Corp.*

    4,611      123,805

AmerisourceBergen Corp.^

    22,599      400,906

AMN Healthcare Services, Inc.*^

    2,600      16,588

Bio-Reference Labs, Inc.*^

    900      28,449

BioScrip, Inc.*

    4,447      26,326

CardioNet, Inc.*^

    2,261      36,900

Catalyst Health Solutions, Inc.*

    2,700      67,338

Centene Corp.*

    2,184      43,636

Chemed Corp.^

    2,011      79,394

Chindex International, Inc.*^

    900      11,133

CIGNA Corp.

    1,500      36,135

Community Health Systems, Inc.*^

    4,092      103,323

Corvel Corp.*^

    700      15,939

Coventry Health Care, Inc.*

    3,764      70,424

Cross Country Healthcare, Inc.*^

    500      3,435

DaVita, Inc.*

    8,831      436,781

Emergency Medical Services Corp., Class A*

    958      35,274

Emeritus Corp.*

    1,600      21,136

Express Scripts, Inc.*

    21,019      1,445,056

Genoptix, Inc.*^

    1,559      49,872

Gentiva Health Services, Inc.*^

    900      14,814

Health Management Associates, Inc., Class A*

    21,738      107,386

HealthSouth Corp.*

    7,787      112,444

Healthways, Inc.*^

    148      1,991

Henry Schein, Inc.*^

    7,717      370,030

HMS Holdings Corp.*^

    2,000      81,440

Humana, Inc.*

    5,266      169,881

inVentiv Health, Inc.*

    945      12,786

IPC The Hospitalist Co., Inc.*

    1,517      40,489

Laboratory Corp. of America Holdings*^

    8,969      608,009

Landauer, Inc.^

    400      24,536

LHC Group, Inc.*

    1,200      26,652

Lincare Holdings, Inc.*^

    5,400      127,008

McKesson Corp.

    11,250      495,000

Medco Health Solutions, Inc.*

    40,804      1,861,070

MEDNAX, Inc.*

    1,251      52,705

MWI Veterinary Supply, Inc.*^

    800      27,888

National Healthcare Corp.^

    600      22,764

National Research Corp.

    100      2,440

Odyssey HealthCare, Inc.*

    600      6,168

Omnicare, Inc.^

    4,394      113,189

Owens & Minor, Inc.^

    3,000      131,460

Patterson Cos., Inc.*^

    8,501      184,472

PharMerica Corp.*

    2,796      54,885

 

See Notes to Financial Statements.

44

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Providence Service Corp.*^

    800    $ 8,760

PSS World Medical, Inc.*^

    5,000      92,550

Psychiatric Solutions, Inc.*^

    3,225      73,337

Quest Diagnostics, Inc.

    13,213      745,610

RadNet, Inc.*^

    1,600      3,600

RehabCare Group, Inc.*

    1,414      33,837

Tenet Healthcare Corp.*

    29,075      81,992

U.S. Physical Therapy, Inc.*

    1,000      14,750

UnitedHealth Group, Inc.

    377,195      9,422,331

Universal Health Services, Inc., Class B

    367      17,928

VCA Antech, Inc.*^

    6,800      181,560

Virtual Radiologic Corp.*^

    500      4,515

WellPoint, Inc.*

    2,911      148,141
         
        22,078,302
         

Health Care Technology (0.2%)

      

Allscripts-Misys Healthcare Solutions, Inc.^

    5,285      83,820

athenahealth, Inc.*^

    11,549      427,429

Cerner Corp.*^

    5,500      342,595

Computer Programs & Systems, Inc.^

    600      22,986

Eclipsys Corp.*

    4,400      78,232

HLTH Corp.*^

    9,080      118,948

IMS Health, Inc.

    3,200      40,640

MedAssets, Inc.*^

    3,565      69,339

Omnicell, Inc.*^

    2,500      26,875

Phase Forward, Inc.*^

    3,500      52,885

Quality Systems, Inc.^

    2,074      118,135

Vital Images, Inc.*

    700      7,945
         
        1,389,829
         

Life Sciences Tools & Services (0.7%)

      

Accelrys, Inc.*^

    2,200      13,002

Affymetrix, Inc.*

    5,874      34,833

AMAG Pharmaceuticals, Inc.*^

    1,400      76,538

Bio-Rad Laboratories, Inc., Class A*

    1,500      113,220

Bruker Corp.*^

    4,100      37,966

Cambrex Corp.*

    1,400      5,768

Charles River Laboratories International, Inc.*^

    3,848      129,870

Clinical Data, Inc.*^

    900      9,918

Compugen Ltd.*^

    83,125      167,081

Covance, Inc.*^

    5,491      270,157

Dionex Corp.*^

    1,500      91,545

Enzo Biochem, Inc.*

    2,000      8,860

eResearchTechnology, Inc.*

    3,500      21,735

Exelixis, Inc.*^

    8,500      41,395

Illumina, Inc.*^

    45,097      1,756,078

Kendle International, Inc.*

    1,100      13,464

Life Sciences Research, Inc.*

    700      5,019

Life Technologies Corp.*

    13,192      550,370

Luminex Corp.*

    3,300      61,182

Mettler-Toledo International, Inc.*^

    2,800      216,020

Millipore Corp.*

    4,500      315,945

Nektar Therapeutics*

    8,526      55,248

PAREXEL International Corp.*^

    4,600      66,148

PerkinElmer, Inc.^

    2,140      37,236

Pharmaceutical Product Development, Inc.

    8,700      202,014

QIAGEN N.V.*^

    27,745      515,780

Sequenom, Inc.*^

    4,900      19,159

Techne Corp.

    3,100      197,811

Thermo Fisher Scientific, Inc.*

    2,866      116,847

Varian, Inc.*

    561      22,120

 

      Number of
Shares		   

Value

(Note 1)

Waters Corp.*

    8,100    $ 416,907
         
        5,589,236
         

Pharmaceuticals (5.1%)

      

Abbott Laboratories, Inc.

    185,061      8,705,270

Acura Pharmaceuticals, Inc.*^

    700      4,186

Adolor Corp.*

    3,700      6,512

Akorn, Inc.*

    4,600      5,520

Allergan, Inc.

    114,137      5,430,638

Ardea Biosciences, Inc.*

    1,200      18,888

Auxilium Pharmaceuticals, Inc.*^

    3,300      103,554

Biodel, Inc.*^

    900      4,644

BioMimetic Therapeutics, Inc.*^

    34,618      319,870

BMP Sunstone Corp.*^

    1,700      8,058

Bristol-Myers Squibb Co.

    92,830      1,885,377

Cadence Pharmaceuticals, Inc.*^

    2,900      28,971

Caraco Pharmaceutical Laboratories Ltd.*

    900      2,763

Cypress Bioscience, Inc.*

    2,500      23,550

Depomed, Inc.*^

    4,100      13,325

Discovery Laboratories, Inc.*^

    7,800      8,034

Durect Corp.*

    6,600      15,708

Eli Lilly & Co.

    45,027      1,559,735

Forest Laboratories, Inc.*

    289,545      7,270,475

Impax Laboratories, Inc.*

    5,689      41,871

Inspire Pharmaceuticals, Inc.*^

    3,400      18,904

Javelin Pharmaceuticals, Inc.*

    4,000      4,920

Johnson & Johnson

    179,633      10,203,155

KV Pharmaceutical Co., Class A*^

    2,700      8,667

MAP Pharmaceuticals, Inc.*^

    600      7,332

Medicines Co.*

    4,200      35,238

Medicis Pharmaceutical Corp., Class A^

    672      10,967

Merck & Co., Inc.

    32,459      907,554

MiddleBrook Pharmaceuticals, Inc.*^

    2,900      3,915

Mylan, Inc.*^

    18,765      244,883

Noven Pharmaceuticals, Inc.*^

    211      3,017

Obagi Medical Products, Inc.*

    1,400      10,206

Optimer Pharmaceuticals, Inc.*^

    2,100      31,437

Pain Therapeutics, Inc.*

    2,800      15,036

Perrigo Co.

    6,300      175,014

Pozen, Inc.*

    2,100      16,128

Questcor Pharmaceuticals, Inc.*^

    4,100      20,500

Salix Pharmaceuticals Ltd.*

    4,494      44,356

Santarus, Inc.*

    5,801      16,359

Schering-Plough Corp.

    116,658      2,930,449

Sepracor, Inc.*

    8,700      150,684

Spectrum Pharmaceuticals, Inc.*

    3,469      26,538

Sucampo Pharmaceuticals, Inc., Class A*

    700      4,319

Teva Pharmaceutical Industries Ltd. (ADR)

    12,700      626,618

Valeant Pharmaceuticals International*^

    57,580      1,480,958

Vivus, Inc.*

    5,600      34,048

Warner Chilcott Ltd., Class A*

    7,400      97,310

Wyeth

    25,352      1,150,727

XenoPort, Inc.*

    2,200      50,974
         
        43,787,162
         

Total Health Care

         153,314,714
         

Industrials (10.8%)

      

Aerospace & Defense (3.4%)

      

AAR Corp.*^

    700      11,235

Aerovironment, Inc.*

    800      24,688

Alliant Techsystems, Inc.*

    2,821      232,338

American Science & Engineering, Inc.

    700      48,384

 

See Notes to Financial Statements.

45

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Applied Signal Technology, Inc.

    1,268    $ 32,347

Argon ST, Inc.*

    900      18,513

Ascent Solar Technologies, Inc.*^

    600      4,692

Axsys Technologies, Inc.*

    700      37,548

BE Aerospace, Inc.*^

    3,941      56,593

Boeing Co.

    74,887      3,182,698

Cubic Corp.

    1,439      51,502

DigitalGlobe, Inc.*

    1,478      28,378

DynCorp International, Inc., Class A*

    100      1,679

Esterline Technologies Corp.*

    816      22,089

GenCorp, Inc.*^

    4,600      8,786

General Dynamics Corp.

    82,851      4,589,117

Goodrich Corp.

    10,554      527,383

HEICO Corp.^

    1,800      65,268

Hexcel Corp.*

    7,800      74,334

Honeywell International, Inc.

    63,024      1,978,954

ITT Corp.

    1,524      67,818

L-3 Communications Holdings, Inc.

    75,815      5,260,044

LMI Aerospace, Inc.*

    400      4,048

Lockheed Martin Corp.

    73,668      5,941,323

Northrop Grumman Corp.

    3,256      148,734

Orbital Sciences Corp.*^

    4,700      71,299

Precision Castparts Corp.

    11,896      868,765

Raytheon Co.

    25,748      1,143,984

Rockwell Collins, Inc.

    13,489      562,896

Spirit AeroSystems Holdings, Inc., Class A*

    3,146      43,226

Stanley, Inc.*^

    700      23,016

Taser International, Inc.*

    5,100      23,256

Teledyne Technologies, Inc.*^

    1,000      32,750

TransDigm Group, Inc.*^

    3,472      125,686

United Technologies Corp.

    65,010      3,377,920
         
        28,691,291
         

Air Freight & Logistics (0.9%)

      

C.H. Robinson Worldwide, Inc.

    14,411      751,534

Dynamex, Inc.*^

    300      4,617

Expeditors International of Washington, Inc.

    18,083      602,887

Forward Air Corp.^

    1,173      25,008

Hub Group, Inc., Class A*

    1,900      39,216

United Parcel Service, Inc., Class B

    123,361      6,166,817

UTi Worldwide, Inc.*^

    7,300      83,220
         
        7,673,299
         

Airlines (0.2%)

      

AirTran Holdings, Inc.*^

    10,864      67,248

Allegiant Travel Co.*^

    1,415      56,091

AMR Corp.*^

    25,068      100,773

Continental Airlines, Inc., Class B*^

    59,163      524,184

Copa Holdings S.A., Class A^

    2,658      108,500

Delta Air Lines, Inc.*^

    65,941      381,798

Hawaiian Holdings, Inc.*

    3,000      18,060

Southwest Airlines Co.

    20,180      135,811

UAL Corp.*^

    12,550      40,035
         
        1,432,500
         

Building Products (0.1%)

      

AAON, Inc.^

    1,100      21,912

Apogee Enterprises, Inc.^

    1,200      14,760

Lennox International, Inc.^

    3,800      122,018

Masco Corp.

    14,775      141,545

Owens Corning, Inc.*

    3,548      45,343

Quanex Building Products Corp.^

    1,900      21,318

Simpson Manufacturing Co., Inc.

    2,692      58,201

 

      Number of
Shares		   

Value

(Note 1)

Trex Co., Inc.*^

    300    $ 4,011
         
        429,108
         

Commercial Services & Supplies (0.4%)

      

ABM Industries, Inc.

    1,120      20,238

American Ecology Corp.^

    1,300      23,296

American Reprographics Co.*

    3,000      24,960

ATC Technology Corp.*

    1,539      22,316

Avery Dennison Corp.

    1,945      49,948

Brink’s Co.

    3,990      115,830

Cenveo, Inc.*^

    3,900      16,497

Cintas Corp.

    2,202      50,294

Clean Harbors, Inc.*

    1,600      86,384

Copart, Inc.*^

    5,769      200,011

Corrections Corp. of America*

    1,111      18,876

Deluxe Corp.^

    2,200      28,182

EnerNOC, Inc.*

    1,185      25,679

Fuel Tech, Inc.*^

    1,500      14,550

GEO Group, Inc.*

    4,100      76,178

GeoEye, Inc.*^

    1,673      39,416

Healthcare Services Group, Inc.^

    3,500      62,580

Herman Miller, Inc.

    4,832      74,123

HNI Corp.^

    2,994      54,072

ICT Group, Inc.*

    300      2,619

Innerworkings, Inc.*

    2,600      12,350

Interface, Inc., Class A^

    4,300      26,660

Iron Mountain, Inc.*

    15,393      442,548

Knoll, Inc.^

    3,500      26,530

Mine Safety Appliances Co.^

    2,266      54,611

Mobile Mini, Inc.*^

    777      11,399

Multi-Color Corp.^

    800      9,808

R.R. Donnelley & Sons Co.

    4,810      55,892

Republic Services, Inc.

    8,634      210,756

Rollins, Inc.

    3,400      58,854

Standard Parking Corp.*

    500      8,145

Standard Register Co.^

    400      1,304

Stericycle, Inc.*

    7,000      360,709

Sykes Enterprises, Inc.*^

    2,700      48,843

Team, Inc.*

    1,500      23,505

Tetra Tech, Inc.*^

    4,800      137,520

Waste Connections, Inc.*^

    4,971      128,799

Waste Management, Inc.

    37,466      1,055,042
         
        3,679,324
         

Construction & Engineering (1.2%)

      

Aecom Technology Corp.*

    8,300      265,600

EMCOR Group, Inc.*^

    2,100      42,252

Fluor Corp.

    19,375      993,744

Foster Wheeler AG*

    44,150      1,048,563

Furmanite Corp.*

    2,200      9,812

Granite Construction, Inc.

    514      17,106

Great Lakes Dredge & Dock Corp.

    3,935      18,809

Jacobs Engineering Group, Inc.*

    10,538      443,544

MasTec, Inc.*

    4,200      49,224

Michael Baker Corp.*

    767      32,490

MYR Group, Inc./Delaware*

    1,650      33,363

Orion Marine Group, Inc.*

    1,800      34,200

Pike Electric Corp.*^

    400      4,820

Quanta Services, Inc.*^

    169,032      3,909,710

Shaw Group, Inc.*

    92,708      2,541,126

Sterling Construction Co., Inc.*^

    600      9,156

URS Corp.*

    14,469      716,505
         
        10,170,024
         

Electrical Equipment (0.6%)

      

Acuity Brands, Inc.^

    2,900      81,345

Advanced Battery Technologies, Inc.*^

    3,600      14,472

American Superconductor Corp.*^

    3,400      89,250

 

See Notes to Financial Statements.

46

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

AMETEK, Inc.^

    9,207    $ 318,378

AZZ, Inc.*^

    1,149      39,537

Baldor Electric Co.^

    25,646      610,118

Broadwind Energy, Inc.*

    3,167      35,850

Cooper Industries Ltd., Class A

    3,464      107,557

Emerson Electric Co.

    63,797      2,067,024

Ener1, Inc.*^

    3,300      18,018

Energy Conversion Devices, Inc.*^

    3,700      52,355

Evergreen Solar, Inc.*^

    11,600      25,172

First Solar, Inc.*^

    4,367      707,978

FuelCell Energy, Inc.*^

    5,600      23,408

GrafTech International Ltd.*

    3,947      44,641

GT Solar International, Inc.*^

    1,700      9,044

Harbin Electric, Inc.*

    600      9,384

Hubbell, Inc., Class B

    558      17,889

II-VI, Inc.*

    2,000      44,340

LaBarge, Inc.*

    900      8,343

Microvision, Inc.*

    5,500      16,885

Polypore International, Inc.*^

    1,300      14,456

Powell Industries, Inc.*^

    600      22,242

Power-One, Inc.*^

    400      596

PowerSecure International, Inc.*

    1,400      5,964

Rockwell Automation, Inc.^

    1,200      38,544

Roper Industries, Inc.

    6,572      297,777

SunPower Corp., Class A*^

    8,307      221,298

Thomas & Betts Corp.*

    1,560      45,022

Ultralife Corp.*

    1,000      7,170

Valence Technology, Inc.*^

    3,300      5,907

Vicor Corp.

    1,600      11,552

Woodward Governor Co.

    3,800      75,240
         
        5,086,756
         

Industrial Conglomerates (0.9%)

      

3M Co.

    58,784      3,532,918

Carlisle Cos., Inc.^

    1,575      37,863

McDermott International, Inc.*

    19,528      396,614

Raven Industries, Inc.^

    1,300      33,280

Tyco International Ltd.

    141,685      3,680,976
         
        7,681,651
         

Machinery (1.4%)

      

3D Systems Corp.*^

    1,300      9,373

Actuant Corp., Class A

    2,223      27,121

Altra Holdings, Inc.*

    2,100      15,729

Ampco-Pittsburgh Corp.

    500      11,725

Badger Meter, Inc.

    1,100      45,100

Bucyrus International, Inc.^

    1,430      40,841

Caterpillar, Inc.^

    127,051      4,197,764

Chart Industries, Inc.*

    2,300      41,814

China Fire & Security Group, Inc.*

    1,100      13,387

CLARCOR, Inc.^

    1,598      46,646

Colfax Corp.*^

    1,700      13,124

Crane Co.

    2,343      52,272

Cummins, Inc.

    5,634      198,373

Danaher Corp.

    13,599      839,602

Deere & Co.

    8,867      354,237

Donaldson Co., Inc.^

    6,300      218,232

Dover Corp.

    11,141      368,656

Dynamic Materials Corp.^

    1,000      19,280

Energy Recovery, Inc.*^

    3,468      24,553

ESCO Technologies, Inc.*^

    2,100      94,080

Flanders Corp.*^

    1,300      7,943

Flow International Corp.*

    3,100      7,285

Flowserve Corp.

    4,793      334,599

Force Protection, Inc.*

    6,450      57,018

Gorman-Rupp Co.^

    1,200      24,204

Graco, Inc.^

    2,310      50,866

Graham Corp.

    800      10,640

 

      Number of
Shares		   

Value

(Note 1)

Harsco Corp.^

    4,958    $ 140,311

IDEX Corp.^

    4,027      98,943

Joy Global, Inc.^

    7,583      270,865

K-Tron International, Inc.*^

    200      15,936

Lindsay Corp.^

    1,000      33,100

Met-Pro Corp.^

    1,200      12,984

Middleby Corp.*^

    1,500      65,880

Navistar International Corp.*

    5,399      235,396

Nordson Corp.^

    960      37,114

Omega Flex, Inc.^

    300      4,548

PACCAR, Inc.^

    51,368      1,669,974

Pall Corp.

    69,145      1,836,491

Pentair, Inc.

    2,475      63,410

PMFG, Inc.*^

    1,100      9,691

RBC Bearings, Inc.*

    1,800      36,810

Robbins & Myers, Inc.^

    166      3,196

Sauer-Danfoss, Inc.^

    800      4,904

Sun Hydraulics Corp.^

    900      14,553

Tennant Co.

    1,300      23,907

Toro Co.^

    2,900      86,710

Valmont Industries, Inc.

    1,845      132,988

Wabtec Corp.^

    4,165      133,988
         
        12,056,163
         

Marine (0.0%)

      

Kirby Corp.*^

    937      29,787
         

Professional Services (0.2%)

      

Acacia Research Corp.- Acacia Technologies*

    3,307      26,026

Administaff, Inc.^

    1,700      39,559

Advisory Board Co.*

    1,300      33,410

CBIZ, Inc.*^

    3,600      25,632

CDI Corp.

    100      1,115

Corporate Executive Board Co.^

    2,800      58,128

CoStar Group, Inc.*^

    1,600      63,792

CRA International, Inc.*^

    600      16,656

Duff & Phelps Corp., Class A^

    900      16,002

Dun & Bradstreet Corp.

    4,549      369,425

Equifax, Inc.

    8,509      222,085

Exponent, Inc.*

    800      19,608

FTI Consulting, Inc.*^

    4,100      207,952

Hill International, Inc.*^

    1,900      8,170

Huron Consulting Group, Inc.*

    1,700      78,591

ICF International, Inc.*

    909      25,079

IHS, Inc., Class A*^

    4,130      205,963

Korn/Ferry International*

    300      3,192

Monster Worldwide, Inc.*^

    6,238      73,671

Navigant Consulting, Inc.*^

    3,900      50,388

Odyssey Marine Exploration, Inc.*^

    3,400      5,440

Resources Connection, Inc.*

    3,700      63,529

Robert Half International, Inc.^

    13,112      309,705

VSE Corp.^

    300      7,848

Watson Wyatt Worldwide, Inc., Class A

    3,055      114,654
         
        2,045,620
         

Road & Rail (1.4%)

      

Avis Budget Group, Inc.*

    5,974      33,753

Celadon Group, Inc.*

    2,003      16,805

Con-way, Inc.^

    1,420      50,140

CSX Corp.

    26,500      917,695

Genesee & Wyoming, Inc., Class A*

    2,931      77,701

Heartland Express, Inc.^

    2,800      41,216

J.B. Hunt Transport Services, Inc.^

    7,523      229,677

Kansas City Southern*^

    3,525      56,788

Knight Transportation, Inc.^

    4,600      76,130

Landstar System, Inc.

    4,300      154,413

 

See Notes to Financial Statements.

47

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Marten Transport Ltd.*

    1,496    $ 31,057

Norfolk Southern Corp.

    87,501      3,296,163

Old Dominion Freight Line, Inc.*

    381      12,790

Union Pacific Corp.

    138,231      7,196,306
         
        12,190,634
         

Trading Companies & Distributors (0.1%)

      

Beacon Roofing Supply, Inc.*

    3,481      50,335

Fastenal Co.

    11,304      374,954

GATX Corp.^

    1,898      48,817

Houston Wire & Cable Co.^

    1,400      16,674

Kaman Corp.^

    2,098      35,037

MSC Industrial Direct Co., Class A

    3,600      127,728

RSC Holdings, Inc.*^

    3,900      26,208

TAL International Group, Inc.

    300      3,270

Titan Machinery, Inc.*^

    600      7,614

W.W. Grainger, Inc.^

    5,202      425,939

Watsco, Inc.^

    1,945      95,169

WESCO International, Inc.*^

    2,500      62,600
         
        1,274,345
         

Total Industrials

         92,440,502
         

Information Technology (27.7%)

      

Communications Equipment (5.0%)

      

3Com Corp.*

    27,774      130,816

Acme Packet, Inc.*^

    2,000      20,240

ADTRAN, Inc.^

    3,844      82,531

Airvana, Inc.*^

    1,800      11,466

Anaren, Inc.*

    1,339      23,674

Arris Group, Inc.*^

    35,628      433,236

Aruba Networks, Inc.*

    4,200      36,708

BigBand Networks, Inc.*

    2,700      13,959

Blue Coat Systems, Inc.*^

    2,700      44,658

Brocade Communications Systems, Inc.*

    12,096      94,591

Ciena Corp.*^

    836      8,653

Cisco Systems, Inc.*

    775,048      14,446,895

Comtech Telecommunications Corp.*

    2,600      82,888

DG FastChannel, Inc.*^

    1,300      23,790

Digi International, Inc.*^

    400      3,900

EMS Technologies, Inc.*

    1,269      26,522

Emulex Corp.*

    6,863      67,120

F5 Networks, Inc.*^

    6,600      228,294

Harmonic, Inc.*^

    6,860      40,405

Harris Corp.

    8,769      248,689

Hughes Communications, Inc.*^

    600      13,698

Infinera Corp.*^

    7,500      68,475

InterDigital, Inc.*

    3,700      90,428

Ixia*^

    2,100      14,154

JDS Uniphase Corp.*

    9,100      52,052

Juniper Networks, Inc.*

    159,347      3,760,589

Loral Space & Communications, Inc.*

    1,058      27,244

Motorola, Inc.

    13,097      86,833

NETGEAR, Inc.*^

    500      7,205

Nokia Oyj (ADR)

    333,930      4,868,699

Oplink Communications, Inc.*

    600      6,840

Opnext, Inc.*

    900      1,926

Palm, Inc.*^

    10,606      175,741

Parkervision, Inc.*^

    1,900      5,814

PC-Tel, Inc.*^

    1,000      5,350

Plantronics, Inc.

    3,889      73,541

Polycom, Inc.*^

    2,808      56,918

QUALCOMM, Inc.

    376,721      17,027,788

Riverbed Technology, Inc.*^

    4,600      106,674

ShoreTel, Inc.*^

    3,000      24,000

Starent Networks Corp.*^

    3,493      85,264

Tekelec*^

    2,126      35,781

 

      Number of
Shares		   

Value

(Note 1)

ViaSat, Inc.*^

    2,361    $ 60,536
         
        42,724,585
         

Computers & Peripherals (6.8%)

      

3PAR, Inc.*^

    2,200      27,280

Apple, Inc.*

    140,290      19,981,504

Compellent Technologies, Inc.*^

    1,100      16,775

Cray, Inc.*

    700      5,516

Data Domain, Inc.*

    4,136      137,936

Dell, Inc.*

    144,905      1,989,546

Diebold, Inc.^

    4,500      118,620

EMC Corp.*

    447,209      5,858,438

Hewlett-Packard Co.

    155,800      6,021,670

Immersion Corp.*^

    1,200      5,928

Intermec, Inc.*^

    5,000      64,500

International Business Machines Corp.

    155,269      16,213,189

Isilon Systems, Inc.*

    2,000      8,480

NCR Corp.*

    13,760      162,781

NetApp, Inc.*

    110,515      2,179,356

Netezza Corp.*

    3,200      26,624

Novatel Wireless, Inc.*

    3,014      27,186

QLogic Corp.*

    10,376      131,568

Quantum Corp.*

    9,400      7,802

SanDisk Corp.*^

    105,691      1,552,601

Seagate Technology

    179,202      1,874,453

Silicon Graphics International Corp.*^

    300      1,362

STEC, Inc.*^

    2,500      57,975

Stratasys, Inc.*

    1,700      18,683

Super Micro Computer, Inc.*

    1,600      12,256

Synaptics, Inc.*^

    2,800      108,220

Teradata Corp.*

    12,085      283,152

Western Digital Corp.*

    16,988      450,182
         
        57,343,583
         

Electronic Equipment, Instruments & Components (1.1%)

Agilent Technologies, Inc.*

    29,226      593,580

Amphenol Corp., Class A

    14,158      447,959

Anixter International, Inc.*^

    200      7,518

Arrow Electronics, Inc.*

    4,393      93,307

Avnet, Inc.*

    4,281      90,029

AVX Corp.^

    300      2,979

Benchmark Electronics, Inc.*^

    1,000      14,400

Brightpoint, Inc.*

    4,906      30,761

China Security & Surveillance Technology, Inc.*^

    2,300      17,342

Cogent, Inc.*^

    4,007      42,995

Cognex Corp.^

    607      8,577

Comverge, Inc.*

    1,700      20,570

Corning, Inc.

    112,252      1,802,767

CPI International, Inc.*

    100      869

Daktronics, Inc.^

    2,700      20,790

Dolby Laboratories, Inc., Class A*

    32,000      1,192,960

DTS, Inc.*

    1,400      37,898

Echelon Corp.*^

    2,400      20,352

FARO Technologies, Inc.*

    1,400      21,742

FLIR Systems, Inc.*

    12,888      290,753

ICx Technologies, Inc.*^

    600      3,600

IPG Photonics Corp.*

    1,600      17,552

Itron, Inc.*^

    13,395      737,663

Jabil Circuit, Inc.

    8,200      60,844

L-1 Identity Solutions, Inc.*

    5,509      42,640

Maxwell Technologies, Inc.*

    1,500      20,745

Molex, Inc.

    958      14,897

MTS Systems Corp.

    500      10,325

Multi-Fineline Electronix, Inc.*

    600      12,840

National Instruments Corp.^

    4,600      103,776

OSI Systems, Inc.*^

    1,000      20,850

Park Electrochemical Corp.

    1,300      27,989

 

See Notes to Financial Statements.

48

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

PC Mall, Inc.*

    700    $ 4,732

Plexus Corp.*

    1,118      22,874

RadiSys Corp.*

    2,432      21,912

Rofin-Sinar Technologies, Inc.*^

    1,083      21,671

Scansource, Inc.*

    130      3,188

Trimble Navigation Ltd.*^

    9,800      192,374

Tyco Electronics Ltd.^

    157,980      2,936,848

Universal Display Corp.*^

    2,300      22,494

Vishay Intertechnology, Inc.*

    3,967      26,936
         
        9,084,898
         

Internet Software & Services (3.5%)

      

Akamai Technologies, Inc.*^

    14,819      284,228

Art Technology Group, Inc.*

    10,500      39,900

AsiaInfo Holdings, Inc.*

    2,800      48,188

Bankrate, Inc.*^

    1,000      25,240

Chordiant Software, Inc.*^

    2,400      8,712

comScore, Inc.*^

    1,500      19,980

Constant Contact, Inc.*^

    1,600      31,744

DealerTrack Holdings, Inc.*^

    2,400      40,800

Dice Holdings, Inc.*^

    1,300      6,045

Digital River, Inc.*

    2,375      86,260

DivX, Inc.*

    2,200      12,078

EarthLink, Inc.*

    1,109      8,218

eBay, Inc.*

    22,036      377,477

Equinix, Inc.*

    13,983      1,017,123

Google, Inc., Class A*

    42,672      17,990,089

GSI Commerce, Inc.*^

    1,900      27,075

IAC/InterActiveCorp*

    4,307      69,127

InfoSpace, Inc.*

    1,600      10,608

Internet Brands, Inc., Class A*^

    800      5,600

Internet Capital Group, Inc.*

    1,900      12,787

j2 Global Communications, Inc.*^

    3,600      81,216

Keynote Systems, Inc.*

    200      1,528

Knot, Inc.*

    2,300      18,124

Limelight Networks, Inc.*

    1,300      5,720

Liquidity Services, Inc.*

    1,200      11,832

LoopNet, Inc.*

    2,400      18,600

Marchex, Inc., Class B

    1,900      6,403

MercadoLibre, Inc.*

    33,300      895,104

Move, Inc.*^

    793,970      1,714,975

NIC, Inc.

    3,200      21,664

Omniture, Inc.*^

    5,100      64,056

Rackspace Hosting, Inc.*^

    5,930      82,190

RealNetworks, Inc.*^

    2,800      8,372

S1 Corp.*

    2,900      20,010

SAVVIS, Inc.*

    3,000      34,380

Sohu.com, Inc.*

    2,605      163,672

SonicWALL, Inc.*

    500      2,740

support.com, Inc.*

    2,600      5,668

Switch & Data Facilities Co., Inc.*^

    1,700      19,941

Terremark Worldwide, Inc.*^

    4,300      24,854

ValueClick, Inc.*

    7,000      73,640

VeriSign, Inc.*^

    15,800      291,984

Vignette Corp.*

    1,100      14,465

VistaPrint Ltd.*^

    3,600      153,540

Vocus, Inc.*

    1,300      25,688

WebMD Health Corp., Class A*

    600      17,952

Websense, Inc.*

    3,300      58,872

Yahoo!, Inc.*

    379,388      5,941,216
         
        29,899,685
         

IT Services (2.8%)

      

Accenture Ltd., Class A

    61,967      2,073,416

Acxiom Corp.

    5,056      44,644

Affiliated Computer Services, Inc., Class A*

    4,748      210,906

Alliance Data Systems Corp.*^

    5,080      209,245

 

      Number of
Shares		   

Value

(Note 1)

Amdocs Ltd.*

    2,325    $ 49,871

Automatic Data Processing, Inc.

    42,194      1,495,355

Broadridge Financial Solutions, Inc.

    7,369      122,178

CACI International, Inc., Class A*^

    500      21,355

Cass Information Systems, Inc.

    500      16,370

China Information Security Technology, Inc.*

    1,900      5,434

Cognizant Technology Solutions Corp., Class A*

    24,864      663,869

CSG Systems International, Inc.*^

    1,500      19,860

Cybersource Corp.*^

    5,600      85,680

DST Systems, Inc.*

    2,700      99,765

Euronet Worldwide, Inc.*

    3,813      73,934

ExlService Holdings, Inc.*

    1,200      13,452

Fidelity National Information Services, Inc.^

    6,294      125,628

Fiserv, Inc.*

    13,249      605,479

Forrester Research, Inc.*^

    1,300      31,915

Gartner, Inc.*

    4,800      73,248

Genpact Ltd.*

    4,700      55,225

Global Cash Access Holdings, Inc.*^

    2,000      15,920

Global Payments, Inc.^

    6,500      243,490

Hackett Group, Inc.*^

    3,300      7,689

Heartland Payment Systems, Inc.

    2,000      19,140

Hewitt Associates, Inc., Class A*

    7,059      210,217

iGATE Corp.

    1,800      11,916

Integral Systems, Inc.*

    1,400      11,648

Lender Processing Services, Inc.

    8,237      228,741

ManTech International Corp., Class A*^

    1,700      73,168

Mastercard, Inc., Class A

    28,471      4,763,484

MAXIMUS, Inc.

    1,465      60,431

Metavante Technologies, Inc.*

    7,300      188,778

NCI, Inc., Class A*^

    500      15,210

NeuStar, Inc., Class A*

    6,300      139,608

Online Resources Corp.*

    2,300      14,352

Paychex, Inc.^

    132,072      3,328,214

Perot Systems Corp., Class A*

    1,779      25,493

RightNow Technologies, Inc.*

    2,300      27,140

SAIC, Inc.*

    13,236      245,528

Sapient Corp.*^

    7,100      44,659

SRA International, Inc., Class A*

    1,800      31,608

Syntel, Inc.^

    1,000      31,440

TeleTech Holdings, Inc.*

    3,000      45,450

TNS, Inc.*

    1,800      33,750

Total System Services, Inc.

    9,872      132,186

VeriFone Holdings, Inc.*

    6,670      50,092

Virtusa Corp.*

    500      4,015

Visa, Inc., Class A^

    114,742      7,143,838

Western Union Co.

    59,559      976,768

Wright Express Corp.*

    3,000      76,410
         
        24,297,212
         

Office Electronics (0.0%)

      

Zebra Technologies Corp., Class A*^

    4,900      115,934
         

Semiconductors & Semiconductor Equipment (3.1%)

Actel Corp.*^

    100      1,073

Advanced Analogic Technologies, Inc.*

    3,700      16,983

Advanced Energy Industries, Inc.*

    2,654      23,859

Advanced Micro Devices, Inc.*^

    207,061      801,326

Altera Corp.^

    25,049      407,798

Amkor Technology, Inc.*^

    10,137      47,948

ANADIGICS, Inc.*

    5,100      21,369

Analog Devices, Inc.^

    24,799      614,519

Applied Micro Circuits Corp.*

    6,142      49,934

 

See Notes to Financial Statements.

49

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Atheros Communications, Inc.*^

    4,800    $ 92,352

ATMI, Inc.*

    782      12,144

Broadcom Corp., Class A*

    238,745      5,918,490

Cabot Microelectronics Corp.*

    212      5,997

Cavium Networks, Inc.*^

    2,500      42,025

CEVA, Inc.*

    1,200      10,416

Cirrus Logic, Inc.*^

    3,500      15,750

Cree, Inc.*^

    47,254      1,388,795

Cypress Semiconductor Corp.*^

    12,200      112,240

Diodes, Inc.*^

    2,300      35,972

DSP Group, Inc.*^

    24,930      168,527

Entropic Communications, Inc.*

    700      1,575

Exar Corp.*^

    300      2,157

FEI Co.*

    3,106      71,127

FormFactor, Inc.*^

    4,151      71,563

Hittite Microwave Corp.*^

    1,600      55,600

Integrated Device Technology, Inc.*

    2,978      17,987

Intel Corp.

    350,548      5,801,570

International Rectifier Corp.*^

    2,977      44,089

Intersil Corp., Class A^

    5,472      68,783

IXYS Corp.

    1,500      15,180

Kopin Corp.*^

    6,811      24,996

Kulicke & Soffa Industries, Inc.*

    4,900      16,807

Lam Research Corp.*^

    38,699      1,006,174

Lattice Semiconductor Corp.*

    4,700      8,836

Linear Technology Corp.^

    18,542      432,956

Marvell Technology Group Ltd.*

    39,400      458,616

Maxim Integrated Products, Inc.

    21,886      343,391

MEMC Electronic Materials, Inc.*

    18,500      329,485

Micrel, Inc.

    427      3,126

Microchip Technology, Inc.^

    13,681      308,507

Micron Technology, Inc.*

    13,394      67,774

Microsemi Corp.*^

    6,700      92,460

Microtune, Inc.*

    4,400      10,296

MIPS Technologies, Inc.*

    400      1,200

Monolithic Power Systems, Inc.*^

    3,055      68,463

National Semiconductor Corp.^

    18,600      233,430

Netlogic Microsystems, Inc.*

    32,153      1,172,298

Novellus Systems, Inc.*

    5,250      87,675

NVE Corp.*

    400      19,440

Nvidia Corp.*^

    46,560      525,662

ON Semiconductor Corp.*^

    36,165      248,092

PLX Technology, Inc.*^

    2,200      8,294

Power Integrations, Inc.^

    2,500      59,475

Rambus, Inc.*^

    8,500      131,665

RF Micro Devices, Inc.*

    21,936      82,479

Rubicon Technology, Inc.*

    1,100      15,708

Rudolph Technologies, Inc.*

    300      1,656

Semitool, Inc.*

    1,500      6,930

Semtech Corp.*^

    4,700      74,777

Sigma Designs, Inc.*^

    1,800      28,872

Silicon Laboratories, Inc.*^

    30,861      1,170,866

Skyworks Solutions, Inc.*^

    14,594      142,729

Standard Microsystems Corp.*

    1,000      20,450

Supertex, Inc.*^

    900      22,599

Techwell, Inc.*

    1,200      10,200

Teradyne, Inc.*^

    15,277      104,800

Tessera Technologies, Inc.*

    3,900      98,631

Texas Instruments, Inc.

    107,907      2,298,420

Trident Microsystems, Inc.*^

    2,000      3,480

TriQuint Semiconductor, Inc.*

    7,870      41,790

Ultratech, Inc.*^

    1,900      23,389

Varian Semiconductor Equipment Associates, Inc.*^

    6,000      143,940

Veeco Instruments, Inc.*

    2,200      25,498

Volterra Semiconductor Corp.*^

    2,100      27,594

 

      Number of
Shares		   

Value

(Note 1)

Xilinx, Inc.^

    22,700    $ 464,442

Zoran Corp.*

    3,685      40,167
         
        26,445,683
         

Software (5.4%)

      

ACI Worldwide, Inc.*

    2,800      39,088

Activision Blizzard, Inc.*^

    83,869      1,059,265

Actuate Corp.*

    4,900      23,422

Adobe Systems, Inc.*

    44,428      1,257,312

Advent Software, Inc.*^

    1,400      45,906

American Software, Inc., Class A

    1,200      6,912

ANSYS, Inc.*^

    7,541      234,978

ArcSight, Inc.*^

    1,794      31,879

Ariba, Inc.*^

    7,809      76,841

Autodesk, Inc.*

    66,311      1,258,583

Blackbaud, Inc.^

    3,400      52,870

Blackboard, Inc.*^

    2,500      72,150

BMC Software, Inc.*

    15,412      520,771

Bottomline Technologies, Inc.*

    2,617      23,579

CA, Inc.

    25,883      451,141

Cadence Design Systems, Inc.*

    22,984      135,606

Callidus Software, Inc.*

    2,400      6,840

Citrix Systems, Inc.*

    15,432      492,126

CommVault Systems, Inc.*

    3,500      58,030

Concur Technologies, Inc.*^

    3,500      108,780

Deltek, Inc.*

    1,306      5,668

DemandTec, Inc.*^

    1,700      14,960

Double-Take Software, Inc.*

    1,400      12,110

Ebix, Inc.*

    500      15,660

Electronic Arts, Inc.*

    27,511      597,539

Entrust, Inc.*^

    5,000      9,050

EPIQ Systems, Inc.*^

    3,002      46,081

FactSet Research Systems, Inc.^

    3,500      174,545

FalconStor Software, Inc.*

    3,100      14,725

i2 Technologies, Inc.*

    1,467      18,411

Informatica Corp.*

    7,200      123,768

Interactive Intelligence, Inc.*

    1,100      13,486

Intuit, Inc.*

    27,467      773,471

Jack Henry & Associates, Inc.^

    7,301      151,496

JDA Software Group, Inc.*

    1,949      29,157

Kenexa Corp.*

    1,400      16,198

Lawson Software, Inc.*

    4,734      26,416

Macrovision Solutions Corp.*^

    6,111      133,281

Manhattan Associates, Inc.*^

    2,000      36,440

McAfee, Inc.*

    13,242      558,680

Mentor Graphics Corp.*^

    500      2,735

Micros Systems, Inc.*^

    6,600      167,112

Microsoft Corp.

    938,552      22,309,381

MicroStrategy, Inc., Class A*

    700      35,154

Net 1 UEPS Technologies, Inc.*^

    4,000      54,360

NetScout Systems, Inc.*^

    2,000      18,760

NetSuite, Inc.*^

    600      7,086

Novell, Inc.*

    12,900      58,437

Nuance Communications, Inc.*^

    105,612      1,276,849

OpenTV Corp., Class A*

    700      924

Opnet Technologies, Inc.

    1,000      9,160

Oracle Corp.

    321,797      6,892,892

Parametric Technology Corp.*

    8,900      104,041

Pegasystems, Inc.

    1,200      31,656

Phoenix Technologies Ltd.*

    2,200      5,962

Progress Software Corp.*

    3,100      65,627

PROS Holdings, Inc.*

    1,000      8,120

QAD, Inc.

    1,000      3,250

Radiant Systems, Inc.*^

    2,200      18,260

Red Hat, Inc.*

    68,425      1,377,395

Renaissance Learning, Inc.^

    800      7,368

Rosetta Stone, Inc.*

    689      18,906

 

See Notes to Financial Statements.

50

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Salesforce.com, Inc.*^

    35,246    $ 1,345,340

Shanda Interactive Entertainment Ltd. (ADR)*^

    17,573      918,892

Smith Micro Software, Inc.*^

    2,100      20,622

SolarWinds, Inc.*

    1,326      21,866

Solera Holdings, Inc.*

    6,045      153,543

Sourcefire, Inc.*^

    1,300      16,107

SPSS, Inc.*^

    1,400      46,718

SuccessFactors, Inc.*

    2,000      18,360

Sybase, Inc.*^

    7,160      224,394

Symantec Corp.*

    69,684      1,084,283

Symyx Technologies, Inc.*^

    1,400      8,190

Synchronoss Technologies, Inc.*

    1,700      20,859

Synopsys, Inc.*

    7,861      153,368

Take-Two Interactive Software, Inc.*^

    890      8,428

Taleo Corp., Class A*

    2,100      38,367

TeleCommunication Systems, Inc., Class A*

    2,700      19,197

THQ, Inc.*

    3,700      26,492

TIBCO Software, Inc.*

    6,047      43,357

TiVo, Inc.*^

    8,300      86,984

Tyler Technologies, Inc.*^

    3,100      48,422

Ultimate Software Group, Inc.*^

    2,000      48,480

Unica Corp.*

    1,100      6,028

VASCO Data Security International, Inc.*

    2,200      16,082

VMware, Inc., Class A*^

    13,885      378,644

Wind River Systems, Inc.*

    5,500      63,030
         
        46,016,709
         

Total Information Technology

         235,928,289
         

Materials (3.9%)

      

Chemicals (2.8%)

      

Air Products & Chemicals, Inc.

    17,624      1,138,334

Albemarle Corp.

    449      11,481

American Vanguard Corp.^

    1,400      15,820

Arch Chemicals, Inc.^

    700      17,213

Ashland, Inc.

    500      14,025

Balchem Corp.^

    1,500      36,780

Calgon Carbon Corp.*

    4,400      61,116

Celanese Corp., Class A

    12,324      292,695

CF Industries Holdings, Inc.

    4,027      298,562

Dow Chemical Co.

    132,514      2,138,776

E.I. du Pont de Nemours & Co.

    25,458      652,234

Ecolab, Inc.

    20,108      784,011

FMC Corp.^

    5,316      251,447

GenTek, Inc.*

    600      13,398

Hawkins, Inc.

    891      20,119

International Flavors & Fragrances, Inc.^

    6,500      212,680

Intrepid Potash, Inc.*^

    3,395      95,332

Koppers Holdings, Inc.

    1,245      32,831

Landec Corp.*

    1,900      12,901

LSB Industries, Inc.*

    900      14,553

Lubrizol Corp.

    5,073      240,004

Monsanto Co.

    126,655      9,415,532

Mosaic Co.

    13,468      596,632

Nalco Holding Co.

    11,945      201,154

NewMarket Corp.

    721      48,545

NL Industries, Inc.^

    300      2,214

Potash Corp. of Saskatchewan, Inc.

    30,376      2,826,487

Praxair, Inc.

    26,056      1,851,800

RPM International, Inc.

    6,011      84,394

Scotts Miracle-Gro Co., Class A^

    3,895      136,520

Sigma-Aldrich Corp.

    10,411      515,969

 

      Number of
Shares		   

Value

(Note 1)

Sociedad Quimica y Minera de Chile S.A. (ADR)

    25,000    $ 904,750

Stepan Co.

    673      29,720

Terra Industries, Inc.

    5,769      139,725

Valhi, Inc.^

    200      1,486

W.R. Grace & Co.*^

    1,801      22,278

Zep, Inc.^

    1,700      20,485
         
        23,152,003
         

Construction Materials (0.0%)

      

Eagle Materials, Inc.^

    3,874      97,780

Martin Marietta Materials, Inc.^

    1,446      114,060

United States Lime & Minerals, Inc.*

    100      4,242
         
        216,082
         

Containers & Packaging (0.1%)

      

AEP Industries, Inc.*

    400      10,556

Ball Corp.

    5,266      237,813

Bway Holding Co.*^

    500      8,765

Crown Holdings, Inc.*

    13,000      313,820

Owens-Illinois, Inc.*

    11,747      329,032

Packaging Corp. of America

    303      4,909

Pactiv Corp.*

    9,344      202,765

Rock-Tenn Co., Class A^

    2,949      112,534

Silgan Holdings, Inc.^

    1,000      49,030
         
        1,269,224
         

Metals & Mining (1.0%)

      

Alcoa, Inc.^

    38,158      394,172

Allied Nevada Gold Corp.*^

    3,200      25,792

AMCOL International Corp.^

    700      15,106

ArcelorMittal (N.Y. Shares) (Registered) (ADR)

    15,800      522,664

Barrick Gold Corp.

    22,700      761,585

BHP Billiton plc (ADR)

    56,300      2,559,397

Cliffs Natural Resources, Inc.

    1,064      26,036

Compass Minerals International, Inc.^

    1,400      76,874

Freeport-McMoRan Copper & Gold, Inc.

    27,416      1,373,816

General Steel Holdings, Inc.*

    900      3,573

Newmont Mining Corp.

    40,573      1,658,218

Nucor Corp.

    10,300      457,629

Royal Gold, Inc.

    978      40,783

Schnitzer Steel Industries, Inc., Class A^

    1,495      79,026

Southern Copper Corp.

    10,954      223,900

Stillwater Mining Co.*^

    900      5,139

Walter Energy, Inc.^

    4,500      163,080

Worthington Industries, Inc.

    4,968      63,541
         
        8,450,331
         

Paper & Forest Products (0.0%)

      

Clearwater Paper Corp.*

    300      7,587

Deltic Timber Corp.^

    900      31,923
         
        39,510
         

Total Materials

         33,127,150
         

Telecommunication Services (0.3%)

      

Diversified Telecommunication Services (0.1%)

AboveNet, Inc.*

    575      46,564

Alaska Communications Systems Group, Inc.

    4,318      31,608

Cbeyond, Inc.*^

    1,900      27,265

Cogent Communications Group, Inc.*^

    3,600      29,340

Consolidated Communications Holdings, Inc.^

    700      8,197

Frontier Communications Corp.^

    12,124      86,565

General Communication, Inc., Class A*

    2,638      18,281

 

See Notes to Financial Statements.

51

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Global Crossing Ltd.*

    700    $ 6,426

Iowa Telecommunications Services, Inc.^

    300      3,753

Neutral Tandem, Inc.*

    2,919      86,169

NTELOS Holdings Corp.

    2,400      44,208

PAETEC Holding Corp.*

    7,500      20,250

Premiere Global Services, Inc.*

    4,300      46,612

Shenandoah Telecommunications Co.^

    1,700      34,493

tw telecom, Inc.*^

    13,003      133,541

Windstream Corp.

    18,100      151,316
         
        774,588
         

Wireless Telecommunication Services (0.2%)

American Tower Corp., Class A*

    33,769      1,064,737

Centennial Communications Corp.*^

    7,690      64,288

Crown Castle International Corp.*

    9,017      216,588

iPCS, Inc.*

    1,604      23,996

Leap Wireless International, Inc.*^

    3,957      130,304

MetroPCS Communications, Inc.*

    21,722      289,120

NII Holdings, Inc.*^

    743      14,169

SBA Communications Corp., Class A*^

    9,500      233,130

Syniverse Holdings, Inc.*

    5,081      81,448

USA Mobility, Inc.

    2,066      26,362

Virgin Mobile USA, Inc., Class A*^

    3,000      12,060
         
        2,156,202
         

Total Telecommunication Services

         2,930,790
         

Utilities (0.5%)

      

Electric Utilities (0.4%)

      

Allegheny Energy, Inc.

    8,755      224,566

DPL, Inc.

    700      16,219

Exelon Corp.

    4,848      248,266

FPL Group, Inc.

    4,624      262,921

ITC Holdings Corp.

    15,220      690,379

NV Energy, Inc.

    8,851      95,502

PPL Corp.

    31,925      1,052,248
         
        2,590,101
         

Gas Utilities (0.0%)

      

EQT Corp.

    11,184      390,433

New Jersey Resources Corp.

    692      25,632
         
        416,065
         

Independent Power Producers & Energy Traders (0.1%)

AES Corp.*

    45,453      527,709

Calpine Corp.*

    15,326      170,885

Constellation Energy Group, Inc.

    13,012      345,859

Ormat Technologies, Inc.^

    1,500      60,465

U.S. Geothermal, Inc.*

    5,000      7,100
         
        1,112,018
         

Multi-Utilities (0.0%)

      

CenterPoint Energy, Inc.

    25,198      279,194

Integrys Energy Group, Inc.

    1,569      47,054
         
        326,248
         

Water Utilities (0.0%)

      

American Water Works Co., Inc.

    933      17,830

Cadiz, Inc.*

    1,000      9,630

Consolidated Water Co., Inc.^

    1,200      19,020
         
        46,480
         

Total Utilities

         4,490,912
         

Total Common Stocks (99.1%)
(Cost $888,824,181)

         844,673,227
         

 

     

Number of

Warrants

   

Value

(Note 1)

  

WARRANT:

      

Health Care (0.0%)

      

Biotechnology (0.0%)

      

Curis, Inc., expiring 10/14/09(b)*†
(Cost $—)

      48,100    $ —     
           
     
      Principal
Amount		   

Value

(Note 1)

  

SHORT-TERM INVESTMENTS:

      

Government Securities (0.8%)

      

Federal Home Loan Bank

      

0.00%, 7/1/09 (o)(p)

    $ 6,800,000      6,800,000   

U.S. Treasury Bills

      

0.18%, 9/10/09 (p)

      390,000      389,873   
           

Total Government Securities

         7,189,873   
           

Short-Term Investments of Cash Collateral for Securities Loaned (5.8%)

   

BBVA Senior Finance S.A.

      

0.69%, 3/12/10 (l)

      4,010,000      3,956,783   

Deutsche Bank Securities, Inc., Repurchase Agreement

   

0.09%, 7/1/09 (r)(u)

      30,227,787      30,227,787   

General Electric Capital Corp.

      

0.40%, 3/12/10 (l)

      730,000      717,793   

Lehman Bothers Holdings, Inc.

      

0.00%, 8/21/09 (h)(l)(s)

      4,559,970      672,595   

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      8,570,000      8,248,626   

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      5,469,453      5,040,664   
           

Total Short-Term Investments of Cash Collateral for Securities Loaned

      48,864,248   
           

Time Deposit (0.7%)

      

JPMorgan Chase Nassau

      

0.000%, 7/1/09

      6,207,167      6,207,167   
           

Total Short-Term Investments (7.3%)
(Cost/Amortized Cost $66,964,262)

         62,261,288   
           

Total Investments (106.4%)
(Cost/Amortized Cost $955,788,443)

         906,934,515   

Other Assets Less Liabilities (-6.4%)

         (54,292,399 ) 
           

Net Assets (100%)

       $ 852,642,116   
           

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
† Securities (totaling $5 or 0.0% of net assets) at fair value.
(b) Illiquid Security.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(o) Discount Note Security. Effective rate calculated as of June 30, 2009.
(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.
(s) Issuer in bankruptcy.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% –5.500%, maturing 4/15/23 – 7/19/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 – 7/25/38.

 

Glossary:
ADR    —  American Depositary Receipt

 

See Notes to Financial Statements.

52

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		   

Expiration

Date

    Original
Value		    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchases

               

NASDAQ 100 E-Mini Index

    36          September-09    $ 1,076,337    $ 1,062,900    $ (13,437 ) 

Russell 1000 Mini Index

    14          September-09      716,969      700,490      (16,479 ) 

Russell 2000 Mini Index

    5          September-09      261,385      253,600      (7,785 ) 

S&P 500 E-Mini Index

    31          September-09      1,454,054      1,419,025      (35,029 ) 

S&P Mid 400 E-Mini Index

    1          September-09      59,540      57,670      (1,870 ) 
                    
               $ (74,600 ) 
                    

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1

Quoted prices in active
markets for identical
securities

     Level 2
Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.) 		   Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total  

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 101,935,409      $ –    $ –    $ 101,935,409   

Consumer Staples

      84,169,963        –      –      84,169,963   

Energy

      71,627,656        –      –      71,627,656   

Financials

      63,132,837        1,575,000      5      64,707,842   

Health Care

      153,314,714        –      –      153,314,714   

Industrials

      92,440,502        –      –      92,440,502   

Information Technology

      235,928,289        –      –      235,928,289   

Materials

      33,127,150        –      –      33,127,150   

Telecommunication Services

      2,930,790        –      –      2,930,790   

Utilities

      4,490,912        –      –      4,490,912   

Short-Term Investments

      –        62,261,288      –      62,261,288   

Warrants

           

Health Care

      –        –      –      –   
   

Total Asset

    $ 843,098,222      $ 63,836,288    $ 5    $ 906,934,515   
   

Liability:

           

Futures

    $ (74,600 )    $ –    $ –    $ (74,600 ) 
   

Total Liability

    $ (74,600 )    $ –    $ –    $ (74,600 ) 
   

Total

    $ 843,023,622      $ 63,836,288    $ 5    $ 906,859,915   
   

 

See Notes to Financial Statements.

53

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

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

 

      Investments in
Securities-Financials		     Other Investments*  

Balance as of 12/31/08

    $ —         $ —      

Total gains or losses (realized/unrealized) included in earnings

      —        —   

Purchases, sales, issuances, and settlements (net)

      —        —   

Transfers in and/or out of Level 3

      5        —   
                  
                  

Balance as of 6/30/09

    $ 5      $ —   
                  
                  
    
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/09.    $ 5      $ —   

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

    Receivables, Net Assets - Unrealized appreciation    $ – * 

Foreign exchange contracts

    Receivables      –   

Credit contracts

    Receivables      –   

Equity contracts

    Receivables, Net Assets - Unrealized appreciation      – * 

Commodity contracts

    Receivables      –   

Other contracts

    Receivables      –   
           

Total

       $ –   
           
     Liability Derivatives        

Interest rate contracts

    Payables, Net Assets - Unrealized depreciation    $ – * 

Foreign exchange contracts

    Payables      –   

Credit contracts

    Payables      –   

Equity contracts

    Payables, Net Assets - Unrealized depreciation      (74,600 )* 

Commodity contracts

    Payables      –   

Other contracts

    Payables      –   
           

Total

       $ (74,600 ) 
           

 

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures    Forward Currency
Contracts		    Swaps    Total

Interest rate contracts

    $ –    $ –    $ –    $ –    $ –

Foreign exchange contracts

      –      –      –      –      –

Credit contracts

      –      –      –      –      –

Equity contracts

      –      794,066      –      –      794,066

Commodity contracts

      –      –      –      –      –

Other contracts

      –      –      –      –      –

Total

    $ –    $ 794,066    $ –    $ –    $ 794,066

 

See Notes to Financial Statements.

54

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –    $ –    $ –   

Foreign exchange contracts

      –      –        –      –      –   

Credit contracts

      –      –        –      –      –   

Equity contracts

      –      (74,600 )      –      –      (74,600 ) 

Commodity contracts

      –      –        –      –      –   

Other contracts

      –      –        –      –      –   

Total

    $ –    $ (74,600 )    $ –    $ –    $ (74,600 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 450,917,560   

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 485,216,020   

 

As of June 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

 

   

Aggregate gross unrealized appreciation

    $ 60,318,403   

Aggregate gross unrealized depreciation

      (191,352,123 ) 
        

Net unrealized depreciation

    $ (131,033,720 ) 
        

Federal income tax cost of investments

    $ 1,037,968,235   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $51,709,573. This was secured by collateral of $53,567,210 which was received as cash and subsequently invested in short-term investments currently valued at $48,864,248, 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 $1,134, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2009, the Portfolio incurred approximately $1,113 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $960,635,594 of which $197,479,160 expires in the year 2010, $67,203,341 expires in the year 2011, and $695,953,093 expires in the year 2016.

 

See Notes to Financial Statements.

55

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

LONG-TERM DEBT SECURITIES:

      

Asset-Backed and Mortgage-Backed Securities (6.9%)

Asset-Backed Securities (2.4%)

      

Aegis Asset Backed Securities Trust,

      

Series 2006-1 A1

      

0.394%, 1/25/37(b)(l)

    $ 495,544    $ 474,189

Ameriquest Mortgage Securities, Inc.,

      

Series 2004-R11 A1

      

0.616%, 11/25/34(b)(l)

      855,174      470,924

Asset Backed Funding Certificates,

      

Series 2006-OPT3 A3A

      

0.374%, 11/25/36(b)(l)

      369,061      352,776

Bank of America Credit Card Trust,

      

Series 2008-A5 A5

      

1.519%, 12/16/13(l)

      3,900,000      3,889,500

Capital One Multi-Asset Execution Trust,

      

Series 2005-A7 A7

      

4.700%, 6/15/15

      750,000      774,426

Series 2007-A7 A7

      

5.750%, 7/15/20

      125,000      128,658

Series 2009-A2 A2

      

3.200%, 4/15/14

      500,000      503,121

Cendant Mortgage Corp.,

      

Series 2003-A A1

      

5.986%, 7/25/43(l)§

      38,962      38,928

Chase Issuance Trust,

      

Series 2007-A17 A

      

5.120%, 10/15/14

      1,500,000      1,566,756

Series 2008-A7 A7

      

0.969%, 11/15/11(l)

      1,800,000      1,801,379

Series 2008-A9 A9

      

4.260%, 5/15/13

      250,000      257,199

Series 2009-A3 A3

      

2.400%, 6/17/13

      495,000      491,460

Citibank Credit Card Issuance Trust,

      

Series 2003-A10 A10

      

4.750%, 12/10/15

      200,000      202,742

Series 2003-A7 A7

      

4.150%, 7/7/17

      600,000      575,421

Series 2006-A3 A3

      

5.300%, 3/15/18

      500,000      505,961

Series 2007-A8 A8

      

5.650%, 9/20/19

      325,000      330,849

Series 2009-A4 A4

      

4.900%, 6/23/16

      250,000      259,549

Countrywide Asset-Backed Certificates,

      

Series 2003-5 AF5

      

5.739%, 2/25/34(e)

      148,077      80,017

Series 2006-19 2A1

      

0.374%, 3/25/37(b)(l)

      256,065      248,972

CPL Transition Funding LLC,

      

Series 2002-1 A5

      

6.250%, 1/15/17

      150,000      163,744

Daimler Chrysler Auto Trust,

      

Series 2006-B A3

      

5.330%, 8/8/10

      100,915      101,129

Series 2006-D A4

      

4.940%, 2/8/12

      2,900,000      2,969,948

Series 2007-A A4

      

5.280%, 3/8/13

      200,000      194,225

Ford Credit Auto Owner Trust,

      

Series 2006-B A3

      

5.260%, 10/15/10

      559,566      562,298

 

      Principal
Amount		    Value
(Note 1)

Series 2007-B A4A

      

5.240%, 7/15/12

    $ 100,000    $ 103,991

Series 2008-C A3

      

1.739%, 6/15/12(l)

      11,900,000      11,938,134

Franklin Auto Trust,

      

Series 2008-A A2

      

1.315%, 10/20/11(l)

      11,397,251      11,413,439

GSAA Home Equity Trust,

      

Series 2006-5 2A1

      

0.384%, 3/25/36(b)(l)

      519,718      313,210

Honda Auto Receivables Owner Trust,

      

Series 2007-1 A4

      

5.090%, 7/18/13

      710,000      736,173

Series 2008-1 A2

      

3.770%, 9/20/10

      2,053,196      2,067,544

Mid-State Trust,

      

Series 4 A

      

8.330%, 4/1/30

      219,242      175,742

Nissan Auto Receivables Owner Trust,

      

Series 2007-B A4

      

5.160%, 3/17/14

      200,000      208,357

Series 2008-A A4

      

4.280%, 6/16/14

      250,000      255,304

Series 2008-B A2

      

3.800%, 10/15/10

      2,358,563      2,376,788

Series 2009-1 A2

      

3.920%, 4/15/11

      3,805,000      3,852,916

Series 2009-A A2

      

2.940%, 7/15/11

      2,745,000      2,781,406

PG&E Energy Recovery Funding LLC,

      

Series 2005-1 A5

      

4.470%, 12/25/14

      250,000      257,723

Renaissance Home Equity Loan Trust,

      

Series 2003-3 A

      

0.814%, 12/25/33(b)(l)

      223,762      106,229

Saxon Asset Securities Trust,

      

Series 2004-2 AF5

      

4.990%, 8/25/35(e)

      160,061      103,984

SLM Student Loan Trust,

      

Series 2005-4 A2

      

1.172%, 4/26/21(l)

      1,345,000      1,320,114

Series 2008-5 A2

      

2.192%, 10/25/16(l)

      4,140,000      4,152,953

Series 2008-5 A3

      

2.392%, 1/25/18(l)

      1,050,000      1,053,378

Series 2008-5 A4

      

2.792%, 7/25/23(l)

      2,860,000      2,867,819

Series 2008-9 A

      

2.592%, 4/25/23(l)

      19,251,493      19,635,395

TIAA Real Estate CDO Ltd.,

      

Series 2001-C1A A4

      

6.680%, 6/19/31(l)§

      485,719      487,548

USAA Auto Owner Trust,

      

Series 2006-4 A3

      

5.010%, 6/15/11

      1,200,612      1,213,825

Series 2007-2 A4

      

5.070%, 6/15/13

      200,000      209,109

Series 2008-1 A4

      

4.500%, 10/15/13

      350,000      362,756

Series 2008-3 A3

      

4.280%, 10/15/12

      100,000      103,042

 

See Notes to Financial Statements.

56

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

Wells Fargo Home Equity Trust,

      

Series 2005-2 AII2

      

0.554%, 10/25/35(l)

    $ 145,785    $ 139,420
         
        85,180,470
         

Non-Agency CMO (4.5%)

      

Banc of America Alternative Loan Trust,

      

Series 2004-5 4A1

      

5.000%, 6/25/19

      335,317      314,512

Series 2004-6 4A1

      

5.000%, 7/25/19

      345,380      315,915

Banc of America Commercial Mortgage, Inc.,

   

Series 2000-1 A2A

      

7.333%, 11/15/31(l)

      1,007,315      1,010,531

Series 2001-1 A2

      

6.503%, 4/15/36

      1,091,681      1,110,625

Series 2002-PB2 A4

      

6.186%, 6/11/35

      1,590,000      1,629,310

Series 2005-1 A4

      

5.142%, 11/10/42(l)

      700,000      660,209

Series 2007-2 A4

      

5.867%, 4/10/49(l)

      1,500,000      1,135,998

Series 2007-3 A4

      

5.837%, 6/10/49(l)

      4,380,000      3,099,502

Banc of America Funding Corp.,

      

Series 2006-A 1A1

      

4.585%, 2/20/36(l)

      1,649,185      1,251,472

Bank of America-First Union NB Commercial Mortgage,

Series 2001-3 A2

      

5.464%, 4/11/37

      550,000      553,618

Bear Stearns Adjustable Rate Mortgage Trust,

   

Series 2007-4 22A1

      

5.981%, 6/25/47(l)

      684,971      431,066

Bear Stearns Commercial Mortgage Securities, Inc.,

   

Series 2000-WF2 A2

      

7.320%, 10/15/32(l)

      820,561      840,409

Series 2001-TOP2 A2

      

6.480%, 2/15/35

      2,530,000      2,566,003

Series 2003-T12 A4

      

4.680%, 8/13/39(l)

      1,825,000      1,681,676

Series 2004-T16 A6

      

4.750%, 2/13/46(l)

      1,000,000      869,997

Series 2005-PWR7 A3

      

5.116%, 2/11/41(l)

      600,000      515,172

Series 2007-PW16 A4

      

5.909%, 6/11/40(l)

      1,000,000      820,678

Chase Commercial Mortgage Securities Corp.,

   

Series 1999-2 A2

      

7.198%, 1/15/32

      111,777      112,333

Series 2000-3 A2

      

7.319%, 10/15/32

      1,171,664      1,196,119

Citigroup Commercial Mortgage Trust, Inc.,

      

Series 2005-EMG A2

      

4.221%, 9/20/51§

      631,634      628,293

Series 2007-C6 A4

      

5.888%, 12/10/49(l)

      500,000      395,339

Series 2008-C7 A4

      

6.299%, 12/10/49(l)

      2,259,313      1,847,070

Citigroup Mortgage Loan Trust, Inc.,

      

Series 2005-4 A

      

5.342%, 8/25/35(l)

      5,557,851      4,583,818

Series 2006-AR1 1A1

      

4.900%, 10/25/35(l)

      7,162,462      5,431,846

Citimortgage Alternative Loan Trust,

      

Series 2007-A8 A1

      

6.000%, 10/25/37

      2,477,938      1,548,324

 

      Principal
Amount		    Value
(Note 1)

Commercial Mortgage Pass Through Certificates,

   

Series 2000-C1 A2

      

7.416%, 8/15/33(l)

    $ 1,273,648    $ 1,284,796

Series 2005-LP5 A4

      

4.982%, 5/10/43(l)

      1,000,000      883,839

Countrywide Alternative Loan Trust,

      

Series 2003-J3 2A1

      

6.250%, 12/25/33

      156,595      138,583

Series 2006-OA21 A1

      

0.505%, 3/20/47(l)

      1,164,726      459,330

Series 2006-OC8 2A1A

      

0.404%, 11/25/36(l)

      418,018      401,477

Countrywide Home Loan Mortgage Pass Through Trust,

Series 2006-OA5 2A1

      

0.514%, 4/25/46(l)

      480,892      204,554

Series 2007-16 A1

      

6.500%, 10/25/37

      1,375,294      1,010,626

Credit Suisse Mortgage Capital Certificates,

      

Series 2006-8 3A1

      

6.000%, 10/25/21

      602,171      396,492

Series 2006-C4 A3

      

5.467%, 9/15/39

      1,000,000      699,735

Series 2006-C5 A3

      

5.311%, 12/15/39

      3,000,000      2,056,127

CS First Boston Mortgage Securities Corp.,

      

Series 2001-CK6 A3

      

6.387%, 8/15/36

      491,672      494,285

Series 2002-CKS4 A2

      

5.183%, 11/15/36

      1,525,000      1,497,170

Series 2002-CP3 A3

      

5.603%, 7/15/35

      2,160,000      2,168,095

Series 2002-CP5 A2

      

4.940%, 12/15/35

      2,065,000      2,002,567

Series 2003-C3 A5

      

3.936%, 5/15/38

      2,220,000      2,004,025

Series 2004-C2 A1

      

3.819%, 5/15/36

      592,434      566,488

Series 2004-C4 A6

      

4.691%, 10/15/39

      600,000      519,712

Series 2004-C5 A4

      

4.829%, 11/15/37

      1,000,000      854,060

Series 2005-C2 A4

      

4.832%, 4/15/37

      1,420,000      1,226,569

CW Capital Cobalt Ltd.,

      

Series 2007-C3 A4

      

6.015%, 5/15/46(l)

      567,500      389,646

Deutsche Alt-A Securities, Inc.,

      

Series 2006-OA1 A1

      

0.514%, 2/25/47(l)

      259,108      108,863

DLJ Commercial Mortgage Corp.,

      

Series 2000-CKP1 A1B

      

7.180%, 11/10/33

      1,635,584      1,667,896

First Horizon Alternative Mortgage Securities Trust,

   

Series 2006-FA2 1A5

      

6.000%, 5/25/36

      1,696,917      1,285,577

First Republic Mortgage Loan Trust,

      

Series 2001-FRB1 A

      

0.669%, 11/15/31(l)

      493,847      394,895

First Union National Bank Commercial Mortgage Trust,

Series 2001-C2 A2

      

6.663%, 1/12/43

      1,024,354      1,054,788

Series 2001-C4 A2

      

6.223%, 12/12/33

      1,950,000      2,005,189

 

See Notes to Financial Statements.

57

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

GE Capital Commercial Mortgage Corp.,

   

Series 2004-C3 A3

      

4.865%, 7/10/39(l)

    $ 600,000    $ 570,193

Series 2007-C1 A4

      

5.543%, 12/10/49

      1,500,000      1,036,205

GMAC Commercial Mortgage Securities, Inc.,

   

Series 2000-C1 A2

      

7.724%, 3/15/33(l)

      912,547      920,872

Series 2000-C2 A2

      

7.455%, 8/16/33(l)

      863,177      883,515

Series 2000-C3 A2

      

6.957%, 9/15/35

      2,023,834      2,090,358

Series 2002-C3 A2

      

4.930%, 7/10/39

      2,075,000      2,017,189

Series 2004-C3 A5

      

4.864%, 12/10/41

      700,000      578,863

Greenwich Capital Commercial Funding Corp.,

   

Series 2004-GG1 A4

      

4.755%, 6/10/36

      355,000      356,428

Series 2005-GG3 A4

      

4.799%, 8/10/42(l)

      1,333,000      1,134,492

Series 2005-GG5 A2

      

5.117%, 4/10/37

      500,000      481,724

Series 2006-GG7 A4

      

6.115%, 7/10/38(l)

      1,250,000      1,025,353

Series 2007-GG9 A4

      

5.444%, 3/10/39

      800,000      637,692

GS Mortgage Securities Corp. II,

      

Series 2004-GG2 A6

      

5.396%, 8/10/38(l)

      1,027,000      915,600

Series 2006-GG6 A4

      

5.553%, 4/10/38(l)

      1,000,000      823,564

Series 2006-GG8 A2

      

5.479%, 11/10/39

      750,000      700,031

GSR Mortgage Loan Trust,

      

Series 2004-9 4A1

      

3.527%, 8/25/34(l)

      1,380,807      1,190,091

Series 2005 - AR4 6A1

      

5.250%, 7/25/35(l)

      5,413,071      3,965,970

Series 2005-AR6 2A1

      

4.469%, 9/25/35(l)

      1,811,005      1,522,518

Homebanc Mortgage Trust,

      

Series 2005-4 A1

      

0.584%, 10/25/35(l)

      801,950      392,379

Impac CMB Trust,

   

Series 2003-8 2A1

      

1.214%, 10/25/33(b)(l)

      167,558      133,046

JPMorgan Chase Commercial Mortgage Securities Corp.,

   

Series 2001-C1 A3

      

5.857%, 10/12/35

      1,600,000      1,578,120

Series 2001-CIB2 A3

      

6.429%, 4/15/35

      395,000      402,174

Series 2001-CIBC A3

      

6.260%, 3/15/33

      1,431,156      1,461,859

Series 2003-CB7 A4

      

4.879%, 1/12/38(l)

      2,500,000      2,215,236

Series 2004-CB8 A1A

      

4.158%, 1/12/39§

      968,214      806,053

Series 2005-LDP1 A3

      

4.865%, 3/15/46

      2,000,000      1,779,212

Series 2005-LDP3 A4B

      

4.996%, 8/15/42(l)

      1,275,000      962,282

Series 2005-LDP4 A3A1

      

4.871%, 10/15/42

      700,000      640,253

 

      Principal
Amount		    Value
(Note 1)

Series 2006-CB15 A4

      

5.814%, 6/12/43(l)

    $ 785,000    $ 617,421

Series 2006-LDP9 A1S

      

5.284%, 5/15/47

      1,394,689      1,290,215

Series 2007-CB18 A4

      

5.440%, 6/12/47

      1,350,000      1,016,558

Series 2007-LD11 A2

      

5.992%, 6/15/49(l)

      1,030,000      949,250

Series 2007-LD12 A2

      

5.827%, 2/15/51

      843,000      747,770

JPMorgan Mortgage Trust,

      

Series 2006-S2 2A2

      

5.875%, 7/25/36

      257,599      221,133

Series 2007-S1 1A2

      

5.500%, 3/25/22

      258,866      219,146

LB-UBS Commercial Mortgage Trust,

      

Series 2002-C2 A4

      

5.594%, 6/15/31

      2,089,000      2,097,292

Series 2003-C7 A2

      

4.064%, 9/15/27(l)

      297,615      295,660

Series 2004-C2 A4

      

4.367%, 3/15/36

      1,800,000      1,523,995

Series 2004-C7 A1A

      

4.475%, 10/15/29

      2,445,267      2,233,683

Series 2004-C8 A4

      

4.510%, 12/15/29

      1,300,000      1,148,955

Series 2007-C1 A4

      

5.424%, 2/15/40

      4,000,000      2,907,516

Series 2007-C6 A4

      

5.858%, 7/15/40(l)

      1,500,000      1,088,922

Series 2007-C7 A3

      

5.866%, 9/15/45(l)

      3,640,000      2,784,387

MASTR Alternative Loans Trust,

      

Series 2004-4 1A1

      

5.500%, 5/25/34

      835,264      761,917

Merrill Lynch Mortgage Investors, Inc.,

   

Series 2003-A1 3A

      

4.910%, 12/25/32(l)

      337,154      293,592

Series 2005-A10 A

      

0.524%, 2/25/36(l)

      2,063,835      1,111,949

Merrill Lynch Mortgage Trust,

      

Series 2004-KEY2 A4

      

4.864%, 8/12/39(l)

      900,000      756,772

Series 2007-C1 A4

      

6.022%, 6/12/50(l)

      1,000,000      717,502

Merrill Lynch/Countrywide Commercial Mortgage Trust,

   

Series 2007-5 A4

      

5.378%, 8/12/48

      2,700,000      1,795,520

Morgan Stanley Capital I, Inc.,

      

Series 1999-LIFE A2

      

7.110%, 4/15/33(l)

      225,702      225,376

Series 2004-IQ8 A5

      

5.110%, 6/15/40(l)

      600,000      531,144

Series 2005-HQ5 A4

      

5.168%, 1/14/42

      1,194,000      1,076,389

Series 2005-IQ9 A5

      

4.700%, 7/15/56

      1,875,000      1,609,715

Series 2006-HQ8 A3

      

5.611%, 3/12/44(l)

      667,000      615,083

Series 2007-HQ12 A2

      

5.811%, 4/12/49(l)

      350,000      326,165

Series 2007-HQ13 A1

      

5.357%, 12/15/44

      3,456,194      3,479,094

Series 2007-IQ14 A2

      

5.610%, 4/15/49

      1,000,000      916,069

 

See Notes to Financial Statements.

58

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

Series 2007-IQ15 A4

      

6.076%, 6/11/49(l)

    $ 3,450,000    $ 2,598,193

Series 2007-T25 A3

      

5.514%, 11/12/49(l)

      1,500,000      1,242,240

Series 2007-T27 A4

      

5.803%, 6/11/42(l)

      1,210,000      1,015,268

Morgan Stanley Dean Witter Capital I,

      

Series 2001-TOP5 A4

      

6.390%, 10/15/35

      640,000      656,087

Series 2002-IQ2 A4

      

5.740%, 12/15/35

      1,971,130      1,983,429

Residential Accredit Loans, Inc.,

      

Series 2003-QR19 CB1

      

5.750%, 10/25/33

      30,515      29,450

Series 2006-QS2 1A9

      

5.500%, 2/25/36

      1,520,990      870,295

Salomon Brothers Mortgage Securities VII, Inc.,

   

Series 2001-C1 A3

      

6.428%, 12/18/35

      1,141,606      1,162,760

Series 2001-C2 A3

      

6.499%, 11/13/36

      2,240,934      2,299,973

Sequoia Mortgage Trust,

      

Series 10 2A1

      

0.695%, 10/20/27(l)

      85,007      68,448

Series 2003-4 2A1

      

0.665%, 7/20/33(l)

      179,501      143,931

Structured Adjustable Rate Mortgage Loan Trust,

   

Series 2005-19XS 1A1

      

0.634%, 10/25/35(l)

      532,937      240,032

Structured Asset Mortgage Investments, Inc.,

   

Series 2005-AR5 A1

      

0.563%, 7/19/35(l)

      423,138      275,238

Series 2005-AR5 A2

      

0.563%, 7/19/35(l)

      2,155,471      1,374,285

Series 2006-AR3 12A1

      

0.534%, 5/25/36(l)

      1,861,654      736,513

TIAA Seasoned Commercial Mortgage Trust,

   

Series 2007-C4 A3

      

6.095%, 8/15/39(l)

      985,000      921,590

Wachovia Bank Commercial Mortgage Trust,

   

Series 2003-C8 A4

      

4.964%, 11/15/35(l)

      2,300,000      2,047,712

Series 2004-C11 A5

      

5.215%, 1/15/41(l)

      975,000      856,245

Series 2005-C17 APB

      

5.037%, 3/15/42

      1,530,000      1,477,217

Series 2005-C20 A6A

      

5.110%, 7/15/42(l)

      2,290,000      1,983,124

Series 2005-C22 A4

      

5.440%, 12/15/44(l)

      1,320,000      1,129,411

Series 2007-C31 A2

      

5.421%, 4/15/47

      1,500,000      1,376,785

Series 2007-C32 A2

      

5.924%, 6/15/49(l)

      1,400,000      1,306,586

Series 2007-C33 A4

      

6.100%, 2/15/51(l)

      3,465,000      2,550,931

WaMu Mortgage Pass-Through Certificates,

   

Series 2002-AR9 1A

      

2.740%, 8/25/42(l)

      106,310      67,229

Series 2005-AR7 A4

      

4.913%, 8/25/35(l)

      883,032      701,053

Series 2007-OA4 1A

      

2.110%, 5/25/47(l)

      568,385      238,072

Series 2007-OA5 1A

      

2.090%, 6/25/47(l)

      447,821      176,439

 

      Principal
Amount		   

Value

(Note 1)

Wells Fargo Mortgage Backed Securities Trust,

   

Series 2006-AR12 2A1

      

6.099%, 9/25/36(l)

    $ 799,006    $ 554,332
         
        154,987,549
         

Total Asset-Backed and Mortgage-Backed Securities

         240,168,019
         

Corporate Bonds (28.7%)

      

Consumer Discretionary (1.0%)

      

Automobiles (0.0%)

      

Daimler Finance N.A. LLC

      

6.500%, 11/15/13

    $ 1,319,000      1,340,811
         

Hotels, Restaurants & Leisure (0.1%)

      

International Game Technology

      

7.500%, 6/15/19

      75,000      75,674

McDonald’s Corp.

      

5.000%, 2/1/19^

      2,500,000      2,562,980

6.300%, 3/1/38

      682,000      738,363
         
        3,377,017
         

Household Durables (0.0%)

      

Whirlpool Corp.

      

8.000%, 5/1/12

      115,000      119,022

8.600%, 5/1/14

      50,000      52,250
         
        171,272
         

Media (0.8%)

      

CBS Corp.

      

8.875%, 5/15/19

      125,000      121,826

7.875%, 7/30/30

      823,000      655,427

Comcast Cable Communications Holdings, Inc.

   

8.375%, 3/15/13

      806,000      918,840

Comcast Cable Holdings LLC

      

7.875%, 8/1/13

      39,000      44,373

Comcast Corp.

      

6.500%, 1/15/15

      969,000      1,027,804

5.900%, 3/15/16

      1,395,000      1,443,021

6.500%, 1/15/17

      765,000      811,560

5.700%, 5/15/18

      300,000      301,612

5.700%, 7/1/19

      250,000      247,731

7.050%, 3/15/33

      4,000      4,257

6.500%, 11/15/35

      370,000      374,030

6.450%, 3/15/37

      658,000      648,485

6.950%, 8/15/37

      1,879,000      1,959,194

6.550%, 7/1/39

      250,000      249,573

COX Communications, Inc.

      

7.125%, 10/1/12

      115,000      123,620

4.625%, 6/1/13

      600,000      590,323

8.375%, 3/1/39^§

      1,100,000      1,226,481

CSC Holdings, Inc.

      

0.000%, 3/29/16

      987,277      926,807

Historic TW, Inc.

      

6.625%, 5/15/29

      200,000      180,850

McGraw-Hill Cos., Inc.

      

6.550%, 11/15/37

      200,000      183,006

News America Holdings, Inc.

      

9.250%, 2/1/13

      957,000      1,091,156

7.750%, 1/20/24

      43,000      41,384

8.500%, 2/23/25

      232,000      235,557

8.450%, 8/1/34

      73,000      74,069

News America, Inc.

      

7.125%, 4/8/28

      82,000      74,041

6.150%, 3/1/37

      666,000      564,855

7.850%, 3/1/39§

      250,000      266,434

Omnicom Group, Inc.

      

6.250%, 7/15/19

      150,000      147,153

 

See Notes to Financial Statements.

59

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

TCI Communications, Inc.

      

7.875%, 2/15/26

    $ 246,000    $ 258,727

7.125%, 2/15/28

      108,000      110,172

Thomson Reuters Corp.

      

5.700%, 10/1/14

      1,230,000      1,248,872

Time Warner Cable, Inc.

      

6.200%, 7/1/13

      987,000      1,039,947

5.850%, 5/1/17

      1,358,000      1,356,100

7.300%, 7/1/38

      275,000      286,475

6.750%, 6/15/39

      250,000      243,323

Time Warner Cos., Inc.

      

7.570%, 2/1/24

      3,000      2,937

Time Warner Entertainment Co. LP

      

8.375%, 3/15/23

      700,000      771,839

Time Warner, Inc.

      

1.150%, 11/13/09(l)

      1,395,000      1,391,671

6.750%, 4/15/11

      40,000      41,863

5.875%, 11/15/16

      668,000      658,321

7.700%, 5/1/32

      1,962,000      1,927,991

Turner Broadcasting System, Inc.

      

8.375%, 7/1/13

      65,000      70,262

Viacom, Inc.

      

5.750%, 4/30/11

      2,654,000      2,717,064
         
        26,659,033
         

Multiline Retail (0.0%)

      

Kohl’s Corp.

      

6.250%, 12/15/17

      622,000      639,612

Target Corp.

      

5.125%, 1/15/13

      500,000      529,628

6.000%, 1/15/18

      500,000      530,112

TJX Cos., Inc.

      

6.950%, 4/15/19

      145,000      161,551
         
        1,860,903
         

Specialty Retail (0.1%)

      

Home Depot, Inc.

      

5.400%, 3/1/16

      1,332,000      1,329,631

Lowe’s Cos., Inc.

      

5.800%, 10/15/36

      655,000      619,840

Nordstrom, Inc.

      

6.750%, 6/1/14

      100,000      103,951
         
        2,053,422
         

Total Consumer Discretionary

         35,462,458
         

Consumer Staples (0.9%)

      

Beverages (0.2%)

      

Anheuser-Busch Cos., Inc.

      

6.450%, 9/1/37

      677,000      630,611

Bottling Group LLC

      

6.950%, 3/15/14

      700,000      798,406

Coca-Cola Co.

      

5.350%, 11/15/17

      650,000      694,166

Coca-Cola Enterprises, Inc.

      

3.750%, 3/1/12

      1,750,000      1,816,194

7.375%, 3/3/14

      500,000      571,950

6.750%, 9/15/28

      660,000      690,467

Diageo Finance B.V.

      

5.300%, 10/28/15

      1,288,000      1,346,769

Dr. Pepper Snapple Group, Inc.

      

6.820%, 5/1/18

      250,000      264,379

PepsiAmericas, Inc.

      

4.375%, 2/15/14

      250,000      251,817

PepsiCo, Inc.

      

3.750%, 3/1/14

      500,000      510,048

7.900%, 11/1/18

      500,000      608,302
         
        8,183,109
         

 

      Principal
Amount		   

Value

(Note 1)

Food & Staples Retailing (0.2%)

      

CVS Caremark Corp.

      

6.250%, 6/1/27

    $ 688,000    $ 698,347

Delhaize Group

      

5.875%, 2/1/14

      250,000      256,672

Kroger Co.

      

7.500%, 1/15/14

      500,000      559,485

6.400%, 8/15/17

      250,000      265,045

8.000%, 9/15/29

      250,000      281,158

Safeway, Inc.

      

5.800%, 8/15/12

      400,000      428,237

7.250%, 2/1/31

      250,000      280,657

Wal-Mart Stores, Inc.

      

5.000%, 4/5/12

      2,650,000      2,875,067

5.250%, 9/1/35

      707,000      674,113
         
        6,318,781
         

Food Products (0.3%)

      

Archer-Daniels-Midland Co.

      

7.000%, 2/1/31

      637,000      715,129

Bunge Ltd. Finance Corp.

      

8.500%, 6/15/19

      85,000      88,880

Campbell Soup Co.

      

3.375%, 8/15/14

      100,000      99,886

4.500%, 2/15/19

      540,000      530,875

General Mills, Inc.

      

6.000%, 2/15/12

      1,342,000      1,444,790

H.J. Heinz Co.

      

5.350%, 7/15/13

      400,000      418,223

Hershey Co.

      

4.850%, 8/15/15

      640,000      632,737

Kellogg Co.

      

4.250%, 3/6/13

      500,000      514,721

Kraft Foods, Inc.

      

6.250%, 6/1/12

      1,346,000      1,450,638

6.500%, 8/11/17

      980,000      1,032,163

6.125%, 2/1/18

      1,702,000      1,759,737

7.000%, 8/11/37

      100,000      105,605
         
        8,793,384
         

Household Products (0.1%)

      

Clorox Co.

      

5.450%, 10/15/12

      1,330,000      1,408,356

Kimberly-Clark Corp.

      

6.625%, 8/1/37

      100,000      114,258

Procter & Gamble Co.

      

4.600%, 1/15/14

      600,000      631,009

4.700%, 2/15/19

      200,000      202,829

5.550%, 3/5/37

      684,000      692,678
         
        3,049,130
         

Personal Products (0.0%)

      

Avon Products, Inc.

      

5.625%, 3/1/14

      200,000      211,400
         

Tobacco (0.1%)

      

Altria Group, Inc.

      

8.500%, 11/10/13

      1,340,000      1,523,213

9.950%, 11/10/38

      500,000      577,162

Philip Morris International, Inc.

      

6.875%, 3/17/14

      775,000      874,447

5.650%, 5/16/18

      1,822,000      1,909,808

Reynolds American, Inc.

      

6.750%, 6/15/17

      400,000      373,481
         
        5,258,111
         

Total Consumer Staples

         31,813,915
         

 

See Notes to Financial Statements.

60

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

Energy (1.2%)

      

Energy Equipment & Services (0.1%)

      

Halliburton Co.

      

5.500%, 10/15/10

    $ 330,000    $ 345,142

6.700%, 9/15/38

      300,000      321,788

Nabors Industries, Inc.

      

9.250%, 1/15/19§

      300,000      345,893

Transocean, Inc.

      

6.000%, 3/15/18

      673,000      699,661

6.800%, 3/15/38

      200,000      213,922

Weatherford International Ltd.

      

5.500%, 2/15/16

      649,000      622,303

9.625%, 3/1/19

      250,000      294,102
         
        2,842,811
         

Oil, Gas & Consumable Fuels (1.1%)

      

Alberta Energy Co., Ltd.

      

8.125%, 9/15/30

      628,000      735,319

Anadarko Petroleum Corp.

      

5.950%, 9/15/16

      640,000      631,439

6.450%, 9/15/36

      250,000      224,729

Apache Corp.

      

6.000%, 1/15/37

      682,000      722,035

Canadian Natural Resources Ltd.

      

5.700%, 5/15/17

      1,889,000      1,910,176

6.250%, 3/15/38

      250,000      249,541

Chevron Corp.

      

3.450%, 3/3/12

      3,220,000      3,321,424

4.950%, 3/3/19

      250,000      258,323

ConocoPhillips

      

4.400%, 5/15/13

      2,602,000      2,675,220

4.600%, 1/15/15^

      2,830,000      2,908,235

5.750%, 2/1/19

      500,000      525,508

7.000%, 3/30/29

      9,000      9,433

Devon Financing Corp. ULC

      

6.875%, 9/30/11

      1,362,000      1,479,256

7.875%, 9/30/31

      142,000      167,206

Diamond Offshore Drilling, Inc.

      

5.875%, 5/1/19

      105,000      106,991

Enbridge Energy Partners LP

      

9.875%, 3/1/19

      250,000      289,832

Enbridge, Inc.

      

5.800%, 6/15/14

      500,000      520,455

EnCana Corp.

      

4.750%, 10/15/13

      656,000      661,307

6.500%, 5/15/19

      45,000      48,240

EnCana Holdings Finance Corp.

      

5.800%, 5/1/14

      120,000      127,013

Energy Transfer Partners LP

      

6.000%, 7/1/13

      500,000      508,656

9.000%, 4/15/19

      500,000      570,972

Enterprise Products Operating LLC

      

9.750%, 1/31/14

      375,000      431,066

6.650%, 10/15/34

      250,000      243,120

EOG Resources, Inc.

      

5.625%, 6/1/19

      125,000      130,828

EQT Corp.

      

8.125%, 6/1/19

      125,000      133,796

Gaz Capital S.A.

      

8.146%, 4/11/18^§

      1,800,000      1,638,000

Hess Corp.

      

7.300%, 8/15/31

      659,000      680,248

Husky Energy, Inc.

      

5.900%, 6/15/14

      85,000      88,923

7.250%, 12/15/19

      50,000      54,629

Kinder Morgan Energy Partners LP

      

6.750%, 3/15/11

      1,000,000      1,048,079

 

      Principal
Amount		   

Value

(Note 1)

5.000%, 12/15/13

    $ 200,000    $ 196,794

5.625%, 2/15/15

      65,000      65,697

6.000%, 2/1/17

      200,000      198,413

6.850%, 2/15/20

      145,000      148,627

7.400%, 3/15/31

      200,000      195,126

6.950%, 1/15/38

      200,000      193,738

Magellan Midstream Partners LP

      

6.550%, 7/15/19

      75,000      76,988

Marathon Oil Corp.

      

7.500%, 2/15/19

      500,000      545,726

6.600%, 10/1/37

      200,000      193,521

Nexen, Inc.

      

5.875%, 3/10/35

      672,000      575,797

Occidental Petroleum Corp.

      

7.000%, 11/1/13

      200,000      228,975

4.125%, 6/1/16

      150,000      147,522

ONEOK Partners LP

      

8.625%, 3/1/19

      350,000      391,435

PC Financial Partnership

      

5.000%, 11/15/14

      500,000      497,465

Pemex Project Funding Master Trust

      

6.625%, 6/15/35

      670,000      605,969

Petrobras International Finance Co.

      

7.875%, 3/15/19

      750,000      817,500

Petroleos Mexicanos

      

8.000%, 5/3/19§

      500,000      542,500

Plains All American Pipeline LP

      

8.750%, 5/1/19

      100,000      113,475

6.650%, 1/15/37

      678,000      629,015

Shell International Finance B.V.

      

4.000%, 3/21/14

      2,425,000      2,490,053

6.375%, 12/15/38

      500,000      544,611

Spectra Energy Capital LLC

      

6.200%, 4/15/18

      350,000      343,715

StatoilHydro ASA

      

5.250%, 4/15/19

      150,000      154,368

Suncor Energy, Inc.

      

6.850%, 6/1/39

      500,000      491,654

Talisman Energy, Inc.

      

7.750%, 6/1/19

      75,000      83,085

TEPPCO Partners LP

      

5.900%, 4/15/13

      300,000      296,768

Trans-Canada Pipelines Ltd.

      

7.125%, 1/15/19

      700,000      790,042

6.200%, 10/15/37

      250,000      255,946

7.625%, 1/15/39

      500,000      583,551

Valero Energy Corp.

      

7.500%, 4/15/32

      616,000      589,416

Williams Cos., Inc.

      

8.750%, 1/15/20§

      500,000      521,250

XTO Energy, Inc.

      

6.250%, 4/15/13

      500,000      529,825

6.250%, 8/1/17

      270,000      284,118

6.500%, 12/15/18

      250,000      268,210

6.750%, 8/1/37

      1,002,000      1,046,041
         
        38,736,935
         

Total Energy

         41,579,746
         

Financials (19.1%)

      

Capital Markets (4.1%)

      

Bank of New York Mellon Corp.

      

4.300%, 5/15/14

      145,000      147,338

Bear Stearns Cos., Inc.

      

1.507%, 7/19/10(l)

      541,000      541,410

4.500%, 10/28/10

      1,360,000      1,390,989

1.269%, 1/31/11(l)

      1,500,000      1,483,246

 

See Notes to Financial Statements.

61

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

1.093%, 8/15/11(l)

    $ 2,500,000    $ 2,435,067

6.950%, 8/10/12

      2,500,000      2,717,135

5.300%, 10/30/15

      829,000      814,423

6.400%, 10/2/17

      8,075,000      8,089,333

7.250%, 2/1/18

      2,000,000      2,107,978

Charles Schwab Corp.

      

4.950%, 6/1/14

      125,000      127,147

Citigroup Funding, Inc.

      

1.375%, 5/5/11

      500,000      500,707

2.125%, 7/12/12

      2,290,000      2,290,316

Deutsche Bank AG/London

      

5.375%, 10/12/12

      2,693,000      2,858,383

Goldman Sachs Capital I

      

6.345%, 2/15/34

      381,000      307,375

Goldman Sachs Capital II

      

5.793%, 12/31/49(l)

      1,095,000      667,348

Goldman Sachs Group, Inc.

      

1.700%, 3/15/11

      250,000      252,277

1.625%, 7/15/11

      1,352,000      1,359,349

2.150%, 3/15/12

      250,000      252,119

3.250%, 6/15/12

      2,712,000      2,806,646

5.450%, 11/1/12

      2,690,000      2,781,433

5.250%, 10/15/13

      1,518,000      1,549,263

6.000%, 5/1/14

      75,000      78,274

1.639%, 1/12/15(l)

      4,500,000      3,943,476

5.125%, 1/15/15

      1,826,000      1,796,101

6.250%, 9/1/17

      18,000,000      17,809,686

6.150%, 4/1/18

      1,600,000      1,557,723

5.950%, 1/15/27

      810,000      683,776

6.125%, 2/15/33

      699,000      652,391

6.750%, 10/1/37

      700,000      622,296

Lehman Brothers Holdings, Inc.

      

0.000%, 12/23/09(h)

      10,200,000      1,504,500

5.625%, 1/24/13(h)

      5,000,000      756,250

6.750%, 12/28/17(h)

      1,297,000      130

Merrill Lynch & Co., Inc.

      

3.188%, 5/12/10(l)

      1,500,000      1,491,559

1.292%, 7/25/11(l)

      7,100,000      6,574,444

0.867%, 6/5/12(l)

      1,500,000      1,335,219

6.150%, 4/25/13

      2,774,000      2,777,920

5.700%, 5/2/17

      1,500,000      1,286,619

6.400%, 8/28/17^

      13,000,000      11,508,380

6.875%, 4/25/18^

      3,700,000      3,424,557

Morgan Stanley

      

1.357%, 1/18/11(l)^

      2,800,000      2,712,769

5.050%, 1/21/11

      715,000      729,098

6.750%, 4/15/11

      240,000      251,416

3.250%, 12/1/11

      2,700,000      2,800,937

1.399%, 1/9/12(l)

      3,400,000      3,064,784

5.625%, 1/9/12

      3,335,000      3,413,062

2.250%, 3/13/12

      250,000      252,202

5.300%, 3/1/13

      2,543,000      2,575,721

6.000%, 5/13/14

      200,000      202,494

6.000%, 4/28/15^

      10,300,000      10,273,107

1.611%, 10/15/15(l)

      4,800,000      4,113,322

5.375%, 10/15/15

      1,000,000      979,851

5.950%, 12/28/17

      2,700,000      2,590,812

6.625%, 4/1/18

      15,000,000      14,953,590

7.300%, 5/13/19

      200,000      207,390
         
        142,403,138
         

Commercial Banks (5.6%)

      

Abbey National plc

      

7.950%, 10/26/29

      693,000      615,990

American Express Bank FSB

      

3.150%, 12/9/11

      750,000      776,581

 

      Principal
Amount		   

Value

(Note 1)

Bank of Scotland plc

      

1.153%, 7/17/09(l)§

        $ 4,300,000    $ 4,297,566

0.689%, 12/8/10(l)§

      8,000,000      7,620,280

Barclays Bank plc

      

6.750%, 5/22/19

      400,000      396,709

5.926%, 9/29/49(l)§

      1,300,000      741,000

7.434%, 9/29/49(l)§

      1,795,000      1,202,650

BB&T Corp.

      

5.250%, 11/1/19

      655,000      587,990

Citibank N.A.

      

1.875%, 5/7/12

      500,000      498,047

Credit Suisse/New York

      

3.450%, 7/2/12

      250,000      250,123

5.000%, 5/15/13

      15,840,000      16,193,596

5.500%, 5/1/14

      300,000      311,682

6.000%, 2/15/18

      464,000      463,223

DnB NOR Bank ASA

      

1.209%, 10/13/09(l)§

      6,100,000      6,061,814

Fifth Third Bancorp

      

8.250%, 3/1/38

      1,400,000      1,071,703

HBOS plc

      

6.750%, 5/21/18§

      1,400,000      1,056,846

HSBC Capital Funding LP/Jersey Channel Islands

4.610%, 12/29/49(l)§

      550,000      386,754

HSBC Holdings plc

      

6.500%, 5/2/36

      700,000      683,574

JPMorgan Chase Bank N.A.

      

6.000%, 7/5/17

      1,620,000      1,577,953

6.000%, 10/1/17

      3,610,000      3,513,750

KeyBank N.A.

      

5.700%, 8/15/12

      400,000      388,238

7.413%, 5/6/15

      400,000      358,568

KeyCorp

      

6.500%, 5/14/13

      1,302,000      1,297,211

Kreditanstalt fuer Wiederaufbau

      

3.250%, 2/15/11

      3,000,000      3,096,141

3.250%, 3/15/13

      2,705,000      2,756,108

3.500%, 3/10/14^

      4,900,000      4,991,439

4.875%, 1/17/17

      2,724,000      2,877,448

(Zero Coupon), 4/18/36

      1,824,000      465,685

Landeskreditbank Baden-Wuerttemberg Foerderbank

4.875%, 1/13/12

      500,000      527,288

Landwirtschaftliche Rentenbank

      

4.875%, 2/14/11

      2,675,000      2,805,816

Marshall & Ilsley Corp.

      

5.350%, 4/1/11

      1,453,000      1,381,520

Mizuho Financial Group, Inc./Aruba

   

1.593%, 10/27/49(l)

    JPY   300,000,000      3,113,261

National Australia Bank Ltd.

      

5.350%, 6/12/13§

        $ 9,100,000      9,373,055

National Westminster Bank plc

      

7.375%, 10/1/09

      217,000      214,634

New York Community Bank

      

3.000%, 12/16/11

      5,950,000      6,115,868

Northern Trust Corp.

      

4.625%, 5/1/14

      65,000      66,795

PNC Bank N.A.

      

4.875%, 9/21/17

      1,250,000      1,090,390

Rabobank Nederland N.V.

      

0.319%, 2/1/10(l)§

      14,500,000      14,458,269

11.000%, 12/31/49(l)§

      624,000      694,305

Regions Bank

      

7.500%, 5/15/18§

      3,700,000      3,260,743

Royal Bank of Scotland Group plc

      

5.050%, 1/8/15

      2,100,000      1,646,085

 

See Notes to Financial Statements.

62

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

Sumitomo Mitsui Banking Corp.

   

1.269%, 12/31/49(l)

    JPY   200,000,000    $ 1,974,165

1.375%, 12/31/49(l)

      100,000,000      1,034,208

5.625%, 12/31/49(l)§

        $ 300,000      276,097

U.S. Bancorp

      

4.200%, 5/15/14

      1,000,000      1,011,301

UBS AG/Connecticut

      

5.875%, 12/20/17

      15,703,000      14,623,576

5.750%, 4/25/18

      3,300,000      3,005,429

Wachovia Bank N.A.

      

4.875%, 2/1/15

      1,250,000      1,193,612

5.000%, 8/15/15

      2,500,000      2,355,435

6.600%, 1/15/38

      750,000      731,114

Wachovia Corp.

      

0.749%, 3/15/11(l)

      1,500,000      1,447,487

1.230%, 4/23/12(l)

      1,100,000      1,033,352

5.500%, 5/1/13

      2,400,000      2,479,210

5.700%, 8/1/13

      1,381,000      1,439,061

5.625%, 10/15/16

      1,340,000      1,280,114

0.899%, 6/15/17(l)

      5,900,000      4,401,642

Wells Fargo & Co.

      

3.000%, 12/9/11

      675,000      697,505

0.849%, 6/15/12(l)

      5,000,000      5,045,810

5.250%, 10/23/12

      1,335,000      1,381,904

4.375%, 1/31/13

      7,600,000      7,665,436

5.625%, 12/11/17

      665,000      654,581

7.980%, 12/31/49(l)

      8,000,000      6,640,000

Wells Fargo Bank N.A.

      

4.750%, 2/9/15

      5,700,000      5,404,951

5.750%, 5/16/16

      2,750,000      2,696,119

Westpac Banking Corp.

      

3.250%, 12/16/11§

      17,700,000      18,101,613
         
        195,860,420
         

Consumer Finance (1.4%)

      

American Express Co.

      

7.250%, 5/20/14

      250,000      258,608

7.000%, 3/19/18^

      15,968,000      15,505,535

8.125%, 5/20/19

      250,000      259,432

American Honda Finance Corp.

      

1.359%, 6/20/11(l)§

      12,000,000      11,579,412

Capital One Financial Corp.

      

7.375%, 5/23/14

      125,000      128,897

6.750%, 9/15/17

      2,300,000      2,200,608

Discover Financial Services

      

6.450%, 6/12/17

      704,000      571,208

HSBC Finance Corp.

      

6.375%, 11/27/12

      1,349,000      1,372,130

4.750%, 7/15/13

      2,732,000      2,667,689

5.000%, 6/30/15

      685,000      638,280

International Lease Finance Corp.

      

5.450%, 3/24/11

      2,804,000      2,350,750

5.650%, 6/1/14

      1,356,000      982,627

LeasePlan Corp. N.V.

      

3.000%, 5/7/12§

      2,900,000      2,933,370

SLM Corp.

      

1.232%, 7/27/09(l)

      5,900,000      5,874,872

1.252%, 7/26/10(l)

      2,300,000      2,087,602

5.400%, 10/25/11

      644,000      579,207

1.392%, 1/27/14(l)

      885,000      615,183
         
        50,605,410
         

Diversified Financial Services (5.6%)

Allstate Life Global Funding Trusts

      

5.375%, 4/30/13

      2,180,000      2,254,089

Ameriprise Financial, Inc.

      

7.300%, 6/28/19

      90,000      92,098

 

      Principal
Amount		   

Value

(Note 1)

Bank of America Corp.

      

2.100%, 4/30/12

          $ 1,000,000    $ 1,001,524

3.125%, 6/15/12

      1,350,000      1,392,318

4.750%, 8/15/13

      2,970,000      2,758,459

5.625%, 10/14/16

      2,300,000      2,078,275

6.000%, 9/1/17

      820,000      745,547

5.650%, 5/1/18^

      6,000,000      5,301,786

Bank of America N.A.

      

1.162%, 6/23/10(l)

      2,600,000      2,587,567

5.300%, 3/15/17

      1,500,000      1,272,671

6.000%, 10/15/36

      750,000      601,116

Belvoir Land LLC,

      

Series A-1

      

5.270%, 12/15/47§

      247,000      156,620

Boeing Capital Corp.

      

6.500%, 2/15/12

      1,334,000      1,463,797

BP Capital Markets plc

      

5.250%, 11/7/13

      750,000      804,983

3.625%, 5/8/14

      250,000      249,332

BTM Curacao Holdings N.V.

      

1.320%, 12/31/49(l)

      JPY   100,000,000      1,000,660

Capital One Capital IV

      

6.745%, 2/17/37(l)

          $ 692,000      463,197

Caterpillar Financial Services Corp.

      

1.006%, 8/11/09(l)

      6,100,000      6,103,666

5.125%, 10/12/11

      326,000      342,293

4.250%, 2/8/13

      1,342,000      1,335,036

7.150%, 2/15/19

      300,000      321,114

Citigroup, Inc.

      

4.125%, 2/22/10

      632,000      632,155

4.625%, 8/3/10

      185,000      184,078

6.500%, 1/18/11

      2,873,000      2,917,428

0.944%, 5/18/11(l)

      4,100,000      3,875,927

2.875%, 12/9/11

      679,000      698,481

2.125%, 4/30/12

      1,200,000      1,205,268

5.500%, 4/11/13^

      19,200,000      17,995,104

5.000%, 9/15/14

      750,000      628,739

6.125%, 5/15/18

      2,693,000      2,355,462

5.850%, 12/11/34

      1,499,000      1,164,144

CME Group, Inc.

      

5.750%, 2/15/14

      300,000      319,925

ConocoPhillips Canada Funding Co. I

5.950%, 10/15/36

      614,000      619,740

Credit Suisse FB USA, Inc.

      

5.125%, 8/15/15

      2,620,000      2,686,629

Credit Suisse USA, Inc.

      

5.250%, 3/2/11

      1,354,000      1,408,714

General Electric Capital Corp.

      

0.628%, 7/8/10(l)

      32,200,000      32,300,206

5.000%, 11/15/11

      3,681,000      3,790,028

1.563%, 12/9/11(l)

      9,000,000      9,231,579

3.000%, 12/9/11

      1,354,000      1,396,853

5.875%, 2/15/12

      4,002,000      4,180,061

0.839%, 3/12/12(l)

      20,000,000      20,136,980

1.259%, 4/10/12(l)

      10,000,000      9,346,810

2.200%, 6/8/12

      1,000,000      1,005,123

2.125%, 12/21/12

      4,560,000      4,528,623

5.900%, 5/13/14

      150,000      153,909

5.400%, 2/15/17

      1,308,000      1,266,425

6.750%, 3/15/32

      1,597,000      1,433,637

5.875%, 1/14/38

      1,366,000      1,081,035

5.500%, 9/15/67(l)§

    EUR   10,400,000      8,243,147

6.375%, 11/15/67(l)

          $ 1,415,000      944,118

Irwin Land LLC

      

Series A-1

      

5.030%, 12/15/25§

      217,000      163,067

 

See Notes to Financial Statements.

63

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

Series A-2

      

5.300%, 12/15/35§

    $ 395,000    $ 281,765

John Deere Capital Corp.

      

7.000%, 3/15/12

      600,000      658,894

2.875%, 6/19/12

      300,000      307,407

5.250%, 10/1/12

      200,000      211,262

4.500%, 4/3/13

      500,000      510,096

5.750%, 9/10/18

      300,000      306,108

JPMorgan Chase & Co.

      

3.125%, 12/1/11

      2,706,000      2,799,227

0.734%, 12/21/11(l)

      2,700,000      2,614,240

6.625%, 3/15/12

      2,661,000      2,801,386

1.178%, 11/1/12(l)

      1,500,000      1,393,973

0.854%, 12/26/12(l)

      1,400,000      1,414,001

4.650%, 6/1/14

      250,000      249,341

6.000%, 1/15/18

      674,000      669,556

7.900%, 4/29/49(l)

      982,000      859,348

JPMorgan Chase Capital XV

      

5.875%, 3/15/35

      693,000      554,400

JPMorgan Chase Capital XVIII

      

6.950%, 8/17/36

      671,000      565,513

JPMorgan Chase Capital XXV

      

6.800%, 10/1/37^

      3,201,000      2,752,863

National Rural Utilities Cooperative Finance Corp.

   

7.250%, 3/1/12

      2,604,000      2,844,185

Pemex Finance Ltd.

      

9.030%, 2/15/11

      10,500      11,235

Santander Perpetual S.A.U.

      

6.671%, 10/29/49(l)§

      3,500,000      2,590,000

UFJ Finance Aruba AEC

      

6.750%, 7/15/13

      310,000      320,987

Unilever Capital Corp.

      

4.800%, 2/15/19

      750,000      757,386
         
        193,692,716
         

Insurance (1.9%)

      

ACE INA Holdings, Inc.

      

5.600%, 5/15/15

      250,000      253,069

5.900%, 6/15/19

      50,000      50,118

Aflac, Inc.

      

8.500%, 5/15/19

      150,000      160,280

Allstate Corp.

      

6.200%, 5/16/14

      200,000      209,774

7.450%, 5/16/19

      100,000      108,186

5.950%, 4/1/36

      634,000      553,581

6.125%, 5/15/37(l)^

      444,000      326,340

American International Group, Inc.

      

1.094%, 1/29/10(l)§

      10,400,000      8,840,000

5.600%, 10/18/16

      1,000,000      540,673

8.250%, 8/15/18§

      1,200,000      706,208

6.250%, 5/1/36

      700,000      300,560

8.175%, 5/15/58(l)§

      17,926,000      5,114,216

Berkshire Hathaway Finance Corp.

      

4.000%, 4/15/12§

      500,000      516,746

4.750%, 5/15/12^

      228,000      242,078

5.000%, 8/15/13

      600,000      629,450

4.850%, 1/15/15

      600,000      624,487

Chubb Corp.

      

5.750%, 5/15/18

      1,250,000      1,296,544

6.375%, 3/29/67(l)

      937,000      749,600

Hartford Financial Services Group, Inc.

      

6.100%, 10/1/41

      592,000      409,155

Hartford Life Global Funding Trusts

      

0.799%, 9/15/09(l)

      1,083,000      1,078,600

Lincoln National Corp.

      

8.750%, 7/1/19

      150,000      151,271

6.050%, 4/20/67(l)

      607,000      385,445

 

      Principal
Amount		   

Value

(Note 1)

Marsh & McLennan Cos., Inc.

      

5.375%, 7/15/14

    $ 290,000    $ 282,317

MetLife, Inc.

      

6.125%, 12/1/11

      272,000      284,748

5.700%, 6/15/35

      244,000      213,117

6.400%, 12/15/36

      2,000,000      1,430,000

Metropolitan Life Global Funding I

      

0.894%, 5/17/10(l)§

      900,000      892,593

1.014%, 5/18/10(l)§

      1,500,000      1,489,189

0.879%, 3/15/12(l)§

      12,620,000      11,957,450

5.125%, 4/10/13§

      1,550,000      1,576,469

5.125%, 6/10/14§

      775,000      768,969

Monumental Global Funding Ltd.

      

0.498%, 6/16/10(l)§

      2,080,000      1,996,800

New York Life Global Funding

      

4.650%, 5/9/13§

      11,900,000      12,070,301

Principal Life Income Funding Trusts

      

5.125%, 3/1/11

      2,642,000      2,599,155

Progressive Corp.

      

6.700%, 6/15/37(l)

      717,000      505,561

Prudential Financial, Inc.

      

4.500%, 7/15/13

      1,319,000      1,240,066

6.200%, 1/15/15

      45,000      43,991

6.000%, 12/1/17

      1,244,000      1,170,302

Swiss Reinsurance Solutions Holding Corp.

   

7.000%, 2/15/26

      1,228,000      962,564

Travelers Cos., Inc.

      

5.800%, 5/15/18

      500,000      513,941

6.250%, 3/15/37(l)

      1,012,000      815,636

6.250%, 6/15/37

      250,000      258,910

Willis North America, Inc.

      

5.625%, 7/15/15

      665,000      583,628
         
        64,902,088
         

Real Estate Investment Trusts (REITs) (0.2%)

   

Duke Realty LP

      

6.250%, 5/15/13

      100,000      89,937

ERP Operating LP

      

6.625%, 3/15/12

      133,000      136,736

5.125%, 3/15/16

      500,000      458,549

HCP, Inc.

      

6.000%, 1/30/17

      300,000      254,317

Hospitality Properties Trust

      

5.625%, 3/15/17

      250,000      186,609

HRPT Properties Trust

      

6.650%, 1/15/18

      100,000      80,464

Simon Property Group LP

      

5.300%, 5/30/13

      1,319,000      1,275,431

6.750%, 5/15/14

      215,000      216,033

5.100%, 6/15/15

      658,000      600,836

Ventas Realty LP/Ventas Capital Corp.

      

7.125%, 6/1/15

      2,248,000      2,169,320

6.750%, 4/1/17

      760,000      682,100
         
        6,150,332
         

Thrifts & Mortgage Finance (0.3%)

      

Sovereign Bancorp, Inc.

      

2.500%, 6/15/12

      10,000,000      10,092,990
         

Total Financials

         663,707,094
         

Health Care (1.3%)

      

Biotechnology (0.1%)

      

Amgen, Inc.

      

5.850%, 6/1/17

      678,000      719,431

6.375%, 6/1/37

      670,000      713,244

 

See Notes to Financial Statements.

64

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

Genentech, Inc.

      

4.750%, 7/15/15

    $ 250,000    $ 258,299
         
        1,690,974
         

Health Care Equipment & Supplies (0.0%)

   

Baxter International, Inc.

      

5.900%, 9/1/16

      1,324,000      1,427,068

Hospira, Inc.

      

6.400%, 5/15/15

      115,000      121,056
         
        1,548,124
         

Health Care Providers & Services (0.2%)

   

Aetna, Inc.

      

6.625%, 6/15/36

      946,000      859,960

Cardinal Health, Inc.

      

5.650%, 6/15/12

      250,000      257,444

5.850%, 12/15/17

      200,000      187,085

Express Scripts, Inc.

      

5.250%, 6/15/12

      400,000      413,262

6.250%, 6/15/14

      135,000      142,845

7.250%, 6/15/19

      80,000      88,219

McKesson Corp.

      

6.500%, 2/15/14

      300,000      320,076

Medco Health Solutions, Inc.

      

7.125%, 3/15/18

      250,000      263,269

Roche Holdings, Inc.

      

2.661%, 2/25/11(l)§

      505,000      510,595

5.000%, 3/1/14§

      2,250,000      2,364,786

WellPoint Health Networks, Inc.

      

6.375%, 1/15/12

      1,335,000      1,390,665
         
        6,798,206
         

Pharmaceuticals (1.0%)

      

Abbott Laboratories, Inc.

      

5.600%, 5/15/11

      1,334,000      1,425,236

5.125%, 4/1/19

      1,195,000      1,230,408

6.000%, 4/1/39

      300,000      316,782

AstraZeneca plc

      

5.900%, 9/15/17

      300,000      321,249

6.450%, 9/15/37

      676,000      749,389

Bristol-Myers Squibb Co.

      

5.875%, 11/15/36

      678,000      698,105

6.875%, 8/1/97

      45,000      46,795

Eli Lilly & Co.

      

3.550%, 3/6/12

      1,070,000      1,108,500

5.200%, 3/15/17

      1,316,000      1,378,805

5.500%, 3/15/27

      300,000      299,677

GlaxoSmithKline Capital, Inc.

      

4.850%, 5/15/13

      1,027,000      1,074,286

5.650%, 5/15/18

      14,024,000      14,854,277

Johnson & Johnson

      

5.550%, 8/15/17

      500,000      543,451

4.950%, 5/15/33

      271,000      257,871

Merck & Co., Inc.

      

4.000%, 6/30/15^

      2,260,000      2,299,765

5.750%, 11/15/36

      250,000      249,637

Novartis Capital Corp.

      

4.125%, 2/10/14

      300,000      308,811

Novartis Securities Investment Ltd.

      

5.125%, 2/10/19

      500,000      511,543

Pfizer, Inc.

      

4.500%, 2/15/14

      250,000      260,438

5.350%, 3/15/15^

      3,265,000      3,508,569

Schering-Plough Corp.

      

6.000%, 9/15/17

      350,000      372,751

6.550%, 9/15/37

      350,000      375,334

Teva Pharmaceutical Finance LLC

      

5.550%, 2/1/16

      268,000      277,202

 

      Principal
Amount		    Value
(Note 1)

6.150%, 2/1/36

    $ 270,000    $ 278,507

Wyeth

      

5.500%, 2/15/16

      652,000      682,489

7.250%, 3/1/23

      683,000      767,180

5.950%, 4/1/37

      500,000      517,264
         
        34,714,321
         

Total Health Care

         44,751,625
         

Industrials (1.1%)

      

Aerospace & Defense (0.2%)

      

General Dynamics Corp.

      

1.800%, 7/15/11

      65,000      64,881

5.250%, 2/1/14

      500,000      534,236

Goodrich Corp.

      

6.125%, 3/1/19

      200,000      200,773

Honeywell International, Inc.

      

3.875%, 2/15/14^

      1,270,000      1,297,676

5.300%, 3/1/18

      1,334,000      1,393,175

Lockheed Martin Corp.

      

4.121%, 3/14/13

      158,000      161,156

7.750%, 5/1/26

      674,000      814,579

Northrop Grumman Systems Corp.

      

7.750%, 2/15/31

      405,000      506,790

Rockwell Collins, Inc.

      

5.250%, 7/15/19

      50,000      51,694

United Technologies Corp.

      

4.875%, 5/1/15

      500,000      531,685

6.125%, 2/1/19

      500,000      553,394

6.050%, 6/1/36

      660,000      700,038
         
        6,810,077
         

Air Freight & Logistics (0.1%)

      

United Parcel Service, Inc.

      

3.875%, 4/1/14

      3,225,000      3,325,556

6.200%, 1/15/38

      694,000      759,270
         
        4,084,826
         

Airlines (0.3%)

      

Continental Airlines, Inc.

      

9.000%, 7/8/16

      250,000      250,000

Series 99-2

      

7.056%, 9/15/09

      850,000      841,500

Southwest Airlines Co.

      

10.500%, 12/15/11(b)§

      7,000,000      7,531,258

UAL Pass Through Trust

      

Series 01A3

      

6.602%, 9/1/13

      10,253      10,151
         
        8,632,909
         

Building Products (0.0%)

      

CRH America, Inc.

      

6.000%, 9/30/16

      500,000      444,964
         

Commercial Services & Supplies (0.2%)

   

Allied Waste North America, Inc.

      

6.875%, 6/1/17

      350,000      346,500

Board of Trustees of the Leland Stanford Junior University

   

4.250%, 5/1/16

      895,000      877,816

Dartmouth College

      

4.750%, 6/1/19

      50,000      50,510

Pitney Bowes, Inc.

      

5.750%, 9/15/17

      678,000      710,852

Princeton University

      

4.950%, 3/1/19^

      1,800,000      1,821,942

R.R. Donnelley & Sons Co.

      

11.250%, 2/1/19

      250,000      264,658

Vanderbilt University

      

5.250%, 4/1/19

      100,000      94,070

 

See Notes to Financial Statements.

65

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

Waste Management, Inc.

      

6.375%, 11/15/12

    $ 700,000    $ 743,320

7.375%, 3/11/19

      200,000      214,325
         
        5,123,993
         

Electrical Equipment (0.0%)

      

Emerson Electric Co.

      

4.875%, 10/15/19

      500,000      500,164

6.125%, 4/15/39

      100,000      105,158
         
        605,322
         

Industrial Conglomerates (0.2%)

      

3M Co.

      

4.375%, 8/15/13

      350,000      372,154

5.700%, 3/15/37

      200,000      208,344

General Electric Co.

      

5.000%, 2/1/13

      2,081,000      2,165,314

5.250%, 12/6/17

      500,000      491,023

ITT Corp.

      

4.900%, 5/1/14

      220,000      218,496

Philips Electronics N.V.

      

6.875%, 3/11/38

      1,348,000      1,443,903

Tyco Electronics Group S.A.

      

6.000%, 10/1/12

      1,342,000      1,317,876

Tyco International Finance S.A.

      

6.000%, 11/15/13

      610,000      620,259
         
        6,837,369
         

Machinery (0.0%)

      

Caterpillar, Inc.

      

8.250%, 12/15/38

      300,000      371,719

Dover Corp.

      

5.450%, 3/15/18

      660,000      682,088
         
        1,053,807
         

Road & Rail (0.1%)

      

Burlington Northern Santa Fe Corp.

      

5.900%, 7/1/12

      1,342,000      1,421,175

Canadian National Railway Co.

      

6.200%, 6/1/36

      680,000      705,140

Canadian Pacific Railway Co.

      

7.250%, 5/15/19

      220,000      228,265

CSX Corp.

      

6.250%, 3/15/18

      650,000      655,559

Norfolk Southern Corp.

      

7.700%, 5/15/17

      268,000      293,739

5.900%, 6/15/19

      50,000      51,818
         
        3,355,696
         

Total Industrials

         36,948,963
         

Information Technology (0.3%)

      

Communications Equipment (0.0%)

      

Harris Corp.

      

6.375%, 6/15/19

      85,000      89,699

Motorola, Inc.

      

6.000%, 11/15/17

      676,000      550,940

Nokia Oyj

      

6.625%, 5/15/39

      95,000      100,313
         
        740,952
         

Computers & Peripherals (0.1%)

      

Dell, Inc.

      

3.375%, 6/15/12

      70,000      71,256

5.875%, 6/15/19

      125,000      127,588

7.100%, 4/15/28

      100,000      102,498

Hewlett-Packard Co.

      

5.250%, 3/1/12

      664,000      709,300

 

      Principal
Amount		    Value
(Note 1)

International Business Machines Corp.

      

6.500%, 1/15/28

    $ 1,379,000    $ 1,486,056
         
        2,496,698
         

IT Services (0.0%)

      

Electronic Data Systems Corp.

      

6.000%, 8/1/13

      670,000      731,405

Western Union Co.

      

5.400%, 11/17/11

      1,325,000      1,384,813
         
        2,116,218
         

Office Electronics (0.1%)

      

Xerox Corp.

      

5.500%, 5/15/12

      1,302,000      1,298,437

8.250%, 5/15/14

      40,000      41,595

6.350%, 5/15/18

      1,372,000      1,224,510
         
        2,564,542
         

Semiconductors & Semiconductor Equipment (0.0%)

   

Analog Devices, Inc.

      

5.000%, 7/1/14

      100,000      100,171
         

Software (0.1%)

      

Microsoft Corp.

      

2.950%, 6/1/14

      190,000      188,621

4.200%, 6/1/19

      125,000      122,120

5.200%, 6/1/39

      185,000      180,058

Oracle Corp.

      

4.950%, 4/15/13

      1,100,000      1,151,872

5.250%, 1/15/16

      1,302,000      1,362,434
         
        3,005,105
         

Total Information Technology

         11,023,686
         

Materials (0.4%)

      

Chemicals (0.1%)

      

Dow Chemical Co.

      

6.000%, 10/1/12

      1,312,000      1,328,281

7.600%, 5/15/14

      370,000      381,101

8.550%, 5/15/19

      310,000      310,552

9.400%, 5/15/39

      225,000      231,610

E.I. du Pont de Nemours & Co.

      

5.875%, 1/15/14

      300,000      324,873

6.000%, 7/15/18

      350,000      377,276

5.600%, 12/15/36

      100,000      95,811

Monsanto Co.

      

5.125%, 4/15/18

      150,000      155,403

5.875%, 4/15/38

      100,000      102,023

Potash Corp of Saskatchewan Inc.

      

5.250%, 5/15/14

      155,000      159,959

6.500%, 5/15/19

      85,000      91,589

PPG Industries, Inc.

      

6.650%, 3/15/18

      300,000      318,942

Praxair, Inc.

      

4.625%, 3/30/15

      253,000      261,394

Valspar Corp.

      

7.250%, 6/15/19

      100,000      100,699
         
        4,239,513
         

Construction Materials (0.0%)

      

Lafarge S.A.

      

7.125%, 7/15/36

      200,000      154,327
         

Metals & Mining (0.2%)

      

Alcoa, Inc.

      

7.375%, 8/1/10

      666,000      685,425

5.900%, 2/1/27

      665,000      474,182

Allegheny Technologies, Inc.

      

9.375%, 6/1/19

      200,000      211,941

ArcelorMittal S.A.

      

5.375%, 6/1/13

      300,000      287,336

 

See Notes to Financial Statements.

66

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

9.000%, 2/15/15

    $ 225,000    $ 237,006

6.125%, 6/1/18

      250,000      218,750

9.850%, 6/1/19

      250,000      269,226

Barrick N.A. Finance LLC

      

7.500%, 9/15/38

      100,000      116,455

BHP Billiton Finance USA Ltd.

      

5.125%, 3/29/12

      628,000      659,646

Freeport-McMoRan Copper & Gold, Inc.

      

8.375%, 4/1/17

      1,000,000      1,007,500

Rio Tinto Finance USA Ltd.

      

5.875%, 7/15/13

      650,000      654,074

8.950%, 5/1/14

      360,000      400,049

9.000%, 5/1/19

      215,000      238,973

7.125%, 7/15/28

      300,000      286,268

Vale Overseas Ltd.

      

6.875%, 11/21/36

      1,366,000      1,297,024

Xstrata Canada Corp.

      

5.500%, 6/15/17

      724,000      626,703
         
        7,670,558
         

Paper & Forest Products (0.1%)

      

International Paper Co.

      

7.400%, 6/15/14

      500,000      497,729

Koch Forest Products, Inc.

      

2.956%, 12/20/12(l)

      56,196      52,856

3.293%, 12/20/12(l)

      809,524      761,412

Weyerhaeuser Co.

      

7.375%, 3/15/32

      1,315,000      1,049,574
         
        2,361,571
         

Total Materials

         14,425,969
         

Telecommunication Services (2.1%)

      

Diversified Telecommunication Services (1.6%)

Ameritech Capital Funding Corp.

      

6.550%, 1/15/28

      531,000      512,113

AT&T Corp.

      

7.300%, 11/15/11^

      38,000      41,672

8.000%, 11/15/31

      698,000      805,618

AT&T, Inc.

      

6.250%, 3/15/11

      1,351,000      1,431,547

5.500%, 2/1/18

      585,000      584,144

6.150%, 9/15/34

      676,000      641,742

6.800%, 5/15/36

      682,000      706,604

6.500%, 9/1/37^

      1,950,000      1,934,104

6.300%, 1/15/38

      7,300,000      7,053,654

6.400%, 5/15/38

      13,602,000      13,315,161

BellSouth Capital Funding Corp.

      

7.875%, 2/15/30

      687,000      758,962

BellSouth Corp.

      

5.200%, 9/15/14

      1,107,000      1,152,428

6.000%, 11/15/34

      290,000      273,337

British Telecommunications plc

      

9.125%, 12/15/10

      1,346,000      1,429,549

9.625%, 12/15/30

      693,000      768,300

Corning, Inc.

      

6.625%, 5/15/19

      30,000      30,660

Deutsche Telekom International Finance B.V.

8.500%, 6/15/10

      2,400,000      2,523,996

4.875%, 7/8/14

      500,000      503,241

6.750%, 8/20/18

      500,000      530,657

6.000%, 7/8/19

      250,000      252,225

8.750%, 6/15/30

      668,000      782,047

Embarq Corp.

      

7.082%, 6/1/16

      500,000      488,296

France Telecom S.A.

      

7.750%, 3/1/11

      1,149,000      1,242,680

 

      Principal
Amount		   

Value

(Note 1)

GTE Corp.

      

8.750%, 11/1/21

    $ 250,000    $ 284,099

6.940%, 4/15/28

      67,000      67,179

Qwest Corp.

      

7.625%, 6/15/15^

      1,580,000      1,485,200

8.375%, 5/1/16§

      750,000      723,750

6.500%, 6/1/17

      650,000      572,000

Telecom Italia Capital S.A.

      

6.175%, 6/18/14

      250,000      252,819

5.250%, 10/1/15

      472,000      455,639

6.999%, 6/4/18

      500,000      505,828

7.175%, 6/18/19

      250,000      253,424

6.375%, 11/15/33

      1,374,000      1,221,149

Telefonica Emisiones S.A.U.

      

5.984%, 6/20/11

      1,350,000      1,421,434

4.949%, 1/15/15

      1,440,000      1,463,694

6.421%, 6/20/16

      300,000      320,763

6.221%, 7/3/17

      669,000      707,779

5.877%, 7/15/19

      145,000      149,494

Telefonica Europe B.V.

      

7.750%, 9/15/10

      165,000      174,055

Verizon Communications, Inc.

      

5.350%, 2/15/11^

      600,000      625,606

4.350%, 2/15/13

      500,000      510,731

5.550%, 2/15/16

      1,315,000      1,361,108

5.500%, 2/15/18

      298,000      295,947

8.750%, 11/1/18

      2,500,000      2,961,198

7.750%, 12/1/30

      678,000      757,178

7.750%, 6/15/32

      127,000      141,496

5.850%, 9/15/35

      262,000      243,686

6.400%, 2/15/38

      667,000      652,987

Verizon Maryland, Inc.

      

Series B

      

5.125%, 6/15/33

      139,000      102,983

Verizon New England, Inc.

      

6.500%, 9/15/11

      797,000      848,342

7.875%, 11/15/29

      7,000      7,187

Verizon New Jersey, Inc.

      

Series A

      

5.875%, 1/17/12

      312,000      327,060

Verizon New York, Inc.

      

Series A

      

6.875%, 4/1/12

      500,000      529,914
         
        57,186,466
         

Wireless Telecommunication Services (0.5%)

America Movil S.A.B. de C.V.

      

5.625%, 11/15/17

      1,322,000      1,292,131

New Cingular Wireless Services, Inc.

      

7.875%, 3/1/11

      300,000      323,540

8.125%, 5/1/12

      1,348,000      1,509,197

Rogers Communications, Inc.

      

6.800%, 8/15/18

      500,000      536,013

Verizon Wireless Capital LLC

      

3.750%, 5/20/11§

      4,935,000      5,036,034

5.250%, 2/1/12§

      500,000      527,330

5.550%, 2/1/14§

      500,000      530,814

8.500%, 11/15/18§

      1,270,000      1,517,768

Vodafone Group plc

      

7.750%, 2/15/10

      595,000      615,117

4.150%, 6/10/14

      3,075,000      3,026,750

7.875%, 2/15/30

      682,000      782,235

 

See Notes to Financial Statements.

67

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

6.150%, 2/27/37

    $ 669,000    $ 658,196
         
        16,355,125
         

Total Telecommunication Services

         73,541,591
         

Utilities (1.3%)

      

Electric Utilities (1.1%)

      

Carolina Power & Light Co.

      

5.300%, 1/15/19

      500,000      521,996

Columbus Southern Power Co.

      

Series D

      

6.600%, 3/1/33

      651,000      649,921

Commonwealth Edison Co.

      

6.150%, 9/15/17

      1,330,000      1,381,740

5.900%, 3/15/36

      624,000      598,638

Consolidated Edison Co. of New York, Inc.

      

Series 02-B

      

4.875%, 2/1/13

      1,305,000      1,355,445

Series 07-A

      

6.300%, 8/15/37

      628,000      665,536

Dayton Power & Light Co.

      

5.125%, 10/1/13

      900,000      919,393

Detroit Edison Co.

      

Series A

      

6.625%, 6/1/36

      100,000      107,403

Series G

      

5.600%, 6/15/18

      250,000      256,692

DTE Energy Co.

      

7.625%, 5/15/14

      50,000      52,183

Duke Energy Carolinas LLC

      

6.000%, 1/15/38

      500,000      525,887

Duke Energy Ohio, Inc.

      

5.700%, 9/15/12

      1,245,000      1,266,349

EDP Finance B.V.

      

6.000%, 2/2/18§

      875,000      898,467

Enel Finance International S.A.

      

6.250%, 9/15/17§

      7,200,000      7,517,333

FirstEnergy Corp.

      

Series B

      

6.450%, 11/15/11

      642,000      670,094

Series C

      

7.375%, 11/15/31

      522,000      492,694

Florida Power & Light Co.

      

5.550%, 11/1/17

      500,000      531,746

4.950%, 6/1/35

      875,000      813,130

5.950%, 2/1/38

      309,000      330,624

Florida Power Corp.

      

5.900%, 3/1/33

      82,000      85,054

6.400%, 6/15/38

      890,000      989,606

Georgia Power Co.

      

5.400%, 6/1/18

      500,000      522,572

5.950%, 2/1/39

      250,000      262,077

Hydro Quebec

      

7.500%, 4/1/16

      300,000      347,053

Indiana Michigan Power Co.

      

7.000%, 3/15/19

      250,000      268,693

MidAmerican Energy Co.

      

6.750%, 12/30/31

      273,000      308,584

MidAmerican Energy Holdings Co.

      

5.950%, 5/15/37

      704,000      679,554

6.500%, 9/15/37

      600,000      622,706

MidAmerican Funding LLC

      

6.927%, 3/1/29

      682,000      763,897

Nevada Power Co.

      

7.125%, 3/15/19

      500,000      534,344

 

      Principal
Amount		   

Value

(Note 1)

Northern States Power Co.

      

5.250%, 3/1/18

    $ 500,000    $ 520,381

Oncor Electric Delivery Co.

      

6.800%, 9/1/18

      500,000      534,304

7.250%, 1/15/33

      250,000      272,019

Pacific Gas & Electric Co.

      

6.250%, 12/1/13

      500,000      549,043

6.050%, 3/1/34

      657,000      681,596

PacifiCorp

      

6.000%, 1/15/39

      500,000      524,023

Pepco Holdings, Inc.

      

6.450%, 8/15/12

      2,130,000      2,216,391

Portland General Electric Co.

      

6.100%, 4/15/19

      100,000      105,090

PPL Electric Utilities Corp.

      

6.250%, 5/15/39

      75,000      79,062

PSEG Power LLC

      

6.950%, 6/1/12

      400,000      430,629

Public Service Co. of Colorado

      

6.250%, 9/1/37

      254,000      278,652

Public Service Electric & Gas Co.

      

5.300%, 5/1/18

      250,000      261,243

5.800%, 5/1/37

      250,000      258,313

San Diego Gas & Electric Co.

      

6.125%, 9/15/37

      200,000      215,883

6.000%, 6/1/39

      30,000      31,898

Scottish Power Ltd.

      

4.910%, 3/15/10

      330,000      336,047

Southern California Edison Co.

      

5.750%, 3/15/14

      500,000      542,446

Series 08-A

      

5.950%, 2/1/38

      800,000      846,383

Southern Co.

      

4.150%, 5/15/14

      125,000      125,497

Toledo Edison Co.

      

7.250%, 5/1/20

      30,000      33,403

Union Electric Co.

      

6.700%, 2/1/19

      500,000      522,545

Virginia Electric & Power Co.

      

Series A

      

5.400%, 1/15/16

      1,316,000      1,373,166
         
        35,677,425
         

Gas Utilities (0.0%)

      

CenterPoint Energy Resources Corp.

      

6.150%, 5/1/16

      300,000      282,129

Consolidated Natural Gas Co.

      

Series A

      

5.000%, 3/1/14

      75,000      76,371

Panhandle Eastern Pipeline Co.

      

6.200%, 11/1/17

      250,000      241,003

Southern California Gas Co.

      

5.500%, 3/15/14

      200,000      215,739
         
        815,242
         

Independent Power Producers & Energy Traders (0.1%)

Constellation Energy Group, Inc.

      

7.000%, 4/1/12

      1,275,000      1,317,204

Tennessee Valley Authority

      

5.500%, 7/18/17

      676,000      737,263

6.750%, 11/1/25

      697,000      803,837

6.150%, 1/15/38

      691,000      756,230
         
        3,614,534
         

Multi-Utilities (0.1%)

      

Dominion Resources, Inc.

      

Series 07-A

      

6.000%, 11/30/17

      1,331,000      1,382,366

 

See Notes to Financial Statements.

68

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

Series C

      

5.150%, 7/15/15

    $ 383,000    $ 388,516

Series D

      

5.125%, 12/15/09

      45,000      45,570

NiSource Finance Corp.

      

6.400%, 3/15/18

      250,000      229,374

Sempra Energy

      

9.800%, 2/15/19

      600,000      726,769
         
        2,772,595
         

Total Utilities

         42,879,796
         

Total Corporate Bonds

         996,134,843
         

Government Securities (84.8%)

      

Agency ABS (0.5%)

      

Small Business Administration, Class 1

      

Series 2003-10A 1 1

      

4.628%, 3/10/13

    $ 133,424      136,698

Series 2008-P10B 1

      

5.944%, 8/10/18

      3,049,006      3,149,467

Small Business Administration Participation Certificates

Series 2004-20A 1 1

      

4.930%, 1/1/24

      591,950      616,311

Series 2004-20C 1

      

4.340%, 3/1/24

      3,859,893      3,940,278

Series 2005-20B 1

      

4.625%, 2/1/25

      347,539      358,284

Series 2008-20A 1

      

5.170%, 1/1/28

      943,010      983,530

Series 2008-20C 1 1

      

5.490%, 3/1/28

      3,473,801      3,646,892

Series 2008-20G

      

5.870%, 7/1/28

      3,529,472      3,733,442
         
        16,564,902
         

Agency CMO (0.6%)

      

Federal Home Loan Mortgage Corp.

      

4.500%, 12/15/13

      116,986      116,947

4.500%, 2/15/15

      1,219,669      1,238,318

4.500%, 1/15/16

      1,641,596      1,673,654

5.000%, 7/15/19

      1,504,223      1,522,783

5.500%, 2/15/26

      791,128      805,746

5.500%, 4/15/26

      780,841      799,877

0.669%, 12/15/29(l)

      472      464

5.500%, 1/15/31

      561,571      585,632

Federal National Mortgage Association

      

4.500%, 2/25/17

      1,149,174      1,178,684

4.500%, 3/25/17

      937,774      962,752

5.500%, 9/25/24

      457,732      461,437

5.500%, 10/25/24

      583,404      588,892

5.500%, 3/25/25

      1,456,344      1,471,090

5.500%, 1/25/26

      1,698,904      1,720,458

5.500%, 5/25/27

      557,394      568,894

6.000%, 8/25/28

      232,803      236,576

6.000%, 1/25/32

      2,241,625      2,312,469

8.639%, 6/25/32(l)

      128,475      137,310

5.310%, 8/25/33

      2,849,563      2,941,283

6.000%, 10/25/33

      2,222,075      2,292,382

6.500%, 7/25/34

      364,367      383,621

Government National Mortgage Association

6.500%, 6/20/32

      162,117      173,443

6.082%, 1/16/38 IO(l)

      4,732,389      522,281
         
        22,694,993
         
      Principal
Amount		   

Value

(Note 1)

Foreign Governments (1.2%)

      

Emirate of Abu Dhabi

      

5.500%, 8/2/12§

    $ 3,100,000    $ 3,213,981

Export-Import Bank of China

      

5.250%, 7/29/14§

      3,700,000      3,934,765

Export-Import Bank of Korea

      

5.125%, 2/14/11

      700,000      709,150

Federative Republic of Brazil

      

6.000%, 1/17/17

      2,700,000      2,771,550

8.000%, 1/15/18

      1,500,000      1,680,000

8.250%, 1/20/34

      1,351,000      1,604,312

Israel Government AID Bond

      

5.500%, 4/26/24

      585,000      626,649

5.500%, 9/18/33

      583,000      605,809

Oesterreichische Kontrollbank AG

      

2.875%, 3/15/11

      500,000      510,836

4.875%, 2/16/16

      2,749,000      2,815,155

Province of British Columbia

      

6.500%, 1/15/26

      300,000      337,071

7.250%, 9/1/36

      500,000      621,504

Province of Manitoba

      

4.900%, 12/6/16

      500,000      517,256

Province of Nova Scotia

      

5.125%, 1/26/17

      1,455,000      1,487,311

Province of Ontario

      

2.625%, 1/20/12

      1,500,000      1,525,254

3.500%, 7/15/13

      1,000,000      1,007,173

Province of Quebec

      

4.600%, 5/26/15

      1,372,000      1,421,462

7.500%, 9/15/29

      500,000      613,062

Republic of Chile

      

5.500%, 1/15/13

      300,000      324,918

Republic of Croatia

      

4.000%, 7/30/10(l)

      308,864      302,924

Republic of Italy

      

5.625%, 6/15/12

      1,256,000      1,369,541

4.500%, 1/21/15

      2,699,000      2,767,058

6.875%, 9/27/23

      656,000      736,306

Republic of Panama

      

9.375%, 4/1/29

      298,000      369,520

Republic of Peru

      

8.375%, 5/3/16

      300,000      345,750

7.125%, 3/30/19

      100,000      106,750

6.550%, 3/14/37

      677,000      656,690

Republic of South Africa

      

7.375%, 4/25/12

      60,000      64,437

6.500%, 6/2/14

      1,480,000      1,550,300

State of Israel

      

5.500%, 11/9/16

      656,000      683,263

Svensk Exportkredit AB

      

4.500%, 9/27/10

      1,000,000      1,036,122

United Mexican States

      

6.625%, 3/3/15

      670,000      716,900

8.125%, 12/30/19

      1,356,000      1,579,740

8.300%, 8/15/31

      1,370,000      1,633,725

6.750%, 9/27/34

      1,078,000      1,087,163
         
        41,333,407
         

Municipal Bonds (1.4%)

      

Buckeye Tobacco Settlement Financing Authority

6.000%, 6/1/42

      4,100,000      2,433,473

California Educational Facilities Authority

      

4.750%, 10/1/37

      900,000      828,351

California State University

      

5.000%, 11/1/30

      300,000      280,602

Chabot-Las Positas, California Community College District


 

See Notes to Financial Statements.

69

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

(Zero Coupon), 8/1/22

    $ 6,230,000    $ 2,929,907

City of Chicago, Illinois

      

8.514%, 1/1/14(l)§

      300,000      241,200

City of Houston, Texas Utilities

      

5.375%, 11/15/38

      1,100,000      1,105,357

City of San Antonio, Texas

      

5.985%, 2/1/39

      50,000      51,741

Golden State Tobacco Securitization Corp.

      

5.750%, 6/1/47

      300,000      179,850

Illinois State

      

5.100%, 6/1/33

      1,000,000      888,400

Illinois State Toll Highway Authority

      

6.184%, 1/1/34

      1,055,000      1,068,726

Los Angeles, California Community College District

5.000%, 8/1/27

      1,100,000      1,104,312

5.000%, 8/1/31

      200,000      194,778

5.000%, 8/1/32

      1,000,000      950,080

Los Angeles, California Unified School District

      

Series 2007 A-1

      

4.500%, 7/1/22

      1,500,000      1,438,560

4.500%, 7/1/24

      1,300,000      1,228,019

4.500%, 7/1/25

      1,700,000      1,575,390

4.500%, 1/1/28

      1,500,000      1,342,080

Los Gatos, California Union School District

      

5.000%, 8/1/30

      160,000      159,787

Metropolitan Transportation Authority

      

7.336%, 11/15/39

      1,065,000      1,255,220

New Jersey State Turnpike Authority

      

7.414%, 1/1/40

      1,185,000      1,379,411

New Jersey Transportation Trust Fund Authority

      

6.875%, 12/15/39

      4,500,000      4,579,065

New York City Municipal Water Finance Authority

9.310%, 7/9/09(l)§

      100,000      100,452

5.000%, 6/15/37

      1,900,000      1,863,482

Port Authority of New York & New Jersey

      

6.040%, 12/1/29

      620,000      641,843

Puerto Rico Sales Tax Financing Corp. (Zero Coupon), 8/1/54

      1,100,000      56,672

San Bernardino, California Community College District

      

5.000%, 8/1/31

      1,500,000      1,441,800

State of California

      

5.450%, 4/1/15

      4,025,000      3,933,632

5.950%, 4/1/16

      35,000      34,127

4.500%, 8/1/28

      2,200,000      1,757,294

7.500%, 4/1/34

      175,000      160,015

5.000%, 11/1/37

      600,000      503,262

5.000%, 12/1/37

      1,200,000      1,006,404

6.000%, 4/1/38

      1,700,000      1,701,054

7.550%, 4/1/39

      3,085,000      2,808,553

State of Texas

      

4.750%, 4/1/37

      6,500,000      6,182,280

Tobacco Settlement Financing Corp./New Jersey

      

5.000%, 6/1/29

      1,010,000      661,469

5.000%, 6/1/41

      400,000      216,248

University of Virginia

      

6.200%, 9/1/39

      225,000      248,751

Utah Transit Authority

      

5.937%, 6/15/39

      40,000      40,574
         
        48,572,221
         

Supranational (0.7%)

      

Asian Development Bank

      

2.125%, 3/15/12

      2,000,000      2,009,804

2.750%, 5/21/14

      300,000      294,505

Corp. Andina de Fomento

      

8.125%, 6/4/19

      175,000      185,409

 

      Principal
Amount		    Value
(Note 1)

Eksportfinans A/S

      

5.000%, 2/14/12

    $ 1,232,000    $ 1,307,209

5.500%, 5/25/16

      1,675,000      1,748,958

European Bank for Reconstruction & Development

3.625%, 6/17/13

      400,000      415,772

European Investment Bank

      

4.125%, 9/15/10

      1,339,000      1,389,551

3.250%, 10/14/11

      2,000,000      2,076,914

4.625%, 5/15/14

      4,320,000      4,597,202

3.125%, 6/4/14

      500,000      496,550

4.875%, 2/16/16

      1,334,000      1,417,090

Export Development Canada

      

2.625%, 11/15/11

      1,000,000      1,000,593

Inter-American Development Bank

      

5.000%, 4/5/11

      1,199,000      1,269,790

4.250%, 9/10/18

      1,368,000      1,366,711

International Bank for Reconstruction & Development

      

3.500%, 10/8/13

      1,000,000      1,023,111

7.625%, 1/19/23

      694,000      885,402

International Finance Corp.

      

3.000%, 4/22/14

      510,000      498,860

Japan Finance Corp.

      

2.000%, 6/24/11

      1,415,000      1,414,810

Nordic Investment Bank

      

3.125%, 2/15/11

      1,000,000      1,026,991

5.000%, 2/1/17

      300,000      317,990
         
        24,743,222
         

U.S. Government Agencies (64.0%)

      

Federal Farm Credit Bank

      

5.375%, 7/18/11

      2,715,000      2,930,275

3.875%, 8/25/11

      1,355,000      1,425,257

1.590%, 11/28/11

      250,000      249,697

2.125%, 6/18/12

      1,000,000      1,003,288

3.750%, 6/17/14

      250,000      253,991

3.700%, 4/1/16

      250,000      247,108

5.125%, 8/25/16

      685,000      746,385

4.875%, 1/17/17

      840,000      893,980

Federal Home Loan Bank

      

3.375%, 8/13/10

      6,770,000      6,981,556

3.375%, 10/20/10

      2,710,000      2,802,091

3.375%, 6/24/11

      4,000,000      4,148,564

1.625%, 7/27/11

      400,000      402,201

4.875%, 11/18/11

      5,420,000      5,847,643

2.250%, 4/13/12

      3,000,000      3,036,171

5.250%, 6/5/17

      1,350,000      1,491,584

5.000%, 11/17/17

      2,740,000      2,915,672

5.625%, 6/11/21

      5,280,000      5,545,061

5.500%, 7/15/36

      690,000      703,651

Federal Home Loan Bank of Chicago

      

5.625%, 6/13/16

      2,450,000      2,358,843

Federal Home Loan Mortgage Corp.

      

4.000%, 6/1/10

      428,795      435,781

0.580%, 9/24/10(l)

      9,900,000      9,916,107

1.500%, 1/7/11

      5,000,000      5,043,775

0.703%, 3/9/11(l)

      60,058,000      60,248,564

2.050%, 3/9/11

      500,000      504,079

2.000%, 3/16/11

      1,250,000      1,257,691

1.750%, 4/20/11

      250,000      251,225

1.625%, 4/26/11

      5,000,000      5,038,065

0.926%, 5/4/11(l)

      50,000,000      50,101,400

1.250%, 6/8/11

      500,000      499,632

1.700%, 6/29/11

      500,000      502,175

1.750%, 7/27/11

      1,000,000      1,002,453

0.937%, 8/5/11(l)

      44,200,000      44,188,508

1.625%, 8/11/11

      1,000,000      999,219

 

See Notes to Financial Statements.

70

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

2.000%, 10/14/11

    $ 500,000    $ 500,051

2.000%, 12/22/11

      500,000      501,498

2.625%, 3/19/12

      250,000      251,859

2.125%, 3/23/12

      10,000,000      10,090,420

2.500%, 3/23/12

      250,000      251,647

2.200%, 4/20/12

      250,000      251,910

2.000%, 4/27/12

      250,000      249,901

2.050%, 5/11/12

      1,000,000      996,190

1.750%, 6/15/12

      1,900,000      1,893,092

2.000%, 6/15/12

      500,000      499,098

2.500%, 4/8/13

      750,000      748,029

4.875%, 11/15/13

      5,440,000      5,935,551

6.000%, 1/1/14

      16,215      17,009

5.500%, 2/1/14

      118,431      123,279

3.000%, 2/4/14

      250,000      249,306

3.250%, 3/3/14

      1,000,000      993,735

3.000%, 4/21/14

      250,000      247,310

2.750%, 4/29/14

      500,000      491,681

6.000%, 7/1/14

      9,696      10,183

3.000%, 7/28/14

      2,540,000      2,545,146

4.500%, 1/15/15

      2,710,000      2,908,228

4.750%, 11/17/15

      2,928,000      3,160,231

5.750%, 6/27/16

      2,600,000      2,646,732

6.000%, 2/1/17

      282,426      300,331

6.000%, 3/1/17

      9,501      10,111

6.500%, 3/1/17

      73,873      78,259

6.000%, 4/1/17

      237,563      251,461

6.000%, 5/1/17

      2,028      2,160

6.000%, 7/1/17

      28,167      29,978

6.000%, 8/1/17

      72,167      76,303

5.500%, 11/1/17

      70,256      74,226

4.875%, 6/13/18

      4,000,000      4,304,536

5.000%, 12/14/18

      3,600,000      3,417,844

5.000%, 3/25/19

      500,000      498,654

3.750%, 3/27/19

      500,000      491,322

4.500%, 4/1/21

      5,497,791      5,702,011

5.000%, 7/1/22

      1,000,000      1,036,188

5.000%, 10/1/22

      1,783,729      1,848,277

5.000%, 11/1/22

      1,879,902      1,947,931

5.000%, 3/1/23

      1,101,416      1,140,510

5.500%, 3/1/23

      48,003      49,946

5.000%, 4/1/23

      1,931,494      1,999,772

5.000%, 7/1/23

      278,010      287,837

5.000%, 8/1/23

      707,999      733,027

5.000%, 10/1/23

      1,151,581      1,192,290

5.000%, 11/1/23

      77,800      80,550

4.500%, 12/1/23

      4,810,663      4,913,170

5.000%, 4/1/24

      1,331,173      1,378,144

5.000%, 5/1/24

      420,462      435,284

6.750%, 3/15/31

      693,000      859,120

5.020%, 11/1/31(l)

      18,672      18,898

5.500%, 3/1/32

      1,092,364      1,134,597

6.250%, 7/15/32

      836,000      993,335

5.500%, 12/1/33

      51,973      53,962

5.000%, 4/1/34

      1,203,013      1,229,657

5.500%, 10/1/34

      1,294,361      1,343,899

4.769%, 1/1/35(l)

      1,440,729      1,489,736

6.000%, 2/1/35

      828,426      867,016

5.500%, 10/1/35

      260,089      269,392

5.500%, 11/1/35

      11,111,254      11,508,719

5.319%, 4/1/36(l)

      2,557,301      2,663,081

5.542%, 4/1/36(l)

      2,251,333      2,328,861

5.000%, 5/1/36

      195,296      199,072

5.885%, 11/1/36(l)

      1,088,944      1,145,135

6.500%, 11/1/36

      14,576,763      15,510,872

5.676%, 1/1/37(l)

      2,223,631      2,339,395

 

      Principal
Amount		   

Value

(Note 1)

5.423%, 6/1/37(l)

    $ 788,037    $ 819,365

5.518%, 6/1/37(l)

      8,051,025      8,370,424

5.573%, 6/1/37(l)

      778,939      810,334

6.000%, 6/1/37

      2,233,041      2,333,222

5.456%, 7/1/37(l)

      1,363,976      1,418,780

5.500%, 8/1/37

      835,558      863,807

5.500%, 10/1/37

      4,614,062      4,769,742

6.000%, 10/1/37

      10,068,571      10,520,280

6.000%, 11/1/37

      616,256      643,904

5.500%, 1/1/38

      699,224      722,816

5.500%, 2/1/38

      2,994,734      3,095,777

5.000%, 4/1/38

      388,804      396,018

5.500%, 4/1/38

      19,872,270      20,542,765

6.000%, 6/1/38

      234,153      244,840

5.500%, 8/1/38

      13,123,303      13,565,347

6.000%, 8/1/38

      189,081      197,553

6.000%, 11/1/38

      565,358      590,690

4.500%, 2/1/39

      4,869,199      4,853,661

5.000%, 3/1/39

      1,904,015      1,939,046

5.000%, 4/1/39

      4,571,008      4,655,108

4.000%, 5/1/39

      3,994,358      3,860,078

4.500%, 6/1/39

      23,000,000      22,924,307

4.000%, 7/15/24 TBA

      7,000,000      6,995,625

6.000%, 8/15/24 TBA

      1,800,000      1,897,312

6.000%, 7/15/39 TBA

      117,000,000      122,082,246

5.500%, 8/15/39 TBA

      2,500,000      2,571,095

Federal National Mortgage Association

      

4.750%, 12/15/10

      2,908,000      3,076,109

2.000%, 2/11/11

      500,000      503,483

2.000%, 3/2/11

      500,000      503,634

1.750%, 3/23/11

      4,500,000      4,542,782

2.000%, 4/1/11

      2,000,000      2,014,892

1.750%, 4/15/11

      500,000      501,750

2.125%, 4/15/11

      250,000      252,318

1.650%, 5/11/11

      1,000,000      1,000,834

6.000%, 5/15/11

      2,711,000      2,946,496

1.500%, 5/20/11

      2,000,000      1,998,322

1.430%, 12/8/11

      250,000      249,714

2.000%, 1/9/12

      5,000,000      5,049,910

2.500%, 3/19/12

      2,000,000      2,014,726

2.250%, 4/9/12

      250,000      251,300

2.150%, 4/13/12

      500,000      500,622

4.625%, 5/1/13

      1,695,000      1,720,747

4.625%, 10/15/13

      3,790,000      4,091,616

5.125%, 1/2/14

      772,000      786,166

3.000%, 1/13/14

      2,687,000      2,662,812

2.750%, 2/5/14

      1,500,000      1,500,299

3.150%, 2/18/14

      250,000      247,992

3.375%, 3/10/14

      250,000      250,324

2.750%, 3/13/14

      3,000,000      2,993,580

2.900%, 4/7/14

      250,000      246,589

4.000%, 5/1/14

      3,814,465      3,876,961

3.000%, 5/12/14

      500,000      496,950

2.500%, 5/15/14

      5,000,000      4,915,395

7.000%, 4/1/15

      39,463      41,690

4.375%, 10/15/15

      2,028,000      2,143,338

4.000%, 3/10/16

      2,000,000      1,992,908

7.000%, 4/1/16

      54,165      57,415

3.450%, 4/8/16

      500,000      481,700

6.000%, 8/1/16

      160,684      169,500

4.875%, 12/15/16

      2,050,000      2,216,245

5.500%, 2/1/17

      234,974      248,323

5.500%, 6/1/17

      76,088      80,411

5.375%, 6/12/17

      1,500,000      1,673,554

5.500%, 8/1/17

      66,178      69,938

5.500%, 10/1/17

      60,862      64,320

 

See Notes to Financial Statements.

71

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

5.500%, 12/1/17

    $ 4,651    $ 4,915

5.500%, 1/1/18

      245,957      259,930

5.000%, 3/1/18

      2,800,989      2,932,985

5.500%, 4/1/18

      274,393      289,810

5.000%, 10/1/18

      12,929      13,538

5.500%, 11/1/18

      2,376,406      2,511,416

5.000%, 1/1/19

      415,865      435,462

5.500%, 3/1/19

      219,376      231,723

5.500%, 5/1/19

      355,348      375,536

4.250%, 5/21/19

      250,000      245,525

5.500%, 7/1/19

      30,593      32,245

5.500%, 8/1/19

      218,216      230,000

5.500%, 9/1/19

      131,853      138,973

5.500%, 11/1/19

      133,208      140,401

5.000%, 12/1/19

      5,640,480      5,886,205

5.500%, 6/1/20

      1,208,621      1,276,506

5.500%, 10/1/20

      226,498      238,162

4.500%, 12/1/20

      19,307,565      20,000,626

5.500%, 1/1/21

      251,486      263,730

5.500%, 2/1/21

      89,514      93,872

6.000%, 5/1/21

      831,161      881,498

6.000%, 8/1/21

      2,434,303      2,581,731

6.000%, 10/1/21

      938,017      994,826

5.000%, 1/1/22

      168,486      175,110

5.000%, 3/1/22

      398,529      413,199

5.000%, 7/1/22

      5,700,000      5,909,832

5.000%, 10/1/22

      17,348      17,987

5.000%, 12/1/22

      9,618,183      9,972,252

5.500%, 12/1/22

      4,658,567      4,881,742

5.000%, 1/1/23

      144,035      149,337

5.000%, 3/1/23

      591,463      613,237

5.500%, 3/1/23

      573,341      600,807

4.000%, 4/1/23

      2,494,166      2,498,572

4.500%, 4/1/23

      882,730      902,091

5.000%, 4/1/23

      885,953      918,102

4.500%, 5/1/23

      1,736,953      1,775,050

4.000%, 6/1/23

      1,510,462      1,513,131

5.000%, 7/1/23

      2,184,402      2,263,669

5.000%, 8/1/23

      1,546,101      1,602,205

5.500%, 8/1/23

      5,640,356      5,910,247

5.000%, 9/1/23

      663,612      687,693

4.799%, 2/1/24(l)

      3,824      3,838

4.500%, 4/1/24

      9,917,122      10,133,646

4.984%, 6/1/24(l)

      2,177      2,185

5.800%, 2/9/26

      680,000      704,558

4.286%, 1/1/28(l)

      160,909      163,679

7.125%, 1/15/30

      1,586,000      2,045,647

7.000%, 4/1/32

      70,027      76,761

7.000%, 5/1/32

      7,118      7,792

6.500%, 6/1/32

      52,580      56,492

6.500%, 8/1/32

      69,330      74,509

6.500%, 9/1/32

      638,863      686,391

5.500%, 11/1/32

      342,767      355,993

5.500%, 12/1/32

      52,459      54,483

5.000%, 1/1/33

      2,284,610      2,341,421

5.500%, 1/1/33

      722,975      750,870

5.500%, 2/1/33

      1,562,190      1,622,194

3.705%, 3/1/33(l)

      176,238      175,672

5.500%, 3/1/33

      2,400,280      2,490,642

5.500%, 6/1/33

      21,905,046      22,730,506

5.000%, 7/1/33

      445,177      456,247

5.500%, 7/1/33

      84,865      88,060

5.000%, 8/1/33

      5,443,096      5,568,754

5.500%, 8/1/33

      41,105,858      42,691,786

5.500%, 10/1/33

      748,371      776,545

5.000%, 11/1/33

      1,197,749      1,225,400

 

      Principal
Amount		   

Value

(Note 1)

5.500%, 11/1/33

    $ 714,632    $ 741,536

5.500%, 12/1/33

      316,047      327,945

5.000%, 2/1/34

      1,138,966      1,164,371

5.500%, 2/1/34

      1,051,313      1,090,235

6.000%, 2/1/34

      2,189,199      2,305,543

5.000%, 3/1/34

      3,313,652      3,390,151

5.500%, 3/1/34

      5,153,896      5,344,699

5.000%, 4/1/34

      1,317,854      1,347,248

5.500%, 4/1/34

      8,054,553      8,349,018

5.000%, 5/1/34

      2,621,429      2,679,899

5.500%, 5/1/34

      5,145,710      5,338,440

5.500%, 6/1/34

      1,380,635      1,431,916

5.000%, 7/1/34

      1,867,228      1,910,335

5.500%, 7/1/34

      1,500,404      1,556,279

5.000%, 8/1/34

      2,462,870      2,524,115

5.500%, 8/1/34

      355,340      368,717

6.000%, 8/1/34

      1,332,998      1,403,840

5.500%, 9/1/34

      13,633,048      14,137,763

6.500%, 9/1/34

      329,087      352,439

5.500%, 11/1/34

      25,692,283      26,643,450

5.000%, 12/1/34

      2,056,868      2,104,352

5.500%, 1/1/35

      41,261,789      42,789,361

5.000%, 2/1/35

      774,863      792,146

5.500%, 2/1/35

      26,800,686      27,807,784

6.500%, 2/1/35

      780,809      833,773

5.000%, 3/1/35

      618,442      632,236

6.000%, 3/1/35

      15,035      15,773

4.848%, 4/1/35(l)

      2,086,789      2,159,733

6.000%, 4/1/35

      7,181,204      7,571,822

6.000%, 5/1/35

      661,854      694,339

5.000%, 6/1/35

      1,997,840      2,042,401

5.000%, 7/1/35

      11,197,730      11,447,492

6.000%, 7/1/35

      387,342      406,354

5.500%, 8/1/35

      8,288,439      8,592,105

6.000%, 8/1/35

      1,127,769      1,183,123

5.000%, 9/1/35

      1,022,520      1,046,125

5.500%, 9/1/35

      477,881      495,125

6.000%, 9/1/35

      1,230,350      1,290,738

4.500%, 10/1/35

      266,878      267,251

5.000%, 10/1/35

      451,853      461,649

5.500%, 10/1/35

      8,597,026      8,910,865

6.000%, 10/1/35

      2,505,233      2,628,196

5.000%, 11/1/35

      8,052,958      8,227,544

6.000%, 11/1/35

      2,154,226      2,259,960

5.500%, 12/1/35

      4,748,267      4,924,055

6.000%, 12/1/35

      27,458      28,805

6.500%, 12/1/35

      768,668      820,808

5.279%, 1/1/36(l)

      2,724,611      2,823,302

6.000%, 1/1/36

      659,342      691,704

5.000%, 2/1/36

      9,335,563      9,537,955

5.500%, 2/1/36

      836,458      865,203

6.000%, 2/1/36

      9,333,585      9,778,218

6.000%, 3/1/36

      14,489,030      15,200,153

5.500%, 4/1/36

      2,440,054      2,523,908

6.000%, 4/1/36

      72,496      75,941

6.000%, 5/1/36

      2,283,750      2,392,273

5.500%, 6/1/36

      450,637      467,320

6.000%, 6/1/36

      3,865,916      4,049,623

6.500%, 6/1/36

      22,372      23,865

5.000%, 7/1/36

      22,351,948      22,805,099

5.500%, 7/1/36

      4,903,548      5,085,085

6.000%, 7/1/36

      3,837,820      4,020,192

6.500%, 7/1/36

      39,813      42,470

6.000%, 8/1/36

      9,210,817      9,648,511

6.500%, 8/1/36

      3,399,148      3,632,684

5.500%, 9/1/36

      27,333,837      28,362,859

 

See Notes to Financial Statements.

72

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

6.000%, 9/1/36

    $ 10,472,220    $ 10,969,856

6.000%, 10/1/36

      6,214,816      6,510,142

6.500%, 10/1/36

      2,371,135      2,529,381

6.000%, 11/1/36

      1,811,301      1,897,374

5.500%, 12/1/36

      2,571,142      2,659,500

6.000%, 12/1/36

      4,135,668      4,332,193

6.500%, 12/1/36

      2,178,547      2,323,939

5.500%, 1/1/37

      881,333      911,621

6.000%, 1/1/37

      1,318,424      1,381,076

5.000%, 2/1/37

      486,767      496,407

5.500%, 2/1/37

      397,638      411,091

6.000%, 2/1/37

      2,920,688      3,057,484

5.500%, 3/1/37

      5,021,164      5,192,169

6.500%, 3/1/37

      389,180      415,032

5.500%, 4/1/37

      2,226,487      2,301,609

5.566%, 4/1/37(l)

      2,416,672      2,533,190

6.000%, 4/1/37

      8,116,888      8,494,988

7.000%, 4/1/37

      2,489,896      2,708,069

5.500%, 5/1/37

      285,258      294,883

6.500%, 5/1/37

      441,273      470,585

5.500%, 6/1/37

      3,420,766      3,536,184

6.000%, 6/1/37

      254,446      266,298

5.000%, 7/1/37

      1,754,805      1,789,558

5.500%, 7/1/37

      1,634,175      1,689,313

6.000%, 7/1/37

      18,962,043      19,845,333

5.625%, 7/15/37

      695,000      731,918

5.500%, 8/1/37

      13,067,597      13,546,221

6.000%, 8/1/37

      59,042      61,848

5.000%, 9/1/37

      253,277      258,294

5.821%, 9/1/37(l)

      8,368,551      8,830,712

6.000%, 9/1/37

      27,189,168      28,455,695

6.500%, 9/1/37

      747,511      797,165

5.500%, 10/1/37

      652,112      674,522

6.500%, 10/1/37

      2,574,700      2,746,276

5.000%, 11/1/37

      162,762      165,986

5.500%, 11/1/37

      2,189,776      2,263,659

6.000%, 11/1/37

      3,126,962      3,272,622

7.500%, 11/1/37

      782,258      849,344

5.500%, 12/1/37

      5,072,116      5,244,311

6.500%, 12/1/37

      4,957,780      5,287,104

5.000%, 1/1/38

      1,100,747      1,122,485

5.500%, 1/1/38

      39,686,309      41,025,333

5.000%, 2/1/38

      24,459,631      24,976,089

5.500%, 2/1/38

      17,127,441      17,705,188

6.000%, 2/1/38

      13,934,408      14,581,457

5.000%, 3/1/38

      4,357,746      4,443,910

6.000%, 3/1/38

      1,640,742      1,716,823

6.500%, 3/1/38

      646,216      689,106

4.500%, 4/1/38

      951,881      951,223

5.500%, 4/1/38

      1,776,629      1,836,479

5.500%, 5/1/38

      8,026,336      8,296,695

6.000%, 5/1/38

      12,359,488      12,935,218

5.000%, 6/1/38

      580,570      592,035

5.500%, 6/1/38

      48,940,259      50,606,279

6.000%, 6/1/38

      1,579,945      1,653,206

5.500%, 7/1/38

      32,842,533      33,948,800

6.000%, 7/1/38

      651,833      682,059

5.500%, 8/1/38

      214,673      221,911

6.000%, 8/1/38

      2,277,971      2,383,599

5.500%, 9/1/38

      21,018,867      21,727,080

6.500%, 9/1/38

      515,112      549,300

5.500%, 10/1/38

      4,084,317      4,221,893

5.500%, 11/1/38

      33,556,406      34,686,720

6.500%, 11/1/38

      3,145,786      3,354,570

5.500%, 12/1/38

      16,020,066      16,559,685

4.500%, 1/1/39

      917,434      916,800
      Principal
Amount		   

Value

(Note 1)

5.424%, 1/1/39(l)

    $ 14,416,873    $ 15,144,055

5.500%, 1/1/39

      806,169      833,324

4.000%, 2/1/39

      2,999,998      2,907,881

4.500%, 2/1/39

      931,348      930,612

5.000%, 2/1/39

      794,579      810,191

4.500%, 3/1/39

      2,770,120      2,767,929

5.000%, 3/1/39

      495,662      505,401

4.500%, 4/1/39

      111,084      110,995

4.500%, 5/1/39

      998,322      997,532

4.000%, 6/1/39

      3,000,000      2,907,882

4.500%, 6/1/39

      555,000      554,502

4.500%, 7/1/39

      2,945,000      2,942,670

4.478%, 12/1/40(l)

      107,036      109,314

4.000%, 7/25/24 TBA

      1,800,000      1,800,000

4.500%, 7/25/24 TBA

      2,000,000      2,040,000

4.000%, 7/25/39 TBA

      6,800,000      6,593,875

4.500%, 7/25/39 TBA

      20,555,000      20,510,026

5.000%, 7/25/39 TBA

      5,500,000      5,599,688

5.500%, 7/25/39 TBA

      137,000,000      141,409,751

6.000%, 7/25/39 TBA

      208,800,000      218,196,000

6.500%, 7/25/39 TBA

      19,800,000      21,087,000

5.500%, 8/25/39 TBA

      3,600,000      3,702,377

6.500%, 8/25/39 TBA

      31,700,000      33,621,812

Government National Mortgage Association

4.625%, 7/20/27(l)

      7,547      7,723

6.000%, 1/15/29

      24,268      25,530

6.000%, 6/15/29

      14,007      14,735

7.000%, 10/15/31

      5,372      5,871

6.000%, 12/15/31

      27,612      29,047

7.000%, 2/15/32

      25,409      27,580

7.000%, 4/15/32

      20,221      21,950

6.500%, 5/15/32

      333,317      358,329

7.000%, 5/15/32

      20,727      22,650

6.000%, 7/15/32

      27,249      28,640

6.000%, 8/15/32

      26,119      27,453

6.000%, 1/15/33

      18,820      19,769

6.500%, 1/15/33

      286,470      308,558

6.000%, 2/15/33

      45,200      47,479

6.500%, 2/15/33

      349,856      377,440

7.000%, 2/15/33

      18,672      20,179

5.500%, 4/15/33

      77,534      80,281

6.500%, 6/15/34

      361,515      389,713

6.500%, 8/15/34

      2,858,133      3,042,609

6.000%, 9/15/34

      578,221      605,935

6.000%, 12/15/34

      79,011      82,799

6.000%, 1/15/35

      196,767      205,644

6.000%, 2/15/35

      90,143      94,210

6.000%, 3/15/35

      402,926      421,105

6.000%, 5/15/35

      40,419      42,242

6.000%, 7/15/35

      233,867      245,615

6.000%, 9/15/35

      30,662      32,045

6.000%, 10/15/35

      85,235      89,081

6.000%, 12/15/35

      124,333      129,943

6.500%, 12/15/35

      3,292,532      3,501,714

6.000%, 1/15/36

      99,473      103,775

6.000%, 2/15/36

      84,106      87,742

6.000%, 3/15/36

      68,561      71,526

6.000%, 4/15/36

      147,380      153,753

6.000%, 5/15/36

      729,501      761,046

6.000%, 6/15/36

      785,365      819,326

6.000%, 7/15/36

      2,094,548      2,185,120

6.000%, 8/15/36

      2,338,931      2,439,447

6.000%, 9/15/36

      1,355,975      1,414,610

6.000%, 10/15/36

      2,290,597      2,389,650

6.000%, 11/15/36

      63,673      66,426

6.000%, 2/15/37

      778,395      811,932

 

See Notes to Financial Statements.

73

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

6.000%, 6/15/37

    $ 46,060    $ 48,045

6.000%, 11/15/37

      44,146      46,048

6.000%, 2/15/38

      470,947      491,164

6.000%, 4/15/38

      4,325,804      4,504,055

6.000%, 5/15/38

      21,133      22,040

6.000%, 6/15/38

      487,371      508,293

6.000%, 8/15/38

      74,054      77,233

6.000%, 9/15/38

      437,472      455,478

6.000%, 10/15/38

      2,204,325      2,298,957

6.000%, 11/15/38

      352,096      367,212

6.000%, 12/15/38

      4,032,670      4,205,791

6.500%, 12/15/38

      1,280,425      1,359,701

5.500%, 1/15/39

      24,660,866      25,510,510

6.000%, 1/15/39

      360,032      375,488

5.000%, 2/15/39

      11,346,588      11,593,021

4.500%, 4/15/39

      7,000,676      7,002,590

4.500%, 7/15/39 TBA

      3,000,000      2,994,375

5.000%, 7/15/39 TBA

      6,000,000      6,116,250

6.000%, 7/15/39 TBA

      15,600,000      16,243,531

5.000%, 8/15/39 TBA

      7,300,000      7,411,778

Resolution Funding Corp.

      

0.000%, 7/15/18 STRIPS

      75,000      51,102

0.000%, 10/15/18 STRIPS

      75,000      50,436

Small Business Administration

      

Series P10A

      

4.504%, 2/1/14

      375,028      382,804

Small Business Administration Participation Certificates

      

4.524%, 2/10/13

      83,827      85,805

U.S. Department of Housing and Urban Development

      

5.380%, 8/1/18

      1,660,000      1,741,896
         
        2,221,128,159
         

U.S. Treasuries (16.4%)

      

U.S. Treasury Bonds

      

11.250%, 2/15/15

      2,716,000      3,914,647

9.250%, 2/15/16

      3,684,000      5,043,624

7.250%, 5/15/16

      2,734,000      3,426,684

7.500%, 11/15/16

      4,095,000      5,223,365

8.875%, 8/15/17

      4,107,000      5,676,966

8.500%, 2/15/20

      6,627,000      9,319,219

8.750%, 8/15/20

      6,585,000      9,433,013

7.875%, 2/15/21

      1,500,000      2,036,484

8.000%, 11/15/21

      9,575,000      13,210,513

7.250%, 8/15/22

      2,000,000      2,627,500

7.625%, 11/15/22

      1,000,000      1,355,938

7.125%, 2/15/23

      500,000      653,360

6.750%, 8/15/26

      1,755,000      2,283,968

6.625%, 2/15/27

      4,823,000      6,217,903

6.375%, 8/15/27

      1,634,000      2,062,415

6.125%, 11/15/27

      2,258,000      2,782,280

6.125%, 8/15/29

      7,088,000      8,826,771

6.250%, 5/15/30

      1,000,000      1,267,812

5.375%, 2/15/31

      2,770,000      3,179,439

4.750%, 2/15/37

      3,581,000      3,837,264

5.000%, 5/15/37

      2,293,000      2,551,678

4.375%, 2/15/38

      5,204,000      5,255,228

3.500%, 2/15/39

      4,000,000      3,458,760

4.250%, 5/15/39

      3,500,000      3,464,440

U.S. Treasury Notes

      

2.375%, 8/31/10

      27,103,000      27,665,170

1.500%, 10/31/10

      13,554,000      13,704,368

0.875%, 12/31/10

      10,847,000      10,861,828

0.875%, 1/31/11

      10,000,000      10,005,500

0.875%, 2/28/11

      7,000,000      6,995,100

4.500%, 2/28/11

      2,711,000      2,873,977
      Principal
Amount		   

Value

(Note 1)

0.875%, 3/31/11

    $ 2,000,000    $ 1,997,266

0.875%, 4/30/11

      1,945,000      1,939,301

0.875%, 5/31/11

      15,000,000      14,946,150

1.125%, 6/30/11

      34,410,000      34,412,753

5.125%, 6/30/11

      6,774,000      7,306,924

4.500%, 9/30/11

      2,710,000      2,904,358

4.500%, 11/30/11

      2,710,000      2,917,697

4.625%, 12/31/11

      14,980,000      16,190,099

4.625%, 2/29/12

      2,000,000      2,167,344

1.375%, 3/15/12

      5,000,000      4,990,235

4.500%, 3/31/12

      10,840,000      11,727,525

4.500%, 4/30/12

      6,778,000      7,335,070

4.750%, 5/31/12

      5,000,000      5,451,560

4.125%, 8/31/12

      5,420,000      5,821,416

4.250%, 9/30/12

      3,000,000      3,236,952

3.625%, 12/31/12

      6,780,000      7,187,858

3.125%, 4/30/13

      9,487,000      9,857,581

3.375%, 6/30/13

      9,490,000      9,940,775

3.375%, 7/31/13

      10,563,000      11,068,873

2.750%, 10/31/13

      5,848,000      5,956,282

4.250%, 11/15/13

      5,000,000      5,403,125

2.000%, 11/30/13

      8,139,000      8,019,454

1.500%, 12/31/13

      3,782,000      3,642,834

2.000%, 1/15/14 TIPS

      25,000,000      29,509,660

1.750%, 1/31/14

      4,000,000      3,887,520

4.000%, 2/15/14

      2,000,000      2,140,156

1.875%, 2/28/14

      1,500,000      1,461,210

1.750%, 3/31/14

      5,000,000      4,835,940

2.250%, 5/31/14

      5,000,000      4,932,800

2.625%, 6/30/14

      37,620,000      37,737,751

4.000%, 2/15/15

      9,082,000      9,648,917

4.125%, 5/15/15

      5,000,000      5,332,810

1.875%, 7/15/15 TIPS

      4,500,000      4,987,311

2.375%, 3/31/16

      5,000,000      4,764,455

5.125%, 5/15/16

      4,087,000      4,583,824

3.250%, 5/31/16

      3,000,000      3,013,125

4.875%, 8/15/16

      10,810,000      11,950,963

4.625%, 2/15/17

      5,458,000      5,938,561

4.750%, 8/15/17

      8,186,000      8,973,902

4.250%, 11/15/17

      6,650,000      7,053,156

3.875%, 5/15/18

      7,432,000      7,657,866

4.000%, 8/15/18

      5,000,000      5,186,330

3.750%, 11/15/18

      12,000,000      12,207,240

3.125%, 5/15/19

      32,785,000      31,709,324
         
        571,149,467
         

Total Government Securities

         2,946,186,371
         

Total Long-Term Debt Securities (120.4%)
(Cost $4,206,195,596)

      4,182,489,233
         
     
      Number of
Shares		   

Value

(Note 1)

CONVERTIBLE PREFERRED STOCK:

   

Financials (0.1%)

      

Commercial Banks (0.1%)

      

Wells Fargo & Co.

      

7.500%

      5,000      3,924,850
         

Total Convertible Preferred Stocks (0.1%)
(Cost $5,000,000)

      3,924,850
         

 

See Notes to Financial Statements.

74

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    

Value

(Note 1)

  

SHORT-TERM INVESTMENTS:

     

Government Securities (0.0%)

     

U.S. Treasury Bills

     

0.00%, 7/2/09 (p)

    $ 873,000      $ 872,999   
          

Short-Term Investments of Cash Collateral for Securities Loaned (0.2%)

   

  

BBVA Senior Finance S.A.

     

0.69%, 3/12/10 (l)

    $ 320,000        315,753   

Deutsche Bank Securities, Inc., Repurchase Agreement

  

  

0.09%, 7/1/09 (r)(u)

      3,010,283        3,010,283   

General Electric Capital Corp.

     

0.40%, 3/12/10 (l)

      60,000        58,997   

Lehman Brothers Holdings, Inc.

     

0.00%, 8/21/09 (h)(l)(s)

      359,998        53,099   

Monumental Global Funding II

     

0.43%, 5/26/10 (l)

      670,000        644,875   

Pricoa Global Funding I

     

0.40%, 6/25/10 (l)

      429,957        396,250   
          

Total Short-Term Investments of Cash Collateral for Securities Loaned

   

     4,479,257   
          

Time Deposit (1.6%)

     

JPMorgan Chase Nassau

     

0.000%, 7/1/09

      55,870,923        55,870,923   
          

Total Short-Term Investments (1.8%)
(Cost/Amortized Cost $61,594,159)

   

     61,223,179   
          

Total Investments Before Options Written and Securities Sold Short (122.3%)
(Cost/Amortized Cost $4,272,789,755)

    

     4,247,637,262   
          
      Number of
Contracts		    

Value

(Note 1)

  

OPTION WRITTEN:

     

Put Option Written (0.0%)

     

90 Day EURODollar Futures September 2009 @ $98.63*

      (262 )      (13,100 ) 
          

Total Options Written (0.0%)
(Premiums Received $49,570)

        (13,100 ) 
          

Total Investments Before Securities Sold Short (122.3%)
(Cost/Amortized Cost $4,272,740,185)

   

     4,247,624,162   
          
      Principal
Amount		    

Value

(Note 1)

  

SECURITIES SOLD SHORT:

     

U.S. Government Agencies (-1.7%)

  

  

Federal Home Loan Mortgage Corp.

  

  

5.000%, 7/15/24 TBA

    $ (3,200,000 )    $ (3,308,000 ) 

5.000%, 7/15/39 TBA

      (6,800,000 )      (6,914,750 ) 

5.500%, 7/15/39 TBA

      (2,000,000 )      (2,064,376 ) 

Federal National Mortgage Association

  

  

4.500%, 7/25/24 TBA

      (16,600,000 )      (16,932,000 ) 

5.000%, 7/25/24 TBA

      (4,200,000 )      (4,345,690 ) 

5.500%, 7/25/24 TBA

      (1,400,000 )      (1,464,750 ) 

5.000%, 7/25/39 TBA

      (1,700,000 )      (1,730,812 ) 

6.000%, 8/25/39 TBA

      (20,200,000 )      (21,039,552 ) 

Government National Mortgage Association

  

  

6.000%, 7/15/39 TBA

      (2,400,000 )      (2,499,749 ) 
          
      Principal
Amount		   

Value

(Note 1)

  

Total Securities Sold Short (-1.7%)
(Proceeds Received $60,215,591)

       $ (60,299,679 ) 
           

Total Investments after Options Written and Securities Sold Short (120.6%)
(Cost/Amortized Cost $4,212,524,594)

         4,187,324,483   

Other Assets Less Liabilities (-20.6%)

         (715,242,416 ) 
           

Net Assets (100%)

       $ 3,472,082,067   
           

 

See Notes to Financial Statements.

75

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (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, 2009, the market value of these securities amounted to $180,557,227 or 5.2% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.
(b) Illiquid Security.
(e) Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of June 30, 2009. Maturity date disclosed is the ultimate maturity date.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(s) Issuer in bankruptcy.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% –5.500%, maturing 4/15/23 – 7/19/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 – 7/25/38.

 

Glossary:
ABS    —  Asset-Backed Security
CMO    —  Collateralized Mortgage Obligation
EUR    —  European Currency Unit
IO    —  Interest Only
JPY    —  Japanese Yen
STRIPS   

—  Separate Trading of Registered Interest and Principal Securities

TBA    —  Security is subject to delayed delivery.
TIPS    —  Treasury Inflation Protected Security

 


 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		   

Expiration

Date

   

Original

Value

    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchases

               

90 Day EURODollar

    410          June-11    $ 139,850,498    $ 139,773,134    $ (77,364 ) 

90 Day EURODollar

    365          September-11      124,263,498      124,163,360      (100,138 ) 

90 Day EURODollar

    317          December-11      107,715,335      107,618,234      (97,101 ) 

90 Day EURODollar

    197          March-12      66,871,324      66,796,562      (74,762 ) 

EURODollar

    985          June-10      243,221,126      242,445,438      (775,688 ) 

EURODollar

    1,477          June-11      359,919,063      358,246,350      (1,672,713 ) 

U.S. 10 Year Treasury Notes

    418          September-09      48,297,834      48,599,031      301,197   

UK Long Gilt

    208          September-09      40,161,423      40,407,165      245,742   
                    
               $ (2,250,827 ) 
                    

Sales

               

U.S. 5 Year Treasury Notes

    203          September-09    $ 23,256,029    $ 23,287,906    $ (31,877 ) 
                    
               $ (2,282,704 ) 
                    

 

See Notes to Financial Statements.

76

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

At June 30, 2009 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

 

     Local
Contract Buy
Amount
(000’s)		    Local
Contract Sell
Amount
(000’s)		   

U.S. $
Current

Buy

Value

   

U.S. $
Current

Sell

Value

    Unrealized
Appreciation/
(Depreciation)		  

Foreign Currency Buy Contracts

               

British Pound vs. U.S. Dollar, expiring 7/2/09

    96    155    $ 157,939    $ 155,125    $ 2,814   

British Pound vs. U.S. Dollar, expiring 7/2/09

    193    312      317,523      311,764      5,759   

British Pound vs. U.S. Dollar, expiring 7/2/09

    193    310      317,524      309,529      7,995   
                    
               $ 16,568   
                    

Foreign Currency Sell Contracts

               

British Pound vs. U.S. Dollar, expiring 7/2/09

    19    12    $ 19,174    $ 19,742    $ (568 ) 

British Pound vs. U.S. Dollar, expiring 7/2/09

    156    96      156,084      157,939      (1,855 ) 

British Pound vs. U.S. Dollar, expiring 7/2/09

    348    211      348,311      347,137      1,174   

British Pound vs. U.S. Dollar, expiring 7/2/09

    181    109      180,929      179,327      1,602   

British Pound vs. U.S. Dollar, expiring 7/2/09

    307    193      307,031      317,524      (10,493 ) 

British Pound vs. U.S. Dollar, expiring 7/2/09

    308    193      308,085      317,524      (9,439 ) 

British Pound vs. U.S. Dollar, expiring 7/2/09

    270    163      270,400      268,168      2,232   

British Pound vs. U.S. Dollar, expiring 7/2/09

    318    193      318,075      317,524      551   

British Pound vs. U.S. Dollar, expiring 8/6/09

    1,132    688      1,132,133      1,131,886      247   

European Union vs. U.S. Dollar, expiring 7/27/09

    11,615    8,218      11,615,485      11,528,621      86,864   
                    
               $ 70,315   
                    
               $ 86,883   
                    

Options Written:

Options written through the six months ended June 30, 2009 were as follows:

 

    Total
Number of
Contracts		     Total
Premiums
Received		  

Options Outstanding - January 1, 2009

   108      $ 19,374      

Options Written

   778        200,992   

Options Terminated in Closing Purchase Transactions

   (118 )      (62,393 ) 

Options Expired

   (506 )      (108,403 ) 

Options Exercised

   —        —   
             

Options Outstanding – June 30, 2009

   262      $ 49,570   
             

 

See Notes to Financial Statements.

77

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type    Level 1
Quoted prices in active
markets for identical
securities		    

Level 2

Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)

     Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total  

Asset:

          

Asset-Backed and Mortgage-Backed Securities

          

Asset-Backed Securities

    $ –      $ 85,180,470      $ –    $ 85,180,470   

Non-Agency CMO

      –        154,987,549        –      154,987,549   

Convertible Preferred Stocks

          

Financials

      3,924,850        –        –      3,924,850   

Corporate Bonds

          

Consumer Discretionary

      –        35,462,458        –      35,462,458   

Consumer Staples

      –        31,813,915        –      31,813,915   

Energy

      –        41,579,746        –      41,579,746   

Financials

      –        663,707,094        –      663,707,094   

Health Care

      –        44,751,625        –      44,751,625   

Industrials

      –        36,948,963        –      36,948,963   

Information Technology

      –        11,023,686        –      11,023,686   

Materials

      –        14,425,969        –      14,425,969   

Telecommunication Services

      –        73,541,591        –      73,541,591   

Utilities

      –        42,879,796        –      42,879,796   

Forward Currency Contracts

      –        109,238        –      109,238   

Futures

      546,939        –        –      546,939   

Government Securities

          

Agency ABS

      –        16,564,902        –      16,564,902   

Agency CMO

      –        22,694,993        –      22,694,993   

Foreign Governments

      –        41,333,407        –      41,333,407   

Municipal Bonds

      –        48,572,221        –      48,572,221   

Supranational

      –        24,743,222        –      24,743,222   

U.S. Government Agencies

      –        2,221,128,159        –      2,221,128,159   

U.S. Treasuries

      –        571,149,467        –      571,149,467   

Short-Term Investments

      –        61,223,179        –      61,223,179   

Total Asset

    $ 4,471,789      $ 4,243,821,650      $ –    $ 4,248,293,439   

Liability:

          

Forward Currency Contracts

    $ –      $ (22,355 )    $ –    $ (22,355 ) 

Futures

      (2,829,643 )      –        –      (2,829,643 ) 

Government Securities

          

U.S. Government Agencies

      –        (60,299,679 )      –      (60,299,679 ) 

Total Liability

    $ (2,842,743 )    $ (60,322,034 )    $ –    $ (63,164,777 ) 

Total

    $ 1,629,046      $ 4,183,499,616      $ –    $ 4,185,128,662   

 

See Notes to Financial Statements.

78

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

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

 

      Investments in
Securities-Government		     Other Investments*  

Balance as of 12/31/08

    $ 3,201,768         $ —      

Total gains or losses (realized/unrealized) included in earnings

      —        —   

Purchases, sales, issuances, and settlements (net)

     —        —   

Transfers in and/or out of Level 3

      (3,201,768 )      —   
                  
                  

Balance as of 6/30/09

    $ —      $ —   
                  
                  
    
      Investments in
Securities-Financials		     Other Investments*  

Balance as of 12/31/08

    $ 3,177,386      $ —   

Total gains or losses (realized/unrealized) included in earnings

      —        —   

Purchases, sales, issuances, and settlements (net)

     —        —   

Transfers in and/or out of Level 3

      (3,177,386 )      —   
                  
                  

Balance as of 6/30/09

    $ —      $ —   
                  
                  
    
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/09.    $ —      $ —   

 

* Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        
Derivatives Not Accounted for as Hedging Instruments    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

   

Receivables, Net Assets - Unrealized appreciation

    $ 583,409 * 

Foreign exchange contracts

   

Receivables

      109,238   

Credit contracts

   

Receivables

      –   

Equity contracts

   

Receivables, Net Assets - Unrealized appreciation

      – * 

Commodity contracts

   

Receivables

      –   

Other contracts

   

Receivables

      –   
           

Total

       $ 692,647   
           
     Liability Derivatives        

Interest rate contracts

   

Payables, Net Assets - Unrealized depreciation

    $ (2,829,643 )* 

Foreign exchange contracts

   

Payables

      (22,355 ) 

Credit contracts

   

Payables

      –   

Equity contracts

   

Payables, Net Assets - Unrealized depreciation

      – * 

Commodity contracts

   

Payables

      –   

Other contracts

   

Payables

      –   
           

Total

       $ (2,851,998 ) 
           

 

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

 

See Notes to Financial Statements.

79

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ 652,500    $ 53,463,672      $ –      $ –    $ 54,116,172   

Foreign exchange contracts

      –      (9,481 )      (276,458 )      –      (285,939 ) 

Credit contracts

      –      –        –        –      –   

Equity contracts

      –      10,082        –        –      10,082   

Commodity contracts

      –      –        –        –      –   

Other contracts

      –      –        –        –      –   

Total

    $ 652,500    $ 53,464,273      $ (276,458 )    $ –    $ 53,840,315   
            
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ 32,621    $ (43,981,505 )    $ –      $ –    $ (43,948,884 ) 

Foreign exchange contracts

      –      –        189,885        –      189,885   

Credit contracts

      –      –        –        –      –   

Equity contracts

      –      –        –        –      –   

Commodity contracts

      –      –        –        –      –   

Other contracts

      –      –        –        –      –   

Total

    $ 32,621    $ (43,981,505 )    $ 189,885      $ –    $ (43,758,999 ) 

 

Investment security transactions for the six months ended June 30, 2009 were as follows:   

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 10,293,121,994   

Long-term U.S. Treasury securities

      2,167,976,161   
        
   $ 12,461,098,155   
        

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 11,183,832,178   

Long-term U.S. Treasury securities

      1,666,912,763   
        
   $ 12,850,744,941   
        

 

As of June 30, 2009, 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

    $ 67,896,569   

Aggregate gross unrealized depreciation

      (97,427,404 ) 
        

Net unrealized depreciation

    $ (29,530,835 ) 
        

Federal income tax cost of investments

    $ 4,277,168,097   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $4,159,510. This was secured by collateral of $4,850,238 which was received as cash and subsequently invested in short-term investments currently valued at $4,479,257, as reported in the portfolio of investments.

 

See Notes to Financial Statements.

80

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

COMMON STOCKS:

      

Consumer Staples (0.7%)

      

Food & Staples Retailing (0.7%)

      

CVS Caremark Corp.

    17,636    $ 562,059

Drogasil S.A.

    33,420      319,618

Walgreen Co.

    53,355      1,568,637
         

Total Consumer Staples

         2,450,314
         

Financials (0.1%)

      

Insurance (0.1%)

      

Amil Participacoes S.A.

    47,810      230,327
         

Total Financials

         230,327
         

Health Care (98.7%)

      

Biotechnology (18.2%)

      

3SBio, Inc. (ADR)*

    49,742      409,874

Alexion Pharmaceuticals, Inc.*

    19,055      783,542

Alkermes, Inc.*^

    12,600      136,332

Amgen, Inc.*

    301,817      15,978,192

Amylin Pharmaceuticals, Inc.*^

    111,841      1,509,854

Anadys Pharmaceuticals, Inc.*^

    91,875      170,887

Array BioPharma, Inc.*^

    23,196      72,835

Biogen Idec, Inc.*

    46,599      2,103,945

BioMarin Pharmaceutical, Inc.*^

    47,661      743,988

Celera Corp.*^

    148,080      1,129,850

Celgene Corp.*

    80,690      3,860,210

Cephalon, Inc.*^

    32,140      1,820,731

Cougar Biotechnology, Inc.*

    8,980      385,781

CSL Ltd.

    18,908      488,694

Cubist Pharmaceuticals, Inc.*

    7,700      141,141

Cytokinetics, Inc.*^

    174,420      493,609

Dendreon Corp.*^

    18,923      470,237

Genzyme Corp.*

    91,710      5,105,496

Gilead Sciences, Inc.*

    265,768      12,448,573

Halozyme Therapeutics, Inc.*

    21,385      149,053

Human Genome Sciences, Inc.*^

    155,630      445,102

Incyte Corp.*^

    229,648      755,542

Isis Pharmaceuticals, Inc.*^

    13,000      214,500

Keryx Biopharmaceuticals, Inc.*^

    113,755      102,618

Ligand Pharmaceuticals, Inc., Class B*

    170,900      488,774

Medarex, Inc.*

    17,100      142,785

Myriad Genetics, Inc.*

    18,145      646,869

Myriad Pharmaceuticals, Inc.*

    4,575      21,274

Onyx Pharmaceuticals, Inc.*

    13,913      393,181

OSI Pharmaceuticals, Inc.*^

    30,181      852,010

Pharmasset, Inc.*^

    4,970      55,913

Progenics Pharmaceuticals, Inc.*^

    102,220      526,433

Regeneron Pharmaceuticals, Inc.*

    55,369      992,212

Rigel Pharmaceuticals, Inc.*

    11,450      138,774

Seattle Genetics, Inc.*^

    69,820      678,650

United Therapeutics Corp.*^

    12,243      1,020,209

Vertex Pharmaceuticals, Inc.*

    76,600      2,730,024
         
        58,607,694
         

Health Care Distributors (3.4%)

      

AmerisourceBergen Corp.^

    122,590      2,174,747

Animal Health International, Inc.*

    10,807      16,751

Cardinal Health, Inc.

    101,300      3,094,715

Henry Schein, Inc.*

    20,730      994,003

McKesson Corp.

    91,470      4,024,680
      Number of
Shares		   

Value

(Note 1)

Owens & Minor, Inc.^

    5,500    $ 241,010

Patterson Cos., Inc.*^

    12,200      264,740

PSS World Medical, Inc.*^

    7,900      146,229
         
        10,956,875
         

Health Care Equipment (18.4%)

      

American Medical Systems Holdings, Inc.*

    9,800      154,840

Baxter International, Inc.

    163,813      8,675,536

Beckman Coulter, Inc.

    38,000      2,171,320

Becton, Dickinson & Co.

    63,510      4,528,898

Boston Scientific Corp.*

    240,990      2,443,639

C.R. Bard, Inc.^

    13,200      982,740

China Medical Technologies, Inc. (ADR)^

    52,780      1,050,850

Covidien plc

    107,887      4,039,289

DexCom, Inc.*

    17,405      107,737

DiaSorin S.p.A.

    22,967      571,651

Edwards Lifesciences Corp.*^

    13,930      947,658

EnteroMedics, Inc.*^

    63,943      212,930

Gen-Probe, Inc.*^

    6,900      296,562

Hill-Rom Holdings, Inc.^

    8,300      134,626

Hologic, Inc.*^

    54,656      777,755

Hospira, Inc.*

    85,355      3,287,875

Idexx Laboratories, Inc.*

    7,800      360,360

Insulet Corp.*^

    13,837      106,545

Intuitive Surgical, Inc.*^

    6,325      1,035,149

Kinetic Concepts, Inc.*

    7,300      198,925

Masimo Corp.*^

    10,460      252,191

Medtronic, Inc.

    323,535      11,288,136

Nobel Biocare Holding AG (Registered)

    6,793      148,916

NuVasive, Inc.*^

    12,615      562,629

ResMed, Inc.*

    17,338      706,177

St. Jude Medical, Inc.*

    124,175      5,103,593

STERIS Corp.^

    7,800      203,424

Stryker Corp.^

    31,700      1,259,758

Symmetry Medical, Inc.*

    52,400      488,368

Synthes, Inc.

    8,684      840,617

Teleflex, Inc.

    5,300      237,599

Thoratec Corp.*^

    13,640      365,279

Varian Medical Systems, Inc.*^

    39,292      1,380,721

Volcano Corp.*^

    150,475      2,103,641

Wright Medical Group, Inc.*^

    23,986      390,012

Zimmer Holdings, Inc.*

    41,989      1,788,731
         
        59,204,677
         

Health Care Facilities (1.0%)

      

Assisted Living Concepts, Inc., Class A*

    8,716      126,818

Brookdale Senior Living, Inc.

    4,900      47,726

Community Health Systems, Inc.*^

    20,400      515,100

Health Management Associates, Inc., Class A*

    75,420      372,575

HealthSouth Corp.*^

    11,700      168,948

LifePoint Hospitals, Inc.*

    7,100      186,375

Psychiatric Solutions, Inc.*^

    7,500      170,550

Rhoen-Klinikum AG

    36,818      814,123

Tenet Healthcare Corp.*

    55,500      156,510

Universal Health Services, Inc., Class B

    6,500      317,525

VCA Antech, Inc.*^

    11,300      301,710
         
        3,177,960
         

Health Care Services (5.3%)

      

Amedisys, Inc.*^

    3,600      118,872

 

See Notes to Financial Statements.

81

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Chemed Corp.^

    3,000    $ 118,440

DaVita, Inc.*^

    38,416      1,900,055

Express Scripts, Inc.*

    76,221      5,240,194

Fresenius Medical Care AG & Co. KGaA (ADR)^

    18,400      828,000

Laboratory Corp. of America Holdings*^

    14,400      976,176

Lincare Holdings, Inc.*^

    9,100      214,032

Medco Health Solutions, Inc.*

    115,448      5,265,583

MEDNAX, Inc.*^

    6,100      256,993

Omnicare, Inc.^

    29,918      770,688

Quest Diagnostics, Inc.

    27,937      1,576,485
         
        17,265,518
         

Health Care Supplies (1.5%)

      

Alcon, Inc.

    14,026      1,628,699

Cooper Cos., Inc.^

    6,000      148,380

DENTSPLY International, Inc.^

    33,547      1,023,854

Haemonetics Corp.*^

    3,400      193,800

Immucor, Inc.*

    28,179      387,743

Inverness Medical Innovations, Inc.*^

    36,215      1,288,530

West Pharmaceutical Services, Inc.^

    4,400      153,340
         
        4,824,346
         

Health Care Technology (0.7%)

      

Allscripts-Misys Healthcare Solutions, Inc.^

    25,720      407,919

Cerner Corp.*

    9,000      560,610

Eclipsys Corp.*

    11,580      205,892

HLTH Corp.*^

    13,800      180,780

IMS Health, Inc.

    24,200      307,340

Medidata Solutions, Inc.*

    20,149      330,041

Quality Systems, Inc.

    2,400      136,704
         
        2,129,286
         

Life Sciences Tools & Services (4.4%)

      

AMAG Pharmaceuticals, Inc.*^

    5,555      303,692

Bio-Rad Laboratories, Inc., Class A*

    2,500      188,700

Bruker Corp.*^

    6,400      59,264

Charles River Laboratories International, Inc.*

    8,800      297,000

Covance, Inc.*^

    8,500      418,200

ICON plc (ADR)*^

    22,740      490,729

Illumina, Inc.*

    28,275      1,101,028

Life Technologies Corp.*

    61,055      2,547,215

MDS, Inc.*^

    12,800      68,352

Mettler-Toledo International, Inc.*

    8,265      637,645

Millipore Corp.*

    7,400      519,554

PAREXEL International Corp.*

    40,700      585,266

PerkinElmer, Inc.^

    15,500      269,700

Pharmaceutical Product Development, Inc.

    38,159      886,052

Techne Corp.^

    4,900      312,669

Thermo Fisher Scientific, Inc.*^

    113,870      4,642,480

Varian, Inc.*

    3,800      149,834

Waters Corp.*^

    12,800      658,816
         
        14,136,196
         

Managed Health Care (7.1%)

      

Aetna, Inc.^

    97,642      2,445,932

AMERIGROUP Corp.*^

    17,006      456,611

CIGNA Corp.

    59,095      1,423,599

Coventry Health Care, Inc.*

    66,700      1,247,957

Health Net, Inc.*

    57,078      887,563

Humana, Inc.*

    36,680      1,183,297

Magellan Health Services, Inc.*^

    4,700      154,254
      Number of
Shares		   

Value

(Note 1)

UnitedHealth Group, Inc.

    310,122    $ 7,746,848

Universal American Corp.*^

    7,100      61,912

WellPoint, Inc.*

    143,859      7,320,984
         
        22,928,957
         

Pharmaceuticals (38.7%)

      

Abbott Laboratories, Inc.

    272,296      12,808,804

Allergan, Inc.

    61,344      2,918,747

ARYx Therapeutics, Inc.*^

    19,708      81,394

AstraZeneca plc (ADR)^

    24,940      1,100,852

Auxilium Pharmaceuticals, Inc.*^

    6,407      201,052

Bayer AG

    6,560      352,246

BioMimetic Therapeutics, Inc.*^

    15,285      141,233

Biovail Corp.

    17,200      231,340

Bristol-Myers Squibb Co.

    263,000      5,341,530

Cadence Pharmaceuticals, Inc.*^

    21,033      210,120

Daiichi Sankyo Co., Ltd.

    99,200      1,775,061

EastPharma Ltd. (ADR)*§†

    26,185      72,336

Eisai Co., Ltd.

    48,580      1,728,532

Elan Corp. plc (ADR)*

    182,280      1,161,124

Eli Lilly & Co.

    170,181      5,895,070

Endo Pharmaceuticals Holdings, Inc.*

    15,600      279,552

Forest Laboratories, Inc.*

    119,400      2,998,134

Hikma Pharmaceuticals plc

    32,987      255,241

Ipsen S.A.

    16,471      720,071

Johnson & Johnson

    343,935      19,535,508

King Pharmaceuticals, Inc.*

    81,900      788,697

Medicines Co.*

    60,480      507,427

Medicis Pharmaceutical Corp., Class A^

    7,600      124,032

Merck & Co., Inc.

    420,400      11,754,384

Merck KGaA

    3,601      367,123

Mylan, Inc.*^

    40,600      529,830

Novartis AG (ADR)

    14,953      609,933

Perrigo Co.

    10,300      286,134

Pfizer, Inc.

    1,157,900      17,368,500

Pharmstandard OJSC (GDR), Class S*§†

    5,390      73,250

Roche Holding AG

    17,491      2,379,629

Sanofi-Aventis S.A. (ADR)

    23,819      702,422

Schering-Plough Corp.

    398,160      10,001,779

Sepracor, Inc.*

    14,500      251,140

Shionogi & Co., Ltd.

    132,600      2,561,554

Shire plc (ADR)

    28,728      1,191,637

Teva Pharmaceutical Industries Ltd. (ADR)

    87,288      4,306,790

UCB S.A.

    30,555      979,472

Valeant Pharmaceuticals International*^

    10,900      280,348

Watson Pharmaceuticals, Inc.*

    27,850      938,266

Wyeth

    240,133      10,899,637

XenoPort, Inc.*

    4,887      113,232
         
        124,823,163
         

Total Health Care

         318,054,672
         

Total Common Stocks (99.5%)
(Cost $333,624,577)

         320,735,313
      Number of
Warrants		   

Value

(Note 1)

WARRANT:

      

Health Care (0.0%)

      

Biotechnology (0.0%)

      

Cytokinetics, Inc., expiring 11/21/11*
(Cost $—)(b)†

    20,450      1,636
         

 

See Notes to Financial Statements.

82

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

      Principal
Amount		   

Value

(Note 1)

  

SHORT-TERM INVESTMENTS:

      

Short-Term Investments of Cash Collateral for Securities Loaned (2.7%)

   

BBVA Senior Finance S.A.

      

0.69%, 3/12/10 (l)

    $ 830,000    $ 818,985   

Deutsche Bank Securities, Inc., Repurchase Agreement

   

0.09%, 7/1/09 (r)(u)

      4,890,054      4,890,054   

General Electric Capital Corp.

      

0.40%, 3/12/10 (l)

      150,000      147,492   

Lehman Brothers Holdings, Inc.

      

0.00%, 8/21/09 (h)(l)(s)

      939,994      138,649   

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      1,770,000      1,703,625   

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      1,129,887      1,041,307   
           

Total Short-Term Investments of Cash Collateral for Securities Loaned

      8,740,112   
           

Time Deposit (1.1%)

      

JPMorgan Chase Nassau

      

0.000%, 7/1/09

      3,445,591      3,445,591   
           

Total Short-Term Investments (3.8%)
(Cost/Amortized Cost $13,155,525)

         12,185,703   
           
      Number of
Contracts (c)		   

Value

(Note 1)

  

OPTIONS PURCHASED:

      

Call Options Purchased (0.0%)

      

Baxter International, Inc.
August 2009 @ $–*

      255      107,100   

Boston Scientific Corp.
August 2009 @ $–*

      124      37,200   
           

Total Options Purchased (0.0%)
(Cost $72,713)

         144,300   
           

Total Investments (103.3%)
(Cost/Amortized Cost $346,852,815)

         333,066,952   

Other Assets Less Liabilities (-3.3%)

         (10,705,694 ) 
           

Net Assets (100%)

       $ 322,361,258   
           

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
† Securities (totaling $147,222 or 0.0% of net assets) 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, 2009, the market value of these securities amounted to $145,586 or 0.0% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.
(b) Illiquid Security.
(c) One contract relates to 100 shares.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(s) Issuer in bankruptcy.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% –5.500%, maturing 4/15/23 – 7/19/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 – 7/25/38.

 

Glossary:

ADR  —    American Depositary Receipt

GDR  —    Global Depositary Receipt


 

 

At June 30, 2009 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

 

     Local
Contract Buy
Amount
(000’s)		   

Local

Contract Sell
Amount
(000’s)

   

U.S. $
Current
Buy

Value

   

U.S. $

Current
Sell

Value

    Unrealized
Appreciation/
(Depreciation)		  

Foreign Currency Buy Contract

               

European Union vs. U.S. Dollar, expiring 8/11/09

    82    113    $ 115,034    $ 113,461    $ 1,573   
                    

Foreign Currency Sell Contracts

               

British Pound vs. U.S. Dollar, expiring 8/11/09

    249    166    $ 248,936    $ 272,275    $ (23,339 ) 

European Union vs. U.S. Dollar, expiring 8/11/09

    638    476      638,245      667,757      (29,512 ) 

Swiss Franc vs. U.S. Dollar, expiring 8/11/09

    116    126      116,045      116,020      25   

Swiss Franc vs. U.S. Dollar, expiring 8/11/09

    552    622      552,039      572,735      (20,696 ) 
                    
               $ (73,522 ) 
                    
               $ (71,949 ) 
                    

 

See Notes to Financial Statements.

83

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

Options Written:

Options written through the six months ended June 30, 2009 were as follows:

 

     Total
Number of
Contracts		     Total
Premiums
Received		  

Options Outstanding - January 1, 2009

    —         $ —      

Options Written

    760        175,200   

Options Terminated in Closing Purchase Transactions

    (760 )      (175,200 ) 

Options Expired

    —        —   

Options Exercised

    —        —   
              

Options Outstanding – June 30, 2009

    —      $ —   
              

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1

Quoted prices in active
markets for identical
securities

    Level 2
Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)		     Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total  

Asset:

           

Common Stocks

           

Consumer Staples

    $ 2,450,314    $ –      $ –    $ 2,450,314   

Financials

      230,327      –        –      230,327   

Health Care

      303,926,156      13,982,930        145,586      318,054,672   

Forward Currency Contracts

      –      1,598        –      1,598   

Options Purchased

           

Call Options Purchased

      144,300      –        –      144,300   

Short-Term Investments

      –      12,185,703        –      12,185,703   

Warrants

           

Health Care

      –      1,636        –      1,636   

Total Asset

    $ 306,751,097    $ 26,171,867      $ 145,586    $ 333,068,550   

Liability:

           

Forward Currency Contracts

    $ –    $ (73,547 )    $ –    $ (73,547 ) 

Total Liability

    $ –    $ (73,547 )    $ –    $ (73,547 ) 

Total

    $ 306,751,097    $ 26,098,320      $ 145,586    $ 332,995,003   

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

 

      Investments in
Securities-Health Care		     Other Investments*  

Balance as of 12/31/08

    $ 267,741      $ —      

Total gains or losses (realized/unrealized) included in earnings

      534,348        —   

Purchases, sales, issuances, and settlements (net)

     (656,503 )      —   

Transfers in and/or out of Level 3

      —           —   
                  
                  

Balance as of 6/30/09

    $ 145,586      $ —   
                  
                  
    
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/09.    $ 534,348      $ —   

* Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

 

See Notes to Financial Statements.

84

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        
Derivatives Not Accounted for as Hedging Instruments    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

    Receivables, Net Assets - Unrealized appreciation    $ – *   

Foreign exchange contracts

    Receivables      1,598   

Credit contracts

    Receivables      –   

Equity contracts

    Receivables, Net Assets - Unrealized appreciation      – * 

Commodity contracts

    Receivables      –   

Other contracts

    Receivables      –   
           

Total

       $ 1,598   
           
   Liability Derivatives         

Interest rate contracts

    Payables, Net Assets - Unrealized depreciation    $ – * 

Foreign exchange contracts

    Payables      (73,547 ) 

Credit contracts

    Payables      –   

Equity contracts

    Payables, Net Assets - Unrealized depreciation      – * 

Commodity contracts

    Payables      –   

Other contracts

    Payables      –   
           

Total

       $ (73,547 ) 
           

 

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options     Futures    Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ (68,135 )    $ –    $ –      $ –    $ (68,135 ) 

Foreign exchange contracts

      –        –      (202,692 )      –      (202,692 ) 

Credit contracts

      –        –      –        –      –   

Equity contracts

      (859,534 )      –      –        –      (859,534 ) 

Commodity contracts

      –        –      –        –      –   

Other contracts

      –        –      –        –      –   

Total

    $ (927,669 )    $ –    $ (202,692 )    $ –    $ (1,130,361 ) 
            
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options     Futures    Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ 71,008      $ –    $ –      $ –    $ 71,008   

Foreign exchange contracts

      –        –      311,886        –      311,886   

Credit contracts

      –        –      –        –      –   

Equity contracts

      852,560        –      –        –      852,560   

Commodity contracts

      –        –      –        –      –   

Other contracts

      –        –      –        –      –   

Total

    $ 923,568      $ –    $ 311,886      $ –    $ 1,235,454   

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 203,194,834

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 185,647,276

 

See Notes to Financial Statements.

85

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

As of June 30, 2009, 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

    $ 13,944,815   

Aggregate gross unrealized depreciation

      (43,083,636 ) 
        

Net unrealized depreciation

    $ (29,138,821 ) 
        

Federal income tax cost of investments

    $ 362,205,773   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $9,375,842. This was secured by collateral of $9,709,935 which was received as cash and subsequently invested in short-term investments currently valued at $8,740,112, as reported in the portfolio of investments.

For the six months ended June 30, 2009, the Portfolio incurred approximately $387 as brokerage commissions with Exane S.A. and $1,900 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $5,225,109 which expires in the year 2016.

 

See Notes to Financial Statements.

86

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

COMMON STOCKS:

      

Australia (5.4%)

      

AGL Energy Ltd.

    26,426    $ 284,979

Alumina Ltd.

    149,361      171,434

Amcor Ltd.

    292,768      1,175,474

AMP Ltd.

    129,969      509,257

Aristocrat Leisure Ltd.

    19,544      59,393

Arrow Energy Ltd.*

    34,495      98,160

ASX Ltd.

    10,969      325,890

Australia & New Zealand Banking Group Ltd.

    328,294      4,339,936

Bendigo and Adelaide Bank Ltd.

    20,251      113,264

BHP Billiton Ltd.^

    251,168      6,883,867

Billabong International Ltd.

    11,968      84,104

BlueScope Steel Ltd.

    116,034      234,699

Boral Ltd.

    35,522      115,712

Brambles Ltd.

    89,599      428,642

Caltex Australia Ltd.

    7,714      85,706

CFS Retail Property Trust (REIT)

    92,244      121,955

Coca-Cola Amatil Ltd.

    37,246      258,019

Cochlear Ltd.

    3,000      139,353

Commonwealth Bank of Australia

    137,391      4,295,817

Computershare Ltd.

    28,073      203,424

Crown Ltd.

    25,013      145,758

CSL Ltd.

    336,996      8,709,965

CSR Ltd.

    74,153      100,978

Dexus Property Group (REIT)

    268,362      160,882

Energy Resources of Australia Ltd.

    4,089      76,741

Fairfax Media Ltd.

    140,202      137,240

Fortescue Metals Group Ltd.*

    70,697      214,366

Foster’s Group Ltd.

    116,925      484,625

Goodman Fielder Ltd.

    82,802      86,728

GPT Group (REIT)

    568,558      221,917

Harvey Norman Holdings Ltd.

    30,352      80,409

Incitec Pivot Ltd.

    100,176      190,625

Insurance Australia Group Ltd.

    126,909      355,916

Leighton Holdings Ltd.

    8,255      155,425

Lend Lease Corp., Ltd.

    160,845      906,061

Lion Nathan Ltd.

    18,832      176,189

Macquarie Airports

    39,284      71,753

Macquarie Group Ltd.

    54,742      1,719,422

Macquarie Infrastructure Group

    877,418      1,007,687

Metcash Ltd.

    42,414      146,881

Mirvac Group (Placement Shares) (REIT)*†

    51,171      44,532

Mirvac Group (REIT)

    179,075      154,336

National Australia Bank Ltd.

    246,655      4,440,799

Newcrest Mining Ltd.

    29,028      711,308

Nufarm Ltd.

    8,032      59,103

OneSteel Ltd.

    96,406      198,867

Orica Ltd.

    21,350      371,672

Origin Energy Ltd.

    52,831      621,660

OZ Minerals Ltd.

    161,796      119,856

Paladin Energy Ltd.*

    34,292      135,022

Perpetual Ltd.

    4,446      101,806

Qantas Airways Ltd.

    679,358      1,095,916

QBE Insurance Group Ltd.

    62,618      999,121

Rio Tinto Ltd.

    23,611      988,173

Santos Ltd.

    50,793      596,692

Sims Metal Management Ltd.

    10,183      212,010

Sonic Healthcare Ltd.

    20,629      204,229

SP AusNet

    167,506      103,644

Stockland Corp., Ltd. (REIT)

    146,017      374,407

Suncorp-Metway Ltd.

    79,783      428,400
      Number of
Shares		   

Value

(Note 1)

TABCORP Holdings Ltd.

    274,776    $ 1,581,236

Tatts Group Ltd.

    60,790      124,695

Telstra Corp., Ltd.

    572,331      1,561,643

Toll Holdings Ltd.

    39,128      194,127

Transurban Group

    72,667      242,002

Wesfarmers Ltd.

    61,885      1,126,535

Wesfarmers Ltd. (PPS)

    9,268      174,920

Westfield Group (REIT)

    123,523      1,125,102

Westpac Banking Corp.

    181,725      2,943,648

Woodside Petroleum Ltd.

    29,948      1,037,744

Woolworths Ltd.

    76,853      1,625,087

WorleyParsons Ltd.

    9,726      185,300
         
        58,962,245
         

Austria (0.2%)

      

Erste Group Bank AG

    11,305      307,156

OMV AG

    9,429      353,478

Raiffeisen International Bank Holding AG

    3,470      120,505

Telekom Austria AG

    19,714      308,453

Verbund - Oesterreichische Elektrizitaetswirtschafts AG, Class A

    4,403      224,587

Vienna Insurance Group

    2,194      95,359

Voestalpine AG

    7,377      202,396
         
        1,611,934
         

Belgium (1.6%)

      

Anheuser-Busch InBev N.V.

    352,339      12,755,573

Belgacom S.A.

    9,372      299,614

Cie Nationale a Portefeuille

    2,121      102,538

Colruyt S.A.

    1,132      258,330

Delhaize Group

    27,874      1,962,530

Dexia S.A.*

    33,888      256,979

Fortis*

    143,183      488,170

Groupe Bruxelles Lambert S.A.

    5,241      383,820

KBC Groep N.V.*

    8,616      157,177

Mobistar S.A.

    1,677      103,515

Solvay S.A., Class A

    3,800      320,609

UCB S.A.

    6,009      192,625

Umicore

    7,077      161,192
         
        17,442,672
         

Bermuda (0.0%)

      

Seadrill Ltd.

    16,211      232,935
         

Brazil (2.1%)

      

Gafisa S.A.

    325,744      2,684,749

Itau Unibanco Banco Multiplo S.A. (ADR)

    387,025      6,126,606

Petroleo Brasileiro S.A. (Mexico Exchange) (ADR)

    209,534      8,586,703

Petroleo Brasileiro S.A. (New York Exchange) (ADR)

    16,680      683,546

Vale S.A. (ADR)

    286,746      5,055,332
         
        23,136,936
         

Canada (2.3%)

      

BCE, Inc.

    39,700      819,155

Bombardier, Inc., Class B

    261,800      776,521

Brookfield Properties Corp.

    187,900      1,486,206

Fairfax Financial Holdings Ltd.

    5,800      1,456,046

Magna International, Inc., Class A

    33,800      1,434,063

National Bank of Canada

    32,700      1,511,091

Nexen, Inc.

    67,989      1,477,094

Petro-Canada, Inc.

    89,895      3,471,679

Potash Corp. of Saskatchewan, Inc.

    72,882      6,781,670

 

See Notes to Financial Statements.

87

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Suncor Energy, Inc.

    71,759    $ 2,182,105

Talisman Energy, Inc.

    92,100      1,323,123

TELUS Corp. (Non-Voting), Class A

    52,300      1,348,923

Westjet Airlines Ltd. (Variable-Voting), Class A*

    124,300      1,079,336
         
        25,147,012
         

China (0.4%)

      

China Life Insurance Co., Ltd., Class H

    96,000      354,463

Foxconn International Holdings Ltd.*

    250,000      166,590

Industrial & Commercial Bank of China Ltd., Class H

    5,498,000      3,818,194
         
        4,339,247
         

Cyprus (0.0%)

      

Bank of Cyprus PCL

    34,134      190,338
         

Denmark (1.7%)

      

A. P. Moller - Maersk A/S, Class A

    33      193,850

A. P. Moller - Maersk A/S, Class B

    71      426,337

Carlsberg A/S, Class B

    6,590      423,592

Coloplast A/S, Class B

    1,495      103,005

Danske Bank A/S*

    27,302      471,267

DSV A/S*

    12,208      151,621

H. Lundbeck A/S

    3,600      68,576

Novo Nordisk A/S, Class B

    28,112      1,527,945

Novozymes A/S, Class B

    2,979      242,128

Topdanmark A/S*

    1,025      119,790

TrygVesta A/S

    1,743      102,831

Vestas Wind Systems A/S*^

    203,783      14,649,518

William Demant Holding A/S*

    1,364      70,598
         
        18,551,058
         

Finland (0.9%)

      

Elisa Oyj

    7,882      129,935

Fortum Oyj

    26,692      608,835

Kesko Oyj, Class B

    4,198      111,287

Kone Oyj, Class B

    9,824      301,711

Metso Oyj

    8,203      153,652

Neste Oil Oyj

    8,217      114,396

Nokia Oyj

    482,685      7,044,147

Nokian Renkaat Oyj

    6,806      128,326

Orion Oyj, Class B

    5,723      89,792

Outokumpu Oyj

    7,619      131,956

Pohjola Bank plc

    10,100      80,780

Rautaruukki Oyj

    5,471      109,414

Sampo Oyj, Class A

    25,034      472,403

Sanoma Oyj

    4,655      72,404

Stora Enso Oyj, Class R*

    34,603      182,604

UPM-Kymmene Oyj

    33,326      290,448

Wartsila Oyj

    4,571      147,655
         
        10,169,745
         

France (8.7%)

      

Accor S.A.

    93,166      3,704,790

Aeroports de Paris S.A.

    1,903      139,652

Air France-KLM

    7,720      98,974

Air Liquide S.A.

    15,558      1,424,656

Alcatel-Lucent*

    138,087      347,953

Alstom S.A.^

    79,423      4,700,763

Atos Origin S.A.*

    3,811      129,390

BioMerieux

    789      69,204

BNP Paribas S.A.^

    191,066      12,399,014

Bouygues S.A.

    14,597      548,922

Bureau Veritas S.A.

    3,598      177,479

Cap Gemini S.A.

    8,932      329,914

Carrefour S.A.

    39,653      1,696,253

Casino Guichard Perrachon S.A.

    21,371      1,443,521

Christian Dior S.A.

    3,895      291,279

 

     

Number of

Shares

   

Value

(Note 1)

Cie de Saint-Gobain S.A.^

    31,800    $ 1,063,278

Cie Generale de Geophysique - Veritas*

    9,508      171,646

Cie Generale d’Optique Essilor International S.A.

    11,929      569,468

CNP Assurances S.A.

    2,125      202,889

Compagnie Generale des Etablissements Michelin, Class B

    9,015      515,244

Credit Agricole S.A.^

    238,136      2,982,644

Danone S.A.

    33,755      1,669,317

Dassault Systemes S.A.

    3,940      174,217

EDF S.A.^

    55,808      2,721,420

Eiffage S.A.

    2,348      137,014

Eramet S.A.

    299      78,461

Eurazeo S.A.

    2,926      121,964

Eutelsat Communications S.A.

    6,053      156,371

Fonciere Des Regions (REIT)

    1,258      94,655

France Telecom S.A.^

    213,510      4,850,995

GDF Suez S.A.

    86,423      3,228,568

Gecina S.A. (REIT)

    1,835      113,536

Hermes International S.A.

    3,411      474,779

ICADE (REIT)

    1,261      103,705

Iliad S.A.

    1,041      101,116

Imerys S.A.*

    1,949      81,900

Ipsen S.A.

    1,441      62,997

J.C. Decaux S.A.*

    7,868      125,222

Klepierre S.A. (REIT)

    5,327      137,405

Lafarge S.A.*^

    22,909      1,541,868

Lagardere S.C.A.

    65,364      2,175,594

Legrand S.A.

    5,896      128,810

L’Oreal S.A.

    15,063      1,127,743

LVMH Moet Hennessy Louis Vuitton S.A.

    19,955      1,527,376

M6-Metropole Television

    3,684      69,803

Natixis S.A.*

    65,236      126,239

Neopost S.A.

    1,799      161,774

PagesJaunes Groupe S.A.

    7,217      70,266

Pernod-Ricard S.A.^

    18,972      1,197,745

Peugeot S.A.*

    9,129      240,799

PPR S.A.^

    9,896      809,745

Publicis Groupe S.A.

    8,101      247,341

Renault S.A.*

    70,136      2,589,211

Safran S.A.

    12,028      159,034

Sanofi-Aventis S.A.

    135,050      7,942,455

Schneider Electric S.A.

    15,778      1,206,696

SCOR SE

    11,212      230,261

Societe BIC S.A.

    1,711      98,270

Societe Des Autoroutes Paris-Rhin-Rhone

    1,449      98,683

Societe Generale S.A.

    87,910      4,796,324

Societe Television Francaise 1 S.A.

    6,707      75,450

Sodexo S.A.

    5,387      277,087

Suez Environnement S.A.

    17,262      302,712

Technip S.A.

    5,993      294,586

Thales S.A.

    5,720      255,973

Total S.A.

    234,953      12,725,567

Unibail-Rodamco S.A. (REIT)

    4,925      735,455

Vallourec S.A.^

    15,594      1,895,857

Veolia Environnement

    24,178      714,289

Vinci S.A.

    26,839      1,204,540

Vivendi S.A.

    77,462      1,855,548
         
        94,323,676
         

Germany (7.4%)

      

Adidas AG

    11,483      437,546

Allianz SE (Registered)

    61,788      5,713,645

BASF SE^

    119,971      4,785,213

 

See Notes to Financial Statements.

88

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Bayer AG^

    109,256    $ 5,866,617

Bayerische Motoren Werke (BMW) AG (Preference)

    2,983      71,875

Bayerische Motoren Werke (BMW) AG

    99,529      3,758,923

Beiersdorf AG

    5,653      266,484

Celesio AG^

    25,851      594,183

Commerzbank AG*

    43,581      270,969

Daimler AG

    156,467      5,661,283

Deutsche Bank AG (Registered)

    84,178      5,122,476

Deutsche Boerse AG

    12,286      954,915

Deutsche Lufthansa AG (Registered)

    82,184      1,033,085

Deutsche Post AG (Registered)^

    132,398      1,730,478

Deutsche Postbank AG*

    5,001      127,514

Deutsche Telekom AG (Registered)^

    413,279      4,884,358

E.ON AG

    239,078      8,485,922

Fraport AG

    2,096      89,858

Fresenius Medical Care AG & Co. KGaA

    30,023      1,339,881

Fresenius SE

    1,611      75,592

Fresenius SE (Preference)

    5,469      295,531

GEA Group AG

    9,425      142,976

Hamburger Hafen und Logistik AG

    2,877      111,072

Hannover Rueckversicherung AG (Registered)*

    3,389      125,371

Henkel AG & Co. KGaA

    7,805      210,461

Henkel AG & Co. KGaA (Preference)

    11,971      374,028

Hochtief AG

    34,823      1,759,337

K+S AG

    9,095      512,336

Linde AG

    14,930      1,227,468

MAN SE

    24,041      1,478,623

Merck KGaA

    4,193      427,477

Metro AG^

    34,151      1,632,508

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)

    32,997      4,462,669

Porsche Automobil Holding SE (Preference)

    5,000      336,004

Puma AG Rudolf Dassler Sport

    366      80,336

RWE AG

    59,303      4,681,646

RWE AG (Non-Voting Preference)

    2,278      151,786

Salzgitter AG

    2,273      199,840

SAP AG

    63,399      2,555,986

Siemens AG (Registered)

    66,727      4,619,540

Solarworld AG

    5,370      126,813

Suedzucker AG

    4,248      86,401

Symrise AG

    15,392      227,791

ThyssenKrupp AG

    21,238      529,139

TUI AG*

    12,203      90,184

United Internet AG*

    7,184      84,386

Volkswagen AG

    5,531      1,872,343

Volkswagen AG (Preference)

    6,445      450,948

Wacker Chemie AG

    894      102,972
         
        80,226,789
         

Greece (0.3%)

      

Alpha Bank AE*

    21,095      227,943

Coca Cola Hellenic Bottling Co. S.A.

    11,187      229,233

EFG Eurobank Ergasias S.A.*

    20,292      211,389

Hellenic Petroleum S.A.

    6,982      67,493

Hellenic Telecommunications Organization S.A.

    18,444      281,520

Marfin Investment Group S.A.*

    43,938      187,206

National Bank of Greece S.A.*

    31,534      863,975

OPAP S.A.

    13,676      363,209

Piraeus Bank S.A.*

    20,493      202,002

Public Power Corp. S.A.*

    6,689      137,669

 

     

Number of

Shares

   

Value

(Note 1)

Titan Cement Co. S.A.

    3,301    $ 86,929
         
        2,858,568
         

Hong Kong (2.5%)

      

ASM Pacific Technology Ltd.

    23,300      120,492

Bank of East Asia Ltd.

    89,554      272,841

BOC Hong Kong Holdings Ltd.

    237,000      419,520

Cathay Pacific Airways Ltd.

    67,000      92,087

Cheung Kong Holdings Ltd.

    517,000      5,926,997

Cheung Kong Infrastructure Holdings Ltd.

    29,000      101,702

China Mobile Ltd.

    30,000      300,821

Chinese Estates Holdings Ltd.

    47,000      86,037

CLP Holdings Ltd.

    130,000      862,360

CNOOC Ltd.

    2,445,100      3,010,724

Esprit Holdings Ltd.

    781,358      4,350,538

Genting Singapore plc*

    236,000      110,792

Hang Lung Group Ltd.

    52,000      244,440

Hang Lung Properties Ltd.

    713,000      2,353,623

Hang Seng Bank Ltd.

    46,200      655,906

Henderson Land Development Co., Ltd.

    69,000      394,755

Hong Kong & China Gas Co., Ltd.

    245,000      514,939

Hong Kong Aircraft Engineering Co., Ltd.

    8,000      93,597

Hong Kong Exchanges and Clearing Ltd.

    64,800      1,005,336

HongKong Electric Holdings Ltd.

    90,000      500,636

Hopewell Highway Infrastructure Ltd.

    7,350      4,125

Hopewell Holdings Ltd.

    40,500      126,393

Hutchison Whampoa Ltd.

    135,000      880,204

Hysan Development Co., Ltd.

    34,199      87,703

Kerry Properties Ltd.

    41,000      182,246

Li & Fung Ltd.

    134,000      358,195

Lifestyle International Holdings Ltd.

    80,500      111,526

Link REIT (REIT)

    123,500      263,297

Mongolia Energy Co., Ltd.*

    214,000      79,693

MTR Corp.

    92,105      276,015

New World Development Ltd.

    141,910      256,158

Noble Group Ltd.

    94,000      117,687

NWS Holdings Ltd.

    47,608      85,694

Orient Overseas International Ltd.

    25,500      108,226

PCCW Ltd.

    227,974      59,387

Shangri-La Asia Ltd.

    84,000      125,614

Sino Land Co.

    109,118      179,308

Sun Hung Kai Properties Ltd.

    89,000      1,107,790

Swire Pacific Ltd., Class A

    46,000      463,173

Television Broadcasts Ltd.

    16,000      64,555

Wharf Holdings Ltd.

    82,000      346,659

Wheelock & Co., Ltd.

    59,000      151,817

Wing Hang Bank Ltd.

    10,000      88,495

Yue Yuen Industrial Holdings Ltd.

    42,500      100,044
         
        27,042,147
         

India (0.5%)

      

ICICI Bank Ltd. (ADR)

    149,902      4,422,109

Reliance Industries Ltd. (GDR)*§

    5,800      489,958
         
        4,912,067
         

Ireland (0.3%)

      

CRH plc

    121,037      2,767,721

Elan Corp. plc*

    29,254      193,472

Experian plc

    65,974      494,427

Kerry Group plc, Class A

    8,769      198,940

 

See Notes to Financial Statements.

89

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Ryanair Holdings plc (ADR)*

    3,506    $ 99,535
         
        3,754,095
         

Israel (0.8%)

      

Teva Pharmaceutical Industries Ltd. (ADR)

    167,697      8,274,170
         

Italy (2.5%)

      

A2A S.p.A.

    80,318      146,893

ACEA S.p.A.

    5,476      66,911

Alleanza Assicurazioni S.p.A.

    23,547      162,134

Assicurazioni Generali S.p.A.

    66,445      1,386,751

Atlantia S.p.A.

    16,509      334,111

Autogrill S.p.A.

    11,962      101,457

Banca Carige S.p.A.

    41,203      113,271

Banca Monte dei Paschi di Siena S.p.A.

    156,358      252,555

Banca Popolare Societa Cooperativa

    25,270      151,230

Banco Popolare S.c.a.r.l.*

    38,614      288,357

Enel S.p.A.

    411,680      2,005,568

ENI S.p.A.

    330,676      7,844,580

Exor S.p.A.

    4,121      59,691

Fiat S.p.A.*

    46,826      475,036

Finmeccanica S.p.A.

    24,316      343,123

Fondiaria-Sai S.p.A.

    8,164      132,547

Intesa Sanpaolo S.p.A.*

    1,188,616      3,809,538

Italcementi S.p.A.

    8,329      95,181

Lottomatica S.p.A.

    3,478      67,150

Luxottica Group S.p.A.*

    7,406      154,027

Mediaset S.p.A.

    49,210      276,726

Mediobanca S.p.A.

    31,536      379,038

Mediolanum S.p.A.

    25,745      137,776

Parmalat S.p.A.

    100,232      242,198

Pirelli & C S.p.A.*

    307,590      108,758

Prysmian S.p.A.

    6,190      93,250

Saipem S.p.A.

    17,008      415,174

Saras S.p.A.

    19,020      54,341

Snam Rete Gas S.p.A.

    90,582      398,468

Telecom Italia S.p.A.

    1,869,502      2,589,269

Telecom Italia S.p.A. (RNC)

    1,360,562      1,337,792

Terna Rete Elettrica Nazionale S.p.A.

    76,946      256,633

UniCredit S.p.A.*

    904,313      2,316,821

Unione di Banche Italiane S.c.p.A.

    34,990      456,753

Unipol Gruppo Finanziario S.p.A.*

    78,285      91,689
         
        27,144,797
         

Japan (18.0%)

      

77 Bank Ltd.

    22,000      127,605

ABC-Mart, Inc.

    3,000      76,966

Acom Co., Ltd.

    3,070      76,624

Advantest Corp.

    8,700      156,896

Aeon Co., Ltd.

    272,700      2,686,159

Aeon Credit Service Co., Ltd.

    9,200      119,777

Aeon Mall Co., Ltd.

    6,400      121,101

Aioi Insurance Co., Ltd.

    29,000      131,840

Aisin Seiki Co., Ltd.

    11,400      246,528

Ajinomoto Co., Inc.

    38,000      300,280

Alfresa Holdings Corp.

    1,700      78,247

All Nippon Airways Co., Ltd.

    37,000      129,213

Amada Co., Ltd.

    20,000      123,594

Aozora Bank Ltd.*

    78,000      119,869

Asahi Breweries Ltd.

    26,000      373,370

Asahi Glass Co., Ltd.

    65,000      518,718

Asahi Kasei Corp.

    77,000      390,183

Asics Corp.

    9,000      81,715

Astellas Pharma, Inc.

    46,900      1,656,697

Bank of Kyoto Ltd.

    20,000      184,878

Bank of Yokohama Ltd.

    76,000      404,792

Benesse Corp.

    4,800      191,840

 

     

Number of

Shares

   

Value

(Note 1)

Bridgestone Corp.

    38,300    $ 598,278

Brother Industries Ltd.

    15,100      133,295

Canon Marketing Japan, Inc.

    3,900      54,442

Canon, Inc.

    150,400      4,895,064

Casio Computer Co., Ltd.

    15,200      135,295

Central Japan Railway Co.

    103      632,854

Chiba Bank Ltd.

    49,000      318,817

Chubu Electric Power Co., Inc.

    41,800      966,245

Chugai Pharmaceutical Co., Ltd.

    14,300      272,452

Chugoku Bank Ltd.

    9,000      124,560

Chugoku Electric Power Co., Inc.

    17,000      354,891

Chuo Mitsui Trust Holdings, Inc.

    56,000      212,520

Citizen Holdings Co., Ltd.

    20,700      105,581

Coca-Cola West Co., Ltd.

    3,200      61,161

Cosmo Oil Co., Ltd.

    35,000      118,615

Credit Saison Co., Ltd.

    10,500      132,585

Dai Nippon Printing Co., Ltd.

    41,000      560,479

Daicel Chemical Industries Ltd.

    16,000      96,704

Daido Steel Co., Ltd.

    17,000      69,345

Daihatsu Motor Co., Ltd.

    12,000      111,192

Daiichi Sankyo Co., Ltd.

    40,600      726,487

Daikin Industries Ltd.

    121,164      3,873,429

Dainippon Sumitomo Pharma Co., Ltd.

    10,300      90,009

Daito Trust Construction Co., Ltd.

    4,600      215,923

Daiwa House Industry Co., Ltd.

    33,000      353,616

Daiwa Securities Group, Inc.

    1,034,000      6,111,401

DeNA Co., Ltd.

    17      56,822

Denki Kagaku Kogyo KK

    27,000      74,706

Denso Corp.

    31,400      800,440

Dentsu, Inc.

    11,100      232,459

DIC Corp.

    34,000      53,016

Dowa Holdings Co., Ltd.

    16,000      66,313

East Japan Railway Co.

    29,100      1,752,299

Eisai Co., Ltd.

    15,400      547,950

Electric Power Development Co., Ltd.

    9,000      255,052

Elpida Memory, Inc.*

    12,900      138,000

FamilyMart Co., Ltd.

    3,800      119,101

Fanuc Ltd.

    12,100      965,467

Fast Retailing Co., Ltd.

    3,100      403,758

Fuji Electric Holdings Co., Ltd.

    66,000      108,922

Fuji Heavy Industries Ltd.

    33,000      132,722

Fuji Media Holdings, Inc.

    55      82,846

Fujifilm Holdings Corp.

    31,000      978,000

Fujitsu Ltd.

    601,000      3,256,661

Fukuoka Financial Group, Inc.

    54,000      240,793

Furukawa Electric Co., Ltd.^

    190,000      852,200

GS Yuasa Corp.

    19,000      166,823

Gunma Bank Ltd.

    22,000      121,993

Hachijuni Bank Ltd.

    31,000      174,881

Hakuhodo DY Holdings, Inc.

    1,330      71,539

Hankyu Hanshin Holdings, Inc.

    67,000      313,546

Hikari Tsushin, Inc.

    3,100      69,610

Hino Motors Ltd.

    31,000      96,080

Hirose Electric Co., Ltd.

    2,000      212,639

Hiroshima Bank Ltd.

    27,000      112,210

Hisamitsu Pharmaceutical Co., Inc.

    3,700      114,932

Hitachi Chemical Co., Ltd.

    6,000      96,433

Hitachi Construction Machinery Co., Ltd.

    6,900      111,608

Hitachi High-Technologies Corp.

    41,900      710,618

Hitachi Ltd.

    203,000      628,738

Hitachi Metals Ltd.

    9,000      75,961

Hokkaido Electric Power Co., Inc.

    13,100      245,291

Hokuhoku Financial Group, Inc.

    67,000      167,351

Hokuriku Electric Power Co.

    12,100      276,592

Honda Motor Co., Ltd.

    231,100      6,327,782

 

See Notes to Financial Statements.

90

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

HOYA Corp.

    24,800    $ 496,557

Ibiden Co., Ltd.

    8,100      226,267

Idemitsu Kosan Co., Ltd.

    1,400      119,701

IHI Corp.*

    75,000      129,019

INPEX Corp.

    51      406,228

Isetan Mitsukoshi Holdings Ltd.

    19,600      198,998

Isuzu Motors Ltd.

    82,000      130,964

Ito En Ltd.

    7,500      106,381

ITOCHU Corp.

    92,000      635,435

ITOCHU Techno-Solutions Corp.

    3,500      103,862

Iyo Bank Ltd.

    16,000      163,066

J. Front Retailing Co., Ltd.

    33,000      157,007

Jafco Co., Ltd.

    3,900      130,033

Japan Airlines Corp.*

    48,000      92,479

Japan Petroleum Exploration Co.

    1,600      88,281

Japan Prime Realty Investment Corp. (REIT)

    32      69,162

Japan Real Estate Investment Corp. (REIT)

    32      265,588

Japan Retail Fund Investment Corp. (REIT)

    20      92,266

Japan Steel Works Ltd.

    19,000      233,279

Japan Tobacco, Inc.

    551      1,717,443

JFE Holdings, Inc.

    31,400      1,048,772

JGC Corp.

    13,000      209,119

Joyo Bank Ltd.

    45,000      228,771

JS Group Corp.

    15,200      234,058

JSR Corp.

    10,100      172,119

JTEKT Corp.

    12,400      125,021

Jupiter Telecommunications Co., Ltd.

    156      118,272

Kajima Corp.

    46,000      143,027

Kamigumi Co., Ltd.

    17,000      143,105

Kaneka Corp.

    19,000      134,429

Kansai Electric Power Co., Inc.

    48,900      1,079,132

Kansai Paint Co., Ltd.

    14,000      100,235

Kao Corp.

    33,000      719,179

Kawasaki Heavy Industries Ltd.

    86,000      235,704

Kawasaki Kisen Kaisha Ltd.

    33,000      135,083

KDDI Corp.

    520      2,756,915

Keihin Electric Express Railway Co., Ltd.

    33,000      255,801

Keio Corp.

    37,000      214,987

Keisei Electric Railway Co., Ltd.

    18,000      107,179

Keyence Corp.

    2,500      508,774

Kikkoman Corp.

    10,000      100,100

Kinden Corp.

    8,000      70,096

Kintetsu Corp.

    105,000      462,575

Kirin Holdings Co., Ltd.

    51,000      711,973

Kobe Steel Ltd.

    170,000      314,164

Komatsu Ltd.

    97,800      1,500,962

Konami Corp.

    6,400      122,525

Konica Minolta Holdings, Inc.

    27,500      285,747

Kubota Corp.

    74,000      607,732

Kuraray Co., Ltd.

    20,500      227,237

Kurita Water Industries Ltd.

    6,300      202,958

Kyocera Corp.

    27,400      2,055,396

Kyowa Hakko Kirin Co., Ltd.

    15,000      169,174

Kyushu Electric Power Co., Inc.

    23,200      499,323

Lawson, Inc.

    4,000      175,779

Leopalace21 Corp.

    7,300      64,855

Mabuchi Motor Co., Ltd.

    1,900      91,354

Makita Corp.

    7,300      175,814

Marubeni Corp.

    1,477,000      6,525,227

Marui Group Co., Ltd.

    16,300      114,317

Maruichi Steel Tube Ltd.

    2,100      39,590

Matsui Securities Co., Ltd.

    14,200      128,361

 

     

Number of

Shares

   

Value

(Note 1)

Mazda Motor Corp.

    59,000    $ 149,785

McDonald’s Holdings Co. Japan Ltd.

    4,100      76,086

Mediceo Paltac Holdings Co., Ltd.

    9,400      107,562

MEIJI Holdings Co. Ltd.*

    4,155      166,991

Minebea Co., Ltd.

    23,000      97,307

Mitsubishi Chemical Holdings Corp.

    299,500      1,263,479

Mitsubishi Corp.

    222,100      4,078,907

Mitsubishi Electric Corp.

    120,000      755,058

Mitsubishi Estate Co., Ltd.

    72,000      1,192,748

Mitsubishi Gas Chemical Co., Inc.

    25,000      135,961

Mitsubishi Heavy Industries Ltd.

    211,000      870,375

Mitsubishi Logistics Corp.

    7,000      77,157

Mitsubishi Materials Corp.

    66,000      205,096

Mitsubishi Motors Corp.*

    233,000      434,997

Mitsubishi Rayon Co., Ltd.

    31,000      89,738

Mitsubishi Tanabe Pharma Corp.

    14,000      160,893

Mitsubishi UFJ Financial Group, Inc.

    856,600      5,265,685

Mitsubishi UFJ Lease & Finance Co., Ltd.

    3,330      107,680

Mitsui & Co., Ltd.

    253,800      2,989,888

Mitsui Chemicals, Inc.

    41,000      130,589

Mitsui Engineering & Shipbuilding Co., Ltd.

    40,000      93,778

Mitsui Fudosan Co., Ltd.

    133,000      2,304,202

Mitsui Mining & Smelting Co., Ltd.*

    33,000      84,879

Mitsui O.S.K. Lines Ltd.

    74,000      477,402

Mitsui Sumitomo Insurance Group Holdings, Inc.

    26,800      698,862

Mitsumi Electric Co., Ltd.

    4,700      99,831

Mizuho Financial Group, Inc.^

    3,574,900      8,314,477

Mizuho Securities Co. Ltd.

    30,000      93,259

Mizuho Trust & Banking Co., Ltd.*

    97,000      124,885

Murata Manufacturing Co., Ltd.

    23,700      1,004,513

Namco Bandai Holdings, Inc.

    11,100      121,752

NEC Corp.*

    116,000      452,891

NGK Insulators Ltd.

    16,000      324,893

NGK Spark Plug Co., Ltd.

    11,000      104,539

NHK Spring Co., Ltd.

    19,000      126,892

Nidec Corp.^

    16,000      966,831

Nikon Corp.

    22,000      378,204

Nintendo Co., Ltd.

    8,600      2,366,756

Nippon Building Fund, Inc. (REIT)

    29      248,190

Nippon Electric Glass Co., Ltd.

    25,000      278,669

Nippon Express Co., Ltd.

    47,000      212,938

Nippon Meat Packers, Inc.

    10,000      126,117

Nippon Mining Holdings, Inc.

    53,000      273,537

Nippon Oil Corp.

    76,000      447,339

Nippon Paper Group, Inc.

    5,100      131,757

Nippon Sheet Glass Co., Ltd.

    39,000      112,941

Nippon Steel Corp.

    313,000      1,193,709

Nippon Telegraph & Telephone Corp.

    88,600      3,604,950

Nippon Yusen KK

    63,000      270,333

Nipponkoa Insurance Co., Ltd.

    44,000      255,209

Nishi-Nippon City Bank Ltd.

    46,000      115,676

Nissan Chemical Industries Ltd.

    8,000      89,795

Nissan Motor Co., Ltd.

    563,400      3,401,384

Nissay Dowa General Insurance Co., Ltd.

    21,000      101,014

Nisshin Seifun Group, Inc.

    11,500      136,531

Nisshin Steel Co., Ltd.

    48,000      106,768

Nisshinbo Holdings, Inc.

    7,000      78,862

Nissin Food Holdings Co., Ltd.

    4,900      148,447

Nitori Co., Ltd.

    2,250      159,695

Nitto Denko Corp.

    10,000      303,015

NOK Corp.

    6,400      74,169

Nomura Holdings, Inc.

    190,900      1,599,383

 

See Notes to Financial Statements.

91

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Nomura Real Estate Holdings, Inc.

    7,200    $ 123,759

Nomura Real Estate Office Fund, Inc. (REIT)

    18      114,324

Nomura Research Institute Ltd.

    7,200      159,725

NSK Ltd.

    24,000      121,159

NTN Corp.

    24,000      95,541

NTT Data Corp.

    76      245,077

NTT DoCoMo, Inc.

    986      1,440,087

NTT Urban Development Corp.

    66      63,641

Obayashi Corp.

    35,000      171,186

Obic Co., Ltd.

    400      64,841

Odakyu Electric Railway Co., Ltd.

    38,000      324,934

OJI Paper Co., Ltd.

    51,000      218,891

Olympus Corp.

    16,900      397,125

Omron Corp.

    14,300      205,624

Ono Pharmaceutical Co., Ltd.

    5,500      243,334

Onward Holdings Co., Ltd.

    7,000      45,078

Oracle Corp. Japan

    2,200      80,610

Oriental Land Co., Ltd.

    3,400      227,634

ORIX Corp.

    5,620      331,443

Osaka Gas Co., Ltd.

    126,000      402,149

OSAKA Titanium Technologies Co.

    2,200      80,332

Otsuka Corp.

    1,900      101,091

Panasonic Corp.

    124,700      1,672,611

Panasonic Electric Works Co., Ltd.

    22,000      207,673

Promise Co., Ltd.

    3,450      43,921

Rakuten, Inc.

    496      298,115

Resona Holdings, Inc.

    31,400      440,148

Ricoh Co., Ltd.

    43,000      550,818

Rinnai Corp.

    2,300      101,531

Rohm Co., Ltd.

    6,500      472,117

Sankyo Co., Ltd.

    3,100      165,717

Santen Pharmaceutical Co., Ltd.

    4,100      124,699

Sanyo Electric Co., Ltd.*

    119,000      307,595

Sapporo Hokuyo Holdings, Inc.*

    35,200      100,827

Sapporo Holdings Ltd.

    15,000      85,554

SBI Holdings, Inc.

    1,074      217,654

Secom Co., Ltd.

    12,500      507,028

Sega Sammy Holdings, Inc.

    11,800      149,210

Seiko Epson Corp.

    8,200      133,149

Sekisui Chemical Co., Ltd.

    24,000      150,377

Sekisui House Ltd.

    31,000      313,359

Seven & I Holdings Co., Ltd.

    49,300      1,156,635

Seven Bank Ltd.

    24      62,755

Sharp Corp.^

    243,000      2,507,156

Shikoku Electric Power Co., Inc.

    11,000      328,382

Shimadzu Corp.

    16,000      127,753

Shimamura Co., Ltd.

    1,300      103,238

Shimano, Inc.

    3,900      148,830

Shimizu Corp.

    36,000      156,281

Shin-Etsu Chemical Co., Ltd.

    34,700      1,602,627

Shinko Electric Industries Co., Ltd.

    7,900      97,153

Shinsei Bank Ltd.*

    99,000      158,048

Shionogi & Co., Ltd.

    19,000      367,040

Shiseido Co., Ltd.

    21,000      343,601

Shizuoka Bank Ltd.

    42,000      414,873

Showa Denko KK

    76,000      135,626

Showa Shell Sekiyu KK

    12,100      127,542

SMC Corp.

    6,900      739,566

Softbank Corp.

    48,000      932,157

Sojitz Corp.

    79,100      172,668

Sompo Japan Insurance, Inc.

    54,000      358,512

Sony Corp.^

    152,600      3,942,028

Sony Financial Holdings, Inc.

    60      165,159

Square Enix Holdings Co., Ltd.

    3,600      84,299

Stanley Electric Co., Ltd.

    9,700      195,376

 

      Number of
Shares		    Value
(Note 1)

Sumco Corp.

    7,000    $ 99,090

Sumitomo Chemical Co., Ltd.

    96,000      430,304

Sumitomo Corp.

    133,500      1,349,999

Sumitomo Electric Industries Ltd.

    46,200      517,911

Sumitomo Heavy Industries Ltd.

    37,000      163,683

Sumitomo Metal Industries Ltd.

    227,000      599,511

Sumitomo Metal Mining Co., Ltd.

    31,000      435,924

Sumitomo Mitsui Financial Group, Inc.

    113,500      4,589,757

Sumitomo Realty & Development Co., Ltd.^

    191,000      3,474,322

Sumitomo Rubber Industries, Inc.

    9,800      78,438

Sumitomo Trust & Banking Co., Ltd.

    87,000      468,332

Suruga Bank Ltd.

    12,000      114,378

Suzuken Co., Ltd.

    3,700      106,987

Suzuki Motor Corp.

    22,700      507,590

T&D Holdings, Inc.

    14,750      420,584

Taiheiyo Cement Corp.

    58,000      99,317

Taisei Corp.

    51,000      122,784

Taisho Pharmaceutical Co., Ltd.

    8,000      151,409

Taiyo Nippon Sanso Corp.

    19,000      180,748

Takashimaya Co., Ltd.

    19,000      149,282

Takeda Pharmaceutical Co., Ltd.

    47,200      1,834,033

TDK Corp.

    7,000      327,206

Teijin Ltd.

    63,000      202,347

Terumo Corp.

    11,200      493,027

THK Co., Ltd.

    7,700      114,813

Tobu Railway Co., Ltd.

    47,000      276,074

Toho Co., Ltd.

    7,300      118,828

Toho Gas Co., Ltd.

    27,000      109,684

Tohoku Electric Power Co., Inc.

    26,200      547,608

Tokio Marine Holdings, Inc.

    44,300      1,216,685

Tokuyama Corp.

    14,000      102,281

Tokyo Broadcasting System Holdings, Inc.

    4,400      69,077

Tokyo Electric Power Co., Inc.

    152,000      3,907,009

Tokyo Electron Ltd.

    11,000      528,333

Tokyo Gas Co., Ltd.

    141,000      504,080

Tokyo Steel Manufacturing Co., Ltd.

    6,200      75,161

Tokyo Tatemono Co., Ltd.

    32,000      177,107

Tokyu Corp.

    76,000      382,846

Tokyu Land Corp.

    26,000      117,444

TonenGeneral Sekiyu KK

    18,000      182,926

Toppan Printing Co., Ltd.

    32,000      321,584

Toray Industries, Inc.

    80,000      406,233

Toshiba Corp.^

    823,000      2,962,557

Tosoh Corp.

    29,000      81,825

TOTO Ltd.

    17,000      118,512

Toyo Seikan Kaisha Ltd.

    11,400      240,252

Toyo Suisan Kaisha Ltd.

    5,000      103,195

Toyoda Gosei Co., Ltd.

    3,700      99,165

Toyota Boshoku Corp.

    7,700      114,210

Toyota Industries Corp.

    12,300      304,748

Toyota Motor Corp.

    172,400      6,517,461

Toyota Tsusho Corp.

    11,600      171,021

Trend Micro, Inc.

    6,000      190,993

Tsumura & Co.

    3,900      121,525

Ube Industries Ltd.

    65,000      181,194

Unicharm Corp.

    2,500      190,850

UNY Co., Ltd.

    11,000      93,578

Ushio, Inc.

    7,600      121,198

USS Co., Ltd.

    1,400      71,833

West Japan Railway Co.

    103      340,329

Yahoo! Japan Corp.

    1,650      524,370

Yakult Honsha Co., Ltd.

    6,200      118,121

Yamada Denki Co., Ltd.

    5,560      323,042

Yamaguchi Financial Group, Inc.

    15,000      197,649

 

See Notes to Financial Statements.

92

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Yamaha Corp.

    10,700    $ 132,908

Yamaha Motor Co., Ltd.

    12,900      142,467

Yamato Holdings Co., Ltd.

    24,000      318,864

Yamato Kogyo Co., Ltd.

    2,300      67,424

Yamazaki Baking Co., Ltd.

    7,000      78,960

Yaskawa Electric Corp.

    14,000      92,800

Yokogawa Electric Corp.

    13,000      86,924
         
        195,586,203
         

Luxembourg (0.5%)

      

ArcelorMittal S.A.

    129,457      4,251,588

Millicom International Cellular S.A.*

    4,216      238,972

SES S.A.

    17,335      330,964

Tenaris S.A.

    30,752      415,737
         
        5,237,261
         

Mexico (0.9%)

      

America Movil S.A.B. de C.V. (ADR)

    10,239      396,454

Cemex S.A.B. de C.V. (ADR)*

    974,241      9,099,407

Fomento Economico Mexicano S.A.B. de C.V. (ADR)

    9,987      321,981

Fresnillo plc

    10,981      94,717
         
        9,912,559
         

Netherlands (3.9%)

      

Aegon N.V.

    91,493      562,741

Akzo Nobel N.V.

    14,400      633,673

ASML Holding N.V.

    228,551      4,957,329

Corio N.V. (REIT)

    2,947      143,647

European Aeronautic Defence and Space Co. N.V.

    24,950      404,331

Fugro N.V. (CVA)

    4,163      172,866

Heineken Holding N.V.

    6,300      200,433

Heineken N.V.

    15,717      583,951

ING Groep N.V. (CVA)

    383,550      3,860,471

James Hardie Industries N.V.*

    24,740      83,181

Koninklijke (Royal) KPN N.V.

    105,179      1,448,926

Koninklijke Ahold N.V.

    246,305      2,830,283

Koninklijke Boskalis Westminster N.V.

    3,406      77,234

Koninklijke DSM N.V.

    8,991      281,706

Koninklijke Philips Electronics N.V.

    129,412      2,392,999

QIAGEN N.V.*

    12,012      222,955

Randstad Holding N.V.*

    67,420      1,871,442

Reed Elsevier N.V.

    69,383      765,177

Royal Dutch Shell plc, Class A

    500,682      12,518,678

Royal Dutch Shell plc, Class B

    169,721      4,284,839

SBM Offshore N.V.

    8,134      139,330

TNT N.V.

    21,989      428,291

Unilever N.V. (CVA)

    104,592      2,524,193

Wolters Kluwer N.V.

    38,640      676,125
         
        42,064,801
         

New Zealand (0.2%)

      

Auckland International Airport Ltd.

    55,998      58,083

Contact Energy Ltd.

    17,132      64,488

Fletcher Building Ltd.

    32,434      137,308

Sky City Entertainment Group Ltd.

    59,121      102,039

Telecom Corp. of New Zealand Ltd.

    900,162      1,577,136
         
        1,939,054
         

Norway (0.5%)

      

DnB NOR ASA*

    47,600      364,450

Norsk Hydro ASA*

    40,797      210,491

Orkla ASA

    46,732      340,443

Renewable Energy Corp. A/S*

    17,552      137,237

StatoilHydro ASA

    188,650      3,726,578

Telenor ASA*

    54,800      423,047

 

      Number of
Shares		   

Value

(Note 1)

Yara International ASA

    10,900    $ 305,246
         
        5,507,492
         

Portugal (0.2%)

      

Banco Comercial Portugues S.A. (Registered), Class R

    127,182      129,186

Banco Espirito Santo S.A. (Registered)

    32,154      173,506

Brisa Auto-estradas de Portugal S.A.

    35,266      253,858

Cimpor Cimentos de Portugal SGPS S.A.

    15,360      112,075

EDP - Energias de Portugal S.A.

    118,076      463,288

Galp Energia SGPS S.A., Class B

    22,664      318,390

Jeronimo Martins SGPS S.A.

    12,586      85,927

Portugal Telecom SGPS S.A. (Registered)

    35,011      342,861
         
        1,879,091
         

Singapore (1.7%)

      

Ascendas Real Estate Investment Trust (REIT)

    77,000      84,290

CapitaLand Ltd.

    2,475,500      6,287,238

CapitaMall Trust (REIT)

    138,000      132,866

City Developments Ltd.

    32,000      188,891

ComfortDelgro Corp., Ltd.

    120,000      105,948

Cosco Corp. (Singapore) Ltd.

    106,000      90,686

DBS Group Holdings Ltd.

    603,000      4,893,645

Fraser and Neave Ltd.†

    62,000      166,087

Golden Agri-Resources Ltd.

    296,400      77,542

Jardine Cycle & Carriage Ltd.

    8,000      105,892

Keppel Corp., Ltd.

    82,000      389,308

Neptune Orient Lines Ltd.

    60,000      60,759

Olam International Ltd.

    69,000      115,370

Oversea-Chinese Banking Corp., Ltd.

    162,289      746,287

SembCorp Industries Ltd.

    63,000      130,974

SembCorp Marine Ltd.

    47,000      86,608

Singapore Airlines Ltd.

    227,000      2,079,679

Singapore Exchange Ltd.

    49,000      239,390

Singapore Press Holdings Ltd.

    86,000      187,237

Singapore Technologies Engineering Ltd.

    75,000      126,593

Singapore Telecommunications Ltd.

    504,000      1,040,021

StarHub Ltd.

    37,000      54,597

United Overseas Bank Ltd.

    74,000      747,513

UOL Group Ltd.

    61,000      138,603

Wilmar International Ltd.

    53,000      183,169
         
        18,459,193
         

South Korea (0.2%)

      

Hyundai Motor Co.

    26,625      1,543,178

Samsung Electronics Co., Ltd.

    730      338,080
         
        1,881,258
         

Spain (4.8%)

      

Abertis Infraestructuras S.A.

    19,302      363,560

Acciona S.A.

    1,727      212,293

Acerinox S.A.

    8,964      165,901

ACS Actividades de Construccion y Servicios S.A.

    8,782      445,282

Banco Bilbao Vizcaya Argentaria S.A.^

    548,339      6,909,861

Banco de Sabadell S.A.

    52,458      327,977

Banco de Valencia S.A.

    13,653      132,510

Banco Popular Espanol S.A.

    45,145      395,042

Banco Santander S.A.

    620,012      7,482,294

Bankinter S.A.

    21,660      256,166

Cintra Concesiones de Infraestructuras de Transporte S.A.

    12,995      80,816

Criteria Caixacorp S.A.

    49,971      231,110

EDP Renovaveis S.A.*

    13,977      143,372

Enagas

    10,231      201,383

 

See Notes to Financial Statements.

93

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Fomento de Construcciones y Contratas S.A.

    2,856    $ 117,304

Gamesa Corp. Tecnologica S.A.

    360,915      6,851,851

Gas Natural SDG S.A.

    13,712      249,747

Gestevision Telecinco S.A.

    13,047      122,376

Grifols S.A.

    8,193      144,903

Grupo Ferrovial S.A.

    4,045      130,171

Iberdrola Renovables S.A.*

    54,146      247,802

Iberdrola S.A.

    220,238      1,791,128

Iberia Lineas Aereas de Espana S.A.*

    27,232      57,842

Inditex S.A.

    24,110      1,158,665

Indra Sistemas S.A.

    5,300      114,824

Mapfre S.A.

    49,658      161,631

Red Electrica Corporacion S.A.

    7,419      335,665

Repsol YPF S.A.

    46,150      1,034,898

Sacyr Vallehermoso S.A.

    8,962      124,245

Telefonica S.A.

    939,336      21,299,443

Zardoya Otis S.A.

    7,731      161,588
         
        51,451,650
         

Sweden (2.0%)

      

Alfa Laval AB

    21,955      210,142

Assa Abloy AB, Class B

    18,534      258,342

Atlas Copco AB, Class A

    87,489      877,292

Atlas Copco AB, Class B

    23,417      212,020

Electrolux AB, Class B*

    52,128      730,700

Getinge AB, Class B

    11,699      153,408

Hennes & Mauritz AB, Class B^

    62,951      3,147,017

Holmen AB, Class B

    3,021      66,000

Husqvarna AB, Class B*

    25,026      137,423

Investor AB, Class B

    29,521      456,617

Lundin Petroleum AB*

    12,575      97,816

Nordea Bank AB^

    405,240      3,215,318

Sandvik AB

    61,756      460,136

Scania AB, Class B

    20,462      203,652

Securitas AB, Class B

    18,534      157,746

Skandinaviska Enskilda Banken AB, Class A*

    93,225      409,759

Skanska AB, Class B

    22,436      250,915

SKF AB, Class B

    24,822      306,815

SSAB AB, Class A, Class A

    11,529      134,216

SSAB AB, Class B, Class B

    9,677      104,181

Svenska Cellulosa AB, Class B

    259,360      2,729,341

Svenska Handelsbanken AB, Class A

    30,016      567,182

Swedbank AB, Class A*

    20,661      120,293

Swedish Match AB

    16,118      261,998

Tele2 AB, Class B

    17,429      176,548

Telefonaktiebolaget LM Ericsson, Class B^

    392,564      3,839,769

TeliaSonera AB

    135,648      713,537

Volvo AB, Class A

    31,042      191,999

Volvo AB, Class B^

    153,426      950,734
         
        21,140,916
         

Switzerland (9.2%)

      

ABB Ltd. (Registered)*^

    383,537      6,037,063

Actelion Ltd. (Registered)*^

    57,012      2,989,690

Adecco S.A. (Registered)^

    31,255      1,305,226

Aryzta AG*

    5,059      162,731

Baloise Holding AG (Registered)

    2,857      212,086

BKW FMB Energie AG

    905      66,871

Cie Financiere Richemont S.A., Class A

    115,759      2,411,926

Credit Suisse Group AG (Registered)

    393,392      17,958,213

Geberit AG (Registered)

    2,618      322,659

Givaudan S.A. (Registered)

    473      289,750

Holcim Ltd. (Registered)*

    22,593      1,286,964

Julius Baer Holding AG (Registered)

    119,100      4,643,704

 

     

Number of

Shares

   

Value

(Note 1)

Kuehne & Nagel International AG (Registered)

    3,218    $ 252,614

Lindt & Spruengli AG

    48      89,835

Lindt & Spruengli AG (Registered)

    6      132,605

Logitech International S.A. (Registered)*

    11,052      153,919

Lonza Group AG (Registered)^

    78,927      7,838,633

Nestle S.A. (Registered)^

    442,058      16,683,779

Nobel Biocare Holding AG (Registered)

    6,563      143,874

Novartis AG (Registered)

    219,676      8,925,099

Pargesa Holding S.A.

    1,732      108,072

Roche Holding AG

    51,715      7,035,761

Schindler Holding AG

    5,334      331,247

SGS S.A. (Registered)

    305      378,737

Sonova Holding AG

    2,962      241,052

STMicroelectronics N.V.

    40,971      307,357

Straumann Holding AG (Registered)

    447      81,565

Swatch Group AG

    1,977      317,905

Swatch Group AG (Registered)

    2,835      92,956

Swiss Life Holding AG (Registered)*

    1,913      166,065

Swiss Reinsurance (Registered)

    21,150      699,757

Swisscom AG (Registered)

    1,589      488,062

Syngenta AG (Registered)

    6,081      1,412,096

Transocean Ltd.*

    138,411      10,282,553

UBS AG (Registered)*

    183,140      2,240,670

Xstrata plc

    147,475      1,626,492

Zurich Financial Services AG

    12,332      2,182,885
         
        99,900,473
         

Taiwan (1.2%)

      

Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)

    1,417,319      13,336,972
         

United Kingdom (15.8%)

      

3i Group plc

    80,271      321,168

Admiral Group plc

    10,582      151,937

AMEC plc

    18,989      204,451

Anglo American plc

    82,631      2,411,234

Antofagasta plc

    23,664      229,794

Associated British Foods plc

    212,633      2,670,701

AstraZeneca plc

    163,176      7,185,845

Autonomy Corp. plc*

    14,469      342,838

Aviva plc

    726,698      4,106,530

BAE Systems plc

    222,841      1,243,906

Balfour Beatty plc

    33,527      170,680

Barclays plc

    920,995      4,289,748

Berkeley Group Holdings plc*

    5,074      67,311

BG Group plc

    426,588      7,167,509

BHP Billiton plc

    137,664      3,109,559

BP plc

    3,021,443      23,909,154

British Airways plc*

    32,961      67,882

British American Tobacco plc

    124,531      3,440,219

British Land Co. plc (REIT)

    90,108      568,291

British Sky Broadcasting Group plc

    67,371      505,400

BT Group plc, Class A

    466,789      781,452

Bunzl plc

    18,689      154,810

Burberry Group plc

    105,430      735,928

Cable & Wireless plc

    155,435      341,133

Cadbury plc

    83,660      714,655

Cairn Energy plc*

    8,823      340,855

Capita Group plc

    38,538      454,334

Carnival plc

    10,411      276,258

Carphone Warehouse Group plc

    48,472      126,915

Centrica plc

    984,163      3,616,510

Cobham plc

    68,479      195,320

Compass Group plc

    110,992      625,438

 

See Notes to Financial Statements.

94

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Diageo plc

    156,994    $ 2,254,580

Drax Group plc

    19,394      140,375

Eurasian Natural Resources Corp.

    20,634      223,191

Firstgroup plc

    30,879      182,324

Friends Provident Group plc

    162,353      175,957

G4S plc

    81,234      279,353

GlaxoSmithKline plc

    589,850      10,387,003

Hammerson plc (REIT)

    41,866      212,179

Home Retail Group plc

    50,140      215,044

HSBC Holdings plc

    1,402,215      11,658,570

ICAP plc

    123,798      921,791

Imperial Tobacco Group plc

    80,835      2,102,458

Intercontinental Hotels Group plc

    13,714      140,981

International Power plc

    98,545      386,899

Invensys plc

    44,161      162,785

Investec plc

    23,068      124,501

J Sainsbury plc

    69,613      359,400

Johnson Matthey plc

    13,759      261,251

Kazakhmys plc

    12,230      127,485

Kingfisher plc

    154,169      451,957

Ladbrokes plc

    41,565      126,606

Land Securities Group plc (REIT)

    49,070      381,762

Legal & General Group plc

    380,834      355,900

Liberty International plc (REIT)

    27,718      181,969

Lloyds Banking Group plc

    3,247,819      3,737,751

London Stock Exchange Group plc

    8,502      98,523

Lonmin plc

    8,215      159,130

Man Group plc

    210,320      965,338

Marks & Spencer Group plc

    206,014      1,039,776

National Grid plc

    152,410      1,374,595

Next plc

    12,632      306,120

Old Mutual plc

    316,573      421,552

Pearson plc

    48,371      485,866

Prudential plc

    275,368      1,873,704

Randgold Resources Ltd

    4,697      302,002

Reckitt Benckiser Group plc

    111,947      5,101,882

Reed Elsevier plc

    69,181      515,833

Rexam plc

    38,208      179,358

Rio Tinto plc

    61,416      2,138,084

Rolls-Royce Group plc*

    219,003      1,305,822

Royal Bank of Scotland Group plc*

    1,015,640      645,872

RSA Insurance Group plc

    757,134      1,502,373

SABMiller plc

    56,919      1,158,717

Sage Group plc

    83,932      246,496

Schroders plc

    7,877      106,627

Scottish & Southern Energy plc

    58,033      1,089,545

Segro plc (REIT)

    347,710      139,244

Serco Group plc

    27,788      193,059

Severn Trent plc

    15,119      272,701

Shire plc

    32,863      453,254

Smith & Nephew plc

    57,079      423,170

Smiths Group plc

    22,229      257,254

Standard Chartered plc

    181,591      3,420,193

Standard Life plc

    136,079      416,687

Tesco plc

    1,215,544      7,084,944

Thomas Cook Group plc

    27,505      93,279

Thomson Reuters plc

    12,343      352,186

Tomkins plc

    56,667      138,476

TUI Travel plc

    347,863      1,330,031

Tullow Oil plc

    48,205      745,791

Unilever plc

    82,758      1,941,986

United Utilities Group plc

    44,265      362,557

Vedanta Resources plc

    8,241      175,413

Vodafone Group plc

    11,739,697      22,692,525

Whitbread plc

    9,577      128,907

Wm. Morrison Supermarkets plc

    223,560      871,123

 

     

Number of

Shares

   

Value

(Note 1)

Wolseley plc*

      102,638    $ 1,962,186

WPP plc

      164,577      1,094,617
         
        171,646,635
         

United States (0.2%)

      

NII Holdings, Inc.*

      78,282      1,492,838

Synthes, Inc.

      3,963      383,621
         
        1,876,459
         

Total Common Stocks (96.9%)
(Cost $1,040,394,823)

         1,050,140,448
         
     

Number of

Rights

   

Value

(Note 1)

RIGHTS:

      

Australia (0.0%)

      

Rio Tinto Ltd., expiring 7/1/09*

      12,394      210,728
         

France (0.0%)

      

Casino Guichard Perrachon S.A., expiring 7/10/09*

      2,614      10,084
         

Italy (0.0%)

      

Banca Popolare di Milano S.c.a.r.l., expiring 7/3/09*

      25,270      4

Unione di Banche Italiane S.c.p.A., expiring 7/10/09*

      34,990      2,390
         
        2,394
         

Norway (0.0%)

      

Renewable Energy Corp. A/S, expiring 7/13/09*

      6,052      21,647
         

Singapore (0.0%)

      

Golden Agri-Resources Ltd., expiring 7/16/09*

      50,388      6,958

Neptune Orient Lines Ltd., expiring 7/8/09*

      45,000      5,437
         
        12,395
         

United Kingdom (0.0%)

      

Rio Tinto plc, expiring 7/1/09*

      32,242      370,251
         

Total Rights (0.0%)
(Cost $589,775)

         627,499
         
     

Number of

Warrants

   

Value

(Note 1)

WARRANTS:

      

Italy (0.0%)

      

Unione di Banche Italiane S.c.p.A., expiring 6/30/11*

      34,990      2,700
         

Singapore (0.0%)

      

Golden Agri-Resources Ltd., expiring 12/31/49*

      20,155      —
         

Total Warrants (0.0%)
(Cost $—)

         2,700
         
     

Principal

Amount

   

Value

(Note 1)

SHORT-TERM INVESTMENTS:

      

Short-Term Investments of Cash Collateral for Securities Loaned (2.0%)

   

BBVA Senior Finance S.A.
0.69%, 3/12/10(l)

    $ 1,850,000      1,825,449

Deutsche Bank Securities, Inc.,
Repurchase Agreement
0.09%, 7/1/09(r)(u)

      13,000,666      13,000,666

General Electric Capital Corp.
0.40%, 3/12/10(l)

      340,000      334,315

 

See Notes to Financial Statements.

95

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

  

Lehman Brothers Holdings, Inc.
0.00%, 8/21/09(h)(l)(s)

    $ 2,109,986    $ 311,223   

Monumental Global Funding II
0.43%, 5/26/10(l)

      3,960,000      3,811,500   

Pricoa Global Funding I
0.40%, 6/25/10(l)

      2,529,747      2,331,422   
           

Total Short-Term Investments of Cash Collateral for Securities Loaned

      21,614,575   
           

Time Deposit (2.0%)

      

JPMorgan Chase Nassau
0.000%, 7/1/09

      21,614,071      21,614,071   
           

Total Short-Term Investments (4.0%)

      

(Cost/Amortized Cost $45,404,470)

         43,228,646   
           

Total Investments (100.9%)

      

(Cost/Amortized Cost $1,086,389,068)

         1,093,999,293   

Other Assets Less Liabilities (-0.9%)

         (10,127,519 ) 
           

Net Assets (100%)

       $ 1,083,871,774   
           

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
† Securities (totaling $210,619 or 0.0% of net assets) 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, 2009, the market value of these securities amounted to $489,958 or 0.0% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(s) Issuer in bankruptcy.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% –5.500%, maturing 4/15/23 – 7/19/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 – 7/25/38.

 

Glossary:

ADR

    —  American Depositary Receipt

CVA

    —  Dutch Certification

GDR

    —  Global Depositary Receipt

REIT

    —  Real Estate Investment Trust

RNC

    —  Risparmio Non-Convertible Savings Shares

PPS

    —  Price Protected Share

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		    Expiration
Date		    Original
Value		    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchases

               

Dow Jones EURO Stoxx 50 Index

    55          September-09    $ 1,874,353    $ 1,850,219    $ (24,134 ) 

E-Mini MSCI EAFE Index

    168          September-09      11,363,125      10,944,360      (418,765 ) 
                    
               $ (442,899 ) 
                    

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

 

See Notes to Financial Statements.

96

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

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

 

Investment Type   

Level 1
Quoted prices in active
markets for identical

securities

     Level 2
Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)		    Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total  

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 4,118,812      $ 92,227,447    $ –    $ 96,346,259   

Consumer Staples

      321,981        91,417,115      –      91,739,096   

Energy

      28,496,761        85,042,699      –      113,539,460   

Financials

      15,002,058        244,880,449      44,532      259,927,039   

Health Care

      8,274,170        82,916,380      –      91,190,550   

Industrials

      1,955,392        121,736,518      166,087      123,857,997   

Information Technology

      13,336,972        49,028,880      –      62,365,852   

Materials

      20,936,409        62,024,805      –      82,961,214   

Telecommunication Services

      4,057,370        77,160,787      –      81,218,157   

Utilities

      –        46,994,824      –      46,994,824   

Rights

           

Consumer Staples

      –        17,042      –      17,042   

Financials

      –        2,394      –      2,394   

Industrials

      –        27,084      –      27,084   

Materials

      –        580,979      –      580,979   

Short-Term Investments

      –        43,228,646      –      43,228,646   

Warrants

           

Consumer Staples

      –        –      –      –   

Financials

      –        2,700      –      2,700   

Total Asset

    $ 96,499,925      $ 997,288,749    $ 210,619    $ 1,093,999,293   

Liability:

           

Futures

    $ (442,900 )    $ –    $ –    $ (442,900 ) 

Total Liability

    $ (442,900 )    $ –    $ –    $ (442,900 ) 

Total

    $ 96,057,025      $ 997,288,749    $ 210,619    $ 1,093,556,393   

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

 

      Investments in
Securities-Financials		     Other Investments*  

Balance as of 12/31/08

    $ 20,733,155      $ —      

Total gains or losses (realized/unrealized) included in earnings

      —           —   

Purchases, sales, issuances, and settlements (net)

      —        —   

Transfers in and/or out of Level 3

      (20,688,623 )      —   
                  
                  

Balance as of 6/30/09

    $ 44,532      $ —   
                  
                  
    
      Investments in
Securities-Industrials		     Other Investments*  

Balance as of 12/31/08

    $ 10,230,491      $ —   

Total gains or losses (realized/unrealized) included in earnings

      —        —   

Purchases, sales, issuances, and settlements (net)

     —        —   

Transfers in and/or out of Level 3

      (10,064,404 )      —   
                  
                  

Balance as of 6/30/09

    $ 166,087      $ —   
                  
                  

 

See Notes to Financial Statements.

97

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

    

Investments in

Securities-Materials

     Other Investments*

Balance as of 12/31/08

   $ 62,042      $ —    

Total gains or losses (realized/unrealized) included in earnings

     570,592        —

Purchases, sales, issuances, and settlements (net)

     (632,634 )      —

Transfers in and/or out of Level 3

     —        —
               

Balance as of 6/30/09

  $ —      $ —
               
               
   
     Investments in Securities-
Telecommunication Services		     Other Investments*

Balance as of 12/31/08

   $ 7,997,044      $ —

Total gains or losses (realized/unrealized) included in earnings

     —        —

Purchases, sales, issuances, and settlements (net)

     —        —

Transfers in and/or out of Level 3

     (7,997,044 )      —
               

Balance as of 6/30/09

  $ —      $ —
               
               
   
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/09.   $ 41,889      $ —

 

* Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        
Derivatives Not Accounted for as Hedging Instruments    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

   

Receivables, Net Assets - Unrealized appreciation

    $ – * 

Foreign exchange contracts

   

Receivables

      –   

Credit contracts

   

Receivables

      –   

Equity contracts

   

Receivables, Net Assets - Unrealized appreciation

      – * 

Commodity contracts

   

Receivables

      –   

Other contracts

   

Receivables

      –   
           

Total

       $ –   
           
     Liability Derivatives        

Interest rate contracts

   

Payables, Net Assets - Unrealized depreciation

    $ – * 

Foreign exchange contracts

   

Payables

      –   

Credit contracts

   

Payables

      –   

Equity contracts

   

Payables, Net Assets - Unrealized depreciation

      (442,899 )* 

Commodity contracts

   

Payables

      –   

Other contracts

   

Payables

      –   
           

Total

       $ (442,899 ) 
           

 

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

 

See Notes to Financial Statements.

98

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –      $ –    $ –   

Foreign exchange contracts

      –      –        (8,646,553 )      –      (8,646,553 ) 

Credit contracts

      –      –        –        –      –   

Equity contracts

      –      1,643,366        –        –      1,643,366   

Commodity contracts

      –      –        –        –      –   

Other contracts

      –      –        –        –      –   

Total

    $ –    $ 1,643,366      $ (8,646,553 )    $ –    $ (7,003,187 ) 
            
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –      $ –    $ –   

Foreign exchange contracts

      –      –        890,503        –      890,503   

Credit contracts

      –      –        –        –      –   

Equity contracts

      –      (427,429 )      –        –      (427,429 ) 

Commodity contracts

      –      –        –        –      –   

Other contracts

      –      –        –        –      –   

Total

    $ –    $ (427,429 )    $ 890,503      $ –    $ 463,074   

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 793,812,401   

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 1,470,681,020   

As of June 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

 

   

Aggregate gross unrealized appreciation

    $ 106,179,538   

Aggregate gross unrealized depreciation

      (187,372,081 ) 
        

Net unrealized depreciation

    $ (81,192,543 ) 
        

Federal income tax cost of investments

    $ 1,175,191,836   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $22,426,399. This was secured by collateral of $23,790,400 which was received as cash and subsequently invested in short-term investments currently valued at $21,614,575, 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 $53,227, 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 $154,814,122 which expires in the year 2016.

 

See Notes to Financial Statements.

99

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (9.7%)

      

Auto Components (0.2%)

      

Goodyear Tire & Rubber Co.*

    8,300    $ 93,458

Johnson Controls, Inc.

    23,300      506,076

Magna International, Inc., Class A

    10,045      424,301
         
        1,023,835
         

Automobiles (0.1%)

      

Ford Motor Co.*

    126,000      764,820

Harley-Davidson, Inc.

    8,400      136,164
         
        900,984
         

Distributors (0.0%)

      

Genuine Parts Co.

    5,900      198,004
         

Diversified Consumer Services (0.1%)

      

Apollo Group, Inc., Class A*

    4,100      291,592

DeVry, Inc.

    2,300      115,092

H&R Block, Inc.

    12,700      218,821
         
        625,505
         

Hotels, Restaurants & Leisure (1.3%)

      

Carnival Corp.

    16,600      427,782

Darden Restaurants, Inc.

    5,000      164,900

International Game Technology

    11,400      181,260

Life Time Fitness, Inc.*^

    81,920      1,639,219

Marriott International, Inc., Class A

    11,743      259,172

McDonald’s Corp.

    46,965      2,700,018

Starbucks Corp.*

    27,800      386,142

Starwood Hotels & Resorts Worldwide, Inc.^

    70,315      1,560,993

Wyndham Worldwide Corp.

    6,800      82,416

Wynn Resorts Ltd.*^

    15,881      560,599

Yum! Brands, Inc.

    17,600      586,784
         
        8,549,285
         

Household Durables (0.2%)

      

Black & Decker Corp.

    2,200      63,052

Centex Corp.

    3,700      31,302

D.R. Horton, Inc.^

    26,700      249,912

Fortune Brands, Inc.

    5,600      194,544

Harman International Industries, Inc.

    3,300      62,040

KB Home

    2,200      30,096

Leggett & Platt, Inc.

    6,900      105,087

Lennar Corp., Class A

    4,700      45,543

Newell Rubbermaid, Inc.

    10,200      106,182

NVR, Inc.*

    350      175,837

Pulte Homes, Inc.

    7,200      63,576

Snap-On, Inc.

    2,100      60,354

Stanley Works

    3,400      115,056

Whirlpool Corp.

    2,900      123,424
         
        1,426,005
         

Internet & Catalog Retail (0.7%)

      

Amazon.com, Inc.*

    12,400      1,037,384

Expedia, Inc.*

    7,700      116,347

Liberty Media Corp., Interactive, Class A*

    41,651      208,672

priceline.com, Inc.*^

    31,423      3,505,235
         
        4,867,638
         

Leisure Equipment & Products (0.1%)

      

Eastman Kodak Co.

    7,900      23,384

Hasbro, Inc.

    4,400      106,656

Mattel, Inc.

    14,300      229,515
         
        359,555
         

Media (4.5%)

      

CBS Corp., Class B^

    248,775      1,721,523

 

      Number of
Shares		    Value
(Note 1)

Comcast Corp., Class A

    418,914    $ 5,954,930

DIRECTV Group, Inc.*^

    342,363      8,459,790

DISH Network Corp., Class A*

    279,940      4,537,827

Gannett Co., Inc.

    12,900      46,053

Interpublic Group of Cos., Inc.*

    21,200      107,060

McGraw-Hill Cos., Inc.

    12,200      367,342

Meredith Corp.

    2,000      51,100

New York Times Co., Class A

    6,600      36,366

News Corp., Class A

    257,400      2,344,914

Omnicom Group, Inc.

    12,200      385,276

Scripps Networks Interactive, Inc., Class A

    4,000      111,320

Time Warner Cable, Inc.

    26,316      833,428

Time Warner, Inc.

    97,914      2,466,454

Viacom, Inc., Class B*

    53,510      1,214,677

Walt Disney Co.

    78,500      1,831,405

Washington Post Co., Class B

    200      70,436
         
        30,539,901
         

Multiline Retail (0.5%)

      

Big Lots, Inc.*

    3,000      63,090

Family Dollar Stores, Inc.

    5,100      144,330

J.C. Penney Co., Inc.

    8,700      249,777

Kohl’s Corp.*

    11,600      495,900

Macy’s, Inc.

    63,145      742,585

Nordstrom, Inc.

    6,500      129,285

Sears Holdings Corp.*

    2,100      139,692

Target Corp.

    29,000      1,144,630
         
        3,109,289
         

Specialty Retail (1.3%)

      

Abercrombie & Fitch Co., Class A

    3,400      86,326

AutoNation, Inc.*^

    35,000      607,250

AutoZone, Inc.*

    1,500      226,665

Bed Bath & Beyond, Inc.*

    10,300      316,725

Best Buy Co., Inc.

    12,800      428,672

Foot Locker, Inc.^

    30,300      317,241

GameStop Corp., Class A*

    6,500      143,065

Gap, Inc.

    38,300      628,120

Home Depot, Inc.

    81,200      1,918,756

Limited Brands, Inc.^

    31,890      381,723

Lowe’s Cos., Inc.

    87,095      1,690,514

Office Depot, Inc.*

    15,500      70,680

O’Reilly Automotive, Inc.*

    5,000      190,400

RadioShack Corp.

    4,000      55,840

Sherwin-Williams Co.

    3,800      204,250

Staples, Inc.

    27,200      548,624

Tiffany & Co.

    5,000      126,800

TJX Cos., Inc.

    15,800      497,068
         
        8,438,719
         

Textiles, Apparel & Luxury Goods (0.7%)

      

Coach, Inc.

    12,600      338,688

Jones Apparel Group, Inc.^

    33,460      359,026

NIKE, Inc., Class B

    65,390      3,385,894

Polo Ralph Lauren Corp.

    2,300      123,142

VF Corp.^

    6,100      337,635
         
        4,544,385
         

Total Consumer Discretionary

         64,583,105
         

Consumer Staples (9.9%)

      

Beverages (2.8%)

      

Brown-Forman Corp., Class B

    3,500      150,430

Coca-Cola Co.

    156,160      7,494,119

Coca-Cola Enterprises, Inc.

    65,320      1,087,578

Constellation Brands, Inc., Class A*

    6,700      84,956

Dr. Pepper Snapple Group, Inc.*

    228,965      4,851,768

 

See Notes to Financial Statements.

100

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Molson Coors Brewing Co., Class B

    5,700    $ 241,281

Pepsi Bottling Group, Inc.

    23,900      808,776

PepsiCo, Inc.

    79,300      4,358,328
         
        19,077,236
         

Food & Staples Retailing (2.7%)

      

Costco Wholesale Corp.

    16,500      754,050

CVS Caremark Corp.^

    117,932      3,758,493

Kroger Co.

    35,300      778,365

Rite Aid Corp.*

    1,784,210      2,694,157

Safeway, Inc.^

    29,100      592,767

SUPERVALU, Inc.

    8,200      106,190

Sysco Corp.

    35,100      789,048

Walgreen Co.

    38,000      1,117,200

Wal-Mart Stores, Inc.

    148,585      7,197,457

Whole Foods Market, Inc.

    6,200      117,676
         
        17,905,403
         

Food Products (1.4%)

      

Archer-Daniels-Midland Co.

    66,400      1,777,527

Bunge Ltd.^

    10,300      620,575

Campbell Soup Co.

    7,900      232,418

ConAgra Foods, Inc.

    39,000      743,340

Dean Foods Co.*

    7,300      140,087

Del Monte Foods Co.

    23,555      220,946

General Mills, Inc.

    21,480      1,203,310

H.J. Heinz Co.

    11,900      424,830

Hershey Co.

    6,700      241,200

Hormel Foods Corp.

    3,100      107,074

J.M. Smucker Co.

    4,600      223,836

Kellogg Co.

    9,800      456,386

Kraft Foods, Inc., Class A

    69,400      1,758,596

McCormick & Co., Inc. (Non-Voting)

    5,300      172,409

Sara Lee Corp.

    27,400      267,424

Tyson Foods, Inc., Class A

    35,970      453,582
         
        9,043,540
         

Household Products (1.5%)

      

Clorox Co.

    5,400      301,482

Colgate-Palmolive Co.

    19,500      1,379,430

Kimberly-Clark Corp.

    24,095      1,263,301

Procter & Gamble Co.

    139,471      7,126,968
         
        10,071,181
         

Personal Products (0.1%)

      

Avon Products, Inc.

    16,700      430,526

Estee Lauder Cos., Inc., Class A

    4,700      153,549
         
        584,075
         

Tobacco (1.4%)

      

Altria Group, Inc.

    132,743      2,175,658

Lorillard, Inc.

    16,000      1,084,320

Philip Morris International, Inc.

    118,143      5,153,397

Reynolds American, Inc.

    19,580      756,180
         
        9,169,555
         

Total Consumer Staples

         65,850,990
         

Energy (10.1%)

      

Energy Equipment & Services (1.1%)

      

Baker Hughes, Inc.

    11,700      426,348

BJ Services Co.

    10,900      148,567

Cameron International Corp.*

    8,400      237,720

Diamond Offshore Drilling, Inc.

    2,700      224,235

ENSCO International, Inc.^

    11,600      404,492

FMC Technologies, Inc.*

    4,800      180,384

Halliburton Co.

    34,300      710,010

Nabors Industries Ltd.*

    10,900      169,822

National Oilwell Varco, Inc.*

    15,900      519,294

Rowan Cos., Inc.

    4,100      79,212

Schlumberger Ltd.

    46,300      2,505,293

Smith International, Inc.

    8,400      216,300
      Number of
Shares		    Value
(Note 1)

Transocean Ltd.*

    23,460    $ 1,742,843
         
        7,564,520
         

Oil, Gas & Consumable Fuels (9.0%)

      

Anadarko Petroleum Corp.

    19,100      866,949

Apache Corp.

    49,234      3,552,233

BP plc (ADR)^

    10,700      510,176

Cabot Oil & Gas Corp.

    4,200      128,688

Chesapeake Energy Corp.

    21,700      430,311

Chevron Corp.

    97,600      6,466,000

ConocoPhillips

    152,240      6,403,214

Consol Energy, Inc.

    7,000      237,720

Denbury Resources, Inc.*

    9,400      138,462

Devon Energy Corp.

    27,700      1,509,650

El Paso Corp.

    27,800      256,594

EOG Resources, Inc.

    42,132      2,861,605

Exxon Mobil Corp.

    222,310      15,541,693

Gazprom OAO (ADR)

    165,840      3,369,475

Hess Corp.

    61,192      3,289,070

Marathon Oil Corp.

    196,070      5,907,589

Massey Energy Co.

    3,800      74,252

Murphy Oil Corp.

    7,200      391,104

Nexen, Inc.

    14,600      316,090

Noble Energy, Inc.

    6,700      395,099

Occidental Petroleum Corp.

    45,300      2,981,193

Peabody Energy Corp.

    10,400      313,664

Pioneer Natural Resources Co.

    4,600      117,300

Range Resources Corp.

    6,100      252,601

Royal Dutch Shell plc (ADR), Class A

    12,845      644,691

Southwestern Energy Co.*

    13,000      505,050

Spectra Energy Corp.

    25,400      429,768

Sunoco, Inc.

    4,600      106,720

Tesoro Corp.

    6,100      77,653

Valero Energy Corp.

    22,000      371,580

Williams Cos., Inc.

    22,500      351,225

XTO Energy, Inc.

    22,100      842,894
         
        59,640,313
         

Total Energy

         67,204,833
         

Financials (13.8%)

      

Capital Markets (3.7%)

      

Ameriprise Financial, Inc.

    10,200      247,554

Bank of New York Mellon Corp.

    46,100      1,351,191

Charles Schwab Corp.

    85,400      1,497,916

Credit Suisse Group AG (ADR)

    30,715      1,404,597

Deutsche Bank AG (Registered)

    10,600      646,600

E*TRADE Financial Corp.*

    31,700      40,576

Federated Investors, Inc., Class B

    3,500      84,315

Franklin Resources, Inc.

    5,900      424,859

Goldman Sachs Group, Inc.

    74,236      10,945,356

Invesco Ltd.

    16,200      288,684

Janus Capital Group, Inc.

    7,000      79,800

Legg Mason, Inc.

    5,700      138,966

Morgan Stanley^

    192,338      5,483,556

Northern Trust Corp.

    9,300      499,224

State Street Corp.

    19,000      896,800

T. Rowe Price Group, Inc.

    9,700      404,199
         
        24,434,193
         

Commercial Banks (3.2%)

      

BB&T Corp.

    24,900      547,302

Comerica, Inc.

    5,400      114,210

Fifth Third Bancorp

    375,277      2,664,467

First Horizon National Corp.*

    8,953      107,438

Huntington Bancshares, Inc./Ohio

    20,600      86,108

KeyCorp

    27,300      143,052

M&T Bank Corp.

    3,300      168,069

Marshall & Ilsley Corp.

    15,400      73,920

 

See Notes to Financial Statements.

101

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Mitsubishi UFJ Financial Group, Inc.

    669,600    $ 4,116,160

PNC Financial Services Group, Inc.

    17,700      686,937

Regions Financial Corp.

    88,100      355,924

SunTrust Banks, Inc.

    17,900      294,455

U.S. Bancorp

    383,950      6,880,384

Wells Fargo & Co.

    198,500      4,815,610

Zions Bancorporation

    3,900      45,084
         
        21,099,120
         

Consumer Finance (0.3%)

      

American Express Co.

    45,800      1,064,392

Capital One Financial Corp.

    24,845      543,609

Discover Financial Services

    17,400      178,698

SLM Corp.*

    18,000      184,860
         
        1,971,559
         

Diversified Financial Services (2.1%)

      

Bank of America Corp.

    311,800      4,115,760

CIT Group, Inc.

    12,600      27,090

Citigroup, Inc.

    208,800      620,136

CME Group, Inc.

    2,600      808,886

IntercontinentalExchange, Inc.*

    2,700      308,448

JPMorgan Chase & Co.

    184,600      6,296,706

Leucadia National Corp.*

    7,400      156,066

Moody’s Corp.

    7,600      200,260

NASDAQ OMX Group, Inc.*

    5,100      108,681

NYSE Euronext

    48,575      1,323,669
         
        13,965,702
         

Insurance (3.9%)

      

ACE Ltd.

    140,626      6,219,887

Aflac, Inc.

    18,100      562,729

Allstate Corp.

    41,500      1,012,600

American International Group, Inc.

    95,900      111,244

Aon Corp.

    10,900      412,783

Assurant, Inc.

    4,800      115,632

Chubb Corp.

    13,600      542,368

Cincinnati Financial Corp.

    6,300      140,805

Genworth Financial, Inc., Class A

    58,175      406,643

Hartford Financial Services Group, Inc.^

    214,078      2,541,106

Lincoln National Corp.

    48,000      826,080

Loews Corp.

    14,200      389,080

Marsh & McLennan Cos., Inc.

    20,600      414,678

MBIA, Inc.*

    5,300      22,949

MetLife, Inc.

    56,100      1,683,561

Principal Financial Group, Inc.

    11,500      216,660

Progressive Corp.*

    26,300      397,393

Prudential Financial, Inc.

    18,100      673,682

Swiss Reinsurance (Registered)

    68,020      2,250,472

Torchmark Corp.^

    9,900      366,696

Transatlantic Holdings, Inc.

    110,700      4,796,631

Travelers Cos., Inc.

    35,700      1,465,128

Unum Group

    25,900      410,774

XL Capital Ltd., Class A

    53,645      614,772
         
        26,594,353
         

Real Estate Investment Trusts (REITs) (0.5%)

      

Apartment Investment & Management Co. (REIT), Class A

    6,700      59,295

AvalonBay Communities, Inc. (REIT)

    3,100      173,414

Boston Properties LP (REIT)

    5,400      257,580

Developers Diversified Realty Corp. (REIT)

    485      2,367

Equity Residential (REIT)

    10,500      233,415

HCP, Inc. (REIT)

    10,900      230,971

Health Care REIT, Inc. (REIT)

    4,400      150,040

Host Hotels & Resorts, Inc. (REIT)

    24,400      204,716

Kimco Realty Corp. (REIT)

    12,900      129,645
      Number of
Shares		    Value
(Note 1)

Plum Creek Timber Co., Inc. (REIT)

    6,100    $ 181,658

ProLogis (REIT)

    17,200      138,632

Public Storage (REIT)

    4,700      307,756

Simon Property Group, Inc. (REIT)

    10,746      552,667

Ventas, Inc. (REIT)

    5,600      167,216

Vornado Realty Trust (REIT)

    6,249      281,392
         
        3,070,764
         

Real Estate Management & Development (0.0%)

   

CB Richard Ellis Group, Inc., Class A*

    8,700      81,432
         

Thrifts & Mortgage Finance (0.1%)

      

Hudson City Bancorp, Inc.

    20,200      268,458

People’s United Financial, Inc.

    13,700      206,048
         
        474,506
         

Total Financials

         91,691,629
         

Health Care (14.6%)

      

Biotechnology (3.1%)

      

Amgen, Inc.*

    48,300      2,557,002

Biogen Idec, Inc.*

    11,100      501,165

Celgene Corp.*

    77,270      3,696,597

Cephalon, Inc.*

    2,700      152,955

Genzyme Corp.*

    10,400      578,968

Gilead Sciences, Inc.*

    235,465      11,029,181

OSI Pharmaceuticals, Inc.*^

    74,279      2,096,896
         
        20,612,764
         

Health Care Equipment & Supplies (2.4%)

      

Alcon, Inc.

    13,660      1,586,199

Baxter International, Inc.

    71,630      3,793,525

Becton, Dickinson & Co.

    9,200      656,052

Boston Scientific Corp.*

    57,200      580,008

C.R. Bard, Inc.

    3,900      290,355

Covidien plc

    54,405      2,036,923

DENTSPLY International, Inc.

    5,800      177,016

Hospira, Inc.*

    6,500      250,380

Intuitive Surgical, Inc.*

    1,500      245,490

Medtronic, Inc.

    43,000      1,500,270

St. Jude Medical, Inc.*

    13,100      538,410

Stryker Corp.

    9,500      377,530

Varian Medical Systems, Inc.*^

    111,148      3,905,741

Zimmer Holdings, Inc.*

    8,800      374,880
         
        16,312,779
         

Health Care Providers & Services (1.8%)

      

Aetna, Inc.

    17,500      438,375

AmerisourceBergen Corp.

    12,000      212,880

Cardinal Health, Inc.

    21,600      659,880

CIGNA Corp.

    10,400      250,536

Community Health Systems, Inc.*^

    82,422      2,081,156

Coventry Health Care, Inc.*

    5,500      102,905

DaVita, Inc.*

    3,800      187,948

Express Scripts, Inc.*

    10,400      715,000

Humana, Inc.*

    6,900      222,594

Laboratory Corp. of America Holdings*

    4,000      271,160

McKesson Corp.

    10,500      462,000

Medco Health Solutions, Inc.*

    18,900      862,029

Patterson Cos., Inc.*

    3,400      73,780

Quest Diagnostics, Inc.

    6,200      349,866

Tenet Healthcare Corp.*

    23,400      65,988

UnitedHealth Group, Inc.

    171,716      4,289,465

WellPoint, Inc.*

    18,700      951,643
         
        12,197,205
         

Health Care Technology (0.4%)

      

Eclipsys Corp.*^

    130,392      2,318,370

 

See Notes to Financial Statements.

102

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

IMS Health, Inc.

    6,100    $ 77,470
         
        2,395,840
         

Life Sciences Tools & Services (1.1%)

      

Life Technologies Corp.*

    6,700      279,524

Millipore Corp.*

    2,100      147,441

PerkinElmer, Inc.

    4,200      73,080

Thermo Fisher Scientific, Inc.*

    160,000      6,523,200

Waters Corp.*

    3,900      200,733
         
        7,223,978
         

Pharmaceuticals (5.8%)

      

Abbott Laboratories, Inc.

    72,800      3,424,512

Allergan, Inc.

    11,700      556,686

AstraZeneca plc (ADR)^

    10,605      468,105

Bristol-Myers Squibb Co.

    117,060      2,377,489

Eli Lilly & Co.^

    234,200      8,112,687

Forest Laboratories, Inc.*

    11,300      283,743

GlaxoSmithKline plc (ADR)

    12,950      457,653

Johnson & Johnson

    135,850      7,716,280

King Pharmaceuticals, Inc.*

    9,500      91,485

Merck & Co., Inc.

    122,300      3,419,508

Mylan, Inc.*

    10,800      140,940

Novartis AG (ADR)

    12,075      492,539

Pfizer, Inc.

    377,700      5,665,500

Schering-Plough Corp.

    121,000      3,039,520

Watson Pharmaceuticals, Inc.*

    3,900      131,391

Wyeth

    51,600      2,342,124
         
        38,720,162
         

Total Health Care

         97,462,728
         

Industrials (6.4%)

      

Aerospace & Defense (2.4%)

      

Boeing Co.

    151,190      6,425,575

General Dynamics Corp.

    14,800      819,772

Goodrich Corp.

    4,900      244,853

Honeywell International, Inc.

    29,000      910,600

ITT Corp.

    8,500      378,250

L-3 Communications Holdings, Inc.

    4,600      319,148

Lockheed Martin Corp.

    15,600      1,258,140

Northrop Grumman Corp.

    49,495      2,260,932

Precision Castparts Corp.

    5,300      387,059

Raytheon Co.

    25,800      1,146,294

Rockwell Collins, Inc.

    6,100      254,553

United Technologies Corp.

    44,400      2,307,024
         
        16,712,200
         

Air Freight & Logistics (0.5%)

      

C.H. Robinson Worldwide, Inc.

    6,600      344,190

Expeditors International of Washington, Inc.

    8,300      276,722

FedEx Corp.

    11,900      661,878

United Parcel Service, Inc., Class B

    38,600      1,929,614
         
        3,212,404
         

Airlines (0.0%)

      

Southwest Airlines Co.

    29,500      198,535
         

Building Products (0.1%)

      

Masco Corp.^

    43,600      417,688
         

Commercial Services & Supplies (0.3%)

      

Avery Dennison Corp.

    4,500      115,560

Cintas Corp.

    4,700      107,348

Iron Mountain, Inc.*

    7,000      201,250

Pitney Bowes, Inc.

    8,300      182,019

R.R. Donnelley & Sons Co.

    7,400      85,988

Republic Services, Inc.

    12,800      312,448

Stericycle, Inc.*

    3,100      159,743
      Number of
Shares		    Value
(Note 1)

Waste Management, Inc.

    18,700    $ 526,592
         
        1,690,948
         

Construction & Engineering (0.1%)

      

Fluor Corp.

    7,100      364,159

Jacobs Engineering Group, Inc.*

    4,500      189,405

Quanta Services, Inc.*

    7,500      173,475
         
        727,039
         

Electrical Equipment (0.2%)

      

Cooper Industries Ltd., Class A^

    17,500      543,375

Emerson Electric Co.

    29,100      942,840

Rockwell Automation, Inc.

    5,300      170,236
         
        1,656,451
         

Industrial Conglomerates (1.0%)

      

3M Co.

    26,700      1,604,670

General Electric Co.

    408,500      4,787,620

Textron, Inc.

    10,900      105,294
         
        6,497,584
         

Machinery (1.2%)

      

Caterpillar, Inc.^

    33,000      1,090,320

Cummins, Inc.

    7,700      271,117

Danaher Corp.^

    50,224      3,100,830

Deere & Co.

    16,300      651,185

Dover Corp.

    20,725      685,790

Eaton Corp.

    6,400      285,504

Flowserve Corp.

    2,100      146,601

Illinois Tool Works, Inc.

    15,000      560,100

Ingersoll-Rand plc, Class A*^

    15,800      330,220

Manitowoc Co., Inc.

    7,300      38,398

PACCAR, Inc.

    14,100      458,391

Pall Corp.

    4,900      130,144

Parker Hannifin Corp.

    6,200      266,352
         
        8,014,952
         

Professional Services (0.1%)

      

Dun & Bradstreet Corp.

    2,200      178,662

Equifax, Inc.

    4,500      117,450

Monster Worldwide, Inc.*

    5,600      66,136

Robert Half International, Inc.

    6,300      148,806
         
        511,054
         

Road & Rail (0.4%)

      

Burlington Northern Santa Fe Corp.

    10,700      786,878

CSX Corp.

    15,700      543,691

Norfolk Southern Corp.

    14,100      531,147

Ryder System, Inc.

    1,900      53,048

Union Pacific Corp.

    19,300      1,004,758
         
        2,919,522
         

Trading Companies & Distributors (0.1%)

      

Fastenal Co.

    5,200      172,484

W.W. Grainger, Inc.

    2,600      212,888
         
        385,372
         

Total Industrials

         42,943,749
         

Information Technology (22.1%)

      

Communications Equipment (3.4%)

      

Ciena Corp.*

    5,100      52,785

Cisco Systems, Inc.*

    251,700      4,691,688

Harris Corp.

    4,900      138,964

JDS Uniphase Corp.*

    8,500      48,620

Juniper Networks, Inc.*

    93,255      2,200,818

Motorola, Inc.

    225,900      1,497,717

Nokia Oyj (ADR)^

    76,200      1,110,996

QUALCOMM, Inc.^

    134,706      6,088,711

Research In Motion Ltd.*

    95,939      6,816,466

Telefonaktiebolaget LM Ericsson (ADR)^

    19,300      188,754

 

See Notes to Financial Statements.

103

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Tellabs, Inc.*

    15,200    $ 87,096
         
        22,922,615
         

Computers & Peripherals (5.6%)

      

Apple, Inc.*

    90,026      12,822,402

Dell, Inc.*

    518,120      7,113,788

EMC Corp.*

    77,400      1,013,940

Hewlett-Packard Co.

    101,300      3,915,245

International Business Machines Corp.

    103,975      10,857,070

Lexmark International, Inc., Class A*

    2,800      44,380

NetApp, Inc.*

    12,700      250,444

QLogic Corp.*

    4,200      53,256

SanDisk Corp.*

    9,200      135,148

Sun Microsystems, Inc.*

    28,900      266,458

Teradata Corp.*

    6,300      147,609

Western Digital Corp.*^

    29,010      768,765
         
        37,388,505
         

Electronic Equipment, Instruments & Components (1.6%)

   

Agilent Technologies, Inc.*

    13,500      274,185

Amphenol Corp., Class A^

    69,060      2,185,058

AU Optronics Corp. (ADR)^

    73,325      709,786

Corning, Inc.

    413,677      6,643,653

FLIR Systems, Inc.*

    6,100      137,616

Jabil Circuit, Inc.

    9,400      69,748

Molex, Inc.

    5,400      83,970

Tyco Electronics Ltd.^

    33,700      626,483
         
        10,730,499
         

Internet Software & Services (2.0%)

      

Akamai Technologies, Inc.*

    6,500      124,670

eBay, Inc.*

    194,651      3,334,372

Google, Inc., Class A*

    21,120      8,903,980

VeriSign, Inc.*

    7,400      136,752

Yahoo!, Inc.*

    53,200      833,112
         
        13,332,886
         

IT Services (3.1%)

      

Affiliated Computer Services, Inc., Class A*

    3,700      164,354

Amdocs Ltd.*

    173,620      3,724,149

Automatic Data Processing, Inc.

    19,400      687,536

Cognizant Technology Solutions Corp.,
Class A*

    10,900      291,030

Computer Sciences Corp.*

    6,000      265,800

Convergys Corp.*

    3,500      32,480

Fidelity National Information Services, Inc.

    7,400      147,704

Fiserv, Inc.*

    110,700      5,058,990

Infosys Technologies Ltd. (ADR)^

    88,000      3,236,640

Mastercard, Inc., Class A

    2,800      468,468

Paychex, Inc.

    134,240      3,382,848

Total System Services, Inc.

    6,800      91,052

Visa, Inc., Class A

    33,200      2,067,032

Western Union Co.

    68,837      1,128,927
         
        20,747,010
         

Office Electronics (0.0%)

      

Xerox Corp.

    34,600      224,208
         

Semiconductors & Semiconductor Equipment (1.6%)

   

Advanced Micro Devices, Inc.*

    24,100      93,267

Altera Corp.

    11,500      187,220

Analog Devices, Inc.

    11,600      287,448

Applied Materials, Inc.

    51,300      562,761

Broadcom Corp., Class A*

    16,200      401,598

Cypress Semiconductor Corp.*^

    53,477      491,988

Intel Corp.

    216,300      3,579,765

KLA-Tencor Corp.

    6,300      159,075

Linear Technology Corp.

    8,500      198,475
      Number of
Shares		   

Value

(Note 1)

LSI Corp.*

    28,700    $ 130,872

MEMC Electronic Materials, Inc.*

    8,700      154,947

Microchip Technology, Inc.

    7,300      164,615

Micron Technology, Inc.*

    33,400      169,004

National Semiconductor Corp.

    6,600      82,830

Novellus Systems, Inc.*

    3,500      58,450

Nvidia Corp.*

    20,700      233,703

ON Semiconductor Corp.*

    303,772      2,083,876

Teradyne, Inc.*

    9,500      65,170

Texas Instruments, Inc.

    49,200      1,047,960

Xilinx, Inc.

    10,600      216,876
         
        10,369,900
         

Software (4.8%)

      

Adobe Systems, Inc.*

    20,200      571,660

ANSYS, Inc.*^

    81,800      2,548,888

Autodesk, Inc.*

    9,100      172,718

BMC Software, Inc.*

    7,100      239,909

CA, Inc.

    14,700      256,221

Citrix Systems, Inc.*

    6,900      220,041

Compuware Corp.*

    8,900      61,054

Electronic Arts, Inc.*

    12,800      278,016

Intuit, Inc.*

    12,500      352,000

McAfee, Inc.*

    5,900      248,921

Microsoft Corp.^

    748,236      17,785,570

Nintendo Co., Ltd. (ADR)

    38,320      1,320,890

Novell, Inc.*

    11,900      53,907

Oracle Corp.

    295,021      6,319,350

Salesforce.com, Inc.*

    4,000      152,680

Symantec Corp.*

    82,600      1,285,256
         
        31,867,081
         

Total Information Technology

         147,582,704
         

Materials (2.2%)

      

Chemicals (1.6%)

      

Air Products & Chemicals, Inc.

    8,000      516,720

CF Industries Holdings, Inc.

    1,700      126,038

Dow Chemical Co.

    41,000      661,740

E.I. du Pont de Nemours & Co.

    70,400      1,803,648

Eastman Chemical Co.^

    14,245      539,886

Ecolab, Inc.

    6,700      261,233

International Flavors & Fragrances, Inc.

    2,700      88,344

Monsanto Co.

    39,145      2,910,039

PPG Industries, Inc.

    6,500      285,350

Praxair, Inc.

    11,800      838,626

Sigma-Aldrich Corp.

    4,800      237,888

Syngenta AG (ADR)

    37,371      1,738,499
         
        10,008,011
         

Construction Materials (0.0%)

      

Vulcan Materials Co.

    4,900      211,190
         

Containers & Packaging (0.1%)

      

Ball Corp.

    3,800      171,608

Bemis Co., Inc.

    4,400      110,880

Owens-Illinois, Inc.*

    6,400      179,264

Pactiv Corp.*

    4,800      104,160

Sealed Air Corp.

    7,000      129,150

Sonoco Products Co.

    5,900      141,305
         
        836,367
         

Metals & Mining (0.4%)

      

AK Steel Holding Corp.

    4,300      82,517

Alcoa, Inc.

    37,600      388,408

Allegheny Technologies, Inc.

    4,300      150,199

Freeport-McMoRan Copper & Gold, Inc.

    15,700      786,727

Newmont Mining Corp.

    18,600      760,182

 

See Notes to Financial Statements.

104

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Nucor Corp.

    11,900    $ 528,717

Titanium Metals Corp.

    4,800      44,112

United States Steel Corp.

    5,700      203,718
         
        2,944,580
         

Paper & Forest Products (0.1%)

      

International Paper Co.

    17,000      257,210

MeadWestvaco Corp.

    6,300      103,383

Weyerhaeuser Co.

    8,200      249,526
         
        610,119
         

Total Materials

         14,610,267
         

Telecommunication Services (3.8%)

      

Diversified Telecommunication Services (2.4%)

   

AT&T, Inc.

    459,800      11,421,432

CenturyTel, Inc.

    3,900      119,730

Embarq Corp.

    5,500      231,330

Frontier Communications Corp.

    13,800      98,532

Qwest Communications International, Inc.

    56,300      233,645

Verizon Communications, Inc.

    122,000      3,749,060

Windstream Corp.

    17,100      142,956
         
        15,996,685
         

Wireless Telecommunication Services (1.4%)

      

American Tower Corp., Class A*

    15,100      476,103

China Mobile Ltd.

    272,800      2,735,463

Crown Castle International Corp.*

    168,986      4,059,044

MetroPCS Communications, Inc.*

    9,700      129,107

Sprint Nextel Corp.*

    290,300      1,396,343

Vodafone Group plc (ADR)

    25,800      502,842
         
        9,298,902
         

Total Telecommunication Services

         25,295,587
         

Utilities (2.8%)

      

Electric Utilities (1.8%)

      

Allegheny Energy, Inc.

    6,800      174,420

American Electric Power Co., Inc.

    18,300      528,687

Duke Energy Corp.

    48,900      713,451

Edison International

    12,600      396,396

Entergy Corp.

    75,204      5,829,815

Exelon Corp.

    25,300      1,295,613

FirstEnergy Corp.

    11,600      449,500

FPL Group, Inc.

    16,000      909,760

Northeast Utilities

    6,800      151,708

Pepco Holdings, Inc.

    8,400      112,896

Pinnacle West Capital Corp.

    3,500      105,525

PPL Corp.

    14,200      468,032

Progress Energy, Inc.

    10,700      404,781

Southern Co.

    30,300      944,148
         
        12,484,732
         

Gas Utilities (0.1%)

      

EQT Corp.

    5,300      185,023

Nicor, Inc.

    1,600      55,392

Questar Corp.

    6,700      208,102
         
        448,517
         

Independent Power Producers & Energy Traders (0.1%)

AES Corp.*

    26,600      308,826

Constellation Energy Group, Inc.

    7,800      207,324

Dynegy, Inc., Class A*

    28,500      64,695

RRI Energy, Inc.*^

    45,045      225,675
         
        806,520
         

Multi-Utilities (0.8%)

      

Ameren Corp.

    8,400      209,076

CenterPoint Energy, Inc.

    13,500      149,580

CMS Energy Corp.^

    33,875      409,210

Consolidated Edison, Inc.

    10,400      389,168

Dominion Resources, Inc.

    23,100      772,002
      Number of
Shares		   

Value

(Note 1)

DTE Energy Co.

      6,600    $ 211,200

Integrys Energy Group, Inc.

      3,400      101,966

NiSource, Inc.

      43,400      506,044

PG&E Corp.

      14,500      557,380

Public Service Enterprise Group, Inc.

      19,300      629,759

SCANA Corp.

      4,600      149,362

Sempra Energy

      9,300      461,559

TECO Energy, Inc.

      7,300      87,089

Wisconsin Energy Corp.

      4,300      175,053

Xcel Energy, Inc.

      17,500      322,175
         
        5,130,623
         

Total Utilities

         18,870,392
         

Total Common Stocks (95.4%)
(Cost $651,501,910)

         636,095,984
         
     
      Number of
Shares		   

Value

(Note 1)

CONVERTIBLE PREFERRED STOCK:

      

Financials (0.0%)

      

Diversified Financial Services (0.0%)

      

CIT Group, Inc.

      

8.750%

      18,520      323,359
         

Total Convertible Preferred Stocks (0.0%)
(Cost $926,000)

         323,359
         
     
      Principal
Amount		   

Value

(Note 1)

LONG-TERM DEBT SECURITIES:

      

Convertible Bond (0.1%)

      

Energy (0.1%)

      

Oil, Gas & Consumable Fuels (0.1%)

      

Chesapeake Energy Corp.

      

2.250%, 12/15/38

    $ 609,000      373,774
         

Total Energy

         373,774
         

Total Convertible Bonds

         373,774
         

Corporate Bonds (1.9%)

      

Financials (1.6%)

      

Capital Markets (0.4%)

      

Goldman Sachs Capital II

      

5.793%, 12/31/49(l)

    $ 4,355,000      2,654,155
         

Commercial Banks (0.3%)

      

Fifth Third Capital Trust IV

      

6.500%, 4/15/37(l)

      526,000      320,303

USB Capital IX

      

6.189%, 12/31/49(l)

      2,345,000      1,582,875
         
        1,903,178
         

Diversified Financial Services (0.9%)

      

CIT Group, Inc.

      

5.000%, 2/13/14^

      322,900      191,758

5.000%, 2/1/15

      470,900      277,364

5.400%, 1/30/16

      930,400      525,368

5.850%, 9/15/16

      258,200      145,768

General Electric Capital Corp.

      

6.375%, 11/15/67(l)

      1,771,000      1,181,648

Goldman Sachs Capital III

      

1.438%, 12/31/49(l)

      1,402,000      764,090

JPMorgan Chase Capital XXI

      

1.966%, 2/2/37(l)

      1,438,000      761,467

 

See Notes to Financial Statements.

105

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

JPMorgan Chase Capital XXIII

      

1.883%, 5/15/47(l)

    $ 3,999,000    $ 2,039,063
         
        5,886,526
         

Total Financials

         10,443,859
         

Industrials (0.3%)

      

Road & Rail (0.3%)

      

Hertz Global Holdings, Inc.

      

5.250%, 6/1/14

      1,975,000      2,271,250
         

Total Industrials

         2,271,250
         

Total Long-Term Debt Securities (2.0%)
(Cost $9,709,435)

      13,088,883
         
      Principal
Amount		   

Value

(Note 1)

SHORT-TERM INVESTMENTS:

      

Government Securities (0.2%)

      

U.S. Treasury Bills

      

0.16%, 9/10/09 #(p)

    $ 1,335,000      1,334,566
         

Short-Term Investments of Cash Collateral for
Securities Loaned (2.7%)

   

BBVA Senior Finance S.A.

      

0.69%, 3/12/10 (l)

      1,170,000      1,154,473

Deutsche Bank Securities, Inc., Repurchase Agreement

      

0.09%, 7/1/09 (r)(u)

      12,623,168      12,623,168

General Electric Capital Corp.

      

0.40%, 3/12/10 (l)

      210,000      206,488

Lehman Brothers Holdings, Inc.

      

0.00%, 8/21/09 (h)(l)(s)

      1,319,991      194,699

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      2,490,000      2,396,625

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      1,589,841      1,465,202
         

Total Short-Term Investments of Cash Collateral for Securities Loaned

         18,040,655
         

Time Deposit (2.5%)

      

JPMorgan Chase Nassau

      

0.000%, 7/1/09

      16,682,503      16,682,503
         

Total Short-Term Investments (5.4%)
(Cost/Amortized Cost $37,420,108)

         36,057,724
         

Total Investments (102.8%)
(Cost/Amortized Cost $699,557,453)

         685,565,950

Other Assets Less Liabilities (-2.8%)

         (18,799,341)
         

Net Assets (100%)

         $666,766,609
         

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
# All, or a portion of security held by broker as collateral for financial futures contracts.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009. (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.
(s) Issuer in bankruptcy.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% –5.500%, maturing 4/15/23 – 7/19/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 – 7/25/38.

 

Glossary:
ADR    —  American Depositary Receipt

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		   

Expiration

Date

    Original
Value		    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchase

               

S&P 500 E-Mini Index

    238          September-09    $ 11,163,387    $ 10,894,450    $ (268,937 ) 
                    

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

 

See Notes to Financial Statements.

106

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

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

 

Investment Type   

Level 1

Quoted prices in active

markets for identical

securities

     Level 2
Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)		    Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total  

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 64,583,105      $ –    $ –    $ 64,583,105   

Consumer Staples

      65,850,990        –      –      65,850,990   

Energy

      65,893,778        1,311,055      –      67,204,833   

Financials

      85,324,997        6,366,632      –      91,691,629   

Health Care

      97,462,728        –      –      97,462,728   

Industrials

      42,943,749        –      –      42,943,749   

Information Technology

      147,582,704        –      –      147,582,704   

Materials

      14,610,267        –      –      14,610,267   

Telecommunication Services

      22,560,124        2,735,463      –      25,295,587   

Utilities

      18,870,392        –      –      18,870,392   

Convertible Bonds

           

Energy

      –        373,774      –      373,774   

Convertible Preferred Stocks

           

Financials

      323,359        –      –      323,359   

Corporate Bonds

           

Financials

      –        10,443,859      –      10,443,859   

Industrials

      –        2,271,250      –      2,271,250   

Short-Term Investments

      –        36,057,724      –      36,057,724   

Total Asset

    $ 626,006,193      $ 59,559,757    $ –    $ 685,565,950   

Liability:

           

Futures

    $ (268,937 )    $ –    $ –    $ (268,937 ) 

Total Liability

    $ (268,937 )    $ –    $ –    $ (268,937 ) 

Total

    $ 625,737,256      $ 59,559,757    $ –    $ 685,297,013   

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  
Interest rate contracts    Receivables, Net Assets - Unrealized   
   appreciation    $ – * 
Foreign exchange contracts    Receivables      –   
Credit contracts    Receivables      –   
Equity contracts    Receivables, Net Assets -Unrealized   
   appreciation      – * 
Commodity contracts    Receivables      –   
Other contracts    Receivables      –   
           
Total       $ –   
           
     Liability Derivatives        
   Payables, Net Assets - Unrealized   
Interest rate contracts    depreciation    $ – * 
Foreign exchange contracts    Payables      –   
Credit contracts    Payables      –   
   Payables, Net Assets - Unrealized   
Equity contracts    depreciation      (268,937 )* 
Commodity contracts    Payables      –   
Other contracts    Payables      –   
           
Total       $ (268,937 ) 
           

 

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

 

See Notes to Financial Statements.

107

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures    Forward Currency
Contracts		    Swaps    Total

Interest rate contracts

    $ –    $ –    $ –    $ –    $ –

Foreign exchange contracts

      –      –      138,633      –      138,633

Credit contracts

      –      –      –      –      –

Equity contracts

      –      2,946,190      –      –      2,946,190

Commodity contracts

      –      –      –      –      –

Other contracts

      –      –      –      –      –

Total

    $ –    $ 2,946,190    $ 138,633    $ –    $ 3,084,823

 

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –    $ –    $ –   

Foreign exchange contracts

      –      –        –      –      –   

Credit contracts

      –      –        –      –      –   

Equity contracts

      –      (268,937 )      –      –      (268,937 ) 

Commodity contracts

      –      –        –      –      –   

Other contracts

      –      –        –      –      –   

Total

    $ –    $ (268,937 )    $ –    $ –    $ (268,937 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 457,690,204

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 609,413,442

As of June 30, 2009, 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

    $ 48,329,345   

Aggregate gross unrealized depreciation

      (72,022,375 ) 
        

Net unrealized depreciation

    $ (23,693,030 ) 
        

Federal income tax cost of investments

    $ 709,258,980   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $18,624,205. This was secured by collateral of $19,403,000 which was received as cash and subsequently invested in short-term investments currently valued at $18,040,655, 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 $2,351, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2009, the Portfolio incurred approximately $680 as brokerage commissions with Williams Capital Group, an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $105,713,400 which expires in the year 2016.

 

See Notes to Financial Statements.

108

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (11.4%)

      

Auto Components (0.2%)

      

BorgWarner, Inc.

    2,600    $ 88,790

Gentex Corp.

    3,200      37,120

Goodyear Tire & Rubber Co.*

    5,800      65,308

Johnson Controls, Inc.

    7,900      171,588

WABCO Holdings, Inc.

    1,500      26,550
         
        389,356
         

Automobiles (0.0%)

      

Thor Industries, Inc.

    400      7,348
         

Distributors (0.0%)

      

LKQ Corp.*

    3,400      55,930
         

Diversified Consumer Services (0.3%)

      

Apollo Group, Inc., Class A*

    3,178      226,020

Brink’s Home Security Holdings, Inc.*

    1,100      31,141

Career Education Corp.*

    1,600      39,824

DeVry, Inc.

    1,500      75,060

H&R Block, Inc.

    8,200      141,286

Hillenbrand, Inc.

    600      9,984

ITT Educational Services, Inc.*

    900      90,594

Strayer Education, Inc.

    340      74,157

Weight Watchers International, Inc.

    100      2,577
         
        690,643
         

Hotels, Restaurants & Leisure (1.6%)

      

Brinker International, Inc.

    2,400      40,872

Burger King Holdings, Inc.

    2,600      44,902

Carnival Corp.

    4,800      123,696

Chipotle Mexican Grill, Inc., Class A*

    800      64,000

Choice Hotels International, Inc.

    200      5,322

Darden Restaurants, Inc.

    3,200      105,536

International Game Technology

    5,900      93,810

Las Vegas Sands Corp.*

    5,500      43,230

Marriott International, Inc., Class A^

    20,148      444,659

McDonald’s Corp.

    26,555      1,526,647

MGM MIRAGE*^

    14,900      95,211

Panera Bread Co., Class A*

    600      29,916

Royal Caribbean Cruises Ltd.

    1,000      13,540

Scientific Games Corp., Class A*

    1,500      23,655

Starbucks Corp.*

    17,700      245,853

Starwood Hotels & Resorts Worldwide, Inc.

    700      15,540

Tim Hortons, Inc.

    4,200      103,068

Wendy’s/Arby’s Group, Inc., Class A

    3,500      14,000

WMS Industries, Inc.*

    1,100      34,661

Wyndham Worldwide Corp.

    1,900      23,028

Yum! Brands, Inc.

    17,644      588,251
         
        3,679,397
         

Household Durables (0.1%)

      

Garmin Ltd.

    2,200      52,404

Harman International Industries, Inc.

    800      15,040

Leggett & Platt, Inc.

    2,300      35,029

M.D.C. Holdings, Inc.

    300      9,033

Newell Rubbermaid, Inc.

    1,100      11,451

NVR, Inc.*

    12      6,029

Pulte Homes, Inc.

    900      7,947

Snap-On, Inc.

    400      11,496
         
        148,429
         

Internet & Catalog Retail (5.0%)

      

Amazon.com, Inc.*

    67,103      5,613,836

Expedia, Inc.*

    17,340      262,007

 

      Number of
Shares		    Value
(Note 1)

Netflix, Inc.*^

    59,200    $ 2,447,328

priceline.com, Inc.*^

    25,165      2,807,156
         
        11,130,327
         

Leisure Equipment & Products (0.1%)

      

Hasbro, Inc.

    1,800      43,632

Mattel, Inc.

    6,700      107,535
         
        151,167
         

Media (0.7%)

      

Comcast Corp., Class A

    5,209      75,478

CTC Media, Inc.*

    800      9,456

DIRECTV Group, Inc.*

    11,037      272,724

Discovery Communications, Inc., Class C*

    6,300      129,339

Interactive Data Corp.

    400      9,256

John Wiley & Sons, Inc., Class A

    900      29,925

Marvel Entertainment, Inc.*

    1,200      42,708

McGraw-Hill Cos., Inc.

    7,600      228,836

Morningstar, Inc.*

    400      16,492

Omnicom Group, Inc.

    7,500      236,850

Regal Entertainment Group, Class A

    1,000      13,290

Scripps Networks Interactive, Inc., Class A

    1,300      36,179

Viacom, Inc., Class B*

    25,450      577,716

Warner Music Group Corp.*

    300      1,755
         
        1,680,004
         

Multiline Retail (1.1%)

      

Big Lots, Inc.*

    200      4,206

Dollar Tree, Inc.*

    2,100      88,410

Family Dollar Stores, Inc.

    3,400      96,220

Kohl’s Corp.*

    11,660      498,465

Nordstrom, Inc.

    4,100      81,549

Target Corp.

    44,777      1,767,348
         
        2,536,198
         

Specialty Retail (1.9%)

      

Aaron’s, Inc.

    1,100      32,802

Abercrombie & Fitch Co., Class A

    1,100      27,929

Advance Auto Parts, Inc.

    2,200      91,278

Aeropostale, Inc.*

    1,600      54,832

American Eagle Outfitters, Inc.

    4,100      58,097

AutoZone, Inc.*

    800      120,888

Bed Bath & Beyond, Inc.*^

    14,840      456,330

Best Buy Co., Inc.

    25,800      864,042

CarMax, Inc.*

    3,800      55,860

Chico’s FAS, Inc.*

    4,000      38,920

Dick’s Sporting Goods, Inc.*

    2,000      34,400

Foot Locker, Inc.

    1,700      17,799

GameStop Corp., Class A*

    3,500      77,035

Gap, Inc.

    10,300      168,920

Guess?, Inc.

    1,400      36,092

Home Depot, Inc.

    2,700      63,801

Limited Brands, Inc.

    4,300      51,471

Lowe’s Cos., Inc.

    18,900      366,849

Office Depot, Inc.*

    1,200      5,472

O’Reilly Automotive, Inc.*^

    6,600      251,328

Penske Automotive Group, Inc.

    300      4,992

PetSmart, Inc.

    2,900      62,234

RadioShack Corp.

    400      5,584

Ross Stores, Inc.

    3,000      115,800

Sherwin-Williams Co.

    2,000      107,500

Staples, Inc.

    35,250      710,993

Tiffany & Co.

    2,800      71,008

TJX Cos., Inc.

    9,900      311,454

Urban Outfitters, Inc.*

    3,100      64,697

 

See Notes to Financial Statements.

109

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Williams-Sonoma, Inc.

    900    $ 10,683
         
        4,339,090
         

Textiles, Apparel & Luxury Goods (0.4%)

      

Coach, Inc.

    7,600      204,288

Hanesbrands, Inc.*

    2,200      33,022

NIKE, Inc., Class B

    10,438      540,480

Phillips-Van Heusen Corp.

    800      22,952

Polo Ralph Lauren Corp.

    1,300      69,602

VF Corp.

    500      27,675
         
        898,019
         

Total Consumer Discretionary

         25,705,908
         

Consumer Staples (10.1%)

      

Beverages (2.8%)

      

Brown-Forman Corp., Class B

    1,800      77,364

Coca-Cola Co.

    60,183      2,888,182

Coca-Cola Enterprises, Inc.

    6,300      104,895

Hansen Natural Corp.*

    1,700      52,394

Molson Coors Brewing Co., Class B .

    200      8,466

Pepsi Bottling Group, Inc.

    2,700      91,368

PepsiCo, Inc.

    54,779      3,010,654
         
        6,233,323
         

Food & Staples Retailing (2.9%)

      

BJ’s Wholesale Club, Inc.*

    200      6,446

Costco Wholesale Corp.

    10,479      478,890

CVS Caremark Corp.^

    49,809      1,587,413

Kroger Co.

    13,200      291,060

Sysco Corp.

    14,198      319,171

Walgreen Co.

    23,876      701,954

Wal-Mart Stores, Inc.

    63,386      3,070,418

Whole Foods Market, Inc.

    2,200      41,756
         
        6,497,108
         

Food Products (0.6%)

      

Archer-Daniels-Midland Co.

    8,700      232,899

Campbell Soup Co.

    3,200      94,144

Dean Foods Co.*

    4,300      82,517

Flowers Foods, Inc.

    1,500      32,760

General Mills, Inc.

    3,300      184,866

Green Mountain Coffee Roasters, Inc.*

    700      41,384

H.J. Heinz Co.

    6,100      217,770

Hershey Co.

    2,200      79,200

Hormel Foods Corp.

    200      6,908

Kellogg Co.

    6,100      284,077

McCormick & Co., Inc. (Non-Voting)

    3,100      100,843

Sara Lee Corp.

    4,200      40,992
         
        1,398,360
         

Household Products (2.2%)

      

Church & Dwight Co., Inc.

    1,700      92,327

Clorox Co.

    3,000      167,490

Colgate-Palmolive Co.

    23,748      1,679,934

Energizer Holdings, Inc.*

    1,400      73,136

Kimberly-Clark Corp.

    8,626      452,261

Procter & Gamble Co.

    47,950      2,450,245
         
        4,915,393
         

Personal Products (0.2%)

      

Alberto-Culver Co.

    1,700      43,231

Avon Products, Inc.

    10,300      265,534

Estee Lauder Cos., Inc., Class A

    2,700      88,209

Herbalife Ltd.

    1,500      47,310

Mead Johnson Nutrition Co., Class A*

    400      12,708

NBTY, Inc.*

    900      25,308
         
        482,300
         

Tobacco (1.4%)

      

Altria Group, Inc.

    49,707      814,698

 

      Number of
Shares		    Value
(Note 1)

Lorillard, Inc.

    3,600    $ 243,972

Philip Morris International, Inc.

    47,219      2,059,693
         
        3,118,363
         

Total Consumer Staples

         22,644,847
         

Energy (4.9%)

      

Energy Equipment & Services (2.0%)

      

Atwood Oceanics, Inc.*

    1,200      29,892

Cameron International Corp.*

    5,200      147,160

Diamond Offshore Drilling, Inc.

    1,700      141,185

Dresser-Rand Group, Inc.*

    2,000      52,200

ENSCO International, Inc.

    986      34,382

Exterran Holdings, Inc.*

    700      11,228

FMC Technologies, Inc.*

    2,900      108,982

Halliburton Co.

    33,100      685,170

Helmerich & Payne, Inc.

    800      24,696

National Oilwell Varco, Inc.*

    28,850      942,241

Oceaneering International, Inc.*

    1,300      58,760

Patterson-UTI Energy, Inc.

    500      6,430

Pride International, Inc.*

    2,000      50,120

Rowan Cos., Inc.

    500      9,660

Schlumberger Ltd.

    21,604      1,168,992

Smith International, Inc.

    3,100      79,825

Weatherford International Ltd.*

    46,300      905,628
         
        4,456,551
         

Oil, Gas & Consumable Fuels (2.9%)

      

Alpha Natural Resources, Inc.*

    1,600      42,032

CNX Gas Corp.*

    600      15,762

Consol Energy, Inc.

    4,300      146,028

Continental Resources, Inc.*

    400      11,100

El Paso Corp.

    4,700      43,381

EOG Resources, Inc.

    4,100      278,472

EXCO Resources, Inc.*

    3,000      38,760

Exxon Mobil Corp.

    30,255      2,115,128

Forest Oil Corp.*

    1,000      14,920

Foundation Coal Holdings, Inc.

    1,100      30,921

Frontier Oil Corp.

    2,000      26,220

Holly Corp.

    1,000      17,980

Mariner Energy, Inc.*

    1,900      22,325

Massey Energy Co.

    1,600      31,264

Occidental Petroleum Corp.

    12,400      816,044

Peabody Energy Corp.

    33,100      998,296

Petrohawk Energy Corp.*

    6,600      147,180

Petroleo Brasileiro S.A. (Preference) (ADR), Class A

    7,200      240,192

Plains Exploration & Production Co.*

    1,600      43,776

Quicksilver Resources, Inc.*

    2,500      23,225

Range Resources Corp.

    520      21,533

Southwestern Energy Co.*

    8,300      322,455

St. Mary Land & Exploration Co.

    400      8,348

Suncor Energy, Inc.

    34,330      1,041,572

Teekay Corp.

    400      8,412

Tesoro Corp.

    1,400      17,822
         
        6,523,148
         

Total Energy

         10,979,699
         

Financials (7.2%)

      

Capital Markets (3.1%)

      

Affiliated Managers Group, Inc.*

    1,000      58,190

Ameriprise Financial, Inc.

    400      9,708

Bank of New York Mellon Corp.

    5,900      172,929

BlackRock, Inc

    200      35,084

Charles Schwab Corp.

    67,365      1,181,582

Eaton Vance Corp.

    2,800      74,900

Federated Investors, Inc., Class B

    1,900      45,771

Franklin Resources, Inc.

    4,580      329,806

 

See Notes to Financial Statements.

110

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

GLG Partners, Inc.

    4,600    $ 18,814

Goldman Sachs Group, Inc.

    18,820      2,774,821

Greenhill & Co., Inc.

    500      36,105

Invesco Ltd.

    800      14,256

Investment Technology Group, Inc.*

    100      2,039

Janus Capital Group, Inc.

    3,400      38,760

Jefferies Group, Inc.*

    2,100      44,793

Lazard Ltd., Class A

    1,800      48,456

Morgan Stanley^

    23,740      676,827

Northern Trust Corp.

    5,800      311,344

SEI Investments Co.

    3,000      54,120

State Street Corp.

    14,580      688,176

T. Rowe Price Group, Inc.

    6,100      254,187

TD Ameritrade Holding Corp.*

    6,300      110,502

Waddell & Reed Financial, Inc., Class A

    2,000      52,740
         
        7,033,910
         

Commercial Banks (0.5%)

      

Banco Bradesco S.A. (ADR)^

    37,500      553,875

BOK Financial Corp.

    200      7,534

Commerce Bancshares, Inc./Missouri

    500      15,915

Wells Fargo & Co.

    24,700      599,222
         
        1,176,546
         

Consumer Finance (0.2%)

      

American Express Co.

    12,425      288,757

AmeriCredit Corp.*

    700      9,485

Capital One Financial Corp.

    3,100      67,828

SLM Corp.*

    2,400      24,648
         
        390,718
         

Diversified Financial Services (2.6%)

      

CME Group, Inc.^

    7,030      2,187,103

IntercontinentalExchange, Inc.*

    27,000      3,084,480

JPMorgan Chase & Co.

    6,200      211,482

Leucadia National Corp.*

    1,600      33,744

Moody’s Corp

    4,500      118,575

MSCI, Inc., Class A*

    2,400      58,656

NASDAQ OMX Group, Inc.*

    1,400      29,834

NYSE Euronext

    1,600      43,600
         
        5,767,474
         

Insurance (0.5%)

      

Aflac, Inc.

    11,200      348,208

American International Group, Inc.

    22,100      25,636

Arthur J. Gallagher & Co.

    2,200      46,948

Axis Capital Holdings Ltd.

    1,000      26,180

Brown & Brown, Inc.

    2,100      41,853

CNA Financial Corp.

    300      4,641

Endurance Specialty Holdings Ltd.

    400      11,720

Erie Indemnity Co., Class A

    500      17,880

Fidelity National Financial, Inc., Class A

    800      10,824

Genworth Financial, Inc., Class A

    4,400      30,756

Lincoln National Corp.

    1,900      32,699

Marsh & McLennan Cos., Inc.

    900      18,117

Principal Financial Group, Inc.

    7,500      141,300

Progressive Corp.*

    1,700      25,687

Prudential Financial, Inc.

    5,300      197,266

Reinsurance Group of America, Inc.

    100      3,491

Validus Holdings Ltd.

    300      6,594

W.R. Berkley Corp.

    1,100      23,617
         
        1,013,417
         

Real Estate Investment Trusts (REITs) (0.3%)

      

Alexandria Real Estate Equities, Inc. (REIT)

    200      7,158

Digital Realty Trust, Inc. (REIT)

    1,854      66,466

 

      Number of
Shares		    Value
(Note 1)

Federal Realty Investment Trust (REIT)

    200    $ 10,304

HCP, Inc. (REIT)

    2,600      55,094

Health Care REIT, Inc. (REIT)

    1,300      44,330

Macerich Co. (REIT)

    51      898

Nationwide Health Properties, Inc. (REIT)

    1,900      48,906

Plum Creek Timber Co., Inc. (REIT)

    1,300      38,714

Public Storage (REIT)

    3,200      209,536

Rayonier, Inc. (REIT)

    900      32,715

Simon Property Group, Inc. (REIT) .

    2,407      123,792
         
        637,913
         

Real Estate Management & Development (0.0%)

   

CB Richard Ellis Group, Inc., Class A*

    5,300      49,608

St. Joe Co.*

    2,200      58,278
         
        107,886
         

Thrifts & Mortgage Finance (0.0%)

      

Capitol Federal Financial

    500      19,165

Hudson City Bancorp, Inc.

    6,200      82,398
         
        101,563
         

Total Financials

         16,229,427
         

Health Care (14.8%)

      

Biotechnology (3.2%)

      

Abraxis Bioscience, Inc.*

    200      7,372

Alexion Pharmaceuticals, Inc.*

    2,000      82,240

Amgen, Inc.*

    26,700      1,413,498

Amylin Pharmaceuticals, Inc.*

    3,100      41,850

Biogen Idec, Inc.*

    6,900      311,535

BioMarin Pharmaceutical, Inc.*

    2,300      35,903

Celgene Corp.*^

    42,923      2,053,436

Cephalon, Inc.*

    1,798      101,857

Dendreon Corp.*

    2,800      69,580

Genzyme Corp.*

    6,527      363,358

Gilead Sciences, Inc.*

    52,866      2,476,244

Myriad Genetics, Inc.*

    2,300      81,995

OSI Pharmaceuticals, Inc.*

    1,400      39,522

United Therapeutics Corp.*

    600      49,998

Vertex Pharmaceuticals, Inc.*

    4,200      149,688
         
        7,278,076
         

Health Care Equipment & Supplies (3.5%)

      

Baxter International, Inc.

    18,574      983,679

Beckman Coulter, Inc.

    1,700      97,138

Becton, Dickinson & Co.

    5,784      412,457

Boston Scientific Corp.*

    12,900      130,806

C.R. Bard, Inc.

    2,400      178,680

Covidien plc

    24,400      913,536

DENTSPLY International, Inc.

    3,600      109,872

Edwards Lifesciences Corp.*

    1,300      88,439

Gen-Probe, Inc.*

    1,200      51,576

Hill-Rom Holdings, Inc.

    600      9,732

Hologic, Inc.*

    600      8,538

Hospira, Inc.*

    3,900      150,228

Idexx Laboratories, Inc.*

    1,400      64,680

Intuitive Surgical, Inc.*

    1,700      278,222

Inverness Medical Innovations, Inc.*

    900      32,022

Kinetic Concepts, Inc.*

    500      13,625

Medtronic, Inc.

    26,887      938,087

ResMed, Inc.*

    1,800      73,314

St. Jude Medical, Inc.*

    8,300      341,130

Stryker Corp.

    12,460      495,160

Teleflex, Inc.

    400      17,932

Thoratec Corp.*^

    89,300      2,391,455

 

See Notes to Financial Statements.

111

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Varian Medical Systems, Inc.*

    3,000    $ 105,420
         
        7,885,728
         

Health Care Providers & Services (1.5%)

      

Aetna, Inc.

    2,300      57,615

AmerisourceBergen Corp.

    6,400      113,536

CIGNA Corp.

    400      9,636

Community Health Systems, Inc.*

    1,100      27,775

Coventry Health Care, Inc.*

    1,000      18,710

DaVita, Inc.*

    2,500      123,650

Express Scripts, Inc.*

    5,918      406,863

Health Management Associates, Inc., Class A*

    5,900      29,146

Henry Schein, Inc.*

    2,200      105,490

Humana, Inc.*

    1,500      48,390

Laboratory Corp. of America Holdings*

    2,612      177,067

Lincare Holdings, Inc.*

    1,300      30,576

McKesson Corp.

    10,840      476,960

Medco Health Solutions, Inc.*

    23,687      1,080,364

MEDNAX, Inc.*

    400      16,852

Omnicare, Inc.

    1,200      30,912

Patterson Cos., Inc.*

    2,400      52,080

Quest Diagnostics, Inc.

    3,700      208,791

Tenet Healthcare Corp.*

    7,800      21,996

VCA Antech, Inc.*

    2,000      53,400

WellPoint, Inc.*

    5,173      263,254
         
        3,353,063
         

Health Care Technology (0.1%)

      

Allscripts-Misys Healthcare Solutions, Inc.

    1,500      23,790

Cerner Corp.*

    1,600      99,664

HLTH Corp.*

    2,500      32,750

IMS Health, Inc.

    900      11,430
         
        167,634
         

Life Sciences Tools & Services (2.5%)

      

Bio-Rad Laboratories, Inc., Class A*

    500      37,740

Charles River Laboratories International, Inc.*

    1,100      37,125

Covance, Inc.*

    1,500      73,800

Illumina, Inc.*^

    98,150      3,821,961

Life Technologies Corp.*

    3,700      154,364

Mettler-Toledo International, Inc.*

    800      61,720

Millipore Corp.*

    1,300      91,273

PerkinElmer, Inc.

    600      10,440

Pharmaceutical Product Development, Inc.

    2,500      58,050

Techne Corp.

    900      57,429

Thermo Fisher Scientific, Inc.*^

    24,950      1,017,212

Waters Corp.*

    2,300      118,381
         
        5,539,495
         

Pharmaceuticals (4.0%)

      

Abbott Laboratories, Inc.

    37,197      1,749,747

Allergan, Inc.

    13,987      665,501

Bristol-Myers Squibb Co.

    26,366      535,493

Elan Corp. plc (ADR)*^

    90,750      578,078

Eli Lilly & Co.

    12,800      443,392

Johnson & Johnson

    51,309      2,914,351

Merck & Co., Inc.

    9,194      257,064

Mylan, Inc.*

    5,200      67,860

Perrigo Co.

    1,800      50,004

Schering-Plough Corp.

    33,145      832,602

Sepracor, Inc.*

    2,500      43,300

Teva Pharmaceutical Industries Ltd. (ADR)^

    12,300      606,882

 

      Number of
Shares		    Value
(Note 1)

Valeant Pharmaceuticals International*

    1,600    $ 41,152

Warner Chilcott Ltd., Class A*

    2,100      27,615

Wyeth

    7,200      326,808
         
        9,139,849
         

Total Health Care

         33,363,845
         

Industrials (9.0%)

      

Aerospace & Defense (2.0%)

      

Alliant Techsystems, Inc.*

    800      65,888

BE Aerospace, Inc.*

    1,100      15,796

Boeing Co.

    1,462      62,135

General Dynamics Corp.

    800      44,312

Goodrich Corp.

    2,900      144,913

Honeywell International, Inc.

    17,847      560,396

ITT Corp.

    20,050      892,225

Lockheed Martin Corp.

    9,867      795,774

Northrop Grumman Corp.

    900      41,112

Precision Castparts Corp.

    3,400      248,302

Raytheon Co.

    7,300      324,339

Rockwell Collins, Inc.

    3,800      158,574

Spirit AeroSystems Holdings, Inc., Class A*

    800      10,992

TransDigm Group, Inc.*

    1,000      36,200

United Technologies Corp.

    18,496      961,051
         
        4,362,009
         

Air Freight & Logistics (0.7%)

      

C.H. Robinson Worldwide, Inc.

    4,100      213,815

Expeditors International of Washington, Inc.

    12,160      405,414

United Parcel Service, Inc., Class B

    16,687      834,184

UTi Worldwide, Inc.*

    2,100      23,940
         
        1,477,353
         

Airlines (0.1%)

      

AMR Corp.*

    6,900      27,738

Continental Airlines, Inc., Class B*

    3,000      26,580

Copa Holdings S.A., Class A

    700      28,574

Delta Air Lines, Inc.*

    18,600      107,694

Southwest Airlines Co.

    5,600      37,688
         
        228,274
         

Building Products (0.0%)

      

Lennox International, Inc.

    1,100      35,321

Masco Corp.

    4,100      39,278

Owens Corning, Inc.*

    900      11,502
         
        86,101
         

Commercial Services & Supplies (0.3%)

      

Avery Dennison Corp.

    500      12,840

Brink’s Co.

    1,100      31,933

Cintas Corp.

    600      13,704

Copart, Inc.*

    1,500      52,005

Corrections Corp. of America*

    300      5,097

Iron Mountain, Inc.*

    4,300      123,625

R.R. Donnelley & Sons Co.

    1,300      15,106

Republic Services, Inc.

    2,500      61,025

Stericycle, Inc.*

    2,000      103,060

Waste Connections, Inc.*

    1,400      36,274

Waste Management, Inc.

    10,600      298,496
         
        753,165
         

Construction & Engineering (0.6%)

      

Aecom Technology Corp.*

    2,300      73,600

Fluor Corp.

    6,600      338,514

Foster Wheeler AG*

    31,250      742,188

Jacobs Engineering Group, Inc.*

    3,000      126,270

Shaw Group, Inc.*

    1,600      43,856

 

See Notes to Financial Statements.

112

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

URS Corp.*

    300    $ 14,856
         
        1,339,284
         

Electrical Equipment (2.5%)

      

AMETEK, Inc.

    2,500      86,450

Cooper Industries Ltd., Class A

    1,000      31,050

Emerson Electric Co.

    18,057      585,047

First Solar, Inc.*

    27,599      4,474,349

Hubbell, Inc., Class B

    200      6,412

Rockwell Automation, Inc.

    300      9,636

Roper Industries, Inc.

    1,900      86,089

SunPower Corp., Class A*

    2,300      61,272

SunPower Corp., Class B*^

    4,120      98,674

Thomas & Betts Corp.*

    400      11,544
         
        5,450,523
         

Industrial Conglomerates (0.5%)

      

3M Co.

    16,657      1,001,086

Carlisle Cos., Inc.

    400      9,616

McDermott International, Inc.*

    5,500      111,705
         
        1,122,407
         

Machinery (1.4%)

      

Bucyrus International, Inc.

    400      11,424

Caterpillar, Inc.

    7,219      238,516

Crane Co.

    600      13,386

Cummins, Inc.

    1,600      56,336

Danaher Corp.

    30,370      1,875,044

Deere & Co.

    2,500      99,875

Donaldson Co., Inc.

    1,800      62,352

Dover Corp.

    3,200      105,888

Flowserve Corp.

    1,300      90,753

Graco, Inc.

    700      15,414

Harsco Corp.

    1,400      39,620

IDEX Corp.

    1,100      27,027

Joy Global, Inc.

    2,150      76,798

Navistar International Corp.*

    1,500      65,400

PACCAR, Inc.

    8,100      263,331

Pall Corp.

    2,800      74,368

Pentair, Inc.

    700      17,934

Toro Co.

    800      23,920

Valmont Industries, Inc.

    500      36,040

Wabtec Corp.

    1,100      35,387
         
        3,228,813
         

Marine (0.0%)

      

Kirby Corp.*

    300      9,537
         

Professional Services (0.2%)

      

Dun & Bradstreet Corp.

    1,300      105,573

Equifax, Inc.

    2,400      62,640

FTI Consulting, Inc.*

    1,200      60,864

IHS, Inc., Class A*

    1,100      54,857

Monster Worldwide, Inc.*

    1,800      21,258

Robert Half International, Inc.

    3,700      87,394
         
        392,586
         

Road & Rail (0.6%)

      

Con-way, Inc.

    400      14,124

J.B. Hunt Transport Services, Inc.

    2,100      64,113

Kansas City Southern*

    1,000      16,110

Landstar System, Inc.

    1,200      43,092

Norfolk Southern Corp.

    25,300      953,051

Union Pacific Corp.

    6,420      334,225
         
        1,424,715
         

Trading Companies & Distributors (0.1%)

      

Fastenal Co.

    3,200      106,144

GATX Corp.

    500      12,860

MSC Industrial Direct Co., Class A

    1,000      35,480

W.W. Grainger, Inc.

    1,500      122,820

 

      Number of
Shares		    Value
(Note 1)

WESCO International, Inc.*

    500    $ 12,520
         
        289,824
         

Total Industrials

         20,164,591
         

Information Technology (36.6%)

      

Communications Equipment (9.6%)

      

Brocade Communications Systems, Inc.*

    3,300      25,806

Ciena Corp.*

    200      2,070

Cisco Systems, Inc.*

    138,774      2,586,747

F5 Networks, Inc.*

    1,800      62,262

Harris Corp.

    2,500      70,900

JDS Uniphase Corp.*

    2,600      14,872

Juniper Networks, Inc.*^

    165,200      3,898,720

Motorola, Inc.

    95,600      633,828

QUALCOMM, Inc.

    181,402      8,199,370

Research In Motion Ltd.*

    38,340      2,724,057

Starent Networks Corp.*

    128,500      3,136,685
         
        21,355,317
         

Computers & Peripherals (9.4%)

      

Apple, Inc.*

    69,944      9,962,123

Dell, Inc.*^

    72,055      989,315

Diebold, Inc.

    1,300      34,268

EMC Corp.*^

    49,648      650,389

Hewlett-Packard Co.

    65,729      2,540,426

International Business Machines Corp.

    40,976      4,278,714

NCR Corp.*

    3,800      44,954

NetApp, Inc.*

    7,900      155,788

QLogic Corp.*

    2,900      36,772

SanDisk Corp.*

    2,600      38,194

Seagate Technology

    10,700      111,922

Synaptics, Inc.*^

    50,400      1,947,960

Teradata Corp.*

    3,400      79,662

Western Digital Corp.*

    4,800      127,200
         
        20,997,687
         

Electronic Equipment, Instruments & Components (0.7%)

   

Agilent Technologies, Inc.*

    8,300      168,573

Amphenol Corp., Class A

    4,000      126,560

Arrow Electronics, Inc.*

    1,200      25,488

Avnet, Inc.*

    1,200      25,236

AVX Corp.

    100      993

Corning, Inc.

    62,531      1,004,248

Dolby Laboratories, Inc., Class A*

    1,200      44,736

FLIR Systems, Inc.*

    3,500      78,960

Itron, Inc.*

    900      49,563

Jabil Circuit, Inc.

    2,300      17,066

Molex, Inc.

    300      4,665

National Instruments Corp.

    1,300      29,328

Trimble Navigation Ltd.*

    2,700      53,001

Vishay Intertechnology, Inc.*

    1,000      6,790
         
        1,635,207
         

Internet Software & Services (4.2%)

      

Akamai Technologies, Inc.*

    4,200      80,556

eBay, Inc.*

    6,262      107,268

Equinix, Inc.*

    900      65,466

Google, Inc., Class A*

    18,852      7,947,815

IAC/InterActiveCorp*

    1,200      19,260

Sohu.com, Inc.*

    700      43,981

VeriSign, Inc.*

    4,600      85,008

WebMD Health Corp., Class A*

    200      5,984

Yahoo!, Inc.*

    76,271      1,194,404
         
        9,549,742
         

IT Services (2.4%)

      

Accenture Ltd., Class A

    23,658      791,597

Affiliated Computer Services, Inc., Class A*

    1,300      57,746

 

See Notes to Financial Statements.

113

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Alliance Data Systems Corp.*

    1,400    $ 57,666

Amdocs Ltd.*

    700      15,015

Automatic Data Processing, Inc.

    12,065      427,584

Broadridge Financial Solutions, Inc.

    2,100      34,818

Cognizant Technology Solutions Corp., Class A*

    36,100      963,870

DST Systems, Inc.*

    800      29,560

Fidelity National Information Services, Inc.

    1,700      33,932

Fiserv, Inc.*

    3,752      171,466

Genpact Ltd.*

    1,300      15,275

Global Payments, Inc.^

    14,000      524,440

Hewitt Associates, Inc., Class A*

    2,000      59,560

Lender Processing Services, Inc.

    2,300      63,871

Mastercard, Inc., Class A

    3,700      619,047

Metavante Technologies, Inc.*

    2,100      54,306

NeuStar, Inc., Class A*

    1,800      39,888

Paychex, Inc.

    7,700      194,040

SAIC, Inc.*

    3,700      68,635

Total System Services, Inc.

    2,800      37,492

Visa, Inc., Class A

    10,808      672,906

Western Union Co.

    26,800      439,520
         
        5,372,234
         

Office Electronics (0.0%)

      

Zebra Technologies Corp., Class A*

    1,400      33,124
         

Semiconductors & Semiconductor Equipment (4.5%)

   

Advanced Micro Devices, Inc.*

    7,100      27,477

Altera Corp.

    6,900      112,332

Analog Devices, Inc.

    33,350      826,413

ASML Holding N.V. (N.Y. Shares), Class G

    13,080      283,182

Broadcom Corp., Class A*^

    90,880      2,252,916

Cree, Inc.*

    2,100      61,719

Cypress Semiconductor Corp.*

    3,400      31,280

Integrated Device Technology, Inc.*

    800      4,832

Intel Corp.

    120,939      2,001,540

International Rectifier Corp.*

    800      11,848

Intersil Corp., Class A

    1,500      18,855

Lam Research Corp.*

    3,000      78,000

Linear Technology Corp.

    5,300      123,755

Marvell Technology Group Ltd.*

    42,340      492,838

Maxim Integrated Products, Inc.

    6,200      97,278

MEMC Electronic Materials, Inc.*

    5,200      92,612

Microchip Technology, Inc.

    4,000      90,200

Micron Technology, Inc.*

    3,600      18,216

National Semiconductor Corp.

    5,500      69,025

Netlogic Microsystems, Inc.*

    45,200      1,647,992

Novellus Systems, Inc.*

    1,400      23,380

Nvidia Corp.*

    13,100      147,899

ON Semiconductor Corp.*

    10,100      69,286

Rambus, Inc.*

    2,400      37,176

Silicon Laboratories, Inc.*

    1,100      41,734

Teradyne, Inc.*

    4,200      28,812

Texas Instruments, Inc.^

    50,564      1,077,013

Varian Semiconductor Equipment Associates, Inc.*

    1,600      38,384

Xilinx, Inc.

    20,540      420,248
         
        10,226,242
         

Software (5.8%)

      

Activision Blizzard, Inc.*

    7,800      98,514

Adobe Systems, Inc.*

    12,609      356,835

ANSYS, Inc.*

    2,000      62,320

Autodesk, Inc.*

    3,700      70,226

BMC Software, Inc.*

    4,483      151,481

CA, Inc.

    7,300      127,239
      Number of
Shares		    Value
(Note 1)

Cadence Design Systems, Inc.*

    6,300    $ 37,170

Check Point Software Technologies Ltd.*

    22,850      536,290

Citrix Systems, Inc.*

    4,400      140,316

Electronic Arts, Inc.*

    7,800      169,416

FactSet Research Systems, Inc.

    1,000      49,870

Intuit, Inc.*

    7,800      219,648

Macrovision Solutions Corp.*

    1,700      37,077

McAfee, Inc.*

    3,700      156,103

Micros Systems, Inc.*

    1,900      48,108

Microsoft Corp.

    281,553      6,692,514

Novell, Inc.*

    3,600      16,308

Nuance Communications, Inc.*

    4,500      54,405

Oracle Corp.

    145,037      3,106,692

Red Hat, Inc.*

    4,500      90,585

Salesforce.com, Inc.*^

    7,980      304,597

Sybase, Inc.*

    2,000      62,680

Symantec Corp.*

    19,800      308,088

Synopsys, Inc.*

    2,200      42,922

VMware, Inc., Class A*

    1,200      32,724
         
        12,972,128
         

Total Information Technology

         82,141,681
         

Materials (3.5%)

      

Chemicals (2.9%)

      

Air Products & Chemicals, Inc.

    11,114      717,853

Albemarle Corp.

    100      2,557

Ashland, Inc.

    100      2,805

Celanese Corp., Class A

    3,500      83,125

CF Industries Holdings, Inc.

    1,100      81,554

E.I. du Pont de Nemours & Co.

    7,200      184,464

Ecolab, Inc.

    5,700      222,243

FMC Corp.

    1,500      70,950

International Flavors & Fragrances, Inc.

    1,800      58,896

Intrepid Potash, Inc.*

    900      25,272

Lubrizol Corp.

    1,400      66,234

Monsanto Co.

    14,737      1,095,549

Mosaic Co.

    20,650      914,795

Nalco Holding Co.

    3,300      55,572

Praxair, Inc.

    26,363      1,873,618

RPM International, Inc.

    1,600      22,464

Scotts Miracle-Gro Co., Class A

    1,100      38,555

Sigma-Aldrich Corp.

    2,900      143,724

Syngenta AG (ADR)

    18,175      845,501

Terra Industries, Inc.

    2,400      58,128

Valhi, Inc.

    100      743
         
        6,564,602
         

Construction Materials (0.0%)

      

Eagle Materials, Inc.

    900      22,716

Martin Marietta Materials, Inc.

    400      31,552
         
        54,268
         

Containers & Packaging (0.1%)

      

Ball Corp.

    1,500      67,740

Crown Holdings, Inc.*

    3,800      91,732

Owens-Illinois, Inc.*

    3,300      92,433

Packaging Corp. of America

    200      3,240

Pactiv Corp.*

    2,600      56,420
         
        311,565
         

Metals & Mining (0.5%)

      

Alcoa, Inc.

    10,900      112,597

Cliffs Natural Resources, Inc.

    300      7,341

Compass Minerals International, Inc.

    400      21,964

Freeport-McMoRan Copper & Gold, Inc.

    6,000      300,660

Newmont Mining Corp.

    11,529      471,190

 

See Notes to Financial Statements.

114

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Royal Gold, Inc.

      300    $ 12,510

Schnitzer Steel Industries, Inc., Class A

      400      21,144

Southern Copper Corp.

      3,100      63,364

Walter Energy, Inc.

      1,300      47,112
         
        1,057,882
         

Total Materials

         7,988,317
         

Telecommunication Services (0.7%)

      

Diversified Telecommunication Services (0.0%)

   

Frontier Communications Corp.

      3,300      23,562

tw telecom, Inc.*

      3,600      36,972

Windstream Corp.

      5,100      42,636
         
        103,170
         

Wireless Telecommunication Services (0.7%)

      

American Tower Corp., Class A*^

      27,560      868,967

Crown Castle International Corp.*

      16,000      384,320

Leap Wireless International, Inc.*

      1,100      36,223

MetroPCS Communications, Inc.*

      14,380      191,398

NII Holdings, Inc.*

      200      3,814

SBA Communications Corp., Class A*

      2,800      68,712
         
        1,553,434
         

Total Telecommunication Services

         1,656,604
         

Utilities (0.6%)

      

Electric Utilities (0.3%)

      

Allegheny Energy, Inc.

      2,500      64,125

DPL, Inc.

      200      4,634

Exelon Corp.

      1,343      68,775

FPL Group, Inc.

      1,300      73,918

ITC Holdings Corp.

      1,200      54,432

NV Energy, Inc.

      2,400      25,896

PPL Corp.

      9,009      296,937
         
        588,717
         

Gas Utilities (0.0%)

      

EQT Corp.

      3,089      107,837
         

Independent Power Producers & Energy Traders (0.3%)

   

AES Corp.*

      12,900      149,769

Calpine Corp.*

      4,400      49,060

Constellation Energy Group, Inc.

      3,700      98,346

NRG Energy, Inc.*

      12,940      335,922

Ormat Technologies, Inc.

      500      20,155
         
        653,252
         

Multi-Utilities (0.0%)

      

CenterPoint Energy, Inc.

      7,100      78,668

Integrys Energy Group, Inc.

      400      11,996
         
        90,664
         

Total Utilities

         1,440,470
         

Total Common Stocks (98.8%)
(Cost $212,723,064)

         222,315,389
         
      Principal
Amount		   

Value

(Note 1)

SHORT-TERM INVESTMENTS:

      

Government Securities (0.1%)

      

U.S. Treasury Bills

      

0.16%, 9/10/09 #(p)

    $ 225,000      224,927
         

Short-Term Investments of Cash Collateral for Securities Loaned (2.0%)

      

BBVA Senior Finance S.A.

      

0.69%, 3/12/10 (l)

      180,000      177,611

Deutsche Bank Securities, Inc., Repurchase Agreement

      

0.09%, 7/1/09 (r)(u)

      3,768,606      3,768,606

 

      Principal
Amount		   

Value

(Note 1)

  

General Electric Capital Corp.

      

0.40%, 3/12/10 (l)

    $ 20,000    $ 19,666   

Lehman Brothers Holdings, Inc.

      

0.00%, 8/21/09 (h)(l)(s)

      209,999      30,975   

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      410,000      394,625   

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      269,973      248,808   
           

Total Short-Term Investments of Cash Collateral for Securities Loaned

         4,640,291   
           

Time Deposit (1.0%)

      

JPMorgan Chase Nassau

      

0.000%, 7/1/09

      2,162,419      2,162,419   
           

Total Short-Term Investments (3.1%)
(Cost/Amortized Cost $7,245,931)

         7,027,637   
           

Total Investments (101.9%)
(Cost/Amortized Cost $219,968,995)

         229,343,026   

Other Assets Less Liabilities (-1.9%)

         (4,252,627 ) 
           

Net Assets (100%)

       $ 225,090,399   
           

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
# All, or a portion of security held by broker as collateral for financial futures contracts.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(s) Issuer in bankruptcy.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% –5.500%, maturing 4/15/23 – 7/19/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 – 7/25/38.

 

Glossary:
ADR  —    American Depositary Receipt

 

See Notes to Financial Statements.

115

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		   

Expiration

Date

    Original
Value		    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchases

               

MidCap 400 Index

    1          September-09    $ 296,354    $ 288,350    $ (8,004 ) 

NASDAQ 100 E-Mini Index

    7          September-09      209,288      206,675      (2,613 ) 

S&P 500 E-Mini Index

    13          September-09      609,764      595,075      (14,689 ) 
                    
               $ (25,306 ) 
                    

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1

Quoted prices in active
markets for identical
securities

    

Level 2

Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)

   

Level 3

Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)

    Total  

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 25,705,908      $ –    $ –    $ 25,705,908   

Consumer Staples

      22,644,847        –      –      22,644,847   

Energy

      10,979,699        –      –      10,979,699   

Financials

      16,229,427        –      –      16,229,427   

Health Care

      33,363,845        –      –      33,363,845   

Industrials

      20,164,591        –      –      20,164,591   

Information Technology

      82,141,681        –      –      82,141,681   

Materials

      7,988,317        –      –      7,988,317   

Telecommunication Services

      1,656,604        –      –      1,656,604   

Utilities

      1,440,470        –      –      1,440,470   

Short-Term Investments

      –        7,027,637      –      7,027,637   

Total Asset

    $ 222,315,389      $ 7,027,637    $ –    $ 229,343,026   

Liability:

Futures

    $ (25,306 )    $ –    $ –    $ (25,306 ) 

Total Liability

    $ (25,306 )    $ –    $ –    $ (25,306 ) 

Total

    $ 222,290,083      $ 7,027,637    $ –    $ 229,317,720   

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives  

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

    Receivables, Net Assets - Unrealized appreciation    $ – * 

Foreign exchange contracts

    Receivables      –   

Credit contracts

    Receivables      –   

Equity contracts

    Receivables, Net Assets - Unrealized appreciation      – * 

Commodity contracts

    Receivables      –   

Other contracts

    Receivables      –   
           

Total

       $ –   
           

 

See Notes to Financial Statements.

116

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     Liability Derivatives  

Interest rate contracts

    Payables, Net Assets - Unrealized depreciation    $ – * 

Foreign exchange contracts

    Payables      –   

Credit contracts

    Payables      –   

Equity contracts

    Payables, Net Assets - Unrealized depreciation      (25,306 )* 

Commodity contracts

    Payables      –   

Other contracts

    Payables      –   
           

Total

       $ (25,306 ) 
           

 

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –    $ –    $ –   

Foreign exchange contracts

      –      –        –      –      –   

Credit contracts

      –      –        –      –      –   

Equity contracts

      –      170,656        –      –      170,656   

Commodity contracts

      –      –        –      –      –   

Other contracts

      –      –        –      –      –   

Total

    $ –    $ 170,656      $ –    $ –    $ 170,656   
                                       
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –    $ –    $ –   

Foreign exchange contracts

      –      –        –      –      –   

Credit contracts

      –      –        –      –      –   

Equity contracts

      –      (25,306 )      –      –      (25,306 ) 

Commodity contracts

      –      –        –      –      –   

Other contracts

      –      –        –      –      –   

Total

    $ –    $ (25,306 )    $ –    $ –    $ (25,306 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 212,691,068

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 215,824,635

As of June 30, 2009, 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

    $ 20,070,111   

Aggregate gross unrealized depreciation

      (28,295,244 ) 
        

Net unrealized depreciation

    $ (8,225,133 ) 
        

Federal income tax cost of investments

    $ 237,568,159   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $4,715,242. This was secured by collateral of $4,858,578 which was received as cash and subsequently invested in short-term investments currently valued at $4,640,291, as reported in the portfolio of investments.

For the six months ended June 30, 2009, the Portfolio incurred approximately $323 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $9,817,379 which expires in the year 2016.

 

See Notes to Financial Statements.

117

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (9.2%)

      

Auto Components (0.7%)

      

Autoliv, Inc.^

    43,185    $ 1,242,432

BorgWarner, Inc.

    2,700      92,205

Federal Mogul Corp.*

    4,200      39,690

Johnson Controls, Inc.^

    325,010      7,059,218

Magna International, Inc., Class A

    10,900      460,416

TRW Automotive Holdings Corp.*

    9,200      103,960
         
        8,997,921
         

Automobiles (0.3%)

      

Ford Motor Co.*

    453,400      2,752,138

Harley-Davidson, Inc.

    34,000      551,140

Thor Industries, Inc.

    4,600      84,502
         
        3,387,780
         

Distributors (0.1%)

      

Genuine Parts Co.

    23,100      775,236
         

Diversified Consumer Services (0.1%)

      

Apollo Group, Inc., Class A*^

    8,190      582,473

Career Education Corp.*

    800      19,912

Hillenbrand, Inc.

    5,500      91,520

Service Corp. International

    37,200      203,856

Weight Watchers International, Inc.

    4,400      113,388
         
        1,011,149
         

Hotels, Restaurants & Leisure (0.3%)

      

Boyd Gaming Corp.*

    9,100      77,350

Carnival Corp.

    34,700      894,219

Choice Hotels International, Inc.

    3,600      95,796

International Game Technology

    7,200      114,480

International Speedway Corp., Class A

    4,300      110,123

Las Vegas Sands Corp.*

    10,600      83,316

Marriott International, Inc., Class A

    22,800      503,196

MGM MIRAGE*

    15,300      97,767

Penn National Gaming, Inc.*

    9,700      282,367

Royal Caribbean Cruises Ltd.

    13,100      177,374

Starwood Hotels & Resorts Worldwide, Inc.

    22,700      503,940

Wendy’s/Arby’s Group, Inc., Class A

    31,800      127,200

Wyndham Worldwide Corp.

    14,400      174,528

Wynn Resorts Ltd.*

    9,700      342,410
         
        3,584,066
         

Household Durables (0.5%)

      

Black & Decker Corp.

    8,700      249,342

Centex Corp.

    17,700      149,742

D.R. Horton, Inc.

    105,492      987,405

Fortune Brands, Inc.

    21,800      757,332

Garmin Ltd.

    3,000      71,460

Harman International Industries, Inc.

    2,700      50,760

Jarden Corp.*

    12,800      240,000

KB Home

    10,700      146,376

Leggett & Platt, Inc.

    8,600      130,978

Lennar Corp., Class A

    20,800      201,552

M.D.C. Holdings, Inc.

    3,300      99,363

Mohawk Industries, Inc.*

    8,500      303,280

Newell Rubbermaid, Inc.

    33,800      351,858

NVR, Inc.*

    2,000      1,004,780

Pulte Homes, Inc.^

    127,290      1,123,971

Snap-On, Inc.

    6,100      175,314

Stanley Works

    12,100      409,464

Toll Brothers, Inc.*

    20,100      341,097

 

      Number of
Shares		   

Value

(Note 1)

Whirlpool Corp.

    11,000    $ 468,160
         
        7,262,234
         

Internet & Catalog Retail (0.0%)

      

Expedia, Inc.*

    2,400      36,264

Liberty Media Corp., Interactive, Class A*

    92,800      464,928
         
        501,192
         

Leisure Equipment & Products (0.1%)

      

Hasbro, Inc.^

    34,220      829,493

Mattel, Inc.

    11,700      187,785
         
        1,017,278
         

Media (4.3%)

      

Cablevision Systems Corp. - New York Group, Class A

    32,800      636,648

CBS Corp., Class B^

    387,400      2,680,808

Central European Media Enterprises Ltd., Class A*

    5,000      98,450

Clear Channel Outdoor Holdings, Inc., Class A*

    1,600      8,480

Comcast Corp., Class A

    385,800      5,590,242

Discovery Communications, Inc., Class C*

    2,900      59,537

DISH Network Corp., Class A*

    29,200      473,332

DreamWorks Animation SKG, Inc., Class A*

    10,500      289,695

Gannett Co., Inc.

    41,800      149,226

Interactive Data Corp.

    2,800      64,792

Interpublic Group of Cos., Inc.*

    69,400      350,470

Lamar Advertising Co., Class A*

    8,300      126,741

Liberty Global, Inc., Class A*

    38,600      613,354

Liberty Media Corp., Capital Series, Class A*

    11,600      157,296

Liberty Media Corp., Entertainment Series, Class A*

    75,200      2,011,600

Meredith Corp.

    6,700      171,185

New York Times Co., Class A

    18,800      103,588

News Corp., Class A

    784,600      7,147,706

Omnicom Group, Inc.^

    106,145      3,352,059

Regal Entertainment Group, Class A

    5,600      74,424

Scripps Networks Interactive, Inc., Class A

    5,200      144,716

Time Warner Cable, Inc.

    91,049      2,883,522

Time Warner, Inc.

    332,549      8,376,909

Viacom, Inc., Class B*

    485,900      11,029,930

Virgin Media, Inc.

    46,400      433,840

Walt Disney Co.

    444,770      10,376,484

Warner Music Group Corp.*

    7,700      45,045

Washington Post Co., Class B

    900      316,962

WPP plc

    180,179      1,198,387
         
        58,965,428
         

Multiline Retail (0.5%)

      

Big Lots, Inc.*

    10,700      225,021

J.C. Penney Co., Inc.

    97,450      2,797,790

Kohl’s Corp.*

    2,800      119,700

Macy’s, Inc.

    228,695      2,689,453

Sears Holdings Corp.*

    7,200      478,944
         
        6,310,908
         

Specialty Retail (2.0%)

      

Abercrombie & Fitch Co., Class A

    6,400      162,496

AutoNation, Inc.*^

    82,050      1,423,568

Barnes & Noble, Inc.

    4,900      101,087

CarMax, Inc.*

    9,300      136,710

Foot Locker, Inc.^

    90,900      951,723

 

See Notes to Financial Statements.

118

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

GameStop Corp., Class A*

    2,900    $ 63,829

Gap, Inc.

    8,100      132,840

Home Depot, Inc.

    334,740      7,909,905

Limited Brands, Inc.^

    95,700      1,145,529

Lowe’s Cos., Inc.

    596,675      11,581,461

Office Depot, Inc.*

    32,600      148,656

Penske Automotive Group, Inc.

    3,500      58,240

RadioShack Corp.

    15,800      220,568

Sherwin-Williams Co.

    36,500      1,961,875

Signet Jewelers Ltd.

    12,100      251,922

Staples, Inc.^

    53,775      1,084,642

Williams-Sonoma, Inc.

    10,800      128,196
         
        27,463,247
         

Textiles, Apparel & Luxury Goods (0.3%)

      

Jones Apparel Group, Inc.^

    85,300      915,269

NIKE, Inc., Class B

    56,810      2,941,622

Phillips-Van Heusen Corp.

    1,200      34,428

VF Corp.

    10,000      553,500
         
        4,444,819
         

Total Consumer Discretionary

         123,721,258
         

Consumer Staples (8.9%)

      

Beverages (2.4%)

      

Brown-Forman Corp., Class B

    2,200      94,556

Central European Distribution Corp.*

    6,400      170,048

Coca-Cola Co.

    195,000      9,358,050

Coca-Cola Enterprises, Inc.

    155,850      2,594,903

Constellation Brands, Inc., Class A*

    26,800      339,824

Diageo plc

    226,684      3,255,393

Dr. Pepper Snapple Group, Inc.*

    36,800      779,792

Molson Coors Brewing Co., Class B

    39,560      1,674,575

Pepsi Bottling Group, Inc.

    57,350      1,940,724

PepsiAmericas, Inc.

    33,100      887,411

PepsiCo, Inc.

    197,715      10,866,416
         
        31,961,692
         

Food & Staples Retailing (1.7%)

      

BJ’s Wholesale Club, Inc.*

    6,500      209,495

CVS Caremark Corp.^

    516,041      16,446,227

Kroger Co.

    103,100      2,273,355

Rite Aid Corp.*

    93,000      140,430

Safeway, Inc.^

    110,400      2,248,848

SUPERVALU, Inc.

    32,800      424,760

Sysco Corp.

    21,800      490,064
         
        22,233,179
         

Food Products (2.4%)

      

Archer-Daniels-Midland Co.

    149,600      4,004,792

Bunge Ltd.^

    50,500      3,042,625

Campbell Soup Co.

    9,200      270,664

ConAgra Foods, Inc.

    140,800      2,683,648

Corn Products International, Inc.

    10,500      281,295

Del Monte Foods Co.

    96,150      901,887

General Mills, Inc.

    28,100      1,574,162

H.J. Heinz Co.

    8,700      310,590

Hershey Co.

    9,300      334,800

Hormel Foods Corp.

    10,500      362,670

J.M. Smucker Co.^

    37,789      1,838,813

Kellogg Co.

    44,660      2,079,816

Kraft Foods, Inc., Class A

    285,200      7,226,968

Nestle S.A. (Registered)

    97,436      3,677,347

Ralcorp Holdings, Inc.*

    8,200      499,544

Sara Lee Corp.

    184,700      1,802,672

Smithfield Foods, Inc.*

    16,800      234,696

Tyson Foods, Inc., Class A

    133,500      1,683,435
         
        32,810,424
         

Household Products (1.2%)

      

Clorox Co.

    2,300      128,409

 

      Number of
Shares		   

Value

(Note 1)

Energizer Holdings, Inc.*

    1,600    $ 83,584

Kimberly-Clark Corp.

    17,200      901,796

Procter & Gamble Co.

    286,952      14,663,247
         
        15,777,036
         

Personal Products (0.0%)

      

Alberto-Culver Co.

    1,800      45,774

Mead Johnson Nutrition Co., Class A*

    2,100      66,717

NBTY, Inc.*

    2,400      67,488
         
        179,979
         

Tobacco (1.2%)

      

Altria Group, Inc.

    192,785      3,159,746

Lorillard, Inc.^

    20,620      1,397,417

Philip Morris International, Inc.

    216,035      9,423,447

Reynolds American, Inc.

    65,550      2,531,541
         
        16,512,151
         

Total Consumer Staples

         119,474,461
         

Energy (17.0%)

      

Energy Equipment & Services (2.0%)

      

Baker Hughes, Inc.

    285,650      10,409,086

BJ Services Co.

    45,300      617,439

ENSCO International, Inc.

    27,000      941,490

Exterran Holdings, Inc.*

    4,900      78,596

Halliburton Co.

    154,400      3,196,080

Helix Energy Solutions Group, Inc.*

    15,300      166,311

Helmerich & Payne, Inc.

    10,500      324,135

Nabors Industries Ltd.*

    41,100      640,338

National Oilwell Varco, Inc.*

    112,125      3,662,003

Oil States International, Inc.*

    7,200      174,312

Patterson-UTI Energy, Inc.

    19,000      244,340

Pride International, Inc.*

    13,400      335,804

Rowan Cos., Inc.

    13,500      260,820

Schlumberger Ltd.

    94,800      5,129,628

SEACOR Holdings, Inc.*

    2,800      210,672

Smith International, Inc.

    12,900      332,175

Superior Energy Services, Inc.*

    11,300      195,151

Tidewater, Inc.

    7,300      312,951

Unit Corp.*

    5,900      162,663
         
        27,393,994
         

Oil, Gas & Consumable Fuels (15.0%)

      

Anadarko Petroleum Corp.

    72,400      3,286,236

Apache Corp.

    121,185      8,743,498

Arch Coal, Inc.

    21,000      322,770

BP plc (ADR)^

    27,700      1,320,736

Cabot Oil & Gas Corp.

    15,000      459,600

Chesapeake Energy Corp.

    90,900      1,802,547

Chevron Corp.

    460,454      30,505,078

Cimarex Energy Co.

    13,100      371,254

Comstock Resources, Inc.*

    6,200      204,910

Concho Resources, Inc.*

    11,000      315,590

ConocoPhillips

    337,320      14,187,679

Continental Resources, Inc.*

    2,300      63,825

Denbury Resources, Inc.*

    36,100      531,753

Devon Energy Corp.^

    150,610      8,208,245

El Paso Corp.

    73,400      677,482

Encore Acquisition Co.*

    7,700      237,545

EOG Resources, Inc.

    87,485      5,941,981

Exxon Mobil Corp.

    776,935      54,315,525

Forest Oil Corp.*

    10,200      152,184

Frontline Ltd.

    7,500      182,700

Hess Corp.

    91,000      4,891,250

Marathon Oil Corp.

    371,500      11,193,295

Mariner Energy, Inc.*

    4,300      50,525

Murphy Oil Corp.

    27,700      1,504,664

Newfield Exploration Co.*

    20,300      663,201

Nexen, Inc.

    48,400      1,047,860

 

See Notes to Financial Statements.

119

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Noble Energy, Inc.

    24,300    $ 1,432,971

Occidental Petroleum Corp.

    294,641      19,390,324

Overseas Shipholding Group, Inc.

    3,000      102,120

Pioneer Natural Resources Co.

    17,400      443,700

Plains Exploration & Production Co.*

    8,000      218,880

Range Resources Corp.

    19,400      803,354

Royal Dutch Shell plc (ADR), Class A

    38,950      1,954,901

SandRidge Energy, Inc.*

    18,000      153,360

Southern Union Co.

    16,000      294,240

Spectra Energy Corp.

    95,300      1,612,476

St. Mary Land & Exploration Co.

    4,700      98,089

Sunoco, Inc.

    17,000      394,400

Teekay Corp.

    5,600      117,768

Tesoro Corp.

    15,300      194,769

Total S.A. (ADR)

    274,230      14,871,493

Valero Energy Corp.

    74,900      1,265,061

Whiting Petroleum Corp.*

    7,400      260,184

Williams Cos., Inc.

    84,200      1,314,362

XTO Energy, Inc.

    84,100      3,207,574
         
        199,311,959
         

Total Energy

         226,705,953
         

Financials (20.5%)

      

Capital Markets (4.4%)

      

Ameriprise Financial, Inc.

    29,300      711,111

Bank of New York Mellon Corp.

    649,439      19,035,057

BlackRock, Inc.

    1,900      333,298

Deutsche Bank AG (Registered)^

    36,700      2,238,700

Franklin Resources, Inc.

    12,000      864,120

Goldman Sachs Group, Inc.

    141,160      20,812,631

Invesco Ltd.

    91,410      1,628,926

Investment Technology Group, Inc.*

    5,800      118,262

Janus Capital Group, Inc.

    2,100      23,940

Jefferies Group, Inc.*

    4,100      87,453

Legg Mason, Inc.

    20,500      499,790

Morgan Stanley

    217,200      6,192,372

Raymond James Financial, Inc.

    13,700      235,777

State Street Corp.

    129,740      6,123,728
         
        58,905,165
         

Commercial Banks (4.0%)

      

Associated Banc-Corp.

    18,500      231,250

Bancorpsouth, Inc.

    11,800      242,254

Bank of Hawaii Corp.

    7,700      275,891

BB&T Corp.^

    117,200      2,576,056

BOK Financial Corp.

    3,000      113,010

CapitalSource, Inc.

    35,600      173,728

City National Corp./California

    6,100      224,663

Comerica, Inc.

    22,300      471,645

Commerce Bancshares, Inc./Missouri

    5,700      181,431

Cullen/Frost Bankers, Inc.

    7,500      345,900

Fifth Third Bancorp

    78,400      556,640

First Citizens BancShares, Inc./North Carolina, Class A

    800      106,920

First Horizon National Corp.*

    32,629      391,547

Fulton Financial Corp.

    27,100      141,191

Huntington Bancshares, Inc./Ohio

    65,900      275,462

KeyCorp

    74,700      391,428

M&T Bank Corp.

    10,400      529,672

Marshall & Ilsley Corp.

    40,400      193,920

PNC Financial Services Group, Inc.

    108,255      4,201,377

Popular, Inc.

    37,500      82,500

Regions Financial Corp.

    300,000      1,212,000

SunTrust Banks, Inc.

    49,400      812,630

Synovus Financial Corp.

    51,400      153,686

TCF Financial Corp.

    23,100      308,847

 

      Number of
Shares		   

Value

(Note 1)

U.S. Bancorp^

    418,200    $ 7,494,144

Valley National Bancorp

    22,575      264,128

Wells Fargo & Co.

    1,303,120      31,613,690

Whitney Holding Corp./Louisiana

    9,100      83,356

Wilmington Trust Corp.

    9,000      122,940

Zions Bancorporation

    17,500      202,300
         
        53,974,206
         

Consumer Finance (0.8%)

      

American Express Co.

    120,300      2,795,772

AmeriCredit Corp.*

    9,100      123,305

Capital One Financial Corp.^

    267,900      5,861,652

Discover Financial Services

    71,300      732,251

SLM Corp.*

    53,100      545,337

Student Loan Corp.

    700      26,040
         
        10,084,357
         

Diversified Financial Services (4.8%)

      

Bank of America Corp.

    1,222,000      16,130,400

CIT Group, Inc.

    63,000      135,450

Citigroup, Inc.

    799,800      2,375,406

CME Group, Inc.

    9,100      2,831,101

Interactive Brokers Group, Inc., Class A*

    5,900      91,627

JPMorgan Chase & Co.

    1,229,310      41,931,764

Leucadia National Corp.*

    17,300      364,857

NASDAQ OMX Group, Inc.*

    9,900      210,969

NYSE Euronext

    28,000      763,000
         
        64,834,574
         

Insurance (5.1%)

      

ACE Ltd.

    181,675      8,035,485

Alleghany Corp.*

    816      221,136

Allied World Assurance Co. Holdings Ltd./Bermuda

    7,400      302,142

Allstate Corp.

    340,575      8,310,030

American Financial Group, Inc./Ohio

    12,300      265,434

American International Group, Inc.

    218,000      252,880

American National Insurance Co.

    2,100      158,718

Aon Corp.^

    83,915      3,177,861

Arch Capital Group Ltd.*

    6,800      398,344

Arthur J. Gallagher & Co.

    1,100      23,474

Aspen Insurance Holdings Ltd.

    12,000      268,080

Assurant, Inc.

    18,300      440,847

Axis Capital Holdings Ltd.

    15,900      416,262

Brown & Brown, Inc.

    4,500      89,685

Chubb Corp.

    87,980      3,508,642

Cincinnati Financial Corp.

    21,600      482,760

CNA Financial Corp.

    5,000      77,350

Endurance Specialty Holdings Ltd.

    4,700      137,710

Erie Indemnity Co., Class A

    1,300      46,488

Everest Reinsurance Group Ltd.

    9,400      672,758

Fidelity National Financial, Inc., Class A

    29,100      393,723

First American Corp.

    14,300      370,513

Genworth Financial, Inc., Class A

    156,150      1,091,489

Hanover Insurance Group, Inc.

    7,300      278,203

Hartford Financial Services Group, Inc.^

    100,900      1,197,683

HCC Insurance Holdings, Inc.

    17,000      408,170

Lincoln National Corp.

    118,600      2,041,106

Loews Corp.

    47,300      1,296,020

Markel Corp.*

    1,500      422,550

Marsh & McLennan Cos., Inc.

    70,100      1,411,113

MBIA, Inc.*

    21,800      94,394

Mercury General Corp.

    3,500      117,005

MetLife, Inc.

    373,240      11,200,931

Odyssey Reinsurance Holdings Corp.

    1,900      75,962

Old Republic International Corp.

    35,500      349,675

 

See Notes to Financial Statements.

120

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

OneBeacon Insurance Group Ltd., Class A

    4,400    $ 51,436

PartnerReinsurance Ltd.

    8,100      526,095

Progressive Corp.*

    88,700      1,340,257

Protective Life Corp.

    12,800      146,432

Prudential Financial, Inc.

    73,285      2,727,668

Reinsurance Group of America, Inc.

    10,100      352,591

RenaissanceReinsurance Holdings Ltd.

    9,400      437,476

StanCorp Financial Group, Inc.

    7,000      200,760

Torchmark Corp.^

    30,600      1,133,424

Transatlantic Holdings, Inc.

    2,700      116,991

Travelers Cos., Inc.

    181,490      7,448,350

Unitrin, Inc.

    7,500      90,150

Unum Group

    132,800      2,106,208

Validus Holdings Ltd.

    3,800      83,524

W.R. Berkley Corp.

    13,100      281,257

Wesco Financial Corp.

    200      58,200

White Mountains Insurance Group Ltd.

    1,200      274,692

XL Capital Ltd., Class A

    158,400      1,815,264
         
        67,225,398
         

Real Estate Investment Trusts (REITs) (1.2%)

   

Alexandria Real Estate Equities, Inc. (REIT)

    4,500      161,055

AMB Property Corp. (REIT)

    22,000      413,820

Annaly Capital Management, Inc. (REIT)

    79,000      1,196,060

Apartment Investment & Management Co. (REIT), Class A

    11,300      100,005

AvalonBay Communities, Inc. (REIT)

    11,700      654,498

Boston Properties LP (REIT)

    18,100      863,370

Brandywine Realty Trust (REIT)

    16,000      119,200

BRE Properties, Inc. (REIT)

    7,300      173,448

Camden Property Trust (REIT)

    9,700      267,720

Chimera Investment Corp. (REIT)

    97,300      339,577

Corporate Office Properties Trust/Maryland (REIT)

    8,300      243,439

Douglas Emmett, Inc. (REIT)

    18,400      165,416

Duke Realty Corp. (REIT)

    33,700      295,549

Equity Residential (REIT)

    40,700      904,761

Essex Property Trust, Inc. (REIT)

    3,200      199,136

Federal Realty Investment Trust (REIT)

    7,500      386,400

HCP, Inc. (REIT)

    24,400      517,036

Health Care REIT, Inc. (REIT)

    8,000      272,800

Hospitality Properties Trust (REIT)

    14,300      170,027

Host Hotels & Resorts, Inc. (REIT)

    90,600      760,134

HRPT Properties Trust (REIT)

    30,000      121,800

Kimco Realty Corp. (REIT)

    54,600      548,730

Liberty Property Trust (REIT)

    16,000      368,640

Macerich Co. (REIT)

    11,200      197,232

Mack-Cali Realty Corp. (REIT)

    11,900      271,320

Nationwide Health Properties, Inc. (REIT)

    3,700      95,238

Plum Creek Timber Co., Inc. (REIT)

    15,200      452,656

ProLogis (REIT)

    66,600      536,796

Rayonier, Inc. (REIT)

    6,300      229,005

Realty Income Corp. (REIT)

    15,100      330,992

Regency Centers Corp. (REIT)

    12,000      418,920

Senior Housing Properties Trust (REIT)

    17,500      285,600

Simon Property Group, Inc. (REIT)

    19,800      1,018,314

SL Green Realty Corp. (REIT)

    9,700      222,518

Taubman Centers, Inc. (REIT)

    7,700      206,822

UDR, Inc. (REIT)

    20,900      215,897

 

      Number of
Shares		   

Value

(Note 1)

Ventas, Inc. (REIT)

    22,700    $ 677,822

Vornado Realty Trust (REIT)

    22,101      995,208

Weingarten Realty Investors (REIT)

    14,700      213,297
         
        15,610,258
         

Real Estate Management & Development (0.0%)

   

Forest City Enterprises, Inc., Class A

    15,900      104,940

Jones Lang LaSalle, Inc.

    5,700      186,561
         
        291,501
         

Thrifts & Mortgage Finance (0.2%)

      

First Niagara Financial Group, Inc.

    21,700      247,814

Hudson City Bancorp, Inc.

    30,200      401,358

New York Community Bancorp, Inc.

    51,700      552,673

People’s United Financial, Inc.

    52,100      783,584

TFS Financial Corp.

    12,800      135,936

Washington Federal, Inc.

    13,300      172,900
         
        2,294,265
         

Total Financials

         273,219,724
         

Health Care (11.8%)

      

Biotechnology (0.1%)

      

Amgen, Inc.*

    35,700      1,889,958
         

Health Care Equipment & Supplies (1.0%)

   

Becton, Dickinson & Co.

    7,000      499,170

Boston Scientific Corp.*

    140,800      1,427,712

Cooper Cos., Inc.

    6,500      160,745

Covidien plc

    167,600      6,274,944

Hill-Rom Holdings, Inc.

    6,900      111,918

Hologic, Inc.*

    33,600      478,128

Inverness Medical Innovations, Inc.*

    5,600      199,248

Kinetic Concepts, Inc.*

    5,800      158,050

Medtronic, Inc.^

    91,800      3,202,902

Teleflex, Inc.

    3,300      147,939

Zimmer Holdings, Inc.*

    31,200      1,329,120
         
        13,989,876
         

Health Care Providers & Services (1.2%)

   

Aetna, Inc.

    50,900      1,275,045

AmerisourceBergen Corp.

    5,400      95,796

Brookdale Senior Living, Inc.

    6,600      64,284

Cardinal Health, Inc.

    89,950      2,747,973

CIGNA Corp.

    36,200      872,058

Community Health Systems, Inc.*

    6,700      169,175

Coventry Health Care, Inc.*

    15,500      290,005

Health Net, Inc.*

    15,900      247,245

Humana, Inc.*

    15,600      503,256

LifePoint Hospitals, Inc.*

    8,200      215,250

Lincare Holdings, Inc.*

    1,200      28,224

McKesson Corp.

    20,100      884,400

MEDNAX, Inc.*

    4,500      189,585

Omnicare, Inc.

    9,900      255,024

Tenet Healthcare Corp.*

    38,000      107,160

UnitedHealth Group, Inc.

    172,600      4,311,547

Universal Health Services, Inc., Class B

    6,800      332,180

WellPoint, Inc.*

    77,750      3,956,698
         
        16,544,905
         

Health Care Technology (0.0%)

      

IMS Health, Inc.

    20,800      264,160
         

Life Sciences Tools & Services (0.4%)

      

Charles River Laboratories International, Inc.*

    3,200      108,000

Life Technologies Corp.*

    2,900      120,988

PerkinElmer, Inc.

    13,200      229,680

Thermo Fisher Scientific, Inc.*^

    78,940      3,218,384

 

See Notes to Financial Statements.

121

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Waters Corp.*^

    21,240    $ 1,093,223
         
        4,770,275
         

Pharmaceuticals (9.1%)

      

Abbott Laboratories, Inc.

    53,670      2,524,637

AstraZeneca plc (ADR)^

    28,100      1,240,334

Bristol-Myers Squibb Co.

    135,000      2,741,850

Eli Lilly & Co.

    130,400      4,517,056

Endo Pharmaceuticals Holdings, Inc.*

    17,000      304,640

Forest Laboratories, Inc.*

    42,700      1,072,197

GlaxoSmithKline plc

    65,045      1,145,414

GlaxoSmithKline plc (ADR)

    33,300      1,176,822

Johnson & Johnson

    222,175      12,619,540

King Pharmaceuticals, Inc.*

    36,100      347,643

Merck & Co., Inc.

    578,965      16,187,861

Mylan, Inc.*

    12,600      164,430

Novartis AG (ADR)

    35,450      1,446,006

Pfizer, Inc.^

    2,166,260      32,493,899

Roche Holding AG

    6,210      844,863

Schering-Plough Corp.

    642,125      16,130,180

Watson Pharmaceuticals, Inc.*

    15,300      515,457

Wyeth

    555,410      25,210,060
         
        120,682,889
         

Total Health Care

         158,142,063
         

Industrials (10.2%)

      

Aerospace & Defense (3.8%)

      

BE Aerospace, Inc.*

    7,000      100,520

Boeing Co.

    111,900      4,755,750

General Dynamics Corp.

    45,400      2,514,706

Honeywell International, Inc.

    261,575      8,213,455

ITT Corp.

    23,800      1,059,100

L-3 Communications Holdings, Inc.

    16,900      1,172,522

Lockheed Martin Corp.

    220,020      17,744,613

Northrop Grumman Corp.

    185,250      8,462,220

Raytheon Co.

    13,200      586,476

Spirit AeroSystems Holdings, Inc., Class A*

    10,300      141,522

United Technologies Corp

    90,280      4,690,949
         
        49,441,833
         

Air Freight & Logistics (0.2%)

      

FedEx Corp.

    45,200      2,514,024

UTi Worldwide, Inc.*

    1,700      19,380
         
        2,533,404
         

Airlines (0.0%)

      

Southwest Airlines Co.

    73,900      497,347
         

Building Products (0.1%)

      

Armstrong World Industries, Inc.*

    3,700      61,013

Masco Corp.^

    126,450      1,211,391

Owens Corning, Inc.*

    7,000      89,460

USG Corp.*

    5,500      55,385
         
        1,417,249
         

Commercial Services & Supplies (0.2%)

      

Avery Dennison Corp.

    13,300      341,544

Cintas Corp.

    15,600      356,304

Corrections Corp. of America*

    14,800      251,452

Covanta Holding Corp.*

    18,700      317,152

Pitney Bowes, Inc.

    29,900      655,707

R.R. Donnelley & Sons Co.

    22,100      256,802

Republic Services, Inc.

    31,900      778,679

Waste Connections, Inc.*

    3,100      80,321

Waste Management, Inc.

    7,400      208,384
         
        3,246,345
         

Construction & Engineering (0.1%)

      

KBR, Inc

    23,300      429,652

 

      Number of
Shares		    Value
(Note 1)

Quanta Services, Inc.*

    28,700    $ 663,831

Shaw Group, Inc.*

    2,300      63,043

URS Corp.*

    10,400      515,008
         
        1,671,534
         

Electrical Equipment (0.2%)

      

Cooper Industries Ltd., Class A

    42,000      1,304,100

General Cable Corp.*

    7,500      281,850

Hubbell, Inc., Class B

    7,200      230,832

Rockwell Automation, Inc.

    18,500      594,220

Roper Industries, Inc.

    1,900      86,089

Thomas & Betts Corp.*

    5,200      150,072
         
        2,647,163
         

Industrial Conglomerates (1.8%)

      

3M Co.

    42,740      2,568,674

Carlisle Cos., Inc.

    8,300      199,532

General Electric Co.

    1,775,000      20,803,000

Textron, Inc.

    42,000      405,720
         
        23,976,926
         

Machinery (2.1%)

      

AGCO Corp.*

    13,400      389,538

Bucyrus International, Inc.

    8,400      239,904

Caterpillar, Inc.^

    182,000      6,013,280

Crane Co.

    3,500      78,085

Cummins, Inc.

    143,350      5,047,354

Danaher Corp.^

    45,895      2,833,557

Deere & Co.

    59,000      2,357,050

Dover Corp.

    47,100      1,558,539

Eaton Corp.

    62,740      2,798,831

Gardner Denver, Inc.*

    7,900      198,843

Graco, Inc.

    4,700      103,494

Harsco Corp.

    3,100      87,730

IDEX Corp.

    4,800      117,936

Illinois Tool Works, Inc.

    65,100      2,430,834

Ingersoll-Rand plc, Class A*^

    51,500      1,076,350

Joy Global, Inc.

    1,800      64,296

Kennametal, Inc.

    8,700      166,866

Lincoln Electric Holdings, Inc.

    6,200      223,448

Manitowoc Co., Inc.

    18,900      99,414

Oshkosh Corp.

    10,800      157,032

PACCAR, Inc.

    4,000      130,040

Parker Hannifin Corp.

    23,300      1,000,968

Pentair, Inc.

    10,300      263,886

SPX Corp.

    7,100      347,687

Terex Corp.*

    14,200      171,394

Timken Co.

    11,800      201,544

Trinity Industries, Inc.

    10,900      148,458
         
        28,306,358
         

Marine (0.0%)

      

Alexander & Baldwin, Inc.

    5,800      135,952

Kirby Corp.*

    6,200      197,098
         
        333,050
         

Professional Services (0.1%)

      

Dun & Bradstreet Corp.

    12,130      985,077

Equifax, Inc.

    4,000      104,400

Manpower, Inc.

    11,500      486,910

Monster Worldwide, Inc.*

    7,600      89,756
         
        1,666,143
         

Road & Rail (1.5%)

      

Burlington Northern Santa Fe Corp.^

    53,075      3,903,136

Con-way, Inc.

    5,100      180,081

CSX Corp.

    327,075      11,326,607

Hertz Global Holdings, Inc.*

    27,100      216,529

Kansas City Southern*

    7,200      115,992

Norfolk Southern Corp.

    46,300      1,744,121

Ryder System, Inc.

    8,100      226,152

 

See Notes to Financial Statements.

122

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Union Pacific Corp.

    34,300    $ 1,785,658
         
        19,498,276
         

Trading Companies & Distributors (0.1%)

      

GATX Corp.

    3,900      100,308

W.W. Grainger, Inc.^

    16,120      1,319,906

WESCO International, Inc.*

    2,100      52,584
         
        1,472,798
         

Total Industrials

         136,708,426
         

Information Technology (8.0%)

      

Communications Equipment (1.2%)

      

Brocade Communications Systems, Inc.*

    36,400      284,648

Ciena Corp.*

    11,700      121,095

Cisco Systems, Inc.*

    385,575      7,187,118

CommScope, Inc.*

    12,100      317,746

EchoStar Corp., Class A*

    5,100      81,294

Harris Corp.

    4,200      119,112

JDS Uniphase Corp.*

    17,800      101,816

Motorola, Inc.

    656,700      4,353,921

Nokia Oyj (ADR)^

    177,600      2,589,408

Telefonaktiebolaget LM Ericsson (ADR)^

    58,400      571,152

Tellabs, Inc.*

    56,900      326,037
         
        16,053,347
         

Computers & Peripherals (1.9%)

      

Diebold, Inc.

    2,000      52,720

EMC Corp.*

    261,700      3,428,270

Hewlett-Packard Co.

    348,170      13,456,771

International Business Machines Corp.

    43,170      4,507,811

Lexmark International, Inc., Class A*

    12,300      194,955

SanDisk Corp.*

    17,000      249,730

Seagate Technology

    7,100      74,266

Sun Microsystems, Inc.*

    111,600      1,028,952

Teradata Corp.*

    4,600      107,778

Western Digital Corp.*

    65,850      1,745,025
         
        24,846,278
         

Electronic Equipment, Instruments & Components (0.6%)

   

Agilent Technologies, Inc.*^

    25,510      518,108

Arrow Electronics, Inc.*

    10,100      214,524

AU Optronics Corp. (ADR)^

    94,100      910,888

Avnet, Inc.*

    13,600      286,008

AVX Corp.

    8,300      82,419

Corning, Inc.^

    138,000      2,216,280

Ingram Micro, Inc., Class A*

    25,500      446,250

Jabil Circuit, Inc.

    19,800      146,916

Molex, Inc.

    15,100      234,805

Tech Data Corp.*

    6,100      199,531

Tyco Electronics Ltd.^

    111,500      2,072,785

Vishay Intertechnology, Inc.*

    38,250      259,718
         
        7,588,232
         

Internet Software & Services (0.2%)

      

eBay, Inc.*

    124,400      2,130,972

IAC/InterActiveCorp*

    8,900      142,845

Yahoo!, Inc.*

    11,200      175,392
         
        2,449,209
         

IT Services (0.7%)

      

Accenture Ltd., Class A

    149,490      5,001,935

Affiliated Computer Services, Inc., Class A*

    5,200      230,984

Amdocs Ltd.*

    24,100      516,945

Broadridge Financial Solutions, Inc.

    7,700      127,666

Computer Sciences Corp.*

    22,700      1,005,610

Convergys Corp.*

    17,500      162,400

DST Systems, Inc.*

    1,400      51,730

 

      Number of
Shares		   

Value

(Note 1)

Fidelity National Information Services, Inc.

    17,300    $ 345,308

SAIC, Inc.*

    7,800      144,690

Total System Services, Inc.

    6,600      88,374

Western Union Co.

    71,425      1,171,370
         
        8,847,012
         

Office Electronics (0.1%)

      

Xerox Corp.

    125,500      813,240

Zebra Technologies Corp., Class A* .

    800      18,928
         
        832,168
         

Semiconductors & Semiconductor Equipment (2.2%)

   

Advanced Micro Devices, Inc.*

    38,300      148,221

Applied Materials, Inc.

    192,900      2,116,113

Atmel Corp.*

    65,400      243,942

Fairchild Semiconductor International, Inc.*

    22,800      159,372

Integrated Device Technology, Inc.*

    17,200      103,888

Intel Corp.

    1,065,960      17,641,637

International Rectifier Corp.*

    7,600      112,556

Intersil Corp., Class A

    12,300      154,611

KLA-Tencor Corp.

    24,600      621,150

LSI Corp.*

    94,100      429,096

Marvell Technology Group Ltd.*

    7,500      87,300

Maxim Integrated Products, Inc.

    7,100      111,399

Micron Technology, Inc.*

    101,200      512,072

Novellus Systems, Inc.*

    5,600      93,520

PMC-Sierra, Inc.*

    32,300      257,108

Texas Instruments, Inc.

    405,425      8,635,553
         
        31,427,538
         

Software (1.1%)

      

Activision Blizzard, Inc.*

    33,900      428,157

Autodesk, Inc.*

    10,700      203,086

CA, Inc.

    13,000      226,590

Compuware Corp.*

    35,100      240,786

Macrovision Solutions Corp.*

    4,500      98,145

Microsoft Corp.^

    303,600      7,216,572

Novell, Inc.*

    25,900      117,327

Oracle Corp.

    191,685      4,105,893

Symantec Corp.*^

    101,350      1,577,006

Synopsys, Inc.*

    7,800      152,178
         
        14,365,740
         

Total Information Technology

         106,409,524
         

Materials (3.0%)

      

Chemicals (1.4%)

      

Air Products & Chemicals, Inc.

    54,220      3,502,070

Airgas, Inc.

    11,800      478,254

Albemarle Corp.

    12,500      319,625

Ashland, Inc.

    11,000      308,550

Cabot Corp.

    10,700      134,606

Cytec Industries, Inc.

    6,300      117,306

Dow Chemical Co.

    161,400      2,604,996

E.I. du Pont de Nemours & Co.^

    200,500      5,136,810

Eastman Chemical Co.^

    43,400      1,644,860

FMC Corp.

    1,600      75,680

Huntsman Corp.

    26,500      133,295

Intrepid Potash, Inc.*

    400      11,232

Lubrizol Corp.

    1,200      56,772

PPG Industries, Inc.^

    113,100      4,965,090

RPM International, Inc.

    8,800      123,552

Valhi, Inc.

    700      5,201

Valspar Corp.

    14,700      331,191
         
        19,949,090
         

Construction Materials (0.1%)

      

Martin Marietta Materials, Inc.

    4,000      315,520

 

See Notes to Financial Statements.

123

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Vulcan Materials Co.

    16,600    $ 715,460
         
        1,030,980
         

Containers & Packaging (0.2%)

      

AptarGroup, Inc.

    9,800      330,946

Ball Corp.

    4,800      216,768

Bemis Co., Inc.

    15,100      380,520

Greif, Inc., Class A

    4,800      212,256

Owens-Illinois, Inc.*

    4,500      126,045

Packaging Corp. of America

    11,400      184,680

Pactiv Corp.*

    3,500      75,950

Sealed Air Corp.

    24,400      450,180

Sonoco Products Co.

    15,100      361,645

Temple-Inland, Inc.

    19,400      254,528
         
        2,593,518
         

Metals & Mining (1.1%)

      

AK Steel Holding Corp.

    15,900      305,121

Alcoa, Inc.

    75,900      784,047

Allegheny Technologies, Inc.

    14,200      496,006

Carpenter Technology Corp.

    5,400      112,374

Cliffs Natural Resources, Inc.

    17,200      420,884

Commercial Metals Co.

    17,900      286,937

Compass Minerals International, Inc.

    2,200      120,802

Freeport-McMoRan Copper & Gold, Inc.

    23,500      1,177,585

Newmont Mining Corp.

    165,175      6,750,702

Nucor Corp.

    45,600      2,026,008

Reliance Steel & Aluminum Co.

    9,900      380,061

Royal Gold, Inc.

    3,700      154,290

Schnitzer Steel Industries, Inc., Class A

    700      37,002

Southern Copper Corp.

    6,700      136,948

Steel Dynamics, Inc.

    26,400      388,872

Titanium Metals Corp.

    12,800      117,632

United States Steel Corp.

    20,800      743,392
         
        14,438,663
         

Paper & Forest Products (0.2%)

   

International Paper Co.

    64,600      977,398

MeadWestvaco Corp.

    25,300      415,173

Weyerhaeuser Co.

    31,800      967,674
         
        2,360,245
         

Total Materials

         40,372,496
         

Telecommunication Services (5.0%)

      

Diversified Telecommunication Services (4.1%)

   

AT&T, Inc.

    1,518,275      37,713,951

CenturyTel, Inc.

    14,800      454,360

Embarq Corp.

    20,700      870,642

Frontier Communications Corp.

    25,600      182,784

Level 3 Communications, Inc.*

    236,100      356,511

Qwest Communications International, Inc.

    213,600      886,440

Verizon Communications, Inc.

    484,200      14,879,466

Windstream Corp.

    32,200      269,192
         
        55,613,346
         

Wireless Telecommunication Services (0.9%)

   

Clearwire Corp., Class A*

    1,300      7,189

Crown Castle International Corp.*

    27,000      648,540

Leap Wireless International, Inc.*

    2,000      65,860

NII Holdings, Inc.*

    22,800      434,796

Sprint Nextel Corp.*

    1,114,550      5,360,985

Telephone & Data Systems, Inc.

    13,200      373,560

U.S. Cellular Corp.*

    1,800      69,210

Vodafone Group plc

    1,652,893      3,194,999

 

      Number of
Shares		    Value
(Note 1)

Vodafone Group plc (ADR)

    83,300    $ 1,623,517
         
        11,778,656
         

Total Telecommunication Services

         67,392,002
         

Utilities (5.2%)

      

Electric Utilities (2.7%)

      

Allegheny Energy, Inc.

    9,600      246,240

American Electric Power Co., Inc.

    135,250      3,907,373

DPL, Inc.

    15,400      356,818

Duke Energy Corp.

    186,700      2,723,953

Edison International

    47,300      1,488,058

Entergy Corp.

    50,190      3,890,729

Exelon Corp.

    87,300      4,470,633

FirstEnergy Corp.

    44,200      1,712,750

FPL Group, Inc.

    83,210      4,731,320

Great Plains Energy, Inc.

    21,500      334,325

Hawaiian Electric Industries, Inc.

    14,100      268,746

Northeast Utilities

    26,300      586,753

NV Energy, Inc.

    19,500      210,405

Pepco Holdings, Inc.

    33,000      443,520

Pinnacle West Capital Corp.

    56,900      1,715,535

PPL Corp.

    65,010      2,142,730

Progress Energy, Inc.

    40,500      1,532,115

Southern Co.

    113,500      3,536,660

Westar Energy, Inc.

    15,800      296,566
         
        34,595,229
         

Gas Utilities (0.2%)

      

AGL Resources, Inc.

    11,000      349,800

Atmos Energy Corp.

    13,800      345,552

Energen Corp.

    10,400      414,960

National Fuel Gas Co.

    10,300      371,624

ONEOK, Inc.

    16,100      474,789

Questar Corp.

    25,300      785,818

UGI Corp.

    15,500      395,095
         
        3,137,638
         

Independent Power Producers & Energy Traders (0.2%)

   

AES Corp.*

    18,800      218,268

Calpine Corp.*

    22,300      248,645

Constellation Energy Group, Inc.

    2,800      74,424

Dynegy, Inc., Class A*

    65,700      149,139

Mirant Corp.*

    20,900      328,966

NRG Energy, Inc.*

    38,600      1,002,056

RRI Energy, Inc.*^

    174,700      875,247
         
        2,896,745
         

Multi-Utilities (2.1%)

      

Alliant Energy Corp.

    16,000      418,080

Ameren Corp.^

    44,700      1,112,583

CenterPoint Energy, Inc.

    8,100      89,748

CMS Energy Corp.^

    72,850      880,028

Consolidated Edison, Inc.

    41,100      1,537,962

Dominion Resources, Inc.^

    209,809      7,011,817

DTE Energy Co.

    24,800      793,600

Integrys Energy Group, Inc.

    8,600      257,914

MDU Resources Group, Inc.

    27,000      512,190

NiSource, Inc.

    147,200      1,716,352

NSTAR

    15,900      510,549

OGE Energy Corp.

    13,300      376,656

PG&E Corp.^

    98,135      3,772,309

Public Service Enterprise Group, Inc.^

    134,105      4,375,846

SCANA Corp.

    18,000      584,460

Sempra Energy

    35,400      1,756,902

TECO Energy, Inc.

    32,100      382,953

Vectren Corp.

    11,600      271,788

Wisconsin Energy Corp.

    17,200      700,212

 

See Notes to Financial Statements.

124

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Xcel Energy, Inc.

    68,400    $ 1,259,244
         
        28,321,193
         

Water Utilities (0.0%)

      

American Water Works Co., Inc.

    9,800      187,278

Aqua America, Inc.

    19,700      352,630
         
        539,908
         

Total Utilities

         69,490,713
         

Total Common Stocks (98.8%)
(Cost $1,439,918,496)

         1,321,636,620
         

 

      Principal
Amount		   

Value

(Note 1)

  

SHORT-TERM INVESTMENTS:

      

Government Securities (0.1%)

      

U.S. Treasury Bills

      

0.16%, 9/10/09 #(p)

    $ 794,000      793,742   
           

Short-Term Investments of Cash Collateral for Securities Loaned (1.7%)

      

BBVA Senior Finance S.A.

      

0.69%, 3/12/10 (l)

      1,790,000      1,766,245   

Deutsche Bank Securities, Inc., Repurchase Agreement

      

0.09%, 7/1/09 (r)(u)

      15,413,603      15,413,603   

General Electric Capital Corp.

      

0.40%, 3/12/10 (l)

      330,000      324,482   

Lehman Brothers Holdings

      

0.00%, 8/21/09 (h)(l)(s)

      2,039,987      300,898   

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      3,830,000      3,686,375   

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      2,439,756      2,248,486   
           

Total Short-Term Investments of Cash Collateral for Securities Loaned

         23,740,089   
           

Time Deposit (1.3%)

      

JPMorgan Chase Nassau

      

0.000%, 7/1/09

      17,581,613      17,581,613   
           

Total Short-Term Investments (3.1%)
(Cost/Amortized Cost $44,208,448)

         42,115,444   
           

Total Investments (101.9%)
(Cost/Amortized Cost $1,484,126,944)

         1,363,752,064   

Other Assets Less Liabilities (-1.9%)

         (25,633,729 ) 
           

Net Assets (100%)

       $ 1,338,118,335   
           

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
# All, or a portion of security held by broker as collateral for financial futures contracts.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(s) Issuer in bankruptcy.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% –5.500%, maturing 4/15/23 – 7/19/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 – 7/25/38.

 

Glossary:
ADR    —   American Depositary Receipt

 

See Notes to Financial Statements.

125

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		   

Expiration

Date

    Original
Value		    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchase

               

Russell 1000 Mini Index

    113    September-09    $ 5,704,707    $ 5,653,955    $ (50,752 ) 
                    

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1

Quoted prices in active
markets for identical
securities

    

Level 2

Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)

    Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total  

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 122,522,871      $ 1,198,387    $ –    $ 123,721,258   

Consumer Staples

      112,541,721        6,932,740      –      119,474,461   

Energy

      226,705,953        –      –      226,705,953   

Financials

      273,219,724        –      –      273,219,724   

Health Care

      156,151,786        1,990,277      –      158,142,063   

Industrials

      136,708,426        –      –      136,708,426   

Information Technology

      106,409,524        –      –      106,409,524   

Materials

      40,372,496        –      –      40,372,496   

Telecommunication Services

      64,197,003        3,194,999      –      67,392,002   

Utilities

      69,490,713        –      –      69,490,713   

Short-Term Investments

      –        42,115,444      –      42,115,444   

Total Asset

    $ 1,308,320,217      $ 55,431,847    $ –    $ 1,363,752,064   

Liability:

           

Futures

    $ (50,752 )    $ –    $ –    $ (50,752 ) 

Total Liability

    $ (50,752 )    $ –    $ –    $ (50,752 ) 

Total

    $ 1,308,269,465      $ 55,431,847    $ –    $ 1,363,701,312   

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

   

Receivables, Net Assets - Unrealized appreciation

    $ – * 

Foreign exchange contracts

   

Receivables

      –   

Credit contracts

   

Receivables

      –   

Equity contracts

   

Receivables, Net Assets - Unrealized appreciation

      – * 

Commodity contracts

   

Receivables

      –   

Other contracts

   

Receivables

      –   
           

Total

       $ –   
           

 

See Notes to Financial Statements.

126

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     Liability Derivatives        

Interest rate contracts

   

Payables, Net Assets - Unrealized depreciation

    $ – * 

Foreign exchange contracts

   

Payables

      –   

Credit contracts

   

Payables

      –   

Equity contracts

   

Payables, Net Assets - Unrealized depreciation

      (50,752 )* 

Commodity contracts

   

Payables

      –   

Other contracts

   

Payables

      –   
           

Total

       $ (50,752 ) 
           

 

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –      $ –    $ –   

Foreign exchange contracts

      –      –        (7,318 )      –      (7,318 ) 

Credit contracts

      –      –        –        –      –   

Equity contracts

      –      162,072        –        –      162,072   

Commodity contracts

      –      –        –        –      –   

Other contracts

      –      –        –        –      –   

Total

    $ –    $ 162,072      $ (7,318 )    $ –    $ 154,754   
                                        
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –      $ –    $ –   

Foreign exchange contracts

      –      –        3,091        –      3,091   

Credit contracts

      –      –        –        –      –   

Equity contracts

      –      (50,752 )      –        –      (50,752 ) 

Commodity contracts

      –      –        –        –      –   

Other contracts

      –      –        –        –      –   

Total

    $ –    $ (50,752 )    $ 3,091      $ –    $ (47,661 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 830,284,202

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 1,016,162,479

As of June 30, 2009, 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

    $ 43,307,049   

Aggregate gross unrealized depreciation

      (211,992,005 ) 
        

Net unrealized depreciation

    $ (168,684,956 ) 
        

Federal income tax cost of investments

    $ 1,532,437,020   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $24,898,463. This was secured by collateral of $25,843,346 which was received as cash and subsequently invested in short-term investments currently valued at $23,740,089, 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 $62, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30,2009, the Portfolio incurred approximately $4,954 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $2,778 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $165,673,773 which expires in the year 2016.

 

See Notes to Financial Statements.

127

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (18.1%)

      

Auto Components (0.9%)

      

Other Auto Components

    273,100    $ 3,655,238
         
        3,655,238
         

Automobiles (0.0%)

      

Other Automobiles

    5,500      91,189
         
        91,189
         

Distributors (0.3%)

      

Other Distributors

    63,400      1,049,657
         
        1,049,657
         

Diversified Consumer Services (2.9%)

      

Corinthian Colleges, Inc.*^

    102,201      1,730,263

ITT Educational Services, Inc.*^

    28,531      2,871,931

Strayer Education, Inc.^

    7,600      1,657,636

Other Diversified Consumer Services

    194,629      5,397,762
         
        11,657,592
         

Hotels, Restaurants & Leisure (2.7%)

      

Other Hotels, Restaurants & Leisure

    891,054      11,072,928
         
        11,072,928
         

Household Durables (0.6%)

      

Other Household Durables

    145,500      2,354,159
         
        2,354,159
         

Internet & Catalog Retail (0.5%)

      

Other Internet & Catalog Retail

    175,240      2,231,359
         
        2,231,359
         

Leisure Equipment & Products (0.2%)

      

Other Leisure Equipment & Products

    50,500      925,930
         
        925,930
         

Media (1.3%)

      

Other Media

    395,706      5,416,007
         
        5,416,007
         

Multiline Retail (0.6%)

      

Kohl’s Corp.*

    41,914      1,791,824

Other Multiline Retail

    30,540      855,017
         
        2,646,841
         

Specialty Retail (6.0%)

      

Advance Auto Parts, Inc.

    56,285      2,335,265

Aeropostale, Inc.*

    93,033      3,188,240

Best Buy Co., Inc.

    73,041      2,446,143

Dick’s Sporting Goods, Inc.*^

    147,228      2,532,322

Ross Stores, Inc.

    44,477      1,716,812

Other Specialty Retail

    713,562      12,131,509
         
        24,350,291
         

Textiles, Apparel & Luxury Goods (2.1%)

      

Warnaco Group, Inc.*

    85,240      2,761,775

Other Textiles, Apparel & Luxury Goods

    360,744      5,871,203
         
        8,632,978
         

Total Consumer Discretionary

         74,084,169
         

Consumer Staples (3.8%)

      

Beverages (0.5%)

      

Other Beverages

    79,090      2,009,591
         
        2,009,591
         

Food & Staples Retailing (0.6%)

      

Other Food & Staples Retailing

    90,358      2,434,112
         
        2,434,112
         

Food Products (1.3%)

      

Other Food Products

    271,116      5,749,778
         
        5,749,778
         

 

      Number of
Shares		   

Value

(Note 1)

Household Products (0.7%)

      

Energizer Holdings, Inc.*

    31,390    $ 1,639,814

Other Household Products

    21,200      1,037,461
         
        2,677,275
         

Personal Products (0.6%)

      

Other Personal Products

    113,339      2,558,256
         
        2,558,256
         

Tobacco (0.1%)

      

Other Tobacco

    44,300      223,922
         
        223,922
         

Total Consumer Staples

         15,652,934
         

Energy (4.7%)

      

Energy Equipment & Services (2.3%)

      

Dril-Quip, Inc.*

    54,334      2,070,126

Helmerich & Payne, Inc.

    51,613      1,593,294

Other Energy Equipment & Services

    325,257      5,752,147
         
        9,415,567
         

Oil, Gas & Consumable Fuels (2.4%)

      

Other Oil, Gas & Consumable Fuels

    686,900      9,783,466
         
        9,783,466
         

Total Energy

         19,199,033
         

Financials (7.0%)

      

Capital Markets (3.0%)

      

Affiliated Managers Group, Inc.*

    35,480      2,064,581

Teton Advisors, Inc.(b)*†

    10      20

Other Capital Markets

    466,760      10,158,182
         
        12,222,783
         

Commercial Banks (0.5%)

      

Other Commercial Banks

    83,000      1,858,256
         
        1,858,256
         

Consumer Finance (0.1%)

      

Other Consumer Finance

    48,700      496,574
         
        496,574
         

Diversified Financial Services (0.8%)

      

Other Diversified Financial Services

    129,985      3,352,672
         
        3,352,672
         

Insurance (1.3%)

      

Other Insurance

    276,340      5,398,698
         
        5,398,698
         

Real Estate Investment Trusts (REITs) (0.9%)

      

Other Real Estate Investment Trusts (REITs)

    263,461      3,626,392
         
        3,626,392
         

Real Estate Management & Development (0.3%)

      

Other Real Estate Management & Development

    78,500      1,166,436
         
        1,166,436
         

Thrifts & Mortgage Finance (0.1%)

      

Other Thrifts & Mortgage Finance

    25,900      402,779
         
        402,779
         

Total Financials

         28,524,590
         

Health Care (18.5%)

      

Biotechnology (4.4%)

      

Alexion Pharmaceuticals, Inc.*

    37,340      1,535,420

Myriad Genetics, Inc.*

    50,290      1,792,838

Other Biotechnology

    1,391,273      14,566,014
         
        17,894,272
         

Health Care Equipment & Supplies (5.5%)

      

Intuitive Surgical, Inc.*

    13,873      2,270,455

 

See Notes to Financial Statements.

128

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

St. Jude Medical, Inc.*

    50,435    $ 2,072,879

Other Health Care Equipment & Supplies

    910,445      18,481,564
         
        22,824,898
         

Health Care Providers & Services (2.8%)

      

Psychiatric Solutions, Inc.*^

    90,320      2,053,877

Other Health Care Providers & Services

    535,160      9,355,234
         
        11,409,111
         

Health Care Technology (1.4%)

      

athenahealth, Inc.*^

    46,560      1,723,186

Other Health Care Technology

    222,800      3,954,374
         
        5,677,560
         

Life Sciences Tools & Services (2.2%)

      

Other Life Sciences Tools & Services

    432,190      9,115,039
         
        9,115,039
         

Pharmaceuticals (2.2%)

      

Auxilium Pharmaceuticals, Inc.*^

    59,245      1,859,107

Other Pharmaceuticals

    737,291      7,205,928
         
        9,065,035
         

Total Health Care

         75,985,915
         

Industrials (14.3%)

      

Aerospace & Defense (1.3%)

      

Other Aerospace & Defense

    269,480      5,440,951
         
        5,440,951
         

Air Freight & Logistics (0.3%)

      

Other Air Freight & Logistics

    52,430      1,153,965
         
        1,153,965
         

Airlines (0.6%)

      

Other Airlines

    213,100      2,321,207
         
        2,321,207
         

Building Products (0.7%)

      

Other Building Products

    173,530      2,909,266
         
        2,909,266
         

Commercial Services & Supplies (2.0%)

      

Other Commercial Services & Supplies

    421,654      8,387,552
         
        8,387,552
         

Construction & Engineering (0.5%)

      

Other Construction & Engineering

    88,000      1,847,573
         
        1,847,573
         

Electrical Equipment (2.0%)

      

AMETEK, Inc.

    53,860      1,862,479

Other Electrical Equipment

    309,169      6,317,673
         
        8,180,152
         

Industrial Conglomerates (0.0%)

      

Other Industrial Conglomerates

    7,800      193,284
         
        193,284
         

Machinery (3.8%)

      

Illinois Tool Works, Inc.

    39,893      1,489,605

Pall Corp.

    62,576      1,662,018

Other Machinery

    515,136      12,250,878
         
        15,402,501
         

Marine (0.2%)

      

Other Marine

    19,600      623,084
         
        623,084
         

Professional Services (1.7%)

      

FTI Consulting, Inc.*

    31,100      1,577,392

Other Professional Services

    239,900      5,536,429
         
        7,113,821
         

 

      Number of
Shares		   

Value

(Note 1)

Road & Rail (0.9%)

      

J.B. Hunt Transport Services, Inc.

    50,252    $ 1,534,194

Other Road & Rail

    117,100      2,252,646
         
        3,786,840
         

Trading Companies & Distributors (0.3%)

      

Other Trading Companies & Distributors

    58,800      1,280,962
         
        1,280,962
         

Total Industrials

         58,641,158
         

Information Technology (27.4%)

      

Communications Equipment (3.9%)

      

F5 Networks, Inc.*

    69,935      2,419,051

Palm, Inc.*^

    140,559      2,329,063

Polycom, Inc.*

    83,979      1,702,254

Other Communications Equipment

    791,730      9,646,994
         
        16,097,362
         

Computers & Peripherals (2.4%)

      

Logitech International S.A. (Registered)*

    128,987      1,805,818

Seagate Technology

    239,376      2,503,873

Other Computers & Peripherals

    408,783      5,564,093
         
        9,873,784
         

Electronic Equipment, Instruments & Components (1.8%)

   

FLIR Systems, Inc.*

    67,400      1,520,544

Other Electronic Equipment, Instruments & Components

    357,100      5,669,198
         
        7,189,742
         

Internet Software & Services (3.6%)

      

Akamai Technologies, Inc.*

    79,200      1,519,056

Equinix, Inc.*

    42,409      3,084,830

VistaPrint Ltd.*^

    70,584      3,010,408

Other Internet Software & Services

    636,668      7,128,458
         
        14,742,752
         

IT Services (2.9%)

      

Other IT Services

    779,572      11,842,609
         
        11,842,609
         

Office Electronics (0.1%)

      

Other Office Electronics

    13,300      314,678
         
        314,678
         

Semiconductors & Semiconductor Equipment (6.1%)

   

Atheros Communications, Inc.*^

    142,823      2,747,914

FormFactor, Inc.*^

    87,600      1,510,224

ON Semiconductor Corp.*

    229,460      1,574,096

Other Semiconductors & Semiconductor Equipment

    1,463,629      19,053,888
         
        24,886,122
         

Software (6.6%)

      

Adobe Systems, Inc.*

    54,616      1,545,633

ANSYS, Inc.*^

    49,300      1,536,188

Concur Technologies, Inc.*^

    55,358      1,720,527

Nuance Communications, Inc.*^

    133,100      1,609,179

Red Hat, Inc.*

    119,453      2,404,589

Other Software

    1,300,529      18,729,844
         
        27,545,960
         

Total Information Technology

         112,493,009
         

Materials (3.1%)

      

Chemicals (2.0%)

      

Scotts Miracle-Gro Co., Class A^

    54,764      1,919,479

Other Chemicals

    303,127      6,179,267
         
        8,098,746
         

Construction Materials (0.1%)

      

Other Construction Materials

    15,000      603,678
         
        603,678
         

 

See Notes to Financial Statements.

129

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Containers & Packaging (0.7%)

      

Other Containers & Packaging

      99,500    $ 2,756,318
         
        2,756,318
         

Metals & Mining (0.3%)

      

Other Metals & Mining

      65,200      1,344,240
         
        1,344,240
         

Paper & Forest Products (0.0%)

      

Other Paper & Forest Products

      6,400      107,097
         
        107,097
         

Total Materials

         12,910,079
         

Telecommunication Services (1.3%)

      

Diversified Telecommunication Services (0.5%)

   

Other Diversified Telecommunication Services

      209,300      1,896,963
         
        1,896,963
         

Wireless Telecommunication Services (0.8%)

      

SBA Communications Corp., Class A*^

      95,040      2,332,281

Other Wireless Telecommunication Services

      71,602      1,072,554
         
        3,404,835
         

Total Telecommunication Services

         5,301,798
         

Utilities (0.6%)

      

Electric Utilities (0.2%)

      

Other Electric Utilities

      40,200      897,861
         
        897,861
         

Gas Utilities (0.0%)

      

Other Gas Utilities

      3,700      120,890
         
        120,890
         

Independent Power Producers & Energy Traders (0.1%)

   

Other Independent Power Producers & Energy Traders

      19,900      218,819
         
        218,819
         

Multi-Utilities (0.3%)

      

Other Multi-Utilities

      75,800      919,286
         
        919,286
         

Water Utilities (0.0%)

      

Other Water Utilities

      8,000      125,406
         
        125,406
         

Total Utilities

         2,282,262
         

Total Common Stocks (98.8%)
(Cost $385,853,668)

         405,074,947
         
     
     

Principal

Amount

   

Value

(Note 1)

SHORT-TERM INVESTMENTS:

      

Government Securities (0.2%)

      

Other Government Securities

    $ 730,000      729,763
         

Short-Term Investments of Cash Collateral for Securities Loaned (6.4%)

      

BBVA Senior Finance S.A.

      

0.69%, 3/12/10 (l)

      2,130,000      2,101,733

Deutsche Bank Securities, Inc., Repurchase Agreement

      

0.09%, 7/1/09 (r)(u)

      16,675,526      16,675,526

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      4,550,000      4,379,376

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      2,899,710      2,672,381

Other Short-Term Investments of Cash Collateral for Securities Loaned

      2,809,984      740,426
         

Total Short-Term Investments of Cash Collateral for Securities Loaned

         26,569,442
         

 

      Principal
Amount		   

Value

(Note 1)

  

Time Deposit (0.9%)

      

JPMorgan Chase Nassau

      

0.000%, 7/1/09

    $ 3,624,298    $ 3,624,298   
           

Total Short-Term Investments (7.5%)
(Cost/Amortized Cost $33,419,303)

         30,923,503   
           

Total Investments (106.3%)
(Cost/Amortized Cost $419,272,971)

         435,998,450   

Other Assets Less Liabilities (-6.3%)

         (25,877,853 ) 
           

Net Assets (100%)

       $ 410,120,597   
           

This section shows the Portfolio’s 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the Portfolio’s total net assets as of the report date. Fair value securities are disclosed. The remaining securities held by the Portfolio are grouped as “Other Securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by calling AXA Equitable at 1-888-AXA-INFO or 1-888-292-4636. This complete schedule, filed on the Portfolio’s Form N-CSR, is also available on the SEC’s website at http://www.sec.gov.

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
† Securities (totaling $20 or 0.0% of net assets) at fair value.
(b) Illiquid Security.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% – 7.500%, maturing 1/15/15 – 6/15/38; Federal National Mortgage Association, 5.000% – 7.000%, maturing 10/1/36 – 12/1/38.

 

See Notes to Financial Statements.

130

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		   

Expiration

Date

    Original
Value		    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchases

               

NASDAQ 100 E-Mini Index

    21    September-09    $ 625,615    $ 620,025    $ (5,590 ) 

Russell 2000 Mini Index

    40    September-09      2,065,072      2,028,800      (36,272 ) 

S&P Mid 400 E-Mini Index

    25    September-09      1,472,120      1,441,750      (30,370 ) 
                    
               $ (72,232 ) 
                    

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1

Quoted prices in active
markets for identical
securities

    

Level 2

Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)

    Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total  

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 74,084,169      $ –    $ –    $ 74,084,169   

Consumer Staples

      15,652,934        –      –      15,652,934   

Energy

      18,568,546        630,487      –      19,199,033   

Financials

      27,568,101        956,469      20      28,524,590   

Health Care

      73,972,128        2,013,787      –      75,985,915   

Industrials

      58,641,158        –      –      58,641,158   

Information Technology

      112,001,742        491,267      –      112,493,009   

Materials

      12,910,079        –      –      12,910,079   

Telecommunication Services

      5,301,798        –      –      5,301,798   

Utilities

      2,282,262        –      –      2,282,262   

Short-Term Investments

      –        30,923,503      –      30,923,503   

Total Asset

    $ 400,982,917      $ 35,015,513    $ 20    $ 435,998,450   

Liability:

           

Futures

    $ (72,232 )    $ –    $ –    $ (72,232 ) 

Total Liability

    $ (72,232 )    $ –    $ –    $ (72,232 ) 

Total

    $ 400,910,685      $ 35,015,513    $ 20    $ 435,926,218   

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

 

     Investments in
Securities-Financials		     Other Investments*  

Balance as of 12/31/08

   $ —         $ —      

Total gains or losses (realized/unrealized) included in earnings

     20        —   

Purchases, sales, issuances, and settlements (net)

     —        —   

Transfers in and/or out of Level 3

     —        —   
                 

Balance as of 6/30/09

  $ 20      $ —   
                 
                 

 

See Notes to Financial Statements.

131

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Investments in
Securities-Health Care		     Other Investments*  

Balance as of 12/31/08

    $ 417,652         $ —      

Total gains or losses (realized/unrealized) included in earnings

      —        —   

Purchases, sales, issuances, and settlements (net)

      —        —   

Transfers in and/or out of Level 3

      (417,652 )      —   
                  
                  

Balance as of 6/30/09

    $ —      $ —   
                  
                  
    
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/09.    $ 20      $ —   

 

* Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

    Receivables, Net Assets - Unrealized appreciation    $ – * 

Foreign exchange contracts

    Receivables      –   

Credit contracts

    Receivables      –   

Equity contracts

    Receivables, Net Assets - Unrealized appreciation      – * 

Commodity contracts

    Receivables      –   

Other contracts

    Receivables      –   
           

Total

       $ –   
           
     Liability Derivatives        

Interest rate contracts

    Payables, Net Assets - Unrealized depreciation    $ – * 

Foreign exchange contracts

    Payables      –   

Credit contracts

    Payables      –   

Equity contracts

    Payables, Net Assets - Unrealized depreciation      (72,232 )* 

Commodity contracts

    Payables      –   

Other contracts

    Payables      –   
           

Total

       $ (72,232 ) 
           

 

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures   

Forward Currency

Contracts

    Swaps    Total

Interest rate contracts

    $ –    $ –    $ –    $ –    $ –

Foreign exchange contracts

      –      –      13,921      –      13,921

Credit contracts

      –      –      –      –      –

Equity contracts

      –      852,926      –      –      852,926

Commodity contracts

      –      –      –      –      –

Other contracts

      –      –      –      –      –

Total

    $ –    $ 852,926    $ 13,921    $ –    $ 866,847

 

See Notes to Financial Statements.

132

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –    $ –    $ –   

Foreign exchange contracts

      –      –        –      –      –   

Credit contracts

      –      –        –      –      –   

Equity contracts

      –      (72,232 )      –      –      (72,232 ) 

Commodity contracts

      –      –        –      –      –   

Other contracts

      –      –        –      –      –   

Total

    $ –    $ (72,232 )    $ –    $ –    $ (72,232 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 366,471,667

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 434,018,280

As of June 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

    $ 41,252,122   

Aggregate gross unrealized depreciation

      (43,382,429 ) 
        

Net unrealized depreciation

    $ (2,130,307 ) 
        

Federal income tax cost of investments

    $ 438,128,757   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $28,190,064. This was secured by collateral of $29,065,220 which was received as cash and subsequently invested in short-term investments currently valued at $26,569,442, 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 $26,027, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2009, the Portfolio incurred approximately $2,148 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $25,357,373 which expires in the year 2016.

 

See Notes to Financial Statements.

133

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MULTIMANAGER MID CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (9.8%)

      

Auto Components (1.4%)

      

Magna International, Inc., Class A

    106,507    $ 4,498,856

Other Auto Components

    224,358      2,095,056
         
        6,593,912
         

Automobiles (0.0%)

      

Other Automobiles

    10,600      125,800
         
        125,800
         

Distributors (0.0%)

      

Other Distributors

    8,380      137,543
         
        137,543
         

Diversified Consumer Services (0.3%)

      

Other Diversified Consumer Services

    128,896      1,229,073
         
        1,229,073
         

Hotels, Restaurants & Leisure (0.9%)

      

Other Hotels, Restaurants & Leisure

    336,021      3,967,353
         
        3,967,353
         

Household Durables (2.5%)

      

Sekisui House Ltd. (ADR)

    239,946      2,413,857

Other Household Durables

    542,206      8,559,761
         
        10,973,618
         

Internet & Catalog Retail (0.0%)

      

Other Internet & Catalog Retail

    23,545      116,258
         
        116,258
         

Leisure Equipment & Products (0.3%)

      

Other Leisure Equipment & Products

    177,804      1,477,182
         
        1,477,182
         

Media (2.0%)

      

Scholastic Corp.

    91,220      1,805,244

Viacom, Inc., Class B*

    108,160      2,455,231

Other Media

    582,233      4,580,014
         
        8,840,489
         

Multiline Retail (0.2%)

      

Other Multiline Retail

    99,052      1,087,764
         
        1,087,764
         

Specialty Retail (1.7%)

      

Other Specialty Retail

    658,351      7,956,386
         
        7,956,386
         

Textiles, Apparel & Luxury Goods (0.5%)

      

Other Textiles, Apparel & Luxury Goods

    159,003      2,127,298
         
        2,127,298
         

Total Consumer Discretionary

         44,632,676
         

Consumer Staples (5.8%)

      

Beverages (0.3%)

      

Other Beverages

    94,200      1,368,042
         
        1,368,042
         

Cosmetics/Personal Care (0.3%)

      

Other Cosmetics/Personal Care

    5,960      1,299,280
         
        1,299,280
         

Food & Staples Retailing (1.2%)

      

Whole Foods Market, Inc.

    190,440      3,614,551

Other Food & Staples Retailing

    214,125      1,793,459
         
        5,408,010
         

Food Products (3.8%)

      

Smithfield Foods, Inc.*^

    308,760      4,313,377

Tyson Foods, Inc., Class A

    457,440      5,768,319

Other Food Products

    2,036,458      7,351,908
         
        17,433,604
         

 

     

Number of

Shares

   

Value

(Note 1)

Household Products (0.1%)

      

Other Household Products

    22,300    $ 375,242
         
        375,242
         

Personal Products (0.1%)

      

Other Personal Products

    52,320      519,667
         
        519,667
         

Tobacco (0.0%)

      

Other Tobacco

    12,000      215,598
         
        215,598
         

Total Consumer Staples

         26,619,443
         

Energy (9.4%)

      

Energy Equipment & Services (2.8%)

      

BJ Services Co.

    296,618      4,042,904

Solar Cayman Ltd.(b)*§†

    141,300      1,066,532

Other Energy Equipment & Services

    541,748      7,667,555
         
        12,776,991
         

Oil, Gas & Consumable Fuels (6.6%)

      

Arch Coal, Inc.

    316,399      4,863,052

Cameco Corp.

    137,960      3,531,776

Peabody Energy Corp.

    104,955      3,165,443

Pioneer Natural Resources Co.

    69,970      1,784,235

Tesoro Corp.^

    169,810      2,161,681

Other Oil, Gas & Consumable Fuels

    1,514,625      14,765,650
         
        30,271,837
         

Total Energy

         43,048,828
         

Financials (18.7%)

      

Capital Markets (1.4%)

      

Teton Advisors, Inc.(b)*†

    29      56

Other Capital Markets

    681,644      6,494,483
         
        6,494,539
         

Commercial Banks (5.0%)

      

Sumitomo Trust & Banking Co., Ltd. (ADR)

    291,416      1,550,332

Other Commercial Banks

    2,061,787      21,196,833
         
        22,747,165
         

Consumer Finance (0.2%)

      

Other Consumer Finance

    69,687      769,706
         
        769,706
         

Diversified Financial Services (0.5%)

      

PHH Corp.*^

    98,710      1,794,548

Other Diversified Financial Services

    170,388      686,252
         
        2,480,800
         

Insurance (5.6%)

      

Reinsurance Group of America, Inc.

    43,978      1,535,273

Other Insurance

    1,267,631      23,912,667
         
        25,447,940
         

Real Estate Investment Trusts (REITs) (4.9%)

      

Chimera Investment Corp. (REIT)

    503,883      1,758,551

Other Real Estate Investment Trusts (REITs)

    1,705,734      20,783,274
         
        22,541,825
         

Real Estate Management & Development (0.2%)

   

Other Real Estate Management & Development

    54,758      692,038
         
        692,038
         

Thrifts & Mortgage Finance (0.9%)

      

Other Thrifts & Mortgage Finance

    460,747      4,106,186
         
        4,106,186
         

Total Financials

         85,280,199
         

 

See Notes to Financial Statements.

134

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MULTIMANAGER MID CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Health Care (6.1%)

      

Biotechnology (0.2%)

      

Other Biotechnology

    115,632    $ 1,054,643
         
        1,054,643
         

Health Care Equipment & Supplies (1.6%)

      

Zimmer Holdings, Inc.*

    90,000      3,834,001

Other Health Care Equipment & Supplies

    213,222      3,693,494
         
        7,527,495
         

Health Care Providers & Services (2.9%)

      

Health Net, Inc.*

    281,110      4,371,262

Humana, Inc.*

    65,760      2,121,418

Other Health Care Providers & Services

    381,618      6,675,633
         
        13,168,313
         

Health Care Technology (0.1%)

      

Other Health Care Technology

    41,800      490,180
         
        490,180
         

Life Sciences Tools & Services (0.2%)

      

Other Life Sciences Tools & Services

    46,928      900,533
         
        900,533
         

Pharmaceuticals (1.1%)

      

Other Pharmaceuticals

    396,872      4,836,331
         
        4,836,331
         

Total Health Care

         27,977,495
         

Industrials (10.5%)

      

Aerospace & Defense (0.6%)

      

Other Aerospace & Defense

    121,667      2,846,042
         
        2,846,042
         

Air Freight & Logistics (0.1%)

      

Other Air Freight & Logistics

    25,400      337,433
         
        337,433
         

Airlines (0.4%)

      

Other Airlines

    294,342      1,764,338
         
        1,764,338
         

Building Products (0.3%)

      

Other Building Products

    84,337      1,250,997
         
        1,250,997
         

Commercial Services & Supplies (1.4%)

      

Republic Services, Inc.

    94,000      2,294,539

Other Commercial Services & Supplies

    296,613      3,942,776
         
        6,237,315
         

Construction & Engineering (1.1%)

      

Shaw Group, Inc.*

    57,100      1,565,110

Other Construction & Engineering

    149,384      3,343,255
         
        4,908,365
         

Electrical Equipment (1.0%)

      

Other Electrical Equipment

    238,991      4,370,593
         
        4,370,593
         

Industrial Conglomerates (0.2%)

      

Other Industrial Conglomerates

    31,698      711,640
         
        711,640
         

Machinery (3.7%)

      

AGCO Corp.*

    188,579      5,481,991

Tata Motors Ltd. (ADR)*

    198,365      1,690,070

Other Machinery

    569,314      10,184,726
         
        17,356,787
         

Marine (0.2%)

      

Other Marine

    62,499      1,000,057
         
        1,000,057
         

 

      Number of
Shares		    Value
(Note 1)

Professional Services (0.3%)

      

Other Professional Services

    126,165    $ 1,308,031
         
        1,308,031
         

Road & Rail (0.9%)

      

Other Road & Rail

    205,422      4,325,632
         
        4,325,632
         

Trading Companies & Distributors (0.3%)

      

Other Trading Companies & Distributors

    125,624      1,515,689
         
        1,515,689
         

Transportation Infrastructure (0.0%)

      

Other Transportation Infrastructure

    800      4,080
         
        4,080
         

Total Industrials

         47,936,999
         

Information Technology (8.1%)

      

Communications Equipment (1.3%)

      

Other Communications Equipment

    741,279      5,883,066
         
        5,883,066
         

Computers & Peripherals (0.3%)

      

Other Computers & Peripherals

    146,114      1,568,811
         
        1,568,811
         

Electronic Equipment, Instruments & Components (2.9%)

   

Ingram Micro, Inc., Class A*

    198,566      3,474,904

Tech Data Corp.*

    86,901      2,842,532

Other Electronic Equipment, Instruments & Components

    1,551,884      6,650,440
         
        12,967,876
         

Internet Software & Services (0.7%)

      

eBay, Inc.*

    104,300      1,786,659

Other Internet Software & Services

    219,056      1,453,553
         
        3,240,212
         

IT Services (0.7%)

      

Other IT Services

    333,561      3,009,090
         
        3,009,090
         

Office Electronics (0.0%)

      

Other Office Electronics

    1,000      23,660
         
        23,660
         

Semiconductors & Semiconductor Equipment (1.5%)

   

Other Semiconductors & Semiconductor Equipment

    973,131      6,849,866
         
        6,849,866
         

Software (0.7%)

      

Other Software

    339,640      3,356,814
         
        3,356,814
         

Total Information Technology

         36,899,395
         

Materials (12.7%)

      

Chemicals (2.2%)

      

Other Chemicals

    486,901      9,857,574
         
        9,857,574
         

Construction Materials (0.2%)

      

Other Construction Materials

    29,800      787,508
         
        787,508
         

Containers & Packaging (1.4%)

      

Other Containers & Packaging

    291,511      6,461,374
         
        6,461,374
         

Metals & Mining (8.3%)

      

Alcoa, Inc.

    164,667      1,701,010

Banro Corp.*

    1,046,631      1,967,666

Freeport-McMoRan Copper & Gold, Inc.

    33,788      1,693,117

Gold Fields Ltd. (ADR)

    519,461      6,259,505

IAMGOLD Corp.

    300,305      3,039,087

Ivanhoe Mines Ltd.*

    271,866      1,522,450

 

See Notes to Financial Statements.

135

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Kinross Gold Corp.

    389,393    $ 7,067,482

Lihir Gold Ltd. (ADR)*

    297,730      6,913,291

Novagold Resources, Inc.*

    384,120      1,644,034

Other Metals & Mining

    1,037,990      6,479,155
         
        38,286,797
         

Paper & Forest Products (0.6%)

      

Domtar Corp.*

    117,562      1,949,178

Other Paper & Forest Products

    76,400      675,099
         
        2,624,277
         

Total Materials

         58,017,530
         

Telecommunication Services (3.0%)

      

Diversified Telecommunication Services (1.9%)

   

TELUS Corp. (Non-Voting), Class A

    191,059      4,929,322

Other Diversified Telecommunication Services

    654,628      3,614,016
         
        8,543,338
         

Wireless Telecommunication Services (1.1%)

      

SK Telecom Co., Ltd. (ADR)

    131,900      1,998,285

Tim Participacoes S.A. (Preference) (ADR)

    122,800      2,140,405

Other Wireless Telecommunication Services

    62,345      1,011,818
         
        5,150,508
         

Total Telecommunication Services

         13,693,846
         

Utilities (8.2%)

      

Electric Utilities (3.2%)

      

Centrais Eletricas Brasileiras S.A. (Preference) (ADR), Class B

    163,890      2,140,403

Korea Electric Power Corp. (ADR)*

    216,817      2,493,395

Northeast Utilities

    92,124      2,055,286

Other Electric Utilities

    431,451      7,752,431
         
        14,441,515
         

Gas Utilities (1.6%)

      

Other Gas Utilities

    246,916      7,433,422
         
        7,433,422
         

Independent Power Producers & Energy Traders (0.3%)

   

Other Independent Power Producers & Energy Traders

    251,800      1,295,261
         
        1,295,261
         

Multi-Utilities (2.8%)

      

Ameren Corp.

    98,700      2,456,642

PNM Resources, Inc.^

    158,900      1,701,819

Other Multi-Utilities

    416,943      8,836,772
         
        12,995,233
         

Water Utilities (0.3%)

      

Other Water Utilities

    78,497      1,505,148
         
        1,505,148
         

Total Utilities

         37,670,579
         

Total Common Stocks (92.3%)
(Cost $391,313,759)

         421,776,990
         
     
      Number of
Shares		   

Value

(Note 1)

CONVERTIBLE PREFERRED STOCK:

      

Industrials (0.5%)

      

Road & Rail (0.5%)

      

Other Road & Rail

    2,823      2,109,713
         

Total Convertible Preferred Stocks (0.5%)
(Cost $2,034,114)

         2,109,713
         

 

     

Number of

Shares

   

Value

(Note 1)

INVESTMENT COMPANY:

      

Exchange Traded Fund (ETF) (0.0%)

      

Other Exchange Traded Funds (ETFs)
(Cost $31,371)

      2,574    $ 34,131
         
     
     

Principal

Amount

   

Value

(Note 1)

LONG-TERM DEBT SECURITIES:

      

Convertible Bonds (4.5%)

      

Consumer Discretionary (0.2%)

      

Media (0.2%)

      

Interpublic Group of Cos., Inc.

      

4.250%, 3/15/23

    $ 1,189,000      1,055,238
         

Total Consumer Discretionary

         1,055,238
         

Energy (1.4%)

      

Oil, Gas & Consumable Fuels (1.4%)

      

Delta Petroleum Corp.

      

3.750%, 5/1/37

      4,773,000      3,006,990

USEC, Inc.

      

3.000%, 10/1/14

      5,088,000      3,281,759
         

Total Energy

         6,288,749
         

Health Care (0.5%)

      

Health Care Providers & Services (0.5%)

      

Omnicare, Inc.

      

3.250%, 12/15/35

      3,303,000      2,287,328
         

Total Health Care

         2,287,328
         

Industrials (1.1%)

      

Airlines (0.4%)

      

JetBlue Airways Corp.

      

3.750%, 3/15/35

      1,675,000      1,603,813
         

Building Products (0.3%)

      

Griffon Corp.

      

4.000%, 7/18/23

      1,581,000      1,497,998
         

Machinery (0.4%)

      

Trinity Industries, Inc.

      

3.875%, 6/1/36

      3,370,000      1,836,649
         

Total Industrials

         4,938,460
         

Information Technology (0.0%)

      

Semiconductors & Semiconductor Equipment (0.0%)

   

Qimonda Finance LLC

      

6.750%, 3/22/13(b)

      4,500,000      112,500
         

Total Information Technology

         112,500
         

Materials (0.7%)

      

Metals & Mining (0.7%)

      

Coeur d’Alene Mines Corp.

      

1.250%, 1/15/24

      3,714,000      3,240,465
         

Total Materials

         3,240,465
         

Telecommunication Services (0.6%)

      

Wireless Telecommunication Services (0.6%)

      

NII Holdings, Inc.

      

3.125%, 6/15/12

      3,403,000      2,616,056
         

Total Telecommunication Services

         2,616,056
         

Total Convertible Bonds

         20,538,796
         

 

See Notes to Financial Statements.

136

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Principal

Amount

   

Value

(Note 1)

  

Corporate Bond (0.4%)

      

Industrials (0.4%)

      

Airlines (0.4%)

      

JetBlue Airways Corp.

      

Series B

      

6.750%, 10/15/39

    $ 1,835,000    $ 1,933,631   
           

Total Industrials

         1,933,631   
           

Total Long-Term Debt Securities (4.9%)
(Cost $16,863,581)

         22,472,427   
           
     
     

Number of

Rights

   

Value

(Note 1)

  

RIGHTS:

      

Consumer Discretionary (0.0%)

      

Household Durables (0.0%)

      

Other Household Durables
(Cost $5,829)

      10,800      22,896   
           
     
     

Principal

Amount

   

Value

(Note 1)

  

SHORT-TERM INVESTMENTS:

      

Government Securities (0.1%)

      

Other Government Securities

    $ 396,000      395,871   
           

Short-Term Investments of Cash Collateral for Securities Loaned (7.8%)

      

BBVA Senior Finance S.A.

      

0.69%, 3/12/10 (l)

      2,540,000      2,506,292   

Deutsche Bank Securities, Inc., Repurchase Agreement

      

0.09%, 7/1/09 (r)(u)

      23,916,191      23,916,191   

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      5,430,000      5,226,374   

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      3,469,653      3,197,643   

Other Short-Term Investments of Cash Collateral for Securities Loaned

      3,349,981      878,580   
           

Total Short-Term Investments of Cash Collateral for Securities Loaned

         35,725,080   
           

Time Deposit (2.8%)

      

JPMorgan Chase Nassau

      

0.000%, 7/1/09

      12,626,154      12,626,154   
           

Total Short-Term Investments (10.7%)
(Cost/Amortized Cost $51,727,861)

         48,747,105   
           

Total Investments (108.4%)
(Cost/Amortized Cost $461,976,515)

         495,163,262   

Other Assets Less Liabilities (-8.4%)

         (38,189,169 ) 
           

Net Assets (100%)

       $ 456,974,093   
           

This section shows the Portfolio’s 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the Portfolio’s total net assets as of the report date. Fair value and 144A securities are disclosed. The remaining securities held by the Portfolio are grouped as “Other Securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by calling AXA Equitable at 1-888-AXA-INFO or 1-888-292-4636. This complete schedule, filed on the Portfolio’s Form N-CSR, is also available on the SEC’s website at http://www.sec.gov.

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
† Securities (totaling $1,066,588 or 0.2% of net assets) 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, 2009, the market value of these securities amounted to $1,066,532 or 0.2% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.
(b) Illiquid Security.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% – 7.500%, maturing 1/15/15 – 6/15/38; Federal National Mortgage Association, 5.000% – 7.000%, maturing 10/1/36 – 12/1/38.

  Glossary:

  ADR — American Depositary Receipt


 

See Notes to Financial Statements.

137

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MULTIMANAGER MID CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		   

Expiration

Date

    Original
Value		    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchases

               

Russell 2000 Mini Index

    26    September-09    $ 1,351,208    $ 1,318,720    $ (32,488 ) 

S&P Mid 400 E-Mini Index

    41    September-09      2,424,648      2,364,470      (60,178 ) 
                    
               $ (92,666 ) 
                    

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1

Quoted prices in active
markets for identical
securities

    

Level 2

Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)

   

Level 3

Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)

    Total  

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 44,632,676      $ –    $ –    $ 44,632,676   

Consumer Staples

      25,628,038        991,405      –      26,619,443   

Energy

      41,723,541        258,755      1,066,532      43,048,828   

Financials

      85,280,143        –      56      85,280,199   

Health Care

      27,977,495        –      –      27,977,495   

Industrials

      47,936,999        –      –      47,936,999   

Information Technology

      36,324,672        574,723      –      36,899,395   

Materials

      58,017,530        –      –      58,017,530   

Telecommunication Services

      13,693,846        –      –      13,693,846   

Utilities

      37,670,579        –      –      37,670,579   

Convertible Bonds

           

Consumer Discretionary

      –        1,055,238      –      1,055,238   

Energy

      –        6,288,749      –      6,288,749   

Health Care

      –        2,287,328      –      2,287,328   

Industrials

      –        4,938,460      –      4,938,460   

Information Technology

      –        112,500      –      112,500   

Materials

      –        3,240,465      –      3,240,465   

Telecommunication Services

      –        2,616,056      –      2,616,056   

Convertible Preferred Stocks

           

Industrials

      –        2,109,713      –      2,109,713   

Corporate Bonds

           

Industrials

      –        1,933,631      –      1,933,631   

Investment Companies

           

Exchange Traded Funds (ETFs)

      34,131        –      –      34,131   

Rights

           

Consumer Discretionary

      22,896        –      –      22,896   

Short-Term Investments

      –        48,747,105      –      48,747,105   

Total Asset

    $ 418,942,546      $ 75,154,128    $ 1,066,588    $ 495,163,262   

Liability:

           

Futures

    $ (92,666 )    $ –    $ –    $ (92,666 ) 

Total Liability

    $ (92,666 )    $ –    $ –    $ (92,666 ) 

Total

    $ 418,849,880      $ 75,154,128    $ 1,066,588    $ 495,070,596   

 

See Notes to Financial Statements.

138

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MULTIMANAGER MID CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

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

 

      Investments in
Securities-Energy		     Other Investments*  

Balance as of 12/31/08

    $ 1,563,767         $ —      

Total gains or losses (realized/unrealized) included in earnings

      (497,235 )      —   

Purchases, sales, issuances, and settlements (net)

      —        —   

Transfers in and/or out of Level 3

      —        —   
                  

Balance as of 6/30/09

   $ 1,066,532      $ —   
                  
                  
    
      Investments in
Securities-Financials		     Other Investments*  

Balance as of 12/31/08

    $ —         $ —      

Total gains or losses (realized/unrealized) included in earnings

      56        —   

Purchases, sales, issuances, and settlements (net)

      —        —   

Transfers in and/or out of Level 3

      —        —   
                  

Balance as of 6/30/09

   $ 56      $ —   
                  
                  
    
      Investments in
Securities-Health Care		     Other Investments*  

Balance as of 12/31/08

    $ 3,503,638         $ —      

Total gains or losses (realized/unrealized) included in earnings

      —        —   

Purchases, sales, issuances, and settlements (net)

      —        —   

Transfers in and/or out of Level 3

      (3,503,638 )      —   
                  

Balance as of 6/30/09

   $ —      $ —   
                  
                  
    
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/09.    $ (497,179 )    $ —   

 

* Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

   

Receivables, Net Assets - Unrealized appreciation

    $ – * 

Foreign exchange contracts

   

Receivables

      –   

Credit contracts

   

Receivables

      –   

Equity contracts

   

Receivables, Net Assets - Unrealized appreciation

      – * 

Commodity contracts

   

Receivables

      –   

Other contracts

   

Receivables

      –   
           

Total

       $ –   
           
     Liability Derivatives        

Interest rate contracts

   

Payables, Net Assets - Unrealized depreciation

    $ – * 

Foreign exchange contracts

   

Payables

      –   

Credit contracts

   

Payables

      –   

Equity contracts

   

Payables, Net Assets - Unrealized depreciation

      – * 

Commodity contracts

   

Payables

      –   

Other contracts

   

Payables

      –   
           

Total

       $ –   
           

 

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

 

See Notes to Financial Statements.

139

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MULTIMANAGER MID CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –      $ –    $ –   

Foreign exchange contracts

      –      –        (15,647 )      –      (15,647 ) 

Credit contracts

      –      –        –        –      –   

Equity contracts

      –      (723,535 )      –        –      (723,535 ) 

Commodity contracts

      –      –        –        –      –   

Other contracts

      –      –        –        –      –   

Total

    $ –    $ (723,535 )    $ (15,647 )    $ –    $ (739,182 ) 
            
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –      $ –    $ –   

Foreign exchange contracts

      –      –        439        –      439   

Credit contracts

      –      –        –        –      –   

Equity contracts

      –      (92,666 )      –        –      (92,666 ) 

Commodity contracts

      –      –        –        –      –   

Other contracts

      –      –        –        –      –   

Total

    $ –    $ (92,666 )    $ 439      $ –    $ (92,227 ) 

 

See Notes to Financial Statements.

140

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MULTIMANAGER MID CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 379,835,982

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 589,307,419

As of June 30, 2009, 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

    $ 66,526,781   

Aggregate gross unrealized depreciation

      (43,581,184 ) 
        

Net unrealized appreciation

    $ 22,945,597   
        

Federal income tax cost of investments

    $ 472,217,665   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $37,124,371. This was secured by collateral of $38,705,825 which was received as cash and subsequently invested in short-term investments currently valued at $35,725,080, 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 $93,883, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2009, the Portfolio incurred approximately $997 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $59 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $87,489,302 which expires in the year 2016.

 

See Notes to Financial Statements.

141

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

     

Principal

Amount

   

Value

(Note 1)

LONG-TERM DEBT SECURITIES:

      

Asset-Backed and Mortgage-Backed Securities (3.1%)

   

Asset-Backed Securities (0.9%)

      

Capital One Multi-Asset Execution Trust,

      

Series 2006-A6 A6

      

5.300%, 2/18/14

    $ 500,000    $ 523,853

Series 2007-A7 A7

      

5.750%, 7/15/20

      600,000      617,559

Series 2009-A2 A2

      

3.200%, 4/15/14

      1,000,000      1,006,243

Chase Issuance Trust,

      

Series 2008-A9 A9

      

4.260%, 5/15/13

      500,000      514,398

Series 2009-A3 A3

      

2.400%, 6/17/13

      495,000      491,460

Citibank Credit Card Issuance Trust,

      

Series 2003-A10 A10

      

4.750%, 12/10/15

      150,000      152,057

Series 2007-A8 A8

      

5.650%, 9/20/19

      100,000      101,800

Countrywide Asset-Backed Certificates,

      

Series 2003-5 AF5

      

5.739%, 2/25/34(e)

      59,231      32,007

CPL Transition Funding LLC,

      

Series 2002-1 A5

      

6.250%, 1/15/17

      75,000      81,872

Daimler Chrysler Auto Trust,

      

Series 2007-A A4

      

5.280%, 3/8/13

      150,000      145,669

Ford Credit Auto Owner Trust,

      

Series 2007-B A4A

      

5.240%, 7/15/12

      100,000      103,991

Series 2008-C A3

      

1.739%, 6/15/12(l)

      2,700,000      2,708,652

Franklin Auto Trust,

      

Series 2008-A A2

      

1.315%, 10/20/11(l)

      2,630,135      2,633,870

Nissan Auto Receivables Owner Trust,

      

Series 2007-B A4

      

5.160%, 3/17/14

      150,000      156,268

Pegasus Aviation Lease Securitization,

      

Series 2001-1A A1

      

0.803%, 5/10/31(b)(l)§

      3,800,000      665,000

Saxon Asset Securities Trust,

      

Series 2004-2 AF5

      

4.990%, 8/25/35(e)

      91,463      59,419

Triton Aviation Finance,

      

Series 1A A1

      

1.089%, 6/15/25(b)(l)

      9,167,016      2,887,610

USAA Auto Owner Trust,

      

Series 2007-2 A4

      

5.070%, 6/15/13

      150,000      156,832

Series 2008-3 A3

      

4.280%, 10/15/12

      75,000      77,281
         
        13,115,841
         

Non-Agency CMO (2.2%)

      

Banc of America Commercial Mortgage, Inc.,

      

Series 2004-6 A5

      

4.811%, 12/10/42

      1,000,000      852,588

Bear Stearns Commercial Mortgage Securities, Inc.,

      

Series 2001-TOP2 A2

      

6.480%, 2/15/35

      2,200,000      2,231,307

Series 2003-T12 A4

      

4.680%, 8/13/39(l)

      1,205,000      1,110,367

 

     

Principal

Amount

   

Value

(Note 1)

Series 2004-T16 A6

      

4.750%, 2/13/46(l)

    $ 790,000    $ 687,297

Series 2006-T22 A4

      

5.630%, 4/12/38(l)

      675,000      597,215

Credit Suisse Mortgage Capital Certificates,

      

Series 2006-C4 A3

      

5.467%, 9/15/39

      1,000,000      699,735

CS First Boston Mortgage Securities Corp.,

      

Series 2004-C2 A1

      

3.819%, 5/15/36

      592,434      566,488

Series 2004-C4 A6

      

4.691%, 10/15/39

      1,210,000      1,048,086

First Union National Bank Commercial Mortgage Trust,

      

Series 2001-C2 A2

      

6.663%, 1/12/43

      961,834      990,411

GE Capital Commercial Mortgage Corp.,

      

Series 2007-C1 A4

      

5.543%, 12/10/49

      1,500,000      1,036,205

Greenwich Capital Commercial Funding Corp.,

      

Series 2005-GG3 A4

      

4.799%, 8/10/42(l)

      417,000      354,901

Series 2005-GG5 A2

      

5.117%, 4/10/37

      1,000,000      963,449

GS Mortgage Securities Corp. II,

      

Series 2004-GG2 A6

      

5.396%, 8/10/38(l)

      1,700,000      1,515,599

JPMorgan Chase Commercial Mortgage Securities Corp.,

      

Series 2003-CB7 A4

      

4.879%, 1/12/38(l)

      2,000,000      1,772,189

Series 2005-LDP1 A3

      

4.865%, 3/15/46

      1,000,000      889,606

Series 2006-CB15 A4

      

5.814%, 6/12/43(l)

      1,535,000      1,207,313

Series 2007-CB18 A4

      

5.440%, 6/12/47

      1,250,000      941,257

LB-UBS Commercial Mortgage Trust,

      

Series 2004-C1 A4

      

4.568%, 1/15/31

      1,415,000      1,214,800

Series 2004-C2 A4

      

4.367%, 3/15/36

      1,000,000      846,664

Series 2007-C6 A4

      

5.858%, 7/15/40(l)

      1,250,000      907,435

Merrill Lynch Mortgage Trust,

      

Series 2004-KEY2 A4

      

4.864%, 8/12/39(l)

      1,000,000      840,857

Merrill Lynch/Countrywide Commercial Mortgage Trust,

      

Series 2007-5 A4

      

5.378%, 8/12/48

      1,500,000      997,511

Morgan Stanley Capital I, Inc.,

      

Series 2007-HQ12 A5

      

5.811%, 4/12/49(l)

      1,250,000      914,413

Series 2007-T25 A3

      

5.514%, 11/12/49(l)

      1,000,000      828,160

Morgan Stanley Dean Witter Capital I,

      

Series 2001-TOP3 A4

      

6.390%, 7/15/33

      1,029,528      1,045,688

Series 2001-TOP5 A4

      

6.390%, 10/15/35

      1,000,000      1,025,136

Wachovia Bank Commercial Mortgage Trust,

      

Series 2003-C8 A4

      

4.964%, 11/15/35(l)

      1,000,000      890,310

 

See Notes to Financial Statements.

142

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

Series 2004-C11 A5

      

5.215%, 1/15/41(l)

    $ 1,500,000    $ 1,317,301

Series 2007-C30 A5

      

5.342%, 12/15/43

      695,000      457,045

Series 2007-C33 A4

      

6.100%, 2/15/51(l)

      1,000,000      736,199
         
        29,485,532
         

Total Asset-Backed and Mortgage- Backed Securities

         42,601,373
         

Corporate Bonds (33.2%)

      

Consumer Discretionary (6.0%)

      

Auto Components (0.4%)

      

American Tire Distributors, Inc.

      

6.847%, 4/1/12(l)§

    $ 4,500,000      3,048,750

6.847%, 4/1/12(l)§

      2,500,000      1,693,750
         
        4,742,500
         

Automobiles (0.0%)

      

Daimler Finance N.A. LLC

      

7.750%, 1/18/11

      200,000      208,431

6.500%, 11/15/13

      200,000      203,307
         
        411,738
         

Distributors (0.3%)

      

SGS International, Inc.

      

12.000%, 12/15/13

      700,000      458,500

Sonic Automotive, Inc.

      

Series AI

      

6.000%, 5/15/12(b)†

      4,075,000      3,260,000
         
        3,718,500
         

Hotels, Restaurants & Leisure (1.2%)

      

Dave & Buster’s, Inc.

      

11.250%, 3/15/14§

      1,742,000      1,593,930

El Pollo Loco, Inc.

      

11.750%, 11/15/13§

      750,000      600,000

Harrahs Operating Escrow LLC/ Harrahs Escrow Corp.

      

11.250%, 6/1/17§

      1,200,000      1,134,000

International Game Technology

      

7.500%, 6/15/19

      50,000      50,449

Landry’s Restaurants, Inc.

      

14.000%, 8/15/11§

      5,125,000      4,868,750

McDonald’s Corp.

      

4.300%, 3/1/13

      200,000      208,035

5.350%, 3/1/18

      500,000      527,585

MGM MIRAGE

      

13.000%, 11/15/13§

      2,000,000      2,190,000

Shingle Springs Tribal Gaming Authority

      

9.375%, 6/15/15§

      3,300,000      1,980,000

Travelport LLC

      

9.875%, 9/1/14

      1,375,000      914,375

Turning Stone Resort Casino Enterprise

      

9.125%, 12/15/10§

      1,575,000      1,468,687

Wendy’s/Arby’s Restaurants LLC

      

10.000%, 7/15/16§

      1,450,000      1,386,562
         
        16,922,373
         

Household Durables (0.6%)

      

Blyth, Inc.

      

5.500%, 11/1/13§

      8,050,000      6,238,750

Sealy Mattress Co.

      

8.250%, 6/15/14§

      1,500,000      1,233,750

Whirlpool Corp.

      

8.000%, 5/1/12

      115,000      119,022

5.500%, 3/1/13

      200,000      189,923

 

      Principal
Amount		    Value
(Note 1)

8.600%, 5/1/14

    $ 35,000    $ 36,575
         
        7,818,020
         

Internet & Catalog Retail (0.1%)

      

Visant Corp.

      

7.625%, 10/1/12§

      1,710,000      1,705,725
         

Leisure Equipment & Products (0.1%)

      

Steinway Musical Instruments, Inc.

      

7.000%, 3/1/14§

      1,700,000      1,326,000
         

Media (2.8%)

      

Allbritton Communications Co.

      

7.750%, 12/15/12

      513,000      396,292

AMC Entertainment, Inc.

      

8.750%, 6/1/19§

      1,000,000      940,000

CanWest Media, Inc.

      

8.000%, 9/15/12

      8,667,000      2,556,765

CBS Corp.

      

6.625%, 5/15/11

      200,000      202,455

5.625%, 8/15/12

      200,000      197,212

8.875%, 5/15/19

      125,000      121,826

CCO Holdings LLC/CCO Holdings Capital Corp.

      

8.750%, 11/15/13(h)^

      1,300,000      1,235,000

Cinemark USA Inc.

      

8.625%, 6/15/19§

      800,000      790,000

Comcast Cable Communications Holdings, Inc.

      

8.375%, 3/15/13

      500,000      570,000

Comcast Corp.

      

5.500%, 3/15/11

      200,000      208,107

5.900%, 3/15/16

      400,000      413,770

6.500%, 1/15/17

      400,000      424,345

5.700%, 7/1/19

      100,000      99,092

6.950%, 8/15/37

      400,000      417,072

6.550%, 7/1/39

      100,000      99,829

COX Communications, Inc.

      

7.125%, 10/1/12

      200,000      214,991

CW Media Holdings, Inc.

      

13.500%, 8/15/15 PIK§

      468,486      366,005

Gallery Capital S.A.

      

10.125%, 5/15/13(h)§

      3,550,000      639,000

Hughes Network Systems LLC

      

9.500%, 4/15/14§

      1,500,000      1,462,500

Intelsat Intermediate Holding Co., Ltd.

      

0.000%, 2/1/15§

      1,700,000      1,521,500

Interpublic Group of Cos., Inc.

      

10.000%, 7/15/17§

      1,000,000      1,015,000

Kabel Deutschland GmbH

      

10.625%, 7/1/14

      2,000,000      2,062,500

Local Insight Regatta Holdings, Inc.

      

11.000%, 12/1/17§

      5,071,000      1,343,815

Network Communications, Inc.

      

10.750%, 12/1/13

      7,350,000      1,470,000

News America, Inc.

      

6.900%, 3/1/19§

      500,000      521,010

6.150%, 3/1/37

      100,000      84,813

6.650%, 11/15/37

      200,000      179,903

Omnicom Group, Inc.

      

6.250%, 7/15/19

      200,000      196,204

Rainbow National Services LLC

      

10.375%, 9/1/14§

      2,520,000      2,611,350

Reader’s Digest Association, Inc.

      

9.000%, 2/15/17

      8,000,000      360,000

Thomson Reuters Corp.

      

6.500%, 7/15/18

      500,000      520,360

Time Warner Cable, Inc.

      

6.200%, 7/1/13

      200,000      210,729

5.850%, 5/1/17

      400,000      399,440

 

See Notes to Financial Statements.

143

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

8.250%, 4/1/19

    $ 700,000    $ 794,232

7.625%, 4/15/31

      350,000      340,255

6.550%, 5/1/37

      200,000      191,771

6.750%, 6/15/39

      150,000      145,994

Time Warner, Inc.

      

6.875%, 5/1/12

      500,000      534,873

5.875%, 11/15/16

      200,000      197,102

7.700%, 5/1/32

      300,000      294,800

Unitymedia GmbH

      

10.125%, 2/15/15§

    EUR  1,750,000      2,504,087

10.375%, 2/15/15§

    $ 700,000      709,625

Unitymedia Hessen GmbH & Co. KG

      

4.259%, 4/15/13(l)§

    EUR  1,000,000      1,278,936

Viacom, Inc.

      

5.750%, 4/30/11

    $ 200,000      204,752

6.875%, 4/30/36

      200,000      184,262

Videotron Ltd.

      

9.125%, 4/15/18

      1,000,000      1,016,250

9.125%, 4/15/18§

      900,000      914,625

Walt Disney Co.

      

4.500%, 12/15/13

      500,000      521,230

WMG Acquisition Corp.

      

9.500%, 6/15/16§

      1,900,000      1,890,500

WPP Finance UK Corp.

      

5.875%, 6/15/14

      900,000      840,194

XM Satellite Radio, Inc.

      

11.250%, 6/15/13§

      1,700,000      1,687,250
         
        38,101,623
         

Multiline Retail (0.1%)

      

Kohl’s Corp.

      

6.250%, 12/15/17

      200,000      205,663

Target Corp.

      

5.125%, 1/15/13

      400,000      423,703

6.000%, 1/15/18

      200,000      212,045

7.000%, 1/15/38

      200,000      213,169
         
        1,054,580
         

Specialty Retail (0.2%)

      

AutoZone, Inc.

      

5.750%, 1/15/15

      150,000      149,624

Home Depot, Inc.

      

4.625%, 8/15/10

      200,000      203,759

5.400%, 3/1/16

      200,000      199,644

5.875%, 12/16/36

      500,000      441,132

Lowe’s Cos., Inc.

      

5.600%, 9/15/12

      200,000      213,881

Nordstrom, Inc.

      

6.750%, 6/1/14

      60,000      62,371

Remington Arms Co., Inc.

      

10.500%, 2/1/11

      1,250,000      1,259,375

Rent-A-Center, Inc.

      

Series B

      

7.500%, 5/1/10§

      2,000      2,000

Staples, Inc.

      

9.750%, 1/15/14

      500,000      558,465
         
        3,090,251
         

Textiles, Apparel & Luxury Goods (0.2%)

   

Perry Ellis International, Inc.

      

Series B

      

8.875%, 9/15/13§

      2,195,000      1,788,925

Rafaella Apparel Group, Inc.

      

Series B

      

11.250%, 6/15/11§

      7,586,000      1,441,340
         
        3,230,265
         

Total Consumer Discretionary

         82,121,575
         

 

      Principal
Amount		    Value
(Note 1)

Consumer Staples (1.4%)

      

Beverages (0.2%)

      

Anheuser-Busch Cos., Inc.

      

6.000%, 4/15/11

    $ 200,000    $ 209,745

4.950%, 1/15/14

      200,000      199,516

Bottling Group LLC

      

6.950%, 3/15/14

      300,000      342,174

Coca-Cola Co.

      

5.350%, 11/15/17

      400,000      427,179

Coca-Cola Enterprises, Inc.

      

8.500%, 2/1/12

      200,000      228,206

7.375%, 3/3/14

      300,000      343,170

Diageo Capital plc

      

5.750%, 10/23/17

      200,000      208,653

Diageo Finance B.V.

      

5.500%, 4/1/13

      400,000      420,537

PepsiCo, Inc.

      

5.000%, 6/1/18

      200,000      205,564

7.900%, 11/1/18

      400,000      486,641
         
        3,071,385
         

Food & Staples Retailing (0.3%)

      

Costco Wholesale Corp.

      

5.500%, 3/15/17

      200,000      211,734

CVS Caremark Corp.

      

5.750%, 6/1/17

      200,000      201,034

6.600%, 3/15/19

      300,000      320,551

6.250%, 6/1/27

      100,000      101,504

Kroger Co.

      

6.150%, 1/15/20

      300,000      306,520

Rite Aid Corp.

      

8.625%, 3/1/15

      250,000      166,250

10.375%, 7/15/16^

      1,300,000      1,170,000

Safeway, Inc.

      

6.350%, 8/15/17

      200,000      211,355

Walgreen Co.

      

4.875%, 8/1/13

      200,000      212,212

Wal-Mart Stores, Inc.

      

4.125%, 2/15/11

      400,000      415,119

4.550%, 5/1/13

      400,000      419,146

5.800%, 2/15/18

      500,000      544,672

6.500%, 8/15/37

      500,000      558,710
         
        4,838,807
         

Food Products (0.3%)

      

Archer-Daniels-Midland Co.

      

7.000%, 2/1/31

      200,000      224,530

Bunge Ltd. Finance Corp.

      

5.875%, 5/15/13

      700,000      696,760

Campbell Soup Co.

      

3.375%, 8/15/14

      100,000      99,886

ConAgra Foods, Inc.

      

8.250%, 9/15/30

      100,000      111,543

General Mills, Inc.

      

5.650%, 9/10/12

      200,000      213,441

5.650%, 2/15/19

      300,000      313,549

H.J. Heinz Co.

      

5.350%, 7/15/13

      300,000      313,667

Kellogg Co.

      

4.250%, 3/6/13

      200,000      205,888

Kraft Foods, Inc.

      

6.250%, 6/1/12

      1,100,000      1,185,514

6.125%, 2/1/18

      200,000      206,785

6.875%, 2/1/38

      200,000      211,559

Sara Lee Corp.

      

6.125%, 11/1/32

      100,000      82,487
         
        3,865,609
         

 

See Notes to Financial Statements.

144

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

Household Products (0.3%)

      

American Achievement Corp.

      

8.250%, 4/1/12§

    $ 1,735,000    $ 1,622,225

Kimberly-Clark Corp.

      

6.125%, 8/1/17

      200,000      219,371

Prestige Brands, Inc.

      

9.250%, 4/15/12§

      1,369,000      1,355,310

Procter & Gamble Co.

      

3.500%, 2/15/15

      300,000      302,766

4.850%, 12/15/15

      200,000      214,427

4.700%, 2/15/19

      300,000      304,243

5.550%, 3/5/37

      100,000      101,269
         
        4,119,611
         

Tobacco (0.3%)

      

Altria Group, Inc.

      

9.250%, 8/6/19

      600,000      673,747

9.950%, 11/10/38

      200,000      230,865

Lorillard Tobacco Co.

      

8.125%, 6/23/19

      65,000      67,260

Philip Morris International, Inc.

      

6.875%, 3/17/14

      500,000      564,159

5.650%, 5/16/18

      200,000      209,638

Reynolds American, Inc.

      

7.250%, 6/1/13

      200,000      205,671

Vector Group Ltd.

      

11.000%, 8/15/15(b)

      2,025,000      1,873,125
         
        3,824,465
         

Total Consumer Staples

         19,719,877
         

Energy (2.6%)

      

Energy Equipment & Services (0.2%)

      

Baker Hughes, Inc.

      

6.500%, 11/15/13

      200,000      221,829

Halliburton Co.

      

6.150%, 9/15/19

      300,000      324,767

7.450%, 9/15/39

      200,000      233,299

Helix Energy Solutions Group, Inc.

      

9.500%, 1/15/16§

      725,000      661,562

Transocean, Inc.

      

6.000%, 3/15/18

      100,000      103,962

6.800%, 3/15/38

      200,000      213,921

Weatherford International Ltd.

      

6.000%, 3/15/18

      200,000      196,402
         
        1,955,742
         

Oil, Gas & Consumable Fuels (2.4%)

      

Anadarko Petroleum Corp.

      

5.950%, 9/15/16

      400,000      394,650

Apache Corp.

      

5.250%, 4/15/13

      100,000      105,044

6.000%, 9/15/13

      665,000      723,573

Canadian Natural Resources Ltd.

      

6.250%, 3/15/38

      200,000      199,633

Chevron Corp.

      

3.950%, 3/3/14

      1,000,000      1,029,564

Connacher Oil and Gas Ltd.

      

11.750%, 7/15/14§

      1,450,000      1,395,625

Conoco Funding Co.

      

6.350%, 10/15/11

      200,000      218,276

ConocoPhillips

      

4.750%, 2/1/14

      500,000      520,592

5.900%, 5/15/38

      100,000      99,854

6.500%, 2/1/39

      300,000      319,330

ConocoPhillips Canada

      

5.625%, 10/15/16

      300,000      319,472

 

      Principal
Amount		    Value
(Note 1)

Devon Financing Corp. ULC

      

7.875%, 9/30/31

    $ 400,000    $ 471,003

Devon OEI Operating, Inc.

      

7.250%, 10/1/11

      1,000,000      1,094,239

Diamond Offshore Drilling, Inc.

      

5.875%, 5/1/19

      65,000      66,232

EnCana Corp.

      

5.900%, 12/1/17

      100,000      102,515

6.500%, 5/15/19

      25,000      26,800

6.625%, 8/15/37

      100,000      103,534

Energy Transfer Partners LP

      

9.000%, 4/15/19

      500,000      570,972

Enterprise Products Operating LLC

      

6.300%, 9/15/17

      300,000      301,488

EOG Resources, Inc.

      

5.625%, 6/1/19

      90,000      94,196

EQT Corp.

      

8.125%, 6/1/19

      75,000      80,278

Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.

      

7.240%, 8/1/10(b)†

      9,000,000      7,978,500

Hess Corp.

      

6.650%, 8/15/11

      200,000      212,867

8.125%, 2/15/19

      500,000      569,227

Husky Energy, Inc.

      

5.900%, 6/15/14

      105,000      109,846

7.250%, 12/15/19

      65,000      71,017

KCS Energy, Inc.

      

7.125%, 4/1/12

      1,400,000      1,319,500

Kinder Morgan Energy Partners LP

      

6.750%, 3/15/11

      300,000      314,424

5.950%, 2/15/18

      200,000      195,776

9.000%, 2/1/19

      750,000      853,039

6.850%, 2/15/20

      30,000      30,750

5.800%, 3/15/35

      200,000      168,836

Linn Energy LLC

      

9.875%, 7/1/18§

      1,325,000      1,172,625

Magellan Midstream Partners LP

      

6.550%, 7/15/19

      50,000      51,326

Marathon Oil Corp.

      

5.900%, 3/15/18

      400,000      401,052

7.500%, 2/15/19

      300,000      327,436

6.600%, 10/1/37

      100,000      96,760

Mariner Energy, Inc.

      

11.750%, 6/30/16

      250,000      248,750

Nexen, Inc.

      

6.400%, 5/15/37

      200,000      183,692

Occidental Petroleum Corp.

      

4.125%, 6/1/16

      150,000      147,522

ONEOK Partners LP

      

8.625%, 3/1/19

      500,000      559,194

Petrobras International Finance Co.

      

7.875%, 3/15/19

      350,000      381,500

Petroleos Mexicanos

      

8.000%, 5/3/19§

      1,000,000      1,085,000

Plains All American Pipeline LP

      

8.750%, 5/1/19

      500,000      567,374

Shell International Finance B.V.

      

4.950%, 3/22/12

      100,000      104,235

6.375%, 12/15/38

      300,000      326,767

Spectra Energy Capital LLC

      

6.200%, 4/15/18

      500,000      491,021

StatoilHydro ASA

      

7.150%, 1/15/29

      100,000      115,484

Stone Energy Corp.

      

8.250%, 12/15/11

      2,500,000      2,050,000

 

See Notes to Financial Statements.

145

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

Suncor Energy, Inc.

      

7.150%, 2/1/32

    $ 100,000    $ 98,204

6.500%, 6/15/38

      200,000      188,288

Talisman Energy, Inc.

      

7.750%, 6/1/19

      40,000      44,312

Trans-Canada Pipelines Ltd.

      

7.250%, 8/15/38

      400,000      454,885

Valero Energy Corp.

      

6.875%, 4/15/12

      1,400,000      1,488,777

4.750%, 6/15/13

      100,000      95,699

6.625%, 6/15/37

      100,000      85,312

Williams Cos., Inc.

      

8.750%, 3/15/32

      400,000      402,000

XTO Energy, Inc.

      

7.500%, 4/15/12

      200,000      221,550

6.250%, 4/15/13

      983,000      1,041,637

6.500%, 12/15/18

      400,000      429,136

6.750%, 8/1/37

      100,000      104,395
         
        33,024,585
         

Total Energy

         34,980,327
         

Financials (13.1%)

      

Capital Markets (2.3%)

      

Bank of New York Mellon Corp.

      

4.950%, 11/1/12

      400,000      422,957

5.125%, 8/27/13

      300,000      315,778

4.300%, 5/15/14

      115,000      116,854

Bear Stearns Cos., Inc.

      

5.700%, 11/15/14

      200,000      203,774

Charles Schwab Corp.

      

4.950%, 6/1/14

      50,000      50,859

Credit Suisse/New York

      

5.375%, 3/2/16

      300,000      308,881

Deutsche Bank AG/London

      

5.375%, 10/12/12

      100,000      106,141

4.875%, 5/20/13

      400,000      410,589

6.000%, 9/1/17

      500,000      510,056

Goldman Sachs Group, Inc.

      

6.600%, 1/15/12

      400,000      425,890

3.250%, 6/15/12

      2,110,000      2,183,637

5.450%, 11/1/12

      500,000      516,995

5.150%, 1/15/14

      800,000      802,927

6.000%, 5/1/14

      75,000      78,275

5.350%, 1/15/16

      600,000      572,050

1.059%, 3/22/16(l)

      5,000,000      4,233,920

5.950%, 1/18/18

      800,000      775,967

7.500%, 2/15/19

      500,000      535,386

6.125%, 2/15/33

      200,000      186,664

6.750%, 10/1/37

      750,000      666,745

Merrill Lynch & Co., Inc.

      

3.188%, 5/12/10(l)

      7,300,000      7,258,923

4.790%, 8/4/10

      400,000      402,110

6.150%, 4/25/13

      400,000      400,565

6.875%, 4/25/18

      600,000      555,334

6.110%, 1/29/37

      500,000      386,178

7.750%, 5/14/38

      400,000      371,562

Morgan Stanley

      

3.006%, 5/14/10(l)

      2,400,000      2,392,999

6.750%, 4/15/11

      400,000      419,027

1.399%, 1/9/12(l)

      1,600,000      1,442,251

6.600%, 4/1/12

      700,000      741,129

1.950%, 6/20/12

      840,000      838,286

5.300%, 3/1/13

      400,000      405,147

4.750%, 4/1/14

      400,000      377,836

6.000%, 5/13/14

      600,000      607,481

6.000%, 4/28/15

      300,000      299,217

 

      Principal
Amount		    Value
(Note 1)

5.450%, 1/9/17

    $ 300,000    $ 280,135

5.950%, 12/28/17

      400,000      383,824

6.625%, 4/1/18

      600,000      598,144

7.300%, 5/13/19

      100,000      103,695
         
        31,688,188
         

Commercial Banks (5.8%)

      

American Express Bank FSB

      

3.150%, 12/9/11

      850,000      880,125

American Express Centurion Bank

      

5.550%, 10/17/12

      3,400,000      3,396,886

Banco Bilbao Vizcaya Argentaria/Puerto Rico

      

0.660%, 5/25/12(l)†

      3,000,000      2,981,501

Barclays Bank plc

      

5.450%, 9/12/12

      400,000      417,044

6.750%, 5/22/19

      150,000      148,766

Citigroup, Inc.

      

1.016%, 5/7/12(l)

      30,000,000      29,927,190

Commonwealth Bank of Australia

      

1.030%, 12/10/12(l)§

      2,900,000      2,898,869

Credit Suisse/New York

      

3.450%, 7/2/12

      200,000      200,099

5.000%, 5/15/13

      900,000      920,091

5.500%, 5/1/14

      250,000      259,735

6.000%, 2/15/18

      300,000      299,497

Danske Bank A/S

      

0.945%, 5/24/12(l)§

      1,000,000      995,741

Fifth Third Bancorp

      

8.250%, 3/1/38

      250,000      191,375

HSBC Bank USA/New York

      

4.625%, 4/1/14

      400,000      392,715

HSBC Holdings plc

      

6.500%, 5/2/36

      400,000      390,614

6.500%, 9/15/37

      400,000      386,925

JPMorgan Chase Bank N.A.

      

6.000%, 10/1/17

      900,000      876,004

Kreditanstalt fuer Wiederaufbau

      

3.250%, 10/14/11

      1,900,000      1,955,794

3.500%, 3/10/14

      1,500,000      1,527,991

4.500%, 7/16/18

      900,000      922,075

(Zero Coupon), 6/29/37

      500,000      118,570

Landwirtschaftliche Rentenbank

      

3.250%, 3/15/13

      1,000,000      1,008,367

Northern Trust Corp.

      

4.625%, 5/1/14

      40,000      41,104

Oesterreichische Kontrollbank AG

      

1.875%, 3/21/12

      1,500,000      1,443,295

PNC Funding Corp.

      

5.625%, 2/1/17

      600,000      556,065

Rabobank Nederland N.V.

      

1.657%, 10/11/12

      2,900,000      2,849,627

Regions Bank/Alabama

      

3.250%, 12/9/11

      840,000      871,555

Royal Bank of Scotland plc

      

1.638%, 5/11/12(l)§

      3,000,000      3,022,398

Societe Financement de l’Economie Francaise

      

2.250%, 6/11/12§

      3,000,000      2,982,311

Suncorp-Metway Ltd.

      

0.989%, 12/17/10(l)§

      2,900,000      2,894,020

SunTrust Banks, Inc./Georgia

      

5.450%, 12/1/17

      200,000      175,662

Swedbank AB

      

2.900%, 1/14/13§

      3,000,000      3,012,360

U.S. Bancorp

      

4.200%, 5/15/14

      250,000      252,825

U.S. Bank N.A./Ohio

      

6.375%, 8/1/11

      1,000,000      1,071,505

 

See Notes to Financial Statements.

146

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

UBS AG/Connecticut

      

5.750%, 4/25/18

    $ 400,000    $ 364,294

Wachovia Bank N.A.

      

4.875%, 2/1/15

      400,000      381,956

6.600%, 1/15/38

      700,000      682,373

Wachovia Corp.

      

5.300%, 10/15/11

      100,000      104,210

2.798%, 5/1/13(l)

      2,900,000      2,799,225

5.750%, 2/1/18

      600,000      589,264

Wells Fargo & Co.

      

4.875%, 1/12/11

      400,000      411,830

3.000%, 12/9/11

      1,950,000      2,015,013

4.375%, 1/31/13

      600,000      605,166

5.625%, 12/11/17

      300,000      295,300
         
        78,517,332
         

Consumer Finance (0.8%)

      

American Express Co.

      

7.250%, 5/20/14

      150,000      155,165

6.150%, 8/28/17

      500,000      461,144

8.125%, 5/20/19

      150,000      155,659

American Express Credit Corp.

      

5.875%, 5/2/13

      200,000      198,594

Series C

      

7.300%, 8/20/13

      500,000      519,855

Capital One Bank USA N.A.

      

8.800%, 7/15/19

      250,000      255,406

Capital One Financial Corp.

      

7.375%, 5/23/14

      600,000      618,708

6.150%, 9/1/16

      100,000      88,503

6.750%, 9/15/17

      300,000      287,036

Ford Motor Credit Co. LLC

      

7.375%, 10/28/09

      1,750,000      1,734,999

HSBC Finance Corp.

      

1.206%, 5/10/10(l)

      1,100,000      1,071,096

5.250%, 1/14/11

      400,000      402,701

1.166%, 8/9/11(l)

      2,900,000      2,624,503

6.375%, 11/27/12

      500,000      508,573

5.000%, 6/30/15

      400,000      372,718

International Lease Finance Corp.

      

5.125%, 11/1/10

      950,000      848,585

5.750%, 6/15/11

      200,000      165,852

6.625%, 11/15/13

      400,000      307,883

Russell-Stanley Holdings, Inc.

      

9.000%, 11/30/09(b)†

      729,508      —  

SLM Corp.

      

8.450%, 6/15/18

      100,000      85,549
         
        10,862,529
         

Diversified Financial Services (3.0%)

      

Allstate Life Global Funding Trusts

      

5.375%, 4/30/13

      400,000      413,594

Altra Industrial Motion, Inc.

      

9.000%, 12/1/11§

      4,525,000      4,355,312

Ameriprise Financial, Inc.

      

7.300%, 6/28/19

      45,000      46,049

Axcan Intermediate Holdings, Inc.

      

12.750%, 3/1/16

      1,400,000      1,417,500

Bank of America Corp.

      

4.500%, 8/1/10

      800,000      803,905

3.125%, 6/15/12

      2,110,000      2,176,142

4.900%, 5/1/13

      1,400,000      1,363,645

5.625%, 10/14/16

      800,000      722,878

5.650%, 5/1/18

      750,000      662,723

7.250%, 10/15/25

      100,000      88,430

Bank of America N.A.

      

5.300%, 3/15/17

      200,000      169,689

 

      Principal
Amount		    Value
(Note 1)

Boeing Capital Corp.

      

6.500%, 2/15/12

    $ 200,000    $ 219,460

BP Capital Markets plc

      

3.125%, 3/10/12

      300,000      306,031

3.625%, 5/8/14

      200,000      199,465

4.750%, 3/10/19

      300,000      298,425

Caterpillar Financial Services Corp.

      

5.050%, 12/1/10

      200,000      208,307

4.900%, 8/15/13

      200,000      199,246

7.150%, 2/15/19

      500,000      535,190

Citigroup, Inc.

      

6.500%, 1/18/11

      500,000      507,732

5.125%, 2/14/11

      400,000      398,860

2.125%, 4/30/12

      1,690,000      1,697,419

5.500%, 4/11/13

      800,000      749,796

5.000%, 9/15/14

      200,000      167,664

5.850%, 8/2/16

      400,000      355,099

6.125%, 5/15/18

      600,000      524,797

8.500%, 5/22/19

      300,000      305,172

6.875%, 3/5/38

      600,000      529,900

Credit Suisse USA, Inc.

      

6.500%, 1/15/12

      200,000      215,824

General Electric Capital Corp.

      

5.875%, 2/15/12

      800,000      835,594

2.200%, 6/8/12

      840,000      844,303

5.250%, 10/19/12

      800,000      822,382

4.800%, 5/1/13

      400,000      400,436

5.900%, 5/13/14

      250,000      256,515

5.625%, 5/1/18

      1,900,000      1,796,988

6.750%, 3/15/32

      100,000      89,771

5.875%, 1/14/38

      600,000      474,832

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

      

7.125%, 2/15/13

      1,630,000      1,471,075

International Lease Finance Corp.

      

4.875%, 9/1/10

      650,000      582,646

John Deere Capital Corp.

      

7.000%, 3/15/12

      100,000      109,816

2.875%, 6/19/12

      680,000      696,788

5.500%, 4/13/17

      200,000      201,849

JPMorgan Chase & Co.

      

6.750%, 2/1/11

      1,100,000      1,150,009

5.350%, 2/1/12

      400,000      419,444

6.625%, 3/15/12

      800,000      842,206

2.125%, 6/22/12

      2,530,000      2,539,391

4.750%, 5/1/13

      400,000      405,075

4.650%, 6/1/14

      150,000      149,604

6.000%, 1/15/18

      600,000      596,044

6.400%, 5/15/38

      300,000      300,756

Leucadia National Corp.

      

8.125%, 9/15/15

      1,200,000      1,086,000

MassMutual Global Funding II

      

0.789%, 12/6/13(l)§

      2,000,000      2,001,044

National Rural Utilities Cooperative Finance Corp.

      

5.450%, 2/1/18

      100,000      101,908

8.000%, 3/1/32

      400,000      449,348

Susser Holdings LLC / Susser Finance Corp.

      

10.625%, 12/15/13§

      1,318,000      1,321,295

Textron Financial Corp.

      

4.600%, 5/3/10

      300,000      286,498

UFJ Finance Aruba AEC

      

6.750%, 7/15/13

      700,000      724,810

Unilever Capital Corp.

      

7.125%, 11/1/10

      200,000      213,543

4.800%, 2/15/19

      300,000      302,954
         
        41,111,178
         

 

See Notes to Financial Statements.

147

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

Insurance (0.9%)

      

ACE INA Holdings, Inc.

      

5.900%, 6/15/19

    $ 25,000    $ 25,059

Aflac, Inc.

      

8.500%, 5/15/19

      150,000      160,280

Allied World Assurance Co. Holdings Ltd.

      

7.500%, 8/1/16

      1,000,000      846,787

Allstate Corp.

      

6.200%, 5/16/14

      150,000      157,330

7.450%, 5/16/19

      100,000      108,186

American Financial Group, Inc.

      

9.875%, 6/15/19

      50,000      50,016

American International Group, Inc.

      

8.250%, 8/15/18§

      600,000      353,104

Berkshire Hathaway Finance Corp.

      

4.000%, 4/15/12§

      200,000      206,698

Chubb Corp.

      

5.750%, 5/15/18

      400,000      414,894

Genworth Financial, Inc.

      

6.515%, 5/22/18

      800,000      534,743

Lincoln National Corp.

      

8.750%, 7/1/19

      105,000      105,890

Marsh & McLennan Cos., Inc.

      

5.375%, 7/15/14

      400,000      389,403

MetLife, Inc.

      

5.000%, 6/15/15

      400,000      381,103

5.700%, 6/15/35

      200,000      174,686

Metropolitan Life Global Funding I

      

5.750%, 7/25/11(b)§

      2,104,000      2,158,908

5.125%, 11/9/11§

      600,000      620,245

Pricoa Global Funding I

      

0.801%, 5/24/11(b)(l)§

      1,000,000      961,850

1.139%, 1/30/12(l)§

      1,900,000      1,782,736

Principal Life Income Funding Trusts

      

0.700%, 10/9/09(l)

      800,000      798,066

5.300%, 4/24/13

      200,000      199,541

Prudential Financial, Inc.

      

5.100%, 9/20/14

      200,000      188,964

6.200%, 1/15/15

      30,000      29,328

7.375%, 6/15/19

      35,000      34,364

5.700%, 12/14/36

      100,000      75,025

Swiss Reinsurance Solutions Holding Corp.

      

7.000%, 2/15/26

      1,500,000      1,175,770

Travelers Cos., Inc.

      

6.750%, 6/20/36

      400,000      433,625
         
        12,366,601
         

Real Estate Investment Trusts (REITs) (0.3%)

   

ERP Operating LP

      

5.125%, 3/15/16

      400,000      366,839

HCP, Inc.

      

5.650%, 12/15/13

      2,200,000      2,002,994

ProLogis

      

5.625%, 11/15/15

      600,000      475,744

Simon Property Group LP

      

5.000%, 3/1/12

      700,000      697,802

6.750%, 5/15/14

      105,000      105,504

5.625%, 8/15/14

      200,000      190,977

5.250%, 12/1/16

      200,000      177,657
         
        4,017,517
         

Total Financials

         178,563,345
         

Health Care (2.3%)

      

Biotechnology (0.1%)

      

Amgen, Inc.

      

4.850%, 11/18/14

      200,000      211,260

 

      Principal
Amount		    Value
(Note 1)

6.400%, 2/1/39

    $ 300,000    $ 319,097

Genentech, Inc.

      

5.250%, 7/15/35

      200,000      186,328
         
        716,685
         

Health Care Equipment & Supplies (0.1%)

      

Accellent, Inc.

      

10.500%, 12/1/13§

      1,750,000      1,483,125

Baxter International, Inc.

      

4.625%, 3/15/15

      200,000      205,110

6.250%, 12/1/37

      100,000      109,789

Covidien International Finance S.A.

      

6.000%, 10/15/17

      100,000      106,345

Hospira, Inc.

      

6.400%, 5/15/15

      45,000      47,370
         
        1,951,739
         

Health Care Providers & Services (0.7%)

      

Apria Healthcare Group, Inc.

      

11.250%, 11/1/14§

      500,000      482,500

Cardinal Health, Inc.

      

5.500%, 6/15/13

      200,000      198,632

CIGNA Corp.

      

7.875%, 5/15/27

      100,000      85,691

Skilled Healthcare Group, Inc.

      

11.000%, 1/15/14§

      1,295,000      1,327,375

Surgical Care Affiliates, Inc.

      

8.875%, 7/15/15 PIK§

      1,950,000      1,501,500

10.000%, 7/15/17§

      3,250,000      2,258,750

U.S. Oncology, Inc.

      

10.750%, 8/15/14

      2,108,000      2,086,920

UnitedHealth Group, Inc.

      

5.250%, 3/15/11

      400,000      412,814

US Oncology, Inc.

      

9.125%, 8/15/17§

      550,000      545,875

WellPoint, Inc.

      

5.850%, 1/15/36

      100,000      87,735
         
        8,987,792
         

Pharmaceuticals (1.4%)

      

Abbott Laboratories, Inc.

      

5.600%, 5/15/11

      200,000      213,679

5.875%, 5/15/16

      200,000      218,124

5.600%, 11/30/17

      600,000      642,680

Angiotech Pharmaceuticals, Inc.

      

4.418%, 12/1/13(l)

      2,050,000      1,547,750

Argatroban Royalty Sub LLC

      

18.500%, 9/30/14(b)†

      4,008,066      3,206,453

AstraZeneca plc

      

5.400%, 9/15/12

      200,000      216,961

5.900%, 9/15/17

      500,000      535,415

6.450%, 9/15/37

      200,000      221,713

Bristol-Myers Squibb Co.

      

5.250%, 8/15/13

      300,000      319,207

5.450%, 5/1/18

      200,000      211,899

6.125%, 5/1/38

      500,000      540,300

Elan Finance plc/Elan Finance Corp.

      

7.750%, 11/15/11

      500,000      462,500

4.793%, 12/1/13(l)

      2,075,000      1,618,500

Eli Lilly & Co.

      

4.200%, 3/6/14

      500,000      514,780

5.200%, 3/15/17

      100,000      104,772

GlaxoSmithKline Capital, Inc.

      

4.850%, 5/15/13

      200,000      209,209

5.650%, 5/15/18

      400,000      423,682

6.375%, 5/15/38

      200,000      217,487

Johnson & Johnson

      

5.150%, 7/15/18

      200,000      213,065

 

See Notes to Financial Statements.

148

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

5.850%, 7/15/38

    $ 100,000    $ 107,171

Merck & Co., Inc.

      

5.000%, 6/30/19

      350,000      354,385

6.400%, 3/1/28

      200,000      216,815

Novartis Securities Investment Ltd.

      

5.125%, 2/10/19

      600,000      613,852

Pfizer, Inc.

      

2.579%, 3/15/11(l)

      2,500,000      2,575,655

4.450%, 3/15/12

      200,000      209,848

5.350%, 3/15/15

      500,000      537,300

6.200%, 3/15/19

      300,000      328,087

7.200%, 3/15/39

      200,000      237,482

Phibro Animal Health Corp.

      

13.000%, 8/1/14§

      2,115,000      1,818,900

Schering-Plough Corp.

      

6.000%, 9/15/17

      200,000      213,001

Wyeth

      

5.500%, 3/15/13

      200,000      213,821

6.000%, 2/15/36

      100,000      106,067

5.950%, 4/1/37

      200,000      206,906
         
        19,377,466
         

Total Health Care

         31,033,682
         

Industrials (1.0%)

      

Aerospace & Defense (0.2%)

      

Boeing Co.

      

5.000%, 3/15/14

      500,000      526,412

6.125%, 2/15/33

      100,000      101,814

General Dynamics Corp.

      

4.250%, 5/15/13

      200,000      204,195

Honeywell International, Inc.

      

4.250%, 3/1/13

      200,000      207,692

5.000%, 2/15/19

      500,000      510,692

Lockheed Martin Corp.

      

Series B

      

6.150%, 9/1/36

      200,000      213,492

Northrop Grumman Systems Corp.

      

7.125%, 2/15/11

      100,000      107,336

7.750%, 2/15/31

      200,000      250,267

Rockwell Collins, Inc.

      

5.250%, 7/15/19

      50,000      51,694

United Technologies Corp.

      

5.375%, 12/15/17

      200,000      211,807

6.125%, 2/1/19

      500,000      553,395

6.125%, 7/15/38

      100,000      108,542
         
        3,047,338
         

Air Freight & Logistics (0.1%)

      

United Parcel Service, Inc.

      

4.500%, 1/15/13

      200,000      209,744

5.125%, 4/1/19

      300,000      315,351

6.200%, 1/15/38

      100,000      109,405
         
        634,500
         

Airlines (0.0%)

      

Continental Airlines, Inc.

      

9.000%, 7/8/16

      150,000      150,000
         

Commercial Services & Supplies (0.2%)

      

Allied Waste North America, Inc.

      

6.875%, 6/1/17

      350,000      346,500

Dartmouth College

      

4.750%, 6/1/19

      50,000      50,510

Pitney Bowes, Inc.

      

4.750%, 1/15/16

      100,000      97,519

R.R. Donnelley & Sons Co.

      

4.950%, 4/1/14

      400,000      348,200

 

      Principal
Amount		    Value
(Note 1)

Sheridan Group, Inc.

      

10.250%, 8/15/11§

    $ 2,600,000    $ 1,560,000

Waste Management, Inc.

      

6.100%, 3/15/18

      350,000      344,872

7.000%, 7/15/28

      100,000      94,683
         
        2,842,284
         

Construction & Engineering (0.1%)

      

Esco Corp.

      

8.625%, 12/15/13§

      1,700,000      1,470,500
         

Electrical Equipment (0.0%)

      

Emerson Electric Co.

      

5.250%, 10/15/18

      100,000      102,426
         

Industrial Conglomerates (0.2%)

      

3M Co.

      

4.375%, 8/15/13

      100,000      106,330

Cooper U.S., Inc.

      

5.250%, 11/15/12

      100,000      106,799

General Electric Co.

      

5.000%, 2/1/13

      200,000      208,103

5.250%, 12/6/17

      500,000      491,022

Harland Clarke Holdings Corp.

      

5.633%, 5/15/15(l)

      1,845,000      1,111,612

ITT Corp.

      

4.900%, 5/1/14

      65,000      64,556

6.125%, 5/1/19

      90,000      92,497

Philips Electronics N.V.

      

6.875%, 3/11/38

      200,000      214,229
         
        2,395,148
         

Machinery (0.1%)

      

Caterpillar, Inc.

      

6.050%, 8/15/36

      100,000      95,391

Danaher Corp.

      

5.625%, 1/15/18

      300,000      312,880

Dover Corp.

      

6.600%, 3/15/38

      100,000      111,713

Trimas Corp.

      

9.875%, 6/15/12

      1,400,000      1,204,000
         
        1,723,984
         

Road & Rail (0.1%)

      

Burlington Northern Santa Fe Corp.

      

6.150%, 5/1/37

      100,000      99,857

Burlington Resources Finance Co.

      

7.200%, 8/15/31

      100,000      109,260

Canadian Pacific Railway Co.

      

7.250%, 5/15/19

      45,000      46,691

CSX Corp.

      

7.375%, 2/1/19

      300,000      325,812

Norfolk Southern Corp.

      

7.700%, 5/15/17

      100,000      109,604

5.750%, 4/1/18

      300,000      306,737

5.900%, 6/15/19

      65,000      67,363

Union Pacific Corp.

      

6.125%, 2/15/20

      300,000      311,070

6.150%, 5/1/37

      100,000      92,384
         
        1,468,778
         

Total Industrials

         13,834,958
         

Information Technology (1.0%)

      

Communications Equipment (0.1%)

      

Cisco Systems, Inc.

      

5.250%, 2/22/11

      200,000      210,888

5.500%, 2/22/16

      100,000      105,939

4.950%, 2/15/19

      300,000      299,985

5.900%, 2/15/39

      400,000      393,918

 

See Notes to Financial Statements.

149

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

Motorola, Inc.

      

6.000%, 11/15/17

    $ 200,000    $ 163,000
         
        1,173,730
         

Computers & Peripherals (0.3%)

      

Dell, Inc.

      

3.375%, 6/15/12

      30,000      30,538

5.875%, 6/15/19

      50,000      51,035

7.100%, 4/15/28

      50,000      51,249

6.500%, 4/15/38

      200,000      190,984

Hewlett-Packard Co.

      

4.500%, 3/1/13

      400,000      415,864

International Business Machines Corp.

      

1.653%, 7/28/11(l)

      2,100,000      2,112,707

4.750%, 11/29/12

      200,000      214,452

5.700%, 9/14/17

      400,000      424,665

5.875%, 11/29/32

      100,000      103,423

8.000%, 10/15/38

      300,000      388,292
         
        3,983,209
         

Electronic Equipment, Instruments & Components (0.1%)

      

Sanmina-SCI Corp.

      

3.379%, 6/15/14(l)§

      2,350,000      1,927,000
         

Internet Software & Services (0.1%)

      

Terremark Worldwide, Inc.

      

12.000%, 6/15/17§

      1,125,000      1,080,000
         

IT Services (0.2%)

      

Compucom Systems, Inc.

      

12.500%, 10/1/15§

      1,600,000      1,330,000

SunGard Data Systems, Inc.

      

9.125%, 8/15/13

      1,000,000      945,000
         
        2,275,000
         

Office Electronics (0.1%)

      

Xerox Capital Trust I

      

8.000%, 2/1/27

      1,400,000      1,064,000

Xerox Corp.

      

8.250%, 5/15/14

      95,000      98,787

6.350%, 5/15/18

      200,000      178,500
         
        1,341,287
         

Semiconductors & Semiconductor Equipment (0.0%)

   

Analog Devices, Inc.

      

5.000%, 7/1/14

      150,000      150,256
         

Software (0.1%)

      

Microsoft Corp.

      

2.950%, 6/1/14

      115,000      114,166

4.200%, 6/1/19

      125,000      122,120

5.200%, 6/1/39

      110,000      107,062

Oracle Corp.

      

5.000%, 1/15/11

      400,000      419,320

5.750%, 4/15/18

      500,000      527,421
         
        1,290,089
         

Total Information Technology

         13,220,571
         

Materials (1.7%)

      

Chemicals (0.6%)

      

Cognis GmbH

      

2.629%, 9/15/13(l)§

      2,000,000      1,520,000

Dow Chemical Co.

      

7.600%, 5/15/14

      220,000      226,600

8.550%, 5/15/19

      155,000      155,276

9.400%, 5/15/39

      90,000      92,644

E.I. du Pont de Nemours & Co.

      

5.000%, 7/15/13

      200,000      210,326

5.250%, 12/15/16

      100,000      104,095

5.750%, 3/15/19

      500,000      527,680

 

      Principal
Amount		    Value
(Note 1)

Ferro Corp.

      

6.500%, 8/15/13

    $ 450,000    $ 227,250

Ineos Group Holdings plc

      

8.500%, 2/15/16§

      7,000,000      2,170,000

Monsanto Co.

      

7.375%, 8/15/12

      200,000      228,779

5.125%, 4/15/18

      100,000      103,602

5.875%, 4/15/38

      200,000      204,045

Potash Corp of Saskatchewan Inc.

      

5.250%, 5/15/14

      80,000      82,559

6.500%, 5/15/19

      65,000      70,039

Reichhold Industries, Inc.

      

9.000%, 8/15/14§

      4,745,000      1,660,750

Rohm & Haas Co.

      

5.600%, 3/15/13

      500,000      494,274

Valspar Corp.

      

7.250%, 6/15/19

      100,000      100,699
         
        8,178,618
         

Containers & Packaging (0.5%)

      

Berry Plastics Corp.

      

5.881%, 2/15/15(l)

      1,450,000      1,279,625

Graham Packaging Co. LP/GPC Capital Corp. I

      

8.500%, 10/15/12

      1,550,000      1,495,750

Impress Holdings B.V.

      

4.256%, 9/15/13(l)§

      4,725,000      3,951,281

Packaging Corp. of America

      

5.750%, 8/1/13

      500,000      480,551
         
        7,207,207
         

Metals & Mining (0.6%)

      

Alcoa, Inc.

      

6.000%, 7/15/13

      200,000      195,401

5.900%, 2/1/27

      200,000      142,611

Allegheny Technologies, Inc.

      

9.375%, 6/1/19

      100,000      105,971

ArcelorMittal S.A.

      

5.375%, 6/1/13

      200,000      191,557

9.000%, 2/15/15

      125,000      131,670

6.125%, 6/1/18

      200,000      175,000

9.850%, 6/1/19

      150,000      161,536

Barrick Gold Corp.

      

6.950%, 4/1/19

      500,000      560,003

Barrick N.A. Finance LLC

      

7.500%, 9/15/38

      100,000      116,455

BHP Billiton Finance USA Ltd.

      

5.125%, 3/29/12

      1,500,000      1,575,588

4.800%, 4/15/13

      200,000      207,963

7.250%, 3/1/16

      1,375,000      1,547,510

6.500%, 4/1/19

      500,000      555,263

Freeport-McMoRan Copper & Gold, Inc.

      

8.375%, 4/1/17

      300,000      302,250

Nucor Corp.

      

5.750%, 12/1/17

      200,000      207,814

Rio Tinto Finance USA Ltd.

      

5.875%, 7/15/13

      800,000      805,014

6.500%, 7/15/18

      200,000      200,117

7.125%, 7/15/28

      100,000      95,423

Vale Overseas Ltd.

      

6.875%, 11/21/36

      400,000      379,802
         
        7,656,948
         

Paper & Forest Products (0.0%)

      

International Paper Co.

      

7.400%, 6/15/14

      200,000      199,092

Newark Group, Inc.

      

9.750%, 3/15/14(h)§

      5,660,000      120,275

 

See Notes to Financial Statements.

150

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

Weyerhaeuser Co.

      

6.950%, 10/1/27

    $ 100,000    $ 76,581
         
        395,948
         

Total Materials

         23,438,721
         

Telecommunication Services (2.6%)

      

Diversified Telecommunication Services (1.6%)

   

AT&T Corp.

      

7.300%, 11/15/11

      400,000      438,658

8.000%, 11/15/31

      200,000      230,836

AT&T, Inc.

      

4.950%, 1/15/13

      200,000      208,001

5.100%, 9/15/14

      200,000      207,758

5.625%, 6/15/16

      400,000      411,639

5.500%, 2/1/18

      500,000      499,268

6.300%, 1/15/38

      500,000      483,127

6.400%, 5/15/38

      200,000      195,782

6.550%, 2/15/39

      500,000      499,111

BellSouth Capital Funding Corp.

      

7.875%, 2/15/30

      500,000      552,374

British Telecommunications plc

      

9.625%, 12/15/30

      300,000      332,597

Corning, Inc.

      

6.625%, 5/15/19

      20,000      20,440

Deutsche Telekom International Finance B.V.

      

8.500%, 6/15/10

      2,700,000      2,839,495

4.875%, 7/8/14

      150,000      150,972

6.000%, 7/8/19

      100,000      100,890

8.750%, 6/15/30

      900,000      1,053,656

Embarq Corp.

      

7.082%, 6/1/16

      100,000      97,659

7.995%, 6/1/36

      100,000      87,937

France Telecom S.A.

      

7.750%, 3/1/11

      700,000      757,072

Hawaiian Telcom Communications, Inc.

      

Series B

      

9.750%, 5/1/13(b)(h)§

      4,050,000      40,500

Level 3 Financing, Inc.

      

12.250%, 3/15/13

      1,105,000      1,049,750

Telcordia Technologies, Inc.

      

4.881%, 7/15/12(l)§

      2,600,000      2,015,000

Telecom Italia Capital S.A.

      

4.875%, 10/1/10

      400,000      404,055

1.717%, 7/18/11(l)

      2,900,000      2,771,478

5.250%, 11/15/13

      200,000      196,118

6.175%, 6/18/14

      100,000      101,128

5.250%, 10/1/15

      400,000      386,135

7.175%, 6/18/19

      100,000      101,369

Telefonica Emisiones S.A.U.

      

1.346%, 2/4/13(l)

      1,300,000      1,215,647

4.949%, 1/15/15

      85,000      86,399

6.421%, 6/20/16

      700,000      748,448

5.877%, 7/15/19

      145,000      149,494

7.045%, 6/20/36

      300,000      332,440

Verizon Communications, Inc.

      

7.250%, 12/1/10

      400,000      425,897

7.375%, 9/1/12

      400,000      447,487

5.550%, 2/15/16

      500,000      517,531

5.500%, 2/15/18

      600,000      595,867

7.750%, 12/1/30

      400,000      446,713

6.900%, 4/15/38

      100,000      104,320

7.350%, 4/1/39

      300,000      326,896
         
        21,629,944
         
      Principal
Amount		    Value
(Note 1)

Wireless Telecommunication Services (1.0%)

   

America Movil S.A.B. de C.V.

      

6.375%, 3/1/35

    $ 100,000    $ 94,828

Centennial Communications Corp./Cellular Operating Co. LLC

      

8.125%, 2/1/14

      500,000      511,250

Cricket Communications, Inc.

      

7.750%, 5/15/16§

      1,675,000      1,612,187

MetroPCS Wireless, Inc.

      

9.250%, 11/1/14

      1,200,000      1,192,500

New Cingular Wireless Services, Inc.

      

7.875%, 3/1/11

      200,000      215,693

8.125%, 5/1/12

      200,000      223,916

8.750%, 3/1/31

      100,000      121,881

Rogers Communications, Inc.

      

6.800%, 8/15/18

      100,000      107,203

7.500%, 8/15/38

      100,000      110,687

Verizon Wireless Capital LLC

      

3.316%, 5/20/11(l)^§

      2,900,000      2,984,613

3.750%, 5/20/11§

      300,000      306,142

5.550%, 2/1/14§

      500,000      530,814

8.500%, 11/15/18§

      400,000      478,037

Vodafone Group plc

      

0.969%, 6/15/11(l)

      1,425,000      1,390,897

5.000%, 12/16/13

      200,000      207,422

4.150%, 6/10/14

      2,100,000      2,067,049

5.625%, 2/27/17

      400,000      406,270

5.450%, 6/10/19

      150,000      147,503

6.150%, 2/27/37

      500,000      491,926
         
        13,200,818
         

Total Telecommunication Services

         34,830,762
         

Utilities (1.5%)

      

Electric Utilities (1.1%)

      

Appalachian Power Co.

      

7.000%, 4/1/38

      200,000      207,240

Baltimore Gas & Electric Co.

      

6.125%, 7/1/13

      300,000      313,070

Calpine Construction Finance Co.

      

LP/ CCFC Finance Corp.

      

8.000%, 6/1/16§

      1,225,000      1,172,937

Carolina Power & Light Co.

      

6.300%, 4/1/38

      300,000      329,203

CenterPoint Energy Houston Electric LLC

      

Series U

      

7.000%, 3/1/14

      300,000      323,859

Commonwealth Edison Co.

      

6.450%, 1/15/38

      400,000      412,585

Consolidated Edison Co. of New York, Inc.

      

Series 07-A

      

6.300%, 8/15/37

      100,000      105,977

Series 08-A

      

5.850%, 4/1/18

      500,000      525,370

Series 08-B

      

6.750%, 4/1/38

      100,000      112,242

DTE Energy Co.

      

7.625%, 5/15/14

      100,000      104,366

Duke Energy Carolinas LLC

      

Series C

      

7.000%, 11/15/18

      100,000      116,577

Duke Energy Corp.

      

5.650%, 6/15/13

      400,000      419,258

6.300%, 2/1/14

      500,000      539,819

Duke Energy Indiana, Inc.

      

6.450%, 4/1/39

      300,000      336,077

 

See Notes to Financial Statements.

151

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

Duke Energy Ohio, Inc.

      

5.700%, 9/15/12

    $ 200,000    $ 203,430

Edison Mission Energy

      

7.500%, 6/15/13

      1,000,000      895,000

Exelon Corp.

      

4.900%, 6/15/15

      200,000      186,216

Exelon Generation Co. LLC

      

6.200%, 10/1/17

      100,000      99,537

FirstEnergy Corp.

      

Series B

      

6.450%, 11/15/11

      200,000      208,752

Series C

      

7.375%, 11/15/31

      200,000      188,771

FPL Group Capital, Inc.

      

5.625%, 9/1/11

      100,000      106,896

6.000%, 3/1/19

      500,000      537,046

Georgia Power Co.

      

5.950%, 2/1/39

      300,000      314,492

MidAmerican Energy Co.

      

5.750%, 11/1/35

      100,000      99,147

MidAmerican Energy Holdings Co.

      

5.875%, 10/1/12

      400,000      426,002

5.750%, 4/1/18

      400,000      416,079

6.125%, 4/1/36

      200,000      197,696

5.950%, 5/15/37

      100,000      96,528

6.500%, 9/15/37

      200,000      207,569

Nevada Power Co.

      

6.500%, 8/1/18

      200,000      204,506

Northern States Power Co.

      

5.250%, 3/1/18

      200,000      208,152

Oncor Electric Delivery Co.

      

6.375%, 5/1/12

      100,000      105,523

6.800%, 9/1/18

      400,000      427,443

Pacific Gas & Electric Co.

      

8.250%, 10/15/18

      600,000      732,197

6.050%, 3/1/34

      200,000      207,487

PacifiCorp

      

6.000%, 1/15/39

      300,000      314,414

PPL Electric Utilities Corp.

      

6.250%, 5/15/39

      30,000      31,625

PPL Energy Supply LLC

      

6.500%, 5/1/18

      100,000      101,522

Progress Energy, Inc.

      

7.100%, 3/1/11

      100,000      106,356

Public Service Co. of Colorado

      

5.125%, 6/1/19

      85,000      87,349

Public Service Electric & Gas Co.

      

5.375%, 9/1/13

      200,000      210,744

San Diego Gas & Electric Co.

      

6.000%, 6/1/39

      30,000      31,898

South Carolina Electric & Gas Co.

      

6.050%, 1/15/38

      100,000      107,674

Southern California Edison Co.

      

5.750%, 3/15/14

      400,000      433,957

6.050%, 3/15/39

      300,000      321,999

Series 08-A

      

5.950%, 2/1/38

      100,000      105,798

Southern Co.

      

4.150%, 5/15/14

      75,000      75,298

Series A

      

5.300%, 1/15/12

      400,000      419,998

Union Electric Co.

      

6.700%, 2/1/19

      200,000      209,018

Virginia Electric & Power Co.

      

5.000%, 6/30/19

      165,000      166,406

8.875%, 11/15/38

      300,000      402,074
      Principal
Amount		   

Value

(Note 1)

Series A

      

4.750%, 3/1/13

    $ 200,000    $ 204,645

6.000%, 5/15/37

      100,000      103,259
         
        14,521,083
         

Gas Utilities (0.2%)

   

Copano Energy LLC/Copano Energy Finance Corp.

      

7.750%, 6/1/18

      1,250,000      1,128,125

MarkWest Energy Partners LP/

      

MarkWest Energy Finance Corp.

      

6.875%, 11/1/14§

      400,000      330,000

Oneok, Inc.

      

6.000%, 6/15/35

      100,000      83,818

Regency Energy Partners LP/

      

Regency Energy Finance Corp.

      

9.375%, 6/1/16§

      1,200,000      1,161,000

Sempra Energy

      

6.500%, 6/1/16

      60,000      62,630
         
        2,765,573
         

Independent Power Producers & Energy Traders (0.1%)

   

NRG Energy, Inc.

      

8.500%, 6/15/19

      1,000,000      968,750

Tennessee Valley Authority

      

5.500%, 7/18/17

      550,000      599,844
         
        1,568,594
         

Multi-Utilities (0.1%)

      

CenterPoint Energy Resources Corp.

      

Series B

      

7.875%, 4/1/13

      200,000      213,334

Dominion Resources, Inc.

      

8.875%, 1/15/19

      300,000      357,762

Series B

      

5.950%, 6/15/35

      100,000      95,392

DTE Energy Co.

      

6.350%, 6/1/16

      200,000      183,517

National Grid plc

      

6.300%, 8/1/16

      500,000      513,693

NiSource Finance Corp.

      

5.450%, 9/15/20

      100,000      84,108

Sempra Energy

      

6.000%, 2/1/13

      200,000      204,438
         
        1,652,244
         

Total Utilities

         20,507,494
         

Total Corporate Bonds

         452,251,312
         

Government Securities (74.3%)

      

Foreign Governments (0.9%)

      

Federative Republic of Brazil

      

10.250%, 6/17/13

    $ 840,000      1,023,120

8.875%, 10/14/19

      270,000      330,750

8.875%, 4/15/24

      540,000      670,950

10.125%, 5/15/27

      120,000      166,200

8.250%, 1/20/34

      840,000      997,500

Province of Manitoba

      

5.000%, 2/15/12

      400,000      422,782

Province of Nova Scotia

      

5.125%, 1/26/17

      270,000      275,996

Province of Ontario

      

4.950%, 6/1/12

      420,000      450,557

4.950%, 11/28/16

      550,000      560,199

Province of Quebec

      

4.875%, 5/5/14

      540,000      567,367

4.625%, 5/14/18

      540,000      534,329

7.500%, 9/15/29

      410,000      502,711

Republic of Italy

      

 

See Notes to Financial Statements.

152

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)

3.500%, 7/15/11

    $ 1,390,000    $ 1,435,475

5.250%, 9/20/16

      1,130,000      1,164,053

Republic of Peru

      

6.550%, 3/14/37

      270,000      261,900

Republic of South Africa

      

5.875%, 5/30/22

      570,000      524,400

State of Israel

      

5.125%, 3/1/14

      120,000      125,788

United Mexican States

      

6.375%, 1/16/13

      270,000      291,600

5.625%, 1/15/17

      960,000      970,560

8.300%, 8/15/31

      270,000      321,975

6.050%, 1/11/40

      540,000      490,590
         
        12,088,802
         

Municipal Bonds (0.8%)

      

City of San Antonio, Texas

      

5.985%, 2/1/39

      50,000      51,741

New Jersey State Turnpike Authority

      

7.414%, 1/1/40

      1,000,000      1,164,060

New Jersey Transportation Trust Fund Authority

      

6.875%, 12/15/39

      1,000,000      1,017,570

New York State Dormitory Authority

      

5.000%, 7/1/39

      3,000,000      3,047,130

State of California

      

7.550%, 4/1/39

      3,000,000      2,731,170

University of Texas

      

6.276%, 8/15/41

      2,900,000      3,040,360
         
        11,052,031
         

Supranational (0.9%)

      

Asian Development Bank

      

3.000%, 2/15/11

      400,000      410,485

2.750%, 5/21/14

      500,000      490,919

4.250%, 10/20/14

      540,000      547,431

Corp. Andina de Fomento

      

8.125%, 6/4/19

      325,000      344,330

European Investment Bank

      

3.125%, 7/15/11

      1,960,000      2,023,247

4.250%, 7/15/13

      1,390,000      1,465,231

3.000%, 4/8/14

      1,000,000      995,231

3.125%, 6/4/14

      750,000      744,824

4.875%, 1/17/17

      550,000      578,790

Export Development Canada

      

2.375%, 3/19/12

      1,000,000      1,009,488

Inter-American Development Bank

      

4.375%, 9/20/12

      550,000      584,778

5.125%, 9/13/16

      280,000      300,266

International Bank for Reconstruction & Development

      

5.000%, 4/1/16

      550,000      587,536

4.750%, 2/15/35

      130,000      121,131

Kommunalbanken A/S

      

3.375%, 11/15/11

      2,000,000      2,050,004

Nordic Investment Bank

      

3.625%, 6/17/13

      550,000      566,050
         
        12,819,741
         

U.S. Government Agencies (53.5%)

      

Federal Farm Credit Bank

      

3.875%, 8/25/11

      20,000      21,037

Federal Home Loan Bank

      

3.375%, 8/13/10

      3,480,000      3,588,747

3.375%, 10/20/10

      2,780,000      2,874,470

5.375%, 8/19/11

      1,960,000      2,116,941

1.875%, 6/20/12

      250,000      249,655

5.125%, 8/14/13

      1,110,000      1,216,546

4.000%, 9/6/13

      1,400,000      1,472,898
      Principal
Amount		    Value
(Note 1)

5.500%, 8/13/14

    $ 1,120,000    $ 1,250,375

5.000%, 11/17/17

      1,690,000      1,798,353

5.500%, 7/15/36

      270,000      275,342

Federal Home Loan Mortgage Corp.

      

4.125%, 7/12/10

      7,250,000      7,532,431

0.580%, 9/24/10(l)

      17,100,000      17,127,822

0.703%, 3/9/11(l)

      23,000,000      23,072,979

1.625%, 4/26/11

      4,000,000      4,030,452

0.926%, 5/4/11(l)

      2,000,000      2,004,056

3.875%, 6/29/11

      5,730,000      6,021,095

1.750%, 6/15/12

      500,000      498,182

2.000%, 6/15/12

      150,000      149,729

4.500%, 7/15/13

      2,800,000      3,013,962

2.500%, 1/7/14

      1,690,000      1,673,544

3.250%, 2/18/14

      610,000      606,905

2.500%, 4/23/14

      6,000,000      5,905,014

5.000%, 7/15/14

      1,680,000      1,841,092

3.000%, 7/28/14^

      4,500,000      4,509,117

5.000%, 4/18/17

      300,000      327,507

5.125%, 11/17/17

      32,000,000      35,120,896

4.875%, 6/13/18

      6,020,000      6,478,327

5.000%, 7/1/19

      3,753,667      3,916,482

5.000%, 2/1/22

      4,573,697      4,759,218

5.500%, 5/1/22

      4,650,650      4,871,265

4.500%, 2/1/24

      5,765,076      5,887,344

6.500%, 5/1/26

      884,233      948,495

6.500%, 8/1/26

      1,758,103      1,885,874

6.500%, 9/1/27

      1,446,728      1,548,375

6.750%, 3/15/31

      550,000      681,841

6.250%, 7/15/32

      280,000      332,696

5.000%, 12/1/34

      20,093,302      20,547,756

6.000%, 3/1/36

      977,528      1,023,063

5.500%, 10/1/36

      952,602      985,189

6.000%, 10/1/36

      964,130      1,008,137

5.500%, 5/1/37

      970,835      1,003,591

6.000%, 6/1/37

      243,162      254,071

5.500%, 12/1/37

      998,938      1,032,642

5.500%, 1/1/38

      1,877,284      1,940,624

5.500%, 2/1/38

      19,251,863      19,901,426

5.500%, 3/1/38

      1,358,207      1,403,957

6.000%, 3/1/38

      50,642      52,911

6.500%, 5/1/38

      910,939      969,120

5.500%, 6/1/38

      1,679,140      1,735,700

6.000%, 6/1/38

      391,929      409,491

6.000%, 7/1/38

      209,555      218,944

6.000%, 8/1/38

      768,408      802,838

5.500%, 9/1/38

      981,672      1,014,738

6.000%, 9/1/38

      835,671      873,430

6.000%, 10/1/38

      244,621      255,581

5.500%, 11/1/38

      750,680      775,966

6.000%, 12/1/38

      1,274,841      1,331,962

6.000%, 2/1/39

      9,416,867      9,838,810

6.000%, 3/1/39

      3,759,721      3,928,183

4.500%, 4/1/39

      4,976,567      4,960,189

4.000%, 5/1/39

      998,207      964,650

4.500%, 6/1/39

      2,000,000      1,993,418

4.000%, 7/15/24 TBA

      3,000,000      2,998,125

4.000%, 7/15/39 TBA

      3,000,000      2,902,266

6.000%, 7/15/39 TBA

      7,700,000      8,034,473

Federal National Mortgage Association

      

0.966%, 8/5/10(l)

      20,000,000      20,033,800

3.250%, 8/12/10

      2,810,000      2,892,566

2.000%, 3/2/11

      490,000      493,561

6.000%, 5/15/11

      1,120,000      1,217,291

5.000%, 2/16/12

      2,230,000      2,419,853

2.500%, 2/17/12

      2,110,000      2,116,385

 

See Notes to Financial Statements.

153

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		   

Value

(Note 1)

4.625%, 10/15/13

    $ 4,460,000    $ 4,814,936

5.000%, 2/13/17

      2,810,000      3,066,022

5.000%, 5/11/17

      1,390,000      1,509,447

4.500%, 3/1/23

      8,448,128      8,751,381

6.000%, 7/1/23

      5,533,681      5,865,909

5.000%, 4/1/24

      4,735,580      4,909,909

6.250%, 5/15/29

      850,000      997,922

7.125%, 1/15/30

      550,000      709,398

6.625%, 11/15/30

      500,000      612,387

6.000%, 11/1/32

      5,963,365      6,291,467

5.000%, 6/1/33

      17,153,888      17,555,611

5.500%, 6/1/33

      23,342      24,220

6.000%, 10/1/33

      7,130,326      7,522,633

5.500%, 11/1/34

      14,644,600      15,186,765

5.500%, 11/1/35

      14,258,214      14,772,707

5.500%, 3/1/36

      939,320      971,600

5.000%, 5/1/36

      14,447,463      14,760,680

6.000%, 9/1/36

      11,091,255      11,618,306

5.500%, 12/1/36

      19,201,062      19,860,911

5.500%, 1/1/37

      39,958      41,331

5.500%, 6/1/37

      2,497,371      2,581,633

5.500%, 7/1/37

      38,314      39,607

5.675%, 7/1/37(l)

      9,809,130      10,233,060

6.000%, 7/1/37

      15,137,034      15,842,148

5.564%, 8/1/37(l)

      9,468,982      9,961,584

6.000%, 8/1/37

      5,511,224      5,773,115

5.500%, 9/1/37

      37,338      38,598

5.500%, 10/1/37

      25,634,814      26,499,738

6.000%, 10/1/37

      16,157,249      16,909,886

5.500%, 11/1/37

      4,744,191      4,904,261

6.500%, 11/1/37

      4,155,098      4,431,104

5.500%, 12/1/37

      3,581,854      3,702,706

5.500%, 1/1/38

      19,517,313      20,175,831

5.500%, 3/1/38

      2,765,467      2,858,619

5.500%, 7/1/38

      1,555,359      1,607,749

5.500%, 8/1/38

      3,510,793      3,629,051

5.500%, 9/1/38

      32,663,563      33,763,801

6.000%, 9/1/38

      6,459,558      6,759,085

5.500%, 11/1/38

      19,298,418      19,949,009

5.500%, 12/1/38

      3,603,114      3,724,481

4.500%, 1/1/39

      47,667      47,634

5.500%, 1/1/39

      936,075      967,606

5.129%, 2/1/39(l)

      9,849,396      10,251,465

4.500%, 4/1/39

      7,410,897      7,405,035

4.000%, 6/1/39

      2,500,000      2,423,235

4.500%, 7/25/39 TBA

      7,000,000      6,984,684

5.500%, 7/25/39 TBA

      35,000,000      36,126,580

6.500%, 7/25/39 TBA

      5,000,000      5,325,000

Government National Mortgage Association

      

6.500%, 5/15/31

      7,693      8,301

6.500%, 9/15/36

      11,679      12,413

6.500%, 10/15/37

      2,581,245      2,742,270

6.500%, 8/15/38

      603,632      641,006

6.000%, 9/15/38

      3,686,180      3,844,426

6.500%, 9/15/38

      464,332      493,080

6.000%, 10/15/38

      6,233,317      6,500,913

6.500%, 10/15/38

      1,093,359      1,162,899

6.000%, 11/15/38

      518,553      540,813

6.000%, 12/15/38

      1,907,409      1,989,294

6.000%, 1/15/39

      1,676,416      1,748,385

6.000%, 2/15/39

      58,143      60,639

4.500%, 4/15/39

      1,301,408      1,301,764

5.000%, 7/15/39 TBA

      7,500,000      7,645,312
      Principal
Amount		   

Value

(Note 1)

5.500%, 7/15/39 TBA

    $ 15,000,000    $ 15,487,500
         
        728,882,633
         

U.S. Treasuries (18.2%)

      

U.S. Treasury Bonds

      

11.250%, 2/15/15

      3,930,000      5,664,419

9.250%, 2/15/16

      840,000      1,150,012

7.250%, 5/15/16

      2,780,000      3,484,338

8.750%, 5/15/17

      1,680,000      2,300,550

9.125%, 5/15/18

      840,000      1,203,234

8.125%, 8/15/19

      2,780,000      3,811,641

8.750%, 8/15/20

      3,880,000      5,558,100

7.875%, 2/15/21

      840,000      1,140,431

8.125%, 8/15/21

      840,000      1,165,631

7.125%, 2/15/23

      840,000      1,097,644

6.750%, 8/15/26

      2,240,000      2,915,149

6.625%, 2/15/27

      1,550,000      1,998,289

5.500%, 8/15/28

      3,800,000      4,390,782

5.250%, 2/15/29

      2,655,000      2,986,047

6.125%, 8/15/29

      3,100,000      3,860,467

6.250%, 5/15/30

      1,840,000      2,332,774

4.500%, 2/15/36

      2,630,000      2,709,310

4.750%, 2/15/37

      1,120,000      1,200,149

4.375%, 2/15/38

      1,940,000      1,959,097

4.500%, 5/15/38

      2,430,000      2,508,596

3.500%, 2/15/39

      2,550,000      2,204,960

4.250%, 5/15/39

      1,200,000      1,187,808

U.S. Treasury Notes

      

3.875%, 7/15/10

      2,810,000      2,906,484

2.375%, 8/31/10

      13,850,000      14,137,277

2.000%, 9/30/10

      2,790,000      2,838,063

1.500%, 10/31/10

      2,230,000      2,254,740

0.875%, 12/31/10

      4,320,000      4,325,905

0.875%, 1/31/11

      6,010,000      6,013,306

0.875%, 2/28/11

      5,000,000      4,996,500

4.500%, 2/28/11

      6,990,000      7,410,218

0.875%, 4/30/11#

      1,099,000      1,095,780

4.875%, 4/30/11

      4,320,000      4,618,348

0.875%, 5/31/11

      2,000,000      1,992,820

4.875%, 5/31/11

      10,000,000      10,718,750

5.125%, 6/30/11

      8,280,000      8,931,404

4.875%, 7/31/11

      3,500,000      3,764,961

5.000%, 8/15/11

      3,480,000      3,763,836

4.500%, 9/30/11

      5,040,000      5,401,464

4.500%, 11/30/11

      1,390,000      1,496,531

4.625%, 12/31/11

      2,800,000      3,026,187

4.875%, 2/15/12

      2,800,000      3,053,750

4.500%, 3/31/12

      2,820,000      3,050,887

4.625%, 7/31/12

      550,000      598,770

4.000%, 11/15/12

      2,800,000      3,001,032

3.875%, 2/15/13

      2,500,000      2,665,040

2.750%, 2/28/13

      3,480,000      3,579,236

3.500%, 5/31/13

      1,680,000      1,770,038

3.375%, 7/31/13

      2,520,000      2,640,685

3.125%, 9/30/13

      3,650,000      3,776,038

2.750%, 10/31/13

      2,520,000      2,566,660

2.000%, 11/30/13

      5,050,000      4,975,826

1.500%, 12/31/13

      2,940,000      2,831,817

1.750%, 1/31/14

      8,090,000      7,862,509

4.750%, 5/15/14

      19,000,000      20,947,500

2.250%, 5/31/14

      2,000,000      1,973,120

2.625%, 6/30/14

      2,000,000      2,006,260

4.250%, 8/15/14

      2,230,000      2,404,917

4.000%, 2/15/15

      1,410,000      1,498,015

4.250%, 8/15/15

      2,790,000      2,990,749

4.875%, 8/15/16

      1,380,000      1,525,655

4.625%, 2/15/17

      1,380,000      1,501,505

 

See Notes to Financial Statements.

154

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    

Value

(Note 1)

  

4.750%, 8/15/17

    $ 2,370,000      $ 2,598,112   

4.250%, 11/15/17

      2,790,000        2,959,144   

3.500%, 2/15/18

      1,680,000        1,688,269   

3.875%, 5/15/18

      2,200,000        2,266,860   

4.000%, 8/15/18

      2,670,000        2,769,500   

3.750%, 11/15/18

      3,910,000        3,977,526   

2.750%, 2/15/19

      3,800,000        3,558,928   

3.125%, 5/15/19

      3,800,000        3,675,322   
          
       247,235,672   
          

Total Government Securities

        1,012,078,879   
          

Total Long-Term Debt Securities (110.6%)
(Cost $1,575,521,852)

   

     1,506,931,564   
          
      Principal
Amount		    

Value

(Note 1)

  

SHORT-TERM INVESTMENTS:

     

Government Securities (0.3%)

     

Federal National Mortgage Association

     

2.65%, 10/1/09 (o)(p)

    $ 3,600,000        3,598,438   
          

Short-Term Investments of Cash Collateral for Securities Loaned (1.0%)

     

BBVA Senior Finance S.A.

     

0.69%, 3/12/10 (l)

      2,820,000        2,782,575   

General Electric Capital Corp.

     

0.40%, 3/12/10 (l)

      510,000        501,472   

Lehman Brothers Holdings, Inc.

     

0.00%, 8/21/09 (h)(l)(s)

      3,199,979        471,997   

Monumental Global Funding II

     

0.43%, 5/26/10 (l)

      6,020,000        5,794,250   

Pricoa Global Funding I

     

0.40%, 6/25/10 (l)

      3,839,616        3,538,602   
          

Total Short-Term Investments of Cash Collateral for Securities Loaned

        13,088,896   
          

Time Deposit (1.1%)

     

JPMorgan Chase Nassau

     

0.000%, 7/1/09

      15,640,298        15,640,298   
          

Total Short-Term Investments (2.4%)
(Cost/Amortized Cost $35,628,052)

   

     32,327,632   
          

Total Investments Before
Securities Sold Short (113.0%)
(Cost/Amortized Cost $1,611,149,904)

    

     1,539,259,196   
          
      Principal
Amount		    

Value

(Note 1)

  

SECURITIES SOLD SHORT:

     

U.S. Government Agency (-0.9%)

     

Federal National Mortgage Association

     

6.000%, 7/25/39 TBA

    $ (12,000,000 )      (12,540,000 ) 
          

Total Securities Sold Short (-0.9%)
(Proceeds Received $12,480,313)

        (12,540,000 ) 
          

Total Investments after Securities Sold
Short (112.1%)
(Cost/Amortized Cost $1,598,669,591)

    

     1,526,719,196   

Other Assets Less Liabilities (-12.1%)

  

     (165,153,255 ) 
          

Net Assets (100%)

      $ 1,361,565,941   
          

 

 

# 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, 2009. Maturity date disclosed is the ultimate maturity date.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(o) Discount Note Security. Effective rate calculated as of June 30, 2009.
(p) Yield to maturity.
(s) Issuer in bankruptcy.
^ 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, 2009, the market value of these securities amounted to $128,259,421 or 9.4% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.
† Securities (totaling $17,426,454 or 1.3% of net assets) at fair value.

 

Glossary:
CMO    —  Collateralized Mortgage Obligation
EUR    —  European Currency Unit
PIK    —  Payment-in Kind Security
TBA    —  Security is subject to delayed delivery.

 

See Notes to Financial Statements.

155

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		   

Expiration

Date

    Original
Value		   

Value at

6/30/2009

   

Unrealized

Appreciation/

(Depreciation)

  

Purchases

               

90 Day EURODollar

    68          June-10    $ 22,400,868    $ 22,422,774    $ 21,906   

90 Day EURODollar

    68          September-10      22,357,491      22,349,992      (7,499 ) 

90 Day EURODollar

    68          December-10      22,299,470      22,268,453      (31,017 ) 

90 Day EURODollar

    69          March-11      22,582,317      22,533,172      (49,145 ) 

90 Day EURODollar

    98          June-11      30,853,288      30,808,603      (44,685 ) 

90 Day EURODollar

    45          September-11      14,141,518      14,116,259      (25,259 ) 

90 Day EURODollar

    45          December-11      14,116,772      14,087,994      (28,778 ) 

EURODollar

    229          June-10      56,486,574      56,365,487      (121,087 ) 

EURODollar

    298          June-11      72,618,875      72,279,900      (338,975 ) 
                    
               $ (624,539 ) 
                    

 

 

At June 30, 2009 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

 

     Local
Contract Buy
Amount
(000’s)		    Local
Contract Sell
Amount
(000’s)		   

U.S. $
Current

Buy

Value

   

U.S. $
Current

Sell

Value

    Unrealized
Appreciation/
(Depreciation)		  

Foreign Currency Buy Contracts

               

British Pound vs. U.S. Dollar, expiring 7/2/09

    129    202    $ 212,231    $ 202,283    $ 9,948   

Canadian Dollar vs. U.S. Dollar, expiring 7/27/09

    2,000    1,588      1,719,592      1,588,310      131,282   

European Union vs. U.S. Dollar, expiring 7/27/09

    402    554      563,946      554,271      9,675   

European Union vs. U.S. Dollar, expiring 7/27/09

    1,500    2,078      2,104,275      2,077,872      26,403   

European Union vs. U.S. Dollar, expiring 7/27/09

    1,432    1,998      2,008,882      1,998,156      10,726   

European Union vs. U.S. Dollar, expiring 7/27/09

    3,475    4,456      4,874,904      4,455,645      419,259   

European Union vs. U.S. Dollar, expiring 7/27/09

    4,340    5,764      6,088,369      5,764,345      324,024   
                    
               $ 931,317   
                    

Foreign Currency Sell Contracts

               

British Pound vs. U.S. Dollar, expiring 7/2/09

    1    1    $ 981    $ 973    $ 8   

British Pound vs. U.S. Dollar, expiring 7/2/09

    205    128      205,000      211,257      (6,257 ) 

Canadian Dollar vs. U.S. Dollar, expiring 7/27/09

    1,587    2,000      1,587,176      1,719,592      (132,416 ) 

European Union vs. U.S. Dollar, expiring 7/27/09

    4,012    2,875      4,011,660      4,033,194      (21,534 ) 

European Union vs. U.S. Dollar, expiring 7/27/09

    1,972    1,432      1,971,824      2,008,881      (37,057 ) 

European Union vs. U.S. Dollar, expiring 7/27/09

    12,891    10,100      12,890,630      14,168,785      (1,278,155 ) 

European Union vs. U.S. Dollar, expiring 10/16/09

    325    255      324,821      357,671      (32,850 ) 
                    
               $ (1,508,261 ) 
                    
               $ (576,944 ) 
                    

 

See Notes to Financial Statements.

156

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1
Quoted prices in active

markets for identical

securities

   

Level 2

Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)

     Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total  

Asset:

          

Asset-Backed and Mortgage-Backed

          

Securities

          

Asset-Backed Securities

    $ –      $ 13,115,841      $ –    $ 13,115,841   

Non-Agency CMO

      –        29,485,532        –      29,485,532   

Corporate Bonds

          

Consumer Discretionary

      –        78,861,575        3,260,000      82,121,575   

Consumer Staples

      –        19,719,877        –      19,719,877   

Energy

      –        27,001,827        7,978,500      34,980,327   

Financials

      –        175,581,844        2,981,501      178,563,345   

Health Care

      –        27,827,229        3,206,453      31,033,682   

Industrials

      –        13,834,958        –      13,834,958   

Information Technology

      –        13,220,571        –      13,220,571   

Materials

      –        23,438,721        –      23,438,721   

Telecommunication Services

      –        34,830,762        –      34,830,762   

Utilities

      –        20,507,494        –      20,507,494   

Forward Currency Contracts

      –        931,325        –      931,325   

Futures

      21,906        –        –      21,906   

Government Securities

          

Foreign Governments

      –        12,088,802        –      12,088,802   

Municipal Bonds

      –        11,052,031        –      11,052,031   

Supranational

      –        12,819,741        –      12,819,741   

U.S. Government Agencies

      –        728,882,633        –      728,882,633   

U.S. Treasuries

      –        247,235,672        –      247,235,672   

Short-Term Investments

      –        32,327,632        –      32,327,632   

Total Asset

    $ 21,906      $ 1,522,764,067      $ 17,426,454    $ 1,540,212,427   

Liability:

          

Forward Currency Contracts

    $ –      $ (1,508,269 )    $ –    $ (1,508,269 ) 

Futures

      (646,445 )      –        –      (646,445 ) 

Government Securities

          

U.S. Government Agencies

      –        (12,540,000 )      –      (12,540,000 ) 

Total Liability

    $ (646,445 )    $ (14,048,269 )    $ –    $ (14,694,714 ) 

Total

    $ (624,539 )    $ 1,508,715,798      $ 17,426,454    $ 1,525,517,713   

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

 

      Investments in Securities-
Consumer Discretionary		     Other Investments*  

Balance as of 12/31/08

    $ —         $ —   

Total gains or losses (realized/unrealized) included in earnings

      —           —   

Purchases, sales, issuances, and settlements (net)

      —           —   

Transfers in and/or out of Level 3

      3,260,000           —      
                  
                  

Balance as of 6/30/09

    $ 3,260,000         $ —   
                  

 

See Notes to Financial Statements.

157

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Investments in
Securities-Energy		     Other Investments*  

Balance as of 12/31/08

    $ 7,087,500         $ —   

Total gains or losses (realized/unrealized) included in earnings

      891,000           —      

Purchases, sales, issuances, and settlements (net)

      —           —   

Transfers in and/or out of Level 3

      —           —   
                  
                  

Balance as of 6/30/09

    $ 7,978,500         $ —   
                  
                  
    
      Investments in
Securities-Financials		     Other Investments*  

Balance as of 12/31/08

    $ —         $ —   

Total gains or losses (realized/unrealized) included in earnings

      —           —      

Purchases, sales, issuances, and settlements (net)

      —           —   

Transfers in and/or out of Level 3

      2,981,501           —   
                  
                  

Balance as of 6/30/09

    $ 2,981,501         $ —   
                  
                  
    
      Investments in
Securities-Health Care		     Other Investments*  

Balance as of 12/31/08

    $ 3,597,696         $ —   

Total gains or losses (realized/unrealized) included in earnings

      97,811           —      

Purchases, sales, issuances, and settlements (net)

      (489,054 )          —   

Transfers in and/or out of Level 3

      —           —   
                  
                  

Balance as of 6/30/09

    $ 3,206,453         $ —   
                  
                  
    
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/09.    $ 275,297      $ —   

*Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

   

Receivables, Net Assets - Unrealized appreciation

    $ 21,906 * 

Foreign exchange contracts

   

Receivables

      931,325   

Credit contracts

   

Receivables

      –   

Equity contracts

   

Receivables, Net Assets - Unrealized appreciation

      – * 

Commodity contracts

   

Receivables

      –   

Other contracts

   

Receivables

      –   
           

Total

       $ 953,231   
           
     Liability Derivatives        

Interest rate contracts

   

Payables, Net Assets - Unrealized depreciation

    $ (646,445 )* 

Foreign exchange contracts

   

Payables

      (1,508,269 ) 

Credit contracts

   

Payables

      –   

Equity contracts

   

Payables, Net Assets - Unrealized depreciation

      – * 

Commodity contracts

   

Payables

      –   

Other contracts

   

Payables

      –   
           

Total

       $ (2,154,714 ) 
           

 

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

 

See Notes to Financial Statements.

158

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ –    $ 3,618,128      $ –      $ –    $ 3,618,128   

Foreign exchange contracts

      –      –        (94,446 )      –      (94,446 ) 

Credit contracts

      –      –        –        –      –   

Equity contracts

      –      –        –        –      –   

Commodity contracts

      –      –        –        –      –   

Other contracts

      –      –        –        –      –   

Total

    $ –    $ 3,618,128      $ (94,446 )    $ –    $ 3,523,682   
            
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $ –    $ (4,426,403 )    $ –      $ –    $ (4,426,403 ) 

Foreign exchange contracts

      –      –        1,318,013        –      1,318,013   

Credit contracts

      –      –        –        –      –   

Equity contracts

      –      –        –        –      –   

Commodity contracts

      –      –        –        –      –   

Other contracts

      –      –        –        –      –   

Total

    $ –    $ (4,426,403 )    $ 1,318,013      $ –    $ (3,108,390 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 2,220,439,569

Long-term U.S. Treasury securities

      512,532,269
      
   $ 2,732,971,838
      

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 2,171,600,049

Long-term U.S. Treasury securities

      254,226,338
      
   $ 2,425,826,387
      

As of June 30, 2009, 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

    $ 9,441,516   

Aggregate gross unrealized depreciation

      (85,998,587 ) 
        

Net unrealized depreciation

    $ (76,557,071 ) 
        

Federal income tax cost of investments

    $ 1,615,816,267   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $7,585,298. This was secured by collateral of $16,389,595 which was received as cash and subsequently invested in short-term investments currently valued at $13,088,896, as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $298,581,254 of which $114,524,895 expires in the year 2009, $91,978,211 expires in the year 2010, $11,568,090 expires in the year 2014, and $80,510,058 expires in the year 2016.

 

See Notes to Financial Statements.

159

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (16.7%)

      

Auto Components (0.2%)

      

Other Auto Components

    95,400    $ 791,852
         
        791,852
         

Automobiles (0.0%)

      

Other Automobiles

    2,400      17,832
         
        17,832
         

Distributors (0.1%)

      

Other Distributors

    25,565      434,959
         
        434,959
         

Diversified Consumer Services (2.4%)

      

Other Diversified Consumer Services

    532,057      10,604,871
         
        10,604,871
         

Hotels, Restaurants & Leisure (5.6%)

      

Bally Technologies, Inc.*

    207,688      6,214,024

BJ’s Restaurants, Inc.*^

    224,724      3,791,094

Shuffle Master, Inc.*^

    439,230      2,903,310

WMS Industries, Inc.*

    91,222      2,874,405

Other Hotels, Restaurants & Leisure

    725,520      8,843,860
         
        24,626,693
         

Household Durables (1.4%)

      

Universal Electronics, Inc.*

    214,376      4,323,964

Other Household Durables

    105,086      1,812,004
         
        6,135,968
         

Internet & Catalog Retail (1.0%)

      

Other Internet & Catalog Retail

    296,794      4,635,724
         
        4,635,724
         

Leisure Equipment & Products (0.4%)

      

Other Leisure Equipment & Products

    93,381      1,645,449
         
        1,645,449
         

Media (0.8%)

      

Other Media

    466,513      3,744,231
         
        3,744,231
         

Multiline Retail (0.1%)

      

Other Multiline Retail

    29,700      396,662
         
        396,662
         

Specialty Retail (2.5%)

      

Genesco, Inc.*

    203,252      3,815,040

Other Specialty Retail

    483,030      7,402,126
         
        11,217,166
         

Textiles, Apparel & Luxury Goods (2.2%)

      

True Religion Apparel, Inc.*^

    199,845      4,456,544

Other Textiles, Apparel & Luxury Goods

    310,180      5,421,925
         
        9,878,469
         

Total Consumer Discretionary

         74,129,876
         

Consumer Staples (2.4%)

      

Beverages (0.1%)

      

Other Beverages

    9,800      285,562
         
        285,562
         

Food & Staples Retailing (0.4%)

      

Other Food & Staples Retailing

    62,800      1,599,960
         
        1,599,960
         

Food Products (0.9%)

      

Other Food Products

    223,468      3,913,153
         
        3,913,153
         

Household Products (0.1%)

      

Other Household Products

    9,200      243,140
         
        243,140
         

 

      Number of
Shares		    Value
(Note 1)

Personal Products (0.8%)

      

Other Personal Products

    190,944    $ 4,042,585
         
        4,042,585
         

Tobacco (0.1%)

      

Other Tobacco

    99,300      497,168
         
        497,168
         

Total Consumer Staples

         10,581,568
         

Energy (3.6%)

      

Energy Equipment & Services (2.0%)

      

Lufkin Industries, Inc.

    92,202      3,877,094

OYO Geospace Corp.*^

    106,191      2,724,861

Other Energy Equipment & Services

    176,590      2,287,248
         
        8,889,203
         

Oil, Gas & Consumable Fuels (1.6%)

      

Other Oil, Gas & Consumable Fuels

    749,268      7,017,547
         
        7,017,547
         

Total Energy

         15,906,750
         

Financials (5.9%)

      

Capital Markets (1.4%)

      

Investment Technology Group, Inc.*

    112,159      2,286,922

Teton Advisors, Inc.(b)*†

    29      56

Other Capital Markets

    337,947      4,076,311
         
        6,363,289
         

Commercial Banks (1.2%)

      

Other Commercial Banks

    330,125      5,195,080
         
        5,195,080
         

Consumer Finance (1.3%)

      

Cash America International, Inc.

    192,201      4,495,581

Other Consumer Finance

    121,515      1,358,550
         
        5,854,131
         

Diversified Financial Services (0.3%)

      

Other Diversified Financial Services

    70,487      1,348,920
         
        1,348,920
         

Insurance (0.6%)

      

Other Insurance

    136,166      2,547,828
         
        2,547,828
         

Real Estate Investment Trusts (REITs) (0.9%)

      

Other Real Estate Investment Trusts (REITs)

    187,249      3,932,017
         
        3,932,017
         

Real Estate Management & Development (0.1%)

   

Other Real Estate Management & Development

    53,160      600,358
         
        600,358
         

Thrifts & Mortgage Finance (0.1%)

      

Other Thrifts & Mortgage Finance

    39,500      400,306
         
        400,306
         

Total Financials

         26,241,929
         

Health Care (24.4%)

      

Biotechnology (4.9%)

      

BioMarin Pharmaceutical, Inc.*

    146,556      2,287,739

Cubist Pharmaceuticals, Inc.*

    125,662      2,303,384

Onyx Pharmaceuticals, Inc.*

    84,230      2,380,340

Other Biotechnology

    2,324,109      14,903,085
         
        21,874,548
         

Health Care Equipment & Supplies (7.7%)

      

American Medical Systems Holdings, Inc.*

    390,886      6,175,999

 

See Notes to Financial Statements.

160

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Thoratec Corp.*

    264,786    $ 7,090,970

Other Health Care Equipment & Supplies

    1,594,968      20,700,729
         
        33,967,698
         

Health Care Providers & Services (4.7%)

      

Centene Corp.*

    154,920      3,095,302

Genoptix, Inc.*^

    88,675      2,836,713

Lincare Holdings, Inc.*

    115,877      2,725,427

Other Health Care Providers & Services

    637,999      12,290,524
         
        20,947,966
         

Health Care Technology (3.4%)

      

Eclipsys Corp.*^

    251,726      4,475,688

MedAssets, Inc.*

    137,034      2,665,311

Quality Systems, Inc.^

    72,634      4,137,233

Other Health Care Technology

    259,795      3,602,948
         
        14,881,180
         

Life Sciences Tools & Services (2.1%)

      

ICON plc (ADR)*

    175,462      3,786,470

Other Life Sciences Tools & Services

    409,760      5,478,341
         
        9,264,811
         

Pharmaceuticals (1.6%)

      

Other Pharmaceuticals

    879,870      7,210,810
         
        7,210,810
         

Total Health Care

         108,147,013
         

Industrials (15.5%)

      

Aerospace & Defense (1.4%)

      

Hexcel Corp.*

    242,680      2,312,740

Other Aerospace & Defense

    201,237      3,906,734
         
        6,219,474
         

Air Freight & Logistics (0.2%)

      

Other Air Freight & Logistics

    63,310      726,371
         
        726,371
         

Airlines (0.3%)

      

Other Airlines

    180,200      1,183,751
         
        1,183,751
         

Building Products (0.2%)

      

Other Building Products

    51,700      778,931
         
        778,931
         

Commercial Services & Supplies (3.7%)

      

GEO Group, Inc.*

    197,524      3,669,995

Ritchie Bros. Auctioneers, Inc.^

    110,825      2,598,846

Waste Connections, Inc.*

    98,981      2,564,598

Other Commercial Services & Supplies

    617,445      8,121,537
         
        16,954,976
         

Construction & Engineering (1.1%)

      

Northwest Pipe Co.*^

    89,764      3,120,197

Other Construction & Engineering

    124,200      1,781,288
         
        4,901,485
         

Electrical Equipment (2.2%)

      

GrafTech International Ltd.*

    233,360      2,639,302

Other Electrical Equipment

    521,803      7,036,161
         
        9,675,463
         

Industrial Conglomerates (0.0%)

      

Other Industrial Conglomerates

    8,500      217,600
         
        217,600
         

Machinery (1.7%)

      

Other Machinery

    438,748      7,464,911
         
        7,464,911
         
      Number of
Shares		   

Value

(Note 1)

Professional Services (3.1%)

      

FTI Consulting, Inc.*

    56,076    $ 2,844,175

Other Professional Services

    733,515      10,870,677
         
        13,714,852
         

Road & Rail (1.1%)

      

Landstar System, Inc.

    83,805      3,009,437

Other Road & Rail

    123,817      1,953,857
         
        4,963,294
         

Trading Companies & Distributors (0.4%)

      

Other Trading Companies & Distributors

    92,200      1,640,308
         
        1,640,308
         

Transportation Infrastructure (0.1%)

      

Other Transportation Infrastructure

    15,550      234,805
         
        234,805
         

Total Industrials

         68,676,221
         

Information Technology (27.4%)

      

Communications Equipment (3.5%)

      

EMS Technologies, Inc.*

    191,036      3,992,653

Other Communications Equipment

    1,008,671      11,584,107
         
        15,576,760
         

Computers & Peripherals (2.3%)

      

Compellent Technologies, Inc.*^

    290,245      4,426,236

Other Computers & Peripherals

    574,160      5,716,817
         
        10,143,053
         

Electronic Equipment, Instruments & Components (2.2%)

   

Coherent, Inc.*^

    138,241      2,858,824

DTS, Inc.*^

    128,273      3,472,350

Other Electronic Equipment, Instruments & Components

    330,504      3,480,197
         
        9,811,371
         

Internet Software & Services (4.0%)

      

Omniture, Inc.*^

    246,043      3,090,301

Other Internet Software & Services

    1,457,201      14,648,563
         
        17,738,864
         

IT Services (2.6%)

      

Other IT Services

    1,051,031      11,718,103
         
        11,718,103
         

Semiconductors & Semiconductor Equipment (5.2%)

   

ON Semiconductor Corp.*

    516,075      3,540,274

Varian Semiconductor Equipment Associates, Inc.*

    146,710      3,519,573

Other Semiconductors & Semiconductor Equipment

    1,635,933      15,802,480
         
        22,862,327
         

Software (7.6%)

      

ANSYS, Inc.*

    102,430      3,191,718

Informatica Corp.*

    166,550      2,862,995

Macrovision Solutions Corp.*

    167,181      3,646,217

Solera Holdings, Inc.*

    96,682      2,455,723

TIBCO Software, Inc.*

    474,000      3,398,579

Other Software

    1,745,585      17,486,049
         
        33,041,281
         

Total Information Technology

         120,891,759
         

Materials (2.4%)

      

Chemicals (1.8%)

      

Huntsman Corp.

    637,605      3,207,153

Terra Industries, Inc.

    117,081      2,835,702

Other Chemicals

    157,822      2,402,648
         
        8,445,503
         

Construction Materials (0.0%)

      

Other Construction Materials

    400      16,968
         
        16,968
         

 

See Notes to Financial Statements.

161

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Containers & Packaging (0.3%)

      

Other Containers & Packaging

      35,200    $ 1,218,820
         
        1,218,820
         

Metals & Mining (0.2%)

      

Other Metals & Mining

      97,300      727,026
         
        727,026
         

Paper & Forest Products (0.1%)

      

Other Paper & Forest Products

      14,400      240,160
         
        240,160
         

Total Materials

         10,648,477
         

Telecommunication Services (1.4%)

      

Diversified Telecommunication Services (1.0%)

   

Other Diversified Telecommunication Services

      548,963      4,671,932
         
        4,671,932
         

Wireless Telecommunication Services (0.4%)

   

Other Wireless Telecommunication Services

      131,855      1,680,975
         
        1,680,975
         

Total Telecommunication Services

         6,352,907
         

Utilities (0.1%)

      

Gas Utilities (0.1%)

      

Other Gas Utilities

      8,400      273,218
         
        273,218
         

Independent Power Producers & Energy Traders (0.0%)

      

Other Independent Power Producers & Energy Traders

      37,300      52,966
         
        52,966
         

Water Utilities (0.0%)

      

Other Water Utilities

      12,500      177,100
         
        177,100
         

Total Utilities

         503,284
         

Total Common Stocks (99.8%)
(Cost $426,061,323)

         442,079,784
         
     
     

Principal

Amount

   

Value

(Note 1)

SHORT-TERM INVESTMENTS:

      

Government Securities (0.1%)

      

Other Government Securities

    $ 380,000      379,877
         

Short-Term Investments of Cash Collateral for Securities Loaned (5.9%)

      

BBVA Senior Finance S.A.

      

0.69%, 3/12/10 (l)

      2,370,000      2,338,547

Deutsche Bank Securities, Inc., Repurchase Agreement

      

0.09%, 7/1/09 (r)(u)

      15,304,955      15,304,955

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      5,060,000      4,870,250

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      3,229,677      2,976,480

Other Short-Term Investments of Cash Collateral for Securities Loaned

      3,119,982      819,582
         

Total Short-Term Investments of Cash Collateral for Securities Loaned

         26,309,814
         

Time Deposit (1.6%)

      

JPMorgan Chase Nassau 0.000%, 7/1/09

      6,879,287      6,879,287
         

Total Short-Term Investments (7.6%)
(Cost/Amortized Cost $36,343,789)

         33,568,978
         

 

      Principal
Amount		   

Value

(Note 1)

  

Total Investments (107.4%)
(Cost/Amortized Cost $462,405,112)

       $ 475,648,762   

Other Assets Less Liabilities (-7.4%)

         (32,606,305 ) 
           

Net Assets (100%)

       $ 443,042,457   
           

This section shows the Portfolio’s 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the Portfolio’s total net assets as of the report date. Fair value securities are disclosed. The remaining securities held by the Portfolio are grouped as “Other Securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by calling AXA Equitable at 1-888-AXA-INFO or 1-888-292-4636. This complete schedule, filed on the Portfolio’s Form N-CSR, is also available on the SEC’s website at http://www.sec.gov.

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
† Securities (totaling $56 or 0.0% of net assets) at fair value.
(b) Illiquid Security.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% – 7.500%, maturing 1/15/15 – 6/15/38; Federal National Mortgage Association, 5.000% – 7.000%, maturing 10/1/36 – 12/1/38.

 

See Notes to Financial Statements.

162

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		    Expiration
Date		    Original
Value		    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchase

               

Russell 2000 Mini Index

    37          September-09    $ 1,921,781    $ 1,876,640    $ (45,141 ) 
                    

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1
Quoted prices in active

markets for identical

securities

    

Level 2

Significant other

observable inputs

(including quoted prices

for similar securities,

interest rates,

prepayment speeds,

credit risk, etc.)

   

Level 3

Significant unobservable

inputs (including the

Portfolio’s own

assumptions in

determining the fair

value of investments)

    Total  

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 74,129,876      $ –    $ –    $ 74,129,876   

Consumer Staples

      10,581,568        –      –      10,581,568   

Energy

      15,906,750        –      –      15,906,750   

Financials

      26,241,873        –      56      26,241,929   

Health Care

      108,147,013        –      –      108,147,013   

Industrials

      68,676,221        –      –      68,676,221   

Information Technology

      120,891,759        –      –      120,891,759   

Materials

      10,648,477        –      –      10,648,477   

Telecommunication Services

      6,352,907        –      –      6,352,907   

Utilities

      503,284        –      –      503,284   

Short-Term Investments

      –        33,568,978      –      33,568,978   

Total Asset

    $ 442,079,728      $ 33,568,978    $ 56    $ 475,648,762   

Liability:

           

Futures

    $ (45,141 )    $ –    $ –    $ (45,141 ) 

Total Liability

    $ (45,141 )    $ –    $ –    $ (45,141 ) 

Total

    $ 442,034,587      $ 33,568,978    $ 56    $ 475,603,621   

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

 

      Investments in
Securities-Financials		     Other Investments*  

Balance as of 12/31/08

    $ —         $ —      

Total gains or losses (realized/unrealized) included in earnings

      56        —   

Purchases, sales, issuances, and settlements (net)

      —        —   

Transfers in and/or out of Level 3

      —        —   
                  

Balance as of 6/30/09

   $ 56      $ —   
                  
                  
    
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/09.    $ 56      $ —   

 

* Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

 

See Notes to Financial Statements.

163

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

   

Receivables, Net Assets - Unrealized appreciation

    $ – * 

Foreign exchange contracts

   

Receivables

      –   

Credit contracts

   

Receivables

      –   

Equity contracts

   

Receivables, Net Assets - Unrealized appreciation

      – * 

Commodity contracts

   

Receivables

      –   

Other contracts

   

Receivables

      –   
           

Total

       $ –   
           
     Liability Derivatives        

Interest rate contracts

   

Payables, Net Assets - Unrealized depreciation

    $ – * 

Foreign exchange contracts

   

Payables

      –   

Credit contracts

   

Payables

      –   

Equity contracts

   

Payables, Net Assets - Unrealized depreciation

      (45,141 )* 

Commodity contracts

   

Payables

      –   

Other contracts

   

Payables

      –   
           

Total

       $ (45,141 ) 
           

 

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –    $ –    $ –   

Foreign exchange contracts

      –      –        –      –      –   

Credit contracts

      –      –        –      –      –   

Equity contracts

      –      286,644        –      –      286,644   

Commodity contracts

      –      –        –      –      –   

Other contracts

      –      –        –      –      –   

Total

    $ –    $ 286,644      $ –    $ –    $ 286,644   
             
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –    $ –    $ –   

Foreign exchange contracts

      –      –        –      –      –   

Credit contracts

      –      –        –      –      –   

Equity contracts

      –      (45,141 )      –      –      (45,141 ) 

Commodity contracts

      –      –        –      –      –   

Other contracts

      –      –        –      –      –   

Total

    $ –    $ (45,141 )    $ –    $ –    $ (45,141 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 400,213,153

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 531,874,744

 

See Notes to Financial Statements.

164

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

As of June 30, 2009, 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

    $ 46,975,551   

Aggregate gross unrealized depreciation

      (53,794,441 ) 
        

Net unrealized depreciation

    $ (6,818,890 ) 
        

Federal income tax cost of investments

    $ 482,467,652   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $28,063,513. This was secured by collateral of $29,084,614 which was received as cash and subsequently invested in short-term investments currently valued at $26,309,814, as reported in the portfolio of investments.

For the six months ended June 30, 2009, the Portfolio incurred approximately $8,541 as brokerage commissions with Raymond James & Associates, Inc. and $1,288 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $69,758,333 which expires in the year 2016.

 

See Notes to Financial Statements.

165

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (15.1%)

      

Auto Components (1.6%)

      

Amerigon, Inc.*

    570,000    $ 3,477,000

Other Auto Components

    840,400      8,392,149
         
        11,869,149
         

Automobiles (0.8%)

      

Thor Industries, Inc.^

    235,000      4,316,950

Other Automobiles

    195,100      1,449,593
         
        5,766,543
         

Distributors (0.0%)

      

Other Distributors

    23,300      275,918
         
        275,918
         

Diversified Consumer Services (0.5%)

      

Other Diversified Consumer Services

    268,900      3,409,334
         
        3,409,334
         

Hotels, Restaurants & Leisure (0.9%)

      

Other Hotels, Restaurants & Leisure

    577,000      6,544,616
         
        6,544,616
         

Household Durables (2.2%)

      

Other Household Durables

    1,777,280      16,845,154
         
        16,845,154
         

Internet & Catalog Retail (0.1%)

      

Other Internet & Catalog Retail

    87,700      431,099
         
        431,099
         

Leisure Equipment & Products (0.5%)

      

Other Leisure Equipment & Products

    725,200      3,477,649
         
        3,477,649
         

Media (0.4%)

      

Other Media

    532,300      3,218,670
         
        3,218,670
         

Multiline Retail (1.6%)

      

Fred’s, Inc., Class A^

    285,700      3,599,820

J.C. Penney Co., Inc.

    172,000      4,938,120

Other Multiline Retail

    730,299      3,223,145
         
        11,761,085
         

Specialty Retail (5.3%)

      

Christopher & Banks Corp.^

    550,700      3,695,197

Group 1 Automotive, Inc.^

    175,900      4,576,918

Men’s Wearhouse, Inc.

    256,300      4,915,834

Sonic Automotive, Inc., Class A

    850,200      8,638,031

Other Specialty Retail

    2,452,363      18,233,190
         
        40,059,170
         

Textiles, Apparel & Luxury Goods (1.2%)

      

Warnaco Group, Inc.*

    110,000      3,564,000

Other Textiles, Apparel & Luxury Goods

    595,200      5,436,774
         
        9,000,774
         

Total Consumer Discretionary

         112,659,161
         

Consumer Staples (2.9%)

      

Beverages (0.0%)

      

Other Beverages

    82,600      347,700
         
        347,700
         

Food & Staples Retailing (1.0%)

      

Casey’s General Stores, Inc.^

    156,000      4,007,640

Other Food & Staples Retailing

    214,300      3,526,506
         
        7,534,146
         

Food Products (1.2%)

      

Other Food Products

    1,093,100      8,195,576
         
        8,195,576
         

 

      Number of
Shares		   

Value

(Note 1)

Household Products (0.1%)

      

Other Household Products

    69,100    $ 799,970
         
        799,970
         

Personal Products (0.5%)

      

Other Personal Products

    186,300      3,533,510
         
        3,533,510
         

Tobacco (0.1%)

      

Other Tobacco

    46,700      828,142
         
        828,142
         

Total Consumer Staples

         21,239,044
         

Energy (8.7%)

      

Energy Equipment & Services (6.1%)

      

Bristow Group, Inc.*^

    151,100      4,477,093

Hornbeck Offshore Services, Inc.*

    181,300      3,878,007

Rowan Cos., Inc.

    243,500      4,704,420

Tidewater, Inc.^

    116,500      4,994,355

Other Energy Equipment & Services

    5,269,675      27,411,959
         
        45,465,834
         

Oil, Gas & Consumable Fuels (2.6%)

      

Other Oil, Gas & Consumable Fuels

    2,614,700      19,237,371
         
        19,237,371
         

Total Energy

         64,703,205
         

Financials (22.9%)

      

Capital Markets (1.4%)

      

Teton Advisors, Inc.(b)*†

    75      145

Other Capital Markets

    1,875,330      10,406,649
         
        10,406,794
         

Commercial Banks (6.4%)

      

East West Bancorp, Inc.

    538,300      3,493,566

Other Commercial Banks

    3,926,695      43,947,635
         
        47,441,201
         

Consumer Finance (1.1%)

      

EZCORP, Inc., Class A*

    385,000      4,150,300

Other Consumer Finance

    305,400      4,063,523
         
        8,213,823
         

Diversified Financial Services (0.3%)

      

Other Diversified Financial Services

    201,005      2,419,410
         
        2,419,410
         

Insurance (7.3%)

      

Aspen Insurance Holdings Ltd.

    200,000      4,468,000

IPC Holdings Ltd.

    229,200      6,266,327

Montpelier Reinsurance Holdings Ltd.

    352,500      4,684,725

Old Republic International Corp.

    498,000      4,905,300

Protective Life Corp.^

    312,800      3,578,432

Other Insurance

    2,437,539      31,072,200
         
        54,974,984
         

Real Estate Investment Trusts (REITs) (4.5%)

      

Other Real Estate Investment Trusts (REITs)

    3,490,010      33,347,462
         
        33,347,462
         

Real Estate Management & Development (0.1%)

   

Other Real Estate Management & Development

    71,000      848,715
         
        848,715
         

Thrifts & Mortgage Finance (1.8%)

      

TrustCo Bank Corp. NY/New York^

    647,000      3,823,770

Other Thrifts & Mortgage Finance

    1,381,061      9,251,947
         
        13,075,717
         

Total Financials

         170,728,106
         

 

See Notes to Financial Statements.

166

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Health Care (5.6%)

      

Biotechnology (0.2%)

      

Other Biotechnology

    250,500    $ 1,843,673
         
        1,843,673
         

Health Care Equipment & Supplies (1.5%)

      

Other Health Care Equipment & Supplies

    551,600      11,031,324
         
        11,031,324
         

Health Care Providers & Services (2.4%)

      

America Service Group, Inc.*

    500,000      8,035,000

Other Health Care Providers & Services

    696,760      9,260,465
         
        17,295,465
         

Health Care Technology (0.0%)

      

Other Health Care Technology

    20,200      176,972
         
        176,972
         

Life Sciences Tools & Services (1.2%)

      

Mettler-Toledo International, Inc.*^

    46,000      3,548,900

Pharmaceutical Product Development, Inc.

    176,900      4,107,618

Other Life Sciences Tools & Services

    75,500      1,268,892
         
        8,925,410
         

Pharmaceuticals (0.3%)

      

Other Pharmaceuticals

    245,300      2,259,968
         
        2,259,968
         

Total Health Care

         41,532,812
         

Industrials (23.1%)

      

Aerospace & Defense (0.9%)

      

Other Aerospace & Defense

    284,300      6,389,659
         
        6,389,659
         

Air Freight & Logistics (0.2%)

      

Other Air Freight & Logistics

    96,500      1,240,159
         
        1,240,159
         

Airlines (0.7%)

      

Other Airlines

    707,456      5,100,874
         
        5,100,874
         

Building Products (3.2%)

      

American Woodmark Corp.

    142,300      3,408,085

Apogee Enterprises, Inc.^

    518,600      6,378,780

Universal Forest Products, Inc.

    208,399      6,895,923

Other Building Products

    650,900      7,316,700
         
        23,999,488
         

Commercial Services & Supplies (3.1%)

      

ABM Industries, Inc.^

    244,800      4,423,536

Mobile Mini, Inc.*

    282,700      4,147,209

Team, Inc.*

    224,000      3,510,080

Other Commercial Services & Supplies

    746,454      11,281,670
         
        23,362,495
         

Construction & Engineering (1.7%)

      

Orion Marine Group, Inc.*

    200,000      3,800,000

Other Construction & Engineering

    669,200      8,956,751
         
        12,756,751
         

Electrical Equipment (2.5%)

      

Brady Corp., Class A^

    195,200      4,903,424

Other Electrical Equipment

    807,100      13,931,803
         
        18,835,227
         

Industrial Conglomerates (0.7%)

      

Other Industrial Conglomerates

    215,300      4,969,016
         
        4,969,016
         

Machinery (5.5%)

      

Mueller Industries, Inc.

    230,600      4,796,479
      Number of
Shares		   

Value

(Note 1)

Nordson Corp.^

    108,300    $ 4,186,878

Other Machinery

    2,294,445      32,213,614
         
        41,196,971
         

Marine (0.7%)

      

Kirby Corp.*

    115,000      3,655,850

Other Marine

    149,400      1,349,577
         
        5,005,427
         

Professional Services (0.5%)

      

Other Professional Services

    386,800      3,557,247
         
        3,557,247
         

Road & Rail (2.8%)

      

Genesee & Wyoming, Inc., Class A*

    255,000      6,760,050

Saia, Inc.*

    312,900      5,635,329

Vitran Corp., Inc.*

    377,050      3,732,795

Other Road & Rail

    294,800      4,364,260
         
        20,492,434
         

Trading Companies & Distributors (0.6%)

      

Other Trading Companies & Distributors

    375,400      4,791,485
         
        4,791,485
         

Transportation Infrastructure (0.0%)

      

Other Transportation Infrastructure

    9,900      50,490
         
        50,490
         

Total Industrials

         171,747,723
         

Information Technology (7.0%)

      

Communications Equipment (1.1%)

      

Other Communications Equipment

    1,351,915      8,391,878
         
        8,391,878
         

Computers & Peripherals (0.4%)

      

Other Computers & Peripherals

    342,600      2,839,633
         
        2,839,633
         

Electronic Equipment, Instruments & Components (2.2%)

   

Benchmark Electronics, Inc.*^

    435,400      6,269,760

Other Electronic Equipment, Instruments & Components

    824,400      10,498,033
         
        16,767,793
         

Internet Software & Services (0.5%)

      

Other Internet Software & Services

    617,600      3,442,784
         
        3,442,784
         

IT Services (0.6%)

      

Other IT Services

    695,051      4,603,911
         
        4,603,911
         

Semiconductors & Semiconductor Equipment (1.5%)

   

Other Semiconductors & Semiconductor Equipment

    1,578,662      11,152,405
         
        11,152,405
         

Software (0.7%)

      

Other Software

    684,500      5,141,514
         
        5,141,514
         

Total Information Technology

         52,339,918
         

Materials (8.2%)

      

Chemicals (3.8%)

      

Airgas, Inc.

    106,900      4,332,657

H.B. Fuller Co.

    224,900      4,221,373

RPM International, Inc.

    303,000      4,254,120

Westlake Chemical Corp.^

    275,400      5,615,406

Other Chemicals

    809,789      9,699,701
         
        28,123,257
         

Construction Materials (0.1%)

      

Other Construction Materials

    91,938      915,116
         
        915,116
         

 

See Notes to Financial Statements.

167

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Containers & Packaging (0.5%)

      

Other Containers & Packaging

    260,900    $ 3,758,111
         
        3,758,111
         

Metals & Mining (3.1%)

      

Reliance Steel & Aluminum Co.^

    156,000      5,988,840

Steel Dynamics, Inc.

    358,200      5,276,286

Other Metals & Mining

    1,338,310      11,654,570
         
        22,919,696
         

Paper & Forest Products (0.7%)

      

Other Paper & Forest Products

    563,200      5,003,297
         
        5,003,297
         

Total Materials

         60,719,477
         

Telecommunication Services (0.5%)

      

Diversified Telecommunication Services (0.5%)

   

Other Diversified Telecommunication Services

    545,946      3,654,064
         
        3,654,064
         

Wireless Telecommunication Services (0.0%)

      

Other Wireless Telecommunication Services

    39,000      331,080
         
        331,080
         

Total Telecommunication Services

         3,985,144
         

Utilities (4.6%)

      

Electric Utilities (1.8%)

      

NV Energy, Inc.

    440,000      4,747,600

Other Electric Utilities

    375,995      8,336,484
         
        13,084,084
         

Gas Utilities (1.9%)

      

Energen Corp.

    86,000      3,431,401

Other Gas Utilities

    369,469      11,154,081
         
        14,585,482
         

Multi-Utilities (0.6%)

      

Other Multi-Utilities

    222,500      4,144,476
         
        4,144,476
         

Water Utilities (0.3%)

      

Other Water Utilities

    115,300      2,401,265
         
        2,401,265
         

Total Utilities

         34,215,307
         

Total Common Stocks (98.6%)
(Cost $912,657,156)

         733,869,897
         
     
      Number of
Shares		   

Value

(Note 1)

INVESTMENT COMPANY:

      

Exchange Traded Fund (ETF) (0.0%)

      

Other Exchange Traded Funds (ETFs)
(Cost $122,046)

    9,987      132,428
         
     
      Number of
Rights		   

Value

(Note 1)

RIGHTS:

      

Consumer Discretionary (0.0%)

      

Household Durables (0.0%)

      

Other Household Durables
(Cost $23,275)

    42,700      90,524
         
      Principal
Amount		   

Value

(Note 1)

  

SHORT-TERM INVESTMENTS:

      

Government Securities (0.1%)

      

Other Government Securities

    $ 410,000    $ 409,867   
           

Short-Term Investments of Cash Collateral for Securities Loaned (2.3%)

      

Deutsche Bank Securities, Inc., Repurchase Agreement
0.09%, 7/1/09 (r)(u)

      12,221,964      12,221,964   

Other Short-Term Investments of Cash Collateral for Securities Loaned

      7,219,822      5,765,650   
           

Total Short-Term Investments of Cash Collateral for Securities Loaned

         17,987,614   
           

Time Deposit (1.8%)

      

JPMorgan Chase Nassau
0.000%, 7/1/09

      13,142,092      13,142,092   
           

Total Short-Term Investments (4.2%)
(Cost/Amortized Cost $32,993,757)

         31,539,573   
           

Total Investments (102.8%)
(Cost/Amortized Cost $945,796,234)

         765,632,422   

Other Assets Less Liabilities (-2.8%)

         (20,826,262 ) 
           

Net Assets (100%)

       $ 744,806,160   
           

This section shows the Portfolio’s 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the Portfolio’s total net assets as of the report date. Fair value securities are disclosed. The remaining securities held by the Portfolio are grouped as “Other Securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by calling AXA Equitable at 1-888-AXA-INFO or 1-888-292-4636. This complete schedule, filed on the Portfolio’s Form N-CSR, is also available on the SEC’s website at http://www.sec.gov.

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
† Securities (totaling $145 or 0.0% of net assets) at fair value.
(b) Illiquid Security.
(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.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% – 7.500%, maturing 1/15/15 – 6/15/38; Federal National Mortgage Association, 5.000% – 7.000%, maturing 10/1/36 – 12/1/38.

 

See Notes to Financial Statements.

168

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)

America Service Group, Inc.

    $     5,350,000    $     5,121,513    $         —    $ 8,035,000    $     —    $ —
                                         

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		   

Expiration

Date

   

Original

Value

    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchase

               

Russell 2000 Mini Index

    35    September-09    $     1,829,697    $     1,775,200    $ (54,497 ) 
                    

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1

Quoted prices in active
markets for identical
securities

     Level 2
Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)		    Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total  

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 112,659,161      $ –    $ –    $ 112,659,161   

Consumer Staples

      21,239,044        –      –      21,239,044   

Energy

      64,703,205        –      –      64,703,205   

Financials

      170,727,961        –      145      170,728,106   

Health Care

      41,532,812        –      –      41,532,812   

Industrials

      171,747,723        –      –      171,747,723   

Information Technology

      52,108,213        231,705      –      52,339,918   

Materials

      60,719,477        –      –      60,719,477   

Telecommunication Services

      3,985,144        –      –      3,985,144   

Utilities

      34,215,307        –      –      34,215,307   

Investment Companies

           

Exchange Traded Funds (ETFs)

      132,428        –      –      132,428   

Rights

           

Consumer Discretionary

      90,524        –      –      90,524   

Short-Term Investments

      –        31,539,573      –      31,539,573   

Total Asset

    $ 733,860,999      $ 31,771,278    $ 145    $ 765,632,422   

Liability:

           

Futures

    $ (54,497 )    $ –    $ –    $ (54,497 ) 

Total Liability

    $ (54,497 )    $ –    $ –    $ (54,497 ) 

Total

    $ 733,806,502      $ 31,771,278    $ 145    $ 765,577,925   

 

See Notes to Financial Statements.

169

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

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

 

     Investments in
Securities-Financials		     Other Investments*  

Balance as of 12/31/08

   $ —         $ —      

Total gains or losses (realized/unrealized) included in earnings

     145        —   

Purchases, sales, issuances, and settlements (net)

     —        —   

Transfers in and/or out of Level 3

     —        —   
                 

Balance as of 6/30/09

  $ 145      $ —   
                 
                 
   
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 6/30/09.   $ 145      $ —   

 

* Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

   

Receivables, Net Assets - Unrealized appreciation

    $ – * 

Foreign exchange contracts

   

Receivables

      –   

Credit contracts

   

Receivables

      –   

Equity contracts

   

Receivables, Net Assets - Unrealized appreciation

      – * 

Commodity contracts

   

Receivables

      –   

Other contracts

   

Receivables

      –   
           

Total

       $ –   
           
     Liability Derivatives        

Interest rate contracts

   

Payables, Net Assets - Unrealized depreciation

    $ – * 

Foreign exchange contracts

   

Payables

      –   

Credit contracts

   

Payables

      –   

Equity contracts

   

Payables, Net Assets - Unrealized depreciation

      (54,497 )* 

Commodity contracts

   

Payables

      –   

Other contracts

   

Payables

      –   
           

Total

       $ (54,497 ) 
           

 

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures    Forward Currency
Contracts		    Swaps    Total

Interest rate contracts

    $ –    $ –    $ –    $ –    $ –

Foreign exchange contracts

      –      –      –      –      –

Credit contracts

      –      –      –      –      –

Equity contracts

      –      840,254      –      –      840,254

Commodity contracts

      –      –      –      –      –

Other contracts

      –      –      –      –      –

Total

    $ –    $ 840,254    $ –    $ –    $ 840,254

 

See Notes to Financial Statements.

170

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

SUMMARY PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $ –    $ –      $ –    $ –    $ –   

Foreign exchange contracts

      –      –        –      –      –   

Credit contracts

      –      –        –      –      –   

Equity contracts

      –      (54,497 )      –      –      (54,497 ) 

Commodity contracts

      –      –        –      –      –   

Other contracts

      –      –        –      –      –   

Total

    $ –    $ (54,497 )    $ –    $ –    $ (54,497 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 423,671,095

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 416,558,427

As of June 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

    $ 45,715,221   

Aggregate gross unrealized depreciation

      (238,558,121 ) 
        

Net unrealized depreciation

    $ (192,842,900 ) 
        

Federal income tax cost of investments

    $ 958,475,322   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $18,532,019. This was secured by collateral of $19,441,786 which was received as cash and subsequently invested in short-term investments currently valued at $17,987,614, 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 $1,519, 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 $237,764,301 which expires in the year 2016.

 

See Notes to Financial Statements.

171

AXA PREMIER VIP TRUST

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (1.5%)

      

Auto Components (0.1%)

      

Johnson Controls, Inc.

    17,050    $ 370,326
         

Diversified Consumer Services (0.1%)

      

Apollo Group, Inc., Class A*

    4,850      344,932
         

Internet & Catalog Retail (1.3%)

      

Amazon.com, Inc.*

    62,120      5,196,959

Expedia, Inc.*

    15,900      240,249

Netflix, Inc.*

    3,100      128,154

NutriSystem, Inc.

    2,300      33,350

priceline.com, Inc.*

    3,200      356,960
         
        5,955,672
         

Total Consumer Discretionary

         6,670,930
         

Industrials (2.3%)

      

Construction & Engineering (0.1%)

      

Quanta Services, Inc.*

    18,330      423,973
         

Electrical Equipment (1.8%)

      

ABB Ltd. (Registered)*

    12,644      199,023

ABB Ltd. (ADR)

    52,640      830,659

First Solar, Inc.*

    12,745      2,066,219

SunPower Corp., Class B*

    100,077      2,396,844

Suntech Power Holdings Co., Ltd. (ADR)*

    150,775      2,692,842
         
        8,185,587
         

Industrial Conglomerates (0.3%)

      

Koninklijke Philips Electronics N.V. (N.Y. Shares)

    63,941      1,177,793
         

Professional Services (0.1%)

      

Manpower, Inc.^

    5,820      246,419
         

Total Industrials

         10,033,772
         

Information Technology (72.8%)

      

Communications Equipment (11.9%)

      

3Com Corp.*

    29,800      140,358

ADC Telecommunications, Inc.*

    7,300      58,108

ADTRAN, Inc.^

    4,100      88,027

Arris Group, Inc.*^

    9,300      113,088

Avocent Corp.*^

    3,300      46,068

Brocade Communications Systems, Inc.*

    29,200      228,344

Ciena Corp.*

    6,900      71,415

Cisco Systems, Inc.*

    888,944      16,569,916

CommScope, Inc.*

    6,200      162,812

Comtech Telecommunications Corp.*

    2,100      66,948

EchoStar Corp., Class A*

    3,200      51,008

Emulex Corp.*

    6,800      66,504

F5 Networks, Inc.*

    49,095      1,698,196

Harris Corp.

    10,000      283,600

Infinera Corp.*^

    7,200      65,736

InterDigital, Inc.*

    3,400      83,096

JDS Uniphase Corp.*

    16,600      94,952

Juniper Networks, Inc.*

    49,985      1,179,646

Motorola, Inc.

    452,345      2,999,047

Nokia Oyj (ADR)

    170,232      2,481,983

Palm, Inc.*

    10,400      172,328

Plantronics, Inc.

    3,700      69,967

Polycom, Inc.*

    6,500      131,755
      Number of
Shares		   

Value

(Note 1)

QUALCOMM, Inc.

    364,378    $ 16,469,886

Research In Motion Ltd.*

    84,107      5,975,802

Riverbed Technology, Inc.*

    143,620      3,330,548

Sonus Networks, Inc.*

    19,700      31,717

Starent Networks Corp.*

    2,300      56,143

Sycamore Networks, Inc.*^

    13,800      43,194

Tekelec*

    5,200      87,516

Tellabs, Inc.*

    29,800      170,754
         
        53,088,462
         

Computers & Peripherals (18.1%)

      

Acer, Inc.

    132,332      229,080

Apple, Inc.*

    159,825      22,763,874

Avid Technology, Inc.*

    2,200      29,502

Data Domain, Inc.*

    134,181      4,474,936

Dell, Inc.*

    304,780      4,184,629

Diebold, Inc.

    5,200      137,072

Electronics for Imaging, Inc.*

    3,400      36,244

EMC Corp.*

    378,289      4,955,586

Hewlett-Packard Co.

    455,638      17,610,409

Intermec, Inc.*

    3,600      46,440

International Business Machines Corp.

    134,361      14,029,976

Lexmark International, Inc., Class A*

    6,200      98,270

NCR Corp.*

    12,000      141,960

NetApp, Inc.*

    115,505      2,277,759

QLogic Corp.*

    9,000      114,120

SanDisk Corp.*

    122,375      1,797,689

Seagate Technology

    384,228      4,019,025

STEC, Inc.*

    2,300      53,337

Sun Microsystems, Inc.*

    56,500      520,930

Synaptics, Inc.*^

    2,700      104,355

Teradata Corp.*

    13,000      304,590

Western Digital Corp.*

    74,150      1,964,975
         
        79,894,758
         

Electronic Equipment, Instruments & Components (3.0%)

   

Agilent Technologies, Inc.*

    25,900      526,029

Amphenol Corp., Class A

    64,492      2,040,527

Anixter International, Inc.*^

    2,300      86,457

Arrow Electronics, Inc.*

    9,000      191,160

Avnet, Inc.*

    11,400      239,742

AVX Corp.

    3,600      35,748

Benchmark Electronics, Inc.*

    4,900      70,560

Celestica, Inc.*

    15,000      102,300

Cogent, Inc.*

    2,900      31,117

Corning, Inc.

    352,312      5,658,130

Dolby Laboratories, Inc., Class A*

    3,800      141,664

FLIR Systems, Inc.*

    11,300      254,928

Hon Hai Precision Industry Co., Ltd.

    224,431      690,840

Ingram Micro, Inc., Class A*

    12,200      213,500

Itron, Inc.*

    3,100      170,717

Jabil Circuit, Inc.

    16,400      121,688

L-1 Identity Solutions, Inc.*

    259,394      2,007,710

Molex, Inc.

    10,400      161,720

National Instruments Corp.^

    4,200      94,752

Plexus Corp.*

    3,000      61,380

Rofin-Sinar Technologies, Inc.*

    2,100      42,021

SYNNEX Corp.*

    1,400      34,986

Tech Data Corp.*

    3,900      127,569

Trimble Navigation Ltd.*

    9,000      176,670

Vishay Intertechnology, Inc.*

    14,100      95,739
         
        13,377,654
         

Electronics (0.2%)

      

Hon Hai Precision Industry Co., Ltd. (GDR)

    124,153      757,879
         

 

See Notes to Financial Statements.

172

AXA PREMIER VIP TRUST

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Internet Software & Services (7.9%)

      

Akamai Technologies, Inc.*

    13,000    $ 249,340

Baidu, Inc. (ADR)*

    7,970      2,399,687

DealerTrack Holdings, Inc.*

    3,000      51,000

Digital River, Inc.*

    3,000      108,960

EarthLink, Inc.*

    8,000      59,280

eBay, Inc.*

    81,900      1,402,947

Equinix, Inc.*

    37,408      2,721,058

Google, Inc., Class A*

    43,638      18,397,344

IAC/InterActiveCorp*

    7,400      118,770

j2 Global Communications, Inc.*

    3,400      76,704

NetEase.com, Inc. (ADR)*

    52,035      1,830,591

Omniture, Inc.*^

    5,000      62,800

Open Text Corp.*

    4,000      145,680

SAVVIS, Inc.*

    2,900      33,234

Sohu.com, Inc.*

    3,813      239,571

Tencent Holdings Ltd.

    221,900      2,583,631

ValueClick, Inc.*

    6,600      69,432

VeriSign, Inc.*

    14,500      267,960

Websense, Inc.*

    3,300      58,872

Yahoo!, Inc.*

    276,315      4,327,093
         
        35,203,954
         

IT Services (5.0%)

      

Accenture Ltd., Class A

    47,775      1,598,552

Acxiom Corp.

    5,200      45,916

Affiliated Computer Services, Inc., Class A*

    7,400      328,708

Alliance Data Systems Corp.*^

    36,721      1,512,538

Automatic Data Processing, Inc.

    59,465      2,107,440

Broadridge Financial Solutions, Inc.

    10,600      175,748

CACI International, Inc., Class A*

    2,300      98,233

Cognizant Technology Solutions Corp., Class A*

    117,430      3,135,381

Computer Sciences Corp.*

    11,500      509,450

Convergys Corp.*

    9,200      85,376

Cybersource Corp.*^

    5,200      79,560

DST Systems, Inc.*

    9,172      338,905

Euronet Worldwide, Inc.*^

    3,800      73,682

Fidelity National Information Services, Inc.

    14,400      287,424

Fiserv, Inc.*

    11,800      539,260

Gartner, Inc.*

    4,700      71,722

Global Payments, Inc.

    6,100      228,506

Hewitt Associates, Inc., Class A*

    6,300      187,614

Lender Processing Services, Inc.

    6,300      174,951

ManTech International Corp., Class A*

    1,600      68,864

Mastercard, Inc., Class A

    5,500      920,205

Metavante Technologies, Inc.*

    6,800      175,848

NeuStar, Inc., Class A*

    5,400      119,664

Paychex, Inc.

    24,300      612,360

Perot Systems Corp., Class A*

    6,600      94,578

SAIC, Inc.*

    15,400      285,670

SRA International, Inc., Class A*

    3,100      54,436

Syntel, Inc.

    1,100      34,584

Total System Services, Inc.

    14,900      199,511

VeriFone Holdings, Inc.*

    201,303      1,511,786

Visa, Inc., Class A^

    52,540      3,271,139

Western Union Co.

    188,100      3,084,840

Wright Express Corp.*

    3,100      78,957
         
        22,091,408
         

Office Electronics (0.1%)

      

Xerox Corp.

    65,200      422,496

 

      Number of
Shares		    Value
(Note 1)

Zebra Technologies Corp., Class A*

    4,700    $ 111,202
         
        533,698
         

Semiconductors & Semiconductor Equipment (9.9%)

   

Advanced Micro Devices, Inc.*

    42,200      163,314

Advantest Corp.

    86,500      1,559,943

Altera Corp.

    22,100      359,788

Amkor Technology, Inc.*

    7,900      37,367

Analog Devices, Inc.

    48,569      1,203,540

Applied Materials, Inc.

    101,000      1,107,970

ASML Holding N.V. (N.Y. Shares), Class G

    49,020      1,061,283

Atheros Communications, Inc.*^

    32,866      632,342

Atmel Corp.*

    35,100      130,923

Broadcom Corp., Class A*

    123,851      3,070,266

Cree, Inc.*

    6,700      196,913

Cymer, Inc.*

    2,200      65,406

Cypress Semiconductor Corp.*

    10,800      99,360

Fairchild Semiconductor International, Inc.*

    9,400      65,706

FEI Co.*

    2,800      64,120

FormFactor, Inc.*^

    3,700      63,788

Hittite Microwave Corp.*

    1,400      48,650

Infineon Technologies AG*

    104,625      379,823

Integrated Device Technology, Inc.*

    12,500      75,500

Intel Corp.

    733,298      12,136,082

International Rectifier Corp.*^

    5,400      79,974

Intersil Corp., Class A

    9,200      115,644

KLA-Tencor Corp.

    12,800      323,200

Lam Research Corp.*

    25,681      667,706

Linear Technology Corp.

    16,800      392,280

LSI Corp.*

    48,900      222,984

Maxim Integrated Products, Inc.

    49,675      779,401

MEMC Electronic Materials, Inc.*

    16,900      300,989

Micrel, Inc.

    3,600      26,352

Microchip Technology, Inc.^

    13,800      311,190

Micron Technology, Inc.*

    63,800      322,828

Microsemi Corp.*

    6,100      84,180

MKS Instruments, Inc.*

    3,700      48,803

National Semiconductor Corp.

    14,700      184,485

Novellus Systems, Inc.*

    7,400      123,580

Nvidia Corp.*

    41,200      465,148

ON Semiconductor Corp.*^

    454,310      3,116,567

PMC-Sierra, Inc.*

    16,800      133,728

Rambus, Inc.*^

    7,900      122,371

Samsung Electronics Co., Ltd.

    6,446      2,985,291

Samsung Electronics Co., Ltd. (GDR)§

    11,313      2,638,520

Semtech Corp.*

    4,600      73,186

Silicon Laboratories, Inc.*^

    3,500      132,790

Skyworks Solutions, Inc.*

    12,600      123,228

Taiwan Semiconductor Manufacturing Co., Ltd.

    613,000      1,018,276

Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)

    64,071      602,908

Teradyne, Inc.*^

    13,000      89,180

Tessera Technologies, Inc.*

    3,700      93,573

Texas Instruments, Inc.

    253,113      5,391,307

Varian Semiconductor Equipment Associates, Inc.*

    5,600      134,344

Xilinx, Inc.

    20,800      425,568

Zoran Corp.*

    3,800      41,420
         
        44,093,085
         

Software (16.7%)

      

Activision Blizzard, Inc.*

    317,475      4,009,709

Adobe Systems, Inc.*^

    113,727      3,218,474

Advent Software, Inc.*

    1,300      42,627

 

See Notes to Financial Statements.

173

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

ANSYS, Inc.*^

    6,600    $ 205,656

Ariba, Inc.*

    6,600      64,944

Autodesk, Inc.*

    17,200      326,456

Autonomy Corp. plc*

    26,320      623,643

Blackboard, Inc.*

    2,400      69,264

BMC Software, Inc.*

    14,000      473,060

CA, Inc.

    29,900      521,157

Cadence Design Systems, Inc.*

    20,300      119,770

Citrix Systems, Inc.*

    13,700      436,893

Compuware Corp.*

    18,200      124,852

Concur Technologies, Inc.*^

    3,200      99,456

Electronic Arts, Inc.*

    53,072      1,152,724

FactSet Research Systems, Inc.

    3,200      159,584

Fair Isaac Corp.

    3,700      57,202

Informatica Corp.*

    6,600      113,454

Intuit, Inc.*

    68,260      1,922,202

Jack Henry & Associates, Inc.

    6,300      130,725

Lawson Software, Inc.*

    8,800      49,104

Macrovision Solutions Corp.*

    6,200      135,222

McAfee, Inc.*

    64,698      2,729,609

Mentor Graphics Corp.*

    7,100      38,837

Micros Systems, Inc.*

    6,100      154,452

Microsoft Corp.

    1,252,816      29,779,437

MicroStrategy, Inc., Class A*

    700      35,154

Nice Systems Ltd. (ADR)*

    78,819      1,818,354

Nintendo Co., Ltd.

    480      132,098

Novell, Inc.*

    27,200      123,216

Nuance Communications, Inc.*

    16,300      197,067

Oracle Corp.

    707,317      15,150,730

Parametric Technology Corp.*

    8,700      101,703

Pegasystems, Inc.

    1,100      29,018

Progress Software Corp.*

    3,000      63,510

Quest Software, Inc.*

    4,900      68,306

Red Hat, Inc.*

    52,180      1,050,383

Salesforce.com, Inc.*

    35,307      1,347,668

Shanda Interactive Entertainment Ltd.
(ADR)*

    33,920      1,773,677

Solera Holdings, Inc.*

    4,300      109,220

Sybase, Inc.*

    6,300      197,442

Symantec Corp.*

    132,330      2,059,055

Synopsys, Inc.*

    10,900      212,659

Take-Two Interactive Software, Inc.*

    6,100      57,767

TIBCO Software, Inc.*

    13,400      96,078

TiVo, Inc.*

    22,500      235,800

VMware, Inc., Class A*

    90,264      2,461,499

Wind River Systems, Inc.*

    5,200      59,592
         
        74,138,509
         

Total Information Technology

         323,179,407
         

Materials (0.4%)

      

Chemicals (0.4%)

      

Monsanto Co.

    24,590      1,828,021
         

Total Materials

         1,828,021
         

Telecommunication Services (1.4%)

      

Diversified Telecommunication Services (0.1%)

   

China Telecom Corp., Ltd. (ADR)

    9,520      473,715
         

Wireless Telecommunication Services (1.3%)

   

American Tower Corp., Class A*

    89,405      2,818,940

 

      Number of
Shares		   

Value

(Note 1)

  

China Mobile Ltd. (ADR)

      62,306    $ 3,120,284   
           
        5,939,224   
           

Total Telecommunication Services

         6,412,939   
           

Total Common Stocks (78.4%)
(Cost $322,643,844)

         348,125,069   
           
             
      Number of
Shares		   

Value

(Note 1)

  

INVESTMENT COMPANIES:

      

Exchange Traded Funds (ETFs)(19.0%)

      

iShares S&P North American Technology Sector Index Fund

      7,200      303,696   

Technology Select Sector SPDR Fund

      4,641,800      84,341,506   
           

Total Investment Companies (19.0%)
(Cost $81,213,261)

         84,645,202   
           
             
      Principal
Amount		   

Value

(Note 1)

  

SHORT-TERM INVESTMENTS:

      

Short-Term Investments of Cash Collateral for Securities Loaned (0.8%)

      

BBVA Senior Finance S.A.

      

0.69%, 3/12/10 (l)

    $ 750,000      740,047   

General Electric Capital Corp.

      

0.40%, 3/12/10 (l)

      140,000      137,659   

Lehman Brothers Holdings, Inc.

      

0.00%, 8/21/09 (h)(l)(s)

      849,994      125,374   

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      1,590,000      1,530,375   

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      1,009,899      930,726   
           

Total Short-Term Investments of Cash Collateral for Securities Loaned

         3,464,181   
           

Time Deposit (2.4%)

      

JPMorgan Chase Nassau

      

0.000%, 7/1/09

      10,790,547      10,790,547   
           

Total Short-Term Investments (3.2%)
(Cost/Amortized Cost $15,130,441)

         14,254,728   
           

Total Investments (100.6%)
(Cost/Amortized Cost $418,987,546)

         447,024,999   

Other Assets Less Liabilities (-0.6%)

         (2,576,769 ) 
           

Net Assets (100%)

       $ 444,448,230   
           

 

* 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, 2009, the market value of these securities amounted to $2,638,520 or 0.6% 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.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(s) Issuer in bankruptcy.

 

     Glossary:
     ADR  —  American Depositary Receipt
     GDR — Global Depositary Receipt

 

See Notes to Financial Statements.

174

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1

Quoted prices in active
markets for identical
securities

    Level 2
Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)		    Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total

Asset:

            

Common Stocks

            

Consumer Discretionary

    $ 6,670,930    $ –    $ –    $ 6,670,930

Industrials

      9,834,749      199,023      –      10,033,772

Information Technology

      309,580,383      13,599,024      –      323,179,407

Materials

      1,828,021      –      –      1,828,021

Telecommunication Services

      6,412,939      –      –      6,412,939

Forward Currency Contracts

      –      –      –      –

Investment Companies

            

Exchange Traded Funds (ETFs)

      84,645,202      –      –      84,645,202

Short-Term Investments

      –      14,254,728      –      14,254,728

Total Asset

    $ 418,972,224    $ 28,052,775    $ –    $ 447,024,999

Total Liability

    $ –    $ –    $ –    $ –

Total

    $ 418,972,224    $ 28,052,775    $ –    $ 447,024,999

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

    Receivables, Net Assets - Unrealized appreciation    $ – * 

Foreign exchange contracts

    Receivables      –   

Credit contracts

    Receivables      –   

Equity contracts

    Receivables, Net Assets - Unrealized appreciation      – * 

Commodity contracts

    Receivables      –   

Other contracts

    Receivables      –   
           

Total

       $ –   
           
     Liability Derivatives        

Interest rate contracts

    Payables, Net Assets - Unrealized depreciation    $                 – * 

Foreign exchange contracts

    Payables      –   

Credit contracts

    Payables      –   

Equity contracts

    Payables, Net Assets - Unrealized depreciation      – * 

Commodity contracts

    Payables      –   

Other contracts

    Payables      –   
           

Total

       $ –   
           

 

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

 

See Notes to Financial Statements.

175

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures    Forward Currency
Contracts		    Swaps    Total

Interest rate contracts

    $ –    $ –    $ –    $ –    $ –

Foreign exchange contracts

      –      –      13,081      –      13,081

Credit contracts

      –      –      –      –      –

Equity contracts

      –      –      –      –      –

Commodity contracts

      –      –      –      –      –

Other contracts

      –      –      –      –      –

Total

    $ –    $ –    $ 13,081    $ –    $ 13,081
                                    
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures    Forward Currency
Contracts		    Swaps    Total

Interest rate contracts

    $ –    $ –    $ –    $ –    $ –

Foreign exchange contracts

      –      –      –      –      –

Credit contracts

      –      –      –      –      –

Equity contracts

      –      –      –      –      –

Commodity contracts

      –      –      –      –      –

Other contracts

      –      –      –      –      –

Total

    $ –    $ –    $ –    $ –    $ –

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 348,862,324   

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 321,871,295   
As of June 30, 2009, 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

    $ 38,277,942   

Aggregate gross unrealized depreciation

      (53,753,857 ) 
        

Net unrealized depreciation

    $ (15,475,915 ) 
        

Federal income tax cost of investments

    $ 462,500,914   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $3,639,839. This was secured by collateral of $4,339,893 which was received as cash and subsequently invested in short-term investments currently valued at $3,464,181, as reported in the portfolio of investments.

For the six months ended June 30, 2009, the Portfolio incurred approximately $1,470 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $86,028,035 of which $38,254,621 expires in the year 2010, $25,653,017 expires in the year 2011, and $22,120,397 expires in the year 2016.

 

See Notes to Financial Statements.

176

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

     

Number of

Shares

    Value
(Note 1)		  

INVESTMENT COMPANIES:

      

EQ/Bond Index Portfolio‡

      1,570,190    $ 16,310,517   

EQ/Equity 500 Index Portfolio‡

      948,248      15,404,909   

EQ/Global Bond PLUS Portfolio‡

      84,474      791,999   

EQ/Global Multi-Sector Equity Portfolio‡

      636,005      5,911,036   

EQ/International ETF Portfolio‡

      1,333,572      8,653,929   

EQ/PIMCO Ultra Short Bond Portfolio‡

      120      1,186   

EQ/Quality Bond PLUS Portfolio‡

      48,712      434,834   

EQ/Small Company Index Portfolio‡

      373,034      2,579,243   

Multimanager Aggressive Equity Portfolio‡

      180,698      3,414,405   

Multimanager Large Cap Value Portfolio‡

      479,946      3,509,691   

Multimanager Mid Cap Growth Portfolio*‡

      31,962      185,938   

Multimanager Mid Cap Value Portfolio‡

      259,578      1,693,385   

Multimanager Multi-Sector Bond Portfolio‡

      1,143,402      4,221,531   
           

Total Investment Companies (99.9%)
(Cost $76,268,608)

         63,112,603   
           
      Principal
Amount		    Value
(Note 1)		  

SHORT-TERM INVESTMENT:

      

Time Deposit (0.4%)

      

JPMorgan Chase Nassau
0.000%, 7/1/09
(Amortized Cost $253,250)

   $ 253,250      253,250   
           

Total Investments (100.3%)
(Cost/Amortized Cost $76,521,858)

         63,365,853   

Other Assets Less Liabilities (-0.3%)

         (165,731 ) 
           

Net Assets (100%)

       $ 63,200,122   
           

 

‡ Affiliated company as defined under the Investment Company Act of 1940.
* Non-income producing.

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


 

See Notes to Financial Statements.

177

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

EQ/Bond Index Portfolio

    $ 15,264,311    $ 1,779,700    $ 1,002,209    $ 16,310,517    $ —    $ (13,402 ) 

EQ/Equity 500 Index Portfolio

      13,867,546      2,329,945      2,181,706      15,404,909      —      (905,531 ) 

EQ/Global Bond PLUS Portfolio(a)

      —      781,910      2,364      791,999      —      33   

EQ/Global Multi-Sector Equity Portfolio(b)

      3,000,069      2,253,125      786,654      5,911,036      —      (463,314 ) 

EQ/International ETF Portfolio

      10,111,089      1,582,106      6,291,538      8,653,929      —      (3,263,761 ) 

EQ/PIMCO Ultra Short Bond Portfolio(c)

      547,408      422,450      1,017,268      1,186      —      (19,921 ) 

EQ/Quality Bond PLUS Portfolio

      —      429,967      2,362      434,834      —      35   

EQ/Small Company Index Portfolio

      2,644,635      340,811      803,427      2,579,243      —      (317,456 ) 

Multimanager Aggressive Equity Portfolio

      2,800,187      606,267      598,731      3,414,405      —      (264,560 ) 

Multimanager Large Cap Value Portfolio

      3,208,569      542,900      528,910      3,509,691      —      (231,549 ) 

Multimanager Mid Cap Growth Portfolio

      153,771      22,621      21,138      185,938      —      (8,747 ) 

Multimanager Mid Cap Value Portfolio

      1,401,247      238,340      225,319      1,693,385      —      (89,867 ) 

Multimanager Multi-Sector Bond Portfolio(d)

      3,444,376      920,133      389,832      4,221,531      —      (115,454 ) 
                                           
   $ 56,443,208    $ 12,250,275    $ 13,851,458    $ 63,112,603    $ —    $ (5,693,494 ) 
                                           

 

(a) formerly known as EQ/Evergreen International Bond Portfolio
(b) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio
(c) formerly known as EQ/PIMCO Real Return Portfolio
(d) formerly known as Multimanager High Yield Portfolio

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type    Level 1
Quoted prices in active
markets for identical
securities		   

Level 2

Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)

    Level 3
Significant unobservable
inputs (including the
Portfolio’s own
assumptions in
determining the fair
value of investments)		    Total

Asset:

            

Investment Companies

            

Investment Companies

    $ –    $ 63,112,603    $ –    $ 63,112,603

Short-Term Investments

      –      253,250      –      253,250

Total Asset

    $ –    $ 63,365,853    $ –    $ 63,365,853

Total Liability

    $ –    $ –    $ –    $ –

Total

    $ –    $ 63,365,853    $ –    $ 63,365,853

The Portfolio held no derivatives contracts during the six months ended June 30, 2009.

 

See Notes to Financial Statements.

178

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Investment Companies

    $ 12,250,275   

Net Proceeds of Sales and Redemptions:

   

Investment Companies

    $ 8,157,964   
As of June 30, 2009, 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

    $ 176,803   

Aggregate gross unrealized depreciation

      (13,010,458 ) 
        

Net unrealized depreciation

    $ (12,833,655 ) 
        

Federal income tax cost of investments

    $ 76,199,508   
        

 

See Notes to Financial Statements.

179

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

  

INVESTMENT COMPANIES:

      

EQ/Bond Index Portfolio‡

    939,793    $ 9,762,196   

EQ/Equity 500 Index Portfolio‡

    1,259,624      20,463,419   

EQ/Global Bond PLUS Portfolio‡

    70,435      660,372   

EQ/Global Multi-Sector Equity Portfolio‡

    654,597      6,083,828   

EQ/International ETF Portfolio‡

    1,640,067      10,642,861   

EQ/PIMCO Ultra Short Bond Portfolio‡

    491      4,831   

EQ/Quality Bond PLUS Portfolio‡

    36,212      323,256   

EQ/Small Company Index Portfolio‡

    520,342      3,597,767   

Multimanager Aggressive Equity Portfolio‡

    199,142      3,762,916   

Multimanager Large Cap Value Portfolio‡

    509,909      3,728,803   

Multimanager Mid Cap Growth Portfolio*‡

    25,649      149,212   

Multimanager Mid Cap Value Portfolio‡

    310,662      2,026,635   

Multimanager Multi-Sector Bond Portfolio‡

    751,551      2,774,785   
           

Total Investments (100.7%)
(Cost $83,475,709)

         63,980,881   

Other Assets Less Liabilities (-0.7%)

         (427,818 ) 
           

Net Assets (100%)

       $ 63,553,063   
           

 

* Non-income producing.
‡ Affiliated company as defined under the Investment Company Act of 1940.

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


 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

EQ/Bond Index Portfolio

    $ 8,823,115    $ 945,113    $ 162,284    $ 9,762,196    $ —    $ (2,286 ) 

EQ/Equity 500 Index Portfolio

      17,485,334      2,737,175      909,521      20,463,419      —      (447,512 ) 

EQ/Global Bond PLUS Portfolio(a)

      —      653,016      3,054      660,372      —      33   

EQ/Global Multi-Sector Equity Portfolio(b)

      2,933,722      2,236,763      282,131      6,083,828      —      (179,189 ) 

EQ/International ETF Portfolio

      10,963,054      1,698,636      4,477,455      10,642,861      —      (2,365,101 ) 

EQ/PIMCO Ultra Short Bond Portfolio(c)

      423,252      225,722      693,604      4,831      —      (22,963 ) 

EQ/Quality Bond PLUS Portfolio

      —      320,927      3,051      323,256      —      36   

EQ/Small Company Index Portfolio

      3,531,876      412,825      903,453      3,597,767      —      (433,797 ) 

Multimanager Aggressive Equity Portfolio

      2,924,488      549,727      177,131      3,762,916      —      (84,216 ) 

Multimanager Large Cap Value Portfolio

      3,262,534      474,487      152,527      3,728,803      —      (72,462 ) 

Multimanager Mid Cap Growth Portfolio

      114,461      20,554      6,908      149,212      —      (3,439 ) 

Multimanager Mid Cap Value Portfolio

      1,617,642      215,631      73,344      2,026,635      —      (36,718 ) 

Multimanager Multi-Sector Bond Portfolio(d)

      2,150,542      588,130      76,067      2,774,785      —      (27,872 ) 
                                           
   $ 54,230,020    $ 11,078,706    $ 7,920,530    $ 63,980,881    $ —    $ (3,675,486 ) 
                                           

 

(a) formerly known as EQ/Evergreen International Bond Portfolio
(b) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

 

See Notes to Financial Statements.

180

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

(c) formerly known as EQ/PIMCO Real Return Portfolio
(d) formerly known as Multimanager High Yield Portfolio

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1

Quoted prices in active

markets for identical

securities

   

Level 2

Significant other

observable inputs

(including quoted prices

for similar securities,

interest rates,

prepayment speeds,

credit risk, etc.)

   

Level 3

Significant unobservable

inputs (including the

Portfolio’s own

assumptions in

determining the fair

value of investments)

    Total

Asset:

            

Investment Companies

            

Investment Companies

    $ –    $ 63,980,881    $ –    $ 63,980,881

Total Asset

    $ –    $ 63,980,881    $ –    $ 63,980,881

Total Liability

    $ –    $ –    $ –    $ –

Total

    $ –    $ 63,980,881    $ –    $ 63,980,881

The Portfolio held no derivatives contracts during the six months ended June 30, 2009.

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Investment Companies

    $ 11,078,706   

Net Proceeds of Sales and Redemptions:

   

Investment Companies

    $ 4,245,044   

 

As of June 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

 

   

Aggregate gross unrealized appreciation

    $ 103,927   

Aggregate gross unrealized depreciation

      (19,252,046 ) 
        

Net unrealized depreciation

    $ (19,148,119 ) 
        

Federal income tax cost of investments

    $ 83,129,000   
        

 

See Notes to Financial Statements.

181

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

  

INVESTMENT COMPANIES:

      

EQ/Bond Index Portfolio‡

    212,352    $ 2,205,832   

EQ/Equity 500 Index Portfolio‡

    767,068      12,461,523   

EQ/Global Bond PLUS Portfolio‡

    24,317      227,985   

EQ/Global Multi-Sector Equity Portfolio‡

    364,445      3,387,153   

EQ/International ETF Portfolio‡

    933,898      6,060,329   

EQ/PIMCO Ultra Short Bond Portfolio‡

    88      870   

EQ/Quality Bond PLUS Portfolio‡

    23,442      209,262   

EQ/Small Company Index Portfolio‡

    281,437      1,945,922   

Multimanager Aggressive Equity Portfolio‡

    106,491      2,012,220   

Multimanager Large Cap Value Portfolio‡

    261,899      1,915,182   

Multimanager Mid Cap Growth Portfolio*‡

    23,692      137,830   

Multimanager Mid Cap Value Portfolio‡

    131,289      856,480   

Multimanager Multi-Sector Bond Portfolio‡

    265,627      980,714   
           

Total Investments (100.6%)
(Cost $41,580,486)

         32,401,302   

Other Assets Less Liabilities (-0.6%)

         (205,648 ) 
           

Net Assets (100%)

       $ 32,195,654   
           

 

* Non-income producing.
‡ Affiliated company as defined under the Investment Company Act of 1940.

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


 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

EQ/Bond Index Portfolio

    $ 1,838,822    $ 352,591    $ 20,850    $ 2,205,832    $ —    $ (186 ) 

EQ/Equity 500 Index Portfolio

      9,564,697      2,531,144      261,579      12,461,523      —      (112,621 ) 

EQ/Global Bond PLUS Portfolio(a)

      —      224,922      525      227,985      —      5   

EQ/Global Multi-Sector Equity Portfolio(b)

      1,525,334      1,319,010      74,620      3,387,153      —      (43,911 ) 

EQ/International ETF Portfolio

      5,492,134      1,495,581      2,284,061      6,060,329      —      (1,196,345 ) 

EQ/PIMCO Ultra Short Bond Portfolio(c)

      124,398      90,463      227,161      870      —      (4,387 ) 

EQ/Quality Bond PLUS Portfolio

      —      206,145      436      209,262      —      5   

EQ/Small Company Index Portfolio

      1,673,030      407,654      429,410      1,945,922      —      (205,428 ) 

Multimanager Aggressive Equity Portfolio

      1,392,198      436,580      43,270      2,012,220      —      (17,633 ) 

Multimanager Large Cap Value Portfolio

      1,507,827      376,271      46,263      1,915,182      —      (24,111 ) 

Multimanager Mid Cap Growth Portfolio

      105,746      16,306      1,752      137,830      —      (792 ) 

Multimanager Mid Cap Value Portfolio

      621,774      143,068      15,719      856,480      —      (7,350 ) 

Multimanager Multi-Sector Bond Portfolio(d)

      621,675      340,282      13,159      980,714      —      (4,779 ) 
                                           
   $ 24,467,635    $ 7,940,017    $ 3,418,805    $ 32,401,302    $ —    $ (1,617,533 ) 
                                           

 

(a) formerly known as EQ/Evergreen International Bond Portfolio
(b) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

 

See Notes to Financial Statements.

182

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

(c) formerly known as EQ/PIMCO Real Return Portfolio
(d) formerly known as Multimanager High Yield Portfolio

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type   

Level 1

Quoted prices in active

markets for identical

securities

   

Level 2

Significant other

observable inputs

(including quoted prices

for similar securities,

interest rates,

prepayment speeds,

credit risk, etc.)

   

Level 3

Significant unobservable

inputs (including the

Portfolio’s own

assumptions in

determining the fair

value of investments)

    Total

Asset:

            

Investment Companies

            

Investment Companies

    $ –    $ 32,401,302    $ –    $ 32,401,302

Total Asset

    $ –    $ 32,401,302    $ –    $ 32,401,302

Total Liability

    $ –    $ –    $ –    $ –

Total

    $ –    $ 32,401,302    $ –    $ 32,401,302

The Portfolio held no derivatives contracts during the six months ended June 30, 2009.

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Investment Companies

    $ 7,940,017   

Net Proceeds of Sales and Redemptions:

   

Investment Companies

    $ 1,801,272   

 

As of June 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

 

   

Aggregate gross unrealized appreciation

    $ 32,548   

Aggregate gross unrealized depreciation

      (9,039,466 ) 
        

Net unrealized depreciation

    $ (9,006,918 ) 
        

Federal income tax cost of investments

    $ 41,408,220   
        

 

See Notes to Financial Statements.

183

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

INVESTMENT COMPANIES:

      

EQ/Bond Index Portfolio‡

      8,838    $ 91,805

EQ/Equity 500 Index Portfolio‡

      430,872      6,999,800

EQ/Global Multi-Sector Equity Portfolio‡

      192,327      1,787,485

EQ/International ETF Portfolio‡

      542,166      3,518,267

EQ/Small Company Index Portfolio‡

      169,681      1,173,215

Multimanager Aggressive Equity Portfolio‡

      55,615      1,050,878

Multimanager Large Cap Value Portfolio‡

      133,196      974,021

Multimanager Mid Cap Growth Portfolio*‡

      15,647      91,026

Multimanager Mid Cap Value Portfolio‡

      79,709      519,987

Multimanager Multi-Sector Bond Portfolio‡

      13,818      51,015
         

Total Investment Companies (100.5%)
(Cost $20,980,435)

         16,257,499
         
     

Principal

Amount

   

Value

(Note 1)

SHORT-TERM INVESTMENT:

      

Time Deposit (0.4%)

      

JPMorgan Chase Nassau
0.000%, 7/1/09
(Amortized Cost $60,811)

    $ 60,811      60,811

Total Investments (100.9%)
(Cost/Amortized Cost $21,041,246)

         16,318,310

Other Assets Less Liabilities (-0.9%)

         (150,579)

Net Assets (100%)

       $ 16,167,731
         

 

* Non-income producing.
‡ Affiliated company as defined under the Investment Company Act of 1940.

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


 

 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities

    Market Value
December 31,
2008		    Purchases
at Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)		  

EQ/Bond Index Portfolio

    $ —    $ 91,443    $ 1,237    $ 91,805    $ —    $ 22   

EQ/Equity 500 Index Portfolio

      5,164,352      1,771,072      429,466      6,999,800      —      (175,906 ) 

EQ/Global Multi-Sector Equity Portfolio(a)

      775,313      760,130      113,530      1,787,485      —      (57,660 ) 

EQ/International ETF Portfolio

      2,866,485      1,068,686      1,177,006      3,518,267      —      (634,787 ) 

EQ/Small Company Index Portfolio

      983,300      310,675      354,345      1,173,215      —      (171,227 ) 

Multimanager Aggressive Equity Portfolio

      724,968      249,117      57,336      1,050,878      —      (22,338 ) 

Multimanager Large Cap Value Portfolio

      717,881      258,776      71,123      974,021      —      (35,296 ) 

Multimanager Mid Cap Growth Portfolio

      79,999      —      —      91,026      —      —   

Multimanager Mid Cap Value Portfolio

      341,906      130,610      27,547      519,987      —      (12,365 ) 

Multimanager Multi-Sector Bond Portfolio(b)

      —      51,443      1,239      51,015      —      19   
                                           
   $ 11,654,204    $ 4,691,952    $ 2,232,829    $ 16,257,499    $ —    $ (1,109,538 ) 
                                           

 

(a) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio
(b) formerly known as Multimanager High Yield Portfolio

 

See Notes to Financial Statements.

184

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

Investment Type    Level 1
Quoted prices in active
markets for identical
securities		   

Level 2

Significant other
observable inputs
(including quoted prices
for similar securities,
interest rates,
prepayment speeds,
credit risk, etc.)

   

Level 3
Significant unobservable
inputs (including the

Portfolio’s own
assumptions in

determining the fair

value of investments)

    Total

Asset:

            

Investment Companies

            

Investment Companies

    $ –    $ 16,257,499    $ –    $ 16,257,499

Short-Term Investments

      –      60,811      –      60,811

Total Asset

    $ –    $ 16,318,310    $ –    $ 16,318,310

Total Liability

    $ –    $ –    $ –    $ –

Total

    $ –    $ 16,318,310    $ –    $ 16,318,310

The Portfolio held no derivatives contracts during the six months ended June 30, 2009.

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Investment Companies

    $ 4,691,952   

Net Proceeds of Sales and Redemptions:

   

Investment Companies

    $ 1,123,291   

As of June 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

 

   

Aggregate gross unrealized appreciation

    $ 2,893   

Aggregate gross unrealized depreciation

      (4,636,268 ) 
        

Net unrealized depreciation

    $ (4,633,375 ) 
        

Federal income tax cost of investments

    $ 20,951,685   
        

 

See Notes to Financial Statements.

185

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value:

   

Affiliated Issuers (Cost $1,783,550,454)

    $ 1,803,230,754   

Unaffiliated Issuers (Cost $2,441,798)

      2,441,798   

Receivable from Separate Accounts for Trust shares sold

      903,138   

Receivable for securities sold

      485,000   

Dividends, interest and other receivables

      6   

Other assets

      21,727   
        

Total assets

      1,807,082,423   
        

LIABILITIES

   

Payable for securities purchased

      2,094,417   

Payable to Separate Accounts for Trust shares redeemed

      700,629   

Distribution fees payable - Class B

      360,999   

Administrative fees payable

      88,765   

Accrued expenses

      155,468   
        

Total liabilities

      3,400,278   
        

NET ASSETS

    $ 1,803,682,145   
        

Net assets were comprised of:

   

Paid in capital

    $ 1,947,441,478   

Accumulated undistributed net investment income (loss)

      1,442,479   

Accumulated undistributed net realized gain (loss) on investments

      (164,882,112 ) 

Unrealized appreciation (depreciation) on investments

      19,680,300   
        

Net assets

    $ 1,803,682,145   
        

Class A

   

Net asset value, offering and redemption price per share, $14,703,240 / 1,570,614 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 9.36   
        

Class B

   

Net asset value, offering and redemption price per share, $1,788,978,905 / 191,282,354 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 9 .35   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (All dividend income received from affiliates)

    $ 4,472,158   
        

EXPENSES

   

Distribution fees - Class B

      2,019,159   

Administrative fees

      1,239,393   

Investment management fees

      814,682   

Printing and mailing expenses

      146,672   

Custodian fees

      78,417   

Professional fees

      40,486   

Trustees’ fees

      8,712   

Miscellaneous

      12,472   
        

Gross expenses

      4,359,993   

Less: Waiver from investment advisor

      (1,303,254 ) 
        

Net expenses

      3,056,739   
        

NET INVESTMENT INCOME (LOSS)

      1,415,419   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) on securities (All realized loss from affiliates)

      (121,146,456 ) 

Net change in unrealized appreciation (depreciation) on securities

      172,351,050   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      51,204,594   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 52,620,013   
        

 

See Notes to Financial Statements.

186

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 1,415,419      $ 57,306,849   

Net realized gain (loss) on investments

      (121,146,456 )      (25,360,705 ) 

Net change in unrealized appreciation (depreciation) on investments

      172,351,050        (150,175,746 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      52,620,013        (118,229,602 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (655,043 ) 

Class B

      —        (65,328,312 ) 
                
     —        (65,983,355 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (159,162 ) 

Class B

      —        (15,035,571 ) 
                
     —        (15,194,733 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (81,178,088 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [ 586,398 and 1,069,977 shares, respectively ]

      5,279,015        10,982,944   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 88,583 shares, respectively ]

      —        814,205   

Capital shares repurchased [ (491,286) and (510,048) shares, respectively ]

      (4,432,697 )      (5,278,473 ) 
                

Total Class A transactions

      846,318        6,518,676   
                

Class B

     

Capital shares sold [ 62,283,781 and 127,294,015 shares, respectively ]

      557,687,367        1,300,858,008   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 8,758,367 shares, respectively ]

      —        80,363,883   

Capital shares repurchased [ (29,063,956) and (31,689,523) shares, respectively ]

      (264,506,355 )      (325,801,892 ) 
                

Total Class B transactions

      293,181,012        1,055,419,999   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      294,027,330        1,061,938,675   
                

TOTAL INCREASE IN NET ASSETS

      346,647,343        862,530,985   

NET ASSETS:

     

Beginning of period

      1,457,034,802        594,503,817   
                

End of period (a)

    $ 1,803,682,145      $ 1,457,034,802   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 1,442,479      $ 27,060   
                

 

See Notes to Financial Statements.

187

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value:

   

Affiliated Issuers (Cost $1,677,045,102)

    $ 1,680,940,838   

Receivable from Separate Accounts for Trust shares sold

      1,510,567   

Receivable for securities sold

      830,000   

Other assets

      12,004   
        

Total assets

      1,683,293,409   
        

LIABILITIES

   

Overdraft payable

      710,009   

Payable for securities purchased

      1,782,638   

Payable to Separate Accounts for Trust shares redeemed

      345,956   

Distribution fees payable - Class B

      333,871   

Administrative fees payable

      193,664   

Accrued expenses

      149,672   
        

Total liabilities

      3,515,810   
        

NET ASSETS

    $ 1,679,777,599   
        

Net assets were comprised of:

   

Paid in capital

    $ 1,992,203,246   

Accumulated undistributed net investment income (loss)

      (74,487 ) 

Accumulated undistributed net realized gain (loss) on investments

      (316,246,896 ) 

Unrealized appreciation (depreciation) on investments

      3,895,736   
        

Net assets

    $ 1,679,777,599   
        

Class A

   

Net asset value, offering and redemption price per share, $45,598,731 / 5,054,516 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 9.02   
        

Class B

   

Net asset value, offering and redemption price per share, $1,634,178,868 / 181,317,538 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 9.01   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (All dividend income received from affiliates)

    $ 3,058,304   
        

EXPENSES

   

Distribution fees - Class B

      1,811,530   

Administrative fees

      1,135,278   

Investment management fees

      745,272   

Printing and mailing expenses

      132,095   

Custodian fees

      93,295   

Professional fees

      38,704   

Trustees’ fees

      7,894   

Miscellaneous

      13,626   
        

Gross expenses

      3,977,694   

Less: Waiver from investment advisor

      (770,842 ) 
        

Net expenses

      3,206,852   
        

NET INVESTMENT INCOME (LOSS)

      (148,548 ) 
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) on securities (All realized loss from affiliates)

      (226,770,387 ) 

Net change in unrealized appreciation (depreciation) on securities

      284,596,985   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      57,826,598   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 57,678,050   
        

 

See Notes to Financial Statements.

188

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STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ (148,548 )    $ 46,388,413   

Net realized gain (loss) on investments

      (226,770,387 )      (67,622,119 ) 

Net change in unrealized appreciation (depreciation) on investments

      284,596,985        (278,360,522 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      57,678,050        (299,594,228 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (1,766,250 ) 

Class B

      —        (52,906,098 ) 
                
     —        (54,672,348 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (1,208,976 ) 

Class B

      —        (35,694,108 ) 
                
     —        (36,903,084 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (91,575,432 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [ 712,809 and 4,553,949 shares, respectively ]

      6,051,789        51,240,975   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 325,666 shares, respectively ]

      —        2,975,226   

Capital shares repurchased [ (509,403) and (972,595) shares, respectively ]

      (4,319,728 )      (9,886,872 ) 
                

Total Class A transactions

      1,732,061        44,329,329   
                

Class B

     

Capital shares sold [ 38,138,882 and 76,638,582 shares, respectively ]

      324,981,639        809,236,946   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 9,721,698 shares, respectively ]

      —        88,600,206   

Capital shares repurchased [ (13,660,985) and (28,758,156) shares, respectively ]

      (116,842,963 )      (300,109,816 ) 
                

Total Class B transactions

      208,138,676        597,727,336   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      209,870,737        642,056,665   
                

TOTAL INCREASE IN NET ASSETS

      267,548,787        250,887,005   

NET ASSETS:

     

Beginning of period

      1,412,228,812        1,161,341,807   
                

End of period (a)

    $ 1,679,777,599      $ 1,412,228,812   
                

 

     

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ (74,487 )    $ 74,061   
                

 

See Notes to Financial Statements.

189

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value:

   

Affiliated Issuers (Cost $9,617,109,489)

    $ 9,308,777,014   

Unaffiliated Issuers (Cost $10,195,550)

      10,195,550   

Receivable for securities sold

      4,190,000   

Receivable from Separate Accounts for Trust shares sold

      2,595,208   

Dividends, interest and other receivables

      31   

Other assets

      70,287   
        

Total assets

      9,325,828,090   
        

LIABILITIES

   

Payable for securities purchased

      7,616,222   

Payable to Separate Accounts for Trust shares redeemed

      3,417,652   

Distribution fees payable - Class B

      1,392,190   

Administrative fees payable

      1,149,067   

Investment management fees payable

      343,840   

Trustees fees payable

      133,366   

Accrued expenses

      461,352   
        

Total liabilities

      14,513,689   
        

NET ASSETS

    $ 9,311,314,401   
        

Net assets were comprised of:

   

Paid in capital

    $ 11,759,965,535   

Accumulated undistributed net investment income (loss)

      632,575   

Accumulated undistributed net realized gain (loss) on investments

      (2,140,951,234 ) 

Unrealized appreciation (depreciation) on investments

      (308,332,475 ) 
        

Net assets

    $ 9,311,314,401   
        

Class A

   

Net asset value, offering and redemption price per share, $2,515,362,957 / 204,713,724 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 12.29   
        

Class B

   

Net asset value, offering and redemption price per share, $6,795,951,444 / 556,917,541 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 12.20   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (All dividend income received from affiliates)

    $ 16,085,745   
        

EXPENSES

   

Distribution fees - Class B

      7,570,108   

Administrative fees

      6,343,846   

Investment management fees

      4,217,609   

Printing and mailing expenses

      749,268   

Professional fees

      110,668   

Custodian fees

      97,080   

Trustees’ fees

      44,945   

Miscellaneous

      56,151   
        

Gross expenses

      19,189,675   

Less: Waiver from investment advisor

      (3,276,579 ) 
        

Net expenses

      15,913,096   
        

NET INVESTMENT INCOME (LOSS)

      172,649   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) on securities

      (1,612,071,273 ) 

Net change in unrealized appreciation (depreciation) on securities

      1,965,420,752   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      353,349,479   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 353,522,128   
        

 

See Notes to Financial Statements.

190

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 172,649      $ 297,834,793   

Net realized gain (loss) on investments

      (1,612,071,273 )      (343,039,991 ) 

Net change in unrealized appreciation (depreciation) on investments

      1,965,420,752        (2,541,084,273 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      353,522,128        (2,586,289,471 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (113,469,497 ) 

Class B

      —        (251,507,749 ) 
                
     —        (364,977,246 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (125,314,508 ) 

Class B

      —        (269,192,698 ) 
                
     —        (394,507,206 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (759,484,452 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [ 4,671,935 and 35,369,207 shares, respectively ]

      54,491,112        582,522,475   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 18,657,286 shares, respectively ]

      —        238,784,005   

Capital shares repurchased [ (10,942,124) and (26,852,722) shares, respectively ]

      (124,447,979 )      (400,995,956 ) 
                

Total Class A transactions

      (69,956,867 )      420,310,524   
                

Class B

     

Capital shares sold [ 79,869,691 and 133,325,290 shares, respectively ]

      916,043,099        1,991,829,536   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 41,150,293 shares, respectively ]

      —        520,700,447   

Capital shares repurchased [ (24,607,533) and (42,683,134) shares, respectively ]

      (279,532,473 )      (629,109,230 ) 
                

Total Class B transactions

      636,510,626        1,883,420,753   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      566,553,759        2,303,731,277   
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      920,075,887        (1,042,042,646 ) 

NET ASSETS:

     

Beginning of period

      8,391,238,514        9,433,281,160   
                

End of period (a)

    $ 9,311,314,401      $ 8,391,238,514   
                

 

     

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 632,575      $ 459,926   
                

 

See Notes to Financial Statements.

191

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AXA MODERATE-PLUS ALLOCATION PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value:
Affiliated Issuers (Cost $10,454,265,626)

    $ 10,149,862,552   

Receivable for securities sold

      5,660,000   

Receivable from Separate Accounts for Trust shares sold

      3,971,316   

Dividends, interest and other receivables

      3   

Other assets

      65,711   
        

Total assets

      10,159,559,582   
        

LIABILITIES

   

Overdraft payable

      246,462   

Payable for securities purchased

      9,802,017   

Distribution fees payable - Class B

      2,040,242   

Payable to Separate Accounts for Trust shares redeemed

      1,743,613   

Administrative fees payable

      1,256,387   

Investment management fees payable

      618,397   

Trustees fees payable

      34,781   

Accrued expenses

      535,674   
        

Total liabilities

      16,277,573   
        

NET ASSETS

    $ 10,143,282,009   
        

Net assets were comprised of:

   

Paid in capital

    $ 13,952,155,150   

Accumulated undistributed net investment income (loss)

      (6,330,711 ) 

Accumulated undistributed net realized gain (loss) on investments

      (3,498,139,356 ) 

Unrealized appreciation (depreciation) on investments

      (304,403,074 ) 
        

Net assets

    $ 10,143,282,009   
        

Class A

   

Net asset value, offering and redemption price per share, $237,304,567 / 25,830,909 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 9 .19   
        

Class B

   

Net asset value, offering and redemption price per share, $9,905,977,442 / 1,079,413,454 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 9 .18   
        

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (All dividend income received from affiliates)

    $ 13,357,365   
        

EXPENSES

   

Distribution fees - Class B

      11,106,457   

Administrative fees

      6,844,419   

Investment management fees

      4,551,320   

Printing and mailing expenses

      803,851   

Professional fees

      110,551   

Custodian fees

      93,767   

Trustees’ fees

      47,908   

Miscellaneous

      88,525   
        

Gross expenses

      23,646,798   

Less: Waiver from investment advisor

      (3,091,124 ) 
        

Net expenses

      20,555,674   
        

NET INVESTMENT INCOME (LOSS)

      (7,198,309 ) 
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) on securities (All realized loss from affiliates)

      (2,567,746,601 ) 

Net change in unrealized appreciation (depreciation) on securities

      3,048,323,692   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      480,577,091   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 473,378,782   
        

 

See Notes to Financial Statements.

192

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ (7,198,309 )    $ 191,374,504   

Net realized gain (loss) on investments

      (2,567,746,601 )      (768,693,102 ) 

Net change in unrealized appreciation (depreciation) on investments

      3,048,323,692        (3,387,522,063 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      473,378,782        (3,964,840,661 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (6,777,370 ) 

Class B

      —        (245,065,760 ) 
                
     —        (251,843,130 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (14,654,657 ) 

Class B

      —        (543,755,340 ) 
                
     —        (558,409,997 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (810,253,127 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [ 2,610,586 and 12,794,101 shares, respectively ]

      21,833,532        164,217,999   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 2,104,181 shares, respectively ]

      —        21,432,027   

Capital shares repurchased [ (2,543,840) and (3,380,022) shares, respectively ]

      (21,191,976 )      (36,717,327 ) 
                

Total Class A transactions

      641,556        148,932,699   
                

Class B

     

Capital shares sold [ 105,270,778 and 243,066,982 shares, respectively ]

      887,524,188        2,886,327,395   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 77,555,400 shares, respectively ]

      —        788,821,100   

Capital shares repurchased [ (43,132,301) and (67,941,486) shares, respectively ]

      (358,568,619 )      (772,629,652 ) 
                

Total Class B transactions

      528,955,569        2,902,518,843   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      529,597,125        3,051,451,542   
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      1,002,975,907        (1,723,642,246 ) 

NET ASSETS:

     

Beginning of period

      9,140,306,102        10,863,948,348   
                

End of period (a)

    $ 10,143,282,009      $ 9,140,306,102   
                

 

     

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ (6,330,711 )    $ 867,598   
                

 

See Notes to Financial Statements.

193

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value:

   

Affiliated Issuers (Cost $2,889,226,152)

    $ 2,851,330,556   

Unaffiliated Issuers (Cost $1,196,657)

      1,196,657   

Receivable for securities sold

      1,500,000   

Receivable from Separate Accounts for Trust shares sold

      1,288,067   

Dividends, interest and other receivables

      3   

Other assets

      17,128   
        

Total assets

      2,855,332,411   
        

LIABILITIES

   

Payable for securities purchased

      2,745,435   

Payable to Separate Accounts for Trust shares redeemed

      909,717   

Distribution fees payable - Class B

      573,017   

Administrative fees payable

      356,933   

Investment management fees payable

      207,713   

Trustees fees payable

      8,867   

Accrued expenses

      213,120   
        

Total liabilities

      5,014,802   
        

NET ASSETS

    $ 2,850,317,609   
        

Net assets were comprised of:

   

Paid in capital

    $ 4,280,815,538   

Accumulated undistributed net investment income (loss)

      (4,129,551 ) 

Accumulated undistributed net realized gain (loss) on investments

      (1,388,472,782 ) 

Unrealized appreciation (depreciation) on investments

      (37,895,596 ) 
        

Net assets

    $ 2,850,317,609   
        

Class A

   

Net asset value, offering and redemption price per share, $82,233,497 / 9,520,575 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 8 .64   
        

Class B

   

Net asset value, offering and redemption price per share, $2,768,084,112 / 320,823,007 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 8 .63   
        

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (All dividend income received from affiliates)

    $ 1,355,990   
        

EXPENSES

   

Distribution fees - Class B

      3,044,979   

Administrative fees

      1,899,838   

Investment management fees

      1,254,972   

Printing and mailing expenses

      219,667   

Custodian fees

      77,223   

Professional fees

      46,542   

Trustees’ fees

      13,090   

Miscellaneous

      27,042   
        

Gross expenses

      6,583,353   

Less: Waiver from investment advisor

      (863,295 ) 
        

Net expenses

      5,720,058   
        

NET INVESTMENT INCOME (LOSS)

      (4,364,068 ) 
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) on securities (All realized loss from affiliates)

      (987,003,392 ) 

Net change in unrealized appreciation (depreciation) on securities

      1,157,258,033   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      170,254,641   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 165,890,573   
        

 

See Notes to Financial Statements.

194

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ (4,364,068 )    $ 35,179,701   

Net realized gain (loss) on investments

      (987,003,392 )      (343,665,481 ) 

Net change in unrealized appreciation (depreciation) on investments

      1,157,258,033        (1,140,191,318 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      165,890,573        (1,448,677,098 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (1,685,108 ) 

Class B

      —        (47,952,586 ) 
                
     —        (49,637,694 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (7,547,940 ) 

Class B

      —        (199,089,293 ) 
                
     —        (206,637,233 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (256,274,927 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [ 1,448,787 and 4,923,698 shares, respectively ]

      10,916,362        63,432,867   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 896,432 shares, respectively ]

      —        9,233,048   

Capital shares repurchased [ (1,230,847) and (3,175,873) shares, respectively ]

      (9,517,948 )      (35,571,422 ) 
                

Total Class A transactions

      1,398,414        37,094,493   
                

Class B

     

Capital shares sold [ 46,776,231 and 96,966,280 shares, respectively ]

      362,132,581        1,136,496,815   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 24,424,473 shares, respectively ]

      —        247,041,879   

Capital shares repurchased [ (23,659,051) and (30,662,291) shares, respectively ]

      (181,927,664 )      (349,212,091 ) 
                

Total Class B transactions

      180,204,917        1,034,326,603   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      181,603,331        1,071,421,096   
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      347,493,904        (633,530,929 ) 

NET ASSETS:

     

Beginning of period

      2,502,823,705        3,136,354,634   
                

End of period (a)

    $ 2,850,317,609      $ 2,502,823,705   
                

 

     

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ (4,129,551 )    $ 234,517   
                

 

See Notes to Financial Statements.

195

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $955,788,443) (Securities on loan at market value $51,709,573)

    $ 906,934,515   

Foreign cash (Cost $840)

      797   

Receivable for securities sold

      80,144,357   

Dividends, interest and other receivables

      789,389   

Receivable from Separate Accounts for Trust shares sold

      162,631   

Other assets

      6,964   
        

Total assets

      988,038,653   
        

LIABILITIES

   

Overdraft payable

      359   

Payable for securities purchased

      80,932,389   

Payable for return of cash collateral on securities loaned

      53,567,210   

Investment management fees payable

      422,253   

Payable to Separate Accounts for Trust shares redeemed

      224,848   

Administrative fees payable

      124,013   

Trustees’ fees payable

      30,682   

Distribution fees payable - Class B

      25,125   

Variation margin payable on futures contracts

      17,345   

Accrued expenses

      52,313   
        

Total liabilities

      135,396,537   
        

NET ASSETS

    $ 852,642,116   
        

Net assets were comprised of:

   

Paid in capital

    $ 2,226,619,002   

Accumulated undistributed net investment income (loss)

      4,721,074   

Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency translations

      (1,329,776,728 ) 

Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      (48,921,232 ) 
        

Net assets

    $ 852,642,116   
        

Class A

   

Net asset value, offering and redemption price per share, $732,235,608 / 38,752,159 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 18 .90   
        

Class B

   

Net asset value, offering and redemption price per share, $120,406,508 / 6,490,358 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 18 .55   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (net of $24,265 foreign withholding tax)

    $ 6,232,960   

Interest

      21,487   

Securities lending (net)

      158,110   
        

Total income

      6,412,557   
        

EXPENSES

   

Investment management fees

      2,333,473   

Administrative fees

      685,958   

Distribution fees - Class B

      138,657   

Custodian fees

      95,707   

Printing and mailing expenses

      66,161   

Professional fees

      52,341   

Trustees’ fees

      3,911   

Miscellaneous

      16,403   
        

Gross expenses

      3,392,611   

Less: Fees paid indirectly

      (884,867 ) 
        

Net expenses

      2,507,744   
        

NET INVESTMENT INCOME (LOSS)

      3,904,813   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (168,815,449 ) 

Foreign currency transactions

      (496 ) 

Futures

      794,017   
        

Net realized gain (loss)

      (168,021,928 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      246,875,019   

Foreign currency translations

      (1,218 ) 

Futures

      (74,600 ) 
        

Net change in unrealized appreciation (depreciation)

      246,799,201   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      78,777,273   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 82,682,086   
        

 

See Notes to Financial Statements.

196

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 3,904,813      $ 6,667,517   

Net realized gain (loss) on investments, futures and foreign currency transactions

      (168,021,928 )      (855,739,881 ) 

Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      246,799,201        (538,990,663 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      82,682,086        (1,388,063,027 ) 
                

DIVIDENDS:

     

Dividends from net investment income

     

Class A

      —        (5,592,283 ) 

Class B

      —        (622,035 ) 
                

TOTAL DIVIDENDS

      —        (6,214,318 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [ 532,579 and 22,148,887 shares, respectively ]

      9,046,459        615,691,400   

Capital shares issued in reinvestment of dividends [ 0 and 322,194 shares, respectively ]

      —        5,592,283   

Capital contribution from affiliate(†)

      —        2,507,112   

Capital shares repurchased [ (2,298,641) and (64,122,774) shares, respectively ]

      (38,382,789 )      (1,284,073,194 ) 
                

Total Class A transactions

      (29,336,330 )      (660,282,399 ) 
                

Class B

     

Capital shares sold [ 452,815 and 1,414,805 shares, respectively ]

      7,763,666        34,514,749   

Capital shares issued in reinvestment of dividends [ 0 and 36,655 shares, respectively ]

      —        622,035   

Capital contribution from affiliate(†)

      —        420,718   

Capital shares repurchased [ (879,146) and (2,284,702) shares, respectively ]

      (14,370,700 )      (57,780,111 ) 
                

Total Class B transactions

      (6,607,034 )      (22,222,609 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      (35,943,364 )      (682,505,008 ) 
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      46,738,722        (2,076,782,353 ) 

NET ASSETS:

     

Beginning of period

      805,903,394        2,882,685,747   
                

End of period (a)

    $ 852,642,116      $ 805,903,394   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 4,721,074      $ 816,261   
                

 

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

 

See Notes to Financial Statements.

197

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $4,272,789,755) (Securities on loan at market value $4,159,510)

   

$

4,247,637,262

  

Foreign cash (Cost $6,461,187)

      7,262,431   

Foreign cash held as collateral at broker

      257,199   

Receivable for forward commitments

      353,482,231   

Receivable for securities sold

      186,503,624   

Dividends, interest and other receivables

      27,530,463   

Receivable from Separate Accounts for Trust shares sold

      1,405,726   

Unrealized appreciation of forward foreign currency contracts

      109,238   

Other assets

      29,411   
        

Total assets

      4,824,217,585   
        

LIABILITIES

   

Overdraft payable

      12,671,247   

Payable for forward commitments

      894,533,572   

Payable for securities purchased

      375,432,694   

Securities sold short, at value (Proceeds received $60,215,591)

   

 

60,299,679

  

Payable for return of cash collateral on securities loaned

      4,850,238   

Investment management fees payable

      1,473,354   

Payable to Separate Accounts for Trust shares redeemed

      1,170,940   

Variation margin payable on futures contracts

      683,176   

Administrative fees payable

      432,978   

Distribution fees payable - Class B

      214,639   

Unrealized depreciation of forward foreign currency contracts

      22,355   

Trustees’ fees payable

      15,451   

Options Written, at Value (Premiums Received $49,570)

      13,100   

Accrued expenses

      322,095   
        

Total liabilities

      1,352,135,518   
        

NET ASSETS

    $ 3,472,082,067   
        

Net assets were comprised of:

   

Paid in capital

    $ 3,547,019,162   

Accumulated undistributed net investment income (loss)

      (884,072 ) 

Accumulated undistributed net realized gains (losses) on investments, options written, futures and foreign currency translations

      (47,476,196 ) 

Net unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations

     (26,576,827 ) 
        

Net assets

    $ 3,472,082,067   
        

Class A

   

Net asset value, offering and redemption price per share, $2,405,533,167 / 238,909,507 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 10 .07   
        

Class B

   

Net asset value, offering and redemption price per share, $1,066,548,900 / 105,754,625 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 10 .09   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Interest (net of $4,206 foreign withholding tax)

    $ 76,325,868   

Dividends

      187,497   

Securities lending (net)

      5,427   
        

Total income

      76,518,792   
        

EXPENSES

   

Investment management fees

      8,842,815   

Administrative fees

      2,592,585   

Distribution fees - Class B

      1,232,658   

Printing and mailing expenses

      293,490   

Custodian fees

      104,183   

Professional fees

      61,095   

Trustees’ fees

      16,594   

Miscellaneous

      62,074   
        

Total expenses

      13,205,494   
        

NET INVESTMENT INCOME (LOSS)

      63,313,298   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (63,049,485 ) 

Foreign currency transactions

      (2,521,618 ) 

Futures

      53,626,607   

Options written

      810,840   

Securities sold short

      (2,913,037 ) 
        

Net realized gain (loss)

      (14,046,693 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      115,070,656   

Foreign currency translations

      (8,220 ) 

Options written

      32,621   

Futures

      (43,981,505 ) 

Securities sold short

      634,187   
        

Net change in unrealized appreciation (depreciation)

      71,747,739   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      57,701,046   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 121,014,344   
        

 

See Notes to Financial Statements.

198

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

    

Net investment income (loss)

   $ 63,313,298      $ 145,095,178   

Net realized gain (loss) on investments, securities sold short, options written, futures and foreign currency transactions

     (14,046,693 )      68,556,250   

Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations

     71,747,739        (136,043,421 ) 
               

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

     121,014,344        77,608,007   
               

DIVIDENDS AND DISTRIBUTIONS:

    

Dividends from net investment income

    

Class A

     (38,482,105 )      (120,047,277 ) 

Class B

     (14,929,558 )      (41,697,405 ) 
               
    (53,411,663 )      (161,744,682 ) 
               

Distributions from net realized capital gains

    

Class A

     —        (67,622,982 ) 

Class B

     —        (24,943,903 ) 
               
    —        (92,566,885 ) 
               

TOTAL DIVIDENDS AND DISTRIBUTIONS

     (53,411,663 )      (254,311,567 ) 
               

CAPITAL SHARES TRANSACTIONS:

    

Class A

    

Capital shares sold [ 38,793,522 and 78,463,696 shares, respectively ]

     381,994,354        805,019,693   

Capital shares issued in reinvestment of dividends and distributions [ 3,877,652 and 18,707,632 shares, respectively ]

     38,482,105        187,670,259   

Capital shares repurchased [ (55,431,269) and (46,636,439) shares, respectively ]

     (542,294,188 )      (467,681,701 ) 
               

Total Class A transactions

     (121,817,729 )      525,008,251   
               

Class B

    

Capital shares sold [ 27,512,584 and 27,264,855 shares, respectively ]

     272,968,267        278,132,675   

Capital shares issued in reinvestment of dividends and distributions [ 1,501,475 and 6,632,030 shares, respectively ]

     14,929,558        66,641,308   

Capital shares repurchased [ (15,620,224) and (21,339,123) shares, respectively ]

     (155,389,088 )      (217,710,586 ) 
               

Total Class B transactions

     132,508,737        127,063,397   
               

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

     10,691,008        652,071,648   
               

TOTAL INCREASE (DECREASE) IN NET ASSETS

     78,293,689        475,368,088   

NET ASSETS:

    

Beginning of period

     3,393,788,378        2,918,420,290   
               

End of period (a)

   $ 3,472,082,067      $ 3,393,788,378   
               

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

   $ (884,072 )    $ (10,785,707 ) 
               

 

See Notes to Financial Statements.

199

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $346,852,815) (Securities on loan at market value $9,375,842)

   

$

333,066,952

  

Foreign cash (Cost $33,083)

      31,668   

Receivable for securities sold

      1,232,054   

Dividends, interest and other receivables

      286,101   

Receivable from Separate Accounts for Trust shares sold

      47,936   

Unrealized appreciation of forward foreign currency contracts

      1,598   

Other assets

      2,808   
        

Total assets

      334,669,117   
        

LIABILITIES

   

Overdraft payable

      953   

Payable for return of cash collateral on securities loaned

      9,709,935   

Payable for securities purchased

      1,867,815   

Investment management fees payable

      246,802   

Payable to Separate Accounts for Trust shares redeemed

      207,976   

Unrealized depreciation of forward foreign currency contracts

      73,547   

Distribution fees payable - Class B

      63,621   

Administrative fees payable

      53,352   

Trustees’ fees payable

      3,018   

Accrued expenses

      80,840   
        

Total liabilities

      12,307,859   
        

NET ASSETS

    $ 322,361,258   
        

Net assets were comprised of:

   

Paid in capital

    $ 398,959,040   

Accumulated undistributed net investment income (loss)

      512,577   

Accumulated undistributed net realized gains (losses) on investments, options written and foreign currency translations

      (63,249,638 ) 

Net unrealized appreciation (depreciation) on investments and foreign currency translations

      (13,860,721 ) 
        

Net assets

    $ 322,361,258   
        

Class A

   

Net asset value, offering and redemption price per share, $6,555,162 / 792,434 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 8 .27   
        

Class B

   

Net asset value, offering and redemption price per share, $315,806,096 / 39,012,341 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 8 .10   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (net of $37,259 foreign withholding tax)

    $ 2,453,529   

Securities lending (net)

      28,459   
        

Total income

      2,481,988   
        

EXPENSES

   

Investment management fees

      1,448,886   

Distribution fees - Class B

      373,671   

Administrative fees

      312,868   

Custodian fees

      28,221   

Printing and mailing expenses

      27,629   

Professional fees

      27,227   

Trustees’ fees

      1,645   

Miscellaneous

      9,556   
        

Gross expenses

      2,229,703   

Less: Fees paid indirectly

      (231,483 ) 
        

Net expenses

      1,998,220   
        

NET INVESTMENT INCOME (LOSS)

      483,768   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (37,338,201 ) 

Foreign currency transactions

      (168,557 ) 

Options written

      60,639   
        

Net realized gain (loss)

      (37,446,119 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      42,936,859   

Foreign currency translations

      367,484   
        

Net change in unrealized appreciation (depreciation)

      43,304,343   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      5,858,224   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 6,341,992   
        

 

See Notes to Financial Statements.

200

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 483,768      $ (1,814,219 ) 

Net realized gain (loss) on investments, options written and foreign currency transactions

      (37,446,119 )      (18,378,170 ) 

Net change in unrealized appreciation (depreciation) on investments and foreign currency translations

      43,304,343        (99,083,446 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      6,341,992        (119,275,835 ) 
                

DISTRIBUTIONS:

     

Distributions from net realized capital gains

     

Class A

      —        (181,157 ) 

Class B

      —        (4,416,351 ) 
                

TOTAL DISTRIBUTIONS

      —        (4,597,508 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [82,489 and 470,368 shares, respectively]

      643,088        4,858,163   

Capital shares issued in reinvestment of distributions [0 and 17,408 shares, respectively]

      —        181,157   

Capital shares repurchased [(82,084) and (1,344,906) shares, respectively]

      (642,224 )      (13,332,862 ) 
                

Total Class A transactions

      864        (8,293,542 ) 
                

Class B

     

Capital shares sold [4,558,602 and 11,176,790 shares, respectively]

      34,975,062        109,308,874   

Capital shares issued in reinvestment of distributions [0 and 432,734 shares, respectively]

      —        4,416,351   

Capital shares repurchased [(4,868,359) and (10,283,981) shares, respectively]

      (36,553,059 )      (98,220,063 ) 
                

Total Class B transactions

      (1,577,997 )      15,505,162   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      (1,577,133 )      7,211,620   
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      4,764,859        (116,661,723 ) 

NET ASSETS:

     

Beginning of period

      317,596,399        434,258,122   
                

End of period (a)

    $ 322,361,258      $ 317,596,399   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 512,577      $ 28,809   
                

 

See Notes to Financial Statements.

201

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $1,086,389,068)
(Securities on loan at market value $22,426,399)

    $ 1,093,999,293   

Foreign cash (Cost $9,312,713)

      9,412,994   

Cash

      2,452,845   

Cash held as collateral at broker

      2,049,577   

Foreign cash held as collateral at broker

      177,309   

Dividends, interest and other receivables

      4,247,109   

Receivable for securities sold

      1,961,211   

Receivable from Separate Accounts for Trust shares sold

      356,483   

Other assets

      4,911   
        

Total assets

      1,114,661,732   
        

LIABILITIES

   

Payable for return of cash collateral on securities loaned

      23,790,400   

Payable for securities purchased

      4,926,786   

Investment management fees payable

      750,445   

Payable to Separate Accounts for Trust shares redeemed

      201,560   

Administrative fees payable

      149,313   

Distribution fees payable - Class B

      105,248   

Variation margin payable on futures contracts

      86,713   

Trustees’ fees payable

      23,520   

Accrued expenses

      755,973   
        

Total liabilities

      30,789,958   
        

NET ASSETS

    $ 1,083,871,774   
        

Net assets were comprised of:

   

Paid in capital

    $ 2,284,433,578   

Accumulated undistributed net investment income (loss)

      18,720,288   

Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency translations

      (1,226,644,641 ) 

Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      7,362,549   
        

Net assets

    $ 1,083,871,774   
        

Class A

   

Net asset value, offering and redemption price per share, $575,885,769 / 64,422,298 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 8.94   
        

Class B

   

Net asset value, offering and redemption price per share, $507,986,005 / 57,003,066 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 8.91   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (net of $2,557,339 foreign withholding tax)

    $ 23,183,586   

Interest

      5,345   

Securities lending (net)

      329,344   
        

Total income

      23,518,275   
        

EXPENSES

   

Investment management fees

      5,310,115   

Administrative fees

      1,044,712   

Distribution fees - Class B

      549,402   

Custodian fees

      449,301   

Printing and mailing expenses

      115,716   

Professional fees

      38,596   

Trustees’ fees

      6,895   

Miscellaneous

      26,400   
        

Gross expenses

      7,541,137   

Less: Fees paid indirectly

      (834,162 ) 
        

Net expenses

      6,706,975   
        

NET INVESTMENT INCOME (LOSS)

      16,811,300   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (903,122,926 ) 

Foreign currency transactions

      (6,900,455 ) 

Futures

      1,643,366   
        

Net realized gain (loss)

      (908,380,015 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      801,074,846   

Foreign currency translations

      1,246,704   

Futures

      (427,428 ) 
        

Net change in unrealized appreciation (depreciation)

      801,894,122   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      (106,485,893 ) 
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (89,674,593 ) 
        

 

See Notes to Financial Statements.

202

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STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 16,811,300      $ 54,059,942   

Net realized gain (loss) on investments, futures and foreign currency transactions

      (908,380,015 )      (318,216,990 ) 

Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      801,894,122        (1,231,180,198 ) 
                

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

      (89,674,593 )      (1,495,337,246 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (37,729,523 ) 

Class B

      —        (11,217,728 ) 
                
     —        (48,947,251 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (33,799,999 ) 

Class B

      —        (13,736,009 ) 
                
     —        (47,536,008 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (96,483,259 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [5,818,634 and 47,952,557 shares, respectively]

      43,648,660        513,161,328   

Capital shares issued in reinvestment of dividends and distributions [0 and 6,870,354 shares, respectively]

      —        71,529,522   

Capital shares repurchased [(116,079,235) and (14,029,381) shares, respectively]

      (792,770,953 )      (190,017,100 ) 
                

Total Class A transactions

      (749,122,293 )      394,673,750   
                

Class B

     

Capital shares sold [6,289,008 and 12,372,256 shares, respectively]

      50,322,013        161,484,401   

Capital shares issued in reinvestment of dividends and distributions [0 and 2,309,136 shares, respectively]

      —        24,953,737   

Capital shares repurchased [(5,803,166) and (13,537,669) shares, respectively]

      (44,509,158 )      (171,337,925 ) 
                

Total Class B transactions

      5,812,855        15,100,213   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      (743,309,438 )      409,773,963   
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      (832,984,031 )      (1,182,046,542 ) 

NET ASSETS:

     

Beginning of period

      1,916,855,805        3,098,902,347   
                

End of period (a)

    $ 1,083,871,774      $ 1,916,855,805   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 18,720,288      $ 1,908,988   
                

 

See Notes to Financial Statements.

203

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $699,557,453)
(Securities on loan at market value $18,624,205)

    $ 685,565,950   

Foreign cash (Cost $691)

      608   

Cash

      328,882   

Receivable for securities sold

      987,201   

Dividends, interest and other receivables

      863,625   

Receivable from Separate Accounts for Trust shares sold

      236,623   

Other assets

      4,008   
        

Total assets

      687,986,897   
        

LIABILITIES

   

Payable for return of cash collateral on securities loaned

      19,403,000   

Payable for securities purchased

      1,042,889   

Investment management fees payable

      385,913   

Payable to Separate Accounts for Trust shares redeemed

      128,436   

Administrative fees payable

      97,079   

Variation margin payable on futures contracts

      67,830   

Distribution fees payable - Class B

      25,949   

Trustees’ fees payable

      7,118   

Accrued expenses

      62,074   
        

Total liabilities

      21,220,288   
        

NET ASSETS

    $ 666,766,609   
        

Net assets were comprised of:

   

Paid in capital

    $ 1,109,937,535   

Accumulated undistributed net investment income (loss)

      5,738,054   

Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency translations

      (434,647,588 ) 

Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      (14,261,392 ) 
        

Net assets

    $ 666,766,609   
        

Class A

   

Net asset value, offering and redemption price per share, $541,400,057 / 71,293,764 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 7.59   
        

Class B

   

Net asset value, offering and redemption price per share, $125,366,552 / 16,524,322 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 7.59   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (net of $7,805 foreign withholding tax)

    $ 7,787,166   

Interest

      426,219   

Securities lending (net)

      146,701   
        

Total income

      8,360,086   
        

EXPENSES

   

Investment management fees

      2,433,673   

Administrative fees

      606,723   

Distribution fees - Class B

      141,064   

Printing and mailing expenses

      60,599   

Custodian fees

      40,246   

Professional fees

      30,049   

Trustees’ fees

      3,518   

Miscellaneous

      12,140   
        

Gross expenses

      3,328,012   

Less: Fees paid indirectly

      (742,942 ) 
        

Net expenses

      2,585,070   
        

NET INVESTMENT INCOME (LOSS)

      5,775,016   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (279,272,761 ) 

Foreign currency transactions

      1,879   

Futures

      2,946,190   
        

Net realized gain (loss)

      (276,324,692 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      278,338,017   

Foreign currency translations

      (195 ) 

Futures

      (268,937 ) 
        

Net change in unrealized appreciation (depreciation)

      278,068,885   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      1,744,193   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 7,519,209   
        

 

See Notes to Financial Statements.

204

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STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 5,775,016      $ 8,210,852   

Net realized gain (loss) on investments, futures and foreign currency transactions

      (276,324,692 )      (152,726,200 ) 

Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      278,068,885        (362,657,044 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      7,519,209        (507,172,392 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (7,535,645 ) 

Class B

      —        (867,135 ) 
                
     —        (8,402,780 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (2,063,806 ) 

Class B

      —        (364,847 ) 
                
     —        (2,428,653 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (10,831,433 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [8,299,037 and 39,980,981 shares, respectively]

      54,793,815        385,557,896   

Capital shares issued in reinvestment of dividends and distributions [0 and 1,290,637 shares, respectively]

      —        9,599,451   

Capital shares repurchased [(46,511,744) and (3,977,623) shares, respectively]

      (275,716,830 )      (36,109,296 ) 
                

Total Class A transactions

      (220,923,015 )      359,048,051   
                

Class B

     

Capital shares sold [1,818,521 and 3,846,811 shares, respectively]

      12,491,500        36,151,719   

Capital shares issued in reinvestment of dividends and distributions [0 and 160,975 shares, respectively]

      —        1,231,982   

Capital shares repurchased [(1,956,156) and (5,810,314) shares, respectively]

      (13,155,738 )      (55,192,133 ) 
                

Total Class B transactions

      (664,238 )      (17,808,432 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      (221,587,253 )      341,239,619   
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      (214,068,044 )      (176,764,206 ) 

NET ASSETS:

     

Beginning of period

      880,834,653        1,057,598,859   
                

End of period (a)

    $ 666,766,609      $ 880,834,653   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 5,738,054      $ (36,962 ) 
                

 

See Notes to Financial Statements.

205

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $219,968,995)
(Securities on loan at market value $4,715,242)

    $ 229,343,026   

Cash

      73   

Receivable for securities sold

      21,206,710   

Dividends, interest and other receivables

      168,213   

Receivable from Separate Accounts for Trust shares sold

      160,186   

Other assets

      1,935   
        

Total assets

      250,880,143   
        

LIABILITIES

   

Payable for securities purchased

      20,545,560   

Payable for return of cash collateral on securities loaned

      4,858,578   

Investment management fees payable

      139,873   

Payable to Separate Accounts for Trust shares redeemed

      128,663   

Distribution fees payable - Class B

      45,076   

Administrative fees payable

      42,358   

Variation margin payable on futures contracts

      5,440   

Trustees’ fees payable

      3,818   

Accrued expenses

      20,378   
        

Total liabilities

      25,789,744   
        

NET ASSETS

    $ 225,090,399   
        

Net assets were comprised of:

   

Paid in capital

    $ 322,265,330   

Accumulated undistributed net investment income (loss)

      192,671   

Accumulated undistributed net realized gains (losses) on investments and futures

      (106,716,327 ) 

Net unrealized appreciation (depreciation) on investments and futures

      9,348,725   
        

Net assets

    $ 225,090,399   
        

Class A

   

Net asset value, offering and redemption price per share, $7,621,138 / 1,291,695 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 5.90   
        

Class B

   

Net asset value, offering and redemption price per share, $217,469,261 / 37,605,528 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 5.78   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (net of $262 foreign withholding tax)

    $ 1,308,036   

Interest

      172   

Securities lending (net)

      23,249   
        

Total income

      1,331,457   
        

EXPENSES

   

Investment management fees

      770,064   

Distribution fees - Class B

      248,366   

Administrative fees

      238,301   

Custodian fees

      30,744   

Professional fees

      25,406   

Printing and mailing expenses

      18,115   

Trustees’ fees

      1,085   

Miscellaneous

      5,032   
        

Gross expenses

      1,337,113   

Less: Fees paid indirectly

      (208,471 ) 
        

Net expenses

      1,128,642   
        

NET INVESTMENT INCOME (LOSS)

      202,815   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (51,619,761 ) 

Futures

      170,146   
        

Net realized gain (loss)

      (51,449,615 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      70,436,624   

Futures

      (25,306 ) 
        

Net change in unrealized appreciation (depreciation)

      70,411,318   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      18,961,703   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 19,164,518   
        

 

See Notes to Financial Statements.

206

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STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 202,815      $ (1,569,138 ) 

Net realized gain (loss) on investments and futures

      (51,449,615 )      (51,658,403 ) 

Net change in unrealized appreciation (depreciation) on investments and futures

      70,411,318        (126,987,521 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      19,164,518        (180,215,062 ) 
                

DIVIDENDS:

     

Distributions from net realized capital gains

     

Class A

      —        (3,344 ) 

Class B

      —        (50,652 ) 
                

TOTAL DIVIDENDS

      —        (53,996 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [128,766 and 1,017,658 shares, respectively]

      727,464        8,794,907   

Capital shares issued in reinvestment of dividends [0 and 379 shares, respectively]

      —        3,344   

Capital shares repurchased [(105,421) and (2,389,119) shares, respectively]

      (551,345 )      (18,558,572 ) 
                

Total Class A transactions

      176,119        (9,760,321 ) 
                

Class B

     

Capital shares sold [2,782,150 and 7,724,754 shares, respectively]

      14,528,731        58,553,655   

Capital shares issued in reinvestment of dividends [0 and 5,863 shares, respectively]

      —        50,652   

Capital shares repurchased [(3,640,890) and (9,741,861) shares, respectively]

      (18,648,302 )      (76,008,976 ) 
                

Total Class B transactions

      (4,119,571 )      (17,404,669 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      (3,943,452 )      (27,164,990 ) 
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      15,221,066        (207,434,048 ) 

NET ASSETS:

     

Beginning of period

      209,869,333        417,303,381   
                

End of period (a)

    $ 225,090,399      $ 209,869,333   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 192,671      $ (10,144 ) 
                

 

See Notes to Financial Statements.

207

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $1,484,126,944)
(Securities on loan at market value $24,898,463)

    $ 1,363,752,064   

Cash

      1,320,685   

Receivable for securities sold

      126,732,837   

Dividends, interest and other receivables

      2,233,102   

Receivable from Separate Accounts for Trust shares sold

      483,734   

Other assets

      8,241   
        

Total assets

      1,494,530,663   
        

LIABILITIES

   

Payable for securities purchased

      128,850,589   

Payable for return of cash collateral on securities loaned

      25,843,346   

Investment management fees payable

      806,084   

Payable to Separate Accounts for Trust shares redeemed

      423,605   

Administrative fees payable

      180,511   

Distribution fees payable - Class B

      88,532   

Variation margin payable on futures contracts

      33,335   

Trustees’ fees payable

      14,353   

Accrued expenses

      171,973   
        

Total liabilities

      156,412,328   
        

NET ASSETS

    $ 1,338,118,335   
        

Net assets were comprised of:

   

Paid in capital

    $ 2,262,546,424   

Accumulated undistributed net investment income (loss)

      15,698,857   

Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency translations

      (819,703,217 ) 

Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      (120,423,729 ) 
        

Net assets

    $ 1,338,118,335   
        

Class A

   

Net asset value, offering and redemption price per share, $911,974,403 / 124,711,056 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 7.31   
        

Class B

   

Net asset value, offering and redemption price per share, $426,143,932 / 58,334,761 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 7.31   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (net of $28,019 foreign withholding tax)

    $ 20,852,204   

Interest

      3,006   

Securities lending (net)

      74,370   
        

Total income

      20,929,580   
        

EXPENSES

   

Investment management fees

      4,831,850   

Administrative fees

      1,080,359   

Distribution fees - Class B

      496,140   

Printing and mailing expenses

      114,868   

Custodian fees

      74,632   

Professional fees

      36,117   

Trustees’ fees

      6,541   

Miscellaneous

      20,092   
        

Gross expenses

      6,660,599   

Less: Fees paid indirectly

      (1,450,399 ) 
        

Net expenses

      5,210,200   
        

NET INVESTMENT INCOME (LOSS)

      15,719,380   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (527,894,033 ) 

Foreign currency transactions

      8,680   

Futures

      161,718   
        

Net realized gain (loss)

      (527,723,635 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      459,171,556   

Foreign currency translations

      (5,148 ) 

Futures

      (50,752 ) 
        

Net change in unrealized appreciation (depreciation)

      459,115,656   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      (68,607,979 ) 
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (52,888,599 ) 
        

 

See Notes to Financial Statements.

208

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STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 15,719,380      $ 33,686,560   

Net realized gain (loss) on investments, futures and foreign currency transactions

      (527,723,635 )      (286,917,393 ) 

Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      459,115,656        (639,402,834 ) 
                

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

      (52,888,599 )      (892,633,667 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (25,468,370 ) 

Class B

      —        (8,457,415 ) 
                
     —        (33,925,785 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (3,399,561 ) 

Class B

      —        (1,455,238 ) 
                
     —        (4,854,799 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (38,780,584 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [13,492,538 and 62,027,988 shares, respectively]

      89,044,116        632,740,276   

Capital shares issued in reinvestment of dividends and distributions [0 and 3,898,398 shares, respectively]

      —        28,867,931   

Capital shares repurchased [(52,494,538) and (5,703,677) shares, respectively]

      (302,699,880 )      (52,081,556 ) 
                

Total Class A transactions

      (213,655,764 )      609,526,651   
                

Class B

     

Capital shares sold [4,736,077 and 13,961,284 shares, respectively]

      31,450,351        139,480,412   

Capital shares issued in reinvestment of dividends and distributions [0 and 1,326,728 shares, respectively]

      —        9,912,653   

Capital shares repurchased [(7,370,378) and (15,235,176) shares, respectively]

      (47,337,068 )      (145,462,697 ) 
                

Total Class B transactions

      (15,886,717 )      3,930,368   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      (229,542,481 )      613,457,019   
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      (282,431,080 )      (317,957,232 ) 

NET ASSETS:

     

Beginning of period

      1,620,549,415        1,938,506,647   
                

End of period (a)

    $ 1,338,118,335      $ 1,620,549,415   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 15,698,857      $ (20,523 ) 
                

 

See Notes to Financial Statements.

209

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $419,272,971)
(Securities on loan at market value $28,190,064)

    $ 435,998,450   

Cash

      1,707   

Receivable for securities sold

      66,184,913   

Receivable from Separate Accounts for Trust shares sold

      136,121   

Dividends, interest and other receivables

      124,635   

Other assets

      3,911   
        

Total assets

      502,449,737   
        

LIABILITIES

   

Payable for securities purchased

      60,812,054   

Payable for return of cash collateral on securities loaned

      29,065,220   

Payable to Separate Accounts for Trust shares redeemed

      1,934,124   

Investment management fees payable

      283,319   

Administrative fees payable

      67,506   

Distribution fees payable - Class B

      67,308   

Variation margin payable on futures contracts

      11,222   

Trustees’ fees payable

      8,364   

Accrued expenses

      80,023   
        

Total liabilities

      92,329,140   
        

NET ASSETS

    $ 410,120,597   
        

Net assets were comprised of:

   

Paid in capital

    $ 594,652,475   

Accumulated undistributed net investment income (loss)

      (248,477 ) 

Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency translations

      (200,936,893 ) 

Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      16,653,492   
        

Net assets

    $ 410,120,597   
        

Class A

   

Net asset value, offering and redemption price per share, $82,840,635 / 14,239,521 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 5.82   
        

Class B

   

Net asset value, offering and redemption price per share, $327,279,962 / 57,632,131 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 5.68   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (net of $9,444 foreign withholding tax)

    $ 1,247,061   

Securities lending (net)

      206,448   
        

Total income

      1,453,509   
        

EXPENSES

   

Investment management fees

      1,631,175   

Administrative fees

      388,695   

Distribution fees - Class B

      359,068   

Custodian fees

      63,970   

Printing and mailing expenses

      34,738   

Professional fees

      27,226   

Trustees’ fees

      1,940   

Miscellaneous

      6,657   
        

Gross expenses

      2,513,469   

Less: Fees paid indirectly

      (824,834 ) 
        

Net expenses

      1,688,635   
        

NET INVESTMENT INCOME (LOSS)

      (235,126 ) 
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (121,265,391 ) 

Foreign currency transactions

      (22,499 ) 

Futures

      852,879   
        

Net realized gain (loss)

      (120,435,011 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      167,966,159   

Foreign currency translations

      98   

Futures

      (72,232 ) 
        

Net change in unrealized appreciation (depreciation)

      167,894,025   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      47,459,014   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 47,223,888   
        

 

See Notes to Financial Statements.

210

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STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ (235,126 )    $ (4,389,061 ) 

Net realized gain (loss) on investments, futures and foreign currency transactions

      (120,435,011 )      (76,951,975 ) 

Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      167,894,025        (268,837,796 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      47,223,888        (350,178,832 ) 
                

DIVIDENDS:

     

Distributions from net realized capital gains

     

Class A

      —        (2,516,275 ) 

Class B

      —        (4,656,218 ) 
                

TOTAL DIVIDENDS

      —        (7,172,493 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [1,154,747 and 4,893,136 shares, respectively]

      5,959,294        37,042,881   

Capital shares issued in reinvestment of dividends [0 and 317,947 shares, respectively]

      —        2,516,275   

Capital shares repurchased [(16,593,459) and (8,745,164) shares, respectively]

      (82,978,458 )      (68,166,773 ) 
                

Total Class A transactions

      (77,019,164 )      (28,607,617 ) 
                

Class B

     

Capital shares sold [5,015,608 and 7,796,683 shares, respectively]

      25,464,716        55,365,033   

Capital shares issued in reinvestment of dividends [0 and 601,367 shares, respectively]

      —        4,656,218   

Capital shares repurchased [(5,101,603) and (12,662,453) shares, respectively]

      (25,119,065 )      (92,186,358 ) 
                

Total Class B transactions

      345,651        (32,165,107 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      (76,673,513 )      (60,772,724 ) 
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      (29,449,625 )      (418,124,049 ) 

NET ASSETS:

     

Beginning of period

      439,570,222        857,694,271   
                

End of period (a)

    $ 410,120,597      $ 439,570,222   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ (248,477 )    $ (13,351 ) 
                

 

See Notes to Financial Statements.

211

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MULTIMANAGER MID CAP VALUE PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $461,976,515)
(Securities on loan at market value $37,124,371)

    $ 495,163,262   

Foreign cash (Cost $23,859)

      23,869   

Receivable for securities sold

      55,493,946   

Dividends, interest and other receivables

      767,402   

Receivable from Separate Accounts for Trust shares sold

      523,623   

Other assets

      4,801   
        

Total assets

      551,976,903   
        

LIABILITIES

   

Overdraft payable

      578,112   

Payable for securities purchased

      52,832,473   

Payable for return of cash collateral on securities loaned

      38,705,825   

Payable to Separate Accounts for Trust shares redeemed

      2,321,076   

Investment management fees payable

      258,204   

Distribution fees payable - Class B

      75,891   

Administrative fees payable

      74,499   

Trustees’ fees payable

      12,027   

Variation margin payable on futures contracts

      10,280   

Accrued expenses

      134,423   
        

Total liabilities

      95,002,810   
        

NET ASSETS

    $ 456,974,093   
        

Net assets were comprised of:

   

Paid in capital

    $ 773,320,552   

Accumulated undistributed net investment income (loss)

      5,593,501   

Accumulated undistributed net realized gains (losses) on investments, futures and foreign currency translations

      (355,033,609 ) 

Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      33,093,649   
        

Net assets

    $ 456,974,093   
        

Class A

   

Net asset value, offering and redemption price per share, $93,441,316 / 14,324,646 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 6.52   
        

Class B

   

Net asset value, offering and redemption price per share, $363,532,777 / 56,924,335 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 6.39   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (net of $28,839 foreign withholding tax)

    $ 5,089,905   

Interest

      1,017,325   

Securities lending (net)

      152,416   
        

Total income

      6,259,646   
        

EXPENSES

   

Investment management fees

      2,054,221   

Administrative fees

      468,017   

Distribution fees - Class B

      398,472   

Custodian fees

      54,504   

Printing and mailing expenses

      44,542   

Professional fees

      28,802   

Trustees’ fees

      2,549   

Miscellaneous

      10,783   
        

Gross expenses

      3,061,890   

Less: Fees paid indirectly

      (1,311,993 ) 
        

Net expenses

      1,749,897   
        

NET INVESTMENT INCOME (LOSS)

      4,509,749   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (151,797,015 ) 

Foreign currency transactions

      (16,488 ) 

Futures

      (723,535 ) 
        

Net realized gain (loss)

      (152,537,038 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      169,657,485   

Foreign currency translations

      (432 ) 

Futures

      (92,666 ) 
        

Net change in unrealized appreciation (depreciation)

      169,564,387   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      17,027,349   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 21,537,098   
        

 

See Notes to Financial Statements.

212

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MULTIMANAGER MID CAP VALUE PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 4,509,749      $ 5,963,419   

Net realized gain (loss) on investments, futures and foreign currency transactions

      (152,537,038 )      (186,142,518 ) 

Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations

      169,564,387        (189,504,959 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      21,537,098        (369,684,058 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (2,845,283 ) 

Class B

      —        (1,974,190 ) 
                
     —        (4,819,473 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (6,355,612 ) 

Class B

      —        (5,603,113 ) 
                
     —        (11,958,725 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (16,778,198 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [1,944,309 and 7,719,084 shares, respectively]

      10,868,183        62,116,295   

Capital shares issued in reinvestment of dividends and distributions [0 and 1,273,135 shares, respectively]

      —        9,200,895   

Capital shares repurchased [(44,984,308) and (9,937,043) shares, respectively]

      (229,017,828 )      (80,277,882 ) 
                

Total Class A transactions

      (218,149,645 )      (8,960,692 ) 
                

Class B

     

Capital shares sold [6,778,104 and 10,362,685 shares, respectively]

      38,322,598        76,774,572   

Capital shares issued in reinvestment of dividends and distributions [0 and 1,048,960 shares, respectively]

      —        7,577,303   

Capital shares repurchased [(6,433,993) and (14,752,271) shares, respectively]

      (35,743,843 )      (113,657,374 ) 
                

Total Class B transactions

      2,578,755        (29,305,499 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      (215,570,890 )      (38,266,191 ) 
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      (194,033,792 )      (424,728,447 ) 

NET ASSETS:

     

Beginning of period

      651,007,885        1,075,736,332   
                

End of period (a)

    $ 456,974,093      $ 651,007,885   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 5,593,501      $ 1,083,752   
                

 

See Notes to Financial Statements.

213

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $1,611,149,904)

   

(Securities on loan at market value $7,585,298)

    $ 1,539,259,196   

Receivable for securities sold

      42,532,252   

Receivable for forward commitments

      22,687,344   

Dividends, interest and other receivables

      13,263,894   

Unrealized appreciation of forward foreign currency contracts

      931,325   

Receivable from Separate Accounts for Trust shares sold

      402,270   

Other assets

      14,807   
        

Total assets

      1,619,091,088   
        

LIABILITIES

   

Overdraft payable

      368,963   

Foreign cash overdraft payable

      83,545   

Payable for securities purchased

      129,704,323   

Payable for forward commitments

      95,182,102   

Payable for return of cash collateral on securities loaned

      16,389,595   

Securities sold short, at value (Proceeds received $12,480,313)

      12,540,000   

Unrealized depreciation of forward foreign currency contracts

      1,508,269   

Payable to Separate Accounts for Trust shares redeemed

      657,812   

Investment management fees payable

      591,880   

Administrative fees payable

      178,283   

Distribution fees payable - Class B

      127,378   

Variation margin payable on futures contracts

      85,792   

Trustees’ fees payable

      14,520   

Accrued expenses

      92,685   
        

Total liabilities

      257,525,147   
        

NET ASSETS

    $ 1,361,565,941   
        

Net assets were comprised of:

   

Paid in capital

    $ 2,189,671,058   

Accumulated undistributed net investment income (loss)

      39,427,067   

Accumulated undistributed net realized gains (losses) on investments, securities sold short, futures and foreign currency translations

      (794,445,978 ) 

Net unrealized appreciation (depreciation) on investments, securities sold short, futures and foreign currency translations

      (73,086,206 ) 
        

Net assets

    $ 1,361,565,941   
        

Class A

   

Net asset value, offering and redemption price per share, $742,031,874 / 200,979,956 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 3.69   
        

Class B

   

Net asset value, offering and redemption price per share, $619,534,067 / 168,857,742 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 3.67   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Interest

    $ 46,533,740   

Dividends

      352,837   

Securities lending (net)

      103,070   
        

Total income

      46,989,647   
        

EXPENSES

   

Investment management fees

      3,539,132   

Administrative fees

      1,055,435   

Distribution fees - Class B

      776,363   

Printing and mailing expenses

      119,956   

Professional fees

      58,032   

Custodian fees

      46,861   

Trustees’ fees

      7,264   

Miscellaneous

      30,488   
        

Total expenses

      5,633,531   
        

NET INVESTMENT INCOME (LOSS)

      41,356,116   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (454,183,073 ) 

Foreign currency transactions

      2,726,579   

Futures

      3,618,128   

Securities sold short

      (366,516 ) 
        

Net realized gain (loss)

      (448,204,882 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      456,196,830   

Foreign currency translations

      988,847   

Futures

      (4,426,403 ) 

Securities sold short

      (59,688 ) 
        

Net change in unrealized appreciation (depreciation)

      452,699,586   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      4,494,704   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 45,850,820   
        

 

See Notes to Financial Statements.

214

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 41,356,116      $ 148,679,474   

Net realized gain (loss) on investments, securities sold short, futures and foreign currency transactions

      (448,204,882 )      (114,844,274 ) 

Net change in unrealized appreciation (depreciation) on investments, securities sold short, futures and foreign currency translations

      452,699,586        (462,189,660 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      45,850,820        (428,354,460 ) 
                

DIVIDENDS:

     

Dividends from net investment income

     

Class A

      —        (82,876,638 ) 

Class B

      —        (74,414,047 ) 
                

TOTAL DIVIDENDS

      —        (157,290,685 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [18,827,271 and 46,289,901 shares, respectively]

      68,292,548        231,958,242   

Capital shares issued in reinvestment of dividends [0 and 24,707,354 shares, respectively]

      —        82,876,638   

Capital shares repurchased [(9,292,031) and (45,699,159) shares, respectively]

      (33,697,526 )      (215,969,049 ) 
                

Total Class A transactions

      34,595,022        98,865,831   
                

Class B

     

Capital shares sold [17,599,563 and 13,491,804 shares, respectively]

      63,663,542        64,048,592   

Capital shares issued in reinvestment of dividends [0 and 22,288,111 shares, respectively]

      —        74,414,047   

Capital shares repurchased [(24,479,690) and (54,694,517) shares, respectively]

      (88,302,109 )      (268,514,678 ) 
                

Total Class B transactions

      (24,638,567 )      (130,052,039 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      9,956,455        (31,186,208 ) 
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      55,807,275        (616,831,353 ) 

NET ASSETS:

     

Beginning of period

      1,305,758,666        1,922,590,019   
                

End of period (a)

    $ 1,361,565,941      $ 1,305,758,666   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 39,427,067      $ (1,929,049 ) 
                

 

See Notes to Financial Statements.

215

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $462,405,112)

   

(Securities on loan at market value $28,063,513)

    $ 475,648,762   

Cash

      3,078   

Receivable for securities sold

      59,656,526   

Receivable from Separate Accounts for Trust shares sold

      193,391   

Dividends, interest and other receivables

      120,159   

Other assets

      4,590   
        

Total assets

      535,626,506   
        

LIABILITIES

   

Payable for securities purchased

      62,627,823   

Payable for return of cash collateral on securities loaned

      29,084,614   

Investment management fees payable

      307,223   

Payable to Separate Accounts for Trust shares redeemed

      251,815   

Administrative fees payable

      67,904   

Distribution fees payable - Class B

      48,642   

Variation margin payable on futures contracts

      2,960   

Accrued expenses

      193,068   
        

Total liabilities

      92,584,049   
        

NET ASSETS

    $ 443,042,457   
        

Net assets were comprised of:

   

Paid in capital

    $ 755,105,740   

Accumulated undistributed net investment income (loss)

      173,068   

Accumulated undistributed net realized gains (losses) on investments and futures

      (325,434,860 ) 

Net unrealized appreciation (depreciation) on investments and futures

      13,198,509   
        

Net assets

    $ 443,042,457   
        

Class A

   

Net asset value, offering and redemption price per share, $204,977,557 / 36,166,854 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 5.67   
        

Class B

   

Net asset value, offering and redemption price per share, $238,064,900 / 42,194,425 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 5.64   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (net of $2,377 foreign withholding tax)

    $ 1,318,497   

Interest

      264   

Securities lending (net)

      294,404   
        

Total income

      1,613,165   
        

EXPENSES

   

Investment management fees

      1,902,526   

Administrative fees

      371,529   

Distribution fees - Class B

      252,804   

Printing and mailing expenses

      38,742   

Custodian fees

      30,408   

Professional fees

      20,316   

Trustees’ fees

      2,504   

Miscellaneous

      8,677   
        

Gross expenses

      2,627,506   

Less: Fees paid indirectly

      (1,190,716 ) 
        

Net expenses

      1,436,790   
        

NET INVESTMENT INCOME (LOSS)

      176,375   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (180,739,017 ) 

Futures

      286,644   
        

Net realized gain (loss)

      (180,452,373 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      182,320,135   

Futures

      (45,141 ) 
        

Net change in unrealized appreciation (depreciation)

      182,274,994   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      1,822,621   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 1,998,996   
        

 

See Notes to Financial Statements.

216

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 176,375      $ (4,093,016 ) 

Net realized gain (loss) on investments and futures,

      (180,452,373 )      (140,345,864 ) 

Net change in unrealized appreciation (depreciation) on investments and futures

      182,274,994        (174,244,893 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      1,998,996        (318,683,773 ) 
                

DIVIDENDS:

     

Distributions from net realized capital gains

     

Class A

      —        (1,488,507 ) 

Class B

      —        (1,149,052 ) 
                

TOTAL DIVIDENDS

      —        (2,637,559 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [5,786,949 and 73,387,630 shares, respectively]

      27,784,245        545,258,661   

Capital shares issued in reinvestment of dividends [0 and 194,933 shares, respectively]

      —        1,488,507   

Capital shares repurchased [(40,981,248) and (2,221,410) shares, respectively]

      (171,468,235 )      (13,828,734 ) 
                

Total Class A transactions

      (143,683,990 )      532,918,434   
                

Class B

     

Capital shares sold [6,479,756 and 8,185,618 shares, respectively]

      32,376,160        55,336,899   

Capital shares issued in reinvestment of dividends [0 and 150,717 shares, respectively]

      —        1,149,052   

Capital shares repurchased [(4,743,902) and (11,868,175) shares, respectively]

      (23,220,874 )      (84,548,019 ) 
                

Total Class B transactions

      9,155,286        (28,062,068 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      (134,528,704 )      504,856,366   
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      (132,529,708 )      183,535,034   

NET ASSETS:

     

Beginning of period

      575,572,165        392,037,131   
                

End of period (a)

    $ 443,042,457      $ 575,572,165   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 173,068      $ (3,307 ) 
                

 

See Notes to Financial Statements.

217

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value:

   

Affiliated Issuers (Cost $5,121,513)

    $ 2,208,026   

Unaffiliated Issuers (Cost $940,674,721)
(Securities on loan at market value $18,532,019)

      763,424,396   

Cash

      32,474   

Receivable for securities sold

      90,851,340   

Dividends, interest and other receivables

      964,235   

Receivable from Separate Accounts for Trust shares sold

      317,859   

Other assets

      2,894   
        

Total assets

      857,801,224   
        

LIABILITIES

   

Payable for securities purchased

      92,499,630   

Payable for return of cash collateral on securities loaned

      19,441,786   

Distribution fees payable - Class B

      362,482   

Administrative fees payable

      255,059   

Payable to Separate Accounts for Trust shares redeemed

      190,079   

Investment management fees payable

      156,153   

Variation margin payable on futures contracts

      2,800   

Accrued expenses

      87,075   
        

Total liabilities

      112,995,064   
        

NET ASSETS

    $ 744,806,160   
        

Net assets were comprised of:

   

Paid in capital

    $ 1,409,139,686   

Accumulated undistributed net investment income (loss)

      5,279,225   

Accumulated undistributed net realized gains (losses) on investments and futures

      (489,394,442 ) 

Net unrealized appreciation (depreciation) on investments and futures

      (180,218,309 ) 
        

Net assets

    $ 744,806,160   
        

Class A

   

Net asset value, offering and redemption price per share, $252,474,080 / 35,939,212 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 7.03   
        

Class B

   

Net asset value, offering and redemption price per share, $492,332,080 / 70,111,772 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 7.02   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (net of $1,857 foreign withholding tax)

    $ 7,218,913   

Interest

      282   

Securities lending (net)

      79,176   
        

Total income

      7,298,371   
        

EXPENSES

   

Investment management fees

      2,866,263   

Distribution fees - Class B

      564,265   

Administrative fees

      541,391   

Printing and mailing expenses

      56,583   

Professional fees

      30,892   

Custodian fees

      12,940   

Trustees’ fees

      3,232   

Miscellaneous

      8,636   
        

Gross expenses

      4,084,202   

Less: Fees paid indirectly

      (2,012,185 ) 
        

Net expenses

      2,072,017   
        

NET INVESTMENT INCOME (LOSS)

      5,226,354   
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (186,387,118 ) 

Futures

      840,254   
        

Net realized gain (loss)

      (185,546,864 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      188,634,006   

Futures

      (54,497 ) 
        

Net change in unrealized appreciation (depreciation)

      188,579,509   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      3,032,645   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 8,258,999   
        

 

See Notes to Financial Statements.

218

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ 5,226,354      $ 3,478,092   

Net realized gain (loss) on investments and futures,

      (185,546,864 )      (296,890,842 ) 

Net change in unrealized appreciation (depreciation) on investments and futures

      188,579,509        (201,580,569 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      8,258,999        (494,993,319 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (1,454,138 ) 

Class B

      —        (1,814,260 ) 
                
     —        (3,268,398 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (1,359,535 ) 

Class B

      —        (3,142,013 ) 
                
     —        (4,501,548 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (7,769,946 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [1,060,526 and 2,165,916 shares, respectively]

      6,785,460        21,131,804   

Capital shares issued in reinvestment of dividends and distributions [0 and 351,563 shares, respectively]

      —        2,813,673   

Capital shares repurchased [(187,523) and (23,427,863) shares, respectively]

      (1,148,796 )      (242,504,041 ) 
                

Total Class A transactions

      5,636,664        (218,558,564 ) 
                

Class B

     

Capital shares sold [3,455,607 and 4,655,483 shares, respectively]

      21,674,835        42,737,903   

Capital shares issued in reinvestment of dividends and distributions [0 and 582,928 shares, respectively]

      —        4,956,273   

Capital shares repurchased [(6,472,421) and (19,378,975) shares, respectively]

      (40,065,142 )      (186,700,967 ) 
                

Total Class B transactions

      (18,390,307 )      (139,006,791 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      (12,753,643 )      (357,565,355 ) 
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      (4,494,644 )      (860,328,620 ) 

NET ASSETS:

     

Beginning of period

      749,300,804        1,609,629,424   
                

End of period (a)

    $ 744,806,160      $ 749,300,804   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 5,279,225      $ 52,871   
                

 

See Notes to Financial Statements.

219

AXA PREMIER VIP TRUST

MULTIMANAGER TECHNOLOGY PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value (Cost $418,987,546)

   

(Securities on loan at market value $3,639,839)

    $ 447,024,999   

Foreign cash (Cost $1,074,323)

      1,042,712   

Cash

      349,990   

Receivable for securities sold

      2,043,153   

Receivable from Separate Accounts for Trust shares sold

      1,057,073   

Dividends, interest and other receivables

      460,418   

Other assets

      3,287   
        

Total assets

      451,981,632   
        

LIABILITIES

   

Payable for return of cash collateral on securities loaned

      4,339,893   

Payable for securities purchased

      2,441,241   

Investment management fees payable

      344,416   

Payable to Separate Accounts for Trust shares redeemed

      152,997   

Distribution fees payable - Class B

      90,496   

Administrative fees payable

      69,818   

Trustees’ fees payable

      4,288   

Accrued expenses

      90,253   
        

Total liabilities

      7,533,402   
        

NET ASSETS

    $ 444,448,230   
        

Net assets were comprised of:

   

Paid in capital

    $ 670,730,810   

Accumulated undistributed net investment income (loss)

      (75,328 ) 

Accumulated undistributed net realized gains (losses) on investments and foreign currency translations

      (254,212,751 ) 

Net unrealized appreciation (depreciation) on investments and foreign currency translations

      28,005,499   
        

Net assets

    $ 444,448,230   
        

Class A

   

Net asset value, offering and redemption price per share, $8,849,670 / 1,021,648 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 8.66   
        

Class B

   

Net asset value, offering and redemption price per share, $435,598,560 / 51,250,962 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 8.50   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Dividends (net of $10,079 foreign withholding tax)

    $ 2,060,443   

Interest

      4,286   

Securities lending (net)

      161,139   
        

Total income

      2,225,868   
        

EXPENSES

   

Investment management fees

      1,741,916   

Distribution fees - Class B

      449,102   

Administrative fees

      359,231   

Custodian fees

      44,203   

Printing and mailing expenses

      31,686   

Professional fees

      29,840   

Trustees’ fees

      1,905   

Miscellaneous

      9,681   
        

Gross expenses

      2,667,564   

Less: Fees paid indirectly

      (384,656 ) 
        

Net expenses

      2,282,908   
        

NET INVESTMENT INCOME (LOSS)

      (57,040 ) 
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Realized gain (loss) on:

   

Securities

      (92,930,788 ) 

Foreign currency transactions

      (354,637 ) 
        

Net realized gain (loss)

      (93,285,425 ) 
        

Change in unrealized appreciation (depreciation) on:

   

Securities

      174,176,127   

Foreign currency translations

      321,219   
        

Net change in unrealized appreciation (depreciation)

      174,497,346   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      81,211,921   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 81,154,881   
        

 

See Notes to Financial Statements.

220

AXA PREMIER VIP TRUST

MULTIMANAGER TECHNOLOGY PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ (57,040 )    $ (3,801,137 ) 

Net realized gain (loss) on investments and foreign currency transactions

      (93,285,425 )      (88,883,999 ) 

Net change in unrealized appreciation (depreciation) on investments and foreign currency translations

      174,497,346        (224,983,907 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      81,154,881        (317,669,043 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [89,814 and 872,625 shares, respectively]

      691,334        9,947,303   

Capital shares repurchased [(87,813) and (2,602,977) shares, respectively]

      (630,039 )      (26,549,959 ) 
                

Total Class A transactions

      61,295        (16,602,656 ) 
                

Class B

     

Capital shares sold [10,046,045 and 14,217,141 shares, respectively]

      75,885,579        148,874,264   

Capital shares repurchased [(7,145,734) and (16,465,307) shares, respectively]

      (51,672,443 )      (168,507,712 ) 
                

Total Class B transactions

      24,213,136        (19,633,448 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      24,274,431        (36,236,104 ) 
                

TOTAL INCREASE (DECREASE) IN NET ASSETS

      105,429,312        (353,905,147 ) 

NET ASSETS:

     

Beginning of period

      339,018,918        692,924,065   
                

End of period (a)

    $ 444,448,230      $ 339,018,918   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ (75,328 )    $ (18,288 ) 
                

 

See Notes to Financial Statements.

221

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value:

   

Affiliated Issuers (Cost $76,268,608)

    $ 63,112,603   

Unaffiliated Issuers (Cost $253,250)

      253,250   

Receivable from Separate Accounts for Trust shares sold

      35,621   

Dividends, interest and other receivables

      1   

Other assets

      388   
        

Total assets

      63,401,863   
        

LIABILITIES

   

Payable to Separate Accounts for Trust shares redeemed

      134,781   

Payable for securities purchased

      31,173   

Administrative fees payable

      6,098   

Distribution fees payable - Class B

      5,684   

Accrued expenses

      24,005   
        

Total liabilities

      201,741   
        

NET ASSETS

    $ 63,200,122   
        

Net assets were comprised of:

   

Paid in capital

    $ 86,325,795   

Accumulated undistributed net investment income (loss)

      195,226   

Accumulated undistributed net realized gain (loss) on investments

      (10,164,894 ) 

Unrealized appreciation (depreciation) on investments

      (13,156,005 ) 
        

Net assets

    $ 63,200,122   
        

Class A

   

Net asset value, offering and redemption price per share, $35,506,627 / 4,760,644 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 7.46   
        

Class B

   

Net asset value, offering and redemption price per share, $27,693,495 / 3,716,539 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 7.45   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Interest

    $ —   
        

EXPENSES

   

Administrative fees

      59,120   

Custodian fees

      35,038   

Distribution fees - Class B

      29,494   

Investment management fees

      27,842   

Professional fees

      26,393   

Printing and mailing expenses

      4,960   

Trustees’ fees

      295   

Miscellaneous

      1,416   
        

Gross expenses

      184,558   

Less: Waiver from investment advisor

      (57,579 ) 
        

Net expenses

      126,979   
        

NET INVESTMENT INCOME (LOSS)

      (126,979 ) 
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) on securities (All realized loss from affiliates)

      (5,693,494 ) 

Net change in unrealized appreciation (depreciation) on securities

      8,270,578   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      2,577,084   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 2,450,105   
        

 

See Notes to Financial Statements.

222

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ (126,979 )    $ 2,144,715   

Net realized gain (loss) on investments

      (5,693,494 )      (3,693,007 ) 

Net change in unrealized appreciation (depreciation) on investments

      8,270,578        (21,060,283 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      2,450,105        (22,608,575 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (1,352,082 ) 

Class B

      —        (905,135 ) 
                
     —        (2,257,217 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (382,443 ) 

Class B

      —        (237,911 ) 
                
     —        (620,354 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (2,877,571 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [360,650 and 5,416,870 shares, respectively]

      2,493,225        56,270,383   

Capital shares issued in reinvestment of dividends and distributions [0 and 241,780 shares, respectively]

      —        1,734,525   

Capital shares repurchased [(219,102) and (1,093,022) shares, respectively]

      (1,515,184 )      (9,277,484 ) 
                

Total Class A transactions

      978,041        48,727,424   
                

Class B

     

Capital shares sold [1,234,368 and 3,049,586 shares, respectively]

      8,489,163        28,434,019   

Capital shares issued in reinvestment of dividends and distributions [0 and 160,317 shares, respectively]

      —        1,143,046   

Capital shares repurchased [(780,779) and (1,165,277) shares, respectively]

      (5,238,370 )      (10,095,569 ) 
                

Total Class B transactions

      3,250,793        19,481,496   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      4,228,834        68,208,920   
                

TOTAL INCREASE IN NET ASSETS

      6,678,939        42,722,774   

NET ASSETS:

     

Beginning of period

      56,521,183        13,798,409   
                

End of period (a)

    $ 63,200,122      $ 56,521,183   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 195,226      $ 322,205   
                

 

See Notes to Financial Statements.

223

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value:

   

Affiliated Issuers (Cost $83,475,709)

    $ 63,980,881   

Receivable from Separate Accounts for Trust shares sold

      35,623   

Other assets

      343   
        

Total assets

      64,016,847   
        

LIABILITIES

   

Overdraft payable

      3,028   

Payable to Separate Accounts for Trust shares redeemed

      348,558   

Payable for securities purchased

      76,875   

Administrative fees payable

      6,063   

Distribution fees payable - Class B

      5,808   

Accrued expenses

      23,452   
        

Total liabilities

      463,784   
        

NET ASSETS

    $ 63,553,063   
        

Net assets were comprised of:

   

Paid in capital

    $ 88,246,162   

Accumulated undistributed net investment income (loss)

      221,185   

Accumulated undistributed net realized gain (loss) on investments

      (5,419,456 ) 

Unrealized appreciation (depreciation) on investments

      (19,494,828 ) 
        

Net assets

    $ 63,553,063   
        

Class A

   

Net asset value, offering and redemption price per share, $35,340,546 / 4,979,754 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 7.10   
        

Class B

   

Net asset value, offering and redemption price per share, $28,212,517 / 3,979,111 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 7.09   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Interest

    $ —   
        

EXPENSES

   

Administrative fees

      58,489   

Custodian fees

      35,782   

Distribution fees - Class B

      29,363   

Investment management fees

      27,421   

Professional fees

      26,694   

Printing and mailing expenses

      4,841   

Trustees’ fees

      284   

Miscellaneous

      1,385   
        

Gross expenses

      184,259   

Less: Waiver from investment advisor

      (58,879 ) 
        

Net expenses

      125,380   
        

NET INVESTMENT INCOME (LOSS)

      (125,380 ) 
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) on securities (All realized loss from affiliates)

      (3,675,486 ) 

Net change in unrealized appreciation (depreciation) on securities

      6,592,685   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      2,917,199   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 2,791,819   
        

 

See Notes to Financial Statements.

224

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STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ (125,380 )    $ 1,825,577   

Net realized gain (loss) on investments

      (3,675,486 )      (902,430 ) 

Net change in unrealized appreciation (depreciation) on investments

      6,592,685        (25,537,634 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      2,791,819        (24,614,487 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (1,179,240 ) 

Class B

      —        (763,601 ) 
                
     —        (1,942,841 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (507,352 ) 

Class B

      —        (298,804 ) 
                
     —        (806,156 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (2,748,997 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [499,941 and 5,043,287 shares, respectively]

      3,225,224        52,605,183   

Capital shares issued in reinvestment of dividends and distributions [0 and 242,561 shares, respectively]

      —        1,686,592   

Capital shares repurchased [(199,712) and (659,409) shares, respectively]

      (1,248,753 )      (5,674,222 ) 
                

Total Class A transactions

      1,976,471        48,617,553   
                

Class B

     

Capital shares sold [978,383 and 2,146,095 shares, respectively]

      6,376,070        19,443,385   

Capital shares issued in reinvestment of dividends and distributions [0 and 154,462 shares, respectively]

      —        1,062,405   

Capital shares repurchased [(280,982) and (587,845) shares, respectively]

      (1,815,007 )      (5,418,973 ) 
                

Total Class B transactions

      4,561,063        15,086,817   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      6,537,534        63,704,370   
                

TOTAL INCREASE IN NET ASSETS

      9,329,353        36,340,886   

NET ASSETS:

     

Beginning of period

      54,223,710        17,882,824   
                

End of period (a)

    $ 63,553,063      $ 54,223,710   
                

 

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 221,185      $ 346,565   
                

 

See Notes to Financial Statements.

225

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value:

   

Affiliated Issuers (Cost $41,580,486)

    $ 32,401,302   

Receivable from Separate Accounts for Trust shares sold

      32,874   

Receivable for securities sold

      5,655   

Receivable from investment manager

      2,131   

Other assets

      150   
        

Total assets

      32,442,112   
        

LIABILITIES

   

Overdraft payable

      34,392   

Payable to Separate Accounts for Trust shares redeemed

      180,285   

Distribution fees payable - Class B

      4,116   

Accrued expenses

      27,665   
        

Total liabilities

      246,458   
        

NET ASSETS

    $ 32,195,654   
        

Net assets were comprised of:

   

Paid in capital

    $ 43,644,026   

Accumulated undistributed net investment income (loss)

      105,359   

Accumulated undistributed net realized gain (loss) on investments

      (2,374,547 ) 

Unrealized appreciation (depreciation) on investments

      (9,179,184 ) 
        

Net assets

    $ 32,195,654   
        

Class A

   

Net asset value, offering and redemption price per share, $12,177,567 / 1,767,367 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 6.89   
        

Class B

   

Net asset value, offering and redemption price per share, $20,018,087 / 2,908,363 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 6.88   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Interest

    $ —   
        

EXPENSES

   

Administrative fees

      37,287   

Custodian fees

      34,047   

Professional fees

      26,425   

Distribution fees - Class B

      20,302   

Investment management fees

      13,287   

Printing and mailing expenses

      2,310   

Trustees’ fees

      134   

Miscellaneous

      1,289   
        

Gross expenses

      135,081   

Less: Waiver from investment advisor

      (50,574 ) 

    Reimbursement from investment advisor

      (17,672 ) 
        

Net expenses

      66,835   
        

NET INVESTMENT INCOME (LOSS)

      (66,835 ) 
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) on securities (All realized loss from affiliates)

      (1,617,533 ) 

Net change in unrealized appreciation (depreciation) on securities

      3,412,455   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      1,794,922   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 1,728,087   
        

 

See Notes to Financial Statements.

226

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STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ (66,835 )    $ 772,983   

Net realized gain (loss) on investments

      (1,617,533 )      (353,044 ) 

Net change in unrealized appreciation (depreciation) on investments

      3,412,455        (12,353,416 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      1,728,087        (11,933,477 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (352,218 ) 

Class B

      —        (476,040 ) 
                
     —        (828,258 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (197,695 ) 

Class B

      —        (246,026 ) 
                
     —        (443,721 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (1,271,979 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [ 268,611 and 1,544,854 shares, respectively]

      1,655,765        15,928,606   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 79,746 shares, respectively ]

      —        549,913   

Capital shares repurchased [ (23,539) and (154,903) shares, respectively ]

      (133,196 )      (1,124,312 ) 
                

Total Class A transactions

      1,522,569        15,354,207   
                

Class B

     

Capital shares sold [ 898,882 and 1,467,660 shares, respectively]

      5,602,182        13,372,024   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 105,984 shares, respectively ]

      —        722,066   

Capital shares repurchased [ (178,353) and (262,540) shares, respectively ]

      (1,125,408 )      (2,189,537 ) 
                

Total Class B transactions

      4,476,774        11,904,553   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      5,999,343        27,258,760   
                

TOTAL INCREASE IN NET ASSETS

      7,727,430        14,053,304   

NET ASSETS:

     

Beginning of period

      24,468,224        10,414,920   
                

End of period (a)

    $ 32,195,654      $ 24,468,224   
                

 

     

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 105,359      $ 172,194   
                

 

See Notes to Financial Statements.

227

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2009 (Unaudited)

 

ASSETS

   

Investments at value:

   

Affiliated Issuers (Cost $20,980,435)

    $ 16,257,499   

Unaffiliated Issuers (Cost $60,811)

      60,811   

Receivable from Separate Accounts for Trust shares sold

      18,572   

Receivable from investment manager

      4,807   

Other assets

      53   
        

Total assets

      16,341,742   
        

LIABILITIES

   

Payable to Separate Accounts for Trust shares redeemed

      113,425   

Payable for securities purchased

      26,256   

Distribution fees payable - Class B

      2,583   

Accrued expenses

      31,747   
        

Total liabilities

      174,011   
        

NET ASSETS

    $ 16,167,731   
        

Net assets were comprised of:

   

Paid in capital

    $ 22,090,832   

Accumulated undistributed net investment income (loss)

      54,102   

Accumulated undistributed net realized gain (loss) on investments

      (1,254,267 ) 

Unrealized appreciation (depreciation) on investments

      (4,722,936 ) 
        

Net assets

    $ 16,167,731   
        

Class A

   

Net asset value, offering and redemption price per share, $3,809,248 / 586,272 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 6.50   
        

Class B

   

Net asset value, offering and redemption price per share, $12,358,483 / 1,904,030 shares outstanding (unlimited amount authorized: $0.001 par value)

    $ 6.49   
        

 

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2009 (Unaudited)

 

INVESTMENT INCOME

   

Interest

    $ —   
        

EXPENSES

   

Administrative fees

      27,199   

Custodian fees

      27,026   

Professional fees

      25,985   

Distribution fees - Class B

      12,438   

Investment management fees

      6,562   

Printing and mailing expenses

      1,130   

Trustees’ fees

      65   

Miscellaneous

      1,176   
        

Gross expenses

      101,581   

Less: Waiver from investment advisor

      (33,761 ) 

    Reimbursement from investment advisor

      (32,398 ) 
        

Net expenses

      35,422   
        

NET INVESTMENT INCOME (LOSS)

      (35,422 ) 
        

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) on securities (All realized loss from affiliates)

      (1,109,538 ) 

Net change in unrealized appreciation (depreciation) on securities

      2,144,172   
        

NET REALIZED AND UNREALIZED GAIN (LOSS)

      1,034,634   
        

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 999,212   
        

 

See Notes to Financial Statements.

228

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STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
June 30, 2009
(Unaudited)		     Year Ended
December 31, 2008		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

     

Net investment income (loss)

    $ (35,422 )    $ 317,105   

Net realized gain (loss) on investments

      (1,109,538 )      62,779   

Net change in unrealized appreciation (depreciation) on investments

      2,144,172        (6,615,297 ) 
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      999,212        (6,235,413 ) 
                

DIVIDENDS AND DISTRIBUTIONS:

     

Dividends from net investment income

     

Class A

      —        (94,101 ) 

Class B

      —        (249,904 ) 
                
     —        (344,005 ) 
                

Distributions from net realized capital gains

     

Class A

      —        (83,604 ) 

Class B

      —        (212,964 ) 
                
     —        (296,568 ) 
                

TOTAL DIVIDENDS AND DISTRIBUTIONS

      —        (640,573 ) 
                

CAPITAL SHARES TRANSACTIONS:

     

Class A

     

Capital shares sold [ 130,672 and 426,915 shares, respectively]

      752,313        4,328,983   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 26,115 shares, respectively ]

      —        177,705   

Capital shares repurchased [ (30,523) and (20,253) shares, respectively ]

      (175,560 )      (150,888 ) 
                

Total Class A transactions

      576,753        4,355,800   
                

Class B

     

Capital shares sold [ 671,396 and 894,274 shares, respectively]

      3,881,177        7,809,024   

Capital shares issued in reinvestment of dividends and distributions [ 0 and 68,732 shares, respectively ]

      —        462,868   

Capital shares repurchased [ (169,813) and (150,840) shares, respectively ]

      (999,454 )      (1,224,740 ) 
                

Total Class B transactions

      2,881,723        7,047,152   
                

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

      3,458,476        11,402,952   
                

TOTAL INCREASE IN NET ASSETS

      4,457,688        4,526,966   

NET ASSETS:

     

Beginning of period

      11,710,043        7,183,077   
                

End of period (a)

    $ 16,167,731      $ 11,710,043   
                

 

     

(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of

    $ 54,102      $ 89,524   
                

 

See Notes to Financial Statements.

229

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FINANCIAL HIGHLIGHTS

 

 

    Six Months Ended     Year Ended December 31,  
Class A  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 9.13      $ 10.90      $ 10.87      $ 10.69      $ 10.80      $ 10.45   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     (0.01 )(e)      0.53 (e)      0.47 (e)      0.41 (e)      0.34 (e)      0.38 (e) 

Net realized and unrealized gain (loss) on investments

     0.24        (1.71 )      0.18        0.30        (0.04 )      0.28   
                                               

Total from investment operations

     0.23        (1.18 )      0.65        0.71        0.30        0.66   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.46 )      (0.43 )      (0.38 )      (0.30 )      (0.30 ) 

Distributions from net realized gains

     —        (0.13 )      (0.19 )      (0.15 )      (0.11 )      (0.01 ) 
                                               

Total dividends and distributions

     —        (0.59 )      (0.62 )      (0.53 )      (0.41 )      (0.31 ) 
                                               

Net asset value, end of period

   $ 9.36      $ 9.13      $ 10.90      $ 10.87      $ 10.69      $ 10.80   
                                               

Total return(b)

     2.52 %      (10.79 )%      6.11 %      6.55 %      2.78 %      6.29 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 14,703      $ 13,472      $ 9,015      $ 4,999      $ 3,054      $ 2,071   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a),(f)

     0.75 %(j)      0.10 %      0.10 %      0.10 %      0.10 %      0.10 % 

Before waivers and reimbursements(a),(f)

     0.91 %(j)      0.30 %      0.31 %      0.32 %      0.32 %      0.51 % 

Ratio of net investment income to average net assets:

            

After waivers and reimbursements(a),(f)

     (0.21 )%(j)      5.12 %      4.17 %      3.80 %      3.17 %      3.50 % 

Before waivers and reimbursements(a),(f)

     (0.37 )%(j)      4.92 %      3.96 %      3.58 %      2.95 %      3.09 % 

Portfolio turnover rate

     61 %      59 %      39 %      55 %      101 %      18 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income (loss)

   $ 0.01      $ 0.02      $ 0.02      $ 0.02      $ 0.02      $ 0.04   
    Six Months Ended     Year Ended December 31,  
Class B  

June 30,

2009 (Unaudited)

    

2008

     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 9.13      $ 10.90      $ 10.87      $ 10.69      $ 10.80      $ 10.45   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     (0.02 )(e)      0.58 (e)      0.45 (e)      0.38 (e)      0.32 (e)      0.35 (e) 

Net realized and unrealized gain (loss) on investments

     0.24        (1.78 )      0.17        0.30        (0.05 )      0.28   
                                               

Total from investment operations

     0.22        (1.20 )      0.62        0.68        0.27        0.63   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.44 )      (0.40 )      (0.35 )      (0.27 )      (0.27 ) 

Distributions from net realized gains

     —        (0.13 )      (0.19 )      (0.15 )      (0.11 )      (0.01 ) 
                                               

Total dividends and distributions

     —        (0.57 )      (0.59 )      (0.50 )      (0.38 )      (0.28 ) 
                                               

Net asset value, end of period

   $ 9.35      $ 9.13      $ 10.90      $ 10.87      $ 10.69      $ 10.80   
                                               

Total return(b)

     2.41 %      (11.02 )%      5.74 %      6.37 %      2.52 %      6.02 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 1,788,979      $ 1,443,563      $ 585,489      $ 339,978      $ 217,999      $ 109,357   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a),(f)

     1.00 %(j)      0.35 %      0.35 %      0.35 %      0.35 %      0.35 % 

Before waivers and reimbursements(a),(f)

     1.16 %(j)      0.55 %      0.56 %      0.57 %      0.57 %      0.76 % 

Ratio of net investment income to average net assets:

            

After waivers and reimbursements(a),(f)

     (0.45 )%(j)      5.69 %      4.02 %      3.48 %      2.92 %      3.25 % 

Before waivers and reimbursements(a),(f)

     (0.61 )%(j)      5.50 %      3.81 %      3.26 %      2.70 %      2.84 % 

Portfolio turnover rate

     61 %      59 %      39 %      55 %      101 %      18 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income (loss)

   $ 0.01      $ 0.02      $ 0.02      $ 0.02      $ 0.02      $ 0.04   

 

See Notes to Financial Statements.

230

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

    Six Months Ended     Year Ended December 31,  
Class A  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 8.73      $ 11.59      $ 11.61      $ 11.16      $ 11.22      $ 10.66   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     (0.02 )(e)      0.44 (e)      0.43 (e)      0.36 (e)      0.30 (e)      0.33 (e) 

Net realized and unrealized gain (loss) on investments

     0.31        (2.65 )      0.23        0.65        0.09        0.52   
                                               

Total from investment operations

     0.29        (2.21 )      0.66        1.01        0.39        0.85   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.38 )      (0.42 )      (0.36 )      (0.25 )      (0.28 ) 

Distributions from net realized gains

     —        (0.27 )      (0.26 )      (0.20 )      (0.20 )      (0.01 ) 
                                               

Total dividends and distributions

     —        (0.65 )      (0.68 )      (0.56 )      (0.45 )      (0.29 ) 
                                               

Net asset value, end of period

   $ 9.02      $ 8.73      $ 11.59      $ 11.61      $ 11.16      $ 11.22   
                                               

Total return(b)

     3.32 %      (19.24 )%      5.73 %      9.06 %      3.53 %      7.96 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 45,599      $ 42,358      $ 10,943      $ 5,544      $ 3,466      $ 1,403   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a),(f)

     0.85 %(j)      0.10 %      0.10 %      0.10 %      0.10 %      0.10 % 

Before waivers and reimbursements(a),(f)

     0.96 %(j)      0.30 %      0.29 %      0.28 %      0.29 %      0.40 % 

Ratio of net investment income to average net assets:

            

After waivers and reimbursements(a),(f)

     (0.44 )%(j)      4.29 %      3.58 %      3.10 %      2.74 %      3.01 % 

Before waivers and reimbursements(a),(f)

     (0.55 )%(j)      4.10 %      3.39 %      2.91 %      2.55 %      2.71 % 

Portfolio turnover rate

     51 %      51 %      21 %      20 %      64 %      5 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income (loss)

   $ — #    $ 0.02      $ 0.02      $ 0.02      $ 0.02      $ 0.03   
    Six Months Ended     Year Ended December 31,  
Class B   June 30, 2009
(Unaudited)		     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 8.73      $ 11.59      $ 11.61      $ 11.16      $ 11.22      $ 10.66   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     (0.03 )(e)      0.35 (e)      0.37 (e)      0.33 (e)      0.27 (e)      0.30 (e) 

Net realized and unrealized gain (loss) on investments

     0.31        (2.58 )      0.26        0.64        0.09        0.52   
                                               

Total from investment operations

     0.28        (2.23 )      0.63        0.97        0.36        0.82   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.36 )      (0.39 )      (0.32 )      (0.22 )      (0.25 ) 

Distributions from net realized gains

     —        (0.27 )      (0.26 )      (0.20 )      (0.20 )      (0.01 ) 
                                               

Total dividends and distributions

     —        (0.63 )      (0.65 )      (0.52 )      (0.42 )      (0.26 ) 
                                               

Net asset value, end of period

   $ 9.01      $ 8.73      $ 11.59      $ 11.61      $ 11.16      $ 11.22   
                                               

Total return(b)

     3.21 %      (19.45 )%      5.46 %      8.78 %      3.27 %      7.68 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 1,634,179      $ 1,369,870      $ 1,150,399      $ 809,200      $ 487,000      $ 214,970   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a),(f)

     1.10 %(j)      0.35 %      0.35 %      0.35 %      0.35 %      0.35 % 

Before waivers and reimbursements(a),(f)

     1.21 %(j)      0.55 %(c)      0.54 %      0.53 %      0.54 %      0.65 % 

Ratio of net investment income to average net assets:

            

After waivers and reimbursements(a),(f)

     (0.69 )%(j)      3.37 %      3.07 %      2.84 %      2.49 %      2.76 % 

Before waivers and reimbursements(a),(f)

     (0.79 )%(j)      3.18 %      2.88 %      2.65 %      2.30 %      2.46 % 

Portfolio turnover rate

     51 %      51 %      21 %      20 %      64 %      5 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income (loss)

   $ — #    $ 0.02      $ 0.02      $ 0.02      $ 0.02      $ 0.03   

 

See Notes to Financial Statements.

231

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

    Six Months Ended     Year Ended December 31,  
Class A  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 11.82      $ 17.10      $ 16.93      $ 15.88      $ 15.51      $ 14.63   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     (0.03 )(e)      0.48 (e)      0.45 (e)      0.39 (e)      0.33 (e)      0.25 (e) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.50        (4.57 )      0.65        1.29        0.46        1.06   
                                               

Total from investment operations

     0.47        (4.09 )      1.10        1.68        0.79        1.31   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.57 )      (0.60 )      (0.49 )      (0.42 )      (0.43 ) 

Distributions from net realized gains

     —        (0.62 )      (0.33 )      (0.14 )      —        —   
                                               

Total dividends and distributions

     —        (1.19 )      (0.93 )      (0.63 )      (0.42 )      (0.43 ) 
                                               

Net asset value, end of period

   $ 12.29      $ 11.82      $ 17.10      $ 16.93      $ 15.88      $ 15.51   
                                               

Total return(b)

     3.98 %      (24.29 )%      6.56 %      10.58 %      5.06 %      8.99 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 2,515,363      $ 2,494,212      $ 3,143,322      $ 3,103,418      $ 3,052,781      $ 3,160,074   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a),(f)

     0.90 %(j)      0.10 %      0.10 %      0.10 %      0.10 %      0.10 % 

After waivers, reimbursements and fees paid indirectly(a),(f)

     0.90 %(j)      0.10 %      0.10 %      0.10 %      0.10 %      0.09 % 

Before waivers, reimbursements and fees paid indirectly(a),(f)

     0.98 %(j)      0.27 %      0.27 %      0.27 %      0.27 %      0.26 % 

Ratio of net investment income to average net assets:

            

After waivers and reimbursements(a),(f)

     (0.52 )%(j)      3.19 %      2.58 %      2.36 %      2.11 %      1.65 % 

After waivers, reimbursements and fees paid indirectly(a),(f)

     (0.52 )%(j)      3.19 %      2.58 %      2.36 %      2.11 %      1.66 % 

Before waivers, reimbursements and fees paid indirectly(a),(f)

     (0.60 )%(j)      3.02 %      2.41 %      2.20 %      1.94 %      1.49 % 

Portfolio turnover rate

     41 %      34 %      9 %      19 %      34 %      0 %‡ 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income (loss)

   $ — #    $ 0.03      $ 0.03      $ 0.03      $ 0.03      $ 0.02   
    Six Months Ended     Year Ended December 31,  
Class B  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 11.76      $ 17.01      $ 16.84      $ 15.79      $ 15.43      $ 14.55   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     (0.04 )(e)      0.48 (e)      0.45 (e)      0.37 (e)      0.27 (e)      0.21 (e) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.48        (4.57 )      0.60        1.26        0.46        1.06   
                                               

Total from investment operations

     0.44        (4.09 )      1.05        1.63        0.73        1.27   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.54 )      (0.55 )      (0.44 )      (0.37 )      (0.39 ) 

Distributions from net realized gains

     —        (0.62 )      (0.33 )      (0.14 )      —        —   
                                               

Total dividends and distributions

     —        (1.16 )      (0.88 )      (0.58 )      (0.37 )      (0.39 ) 
                                               

Net asset value, end of period

   $ 12.20      $ 11.76      $ 17.01      $ 16.84      $ 15.79      $ 15.43   
                                               

Total return(b)

     3.74 %      (24.46 )%      6.31 %      10.34 %      4.74 %      8.75 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 6,795,951      $ 5,897,027      $ 6,289,959      $ 4,867,869      $ 3,518,020      $ 2,341,547   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a),(f)

     1.15 %(j)      0.35 %      0.35 %      0.35 %      0.35 %      0.35 % 

After waivers, reimbursements and fees paid indirectly(a),(f)

     1.15 %(j)      0.35 %      0.35 %      0.35 %      0.35 %      0.34 % 

Before waivers, reimbursements and fees paid indirectly(a),(f)

     1.23 %(j)      0.52 %(c)      0.52 %      0.52 %      0.52 %      0.51 % 

Ratio of net investment income to average net assets:

            

After waivers and reimbursements(a),(f)

     (0.77 )%(j)      3.23 %      2.57 %      2.26 %      1.86 %      1.40 % 

After waivers, reimbursements and fees paid indirectly(a),(f)

     (0.77 )%(j)      3.23 %      2.57 %      2.26 %      1.86 %      1.41 % 

Before waivers, reimbursements and fees paid indirectly(a),(f)

     (0.85 )%(j)      3.05 %      2.40 %      2.09 %      1.69 %      1.24 % 

Portfolio turnover rate

     41 %      34 %      9 %      19 %      34 %      0 %‡ 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income (loss)

   $ — #    $ 0.03      $ 0.03      $ 0.03      $ 0.03      $ 0.02   

 

See Notes to Financial Statements.

232

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

    Six Months Ended     Year Ended December 31,  
Class A  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 8.76      $ 13.95      $ 13.89      $ 12.60      $ 12.25      $ 11.17   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     (0.03 )(e)      0.25 (e)      0.32 (e)      0.32 (e)      0.23 (e)      0.26 (e) 

Net realized and unrealized gain (loss) on investments

     0.46        (4.55 )      0.60        1.52        0.62        1.07   
                                               

Total from investment operations

     0.43        (4.30 )      0.92        1.84        0.85        1.33   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.28 )      (0.43 )      (0.33 )      (0.25 )      (0.25 ) 

Distributions from net realized gains

     —        (0.61 )      (0.43 )      (0.22 )      (0.25 )      — # 
                                               

Total dividends and distributions

     —        (0.89 )      (0.86 )      (0.55 )      (0.50 )      (0.25 ) 
                                               

Net asset value, end of period

   $ 9.19      $ 8.76      $ 13.95      $ 13.89      $ 12.60      $ 12.25   
                                               

Total return(b)

     4.91 %      (31.63 )%      6.68 %      14.77 %      6.97 %      12.00 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 237,305      $ 225,734      $ 198,686      $ 100,459      $ 37,779      $ 13,194   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a),(f)

     0.95 %(j)      0.10 %      0.10 %      0.10 %      0.10 %      0.10 % 

Before waivers and reimbursements(a),(f)

     1.02 %(j)      0.27 %      0.27 %      0.27 %      0.27 %      0.30 % 

Ratio of net investment income to average net assets:

            

After waivers and reimbursements(a),(f)

     (0.65 )%(j)      2.17 %      2.20 %      2.38 %      1.84 %      2.24 % 

Before waivers and reimbursements(a),(f)

     (0.72 )%(j)      2.00 %      2.03 %      2.22 %      1.67 %      2.04 % 

Portfolio turnover rate

     48 %      35 %      8 %      4 %      29 %      0 %‡ 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income (loss)

   $ — #    $ 0.02      $ 0.02      $ 0.02      $ 0.02      $ 0.02   
    Six Months Ended     Year Ended December 31,  
Class B   June 30,
2009 (Unaudited)		     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 8.76      $ 13.95      $ 13.89      $ 12.60      $ 12.25      $ 11.17   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     (0.04 )(e)      0.21 (e)      0.26 (e)      0.26 (e)      0.20 (e)      0.23 (e) 

Net realized and unrealized gain (loss) on investments

     0.46        (4.54 )      0.62        1.55        0.62        1.07   
                                               

Total from investment operations

     0.42        (4.33 )      0.88        1.81        0.82        1.30   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.25 )      (0.39 )      (0.30 )      (0.22 )      (0.22 ) 

Distributions from net realized gains

     —        (0.61 )      (0.43 )      (0.22 )      (0.25 )      — # 
                                               

Total dividends and distributions

     —        (0.86 )      (0.82 )      (0.52 )      (0.47 )      (0.22 ) 
                                               

Net asset value, end of period

   $ 9.18      $ 8.76      $ 13.95      $ 13.89      $ 12.60      $ 12.25   
                                               

Total return(b)

     4.79 %      (31.81 )%      6.41 %      14.48 %      6.70 %      11.71 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 9,905,977      $ 8,914,572      $ 10,665,262      $ 6,607,618      $ 2,956,385      $ 1,003,694   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a),(f)

     1.20 %(j)      0.35 %      0.35 %      0.35 %      0.35 %      0.35 % 

Before waivers and reimbursements(a),(f)

     1.27 %(j)      0.52 %      0.52 %      0.52 %      0.52 %      0.55 % 

Ratio of net investment income to average net assets:

            

After waivers and reimbursements(a),(f)

     (0.91 )%(j)      1.83 %      1.83 %      1.95 %      1.59 %      1.99 % 

Before waivers and reimbursements(a),(f)

     (0.97 )%(j)      1.65 %      1.66 %      1.79 %      1.42 %      1.79 % 

Portfolio turnover rate

     48 %      35 %      8 %      4 %      29 %      0 %‡ 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income (loss)

   $ — #    $ 0.02      $ 0.02      $ 0.02      $ 0.02      $ 0.02   

 

See Notes to Financial Statements.

233

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

    Six Months Ended     Year Ended December 31,  
Class A  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 8.15      $ 14.68      $ 14.71      $ 12.96      $ 12.44      $ 11.26   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     (0.04 )(e)      0.15 (e)      0.22 (e)      0.24 (e)      0.19 (e)      0.11 (e) 

Net realized and unrealized gain (loss) on investments

     0.53        (5.71 )      0.71        2.10        0.84        1.26   
                                               

Total from investment operations

     0.49        (5.56 )      0.93        2.34        1.03        1.37   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.19 )      (0.40 )      (0.30 )      (0.24 )      (0.18 ) 

Distributions from net realized gains

     —        (0.78 )      (0.56 )      (0.29 )      (0.27 )      (0.01 ) 
                                               

Total dividends and distributions

     —        (0.97 )      (0.96 )      (0.59 )      (0.51 )      (0.19 ) 
                                               

Net asset value, end of period

   $ 8.64      $ 8.15      $ 14.68      $ 14.71      $ 12.96      $ 12.44   
                                               

Total return(b)

     6.01 %      (39.05 )%      6.43 %      18.22 %      8.27 %      12.15 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 82,233      $ 75,827      $ 97,742      $ 51,217      $ 18,069      $ 5,704   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a),(f)

     1.00 %(j)      0.10 %      0.10 %      0.10 %      0.10 %      0.10 % 

Before waivers and reimbursements(a),(f)

     1.07 %(j)      0.28 %      0.27 %      0.28 %      0.29 %      0.39 % 

Ratio of net investment income to average net assets:

            

After waivers and reimbursements(a),(f)

     (0.89 )%(j)      1.27 %      1.41 %      1.72 %      1.50 %      0.91 % 

Before waivers and reimbursements(a),(f)

     (0.96 )%(j)      1.09 %      1.23 %      1.54 %      1.31 %      0.62 % 

Portfolio turnover rate

     48 %      39 %      10 %      6 %      50 %      2 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income (loss)

   $ — #    $ 0.02      $ 0.03      $ 0.02      $ 0.02      $ 0.03   
    Six Months Ended     Year Ended December 31,  
Class B  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 8.15      $ 14.68      $ 14.71      $ 12.96      $ 12.43      $ 11.26   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     (0.05 )(e)      0.14 (e)      0.18 (e)      0.18 (e)      0.17 (e)      0.08 (e) 

Net realized and unrealized gain (loss) on investments

     0.53        (5.72 )      0.71        2.13        0.84        1.25   
                                               

Total from investment operations

     0.48        (5.58 )      0.89        2.31        1.01        1.33   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.17 )      (0.36 )      (0.27 )      (0.21 )      (0.15 ) 

Distributions from net realized gains

     —        (0.78 )      (0.56 )      (0.29 )      (0.27 )      (0.01 ) 
                                               

Total dividends and distributions

     —        (0.95 )      (0.92 )      (0.56 )      (0.48 )      (0.16 ) 
                                               

Net asset value, end of period

   $ 8.63      $ 8.15      $ 14.68      $ 14.71      $ 12.96      $ 12.43   
                                               

Total return(b)

     5.89 %      (39.21 )%      6.16 %      17.92 %      8.08 %      11.78 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 2,768,084      $ 2,426,997      $ 3,038,613      $ 1,595,326      $ 609,650      $ 241,623   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a),(f)

     1.25 %(j)      0.35 %      0.35 %      0.35 %      0.35 %      0.35 % 

Before waivers and reimbursements(a),(f)

     1.32 %(j)      0.53 %      0.52 %      0.53 %      0.54 %      0.64 % 

Ratio of net investment income to average net assets:

            

After waivers and reimbursements(a),(f)

     (1.14 )%(j)      1.18 %      1.17 %      1.30 %      1.25 %      0.66 % 

Before waivers and reimbursements(a),(f)

     (1.21 )%(j)      1.01 %      1.00 %      1.12 %      1.06 %      0.37 % 

Portfolio turnover rate

     48 %      39 %      10 %      6 %      50 %      2 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income (loss)

   $ — #    $ 0.02      $ 0.03      $ 0.02      $ 0.02      $ 0.03   

 

See Notes to Financial Statements.

234

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

    Six Months Ended     Year Ended December 31,  
Class A  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 17.03      $ 32.11      $ 28.78      $ 27.36      $ 25.23      $ 22.45   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.09 (e)      0.08 (e)      0.04 (e)      0.05 (e)      (0.02 )(e)      (0.03 ) 

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

     1.78        (15.09 )      3.32        1.42        2.15        2.81   
                                               

Total from investment operations

     1.87        (15.01 )      3.36        1.47        2.13        2.78   
                                               

Capital contribution from affiliate(†)

     —        0.06        —        —        —        —   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.13 )      (0.03 )      (0.05 )      —        —   
                                               

Net asset value, end of period

   $ 18.90      $ 17.03      $ 32.11      $ 28.78      $ 27.36      $ 25.23   
                                               

Total return (b)

     10.98 %      (46.55 )%(n)      11.69 %      5.38 %      8.44 %      12.38 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 732,236      $ 690,098      $ 2,638,093      $ 2,332,898      $ 2,122,576      $ 2,485,132   

Ratio of expenses to average net assets:

            

After fees paid indirectly(a)

     0.61 %      0.77 %      0.72 %      0.78 %      0.73 %      0.68 % 

Before fees paid indirectly(a)

     0.83 %      0.79 %      0.79 %      0.80 %      0.80 %      0.80 % 

Ratio of net investment income (loss) to average net assets:

            

After fees paid indirectly(a)

     1.03 %      0.31 %      0.14 %      0.20 %      (0.07 )%      (0.12 )% 

Before fees paid indirectly(a)

     0.81 %      0.30 %      0.07 %      0.18 %      (0.14 )%      (0.24 )% 

Portfolio turnover rate

     58 %      98 %      87 %      90 %      96 %      111 % 
    Six Months Ended     Year Ended December 31,  
Class B  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 16.74      $ 31.56      $ 28.33      $ 26.96      $ 24.91      $ 22.22   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.07 (e)      0.02 (e)      (0.03 )(e)      (0.01 )(e)      (0.08 )(e)      (0.08 ) 

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

     1.74        (14.82 )      3.26        1.38        2.13        2.77   
                                               

Total from investment operations

     1.81        (14.80 )      3.23        1.37        2.05        2.69   
                                               

Capital contribution from affiliate(†)

     —        0.07        —        —        —        —   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.09 )      —        —        —        —   
                                               

Net asset value, end of period

   $ 18.55      $ 16.74      $ 31.56      $ 28.33      $ 26.96      $ 24.91   
                                               

Total return (b)

     10.81 %      (46.68 )%(o)      11.40 %      5.08 %      8.23 %      12.11 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 120,407      $ 115,805      $ 244,593      $ 261,648      $ 267,802      $ 258,689   

Ratio of expenses to average net assets:

            

After fees paid indirectly(a)

     0.86 %(c)      1.02 %      0.97 %      1.03 %      0.98 %      0.93 % 

Before fees paid indirectly(a)

     1.08 %      1.04 %      1.04 %      1.05 %      1.05 %      1.05 % 

Ratio of net investment income (loss) to average net assets:

            

After fees paid indirectly(a)

     0.78 %      0.08 %      (0.10 )%      (0.05 )%      (0.32 )%      (0.37 )% 

Before fees paid indirectly(a)

     0.56 %      0.06 %      (0.18 )%      (0.07 )%      (0.39 )%      (0.49 )% 

Portfolio turnover rate

     58 %      98 %      87 %      90 %      96 %      111 % 

 

See Notes to Financial Statements.

235

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

    Six Months Ended     Year Ended December 31,  
Class A  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 9.86      $ 10.38      $ 10.21      $ 10.25      $ 10.43      $ 10.42   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.18 (e)      0.46 (e)      0.47 (e)      0.44 (e)      0.36 (e)      0.24   

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

     0.19        (0.19 )      0.17        (0.04 )      (0.16 )      0.18   
                                               

Total from investment operations

     0.37        0.27        0.64        0.40        0.20        0.42   
                                               

Less distributions:

            

Dividends from net investment income

     (0.16 )      (0.52 )      (0.47 )      (0.44 )      (0.38 )      (0.26 ) 

Distributions from net realized gains

     —        (0.27 )      —        —        —        (0.15 ) 
                                               

Total dividends and distributions

     (0.16 )      (0.79 )      (0.47 )      (0.44 )      (0.38 )      (0.41 ) 
                                               

Net asset value, end of period

   $ 10.07      $ 9.86      $ 10.38      $ 10.21      $ 10.25      $ 10.43   
                                               

Total return (b)

     3.79 %      2.55 %      6.53 %      3.96 %      2.00 %      4.13 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 2,405,533      $ 2,481,594      $ 2,088,488      $ 1,911,399      $ 1,237,241      $ 944,330   

Ratio of expenses to average net assets:

            

After waivers(a)

     0.71 %      0.75 %      0.71 %      0.70 %      0.70 %      0.70 % 

After waivers and fees paid indirectly(a)

     0.71 %      0.75 %      0.71 %      0.70 %      0.70 %      0.70 % 

Before waivers and fees paid indirectly(a)

     0.71 %      0.76 %      0.76 %      0.77 %      0.78 %      0.80 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers(a)

     3.68 %      4.55 %      4.62 %      4.31 %      3.51 %      2.38 % 

After waivers and fees paid indirectly(a)

     3.68 %      4.55 %      4.62 %      4.31 %      3.51 %      2.38 % 

Before waivers and fees paid indirectly(a)

     3.68 %      4.54 %      4.57 %      4.24 %      3.43 %      2.28 % 

Portfolio turnover rate

     288 %      431 %      475 %      366 %      654 %      767 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income

   $ —      $ — #    $ 0.01      $ 0.01      $ 0.01      $ 0.01   
    Six Months Ended     Year Ended December 31,  
Class B  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 9.88      $ 10.40      $ 10.20      $ 10.24      $ 10.42      $ 10.41   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.17 (e)      0.44 (e)      0.44 (e)      0.41 (e)      0.34 (e)      0.22   

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions

     0.19        (0.20 )      0.18        (0.03 )      (0.16 )      0.18   
                                               

Total from investment operations

     0.36        0.24        0.62        0.38        0.18        0.40   
                                               

Less distributions:

            

Dividends from net investment income

     (0.15 )      (0.49 )      (0.42 )      (0.42 )      (0.36 )      (0.24 ) 

Distributions from net realized gains

     —        (0.27 )      —        —        —        (0.15 ) 
                                               

Total dividends and distributions

     (0.15 )      (0.76 )      (0.42 )      (0.42 )      (0.36 )      (0.39 ) 
                                               

Net asset value, end of period

   $ 10.09      $ 9.88      $ 10.40      $ 10.20      $ 10.24      $ 10.42   
                                               

Total return (b)

     3.55 %      2.30 %      6.23 %      3.80 %      1.74 %      3.87 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 1,066,549      $ 912,195      $ 829,932      $ 825,182      $ 806,356      $ 781,977   

Ratio of expenses to average net assets:

            

After waivers(a)

     0.96 %      1.00 %      0.96 %      0.95 %      0.95 %      0.95 % 

After waivers and fees paid indirectly(a)

     0.96 %      1.00 %      0.96 %      0.95 %      0.95 %      0.95 % 

Before waivers and fees paid indirectly(a)

     0.96 %      1.01 %      1.01 %      1.02 %      1.03 %      1.05 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers(a)

     3.42 %      4.29 %      4.37 %      4.04 %      3.26 %      2.13 % 

After waivers and fees paid indirectly(a)

     3.42 %      4.29 %      4.37 %      4.04 %      3.26 %      2.13 % 

Before waivers and fees paid indirectly(a)

     3.42 %      4.28 %      4.32 %      3.97 %      3.18 %      2.03 % 

Portfolio turnover rate

     288 %      431 %      475 %      366 %      654 %      767 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income

   $ —      $ — #    $ 0.01      $ 0.01      $ 0.01      $ 0.01   

 

See Notes to Financial Statements.

236

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

    Six Months Ended     Year Ended December 31,  
Class A  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 8.08      $ 11.14      $ 11.03      $ 10.98      $ 10.78      $ 10.22   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.02 (e)      (0.04 )(e)      (0.06 )(e)      (0.03 )(e)      (0.05 )(e)      (0.05 ) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.17        (2.91 )      1.07        0.59        0.81        1.28   
                                               

Total from investment operations

     0.19        (2.95 )      1.01        0.56        0.76        1.23   
                                               

Less distributions:

            

Distributions from net realized gains

     —        (0.11 )      (0.90 )      (0.51 )      (0.56 )      (0.67 ) 
                                               

Net asset value, end of period

   $ 8.27      $ 8.08      $ 11.14      $ 11.03      $ 10.98      $ 10.78   
                                               

Total return (b)

     2.35 %      (26.69 )%      9.17 %      5.39 %      7.30 %      12.32 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 6,555      $ 6,397      $ 18,376      $ 16,808      $ 15,347      $ 10,588   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a)

     1.22 %      1.44 %      1.43 %      1.43 %      1.48 %      1.60 % 

After waivers, reimbursements and fees paid indirectly(a)

     1.07 %      1.42 %      1.42 %      1.38 %      1.46 %      1.56 % 

Before waivers, reimbursements and fees paid indirectly(a)

     1.22 %      1.44 %      1.43 %      1.43 %      1.48 %      1.60 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements(a)

     0.41 %      (0.45 )%      (0.49 )%      (0.34 )%      (0.46 )%      (0.59 )% 

After waivers, reimbursements and fees paid indirectly(a)

     0.56 %      (0.43 )%      (0.48 )%      (0.28 )%      (0.44 )%      (0.55 )% 

Before waivers, reimbursements and fees paid indirectly(a)

     0.41 %      (0.45 )%      (0.49 )%      (0.34 )%      (0.46 )%      (0.59 )% 

Portfolio turnover rate

     62 %      120 %      105 %      145 %      109 %      127 % 
    Six Months Ended     Year Ended December 31,  
Class B  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 7.91      $ 10.95      $ 10.88      $ 10.86      $ 10.70      $ 10.17   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.01 (e)      (0.04 )(e)      (0.08 )(e)      (0 06 )(e)      (0.07 )(e)      (0.07 ) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.18        (2.89 )      1.05        0.59        0.79        1.27   
                                               

Total from investment operations

     0.19        (2.93 )      0.97        0.53        0.72        1.20   
                                               

Less distributions:

            

Distributions from net realized gains

     —        (0.11 )      (0.90 )      (0.51 )      (0.56 )      (0.67 ) 
                                               

Net asset value, end of period

   $ 8.10      $ 7.91      $ 10.95      $ 10.88      $ 10.86      $ 10.70   
                                               

Total return (b)

     2.40 %      (26.97 )%      9.04 %      5.08 %      6.98 %      12.09 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 315,806      $ 311,199      $ 415,882      $ 381,449      $ 334,012      $ 270,570   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a)

     1.47 %      1.69 %(c)      1.68 %      1.68 %      1.73 %      1.85 % 

After waivers, reimbursements and fees paid indirectly(a)

     1.32 %(c)      1.68 %      1.67 %      1.63 %      1.71 %      1.81 % 

Before waivers, reimbursements and fees paid indirectly(a)

     1.47 %      1.70 %      1.68 %      1.68 %      1.73 %      1.85 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements(a)

     0.16 %      (0.49 )%      (0.74 )%      (0.59 )%      (0.71 )%      (0.84 )% 

After waivers, reimbursements and fees paid indirectly(a)

     0.31 %      (0.47 )%      (0.73 )%      (0.53 )%      (0.69 )%      (0.80 )% 

Before waivers, reimbursements and fees paid indirectly(a)

     0.16 %      (0.49 )%      (0.74 )%      (0.59 )%      (0.71 )%      (0.84 )% 

Portfolio turnover rate

     62 %      120 %      105 %      145 %      109 %      127 % 

 

See Notes to Financial Statements.

237

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

Class A   Six Months Ended     Year Ended December 31,  
 

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 8.29      $ 16.38      $ 15.58      $ 13.03      $ 12.14      $ 10.60   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.09 (e)      0.28 (e)      0.21 (e)      0.11 (e)      0.14 (e)      0.09   

Net realized and unrealized gain (loss) on investments, futures

and foreign currency transactions

     0.56        (7.90 )      1.73        3.20        1.73        1.83   
                                               

Total from investment operations

     0.65        (7.62 )      1.94        3.31        1.87        1.92   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.22 )      (0.16 )      (0.11 )      (0.21 )      (0.12 ) 

Distributions from net realized gains

     —        (0.25 )      (0.98 )      (0.65 )      (0.77 )      (0.26 ) 
                                               

Total dividends and distributions

     —        (0.47 )      (1.14 )      (0.76 )      (0.98 )      (0.38 ) 
                                               

Net asset value, end of period

   $ 8.94      $ 8.29      $ 16.38      $ 15.58      $ 13.03      $ 12.14   
                                               

Total return (b)

     7.84 %      (47.13 )%      12.73 %      25.58 %      15.74 %      18.18 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 575,886      $ 1,448,943      $ 2,193,441      $ 1,356,428      $ 379,616      $ 238,906   

Ratio of expenses to average net assets:

            

After fees paid indirectly(a)

     0.94 %      1.25 %      1.23 %      1.27 %      1.29 %      1.50 % 

Before fees paid indirectly(a)

     1.09 %      1.25 %      1.23 %      1.28 %      1.33 %      1.55 % 

Ratio of net investment income (loss) to average net assets:

            

After fees paid indirectly(a)

     2.44 %      2.19 %      1.27 %      0.78 %      1.17 %      0.78 % 

Before fees paid indirectly(a)

     2.29 %      2.19 %      1.27 %      0.77 %      1.13 %      0.73 % 

Portfolio turnover rate

     63 %      56 %      47 %      45 %      67 %      83 % 
Class B   Six Months Ended     Year Ended December 31,  
 

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 8.28      $ 16.35      $ 15.56      $ 13.01      $ 12.12      $ 10.58   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.12 (e)      0.26 (e)      0.17 (e)      0.10 (e)      0.11 (e)      0.07   

Net realized and unrealized gain (loss) on investments, futures

and foreign currency transactions

     0.51        (7.88 )      1.72        3.17        1.72        1.82   
                                               

Total from investment operations

     0.63        (7.62 )      1.89        3.27        1.83        1.89   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.20 )      (0.12 )      (0.07 )      (0.17 )      (0.09 ) 

Distributions from net realized gains

     —        (0.25 )      (0.98 )      (0.65 )      (0.77 )      (0.26 ) 
                                               

Total dividends and distributions

     —        (0.45 )      (1.10 )      (0.72 )      (0.94 )      (0.35 ) 
                                               

Net asset value, end of period

   $ 8.91      $ 8.28      $ 16.35      $ 15.56      $ 13.01      $ 12.12   
                                               

Total return (b)

     7.61 %      (47.23 )%      12.39 %      25.30 %      15.47 %      17.91 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 507,986      $ 467,913      $ 905,461      $ 765,683      $ 449,400      $ 336,354   

Ratio of expenses to average net assets:

            

After fees paid indirectly(a)

     1.19 %(c)      1.49 %      1.48 %      1.52 %      1.54 %      1.75 % 

Before fees paid indirectly(a)

     1.34 %      1.49 %      1.48 %      1.53 %      1.58 %      1.80 % 

Ratio of net investment income (loss) to average net assets:

            

After fees paid indirectly(a)

     2.97 %      1.99 %      1.08 %      0.68 %      0.92 %      0.53 % 

Before fees paid indirectly(a)

     2.88 %      1.99 %      1.08 %      0.67 %      0.88 %      0.48 % 

Portfolio turnover rate

     63 %      56 %      47 %      45 %      67 %      83 % 

 

See Notes to Financial Statements.

238

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

Class A   Six Months Ended     Year Ended December 31,  
 

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 6.98      $ 11.66      $ 11.96      $ 10.79      $ 10.37      $ 9.89   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.06 (e)      0.08 (e)      0.09 (e)      0.08 (e)      0.06 (e)      0.08   

Net realized and unrealized gain (loss) on investments, futures

and foreign currency transactions

     0.55        (4.67 )      0.52        1.40        0.67        0.90   
                                               

Total from investment operations

     0.61        (4.59 )      0.61        1.48        0.73        0.98   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.07 )      (0.08 )      (0.07 )      (0.03 )      (0.13 ) 

Distributions from net realized gains

     —        (0.02 )      (0.83 )      (0.24 )      (0.28 )      (0.37 ) 
                                               

Total dividends and distributions

     —        (0.09 )      (0.91 )      (0.31 )      (0.31 )      (0.50 ) 
                                               

Net asset value, end of period

   $ 7.59      $ 6.98      $ 11.66      $ 11.96      $ 10.79      $ 10.37   
                                               

Total return (b)

     8.74 %      (39.40 )%      5.22 %      13.84 %      7.07 %      9.92 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 541,400      $ 764,481      $ 842,193      $ 598,068      $ 309,162      $ 6,932   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a)

     0.91 %      1.10 %      1.10 %      1.10 %      1.10 %      1.10 % 

After waivers, reimbursements and fees paid indirectly(a)

     0.71 %(c)      1.09 %      1.09 %      1.08 %      1.08 %      1.07 % 

Before waivers, reimbursements and fees paid indirectly(a)

     0.91 %      1.10 %      1.10 %      1.10 %      1.15 %      1.22 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements(a)

     1.49 %      0.86 %      0.74 %      0.73 %      0.52 %      0.79 % 

After waivers, reimbursements and fees paid indirectly(a)

     1.71 %      0.86 %      0.74 %      0.75 %      0.54 %      0.82 % 

Before waivers, reimbursements and fees paid indirectly(a)

     1.49 %      0.86 %      0.74 %      0.72 %      0.47 %      0.67 % 

Portfolio turnover rate

     68 %      50 %      51 %      49 %      39 %      52 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income

   $ —      $ —      $ —      $ — #    $ 0.01      $ 0.01   
Class B   Six Months Ended     Year Ended December 31,  
  June 30,
2009 (Unaudited)		     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 6.98      $ 11.67      $ 11.96      $ 10.79      $ 10.38      $ 9.89   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.05 (e)      0.06 (e)      0.06 (e)      0.06 (e)      0.03 (e)      0.05   

Net realized and unrealized gain (loss) on investments, futures

and foreign currency transactions

     0.56        (4.68 )      0.53        1.39        0.66        0.91   
                                               

Total from investment operations

     0.61        (4.62 )      0.59        1.45        0.69        0.96   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.05 )      (0.05 )      (0.04 )      — #      (0.10 ) 

Distributions from net realized gains

     —        (0.02 )      (0.83 )      (0.24 )      (0.28 )      (0.37 ) 
                                               

Total dividends and distributions

     —        (0.07 )      (0.88 )      (0.28 )      (0.28 )      (0.47 ) 
                                               

Net asset value, end of period

   $ 7.59      $ 6.98      $ 11.67      $ 11.96      $ 10.79      $ 10.38   
                                               

Total return (b)

     8.74 %      (39.61 )%      5.05 %      13.56 %      6.70 %      9.75 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 125,367      $ 116,354      $ 215,406      $ 208,296      $ 185,408      $ 173,875   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a)

     1.16 %(c)      1.35 %      1.35 %      1.35 %      1.35 %      1.35 % 

After waivers, reimbursements and fees paid indirectly(a)

     0.96 %(c)      1.34 %      1.34 %      1.33 %      1.33 %      1.32 % 

Before waivers, reimbursements and fees paid indirectly(a)

     1.16 %(c)      1.35 %      1.35 %      1.35 %      1.40 %      1.47 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements(a)

     1.18 %      0.58 %      0.49 %      0.47 %      0.27 %      0.54 % 

After waivers, reimbursements and fees paid indirectly(a)

     1.36 %      0.59 %      0.50 %      0.49 %      0.29 %      0.57 % 

Before waivers, reimbursements and fees paid indirectly(a)

     1.18 %      0.58 %      0.49 %      0.47 %      0.22 %      0.42 % 

Portfolio turnover rate

     68 %      50 %      51 %      49 %      39 %      52 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income

   $ —      $ —      $ —      $ — #    $ 0.01      $ 0.01   

 

See Notes to Financial Statements.

239

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

Class A   Six Months Ended     Year Ended December 31,  
 

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 5.38      $ 9.84      $ 9.96      $ 10.40      $ 9.66      $ 9.03   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.01 (e)      (0.02 )(e)      (0.01 )(e)      (0.03 )(e)      (0.05 )(e)      (0.01 ) 

Net realized and unrealized gain (loss) on investments

     0.51        (4.44 )      1.13        0.08        0.79        0.64   
                                               

Total from investment operations

     0.52        (4.46 )      1.12        0.05        0.74        0.63   
                                               

Less distributions:

            

Distributions from net realized gains

     —        — #      (1.24 )      (0.49 )      —        —   
                                               

Net asset value, end of period

   $ 5.90      $ 5.38      $ 9.84      $ 9.96      $ 10.40      $ 9.66   
                                               

Total return (b)

     9.67 %      (45.32 )%      11.51 %      0.44 %      7.66 %      6.98 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 7,621      $ 6,823      $ 25,968      $ 21,104      $ 17,780      $ 12,166   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a)

     1.06 %      1.10 %      1.10 %      1.10 %      1.10 %      1.10 % 

After waivers, reimbursements and fees paid indirectly(a)

     0.86 %      1.01 %      1.04 %      1.08 %      1.08 %      1.05 % 

Before waivers, reimbursements and fees paid indirectly(a)

     1.06 %      1.14 %      1.12 %      1.12 %      1.13 %      1.16 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements(a)

     0.23 %      (0.35 )%      (0.12 )%      (0.27 )%      (0.49 )%      (0.23 )% 

After waivers, reimbursements and fees paid indirectly(a)

     0.43 %      (0.25 )%      (0.06 )%      (0.25 )%      (0.47 )%      (0.18 )% 

Before waivers, reimbursements and fees paid indirectly(a)

     0.23 %      (0.38 )%      (0.14 )%      (0.28 )%      (0.52 )%      (0.29 )% 

Portfolio turnover rate

     104 %      162 %      77 %      48 %      42 %      53 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income

   $ —      $ — #    $ — #    $ — #    $ — #    $ 0.01   
Class B   Six Months Ended     Year Ended December 31,  
 

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 5.28      $ 9.67      $ 9.83      $ 10.30      $ 9.58      $ 8.99   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     — #(e)      (0.04 )(e)      (0.03 )(e)      (0.05 )(e)      (0.07 )(e)      (0.04 ) 

Net realized and unrealized gain (loss) on investments

     0.50        (4.35 )      1.11        0.07        0.79        0.63   
                                               

Total from investment operations

     0.50        (4.39 )      1.08        0.02        0.72        0.59   
                                               

Less distributions:

            

Distributions from net realized gains

     —        — #      (1.24 )      (0.49 )      —        —   
                                               

Net asset value, end of period

   $ 5.78      $ 5.28      $ 9.67      $ 9.83      $ 10.30      $ 9.58   
                                               

Total return (b)

     9.47 %      (45.39 )%      11.26 %      0.15 %      7.52 %      6.56 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 217,469      $ 203,047      $ 391,335      $ 372,653      $ 362,850      $ 343,638   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a)

     1.31 %      1.35 %      1.35 %      1.35 %      1.35 %      1.35 % 

After waivers, reimbursements and fees paid indirectly(a)

     1.11 %      1.26 %      1.29 %(c)      1.33 %      1.33 %      1.30 % 

Before waivers, reimbursements and fees paid indirectly(a)

     1.31 %      1.39 %      1.37 %      1.37 %      1.38 %      1.41 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements(a)

     (0.01 )%      (0.58 )%      (0.37 )%      (0.52 )%      (0.74 )%      (0.48 )% 

After waivers, reimbursements and fees paid indirectly(a)

     0.19 %      (0.49 )%      (0.30 )%      (0.50 )%      (0.72 )%      (0.43 )% 

Before waivers, reimbursements and fees paid indirectly(a)

     (0.01 )%      (0.62 )%      (0.39 )%      (0.53 )%      (0.77 )%      (0.54 )% 

Portfolio turnover rate

     104 %      162 %      77 %      48 %      42 %      53 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income

   $ —      $ — #    $ — #    $ — #    $ — #    $ 0.01   

 

See Notes to Financial Statements.

240

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

Class A   Six Months Ended     Year Ended December 31,  
  June 30,
2009 (Unaudited)		     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 7.21      $ 11.79      $ 12.83      $ 11.19      $ 10.99      $ 10.28   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.08 (e)      0.18 (e)      0.19 (e)      0.14 (e)      0.13 (e)      0.13   

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.02        (4.58 )      0.29        2.05        0.68        1.36   
                                               

Total from investment operations

     0.10        (4.40 )      0.48        2.19        0.81        1.49   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.16 )      (0.18 )      (0.12 )      (0.09 )      (0.14 ) 

Distributions from net realized gains

     —        (0.02 )      (1.34 )      (0.43 )      (0.52 )      (0.64 ) 
                                               

Total dividends and distributions

     —        (0.18 )      (1.52 )      (0.55 )      (0.61 )      (0.78 ) 
                                               

Net asset value, end of period

   $ 7.31      $ 7.21      $ 11.79      $ 12.83      $ 11.19      $ 10.99   
                                               

Total return (b)

     1.39 %      (37.33 )%      3.88 %      19.62 %      7.37 %      14.71 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 911,974      $ 1,180,738      $ 1,220,184      $ 914,471      $ 309,385      $ 9,758   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a)

     0.93 %      1.05 %      1.07 %      1.10 %      1.10 %      1.10 % 

After waivers, reimbursements and fees paid indirectly(a)

     0.70 %      1.03 %      1.01 %      1.06 %      1.04 %      0.96 % 

Before waivers, reimbursements and fees paid indirectly(a)

     0.93 %      1.05 %      1.07 %      1.10 %      1.12 %      1.15 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements(a)

     2.25 %      1.79 %      1.38 %      1.12 %      1.03 %      1.35 % 

After waivers, reimbursements and fees paid indirectly(a)

     2.47 %      1.82 %      1.44 %      1.16 %      1.09 %      1.49 % 

Before waivers, reimbursements and fees paid indirectly(a)

     2.25 %      1.79 %      1.38 %      1.12 %      1.01 %      1.30 % 

Portfolio turnover rate

     63 %      60 %      77 %      63 %      76 %      99 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income

   $ —      $ —      $ —      $ —      $ — #    $ 0.01   
Class B   Six Months Ended     Year Ended December 31,  
  June 30,
2009 (Unaudited)		     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 7.21      $ 11.79      $ 12.83      $ 11.19      $ 10.99      $ 10.28   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.07 (e)      0.15 (e)      0.16 (e)      0.11 (e)      0.09 (e)      0.12   

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.03        (4.57 )      0.29        2.05        0.69        1.34   
                                               

Total from investment operations

     0.10        (4.42 )      0.45        2.16        0.78        1.46   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.14 )      (0.15 )      (0.09 )      (0.06 )      (0.11 ) 

Distributions from net realized gains

     —        (0.02 )      (1.34 )      (0.43 )      (0.52 )      (0.64 ) 
                                               

Total dividends and distributions

     —        (0.16 )      (1.49 )      (0.52 )      (0.58 )      (0.75 ) 
                                               

Net asset value, end of period

   $ 7.31      $ 7.21      $ 11.79      $ 12.83      $ 11.19      $ 10.99   
                                               

Total return (b)

     1.39 %      (37.49 )%      3.61 %      19.32 %      7.10 %      14.42 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 426,144      $ 439,812      $ 718,323      $ 702,312      $ 526,727      $ 406,626   

Ratio of expenses to average net assets:

            

After waivers and reimbursements(a)

     1.18 %      1.30 %      1.32 %      1.35 %      1.35 %      1.35 % 

After waivers, reimbursements and fees paid indirectly(a)

     0.95 %(c)      1.28 %      1.26 %(c)      1.31 %(c)      1.29 %      1.21 % 

Before waivers, reimbursements and fees paid indirectly(a)

     1.18 %      1.30 %      1.32 %      1.35 %      1.37 %      1.40 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements(a)

     1.92 %      1.51 %      1.12 %      0.85 %      0.78 %      1.10 % 

After waivers, reimbursements and fees paid indirectly(a)

     2.12 %      1.53 %      1.18 %      0.89 %      0.84 %      1.24 % 

Before waivers, reimbursements and fees paid indirectly(a)

     1.92 %      1.51 %      1.12 %      0.85 %      0.76 %      1.05 % 

Portfolio turnover rate

     63 %      60 %      77 %      63 %      76 %      99 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income

   $ —      $ —      $ —      $ —      $ — #    $ 0.01   

 

See Notes to Financial Statements.

241

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

Class A   Six Months Ended     Year Ended December 31,  
 

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 5.11      $ 9.13      $ 9.04      $ 9.12      $ 9.63      $ 8.75   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     — #(e)      (0.04 )(e)      (0.07 )(e)      (0.07 )(e)      (0.08 )(e)      (0.06 ) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.71        (3.90 )      1.14        0.96        0.89        1.10   
                                               

Total from investment operations

     0.71        (3.94 )      1.07        0.89        0.81        1.04   
                                               

Less distributions:

            

Distributions from net realized gains

     —        (0.08 )      (0.98 )      (0.97 )      (1.32 )      (0.16 ) 
                                               

Net asset value, end of period

   $ 5.82      $ 5.11      $ 9.13      $ 9.04      $ 9.12      $ 9.63   
                                               

Total return (b)

     13.89 %      (43.47 )%      12.22 %      9.83 %      8.66 %      12.04 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 82,841      $ 151,539      $ 303,194      $ 230,585      $ 223,527      $ 395,739   

Ratio of expenses to average net assets:

            

After fees paid indirectly(a)

     0.58 %      1.21 %      1.27 %      1.26 %      1.30 %      1.25 % 

Before fees paid indirectly(a)

     1.06 %      1.31 %      1.30 %      1.30 %      1.35 %      1.35 % 

Ratio of net investment income (loss) to average net assets:

            

After fees paid indirectly(a)

     0.12 %      (0.50 )%      (0.67 )%      (0.74 )%      (0.84 )%      (0.90 )% 

Before fees paid indirectly(a)

     (0.35 )%      (0.61 )%      (0.70 )%      (0.78 )%      (0.89 )%      (1.00 )% 

Portfolio turnover rate

     92 %      128 %      81 %      77 %      87 %      76 % 
Class B   Six Months Ended     Year Ended December 31,  
 

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 4.99      $ 8.95      $ 8.90      $ 9.01      $ 9.55      $ 8.70   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     (0.01 )(e)      (0.05 )(e)      (0.09 )(e)      (0.09 )(e)      (0.10 )(e)      (0.09 ) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.70        (3.83 )      1.12        0.95        0.88        1.10   
                                               

Total from investment operations

     0.69        (3.88 )      1.03        0.86        0.78        1.01   
                                               

Less distributions:

            

Distributions from net realized gains

     —        (0.08 )      (0.98 )      (0.97 )      (1.32 )      (0.16 ) 
                                               

Net asset value, end of period

   $ 5.68      $ 4.99      $ 8.95      $ 8.90      $ 9.01      $ 9.55   
                                               

Total return (b)

     13.83 %      (43.68 )%      11.97 %      9.62 %      8.41 %      11.76 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 327,280      $ 288,031      $ 554,500      $ 543,139      $ 498,431      $ 468,973   

Ratio of expenses to average net assets:

            

After fees paid indirectly(a)

     0.83 %(c)      1.46 %      1.52 %      1.51 %      1.55 %      1.50 % 

Before fees paid indirectly(a)

     1.31 %      1.56 %(c)      1.55 %      1.55 %      1.60 %      1.60 % 

Ratio of net investment income (loss) to average net assets:

            

After fees paid indirectly(a)

     (0.23 )%      (0.75 )%      (0.93 )%      (0.99 )%      (1.09 )%      (1.15 )% 

Before fees paid indirectly(a)

     (0.61 )%      (0.86 )%      (0.96 )%      (1.03 )%      (1.14 )%      (1.25 )% 

Portfolio turnover rate

     92 %      128 %      81 %      77 %      87 %      76 % 

 

See Notes to Financial Statements.

242

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

Class A   Six Months Ended     Year Ended December 31,  
 

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 5.77      $ 9.19      $ 10.03      $ 9.74      $ 11.48      $ 10.50   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.06 (e)      0.06 (e)      0.02 (e)      0.03 (e)      0.01 (e)      0.01   

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.69        (3.33 )      — #      1.41        0.83        1.60   
                                               

Total from investment operations

     0.75        (3.27 )      0.02        1.44        0.84        1.61   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.05 )      —        (0.02 )      —        —   

Distributions from net realized gains

     —        (0.10 )      (0.86 )      (1.13 )      (2.58 )      (0.63 ) 
                                               

Total dividends and distributions

     —        (0.15 )      (0.86 )      (1.15 )      (2.58 )      (0.63 ) 
                                               

Net asset value, end of period

   $ 6.52      $ 5.77      $ 9.19      $ 10.03      $ 9.74      $ 11.48   
                                               

Total return (b)

     13.00 %      (35.88 )%      0.31 %      15.08 %      7.61 %      15.47 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 93,441      $ 330,996      $ 535,842      $ 387,990      $ 319,455      $ 842,150   

Ratio of expenses to average net assets:

            

After fees paid indirectly(a)

     0.50 %(c)      1.15 %      1.28 %      1.30 %      1.24 %      1.29 % 

Before fees paid indirectly(a)

     1.04 %      1.30 %      1.29 %      1.31 %      1.29 %      1.35 % 

Ratio of net investment income (loss) to average net assets:

            

After fees paid indirectly(a)

     2.00 %      0.78 %      0.17 %      0.25 %      0.09 %      0.08 % 

Before fees paid indirectly(a)

     1.33 %      0.62 %      0.17 %      0.24 %      0.04 %      0.02 % 

Portfolio turnover rate

     75 %      78 %      60 %      67 %      58 %      61 % 
Class B   Six Months Ended     Year Ended December 31,  
 

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 5.66      $ 9.01      $ 9.87      $ 9.61      $ 11.39      $ 10.45   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.05 (e)      0.04 (e)      (0.01 )(e)      — #(e)      (0.02 )(e)      (0.02 ) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.68        (3.25 )      0.01        1.39        0.82        1.59   
                                               

Total from investment operations

     0.73        (3.21 )      —        1.39        0.80        1.57   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.04 )      —        —        —        —   

Distributions from net realized gains

     —        (0.10 )      (0.86 )      (1.13 )      (2.58 )      (0.63 ) 
                                               

Total dividends and distributions

     —        (0.14 )      (0.86 )      (1.13 )      (2.58 )      (0.63 ) 
                                               

Net asset value, end of period

   $ 6.39      $ 5.66      $ 9.01      $ 9.87      $ 9.61      $ 11.39   
                                               

Total return (b)

     12.90 %      (35.99 )%      0.10 %      14.75 %      7.29 %      15.16 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 363,533      $ 320,011      $ 539,894      $ 599,824      $ 510,799      $ 498,370   

Ratio of expenses to average net assets:

            

After fees paid indirectly(a)

     0.75 %(c)      1.39 %      1.53 %      1.55 %      1.49 %      1.54 % 

Before fees paid indirectly(a)

     1.29 %      1.55 %      1.54 %      1.56 %(c)      1.54 %      1.60 % 

Ratio of net investment income (loss) to average net assets:

            

After fees paid indirectly(a)

     1.60 %      0.54 %      (0.08 )%      (0.01 )%      (0.16 )%      (0.17 )% 

Before fees paid indirectly(a)

     1.18 %      0.38 %      (0.09 )%      (0.02 )%      (0.21 )%      (0.23 )% 

Portfolio turnover rate

     75 %      78 %      60 %      67 %      58 %      61 % 

 

See Notes to Financial Statements.

243

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

Class A   Six Months Ended     Year Ended December 31,  
 

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 3.56      $ 5.34      $ 5.61      $ 5.47      $ 5.75      $ 5.63   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.11 (e)      0.44 (e)      0.45 (e)      0.42 (e)      0.41 (e)      0.42 (e) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.02        (1.72 )      (0.27 )      0.14        (0.23 )      0.09   
                                               

Total from investment operations

     0.13        (1.28 )      0.18        0.56        0.18        0.51   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.50 )      (0.45 )      (0.42 )      (0.46 )      (0.39 ) 
                                               

Net asset value, end of period

   $ 3.69      $ 3.56      $ 5.34      $ 5.61      $ 5.47      $ 5.75   
                                               

Total return (b)

     3.65 %      (23.39 )%      3.29 %      10.21 %      3.26 %      9.02 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 742,032      $ 682,451      $ 887,961      $ 855,156      $ 770,374      $ 974,088   

Ratio of expenses to average net assets(a)

     0.73 %      0.76 %      0.76 %      0.76 %      0.76 %      0.76 % 

Ratio of net investment income (loss) to average net assets(a)

     6.30 %      8.81 %      7.78 %      7.45 %      7.08 %      7.20 % 

Portfolio turnover rate

     198 %      155 %      108 %      103 %      116 %      78 % 
Class B   Six Months Ended     Year Ended December 31,  
 

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 3.55      $ 5.32      $ 5.58      $ 5.44      $ 5.71      $ 5.59   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.11 (e)      0.42 (e)      0.43 (e)      0.41 (e)      0.39 (e)      0.40 (e) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

     0.01        (1.70 )      (0.25 )      0.13        (0.21 )      0.09   
                                               

Total from investment operations

     0.12        (1.28 )      0.18        0.54        0.18        0.49   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.49 )      (0.44 )      (0.40 )      (0.45 )      (0.37 ) 
                                               

Net asset value, end of period

   $ 3.67      $ 3.55      $ 5.32      $ 5.58      $ 5.44      $ 5.71   
                                               

Total return (b)

     3.38 %      (23.55 )%      3.18 %      9.93 %      3.13 %      8.75 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 619,534      $ 623,307      $ 1,034,629      $ 1,101,281      $ 1,043,950      $ 1,029,570   

Ratio of expenses to average net assets(a)

     0.98 %      1.01 %      1.01 %      1.01 %      1.01 %      1.01 % 

Ratio of net investment income (loss) to average net assets(a)

     6.13 %      8.46 %      7.53 %      7.20 %      6.83 %      6.95 % 

Portfolio turnover rate

     198 %      155 %      108 %      103 %      116 %      78 % 

 

See Notes to Financial Statements.

244

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO(d)

FINANCIAL HIGHLIGHTS — (Continued)

 

 

     Six Months Ended     January 22, 2008*        
Class A   

June 30,

2009 (Unaudited)

     to December 31,
2008		    

 

Net asset value, beginning of period

   $ 5.15      $ 7.61     
                  

Income (loss) from investment operations:

       

Net investment income (loss)

      0.01 (e)      (0.04 )(e)   

Net realized and unrealized gain (loss) on investments

      0.51        (2.39 )   
                  

Total from investment operations

      0.52        (2.43 )   
                  

Less distributions:

       

Distributions from net realized gains

      —        (0.03 )   
                  

Net asset value, end of period

    $ 5.67      $ 5.15     
                  

Total return (b)

      10.10 %      (32.08 )%   
                  

Ratios/Supplemental Data:

       

Net assets, end of period (000’s)

    $ 204,978      $ 367,823     

Ratio of expenses to average net assets:

       

After waivers(a)

      1.06 %      1.35 %(c)   

After waivers and fees paid indirectly(a)

      0.44 %      1.30 %(c)   

Before waivers and fees paid indirectly(a)

      1.06 %      1.35 %(c)   
Ratio of net investment income (loss) to average net assets:       

After waivers(a)

      (0.35 )%      (0.64 )%   

After waivers and fees paid indirectly(a)

      0.28 %      (0.59 )%   

Before waivers and fees paid indirectly(a)

      (0.35 )%      (0.64 )%   

Portfolio turnover rate

      89 %      98 %   
Class B    Six Months Ended     Year Ended December 31,  
  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

    $ 5.13      $ 8.91      $ 9.52      $ 8.76      $ 8.28      $ 7.36   
                                                

Income (loss) from investment operations:

             

Net investment income (loss)

      — #(e)      (0.06 )(e)      (0.02 )(e)      (0.07 )(e)      (0.07 )(e)      (0.07 ) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

      0.51        (3.69 )      0.33        0.95        0.70        0.99   
                                                

Total from investment operations

      0.51        (3.75 )      0.31        0.88        0.63        0.92   
                                                

Less distributions:

             

Distributions from net realized gains

      —        (0.03 )      (0.92 )      (0.12 )      (0.15 )      —   
                                                

Net asset value, end of period

    $ 5.64      $ 5.13      $ 8.91      $ 9.52      $ 8.76      $ 8.28   
                                                

Total return (b)

      9.94 %      (42.21 )%      3.60 %      10.26 %      7.55 %      12.50 % 
                                                

Ratios/Supplemental Data:

             

Net assets, end of period (000’s)

    $ 238,065      $ 207,749      $ 392,037      $ 277,810      $ 176,610      $ 93,964   

Ratio of expenses to average net assets:

             

After waivers(a)

      1.31 %      1.53 %      1.47 %      1.30 %      1.30 %      1.30 % 

After waivers and fees paid indirectly(a)

      0.69 %(c)      1.48 %      1.27 %      1.30 %      1.30 %      1.30 % 

Before waivers and fees paid indirectly(a)

      1.31 %      1.53 %      1.54 %      1.39 %      1.37 %      1.43 % 
Ratio of net investment income (loss) to average net assets:             

After waivers(a)

      (0.58 )%      (0.90 )%      (0.39 )%      (0.77 )%      (0.85 )%      (0.89 )% 

After waivers and fees paid indirectly(a)

      (0.16 )%      (0.85 )%      (0.19 )%      (0.77 )%      (0.85 )%      (0.89 )% 

Before waivers and fees paid indirectly(a)

      (0.58 )%      (0.90 )%      (0.46 )%      (0.85 )%      (0.92 )%      (1.02 )% 

Portfolio turnover rate

      89 %      98 %      177 %      279 %      273 %      199 % 
Effect of contractual expense limitation during the period:             

Per share benefit to net investment income

    $ —      $ —      $ 0.01      $ 0.01      $ 0.01      $ 0.01   

 

See Notes to Financial Statements.

245

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

    Six Months Ended     Year Ended December 31,  
Class A  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 6.92      $ 11.23      $ 13.70      $ 13.37      $ 14.02      $ 13.29   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.05 (e)      0.05 (e)      0.10 (e)      0.07 (e)      0.06 (e)      0.07   

Net realized and unrealized gain (loss) on investments

     0.06        (4.28 )      (1.42 )      2.09        0.61        2.20   
                                               

Total from investment operations

     0.11        (4.23 )      (1.32 )      2.16        0.67        2.27   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.04 )      (0.07 )      (0.08 )      (0.06 )      (0.05 ) 

Distributions from net realized gains

     —        (0.04 )      (1.08 )      (1.75 )      (1.26 )      (1.49 ) 
                                               

Total dividends and distributions

     —        (0.08 )      (1.15 )      (1.83 )      (1.32 )      (1.54 ) 
                                               

Net asset value, end of period

   $ 7.03      $ 6.92      $ 11.23      $ 13.70      $ 13.37      $ 14.02   
                                               

Total return (b)

     1.59 %      (37.75 )%      (9.62 )%      16.38 %      4.94 %      17.45 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 252,474      $ 242,715      $ 628,684      $ 577,637      $ 523,308      $ 281,509   

Ratio of expenses to average net assets:

            

After waivers(a)

     1.04 %      1.23 %      1.07 %(c)      0.85 %(c)      0.79 %      0.80 % 

After waivers and fees paid indirectly(a)

     0.45 %      1.17 %      1.06 %      0.77 %(c)      0.70 %      0.61 % 

Before waivers and fees paid indirectly(a)

     1.04 %      1.23 %      1.10 %      0.85 %(c)      0.79 %      0.80 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers(a)

     1.12 %      0.42 %      0.71 %      0.40 %(c)      0.37 %      0.37 % 

After waivers and fees paid indirectly(a)

     1.71 %      0.47 %      0.72 %      0.47 %(c)      0.46 %      0.56 % 

Before waivers and fees paid indirectly(a)

     1.12 %      0.42 %      0.68 %      0.40 %(c)      0.37 %      0.37 % 

Portfolio turnover rate

     62 %      98 %      103 %      114 %      90 %      96 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income

   $ —      $ —      $ — #    $ —      $ —      $ —   
   

 

Six Months Ended

     Year Ended December 31,  
Class B  

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

   $ 6.93      $ 11.24      $ 13.71      $ 13.38      $ 14.02      $ 13.30   
                                               

Income (loss) from investment operations:

            

Net investment income (loss)

     0.05 (e)      0.02 (e)      0.07 (e)      0.03 (e)      0.03 (e)      0.03   

Net realized and unrealized gain (loss) on investments

     0.04        (4.27 )      (1.42 )      2.09        0.62        2.19   
                                               

Total from investment operations

     0.09        (4.25 )      (1.35 )      2.12        0.65        2.22   
                                               

Less distributions:

            

Dividends from net investment income

     —        (0.02 )      (0.04 )      (0.04 )      (0.03 )      (0.01 ) 

Distributions from net realized gains

     —        (0.04 )      (1.08 )      (1.75 )      (1.26 )      (1.49 ) 
                                               

Total dividends and distributions

     —        (0.06 )      (1.12 )      (1.79 )      (1.29 )      (1.50 ) 
                                               

Net asset value, end of period

   $ 7.02      $ 6.93      $ 11.24      $ 13.71      $ 13.38      $ 14.02   
                                               

Total return (b)

     1.30 %      (37.87 )%      (9.84 )%      16.07 %      4.75 %      17.06 % 
                                               

Ratios/Supplemental Data:

            

Net assets, end of period (000’s)

   $ 492,332      $ 506,586      $ 980,945      $ 1,326,859      $ 1,153,566      $ 1,042,729   

Ratio of expenses to average net assets:

            

After waivers(a)

     1.29 %      1.48 %      1.32 %(c)      1.10 %(c)      1.04 %      1.05 % 

After waivers and fees paid indirectly(a)

     0.70 %(c)      1.42 %      1.31 %(c)      1.02 %(c)      0.95 %      0.86 % 

Before waivers and fees paid indirectly(a)

     1.29 %      1.48 %      1.35 %(c)      1.10 %(c)      1.04 %      1.05 % 

Ratio of net investment income (loss) to average net assets:

            

After waivers(a)

     0.87 %      0.17 %      0.48 %      0.15 %(c)      0.12 %      0.12 % 

After waivers and fees paid indirectly(a)

     1.47 %      0.23 %      0.50 %      0.22 %(c)      0.21 %      0.31 % 

Before waivers and fees paid indirectly(a)

     0.87 %      0.17 %      0.46 %      0.15 %(c)      0.12 %      0.12 % 

Portfolio turnover rate

     62 %      98 %      103 %      114 %      90 %      96 % 

Effect of contractual expense limitation during the period:

            

Per share benefit to net investment income

   $ —      $ —      $ — #    $ —      $ —      $ —   

 

See Notes to Financial Statements.

246

AXA PREMIER VIP TRUST

MULTIMANAGER TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

     Six Months Ended     Year Ended December 31,  
Class A   

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

    $ 6.99      $ 13.18      $ 11.12      $ 10.34      $ 9.26      $ 8.87   
                                                

Income (loss) from investment operations:

             

Net investment income (loss)

      0.01 (e)      (0.05 )(e)      (0.08 )(e)      (0.07 )(e)      (0.08 )(e)      (0.05 ) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

      1.66        (6.14 )      2.14        0.85        1.16        0.50   
                                                

Total from investment operations

      1.67        (6.19 )      2.06        0.78        1.08        0.45   
                                                

Less distributions:

             

Distributions from net realized gains

      —        —        —        —        —        (0.06 ) 
                                                

Net asset value, end of period

    $ 8.66      $ 6.99      $ 13.18      $ 11.12      $ 10.34      $ 9.26   
                                                

Total return (b)

      23.89 %      (46.97 )%      18.53 %      7.54 %      11.54 %      525 % 
                                                

Ratios/Supplemental Data:

             

Net assets, end of period (000’s)

    $ 8,850      $ 7,124      $ 36,248      $ 28,469      $ 27,263      $ 25,939   

Ratio of expenses to average net assets:

             

After fees paid indirectly(a)

      1.00 %      1.41 %      1.41 %      1.39 %      1.36 %      150 % 

Before fees paid indirectly(a)

      1.21 %      1.42 %      1.42 %      1.43 %      1.42 %      1.60 % 

Ratio of net investment income (loss) to average net assets:

             

After fees paid indirectly(a)

      0.20 %      (0.41 )%      (0.62 )%      (0.69 )%      (0.85 )%      (0.70 )% 

Before fees paid indirectly(a)

      (0.01 )%      (0.42 )%      (0.63 )%      (0.72 )%      (0.91 )%      (0.80 )% 

Portfolio turnover rate

      90 %      148 %      132 %      163 %      148 %      160 % 
     Six Months Ended     Year Ended December 31,  
Class B   

June 30,

2009 (Unaudited)

     2008     2007     2006     2005     2004  

Net asset value, beginning of period

    $ 6.86      $ 12.98      $ 10.98      $ 10.23      $ 9.19      $ 8.82   
                                                

Income (loss) from investment operations:

             

Net investment income (loss)

      — #(e)      (0.07 )(e)      (0.11 )(e)      (0.10 )(e)      (0.10 )(e)      (0.06 ) 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

      1.64        (6.05 )      2.11        0.85        1.14        0.49   
                                                

Total from investment operations

      1.64        (6.12 )      2.00        0.75        1.04        0.43   
                                                

Less distributions:

             

Distributions from net realized gains

      —        —        —        —        —        (0.06 ) 
                                                

Net asset value, end of period

    $ 8.50      $ 6.86      $ 12.98      $ 10.98      $ 10.23      $ 9.19   
                                                

Total return (b)

      23.91 %      (47.15 )%      18.21 %      7.33 %      11.20 %      5.05 % 
                                                

Ratios/Supplemental Data:

             

Net assets, end of period (000’s)

    $ 435,599      $ 331,894      $ 656,676      $ 516,556      $ 507,474      $ 486,608   

Ratio of expenses to average net assets:

             

After fees paid indirectly(a)

      1.25 %      1.66 %(c)      1.66 %      1.64 %      1.61 %      1.75 % 

Before fees paid indirectly(a)

      1.46 %      1.67 %(c)      1.67 %      1.68 %      1.67 %      1.85 % 

Ratio of net investment income (loss) to average net assets:

             

After fees paid indirectly(a)

      (0.04 )%      (0.73 )%      (0.87 )%      (0.94 )%      (1.10 )%      (0.95 )% 

Before fees paid indirectly(a)

      (0.25 )%      (0.74 )%      (0.88 )%      (0.97 )%      (1.16 )%      (1.05 )% 

Portfolio turnover rate

      90 %      148 %      132 %      163 %      148 %      160 % 

 

See Notes to Financial Statements.

247

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

    Six Months Ended     Year Ended December 31,    

August 31, 2006*
to December 31,
2006

  
Class A  

June 30,

2009 (Unaudited)

     2008     2007    

Net asset value, beginning of period

   $ 7.17      $ 10.85      $ 10.54      $ 10.00   
                               

Income (loss) from investment operations:

        

Net investment income (loss)

     (0.01 )(e)      0.40 (e)      0.26 (e)      0.23 (e) 

Net realized and unrealized gain (loss) on investments

     0.30        (3.69 )      0.53        0.56   
                               

Total from investment operations

     0.29        (3.29 )      0.79        0.79   
                               

Less distributions:

        

Dividends from net investment income

     —        (0.31 )      (0.35 )      (0.25 ) 

Distributions from net realized gains

     —        (0.08 )      (0.13 )      — # 
                               

Total dividends and distributions

     —        (0.39 )      (0.48 )      (0.25 ) 
                               

Net asset value, end of period

   $ 7.46      $ 7.17      $ 10.85      $ 10.54   
                               

Total return(b)

     4.04 %      (30.31 )%      7.49 %      7.94 % 
                               

Ratios/Supplemental Data:

        

Net assets, end of period (000’s)

   $ 35,507      $ 33,119      $ 580      $ 540   

Ratio of expenses to average net assets:

        

After waivers and reimbursements(a),(f)

     0.35 %      0.35 %      0.35 %      0.35 % 

Before waivers and reimbursements(a),(f)

     0.56 %      0.55 %      1.81 %      7.98 %(c) 

Ratio of net investment income to average net assets:

        

After waivers and reimbursements(a),(f)

     (0.35 )%      4.45 %      2.37 %      6.68 %(l) 

Before waivers and reimbursements(a),(f)

     (0.56 )%      4.25 %      0.91 %      (1.66 )%(l) 

Portfolio turnover rate

     14 %      43 %      12 %      3 % 

Effect of contractual expense limitation during the period:

        

Per share benefit to net investment income (loss)

   $ 0.01      $ 0.02      $ 0.16      $ 0.29   
    Six Months Ended     Year Ended December 31,     August 31, 2006*
to December 31,
2006		  
Class B  

June 30,

2009 (Unaudited)

     2008     2007    

Net asset value, beginning of period

   $ 7.17      $ 10.85      $ 10.54      $ 10.00   
                               

Income (loss) from investment operations:

        

Net investment income (loss)

     (0.02 )(e)      0.36 (e)      0.46 (e)      0.39 (e) 

Net realized and unrealized gain (loss) on investments

     0.30        (3.67 )      0.30        0.39   
                               

Total from investment operations

     0.28        (3.31 )      0.76        0.78   
                               

Less distributions:

        

Dividends from net investment income

     —        (0.29 )      (0.32 )      (0.24 ) 

Distributions from net realized gains

     —        (0.08 )      (0.13 )      — # 
                               

Total dividends and distributions

     —        (0.37 )      (0.45 )      (0.24 ) 
                               

Net asset value, end of period

   $ 7.45      $ 7.17      $ 10.85      $ 10.54   
                               

Total return(b)

     3.91 %      (30.50 )%      7.22 %      7.85 % 
                               

Ratios/Supplemental Data:

        

Net assets, end of period (000’s)

   $ 27,693      $ 23,402      $ 13,218      $ 2,023   

Ratio of expenses to average net assets:

        

After waivers and reimbursements(a),(f)

     0.60 %      0.60 %      0.60 %      0.60 % 

Before waivers and reimbursements(a),(f)

     0.81 %      0.80 %(c)      2.06 %(c)      8.23 %(c) 

Ratio of net investment income to average net assets:

        

After waivers and reimbursements(a),(f)

     (0.60 )%      3.97 %      4.12 %      11.01 %(l) 

Before waivers and reimbursements(a),(f)

     (0.81 )%      3.63 %      2.72 %      3.72 %(l) 

Portfolio turnover rate

     14 %      43 %      12 %      3 % 

Effect of contractual expense limitation during the period:

        

Per share benefit to net investment income (loss)

   $ 0.01      $ 0.03      $ 0.16      $ 0.26   

 

See Notes to Financial Statements.

248

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

    Six Months Ended     Year Ended December 31,    

August 31, 2006*

to December 31,

2006

  
Class A   June 30,
2009 (Unaudited)		     2008     2007    

Net asset value, beginning of period

   $ 6.81      $ 11.02      $ 10.65      $ 10.00   
                               

Income (loss) from investment operations:

        

Net investment income (loss)

     (0.01 )(e)      0.36 (e)      0.21 (e)      0.19 (e) 

Net realized and unrealized gain (loss) on investments

     0.30        (4.20 )      0.60        0.68   
                               

Total from investment operations

     0.29        (3.84 )      0.81        0.87   
                               

Less distributions:

        

Dividends from net investment income

     —        (0.26 )      (0.30 )      (0.22 ) 

Distributions from net realized gains

     —        (0.11 )      (0.14 )      — # 
                               

Total dividends and distributions

     —        (0.37 )      (0.44 )      (0.22 ) 
                               

Net asset value, end of period

   $ 7.10      $ 6.81      $ 11.02      $ 10.65   
                               

Total return(b)

     4.26 %      (34.83 )%      7.62 %      8.71 % 
                               

Ratios/Supplemental Data:

        

Net assets, end of period (000’s)

   $ 35,341      $ 31,868      $ 585      $ 544   

Ratio of expenses to average net assets:

        

After waivers and reimbursements(a),(f)

     0.35 %      0.35 %      0.35 %      0.35 % 

Before waivers and reimbursements(a),(f)

     0.56 %      0.57 %      1.51 %      7.39 %(c) 

Ratio of net investment income to average net assets:

        

After waivers and reimbursements(a),(f)

     (0.35 )%      4.11 %      1.86 %      5.55 %(l) 

Before waivers and reimbursements(a),(f)

     (0.56 )%      3.90 %      0.69 %      (2.33 )%(l) 

Portfolio turnover rate

     8 %      21 %      15 %      2 % 

Effect of contractual expense limitation during the period:

        

Per share benefit to net investment income (loss)

   $ 0.01      $ 0.02      $ 0.13      $ 0.27   
    Six Months Ended     Year Ended December 31,    

August 31, 2006*

to December 31,
2006

  
Class B  

June 30,

2009 (Unaudited)

     2008     2007    

Net asset value, beginning of period

   $ 6.81      $ 11.02      $ 10.65      $ 10.00   
                               

Income (loss) from investment operations:

        

Net investment income (loss)

     (0.02 )(e)      0.31 (e)      0.35 (e)      0.31 (e) 

Net realized and unrealized gain (loss) on investments

     0.30        (4.16 )      0.43        0.55   
                               

Total from investment operations

     0.28        (3.85 )      0.78        0.86   
                               

Less distributions:

       1       

Dividends from net investment income

     —        (0.25 )      (0.27 )      (0.21 ) 

Distributions from net realized gains

     —        (0.11 )      (0.14 )      — # 
                               

Total dividends and distributions

     —        (0.36 )      (0.41 )      (0.21 ) 
                               

Net asset value, end of period

   $ 7.09      $ 6.81      $ 11.02      $ 10.65   
                               

Total return(b)

     4.11 %      (35.00 )%      7.35 %      8.62 % 
                               

Ratios/Supplemental Data:

        

Net assets, end of period (000’s)

   $ 28,213      $ 22,355      $ 17,298      $ 2,154   

Ratio of expenses to average net assets:

        

After waivers and reimbursements(a),(f)

     0.60 %      0.60 %      0.60 %      0.60 % 

Before waivers and reimbursements(a),(f)

     0.81 %      0.82 %(c)      1.76 %(c)      7.64 %(c) 

Ratio of net investment income to average net assets:

        

After waivers and reimbursements(a),(f)

     (0.60 )%      3.40 %      3.10 %      8.86 %(l) 

Before waivers and reimbursements(a),(f)

     (0.81 )%      3.05 %      2.03 %      2.18 %(l) 

Portfolio turnover rate

     8 %      21 %      15 %      2 % 

Effect of contractual expense limitation during the period:

        

Per share benefit to net investment income (loss)

   $ 0.01      $ 0.03      $ 0.12      $ 0.24   

 

See Notes to Financial Statements.

249

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

    Six Months Ended     Year Ended December 31,     August 31, 2006*
to December 31,
2006		  
Class A  

June 30,

2009 (Unaudited)

     2008     2007    

Net asset value, beginning of period

   $ 6.59      $ 11.21      $ 10.76      $ 10.00   
                               

Income (loss) from investment operations:

        

Net investment income (loss)

     (0.01 )(e)      0.34 (e)      0.17 (e)      0.16 (e) 

Net realized and unrealized gain (loss) on investments

     0.31        (4.58 )      0.66        0.78   
                               

Total from investment operations

     0.30        (4.24 )      0.83        0.94   
                               

Less distributions:

        

Dividends from net investment income

     —        (0.24 )      (0.27 )      (0.18 ) 

Distributions from net realized gains

     —        (0.14 )      (0.11 )      — # 
                               

Total dividends and distributions

     —        (0.38 )      (0.38 )      (0.18 ) 
                               

Net asset value, end of period

   $ 6.89      $ 6.59      $ 11.21      $ 10.76   
                               

Total return(b)

     4.55 %      (37.94 )%      7.75 %      9.45 % 
                               

Ratios/Supplemental Data:

        

Net assets, end of period (000’s)

   $ 12,178      $ 10,038      $ 589      $ 547   

Ratio of expenses to average net assets:

        

After waivers and reimbursements(a),(f)

     0.35 %      0.35 %      0.35 %      0.35 % 

Before waivers and reimbursements(a),(f)

     0.86 %      0.94 %      2.48 %      9.66 %(c) 

Ratio of net investment income to average net assets:

        

After waivers and reimbursements(a),(f)

     (0.35 )%      3.92 %      1.48 %      4.50 %(l) 

Before waivers and reimbursements(a),(f)

     (0.86 )%      3.33 %      (0.64 )%      (4.99 )%(l) 

Portfolio turnover rate

     7 %      12 %      6 %      4 % 

Effect of contractual expense limitation during the period:

        

Per share benefit to net investment income (loss)

   $ 0.02      $ 0.05      $ 0.24      $ 0.33   
    Six Months Ended     Year Ended December 31,     August 31, 2006*
to December 31,
2006		  
Class B  

June 30,

2009 (Unaudited)

     2008     2007    

Net asset value, beginning of period

   $ 6.60      $ 11.21      $ 10.76      $ 10.00   
                               

Income (loss) from investment operations:

        

Net investment income (loss)

     (0.02 )(e)      0.30 (e)      0.29 (e)      0.19 (e) 

Net realized and unrealized gain (loss) on investments

     0.30        (4.55 )      0.51        0.74   
                               

Total from investment operations

     0.28        (4.25 )      0.80        0.93   
                               

Less distributions:

        

Dividends from net investment income

     —        (0.22 )      (0.24 )      (0.17 ) 

Distributions from net realized gains

     —        (0.14 )      (0.11 )      — # 
                               

Total dividends and distributions

     —        (0.36 )      (0.35 )      (0.17 ) 
                               

Net asset value, end of period

   $ 6.88      $ 6.60      $ 11.21      $ 10.76   
                               

Total return(b)

     4.24 %      (38.01 )%      7.37 %      9.45 % 
                               

Ratios/Supplemental Data:

        

Net assets, end of period (000’s)

   $ 20,018      $ 14,430      $ 9,825      $ 1,228   

Ratio of expenses to average net assets:

        

After waivers and reimbursements(a),(f)

     0.60 %      0.60 %      0.60 %      0.60 % 

Before waivers and reimbursements(a),(f)

     1.11 %      1.19 %(c)      2.73 %(c)      9.91 %(c) 

Ratio of net investment income to average net assets:

        

After waivers and reimbursements(a),(f)

     (0.60 )%      3.34 %      2.54 %      5.42 %(l) 

Before waivers and reimbursements(a),(f)

     (1.11 )%      2.59 %      0.53 %      (3.77 )%(l) 

Portfolio turnover rate

     7 %      12 %      6 %      4 % 

Effect of contractual expense limitation during the period:

        

Per share benefit to net investment income (loss)

   $ 0.02      $ 0.07      $ 0.23      $ 0.32   

 

See Notes to Financial Statements.

250

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

 

 

 

Class A   

Six Months Ended

June 30,

2009 (Unaudited)

     Year Ended December 31,    

August 31, 2006*
to December 31,

2006

  
     2008     2007    
         

Net asset value, beginning of period

    $ 6.20      $ 11.16      $ 10.86      $ 10.00   
                                

Income (loss) from investment operations:

         

Net investment income (loss)

      (0.01 )(e)      0.29 (e)      0.13 (e)      0.12 (e) 

Net realized and unrealized gain (loss) on investments

      0.31        (4.86 )      0.74        0.89   
                                

Total from investment operations

      0.30        (4.57 )      0.87        1.01   
                                

Less distributions:

         

Dividends from net investment income

      —        (0.20 )      (0.23 )      (0.15 ) 

Distributions from net realized gains

      —        (0.19 )      (0.34 )      —  # 
                                

Total dividends and distributions

      —        (0.39 )      (0.57 )      (0.15 ) 
                                

Net asset value, end of period

    $ 6.50      $ 6.20      $ 11.16      $ 10.86   
                                

Total return(b)

      4.84 %      (41.18 )%      8.09 %      10.16 % 
                                

Ratios/Supplemental Data:

         

Net assets, end of period (000’s)

    $ 3,809      $ 3,014      $ 595      $ 551   

Ratio of expenses to average net assets:

         

After waivers and reimbursements(a),(f)

      0.35 %      0.35 %      0.35 %      0.35 % 

Before waivers and reimbursements(a),(f)

      1.36 %      1.63 %      2.91 %      10.59 %(c) 

Ratio of net investment income to average net assets:

         

After waivers and reimbursements(a),(f)

      (0.35 )%      3.40 %      1.13 %      3.47 %(l) 

Before waivers and reimbursements(a),(f)

      (1.36 )%      2.12 %      (1.42 )%      (6.92 )%(l) 

Portfolio turnover rate

      9 %      5 %      23 %      7 % 

Effect of contractual expense limitation during the period:

         

Per share benefit to net investment income (loss)

    $ 0.03      $ 0.11      $ 0.29      $ 0.36   
Class B   

Six Months Ended

June 30,

2009 (Unaudited)

     Year Ended December 31,    

August 31, 2006*

to December 31,

2006

  
     2008     2007    
         

Net asset value, beginning of period

    $ 6.20      $ 11.16      $ 10.86      $ 10.00   
                                

Income (loss) from investment operations:

         

Net investment income (loss)

      (0.02 )(e)      0.24 (e)      0.21 (e)      0.18 (e) 

Net realized and unrealized gain (loss) on investments

      0.31        (4.82 )      0.63        0.82   
                                

Total from investment operations

      0.29        (4.58 )      0.84        1.00   
                                

Less distributions:

         

Dividends from net investment income

      —        (0.19 )      (0.20 )      (0.14 ) 

Distributions from net realized gains

      —        (0.19 )      (0.34 )      —  # 
                                

Total dividends and distributions

      —        (0.38 )      (0.54 )      (0.14 ) 
                                

Net asset value, end of period

    $ 6.49      $ 6.20      $ 11.16      $ 10.86   
                                

Total return(b)

      4.68 %      (41.33 )%      7.82 %      10.06 % 
                                

Ratios/Supplemental Data:

         

Net assets, end of period (000’s)

    $ 12,358      $ 8,696      $ 6,588      $ 1,052   

Ratio of expenses to average net assets:

         

After waivers and reimbursements(a),(f)

      0.60 %      0.60 %      0.60 %      0.60 % 

Before waivers and reimbursements(a),(f)

      1.61 %(c)      1.88 %(c)      3.16 %(c)      10.84 %(c) 

Ratio of net investment income to average net assets:

         

After waivers and reimbursements(a),(f)

      (0.60 )%      2.71 %      1.78 %      5.06 %(l) 

Before waivers and reimbursements(a),(f)

      (1.61 )%      1.33 %      (0.70 )%      (5.07 )%(l) 

Portfolio turnover rate

      9 %      5 %      23 %      7 % 

Effect of contractual expense limitation during the period:

         

Per share benefit to net investment income (loss)

    $ 0.03      $ 0.12      $ 0.29      $ 0.36   

 

See Notes to Financial Statements.

251

AXA PREMIER VIP TRUST

FINANCIAL HIGHLIGHTS — (Concluded)

 

 

 

 

* Commencement of operations.
# Per share amount is less than $0.01.
(†) The capital contribution from affiliate is related to certain adjustments to historic net asset values.
‡ 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) Reflects overall fund ratios for investment income and non-class specific expense.
(d) On July 6, 2007, this Portfolio received, through a merger, the assets and liabilities of the EQ/Wells Fargo Montgomery Small Cap Portfolio that followed the same investment objectives of this Portfolio. The information from October 1, 2004 through July 6, 2007 is that of the predecessor EQ/Wells Fargo Montgomery Small Cap Portfolio. Information for the year ended December 31, 2007 includes the results of the operations of the predecessor EQ/Wells Fargo Montgomery Small Cap Portfolio from January 1, 2007 through July 6, 2007.
(e) Net investment income and capital changes are based on average shares outstanding.
(f) Expenses do not include the expenses of the underlying Portfolios unless otherwise noted.
(j) Expenses include the expenses of the underlying Portfolios.
(l) The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.
(n) Includes a gain incurred resulting from a litigation payment. Without this gain, the total return would have been (46.77)%.
(o) Includes a gain incurred resulting from a litigation payment. Without this gain, the total return would have been (46.87)%.

 

See Notes to Financial Statements.

252

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2009 (Unaudited)

Note 1    Organization and Selected Significant Accounting Policies

AXA Premier VIP Trust (the “Trust”) was organized as a Delaware business trust on October 2, 2001 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with twenty-two diversified Portfolios (each a “Portfolio”). The investment manager to each Portfolio is AXA Equitable Life Insurance Company (“AXA Equitable” or the “Manager”). The day-to-day portfolio management of each Portfolio, other than the AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio and AXA Aggressive Allocation Portfolio (“AXA Allocation Portfolios”), and the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio (“Target Allocation Portfolios”), and an allocated portion of the Multimanager Technology Portfolio, is provided by multiple investment sub-advisers (each an “Adviser”).

On January 22, 2008, AXA Equitable contributed $100,000 in seed capital to the Class A shares of the Multimanager Small Cap Growth Portfolio.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust and management expect that risk of loss to be remote.

The AXA Allocation Portfolios and the Target Allocation Portfolios are types of mutual funds often described as “fund of funds.” Each AXA Allocation Portfolio and Target Allocation Portfolio pursues its investment objective by investing exclusively in other affiliated mutual funds managed by AXA Equitable (EQ Advisors Trust and AXA Premier VIP Trust).

All of the Portfolios, except the AXA Allocation Portfolios and Target Allocation Portfolios, employ multiple Advisers. Each of the Advisers independently chooses and maintains a portfolio of securities for the Portfolio and each is responsible for investing a specific allocated portion of the Portfolio’s assets. Because each Adviser will be managing its allocated portion of the Portfolio independently from the other Advisers, the same security may be held in different portions of the Portfolio, or may be acquired for one portion of the Portfolio at a time when the Adviser of another portion deems it appropriate to dispose of the security. Similarly, under some market conditions, one Adviser may believe that temporary defensive investments in short-term instruments or cash are appropriate when the other Adviser or Advisers believe continued exposure to the equity markets is appropriate for their portions of the Portfolio. Because each Adviser directs the trading for its own portion of the Portfolio, and does not aggregate its transactions with those of the other Advisers, the Portfolio may incur higher brokerage costs, and have higher portfolio turnover, than would be the case if a single Adviser were managing the entire Portfolio.

The Trust has the right to issue two classes of shares, Class A and Class B. The Class B shares are subject to distribution fees imposed under a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, both classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the Distribution Plan. The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by AXA Equitable, an indirect wholly-owned subsidiary of AXA, AXA Life and Annuity Company and other affiliated or unaffiliated insurance companies and to the AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other Series of the Trust and to Series of EQ Advisors Trust, a separate registered investment company managed by AXA Equitable that currently sell its shares to accounts and plans.

 

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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 (advised by AllianceBernstein L.P. (“AllianceBernstein”) (an affiliate of AXA Equitable), ClearBridge Advisors, LLC, Legg Mason Capital Management, Inc., Marsico Capital Management, LLC (“Marsico”), and SSgA Funds Management, Inc. (“SSgA FM”)) — Long-term growth of capital. As of February 18, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager Core Bond Portfolio (advised by BlackRock Financial Management, Inc., Pacific Investment Management Company LLC (“PIMCO”), and SSgA FM) — To seek a balance of a high current income and capital appreciation, consistent with a prudent level of risk. As of February 23, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager Health Care Portfolio (advised by Invesco Aim Capital Management, Inc., RCM Capital Management LLC (“RCM”), SSgA FM and Wellington Management Company, LLP (“Wellington Management”)) — Long-term growth of capital. As of January 29, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager International Equity Portfolio (advised by AllianceBernstein, JPMorgan Investment Management Inc., Marsico and SSgA FM) — Long-term growth of capital. As of February 4, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager Large Cap Core Equity Portfolio (advised by AllianceBernstein, Janus Capital Management LLC, SSgA FM and Thornburg Investment Management, Inc.) — Long-term growth of capital. As of February 4, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager Large Cap Growth Portfolio (advised by Goodman & Co. NY Ltd., SSgA FM, T. Rowe Price Associates, Inc. and Westfield Capital Management Company LP) — Long-term growth of capital. As of January 27, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager Large Cap Value Portfolio (advised by AllianceBernstein, Institutional Capital LLC, MFS Investment Management and SSgA FM) — Long-term growth of capital. As of February 4, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager Mid Cap Growth Portfolio (advised by AllianceBernstein, Franklin Advisers, Inc., SSgA FM and Wellington Management) — Long-term growth of capital. As of February 11, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager Mid Cap Value Portfolio (advised by AXA Rosenberg Investment Management LLC (an affiliate of AXA Equitable), SSgA FM, Tradewinds Global Investors, LLC and Wellington Management) — Long-term growth of capital. As of February 11, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager Multi-Sector Bond Portfolio (formerly Multimanager High Yield Portfolio) (advised by PIMCO, Post Advisory Group, LLC and SSgA FM) — High total return through a combination of

 

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current income and capital appreciation. As of April 22, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager Small Cap Growth Portfolio (advised by Eagle Asset Management, Inc., SSgA FM and Wells Capital Management Inc.) — Long-term growth of capital. As of February 18, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager Small Cap Value Portfolio (advised by Franklin Advisory Services, LLC, Pacific Global Management Company and SSgA FM) — Long-term growth of capital. As of February 18, 2009, SSgA FM was added as an advisor to the Portfolio.

Multimanager Technology Portfolio (advised by Firsthand Capital Management, Inc., RCM, SSgA FM and Wellington Management) — Long-term growth of capital. As of January 28, 2009, SSgA FM was added as an advisor to the Portfolio.

Target 2015 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2025 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2035 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2045 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

The following is a summary of the significant accounting policies of the Trust:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

Valuation:

The Portfolios are subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157). This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

 

  •  

Level 1 - quoted prices in active markets for identical assets

 

  •  

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

 

  •  

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

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

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

 

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such securities are reflected as Level 2.

A summary of inputs used to value each Portfolio’s net assets as of June 30, 2009 is included in the Portfolio of Investments.

Equity securities listed on national securities exchanges are valued at the last sale price or official closing price or, if there is no sale or official closing price, at the latest available bid price. Securities listed on the NASDAQ Stock Market will be valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the security is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. Other unlisted stocks are valued at their last sale price or official closing price or, if there is no reported sale during the day or official closing price, at a bid estimated by a broker.

Convertible preferred stocks listed on national securities exchanges or included on the NASDAQ stock market are valued as of their last sale price or, if there is no sale, at the latest available bid price.

Convertible bonds and unlisted convertible preferred stocks are valued at bid prices obtained from one or more of the major dealers in such bonds or stocks. Where there is a discrepancy between dealers, values may be adjusted based on recent premium spreads to the underlying common stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities. 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 are valued at their last sale price, or if not available, previous day’s sales price. If the bid price is higher or the asked price is lower than the last sale price, the higher bid or lower asked price may be used. Options not traded on an exchange or actively traded are valued according to fair value methods. The market value of a put or call option will usually reflect, among other factors, the market price of the underlying security.

Corporate bonds and notes may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The prices provided by a pricing service take into account many factors, including institutional size, trading in similar groups of securities and any developments related to specific securities; however, when such prices are unavailable, such bonds and notes will be valued at a bid price estimated by a broker.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are valued at representative quoted prices.

Foreign securities, including foreign government securities, not traded directly, or in American Depository Receipt (ADR) or similar form in the United States, are valued at representative quoted prices from the primary exchange in the currency of the country of origin.

All securities held in the EQ/Money Market Portfolio are valued at amortized cost. The EQ/Money Market Portfolio seeks to maintain a constant net asset value of $1.00, but there can be no assurance that it will be able to do so.

Investments in Exchange Traded Funds (ETFs) are valued based on last sale price on the respective exchange.

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 notes as quoted by a pricing service as of a designated hour on the valuation date.

 

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Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided, are valued in good faith 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 open-end mutual fund (other than ETFs), which follow the policies as described above.

Pursuant to procedures approved by the Trustees, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected, as by a method approved by the Trustees, in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust’s Manager deems that the particular event or circumstance would materially affect such Portfolio’s net asset value. The value and percentage, based on Total Investments, of the investments that applied these procedures on June 30, 2009 are as follows:

 

Portfolios:

   

Market Value

   

Percentage of Total Investments*

  

Multimanager Health Care

    $ 13,982,931    4.3 % 

Multimanager International Equity

        954,053,145    88.0   

Multimanager Large Cap Core

      10,413,150    1.6   

Multimanager Large Cap Value

      13,316,403    1.0   

Multimanager Mid Cap Growth

      4,092,010    1.0   

Multimanager Mid Cap Value

      1,824,882    0.4   

Multimanager Small Cap Value

      231,705    — # 

Multimanager Technology

      13,695,813    3.1   

* excluding Investments of Cash Collateral for Securities on Loan.

# Less than 0.05%.

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. The Trust records gains and losses realized on prepayments received on mortgage-backed securities as interest income.

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 Portfolios adopted the provisions of the FASB Interpretation Number 48 - Accounting for Uncertainty in Income Taxes (“the Interpretation” or “FIN 48”), on December 31, 2007. At June 30, 2009, the Portfolios did not have any liabilities for uncertain tax positions. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year, the Portfolios did not incur any interest or penalties.

Each of the tax years in the four year period ended December 31, 2008 remain subject to examination by the Internal Revenue Service and state taxing authorities. FIN 48 had no impact on the Portfolios for the year ended December 31, 2008.

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, if any, are declared and distributed at least annually for all Portfolios (Multimanager Core Bond declares and distributes monthly). Distributions from net realized short-term and long-term capital gains, if any, are declared and distributed at least annually to the shareholders of the Portfolios to which such gains are attributable unless such gains are offset by capital loss carryforwards. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All dividends and distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. Those differences are primarily due to differing book and tax treatments for 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, 2008 and December 31, 2007, were as follows:

 

     Year Ended December 31, 2008    Year Ended December 31, 2007
     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

    $   66,401,374    $   14,776,714    $ —    $   2,702,908    $   21,368,434    $ 8,673,731    $ —    $ 8,204,533

AXA Conservative-Plus Allocation

      54,829,847      36,745,585      —      2,679,153      37,710,012      21,933,958      30,000      25,692,644

 

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June 30, 2009 (Unaudited)

 

     Year Ended December 31, 2008    Year Ended December 31, 2007
     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 Moderate Allocation

    $ 370,627,445    $ 388,857,007    $ —    $ 11,769,459    $ 298,600,094    $ 52,620,672    $ —    $ 281,484,720

AXA Moderate-Plus Allocation

      250,828,191      559,424,936      —      20,523,372      287,282,601      287,860,350      —      460,742,283

AXA Aggressive Allocation

      49,303,399      206,971,528      59,296      3,083,153      73,945,478      100,301,029      —      164,086,702

Multimanager Aggressive Equity

      6,214,318      —      35,872      —      2,642,629      —      456,432      —

Multimanager Core Bond

      207,175,981      47,135,586      —      —      125,976,717      —      2,620,754      3,011,991

Multimanager Health Care

      3,018,648      1,578,860      —      —      14,562,365      18,427,218      2,912,273      1,502,977

Multimanager International Equity

      77,511,552      18,971,707      972,411      —      95,478,324      101,354,141      31,129,819      18,971,707

Multimanager Large Cap Core Equity

      10,831,433      —      —      —      32,902,483      41,565,481      2,563,155      —

Multimanager Large Cap Growth

      53,996      —      —      —      5,929,173      41,310,199      51,863      —

Multimanager Large Cap Value

      35,259,292      3,521,292      —      —      111,537,136      106,635,518      1,415,383      3,343,040

Multimanager Mid Cap Growth

      3,043,981      4,128,512      —      —      —      83,221,222      3,069,989      4,100,311

Multimanager Mid Cap Value

      4,821,485      11,956,713      3,755,335      —      13,148,254      80,529,778      560,811      11,960,386

Multimanager Multi-Sector Bond

      157,290,685      —      —      —      147,966,792      —      1,728,137      —

Multimanager Small Cap Growth

      2,535,039      102,520      —      —      24,310,615      12,226,903      2,369,788      101,427

Multimanager Small Cap Value

      3,268,398      4,501,548      —      —      70,233,923      86,605,208      —      3,389,593

Multimanager Technology

      —      —      —      —      —      —      —      —

Target 2015 Allocation

      1,952,642      924,929      —      —      443,794      71,472      —      280,687

Target 2025 Allocation

      1,595,453      1,153,544      —      70,416      474,399      134,797      —      431,133

Target 2035 Allocation

      653,191      618,788      —      28,830      235,561      48,431      —      271,474

Target 2045 Allocation

      253,717      386,856      —      26,023      145,251      162,141      —      206,051

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, 2009, several Portfolios reduced expenses under these arrangements as follows:

 

Portfolios:

    Amount

Multimanager Aggressive Equity

    $ 884,867

Multimanager Health Care

      231,483

Multimanager International Equity

      834,162

Multimanager Large Cap Core Equity

      742,942

Multimanager Large Cap Growth

      208,471

Multimanager Large Cap Value

      1,450,399

Multimanager Mid Cap Growth

      824,834

Multimanager Mid Cap Value

      1,311,993

Multimanager Small Cap Growth

      1,190,716

 

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Portfolios:

    Amount

Multimanager Small Cap Value

    $ 2,012,185

Multimanager Technology

      384,656

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 return on the investment of cash collateral received on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Portfolio. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of Portfolio securities will be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan will indemnify each Portfolio from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan invests the cash collateral on behalf of the Portfolios and retains a portion of the interest earned. Cash collateral is invested on behalf of a Portfolio in a manner similar to the Portfolio’s investment of its cash reserves and the Portfolio bears all of the gains and losses on such investments. The net asset value of a Portfolio will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. At June 30, 2009, 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 investments purchased with cash collateral.

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.

Short Sales Against the Box:

Certain Portfolios may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into at least an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Not more than 10% of a Portfolio’s net assets may be held as collateral for short sales against the box at any one time. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold

 

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short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the broker to meet their obligation to perform.

Accounting for Derivative Instruments:

The Portfolios are subject to the provisions of Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 requires enhanced disclosures about Funds’ derivative and hedging activities. SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Following is a description of how and why the Portfolios use derivative instruments, the type of derivatives utilized by the Portfolios during the reporting period, as well as the primary underlying risk exposures related to each instrument type.

All open derivative positions at period end are reflected on each respective Portfolio’s Schedule of Investments and the colume of these open positions relative to the net assets of each respective Portfolio is generally representative of open positions throughout the reporting period for each respective Portfolio.

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

 

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investments earn no interest or dividends. The use of forward commitments may result in market risk to the Portfolios that is greater than if the Portfolios had engaged solely in transactions that settle in the customary time.

Certain Portfolios 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 connection with the purchase and sale of Portfolio securities (“transaction hedging”) and to protect the value of specific portfolio positions (“position hedging”). The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Options Written:

Certain Portfolios may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the portfolio or to enhance investment performance. Certain Portfolios may purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options which expire unexercised are recognized as gains on the expiration date. Premiums received from writing options which are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale or cost of purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. By writing a covered call option, a Portfolio, in exchange for the premium, foregoes the opportunity for capital appreciation above the exercise price should the market price of the underlying security increase. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options. The Portfolios, however, are not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

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

 

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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. None of the Portfolios held swaps at June 30, 2009.

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, 2009.

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 investment management services to the Trust; (ii) select the sub-advisers for each portfolio: (iii) monitor each sub-adviser’s investment programs and results; (iv) review brokerage matters: (v) oversee the Trust’s compliance with various federal and state statutes; and (vi) carry out the directives of the Board of Trustees. The Management Agreement for the AXA Allocation Portfolios and the Target Allocation Portfolios obligates the Manager to: (i) provide investment management and advisory services; (ii) render investment advice concerning the underlying funds in which to invest and the appropriate allocations for each of the AXA Allocation Portfolios and the 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, 2009, 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

 

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Portfolios:   Management Fee

Target 2035 Allocation

   0.10% of average daily net assets

Target 2045 Allocation

   0.10% of average daily net assets

 

     (as a percentage of average daily net assets)  
Portfolios:    First $750
Million		     Next $1
Billion		     Next $3
Billion		     Next $5
Billion		     Thereafter  

Multimanager Aggressive Equity

    0.600 %    0.550 %    0.525 %    0.500 %    0.475 % 

Multimanager Health Care

    0.950      0.900      0.875      0.850      0.825   

Multimanager International Equity

    0.850      0.800      0.775      0.750      0.725   

Multimanager Large Cap Core Equity

    0.700      0.650      0.625      0.600      0.575   

Multimanager Large Cap Growth

    0.750      0.700      0.675      0.650      0.625   

Multimanager Large Cap Value

    0.750      0.700      0.675      0.650      0.625   

Multimanager Mid Cap Growth

    0.800      0.750      0.725      0.700      0.675   

Multimanager Mid Cap Value

    0.800      0.750      0.725      0.700      0.675   

Multimanager Small Cap Growth

    0.850      0.800      0.775      0.750      0.725   

Multimanager Small Cap Value

    0.850      0.800      0.775      0.750      0.725   

Multimanager Technology

    0.950      0.900      0.875      0.850      0.825   
     (as a percentage of average daily net assets)  
     First $500
Million		     Next $750
Million		     Next $1
Billion		     Next $2.5
Billion		     Thereafter  

Multimanager Multi-Sector Bond

    0.550 %    0.525 %    0.500 %    0.480 %    0.470 % 
     First $1.25
Billion		     Next $1
Billion		     Next $1
Billion		     Next $2.5
Billion		     Thereafter  

Multimanager Core Bond

    0.550 %    0.525 %    0.500 %    0.475 %    0.450 % 

On behalf of the Trust, with the exception of the AXA Allocation Portfolios and Target Allocation Portfolios, the Manager has entered into investment advisory agreements (“Advisory Agreements”) with each of the Advisers for the Trust’s Portfolios. Each of the Advisory Agreements obligates the Advisers for the respective Portfolios to: (i) continuously furnish investment programs for the Portfolios; (ii) place all orders for the purchase and sale of investments for the Portfolios with brokers or dealers selected by the Manager or the respective Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Manager pays the expenses of providing investment advisory services to the Portfolios, including the fees of the Advisers of each Portfolio.

Note 3    Administrative Fees

Pursuant to an administrative agreement, AXA Equitable (“Administrator”) provides the Trust with necessary administrative services. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such administrative services to the 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 except for the “sleeve” of the Multimanager Technology Portfolio advised by AXA Equitable for which the $35,000 fee will not apply; and

(ii) With respect to all Portfolios except the Allocation Portfolios and the Target Allocation Portfolios (“Multimanager Portfolios”):

0.150 of 1% of total average net assets of the Multimanager Portfolios up to and including $15 billion;

0.125 of 1% of total average net assets of the Multimanager Portfolios in excess of $15 billion and up to and including $30 billion;

0.100 of 1% of total average net assets of the Multimanager Portfolios in excess of $30 billion; and

(iii) With respect to the Allocation Portfolios and Target Allocation Portfolios:

 

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0.150 of 1% of total average net assets of the Allocation Portfolios and Target Allocation Portfolios (excluding the assets of the Multimanager Portfolios).

The foregoing calculations are based on the average daily net assets of the Trust as described. The fees will be computed, billed and payable monthly.

Pursuant to a sub-administration arrangement with AXA Equitable, J.P. Morgan Investor 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 Investor Services Co., serves as custodian of the Trust’s portfolio securities and other assets. The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. Under the terms of the Custody Agreement between the Trust and JPMorgan, JPMorgan maintains cash, securities and other assets of the Portfolios. JPMorgan is also required, upon the order of the Trust, to deliver securities held by JPMorgan, and make payments for securities purchased by the Trust. JPMorgan has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the U.S. are maintained in the custody of these entities.

Note 5    Distribution Plans

The Trust has entered into distribution agreements with AXA Advisors, LLC (“AXA Advisors”) and AXA Distributors, LLC (“AXA Distributors”), both indirect wholly-owned subsidiaries of AXA Equitable (collectively, the “Distributors”), pursuant to which the Distributors serve as the principal underwriters of the Class A and Class B shares of the Trust. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to the Class B shares of the Trust (“Distribution Plan”). The Distribution Plan provides that each Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.50% of the average daily net assets attributable to the Trust’s Class B shares for which it provides service. The distribution agreements, however, limit payments for services provided under the Distribution Plan to an annual rate of 0.25% of the average daily net assets attributable to the Trust’s Class B shares. This limitation will be in effect at least until April 30, 2010. The Trust’s Class A shares are not subject to such fees.

Note 6    Expense Limitation

The Manager has contractually agreed to make payments or waive its fees to limit the expenses of certain Portfolios (exclusive of taxes, interest, brokerage commissions, capitalized expenses, fees and expenses of other investment companies in which a Portfolio invests (except as noted below) and extraordinary expenses) through April 30, 2010 (“Expense Limitation 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:

       

Multimanager Core Bond

    0.75 % 

Target 2015 Allocation

    0.35 % 

Target 2025 Allocation

    0.35 % 

Target 2035 Allocation

    0.35 % 

Target 2045 Allocation

    0.35 % 

 

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The expenses as a percentage of daily average net assets (excluding the 0.25% annual fee under the Trust’s Class B Distribution Plan) for each AXA Allocation Portfolio (that includes the Underlying Portfolios fees and expenses) are limited to:

 

Portfolios:

       

AXA Conservative Allocation

    0.75 % 

AXA Conservative-Plus Allocation

    0.85 % 

AXA Moderate Allocation

    0.90 % 

AXA Moderate-Plus Allocation

    0.95 % 

AXA Aggressive Allocation

    1.00 % 

Prior to May 1, 2009, the expense limitations were limited to:

 

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 % 

During the six months ended June 30, 2009, the Manager did not receive any recoupment for the Portfolios within the Trust. Recoupments in excess of waivers during the six months would be presented as Recoupment Fees in the Statement of Operations. At June 30, 2009, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:

 

     Amount Eligible through    Total Eligible for
Reimbursement

Portfolios:

    2009    2010    2011    2012   

AXA Conservative Allocation

    $ —    $ —    $ —    $ 1,303,254    $ 1,303,254

AXA Conservative-Plus Allocation

      —      —      —      770,842      770,842

AXA Moderate Allocation

      —      —      —      3,276,579      3,276,579

AXA Moderate-Plus Allocation

      —      —      —      3,091,124      3,091,124

AXA Aggressive Allocation

      —      —      —      863,295      863,295

Target 2015 Allocation

      40,611      108,122      129,824      57,579      336,136

Target 2025 Allocation

      40,627      106,806      131,260      58,879      337,572

Target 2035 Allocation

      40,740      113,404      148,465      68,246      370,855

Target 2045 Allocation

      40,673      100,020      149,579      66,159      356,431

The AXA Allocation Portfolios and the Target Allocation Portfolios invest exclusively in shares of other mutual funds (the “Underlying Portfolios”) managed by AXA Equitable. Therefore, each AXA Allocation Portfolio, in addition to its own expenses such as management fees, bears its pro-rata share of the fees and expenses incurred by the Underlying Portfolios and the investment return of each AXA Allocation Portfolio is reduced by each Underlying Portfolio’s expenses. The range of expenses (as a percentage of average daily net assets) incurred indirectly in connection with each AXA Allocation Portfolio’s investments in Underlying Portfolios is:

 

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Portfolios:

    Range of Expenses  

AXA Conservative Allocation

    0.50% to 0.75 % 

AXA Conservative-Plus Allocation

    0.55% to 0.80 % 

AXA Moderate Allocation

    0.55% to 0.80 % 

AXA Moderate-Plus Allocation

    0.60% to 0.85 % 

AXA Aggressive Allocation

    0.60% to 0.85 % 

Target 2015 Allocation

    0.50% to 0.75 % 

Target 2025 Allocation

    0.45% to 0.70 % 

Target 2035 Allocation

    0.45% to 0.70 % 

Target 2045 Allocation

    0.45% to 0.70 % 

Thus, the net expense ratio of the Class A shares and the Class B shares of each AXA Allocation Portfolio, including the AXA Allocation Portfolio’s direct and indirect expenses, would range from:

 

Portfolios:

    Class A     Class B  

AXA Conservative Allocation*

    0.75 %    1.00 % 

AXA Conservative-Plus Allocation*

    0.85 %    1.10 % 

AXA Moderate Allocation*

    0.90 %    1.15 % 

AXA Moderate-Plus Allocation*

    0.95 %    1.20 % 

AXA Aggressive Allocation*

    1.00 %    1.25 % 

* Expenses limited to an all in expense cap which includes direct and indirect expenses.

 

Portfolios:

    Class A     Class B  

Target 2015 Allocation

    0.85% to 1.10 %    1.10% to 1.35 % 

Target 2025 Allocation

    0.80% to 1.05 %    1.05% to 1.30 % 

Target 2035 Allocation

    0.80% to 1.05 %    1.05% to 1.30 % 

Target 2045 Allocation

    0.80% to 1.05 %    1.05% to 1.30 % 

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

    0.80% to 1.05 %    1.05% to 1.30 % 

AXA Conservative-Plus Allocation

    0.85% to 1.10 %    1.10% to 1.35 % 

AXA Moderate Allocation

    0.85% to 1.10 %    1.10% to 1.35 % 

AXA Moderate-Plus Allocation

    0.90% to 1.15 %    1.15% to 1.40 % 

AXA Aggressive Allocation

    0.95% to 1.20 %    1.20% to 1.45 % 

Target 2015 Allocation

    1.06% to 1.31 %    1.31% to 1.56 % 

Target 2025 Allocation

    1.01% to 1.26 %    1.26% to 1.51 % 

Target 2035 Allocation

    1.31% to 1.56 %    1.56% to 1.81 % 

Target 2045 Allocation

    1.81% to 2.06 %    2.06% to 2.31 % 

The above Allocation Portfolio information is based on a weighted-average range of the expense ratios since the average assets of each AXA Allocation Portfolio invested in Underlying Portfolios will fluctuate. The total expense ratios may be higher or lower depending on the allocation of an AXA Allocation Portfolio’s assets among Underlying Portfolios and the actual expenses of the Underlying Portfolios. An investor could realize lower overall expenses by allocating investments directly to the Underlying Portfolios.

 

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Note 7    Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued earnings thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At June 30, 2009, the total amount deferred by the Trustees participating in the Plan was $387,437.

Note 8    Percentage of Ownership by Affiliates

At June 30, 2009, AXA Equitable held investments in each of the Portfolios as follows:

 

Portfolios:

    Percentage of Ownership  

AXA Conservative Allocation

    — %# 

AXA Conservative-Plus Allocation

    0.02   

AXA Moderate Allocation

    — # 

AXA Moderate-Plus Allocation

    — # 

AXA Aggressive Allocation

    0.01   

Multimanager Aggressive Equity

    0.04   

Multimanager Core Bond

    0.04   

Multimanager Health Care

    0.02   

Multimanager International Equity

    0.02   

Multimanager Large Cap Core Equity

    0.07   

Multimanager Large Cap Growth

    0.03   

Multimanager Large Cap Value

    0.01   

Multimanager Mid Cap Growth

    0.01   

Multimanager Mid Cap Value

    0.04   

Multimanager Multi-Sector Bond

    0.04   

Multimanager Small Cap Growth

    0.01   

Multimanager Small Cap Value

    0.04   

Multimanager Technology

    0.05   

Target 2015 Allocation

    0.02   

Target 2025 Allocation

    — # 

Target 2035 Allocation

    3.76   

Target 2045 Allocation

    5.75   
# Percentage of ownership is less than 0.005%.   

Shares of some of the Portfolios are held by the All Asset Allocation Portfolio and the Crossings Portfolios of the EQ Advisors Trust, also managed by AXA Equitable, and the AXA Allocation Portfolios and Target Allocation Portfolios. The following tables represent the percentage of ownership that the All Asset Allocation Portfolio, each Crossings Portfolio, and each AXA Allocation Portfolio and Target Allocation Portfolio has in each respective underlying investment company’s net assets as of June 30, 2009.

 

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Portfolios:

    All Asset
Allocation		  

Multimanager Core Bond

    0.26 % 

Multimanager International Equity

    0.60   

Multimanager Large Cap Core Equity

    1.15   

Multimanager Large Cap Value

    0.61   

Multimanager Mid Cap Growth

    0.38   

Multimanager Mid Cap Value

    0.95   

Multimanager Small Cap Growth

    1.29   

Multimanager Small Cap Value

    0.09   

 

Portfolios:

    Crossings
Conservative
Allocation		     Crossings
Conservative-
Plus
Allocation		     Crossings
Moderate
Allocation		     Crossings
Moderate-
Plus
Allocation		     Crossings
Aggressive
Allocation		  

Multimanager Multi-Sector Bond

    — %#    — %#    — %#    — %    — % 
# Percentage of ownership is less than 0.005%.   

Portfolios:

    AXA
Conservative
Allocation		     AXA
Conservative-
Plus
Allocation		     AXA
Moderate
Allocation		     AXA
Moderate-
Plus
Allocation		     AXA
Aggressive
Allocation		  

EQ/AllianceBernstein International

    0.17 %    0.42 %    2.80 %    6.20 %    3.10 % 

EQ/AllianceBernstein Small Cap Growth

    —      —      6.70      11.48      4.49   

EQ/AXA Franklin Small Cap Value Core

    —      3.51      24.29      28.22      10.04   

EQ/BlackRock Basic Value Equity

    0.68      1.26      8.08      11.58      4.12   

EQ/BlackRock International Value

    0.43      0.77      4.84      10.91      5.51   

EQ/Boston Advisors Equity Income

    2.70      5.37      19.78      24.27      6.57   

EQ/Core Bond Index

    9.84      6.63      26.97      21.32      1.61   

EQ/GAMCO Small Company Value

    —      0.74      4.93      6.20      2.77   

EQ/Global Bond PLUS

    10.88      7.78      32.90      —      —   

EQ/Global Multi-Sector Equity

    0.40      0.79      6.17      8.21      2.81   

EQ/Intermediate Government Bond Index

    6.13      4.32      23.63      21.08      1.35   

EQ/International Core PLUS

    1.20      2.69      18.42      27.71      7.72   

EQ/International ETF

    1.52      4.13      31.33      46.78      14.05   

EQ/International Growth

    0.65      1.52      10.37      23.09      11.58   

EQ/Large Cap Core PLUS

    3.09      4.62      29.90      39.68      15.01   

EQ/Large Cap Growth Index

    2.36      3.71      23.87      37.13      13.47   

EQ/Large Cap Growth PLUS

    1.88      2.89      19.51      29.72      11.56   

EQ/Large Cap Value Index

    2.86      4.73      26.88      37.92      16.89   

EQ/Large Cap Value PLUS

    0.70      1.15      11.15      17.29      6.25   

 

269

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

June 30, 2009 (Unaudited)

 

Portfolios:   AXA
Conservative
Allocation		     AXA
Conservative-
Plus
Allocation		     AXA
Moderate
Allocation		     AXA
Moderate-
Plus
Allocation		     AXA
Aggressive
Allocation		  

EQ/Mid Cap Index

   — %    1.19 %    8.87 %    11.68 %    5.27 % 

EQ/PIMCO Ultra Short Bond

   6.13      4.46      20.86      13.73      1.19   

EQ/Quality Bond PLUS

   11.12      7.47      34.52      24.14      2.00   

EQ/Small Company Index

   —      1.94      19.99      21.95      6.72   

Multimanager Core Bond

   9.43      6.38      29.60      20.95      1.57   

Multimanager International Equity

   1.09      2.20      16.16      24.30      7.68   

Multimanager Large Cap Core Equity

   3.67      3.62      19.79      38.12      13.21   

Multimanager Large Cap Value

   1.98      3.21      17.31      30.06      12.02   

Multimanager Mid Cap Growth

   —      1.07      6.61      7.90      1.70   

Multimanager Mid Cap Value

   2.01      0.72      4.53      6.82      1.91   

Multimanager Multi-Sector Bond

   6.30      4.80      24.67      —      —   

Multimanager Small Cap Growth

   —      —      12.98      23.24      8.75   

Multimanager Small Cap Value

   —      0.69      4.67      22.98      4.21   

 

Portfolios:     Target 2015  
Allocation		       Target 2025  
Allocation		       Target 2035  
Allocation		       Target 2045  
Allocation		  

EQ/Bond Index

   24.96 %    14.94 %    3.38 %    0.14 % 

EQ/Equity 500 Index

   0.66      0.88      0.54      0.30   

EQ/Global Bond PLUS

   0.08      0.07      0.02      —   

EQ/Global Multi-Sector Equity

   0.31      0.32      0.18      0.09   

EQ/International ETF

   0.61      0.75      0.43      0.25   

EQ/PIMCO Ultra Short Bond

   — #    — #    — #    —   

EQ/Quality Bond PLUS

   0.02      0.01      0.01      —   

EQ/Small Company Index

   0.24      0.34      0.18      0.11   

Multimanager Aggressive Equity

   0.40      0.44      0.24      0.12   

Multimanager Large Cap Value

   0.26      0.28      0.14      0.07   

Multimanager Mid Cap Growth

   0.05      0.04      0.03      0.02   

Multimanager Mid Cap Value

   0.37      0.44      0.19      0.11   

Multimanager Multi-Sector Bond

   0.31      0.20      0.07      — # 

# Percentage of ownership is less than 0.005%.

Note 9    Subsequent Events

The Manager evaluated subsequent events from June 30, 2009, the date of these financial statements, through August 17, 2009, the date these financial statements were issued and available. The subsequent events include the following:

On June 17, 2009, the Board of Trustees of the Trust approved a form of Plan of Reorganization and Termination (“Reorganization Plan”), which must be approved by shareholders of the Multimanager Health Care Portfolio (“Health Care Portfolio”) of the Trust, and provides for the reorganization of the Health Care Portfolio into the Multimanager Aggressive Equity Portfolio of the Trust (“Reorganization”). A special shareholders meeting of the Health Care Portfolio is scheduled to be held

 

270

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Concluded)

June 30, 2009 (Unaudited)

 

on or about September 10, 2009 to vote on the Reorganization Plan. It is anticipated that, subject to shareholder approval, the Reorganization will occur on or about September 18, 2009. Additional information regarding the Reorganization was sent to shareholders of the Health Care Portfolio as part of proxy solicitation materials on or about August 6, 2009.

Effective August 1, 2009, Firsthand Capital Management, Inc. (“Firsthand’) will no longer serve as a sub-adviser to an allocated portion of the Technology Portfolio. RCM Capital Management LLC, SSgA Funds Management, Inc., and Wellington Management Company, LLP will remain as sub-advisers to the Technology Portfolio.

At a meeting held on July 22-23, 2009, the Board of Trustees of the Trust approved a change to the administrative services fee for all of the Portfolios except for the Allocation Portfolios and the Target Allocation Portfolios (collectively, the “Multimanager Portfolios”). Effective September 1, 2009, the Trust shall pay AXA Equitable (in addition to the current asset based fee) an annual fixed fee of $32,500 per Multimanager Portfolio and an additional $32,500 for each portion of a Multimanager Portfolio for which separate administrative services are provided (e.g., portions of a portfolio allocated to separate sub-advisers and/or managed in a discrete style), except the $32,500 fee will not apply in the case of the allocated portion of the Multimanager Technology Portfolio advised by AXA Equitable.

 

271

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

(50)

       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, 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).

 

       86       None    

Gerald C. Crotty

c/o AXA Premier

VIP Trust

1290 Avenue of the

Americas,

New York, New York

10104

(57)

 

       Trustee       From November 2001 to present      

President of Weichert Enterprise LLC, a private equity investment firm; Co- founder and CEO of Excelsior Ventures Management, a private equity and venture capital firm; from 1991 to 1998, held various positions with ITT Corporation, including President and COO of ITT Consumer Financial Corp. and Chairman, President and CEO of ITT Information Services.

 

       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.

 

272

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

(62)

 

       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 2007 to present, Trustee of the Merger Fund; from 1998 to present, Director and Chairman of Ayco Charitable Foundation.    

Cynthia R. Plouché

c/o AXA Premier

VIP Trust

1290 Avenue of the

Americas,

New York, New York

10104

(51)

 

       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

(61)

 

       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.

 

273

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

(50)

 

       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

(53)

 

       Vice President and Secretary       From November 2001 to present      

From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and AXA Equitable.

 

    

Joseph J. Paolo

1290 Avenue of the

Americas,

New York, New York

10104

(38)

 

      

Chief Compliance Officer, Vice President and Anti- Money Laundering (“AML”) Compliance Officer

 

      

Chief Compliance Officer from May 2007 to present; Vice President and AML Compliance Officer from December 2005 to present

 

      

From June 2007 to present, Vice President of AXA Equitable and Chief Compliance Officer of AXA Equitable’s Funds Management Group; from August 2005 to June 2007, Vice President of AXA Equitable and Deputy Chief Compliance Officer of AXA Equitable’s Fund Management Group; from March 2004 to August 2005, Vice President of AXA Equitable and Compliance Officer of AXA Equitable’s Funds Management Group.

 

    

Brian E. Walsh

1290 Avenue of the

Americas,

New York, New York

10104

(41)

 

      

Chief Financial Officer and Treasurer

 

       From June 2007 to present      

From December 2002 to May 2007, Vice President and Assistant Treasurer of the Trust; from November 2001 to May 2007, Assistant Treasurer of the Trust; from February 2003 to present, Vice President of AXA Equitable.

 

    

Mary E. Cantwell

1290 Avenue of the

Americas,

New York, New York

10104

(47)

 

       Vice President       From November 2001 to present       From February 2001 to present, Vice President of AXA Equitable; from July 2004 to present, a director of Enterprise Capital Management, Inc.    

Armando Capasso, Esq.

1290 Avenue of the

Americas,

New York, New York

10104

(34)

 

      

Vice President and Assistant Secretary

 

       From December 2007 to present       From September 2008 to present, Vice President of AXA Equitable; from September 2007 to August 2008, Counsel of AXA Equitable; from March 2005 September 2007, Investment Management Associate, Drinker Biddle & Reath, LLP; from September 2004 to March 2005, Associate, Ballard Spahr Andrews & Ingersoll, LLP.    

William T. MacGregor,

Esq.

1290 Avenue of the

Americas,

New York, New York

10104

(33)

 

      

Vice President and Assistant Secretary

 

       From June 2006 to present       From May 2008 to present, Vice President and Counsel of AXA Equitable; from May 2007 to May 2008, Assistant Vice President and Counsel of AXA Equitable; from May 2006 to May 2007, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley Austin LLP; from September 2003 to February 2005, Contract Attorney, Prudential Financial, 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.

 

274

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

(33)

 

       Vice President       From June 2007 to present       From May 2007 to present, Vice President, AXA Equitable; from November 2005 to May 2007, Assistant Vice President, AXA Equitable; from December 2002 to November 2005, Senior Investment Analyst of AXA Equitable.    

James D. Kelly

1290 Avenue of the

Americas,

New York, New York

10104

(40)

 

       Controller       From June 2007 to present       From September 2008 to present, Vice President of AXA Equitable; from March 2006 to September 2008, Assistant Vice President, AXA Equitable; from July 2005 to February 2006, Assistant Treasurer, Lord Abbett & Co.; from July 2002 to June 2005, Director, Prudential Investments.    

Carla M. Byer

1290 Avenue of the

Americas,

New York, New York

10104

(32)

 

       Assistant Treasurer       From December 2006 to present       From September 2008 to present, Vice President of AXA Equitable; from February 2004 to September 2008, Assistant Vice President of AXA Equitable; from January 2003 to February 2004, Mutual Fund Manager of AXA Equitable.    

David Shagawat

1290 Avenue of the

Americas,

New York, New York

10104

(34)

 

       Assistant AML Compliance Officer       From December 2005 to present       From September 2007 to present, Assistant Vice President and Compliance Risk Manager of AXA Equitable; from August 2005 to present, Associate Compliance Officer of AXA Equitable; from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management.    

Roselle Ibanga

1290 Avenue of the

Americas,

New York, New York

10104

(30)

 

       Assistant Controller       From February 2009 to present       From February 2009 to present, Assistant Vice President of AXA Equitable; from December 2008 to February 2009, Director of AXA Equitable’s Funds Management Group (“FMG”); from October 2007 to December 2008, Second Vice President, New York Life Investments Management, LLC; from May 2007 to September 2007, Manager of FMG; from August 2004 to May 2007, Fund Administrator of FMG.    

Lisa Perrelli

1290 Avenue of the

Americas,

New York, New York

10104

(34)

 

       Assistant Controller       From February 2009 to present       From September 2008 to present, Assistant Vice President of AXA Equitable; from February 2008 to September 2008, Director of FMG; from September 2006 to February 2008, Manager of FMG; from November 2002 to September 2006, Fund Administrator of FMG.    

Judy Guhring

1290 Avenue of the

Americas,

New York, New York

10104

(37)

 

       Assistant Secretary       From December 2005 to present       From August 2001 to present, Senior Legal Assistant of AXA Equitable.    

*   Affiliated with the Manager and Distributors.

** Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

 

275

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, 2009 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.

 

276

Item 2. Code of Ethics.

Not required

 

Item 3. Audit Committee Financial Expert.

Not required

 

Item 4. Principal Accountant Fees and Services.

Not required

 

Item 5. Audit Committee of Listed Registrants.

Not required.

 

Item 6. Schedule of Investments.

The Schedule of Investments for the following Portfolios is included herein this Item 6: Multimanager Mid Cap Growth Portfolio, Multimanager Mid Cap Value Portfolio, Multimanager Small Cap Growth Portfolio and Multimanager Small Cap Value Portfolio. The Schedule of Investments for the remaining Portfolios of the Trust are located in the report to shareholders included in the above Item 1 of this Form N-CSR.

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (18.1%)

      

Auto Components (0.9%)

Amerigon, Inc.*

    5,400    $ 32,940

ArvinMeritor, Inc.

    1,800      7,902

BorgWarner, Inc.

           26,400      901,560

China Automotive Systems, Inc.*

    1,100      6,050

Cooper Tire & Rubber Co.

    14,700      145,824

Dorman Products, Inc.*

    500      6,915

Drew Industries, Inc.*^

    54,900      668,133

Federal Mogul Corp.*

    1,600      15,120

Fuel Systems Solutions, Inc.*^

    2,600      52,494

Gentex Corp.

    33,500      388,600

Goodyear Tire & Rubber Co.*

    59,000      664,340

Hawk Corp., Class A*

    300      4,155

Raser Technologies, Inc.*^

    11,300      31,640

Standard Motor Products, Inc.

    2,100      17,367

Tenneco, Inc.*

    37,400      396,440

TRW Automotive Holdings Corp.*

    3,100      35,030

WABCO Holdings, Inc.

    13,800      244,260

Wonder Auto Technology, Inc.*

    3,600      36,468
         
        3,655,238
         

Automobiles (0.0%)

Thor Industries, Inc.^

    4,600      84,502

Winnebago Industries, Inc.

    900      6,687
         
        91,189
         

Distributors (0.3%)

      

Core-Mark Holding Co., Inc.*

    700      18,242

LKQ Corp.*

    62,700      1,031,415
         
        1,049,657
         

Diversified Consumer Services (2.9%)

American Public Education, Inc.*^

    4,500      178,245

Bridgepoint Education, Inc.*

    3,500      59,500

Brink’s Home Security Holdings, Inc.*

    11,100      314,241

Capella Education Co.*^

    19,400      1,163,030

Career Education Corp.*

    16,400      408,196

ChinaCast Education Corp.*

    7,300      51,976

Coinstar, Inc.*

    19,929      532,104

Corinthian Colleges, Inc.*^

    102,201      1,730,263

CPI Corp.

    1,300      22,087

DeVry, Inc.

    15,200      760,608

Grand Canyon Education, Inc.*^

    3,900      65,442

Hillenbrand, Inc.

    5,900      98,176

ITT Educational Services, Inc.*^

    28,531      2,871,931

K12, Inc.*^

    45,500      980,525

Learning Tree International, Inc.*^

   2,000      20,600

Lincoln Educational Services Corp.*^

    2,400      50,232

Mac-Gray Corp.*

    500      6,620

Matthews International Corp., Class A

    7,400      230,288

Nobel Learning Communities, Inc.*

    900      10,323

Pre-Paid Legal Services, Inc.*

    1,700      74,103

Princeton Review, Inc.*

    3,700      20,017

Sotheby’s, Inc.^

    14,800      208,828

Steiner Leisure Ltd.*

    1,600      48,848

Strayer Education, Inc.^

    7,600      1,657,636

Universal Technical Institute, Inc.*^

   4,900      73,157

Weight Watchers International, Inc.

    800      20,616
         
              11,657,592
         

Hotels, Restaurants & Leisure (2.7%)

AFC Enterprises, Inc.*

    600      4,050

Ambassadors Group, Inc.

    4,400      60,588

Ameristar Casinos, Inc.

    6,400      121,792

 

      Number of
Shares		   

Value

(Note 1)

Bally Technologies, Inc.*

    13,200    $ 394,944

Benihana, Inc., Class A*

    1,600      10,112

BJ’s Restaurants, Inc.*

    4,900      82,663

Brinker International, Inc.^

    24,800      422,344

Buffalo Wild Wings, Inc.*^

    12,800      416,256

Burger King Holdings, Inc.^

    25,900      447,293

California Pizza Kitchen, Inc.*^

    4,800      63,792

Caribou Coffee Co., Inc.*

    1,700      10,914

Carrols Restaurant Group, Inc.*

    2,800      18,648

CEC Entertainment, Inc.*

    5,700      168,036

Cheesecake Factory, Inc.*^

    14,600      252,580

Chipotle Mexican Grill, Inc., Class A*^

    7,800      624,000

Chipotle Mexican Grill, Inc., Class B*

    5,000      348,950

Choice Hotels International, Inc.

    1,800      47,898

CKE Restaurants, Inc.

    12,400      105,152

Cracker Barrel Old Country Store, Inc.^

    4,200      117,180

Denny’s Corp.*

    21,600      46,440

DineEquity, Inc.

    4,000      124,760

Domino’s Pizza, Inc.*

    900      6,741

Dover Downs Gaming & Entertainment, Inc.

    3,300      15,345

Einstein Noah Restaurant Group, Inc.*

    600      5,190

Frisch’s Restaurants, Inc.

    100      2,954

Great Wolf Resorts, Inc.*

    800      1,632

Interval Leisure Group, Inc.*

    9,300      86,676

Isle of Capri Casinos, Inc.*

    3,900      51,948

Jack in the Box, Inc.*^

    13,900      312,055

Krispy Kreme Doughnuts, Inc.*

    13,800      41,400

Lakes Entertainment, Inc.*

    1,600      4,656

Life Time Fitness, Inc.*^

    900      18,009

Marcus Corp.

    400      4,208

McCormick & Schmick’s Seafood Restaurants, Inc.*

    400      3,044

MGM MIRAGE*

           163,982              1,047,845

Monarch Casino & Resort, Inc.*^

    1,300      9,490

Morgans Hotel Group Co.*^

    2,600      9,958

Multimedia Games, Inc.*

    1,800      8,928

Orient-Express Hotels Ltd., Class A^

    72,240      613,318

P.F. Chang’s China Bistro, Inc.*^

    5,900      189,154

Panera Bread Co., Class A*^

    20,740      1,034,096

Papa John’s International, Inc.*

    3,900      96,681

Peet’s Coffee & Tea, Inc.*

    2,900      73,080

Pinnacle Entertainment, Inc.*

    8,000      74,320

Red Robin Gourmet Burgers, Inc.*^

    26,692      500,475

Royal Caribbean Cruises Ltd.

    26,100      353,394

Ruth’s Hospitality Group, Inc.*

    3,100      11,377

Scientific Games Corp., Class A*^

    15,500      244,435

Shuffle Master, Inc.*

    200,300      1,323,983

Sonic Corp.*^

    13,900      139,417

Texas Roadhouse, Inc., Class A*^

    11,400      124,374

Town Sports International Holdings, Inc.*^

    3,700      13,875

Universal Travel Group*

    2,200      24,618

Wendy’s/Arby’s Group, Inc., Class A

    36,600      146,400

WMS Industries, Inc.*

    10,600      334,006

Wyndham Worldwide Corp.

    19,200      232,704

 

See Notes to Financial Statements.

1

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Youbet.com, Inc.*

    7,500    $ 24,750
         
              11,072,928
         

Household Durables (0.6%)

Blyth, Inc.

    100      3,279

Harman International Industries, Inc.

    8,100      152,280

Hovnanian Enterprises, Inc., Class A*

    7,200      16,992

iRobot Corp.*^

    4,200      54,516

KB Home

    1,400      19,152

Leggett & Platt, Inc.

    23,700      360,951

M.D.C. Holdings, Inc.

    3,600      108,396

M/I Homes, Inc.*

    500      4,895

National Presto Industries, Inc.

    1,200      91,320

NIVS IntelliMedia Technology Group, Inc.*

    2,000      5,920

NVR, Inc.*

    200      100,478

Pulte Homes, Inc.

    8,900      78,587

Sealy Corp.*

    1,800      3,528

Snap-On, Inc.

    3,900      112,086

Tempur-Pedic International, Inc.

    61,200      799,884

Tupperware Brands Corp.

    15,200      395,504

Universal Electronics, Inc.*

    2,300      46,391
         
        2,354,159
         

Internet & Catalog Retail (0.5%)

Blue Nile, Inc.*^

    3,000      128,970

Drugstore.Com, Inc.*

    20,400      37,128

Gaiam, Inc., Class A*

    83,000      454,010

HSN, Inc.*

    9,900      104,643

Netflix, Inc.*^

             28,440      1,175,710

NutriSystem, Inc.

    7,300      105,850

Orbitz Worldwide, Inc.*

    600      1,140

Overstock.com, Inc.*^

    3,600      43,056

PetMed Express, Inc.*^

    5,600      84,168

Shutterfly, Inc.*

    700      9,765

Stamps.com, Inc.*

    3,000      25,440

Ticketmaster Entertainment, Inc.*

    9,400      60,348

U.S. Auto Parts Network, Inc.*

    300      1,131
         
        2,231,359
         

Leisure Equipment & Products (0.2%)

Hasbro, Inc.

    18,100      438,744

Polaris Industries, Inc.

    7,600      244,112

Pool Corp.^

    6,500      107,640

Smith & Wesson Holding Corp.*

    13,300      75,544

Sport Supply Group, Inc.

    600      5,154

Sturm Ruger & Co., Inc.

    4,400      54,736
         
        925,930
         

Media (1.3%)

      

Arbitron, Inc.

    6,500      103,285

Carmike Cinemas, Inc.

    2,200      18,436

Cinemark Holdings, Inc.

    7,300      82,636

CKX, Inc.*

    14,500      102,805

Crown Media Holdings, Inc., Class A*^

    1,300      2,171

CTC Media, Inc.*

    8,500      100,470

Dolan Media Co.*

    7,500      95,925

DreamWorks Animation SKG, Inc., Class A*

    34,734      958,311

Global Sources Ltd.*

    470      3,389

Interactive Data Corp.

    3,900      90,246

John Wiley & Sons, Inc., Class A

    10,100      335,825

Knology, Inc.*

    2,600      22,438

Lions Gate Entertainment Corp.*^

    140,600      787,360

LodgeNet Interactive Corp.*

    3,400      11,560

 

      Number of
Shares		    Value
(Note 1)

Martha Stewart Living Omnimedia, Inc., Class A*

    6,100    $ 18,666

Marvel Entertainment, Inc.*

             35,882      1,277,040

Mediacom Communications Corp., Class A*

    3,400      17,374

Morningstar, Inc.*

    4,800      197,904

National CineMedia, Inc.

    58,720      807,987

New York Times Co., Class A

    1,800      9,918

Outdoor Channel Holdings, Inc.*

    400      2,360

Playboy Enterprises, Inc., Class B*

    3,400      8,534

Primedia, Inc.

    400      804

RCN Corp.*^

    9,100      54,327

Reading International, Inc., Class A*

    800      3,640

Regal Entertainment Group, Class A

    10,300      136,887

Rentrak Corp.*

    2,400      39,432

Valassis Communications, Inc.*

    9,800      59,878

Value Line, Inc.

    400      13,148

Warner Music Group Corp.*

    300      1,755

World Wrestling Entertainment, Inc., Class A^

    4,100      51,496
         
        5,416,007
         

Multiline Retail (0.6%)

99 Cents Only Stores*^

    10,300      139,874

Big Lots, Inc.*^

    2,300      48,369

Dollar Tree, Inc.*

    14,940      628,974

Fred’s, Inc., Class A

    3,000      37,800

Kohl’s Corp.*

    41,914      1,791,824
         
                2,646,841
         

Specialty Retail (6.0%)

Aaron’s, Inc.

    11,600      345,912

Abercrombie & Fitch Co., Class A

    10,600      269,134

Advance Auto Parts, Inc.

    56,285      2,335,265

Aeropostale, Inc.*

    93,033      3,188,240

American Eagle Outfitters, Inc.

    89,000      1,261,130

America’s Car-Mart, Inc.*

    1,500      30,750

AutoNation, Inc.*

    1,800      31,230

Barnes & Noble, Inc.

    1,900      39,197

bebe Stores, Inc.

    6,000      41,280

Best Buy Co., Inc.

    73,041      2,446,143

Big 5 Sporting Goods Corp.

    5,400      59,724

Books-A-Million, Inc.

    200      1,422

Buckle, Inc.

    5,700      181,089

CarMax, Inc.*^

    71,400      1,049,580

Cato Corp., Class A^

    6,900      120,336

Charlotte Russe Holding, Inc.*

    3,600      46,368

Charming Shoppes, Inc.*

    1,900      7,068

Chico’s FAS, Inc.*^

    40,500      394,065

Children’s Place Retail Stores, Inc.*

   6,000      158,580

Christopher & Banks Corp.^

    1,100      7,381

Citi Trends, Inc.*

    3,300      85,404

Coldwater Creek, Inc.*

    10,500      63,630

Collective Brands, Inc.*

    7,000      101,990

Destination Maternity Corp.*

    1,200      20,016

Dick’s Sporting Goods, Inc.*^

    147,228      2,532,322

Dress Barn, Inc.*

    2,900      41,470

DSW, Inc., Class A*^

    200      1,970

Finish Line, Inc., Class A

    5,800      43,036

Foot Locker, Inc.

    17,200      180,084

Guess?, Inc.

    24,200      623,876

Gymboree Corp.*^

    22,442      796,242

hhgregg, Inc.*^

    2,900      43,964

Hibbett Sports, Inc.*^

    33,120      596,160

HOT Topic, Inc.*

    6,600      48,246

J. Crew Group, Inc.*^

    41,400      1,118,628

 

See Notes to Financial Statements.

2

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Jo-Ann Stores, Inc.*

               2,500    $ 51,675

JoS. A. Bank Clothiers, Inc.*^

    4,600      158,516

Kirkland’s, Inc.*

    3,100      37,231

Lumber Liquidators, Inc.*^

    3,600      56,736

Men’s Wearhouse, Inc.

    400      7,672

Midas, Inc.*

    3,000      31,440

Monro Muffler, Inc.^

    4,200      107,982

Office Depot, Inc.*

    12,500      57,000

OfficeMax, Inc.

    13,800      86,664

Penske Automotive Group, Inc.

    3,400      56,576

PetSmart, Inc.

    30,700      658,822

Pier 1 Imports, Inc.*

    4,100      8,159

RadioShack Corp.

    4,100      57,236

Ross Stores, Inc.

    44,477      1,716,812

Sally Beauty Holdings, Inc.*

    5,800      36,888

Sonic Automotive, Inc., Class A

    1,500      15,240

Stein Mart, Inc.*

    6,000      53,160

Systemax, Inc.*

    1,200      14,292

Talbots, Inc.

    3,800      20,520

Tiffany & Co.^

    27,700      702,472

Tractor Supply Co.*^

    15,700      648,724

Tween Brands, Inc.*

    700      4,676

Ulta Salon Cosmetics & Fragrance, Inc.*

    6,900      76,728

Urban Outfitters, Inc.*

    31,300      653,231

Wet Seal, Inc., Class A*^

    22,800      69,996

Williams-Sonoma, Inc.^

    51,800      614,866

Zumiez, Inc.*

    4,500      36,045
         
        24,350,291
         

Textiles, Apparel & Luxury Goods (2.1%)

American Apparel, Inc.*

    8,300      30,212

Carter’s, Inc.*

    47,860      1,177,835

Cherokee, Inc.

    1,900      37,658

Crocs, Inc.*^

    7,500      25,500

Deckers Outdoor Corp.*

    3,200      224,864

FGX International Holdings Ltd.*

    83,000      944,540

Fossil, Inc.*

    11,400      274,512

Fuqi International, Inc.*^

    2,400      49,704

G-III Apparel Group Ltd.*^

    1,600      18,384

Hanesbrands, Inc.*^

    90,684      1,361,167

K-Swiss, Inc., Class A

    3,700      31,450

Liz Claiborne, Inc.

    16,500      47,520

Lululemon Athletica, Inc.*

    10,200      132,906

Maidenform Brands, Inc.*

    4,700      53,909

Oxford Industries, Inc.

    2,200      25,630

Phillips-Van Heusen Corp.

    8,300      238,127

Steven Madden Ltd.*

    3,900      99,255

Timberland Co., Class A*

    7,000      92,890

True Religion Apparel, Inc.*^

    6,300      140,490

Under Armour, Inc., Class A*^

    21,600      483,408

UniFirst Corp.

    700      26,019

Volcom, Inc.*^

    4,100      51,250

Warnaco Group, Inc.*

    85,240      2,761,775

Weyco Group, Inc.^

    1,700      39,253

Wolverine World Wide, Inc.

    12,000      264,720
         
        8,632,978
         

Total Consumer Discretionary

               74,084,169
         

Consumer Staples (3.8%)

      

Beverages (0.5%)

Boston Beer Co., Inc., Class A*^

    1,900      56,221

Coca-Cola Bottling Co. Consolidated

    1,000      55,130

Dr. Pepper Snapple Group, Inc.*

    43,790      927,910

Hansen Natural Corp.*

    31,000      955,420

 

      Number of
Shares		   

Value

(Note 1)

National Beverage Corp.*

               1,400    $ 14,910
         
        2,009,591
         

Food & Staples Retailing (0.6%)

Arden Group, Inc., Class A

    300      37,530

BJ’s Wholesale Club, Inc.*

    40,458      1,303,961

Casey’s General Stores, Inc.

    7,600      195,244

Diedrich Coffee, Inc.*

    800      19,024

Pantry, Inc.*

    900      14,940

Pricesmart, Inc.

    3,300      55,275

Ruddick Corp.^

    1,900      44,517

Susser Holdings Corp.*

    300      3,357

United Natural Foods, Inc.*^

    10,500      275,625

Village Super Market, Inc., Class A

    1,500      44,625

Weis Markets, Inc.

    500      16,760

Whole Foods Market, Inc.^

    22,300      423,254
         
        2,434,112
         

Food Products (1.3%)

AgFeed Industries, Inc.*^

    5,400      32,022

Alico, Inc.^

    700      21,014

American Dairy, Inc.*

    2,000      79,320

American Italian Pasta Co., Class A*

    3,700      107,818

B&G Foods, Inc., Class A

    1,300      10,933

Calavo Growers, Inc.

    2,400      47,592

Cal-Maine Foods, Inc.^

    3,400      84,864

Darling International, Inc.*

    18,700      123,420

Dean Foods Co.*

    43,900      842,441

Diamond Foods, Inc.

    3,000      83,700

Farmer Bros Co.

    700      16,016

Flowers Foods, Inc.^

    15,600      340,704

Green Mountain Coffee Roasters, Inc.*^

    13,650      806,988

Hain Celestial Group, Inc.*^

    66,400      1,036,504

HQ Sustainable Maritime Industries, Inc.*

    1,600      14,640

J&J Snack Foods Corp.

    3,500      125,650

Lancaster Colony Corp.

    4,700      207,129

Lance, Inc.

    6,900      159,597

Lifeway Foods, Inc.*

    1,300      16,770

Overhill Farms, Inc.*

    4,000      21,080

Sanderson Farms, Inc.^

    4,900      220,500

Smart Balance, Inc.*

    11,100      75,591

Smithfield Foods, Inc.*

    2,300      32,131

Synutra International, Inc.*^

    4,500      49,500

Tootsie Roll Industries, Inc.^

    6,066      137,638

TreeHouse Foods, Inc.*

    35,200      1,012,704

Zhongpin, Inc.*^

    4,200      43,512
         
        5,749,778
         

Household Products (0.7%)

Church & Dwight Co., Inc.

    17,100      928,701

Energizer Holdings, Inc.*

    31,390      1,639,814

Orchids Paper Products Co.*

    1,200      24,660

WD-40 Co.

    2,900      84,100
         
                2,677,275
         

Personal Products (0.6%)

Alberto-Culver Co.

    17,600      447,568

American Oriental Bioengineering, Inc.*^

    5,600      29,624

Bare Escentuals, Inc.*

    16,500      146,355

Chattem, Inc.*^

    4,400      299,640

China Sky One Medical, Inc.*^

    1,800      24,264

China-Biotics, Inc.*

    1,800      19,404

Female Health Co.*

    4,000      19,200

Herbalife Ltd.

    32,739      1,032,588

 

See Notes to Financial Statements.

3

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Inter Parfums, Inc.

    200    $ 1,468

Medifast, Inc.*

    3,200      36,672

NBTY, Inc.*

    9,000      253,080

Nu Skin Enterprises, Inc., Class A

             12,300      188,190

Nutraceutical International Corp.*

    200      2,078

Revlon, Inc., Class A*

    2,300      12,512

Schiff Nutrition International, Inc.*

    200      1,018

USANA Health Sciences, Inc.*^

    1,500      44,595
         
        2,558,256
         

Tobacco (0.1%)

Alliance One International, Inc.*

    15,500      58,900

Star Scientific, Inc.*^

    19,100      16,999

Universal Corp.

    500      16,555

Vector Group Ltd.

    9,200      131,468
         
        223,922
         

Total Consumer Staples

               15,652,934
         

Energy (4.7%)

   

Energy Equipment & Services (2.3%)

Atwood Oceanics, Inc.*

    11,600      288,956

Bolt Technology Corp.*

    700      7,868

Cal Dive International, Inc.*

    2,600      22,438

CARBO Ceramics, Inc.^

    4,300      147,060

Complete Production Services, Inc.*

   66,840      425,102

Dresser-Rand Group, Inc.*

    20,100      524,610

Dril-Quip, Inc.*

    54,334      2,070,126

ENGlobal Corp.*

    3,500      17,220

Exterran Holdings, Inc.*

    7,200      115,488

FMC Technologies, Inc.*^

    10,680      401,354

Geokinetics, Inc.*

    700      9,555

Gulf Island Fabrication, Inc.

    200      3,166

GulfMark Offshore, Inc.*

    3,000      82,800

Helix Energy Solutions Group, Inc.*

    29,100      316,317

Helmerich & Payne, Inc.

    51,613      1,593,294

Hercules Offshore, Inc.*

    2,300      9,131

ION Geophysical Corp.*

    1,700      4,369

Lufkin Industries, Inc

    3,300      138,765

Matrix Service Co.*

    1,900      21,812

NATCO Group, Inc., Class A*

    900      29,628

National Oilwell Varco, Inc.*

    24,837      811,176

Natural Gas Services Group, Inc.*

    300      3,990

Oceaneering International, Inc.*^

    23,620      1,067,624

Patterson-UTI Energy, Inc.

    5,600      72,016

PHI, Inc.*

    2,000      34,280

Pioneer Drilling Co.*

    1,700      8,143

Rowan Cos., Inc.

    5,000      96,600

RPC, Inc.

    6,900      57,615

Sulphco, Inc.*^

    15,900      14,628

Superior Energy Services, Inc.*

    47,280      816,526

TETRA Technologies, Inc.*^

    10,100      80,396

TGC Industries, Inc.*

    2,500      12,175

Willbros Group, Inc.*

    8,900      111,339
         
        9,415,567
         

Oil, Gas & Consumable Fuels (2.4%)

Alon USA Energy, Inc.

    200      2,070

Alpha Natural Resources, Inc.*^

    34,200      898,434

Apco Argentina, Inc.

    2,300      44,229

Approach Resources, Inc.*

    400      2,760

Arena Resources, Inc.*

    9,300      296,205

Atlas America, Inc.^

    4,100      73,267

ATP Oil & Gas Corp.*^

    1,500      10,440

Bill Barrett Corp.*

    19,320      530,527

BPZ Resources, Inc.*^

    14,300      69,927

Brigham Exploration Co.*

    11,300      39,437

 

      Number of
Shares		   

Value

(Note 1)

Cabot Oil & Gas Corp.

           14,500    $ 444,280

Carrizo Oil & Gas, Inc.*

    6,300      108,045

Cheniere Energy, Inc.*^

    4,500      13,230

Clean Energy Fuels Corp.*^

    7,500      64,575

Comstock Resources, Inc.*^

    900      29,745

Concho Resources, Inc.*

    11,440      328,214

Contango Oil & Gas Co.*

    2,700      114,723

CREDO Petroleum Corp.*

    1,400      14,952

Cubic Energy, Inc.*

    2,200      2,376

CVR Energy, Inc.*^

    400      2,932

Delta Petroleum Corp.*

    23,600      45,548

Endeavour International Corp.*

    24,900      33,864

EOG Resources, Inc.

    16,394      1,113,480

Evergreen Energy, Inc.*

    27,700      27,146

EXCO Resources, Inc.*

    29,900      386,308

Forest Oil Corp.*

    10,200      152,184

Foundation Coal Holdings, Inc.

    10,900      306,399

Frontier Oil Corp.

    20,000      262,200

FX Energy, Inc.*

    10,400      39,416

GMX Resources, Inc.*

    3,200      34,048

Golar LNG Ltd.

    4,600      39,330

GreenHunter Energy, Inc.*^

    1,300      2,652

Gulfport Energy Corp.*^

    6,200      42,470

Holly Corp.^

    9,800      176,204

Isramco, Inc.*

    300      31,959

James River Coal Co.*

    6,500      98,345

Lundin Petroleum AB*

    81,054      630,487

Mariner Energy, Inc.*

    58,100      682,675

Massey Energy Co.

    16,600      324,364

McMoRan Exploration Co.*

    13,800      82,248

Newfield Exploration Co.*

    16,500      539,055

Northern Oil and Gas, Inc.*^

    4,900      31,213

Panhandle Oil and Gas, Inc., Class A

    1,600      31,408

PrimeEnergy Corp.*

    200      7,162

Quicksilver Resources, Inc.*^

    28,600      265,694

Range Resources Corp.

    6,780      280,760

Rex Energy Corp.*^

    4,100      23,370

Ship Finance International Ltd.^

    6,612      72,930

St. Mary Land & Exploration Co.

    3,800      79,306

Syntroleum Corp.*

    15,800      34,918

Teekay Corp.

    4,600      96,738

Teekay Tankers Ltd., Class A^

    3,000      27,870

Tesoro Corp.^

    14,100      179,493

Toreador Resources Corp.*

    4,800      32,160

Uranerz Energy Corp.*

    9,300      17,484

Uranium Energy Corp.*

    11,000      31,900

Venoco, Inc.*

    1,400      10,738

W&T Offshore, Inc.

    6,900      67,206

Warren Resources, Inc.*

    8,000      19,600

Westmoreland Coal Co.*^

    500      4,050

World Fuel Services Corp.

    7,200      296,856

Zion Oil & Gas, Inc.*

    3,000      31,860
         
        9,783,466
         

Total Energy

               19,199,033
         

Financials (7.0%)

   

Capital Markets (3.0%)

Affiliated Managers Group, Inc.*

    35,480      2,064,581

Ameriprise Financial, Inc.

    32,110      779,310

BGC Partners, Inc., Class A

    4,100      15,539

Broadpoint Gleacher Securities, Inc.*^

    9,000      50,220

Calamos Asset Management, Inc., Class A

    400      5,644

Cohen & Steers, Inc.^

    1,700      25,415

 

See Notes to Financial Statements.

4

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Diamond Hill Investment Group, Inc.*^

    500    $ 20,090

Eaton Vance Corp.

             28,500      762,375

Epoch Holding Corp.^

    2,600      22,464

Evercore Partners, Inc., Class A

    800      15,712

FBR Capital Markets Corp.*

    400      1,880

Federated Investors, Inc., Class B

    20,100      484,209

GAMCO Investors, Inc., Class A

    1,100      53,350

GFI Group, Inc.

    16,200      109,188

GLG Partners, Inc.^

    47,500      194,275

Greenhill & Co., Inc.^

    14,270      1,030,437

International Assets Holding Corp.*

    1,200      17,844

Investment Technology Group, Inc.*

    900      18,351

Janus Capital Group, Inc.

    34,100      388,740

Jefferies Group, Inc.*

    21,400      456,462

JMP Group, Inc.

    300      2,307

KBW, Inc.*^

    27,920      802,979

Knight Capital Group, Inc., Class A*^

    11,800      201,190

Kohlberg Capital Corp.

    500      3,160

Lazard Ltd., Class A

    47,580      1,280,854

Main Street Capital Corp.*

    1,100      15,059

MF Global Ltd.*^

    7,200      42,696

optionsXpress Holdings, Inc.

    9,700      150,641

Penson Worldwide, Inc.*

    3,100      27,745

Pzena Investment Management, Inc., Class A

    1,700      12,886

Riskmetrics Group, Inc.*^

    4,900      86,534

Safeguard Scientifics, Inc.*

    9,400      12,408

SEI Investments Co.

    29,500      532,180

Stifel Financial Corp.*^

    29,180      1,403,266

SWS Group, Inc.

    400      5,588

Teton Advisors, Inc.(b)*†

    10      20

Thomas Weisel Partners Group, Inc.*

    500      3,010

TradeStation Group, Inc.*

    2,100      17,766

U.S. Global Investors, Inc., Class A

    2,600      24,076

Waddell & Reed Financial, Inc., Class A

    39,300      1,036,341

Westwood Holdings Group, Inc.

    1,100      45,991
         
              12,222,783
         

Commercial Banks (0.5%)

Ames National Corp.

    700      17,087

Arrow Financial Corp.

    1,400      37,800

Bank of Marin Bancorp/California

    1,000      26,950

Bank of the Ozarks, Inc.

    200      4,326

BOK Financial Corp.

    1,700      64,039

Bridge Bancorp, Inc.*

    1,300      35,386

Bryn Mawr Bank Corp.

    300      5,661

CapitalSource, Inc.

    9,300      45,384

Cardinal Financial Corp.

    2,800      21,924

Cathay General Bancorp

    5,300      50,403

Centerstate Banks, Inc.

    500      3,710

Citizens Holding Co.

    200      6,240

City Holding Co.

    400      12,144

CNB Financial Corp./Pennsylvania

    1,000      14,170

Commerce Bancshares, Inc./Missouri

    5,000      159,150

Enterprise Financial Services Corp.

    1,600      14,544

First Financial Bankshares, Inc.^

    2,800      141,008

First of Long Island Corp.

    200      4,628

Great Southern Bancorp, Inc.

    600      12,330

Hancock Holding Co.^

    400      12,996

Investors Bancorp, Inc.*

    1,000      9,160

Metro Bancorp, Inc.*

    300      5,778

Nara Bancorp, Inc.

    2,000      10,360

Orrstown Financial Services, Inc.

    600      22,344

 

     

Number of

Shares

   

Value

(Note 1)

Park National Corp.

    200    $ 11,296

Peapack Gladstone Financial Corp.

    300      5,787

Penns Woods Bancorp, Inc.

    500      14,570

PrivateBancorp, Inc.

             24,000      533,760

Republic Bancorp, Inc./Kentucky, Class A

    200      4,518

Signature Bank/New York*

    6,900      187,128

Southside Bancshares, Inc.

    700      16,009

Suffolk Bancorp^

    1,600      41,024

SVB Financial Group*^

    800      21,776

SY Bancorp, Inc.^

    1,200      29,004

Texas Capital Bancshares, Inc.*

    800      12,376

Tompkins Financial Corp.

    800      38,360

Westamerica Bancorporation^

    4,100      203,401

Wilshire Bancorp, Inc.

    300      1,725
         
                1,858,256
         

Consumer Finance (0.1%)

Advance America Cash Advance Centers, Inc.

    10,300      45,629

AmeriCredit Corp.*

    6,800      92,140

Cardtronics, Inc.*^

    3,500      13,335

CompuCredit Corp.*

    1,900      4,370

Credit Acceptance Corp.*

    1,400      30,590

Dollar Financial Corp.*

    4,800      66,192

EZCORP, Inc., Class A*

    10,300      111,034

First Cash Financial Services, Inc.*

    5,700      99,864

Nelnet, Inc., Class A*

    1,400      19,026

QC Holdings, Inc.

    900      4,626

Rewards Network, Inc.*

    1,600      6,048

Student Loan Corp.

    100      3,720
         
        496,574
         

Diversified Financial Services (0.8%)

Asset Acceptance Capital Corp.*^

    1,000      7,690

CIT Group, Inc.

    9,300      19,995

Deutsche Boerse AG

    12,306      956,469

Fifth Street Finance Corp.

    16      159

Financial Federal Corp.

    2,300      47,265

Life Partners Holdings, Inc.^

    1,575      22,334

MarketAxess Holdings, Inc.*

    7,900      75,287

MSCI, Inc., Class A*

    47,200      1,153,567

NASDAQ OMX Group, Inc.*

    40,688      867,061

NewStar Financial, Inc.*

    2,100      4,011

PICO Holdings, Inc.*

    1,800      51,660

Portfolio Recovery Associates, Inc.*^

    3,800      147,174
         
        3,352,672
         

Insurance (1.3%)

Aflac, Inc.

    43,791      1,361,462

American Safety Insurance Holdings Ltd.*

    200      2,722

Amtrust Financial Services, Inc.

    300      3,420

Arthur J. Gallagher & Co.

    22,600      482,284

Assured Guaranty Ltd.

    1,900      23,522

Axis Capital Holdings Ltd.

    9,800      256,564

Brown & Brown, Inc.

    20,800      414,544

Citizens, Inc./Texas*

    6,300      38,304

Crawford & Co., Class B*

    4,200      20,160

eHealth, Inc.*^

    5,900      104,194

Endurance Specialty Holdings Ltd.

    4,200      123,060

Erie Indemnity Co., Class A^

    5,100      182,376

FBL Financial Group, Inc., Class A

    1,400      11,564

Fidelity National Financial, Inc., Class A

    8,600      116,358

First Mercury Financial Corp.

    1,100      15,147

Genworth Financial, Inc., Class A

    44,900      313,851

 

See Notes to Financial Statements.

5

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Hallmark Financial Services*

    300    $ 2,145

Hanover Insurance Group, Inc.

    1,000      38,110

Marsh & McLennan Cos., Inc.

             32,472      653,661

Odyssey Reinsurance Holdings Corp.

    900      35,982

Phoenix Cos., Inc.*

    3,100      5,177

Principal Financial Group, Inc.

    39,677      747,515

Reinsurance Group of America, Inc.

    1,400      48,874

RLI Corp.

    1,900      85,120

Safety Insurance Group, Inc.

    400      12,224

Tower Group, Inc.

    8,700      215,586

Universal Insurance Holdings, Inc.

    2,000      10,040

Validus Holdings Ltd.

    3,400      74,732
         
                5,398,698
         

Real Estate Investment Trusts (REITs) (0.9%)

Acadia Realty Trust (REIT)^

    2,300      30,015

Alexander’s, Inc. (REIT)

    300      80,880

Alexandria Real Estate Equities, Inc. (REIT)

    2,100      75,159

Digital Realty Trust, Inc. (REIT)

    18,600      666,810

DuPont Fabros Technology, Inc. (REIT)

    3,500      32,970

EastGroup Properties, Inc. (REIT)

    3,800      125,476

Equity Lifestyle Properties, Inc. (REIT)

    3,100      115,258

Federal Realty Investment Trust (REIT)^

    1,900      97,888

FelCor Lodging Trust, Inc. (REIT)

    99,400      244,524

Getty Realty Corp. (REIT)

    1,700      32,079

Health Care REIT, Inc. (REIT)

    13,600      463,760

Investors Real Estate Trust (REIT)

   900      8,001

iStar Financial, Inc. (REIT)^

    58,700      166,708

LTC Properties, Inc. (REIT)

    600      12,270

Mid-America Apartment Communities, Inc. (REIT)^

    3,300      121,143

National Health Investors, Inc. (REIT)

    300      8,013

Nationwide Health Properties, Inc. (REIT)

    18,800      483,912

Omega Healthcare Investors, Inc. (REIT)

    3,800      58,976

Potlatch Corp. (REIT)

    5,200      126,308

PS Business Parks, Inc. (REIT)^

    1,000      48,440

Rayonier, Inc. (REIT)

    8,700      316,245

Redwood Trust, Inc. (REIT)

    2,500      36,900

Saul Centers, Inc. (REIT)

    800      23,656

Simon Property Group, Inc. (REIT)

   161      8,280

Tanger Factory Outlet Centers (REIT)

    4,800      155,664

UMH Properties, Inc. (REIT)

    500      3,985

Universal Health Realty Income Trust (REIT)

    1,500      47,280

Washington Real Estate Investment Trust (REIT)^

    1,600      35,792
         
        3,626,392
         

Real Estate Management & Development (0.3%)

CB Richard Ellis Group, Inc., Class A*

    53,300      498,888

St. Joe Co.*^

    22,500      596,025

Tejon Ranch Co.*^

    2,700      71,523
         
        1,166,436
         

Thrifts & Mortgage Finance (0.1%)

Brookline Bancorp, Inc.

    3,600      33,552

Brooklyn Federal Bancorp, Inc.

    400      4,500

Capitol Federal Financial^

    5,000      191,650

 

     

Number of

Shares

   

Value

(Note 1)

Cheviot Financial Corp.

    100    $ 800

Clifton Savings Bancorp, Inc.

    200      2,152

Heritage Financial Group

    100      857

Kearny Financial Corp.

    900      10,296

Kentucky First Federal Bancorp

    100      1,215

Oritani Financial Corp.*^

    2,300      31,533

Prudential Bancorp, Inc. of Pennsylvania*

    800      9,448

Roma Financial Corp.

    900      11,466

TFS Financial Corp.

    2,400      25,488

TrustCo Bank Corp. NY/New York

    6,200      36,642

United Financial Bancorp, Inc.

    700      9,674

ViewPoint Financial Group.

    2,200      33,506
         
        402,779
         

Total Financials

               28,524,590
         

Health Care (18.5%)

   

Biotechnology (4.4%)

Abraxis Bioscience, Inc.*

    1,600      58,976

Acorda Therapeutics, Inc.*

             29,240      824,276

Affymax, Inc.*^

    3,400      62,662

Alexion Pharmaceuticals, Inc.*

    37,340      1,535,420

Alkermes, Inc.*^

    23,000      248,860

Allos Therapeutics, Inc.*

    15,600      129,324

Alnylam Pharmaceuticals, Inc.*^

    9,000      200,430

Amicus Therapeutics, Inc.*

    3,800      43,510

Amylin Pharmaceuticals, Inc.*^

    58,665      791,978

Arena Pharmaceuticals, Inc.*

    20,000      99,800

ARIAD Pharmaceuticals, Inc.*

    19,200      30,528

ArQule, Inc.*^

    5,600      34,384

Array BioPharma, Inc.*

    10,600      33,284

AVI BioPharma, Inc.*

    19,200      30,336

BioCryst Pharmaceuticals, Inc.*

    5,400      21,762

BioMarin Pharmaceutical, Inc.*^

    68,200      1,064,602

Cardium Therapeutics, Inc.*

    9,700      17,945

Celera Corp.*

    4,200      32,046

Cell Therapeutics, Inc.*

    115,400      198,488

Celldex Therapeutics, Inc.*

    2,000      15,640

Cephalon, Inc.*

    11,762      666,317

Cepheid, Inc.*

    13,100      123,402

Chelsea Therapeutics International, Inc.*

    5,900      24,839

Cougar Biotechnology, Inc.*

    3,400      146,064

Cubist Pharmaceuticals, Inc.*

    14,000      256,620

Curis, Inc.*

    15,900      25,281

Cytokinetics, Inc.*

    8,700      24,621

Cytori Therapeutics, Inc.*^

    6,000      21,660

Dendreon Corp.*^

    59,200      1,471,120

Dyax Corp.*

    12,400      26,536

Emergent Biosolutions, Inc.*

    4,100      58,753

Enzon Pharmaceuticals, Inc.*^

    10,700      84,209

Facet Biotech Corp.*

    1,100      10,219

Genomic Health, Inc.*

    3,400      58,922

Geron Corp.*^

    10,300      79,001

GTx, Inc.*

    4,500      41,535

Halozyme Therapeutics, Inc.*

    14,000      97,580

Hemispherx Biopharma, Inc.*

    27,600      70,104

Human Genome Sciences, Inc.*^

    33,900      96,954

Idenix Pharmaceuticals, Inc.*

    6,000      22,080

Idera Pharmaceuticals, Inc.*^

    4,600      26,956

Immunogen, Inc.*

    34,500      297,045

Immunomedics, Inc.*

    15,900      40,386

Incyte Corp.*^

    65,200      214,508

Infinity Pharmaceuticals, Inc.*

    2,000      11,680

 

See Notes to Financial Statements.

6

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Insmed, Inc.*

             31,200    $ 31,200

InterMune, Inc.*

    23,900                 363,280

Isis Pharmaceuticals, Inc.*

    22,600      372,900

Lexicon Pharmaceuticals, Inc.*

    6,600      8,184

Ligand Pharmaceuticals, Inc., Class B*

    28,300      80,938

MannKind Corp.*^

    13,100      108,861

Marshall Edwards, Inc.*

    5,700      3,021

Martek Biosciences Corp.*

    1,500      31,725

Maxygen, Inc.*^

    5,300      35,616

Medarex, Inc.*

    31,300      261,355

Medivation, Inc.*

    15,800      354,078

Metabolix, Inc.*

    4,300      35,346

Micromet, Inc.*

    10,600      52,788

Molecular Insight Pharmaceuticals, Inc.*^

    4,200      21,714

Momenta Pharmaceuticals, Inc.*

    8,800      105,864

Myriad Genetics, Inc.*

    50,290      1,792,838

Myriad Pharmaceuticals, Inc.*

    9,766      45,411

Nabi Biopharmaceuticals*

    9,300      22,506

Nanosphere, Inc.*

    2,700      13,257

Neurocrine Biosciences, Inc.*

    8,700      28,101

NeurogesX, Inc.*

    2,600      14,664

Novavax, Inc.*

    13,500      44,280

NPS Pharmaceuticals, Inc.*

    11,200      52,192

OncoGenex Pharmaceutical, Inc.*

    1,000      21,880

Onyx Pharmaceuticals, Inc.*

    31,660      894,712

Opko Health, Inc.*^

    11,500      20,355

Orexigen Therapeutics, Inc.*^

    4,800      24,624

OSI Pharmaceuticals, Inc.*^

    28,480      803,990

Osiris Therapeutics, Inc.*

    3,400      45,662

OXiGENE, Inc.*

    6,800      14,824

PDL BioPharma, Inc.

    29,800      235,420

Pharmasset, Inc.*^

    4,700      52,875

Poniard Pharmaceuticals, Inc.*

    5,800      34,626

Progenics Pharmaceuticals, Inc.*

    4,900      25,235

Protalix BioTherapeutics, Inc.*

    8,600      38,872

Regeneron Pharmaceuticals, Inc.*

    15,300      274,176

Repligen Corp.*

    6,900      37,950

Rigel Pharmaceuticals, Inc.*

    8,700      105,444

Sangamo BioSciences, Inc.*^

    8,400      41,496

Savient Pharmaceuticals, Inc.*

    14,800      205,128

Sciclone Pharmaceuticals, Inc.*

    8,900      22,784

Seattle Genetics, Inc.*^

    17,900      173,988

SIGA Technologies, Inc.*

    6,500      54,860

StemCells, Inc.*

    25,800      43,860

Synta Pharmaceuticals Corp.*

    4,600      10,626

Theravance, Inc.*^

    13,300      194,712

United Therapeutics Corp.*^

    12,300      1,024,959

Vanda Pharmaceuticals, Inc.*

    6,700      78,859

Vical, Inc.*

    8,300      22,493

ZymoGenetics, Inc.*

    8,500      39,100
         
        17,894,272
         

Health Care Equipment & Supplies (5.5%)

Abaxis, Inc.*^

    5,200      106,808

ABIOMED, Inc.*^

    8,100      71,442

Accuray, Inc.*

    8,300      55,361

Align Technology, Inc.*^

    13,500      143,100

Alphatec Holdings, Inc.*

    7,500      24,900

American Medical Systems Holdings, Inc.*

    92,500      1,461,500

Analogic Corp.^

    2,100      77,595

AngioDynamics, Inc.*^

    2,100      27,867

Aspect Medical Systems, Inc.*

    400      2,364

Atrion Corp.

    400      53,636

 

     

Number of

Shares

   

Value

(Note 1)

ATS Medical, Inc.*

             11,800    $ 38,822

Beckman Coulter, Inc.

    17,700              1,011,378

Bovie Medical Corp.*

    4,300      37,453

Cantel Medical Corp.*

    2,200      35,706

Cardiac Science Corp.*

    600      2,412

Cardiovascular Systems, Inc.*

    2,200      16,962

Clarient, Inc.*

    7,500      27,900

Conceptus, Inc.*^

    7,100      119,990

CryoLife, Inc.*

    6,300      34,902

Cutera, Inc.*

    900      7,758

Cyberonics, Inc.*

    6,800      113,084

Delcath Systems, Inc.*

    5,700      20,406

DexCom, Inc.*

    125,800      778,702

Edwards Lifesciences Corp.*

    14,200      966,026

Electro-Optical Sciences, Inc.*

    4,400      34,276

Endologix, Inc.*

    11,000      36,740

EnteroMedics, Inc.*

    3,800      12,654

Exactech, Inc.*

    1,900      27,550

Gen-Probe, Inc.*

    25,660      1,102,867

Greatbatch, Inc.*

    4,200      94,962

Haemonetics Corp.*

    6,200      353,400

Hansen Medical, Inc.*

    5,000      24,700

HeartWare International, Inc.*

    1,200      33,492

Hill-Rom Holdings, Inc.^

    6,300      102,186

Hologic, Inc.*

    6,300      89,649

Home Diagnostics, Inc.*

    800      4,912

ICU Medical, Inc.*

    3,200      131,680

Idexx Laboratories, Inc.*^

    31,200      1,441,440

I-Flow Corp.*

    2,300      15,962

Immucor, Inc.*

    17,100      235,296

Insulet Corp.*

    6,500      50,050

Integra LifeSciences Holdings Corp.*^

    4,700      124,597

Intuitive Surgical, Inc.*

    13,873      2,270,455

Invacare Corp.

    3,100      54,715

Inverness Medical Innovations, Inc.*^

    9,000      320,220

IRIS International, Inc.*^

    4,400      51,920

Kensey Nash Corp.*

    1,700      44,557

Kinetic Concepts, Inc.*

    5,400      147,150

MAKO Surgical Corp.*

    3,300      29,766

Masimo Corp.*

    58,380      1,407,542

Medical Action Industries, Inc.*^

    2,800      32,060

Meridian Bioscience, Inc.^

    10,100      228,058

Merit Medical Systems, Inc.*

    6,400      104,320

Micrus Endovascular Corp.*

    3,800      34,352

Natus Medical, Inc.*

    4,700      54,238

Neogen Corp.*^

    3,300      95,634

NuVasive, Inc.*^

    27,960      1,247,016

NxStage Medical, Inc.*^

    3,500      20,650

OraSure Technologies, Inc.*

    10,700      26,429

Orthofix International N.V.*

    4,300      107,543

Orthovita, Inc.*

    15,900      81,885

Palomar Medical Technologies, Inc.*

    3,300      48,378

Quidel Corp.*^

    6,000      87,360

ResMed, Inc.*

    32,900      1,340,017

Rochester Medical Corp.*

    2,500      33,500

Rockwell Medical Technologies, Inc.*

    3,500      26,425

RTI Biologics, Inc.*

    4,900      21,021

Sirona Dental Systems, Inc.*

    3,700      73,963

Somanetics Corp.*

    2,800      46,228

SonoSite, Inc.*

    3,900      78,234

Spectranetics Corp.*^

    7,700      37,961

St. Jude Medical, Inc.*

    50,435      2,072,879

Stereotaxis, Inc.*

    6,700      25,996

STERIS Corp.^

    14,200      370,336

 

See Notes to Financial Statements.

7

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

SurModics, Inc.*^

               3,700    $ 83,731

Symmetry Medical, Inc.*

    2,500                   23,300

Synovis Life Technologies, Inc.*

    2,700      56,079

Teleflex, Inc.

    4,200      188,286

Thoratec Corp.*

    13,700      366,886

TomoTherapy, Inc.*

    4,000      11,000

TranS1, Inc.*^

    3,000      18,690

Utah Medical Products, Inc.

    800      21,368

Varian Medical Systems, Inc.*

    25,945      911,707

Vascular Solutions, Inc.*

    4,000      31,280

Volcano Corp.*

    57,300      801,054

West Pharmaceutical Services, Inc.^

   8,000      278,800

Wright Medical Group, Inc.*

    9,500      154,470

Young Innovations, Inc.

    1,000      21,790

Zoll Medical Corp.*^

    4,300      83,162
         
        22,824,898
         

Health Care Providers & Services (2.8%)

Air Methods Corp.*^

    2,600      71,136

Alliance HealthCare Services, Inc.*

   5,500      40,315

Allied Healthcare International, Inc.*

    1,900      4,123

Allion Healthcare, Inc.*

    300      1,785

Almost Family, Inc.*^

    1,500      39,165

Amedisys, Inc.*^

    6,200      204,724

America Service Group, Inc.*

    2,100      33,747

American Caresource Holding, Inc.*

    2,600      9,724

American Dental Partners, Inc.*

    1,200      10,884

AMERIGROUP Corp.*

    12,900      346,365

AMN Healthcare Services, Inc.*

    7,200      45,936

Bio-Reference Labs, Inc.*

    2,700      85,347

BioScrip, Inc.*

    10,400      61,568

CardioNet, Inc.*^

    5,900      96,288

Catalyst Health Solutions, Inc.*

    8,900      221,966

Centene Corp.*

    5,800      115,884

Chemed Corp.^

    5,600      221,088

Chindex International, Inc.*^

    2,700      33,399

Community Health Systems, Inc.*^

    42,600      1,075,650

Continuecare Corp.*

    6,300      14,679

Corvel Corp.*^

    1,600      36,432

Cross Country Healthcare, Inc.*

    700      4,809

Emergency Medical Services Corp., Class A*

    2,500      92,050

Emeritus Corp.*

    4,900      64,729

Ensign Group, Inc.

    2,700      38,421

Genoptix, Inc.*^

    4,200      134,358

Gentiva Health Services, Inc.*^

    2,600      42,796

Hanger Orthopedic Group, Inc.*

    1,200      16,308

Health Grades, Inc.*

    5,900      23,069

Health Management Associates, Inc., Class A*

    60,000      296,400

HealthSouth Corp.*

    21,500      310,460

Healthways, Inc.*^

    400      5,380

HMS Holdings Corp.*^

    26,160      1,065,235

inVentiv Health, Inc.*

    2,800      37,884

IPC The Hospitalist Co., Inc.*

    4,000      106,760

Landauer, Inc.

    1,400      85,876

LCA-Vision, Inc.*

    2,600      10,972

LHC Group, Inc.*

    3,500      77,735

Lincare Holdings, Inc.*

    13,500      317,520

MEDNAX, Inc.*

    3,700      155,881

Metropolitan Health Networks, Inc.*

    10,100      20,301

MWI Veterinary Supply, Inc.*^

    11,400      397,404

National Healthcare Corp.^

    900      34,146

National Research Corp.

    400      9,760

NovaMed, Inc.*

    3,000      11,850

 

     

Number of

Shares

   

Value

(Note 1)

Odyssey HealthCare, Inc.*

               4,100    $ 42,148

Omnicare, Inc.

    12,200                 314,272

Owens & Minor, Inc.^

    8,100      354,942

Patterson Cos., Inc.*^

    24,500      531,650

PharMerica Corp.*

    7,600      149,188

Providence Service Corp.*

    2,600      28,470

PSS World Medical, Inc.*^

    14,500      268,395

Psychiatric Solutions, Inc.*^

    90,320      2,053,877

RadNet, Inc.*^

    5,400      12,150

RehabCare Group, Inc.*

    3,600      86,148

Tenet Healthcare Corp.*

    79,300      223,626

Triple-S Management Corp., Class B*

    300      4,677

U.S. Physical Therapy, Inc.*

    1,300      19,175

Universal Health Services, Inc., Class B

    800      39,080

VCA Antech, Inc.*

    42,500      1,134,750

Virtual Radiologic Corp.*^

    1,800      16,254
         
        11,409,111
         

Health Care Technology (1.4%)

Allscripts-Misys Healthcare Solutions, Inc.^

    15,200      241,072

AMICAS, Inc.*

    6,600      18,348

athenahealth, Inc.*^

    46,560      1,723,186

Computer Programs & Systems, Inc.^

    2,400      91,944

Eclipsys Corp.*

    13,700      243,586

HLTH Corp.*

    25,200      330,120

IMS Health, Inc.

    10,300      130,810

MedAssets, Inc.*

    47,800      929,710

Medidata Solutions, Inc.*

    11,600      190,008

Merge Healthcare, Inc.*

    6,500      27,950

Omnicell, Inc.*

    6,600      70,950

Phase Forward, Inc.*^

    61,100      923,221

Quality Systems, Inc.^

    12,500      712,000

Transcend Services, Inc.*

    1,600      25,360

Vital Images, Inc.*

    1,700      19,295
         
        5,677,560
         

Life Sciences Tools & Services (2.2%)

Accelrys, Inc.*

    6,500      38,415

Affymetrix, Inc.*

    15,300      90,729

AMAG Pharmaceuticals, Inc.*^

    13,600      743,512

BioDelivery Sciences International, Inc.*

    2,400      16,008

Bio-Rad Laboratories, Inc., Class A*^

    4,700      354,756

Bruker Corp.*^

    11,800      109,268

Cambrex Corp.*

    3,800      15,656

Charles River Laboratories International, Inc.*

    10,700      361,125

Clinical Data, Inc.*^

    2,400      26,448

Covance, Inc.*^

    15,600      767,520

Dionex Corp.*

    4,300      262,429

Enzo Biochem, Inc.*

    6,000      26,580

eResearchTechnology, Inc.*

    9,300      57,753

Exelixis, Inc.*

    24,200      117,854

Harvard Bioscience, Inc.*

    5,800      22,910

Illumina, Inc.*

    18,640      725,842

Kendle International, Inc.*

    800      9,792

Life Sciences Research, Inc.*

    2,400      17,208

Luminex Corp.*

    9,500      176,130

Mettler-Toledo International, Inc.*

    8,200      632,630

Millipore Corp.*

    13,500      947,835

Nektar Therapeutics*

    23,100      149,688

PAREXEL International Corp.*

    79,300      1,140,333

PerkinElmer, Inc.

    6,300      109,620

 

See Notes to Financial Statements.

8

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Pharmaceutical Product Development, Inc.

             25,600    $ 594,432

QIAGEN N.V.*

    38,900                 723,151

Sequenom, Inc.*^

    58,750      229,713

Techne Corp.

    9,100      580,671

Varian, Inc.*^

    1,700      67,031
         
        9,115,039
         

Pharmaceuticals (2.2%)

Acura Pharmaceuticals, Inc.*^

    1,400      8,372

Adolor Corp.*

    3,700      6,512

Akorn, Inc.*

    15,700      18,840

Ardea Biosciences, Inc.*

    14,200      223,508

ARYx Therapeutics, Inc.*

    5,200      21,476

Auxilium Pharmaceuticals, Inc.*^

    59,245      1,859,107

AVANIR Pharmaceuticals, Inc., Class A*

    15,200      33,744

Biodel, Inc.*^

    3,000      15,480

BioMimetic Therapeutics, Inc.*

    3,194      29,513

Biospecifics Technologies Corp.*

    900      21,447

BMP Sunstone Corp.*^

    4,900      23,226

Cadence Pharmaceuticals, Inc.*^

    79,000      789,210

Caraco Pharmaceutical Laboratories Ltd.*

    900      2,763

Cornerstone Therapeutics, Inc.*

    1,600      17,568

Cypress Bioscience, Inc.*

    9,500      89,490

Daiichi Sankyo Co., Ltd.

    61,399      1,098,659

Depomed, Inc.*

    11,000      35,750

Discovery Laboratories, Inc.*^

    25,100      25,853

Durect Corp.*

    19,300      45,934

Hi-Tech Pharmacal Co., Inc.*

    500      4,450

Impax Laboratories, Inc.*

    38,500      283,360

Inspire Pharmaceuticals, Inc.*

    9,700      53,932

ISTA Pharmaceuticals, Inc.*

    8,300      34,860

Javelin Pharmaceuticals, Inc.*

    13,600      16,728

KV Pharmaceutical Co., Class A*^

    6,100      19,581

Lannett Co., Inc.*

    2,500      17,125

MAP Pharmaceuticals, Inc.*^

    39,526      483,008

Matrixx Initiatives, Inc.*

    2,400      13,416

Medicines Co.*

    9,300      78,027

Medicis Pharmaceutical Corp., Class A^

    2,000      32,640

MiddleBrook Pharmaceuticals, Inc.*^

    9,900      13,365

Noven Pharmaceuticals, Inc.*^

    600      8,580

Obagi Medical Products, Inc.*^

    4,300      31,347

Optimer Pharmaceuticals, Inc.*

    6,600      98,802

Pain Therapeutics, Inc.*

    7,700      41,349

Penwest Pharmaceuticals Co.*

    79,500      226,575

Perrigo Co.

    19,400      538,932

Pozen, Inc.*

    6,000      46,080

Questcor Pharmaceuticals, Inc.*^

    11,600      58,000

Repros Therapeutics, Inc.*

    2,400      17,256

Salix Pharmaceuticals Ltd.*

    12,000      118,440

Santarus, Inc.*

    12,900      36,378

Sepracor, Inc.*

    26,600      460,712

Shionogi & Co., Ltd.

    47,372      915,128

Spectrum Pharmaceuticals, Inc.*

    8,200      62,730

Sucampo Pharmaceuticals, Inc., Class A*

    2,500      15,425

SuperGen, Inc.*

    9,400      18,894

Valeant Pharmaceuticals International*^

    16,500      424,380

ViroPharma, Inc.*

    3,900      23,127

Vivus, Inc.*

    15,900      96,672

Warner Chilcott Ltd., Class A*

    20,200      265,630

 

     

Number of

Shares

   

Value

(Note 1)

XenoPort, Inc.*

               6,200    $ 143,654
         
                9,065,035
         

Total Health Care

         75,985,915
         

Industrials (14.3%)

   

Aerospace & Defense (1.3%)

AAR Corp.*

    800      12,840

Aerovironment, Inc.*^

    3,300      101,838

Alliant Techsystems, Inc.*

    8,000      658,880

American Science & Engineering, Inc.

    2,200      152,064

Applied Signal Technology, Inc.

    3,200      81,632

Argon ST, Inc.*

    2,500      51,425

Ascent Solar Technologies, Inc.*^

    200      1,564

Astronics Corp.*

    1,900      19,741

Axsys Technologies, Inc.*

    2,400      128,736

BE Aerospace, Inc.*

    49,400      709,384

Cubic Corp.

    3,900      139,581

DigitalGlobe, Inc.*

    20,000      384,000

DynCorp International, Inc., Class A*

    500      8,395

Esterline Technologies Corp.*

    2,400      64,968

GenCorp, Inc.*^

    12,800      24,448

HEICO Corp.^

    9,800      355,348

Hexcel Corp.*^

    80,580      767,927

LMI Aerospace, Inc.*

    1,500      15,180

Orbital Sciences Corp.*

    13,700      207,829

Precision Castparts Corp.

    11,300      825,239

Spirit AeroSystems Holdings, Inc., Class A*

    8,500      116,790

Stanley, Inc.*

    2,900      95,352

Taser International, Inc.*

    15,000      68,400

Teledyne Technologies, Inc.*^

    3,000      98,250

TransDigm Group, Inc.*^

    9,700      351,140
         
        5,440,951
         

Air Freight & Logistics (0.3%)

Air Transport Services Group, Inc.*

   8,500      19,720

Dynamex, Inc.*

    1,000      15,390

FedEx Corp.

    12,530      696,919

Forward Air Corp.

    3,500      74,620

Hub Group, Inc., Class A*

    4,400      90,816

UTi Worldwide, Inc.*

    22,500      256,500
         
        1,153,965
         

Airlines (0.6%)

AirTran Holdings, Inc.*^

    30,000      185,700

Alaska Air Group, Inc.*

    500      9,130

Allegiant Travel Co.*^

    27,400      1,086,136

AMR Corp.*

    69,400      278,988

Continental Airlines, Inc., Class B*

    30,100      266,686

Copa Holdings S.A., Class A

    7,300      297,986

Hawaiian Holdings, Inc.*

    12,900      77,658

Republic Airways Holdings, Inc.*

    1,700      11,101

UAL Corp.*^

    33,800      107,822
         
        2,321,207
         

Building Products (0.7%)

AAON, Inc.

    3,000      59,760

Apogee Enterprises, Inc.^

    500      6,150

Armstrong World Industries, Inc.*

    2,200      36,278

Builders FirstSource, Inc.*

    2,900      12,064

Lennox International, Inc.

    40,423      1,297,983

Masco Corp.

    83,907      803,829

NCI Building Systems, Inc.*

    800      2,112

Owens Corning, Inc.*

    9,400      120,132

Quanex Building Products Corp.

    5,600      62,832

Simpson Manufacturing Co., Inc.^

    21,400      462,668

 

See Notes to Financial Statements.

9

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Trex Co., Inc.*^

               3,400    $ 45,458
         
                2,909,266
         

Commercial Services & Supplies (2.0%)

ABM Industries, Inc.

    2,600      46,982

American Ecology Corp.

    3,700      66,304

American Reprographics Co.*

    7,800      64,896

APAC Customer Services, Inc.*

    6,300      32,319

ATC Technology Corp.*

    3,700      53,650

Brink’s Co.

    11,100      322,233

Cenveo, Inc.*^

    11,700      49,491

Clean Harbors, Inc.*

    16,300      880,037

Copart, Inc.*^

    16,300      565,121

Corrections Corp. of America*

    64,176      1,090,349

Deluxe Corp.

    6,200      79,422

EnergySolutions, Inc.

    1,700      15,640

EnerNOC, Inc.*

    3,000      65,010

Fuel Tech, Inc.*

    3,000      29,100

GEO Group, Inc.*

    10,000      185,800

GeoEye, Inc.*^

    4,400      103,664

Healthcare Services Group, Inc.

    10,800      193,104

Heritage-Crystal Clean, Inc.*

    600      7,290

Herman Miller, Inc.

    13,400      205,556

HNI Corp.

    8,200      148,092

ICT Group, Inc.*

    1,100      9,603

Innerworkings, Inc.*

    4,300      20,425

Interface, Inc., Class A

    12,200      75,640

Iron Mountain, Inc.*

    34,054      979,053

Knoll, Inc.

    10,000      75,800

McGrath RentCorp.

    800      15,248

Mine Safety Appliances Co.^

    6,200      149,420

Mobile Mini, Inc.*^

    62,100      911,007

Multi-Color Corp.

    2,000      24,520

North American Galvanizing & Coatings, Inc.*

    2,300      13,938

Perma-Fix Environmental Services*

    13,500      32,670

Rollins, Inc.

    10,900      188,679

Standard Parking Corp.*

    400      6,516

Standard Register Co.

    1,300      4,238

Stericycle, Inc.*

    12,624      650,515

Sykes Enterprises, Inc.*

    8,700      157,383

Team, Inc.*^

    4,100      64,247

Tetra Tech, Inc.*^

    14,700      421,155

Viad Corp.

    600      10,332

Waste Connections, Inc.*

    14,300      370,513

Waste Services, Inc.*

    500      2,590
         
        8,387,552
         

Construction & Engineering (0.5%)

Aecom Technology Corp.*

    23,100      739,200

Argan, Inc.*

    1,900      26,847

EMCOR Group, Inc.*

    5,200      104,624

Furmanite Corp.*

    6,600      29,436

Granite Construction, Inc.

    1,200      39,936

Great Lakes Dredge & Dock Corp.

    9,300      44,454

MasTec, Inc.*

    9,100      106,652

Michael Baker Corp.*

    2,000      84,720

MYR Group, Inc./Delaware*

    4,300      86,946

Orion Marine Group, Inc.*

    5,000      95,000

Pike Electric Corp.*^

    1,500      18,075

Primoris Services Corp.

    2,000      14,840

Shaw Group, Inc.*

    16,500      452,265

Sterling Construction Co., Inc.*

    300      4,578
         
        1,847,573
         

Electrical Equipment (2.0%)

      

Acuity Brands, Inc.^

    7,600      213,180

 

      Number of
Shares		    Value
(Note 1)

Advanced Battery Technologies, Inc.*^

             10,100    $ 40,602

American Superconductor Corp.*^

    10,600      278,250

AMETEK, Inc.

    53,860              1,862,479

AZZ, Inc.*^

    3,000      103,230

Baldor Electric Co.^

    39,380      936,850

Broadwind Energy, Inc.*

    7,800      88,296

Chase Corp.

    200      2,380

Ener1, Inc.*

    9,300      50,778

Energy Conversion Devices, Inc.*^

    9,200      130,180

EnerSys*

    32,680      594,449

Evergreen Solar, Inc.*^

    24,900      54,033

First Solar, Inc.*

    8,355      1,354,513

FuelCell Energy, Inc.*

    12,100      50,578

GrafTech International Ltd.*

    11,700      132,327

GT Solar International, Inc.*^

    7,900      42,028

Harbin Electric, Inc.*

    2,800      43,792

Hubbell, Inc., Class B

    1,600      51,296

II-VI, Inc.*

    4,200      93,114

LaBarge, Inc.*

    2,700      25,029

Microvision, Inc.*

    16,600      50,962

Polypore International, Inc.*

    1,800      20,016

Powell Industries, Inc.*^

    1,600      59,312

Power-One, Inc.*^

    1,300      1,937

PowerSecure International, Inc.*

    200      852

Preformed Line Products Co.^

    500      22,030

Regal-Beloit Corp.

    6,000      238,320

Roper Industries, Inc.

    19,000      860,890

SatCon Technology Corp.*

    10,900      19,620

SunPower Corp., Class B*

    14,754      353,358

Thomas & Betts Corp.*

    4,200      121,212

Ultralife Corp.*

    2,700      19,359

Valence Technology, Inc.*^

    9,800      17,542

Vicor Corp.

    1,900      13,718

Woodward Governor Co.

    11,800      233,640
         
        8,180,152
         

Industrial Conglomerates (0.0%)

Carlisle Cos., Inc.

    4,100      98,564

Raven Industries, Inc.^

    3,700      94,720
         
        193,284
         

Machinery (3.8%)

3D Systems Corp.*^

    3,600      25,956

Actuant Corp., Class A

    45,380      553,636

Altra Holdings, Inc.*

    900      6,741

Ampco-Pittsburgh Corp.

    1,000      23,450

Astec Industries, Inc.*^

    9,700      287,993

Badger Meter, Inc.

    3,700      151,700

Blount International, Inc.*

    3,100      26,691

Bucyrus International, Inc.

    30,620      874,507

Chart Industries, Inc.*

    6,100      110,898

China Fire & Security Group, Inc.*^

    3,000      36,510

CLARCOR, Inc.^

    4,700      137,193

Colfax Corp.*

    1,700      13,124

Crane Co.

    6,400      142,784

Donaldson Co., Inc.^

    18,800      651,232

Dynamic Materials Corp.^

    2,800      53,984

Energy Recovery, Inc.*^

    8,400      59,472

ESCO Technologies, Inc.*^

    6,500      291,200

Flanders Corp.*

    3,900      23,829

Flow International Corp.*

    9,100      21,385

Force Protection, Inc.*

    77,500      685,100

Gorman-Rupp Co.^

    2,300      46,391

Graco, Inc.^

    6,800      149,736

Graham Corp.

    1,400      18,620

 

See Notes to Financial Statements.

10

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Harsco Corp.

               14,300    $ 404,690

Hurco Cos., Inc.*

    200      3,126

IDEX Corp.^

    41,830              1,027,763

Illinois Tool Works, Inc.

    39,893      1,489,605

Joy Global, Inc.

    20,540      733,689

Kaydon Corp.

    9,100      296,296

K-Tron International, Inc.*

    400      31,872

Lincoln Electric Holdings, Inc.

    14,040      506,002

Lindsay Corp.^

    2,700      89,370

Met-Pro Corp.^

    3,300      35,706

Middleby Corp.*^

    4,100      180,072

Navistar International Corp.*

    15,300      667,080

Nordson Corp.

    2,800      108,248

Omega Flex, Inc.^

    900      13,644

Pall Corp.

    62,576      1,662,018

Pentair, Inc.

    44,386      1,137,169

PMFG, Inc.*^

    3,100      27,311

Portec Rail Products, Inc.

    800      7,880

RBC Bearings, Inc.*

    23,700      484,665

Robbins & Myers, Inc.

    500      9,625

SmartHeat, Inc.*

    1,700      11,645

Sun Hydraulics Corp.^

    1,300      21,021

Tennant Co.

    4,700      86,433

Toro Co.^

    8,900      266,110

Trimas Corp.*

    2,300      7,751

Valmont Industries, Inc.^

    12,940      932,715

Wabtec Corp.^

    23,900      768,863
         
        15,402,501
         

Marine (0.2%)

Kirby Corp.*

    19,600      623,084
         

Professional Services (1.7%)

Acacia Research Corp.- Acacia Technologies*

    8,000      62,960

Administaff, Inc.

    5,000      116,350

Advisory Board Co.*

    3,700      95,090

CBIZ, Inc.*

    10,800      76,896

CDI Corp.

    300      3,345

Corporate Executive Board Co.^

    7,800      161,928

CoStar Group, Inc.*

    4,800      191,376

CRA International, Inc.*

    2,300      63,848

Diamond Management & Technology Consultants, Inc.

    5,600      23,520

Duff & Phelps Corp., Class A

    4,000      71,120

Equifax, Inc.

    24,100      629,010

Exponent, Inc.*

    3,400      83,334

Franklin Covey Co.*

    2,600      16,198

FTI Consulting, Inc.*

    31,100      1,577,392

GP Strategies Corp.*

    2,500      14,725

Hill International, Inc.*

    5,700      24,510

Huron Consulting Group, Inc.*

    25,900      1,197,357

ICF International, Inc.*

    9,800      270,382

IHS, Inc., Class A*^

    11,600      578,492

Kelly Services, Inc., Class A

    700      7,665

Korn/Ferry International*^

    900      9,576

Monster Worldwide, Inc.*^

    18,400      217,304

Navigant Consulting, Inc.*^

    12,500      161,500

Odyssey Marine Exploration, Inc.*^

    9,500      15,200

On Assignment, Inc.*

    1,000      3,910

Resources Connection, Inc.*

    10,500      180,285

Robert Half International, Inc.^

    37,300      881,026

School Specialty, Inc.*

    1,700      34,357

VSE Corp.

    1,000      26,160

 

      Number of
Shares		    Value
(Note 1)

Watson Wyatt Worldwide, Inc., Class A

               8,500    $ 319,005
         
                7,113,821
         

Road & Rail (0.9%)

Avis Budget Group, Inc.*

    14,800      83,620

Celadon Group, Inc.*

    4,500      37,755

Con-way, Inc.

    3,800      134,178

Genesee & Wyoming, Inc., Class A*

    17,700      469,227

Heartland Express, Inc.^

    7,700      113,344

J.B. Hunt Transport Services, Inc.

    50,252      1,534,194

Kansas City Southern*^

    10,400      167,544

Knight Transportation, Inc.^

    39,200      648,760

Landstar System, Inc.

    12,500      448,875

Marten Transport Ltd.*

    3,800      78,888

Old Dominion Freight Line, Inc.*

    1,100      36,927

Patriot Transportation Holding, Inc.*

    200      14,586

USA Truck, Inc.*

    1,400      18,942
         
        3,786,840
         

Trading Companies & Distributors (0.3%)

Beacon Roofing Supply, Inc.*

    9,300      134,478

GATX Corp.^

    5,100      131,172

Houston Wire & Cable Co.^

    1,900      22,629

Kaman Corp.

    5,500      91,850

MSC Industrial Direct Co., Class A

    10,400      368,992

RSC Holdings, Inc.*^

    10,900      73,248

Rush Enterprises, Inc., Class A*

    1,800      20,970

Titan Machinery, Inc.*^

    3,000      38,070

Watsco, Inc.

    5,300      259,329

WESCO International, Inc.*^

    5,600      140,224
         
        1,280,962
         

Total Industrials

         58,641,158
         

Information Technology (27.4%)

   

Communications Equipment (3.9%)

3Com Corp.*

    77,200      363,612

Acme Packet, Inc.*

    9,700      98,164

ADC Telecommunications, Inc.*

    4,700      37,412

ADTRAN, Inc.^

    10,700      229,729

Airvana, Inc.*^

    2,900      18,473

Anaren, Inc.*

    3,200      56,576

Arris Group, Inc.*

    22,700      276,032

Aruba Networks, Inc.*

    14,700      128,478

Avocent Corp.*

    1,500      20,940

BigBand Networks, Inc.*

    7,700      39,809

Blue Coat Systems, Inc.*

    9,900      163,746

Brocade Communications Systems, Inc.*

    121,100      947,002

Ciena Corp.*^

    50,900      526,815

Comtech Telecommunications Corp.*

    7,000      223,160

DG FastChannel, Inc.*^

    4,500      82,350

Digi International, Inc.*

    1,100      10,725

EMS Technologies, Inc.*

    3,100      64,790

Emulex Corp.*

    19,100      186,798

F5 Networks, Inc.*

    69,935      2,419,051

Harmonic, Inc.*

    18,300      107,787

Hughes Communications, Inc.*

    1,700      38,811

Infinera Corp.*^

    20,200      184,426

InterDigital, Inc.*

    10,600      259,064

Ixia*

    112,700      759,598

JDS Uniphase Corp.*

    26,500      151,580

KVH Industries, Inc.*

    3,300      22,539

Loral Space & Communications, Inc.*

    2,700      69,525

NETGEAR, Inc.*

    1,300      18,733

 

See Notes to Financial Statements.

11

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     Number of
Shares		   Value
(Note 1)

Network Equipment Technologies, Inc.*

              3,700   $ 15,762

Oplink Communications, Inc.*

   3,700     42,180

Opnext, Inc.*

   2,900     6,206

Palm, Inc.*^

   140,559             2,329,063

Parkervision, Inc.*^

   6,400     19,584

Plantronics, Inc.

   10,500     198,555

Polycom, Inc.*

   83,979     1,702,254

Riverbed Technology, Inc.*

   42,700     990,213

SeaChange International, Inc.*

   4,100     32,923

ShoreTel, Inc.*^

   11,000     88,000

Starent Networks Corp.*

   49,030     1,196,822

Tandberg ASA

   29,100     491,267

Tekelec*

   5,600     94,248

ViaSat, Inc.*^

   54,000     1,384,560
       
      16,097,362
       

Computers & Peripherals (2.4%)

3PAR, Inc.*^

   6,900     85,560

ActivIdentity Corp.*

   3,800     9,614

Avid Technology, Inc.*

   1,400     18,774

Compellent Technologies, Inc.*

   45,000     686,250

Cray, Inc.*

   6,100     48,068

Data Domain, Inc.*

   11,800     393,530

Diebold, Inc.

   14,100     371,676

Imation Corp.

   700     5,327

Immersion Corp.*

   7,000     34,580

Intermec, Inc.*

   15,500     199,950

Isilon Systems, Inc.*

   6,000     25,440

Logitech International S.A. (Registered)*

   128,987     1,805,818

NCR Corp.*

   38,600     456,638

NetApp, Inc.*

   48,653     959,437

Netezza Corp.*

   11,800     98,176

Novatel Wireless, Inc.*

   7,600     68,552

QLogic Corp.*

   28,900     366,452

Quantum Corp.*

   52,500     43,575

Seagate Technology

   239,376     2,503,873

Silicon Graphics International Corp.*

   900     4,086

STEC, Inc.*^

   6,200     143,778

Stratasys, Inc.*^

   4,900     53,851

Super Micro Computer, Inc.*

   3,300     25,278

Synaptics, Inc.*^

   8,300     320,795

Western Digital Corp.*

   34,930     925,645

Xyratex Ltd.*

   43,900     219,061
       
      9,873,784
       

Electronic Equipment, Instruments & Components (1.8%)

Anixter International, Inc.*^

   1,100     41,349

Arrow Electronics, Inc.*

   12,100     257,004

Avnet, Inc.*

   12,300     258,669

AVX Corp.

   2,600     25,818

Benchmark Electronics, Inc.*

   1,600     23,040

Brightpoint, Inc.*

   12,500     78,375

Checkpoint Systems, Inc.*

   2,300     36,087

China Security & Surveillance Technology, Inc.*^

   5,900     44,486

Cogent, Inc.*

   10,700     114,811

Cognex Corp.

   1,800     25,434

Coherent, Inc.*

   36,700     758,956

Comverge, Inc.*

   4,600     55,660

CPI International, Inc.*

   200     1,738

CTS Corp.

   400     2,620

Daktronics, Inc.^

   7,100     54,670

DDi Corp.*

   600     2,718

DTS, Inc.*^

   4,100     110,987

 

     Number of
Shares		   Value
(Note 1)

Echelon Corp.*

              5,200   $              44,096

FARO Technologies, Inc.*

   50,000     776,500

FLIR Systems, Inc.*

   67,400     1,520,544

ICx Technologies, Inc.*^

   2,100     12,600

Insight Enterprises, Inc.*

   1,500     14,490

IPG Photonics Corp.*

   5,800     63,626

Itron, Inc.*

   8,900     490,123

Jabil Circuit, Inc.

   22,800     169,176

L-1 Identity Solutions, Inc.*

   14,600     113,004

Maxwell Technologies, Inc.*

   5,600     77,448

Methode Electronics, Inc.

   1,000     7,020

Molex, Inc.

   2,800     43,540

MTS Systems Corp.

   400     8,260

Multi-Fineline Electronix, Inc.*

   2,500     53,500

National Instruments Corp.^

   13,800     311,328

OSI Systems, Inc.*

   2,700     56,295

PAR Technology Corp.*

   1,400     8,946

Park Electrochemical Corp.

   3,200     68,896

PC Mall, Inc.*

   100     676

Plexus Corp.*

   3,300     67,518

RadiSys Corp.*

   5,800     52,258

RAE Systems, Inc.*

   10,100     13,938

Rofin-Sinar Technologies, Inc.*

   3,200     64,032

Rogers Corp.*

   900     18,207

Scansource, Inc.*^

   400     9,808

SYNNEX Corp.*

   1,000     24,990

Trimble Navigation Ltd.*^

   54,600     1,071,798

Universal Display Corp.*^

   6,900     67,482

Vishay Intertechnology, Inc.*

   9,900     67,221
       
      7,189,742
       

Internet Software & Services (3.6%)

Akamai Technologies, Inc.*

   79,200     1,519,056

Art Technology Group, Inc.*

   76,128     289,286

AsiaInfo Holdings, Inc.*^

   7,300     125,633

Bankrate, Inc.*^

   2,900     73,196

Chordiant Software, Inc.*

   7,300     26,499

comScore, Inc.*

   5,400     71,928

Constant Contact, Inc.*^

   6,000     119,040

DealerTrack Holdings, Inc.*^

   84,100     1,429,700

Dice Holdings, Inc.*

   3,800     17,670

Digital River, Inc.*

   25,740     934,877

DivX, Inc.*

   71,500     392,535

EarthLink, Inc.*

   3,300     24,453

Equinix, Inc.*

   42,409     3,084,830

GSI Commerce, Inc.*^

   5,400     76,950

IAC/InterActiveCorp*

   12,000     192,600

Imergent, Inc.

   2,000     14,000

InfoSpace, Inc.*

   4,800     31,824

Innodata Isogen, Inc.*

   5,300     23,214

Internet Brands, Inc., Class A*^

   2,700     18,900

Internet Capital Group, Inc.*

   4,800     32,304

j2 Global Communications, Inc.*

   10,000     225,600

Keynote Systems, Inc.*

   700     5,348

Knot, Inc.*

   7,500     59,100

Limelight Networks, Inc.*

   8,200     36,080

Liquidity Services, Inc.*

   3,100     30,566

LivePerson, Inc.*

   10,300     41,200

LogMeIn, Inc.*

   3,600     57,600

LoopNet, Inc.*

   4,400     34,100

Marchex, Inc., Class B

   1,500     5,055

MercadoLibre, Inc.*

   5,900     158,592

ModusLink Global Solutions, Inc.*

   600     4,116

Move, Inc.*^

   38,500     83,160

NIC, Inc.

   12,600     85,302

 

See Notes to Financial Statements.

12

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Omniture, Inc.*^

               51,900    $ 651,864

OpenTable, Inc.*

    700                   21,119

Openwave Systems, Inc.*

    6,200      13,888

Perficient, Inc.*

    1,500      10,485

Rackspace Hosting, Inc.*^

    16,200      224,532

RealNetworks, Inc.*

    8,300      24,817

S1 Corp.*

    13,200      91,080

Saba Software, Inc.*

    6,100      23,485

SAVVIS, Inc.*

    8,700      99,702

Sohu.com, Inc.*

    7,300      458,659

SonicWALL, Inc.*

    1,700      9,316

support.com, Inc.*

    800      1,744

Switch & Data Facilities Co., Inc.*

    4,800      56,304

Terremark Worldwide, Inc.*^

    12,100      69,938

Travelzoo, Inc.*

    1,400      15,330

ValueClick, Inc.*

    21,200      223,024

Vignette Corp.*

    4,900      64,435

VistaPrint Ltd.*^

    70,584      3,010,408

Vocus, Inc.*^

    3,800      75,088

WebMD Health Corp., Class A*

    1,900      56,848

Websense, Inc.*

    10,800      192,672

Zix Corp.*

    15,800      23,700
         
        14,742,752
         

IT Services (2.9%)

Acxiom Corp.

    13,900      122,737

Alliance Data Systems Corp.*^

    14,200      584,898

Broadridge Financial Solutions, Inc

    21,200      351,496

CACI International, Inc., Class A*^

   900      38,439

Cass Information Systems, Inc.

    2,100      68,754

China Information Security Technology, Inc.*

    4,700      13,442

Cognizant Technology Solutions Corp., Class A*

    28,163      751,952

Computer Task Group, Inc.*

    2,400      14,640

Convergys Corp.*

    3,200      29,696

CSG Systems International, Inc.*

    4,400      58,256

Cybersource Corp.*

    81,900      1,253,071

DST Systems, Inc.*

    8,200      302,990

eLoyalty Corp.*

    1,600      12,608

Euronet Worldwide, Inc.*

    10,600      205,534

ExlService Holdings, Inc.*

    3,100      34,751

Forrester Research, Inc.*

    3,600      88,380

Gartner, Inc.*

    14,400      219,744

Genpact Ltd.*

    15,600      183,300

Global Cash Access Holdings, Inc.*^

    9,200      73,232

Global Payments, Inc.^

    31,000      1,161,260

Hackett Group, Inc.*

    3,000      6,990

Heartland Payment Systems, Inc.

    9,400      89,958

Hewitt Associates, Inc., Class A*

    20,300      604,534

iGATE Corp.

    5,300      35,086

infoGROUP, Inc.*

    4,600      26,266

Integral Systems, Inc.*

    1,100      9,152

Lionbridge Technologies*

    14,300      26,312

ManTech International Corp., Class A*

    4,200      180,768

MAXIMUS, Inc.

    4,000      165,000

Metavante Technologies, Inc.*

    21,800      563,748

MoneyGram International, Inc.*

    17,600      31,328

NCI, Inc., Class A*^

    1,600      48,672

NeuStar, Inc., Class A*

    17,600      390,016

Online Resources Corp.*

    3,500      21,840

Perot Systems Corp., Class A*

    4,400      63,052

RightNow Technologies, Inc.*

    5,300      62,540

SAIC, Inc.*

    37,500      695,625

 

     

Number of

Shares

   

Value

(Note 1)

Sapient Corp.*

             191,056    $ 1,201,742

SRA International, Inc., Class A*

    3,000                   52,680

StarTek, Inc.*

    500      4,010

Syntel, Inc.^

    3,100      97,464

TeleTech Holdings, Inc.*

    8,100      122,715

Tier Technologies, Inc., Class B*

    2,300      17,664

TNS, Inc.*

    6,300      118,125

Total System Services, Inc.

    28,400      380,276

Unisys Corp.*^

    5,200      7,852

VeriFone Holdings, Inc.*

    18,000      135,180

Virtusa Corp.*

    1,800      14,454

Western Union Co.

    52,653      863,509

Wright Express Corp.*

    9,300      236,871
         
        11,842,609
         

Office Electronics (0.1%)

Zebra Technologies Corp., Class A*^

    13,300      314,678
         

Semiconductors & Semiconductor Equipment (6.1%)

Actel Corp.*

    2,000      21,460

Advanced Analogic Technologies, Inc.*

    10,600      48,654

Advanced Energy Industries, Inc.*

    6,500      58,435

Advanced Micro Devices, Inc.*^

    71,600      277,092

Amkor Technology, Inc.*^

    27,300      129,129

ANADIGICS, Inc.*

    12,300      51,537

Applied Micro Circuits Corp.*

    16,500      134,145

Atheros Communications, Inc.*^

    142,823      2,747,914

ATMI, Inc.*

    2,300      35,719

Broadcom Corp., Class A*

    59,180      1,467,072

Cabot Microelectronics Corp.*

    600      16,974

Cavium Networks, Inc.*^

    51,947      873,229

CEVA, Inc.*

    4,200      36,456

Cirrus Logic, Inc.*

    16,300      73,350

Cree, Inc.*

    21,700      637,763

Cymer, Inc.*

    11,600      344,868

Cypress Semiconductor Corp.*

    31,700      291,640

Diodes, Inc.*

    8,000      125,120

Entropic Communications, Inc.*

    13,200      29,700

Exar Corp.*

    1,000      7,190

FEI Co.*

    8,600      196,940

FormFactor, Inc.*^

    87,600      1,510,224

Hittite Microwave Corp.*^

    18,380      638,705

Integrated Device Technology, Inc.*

   8,800      53,152

Intellon Corp.*

    5,300      22,525

International Rectifier Corp.*

    8,000      118,480

Intersil Corp., Class A

    15,200      191,064

IXYS Corp.

    4,100      41,492

Kopin Corp.*

    16,800      61,656

Kulicke & Soffa Industries, Inc.*

    14,000      48,020

Lattice Semiconductor Corp.*

    2,400      4,512

Marvell Technology Group Ltd.*

    78,400      912,576

Maxim Integrated Products, Inc.

    46,951      736,661

MEMC Electronic Materials, Inc.*

    26,986      480,621

MEMSIC, Inc.*

    300      1,272

Micrel, Inc.

    4,600      33,672

Microsemi Corp.*

    53,100      732,780

Microtune, Inc.*

    72,600      169,884

MIPS Technologies, Inc.*

    11,200      33,600

Monolithic Power Systems, Inc.*

    8,200      183,762

Netlogic Microsystems, Inc.*

    34,900      1,272,454

Novellus Systems, Inc.*

    14,400      240,480

NVE Corp.*

    1,100      53,460

ON Semiconductor Corp.*

    229,460      1,574,096

PLX Technology, Inc.*^

    7,400      27,898

 

See Notes to Financial Statements.

13

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

PMC-Sierra, Inc.*

             108,660    $ 864,934

Power Integrations, Inc.^

    32,300                 768,417

Rambus, Inc.*^

    25,400      393,446

RF Micro Devices, Inc.*

    59,800      224,848

Rubicon Technology, Inc.*

    3,200      45,696

Rudolph Technologies, Inc.*

    2,500      13,800

Semitool, Inc.*

    1,000      4,620

Semtech Corp.*

    15,200      241,832

Sigma Designs, Inc.*

    4,500      72,180

Silicon Laboratories, Inc.*^

    39,200      1,487,248

Skyworks Solutions, Inc.*^

    92,500      904,650

Standard Microsystems Corp.*

    1,400      28,630

Supertex, Inc.*^

    2,400      60,264

Techwell, Inc.*

    3,700      31,450

Teradyne, Inc.*

    107,600      738,136

Tessera Technologies, Inc.*

    11,800      298,422

TriQuint Semiconductor, Inc.*

    20,800      110,448

Ultratech, Inc.*^

    5,400      66,474

Varian Semiconductor Equipment Associates, Inc.*

    53,025      1,272,070

Veeco Instruments, Inc.*

    4,500      52,155

Verigy Ltd.*

    23,300      283,561

Virage Logic Corp.*

    300      1,350

Volterra Semiconductor Corp.*

    5,200      68,328

Zoran Corp.*

    9,700      105,730
         
        24,886,122
         

Software (6.6%)

ACI Worldwide, Inc.*

    7,900      110,284

Actuate Corp.*

    10,900      52,102

Adobe Systems, Inc.*

    54,616      1,545,633

Advent Software, Inc.*

    4,600      150,834

American Software, Inc., Class A

    3,600      20,736

ANSYS, Inc.*^

    49,300      1,536,188

ArcSight, Inc.*^

    4,600      81,742

Ariba, Inc.*

    67,700      666,168

Blackbaud, Inc

    10,900      169,495

Blackboard, Inc.*^

    7,900      227,994

BMC Software, Inc.*

    24,090      814,001

Bottomline Technologies, Inc.*

    129,200      1,164,092

Cadence Design Systems, Inc.*

    64,100      378,190

Callidus Software, Inc.*

    2,000      5,700

China TransInfo Technology Corp.*

   2,200      10,296

CommVault Systems, Inc.*

    10,000      165,800

Concur Technologies, Inc.*^

    55,358      1,720,527

Deltek, Inc.*

    3,547      15,394

DemandTec, Inc.*

    4,700      41,360

Double-Take Software, Inc.*

    3,700      32,005

Ebix, Inc.*

    1,500      46,980

Entrust, Inc.*

    15,000      27,150

EPIQ Systems, Inc.*^

    43,800      672,330

ePlus, Inc.*

    100      1,457

FactSet Research Systems, Inc.^

    10,200      508,674

FalconStor Software, Inc.*^

    7,500      35,625

GSE Systems, Inc.*

    4,000      27,000

i2 Technologies, Inc.*

    3,300      41,415

Informatica Corp.*

    56,108      964,497

Interactive Intelligence, Inc.*

    2,900      35,554

Jack Henry & Associates, Inc.

    20,400      423,300

JDA Software Group, Inc.*

    4,900      73,304

Kenexa Corp.*

    5,600      64,792

Lawson Software, Inc.*

    14,000      78,120

Logility, Inc.*

    400      2,784

Macrovision Solutions Corp.*

    17,000      370,770

Manhattan Associates, Inc.*^

    5,300      96,566

 

     

Number of

Shares

   

Value

(Note 1)

McAfee, Inc.*

               23,648    $ 997,709

Mentor Graphics Corp.*^

    1,600                     8,752

Micros Systems, Inc.*^

    19,600      496,272

MicroStrategy, Inc., Class A*

    2,100      105,462

Net 1 UEPS Technologies, Inc.*

    9,500      129,105

NetScout Systems, Inc.*^

    5,200      48,776

NetSuite, Inc.*

    4,200      49,602

Nice Systems Ltd. (ADR)*

    57,089      1,317,043

Novell, Inc.*

    36,500      165,345

Nuance Communications, Inc.*^

    133,100      1,609,179

OpenTV Corp., Class A*

    2,400      3,168

Opnet Technologies, Inc.

    2,900      26,564

Parametric Technology Corp.*

    28,200      329,658

Pegasystems, Inc.

    3,300      87,054

Phoenix Technologies Ltd.*

    7,600      20,596

Progress Software Corp.*

    9,700      205,349

PROS Holdings, Inc.*

    4,800      38,976

QAD, Inc.

    3,500      11,375

Quest Software, Inc.*

    89,980      1,254,321

Radiant Systems, Inc.*

    6,700      55,610

Red Hat, Inc.*

    119,453      2,404,589

Renaissance Learning, Inc.

    1,600      14,736

Rosetta Stone, Inc.*

    1,600      43,904

Smith Micro Software, Inc.*

    6,200      60,884

SolarWinds, Inc.*

    3,000      49,470

Solera Holdings, Inc.*

    16,900      429,260

Sourcefire, Inc.*

    5,500      68,145

SPSS, Inc.*^

    22,000      734,140

SRS Labs, Inc.*

    2,900      19,285

SuccessFactors, Inc.*

    67,783      622,248

SumTotal Systems, Inc.*

    7,800      37,518

Sybase, Inc.*

    30,800      965,272

Symyx Technologies, Inc.*

    6,800      39,780

Synchronoss Technologies, Inc.*

    3,700      45,399

Synopsys, Inc.*

    22,000      429,220

Take-Two Interactive Software, Inc.*^

    2,600      24,622

Taleo Corp., Class A*

    7,800      142,506

TeleCommunication Systems, Inc., Class A*

    8,400      59,724

THQ, Inc.*

    10,600      75,896

TIBCO Software, Inc.*

    15,800      113,286

TiVo, Inc.*^

    126,484      1,325,552

Tyler Technologies, Inc.*^

    7,400      115,588

Ultimate Software Group, Inc.*^

    5,700      138,168

Unica Corp.*

    2,900      15,892

VASCO Data Security International, Inc.*

    5,100      37,281

Wind River Systems, Inc.*

    17,000      194,820
         
        27,545,960
         

Total Information Technology

         112,493,009
         

Materials (3.1%)

   

Chemicals (2.0%)

Airgas, Inc.

    13,400      543,102

Albemarle Corp.

    1,300      33,241

American Vanguard Corp.^

    600      6,780

Arch Chemicals, Inc.^

    1,000      24,590

Ashland, Inc.

    1,400      39,270

Balchem Corp.

    4,300      105,436

Calgon Carbon Corp.*

    44,560      618,938

China Green Agriculture, Inc.*

    2,000      16,180

FMC Corp.

    21,867      1,034,309

GenTek, Inc.*

    200      4,466

Hawkins, Inc.

    2,100      47,418

 

See Notes to Financial Statements.

14

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

International Flavors & Fragrances, Inc.

               18,100    $ 592,232

Intrepid Potash, Inc.*^

    9,300                 261,144

Koppers Holdings, Inc.

    3,200      84,384

Landec Corp.*

    5,300      35,987

LSB Industries, Inc.*

    4,300      69,531

Lubrizol Corp.

    14,400      681,264

Nalco Holding Co.

    33,700      567,508

NewMarket Corp.

    2,500      168,325

NL Industries, Inc.^

    1,100      8,118

Olin Corp.

    1,800      21,402

Omnova Solutions, Inc.*

    10,900      35,534

PolyOne Corp.*

    4,100      11,111

RPM International, Inc.

    16,500      231,660

Scotts Miracle-Gro Co., Class A^

    54,764      1,919,479

Solutia, Inc.*

    55,600      320,256

Stepan Co.

    1,700      75,072

Terra Industries, Inc.

    17,000      411,740

Valhi, Inc.^

    600      4,458

W.R. Grace & Co.*

    5,300      65,561

Zep, Inc.

    5,000      60,250
         
        8,098,746
         

Construction Materials (0.1%)

Eagle Materials, Inc.^

    10,600      267,544

Martin Marietta Materials, Inc.

    4,100      323,408

United States Lime & Minerals, Inc.*^

    300      12,726
         
        603,678
         

Containers & Packaging (0.7%)

AEP Industries, Inc.*

    1,300      34,307

Ball Corp.

    14,900      672,884

Boise, Inc.*

    3,500      6,020

Bway Holding Co.*

    200      3,506

Crown Holdings, Inc.*

    39,100      943,874

Packaging Corp. of America

    2,500      40,500

Pactiv Corp.*

    26,300      570,710

Rock-Tenn Co., Class A

    8,200      312,912

Silgan Holdings, Inc.

    3,500      171,605
         
        2,756,318
         

Metals & Mining (0.3%)

Allied Nevada Gold Corp.*^

    9,300      74,958

AMCOL International Corp.^

    1,300      28,054

Compass Minerals International, Inc.

    4,300      236,113

General Steel Holdings, Inc.*^

    3,000      11,910

Paramount Gold and Silver Corp.*

    13,200      20,064

Royal Gold, Inc.

    2,600      108,420

Schnitzer Steel Industries, Inc., Class A

    4,100      216,726

Stillwater Mining Co.*

    700      3,997

Walter Energy, Inc.

    12,900      467,496

Worthington Industries, Inc.

    13,800      176,502
         
        1,344,240
         

Paper & Forest Products (0.0%)

Clearwater Paper Corp.*

    200      5,058

Deltic Timber Corp.

    2,100      74,487

Wausau Paper Corp.

    4,100      27,552
         
        107,097
         

Total Materials

         12,910,079
         

Telecommunication Services (1.3%)

   

Diversified Telecommunication Services (0.5%)

AboveNet, Inc.*

    1,500      121,470

Alaska Communications Systems Group, Inc.

    11,000      80,520

Cbeyond, Inc.*^

    5,300      76,055

 

     

Number of

Shares

   

Value

(Note 1)

Cincinnati Bell, Inc.*

                 9,800    $ 27,832

Cogent Communications Group, Inc.*^

    11,100                   90,465

Consolidated Communications Holdings, Inc.^

    2,000      23,420

FairPoint Communications, Inc.

    11,700      7,020

Fibernet Telecom Group, Inc.*

    1,500      18,630

Frontier Communications Corp.

    33,100      236,334

General Communication, Inc., Class A*

    6,000      41,580

Global Crossing Ltd.*

    6,200      56,916

HickoryTech Corp.

    3,300      25,344

inContact, Inc.*

    6,800      18,632

Iowa Telecommunications Services, Inc.^

    1,100      13,761

Neutral Tandem, Inc.*

    8,000      236,160

NTELOS Holdings Corp.

    6,900      127,098

PAETEC Holding Corp.*

    30,700      82,890

Premiere Global Services, Inc.*

    11,100      120,324

Shenandoah Telecommunications Co.

    5,900      119,711

tw telecom, Inc.*

    36,300      372,801
         
        1,896,963
         

Wireless Telecommunication Services (0.8%)

Centennial Communications Corp.*^

    21,200      177,232

iPCS, Inc.*

    3,900      58,344

Leap Wireless International, Inc.*^

    11,000      362,230

MetroPCS Communications, Inc.*

    13,102      174,388

SBA Communications Corp., Class A*^

    95,040      2,332,281

Syniverse Holdings, Inc.*

    13,800      221,214

USA Mobility, Inc.

    5,100      65,076

Virgin Mobile USA, Inc., Class A*

    3,500      14,070
         
        3,404,835
         

Total Telecommunication Services

         5,301,798
         

Utilities (0.6%)

      

Electric Utilities (0.2%)

DPL, Inc.

    3,700      85,729

ITC Holdings Corp.

    12,100      548,856

NV Energy, Inc.

    24,400      263,276
         
        897,861
         

Gas Utilities (0.0%)

New Jersey Resources Corp.

    1,700      62,968

Piedmont Natural Gas Co., Inc.

    1,100      26,521

South Jersey Industries, Inc.

    900      31,401
         
        120,890
         

Independent Power Producers & Energy Traders (0.1%)

Ormat Technologies, Inc.^

    4,900      197,519

U.S. Geothermal, Inc.*

    15,000      21,300
         
        218,819
         

Multi-Utilities (0.3%)

CenterPoint Energy, Inc.

    71,600      793,328

Integrys Energy Group, Inc.

    4,200      125,958
         
        919,286
         

Water Utilities (0.0%)

American Water Works Co., Inc.

    2,100      40,131

Cadiz, Inc.*

    2,900      27,927

California Water Service Group

    400      14,736

Connecticut Water Service, Inc.

    100      2,169

Consolidated Water Co., Inc.

    1,200      19,020

Pennichuck Corp.

    200      4,560

 

See Notes to Financial Statements.

15

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)		  

York Water Co.

      1,100    $ 16,863   
           
        125,406   
           

Total Utilities

         2,282,262   
           

Total Common Stocks (98.8%)
(Cost $385,853,668)

         405,074,947   
           
     
      Principal
Amount		    Value
(Note 1)		  

SHORT-TERM INVESTMENTS:

      

Government Securities (0.2%)

      

U.S. Treasury Bills
0.00%, 9/10/09 #

    $ 730,000      729,763   
           

Short-Term Investments of Cash Collateral for Securities Loaned (6.4%)

   

BBVA Senior Finance S.A.

   

0.69%, 3/12/10 (l)

      2,130,000      2,101,733   

Deutsche Bank Securities, Inc., Repurchase Agreement

   

0.09%, 7/1/09 (r)(u)

        16,675,526      16,675,526   

General Electric Capital Corp.

      

0.40%, 3/12/10 (l)

      390,000      383,478   

Lehman Brothers Holdings, Inc.

      

0.00%, 8/21/09 (h)(l)(s)

      2,419,984      356,948   

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      4,550,000      4,379,376   

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      2,899,710      2,672,381   
           

Total Short-Term Investments of Cash Collateral for Securities Loaned

      26,569,442   
           

Time Deposit (0.9%)

      

JPMorgan Chase Nassau

      

0.000%, 7/1/09

      3,624,298      3,624,298   
           

Total Short-Term Investments (7.5%)

      

(Cost/Amortized Cost $33,419,303)

         30,923,503   
           

Total Investments (106.3%)

      

(Cost/Amortized Cost $419,272,971)

         435,998,450   

Other Assets Less Liabilities (-6.3%)

         (25,877,853 ) 
           

Net Assets (100%)

       $     410,120,597   
           

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
†

Securities (totaling $20 or 0.0% of net assets) at fair value.

# All, or a portion of security held by broker as collateral for financial futures contracts.
(b) Illiquid Security.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(s) Issuer in bankruptcy.
(u) Represents the Portfolios undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000%–5.500%, maturing 4/15/23–7/19/38; Federal National Mortgage Association, 0.000%–8.000%, maturing 10/1/18–7/25/38.

 

  Glossary:
  ADR  —    American Depositary Receipt

 

See Notes to Financial Statements.

16

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		    Expiration
Date		    Original Value    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchases

               

NASDAQ 100 E-Mini Index

    21    September-09    $ 625,615    $ 620,025    $ (5,590 ) 

Russell 2000 Mini Index

    40    September-09              2,065,072              2,028,800      (36,272 ) 

S&P Mid 400 E-Mini Index

    25    September-09      1,472,120      1,441,750      (30,370 ) 
                    
               $         (72,232 ) 
                    

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

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

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 74,084,169      $ –    $ –    $ 74,084,169   

Consumer Staples

      15,652,934        –      –      15,652,934   

Energy

      18,568,546        630,487      –      19,199,033   

Financials

      27,568,101        956,469      20      28,524,590   

Health Care

      73,972,128        2,013,787      –      75,985,915   

Industrials

      58,641,158        –      –      58,641,158   

Information Technology

      112,001,742        491,267      –      112,493,009   

Materials

      12,910,079        –      –      12,910,079   

Telecommunication Services

      5,301,798        –      –      5,301,798   

Utilities

      2,282,262        –      –      2,282,262   

Short-Term Investments

      –        30,923,503      –      30,923,503   

Total Asset

    $ 400,982,917      $ 35,015,513    $ 20    $ 435,998,450   

Liability:

           

Futures

    $ (72,232 )    $ –    $ –    $ (72,232 ) 

Total Liability

    $ (72,232 )    $ –    $ –    $ (72,232 ) 

Total

    $                 400,910,685      $                   35,015,513    $                                 20    $         435,926,218   

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

 

      Investments in
    Securities-Financials    		        Other Investments*    

Balance as of 12/31/08

    $—    $—

Total gains or losses (realized/unrealized) included in earnings

    20    —

Purchases, sales, issuances, and settlements (net)

   —    —

Transfers in and/or out of Level 3

    —    —

Balance as of 6/30/09

    $20    $—

 

      Investments in
    Securities-Health Care    		        Other Investments*    

 

See Notes to Financial Statements.

17

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

Balance as of 12/31/08

    $417,652    $—

Total gains or losses (realized/unrealized) included in earnings

    —    —

Purchases, sales, issuances, and settlements (net)

   —    —

Transfers in and/or out of Level 3

    (417,652)    —

Balance as of 6/30/09

    $—    $—

 

The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at year ending 6/30/09.    $20    $—

*Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

    Receivables, Net Assets - Unrealized appreciation    $ – * 

Foreign exchange contracts

    Receivables      –   

Credit contracts

    Receivables      –   

Equity contracts

    Receivables, Net Assets - Unrealized appreciation      – * 

Commodity contracts

    Receivables      –   

Other contracts

    Receivables      –   
           

Total

       $ –   
           
     Liability Derivatives        

Interest rate contracts

    Payables, Net Assets - Unrealized depreciation    $ — * 

Foreign exchange contracts

    Payables      –   

Credit contracts

    Payables      –   

Equity contracts

    Payables, Net Assets - Unrealized depreciation      (72,232 )* 

Commodity contracts

    Payables      –   

Other contracts

    Payables      –   
           

Total

       $                 (72,232 ) 
           

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income

Derivatives Not Accounted for as

Hedging Instruments

      Options      Futures      Forward Currency
Contracts		      Swaps      Total

Interest rate contracts

      $–      $–      $–      $–      $–

Foreign exchange contracts

      –      –      13,921      –      13,921

Credit contracts

      –      –      –      –      –

Equity contracts

      –      852,926      –      –      852,926

Commodity contracts

      –      –      –      –      –

Other contracts

      –      –      –      –      –

Total

      $–      $852,926      $13,921      $–      $866,847

 

See Notes to Financial Statements.

18

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

      Options      Futures      Forward Currency
Contracts		      Swaps      Total  

Interest rate contracts

      $–      $–       $–      $–      $–   

Foreign exchange contracts

      –      –       –      –      –   

Credit contracts

      –      –       –      –      –   

Equity contracts

      –      (72,232 )     –      –      (72,232 ) 

Commodity contracts

      –      –       –      –      –   

Other contracts

      –      –       –      –      –   

Total

      $–      $(72,232 )     $–      $–      $(72,232 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 366,471,667

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $             434,018,280

As of June 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

    $ 41,252,122   

Aggregate gross unrealized depreciation

      (43,382,429 ) 
        

Net unrealized depreciation

    $ (2,130,307 ) 
        

Federal income tax cost of investments

    $             438,128,757   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $28,190,064. This was secured by collateral of $29,065,220 which was received as cash and subsequently invested in short-term investments currently valued at $26,569,442, 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 $26,027, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2009, the Portfolio incurred approximately $2,148 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $25,357,373 which expires in the year 2016.

 

See Notes to Financial Statements.

19

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (9.8%)

   

Auto Components (1.4%)

American Axle & Manufacturing Holdings, Inc.

               13,145    $              45,219

ArvinMeritor, Inc.

    18,900      82,971

Autoliv, Inc.^

    21,448      617,059

BorgWarner, Inc.^

    2,100      71,715

Dana Holding Corp.*

    25,944      33,208

Dorman Products, Inc.*

    3,000      41,490

Drew Industries, Inc.*^

    1,813      22,064

Exide Technologies, Inc.*

    12,600      46,998

Federal Mogul Corp.*^

    3,600      34,020

Hawk Corp., Class A*

    1,100      15,235

Lear Corp.*^

    16,800      8,400

Magna International, Inc., Class A

    106,507      4,498,856

Modine Manufacturing Co.^

    8,900      42,720

Raser Technologies, Inc.*^

    2,100      5,880

Spartan Motors, Inc.

    7,600      86,108

Standard Motor Products, Inc.

    1,800      14,886

Stoneridge, Inc.*^

    5,400      25,920

Superior Industries International, Inc.

    5,500      77,550

Tenneco, Inc.*^

    11,968      126,861

TRW Automotive Holdings Corp.*^

    58,840      664,892

WABCO Holdings, Inc.

    1,800      31,860
         
        6,593,912
         

Automobiles (0.0%)

Thor Industries, Inc.

    4,300      78,991

Winnebago Industries, Inc.

    6,300      46,809
         
        125,800
         

Distributors (0.0%)

Audiovox Corp., Class A*

    4,700      27,542

Core-Mark Holding Co., Inc.*

    1,800      46,908

Genuine Parts Co.

    1,880      63,093
         
        137,543
         

Diversified Consumer Services (0.3%)

Career Education Corp.*

    1,762      43,856

CPI Corp.

    1,000      16,990

Hillenbrand, Inc.

    9,500      158,080

Jackson Hewitt Tax Service, Inc.

    7,600      47,576

Mac-Gray Corp.*

    2,860      37,866

Nobel Learning Communities, Inc.*

    100      1,147

Regis Corp.

    12,674      220,654

Service Corp. International

    62,800      344,145

Sotheby’s, Inc.

    1,400      19,754

Steiner Leisure Ltd.*^

    1,600      48,848

Stewart Enterprises, Inc., Class A^

    20,100      96,882

Weight Watchers International, Inc.^

    7,500      193,275
         
        1,229,073
         

Hotels, Restaurants & Leisure (0.9%)

AFC Enterprises, Inc.*

    5,700      38,475

Benihana, Inc., Class A*

    1,700      10,744

Bluegreen Corp.*^

    4,700      11,844

Bob Evans Farms, Inc.

    10,403      298,982

Boyd Gaming Corp.*^

    12,600      107,100

Brinker International, Inc.^

    18,000      306,540

Carrols Restaurant Group, Inc.*

    5,600      37,296

CEC Entertainment, Inc.*

    1,000      29,480

Choice Hotels International, Inc.^

    5,000      133,050

Churchill Downs, Inc.

    2,300      77,418

CKE Restaurants, Inc.

    1,300      11,024
      Number of
Shares		    Value
(Note 1)

Cracker Barrel Old Country Store, Inc.^

               4,000    $              111,600

Domino’s Pizza, Inc.*

    9,400      70,406

Einstein Noah Restaurant Group, Inc.*

    1,300      11,245

Frisch’s Restaurants, Inc.

    500      14,770

Gaylord Entertainment Co.*

    8,600      109,306

Great Wolf Resorts, Inc.*^

    4,300      8,772

International Speedway Corp., Class A

    7,513      192,408

Interval Leisure Group, Inc.*

    5,700      53,124

Lakes Entertainment, Inc.*

    3,000      8,730

Landry’s Restaurants, Inc.*

    1,816      15,618

Life Time Fitness, Inc.*

    9,200      184,092

Luby’s, Inc.*

    5,300      21,518

Marcus Corp.

    4,900      51,548

McCormick & Schmick’s Seafood Restaurants, Inc.*

    3,300      25,113

Monarch Casino & Resort, Inc.*^

    600      4,380

Morgans Hotel Group Co.*^

    900      3,447

Multimedia Games, Inc.*^

    5,358      26,576

O’Charleys, Inc.^

    7,976      73,778

Orient-Express Hotels Ltd., Class A^

    19,200      163,008

Papa John’s International, Inc.*

    1,000      24,790

Penn National Gaming, Inc.*

    16,700      486,137

Pinnacle Entertainment, Inc.*

    6,970      64,751

Red Lion Hotels Corp.*

    3,300      15,840

Red Robin Gourmet Burgers, Inc.*^

    3,580      67,125

Ruby Tuesday, Inc.*^

    23,170      154,312

Ruth’s Hospitality Group, Inc.*

    3,300      12,111

Sonic Corp.*^

    2,200      22,066

Speedway Motorsports, Inc.

    8,646      118,969

Steak n Shake Co.*

    7,000      61,180

Town Sports International Holdings, Inc.*

    1,600      6,000

Universal Travel Group*

    300      3,357

Vail Resorts, Inc.*

    7,400      198,468

Wendy’s/Arby’s Group, Inc., Class A^

    54,800      219,200

Wyndham Worldwide Corp.

    24,889      301,655
         
        3,967,353
         

Household Durables (2.5%)

American Greetings Corp., Class A

    9,900      115,632

Beazer Homes USA, Inc.*^

    9,600      17,568

Black & Decker Corp.

    15,000      429,900

Blyth, Inc.

    1,550      50,825

Brookfield Homes Corp.*^

    3,500      14,000

Cavco Industries, Inc.*^

    1,600      40,528

Centex Corp.

    30,700      259,722

CSS Industries, Inc.

    2,000      40,760

D.R. Horton, Inc.

    69,369      649,294

Ethan Allen Interiors, Inc.^

    6,500      67,340

Furniture Brands International, Inc.

    10,200      30,906

Harman International Industries, Inc.^

    6,500      122,200

Helen of Troy Ltd.*^

    7,600      127,604

Hooker Furniture Corp.^

    1,800      20,664

Hovnanian Enterprises, Inc., Class A*^

    5,834      13,768

Jarden Corp.*

    22,000      412,500

KB Home^

    17,700      242,136

La-Z-Boy, Inc., Class Z

    14,328      67,628

Leggett & Platt, Inc.

    14,836      225,952

Lennar Corp., Class A

    34,549      334,780

M.D.C. Holdings, Inc.

    39,820      1,198,980

 

See Notes to Financial Statements.

20

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

M/I Homes, Inc.*^

               4,800    $              46,992

Meritage Homes Corp.*

    7,758      146,316

Mohawk Industries, Inc.*

    13,900      495,952

NVR, Inc.*

    1,196      600,858

Pulte Homes, Inc.^

    44,662      394,365

Ryland Group, Inc.

    10,600      177,656

Sealy Corp.*^

    10,800      21,168

Sekisui House Ltd. (ADR)

    239,946      2,413,857

Skyline Corp.^

    1,900      41,325

Snap-On, Inc.

    10,500      301,770

Standard Pacific Corp.*

    23,700      48,111

Stanley Furniture Co., Inc.

    2,600      28,054

Stanley Works

    19,704      666,783

Toll Brothers, Inc.*

    64,800      1,099,656

Universal Electronics, Inc.*

    400      8,068
         
        10,973,618
         

Internet & Catalog Retail (0.0%)

1-800-FLOWERS.COM, Inc., Class A*

    5,400      10,368

Gaiam, Inc., Class A*

    4,000      21,880

Orbitz Worldwide, Inc.*

    7,545      14,336

Shutterfly, Inc.*

    4,400      61,380

U.S. Auto Parts Network, Inc.*

    2,200      8,294
         
        116,258
         

Leisure Equipment & Products (0.3%)

Brunswick Corp.^

    21,100      91,152

Callaway Golf Co.^

    16,800      85,176

Eastman Kodak Co.

    67,100      198,616

Hasbro, Inc.

    13,504      327,337

JAKKS Pacific, Inc.*

    7,100      91,093

Leapfrog Enterprises, Inc.*

    6,700      15,343

Marine Products Corp.^

    2,500      9,375

Mattel, Inc.

    29,600      475,080

Pool Corp.^

    5,600      92,736

RC2 Corp.*

    4,300      56,889

Sport Supply Group, Inc.

    1,700      14,603

Steinway Musical Instruments*

    1,500      16,050

Sturm Ruger & Co., Inc.

    300      3,732
         
        1,477,182
         

Media (2.0%)

Ascent Media Corp., Class A*

    3,500      93,030

Belo Corp., Class A^

    21,900      39,201

Carmike Cinemas, Inc.

    500      4,190

Central European Media Enterprises Ltd., Class A*

    8,600      169,334

Cinemark Holdings, Inc.

    800      9,056

Clear Channel Outdoor Holdings, Inc., Class A*

    10,100      53,530

Crown Media Holdings, Inc., Class A*

    2,300      3,841

DreamWorks Animation SKG, Inc., Class A*

    18,100      499,379

EW Scripps Co., Class A

    7,200      15,048

Fisher Communications, Inc.

    1,500      19,185

Gannett Co., Inc.

    58,100      207,417

Global Sources Ltd.*

    3,500      25,235

Harte-Hanks, Inc.^

    13,899      128,566

Interactive Data Corp.

    4,700      108,758

Interpublic Group of Cos., Inc.*

    134,000      676,700

Journal Communications, Inc., Class A

    10,400      10,920

Knology, Inc.*^

    4,784      41,286

Lamar Advertising Co., Class A*

    14,300      218,361

Liberty Media Corp., Capital Series, Class A*

    20,041      271,756

LIN TV Corp., Class A*

    9,800      16,464
      Number of
Shares		    Value
(Note 1)

Live Nation, Inc.*

               19,141    $              93,025

LodgeNet Interactive Corp.*

    1,600      5,440

Martha Stewart Living Omnimedia, Inc., Class A*

    800      2,448

Mediacom Communications Corp., Class A*

    12,448      63,609

Meredith Corp.

    8,440      215,642

National CineMedia, Inc.

    9,900      136,224

New York Times Co., Class A^

    24,200      133,342

Outdoor Channel Holdings, Inc.*

    3,800      22,420

Primedia, Inc.^

    4,700      9,447

Reading International, Inc., Class A*

    3,500      15,925

Regal Entertainment Group, Class A

    9,700      128,913

Scholastic Corp.

    91,220      1,805,244

Sinclair Broadcast Group, Inc., Class A^

    11,500      22,310

Valassis Communications, Inc.*

    2,200      13,442

Viacom, Inc., Class B*

    108,160      2,455,231

Virgin Media, Inc.^

    109,480      1,023,638

Warner Music Group Corp.*

    11,600      67,860

World Wrestling Entertainment, Inc., Class A

    1,200      15,072
         
        8,840,489
         

Multiline Retail (0.2%)

      

99 Cents Only Stores*^

    1,400      19,012

Big Lots, Inc.*

    32,500      683,475

Dillard’s, Inc., Class A^

    12,768      117,466

Fred’s, Inc., Class A^

    7,484      94,298

Retail Ventures, Inc.*^

    7,800      17,004

Saks, Inc.*^

    29,700      131,571

Tuesday Morning Corp.*

    7,400      24,938
         
        1,087,764
         

Specialty Retail (1.7%)

      

Aaron’s, Inc.^

    534      15,924

Abercrombie & Fitch Co., Class A

    11,100      281,829

American Eagle Outfitters, Inc.

    47,900      678,743

America’s Car-Mart, Inc.*^

    1,049      21,505

AnnTaylor Stores Corp.*^

    14,686      117,194

Asbury Automotive Group, Inc.

    8,200      83,968

AutoNation, Inc.*^

    16,400      284,540

Barnes & Noble, Inc.^

    7,351      151,651

Big 5 Sporting Goods Corp.

    4,700      51,982

Books-A-Million, Inc.

    2,760      19,624

Borders Group, Inc.*^

    12,200      44,896

Brown Shoe Co., Inc.

    10,800      78,192

Buckle, Inc.

    500      15,885

Build-A-Bear Workshop, Inc.*

    3,900      17,433

Cabela’s, Inc.*

    23,220      285,606

CarMax, Inc.*

    16,000      235,200

Charlotte Russe Holding, Inc.*

    1,700      21,896

Charming Shoppes, Inc.*^

    28,600      106,392

Chico’s FAS, Inc.*^

    2,700      26,271

Christopher & Banks Corp.

    7,900      53,009

Coldwater Creek, Inc.*

    2,800      16,968

Collective Brands, Inc.*

    9,043      131,757

Conn’s, Inc.*^

    6,040      75,500

Dress Barn, Inc.*^

    8,300      118,690

DSW, Inc., Class A*^

    2,900      28,565

Finish Line, Inc., Class A

    4,800      35,616

Foot Locker, Inc.

    21,700      227,199

Gander Mountain Co.*

    1,300      7,800

Genesco, Inc.*

    6,000      112,620

Group 1 Automotive, Inc.^

    6,100      158,722

Gymboree Corp.*^

    1,500      53,220

 

See Notes to Financial Statements.

21

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Haverty Furniture Cos., Inc.

               3,600    $              32,940

HOT Topic, Inc.*

    4,419      32,303

Jo-Ann Stores, Inc.*

    10,430      215,588

Kirkland’s, Inc.*

    3,600      43,236

Lithia Motors, Inc., Class A

    4,200      38,808

Men’s Wearhouse, Inc.

    12,400      237,832

New York & Co., Inc.*^

    3,700      11,433

Office Depot, Inc.*

    56,259      256,541

OfficeMax, Inc.^

    5,300      33,284

Pacific Sunwear of California, Inc.*

    16,200      54,594

Penske Automotive Group, Inc.^

    6,100      101,504

PEP Boys-Manny, Moe & Jack^

    11,400      115,596

Pier 1 Imports, Inc.*

    18,200      36,218

RadioShack Corp.

    60,800      848,767

Rent-A-Center, Inc.*

    31,600      563,428

REX Stores Corp.*

    1,800      18,108

Sally Beauty Holdings, Inc.*

    17,700      112,572

Shoe Carnival, Inc.*

    2,200      26,246

Signet Jewelers Ltd.

    21,600      449,712

Sonic Automotive, Inc., Class A^

    4,400      44,704

Stage Stores, Inc.

    9,600      106,560

Stein Mart, Inc.*^

    400      3,544

Syms Corp.*^

    1,200      9,012

Systemax, Inc.*

    1,500      17,865

Talbots, Inc.^

    2,200      11,880

Tiffany & Co.

    2,600      65,936

TJX Cos., Inc.

    20,860      656,256

Tween Brands, Inc.*

    5,500      36,740

West Marine, Inc.*

    3,600      19,836

Williams-Sonoma, Inc.^

    14,100      167,367

Zale Corp.*^

    7,900      27,176

Zumiez, Inc.*

    300      2,403
         
        7,956,386
         

Textiles, Apparel & Luxury Goods (0.5%)

Carter’s, Inc.*

    3,000      73,830

Columbia Sportswear Co.^

    3,000      92,760

Crocs, Inc.*

    13,400      45,560

Delta Apparel, Inc.*

    1,200      8,256

G-III Apparel Group Ltd.*^

    1,700      19,533

Iconix Brand Group, Inc.*

    14,978      230,362

Jones Apparel Group, Inc.

    21,800      233,914

Kenneth Cole Productions, Inc., Class A^

    1,800      12,654

K-Swiss, Inc., Class A

    2,900      24,650

Liz Claiborne, Inc.^

    7,300      21,024

Movado Group, Inc.^

    4,100      43,214

Oxford Industries, Inc.

    964      11,231

Perry Ellis International, Inc.*

    940      6,843

Phillips-Van Heusen Corp.

    4,600      131,974

Quiksilver, Inc.*

    32,200      59,570

R.G. Barry Corp.*

    1,800      11,700

Skechers U.S.A., Inc., Class A*

    7,700      75,229

Steven Madden Ltd.*

    5,280      134,376

Timberland Co., Class A*

    3,900      51,753

Unifi, Inc.*

    9,661      13,719

UniFirst Corp.^

    5,700      211,869

VF Corp.

    11,080      613,277
         
        2,127,298
         

Total Consumer Discretionary

         44,632,676
         

Consumer Staples (5.8%)

   

Beverages (0.3%)

Central European Distribution Corp.*

    11,100      294,927

Constellation Brands, Inc., Class A*

   47,600      603,568
      Number of
Shares		    Value
(Note 1)

Heckmann Corp.*

               20,000    $              75,000

National Beverage Corp.*

    1,300      13,845

PepsiAmericas, Inc.

    14,200      380,702
         
        1,368,042
         

Cosmetics/Personal Care (0.3%)

KAO Corp. (ADR)

    5,960      1,299,280
         

Food & Staples Retailing (1.2%)

Andersons, Inc.

    4,600      137,724

BJ’s Wholesale Club, Inc.*

    11,300      364,199

Casey’s General Stores, Inc.

    4,907      126,061

Great Atlantic & Pacific Tea Co., Inc.*

    5,900      25,075

Ingles Markets, Inc., Class A

    3,100      47,244

Nash Finch Co.^

    7,141      193,235

Pantry, Inc.*

    9,536      158,298

Rite Aid Corp.*

    136,100      205,511

Ruddick Corp.^

    8,841      207,145

Spartan Stores, Inc.

    4,600      57,086

Susser Holdings Corp.*

    2,200      24,618

Village Super Market, Inc., Class A

    100      2,975

Weis Markets, Inc.

    2,200      73,744

Whole Foods Market, Inc.

    190,440      3,614,551

Winn-Dixie Stores, Inc.*

    13,600      170,544
         
        5,408,010
         

Food Products (3.8%)

Alico, Inc.^

    300      9,006

American Italian Pasta Co., Class A*^

    5,146      149,954

B&G Foods, Inc., Class A

    3,300      27,753

Bunge Ltd.

    9,800      590,450

Cal-Maine Foods, Inc.^

    640      15,974

Chaoda Modern Agriculture (Holdings) Ltd.

    496,208      292,719

Chiquita Brands International, Inc.*^

    11,400      116,964

Corn Products International, Inc.

    22,741      609,231

Cresud S.A.C.I.F. y A. (ADR)

    159,460      1,503,708

Dean Foods Co.*

    8,656      166,109

Del Monte Foods Co.

    78,800      739,144

Diamond Foods, Inc.

    900      25,110

Farmer Bros Co.^

    1,000      22,880

First Pacific Co.

    560,000      323,527

Flowers Foods, Inc.^

    3,300      72,072

Fresh Del Monte Produce, Inc.*

    10,400      169,104

Griffin Land & Nurseries, Inc.

    800      25,024

Hain Celestial Group, Inc.*^

    7,500      117,075

HQ Sustainable Maritime Industries, Inc.*

    200      1,830

Imperial Sugar Co.

    3,000      36,330

Marfrig Frigorificos e Comercio de Alimentos S.A.*

    32,220      238,423

Marine Harvest ASA*

    556,400      375,159

Omega Protein Corp.*

    4,103      16,658

Overhill Farms, Inc.*

    4,240      22,345

Perdigao S.A.*

    26,260      497,459

Ralcorp Holdings, Inc.*^

    14,184      864,089

Seneca Foods Corp., Class A*

    1,600      53,472

Smart Balance, Inc.*

    3,600      24,516

Smithfield Foods, Inc.*^

    308,760      4,313,377

TreeHouse Foods, Inc.*^

    8,000      230,160

Tyson Foods, Inc., Class A

    457,440      5,768,319

Zapata Corp.*

    2,300      15,663
         
        17,433,604
         

Household Products (0.1%)

Central Garden & Pet Co., Class A*

    15,800      155,630

Energizer Holdings, Inc.*

    2,800      146,272

 

See Notes to Financial Statements.

22

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Oil-Dri Corp. of America^

    2,400    $ 35,640

WD-40 Co.

    1,300      37,700
         
        375,242
         

Personal Products (0.1%)

Alberto-Culver Co.

    3,200      81,376

American Oriental Bioengineering, Inc.*

    9,800      51,842

Chattem, Inc.*^

    200      13,620

Elizabeth Arden, Inc.*^

    6,900      60,237

Inter Parfums, Inc.^

    2,800      20,552

Mannatech, Inc.

    4,900      16,170

NBTY, Inc.*

    4,100      115,292

Nu Skin Enterprises, Inc., Class A

    3,200      48,960

Nutraceutical International Corp.*

    2,600      27,014

Prestige Brands Holdings, Inc.*

    8,720      53,628

Revlon, Inc., Class A*^

    2,700      14,688

Schiff Nutrition International, Inc.*

    3,200      16,288
         
        519,667
         

Tobacco (0.0%)

Alliance One International, Inc.*

    6,200      23,560

Universal Corp.^

    5,800      192,038
         
        215,598
         

Total Consumer Staples

               26,619,443
         

Energy (9.4%)

   

Energy Equipment & Services (2.8%)

Allis-Chalmers Energy, Inc.*^

    11,441      26,429

Atwood Oceanics, Inc.*

    2,000      49,820

Basic Energy Services, Inc.*

    5,700      38,931

BJ Services Co.

             296,618      4,042,904

Bolt Technology Corp.*

    1,400      15,736

Boots & Coots, Inc.*

    19,600      27,244

Bristow Group, Inc.*^

    7,300      216,299

Bronco Drilling Co., Inc.*

    7,300      31,244

Cal Dive International, Inc.*

    8,600      74,218

CARBO Ceramics, Inc.

    400      13,680

Cie Generale de Geophysique-Veritas (ADR)*^

    21,320      385,252

Complete Production Services, Inc.*

   12,400      78,864

Dawson Geophysical Co.*

    1,974      58,924

ENGlobal Corp.*

    300      1,476

Exterran Holdings, Inc.*^

    8,400      134,736

Geokinetics, Inc.*

    1,300      17,745

Global Industries Ltd.*

    24,932      141,115

Gulf Island Fabrication, Inc.

    2,900      45,907

GulfMark Offshore, Inc.*

    2,700      74,520

Helix Energy Solutions Group, Inc.*

    24,600      267,402

Helmerich & Payne, Inc.

    18,146      560,167

Hercules Offshore, Inc.*^

    19,700      78,209

Hornbeck Offshore Services, Inc.*

    5,980      127,912

ION Geophysical Corp.*

    20,700      53,199

Key Energy Services, Inc.*

    30,900      177,984

Lufkin Industries, Inc.

    400      16,820

Matrix Service Co.*

    4,600      52,808

NATCO Group, Inc., Class A*

    4,100      134,972

Natural Gas Services Group, Inc.*

    2,700      35,910

Newpark Resources, Inc.*

    21,400      60,990

Oil States International, Inc.*^

    17,700      428,517

OYO Geospace Corp.*

    1,000      25,660

Parker Drilling Co.*^

    29,024      125,964

Patterson-UTI Energy, Inc.^

    32,800      421,808

PHI, Inc.*

    1,200      20,568

Pioneer Drilling Co.*

    8,400      40,236

Rowan Cos., Inc.

    31,100      600,852
      Number of
Shares		    Value
(Note 1)

SBM Offshore N.V.

    15,106    $ 258,755

SEACOR Holdings, Inc.*

    9,500      714,780

Smith International, Inc.

    5,800      149,350

Solar Cayman Ltd.(b)*§†

    141,300      1,066,532

Superior Energy Services, Inc.*

    19,500      336,765

Superior Well Services, Inc.*^

    3,500      20,825

T-3 Energy Services, Inc.*

    3,100      36,921

TETRA Technologies, Inc.*

    8,800      70,048

TGC Industries, Inc.*

    800      3,896

Tidewater, Inc.

    12,625      541,234

Union Drilling, Inc.*^

    2,000      13,240

Unit Corp.*

    10,200      281,214

Vantage Drilling Co.*

    7,500      13,125

Weatherford International Ltd.*

    28,900      565,284
         
              12,776,991
         

Oil, Gas & Consumable Fuels (6.6%)

Alon USA Energy, Inc.^

    2,400      24,840

Approach Resources, Inc.*

    2,000      13,800

Arch Coal, Inc.

    316,399      4,863,052

Atlas America, Inc.

    4,400      78,628

ATP Oil & Gas Corp.*

    5,700      39,672

Berry Petroleum Co., Class A^

    11,369      211,350

Bill Barrett Corp.*

    9,600      263,616

BPZ Resources, Inc.*

    3,900      19,071

Brigham Exploration Co.*^

    9,377      32,726

Cabot Oil & Gas Corp.

    25,900      793,576

Cameco Corp.

             137,960      3,531,776

Cheniere Energy, Inc.*

    9,600      28,224

Cimarex Energy Co.^

    21,000      595,140

Clayton Williams Energy, Inc.*

    1,500      28,305

Comstock Resources, Inc.*

    10,700      353,635

Concho Resources, Inc.*

    19,100      547,979

Consol Energy, Inc.

    34,757      1,180,348

Contango Oil & Gas Co.*

    200      8,498

CREDO Petroleum Corp.*

    300      3,204

Crosstex Energy, Inc.

    10,100      42,016

Cubic Energy, Inc.*

    4,600      4,968

CVR Energy, Inc.*

    5,300      38,849

Delek U.S. Holdings, Inc.^

    3,700      31,376

Delta Petroleum Corp.*

    20,900      40,337

DHT Maritime, Inc.^

    12,400      64,604

Encore Acquisition Co.*

    13,200      407,220

Endeavour International Corp.*

    1,600      2,176

EXCO Resources, Inc.*

    4,100      52,972

Forest Oil Corp.*^

    17,672      263,666

Frontier Oil Corp.

    5,600      73,416

Frontline Ltd.

    12,900      314,244

General Maritime Corp.

    12,200      120,658

GeoResources, Inc.*

    1,800      18,360

GMX Resources, Inc.*^

    3,500      37,240

Golar LNG Ltd.^

    2,100      17,955

Goodrich Petroleum Corp.*

    6,100      149,999

Gran Tierra Energy, Inc.*

    51,000      175,950

Green Plains Renewable Energy, Inc.*

    2,300      15,065

Gulfport Energy Corp.*^

    400      2,740

Harvest Natural Resources, Inc.*

    8,800      38,808

International Coal Group, Inc.*

    22,700      64,922

Knightsbridge Tankers Ltd.

    4,300      58,652

Mariner Energy, Inc.*

    2,400      28,200

Massey Energy Co.

    4,300      84,022

Newfield Exploration Co.*

    25,160      821,977

Nexen, Inc.

    58,140      1,258,731

Noble Energy, Inc.

    9,000      530,730

 

See Notes to Financial Statements.

23

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Nordic American Tanker Shipping Ltd.^

    10,600    $ 337,292

Oilsands Quest, Inc.*^

    47,000      45,120

Overseas Shipholding Group, Inc.^

    7,066      240,527

Parallel Petroleum Corp.*

    10,400      20,176

Patriot Coal Corp.*

    16,000      102,080

Peabody Energy Corp.

    104,955      3,165,443

Penn Virginia Corp.

    11,400      186,618

Petrobras Energia Participaciones SA (ADR)

    140,455      834,303

Petroleum Development Corp.*

    5,900      92,571

PetroQuest Energy, Inc.*^

    10,700      39,483

Pioneer Natural Resources Co.

    69,970      1,784,235

Rex Energy Corp.*

    1,700      9,690

Rosetta Resources, Inc.*

    13,200      115,500

SandRidge Energy, Inc.*

    31,100      264,972

Ship Finance International Ltd.

    4,300      47,429

Southern Union Co.

    41,920      770,909

St. Mary Land & Exploration Co.

    11,789      246,036

Stone Energy Corp.*

    7,400      54,908

Swift Energy Co.*

    7,700      128,205

Teekay Corp.

    5,900      124,077

Tesoro Corp.^

    169,810      2,161,681

Toreador Resources Corp.*

    300      2,010

Uranerz Energy Corp.*

    2,000      3,760

Uranium Energy Corp.*

    600      1,740

USEC, Inc.*^

    28,100      149,492

VAALCO Energy, Inc.*

    13,700      57,951

Venoco, Inc.*

    3,100      23,777

W&T Offshore, Inc.

    400      3,896

Warren Resources, Inc.*

             563,620      1,380,869

Western Refining, Inc.*

    7,200      50,832

Westmoreland Coal Co.*^

    300      2,430

Whiting Petroleum Corp.*

    12,700      446,532
         
        30,271,837
         

Total Energy

               43,048,828
         

Financials (18.7%)

   

Capital Markets (1.4%)

Affiliated Managers Group, Inc.*^

    8,300      482,977

Allied Capital Corp.^

    45,900      159,732

American Capital Ltd.

    53,900      173,019

Ameriprise Financial, Inc.

    35,140      852,847

Apollo Investment Corp.

    36,239      217,434

Ares Capital Corp.^

    25,161      202,798

BGC Partners, Inc., Class A

    8,300      31,457

BlackRock Kelso Capital Corp.

    3,181      19,818

Calamos Asset Management, Inc., Class A

    8,000      112,880

Capital Southwest Corp.^

    800      57,880

Cohen & Steers, Inc.

    1,400      20,930

Diamond Hill Investment Group, Inc.*

    100      4,018

E*TRADE Financial Corp.*^

    120,800      154,624

Epoch Holding Corp.^

    600      5,184

Evercore Partners, Inc., Class A^

    4,060      79,738

FBR Capital Markets Corp.*

    5,600      26,320

FCStone Group, Inc.*

    7,000      27,650

Federated Investors, Inc., Class B

    1,500      36,135

GAMCO Investors, Inc., Class A

    700      33,950

Gladstone Capital Corp.^

    5,900      44,427

Gladstone Investment Corp.^

    5,500      26,565

Harris & Harris Group, Inc.*^

    6,500      37,895

Hercules Technology Growth Capital, Inc.

    9,367      78,308
      Number of
Shares		    Value
(Note 1)

International Assets Holding Corp.* .

    800    $ 11,896

Invesco Ltd.

    36,300      646,866

Investment Technology Group, Inc.*

    10,000      203,900

Janus Capital Group, Inc.

    5,300      60,420

Jefferies Group, Inc.*

    7,011      149,545

JMP Group, Inc.

    3,300      25,377

KBW, Inc.*^

    4,700      135,172

Knight Capital Group, Inc., Class A*^

    11,456      195,325

Kohlberg Capital Corp.

    3,790      23,953

LaBranche & Co., Inc.*

    12,100      52,030

Main Street Capital Corp.*

    700      9,583

MCG Capital Corp.*^

    18,600      45,198

MF Global Ltd.*^

    18,100      107,333

MVC Capital, Inc.

    6,200      52,452

NGP Capital Resources Co.

    5,877      34,498

Oppenheimer Holdings, Inc., Class A

    2,000      42,340

PennantPark Investment Corp.^

    5,178      36,764

Penson Worldwide, Inc.*

    5,500      49,225

Piper Jaffray Cos., Inc.*

    4,900      213,983

Prospect Capital Corp.^

    10,421      95,873

Raymond James Financial, Inc.^

    24,100      414,761

Safeguard Scientifics, Inc.*

    19,100      25,212

Sanders Morris Harris Group, Inc.

    4,800      26,400

SWS Group, Inc.

    5,700      79,629

TD Ameritrade Holding Corp.*

    39,980      701,249

Teton Advisors, Inc.(b)*†

    29      56

Thomas Weisel Partners Group, Inc.*

    4,700      28,294

TICC Capital Corp.

    6,700      29,547

TradeStation Group, Inc.*

    6,200      52,452

Triangle Capital Corp.*

    1,900      20,748

U.S. Global Investors, Inc., Class A

    700      6,482

Virtus Investment Partners, Inc.*^

    1,283      18,847

Westwood Holdings Group, Inc.

    300      12,543
         
                6,494,539
         

Commercial Banks (5.0%)

1st Source Corp.

    3,600      62,172

Alliance Financial Corp./New York^

    1,584      44,922

American National Bankshares, Inc.

    1,500      28,920

Ameris Bancorp^

    3,400      21,488

Ames National Corp.^

    900      21,969

Arrow Financial Corp.^

    900      24,300

Associated Banc-Corp.^

    32,500      406,250

Auburn National Bancorp., Inc.

    600      17,100

BancFirst Corp.^

    1,800      62,244

Banco Latinoamericano de Comercio Exterior S.A., Class E^

    15,500      192,665

Bancorp Rhode Island, Inc.

    900      17,739

Bancorp, Inc./Delaware*

    2,800      16,800

Bancorpsouth, Inc.^

    27,620      567,039

Bank of Hawaii Corp.^

               15,819      566,795

Bank of Kentucky Financial Corp.

    800      22,400

Bank of Marin Bancorp/California

    300      8,085

Bank of the Ozarks, Inc.^

    3,000      64,890

Banner Corp.^

    4,100      15,662

Bar Harbor Bankshares

    700      21,595

BOK Financial Corp.^

    4,820      181,569

Boston Private Financial Holdings, Inc.^

    15,000      67,200

Bridge Bancorp, Inc.*

    300      8,166

Bryn Mawr Bank Corp.^

    1,800      33,966

C&F Financial Corp.

    388      5,820

Camden National Corp.^

    1,800      61,254

Cape Bancorp, Inc.*

    2,900      25,027

Capital City Bank Group, Inc.^

    2,700      45,495

 

See Notes to Financial Statements.

24

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

CapitalSource, Inc.

               47,800    $            233,264

Cardinal Financial Corp.

    2,900      22,707

Cathay General Bancorp^

    7,100      67,521

Center Bancorp, Inc.*

    2,800      22,820

Centerstate Banks, Inc.

    2,400      17,808

Central Pacific Financial Corp.^

    6,600      24,750

Central Valley Community Bancorp*

    1,300      6,747

Centrue Financial Corp.

    400      1,772

Century Bancorp, Inc./Massachusetts, Class A^

    1,049      19,344

Chemical Financial Corp.^

    5,300      105,523

Chicopee Bancorp, Inc.*

    1,600      20,752

Citizens & Northern Corp.

    2,100      43,197

Citizens Holding Co.

    700      21,840

Citizens Republic Bancorp, Inc.*

    29,900      21,229

City Holding Co.^

    3,600      109,296

City National Corp./California^

    12,743      469,325

CNB Financial Corp./Pennsylvania

    1,100      15,587

CoBiz Financial, Inc.^

    4,800      30,768

Colonial BancGroup, Inc.^

    51,200      31,744

Columbia Banking System, Inc.^

    5,000      51,150

Comerica, Inc.

    19,640      415,386

Commerce Bancshares, Inc./Missouri

    15,948      507,625

Community Bank System, Inc.^

    8,400      122,304

Community Trust Bancorp, Inc.

    3,816      102,078

Cullen/Frost Bankers, Inc.^

    16,874      778,228

CVB Financial Corp.^

    16,200      96,714

Eagle Bancorp, Inc.*

    2,500      21,925

East West Bancorp, Inc.^

    15,900      103,191

Enterprise Bancorp, Inc./Massachusetts

    1,300      15,340

Enterprise Financial Services Corp.

    1,100      9,999

F.N.B. Corp./Pennsylvania

    21,545      133,364

Farmers Capital Bank Corp.

    1,500      37,755

Financial Institutions, Inc.

    2,900      39,614

First Bancorp, Inc./Maine

    2,000      38,940

First Bancorp/North Carolina^

    3,300      51,744

First Bancorp/Puerto Rico^

    18,500      73,075

First Busey Corp.^

    6,400      47,040

First California Financial Group, Inc.*

    3,800      23,446

First Citizens BancShares, Inc./North Carolina, Class A

    3,360      449,064

First Commonwealth Financial Corp.

    21,300      135,042

First Community Bancshares, Inc./Virginia^

    2,500      32,100

First Financial Bancorp

    9,100      68,432

First Financial Bankshares, Inc.^

    2,400      120,864

First Financial Corp./Indiana^

    2,900      91,582

First Horizon National Corp.*^

    54,292      651,497

First Merchants Corp.

    5,600      44,968

First Midwest Bancorp, Inc./Illinois^

    12,300      89,913

First of Long Island Corp.

    1,100      25,454

First South Bancorp, Inc./North Carolina^

    1,900      22,040

FirstMerit Corp.^

    25,743      437,116

Fulton Financial Corp.

    43,200      225,072

German American Bancorp, Inc.

    2,800      40,348

Glacier Bancorp, Inc.^

    20,978      309,845

Great Southern Bancorp, Inc.

    1,900      39,045

Guaranty Bancorp*

    14,700      28,077

Hampton Roads Bankshares, Inc.

    4,600      37,950

Hancock Holding Co.^

    5,200      168,948

Harleysville National Corp.

    11,000      51,700

Heartland Financial USA, Inc.^

    3,579      51,108
      Number of
Shares		    Value
(Note 1)

Heritage Financial Corp./Washington

    1,400    $ 16,184

Home Bancorp, Inc.*

    2,200      26,268

Home Bancshares, Inc./Arkansas

    3,100      59,024

Horizon Bancorp/Indiana

    910      14,933

Huntington Bancshares, Inc./Ohio^

    179,988                 752,349

IBERIABANK Corp.^

    4,000      157,640

Independent Bank Corp./Massachusetts^

    5,200      102,440

International Bancshares Corp.^

    12,846      132,442

Investors Bancorp, Inc.*^

    10,800      98,928

KeyCorp

    129,100      676,483

Lakeland Bancorp, Inc.^

    5,300      47,647

Lakeland Financial Corp.^

    3,100      58,900

M&T Bank Corp.^

    3,920      199,646

MainSource Financial Group, Inc.^

    4,500      33,390

Marshall & Ilsley Corp.

               66,700      320,160

MB Financial, Inc.^

    8,900      90,691

Merchants Bancshares, Inc.

    1,200      26,628

Metro Bancorp, Inc.*^

    1,300      25,038

Midsouth Bancorp, Inc.

    1,100      18,480

Nara Bancorp, Inc.

    4,900      25,382

National Bankshares, Inc./Virginia

    1,700      40,800

National Penn Bancshares, Inc.^

    21,400      98,654

NB&T Financial Group, Inc.

    153      2,098

NBT Bancorp, Inc.

    8,600      186,706

Northfield Bancorp, Inc./New Jersey

    5,200      60,424

Northrim BanCorp, Inc.

    1,600      22,272

Norwood Financial Corp.

    500      15,680

Ohio Valley Banc Corp.

    1,000      29,340

Old National Bancorp/Indiana

    16,493      161,961

Old Point Financial Corp.

    500      9,250

Old Second Bancorp, Inc.^

    3,400      20,060

Oriental Financial Group, Inc.^

    10,700      103,790

Orrstown Financial Services, Inc.

    700      26,068

Pacific Capital Bancorp N.A.^

    10,700      22,898

Pacific Continental Corp.

    3,000      36,390

PacWest Bancorp

    6,100      80,276

Park National Corp.^

    2,600      146,848

Peapack Gladstone Financial Corp.

    1,900      36,651

Penns Woods Bancorp, Inc.

    400      11,656

Peoples Bancorp, Inc./Ohio^

    2,600      44,330

Peoples Financial Corp./Mississippi

    900      17,100

Pinnacle Financial Partners, Inc.*

    6,000      79,920

Popular, Inc.^

    148,840      327,448

Porter Bancorp, Inc.

    700      10,605

Premier Financial Bancorp, Inc.

    800      5,064

Premierwest Bancorp

    5,040      17,086

PrivateBancorp, Inc.

    3,000      66,720

Prosperity Bancshares, Inc.^

    15,380      458,785

Renasant Corp.^

    5,000      75,100

Republic Bancorp, Inc./Kentucky, Class A^

    2,100      47,439

Republic First Bancorp, Inc.*

    1,800      14,040

S&T Bancorp, Inc.^

    6,200      75,392

Sandy Spring Bancorp, Inc.^

    4,300      63,210

Santander BanCorp*

    1,600      11,136

SCBT Financial Corp.

    3,300      78,177

Shore Bancshares, Inc.

    2,336      41,908

Sierra Bancorp^

    1,600      20,208

Signature Bank/New York*

    7,357      199,522

Simmons First National Corp., Class A

    3,600      96,192

Smithtown Bancorp, Inc.

    2,807      35,902

South Financial Group, Inc.

    22,300      26,537

Southside Bancshares, Inc.^

    2,560      58,547

 

See Notes to Financial Statements.

25

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Southwest Bancorp, Inc./Oklahoma

              3,700    $              36,112

State Bancorp, Inc./New York

    3,600      27,216

StellarOne Corp.^

    5,400      69,930

Sterling Bancorp/New York

    4,300      35,905

Sterling Bancshares, Inc./Texas

    21,000      132,930

Sterling Financial Corp./Washington^

    12,200      35,502

Suffolk Bancorp^

    800      20,512

Sumitomo Trust & Banking Co., Ltd. (ADR)

    291,416      1,550,332

Sun Bancorp, Inc./New Jersey*

    3,360      17,405

SunTrust Banks, Inc.

    31,900      524,755

Susquehanna Bancshares, Inc.^

    21,600      105,624

SVB Financial Group*^

    9,839      267,818

SY Bancorp, Inc.^

    1,700      41,089

Synovus Financial Corp.

    65,200      194,948

TCF Financial Corp.^

    39,480      527,848

Texas Capital Bancshares, Inc.*

    8,100      125,307

Tompkins Financial Corp.^

    1,400      67,130

Tower Bancorp, Inc.

    900      31,635

TowneBank/Virginia

    5,200      72,800

Trico Bancshares^

    3,500      54,250

Trustmark Corp.

    14,378      277,783

UCBH Holdings, Inc.^

    29,600      37,296

UMB Financial Corp.

    9,163      348,286

Umpqua Holdings Corp.^

    15,100      117,176

Union Bankshares Corp./Virginia^

    3,400      50,898

United Bancorp, Inc./Ohio

    700      5,530

United Bancshares, Inc./Ohio

    691      7,601

United Bankshares, Inc.^

    9,400      183,676

United Community Banks, Inc./Georgia*^

    10,193      61,055

United Security Bancshares, Inc./Alabama

    1,500      32,850

Univest Corp. of Pennsylvania

    3,100      62,806

Valley National Bancorp^

    48,471      567,111

Washington Banking Co.

    2,400      22,608

Washington Trust Bancorp, Inc.^

    3,400      60,622

Webster Financial Corp.^

    13,500      108,675

WesBanco, Inc.^

    5,800      84,332

West Bancorp, Inc.^

    4,900      24,500

Westamerica Bancorporation^

    4,460      221,261

Western Alliance Bancorp*

    9,759      66,752

Whitney Holding Corp./Louisiana

    16,700      152,972

Wilber Corp.

    1,500      16,650

Wilmington Trust Corp.

    19,216      262,491

Wilshire Bancorp, Inc.

    4,500      25,875

Wintrust Financial Corp.

    5,900      94,872

Yadkin Valley Financial Corp.

    4,350      30,059

Zions Bancorporation

    28,800      332,928
         
        22,747,165
         

Consumer Finance (0.2%)

Advance America Cash Advance Centers, Inc.

    6,747      29,889

AmeriCredit Corp.*

    15,700      212,735

Cardtronics, Inc.*

    800      3,048

Cash America International, Inc.

    7,426      173,694

CompuCredit Corp.*

    2,100      4,830

Credit Acceptance Corp.*^

    400      8,740

Dollar Financial Corp.*

    7,740      106,735

First Marblehead Corp.*^

    12,200      24,644

Nelnet, Inc., Class A*^

    3,400      46,206

QC Holdings, Inc.

    4,774      24,538

Rewards Network, Inc.*

    3,200      12,096

Student Loan Corp.

    1,100      40,920
      Number of
Shares		    Value
(Note 1)

World Acceptance Corp.*

               4,100    $              81,631
         
        769,706
         

Diversified Financial Services (0.5%)

Ampal American Israel, Class A*

    7,300      17,812

Asset Acceptance Capital Corp.*^

    1,100      8,459

California First National Bancorp

    500      5,700

CIT Group, Inc.

    121,404      261,019

Compass Diversified Holdings^

    6,300      50,967

Encore Capital Group, Inc.*

    3,800      50,350

Fifth Street Finance Corp.^

    4,944      49,638

Financial Federal Corp.^

    4,100      84,255

Medallion Financial Corp.^

    3,700      28,305

NASDAQ OMX Group, Inc.*

    240      5,114

NewStar Financial, Inc.*

    6,100      11,651

PHH Corp.*^

    98,710      1,794,548

PICO Holdings, Inc.*

    2,900      83,230

Primus Guaranty Ltd.*

    4,400      10,384

Resource America, Inc., Class A

    3,600      19,368
         
        2,480,800
         

Insurance (5.6%)

Alleghany Corp.*^

    1,316      356,636

Allied World Assurance Co. Holdings Ltd./Bermuda

    22,450      916,634

Ambac Financial Group, Inc.^

    68,400      62,928

American Equity Investment Life Holding Co.^

    25,200      140,616

American Financial Group, Inc./Ohio

    21,561      465,286

American National Insurance Co.

    4,000      302,320

American Physicians Capital, Inc.

    1,800      70,488

American Physicians Service Group, Inc.

    1,700      38,573

American Safety Insurance Holdings Ltd.*

    1,900      25,859

Amerisafe, Inc.*

    4,500      70,020

Amtrust Financial Services, Inc.

    4,200      47,880

Arch Capital Group Ltd.*

    13,082      766,344

Argo Group International Holdings Ltd.*

    7,700      217,294

Arthur J. Gallagher & Co.^

    1,800      38,412

Aspen Insurance Holdings Ltd.

    32,506      726,184

Assured Guaranty Ltd.^

    23,100      285,978

Axis Capital Holdings Ltd.^

    25,554      669,004

Baldwin & Lyons, Inc., Class B^

    2,000      39,400

Brown & Brown, Inc.

    7,700      153,461

Citizens, Inc./Texas*

    2,080      12,646

CNA Financial Corp.

    67,410      1,042,833

CNA Surety Corp.*

    4,000      53,960

Conseco, Inc.*^

    48,400      114,708

Crawford & Co., Class B*^

    1,000      4,800

Delphi Financial Group, Inc., Class A

    11,100      215,673

Donegal Group, Inc., Class A

    3,000      45,630

Eastern Insurance Holdings, Inc.

    2,000      18,820

EMC Insurance Group, Inc.^

    1,300      27,053

Employers Holdings, Inc.

    12,000      162,600

Endurance Specialty Holdings Ltd.

    22,120      648,116

Enstar Group, Ltd.*

    1,700      100,045

Erie Indemnity Co., Class A

    2,200      78,672

Everest Reinsurance Group Ltd.

    10,320      738,602

FBL Financial Group, Inc., Class A^

    2,600      21,476

Fidelity National Financial, Inc., Class A

    70,548      954,514

First Acceptance Corp.*

    3,100      6,603

First American Corp.

    31,729      822,098

First Mercury Financial Corp.

    1,900      26,163

 

See Notes to Financial Statements.

26

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Flagstone Reinsurance Holdings Ltd.^

               9,800    $              100,940

FPIC Insurance Group, Inc.*

    2,100      64,302

Genworth Financial, Inc., Class A

    62,200      434,778

Greenlight Capital Reinsurance Ltd., Class A*^

    7,300      126,363

Hallmark Financial Services*^

    2,200      15,730

Hanover Insurance Group, Inc.

    11,800      449,698

Harleysville Group, Inc.^

    3,400      95,948

HCC Insurance Holdings, Inc.

    28,048      673,432

Hilltop Holdings, Inc.*^

    9,900      117,513

Horace Mann Educators Corp.

    10,200      101,694

Independence Holding Co.

    2,400      15,264

Infinity Property & Casualty Corp.

    3,500      127,610

IPC Holdings Ltd.

    14,000      382,760

Kansas City Life Insurance Co.

    1,300      34,983

Maiden Holdings Ltd.

    13,100      85,936

Markel Corp.*^

    2,411      679,179

Max Capital Group Ltd.

    11,500      212,290

MBIA, Inc.*^

    33,000      142,890

Meadowbrook Insurance Group, Inc.

    14,400      94,032

Mercer Insurance Group, Inc.

    1,400      22,260

Mercury General Corp.^

    6,631      221,674

Montpelier Reinsurance Holdings Ltd.

    21,800      289,722

National Financial Partners Corp.

    9,700      71,004

National Interstate Corp.

    1,700      25,806

National Western Life Insurance Co., Class A

    600      70,050

Navigators Group, Inc.*^

    3,300      146,619

NYMAGIC, Inc.

    900      12,492

Odyssey Reinsurance Holdings Corp.^

    3,300      131,934

Old Republic International Corp.^

    60,133      592,310

OneBeacon Insurance Group Ltd., Class A

    5,700      66,633

PartnerReinsurance Ltd.

    19,986      1,298,092

Phoenix Cos., Inc.*^

    30,100      50,267

Platinum Underwriters Holdings Ltd.

    42,426      1,212,959

PMA Capital Corp., Class A*

    8,500      38,675

Presidential Life Corp.^

    5,000      37,850

Principal Financial Group, Inc.

    23,700      446,508

ProAssurance Corp.*

    8,100      374,301

Protective Life Corp.^

    21,880      250,307

Reinsurance Group of America, Inc.

    43,978      1,535,273

RenaissanceReinsurance Holdings Ltd.

    15,513      721,975

RLI Corp.^

    2,700      120,960

Safety Insurance Group, Inc.

    2,900      88,624

SeaBright Insurance Holdings, Inc.*^

    5,600      56,728

Selective Insurance Group, Inc.

    13,500      172,395

Specialty Underwriters’ Alliance, Inc.*

    1,800      11,412

StanCorp Financial Group, Inc.

    12,443      356,865

State Auto Financial Corp.^

    3,400      59,500

Stewart Information Services Corp.^

    4,100      58,425

Tower Group, Inc.

    1,181      29,265

Transatlantic Holdings, Inc.

    6,800      294,644

Unico American Corp.

    358      2,739

United America Indemnity Ltd., Class A*^

    8,745      41,889

United Fire & Casualty Co.^

    5,900      101,185

Unitrin, Inc.

    10,100      121,402

Universal Insurance Holdings, Inc.^

   9,870      49,547

Unum Group

    58,200      923,052

Validus Holdings Ltd.^

    6,600      145,068

Wesco Financial Corp.

    330      96,030
      Number of
Shares		    Value
(Note 1)

White Mountains Insurance Group Ltd.

               2,000    $              457,820

Zenith National Insurance Corp.

    9,200      200,008
         
        25,447,940
         

Real Estate Investment Trusts (REITs) (4.9%)

Acadia Realty Trust (REIT)^

    7,600      99,180

Agree Realty Corp. (REIT)

    2,100      38,493

Alexander’s, Inc. (REIT)^

    200      53,920

Alexandria Real Estate Equities, Inc. (REIT)^

    7,700      275,583

AMB Property Corp. (REIT)

    36,951      695,048

American Campus Communities, Inc. (REIT)^

    13,226      293,353

American Capital Agency Corp. (REIT)^

    2,400      55,128

Anthracite Capital, Inc. (REIT)^

    21,600      13,392

Anworth Mortgage Asset Corp. (REIT)

    24,900      179,529

Apartment Investment & Management Co. (REIT), Class A^

    29,250      258,863

Ashford Hospitality Trust, Inc. (REIT)^

    32,500      91,325

Associated Estates Realty Corp. (REIT)

    2,000      11,920

BioMed Realty Trust, Inc. (REIT)^

    25,032      256,077

Brandywine Realty Trust (REIT)

    32,159      239,585

BRE Properties, Inc. (REIT)^

    12,800      304,128

Camden Property Trust (REIT)

    16,705      461,058

CapLease, Inc. (REIT)

    11,300      31,188

Capstead Mortgage Corp. (REIT)

    15,700      199,547

Care Investment Trust, Inc. (REIT)

    3,300      17,160

CBL & Associates Properties, Inc. (REIT)^

    17,412      93,851

Cedar Shopping Centers, Inc. (REIT)^

    9,105      41,155

Chimera Investment Corp. (REIT)

    503,883      1,758,551

Cogdell Spencer, Inc. (REIT)

    7,000      30,030

Colonial Properties Trust (REIT)^

    11,600      85,840

Corporate Office Properties Trust/Maryland (REIT)^

    14,400      422,352

Cousins Properties, Inc. (REIT)^

    9,741      82,799

DCT Industrial Trust, Inc. (REIT)^

    43,106      175,872

Developers Diversified Realty Corp. (REIT)

    34,400      167,872

DiamondRock Hospitality Co. (REIT)^

    27,286      170,810

Douglas Emmett, Inc. (REIT)^

    31,000      278,690

Duke Realty Corp. (REIT)

    56,300      493,751

DuPont Fabros Technology, Inc. (REIT)^

    2,490      23,456

Dynex Capital, Inc. (REIT)

    2,800      22,960

EastGroup Properties, Inc. (REIT)

    2,500      82,550

Education Realty Trust, Inc. (REIT)^

    7,000      30,030

Entertainment Properties Trust (REIT)^

    8,700      179,220

Equity Lifestyle Properties, Inc. (REIT)

    1,800      66,924

Equity One, Inc. (REIT)

    8,200      108,732

Essex Property Trust, Inc. (REIT)^

    6,900      429,387

Extra Space Storage, Inc. (REIT)^

    21,000      175,350

Federal Realty Investment Trust (REIT)^

    12,866      662,856

FelCor Lodging Trust, Inc. (REIT)^

   16,300      40,098

 

See Notes to Financial Statements.

27

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

First Industrial Realty Trust, Inc. (REIT)^

               9,900    $              43,065

First Potomac Realty Trust (REIT)^

    7,000      68,250

Franklin Street Properties Corp. (REIT)^

    14,800      196,100

Getty Realty Corp. (REIT)^

    2,600      49,062

Gladstone Commercial Corp. (REIT)

    2,100      27,216

Glimcher Realty Trust (REIT)

    10,773      31,242

Gramercy Capital Corp./New York (REIT)*

    10,200      16,422

Hatteras Financial Corp. (REIT)

    9,059      258,997

Health Care REIT, Inc. (REIT)

    13,788      470,171

Healthcare Realty Trust, Inc. (REIT)^

    14,719      247,721

Hersha Hospitality Trust (REIT)

    10,600      26,288

Highwoods Properties, Inc. (REIT)

    17,700      395,949

Home Properties, Inc. (REIT)

    8,200      279,620

Hospitality Properties Trust (REIT)

   50,871      604,856

HRPT Properties Trust (REIT)

    102,392      415,712

Inland Real Estate Corp. (REIT)^

    17,600      123,200

Investors Real Estate Trust (REIT)^

    14,800      131,572

iStar Financial, Inc. (REIT)^

    25,800      73,272

Kilroy Realty Corp. (REIT)^

    9,000      184,860

Kimco Realty Corp. (REIT)^

    27,340      274,767

Kite Realty Group Trust (REIT)

    10,900      31,828

LaSalle Hotel Properties (REIT)^

    13,111      161,790

Lexington Realty Trust (REIT)

    22,603      76,850

Liberty Property Trust (REIT)

    26,522      611,067

LTC Properties, Inc. (REIT)

    5,200      106,340

Macerich Co. (REIT)

    19,300      339,873

Mack-Cali Realty Corp. (REIT)

    19,739      450,049

Medical Properties Trust, Inc. (REIT)^

    41,682      253,010

MFA Financial, Inc. (REIT)

    88,640      613,389

Mid-America Apartment Communities, Inc. (REIT)^

    3,200      117,472

Mission West Properties, Inc. (REIT)

    6,988      47,728

Monmouth Real Estate Investment Corp. (REIT), Class A

    5,500      32,230

National Health Investors, Inc. (REIT)^

    6,200      165,602

National Retail Properties, Inc. (REIT)^

    20,000      347,000

Nationwide Health Properties, Inc. (REIT)

    6,400      164,736

NorthStar Realty Finance Corp. (REIT)^

    14,300      40,469

Omega Healthcare Investors, Inc. (REIT)

    16,800      260,736

Parkway Properties, Inc./Maryland (REIT)^

    5,300      68,900

Pennsylvania Real Estate Investment Trust (REIT)^

    8,600      43,000

Post Properties, Inc. (REIT)

    11,100      149,184

Potlatch Corp. (REIT)^

    4,708      114,357

PS Business Parks, Inc. (REIT)^

    2,600      125,944

RAIT Financial Trust (REIT)^

    12,600      17,262

Ramco-Gershenson Properties Trust (REIT)

    5,171      51,762

Rayonier, Inc. (REIT)

    10,800      392,580

Realty Income Corp. (REIT)^

    25,700      563,344

Redwood Trust, Inc. (REIT)^

    16,900      249,444

Regency Centers Corp. (REIT)

    20,111      702,074

Resource Capital Corp. (REIT)

    4,300      13,760

Saul Centers, Inc. (REIT)

    900      26,613
      Number of
Shares		    Value
(Note 1)

Senior Housing Properties Trust (REIT)^

               30,300    $              494,496

SL Green Realty Corp. (REIT)

    19,200      440,448

Sovran Self Storage, Inc. (REIT)

    5,600      137,760

Strategic Hotels & Resorts, Inc. (REIT)

    20,400      22,644

Sun Communities, Inc. (REIT)^

    4,100      56,498

Sunstone Hotel Investors, Inc. (REIT)^

    18,312      97,969

Tanger Factory Outlet Centers (REIT)

    4,400      142,692

Taubman Centers, Inc. (REIT)

    13,300      357,238

Transcontinental Realty Investors, Inc.*

    300      3,621

UDR, Inc. (REIT)

    37,777      390,236

UMH Properties, Inc. (REIT)

    1,700      13,549

Universal Health Realty Income Trust (REIT)

    1,300      40,976

Urstadt Biddle Properties, Inc. (REIT), Class A

    5,000      70,400

U-Store-It Trust (REIT)

    13,200      64,680

Walter Investment Management Corp. (REIT)*

    4,500      59,760

Washington Real Estate Investment Trust (REIT)^

    13,000      290,810

Weingarten Realty Investors (REIT)^

    26,099      378,696

Winthrop Realty Trust (REIT)

    2,800      25,004
         
        22,541,825
         

Real Estate Management & Development (0.2%)

American Realty Investors, Inc.*

    600      6,120

Avatar Holdings, Inc.*

    1,700      30,889

China Housing & Land Development, Inc.*

    6,400      36,864

Consolidated-Tomoka Land Co.^

    1,400      49,112

Forest City Enterprises, Inc., Class A

    27,400      180,840

Forestar Group, Inc.*

    8,472      100,647

Jones Lang LaSalle, Inc.

    8,786      287,566
         
        692,038
         

Thrifts & Mortgage Finance (0.9%)

Abington Bancorp, Inc.

    6,200      49,352

Astoria Financial Corp.^

    32,052      275,006

Bank Mutual Corp.^

    11,800      102,896

BankFinancial Corp.

    4,800      42,528

Beneficial Mutual Bancorp, Inc.*^

    21,289      204,374

Berkshire Hills Bancorp, Inc.

    3,500      72,730

Brookline Bancorp, Inc.^

    11,200      104,384

Brooklyn Federal Bancorp, Inc.

    400      4,500

Cheviot Financial Corp.

    600      4,800

Clifton Savings Bancorp, Inc.

    2,900      31,204

Danvers Bancorp, Inc.^

    4,400      59,180

Dime Community Bancshares, Inc.^

   6,300      57,393

Doral Financial Corp.*^

    1,900      4,750

ESB Financial Corp.^

    4,150      54,448

ESSA Bancorp, Inc.^

    4,100      56,047

First Defiance Financial Corp.

    3,220      41,860

First Financial Holdings, Inc.^

    2,700      25,380

First Financial Northwest, Inc.^

    5,600      43,792

First Financial Service Corp.

    1,000      17,410

First Niagara Financial Group, Inc.

    42,500      485,351

Flagstar Bancorp, Inc.*^

    22,200      15,096

Flushing Financial Corp.^

    5,900      55,165

Fox Chase Bancorp, Inc.*

    1,300      12,467

Harleysville Savings Financial Corp.

    856      11,359

Heritage Financial Group

    400      3,428

 

See Notes to Financial Statements.

28

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

HF Financial Corp.

                    200    $ 2,352

Home Federal Bancorp, Inc./Idaho^

   4,200                   42,798

HopFed Bancorp, Inc.

    434      4,223

Kearny Financial Corp.

    4,300      49,192

Kentucky First Federal Bancorp

    600      7,290

K-Fed Bancorp

    1,000      9,180

Legacy Bancorp., Inc./Massachusetts

    1,800      19,980

Meridian Interstate Bancorp, Inc.*

    2,600      19,370

MGIC Investment Corp.^

    31,500      138,600

NASB Financial, Inc.^

    700      20,020

New Hampshire Thrift Bancshares, Inc.

    1,640      16,154

New York Community Bancorp, Inc.^

    22,800      243,732

NewAlliance Bancshares, Inc.

    26,727      307,361

Northeast Community Bancorp, Inc.*

    1,500      12,165

Northwest Bancorp, Inc.

    4,100      77,326

OceanFirst Financial Corp.

    5,017      60,053

Ocwen Financial Corp.*^

    9,900      128,403

Oritani Financial Corp.*^

    600      8,226

PMI Group, Inc.

    21,438      42,447

Provident Financial Services, Inc.

    15,000      136,500

Provident New York Bancorp^

    8,700      70,644

Prudential Bancorp, Inc. of Pennsylvania*

    200      2,362

Radian Group, Inc.

    19,224      52,289

Rockville Financial, Inc.

    2,200      24,090

Roma Financial Corp.

    1,200      15,288

TF Financial Corp.

    300      5,289

TFS Financial Corp.

    18,300      194,346

Tree.com, Inc.*

    1,600      15,360

TrustCo Bank Corp. NY/New York^

    11,800      69,738

United Financial Bancorp, Inc.

    3,400      46,988

United Western Bancorp, Inc.

    2,200      20,790

Washington Federal, Inc.^

    22,400      291,200

Waterstone Financial, Inc.*^

    2,600      7,722

Westfield Financial, Inc.^

    7,900      71,574

WSFS Financial Corp.

    1,400      38,234
         
        4,106,186
         

Total Financials

         85,280,199
         

Health Care (6.1%)

   

Biotechnology (0.2%)

ArQule, Inc.*

    4,800      29,472

Celera Corp.*^

    16,300      124,369

Facet Biotech Corp.*

    5,000      46,450

Geron Corp.*^

    11,100      85,137

Infinity Pharmaceuticals, Inc.*

    2,400      14,016

Lexicon Pharmaceuticals, Inc.*^

    11,500      14,260

Martek Biosciences Corp.*

    6,800      143,820

Maxygen, Inc.*^

    1,000      6,720

Myriad Pharmaceuticals, Inc.*

    500      2,325

Nabi Biopharmaceuticals*

    3,500      8,470

PDL BioPharma, Inc.

    26,292      207,707

Progenics Pharmaceuticals, Inc.*

    1,600      8,240

Theravance, Inc.*^

    24,840      363,657
         
        1,054,643
         

Health Care Equipment & Supplies (1.6%)

Analogic Corp.

    1,100      40,645

AngioDynamics, Inc.*^

    3,400      45,118

Aspect Medical Systems, Inc.*

    3,900      23,049

Cantel Medical Corp.*

    3,592      58,298

Cardiac Science Corp.*

    3,700      14,874

CONMED Corp.*^

    6,900      107,088

Cooper Cos., Inc.

    11,692      289,143

 

     

Number of

Shares

   

Value

(Note 1)

CryoLife, Inc.*

                    600    $ 3,324

Cutera, Inc.*

    2,400                   20,688

Cynosure, Inc., Class A*

    2,400      18,360

ev3, Inc.*^

    17,700      189,744

Greatbatch, Inc.*^

    1,658      37,487

Hansen Medical, Inc.*

    1,200      5,928

Hill-Rom Holdings, Inc.^

    9,400      152,468

Hologic, Inc.*

    57,900      823,917

Home Diagnostics, Inc.*

    2,000      12,280

I-Flow Corp.*

    3,100      21,514

Invacare Corp.

    13,460      237,569

Inverness Medical Innovations, Inc.*^

    10,400      370,032

Kewaunee Scientific Corp.

    500      5,500

Kinetic Concepts, Inc.*

    14,100      384,225

Medical Action Industries, Inc.*^

    694      7,946

National Dentex Corp.*

    800      5,208

Natus Medical, Inc.*

    1,800      20,772

OraSure Technologies, Inc.*^

    1,100      2,717

Palomar Medical Technologies, Inc.*^

    1,200      17,592

RTI Biologics, Inc.*

    8,700      37,323

Span-America Medical Systems, Inc.

    700      7,574

Symmetry Medical, Inc.*

    7,100      66,172

Teleflex, Inc.

    7,146      320,355

TomoTherapy, Inc.*

    800      2,200

Volcano Corp.*

    2,900      40,542

West Pharmaceutical Services, Inc.^

   8,080      281,588

Young Innovations, Inc.

    400      8,716

Zimmer Holdings, Inc.*

    90,000      3,834,001

Zoll Medical Corp.*

    700      13,538
         
        7,527,495
         

Health Care Providers & Services (2.9%)

Alliance HealthCare Services, Inc.*

    700      5,131

Allied Healthcare International, Inc.*

    9,400      20,398

Allion Healthcare, Inc.*

    4,700      27,965

Amedisys, Inc.*

    400      13,208

American Dental Partners, Inc.*^

    4,000      36,280

AmerisourceBergen Corp.

    27,580      489,269

Amsurg Corp.*^

    8,100      173,664

Assisted Living Concepts, Inc., Class A*

    2,480      36,084

Brookdale Senior Living, Inc.

    9,100      88,634

Capital Senior Living Corp.*^

    4,300      19,565

Centene Corp.*

    4,944      98,781

Chindex International, Inc.*

    300      3,711

CIGNA Corp.

    41,300      994,917

Community Health Systems, Inc.*^

    11,540      291,385

Continuecare Corp.*

    1,000      2,330

Cross Country Healthcare, Inc.*

    5,800      39,846

Gentiva Health Services, Inc.*

    4,000      65,840

Hanger Orthopedic Group, Inc.*^

    5,100      69,309

Health Net, Inc.*

    281,110      4,371,262

Healthspring, Inc.*

    12,800      139,008

Healthways, Inc.*

    8,000      107,600

Humana, Inc.*

    65,760      2,121,418

inVentiv Health, Inc.*

    5,600      75,768

Kindred Healthcare, Inc.*

    9,800      121,226

Laboratory Corp. of America Holdings*

    6,580      446,058

Landauer, Inc.

    1,000      61,340

LCA-Vision, Inc.*

    1,500      6,330

LifePoint Hospitals, Inc.*

    13,777      361,646

Lincare Holdings, Inc.*

    3,300      77,616

Magellan Health Services, Inc.*

    8,800      288,816

MedCath Corp.*

    4,500      52,920

 

See Notes to Financial Statements.

29

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

MEDNAX, Inc.*

                 7,800    $ 328,614

Molina Healthcare, Inc.*

    3,300                   78,936

National Healthcare Corp.^

    1,100      41,734

Nighthawk Radiology Holdings, Inc.*

    4,000      14,800

NovaMed, Inc.*

    2,000      7,900

Odyssey HealthCare, Inc.*

    4,100      42,148

Omnicare, Inc.

    17,361      447,219

Owens & Minor, Inc.^

    2,100      92,022

Psychiatric Solutions, Inc.*

    4,500      102,330

RadNet, Inc.*^

    700      1,575

RehabCare Group, Inc.*^

    1,000      23,930

Res-Care, Inc.*

    6,300      90,090

Skilled Healthcare Group, Inc., Class A*

    4,200      31,500

Sun Healthcare Group, Inc.*

    10,900      91,996

Sunrise Senior Living, Inc.*^

    11,300      18,645

Tenet Healthcare Corp.*

    38,500      108,570

Triple-S Management Corp., Class B*^

    4,900      76,391

U.S. Physical Therapy, Inc.*

    1,600      23,600

Universal American Corp.*

    14,356      125,184

Universal Health Services, Inc., Class B

    10,600      517,810

WellCare Health Plans, Inc.*

    10,600      195,994
         
        13,168,313
         

Health Care Technology (0.1%)

AMICAS, Inc.*

    2,200      6,116

IMS Health, Inc.

    35,100      445,770

MedQuist, Inc.

    2,300      13,984

Omnicell, Inc.*

    1,100      11,825

Vital Images, Inc.*

    1,100      12,485
         
        490,180
         

Life Sciences Tools & Services (0.2%)

Affymetrix, Inc.*^

    2,400      14,232

Albany Molecular Research, Inc.*

    4,100      34,399

Cambrex Corp.*^

    500      2,060

Charles River Laboratories International, Inc.*

    5,500      185,625

Enzo Biochem, Inc.*

    2,900      12,847

Harvard Bioscience, Inc.*

    300      1,185

Kendle International, Inc.*

    2,900      35,496

PerkinElmer, Inc.

    22,800      396,720

Varian, Inc.*

    5,528      217,969
         
        900,533
         

Pharmaceuticals (1.1%)

Adolor Corp.*

    5,400      9,504

Biodel, Inc.*

    300      1,548

BMP Sunstone Corp.*^

    1,000      4,740

Caraco Pharmaceutical Laboratories Ltd.*

    1,600      4,912

Endo Pharmaceuticals Holdings, Inc.*

    46,160      827,187

Hi-Tech Pharmacal Co., Inc.*

    1,600      14,240

Impax Laboratories, Inc.*

    107,760      793,114

King Pharmaceuticals, Inc.*

    122,300      1,177,749

KV Pharmaceutical Co., Class A*

    4,400      14,124

Medicines Co.*

    3,900      32,721

Medicis Pharmaceutical Corp., Class A

    12,700      207,264

Mylan, Inc.*

    18,020      235,161

Noven Pharmaceuticals, Inc.*

    5,600      80,080

Par Pharmaceutical Cos., Inc.*

    8,900      134,835

SuperGen, Inc.*

    5,300      10,653

ViroPharma, Inc.*

    15,500      91,915

Warner Chilcott Ltd., Class A*

    1,500      19,725

 

     

Number of

Shares

   

Value

(Note 1)

Watson Pharmaceuticals, Inc.*

               34,932    $ 1,176,859
         
                4,836,331
         

Total Health Care

         27,977,495
         

Industrials (10.5%)

   

Aerospace & Defense (0.6%)

AAR Corp.*^

    8,818      141,529

Alliant Techsystems, Inc.*

    4,080      336,029

Argon ST, Inc.*

    600      12,342

Ascent Solar Technologies, Inc.*

    3,200      25,024

Astronics Corp.*

    400      4,156

BE Aerospace, Inc.*^

    12,100      173,756

Ceradyne, Inc.*

    6,700      118,322

Curtiss-Wright Corp.^

    11,300      335,949

Ducommun, Inc.^

    2,400      45,096

DynCorp International, Inc., Class A*

    5,800      97,382

Esterline Technologies Corp.*

    5,000      135,350

Herley Industries, Inc.*^

    2,300      25,231

Ladish Co., Inc.*

    4,400      57,068

LMI Aerospace, Inc.*

    1,200      12,144

Moog, Inc., Class A*

    10,600      273,586

SIFCO Industries, Inc.*

    800      8,472

Spirit AeroSystems Holdings, Inc., Class A*

    17,769      244,146

Teledyne Technologies, Inc.*

    18,600      609,150

Todd Shipyards Corp.

    1,400      23,310

Triumph Group, Inc.

    4,200      168,000
         
        2,846,042
         

Air Freight & Logistics (0.1%)

Air Transport Services Group, Inc.*

   5,400      12,528

Atlas Air Worldwide Holdings, Inc.*

    4,300      99,717

Dynamex, Inc.*^

    900      13,851

Forward Air Corp.

    3,800      81,016

Hub Group, Inc., Class A*

    4,800      99,072

Pacer International, Inc.

    4,300      9,589

UTi Worldwide, Inc.*

    1,900      21,660
         
        337,433
         

Airlines (0.4%)

Alaska Air Group, Inc.*^

    9,014      164,596

Delta Air Lines, Inc.*

    143,280      829,590

JetBlue Airways Corp.*^

    57,588      245,901

Republic Airways Holdings, Inc.*

    16,320      106,570

SkyWest, Inc.

    32,240      328,848

U.S. Airways Group, Inc.*

    33,800      82,134

UAL Corp.*^

    2,100      6,699
         
        1,764,338
         

Building Products (0.3%)

American Woodmark Corp.

    2,600      62,270

Ameron International Corp.

    2,287      153,320

Apogee Enterprises, Inc.^

    6,685      82,226

Armstrong World Industries, Inc.*^

    2,900      47,821

Builders FirstSource, Inc.*^

    3,422      14,236

Gibraltar Industries, Inc.

    7,600      52,212

Griffon Corp.*

    10,900      90,688

Insteel Industries, Inc.^

    3,900      32,136

NCI Building Systems, Inc.*^

    5,195      13,715

Owens Corning, Inc.*

    12,000      153,360

Quanex Building Products Corp.

    3,200      35,904

Simpson Manufacturing Co., Inc.^

    2,128      46,007

Trex Co., Inc.*^

    400      5,348

Universal Forest Products, Inc.

    10,820      358,033

 

See Notes to Financial Statements.

30

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

USG Corp.*

               10,300    $ 103,721
         
                1,250,997
         

Commercial Services & Supplies (1.4%)

ABM Industries, Inc.^

    8,900      160,823

ACCO Brands Corp.*

    14,893      41,998

American Reprographics Co.*

    6,100      50,752

Amrep Corp.*

    600      6,618

ATC Technology Corp.*

    1,300      18,850

Bowne & Co., Inc.

    6,811      44,340

Comfort Systems USA, Inc.^

    21,589      221,287

Consolidated Graphics, Inc.*^

    2,400      41,808

Cornell Cos., Inc.*

    2,800      45,388

Corrections Corp. of America*

    25,500      433,245

Courier Corp.^

    2,900      44,254

Covanta Holding Corp.*

    32,300      547,808

Deluxe Corp.

    16,200      207,522

EnergySolutions, Inc.

    17,100      157,320

Ennis, Inc.

    6,800      84,728

Fuel Tech, Inc.*

    900      8,730

G&K Services, Inc., Class A

    4,700      99,405

GEO Group, Inc.*

    2,500      46,450

GeoEye, Inc.*^

    200      4,712

HNI Corp.

    3,100      55,986

ICT Group, Inc.*

    400      3,492

Innerworkings, Inc.*

    1,100      5,225

Kimball International, Inc., Class B

    8,100      50,544

M&F Worldwide Corp.*^

    3,000      60,000

McGrath RentCorp.

    5,100      97,206

Metalico, Inc.*

    6,800      31,688

Mine Safety Appliances Co.^

    500      12,050

Mobile Mini, Inc.*

    6,600      96,822

Multi-Color Corp.

    500      6,130

North American Galvanizing & Coatings, Inc.*

    3,026      18,338

R.R. Donnelley & Sons Co.

    32,340      375,791

Republic Services, Inc.

    94,000      2,294,539

Schawk, Inc.^

    4,300      32,293

Standard Parking Corp.*

    800      13,032

Standard Register Co.^

    2,000      6,520

Steelcase, Inc., Class A^

    14,900      86,718

Team, Inc.*

    200      3,134

United Stationers, Inc.*

    13,547      472,519

Viad Corp.

    5,000      86,100

Virco Manufacturing Corp.

    1,607      5,625

Waste Connections, Inc.*

    5,300      137,323

Waste Services, Inc.*

    3,900      20,202
         
        6,237,315
         

Construction & Engineering (1.1%)

Dycom Industries, Inc.*

    9,800      108,486

EMCOR Group, Inc.*^

    26,300      529,156

Furmanite Corp.*

    3,500      15,610

Granite Construction, Inc.^

    18,480      615,014

Great Lakes Dredge & Dock Corp.

    700      3,346

Insituform Technologies, Inc., Class A*

    10,046      170,481

Integrated Electrical Services, Inc.*

    2,200      17,182

KBR, Inc.

    40,100      739,444

Layne Christensen Co.*^

    4,900      100,205

MasTec, Inc.*

    3,700      43,364

Michael Baker Corp.*

    2,116      89,634

Northwest Pipe Co.*

    2,338      81,269

Pike Electric Corp.*

    2,900      34,945

Shaw Group, Inc.*

    57,100      1,565,110

Sterling Construction Co., Inc.*^

    3,000      45,780

 

     

Number of

Shares

   

Value

(Note 1)

Tutor Perini Corp.*^

                 6,424    $ 111,521

URS Corp.*

    12,880      637,818
         
                4,908,365
         

Electrical Equipment (1.0%)

A. O. Smith Corp.

    5,500      179,135

Acuity Brands, Inc.^

    2,400      67,320

AMETEK, Inc.^

    11,500      397,670

Baldor Electric Co.^

    9,404      223,721

Belden, Inc.

    11,683      195,106

Brady Corp., Class A

    12,000      301,440

Chase Corp.

    1,300      15,470

China BAK Battery, Inc.*

    9,400      27,730

Encore Wire Corp.

    6,600      140,910

Energy Conversion Devices, Inc.*

    1,800      25,470

EnerSys*

    10,100      183,719

Evergreen Solar, Inc.*

    22,000      47,740

Franklin Electric Co., Inc.^

    5,800      150,336

FuelCell Energy, Inc.*

    3,000      12,540

Fushi Copperweld, Inc.*

    4,000      33,080

General Cable Corp.*

    19,100      717,778

GrafTech International Ltd.*

    18,400      208,104

Hubbell, Inc., Class B

    12,500      400,750

II-VI, Inc.*

    2,000      44,340

LaBarge, Inc.*

    400      3,708

LSI Industries, Inc.

    4,700      25,615

Orion Energy Systems, Inc.*

    4,400      16,500

Polypore International, Inc.*

    3,900      43,368

Power-One, Inc.*^

    19,800      29,502

PowerSecure International, Inc.*

    3,100      13,206

Preformed Line Products Co.^

    100      4,406

Regal-Beloit Corp.^

    9,104      361,611

Roper Industries, Inc.

    3,200      144,992

SatCon Technology Corp.*

    2,000      3,600

Thomas & Betts Corp.*

    9,000      259,740

Ultralife Corp.*

    200      1,434

Valence Technology, Inc.*^

    4,600      8,234

Vicor Corp.

    2,900      20,938

Woodward Governor Co.

    3,100      61,380
         
        4,370,593
         

Industrial Conglomerates (0.2%)

Carlisle Cos., Inc.

    11,207      269,417

Otter Tail Corp.^

    8,900      194,376

Seaboard Corp.

    87      97,614

Standex International Corp.

    3,500      40,600

Tredegar Corp.

    7,400      98,568

United Capital Corp.*

    604      11,065
         
        711,640
         

Machinery (3.7%)

3D Systems Corp.*^

    600      4,326

Actuant Corp., Class A

    7,582      92,500

AGCO Corp.*

    188,579      5,481,991

Alamo Group, Inc.

    41,005      414,151

Albany International Corp., Class A

   6,800      77,384

Altra Holdings, Inc.*

    5,800      43,442

American Railcar Industries, Inc.

    700      5,782

Ampco-Pittsburgh Corp.

    800      18,760

Astec Industries, Inc.*^

    4,500      133,605

Barnes Group, Inc.

    11,600      137,924

Blount International, Inc.*^

    6,500      55,965

Briggs & Stratton Corp.

    12,500      166,750

Bucyrus International, Inc.

    14,600      416,976

Cascade Corp.^

    2,200      34,606

Chart Industries, Inc.*

    800      14,544

CIRCOR International, Inc.

    4,200      99,162

 

See Notes to Financial Statements.

31

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

CLARCOR, Inc.

                 8,000    $            233,520

Colfax Corp.*

    4,200      32,424

Columbus McKinnon Corp.*^

    3,900      49,335

Crane Co.^

    11,100      247,641

Dover Corp.

    10,520      348,107

Eastern Co.

    1,500      24,750

EnPro Industries, Inc.*^

    9,500      171,095

Federal Signal Corp.^

    13,800      105,570

Flow International Corp.*

    1,300      3,055

FreightCar America, Inc.^

    2,600      43,706

Gardner Denver, Inc.*

    13,300      334,761

Gorman-Rupp Co.

    1,300      26,221

Graco, Inc.

    8,200      180,564

Graham Corp.

    900      11,970

Greenbrier Cos., Inc.

    3,500      25,165

Harsco Corp.

    5,400      152,820

Hurco Cos., Inc.*^

    1,500      23,445

IDEX Corp.^

    8,300      203,931

John Bean Technologies Corp.

    6,900      86,388

Kadant, Inc.*

    3,500      39,515

Kaydon Corp.

    8,300      270,248

Kennametal, Inc.

    34,400      659,792

K-Tron International, Inc.*

    100      7,968

L.B. Foster Co., Class A*

    2,700      81,189

L.S. Starrett Co., Class A

    1,200      8,160

Lincoln Electric Holdings, Inc.^

    10,600      382,024

Lindsay Corp.

    200      6,620

Manitowoc Co., Inc.

    32,600      171,476

Met-Pro Corp.

    800      8,656

MFRI, Inc.*

    200      1,236

Miller Industries, Inc./TN*

    2,500      22,000

Mueller Industries, Inc.

    8,620      179,296

Mueller Water Products, Inc., Class A^

    29,000      108,460

NACCO Industries, Inc., Class A

    1,500      43,080

Navistar International Corp.*

    9,400      409,840

Nordson Corp.

    5,600      216,496

Oshkosh Corp.^

    18,628      270,851

Pentair, Inc.

    47,728      1,222,791

Portec Rail Products, Inc.

    800      7,880

RBC Bearings, Inc.*

    300      6,135

Robbins & Myers, Inc.

    6,100      117,425

Sauer-Danfoss, Inc.

    400      2,452

SPX Corp.

    12,300      602,331

Sun Hydraulics Corp.

    1,800      29,106

Tata Motors Ltd. (ADR)*

    198,365      1,690,070

Tecumseh Products Co., Class A*

    3,600      34,956

Terex Corp.*

    26,400      318,648

Timken Co.

    24,200      413,336

Titan International, Inc.

    8,800      65,736

Trimas Corp.*

    1,600      5,392

Trinity Industries, Inc.^

    20,731      282,356

Twin Disc, Inc.

    1,400      9,534

Watts Water Technologies, Inc., Class A

    7,400      159,396
         
        17,356,787
         

Marine (0.2%)

Alexander & Baldwin, Inc.

    10,600      248,464

American Commercial Lines, Inc.*

    2,300      35,604

Eagle Bulk Shipping, Inc.

    11,800      55,342

Genco Shipping & Trading Ltd.

    6,400      139,008

Horizon Lines, Inc., Class A

    7,500      28,950

International Shipholding Corp.^

    3,680      99,213

Kirby Corp.*

    10,700      340,153
      Number of
Shares		    Value
(Note 1)

TBS International Ltd., Class A*

                 3,300    $              25,773

Ultrapetrol Bahamas Ltd.*

    6,219      27,550
         
        1,000,057
         

Professional Services (0.3%)

Barrett Business Services, Inc.

    1,900      19,950

CDI Corp.

    2,900      32,335

COMSYS IT Partners, Inc.*

    3,600      21,060

CRA International, Inc.*

    400      11,104

Diamond Management & Technology Consultants, Inc.

    400      1,680

Equifax, Inc.

    6,865      179,177

First Advantage Corp., Class A*

    2,900      44,109

Franklin Covey Co.*

    500      3,115

GP Strategies Corp.*

    1,500      8,835

Heidrick & Struggles International, Inc.^

    4,100      74,825

Hill International, Inc.*

    700      3,010

Kelly Services, Inc., Class A

    5,900      64,605

Kforce, Inc.*^

    6,700      55,409

Korn/Ferry International*^

    10,500      111,720

Monster Worldwide, Inc.*

    13,100      154,711

MPS Group, Inc.*^

    23,500      179,540

National Technical Systems, Inc.

    300      918

On Assignment, Inc.*

    8,900      34,799

School Specialty, Inc.*^

    3,000      60,630

Spherion Corp.*

    13,000      53,560

TrueBlue, Inc.*

    9,600      80,640

Volt Information Sciences, Inc.*

    3,200      20,064

VSE Corp.^

    800      20,928

Watson Wyatt Worldwide, Inc., Class A

    1,900      71,307
         
        1,308,031
         

Road & Rail (0.9%)

Amerco, Inc.*

    2,400      89,160

Arkansas Best Corp.^

    6,369      167,823

Avis Budget Group, Inc.*^

    10,648      60,161

Canadian Pacific Railway Ltd.

    33,355      1,327,530

Celadon Group, Inc.*

    1,000      8,390

Con-way, Inc.

    21,940      774,701

Dollar Thrifty Automotive Group, Inc.*^

    5,300      73,935

Heartland Express, Inc.^

    4,700      69,184

Hertz Global Holdings, Inc.*^

    46,710      373,213

Kansas City Southern*^

    12,500      201,375

Knight Transportation, Inc.

    3,000      49,650

Old Dominion Freight Line, Inc.*

    5,800      194,706

Patriot Transportation Holding, Inc.*^

    100      7,293

Ryder System, Inc.

    22,300      622,616

Saia, Inc.*

    3,800      68,438

Universal Truckload Services, Inc.

    900      14,085

USA Truck, Inc.*

    600      8,118

Werner Enterprises, Inc.

    10,600      192,072

YRC Worldwide, Inc.*^

    13,400      23,182
         
        4,325,632
         

Trading Companies & Distributors (0.3%)

Aceto Corp.

    5,000      33,350

Aircastle Ltd.

    26,636      195,775

Applied Industrial Technologies, Inc.^

    10,600      208,819

Beacon Roofing Supply, Inc.*

    9,660      139,684

BlueLinx Holdings, Inc.*

    2,900      8,700

DXP Enterprises, Inc.*

    1,900      21,793

GATX Corp.^

    6,700      172,324

H&E Equipment Services, Inc.*

    12,500      116,875

Houston Wire & Cable Co.

    2,500      29,775

 

See Notes to Financial Statements.

32

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Interline Brands, Inc.*

                 8,460    $            115,733

Kaman Corp.^

    900      15,030

Lawson Products, Inc.

    900      12,789

Rush Enterprises, Inc., Class A*

    6,200      72,230

TAL International Group, Inc.

    2,400      26,160

Textainer Group Holdings Ltd.^

    2,860      32,861

Titan Machinery, Inc.*

    300      3,807

United Rentals, Inc.*

    15,700      101,893

Watsco, Inc.^

    500      24,465

WESCO International, Inc.*^

    5,490      137,470

Willis Lease Finance Corp.*

    3,518      46,156
         
        1,515,689
         

Transportation Infrastructure (0.0%)

CAI International, Inc.*

    800      4,080
         

Total Industrials

         47,936,999
         

Information Technology (8.1%)

      

Communications Equipment (1.3%)

3Com Corp.*

    50,200      236,442

ADC Telecommunications, Inc.*

    19,426      154,631

ADTRAN, Inc.^

    3,100      66,557

Airvana, Inc.*^

    900      5,733

Anaren, Inc.*

    400      7,072

Arris Group, Inc.*^

    44,207      537,557

Avocent Corp.*

    23,578      329,149

Bel Fuse, Inc., Class B

    3,100      49,724

Black Box Corp.

    10,853      363,250

Brocade Communications Systems, Inc.*

    62,736      490,596

Ciena Corp.*

    20,200      209,070

Cogo Group, Inc.*

    6,300      37,611

CommScope, Inc.*

    20,800      546,208

Communications Systems, Inc.

    1,500      14,700

Digi International, Inc.*^

    4,000      39,000

EchoStar Corp., Class A*

    9,800      156,212

EMS Technologies, Inc.*^

    643      13,439

Emulex Corp.*^

    1,600      15,648

Extreme Networks, Inc.*

    24,800      49,600

Globecomm Systems, Inc.*

    5,200      37,388

Harmonic, Inc.*^

    5,600      32,984

Harris Stratex Networks, Inc., Class A*

    14,500      93,960

JDS Uniphase Corp.*

    68,920      394,222

KVH Industries, Inc.*

    200      1,366

NETGEAR, Inc.*

    6,400      92,224

Network Equipment Technologies, Inc.*

    3,600      15,336

Oplink Communications, Inc.*

    1,400      15,960

Opnext, Inc.*

    3,100      6,634

Palm, Inc.*^

    2,500      41,425

PC-Tel, Inc.*^

    2,700      14,445

Plantronics, Inc.

    1,500      28,365

Polycom, Inc.*^

    12,700      257,429

Powerwave Technologies, Inc.*

    32,200      51,842

SeaChange International, Inc.*

    3,800      30,514

Sonus Networks, Inc.*

    51,600      83,076

Sycamore Networks, Inc.*^

    48,100      150,553

Symmetricom, Inc.*

    11,800      68,086

Tekelec*

    31,516      530,414

Tellabs, Inc.*

    99,900      572,427

 

      Number of
Shares		    Value
(Note 1)

UTStarcom, Inc.*

               25,900    $              42,217
         
        5,883,066
         

Computers & Peripherals (0.3%)

ActivIdentity Corp.*

    7,700      19,481

Adaptec, Inc.*^

    31,500      83,475

Avid Technology, Inc.*^

    5,600      75,096

Cray, Inc.*

    2,400      18,912

Diebold, Inc.

    2,100      55,356

Electronics for Imaging, Inc.*

    12,300      131,118

Imation Corp.

    7,100      54,031

Interphase Corp.*

    1,200      6,720

Intevac, Inc.*

    5,600      48,776

Lexmark International, Inc., Class A*

    28,254      447,826

NetApp, Inc.*

    20,760      409,387

QLogic Corp.*

    10,300      130,604

Rimage Corp.*

    2,500      41,525

Silicon Graphics International Corp.*^

    6,700      30,418

Super Micro Computer, Inc.*

    2,100      16,086
         
        1,568,811
         

Electronic Equipment, Instruments & Components (2.9%)

Agilysys, Inc.^

    3,800      17,784

Anixter International, Inc.*^

    6,300      236,817

Arrow Electronics, Inc.*

    69,630      1,478,941

Avnet, Inc.*

    25,100      527,853

AVX Corp.

    9,600      95,328

Benchmark Electronics, Inc.*

    13,900      200,160

Checkpoint Systems, Inc.*^

    7,424      116,483

China Security & Surveillance Technology, Inc.*

    1,600      12,064

Cognex Corp.

    8,100      114,453

Coherent, Inc.*^

    5,400      111,672

CPI International, Inc.*

    1,258      10,932

CTS Corp.

    8,600      56,330

Daktronics, Inc.

    1,100      8,470

DDi Corp.*

    3,000      13,590

Echelon Corp.*

    2,300      19,504

Electro Rent Corp.

    5,300      50,297

Electro Scientific Industries, Inc.*

    7,200      80,496

FARO Technologies, Inc.*

    400      6,212

Flextronics International Ltd.*

    122,780      504,626

ICx Technologies, Inc.*^

    2,300      13,800

Ingram Micro, Inc., Class A*

    198,566      3,474,904

Insight Enterprises, Inc.*

    10,000      96,600

Itron, Inc.*

    700      38,549

Jabil Circuit, Inc.

    23,600      175,112

Kingboard Laminates Holdings Ltd.

    1,018,300      512,693

L-1 Identity Solutions, Inc.*

    4,100      31,734

Littelfuse, Inc.*

    5,417      108,123

Measurement Specialties, Inc.*^

    4,307      30,364

Mercury Computer Systems, Inc.*

    6,400      59,200

Methode Electronics, Inc.

    9,300      65,286

Molex, Inc.

    30,100      468,055

MTS Systems Corp.

    3,700      76,405

Newport Corp.*^

    9,400      54,426

OSI Systems, Inc.*^

    700      14,595

PAR Technology Corp.*

    700      4,473

Park Electrochemical Corp.

    1,900      40,907

PC Connection, Inc.*

    3,500      18,375

PC Mall, Inc.*

    700      4,732

Plexus Corp.*

    6,611      135,261

Richardson Electronics Ltd.

    3,670      12,001

Rofin-Sinar Technologies, Inc.*

    4,000      80,040

Rogers Corp.*

    3,000      60,690

Scansource, Inc.*^

    6,300      154,476

 

See Notes to Financial Statements.

33

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

SMART Modular Technologies (WWH), Inc.*

                 9,200    $              20,884

Spectrum Control, Inc.*

    3,100      27,280

SYNNEX Corp.*

    10,100      252,399

Tech Data Corp.*

    86,901      2,842,532

Technitrol, Inc.

    10,303      66,660

TESSCO Technologies, Inc.*

    1,327      14,332

TTM Technologies, Inc.*

    9,100      72,436

Vicon Industries, Inc.*

    500      2,900

Vishay Intertechnology, Inc.*

    36,757      249,580

X-Rite, Inc.*

    6,500      9,750

Zygo Corp.*

    3,500      16,310
         
        12,967,876
         

Internet Software & Services (0.7%)

Digital River, Inc.*

    1,900      69,008

DivX, Inc.*

    3,000      16,470

EarthLink, Inc.*

    47,100      349,011

eBay, Inc.*

    104,300      1,786,659

IAC/InterActiveCorp*

    15,300      245,565

InfoSpace, Inc.*

    3,600      23,868

Internap Network Services Corp.*

    12,700      44,323

Internet Brands, Inc., Class A*^

    2,700      18,900

Internet Capital Group, Inc.*

    3,100      20,863

Ipass, Inc.*

    12,600      20,160

j2 Global Communications, Inc.*

    900      20,304

Keynote Systems, Inc.*

    1,600      12,224

Marchex, Inc., Class B

    2,200      7,414

ModusLink Global Solutions, Inc.*

    10,800      74,088

Omniture, Inc.*

    1,000      12,560

Openwave Systems, Inc.*

    14,700      32,928

Perficient, Inc.*^

    5,600      39,144

RealNetworks, Inc.*

    10,100      30,199

SonicWALL, Inc.*

    12,500      68,500

support.com, Inc.*

    5,400      11,772

TechTarget, Inc.*

    2,900      11,600

United Online, Inc.

    43,756      284,852

Vignette Corp.*

    1,100      14,465

Web.com Group, Inc.*

    4,500      25,335
         
        3,240,212
         

IT Services (0.7%)

Acxiom Corp.

    3,100      27,373

Broadridge Financial Solutions, Inc.

    13,300      220,514

CACI International, Inc., Class A*

    10,620      453,579

China Information Security Technology, Inc.*

    900      2,574

CIBER, Inc.*

    36,136      112,022

Computer Task Group, Inc.*

    3,500      21,350

Convergys Corp.*

    43,196      400,858

CSG Systems International, Inc.*

    9,320      123,397

DST Systems, Inc.*

    1,200      44,340

Euronet Worldwide, Inc.*^

    1,500      29,085

Global Cash Access Holdings, Inc.*^

    900      7,164

Hackett Group, Inc.*

    4,800      11,184

infoGROUP, Inc.*

    15,360      87,706

Information Services Group, Inc.*

    5,900      17,759

Integral Systems, Inc.*

    3,200      26,624

ManTech International Corp., Class A*

    1,100      47,344

MAXIMUS, Inc.

    400      16,500

MoneyGram International, Inc.*

    3,000      5,340

Ness Technologies, Inc.*

    9,500      37,145

Online Resources Corp.*

    2,200      13,728

Perot Systems Corp., Class A*

    17,400      249,342

SAIC, Inc.*

    13,565      251,631

 

      Number of
Shares		    Value
(Note 1)

SRA International, Inc., Class A*

                 7,500    $            131,700

StarTek, Inc.*

    2,500      20,050

TechTeam Global, Inc.*

    1,200      7,848

Tier Technologies, Inc., Class B*

    2,100      16,128

Total System Services, Inc.

    11,300      151,307

Unisys Corp.*^

    87,464      132,071

Virtusa Corp.*

    900      7,227

Western Union Co.

    20,500      336,200
         
        3,009,090
         

Office Electronics (0.0%)

Zebra Technologies Corp., Class A*^

    1,000      23,660
         

Semiconductors & Semiconductor Equipment (1.5%)

Actel Corp.*^

    4,500      48,285

Advanced Energy Industries, Inc.*

    1,800      16,182

Advanced Micro Devices, Inc.*^

    66,088      255,761

ANADIGICS, Inc.*

    3,100      12,989

Atmel Corp.*

    112,800      420,744

ATMI, Inc.*

    5,500      85,415

Brooks Automation, Inc.*

    15,300      68,544

Cabot Microelectronics Corp.*

    5,200      147,108

CEVA, Inc.*

    700      6,076

Cirrus Logic, Inc.*

    5,360      24,120

Cohu, Inc.

    5,100      45,798

CSR plc*

    10,752      62,030

Cymer, Inc.*^

    7,400      220,002

Cypress Semiconductor Corp.*

    16,200      149,040

DSP Group, Inc.*

    6,100      41,236

Emcore Corp.*

    18,800      23,688

Entegris, Inc.*

    27,000      73,440

Exar Corp.*

    8,600      61,834

Fairchild Semiconductor International, Inc.*^

    31,277      218,626

FEI Co.*^

    743      17,015

FormFactor, Inc.*^

    700      12,068

GSI Technology, Inc.*

    4,600      17,756

Integrated Device Technology, Inc.*

   32,500      196,300

International Rectifier Corp.*

    10,005      148,174

Intersil Corp., Class A

    15,400      193,578

IXYS Corp.

    1,100      11,132

Lattice Semiconductor Corp.*

    26,400      49,632

Linear Technology Corp.^

    6,800      158,780

LSI Corp.*

    162,300      740,088

MEMSIC, Inc.*

    3,600      15,264

Micrel, Inc.

    6,700      49,044

Microtune, Inc.*

    5,100      11,934

MKS Instruments, Inc.*^

    11,712      154,481

Novellus Systems, Inc.*

    9,684      161,723

OmniVision Technologies, Inc.*

    12,100      125,719

Pericom Semiconductor Corp.*

    6,300      53,046

Photronics, Inc.*

    17,600      71,280

PMC-Sierra, Inc.*

    55,700      443,372

RF Micro Devices, Inc.*

    5,000      18,800

Rudolph Technologies, Inc.*

    4,700      25,944

Semitool, Inc.*

    4,700      21,714

Sigma Designs, Inc.*

    1,000      16,040

Silicon Image, Inc.*

    18,700      43,010

Silicon Storage Technology, Inc.*

    22,100      41,327

Skyworks Solutions, Inc.*

    19,500      190,710

Standard Microsystems Corp.*

    4,100      83,845

Techwell, Inc.*

    300      2,550

Teradyne, Inc.*

    66,120      453,583

Trident Microsystems, Inc.*^

    7,300      12,702

TriQuint Semiconductor, Inc.*

    16,000      84,960

 

See Notes to Financial Statements.

34

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Varian Semiconductor Equipment Associates, Inc.*

               46,890    $         1,124,891

Veeco Instruments, Inc.*

    3,500      40,565

Virage Logic Corp.*

    3,700      16,650

White Electronic Designs Corp.*

    5,700      26,391

Zoran Corp.*

    3,200      34,880
         
        6,849,866
         

Software (0.7%)

American Software, Inc., Class A^

    400      2,304

Callidus Software, Inc.*

    3,000      8,550

Compuware Corp.*

    60,528      415,222

Deltek, Inc.*

    580      2,517

Double-Take Software, Inc.*

    400      3,460

Dynamics Research Corp.*

    2,200      22,022

Epicor Software Corp.*

    11,800      62,540

ePlus, Inc.*

    900      13,113

Fair Isaac Corp.

    12,100      187,066

i2 Technologies, Inc.*^

    700      8,785

JDA Software Group, Inc.*

    8,096      121,116

Lawson Software, Inc.*

    20,400      113,832

Macrovision Solutions Corp.*

    7,800      170,118

McAfee, Inc.*

    17,160      723,981

Mentor Graphics Corp.*

    21,408      117,102

Monotype Imaging Holdings, Inc.*^

   5,400      36,774

MSC.Software Corp.*

    10,600      70,596

NetScout Systems, Inc.*

    1,700      15,946

Novell, Inc.*

    48,500      219,705

Nuance Communications, Inc.*

    4,900      59,241

OpenTV Corp., Class A*

    12,900      17,028

Pervasive Software, Inc.*

    3,800      23,142

Quest Software, Inc.*^

    14,700      204,918

Symyx Technologies, Inc.*

    1,700      9,945

Synchronoss Technologies, Inc.*

    600      7,362

Synopsys, Inc.*

    15,963      311,438

Take-Two Interactive Software, Inc.*

    17,500      165,725

THQ, Inc.*

    4,305      30,824

TIBCO Software, Inc.*

    28,100      201,477

VASCO Data Security International, Inc.*

    1,500      10,965
         
        3,356,814
         

Total Information Technology

         36,899,395
         

Materials (12.7%)

   

Chemicals (2.2%)

A. Schulman, Inc.

    5,806      87,729

Agrium, Inc. (When Issued)

    12,920      515,379

Airgas, Inc.

    20,300      822,759

Albemarle Corp.

    21,500      549,755

American Vanguard Corp.^

    4,300      48,590

Arch Chemicals, Inc.^

    5,272      129,638

Ashland, Inc.

    17,077      479,010

Cabot Corp.

    16,000      201,280

Cytec Industries, Inc.

    21,573      401,689

Eastman Chemical Co.

    18,153      687,999

Ferro Corp.^

    11,200      30,800

FMC Corp.

    16,740      791,802

GenTek, Inc.*

    1,900      42,427

H.B. Fuller Co.^

    12,100      227,117

Hawkins, Inc.

    100      2,258

Huntsman Corp.

    40,600      204,218

ICO, Inc.*^

    6,300      17,136

Innophos Holdings, Inc.

    5,700      96,273

Innospec, Inc.

    7,900      84,925

 

      Number of
Shares		   

Value

(Note 1)

International Flavors & Fragrances, Inc

                 1,100    $              35,992

Intrepid Potash, Inc.*^

    700      19,656

Koppers Holdings, Inc.

    1,865      49,180

Lubrizol Corp.

    2,188      103,514

Minerals Technologies, Inc.

    4,700      169,294

Mosaic Co.

    16,630      736,709

NewMarket Corp.

    1,100      74,063

NL Industries, Inc.^

    1,000      7,380

Olin Corp.^

    17,700      210,453

OM Group, Inc.*^

    13,521      392,379

PolyOne Corp.*

    19,000      51,490

Quaker Chemical Corp.

    2,800      37,212

Rockwood Holdings, Inc.*

    12,300      180,072

RPM International, Inc.

    15,170      212,987

Scotts Miracle-Gro Co., Class A

    1,930      67,647

Sensient Technologies Corp.

    12,232      276,076

ShengdaTech, Inc.*

    7,000      26,390

Solutia, Inc.*

    23,600      135,936

Spartech Corp.^

    8,384      77,049

Stepan Co.

    200      8,832

Terra Industries, Inc.

    27,440      664,597

Valhi, Inc.^

    1,300      9,659

Valspar Corp.

    25,400      572,262

W.R. Grace & Co.*

    12,700      157,099

Westlake Chemical Corp.

    4,600      93,794

Zoltek Cos., Inc.*

    6,900      67,068
         
        9,857,574
         

Construction Materials (0.2%)

Headwaters, Inc.*^

    9,000      30,240

Martin Marietta Materials, Inc.^

    6,900      544,272

Texas Industries, Inc.

    5,900      185,024

U.S. Concrete, Inc.*^

    7,700      15,246

United States Lime & Minerals, Inc.*^

    300      12,726
         
        787,508
         

Containers & Packaging (1.4%)

AEP Industries, Inc.*

    1,100      29,029

AptarGroup, Inc.

    16,945      572,233

Ball Corp.

    8,200      370,312

Bemis Co., Inc.

    25,159      634,007

Boise, Inc.*^

    3,800      6,536

Bway Holding Co.*

    2,100      36,813

Graphic Packaging Holding Co.*

    27,900      51,057

Greif, Inc., Class A

    19,920      880,862

Myers Industries, Inc.^

    7,900      65,728

Owens-Illinois, Inc.*

    25,020      700,810

Packaging Corp. of America

    23,096      374,155

Pactiv Corp.*

    27,886      605,126

Rock-Tenn Co., Class A

    7,800      297,648

Sealed Air Corp.

    39,664      731,801

Silgan Holdings, Inc.

    3,100      151,993

Sonoco Products Co.

    25,121      601,648

Temple-Inland, Inc.^

    26,800      351,616
         
        6,461,374
         

Metals & Mining (8.3%)

      

A.M. Castle & Co.

    4,510      54,481

AK Steel Holding Corp.

    27,300      523,887

Alcoa, Inc.

    164,667      1,701,010

Allied Nevada Gold Corp.*^

    2,000      16,120

AMCOL International Corp.^

    4,700      101,426

Banro Corp.*

    1,046,631      1,967,666

Brush Engineered Materials, Inc.*^

    4,900      82,075

Carpenter Technology Corp.^

    10,401      216,445

Century Aluminum Co.*^

    11,400      71,022

 

See Notes to Financial Statements.

35

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

China Precision Steel, Inc.*^

                 6,400    $              15,872

Cliffs Natural Resources, Inc.

    21,220      519,253

Coeur d’Alene Mines Corp.*^

    17,240      212,052

Commercial Metals Co.

    28,112      450,635

Compass Minerals International, Inc.^

    3,900      214,149

Freeport-McMoRan Copper & Gold, Inc.

    33,788      1,693,117

Friedman Industries, Inc.

    1,900      10,317

General Moly, Inc.*^

    15,900      35,298

General Steel Holdings, Inc.*

    2,100      8,337

Geovic Mining Corp.*

    612,517      312,996

Gold Fields Ltd. (ADR)

    519,461      6,259,505

Haynes International, Inc.*^

    2,500      59,250

Hecla Mining Co.*^

    55,900      149,812

Horsehead Holding Corp.*^

    9,200      68,540

IAMGOLD Corp.

    300,305      3,039,087

Ivanhoe Mines Ltd.*

    271,866      1,522,450

Kaiser Aluminum Corp.

    4,030      144,717

Kinross Gold Corp.

    389,393      7,067,482

Lihir Gold Ltd. (ADR)*

    297,730      6,913,291

Novagold Resources, Inc.*

    384,120      1,644,034

Olympic Steel, Inc.^

    2,300      56,281

Paramount Gold and Silver Corp.*

    2,600      3,952

Reliance Steel & Aluminum Co.

    15,816      607,176

Royal Gold, Inc.^

    6,463      269,507

RTI International Metals, Inc.*

    5,976      105,596

Schnitzer Steel Industries, Inc., Class A

    1,100      58,146

Silver Standard Resources, Inc.*

    59,050      1,107,188

Steel Dynamics, Inc.

    45,590      671,541

Stillwater Mining Co.*

    7,100      40,541

Sutor Technology Group Ltd.*^

    2,000      6,540

Titanium Metals Corp.

    21,265      195,425

Universal Stainless & Alloy Products, Inc.*

    1,300      21,151

US Gold Corp.*

    20,000      52,800

Worthington Industries, Inc.

    1,300      16,627
         
        38,286,797
         

Paper & Forest Products (0.6%)

Buckeye Technologies, Inc.*

    9,900      44,451

Clearwater Paper Corp.*

    2,600      65,754

Deltic Timber Corp.

    600      21,282

Domtar Corp.*

    117,562      1,949,178

Glatfelter

    11,500      102,350

KapStone Paper and Packaging Corp.*

    5,520      25,889

Louisiana-Pacific Corp.*

    26,600      90,972

Neenah Paper, Inc.

    3,900      34,359

Schweitzer-Mauduit International, Inc.^

    8,980      244,346

Wausau Paper Corp.

    6,800      45,696
         
        2,624,277
         

Total Materials

         58,017,530
         

Telecommunication Services (3.0%)

   

Diversified Telecommunication Services (1.9%)

Atlantic Tele-Network, Inc.

    2,200      86,438

CenturyTel, Inc.^

    39,099      1,200,339

Cincinnati Bell, Inc.*^

    44,000      124,960

Consolidated Communications Holdings, Inc.

    2,800      32,788

D&E Communications, Inc.

    3,600      36,828

FairPoint Communications, Inc.^

    10,700      6,420

Frontier Communications Corp.

    44,100      314,874

 

      Number of
Shares		   

Value

(Note 1)

General Communication, Inc., Class A*^

                 4,500    $              31,185

Global Crossing Ltd.*

    1,000      9,180

HickoryTech Corp.

    3,425      26,304

iBasis, Inc.*

    10,900      14,279

Iowa Telecommunications Services, Inc.^

    7,300      91,323

KT Corp. (ADR)

    63,804      916,225

Level 3 Communications, Inc.*

    407,100      614,721

Premiere Global Services, Inc.*

    6,500      70,460

SureWest Communications*

    3,600      37,692

TELUS Corp. (Non-Voting), Class A

    191,059      4,929,322
         
        8,543,338
         

Wireless Telecommunication Services (1.1%)

Clearwire Corp., Class A*^

    16,100      89,033

iPCS, Inc.*

    367      5,490

Leap Wireless International, Inc.*^

    3,439      113,246

SK Telecom Co., Ltd. (ADR)

    131,900      1,998,285

Syniverse Holdings, Inc.*

    2,900      46,487

Telephone & Data Systems, Inc.

    22,695      642,269

Tim Participacoes S.A. (Preference) (ADR)

    122,800      2,140,405

USA Mobility, Inc.

    5,444      69,465

Virgin Mobile USA, Inc., Class A*

    11,400      45,828
         
        5,150,508
         

Total Telecommunication Services

         13,693,846
         

Utilities (8.2%)

   

Electric Utilities (3.2%)

Allegheny Energy, Inc.

    14,100      361,665

Allete, Inc.^

    6,600      189,750

Centrais Eletricas Brasileiras S.A. (Preference) (ADR), Class B

    163,890      2,140,403

Central Vermont Public Service Corp.

    3,100      56,110

Cleco Corp.^

    15,300      343,026

DPL, Inc.

    25,343      587,197

Edison International

    12,600      396,396

El Paso Electric Co.*

    11,300      157,748

Empire District Electric Co.^

    8,500      140,420

Great Plains Energy, Inc.^

    33,997      528,653

Hawaiian Electric Industries, Inc.^

    22,700      432,662

IDACORP, Inc.

    11,242      293,866

Korea Electric Power Corp. (ADR)*

    216,817      2,493,395

MGE Energy, Inc.^

    5,518      185,129

Northeast Utilities

    92,124      2,055,286

NV Energy, Inc.

    116,140      1,253,151

Pepco Holdings, Inc.

    55,648      747,909

Pinnacle West Capital Corp.

    25,397      765,720

Portland General Electric Co.

    18,900      368,172

UIL Holdings Corp.

    7,500      168,375

UniSource Energy Corp.

    8,566      227,342

Unitil Corp.

    2,600      53,612

Westar Energy, Inc.

    26,400      495,528
         
        14,441,515
         

Gas Utilities (1.6%)

AGL Resources, Inc.

    19,400      616,920

Atmos Energy Corp.

    22,900      573,416

Chesapeake Utilities Corp.^

    1,700      55,301

Energen Corp.

    17,900      714,210

Energy West, Inc.

    1,045      9,248

Laclede Group, Inc.

    5,500      182,215

National Fuel Gas Co.^

    17,712      639,049

New Jersey Resources Corp.

    8,800      325,952

Nicor, Inc.

    11,400      394,668

 

See Notes to Financial Statements.

36

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Northwest Natural Gas Co.

                 6,600    $            292,512

ONEOK, Inc.

    33,110      976,414

Piedmont Natural Gas Co., Inc.

    17,219      415,150

South Jersey Industries, Inc.^

    6,589      229,890

Southwest Gas Corp.

    11,100      246,531

UGI Corp.

    53,520      1,364,226

WGL Holdings, Inc.

    12,421      397,720
         
        7,433,422
         

Independent Power Producers & Energy Traders (0.3%)

Dynegy, Inc., Class A*

    124,600      282,842

Mirant Corp.*

    36,100      568,214

RRI Energy, Inc.*

    87,700      439,377

U.S. Geothermal, Inc.*

    3,400      4,828
         
        1,295,261
         

Multi-Utilities (2.8%)

      

Alliant Energy Corp.

    27,636      722,129

Ameren Corp.

    98,700      2,456,642

Avista Corp.

    13,600      242,216

Black Hills Corp.

    9,600      220,704

CenterPoint Energy, Inc.

    36,900      408,852

CH Energy Group, Inc.

    3,900      182,130

CMS Energy Corp.

    71,439      862,983

Florida Public Utilities Co.

    1,500      21,045

Integrys Energy Group, Inc.

    14,900      446,851

MDU Resources Group, Inc.

    46,273      877,799

NorthWestern Corp.

    11,842      269,524

NSTAR^

    26,753      859,039

OGE Energy Corp.

    24,000      679,680

PNM Resources, Inc.^

    158,900      1,701,819

SCANA Corp.

    37,100      1,204,637

TECO Energy, Inc.

    53,329      636,215

Vectren Corp.

    20,311      475,887

Wisconsin Energy Corp.

    17,860      727,081
         
        12,995,233
         

Water Utilities (0.3%)

      

American States Water Co.

    4,700      162,808

American Water Works Co., Inc.

    13,700      261,807

Aqua America, Inc.^

    33,839      605,718

Artesian Resources Corp., Class A

    1,600      25,488

California Water Service Group

    4,558      167,917

Connecticut Water Service, Inc.^

    2,000      43,380

Consolidated Water Co., Inc.

    2,400      38,040

Middlesex Water Co.

    3,200      46,240

Pennichuck Corp.

    900      20,520

SJW Corp.^

    3,000      68,100

Southwest Water Co.^

    6,800      37,536

York Water Co.

    1,800      27,594
         
        1,505,148
         

Total Utilities

         37,670,579
         

Total Common Stocks (92.3%)
(Cost $391,313,759)

         421,776,990
         
     
      Number of
Shares		   

Value

(Note 1)

CONVERTIBLE PREFERRED STOCK:

   

Industrials (0.5%)

   

Road & Rail (0.5%)

      

Kansas City Southern 5.125%

    2,823      2,109,713
         

Total Convertible Preferred Stocks (0.5%)
(Cost $2,034,114)

      2,109,713
         

 

      Number of
Shares		   

Value

(Note 1)

INVESTMENT COMPANY:

      

Exchange Traded Fund (ETF) (0.0%)

      

Kayne Anderson Energy Development Co.
(Cost $31,371)

                   2,574    $              34,131
         
     
      Principal
Amount		    Value
(Note 1)

LONG-TERM DEBT SECURITIES:

      

Convertible Bonds (4.5%)

   

Consumer Discretionary (0.2%)

   

Media (0.2%)

      

Interpublic Group of Cos., Inc.

     

4.250%, 3/15/23

    $ 1,189,000      1,055,238
         

Total Consumer Discretionary

         1,055,238
         

Energy (1.4%)

   

Oil, Gas & Consumable Fuels (1.4%)

      

Delta Petroleum Corp.

      

3.750%, 5/1/37

      4,773,000      3,006,990

USEC, Inc.

      

3.000%, 10/1/14

      5,088,000      3,281,759
         

Total Energy

         6,288,749
         

Health Care (0.5%)

   

Health Care Providers & Services (0.5%)

   

Omnicare, Inc.

      

3.250%, 12/15/35

      3,303,000      2,287,328
         

Total Health Care

         2,287,328
         

Industrials (1.1%)

   

Airlines (0.4%)

      

JetBlue Airways Corp.

      

3.750%, 3/15/35

      1,675,000      1,603,813
         

Building Products (0.3%)

      

Griffon Corp.

      

4.000%, 7/18/23

      1,581,000      1,497,998
         

Machinery (0.4%)

      

Trinity Industries, Inc.

      

3.875%, 6/1/36

      3,370,000      1,836,649
         

Total Industrials

         4,938,460
         

Information Technology (0.0%)

   

Semiconductors & Semiconductor Equipment (0.0%)

Qimonda Finance LLC

      

6.750%, 3/22/13(b)(h)

      4,500,000      112,500
         

Total Information Technology

         112,500
         

Materials (0.7%)

   

Metals & Mining (0.7%)

      

Coeur d’Alene Mines Corp.

      

1.250%, 1/15/24

      3,714,000      3,240,465
         

Total Materials

         3,240,465
         

Telecommunication Services (0.6%)

   

Wireless Telecommunication Services (0.6%)

   

NII Holdings, Inc.

      

3.125%, 6/15/12

      3,403,000      2,616,056
         

Total Telecommunication Services

         2,616,056
         

 

See Notes to Financial Statements.

37

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)		  

Total Convertible Bonds

       $ 20,538,796   
           

Corporate Bond (0.4%)

   

Industrials (0.4%)

   

Airlines (0.4%)

  

JetBlue Airways Corp.
Series B

      

6.750%, 10/15/39

    $ 1,835,000      1,933,631   
           

Total Industrials

         1,933,631   
           

Total Long-Term Debt Securities (4.9%)

   

(Cost $16,863,581)

         22,472,427   
           
     
      Number of
Rights		    Value
(Note 1)		  

RIGHTS:

      

Consumer Discretionary (0.0%)

   

Household Durables (0.0%)

  

Sealy Corp., expiring 7/2/09*

      

(Cost $5,829)

      10,800      22,896   
           
     
      Principal
Amount		    Value
(Note 1)		  

SHORT-TERM INVESTMENTS:

      

Government Securities (0.1%)

   

U.S. Treasury Bills

      

0.18%, 9/10/09 #

    $ 396,000      395,871   
           

Short-Term Investments of Cash Collateral for Securities Loaned (7.8%)

   

BBVA Senior Finance S.A.

      

0.69%, 3/12/10 (l)

      2,540,000      2,506,292   

Deutsche Bank Securities, Inc., Repurchase Agreement

      

0.09%, 7/1/09 (r)(u)

      23,916,191      23,916,191   

General Electric Capital Corp.

      

0.40%, 3/12/10 (l)

      460,000      452,308   

Lehman Brothers Holdings, Inc.

      

0.00%, 8/21/09 (h)(l)(s)

      2,889,981      426,272   

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      5,430,000      5,226,374   

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      3,469,653      3,197,643   
           

Total Short-Term Investments of Cash Collateral for Securities Loaned

      35,725,080   
           

Time Deposit (2.8%)

   

JPMorgan Chase Nassau

      

0.000%, 7/1/09

      12,626,154      12,626,154   
           

Total Short-Term Investments (10.7%)

   

(Cost/Amortized Cost $51,727,861)

         48,747,105   
           

Total Investments (108.4%)

   

(Cost/Amortized Cost $461,976,515)

         495,163,262   

Other Assets Less Liabilities (-8.4%)

         (38,189,169 ) 
           

Net Assets (100%)

       $     456,974,093   
           

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
† Securities (totaling $1,066,588 or 0.2% of net assets) 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, 2009, the market value of these securities amounted to $1,066,532 or 0.2% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.
# All, or a portion of security held by broker as collateral for financial futures contracts.
(b) Illiquid Security.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(s) Issuer in bankruptcy.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% – 5.500%, maturing 4/15/23 – 7/19/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 – 7/25/38.

 

  Glossary:
  ADR — American Depositary Receipt

 

See Notes to Financial Statements.

38

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		    Expiration
Date		    Original Value    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchases

               

Russell 2000 Mini Index

    26    September-09    $ 1,351,208    $ 1,318,720    $ (32,488 ) 

S&P Mid 400 E-Mini Index

    41    September-09              2,424,648              2,364,470      (60,178 ) 
                    
               $ (92,666 ) 
                    

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

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

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 44,632,676      $ –    $ –    $ 44,632,676   

Consumer Staples

      25,628,038        991,405      –      26,619,443   

Energy

      41,723,541        258,755      1,066,532      43,048,828   

Financials

      85,280,143        –      56      85,280,199   

Health Care

      27,977,495        –      –      27,977,495   

Industrials

      47,936,999        –      –      47,936,999   

Information Technology

      36,324,672        574,723      –      36,899,395   

Materials

      58,017,530        –      –      58,017,530   

Telecommunication Services

      13,693,846        –      –      13,693,846   

Utilities

      37,670,579        –      –      37,670,579   

Convertible Bonds

           

Consumer Discretionary

      –        1,055,238      –      1,055,238   

Energy

      –        6,288,749      –      6,288,749   

Health Care

      –        2,287,328      –      2,287,328   

Industrials

      –        4,938,460      –      4,938,460   

Information Technology

      –        112,500      –      112,500   

Materials

      –        3,240,465      –      3,240,465   

Telecommunication Services

      –        2,616,056      –      2,616,056   

Convertible Preferred Stocks

           

Industrials

      –        2,109,713      –      2,109,713   

Corporate Bonds

           

Industrials

      –        1,933,631      –      1,933,631   

Investment Companies

           

Exchange Traded Funds (ETFs)

      34,131        –      –      34,131   

Rights

           

Consumer Discretionary

      22,896        –      –      22,896   

Short-Term Investments

      –        48,747,105      –      48,747,105   

Total Asset

    $ 418,942,546      $ 75,154,128    $ 1,066,588    $ 495,163,262   

Liability:

           

Futures

    $ (92,666 )    $ –    $ –    $ (92,666 ) 

Total Liability

    $ (92,666 )    $ –    $ –    $ (92,666 ) 

Total

    $ 418,849,880      $ 75,154,128    $ 1,066,588    $         495,070,596   

 

See Notes to Financial Statements.

39

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

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

 

      Investments in
    Securities-Energy    		             Other Investments*         

Balance as of 12/31/08

    $1,563,767        $—    

Total gains or losses (realized/unrealized) included in earnings

    (497,235)        —    

Purchases, sales, issuances, and settlements (net)

    —        —    

Transfers in and/or out of Level 3

    —        —    
                   
                   

Balance as of 6/30/09

    $1,066,532        $—    
                   
                   
         
      Investments in
    Securities-Financials    		             Other Investments*         

Balance as of 12/31/08

    $—        $—    

Total gains or losses (realized/unrealized) included in earnings

    56        —    

Purchases, sales, issuances, and settlements (net)

    —        —    

Transfers in and/or out of Level 3

    —        —    
                   
                   

Balance as of 6/30/09

    $56        $—    
                   
                   
         
      Investments in
    Securities-Health Care    		             Other Investments*         

Balance as of 12/31/08

    $3,503,638        $—    

Total gains or losses (realized/unrealized) included in earnings

    —        —    

Purchases, sales, issuances, and settlements (net)

    —        —    

Transfers in and/or out of Level 3

    (3,503,638)        —    
                   
                   

Balance as of 6/30/09

    $—        $—    
                   
                   
         
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at year ending 6/30/09.    $(497,179)        $—    

*Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

    Receivables, Net Assets - Unrealized appreciation    $ – * 

Foreign exchange contracts

    Receivables      –   

Credit contracts

    Receivables      –   

Equity contracts

    Receivables, Net Assets - Unrealized appreciation      – * 

Commodity contracts

    Receivables      –   

Other contracts

    Receivables      –   
           

Total

       $ –   
           
     Liability Derivatives        

Interest rate contracts

    Payables, Net Assets - Unrealized depreciation    $ – * 

Foreign exchange contracts

    Payables      –   

Credit contracts

    Payables      –   

Equity contracts

    Payables, Net Assets - Unrealized depreciation      –   

Commodity contracts

    Payables      –   

Other contracts

    Payables      –   
           

Total

       $ –   
           

 

See Notes to Financial Statements.

40

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $–    $–      $–      $–    $–   

Foreign exchange contracts

    –    –      (15,647 )    –    (15,647 ) 

Credit contracts

    –    –      –      –    –   

Equity contracts

    –    (723,535 )    –      –    (723,535 ) 

Commodity contracts

    –    –      –      –    –   

Other contracts

    –    –      –      –    –   

Total

    $–    $(723,535 )    $(15,647 )    $–    $(739,182 ) 
            
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		     Swaps    Total  

Interest rate contracts

    $–    $–      $–      $–    $–   

Foreign exchange contracts

    –    –      439      –    439   

Credit contracts

    –    –      –      –    –   

Equity contracts

    –    (92,666 )    –      –    (92,666 ) 

Commodity contracts

    –    –      –      –    –   

Other contracts

    –    –      –      –    –   

Total

    $–    $(92,666 )    $439      $–    $(92,227 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 379,835,982

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $             589,307,419

As of June 30, 2009, 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

    $             66,526,781   

Aggregate gross unrealized depreciation

      (43,581,184 ) 
        

Net unrealized appreciation

    $             22,945,597   
        

Federal income tax cost of investments

    $             472,217,665   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $37,124,371. This was secured by collateral of $38,705,825 which was received as cash and subsequently invested in short-term investments currently valued at $35,725,080, 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 $93,883, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2009, the Portfolio incurred approximately $997 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $59 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $87,489,302 which expires in the year 2016.

 

See Notes to Financial Statements.

41

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (16.7%)

   

Auto Components (0.2%)

Amerigon, Inc.*

    11,700    $ 71,370

Cooper Tire & Rubber Co.

    32,700      324,384

Drew Industries, Inc.*^

    6,300      76,671

Fuel Systems Solutions, Inc.*^

    6,300      127,197

Raser Technologies, Inc.*^

    25,600      71,680

Standard Motor Products, Inc.

    4,900      40,523

Wonder Auto Technology, Inc.*

    7,900      80,027
         
        791,852
         

Automobiles (0.0%)

Winnebago Industries, Inc.

    2,400      17,832
         

Distributors (0.1%)

Core-Mark Holding Co., Inc.*

    1,500      39,090

LKQ Corp.*

    24,065      395,869
         
        434,959
         

Diversified Consumer Services (2.4%)

American Public Education, Inc.*

    16,935      670,795

Bridgepoint Education, Inc.*

    36,862      626,654

Capella Education Co.*^

    9,704      581,755

ChinaCast Education Corp.*

    16,500      117,480

Coinstar, Inc.*^

    77,337      2,064,898

Corinthian Colleges, Inc.*^

    57,670      976,353

CPI Corp.

    2,900      49,271

Grand Canyon Education, Inc.*^

    34,129      572,685

K12, Inc.*^

    44,905      967,703

Learning Tree International, Inc.*^

   4,600      47,380

Lincoln Educational Services Corp.*^

    5,400      113,022

Matthews International Corp., Class A^

    16,876      525,181

Nobel Learning Communities, Inc.*

   2,200      25,234

Pre-Paid Legal Services, Inc.*

    3,800      165,642

Princeton Review, Inc.*^

    6,200      33,542

Sotheby’s, Inc.^

             161,739      2,282,137

Steiner Leisure Ltd.*

    4,300      131,279

Universal Technical Institute, Inc.*

    11,000      164,230

Weight Watchers International, Inc.

    19,000      489,630
         
              10,604,871
         

Hotels, Restaurants & Leisure (5.6%)

AFC Enterprises, Inc.*

    1,600      10,800

Ambassadors Group, Inc.^

    10,200      140,454

Ameristar Casinos, Inc.

    14,200      270,226

Bally Technologies, Inc.*

    207,688      6,214,024

Benihana, Inc., Class A*

    3,800      24,016

BJ’s Restaurants, Inc.*^

    224,724      3,791,094

Buffalo Wild Wings, Inc.*

    13,300      432,516

California Pizza Kitchen, Inc.*^

    10,800      143,532

Caribou Coffee Co., Inc.*

    4,100      26,322

Carrols Restaurant Group, Inc.*

    6,500      43,290

CEC Entertainment, Inc.*

    12,800      377,344

Cheesecake Factory, Inc.*^

    33,200      574,360

CKE Restaurants, Inc.

    73,500      623,280

Cracker Barrel Old Country Store, Inc.^

    9,300      259,470

Denny’s Corp.*

    50,800      109,220

DineEquity, Inc.

    9,400      293,186

Dover Downs Gaming & Entertainment, Inc.

    7,800      36,270

Einstein Noah Restaurant Group, Inc.*

    1,800      15,570
      Number of
Shares		    Value
(Note 1)

Great Wolf Resorts, Inc.*^

             106,510    $ 217,280

Interval Leisure Group, Inc.*

    20,700      192,924

Isle of Capri Casinos, Inc.*

    8,700      115,884

Jack in the Box, Inc.*

    31,559      708,500

Krispy Kreme Doughnuts, Inc.*

    29,100      87,300

Life Time Fitness, Inc.*^

    2,000      40,020

Monarch Casino & Resort, Inc.*^

    2,896      21,141

Morgans Hotel Group Co.*^

    10,400      39,832

P.F. Chang’s China Bistro, Inc.*^

    13,182      422,615

Panera Bread Co., Class A*

    3,275      163,292

Papa John’s International, Inc.*

    9,900      245,421

Peet’s Coffee & Tea, Inc.*

    7,000      176,400

Penn National Gaming, Inc.*

    46,990      1,367,879

Pinnacle Entertainment, Inc.*

    43,533      404,422

Red Robin Gourmet Burgers, Inc.*^

    2,200      41,250

Ruth’s Hospitality Group, Inc.*

    8,900      32,663

Scientific Games Corp., Class A*

    28,400      447,868

Shuffle Master, Inc.*^

    439,230      2,903,310

Sonic Corp.*^

    30,875      309,676

Texas Roadhouse, Inc., Class A*^

    26,300      286,933

Town Sports International Holdings, Inc.*^

    7,700      28,875

Universal Travel Group*

    5,100      57,069

WMS Industries, Inc.*

    91,222      2,874,405

Youbet.com, Inc.*

    17,200      56,760
         
              24,626,693
         

Household Durables (1.4%)

Hovnanian Enterprises, Inc., Class A*

    16,700      39,412

iRobot Corp.*^

    9,600      124,608

National Presto Industries, Inc.

    2,700      205,470

Tempur-Pedic International, Inc.

    41,486      542,222

Tupperware Brands Corp.

    34,600      900,292

Universal Electronics, Inc.*

    214,376      4,323,964
         
        6,135,968
         

Internet & Catalog Retail (1.0%)

1-800-FLOWERS.COM, Inc.,

      

Class A*

    3,400      6,528

Blue Nile, Inc.*^

    7,100      305,229

Drugstore.Com, Inc.*

    43,400      78,988

HSN, Inc.*

    22,100      233,597

Netflix, Inc.*^

    48,616      2,009,785

NutriSystem, Inc.

    16,200      234,900

Orbitz Worldwide, Inc.*^

    24,822      47,162

Overstock.com, Inc.*^

    8,200      98,072

PetMed Express, Inc.*^

    12,600      189,378

priceline.com, Inc.*^

    920      102,626

Shutterfly, Inc.*^

    81,336      1,134,637

Stamps.com, Inc.*

    7,000      59,360

Ticketmaster Entertainment, Inc.*

    21,100      135,462
         
        4,635,724
         

Leisure Equipment & Products (0.4%)

Leapfrog Enterprises, Inc.*

    4,900      11,221

Polaris Industries, Inc.^

    34,275      1,100,913

Pool Corp.^

    14,506      240,219

Smith & Wesson Holding Corp.*

    29,700      168,696

Sturm Ruger & Co., Inc.

    10,000      124,400
         
        1,645,449
         

Media (0.8%)

Arbitron, Inc.

    14,500      230,405

Carmike Cinemas, Inc.

    5,200      43,576

Cinemark Holdings, Inc.

    65,610      742,705

CKX, Inc.*

    32,300      229,007

 

See Notes to Financial Statements.

42

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Crown Media Holdings, Inc., Class A*^

    3,700    $ 6,179

Dolan Media Co.*

    16,700      213,593

Global Sources Ltd.*

    1,450      10,455

Knology, Inc.*

    6,000      51,780

Live Nation, Inc.*

             148,208      720,291

LodgeNet Interactive Corp.*

    20,098      68,333

Martha Stewart Living Omnimedia, Inc., Class A*

    14,200      43,452

Mediacom Communications Corp., Class A*

    7,900      40,369

National CineMedia, Inc.

    60,047      826,247

Playboy Enterprises, Inc., Class B*

    12,600      31,626

RCN Corp.*^

    20,500      122,385

Rentrak Corp.*

    5,300      87,079

Valassis Communications, Inc.*

    22,000      134,420

Value Line, Inc.

    700      23,009

World Wrestling Entertainment, Inc., Class A^

    9,500      119,320
         
        3,744,231
         

Multiline Retail (0.1%)

99 Cents Only Stores*

    22,900      310,982

Fred’s, Inc., Class A

    6,800      85,680
         
        396,662
         

Specialty Retail (2.5%)

Aaron’s, Inc.^

    1,900      56,658

America’s Car-Mart, Inc.*

    3,400      69,700

bebe Stores, Inc.^

    13,500      92,880

Big 5 Sporting Goods Corp.

    12,000      132,720

Buckle, Inc.^

    14,920      474,008

Cato Corp., Class A

    15,400      268,576

Charlotte Russe Holding, Inc.*

    8,100      104,328

Children’s Place Retail Stores, Inc.*

   13,200      348,876

Christopher & Banks Corp.^

    2,700      18,117

Citi Trends, Inc.*

    7,500      194,100

Coldwater Creek, Inc.*^

    25,700      155,742

Collective Brands, Inc.*

    15,500      225,835

Destination Maternity Corp.*

    2,700      45,036

Dick’s Sporting Goods, Inc.*

    5,200      89,440

Dress Barn, Inc.*

    6,600      94,380

DSW, Inc., Class A*^

    600      5,910

Finish Line, Inc., Class A

    13,000      96,460

Genesco, Inc.*

    203,252              3,815,040

Gymboree Corp.*^

    12,800      454,144

hhgregg, Inc.*^

    18,700      283,492

Hibbett Sports, Inc.*^

    23,300      419,400

HOT Topic, Inc.*

    14,800      108,188

J. Crew Group, Inc.*^

    27,825      751,832

Jo-Ann Stores, Inc.*

    5,500      113,685

JoS. A. Bank Clothiers, Inc.*^

    10,100      348,046

Kirkland’s, Inc.*

    7,100      85,271

Lumber Liquidators, Inc.*^

    8,100      127,656

Men’s Wearhouse, Inc.

    1,600      30,688

Midas, Inc.*

    6,800      71,264

Monro Muffler, Inc.^

    9,300      239,103

OfficeMax, Inc.

    30,700      192,796

Sally Beauty Holdings, Inc.*

    13,200      83,952

Sonic Automotive, Inc., Class A

    3,500      35,560

Stein Mart, Inc.*

    13,500      119,610

Systemax, Inc.*

    2,600      30,966

Talbots, Inc.

    8,800      47,520

Tractor Supply Co.*

    23,185      958,004

Tween Brands, Inc.*

    1,900      12,692
      Number of
Shares		    Value
(Note 1)

Ulta Salon Cosmetics & Fragrance, Inc.*

    15,500    $ 172,360

Wet Seal, Inc., Class A*

    51,800      159,026

Zumiez, Inc.*

    10,500      84,105
         
        11,217,166
         

Textiles, Apparel & Luxury Goods (2.2%)

American Apparel, Inc.*

    19,300      70,252

Carter’s, Inc.*

    24,600      605,406

Cherokee, Inc.

    4,300      85,226

Crocs, Inc.*^

    17,200      58,480

Deckers Outdoor Corp.*

    7,300      512,971

FGX International Holdings Ltd.*

    7,300      83,074

Fossil, Inc.*

    25,900      623,672

Fuqi International, Inc.*^

    4,900      101,479

G-III Apparel Group Ltd.*

    4,300      49,407

K-Swiss, Inc., Class A

    8,400      71,400

Liz Claiborne, Inc.

    37,000      106,560

Lululemon Athletica, Inc.*

    22,600      294,478

Maidenform Brands, Inc.*

    10,600      121,582

Oxford Industries, Inc.

    4,900      57,085

Steven Madden Ltd.*

    8,700      221,415

Timberland Co., Class A*

    15,600      207,012

True Religion Apparel, Inc.*^

             199,845      4,456,544

Under Armour, Inc., Class A*^

    17,500      391,650

UniFirst Corp.

    1,500      55,755

Volcom, Inc.*^

    10,000      125,000

Warnaco Group, Inc.*^

    28,080      909,792

Weyco Group, Inc.^

    3,900      90,051

Wolverine World Wide, Inc.

    26,300      580,178
         
        9,878,469
         

Total Consumer Discretionary

               74,129,876
         

Consumer Staples (2.4%)

   

Beverages (0.1%)

Boston Beer Co., Inc., Class A*^

    4,400      130,196

Coca-Cola Bottling Co. Consolidated

    2,200      121,286

National Beverage Corp.*

    3,200      34,080
         
        285,562
         

Food & Staples Retailing (0.4%)

Arden Group, Inc., Class A

    600      75,060

Casey’s General Stores, Inc.

    17,200      441,868

Diedrich Coffee, Inc.*

    1,800      42,804

Pantry, Inc.*

    1,800      29,880

Pricesmart, Inc.

    8,900      149,075

Ruddick Corp.^

    4,300      100,749

United Natural Foods, Inc.*^

    23,700      622,125

Village Super Market, Inc., Class A

    3,300      98,175

Weis Markets, Inc.

    1,200      40,224
         
        1,599,960
         

Food Products (0.9%)

AgFeed Industries, Inc.*^

    15,500      91,915

Alico, Inc.^

    1,300      39,026

American Dairy, Inc.*

    4,400      174,504

American Italian Pasta Co., Class A*

    8,300      241,862

B&G Foods, Inc., Class A

    3,100      26,071

Calavo Growers, Inc.

    5,500      109,065

Cal-Maine Foods, Inc.^

    7,500      187,200

Darling International, Inc.*

    43,100      284,460

Diamond Foods, Inc.

    7,200      200,880

Farmer Bros Co.

    1,700      38,896

Hain Celestial Group, Inc.*^

    6,100      95,221

HQ Sustainable Maritime Industries, Inc.*

    3,700      33,855

J&J Snack Foods Corp.

    7,900      283,610

 

See Notes to Financial Statements.

43

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Lancaster Colony Corp.

    10,700    $ 471,549

Lance, Inc.

    15,400      356,202

Lifeway Foods, Inc.*

    2,300      29,670

Overhill Farms, Inc.*

    9,100      47,957

Sanderson Farms, Inc.

    11,200      504,000

Smart Balance, Inc.*

    25,400      172,974

Synutra International, Inc.*

    10,100      111,100

Tootsie Roll Industries, Inc.^

    13,368      303,320

Zhongpin, Inc.*

    10,600      109,816
         
        3,913,153
         

Household Products (0.1%)

Orchids Paper Products Co.*

    2,800      57,540

WD-40 Co.

    6,400      185,600
         
        243,140
         

Personal Products (0.8%)

American Oriental Bioengineering, Inc.*^

    12,700      67,183

Bare Escentuals, Inc.*

    36,700      325,529

Chattem, Inc.*^

    10,100      687,810

China Sky One Medical, Inc.*

    4,400      59,312

China-Biotics, Inc.*

    4,200      45,276

Female Health Co.*

    9,200      44,160

Herbalife Ltd.

    68,844      2,171,340

Inter Parfums, Inc.^

    600      4,404

Medifast, Inc.*

    7,400      84,804

Nu Skin Enterprises, Inc., Class A

    27,400      419,220

Revlon, Inc., Class A*

    5,500      29,920

Schiff Nutrition International, Inc.*

    500      2,545

USANA Health Sciences, Inc.*^

    3,400      101,082
         
        4,042,585
         

Tobacco (0.1%)

Alliance One International, Inc.*

    33,900      128,820

Star Scientific, Inc.*^

    43,800      38,982

Universal Corp.

    1,100      36,421

Vector Group Ltd.

    20,500      292,945
         
        497,168
         

Total Consumer Staples

               10,581,568
         

Energy (3.6%)

   

Energy Equipment & Services (2.0%)

Bolt Technology Corp.*

    1,800      20,232

Bristow Group, Inc.*

    1,300      38,519

Cal Dive International, Inc.*

    6,000      51,780

CARBO Ceramics, Inc.^

    9,800      335,160

Core Laboratories N.V.

    790      68,849

Dril-Quip, Inc.*

    16,300      621,030

ENGlobal Corp.*

    10,000      49,200

Geokinetics, Inc.*

    2,100      28,665

Gulf Island Fabrication, Inc.

    500      7,915

GulfMark Offshore, Inc.*

    6,700      184,920

Hercules Offshore, Inc.*

    5,700      22,629

ION Geophysical Corp.*

    4,500      11,565

Lufkin Industries, Inc.

    92,202      3,877,094

Matrix Service Co.*

    4,400      50,512

NATCO Group, Inc., Class A*

    2,100      69,132

Natural Gas Services Group, Inc.*

    800      10,640

OYO Geospace Corp.*^

             106,191      2,724,861

PHI, Inc.*

    4,800      82,272

Pioneer Drilling Co.*

    2,600      12,454

RPC, Inc.

    15,200      126,920

Sulphco, Inc.*^

    32,200      29,624

TETRA Technologies, Inc.*

    22,400      178,304

TGC Industries, Inc.*

    6,000      29,220
      Number of
Shares		    Value
(Note 1)

Willbros Group, Inc.*

    20,600    $ 257,706
         
        8,889,203
         

Oil, Gas & Consumable Fuels (1.6%)

Apco Argentina, Inc.

    5,200      99,996

Approach Resources, Inc.*

    4,600      31,740

Arena Resources, Inc.*

    34,280      1,091,817

Atlas America, Inc.^

    9,200      164,404

ATP Oil & Gas Corp.*^

    3,600      25,056

BPZ Resources, Inc.*^

    37,900      185,331

Brigham Exploration Co.*

    25,500      88,995

Carrizo Oil & Gas, Inc.*^

    14,600      250,390

Cheniere Energy, Inc.*

    10,600      31,164

Clean Energy Fuels Corp.*

    16,800      144,648

Comstock Resources, Inc.*

    6,070      200,614

Concho Resources, Inc.*

    18,355      526,605

Contango Oil & Gas Co.*

    6,400      271,936

CREDO Petroleum Corp.*

    3,400      36,312

CVR Energy, Inc.*^

    1,200      8,796

Delta Petroleum Corp.*

    53,000      102,290

Endeavour International Corp.*

    59,400      80,784

Evergreen Energy, Inc.*

    63,900      62,622

FX Energy, Inc.*

    22,000      83,380

GMX Resources, Inc.*

    7,100      75,544

Golar LNG Ltd.

    11,700      100,035

Goodrich Petroleum Corp.*^

    16,925      416,186

Gulfport Energy Corp.*^

    13,900      95,215

Isramco, Inc.*

    600      63,918

James River Coal Co.*

    14,600      220,898

McMoRan Exploration Co.*

    31,800      189,528

Northern Oil and Gas, Inc.*

    15,900      101,283

Panhandle Oil and Gas, Inc., Class A^

    3,800      74,594

PrimeEnergy Corp.*

    400      14,324

Rex Energy Corp.*

    8,300      47,310

Ship Finance International Ltd.

    14,783      163,056

Syntroleum Corp.*

    35,800      79,118

Teekay Tankers Ltd., Class A^

    7,000      65,030

Toreador Resources Corp.*

    10,800      72,360

Uranerz Energy Corp.*

    21,800      40,984

Uranium Energy Corp.*

    24,900      72,210

VAALCO Energy, Inc.*

    2,600      10,998

Venoco, Inc.*

    39,670      304,269

W&T Offshore, Inc.

    18,000      175,320

Warren Resources, Inc.*^

    18,500      45,325

Westmoreland Coal Co.*

    1,400      11,340

Whiting Petroleum Corp.*

    9,885      347,557

World Fuel Services Corp.

    16,300      672,049

Zion Oil & Gas, Inc.*

    6,800      72,216
         
        7,017,547
         

Total Energy

               15,906,750
         

Financials (5.9%)

   

Capital Markets (1.4%)

BGC Partners, Inc., Class A

    9,100      34,489

Broadpoint Gleacher Securities, Inc.*^

    20,200      112,716

Cohen & Steers, Inc.

    5,900      88,205

Diamond Hill Investment Group, Inc.*

    1,100      44,198

Epoch Holding Corp.^

    5,200      44,928

Evercore Partners, Inc., Class A

    18,098      355,445

GAMCO Investors, Inc., Class A

    2,400      116,400

GFI Group, Inc.

    85,349      575,252

International Assets Holding Corp.*

   2,200      32,714

Investment Technology Group, Inc.*

             112,159      2,286,922

KBW, Inc.*

    9,000      258,840

Knight Capital Group, Inc., Class A*^

    26,200      446,710

 

See Notes to Financial Statements.

44

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Lazard Ltd., Class A

                 1,400    $              37,688

Main Street Capital Corp.*

    2,600      35,594

MF Global Ltd.*^

    48,200      285,826

optionsXpress Holdings, Inc.

    22,300      346,319

Penson Worldwide, Inc.*

    7,000      62,650

Pzena Investment Management, Inc., Class A

    4,900      37,142

Riskmetrics Group, Inc.*^

    11,400      201,324

Safeguard Scientifics, Inc.*

    26,900      35,508

Stifel Financial Corp.*^

    15,100      726,159

Teton Advisors, Inc.(b)*†

    29      56

TradeStation Group, Inc.*

    5,000      42,300

U.S. Global Investors, Inc., Class A

    6,000      55,560

Westwood Holdings Group, Inc.^

    2,400      100,344
         
        6,363,289
         

Commercial Banks (1.2%)

Ames National Corp.

    1,700      41,497

Arrow Financial Corp.

    3,200      86,400

Bank of Marin Bancorp/California

    2,300      61,985

Bridge Bancorp, Inc.*

    2,900      78,938

Cardinal Financial Corp.^

    9,900      77,517

Cathay General Bancorp

    11,900      113,169

City Holding Co.

    900      27,324

CNB Financial Corp./Pennsylvania

    2,400      34,008

Enterprise Financial Services Corp.

    3,200      29,088

First Commonwealth Financial Corp.

    180,270      1,142,912

First Financial Bankshares, Inc.^

    6,200      312,232

Great Southern Bancorp, Inc.

    1,400      28,770

Hancock Holding Co.^

    1,800      58,482

Investors Bancorp, Inc.*

    2,400      21,984

Nara Bancorp, Inc.

    4,700      24,346

Orrstown Financial Services, Inc.

    1,400      52,136

Park National Corp.

    400      22,592

Penns Woods Bancorp, Inc.

    1,300      37,882

PrivateBancorp, Inc.

    12,700      282,448

Signature Bank/New York*

    27,360      742,003

Southside Bancshares, Inc.

    1,700      38,879

Suffolk Bancorp^

    3,700      94,868

SVB Financial Group*^

    1,800      48,996

SY Bancorp, Inc.^

    2,600      62,842

Texas Capital Bancshares, Inc.*

    2,000      30,940

Tompkins Financial Corp.

    1,700      81,515

UMB Financial Corp.

    29,180      1,109,132

Westamerica Bancorporation

    9,115      452,195
         
        5,195,080
         

Consumer Finance (1.3%)

Advance America Cash Advance

      

Centers, Inc.

    23,200      102,776

Cardtronics, Inc.*^

    10,000      38,100

Cash America International, Inc.

    192,201      4,495,581

Credit Acceptance Corp.*^

    3,100      67,735

Dollar Financial Corp.*

    45,015      620,757

EZCORP, Inc., Class A*

    24,000      258,720

First Cash Financial Services, Inc.*

    12,800      224,256

Nelnet, Inc., Class A*

    3,400      46,206
         
        5,854,131
         

Diversified Financial Services (0.3%)

Asset Acceptance Capital Corp.*

    3,500      26,915

Fifth Street Finance Corp.

    42      423

Financial Federal Corp.

    5,200      106,860

Life Partners Holdings, Inc.^

    3,550      50,339

MarketAxess Holdings, Inc.*

    17,700      168,681

MSCI, Inc., Class A*

    21,995      537,558

NewStar Financial, Inc.*

    5,900      11,269

 

      Number of
Shares		    Value
(Note 1)

PICO Holdings, Inc.*

                 4,100    $            117,670

Portfolio Recovery Associates, Inc.*^

    8,500      329,205
         
        1,348,920
         

Insurance (0.6%)

Amtrust Financial Services, Inc.

    700      7,980

Assured Guaranty Ltd.

    4,300      53,234

Citizens, Inc./Texas*

    14,100      85,728

Crawford & Co., Class B*

    9,600      46,080

eHealth, Inc.*

    13,200      233,112

FBL Financial Group, Inc., Class A

    3,300      27,258

First Mercury Financial Corp.

    25,047      344,897

Navigators Group, Inc.*

    6,159      273,644

RLI Corp.

    4,300      192,640

Safety Insurance Group, Inc.

    1,000      30,560

Tower Group, Inc.

    49,560      1,228,097

Universal Insurance Holdings, Inc.

    4,900      24,598
         
        2,547,828
         

Real Estate Investment Trusts (REITs) (0.9%)

Acadia Realty Trust (REIT)^

    5,200      67,860

Alexander’s, Inc. (REIT)

    700      188,720

Associated Estates Realty Corp. (REIT)

    1,400      8,344

DuPont Fabros Technology, Inc. (REIT)^

    7,900      74,418

EastGroup Properties, Inc. (REIT)

    8,500      280,670

Equity Lifestyle Properties, Inc. (REIT)

    6,900      256,542

Getty Realty Corp. (REIT)

    3,900      73,593

LTC Properties, Inc. (REIT)

    1,500      30,675

Mid-America Apartment Communities, Inc. (REIT)^

    8,396      308,217

National Health Investors, Inc. (REIT)

    800      21,368

Omega Healthcare Investors, Inc. (REIT)

    8,500      131,920

Potlatch Corp. (REIT)

    11,600      281,764

PS Business Parks, Inc. (REIT)^

    2,700      130,788

Redwood Trust, Inc. (REIT)

    98,553      1,454,642

Saul Centers, Inc. (REIT)

    3,000      88,710

Tanger Factory Outlet Centers (REIT)

    10,700      347,001

Universal Health Realty Income Trust (REIT)

    3,300      104,016

Washington Real Estate Investment Trust (REIT)^

    3,700      82,769
         
        3,932,017
         

Real Estate Management & Development (0.1%)

CB Richard Ellis Group, Inc.,

      

Class A*

    47,160      441,418

Tejon Ranch Co.*^

    6,000      158,940
         
        600,358
         

Thrifts & Mortgage Finance (0.1%)

Brookline Bancorp, Inc.

    8,100      75,492

Kearny Financial Corp.

    2,100      24,024

Oritani Financial Corp.*^

    5,400      74,034

Prudential Bancorp, Inc. of Pennsylvania*

    2,000      23,620

Roma Financial Corp.

    2,000      25,480

TrustCo Bank Corp. NY/New York^

    13,200      78,012

United Financial Bancorp, Inc.

    1,700      23,494

ViewPoint Financial Group

    5,000      76,150
         
        400,306
         

Total Financials

         26,241,929
         

 

See Notes to Financial Statements.

45

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Health Care (24.4%)

      

Biotechnology (4.9%)

Acorda Therapeutics, Inc.*

               21,000    $            591,990

Affymax, Inc.*

    6,900      127,167

Alexion Pharmaceuticals, Inc.*

    8,670      356,510

Alkermes, Inc.*^

    50,600      547,492

Allos Therapeutics, Inc.*

    34,700      287,663

Alnylam Pharmaceuticals, Inc.*^

    20,000      445,400

Amicus Therapeutics, Inc.*

    8,600      98,470

Arena Pharmaceuticals, Inc.*

    44,500      222,055

ARIAD Pharmaceuticals, Inc.*

    44,800      71,232

ArQule, Inc.*

    12,700      77,978

Array BioPharma, Inc.*

    25,300      79,442

AVI BioPharma, Inc.*

    43,800      69,204

BioCryst Pharmaceuticals, Inc.*

    12,300      49,569

BioMarin Pharmaceutical, Inc.*

    146,556      2,287,739

Cardium Therapeutics, Inc.*

    22,600      41,810

Celera Corp.*

    49,773      379,768

Cell Therapeutics, Inc.*

    256,000      440,320

Celldex Therapeutics, Inc.*^

    8,100      63,342

Cepheid, Inc.*

    30,300      285,426

Chelsea Therapeutics International, Inc.*

    13,500      56,835

Cougar Biotechnology, Inc.*

    8,000      343,680

Cubist Pharmaceuticals, Inc.*

    125,662      2,303,384

Curis, Inc.*

    36,600      58,194

Cytokinetics, Inc.*

    22,100      62,543

Cytori Therapeutics, Inc.*^

    13,600      49,096

Dyax Corp.*

    28,800      61,632

Emergent Biosolutions, Inc.*^

    9,100      130,403

Enzon Pharmaceuticals, Inc.*^

    23,700      186,519

Facet Biotech Corp.*

    2,700      25,083

Genomic Health, Inc.*

    7,100      123,043

Geron Corp.*

    24,900      190,983

GTx, Inc.*^

    9,700      89,531

Halozyme Therapeutics, Inc.*

    32,200      224,434

Hemispherx Biopharma, Inc.*

    61,800      156,972

Human Genome Sciences, Inc.*^

    75,600      216,216

Idenix Pharmaceuticals, Inc.*

    12,800      47,104

Idera Pharmaceuticals, Inc.*

    10,600      62,116

Immunogen, Inc.*^

    26,900      231,609

Immunomedics, Inc.*

    35,200      89,408

Incyte Corp.*^

    39,800      130,942

Infinity Pharmaceuticals, Inc.*

    4,900      28,616

Insmed, Inc.*

    69,700      69,700

InterMune, Inc.*

    20,000      304,000

Isis Pharmaceuticals, Inc.*

    51,500      849,750

Lexicon Pharmaceuticals, Inc.*

    10,000      12,400

Ligand Pharmaceuticals, Inc., Class B*

    63,100      180,466

MannKind Corp.*^

    29,300      243,483

Martek Biosciences Corp.*^

    8,070      170,681

Maxygen, Inc.*

    12,000      80,640

Medarex, Inc.*

    71,133      593,961

Medivation, Inc.*

    15,900      356,319

Metabolix, Inc.*

    9,800      80,556

Micromet, Inc.*

    23,900      119,022

Molecular Insight Pharmaceuticals, Inc.*^

    9,600      49,632

Momenta Pharmaceuticals, Inc.*

    19,600      235,788

Myriad Pharmaceuticals, Inc.*

    12,625      58,706

Nabi Biopharmaceuticals*

    21,400      51,788

Nanosphere, Inc.*

    7,400      36,334

Neurocrine Biosciences, Inc.*

    20,600      66,538

NeurogesX, Inc.*

    6,000      33,840

 

      Number of
Shares		    Value
(Note 1)

Novavax, Inc.*^

               31,100    $            102,008

NPS Pharmaceuticals, Inc.*

    25,600      119,296

OncoGenex Pharmaceutical, Inc.*

    2,300      50,324

Onyx Pharmaceuticals, Inc.*

    84,230      2,380,340

Opko Health, Inc.*^

    22,900      40,533

Orexigen Therapeutics, Inc.*^

    11,400      58,482

Osiris Therapeutics, Inc.*

    9,400      126,242

OXiGENE, Inc.*

    16,000      34,880

PDL BioPharma, Inc

    66,100      522,190

Pharmasset, Inc.*^

    11,000      123,750

Poniard Pharmaceuticals, Inc.*

    13,200      78,804

Progenics Pharmaceuticals, Inc.*

    13,300      68,495

Protalix BioTherapeutics, Inc.*

    19,600      88,592

Regeneron Pharmaceuticals, Inc.*

    34,900      625,408

Repligen Corp.*

    16,000      88,000

Rigel Pharmaceuticals, Inc.*^

    19,400      235,128

Sangamo BioSciences, Inc.*

    19,600      96,824

Savient Pharmaceuticals, Inc.*

    32,700      453,222

Sciclone Pharmaceuticals, Inc.*

    20,700      52,992

Seattle Genetics, Inc.*

    39,700      385,884

Senomyx, Inc.*

    51,283      108,207

SIGA Technologies, Inc.*

    14,600      123,224

StemCells, Inc.*

    58,200      98,940

Synta Pharmaceuticals Corp.*

    8,300      19,173

Theravance, Inc.*^

    29,500      431,880

United Therapeutics Corp.*

    655      54,581

Vanda Pharmaceuticals, Inc.*

    14,900      175,373

Vical, Inc.*

    19,200      52,032

ZymoGenetics, Inc.*

    20,700      95,220
         
        21,874,548
         

Health Care Equipment & Supplies (7.7%)

Abaxis, Inc.*^

    11,500      236,210

ABIOMED, Inc.*^

    17,800      156,996

Accuray, Inc.*

    22,100      147,407

Align Technology, Inc.*^

    58,120      616,072

Alphatec Holdings, Inc.*

    11,000      36,520

American Medical Systems Holdings, Inc.*

    390,886      6,175,999

Analogic Corp.

    4,600      169,970

AngioDynamics, Inc.*^

    4,000      53,080

Atrion Corp.^

    800      107,272

ATS Medical, Inc.*

    26,800      88,172

Bovie Medical Corp.*

    9,600      83,616

Cantel Medical Corp.*

    5,100      82,773

Cardiovascular Systems, Inc.*

    5,300      40,863

Clarient, Inc.*

    17,100      63,612

Conceptus, Inc.*

    26,900      454,610

CryoLife, Inc.*

    33,475      185,452

Cutera, Inc.*

    230,099      1,983,453

Cyberonics, Inc.*

    17,100      284,373

Delcath Systems, Inc.*

    13,100      46,898

DexCom, Inc.*

    25,600      158,464

Electro-Optical Sciences, Inc.*

    10,000      77,900

Endologix, Inc.*

    24,900      83,166

EnteroMedics, Inc.*

    9,000      29,970

ev3, Inc.*^

    65,111      697,990

Exactech, Inc.*

    4,300      62,350

Greatbatch, Inc.*^

    42,951      971,122

Haemonetics Corp.*

    14,200      809,400

Hansen Medical, Inc.*

    13,800      68,172

HeartWare International, Inc.*

    2,600      72,566

ICU Medical, Inc.*

    7,100      292,165

I-Flow Corp.*

    5,500      38,170

Immucor, Inc.*

    39,000      536,640

 

See Notes to Financial Statements.

46

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Insulet Corp.*

               14,600    $            112,420

Integra LifeSciences Holdings Corp.*^

    10,500      278,355

Invacare Corp.

    7,000      123,550

Inverness Medical Innovations, Inc.*^

    15,641      556,507

IRIS International, Inc.*

    9,600      113,280

Kensey Nash Corp.*

    4,600      120,566

MAKO Surgical Corp.*

    7,400      66,748

Masimo Corp.*

    34,655      835,532

Medical Action Industries, Inc.*

    6,400      73,280

Meridian Bioscience, Inc.^

    22,400      505,792

Merit Medical Systems, Inc.*

    14,700      239,610

Micrus Endovascular Corp.*

    8,000      72,320

Natus Medical, Inc.*^

    11,600      133,864

Neogen Corp.*^

    7,600      220,248

NuVasive, Inc.*^

    23,799      1,061,435

NxStage Medical, Inc.*^

    13,100      77,290

OraSure Technologies, Inc.*

    22,500      55,575

Orthofix International N.V.*

    9,500      237,595

Orthovita, Inc.*

    35,800      184,370

Palomar Medical Technologies, Inc.*

    7,400      108,484

Quidel Corp.*^

    14,200      206,752

Rochester Medical Corp.*

    5,700      76,380

Rockwell Medical Technologies, Inc.*

    8,100      61,155

RTI Biologics, Inc.*

    11,200      48,048

SenoRx, Inc.*

    32,755      109,729

Sirona Dental Systems, Inc.*

    37,135      742,329

Somanetics Corp.*

    6,400      105,664

SonoSite, Inc.*

    36,443      731,047

Spectranetics Corp.*

    105,751      521,352

Stereotaxis, Inc.*

    15,100      58,588

STERIS Corp.^

    32,300      842,384

SurModics, Inc.*

    8,200      185,566

Symmetry Medical, Inc.*

    52,326      487,678

Synovis Life Technologies, Inc.*

    6,000      124,620

Thoratec Corp.*

    264,786      7,090,970

TomoTherapy, Inc.*

    12,800      35,200

TranS1, Inc.*^

    6,200      38,626

Utah Medical Products, Inc.

    1,900      50,749

Vascular Solutions, Inc.*

    9,200      71,944

Volcano Corp.*

    75,407      1,054,190

West Pharmaceutical Services, Inc.

    18,100      630,785

Wright Medical Group, Inc.*^

    21,100      343,086

Young Innovations, Inc.

    2,200      47,938

Zoll Medical Corp.*^

    11,100      214,674
         
        33,967,698
         

Health Care Providers & Services (4.7%)

Air Methods Corp.*^

    5,600      153,216

Alliance HealthCare Services, Inc.*

   12,200      89,426

Almost Family, Inc.*^

    7,915      206,661

Amedisys, Inc.*^

    65,044      2,147,753

America Service Group, Inc.*

    4,700      75,529

American Caresource Holding, Inc.*

    6,400      23,936

American Dental Partners, Inc.*

    2,800      25,396

AMERIGROUP Corp.*

    29,200      784,020

AMN Healthcare Services, Inc.*

    16,400      104,632

Bio-Reference Labs, Inc.*

    6,200      195,982

BioScrip, Inc.*

    23,500      139,120

CardioNet, Inc.*^

    39,420      643,334

Catalyst Health Solutions, Inc.*

    22,330      556,910

Centene Corp.*

    154,920      3,095,302

Chemed Corp.

    12,500      493,500

Chindex International, Inc.*

    6,100      75,457

Continuecare Corp.*

    14,700      34,251

Corvel Corp.*

    4,000      91,080

 

      Number of
Shares		    Value
(Note 1)

Cross Country Healthcare, Inc.*

                 2,800    $              19,236

Emergency Medical Services Corp., Class A*

    5,500      202,510

Emeritus Corp.*

    10,700      141,347

Ensign Group, Inc.

    6,200      88,226

Genoptix, Inc.*^

    88,675      2,836,713

Gentiva Health Services, Inc.*

    5,700      93,822

Hanger Orthopedic Group, Inc.*

    2,700      36,693

Health Grades, Inc.*

    13,700      53,567

HealthSouth Corp.*

    48,800      704,672

Healthways, Inc.*

    1,100      14,795

HMS Holdings Corp.*^

    14,300      582,296

inVentiv Health, Inc.*

    47,790      646,599

IPC The Hospitalist Co., Inc.*

    16,600      443,054

Landauer, Inc.

    3,100      190,154

LCA-Vision, Inc.*

    6,300      26,586

LHC Group, Inc.*

    7,800      173,238

Lincare Holdings, Inc.*

    115,877      2,725,427

Metropolitan Health Networks, Inc.*

    23,300      46,833

MWI Veterinary Supply, Inc.*^

    5,600      195,216

National Healthcare Corp.

    2,000      75,880

National Research Corp.

    600      14,640

NovaMed, Inc.*

    7,200      28,440

Odyssey HealthCare, Inc.*

    9,200      94,576

Owens & Minor, Inc.

    18,400      806,288

PharMerica Corp.*

    16,900      331,747

Providence Service Corp.*

    5,600      61,320

PSS World Medical, Inc.*^

    32,800      607,128

Psychiatric Solutions, Inc.*^

    21,100      479,814

RadNet, Inc.*^

    8,300      18,675

RehabCare Group, Inc.*

    8,100      193,833

U.S. Physical Therapy, Inc.*

    3,100      45,725

Virtual Radiologic Corp.*^

    3,700      33,411
         
        20,947,966
         

Health Care Technology (3.4%)

Allscripts-Misys Healthcare

      

Solutions, Inc.^

    11,000      174,460

AMICAS, Inc.*

    15,400      42,812

athenahealth, Inc.*^

    21,700      803,117

Computer Programs & Systems, Inc.

    5,400      206,874

Eclipsys Corp.*^

    251,726      4,475,688

MedAssets, Inc.*

    137,034      2,665,311

Merge Healthcare, Inc.*

    14,800      63,640

Omnicell, Inc.*

    16,500      177,375

Phase Forward, Inc.*^

    35,180      531,570

Quality Systems, Inc.^

    72,634      4,137,233

Transcend Services, Inc.*

    3,600      57,060

Vital Images, Inc.*

    136,215      1,546,040
         
        14,881,180
         

Life Sciences Tools & Services (2.1%)

Accelrys, Inc.*

    15,100      89,241

Affymetrix, Inc.*

    34,100      202,213

AMAG Pharmaceuticals, Inc.*

    9,400      513,898

BioDelivery Sciences International, Inc.*

    5,500      36,685

Bio-Rad Laboratories, Inc., Class A*

    13,150      992,562

Bruker Corp.*

    38,200      353,732

Cambrex Corp.*

    15,400      63,448

Clinical Data, Inc.*^

    5,500      60,610

Dionex Corp.*

    9,700      591,991

Enzo Biochem, Inc.*

    12,700      56,261

eResearchTechnology, Inc.*

    21,800      135,378

Exelixis, Inc.*

    56,300      274,181

Harvard Bioscience, Inc.*

    13,400      52,930

 

See Notes to Financial Statements.

47

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

ICON plc (ADR)*

    175,462    $         3,786,470

Illumina, Inc.*

    2,010      78,269

Kendle International, Inc.*

    1,900      23,256

Life Sciences Research, Inc.*

    4,100      29,397

Luminex Corp.*

    21,900      406,026

Mettler-Toledo International, Inc.*

    900      69,435

Nektar Therapeutics*

    51,400      333,072

PAREXEL International Corp.*

    31,900      458,722

Sequenom, Inc.*^

    31,900      124,729

Varian, Inc.*

    13,500      532,305
         
        9,264,811
         

Pharmaceuticals (1.6%)

Acura Pharmaceuticals, Inc.*^

    4,600      27,508

Adolor Corp.*

    26,000      45,760

Akorn, Inc.*

    29,400      35,280

Ardea Biosciences, Inc.*

    7,500      118,050

ARYx Therapeutics, Inc.*

    11,900      49,147

Auxilium Pharmaceuticals, Inc.*

    23,600      740,568

AVANIR Pharmaceuticals, Inc., Class A*

    34,600      76,812

Biodel, Inc.*

    6,100      31,476

BioMimetic Therapeutics, Inc.*

    7,491      69,217

Biospecifics Technologies Corp.*

    2,100      50,043

BMP Sunstone Corp.*^

    16,800      79,632

Cadence Pharmaceuticals, Inc.*^

    14,100      140,859

Caraco Pharmaceutical Laboratories Ltd.*

    5,900      18,113

Cornerstone Therapeutics, Inc.*

    3,800      41,724

Cypress Bioscience, Inc.*

    21,200      199,704

Depomed, Inc.*

    25,100      81,575

Discovery Laboratories, Inc.*^

    53,200      54,796

Durect Corp.*

    41,200      98,056

Impax Laboratories, Inc.*

    33,700      248,032

Inspire Pharmaceuticals, Inc.*

    22,600      125,656

ISTA Pharmaceuticals, Inc.*

    18,800      78,960

Javelin Pharmaceuticals, Inc.*

    23,300      28,659

KV Pharmaceutical Co., Class A*^

    17,500      56,175

Lannett Co., Inc.*

    5,900      40,415

MAP Pharmaceuticals, Inc.*^

    6,200      75,764

Matrixx Initiatives, Inc.*

    5,600      31,304

Medicines Co.*

    20,800      174,512

Medicis Pharmaceutical Corp., Class A^

    11,800      192,576

MiddleBrook Pharmaceuticals, Inc.*^

    20,300      27,405

Noven Pharmaceuticals, Inc.*

    41,964      600,085

Obagi Medical Products, Inc.*

    9,300      67,797

Optimer Pharmaceuticals, Inc.*

    14,800      221,556

Pain Therapeutics, Inc.*

    18,400      98,808

Perrigo Co.

    61,315      1,703,331

Pozen, Inc.*

    13,900      106,752

Questcor Pharmaceuticals, Inc.*^

    32,100      160,500

Repros Therapeutics, Inc.*

    5,500      39,545

Salix Pharmaceuticals Ltd.*

    26,800      264,516

Santarus, Inc.*

    29,300      82,626

Spectrum Pharmaceuticals, Inc.*

    18,400      140,760

Sucampo Pharmaceuticals, Inc., Class A*

    5,100      31,467

SuperGen, Inc.*

    21,900      44,019

ViroPharma, Inc.*

    8,900      52,777

Vivus, Inc.*

    36,600      222,528

XenoPort, Inc.*

    14,500      335,965
         
        7,210,810
         

Total Health Care

         108,147,013
         

 

      Number of
Shares		   

Value

(Note 1)

Industrials (15.5%)

   

Aerospace & Defense (1.4%)

AAR Corp.*^

    1,900    $              30,495

Aerovironment, Inc.*

    7,400      228,364

American Science & Engineering, Inc.

    4,800      331,776

Applied Signal Technology, Inc.

    7,200      183,672

Argon ST, Inc.*^

    6,200      127,534

Ascent Solar Technologies, Inc.*^

    3,200      25,024

Astronics Corp.*

    4,400      45,716

Axsys Technologies, Inc.*

    5,300      284,292

Cubic Corp.

    8,700      311,373

DigitalGlobe, Inc.*

    8,200      157,440

DynCorp International, Inc., Class A*

    1,300      21,827

Esterline Technologies Corp.*

    21,050      569,824

GenCorp, Inc.*

    30,500      58,255

HEICO Corp.^

    12,800      464,128

Hexcel Corp.*

    242,680      2,312,740

LMI Aerospace, Inc.*

    2,700      27,324

Orbital Sciences Corp.*

    30,887      468,556

Stanley, Inc.*

    6,400      210,432

Taser International, Inc.*

    31,700      144,552

Teledyne Technologies, Inc.*^

    6,600      216,150
         
        6,219,474
         

Air Freight & Logistics (0.2%)

Air Transport Services Group, Inc.*

   19,700      45,704

Dynamex, Inc.*

    3,900      60,021

Forward Air Corp.^

    7,700      164,164

Hub Group, Inc., Class A*

    9,910      204,542

UTi Worldwide, Inc.*

    22,100      251,940
         
        726,371
         

Airlines (0.3%)

AirTran Holdings, Inc.*^

    66,500      411,635

Alaska Air Group, Inc.*

    1,200      21,912

Allegiant Travel Co.*

    8,500      336,940

Hawaiian Holdings, Inc.*

    28,800      173,376

UAL Corp.*^

    75,200      239,888
         
        1,183,751
         

Building Products (0.2%)

AAON, Inc.

    6,800      135,456

Apogee Enterprises, Inc.

    1,200      14,760

Builders FirstSource, Inc.*

    6,900      28,704

Quanex Building Products Corp.

    12,700      142,494

Simpson Manufacturing Co., Inc.

    16,400      354,568

Trex Co., Inc.*^

    7,700      102,949
         
        778,931
         

Commercial Services & Supplies (3.7%)

ABM Industries, Inc.

    5,800      104,806

American Ecology Corp.^

    10,100      180,992

American Reprographics Co.*

    19,600      163,072

APAC Customer Services, Inc.*

    14,400      73,872

ATC Technology Corp.*

    8,200      118,900

Cenveo, Inc.*^

    26,400      111,672

Clean Harbors, Inc.*

    11,300      610,087

Deluxe Corp.

    14,300      183,183

EnergySolutions, Inc.

    4,100      37,720

EnerNOC, Inc.*

    6,600      143,022

Fuel Tech, Inc.*

    9,900      96,030

GEO Group, Inc.*

    197,524      3,669,995

GeoEye, Inc.*^

    9,800      230,888

Healthcare Services Group, Inc.

    24,000      429,120

Herman Miller, Inc.

    29,800      457,132

HNI Corp.^

    18,100      326,886

ICT Group, Inc.*

    3,000      26,190

 

See Notes to Financial Statements.

48

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Innerworkings, Inc.*

    117,259    $ 556,980

Interface, Inc., Class A

    27,700      171,740

Knoll, Inc.^

    26,200      198,596

McGrath RentCorp.

    1,900      36,214

Mine Safety Appliances Co.

    13,700      330,170

Mobile Mini, Inc.*

    5,200      76,284

Multi-Color Corp.

    5,000      61,300

North American Galvanizing & Coatings, Inc.*

    5,400      32,724

Perma-Fix Environmental Services*

   30,700      74,294

Ritchie Bros. Auctioneers, Inc.^

    110,825      2,598,846

Rollins, Inc.

    24,300      420,633

Standard Parking Corp.*

    900      14,661

Standard Register Co.

    7,800      25,428

Sykes Enterprises, Inc.*

    87,486      1,582,622

Team, Inc.*

    9,800      153,566

Tetra Tech, Inc.*

    37,300      1,068,645

Viad Corp.

    1,400      24,108

Waste Connections, Inc.*

    98,981      2,564,598
         
        16,954,976
         

Construction & Engineering (1.1%)

Argan, Inc.*

    4,300      60,759

EMCOR Group, Inc.*

    11,500      231,380

Furmanite Corp.*

    13,800      61,548

Granite Construction, Inc.

    2,600      86,528

Great Lakes Dredge & Dock Corp.

    20,900      99,902

MasTec, Inc.*

    20,800      243,776

Michael Baker Corp.*

    4,400      186,384

MYR Group, Inc./Delaware*

    15,600      315,432

Northwest Pipe Co.*^

    89,764      3,120,197

Orion Marine Group, Inc.*

    21,600      410,400

Pike Electric Corp.*

    3,100      37,355

Primoris Services Corp.

    4,800      35,616

Sterling Construction Co., Inc.*

    800      12,208
         
                4,901,485
         

Electrical Equipment (2.2%)

Acuity Brands, Inc.^

    26,866      753,591

Advanced Battery Technologies, Inc.*^

    26,700      107,334

American Superconductor Corp.*^

    24,000      630,000

AZZ, Inc.*^

    6,800      233,988

Baldor Electric Co.^

    13,700      325,923

Broadwind Energy, Inc.*

    17,500      198,100

Ener1, Inc.*

    26,700      145,782

Energy Conversion Devices, Inc.*^

    21,420      303,093

Evergreen Solar, Inc.*^

    56,000      121,520

FuelCell Energy, Inc.*

    29,900      124,982

General Cable Corp.*

    4,300      161,594

GrafTech International Ltd.*

    233,360      2,639,302

GT Solar International, Inc.*^

    17,700      94,164

Harbin Electric, Inc.*

    6,400      100,096

II-VI, Inc.*

    9,400      208,398

LaBarge, Inc.*

    5,500      50,985

Microvision, Inc.*

    34,000      104,380

Polypore International, Inc.*

    39,639      440,786

Powell Industries, Inc.*^

    6,100      226,127

Power-One, Inc.*

    3,800      5,662

PowerSecure International, Inc.*

    7,900      33,654

Preformed Line Products Co.^

    1,200      52,872

Regal-Beloit Corp.^

    46,578      1,850,078

SatCon Technology Corp.*

    25,300      45,540

Ultralife Corp.*

    6,200      44,454

Valence Technology, Inc.*^

    23,400      41,886

Vicor Corp.

    4,600      33,212

 

      Number of
Shares		   

Value

(Note 1)

Woodward Governor Co.

    30,200    $ 597,960
         
        9,675,463
         

Industrial Conglomerates (0.0%)

Raven Industries, Inc.

    8,500      217,600
         

Machinery (1.7%)

3D Systems Corp.*

    8,500      61,285

Actuant Corp., Class A

    14,600      178,120

Altra Holdings, Inc.*

    12,200      91,378

Ampco-Pittsburgh Corp.

    3,200      75,040

Astec Industries, Inc.*^

    4,900      145,481

Badger Meter, Inc.

    11,110      455,510

Blount International, Inc.*

    7,100      61,131

Bucyrus International, Inc.

    15,500      442,680

Chart Industries, Inc.*

    29,770      541,219

China Fire & Security Group, Inc.*^

   6,900      83,973

CLARCOR, Inc.^

    10,500      306,495

Colfax Corp.*

    4,000      30,880

Dynamic Materials Corp.^

    6,800      131,104

Energy Recovery, Inc.*^

    18,800      133,104

ESCO Technologies, Inc.*^

    14,500      649,600

Flanders Corp.*

    7,900      48,269

Flow International Corp.*

    21,300      50,055

Force Protection, Inc.*

    38,800      342,992

Gardner Denver, Inc.*

    21,954      552,582

Gorman-Rupp Co.^

    5,100      102,867

Graham Corp.

    5,200      69,160

IDEX Corp.

    9,500      233,415

K-Tron International, Inc.*

    1,300      103,584

Lindsay Corp.^

    6,300      208,530

Met-Pro Corp.

    7,400      80,068

Middleby Corp.*^

    18,414      808,743

Mueller Water Products, Inc., Class A

    64,900      242,726

Nordson Corp.^

    6,300      243,558

Omega Flex, Inc.^

    1,800      27,288

PMFG, Inc.*^

    6,300      55,503

RBC Bearings, Inc.*

    11,600      237,220

Robbins & Myers, Inc.

    1,200      23,100

Sauer-Danfoss, Inc.

    1,100      6,743

SmartHeat, Inc.*

    4,000      27,400

Sun Hydraulics Corp.^

    2,900      46,893

Tennant Co.

    10,400      191,256

Trimas Corp.*

    5,600      18,872

Wabtec Corp.

    11,100      357,087
         
                7,464,911
         

Professional Services (3.1%)

Acacia Research Corp.- Acacia Technologies*

    17,900      140,873

Administaff, Inc.^

    18,800      437,476

Advisory Board Co.*

    8,500      218,450

CBIZ, Inc.*^

    23,700      168,744

CDI Corp.

    800      8,920

Corporate Executive Board Co.

    18,900      392,364

CoStar Group, Inc.*

    11,033      439,886

CRA International, Inc.*

    5,200      144,352

Diamond Management & Technology Consultants, Inc.

    12,900      54,180

Duff & Phelps Corp., Class A

    124,449      2,212,703

Exponent, Inc.*

    7,600      186,276

Franklin Covey Co.*

    6,200      38,626

FTI Consulting, Inc.*

    56,076      2,844,175

GP Strategies Corp.*

    5,800      34,162

Hill International, Inc.*

    12,000      51,600

Huron Consulting Group, Inc.*

    20,200      933,846

 

See Notes to Financial Statements.

49

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

ICF International, Inc.*^

    4,900    $ 135,191

IHS, Inc., Class A*^

    5,906      294,532

Kelly Services, Inc., Class A

    1,700      18,615

Korn/Ferry International*^

    1,400      14,896

Monster Worldwide, Inc.*^

    129,384      1,528,025

Navigant Consulting, Inc.*

    53,898      696,362

Odyssey Marine Exploration, Inc.*

    22,600      36,160

On Assignment, Inc.*

    114,137      446,276

Resources Connection, Inc.*

    80,308      1,378,888

School Specialty, Inc.*

    3,700      74,777

VSE Corp.^

    2,300      60,168

Watson Wyatt Worldwide, Inc., Class A

    19,300      724,329
         
        13,714,852
         

Road & Rail (1.1%)

Avis Budget Group, Inc.*

    33,200      187,580

Celadon Group, Inc.*

    10,200      85,578

Con-way, Inc.

    5,500      194,205

Genesee & Wyoming, Inc., Class A*

   18,117      480,282

Heartland Express, Inc.^

    17,000      250,240

Knight Transportation, Inc.

    25,000      413,750

Landstar System, Inc.

    83,805      3,009,437

Marten Transport Ltd.*

    8,600      178,536

Old Dominion Freight Line, Inc.*

    2,500      83,925

Patriot Transportation Holding, Inc.*

    500      36,465

USA Truck, Inc.*

    3,200      43,296
         
                4,963,294
         

Trading Companies & Distributors (0.4%)

Beacon Roofing Supply, Inc.*

    20,800      300,768

Houston Wire & Cable Co.^

    4,400      52,404

Kaman Corp.

    12,300      205,410

MSC Industrial Direct Co., Class A

    4,700      166,756

RSC Holdings, Inc.*^

    25,200      169,344

Rush Enterprises, Inc., Class A*

    4,200      48,930

TAL International Group, Inc.

    1,800      19,620

Titan Machinery, Inc.*^

    6,700      85,023

Watsco, Inc.

    12,100      592,053
         
        1,640,308
         

Transportation Infrastructure (0.1%)

Aegean Marine Petroleum Network, Inc.

    15,550      234,805
         

Total Industrials

         68,676,221
         

Information Technology (27.4%)

   

Communications Equipment (3.5%)

3Com Corp.*

    175,400      826,134

Acme Packet, Inc.*

    21,600      218,592

ADC Telecommunications, Inc.*

    10,700      85,172

ADTRAN, Inc.

    23,800      510,986

Airvana, Inc.*^

    11,200      71,344

Anaren, Inc.*

    7,200      127,296

Arris Group, Inc.*

    51,700      628,672

Aruba Networks, Inc.*

    32,700      285,798

Avocent Corp.*

    3,400      47,464

BigBand Networks, Inc.*

    17,200      88,924

Blue Coat Systems, Inc.*

    21,900      362,226

Brocade Communications Systems, Inc.*

    21,500      168,130

Comtech Telecommunications Corp.*

    14,900      475,012

DG FastChannel, Inc.*^

    22,135      405,071

Digi International, Inc.*

    5,000      48,750

EMS Technologies, Inc.*

    191,036      3,992,653

Emulex Corp.*

    42,400      414,672

 

      Number of
Shares		   

Value

(Note 1)

F5 Networks, Inc.*

    3,565    $ 123,313

Harmonic, Inc.*^

    44,325      261,074

Hughes Communications, Inc.*

    5,000      114,150

Infinera Corp.*

    46,500      424,545

InterDigital, Inc.*

    24,300      593,892

Ixia*^

    120,846      814,502

KVH Industries, Inc.*

    7,600      51,908

Loral Space & Communications, Inc.*

    6,000      154,500

NETGEAR, Inc.*

    5,000      72,050

Network Equipment Technologies, Inc.*

    8,600      36,636

Oplink Communications, Inc.*

    8,300      94,620

Opnext, Inc.*

    7,800      16,692

Palm, Inc.*^

    67,300      1,115,161

Parkervision, Inc.*^

    14,700      44,982

PC-Tel, Inc.*

    1,700      9,095

Plantronics, Inc.

    23,900      451,949

Polycom, Inc.*^

    18,400      372,968

Riverbed Technology, Inc.*

    29,700      688,743

SeaChange International, Inc.*

    9,300      74,679

ShoreTel, Inc.*^

    24,600      196,800

Starent Networks Corp.*

    21,700      529,697

Tekelec*^

    12,400      208,692

ViaSat, Inc.*

    14,400      369,216
         
              15,576,760
         

Computers & Peripherals (2.3%)

3PAR, Inc.*^

    14,300      177,320

ActivIdentity Corp.*

    9,300      23,529

Avid Technology, Inc.*

    3,300      44,253

Compellent Technologies, Inc.*^

    290,245      4,426,236

Cray, Inc.*

    13,900      109,532

Data Domain, Inc.*

    26,200      873,770

Immersion Corp.*^

    15,800      78,052

Intermec, Inc.*

    34,353      443,154

Isilon Systems, Inc.*

    14,000      59,360

Netezza Corp.*

    240,241      1,998,805

Novatel Wireless, Inc.*

    17,000      153,340

Quantum Corp.*

    118,300      98,189

Silicon Graphics International Corp.*^

    2,700      12,258

STEC, Inc.*^

    13,700      317,703

Stratasys, Inc.*^

    10,700      117,593

Super Micro Computer, Inc.*

    11,300      86,558

Synaptics, Inc.*^

    29,066      1,123,401
         
        10,143,053
         

Electronic Equipment, Instruments & Components (2.2%)

Anixter International, Inc.*^

    2,500      93,975

Benchmark Electronics, Inc.*

    4,200      60,480

Brightpoint, Inc.*

    27,900      174,933

Checkpoint Systems, Inc.*

    5,300      83,157

China Security & Surveillance Technology, Inc.*^

    16,300      122,902

Cogent, Inc.*

    23,700      254,301

Cognex Corp.^

    4,100      57,933

Coherent, Inc.*^

    138,241      2,858,824

Comverge, Inc.*

    10,700      129,470

CPI International, Inc.*

    700      6,083

Daktronics, Inc.^

    16,500      127,050

DTS, Inc.*^

    128,273      3,472,350

Echelon Corp.*

    15,600      132,288

FARO Technologies, Inc.*

    8,800      136,664

ICx Technologies, Inc.*^

    3,800      22,800

Insight Enterprises, Inc.*

    3,500      33,810

IPG Photonics Corp.*^

    12,900      141,513

L-1 Identity Solutions, Inc.*

    32,600      252,324

 

See Notes to Financial Statements.

50

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Maxwell Technologies, Inc.*

               12,000    $ 165,960

MTS Systems Corp.

    1,100                   22,715

Multi-Fineline Electronix, Inc.*

    5,500      117,700

OSI Systems, Inc.*

    6,800      141,780

PAR Technology Corp.*

    3,500      22,365

Park Electrochemical Corp.

    7,200      155,016

PC Mall, Inc.*

    4,200      28,392

Plexus Corp.*

    7,400      151,404

RadiSys Corp.*

    13,100      118,031

RAE Systems, Inc.*

    24,100      33,258

Rofin-Sinar Technologies, Inc.*

    7,200      144,072

Rogers Corp.*

    2,000      40,460

Scansource, Inc.*^

    900      22,068

SYNNEX Corp.*

    2,200      54,978

Universal Display Corp.*^

    44,204      432,315
         
        9,811,371
         

Internet Software & Services (4.0%)

Art Technology Group, Inc.*

    68,300      259,540

AsiaInfo Holdings, Inc.*

    30,600      526,626

Bankrate, Inc.*^

    18,659      470,953

Chordiant Software, Inc.*^

    15,500      56,265

comScore, Inc.*

    12,000      159,840

Constant Contact, Inc.*^

    13,300      263,872

DealerTrack Holdings, Inc.*

    20,800      353,600

Dice Holdings, Inc.*

    8,200      38,130

Digital River, Inc.*

    17,000      617,440

DivX, Inc.*

    14,400      79,056

EarthLink, Inc.*

    7,491      55,508

Equinix, Inc.*

    3,160      229,858

GSI Commerce, Inc.*^

    123,073      1,753,790

Imergent, Inc.

    4,600      32,200

InfoSpace, Inc.*

    9,700      64,311

Innodata Isogen, Inc.*

    12,300      53,874

Internet Brands, Inc., Class A*

    5,600      39,200

Internet Capital Group, Inc.*

    12,900      86,817

j2 Global Communications, Inc.*

    23,500      530,160

Keynote Systems, Inc.*

    3,600      27,504

Knot, Inc.*

    52,556      414,141

Limelight Networks, Inc.*

    18,600      81,840

Liquidity Services, Inc.*

    8,300      81,838

LivePerson, Inc.*

    23,400      93,600

LogMeIn, Inc.*

    1,650      26,400

LoopNet, Inc.*

    25,660      198,865

Marchex, Inc., Class B

    84,294      284,071

MercadoLibre, Inc.*^

    17,957      482,684

Move, Inc.*^

    194,900      420,984

NIC, Inc.

    28,100      190,237

Omniture, Inc.*^

    246,043      3,090,301

OpenTable, Inc.*

    1,700      51,289

Openwave Systems, Inc.*

    14,500      32,480

Perficient, Inc.*

    3,700      25,863

Rackspace Hosting, Inc.*

    36,800      510,048

RealNetworks, Inc.*^

    17,600      52,624

S1 Corp.*

    29,400      202,860

Saba Software, Inc.*

    14,100      54,285

SAVVIS, Inc.*

    20,100      230,346

SkillSoft plc (ADR)*

    192,311      1,500,026

Sohu.com, Inc.*

    3,470      218,020

SonicWALL, Inc.*

    2,900      15,892

support.com, Inc.*

    14,500      31,610

Switch & Data Facilities Co., Inc.*

    10,900      127,857

Terremark Worldwide, Inc.*^

    27,500      158,950

Travelzoo, Inc.*

    3,300      36,135

ValueClick, Inc.*

    48,100      506,012

 

     

Number of

Shares

   

Value

(Note 1)

Vignette Corp.*

               10,900    $ 143,335

VistaPrint Ltd.*

    45,015              1,919,890

Vocus, Inc.*^

    8,700      171,912

Websense, Inc.*

    35,405      631,625

Zix Corp.*

    36,200      54,300
         
        17,738,864
         

IT Services (2.6%)

Acxiom Corp.

    30,800      271,964

Alliance Data Systems Corp.*^

    4,900      201,831

CACI International, Inc., Class A*^

   1,900      81,149

Cass Information Systems, Inc.

    4,600      150,604

China Information Security Technology, Inc.*

    13,000      37,180

Computer Task Group, Inc.*

    5,700      34,770

CSG Systems International, Inc.*

    11,700      154,908

Cybersource Corp.*

    72,930      1,115,829

eLoyalty Corp.*

    3,900      30,732

Euronet Worldwide, Inc.*

    23,600      457,604

ExlService Holdings, Inc.*

    7,300      81,833

Forrester Research, Inc.*^

    26,188      642,915

Gartner, Inc.*

    83,563      1,275,171

Global Cash Access Holdings, Inc.*^

    182,936      1,456,172

Hackett Group, Inc.*

    11,500      26,795

Heartland Payment Systems, Inc.

    20,900      200,013

iGATE Corp.

    12,800      84,736

infoGROUP, Inc.*

    10,600      60,526

Information Services Group, Inc.*

    82,541      248,448

Integral Systems, Inc.*^

    2,700      22,464

Lionbridge Technologies*

    32,800      60,352

ManTech International Corp., Class A*

    9,700      417,488

MAXIMUS, Inc.

    8,900      367,125

MoneyGram International, Inc.*

    40,200      71,556

NCI, Inc., Class A*

    3,400      103,428

Online Resources Corp.*

    9,600      59,904

Perot Systems Corp., Class A*

    9,900      141,867

RightNow Technologies, Inc.*

    12,200      143,960

Sapient Corp.*

    143,094      900,061

SRA International, Inc., Class A*

    6,600      115,896

Syntel, Inc.^

    6,900      216,936

TeleTech Holdings, Inc.*

    44,986      681,538

Tier Technologies, Inc., Class B*

    5,300      40,704

TNS, Inc.*

    14,000      262,500

VeriFone Holdings, Inc.*

    40,000      300,400

Virtusa Corp.*

    3,400      27,302

Wright Express Corp.*

    45,993      1,171,442
         
        11,718,103
         

Semiconductors & Semiconductor Equipment (5.2%)

Actel Corp.*

    4,600      49,358

Advanced Analogic Technologies, Inc.*

    23,700      108,783

Advanced Energy Industries, Inc.*

    88,622      796,712

Amkor Technology, Inc.*^

    60,700      287,111

ANADIGICS, Inc.*

    32,200      134,918

Applied Micro Circuits Corp.*

    36,600      297,558

Atheros Communications, Inc.*^

    33,800      650,312

ATMI, Inc.*

    5,200      80,756

Cabot Microelectronics Corp.*

    1,426      40,342

Cavium Networks, Inc.*

    20,100      337,881

CEVA, Inc.*

    8,100      70,308

Cirrus Logic, Inc.*

    36,400      163,800

Diodes, Inc.*

    17,700      276,828

Entropic Communications, Inc.*

    29,900      67,275

Exar Corp.*

    1,300      9,347

 

See Notes to Financial Statements.

51

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

FEI Co.*

               19,100    $ 437,390

FormFactor, Inc.*^

    50,395                 868,810

Hittite Microwave Corp.*^

    11,900      413,525

Intellon Corp.*

    12,200      51,850

IXYS Corp.

    9,600      97,152

Kopin Corp.*

    37,700      138,359

Kulicke & Soffa Industries, Inc.*

    32,000      109,760

Lattice Semiconductor Corp.*

    6,400      12,032

Micrel, Inc.

    10,500      76,860

Microsemi Corp.*

    90,734      1,252,129

Microtune, Inc.*

    18,300      42,822

MIPS Technologies, Inc.*

    25,400      76,200

Monolithic Power Systems, Inc.*^

    39,845      892,926

Netlogic Microsystems, Inc.*

    10,000      364,600

NVE Corp.*^

    2,300      111,780

ON Semiconductor Corp.*

    516,075      3,540,274

PLX Technology, Inc.*

    16,500      62,205

PMC-Sierra, Inc.*

    121,670      968,493

Power Integrations, Inc.^

    23,916      568,962

RF Micro Devices, Inc.*

    136,100      511,736

Rubicon Technology, Inc.*

    7,000      99,960

Rudolph Technologies, Inc.*

    6,900      38,088

Semitool, Inc.*

    2,600      12,012

Semtech Corp.*

    33,800      537,758

Sigma Designs, Inc.*

    11,600      186,064

Skyworks Solutions, Inc.*

    92,500      904,650

Standard Microsystems Corp.*

    3,200      65,440

Supertex, Inc.*^

    6,000      150,660

Techwell, Inc.*

    8,300      70,550

Teradyne, Inc.*

    247,725      1,699,394

Tessera Technologies, Inc.*

    26,900      680,301

Trident Microsystems, Inc.*^

    12,100      21,054

TriQuint Semiconductor, Inc.*

    46,400      246,384

Ultratech, Inc.*^

    12,400      152,644

Varian Semiconductor Equipment Associates, Inc.*

    146,710      3,519,573

Veeco Instruments, Inc.*

    10,100      117,059

Volterra Semiconductor Corp.*

    11,800      155,052

Zoran Corp.*

    21,700      236,530
         
        22,862,327
         

Software (7.6%)

ACI Worldwide, Inc.*

    18,100      252,676

Actuate Corp.*

    23,200      110,896

Advent Software, Inc.*

    8,200      268,878

American Software, Inc., Class A

    8,900      51,264

ANSYS, Inc.*

    102,430      3,191,718

ArcSight, Inc.*^

    19,600      348,292

Ariba, Inc.*

    71,200      700,608

Blackbaud, Inc.^

    24,300      377,865

Blackboard, Inc.*

    17,500      505,050

Bottomline Technologies, Inc.*

    14,100      127,041

Callidus Software, Inc.*

    15,600      44,460

CommVault Systems, Inc.*

    22,800      378,024

Concur Technologies, Inc.*^

    32,620      1,013,830

Deltek, Inc.*

    9,439      40,965

DemandTec, Inc.*

    10,800      95,040

Double-Take Software, Inc.*

    8,500      73,525

Ebix, Inc.*

    3,300      103,356

Entrust, Inc.*

    29,600      53,576

EPIQ Systems, Inc.*

    20,235      310,607

FactSet Research Systems, Inc.^

    1,285      64,083

FalconStor Software, Inc.*^

    21,600      102,600

GSE Systems, Inc.*

    9,200      62,100

i2 Technologies, Inc.*

    7,400      92,870

 

     

Number of

Shares

   

Value

(Note 1)

Informatica Corp.*

             166,550    $ 2,862,995

Interactive Intelligence, Inc.*

    6,800                   83,368

Jack Henry & Associates, Inc.^

    46,300      960,725

JDA Software Group, Inc.*

    11,000      164,560

Kenexa Corp.*

    12,600      145,782

Lawson Software, Inc.*

    129,751      724,011

Macrovision Solutions Corp.*

    167,181      3,646,217

Manhattan Associates, Inc.*

    12,600      229,572

Mentor Graphics Corp.*

    2,500      13,675

MicroStrategy, Inc., Class A*

    4,800      241,056

Net 1 UEPS Technologies, Inc.*

    21,200      288,108

NetScout Systems, Inc.*^

    13,400      125,692

NetSuite, Inc.*

    9,400      111,014

Novell, Inc.*

    431,765      1,955,895

OpenTV Corp., Class A*

    6,800      8,976

Opnet Technologies, Inc.

    6,700      61,372

Parametric Technology Corp.*

    64,000      748,160

Pegasystems, Inc.

    7,600      200,488

Phoenix Technologies Ltd.*

    16,000      43,360

Progress Software Corp.*

    22,070      467,222

PROS Holdings, Inc.*

    24,555      199,387

QAD, Inc.

    6,500      21,125

Quest Software, Inc.*

    3,900      54,366

Radiant Systems, Inc.*

    50,225      416,868

Renaissance Learning, Inc.

    4,900      45,129

Rosetta Stone, Inc.*

    3,500      96,040

Shanda Interactive Entertainment Ltd. (ADR)*^

    480      25,099

Smith Micro Software, Inc.*

    14,600      143,372

SolarWinds, Inc.*

    6,800      112,132

Solera Holdings, Inc.*

    96,682      2,455,723

Sourcefire, Inc.*

    12,400      153,636

SPSS, Inc.*

    10,200      340,374

SRS Labs, Inc.*

    6,700      44,555

SuccessFactors, Inc.*

    20,600      189,108

SumTotal Systems, Inc.*

    17,700      85,137

Symyx Technologies, Inc.*

    15,300      89,505

Synchronoss Technologies, Inc.*

    63,297      776,654

Take-Two Interactive Software, Inc.*^

    6,000      56,820

Taleo Corp., Class A*

    17,300      316,071

TeleCommunication Systems, Inc., Class A*

    18,700      132,957

THQ, Inc.*

    28,100      201,196

TIBCO Software, Inc.*

    474,000      3,398,579

TiVo, Inc.*^

    102,463      1,073,812

Tyler Technologies, Inc.*

    18,400      287,408

Ultimate Software Group, Inc.*^

    13,200      319,968

Unica Corp.*

    6,900      37,812

VASCO Data Security International, Inc.*

    13,800      100,878

Wind River Systems, Inc.*

    36,300      415,998
         
        33,041,281
         

Total Information Technology

         120,891,759
         

Materials (2.4%)

   

Chemicals (1.8%)

Airgas, Inc.

    2,300      93,219

American Vanguard Corp.^

    1,500      16,950

Arch Chemicals, Inc.^

    2,300      56,557

Balchem Corp.

    9,600      235,392

Calgon Carbon Corp.*

    30,300      420,867

China Green Agriculture, Inc.*

    4,800      38,832

GenTek, Inc.*

    600      13,398

Hawkins, Inc.

    4,600      103,868

 

See Notes to Financial Statements.

52

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Huntsman Corp.

             637,605    $ 3,207,153

Koppers Holdings, Inc.

    7,200                 189,864

Landec Corp.*

    12,000      81,480

LSB Industries, Inc.*

    9,600      155,232

NewMarket Corp.

    5,622      378,529

NL Industries, Inc.^

    2,000      14,760

Olin Corp.

    4,200      49,938

Omnova Solutions, Inc.*

    24,800      80,848

PolyOne Corp.*

    9,800      26,558

Stepan Co.

    3,800      167,808

Terra Industries, Inc.

    117,081      2,835,702

W.R. Grace & Co.*

    11,900      147,203

Zep, Inc.

    10,900      131,345
         
        8,445,503
         

Construction Materials (0.0%)

United States Lime & Minerals, Inc.*

    400      16,968
         

Containers & Packaging (0.3%)

AEP Industries, Inc.*^

    2,700      71,253

Bway Holding Co.*

    500      8,765

Myers Industries, Inc.

    5,600      46,592

Rock-Tenn Co., Class A

    18,600      709,776

Silgan Holdings, Inc.

    7,800      382,434
         
        1,218,820
         

Metals & Mining (0.2%)

Allied Nevada Gold Corp.*^

    20,800      167,648

AMCOL International Corp.^

    3,000      64,740

General Steel Holdings, Inc.*

    7,100      28,187

Paramount Gold and Silver Corp.*

    30,700      46,664

Stillwater Mining Co.*

    5,200      29,692

Worthington Industries, Inc.

    30,500      390,095
         
        727,026
         

Paper & Forest Products (0.1%)

Clearwater Paper Corp.*

    600      15,174

Deltic Timber Corp.

    4,600      163,162

Wausau Paper Corp.

    9,200      61,824
         
        240,160
         

Total Materials

         10,648,477
         

Telecommunication Services (1.4%)

   

Diversified Telecommunication Services (1.0%)

AboveNet, Inc.*

    3,400      275,332

Alaska Communications Systems Group, Inc.

    24,600      180,072

Cbeyond, Inc.*^

    91,139      1,307,844

Cincinnati Bell, Inc.*

    22,300      63,332

Cogent Communications Group, Inc.*

    23,600      192,340

Consolidated Communications Holdings, Inc.^

    6,900      80,799

FairPoint Communications, Inc.

    28,300      16,980

Fibernet Telecom Group, Inc.*

    3,400      42,228

General Communication, Inc., Class A*

    13,500      93,555

Global Crossing Ltd.*

    14,000      128,520

HickoryTech Corp.

    7,500      57,600

inContact, Inc.*

    15,700      43,018

Iowa Telecommunications Services, Inc.^

    2,200      27,522

Neutral Tandem, Inc.*

    25,400      749,808

NTELOS Holdings Corp.

    15,900      292,878

PAETEC Holding Corp.*

    212,024      572,465

Premiere Global Services, Inc.*

    26,000      281,840

 

      Number of
Shares		    Value
(Note 1)

Shenandoah Telecommunications Co.

               13,100    $ 265,799
         
                4,671,932
         

Wireless Telecommunication Services (0.4%)

Centennial Communications Corp.*^

      47,100      393,756

iPCS, Inc.*

      8,800      131,648

SBA Communications Corp., Class A*^

      8,810      216,197

Syniverse Holdings, Inc.*

      47,445      760,544

USA Mobility, Inc.

      11,400      145,464

Virgin Mobile USA, Inc., Class A*^ .

      8,300      33,366
         
        1,680,975
         

Total Telecommunication Services

         6,352,907
         

Utilities (0.1%)

      

Gas Utilities (0.1%)

New Jersey Resources Corp.

      3,800      140,752

Piedmont Natural Gas Co., Inc.

      2,600      62,686

South Jersey Industries, Inc.

      2,000      69,780
         
        273,218
         

Independent Power Producers & Energy Traders (0.0%)

U.S. Geothermal, Inc.*

      37,300      52,966
         

Water Utilities (0.0%)

Cadiz, Inc.*

      6,200      59,706

California Water Service Group

      900      33,156

Consolidated Water Co., Inc.

      2,800      44,380

York Water Co.

      2,600      39,858
         
        177,100
         

Total Utilities

         503,284
         

Total Common Stocks (99.8%)
(Cost $426,061,323)

         442,079,784
         
     
      Principal
Amount		    Value
(Note 1)

SHORT-TERM INVESTMENTS:

      

Government Securities (0.1%)

   

U.S. Treasury Bills

   

0.00%, 9/10/09

    $ 380,000      379,877
         

Short-Term Investments of Cash Collateral for Securities Loaned (5.9%)

   

BBVA Senior Finance S.A.

   

0.69%, 3/12/10 (l)

      2,370,000      2,338,547

Deutsche Bank Securities, Inc., Repurchase Agreement

   

0.09%, 7/1/09 (r)(u)

      15,304,955      15,304,955

General Electric Capital Corp.

   

0.40%, 3/12/10 (l)

      430,000      422,810

Lehman Brothers Holdings, Inc.

   

0.00%, 8/21/09 (h)(l)(s)

      2,689,982      396,772

Monumental Global Funding II

   

0.43%, 5/26/10 (l)

      5,060,000      4,870,250

Pricoa Global Funding I

   

0.40%, 6/25/10 (l)

      3,229,677      2,976,480
         

Total Short-Term Investments of Cash Collateral for Securities Loaned

      26,309,814
         

Time Deposit (1.6%)

      

JPMorgan Chase Nassau

   

0.000%, 7/1/09

      6,879,287      6,879,287
         

Total Short-Term Investments (7.6%)
(Cost/Amortized Cost $36,343,789)

         33,568,978
         

 

See Notes to Financial Statements.

53

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Principal
Amount		    Value
(Note 1)		  

Total Investments (107.4%)

   

(Cost/Amortized Cost $462,405,112)

       $ 475,648,762   

Other Assets Less Liabilities (-7.4%)

         (32,606,305 ) 
           

Net Assets (100%)

       $     443,042,457   
           

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
† Securities (totaling $56 or 0.0% of net assets) at fair value.
(b) Illiquid Security.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(s) Issuer in bankruptcy.
(u) Represents the Portfolios undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% – 5.500%, maturing 4/15/23 – 7/19/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 – 7/25/38.

 

  Glossary:
  ADR — American Depositary Receipt

 


 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		    Expiration
Date		    Original Value    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchase

               

Russell 2000 Mini Index

    37    September-09    $         1,921,781    $         1,876,640    $ (45,141 ) 
                    

 

See Notes to Financial Statements.

54

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

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

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 74,129,876      $ –    $ –    $ 74,129,876   

Consumer Staples

      10,581,568        –      –      10,581,568   

Energy

      15,906,750        –      –      15,906,750   

Financials

      26,241,873        –      56      26,241,929   

Health Care

      108,147,013        –      –      108,147,013   

Industrials

      68,676,221        –      –      68,676,221   

Information Technology

      120,891,759        –      –      120,891,759   

Materials

      10,648,477        –      –      10,648,477   

Telecommunication Services

      6,352,907        –      –      6,352,907   

Utilities

      503,284        –      –      503,284   

Short-Term Investments

      –        33,568,978      –      33,568,978   

Total Asset

    $ 442,079,728      $ 33,568,978    $ 56    $ 475,648,762   

Liability:

           

Futures

    $ (45,141 )    $ –    $ –    $ (45,141 ) 

Total Liability

    $ (45,141 )    $ –    $ –    $ (45,141 ) 

Total

    $ 442,034,587      $ 33,568,978    $ 56    $         475,603,621   

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

 

      Investments in
    Securities-Financials    		        Other Investments*    

Balance as of 12/31/08

    $—    $—

Total gains or losses (realized/unrealized) included in earnings

    56    —

Purchases, sales, issuances, and settlements (net)

   —    —

Transfers in and/or out of Level 3

    —    —

Balance as of 6/30/09

    $56    $—

 

The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at year ending 6/30/09.    $56    $—

*Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

 

See Notes to Financial Statements.

55

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  

Interest rate contracts

    Receivables, Net Assets - Unrealized appreciation    $ – * 

Foreign exchange contracts

    Receivables      –   

Credit contracts

    Receivables      –   

Equity contracts

    Receivables, Net Assets - Unrealized   
   appreciation      – * 

Commodity contracts

    Receivables      –   

Other contracts

    Receivables      –   
           

Total

       $ –   
           
     Liability Derivatives        

Interest rate contracts

    Payables, Net Assets - Unrealized depreciation    $ – * 

Foreign exchange contracts

    Payables      –   

Credit contracts

    Payables      –   

Equity contracts

    Payables, Net Assets - Unrealized depreciation      (45,141 )* 

Commodity contracts

    Payables      –   

Other contracts

    Payables      –   
           

Total

       $ (45,141 ) 
           

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $–    $–      $–    $–    $–   

Foreign exchange contracts

    –    –      –    –    –   

Credit contracts

    –    –      –    –    –   

Equity contracts

    –    286,644      –    –    286,644   

Commodity contracts

    –    –      –    –    –   

Other contracts

    –    –      –    –    –   

Total

    $–    $286,644      $–    $–    $286,644   
             
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $–    $–      $–    $–    $–   

Foreign exchange contracts

    –    –      –    –    –   

Credit contracts

    –    –      –    –    –   

Equity contracts

    –    (45,141 )    –    –    (45,141 ) 

Commodity contracts

    –    –      –    –    –   

Other contracts

    –    –      –    –    –   

Total

    $–    $(45,141 )    $–    $–    $(45,141 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $ 400,213,153

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $             531,874,744

 

See Notes to Financial Statements.

56

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

As of June 30, 2009, 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

    $             46,975,551   

Aggregate gross unrealized depreciation

      (53,794,441 ) 
        

Net unrealized depreciation

    $ (6,818,890 ) 
        

Federal income tax cost of investments

    $             482,467,652   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $28,063,513. This was secured by collateral of $29,084,614 which was received as cash and subsequently invested in short-term investments currently valued at $26,309,814, as reported in the portfolio of investments.

For the six months ended June 30, 2009, the Portfolio incurred approximately $8,541 as brokerage commissions with Raymond James & Associates, Inc. and $1,288 with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $69,758,333 which expires in the year 2016.

 

See Notes to Financial Statements.

57

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

COMMON STOCKS:

      

Consumer Discretionary (15.1%)

   

Auto Components (1.6%)

American Axle & Manufacturing Holdings, Inc.

             44,700    $            153,768

Amerigon, Inc.*

    570,000      3,477,000

ArvinMeritor, Inc.

    70,800      310,812

Autoliv, Inc.^

    111,000      3,193,470

Dana Holding Corp.*

    91,100      116,608

Dorman Products, Inc.*

    9,800      135,534

Drew Industries, Inc.*

    7,200      87,624

Exide Technologies, Inc.*

    48,800      182,024

Gentex Corp.^

    232,700      2,699,320

Hawk Corp., Class A*

    4,500      62,325

Lear Corp.*

    62,300      31,150

Modine Manufacturing Co.

    30,800      147,840

Raser Technologies, Inc.*

    9,000      25,200

Spartan Motors, Inc.

    31,300      354,629

Standard Motor Products, Inc.

    7,500      62,025

Stoneridge, Inc.*

    14,400      69,120

Superior Industries International, Inc.

    22,000      310,200

Tenneco, Inc.*

    42,500      450,500
         
        11,869,149
         

Automobiles (0.8%)

Thor Industries, Inc.^

    235,000      4,316,950

Winnebago Industries, Inc.

    195,100      1,449,593
         
        5,766,543
         

Distributors (0.0%)

Audiovox Corp., Class A*

    16,400      96,104

Core-Mark Holding Co., Inc.*

    6,900      179,814
         
        275,918
         

Diversified Consumer Services (0.5%)

Jackson Hewitt Tax Service, Inc.

    27,100      169,646

Mac-Gray Corp.*

    9,300      123,132

Regis Corp.

    139,900      2,435,659

Sotheby’s, Inc.

    5,600      79,016

Steiner Leisure Ltd.*

    7,100      216,763

Stewart Enterprises, Inc., Class A

    79,900      385,118
         
        3,409,334
         

Hotels, Restaurants & Leisure (0.9%)

AFC Enterprises, Inc.*

    22,400      151,200

Benihana, Inc., Class A*

    7,200      45,504

Bluegreen Corp.*

    12,900      32,508

Bob Evans Farms, Inc.

    28,800      827,712

Churchill Downs, Inc.

    9,100      306,306

Cracker Barrel Old Country Store, Inc.

    5,400      150,660

Domino’s Pizza, Inc.*

    32,300      241,927

Frisch’s Restaurants, Inc.

    1,900      56,126

Gaylord Entertainment Co.*

    33,200      421,972

Great Wolf Resorts, Inc.*

    23,100      47,124

Lakes Entertainment, Inc.*

    12,700      36,957

Landry’s Restaurants, Inc.*

    7,300      62,780

Life Time Fitness, Inc.*

    35,200      704,352

Luby’s, Inc.*

    19,900      80,794

Marcus Corp.

    19,100      200,932

McCormick & Schmick’s Seafood Restaurants, Inc.*

    13,300      101,213

Monarch Casino & Resort, Inc.*

    6,500      47,450

Multimedia Games, Inc.*

    19,400      96,224

O’Charleys, Inc.

    15,800      146,150

Orient-Express Hotels Ltd., Class A

    73,700      625,713

 

      Number of
Shares		    Value
(Note 1)

Papa John’s International, Inc.*

             4,800    $            118,992

Pinnacle Entertainment, Inc.*

    27,000      250,830

Red Lion Hotels Corp.*

    13,500      64,800

Red Robin Gourmet Burgers, Inc.*

    11,500      215,625

Ruby Tuesday, Inc.*

    47,800      318,348

Ruth’s Hospitality Group, Inc.*

    5,500      20,185

Sonic Corp.*

    4,200      42,126

Speedway Motorsports, Inc.

    13,000      178,880

Steak n Shake Co.*

    22,300      194,902

Vail Resorts, Inc.*

    28,200      756,324
         
        6,544,616
         

Household Durables (2.2%)

American Greetings Corp., Class A

    35,300      412,304

Bassett Furniture Industries, Inc.

    19,600      53,900

Beazer Homes USA, Inc.*

    38,800      71,004

Blyth, Inc.

    5,875      192,641

Brookfield Homes Corp.*

    9,400      37,600

Cavco Industries, Inc.*

    6,400      162,112

CSS Industries, Inc.

    6,600      134,508

D.R. Horton, Inc.^

    305,000      2,854,801

Ethan Allen Interiors, Inc.^

    196,700      2,037,812

Furniture Brands International, Inc.

    40,200      121,806

Helen of Troy Ltd.*

    27,700      465,083

Hooker Furniture Corp.

    208,400      2,392,432

Hovnanian Enterprises, Inc., Class A*

    23,600      55,696

La-Z-Boy, Inc., Class Z

    350,100      1,652,472

M.D.C. Holdings, Inc.

    83,500      2,514,185

M/I Homes, Inc.*^

    192,700      1,886,533

Meritage Homes Corp.*

    28,505      537,604

Ryland Group, Inc.

    39,300      658,668

Sealy Corp.*

    42,700      83,692

Skyline Corp.

    6,600      143,550

Standard Pacific Corp.*

    96,600      196,098

Stanley Furniture Co., Inc.

    10,200      110,058

Universal Electronics, Inc.*

    3,500      70,595
         
        16,845,154
         

Internet & Catalog Retail (0.1%)

1-800-FLOWERS.COM, Inc., Class A*

    22,300      42,816

Gaiam, Inc., Class A*

    15,900      86,973

Orbitz Worldwide, Inc.*

    32,300      61,370

Shutterfly, Inc.*

    17,200      239,940
         
        431,099
         

Leisure Equipment & Products (0.5%)

Brunswick Corp.^

    293,700      1,268,784

Callaway Golf Co.

    63,100      319,917

Eastman Kodak Co.

    256,900      760,424

JAKKS Pacific, Inc.*

    26,100      334,863

Leapfrog Enterprises, Inc.*

    27,100      62,059

Marine Products Corp.

    6,700      25,125

Pool Corp.

    21,500      356,040

RC2 Corp.*

    16,800      222,264

Sport Supply Group, Inc.

    6,700      57,553

Steinway Musical Instruments*

    6,600      70,620
         
        3,477,649
         

Media (0.4%)

Ascent Media Corp., Class A*

    13,600      361,488

Belo Corp., Class A

    85,600      153,224

Cinemark Holdings, Inc.

    3,200      36,224

EW Scripps Co., Class A

    29,100      60,819

Fisher Communications, Inc.

    6,500      83,135

Global Sources Ltd.*

    13,900      100,219

 

See Notes to Financial Statements.

58

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Harte-Hanks, Inc.

             36,400    $            336,700

Journal Communications, Inc., Class A

    38,900      40,845

Knology, Inc.*

    18,800      162,244

LIN TV Corp., Class A*

    26,300      44,184

Live Nation, Inc.*

    80,400      390,744

Mediacom Communications Corp., Class A*

    24,900      127,239

National CineMedia, Inc.

    37,900      521,504

Outdoor Channel Holdings, Inc.*

    13,700      80,830

Primedia, Inc.

    22,700      45,627

Reading International, Inc., Class A*

    14,000      63,700

Scholastic Corp.

    21,900      433,401

Sinclair Broadcast Group, Inc., Class A

    30,600      59,364

Valassis Communications, Inc.*

    8,900      54,379

World Wrestling Entertainment, Inc., Class A

    5,000      62,800
         
        3,218,670
         

Multiline Retail (1.6%)

99 Cents Only Stores*

    5,600      76,048

Dillard’s, Inc., Class A

    47,900      440,680

Fred’s, Inc., Class A^

    285,700      3,599,820

J.C. Penney Co., Inc.

    172,000      4,938,120

Retail Ventures, Inc.*

    26,800      58,424

Saks, Inc.*^

    431,600      1,911,988

Tuesday Morning Corp.*^

    218,399      736,005
         
        11,761,085
         

Specialty Retail (5.3%)

America’s Car-Mart, Inc.*

    4,000      82,000

AnnTaylor Stores Corp.*

    56,300      449,274

Asbury Automotive Group, Inc.

    29,100      297,984

Books-A-Million, Inc.

    6,600      46,926

Borders Group, Inc.*

    47,700      175,536

Brown Shoe Co., Inc.^

    398,500      2,885,140

Buckle, Inc.

    2,100      66,717

Build-A-Bear Workshop, Inc.*

    16,200      72,414

Cabela’s, Inc.*

    35,900      441,570

Charlotte Russe Holding, Inc.*

    6,700      86,296

Charming Shoppes, Inc.*

    107,500      399,900

Christopher & Banks Corp.^

    550,700      3,695,197

Coldwater Creek, Inc.*

    11,200      67,872

Collective Brands, Inc.*

    34,700      505,579

Conn’s, Inc.*

    264,400      3,305,000

Dress Barn, Inc.*

    32,000      457,600

DSW, Inc., Class A*

    11,200      110,320

Finish Line, Inc., Class A

    18,800      139,496

Genesco, Inc.*

    17,500      328,475

Group 1 Automotive, Inc.^

    175,900      4,576,918

Gymboree Corp.*^

    32,900      1,167,292

Haverty Furniture Cos., Inc.

    17,200      157,380

HOT Topic, Inc.*

    17,300      126,463

Jo-Ann Stores, Inc.*

    16,000      330,720

Lithia Motors, Inc., Class A

    16,400      151,536

Men’s Wearhouse, Inc.

    256,300      4,915,834

New York & Co., Inc.*

    19,500      60,255

OfficeMax, Inc.

    20,700      129,996

Pacific Sunwear of California, Inc.*

    59,963      202,075

PEP Boys-Manny, Moe & Jack

    46,800      474,552

Pier 1 Imports, Inc.*

    348,100      692,719

Rent-A-Center, Inc.*

    62,600      1,116,158

REX Stores Corp.*

    7,700      77,462

Sally Beauty Holdings, Inc.*

    68,100      433,116

Shoe Carnival, Inc.*

    8,600      102,598

Sonic Automotive, Inc., Class A

    850,200      8,638,031

 

      Number of
Shares		    Value
(Note 1)

Stage Stores, Inc.

             35,200    $            390,720

Stein Mart, Inc.*

    2,000      17,720

Syms Corp.*

    6,100      45,811

Systemax, Inc.*

    6,400      76,224

Talbots, Inc.

    9,000      48,600

Tween Brands, Inc.*

    21,600      144,288

West Marine, Inc.*^

    264,200      1,455,742

Zale Corp.*^

    265,600      913,664
         
        40,059,170
         

Textiles, Apparel & Luxury Goods (1.2%)

Carter’s, Inc.*

    11,800      290,398

Columbia Sportswear Co.

    11,800      364,856

Crocs, Inc.*

    52,100      177,140

G-III Apparel Group Ltd.*

    8,400      96,516

Iconix Brand Group, Inc.*

    57,300      881,274

Jones Apparel Group, Inc.

    81,700      876,641

Kenneth Cole Productions, Inc., Class A

    8,800      61,864

K-Swiss, Inc., Class A

    11,300      96,050

Liz Claiborne, Inc.

    28,800      82,944

Movado Group, Inc.

    15,300      161,262

Oxford Industries, Inc.

    4,100      47,765

Perry Ellis International, Inc.*

    9,400      68,432

Quiksilver, Inc.*

    115,300      213,305

Skechers U.S.A., Inc., Class A*

    29,200      285,284

Timberland Co., Class A*

    95,100      1,261,977

Unifi, Inc.*

    43,800      62,196

UniFirst Corp.

    11,000      408,870

Warnaco Group, Inc.*

    110,000      3,564,000
         
        9,000,774
         

Total Consumer Discretionary

         112,659,161
         

Consumer Staples (2.9%)

   

Beverages (0.0%)

Heckmann Corp.*

    77,100      289,125

National Beverage Corp.*

    5,500      58,575
         
        347,700
         

Food & Staples Retailing (1.0%)

Andersons, Inc.

    16,500      494,010

Casey’s General Stores, Inc.^

    156,000      4,007,640

Great Atlantic & Pacific Tea Co., Inc.*

    32,800      139,400

Ingles Markets, Inc., Class A

    12,000      182,880

Nash Finch Co.

    12,100      327,426

Pantry, Inc.*

    17,400      288,840

Ruddick Corp.

    33,800      791,934

Spartan Stores, Inc.

    21,400      265,574

Susser Holdings Corp.*

    7,000      78,330

Village Super Market, Inc., Class A

    400      11,900

Weis Markets, Inc.

    8,700      291,624

Winn-Dixie Stores, Inc.*

    52,200      654,588
         
        7,534,146
         

Food Products (1.2%)

Alico, Inc.

    400      12,008

American Italian Pasta Co., Class A*

    5,900      171,926

B&G Foods, Inc., Class A

    11,500      96,715

Chiquita Brands International, Inc.*

    39,200      402,192

Darling International, Inc.*

    470,000      3,102,000

Diamond Foods, Inc.

    3,600      100,440

Farmer Bros Co.

    3,800      86,944

Fresh Del Monte Produce, Inc.*

    39,000      634,140

Griffin Land & Nurseries, Inc.

    3,200      100,096

Hain Celestial Group, Inc.*

    28,600      446,446

Imperial Sugar Co.

    11,400      138,054

Omega Protein Corp.*

    417,900      1,696,674

 

See Notes to Financial Statements.

59

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Seneca Foods Corp., Class A*

               6,300    $            210,546

Smart Balance, Inc.*

    14,000      95,340

TreeHouse Foods, Inc.*

    29,200      840,084

Zapata Corp.*

    9,100      61,971
         
        8,195,576
         

Household Products (0.1%)

Central Garden & Pet Co., Class A*

    59,100      582,135

Oil-Dri Corp. of America

    5,100      75,735

WD-40 Co.

    4,900      142,100
         
        799,970
         

Personal Products (0.5%)

American Oriental Bioengineering, Inc.*

    38,200      202,078

Chattem, Inc.*

    38,000      2,587,800

Elizabeth Arden, Inc.*

    23,400      204,282

Inter Parfums, Inc.

    12,800      93,952

Mannatech, Inc.

    12,400      40,920

Nutraceutical International Corp.*

    10,100      104,939

Prestige Brands Holdings, Inc.*

    32,300      198,645

Revlon, Inc., Class A*

    10,500      57,120

Schiff Nutrition International, Inc.*

    8,600      43,774
         
        3,533,510
         

Tobacco (0.1%)

Alliance One International, Inc.*

    24,500      93,100

Universal Corp.

    22,200      735,042
         
        828,142
         

Total Consumer Staples

         21,239,044
         

Energy (8.7%)

   

Energy Equipment & Services (6.1%)

Allis-Chalmers Energy, Inc.*

    54,000      124,740

Atwood Oceanics, Inc.*^

    76,200      1,898,142

Basic Energy Services, Inc.*

    22,000      150,260

Bolt Technology Corp.*

    5,800      65,192

Boots & Coots, Inc.*

    2,127,000      2,956,530

Bristow Group, Inc.*^

    151,100      4,477,093

Bronco Drilling Co., Inc.*

    24,200      103,576

Cal Dive International, Inc.*

    33,200      286,516

CARBO Ceramics, Inc.^

    10,100      345,420

Complete Production Services, Inc.*

    56,100      356,796

Dawson Geophysical Co.*

    7,600      226,860

Global Industries Ltd.*

    498,980      2,824,227

Gulf Island Fabrication, Inc.

    11,200      177,296

GulfMark Offshore, Inc.*

    10,400      287,040

Helix Energy Solutions Group, Inc.*^

    154,200      1,676,154

Hercules Offshore, Inc.*

    76,000      301,720

Hornbeck Offshore Services, Inc.*

    181,300      3,878,007

ION Geophysical Corp.*

    295,200      758,664

Key Energy Services, Inc.*

    118,500      682,560

Lufkin Industries, Inc.

    1,700      71,485

Matrix Service Co.*

    207,900      2,386,692

Mitcham Industries, Inc.*

    310,000      1,608,900

NATCO Group, Inc., Class A*

    15,600      513,552

Natural Gas Services Group, Inc.*

    10,700      142,310

Newpark Resources, Inc.*

    82,600      235,410

Oil States International, Inc.*

    110,000      2,663,100

OYO Geospace Corp.*

    4,000      102,640

Parker Drilling Co.*

    721,400      3,130,876

PHI, Inc.*

    4,300      73,702

Pioneer Drilling Co.*

    32,800      157,112

Rowan Cos., Inc.

    243,500      4,704,420

Superior Well Services, Inc.*

    13,800      82,110

T-3 Energy Services, Inc.*

    12,200      145,302

TETRA Technologies, Inc.*

    33,800      269,048

 

      Number of
Shares		    Value
(Note 1)

Tidewater, Inc.^

           116,500    $         4,994,355

Union Drilling, Inc.*

    6,995      46,307

Unit Corp.*

    91,000      2,508,870

Vantage Drilling Co.*

    30,200      52,850
         
        45,465,834
         

Oil, Gas & Consumable Fuels (2.6%)

Alon USA Energy, Inc.

    6,300      65,205

Approach Resources, Inc.*

    8,100      55,890

Arch Coal, Inc.^

    115,000      1,767,550

Atlas America, Inc.

    17,000      303,790

ATP Oil & Gas Corp.*

    22,100      153,816

Berry Petroleum Co., Class A

    41,000      762,190

Bill Barrett Corp.*

    36,700      1,007,782

BPZ Resources, Inc.*

    15,500      75,795

Brigham Exploration Co.*

    36,900      128,781

Cheniere Energy, Inc.*

    37,700      110,838

Clayton Williams Energy, Inc.*

    5,800      109,446

Crosstex Energy, Inc.

    39,400      163,904

CVR Energy, Inc.*

    20,800      152,464

Delek U.S. Holdings, Inc.

    12,800      108,544

Delta Petroleum Corp.*

    81,100      156,523

Denbury Resources, Inc.*

    115,000      1,693,950

DHT Maritime, Inc.

    48,000      250,080

General Maritime Corp.

    46,800      462,852

GeoResources, Inc.*

    7,200      73,440

GMX Resources, Inc.*

    12,000      127,680

Golar LNG Ltd.

    11,600      99,180

Goodrich Petroleum Corp.*

    23,500      577,865

Gran Tierra Energy, Inc.*

    195,200      673,440

Green Plains Renewable Energy, Inc.*

    9,500      62,225

Gulfport Energy Corp.*

    1,900      13,015

Harvest Natural Resources, Inc.*

    31,700      139,797

International Coal Group, Inc.*

    87,800      251,108

Knightsbridge Tankers Ltd.

    16,500      225,060

Nordic American Tanker Shipping Ltd.

    40,300      1,282,346

Oilsands Quest, Inc.*

    158,500      152,160

Overseas Shipholding Group, Inc.^

    55,500      1,889,220

Parallel Petroleum Corp.*

    41,400      80,316

Patriot Coal Corp.*

    61,400      391,732

Penn Virginia Corp.

    43,400      710,458

Petroleum Development Corp.*

    14,400      225,936

PetroQuest Energy, Inc.*

    41,600      153,504

Quest Resource Corp.*

    600,000      198,000

Rex Energy Corp.*

    7,100      40,470

Rosetta Resources, Inc.*

    46,800      409,500

Ship Finance International Ltd.

    16,500      181,995

Stone Energy Corp.*

    33,500      248,570

Swift Energy Co.*

    28,000      466,200

Teekay Corp.^

    85,800      1,804,374

Toreador Resources Corp.*

    1,700      11,390

USEC, Inc.*

    107,800      573,496

VAALCO Energy, Inc.*

    52,900      223,767

Venoco, Inc.*

    12,100      92,807

Warren Resources, Inc.*

    27,000      66,150

Western Refining, Inc.*

    28,500      201,210

Westmoreland Coal Co.*

    7,600      61,560
         
        19,237,371
         

Total Energy

         64,703,205
         

Financials (22.9%)

      

Capital Markets (1.4%)

Allied Capital Corp.

    171,400      596,472

American Capital Ltd.

    206,500      662,865

 

See Notes to Financial Statements.

60

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Apollo Investment Corp.

             132,607    $ 795,643

Ares Capital Corp.

    91,423                 736,869

BGC Partners, Inc., Class A

    15,400      58,366

BlackRock Kelso Capital Corp.

    12,453      77,582

Calamos Asset Management, Inc., Class A

    16,700      235,637

Capital Southwest Corp.

    2,800      202,580

Cohen & Steers, Inc.

    8,900      133,055

E*TRADE Financial Corp.*

    463,100      592,768

Evercore Partners, Inc., Class A

    7,200      141,408

FBR Capital Markets Corp.*

    13,400      62,980

FCStone Group, Inc.*

    27,300      107,835

GAMCO Investors, Inc., Class A

    2,800      135,800

Gladstone Capital Corp.

    20,200      152,106

Gladstone Investment Corp.

    20,500      99,015

Harris & Harris Group, Inc.*

    23,200      135,256

Hercules Technology Growth Capital, Inc.

    30,906      258,374

JMP Group, Inc.

    13,100      100,739

KBW, Inc.*

    17,900      514,804

Knight Capital Group, Inc., Class A*

    43,800      746,790

Kohlberg Capital Corp.

    18,073      114,221

LaBranche & Co., Inc.*

    53,700      230,910

MCG Capital Corp.*

    72,400      175,932

MF Global Ltd.*

    65,400      387,822

MVC Capital, Inc.

    22,300      188,658

NGP Capital Resources Co.

    20,621      121,045

Oppenheimer Holdings, Inc., Class A

    7,600      160,892

PennantPark Investment Corp.

    18,617      132,181

Penson Worldwide, Inc.*

    7,200      64,440

Piper Jaffray Cos., Inc.*

    17,900      781,693

Prospect Capital Corp.

    39,030      359,076

Safeguard Scientifics, Inc.*

    67,200      88,704

Sanders Morris Harris Group, Inc.

    18,100      99,550

SWS Group, Inc.

    23,200      324,104

Teton Advisors, Inc.(b)*†

    75      145

Thomas Weisel Partners Group, Inc.*

    18,300      110,166

TICC Capital Corp.

    26,100      115,101

TradeStation Group, Inc.*

    24,000      203,040

Triangle Capital Corp.*

    7,400      80,808

Virtus Investment Partners, Inc.*

    5,700      83,733

Westwood Holdings Group, Inc.

    900      37,629
         
        10,406,794
         

Commercial Banks (6.4%)

1st Source Corp.

    14,400      248,688

Alliance Financial Corp./New York

    4,000      113,440

American National Bankshares, Inc.

    6,000      115,680

Ameris Bancorp

    12,200      77,104

Ames National Corp.

    3,600      87,876

Arrow Financial Corp.

    3,500      94,500

Auburn National Bancorp., Inc.

    2,400      68,400

BancFirst Corp.

    7,000      242,060

Banco Latinoamericano de Comercio Exterior S.A., Class E

    26,000      323,180

Bancorp Rhode Island, Inc.

    3,600      70,956

Bancorp, Inc./Delaware*

    11,200      67,200

Bank of Kentucky Financial Corp.

    3,100      86,800

Bank of the Ozarks, Inc.

    11,800      255,234

Banner Corp.

    14,500      55,390

Bar Harbor Bankshares

    2,900      89,465

Boston Private Financial Holdings, Inc.

    65,300      292,544

Bryn Mawr Bank Corp.

    6,000      113,220

Camden National Corp.

    7,300      248,419

 

      Number of
Shares		   

Value

(Note 1)

Cape Bancorp, Inc.*

               11,600    $            100,108

Capital City Bank Group, Inc.

    11,300      190,405

Cardinal Financial Corp.

    14,700      115,101

Cathay General Bancorp

    237,500      2,258,625

Center Bancorp, Inc.*

    10,900      88,835

Centerstate Banks, Inc.

    8,300      61,586

Central Pacific Financial Corp.

    27,500      103,125

Century Bancorp, Inc./Massachusetts, Class A

    3,500      64,540

Chemical Financial Corp.^

    169,800      3,380,718

Chicopee Bancorp, Inc.*

    6,400      83,008

Citizens & Northern Corp.

    8,100      166,617

Citizens Holding Co.

    3,000      93,600

Citizens Republic Bancorp, Inc.*

    120,700      85,697

City Holding Co.

    14,700      446,292

CNB Financial Corp./Pennsylvania

    4,600      65,182

CoBiz Financial, Inc.

    18,200      116,662

Colonial BancGroup, Inc.

    192,600      119,412

Columbia Banking System, Inc.

    17,400      178,002

Community Bank System, Inc.

    30,300      441,168

Community Trust Bancorp, Inc.

    14,000      374,500

CVB Financial Corp.

    62,900      375,513

Eagle Bancorp, Inc.*

    9,900      86,823

East West Bancorp, Inc.

    538,300      3,493,566

Enterprise Bancorp, Inc./Massachusetts

    5,100      60,180

Enterprise Financial Services Corp.

    5,400      49,086

F.N.B. Corp./Pennsylvania

    86,100      532,959

Farmers Capital Bank Corp.

    5,700      143,469

Financial Institutions, Inc.

    9,800      133,868

First Bancorp, Inc./Maine

    7,500      146,025

First Bancorp/North Carolina

    13,800      216,384

First Bancorp/Puerto Rico

    77,300      305,335

First Busey Corp.

    24,300      178,605

First California Financial Group, Inc.*

    5,900      36,403

First Commonwealth Financial Corp.

    79,000      500,860

First Community Bancshares, Inc./Virginia

    8,700      111,708

First Financial Bancorp

    34,500      259,440

First Financial Bankshares, Inc.

    9,200      463,312

First Financial Corp./Indiana

    10,400      328,432

First Merchants Corp.

    20,900      167,827

First Midwest Bancorp, Inc./Illinois

    46,300      338,453

First of Long Island Corp.

    4,500      104,130

First South Bancorp, Inc./North Carolina

    7,100      82,360

FirstMerit Corp.

    78,308      1,329,670

German American Bancorp, Inc.

    10,800      155,628

Glacier Bancorp, Inc.

    56,667      836,972

Great Southern Bancorp, Inc.

    7,600      156,180

Guaranty Bancorp*

    46,200      88,242

Hampton Roads Bankshares, Inc.

    18,000      148,500

Hancock Holding Co.

    19,800      643,302

Harleysville National Corp.

    39,500      185,650

Heartland Financial USA, Inc.

    11,500      164,220

Heritage Financial Corp./Washington

    5,600      64,736

Home Bancorp, Inc.*

    8,800      105,072

Home Bancshares, Inc./Arkansas

    12,600      239,904

IBERIABANK Corp.

    14,800      583,268

Independent Bank Corp./Massachusetts

    19,200      378,240

International Bancshares Corp.

    48,400      499,004

Investors Bancorp, Inc.*

    40,200      368,232

Lakeland Bancorp, Inc.

    18,500      166,315

 

See Notes to Financial Statements.

61

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Lakeland Financial Corp.

               11,400    $            216,600

MainSource Financial Group, Inc.

    18,700      138,754

MB Financial, Inc.

    33,100      337,289

Merchants Bancshares, Inc.

    4,700      104,293

Metro Bancorp, Inc.*

    4,800      92,448

Midsouth Bancorp, Inc.

    4,600      77,280

Nara Bancorp, Inc.

    13,000      67,340

National Bankshares, Inc./Virginia

    6,700      160,800

National Penn Bancshares, Inc.

    75,600      348,516

NBT Bancorp, Inc.

    32,200      699,062

Northfield Bancorp, Inc./New Jersey

    17,700      205,674

Northrim BanCorp, Inc.

    6,300      87,696

Norwood Financial Corp.

    1,900      59,584

Ohio Valley Banc Corp.

    3,900      114,426

Old National Bancorp/Indiana

    61,500      603,930

Old Point Financial Corp.

    2,100      38,850

Old Second Bancorp, Inc.

    13,200      77,880

Oriental Financial Group, Inc.

    23,300      226,010

Orrstown Financial Services, Inc.

    2,700      100,548

Pacific Capital Bancorp N.A.

    43,900      93,946

Pacific Continental Corp.

    9,700      117,661

PacWest Bancorp

    25,600      336,896

Park National Corp.

    10,100      570,448

Peapack Gladstone Financial Corp.

    7,600      146,604

Penns Woods Bancorp, Inc.

    1,700      49,538

Peoples Bancorp, Inc./Ohio^

    79,100      1,348,655

Peoples Financial Corp./Mississippi

    3,800      72,200

Pinnacle Financial Partners, Inc.*

    23,200      309,024

Porter Bancorp, Inc.

    2,800      42,420

Premierwest Bancorp

    18,585      63,003

PrivateBancorp, Inc.

    11,700      260,208

Prosperity Bancshares, Inc.

    44,100      1,315,503

Renasant Corp.

    19,200      288,384

Republic Bancorp, Inc./Kentucky, Class A

    8,900      201,051

Republic First Bancorp, Inc.*

    7,300      56,940

S&T Bancorp, Inc.

    22,600      274,816

Sandy Spring Bancorp, Inc.

    15,700      230,790

Santander BanCorp*

    4,300      29,928

SCBT Financial Corp.

    11,300      267,697

Shore Bancshares, Inc.

    8,000      143,520

Sierra Bancorp

    6,600      83,358

Signature Bank/New York*

    6,600      178,992

Simmons First National Corp., Class A

    12,600      336,672

Smithtown Bancorp, Inc.

    14,200      181,618

South Financial Group, Inc.

    69,700      82,943

Southside Bancshares, Inc.

    9,860      225,498

Southwest Bancorp, Inc./Oklahoma

   13,900      135,664

State Bancorp, Inc./New York

    12,800      96,768

StellarOne Corp.

    21,700      281,015

Sterling Bancorp/New York

    17,300      144,455

Sterling Bancshares, Inc./Texas

    75,300      476,649

Sterling Financial Corp./Washington

    49,800      144,918

Suffolk Bancorp

    3,100      79,484

Sun Bancorp, Inc./New Jersey*

    14,175      73,427

Susquehanna Bancshares, Inc.

    79,900      390,711

SVB Financial Group*

    28,600      778,492

SY Bancorp, Inc.

    6,600      159,522

Texas Capital Bancshares, Inc.*

    29,100      450,177

Tompkins Financial Corp.

    5,500      263,725

Tower Bancorp, Inc.

    3,400      119,510

TowneBank/Virginia

    19,100      267,400

Trico Bancshares

    13,300      206,150

Trustmark Corp.

    54,900      1,060,668

 

      Number of
Shares		   

Value

(Note 1)

UCBH Holdings, Inc.

             105,600    $ 133,056

UMB Financial Corp.

    30,800              1,170,708

Umpqua Holdings Corp.

    54,700      424,472

Union Bankshares Corp./Virginia

    12,200      182,634

United Bankshares, Inc.

    35,200      687,808

United Community Banks, Inc./Georgia*

    39,500      236,608

United Security Bancshares, Inc./Alabama

    5,900      129,210

Univest Corp. of Pennsylvania

    11,500      232,990

Washington Banking Co.

    9,400      88,548

Washington Trust Bancorp, Inc.

    12,300      219,309

Webster Financial Corp.

    50,800      408,940

WesBanco, Inc.

    21,400      311,156

West Bancorp, Inc.

    15,500      77,500

Westamerica Bancorporation

    12,200      605,242

Western Alliance Bancorp*

    44,200      302,328

Wilber Corp.

    5,900      65,490

Wilshire Bancorp, Inc.

    18,600      106,950

Wintrust Financial Corp.

    22,500      361,800

Yadkin Valley Financial Corp.

    13,200      91,212
         
        47,441,201
         

Consumer Finance (1.1%)

Advance America Cash Advance Centers, Inc.

    5,300      23,479

Cash America International, Inc.

    28,300      661,937

CompuCredit Corp.*

    15,700      36,110

Credit Acceptance Corp.*

    100      2,185

Dollar Financial Corp.*

    3,600      49,644

EZCORP, Inc., Class A*

    385,000      4,150,300

First Cash Financial Services, Inc.*

    150,000      2,628,000

First Marblehead Corp.*

    60,600      122,412

Nelnet, Inc., Class A*

    13,100      178,029

Rewards Network, Inc.*

    13,000      49,140

World Acceptance Corp.*

    15,700      312,587
         
        8,213,823
         

Diversified Financial Services (0.3%)

Ampal American Israel, Class A*

    15,800      38,552

Asset Acceptance Capital Corp.*

    9,100      69,979

Compass Diversified Holdings

    22,800      184,452

Encore Capital Group, Inc.*

    13,300      176,225

Fifth Street Finance Corp.

    19,405      194,826

Financial Federal Corp.

    15,900      326,745

Medallion Financial Corp.

    13,500      103,275

NewStar Financial, Inc.*

    16,200      30,942

PHH Corp.*

    50,300      914,454

PICO Holdings, Inc.*

    11,100      318,570

Primus Guaranty Ltd.*

    3,900      9,204

Resource America, Inc., Class A

    9,700      52,186
         
        2,419,410
         

Insurance (7.3%)

Ambac Financial Group, Inc.

    273,800      251,896

American Equity Investment Life Holding Co.

    52,000      290,160

American National Insurance Co.^

    30,400      2,297,632

American Physicians Capital, Inc.

    7,000      274,120

American Physicians Service Group, Inc.

    6,200      140,678

American Safety Insurance Holdings Ltd.*

    6,800      92,548

Amerisafe, Inc.*

    18,000      280,080

Amtrust Financial Services, Inc.

    19,000      216,600

Argo Group International Holdings Ltd.*

    29,500      832,490

 

See Notes to Financial Statements.

62

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Arthur J. Gallagher & Co.

    87,000    $ 1,856,580

Aspen Insurance Holdings Ltd.

             200,000              4,468,000

Assured Guaranty Ltd.

    51,922      642,794

Baldwin & Lyons, Inc., Class B

    8,200      161,540

Citizens, Inc./Texas*

    8,300      50,464

CNA Surety Corp.*

    16,000      215,840

Conseco, Inc.*

    177,800      421,386

Crawford & Co., Class B*

    4,700      22,560

Delphi Financial Group, Inc., Class A

    40,200      781,086

Donegal Group, Inc., Class A

    10,800      164,268

Eastern Insurance Holdings, Inc.

    7,800      73,398

EMC Insurance Group, Inc.

    5,300      110,293

Employers Holdings, Inc.

    44,800      607,040

Enstar Group, Ltd.*

    6,400      376,640

Erie Indemnity Co., Class A

    61,900      2,213,544

FBL Financial Group, Inc., Class A

    7,600      62,776

First Acceptance Corp.*

    15,900      33,867

First Mercury Financial Corp.

    7,400      101,898

Flagstone Reinsurance Holdings Ltd.

    37,600      387,280

FPIC Insurance Group, Inc.*

    7,200      220,464

Greenlight Capital Reinsurance Ltd., Class A*

    26,800      463,908

Hallmark Financial Services*

    5,800      41,470

Harleysville Group, Inc.

    12,700      358,394

Hilltop Holdings, Inc.*

    38,100      452,247

Horace Mann Educators Corp.

    38,800      386,836

Independence Holding Co.

    7,300      46,428

Infinity Property & Casualty Corp.

    13,300      484,918

IPC Holdings Ltd.

    229,200      6,266,327

Kansas City Life Insurance Co.

    4,400      118,404

Maiden Holdings Ltd.

    46,800      307,008

Max Capital Group Ltd.

    44,200      815,932

Meadowbrook Insurance Group, Inc.

    51,200      334,336

Mercer Insurance Group, Inc.

    5,500      87,450

Montpelier Reinsurance Holdings Ltd.

    352,500      4,684,725

National Financial Partners Corp.

    35,400      259,128

National Interstate Corp.

    6,000      91,080

National Western Life Insurance Co., Class A

    2,073      242,023

Navigators Group, Inc.*

    12,300      546,489

NYMAGIC, Inc.

    4,300      59,684

Old Republic International Corp.

    498,000      4,905,300

Phoenix Cos., Inc.*

    109,500      182,865

Platinum Underwriters Holdings Ltd.

    49,100      1,403,769

PMA Capital Corp., Class A*

    28,800      131,040

Presidential Life Corp.

    20,100      152,157

ProAssurance Corp.*

    31,600      1,460,236

Protective Life Corp.^

    312,800      3,578,432

RLI Corp.

    65,500      2,934,400

Safety Insurance Group, Inc.

    11,200      342,272

SeaBright Insurance Holdings, Inc.*

    20,200      204,626

Selective Insurance Group, Inc.

    49,800      635,946

StanCorp Financial Group, Inc.

    80,000      2,294,400

State Auto Financial Corp.

    13,500      236,250

Stewart Information Services Corp.

    16,300      232,275

Syncora Holdings Ltd.*^

    394,800      106,596

Tower Group, Inc.

    4,493      111,337

United America Indemnity Ltd., Class A*

    31,751      152,087

United Fire & Casualty Co.

    21,100      361,865

Zenith National Insurance Corp.

    85,300      1,854,422
         
        54,974,984
         

Real Estate Investment Trusts (REITs) (4.5%)

Acadia Realty Trust (REIT)

    29,300      382,365

 

      Number of
Shares		   

Value

(Note 1)

Agree Realty Corp. (REIT)

    7,500    $ 137,475

Alexander’s, Inc. (REIT)

    700      188,720

American Campus Communities, Inc. (REIT)

               49,900              1,106,782

American Capital Agency Corp. (REIT)

    9,500      218,215

Anthracite Capital, Inc. (REIT)

    56,800      35,216

Anworth Mortgage Asset Corp. (REIT)

    92,400      666,204

Ashford Hospitality Trust, Inc. (REIT)

    65,100      182,931

Associated Estates Realty Corp. (REIT)

    13,100      78,076

BioMed Realty Trust, Inc. (REIT)

    90,300      923,769

CapLease, Inc. (REIT)

    41,900      115,644

Capstead Mortgage Corp. (REIT)

    58,900      748,619

Care Investment Trust, Inc. (REIT)

    12,300      63,960

CBL & Associates Properties, Inc. (REIT)

    68,500      369,215

Cedar Shopping Centers, Inc. (REIT)

    36,500      164,980

Cogdell Spencer, Inc. (REIT)

    27,300      117,117

Colonial Properties Trust (REIT)

    45,200      334,480

Cousins Properties, Inc. (REIT)

    37,372      317,662

DCT Industrial Trust, Inc. (REIT)

    168,700      688,296

Developers Diversified Realty Corp. (REIT)

    131,800      643,184

DiamondRock Hospitality Co. (REIT)

    101,600      636,016

DuPont Fabros Technology, Inc. (REIT)

    12,200      114,924

Dynex Capital, Inc. (REIT)

    11,200      91,840

EastGroup Properties, Inc. (REIT)

    9,500      313,690

Education Realty Trust, Inc. (REIT) .

    26,500      113,685

Entertainment Properties Trust (REIT)

    33,500      690,100

Equity Lifestyle Properties, Inc. (REIT)

    6,900      256,542

Equity One, Inc. (REIT)

    33,100      438,906

Extra Space Storage, Inc. (REIT)

    78,400      654,640

FelCor Lodging Trust, Inc. (REIT)

    60,600      149,076

First Industrial Realty Trust, Inc. (REIT)

    42,400      184,440

First Potomac Realty Trust (REIT)

    26,100      254,475

Franklin Street Properties Corp. (REIT)

    54,900      727,425

Getty Realty Corp. (REIT)

    10,200      192,474

Gladstone Commercial Corp. (REIT)

    8,400      108,864

Glimcher Realty Trust (REIT)

    36,500      105,850

Gramercy Capital Corp./New York (REIT)*

    41,100      66,171

Hatteras Financial Corp. (REIT)

    34,600      989,214

Healthcare Realty Trust, Inc. (REIT)

    54,800      922,284

Hersha Hospitality Trust (REIT)

    46,100      114,328

Highwoods Properties, Inc. (REIT)

    67,700      1,514,449

Home Properties, Inc. (REIT)

    31,500      1,074,150

Inland Real Estate Corp. (REIT)

    67,400      471,800

Investors Real Estate Trust (REIT)

    52,500      466,725

iStar Financial, Inc. (REIT)

    96,200      273,208

Kilroy Realty Corp. (REIT)

    34,600      710,684

Kite Realty Group Trust (REIT)

    35,400      103,368

LaSalle Hotel Properties (REIT)

    49,100      605,894

Lexington Realty Trust (REIT)

    75,838      257,849

LTC Properties, Inc. (REIT)

    19,300      394,685

Medical Properties Trust, Inc. (REIT)

    72,800      441,896

MFA Financial, Inc. (REIT)

    212,800      1,472,576

 

See Notes to Financial Statements.

63

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

     

Number of

Shares

   

Value

(Note 1)

Mid-America Apartment Communities, Inc. (REIT)

               13,600    $ 499,256

Mission West Properties, Inc. (REIT)

    18,900                 129,087

Monmouth Real Estate Investment Corp. (REIT), Class A

    17,500      102,550

National Health Investors, Inc. (REIT)

    23,600      630,356

National Retail Properties, Inc. (REIT)

    76,400      1,325,540

NorthStar Realty Finance Corp. (REIT)

    53,200      150,556

Omega Healthcare Investors, Inc. (REIT)

    64,200      996,384

Parkway Properties, Inc./Maryland (REIT)

    20,300      263,900

Pennsylvania Real Estate Investment Trust (REIT)

    33,700      168,500

Post Properties, Inc. (REIT)

    40,500      544,320

Potlatch Corp. (REIT)

    18,200      442,078

PS Business Parks, Inc. (REIT)

    10,100      489,244

RAIT Financial Trust (REIT)

    59,500      81,515

Ramco-Gershenson Properties Trust (REIT)

    15,300      153,153

Redwood Trust, Inc. (REIT)

    64,600      953,496

Resource Capital Corp. (REIT)

    20,700      66,240

Saul Centers, Inc. (REIT)

    3,300      97,581

Sovran Self Storage, Inc. (REIT)

    20,100      494,460

Strategic Hotels & Resorts, Inc. (REIT)

    71,700      79,587

Sun Communities, Inc. (REIT)

    16,000      220,480

Sunstone Hotel Investors, Inc. (REIT)

    68,600      367,010

Tanger Factory Outlet Centers (REIT)

    16,700      541,581

UMH Properties, Inc. (REIT)

    6,800      54,196

Universal Health Realty Income Trust (REIT)

    5,000      157,600

Urstadt Biddle Properties, Inc. (REIT), Class A

    19,800      278,784

U-Store-It Trust (REIT)

    47,400      232,260

Walter Investment Management Corp. (REIT)*

    17,300      229,744

Washington Real Estate Investment Trust (REIT)

    49,500      1,107,315

Winthrop Realty Trust (REIT)

    10,700      95,551
         
        33,347,462
         

Real Estate Management & Development (0.1%)

Avatar Holdings, Inc.*

    5,900      107,203

China Housing & Land Development, Inc.*

    25,300      145,728

Consolidated-Tomoka Land Co.

    5,300      185,924

Forestar Group, Inc.*

    34,500      409,860
         
        848,715
         

Thrifts & Mortgage Finance (1.8%)

Abington Bancorp, Inc.

    20,200      160,792

Astoria Financial Corp.

    81,900      702,702

Bank Mutual Corp.

    44,600      388,912

BankFinancial Corp.

    18,200      161,252

Beneficial Mutual Bancorp, Inc.*

    30,400      291,840

Berkshire Hills Bancorp, Inc.

    12,300      255,594

Brookline Bancorp, Inc.

    43,000      400,760

Brooklyn Federal Bancorp, Inc.

    3,300      37,125

Clifton Savings Bancorp, Inc.

    9,400      101,144

Corus Bankshares, Inc.*^

    262,061      72,067

Danvers Bancorp, Inc.

    16,900      227,305

 

     

Number of

Shares

   

Value

(Note 1)

Dime Community Bancshares, Inc.

               22,400    $ 204,064

Doral Financial Corp.*

    5,100                   12,750

ESB Financial Corp.

    9,000      118,080

ESSA Bancorp, Inc.

    14,500      198,215

First Defiance Financial Corp.

    8,000      104,000

First Financial Holdings, Inc.

    11,200      105,280

First Financial Northwest, Inc.

    18,700      146,234

First Financial Service Corp.

    4,000      69,640

Flagstar Bancorp, Inc.*

    59,200      40,256

Flushing Financial Corp.

    20,000      187,000

Fox Chase Bancorp, Inc.*

    5,400      51,786

Home Federal Bancorp, Inc./Idaho

    16,200      165,078

Kearny Financial Corp.

    16,300      186,472

K-Fed Bancorp

    4,200      38,556

Legacy Bancorp., Inc./Massachusetts

    7,300      81,030

Meridian Interstate Bancorp, Inc.*

    9,600      71,520

MGIC Investment Corp.

    120,100      528,440

NASB Financial, Inc.

    3,300      94,380

NewAlliance Bancshares, Inc.

    101,800      1,170,700

Northeast Community Bancorp, Inc.*

    6,000      48,660

Northwest Bancorp, Inc.

    16,300      307,418

OceanFirst Financial Corp.

    8,500      101,745

Ocwen Financial Corp.*

    34,000      440,980

Oritani Financial Corp.*

    2,000      27,420

PMI Group, Inc.

    78,200      154,836

Provident Financial Services, Inc.

    54,700      497,770

Provident New York Bancorp

    32,000      259,840

Radian Group, Inc.

    77,000      209,440

Rockville Financial, Inc.

    7,900      86,505

Roma Financial Corp.

    4,900      62,426

Tree.com, Inc.*

    6,500      62,400

TrustCo Bank Corp. NY/New York^

    647,000      3,823,770

United Financial Bancorp, Inc.

    12,500      172,750

Waterstone Financial, Inc.*

    6,800      20,196

Westfield Financial, Inc.

    29,300      265,458

WSFS Financial Corp.

    5,900      161,129
         
        13,075,717
         

Total Financials

         170,728,106
         

Health Care (5.6%)

   

Biotechnology (0.2%)

ArQule, Inc.*

    18,800      115,432

Celera Corp.*

    62,600      477,638

Facet Biotech Corp.*

    19,600      182,084

Geron Corp.*

    43,000      329,810

Infinity Pharmaceuticals, Inc.*

    9,900      57,816

Lexicon Pharmaceuticals, Inc.*

    51,400      63,736

Martek Biosciences Corp.*

    26,100      552,015

Maxygen, Inc.*

    4,400      29,568

Nabi Biopharmaceuticals*

    14,700      35,574
         
        1,843,673
         

Health Care Equipment & Supplies (1.5%)

Analogic Corp.

    4,400      162,580

AngioDynamics, Inc.*

    17,000      225,590

Aspect Medical Systems, Inc.*

    15,600      92,196

Cantel Medical Corp.*

    3,600      58,428

Cardiac Science Corp.*

    18,000      72,360

CONMED Corp.*

    27,900      433,008

Cutera, Inc.*

    9,500      81,890

Cynosure, Inc., Class A*

    9,800      74,970

ev3, Inc.*

    67,900      727,888

Greatbatch, Inc.*

    6,400      144,704

Home Diagnostics, Inc.*

    8,400      51,576

I-Flow Corp.*

    12,400      86,056

 

See Notes to Financial Statements.

64

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Invacare Corp.

               15,800    $ 278,870

Medical Action Industries, Inc.*

    3,100                   35,495

Natus Medical, Inc.*

    7,200      83,088

Palomar Medical Technologies, Inc.*

    4,900      71,834

RTI Biologics, Inc.*

    33,900      145,431

STERIS Corp.^

    86,000      2,242,880

Symmetry Medical, Inc.*

    23,900      222,748

Teleflex, Inc.

    67,400      3,021,542

TomoTherapy, Inc.*

    24,400      67,100

Volcano Corp.*

    11,400      159,372

West Pharmaceutical Services, Inc.^

   70,000      2,439,500

Zoll Medical Corp.*

    2,700      52,218
         
        11,031,324
         

Health Care Providers & Services (2.4%)

Alliance HealthCare Services, Inc.*

   2,800      20,524

Allied Healthcare International, Inc.*

    37,500      81,375

Allion Healthcare, Inc.*

    18,600      110,670

Amedisys, Inc.*

    1,600      52,832

America Service Group, Inc.*‡

    500,000      8,035,000

American Dental Partners, Inc.*

    8,300      75,281

Amsurg Corp.*

    29,700      636,768

Assisted Living Concepts, Inc., Class A*

    9,860      143,463

Capital Senior Living Corp.*

    19,900      90,545

Centene Corp.*

    19,000      379,620

Cross Country Healthcare, Inc.*

    24,000      164,880

Gentiva Health Services, Inc.*

    17,000      279,820

Hanger Orthopedic Group, Inc.*

    19,800      269,082

Healthspring, Inc.*

    45,400      493,044

Healthways, Inc.*

    30,700      412,915

inVentiv Health, Inc.*

    21,500      290,895

Kindred Healthcare, Inc.*

    37,500      463,875

Landauer, Inc.

    3,400      208,556

Magellan Health Services, Inc.*

    33,700      1,106,034

MedCath Corp.*

    15,300      179,928

Molina Healthcare, Inc.*

    13,100      313,352

National Healthcare Corp.

    4,400      166,936

Nighthawk Radiology Holdings, Inc.*

    20,500      75,850

Odyssey HealthCare, Inc.*

    16,100      165,508

Owens & Minor, Inc.

    8,000      350,560

Psychiatric Solutions, Inc.*

    17,400      395,676

RehabCare Group, Inc.*

    3,800      90,934

Res-Care, Inc.*

    22,900      327,470

Skilled Healthcare Group, Inc., Class A*

    16,800      126,000

Sun Healthcare Group, Inc.*

    42,000      354,480

Sunrise Senior Living, Inc.*

    44,600      73,590

Triple-S Management Corp., Class B*

    18,800      293,092

U.S. Physical Therapy, Inc.*

    6,200      91,450

Universal American Corp.*

    26,200      228,464

WellCare Health Plans, Inc.*

    40,400      746,996
         
        17,295,465
         

Health Care Technology (0.0%)

MedQuist, Inc.

    9,400      57,152

Omnicell, Inc.*

    4,600      49,450

Vital Images, Inc.*

    6,200      70,370
         
        176,972
         

Life Sciences Tools & Services (1.2%)

Affymetrix, Inc.*

    9,600      56,928

Albany Molecular Research, Inc.*

    22,700      190,453

Cambrex Corp.*

    2,900      11,948

Enzo Biochem, Inc.*

    7,700      34,111

Kendle International, Inc.*

    11,400      139,536

Mettler-Toledo International, Inc.*^

    46,000      3,548,900

 

     

Number of

Shares

   

Value

(Note 1)

Pharmaceutical Product Development, Inc.

             176,900    $ 4,107,618

Varian, Inc.*

    21,200                 835,916
         
        8,925,410
         

Pharmaceuticals (0.3%)

Adolor Corp.*

    22,300      39,248

Hi-Tech Pharmacal Co., Inc.*

    6,400      56,960

KV Pharmaceutical Co., Class A*

    18,000      57,780

Medicines Co.*

    15,200      127,528

Medicis Pharmaceutical Corp., Class A

    48,700      794,784

Noven Pharmaceuticals, Inc.*

    21,700      310,310

Par Pharmaceutical Cos., Inc.*

    31,400      475,710

SuperGen, Inc.*

    22,000      44,220

ViroPharma, Inc.*

    59,600      353,428
         
        2,259,968
         

Total Health Care

         41,532,812
         

Industrials (23.1%)

      

Aerospace & Defense (0.9%)

AAR Corp.*

    34,000      545,700

Argon ST, Inc.*

    1,700      34,969

Ascent Solar Technologies, Inc.*

    12,600      98,532

Ceradyne, Inc.*

    24,100      425,606

Curtiss-Wright Corp.

    43,200      1,284,336

Ducommun, Inc.

    10,100      189,779

DynCorp International, Inc., Class A*

    22,000      369,380

Esterline Technologies Corp.*

    19,200      519,744

Herley Industries, Inc.*

    13,300      145,901

Ladish Co., Inc.*

    15,200      197,144

LMI Aerospace, Inc.*

    3,300      33,396

Moog, Inc., Class A*

    40,700      1,050,467

Teledyne Technologies, Inc.*

    23,200      759,800

Todd Shipyards Corp.

    5,700      94,905

Triumph Group, Inc.

    16,000      640,000
         
        6,389,659
         

Air Freight & Logistics (0.2%)

Air Transport Services Group, Inc.*

    22,100      51,272

Atlas Air Worldwide Holdings, Inc.*

    16,500      382,635

Dynamex, Inc.*

    4,400      67,716

Forward Air Corp.

    14,500      309,140

Hub Group, Inc., Class A*

    18,600      383,904

Pacer International, Inc.

    20,400      45,492
         
        1,240,159
         

Airlines (0.7%)

Alaska Air Group, Inc.*

    34,100      622,666

JetBlue Airways Corp.*

    220,356      940,920

Republic Airways Holdings, Inc.*

    25,200      164,556

SkyWest, Inc.

    299,400      3,053,880

U.S. Airways Group, Inc.*

    119,400      290,142

UAL Corp.*

    9,000      28,710
         
        5,100,874
         

Building Products (3.2%)

American Woodmark Corp.

    142,300      3,408,085

Ameron International Corp.

    8,800      589,952

Apogee Enterprises, Inc.^

    518,600      6,378,780

Builders FirstSource, Inc.*

    3,100      12,896

Gibraltar Industries, Inc.

    395,700      2,718,459

Griffon Corp.*

    41,800      347,776

Insteel Industries, Inc.

    15,200      125,248

NCI Building Systems, Inc.*

    18,900      49,896

Quanex Building Products Corp.

    12,600      141,372

Simpson Manufacturing Co., Inc.

    152,900      3,305,698

Trex Co., Inc.*

    1,900      25,403

 

See Notes to Financial Statements.

65

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		   

Value

(Note 1)

Universal Forest Products, Inc.

             208,399    $ 6,895,923
         
              23,999,488
         

Commercial Services & Supplies (3.1%)

ABM Industries, Inc.^

    244,800      4,423,536

ACCO Brands Corp.*

    52,300      147,486

American Reprographics Co.*

    4,400      36,608

Amrep Corp.*

    1,600      17,648

ATC Technology Corp.*

    5,100      73,950

Bowne & Co., Inc.

    24,306      158,232

Comfort Systems USA, Inc.

    38,200      391,550

Consolidated Graphics, Inc.*

    9,500      165,490

Copart, Inc.*

    60,000      2,080,200

Cornell Cos., Inc.*

    10,600      171,826

Courier Corp.

    9,400      143,444

Deluxe Corp.

    23,400      299,754

EnergySolutions, Inc.

    65,800      605,360

Ennis, Inc.

    23,900      297,794

Fuel Tech, Inc.*

    3,900      37,830

G&K Services, Inc., Class A

    17,100      361,665

GEO Group, Inc.*

    9,800      182,084

GeoEye, Inc.*

    1,100      25,916

HNI Corp.

    11,848      213,975

ICT Group, Inc.*

    2,700      23,571

Kimball International, Inc., Class B

    30,500      190,320

M&F Worldwide Corp.*

    10,600      212,000

McGrath RentCorp.

    19,700      375,482

Metalico, Inc.*

    26,600      123,956

Mine Safety Appliances Co.^

    129,900      3,130,590

Mobile Mini, Inc.*

    282,700      4,147,209

Multi-Color Corp.

    1,700      20,842

Schawk, Inc.

    14,500      108,895

Standard Parking Corp.*

    6,000      97,740

Standard Register Co.

    10,000      32,600

Steelcase, Inc., Class A

    68,800      400,416

Team, Inc.*

    224,000      3,510,080

United Stationers, Inc.*

    22,700      791,776

Viad Corp.

    17,000      292,740

Waste Services, Inc.*

    13,500      69,930
         
        23,362,495
         

Construction & Engineering (1.7%)

Chicago Bridge & Iron Co. N.V. (N.Y. Shares)

    138,000      1,711,200

Dycom Industries, Inc.*

    36,600      405,162

EMCOR Group, Inc.*

    136,200      2,740,344

Furmanite Corp.*

    194,300      866,578

Granite Construction, Inc.

    28,400      945,152

Great Lakes Dredge & Dock Corp.

    3,300      15,774

Insituform Technologies, Inc., Class A*

    37,200      631,284

Integrated Electrical Services, Inc.*

    6,000      46,860

Layne Christensen Co.*

    18,700      382,415

MasTec, Inc.*

    14,200      166,424

Northwest Pipe Co.*

    8,700      302,412

Orion Marine Group, Inc.*

    200,000      3,800,000

Pike Electric Corp.*

    11,000      132,550

Sterling Construction Co., Inc.*

    11,800      180,068

Tutor Perini Corp.*

    24,800      430,528
         
        12,756,751
         

Electrical Equipment (2.5%)

A. O. Smith Corp.^

    54,300      1,768,551

Acuity Brands, Inc.

    9,200      258,060

Baldor Electric Co.

    35,900      854,061

Belden, Inc.

    44,600      744,820

Brady Corp., Class A^

    195,200      4,903,424

 

     

Number of

Shares

   

Value

(Note 1)

Chase Corp.

    5,400    $ 64,260

China BAK Battery, Inc.*

               37,000                 109,150

Encore Wire Corp.

    17,400      371,490

Energy Conversion Devices, Inc.*

    7,000      99,050

EnerSys*

    38,600      702,134

Evergreen Solar, Inc.*

    85,300      185,101

Franklin Electric Co., Inc.

    107,100      2,776,032

FuelCell Energy, Inc.*

    12,200      50,996

Fushi Copperweld, Inc.*

    15,500      128,185

GrafTech International Ltd.*

    70,500      797,355

II-VI, Inc.*

    7,800      172,926

LSI Industries, Inc.

    17,900      97,555

Orion Energy Systems, Inc.*

    17,600      66,000

Polypore International, Inc.*

    15,100      167,912

Powell Industries, Inc.*

    29,000      1,075,030

Power-One, Inc.*

    67,800      101,022

PowerSecure International, Inc.*

    12,500      53,250

Preformed Line Products Co.

    300      13,218

Regal-Beloit Corp.

    34,200      1,358,424

Roper Industries, Inc.

    35,000      1,585,850

Valence Technology, Inc.*

    6,300      11,277

Vicor Corp.

    11,700      84,474

Woodward Governor Co.

    11,900      235,620
         
        18,835,227
         

Industrial Conglomerates (0.7%)

Carlisle Cos., Inc.^

    140,000      3,365,600

Otter Tail Corp.

    32,800      716,352

Seaboard Corp.

    300      336,600

Standex International Corp.

    12,000      139,200

Tredegar Corp.

    28,400      378,288

United Capital Corp.*

    1,800      32,976
         
        4,969,016
         

Machinery (5.5%)

Actuant Corp., Class A

    29,300      357,460

Alamo Group, Inc.

    6,000      60,600

Albany International Corp., Class A

    28,300      322,054

Altra Holdings, Inc.*

    22,400      167,776

American Railcar Industries, Inc.

    9,300      76,818

Ampco-Pittsburgh Corp.

    4,200      98,490

Astec Industries, Inc.*^

    53,800      1,597,322

Barnes Group, Inc.

    44,700      531,483

Blount International, Inc.*

    25,000      215,250

Briggs & Stratton Corp.^

    181,100      2,415,874

Cascade Corp.

    8,700      136,851

Chart Industries, Inc.*

    3,300      59,994

CIRCOR International, Inc.

    67,600      1,596,036

CLARCOR, Inc.

    30,600      893,214

CNH Global N.V.*^

    30,000      421,200

Colfax Corp.*

    16,600      128,152

Columbus McKinnon Corp.*

    16,200      204,930

Eastern Co.

    5,900      97,350

EnPro Industries, Inc.*

    19,200      345,792

Federal Signal Corp.

    43,400      332,010

FreightCar America, Inc.

    10,100      169,781

Gardner Denver, Inc.*

    100,000      2,517,000

Gorman-Rupp Co.

    5,200      104,884

Graco, Inc.^

    151,700      3,340,434

Graham Corp.

    3,600      47,880

Greenbrier Cos., Inc.

    15,900      114,321

Hurco Cos., Inc.*

    6,300      98,469

John Bean Technologies Corp.

    26,500      331,780

Kadant, Inc.*

    12,400      139,996

Kaydon Corp.

    31,800      1,035,408

Kennametal, Inc.

    140,000      2,685,200

 

See Notes to Financial Statements.

66

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

K-Tron International, Inc.*

                   600    $ 47,808

L.B. Foster Co., Class A*

    9,800      294,686

Lincoln Electric Holdings, Inc.^

    70,700              2,548,028

Miller Industries, Inc./TN*

    10,000      88,000

Mueller Industries, Inc.

    230,600      4,796,479

Mueller Water Products, Inc., Class A

    109,500      409,530

NACCO Industries, Inc., Class A

    5,700      163,704

Nordson Corp.^

    108,300      4,186,878

Robbins & Myers, Inc.

    23,600      454,300

Sauer-Danfoss, Inc.

    10,000      61,300

Sun Hydraulics Corp.

    7,200      116,424

Tecumseh Products Co., Class A*

    15,700      152,447

Timken Co.

    43,100      736,148

Titan International, Inc.

    34,000      253,980

Trimas Corp.*

    11,045      37,222

Trinity Industries, Inc.^

    205,000      2,792,100

Twin Disc, Inc.

    7,600      51,756

Wabash National Corp.^

    440,000      308,000

Watts Water Technologies, Inc., Class A

    141,800      3,054,372
         
        41,196,971
         

Marine (0.7%)

American Commercial Lines, Inc.*

    8,800      136,224

Eagle Bulk Shipping, Inc.

    45,500      213,395

Genco Shipping & Trading Ltd.

    24,700      536,484

Horizon Lines, Inc., Class A

    29,700      114,642

International Shipholding Corp.

    5,500      148,280

Kirby Corp.*

    115,000      3,655,850

TBS International Ltd., Class A*

    13,200      103,092

Ultrapetrol Bahamas Ltd.*

    22,000      97,460
         
        5,005,427
         

Professional Services (0.5%)

Barrett Business Services, Inc.

    7,600      79,800

CDI Corp.

    11,000      122,650

COMSYS IT Partners, Inc.*

    14,100      82,485

CRA International, Inc.*

    1,700      47,192

First Advantage Corp., Class A*

    9,900      150,579

Heidrick & Struggles International, Inc.

    16,400      299,300

Kelly Services, Inc., Class A

    21,600      236,520

Kforce, Inc.*

    24,400      201,788

Korn/Ferry International*

    39,600      421,344

MPS Group, Inc.*

    86,600      661,624

On Assignment, Inc.*

    34,000      132,940

School Specialty, Inc.*

    11,800      238,478

Spherion Corp.*

    50,200      206,824

TrueBlue, Inc.*

    38,200      320,880

Volt Information Sciences, Inc.*

    12,300      77,121

Watson Wyatt Worldwide, Inc., Class A

    7,400      277,722
         
        3,557,247
         

Road & Rail (2.8%)

Amerco, Inc.*

    8,900      330,635

Arkansas Best Corp.

    24,200      637,670

Avis Budget Group, Inc.*

    41,300      233,345

Celadon Group, Inc.*

    4,300      36,077

Dollar Thrifty Automotive Group, Inc.*

    20,300      283,185

Genesee & Wyoming, Inc., Class A*

    255,000      6,760,050

Heartland Express, Inc.

    18,700      275,264

Kansas City Southern*^

    44,000      708,840

Knight Transportation, Inc.

    11,600      191,980

Old Dominion Freight Line, Inc.*

    22,300      748,611

Patriot Transportation Holding, Inc.*

    500      36,465

 

      Number of
Shares		    Value
(Note 1)

Saia, Inc.*

             312,900    $         5,635,329

Universal Truckload Services, Inc.

    4,600      71,990

Vitran Corp., Inc.*

    377,050      3,732,795

Werner Enterprises, Inc.

    39,500      715,740

YRC Worldwide, Inc.*

    54,600      94,458
         
        20,492,434
         

Trading Companies & Distributors (0.6%)

Aceto Corp.

    22,000      146,740

Aircastle Ltd.

    42,000      308,700

Applied Industrial Technologies, Inc.^

    110,500      2,176,850

Beacon Roofing Supply, Inc.*

    7,600      109,896

DXP Enterprises, Inc.*

    7,600      87,172

H&E Equipment Services, Inc.*

    26,500      247,775

Houston Wire & Cable Co.

    9,700      115,527

Interline Brands, Inc.*

    30,200      413,136

Kaman Corp.

    3,600      60,120

Lawson Products, Inc.

    4,100      58,261

Rush Enterprises, Inc., Class A*

    23,900      278,435

TAL International Group, Inc.

    14,000      152,600

Textainer Group Holdings Ltd.

    9,100      104,559

United Rentals, Inc.*

    57,900      375,771

Watsco, Inc.

    1,900      92,967

Willis Lease Finance Corp.*

    4,800      62,976
         
        4,791,485
         

Transportation Infrastructure (0.0%)

CAI International, Inc.*

    9,900      50,490
         

Total Industrials

         171,747,723
         

Information Technology (7.0%)

      

Communications Equipment (1.1%)

3Com Corp.*

    67,600      318,396

ADC Telecommunications, Inc.*

    74,500      593,020

ADTRAN, Inc.

    11,900      255,493

Airvana, Inc.*

    10,700      68,159

Anaren, Inc.*

    1,800      31,824

Arris Group, Inc.*

    29,300      356,288

Avocent Corp.*

    36,900      515,124

Bel Fuse, Inc., Class B

    10,600      170,024

Black Box Corp.

    16,000      535,520

Cogo Group, Inc.*

    24,600      146,862

Communications Systems, Inc.

    6,200      60,760

Digi International, Inc.*

    15,500      151,125

EMS Technologies, Inc.*

    2,800      58,520

Emulex Corp.*

    6,322      61,829

Extreme Networks, Inc.*

    81,200      162,400

Globecomm Systems, Inc.*

    20,400      146,676

Harmonic, Inc.*

    21,900      128,991

Harris Stratex Networks, Inc., Class A*

    55,100      357,048

NETGEAR, Inc.*

    24,500      353,045

Network Equipment Technologies, Inc.*

    14,700      62,622

Oplink Communications, Inc.*

    5,600      63,840

Opnext, Inc.*

    23,600      50,504

Palm, Inc.*

    14,700      243,579

PC-Tel, Inc.*

    16,200      86,670

Plantronics, Inc.

    5,793      109,546

Polycom, Inc.*

    48,400      981,068

Powerwave Technologies, Inc.*

    128,400      206,724

SeaChange International, Inc.*

    15,100      121,253

Sonus Networks, Inc.*

    198,600      319,746

Sycamore Networks, Inc.*

    184,600      577,798

Symmetricom, Inc.*

    38,800      223,876

 

See Notes to Financial Statements.

67

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Tekelec*

               42,500    $ 715,275

UTStarcom, Inc.*

    97,100      158,273
         
                8,391,878
         

Computers & Peripherals (0.4%)

ActivIdentity Corp.*

    30,700      77,671

Adaptec, Inc.*

    112,500      298,125

Avid Technology, Inc.*

    21,800      292,338

Cray, Inc.*

    9,700      76,436

Diebold, Inc.^

    35,000      922,600

Electronics for Imaging, Inc.*

    45,000      479,700

Imation Corp.

    28,500      216,885

Intevac, Inc.*

    20,900      182,039

Rimage Corp.*

    8,700      144,507

Silicon Graphics International Corp.*

    25,300      114,862

Super Micro Computer, Inc.*

    4,500      34,470
         
        2,839,633
         

Electronic Equipment, Instruments & Components (2.2%)

Agilysys, Inc.

    13,100      61,308

Anixter International, Inc.*

    24,200      909,678

Benchmark Electronics, Inc.*^

    435,400      6,269,760

Checkpoint Systems, Inc.*

    28,400      445,596

China Security & Surveillance Technology, Inc.*

    6,500      49,010

Cognex Corp.

    31,200      440,856

Coherent, Inc.*

    21,400      442,552

CPI International, Inc.*

    8,400      72,996

CTS Corp.

    32,300      211,565

DDi Corp.*

    12,400      56,172

Echelon Corp.*

    9,400      79,712

Electro Rent Corp.

    19,900      188,851

Electro Scientific Industries, Inc.*

    25,000      279,500

ICx Technologies, Inc.*

    5,700      34,200

Insight Enterprises, Inc.*

    38,400      370,944

L-1 Identity Solutions, Inc.*

    15,900      123,066

Littelfuse, Inc.*

    20,900      417,164

Measurement Specialties, Inc.*

    14,000      98,700

Mercury Computer Systems, Inc.*

    21,100      195,175

Methode Electronics, Inc.

    31,000      217,620

MTS Systems Corp.

    14,400      297,360

Newport Corp.*

    34,400      199,176

OSI Systems, Inc.*

    3,200      66,720

Park Electrochemical Corp.

    7,400      159,322

PC Connection, Inc.*

    9,300      48,825

PC Mall, Inc.*

    7,700      52,052

Plexus Corp.*

    25,200      515,592

Rofin-Sinar Technologies, Inc.*

    118,000      2,361,180

Rogers Corp.*

    11,800      238,714

Scansource, Inc.*

    24,000      588,480

SMART Modular Technologies (WWH), Inc.*

    42,100      95,567

Spectrum Control, Inc.*

    12,400      109,120

SYNNEX Corp.*

    15,800      394,842

Technitrol, Inc.

    37,000      239,390

TTM Technologies, Inc.*

    41,500      330,340

X-Rite, Inc.*

    26,700      40,050

Zygo Corp.*

    14,300      66,638
         
        16,767,793
         

Internet Software & Services (0.5%)

Digital River, Inc.*

    7,200      261,504

DivX, Inc.*

    12,200      66,978

EarthLink, Inc.*

    88,700      657,267

InfoSpace, Inc.*

    14,000      92,820

Internap Network Services Corp.*

    49,400      172,406

Internet Brands, Inc., Class A*

    12,100      84,700

 

      Number of
Shares		    Value
(Note 1)

Internet Capital Group, Inc.*

               14,500    $ 97,585

Ipass, Inc.*

    50,100      80,160

j2 Global Communications, Inc.*

    3,600      81,216

Keynote Systems, Inc.*

    6,300      48,132

ModusLink Global Solutions, Inc.*

    43,100      295,666

Omniture, Inc.*

    4,000      50,240

Openwave Systems, Inc.*

    57,400      128,576

Perficient, Inc.*

    21,800      152,382

RealNetworks, Inc.*

    35,900      107,341

SonicWALL, Inc.*

    45,200      247,696

support.com, Inc.*

    35,500      77,390

TechTarget, Inc.*

    11,900      47,600

United Online, Inc.

    80,200      522,102

Vignette Corp.*

    4,400      57,860

Web.com Group, Inc.*

    20,100      113,163
         
                3,442,784
         

IT Services (0.6%)

Acxiom Corp.

    12,000      105,960

CACI International, Inc., Class A*

    25,400      1,084,834

CIBER, Inc.*

    59,600      184,760

CSG Systems International, Inc.*

    15,300      202,572

Euronet Worldwide, Inc.*

    5,951      115,390

Global Cash Access Holdings, Inc.*

    4,000      31,840

Hackett Group, Inc.*

    19,900      46,367

infoGROUP, Inc.*

    15,400      87,934

Information Services Group, Inc.*

    23,600      71,036

Integral Systems, Inc.*

    12,600      104,832

ManTech International Corp., Class A*

    4,300      185,072

MAXIMUS, Inc.

    1,500      61,875

Ness Technologies, Inc.*

    34,100      133,331

Online Resources Corp.*

    8,900      55,536

Perot Systems Corp., Class A*

    66,600      954,378

SRA International, Inc., Class A*

    28,600      502,216

StarTek, Inc.*

    9,800      78,596

Tier Technologies, Inc., Class B*

    8,500      65,280

Unisys Corp.*

    335,900      507,209

Virtusa Corp.*

    3,100      24,893
         
        4,603,911
         

Semiconductors & Semiconductor Equipment (1.5%)

Actel Corp.*

    17,600      188,848

Advanced Energy Industries, Inc.*

    7,100      63,829

ANADIGICS, Inc.*

    12,900      54,051

ATMI, Inc.*

    21,300      330,789

Brooks Automation, Inc.*

    59,600      267,008

Cabot Microelectronics Corp.*

    20,000      565,800

CEVA, Inc.*

    5,300      46,004

Cohu, Inc.

    266,700      2,394,966

CSR plc*

    40,162      231,705

Cymer, Inc.*

    28,400      844,332

DSP Group, Inc.*

    22,100      149,396

Emcore Corp.*

    74,400      93,744

Entegris, Inc.*

    100,200      272,544

Exar Corp.*

    32,400      232,956

FEI Co.*

    2,900      66,410

FormFactor, Inc.*

    2,900      49,996

GSI Technology, Inc.*

    18,600      71,796

IXYS Corp.

    6,200      62,744

Lattice Semiconductor Corp.*

    102,600      192,888

MEMSIC, Inc.*

    14,600      61,904

Micrel, Inc.

    26,000      190,320

Microtune, Inc.*

    20,900      48,906

MKS Instruments, Inc.*

    47,200      622,568

OmniVision Technologies, Inc.*

    174,900      1,817,211

 

See Notes to Financial Statements.

68

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Pericom Semiconductor Corp.*

               24,500    $ 206,290

Photronics, Inc.*

    40,600      164,430

RF Micro Devices, Inc.*

    19,936      74,959

Rudolph Technologies, Inc.*

    18,700      103,224

Semitool, Inc.*

    18,500      85,470

Sigma Designs, Inc.*

    7,100      113,884

Silicon Image, Inc.*

    72,800      167,440

Silicon Storage Technology, Inc.*

    74,800      139,876

Standard Microsystems Corp.*

    15,700      321,065

Trident Microsystems, Inc.*

    35,800      62,292

TriQuint Semiconductor, Inc.*

    61,600      327,096

Veeco Instruments, Inc.*

    13,664      158,366

Virage Logic Corp.*

    15,000      67,500

White Electronic Designs Corp.*

    22,600      104,638

Zoran Corp.*

    12,400      135,160
         
              11,152,405
         

Software (0.7%)

American Software, Inc., Class A

    500      2,880

Dynamics Research Corp.*

    8,600      86,086

Epicor Software Corp.*

    45,700      242,210

ePlus, Inc.*

    3,600      52,452

Fair Isaac Corp.

    45,200      698,792

i2 Technologies, Inc.*

    3,100      38,905

JDA Software Group, Inc.*

    6,700      100,232

Lawson Software, Inc.*

    78,400      437,472

Mentor Graphics Corp.*

    77,700      425,019

Monotype Imaging Holdings, Inc.*

    21,200      144,372

MSC.Software Corp.*

    40,100      267,066

NetScout Systems, Inc.*

    4,500      42,210

OpenTV Corp., Class A*

    69,900      92,268

Pervasive Software, Inc.*

    15,300      93,177

Quest Software, Inc.*

    56,200      783,428

Symyx Technologies, Inc.*

    7,200      42,120

Take-Two Interactive Software, Inc.*

    66,900      633,543

THQ, Inc.*

    20,100      143,916

TIBCO Software, Inc.*

    107,500      770,775

VASCO Data Security International, Inc.*

    6,100      44,591
         
        5,141,514
         

Total Information Technology

         52,339,918
         

Materials (8.2%)

      

Chemicals (3.8%)

A. Schulman, Inc.

    22,500      339,975

Airgas, Inc.

    106,900      4,332,657

American Vanguard Corp.

    16,600      187,580

Arch Chemicals, Inc.

    20,200      496,718

Cabot Corp.

    119,400      1,502,052

Ferro Corp.

    44,000      121,000

GenTek, Inc.*

    7,500      167,475

H.B. Fuller Co.

    224,900      4,221,373

ICO, Inc.*

    16,900      45,968

Innophos Holdings, Inc.

    16,600      280,374

Innospec, Inc.

    22,900      246,175

Koppers Holdings, Inc.

    7,300      192,501

Minerals Technologies, Inc.

    17,900      644,758

NL Industries, Inc.

    2,800      20,664

Olin Corp.

    66,440      789,972

OM Group, Inc.*

    28,449      825,590

PolyOne Corp.*

    73,600      199,456

Quaker Chemical Corp.

    10,700      142,203

Rockwood Holdings, Inc.*

    47,200      691,008

RPM International, Inc.

    303,000      4,254,120

Sensient Technologies Corp.

    45,000      1,015,650

 

      Number of
Shares		    Value
(Note 1)

ShengdaTech, Inc.*

               27,600    $ 104,052

Solutia, Inc.*

    90,500      521,280

Spartech Corp.

    29,400      270,186

Stepan Co.

    700      30,912

W.R. Grace & Co.*

    48,800      603,656

Westlake Chemical Corp.^

    275,400      5,615,406

Zoltek Cos., Inc.*

    26,800      260,496
         
              28,123,257
         

Construction Materials (0.1%)

Headwaters, Inc.*

    34,300      115,248

Texas Industries, Inc.

    22,600      708,736

U.S. Concrete, Inc.*

    34,500      68,310

United States Lime & Minerals, Inc.*

    538      22,822
         
        915,116
         

Containers & Packaging (0.5%)

AptarGroup, Inc.

    71,000      2,397,670

Boise, Inc.*

    28,300      48,676

Bway Holding Co.*

    6,700      117,451

Graphic Packaging Holding Co.*

    108,300      198,189

Myers Industries, Inc.

    30,400      252,928

Rock-Tenn Co., Class A

    4,700      179,352

Silgan Holdings, Inc.

    11,500      563,845
         
        3,758,111
         

Metals & Mining (3.1%)

A.M. Castle & Co.

    15,900      192,072

Allied Nevada Gold Corp.*

    3,600      29,016

AMCOL International Corp.

    16,500      356,070

Brush Engineered Materials, Inc.*

    18,400      308,200

Century Aluminum Co.*

    43,900      273,497

China Precision Steel, Inc.*

    31,000      76,880

Coeur d’Alene Mines Corp.*

    63,410      779,943

Commercial Metals Co.

    190,000      3,045,700

General Moly, Inc.*

    62,100      137,862

Gerdau Ameristeel Corp.

    461,000      3,144,020

Haynes International, Inc.*

    11,600      274,920

Hecla Mining Co.*

    204,400      547,792

Horsehead Holding Corp.*

    33,600      250,320

Kaiser Aluminum Corp.

    14,500      520,695

Olympic Steel, Inc.

    8,800      215,336

Reliance Steel & Aluminum Co.^

    156,000      5,988,840

RTI International Metals, Inc.*

    20,900      369,303

Steel Dynamics, Inc.

    358,200      5,276,286

Stillwater Mining Co.*

    34,200      195,282

United States Steel Corp.

    16,000      571,840

Universal Stainless & Alloy Products, Inc.*

    5,900      95,993

US Gold Corp.*

    77,500      204,600

Worthington Industries, Inc.

    5,100      65,229
         
        22,919,696
         

Paper & Forest Products (0.7%)

Buckeye Technologies, Inc.*

    37,700      169,273

Clearwater Paper Corp.*

    10,000      252,900

Deltic Timber Corp.

    2,400      85,128

Domtar Corp.*

    39,800      659,884

Glatfelter

    306,000      2,723,400

KapStone Paper and Packaging Corp.*

    17,900      83,951

Louisiana-Pacific Corp.*

    94,300      322,506

Neenah Paper, Inc.

    13,700      120,697

Schweitzer-Mauduit International, Inc.

    15,000      408,150

Wausau Paper Corp.

    26,400      177,408
         
        5,003,297
         

Total Materials

         60,719,477
         

 

See Notes to Financial Statements.

69

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

      Number of
Shares		    Value
(Note 1)

Telecommunication Services (0.5%)

   

Diversified Telecommunication Services (0.5%)

Atlantic Tele-Network, Inc.

               9,000    $            353,610

Cincinnati Bell, Inc.*

    168,746      479,239

Consolidated Communications Holdings, Inc.

    10,000      117,100

D&E Communications, Inc.

    14,100      144,243

FairPoint Communications, Inc.

    85,200      51,120

General Communication, Inc., Class A*

    17,700      122,661

Global Crossing Ltd.*

    4,300      39,474

iBasis, Inc.*

    27,400      35,894

Iowa Telecommunications Services, Inc.

    26,900      336,519

Premiere Global Services, Inc.*

    168,600      1,827,624

SureWest Communications*

    14,000      146,580
         
        3,654,064
         

Wireless Telecommunication Services (0.0%)

iPCS, Inc.*

    1,500      22,440

Syniverse Holdings, Inc.*

    11,400      182,742

USA Mobility, Inc.

    2,400      30,624

Virgin Mobile USA, Inc., Class A*

    23,700      95,274
         
        331,080
         

Total Telecommunication Services

         3,985,144
         

Utilities (4.6%)

   

Electric Utilities (1.8%)

Allete, Inc.

    25,795      741,606

Central Vermont Public Service Corp.

    11,100      200,910

Cleco Corp.

    56,400      1,264,488

El Paso Electric Co.*

    41,600      580,736

Empire District Electric Co.

    30,900      510,468

IDACORP, Inc.

    45,100      1,178,914

MGE Energy, Inc.

    22,100      741,455

NV Energy, Inc.

    440,000      4,747,600

Portland General Electric Co.

    71,800      1,398,664

UIL Holdings Corp.

    26,900      603,905

UniSource Energy Corp.

    34,100      905,014

Unitil Corp.

    10,200      210,324
         
        13,084,084
         

Gas Utilities (1.9%)

Atmos Energy Corp.

    60,000      1,502,400

Chesapeake Utilities Corp.

    6,600      214,698

Energen Corp.

    86,000      3,431,401

Laclede Group, Inc.

    20,300      672,539

New Jersey Resources Corp.

    33,800      1,251,952

Nicor, Inc.

    42,300      1,464,426

Northwest Natural Gas Co.

    24,800      1,099,136

Piedmont Natural Gas Co., Inc.

    65,800      1,586,438

South Jersey Industries, Inc.

    25,169      878,146

Southwest Gas Corp.

    42,800      950,588

WGL Holdings, Inc.

    47,900      1,533,758
         
        14,585,482
         

Multi-Utilities (0.6%)

Avista Corp.

    52,300      931,463

Black Hills Corp.

    35,700      820,743

CH Energy Group, Inc.

    14,700      686,490

Florida Public Utilities Co.

    6,100      85,583

NorthWestern Corp.

    33,400      760,184

PNM Resources, Inc.

    80,300      860,013
         
        4,144,476
         

Water Utilities (0.3%)

American States Water Co.

    17,700      613,128

Artesian Resources Corp., Class A

    6,100      97,173
      Number of
Shares		    Value
(Note 1)		  

California Water Service Group

      17,000    $            626,280   

Connecticut Water Service, Inc.

      8,000      173,520   

Consolidated Water Co., Inc.

      9,500      150,575   

Middlesex Water Co.

      11,800      170,510   

Pennichuck Corp.

      3,400      77,520   

SJW Corp.

      11,300      256,510   

Southwest Water Co.

      23,600      130,272   

York Water Co.

      6,900      105,777   
           
        2,401,265   
           

Total Utilities

         34,215,307   
           

Total Common Stocks (98.6%)

      

(Cost $912,657,156)

         733,869,897   
           
     
      Number of
Shares		    Value
(Note 1)		  

INVESTMENT COMPANY:

      

Exchange Traded Fund (ETF) (0.0%)

  

Kayne Anderson Energy
Development Co.

      

(Cost $122,046)

      9,987      132,428   
           
     
      Number of
Rights		    Value
(Note 1)		  

RIGHTS:

      

Consumer Discretionary (0.0%)

   

Household Durables (0.0%)

  

Sealy Corp., expiring 7/2/09*

      

(Cost $23,275)

      42,700      90,524   
           
     
      Principal
Amount		    Value
(Note 1)		  

SHORT-TERM INVESTMENTS:

      

Government Securities (0.1%)

  

U.S. Treasury Bills

      

0.16%, 9/10/09 #

    $ 410,000      409,867   
           

Short-Term Investments of Cash Collateral for Securities Loaned (2.3%)

   

BBVA Senior Finance S.A.

      

0.69%, 3/12/10 (l)

      1,240,000      1,223,544   

Deutsche Bank Securities, Inc., Repurchase Agreement

   

0.09%, 7/1/09 (r)(u)

      12,221,964      12,221,964   

General Electric Capital Corp.

      

0.40%, 3/12/10 (l)

      230,000      226,154   

Lehman Brothers Holdings, Inc.

      

0.00%, 8/21/09 (h)(l)(s)

      1,409,991      207,974   

Monumental Global Funding II

      

0.43%, 5/26/10 (l)

      2,650,000      2,550,625   

Pricoa Global Funding I

      

0.40%, 6/25/10 (l)

      1,689,831      1,557,353   
           

Total Short-Term Investments of Cash Collateral for Securities Loaned

      17,987,614   
           

Time Deposit (1.8%)

      

JPMorgan Chase Nassau

      

0.000%, 7/1/09

      13,142,092      13,142,092   
           

Total Short-Term Investments (4.2%)

   

(Cost/Amortized Cost $32,993,757)

      31,539,573   
           

Total Investments (102.8%)

   

(Cost/Amortized Cost $945,796,234)

      765,632,422   

Other Assets Less Liabilities (-2.8%)

         (20,826,262 ) 
           

Net Assets (100%)

       $ 744,806,160   
           

 

See Notes to Financial Statements.

70

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

* Non-income producing.
^ All, or a portion of security out on loan (See Note 1).
† Securities (totaling $145 or 0.0% of net assets) at fair value.
‡ Affiliated company as defined under the Investment Company Act of 1940.
# All, or a portion of security held by broker as collateral for financial futures contracts.
(b) Illiquid Security.
(h) Security in default.
(l) Floating Rate Security. Rate disclosed is as of June 30, 2009.
(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.
(s) Issuer in bankruptcy.
(u) Represents the Portfolio’s undivided interest in a joint repurchase agreement. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 0.000% – 5.500%, maturing 4/15/23 – 7/19/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 – 7/25/38.

 


 

Investments in companies which were affiliates for the six months ended June 30, 2009, were as follows:

 

Securities    Market Value
December 31,
2008		    Purchases at
Cost		    Sales
at Cost		    Market Value
June 30, 2009		    Dividend
Income		    Realized
Gain (Loss)

America Service Group, Inc.

    $         5,350,000    $         5,121,513    $         —    $         8,035,000    $         —    $         —
                                         

 

 

At June 30, 2009 the Portfolio had the following futures contracts open: (Note 1)

 

     Number of
Contracts		    Expiration
Date		    Original Value    Value at
6/30/2009		    Unrealized
Appreciation/
(Depreciation)		  

Purchase

               

Russell 2000 Mini Index

    35    September-09    $         1,829,697    $         1,775,200    $ (54,497 ) 
                    

 

See Notes to Financial Statements.

71

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2009:

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

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

 

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

Asset:

           

Common Stocks

           

Consumer Discretionary

    $ 112,659,161      $ –    $ –    $ 112,659,161   

Consumer Staples

      21,239,044        –      –      21,239,044   

Energy

      64,703,205        –      –      64,703,205   

Financials

      170,727,961        –      145      170,728,106   

Health Care

      41,532,812        –      –      41,532,812   

Industrials

      171,747,723        –      –      171,747,723   

Information Technology

      52,108,213        231,705      –      52,339,918   

Materials

      60,719,477        –      –      60,719,477   

Telecommunication Services

      3,985,144        –      –      3,985,144   

Utilities

      34,215,307        –      –      34,215,307   

Investment Companies

           

Exchange Traded Funds (ETFs)

      132,428        –      –      132,428   

Rights

           

Consumer Discretionary

      90,524        –      –      90,524   

Short-Term Investments

      –        31,539,573      –      31,539,573   

Total Asset

    $ 733,860,999      $ 31,771,278    $ 145    $ 765,632,422   

Liability:

           

Futures

    $ (54,497 )    $ –    $ –    $ (54,497 ) 

Total Liability

    $ (54,497 )    $ –    $ –    $ (54,497 ) 

Total

    $ 733,806,502      $ 31,771,278    $ 145    $         765,577,925   

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

 

      Investments in
    Securities-Financials    		        Other Investments*    

Balance as of 12/31/08

    $—    $—

Total gains or losses (realized/unrealized) included in earnings

    145    —

Purchases, sales, issuances, and settlements (net)

   —    —

Transfers in and/or out of Level 3

    —    —

Balance as of 6/30/09

    $145    $—

 

The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at year ending 6/30/09.    $145    $—

*Other investments are derivative instruments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the instrument.

 

See Notes to Financial Statements.

72

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

Fair Values of Derivative Instruments as of June 30, 2009

 

     Asset Derivatives        

Derivatives Not Accounted for as

Hedging Instruments

    Statement of Assets and Liabilities    Fair Value  
Interest rate contracts    Receivables, Net Assets - Unrealized appreciation    $ – * 
Foreign exchange contracts    Receivables      –   
Credit contracts    Receivables      –   
Equity contracts    Receivables, Net Assets - Unrealized appreciation      – * 
Commodity contracts    Receivables      –   
Other contracts    Receivables      –   
           

Total

       $ –   
           
     Liability Derivatives        
Interest rate contracts    Payables, Net Assets - Unrealized depreciation    $ – * 
Foreign exchange contracts    Payables      –   
Credit contracts    Payables      –   
Equity contracts    Payables, Net Assets - Unrealized depreciation      (54,497 )* 
Commodity contracts    Payables      –   
Other contracts    Payables      –   
           

Total

       $             (54,497 ) 
           

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended June 30, 2009

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $–    $–      $–    $–    $–   

Foreign exchange contracts

    –    –      –    –    –   

Credit contracts

    –    –      –    –    –   

Equity contracts

    –    840,254      –    –    840,254   

Commodity contracts

    –    –      –    –    –   

Other contracts

    –    –      –    –    –   

Total

    $–    $840,254      $–    $–    $840,254   
             
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Not Accounted for as

Hedging Instruments

    Options    Futures     Forward Currency
Contracts		    Swaps    Total  

Interest rate contracts

    $–    $–      $–    $–    $–   

Foreign exchange contracts

    –    –      –    –    –   

Credit contracts

    –    –      –    –    –   

Equity contracts

    –    (54,497 )    –    –    (54,497 ) 

Commodity contracts

    –    –      –    –    –   

Other contracts

    –    –      –    –    –   

Total

    $–    $(54,497 )    $–    $–    $(54,497 ) 

Investment security transactions for the six months ended June 30, 2009 were as follows:

 

Cost of Purchases:

   

Stocks and long-term corporate debt securities

    $             423,671,095

Net Proceeds of Sales and Redemptions:

   

Stocks and long-term corporate debt securities

    $ 416,558,427

 

See Notes to Financial Statements.

73

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2009 (Unaudited)

 

As of June 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

    $ 45,715,221   

Aggregate gross unrealized depreciation

      (238,558,121 ) 
        

Net unrealized depreciation

    $         (192,842,900 ) 
        

Federal income tax cost of investments

    $ 958,475,322   
        

At June 30, 2009, the Portfolio had loaned securities with a total value of $18,532,019. This was secured by collateral of $19,441,786 which was received as cash and subsequently invested in short-term investments currently valued at $17,987,614, 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 $1,519, 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 $237,764,301 which expires in the year 2016.

 

See Notes to Financial Statements.

74

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

 

Item 11. Controls and Disclosures.

 

(a) The registrant’s certifying officers have evaluated the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report and have determined such controls and procedures to be reasonably designed to achieve the purposes described in Rule 30a-3(c) under the Investment Company Act of 1940 as amended, (“1940 Act”), that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

 

(b) The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

 

(a)(1) Not applicable for the reporting period.

 

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002—filed herewith.

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002—filed herewith.

SIGNATURES

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

 

AXA Premier VIP Trust
/s/ Steven M. Joenk

Steven M. Joenk

President and Chief Executive Officer

August 31, 2009

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, 2009

 

/s/ Brian Walsh

Brian Walsh

Chief Financial Officer

August 31, 2009