UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-10509

AXA PREMIER VIP TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK C. AMOROSI, ESQ.

K&L Gates LLP

1601 K. Street, N.W.

Washington, D.C. 20036-1800

Telephone: (202) 778-9351

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

Date of fiscal year end: December 31

Date of reporting period: July 1, 2009 – September 30, 2009

Item 1. Schedule of Investments.

The following are schedules of investments of the registrant as of September 30, 2009. The schedules have not been audited.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 400 Portfolio-II*‡		2,132,435	$	21,710,177
AXA Tactical Manager 500 Portfolio-II*‡		12,375,591		125,062,205
AXA Tactical Manager International Portfolio-II*‡		4,253,026		42,335,935
EQ/AllianceBernstein International Portfolio‡		482,106		4,042,240
EQ/BlackRock Basic Value Equity Portfolio‡		816,288		9,581,922
EQ/BlackRock International Value Portfolio‡		625,044		7,069,226
EQ/Boston Advisors Equity Income Portfolio‡		4,667,687		21,438,980
EQ/Core Bond Index Portfolio‡		37,591,411		362,267,115
EQ/Global Bond PLUS Portfolio‡		13,380,517		130,109,449
EQ/Global Multi-Sector Equity Portfolio‡		908,620		9,970,624
EQ/Intermediate Government Bond Index Portfolio‡		11,306,904		110,508,292
EQ/International Core PLUS Portfolio‡		812,784		7,239,472
EQ/International ETF Portfolio‡ .		634,398		4,901,167
EQ/International Growth Portfolio‡		861,630		4,729,790
EQ/Large Cap Core PLUS Portfolio‡		2,081,817		14,177,399
EQ/Large Cap Growth Index Portfolio‡		2,248,190		16,143,447
EQ/Large Cap Growth PLUS Portfolio‡		1,755,855		24,795,984
EQ/Large Cap Value Index Portfolio‡		1,049,670		5,112,315
EQ/Large Cap Value PLUS Portfolio‡		3,541,043		31,677,038
EQ/PIMCO Ultra Short Bond Portfolio‡		14,773,003		147,272,658
EQ/Quality Bond PLUS Portfolio‡		37,452,153		346,798,510
Multimanager Core Bond Portfolio‡		34,435,435		357,610,785
Multimanager International Equity Portfolio‡		1,356,197		14,436,917
Multimanager Large Cap Core Equity Portfolio‡		2,223,073		19,503,352
Multimanager Large Cap Value Portfolio‡		3,725,623		31,781,309
Multimanager Mid Cap Value Portfolio‡		1,064,110		8,413,234
Multimanager Multi-Sector Bond Portfolio‡		27,373,329		106,213,591
Total Investment Companies (99.8%) (Cost $1,906,073,801)				1,984,903,133
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.2%)
JPMorgan Chase Nassau 0.000%, 10/1/09 (Amortized Cost $3,987,056)	$	3,987,056		3,987,056
Total Investments (100.0%) (Cost/Amortized Cost $1,910,060,857)				1,988,890,189
Other Assets Less Liabilities (0.0%)				284,760
Net Assets (100%)			$	1,989,174,949

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

1

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 400 Portfolio-II	$	—	$	22,486,770	$	808,062	$	21,710,177	$	—	$	—
AXA Tactical Manager 500 Portfolio-II		—		125,321,292		—		125,062,205		—		—
AXA Tactical Manager International Portfolio-II		—		43,000,000		—		42,335,935		—		—
EQ/AllianceBernstein International Portfolio		—		3,407,590		563,301		4,042,240		1,042		255,043
EQ/BlackRock Basic Value Equity Portfolio		40,859,007		10,900,760		60,319,723		9,581,922		19,250		(17,987,499	)
EQ/BlackRock International Value Portfolio		8,851,457		3,349,709		11,300,138		7,069,226		2,860		(5,225,072	)
EQ/Boston Advisors Equity Income Portfolio		11,639,215		9,564,444		3,405,735		21,438,980		7,292		(375,540	)
EQ/Core Bond Index Portfolio(a)		—		374,657,295		29,718,465		362,267,115		188,802		570,272
EQ/Davis New York Venture Portfolio		18,776,904		2,544,747		26,958,181		—		—		(9,060,921	)
EQ/Equity Growth PLUS Portfolio(b)		663,549		—		938,610		—		—		(404,310	)
EQ/Global Bond PLUS Portfolio(c)		97,180,719		41,614,461		13,721,716		130,109,449		935,115		(1,414,812	)
EQ/Global Multi-Sector Equity Portfolio(d)		4,486,170		4,718,828		3,591,183		9,970,624		3,610		(1,348,359	)
EQ/Intermediate Government Bond Index Portfolio(e)		—		123,046,051		13,310,500		110,508,292		—		(111,446	)
EQ/International Core PLUS Portfolio		20,370,684		7,732,716		30,474,574		7,239,472		—		(2,604,215	)
EQ/International ETF Portfolio		—		20,195,229		16,134,474		4,901,167		—		8,251,878
EQ/International Growth Portfolio		—		3,907,343		583,760		4,729,790		795		234,585
EQ/Large Cap Core PLUS Portfolio		34,200,344		37,393,662		62,370,537		14,177,399		—		14,493,693
EQ/Large Cap Growth Index Portfolio		—		55,099,445		41,944,212		16,143,447		1,895		15,994,152
EQ/Large Cap Growth PLUS Portfolio		61,611,302		18,471,416		68,438,318		24,795,984		6,421		(8,884,679	)
EQ/Large Cap Value Index Portfolio		—		30,594,899		25,991,836		5,112,315		—		7,511,518
EQ/Large Cap Value PLUS Portfolio		4,262,971		22,473,558		4,675,707		31,677,038		1,781		(1,371,011	)
EQ/Long Term Bond Portfolio		149,643,370		13,996,109		162,036,786		—		—		(12,080,714	)
EQ/Money Market Portfolio		324,912,338		44,177,523		369,089,841		—		171,509		(2,146	)
EQ/PIMCO Ultra Short Bond Portfolio(f)		112,339,812		40,683,487		16,456,067		147,272,658		—		(597,354	)
EQ/Quality Bond PLUS Portfolio		23,778,958		329,654,902		28,473,270		346,798,510		959,706		(2,224,798	)
EQ/Short Duration Bond Portfolio		223,898,353		22,902,724		264,244,617		—		—		(16,119,639	)
Multimanager Core Bond Portfolio		168,735,569		198,824,993		28,066,198		357,610,785		7,449,113		616,770
Multimanager International Equity Portfolio		20,480,545		5,710,902		24,864,320		14,436,917		10,960		(11,656,872	)
Multimanager Large Cap Core Equity Portfolio		24,393,123		11,399,884		27,649,227		19,503,352		—		(6,554,331	)
Multimanager Large Cap Value Portfolio		28,019,420		10,193,339		21,101,826		31,781,309		—		(10,360,967	)
Multimanager Mid Cap Value Portfolio		12,105,333		4,196,075		15,553,582		8,413,234		46,764		(4,015,854	)

See Notes to Portfolio of Investments.

2

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
Multimanager Multi-Sector Bond Portfolio(g)	$	67,910,279	$	41,378,689	$	16,530,447	$	106,213,591	$	—	$	(5,928,433	)
	$	1,459,119,422	$	1,683,598,842	$	1,389,315,213	$	1,984,903,133	$	9,806,915	$	(70,401,061	)

(a) formerly known as EQ/JPMorgan Core Bond Portfolio

(b) formerly known as EQ/Marsico Focus Portfolio and EQ/Focus PLUS 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/AllianceBernstein Intermediate Government Securities Portfolio

(f) formerly known as EQ/PIMCO Real Return Portfolio

(g) 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 September 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	$	—	$	1,984,903,133	$	—	$	1,984,903,133
Short-Term Investments		—		3,987,056		—		3,987,056
Total Asset	$	—	$	1,988,890,189	$	—	$	1,988,890,189
Total Liability	$	—	$	—	$	—	$	–
Total	$	—	$	1,988,890,189	$	—	$	1,988,890,189

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	1,683,598,842
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,317,216,531

As of September 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	$	100,319,327
Aggregate gross unrealized depreciation		(21,457,908	)
Net unrealized appreciation	$	78,861,419
Federal income tax cost of investments	$	1,910,028,770

See Notes to Portfolio of Investments.

3

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II*‡	1,740,366	$	17,689,857
AXA Tactical Manager 400 Portfolio-II*‡	4,805,837		48,927,898
AXA Tactical Manager 500 Portfolio-II*‡	19,501,425		197,072,706
AXA Tactical Manager International Portfolio-II*‡	10,530,404		104,822,906
EQ/AllianceBernstein International Portfolio‡	1,141,111		9,567,694
EQ/AXA Franklin Small Cap Value Core Portfolio‡	1,495,389		12,141,135
EQ/BlackRock Basic Value Equity Portfolio‡	1,540,875		18,087,415
EQ/BlackRock International Value Portfolio‡	1,121,586		12,685,108
EQ/Boston Advisors Equity Income Portfolio‡	9,162,223		42,082,663
EQ/Core Bond Index Portfolio‡	25,386,556		244,649,352
EQ/GAMCO Small Company Value Portfolio‡	355,094		10,143,583
EQ/Global Bond PLUS Portfolio‡	9,861,776		95,893,921
EQ/Global Multi-Sector Equity Portfolio‡	1,697,324		18,625,369
EQ/Intermediate Government Bond Index Portfolio‡	7,916,677		77,373,828
EQ/International Core PLUS Portfolio‡	1,782,941		15,880,673
EQ/International ETF Portfolio‡ .	1,594,854		12,321,367
EQ/International Growth Portfolio‡	1,997,494		10,964,949
EQ/Large Cap Core PLUS Portfolio‡	2,974,404		20,256,016
EQ/Large Cap Growth Index Portfolio‡	3,634,517		26,098,162
EQ/Large Cap Growth PLUS Portfolio‡	2,632,426		37,174,808
EQ/Large Cap Value Index Portfolio‡	1,481,877		7,217,340
EQ/Large Cap Value PLUS Portfolio‡	5,754,898		51,481,474
EQ/Mid Cap Index Portfolio‡	568,226		3,677,439
EQ/PIMCO Ultra Short Bond Portfolio‡	10,772,186		107,388,355
EQ/Quality Bond PLUS Portfolio‡	25,050,512		231,962,098
EQ/Small Company Index Portfolio‡	504,724		4,157,304
Multimanager Core Bond Portfolio‡	23,080,177		239,686,826
Multimanager International Equity Portfolio‡	2,703,659		28,780,842
Multimanager Large Cap Core Equity Portfolio‡	2,417,763		21,211,399
Multimanager Large Cap Value Portfolio‡	6,011,775		51,283,257
Multimanager Mid Cap Growth Portfolio*‡	584,752		4,022,915
Multimanager Mid Cap Value Portfolio‡	430,196		3,401,282
Multimanager Multi-Sector Bond Portfolio‡	21,196,490		82,246,310
Multimanager Small Cap Value Portfolio‡	749,368		6,394,231
Total Investments (100.0%) (Cost $1,814,243,120)			1,875,370,482
Other Assets Less Liabilities (0.0%)			(738,510	)
Net Assets (100%)		$	1,874,631,972

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

4

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	—	$	17,400,000	$	—	$	17,689,857	$	—	$	—
AXA Tactical Manager 400 Portfolio-II		—		50,835,748		2,215,001		48,927,898		—		—
AXA Tactical Manager 500 Portfolio-II		—		197,379,253		—		197,072,706		—		—
AXA Tactical Manager International Portfolio-II		—		106,400,000		—		104,822,906		—		—
EQ/AllianceBernstein International Portfolio		—		6,519,345		186,334		9,567,694		2,320		83,401
EQ/AXA Franklin Small Cap Value Core Portfolio(a)		16,769,110		2,128,143		16,613,686		12,141,135		2,947		(9,625,466	)
EQ/BlackRock Basic Value Equity Portfolio		75,998,116		10,433,738		111,845,550		18,087,415		32,103		(44,529,479	)
EQ/BlackRock International Value Portfolio		19,393,056		3,457,831		24,565,069		12,685,108		4,925		(13,612,753	)
EQ/Boston Advisors Equity Income Portfolio		30,238,802		8,398,170		828,186		42,082,663		14,539		(63,436	)
EQ/Core Bond Index Portfolio(b)		—		235,627,418		2,843,038		244,649,352		124,874		63,878
EQ/Davis New York Venture Portfolio		31,729,579		2,072,716		48,934,677		—		—		(21,004,816	)
EQ/Equity Growth PLUS Portfolio(c)		1,128,994		—		1,590,842		—		—		(681,758	)
EQ/GAMCO Small Company Value Portfolio		18,044,360		2,487,811		19,665,193		10,143,583		415		(8,937,713	)
EQ/Global Bond PLUS Portfolio(d)		70,700,872		24,436,949		1,541,338		95,893,921		650,442		182,330
EQ/Global Multi-Sector Equity Portfolio(e)		9,926,338		3,670,085		509,657		18,625,369		6,595		(84,767	)
EQ/Intermediate Government Bond Index Portfolio(f)		—		78,479,687		1,625,613		77,373,828		—		(15,936	)
EQ/International Core PLUS Portfolio		52,062,000		8,853,203		70,074,389		15,880,673		—		(11,139,848	)
EQ/International ETF Portfolio		—		48,743,179		39,363,896		12,321,367		—		21,080,355
EQ/International Growth Portfolio		—		7,568,773		193,057		10,964,949		1,748		76,678
EQ/Large Cap Core PLUS Portfolio		52,046,186		46,426,859		86,376,441		20,256,016		—		19,598,464
EQ/Large Cap Growth Index Portfolio		—		80,516,219		60,051,692		26,098,162		2,896		23,940,642
EQ/Large Cap Growth PLUS Portfolio		97,018,349		14,512,377		95,261,545		37,174,808		9,453		(15,221,497	)
EQ/Large Cap Value Index Portfolio		—		42,929,377		36,563,825		7,217,340		—		11,538,921
EQ/Large Cap Value PLUS Portfolio		5,555,727		33,439,542		1,434,942		51,481,474		2,821		(608,273	)
EQ/Long Term Bond Portfolio		99,625,819		5,329,842		104,513,647		—		—		(8,700,318	)
EQ/Mid Cap Index Portfolio		—		12,129,928		9,341,786		3,677,439		—		5,101,992
EQ/Money Market Portfolio		244,267,280		9,000,808		253,268,073		—		124,849		(1,619	)
EQ/PIMCO Ultra Short Bond Portfolio(g)		86,219,885		15,750,860		1,541,357		107,388,355		—		278,867
EQ/Quality Bond PLUS Portfolio		25,554,566		196,530,371		3,698,588		231,962,098		636,801		(461,593	)
EQ/Short Duration Bond Portfolio		131,249,720		7,698,660		150,313,315		—		—		(10,513,143	)
EQ/Small Company Index Portfolio		5,410,226		17,808,180		20,258,603		4,157,304		—		7,443,431
Multimanager Core Bond Portfolio		123,328,080		107,543,413		3,261,822		239,686,826		5,056,892		571,408

See Notes to Portfolio of Investments.

5

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
Multimanager International Equity Portfolio	$	55,123,733	$	4,565,524	$	69,255,498	$	28,780,842	$	21,680	$	(38,153,283	)
Multimanager Large Cap Core Equity Portfolio		31,337,217		4,885,335		31,020,749		21,211,399		—		(12,511,627	)
Multimanager Large Cap Value Portfolio		52,137,724		8,584,474		30,355,885		51,283,257		—		(15,956,126	)
Multimanager Mid Cap Growth Portfolio		6,110,173		446,212		6,460,734		4,022,915		—		(2,491,118	)
Multimanager Mid Cap Value Portfolio		13,250,094		957,802		19,908,145		3,401,282		18,482		(9,574,934	)
Multimanager Multi-Sector Bond Portfolio(h)		53,994,342		23,769,795		2,040,804		82,246,310		—		(755,351	)
Multimanager Small Cap Value Portfolio		4,809,099		446,212		128,438		6,394,231		—		(58,821	)
	$	1,413,029,447	$	1,448,163,839	$	1,327,651,415	$	1,875,370,482	$	6,714,782	$	(134,743,308	)

(a) formerly known as EQ/Franklin Small Cap Value Portfolio

(b) formerly known as EQ/JPMorgan Core Bond Portfolio

(c) formerly known as EQ/Marsico Focus Portfolio and EQ/Focus PLUS Portfolio

(d) formerly known as EQ/Evergreen International Bond Portfolio

(e) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

(f) formerly known as EQ/AllianceBernstein Intermediate Government Securities Portfolio

(g) formerly known as EQ/PIMCO Real Return Portfolio

(h) 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 September 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	$	—	$	1,875,370,482	$	—	$	1,875,370,482
Total Asset	$	—	$	1,875,370,482	$	—	$	1,875,370,482
Total Liability	$	—	$	—	$	—	$	—
Total	$	—	$	1,875,370,482	$	—	$	1,875,370,482

See Notes to Portfolio of Investments.

6

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	1,448,163,839
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,191,751,479
As of September 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	$	99,006,733
Aggregate gross unrealized depreciation		(37,796,053	)
Net unrealized appreciation	$	61,210,680
Federal income tax cost of investments	$	1,814,159,802

See Notes to Portfolio of Investments.

7

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II*‡		19,504,098	$	198,248,400
AXA Tactical Manager 400 Portfolio-II*‡		32,014,603		325,938,457
AXA Tactical Manager 500 Portfolio-II*‡		124,234,017		1,255,453,590
AXA Tactical Manager International Portfolio-II*‡		76,291,976		759,433,944
EQ/AllianceBernstein International Portfolio‡		7,431,506		62,309,773
EQ/AllianceBernstein Small Cap Growth Portfolio‡		6,707,862		79,293,206
EQ/AXA Franklin Small Cap Value Core Portfolio‡		10,279,104		83,456,554
EQ/BlackRock Basic Value Equity Portfolio‡		10,033,046		117,771,962
EQ/BlackRock International Value Portfolio‡		6,915,595		78,215,199
EQ/Boston Advisors Equity Income Portfolio‡		33,537,946		154,041,883
EQ/Core Bond Index Portfolio‡		104,227,115		1,004,433,061
EQ/GAMCO Small Company Value Portfolio‡		2,296,379		65,598,077
EQ/Global Bond PLUS Portfolio‡		43,135,016		419,436,204
EQ/Global Multi-Sector Equity Portfolio‡		13,145,383		144,249,175
EQ/Intermediate Government Bond Index Portfolio‡		42,673,969		417,075,020
EQ/International Core PLUS Portfolio‡		11,860,955		105,645,610
EQ/International ETF Portfolio‡		11,362,011		87,779,492
EQ/International Growth Portfolio‡		13,322,555		73,132,192
EQ/Large Cap Core PLUS Portfolio‡		18,482,814		125,869,962
EQ/Large Cap Growth Index Portfolio‡		21,839,279		156,820,019
EQ/Large Cap Growth PLUS Portfolio‡		17,609,366		248,677,407
EQ/Large Cap Value Index Portfolio‡		8,241,476		40,139,316
EQ/Large Cap Value PLUS Portfolio‡		55,015,384		492,150,018
EQ/Mid Cap Index Portfolio‡		3,846,603		24,894,415
EQ/PIMCO Ultra Short Bond Portfolio‡		50,313,944		501,581,720
EQ/Quality Bond PLUS Portfolio‡		114,386,605		1,059,194,216
EQ/Small Company Index Portfolio‡		5,420,557		44,647,955
Multimanager Core Bond Portfolio‡		105,316,002		1,093,702,984
Multimanager International Equity Portfolio‡		19,733,382		210,064,716
Multimanager Large Cap Core Equity Portfolio‡		13,387,462		117,450,209
Multimanager Large Cap Value Portfolio‡		32,124,164		274,034,173
Multimanager Mid Cap Growth Portfolio*‡		3,748,928		25,791,458
Multimanager Mid Cap Value Portfolio‡		2,384,932		18,856,126
Multimanager Multi-Sector Bond Portfolio‡		109,694,673		425,635,662
Multimanager Small Cap Growth Portfolio*‡		10,289,558		68,161,103
Multimanager Small Cap Value Portfolio‡		4,981,861		42,509,356
Total Investment Companies (100.0%) (Cost $10,320,420,081)				10,401,692,614
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 0.000%, 10/1/09 (Amortized Cost $8,015,284)	$	8,015,284		8,015,284
Total Investments (100.1%) (Cost/Amortized Cost $10,328,435,365)				10,409,707,898
Other Assets Less Liabilities (-0.1%)				(7,202,347	)
Net Assets (100%)			$	10,402,505,551

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

8

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	—	$	195,000,000	$	—	$	198,248,400	$	—	$	—
AXA Tactical Manager 400 Portfolio-II		—		338,669,725		14,810,239		325,938,457		—		—
AXA Tactical Manager 500 Portfolio-II		—		1,257,740,514		—		1,255,453,590		—		—
AXA Tactical Manager International Portfolio-II		—		770,600,000		—		759,433,944		—		—
EQ/AllianceBernstein International Portfolio		—		40,258,833		293,558		62,309,773		15,329		162,240
EQ/AllianceBernstein Small Cap Growth Portfolio		—		51,687,267		290,663		79,293,206		11,291		163,824
EQ/AXA Franklin Small Cap Value Core Portfolio(a)		89,598,930		7,198,909		55,283,407		83,456,554		20,353		(32,660,746	)
EQ/BlackRock Basic Value Equity Portfolio		605,833,588		27,767,014		864,553,185		117,771,962		204,555		(367,107,880	)
EQ/BlackRock International Value Portfolio		145,585,817		10,118,069		176,917,706		78,215,199		30,673		(98,530,688	)
EQ/Boston Advisors Equity Income Portfolio		120,902,663		22,347,730		3,016,963		154,041,883		53,645		(514,095	)
EQ/Core Bond Index Portfolio(b)		—		962,764,501		7,780,210		1,004,433,061		508,939		135,650
EQ/Davis New York Venture Portfolio		193,527,295		6,022,986		303,474,218		—		—		(139,404,923	)
EQ/Equity Growth PLUS Portfolio(c)		4,940,618		—		7,141,508		—		—		(3,163,246	)
EQ/GAMCO Small Company Value Portfolio		142,571,633		6,999,089		155,033,194		65,598,077		2,737		(72,632,268	)
EQ/Global Bond PLUS Portfolio(d)		317,625,681		95,498,896		2,800,360		419,436,204		2,741,361		1,017,376
EQ/Global Multi-Sector Equity Portfolio(e)		81,350,047		23,596,837		3,417,400		144,249,175		51,095		(1,211,026	)
EQ/Intermediate Government Bond Index Portfolio(f)		—		416,756,177		2,448,524		417,075,020		—		(15,454	)
EQ/International Core PLUS Portfolio		390,055,706		29,746,200		520,502,161		105,645,610		—		(115,424,579	)
EQ/International ETF Portfolio		—		356,717,520		293,610,327		87,779,492		—		159,268,662
EQ/International Growth Portfolio		—		47,965,313		304,927		73,132,192		11,809		150,871
EQ/Large Cap Core PLUS Portfolio		397,715,402		234,247,467		567,461,959		125,869,962		—		109,946,993
EQ/Large Cap Growth Index Portfolio		—		500,477,900		380,503,372		156,820,019		18,657		152,993,499
EQ/Large Cap Growth PLUS Portfolio		707,123,244		44,525,549		639,432,213		248,677,407		64,032		(102,232,479	)
EQ/Large Cap Value Index Portfolio		—		258,397,906		223,037,559		40,139,316		—		61,356,943
EQ/Large Cap Value PLUS Portfolio		77,178,623		287,138,768		3,333,601		492,150,018		27,245		(1,678,056	)
EQ/Long Term Bond Portfolio		472,410,152		11,293,098		484,401,344		—		—		(43,223,141	)
EQ/Mid Cap Index Portfolio		—		85,442,628		67,889,257		24,894,415		—		37,752,591
EQ/Money Market Portfolio		429,254,234		14,665,499		443,919,714		—		217,835		(2,856	)
EQ/PIMCO Ultra Short Bond Portfolio(g)		431,945,718		39,293,019		3,069,868		501,581,720		—		1,234,874
EQ/Quality Bond PLUS Portfolio		509,478,327		496,311,208		5,534,411		1,059,194,216		2,940,248		(570,293	)
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		116,442,500		186,194,175		44,647,955		—		50,439,138

See Notes to Portfolio of Investments.

9

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
Multimanager Core Bond Portfolio	$	956,806,297	$	131,801,367	$	50,673,992	$	1,093,702,984	$	25,665,709	$	409,927
Multimanager International Equity Portfolio		454,868,970		11,278,244		530,793,593		210,064,716		158,872		(281,789,639	)
Multimanager Large Cap Core Equity Portfolio		190,599,940		12,959,562		173,674,879		117,450,209		—		(70,579,825	)
Multimanager Large Cap Value Portfolio		304,198,513		25,508,274		158,727,104		274,034,173		—		(79,526,229	)
Multimanager Mid Cap Growth Portfolio		51,671,766		1,876,864		61,769,563		25,791,458		—		(27,442,145	)
Multimanager Mid Cap Value Portfolio		110,235,380		1,980,530		178,190,188		18,856,126		103,666		(91,062,770	)
Multimanager Multi-Sector Bond Portfolio(h)		302,595,580		95,879,824		4,387,400		425,635,662		—		(1,388,708	)
Multimanager Small Cap Growth Portfolio		101,941,417		10,863,820		89,650,239		68,161,103		—		(40,720,658	)
Multimanager Small Cap Value Portfolio		32,755,795		1,913,538		495,883		42,509,356		—		(252,145	)
	$	8,381,624,812	$	7,064,810,609	$	7,399,768,567	$	10,401,692,614	$	32,848,051	$	(1,043,584,312	)

(a) formerly known as EQ/Franklin Small Cap Value Portfolio

(b) formerly known as EQ/JPMorgan Core Bond Portfolio

(c) formerly known as EQ/Marsico Focus Portfolio and EQ/Focus PLUS Portfolio

(d) formerly known as EQ/Evergreen International Bond Portfolio

(e) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

(f) formerly known as EQ/AllianceBernstein Intermediate Government Securities Portfolio

(g) formerly known as EQ/PIMCO Real Return Portfolio

(h) 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 September 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	$	—	$	10,401,692,614	$	—	$	10,401,692,614
Short-Term Investments		—		8,015,284		—		8,015,284
Total Asset	$	—	$	10,409,707,898	$	—	$	10,409,707,898
Total Liability	$	—	$	—	$	—	$	—
Total	$	—	$	10,409,707,898	$	—	$	10,409,707,898

See Notes to Portfolio of Investments.

10

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	7,064,810,609
Net Proceeds of Sales and Redemptions:
Investment Companies	$	6,350,943,955
As of September 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	$	435,357,500
Aggregate gross unrealized depreciation		(353,448,142	)
Net unrealized appreciation	$	81,909,358
Federal income tax cost of investments	$	10,327,798,540

See Notes to Portfolio of Investments.

11

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II*‡	21,934,608	$	222,953,201
AXA Tactical Manager 400 Portfolio-II*‡	45,599,866		464,249,084
AXA Tactical Manager 500 Portfolio-II*‡	180,493,453		1,823,986,362
AXA Tactical Manager International Portfolio-II*‡	113,662,867		1,131,435,365
EQ/AllianceBernstein International Portfolio‡	16,153,637		135,440,844
EQ/AllianceBernstein Small Cap Growth Portfolio‡	11,342,320		134,076,831
EQ/AXA Franklin Small Cap Value Core Portfolio‡	11,764,585		95,517,246
EQ/BlackRock Basic Value Equity Portfolio‡	15,181,767		178,209,741
EQ/BlackRock International Value Portfolio‡	15,378,859		173,934,490
EQ/Boston Advisors Equity Income Portfolio‡	40,605,424		186,503,252
EQ/Core Bond Index Portfolio‡	86,955,286		837,985,043
EQ/GAMCO Small Company Value Portfolio‡	2,844,083		81,243,742
EQ/Global Multi-Sector Equity Portfolio‡	17,053,751		187,137,146
EQ/Intermediate Government Bond Index Portfolio‡	37,725,570		368,711,735
EQ/International Core PLUS Portfolio‡	17,583,198		156,613,673
EQ/International ETF Portfolio‡	16,500,384		127,477,020
EQ/International Growth Portfolio‡	29,235,210		160,482,355
EQ/Large Cap Core PLUS Portfolio‡	24,350,952		165,832,619
EQ/Large Cap Growth Index Portfolio‡	34,143,792		245,174,311
EQ/Large Cap Growth PLUS Portfolio‡	26,240,441		370,564,444
EQ/Large Cap Value Index Portfolio‡	12,175,664		59,300,396
EQ/Large Cap Value PLUS Portfolio‡	84,684,827		757,563,364
EQ/Mid Cap Index Portfolio‡	4,985,871		32,267,519
EQ/PIMCO Ultra Short Bond Portfolio‡	32,887,416		327,855,966
EQ/Quality Bond PLUS Portfolio‡	80,311,444		743,665,896
EQ/Small Company Index Portfolio‡	6,000,008		49,420,763
Multimanager Core Bond Portfolio‡	82,714,101		858,983,038
Multimanager International Equity Portfolio‡	29,539,753		314,454,965
Multimanager Large Cap Core Equity Portfolio‡	28,881,443		253,381,228
Multimanager Large Cap Value Portfolio‡	55,181,906		470,727,525
Multimanager Mid Cap Growth Portfolio*‡	4,633,967		31,880,253
Multimanager Mid Cap Value Portfolio‡	3,975,906		31,434,935
Multimanager Small Cap Growth Portfolio*‡	18,125,564		120,069,149
Multimanager Small Cap Value Portfolio‡	24,407,781		208,267,369
Total Investments (100.1%) (Cost $11,289,271,312)			11,506,800,870
Other Assets Less Liabilities (-0.1%)			(10,920,833	)
Net Assets (100%)		$	11,495,880,037

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

12

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	—	$	219,300,000	$	—	$	222,953,201	$	—	$	—
AXA Tactical Manager 400 Portfolio-II		—		482,536,288		21,478,348		464,249,084		—		—	#
AXA Tactical Manager 500 Portfolio-II		—		1,825,942,061		—		1,823,986,362		—		—
AXA Tactical Manager International Portfolio-II		—		1,148,100,000		—		1,131,435,365		—		—
EQ/AllianceBernstein International Portfolio		—		88,022,562		1,217,040		135,440,844		33,774		641,078
EQ/AllianceBernstein Small Cap Growth Portfolio		—		86,832,085		1,098,920		134,076,831		19,316		621,920
EQ/AXA Franklin Small Cap Value Core Portfolio(a)		121,038,754		10,347,063		98,361,833		95,517,246		23,603		(56,623,478	)
EQ/BlackRock Basic Value Equity Portfolio		886,693,862		34,864,700		1,300,367,242		178,209,741		291,379		(584,599,119	)
EQ/BlackRock International Value Portfolio		338,163,647		15,727,179		428,972,512		173,934,490		68,946		(248,337,259	)
EQ/Boston Advisors Equity Income Portfolio		150,677,787		23,686,638		4,284,247		186,503,252		65,232		(531,314	)
EQ/Core Bond Index Portfolio(b)		—		806,882,177		8,901,741		837,985,043		406,867		264,773
EQ/Davis New York Venture Portfolio		288,077,279		11,250,829		449,992,469		—		—		(203,443,225	)
EQ/Equity Growth PLUS Portfolio(c)		6,319,320		—		8,941,350		—		—		(3,852,935	)
EQ/GAMCO Small Company Value Portfolio		177,103,816		11,030,948		196,015,682		81,243,742		3,438		(91,005,711	)
EQ/Global Multi-Sector Equity Portfolio(d)		112,778,515		23,980,271		13,297,764		187,137,146		67,684		(8,023,049	)
EQ/Intermediate Government Bond Index Portfolio(e)		—		370,226,285		3,950,842		368,711,735		—		(11,748	)
EQ/International Core PLUS Portfolio		583,316,094		49,390,568		787,240,710		156,613,673		—		(174,321,232	)
EQ/International ETF Portfolio		—		528,695,156		438,965,483		127,477,020		—		237,266,988
EQ/International Growth Portfolio		—		105,665,006		1,260,617		160,482,355		26,217		597,500
EQ/Large Cap Core PLUS Portfolio		501,015,516		328,425,154		758,927,027		165,832,619		—		137,200,428
EQ/Large Cap Growth Index Portfolio		—		784,213,252		598,870,929		245,174,311		28,801		240,114,946
EQ/Large Cap Growth PLUS Portfolio		1,076,012,558		59,989,747		981,925,205		370,564,444		96,278		(161,737,814	)
EQ/Large Cap Value Index Portfolio		—		375,468,874		323,069,199		59,300,396		—		87,344,313
EQ/Large Cap Value PLUS Portfolio		141,605,091		423,363,562		10,859,017		757,563,364		42,190		(5,476,916	)
EQ/Long Term Bond Portfolio		407,810,733		8,182,421		413,561,931		—		—		(34,252,258	)
EQ/Mid Cap Index Portfolio		—		112,462,913		89,763,711		32,267,519		—		49,798,751
EQ/Money Market Portfolio		148,125,481		5,219,416		153,344,898		—		75,143		(993	)
EQ/PIMCO Ultra Short Bond Portfolio(f)		287,522,827		20,845,531		2,666,300		327,855,966		—		806,951
EQ/Quality Bond PLUS Portfolio		108,234,615		600,699,963		8,355,515		743,665,896		2,085,020		(789,194	)
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		148,095,278		173,551,993		49,420,763		—		68,155,835
Multimanager Core Bond Portfolio		1,043,262,253		163,187,349		399,300,089		858,983,038		20,656,545		(13,317,417	)

See Notes to Portfolio of Investments.

13

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
Multimanager International Equity Portfolio	$	689,982,411	$	12,925,142	$	815,399,299	$	314,454,965	$	238,696	$	(438,345,754	)
Multimanager Large Cap Core Equity Portfolio		371,141,914		21,297,405		313,235,590		253,381,228		—		(140,155,182	)
Multimanager Large Cap Value Portfolio		536,269,110		36,986,146		297,214,522		470,727,525		—		(154,924,096	)
Multimanager Mid Cap Growth Portfolio		62,071,676		3,371,436		77,656,150		31,880,253		—		(36,861,084	)
Multimanager Mid Cap Value Portfolio		141,972,124		2,902,873		222,689,203		31,434,935		174,470		(115,956,225	)
Multimanager Small Cap Growth Portfolio		190,520,694		13,295,246		165,801,035		120,069,149		—		(75,370,973	)
Multimanager Small Cap Value Portfolio		165,815,596		3,740,578		1,393,283		208,267,369		—		(699,625	)
	$	9,139,141,444	$	8,975,334,523	$	10,177,931,421	$	11,506,800,870	$	24,403,599	$	(1,770,274,731	)

# Rounds to less than $0.50

(a) formerly known as EQ/Franklin Small Cap Value Portfolio

(b) formerly known as EQ/JPMorgan Core Bond Portfolio

(c) formerly known as EQ/Marsico Focus Portfolio and EQ/Focus PLUS Portfolio

(d) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

(e) formerly known as EQ/AllianceBernstein Intermediate Government Securities Portfolio

(f) 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 September 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	$	—	$	11,506,800,870	$	—	$	11,506,800,870
Total Asset	$	—	$	11,506,800,870	$	—	$	11,506,800,870
Total Liability	$	—	$	—	$	—	$	—
Total	$	—	$	11,506,800,870	$	—	$	11,506,800,870

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	8,975,334,523
Net Proceeds of Sales and Redemptions:
Investment Companies	$	8,404,909,214

See Notes to Portfolio of Investments.

14

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

As of September 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	$	650,625,076
Aggregate gross unrealized depreciation		(432,160,759	)
Net unrealized appreciation	$	218,464,317
Federal income tax cost of investments	$	11,288,336,553

See Notes to Portfolio of Investments.

15

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Tactical Manager 2000 Portfolio-II*‡		6,831,435	$	69,437,773
AXA Tactical Manager 400 Portfolio-II*‡		18,826,246		191,668,710
AXA Tactical Manager 500 Portfolio-II*‡		71,012,821		717,623,913
AXA Tactical Manager International Portfolio-II*‡		32,865,849		327,156,833
EQ/AllianceBernstein International Portfolio‡		8,010,714		67,166,170
EQ/AllianceBernstein Small Cap Growth Portfolio‡		4,399,530		52,006,559
EQ/AXA Franklin Small Cap Value Core Portfolio‡		4,153,119		33,719,378
EQ/BlackRock Basic Value Equity Portfolio‡		5,624,508		66,022,759
EQ/BlackRock International Value Portfolio‡		7,698,560		87,070,512
EQ/Boston Advisors Equity Income Portfolio‡		10,850,567		49,837,335
EQ/Core Bond Index Portfolio‡		7,334,290		70,680,292
EQ/GAMCO Small Company Value Portfolio‡		1,265,455		36,148,850
EQ/Global Multi-Sector Equity Portfolio‡		5,681,630		62,346,633
EQ/Intermediate Government Bond Index Portfolio‡		2,396,507		23,422,321
EQ/International Core PLUS Portfolio‡		4,847,822		43,179,585
EQ/International ETF Portfolio‡		4,876,605		37,675,188
EQ/International Growth Portfolio‡		14,534,617		79,785,628
EQ/Large Cap Core PLUS Portfolio‡		9,231,948		62,870,565
EQ/Large Cap Growth Index Portfolio‡		12,928,057		92,831,735
EQ/Large Cap Growth PLUS Portfolio‡		10,223,206		144,370,928
EQ/Large Cap Value Index Portfolio‡		5,468,705		26,634,800
EQ/Large Cap Value PLUS Portfolio‡		30,362,626		271,614,337
EQ/Mid Cap Index Portfolio‡		2,231,544		14,442,086
EQ/PIMCO Ultra Short Bond Portfolio‡		2,834,189		28,254,146
EQ/Quality Bond PLUS Portfolio‡		7,076,900		65,530,504
EQ/Small Company Index Portfolio‡		1,861,110		15,329,557
Multimanager Core Bond Portfolio‡		6,668,828		69,255,540
Multimanager International Equity Portfolio‡		9,282,058		98,808,857
Multimanager Large Cap Core Equity Portfolio‡		10,983,438		96,359,346
Multimanager Large Cap Value Portfolio‡		21,869,641		186,558,288
Multimanager Mid Cap Growth Portfolio*‡		715,292		4,920,989
Multimanager Mid Cap Value Portfolio‡		916,798		7,248,532
Multimanager Small Cap Growth Portfolio*‡		6,761,651		44,791,192
Multimanager Small Cap Value Portfolio‡		4,424,489		37,753,400
Total Investment Companies (100.1%) (Cost $3,158,005,862)				3,282,523,241
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau 0.000%, 10/1/09 (Amortized Cost $402,786)	$	402,786		402,786
Total Investments (100.1%) (Cost/Amortized Cost $3,158,408,648)				3,282,926,027
Other Assets Less Liabilities (-0.1%)				(2,988,899	)
Net Assets (100%)			$	3,279,937,128

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

16

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
AXA Tactical Manager 2000 Portfolio-II	$	—	$	68,300,000	$	—	$	69,437,773	$	—	$	—
AXA Tactical Manager 400 Portfolio-II		—		199,304,172		9,080,995		191,668,710		—		—
AXA Tactical Manager 500 Portfolio-II		—		718,176,824		—		717,623,913		—		—
AXA Tactical Manager International Portfolio-II		—		331,900,000		—		327,156,833		—		—
EQ/AllianceBernstein International Portfolio		—		45,159,336		1,602,222		67,166,170		16,900		769,379
EQ/AllianceBernstein Small Cap Growth Portfolio		—		34,621,810		1,004,026		52,006,559		7,547		525,424
EQ/AXA Franklin Small Cap Value Core Portfolio(a)		53,101,425		4,554,762		55,374,836		33,719,378		8,387		(32,064,613	)
EQ/BlackRock Basic Value Equity Portfolio		306,808,182		20,113,642		461,918,034		66,022,759		103,353		(210,115,597	)
EQ/BlackRock International Value Portfolio		175,458,865		6,265,490		224,232,148		87,070,512		34,752		(129,873,380	)
EQ/Boston Advisors Equity Income Portfolio		37,527,342		10,857,297		3,683,859		49,837,335		17,456		(475,828	)
EQ/Core Bond Index Portfolio(b)		—		68,268,231		635,612		70,680,292		33,116		29,788
EQ/Davis New York Venture Portfolio		138,381,107		4,138,090		215,732,446		—		—		(98,413,237	)
EQ/Equity Growth PLUS Portfolio(c)		4,560,860		—		6,680,116		—		—		(3,007,640	)
EQ/GAMCO Small Company Value Portfolio		78,451,236		5,751,846		90,568,295		36,148,850		1,536		(43,228,750	)
EQ/Global Multi-Sector Equity Portfolio(d)		37,760,579		11,576,235		12,067,903		62,346,633		23,042		(6,123,558	)
EQ/Intermediate Government Bond Index Portfolio(e)		—		23,563,375		294,131		23,422,321		—		1,186
EQ/International Core PLUS Portfolio		155,060,371		22,881,332		240,903,415		43,179,585		—		(67,388,787	)
EQ/International ETF Portfolio		—		162,265,464		135,113,441		37,675,188		—		71,702,418
EQ/International Growth Portfolio		—		54,025,571		1,661,579		79,785,628		13,135		710,022
EQ/Large Cap Core PLUS Portfolio		159,212,995		155,439,374		283,811,070		62,870,565		—		60,737,168
EQ/Large Cap Growth Index Portfolio		—		284,880,457		214,027,523		92,831,735		10,501		86,862,510
EQ/Large Cap Growth PLUS Portfolio		420,599,387		33,721,447		391,159,328		144,370,928		37,859		(61,493,525	)
EQ/Large Cap Value Index Portfolio		—		154,791,915		131,439,873		26,634,800		—		42,755,439
EQ/Large Cap Value PLUS Portfolio		50,441,408		156,583,740		15,446,213		271,614,337		15,234		(8,194,700	)
EQ/Mid Cap Index Portfolio		—		51,545,687		41,258,405		14,442,086		—		22,622,564
EQ/PIMCO Ultra Short Bond Portfolio(f)		25,365,447		1,360,086		423,093		28,254,146		—		69,759
EQ/Quality Bond PLUS Portfolio		5,688,561		57,111,349		890,269		65,530,504		184,475		(114,154	)
EQ/Small Company Index Portfolio		6,206,744		50,962,788		47,146,383		15,329,557		—		23,475,277
Multimanager Core Bond Portfolio		142,509,078		18,480,294		98,436,261		69,255,540		1,933,791		(4,231,655	)
Multimanager International Equity Portfolio		206,400,719		14,096,412		279,486,765		98,808,857		75,422		(159,966,987	)
Multimanager Large Cap Core Equity Portfolio		127,076,383		10,191,566		101,841,218		96,359,346		—		(48,516,384	)

See Notes to Portfolio of Investments.

17

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
Multimanager Large Cap Value Portfolio	$	212,783,663	$	19,051,908	$	126,843,747	$	186,558,288	$	—	$	(65,594,063	)
Multimanager Mid Cap Growth Portfolio		21,483,145		683,271		35,065,686		4,920,989		—		(16,692,343	)
Multimanager Mid Cap Value Portfolio		35,996,970		1,318,496		56,066,418		7,248,532		40,650		(26,691,283	)
Multimanager Small Cap Growth Portfolio		70,208,759		6,730,868		62,477,970		44,791,192		—		(27,654,187	)
Multimanager Small Cap Value Portfolio		29,850,203		1,870,785		2,251,836		37,753,400		—		(1,029,675	)
	$	2,500,933,429	$	2,810,543,920	$	3,348,625,116	$	3,282,523,241	$	2,557,156	$	(700,609,412	)

(a) formerly known as EQ/Franklin Small Cap Value Portfolio

(b) formerly known as EQ/JPMorgan Core Bond Portfolio

(c) formerly known as EQ/Marsico Focus Portfolio and EQ/Focus PLUS Portfolio

(d) formerly known as EQ/Van Kampen Emerging Markets Equity Portfolio

(e) formerly known as EQ/AllianceBernstein Intermediate Government Securities Portfolio

(f) 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 September 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	$	—	$	3,282,523,241	$	—	$	3,282,523,241
Short-Term Investments		—		402,786		—		402,786
Total Asset	$	—	$	3,282,926,027	$	—	$	3,282,926,027
Total Liability	$	—	$	—	$	—	$	—
Total	$	—	$	3,282,926,027	$	—	$	3,282,926,027

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	2,810,543,920
Net Proceeds of Sales and Redemptions:
Investment Companies	$	2,647,799,531
As of September 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	$	242,488,815
Aggregate gross unrealized depreciation		(117,719,416	)
Net unrealized appreciation	$	124,769,399
Federal income tax cost of investments	$	3,158,156,628

See Notes to Portfolio of Investments.

18

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.4%)
Auto Components (0.2%)
Amerigon, Inc.*^	1,800	$	13,230
BorgWarner, Inc.	32,623		987,172
Cooper Tire & Rubber Co.	6,906		121,407
Drew Industries, Inc.*^	1,400		30,366
Fuel Systems Solutions, Inc.*	1,800		64,782
Gentex Corp.	16,200		229,230
Goodyear Tire & Rubber Co.*	28,093		478,424
Johnson Controls, Inc.	37,541		959,548
Raser Technologies, Inc.*^	2,500		3,825
TRW Automotive Holdings Corp.*	1,700		28,475
WABCO Holdings, Inc.	5,500		115,500
Wonder Auto Technology, Inc.*^	1,200		14,400
			3,046,359
Automobiles (0.1%)
Thor Industries, Inc.^	1,900		58,805
Toyota Motor Corp. (ADR)	8,900		699,273
			758,078
Distributors (0.0%)
LKQ Corp.*	16,218		300,682
Diversified Consumer Services (0.4%)
American Public Education, Inc.*	1,643		57,078
Apollo Group, Inc., Class A*	14,783		1,089,064
Bridgepoint Education, Inc.*	1,425		21,745
Brink’s Home Security Holdings, Inc.*	5,315		163,649
Capella Education Co.*^	1,700		114,478
Career Education Corp.*^	7,208		175,731
ChinaCast Education Corp.*	3,085		22,428
Coinstar, Inc.*^	3,600		118,728
Corinthian Colleges, Inc.*^	9,200		170,752
DeVry, Inc.^	7,046		389,785
Grand Canyon Education, Inc.*^	2,000		35,660
H&R Block, Inc.	38,895		714,890
Hillenbrand, Inc.	2,008		40,903
ITT Educational Services, Inc.*^	4,200		463,722
K12, Inc.*^	2,197		36,206
Learning Tree International, Inc.*	700		7,973
Lincoln Educational Services Corp.*^	1,300		29,744
Matthews International Corp., Class A	3,600		127,368
New Oriental Education & Technology Group, Inc. (ADR)*^	14,250		1,146,412
Pre-Paid Legal Services, Inc.*^	600		30,480
Princeton Review, Inc.*	1,100		4,620
Sotheby’s, Inc.^	7,300		125,779
Steiner Leisure Ltd.*	800		28,608
Strayer Education, Inc.^	1,600		348,288
Universal Technical Institute, Inc.*^	1,961		38,632
Weight Watchers International, Inc.	268		7,354
			5,510,077
Hotels, Restaurants & Leisure (2.5%)
AFC Enterprises, Inc.*	1,100		9,262
Ambassadors Group, Inc.	1,500		23,475
Ameristar Casinos, Inc.	2,398		37,840
Bally Technologies, Inc.*^	6,500		249,405
BJ’s Restaurants, Inc.*^	2,700		40,473
Brinker International, Inc.^	11,900		187,187
Buffalo Wild Wings, Inc.*^	2,200		91,542
Burger King Holdings, Inc	12,340		217,061
California Pizza Kitchen, Inc.*^	1,300		20,306
Carnival Corp.	22,878		761,380
CEC Entertainment, Inc.*^	2,094		54,151
Cheesecake Factory, Inc.*^	7,000		129,640
Chipotle Mexican Grill, Inc., Class A*^	3,700		359,085
Choice Hotels International, Inc.	900		27,954
CKE Restaurants, Inc.	4,200		44,058
Cracker Barrel Old Country Store, Inc.^	2,100		72,240
Ctrip.com International Ltd. (ADR)*	19,993		1,175,388
Darden Restaurants, Inc.	15,500		529,015
Denny’s Corp.*	7,700		20,482
DineEquity, Inc.^	2,200		54,450
Dover Downs Gaming & Entertainment, Inc.	1,100		6,270
Einstein Noah Restaurant Group, Inc.*^	200		2,408
Great Wolf Resorts, Inc.*^	200		714
International Game Technology^	28,653		615,466
Interval Leisure Group, Inc.*	3,592		44,828
Isle of Capri Casinos, Inc.*^	1,649		19,442
Jack in the Box, Inc.*	6,706		137,406
Krispy Kreme Doughnuts, Inc.*	4,600		16,422
Las Vegas Sands Corp.*^	26,373		444,121
Life Time Fitness, Inc.*	296		8,303
Marriott International, Inc., Class A^	15,945		439,923
McDonald’s Corp.	228,038		13,014,129
MGM MIRAGE*^	10,769		129,659
Monarch Casino & Resort, Inc.*^	400		4,304
Morgans Hotel Group Co.*	1,800		9,756
P.F. Chang’s China Bistro, Inc.*^	2,900		98,513
Panera Bread Co., Class A*^	3,200		176,000
Papa John’s International, Inc.*	1,400		34,398
Peet’s Coffee & Tea, Inc.*	1,100		31,053
Pinnacle Entertainment, Inc.*	3,134		31,935
Royal Caribbean Cruises Ltd.*^	4,819		116,042
Ruth’s Hospitality Group, Inc.*^	900		3,798
Scientific Games Corp., Class A*	7,600		120,308
Shuffle Master, Inc.*^	7,000		65,940
Sonic Corp.*^	6,900		76,314
Starbucks Corp.*	82,620		1,706,103
Starwood Hotels & Resorts Worldwide, Inc.^	3,574		118,049
Texas Roadhouse, Inc., Class A*	6,300		66,906
Town Sports International Holdings, Inc.*^	1,400		3,514
Wendy’s/Arby’s Group, Inc., Class A	17,810		84,241
WMS Industries, Inc.*	5,200		231,712
Wyndham Worldwide Corp.	9,399		153,392
Wynn Resorts Ltd.*	44,996		3,189,766
Yum! Brands, Inc.	189,902		6,411,092
			31,716,621
Household Durables (0.2%)
D.R. Horton, Inc.	147,672		1,684,938
Garmin Ltd.^	10,698		403,742
Harman International Industries, Inc.	3,800		128,744
iRobot Corp.*^	1,500		18,465
Leggett & Platt, Inc.	11,230		217,862
M.D.C. Holdings, Inc.	1,352		46,968
National Presto Industries, Inc.	459		39,708
Newell Rubbermaid, Inc.^	4,198		65,867
NVR, Inc.*	94		59,913
Pulte Homes, Inc.	4,000		43,960
Tempur-Pedic International, Inc.*	8,868		167,960

See Notes to Portfolio of Investments.

19

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Tupperware Brands Corp.	7,200	$	287,424
Universal Electronics, Inc.*	1,100		22,462
			3,188,013
Internet & Catalog Retail (1.3%)
1-800-FLOWERS.COM, Inc., Class A*^	2,100		7,245
Amazon.com, Inc.*	123,582		11,537,616
Blue Nile, Inc.*	1,500		93,180
Drugstore.Com, Inc.*	6,800		16,524
Expedia, Inc.*	19,082		457,014
HSN, Inc.*	3,758		61,180
Liberty Media Corp., Interactive, Class A*	160,295		1,758,436
Netflix, Inc.*^	4,800		221,616
NutriSystem, Inc.^	2,500		38,150
Orbitz Worldwide, Inc.*	200		1,236
Overstock.com, Inc.*^	1,300		19,071
PetMed Express, Inc.^	1,900		35,815
priceline.com, Inc.*^	14,710		2,439,212
Stamps.com, Inc.*	1,100		10,175
Ticketmaster Entertainment, Inc.*	3,773		44,106
			16,740,576
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	8,575		237,956
Leapfrog Enterprises, Inc.*	2,700		11,097
Mattel, Inc.	31,983		590,406
Polaris Industries, Inc.	3,500		142,730
Pool Corp.^	3,200		71,104
Smith & Wesson Holding Corp.*^	8,200		42,886
Sturm Ruger & Co., Inc.^	1,838		23,784
			1,119,963
Media (2.6%)
Arbitron, Inc.^	2,200		45,672
Cablevision Systems Corp. - New York Group, Class A	371,990		8,834,762
CBS Corp., Class B	33,880		408,254
Cinemark Holdings, Inc.	2,852		29,547
CKX, Inc.*	5,499		36,898
Comcast Corp., Class A^	610,005		9,859,253
Crown Media Holdings, Inc., Class A*^	400		624
CTC Media, Inc.*	4,479		70,410
DIRECTV Group, Inc.*^	51,581		1,422,604
Discovery Communications, Inc., Class C*	29,841		776,761
Dolan Media Co.*^	2,100		25,179
Global Sources Ltd.*	1,540		10,580
Interactive Data Corp.	1,400		36,694
John Wiley & Sons, Inc., Class A	4,800		166,944
Liberty Global, Inc., Class A*^	12,195		275,241
Liberty Media Corp., Capital Series, Class A*	97,255		2,034,575
Liberty Media Corp., Entertainment Series, Class A*	166,365		5,175,615
Martha Stewart Living Omnimedia, Inc., Class A*^	2,100		13,146
Marvel Entertainment, Inc.*	5,600		277,872
McGraw-Hill Cos., Inc.	36,235		910,948
Morningstar, Inc.*^	2,360		114,602
National CineMedia, Inc.	224		3,801
Omnicom Group, Inc.	35,213		1,300,768
Playboy Enterprises, Inc., Class B*	1,000		3,020
RCN Corp.*	4,900		45,570
Regal Entertainment Group, Class A	3,827		47,149
Rentrak Corp.*	1,400		25,004
Scripps Networks Interactive, Inc., Class A	6,066		224,139
Valassis Communications, Inc.*	3,800		67,944
Value Line, Inc.	100		3,087
Viacom, Inc., Class B*	33,530		940,181
Warner Music Group Corp.*	1,100		6,083
World Wrestling Entertainment, Inc., Class A^	1,700		23,817
			33,216,744
Multiline Retail (0.6%)
99 Cents Only Stores*^	3,796		51,056
Big Lots, Inc.*^	775		19,390
Dollar Tree, Inc.*	10,200		496,536
Family Dollar Stores, Inc.	16,103		425,119
Fred’s, Inc., Class A^	1,345		17,122
Kohl’s Corp.*	31,833		1,816,073
Nordstrom, Inc.	18,673		570,273
Target Corp.	84,592		3,948,755
			7,344,324
Specialty Retail (1.5%)
Aaron’s, Inc.^	5,472		144,461
Abercrombie & Fitch Co., Class A^	4,993		164,170
Advance Auto Parts, Inc.	10,900		428,152
Aeropostale, Inc.*^	7,700		334,719
American Eagle Outfitters, Inc.	19,527		329,225
America’s Car-Mart, Inc.*	900		21,555
AutoZone, Inc.*^	3,614		528,439
Barnes & Noble, Inc.^	855		18,998
bebe Stores, Inc.^	3,400		25,024
Bed Bath & Beyond, Inc.*^	29,005		1,088,848
Best Buy Co., Inc.^	38,198		1,433,189
Big 5 Sporting Goods Corp.^	2,169		32,752
Buckle, Inc.^	2,900		99,006
CarMax, Inc.*^	18,040		377,036
Cato Corp., Class A^	2,606		52,876
Charlotte Russe Holding, Inc.*^	2,000		35,000
Chico’s FAS, Inc.*	19,277		250,601
Children’s Place Retail Stores, Inc.*^	2,181		65,343
Christopher & Banks Corp.^	1,900		12,863
Citi Trends, Inc.*	1,200		34,164
Coldwater Creek, Inc.*^	4,600		37,720
Collective Brands, Inc.*^	2,656		46,028
Dick’s Sporting Goods, Inc.*	10,000		224,000
Dress Barn, Inc.*^	1,500		26,895
DSW, Inc., Class A*	600		9,582
Finish Line, Inc., Class A	1,100		11,176
Foot Locker, Inc.^	8,309		99,292
GameStop Corp., Class A*^	16,440		435,167
Gap, Inc.	48,105		1,029,447
Guess?, Inc.	6,700		248,168
Gymboree Corp.*	2,700		130,626
hhgregg, Inc.*^	1,000		16,940
Hibbett Sports, Inc.*^	3,500		63,805
Home Depot, Inc.	12,989		346,027
HOT Topic, Inc.*	2,820		21,122
J. Crew Group, Inc.*^	5,818		208,401
Jo-Ann Stores, Inc.*^	1,047		28,091
JoS. A. Bank Clothiers, Inc.*^	2,182		97,688
Kirkland’s, Inc.*	1,900		27,075
Limited Brands, Inc.	20,200		343,198
Lowe’s Cos., Inc.	154,257		3,230,142
Lumber Liquidators, Inc.*^	2,000		43,380
Men’s Wearhouse, Inc.	500		12,350
Midas, Inc.*	1,100		10,340
Monro Muffler Brake, Inc.	1,593		50,641

See Notes to Portfolio of Investments.

20

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Office Depot, Inc.*	5,256	$	34,795
OfficeMax, Inc.*^	5,363		67,466
O’Reilly Automotive, Inc.*^	15,483		559,556
Penske Automotive Group, Inc.^	1,421		27,255
PetSmart, Inc.^	14,600		317,550
RadioShack Corp.	1,690		28,003
Ross Stores, Inc.^	14,400		687,888
Sally Beauty Holdings, Inc.*^	1,963		13,957
Sherwin-Williams Co.^	9,673		581,928
Staples, Inc.	79,892		1,855,092
Stein Mart, Inc.*	2,598		33,021
Systemax, Inc.*^	400		4,852
Tiffany & Co.	12,939		498,540
TJX Cos., Inc.	46,675		1,733,976
Tractor Supply Co.*^	4,141		200,507
Tween Brands, Inc.*	1,600		13,424
Ulta Salon Cosmetics & Fragrance, Inc.*	3,400		56,134
Urban Outfitters, Inc.*	13,852		417,915
Wet Seal, Inc., Class A*^	7,500		28,350
Williams-Sonoma, Inc.	3,580		72,423
Zumiez, Inc.*^	1,600		26,256
			19,532,610
Textiles, Apparel & Luxury Goods (0.9%)
American Apparel, Inc.*^	2,700		9,477
Carter’s, Inc.*	5,240		139,908
Cherokee, Inc.^	300		7,191
Coach, Inc.	35,814		1,178,997
Crocs, Inc.*	3,900		25,935
Deckers Outdoor Corp.*^	1,600		135,760
FGX International Holdings Ltd.*	1,100		15,345
Fossil, Inc.*^	5,400		153,630
Fuqi International, Inc.*^	1,700		49,776
G-III Apparel Group Ltd.*^	700		9,905
Hanesbrands, Inc.*	10,800		231,120
K-Swiss, Inc., Class A	2,400		21,096
Liz Claiborne, Inc.^	6,868		33,859
Lululemon Athletica, Inc.*	4,851		110,360
Maidenform Brands, Inc.*	2,500		40,150
NIKE, Inc., Class B	104,226		6,743,422
Oxford Industries, Inc.	1,300		25,610
Phillips-Van Heusen Corp.	3,921		167,780
Polo Ralph Lauren Corp.^	25,553		1,957,871
Steven Madden Ltd.*	1,479		54,442
Timberland Co., Class A*	2,670		37,166
True Religion Apparel, Inc.*^	2,344		60,780
Under Armour, Inc., Class A*^	3,900		108,537
VF Corp.^	2,355		170,573
Volcom, Inc.*^	1,500		24,720
Warnaco Group, Inc.*	5,300		232,458
Weyco Group, Inc.^	300		6,870
Wolverine World Wide, Inc.^	5,800		144,072
			11,896,810
Total Consumer Discretionary			134,370,857
Consumer Staples (8.7%)
Beverages (2.3%)
Boston Beer Co., Inc., Class A*	700		25,956
Brown-Forman Corp., Class B	8,600		414,692
Coca-Cola Bottling Co. Consolidated	300		14,529
Coca-Cola Co.	204,904		11,003,345
Coca-Cola Enterprises, Inc.	29,936		640,930
Hansen Natural Corp.*^	7,700		282,898
Molson Coors Brewing Co., Class B	714		34,757
National Beverage Corp.*^	100		1,151
Pepsi Bottling Group, Inc.	12,245		446,208
PepsiCo, Inc.	279,973		16,423,216
			29,287,682
Food & Staples Retailing (2.7%)
Arden Group, Inc., Class A	100		11,950
BJ’s Wholesale Club, Inc.*^	940		34,047
Casey’s General Stores, Inc.	3,686		115,667
Costco Wholesale Corp.	111,090		6,272,142
CVS Caremark Corp.	228,585		8,169,628
Kroger Co.	62,597		1,292,002
Pantry, Inc.*	300		4,704
Pricesmart, Inc.^	1,200		22,500
Ruddick Corp.^	1,100		29,282
Sysco Corp.	66,239		1,646,039
United Natural Foods, Inc.*^	5,097		121,920
Village Super Market, Inc., Class A	635		18,714
Walgreen Co.	111,988		4,196,190
Wal-Mart Stores, Inc.	248,256		12,186,887
Whole Foods Market, Inc.*^	10,564		322,096
			34,443,768
Food Products (0.6%)
AgFeed Industries, Inc.*^	1,600		8,544
Alico, Inc.^	200		5,878
American Dairy, Inc.*	1,300		36,829
American Italian Pasta Co., Class A*	1,407		38,242
Archer-Daniels-Midland Co.	41,108		1,201,176
Calavo Growers, Inc.^	800		15,184
Cal-Maine Foods, Inc.^	1,000		26,770
Campbell Soup Co.^	14,550		474,621
Darling International, Inc.*	10,200		74,970
Dean Foods Co.*	20,740		368,965
Diamond Foods, Inc.	1,300		41,236
Flowers Foods, Inc.^	7,401		194,572
General Mills, Inc.	15,338		987,460
Green Mountain Coffee Roasters, Inc.*^	3,900		287,976
H.J. Heinz Co.	29,064		1,155,294
Hain Celestial Group, Inc.*^	400		7,668
Hershey Co.	10,413		404,649
Hormel Foods Corp.	700		24,864
HQ Sustainable Maritime Industries, Inc.*^	500		4,400
J&J Snack Foods Corp.^	1,314		56,752
Kellogg Co.	28,803		1,417,972
Lancaster Colony Corp.^	2,300		117,921
Lance, Inc.^	3,343		86,316
Lifeway Foods, Inc.*	400		4,396
McCormick & Co., Inc. (Non-Voting)^	14,149		480,217
Sanderson Farms, Inc.^	2,407		90,599
Sara Lee Corp.	19,854		221,174
Smart Balance, Inc.*	3,900		23,946
Synutra International, Inc.*	2,500		34,275
Tootsie Roll Industries, Inc.^	2,231		53,053
Zhongpin, Inc.*^	1,500		22,080
			7,967,999
Household Products (1.6%)
Church & Dwight Co., Inc.	8,000		453,920
Clorox Co.	14,005		823,774
Colgate-Palmolive Co.	56,300		4,294,564
Energizer Holdings, Inc.*	6,611		438,574
Kimberly-Clark Corp.	40,853		2,409,510
Procter & Gamble Co.	214,492		12,423,376

See Notes to Portfolio of Investments.

21

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
WD-40 Co.	1,500	$	42,600
			20,886,318
Personal Products (0.2%)
Alberto-Culver Co.^	8,399		232,484
American Oriental Bioengineering, Inc.*^	226		1,098
Avon Products, Inc.	48,460		1,645,702
Bare Escentuals, Inc.*	7,900		93,931
Chattem, Inc.*^	2,212		146,899
China Sky One Medical, Inc.*^	600		7,914
Estee Lauder Cos., Inc., Class A	12,014		445,479
Herbalife Ltd.	7,100		232,454
Inter Parfums, Inc.^	100		1,221
Mead Johnson Nutrition Co., Class A^	2,116		95,453
Medifast, Inc.*^	1,600		34,752
NBTY, Inc.*	4,286		169,640
Nu Skin Enterprises, Inc., Class A^	5,964		110,513
USANA Health Sciences, Inc.*	500		17,055
			3,234,595
Tobacco (1.3%)
Alliance One International, Inc.*^	5,200		23,296
Altria Group, Inc.	233,886		4,165,510
Lorillard, Inc.	16,817		1,249,503
Philip Morris International, Inc.	219,650		10,705,741
Star Scientific, Inc.*^	1,100		1,023
Vector Group Ltd.	4,835		75,329
			16,220,402
Total Consumer Staples			112,040,764
Energy (7.9%)
Energy Equipment & Services (4.0%)
Atwood Oceanics, Inc.*^	5,700		201,039
Bolt Technology Corp.*	700		8,799
Cal Dive International, Inc.*	300		2,967
Cameron International Corp.*^	24,696		934,003
CARBO Ceramics, Inc.^	1,700		87,635
Diamond Offshore Drilling, Inc.^	7,978		762,059
Dresser-Rand Group, Inc.*	9,600		298,272
Dril-Quip, Inc.*^	3,400		168,776
ENGlobal Corp.*	2,200		9,064
ENSCO International, Inc.	4,695		199,725
Exterran Holdings, Inc.*^	2,709		64,312
FMC Technologies, Inc.*^	51,050		2,666,852
Geokinetics, Inc.*	200		4,240
GulfMark Offshore, Inc.*	1,600		52,384
Halliburton Co.	254,450		6,900,684
Helmerich & Payne, Inc.^	3,819		150,965
Lufkin Industries, Inc.^	1,216		64,667
NATCO Group, Inc., Class A*	313		13,860
National Oilwell Varco, Inc.*	142,481		6,145,205
Oceaneering International, Inc.*	6,300		357,525
Patterson-UTI Energy, Inc.^	1,881		28,403
PHI, Inc.*	700		14,196
Pioneer Drilling Co.*	500		3,670
Pride International, Inc.*^	9,457		287,871
Rowan Cos., Inc.^	1,683		38,827
RPC, Inc.^	2,400		25,152
Schlumberger Ltd.	60,847		3,626,481
Seahawk Drilling, Inc.*^	457		14,208
Smith International, Inc.	15,038		431,591
Sulphco, Inc.*^	4,700		6,439
TETRA Technologies, Inc.*^	3,406		33,004
Transocean Ltd.*	196,138		16,775,683
Weatherford International Ltd.*	531,570		11,019,446
Willbros Group, Inc.*^	4,800		73,104
			51,471,108
Oil, Gas & Consumable Fuels (3.9%)
Alpha Natural Resources, Inc.*	13,710		481,221
Anadarko Petroleum Corp.	267,132		16,757,190
Apco Oil and Gas International, Inc.	1,200		27,504
Approach Resources, Inc.*	700		6,356
Arena Resources, Inc.*	4,500		159,750
Atlas Energy, Inc.	1,389		37,600
ATP Oil & Gas Corp.*^	1,100		19,679
BPZ Resources, Inc.*^	9,200		69,184
Brigham Exploration Co.*	4,998		45,382
Carrizo Oil & Gas, Inc.*^	3,400		83,266
Cheniere Energy, Inc.*^	3,100		9,083
Clean Energy Fuels Corp.*^	4,600		66,286
CNX Gas Corp.*^	3,000		92,100
Comstock Resources, Inc.*^	314		12,585
Consol Energy, Inc.	20,388		919,703
Contango Oil & Gas Co.*	1,100		56,166
Continental Resources, Inc.*	1,937		75,872
Delta Petroleum Corp.*	17,400		30,450
Denbury Resources, Inc.*^	181,277		2,742,721
El Paso Corp.	22,640		233,645
Endeavour International Corp.*	9,200		11,132
Evergreen Energy, Inc.*	10,000		6,200
EXCO Resources, Inc.*	14,400		269,136
Exxon Mobil Corp.	142,029		9,744,610
Forest Oil Corp.*^	4,925		96,382
Frontier Oil Corp.^	9,780		136,137
FX Energy, Inc.*	3,300		10,659
GMX Resources, Inc.*^	500		7,855
Golar LNG Ltd.	2,400		26,544
Gulfport Energy Corp.*	3,600		31,464
Holly Corp.^	5,000		128,100
Isramco, Inc.*	200		26,128
James River Coal Co.*	3,400		64,974
Mariner Energy, Inc.*^	10,498		148,862
Massey Energy Co.^	7,985		222,702
McMoRan Exploration Co.*	9,700		73,235
Northern Oil and Gas, Inc.*^	1,700		14,280
Panhandle Oil and Gas, Inc., Class A	600		12,816
Peabody Energy Corp.	30,741		1,144,180
Petrohawk Energy Corp.*	34,190		827,740
Petroleo Brasileiro S.A. (ADR)^	146,803		6,738,258
Plains Exploration & Production Co.*	8,796		243,297
PrimeEnergy Corp.*	100		2,868
Quicksilver Resources, Inc.*^	13,900		197,241
Range Resources Corp.	2,747		135,592
Rex Energy Corp.*^	1,400		11,690
Ship Finance International Ltd.^	3,573		43,912
Southwestern Energy Co.*	78,338		3,343,466
St. Mary Land & Exploration Co.	1,884		61,155
Syntroleum Corp.*	9,600		25,920
Teekay Corp.	1,759		38,469
Teekay Tankers Ltd., Class A^	1,100		9,185
Tesoro Corp.^	6,763		101,310
Toreador Resources Corp.*	2,900		28,971
VAALCO Energy, Inc.*	1,500		6,900
Venoco, Inc.*	1,600		18,416
W&T Offshore, Inc.^	2,400		28,104
Warren Resources, Inc.*	4,700		13,912
Westmoreland Coal Co.*	700		5,691
World Fuel Services Corp.^	3,493		167,908

See Notes to Portfolio of Investments.

22

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
XTO Energy, Inc.	124,700	$	5,152,604
			51,303,748
Total Energy			102,774,856
Financials (8.8%)
Capital Markets (2.3%)
Affiliated Managers Group, Inc.*^	4,700		305,547
Ameriprise Financial, Inc.	2,440		88,645
Apollo Investment Corp., Class A(b)*	450,000		2,250,000
Bank of New York Mellon Corp.	27,764		804,878
BGC Partners, Inc., Class A	1,500		6,420
BlackRock, Inc.^	775		168,036
Broadpoint Gleacher Securities, Inc.*	6,542		54,560
Charles Schwab Corp.	106,219		2,034,094
Cohen & Steers, Inc.	800		19,200
Diamond Hill Investment Group, Inc.*	200		11,594
Duff & Phelps Corp., Class A^	2,100		40,236
Eaton Vance Corp.^	13,311		372,575
Epoch Holding Corp.^	800		7,000
Federated Investors, Inc., Class B^	9,500		250,515
Franklin Resources, Inc.^	7,535		758,021
GAMCO Investors, Inc., Class A	200		9,140
GFI Group, Inc.	5,400		39,042
GLG Partners, Inc.	22,710		91,521
Goldman Sachs Group, Inc.	64,223		11,839,510
Greenhill & Co., Inc.^	2,400		214,992
International Assets Holding Corp.*	400		6,604
Invesco Ltd.	4,012		91,313
Investment Technology Group, Inc.*	305		8,516
Janus Capital Group, Inc.^	18,200		258,076
Jefferies Group, Inc.*^	10,120		275,568
KBW, Inc.*^	1,516		48,846
Knight Capital Group, Inc., Class A*	5,642		122,713
Lazard Ltd., Class A	8,900		367,659
MF Global Ltd.*	3,600		26,172
Morgan Stanley^	35,004		1,080,924
Northern Trust Corp.	27,452		1,596,608
optionsXpress Holdings, Inc.	5,100		88,128
Pzena Investment Management, Inc., Class A*^	500		4,085
Riskmetrics Group, Inc.*^	1,700		24,854
Safeguard Scientifics, Inc.*	133		1,459
SEI Investments Co.	13,900		273,552
State Street Corp.	30,042		1,580,209
Stifel Financial Corp.*^	3,207		176,064
T. Rowe Price Group, Inc.	28,902		1,320,821
TD Ameritrade Holding Corp.*	109,882		2,155,885
Teton Advisors, Inc., Class B(b)^†	3		7
U.S. Global Investors, Inc., Class A	900		11,097
Waddell & Reed Financial, Inc., Class A	9,700		275,965
Westwood Holdings Group, Inc.^	400		13,880
			29,174,531
Commercial Banks (2.2%)
Arrow Financial Corp.	900		24,561
BOK Financial Corp.^	686		31,775
CapitalSource, Inc.	4,152		18,020
Cardinal Financial Corp.^	1,200		9,876
Cathay General Bancorp^	2,229		18,033
Commerce Bancshares, Inc./Missouri	2,478		92,281
Enterprise Financial Services Corp.	500		4,625
First Financial Bankshares, Inc.^	1,034		51,142
Hancock Holding Co.^	200		7,514
HSBC Holdings plc (ADR)	80,700		4,628,145
ICICI Bank Ltd. (ADR)	54,045		2,083,975
PrivateBancorp, Inc.^	2,800		68,488
Signature Bank/New York*	3,900		113,100
Suffolk Bancorp^	300		8,883
SVB Financial Group*^	500		21,635
SY Bancorp, Inc.^	100		2,309
Tompkins Financial Corp.	500		21,850
U.S. Bancorp	258,678		5,654,701
Wells Fargo & Co.	558,239		15,731,175
Westamerica Bancorp^	1,978		102,856
			28,694,944
Consumer Finance (1.2%)
Advance America Cash Advance Centers, Inc.	5,800		32,480
American Express Co.	419,405		14,217,830
AmeriCredit Corp.*^	2,643		41,733
Capital One Financial Corp.	14,759		527,339
Cardtronics, Inc.*^	1,000		7,820
Credit Acceptance Corp.*^	300		9,657
Dollar Financial Corp.*^	2,000		32,040
EZCORP, Inc., Class A*	4,336		59,230
First Cash Financial Services, Inc.*	2,900		49,677
SLM Corp.*^	12,181		106,218
			15,084,024
Diversified Financial Services (1.5%)
Asset Acceptance Capital Corp.*^	1,000		7,250
Bank of America Corp.	367,556		6,219,048
CME Group, Inc.	426		131,289
Fifth Street Finance Corp.^	5		55
Financial Federal Corp.^	984		24,285
IntercontinentalExchange, Inc.*	8,195		796,472
JPMorgan Chase & Co.	207,636		9,098,610
Leucadia National Corp.*	7,954		196,623
Life Partners Holdings, Inc.^	500		8,950
MarketAxess Holdings, Inc.*	3,130		37,716
Moody’s Corp.^	22,226		454,744
MSCI, Inc., Class A*	11,641		344,806
NASDAQ OMX Group, Inc.*	69,706		1,467,311
NewStar Financial, Inc.*	600		1,974
NYSE Euronext	7,752		223,955
PICO Holdings, Inc.*	769		25,646
Portfolio Recovery Associates, Inc.*^	1,811		82,093
			19,120,827
Insurance (1.0%)
Aflac, Inc.	189,310		8,091,109
American International Group, Inc.*^	5,113		225,535
Amtrust Financial Services, Inc.	100		1,141
Arthur J. Gallagher & Co.^	10,752		262,026
Assured Guaranty Ltd.^	1,500		29,130
Axis Capital Holdings Ltd.	4,772		144,019
Brown & Brown, Inc.^	10,061		192,769
Citizens, Inc./Texas*	2,748		17,422
CNA Financial Corp.*^	1,327		32,034
eHealth, Inc.*^	2,000		29,040
Endurance Specialty Holdings Ltd.^	1,562		56,966
Erie Indemnity Co., Class A	2,461		92,189
Fidelity National Financial, Inc., Class A	3,232		48,739
First Mercury Financial Corp.	200		2,664
Genworth Financial, Inc., Class A	20,926		250,066
Hanover Insurance Group, Inc.	600		24,798
Lincoln National Corp.	10,742		278,325
Marsh & McLennan Cos., Inc.	4,718		116,676
Odyssey Reinsurance Holdings Corp.	500		32,405
Principal Financial Group, Inc.^	35,591		974,838

See Notes to Portfolio of Investments.

23

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Progressive Corp.*	8,152	$	135,160
Prudential Financial, Inc.	26,512		1,323,214
Reinsurance Group of America, Inc.	599		26,715
RLI Corp.^	749		39,532
Tower Group, Inc.^	4,313		105,194
Validus Holdings Ltd.	1,343		34,649
W.R. Berkley Corp.	5,220		131,962
			12,698,317
Real Estate Investment Trusts (REITs) (0.3%)
Acadia Realty Trust (REIT)	1,300		19,591
Alexander’s, Inc. (REIT)^	100		29,588
Alexandria Real Estate Equities, Inc. (REIT)^	831		45,165
Associated Estates Realty Corp. (REIT)	700		6,734
Digital Realty Trust, Inc. (REIT)^	8,857		404,853
DuPont Fabros Technology, Inc. (REIT)*	600		7,998
EastGroup Properties, Inc. (REIT)^	1,423		54,387
Equity Lifestyle Properties, Inc. (REIT)^	1,900		81,301
Federal Realty Investment Trust (REIT)^	650		39,891
Getty Realty Corp. (REIT)	1,000		24,540
HCP, Inc. (REIT)^	13,032		374,540
Health Care REIT, Inc. (REIT)^	6,450		268,449
Macerich Co. (REIT)^	186		5,641
Mid-America Apartment Communities, Inc. (REIT)^	1,300		58,669
Nationwide Health Properties, Inc. (REIT)	8,909		276,090
Omega Healthcare Investors, Inc. (REIT)^	2,100		33,642
Plum Creek Timber Co., Inc. (REIT)^	6,800		208,352
Potlatch Corp. (REIT)	1,929		54,880
PS Business Parks, Inc. (REIT)	400		20,528
Public Storage (REIT)	15,230		1,145,905
Rayonier, Inc. (REIT)	4,141		169,408
Redwood Trust, Inc. (REIT)^	1,600		24,800
Saul Centers, Inc. (REIT)	500		16,050
Simon Property Group, Inc. (REIT)^	11,115		771,714
Tanger Factory Outlet Centers (REIT)	2,538		94,769
Universal Health Realty Income Trust (REIT)	900		29,295
Washington Real Estate Investment Trust (REIT)	547		15,754
			4,282,534
Real Estate Management & Development (0.0%)
CB Richard Ellis Group, Inc., Class A*^	27,391		321,570
St. Joe Co.*^	10,783		314,001
Tejon Ranch Co.*^	900		23,112
			658,683
Thrifts & Mortgage Finance (0.3%)
Astoria Financial Corp.	164,000		1,810,560
Brookline Bancorp, Inc.	2,300		22,356
Capitol Federal Financial^	1,802		59,322
Hudson City Bancorp, Inc.^	29,569		388,832
New York Community Bancorp, Inc.	158,000		1,804,360
Oritani Financial Corp.^	900		12,276
TrustCo Bank Corp. NY/New York	2,100		13,125
ViewPoint Financial Group^	800		11,232
			4,122,063
Total Financials			113,835,923
Health Care (16.6%)
Biotechnology (5.0%)
Abraxis Bioscience, Inc.*	600		21,828
Acorda Therapeutics, Inc.*	4,600		107,088
Affymax, Inc.*^	900		21,501
Alexion Pharmaceuticals, Inc.*	9,998		445,311
Alkermes, Inc.*^	11,200		102,928
Allos Therapeutics, Inc.*	7,600		55,100
Alnylam Pharmaceuticals, Inc.*^	36,472		827,185
AMAG Pharmaceuticals, Inc.*^	2,000		87,360
Amgen, Inc.*	282,481		17,013,831
Amicus Therapeutics, Inc.*	400		3,500
Amylin Pharmaceuticals, Inc.*^	16,600		227,254
Arena Pharmaceuticals, Inc.*^	7,588		33,918
ARIAD Pharmaceuticals, Inc.*	15,100		33,522
ArQule, Inc.*	3,300		14,982
Array BioPharma, Inc.*^	3,900		9,282
AVI BioPharma, Inc.*	15,200		26,144
BioCryst Pharmaceuticals, Inc.*^	2,500		20,600
Biogen Idec, Inc.*	244,297		12,341,884
BioMarin Pharmaceutical, Inc.*^	11,500		207,920
Celera Corp.*	2,400		14,952
Celgene Corp.*	51,409		2,873,763
Cell Therapeutics, Inc.*^	64,038		78,767
Celldex Therapeutics, Inc.*^	1,200		6,588
Cephalon, Inc.*^	8,014		466,735
Cepheid, Inc.*^	124,554		1,646,604
Chelsea Therapeutics International, Inc.*	3,900		9,789
Clinical Data, Inc.*^	900		15,003
Cubist Pharmaceuticals, Inc.*	6,800		137,360
Curis, Inc.*	9,800		22,932
Cytokinetics, Inc.*	2,600		13,754
Cytori Therapeutics, Inc.*^	1,700		6,715
Dendreon Corp.*	12,919		361,603
Dyax Corp.*^	4,500		16,155
Emergent Biosolutions, Inc.*^	2,300		40,618
Enzon Pharmaceuticals, Inc.*^	3,600		29,700
Exelixis, Inc.*^	12,700		81,026
Genomic Health, Inc.*	78,400		1,713,824
Genzyme Corp.*^	199,971		11,344,355
Geron Corp.*^	4,000		26,240
Gilead Sciences, Inc.*	169,156		7,879,286
GTx, Inc.*	1,500		19,200
Halozyme Therapeutics, Inc.*	8,500		60,435
Hemispherx Biopharma, Inc.*^	11,022		22,044
Human Genome Sciences, Inc.*	18,862		354,983
Idenix Pharmaceuticals, Inc.*	2,000		6,180
Idera Pharmaceuticals, Inc.*	1,700		12,597
Immunogen, Inc.*^	4,100		33,251
Immunomedics, Inc.*	5,300		29,256
Incyte Corp.*^	6,200		41,850
Insmed, Inc.*	12,278		10,068
InterMune, Inc.*^	4,800		76,464
Isis Pharmaceuticals, Inc.*	11,000		160,270
Lexicon Pharmaceuticals, Inc.*^	1,900		4,047
Ligand Pharmaceuticals, Inc., Class B*	8,300		19,173
MannKind Corp.*	4,949		48,748
Martek Biosciences Corp.*^	502		11,340
Maxygen, Inc.*	800		5,352
Medivation, Inc.*^	3,400		92,276

See Notes to Portfolio of Investments.

24

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Metabolix, Inc.*	1,500	$	15,420
Micromet, Inc.*	4,528		30,156
Molecular Insight Pharmaceuticals, Inc.*^	1,400		7,742
Momenta Pharmaceuticals, Inc.*	4,500		47,745
Myriad Genetics, Inc.*	11,188		306,551
Myriad Pharmaceuticals, Inc.*^	1,875		10,988
Nabi Biopharmaceuticals*	400		1,436
Nanosphere, Inc.*	1,000		7,160
Neurocrine Biosciences, Inc.*	3,100		9,455
Novavax, Inc.*^	4,700		18,612
NPS Pharmaceuticals, Inc.*	3,800		15,276
OncoGenex Pharmaceutical, Inc.*	700		25,200
Onyx Pharmaceuticals, Inc.*	7,100		212,787
Opko Health, Inc.*^	3,900		8,892
Orexigen Therapeutics, Inc.*	1,600		15,760
OSI Pharmaceuticals, Inc.*^	6,700		236,510
Osiris Therapeutics, Inc.*	1,200		7,992
PDL BioPharma, Inc.^	14,400		113,472
Pharmasset, Inc.*^	2,600		54,964
Poniard Pharmaceuticals, Inc.*^	3,000		22,440
Progenics Pharmaceuticals, Inc.*^	2,200		11,528
Protalix BioTherapeutics, Inc.*	4,900		40,474
Regeneron Pharmaceuticals, Inc.*	7,400		142,820
Repligen Corp.*	2,500		12,525
Rigel Pharmaceuticals, Inc.*^	3,000		24,600
Sangamo BioSciences, Inc.*^	3,000		24,630
Savient Pharmaceuticals, Inc.*^	7,200		109,440
Sciclone Pharmaceuticals, Inc.*	5,800		24,708
Seattle Genetics, Inc.*^	9,600		134,688
SIGA Technologies, Inc.*	2,771		21,863
Spectrum Pharmaceuticals, Inc.*^	3,469		23,346
StemCells, Inc.*	11,303		18,424
Synta Pharmaceuticals Corp.*	1,400		4,340
Theravance, Inc.*^	6,500		95,160
United Therapeutics Corp.*^	5,342		261,705
Vanda Pharmaceuticals, Inc.*	2,614		30,427
Vertex Pharmaceuticals, Inc.*^	87,270		3,307,533
Vical, Inc.*	6,900		29,394
ZymoGenetics, Inc.*^	3,000		18,120
			64,898,724
Health Care Equipment & Supplies (3.3%)
Abaxis, Inc.*^	2,700		72,225
ABIOMED, Inc.*^	2,800		27,188
Accuray, Inc.*^	2,900		18,850
Align Technology, Inc.*^	7,000		99,540
Alphatec Holdings, Inc.*	2,000		9,200
American Medical Systems Holdings, Inc.*	8,800		148,896
Analogic Corp.^	1,100		40,722
AngioDynamics, Inc.*	800		11,024
Atrion Corp.^	100		14,440
ATS Medical, Inc.*	7,700		20,636
Baxter International, Inc.	67,840		3,867,558
Beckman Coulter, Inc.	7,919		545,936
Becton, Dickinson and Co.	26,815		1,870,346
Boston Scientific Corp.*	61,493		651,211
C.R. Bard, Inc.	11,453		900,320
Cerus Corp.*	58,550		128,225
Conceptus, Inc.*	3,800		70,452
Covidien plc	142,595		6,168,660
CryoLife, Inc.*	2,300		18,331
Cyberonics, Inc.*^	3,500		55,790
DENTSPLY International, Inc.^	16,900		583,726
DexCom, Inc.*	5,033		39,912
Edwards Lifesciences Corp.*	6,398		447,284
Electro-Optical Sciences, Inc.*	2,600		24,908
Endologix, Inc.*	5,900		36,521
Exactech, Inc.*^	600		9,444
Gen-Probe, Inc.*^	5,900		244,496
Given Imaging Ltd.	227,490		3,391,876
Greatbatch, Inc.*^	1,589		35,705
Haemonetics Corp.*	3,000		168,360
Hansen Medical, Inc.*	1,400		4,900
HeartWare International, Inc.*	800		23,992
Hill-Rom Holdings, Inc.	2,381		51,858
Hologic, Inc.*	2,127		34,755
Hospira, Inc.*	17,985		802,131
ICU Medical, Inc.*^	1,176		43,347
Idexx Laboratories, Inc.*^	6,800		340,000
I-Flow Corp.*	1,800		20,502
Immucor, Inc.*	8,400		148,680
Insulet Corp.*^	3,600		40,428
Integra LifeSciences Holdings Corp.*^	2,300		78,545
Intuitive Surgical, Inc.*	4,256		1,116,136
Invacare Corp.^	1,700		37,876
Inverness Medical Innovations, Inc.*^	4,300		166,539
IRIS International, Inc.*^	1,500		16,950
Kensey Nash Corp.*^	600		17,370
Kinetic Concepts, Inc.*^	2,642		97,701
MAKO Surgical Corp.*	2,600		22,776
Masimo Corp.*^	5,962		156,204
Medical Action Industries, Inc.*	400		4,828
Medtronic, Inc.	251,265		9,246,552
Meridian Bioscience, Inc.^	4,800		120,048
Merit Medical Systems, Inc.*	3,600		62,388
Micrus Endovascular Corp.*^	1,300		16,835
Natus Medical, Inc.*	2,200		33,946
Neogen Corp.*^	1,200		38,748
NuVasive, Inc.*^	4,400		183,744
NxStage Medical, Inc.*	1,200		8,028
OraSure Technologies, Inc.*	3,600		10,440
Orthofix International N.V.*	1,609		47,289
Orthovita, Inc.*^	5,400		23,706
Palomar Medical Technologies, Inc.*	1,376		22,305
Quidel Corp.*^	2,300		37,329
ResMed, Inc.*^	8,700		393,240
RTI Biologics, Inc.*	4,400		19,140
Sirona Dental Systems, Inc.*	2,100		62,475
Somanetics Corp.*	1,000		16,120
SonoSite, Inc.*^	1,400		37,044
Spectranetics Corp.*^	2,600		16,666
St. Jude Medical, Inc.*	38,511		1,502,314
Stereotaxis, Inc.*^	2,500		11,150
STERIS Corp.^	6,800		207,060
Stryker Corp.	137,943		6,266,750
SurModics, Inc.*^	1,300		31,980
Symmetry Medical, Inc.*	900		9,333
Synovis Life Technologies, Inc.*	900		12,420
Teleflex, Inc.	2,021		97,635
Thoratec Corp.*	6,500		196,755
TomoTherapy, Inc.*	3,100		13,423
TranS1, Inc.*	1,000		4,810
Varian Medical Systems, Inc.*^	14,313		603,007
Volcano Corp.*^	2,500		42,050
West Pharmaceutical Services, Inc.^	3,800		154,318
Wright Medical Group, Inc.*^	4,600		82,156
Zoll Medical Corp.*^	1,700		36,584
			42,615,088

See Notes to Portfolio of Investments.

25

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Health Care Providers & Services (2.2%)
Aetna, Inc.	183,378	$	5,103,410
Air Methods Corp.*^	900		29,313
Alliance HealthCare Services, Inc.*	1,900		10,754
Almost Family, Inc.*^	500		14,875
Amedisys, Inc.*^	3,000		130,890
America Service Group, Inc.	1,300		21,502
AMERIGROUP Corp.*^	6,211		137,698
AmerisourceBergen Corp.^	30,099		673,616
AMN Healthcare Services, Inc.*	2,600		24,726
Bio-Reference Labs, Inc.*^	900		30,960
BioScrip, Inc.*^	4,447		30,062
CardioNet, Inc.*^	2,261		15,194
Catalyst Health Solutions, Inc.*^	4,200		122,430
Centene Corp.*	2,184		41,365
Chemed Corp.^	2,711		118,986
Chindex International, Inc.*^	900		11,322
CIGNA Corp.	2,200		61,798
Community Health Systems, Inc.*^	5,492		175,359
Corvel Corp.*^	700		19,880
Coventry Health Care, Inc.*	5,064		101,077
Cross Country Healthcare, Inc.*^	500		4,655
DaVita, Inc.*	11,731		664,444
Emergency Medical Services Corp., Class A*	958		44,547
Emeritus Corp.*^	1,600		35,120
Ensign Group, Inc.	1,800		25,254
Express Scripts, Inc.*	30,619		2,375,422
Genoptix, Inc.*^	1,559		54,222
Gentiva Health Services, Inc.*^	900		22,509
Health Management Associates, Inc., Class A*	28,838		215,997
HealthSouth Corp.*^	10,387		162,453
Healthways, Inc.*	148		2,267
Henry Schein, Inc.*^	10,417		571,997
HMS Holdings Corp.*^	3,100		118,513
Humana, Inc.*	7,166		267,292
inVentiv Health, Inc.*	945		15,810
IPC The Hospitalist Co., Inc.*^	1,517		47,710
Laboratory Corp. of America Holdings*^	12,569		825,783
Landauer, Inc.^	400		21,992
LHC Group, Inc.*^	1,900		56,867
Lincare Holdings, Inc.*^	6,200		193,750
McKesson Corp.	15,050		896,227
Medco Health Solutions, Inc.*	54,504		3,014,616
MEDNAX, Inc.*^	1,751		96,165
MWI Veterinary Supply, Inc.*^	1,400		55,930
National Healthcare Corp.^	600		22,374
National Research Corp.	100		2,413
Odyssey HealthCare, Inc.*	2,300		28,750
Omnicare, Inc.	5,894		132,733
Owens & Minor, Inc.^	3,900		176,475
Patterson Cos., Inc.*^	11,501		313,402
PharMerica Corp.*^	2,796		51,922
Providence Service Corp.*	800		9,328
PSS World Medical, Inc.*^	7,000		152,810
Psychiatric Solutions, Inc.*^	4,525		121,089
Quest Diagnostics, Inc.^	17,813		929,660
RadNet, Inc.*	1,600		4,144
RehabCare Group, Inc.*	1,414		30,670
Tenet Healthcare Corp.*	37,775		222,117
U.S. Physical Therapy, Inc.*	1,000		15,070
UnitedHealth Group, Inc.	377,195		9,444,963
Universal Health Services, Inc., Class B	367		22,728
VCA Antech, Inc.*^	9,700		260,833
Virtual Radiologic Corp.*^	500		6,515
WellPoint, Inc.*	4,011		189,961
			28,802,716
Health Care Technology (0.2%)
Allscripts-Misys Healthcare Solutions, Inc.^	7,085		143,613
athenahealth, Inc.*^	14,449		554,408
Cerner Corp.*^	7,500		561,000
Computer Programs & Systems, Inc.^	1,300		53,833
Eclipsys Corp.*	6,700		129,310
HLTH Corp.*^	12,080		176,489
IMS Health, Inc.	5,000		76,750
MedAssets, Inc.*^	4,765		107,546
Omnicell, Inc.*	2,500		27,850
Phase Forward, Inc.*^	5,300		74,412
Quality Systems, Inc.^	2,774		170,795
Vital Images, Inc.*	700		8,764
			2,084,770
Life Sciences Tools & Services (0.7%)
Accelrys, Inc.*	2,200		12,760
Affymetrix, Inc.*	5,874		51,574
Bio-Rad Laboratories, Inc., Class A*	2,200		202,136
Bruker Corp.*^	4,100		43,747
Cambrex Corp.*	1,400		8,820
Charles River Laboratories International, Inc.*^	5,148		190,373
Compugen Ltd.*^	100,985		311,034
Covance, Inc.*^	7,391		400,223
Dionex Corp.*^	2,100		136,437
Enzo Biochem, Inc.*	2,000		14,160
eResearchTechnology, Inc.*^	3,500		24,500
Illumina, Inc.*^	64,897		2,758,122
Life Sciences Research, Inc.*	700		5,572
Life Technologies Corp.*	17,592		818,907
Luminex Corp.*	5,000		85,000
Mettler-Toledo International, Inc.*^	3,900		353,301
Millipore Corp.*	6,300		443,079
PAREXEL International Corp.*	7,000		95,130
PerkinElmer, Inc.	2,140		41,174
Pharmaceutical Product Development, Inc.^	12,100		265,474
QIAGEN N.V.*^	57,145		1,216,046
Sequenom, Inc.*^	4,900		15,827
Techne Corp.	4,300		268,965
Thermo Fisher Scientific, Inc.*	3,966		173,195
Varian, Inc.*^	561		28,645
Waters Corp.*	10,900		608,874
			8,573,075
Pharmaceuticals (5.2%)
Abbott Laboratories, Inc.	264,409		13,080,313
Acura Pharmaceuticals, Inc.*^	700		3,577
Adolor Corp.*^	3,700		5,883
Akorn, Inc.*^	4,600		6,302
Allergan, Inc.^	158,987		9,024,102
Ardea Biosciences, Inc.*	1,200		21,984
Auxilium Pharmaceuticals, Inc.*^	5,100		174,471
Biodel, Inc.*	900		4,833
BioMimetic Therapeutics, Inc.*^	34,618		422,686
BMP Sunstone Corp.*	1,700		6,919
Bristol-Myers Squibb Co.	123,930		2,790,904
Cadence Pharmaceuticals, Inc.*^	2,900		32,074

See Notes to Portfolio of Investments.

26

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Caraco Pharmaceutical Laboratories Ltd.*	900	$	4,581
Cypress Bioscience, Inc.*	2,500		20,425
Depomed, Inc.*	4,100		17,917
Discovery Laboratories, Inc.*^	7,800		10,608
Durect Corp.*	6,600		17,622
Eli Lilly and Co.	60,227		1,989,298
Forest Laboratories, Inc.*	309,545		9,113,005
Impax Laboratories, Inc.*	5,689		49,722
Inspire Pharmaceuticals, Inc.*	8,100		42,282
ISTA Pharmaceuticals, Inc.*	4,300		19,178
Javelin Pharmaceuticals, Inc.*^	4,000		7,800
Johnson & Johnson	239,739		14,597,708
KV Pharmaceutical Co., Class A*^	2,700		8,289
MAP Pharmaceuticals, Inc.*^	600		6,276
Medicines Co.*^	4,200		46,242
Medicis Pharmaceutical Corp., Class A	672		14,347
Merck & Co., Inc.	165,415		5,232,076
MiddleBrook Pharmaceuticals, Inc.*.	2,900		3,335
Mylan, Inc.*^	23,365		374,074
Nektar Therapeutics*	10,926		106,419
Obagi Medical Products, Inc.*	1,400		16,240
Optimer Pharmaceuticals, Inc.*^	3,700		50,061
Pain Therapeutics, Inc.*	2,800		14,168
Perrigo Co.	9,100		309,309
Pozen, Inc.*	2,100		15,456
Questcor Pharmaceuticals, Inc.*^	4,100		22,632
Salix Pharmaceuticals Ltd.*	5,794		123,180
Santarus, Inc.*^	5,801		19,085
Schering-Plough Corp.	154,958		4,377,564
Sepracor, Inc.*	12,700		290,830
Sucampo Pharmaceuticals, Inc., Class A*	700		4,081
Teva Pharmaceutical Industries Ltd. (ADR)	32,700		1,653,312
Valeant Pharmaceuticals International*^	59,580		1,671,815
Vivus, Inc.*	8,400		87,780
Wyeth	33,337		1,619,511
XenoPort, Inc.*	3,500		74,305
			67,604,581
Total Health Care			214,578,954
Industrials (9.8%)
Aerospace & Defense (3.0%)
AAR Corp.*^	700		15,358
Aerovironment, Inc.*	1,700		47,753
Alliant Techsystems, Inc.*	3,821		297,465
American Science & Engineering, Inc.	1,100		74,844
Applied Signal Technology, Inc.	1,268		29,506
Argon ST, Inc.*^	900		17,145
Ascent Solar Technologies, Inc.*	600		4,524
BE Aerospace, Inc.*^	5,441		109,582
Boeing Co.	6,837		370,223
Cubic Corp.	1,439		56,797
DigitalGlobe, Inc.*	1,478		33,063
DynCorp International, Inc., Class A*	100		1,800
Esterline Technologies Corp.*	816		31,995
GenCorp, Inc.*	4,600		24,656
General Dynamics Corp.	83,751		5,410,315
Goodrich Corp.	81,704		4,439,795
HEICO Corp.	2,800		121,408
Hexcel Corp.*^	11,400		130,416
Honeywell International, Inc.	84,624		3,143,782
ITT Corp.	2,124		110,767
L-3 Communications Holdings, Inc.	85,815		6,892,661
LMI Aerospace, Inc.*^	400		4,012
Lockheed Martin Corp.	35,621		2,781,288
Northrop Grumman Corp.	4,456		230,598
Orbital Sciences Corp.*	6,800		101,796
Precision Castparts Corp.	15,596		1,588,764
Raytheon Co.	33,628		1,613,135
Rockwell Collins, Inc.	17,889		908,761
Spirit AeroSystems Holdings, Inc., Class A*	3,146		56,817
Stanley, Inc.*^	1,400		36,008
Taser International, Inc.*^	5,100		24,072
Teledyne Technologies, Inc.*	1,000		35,990
TransDigm Group, Inc.*	4,572		227,731
United Technologies Corp.	153,060		9,325,946
			38,298,773
Air Freight & Logistics (1.1%)
C.H. Robinson Worldwide, Inc.^	19,311		1,115,210
Dynamex, Inc.*	300		4,899
Expeditors International of Washington, Inc.	125,333		4,405,455
Forward Air Corp.^	1,173		27,155
Hub Group, Inc., Class A*^	1,900		43,415
United Parcel Service, Inc., Class B	143,661		8,112,537
UTi Worldwide, Inc.	10,900		157,832
			13,866,503
Airlines (0.2%)
AirTran Holdings, Inc.*^	14,464		90,400
Allegiant Travel Co.*^	1,415		53,897
AMR Corp.*	31,668		251,761
Continental Airlines, Inc., Class B*^	69,963		1,150,192
Copa Holdings S.A., Class A	3,558		158,295
Delta Air Lines, Inc.*^	86,641		776,303
Hawaiian Holdings, Inc.*^	6,400		52,864
Southwest Airlines Co.	26,780		257,088
UAL Corp.*^	13,350		123,087
			2,913,887
Building Products (0.1%)
AAON, Inc.^	1,100		22,088
Armstrong World Industries, Inc.*^	1,000		34,460
Lennox International, Inc.	5,400		195,048
Masco Corp.	19,775		255,493
Owens Corning, Inc.*^	4,548		102,103
Quanex Building Products Corp.	1,900		27,284
Simpson Manufacturing Co., Inc.^	3,592		90,734
Trex Co., Inc.*^	1,900		34,580
			761,790
Commercial Services & Supplies (0.4%)
ABM Industries, Inc.^	1,120		23,565
American Ecology Corp.^	1,300		24,310
American Reprographics Co.*	3,000		28,560
APAC Customer Services, Inc.*	4,100		24,231
ATC Technology Corp.*	1,539		30,411
Avery Dennison Corp.	1,945		70,039
Brink’s Co.	5,390		145,045
Cenveo, Inc.*^	3,900		26,988
Cintas Corp.^	2,202		66,743
Clean Harbors, Inc.*	2,400		135,024
Copart, Inc.*^	7,669		254,688
Corrections Corp. of America*	1,111		25,164
Deluxe Corp.^	3,500		59,850
EnerNOC, Inc.*	1,185		39,295
Fuel Tech, Inc.*^	1,500		16,800

See Notes to Portfolio of Investments.

27

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
GEO Group, Inc.*	4,800	$	96,816
GeoEye, Inc.*^	1,673		44,836
Healthcare Services Group, Inc.^	5,200		95,472
Herman Miller, Inc.^	6,632		112,147
HNI Corp.^	3,994		94,258
ICT Group, Inc.*	300		3,150
Innerworkings, Inc.*	2,600		12,844
Interface, Inc., Class A	4,300		35,690
Iron Mountain, Inc.*	20,893		557,007
Knoll, Inc.	6,000		62,580
Mine Safety Appliances Co.	2,266		62,338
Mobile Mini, Inc.*^	777		13,489
Multi-Color Corp.^	800		12,344
R.R. Donnelley & Sons Co.	6,310		134,151
Republic Services, Inc.	11,734		311,772
Rollins, Inc.^	5,300		99,905
Standard Parking Corp.*	500		8,745
Standard Register Co.^	400		2,352
Stericycle, Inc.*^	9,800		474,810
Sykes Enterprises, Inc.*	4,200		87,444
Team, Inc.*	1,500		25,425
Tetra Tech, Inc.*	7,100		188,363
Waste Connections, Inc.*	6,871		198,297
Waste Management, Inc.	50,166		1,495,950
			5,200,898
Construction & Engineering (0.9%)
Aecom Technology Corp.*	11,000		298,540
EMCOR Group, Inc.*^	2,100		53,172
Fluor Corp.	47,575		2,419,189
Furmanite Corp.*^	2,200		9,482
Granite Construction, Inc.^	514		15,903
Great Lakes Dredge & Dock Corp.^	3,935		27,466
Jacobs Engineering Group, Inc.*	14,038		645,046
MasTec, Inc.*	2,300		27,945
Michael Baker Corp.*	767		27,873
MYR Group, Inc.*	1,650		34,798
Orion Marine Group, Inc.*	3,400		69,836
Pike Electric Corp.*	400		4,792
Quanta Services, Inc.*^	241,932		5,353,955
Shaw Group, Inc.*	59,864		1,921,036
Sterling Construction Co., Inc.*	600		10,746
URS Corp.*	18,069		788,712
			11,708,491
Electrical Equipment (0.7%)
A123 Systems, Inc.*^	54,600		1,164,072
Acuity Brands, Inc.^	3,900		125,619
Advanced Battery Technologies, Inc.*^	3,600		15,624
American Superconductor Corp.*	5,200		174,408
AMETEK, Inc.	12,307		429,637
AZZ, Inc.*^	1,149		46,155
Baldor Electric Co.^	30,946		846,064
Broadwind Energy, Inc.*^	3,167		24,988
Emerson Electric Co.	85,097		3,410,688
Ener1, Inc.*	3,300		22,836
Energy Conversion Devices, Inc.*^	3,700		42,846
Evergreen Solar, Inc.*^	11,600		22,272
First Solar, Inc.*^	5,667		866,258
FuelCell Energy, Inc.*	5,600		23,912
GrafTech International Ltd.*^	5,547		81,541
GT Solar International, Inc.*^	1,700		9,877
Harbin Electric, Inc.*	2,100		35,448
Hubbell, Inc., Class B	558		23,436
II-VI, Inc.*^	2,200		55,968
LaBarge, Inc.*^	900		10,125
Microvision, Inc.*^	5,500		30,305
Polypore International, Inc.*^	1,300		16,783
Powell Industries, Inc.*	600		23,034
Power-One, Inc.*^	400		780
PowerSecure International, Inc.*	1,400		9,492
Rockwell Automation, Inc.^	1,700		72,420
Roper Industries, Inc.^	8,972		457,392
SunPower Corp., Class A*^	11,007		328,999
Thomas & Betts Corp.*^	1,560		46,925
Ultralife Corp.*	1,000		6,060
Valence Technology, Inc.*	3,300		5,940
Vicor Corp.*	1,600		12,352
Woodward Governor Co.	5,700		138,282
			8,580,538
Industrial Conglomerates (0.9%)
3M Co.	78,384		5,784,739
Carlisle Cos., Inc.	1,575		53,408
McDermott International, Inc.*	26,328		665,309
Raven Industries, Inc.^	1,300		34,749
Tyco International Ltd.	156,685		5,402,499
			11,940,704
Machinery (1.1%)
3D Systems Corp.*^	1,300		11,999
Actuant Corp., Class A^	3,923		63,003
Ampco-Pittsburgh Corp.	500		13,295
Badger Meter, Inc.^	1,800		69,642
Bucyrus International, Inc.^	2,130		75,871
Caterpillar, Inc.	34,051		1,747,838
Chart Industries, Inc.*	2,300		49,657
China Fire & Security Group, Inc.*	1,100		21,120
CLARCOR, Inc.^	2,298		72,065
Colfax Corp.*	1,700		18,071
Crane Co.	2,343		60,473
Cummins, Inc.^	7,834		351,041
Danaher Corp.	18,299		1,231,889
Deere & Co.	12,067		517,916
Donaldson Co., Inc.^	9,000		311,670
Dover Corp.	15,041		582,989
Dynamic Materials Corp.	1,000		19,960
Energy Recovery, Inc.*	3,468		20,184
ESCO Technologies, Inc.*^	3,100		122,140
Flanders Corp.*	1,300		6,708
Flow International Corp.*	3,100		8,029
Flowserve Corp.	6,393		629,966
Force Protection, Inc.*	6,450		35,217
Gorman-Rupp Co.^	1,200		29,892
Graco, Inc.^	3,310		92,250
Graham Corp.	800		12,440
Harsco Corp.	6,758		239,301
IDEX Corp.^	5,627		157,275
Joy Global, Inc.^	10,183		498,356
K-Tron International, Inc.*	200		19,042
Lindsay Corp.	1,000		39,380
Met-Pro Corp.^	1,200		11,628
Middleby Corp.*^	2,000		110,020
Navistar International Corp.*	7,399		276,870
Nordson Corp.^	1,360		76,282
Omega Flex, Inc.^	300		5,031
PACCAR, Inc.^	66,168		2,495,195
Pall Corp.	122,545		3,955,753
Pentair, Inc.^	3,275		96,678
PMFG, Inc.*^	1,100		14,146
RBC Bearings, Inc.*^	1,800		41,994
Robbins & Myers, Inc.	166		3,898
Sauer-Danfoss, Inc.	800		6,136

See Notes to Portfolio of Investments.

28

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Snap-On, Inc.	1,476	$	51,306
Sun Hydraulics Corp.^	900		18,954
Tennant Co.	2,300		66,838
Toro Co.^	4,200		167,034
Valmont Industries, Inc.^	2,445		208,265
Wabtec Corp.^	5,665		212,607
			14,947,314
Marine (0.0%)
Kirby Corp.*^	937		34,500
Professional Services (0.2%)
Acacia Research Corp.- Acacia Technologies*	3,307		28,804
Administaff, Inc.^	2,600		68,302
Advisory Board Co.*^	1,300		32,682
CBIZ, Inc.*^	3,600		26,856
CDI Corp.	100		1,405
Corporate Executive Board Co.^	4,100		102,090
CoStar Group, Inc.*^	2,400		98,928
CRA International, Inc.*^	600		16,374
Diamond Management & Technology Consultants, Inc.	3,600		24,660
Dun & Bradstreet Corp.	6,049		455,611
Equifax, Inc.	11,209		326,630
Exponent, Inc.*^	1,800		50,706
FTI Consulting, Inc.*	5,900		251,399
Hill International, Inc.*^	1,900		13,490
Huron Consulting Group, Inc.*	2,700		69,741
ICF International, Inc.*	909		27,561
IHS, Inc., Class A*^	5,530		282,749
Korn/Ferry International*	300		4,377
Monster Worldwide, Inc.*^	8,538		149,244
Navigant Consulting, Inc.*^	6,100		82,350
Odyssey Marine Exploration, Inc.*^	3,400		6,324
Resources Connection, Inc.*^	5,400		92,124
Robert Half International, Inc.^	16,512		413,130
School Specialty, Inc.*	900		21,348
VSE Corp.	300		11,703
Watson Wyatt Worldwide, Inc., Class A	4,055		176,636
			2,835,224
Road & Rail (1.1%)
Avis Budget Group, Inc.*^	4,174		55,765
Celadon Group, Inc.*^	2,003		22,654
Con-way, Inc.	1,920		73,574
CSX Corp.	32,200		1,347,892
Genesee & Wyoming, Inc., Class A*	4,431		134,348
Heartland Express, Inc.	2,800		40,320
J.B. Hunt Transport Services, Inc.^	10,123		325,252
Kansas City Southern*^	4,925		130,463
Knight Transportation, Inc.^	5,600		93,968
Landstar System, Inc.	5,900		224,554
Marten Transport Ltd.*	1,496		25,522
Norfolk Southern Corp.	89,101		3,841,144
Old Dominion Freight Line, Inc.*^	381		11,594
Union Pacific Corp.	131,552		7,676,059
			14,003,109
Trading Companies & Distributors (0.1%)
Beacon Roofing Supply, Inc.*	3,481		55,626
Fastenal Co.^	15,004		580,655
GATX Corp.^	1,898		53,049
Houston Wire & Cable Co.^	1,400		15,470
Kaman Corp.	2,098		46,114
MSC Industrial Direct Co., Class A^	5,000		217,900
RSC Holdings, Inc.*	3,900		28,353
TAL International Group, Inc.	300		4,266
Titan Machinery, Inc.*	600		7,512
W.W. Grainger, Inc.^	7,002		625,699
Watsco, Inc.^	2,845		153,374
WESCO International, Inc.*^	2,700		77,760
			1,865,778
Total Industrials			126,957,509
Information Technology (29.3%)
Communications Equipment (5.0%)
3Com Corp.*	36,974		193,374
Acme Packet, Inc.*^	4,800		48,048
ADC Telecommunications, Inc.*	3,000		25,020
ADTRAN, Inc.^	5,144		126,285
Airvana, Inc.*^	1,800		12,186
Anaren, Inc.*	1,339		22,763
Arris Group, Inc.*^	38,328		498,647
Aruba Networks, Inc.*^	7,300		64,532
BigBand Networks, Inc.*	2,700		10,827
Blue Coat Systems, Inc.*	4,600		103,914
Brocade Communications Systems, Inc.*^	16,196		127,301
Ciena Corp.*^	836		13,610
Cisco Systems, Inc.*	1,004,151		23,637,714
Comtech Telecommunications Corp.*^	3,300		109,626
DG FastChannel, Inc.*^	2,500		52,350
Digi International, Inc.*	400		3,408
EMS Technologies, Inc.*	1,269		26,421
Emulex Corp.*	9,263		95,316
F5 Networks, Inc.*	9,000		356,670
Harmonic, Inc.*	6,860		45,825
Harris Corp.	11,869		446,274
Hughes Communications, Inc.*	600		18,204
Infinera Corp.*^	10,300		81,885
InterDigital, Inc.*	5,200		120,432
Ixia*	2,100		14,406
JDS Uniphase Corp.*	13,400		95,274
Juniper Networks, Inc.*^	223,178		6,030,270
Loral Space & Communications, Inc.*	1,058		29,074
Motorola, Inc.	17,397		149,440
NETGEAR, Inc.*^	500		9,175
Nokia Oyj (ADR)^	507,730		7,423,013
Oplink Communications, Inc.*	600		8,712
Opnext, Inc.*	900		2,637
Palm, Inc.*^	13,906		242,382
Parkervision, Inc.*^	1,900		7,771
PC-Tel, Inc.*	1,000		6,250
Plantronics, Inc.^	5,089		136,436
Polycom, Inc.*^	4,008		107,214
QUALCOMM, Inc.	513,141		23,081,082
Riverbed Technology, Inc.*^	6,400		140,544
ShoreTel, Inc.*^	3,000		23,430
Starent Networks Corp.*^	4,693		119,296
Tekelec*	2,126		34,930
ViaSat, Inc.*^	2,361		62,755
			63,964,723
Computers & Peripherals (7.4%)
3PAR, Inc.*^	2,200		24,266
Apple, Inc.*	190,059		35,231,237
Compellent Technologies, Inc.*^	1,100		19,855
Cray, Inc.*^	3,600		29,988
Dell, Inc.*	192,405		2,936,100
Diebold, Inc.	6,700		220,631
EMC Corp.*	635,909		10,835,889

See Notes to Portfolio of Investments.

29

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Hewlett-Packard Co.	208,000	$	9,819,680
Immersion Corp.*^	1,200		5,136
Intermec, Inc.*^	7,500		105,750
International Business Machines Corp.	202,024		24,164,091
Isilon Systems, Inc.*	2,000		12,200
NCR Corp.*	18,360		253,735
NetApp, Inc.*^	104,415		2,785,792
Netezza Corp.*^	5,700		64,068
Novatel Wireless, Inc.*^	3,014		34,239
QLogic Corp.*^	13,876		238,667
Quantum Corp.*	28,800		36,288
SanDisk Corp.*^	163,651		3,551,227
Seagate Technology^	241,802		3,677,809
Silicon Graphics International Corp.*	300		2,013
STEC, Inc.*^	22,041		647,785
Stratasys, Inc.*^	1,700		29,172
Super Micro Computer, Inc.*	1,600		13,536
Synaptics, Inc.*^	4,200		105,840
Teradata Corp.*	15,285		420,643
Western Digital Corp.*	22,288		814,181
			96,079,818
Electronic Equipment, Instruments & Components (1.0%)
Agilent Technologies, Inc.*	38,826		1,080,528
Amphenol Corp., Class A	19,458		733,177
Anixter International, Inc.*^	200		8,022
Arrow Electronics, Inc.*	5,793		163,073
Avnet, Inc.*	5,981		155,327
AVX Corp.	300		3,579
Benchmark Electronics, Inc.*^	1,000		18,000
Brightpoint, Inc.*	4,906		42,927
Checkpoint Systems, Inc.*	1,400		23,016
China Security & Surveillance Technology, Inc.*^	2,300		16,422
Cogent, Inc.*^	4,007		40,471
Cognex Corp.^	607		9,943
Comverge, Inc.*	1,700		20,757
Corning, Inc.	151,152		2,314,137
CPI International, Inc.*	100		1,119
Daktronics, Inc.	2,700		23,139
Dolby Laboratories, Inc., Class A*	48,400		1,848,396
DTS, Inc.*^	1,400		38,332
Echelon Corp.*^	2,400		30,888
FARO Technologies, Inc.*	1,400		24,052
FLIR Systems, Inc.*	16,288		455,575
ICx Technologies, Inc.*^	600		3,552
IPG Photonics Corp.*^	1,600		24,320
Itron, Inc.*^	16,595		1,064,403
Jabil Circuit, Inc.	11,000		147,510
L-1 Identity Solutions, Inc.*^	5,509		38,508
Maxwell Technologies, Inc.*	1,500		27,645
Molex, Inc.	958		20,003
MTS Systems Corp.^	500		14,605
Multi-Fineline Electronix, Inc.*	1,300		37,323
National Instruments Corp.^	6,600		182,358
OSI Systems, Inc.*	1,000		18,290
Park Electrochemical Corp.^	1,300		32,045
PC Mall, Inc.*	700		4,802
Plexus Corp.*^	1,118		29,448
RadiSys Corp.*	2,432		21,134
Rofin-Sinar Technologies, Inc.*	1,083		24,866
Scansource, Inc.*^	130		3,682
Trimble Navigation Ltd.*^	13,900		332,349
Tyco Electronics Ltd.	177,980		3,965,394
Universal Display Corp.*^	2,300		27,462
Vishay Intertechnology, Inc.*	3,967		31,339
			13,101,918
Internet Software & Services (4.5%)
Akamai Technologies, Inc.*^	19,719		388,070
Art Technology Group, Inc.*	10,500		40,530
Baidu, Inc. (ADR)*	14,501		5,670,616
comScore, Inc.*	1,500		27,015
Constant Contact, Inc.*^	2,900		55,825
DealerTrack Holdings, Inc.*^	4,700		88,877
Dice Holdings, Inc.*	1,300		8,528
Digital River, Inc.*^	3,675		148,176
DivX, Inc.*^	2,200		12,012
EarthLink, Inc.^	1,109		9,327
eBay, Inc.*	28,736		678,457
Equinix, Inc.*^	17,283		1,590,036
Google, Inc., Class A*	58,092		28,804,918
GSI Commerce, Inc.*^	3,500		67,585
IAC/InterActiveCorp*	5,007		101,091
InfoSpace, Inc.*	1,600		12,384
Innodata Isogen, Inc.*	3,200		25,440
Internet Brands, Inc., Class A*^	800		6,384
Internet Capital Group, Inc.*	1,900		15,884
j2 Global Communications, Inc.*^	4,900		112,749
Keynote Systems, Inc.*	200		1,886
Knot, Inc.*	2,300		25,116
Limelight Networks, Inc.*	1,300		5,278
Liquidity Services, Inc.*^	1,200		12,384
LivePerson, Inc.*	5,500		27,720
LoopNet, Inc.*	2,400		21,696
Marchex, Inc., Class B	1,900		9,329
MercadoLibre, Inc.*^	40,800		1,569,168
Move, Inc.*	971,170		2,622,159
NIC, Inc.	6,200		55,118
Omniture, Inc.*	7,100		152,224
Open Text Corp.*	159		5,936
Rackspace Hosting, Inc.*^	272,030		4,640,832
RealNetworks, Inc.*^	2,800		10,416
SAVVIS, Inc.*	4,400		69,608
Sohu.com, Inc.*^	3,505		241,074
support.com, Inc.*	2,600		6,240
Switch & Data Facilities Co., Inc.*^	1,700		23,137
Terremark Worldwide, Inc.*^	4,300		26,746
ValueClick, Inc.*^	10,100		133,219
VeriSign, Inc.*^	22,000		521,180
Vocus, Inc.*	1,300		27,157
WebMD Health Corp., Class A*^	600		19,872
Yahoo!, Inc.*	517,740		9,220,949
Zix Corp.*	9,600		21,120
			57,333,468
IT Services (2.5%)
Accenture plc, Class A	12,200		454,694
Acxiom Corp.*^	5,056		47,830
Affiliated Computer Services, Inc., Class A*	6,348		343,871
Alliance Data Systems Corp.*^	5,980		365,259
Amdocs Ltd.*	3,325		89,376
Automatic Data Processing, Inc.	56,794		2,232,004
Broadridge Financial Solutions, Inc.	10,269		206,407
CACI International, Inc., Class A*^	500		23,635
Cass Information Systems, Inc.^	500		14,930
China Information Security Technology, Inc.*	1,900		10,526
Cognizant Technology Solutions Corp., Class A*	32,864		1,270,522
Convergys Corp.*	2,000		19,880

See Notes to Portfolio of Investments.

30

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
CSG Systems International, Inc.*	1,500	$	24,015
Cybersource Corp.*	8,200		136,694
DST Systems, Inc.*	3,900		174,720
Euronet Worldwide, Inc.*^	5,013		120,462
ExlService Holdings, Inc.*^	1,200		17,832
Fidelity National Information Services, Inc.	8,394		214,131
Fiserv, Inc.*^	17,649		850,682
Forrester Research, Inc.*^	1,300		34,632
Gartner, Inc.*^	7,000		127,890
Genpact Ltd.*	7,600		93,480
Global Cash Access Holdings, Inc.*^	2,000		14,620
Global Payments, Inc.	9,200		429,640
Hackett Group, Inc.*^	3,300		9,570
Heartland Payment Systems, Inc.	4,700		68,197
Hewitt Associates, Inc., Class A*	9,559		348,234
iGATE Corp.	1,800		15,444
Integral Systems, Inc.*^	1,400		9,660
Lender Processing Services, Inc.	10,337		394,563
Lionbridge Technologies*	9,400		24,440
ManTech International Corp., Class A*	2,100		99,036
Mastercard, Inc., Class A	33,183		6,707,944
MAXIMUS, Inc.	1,465		68,269
Metavante Technologies, Inc.*	10,400		358,592
MoneyGram International, Inc.*	10,300		32,342
NCI, Inc., Class A*	500		14,330
NeuStar, Inc., Class A*	8,400		189,840
Online Resources Corp.*	2,300		14,191
Paychex, Inc.^	185,722		5,395,224
Perot Systems Corp., Class A*	1,779		52,836
RightNow Technologies, Inc.*	2,300		33,212
SAIC, Inc.*	17,736		311,090
Sapient Corp.*^	10,200		82,008
SRA International, Inc., Class A*	1,600		34,544
Syntel, Inc.	1,600		76,368
TeleTech Holdings, Inc.*	3,000		51,180
TNS, Inc.*	3,200		87,680
Total System Services, Inc.	13,572		218,645
VeriFone Holdings, Inc.*^	8,470		134,588
Virtusa Corp.*	500		4,745
Visa, Inc., Class A^	128,187		8,859,004
Western Union Co.	78,859		1,492,012
Wright Express Corp.*	4,500		132,795
			32,638,315
Office Electronics (0.0%)
Zebra Technologies Corp., Class A*^	6,300		163,359
Semiconductors & Semiconductor Equipment (3.4%)
Actel Corp.*	100		1,217
Advanced Analogic Technologies, Inc.*	3,700		14,689
Advanced Energy Industries, Inc.*^	2,654		37,793
Advanced Micro Devices, Inc.*	34,381		194,596
Altera Corp.^	33,449		686,039
Amkor Technology, Inc.*^	13,437		92,447
ANADIGICS, Inc.*	5,100		24,021
Analog Devices, Inc.	33,599		926,660
Applied Micro Circuits Corp.*^	6,142		61,359
Atheros Communications, Inc.*	7,100		188,363
ATMI, Inc.*	782		14,193
Broadcom Corp., Class A*^	261,751		8,033,138
Cabot Microelectronics Corp.*	212		7,390
Cavium Networks, Inc.*^	4,400		94,468
CEVA, Inc.*	1,200		12,900
Cirrus Logic, Inc.*	9,000		50,040
Cree, Inc.*^	64,754		2,379,710
Cypress Semiconductor Corp.*^	16,700		172,511
Diodes, Inc.*	3,900		70,551
DSP Group, Inc.*	24,930		202,930
Entropic Communications, Inc.*	700		1,918
Exar Corp.*	300		2,205
FEI Co.*^	4,106		101,213
FormFactor, Inc.*^	5,551		132,780
Hittite Microwave Corp.*^	2,600		95,628
Integrated Device Technology, Inc.*	2,978		20,131
Intel Corp.	695,268		13,606,395
Intellon Corp.*	3,300		23,397
International Rectifier Corp.*^	2,977		58,022
Intersil Corp., Class A^	7,372		112,865
IXYS Corp.	1,500		12,765
Kopin Corp.*	6,811		32,693
Kulicke & Soffa Industries, Inc.*^	8,700		52,461
Lam Research Corp.*^	44,599		1,523,502
Lattice Semiconductor Corp.*	4,700		10,575
Linear Technology Corp.^	25,442		702,962
Marvell Technology Group Ltd.*	53,300		862,927
Maxim Integrated Products, Inc.	29,586		536,690
MEMC Electronic Materials, Inc.*	25,200		419,076
Micrel, Inc.	427		3,480
Microchip Technology, Inc.^	19,181		508,297
Micron Technology, Inc.*^	17,594		144,271
Microsemi Corp.*	9,700		153,163
Microtune, Inc.*^	4,400		8,008
MIPS Technologies, Inc.*	6,400		24,128
Monolithic Power Systems, Inc.*^	4,055		95,090
National Semiconductor Corp.^	26,600		379,582
Netlogic Microsystems, Inc.*^	39,553		1,779,885
Novellus Systems, Inc.*	6,950		145,811
NVE Corp.*^	400		21,264
Nvidia Corp.*^	63,560		955,307
ON Semiconductor Corp.*^	48,465		399,836
PLX Technology, Inc.*	2,200		7,414
Power Integrations, Inc.^	2,800		93,324
Rambus, Inc.*^	12,300		214,020
RF Micro Devices, Inc.*^	29,036		157,665
Rubicon Technology, Inc.*^	1,100		16,324
Rudolph Technologies, Inc.*	300		2,220
Semitool, Inc.*	1,500		12,675
Semtech Corp.*^	7,300		124,173
Sigma Designs, Inc.*^	1,800		26,154
Silicon Laboratories, Inc.*^	37,261		1,727,420
Skyworks Solutions, Inc.*	19,294		255,453
Standard Microsystems Corp.*	1,000		23,210
Supertex, Inc.*^	900		27,000
Techwell, Inc.*	1,200		13,176
Teradyne, Inc.*^	20,377		188,487
Tessera Technologies, Inc.*	5,600		156,184
Texas Instruments, Inc.	144,707		3,428,109
Trident Microsystems, Inc.*^	2,000		5,180
TriQuint Semiconductor, Inc.*	7,870		60,756
Ultratech, Inc.*	1,900		25,137
Varian Semiconductor Equipment Associates, Inc.*	8,500		279,140
Veeco Instruments, Inc.*	2,300		53,636
Volterra Semiconductor Corp.*	2,100		38,577
Xilinx, Inc.	31,400		735,388
Zoran Corp.*	3,685		42,451
			43,904,615

See Notes to Portfolio of Investments.

31

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Software (5.5%)
ACI Worldwide, Inc.*	4,400	$	66,572
Activision Blizzard, Inc.*^	105,269		1,304,283
Actuate Corp.*	4,900		28,322
Adobe Systems, Inc.*	60,028		1,983,325
Advent Software, Inc.*^	1,400		56,350
American Software, Inc., Class A	1,200		7,836
ANSYS, Inc.*	10,041		376,236
ArcSight, Inc.*	1,794		43,182
Ariba, Inc.*^	10,509		121,904
AsiaInfo Holdings, Inc.*^	2,800		55,916
Autodesk, Inc.*	260,711		6,204,922
Blackbaud, Inc.^	5,000		116,000
Blackboard, Inc.*^	3,700		139,786
BMC Software, Inc.*	21,112		792,333
Bottomline Technologies, Inc.*^	2,617		33,759
CA, Inc.	34,583		760,480
Cadence Design Systems, Inc.*	30,584		224,487
Callidus Software, Inc.*	2,400		7,224
Chordiant Software, Inc.*	2,400		9,336
Citrix Systems, Inc.*^	20,532		805,470
CommVault Systems, Inc.*	5,000		103,750
Concur Technologies, Inc.*^	4,600		182,896
Deltek, Inc.*	1,306		10,043
DemandTec, Inc.*^	1,700		15,011
Double-Take Software, Inc.*	1,400		14,266
Ebix, Inc.*	500		27,680
Electronic Arts, Inc.*	36,711		699,345
EPIQ Systems, Inc.*^	3,002		43,529
FactSet Research Systems, Inc.	4,800		317,952
FalconStor Software, Inc.*^	3,100		15,407
i2 Technologies, Inc.*^	1,467		23,531
Informatica Corp.*^	27,900		629,982
Interactive Intelligence, Inc.*	1,100		21,021
Intuit, Inc.*^	36,867		1,050,710
Jack Henry & Associates, Inc.^	9,701		227,682
JDA Software Group, Inc.*	1,949		42,761
Kenexa Corp.*	2,900		39,092
Lawson Software, Inc.*	4,734		29,540
Manhattan Associates, Inc.*	2,000		40,400
McAfee, Inc.*	17,642		772,543
Mentor Graphics Corp.*^	500		4,655
Micros Systems, Inc.*	9,300		280,767
Microsoft Corp.	1,217,252		31,514,654
MicroStrategy, Inc., Class A*	1,100		78,694
Net 1 UEPS Technologies, Inc.*	4,500		94,320
NetScout Systems, Inc.*^	2,000		27,020
NetSuite, Inc.*	2,200		33,660
Novell, Inc.*	18,900		85,239
Nuance Communications, Inc.*^	131,712		1,970,412
OpenTV Corp., Class A*^	700		966
Opnet Technologies, Inc.	1,000		10,930
Oracle Corp.	429,397		8,948,633
Parametric Technology Corp.*^	13,400		185,188
Pegasystems, Inc.^	1,900		65,607
Phoenix Technologies Ltd.*	2,200		8,030
Progress Software Corp.*	4,900		110,985
PROS Holdings, Inc.*	1,000		8,420
QAD, Inc.^	1,007		4,582
Radiant Systems, Inc.*	2,200		23,628
Red Hat, Inc.*	70,025		1,935,491
Renaissance Learning, Inc.^	800		7,952
Rosetta Stone, Inc.*^	689		15,819
Rovi Corp.*^	8,111		272,530
S1 Corp.*	6,900		42,642
Salesforce.com, Inc.*^	43,946		2,501,846
Shanda Games Ltd. (ADR)*	30,600		358,020
Shanda Interactive Entertainment Ltd. (ADR)*^	21,373		1,094,298
Smith Micro Software, Inc.*^	2,100		25,956
SolarWinds, Inc.*^	1,326		29,212
Solera Holdings, Inc.^	7,945		247,169
SonicWALL, Inc.*	500		4,200
Sourcefire, Inc.*	2,800		60,116
SPSS, Inc.*	2,200		109,890
SuccessFactors, Inc.*	4,600		64,722
Sybase, Inc.*	9,560		371,884
Symantec Corp.*	91,630		1,509,146
Symyx Technologies, Inc.*^	1,400		9,268
Synchronoss Technologies, Inc.*	1,700		21,199
Synopsys, Inc.*	10,461		234,536
Take-Two Interactive Software, Inc.*^	890		9,977
Taleo Corp., Class A*	3,700		83,768
TeleCommunication Systems, Inc., Class A*	2,700		22,572
THQ, Inc.*	3,700		25,308
TIBCO Software, Inc.*	6,047		57,386
TiVo, Inc.*	12,500		129,500
Tyler Technologies, Inc.*^	3,100		52,979
Ultimate Software Group, Inc.*^	3,000		86,160
Unica Corp.*	1,100		8,382
VASCO Data Security International, Inc.*	2,200		16,324
VMware, Inc., Class A*	17,485		702,372
Websense, Inc.*	5,300		89,040
			71,100,918
Total Information Technology			378,287,134
Materials (3.9%)
Chemicals (2.4%)
Air Products & Chemicals, Inc.	22,124		1,716,380
Albemarle Corp.	449		15,535
Arch Chemicals, Inc.^	700		20,993
Ashland, Inc.	500		21,610
Balchem Corp.^	1,500		39,450
Calgon Carbon Corp.*^	6,600		97,878
Celanese Corp., Class A	16,424		410,600
CF Industries Holdings, Inc.	4,627		398,986
China Green Agriculture, Inc.*	1,800		21,096
Dow Chemical Co.^	246,692		6,431,260
E.I. du Pont de Nemours & Co.	33,858		1,088,196
Ecolab, Inc.^	26,808		1,239,334
FMC Corp.	7,116		400,275
Hawkins, Inc.^	891		20,814
International Flavors & Fragrances, Inc.	7,900		299,647
Intrepid Potash, Inc.*^	4,595		108,396
Koppers Holdings, Inc.	1,245		36,914
Landec Corp.*^	1,900		12,160
LSB Industries, Inc.*	2,300		35,811
Lubrizol Corp.	6,673		476,853
Monsanto Co.	123,058		9,524,689
Mosaic Co.	18,268		878,143
Nalco Holding Co.^	15,845		324,664
NewMarket Corp.	1,221		113,602
NL Industries, Inc.^	300		2,010
Omnova Solutions, Inc.*	5,500		35,640
Potash Corp. of Saskatchewan, Inc.	16,864		1,523,494
Praxair, Inc.	34,456		2,814,711

See Notes to Portfolio of Investments.

32

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
RPM International, Inc.	8,011	$	148,123
Scotts Miracle-Gro Co., Class A	5,195		223,125
Sigma-Aldrich Corp.	13,911		750,916
Sociedad Quimica y Minera de Chile S.A. (ADR)	30,400		1,189,552
Stepan Co.	673		40,434
Terra Industries, Inc.	7,869		272,818
Valhi, Inc.^	200		2,424
W.R. Grace & Co.*^	1,801		39,154
Zep, Inc.	1,700		27,625
			30,803,312
Construction Materials (0.0%)
Eagle Materials, Inc.^	5,074		145,015
Martin Marietta Materials, Inc.	1,946		179,168
United States Lime & Minerals, Inc.*^	100		3,592
			327,775
Containers & Packaging (0.2%)
AEP Industries, Inc.*^	400		15,960
Ball Corp.	6,966		342,727
Bway Holding Co.*	500		9,255
Crown Holdings, Inc.*	18,300		497,760
Owens-Illinois, Inc.*	15,847		584,755
Packaging Corp. of America	1,503		30,661
Pactiv Corp.*	12,444		324,166
Rock-Tenn Co., Class A	3,949		186,038
Silgan Holdings, Inc.	1,700		89,641
			2,080,963
Metals & Mining (1.3%)
Alcoa, Inc.	49,858		654,137
Allied Nevada Gold Corp.*^	3,200		31,328
AMCOL International Corp.^	700		16,023
ArcelorMittal (N.Y. Shares) (Registered)^	19,200		713,088
Barrick Gold Corp.	27,600		1,046,040
BHP Billiton plc (ADR)	93,300		5,140,830
Cliffs Natural Resources, Inc.^	1,064		34,431
Compass Minerals International, Inc.^	2,100		129,402
Freeport-McMoRan Copper & Gold, Inc.	59,368		4,073,239
General Steel Holdings, Inc.*	900		3,501
Newmont Mining Corp.	53,773		2,367,087
Nucor Corp.^	30,300		1,424,403
Royal Gold, Inc.	978		44,597
Schnitzer Steel Industries, Inc., Class A	1,995		106,234
Southern Copper Corp.	14,654		449,731
Stillwater Mining Co.*	900		6,048
Walter Energy, Inc.^	6,100		366,366
Worthington Industries, Inc.	6,668		92,685
			16,699,170
Paper & Forest Products (0.0%)
Clearwater Paper Corp.*	300		12,399
Deltic Timber Corp.^	900		41,193
Wausau Paper Corp.	2,500		25,000
			78,592
Total Materials			49,989,812
Telecommunication Services (0.3%)
Diversified Telecommunication Services (0.1%)
AboveNet, Inc.*^	1,150		56,074
Alaska Communications Systems Group, Inc.	4,318		39,942
Cbeyond, Inc.*^	1,900		30,647
Cincinnati Bell, Inc.*	6,300		22,050
Cogent Communications Group, Inc.*^	5,500		62,150
Consolidated Communications Holdings, Inc.^	700		11,207
Frontier Communications Corp.^	16,224		122,329
General Communication, Inc., Class A*^	2,638		18,097
Global Crossing Ltd.*	3,200		45,760
Iowa Telecommunications Services, Inc.^	300		3,780
Neutral Tandem, Inc.*	4,119		93,748
PAETEC Holding Corp.*	15,900		61,533
Premiere Global Services, Inc.*	4,300		35,733
tw telecom, Inc.*^	17,403		234,070
Windstream Corp.	21,100		213,743
			1,050,863
Wireless Telecommunication Services (0.2%)
American Tower Corp., Class A*	43,988		1,601,163
Centennial Communications Corp.*	7,690		61,366
Crown Castle International Corp.*	11,217		351,765
iPCS, Inc.*	1,604		27,910
Leap Wireless International, Inc.*^	5,457		106,684
MetroPCS Communications, Inc.*^	29,022		271,646
NII Holdings, Inc.*	743		22,275
NTELOS Holdings Corp.	3,800		67,108
SBA Communications Corp., Class A*^	13,200		356,796
Shenandoah Telecommunications Co.	3,000		53,850
Syniverse Holdings, Inc.*	6,781		118,668
USA Mobility, Inc.	2,066		26,610
Virgin Mobile USA, Inc., Class A*	3,000		15,000
			3,080,841
Total Telecommunication Services			4,131,704
Utilities (0.5%)
Electric Utilities (0.3%)
Allegheny Energy, Inc.	11,855		314,395
DPL, Inc.	1,900		49,590
Exelon Corp.	6,548		324,912
FPL Group, Inc.	6,224		343,751
ITC Holdings Corp.^	19,220		873,549
NV Energy, Inc.	11,851		137,353
PPL Corp.	42,425		1,287,174
			3,330,724
Gas Utilities (0.1%)
EQT Corp.	15,084		642,578
New Jersey Resources Corp.^	692		25,127
			667,705
Independent Power Producers & Energy Traders (0.1%)
AES Corp.*	61,353		909,251
Calpine Corp.*	21,226		244,524
Constellation Energy Group, Inc.	17,612		570,100
Ormat Technologies, Inc.	2,400		97,968
U.S. Geothermal, Inc.*	5,000		7,800
			1,829,643
Multi-Utilities (0.0%)
CenterPoint Energy, Inc.	33,798		420,109
Integrys Energy Group, Inc.	1,569		56,312
			476,421
Water Utilities (0.0%)
American Water Works Co., Inc.	933		18,604

See Notes to Portfolio of Investments.

33

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
Cadiz, Inc.*		1,000	$	11,700
				30,304
Total Utilities				6,334,797
Total Common Stocks (96.2%) (Cost $1,151,919,936)				1,243,302,310
	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 (1.3%)
Federal Home Loan Bank 0.00%, 10/1/09 (o)(p)	$	16,700,000		16,699,999
U.S. Treasury Bills 0.06%, 12/10/09 #(p)		390,000		389,951
Total Government Securities				17,089,950
Short-Term Investments of Cash Collateral for Securities Loaned (3.4%)
BBVA Senior Finance S.A.
0.35%, 3/12/10 (l)		4,840,000		4,838,616
Deutsche Bank Securities, Inc., Repurchase Agreement
0.08%, 10/1/09 (r)(u)		20,310,055		20,310,055
General Electric Capital Corp.
0.40%, 3/12/10 (l)		880,000		870,688
Lehman Bothers Holdings, Inc.
0.00%, 8/21/09 (h)(l)(s)		4,559,970		763,795
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)(l)(s)		939,994		157,449
Monumental Global Funding II
0.43%, 5/26/10 (l)		10,340,000		9,952,250
Pricoa Global Funding I
0.40%, 6/25/10 (l)		6,599,506		6,213,105
Total Short-Term Investments of Cash Collateral for Securities Loaned				43,105,958
Time Deposit (3.2%)
JPMorgan Chase Nassau
0.000%, 10/1/09		41,716,828		41,716,828
Total Short-Term Investments (7.9%) (Cost/Amortized Cost $107,276,255)				101,912,736
Total Investments (104.1%) (Cost/Amortized Cost $1,259,196,191)				1,345,215,046
Other Assets Less Liabilities (-4.1%)				(52,502,299	)
Net Assets (100%)				1,292,712,747

* Non-income producing.

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

† Securities (totaling $7 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 September 30, 2009.

(o) Discount Note Security. Effective rate calculated as of September 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% –7.000%, maturing 4/1/18 to 11/1/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 to 7/1/39.

Glossary:

ADR — American Depositary Receipt

See Notes to Portfolio of Investments.

34

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2009		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index	36	December-09	$	1,198,053	$	1,236,600	$	38,547
Russell 1000 Mini Index	14	December-09		789,209		808,920		19,711
Russell 2000 Mini Index	5	December-09		295,435		301,500		6,065
S&P 500 E-Mini Index	31	December-09		1,607,962		1,631,995		24,033
S&P MidCap 400 E-Mini Index	1	December-09		66,773		68,920		2,147
							$	90,503

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	134,370,857	$	—	$	—	$	134,370,857
Consumer Staples		112,040,764		—		—		112,040,764
Energy		102,774,856		—		—		102,774,856
Financials		111,585,916		2,250,000		7		113,835,923
Health Care		214,578,954		—		—		214,578,954
Industrials		126,957,509		—		—		126,957,509
Information Technology		378,287,134		—		—		378,287,134
Materials		49,989,812		—		—		49,989,812
Telecommunication Services		4,131,704		—		—		4,131,704
Utilities		6,334,797		—		—		6,334,797
Futures		90,503		—		—		90,503
Short-Term Investments		—		101,912,736		—		101,912,736
Warrants
Health Care		—		—		—		—
Total Asset	$	1,241,142,806	$	104,162,736	$	7	$	1,345,305,549
Total Liability	$	—	$	—	$	—	$	—
Total	$	1,241,142,806	$	104,162,736	$	7	$	1,345,305,549

See Notes to Portfolio of Investments.

35

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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
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		7
Balance as of 9/30/09	$	7
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 9/30/09.	$	7

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	761,911,971
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	865,042,704
As of September 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	$	148,587,067
Aggregate gross unrealized depreciation		(144,748,004	)
Net unrealized appreciation	$	3,839,063
Federal income tax cost of investments	$	1,341,375,983

At September 30, 2009, the Portfolio had loaned securities with a total value of $47,159,808. This was secured by collateral of $48,469,525 which was received as cash and subsequently invested in short-term investments currently valued at $43,105,958, 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 $1,859, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the nine months ended September 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 Portfolio of Investments.

36

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (6.9%)
Asset-Backed Securities (2.7%)
Aegis Asset Backed Securities Trust, Series 2006-1 A1
0.326%, 1/25/37(b)(l)	$	376,784	$	359,716
Ameriquest Mortgage Securities, Inc., Series 2004-R11 A1
0.549%, 11/25/34(b)(l)		824,963		554,543
Asset Backed Funding Certificates, Series 2006-OPT3 A3A
0.306%, 11/25/36(b)(l)		238,942		227,448
Bank of America Auto Trust, Series 2009-2A A2
1.160%, 2/15/12§		3,750,000		3,721,875
Series 2009-2A A3
2.130%, 9/15/13§		4,500,000		4,477,500
Bank of America Credit Card Trust, Series 2008-A5 A5
1.443%, 12/16/13(l)		3,900,000		3,922,296
Capital One Multi-Asset Execution Trust, Series 2005-A7 A7
4.700%, 6/15/15		750,000		792,870
Series 2007-A7 A7
5.750%, 7/15/20		125,000		136,318
Series 2009-A2 A2
3.200%, 4/15/14		500,000		510,005
Cendant Mortgage Corp., Series 2003-A A1
6.000%, 7/25/43(l)§		33,518		32,952
Chase Issuance Trust, Series 2007-A17 A
5.120%, 10/15/14		1,500,000		1,619,713
Series 2008-A7 A7
0.893%, 11/15/11(l)		1,800,000		1,800,524
Series 2008-A9 A9
4.260%, 5/15/13		250,000		260,129
Series 2009-A3 A3
2.400%, 6/17/13		495,000		500,657
Series 2009-A7 A7
0.694%, 9/17/12(l)		5,435,000		5,435,000
Citibank Credit Card Issuance Trust, Series 2003-A10 A10
4.750%, 12/10/15		200,000		213,729
Series 2003-A7 A7
4.150%, 7/7/17		600,000		617,981
Series 2005-A2 A2
4.850%, 3/10/17		125,000		133,577
Series 2005-A9 A9
5.100%, 11/20/17		250,000		269,120
Series 2006-A3 A3
5.300%, 3/15/18		500,000		542,898
Series 2007-A8 A8
5.650%, 9/20/19		325,000		357,977
Series 2008-A1 A1
5.350%, 2/7/20		250,000		269,932
Series 2009-A4 A4
4.900%, 6/23/16		250,000		268,554
Countrywide Asset-Backed Certificates, Series 2006-19 2A1
0.306%, 3/25/37(b)(l)		140,196		138,315
CPL Transition Funding LLC, Series 2002-1 A5
6.250%, 1/15/17		150,000		170,876
Daimler Chrysler Auto Trust, Series 2006-D A4
4.940%, 2/8/12		2,900,000		2,985,703
Series 2007-A A4
5.280%, 3/8/13		200,000		211,693
Ford Credit Auto Owner Trust, Series 2007-B A4A
5.240%, 7/15/12		100,000		105,432
Series 2008-C A3
1.663%, 6/15/12(l)		11,900,000		11,998,713
Series 2009-C A1
0.796%, 7/15/10§		10,893,730		10,901,712
Franklin Auto Trust, Series 2008-A A2
1.246%, 10/20/11(l)		8,124,138		8,136,129
GSAA Home Equity Trust, Series 2006-5 2A1
0.316%, 3/25/36(b)(l)		421,312		270,871
Honda Auto Receivables Owner Trust, Series 2008-1 A2
3.770%, 9/20/10		883,244		885,482
Mid-State Trust, Series 4 A
8.330%, 4/1/30		210,376		204,348
Nissan Auto Receivables Owner Trust, Series 2007-B A4
5.160%, 3/17/14		200,000		210,479
Series 2008-A A3
3.890%, 8/15/11		3,396,634		3,440,951
Series 2008-A A4
4.280%, 6/16/14		250,000		260,881
Series 2008-B A2
3.800%, 10/15/10		1,265,183		1,270,402
Series 2009-1 A2
3.920%, 4/15/11		3,805,000		3,859,038
Series 2009-A A2
2.940%, 7/15/11		2,745,000		2,776,048
PG&E Energy Recovery Funding LLC, Series 2005-1 A5
4.470%, 12/25/14		250,000		265,143
Renaissance Home Equity Loan Trust, Series 2003-3 A
0.746%, 12/25/33(b)(l)		217,408		135,887
SLM Student Loan Trust, Series 2005-4 A2
0.584%, 4/26/21(l)		1,345,000		1,328,984
Series 2008-5 A2
1.604%, 10/25/16(l)		4,140,000		4,218,163
Series 2008-5 A3
1.804%, 1/25/18(l)		1,050,000		1,078,632
Series 2008-5 A4
2.204%, 7/25/23(l)		2,860,000		3,003,023
Series 2008-9 A
2.004%, 4/25/23(l)		18,953,818		19,652,703
USAA Auto Owner Trust, Series 2007-2 A4
5.070%, 6/15/13		200,000		209,938
Series 2008-1 A4
4.500%, 10/15/13		350,000		366,791
Wells Fargo Home Equity Trust, Series 2005-2 AII2
0.486%, 10/25/35(l)		107,116		102,580
				105,214,231

See Notes to Portfolio of Investments.

37

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Non-Agency CMO (4.2%)
Banc of America Alternative Loan Trust, Series 2004-5 4A1
5.000%, 6/25/19	$	309,233	$	252,956
Series 2004-6 4A1
5.000%, 7/25/19		331,091		321,236
Banc of America Commercial Mortgage, Inc., Series 2001-1 A2
6.503%, 4/15/36		1,074,296		1,108,445
Series 2002-PB2 A4
6.186%, 6/11/35		1,590,000		1,662,137
Series 2005-1 A4
5.141%, 11/10/42(l)		700,000		713,354
Series 2006-6 A4
5.356%, 10/10/45		250,000		228,793
Series 2007-2 A4
5.867%, 4/10/49(l)		1,500,000		1,313,879
Series 2007-3 A4
5.837%, 6/10/49(l)		4,380,000		3,640,667
Banc of America Funding Corp., Series 2006-A 1A1
4.568%, 2/20/36(l)		1,586,112		1,361,345
Bank of America-First Union NB Commercial Mortgage, Series 2001-3 A2
5.464%, 4/11/37		550,000		566,715
Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4 22A1
5.981%, 6/25/47(l)		667,259		475,395
Bear Stearns Commercial Mortgage Securities, Inc., Series 2000-WF2 A2
7.320%, 10/15/32(l)		765,849		785,260
Series 2001-TOP2 A2
6.480%, 2/15/35		2,530,000		2,616,996
Series 2003-T12 A4
4.680%, 8/13/39(l)		1,825,000		1,814,354
Series 2004-T16 A6
4.750%, 2/13/46(l)		1,340,000		1,362,917
Series 2005-PWR7 A3
5.116%, 2/11/41(l)		600,000		574,380
Series 2006-T24 A4
5.537%, 10/12/41		825,000		778,647
Series 2007-PW16 A4
5.908%, 6/11/40(l)		1,000,000		924,783
Chase Commercial Mortgage Securities Corp., Series 1999-2 A2
7.198%, 1/15/32		37,346		37,320
Series 2000-3 A2
7.319%, 10/15/32		1,164,999		1,198,037
Citigroup Commercial Mortgage Trust, Inc., Series 2005-EMG A2
4.221%, 9/20/51§		242,535		243,222
Series 2007-C6 A4
5.888%, 12/10/49(l)		500,000		411,110
Series 2008-C7 A4
6.299%, 12/10/49(l)		2,259,313		2,011,148
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1 1A1
4.900%, 10/25/35(l)		6,841,938		5,428,048
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5 A1
5.171%, 11/15/44		356,755		361,645
Citimortgage Alternative Loan Trust, Series 2007-A8 A1
6.000%, 10/25/37		2,401,906		1,654,301
Commercial Mortgage Pass Through Certificates, Series 2000-C1 A2
7.416%, 8/15/33(l)		960,178		974,804
Series 2005-LP5 A4
4.982%, 5/10/43(l)		1,400,000		1,360,357
Countrywide Alternative Loan Trust, Series 2003-J3 2A1
6.250%, 12/25/33		145,009		148,374
Series 2006-OA21 A1
0.446%, 3/20/47(l)		1,149,641		542,823
Series 2006-OC8 2A1A
0.336%, 11/25/36(l)		185,704		181,442
Countrywide Home Loan Mortgage Pass Through Trust, Series 2006-OA5 2A1
0.446%, 4/25/46(l)		471,726		238,414
Series 2007-16 A1
6.500%, 10/25/37		1,296,211		1,108,129
Credit Suisse Mortgage Capital Certificates, Series 2006-8 3A1
6.000%, 10/25/21		557,476		426,248
Series 2006-C4 A3
5.467%, 9/15/39		1,000,000		810,740
Series 2006-C5 A3
5.311%, 12/15/39		3,000,000		2,456,457
CS First Boston Mortgage Securities Corp., Series 2001-CK6 A3
6.387%, 8/15/36		488,261		511,045
Series 2002-CKS4 A2
5.183%, 11/15/36		1,525,000		1,561,644
Series 2002-CP3 A3
5.603%, 7/15/35		2,160,000		2,234,997
Series 2002-CP5 A2
4.940%, 12/15/35		2,065,000		2,097,043
Series 2003-C3 A5
3.936%, 5/15/38		2,220,000		2,160,898
Series 2004-C2 A1
3.819%, 5/15/36		474,084		463,798
Series 2004-C4 A6
4.691%, 10/15/39		600,000		542,328
Series 2004-C5 A4
4.829%, 11/15/37		1,000,000		941,346
CW Capital Cobalt Ltd., Series 2007-C3 A4
6.015%, 5/15/46(l)		567,500		482,322
Deutsche Alt-A Securities, Inc., Series 2006-OA1 A1
0.446%, 2/25/47(l)		254,468		127,992
DLJ Commercial Mortgage Corp., Series 2000-CKP1 A1B
7.180%, 11/10/33		1,576,163		1,616,578
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA2 1A5
6.000%, 5/25/36		1,591,147		1,209,737
First Republic Mortgage Loan Trust, Series 2001-FRB1 A
0.593%, 11/15/31(l)		490,763		367,702
First Union National Bank Commercial Mortgage Trust, Series 2001-C2 A2
6.663%, 1/12/43		1,013,867		1,045,642

See Notes to Portfolio of Investments.

38

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2001-C4 A2
6.223%, 12/12/33	$	1,950,000	$	2,034,510
GE Capital Commercial Mortgage Corp., Series 2004-C3 A3
4.865%, 7/10/39(l)		600,000		608,352
Series 2007-C1 A4
5.543%, 12/10/49		1,500,000		1,225,075
GMAC Commercial Mortgage Securities, Inc., Series 2000-C1 A2
7.724%, 3/15/33(l)		392,975		395,041
Series 2000-C2 A2
7.455%, 8/16/33(l)		716,624		732,032
Series 2000-C3 A2
6.957%, 9/15/35		1,478,634		1,523,047
Series 2002-C3 A2
4.930%, 7/10/39		2,075,000		2,110,060
Series 2004-C3 A5
4.864%, 12/10/41		700,000		631,652
Greenwich Capital Commercial Funding Corp., Series 2004-GG1 A4
4.755%, 6/10/36		355,000		357,167
Series 2005-GG3 A4
4.799%, 8/10/42(l)		1,333,000		1,290,624
Series 2005-GG5 A2
5.117%, 4/10/37		500,000		500,168
Series 2006-GG7 A4
6.116%, 7/10/38(l)		1,250,000		1,129,569
Series 2007-GG9 A4
5.444%, 3/10/39		950,000		816,501
GS Mortgage Securities Corp. II, Series 2004-GG2 A6
5.396%, 8/10/38(l)		1,027,000		989,784
Series 2006-GG6 A4
5.553%, 4/10/38(l)		1,000,000		935,429
Series 2006-GG8 A2
5.479%, 11/10/39		750,000		754,384
GSR Mortgage Loan Trust, Series 2004-9 4A1
3.309%, 8/25/34(l)		1,254,872		1,108,626
Series 2005-AR4 6A1
5.250%, 7/25/35(l)		4,980,694		4,354,504
Series 2005-AR6 2A1
4.117%, 9/25/35(l)		1,669,664		1,523,084
Homebanc Mortgage Trust, Series 2005-4 A1
0.516%, 10/25/35(l)		765,661		408,701
Impac CMB Trust, Series 2003-8 2A1
1.146%, 10/25/33(b)(l)		162,209		124,482
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-CB7 A4
4.879%, 1/12/38(l)		2,500,000		2,486,846
Series 2005-LDP1 A3
4.865%, 3/15/46		2,000,000		1,996,650
Series 2005-LDP3 A4B
4.996%, 8/15/42(l)		1,275,000		1,154,735
Series 2005-LDP4 A3A1
4.871%, 10/15/42		700,000		701,797
Series 2006-CB15 A4
5.814%, 6/12/43(l)		785,000		758,542
Series 2006-LDP9 A1S
5.284%, 5/15/47		1,390,747		1,383,192
Series 2007-CB18 A4
5.440%, 6/12/47		1,350,000		1,160,231
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-C1 A3
5.857%, 10/12/35		1,600,000		1,632,331
Series 2001-CIB2 A3
6.429%, 4/15/35		395,000		410,804
Series 2001-CIBC A3
6.260%, 3/15/33		1,414,964		1,452,112
Series 2004-CB8 A1A
4.158%, 1/12/39§		963,383		912,030
Series 2007-LD11 A2
5.992%, 6/15/49(l)		1,030,000		1,035,219
Series 2007-LD12 A2
5.827%, 2/15/51		843,000		845,328
JPMorgan Mortgage Trust, Series 2006-S2 2A2
5.875%, 7/25/36		232,585		187,751
Series 2007-S1 1A2
5.500%, 3/25/22		244,233		209,841
LB-UBS Commercial Mortgage Trust, Series 2002-C2 A4
5.594%, 6/15/31		2,089,000		2,164,422
Series 2003-C7 A2
4.064%, 9/15/27(l)		293,812		295,249
Series 2004-C2 A4
4.367%, 3/15/36		1,800,000		1,747,134
Series 2004-C7 A1A
4.475%, 10/15/29		2,269,423		2,221,310
Series 2004-C8 A4
4.510%, 12/15/29		1,300,000		1,259,731
Series 2005-C7 A4
5.197%, 11/15/30(l)		300,000		294,043
Series 2007-C1 A4
5.424%, 2/15/40		4,000,000		3,433,984
Series 2007-C6 A4
5.858%, 7/15/40(l)		1,500,000		1,271,837
Series 2007-C7 A3
5.866%, 9/15/45(l)		3,640,000		3,120,348
MASTR Alternative Loans Trust, Series 2004-4 1A1
5.500%, 5/25/34		826,015		808,817
Merrill Lynch Mortgage Investors, Inc., Series 2003-A1 3A
4.910%, 12/25/32(l)		279,128		257,183
Series 2005-A10 A
0.456%, 2/25/36(l)		2,032,162		1,267,313
Merrill Lynch Mortgage Trust, Series 2004-KEY2 A4
4.864%, 8/12/39(l)		900,000		879,402
Series 2007-C1 A4
6.022%, 6/12/50(l)		1,000,000		851,604
Series 2008-C1 A3
5.710%, 2/12/51		300,000		284,667
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5 A4
5.378%, 8/12/48		2,700,000		2,009,493
Series 2007-6 A4
5.485%, 3/12/51(l)		150,000		122,599
Morgan Stanley Capital I, Inc., Series 2004-IQ8 A5
5.110%, 6/15/40(l)		600,000		596,551
Series 2005-HQ5 A4
5.168%, 1/14/42		1,194,000		1,176,318

See Notes to Portfolio of Investments.

39

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2005-IQ9 A5
4.700%, 7/15/56	$	1,875,000	$	1,806,650
Series 2006-HQ8 A3
9.586%, 3/12/44(l)		667,000		663,478
Series 2007-HQ12 A2
5.811%, 4/12/49(l)		350,000		340,939
Series 2007-HQ13 A1
5.357%, 12/15/44		3,433,194		3,496,550
Series 2007-IQ14 A2
5.610%, 4/15/49		1,000,000		993,178
Series 2007-IQ15 A4
6.076%, 6/11/49(l)		3,450,000		2,951,718
Series 2007-T25 A3
5.514%, 11/12/49(l)		1,500,000		1,320,109
Series 2007-T27 A4
5.803%, 6/11/42(l)		1,210,000		1,089,904
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5 A4
6.390%, 10/15/35		637,529		668,425
Series 2002-IQ2 A4
5.740%, 12/15/35		1,775,331		1,839,992
Residential Accredit Loans, Inc., Series 2003-QR19 CB1
5.750%, 10/25/33		21,415		20,977
Series 2006-QS2 1A9
5.500%, 2/25/36		1,416,590		1,106,867
Salomon Brothers Mortgage Securities VII, Inc., Series 2001-C1 A3
6.428%, 12/18/35		1,099,150		1,134,050
Series 2001-C2 A3
6.499%, 11/13/36		2,225,356		2,329,041
Sequoia Mortgage Trust, Series 10 2A1
0.626%, 10/20/27(l)		70,932		56,100
Series 2003-4 2A1
0.596%, 7/20/33(l)		177,716		136,922
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19XS 1A1
0.566%, 10/25/35(l)		515,576		289,783
Structured Asset Mortgage Investments, Inc., Series 2005-AR5 A1
0.496%, 7/19/35(l)		420,078		235,082
Series 2005-AR5 A2
0.496%, 7/19/35(l)		2,065,384		1,464,242
Series 2006-AR3 12A1
0.466%, 5/25/36(l)		1,825,643		942,625
TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4 A3
6.069%, 8/15/39(l)		985,000		997,370
Wachovia Bank Commercial Mortgage Trust, Series 2003-C8 A4
4.964%, 11/15/35(l)		2,300,000		2,293,393
Series 2004-C11 A5
5.215%, 1/15/41(l)		975,000		968,992
Series 2005-C17 APB
5.037%, 3/15/42		1,530,000		1,537,218
Series 2005-C20 A6A
5.110%, 7/15/42(l)		2,290,000		2,318,916
Series 2005-C22 A4
5.440%, 12/15/44(l)		1,320,000		1,290,946
Series 2007-C31 A2
5.421%, 4/15/47		1,500,000		1,445,411
Series 2007-C32 A2
5.924%, 6/15/49(l)		1,400,000		1,382,439
Series 2007-C33 A4
6.100%, 2/15/51(l)		3,465,000		2,976,723
WaMu Mortgage Pass-Through Certificates, Series 2002-AR9 1A
2.301%, 8/25/42(l)		99,437		65,236
Series 2005-AR7 A4
4.912%, 8/25/35(l)		813,934		672,700
Series 2007-OA4 1A
1.671%, 5/25/47(l)^		559,253		270,384
Series 2007-OA5 1A
1.651%, 6/25/47(l)		438,770		197,546
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR12 2A1
6.100%, 9/25/36(l)		747,608		593,000
				159,297,062
Total Asset-Backed and Mortgage- Backed Securities				264,511,293
Corporate Bonds (26.5%)
Consumer Discretionary (1.0%)
Automobiles (0.0%)
Daimler Finance N.A. LLC
6.500%, 11/15/13	$	1,319,000		1,421,029
Hotels, Restaurants & Leisure (0.1%)
International Game Technology
7.500%, 6/15/19		75,000		83,111
Marriott International, Inc.
5.625%, 2/15/13		250,000		255,051
McDonald’s Corp.
5.000%, 2/1/19		2,500,000		2,660,760
6.300%, 3/1/38		682,000		798,325
Yum! Brands, Inc.
4.250%, 9/15/15		250,000		255,545
5.300%, 9/15/19		150,000		150,676
6.875%, 11/15/37		100,000		110,784
				4,314,252
Household Durables (0.0%)
Toll Brothers Finance Corp.
8.910%, 10/15/17		200,000		226,830
6.750%, 11/1/19		125,000		124,617
Whirlpool Corp.
8.000%, 5/1/12		115,000		124,131
8.600%, 5/1/14		50,000		55,931
				531,509
Media (0.7%)
CBS Corp.
8.875%, 5/15/19		125,000		137,867
7.875%, 7/30/30		823,000		784,556
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		489,000		567,950
Comcast Cable Holdings LLC
7.875%, 8/1/13		39,000		44,260
Comcast Corp.
6.500%, 1/15/15		969,000		1,079,748
5.900%, 3/15/16		1,395,000		1,499,209
6.500%, 1/15/17		765,000		839,640
5.700%, 5/15/18		300,000		315,409
5.700%, 7/1/19		250,000		264,151
7.050%, 3/15/33		4,000		4,536
6.500%, 11/15/35		370,000		394,267
6.450%, 3/15/37		658,000		696,749
6.950%, 8/15/37		1,879,000		2,097,268
6.550%, 7/1/39		250,000		267,156

See Notes to Portfolio of Investments.

40

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
COX Communications, Inc.
7.125%, 10/1/12	$	115,000	$	128,285
4.625%, 6/1/13		600,000		623,304
8.375%, 3/1/39§		1,100,000		1,356,932
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
7.625%, 5/15/16		414,000		442,980
McGraw-Hill Cos., Inc.
6.550%, 11/15/37		200,000		196,952
News America Holdings, Inc.
9.250%, 2/1/13		957,000		1,124,220
7.750%, 1/20/24		43,000		45,223
8.500%, 2/23/25		232,000		256,438
8.450%, 8/1/34		73,000		78,922
News America, Inc.
7.125%, 4/8/28		82,000		84,311
6.150%, 3/1/37		666,000		651,646
7.850%, 3/1/39		250,000		292,658
Omnicom Group, Inc.
6.250%, 7/15/19		150,000		161,814
TCI Communications, Inc.
7.875%, 2/15/26		246,000		287,956
7.125%, 2/15/28		108,000		116,741
Thomson Reuters Corp.
5.700%, 10/1/14		1,230,000		1,348,754
4.700%, 10/15/19		150,000		149,654
Time Warner Cable, Inc.
6.200%, 7/1/13		987,000		1,075,235
5.850%, 5/1/17		1,358,000		1,431,803
7.300%, 7/1/38		275,000		317,408
6.750%, 6/15/39		250,000		270,359
Time Warner Cos., Inc.
7.570%, 2/1/24		3,000		3,261
Time Warner Entertainment Co. LP
8.375%, 3/15/23		700,000		839,678
Time Warner, Inc.
0.684%, 11/13/09(l)		1,395,000		1,395,353
6.750%, 4/15/11		40,000		42,751
5.875%, 11/15/16		668,000		708,357
7.700%, 5/1/32^		1,962,000		2,218,604
Turner Broadcasting System, Inc.
8.375%, 7/1/13		65,000		74,172
Viacom, Inc.
4.375%, 9/15/14		100,000		102,115
5.625%, 9/15/19		350,000		355,743
6.875%, 4/30/36		300,000		316,919
Walt Disney Co.
4.500%, 12/15/13		500,000		533,605
5.500%, 3/15/19		500,000		542,921
				26,567,840
Multiline Retail (0.1%)
Kohl’s Corp.
6.250%, 12/15/17		622,000		679,814
Nordstrom, Inc.
6.750%, 6/1/14		100,000		109,699
Target Corp.
5.125%, 1/15/13		500,000		538,532
6.000%, 1/15/18		500,000		563,307
7.000%, 1/15/38		500,000		585,188
				2,476,540
Specialty Retail (0.1%)
Home Depot, Inc.
5.400%, 3/1/16		1,332,000		1,392,588
Lowe’s Cos., Inc.
5.800%, 10/15/36		655,000		682,470
TJX Cos., Inc.
4.200%, 8/15/15		100,000		103,315
6.950%, 4/15/19		145,000		170,245
				2,348,618
Total Consumer Discretionary				37,659,788
Consumer Staples (0.9%)
Beverages (0.2%)
Anheuser-Busch Cos., Inc.
6.450%, 9/1/37		677,000		737,436
Bottling Group LLC
6.950%, 3/15/14		700,000		815,816
Coca-Cola Co.
5.350%, 11/15/17		650,000		709,773
Coca-Cola Enterprises, Inc.
3.750%, 3/1/12		1,750,000		1,826,512
7.375%, 3/3/14		500,000		587,023
6.750%, 9/15/28		660,000		795,778
Diageo Finance B.V.
5.300%, 10/28/15		1,288,000		1,394,001
Dr. Pepper Snapple Group, Inc.
6.820%, 5/1/18		250,000		284,196
PepsiAmericas, Inc.
4.375%, 2/15/14		250,000		260,811
PepsiCo, Inc.
3.750%, 3/1/14		500,000		520,603
7.900%, 11/1/18		500,000		631,359
				8,563,308
Food & Staples Retailing (0.2%)
Costco Wholesale Corp.
5.300%, 3/15/12		200,000		217,091
5.500%, 3/15/17		200,000		218,666
CVS Caremark Corp.
4.875%, 9/15/14		250,000		264,547
6.250%, 6/1/27		688,000		731,294
Delhaize Group
5.875%, 2/1/14		250,000		269,243
Kroger Co.
7.500%, 1/15/14		500,000		576,205
3.900%, 10/1/15		250,000		251,988
6.400%, 8/15/17		250,000		276,613
8.000%, 9/15/29		250,000		320,097
Safeway, Inc.
5.800%, 8/15/12		400,000		433,562
7.250%, 2/1/31		250,000		306,305
Walgreen Co.
4.875%, 8/1/13		200,000		215,588
5.250%, 1/15/19		200,000		217,428
Wal-Mart Stores, Inc.
5.000%, 4/5/12		2,650,000		2,867,345
5.250%, 9/1/35		707,000		707,959
				7,873,931
Food Products (0.2%)
Archer-Daniels-Midland Co.
7.000%, 2/1/31		637,000		742,736
Bunge Ltd. Finance Corp.
8.500%, 6/15/19		85,000		97,991
Campbell Soup Co.
3.375%, 8/15/14		100,000		102,269
4.500%, 2/15/19		540,000		554,091
General Mills, Inc.
6.000%, 2/15/12		1,342,000		1,458,083
H.J. Heinz Co.
5.350%, 7/15/13		400,000		429,521

See Notes to Portfolio of Investments.

41

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Hershey Co.
4.850%, 8/15/15	$	640,000	$	674,490
Kellogg Co.
4.250%, 3/6/13		500,000		525,129
Kraft Foods, Inc.
6.250%, 6/1/12		1,346,000		1,463,694
6.500%, 8/11/17		980,000		1,060,113
6.125%, 2/1/18^		1,702,000		1,803,574
7.000%, 8/11/37		100,000		111,396
Ralcorp Holdings, Inc.
6.625%, 8/15/39§		100,000		105,316
				9,128,403
Household Products (0.1%)
Clorox Co.
5.450%, 10/15/12		1,330,000		1,425,321
Kimberly-Clark Corp.
6.625%, 8/1/37		100,000		123,391
Procter & Gamble Co.
4.600%, 1/15/14		600,000		644,577
4.700%, 2/15/19		200,000		209,024
5.550%, 3/5/37		684,000		736,567
				3,138,880
Personal Products (0.0%)
Avon Products, Inc.
5.625%, 3/1/14		200,000		217,460
Tobacco (0.2%)
Altria Group, Inc.
8.500%, 11/10/13		1,340,000		1,554,186
9.950%, 11/10/38		500,000		679,798
Philip Morris International, Inc.
6.875%, 3/17/14		775,000		885,332
5.650%, 5/16/18		1,822,000		1,939,366
Reynolds American, Inc.
6.750%, 6/15/17		400,000		415,823
				5,474,505
Total Consumer Staples				34,396,487
Energy (1.5%)
Energy Equipment & Services (0.1%)
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		105,000		113,076
Halliburton Co.
5.500%, 10/15/10		330,000		344,219
6.700%, 9/15/38		300,000		351,830
Rowan Cos., Inc.
7.875%, 8/1/19		130,000		139,773
Transocean, Inc.
6.000%, 3/15/18		673,000		718,922
6.800%, 3/15/38		200,000		228,952
Weatherford International Ltd.
5.500%, 2/15/16		649,000		660,862
9.625%, 3/1/19		250,000		312,957
				2,870,591
Oil, Gas & Consumable Fuels (1.4%)
Alberta Energy Co., Ltd.
8.125%, 9/15/30		628,000		781,626
Anadarko Petroleum Corp.
5.950%, 9/15/16		640,000		678,118
6.450%, 9/15/36		250,000		258,123
Apache Corp.
6.000%, 1/15/37		682,000		758,854
Buckeye Partners LP
5.500%, 8/15/19		150,000		153,312
Canadian Natural Resources Ltd.
5.700%, 5/15/17		1,889,000		2,007,478
6.250%, 3/15/38		250,000		266,334
Cenovus Energy, Inc.
6.750%, 11/15/39^§		950,000		1,023,656
Chevron Corp.
3.450%, 3/3/12		3,220,000		3,352,236
4.950%, 3/3/19		250,000		266,848
ConocoPhillips
4.400%, 5/15/13		2,602,000		2,746,182
4.600%, 1/15/15		2,830,000		3,020,442
5.750%, 2/1/19		500,000		544,740
7.000%, 3/30/29		9,000		10,262
Devon Financing Corp. ULC
6.875%, 9/30/11		1,362,000		1,481,763
7.875%, 9/30/31		142,000		175,888
Enbridge Energy Partners LP
9.875%, 3/1/19		250,000		310,476
Enbridge, Inc.
5.800%, 6/15/14		500,000		548,904
EnCana Corp.
4.750%, 10/15/13		656,000		687,556
6.500%, 5/15/19		2,645,000		2,936,360
EnCana Holdings Finance Corp.
5.800%, 5/1/14		120,000		129,878
Energy Transfer Partners LP
6.000%, 7/1/13		500,000		529,895
9.000%, 4/15/19		500,000		601,181
Enterprise Products Operating LLC
9.750%, 1/31/14		375,000		452,770
6.650%, 10/15/34		250,000		273,663
EOG Resources, Inc.
5.625%, 6/1/19		125,000		136,840
Gaz Capital S.A.
8.146%, 4/11/18§		1,800,000		1,901,340
Hess Corp.
7.300%, 8/15/31		659,000		740,804
Husky Energy, Inc.
5.900%, 6/15/14		85,000		91,693
7.250%, 12/15/19		50,000		57,347
Kinder Morgan Energy Partners LP
6.750%, 3/15/11		1,000,000		1,060,479
5.000%, 12/15/13		200,000		209,056
5.625%, 2/15/15		65,000		69,770
6.000%, 2/1/17		200,000		209,018
6.850%, 2/15/20		145,000		158,374
5.800%, 3/1/21^		10,600,000		10,767,915
7.400%, 3/15/31		200,000		221,398
6.950%, 1/15/38		200,000		214,816
Magellan Midstream Partners LP
6.550%, 7/15/19		150,000		166,683
Marathon Oil Corp.
7.500%, 2/15/19		500,000		576,713
6.600%, 10/1/37		200,000		211,946
Nabors Industries, Inc.
9.250%, 1/15/19		300,000		356,524
Nexen, Inc.
6.200%, 7/30/19		30,000		31,115
5.875%, 3/10/35		672,000		615,461
7.500%, 7/30/39		120,000		130,670
Occidental Petroleum Corp.
7.000%, 11/1/13		200,000		231,056
4.125%, 6/1/16		150,000		154,279
ONEOK Partners LP
8.625%, 3/1/19		350,000		417,812

See Notes to Portfolio of Investments.

42

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
PC Financial Partnership
5.000%, 11/15/14	$	500,000	$	515,422
Pemex Project Funding Master Trust
6.625%, 6/15/35		670,000		647,178
Petrobras International Finance Co.
7.875%, 3/15/19		750,000		865,312
Petroleos Mexicanos
8.000%, 5/3/19§		500,000		571,000
Plains All American Pipeline LP
6.650%, 1/15/37		678,000		714,128
Shell International Finance B.V.
4.000%, 3/21/14		2,425,000		2,547,259
6.375%, 12/15/38		500,000		593,726
Spectra Energy Capital LLC
6.200%, 4/15/18		350,000		372,443
StatoilHydro ASA
5.250%, 4/15/19		150,000		162,150
Suncor Energy, Inc.
6.850%, 6/1/39		500,000		543,863
Talisman Energy, Inc.
7.750%, 6/1/19		75,000		88,187
TEPPCO Partners LP
5.900%, 4/15/13		300,000		313,578
Trans-Canada Pipelines Ltd.
7.125%, 1/15/19		700,000		825,872
6.200%, 10/15/37		250,000		273,756
7.625%, 1/15/39		500,000		638,016
Valero Energy Corp.
7.500%, 4/15/32		616,000		612,666
Williams Cos., Inc.
8.750%, 1/15/20		500,000		574,822
XTO Energy, Inc.
6.250%, 4/15/13		500,000		544,082
6.250%, 8/1/17		270,000		291,471
6.500%, 12/15/18		250,000		275,991
6.750%, 8/1/37		1,002,000		1,114,657
				55,813,233
Total Energy				58,683,824
Financials (17.4%)
Capital Markets (2.6%)
Bank of New York Mellon Corp.
4.300%, 5/15/14		145,000		153,548
Bear Stearns Cos., Inc.
0.910%, 7/19/10(l)		541,000		542,326
4.500%, 10/28/10		1,360,000		1,405,826
6.950%, 8/10/12		2,500,000		2,782,962
5.300%, 10/30/15		829,000		875,314
7.250%, 2/1/18		2,000,000		2,284,084
Charles Schwab Corp.
4.950%, 6/1/14		125,000		131,802
Citigroup Funding, Inc.
2.125%, 7/12/12^		2,290,000		2,315,279
Deutsche Bank AG/London
5.375%, 10/12/12		2,693,000		2,913,137
Goldman Sachs Capital I
6.345%, 2/15/34		381,000		349,903
Goldman Sachs Capital II
5.793%, 12/29/49(l)		1,095,000		788,400
Goldman Sachs Group, Inc.
1.700%, 3/15/11		250,000		253,004
1.625%, 7/15/11		1,352,000		1,365,477
2.150%, 3/15/12		250,000		254,278
3.250%, 6/15/12		2,712,000		2,830,327
3.625%, 8/1/12		180,000		184,788
5.450%, 11/1/12		2,690,000		2,880,925
5.250%, 10/15/13		1,518,000		1,611,532
6.000%, 5/1/14		75,000		81,565
5.125%, 1/15/15		1,826,000		1,908,221
6.150%, 4/1/18		1,600,000		1,683,061
5.950%, 1/15/27		810,000		778,670
6.125%, 2/15/33		699,000		747,387
6.750%, 10/1/37		700,000		722,422
Jefferies Group, Inc.
8.500%, 7/15/19		300,000		317,510
Lehman Brothers Holdings, Inc.
0.000%, 12/23/09(h)		10,200,000		1,708,500
5.625%, 1/24/13(h)		5,000,000		881,250
6.750%, 12/28/17(h)		1,297,000		130
Macquarie Bank Ltd.
3.300%, 7/17/14§		12,900,000		13,059,367
Merrill Lynch & Co., Inc.
2.709%, 5/12/10(l)		1,500,000		1,519,114
0.544%, 6/5/12(l)		1,500,000		1,442,172
6.150%, 4/25/13		2,774,000		2,935,167
5.700%, 5/2/17		1,500,000		1,468,714
6.400%, 8/28/17		13,000,000		13,165,932
Morgan Stanley
5.050%, 1/21/11		715,000		739,592
6.750%, 4/15/11		240,000		255,906
3.250%, 12/1/11		2,700,000		2,808,756
0.788%, 1/9/12(l)		3,400,000		3,309,077
5.625%, 1/9/12		3,335,000		3,533,763
2.250%, 3/13/12		250,000		254,574
5.300%, 3/1/13		2,543,000		2,664,637
6.000%, 5/13/14		200,000		212,921
6.000%, 4/28/15		10,300,000		10,907,391
0.989%, 10/15/15(l)		4,800,000		4,390,594
5.375%, 10/15/15		1,000,000		1,032,231
5.550%, 4/27/17		100,000		99,621
5.950%, 12/28/17		2,700,000		2,748,989
7.300%, 5/13/19		200,000		220,055
Northern Trust Corp.
4.625%, 5/1/14		65,000		69,163
Raymond James Financial, Inc.
8.600%, 8/15/19		600,000		662,560
				100,251,924
Commercial Banks (6.3%)
American Express Bank FSB
3.150%, 12/9/11		750,000		778,625
Bank of Scotland plc
0.374%, 12/8/10(l)§		8,000,000		7,814,360
5.250%, 2/21/17(b)§		8,200,000		7,758,225
Barclays Bank plc
5.000%, 9/22/16		500,000		506,384
6.750%, 5/22/19		400,000		447,374
5.926%, 9/29/49(l)§		1,300,000		962,000
7.434%, 9/29/49(l)§		1,795,000		1,570,625
BB&T Corp.
3.375%, 9/25/13		400,000		401,600
5.250%, 11/1/19		655,000		651,762
Citibank N.A.
1.375%, 8/10/11^		8,800,000		8,831,469
1.250%, 9/22/11		300,000		300,039
1.875%, 5/7/12		500,000		503,311
Commonwealth Bank of Australia
0.925%, 7/12/13(l)§		12,800,000		12,753,075
Credit Suisse/New York
3.450%, 7/2/12		250,000		255,129
5.000%, 5/15/13		15,840,000		16,763,757

See Notes to Portfolio of Investments.

43

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
5.500%, 5/1/14	$	300,000	$	322,374
6.000%, 2/15/18		464,000		485,788
Dexia Credit Local S.A.
1.875%, 9/30/11		13,900,000		13,962,411
DnB NOR Bank ASA
0.580%, 10/13/09(l)§		3,800,000		3,798,218
Fifth Third Bancorp
8.250%, 3/1/38		1,400,000		1,304,822
GMAC, Inc.
2.200%, 12/19/12		500,000		505,338
HBOS plc
6.750%, 5/21/18^§		1,400,000		1,248,281
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/29/49(l)§		550,000		430,978
HSBC Holdings plc
6.500%, 5/2/36		700,000		758,355
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		1,620,000		1,701,554
6.000%, 10/1/17		3,610,000		3,796,814
KeyBank N.A.
5.700%, 8/15/12		400,000		393,822
7.413%, 5/6/15		400,000		400,750
KeyCorp
6.500%, 5/14/13		1,302,000		1,332,824
Kreditanstalt fuer Wiederaufbau
3.250%, 2/15/11		3,000,000		3,097,623
3.250%, 3/15/13		2,705,000		2,807,365
4.875%, 1/17/17		2,724,000		2,961,187
(Zero Coupon), 4/18/36		1,824,000		541,547
Landeskreditbank Baden-Wuerttemberg Foerderbank
4.875%, 1/13/12		500,000		534,819
Landwirtschaftliche Rentenbank
4.875%, 2/14/11		2,675,000		2,831,710
5.250%, 7/2/12		645,000		702,891
4.125%, 7/15/13		190,000		200,215
Lloyds TSB Bank plc
2.300%, 4/1/11§		7,000,000		7,108,080
1.597%, 4/2/12(l)§		3,800,000		3,790,709
Marshall & Ilsley Corp.
5.350%, 4/1/11		1,453,000		1,404,227
Mizuho Financial Group, Inc./Aruba
1.455%, 10/27/49(l)	JPY	300,000,000		3,340,252
National Australia Bank Ltd.
5.350%, 6/12/13^§	$	9,100,000		9,702,939
National Westminster Bank plc
7.375%, 10/1/09		217,000		217,000
New York Community Bank
3.000%, 12/16/11		5,950,000		6,126,293
PNC Bank N.A.
4.875%, 9/21/17		1,250,000		1,194,646
Rabobank Nederland N.V.
11.000%, 6/29/49(l)§		624,000		764,400
Regions Bank/Alabama
7.500%, 5/15/18§		3,700,000		3,365,642
Royal Bank of Scotland Group plc
5.050%, 1/8/15		2,100,000		1,883,893
Royal Bank of Scotland plc
2.625%, 5/11/12§		490,000		497,280
Sumitomo Mitsui Banking Corp.
1.269%, 6/29/49(l)	JPY	200,000,000		2,125,969
5.625%, 7/29/49(l)§	$	300,000		285,205
1.239%, 12/31/49(l)	JPY	100,000,000		1,112,600
Svenska Handelsbanken AB
1.300%, 9/14/12(l)§	$	1,400,000		1,391,981
U.S. Bancorp
4.200%, 5/15/14		1,000,000		1,044,993
UBS AG/Connecticut
1.533%, 9/29/11(l)		13,000,000		12,998,700
5.875%, 12/20/17		700,000		716,571
5.750%, 4/25/18		1,600,000		1,626,037
Wachovia Bank N.A.
4.875%, 2/1/15		1,250,000		1,282,016
5.000%, 8/15/15		2,500,000		2,410,200
6.600%, 1/15/38		750,000		823,264
Wachovia Corp.
0.419%, 3/15/11(l)		1,500,000		1,489,695
0.633%, 4/23/12(l)		1,100,000		1,076,419
5.500%, 5/1/13		2,400,000		2,567,930
5.700%, 8/1/13		1,381,000		1,473,962
5.625%, 10/15/16		1,340,000		1,399,006
0.569%, 6/15/17(l)		5,900,000		5,078,295
Wells Fargo & Co.
3.000%, 12/9/11		675,000		699,041
5.250%, 10/23/12		1,335,000		1,424,358
4.375%, 1/31/13		7,600,000		7,847,988
3.750%, 10/1/14		800,000		795,997
5.625%, 12/11/17		665,000		698,510
Series K
7.980%, 3/29/49(l)		8,000,000		7,280,000
Wells Fargo Bank N.A.
5.750%, 5/16/16		2,750,000		2,827,525
Series AI
4.750%, 2/9/15		5,700,000		5,779,686
Westpac Banking Corp.
3.250%, 12/16/11§		17,700,000		18,339,501
Westpac Securities NZ Ltd.
3.450%, 7/28/14§		12,900,000		13,088,521
				241,496,752
Consumer Finance (1.6%)
American Express Co.
7.250%, 5/20/14		250,000		280,892
7.000%, 3/19/18		15,968,000		17,566,046
8.125%, 5/20/19		250,000		295,673
American Express Credit Corp.
5.125%, 8/25/14^		1,000,000		1,034,417
American Honda Finance Corp.
1.042%, 6/20/11(l)§		12,000,000		11,631,240
Capital One Financial Corp.
7.375%, 5/23/14		125,000		139,502
Discover Financial Services
6.450%, 6/12/17		704,000		630,353
HSBC Finance Corp.
0.860%, 7/19/12(l)		10,000,000		9,470,040
6.375%, 11/27/12		5,024,000		5,402,744
4.750%, 7/15/13		2,732,000		2,777,226
0.759%, 1/15/14(l)		4,200,000		3,865,642
5.000%, 6/30/15		685,000		687,625
0.791%, 6/1/16(l)		500,000		444,759
International Lease Finance Corp.
5.450%, 3/24/11		2,804,000		2,584,797
5.650%, 6/1/14		1,356,000		1,040,773
SLM Corp.
0.664%, 7/26/10(l)		2,300,000		2,184,956
5.400%, 10/25/11		644,000		594,232
0.804%, 1/27/14(l)		885,000		558,408
				61,189,325
Diversified Financial Services (4.5%)
Allstate Life Global Funding Trusts
5.375%, 4/30/13		2,180,000		2,320,394

See Notes to Portfolio of Investments.

44

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Ameriprise Financial, Inc.
7.300%, 6/28/19	$	90,000	$	99,213
Bank of America Corp.
2.100%, 4/30/12		1,000,000		1,014,032
3.125%, 6/15/12		1,350,000		1,404,105
4.750%, 8/15/13		2,970,000		3,009,145
0.629%, 9/15/14(l)		1,450,000		1,300,122
6.500%, 8/1/16		1,000,000		1,051,151
5.625%, 10/14/16		2,300,000		2,323,329
6.000%, 9/1/17		820,000		829,621
Bank of America N.A.
5.300%, 3/15/17		1,500,000		1,438,966
6.000%, 10/15/36		750,000		739,134
Belvoir Land LLC,
Series A-1
5.270%, 12/15/47§		247,000		168,538
Boeing Capital Corp.
6.500%, 2/15/12		1,334,000		1,469,110
BP Capital Markets plc
1.550%, 8/11/11		150,000		150,508
5.250%, 11/7/13		750,000		821,572
3.625%, 5/8/14		250,000		257,577
3.875%, 3/10/15		150,000		154,959
BTM Curacao Holdings N.V.
1.320%, 11/29/49(l)	JPY	100,000,000		1,077,617
Capital One Capital IV
6.745%, 2/17/37(l)	$	692,000		525,920
Caterpillar Financial Services Corp.
5.125%, 10/12/11		326,000		342,703
4.250%, 2/8/13		1,342,000		1,382,324
7.150%, 2/15/19		300,000		347,868
Citigroup Funding, Inc.
1.375%, 5/5/11		500,000		503,273
1.875%, 10/22/12		5,200,000		5,210,072
2.250%, 12/10/12		500,000		506,732
Citigroup, Inc.
6.500%, 1/18/11		2,873,000		2,979,186
0.519%, 5/18/11(l)		4,100,000		3,998,964
2.875%, 12/9/11		679,000		700,923
2.125%, 4/30/12		1,200,000		1,216,984
5.500%, 4/11/13		19,200,000		19,647,859
6.375%, 8/12/14		1,000,000		1,033,890
5.000%, 9/15/14		750,000		713,689
0.752%, 11/5/14(l)		3,690,000		3,270,871
6.000%, 8/15/17		430,000		424,090
6.125%, 5/15/18		2,693,000		2,651,644
8.500%, 5/22/19		600,000		677,301
5.850%, 12/11/34		1,499,000		1,286,679
8.125%, 7/15/39		155,000		173,505
CME Group, Inc.
5.750%, 2/15/14		300,000		328,335
ConocoPhillips Canada Funding Co. I
5.950%, 10/15/36		614,000		658,967
Credit Suisse FB USA, Inc.
5.125%, 8/15/15		2,620,000		2,765,971
Credit Suisse USA, Inc.
5.250%, 3/2/11		1,354,000		1,416,870
General Electric Capital Corp.
5.000%, 11/15/11		3,681,000		3,874,448
3.000%, 12/9/11		1,354,000		1,401,336
5.875%, 2/15/12		4,002,000		4,261,234
2.250%, 3/12/12		22,950,000		23,364,454
1.259%, 4/10/12(l)		10,000,000		9,633,220
2.200%, 6/8/12		1,000,000		1,015,458
2.000%, 9/28/12		2,950,000		2,966,440
2.125%, 12/21/12^		9,010,000		9,091,838
2.625%, 12/28/12		1,000,000		1,024,551
5.900%, 5/13/14		150,000		160,844
5.400%, 2/15/17		1,308,000		1,304,000
6.750%, 3/15/32		1,597,000		1,630,414
5.875%, 1/14/38		1,366,000		1,252,731
5.500%, 9/15/67(l)§	EUR	10,400,000		11,794,601
6.375%, 11/15/67(l)	$	1,075,000		889,562
Irwin Land LLC
Series A-1
5.030%, 12/15/25§		217,000		180,861
Series A-2
5.300%, 12/15/35§		395,000		302,432
John Deere Capital Corp.
7.000%, 3/15/12		600,000		669,512
2.875%, 6/19/12		300,000		309,959
5.250%, 10/1/12		200,000		216,281
4.500%, 4/3/13		500,000		528,632
5.750%, 9/10/18		300,000		327,394
JPMorgan Chase & Co.
3.125%, 12/1/11		2,706,000		2,807,835
0.417%, 12/21/11(l)		2,700,000		2,676,629
6.625%, 3/15/12		2,661,000		2,905,184
0.633%, 11/1/12(l)		1,500,000		1,473,034
4.650%, 6/1/14		250,000		260,746
6.000%, 1/15/18		674,000		723,421
7.900%, 4/29/49(l)		982,000		942,887
JPMorgan Chase Capital XV
5.875%, 3/15/35		693,000		615,970
JPMorgan Chase Capital XVIII
6.950%, 8/17/36		671,000		643,502
JPMorgan Chase Capital XXV
6.800%, 10/1/37		3,201,000		3,221,378
National Rural Utilities Cooperative Finance Corp.
7.250%, 3/1/12		2,604,000		2,875,826
Pemex Finance Ltd.
9.030%, 2/15/11		9,000		9,450
Santander Perpetual S.A.U.
6.671%, 10/29/49(l)§		3,500,000		3,078,155
UFJ Finance Aruba AEC
6.750%, 7/15/13		310,000		344,480
Unilever Capital Corp.
4.800%, 2/15/19		750,000		788,115
				171,960,527
Insurance (2.0%)
ACE INA Holdings, Inc.
5.600%, 5/15/15		250,000		270,554
5.900%, 6/15/19		50,000		54,452
Aflac, Inc.
8.500%, 5/15/19		150,000		178,811
Allstate Corp.
6.200%, 5/16/14		200,000		220,631
7.450%, 5/16/19		100,000		119,190
5.950%, 4/1/36		634,000		672,620
6.125%, 5/15/37(l)		444,000		359,640
American International Group, Inc.
0.536%, 1/29/10(l)§		10,400,000		10,322,530
5.600%, 10/18/16		1,000,000		733,743
8.250%, 8/15/18^		1,200,000		1,019,798
6.250%, 5/1/36		700,000		453,906
8.175%, 5/15/58(l)^		17,500,000		10,500,000
Berkshire Hathaway Finance Corp.
4.000%, 4/15/12		500,000		524,191
4.750%, 5/15/12^		228,000		244,107
5.000%, 8/15/13		600,000		651,666

See Notes to Portfolio of Investments.

45

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
4.850%, 1/15/15	$	600,000	$	645,617
Chubb Corp.
5.750%, 5/15/18		1,250,000		1,371,127
6.375%, 3/29/67(l)		937,000		843,300
Hartford Financial Services Group, Inc.
6.100%, 10/1/41		592,000		488,919
Lincoln National Corp.
8.750%, 7/1/19		150,000		173,485
6.050%, 4/20/67(l)		607,000		409,725
Markel Corp.
7.125%, 9/30/19		100,000		103,727
Marsh & McLennan Cos., Inc.
5.375%, 7/15/14		290,000		301,791
MetLife, Inc.
6.125%, 12/1/11		272,000		292,334
6.750%, 6/1/16		500,000		558,004
5.700%, 6/15/35		244,000		250,950
6.400%, 12/15/36		2,000,000		1,690,000
Metropolitan Life Global Funding I
0.480%, 5/17/10(l)§		900,000		898,154
0.589%, 5/18/10(l)§		1,500,000		1,498,031
0.549%, 3/15/12(l)§		12,620,000		12,015,048
2.875%, 9/17/12§		1,725,000		1,717,829
5.125%, 4/10/13^§		1,550,000		1,607,083
5.125%, 6/10/14§		775,000		809,635
Monumental Global Funding Ltd.
0.421%, 6/16/10(l)§		2,080,000		2,030,600
New York Life Global Funding
4.650%, 5/9/13§		11,900,000		12,527,630
Principal Life Income Funding Trusts
5.125%, 3/1/11		2,642,000		2,680,832
Progressive Corp.
6.700%, 6/15/37(l)		717,000		616,403
Prudential Financial, Inc.
4.500%, 7/15/13		1,319,000		1,328,288
6.200%, 1/15/15		45,000		47,608
6.000%, 12/1/17		1,244,000		1,260,800
Swiss Reinsurance Solutions Holding Corp.
7.000%, 2/15/26		1,228,000		1,158,676
Travelers Cos., Inc.
5.800%, 5/15/18		500,000		553,998
6.250%, 3/15/37(l)		1,012,000		889,777
6.250%, 6/15/37		250,000		281,981
Willis North America, Inc.
5.625%, 7/15/15		665,000		653,320
				76,030,511
Real Estate Investment Trusts (REITs) (0.2%)
AvalonBay Communities, Inc.
5.700%, 3/15/17		150,000		153,197
Duke Realty LP
6.250%, 5/15/13		100,000		99,226
ERP Operating LP
6.625%, 3/15/12		133,000		141,929
5.125%, 3/15/16		500,000		487,886
HCP, Inc.
6.000%, 1/30/17		300,000		280,179
Hospitality Properties Trust
7.875%, 8/15/14		1,100,000		1,102,116
5.625%, 3/15/17		250,000		211,907
HRPT Properties Trust
6.650%, 1/15/18		100,000		91,533
Kimco Realty Corp.
6.875%, 10/1/19		100,000		102,276
Mack-Cali Realty Corp.
7.750%, 8/15/19		250,000		257,599
ProLogis
7.625%, 8/15/14		150,000		153,294
Simon Property Group LP
5.300%, 5/30/13		1,319,000		1,348,522
6.750%, 5/15/14		215,000		230,583
5.100%, 6/15/15		658,000		655,779
Ventas Realty LP/Ventas Capital Corp.
7.125%, 6/1/15		2,248,000		2,231,140
6.750%, 4/1/17		760,000		744,800
				8,291,966
Thrifts & Mortgage Finance (0.2%)
Sovereign Bancorp, Inc.
2.500%, 6/15/12		10,000,000		10,199,400
Total Financials				669,420,405
Health Care (0.9%)
Biotechnology (0.1%)
Amgen, Inc.
5.850%, 6/1/17		678,000		745,707
6.375%, 6/1/37		670,000		763,196
Genentech, Inc.
4.750%, 7/15/15		250,000		269,726
				1,778,629
Health Care Equipment & Supplies (0.0%)
Baxter International, Inc.
5.900%, 9/1/16		1,324,000		1,487,736
Hospira, Inc.
6.400%, 5/15/15		115,000		127,865
				1,615,601
Health Care Providers & Services (0.2%)
Aetna, Inc.
6.625%, 6/15/36		946,000		982,711
Cardinal Health, Inc.
5.650%, 6/15/12		21,000		22,270
Express Scripts, Inc.
5.250%, 6/15/12		400,000		424,616
6.250%, 6/15/14		135,000		148,358
7.250%, 6/15/19		80,000		93,956
McKesson Corp.
6.500%, 2/15/14		300,000		328,843
Medco Health Solutions, Inc.
7.125%, 3/15/18		250,000		283,274
Roche Holdings, Inc.
2.393%, 2/25/11(l)§		505,000		518,707
5.000%, 3/1/14§		2,250,000		2,432,421
UnitedHealth Group, Inc.
6.875%, 2/15/38		500,000		551,916
WellPoint Health Networks, Inc.
6.375%, 1/15/12		1,335,000		1,428,864
				7,215,936
Pharmaceuticals (0.6%)
Abbott Laboratories, Inc.
5.600%, 5/15/11		1,334,000		1,427,428
6.000%, 4/1/39		300,000		340,949
AstraZeneca plc
5.900%, 9/15/17		300,000		335,666
6.450%, 9/15/37		676,000		795,399
Bristol-Myers Squibb Co.
5.875%, 11/15/36		678,000		750,416
6.875%, 8/1/97		45,000		52,386
Eli Lilly and Co.
3.550%, 3/6/12		1,070,000		1,120,515
5.200%, 3/15/17		1,316,000		1,420,756
5.500%, 3/15/27		300,000		322,902

See Notes to Portfolio of Investments.

46

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13	$	1,027,000	$	1,103,340
5.650%, 5/15/18		2,724,000		2,984,134
Johnson & Johnson
5.550%, 8/15/17		500,000		561,858
4.950%, 5/15/33		271,000		269,120
Merck & Co., Inc.
4.000%, 6/30/15^		2,260,000		2,374,666
5.750%, 11/15/36		250,000		275,673
Novartis Capital Corp.
4.125%, 2/10/14		300,000		316,784
Novartis Securities Investment Ltd.
5.125%, 2/10/19		500,000		532,280
Pfizer, Inc.
4.500%, 2/15/14		250,000		268,176
5.350%, 3/15/15		3,265,000		3,615,357
Schering-Plough Corp.
6.000%, 9/15/17		350,000		390,447
6.550%, 9/15/37		350,000		424,597
Teva Pharmaceutical Finance LLC
5.550%, 2/1/16		268,000		286,983
6.150%, 2/1/36		270,000		290,334
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		125,000		128,136
6.125%, 8/15/19		130,000		136,720
Wyeth
5.500%, 2/15/16		652,000		711,462
7.250%, 3/1/23		683,000		813,980
5.950%, 4/1/37		500,000		550,622
				22,601,086
Total Health Care				33,211,252
Industrials (0.9%)
Aerospace & Defense (0.2%)
Boeing Co.
3.500%, 2/15/15		100,000		102,377
4.875%, 2/15/20		55,000		56,734
5.875%, 2/15/40		30,000		32,730
General Dynamics Corp.
1.800%, 7/15/11		65,000		65,343
5.250%, 2/1/14		500,000		548,028
Goodrich Corp.
6.125%, 3/1/19		200,000		217,334
Honeywell International, Inc.
3.875%, 2/15/14		1,270,000		1,321,937
5.300%, 3/1/18		1,334,000		1,435,988
ITT Corp.
4.900%, 5/1/14		220,000		229,406
Lockheed Martin Corp.
4.121%, 3/14/13		158,000		164,994
7.750%, 5/1/26		674,000		867,354
Northrop Grumman Corp.
3.700%, 8/1/14		60,000		61,047
Northrop Grumman Systems Corp.
7.750%, 2/15/31		405,000		534,067
Rockwell Collins, Inc.
5.250%, 7/15/19		50,000		53,922
United Technologies Corp.
4.875%, 5/1/15		500,000		546,855
6.125%, 2/1/19		500,000		572,060
6.050%, 6/1/36		660,000		759,248
				7,569,424
Air Freight & Logistics (0.0%)
United Parcel Service, Inc.
6.200%, 1/15/38		694,000		811,067
Airlines (0.2%)
Continental Airlines, Inc.
9.000%, 7/8/16		250,000		263,750
Southwest Airlines Co.
10.500%, 12/15/11§		7,000,000		7,553,805
				7,817,555
Building Products (0.0%)
CRH America, Inc.
5.625%, 9/30/11		127,000		131,938
6.000%, 9/30/16		500,000		512,582
				644,520
Commercial Services & Supplies (0.1%)
Allied Waste North America, Inc.
6.875%, 6/1/17		350,000		369,662
Board of Trustees of the Leland Stanford Junior University
4.250%, 5/1/16		895,000		930,353
Cornell University
5.450%, 2/1/19		200,000		221,048
Dartmouth College
4.750%, 6/1/19		50,000		52,527
Pitney Bowes, Inc.
5.750%, 9/15/17		678,000		731,863
Princeton University
5.700%, 3/1/39		200,000		220,120
R.R. Donnelley & Sons Co.
8.600%, 8/15/16		500,000		526,651
11.250%, 2/1/19		250,000		296,977
Republic Services, Inc.
5.500%, 9/15/19§		148,000		152,463
Vanderbilt University
5.250%, 4/1/19		100,000		108,800
Waste Management, Inc.
6.375%, 11/15/12		700,000		766,088
7.375%, 3/11/19		200,000		232,749
				4,609,301
Electrical Equipment (0.0%)
Emerson Electric Co.
4.875%, 10/15/19		500,000		529,062
6.125%, 4/15/39		100,000		116,404
				645,466
Industrial Conglomerates (0.2%)
3M Co.
4.375%, 8/15/13		350,000		374,754
5.700%, 3/15/37		200,000		225,486
General Electric Co.
5.000%, 2/1/13^		2,081,000		2,195,249
5.250%, 12/6/17		500,000		513,125
Koninklijke Philips Electronics N.V.
6.875%, 3/11/38		1,348,000		1,576,183
Tyco International Finance S.A.
6.000%, 11/15/13		610,000		654,124
				5,538,921
Machinery (0.0%)
Caterpillar, Inc.
8.250%, 12/15/38		300,000		409,239
Dover Corp.
5.450%, 3/15/18		660,000		713,739

See Notes to Portfolio of Investments.

47

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Snap-On, Inc.
6.125%, 9/1/21	$	100,000	$	106,023
				1,229,001
Road & Rail (0.2%)
Burlington Northern Santa Fe Corp.
5.900%, 7/1/12		1,342,000		1,456,771
4.700%, 10/1/19		150,000		151,786
Canadian National Railway Co.
6.200%, 6/1/36		680,000		788,407
Canadian Pacific Railway Co.
7.250%, 5/15/19		220,000		255,224
CSX Corp.
6.250%, 3/15/18		650,000		704,922
Norfolk Southern Corp.
7.700%, 5/15/17		268,000		316,742
5.900%, 6/15/19		550,000		611,464
Union Pacific Corp.
5.125%, 2/15/14		500,000		536,369
5.700%, 8/15/18		500,000		539,333
				5,361,018
Total Industrials				34,226,273
Information Technology (0.4%)
Communications Equipment (0.1%)
Cisco Systems, Inc.
4.950%, 2/15/19		1,000,000		1,051,181
5.900%, 2/15/39		300,000		324,742
Harris Corp.
6.375%, 6/15/19		85,000		93,816
Motorola, Inc.
8.000%, 11/1/11		200,000		213,203
6.000%, 11/15/17		676,000		647,553
Nokia Oyj
5.375%, 5/15/19		200,000		212,879
6.625%, 5/15/39		95,000		108,236
				2,651,610
Computers & Peripherals (0.1%)
Dell, Inc.
3.375%, 6/15/12		270,000		279,772
5.875%, 6/15/19		125,000		134,006
7.100%, 4/15/28		100,000		110,416
Hewlett-Packard Co.
5.250%, 3/1/12		664,000		716,019
4.750%, 6/2/14		475,000		509,801
International Business Machines Corp.
5.700%, 9/14/17		1,000,000		1,102,083
6.500%, 1/15/28		1,379,000		1,592,271
				4,444,368
Electronic Equipment, Instruments & Components (0.0%)
Arrow Electronics, Inc.
6.000%, 4/1/20		100,000		99,922
Corning, Inc.
6.625%, 5/15/19		30,000		32,819
				132,741
IT Services (0.0%)
Electronic Data Systems Corp.
6.000%, 8/1/13		670,000		747,599
Western Union Co.
5.400%, 11/17/11		1,325,000		1,411,499
				2,159,098
Office Electronics (0.1%)
Xerox Corp.
5.500%, 5/15/12		1,302,000		1,365,226
8.250%, 5/15/14		40,000		45,468
6.350%, 5/15/18		1,372,000		1,426,340
				2,837,034
Semiconductors & Semiconductor Equipment (0.0%)
Analog Devices, Inc.
5.000%, 7/1/14		100,000		105,065
Software (0.1%)
Microsoft Corp.
2.950%, 6/1/14		190,000		192,560
4.200%, 6/1/19		125,000		128,697
5.200%, 6/1/39		185,000		189,227
Oracle Corp.
4.950%, 4/15/13		1,100,000		1,190,543
5.250%, 1/15/16		1,302,000		1,416,406
6.500%, 4/15/38		600,000		695,479
				3,812,912
Total Information Technology				16,142,828
Materials (0.4%)
Chemicals (0.1%)
Air Products and Chemicals, Inc.
4.375%, 8/21/19		200,000		204,259
Cabot Corp.
5.000%, 10/1/16		100,000		99,815
Dow Chemical Co.
6.000%, 10/1/12		1,312,000		1,397,348
7.600%, 5/15/14		370,000		409,312
8.550%, 5/15/19		310,000		348,485
9.400%, 5/15/39		225,000		277,107
E.I. du Pont de Nemours & Co.
5.875%, 1/15/14		300,000		332,208
6.000%, 7/15/18		350,000		391,466
5.600%, 12/15/36		100,000		105,779
Monsanto Co.
5.125%, 4/15/18		150,000		159,195
5.875%, 4/15/38		100,000		110,775
Potash Corp of Saskatchewan, Inc.
5.250%, 5/15/14		155,000		167,687
3.750%, 9/30/15		120,000		119,745
6.500%, 5/15/19		85,000		95,258
4.875%, 3/30/20		70,000		69,920
PPG Industries, Inc.
6.650%, 3/15/18		300,000		327,079
Praxair, Inc.
4.625%, 3/30/15		253,000		272,552
4.500%, 8/15/19		300,000		309,393
Valspar Corp.
7.250%, 6/15/19		100,000		108,617
				5,306,000
Construction Materials (0.0%)
Lafarge S.A.
7.125%, 7/15/36		200,000		191,382
Containers & Packaging (0.0%)
Bemis Co., Inc.
5.650%, 8/1/14		55,000		58,395
6.800%, 8/1/19		45,000		50,219
				108,614
Metals & Mining (0.3%)
Alcoa, Inc.
5.900%, 2/1/27		665,000		565,532
Allegheny Technologies, Inc.
9.375%, 6/1/19		200,000		226,434

See Notes to Portfolio of Investments.

48

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
ArcelorMittal S.A.
5.375%, 6/1/13	$	300,000	$	306,708
9.000%, 2/15/15		225,000		258,750
6.125%, 6/1/18		250,000		246,289
9.850%, 6/1/19		250,000		295,701
Barrick Gold Corp.
6.950%, 4/1/19		300,000		351,220
Barrick N.A. Finance LLC
7.500%, 9/15/38		100,000		130,395
BHP Billiton Finance USA Ltd.
5.125%, 3/29/12		628,000		677,726
6.500%, 4/1/19		500,000		580,101
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		1,000,000		1,063,750
Newmont Mining Corp.
5.125%, 10/1/19		360,000		359,841
6.250%, 10/1/39		200,000		198,643
Nucor Corp.
5.850%, 6/1/18		300,000		328,525
Rio Tinto Finance USA Ltd.
5.875%, 7/15/13		650,000		700,327
8.950%, 5/1/14		360,000		424,867
9.000%, 5/1/19		215,000		263,928
7.125%, 7/15/28		300,000		332,307
Vale Overseas Ltd.
6.875%, 11/21/36		1,366,000		1,413,169
Xstrata Canada Corp.
5.500%, 6/15/17		724,000		669,107
				9,393,320
Paper & Forest Products (0.0%)
International Paper Co.
9.375%, 5/15/19		200,000		234,179
7.500%, 8/15/21		200,000		211,913
Koch Forest Products, Inc.
2.323%, 12/20/12(l)		49,259		47,319
2.339%, 12/20/12(l)		36,460		35,024
2.650%, 12/20/12(l)		419,561		403,041
				931,476
Total Materials				15,930,792
Telecommunication Services (1.7%)
Diversified Telecommunication Services (1.2%)
Ameritech Capital Funding Corp.
6.550%, 1/15/28		531,000		527,161
AT&T Corp.
7.300%, 11/15/11		38,000		42,092
AT&T, Inc.
6.250%, 3/15/11		1,351,000		1,440,131
5.500%, 2/1/18		585,000		610,374
6.150%, 9/15/34		676,000		690,856
6.800%, 5/15/36		682,000		759,000
6.500%, 9/1/37		1,950,000		2,095,289
6.400%, 5/15/38		1,332,000		1,414,001
BellSouth Capital Funding Corp.
7.875%, 2/15/30		687,000		823,568
BellSouth Corp.
5.200%, 9/15/14		1,107,000		1,198,534
6.000%, 11/15/34		290,000		293,790
British Telecommunications plc
9.125%, 12/15/10		1,346,000		1,449,207
9.625%, 12/15/30		693,000		887,784
Deutsche Telekom International Finance B.V.
8.500%, 6/15/10		2,400,000		2,515,666
4.875%, 7/8/14		500,000		524,945
6.750%, 8/20/18		500,000		559,817
6.000%, 7/8/19		250,000		267,920
8.750%, 6/15/30		668,000		865,075
Embarq Corp.
7.082%, 6/1/16		500,000		543,279
France Telecom S.A.
7.750%, 3/1/11		1,149,000		1,244,108
GTE Corp.
8.750%, 11/1/21		250,000		313,148
6.940%, 4/15/28		67,000		72,038
Qwest Corp.
7.625%, 6/15/15		1,580,000		1,599,750
8.375%, 5/1/16§		750,000		776,250
6.500%, 6/1/17		650,000		611,000
Telecom Italia Capital S.A.
6.175%, 6/18/14		250,000		271,187
5.250%, 10/1/15^		472,000		488,648
6.999%, 6/4/18		500,000		552,543
7.175%, 6/18/19		7,350,000		8,201,446
6.375%, 11/15/33		1,374,000		1,403,942
Telefonica Emisiones S.A.U.
5.984%, 6/20/11		1,350,000		1,438,426
4.949%, 1/15/15		1,440,000		1,527,564
6.421%, 6/20/16		300,000		336,920
6.221%, 7/3/17		669,000		738,514
5.877%, 7/15/19		145,000		157,545
Telefonica Europe B.V.
7.750%, 9/15/10		165,000		174,536
Verizon Communications, Inc.
5.350%, 2/15/11		600,000		631,330
4.350%, 2/15/13		500,000		525,666
5.550%, 2/15/16		1,315,000		1,423,881
5.500%, 2/15/18		298,000		312,438
8.750%, 11/1/18		2,500,000		3,123,125
7.750%, 12/1/30		678,000		819,141
7.750%, 6/15/32		127,000		153,460
5.850%, 9/15/35		262,000		263,771
6.400%, 2/15/38		667,000		712,694
Verizon Maryland, Inc. Series B
5.125%, 6/15/33		139,000		118,284
Verizon New England, Inc.
6.500%, 9/15/11		797,000		856,967
7.875%, 11/15/29		7,000		7,944
Verizon New Jersey, Inc. Series A
5.875%, 1/17/12		312,000		335,324
Verizon New York, Inc.
6.875%, 4/1/12		500,000		543,810
				47,243,889
Wireless Telecommunication Services (0.5%)
America Movil S.A.B. de C.V.
5.625%, 11/15/17		1,322,000		1,366,756
Cellco Partnership/Verizon Wireless Capital LLC
3.750%, 5/20/11§		4,935,000		5,091,573
5.250%, 2/1/12§		500,000		533,914
5.550%, 2/1/14§		500,000		540,340
8.500%, 11/15/18§		1,270,000		1,585,763
New Cingular Wireless Services, Inc.
7.875%, 3/1/11		300,000		325,570
8.125%, 5/1/12		1,348,000		1,538,080
Rogers Communications, Inc.
6.800%, 8/15/18		500,000		561,128
Vodafone Group plc
7.750%, 2/15/10		595,000		609,876

See Notes to Portfolio of Investments.

49

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
4.150%, 6/10/14	$	3,075,000	$	3,157,801
7.875%, 2/15/30		682,000		849,837
6.150%, 2/27/37		669,000		715,386
				16,876,024
Total Telecommunication Services				64,119,913
Utilities (1.4%)
Electric Utilities (1.0%)
Carolina Power & Light Co.
5.300%, 1/15/19		500,000		541,508
Columbus Southern Power Co.
6.600%, 3/1/33		651,000		708,472
Commonwealth Edison Co.
6.150%, 9/15/17		1,330,000		1,469,667
5.900%, 3/15/36		624,000		663,160
Consolidated Edison Co. of New York, Inc. Series 02-B
4.875%, 2/1/13		1,305,000		1,386,659
Series 07-A
6.300%, 8/15/37		628,000		708,994
Dayton Power & Light Co.
5.125%, 10/1/13		900,000		960,222
Detroit Edison Co.
5.600%, 6/15/18		250,000		267,565
6.625%, 6/1/36		100,000		116,423
Duke Energy Carolinas LLC
6.000%, 1/15/38		500,000		560,545
Duke Energy Ohio, Inc.
5.700%, 9/15/12		1,245,000		1,356,100
EDP Finance B.V.
6.000%, 2/2/18§		875,000		945,733
Enel Finance International S.A.
6.250%, 9/15/17§		7,200,000		7,755,048
Energy Gulf States Louisiana LLC
5.590%, 10/1/24		60,000		59,864
FirstEnergy Corp. Series B
6.450%, 11/15/11		29,000		31,365
Series C
7.375%, 11/15/31		522,000		585,124
FirstEnergy Solutions Corp.
4.800%, 2/15/15§		500,000		513,759
6.800%, 8/15/39§		497,000		526,791
Florida Power & Light Co.
5.550%, 11/1/17		500,000		547,260
4.950%, 6/1/35		875,000		872,547
5.950%, 2/1/38		309,000		350,683
Florida Power Corp.
5.900%, 3/1/33		82,000		89,141
6.400%, 6/15/38^		890,000		1,052,859
Georgia Power Co.
5.400%, 6/1/18		500,000		537,165
5.950%, 2/1/39		250,000		279,293
Hydro Quebec
7.500%, 4/1/16		300,000		353,167
Indiana Michigan Power Co.
7.000%, 3/15/19		250,000		288,099
Interstate Power and Light Co.
6.250%, 7/15/39		60,000		66,559
MidAmerican Energy Co.
6.750%, 12/30/31		273,000		322,365
MidAmerican Energy Holdings Co.
5.950%, 5/15/37		704,000		742,571
6.500%, 9/15/37^		600,000		679,595
MidAmerican Funding LLC
6.927%, 3/1/29		682,000		788,075
Nevada Power Co.
7.125%, 3/15/19		500,000		568,730
Northern States Power Co.
5.250%, 3/1/18		500,000		536,509
Ohio Power Co.
5.375%, 10/1/21		95,000		96,392
Oncor Electric Delivery Co.
6.800%, 9/1/18		500,000		575,309
7.250%, 1/15/33		250,000		308,960
Pacific Gas & Electric Co.
6.250%, 12/1/13		500,000		561,565
6.050%, 3/1/34		657,000		730,849
PacifiCorp
6.000%, 1/15/39		500,000		559,845
Pepco Holdings, Inc.
6.450%, 8/15/12		2,130,000		2,285,424
Portland General Electric Co.
6.100%, 4/15/19		100,000		113,038
PPL Electric Utilities Corp.
6.250%, 5/15/39		75,000		85,594
PSEG Power LLC
6.950%, 6/1/12		400,000		439,106
Public Service Co. of Colorado
6.250%, 9/1/37		254,000		295,151
Public Service Electric & Gas Co.
5.300%, 5/1/18		250,000		267,592
5.800%, 5/1/37		250,000		273,816
Puget Sound Energy, Inc.
5.757%, 10/1/39		125,000		127,486
San Diego Gas & Electric Co.
6.125%, 9/15/37		200,000		232,035
6.000%, 6/1/39		30,000		34,360
Scottish Power Ltd.
4.910%, 3/15/10		330,000		336,006
Southern California Edison Co.
5.750%, 3/15/14		500,000		554,170
5.950%, 2/1/38		800,000		907,917
Southern Co.
4.150%, 5/15/14		125,000		129,128
Tampa Electric Co.
6.100%, 5/15/18		75,000		81,207
Toledo Edison Co.
7.250%, 5/1/20		30,000		35,330
Union Electric Co.
6.700%, 2/1/19		500,000		564,305
Virginia Electric & Power Co. Series A
5.400%, 1/15/16		1,316,000		1,401,593
				38,227,795
Gas Utilities (0.0%)
Boardwalk Pipelines LP
5.750%, 9/15/19		200,000		199,673
CenterPoint Energy Resources Corp.
6.150%, 5/1/16		300,000		312,144
Consolidated Natural Gas Co. Series A
5.000%, 3/1/14		75,000		79,021
Enterprise Products Operating LLC
5.250%, 1/31/20		250,000		249,822
EQT Corp.
8.125%, 6/1/19		125,000		142,671
Panhandle Eastern Pipeline Co.
6.200%, 11/1/17		250,000		263,620

See Notes to Portfolio of Investments.

50

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Plains All American Pipeline LP
8.750%, 5/1/19	$	100,000	$	120,040
Southern California Gas Co.
5.500%, 3/15/14		200,000		219,608
				1,586,599
Independent Power Producers & Energy Traders (0.3%)
Constellation Energy Group, Inc.
7.000%, 4/1/12		1,275,000		1,371,487
Tennessee Valley Authority
5.500%, 7/18/17		676,000		757,284
6.750%, 11/1/25		697,000		856,087
6.150%, 1/15/38		691,000		816,777
5.250%, 9/15/39^		6,665,000		7,032,395
				10,834,030
Multi-Utilities (0.1%)
Avista Corp.
5.125%, 4/1/22		55,000		56,099
Dominion Resources, Inc.
5.125%, 12/15/09		45,000		45,344
5.150%, 7/15/15		383,000		406,106
6.000%, 11/30/17		1,331,000		1,460,288
5.200%, 8/15/19		80,000		83,066
DTE Energy Co.
7.625%, 5/15/14		50,000		55,191
NiSource Finance Corp.
6.400%, 3/15/18		250,000		249,534
Sempra Energy
9.800%, 2/15/19		600,000		768,449
				3,124,077
Total Utilities				53,772,501
Total Corporate Bonds				1,017,564,063
Government Securities (73.9%)
Agency ABS (0.4%)
Small Business Administration Series 2003-10A 1
4.628%, 3/10/13	$	116,804		120,589
Series 2008-P10B
5.944%, 8/1/18		3,009,423		3,218,068
Small Business Administration Participation Certificates, Class 1
Series 2004-20A 1 1
4.930%, 1/1/24		562,370		593,882
Series 2004-20C 1
4.340%, 3/1/24		3,688,164		3,824,469
Series 2005-20B 1
4.625%, 2/1/25		332,019		347,989
Series 2008-20A 1
5.170%, 1/1/28		893,157		955,323
Series 2008-20C 1 1
5.490%, 3/1/28		3,330,908		3,567,105
Series 2008-20G
5.870%, 7/1/28		3,399,107		3,666,288
				16,293,713
Agency CMO (0.5%)
Federal Home Loan Mortgage Corp.
4.500%, 2/15/15		937,230		949,250
4.500%, 1/15/16		1,309,420		1,328,602
5.000%, 7/15/19		1,035,854		1,036,777
5.500%, 2/15/26		658,404		665,237
5.500%, 4/15/26		647,298		659,358
5.500%, 1/15/31		524,854		550,007
Federal National Mortgage Association
4.500%, 2/25/17		985,192		1,010,963
4.500%, 3/25/17		805,900		828,119
5.500%, 9/25/24		224,344		224,028
5.500%, 10/25/24		322,779		322,498
5.500%, 3/25/25		785,762		784,989
5.500%, 1/25/26		1,114,679		1,115,128
5.500%, 5/25/27		438,040		444,130
6.000%, 8/25/28		179,263		180,586
6.000%, 1/25/32		1,894,657		1,940,482
8.588%, 6/25/32(l)		121,550		129,986
5.310%, 8/25/33		2,716,674		2,619,628
6.000%, 10/25/33		1,878,495		1,925,686
6.500%, 7/25/34		330,302		347,823
Government National Mortgage Association
6.500%, 6/20/32		152,565		164,247
6.159%, 1/16/38 IO(l)		4,411,389		427,205
				17,654,729
Foreign Governments (1.2%)
Emirate of Abu Dhabi
5.500%, 8/2/12§		3,100,000		3,283,225
Export-Import Bank of China
5.250%, 7/29/14§		3,700,000		4,032,471
Export-Import Bank of Korea
5.125%, 2/14/11		700,000		721,898
Federative Republic of Brazil
6.000%, 1/17/17		2,700,000		2,921,400
8.000%, 1/15/18		1,416,667		1,640,500
8.250%, 1/20/34		1,351,000		1,781,293
Hungary Government International Bond
4.750%, 2/3/15		250,000		249,170
Israel Government AID Bond
5.500%, 4/26/24		585,000		630,139
5.500%, 9/18/33		583,000		623,506
Oesterreichische Kontrollbank AG
2.875%, 3/15/11		500,000		513,555
4.875%, 2/16/16		2,749,000		2,948,751
Province of British Columbia
6.500%, 1/15/26		300,000		353,420
7.250%, 9/1/36		500,000		647,637
Province of Manitoba
4.900%, 12/6/16		500,000		538,534
Province of Nova Scotia
5.125%, 1/26/17		1,455,000		1,547,423
Province of Ontario
2.625%, 1/20/12		1,500,000		1,538,199
3.500%, 7/15/13		1,000,000		1,042,420
4.100%, 6/16/14		2,640,000		2,791,180
4.000%, 10/7/19		250,000		249,815
Province of Quebec
4.600%, 5/26/15		1,372,000		1,468,915
7.500%, 9/15/29		500,000		662,795
Republic of Chile
5.500%, 1/15/13		300,000		334,830
Republic of Croatia Series A
1.750%, 7/30/10(l)		205,909		202,306
Republic of Italy
5.625%, 6/15/12		1,256,000		1,376,727
4.500%, 1/21/15		2,699,000		2,859,075
6.875%, 9/27/23		656,000		788,293
Republic of Panama
9.375%, 4/1/29		298,000		411,434
Republic of Peru
8.375%, 5/3/16		300,000		365,250

See Notes to Portfolio of Investments.

51

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
7.125%, 3/30/19	$	100,000	$	115,350
6.550%, 3/14/37		677,000		734,545
Republic of Poland
6.375%, 7/15/19		700,000		786,394
Republic of South Africa
7.375%, 4/25/12		60,000		66,126
6.500%, 6/2/14		1,480,000		1,620,600
6.875%, 5/27/19		500,000		557,500
State of Israel
5.500%, 11/9/16		656,000		711,299
United Mexican States
6.625%, 3/3/15		670,000		739,680
8.125%, 12/30/19		1,356,000		1,652,286
8.300%, 8/15/31		1,370,000		1,753,600
6.750%, 9/27/34		1,078,000		1,185,800
				46,447,341
Municipal Bonds (1.5%)
California State University
5.000%, 11/1/30		300,000		312,408
Central Puget Sound Regional Transportation Authority
5.491%, 11/1/39		100,000		104,553
Chabot-Las Positas, California Community College District (Zero Coupon), 8/1/22		6,230,000		3,209,571
Chicago Illinois Metropolitan Water Reclamation
5.720%, 12/1/38		775,000		840,007
City of Chicago, Illinois
4.750%, 1/1/36		600,000		611,310
City of San Antonio, Texas
5.985%, 2/1/39		50,000		56,124
Clark County, Nevada Airport Revenue
6.881%, 7/1/42		100,000		101,981
Dallas Area Rapid Transit
6.249%, 12/1/34		400,000		415,496
Illinois State
5.100%, 6/1/33		1,000,000		930,250
Illinois State Toll Highway Authority
6.184%, 1/1/34		1,055,000		1,151,353
Los Angeles, California Community College District
5.000%, 8/1/27		1,100,000		1,190,860
Los Angeles, California Unified School District
4.500%, 7/1/22		1,500,000		1,558,530
4.500%, 7/1/24		1,300,000		1,336,725
4.500%, 7/1/25		1,700,000		1,716,507
4.500%, 1/1/28		1,500,000		1,488,840
Los Gatos, California Union School District
5.000%, 8/1/30		160,000		166,416
Metropolitan Transportation Authority
7.336%, 11/15/39		1,065,000		1,316,372
Metropolitan Washington Airports Authority
7.462%, 10/1/46		13,000,000		14,065,090
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,185,000		1,460,868
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		4,500,000		4,823,325
New York State Dormitory Authority
5.628%, 3/15/39		875,000		919,660
New York, New York Build America Bonds
5.206%, 10/1/31		75,000		75,000
Pennsylvania Turnpike Commission
6.105%, 12/1/39		250,000		275,633
Port Authority of New York & New Jersey
6.040%, 12/1/29		620,000		674,926
Puerto Rico Sales Tax Financing Corp. (Zero Coupon), 8/1/54		1,100,000		81,906
State of California
5.450%, 4/1/15		4,025,000		4,207,091
5.950%, 4/1/16		35,000		36,907
4.500%, 8/1/28		1,900,000		1,829,757
7.500%, 4/1/34		175,000		192,182
5.000%, 11/1/37		500,000		501,300
5.000%, 12/1/37		500,000		501,295
6.000%, 4/1/38		1,000,000		1,096,990
7.550%, 4/1/39		3,085,000		3,428,885
State of Iowa
6.750%, 6/1/34		1,800,000		1,924,884
State of Texas
4.750%, 4/1/37		1,800,000		1,875,294
5.517%, 4/1/39		2,110,000		2,244,006
State of Utah
4.554%, 7/1/24		120,000		122,713
University of Virginia
6.200%, 9/1/39		225,000		263,140
Utah Transit Authority
5.937%, 6/15/39		40,000		43,369
				57,151,524
Supranational (0.6%)
Asian Development Bank
2.125%, 3/15/12		2,000,000		2,038,110
2.750%, 5/21/14		300,000		303,122
Corp. Andina de Fomento
8.125%, 6/4/19		475,000		551,602
Eksportfinans A/S
5.000%, 2/14/12		1,232,000		1,321,862
5.500%, 5/25/16		1,675,000		1,809,290
European Bank for Reconstruction & Development
3.625%, 6/17/13		400,000		419,656
European Investment Bank
3.250%, 10/14/11		2,000,000		2,083,416
4.625%, 5/15/14		4,320,000		4,707,530
3.125%, 6/4/14		500,000		511,670
4.875%, 2/16/16		1,334,000		1,461,925
Export Development Canada
2.625%, 11/15/11		1,000,000		1,030,882
Inter-American Development Bank
5.000%, 4/5/11		1,199,000		1,271,224
4.250%, 9/10/18		1,368,000		1,427,988
International Bank for Reconstruction & Development
3.500%, 10/8/13		1,000,000		1,047,041
7.625%, 1/19/23		694,000		925,796
International Finance Corp.
3.000%, 4/22/14		510,000		518,131
Japan Finance Corp.
2.000%, 6/24/11^		2,415,000		2,445,871
Nordic Investment Bank
3.125%, 2/15/11		1,000,000		1,028,374
5.000%, 2/1/17		300,000		329,095
				25,232,585
U.S. Government Agencies (50.0%)
Federal Farm Credit Bank
5.375%, 7/18/11		1,250,000		1,345,346
3.875%, 8/25/11		1,355,000		1,424,185
1.590%, 11/28/11		250,000		250,048
2.000%, 1/17/12		500,000		506,699
2.125%, 6/18/12		1,000,000		1,009,933
3.750%, 6/17/14		250,000		254,008
3.700%, 4/1/16		250,000		248,016

See Notes to Portfolio of Investments.

52

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
5.125%, 8/25/16	$	685,000	$	751,116
4.875%, 1/17/17		840,000		911,505
Federal Home Loan Bank 3.375%, 10/20/10		2,710,000		2,789,406
0.750%, 3/18/11		500,000		500,172
0.750%, 3/25/11		500,000		499,755
3.375%, 6/24/11		4,000,000		4,162,396
1.625%, 7/27/11		400,000		404,586
1.500%, 9/16/11		1,000,000		1,002,861
1.250%, 9/28/11		1,000,000		1,001,535
1.375%, 9/28/11		1,000,000		1,001,792
1.250%, 10/19/11		100,000		100,207
4.875%, 11/18/11		5,420,000		5,852,456
2.250%, 4/13/12		3,000,000		3,065,760
2.000%, 7/27/12		500,000		501,795
2.250%, 8/27/12		500,000		501,409
2.000%, 9/24/12		1,000,000		1,000,806
2.000%, 10/5/12		500,000		501,313
5.250%, 6/5/17		1,350,000		1,515,017
5.000%, 11/17/17		2,740,000		2,993,250
5.500%, 7/15/36		690,000		761,920
Federal Home Loan Mortgage Corp.
4.000%, 6/1/10		343,205		345,916
3.125%, 10/25/10		5,000,000		5,135,410
1.500%, 1/7/11		5,000,000		5,053,045
2.050%, 3/9/11		500,000		503,282
2.000%, 3/16/11		1,250,000		1,257,393
1.750%, 4/20/11		250,000		251,683
1.625%, 4/26/11		5,000,000		5,062,820
1.250%, 6/8/11		500,000		501,010
1.700%, 6/29/11		500,000		504,522
1.750%, 7/27/11		1,000,000		1,007,083
1.625%, 8/11/11		1,000,000		1,004,953
2.000%, 10/14/11		500,000		503,197
2.000%, 12/22/11		500,000		501,763
2.050%, 2/24/12		1,000,000		1,005,019
2.625%, 3/19/12		250,000		252,599
2.125%, 3/23/12		10,000,000		10,185,220
2.500%, 3/23/12		250,000		251,953
2.200%, 4/20/12		250,000		252,346
2.000%, 4/27/12		250,000		252,155
2.050%, 5/11/12		1,000,000		1,004,299
1.750%, 6/15/12		1,900,000		1,910,030
2.000%, 6/15/12		500,000		503,061
2.000%, 9/25/12		200,000		200,413
2.000%, 9/28/12		500,000		500,129
2.000%, 10/1/12		1,000,000		1,002,021
2.500%, 4/8/13		750,000		755,526
4.875%, 11/15/13		5,440,000		5,991,910
6.000%, 1/1/14		14,515		15,487
5.500%, 2/1/14		106,430		112,866
3.000%, 2/4/14		250,000		251,052
3.250%, 3/3/14		1,000,000		1,006,495
3.000%, 4/21/14		250,000		250,503
2.750%, 4/29/14		500,000		499,113
6.000%, 7/1/14		8,892		9,488
3.000%, 7/28/14		400,000		407,778
3.625%, 8/25/14		250,000		253,697
4.500%, 1/15/15		2,710,000		2,943,743
4.750%, 11/17/15		2,928,000		3,198,342
5.625%, 6/13/16		2,450,000		2,472,783
6.000%, 2/1/17		267,177		287,446
6.000%, 3/1/17		8,648		9,297
6.500%, 3/1/17		71,562		77,045
6.000%, 4/1/17		221,829		238,677
6.000%, 5/1/17		1,955		2,101
6.000%, 7/1/17		27,492		29,591
6.000%, 8/1/17		66,528		71,614
5.500%, 11/1/17		65,114		69,825
4.340%, 12/18/17		1,000,000		1,006,812
4.875%, 6/13/18		4,000,000		4,360,632
5.000%, 3/25/19		500,000		500,127
3.750%, 3/27/19		500,000		500,244
4.500%, 4/1/21		5,111,347		5,367,114
5.000%, 2/1/22		1,449,826		1,533,248
5.000%, 4/1/22		1,440,857		1,523,763
5.000%, 7/1/22		909,666		960,302
5.000%, 3/1/23		1,012,415		1,066,147
5.500%, 3/1/23		43,499		45,936
5.000%, 4/1/23		1,777,921		1,871,332
5.000%, 5/1/23		1,905,792		2,010,983
5.000%, 7/1/23		252,464		265,649
5.000%, 8/1/23		653,267		687,385
5.000%, 10/1/23		1,057,707		1,112,616
5.000%, 11/1/23		68,036		71,569
4.500%, 12/1/23		4,526,630		4,697,971
4.000%, 4/1/24		1,581,965		1,612,554
5.000%, 4/1/24		1,313,504		1,381,694
5.000%, 5/1/24		415,221		436,777
4.000%, 7/1/24		1,386,677		1,413,490
4.000%, 8/1/24		3,963,020		4,039,649
4.500%, 8/1/24		3,008,382		3,120,374
6.750%, 3/15/31		693,000		906,739
5.029%, 11/1/31(l)		17,702		18,142
6.000%, 12/1/31		35,110		37,423
5.500%, 3/1/32		1,046,785		1,102,641
6.250%, 7/15/32		836,000		1,054,547
6.000%, 2/1/33		37,283		39,740
5.000%, 4/1/34		1,167,427		1,211,752
4.766%, 1/1/35(l)		1,303,633		1,363,533
6.000%, 2/1/35		756,333		804,401
5.500%, 10/1/35		258,920		272,129
5.500%, 11/1/35		10,407,333		10,938,270
6.000%, 11/1/35		1,581,968		1,679,544
6.000%, 3/1/36		23,546		24,976
5.321%, 4/1/36(l)		2,369,122		2,492,382
5.543%, 4/1/36(l)		2,075,815		2,201,287
5.000%, 5/1/36		180,881		187,382
5.883%, 11/1/36(l)		978,117		1,031,196
6.000%, 11/1/36		109,206		115,634
6.500%, 11/1/36		13,503,511		14,451,922
6.000%, 12/1/36		148,190		156,913
5.677%, 1/1/37(l)		2,090,899		2,202,682
6.000%, 4/1/37		3,117,076		3,299,672
5.424%, 6/1/37(l)		772,522		819,839
5.517%, 6/1/37(l)		7,750,631		8,225,361
5.573%, 6/1/37(l)		737,677		782,860
6.000%, 6/1/37		2,596,750		2,761,035
5.456%, 7/1/37(l)		1,297,497		1,376,969
6.000%, 7/1/37		2,504,427		2,651,073
5.500%, 8/1/37		643,828		675,744
6.000%, 8/1/37		947,041		1,002,495
6.000%, 9/1/37		1,436,459		1,520,120
5.500%, 10/1/37		4,204,528		4,409,170
6.000%, 10/1/37		9,300,233		9,870,868
6.000%, 11/1/37		701,210		742,050
6.000%, 12/1/37		468,762		496,114
5.500%, 1/1/38		659,335		691,736
5.500%, 2/1/38		2,728,330		2,861,123
5.500%, 4/1/38		18,313,810		19,205,178

See Notes to Portfolio of Investments.

53

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
6.000%, 4/1/38	$	359,379	$	380,142
5.500%, 5/1/38		1,505,302		1,580,685
6.000%, 5/1/38		316,078		334,339
6.000%, 6/1/38		1,104,458		1,169,519
6.000%, 7/1/38		288,324		304,847
5.500%, 8/1/38		12,221,514		12,814,449
6.000%, 8/1/38		8,269,378		8,743,252
6.000%, 9/1/38		9,759,546		10,318,814
6.000%, 10/1/38		3,776,739		3,994,665
6.000%, 11/1/38		714,627		755,579
6.000%, 12/1/38		556,249		588,124
6.000%, 1/1/39		1,089,231		1,151,650
4.500%, 2/1/39		4,731,805		4,793,910
6.000%, 2/1/39		1,293,011		1,367,437
6.000%, 3/1/39		1,760,389		1,862,092
4.000%, 4/1/39		4,080,770		4,042,672
6.000%, 4/1/39		179,840		190,146
4.000%, 5/1/39		3,965,187		3,928,168
4.500%, 6/1/39		22,850,597		23,150,511
6.000%, 6/1/39		4,347,851		4,597,036
5.000%, 8/1/39		1,695,727		1,756,667
6.000%, 8/1/39		1,331,269		1,407,557
6.000%, 10/15/24 TBA		1,800,000		1,915,313
4.500%, 10/15/39 TBA		2,000,000		2,023,125
5.000%, 10/15/39 TBA		5,800,000		5,991,219
5.500%, 10/15/39 TBA		2,700,000		2,825,824
6.000%, 10/15/39 TBA		71,000,000		74,918,866
Federal National Mortgage Association
4.750%, 12/15/10		908,000		953,728
2.000%, 2/11/11		500,000		502,555
2.000%, 3/2/11		500,000		502,106
1.750%, 3/23/11		4,500,000		4,567,158
2.000%, 4/1/11		2,000,000		2,015,346
1.750%, 4/15/11		500,000		503,056
2.125%, 4/15/11		250,000		252,179
6.000%, 5/15/11		2,711,000		2,935,270
1.250%, 9/22/11		200,000		200,119
1.250%, 9/28/11		500,000		500,729
1.430%, 12/8/11		250,000		251,084
2.000%, 1/9/12		5,000,000		5,085,955
2.500%, 3/19/12		2,000,000		2,015,964
2.250%, 4/9/12		250,000		251,723
2.150%, 4/13/12		500,000		503,459
2.000%, 9/28/12		1,500,000		1,502,053
4.625%, 5/1/13		1,695,000		1,786,522
4.625%, 10/15/13		3,790,000		4,138,930
5.125%, 1/2/14		607,000		644,027
3.000%, 1/13/14		2,687,000		2,695,628
2.750%, 2/5/14		1,500,000		1,519,793
3.150%, 2/18/14		250,000		250,938
3.375%, 3/10/14		250,000		252,088
2.750%, 3/13/14		3,000,000		3,046,323
2.900%, 4/7/14		250,000		249,874
4.000%, 5/1/14		3,458,064		3,561,660
3.000%, 5/12/14		500,000		501,707
2.500%, 5/15/14		5,000,000		4,989,160
3.000%, 7/28/14		500,000		504,988
3.000%, 9/29/14		500,000		501,005
3.125%, 9/29/14		500,000		499,997
7.000%, 4/1/15		35,161		37,449
4.375%, 10/15/15		2,028,000		2,180,226
4.000%, 3/10/16		2,000,000		2,011,724
7.000%, 4/1/16		50,311		53,887
3.450%, 4/8/16		500,000		497,721
6.000%, 8/1/16		144,990		154,924
4.875%, 12/15/16		2,050,000		2,245,353
5.500%, 2/1/17		218,307		233,822
5.500%, 6/1/17		73,666		78,949
5.375%, 6/12/17		1,500,000		1,694,543
5.500%, 8/1/17		64,013		68,594
5.500%, 10/1/17		57,556		61,675
5.500%, 12/1/17		4,521		4,844
5.500%, 1/1/18		239,505		256,607
5.000%, 3/1/18		2,619,235		2,784,881
5.500%, 4/1/18		243,673		261,072
5.000%, 11/1/18		14,240		15,136
5.500%, 11/1/18		2,192,795		2,350,060
5.500%, 3/1/19		205,619		220,309
5.500%, 5/1/19		334,079		357,934
4.250%, 5/21/19		250,000		250,747
5.500%, 7/1/19		29,383		31,454
5.500%, 8/1/19		208,251		222,796
5.500%, 9/1/19		113,047		120,942
5.500%, 11/1/19		117,511		125,702
5.000%, 12/1/19		5,280,326		5,601,226
5.500%, 6/1/20		1,124,477		1,204,452
5.000%, 8/1/20		15,760		16,757
5.500%, 10/1/20		213,362		227,939
4.500%, 12/1/20		18,121,888		19,129,209
5.500%, 1/1/21		168,014		179,445
5.500%, 2/1/21		84,393		90,050
6.000%, 5/1/21		759,333		814,681
6.000%, 8/1/21		2,162,143		2,318,826
6.000%, 10/1/21		826,058		884,463
5.000%, 1/1/22		161,544		170,650
5.000%, 3/1/22		393,111		414,532
5.000%, 10/1/22		16,875		17,879
5.000%, 12/1/22		8,762,332		9,223,381
5.500%, 12/1/22		4,232,433		4,487,040
5.000%, 1/1/23		3,312,995		3,493,116
5.000%, 2/1/23		20,681		21,743
5.500%, 3/1/23		521,408		552,937
4.000%, 4/1/23		2,400,714		2,449,197
4.500%, 4/1/23		781,465		810,983
5.000%, 4/1/23		799,765		840,810
4.500%, 5/1/23		1,650,083		1,712,412
5.000%, 5/1/23		2,349,321		2,469,868
4.000%, 6/1/23		1,445,173		1,475,714
5.000%, 7/1/23		2,030,103		2,133,749
5.000%, 8/1/23		1,387,661		1,458,325
5.500%, 8/1/23		5,113,118		5,419,838
5.000%, 9/1/23		580,597		610,057
4.787%, 2/1/24(l)		3,656		3,800
5.000%, 2/1/24		8,901,278		9,386,328
4.500%, 4/1/24		9,687,472		10,050,374
4.000%, 6/1/24		4,002,895		4,079,982
5.022%, 6/1/24(l)		1,550		1,611
5.800%, 2/9/26		680,000		704,130
3.950%, 1/1/28(l)		155,185		159,009
7.125%, 1/15/30		1,586,000		2,140,351
7.000%, 4/1/32		31,236		34,322
6.500%, 6/1/32		52,235		56,353
6.500%, 8/1/32		64,791		69,919
6.500%, 9/1/32		606,149		653,839
5.500%, 11/1/32		309,232		325,503
5.500%, 12/1/32		47,961		50,484
5.000%, 1/1/33		2,163,373		2,246,189
5.500%, 1/1/33		662,448		697,304
5.500%, 2/1/33		1,424,341		1,498,841
2.630%, 3/1/33(l)		171,150		175,365

See Notes to Portfolio of Investments.

54

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
5.500%, 3/1/33	$	2,311,475	$	2,432,376
5.500%, 6/1/33		20,274,205		21,335,417
5.000%, 7/1/33		430,416		446,893
5.500%, 7/1/33		81,406		85,773
5.000%, 8/1/33		5,215,182		5,416,550
5.500%, 8/1/33		96,839		101,889
5.500%, 10/1/33		697,036		734,139
5.000%, 11/1/33		1,143,042		1,186,442
5.500%, 11/1/33		667,572		702,385
5.500%, 12/1/33		769,887		810,062
5.000%, 2/1/34		971,507		1,008,242
5.500%, 2/1/34		1,011,316		1,065,186
6.000%, 2/1/34		2,052,708		2,186,295
5.000%, 3/1/34		3,144,909		3,264,317
5.500%, 3/1/34		4,835,884		5,087,312
6.000%, 3/1/34		10,156,403		10,817,362
5.000%, 4/1/34		1,295,545		1,344,532
5.500%, 4/1/34		6,559,394		6,900,358
5.000%, 5/1/34		2,467,926		2,560,858
5.500%, 5/1/34		4,823,015		5,076,989
5.500%, 6/1/34		1,291,998		1,361,372
5.000%, 7/1/34		1,788,008		1,855,338
5.500%, 7/1/34		1,341,891		1,413,236
5.000%, 8/1/34		2,447,128		2,539,660
5.500%, 8/1/34		389,077		409,245
6.000%, 8/1/34		1,254,314		1,334,374
5.500%, 9/1/34		12,777,039		13,439,348
6.500%, 9/1/34		321,768		346,328
5.500%, 11/1/34		23,879,991		25,117,832
5.000%, 12/1/34		1,951,243		2,025,024
5.500%, 1/1/35#		38,747,126		40,737,457
5.000%, 2/1/35		731,941		759,274
5.500%, 2/1/35		25,038,205		26,338,994
6.500%, 2/1/35		751,564		808,459
5.000%, 3/1/35		566,097		587,415
6.000%, 3/1/35		14,231		15,122
4.827%, 4/1/35(l)		1,802,010		1,895,949
6.000%, 4/1/35		6,709,360		7,147,041
6.000%, 5/1/35		573,625		609,521
5.000%, 6/1/35		1,898,215		1,969,694
5.000%, 7/1/35		10,618,119		11,019,616
6.000%, 7/1/35		363,184		385,911
5.500%, 8/1/35		7,934,192		8,346,940
6.000%, 8/1/35		1,009,974		1,072,743
5.000%, 9/1/35		969,214		1,006,013
5.500%, 9/1/35		440,431		462,642
6.000%, 9/1/35		1,160,706		1,231,891
4.500%, 10/1/35		254,115		258,880
5.000%, 10/1/35		424,346		439,662
5.500%, 10/1/35		8,200,838		8,614,404
6.000%, 10/1/35		2,264,143		2,402,999
5.000%, 11/1/35		7,650,081		7,932,177
6.000%, 11/1/35		2,053,632		2,179,577
5.500%, 12/1/35		4,440,903		4,669,019
6.000%, 12/1/35		26,243		27,827
6.500%, 12/1/35		734,418		788,639
5.164%, 1/1/36(l)		2,669,135		2,758,148
6.000%, 1/1/36		648,010		687,144
5.000%, 2/1/36		8,867,921		9,187,998
5.500%, 2/1/36		751,037		788,677
6.000%, 2/1/36		657,136		696,821
6.000%, 3/1/36		13,636,571		14,472,474
5.500%, 4/1/36		2,241,992		2,354,354
6.000%, 4/1/36		63,470		67,303
6.000%, 5/1/36		2,147,861		2,278,137
5.500%, 6/1/36		253,978		267,659
6.000%, 6/1/36		3,675,939		3,897,402
6.500%, 6/1/36		21,421		23,020
5.000%, 7/1/36		20,846,828		21,592,753
5.500%, 7/1/36		4,635,587		4,873,704
6.000%, 7/1/36		3,451,594		3,657,880
6.500%, 7/1/36		39,658		42,617
6.000%, 8/1/36		8,511,507		9,020,201
6.500%, 8/1/36		3,136,281		3,366,501
5.500%, 9/1/36		25,685,226		27,016,643
6.000%, 9/1/36		9,571,143		10,147,484
6.000%, 10/1/36		18,575,058		19,684,610
6.500%, 10/1/36		2,239,717		2,406,820
6.000%, 11/1/36		1,703,479		1,803,737
5.500%, 12/1/36		2,371,154		2,486,285
6.000%, 12/1/36		3,821,876		4,046,377
6.500%, 12/1/36		2,016,530		2,160,996
5.500%, 1/1/37		810,550		849,906
6.000%, 1/1/37		1,165,040		1,233,213
5.000%, 2/1/37		472,811		489,286
5.500%, 2/1/37		256,592		270,175
6.000%, 2/1/37		1,228,433		1,300,316
5.500%, 3/1/37		4,648,779		4,885,570
6.500%, 3/1/37		353,025		378,316
5.500%, 4/1/37		1,912,109		2,006,023
6.000%, 4/1/37		7,673,078		8,132,725
7.000%, 4/1/37		2,346,685		2,561,279
5.500%, 5/1/37		594,627		624,604
6.500%, 5/1/37		440,044		471,776
5.500%, 6/1/37		3,125,305		3,275,587
6.000%, 6/1/37		241,466		255,573
5.000%, 7/1/37		1,672,264		1,730,009
5.500%, 7/1/37		1,084,911		1,140,642
6.000%, 7/1/37		18,061,406		19,114,820
5.625%, 7/15/37		695,000		779,212
5.500%, 8/1/37		12,133,639		12,750,504
6.000%, 8/1/37		1,924,211		2,036,207
5.000%, 9/1/37		244,795		253,248
5.820%, 9/1/37(l)		7,989,369		8,478,722
6.000%, 9/1/37		1,942,886		2,057,789
6.500%, 9/1/37		720,491		772,061
5.500%, 10/1/37		1,195,712		1,254,999
6.500%, 10/1/37		2,460,165		2,642,779
5.000%, 11/1/37		158,511		163,985
5.500%, 11/1/37		2,044,714		2,142,717
6.000%, 11/1/37		18,137,274		19,205,147
7.500%, 11/1/37		719,678		789,507
5.500%, 12/1/37		5,184,608		5,434,090
6.500%, 12/1/37		4,626,123		4,954,650
5.000%, 1/1/38		1,020,363		1,055,598
5.500%, 1/1/38		36,994,663		38,767,806
5.000%, 2/1/38		22,043,951		22,831,234
5.500%, 2/1/38		19,078,357		19,993,626
6.000%, 2/1/38		4,024,582		4,271,402
5.000%, 3/1/38		4,135,799		4,278,612
6.500%, 3/1/38		603,619		648,575
4.500%, 4/1/38		946,282		959,885
5.500%, 4/1/38		1,314,100		1,380,192
5.500%, 5/1/38		5,707,698		6,001,931
6.000%, 5/1/38		12,206,522		12,912,808
5.000%, 6/1/38		561,059		580,433
5.500%, 6/1/38		65,402,867		68,558,740
6.000%, 6/1/38		1,505,353		1,601,437
5.500%, 7/1/38		31,159,212		32,653,982
6.000%, 7/1/38		591,210		626,913

See Notes to Portfolio of Investments.

55

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
5.500%, 8/1/38	$	3,243,442	$	3,399,719
6.000%, 8/1/38		21,811,819		23,066,211
5.500%, 9/1/38		19,997,948		20,967,128
6.000%, 9/1/38		21,228,192		22,453,569
6.500%, 9/1/38		456,582		490,005
5.500%, 10/1/38		10,058,381		10,540,475
5.500%, 11/1/38		32,880,078		34,456,011
6.500%, 11/1/38		2,995,124		3,214,377
5.500%, 12/1/38		11,425,305		12,037,524
4.500%, 1/1/39		855,247		867,542
5.410%, 1/1/39(l)		12,554,795		13,323,782
5.500%, 1/1/39		770,586		808,002
4.000%, 2/1/39		2,974,870		2,951,048
4.500%, 2/1/39		927,242		940,571
5.500%, 2/1/39		500,000		523,965
4.500%, 3/1/39		2,756,812		2,796,440
4.500%, 4/1/39		110,071		111,727
4.500%, 5/1/39		12,456,912		12,643,147
4.000%, 6/1/39		2,978,172		2,954,323
4.500%, 6/1/39		10,526,317		10,678,663
4.500%, 7/1/39		15,175,475		15,410,295
4.000%, 8/1/39		3,985,738		3,953,821
4.500%, 8/1/39		4,850,512		4,927,746
4.000%, 9/1/39		4,488,412		4,452,470
4.500%, 9/1/39		3,298,699		3,350,241
4.500%, 10/1/39		3,000,000		3,048,750
4.125%, 12/1/40(l)		103,020		105,883
4.000%, 10/25/24 TBA		2,800,000		2,848,563
4.500%, 10/25/24 TBA		4,000,000		4,141,250
5.500%, 10/25/24 TBA		3,300,000		3,488,719
4.000%, 10/25/39 TBA		5,900,000		5,844,688
4.500%, 10/25/39 TBA		25,200,000		25,522,875
5.000%, 10/25/39 TBA		3,000,000		3,098,438
5.500%, 10/25/39 TBA		123,300,000		128,973,723
6.000%, 10/25/39 TBA		1,000,000		1,054,844
4.500%, 11/25/39 TBA		21,400,000		21,600,625
5.500%, 11/25/39 TBA		31,300,000		32,635,139
6.500%, 11/25/39 TBA		46,100,000		49,076,691
Government National Mortgage Association
4.625%, 7/20/27(l)		7,278		7,518
6.000%, 1/15/29		22,115		23,650
6.000%, 6/15/29		13,851		14,809
6.000%, 12/15/31		26,580		28,422
7.000%, 2/15/32		24,130		26,308
6.500%, 5/15/32		317,861		342,409
6.000%, 7/15/32		24,119		25,782
6.000%, 8/15/32		25,896		27,683
6.000%, 1/15/33		18,733		20,081
6.500%, 1/15/33		266,432		287,590
6.000%, 2/15/33		44,968		48,084
6.500%, 2/15/33		329,424		356,306
7.000%, 2/15/33		18,566		20,200
5.500%, 4/15/33		72,388		76,689
6.500%, 6/15/34		332,806		359,236
6.500%, 8/15/34		2,663,469		2,874,154
6.000%, 9/15/34		548,233		583,799
6.000%, 12/15/34		73,687		78,356
6.000%, 1/15/35		160,008		170,146
6.000%, 2/15/35		85,570		91,286
6.000%, 3/15/35		396,807		422,339
6.000%, 5/15/35		37,276		39,760
6.000%, 7/15/35		207,600		221,435
6.000%, 9/15/35		29,444		31,406
6.000%, 10/15/35		82,601		87,757
6.000%, 12/15/35		117,597		124,754
6.500%, 12/15/35		3,086,937		3,338,353
6.000%, 1/15/36		88,837		94,364
6.000%, 2/15/36		79,592		84,437
6.000%, 3/15/36		64,201		68,108
6.000%, 4/15/36		99,409		105,574
6.000%, 5/15/36		415,099		440,309
6.000%, 6/15/36		485,858		514,971
6.000%, 7/15/36		1,023,825		1,085,175
6.000%, 8/15/36		1,595,048		1,691,821
6.000%, 9/15/36		750,514		795,487
6.000%, 10/15/36		1,180,583		1,251,325
6.000%, 11/15/36		61,518		65,166
6.000%, 2/15/37		731,169		774,525
6.000%, 6/15/37		40,466		42,853
6.000%, 11/15/37		35,788		37,888
6.000%, 2/15/38		406,227		430,315
6.000%, 4/15/38		3,751,034		3,972,265
6.000%, 5/15/38		1,020,347		1,080,213
6.000%, 6/15/38		467,136		494,544
6.000%, 8/15/38		61,764		65,388
6.000%, 9/15/38		389,967		412,847
6.000%, 10/15/38		1,974,708		2,090,568
6.000%, 11/15/38		307,111		325,129
6.000%, 12/15/38		3,552,750		3,761,196
6.500%, 12/15/38		1,104,893		1,176,754
5.500%, 1/15/39		22,769,449		23,955,061
6.000%, 1/15/39		308,978		327,106
5.000%, 2/15/39		10,765,163		11,168,856
4.500%, 4/15/39		6,967,203		7,087,225
4.000%, 6/15/39		853,960		846,688
4.500%, 6/15/39		7,989,655		8,127,290
4.000%, 7/15/39		450,191		446,357
4.000%, 8/15/39		695,849		689,923
4.500%, 8/15/39		1,868,408		1,902,930
5.000%, 8/15/39		49,635		51,511
4.500%, 9/15/39		1,131,591		1,151,084
5.000%, 9/15/39		8,950,366		9,288,802
4.500%, 10/15/39 TBA		2,000,000		2,029,688
5.000%, 10/15/39 TBA		16,300,000		16,867,954
5.500%, 10/15/39 TBA		2,000,000		2,098,281
Resolution Funding Corp.
0.000%, 7/15/18 STRIPS		75,000		53,024
0.000%, 10/15/18 STRIPS		75,000		52,333
Small Business Administration Series P10A
4.504%, 2/1/14		334,297		344,061
Small Business Administration Participation Certificates
4.524%, 2/10/13		77,827		80,262
U.S. Department of Housing and Urban Development Series 03-A
5.380%, 8/1/18		1,660,000		1,780,216
				1,922,664,601
U.S. Treasuries (19.7%)
U.S. Treasury Bonds
11.250%, 2/15/15		2,716,000		3,911,676
9.250%, 2/15/16		3,684,000		5,075,572
7.250%, 5/15/16		2,734,000		3,460,432
7.500%, 11/15/16		4,095,000		5,279,032
8.875%, 8/15/17		4,107,000		5,752,367
8.875%, 2/15/19		40,000,000		57,837,520
8.125%, 8/15/19		10,600,000		14,770,443
8.500%, 2/15/20		6,627,000		9,513,887
7.875%, 2/15/21		1,500,000		2,091,093
8.000%, 11/15/21		9,575,000		13,553,116

See Notes to Portfolio of Investments.

56

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
7.625%, 11/15/22	$	1,000,000	$	1,391,250
7.125%, 2/15/23		500,000		670,469
6.750%, 8/15/26		1,755,000		2,346,765
6.625%, 2/15/27		3,573,000		4,737,576
6.375%, 8/15/27		1,634,000		2,123,690
6.125%, 11/15/27		2,258,000		2,867,660
6.125%, 8/15/29		7,088,000		9,104,756
6.250%, 5/15/30		1,000,000		1,308,750
5.375%, 2/15/31		2,770,000		3,291,106
4.750%, 2/15/37		3,081,000		3,437,721
5.000%, 5/15/37		2,293,000		2,657,371
4.375%, 2/15/38		7,204,000		7,588,967
3.500%, 2/15/39		1,500,000		1,358,907
4.250%, 5/15/39		3,500,000		3,620,859
4.500%, 8/15/39		8,400,000		9,056,250
U.S. Treasury Notes
1.500%, 10/31/10		5,554,000		5,616,049
0.875%, 12/31/10		10,847,000		10,893,610
0.875%, 1/31/11		10,000,000		10,041,800
0.875%, 2/28/11		7,000,000		7,026,796
4.500%, 2/28/11		2,711,000		2,859,259
0.875%, 3/31/11		6,000,000		6,020,154
4.875%, 4/30/11		2,500,000		2,663,770
0.875%, 5/31/11		15,000,000		15,035,745
4.875%, 5/31/11		2,500,000		2,671,485
5.125%, 6/30/11		6,774,000		7,282,843
1.000%, 7/31/11		6,500,000		6,518,538
4.625%, 8/31/11		3,000,000		3,211,992
4.500%, 9/30/11		2,710,000		2,900,123
4.500%, 11/30/11		2,710,000		2,909,863
4.625%, 12/31/11		14,980,000		16,151,481
1.125%, 1/15/12		8,000,000		8,000,000
1.375%, 2/15/12		4,000,000		4,020,936
4.625%, 2/29/12		2,000,000		2,165,782
1.375%, 3/15/12		5,000,000		5,024,220
4.500%, 3/31/12		10,840,000		11,720,750
4.500%, 4/30/12		6,778,000		7,343,543
1.375%, 5/15/12		4,000,000		4,013,436
4.750%, 5/31/12		5,000,000		5,456,640
4.125%, 8/31/12		5,420,000		5,845,557
4.250%, 9/30/12		1,000,000		1,083,516
3.625%, 12/31/12		6,780,000		7,231,290
3.125%, 4/30/13		9,487,000		9,960,610
3.375%, 6/30/13		9,490,000		10,045,317
3.375%, 7/31/13		5,563,000		5,892,435
2.750%, 10/31/13		5,848,000		6,035,317
4.250%, 11/15/13		5,000,000		5,460,545
2.000%, 11/30/13		8,139,000		8,150,443
1.500%, 12/31/13		3,782,000		3,703,111
2.000%, 1/15/14 TIPS#		25,000,000		30,175,006
1.750%, 1/31/14		4,000,000		3,950,000
4.000%, 2/15/14		2,000,000		2,163,282
1.875%, 2/28/14		1,500,000		1,486,992
1.750%, 3/31/14		5,000,000		4,919,920
1.875%, 4/30/14		5,000,000		4,940,625
4.750%, 5/15/14		4,000,000		4,458,752
2.250%, 5/31/14		5,000,000		5,015,235
2.625%, 6/30/14		8,000,000		8,142,496
2.375%, 8/31/14		2,200,000		2,208,250
2.375%, 9/30/14		16,925,000		16,968,667
4.000%, 2/15/15		9,082,000		9,785,855
4.125%, 5/15/15		5,000,000		5,414,060
1.875%, 7/15/15 TIPS		4,500,000		5,147,210
2.625%, 2/29/16		2,000,000		1,978,750
2.375%, 3/31/16		5,000,000		4,866,795
2.625%, 4/30/16		2,000,000		1,974,062
5.125%, 5/15/16		4,087,000		4,661,734
3.250%, 5/31/16		3,000,000		3,073,359
3.250%, 6/30/16		2,000,000		2,048,594
4.875%, 8/15/16		10,810,000		12,162,936
3.000%, 9/30/16		26,600,000		26,705,974
4.625%, 2/15/17		5,458,000		6,042,601
4.750%, 8/15/17		8,186,000		9,121,635
4.250%, 11/15/17		6,650,000		7,165,375
3.500%, 2/15/18		3,000,000		3,063,984
3.875%, 5/15/18		7,432,000		7,789,085
4.000%, 8/15/18		6,500,000		6,862,070
3.750%, 11/15/18		22,300,000		23,075,282
2.750%, 2/15/19		8,000,000		7,634,376
3.125%, 5/15/19		13,300,000		13,086,987
3.625%, 8/15/19#		120,570,000		123,753,771
				759,607,911
Total Government Securities				2,845,052,404
Total Long-Term Debt Securities (107.3%) (Cost $4,049,116,706)				4,127,127,760
	Number of Shares		Value (Note 1)
CONVERTIBLE PREFERRED STOCK:
Financials (0.1%)
Commercial Banks (0.1%)
Wells Fargo & Co.
7.500%		5,000		4,465,000
Total Convertible Preferred Stocks (0.1%) (Cost $5,000,000)				4,465,000
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.7%)
Federal Home Loan Mortgage Corp.
0.12%, 2/23/10 (o)(p)	$	26,500,000		26,487,201
Federal National Mortgage Association
0.05%, 11/18/09 (o)(p)		195,000		194,987
Total Government Securities				26,682,188
Short-Term Investments of Cash Collateral for Securities Loaned (0.1%)
BBVA Senior Finance S.A.
0.35%, 3/12/10 (l)		320,000		319,908
Deutsche Bank Securities, Inc., Repurchase Agreement
0.08%, 10/1/09 (r)(u)		2,070,718		2,070,718
General Electric Capital Corp.
0.40%, 3/12/10 (l)		60,000		59,365
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)(l)(s)		359,998		60,300
Monumental Global Funding II
0.43%, 5/26/10 (l)		670,000		644,875
Pricoa Global Funding I
0.40%, 6/25/10 (l)		429,968		404,793
Total Short-Term Investments of Cash Collateral for Securities Loaned				3,559,959

See Notes to Portfolio of Investments.

57

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount			Value (Note 1)
Time Deposit (1.0%)
JPMorgan Chase Nassau
0.000%, 10/1/09	$	39,827,447		$	39,827,447
Total Short-Term Investments (1.8%) (Cost/Amortized Cost $70,414,943)					70,069,594
Total Investments Before Options Written and Securities Sold Short (109.2%) (Cost/Amortized Cost $4,124,531,649)					4,201,662,354
	Number of Contracts			Value (Note 1)
OPTION WRITTEN:
Put Option Written (0.0%)
10 Year U.S. Treasury Notes
November 2009 @ $115.00*		(665	)		(259,766	)
Total Options Written (0.0%) (Premiums Received $518,714)					(259,766	)
Total Investments Before Securities Sold Short (109.2%) (Cost/Amortized Cost $4,124,012,935)					4,201,402,588
	Principal Amount			Value (Note 1)
SECURITIES SOLD SHORT:
U.S. Government Agencies (-4.0%)
Federal Home Loan Mortgage Corp.
5.000%, 10/15/24 TBA	$	(2,600,000	)	$	(2,728,781	)
5.500%, 10/15/39 TBA		(800,000	)		(837,281	)
Federal National Mortgage Association
4.500%, 10/25/24 TBA		(12,700,000	)		(13,148,469	)
5.000%, 10/25/24 TBA		(400,000	)		(419,344	)
5.000%, 11/25/24 TBA		(300,000	)		(313,664	)
6.000%, 10/25/39 TBA		(50,600,000	)		(53,375,096	)
5.000%, 11/25/39 TBA		(400,000	)		(411,625	)
6.000%, 11/25/39 TBA		(79,700,000	)		(83,815,756	)
Total Securities Sold Short (-4.0%) (Proceeds Received $154,448,500)					(155,050,016	)
Total Investments after Options Written and Securities Sold Short (105.2%) (Cost/Amortized Cost $3,969,564,435)					4,046,352,572
Other Assets Less Liabilities (-5.2%)					(198,314,506	)
Net Assets (100%)				$	3,848,038,066

* 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 September 30, 2009, the market value of these securities amounted to $239,801,552 or 6.2% 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 September 30, 2009.

(o) Discount Note Security. Effective rate calculated as of September 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% – 7.000%, maturing 4/1/18 to 11/1/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 to 7/1/39.

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

See Notes to Portfolio of Investments.

58

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2009		Unrealized Appreciation/ (Depreciation)
EURODollar	1,631	June-10	$	402,217,875	$	403,794,825	$	1,576,950
EURODollar	889	December-10		217,665,324		218,349,512		684,188
EURODollar	1,938	June-11		470,009,175		472,775,100		2,765,925
U.S. 2 Year Treasury Notes	65	December-09		14,096,084		14,102,969		6,885
U.S. 5 Year Treasury Notes	110	December-09		12,708,418		12,770,313		61,895
							$	5,095,843
Sales
U.S. 10 Year Treasury Notes	286	December-09	$	33,572,121	$	33,841,844	$	(269,723	)
U.S. Treasury Bonds	56	December-09		6,665,650		6,797,000		(131,350	)
							$	(401,073	)
							$	4,694,770

At September 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 Sell Contract
European Union vs. U.S. Dollar, expiring 10/8/09	11,670	8,218	$	11,669,593	$	12,025,810	$	(356,217	)

Options Written:

Options written through the nine months ended September 30, 2009 were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding - January 1, 2009	108		$	19,374
Options Written	1,443			719,706
Options Terminated in Closing Purchase Transactions	(118	)		(62,393	)
Options Expired	(768	)		(157,973	)
Options Exercised	—			—
Options Outstanding - September 30, 2009	665		$	518,714

See Notes to Portfolio of Investments.

59

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	—		$	105,214,231		$	—	$	105,214,231
Non-Agency CMO		—			159,297,062			—		159,297,062
Convertible Preferred Stocks
Financials		4,465,000			—			—		4,465,000
Corporate Bonds
Consumer Discretionary		—			37,659,788			—		37,659,788
Consumer Staples		—			34,396,487			—		34,396,487
Energy		—			58,683,824			—		58,683,824
Financials		—			669,420,405			—		669,420,405
Health Care		—			33,211,252			—		33,211,252
Industrials		—			34,226,273			—		34,226,273
Information Technology		—			16,142,828			—		16,142,828
Materials		—			15,930,792			—		15,930,792
Telecommunication Services		—			64,119,913			—		64,119,913
Utilities		—			53,772,501			—		53,772,501
Futures		5,095,843			—			—		5,095,843
Government Securities
Agency ABS		—			16,293,713			—		16,293,713
Agency CMO		—			17,654,729			—		17,654,729
Foreign Governments		—			46,447,341			—		46,447,341
Municipal Bonds		—			57,151,524			—		57,151,524
Supranational		—			25,232,585			—		25,232,585
U.S. Government Agencies		—			1,922,664,601			—		1,922,664,601
U.S. Treasuries		—			759,607,911			—		759,607,911
Short-Term Investments		—			70,069,594			—		70,069,594
Total Asset	$	9,560,843		$	4,197,197,354		$	—	$	4,206,758,197
Liability:
Forward Currency Contracts	$	—		$	(356,217	)	$	—	$	(356,217	)
Futures		(401,073	)		—			—		(401,073	)
Government Securities
U.S. Government Agencies		—			(155,050,016	)		—		(155,050,016	)
Options Written
Put Options Written		(259,766	)		—			—		(259,766	)
Total Liability	$	(660,839	)	$	(155,406,233	)	$	—	$	(156,067,072	)
Total	$	8,900,004		$	4,041,791,121		$	—	$	4,050,691,125

See Notes to Portfolio of Investments.

60

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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			Investments in Securities-Financials
Balance as of 12/31/08	$	3,201,768		$	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		(3,201,768	)		(3,177,386	)
Balance as of 9/30/09	$	—		$	—
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 9/30/09.	$	—

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	12,762,689,469
Long-term U.S. Treasury securities		4,144,513,517
	$	16,907,202,986
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	14,098,294,763
Long-term U.S. Treasury securities		3,463,991,635
	$	17,562,286,398

As of September 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	$	123,892,815
Aggregate gross unrealized depreciation		(51,140,452	)
Net unrealized appreciation	$	72,752,363
Federal income tax cost of investments	$	4,128,909,991

At September 30, 2009, the Portfolio had loaned securities with a total value of $3,766,521. This was secured by collateral of $3,910,684 which was received as cash and subsequently invested in short-term investments currently valued at $3,559,959, as reported in the portfolio of investments.

See Notes to Portfolio of Investments.

61

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (6.0%)
AGL Energy Ltd.	26,426	$	318,689
Alumina Ltd.*	149,361		241,132
Amcor Ltd.	351,334		1,698,509
AMP Ltd.	129,969		747,574
Aristocrat Leisure Ltd.	19,544		90,519
Arrow Energy Ltd.*	34,495		130,247
Asciano Group*	184,233		268,988
ASX Ltd.	10,969		340,625
Australia & New Zealand Banking Group Ltd.	332,415		7,152,526
Bendigo and Adelaide Bank Ltd.	21,938		181,925
BGP Holdings plc(b)*†	568,558		—
BHP Billiton Ltd.	255,133		8,492,205
Billabong International Ltd.	11,968		126,698
BlueScope Steel Ltd.	116,034		299,930
Boral Ltd.	35,522		190,845
Brambles Ltd.	89,599		638,677
Caltex Australia Ltd.*	7,714		82,412
CFS Retail Property Trust (REIT)	95,809		169,891
Coca-Cola Amatil Ltd.	37,246		322,341
Cochlear Ltd.	3,000		176,687
Commonwealth Bank of Australia	93,586		4,272,561
Computershare Ltd.	28,073		276,389
Crown Ltd.	25,013		197,054
CSL Ltd.	288,144		8,505,553
CSR Ltd.	74,879		124,189
Dexus Property Group (REIT)	281,894		210,140
Energy Resources of Australia Ltd.	4,089		90,940
Fairfax Media Ltd.	140,202		212,122
Fortescue Metals Group Ltd.*	70,697		238,249
Foster’s Group Ltd.	116,925		572,489
Goodman Fielder Ltd.	82,802		121,990
Goodman Group (REIT)	378,278		221,922
GPT Group (REIT)	568,558		343,584
Harvey Norman Holdings Ltd.	30,352		115,139
Incitec Pivot Ltd.	100,986		252,124
Insurance Australia Group Ltd.	304,309		1,014,784
Leighton Holdings Ltd.	8,255		263,410
Lend Lease Corp., Ltd.	115,593		1,080,947
Lion Nathan Ltd.	18,832		190,226
Macquarie Airports	39,284		98,424
Macquarie Group Ltd.^	54,742		2,839,169
Macquarie Infrastructure Group	877,418		1,141,736
Metcash Ltd.	42,414		168,379
Mirvac Group (REIT)	230,246		341,247
National Australia Bank Ltd.	246,655		6,693,346
Newcrest Mining Ltd.	31,291		880,597
Nufarm Ltd.	8,032		80,424
OneSteel Ltd.	96,406		257,700
Orica Ltd.	21,764		451,205
Origin Energy Ltd.	53,709		773,276
OZ Minerals Ltd.*	161,796		162,720
Paladin Energy Ltd.*	34,292		136,136
Perpetual Ltd.	4,446		153,517
Qantas Airways Ltd.	679,358		1,714,083
QBE Insurance Group Ltd.	62,618		1,329,113
Rio Tinto Ltd.	36,005		1,881,676
Santos Ltd.	50,793		681,106
Sims Metal Management Ltd.	10,183		205,092
Sonic Healthcare Ltd.	20,629		258,606
SP AusNet	167,506		130,780
Stockland Corp., Ltd. (REIT)	146,017		525,570
Suncorp-Metway Ltd.	79,783		625,015
TABCORP Holdings Ltd.	274,776		1,728,365
Tatts Group Ltd.	60,790		136,217
Telstra Corp., Ltd.	572,331		1,651,057
Toll Holdings Ltd.	39,128		294,445
Transurban Group	72,667		262,838
Wesfarmers Ltd.	64,842		1,515,324
Wesfarmers Ltd. (PPS)	9,268		217,079
Westfield Group (REIT)	134,979		1,655,191
Westpac Banking Corp.	186,835		4,326,678
Woodside Petroleum Ltd.	31,528		1,449,944
Woolworths Ltd.	76,853		1,983,142
WorleyParsons Ltd.	9,726		254,920
			76,978,349
Austria (0.2%)
Erste Group Bank AG	11,305		505,229
OMV AG	9,429		380,409
Raiffeisen International Bank Holding AG	3,470		226,268
Telekom Austria AG	19,714		355,413
Verbund - Oesterreichische Elektrizitaetswirtschafts AG, Class A	4,403		222,610
Vienna Insurance Group	2,194		125,213
Voestalpine AG	7,377		263,293
			2,078,435
Belgium (1.2%)
Anheuser-Busch InBev N.V	210,996		9,634,887
Belgacom S.A.	9,372		365,080
Cie Nationale a Portefeuille	2,121		115,398
Colruyt S.A.	1,132		266,036
Delhaize Group S.A.	26,334		1,828,141
Dexia S.A.*	33,888		312,417
Fortis*	143,183		670,695
Groupe Bruxelles Lambert S.A.	5,241		484,094
KBC Groep N.V.*	8,616		432,777
Mobistar S.A.	1,677		116,052
Solvay S.A.	3,800		394,534
UCB S.A.	6,009		253,598
Umicore	7,077		211,886
			15,085,595
Bermuda (0.0%)
Seadrill Ltd.*	16,211		338,472
Brazil (2.4%)
Cyrela Brazil Realty S.A.	154,700		2,025,002
Gafisa S.A.	275,244		4,163,772
Itau Unibanco Banco Multiplo S.A. (ADR)	278,617		5,614,133
OGX Petroleo e Gas Participacoes S.A.	3,500		2,673,007
Petroleo Brasileiro S.A. (Mexico Exchange) (ADR)	193,359		8,875,178
Petroleo Brasileiro S.A. (New York Exchange) (ADR)	14,683		673,950
Vale S.A. (ADR)	288,946		6,683,321
			30,708,363
Canada (1.2%)
BCE, Inc.	16,800		414,096
Bombardier, Inc., Class B	261,800		1,215,286
Brookfield Properties Corp.	187,900		2,130,581
Fairfax Financial Holdings Ltd.	3,900		1,448,790
National Bank of Canada	21,400		1,190,077

See Notes to Portfolio of Investments.

62

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Nexen, Inc.	68,134	$	1,548,948
Suncor Energy, Inc.	67,328		2,351,905
Talisman Energy, Inc.	92,100		1,602,599
TELUS Corp. (Non-Voting), Class A	52,300		1,627,155
Westjet Airlines Ltd. (Variable- Voting), Class A*	124,300		1,285,202
			14,814,639
China (0.7%)
Baidu, Inc. (ADR)*	6,432		2,515,234
China Life Insurance Co., Ltd., Class H^	96,000		418,062
Ctrip.com International Ltd. (ADR)*	39,800		2,339,842
Foxconn International Holdings Ltd.*	250,000		164,192
Industrial & Commercial Bank of China Ltd., Class H	668,000		503,367
Longtop Financial Technologies Ltd. (ADR)*	60,300		1,716,138
Tencent Holdings Ltd.	102,000		1,659,628
			9,316,463
Cyprus (0.0%)
Bank of Cyprus PCL	34,134		259,740
Denmark (1.7%)
A. P. Moller - Maersk A/S, Class A	33		220,560
A. P. Moller - Maersk A/S, Class B	71		488,495
Carlsberg A/S, Class B	6,590		477,372
Coloplast A/S, Class B	1,495		125,048
Danske Bank A/S*	88,402		2,315,599
DSV A/S*	12,208		217,664
H. Lundbeck A/S	3,600		74,660
Novo Nordisk A/S, Class B	28,112		1,760,091
Novozymes A/S, Class B	20,738		1,951,685
Topdanmark A/S*	1,025		154,947
TrygVesta A/S	1,743		133,285
Vestas Wind Systems A/S*	199,612		14,430,232
William Demant Holding A/S*	1,364		101,354
			22,450,992
Finland (0.9%)
Elisa Oyj	7,882		161,708
Fortum Oyj	26,692		684,327
Kesko Oyj, Class B	4,198		140,678
Kone Oyj, Class B	9,824		361,124
Metso Oyj	8,203		230,834
Neste Oil Oyj	8,217		151,747
Nokia Oyj^	530,635		7,803,872
Nokian Renkaat Oyj	6,806		158,656
Orion Oyj, Class B	5,723		105,522
Outokumpu Oyj	7,619		143,380
Pohjola Bank plc	10,100		115,283
Rautaruukki Oyj	5,471		131,298
Sampo Oyj, Class A	25,034		630,463
Sanoma Oyj	4,655		102,791
Stora Enso Oyj, Class R*	34,603		241,029
UPM-Kymmene Oyj	33,326		399,894
Wartsila Oyj	4,571		183,144
			11,745,750
France (9.6%)
Accor S.A.	50,081		2,787,801
Aeroports de Paris S.A.	1,903		171,235
Air France-KLM*	7,720		140,309
Air Liquide S.A.	15,558		1,770,119
Alcatel-Lucent*	138,087		617,727
Alstom S.A.	88,617		6,467,026
Atos Origin S.A.*	3,811		192,400
BioMerieux	789		86,721
BNP Paribas S.A.	182,730		14,599,928
Bouygues S.A.	14,597		742,278
Bureau Veritas S.A.	3,598		203,024
Cap Gemini S.A.	8,932		467,864
Carrefour S.A.	39,653		1,798,813
Casino Guichard Perrachon S.A.^	21,371		1,695,010
Christian Dior S.A.	3,895		384,733
Cie de Saint-Gobain S.A.^	36,740		1,905,915
Cie Generale de Geophysique-Veritas*	9,508		221,851
Cie Generale d’Optique Essilor International S.A.	12,993		740,473
CNP Assurances S.A.	2,125		216,523
Compagnie Generale des Etablissements Michelin, Class B	9,015		707,228
Credit Agricole S.A.^	248,326		5,189,178
Danone S.A.	33,755		2,034,102
Dassault Systemes S.A.	3,940		219,612
EDF S.A.^	55,808		3,310,765
Eiffage S.A.	2,348		149,601
Eramet S.A.	299		103,763
Eurazeo S.A.	3,038		198,543
Eutelsat Communications S.A.	6,053		183,974
Fonciere Des Regions (REIT)	1,258		146,517
France Telecom S.A.	237,710		6,332,662
GDF Suez S.A.	86,423		3,837,644
Gecina S.A. (REIT)	1,835		218,848
Hermes International S.A.	3,411		503,391
ICADE (REIT)	1,261		135,075
Iliad S.A.	1,041		117,298
Imerys S.A.	1,948		111,786
Ipsen S.A.	1,441		78,928
J.C. Decaux S.A.*	7,868		170,402
Klepierre S.A. (REIT)	5,327		211,291
Lafarge S.A.^	22,909		2,049,986
Lagardere S.C.A.	65,364		3,044,552
Legrand S.A.	5,896		164,017
L’Oreal S.A.	15,063		1,497,784
LVMH Moet Hennessy Louis Vuitton S.A.	20,642		2,076,091
M6-Metropole Television	3,684		96,876
Natixis S.A.*	65,236		393,308
Neopost S.A.	1,799		161,455
PagesJaunes Groupe S.A.	7,217		93,581
Pernod-Ricard S.A.^	19,780		1,570,849
Peugeot S.A.*	9,129		278,333
PPR S.A.^	9,896		1,268,418
Publicis Groupe S.A.	8,101		324,935
Renault S.A.*	70,136		3,270,417
Safran S.A.	12,028		225,383
Sanofi-Aventis S.A.	142,220		10,437,099
Schneider Electric S.A.	31,563		3,198,961
SCOR SE	11,212		306,484
Societe BIC S.A.	1,711		121,684
Societe Des Autoroutes Paris-Rhin- Rhone	1,449		110,409
Societe Generale S.A.	87,910		7,075,370
Societe Television Francaise 1 S.A.	6,707		117,874
Sodexo S.A.	5,387		322,733
Suez Environnement Co. S.A.	17,262		394,314
Technip S.A.	6,876		439,206
Thales S.A.	5,720		283,755
Total S.A.	211,036		12,539,617
Unibail-Rodamco S.A. (REIT)	11,073		2,300,112
Vallourec S.A.	16,703		2,830,422

See Notes to Portfolio of Investments.

63

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Veolia Environnement	24,178	$	926,625
Vinci S.A.	26,839		1,518,366
Vivendi S.A.	140,902		4,359,865
			122,969,239
Germany (9.1%)
Adidas AG	11,483		607,788
Allianz SE (Registered)	62,454		7,802,140
BASF SE	167,499		8,875,421
Bayer AG^	110,356		7,646,526
Bayerische Motoren Werke (BMW) AG (Preference)	2,983		99,220
Bayerische Motoren Werke (BMW) AG	21,422		1,032,913
Beiersdorf AG	5,653		331,968
Celesio AG^	25,851		712,700
Commerzbank AG*	43,581		552,604
Daimler AG	275,505		13,870,728
Deutsche Bank AG (Registered)^	86,581		6,644,693
Deutsche Boerse AG	12,286		1,004,111
Deutsche Lufthansa AG (Registered)^	53,684		951,343
Deutsche Post AG (Registered)^	187,491		3,511,871
Deutsche Postbank AG*	5,001		176,881
Deutsche Telekom AG (Registered)	417,829		5,704,642
E.ON AG	240,596		10,203,167
Fraport AG	2,096		111,492
Fresenius Medical Care AG & Co. KGaA^	30,023		1,495,079
Fresenius SE	1,611		79,234
Fresenius SE (Preference)	5,469		320,042
GEA Group AG	9,425		196,675
Hamburger Hafen und Logistik AG	2,877		129,628
Hannover Rueckversicherung AG (Registered)*	3,389		155,375
Henkel AG & Co. KGaA	7,805		283,595
Henkel AG & Co. KGaA (Preference) .	11,971		515,373
Hochtief AG	35,908		2,735,543
Infineon Technologies AG*^	684,254		3,860,023
K+S AG	9,095		496,299
Linde AG	14,930		1,618,486
MAN SE^	24,041		1,984,174
Merck KGaA	4,193		416,929
Metro AG^	95,491		5,400,826
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)^	32,997		5,264,640
Porsche Automobil Holding SE (Preference)	5,823		458,008
Puma AG Rudolf Dassler Sport	366		121,541
RWE AG	59,303		5,507,993
RWE AG (Non-Voting)(Preference)	2,278		187,577
Salzgitter AG	2,273		217,866
SAP AG	63,399		3,087,550
Siemens AG (Registered)^	61,015		5,650,037
Solarworld AG	5,370		130,446
Suedzucker AG	4,248		86,096
Symrise AG^	15,392		293,486
ThyssenKrupp AG^	124,385		4,282,902
TUI AG*	12,203		125,894
United Internet AG*	7,184		108,386
Volkswagen AG	5,531		909,175
Volkswagen AG (Preference)	6,445		750,636
Wacker Chemie AG	894		139,445
			116,849,167
Greece (0.3%)
Alpha Bank AE*	21,095		388,954
Coca Cola Hellenic Bottling Co. S.A.	11,187		297,779
EFG Eurobank Ergasias S.A.*	20,706		325,726
Hellenic Petroleum S.A.	6,982		79,285
Hellenic Telecommunications Organization S.A.	18,444		304,987
Marfin Investment Group S.A.*	47,121		202,726
National Bank of Greece S.A.*	38,149		1,367,721
OPAP S.A.	13,676		352,625
Piraeus Bank S.A.*	29,854		553,513
Public Power Corp. S.A.*	6,689		148,881
Titan Cement Co. S.A.	3,301		114,000
			4,136,197
Hong Kong (2.8%)
ASM Pacific Technology Ltd.	23,300		165,203
Bank of East Asia Ltd.	89,554		323,548
BOC Hong Kong Holdings Ltd.	237,000		519,868
Cathay Pacific Airways Ltd.*	67,000		105,816
Cheung Kong Holdings Ltd.	609,000		7,728,357
Cheung Kong Infrastructure Holdings Ltd.	29,000		103,651
China Mobile Ltd.	30,000		292,643
Chinese Estates Holdings Ltd.	47,000		79,445
CLP Holdings Ltd.	130,000		882,317
CNOOC Ltd.	2,682,100		3,606,103
Esprit Holdings Ltd.^	824,358		5,531,141
Genting Singapore plc*	236,000		187,641
Hang Lung Group Ltd.	52,000		260,334
Hang Lung Properties Ltd.	638,000		2,350,294
Hang Seng Bank Ltd.	49,700		716,317
Henderson Land Development Co., Ltd.	69,000		454,062
Hong Kong & China Gas Co., Ltd.	245,000		618,977
Hong Kong Aircraft Engineering Co., Ltd.	8,000		95,586
Hong Kong Exchanges and Clearing Ltd.	64,800		1,174,754
HongKong Electric Holdings Ltd.	90,000		493,545
Hopewell Highway Infrastructure Ltd.	7,350		4,514
Hopewell Holdings Ltd.	40,500		127,248
Hutchison Whampoa Ltd.	135,000		974,607
Hysan Development Co., Ltd.	34,448		86,231
Kerry Properties Ltd.	41,000		219,282
Li & Fung Ltd.	134,000		540,319
Lifestyle International Holdings Ltd.	80,500		121,944
Link REIT (REIT)	126,636		278,761
Mongolia Energy Co., Ltd.*	214,000		75,935
MTR Corp.	92,105		319,691
New World Development Ltd.	166,910		359,231
Noble Group Ltd.^	1,192,000		2,073,191
NWS Holdings Ltd.	47,608		92,144
Orient Overseas International Ltd.	25,500		130,296
PCCW Ltd.	227,974		59,420
Shangri-La Asia Ltd.	84,000		158,244
Sino Land Co., Ltd.	109,118		195,425
Sun Hung Kai Properties Ltd.	178,000		2,622,899
Swire Pacific Ltd., Class A	46,000		540,719
Television Broadcasts Ltd.	16,000		68,954
Wharf Holdings Ltd.	82,000		435,391
Wheelock & Co., Ltd.	59,000		193,366
Wing Hang Bank Ltd.	10,000		98,386
Yue Yuen Industrial Holdings Ltd.	42,500		117,902
			35,583,702
India (0.7%)
ICICI Bank Ltd. (ADR)	172,139		6,637,680

See Notes to Portfolio of Investments.

64

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Reliance Industries Ltd. (GDR)*§	21,700	$	1,986,314
			8,623,994
Ireland (0.7%)
CRH plc	107,063		2,972,987
Elan Corp. plc*	29,254		209,806
Experian plc	65,974		555,122
Julius Baer Holding AG (Registered)	83,277		4,158,627
Kerry Group plc, Class A	8,769		250,226
Ryanair Holdings plc (ADR)*	3,506		101,814
Shire plc	36,765		636,915
			8,885,497
Israel (0.4%)
Teva Pharmaceutical Industries Ltd. (ADR)	106,655		5,392,477
Italy (3.2%)
A2A S.p.A.	80,318		157,847
ACEA S.p.A.	5,476		71,679
Alleanza Assicurazioni S.p.A.	23,547		212,431
Assicurazioni Generali S.p.A.	66,445		1,821,161
Atlantia S.p.A.	16,509		400,305
Autogrill S.p.A.*	11,962		144,588
Banca Carige S.p.A.	41,203		123,001
Banca Monte dei Paschi di Siena S.p.A.	156,358		334,515
Banca Popolare Societa Cooperativa	170,970		1,300,983
Banco Popolare S.c.a.r.l.*	38,614		370,396
Enel S.p.A.	812,380		5,156,404
ENI S.p.A.^	332,870		8,319,759
Exor S.p.A.	4,121		76,285
Fiat S.p.A.*	46,826		602,316
Finmeccanica S.p.A.	24,316		429,840
Fondiaria-Sai S.p.A.	8,164		171,675
Intesa Sanpaolo S.p.A.*	1,270,416		5,569,583
Italcementi S.p.A.	8,329		128,220
Lottomatica S.p.A.	3,478		77,921
Luxottica Group S.p.A.*	7,406		191,825
Mediaset S.p.A.	49,210		344,215
Mediobanca S.p.A.	33,112		452,565
Mediolanum S.p.A.	25,745		179,140
Parmalat S.p.A.	100,232		277,068
Pirelli & C S.p.A.*	307,590		164,741
Prysmian S.p.A.	6,190		116,125
Saipem S.p.A.	17,008		512,209
Saras S.p.A.	19,020		73,409
Snam Rete Gas S.p.A.	90,582		440,739
Telecom Italia S.p.A.	1,869,502		3,280,147
Telecom Italia S.p.A. (RNC)	1,360,562		1,672,422
Terna Rete Elettrica Nazionale S.p.A.	76,946		300,076
UniCredit S.p.A.*^	1,628,213		6,361,663
Unione di Banche Italiane S.c.p.A.	34,990		537,115
Unipol Gruppo Finanziario S.p.A.*	78,285		118,797
			40,491,165
Japan (16.3%)
77 Bank Ltd.	22,000		125,483
ABC-Mart, Inc.	3,000		93,411
Acom Co., Ltd.	3,070		47,265
Advantest Corp.	8,700		241,330
Aeon Co., Ltd.^	272,700		2,609,584
Aeon Credit Service Co., Ltd.	9,200		92,651
Aeon Mall Co., Ltd.	6,400		133,255
Aioi Insurance Co., Ltd.	29,000		147,964
Aisin Seiki Co., Ltd.	11,400		278,126
Ajinomoto Co., Inc.	44,000		440,662
Alfresa Holdings Corp.	1,700		69,314
All Nippon Airways Co., Ltd.	58,000		166,702
Amada Co., Ltd.	20,000		134,574
Aozora Bank Ltd.*	78,000		112,962
Asahi Breweries Ltd.	26,000		475,597
Asahi Glass Co., Ltd.	65,000		524,982
Asahi Kasei Corp.	77,000		392,012
Asics Corp.	9,000		83,719
Astellas Pharma, Inc.	42,400		1,742,951
Bank of Kyoto Ltd.	20,000		183,813
Bank of Yokohama Ltd.	76,000		372,528
Benesse Holdings, Inc.	4,800		235,281
Bridgestone Corp.	38,300		687,365
Brother Industries Ltd.	15,100		181,001
Canon Marketing Japan, Inc.	3,900		69,037
Canon, Inc.	91,600		3,704,205
Casio Computer Co., Ltd.	15,200		124,120
Central Japan Railway Co.	103		740,099
Chiba Bank Ltd.	49,000		303,504
Chubu Electric Power Co., Inc.	41,800		1,015,140
Chugai Pharmaceutical Co., Ltd.	14,300		295,829
Chugoku Bank Ltd.	9,000		113,998
Chugoku Electric Power Co., Inc.	17,000		373,843
Chuo Mitsui Trust Holdings, Inc.	56,000		207,742
Citizen Holdings Co., Ltd.	20,700		116,454
Coca-Cola West Co., Ltd.	3,200		62,635
Cosmo Oil Co., Ltd.	35,000		97,477
Credit Saison Co., Ltd.	10,500		123,523
Dai Nippon Printing Co., Ltd.	41,000		564,541
Daicel Chemical Industries Ltd.	16,000		96,608
Daido Steel Co., Ltd.	17,000		61,739
Daihatsu Motor Co., Ltd.	12,000		122,587
Daiichi Sankyo Co., Ltd.	43,800		904,154
Daikin Industries Ltd.	121,164		4,359,825
Dainippon Sumitomo Pharma Co., Ltd.	10,300		112,334
Daito Trust Construction Co., Ltd.	4,600		200,880
Daiwa House Industry Co., Ltd.	33,000		345,569
Daiwa Securities Group, Inc.^	1,263,000		6,514,443
DeNA Co., Ltd.	17		46,967
Denki Kagaku Kogyo KK	27,000		111,291
Denso Corp.	31,400		923,478
Dentsu, Inc.	11,100		258,441
DIC Corp.	34,000		48,482
Dowa Holdings Co., Ltd.	16,000		96,964
East Japan Railway Co.	29,100		2,094,202
Eisai Co., Ltd.	15,400		579,870
Electric Power Development Co., Ltd.	9,000		285,245
Elpida Memory, Inc.*	12,900		169,145
FamilyMart Co., Ltd.^	57,400		1,848,003
Fanuc Ltd.	12,100		1,085,111
Fast Retailing Co., Ltd.	3,100		392,313
Fuji Electric Holdings Co., Ltd.	66,000		122,052
Fuji Heavy Industries Ltd.*	33,000		128,302
Fuji Media Holdings, Inc.	55		90,069
Fujifilm Holdings Corp.	31,000		928,981
Fujitsu Ltd.^	344,000		2,249,518
Fukuoka Financial Group, Inc.	54,000		224,386
Furukawa Electric Co., Ltd.	41,000		166,713
GS Yuasa Corp.	25,000		228,374
Gunma Bank Ltd.	22,000		121,072
Hachijuni Bank Ltd.	31,000		172,673
Hakuhodo DY Holdings, Inc.	1,330		72,453
Hankyu Hanshin Holdings, Inc.	67,000		320,949
Hikari Tsushin, Inc.	3,100		67,722
Hino Motors Ltd.	31,000		117,763
Hirose Electric Co., Ltd.	2,000		225,478
Hiroshima Bank Ltd.	27,000		111,591

See Notes to Portfolio of Investments.

65

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Hisamitsu Pharmaceutical Co., Inc.	3,700	$	150,036
Hitachi Chemical Co., Ltd.	6,000		122,587
Hitachi Construction Machinery Co., Ltd.	6,900		148,123
Hitachi High-Technologies Corp.	3,900		81,550
Hitachi Ltd.*	219,000		673,358
Hitachi Metals Ltd.	9,000		92,141
Hokkaido Electric Power Co., Inc.	13,100		272,610
Hokuhoku Financial Group, Inc.	67,000		156,743
Hokuriku Electric Power Co.	12,100		308,010
Honda Motor Co., Ltd.	233,100		7,180,098
HOYA Corp.	24,800		585,707
Ibiden Co., Ltd.	8,100		301,387
Idemitsu Kosan Co., Ltd.	1,400		115,568
IHI Corp.*	75,000		152,064
INPEX Corp.	51		435,203
Isetan Mitsukoshi Holdings Ltd.	19,600		225,117
Isuzu Motors Ltd.	82,000		173,564
Ito En Ltd.	7,500		138,863
ITOCHU Corp.	92,000		609,815
ITOCHU Techno-Solutions Corp.	3,500		107,809
Iyo Bank Ltd.	16,000		144,377
J. Front Retailing Co., Ltd.	33,000		198,886
Jafco Co., Ltd.	3,900		119,261
Japan Airlines Corp.*	48,000		70,584
Japan Petroleum Exploration Co.	1,600		81,635
Japan Prime Realty Investment Corp. (REIT)	32		77,785
Japan Real Estate Investment Corp. (REIT)	32		261,661
Japan Retail Fund Investment Corp. (REIT)	20		108,506
Japan Steel Works Ltd.	19,000		218,437
Japan Tobacco, Inc.	551		1,890,581
JFE Holdings, Inc.	31,400		1,077,391
JGC Corp.	13,000		265,894
Joyo Bank Ltd.	45,000		221,077
JS Group Corp.	15,200		266,696
JSR Corp.	10,100		207,029
JTEKT Corp.	12,400		144,493
Jupiter Telecommunications Co., Ltd.	156		150,847
Kajima Corp.	46,000		117,863
Kamigumi Co., Ltd.	17,000		138,818
Kaneka Corp.	19,000		136,523
Kansai Electric Power Co., Inc.	48,900		1,182,120
Kansai Paint Co., Ltd.	14,000		109,174
Kao Corp.	33,000		816,131
Kawasaki Heavy Industries Ltd.	86,000		218,437
Kawasaki Kisen Kaisha Ltd.*	33,000		122,420
KDDI Corp.	520		2,931,209
Keihin Electric Express Railway Co., Ltd.	33,000		279,764
Keio Corp.	37,000		252,671
Keisei Electric Railway Co., Ltd.	18,000		119,512
Keyence Corp.	2,500		534,173
Kikkoman Corp.	10,000		124,547
Kinden Corp.	8,000		66,930
Kintetsu Corp.	105,000		405,893
Kirin Holdings Co., Ltd.	51,000		781,775
Kobe Steel Ltd.*	170,000		297,332
Komatsu Ltd.	97,800		1,832,558
Konami Corp.	6,400		130,474
Konica Minolta Holdings, Inc.	27,500		260,709
Kubota Corp.	107,000		890,425
Kuraray Co., Ltd.	20,500		223,807
Kurita Water Industries Ltd.	6,300		225,990
Kyocera Corp.	28,200		2,616,900
Kyowa Hakko Kirin Co., Ltd.	15,000		189,996
Kyushu Electric Power Co., Inc.	23,200		525,951
Lawson, Inc.	4,000		185,819
Leopalace21 Corp.	7,300		58,634
Mabuchi Motor Co., Ltd.	1,900		96,730
Makita Corp.	7,300		231,772
Marubeni Corp.	1,607,000		8,109,742
Marui Group Co., Ltd.	16,300		116,759
Maruichi Steel Tube Ltd.	2,100		41,993
Matsui Securities Co., Ltd.	14,200		115,796
Mazda Motor Corp.*	59,000		132,112
McDonald’s Holdings Co. Japan Ltd.	4,100		81,986
Mediceo Paltac Holdings Co., Ltd.	9,400		132,259
MEIJI Holdings Co. Ltd.*	4,155		177,281
Minebea Co., Ltd.	23,000		105,565
Mitsubishi Chemical Holdings Corp.	186,000		772,885
Mitsubishi Corp.	174,600		3,532,263
Mitsubishi Electric Corp.*	120,000		909,040
Mitsubishi Estate Co., Ltd.	76,000		1,195,477
Mitsubishi Gas Chemical Co., Inc.	25,000		135,910
Mitsubishi Heavy Industries Ltd.	211,000		799,198
Mitsubishi Logistics Corp.	7,000		84,766
Mitsubishi Materials Corp.*	66,000		182,343
Mitsubishi Motors Corp.*	233,000		384,159
Mitsubishi Rayon Co., Ltd.	31,000		106,367
Mitsubishi Tanabe Pharma Corp.^	77,000		1,026,781
Mitsubishi UFJ Financial Group, Inc.	867,900		4,660,255
Mitsubishi UFJ Lease & Finance Co., Ltd.	3,330		100,532
Mitsui & Co., Ltd.	253,800		3,319,347
Mitsui Chemicals, Inc.	41,000		146,159
Mitsui Engineering & Shipbuilding Co., Ltd	40,000		103,827
Mitsui Fudosan Co., Ltd.	136,000		2,301,387
Mitsui Mining & Smelting Co., Ltd.*	33,000		84,554
Mitsui O.S.K. Lines Ltd.	74,000		438,567
Mitsui Sumitomo Insurance Group Holdings, Inc.	26,800		738,929
Mitsumi Electric Co., Ltd	4,700		101,472
Mizuho Financial Group, Inc.	5,243,800		10,398,222
Mizuho Securities Co., Ltd.	30,000		109,285
Mizuho Trust & Banking Co., Ltd.*	97,000		102,657
Murata Manufacturing Co., Ltd.^	23,700		1,124,737
Namco Bandai Holdings, Inc.	11,100		113,640
NEC Corp.*	116,000		364,418
NGK Insulators Ltd.	16,000		370,746
NGK Spark Plug Co., Ltd.	11,000		140,433
NHK Spring Co., Ltd.	19,000		156,843
Nidec Corp.	16,000		1,299,393
Nikon Corp.	22,000		402,429
Nintendo Co., Ltd.	8,600		2,203,531
Nippon Building Fund, Inc. (REIT)	29		258,776
Nippon Electric Glass Co., Ltd.	25,000		228,096
Nippon Express Co., Ltd.	47,000		191,110
Nippon Meat Packers, Inc.	10,000		128,558
Nippon Mining Holdings, Inc.	53,000		260,970
Nippon Oil Corp.	76,000		426,714
Nippon Paper Group, Inc.	5,100		147,151
Nippon Sheet Glass Co., Ltd.	39,000		130,340
Nippon Steel Corp.	329,000		1,202,161
Nippon Telegraph & Telephone Corp.	103,400		4,791,890
Nippon Yusen KK	63,000		243,536
Nipponkoa Insurance Co., Ltd.	44,000		275,475

See Notes to Portfolio of Investments.

66

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Nishi-Nippon City Bank Ltd.	46,000	$	116,326
Nissan Chemical Industries Ltd.	8,000		115,323
Nissan Motor Co., Ltd.*	571,400		3,863,865
Nissay Dowa General Insurance Co., Ltd.	21,000		107,380
Nisshin Seifun Group, Inc.	11,500		160,909
Nisshin Steel Co., Ltd.	48,000		85,557
Nisshinbo Holdings, Inc.	7,000		74,472
Nissin Food Holdings Co., Ltd.	4,900		188,325
Nitori Co., Ltd.	2,250		191,751
Nitto Denko Corp.	10,000		306,355
NOK Corp.	6,400		95,396
Nomura Holdings, Inc.^	190,900		1,176,045
Nomura Real Estate Holdings, Inc.	7,200		117,026
Nomura Real Estate Office Fund, Inc. (REIT)	18		119,713
Nomura Research Institute Ltd.	7,200		171,247
NSK Ltd.	24,000		148,922
NTN Corp.	24,000		99,460
NTT Data Corp.	76		243,498
NTT DoCoMo, Inc.	986		1,575,140
NTT Urban Development Corp.	66		60,585
Obayashi Corp.	35,000		153,233
Obic Co., Ltd.	400		67,688
Odakyu Electric Railway Co., Ltd	38,000		342,895
OJI Paper Co., Ltd.	51,000		230,101
Olympus Corp.	16,900		448,081
Omron Corp.	14,300		269,862
Ono Pharmaceutical Co., Ltd.	5,500		286,136
Onward Holdings Co., Ltd.	7,000		52,092
Oracle Corp. Japan	2,200		98,034
Oriental Land Co., Ltd.	3,400		239,381
ORIX Corp.	6,620		404,140
Osaka Gas Co., Ltd.	126,000		442,155
OSAKA Titanium Technologies Co.	2,200		62,987
Otsuka Corp.	1,900		113,663
Panasonic Corp.	124,700		1,837,889
Panasonic Electric Works Co., Ltd.	22,000		262,976
Promise Co., Ltd.*	3,450		18,833
Rakuten, Inc.	496		330,427
Resona Holdings, Inc.	31,400		404,022
Ricoh Co., Ltd.	43,000		626,569
Rinnai Corp.	2,300		108,639
Rohm Co., Ltd.	6,500		454,743
Sankyo Co., Ltd.	3,100		194,085
Santen Pharmaceutical Co., Ltd.	4,100		150,727
Sanyo Electric Co., Ltd.*	119,000		282,371
Sapporo Hokuyo Holdings, Inc.	35,200		125,091
Sapporo Holdings Ltd.	15,000		76,533
SBI Holdings, Inc.	1,074		212,491
Secom Co., Ltd.	12,500		629,421
Sega Sammy Holdings, Inc.	11,800		153,539
Seiko Epson Corp.	8,200		122,957
Sekisui Chemical Co., Ltd.	24,000		139,564
Sekisui House Ltd.	31,000		279,730
Seven & I Holdings Co., Ltd.	49,300		1,180,805
Seven Bank Ltd.	24		59,355
Sharp Corp.^	212,000		2,356,999
Shikoku Electric Power Co., Inc.	11,000		335,766
Shimadzu Corp.	16,000		115,858
Shimamura Co., Ltd.	1,300		127,589
Shimano, Inc.	3,900		168,573
Shimizu Corp.	36,000		141,570
Shin-Etsu Chemical Co., Ltd.	34,700		2,133,838
Shinko Electric Industries Co., Ltd.	7,900		140,724
Shinsei Bank Ltd.*	99,000		152,197
Shionogi & Co., Ltd.	19,000		449,786
Shiseido Co., Ltd.	21,000		366,123
Shizuoka Bank Ltd.	42,000		443,558
Showa Denko KK	76,000		154,938
Showa Shell Sekiyu KK	12,100		132,235
SMC Corp.^	5,300		651,835
Softbank Corp.	48,000		1,055,021
Sojitz Corp.	79,100		150,683
Sompo Japan Insurance, Inc.	54,000		363,349
Sony Corp.^	152,600		4,513,485
Sony Financial Holdings, Inc.	60		172,383
Square Enix Holdings Co., Ltd.	3,600		97,454
Stanley Electric Co., Ltd.	9,700		196,669
Sumco Corp.^	96,100		2,183,969
Sumitomo Chemical Co., Ltd.	96,000		399,978
Sumitomo Corp.^	133,500		1,375,675
Sumitomo Electric Industries Ltd.	46,200		604,231
Sumitomo Heavy Industries Ltd.*	37,000		180,538
Sumitomo Metal Industries Ltd.	227,000		558,870
Sumitomo Metal Mining Co., Ltd.	31,000		509,040
Sumitomo Mitsui Financial Group, Inc.^	128,400		4,477,157
Sumitomo Realty & Development Co., Ltd.	23,000		420,977
Sumitomo Rubber Industries Ltd.	9,800		92,470
Sumitomo Trust & Banking Co., Ltd.	87,000		462,307
Suruga Bank Ltd.	12,000		113,496
Suzuken Co., Ltd.	3,700		127,778
Suzuki Motor Corp.	22,700		529,789
T&D Holdings, Inc.	14,750		399,293
Taiheiyo Cement Corp.*	58,000		77,536
Taisei Corp.	51,000		101,131
Taisho Pharmaceutical Co., Ltd.	8,000		161,756
Taiyo Nippon Sanso Corp.	19,000		226,269
Takashimaya Co., Ltd.	19,000		151,975
Takeda Pharmaceutical Co., Ltd.	47,200		1,966,557
TDK Corp.	7,000		404,723
Teijin Ltd.	63,000		196,513
Terumo Corp.	11,200		616,365
THK Co., Ltd.	7,700		150,800
Tobu Railway Co., Ltd.	47,000		286,927
Toho Co., Ltd.	7,300		123,693
Toho Gas Co., Ltd.	27,000		123,322
Tohoku Electric Power Co., Inc.	26,200		583,746
Tokio Marine Holdings, Inc.	46,400		1,343,954
Tokuyama Corp.	14,000		102,624
Tokyo Broadcasting System Holdings, Inc.	4,400		74,849
Tokyo Electric Power Co., Inc.	152,000		3,987,746
Tokyo Electron Ltd.	11,000		702,167
Tokyo Gas Co., Ltd.	141,000		585,896
Tokyo Steel Manufacturing Co., Ltd.	6,200		75,976
Tokyo Tatemono Co., Ltd.	32,000		156,498
Tokyu Corp.	76,000		364,062
Tokyu Land Corp.	26,000		103,983
TonenGeneral Sekiyu KK	18,000		175,859
Toppan Printing Co., Ltd.	32,000		303,013
Toray Industries, Inc.	80,000		484,821
Toshiba Corp.*^	823,000		4,318,309
Tosoh Corp.	29,000		73,336
TOTO Ltd.	17,000		106,433
Toyo Seikan Kaisha Ltd.	11,400		219,326
Toyo Suisan Kaisha Ltd.	5,000		135,353
Toyoda Gosei Co., Ltd.	3,700		108,199

See Notes to Portfolio of Investments.

67

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Toyota Boshoku Corp.	7,700	$	151,916
Toyota Industries Corp.	12,300		337,765
Toyota Motor Corp.	175,600		6,983,702
Toyota Tsusho Corp.	11,600		174,972
Trend Micro, Inc.	6,000		223,918
Tsumura & Co.	3,900		140,768
Ube Industries Ltd.	65,000		170,891
Unicharm Corp.	2,500		237,286
UNY Co., Ltd.	11,000		82,348
Ushio, Inc.	7,600		132,502
USS Co., Ltd.	1,400		83,440
West Japan Railway Co.	103		390,130
Yahoo! Japan Corp.^	1,920		652,370
Yakult Honsha Co., Ltd.	6,200		165,421
Yamada Denki Co., Ltd.	5,560		376,592
Yamaguchi Financial Group, Inc.	15,000		155,573
Yamaha Corp.	10,700		126,591
Yamaha Motor Co., Ltd.	12,900		159,085
Yamato Holdings Co., Ltd.	24,000		394,363
Yamato Kogyo Co., Ltd.	2,300		64,825
Yamazaki Baking Co., Ltd.	7,000		94,825
Yaskawa Electric Corp.	14,000		101,064
Yokogawa Electric Corp.	13,000		115,134
			209,183,707
Luxembourg (0.5%)
ArcelorMittal S.A.^	129,457		4,840,215
Millicom International Cellular S.A. (SDR)*	5,017		366,307
SES S.A. (FDR)	17,335		393,191
Tenaris S.A.	30,752		548,111
			6,147,824
Mexico (0.8%)
America Movil S.A.B. de C.V. (ADR) .	10,239		448,776
Cemex S.A.B. de C.V. (ADR)*	712,109		9,200,448
Fomento Economico Mexicano S.A.B. de C.V. (ADR)	9,987		380,005
Fresnillo plc	10,981		135,481
			10,164,710
Netherlands (3.7%)
Aegon N.V.*	91,493		776,674
Akzo Nobel N.V.	14,400		892,093
ASML Holding N.V.^	193,360		5,687,362
Corio N.V. (REIT)	2,947		203,248
European Aeronautic Defence and Space Co. N.V.	24,950		560,255
Fugro N.V. (CVA)	4,163		240,418
Heineken Holding N.V.	6,300		256,983
Heineken N.V.	15,717		724,598
ING Groep N.V. (CVA)*	169,561		3,027,151
James Hardie Industries N.V. (CDI)*	24,740		171,550
Koninklijke (Royal) KPN N.V.	109,626		1,818,374
Koninklijke Ahold N.V.	246,305		2,962,738
Koninklijke Boskalis Westminster N.V.	3,406		116,331
Koninklijke DSM N.V.	9,108		380,520
Koninklijke Philips Electronics N.V.^	75,241		1,832,129
QIAGEN N.V.*	12,012		254,878
Randstad Holding N.V.*^	67,420		2,911,922
Reed Elsevier N.V.	88,199		995,099
Royal Dutch Shell plc, Class A	503,034		14,367,414
Royal Dutch Shell plc, Class B	171,921		4,769,756
SBM Offshore N.V.	8,134		172,949
TNT N.V.	22,230		596,605
Unilever N.V. (CVA)	104,592		3,014,412
Wolters Kluwer N.V.	38,640		825,257
			47,558,716
New Zealand (0.1%)
Auckland International Airport Ltd.	55,998		75,221
Contact Energy Ltd.*	17,601		73,218
Fletcher Building Ltd.	32,434		195,589
Sky City Entertainment Group Ltd.	59,121		138,766
Telecom Corp. of New Zealand Ltd.	395,293		762,413
			1,245,207
Norway (0.5%)
DnB NOR ASA*	47,600		551,313
Norsk Hydro ASA*	40,797		271,505
Orkla ASA	46,732		440,532
Renewable Energy Corp. A/S*	23,604		207,185
StatoilHydro ASA	190,850		4,292,068
Telenor ASA*	54,800		634,705
Yara International ASA	12,500		393,432
			6,790,740
Portugal (0.2%)
Banco Comercial Portugues S.A. (Registered)	127,182		188,159
Banco Espirito Santo S.A. (Registered)	32,154		228,205
Brisa Auto-Estradas de Portugal S.A.	35,266		347,312
Cimpor Cimentos de Portugal SGPS S.A.	15,360		126,883
EDP - Energias de Portugal S.A.	118,076		540,822
Galp Energia SGPS S.A., Class B	22,664		392,014
Jeronimo Martins SGPS S.A.	12,586		110,230
Portugal Telecom SGPS S.A. (Registered)	35,011		370,673
			2,304,298
Singapore (1.3%)
Ascendas Real Estate Investment Trust (REIT)	77,000		105,498
CapitaLand Ltd.^	2,475,500		6,537,366
CapitaMall Trust (REIT)	138,000		181,237
City Developments Ltd.	32,000		234,437
ComfortDelgro Corp., Ltd.	120,000		137,153
Cosco Corp. (Singapore) Ltd.	106,000		90,299
DBS Group Holdings Ltd.	110,000		1,037,021
Fraser and Neave Ltd.	62,000		174,735
Golden Agri-Resources Ltd.*	346,788		105,859
Jardine Cycle & Carriage Ltd.	8,000		138,005
Keppel Corp., Ltd.	82,000		471,515
Neptune Orient Lines Ltd.	105,000		132,680
Olam International Ltd.	69,000		122,458
Oversea-Chinese Banking Corp., Ltd.	162,289		904,390
SembCorp Industries Ltd.	63,000		151,613
SembCorp Marine Ltd.	47,000		106,102
Singapore Airlines Ltd.	227,000		2,220,608
Singapore Airport Services	24,820		39,821
Singapore Exchange Ltd.	49,000		292,890
Singapore Press Holdings Ltd.	108,000		295,943
Singapore Technologies Engineering Ltd.	75,000		146,417
Singapore Telecommunications Ltd.	504,000		1,162,815
StarHub Ltd.	37,000		56,998
United Overseas Bank Ltd.	79,000		941,057
UOL Group Ltd.	61,000		148,965
Wilmar International Ltd.	81,000		363,412
			16,299,294
South Korea (0.0%)
Samsung Electronics Co., Ltd.	730		504,944

See Notes to Portfolio of Investments.

68

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Spain (4.7%)
Abertis Infraestructuras S.A.	19,302	$	438,089
Acciona S.A.	1,727		235,030
Acerinox S.A.	8,964		192,696
ACS Actividades de Construccion y Servicios S.A.	8,782		458,015
Banco Bilbao Vizcaya Argentaria S.A.^	689,145		12,232,624
Banco de Sabadell S.A.	52,458		388,044
Banco de Valencia S.A.	13,653		128,066
Banco Popular Espanol S.A.	46,047		461,573
Banco Santander S.A.	734,063		11,816,102
Bankinter S.A.	21,660		273,379
Cintra Concesiones de Infraestructuras de Transporte S.A.	12,995		151,274
Criteria Caixacorp S.A.	49,971		256,669
EDP Renovaveis S.A.*	13,977		153,706
Enagas S.A.	10,231		213,793
Fomento de Construcciones y Contratas S.A.	2,856		133,738
Gamesa Corp. Tecnologica S.A.^	287,604		6,443,448
Gas Natural SDG S.A.	13,712		302,988
Gestevision Telecinco S.A.	13,047		164,576
Grifols S.A.	8,193		156,040
Grupo Ferrovial S.A.	4,045		193,500
Iberdrola Renovables S.A.	54,146		266,228
Iberdrola S.A.	232,287		2,279,145
Iberia Lineas Aereas de Espana S.A.*	27,232		84,721
Inditex S.A.^	22,516		1,291,922
Indra Sistemas S.A.	5,300		132,158
Mapfre S.A.	49,658		222,143
Red Electrica Corporacion S.A.	7,419		379,655
Repsol YPF S.A.	46,150		1,255,450
Sacyr Vallehermoso S.A.	8,962		169,637
Telefonica S.A.^	719,656		19,856,363
Zardoya Otis S.A.	7,731		167,774
			60,898,546
Sweden (1.7%)
Alfa Laval AB	21,955		257,614
Assa Abloy AB, Class B	18,534		301,219
Atlas Copco AB, Class A	87,489		1,126,971
Atlas Copco AB, Class B	23,417		267,043
Electrolux AB, Class B*^	52,128		1,192,655
Getinge AB, Class B	11,699		196,344
Hennes & Mauritz AB, Class B	32,037		1,799,147
Holmen AB, Class B	3,021		83,202
Husqvarna AB, Class B*	25,026		173,748
Investor AB, Class B	29,521		538,855
Lundin Petroleum AB*	12,575		101,915
Nordea Bank AB	205,141		2,065,726
Sandvik AB	61,756		682,108
Scania AB, Class B	20,462		253,891
Securitas AB, Class B	18,534		178,924
Skandinaviska Enskilda Banken AB, Class A*	93,225		628,512
Skanska AB, Class B	26,436		387,931
SKF AB, Class B	24,822		389,883
SSAB AB, Class A	11,529		178,607
SSAB AB, Class B	9,677		136,729
Svenska Cellulosa AB, Class B	216,660		2,936,930
Svenska Handelsbanken AB, Class A	30,016		766,401
Swedbank AB, Class A*	20,661		197,086
Swedish Match AB	16,118		323,685
Tele2 AB, Class B	17,429		231,258
Telefonaktiebolaget LM Ericsson, Class B	392,564		3,941,773
TeliaSonera AB	145,148		953,586
Volvo AB, Class A	31,042		278,300
Volvo AB, Class B	153,426		1,419,521
			21,989,564
Switzerland (8.4%)
ABB Ltd. (Registered)*^	349,005		7,005,022
Actelion Ltd. (Registered)*	60,062		3,729,605
Adecco S.A. (Registered)^	51,223		2,723,523
Aryzta AG*	5,059		205,035
Baloise Holding AG (Registered)	2,857		272,935
BKW FMB Energie AG	905		78,510
Cie Financiere Richemont S.A., Class A	33,940		958,953
Credit Suisse Group AG (Registered)	300,017		16,646,702
Geberit AG (Registered)	2,618		402,186
Givaudan S.A. (Registered)	473		354,647
Holcim Ltd. (Registered)*	26,699		1,831,804
Kuehne & Nagel International AG (Registered)	3,218		279,630
Lindt & Spruengli AG	48		116,538
Lindt & Spruengli AG (Registered)	6		166,516
Logitech International S.A. (Registered)*	11,052		201,459
Lonza Group AG (Registered)^	80,912		8,822,789
Nestle S.A. (Registered)	366,240		15,606,638
Nobel Biocare Holding AG (Registered)	6,563		217,226
Novartis AG (Registered)	231,539		11,584,770
Pargesa Holding S.A	1,732		149,584
Roche Holding AG	52,531		8,490,729
Schindler Holding AG	5,334		368,925
SGS S.A. (Registered)	305		410,571
Sonova Holding AG	2,962		298,687
STMicroelectronics N.V.	40,971		386,050
Straumann Holding AG (Registered)	447		115,708
Swatch Group AG	1,977		465,682
Swatch Group AG (Registered)	2,835		128,851
Swiss Life Holding AG (Registered)*	1,913		226,318
Swiss Reinsurance Co., Ltd	21,150		954,740
Swisscom AG (Registered)	1,589		568,486
Syngenta AG (Registered)	6,081		1,397,169
Transocean Ltd.*	154,342		13,200,871
UBS AG (Registered)*	225,210		4,122,584
Xstrata plc*	147,475		2,174,214
Zurich Financial Services AG	12,332		2,933,357
			107,597,014
Taiwan (1.2%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	1,442,693		15,811,915
United Kingdom (16.6%)
3i Group plc	80,271		370,231
Admiral Group plc	10,582		195,667
AMEC plc	18,989		229,122
Anglo American plc*	82,631		2,631,891
Antofagasta plc	23,664		287,232
Associated British Foods plc	212,633		2,878,271
AstraZeneca plc	164,361		7,365,366
Autonomy Corp. plc*	159,994		4,165,262
Aviva plc	636,998		4,561,740
BAE Systems plc	222,841		1,243,618
Balfour Beatty plc	33,527		172,531
Barclays plc*	1,208,995		7,148,975

See Notes to Portfolio of Investments.

69

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Berkeley Group Holdings plc*	5,074	$	71,846
BG Group plc	269,724		4,685,616
BHP Billiton plc	139,437		3,806,128
BP plc	2,469,907		21,828,469
British Airways plc*	32,961		116,152
British American Tobacco plc	126,124		3,956,722
British Land Co. plc (REIT)	91,178		692,443
British Sky Broadcasting Group plc	74,024		676,093
BT Group plc	1,049,401		2,180,230
Bunzl plc	19,206		194,754
Burberry Group plc	105,430		848,362
Cable & Wireless plc	155,435		356,466
Cadbury plc	83,660		1,073,621
Cairn Energy plc*	8,823		392,980
Capita Group plc	38,538		444,984
Carnival plc	10,411		354,729
Carphone Warehouse Group plc	48,472		148,114
Centrica plc	1,083,163		4,355,339
Cobham plc	68,479		239,564
Compass Group plc	110,992		678,131
Diageo plc	156,994		2,408,640
Drax Group plc	131,794		993,104
Eurasian Natural Resources Corp	20,634		289,037
F&C Asset Management plc	16,235		20,108
Firstgroup plc	30,879		204,158
Friends Provident Group plc	162,353		215,874
G4S plc	81,234		286,392
GlaxoSmithKline plc	593,195		11,655,839
Hammerson plc (REIT)	41,866		263,819
Home Retail Group plc	50,140		217,877
HSBC Holdings plc	2,199,084		25,190,710
ICAP plc	111,198		751,185
Imperial Tobacco Group plc	91,145		2,633,594
Intercontinental Hotels Group plc	13,714		178,076
International Power plc	98,545		455,145
Invensys plc	44,161		205,446
Investec plc	23,068		168,847
J Sainsbury plc	71,402		370,861
Johnson Matthey plc	13,759		305,207
Kazakhmys plc	12,230		209,917
Kingfisher plc	154,169		524,554
Ladbrokes plc	41,565		124,484
Land Securities Group plc (REIT)	49,070		490,133
Legal & General Group plc	380,834		534,377
Liberty International plc (REIT)	27,718		212,628
Lloyds Banking Group plc*	2,608,825		4,323,558
London Stock Exchange Group plc	8,502		116,309
Lonmin plc*	10,532		281,763
Man Group plc	210,320		1,113,239
Marks & Spencer Group plc	206,014		1,192,183
National Grid plc	158,481		1,529,790
Next plc	12,632		361,766
Old Mutual plc	648,173		1,035,878
Pearson plc	48,371		596,015
Petrofac Ltd	13,119		207,041
Prudential plc	277,225		2,664,929
Randgold Resources Ltd	4,697		328,485
Reckitt Benckiser Group plc	108,153		5,285,591
Reed Elsevier plc	69,181		517,760
Rexam plc	68,965		287,665
Rio Tinto plc	95,197		4,059,832
Rolls-Royce Group plc*	442,003		3,325,670
Royal Bank of Scotland Group plc*	1,093,024		924,939
RSA Insurance Group plc	757,134		1,618,998
SABMiller plc	56,919		1,372,663
Sage Group plc	83,932		313,073
Schroders plc	7,877		137,594
Scottish & Southern Energy plc	58,033		1,087,904
Segro plc (REIT)	38,416		225,625
Serco Group plc	27,788		224,267
Severn Trent plc	15,119		234,496
Smith & Nephew plc	57,079		511,293
Smiths Group plc	22,229		315,642
Standard Chartered plc	327,770		8,077,391
Standard Life plc	136,079		476,270
Tesco plc	1,195,689		7,635,918
Thomas Cook Group plc	276,705		1,027,268
Tomkins plc	56,667		170,801
TUI Travel plc	347,863		1,415,416
Tullow Oil plc	51,630		930,741
Unilever plc	82,758		2,351,577
United Utilities Group plc	44,265		323,008
Vedanta Resources plc	8,241		250,500
Vodafone Group plc	9,556,162		21,411,597
Whitbread plc	9,863		191,673
WM Morrison Supermarkets plc	223,560		990,744
Wolseley plc*	130,934		3,153,430
WPP plc	376,377		3,230,092
			213,091,055
United States (0.4%)
NII Holdings, Inc.*	138,672		4,157,387
Synthes, Inc.	3,963		477,640
Thomson Reuters Corp.	12,343		413,874
			5,048,901
Total Common Stocks (97.5%) (Cost $1,060,631,265)			1,251,344,671
	Number of Rights	Value (Note 1)
RIGHTS:
France (0.0%)
BNP Paribas, expiring 10/13/09*	182,730		395,749
Hong Kong (0.0%)
Genting Singapore plc, expiring 10/12/09*	47,200		10,555
Sweden (0.0%)
Swedbank AB, expiring 10/6/09*	20,661		40,751
Total Rights (0.0%) (Cost $14,947)			447,055
	Number of Warrants	Value (Note 1)
WARRANTS:
Italy (0.0%)
Mediobanca S.p.A., expiring 3/18/11*	31,536		2,241
Unione di Banche Italiane S.c.p.A., expiring 6/30/11*	34,990		4,168
			6,409
Singapore (0.0%)
Golden Agri-Resources Ltd., expiring 7/23/12*	20,155		1,860
Total Warrants (0.0%) (Cost $—)			8,269

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (1.4%)
BBVA Senior Finance S.A.
0.35%, 3/12/10(l)	$	1,850,000	$	1,849,471
Deutsche Bank Securities, Inc., Repurchase Agreement
0.08%, 10/1/09(r)(u)		9,854,605		9,854,605
General Electric Capital Corp.
0.40%, 3/12/10(l)		340,000		336,402
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09(h)(l)(s)		2,109,986		353,423
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)		2,529,811		2,381,690
Total Short-Term Investments of Cash Collateral for Securities Loaned				18,587,091
Time Deposit (1.4%)
JPMorgan Chase Nassau
0.000%, 10/1/09		17,847,969		17,847,969
Total Short-Term Investments (2.8%) (Cost/Amortized Cost $38,492,371)				36,435,060
Total Investments (100.3%) (Cost/Amortized Cost $1,099,138,583)				1,288,235,055
Other Assets Less Liabilities (-0.3%)				(4,147,203	)
Net Assets (100%)			$	1,284,087,852

* Non-income producing.

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

† Securities (totaling $0 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 September 30, 2009, the market value of these securities amounted to $1,986,314 or 0.2% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b) Illiquid Security.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of September 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% –7.000%, maturing 4/1/18 to 11/1/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 to 7/1/39.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

GDR — Global Depositary Receipt

REIT — Real Estate Investment Trust

RNC — Risparmio Non-Convertible Savings Shares

SDR — Swedish Certification

FDR — Finnish Depositary Receipt

CDI — Chess Depositary Interest

PPS — Price Protected Share

Market Sector Diversification
As a Percentage of Total Net Assets
Consumer Discretionary			9.1	%
Consumer Staples			7.9
Energy			9.3
Financials	3.6	%
Capital Markets	14.8
Commercial Banks	0.1
Consumer Finance	0.6
Diversified Financial Services	3.4
Insurance	0.8
Real Estate Investment Trusts (REITs)	2.4
Real Estate Management & Development
Total Financials			25.7
Health Care			8.0
Industrials			11.8
Information Technology			6.5
Materials			7.8
Telecommunication Services			6.9
Utilities			4.5
Cash and Other			2.5
			100.0	%

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2009		Unrealized Appreciation/ (Depreciation)
Dow Jones EURO Stoxx 50 Index	40	December-09	$	1,643,498	$	1,672,316	$	28,818
E-Mini MSCI EAFE Index	182	December-09		14,066,482		14,068,600		2,118
							$	30,936

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	8,942,490	$	108,623,896	$	—	$	117,566,386
Consumer Staples		585,040		100,677,806		—		101,262,846
Energy		30,926,458		88,463,022		—		119,389,480
Financials		17,021,261		312,526,625		—		329,547,886
Health Care		5,392,477		97,649,963		—		103,042,440
Industrials		2,602,302		148,556,069		—		151,158,371
Information Technology		20,043,287		63,866,889		—		83,910,176
Materials		15,883,769		83,816,803		—		99,700,572
Telecommunication Services		6,647,414		81,497,062		—		88,144,476
Utilities		—		57,622,038		—		57,622,038
Futures		30,936		—		—		30,936
Rights
Consumer Discretionary		—		10,555		—		10,555
Financials		—		436,500		—		436,500
Short-Term Investments		—		36,435,060		—		36,435,060
Warrants
Consumer Staples		—		1,860		—		1,860
Financials		—		6,409		—		6,409
Total Asset	$	108,075,434	$	1,180,190,557	$	—	$	1,288,265,991
Total Liability	$	—	$	—	$	—	$	–
Total	$	108,075,434	$	1,180,190,557	$	—	$	1,288,265,991

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 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			Investments in Securities-Industrials
Balance as of 12/31/08	$	20,733,155		$	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		(20,733,155	)		(10,230,491	)
Balance as of 9/30/09	$	—		$	—
	Investments in Securities-Materials			Investments in Securities- Telecommunication Services
Balance as of 12/31/08	$	62,042		$	7,997,044
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		—			(7,997,044	)
Balance as of 9/30/09	$	—		$	—
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 9/30/09.	$	—

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	917,018,621
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,594,735,678
As of September 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	$	235,757,864
Aggregate gross unrealized depreciation		(135,464,160	)
Net unrealized appreciation	$	100,293,704
Federal income tax cost of investments	$	1,187,941,351

At September 30, 2009, the Portfolio had loaned securities with a total value of $19,674,046. This was secured by collateral of $20,644,401 which was received as cash and subsequently invested in short-term investments currently valued at $18,587,091, as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $154,814,122 which expires in the year 2016.

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.7%)
Auto Components (0.1%)
Goodyear Tire & Rubber Co.*	8,300	$	141,349
Johnson Controls, Inc.	20,100		513,756
Magna International, Inc., Class A	5,500		233,860
			888,965
Automobiles (0.1%)
Ford Motor Co.*	106,200		765,702
Harley-Davidson, Inc.	7,500		172,500
			938,202
Distributors (0.0%)
Genuine Parts Co.	5,200		197,912
Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*	4,100		302,047
DeVry, Inc.	2,300		127,236
H&R Block, Inc.	11,200		205,856
			635,139
Hotels, Restaurants & Leisure (1.4%)
Carnival Corp.	14,800		492,544
Darden Restaurants, Inc.	5,000		170,650
International Game Technology	9,700		208,356
Life Time Fitness, Inc.*^	81,920		2,297,856
Marriott International, Inc., Class A	8,083		223,010
McDonald’s Corp.	40,265		2,297,924
Starbucks Corp.*	24,900		514,185
Starwood Hotels & Resorts Worldwide, Inc.^	63,340		2,092,120
Wyndham Worldwide Corp.	6,800		110,976
Wynn Resorts Ltd.*	8,311		589,167
Yum! Brands, Inc.	15,200		513,152
			9,509,940
Household Durables (0.4%)
Black & Decker Corp.	6,200		286,998
D.R. Horton, Inc.^	29,900		341,159
Fortune Brands, Inc.	4,900		210,602
Harman International Industries, Inc.	2,300		77,924
KB Home	2,200		36,542
Leggett & Platt, Inc.	5,500		106,700
Lennar Corp., Class A	4,700		66,975
Newell Rubbermaid, Inc.	10,200		160,038
NVR, Inc.*	800		509,896
Pulte Homes, Inc.^	38,207		419,895
Whirlpool Corp.	2,300		160,908
			2,377,637
Internet & Catalog Retail (0.9%)
Amazon.com, Inc.*	11,000		1,026,960
Expedia, Inc.*	6,600		158,070
Liberty Media Corp., Interactive, Class A*	37,631		412,812
priceline.com, Inc.*^	26,823		4,447,790
			6,045,632
Leisure Equipment & Products (0.1%)
Eastman Kodak Co.	7,900		37,762
Hasbro, Inc.	4,400		122,100
Mattel, Inc.	11,500		212,290
			372,152
Media (5.1%)
CBS Corp., Class B^	283,050		3,410,753
Comcast Corp., Class A^	403,514		6,576,228
DIRECTV Group, Inc.*^	301,190		8,306,820
DISH Network Corp., Class A*	279,940		5,391,644
Gannett Co., Inc.	7,800		97,578
Historic TW, Inc.^	74,033		2,130,670
Interpublic Group of Cos., Inc.*	16,800		126,336
McGraw-Hill Cos., Inc.	10,500		263,970
Meredith Corp.	1,100		32,934
New York Times Co., Class A	3,400		27,608
News Corp., Class A^	181,000		2,170,190
Omnicom Group, Inc.	10,600		391,564
Scripps Networks Interactive, Inc., Class A	3,200		118,240
Time Warner Cable, Inc.	37,694		1,624,235
Viacom, Inc., Class B*	50,710		1,421,908
Walt Disney Co.	68,600		1,883,756
Washington Post Co., Class B	200		93,616
			34,068,050
Multiline Retail (0.5%)
Big Lots, Inc.*	3,000		75,060
Family Dollar Stores, Inc.	5,100		134,640
J.C. Penney Co., Inc.	7,800		263,250
Kohl’s Corp.*	10,400		593,320
Macy’s, Inc.	48,000		877,920
Nordstrom, Inc.	5,600		171,024
Sears Holdings Corp.*	1,700		111,027
Target Corp.	24,900		1,162,332
			3,388,573
Specialty Retail (1.2%)
Abercrombie & Fitch Co., Class A	2,700		88,776
AutoNation, Inc.*^	35,000		632,800
AutoZone, Inc.*	1,000		146,220
Bed Bath & Beyond, Inc.*	8,700		326,598
Best Buy Co., Inc.	11,300		423,976
GameStop Corp., Class A*	5,100		134,997
Gap, Inc.	15,100		323,140
Home Depot, Inc.	72,400		1,928,736
Limited Brands, Inc.^	30,190		512,928
Lowe’s Cos., Inc.	85,700		1,794,558
Office Depot, Inc.*	8,800		58,256
O’Reilly Automotive, Inc.*	4,300		155,402
RadioShack Corp.	4,000		66,280
Sherwin-Williams Co.	3,400		204,544
Staples, Inc.	23,500		545,670
Tiffany & Co.	4,200		161,826
TJX Cos., Inc.	14,000		520,100
			8,024,807
Textiles, Apparel & Luxury Goods (0.8%)
Coach, Inc.	10,600		348,952
Jones Apparel Group, Inc.^	33,460		599,938
NIKE, Inc., Class B	64,885		4,198,059
Polo Ralph Lauren Corp.	1,900		145,578
VF Corp.	2,900		210,047
			5,502,574
Total Consumer Discretionary			71,949,583
Consumer Staples (8.1%)
Beverages (2.0%)
Brown-Forman Corp., Class B	3,500		168,770
Coca-Cola Co.	145,360		7,805,832
Coca-Cola Enterprises, Inc.	31,020		664,138
Constellation Brands, Inc., Class A*^	21,100		319,665
Dr. Pepper Snapple Group, Inc.*	8,900		255,875
Molson Coors Brewing Co., Class B	5,200		253,136
Pepsi Bottling Group, Inc.	4,400		160,336
PepsiCo, Inc.	71,200		4,176,592
			13,804,344

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Food & Staples Retailing (2.1%)
Costco Wholesale Corp.	14,500	$	818,670
CVS Caremark Corp.	104,337		3,729,004
Kroger Co.	22,000		454,080
Rite Aid Corp.*	488,710		801,485
Safeway, Inc.	14,000		276,080
SUPERVALU, Inc.	6,600		99,396
Sysco Corp.	19,600		487,060
Walgreen Co.	32,700		1,225,269
Wal-Mart Stores, Inc.	118,180		5,801,456
Whole Foods Market, Inc.*	5,000		152,450
			13,844,950
Food Products (1.1%)
Archer-Daniels-Midland Co.	48,900		1,428,858
Bunge Ltd.^	10,300		644,883
Campbell Soup Co.	6,200		202,244
ConAgra Foods, Inc.	15,100		327,368
Dean Foods Co.*	5,900		104,961
General Mills, Inc.	10,700		688,866
H.J. Heinz Co.	10,400		413,400
Hershey Co.	5,400		209,844
Hormel Foods Corp.	2,400		85,248
J.M. Smucker Co.	4,100		217,341
Kellogg Co.	8,500		418,455
Kraft Foods, Inc., Class A	61,400		1,612,978
McCormick & Co., Inc. (Non-Voting)	4,600		156,124
Sara Lee Corp.	22,300		248,422
Smithfield Foods, Inc.*	12,900		178,020
Tyson Foods, Inc., Class A	10,700		135,141
			7,072,153
Household Products (1.5%)
Clorox Co.	4,500		264,690
Colgate-Palmolive Co.	16,400		1,250,992
Kimberly-Clark Corp.	21,995		1,297,265
Procter & Gamble Co.	124,171		7,191,984
			10,004,931
Personal Products (0.1%)
Avon Products, Inc.	14,600		495,816
Estee Lauder Cos., Inc., Class A	4,000		148,320
			644,136
Tobacco (1.3%)
Altria Group, Inc.	148,943		2,652,675
Lorillard, Inc.	5,600		416,080
Philip Morris International, Inc.	102,633		5,002,332
Reynolds American, Inc.	18,480		822,730
			8,893,817
Total Consumer Staples			54,264,331
Energy (9.8%)
Energy Equipment & Services (1.2%)
Baker Hughes, Inc.	10,100		430,866
BJ Services Co.	9,100		176,813
Cameron International Corp.*	7,600		287,432
Diamond Offshore Drilling, Inc.	2,400		229,248
ENSCO International, Inc.^	16,100		684,894
FMC Technologies, Inc.*	4,200		219,408
Halliburton Co.	30,100		816,312
Nabors Industries Ltd.*	9,000		188,100
National Oilwell Varco, Inc.*	13,700		590,881
Rowan Cos., Inc.	4,100		94,587
Schlumberger Ltd.	39,800		2,372,080
Smith International, Inc.	7,100		203,770
Transocean Ltd.*	23,460		2,006,534
			8,300,925
Oil, Gas & Consumable Fuels (8.6%)
Anadarko Petroleum Corp.	16,500		1,035,045
Apache Corp.^	12,600		1,157,058
BP plc (ADR)^	10,700		569,561
Cabot Oil & Gas Corp.	3,500		125,125
Chesapeake Energy Corp.	21,000		596,400
Chevron Corp.	72,200		5,085,046
Cimarex Energy Co.	4,400		190,608
ConocoPhillips	196,040		8,853,166
Consol Energy, Inc.	6,300		284,193
Denbury Resources, Inc.*	7,700		116,501
Devon Energy Corp.	32,000		2,154,560
El Paso Corp.	22,900		236,328
EOG Resources, Inc.	38,937		3,251,629
Exxon Mobil Corp.	180,800		12,404,688
Gazprom OAO (ADR)	145,840		3,430,365
Hess Corp.	54,727		2,925,706
Marathon Oil Corp.	220,370		7,029,803
Massey Energy Co.	3,000		83,670
Murphy Oil Corp.	6,200		356,934
Nexen, Inc.	29,000		654,530
Noble Energy, Inc.	5,800		382,568
Occidental Petroleum Corp.	33,200		2,602,880
Peabody Energy Corp.	9,000		334,980
Pioneer Natural Resources Co.	3,800		137,902
Range Resources Corp.	5,500		271,480
Southwestern Energy Co.*	11,600		495,088
Spectra Energy Corp.	21,000		397,740
Sunoco, Inc.	3,600		102,420
Tesoro Corp.	4,100		61,418
Valero Energy Corp.	60,700		1,176,973
Williams Cos., Inc.	19,400		346,678
XTO Energy, Inc.	19,100		789,212
			57,640,255
Total Energy			65,941,180
Financials (15.4%)
Capital Markets (3.6%)
Ameriprise Financial, Inc.	8,300		301,539
Bank of New York Mellon Corp.	40,300		1,168,297
Charles Schwab Corp.	30,800		589,820
Credit Suisse Group AG (ADR)	27,740		1,543,731
Deutsche Bank AG (Registered)	10,600		813,762
E*TRADE Financial Corp.*	36,800		64,400
Federated Investors, Inc., Class B	2,600		68,562
Franklin Resources, Inc.	5,000		503,000
Goldman Sachs Group, Inc.	61,966		11,423,432
Invesco Ltd.	13,700		311,812
Janus Capital Group, Inc.	7,000		99,260
Legg Mason, Inc.	4,800		148,944
Morgan Stanley	183,048		5,652,522
Northern Trust Corp.	7,900		459,464
State Street Corp.	16,300		857,380
T. Rowe Price Group, Inc.	8,500		388,450
			24,394,375
Commercial Banks (3.7%)
BB&T Corp.^	40,900		1,114,116
Comerica, Inc.	5,400		160,218
Fifth Third Bancorp^	255,612		2,589,350
First Horizon National Corp.*	7,267		96,139
Huntington Bancshares, Inc./Ohio	20,600		97,026
KeyCorp^	333,100		2,165,150
M&T Bank Corp.	2,900		180,728
Marshall & Ilsley Corp.	12,000		96,840
Mitsubishi UFJ Financial Group, Inc.	734,900		3,946,101

See Notes to Portfolio of Investments.

75

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
PNC Financial Services Group, Inc.	15,600	$	758,004
Regions Financial Corp.	36,900		229,149
SunTrust Banks, Inc.	16,900		381,095
U.S. Bancorp	343,350		7,505,631
Wells Fargo & Co.	196,500		5,537,370
Zions Bancorp.	3,900		70,083
			24,927,000
Consumer Finance (0.3%)
American Express Co.	39,300		1,332,270
Capital One Financial Corp.	15,300		546,669
Discover Financial Services	17,500		284,025
SLM Corp.*	15,100		131,672
			2,294,636
Diversified Financial Services (2.6%)
Bank of America Corp.	331,900		5,615,748
Citigroup, Inc.	431,100		2,086,524
CME Group, Inc.	2,200		678,018
IntercontinentalExchange, Inc.*	2,400		233,256
JPMorgan Chase & Co.	164,200		7,195,244
Leucadia National Corp.*	6,500		160,680
Moody’s Corp.	6,600		135,036
NASDAQ OMX Group, Inc.*	5,100		107,355
NYSE Euronext	43,728		1,263,302
			17,475,163
Insurance (4.6%)
ACE Ltd.*	111,426		5,956,834
Aflac, Inc.	15,300		653,922
Allstate Corp.	36,200		1,108,444
American International Group, Inc.*	4,795		211,507
Aon Corp.	9,300		378,417
Assurant, Inc.	3,900		125,034
Chubb Corp.	11,900		599,879
Cincinnati Financial Corp.	5,200		135,148
Genworth Financial, Inc., Class A	15,400		184,030
Hartford Financial Services Group, Inc.	230,978		6,120,917
Lincoln National Corp.^	32,200		834,302
Loews Corp.	12,100		414,425
Marsh & McLennan Cos., Inc.	17,800		440,194
MBIA, Inc.*	5,300		41,128
MetLife, Inc.	46,000		1,751,220
Principal Financial Group, Inc.	10,400		284,856
Progressive Corp.*	22,900		379,682
Prudential Financial, Inc.	15,200		758,632
Swiss Reinsurance Co., Ltd.	55,620		2,510,763
Torchmark Corp.	2,500		108,575
Transatlantic Holdings, Inc.	97,800		4,906,626
Travelers Cos., Inc.	27,300		1,343,979
Unum Group^	24,200		518,848
XL Capital Ltd., Class A	50,245		877,278
			30,644,640
Real Estate Investment Trusts (REITs) (0.5%)
Apartment Investment & Management Co. (REIT), Class A	3,600		53,100
AvalonBay Communities, Inc. (REIT)	2,700		196,371
Boston Properties, Inc. (REIT)	4,500		294,975
Developers Diversified Realty Corp. (REIT)	506		4,675
Equity Residential (REIT)	8,800		270,160
HCP, Inc. (REIT)	9,600		275,904
Health Care REIT, Inc. (REIT)	3,800		158,156
Host Hotels & Resorts, Inc. (REIT)	19,200		225,984
Kimco Realty Corp. (REIT)	12,000		156,480
Plum Creek Timber Co., Inc. (REIT)	5,200		159,328
ProLogis (REIT)	13,900		165,688
Public Storage (REIT)	4,200		316,008
Simon Property Group, Inc. (REIT)	9,534		661,946
Ventas, Inc. (REIT)	5,000		192,500
Vornado Realty Trust (REIT)	5,319		342,600
			3,473,875
Real Estate Management & Development (0.0%)
CB Richard Ellis Group, Inc., Class A*	8,700		102,138
Thrifts & Mortgage Finance (0.1%)
Hudson City Bancorp, Inc.	15,100		198,565
People’s United Financial, Inc.	12,100		188,276
			386,841
Total Financials			103,698,668
Health Care (13.3%)
Biotechnology (3.0%)
Amgen, Inc.*	42,900		2,583,867
Biogen Idec, Inc.*	9,800		495,096
Celgene Corp.*^	68,740		3,842,566
Cephalon, Inc.*	2,700		157,248
Genzyme Corp.*	9,100		516,243
Gilead Sciences, Inc.*	213,090		9,925,732
OSI Pharmaceuticals, Inc.*^	67,089		2,368,242
			19,888,994
Health Care Equipment & Supplies (2.2%)
Alcon, Inc.	12,340		1,711,188
Baxter International, Inc.	63,650		3,628,687
Becton, Dickinson and Co.	8,100		564,975
Boston Scientific Corp.*	49,500		524,205
C.R. Bard, Inc.	3,200		251,552
CareFusion Corp.*	6,050		131,890
Covidien plc.	20,875		903,052
DENTSPLY International, Inc.	4,800		165,792
Hospira, Inc.*	5,200		231,920
Intuitive Surgical, Inc.*	1,300		340,925
Medtronic, Inc.	37,100		1,365,280
St. Jude Medical, Inc.*	11,700		456,417
Stryker Corp.	9,200		417,956
Varian Medical Systems, Inc.*^	94,848		3,995,946
Zimmer Holdings, Inc.*	7,300		390,185
			15,079,970
Health Care Providers & Services (1.6%)
Aetna, Inc.	35,900		999,097
AmerisourceBergen Corp.	9,700		217,086
Cardinal Health, Inc.	12,100		324,280
CIGNA Corp.	9,500		266,855
Community Health Systems, Inc.*^	71,822		2,293,276
Coventry Health Care, Inc.*	5,500		109,780
DaVita, Inc.*	3,300		186,912
Express Scripts, Inc.*	8,900		690,462
Humana, Inc.*	5,500		205,150
Laboratory Corp. of America Holdings*	3,600		236,520
McKesson Corp.	9,000		535,950
Medco Health Solutions, Inc.*	15,900		879,429
Patterson Cos., Inc.*	3,400		92,650
Quest Diagnostics, Inc.	5,000		260,950
Tenet Healthcare Corp.*	13,900		81,732
UnitedHealth Group, Inc.	95,116		2,381,705
WellPoint, Inc.*	15,600		738,816
			10,500,650
Health Care Technology (0.2%)
Eclipsys Corp.*^	60,192		1,161,706

See Notes to Portfolio of Investments.

76

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
IMS Health, Inc.	6,100	$	93,635
			1,255,341
Life Sciences Tools & Services (1.0%)
Life Technologies Corp.*	6,100		283,955
Millipore Corp.*	1,700		119,561
PerkinElmer, Inc.	4,200		80,808
Thermo Fisher Scientific, Inc.*	142,500		6,222,975
Waters Corp.*	3,400		189,924
			6,897,223
Pharmaceuticals (5.3%)
Abbott Laboratories, Inc.	98,790		4,887,141
Allergan, Inc.	10,100		573,276
Bristol-Myers Squibb Co.	65,700		1,479,564
Eli Lilly and Co.	195,400		6,454,062
Forest Laboratories, Inc.*	10,000		294,400
GlaxoSmithKline plc (ADR)	12,950		511,654
Johnson & Johnson	103,800		6,320,382
King Pharmaceuticals, Inc.*	9,500		102,315
Merck & Co., Inc.	110,600		3,498,278
Mylan, Inc.*	10,800		172,908
Novartis AG (ADR)	12,075		608,339
Pfizer, Inc.	336,100		5,562,455
Schering-Plough Corp.	106,300		3,002,975
Watson Pharmaceuticals, Inc.*	3,900		142,896
Wyeth	44,300		2,152,094
			35,762,739
Total Health Care			89,384,917
Industrials (7.0%)
Aerospace & Defense (2.8%)
Boeing Co.	124,550		6,744,383
General Dynamics Corp.	12,700		820,420
Goodrich Corp.	4,000		217,360
Honeywell International, Inc.	24,600		913,890
ITT Corp.	6,100		318,115
L-3 Communications Holdings, Inc.	3,900		313,248
Lockheed Martin Corp.	13,600		1,061,888
Northrop Grumman Corp.	23,900		1,236,825
Precision Castparts Corp.	32,130		3,273,083
Raytheon Co.	23,400		1,122,498
Rockwell Collins, Inc.	5,500		279,400
United Technologies Corp.	39,400		2,400,642
			18,701,752
Air Freight & Logistics (0.5%)
C.H. Robinson Worldwide, Inc.	5,600		323,400
Expeditors International of Washington, Inc.	6,800		239,020
FedEx Corp.	10,400		782,288
United Parcel Service, Inc., Class B	33,000		1,863,510
			3,208,218
Airlines (0.0%)
Southwest Airlines Co.	24,100		231,360
Building Products (0.1%)
Masco Corp.	41,800		540,056
Commercial Services & Supplies (0.2%)
Avery Dennison Corp.	3,500		126,035
Cintas Corp.	4,700		142,457
Iron Mountain, Inc.*	6,100		162,626
Pitney Bowes, Inc.	7,100		176,435
R.R. Donnelley & Sons Co.	7,400		157,324
Republic Services, Inc.	10,700		284,299
Stericycle, Inc.*	3,100		150,195
Waste Management, Inc.	16,600		495,012
			1,694,383
Construction & Engineering (0.1%)
Fluor Corp.	6,000		305,100
Jacobs Engineering Group, Inc.*	3,900		179,205
Quanta Services, Inc.*	6,300		139,419
			623,724
Electrical Equipment (0.2%)
Cooper Industries plc, Class A	7,000		262,990
Emerson Electric Co.	24,800		993,984
Rockwell Automation, Inc.	4,700		200,220
			1,457,194
Industrial Conglomerates (1.2%)
3M Co.	23,000		1,697,400
General Electric Co.	362,700		5,955,534
Textron, Inc.^	30,300		575,094
			8,228,028
Machinery (1.4%)
Caterpillar, Inc.^	38,600		1,981,338
Cummins, Inc.	6,700		300,227
Danaher Corp.	45,114		3,037,074
Deere & Co.	13,900		596,588
Dover Corp.	8,200		317,832
Eaton Corp.	5,500		311,245
Flowserve Corp.	1,800		177,372
Illinois Tool Works, Inc.	12,800		546,688
Ingersoll-Rand plc^	18,800		576,596
PACCAR, Inc.	12,400		467,604
Pall Corp.	4,100		132,348
Parker Hannifin Corp.	5,200		269,568
Snap-On, Inc.	2,100		72,996
SPX Corp.	3,800		232,826
Stanley Works	2,800		119,532
			9,139,834
Professional Services (0.1%)
Dun & Bradstreet Corp.	1,900		143,108
Equifax, Inc.	4,500		131,130
Monster Worldwide, Inc.*	4,000		69,920
Robert Half International, Inc.	5,400		135,108
			479,266
Road & Rail (0.4%)
Burlington Northern Santa Fe Corp.	8,600		686,538
CSX Corp.	13,300		556,738
Norfolk Southern Corp.	12,100		521,631
Ryder System, Inc.	1,900		74,214
Union Pacific Corp.	16,600		968,610
			2,807,731
Trading Companies & Distributors (0.0%)
Fastenal Co	4,600		178,020
W.W. Grainger, Inc.	2,000		178,720
			356,740
Total Industrials			47,468,286
Information Technology (21.0%)
Communications Equipment (3.1%)
Ciena Corp.*	2,700		43,956
Cisco Systems, Inc.*	221,300		5,209,402
Harris Corp.	4,200		157,920
JDS Uniphase Corp.*	8,500		60,435
Juniper Networks, Inc.*^	83,710		2,261,844
Motorola, Inc.	150,100		1,289,359
Nokia Oyj (ADR)^	50,000		731,000
QUALCOMM, Inc.	108,366		4,874,303
Research In Motion Ltd.*	88,239		5,960,544

See Notes to Portfolio of Investments.

77

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Tellabs, Inc.*	15,200	$	105,184
			20,693,947
Computers & Peripherals (5.9%)
Apple, Inc.*	66,204		12,272,236
Dell, Inc.*	523,020		7,981,285
EMC Corp.*	67,700		1,153,608
Hewlett-Packard Co.	96,900		4,574,649
International Business Machines Corp.	82,765		9,899,522
Lexmark International, Inc., Class A*	2,800		60,312
NCR Corp.*	137,400		1,898,868
NetApp, Inc.*	11,500		306,820
QLogic Corp.*	4,200		72,240
SanDisk Corp.*	7,700		167,090
Sun Microsystems, Inc.*	26,200		238,158
Teradata Corp.*	5,400		148,608
Western Digital Corp.*	28,210		1,030,511
			39,803,907
Electronic Equipment, Instruments & Components (1.5%)
Agilent Technologies, Inc.*	11,300		314,479
Amphenol Corp., Class A^	61,735		2,326,175
AU Optronics Corp. (ADR)^	57,268		554,354
Corning, Inc.	383,297		5,868,277
FLIR Systems, Inc.*	4,600		128,662
Jabil Circuit, Inc.	6,800		91,188
Molex, Inc.	4,100		85,608
Tyco Electronics Ltd.	44,900		1,000,372
			10,369,115
Internet Software & Services (1.1%)
Akamai Technologies, Inc.*	6,500		127,920
eBay, Inc.*	106,306		2,509,885
Google, Inc., Class A*	8,000		3,966,800
VeriSign, Inc.*	6,100		144,509
Yahoo!, Inc.*	39,100		696,371
			7,445,485
IT Services (2.8%)
Affiliated Computer Services, Inc., Class A*	3,100		167,927
Amdocs Ltd.*	168,620		4,532,505
Automatic Data Processing, Inc.	17,000		668,100
Cognizant Technology Solutions Corp., Class A*	9,900		382,734
Computer Sciences Corp.*	5,000		263,550
Convergys Corp.*	3,500		34,790
Fidelity National Information Services, Inc.	6,000		153,060
Fiserv, Inc.*^	104,500		5,036,900
Mastercard, Inc., Class A	3,100		626,665
Paychex, Inc.^	115,640		3,359,342
Total System Services, Inc.	6,800		109,548
Visa, Inc., Class A^	33,200		2,294,452
Western Union Co.	60,367		1,142,144
			18,771,717
Office Electronics (0.0%)
Xerox Corp.	28,300		219,042
Semiconductors & Semiconductor Equipment (1.5%)
Advanced Micro Devices, Inc.*	16,800		95,088
Altera Corp.	10,000		205,100
Analog Devices, Inc.	9,700		267,526
Applied Materials, Inc.	45,300		607,020
Broadcom Corp., Class A*	14,200		435,798
Intel Corp.	185,900		3,638,063
KLA-Tencor Corp.	5,500		197,230
Linear Technology Corp.	7,200		198,936
LSI Corp.*	23,200		127,368
MEMC Electronic Materials, Inc.*	7,200		119,736
Microchip Technology, Inc.	6,300		166,950
Micron Technology, Inc.*	29,500		241,900
National Semiconductor Corp.	6,600		94,182
Novellus Systems, Inc.*	3,500		73,430
Nvidia Corp.*	18,200		273,546
ON Semiconductor Corp.*	267,572		2,207,469
Teradyne, Inc.*	5,600		51,800
Texas Instruments, Inc.	42,100		997,349
Xilinx, Inc.	9,000		210,780
			10,209,271
Software (5.1%)
Adobe Systems, Inc.*	17,500		578,200
ANSYS, Inc.*^	81,900		3,068,793
Autodesk, Inc.*	7,900		188,020
BMC Software, Inc.*	6,400		240,192
CA, Inc.	62,300		1,369,977
Citrix Systems, Inc.*	6,000		235,380
Compuware Corp.*	8,900		65,237
Electronic Arts, Inc.*	32,800		624,840
Intuit, Inc.*	10,800		307,800
McAfee, Inc.*	5,100		223,329
Microsoft Corp.	709,316		18,364,191
Nintendo Co., Ltd. (ADR)	34,520		1,089,797
Novell, Inc.*	11,900		53,669
Oracle Corp.	292,811		6,102,181
Red Hat, Inc.*	6,000		165,840
Salesforce.com, Inc.*	3,500		199,255
Symantec Corp.*	73,900		1,217,133
			34,093,834
Total Information Technology			141,606,318
Materials (2.7%)
Chemicals (1.4%)
Air Products & Chemicals, Inc.	6,900		535,302
Airgas, Inc.	2,700		130,599
CF Industries Holdings, Inc.	1,700		146,591
Dow Chemical Co.	38,100		993,267
E.I. du Pont de Nemours & Co.	61,500		1,976,610
Eastman Chemical Co.	2,300		123,142
Ecolab, Inc.	7,700		355,971
FMC Corp.	2,400		135,000
International Flavors & Fragrances, Inc.	2,700		102,411
Monsanto Co.	34,400		2,662,560
PPG Industries, Inc.	5,500		320,155
Praxair, Inc.	10,100		825,069
Sigma-Aldrich Corp.	4,300		232,114
Syngenta AG (ADR)	15,961		733,408
			9,272,199
Construction Materials (0.0%)
Vulcan Materials Co.	3,900		210,873
Containers & Packaging (0.1%)
Ball Corp.	3,300		162,360
Bemis Co., Inc.	3,200		82,912
Owens-Illinois, Inc.*	5,400		199,260
Pactiv Corp.*	4,800		125,040
Sealed Air Corp.	5,600		109,928
Sonoco Products Co.	5,900		162,486
			841,986
Metals & Mining (1.1%)
AK Steel Holding Corp.^	21,000		414,330
Alcoa, Inc.	32,800		430,336

See Notes to Portfolio of Investments.

78

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
Allegheny Technologies, Inc.		3,400	$	118,966
Freeport-McMoRan Copper & Gold, Inc.		13,600		933,096
Newmont Mining Corp.		16,400		721,928
Nucor Corp.		10,600		498,306
Titanium Metals Corp.		1,800		17,262
United States Steel Corp.^		93,800		4,161,906
				7,296,130
Paper & Forest Products (0.1%)
International Paper Co.		14,400		320,112
MeadWestvaco Corp.		6,300		140,553
Weyerhaeuser Co.		6,800		249,220
				709,885
Total Materials				18,331,073
Telecommunication Services (4.4%)
Diversified Telecommunication Services (2.3%)
AT&T, Inc.		415,800		11,230,758
CenturyTel, Inc.		9,735		327,096
Frontier Communications Corp.		10,600		79,924
Qwest Communications International, Inc.		47,800		182,118
Verizon Communications, Inc.		107,100		3,241,917
Windstream Corp.		14,000		141,820
				15,203,633
Wireless Telecommunication Services (2.1%)
American Tower Corp., Class A*^		24,600		895,440
China Mobile Ltd.		385,300		3,758,515
Crown Castle International Corp.*^		180,786		5,669,449
Leap Wireless International, Inc.*^		103,500		2,023,425
MetroPCS Communications, Inc.*		9,700		90,792
Sprint Nextel Corp.*^		312,000		1,232,400
Vodafone Group plc (ADR)^		29,800		670,500
				14,340,521
Total Telecommunication Services				29,544,154
Utilities (2.8%)
Electric Utilities (1.9%)
Allegheny Energy, Inc.		5,800		153,816
American Electric Power Co., Inc.		16,100		498,939
Duke Energy Corp.		42,400		667,376
Edison International		10,900		366,022
Entergy Corp.		87,104		6,956,125
Exelon Corp.		21,700		1,076,754
FirstEnergy Corp.		10,300		470,916
FPL Group, Inc.		13,600		751,128
Northeast Utilities		5,600		132,944
Pepco Holdings, Inc.		6,700		99,696
Pinnacle West Capital Corp.		3,500		114,870
PPL Corp.		12,200		370,148
Progress Energy, Inc.		9,200		359,352
Southern Co.		25,800		817,086
				12,835,172
Gas Utilities (0.1%)
EQT Corp.		4,700		200,220
Nicor, Inc.		1,600		58,544
Questar Corp.		6,000		225,360
				484,124
Independent Power Producers & Energy Traders (0.1%)
AES Corp.*		22,200		329,004
Constellation Energy Group, Inc.		6,900		223,353
Dynegy, Inc., Class A*		15,100		38,505
				590,862
Multi-Utilities (0.7%)
Ameren Corp.		7,400		187,072
CenterPoint Energy, Inc.		11,300		140,459
CMS Energy Corp.		33,875		453,925
Consolidated Edison, Inc.		9,100		372,554
Dominion Resources, Inc.		19,400		669,300
DTE Energy Co.		5,200		182,728
Integrys Energy Group, Inc.		2,700		96,903
NiSource, Inc.		41,500		576,435
PG&E Corp.		12,300		498,027
Public Service Enterprise Group, Inc.		16,600		521,904
SCANA Corp.		3,900		136,110
Sempra Energy		8,100		403,461
TECO Energy, Inc.		7,300		102,784
Wisconsin Energy Corp.		3,700		167,129
Xcel Energy, Inc.		14,800		284,752
				4,793,543
Total Utilities				18,703,701
Total Common Stocks (95.2%) (Cost $565,829,271)				640,892,211
	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bond (0.4%)
Industrials (0.4%)
Road & Rail (0.4%)
Hertz Global Holdings, Inc.
5.250%, 6/1/14	$	1,975,000		2,977,312
Total Industrials				2,977,312
Total Convertible Bonds				2,977,312
Corporate Bonds (1.7%)
Financials (1.7%)
Capital Markets (0.4%)
Goldman Sachs Capital II
5.793%, 12/29/49(l)	$	3,749,000		2,699,280
Commercial Banks (0.1%)
Fifth Third Capital Trust IV
6.500%, 4/15/67(l)		526,000		355,050
Diversified Financial Services (1.1%)
General Electric Capital Corp.
6.375%, 11/15/67(l)		1,771,000		1,465,503
Goldman Sachs Capital III
1.131%, 9/29/49(l)		1,402,000		940,658
JPMorgan Chase Capital XXI
1.433%, 2/2/37(l)		1,716,000		1,133,083
JPMorgan Chase Capital XXIII
1.440%, 5/15/47(l)		6,029,000		3,985,591
				7,524,835
Insurance (0.1%)
Hartford Financial Services Group, Inc.
8.125%, 6/15/38(l)		503,000		447,670
Total Financials				11,026,835
Total Corporate Bonds				11,026,835
Total Long-Term Debt Securities (2.1%) (Cost $8,792,252)				14,004,147

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.2%)
U.S. Treasury Bills
0.06%, 12/10/09 #(p)	$	1,605,000	$	1,604,798
Short-Term Investments of Cash Collateral for Securities Loaned (2.0%)
BBVA Senior Finance S.A.
0.35%, 3/12/10 (l)		1,170,000		1,169,665
Deutsche Bank Securities, Inc., Repurchase Agreement
0.08%, 10/1/09 (r)(u)		7,757,760		7,757,760
General Electric Capital Corp.
0.40%, 3/12/10 (l)		210,000		207,778
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)(l)(s)		1,319,991		221,099
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)		1,589,881		1,496,793
Total Short-Term Investments of Cash Collateral for Securities Loaned				13,249,720
Time Deposit (2.8%)
JPMorgan Chase Nassau
0.000%, 10/1/09		19,019,310		19,019,310
Total Short-Term Investments (5.0%) (Cost/Amortized Cost $35,161,536)				33,873,828
Total Investments (102.3%) (Cost/Amortized Cost $609,783,059)				688,770,186
Other Assets Less Liabilities (-2.3%)				(15,429,987	)
Net Assets (100%)			$	673,340,199

* 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 September 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% –7.000%, maturing 4/1/18 to 11/1/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 to 7/1/39.

Glossary:

ADR — American Depositary Receipt

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

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2009		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index	240	December-09	$	12,448,740	$	12,634,800	$	186,060

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	71,949,583	$	—	$	—	$	71,949,583
Consumer Staples		54,264,331		—		—		54,264,331

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Energy	$	64,910,275	$	1,030,905	$	—	$	65,941,180
Financials		97,241,804		6,456,864		—		103,698,668
Health Care		89,384,917		—		—		89,384,917
Industrials		47,468,286		—		—		47,468,286
Information Technology		141,606,318		—		—		141,606,318
Materials		18,331,073		—		—		18,331,073
Telecommunication Services		25,785,639		3,758,515		—		29,544,154
Utilities		18,703,701		—		—		18,703,701
Convertible Bonds
Industrials		—		2,977,312		—		2,977,312
Corporate Bonds
Financials		—		11,026,835		—		11,026,835
Futures		186,060		—		—		186,060
Short-Term Investments		—		33,873,828		—		33,873,828
Total Asset	$	629,831,987	$	59,124,259	$	—	$	688,956,246
Total Liability	$	—	$	—	$	—	$	—
Total	$	629,831,987	$	59,124,259	$	—	$	688,956,246

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	503,927,911
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	745,035,685
As of September 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	$	101,376,240
Aggregate gross unrealized depreciation		(32,090,640	)
Net unrealized appreciation	$	69,285,600
Federal income tax cost of investments	$	619,484,586

At September 30, 2009, the Portfolio had loaned securities with a total value of $14,149,190. This was secured by collateral of $14,537,633 which was received as cash and subsequently invested in short-term investments currently valued at $13,249,720, 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 $7,037, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the nine months ended September 30, 2009, the Portfolio incurred approximately $4,953 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $1,126 with Williams Capital Group, affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $105,713,400 which expires in the year 2016.

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.3%)
Auto Components (0.2%)
BorgWarner, Inc.	2,600	$	78,676
Gentex Corp.	3,200		45,280
Goodyear Tire & Rubber Co.*	5,800		98,774
Johnson Controls, Inc.	7,900		201,924
WABCO Holdings, Inc.	1,200		25,200
			449,854
Automobiles (0.0%)
Thor Industries, Inc.	400		12,380
Distributors (0.0%)
LKQ Corp.*	3,400		63,036
Diversified Consumer Services (0.3%)
Apollo Group, Inc., Class A*	3,178		234,124
Brink’s Home Security Holdings, Inc.*	1,100		33,869
Career Education Corp.*	1,600		39,008
DeVry, Inc.	1,500		82,980
H&R Block, Inc.	8,200		150,716
Hillenbrand, Inc.	600		12,222
ITT Educational Services, Inc.*	900		99,369
Strayer Education, Inc.	340		74,011
Weight Watchers International, Inc.	100		2,744
			729,043
Hotels, Restaurants & Leisure (2.6%)
Brinker International, Inc.	2,400		37,752
Burger King Holdings, Inc.	2,600		45,734
Carnival Corp.	4,800		159,744
Chipotle Mexican Grill, Inc., Class A*	700		67,935
Choice Hotels International, Inc.	200		6,212
Darden Restaurants, Inc.	3,200		109,216
International Game Technology	5,900		126,732
Las Vegas Sands Corp.*	5,500		92,620
Marriott International, Inc., Class A^	20,022		552,407
McDonald’s Corp.	26,155		1,492,666
MGM MIRAGE*^	14,500		174,580
Panera Bread Co., Class A*	600		33,000
Royal Caribbean Cruises Ltd.*	1,000		24,080
Scientific Games Corp., Class A*	1,500		23,745
Starbucks Corp.*	25,900		534,835
Starwood Hotels & Resorts Worldwide, Inc.	700		23,121
Wendy’s/Arby’s Group, Inc., Class A	3,500		16,555
WMS Industries, Inc.*	56,600		2,522,096
Wyndham Worldwide Corp.	1,900		31,008
Yum! Brands, Inc.	17,644		595,661
			6,669,699
Household Durables (0.1%)
Garmin Ltd.	2,200		83,028
Harman International Industries, Inc.	800		27,104
Leggett & Platt, Inc.	2,300		44,620
M.D.C. Holdings, Inc.	300		10,422
Newell Rubbermaid, Inc.	1,100		17,259
NVR, Inc.*	12		7,648
Pulte Homes, Inc.	900		9,891
			199,972
Internet & Catalog Retail (4.1%)
Amazon.com, Inc.*	69,703		6,507,472
Expedia, Inc.*	17,140		410,503
Netflix, Inc.*	1,000		46,170
priceline.com, Inc.*^	19,865		3,294,014
			10,258,159
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	1,800		49,950
Mattel, Inc.	6,700		123,682
			173,632
Media (0.8%)
Comcast Corp., Class A	5,209		87,980
CTC Media, Inc.*	800		12,576
DIRECTV Group, Inc.*	11,037		304,401
Discovery Communications, Inc., Class C*	6,300		163,989
Interactive Data Corp.	400		10,484
John Wiley & Sons, Inc., Class A	900		31,302
Marvel Entertainment, Inc.*	1,200		59,544
McGraw-Hill Cos., Inc.	7,600		191,064
Morningstar, Inc.*	400		19,424
Omnicom Group, Inc.	7,300		269,662
Regal Entertainment Group, Class A	1,000		12,320
Scripps Networks Interactive, Inc., Class A	1,300		48,035
Viacom, Inc., Class B*	25,050		702,402
Walt Disney Co.	5,400		148,284
Warner Music Group Corp.*	300		1,659
			2,063,126
Multiline Retail (2.5%)
Big Lots, Inc.*	200		5,004
Dollar Tree, Inc.*	2,100		102,228
Family Dollar Stores, Inc.	3,400		89,760
Kohl’s Corp.*	67,060		3,825,773
Nordstrom, Inc.	3,800		116,052
Target Corp.	43,877		2,048,178
			6,186,995
Specialty Retail (5.2%)
Aaron’s, Inc	1,100		29,040
Abercrombie & Fitch Co., Class A	1,100		36,168
Advance Auto Parts, Inc.	2,200		86,416
Aeropostale, Inc.*^	72,600		3,155,922
American Eagle Outfitters, Inc.	4,100		69,126
AutoZone, Inc.*	700		102,354
Bed Bath & Beyond, Inc.*	13,240		497,030
Best Buy Co., Inc.	8,100		303,912
CarMax, Inc.*	3,800		79,420
Chico’s FAS, Inc.*	4,000		52,000
Dick’s Sporting Goods, Inc.*	2,000		44,800
Foot Locker, Inc.	1,700		20,315
GameStop Corp., Class A*	3,500		92,645
Gap, Inc.	10,300		220,420
Guess?, Inc.	1,400		51,856
Gymboree Corp.*	38,600		1,867,468
Home Depot, Inc.	2,700		71,928
J. Crew Group, Inc.*^	61,900		2,217,258
Limited Brands, Inc.	4,300		73,057
Lowe’s Cos., Inc.	22,700		475,338
Office Depot, Inc.*	1,200		7,944
O’Reilly Automotive, Inc.*^	7,100		256,594
Penske Automotive Group, Inc.	300		5,754
PetSmart, Inc.	2,900		63,075
RadioShack Corp.	400		6,628
Ross Stores, Inc.	3,000		143,310
Sherwin-Williams Co.	2,000		120,320
Staples, Inc.	16,900		392,418
Tiffany & Co.	2,600		100,178

See Notes to Portfolio of Investments.

82

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
TJX Cos., Inc.	9,900	$	367,785
Urban Outfitters, Inc.*	67,100		2,024,407
Williams-Sonoma, Inc.	900		18,207
			13,053,093
Textiles, Apparel & Luxury Goods (0.4%)
Coach, Inc.	7,600		250,192
Hanesbrands, Inc.*	2,200		47,080
NIKE, Inc., Class B	8,538		552,409
Phillips-Van Heusen Corp.	800		34,232
Polo Ralph Lauren Corp.	1,200		91,944
VF Corp.	500		36,215
			1,012,072
Total Consumer Discretionary			40,871,061
Consumer Staples (10.6%)
Beverages (2.8%)
Brown-Forman Corp., Class B	1,800		86,796
Coca-Cola Co.	59,283		3,183,497
Coca-Cola Enterprises, Inc.	6,300		134,883
Hansen Natural Corp.*	1,700		62,458
Molson Coors Brewing Co., Class B	200		9,736
Pepsi Bottling Group, Inc.	2,700		98,388
PepsiCo, Inc.	60,279		3,535,966
			7,111,724
Food & Staples Retailing (3.0%)
BJ’s Wholesale Club, Inc.*	200		7,244
Costco Wholesale Corp.	10,279		580,352
CVS Caremark Corp.	43,009		1,537,142
Kroger Co.	13,200		272,448
Sysco Corp.	13,898		345,365
Walgreen Co.	23,576		883,393
Wal-Mart Stores, Inc.	76,736		3,766,970
Whole Foods Market, Inc.*	2,200		67,078
			7,459,992
Food Products (0.6%)
Archer-Daniels-Midland Co.	8,400		245,448
Campbell Soup Co.	3,200		104,384
Dean Foods Co.*	4,300		76,497
Flowers Foods, Inc.	1,500		39,435
General Mills, Inc.	3,200		206,016
Green Mountain Coffee Roasters, Inc.*	800		59,072
H.J. Heinz Co.	6,100		242,475
Hershey Co.	2,200		85,492
Hormel Foods Corp.	200		7,104
Kellogg Co.	6,100		300,303
McCormick & Co., Inc. (Non- Voting)	3,100		105,214
Sara Lee Corp.	4,200		46,788
			1,518,228
Household Products (2.6%)
Church & Dwight Co., Inc.	1,700		96,458
Clorox Co.	2,900		170,578
Colgate-Palmolive Co.	23,448		1,788,613
Energizer Holdings, Inc.*	1,400		92,876
Kimberly-Clark Corp.	8,626		508,762
Procter & Gamble Co.	63,950		3,703,984
			6,361,271
Personal Products (0.2%)
Alberto-Culver Co.	1,700		47,056
Avon Products, Inc.	10,000		339,600
Estee Lauder Cos., Inc., Class A	2,700		100,116
Herbalife Ltd.	1,500		49,110
Mead Johnson Nutrition Co., Class A	400		18,044
NBTY, Inc.*	900		35,622
			589,548
Tobacco (1.4%)
Altria Group, Inc.	49,207		876,377
Lorillard, Inc.	3,500		260,050
Philip Morris International, Inc.	46,619		2,272,210
			3,408,637
Total Consumer Staples			26,449,400
Energy (4.8%)
Energy Equipment & Services (1.9%)
Atwood Oceanics, Inc.*	1,200		42,324
Cameron International Corp.*	5,200		196,664
Diamond Offshore Drilling, Inc.	1,600		152,832
Dresser-Rand Group, Inc.*	2,000		62,140
ENSCO International, Inc.	986		41,944
Exterran Holdings, Inc.*	700		16,618
FMC Technologies, Inc.*	2,900		151,496
Halliburton Co.	27,000		732,240
Helmerich & Payne, Inc.	800		31,624
National Oilwell Varco, Inc.*	28,150		1,214,110
Oceaneering International, Inc.*	1,300		73,775
Patterson-UTI Energy, Inc.	500		7,550
Pride International, Inc.*	2,000		60,880
Rowan Cos., Inc.	500		11,535
Schlumberger Ltd.	20,604		1,227,998
Seahawk Drilling, Inc.*	133		4,135
Smith International, Inc.	3,100		88,970
Weatherford International Ltd.*	33,650		697,565
			4,814,400
Oil, Gas & Consumable Fuels (2.9%)
Alpha Natural Resources, Inc.*	2,792		97,999
Chesapeake Energy Corp.^	26,500		752,600
CNX Gas Corp.*	600		18,420
Consol Energy, Inc.	4,300		193,973
Continental Resources, Inc.*	400		15,668
El Paso Corp.	4,700		48,504
EOG Resources, Inc.	3,700		308,987
EXCO Resources, Inc.*	3,000		56,070
Exxon Mobil Corp.	29,955		2,055,213
Forest Oil Corp.*	1,000		19,570
Frontier Oil Corp.	2,000		27,840
Holly Corp.	1,000		25,620
Mariner Energy, Inc.*	1,900		26,942
Massey Energy Co.	1,600		44,624
Occidental Petroleum Corp.	6,150		482,160
Peabody Energy Corp.	27,350		1,017,967
Petrohawk Energy Corp.*	7,200		174,312
Petroleo Brasileiro S.A. (Preference) (ADR), Class A	5,800		227,998
Plains Exploration & Production Co.*	1,600		44,256
Quicksilver Resources, Inc.*	2,500		35,475
Range Resources Corp.	520		25,667
Southwestern Energy Co.*	10,400		443,872
St. Mary Land & Exploration Co.	400		12,984
Suncor Energy, Inc.	30,430		1,051,661
Teekay Corp.	400		8,748
Tesoro Corp.	1,400		20,972
			7,238,102
Total Energy			12,052,502
Financials (5.2%)
Capital Markets (2.9%)
Affiliated Managers Group, Inc.*	1,000		65,010
Ameriprise Financial, Inc.	400		14,532

See Notes to Portfolio of Investments.

83

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Bank of New York Mellon Corp.	5,900	$	171,041
BlackRock, Inc.	200		43,364
Charles Schwab Corp.	32,315		618,832
Eaton Vance Corp.	2,800		78,372
Federated Investors, Inc., Class B	1,900		50,103
Franklin Resources, Inc.^	4,580		460,748
GLG Partners, Inc.	4,600		18,538
Goldman Sachs Group, Inc.	20,070		3,699,905
Greenhill & Co., Inc.	500		44,790
Invesco Ltd.	800		18,208
Investment Technology Group, Inc.*	100		2,792
Janus Capital Group, Inc.	3,400		48,212
Jefferies Group, Inc.*	2,100		57,183
Lazard Ltd., Class A	1,800		74,358
Morgan Stanley	7,600		234,688
Northern Trust Corp.	5,700		331,512
SEI Investments Co.	3,000		59,040
State Street Corp.	14,080		740,608
T. Rowe Price Group, Inc.	6,100		278,770
TD Ameritrade Holding Corp.*	6,300		123,606
Waddell & Reed Financial, Inc., Class A	2,000		56,900
			7,291,112
Commercial Banks (0.6%)
Banco Bradesco S.A. (ADR)^	36,900		733,941
BOK Financial Corp.	200		9,264
Commerce Bancshares, Inc./Missouri	500		18,620
Wells Fargo & Co.	28,100		791,858
			1,553,683
Consumer Finance (0.1%)
American Express Co.	4,505		152,719
AmeriCredit Corp.*	700		11,053
Capital One Financial Corp.	3,100		110,763
SLM Corp.*	2,400		20,928
			295,463
Diversified Financial Services (0.6%)
CME Group, Inc.	2,630		810,540
IntercontinentalExchange, Inc.*	1,700		165,223
JPMorgan Chase & Co.	7,800		341,796
Leucadia National Corp.*	1,600		39,552
Moody’s Corp.	4,500		92,070
MSCI, Inc., Class A*	2,400		71,088
NASDAQ OMX Group, Inc.*	1,400		29,470
NYSE Euronext	1,600		46,224
			1,595,963
Insurance (0.6%)
Aflac, Inc.	11,200		478,688
American International Group, Inc.*	1,105		48,741
Arthur J. Gallagher & Co.	2,200		53,614
Axis Capital Holdings Ltd.	1,000		30,180
Brown & Brown, Inc.	2,100		40,236
CNA Financial Corp.*	300		7,242
Endurance Specialty Holdings Ltd.	400		14,588
Erie Indemnity Co., Class A	500		18,730
Fidelity National Financial, Inc., Class A	800		12,064
Genworth Financial, Inc., Class A	4,400		52,580
Lincoln National Corp.	1,900		49,229
Marsh & McLennan Cos., Inc.	900		22,257
Principal Financial Group, Inc.	7,500		205,425
Progressive Corp.*	1,700		28,186
Prudential Financial, Inc.	5,700		284,487
Reinsurance Group of America, Inc.	100		4,460
Validus Holdings Ltd.	300		7,740
W.R. Berkley Corp.	1,100		27,808
			1,386,255
Real Estate Investment Trusts (REITs) (0.3%)
Alexandria Real Estate Equities, Inc. (REIT)	200		10,870
Digital Realty Trust, Inc. (REIT)	1,854		84,747
Federal Realty Investment Trust (REIT)	200		12,274
HCP, Inc. (REIT)	2,600		74,724
Health Care REIT, Inc. (REIT)	1,300		54,106
Macerich Co. (REIT)	1		30
Nationwide Health Properties, Inc. (REIT)	1,900		58,881
Plum Creek Timber Co., Inc. (REIT)	1,300		39,832
Public Storage (REIT)	3,200		240,768
Rayonier, Inc. (REIT)	900		36,819
Simon Property Group, Inc. (REIT)	2,428		168,576
			781,627
Real Estate Management & Development (0.1%)
CB Richard Ellis Group, Inc., Class A*	5,300		62,222
St. Joe Co.*	2,200		64,064
			126,286
Thrifts & Mortgage Finance (0.0%)
Capitol Federal Financial	500		16,460
Hudson City Bancorp, Inc.	6,200		81,530
			97,990
Total Financials			13,128,379
Health Care (16.1%)
Biotechnology (4.3%)
Abraxis Bioscience, Inc.*	200		7,276
Alexion Pharmaceuticals, Inc.*^	68,700		3,059,898
Amgen, Inc.*	26,500		1,596,095
Amylin Pharmaceuticals, Inc.*	3,100		42,439
Biogen Idec, Inc.*	6,900		348,588
BioMarin Pharmaceutical, Inc.*	2,300		41,584
Celgene Corp.*	41,923		2,343,496
Cephalon, Inc.*	1,798		104,715
Dendreon Corp.*	2,800		78,372
Genzyme Corp.*	6,427		364,604
Gilead Sciences, Inc.*	52,066		2,425,234
Myriad Genetics, Inc.*	2,300		63,020
OSI Pharmaceuticals, Inc.*	1,400		49,420
United Therapeutics Corp.*	1,000		48,990
Vertex Pharmaceuticals, Inc.*	4,200		159,180
			10,732,911
Health Care Equipment & Supplies (2.4%)
Baxter International, Inc.	19,274		1,098,811
Beckman Coulter, Inc.	1,600		110,304
Becton, Dickinson and Co.	5,684		396,459
Boston Scientific Corp.*	12,900		136,611
C.R. Bard, Inc.	2,400		188,664
Covidien plc	23,800		1,029,588
DENTSPLY International, Inc.	3,600		124,344
Edwards Lifesciences Corp.*	1,300		90,883
Gen-Probe, Inc.*	1,200		49,728
Hill-Rom Holdings, Inc.	600		13,068
Hologic, Inc.*	600		9,804
Hospira, Inc.*	3,900		173,940
Idexx Laboratories, Inc.*	1,400		70,000
Intuitive Surgical, Inc.*	1,650		432,712
Inverness Medical Innovations, Inc.*	900		34,857
Kinetic Concepts, Inc.*	500		18,490
Medtronic, Inc.	26,687		982,082

See Notes to Portfolio of Investments.

84

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
ResMed, Inc.*	1,800	$	81,360
St. Jude Medical, Inc.*	8,300		323,783
Stryker Corp.	12,560		570,601
Teleflex, Inc.	400		19,324
Varian Medical Systems, Inc.*	3,000		126,390
			6,081,803
Health Care Providers & Services (2.1%)
Aetna, Inc.	2,300		64,009
AmerisourceBergen Corp.	6,400		143,232
CIGNA Corp.	400		11,236
Community Health Systems, Inc.*	1,100		35,123
Coventry Health Care, Inc.*	1,000		19,960
DaVita, Inc.*	2,500		141,600
Express Scripts, Inc.*	6,518		505,667
Health Management Associates, Inc., Class A*	5,900		44,191
Henry Schein, Inc.*	2,200		120,802
Humana, Inc.*	1,500		55,950
Laboratory Corp. of America Holdings*	2,612		171,608
Lincare Holdings, Inc.*	1,300		40,625
McKesson Corp.	30,940		1,842,477
Medco Health Solutions, Inc.*	23,887		1,321,190
MEDNAX, Inc.*	300		16,476
Omnicare, Inc.	1,200		27,024
Patterson Cos., Inc.*	2,400		65,400
Quest Diagnostics, Inc.	3,700		193,103
Tenet Healthcare Corp.*	7,800		45,864
VCA Antech, Inc.*	2,000		53,780
WellPoint, Inc.*	8,273		391,809
			5,311,126
Health Care Technology (1.6%)
Allscripts-Misys Healthcare Solutions, Inc.	97,100		1,968,217
Cerner Corp.*	28,300		2,116,840
HLTH Corp.*	2,500		36,525
IMS Health, Inc.	900		13,815
			4,135,397
Life Sciences Tools & Services (1.8%)
Bio-Rad Laboratories, Inc., Class A*	400		36,752
Charles River Laboratories International, Inc.*	1,100		40,678
Covance, Inc.*	1,500		81,225
Illumina, Inc.*^	20,150		856,375
Life Technologies Corp.*	41,900		1,950,445
Mettler-Toledo International, Inc.*	800		72,472
Millipore Corp.*	1,300		91,429
PerkinElmer, Inc.	600		11,544
Pharmaceutical Product Development, Inc.	2,500		54,850
Techne Corp.	900		56,295
Thermo Fisher Scientific, Inc.*	24,350		1,063,364
Waters Corp.*	2,300		128,478
			4,443,907
Pharmaceuticals (3.9%)
Abbott Laboratories, Inc.	36,597		1,810,454
Allergan, Inc.	12,887		731,466
Bristol-Myers Squibb Co.	25,966		584,754
Elan Corp. plc (ADR)*	85,750		609,683
Eli Lilly and Co.	12,600		416,178
Johnson & Johnson	50,709		3,087,671
Merck & Co., Inc.	9,194		290,806
Mylan, Inc.*	5,200		83,252
Perrigo Co.	1,800		61,182
Schering-Plough Corp.	32,845		927,871
Sepracor, Inc.*	2,500		57,250
Teva Pharmaceutical Industries Ltd. (ADR)	12,000		606,720
Valeant Pharmaceuticals International*	1,600		44,896
Wyeth	7,000		340,060
			9,652,243
Total Health Care			40,357,387
Industrials (8.4%)
Aerospace & Defense (2.2%)
Alliant Techsystems, Inc.*	800		62,280
BE Aerospace, Inc.*	1,100		22,154
Boeing Co.	1,462		79,167
General Dynamics Corp.	800		51,680
Goodrich Corp.	17,400		945,516
Honeywell International, Inc.	17,547		651,871
ITT Corp.	18,050		941,308
Lockheed Martin Corp.	9,367		731,375
Northrop Grumman Corp.	900		46,575
Precision Castparts Corp.	3,300		336,171
Raytheon Co.	7,100		340,587
Rockwell Collins, Inc.	3,800		193,040
Spirit AeroSystems Holdings, Inc., Class A*	800		14,448
TransDigm Group, Inc.*	1,000		49,810
United Technologies Corp.	18,296		1,114,775
			5,580,757
Air Freight & Logistics (0.7%)
C.H. Robinson Worldwide, Inc.	4,000		231,000
Expeditors International of Washington, Inc.	14,160		497,724
United Parcel Service, Inc., Class B	16,487		931,021
UTi Worldwide, Inc.	2,100		30,408
			1,690,153
Airlines (0.1%)
AMR Corp.*	6,900		54,855
Continental Airlines, Inc., Class B*	3,000		49,320
Copa Holdings S.A., Class A	700		31,143
Delta Air Lines, Inc.*	18,600		166,656
Southwest Airlines Co.	5,600		53,760
			355,734
Building Products (0.0%)
Lennox International, Inc.	1,100		39,732
Masco Corp.	4,100		52,972
Owens Corning, Inc.*	900		20,205
			112,909
Commercial Services & Supplies (0.3%)
Avery Dennison Corp.	500		18,005
Brink’s Co.	1,100		29,601
Cintas Corp.	600		18,186
Copart, Inc.*	1,500		49,815
Corrections Corp. of America*	300		6,795
Iron Mountain, Inc.*	4,300		114,638
R.R. Donnelley & Sons Co.	1,300		27,638
Republic Services, Inc.	2,500		66,425
Stericycle, Inc.*	2,000		96,900
Waste Connections, Inc.*	1,400		40,404
Waste Management, Inc.	10,600		316,092
			784,499
Construction & Engineering (0.5%)
Aecom Technology Corp.*	2,300		62,422
Fluor Corp.	6,300		320,355
Foster Wheeler AG*	17,650		563,211

See Notes to Portfolio of Investments.

85

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Jacobs Engineering Group, Inc.*	3,000	$	137,850
Shaw Group, Inc.*	1,600		51,344
URS Corp.*	300		13,095
			1,148,277
Electrical Equipment (1.7%)
American Superconductor Corp.*	51,900		1,740,726
AMETEK, Inc.	2,500		87,275
Emerson Electric Co.	39,757		1,593,460
First Solar, Inc.*^	1,949		297,924
Hubbell, Inc., Class B	200		8,400
Rockwell Automation, Inc.	2,900		123,540
Roper Industries, Inc.	1,900		96,862
SunPower Corp., Class A*	2,300		68,747
SunPower Corp., Class B*^	4,220		106,471
Thomas & Betts Corp.*	400		12,032
			4,135,437
Industrial Conglomerates (0.6%)
3M Co.	16,457		1,214,527
Carlisle Cos., Inc.	400		13,564
McDermott International, Inc.*	9,900		250,173
			1,478,264
Machinery (1.4%)
Bucyrus International, Inc.	400		14,248
Caterpillar, Inc.	7,219		370,551
Crane Co.	600		15,486
Cummins, Inc.	1,600		71,696
Danaher Corp.	27,170		1,829,085
Deere & Co.	2,500		107,300
Donaldson Co., Inc.	1,800		62,334
Dover Corp.	3,200		124,032
Flowserve Corp.	1,300		128,102
Graco, Inc.	700		19,509
Harsco Corp.	1,400		49,574
IDEX Corp.	1,100		30,745
Joy Global, Inc.	2,150		105,221
Navistar International Corp.*	1,500		56,130
PACCAR, Inc.	7,900		297,909
Pall Corp.	2,800		90,384
Pentair, Inc.	700		20,664
Snap-On, Inc.	400		13,904
Toro Co.	800		31,816
Valmont Industries, Inc.	500		42,590
Wabtec Corp.	1,100		41,283
			3,522,563
Marine (0.0%)
Kirby Corp.*	300		11,046
Professional Services (0.2%)
Dun & Bradstreet Corp.	1,300		97,916
Equifax, Inc.	2,400		69,936
FTI Consulting, Inc.*	1,200		51,132
IHS, Inc., Class A*	1,100		56,243
Monster Worldwide, Inc.*	1,800		31,464
Robert Half International, Inc.	3,700		92,574
			399,265
Road & Rail (0.6%)
Con-way, Inc.	400		15,328
J.B. Hunt Transport Services, Inc.	2,100		67,473
Kansas City Southern*	1,000		26,490
Landstar System, Inc.	1,200		45,672
Norfolk Southern Corp.	24,800		1,069,128
Union Pacific Corp.	6,420		374,607
			1,598,698
Trading Companies & Distributors (0.1%)
Fastenal Co.	3,200		123,840
GATX Corp.	500		13,975
MSC Industrial Direct Co., Class A	1,000		43,580
W.W. Grainger, Inc.	1,400		125,104
WESCO International, Inc.*	500		14,400
			320,899
Total Industrials			21,138,501
Information Technology (33.3%)
Communications Equipment (4.9%)
Brocade Communications Systems, Inc.*	3,300		25,938
Ciena Corp.*	200		3,256
Cisco Systems, Inc.*	165,574		3,897,612
F5 Networks, Inc.*	1,800		71,334
Harris Corp.	2,500		94,000
JDS Uniphase Corp.*	2,600		18,486
Juniper Networks, Inc.*	37,800		1,021,356
Motorola, Inc.^	60,200		517,118
QUALCOMM, Inc.	67,502		3,036,240
Starent Networks Corp.*^	141,700		3,602,014
			12,287,354
Computers & Peripherals (9.4%)
Apple, Inc.*	70,984		13,158,304
Dell, Inc.*	40,755		621,921
Diebold, Inc.	1,300		42,809
EMC Corp.*	40,348		687,530
Hewlett-Packard Co.	64,629		3,051,135
International Business Machines Corp.	42,276		5,056,633
NCR Corp.*	3,800		52,516
NetApp, Inc.*	7,900		210,772
QLogic Corp.*	2,900		49,880
SanDisk Corp.*	2,600		56,420
Seagate Technology	10,700		162,747
Teradata Corp.*	3,400		93,568
Western Digital Corp.*	4,800		175,344
			23,419,579
Electronic Equipment, Instruments & Components (0.7%)
Agilent Technologies, Inc.*	8,000		222,640
Amphenol Corp., Class A	4,000		150,720
Arrow Electronics, Inc.*	1,200		33,780
Avnet, Inc.*	1,200		31,164
AVX Corp.	100		1,193
Corning, Inc.	68,131		1,043,086
Dolby Laboratories, Inc., Class A*	1,200		45,828
FLIR Systems, Inc.*	3,500		97,895
Itron, Inc.*	900		57,726
Jabil Circuit, Inc.	2,300		30,843
Molex, Inc.	300		6,264
National Instruments Corp.	1,300		35,919
Trimble Navigation Ltd.*	2,700		64,557
Vishay Intertechnology, Inc.*	1,000		7,900
			1,829,515
Internet Software & Services (2.4%)
Akamai Technologies, Inc.*	4,200		82,656
eBay, Inc.*	6,262		147,846
Equinix, Inc.*	900		82,800
Google, Inc., Class A*	10,072		4,994,201
IAC/InterActiveCorp*	800		16,152
Sohu.com, Inc.*	700		48,146
VeriSign, Inc.*	4,600		108,974
WebMD Health Corp., Class A*	200		6,624
Yahoo!, Inc.*	26,171		466,106
			5,953,505

See Notes to Portfolio of Investments.

86

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
IT Services (3.4%)
Accenture plc, Class A	32,310	$	1,204,194
Affiliated Computer Services, Inc., Class A*	1,300		70,421
Alliance Data Systems Corp.*	1,200		73,296
Amdocs Ltd.*	700		18,816
Automatic Data Processing, Inc.	11,865		466,294
Broadridge Financial Solutions, Inc.	2,100		42,210
Cognizant Technology Solutions Corp., Class A*	22,650		875,649
DST Systems, Inc.*	800		35,840
Fidelity National Information Services, Inc.	1,700		43,367
Fiserv, Inc.*	3,752		180,846
Genpact Ltd.*	1,300		15,990
Global Payments, Inc.	13,700		639,790
Hewitt Associates, Inc., Class A*	2,000		72,860
Lender Processing Services, Inc.	2,300		87,791
Mastercard, Inc., Class A	13,500		2,729,025
Metavante Technologies, Inc.*	2,100		72,408
NeuStar, Inc., Class A*	1,800		40,680
Paychex, Inc.	7,700		223,685
SAIC, Inc.*	3,700		64,898
Total System Services, Inc.	2,800		45,108
Visa, Inc., Class A^	14,008		968,093
Western Union Co.	27,400		518,408
			8,489,669
Office Electronics (0.0%)
Zebra Technologies Corp., Class A*	1,200		31,116
Semiconductors & Semiconductor Equipment (5.1%)
Advanced Micro Devices, Inc.*	7,100		40,186
Altera Corp.	6,900		141,519
Analog Devices, Inc.	7,000		193,060
ASML Holding N.V. (N.Y. Shares)^	8,380		247,797
Broadcom Corp., Class A*^	102,780		3,154,318
Cree, Inc.*	2,500		91,875
Cypress Semiconductor Corp.*	3,400		35,122
Integrated Device Technology, Inc.*	800		5,408
Intel Corp.	81,689		1,598,654
International Rectifier Corp.*	800		15,592
Intersil Corp., Class A	1,500		22,965
Lam Research Corp.*	3,000		102,480
Linear Technology Corp.	5,300		146,439
Marvell Technology Group Ltd.*	39,440		638,533
Maxim Integrated Products, Inc.	6,200		112,468
MEMC Electronic Materials, Inc.*	5,200		86,476
Microchip Technology, Inc.	4,000		106,000
Micron Technology, Inc.*	3,600		29,520
National Semiconductor Corp.	5,500		78,485
Netlogic Microsystems, Inc.*^	67,700		3,046,500
Novellus Systems, Inc.*	1,400		29,372
Nvidia Corp.*	13,100		196,893
ON Semiconductor Corp.*	10,100		83,325
Rambus, Inc.*	2,400		41,760
Silicon Laboratories, Inc.*^	28,200		1,307,352
Teradyne, Inc.*	4,200		38,850
Texas Instruments, Inc.	30,164		714,585
Varian Semiconductor Equipment Associates, Inc.*	1,600		52,544
Xilinx, Inc.	20,740		485,731
			12,843,809
Software (7.4%)
Activision Blizzard, Inc.*	7,800		96,642
Adobe Systems, Inc.*	12,309		406,689
ANSYS, Inc.*	2,000		74,940
Autodesk, Inc.*	3,700		88,060
BMC Software, Inc.*	4,483		168,247
CA, Inc.	7,300		160,527
Cadence Design Systems, Inc.*	6,300		46,242
Check Point Software Technologies Ltd.*	22,350		633,623
Citrix Systems, Inc.*	4,400		172,612
Electronic Arts, Inc.*	7,800		148,590
FactSet Research Systems, Inc.	1,000		66,240
Intuit, Inc.*	7,800		222,300
McAfee, Inc.*	3,700		162,023
Micros Systems, Inc.*	1,900		57,361
Microsoft Corp.	271,353		7,025,329
Novell, Inc.*	3,600		16,236
Nuance Communications, Inc.*	4,500		67,320
Oracle Corp.	140,137		2,920,455
Red Hat, Inc.*	4,500		124,380
Rovi Corp.*	1,700		57,120
Salesforce.com, Inc.*^	48,480		2,759,966
Sybase, Inc.*	2,000		77,800
Symantec Corp.*	19,300		317,871
Synopsys, Inc.*	2,200		49,324
VMware, Inc., Class A*	63,300		2,542,761
			18,462,658
Total Information Technology			83,317,205
Materials (3.2%)
Chemicals (2.5%)
Air Products & Chemicals, Inc.	1,714		132,972
Albemarle Corp.	100		3,460
Ashland, Inc.	100		4,322
Celanese Corp., Class A	3,500		87,500
CF Industries Holdings, Inc.	900		77,607
E.I. du Pont de Nemours & Co.	7,200		231,408
Ecolab, Inc.	5,700		263,511
FMC Corp.	1,500		84,375
International Flavors & Fragrances, Inc.	1,800		68,274
Intrepid Potash, Inc.*	900		21,231
Lubrizol Corp.	1,400		100,044
Monsanto Co.	15,237		1,179,344
Mosaic Co.	20,350		978,225
Nalco Holding Co.	3,300		67,617
Praxair, Inc.	23,113		1,888,101
RPM International, Inc.	1,600		29,584
Scotts Miracle-Gro Co., Class A	1,100		47,245
Sigma-Aldrich Corp.	2,900		156,542
Syngenta AG (ADR)	17,675		812,166
Terra Industries, Inc.	1,500		52,005
Valhi, Inc.	100		1,212
			6,286,745
Construction Materials (0.0%)
Eagle Materials, Inc.	900		25,722
Martin Marietta Materials, Inc.	400		36,828
			62,550
Containers & Packaging (0.2%)
Ball Corp.	1,500		73,800
Crown Holdings, Inc.*	3,800		103,360
Owens-Illinois, Inc.*	3,300		121,770
Packaging Corp. of America	200		4,080
Pactiv Corp.*	2,600		67,730
			370,740
Metals & Mining (0.5%)
Alcoa, Inc.	10,900		143,008

See Notes to Portfolio of Investments.

87

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
Cliffs Natural Resources, Inc		300	$	9,708
Compass Minerals International, Inc.		400		24,648
Freeport-McMoRan Copper & Gold, Inc.		5,900		404,799
Newmont Mining Corp.		11,429		503,104
Royal Gold, Inc.		200		9,120
Schnitzer Steel Industries, Inc., Class A		400		21,300
Southern Copper Corp.		3,100		95,139
Walter Energy, Inc.		1,300		78,078
				1,288,904
Total Materials				8,008,939
Telecommunication Services (0.7%)
Diversified Telecommunication Services (0.1%)
Frontier Communications Corp.		3,300		24,882
tw telecom, Inc.*		3,600		48,420
Windstream Corp.		5,100		51,663
				124,965
Wireless Telecommunication Services (0.6%)
American Tower Corp., Class A*		25,860		941,304
Crown Castle International Corp.*^		13,400		420,224
Leap Wireless International, Inc.*		1,100		21,505
MetroPCS Communications, Inc.*		6,100		57,096
NII Holdings, Inc.*		200		5,996
SBA Communications Corp., Class A*		2,800		75,684
				1,521,809
Total Telecommunication Services				1,646,774
Utilities (0.6%)
Electric Utilities (0.2%)
Allegheny Energy, Inc.		2,500		66,300
DPL, Inc.		200		5,220
Exelon Corp.		1,343		66,640
FPL Group, Inc.		1,300		71,799
ITC Holdings Corp.		1,200		54,540
NV Energy, Inc.		2,400		27,816
PPL Corp.		9,009		273,333
				565,648
Gas Utilities (0.1%)
EQT Corp		3,089		131,591
Independent Power Producers & Energy Traders (0.2%)
AES Corp.*		12,900		191,178
Calpine Corp.*		4,400		50,688
Constellation Energy Group, Inc.		3,700		119,769
NRG Energy, Inc.*		7,340		206,915
Ormat Technologies, Inc.		500		20,410
				588,960
Multi-Utilities (0.1%)
CenterPoint Energy, Inc.		7,100		88,253
Integrys Energy Group, Inc.		400		14,356
				102,609
Total Utilities				1,388,808
Total Common Stocks (99.2%) (Cost $213,270,656)				248,358,956
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills
0.06%, 12/10/09 #(p)	$	225,000	$	224,972
Short-Term Investments of Cash Collateral for Securities Loaned (0.9%)
BBVA Senior Finance S.A.
0.35%, 3/12/10 (l)		180,000		179,949
Deutsche Bank Securities, Inc., Repurchase Agreement
0.08%, 10/1/09 (r)(u)		1,337,014		1,337,014
General Electric Capital Corp.
0.40%, 3/12/10 (l)		20,000		19,788
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)(l)(s)		209,999		35,175
Monumental Global Funding II
0.43%, 5/26/10 (l)		410,000		394,625
Pricoa Global Funding I
0.40%, 6/25/10 (l)		269,980		254,173
Total Short-Term Investments of Cash Collateral for Securities Loaned				2,220,724
Time Deposit (1.1%)
JPMorgan Chase Nassau
0.000%, 10/1/09		2,824,119		2,824,119
Total Short-Term Investments (2.1%) (Cost/Amortized Cost $5,476,056)				5,269,815
Total Investments (101.3%) (Cost/Amortized Cost $218,746,712)				253,628,771
Other Assets Less Liabilities (-1.3%)				(3,344,946	)
Net Assets (100%)			$	250,283,825

* 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 September 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% – 7.000%, maturing 4/1/18 to 11/1/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 to 7/1/39.

Glossary:

ADR — American Depositary Receipt

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2009		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index	8	December-09	$	267,137	$	274,800	$	7,663
S&P 500 E-Mini Index	14	December-09		728,824		737,030		8,206
							$	15,869

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	40,871,061	$	—	$	—	$	40,871,061
Consumer Staples		26,449,400		—		—		26,449,400
Energy		11,000,841		1,051,661		—		12,052,502
Financials		13,128,379		—		—		13,128,379
Health Care		40,357,387		—		—		40,357,387
Industrials		21,138,501		—		—		21,138,501
Information Technology		83,317,205		—		—		83,317,205
Materials		8,008,939		—		—		8,008,939
Telecommunication Services		1,646,774		—		—		1,646,774
Utilities		1,388,808		—		—		1,388,808
Futures		15,869		—		—		15,869
Short-Term Investments		—		5,269,815		—		5,269,815
Total Asset	$	247,323,164	$	6,321,476	$	—	$	253,644,640
Total Liability	$	—	$	—	$	—	$	—
Total	$	247,323,164	$	6,321,476	$	—	$	253,644,640

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	281,058,538
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	287,962,393
As of September 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	$	39,814,960
Aggregate gross unrealized depreciation		(22,532,065	)
Net unrealized appreciation	$	17,282,895
Federal income tax cost of investments	$	236,345,876

At September 30, 2009, the Portfolio had loaned securities with a total value of $2,368,236. This was secured by collateral of $2,426,993 which was received as cash and subsequently invested in short-term investments currently valued at $2,220,724, as reported in the portfolio of investments.

See Notes to Portfolio of Investments.

89

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

For the nine months ended September 30, 2009, the Portfolio incurred approximately $650 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 Portfolio of Investments.

90

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PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.0%)
Auto Components (0.6%)
Autoliv, Inc.	12,100	$	406,560
BorgWarner, Inc.	1,000		30,260
Federal Mogul Corp.*	1,600		19,312
Johnson Controls, Inc.	315,480		8,063,669
Magna International, Inc., Class A	10,900		463,468
TRW Automotive Holdings Corp.*	5,000		83,750
			9,067,019
Automobiles (0.3%)
Ford Motor Co.*	449,100		3,238,011
Harley-Davidson, Inc.	34,000		782,000
Thor Industries, Inc.	2,100		64,995
			4,085,006
Distributors (0.0%)
Genuine Parts Co.	23,100		879,186
Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*^	8,240		607,041
Career Education Corp.*	800		19,504
Hillenbrand, Inc.	5,500		112,035
Service Corp. International	37,200		260,772
Weight Watchers International, Inc.	4,400		120,736
			1,120,088
Hotels, Restaurants & Leisure (0.3%)
Boyd Gaming Corp.*	9,100		99,463
Carnival Corp.	34,700		1,154,816
Choice Hotels International, Inc.	3,600		111,816
International Game Technology	7,200		154,656
International Speedway Corp., Class A	4,300		118,551
Las Vegas Sands Corp.*	10,600		178,504
Marriott International, Inc., Class A	22,886		631,425
MGM MIRAGE*	15,300		184,212
Penn National Gaming, Inc.*	9,700		268,302
Royal Caribbean Cruises Ltd.*	13,100		315,448
Starwood Hotels & Resorts Worldwide, Inc.	22,700		749,781
Wendy’s/Arby’s Group, Inc., Class A	31,800		150,414
Wyndham Worldwide Corp.	14,400		235,008
Wynn Resorts Ltd.*	9,700		687,633
			5,040,029
Household Durables (0.8%)
Black & Decker Corp.	22,600		1,046,154
D.R. Horton, Inc.^	124,100		1,415,981
Fortune Brands, Inc.	21,800		936,964
Garmin Ltd.	3,000		113,220
Harman International Industries, Inc.	2,700		91,476
Jarden Corp.	12,800		359,296
KB Home	10,700		177,727
Leggett & Platt, Inc.	8,600		166,840
Lennar Corp., Class A	20,800		296,400
M.D.C. Holdings, Inc.	3,300		114,642
Mohawk Industries, Inc.*	7,800		371,982
Newell Rubbermaid, Inc.	33,800		530,322
NVR, Inc.*	3,800		2,422,006
Pulte Homes, Inc.^	244,567		2,687,791
Toll Brothers, Inc.*	20,100		392,754
Whirlpool Corp.	10,400		727,584
			11,851,139
Internet & Catalog Retail (0.1%)
Expedia, Inc.*	2,400		57,480
Liberty Media Corp., Interactive, Class A*	84,800		930,256
			987,736
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	34,360		953,490
Mattel, Inc.	11,700		215,982
			1,169,472
Media (4.7%)
Cablevision Systems Corp. - New York Group, Class A	32,800		779,000
CBS Corp., Class B^	382,800		4,612,740
Central European Media Enterprises Ltd., Class A*	5,000		171,250
Clear Channel Outdoor Holdings, Inc., Class A*	1,600		11,200
Comcast Corp., Class A	378,600		6,394,554
Discovery Communications, Inc., Class C*	2,900		75,487
DISH Network Corp., Class A*	29,200		562,392
DreamWorks Animation SKG, Inc., Class A*	10,500		373,485
Gannett Co., Inc.	32,400		405,324
Historic TW, Inc.^	315,633		9,083,918
Interactive Data Corp.	2,800		73,388
Interpublic Group of Cos., Inc.*	69,400		521,888
Lamar Advertising Co., Class A*	8,300		227,752
Liberty Global, Inc., Class A*	38,600		871,202
Liberty Media Corp., Capital Series, Class A*	11,600		242,672
Liberty Media Corp., Entertainment Series, Class A*	73,500		2,286,585
Meredith Corp.	4,600		137,724
New York Times Co., Class A	13,000		105,560
News Corp., Class A^	754,000		9,040,460
Omnicom Group, Inc.^	95,925		3,543,469
Regal Entertainment Group, Class A	5,600		68,992
Scripps Networks Interactive, Inc., Class A	5,200		192,140
Time Warner Cable, Inc.^	135,560		5,841,280
Viacom, Inc., Class B*	450,850		12,641,834
Virgin Media, Inc.	40,900		569,328
Walt Disney Co.	440,080		12,084,597
Warner Music Group Corp.*	7,700		42,581
Washington Post Co., Class B	900		421,272
WPP plc	154,029		1,321,887
			72,703,961
Multiline Retail (0.5%)
Big Lots, Inc.*	10,700		267,714
J.C. Penney Co., Inc.	96,150		3,245,063
Kohl’s Corp.*	2,800		159,740
Macy’s, Inc.	223,535		4,088,455
Sears Holdings Corp.*	7,200		470,232
			8,231,204
Specialty Retail (2.1%)
Abercrombie & Fitch Co., Class A^	25,720		845,674
AutoNation, Inc.*^	82,050		1,483,464
Barnes & Noble, Inc.	4,900		108,878
CarMax, Inc.*	9,300		194,370
Foot Locker, Inc.^	90,900		1,086,255
GameStop Corp., Class A*	2,900		76,763
Gap, Inc.	8,100		173,340
Home Depot, Inc.	330,360		8,800,790
Limited Brands, Inc.^	95,700		1,625,943

See Notes to Portfolio of Investments.

91

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Lowe’s Cos., Inc.	656,375	$	13,744,492
Office Depot, Inc.*	32,600		215,812
Penske Automotive Group, Inc.	3,500		67,130
RadioShack Corp.	15,800		261,806
Sherwin-Williams Co.^	45,000		2,707,200
Signet Jewelers Ltd.*	12,100		318,593
Staples, Inc.	53,905		1,251,674
Williams-Sonoma, Inc.	7,600		153,748
			33,115,932
Textiles, Apparel & Luxury Goods (0.4%)
Jones Apparel Group, Inc.	85,300		1,529,429
NIKE, Inc., Class B	60,270		3,899,469
Phillips-Van Heusen Corp.	3,200		136,928
VF Corp.	10,000		724,300
			6,290,126
Total Consumer Discretionary			154,540,898
Consumer Staples (7.5%)
Beverages (1.8%)
Brown-Forman Corp., Class B	2,200		106,084
Central European Distribution Corp.*	6,400		209,664
Coca-Cola Co.	71,200		3,823,440
Coca-Cola Enterprises, Inc.	155,850		3,336,748
Constellation Brands, Inc., Class A*^	78,500		1,189,275
Diageo plc	227,234		3,486,279
Dr. Pepper Snapple Group, Inc.*	36,800		1,058,000
Molson Coors Brewing Co., Class B	17,200		837,296
Pepsi Bottling Group, Inc.	4,100		149,404
PepsiAmericas, Inc.	8,400		239,904
PepsiCo, Inc.	221,385		12,986,444
			27,422,538
Food & Staples Retailing (1.6%)
BJ’s Wholesale Club, Inc.*	6,500		235,430
CVS Caremark Corp.	558,311		19,954,035
Kroger Co.	127,140		2,624,170
Rite Aid Corp.*	93,000		152,520
Safeway, Inc.	61,800		1,218,696
SUPERVALU, Inc.	29,500		444,270
Whole Foods Market, Inc.*	3,300		100,617
			24,729,738
Food Products (2.2%)
Archer-Daniels-Midland Co.	122,200		3,570,684
Bunge Ltd.^	51,500		3,224,415
Campbell Soup Co.^	25,600		835,072
ConAgra Foods, Inc.	64,900		1,407,032
Corn Products International, Inc.	10,500		299,460
Del Monte Foods Co.	27,800		321,924
General Mills, Inc.	45,320		2,917,701
H.J. Heinz Co.	8,700		345,825
Hershey Co.	9,300		361,398
Hormel Foods Corp.	8,900		316,128
J.M. Smucker Co.^	37,849		2,006,375
Kellogg Co.	44,720		2,201,566
Kraft Foods, Inc., Class A	281,100		7,384,497
Nestle S.A. (Registered)	101,188		4,311,939
Ralcorp Holdings, Inc.*	8,200		479,454
Sara Lee Corp.	184,700		2,057,558
Smithfield Foods, Inc.*^	61,100		843,180
Tyson Foods, Inc., Class A	43,800		553,194
			33,437,402
Household Products (1.0%)
Clorox Co.	2,300		135,286
Energizer Holdings, Inc.*	1,600		106,144
Kimberly-Clark Corp.^	31,490		1,857,280
Procter & Gamble Co.	241,992		14,016,177
			16,114,887
Personal Products (0.0%)
Alberto-Culver Co.	1,800		49,824
Mead Johnson Nutrition Co., Class A	2,100		94,731
NBTY, Inc.*	2,400		94,992
			239,547
Tobacco (0.9%)
Altria Group, Inc.	127,475		2,270,330
Lorillard, Inc.	8,410		624,863
Philip Morris International, Inc.	170,715		8,320,649
Reynolds American, Inc.^	65,550		2,918,286
			14,134,128
Total Consumer Staples			116,078,240
Energy (15.6%)
Energy Equipment & Services (2.1%)
Baker Hughes, Inc.	41,300		1,761,858
BJ Services Co.	41,600		808,288
ENSCO International, Inc.^	50,600		2,152,524
Exterran Holdings, Inc.*	4,900		116,326
Halliburton Co.	497,741		13,498,736
Helix Energy Solutions Group, Inc.*	15,300		229,194
Helmerich & Payne, Inc.	10,500		415,065
Nabors Industries Ltd.*	41,100		858,990
National Oilwell Varco, Inc.*^	103,625		4,469,346
Oil States International, Inc.*	7,200		252,936
Patterson-UTI Energy, Inc.	19,000		286,900
Pride International, Inc.*	13,400		407,896
Rowan Cos., Inc.	13,500		311,445
Schlumberger Ltd.	93,000		5,542,800
SEACOR Holdings, Inc.*	2,800		228,564
Seahawk Drilling, Inc.*	893		27,764
Smith International, Inc.	12,900		370,230
Superior Energy Services, Inc.*	11,300		254,476
Tidewater, Inc.	7,300		343,757
Unit Corp.*	5,900		243,375
			32,580,470
Oil, Gas & Consumable Fuels (13.5%)
Anadarko Petroleum Corp.	71,500		4,485,195
Apache Corp.^	120,325		11,049,445
Arch Coal, Inc.	21,000		464,730
BP plc (ADR)	27,700		1,474,471
Cabot Oil & Gas Corp.	15,000		536,250
Chesapeake Energy Corp.	88,800		2,521,920
Chevron Corp.	431,514		30,391,531
Cimarex Energy Co.^	28,400		1,230,288
Comstock Resources, Inc.*	6,200		248,496
Concho Resources, Inc.*	11,000		399,520
ConocoPhillips	333,470		15,059,505
Continental Resources, Inc.*	2,300		90,091
Denbury Resources, Inc.*	36,100		546,193
Devon Energy Corp.	170,280		11,464,952
El Paso Corp.	73,400		757,488
Encore Acquisition Co.*	7,700		287,980
EOG Resources, Inc.	103,005		8,601,948
Exxon Mobil Corp.	722,905		49,598,512
Forest Oil Corp.*	10,200		199,614
Frontline Ltd.	7,500		175,425
Hess Corp.	103,270		5,520,814
Marathon Oil Corp.	370,100		11,806,190
Mariner Energy, Inc.*	800		11,344
Massey Energy Co.	3,200		89,248
Murphy Oil Corp.	27,700		1,594,689
Newfield Exploration Co.*	18,900		804,384

See Notes to Portfolio of Investments.

92

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Nexen, Inc.	87,900	$	1,983,903
Noble Energy, Inc.	24,300		1,602,828
Occidental Petroleum Corp.	282,241		22,127,694
Overseas Shipholding Group, Inc.	3,000		112,110
Pioneer Natural Resources Co.	16,200		587,898
Plains Exploration & Production Co.*	8,000		221,280
Range Resources Corp.	19,400		957,584
SandRidge Energy, Inc.*	18,000		233,280
Southern Union Co.	16,000		332,640
Spectra Energy Corp.	92,500		1,751,950
St. Mary Land & Exploration Co.	6,400		207,744
Sunoco, Inc.	17,000		483,650
Teekay Corp.	3,000		65,610
Tesoro Corp.	11,300		169,274
Total S.A. (ADR)	140,775		8,342,327
Valero Energy Corp.	241,100		4,674,929
Whiting Petroleum Corp.*	7,400		426,092
Williams Cos., Inc.	84,200		1,504,654
XTO Energy, Inc.	83,000		3,429,560
			208,625,230
Total Energy			241,205,700
Financials (23.6%)
Capital Markets (4.6%)
Ameriprise Financial, Inc.	33,600		1,220,688
Bank of New York Mellon Corp.	677,419		19,638,377
BlackRock, Inc.	1,900		411,958
Deutsche Bank AG (Registered)	36,700		2,817,459
Franklin Resources, Inc.	12,000		1,207,200
Goldman Sachs Group, Inc.	147,830		27,252,460
Invesco Ltd.	53,900		1,226,764
Investment Technology Group, Inc.*	5,800		161,936
Janus Capital Group, Inc.	2,100		29,778
Jefferies Group, Inc.*	4,100		111,643
Legg Mason, Inc.	20,500		636,115
Morgan Stanley	256,600		7,923,808
Northern Trust Corp.	13,470		783,415
Raymond James Financial, Inc.	13,700		318,936
State Street Corp.^	129,000		6,785,400
			70,525,937
Commercial Banks (4.9%)
Associated Banc-Corp.	18,500		211,270
Bancorpsouth, Inc.	11,800		288,038
Bank of Hawaii Corp.	6,700		278,318
BB&T Corp.^	414,600		11,293,704
BOK Financial Corp.	1,800		83,376
CapitalSource, Inc.	26,200		113,708
City National Corp./California	6,100		237,473
Comerica, Inc.	22,300		661,641
Commerce Bancshares, Inc./Missouri	5,700		212,268
Cullen/Frost Bankers, Inc.	7,500		387,300
Fifth Third Bancorp	113,800		1,152,794
First Citizens BancShares, Inc./North Carolina, Class A	800		127,280
First Horizon National Corp.*	30,709		406,275
Fulton Financial Corp.	27,100		199,456
Huntington Bancshares, Inc./Ohio	86,800		408,828
KeyCorp.	126,400		821,600
M&T Bank Corp.	10,400		648,128
Marshall & Ilsley Corp.	51,900		418,833
PNC Financial Services Group, Inc.	107,315		5,214,436
Popular, Inc.	85,800		242,814
Regions Financial Corp.	437,810		2,718,800
SunTrust Banks, Inc.	71,500		1,612,325
Synovus Financial Corp.	50,000		187,500
TCF Financial Corp.	17,300		225,592
U.S. Bancorp^	443,600		9,697,096
Valley National Bancorp	19,875		244,264
Wells Fargo & Co.	1,313,770		37,022,039
Whitney Holding Corp./Louisiana	9,100		86,814
Wilmington Trust Corp.	9,000		127,800
Zions Bancorp	17,500		314,475
			75,644,245
Consumer Finance (1.0%)
American Express Co.	117,900		3,996,810
AmeriCredit Corp.*	9,100		143,689
Capital One Financial Corp.^	254,500		9,093,285
Discover Financial Services	76,400		1,239,972
SLM Corp.*	53,100		463,032
Student Loan Corp.	700		32,480
			14,969,268
Diversified Financial Services (5.8%)
Bank of America Corp.	1,568,900		26,545,788
CIT Group, Inc.	43,300		52,393
Citigroup, Inc.	2,164,400		10,475,696
CME Group, Inc.	9,000		2,773,710
Interactive Brokers Group, Inc., Class A*	5,900		117,233
JPMorgan Chase & Co.	1,113,470		48,792,255
Leucadia National Corp.*	17,300		427,656
NASDAQ OMX Group, Inc.*	9,900		208,395
NYSE Euronext	28,000		808,920
			90,202,046
Insurance (5.8%)
ACE Ltd.*	188,975		10,102,603
Alleghany Corp.*	816		211,385
Allied World Assurance Co. Holdings Ltd./Bermuda	7,400		354,682
Allstate Corp.	329,065		10,075,970
American Financial Group, Inc./Ohio	12,300		313,650
American International Group, Inc.*	10,900		480,799
American National Insurance Co.	2,100		178,920
Aon Corp.	246,895		10,046,158
Arch Capital Group Ltd.*	6,800		459,272
Arthur J. Gallagher & Co.	1,100		26,807
Aspen Insurance Holdings Ltd.	12,000		317,640
Assurant, Inc.	16,700		535,402
Axis Capital Holdings Ltd.	14,500		437,610
Brown & Brown, Inc.	4,500		86,220
Chubb Corp.^	86,920		4,381,637
Cincinnati Financial Corp.	21,600		561,384
CNA Financial Corp.*	1,700		41,038
Endurance Specialty Holdings Ltd.	4,700		171,409
Erie Indemnity Co., Class A	1,300		48,698
Everest Reinsurance Group Ltd.	8,800		771,760
Fidelity National Financial, Inc., Class A	29,100		438,828
First American Corp.	13,200		427,284
Genworth Financial, Inc., Class A	74,150		886,092
Hanover Insurance Group, Inc.	7,300		301,709
Hartford Financial Services Group, Inc.	46,700		1,237,550
HCC Insurance Holdings, Inc.	17,000		464,950
Lincoln National Corp.^	122,600		3,176,566
Loews Corp.	47,300		1,620,025
Markel Corp.*	1,400		461,748
Marsh & McLennan Cos., Inc.	68,400		1,691,532
MBIA, Inc.*	21,800		169,168
Mercury General Corp.	3,500		126,630
MetLife, Inc.^	372,480		14,180,314

See Notes to Portfolio of Investments.

93

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Odyssey Reinsurance Holdings Corp.	1,900	$	123,139
Old Republic International Corp.	35,500		432,390
OneBeacon Insurance Group Ltd., Class A	4,400		60,456
PartnerReinsurance Ltd.	8,100		623,214
Progressive Corp.*	88,700		1,470,646
Protective Life Corp.	12,800		274,176
Prudential Financial, Inc.	64,105		3,199,481
Reinsurance Group of America, Inc.	10,100		450,460
RenaissanceReinsurance Holdings Ltd.	8,600		470,936
StanCorp Financial Group, Inc.	7,000		282,590
Torchmark Corp.	11,700		508,131
Transatlantic Holdings, Inc.	4,400		220,748
Travelers Cos., Inc.	204,260		10,055,720
Unitrin, Inc.	5,400		105,246
Unum Group^	132,800		2,847,232
Validus Holdings Ltd.	10,900		281,220
W.R. Berkley Corp.	13,100		331,168
Wesco Financial Corp.	200		65,100
White Mountains Insurance Group Ltd.	1,200		368,412
XL Capital Ltd., Class A^	155,500		2,715,030
			89,670,935
Real Estate Investment Trusts (REITs) (1.3%)
Alexandria Real Estate Equities, Inc. (REIT)	4,500		244,575
AMB Property Corp. (REIT)	22,000		504,900
Annaly Capital Management, Inc. (REIT)	79,000		1,433,060
Apartment Investment & Management Co. (REIT), Class A	15,900		234,525
AvalonBay Communities, Inc. (REIT)	11,700		850,941
Boston Properties, Inc. (REIT)	19,800		1,297,890
Brandywine Realty Trust (REIT)	16,000		176,640
BRE Properties, Inc. (REIT)	7,300		228,490
Camden Property Trust (REIT)	9,700		390,910
Chimera Investment Corp. (REIT)	97,300		371,686
Corporate Office Properties Trust/Maryland (REIT)	8,300		306,104
Douglas Emmett, Inc. (REIT)	18,400		225,952
Duke Realty Corp. (REIT)	33,700		404,737
Equity Residential (REIT)	39,200		1,203,440
Essex Property Trust, Inc. (REIT)	3,800		302,404
Federal Realty Investment Trust (REIT)	7,500		460,275
HCP, Inc. (REIT)	24,400		701,256
Health Care REIT, Inc. (REIT)	8,000		332,960
Hospitality Properties Trust (REIT)	14,300		291,291
Host Hotels & Resorts, Inc. (REIT)	86,000		1,012,220
HRPT Properties Trust (REIT)	30,000		225,600
Kimco Realty Corp. (REIT)	54,600		711,984
Liberty Property Trust (REIT)	14,900		484,697
Macerich Co. (REIT)	11,435		346,824
Mack-Cali Realty Corp. (REIT)	11,900		384,727
Nationwide Health Properties, Inc. (REIT)	3,700		114,663
Plum Creek Timber Co., Inc. (REIT)	15,200		465,728
ProLogis (REIT)	63,000		750,960
Rayonier, Inc. (REIT)	6,300		257,733
Realty Income Corp. (REIT)	15,100		387,315
Regency Centers Corp. (REIT)	12,000		444,600
Senior Housing Properties Trust (REIT)	17,500		334,425
Simon Property Group, Inc. (REIT)	19,978		1,387,072
SL Green Realty Corp. (REIT)	9,700		425,345
Taubman Centers, Inc. (REIT)	7,700		277,816
UDR, Inc. (REIT)	20,900		328,966
Ventas, Inc. (REIT)	22,700		873,950
Vornado Realty Trust (REIT)	21,666		1,395,488
Weingarten Realty Investors (REIT)	14,700		292,824
			20,864,973
Real Estate Management & Development (0.0%)
Forest City Enterprises, Inc., Class A	15,900		212,583
Jones Lang LaSalle, Inc.	4,800		227,376
			439,959
Thrifts & Mortgage Finance (0.2%)
First Niagara Financial Group, Inc.	21,700		267,561
Hudson City Bancorp, Inc.	30,200		397,130
New York Community Bancorp, Inc.	47,900		547,018
People’s United Financial, Inc.	49,300		767,108
TFS Financial Corp.	9,600		114,240
Washington Federal, Inc.	13,300		224,238
			2,317,295
Total Financials			364,634,658
Health Care (10.6%)
Health Care Equipment & Supplies (1.2%)
Becton, Dickinson and Co.	29,520		2,059,020
Boston Scientific Corp.*	140,800		1,491,072
CareFusion Corp.*	26,100		568,980
Cooper Cos., Inc.	6,500		193,245
Covidien plc	177,250		7,667,835
Hill-Rom Holdings, Inc.	5,000		108,900
Hologic, Inc.*	33,600		549,024
Inverness Medical Innovations, Inc.*	5,600		216,888
Kinetic Concepts, Inc.*	5,800		214,484
Medtronic, Inc.	91,900		3,381,920
Teleflex, Inc.	3,300		159,423
Zimmer Holdings, Inc.*	31,200		1,667,640
			18,278,431
Health Care Providers & Services (1.2%)
Aetna, Inc.	132,900		3,698,607
AmerisourceBergen Corp.	5,400		120,852
Brookdale Senior Living, Inc.	6,600		119,658
Cardinal Health, Inc.	65,500		1,755,400
CIGNA Corp.	36,200		1,016,858
Community Health Systems, Inc.*	6,700		213,931
Coventry Health Care, Inc.*	15,500		309,380
Health Net, Inc.*	15,900		244,860
Humana, Inc.*	15,600		581,880
LifePoint Hospitals, Inc.*	8,200		221,892
Lincare Holdings, Inc.*	1,200		37,500
McKesson Corp.	20,100		1,196,955
MEDNAX, Inc.*	4,500		247,140
Omnicare, Inc.	9,900		222,948
Tenet Healthcare Corp.*	20,600		121,128
UnitedHealth Group, Inc.	169,200		4,236,768
Universal Health Services, Inc., Class B.	6,000		371,580
WellPoint, Inc.*	76,880		3,641,037
			18,358,374
Health Care Technology (0.0%)
IMS Health, Inc.	20,800		319,280
Life Sciences Tools & Services (0.3%)
Charles River Laboratories International, Inc.*	3,200		118,336
Life Technologies Corp.*	2,900		134,995
PerkinElmer, Inc.	13,200		253,968

See Notes to Portfolio of Investments.

94

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Thermo Fisher Scientific, Inc.*	78,110	$	3,411,064
Waters Corp.*^	21,300		1,189,818
			5,108,181
Pharmaceuticals (7.9%)
Abbott Laboratories, Inc.	86,690		4,288,554
Bristol-Myers Squibb Co.	126,400		2,846,528
Eli Lilly and Co.	68,400		2,259,252
Endo Pharmaceuticals Holdings, Inc.*	17,000		384,710
Forest Laboratories, Inc.*	42,700		1,257,088
GlaxoSmithKline plc	65,035		1,277,889
GlaxoSmithKline plc (ADR)	33,300		1,315,683
Johnson & Johnson^	164,145		9,994,789
King Pharmaceuticals, Inc.*	36,100		388,797
Merck & Co., Inc.^	562,735		17,799,308
Mylan, Inc.*	12,600		201,726
Pfizer, Inc.	2,441,530		40,407,322
Roche Holding AG	6,200		1,002,123
Schering-Plough Corp.	670,125		18,931,031
Watson Pharmaceuticals, Inc.*	15,300		560,592
Wyeth	396,670		19,270,229
			122,185,621
Total Health Care			164,249,887
Industrials (11.7%)
Aerospace & Defense (3.8%)
BE Aerospace, Inc.*	7,000		140,980
Boeing Co.	94,900		5,138,835
General Dynamics Corp.	44,700		2,887,620
Honeywell International, Inc.^	282,575		10,497,661
ITT Corp.	23,800		1,241,170
L-3 Communications Holdings, Inc.	16,900		1,357,408
Lockheed Martin Corp.	257,490		20,104,819
Northrop Grumman Corp.	215,630		11,158,853
Raytheon Co.	13,200		633,204
Spirit AeroSystems Holdings, Inc., Class A*	10,300		186,018
United Technologies Corp.	99,650		6,071,674
			59,418,242
Air Freight & Logistics (0.2%)
FedEx Corp.	44,600		3,354,812
UTi Worldwide, Inc.	1,700		24,616
			3,379,428
Airlines (0.0%)
Southwest Airlines Co.	73,900		709,440
Building Products (0.1%)
Armstrong World Industries, Inc.*	1,400		48,244
Masco Corp.^	126,450		1,633,734
Owens Corning, Inc.*	7,000		157,150
USG Corp.*	5,500		94,490
			1,933,618
Commercial Services & Supplies (0.3%)
Avery Dennison Corp.	13,300		478,933
Cintas Corp.	15,600		472,836
Corrections Corp. of America*	14,800		335,220
Covanta Holding Corp.*	18,700		317,900
Pitney Bowes, Inc.	29,900		743,015
R.R. Donnelley & Sons Co.	22,100		469,846
Republic Services, Inc.	31,900		847,583
Waste Connections, Inc.*	3,100		89,466
Waste Management, Inc.	7,400		220,668
			3,975,467
Construction & Engineering (0.1%)
KBR, Inc.	23,300		542,657
Quanta Services, Inc.*	28,700		635,131
Shaw Group, Inc.*	2,300		73,807
URS Corp.*	10,400		453,960
			1,705,555
Electrical Equipment (0.2%)
Cooper Industries plc, Class A	23,800		894,166
General Cable Corp.*	7,500		293,625
Hubbell, Inc., Class B	7,200		302,400
Rockwell Automation, Inc.	18,500		788,100
Roper Industries, Inc.	1,900		96,862
Thomas & Betts Corp.*	5,200		156,416
			2,531,569
Industrial Conglomerates (2.5%)
3M Co.	36,610		2,701,818
Carlisle Cos., Inc.	6,200		210,242
General Electric Co.	1,886,100		30,969,762
Textron, Inc.^	243,045		4,612,994
			38,494,816
Machinery (2.8%)
AGCO Corp.*	13,400		370,242
Bucyrus International, Inc.	8,400		299,208
Caterpillar, Inc.^	309,750		15,899,468
Crane Co.	3,500		90,335
Cummins, Inc.^	131,150		5,876,831
Danaher Corp.^	33,025		2,223,243
Deere & Co.	45,000		1,931,400
Dover Corp.	47,100		1,825,596
Eaton Corp.^	62,880		3,558,379
Gardner Denver, Inc.*	7,900		275,552
Graco, Inc.	4,700		130,989
Harsco Corp.	3,100		109,771
IDEX Corp.	4,800		134,160
Illinois Tool Works, Inc.	64,100		2,737,711
Ingersoll-Rand plc^	51,700		1,585,639
Joy Global, Inc.	1,800		88,092
Kennametal, Inc.	12,700		312,547
Lincoln Electric Holdings, Inc.	6,200		294,190
Manitowoc Co., Inc.	18,900		178,983
Oshkosh Corp.	10,800		334,044
PACCAR, Inc.	4,000		150,840
Parker Hannifin Corp.	23,300		1,207,872
Pentair, Inc.	10,300		304,056
Snap-On, Inc.	6,100		212,036
SPX Corp.	18,800		1,151,876
Stanley Works	11,200		478,128
Terex Corp.*	14,200		294,366
Timken Co.	11,800		276,474
Trinity Industries, Inc.	10,900		187,371
			42,519,399
Marine (0.0%)
Alexander & Baldwin, Inc.	5,800		186,122
Kirby Corp.*	6,200		228,284
			414,406
Professional Services (0.1%)
Dun & Bradstreet Corp.^	12,140		914,385
Equifax, Inc.	4,000		116,560
Manpower, Inc.	11,500		652,165
Monster Worldwide, Inc.*	7,600		132,848
			1,815,958
Road & Rail (1.5%)
Burlington Northern Santa Fe Corp.	45,255		3,612,707
Canadian National Railway Co.	2,100		102,879
Con-way, Inc.	4,300		164,776
CSX Corp.	312,025		13,061,366

See Notes to Portfolio of Investments.

95

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Hertz Global Holdings, Inc.*	99,500	$	1,077,585
Kansas City Southern*	7,200		190,728
Norfolk Southern Corp.	45,200		1,948,572
Ryder System, Inc.	8,100		316,386
Union Pacific Corp.	33,500		1,954,725
			22,429,724
Trading Companies & Distributors (0.1%)
GATX Corp.	3,900		109,005
W.W. Grainger, Inc.^	16,160		1,444,058
WESCO International, Inc.*	2,100		60,480
			1,613,543
Total Industrials			180,941,165
Information Technology (6.9%)
Communications Equipment (0.6%)
Brocade Communications Systems, Inc.*	36,400		286,104
Ciena Corp.*	11,700		190,476
CommScope, Inc.*	12,100		362,153
EchoStar Corp., Class A*	5,100		94,146
Harris Corp.	4,200		157,920
JDS Uniphase Corp.*	17,800		126,558
Motorola, Inc.	641,067		5,506,765
Nokia Oyj (ADR)	144,800		2,116,976
Tellabs, Inc.*	56,900		393,748
			9,234,846
Computers & Peripherals (1.9%)
Dell, Inc.*	176,000		2,685,760
Diebold, Inc.	800		26,344
EMC Corp.*	256,500		4,370,760
Hewlett-Packard Co.	300,040		14,164,888
International Business Machines Corp.	36,490		4,364,569
Lexmark International, Inc., Class A*	12,300		264,942
SanDisk Corp.*	17,000		368,900
Seagate Technology	7,100		107,991
Sun Microsystems, Inc.*	107,000		972,630
Teradata Corp.*	4,600		126,592
Western Digital Corp.*^	65,850		2,405,501
			29,858,877
Electronic Equipment, Instruments & Components (0.6%)
Arrow Electronics, Inc.*	10,100		284,315
AU Optronics Corp. (ADR)^	96,923		938,215
Avnet, Inc.*	13,600		353,192
AVX Corp.	4,900		58,457
Corning, Inc.	203,600		3,117,116
Ingram Micro, Inc., Class A*	22,900		385,865
Jabil Circuit, Inc.	12,800		171,648
Molex, Inc.	15,100		315,288
Tech Data Corp.*	6,100		253,821
Tyco Electronics Ltd.^	111,500		2,484,220
Vishay Intertechnology, Inc.*	30,250		238,975
			8,601,112
Internet Software & Services (0.2%)
eBay, Inc.*	122,500		2,892,225
IAC/InterActiveCorp*	8,900		179,691
Yahoo!, Inc.*	11,200		199,472
			3,271,388
IT Services (0.6%)
Accenture plc, Class A	146,850		5,473,099
Affiliated Computer Services, Inc., Class A*	5,200		281,684
Amdocs Ltd.*	24,100		647,808
Broadridge Financial Solutions, Inc.	7,700		154,770
Computer Sciences Corp.*	21,700		1,143,807
Convergys Corp.*	11,600		115,304
DST Systems, Inc.*	500		22,400
Fidelity National Information Services, Inc.	17,300		441,323
SAIC, Inc.*	7,800		136,812
Total System Services, Inc.	6,600		106,326
Western Union Co.	56,615		1,071,156
			9,594,489
Office Electronics (0.1%)
Xerox Corp.	125,500		971,370
Zebra Technologies Corp., Class A*	800		20,744
			992,114
Semiconductors & Semiconductor Equipment (2.3%)
Advanced Micro Devices, Inc.*	38,300		216,778
Applied Materials, Inc.	189,800		2,543,320
Atmel Corp.*	65,400		274,026
Fairchild Semiconductor International, Inc.*	16,400		167,772
Integrated Device Technology, Inc.*	17,200		116,272
Intel Corp.	981,690		19,211,673
International Rectifier Corp.*	5,300		103,297
Intersil Corp., Class A	8,400		128,604
KLA-Tencor Corp.	24,600		882,156
LSI Corp.*	94,100		516,609
Marvell Technology Group Ltd.*	7,500		121,425
Maxim Integrated Products, Inc.	7,100		128,794
Microchip Technology, Inc.	3,100		82,150
Micron Technology, Inc.*	101,200		829,840
Novellus Systems, Inc.*	5,600		117,488
PMC-Sierra, Inc.*	32,300		308,788
Texas Instruments, Inc.	423,675		10,036,861
			35,785,853
Software (0.6%)
Activision Blizzard, Inc.*	33,900		420,021
Autodesk, Inc.*	10,700		254,660
CA, Inc.	13,000		285,870
Compuware Corp.*	35,100		257,283
Microsoft Corp.	73,200		1,895,148
Novell, Inc.*	25,900		116,809
Oracle Corp.	166,855		3,477,258
Rovi Corp.*	4,500		151,200
Symantec Corp.*^	101,350		1,669,235
Synopsys, Inc.*	7,800		174,876
			8,702,360
Total Information Technology			106,041,039
Materials (3.2%)
Chemicals (1.5%)
Air Products & Chemicals, Inc.	50,980		3,955,028
Airgas, Inc.	11,800		570,766
Albemarle Corp.	12,500		432,500
Ashland, Inc.	9,700		419,234
Cabot Corp.	8,900		205,679
CF Industries Holdings, Inc.	1,000		86,230
Cytec Industries, Inc.	6,300		204,561
Dow Chemical Co.	158,200		4,124,274
E.I. du Pont de Nemours & Co.	199,200		6,402,288
Eastman Chemical Co.	10,300		551,462
FMC Corp.	1,600		90,000
Huntsman Corp.	21,600		196,776
Intrepid Potash, Inc.*	400		9,436
Lubrizol Corp.	1,200		85,752
PPG Industries, Inc.^	93,980		5,470,576
RPM International, Inc.	8,800		162,712
Terra Industries, Inc.	4,100		142,147

See Notes to Portfolio of Investments.

96

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Valhi, Inc.	700	$	8,484
Valspar Corp.	14,700		404,397
			23,522,302
Construction Materials (0.1%)
Martin Marietta Materials, Inc.	4,000		368,280
Vulcan Materials Co.	18,000		973,260
			1,341,540
Containers & Packaging (0.2%)
AptarGroup, Inc.	9,800		366,128
Ball Corp.	4,800		236,160
Bemis Co., Inc.	15,100		391,241
Greif, Inc., Class A	4,800		264,240
Owens-Illinois, Inc.*	4,500		166,050
Packaging Corp. of America	11,400		232,560
Pactiv Corp.*	3,500		91,175
Sealed Air Corp.	22,500		441,675
Sonoco Products Co.	15,100		415,854
Temple-Inland, Inc.	14,900		244,658
			2,849,741
Metals & Mining (1.2%)
AK Steel Holding Corp.^	80,200		1,582,346
Alcoa, Inc.	75,900		995,808
Allegheny Technologies, Inc.	14,200		496,858
Carpenter Technology Corp.	5,400		126,306
Cliffs Natural Resources, Inc.	17,200		556,592
Commercial Metals Co.	15,800		282,820
Compass Minerals International, Inc.	2,200		135,564
Freeport-McMoRan Copper & Gold, Inc.	22,900		1,571,169
Newmont Mining Corp.^	207,975		9,155,060
Nucor Corp.	44,500		2,091,945
Reliance Steel & Aluminum Co.	8,900		378,784
Royal Gold, Inc.	3,700		168,720
Schnitzer Steel Industries, Inc., Class A	700		37,275
Southern Copper Corp.	6,700		205,623
Steel Dynamics, Inc.	31,000		475,540
Titanium Metals Corp.	12,800		122,752
United States Steel Corp.	20,800		922,896
			19,306,058
Paper & Forest Products (0.2%)
International Paper Co.	61,900		1,376,037
MeadWestvaco Corp.	25,300		564,443
Weyerhaeuser Co.	30,200		1,106,830
			3,047,310
Total Materials			50,066,951
Telecommunication Services (5.5%)
Diversified Telecommunication Services (3.9%)
AT&T, Inc.	1,579,925		42,673,774
CenturyTel, Inc.	43,159		1,450,143
Frontier Communications Corp.	25,600		193,024
Level 3 Communications, Inc.*	236,100		328,179
Qwest Communications International, Inc.	213,600		813,816
Verizon Communications, Inc.	477,000		14,438,790
Windstream Corp.	32,200		326,186
			60,223,912
Wireless Telecommunication Services (1.6%)
American Tower Corp., Class A*	33,200		1,208,480
Clearwire Corp., Class A*	11,900		96,747
Crown Castle International Corp.*^ .	69,700		2,185,792
Leap Wireless International, Inc.*	2,000		39,100
NII Holdings, Inc.*	22,800		683,544
Sprint Nextel Corp.*^	1,235,000		4,878,250
Telephone & Data Systems, Inc.	13,200		409,332
U.S. Cellular Corp.*	1,800		70,326
Vodafone Group plc	1,780,453		3,989,294
Vodafone Group plc (ADR)^	505,100		11,364,750
			24,925,615
Total Telecommunication Services			85,149,527
Utilities (4.6%)
Electric Utilities (2.3%)
Allegheny Energy, Inc.	9,600		254,592
American Electric Power Co., Inc.	133,650		4,141,814
DPL, Inc.	15,400		401,940
Duke Energy Corp.	184,100		2,897,734
Edison International	47,300		1,588,334
Entergy Corp.	49,760		3,973,834
Exelon Corp.	85,500		4,242,510
FirstEnergy Corp.	43,200		1,975,104
FPL Group, Inc.	82,350		4,548,190
Great Plains Energy, Inc.	19,000		341,050
Hawaiian Electric Industries, Inc.	14,100		255,492
Northeast Utilities	24,800		588,752
NV Energy, Inc.	19,500		226,005
Pepco Holdings, Inc.	33,000		491,040
Pinnacle West Capital Corp.	56,900		1,867,458
PPL Corp.	65,110		1,975,437
Progress Energy, Inc.	40,500		1,581,930
Southern Co.	112,400		3,559,708
Westar Energy, Inc.	15,800		308,258
			35,219,182
Gas Utilities (0.2%)
AGL Resources, Inc.	11,000		387,970
Atmos Energy Corp.	13,800		388,884
Energen Corp.	10,400		448,240
National Fuel Gas Co.	10,300		471,843
ONEOK, Inc.	15,000		549,300
Questar Corp.	25,300		950,268
UGI Corp.	15,500		388,430
			3,584,935
Independent Power Producers & Energy Traders (0.2%)
AES Corp.*	18,800		278,616
Calpine Corp.*	22,300		256,896
Constellation Energy Group, Inc.	2,800		90,636
Dynegy, Inc., Class A*	65,700		167,535
Mirant Corp.*	20,900		343,387
NRG Energy, Inc.*	38,600		1,088,134
RRI Energy, Inc.*^	174,700		1,247,358
			3,472,562
Multi-Utilities (1.9%)
Alliant Energy Corp.	16,000		445,600
Ameren Corp.	45,300		1,145,184
CenterPoint Energy, Inc.	8,100		100,683
CMS Energy Corp.^	69,950		937,330
Consolidated Edison, Inc.	39,300		1,608,942
Dominion Resources, Inc.	181,079		6,247,226
DTE Energy Co.	23,400		822,276
Integrys Energy Group, Inc.	8,600		308,654
MDU Resources Group, Inc.	27,000		562,950
NiSource, Inc.	143,600		1,994,604
NSTAR	15,900		505,938
OGE Energy Corp.	13,300		439,964
PG&E Corp.^	113,945		4,613,633
Public Service Enterprise Group, Inc.	132,485		4,165,328
SCANA Corp.	18,000		628,200
Sempra Energy	35,400		1,763,274
TECO Energy, Inc.	32,100		451,968

See Notes to Portfolio of Investments.

97

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
Vectren Corp.		11,600	$	267,264
Wisconsin Energy Corp.		17,200		776,924
Xcel Energy, Inc.		65,300		1,256,372
				29,042,314
Water Utilities (0.0%)
American Water Works Co., Inc.		7,500		149,550
Aqua America, Inc.		19,700		347,508
				497,058
Total Utilities				71,816,051
Total Common Stocks (99.2%) (Cost $1,429,347,788)				1,534,724,116
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.0%)
U.S. Treasury Bills
0.06%, 12/10/09 #(p)	$	794,000		793,900
Short-Term Investments of Cash Collateral for Securities Loaned (1.1%)
BBVA Senior Finance S.A.
0.35%, 3/12/10 (l)		1,790,000		1,789,488
Deutsche Bank Securities, Inc., Repurchase Agreement
0.08%, 10/1/09 (r)(u)		8,946,360		8,946,360
General Electric Capital Corp.
0.40%, 3/12/10 (l)		330,000		326,508
Lehman Brothers Holdings
0.00%, 8/21/09 (h)(l)(s)		2,039,987		341,698
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)		2,439,817		2,296,966
Total Short-Term Investments of Cash Collateral for Securities Loaned				17,387,395
Time Deposit (0.8%)
JPMorgan Chase Nassau
0.000%, 10/1/09		11,927,937		11,927,937
Total Short-Term Investments (1.9%) (Cost/Amortized Cost $32,097,901)				30,109,232
Total Investments (101.1%) (Cost/Amortized Cost $1,461,445,689)				1,564,833,348
Other Assets Less Liabilities (-1.1%)				(17,173,255	)
Net Assets (100%)			$	1,547,660,093

* 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 September 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% –7.000%, maturing 4/1/18 to 11/1/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 to 7/1/39.

Glossary:

ADR — American Depositary Receipt

See Notes to Portfolio of Investments.

98

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2009		Unrealized Appreciation/ (Depreciation)
Russell 1000 Mini Index	113	December-09	$	6,370,042	$	6,529,140	$	159,098

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	153,219,011	$	1,321,887	$	—	$	154,540,898
Consumer Staples		108,280,022		7,798,218		—		116,078,240
Energy		241,205,700		—		—		241,205,700
Financials		364,634,658		—		—		364,634,658
Health Care		161,969,875		2,280,012		—		164,249,887
Industrials		180,941,165		—		—		180,941,165
Information Technology		106,041,039		—		—		106,041,039
Materials		50,066,951		—		—		50,066,951
Telecommunication Services		81,160,233		3,989,294		—		85,149,527
Utilities		71,816,051		—		—		71,816,051
Futures		159,098		—		—		159,098
Short-Term Investments		—		30,109,232		—		30,109,232
Total Asset	$	1,519,493,803	$	45,498,643	$	—	$	1,564,992,446
Total Liability	$	—	$	—	$	—	$	—
Total	$	1,519,493,803	$	45,498,643	$	—	$	1,564,992,446

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	958,785,232
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,147,900,134

As of September 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	$	171,278,936
Aggregate gross unrealized depreciation		(116,201,353	)
Net unrealized appreciation	$	55,077,583
Federal income tax cost of investments	$	1,509,755,765

At September 30, 2009, the Portfolio had loaned securities with a total value of $18,818,209. This was secured by collateral of $19,376,164 which was received as cash and subsequently invested in short-term investments currently valued at $17,387,395, 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 $552, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Portfolio of Investments.

99

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

For the nine months ended September 30, 2009, the Portfolio incurred approximately $7,217 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $4,914 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 Portfolio of Investments.

100

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PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (18.8%)
Auto Components (1.0%)
Amerigon, Inc.*^	5,400	$	39,690
ArvinMeritor, Inc.^	1,800		14,076
BorgWarner, Inc.	25,200		762,552
China Automotive Systems, Inc.*	1,100		10,219
Cooper Tire & Rubber Co.^	13,800		242,604
Dorman Products, Inc.*^	500		7,510
Drew Industries, Inc.*^	24,600		533,574
Federal Mogul Corp.*	1,600		19,312
Fuel Systems Solutions, Inc.*^	3,200		115,168
Gentex Corp.	32,000		452,800
Goodyear Tire & Rubber Co.*	97,700		1,663,831
Hawk Corp., Class A*	300		4,116
Raser Technologies, Inc.*^	11,300		17,289
Standard Motor Products, Inc.	2,100		31,920
Tenneco, Inc.*	33,300		434,232
TRW Automotive Holdings Corp.*	3,100		51,925
WABCO Holdings, Inc.	13,100		275,100
Wonder Auto Technology, Inc.*	3,600		43,200
			4,719,118
Automobiles (0.0%)
Thor Industries, Inc.^	4,300		133,085
Winnebago Industries, Inc.*^	900		13,239
			146,324
Distributors (0.3%)
Core-Mark Holding Co., Inc.*	700		20,020
LKQ Corp.*^	73,000		1,353,420
			1,373,440
Diversified Consumer Services (2.4%)
American Public Education, Inc.*	4,300		149,382
Bridgepoint Education, Inc.*	3,500		53,410
Brink’s Home Security Holdings, Inc.*	10,700		329,453
Capella Education Co.*^	18,800		1,265,992
Career Education Corp.*	14,800		360,824
ChinaCast Education Corp.*	7,300		53,071
Coinstar, Inc.*	7,100		234,158
Corinthian Colleges, Inc.*^	104,271		1,935,270
CPI Corp.	1,300		16,211
DeVry, Inc.	14,400		796,608
Grand Canyon Education, Inc.*	3,900		69,537
Hillenbrand, Inc.	5,200		105,924
ITT Educational Services, Inc.*^	21,891		2,416,985
K12, Inc.*^	42,700		703,696
Learning Tree International, Inc.*	2,000		22,780
Lincoln Educational Services Corp.*^	2,400		54,912
Mac-Gray Corp.*	500		5,390
Matthews International Corp., Class A	7,000		247,660
Nobel Learning Communities, Inc.*	900		8,442
Pre-Paid Legal Services, Inc.*^	1,700		86,360
Princeton Review, Inc.*	3,700		15,540
Sotheby’s, Inc.^	14,300		246,389
Steiner Leisure Ltd.*	1,600		57,216
Strayer Education, Inc.	7,000		1,523,760
Universal Technical Institute, Inc.*^	4,600		90,620
Weight Watchers International, Inc.	800		21,952
			10,871,542
Hotels, Restaurants & Leisure (2.9%)
AFC Enterprises, Inc.*	600		5,052
Ambassadors Group, Inc.	4,400		68,860
Ameristar Casinos, Inc.	5,800		91,524
Bally Technologies, Inc.*	12,600		483,462
Benihana, Inc., Class A*	1,600		9,168
BJ’s Restaurants, Inc.*^	4,200		62,958
Brinker International, Inc.	23,400		368,082
Buffalo Wild Wings, Inc.*^	15,400		640,794
Burger King Holdings, Inc.	24,500		430,955
California Pizza Kitchen, Inc.*^	4,800		74,976
Caribou Coffee Co., Inc.*	1,700		12,274
Carrols Restaurant Group, Inc.*	2,800		21,168
CEC Entertainment, Inc.*	5,400		139,644
Cheesecake Factory, Inc.*^	13,900		257,428
Chipotle Mexican Grill, Inc., Class A*	7,400		718,170
Chipotle Mexican Grill, Inc., Class B*	5,700		474,354
Choice Hotels International, Inc.^	1,800		55,908
CKE Restaurants, Inc.	11,300		118,537
Cracker Barrel Old Country Store, Inc.^	3,900		134,160
Ctrip.com International Ltd. (ADR)*	29,300		1,722,547
Denny’s Corp.*	21,600		57,456
DineEquity, Inc.	4,000		99,000
Domino’s Pizza, Inc.*	900		7,956
Dover Downs Gaming & Entertainment, Inc.	3,300		18,810
Einstein Noah Restaurant Group, Inc.*	600		7,224
Frisch’s Restaurants, Inc.	100		2,588
Great Wolf Resorts, Inc.*	800		2,856
Interval Leisure Group, Inc.*	8,200		102,336
Isle of Capri Casinos, Inc.*^	3,900		45,981
Jack in the Box, Inc.*	13,400		274,566
Krispy Kreme Doughnuts, Inc.*	13,800		49,266
Lakes Entertainment, Inc.*^	1,600		5,376
Life Time Fitness, Inc.*	900		25,245
Marcus Corp.	400		5,116
McCormick & Schmick’s Seafood Restaurants, Inc.*	400		2,976
MGM MIRAGE*	156,872		1,888,739
Monarch Casino & Resort, Inc.*^	1,300		13,988
Morgans Hotel Group Co.*	2,600		14,092
Multimedia Games, Inc.*	1,800		9,216
Orient-Express Hotels Ltd., Class A^	66,140		761,271
P.F. Chang’s China Bistro, Inc.*	5,600		190,232
Panera Bread Co., Class A*^	12,400		682,000
Papa John’s International, Inc.*	3,900		95,823
Peet’s Coffee & Tea, Inc.*	2,500		70,575
Pinnacle Entertainment, Inc.*	8,000		81,520
Red Robin Gourmet Burgers, Inc.*^	900		18,378
Ruth’s Hospitality Group, Inc.*	3,100		13,082
Scientific Games Corp., Class A*	14,600		231,118
Shuffle Master, Inc.*	128,700		1,212,354
Sonic Corp.*^	13,000		143,780
Texas Roadhouse, Inc., Class A*^	11,400		121,068
Town Sports International Holdings, Inc.*^	3,700		9,287
Universal Travel Group*^	2,200		28,380
Wendy’s/Arby’s Group, Inc., Class A	34,300		162,239
WMS Industries, Inc.*	17,600		784,256
Wyndham Worldwide Corp.	18,100		295,392
Youbet.com, Inc.*	7,500		15,750
			13,439,313
Household Durables (0.7%)
Blyth, Inc.	100		3,873
Harman International Industries, Inc.	7,600		257,488
Hovnanian Enterprises, Inc., Class A*^	7,200		27,648

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
iRobot Corp.*^	4,200	$	51,702
KB Home^	1,400		23,254
Leggett & Platt, Inc.	22,900		444,260
M.D.C. Holdings, Inc.	3,300		114,642
M/I Homes, Inc.*	500		6,795
National Presto Industries, Inc.	1,100		95,161
NIVS IntelliMedia Technology Group, Inc.*	2,000		5,360
NVR, Inc.*	200		127,474
Pulte Homes, Inc.	8,300		91,217
Sealy Corp.*^	1,800		5,760
Tempur-Pedic International, Inc.*	69,000		1,306,860
Tupperware Brands Corp.	14,500		578,840
Universal Electronics, Inc.*	2,300		46,966
			3,187,300
Internet & Catalog Retail (0.6%)
Blue Nile, Inc.*	3,000		186,360
Drugstore.Com, Inc.*	20,400		49,572
Gaiam, Inc., Class A*	78,700		549,326
HSN, Inc.*^	9,200		149,776
Netflix, Inc.*^	26,640		1,229,969
NutriSystem, Inc.^	7,300		111,398
Orbitz Worldwide, Inc.*	600		3,708
Overstock.com, Inc.*^	3,600		52,812
PetMed Express, Inc.	5,600		105,560
Shutterfly, Inc.*^	700		11,641
Stamps.com, Inc.*	3,000		27,750
Ticketmaster Entertainment, Inc.*	8,700		101,703
U.S. Auto Parts Network, Inc.*^	300		1,635
			2,581,210
Leisure Equipment & Products (0.2%)
Hasbro, Inc	17,400		482,850
Polaris Industries, Inc	7,100		289,538
Pool Corp	5,800		128,876
Smith & Wesson Holding Corp.*^	13,300		69,559
Sport Supply Group, Inc.	600		6,114
Sturm Ruger & Co., Inc.^	4,400		56,936
			1,033,873
Media (1.1%)
Arbitron, Inc.^	6,100		126,636
Carmike Cinemas, Inc.*	2,200		22,242
Cinemark Holdings, Inc.	6,300		65,268
CKX, Inc.*	12,700		85,217
Crown Media Holdings, Inc., Class A*^	1,300		2,028
CTC Media, Inc.*	7,400		116,328
Dolan Media Co.*	7,000		83,930
Focus Media Holding Ltd. (ADR)*	71,600		790,464
Global Sources Ltd.*	470		3,229
Interactive Data Corp.	3,900		102,219
John Wiley & Sons, Inc., Class A	9,600		333,888
Knology, Inc.*	2,600		25,350
Lamar Advertising Co., Class A*	5,500		150,920
Lions Gate Entertainment Corp.*^	124,200		765,072
LodgeNet Interactive Corp.*	3,400		25,670
Martha Stewart Living Omnimedia, Inc., Class A*^	6,100		38,186
Marvel Entertainment, Inc.*	11,300		560,706
Mediacom Communications Corp., Class A*	3,400		19,584
Morningstar, Inc.*^	4,500		218,520
National CineMedia, Inc.	53,120		901,446
New York Times Co., Class A^	1,800		14,616
Outdoor Channel Holdings, Inc.*	400		2,616
Playboy Enterprises, Inc., Class B*	3,400		10,268
Primedia, Inc.	400		1,008
RCN Corp.*	8,500		79,050
Reading International, Inc., Class A*	800		3,288
Regal Entertainment Group, Class A	9,400		115,808
Rentrak Corp.*	2,400		42,864
Valassis Communications, Inc.*	9,100		162,708
Value Line, Inc.	400		12,348
Warner Music Group Corp.*	300		1,659
World Wrestling Entertainment, Inc., Class A^	4,100		57,441
			4,940,577
Multiline Retail (0.6%)
99 Cents Only Stores*^	9,600		129,120
Big Lots, Inc.*	2,300		57,546
Dollar Tree, Inc.*	19,840		965,811
Fred’s, Inc., Class A	3,000		38,190
Kohl’s Corp.*	31,114		1,775,054
			2,965,721
Specialty Retail (6.2%)
Aaron’s, Inc.	11,200		295,680
Abercrombie & Fitch Co., Class A^	10,100		332,088
Advance Auto Parts, Inc.	44,355		1,742,265
Aeropostale, Inc.*^	89,003		3,868,961
American Eagle Outfitters, Inc.	81,600		1,375,776
America’s Car-Mart, Inc.*	1,500		35,925
AutoNation, Inc.*^	1,800		32,544
Barnes & Noble, Inc.^	1,900		42,218
bebe Stores, Inc.	6,000		44,160
Best Buy Co., Inc.	84,581		3,173,479
Big 5 Sporting Goods Corp.	5,000		75,500
Books-A-Million, Inc.	200		2,408
Buckle, Inc.^	5,300		180,942
CarMax, Inc.*^	73,100		1,527,790
Cato Corp., Class A	6,200		125,798
Charlotte Russe Holding, Inc.*^	3,600		63,000
Charming Shoppes, Inc.*^	1,900		9,329
Chico’s FAS, Inc.*	38,300		497,900
Children’s Place Retail Stores, Inc.*^	5,100		152,796
Christopher & Banks Corp.^	1,100		7,447
Citi Trends, Inc.*	3,300		93,951
Coldwater Creek, Inc.*^	10,500		86,100
Collective Brands, Inc.*	6,100		105,713
Destination Maternity Corp.*	1,200		21,756
Dick’s Sporting Goods, Inc.*	55,420		1,241,408
Dress Barn, Inc.*^	2,900		51,997
DSW, Inc., Class A*	200		3,194
Finish Line, Inc., Class A	5,800		58,928
Foot Locker, Inc.	16,300		194,785
Guess?, Inc.	23,700		877,848
Gymboree Corp.*	5,300		256,414
hhgregg, Inc.*^	3,000		50,820
Hibbett Sports, Inc.*^	6,500		118,495
HOT Topic, Inc.*	6,600		49,434
J. Crew Group, Inc.*^	33,400		1,196,388
Jo-Ann Stores, Inc.*	2,500		67,075
JoS. A. Bank Clothiers, Inc.*^	4,300		192,511
Kirkland’s, Inc.*	3,100		44,175
Lumber Liquidators, Inc.*^	3,600		78,084
Men’s Wearhouse, Inc.	400		9,880
Midas, Inc.*	3,000		28,200
Monro Muffler Brake, Inc.	3,700		117,623
Office Depot, Inc.*	11,600		76,792
OfficeMax, Inc.*	12,800		161,024
Penske Automotive Group, Inc.^	3,400		65,212
PetSmart, Inc.	29,500		641,625

See Notes to Portfolio of Investments.

102

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
RadioShack Corp.^	4,100	$	67,937
Ross Stores, Inc.	38,347		1,831,836
Sally Beauty Holdings, Inc.*	5,800		41,238
Sonic Automotive, Inc., Class A^	1,500		15,750
Stein Mart, Inc.*	5,600		71,176
Systemax, Inc.*^	400		4,852
Talbots, Inc.	3,800		35,074
Tiffany & Co.	26,400		1,017,192
Tractor Supply Co.*	17,200		832,824
Tween Brands, Inc.*	700		5,873
Ulta Salon Cosmetics & Fragrance, Inc.*	6,400		105,664
Urban Outfitters, Inc.*^	107,660		3,248,102
Wet Seal, Inc., Class A*	22,800		86,184
Williams-Sonoma, Inc.	97,900		1,980,517
Zumiez, Inc.*	4,500		73,845
			28,893,502
Textiles, Apparel & Luxury Goods (2.8%)
American Apparel, Inc.*	8,300		29,133
Carter’s, Inc.*	36,360		970,812
Cherokee, Inc.^	1,900		45,543
Coach, Inc.	83,400		2,745,528
Crocs, Inc.*	7,500		49,875
Deckers Outdoor Corp.*	3,000		254,550
FGX International Holdings Ltd.*	63,600		887,220
Fossil, Inc.*^	10,900		310,105
Fuqi International, Inc.*	2,400		70,272
G-III Apparel Group Ltd.*	800		11,320
Hanesbrands, Inc.*^	86,664		1,854,610
K-Swiss, Inc., Class A	3,700		32,523
Liz Claiborne, Inc.^	15,300		75,429
Lululemon Athletica, Inc.*	9,500		216,125
Maidenform Brands, Inc.*	4,700		75,482
Oxford Industries, Inc.	2,200		43,340
Phillips-Van Heusen Corp.	7,700		329,483
Steven Madden Ltd.*	3,600		132,516
Timberland Co., Class A*	6,100		84,912
True Religion Apparel, Inc.*^	5,800		150,394
Under Armour, Inc., Class A*	28,900		804,287
UniFirst Corp.	700		31,115
Volcom, Inc.*^	4,100		67,568
Warnaco Group, Inc.*	81,620		3,579,853
Weyco Group, Inc.^	1,700		38,930
Wolverine World Wide, Inc.	11,400		283,176
			13,174,101
Total Consumer Discretionary			87,326,021
Consumer Staples (3.9%)
Beverages (0.5%)
Boston Beer Co., Inc., Class A*	1,900		70,452
Coca-Cola Bottling Co. Consolidated	1,000		48,430
Dr. Pepper Snapple Group, Inc.*	41,900		1,204,625
Hansen Natural Corp.*^	29,000		1,065,460
National Beverage Corp.*	1,400		16,114
			2,405,081
Food & Staples Retailing (0.3%)
Arden Group, Inc., Class A	300		35,850
BJ’s Wholesale Club, Inc.*	2,100		76,062
Casey’s General Stores, Inc.^	7,100		222,798
Diedrich Coffee, Inc.*^	800		19,240
Pantry, Inc.*	900		14,112
Pricesmart, Inc.	3,700		69,375
Ruddick Corp.	1,900		50,578
Susser Holdings Corp.*	300		3,771
United Natural Foods, Inc.*^	10,000		239,200
Village Super Market, Inc., Class A	1,500		44,205
Weis Markets, Inc.	500		15,975
Whole Foods Market, Inc.*	21,300		649,437
			1,440,603
Food Products (1.5%)
AgFeed Industries, Inc.*^	5,400		28,836
Alico, Inc.^	700		20,573
American Dairy, Inc.*	2,000		56,660
American Italian Pasta Co., Class A*	3,300		89,694
B&G Foods, Inc., Class A	1,300		10,647
Calavo Growers, Inc.	2,400		45,552
Cal-Maine Foods, Inc.	3,100		82,987
Darling International, Inc.*	18,700		137,445
Dean Foods Co.*	42,000		747,180
Diamond Foods, Inc.	3,000		95,160
Farmer Bros Co.	700		14,490
Flowers Foods, Inc.^	14,600		383,834
Green Mountain Coffee Roasters, Inc.*^	37,150		2,743,156
Hain Celestial Group, Inc.*^	42,600		816,642
HQ Sustainable Maritime Industries, Inc.*	1,600		14,080
J&J Snack Foods Corp.^	3,200		138,208
Lancaster Colony Corp.	4,400		225,588
Lance, Inc.^	6,500		167,830
Lifeway Foods, Inc.*	1,300		14,287
Overhill Farms, Inc.*	4,000		24,200
Sanderson Farms, Inc.	4,600		173,144
Smart Balance, Inc.*	11,100		68,154
Smithfield Foods, Inc.*	2,300		31,740
Synutra International, Inc.*^	4,500		61,695
Tootsie Roll Industries, Inc.^	5,666		134,737
TreeHouse Foods, Inc.*	16,800		599,256
Zhongpin, Inc.*^	4,200		61,824
			6,987,599
Household Products (0.7%)
Church & Dwight Co., Inc.	16,300		924,862
Energizer Holdings, Inc.*	29,940		1,986,220
Orchids Paper Products Co.*^	1,200		24,000
WD-40 Co.	2,500		71,000
			3,006,082
Personal Products (0.8%)
Alberto-Culver Co.	16,900		467,792
American Oriental Bioengineering, Inc.*^	5,600		27,216
Bare Escentuals, Inc.*	15,500		184,295
Chattem, Inc.*	4,200		278,922
China Sky One Medical, Inc.*^	2,400		31,656
China-Biotics, Inc.*	1,800		28,800
Female Health Co.*^	4,000		20,200
Herbalife Ltd.	61,979		2,029,192
Inter Parfums, Inc.	200		2,442
Medifast, Inc.*^	3,200		69,504
NBTY, Inc.*	8,600		340,388
Nu Skin Enterprises, Inc., Class A	11,600		214,948
Nutraceutical International Corp.*	200		2,254
Revlon, Inc., Class A*^	2,300		11,178
Schiff Nutrition International, Inc.	200		1,042
USANA Health Sciences, Inc.*	1,500		51,165
			3,760,994
Tobacco (0.1%)
Alliance One International, Inc.*^	12,700		56,896
Star Scientific, Inc.*^	19,100		17,763
Universal Corp.	500		20,910

See Notes to Portfolio of Investments.

103

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Vector Group Ltd.	8,820	$	137,416
			232,985
Total Consumer Staples			17,833,344
Energy (4.5%)
Energy Equipment & Services (2.1%)
Atwood Oceanics, Inc.*	11,000		387,970
Bolt Technology Corp.*	700		8,799
Cal Dive International, Inc.*	2,600		25,714
CARBO Ceramics, Inc.^	4,000		206,200
Complete Production Services, Inc.*	57,540		650,202
Dresser-Rand Group, Inc.*	19,000		590,330
Dril-Quip, Inc.*	17,800		883,592
ENGlobal Corp.*	3,500		14,420
Exterran Holdings, Inc.*^	6,400		151,936
FMC Technologies, Inc.*^	9,480		495,235
Geokinetics, Inc.*	700		14,840
Gulf Island Fabrication, Inc.	200		3,748
GulfMark Offshore, Inc.*	2,600		85,124
Helix Energy Solutions Group, Inc.*	29,100		435,918
Helmerich & Payne, Inc.^	7,600		300,428
Hercules Offshore, Inc.*	2,300		11,293
ION Geophysical Corp.*^	1,700		5,984
Lufkin Industries, Inc.	3,100		164,858
Matrix Service Co.*	1,900		20,653
NATCO Group, Inc., Class A*	900		39,852
National Oilwell Varco, Inc.*	45,467		1,960,992
Natural Gas Services Group, Inc.*^	300		5,286
Oceaneering International, Inc.*	21,020		1,192,885
Patterson-UTI Energy, Inc.^	4,800		72,480
PHI, Inc.*	1,500		30,420
Pioneer Drilling Co.*	1,700		12,478
Rowan Cos., Inc.	4,400		101,508
RPC, Inc.	6,900		72,312
Sulphco, Inc.*^	15,900		21,783
Superior Energy Services, Inc.*	57,780		1,301,206
TETRA Technologies, Inc.*	9,300		90,117
TGC Industries, Inc.*	2,500		12,125
Willbros Group, Inc.*	8,900		135,547
			9,506,235
Oil, Gas & Consumable Fuels (2.4%)
Alon USA Energy, Inc.^	200		1,986
Alpha Natural Resources, Inc.*	27,773		974,832
Apco Oil and Gas International, Inc.	2,300		52,716
Approach Resources, Inc.*	400		3,632
Arena Resources, Inc.*	8,900		315,950
Atlas Energy, Inc.	4,100		110,987
ATP Oil & Gas Corp.*	1,500		26,835
Bill Barrett Corp.*	14,500		475,455
BPZ Resources, Inc.*^	17,200		129,344
Brigham Exploration Co.*	10,500		95,340
Cabot Oil & Gas Corp.	15,000		536,250
Carrizo Oil & Gas, Inc.*^	6,300		154,287
Cheniere Energy, Inc.*^	4,500		13,185
Clean Energy Fuels Corp.*^	8,300		119,603
Comstock Resources, Inc.*	900		36,072
Concho Resources, Inc.*	9,440		342,861
Contango Oil & Gas Co.*	2,700		137,862
CREDO Petroleum Corp.*	1,400		14,168
Cubic Energy, Inc.*	2,200		2,068
CVR Energy, Inc.*	400		4,976
Delta Petroleum Corp.*	23,600		41,300
Endeavour International Corp.*	24,900		30,129
EOG Resources, Inc.	15,694		1,310,606
Evergreen Energy, Inc.*	27,700		17,174
EXCO Resources, Inc.*	28,800		538,272
Forest Oil Corp.*	9,600		187,872
Frontier Oil Corp.	19,000		264,480
FX Energy, Inc.*	10,400		33,592
GMX Resources, Inc.*	3,200		50,272
Golar LNG Ltd.	4,600		50,876
GreenHunter Energy, Inc.*	1,300		2,561
Gulfport Energy Corp.*	6,200		54,188
Holly Corp.^	9,800		251,076
Isramco, Inc.*^	200		26,128
James River Coal Co.*	6,500		124,215
Mariner Energy, Inc.*	59,200		839,456
Massey Energy Co.^	15,900		443,451
McMoRan Exploration Co.*	17,700		133,635
Newfield Exploration Co.*	14,400		612,864
Northern Oil and Gas, Inc.*	6,500		54,600
Panhandle Oil and Gas, Inc., Class A	1,600		34,176
Peabody Energy Corp.	29,600		1,101,712
PrimeEnergy Corp.*	200		5,736
Quicksilver Resources, Inc.*^	27,200		385,968
Rex Energy Corp.*^	4,100		34,235
Ship Finance International Ltd.^	6,198		76,173
St. Mary Land & Exploration Co.	3,600		116,856
Syntroleum Corp.*	15,800		42,660
Teekay Corp.	4,000		87,480
Teekay Tankers Ltd., Class A^	3,000		25,050
Tesoro Corp.^	13,300		199,234
Toreador Resources Corp.*	4,800		47,952
Uranerz Energy Corp.*	9,300		21,297
Uranium Energy Corp.*^	11,000		32,450
Venoco, Inc.*	1,400		16,114
W&T Offshore, Inc.^	6,900		80,799
Warren Resources, Inc.*	8,000		23,680
Westmoreland Coal Co.*	500		4,065
World Fuel Services Corp.	6,900		331,683
Zion Oil & Gas, Inc.*	3,000		29,280
			11,311,756
Total Energy			20,817,991
Financials (7.5%)
Capital Markets (3.5%)
Affiliated Managers Group, Inc.*^	31,580		2,053,016
Ameriprise Financial, Inc.	57,470		2,087,885
BGC Partners, Inc., Class A	4,100		17,548
Broadpoint Gleacher Securities, Inc.*	10,600		88,404
Calamos Asset Management, Inc., Class A	400		5,224
Cohen & Steers, Inc.^	1,700		40,800
Diamond Hill Investment Group, Inc.*	500		28,985
Duff & Phelps Corp., Class A	4,000		76,640
Eaton Vance Corp.	27,000		755,730
Epoch Holding Corp.^	2,600		22,750
Evercore Partners, Inc., Class A	14,400		420,768
FBR Capital Markets Corp.*	400		2,372
Federated Investors, Inc., Class B^	19,000		501,030
GAMCO Investors, Inc., Class A	900		41,130
GFI Group, Inc.	15,100		109,173
GLG Partners, Inc.	45,100		181,753
Greenhill & Co., Inc.	12,370		1,108,105
International Assets Holding Corp.*	1,200		19,812
Invesco Ltd.	52,540		1,195,810
Investment Technology Group, Inc.*	900		25,128
Janus Capital Group, Inc.	36,900		523,242
Jefferies Group, Inc.*	20,200		550,046
JMP Group, Inc.	300		2,898

See Notes to Portfolio of Investments.

104

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
KBW, Inc.*^	22,420	$	722,372
Knight Capital Group, Inc., Class A*	11,200		243,600
Kohlberg Capital Corp.	519		3,130
Lazard Ltd., Class A	41,080		1,697,015
Main Street Capital Corp.	1,119		15,923
MF Global Ltd.*	7,200		52,344
optionsXpress Holdings, Inc.	9,700		167,616
Penson Worldwide, Inc.*^	3,100		30,194
Pzena Investment Management, Inc., Class A*	1,700		13,889
Riskmetrics Group, Inc.*^	4,900		71,638
Safeguard Scientifics, Inc.*	1,566		17,179
SEI Investments Co.	28,100		553,008
Stifel Financial Corp.*^	30,980		1,700,802
SWS Group, Inc.	400		5,760
Teton Advisors, Inc., Class B(b)^†	10		26
Thomas Weisel Partners Group, Inc.*	500		2,670
TradeStation Group, Inc.*	2,100		17,115
U.S. Global Investors, Inc., Class A	2,600		32,058
Waddell & Reed Financial, Inc., Class A	36,800		1,046,960
Westwood Holdings Group, Inc.	1,100		38,170
			16,289,718
Commercial Banks (0.5%)
Ames National Corp.^	700		16,877
Arrow Financial Corp.^	1,442		39,352
Bank of Marin Bancorp/California^	1,000		31,330
Bank of the Ozarks, Inc.^	200		5,306
BOK Financial Corp.^	1,700		78,744
Bridge Bancorp, Inc.^	1,300		31,629
Bryn Mawr Bank Corp.	300		5,241
CapitalSource, Inc.	9,300		40,362
Cardinal Financial Corp.^	2,800		23,044
Cathay General Bancorp^	5,300		42,877
Centerstate Banks, Inc.	500		3,945
Citizens Holding Co.	200		5,292
City Holding Co.	400		11,924
CNB Financial Corp./Pennsylvania^	1,000		17,170
Commerce Bancshares, Inc./Missouri	4,800		178,752
Enterprise Financial Services Corp.	1,600		14,800
First Financial Bankshares, Inc.^	2,600		128,596
First of Long Island Corp.	200		5,318
Great Southern Bancorp, Inc.^	600		14,226
Hancock Holding Co.^	700		26,299
Investors Bancorp, Inc.*	1,000		10,610
Metro Bancorp, Inc.*^	300		3,651
Nara Bancorp, Inc.	2,000		13,900
Orrstown Financial Services, Inc.	600		23,184
Park National Corp.^	200		11,668
Peapack Gladstone Financial Corp.	315		5,059
Penns Woods Bancorp, Inc.^	500		16,005
PrivateBancorp, Inc.	27,400		670,204
Republic Bancorp, Inc./Kentucky, Class A	200		3,992
Signature Bank/New York*	7,600		220,400
Southside Bancshares, Inc.^	700		15,764
Suffolk Bancorp^	1,600		47,376
SVB Financial Group*^	800		34,616
SY Bancorp, Inc.^	1,200		27,708
Texas Capital Bancshares, Inc.*	800		13,472
Tompkins Financial Corp.^	800		34,960
Westamerica Bancorp^	3,900		202,800
Wilshire Bancorp, Inc.	300		2,202
			2,078,655
Consumer Finance (0.1%)
Advance America Cash Advance Centers, Inc.	10,300		57,680
AmeriCredit Corp.*	6,300		99,477
Cardtronics, Inc.*^	2,300		17,986
CompuCredit Holdings Corp.*^	1,900		8,949
Credit Acceptance Corp.*	1,400		45,066
Dollar Financial Corp.*	4,800		76,896
EZCORP, Inc., Class A*	10,300		140,698
First Cash Financial Services, Inc.*	5,000		85,650
Nelnet, Inc., Class A*^	1,400		17,416
QC Holdings, Inc.	900		6,075
Rewards Network, Inc.*	533		7,324
Student Loan Corp.	100		4,640
			567,857
Diversified Financial Services (0.6%)
Asset Acceptance Capital Corp.*^	1,000		7,250
CIT Group, Inc.^	9,300		11,253
Deutsche Boerse AG	9,076		741,764
Financial Federal Corp.	2,300		56,764
Life Partners Holdings, Inc.^	1,575		28,193
MarketAxess Holdings, Inc.*	7,400		89,170
MSCI, Inc., Class A*	41,600		1,232,192
NASDAQ OMX Group, Inc.*	26,718		562,414
NewStar Financial, Inc.*	2,100		6,909
PICO Holdings, Inc.*	1,800		60,030
Portfolio Recovery Associates, Inc.*	3,500		158,655
			2,954,594
Insurance (1.4%)
American Safety Insurance Holdings Ltd.*	200		3,160
Amtrust Financial Services, Inc.	300		3,423
Arthur J. Gallagher & Co.	21,500		523,955
Assured Guaranty Ltd.^	3,000		58,260
Axis Capital Holdings Ltd.	9,400		283,692
Brown & Brown, Inc.	20,200		387,032
Citizens, Inc./Texas*	6,300		39,942
Crawford & Co., Class B*	4,200		18,522
eHealth, Inc.*^	5,900		85,668
Endurance Specialty Holdings Ltd.	3,900		142,233
Erie Indemnity Co., Class A	4,800		179,808
FBL Financial Group, Inc., Class A^	1,400		27,202
Fidelity National Financial, Inc., Class A	7,700		116,116
First Mercury Financial Corp.	1,600		21,312
Fortis*	253,116		1,185,642
Genworth Financial, Inc., Class A	48,300		577,185
Hallmark Financial Services*	300		2,415
Hanover Insurance Group, Inc.^	1,000		41,330
Hartford Financial Services Group, Inc.	23,400		620,100
Marsh & McLennan Cos., Inc.	31,072		768,410
Odyssey Reinsurance Holdings Corp.	900		58,329
Phoenix Cos., Inc.*^	3,100		10,075
Principal Financial Group, Inc.	37,977		1,040,190
Reinsurance Group of America, Inc.	1,400		62,440
RLI Corp.^	1,900		100,282
Safety Insurance Group, Inc.	400		13,168
Tower Group, Inc.	8,200		199,998
Universal Insurance Holdings, Inc.	2,000		10,060
Validus Holdings Ltd.	2,900		74,820
			6,654,769
Real Estate Investment Trusts (REITs) (1.0%)
Acadia Realty Trust (REIT)^	2,300		34,661
Alexander’s, Inc. (REIT)	300		88,764

See Notes to Portfolio of Investments.

105

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Alexandria Real Estate Equities, Inc. (REIT)^	2,000	$	108,700
Digital Realty Trust, Inc. (REIT)^	17,600		804,496
DuPont Fabros Technology, Inc. (REIT)*	3,500		46,655
EastGroup Properties, Inc. (REIT)	3,500		133,770
Equity Lifestyle Properties, Inc. (REIT)^	3,700		158,323
Federal Realty Investment Trust (REIT)^	1,700		104,329
FelCor Lodging Trust, Inc. (REIT)^	99,400		450,282
Getty Realty Corp. (REIT)	1,700		41,718
Health Care REIT, Inc. (REIT)^	14,000		582,680
Investors Real Estate Trust (REIT)	900		8,136
iStar Financial, Inc. (REIT)*^	58,700		178,448
LTC Properties, Inc. (REIT)	600		14,424
Mid-America Apartment Communities, Inc. (REIT)	3,300		148,929
National Health Investors, Inc. (REIT)	300		9,495
Nationwide Health Properties, Inc. (REIT)	17,900		554,721
Omega Healthcare Investors, Inc. (REIT)	3,800		60,876
Potlatch Corp. (REIT)	4,700		133,715
PS Business Parks, Inc. (REIT)	1,100		56,452
Rayonier, Inc. (REIT)^	8,300		339,553
Redwood Trust, Inc. (REIT)^	2,500		38,750
Saul Centers, Inc. (REIT)	800		25,680
Tanger Factory Outlet Centers (REIT)	4,400		164,296
UMH Properties, Inc. (REIT)	500		4,075
Universal Health Realty Income Trust (REIT)	1,500		48,825
Washington Real Estate Investment Trust (REIT)	1,600		46,080
			4,386,833
Real Estate Management & Development (0.3%)
CB Richard Ellis Group, Inc., Class A*^	54,800		643,352
St. Joe Co.*^	21,600		628,992
Tejon Ranch Co.*^	2,700		69,336
			1,341,680
Thrifts & Mortgage Finance (0.1%)
Brookline Bancorp, Inc.^	3,600		34,992
Brooklyn Federal Bancorp, Inc.	400		4,880
Capitol Federal Financial	4,700		154,724
Cheviot Financial Corp.	100		856
Clifton Savings Bancorp, Inc.	200		1,960
Heritage Financial Group	100		828
Kearny Financial Corp.	900		9,378
Kentucky First Federal Bancorp	100		1,249
Oritani Financial Corp.^	1,600		21,824
Prudential Bancorp, Inc. of Pennsylvania	800		8,032
Roma Financial Corp.	900		11,187
TFS Financial Corp.	2,400		28,560
TrustCo Bank Corp. NY/New York	6,200		38,750
United Financial Bancorp, Inc.	700		8,106
ViewPoint Financial Group	2,200		30,888
			356,214
Total Financials			34,630,320
Health Care (18.0%)
Biotechnology (4.4%)
Abraxis Bioscience, Inc.*	1,600		58,208
Acorda Therapeutics, Inc.*	31,640		736,579
Affymax, Inc.*^	3,400		81,226
Alexion Pharmaceuticals, Inc.*	35,140		1,565,136
Alkermes, Inc.*	21,900		201,261
Allos Therapeutics, Inc.*	14,500		105,125
Alnylam Pharmaceuticals, Inc.*^	8,600		195,048
AMAG Pharmaceuticals, Inc.*^	14,900		650,832
Amicus Therapeutics, Inc.*	3,800		33,250
Amylin Pharmaceuticals, Inc.*^	56,025		766,982
Arena Pharmaceuticals, Inc.*^	21,600		96,552
ARIAD Pharmaceuticals, Inc.*	19,200		42,624
ArQule, Inc.*	5,600		25,424
Array BioPharma, Inc.*^	10,600		25,228
AVI BioPharma, Inc.*	19,200		33,024
BioCryst Pharmaceuticals, Inc.*^	5,400		44,496
BioMarin Pharmaceutical, Inc.*^	62,000		1,120,960
Biospecifics Technologies Corp.*^	900		28,809
Cardium Therapeutics, Inc.*	9,700		15,714
Celera Corp.*	4,200		26,166
Cell Therapeutics, Inc.*^	124,900		153,627
Celldex Therapeutics, Inc.*	2,000		10,980
Cephalon, Inc.*	9,552		556,309
Cepheid, Inc.*^	13,100		173,182
Chelsea Therapeutics International, Inc.*	5,900		14,809
Clinical Data, Inc.*^	2,400		40,008
Cubist Pharmaceuticals, Inc.*	13,300		268,660
Curis, Inc.*^	15,900		37,206
Cytokinetics, Inc.*	8,700		46,023
Cytori Therapeutics, Inc.*^	6,000		23,700
Dendreon Corp.*	59,900		1,676,601
Dyax Corp.*^	15,500		55,645
Emergent Biosolutions, Inc.*^	4,100		72,406
Enzon Pharmaceuticals, Inc.*	10,700		88,275
Exelixis, Inc.*^	24,200		154,396
Facet Biotech Corp.*^	1,100		19,019
Genomic Health, Inc.*	3,400		74,324
Geron Corp.*	10,300		67,568
GTx, Inc.*	4,500		57,600
Halozyme Therapeutics, Inc.*	15,800		112,338
Hemispherx Biopharma, Inc.*^	27,600		55,200
Human Genome Sciences, Inc.*	61,300		1,153,666
Idenix Pharmaceuticals, Inc.*	6,000		18,540
Idera Pharmaceuticals, Inc.*^	4,600		34,086
Immunogen, Inc.*^	44,800		363,328
Immunomedics, Inc.*	15,900		87,768
Incyte Corp.*^	47,400		319,950
Infinity Pharmaceuticals, Inc.*^	2,000		12,460
Insmed, Inc.*	31,200		25,584
InterMune, Inc.*^	21,500		342,495
Isis Pharmaceuticals, Inc.*	21,900		319,083
Lexicon Pharmaceuticals, Inc.*^	6,600		14,058
Ligand Pharmaceuticals, Inc., Class B*	24,500		56,595
MannKind Corp.*	11,600		114,260
Marshall Edwards, Inc.*	5,700		5,529
Martek Biosciences Corp.*^	1,500		33,885
Maxygen, Inc.*	5,300		35,457
Medivation, Inc.*	6,800		184,552
Metabolix, Inc.*	4,300		44,204
Micromet, Inc.*	10,600		70,596
Molecular Insight Pharmaceuticals, Inc.*^	4,200		23,226

See Notes to Portfolio of Investments.

106

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Momenta Pharmaceuticals, Inc.*	7,800	$	82,758
Myriad Genetics, Inc.*	38,500		1,054,900
Myriad Pharmaceuticals, Inc.*^	5,665		33,197
Nabi Biopharmaceuticals*	9,300		33,387
Nanosphere, Inc.*	2,700		19,332
Neurocrine Biosciences, Inc.*	8,700		26,535
NeurogesX, Inc.*	2,600		20,800
Novavax, Inc.*^	13,500		53,460
NPS Pharmaceuticals, Inc.*	11,200		45,024
OncoGenex Pharmaceutical, Inc.*	1,000		36,000
Onyx Pharmaceuticals, Inc.*^	31,660		948,850
Opko Health, Inc.*^	11,500		26,220
Orexigen Therapeutics, Inc.*	4,800		47,280
OSI Pharmaceuticals, Inc.*	22,600		797,780
Osiris Therapeutics, Inc.*	3,900		25,974
OXiGENE, Inc.*	6,800		9,656
PDL BioPharma, Inc.	27,100		213,548
Pharmasset, Inc.*	4,700		99,358
Poniard Pharmaceuticals, Inc.*	5,800		43,384
Progenics Pharmaceuticals, Inc.*	4,900		25,676
Protalix BioTherapeutics, Inc.*	8,600		71,036
Regeneron Pharmaceuticals, Inc.*	25,300		488,290
Repligen Corp.*	6,900		34,569
Rigel Pharmaceuticals, Inc.*	11,600		95,120
Sangamo BioSciences, Inc.*^	8,400		68,964
Savient Pharmaceuticals, Inc.*	64,200		975,840
Sciclone Pharmaceuticals, Inc.*	8,900		37,914
Seattle Genetics, Inc.*^	36,500		512,095
SIGA Technologies, Inc.*	6,500		51,285
Spectrum Pharmaceuticals, Inc.*	8,200		55,186
StemCells, Inc.*	25,800		42,054
Synta Pharmaceuticals Corp.*	4,600		14,260
Theravance, Inc.*^	12,600		184,464
Transcept Pharmaceuticals, Inc.*	12,500		172,875
United Therapeutics Corp.*^	21,300		1,043,487
Vanda Pharmaceuticals, Inc.*	6,200		72,168
Vical, Inc.*^	8,300		35,358
ZymoGenetics, Inc.*^	8,500		51,340
			20,519,266
Health Care Equipment & Supplies (5.1%)
Abaxis, Inc.*^	5,200		139,100
ABIOMED, Inc.*^	7,000		67,970
Accuray, Inc.*^	8,300		53,950
Align Technology, Inc.*^	13,500		191,970
Alphatec Holdings, Inc.*	7,500		34,500
American Medical Systems Holdings, Inc.*	85,600		1,448,352
Analogic Corp	1,800		66,636
AngioDynamics, Inc.*	1,400		19,292
Aspect Medical Systems, Inc.*	400		4,792
Atrion Corp	300		43,320
ATS Medical, Inc.*	11,800		31,624
Beckman Coulter, Inc	31,000		2,137,140
Bovie Medical Corp.*^	4,300		33,755
Cantel Medical Corp.*	2,200		33,132
Cardiac Science Corp.*	600		2,400
Cardiovascular Systems, Inc.*	2,200		15,994
Conceptus, Inc.*	7,100		131,634
CryoLife, Inc.*	6,300		50,211
Cutera, Inc.*	900		7,785
Cyberonics, Inc.*^	6,100		97,234
Delcath Systems, Inc.*	5,700		27,987
DexCom, Inc.*	119,100		944,463
Edwards Lifesciences Corp.*^	26,760		1,870,791
Electro-Optical Sciences, Inc.*	4,400		42,152
Endologix, Inc.*	11,000		68,090
EnteroMedics, Inc.*	3,800		18,202
Exactech, Inc.*	1,900		29,906
Gen-Probe, Inc.*	12,100		501,424
Greatbatch, Inc.*^	3,600		80,892
Haemonetics Corp.*	6,000		336,720
Hansen Medical, Inc.*	5,000		17,500
HeartWare International, Inc.*	1,200		35,988
Hill-Rom Holdings, Inc	5,500		119,790
Hologic, Inc.*	5,800		94,772
Home Diagnostics, Inc.*	800		5,408
ICU Medical, Inc.*	3,000		110,580
Idexx Laboratories, Inc.*^	27,400		1,370,000
I-Flow Corp.*	2,300		26,197
Immucor, Inc.*^	16,200		286,740
Insulet Corp.*^	6,500		72,995
Integra LifeSciences Holdings Corp.*	4,300		146,845
Intuitive Surgical, Inc.*	9,173		2,405,619
Invacare Corp	3,100		69,068
Inverness Medical Innovations, Inc.*^	8,600		333,078
IRIS International, Inc.*	4,400		49,720
Kensey Nash Corp.*	1,700		49,215
Kinetic Concepts, Inc.*^	5,000		184,900
MAKO Surgical Corp.*	3,300		28,908
Masimo Corp.*	58,980		1,545,276
Medical Action Industries, Inc.*	2,800		33,796
Meridian Bioscience, Inc.^	9,600		240,096
Merit Medical Systems, Inc.*	6,400		110,912
Micrus Endovascular Corp.*	3,800		49,210
Natus Medical, Inc.*	4,700		72,521
Neogen Corp.*^	2,900		93,641
NuVasive, Inc.*^	25,360		1,059,034
NxStage Medical, Inc.*	5,300		35,457
OraSure Technologies, Inc.*	10,700		31,030
Orthofix International N.V.*	3,800		111,682
Orthovita, Inc.*^	15,900		69,801
Palomar Medical Technologies, Inc.*	3,300		53,493
Quidel Corp.*^	6,000		97,380
ResMed, Inc.*	32,600		1,473,520
Rochester Medical Corp.*	2,500		30,100
Rockwell Medical Technologies, Inc.*	3,500		27,230
RTI Biologics, Inc.*	4,900		21,315
Sirona Dental Systems, Inc.*	3,700		110,075
Somanetics Corp.*	2,800		45,136
SonoSite, Inc.*	3,900		103,194
Spectranetics Corp.*	7,700		49,357
St. Jude Medical, Inc.*	34,465		1,344,480
Stereotaxis, Inc.*^	6,700		29,882
STERIS Corp.^	13,700		417,165
SurModics, Inc.*^	3,700		91,020
Symmetry Medical, Inc.*	1,500		15,555
Synovis Life Technologies, Inc.*	2,700		37,260
Teleflex, Inc	4,000		193,240
Thoratec Corp.*	13,100		396,537
TomoTherapy, Inc.*	4,000		17,320
TranS1, Inc.*	3,000		14,430
Utah Medical Products, Inc.^	800		23,456
Vascular Solutions, Inc.*	4,000		33,080
Volcano Corp.*	53,400		898,188
West Pharmaceutical Services, Inc.	7,700		312,697
Wright Medical Group, Inc.*	8,900		158,954
Young Innovations, Inc.^	1,000		26,310
Zoll Medical Corp.*	4,300		92,536
			23,504,107

See Notes to Portfolio of Investments.

107

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Health Care Providers & Services (2.7%)
Air Methods Corp.*^	2,600	$	84,682
Alliance HealthCare Services, Inc.*	5,500		31,130
Allied Healthcare International, Inc.*^	1,900		5,320
Allion Healthcare, Inc.*	300		1,755
Almost Family, Inc.*^	1,500		44,625
Amedisys, Inc.*^	6,000		261,780
America Service Group, Inc.	2,100		34,734
American Caresource Holding, Inc.*^	2,600		11,362
American Dental Partners, Inc.*	1,200		16,800
AMERIGROUP Corp.*	12,200		270,474
AMN Healthcare Services, Inc.*	7,200		68,472
Bio-Reference Labs, Inc.*	2,700		92,880
BioScrip, Inc.*^	9,000		60,840
CardioNet, Inc.*^	5,900		39,648
Catalyst Health Solutions, Inc.*	8,400		244,860
Centene Corp.*	5,200		98,488
Chemed Corp.	5,300		232,617
Chindex International, Inc.*^	2,700		33,966
Clarient, Inc.*	7,500		31,575
Community Health Systems, Inc.*	40,700		1,299,551
Continuecare Corp.*	6,300		19,026
Corvel Corp.*	1,600		45,440
Cross Country Healthcare, Inc.*	700		6,517
Emdeon, Inc., Class A*	4,800		77,760
Emergency Medical Services Corp., Class A*	2,200		102,300
Emeritus Corp.*^	4,600		100,970
Ensign Group, Inc.	2,700		37,881
Genoptix, Inc.*^	3,800		132,164
Gentiva Health Services, Inc.*^	2,600		65,026
Hanger Orthopedic Group, Inc.*	1,200		16,644
Health Grades, Inc.*	5,900		29,205
Health Management Associates, Inc., Class A*	57,600		431,424
HealthSouth Corp.*^	20,600		322,184
Healthways, Inc.*	400		6,128
HMS Holdings Corp.*^	30,560		1,168,309
inVentiv Health, Inc.*	2,800		46,844
IPC The Hospitalist Co., Inc.*	3,600		113,220
Landauer, Inc.	1,300		71,474
LCA-Vision, Inc.*^	2,600		18,226
LHC Group, Inc.*	3,500		104,755
Lincare Holdings, Inc.*	13,000		406,250
MEDNAX, Inc.*^	3,500		192,220
Metropolitan Health Networks, Inc.*	10,100		22,018
MWI Veterinary Supply, Inc.*^	11,400		455,430
National Healthcare Corp.	900		33,561
National Research Corp.	400		9,652
NovaMed, Inc.*^	3,000		13,590
Odyssey HealthCare, Inc.*	4,100		51,250
Omnicare, Inc.	11,700		263,484
Owens & Minor, Inc.	7,800		352,950
Patterson Cos., Inc.*^	23,300		634,925
PharMerica Corp.*^	7,100		131,847
Providence Service Corp.*	2,600		30,316
PSS World Medical, Inc.*^	13,900		303,437
Psychiatric Solutions, Inc.*^	76,890		2,057,576
RadNet, Inc.*	5,400		13,986
RehabCare Group, Inc.*	3,600		78,084
Tenet Healthcare Corp.*	75,200		442,176
Triple-S Management Corp., Class B*^	300		5,031
U.S. Physical Therapy, Inc.*	1,300		19,591
Universal Health Services, Inc., Class B	800		49,544
VCA Antech, Inc.*	41,600		1,118,624
Virtual Radiologic Corp.*^	1,800		23,454
			12,590,052
Health Care Technology (1.6%)
Allscripts-Misys Healthcare Solutions, Inc.^	14,400		291,888
AMICAS, Inc.*	6,600		23,760
athenahealth, Inc.*^	45,360		1,740,463
Computer Programs & Systems, Inc.^	2,300		95,243
Eclipsys Corp.*	13,000		250,900
HLTH Corp.*	24,300		355,023
IMS Health, Inc.	9,400		144,290
MedAssets, Inc.*^	33,700		760,609
Medidata Solutions, Inc.*	34,300		519,645
Merge Healthcare, Inc.*	6,500		26,715
Omnicell, Inc.*	6,600		73,524
Phase Forward, Inc.*	57,200		803,088
Quality Systems, Inc.^	12,300		757,311
SXC Health Solutions Corp.*	33,400		1,562,786
Transcend Services, Inc.*	1,600		27,952
Vital Images, Inc.*	2,300		28,796
			7,461,993
Life Sciences Tools & Services (2.0%)
Accelrys, Inc.*	6,500		37,700
Affymetrix, Inc.*	14,200		124,676
BioDelivery Sciences International, Inc.*^	2,400		11,520
Bio-Rad Laboratories, Inc., Class A*	4,400		404,272
Bruker Corp.*	11,800		125,906
Cambrex Corp.*	6,300		39,690
Charles River Laboratories International, Inc.*^	10,300		380,894
Covance, Inc.*^	14,900		806,835
Dionex Corp.*	4,100		266,377
Enzo Biochem, Inc.*	6,000		42,480
eResearchTechnology, Inc.*	9,300		65,100
Harvard Bioscience, Inc.*	5,800		21,982
Illumina, Inc.*^	16,240		690,200
Kendle International, Inc.*	800		13,376
Life Sciences Research, Inc.*	2,400		19,104
Luminex Corp.*	9,500		161,500
Mettler-Toledo International, Inc.*	7,800		706,602
Millipore Corp.*	12,900		907,257
PAREXEL International Corp.*	79,800		1,084,482
PerkinElmer, Inc	5,600		107,744
Pharmaceutical Product Development, Inc.^	24,600		539,724
QIAGEN N.V.*^	41,900		891,632
Sequenom, Inc.*^	58,750		189,763
Techne Corp	8,700		544,185
Thermo Fisher Scientific, Inc.*	22,100		965,107
Varian, Inc.*	1,500		76,590
			9,224,698
Pharmaceuticals (2.2%)
Acura Pharmaceuticals, Inc.*^	1,400		7,154
Adolor Corp.*	3,700		5,883
Akorn, Inc.*^	15,700		21,509
Ardea Biosciences, Inc.*	14,200		260,144
ARYx Therapeutics, Inc.*^	5,200		16,276
Auxilium Pharmaceuticals, Inc.*^	70,035		2,395,897
AVANIR Pharmaceuticals, Inc., Class A*	15,200		31,616
Biodel, Inc.*^	3,000		16,110

See Notes to Portfolio of Investments.

108

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
BioMimetic Therapeutics, Inc.*	3,194	$	38,999
BMP Sunstone Corp.*	6,900		28,083
Cadence Pharmaceuticals, Inc.*^	67,100		742,126
Caraco Pharmaceutical Laboratories Ltd.*	900		4,581
Cornerstone Therapeutics, Inc.*^	1,600		10,480
Cumberland Pharmaceuticals, Inc.*	1,500		24,285
Cypress Bioscience, Inc.*	8,800		71,896
Daiichi Sankyo Co., Ltd.	58,739		1,212,537
Depomed, Inc.*	11,000		48,070
Discovery Laboratories, Inc.*^	25,100		34,136
Durect Corp.*	19,300		51,531
Hi-Tech Pharmacal Co., Inc.*^	500		11,220
Impax Laboratories, Inc.*	36,900		322,506
Inspire Pharmaceuticals, Inc.*	14,300		74,646
ISTA Pharmaceuticals, Inc.*	8,300		37,018
Javelin Pharmaceuticals, Inc.*^	13,600		26,520
KV Pharmaceutical Co., Class A*	6,100		18,727
Lannett Co., Inc.*	2,500		18,700
MAP Pharmaceuticals, Inc.*^	18,900		197,694
Matrixx Initiatives, Inc.*	2,400		13,632
Medicines Co.*	8,600		94,686
Medicis Pharmaceutical Corp., Class A	2,000		42,700
MiddleBrook Pharmaceuticals, Inc.*^	9,900		11,385
Nektar Therapeutics*^	21,600		210,384
Obagi Medical Products, Inc.*	4,300		49,880
Optimer Pharmaceuticals, Inc.*	6,600		89,298
Pain Therapeutics, Inc.*	7,700		38,962
Penwest Pharmaceuticals Co.*	79,500		166,155
Perrigo Co.	18,500		628,815
Pozen, Inc.*	6,000		44,160
Questcor Pharmaceuticals, Inc.*^	13,300		73,416
Repros Therapeutics, Inc.*^	2,400		2,160
Salix Pharmaceuticals Ltd.*	10,800		229,608
Santarus, Inc.*	12,900		42,441
Sepracor, Inc.*	25,200		577,080
Shionogi & Co., Ltd.	45,322		1,072,904
Sucampo Pharmaceuticals, Inc., Class A*	2,500		14,575
SuperGen, Inc.*	9,400		25,098
Valeant Pharmaceuticals International*^	16,000		448,960
ViroPharma, Inc.*	3,900		37,518
Vivus, Inc.*	18,700		195,415
XenoPort, Inc.*	7,000		148,610
			9,986,186
Total Health Care			83,286,302
Industrials (13.6%)
Aerospace & Defense (1.5%)
AAR Corp.*^	800		17,552
Aerovironment, Inc.*	18,600		522,474
Alliant Techsystems, Inc.*^	7,600		591,660
American Science & Engineering, Inc.	2,100		142,884
Applied Signal Technology, Inc.	3,200		74,464
Argon ST, Inc.*	2,500		47,625
Ascent Solar Technologies, Inc.*^	200		1,508
Astronics Corp.*^	1,900		17,860
BE Aerospace, Inc.*^	37,000		745,180
Cubic Corp.	3,600		142,092
DigitalGlobe, Inc.*	33,600		751,632
DynCorp International, Inc., Class A*	800		14,400
Esterline Technologies Corp.*	2,200		86,262
GenCorp, Inc.*^	11,700		62,712
HEICO Corp.	17,353		752,426
Hexcel Corp.*	77,080		881,795
LMI Aerospace, Inc.*^	1,500		15,045
Orbital Sciences Corp.*	12,900		193,113
Precision Castparts Corp.	10,810		1,101,215
Spirit AeroSystems Holdings, Inc., Class A*	7,600		137,256
Stanley, Inc.*^	2,500		64,300
Taser International, Inc.*	15,000		70,800
Teledyne Technologies, Inc.*	2,700		97,173
TransDigm Group, Inc.*	9,100		453,271
			6,984,699
Air Freight & Logistics (0.4%)
Air Transport Services Group, Inc.*	8,500		29,410
Dynamex, Inc.*	1,600		26,128
FedEx Corp.	14,700		1,105,734
Forward Air Corp.^	3,000		69,450
Hub Group, Inc., Class A*	4,100		93,685
UTi Worldwide, Inc.	21,500		311,320
			1,635,727
Airlines (0.9%)
AirTran Holdings, Inc.*^	28,400		177,500
Alaska Air Group, Inc.*	500		13,395
Allegiant Travel Co.*	20,900		796,081
AMR Corp.*	66,700		530,265
Continental Airlines, Inc., Class B*^	32,100		527,724
Copa Holdings S.A., Class A	7,000		311,430
Hawaiian Holdings, Inc.*	12,000		99,120
JetBlue Airways Corp.*	184,800		1,105,104
Republic Airways Holdings, Inc.*	1,700		15,861
U.S. Airways Group, Inc.*	104,500		491,150
UAL Corp.*	30,300		279,366
			4,346,996
Building Products (0.5%)
AAON, Inc.	3,000		60,240
Apogee Enterprises, Inc.^	500		7,510
Armstrong World Industries, Inc.*^	2,200		75,812
Builders FirstSource, Inc.*	2,900		12,644
Lennox International, Inc.	31,563		1,140,056
NCI Building Systems, Inc.*^	800		2,560
Owens Corning, Inc.*	8,500		190,825
Quanex Building Products Corp.	5,100		73,236
Simpson Manufacturing Co., Inc.^	25,300		639,078
Trex Co., Inc.*^	3,400		61,880
			2,263,841
Commercial Services & Supplies (1.9%)
ABM Industries, Inc.^	2,600		54,704
American Ecology Corp.	4,200		78,540
American Reprographics Co.*	7,800		74,256
APAC Customer Services, Inc.*	6,300		37,233
ATC Technology Corp.*	3,400		67,184
Brink’s Co.	10,700		287,937
Cenveo, Inc.*^	11,700		80,964
Clean Harbors, Inc.*	18,100		1,018,306
Copart, Inc.*^	15,500		514,755
Corrections Corp. of America*	79,136		1,792,430
Deluxe Corp.^	6,200		106,020
EnergySolutions, Inc.	1,700		15,674
EnerNOC, Inc.*	3,000		99,480
Fuel Tech, Inc.*	3,000		33,600
GEO Group, Inc.*^	9,300		187,581
GeoEye, Inc.*	3,900		104,520
Healthcare Services Group, Inc.^	10,300		189,108
Heritage-Crystal Clean, Inc.*	600		7,650
Herman Miller, Inc.^	12,800		216,448

See Notes to Portfolio of Investments.

109

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
HNI Corp.	7,600	$	179,360
ICT Group, Inc.*	1,700		17,850
Innerworkings, Inc.*	4,300		21,242
Interface, Inc., Class A	11,300		93,790
Iron Mountain, Inc.*	19,754		526,642
Knoll, Inc.	10,900		113,687
McGrath RentCorp.	800		17,016
Mine Safety Appliances Co.^	5,800		159,558
Mobile Mini, Inc.*^	38,900		675,304
Multi-Color Corp.^	2,000		30,860
North American Galvanizing & Coatings, Inc.*^	2,300		13,961
Perma-Fix Environmental Services*^	13,500		31,590
Rollins, Inc.	10,300		194,155
Standard Parking Corp.*	400		6,996
Standard Register Co.^	1,300		7,644
Stericycle, Inc.*^	9,424		456,593
Sykes Enterprises, Inc.*	8,200		170,724
Team, Inc.*	4,100		69,495
Tetra Tech, Inc.*	20,300		538,559
Viad Corp.^	600		11,946
Waste Connections, Inc.*	13,800		398,268
Waste Services, Inc.*	500		2,310
			8,703,940
Construction & Engineering (0.4%)
Aecom Technology Corp.*	22,000		597,080
Argan, Inc.*^	1,900		25,536
EMCOR Group, Inc.*	4,600		116,472
Furmanite Corp.*	6,600		28,446
Granite Construction, Inc.^	1,200		37,128
Great Lakes Dredge & Dock Corp.	9,300		64,914
MasTec, Inc.*	9,100		110,565
Michael Baker Corp.*	1,700		61,778
MYR Group, Inc.*	4,000		84,360
Orion Marine Group, Inc.*	6,200		127,348
Pike Electric Corp.*^	1,500		17,970
Primoris Services Corp.^	2,000		14,420
Shaw Group, Inc.*	15,800		507,022
Sterling Construction Co., Inc.*	300		5,373
			1,798,412
Electrical Equipment (1.8%)
Acuity Brands, Inc.^	7,700		248,017
Advanced Battery Technologies, Inc.*^	10,100		43,834
American Superconductor Corp.*	10,100		338,754
AMETEK, Inc.	50,960		1,779,014
AZZ, Inc.*^	2,700		108,459
Baldor Electric Co.^	36,380		994,629
Broadwind Energy, Inc.*	6,800		53,652
Chase Corp.	200		2,340
Ener1, Inc.*	11,100		76,812
Energy Conversion Devices, Inc.*^	9,200		106,536
EnerSys*	27,980		618,918
Evergreen Solar, Inc.*^	24,900		47,808
FuelCell Energy, Inc.*	12,100		51,667
GrafTech International Ltd.*	10,900		160,230
GT Solar International, Inc.*^	7,900		45,899
Harbin Electric, Inc.*	2,800		47,264
Hubbell, Inc., Class B^	1,600		67,200
II-VI, Inc.*	3,900		99,216
LaBarge, Inc.*	2,700		30,375
Microvision, Inc.*	16,600		91,466
Polypore International, Inc.*^	1,800		23,238
Powell Industries, Inc.*	1,800		69,102
Power-One, Inc.*^	1,300		2,535
PowerSecure International, Inc.*	200		1,356
Preformed Line Products Co.^	500		20,025
Regal-Beloit Corp.	28,640		1,309,134
Roper Industries, Inc.	18,100		922,738
SatCon Technology Corp.*	10,900		18,639
SunPower Corp., Class B*	14,124		356,348
Thomas & Betts Corp.*	3,900		117,312
Ultralife Corp.*	2,700		16,362
Valence Technology, Inc.*	9,800		17,640
Vicor Corp.*	1,900		14,668
Woodward Governor Co.	11,100		269,286
			8,170,473
Industrial Conglomerates (0.0%)
Carlisle Cos., Inc.	3,900		132,249
Raven Industries, Inc.	3,700		98,901
			231,150
Machinery (3.5%)
3D Systems Corp.*	3,600		33,228
Actuant Corp., Class A^	44,080		707,925
Altra Holdings, Inc.*	900		10,071
Ampco-Pittsburgh Corp.	1,000		26,590
Badger Meter, Inc.^	3,500		135,415
Blount International, Inc.*	3,100		29,357
Bucyrus International, Inc.^	24,020		855,592
Chart Industries, Inc.*	5,800		125,222
China Fire & Security Group, Inc.*	3,000		57,600
CLARCOR, Inc.^	4,300		134,848
Colfax Corp.*	1,700		18,071
Crane Co.^	6,000		154,860
Donaldson Co., Inc.	18,000		623,340
Dynamic Materials Corp.	2,800		55,888
Energy Recovery, Inc.*	8,400		48,888
ESCO Technologies, Inc.*^	6,000		236,400
Flanders Corp.*^	3,900		20,124
Flow International Corp.*	9,100		23,569
Force Protection, Inc.*	16,200		88,452
Gorman-Rupp Co.^	2,300		57,293
Graco, Inc.^	6,400		178,368
Graham Corp.	1,400		21,770
Harsco Corp.	13,600		481,576
Hurco Cos., Inc.*	200		3,416
IDEX Corp.	33,930		948,343
Illinois Tool Works, Inc.	32,303		1,379,661
Ingersoll-Rand plc	50,900		1,561,103
Joy Global, Inc.	18,840		922,030
Kaydon Corp.	15,400		499,268
K-Tron International, Inc.*	400		38,084
Lincoln Electric Holdings, Inc.	14,940		708,903
Lindsay Corp.	2,700		106,326
Met-Pro Corp.	2,400		23,256
Middleby Corp.*^	3,800		209,038
Navistar International Corp.*	14,700		550,074
Nordson Corp.	2,500		140,225
Omega Flex, Inc.^	900		15,093
Pall Corp.	54,006		1,743,314
Pentair, Inc.^	6,400		188,928
PMFG, Inc.*^	3,100		39,866
Portec Rail Products, Inc.	800		7,592
RBC Bearings, Inc.*	22,900		534,257
Robbins & Myers, Inc.	500		11,740
SmartHeat, Inc.*	1,700		20,179
Snap-On, Inc.	3,500		121,660
Sun Hydraulics Corp.^	1,300		27,378
Tennant Co.	4,300		124,958
Toro Co.^	8,300		330,091

See Notes to Portfolio of Investments.

110

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Trimas Corp.*	2,300	$	11,730
Valmont Industries, Inc.	11,840		1,008,531
Wabtec Corp.	22,900		859,437
			16,258,928
Marine (0.1%)
Kirby Corp.*^	18,800		692,216
Professional Services (1.5%)
Acacia Research Corp.- Acacia Technologies*^	8,000		69,680
Administaff, Inc.^	5,000		131,350
Advisory Board Co.*	3,700		93,018
CBIZ, Inc.*	10,800		80,568
CDI Corp.	300		4,215
Corporate Executive Board Co.^	7,800		194,220
CoStar Group, Inc.*^	4,500		185,490
CRA International, Inc.*	2,300		62,767
Diamond Management & Technology Consultants, Inc.	5,600		38,360
Equifax, Inc.	23,100		673,134
Exponent, Inc.*	3,000		84,510
Franklin Covey Co.*	2,600		15,210
FTI Consulting, Inc.*	37,600		1,602,136
GP Strategies Corp.*	2,500		18,725
Hill International, Inc.*	5,700		40,470
Huron Consulting Group, Inc.*	24,900		643,167
ICF International, Inc.*^	17,100		518,472
IHS, Inc., Class A*^	11,100		567,543
Kelly Services, Inc., Class A	700		8,610
Korn/Ferry International*^	900		13,131
Monster Worldwide, Inc.*^	17,100		298,908
Navigant Consulting, Inc.*	11,800		159,300
Odyssey Marine Exploration, Inc.*^	9,500		17,670
On Assignment, Inc.*	1,000		5,850
Resources Connection, Inc.*	10,500		179,130
Robert Half International, Inc.^	35,600		890,712
School Specialty, Inc.*^	1,700		40,324
VSE Corp.	600		23,406
Watson Wyatt Worldwide, Inc., Class A	8,200		357,192
			7,017,268
Road & Rail (0.8%)
Avis Budget Group, Inc.*^	13,800		184,368
Celadon Group, Inc.*	4,500		50,895
Con-way, Inc.	3,500		134,120
Genesee & Wyoming, Inc., Class A*	20,100		609,432
Heartland Express, Inc.^	7,700		110,880
J.B. Hunt Transport Services, Inc.^	20,300		652,239
Kansas City Southern*^	9,800		259,602
Knight Transportation, Inc.^	67,600		1,134,328
Landstar System, Inc	11,800		449,108
Marten Transport Ltd.*	3,800		64,828
Old Dominion Freight Line, Inc.*^	1,100		33,473
Patriot Transportation Holding, Inc.*	200		15,100
USA Truck, Inc.*	1,400		17,780
			3,716,153
Trading Companies & Distributors (0.3%)
Beacon Roofing Supply, Inc.*	8,500		135,830
GATX Corp.^	4,700		131,365
Houston Wire & Cable Co.	1,900		20,995
Kaman Corp.	5,100		112,098
MSC Industrial Direct Co., Class A^	9,800		427,084
RSC Holdings, Inc.*	10,900		79,243
Rush Enterprises, Inc., Class A*^	1,800		23,256
Titan Machinery, Inc.*^	3,000		37,560
Watsco, Inc	5,700		307,287
WESCO International, Inc.*^	5,200		149,760
			1,424,478
Total Industrials			63,244,281
Information Technology (27.8%)
Communications Equipment (3.4%)
3Com Corp.*	74,600		390,158
Acme Packet, Inc.*	8,500		85,085
ADC Telecommunications, Inc.*^	4,700		39,198
ADTRAN, Inc	10,200		250,410
Airvana, Inc.*	2,900		19,633
Anaren, Inc.*	3,200		54,400
Arris Group, Inc.*	21,700		282,317
Aruba Networks, Inc.*	13,200		116,688
Avocent Corp.*	1,500		30,405
BigBand Networks, Inc.*	7,700		30,877
Blue Coat Systems, Inc.*	9,300		210,087
Brocade Communications Systems, Inc.*	100,400		789,144
Ciena Corp.*^	32,500		529,100
Comtech Telecommunications Corp.*	6,700		222,574
DG FastChannel, Inc.*^	4,500		94,230
Digi International, Inc.*	2,000		17,040
EMS Technologies, Inc.*	3,100		64,542
Emulex Corp.*	18,000		185,220
F5 Networks, Inc.*	39,680		1,572,518
Finisar Corp.*	39,013		377,641
Harmonic, Inc.*	16,100		107,548
Hughes Communications, Inc.*	2,100		63,714
Infinera Corp.*^	18,900		150,255
InterDigital, Inc.*	10,100		233,916
Ixia*	104,500		716,870
JDS Uniphase Corp.*	25,500		181,305
Juniper Networks, Inc.*	20,100		543,102
KVH Industries, Inc.*	3,300		32,967
Loral Space & Communications, Inc.*	2,500		68,700
NETGEAR, Inc.*	2,100		38,535
Network Equipment Technologies, Inc.*	3,700		26,751
Oplink Communications, Inc.*	3,700		53,724
Opnext, Inc.*	2,900		8,497
Palm, Inc.*^	56,100		977,823
Parkervision, Inc.*	6,400		26,176
Plantronics, Inc.	9,900		265,419
Polycom, Inc.*	67,559		1,807,203
Riverbed Technology, Inc.*^	60,300		1,324,188
SeaChange International, Inc.*	4,100		30,750
ShoreTel, Inc.*^	9,600		74,976
Starent Networks Corp.*^	56,930		1,447,161
Tandberg ASA	28,600		684,784
Tekelec*	4,900		80,507
ViaSat, Inc.*^	50,100		1,331,658
			15,637,796
Computers & Peripherals (2.3%)
3PAR, Inc.*^	5,900		65,077
ActivIdentity Corp.*	3,800		10,526
Avid Technology, Inc.*^	1,400		19,726
Compellent Technologies, Inc.*^	31,000		559,550
Cray, Inc.*	6,100		50,813
Diebold, Inc.	13,600		447,848
Imation Corp.^	700		6,489
Immersion Corp.*	7,000		29,960
Intermec, Inc.*	14,700		207,270
Isilon Systems, Inc.*	6,000		36,600

See Notes to Portfolio of Investments.

111

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
NCR Corp.*	36,800	$	508,576
NetApp, Inc.*	41,053		1,095,294
Netezza Corp.*	35,700		401,268
Novatel Wireless, Inc.*^	7,100		80,656
QLogic Corp.*^	27,900		479,880
Quantum Corp.*	52,500		66,150
SanDisk Corp.*	76,700		1,664,390
Seagate Technology	228,976		3,482,725
Silicon Graphics International Corp.*	900		6,039
STEC, Inc.*^	21,500		631,885
Stratasys, Inc.*^	4,900		84,084
Super Micro Computer, Inc.*	3,300		27,918
Synaptics, Inc.*^	7,900		199,080
Xyratex Ltd.*	36,000		342,360
			10,504,164
Electronic Equipment, Instruments & Components (2.6%)
Anixter International, Inc.*^	1,100		44,121
Arrow Electronics, Inc.*	11,500		323,725
Avnet, Inc.*	11,800		306,446
AVX Corp.	2,600		31,018
Benchmark Electronics, Inc.*	1,600		28,800
Brightpoint, Inc.*	11,600		101,500
Checkpoint Systems, Inc.*^	2,300		37,812
China Security & Surveillance Technology, Inc.*	5,900		42,126
Cogent, Inc.*	9,600		96,960
Cognex Corp.^	1,800		29,484
Coherent, Inc.*	28,700		669,284
Comverge, Inc.*	4,600		56,166
CPI International, Inc.*	200		2,238
CTS Corp.	400		3,720
Daktronics, Inc.^	7,100		60,847
DDi Corp.*	600		2,550
DTS, Inc.*^	4,100		112,258
Echelon Corp.*^	5,200		66,924
FARO Technologies, Inc.*	46,700		802,306
FLIR Systems, Inc.*	65,700		1,837,629
ICx Technologies, Inc.*^	2,100		12,432
Insight Enterprises, Inc.*	1,500		18,315
IPG Photonics Corp.*^	5,400		82,080
Itron, Inc.*^	27,500		1,763,850
Jabil Circuit, Inc.	126,300		1,693,683
L-1 Identity Solutions, Inc.*	13,000		90,870
Maxwell Technologies, Inc.*	5,200		95,836
Methode Electronics, Inc.	1,000		8,670
Molex, Inc.	2,800		58,464
MTS Systems Corp.	400		11,684
Multi-Fineline Electronix, Inc.*	2,300		66,033
National Instruments Corp.^	31,800		878,634
OSI Systems, Inc.*	2,700		49,383
PAR Technology Corp.*	1,400		8,932
Park Electrochemical Corp.	3,200		78,880
PC Mall, Inc.*	100		686
Plexus Corp.*	3,100		81,654
RadiSys Corp.*	5,800		50,402
RAE Systems, Inc.*	10,100		11,110
Rofin-Sinar Technologies, Inc.*	3,200		73,472
Rogers Corp.*	900		26,973
Scansource, Inc.*^	400		11,328
SYNNEX Corp.*^	1,000		30,480
Trimble Navigation Ltd.*	95,300		2,278,623
Universal Display Corp.*^	6,900		82,386
Vishay Intertechnology, Inc.*	9,900		78,210
			12,298,984
Internet Software & Services (3.5%)
Akamai Technologies, Inc.*^	40,300		793,104
Art Technology Group, Inc.*	224,128		865,134
comScore, Inc.*	4,600		82,846
Constant Contact, Inc.*^	5,400		103,950
DealerTrack Holdings, Inc.*	81,200		1,535,492
Dice Holdings, Inc.*	3,800		24,928
Digital River, Inc.*	20,840		840,269
DivX, Inc.*	79,300		432,978
EarthLink, Inc.	3,300		27,753
Equinix, Inc.*^	33,959		3,124,228
GSI Commerce, Inc.*	37,700		727,987
IAC/InterActiveCorp*	9,800		197,862
Imergent, Inc.^	2,000		15,760
InfoSpace, Inc.*	4,800		37,152
Innodata Isogen, Inc.*^	5,300		42,135
Internet Brands, Inc., Class A*^	2,700		21,546
Internet Capital Group, Inc.*	4,800		40,128
j2 Global Communications, Inc.*	9,400		216,294
Keynote Systems, Inc.*	700		6,601
Knot, Inc.*^	7,000		76,440
Limelight Networks, Inc.*	8,200		33,292
Liquidity Services, Inc.*	3,100		31,992
LivePerson, Inc.*	10,300		51,912
LogMeIn, Inc.*	11,500		210,565
LoopNet, Inc.*	4,400		39,776
Marchex, Inc., Class B	1,500		7,365
MercadoLibre, Inc.*^	5,900		226,914
ModusLink Global Solutions, Inc.*	600		4,854
Move, Inc.*	36,000		97,200
NIC, Inc.	11,700		104,013
Omniture, Inc.*	50,900		1,091,296
OpenTable, Inc.*	700		19,292
Openwave Systems, Inc.*	6,200		16,120
Perficient, Inc.*	1,500		12,405
Rackspace Hosting, Inc.*^	15,200		259,312
RealNetworks, Inc.*	8,300		30,876
Saba Software, Inc.*	6,100		25,681
SAVVIS, Inc.*	8,700		137,634
Sohu.com, Inc.*^	7,000		481,460
support.com, Inc.*	800		1,920
Switch & Data Facilities Co., Inc.*	4,800		65,328
Terremark Worldwide, Inc.*^	13,500		83,970
Travelzoo, Inc.*	1,400		19,782
ValueClick, Inc.*	20,000		263,800
VistaPrint NV*	55,224		2,802,618
Vocus, Inc.*	3,800		79,382
WebMD Health Corp., Class A*	1,900		62,928
Yahoo!, Inc.*	46,000		819,260
Zix Corp.*	15,800		34,760
			16,328,294
IT Services (2.8%)
Acxiom Corp.*	12,500		118,250
Alliance Data Systems Corp.*	12,300		751,284
Broadridge Financial Solutions, Inc.	20,500		412,050
CACI International, Inc., Class A*	900		42,543
Cass Information Systems, Inc.	1,800		53,748
China Information Security Technology, Inc.*	4,700		26,038
Computer Task Group, Inc.*	2,400		19,464
Convergys Corp.*	3,200		31,808
CSG Systems International, Inc.*	4,900		78,449
Cybersource Corp.*	96,200		1,603,654
DST Systems, Inc.*	7,800		349,440
eLoyalty Corp.*^	1,600		12,816

See Notes to Portfolio of Investments.

112

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Euronet Worldwide, Inc.*	10,100	$	242,703
ExlService Holdings, Inc.*	3,100		46,066
Forrester Research, Inc.*	3,600		95,904
Gartner, Inc.*	13,600		248,472
Genpact Ltd.*	14,800		182,040
Global Cash Access Holdings, Inc.*^	70,300		513,893
Global Payments, Inc.	30,100		1,405,670
Hackett Group, Inc.*	3,000		8,700
Heartland Payment Systems, Inc.	8,200		118,982
Hewitt Associates, Inc., Class A*	19,400		706,742
iGATE Corp.	5,300		45,474
infoGROUP, Inc.*	4,600		32,246
Integral Systems, Inc.*^	1,100		7,590
Lionbridge Technologies*	14,300		37,180
ManTech International Corp., Class A*	4,100		193,356
MAXIMUS, Inc.	3,800		177,080
Metavante Technologies, Inc.*	20,900		720,632
MoneyGram International, Inc.*^	17,600		55,264
NCI, Inc., Class A*	1,600		45,856
NeuStar, Inc., Class A*	16,600		375,160
Online Resources Corp.*	3,500		21,595
Perot Systems Corp., Class A*	4,100		121,770
RightNow Technologies, Inc.*	5,300		76,532
SAIC, Inc.*	36,000		631,440
Sapient Corp.*	141,956		1,141,326
SRA International, Inc., Class A*	3,000		64,770
StarTek, Inc.*	500		4,340
Syntel, Inc.^	3,100		147,963
TeleTech Holdings, Inc.*	7,300		124,538
Tier Technologies, Inc., Class B*	2,300		19,504
TNS, Inc.*	5,700		156,180
Total System Services, Inc.	27,100		436,581
Unisys Corp.*	5,200		13,884
VeriFone Holdings, Inc.*	16,800		266,952
Virtusa Corp.*	1,800		17,082
Western Union Co.	50,363		952,868
Wright Express Corp.*	8,800		259,688
			13,215,567
Office Electronics (0.1%)
Zebra Technologies Corp., Class A*^	12,500		324,125
Semiconductors & Semiconductor Equipment (7.2%)
Actel Corp.*	2,000		24,340
Advanced Analogic Technologies, Inc.*	10,600		42,082
Advanced Energy Industries, Inc.*	6,000		85,440
Advanced Micro Devices, Inc.*	68,400		387,144
Amkor Technology, Inc.*^	24,700		169,936
ANADIGICS, Inc.*	12,300		57,933
Analog Devices, Inc.	36,700		1,012,186
Applied Micro Circuits Corp.*	15,300		152,847
Atheros Communications, Inc.*	133,973		3,554,304
ATMI, Inc.*	2,300		41,745
Broadcom Corp., Class A*	19,760		606,434
Cabot Microelectronics Corp.*	600		20,916
Cavium Networks, Inc.*	8,600		184,642
CEVA, Inc.*	4,200		45,150
Cirrus Logic, Inc.*	15,200		84,512
Cree, Inc.*	24,000		882,000
Cymer, Inc.*	14,600		567,356
Cypress Semiconductor Corp.*^	32,700		337,791
Diodes, Inc.*	7,400		133,866
Entropic Communications, Inc.*	13,200		36,168
Exar Corp.*^	1,000		7,350
Fairchild Semiconductor International, Inc.*	83,700		856,251
FEI Co.*	8,200		202,130
FormFactor, Inc.*	80,400		1,923,168
Hittite Microwave Corp.*^	17,980		661,304
Integrated Device Technology, Inc.* .	8,800		59,488
Intellon Corp.*	5,300		37,577
International Rectifier Corp.*^	7,400		144,226
Intersil Corp., Class A^	14,400		220,464
IXYS Corp.	4,100		34,891
Kopin Corp.*	16,800		80,640
Kulicke & Soffa Industries, Inc.*^	14,000		84,420
Lattice Semiconductor Corp.*	2,400		5,400
Marvell Technology Group Ltd.*	75,780		1,226,878
Maxim Integrated Products, Inc.	68,321		1,239,343
MEMSIC, Inc.*	300		1,125
Micrel, Inc.	4,600		37,490
Microsemi Corp.*	63,300		999,507
Microtune, Inc.*^	20,122		36,622
MIPS Technologies, Inc.*	11,200		42,224
Monolithic Power Systems, Inc.*^	7,700		180,565
Netlogic Microsystems, Inc.*	34,600		1,557,000
Novellus Systems, Inc.*	13,700		287,426
NVE Corp.*^	1,100		58,476
Nvidia Corp.*	65,500		984,465
ON Semiconductor Corp.*	217,260		1,792,395
PLX Technology, Inc.*^	7,400		24,938
PMC-Sierra, Inc.*	97,860		935,542
Power Integrations, Inc.	32,300		1,076,559
Rambus, Inc.*^	24,300		422,820
RF Micro Devices, Inc.*	56,500		306,795
Rubicon Technology, Inc.*	3,200		47,488
Rudolph Technologies, Inc.*	2,500		18,500
Semitool, Inc.*	1,000		8,450
Semtech Corp.*	14,500		246,645
Sigma Designs, Inc.*^	4,500		65,385
Silicon Laboratories, Inc.*^	38,600		1,789,496
Skyworks Solutions, Inc.*	176,200		2,332,888
Standard Microsystems Corp.*	1,400		32,494
Supertex, Inc.*^	2,400		72,000
Techwell, Inc.*	3,700		40,626
Teradyne, Inc.*^	107,500		994,375
Tessera Technologies, Inc.*	11,300		315,157
TriQuint Semiconductor, Inc.*	18,500		142,820
Ultratech, Inc.*	5,400		71,442
Varian Semiconductor Equipment Associates, Inc.*	52,125		1,711,785
Veeco Instruments, Inc.*	4,200		97,944
Virage Logic Corp.*	300		1,563
Volterra Semiconductor Corp.*	5,200		95,524
Xilinx, Inc.	44,500		1,042,190
Zoran Corp.*	8,600		99,072
			33,180,115
Software (5.9%)
ACI Worldwide, Inc.*	7,900		119,527
Actuate Corp.*	10,900		63,002
Advent Software, Inc.*^	3,400		136,850
American Software, Inc., Class A	4,800		31,344
ANSYS, Inc.*^	47,000		1,761,090
ArcSight, Inc.*	25,000		601,750
Ariba, Inc.*	20,300		235,480
AsiaInfo Holdings, Inc.*^	6,600		131,802
Autonomy Corp. plc*	44,000		1,145,490
Blackbaud, Inc.	10,300		238,960
Blackboard, Inc.*	7,500		283,350

See Notes to Portfolio of Investments.

113

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
BMC Software, Inc.*	23,060	$	865,442
Bottomline Technologies, Inc.*	109,300		1,409,970
Cadence Design Systems, Inc.*	61,900		454,346
Callidus Software, Inc.*	2,000		6,020
China TransInfo Technology Corp.*^	2,200		20,812
Chordiant Software, Inc.*	7,300		28,397
CommVault Systems, Inc.*	9,700		201,275
Concur Technologies, Inc.*^	44,148		1,755,325
Deltek, Inc.*	3,547		27,276
DemandTec, Inc.*^	4,700		41,501
Double-Take Software, Inc.*	3,700		37,703
Ebix, Inc.*	1,500		83,040
EPIQ Systems, Inc.*	7,500		108,750
ePlus, Inc.*	100		1,555
FactSet Research Systems, Inc	9,600		635,904
FalconStor Software, Inc.*	7,500		37,275
GSE Systems, Inc.*	4,000		24,880
i2 Technologies, Inc.*^	3,300		52,932
Informatica Corp.*	53,908		1,217,243
Interactive Intelligence, Inc.*	2,900		55,419
Jack Henry & Associates, Inc.^	19,300		452,971
JDA Software Group, Inc.*	4,600		100,924
Kenexa Corp.*	5,600		75,488
Lawson Software, Inc.*	13,000		81,120
Manhattan Associates, Inc.*	5,300		107,060
McAfee, Inc.*	15,118		662,017
Mentor Graphics Corp.*^	1,600		14,896
Micros Systems, Inc.*	18,700		564,553
MicroStrategy, Inc., Class A*	2,100		150,234
Net 1 UEPS Technologies, Inc.*	7,200		150,912
NetScout Systems, Inc.*	5,200		70,252
NetSuite, Inc.*	4,200		64,260
Novell, Inc.*	36,500		164,615
Nuance Communications, Inc.*^	125,600		1,878,976
OpenTV Corp., Class A*^	7,700		10,626
Opnet Technologies, Inc.	2,900		31,697
Parametric Technology Corp.*	27,200		375,904
Pegasystems, Inc.	3,300		113,949
Phoenix Technologies Ltd.*	7,600		27,740
Progress Software Corp.*	9,200		208,380
PROS Holdings, Inc.*	4,800		40,416
QAD, Inc.	3,528		16,052
Quest Software, Inc.*	55,400		933,490
Radiant Systems, Inc.*	6,700		71,958
Red Hat, Inc.*	90,563		2,503,161
Renaissance Learning, Inc.^	1,600		15,904
Rosetta Stone, Inc.*	1,600		36,736
Rovi Corp.*	16,300		547,680
S1 Corp.*	11,500		71,070
Smith Micro Software, Inc.*^	6,200		76,632
SolarWinds, Inc.*	3,000		66,090
Solera Holdings, Inc.^	16,100		500,871
SonicWALL, Inc.*	900		7,560
Sourcefire, Inc.*	5,100		109,497
SPSS, Inc.*^	4,300		214,785
SRS Labs, Inc.*	2,900		21,199
SuccessFactors, Inc.*	60,283		848,182
Sybase, Inc.*	19,300		750,770
Symyx Technologies, Inc.*	6,800		45,016
Synchronoss Technologies, Inc.*	3,700		46,139
Synopsys, Inc.*	20,800		466,336
Take-Two Interactive Software, Inc.*^	2,600		29,146
Taleo Corp., Class A*	7,300		165,272
TeleCommunication Systems, Inc., Class A*	8,400		70,224
THQ, Inc.*^	100,500		687,420
TIBCO Software, Inc.*	14,200		134,758
TiVo, Inc.*	121,094		1,254,534
Tyler Technologies, Inc.*^	7,400		126,466
Ultimate Software Group, Inc.*	5,700		163,704
Unica Corp.*	2,900		22,098
VASCO Data Security International, Inc.*	5,100		37,842
Websense, Inc.*	10,000		168,000
			27,369,292
Total Information Technology			128,858,337
Materials (3.1%)
Chemicals (1.9%)
Airgas, Inc.	14,000		677,180
Albemarle Corp.	1,300		44,980
American Vanguard Corp.	600		4,986
Arch Chemicals, Inc.	1,000		29,990
Ashland, Inc.	1,400		60,508
Balchem Corp.	4,300		113,090
Calgon Carbon Corp.*	41,960		622,267
China Green Agriculture, Inc.*^	2,000		23,440
FMC Corp.	4,500		253,125
GenTek, Inc.*	200		7,608
Hawkins, Inc.^	2,100		49,056
International Flavors & Fragrances, Inc.	17,300		656,189
Intrepid Potash, Inc.*^	8,800		207,592
Koppers Holdings, Inc.	3,000		88,950
Landec Corp.*	5,300		33,920
LSB Industries, Inc.*	4,300		66,951
Lubrizol Corp.	13,700		979,002
Nalco Holding Co.	32,300		661,827
NewMarket Corp.	2,300		213,992
NL Industries, Inc.^	1,100		7,370
Olin Corp.^	1,800		31,392
Omnova Solutions, Inc.*	10,900		70,632
PolyOne Corp.*	4,100		27,347
RPM International, Inc.	15,700		290,293
Scotts Miracle-Gro Co., Class A	52,574		2,258,053
Solutia, Inc.*	44,500		515,310
Stepan Co.	1,600		96,128
Terra Industries, Inc.	15,800		547,786
Valhi, Inc.^	600		7,272
W.R. Grace & Co.*^	4,900		106,526
Zep, Inc.	5,000		81,250
			8,834,012
Construction Materials (0.1%)
Eagle Materials, Inc.	10,100		288,658
Martin Marietta Materials, Inc.^	4,000		368,280
United States Lime & Minerals, Inc.*^	300		10,776
			667,714
Containers & Packaging (0.7%)
AEP Industries, Inc.*	1,300		51,870
Ball Corp.	14,300		703,560
Boise, Inc.*	3,500		18,480
Bway Holding Co.*	200		3,702
Crown Holdings, Inc.*	37,300		1,014,560
Packaging Corp. of America	2,500		51,000
Pactiv Corp.*	25,300		659,065
Rock-Tenn Co., Class A	7,700		362,747
Silgan Holdings, Inc.	3,300		174,009
			3,038,993
Metals & Mining (0.4%)
Allied Nevada Gold Corp.*	10,700		104,753

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
AMCOL International Corp.^		1,300	$	29,757
Compass Minerals International, Inc.^		4,100		252,642
General Steel Holdings, Inc.*^		700		2,723
Paramount Gold and Silver Corp.*^		13,200		18,084
Royal Gold, Inc.		2,300		104,880
Schnitzer Steel Industries, Inc., Class A^		3,900		207,675
Stillwater Mining Co.*		700		4,704
Walter Energy, Inc.		12,300		738,738
Worthington Industries, Inc.		13,000		180,700
				1,644,656
Paper & Forest Products (0.0%)
Clearwater Paper Corp.*		200		8,266
Deltic Timber Corp.		1,800		82,386
Wausau Paper Corp.		4,100		41,000
				131,652
Total Materials				14,317,027
Telecommunication Services (1.3%)
Diversified Telecommunication Services (0.4%)
AboveNet, Inc.*^		2,900		141,404
Alaska Communications Systems Group, Inc.^		10,300		95,275
Cbeyond, Inc.*^		5,300		85,489
Cincinnati Bell, Inc.*^		9,800		34,300
Cogent Communications Group, Inc.*^		9,700		109,610
Consolidated Communications Holdings, Inc.^		2,800		44,828
FairPoint Communications, Inc.^		11,700		4,797
Frontier Communications Corp.^		31,300		236,002
General Communication, Inc., Class A*		6,000		41,160
Global Crossing Ltd.*		5,800		82,940
HickoryTech Corp.^		3,300		28,215
inContact, Inc.*		6,800		20,264
Iowa Telecommunications Services, Inc.^		1,100		13,860
Neutral Tandem, Inc.*^		7,600		172,976
PAETEC Holding Corp.*^		26,500		102,555
Premiere Global Services, Inc.*		11,100		92,241
tw telecom, Inc.*^		35,000		470,750
				1,776,666
Wireless Telecommunication Services (0.9%)
American Tower Corp., Class A*		21,240		773,136
Centennial Communications Corp.*		19,900		158,802
iPCS, Inc.*		3,900		67,860
Leap Wireless International, Inc.*		10,600		207,230
NTELOS Holdings Corp.		6,900		121,854
SBA Communications Corp., Class A*		91,140		2,463,514
Shenandoah Telecommunications Co.		5,300		95,135
Syniverse Holdings, Inc.*		13,100		229,250
USA Mobility, Inc.		5,100		65,688
Virgin Mobile USA, Inc., Class A*		3,500		17,500
				4,199,969
Total Telecommunication Services				5,976,635
Utilities (0.5%)
Electric Utilities (0.2%)
DPL, Inc.		3,200		83,520
ITC Holdings Corp.		11,600		527,220
NV Energy, Inc.		23,300		270,047
				880,787
Gas Utilities (0.0%)
New Jersey Resources Corp.^		1,700		61,727
Piedmont Natural Gas Co., Inc.		1,100		26,334
South Jersey Industries, Inc.		900		31,770
				119,831
Independent Power Producers & Energy Traders (0.1%)
Ormat Technologies, Inc.		4,400		179,608
U.S. Geothermal, Inc.*		11,300		17,628
				197,236
Multi-Utilities (0.2%)
CenterPoint Energy, Inc.		76,000		944,680
Integrys Energy Group, Inc.		3,800		136,382
				1,081,062
Water Utilities (0.0%)
American Water Works Co., Inc.		2,100		41,874
Cadiz, Inc.*		2,900		33,930
California Water Service Group		400		15,576
Connecticut Water Service, Inc.		100		2,239
Consolidated Water Co., Inc.		1,200		19,596
Pennichuck Corp.		200		4,352
York Water Co.^		1,100		15,246
				132,813
Total Utilities				2,411,729
Total Common Stocks (99.0%) (Cost $373,901,678)				458,701,987
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.2%)
U.S. Treasury Bills
0.06%, 12/10/09 #(p)	$	730,000		729,908
Short-Term Investments of Cash Collateral for Securities Loaned (4.7%)
BBVA Senior Finance S.A.
0.35%, 3/12/10 (l)		2,130,000		2,129,391
Deutsche Bank Securities, Inc., Repurchase Agreement
0.08%, 10/1/09 (r)(u)		11,863,780		11,863,780
General Electric Capital Corp.
0.40%, 3/12/10 (l)		390,000		385,873
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)(l)(s)		2,419,984		405,347
Monumental Global Funding II
0.43%, 5/26/10 (l)		4,550,000		4,379,375
Pricoa Global Funding I
0.40%, 6/25/10 (l)		2,899,783		2,730,001
Total Short-Term Investments of Cash Collateral for Securities Loaned				21,893,767
Time Deposit (1.6%)
JPMorgan Chase Nassau
0.000%, 10/1/09		7,382,231		7,382,231
Total Short-Term Investments (6.5%) (Cost/Amortized Cost $32,365,594)				30,005,906
Total Investments (105.5%) (Cost/Amortized Cost $406,267,272)				488,707,893
Other Assets Less Liabilities (-5.5%)				(25,279,615	)
Net Assets (100%)			$	463,428,278

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

* Non-income producing.

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

† Securities (totaling $26 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 September 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% –7.000%, maturing 4/1/18 to 11/1/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 to 7/1/39.

Glossary:

ADR — American Depositary Receipt

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

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2009		Unrealized Appreciation/ (Depreciation)
NASDAQ 100 E-Mini Index	25	December-09	$	831,981	$	858,750	$	26,769
Russell 2000 Mini Index	49	December-09		2,895,265		2,954,700		59,435
S&P MidCap 400 E-Mini Index	30	December-09		2,003,180		2,067,600		64,420
							$	150,624

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	87,326,021	$	—	$	—	$	87,326,021
Consumer Staples		17,833,344		—		—		17,833,344
Energy		20,817,991		—		—		20,817,991
Financials		32,702,888		1,927,406		26		34,630,320
Health Care		81,000,861		2,285,441		—		83,286,302
Industrials		63,244,281		—		—		63,244,281
Information Technology		127,028,063		1,830,274		—		128,858,337
Materials		14,317,027		—		—		14,317,027
Telecommunication Services		5,976,635		—		—		5,976,635

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Utilities	$	2,411,729	$	—	$	—	$	2,411,729
Futures		150,624		—		—		150,624
Short-Term Investments		—		30,005,906		—		30,005,906
Total Asset	$	452,809,464	$	36,049,027	$	26	$	488,858,517
Total Liability	$	—	$	—	$	—	$	—
Total	$	452,809,464	$	36,049,027	$	26	$	488,858,517

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

	Investments in Securities-Financials		Investments in Securities-Health Care
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		26		(417,652	)
Balance as of 9/30/09	$	26	$	—
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 9/30/09	$	26

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	431,824,737
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	516,358,792

As of September 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	$	94,551,271
Aggregate gross unrealized depreciation		(30,966,436	)
Net unrealized appreciation	$	63,584,835
Federal income tax cost of investments	$	425,123,058

At September 30, 2009, the Portfolio had loaned securities with a total value of $23,477,743. This was secured by collateral of $24,253,547 which was received as cash and subsequently invested in short-term investments currently valued at $21,893,767, as reported in the portfolio of investments.

For the nine months ended September 30, 2009, the Portfolio incurred approximately $2,204 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 Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.2%)
Auto Components (1.0%)
American Axle & Manufacturing Holdings, Inc.^	10,345	$	73,242
ArvinMeritor, Inc.^	17,500		136,850
Autoliv, Inc.^	21,148		710,573
BorgWarner, Inc.	2,100		63,546
Dana Holding Corp.*	25,944		176,679
Dorman Products, Inc.*^	2,700		40,554
Drew Industries, Inc.*^	1,813		39,324
Exide Technologies, Inc.*^	12,600		100,422
Federal Mogul Corp.*	3,600		43,452
Hawk Corp., Class A*	1,100		15,092
Magna International, Inc., Class A	70,772		3,009,225
Modine Manufacturing Co.	8,900		82,503
Raser Technologies, Inc.*^	2,100		3,213
Spartan Motors, Inc.	12,300		63,222
Standard Motor Products, Inc.	1,800		27,360
Stoneridge, Inc.*^	3,100		21,948
Superior Industries International, Inc.^	6,100		86,620
Tenneco, Inc.*	11,968		156,063
TRW Automotive Holdings Corp.*	38,440		643,870
WABCO Holdings, Inc.	1,800		37,800
			5,531,558
Automobiles (0.1%)
Thor Industries, Inc.^	4,300		133,085
Winnebago Industries, Inc.*^	6,300		92,673
			225,758
Distributors (0.0%)
Aristotle Corp.*	800		4,584
Audiovox Corp., Class A*	4,700		32,195
Core-Mark Holding Co., Inc.*	1,800		51,480
			88,259
Diversified Consumer Services (0.3%)
Career Education Corp.*	1,562		38,081
CPI Corp.	1,000		12,470
Hillenbrand, Inc.	9,500		193,515
Jackson Hewitt Tax Service, Inc.	7,600		38,760
Mac-Gray Corp.*	3,020		32,556
Nobel Learning Communities, Inc.*	100		938
Regis Corp.	14,000		217,000
Service Corp. International	62,000		434,620
Sotheby’s, Inc.^	1,400		24,122
Steiner Leisure Ltd.*	1,800		64,368
Stewart Enterprises, Inc., Class A^	20,100		105,123
Weight Watchers International, Inc.^	7,500		205,800
			1,367,353
Hotels, Restaurants & Leisure (0.9%)
AFC Enterprises, Inc.*	5,700		47,994
Benihana, Inc., Class A*	1,700		9,741
Bluegreen Corp.*	4,700		14,335
Bob Evans Farms, Inc.	10,403		302,311
Boyd Gaming Corp.*	13,800		150,834
Brinker International, Inc.	18,000		283,140
Carrols Restaurant Group, Inc.*	2,000		15,120
CEC Entertainment, Inc.*	1,000		25,860
Choice Hotels International, Inc.	5,400		167,724
Churchill Downs, Inc.	2,300		88,550
CKE Restaurants, Inc.	1,300		13,637
Cracker Barrel Old Country Store, Inc.	2,700		92,880
Domino’s Pizza, Inc.*	8,900		78,676
Einstein Noah Restaurant Group, Inc.*^	500		6,020
Frisch’s Restaurants, Inc.	500		12,940
Gaylord Entertainment Co.*	8,600		172,860
Great Wolf Resorts, Inc.*^	7,500		26,775
International Speedway Corp., Class A	7,513		207,134
Interval Leisure Group, Inc.*	1,530		19,094
Lakes Entertainment, Inc.*	3,000		10,080
Landry’s Restaurants, Inc.*	1,816		19,068
Life Time Fitness, Inc.*	9,200		258,060
Luby’s, Inc.*	5,300		22,260
Marcus Corp.	4,900		62,671
McCormick & Schmick’s Seafood Restaurants, Inc.*	3,300		24,552
Monarch Casino & Resort, Inc.*^	600		6,456
Morgans Hotel Group Co.*	2,600		14,092
Multimedia Games, Inc.*	5,358		27,433
O’Charleys, Inc.*	7,976		74,735
Orient-Express Hotels Ltd., Class A^	19,200		220,992
Papa John’s International, Inc.*	1,000		24,570
Penn National Gaming, Inc.*	16,500		456,390
Pinnacle Entertainment, Inc.*	6,970		71,024
Red Lion Hotels Corp.*	3,300		18,975
Red Robin Gourmet Burgers, Inc.*^	3,580		73,104
Ruby Tuesday, Inc.*	27,570		232,139
Ruth’s Hospitality Group, Inc.*	2,000		8,440
Sonic Corp.*^	1,700		18,802
Speedway Motorsports, Inc.	3,600		51,804
Steak n Shake Co.*^	6,500		76,505
Thomas Cook Group plc	112,709		418,433
Town Sports International Holdings, Inc.*	1,600		4,016
Universal Travel Group*	300		3,870
Vail Resorts, Inc.*	7,400		248,196
Wendy’s/Arby’s Group, Inc., Class A	54,800		259,204
Wyndham Worldwide Corp.	24,889		406,189
			4,847,685
Household Durables (2.3%)
American Greetings Corp., Class A	9,900		220,770
Beazer Homes USA, Inc.*	9,600		53,664
Black & Decker Corp.	14,800		685,092
Blyth, Inc.	1,450		56,159
Brookfield Homes Corp.*^	3,000		20,040
Cavco Industries, Inc.*^	1,600		56,800
CSS Industries, Inc.	2,000		39,540
D.R. Horton, Inc.	68,969		786,936
Ethan Allen Interiors, Inc.^	6,500		107,250
Furniture Brands International, Inc.*	10,200		56,406
Harman International Industries, Inc.	6,500		220,220
Helen of Troy Ltd.*^	7,600		147,668
Hooker Furniture Corp.	2,700		36,450
Hovnanian Enterprises, Inc., Class A*^	5,834		22,403
Jarden Corp.	24,208		679,519
KB Home^	17,700		293,997
La-Z-Boy, Inc.	13,528		117,017
Leggett & Platt, Inc.	14,836		287,818
Lennar Corp., Class A	36,749		523,673
M.D.C. Holdings, Inc.	33,920		1,178,381
M/I Homes, Inc.*	4,300		58,437
Meritage Homes Corp.*	7,758		157,487
Mohawk Industries, Inc.*	13,700		653,353
NVR, Inc.*	1,181		752,734

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Pulte Homes, Inc.	73,972	$	812,952
Ryland Group, Inc.	11,000		231,770
Sealy Corp.*^	10,800		34,560
Sekisui House Ltd. (ADR)	287,897		2,602,589
Skyline Corp.	1,900		42,864
Standard Pacific Corp.*	26,600		98,154
Stanley Furniture Co., Inc.^	2,600		26,962
Toll Brothers, Inc.*^	63,200		1,234,928
Universal Electronics, Inc.*	900		18,378
			12,314,971
Internet & Catalog Retail (0.0%)
1-800-FLOWERS.COM, Inc., Class A*	5,400		18,630
Gaiam, Inc., Class A*	4,000		27,920
Orbitz Worldwide, Inc.*	5,945		36,740
Shutterfly, Inc.*^	4,400		73,172
U.S. Auto Parts Network, Inc.*	2,200		11,990
			168,452
Leisure Equipment & Products (0.4%)
Brunswick Corp.	21,600		258,768
Callaway Golf Co.^	16,800		127,848
Eastman Kodak Co.^	67,100		320,738
Hasbro, Inc.	13,504		374,736
JAKKS Pacific, Inc.*	7,100		101,672
Leapfrog Enterprises, Inc.*	6,700		27,537
Marine Products Corp.^	2,500		13,825
Mattel, Inc.	27,700		511,342
Polaris Industries, Inc.	400		16,312
Pool Corp.^	5,600		124,432
RC2 Corp.*	5,700		81,225
Sport Supply Group, Inc	1,700		17,323
Steinway Musical Instruments*	1,500		17,805
Sturm Ruger & Co., Inc.	300		3,882
			1,997,445
Media (1.7%)
Alloy, Inc.*	1,600		10,832
Ascent Media Corp., Class A*	3,500		89,600
Belo Corp., Class A	21,900		118,479
Carmike Cinemas, Inc.*	500		5,055
Central European Media Enterprises Ltd., Class A*	8,600		294,550
Cinemark Holdings, Inc.	800		8,288
Clear Channel Outdoor Holdings, Inc., Class A*^	10,100		70,700
Crown Media Holdings, Inc., Class A*	2,300		3,588
DreamWorks Animation SKG, Inc., Class A*	17,900		636,703
EDCI Holdings, Inc.*	800		4,784
EW Scripps Co., Class A*^	7,200		54,000
Fisher Communications, Inc.*	1,500		27,270
Gannett Co., Inc.	57,500		719,325
Global Sources Ltd.*	3,500		24,045
Harte-Hanks, Inc.^	15,099		208,819
Interactive Data Corp.	5,100		133,671
Interpublic Group of Cos., Inc.*	157,400		1,183,648
Journal Communications, Inc., Class A	10,400		38,272
Knology, Inc.*	4,784		46,644
Lamar Advertising Co., Class A*^	14,300		392,392
Liberty Media Corp., Capital Series, Class A*	19,841		415,074
LIN TV Corp., Class A*	5,400		25,542
Live Nation, Inc.*	20,941		171,507
LodgeNet Interactive Corp.*	1,600		12,080
Martha Stewart Living Omnimedia, Inc., Class A*^	800		5,008
Mediacom Communications Corp., Class A*	12,448		71,700
Meredith Corp.	8,440		252,694
National CineMedia, Inc.	9,900		168,003
New York Times Co., Class A^	24,200		196,504
Outdoor Channel Holdings, Inc.*	3,800		24,852
Primedia, Inc.	4,700		11,844
Reading International, Inc., Class A*	3,500		14,385
Regal Entertainment Group, Class A	9,700		119,504
Scholastic Corp.	91,490		2,226,866
Sinclair Broadcast Group, Inc., Class A	11,500		41,170
Valassis Communications, Inc.*	3,500		62,580
Virgin Media, Inc.^	90,180		1,255,306
Warner Music Group Corp.*	10,600		58,618
World Wrestling Entertainment, Inc., Class A^	1,200		16,812
			9,220,714
Multiline Retail (0.3%)
99 Cents Only Stores*	1,400		18,830
Big Lots, Inc.*	32,500		813,150
Dillard’s, Inc., Class A^	12,768		180,029
Fred’s, Inc., Class A	7,484		95,271
Retail Ventures, Inc.*^	5,100		26,877
Saks, Inc.*^	29,700		202,554
Tuesday Morning Corp.*	7,400		30,784
			1,367,495
Specialty Retail (1.7%)
Aaron’s, Inc.	534		14,098
Abercrombie & Fitch Co., Class A^	11,100		364,968
American Eagle Outfitters, Inc.	36,500		615,390
America’s Car-Mart, Inc.*	1,049		25,123
AnnTaylor Stores Corp.*	14,686		233,360
Asbury Automotive Group, Inc.*	8,200		103,976
AutoNation, Inc.*^	16,100		291,088
Barnes & Noble, Inc.^	7,351		163,339
Big 5 Sporting Goods Corp.	4,700		70,970
Books-A-Million, Inc.	2,760		33,230
Borders Group, Inc.*	12,200		37,942
Brown Shoe Co., Inc.	10,800		86,616
Buckle, Inc.^	500		17,070
Build-A-Bear Workshop, Inc.*	3,900		18,993
Cabela’s, Inc.*^	23,220		309,755
CarMax, Inc.*	16,000		334,400
Charlotte Russe Holding, Inc.*	1,700		29,750
Charming Shoppes, Inc.*^	27,800		136,498
Chico’s FAS, Inc.*	2,700		35,100
Christopher & Banks Corp.^	7,900		53,483
Coldwater Creek, Inc.*^	2,800		22,960
Collective Brands, Inc.*^	9,043		156,715
Conn’s, Inc.*^	6,040		68,192
Dress Barn, Inc.*^	8,300		148,819
DSW, Inc., Class A*	2,900		46,313
Finish Line, Inc., Class A	4,800		48,768
Foot Locker, Inc.	21,700		259,315
Gander Mountain Co.*^	1,300		6,682
Genesco, Inc.*	6,580		158,381
Group 1 Automotive, Inc.^	6,100		163,785
Gymboree Corp.*	1,500		72,570
Haverty Furniture Cos., Inc.*	4,400		51,964
HOT Topic, Inc.*	4,419		33,098
Jo-Ann Stores, Inc.*	8,319		223,199
Kirkland’s, Inc.*	3,600		51,300
Lithia Motors, Inc., Class A	4,200		65,478
Men’s Wearhouse, Inc.	12,400		306,280

See Notes to Portfolio of Investments.

119

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
New York & Co., Inc.*	6,300	$	32,256
Office Depot, Inc.*	56,259		372,435
OfficeMax, Inc.*	5,300		66,674
Pacific Sunwear of California, Inc.*^	16,200		83,430
Penske Automotive Group, Inc.^	6,100		116,998
PEP Boys-Manny, Moe & Jack^	12,200		119,194
Pier 1 Imports, Inc.*	22,600		87,462
RadioShack Corp.^	42,000		695,940
Rent-A-Center, Inc.*	31,300		590,944
REX Stores Corp.*	1,800		19,620
Ross Stores, Inc.	12,700		606,679
Sally Beauty Holdings, Inc.*	17,700		125,847
Shoe Carnival, Inc.*	2,200		33,924
Signet Jewelers Ltd.*	21,400		563,462
Sonic Automotive, Inc., Class A	4,400		46,200
Stage Stores, Inc.	9,600		124,416
Stein Mart, Inc.*	400		5,084
Syms Corp.*^	1,200		9,708
Systemax, Inc.*^	1,500		18,195
Talbots, Inc.	2,200		20,306
Tiffany & Co.^	2,600		100,178
Tween Brands, Inc.*	5,500		46,145
West Marine, Inc.*	3,600		28,296
Williams-Sonoma, Inc.	14,100		285,243
Zale Corp.*^	6,600		47,190
Zumiez, Inc.*	300		4,923
			9,109,717
Textiles, Apparel & Luxury Goods (0.5%)
Carter’s, Inc.*	3,000		80,100
Columbia Sportswear Co.	3,000		123,480
Crocs, Inc.*^	13,400		89,110
Delta Apparel, Inc.*	1,200		9,600
G-III Apparel Group Ltd.*	2,750		38,912
Iconix Brand Group, Inc.*	18,178		226,680
Jones Apparel Group, Inc.	22,130		396,791
Kenneth Cole Productions, Inc., Class A^	1,800		18,054
K-Swiss, Inc., Class A^	2,900		25,491
Liz Claiborne, Inc.^	7,300		35,989
Movado Group, Inc.	4,100		59,573
Oxford Industries, Inc.	964		18,991
Perry Ellis International, Inc.*	2,340		37,534
Phillips-Van Heusen Corp.	4,600		196,834
Quiksilver, Inc.*	32,200		88,550
R.G. Barry Corp.*	1,800		14,004
Skechers U.S.A., Inc., Class A*^	8,600		147,404
Steven Madden Ltd.*	2,700		99,387
Timberland Co., Class A*	3,900		54,288
Unifi, Inc.*	9,661		30,915
UniFirst Corp.	5,700		253,365
VF Corp.	8,080		585,234
			2,630,286
Total Consumer Discretionary			48,869,693
Consumer Staples (5.4%)
Beverages (0.3%)
Central European Distribution Corp.*^	12,300		402,948
Constellation Brands, Inc., Class A*	47,300		716,595
Heckmann Corp.*	20,000		91,600
National Beverage Corp.*^	1,300		14,963
PepsiAmericas, Inc.	14,200		405,552
			1,631,658
Food & Staples Retailing (1.6%)
Andersons, Inc.	4,600		161,920
BJ’s Wholesale Club, Inc.*	11,300		409,286
Casey’s General Stores, Inc.^	4,907		153,982
Great Atlantic & Pacific Tea Co., Inc.*^	8,400		74,844
Ingles Markets, Inc., Class A	3,100		49,073
Kroger Co.	275,291		5,682,006
Nash Finch Co.^	7,141		195,235
Pantry, Inc.*	10,136		158,932
Rite Aid Corp.*	146,100		239,604
Ruddick Corp.^	8,841		235,347
Spartan Stores, Inc.	5,600		79,128
Susser Holdings Corp.*	1,300		16,341
Village Super Market, Inc., Class A	100		2,947
Weis Markets, Inc.	2,200		70,290
Whole Foods Market, Inc.*	33,420		1,018,976
Winn-Dixie Stores, Inc.*^	13,600		178,432
			8,726,343
Food Products (3.0%)
American Italian Pasta Co., Class A*	3,000		81,540
B&G Foods, Inc., Class A	3,300		27,027
BRF - Brasil Foods S.A.*	21,960		582,592
BRF - Brasil Foods S.A. (ADR)*^	2,000		106,500
Bunge Ltd.^	7,100		444,531
Chiquita Brands International, Inc.*	11,400		184,224
Corn Products International, Inc.	22,641		645,721
Cresud S.A.C.I.F. y A. (ADR)	86,625		1,116,596
Del Monte Foods Co.	77,800		900,924
Diamond Foods, Inc.	900		28,548
Farmer Bros Co.	1,000		20,700
First Pacific Co.	426,000		285,281
Flowers Foods, Inc.^	3,300		86,757
Fresh Del Monte Produce, Inc.*	10,400		235,144
Griffin Land & Nurseries, Inc.	800		25,600
Hain Celestial Group, Inc.*^	7,500		143,775
HQ Sustainable Maritime Industries, Inc.*	200		1,760
Imperial Sugar Co.	3,000		38,040
Marfrig Frigorificos e Comercio de Alimentos S.A.*	22,020		210,058
Marine Harvest ASA*	307,400		223,148
Omega Protein Corp.*	4,103		19,900
Overhill Farms, Inc.*	4,240		25,652
Ralcorp Holdings, Inc.*	14,084		823,491
Seneca Foods Corp., Class A*	2,500		68,500
Smart Balance, Inc.*	3,600		22,104
Smithfield Foods, Inc.*	236,457		3,263,107
TreeHouse Foods, Inc.*^	8,000		285,360
Tyson Foods, Inc., Class A	465,635		5,880,970
Zapata Corp.*	2,300		16,008
			15,793,558
Household Products (0.4%)
Central Garden & Pet Co., Class A*	15,800		172,694
Energizer Holdings, Inc.*	2,800		185,752
KAO Corp. (ADR)	5,960		1,463,180
Oil-Dri Corp. of America	2,400		34,800
WD-40 Co.	1,300		36,920
			1,893,346
Personal Products (0.1%)
Alberto-Culver Co.	3,200		88,576
American Oriental Bioengineering, Inc.*^	9,800		47,628
Chattem, Inc.*	300		19,923
Elizabeth Arden, Inc.*	5,700		67,089
Inter Parfums, Inc.^	2,800		34,188
Mannatech, Inc.	4,900		18,767

See Notes to Portfolio of Investments.

120

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
NBTY, Inc.*	4,100	$	162,278
Nu Skin Enterprises, Inc., Class A	3,200		59,296
Nutraceutical International Corp.*	2,600		29,302
Prestige Brands Holdings, Inc.*	8,720		61,389
Revlon, Inc., Class A*^	2,700		13,122
Schiff Nutrition International, Inc.	3,200		16,672
			618,230
Tobacco (0.0%)
Alliance One International, Inc.*	6,200		27,776
Universal Corp.^	5,800		242,556
			270,332
Total Consumer Staples			28,933,467
Energy (9.2%)
Energy Equipment & Services (2.5%)
Allis-Chalmers Energy, Inc.*	16,241		70,811
Atwood Oceanics, Inc.*	2,000		70,540
Basic Energy Services, Inc.*	5,700		48,393
BJ Services Co.	159,226		3,093,761
Bolt Technology Corp.*	1,400		17,598
Boots & Coots, Inc.*^	19,600		31,556
Bristow Group, Inc.*^	7,300		216,737
Bronco Drilling Co., Inc.*^	5,500		36,025
Cal Dive International, Inc.*	8,600		85,054
CARBO Ceramics, Inc.	400		20,620
Cie Generale de Geophysique-Veritas (ADR)*^	19,620		459,108
Complete Production Services, Inc.*	14,600		164,980
Dawson Geophysical Co.*	1,974		54,048
ENGlobal Corp.*	300		1,236
Exterran Holdings, Inc.*^	8,400		199,416
Geokinetics, Inc.*	1,300		27,560
Global Industries Ltd.*	24,932		236,854
Gulf Island Fabrication, Inc.	2,900		54,346
GulfMark Offshore, Inc.*	2,700		88,398
Helix Energy Solutions Group, Inc.*	25,400		380,492
Helmerich & Payne, Inc.^	17,946		709,405
Hercules Offshore, Inc.*	19,700		96,727
Hornbeck Offshore Services, Inc.*	5,980		164,809
ION Geophysical Corp.*^	25,900		91,168
Key Energy Services, Inc.*	30,900		268,830
Lufkin Industries, Inc.	400		21,272
Matrix Service Co.*	4,600		50,002
NATCO Group, Inc., Class A*	4,100		181,548
Natural Gas Services Group, Inc.*^	2,700		47,574
Newpark Resources, Inc.*	21,400		68,694
Oil States International, Inc.*	17,700		621,801
OYO Geospace Corp.*^	1,000		25,830
Parker Drilling Co.*	29,024		158,471
Patterson-UTI Energy, Inc.^	32,400		489,240
PHI, Inc.*	1,700		34,476
Pioneer Drilling Co.*	8,400		61,656
Rowan Cos., Inc.	35,500		818,985
SBM Offshore N.V	14,050		298,738
SEACOR Holdings, Inc.*	9,500		775,485
Smith International, Inc.	9,600		275,520
Solar Cayman Ltd.(b)*†	141,300		1,138,596
Superior Energy Services, Inc.*	19,300		434,636
Superior Well Services, Inc.*^	3,500		33,880
T-3 Energy Services, Inc.*	3,100		61,070
TETRA Technologies, Inc.*	8,800		85,272
TGC Industries, Inc.*	800		3,880
Tidewater, Inc.	12,725		599,220
Union Drilling, Inc.*	2,000		15,280
Unit Corp.*	10,100		416,625
Vantage Drilling Co.*	7,500		13,725
Weatherford International Ltd.*	6,000		124,380
			13,544,328
Oil & Gas (0.2%)
Petrobras Energia SA (ADR)*	50,425		903,120
Oil, Gas & Consumable Fuels (6.5%)
Alon USA Energy, Inc.^	2,400		23,832
Approach Resources, Inc.*	2,000		18,160
Arch Coal, Inc.	240,142		5,314,343
Atlas Energy, Inc.	4,940		133,726
ATP Oil & Gas Corp.*^	10,600		189,634
Berry Petroleum Co., Class A^	16,699		447,199
Bill Barrett Corp.*	9,600		314,784
BPZ Resources, Inc.*	5,200		39,104
Brigham Exploration Co.*	9,377		85,143
Cabot Oil & Gas Corp.	25,600		915,200
Cameco Corp.	125,084		3,477,335
Cheniere Energy, Inc.*	9,600		28,128
Cimarex Energy Co.	20,700		896,724
Clayton Williams Energy, Inc.*	1,500		45,180
Comstock Resources, Inc.*^	10,700		428,856
Concho Resources, Inc.*	18,900		686,448
Consol Energy, Inc.	46,257		2,086,653
Contango Oil & Gas Co.*	200		10,212
CREDO Petroleum Corp.*	300		3,036
Crosstex Energy, Inc.	10,100		53,328
Cubic Energy, Inc.*	4,600		4,324
CVR Energy, Inc.*	5,300		65,932
Delek U.S. Holdings, Inc.^	3,700		31,709
Delta Petroleum Corp.*^	20,900		36,575
DHT Maritime, Inc.^	12,400		46,624
Encore Acquisition Co.*	13,100		489,940
Endeavour International Corp.*	1,600		1,936
EXCO Resources, Inc.*	4,100		76,629
Forest Oil Corp.*	17,672		345,841
Frontier Oil Corp.	5,600		77,952
Frontline Ltd.^	12,900		301,731
General Maritime Corp.^	12,200		94,428
GeoResources, Inc.*	1,800		19,890
GMX Resources, Inc.*^	3,500		54,985
Golar LNG Ltd.	2,900		32,074
Goodrich Petroleum Corp.*^	6,100		157,441
Gran Tierra Energy, Inc.*	51,000		212,160
Green Plains Renewable Energy, Inc.*^	2,300		16,330
Gulfport Energy Corp.*	400		3,496
Harvest Natural Resources, Inc.*	8,800		45,144
International Coal Group, Inc.*	22,700		91,481
Knightsbridge Tankers Ltd.	4,300		56,072
Mariner Energy, Inc.*	2,400		34,032
Massey Energy Co.^	4,300		119,927
Newfield Exploration Co.*	21,360		909,082
Nexen, Inc.	37,731		851,589
Noble Energy, Inc.	7,800		514,488
Nordic American Tanker Shipping Ltd.^	10,600		313,548
Oilsands Quest, Inc.*^	47,000		53,110
Overseas Shipholding Group, Inc.^	7,066		264,056
Parallel Petroleum Corp.*	10,400		32,968
Patriot Coal Corp.*	18,900		222,264
Peabody Energy Corp.	94,878		3,531,359
Penn Virginia Corp.	11,400		261,174
Petroleum Development Corp.*	7,200		134,352
PetroQuest Energy, Inc.*^	13,900		90,211

See Notes to Portfolio of Investments.

121

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Pioneer Natural Resources Co.	54,583	$	1,980,817
Rex Energy Corp.*^	1,700		14,195
Rosetta Resources, Inc.*	13,200		193,908
SandRidge Energy, Inc.*^	31,100		403,056
Ship Finance International Ltd.^	4,300		52,847
Southern Union Co.	41,320		859,043
St. Mary Land & Exploration Co.	11,789		382,671
Stone Energy Corp.*^	10,700		174,517
Swift Energy Co.*	9,600		227,328
Teekay Corp.	5,900		129,033
Tesoro Corp.^	265,895		3,983,107
Toreador Resources Corp.*	300		2,997
Uranerz Energy Corp.*	2,000		4,580
Uranium Energy Corp.*	600		1,770
USEC, Inc.*	28,100		131,789
VAALCO Energy, Inc.*	13,700		63,020
Venoco, Inc.*	3,100		35,681
W&T Offshore, Inc.^	400		4,684
Warren Resources, Inc.*	144,571		427,930
Western Refining, Inc.*	10,900		70,305
Westmoreland Coal Co.*	1,900		15,447
Whiting Petroleum Corp.*	12,600		725,508
			34,676,112
Total Energy			49,123,560
Financials (20.5%)
Capital Markets (1.5%)
Affiliated Managers Group, Inc.*^	7,100		461,571
Allied Capital Corp.	45,900		140,913
American Capital Ltd.	71,900		232,237
Ameriprise Financial, Inc.	27,940		1,015,060
Apollo Investment Corp.	40,033		382,315
Ares Capital Corp.^	23,833		262,640
BGC Partners, Inc., Class A	9,400		40,232
BlackRock Kelso Capital Corp.	3,266		24,234
Calamos Asset Management, Inc., Class A	8,000		104,480
Capital Southwest Corp.^	800		61,400
Cohen & Steers, Inc.^	2,300		55,200
Diamond Hill Investment Group, Inc.*	100		5,797
E*TRADE Financial Corp.*^	361,300		632,275
Epoch Holding Corp.^	600		5,250
Evercore Partners, Inc., Class A^	4,060		118,633
FBR Capital Markets Corp.*	4,800		28,464
FCStone Group, Inc.*	7,000		33,740
Federated Investors, Inc., Class B^	1,500		39,555
GAMCO Investors, Inc., Class A	700		31,990
Gladstone Capital Corp.^	4,900		43,757
Gladstone Investment Corp.^	5,500		26,675
Harris & Harris Group, Inc.*^	6,500		40,625
Hercules Technology Growth Capital, Inc.	9,662		94,881
International Assets Holding Corp.*	400		6,604
Invesco Ltd.	27,100		616,796
Investment Technology Group, Inc.*	10,000		279,200
Janus Capital Group, Inc.	6,300		89,334
Jefferies Group, Inc.*	7,011		190,910
JMP Group, Inc.^	3,300		31,878
KBW, Inc.*^	4,700		151,434
Knight Capital Group, Inc., Class A*	11,456		249,168
Kohlberg Capital Corp.	3,941		23,764
LaBranche & Co., Inc.*	13,800		46,920
Main Street Capital Corp.	711		10,118
MCG Capital Corp.*	15,300		64,107
MF Global Ltd.*	23,700		172,299
MVC Capital, Inc.	5,000		43,900
NGP Capital Resources Co.	5,998		43,545
Oppenheimer Holdings, Inc., Class A	2,400		58,440
PennantPark Investment Corp.	5,357		43,445
Penson Worldwide, Inc.*^	4,330		42,174
Piper Jaffray Cos., Inc.*	4,900		233,828
Prospect Capital Corp.^	12,454		133,382
Raymond James Financial, Inc.^	24,100		561,048
Safeguard Scientifics, Inc.*	3,183		34,917
Sanders Morris Harris Group, Inc.^	4,800		28,368
SWS Group, Inc.	5,700		82,080
TD Ameritrade Holding Corp.*	32,980		647,068
Teton Advisors, Inc., Class B(b)^†	29		75
Thomas Weisel Partners Group, Inc.*	4,700		25,098
TICC Capital Corp.	6,700		33,768
TradeStation Group, Inc.*	6,200		50,530
Triangle Capital Corp.	1,964		24,236
U.S. Global Investors, Inc., Class A	700		8,631
Virtus Investment Partners, Inc.*^	1,283		20,028
Westwood Holdings Group, Inc.	100		3,470
			7,932,487
Commercial Banks (5.2%)
1st Source Corp.	3,600		58,680
Alliance Financial Corp./New York	1,584		42,847
American National Bankshares, Inc.^	1,500		32,730
Ameris Bancorp^	3,426		24,497
Ames National Corp.^	900		21,699
Arrow Financial Corp.^	927		25,298
Associated Banc-Corp^	32,100		366,582
Auburn National Bancorp., Inc.^	600		14,640
BancFirst Corp.	1,800		66,474
Banco Latinoamericano de Comercio Exterior S.A., Class E^	16,200		230,364
Bancorp Rhode Island, Inc.	900		22,482
Bancorp, Inc./Delaware*	5,700		32,604
Bancorpsouth, Inc.^	27,420		669,322
Bank of Hawaii Corp.	15,519		644,659
Bank of Kentucky Financial Corp.^	800		16,928
Bank of Marin Bancorp/California^	300		9,399
Bank of the Ozarks, Inc.^	3,000		79,590
Banner Corp.^	4,100		11,193
Bar Harbor Bankshares^	700		23,800
BOK Financial Corp.^	4,820		223,262
Boston Private Financial Holdings, Inc.^	16,900		110,019
Bridge Bancorp, Inc.^	300		7,299
Bryn Mawr Bank Corp.	1,600		27,952
C&F Financial Corp.	388		6,860
Camden National Corp.^	1,800		59,472
Cape Bancorp, Inc.*	2,900		22,272
Capital City Bank Group, Inc.	3,200		45,440
CapitalSource, Inc.	52,400		227,416
Cardinal Financial Corp.	4,200		34,566
Cathay General Bancorp^	7,100		57,439
Center Bancorp, Inc.	3,140		23,644
Centerstate Banks, Inc.	2,400		18,936
Central Pacific Financial Corp.^	6,600		16,632
Central Valley Community Bancorp*	1,300		7,267
Century Bancorp, Inc./Massachusetts, Class A	2,149		46,633
Chemical Financial Corp.	5,300		115,487
Chicopee Bancorp, Inc.*	1,600		21,136
Citizens & Northern Corp.	2,100		31,059
Citizens Holding Co.	700		18,522
Citizens Republic Bancorp, Inc.*^	29,900		22,724

See Notes to Portfolio of Investments.

122

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
City Holding Co.^	3,600	$	107,316
City National Corp./California^	12,743		496,085
CNB Financial Corp./Pennsylvania^	1,100		18,887
CoBiz Financial, Inc.	8,200		40,836
Columbia Banking System, Inc.^	7,300		120,815
Comerica, Inc.	16,040		475,907
Commerce Bancshares, Inc./Missouri	15,948		593,904
Community Bank System, Inc.^	8,400		153,468
Community Trust Bancorp, Inc.	3,816		99,865
Cullen/Frost Bankers, Inc.	16,674		861,045
CVB Financial Corp.	21,900		166,221
Eagle Bancorp, Inc.*	2,500		23,950
East West Bancorp, Inc.^	23,400		194,220
Enterprise Bancorp, Inc./Massachusetts	1,300		16,640
Enterprise Financial Services Corp.	1,800		16,650
F.N.B. Corp./Pennsylvania	29,245		207,932
Farmers Capital Bank Corp.	1,500		26,820
Financial Institutions, Inc.	2,900		28,913
First Bancorp, Inc./Maine^	2,000		37,200
First Bancorp/North Carolina^	3,900		70,395
First Bancorp/Puerto Rico^	21,100		64,355
First Busey Corp.^	6,400		30,080
First California Financial Group, Inc.*	1,400		6,720
First Citizens BancShares, Inc./North Carolina, Class A	3,360		534,576
First Commonwealth Financial Corp.	21,300		120,984
First Community Bancshares, Inc./Virginia^	3,800		47,956
First Financial Bancorp	13,400		161,470
First Financial Bankshares, Inc.^	2,400		118,704
First Financial Corp./Indiana^	2,900		88,856
First Horizon National Corp.*	54,240		717,595
First Merchants Corp.	5,600		39,032
First Midwest Bancorp, Inc./Illinois^	12,300		138,621
First of Long Island Corp.	1,100		29,249
First South Bancorp, Inc./North Carolina^	1,900		21,850
FirstMerit Corp.^	25,550		486,216
Fulton Financial Corp.	43,100		317,216
German American Bancorp, Inc.	2,800		43,428
Glacier Bancorp, Inc.^	21,578		322,375
Great Southern Bancorp, Inc.^	1,900		45,049
Guaranty Bancorp*	14,700		21,756
Hampton Roads Bankshares, Inc.^	4,600		13,248
Hancock Holding Co.	5,200		195,364
Harleysville National Corp.	11,000		58,630
Heartland Financial USA, Inc.^	3,579		52,790
Heritage Financial Corp./Washington	1,400		18,410
Home Bancorp, Inc.*	2,200		26,774
Home Bancshares, Inc./Arkansas	3,500		76,720
Horizon Bancorp/Indiana	910		15,925
Huntington Bancshares, Inc./Ohio	246,250		1,159,838
IBERIABANK Corp.^	5,000		227,800
Independent Bank Corp./Massachusetts^	5,200		115,076
International Bancshares Corp.^	13,346		217,673
Investors Bancorp, Inc.*	10,800		114,588
KeyCorp.	217,300		1,412,450
Lakeland Bancorp, Inc.^	5,300		39,750
Lakeland Financial Corp.	3,100		64,015
M&T Bank Corp.^	1,620		100,958
MainSource Financial Group, Inc.^	4,500		30,600
Marshall & Ilsley Corp.	90,900		733,563
MB Financial, Inc.	12,300		257,931
Merchants Bancshares, Inc.^	1,200		25,632
Metro Bancorp, Inc.*^	700		8,519
Midsouth Bancorp, Inc.^	1,100		14,520
Nara Bancorp, Inc.	4,300		29,885
National Bankshares, Inc./Virginia	1,700		43,265
National Penn Bancshares, Inc.	30,900		188,799
NB&T Financial Group, Inc.	153		2,365
NBT Bancorp, Inc.	8,600		193,844
Northfield Bancorp, Inc./New Jersey	5,200		66,560
Northrim BanCorp, Inc.	1,600		24,400
Norwood Financial Corp.	500		15,550
Ohio Valley Banc Corp.	1,000		26,500
Old National Bancorp/Indiana	21,393		239,602
Old Point Financial Corp.	500		8,330
Old Second Bancorp, Inc.^	3,400		19,482
Oriental Financial Group, Inc.^	10,700		135,890
Orrstown Financial Services, Inc.	700		27,048
Pacific Capital Bancorp N.A.^	10,700		15,408
Pacific Continental Corp.	3,000		31,590
PacWest Bancorp	6,100		116,205
Park National Corp.^	2,600		151,684
Peapack Gladstone Financial Corp.	1,995		32,040
Penns Woods Bancorp, Inc.^	400		12,804
Peoples Bancorp, Inc./Ohio^	2,600		33,930
Peoples Financial Corp./Mississippi^	900		16,749
Pinnacle Financial Partners, Inc.*^	8,500		108,035
Popular, Inc.	291,540		825,058
Porter Bancorp, Inc.	700		11,410
Premier Financial Bancorp, Inc.	800		5,568
Premierwest Bancorp	5,040		13,658
PrivateBancorp, Inc.	3,000		73,380
Prosperity Bancshares, Inc.^	15,180		528,112
Renasant Corp.^	5,600		83,160
Republic Bancorp, Inc./Kentucky, Class A	2,100		41,916
Republic First Bancorp, Inc.*^	1,800		8,172
S&T Bancorp, Inc.^	6,200		80,352
Sandy Spring Bancorp, Inc.^	4,300		70,004
Santander BanCorp*	1,600		15,600
SCBT Financial Corp.^	3,300		92,730
Shore Bancshares, Inc.	2,336		39,081
Sierra Bancorp	1,600		19,216
Signature Bank/New York*	1,700		49,300
Simmons First National Corp., Class A	3,600		103,716
Smithtown Bancorp, Inc.	3,707		42,779
South Financial Group, Inc.	42,300		62,181
Southside Bancshares, Inc.^	2,560		57,651
Southwest Bancorp, Inc./Oklahoma	3,700		51,948
State Bancorp, Inc./New York	3,600		30,420
StellarOne Corp.^	6,000		88,500
Sterling Bancorp/New York^	4,300		31,046
Sterling Bancshares, Inc./Texas	21,000		153,510
Sterling Financial Corp./Washington*^	12,200		24,400
Suffolk Bancorp	800		23,688
Sumitomo Trust & Banking Co., Ltd. (ADR)	291,416		1,544,505
Sun Bancorp, Inc./New Jersey*	3,360		17,741
SunTrust Banks, Inc.	17,100		385,605
Susquehanna Bancshares, Inc.^	21,600		127,224
SVB Financial Group*^	9,739		421,407
SY Bancorp, Inc.^	1,700		39,253
Synovus Financial Corp.	93,200		349,500
TCF Financial Corp.^	39,080		509,603
Texas Capital Bancshares, Inc.*	8,100		136,404
Tompkins Financial Corp.^	1,400		61,180

See Notes to Portfolio of Investments.

123

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Tower Bancorp, Inc.	900	$	23,643
TowneBank/Virginia^	5,200		66,300
Trico Bancshares^	3,500		57,400
Trustmark Corp.^	14,378		273,901
UCBH Holdings, Inc.^	29,600		23,680
UMB Financial Corp.	9,263		374,596
Umpqua Holdings Corp.	21,200		224,720
Union Bankshares Corp./Virginia	3,400		42,330
United Bancorp, Inc./Ohio	700		5,950
United Bancshares, Inc./Ohio	691		7,836
United Bankshares, Inc.^	9,800		191,982
United Community Banks, Inc./Georgia*^	10,270		51,352
United Security Bancshares, Inc./Alabama	1,500		33,285
Univest Corp. of Pennsylvania	4,300		93,181
Valley National Bancorp^	48,071		590,793
Washington Banking Co.	2,400		22,224
Washington Trust Bancorp, Inc.^	3,400		59,568
Webster Financial Corp.	16,600		207,002
WesBanco, Inc.	5,800		89,668
West Bancorp, Inc.	3,300		16,368
Westamerica Bancorp^	4,460		231,920
Western Alliance Bancorp*	11,459		72,306
Whitney Holding Corp./Louisiana^	16,700		159,318
Wilber Corp.	1,500		12,600
Wilmington Trust Corp.^	19,716		279,967
Wilshire Bancorp, Inc.^	4,500		33,030
Wintrust Financial Corp.^	6,200		173,352
Yadkin Valley Financial Corp.^	4,350		20,315
Zions Bancorp.^	30,800		553,476
			27,382,762
Consumer Finance (0.1%)
Advance America Cash Advance Centers, Inc.	2,300		12,880
AmeriCredit Corp.*^	15,700		247,903
Cardtronics, Inc.*^	800		6,256
Cash America International, Inc.	7,426		223,968
CompuCredit Holdings Corp.*	2,100		9,891
Dollar Financial Corp.*	1,800		28,836
First Marblehead Corp.*	17,400		38,280
Nelnet, Inc., Class A*^	3,400		42,296
QC Holdings, Inc.	600		4,050
Rewards Network, Inc.*	1,066		14,647
Student Loan Corp.	1,000		46,400
World Acceptance Corp.*^	4,100		103,361
			778,768
Diversified Financial Services (0.4%)
Asset Acceptance Capital Corp.*^	2,300		16,675
California First National Bancorp	500		5,535
CIT Group, Inc.^	87,964		106,437
Compass Diversified Holdings^	6,300		65,961
Encore Capital Group, Inc.*	3,800		51,110
Fifth Street Finance Corp.^	7,344		80,270
Financial Federal Corp.	4,100		101,188
Medallion Financial Corp.	3,700		30,932
NewStar Financial, Inc.*	6,100		20,069
PHH Corp.*	81,910		1,625,094
PICO Holdings, Inc.*	3,600		120,060
Primus Guaranty Ltd.*^	4,400		18,788
Resource America, Inc., Class A	3,600		17,316
			2,259,435
Insurance (6.6%)
Alleghany Corp.*	1,316		340,910
Allied World Assurance Co. Holdings Ltd./Bermuda	22,450		1,076,028
Ambac Financial Group, Inc.^	69,700		117,096
American Equity Investment Life Holding Co.^	25,200		176,904
American Financial Group, Inc./Ohio	21,961		560,005
American National Insurance Co.	4,000		340,800
American Physicians Capital, Inc.	2,266		65,283
American Physicians Service Group, Inc.	1,700		39,168
American Safety Insurance Holdings Ltd.*	3,100		48,980
AMERISAFE, Inc.*^	5,000		86,250
Amtrust Financial Services, Inc.	4,900		55,909
Aon Corp.	42,576		1,732,417
Arch Capital Group Ltd.*	12,882		870,050
Argo Group International Holdings Ltd.*	7,700		259,336
Arthur J. Gallagher & Co.	1,800		43,866
Aspen Insurance Holdings Ltd.	32,206		852,493
Assured Guaranty Ltd.^.	22,600		438,892
Axis Capital Holdings Ltd.	46,982		1,417,917
Baldwin & Lyons, Inc., Class B^	2,000		46,900
Brown & Brown, Inc.	7,700		147,532
Citizens, Inc./Texas*	2,080		13,187
CNA Financial Corp.*^	62,958		1,519,806
CNA Surety Corp.*	4,500		72,900
Conseco, Inc.*	56,200		295,612
Crawford & Co., Class B*	1,000		4,410
Delphi Financial Group, Inc., Class A^	11,800		267,034
Donegal Group, Inc., Class A	3,000		46,320
Eastern Insurance Holdings, Inc.	2,000		19,060
EMC Insurance Group, Inc.^	1,300		27,469
Employers Holdings, Inc.	12,000		185,760
Endurance Specialty Holdings Ltd.	16,920		617,072
Enstar Group, Ltd.*	1,700		105,859
Erie Indemnity Co., Class A	2,200		82,412
Everest Reinsurance Group Ltd.	8,420		738,434
FBL Financial Group, Inc., Class A^	2,100		40,803
Fidelity National Financial, Inc., Class A	67,548		1,018,624
First Acceptance Corp.*	3,100		8,370
First American Corp.	30,729		994,698
First Mercury Financial Corp.	1,900		25,308
Flagstone Reinsurance Holdings Ltd.	9,800		110,544
FPIC Insurance Group, Inc.*	1,800		60,390
Genworth Financial, Inc., Class A	69,300		828,135
Greenlight Capital Reinsurance Ltd., Class A*^	7,300		137,240
Hallmark Financial Services*	3,400		27,370
Hanover Insurance Group, Inc.	11,700		483,561
Harleysville Group, Inc.^	3,400		107,610
HCC Insurance Holdings, Inc.	27,848		761,643
Hilltop Holdings, Inc.*^	9,900		121,374
Horace Mann Educators Corp.	10,200		142,494
Independence Holding Co.	2,400		14,112
Infinity Property & Casualty Corp.	3,500		148,680
Kansas City Life Insurance Co.	1,200		37,368
Maiden Holdings Ltd.	13,100		95,237
Markel Corp.*	2,411		795,196
Marsh & McLennan Cos., Inc.	84,231		2,083,033
Max Capital Group Ltd.	11,500		245,755
MBIA, Inc.*^	33,000		256,080
Meadowbrook Insurance Group, Inc.	14,400		106,560

See Notes to Portfolio of Investments.

124

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Mercer Insurance Group, Inc.	2,000	$	36,140
Mercury General Corp.	6,631		239,910
Montpelier Reinsurance Holdings Ltd.	21,800		355,776
National Financial Partners Corp.*	10,800		94,176
National Interstate Corp.	1,700		29,750
National Western Life Insurance Co., Class A	600		105,588
Navigators Group, Inc.*	3,200		176,000
NYMAGIC, Inc.	1,300		22,438
Odyssey Reinsurance Holdings Corp.	3,300		213,873
Old Republic International Corp.^	59,733		727,548
OneBeacon Insurance Group Ltd., Class A	5,700		78,318
PartnerReinsurance Ltd.^	18,686		1,437,701
Phoenix Cos., Inc.*^	27,600		89,700
Platinum Underwriters Holdings Ltd.	38,426		1,377,188
PMA Capital Corp., Class A*	8,500		48,365
Presidential Life Corp.	5,000		51,800
Principal Financial Group, Inc.	18,000		493,020
ProAssurance Corp.*	8,300		433,177
Protective Life Corp.^	21,180		453,676
Reinsurance Group of America, Inc.	39,178		1,747,339
RenaissanceReinsurance Holdings Ltd.	15,413		844,016
RLI Corp.^	2,700		142,506
Safety Insurance Group, Inc.	2,900		95,468
SeaBright Insurance Holdings, Inc.*	7,800		89,076
Selective Insurance Group, Inc.	13,500		212,355
StanCorp Financial Group, Inc.	12,043		486,176
State Auto Financial Corp.	3,400		60,962
Stewart Information Services Corp.	4,100		50,717
Tower Group, Inc.	1,181		28,805
Transatlantic Holdings, Inc.	6,700		336,139
Unico American Corp.	700		6,937
United America Indemnity Ltd., Class A*	8,745		64,625
United Fire & Casualty Co.	5,900		105,610
Unitrin, Inc.	10,300		200,747
Universal Insurance Holdings, Inc.^	2,500		12,575
Unum Group	48,500		1,039,840
Validus Holdings Ltd.	20,023		516,600
Wesco Financial Corp.	330		107,415
White Mountains Insurance Group Ltd.	1,900		583,319
Zenith National Insurance Corp.	9,500		293,550
			34,851,177
Real Estate Investment Trusts (REITs) (5.5%)
Acadia Realty Trust (REIT)	7,600		114,532
Agree Realty Corp. (REIT)	1,600		36,688
Alexander’s, Inc. (REIT)	200		59,176
Alexandria Real Estate Equities, Inc. (REIT)^	7,600		413,060
AMB Property Corp. (REIT)^	36,151		829,665
American Campus Communities, Inc. (REIT)^	13,226		355,118
American Capital Agency Corp. (REIT)	3,300		93,885
Anthracite Capital, Inc. (REIT)*^	21,600		22,680
Anworth Mortgage Asset Corp. (REIT)	26,000		204,880
Apartment Investment & Management Co. (REIT), Class A^	28,850		425,537
Ashford Hospitality Trust, Inc. (REIT)*^	32,500		112,450
Associated Estates Realty Corp. (REIT)	3,300		31,746
BioMed Realty Trust, Inc. (REIT)	24,132		333,022
Brandywine Realty Trust (REIT)^	32,159		355,035
BRE Properties, Inc. (REIT)^	12,600		394,380
Camden Property Trust (REIT)^	16,405		661,122
CapLease, Inc. (REIT)	11,300		45,539
Capstead Mortgage Corp. (REIT)	16,300		226,733
Care Investment Trust, Inc. (REIT)	3,300		25,311
CBL & Associates Properties, Inc. (REIT)^	38,192		370,462
Cedar Shopping Centers, Inc. (REIT)^	10,505		67,757
Chimera Investment Corp. (REIT)	431,083		1,646,737
Cogdell Spencer, Inc. (REIT)	7,000		33,600
Colonial Properties Trust (REIT)	12,600		122,598
Corporate Office Properties Trust/Maryland (REIT)^	14,400		531,072
Cousins Properties, Inc. (REIT)^	17,829		147,624
Cypress Sharpridge Investments, Inc. (REIT)*	3,500		49,700
DCT Industrial Trust, Inc. (REIT)^ .	52,006		265,751
Developers Diversified Realty Corp. (REIT)^	35,200		325,248
DiamondRock Hospitality Co. (REIT)*	27,286		221,017
Douglas Emmett, Inc. (REIT)^	30,600		375,768
Duke Realty Corp. (REIT)	55,200		662,952
DuPont Fabros Technology, Inc. (REIT)*	3,790		50,521
Dynex Capital, Inc. (REIT)	2,800		23,604
EastGroup Properties, Inc. (REIT)	2,500		95,550
Education Realty Trust, Inc. (REIT) .	15,000		88,950
Entertainment Properties Trust (REIT)^	8,600		293,604
Equity Lifestyle Properties, Inc. (REIT)^	2,500		106,975
Equity One, Inc. (REIT)^	8,200		128,494
Essex Property Trust, Inc. (REIT)^	6,900		549,102
Extra Space Storage, Inc. (REIT)	22,100		233,155
Federal Realty Investment Trust (REIT)^	12,766		783,449
FelCor Lodging Trust, Inc. (REIT)^ .	16,300		73,839
First Industrial Realty Trust, Inc. (REIT)	9,900		51,975
First Potomac Realty Trust (REIT)	7,000		80,920
Franklin Street Properties Corp. (REIT)	14,800		193,880
Getty Realty Corp. (REIT)	2,600		63,804
Gladstone Commercial Corp. (REIT)	2,100		28,728
Glimcher Realty Trust (REIT)	9,673		35,500
Government Properties Income Trust (REIT)*	2,500		60,025
Gramercy Capital Corp./New York (REIT)*	10,200		24,786
Hatteras Financial Corp. (REIT)	9,059		271,589
Health Care REIT, Inc. (REIT)	14,688		611,315
Healthcare Realty Trust, Inc. (REIT)^	14,519		306,786
Hersha Hospitality Trust (REIT)^	10,600		32,860
Highwoods Properties, Inc. (REIT)	17,500		550,375
Home Properties, Inc. (REIT)^	8,100		349,029
Hospitality Properties Trust (REIT)	43,801		892,226
HRPT Properties Trust (REIT)^	102,392		769,988
Inland Real Estate Corp. (REIT)	17,600		154,176

See Notes to Portfolio of Investments.

125

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Invesco Mortgage Capital, Inc. (REIT)*	1,900	$	41,515
Investors Real Estate Trust (REIT)	15,400		139,216
iStar Financial, Inc. (REIT)*^	25,800		78,432
Kilroy Realty Corp. (REIT)^	10,600		294,044
Kite Realty Group Trust (REIT)	10,900		45,453
LaSalle Hotel Properties (REIT)	15,611		306,912
Lexington Realty Trust (REIT)	20,802		106,089
Liberty Property Trust (REIT)	27,622		898,544
LTC Properties, Inc. (REIT)	5,200		125,008
Macerich Co. (REIT)	20,016		607,085
Mack-Cali Realty Corp. (REIT)^	19,339		625,230
Medical Properties Trust, Inc. (REIT)	43,082		336,470
MFA Financial, Inc. (REIT)	69,300		551,628
Mid-America Apartment Communities, Inc. (REIT)	3,500		157,955
Mission West Properties, Inc. (REIT)	6,388		42,991
Monmouth Real Estate Investment Corp. (REIT), Class A	5,500		38,280
National Health Investors, Inc. (REIT)	6,200		196,230
National Retail Properties, Inc. (REIT)^	19,700		422,959
Nationwide Health Properties, Inc. (REIT)	6,400		198,336
NorthStar Realty Finance Corp. (REIT)	14,300		50,193
Omega Healthcare Investors, Inc. (REIT)	16,800		269,136
One Liberty Properties, Inc. (REIT)	59		531
Parkway Properties, Inc./Maryland (REIT)	5,300		104,410
Pennsylvania Real Estate Investment Trust (REIT)^	9,960		75,796
Pennymac Mortgage Investment Trust (REIT)*	3,200		63,712
Post Properties, Inc. (REIT)	11,100		199,800
Potlatch Corp. (REIT)^	4,708		133,943
PS Business Parks, Inc. (REIT)	3,100		159,092
RAIT Financial Trust (REIT)	18,800		55,272
Ramco-Gershenson Properties Trust (REIT)	5,171		46,125
Rayonier, Inc. (REIT)	10,700		437,737
Realty Income Corp. (REIT)	25,900		664,335
Redwood Trust, Inc. (REIT)	16,900		261,950
Regency Centers Corp. (REIT)^	19,711		730,293
Resource Capital Corp. (REIT)	6,100		33,184
Saul Centers, Inc. (REIT)	500		16,050
Senior Housing Properties Trust (REIT)	30,300		579,033
SL Green Realty Corp. (REIT)^	19,000		833,150
Sovran Self Storage, Inc. (REIT)^	5,600		170,408
Strategic Hotels & Resorts, Inc. (REIT)*	20,400		52,836
Sun Communities, Inc. (REIT)^	4,100		88,232
Sunstone Hotel Investors, Inc. (REIT)*^	19,612		139,245
Tanger Factory Outlet Centers (REIT)	4,900		182,966
Taubman Centers, Inc. (REIT)^	13,300		479,864
Transcontinental Realty Investors, Inc.*	300		3,510
UDR, Inc. (REIT)	37,777		594,610
UMH Properties, Inc. (REIT)	1,700		13,855
Universal Health Realty Income Trust (REIT)	1,300		42,315
Urstadt Biddle Properties, Inc. (REIT), Class A	5,000		72,950
U-Store-It Trust (REIT)	19,100		119,375
Walter Investment Management Corp. (REIT)	4,500		72,090
Washington Real Estate Investment Trust (REIT)	13,000		374,400
Weingarten Realty Investors (REIT)^	25,799		513,916
Winthrop Realty Trust (REIT)	2,800		27,272
			29,340,013
Real Estate Management & Development (0.3%)
American Realty Investors, Inc.*	600		6,942
Avatar Holdings, Inc.*	1,700		32,300
BR Malls Participacoes S.A.*	30,200		356,618
China Housing & Land Development, Inc.*^	6,400		24,640
Consolidated-Tomoka Land Co.^	1,400		53,620
Forest City Enterprises, Inc., Class A	27,400		366,338
Forestar Group, Inc.*	9,272		159,293
Jones Lang LaSalle, Inc.	10,286		487,248
Multiplan Empreendimentos Imobiliarios SA	23,500		367,436
			1,854,435
Thrifts & Mortgage Finance (0.9%)
Abington Bancorp, Inc.	5,100		39,474
Astoria Financial Corp.^	31,752		350,542
Bank Mutual Corp.	11,800		104,312
BankFinancial Corp.	5,700		54,606
Beneficial Mutual Bancorp, Inc.*^	18,789		171,544
Berkshire Hills Bancorp, Inc.	3,500		76,790
Brookline Bancorp, Inc.	11,200		108,864
Brooklyn Federal Bancorp, Inc.	400		4,880
Cheviot Financial Corp.	600		5,136
Clifton Savings Bancorp, Inc.	2,500		24,500
Danvers Bancorp, Inc.^	4,400		59,796
Dime Community Bancshares, Inc.^	6,300		72,009
Doral Financial Corp.*^	1,900		7,030
ESB Financial Corp.	4,150		55,568
ESSA Bancorp, Inc.	4,100		54,161
First Defiance Financial Corp.^	3,220		48,010
First Financial Holdings, Inc.^	3,200		51,104
First Financial Northwest, Inc.	5,100		29,682
First Financial Service Corp.	1,000		13,470
First Niagara Financial Group, Inc.	42,500		524,025
Flagstar Bancorp, Inc.*^	22,200		22,866
Flushing Financial Corp.	5,900		67,260
Fox Chase Bancorp, Inc.*	1,300		13,026
Harleysville Savings Financial Corp.	856		12,395
Heritage Financial Group	400		3,312
HF Financial Corp.	200		2,196
Home Federal Bancorp, Inc./Idaho	4,200		47,964
HopFed Bancorp, Inc.	434		4,449
Kearny Financial Corp.	4,100		42,722
Kentucky First Federal Bancorp	600		7,494
K-Fed Bancorp	1,000		9,020
Legacy Bancorp., Inc./Massachusetts	1,800		18,900
Meridian Interstate Bancorp, Inc.*	2,600		22,100
MGIC Investment Corp.*^	31,500		233,415
NASB Financial, Inc.	1,000		26,300
New Hampshire Thrift Bancshares, Inc.	1,640		15,547
New York Community Bancorp, Inc.	22,800		260,376
NewAlliance Bancshares, Inc.^	26,727		285,979

See Notes to Portfolio of Investments.

126

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Northeast Community Bancorp, Inc.^	1,500	$	11,070
Northwest Bancorp, Inc.	4,500		102,780
OceanFirst Financial Corp.	5,017		58,197
Ocwen Financial Corp.*^	13,700		155,084
Oritani Financial Corp.^	600		8,184
PMI Group, Inc.^	19,438		82,611
Provident Financial Services, Inc.^	15,000		154,350
Provident New York Bancorp	8,700		83,085
Prudential Bancorp, Inc. of Pennsylvania	200		2,008
Radian Group, Inc.^	21,074		222,963
Rockville Financial, Inc.	2,200		23,650
Roma Financial Corp.	1,200		14,916
Territorial Bancorp, Inc.*	2,500		39,200
TF Financial Corp.	300		5,775
TFS Financial Corp.	18,300		217,770
Tree.com, Inc.*	2,600		19,630
TrustCo Bank Corp. NY/New York^	11,800		73,750
United Financial Bancorp, Inc.	3,400		39,372
United Western Bancorp, Inc.	2,200		8,734
Washington Federal, Inc.	27,700		467,022
Waterstone Financial, Inc.*	2,600		13,156
Westfield Financial, Inc.^	7,900		66,913
WSFS Financial Corp.	1,700		45,288
			4,866,332
Total Financials			109,265,409
Health Care (5.3%)
Biotechnology (0.2%)
ArQule, Inc.*	4,800		21,792
Celera Corp.*	16,300		101,549
Facet Biotech Corp.*	5,000		86,450
Geron Corp.*^	11,100		72,816
Infinity Pharmaceuticals, Inc.*^	2,400		14,952
Lexicon Pharmaceuticals, Inc.*^	11,500		24,495
Martek Biosciences Corp.*	6,800		153,612
Maxygen, Inc.*	1,000		6,690
Myriad Pharmaceuticals, Inc.*^	500		2,930
Nabi Biopharmaceuticals*	3,500		12,565
PDL BioPharma, Inc.^	26,292		207,181
Progenics Pharmaceuticals, Inc.*^	1,600		8,384
Theravance, Inc.*^	9,240		135,273
			848,689
Health Care Equipment & Supplies (1.3%)
Analogic Corp.	1,100		40,722
AngioDynamics, Inc.*	4,400		60,632
Aspect Medical Systems, Inc.*	3,900		46,722
Cantel Medical Corp.*	1,704		25,662
Cardiac Science Corp.*	3,700		14,800
CONMED Corp.*	7,500		143,775
Cooper Cos., Inc.	16,302		484,658
CryoLife, Inc.*	600		4,782
Cutera, Inc.*	2,400		20,760
Cynosure, Inc., Class A*	2,400		27,960
ev3, Inc.*	19,100		235,121
Greatbatch, Inc.*^	1,658		37,255
Hansen Medical, Inc.*^	1,200		4,200
Hill-Rom Holdings, Inc.	9,400		204,732
Hologic, Inc.*	57,200		934,648
Home Diagnostics, Inc.*	2,000		13,520
I-Flow Corp.*	3,100		35,309
Invacare Corp.^	7,858		175,076
Inverness Medical Innovations, Inc.*^	10,800		418,284
Kewaunee Scientific Corp.	500		7,040
Kinetic Concepts, Inc.*	15,120		559,138
Medical Action Industries, Inc.*	694		8,377
National Dentex Corp.*	800		6,816
Natus Medical, Inc.*	1,800		27,774
OraSure Technologies, Inc.*	1,100		3,190
Palomar Medical Technologies, Inc.*	1,200		19,452
RTI Biologics, Inc.*	8,700		37,845
Span-America Medical Systems, Inc.	700		9,107
Symmetry Medical, Inc.*	7,100		73,627
Teleflex, Inc.	7,146		345,223
TomoTherapy, Inc.*	6,000		25,980
Volcano Corp.*^	2,900		48,778
Young Innovations, Inc.	400		10,524
Zimmer Holdings, Inc.*	53,535		2,861,446
Zoll Medical Corp.*	700		15,064
			6,987,999
Health Care Providers & Services (2.6%)
Aetna, Inc	63,842		1,776,723
Alliance HealthCare Services, Inc.*	700		3,962
Allied Healthcare International, Inc.*	9,400		26,320
Allion Healthcare, Inc.*^	4,700		27,495
Amedisys, Inc.*^	400		17,452
American Dental Partners, Inc.*^	4,000		56,000
AmerisourceBergen Corp.	27,680		619,478
Amsurg Corp.*^	7,800		165,594
Assisted Living Concepts, Inc., Class A*	2,480		51,386
Brookdale Senior Living, Inc.	11,300		204,869
Capital Senior Living Corp.*	6,400		39,040
Centene Corp.*	4,944		93,639
Chindex International, Inc.*^	300		3,774
CIGNA Corp.	33,300		935,397
Community Health Systems, Inc.*^	11,540		368,472
Continuecare Corp.*	1,000		3,020
Cross Country Healthcare, Inc.*	7,000		65,170
Emdeon, Inc., Class A*	1,500		24,300
Gentiva Health Services, Inc.*	4,600		115,046
Hanger Orthopedic Group, Inc.*	5,100		70,737
Health Net, Inc.*	54,630		841,302
Healthspring, Inc.*	12,600		154,350
Healthways, Inc.*	8,000		122,560
Humana, Inc.*	50,643		1,888,984
inVentiv Health, Inc.*	5,600		93,688
Kindred Healthcare, Inc.*	9,800		159,054
Laboratory Corp. of America Holdings*	5,780		379,746
Landauer, Inc.	1,000		54,980
LCA-Vision, Inc.*^	1,500		10,515
LifePoint Hospitals, Inc.*^	13,777		372,806
Lincare Holdings, Inc.*	3,300		103,125
Magellan Health Services, Inc.*	8,800		273,328
MedCath Corp.*^	4,100		35,957
MEDNAX, Inc.*	7,800		428,376
Molina Healthcare, Inc.*	3,300		68,277
National Healthcare Corp.	1,100		41,019
Nighthawk Radiology Holdings, Inc.*	6,100		44,103
NovaMed, Inc.*^	2,000		9,060
Odyssey HealthCare, Inc.*	4,100		51,250
Omnicare, Inc.	90,411		2,036,056
Owens & Minor, Inc.^	2,100		95,025
Psychiatric Solutions, Inc.*^	4,500		120,420
RadNet, Inc.*	700		1,813
RehabCare Group, Inc.*	1,000		21,690
Res-Care, Inc.*	6,300		89,523
Skilled Healthcare Group, Inc., Class A*	5,300		42,559

See Notes to Portfolio of Investments.

127

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Sun Healthcare Group, Inc.*	10,900	$	94,176
Sunrise Senior Living, Inc.*	11,300		34,239
Tenet Healthcare Corp.*	38,500		226,380
Triple-S Management Corp., Class B*^	4,900		82,173
U.S. Physical Therapy, Inc.*	1,600		24,112
Universal American Corp.*	14,356		135,233
Universal Health Services, Inc., Class B	10,500		650,265
WellCare Health Plans, Inc.*	10,600		261,290
			13,715,308
Health Care Technology (0.1%)
AMICAS, Inc.*	2,200		7,920
IMS Health, Inc.	34,800		534,180
Medidata Solutions, Inc.*	200		3,030
MedQuist, Inc.^	2,300		14,628
Omnicell, Inc.*	1,100		12,254
QuadraMed Corp.*	1,000		7,000
Vital Images, Inc.*	1,100		13,772
			592,784
Life Sciences Tools & Services (0.2%)
Affymetrix, Inc.*	2,400		21,072
Albany Molecular Research, Inc.*^	5,800		50,228
Cambrex Corp.*	700		4,410
Charles River Laboratories International, Inc.*^	5,500		203,390
Enzo Biochem, Inc.*	2,900		20,532
Harvard Bioscience, Inc.*	300		1,137
Kendle International, Inc.*	2,900		48,488
PerkinElmer, Inc.	22,600		434,824
Varian, Inc.*	5,428		277,154
			1,061,235
Pharmaceuticals (0.9%)
Adolor Corp.*	5,400		8,586
Biodel, Inc.*^	300		1,611
BMP Sunstone Corp.*	1,000		4,070
Caraco Pharmaceutical Laboratories Ltd.*	1,600		8,144
Cumberland Pharmaceuticals, Inc.*	200		3,238
Endo Pharmaceuticals Holdings, Inc.*	42,860		969,922
Hi-Tech Pharmacal Co., Inc.*^	1,600		35,904
Impax Laboratories, Inc.*	94,860		829,076
King Pharmaceuticals, Inc.*	110,500		1,190,085
KV Pharmaceutical Co., Class A*^	4,400		13,508
Medicines Co.*	3,900		42,939
Medicis Pharmaceutical Corp., Class A	12,700		271,145
Par Pharmaceutical Cos., Inc.*	8,900		191,439
SuperGen, Inc.*	5,300		14,151
ViroPharma, Inc.*	15,500		149,110
Watson Pharmaceuticals, Inc.*	34,532		1,265,253
			4,998,181
Total Health Care			28,204,196
Industrials (10.2%)
Aerospace & Defense (0.6%)
AAR Corp.*^	8,818		193,467
Alliant Techsystems, Inc.*	2,480		193,068
Argon ST, Inc.*	600		11,430
Ascent Solar Technologies, Inc.*	3,200		24,128
Astronics Corp.*^	400		3,760
BE Aerospace, Inc.*	12,100		243,694
Ceradyne, Inc.*	6,700		122,811
Curtiss-Wright Corp.	11,100		378,843
Ducommun, Inc.	2,900		54,839
DynCorp International, Inc., Class A*	5,500		99,000
Esterline Technologies Corp.*	5,000		196,050
Herley Industries, Inc.*	3,400		44,370
Ladish Co., Inc.*	4,400		66,572
LMI Aerospace, Inc.*	1,200		12,036
Moog, Inc., Class A*	10,500		309,750
SIFCO Industries, Inc.*	800		11,760
Spirit AeroSystems Holdings, Inc., Class A*^	17,769		320,908
Teledyne Technologies, Inc.*	16,800		604,632
Todd Shipyards Corp.	1,400		23,016
Triumph Group, Inc.	4,200		201,558
			3,115,692
Air Freight & Logistics (0.1%)
Air Transport Services Group, Inc.*	5,400		18,684
Atlas Air Worldwide Holdings, Inc.*	4,300		137,471
Dynamex, Inc.*	900		14,697
Forward Air Corp.^	3,800		87,970
Hub Group, Inc., Class A*	4,800		109,680
Pacer International, Inc.^	8,700		33,582
UTi Worldwide, Inc.	1,900		27,512
			429,596
Airlines (0.5%)
Alaska Air Group, Inc.*	8,714		233,448
Delta Air Lines, Inc.*	117,980		1,057,101
JetBlue Airways Corp.*	64,188		383,844
Republic Airways Holdings, Inc.*	15,020		140,137
SkyWest, Inc.	31,340		519,617
U.S. Airways Group, Inc.*	39,300		184,710
UAL Corp.*	2,100		19,362
			2,538,219
Building Products (0.3%)
American Woodmark Corp.^	2,600		50,284
Ameron International Corp.	2,287		160,044
Apogee Enterprises, Inc.^	6,685		100,409
Armstrong World Industries, Inc.*^	2,900		99,934
Builders FirstSource, Inc.*^	2,222		9,688
Gibraltar Industries, Inc.	9,100		120,757
Griffon Corp.*	10,900		109,763
Insteel Industries, Inc.	4,700		56,165
NCI Building Systems, Inc.*^	5,195		16,624
Owens Corning, Inc.*	12,000		269,400
Quanex Building Products Corp.	3,900		56,004
Simpson Manufacturing Co., Inc.^	2,128		53,753
Trex Co., Inc.*^	400		7,280
Universal Forest Products, Inc.^	10,820		426,957
USG Corp.*	10,300		176,954
			1,714,016
Commercial Services & Supplies (0.8%)
ABM Industries, Inc.^	8,900		187,256
ACCO Brands Corp.*	13,093		94,532
American Reprographics Co.*	1,900		18,088
Amrep Corp.*	600		7,920
ATC Technology Corp.*	1,300		25,688
Bowne & Co., Inc.	10,165		78,271
Clean Harbors, Inc.*	300		16,878
Consolidated Graphics, Inc.*	2,400		59,880
Cornell Cos., Inc.*	2,800		62,832
Corrections Corp. of America*	25,300		573,045
Courier Corp.	2,300		34,845
Covanta Holding Corp.*	31,900		542,300
Deluxe Corp.	11,200		191,520
EnergySolutions, Inc.	17,100		157,662
Ennis, Inc.	6,800		109,684
Fuel Tech, Inc.*	900		10,080

See Notes to Portfolio of Investments.

128

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
G&K Services, Inc., Class A	4,700	$	104,152
GEO Group, Inc.*	2,500		50,425
GeoEye, Inc.*^	200		5,360
HNI Corp.^	3,100		73,160
ICT Group, Inc.*	400		4,200
Innerworkings, Inc.*	1,100		5,434
Kimball International, Inc., Class B	8,100		61,803
M&F Worldwide Corp.*	3,000		60,720
McGrath RentCorp.	5,100		108,477
Metalico, Inc.*	6,800		28,356
Mine Safety Appliances Co.	500		13,755
Mobile Mini, Inc.*	6,600		114,576
Multi-Color Corp.	500		7,715
North American Galvanizing & Coatings, Inc.*^	1,800		10,926
R.R. Donnelley & Sons Co.	22,530		478,988
Schawk, Inc.^	4,300		50,181
Standard Parking Corp.*	1,500		26,235
Standard Register Co.^	2,000		11,760
Steelcase, Inc., Class A	17,800		110,538
Team, Inc.*	200		3,390
United Stationers, Inc.*	13,747		654,495
Viad Corp.	4,900		97,559
Virco MFG. Corp.	1,607		4,837
Waste Connections, Inc.*	5,300		152,958
Waste Services, Inc.*^	3,900		18,018
			4,428,499
Construction & Engineering (1.0%)
Comfort Systems USA, Inc.^	21,389		247,899
Dycom Industries, Inc.*	13,600		167,280
EMCOR Group, Inc.*^	26,300		665,916
Furmanite Corp.*	3,500		15,085
Granite Construction, Inc.^	7,400		228,956
Great Lakes Dredge & Dock Corp.	700		4,886
Insituform Technologies, Inc., Class A*	10,046		192,281
Integrated Electrical Services, Inc.*	1,000		8,050
KBR, Inc.	39,600		922,284
Layne Christensen Co.*	4,900		157,045
MasTec, Inc.*	3,700		44,955
Michael Baker Corp.*	2,116		76,895
Northwest Pipe Co.*	2,338		78,393
Pike Electric Corp.*	2,600		31,148
Primoris Services Corp.^	2,000		14,420
Shaw Group, Inc.*	57,100		1,832,339
Sterling Construction Co., Inc.*^	3,000		53,730
Tutor Perini Corp.*^	6,424		136,831
URS Corp.*	8,280		361,422
			5,239,815
Electrical Equipment (1.0%)
A. O. Smith Corp.	5,500		209,550
Acuity Brands, Inc.^	2,400		77,304
AMETEK, Inc.	15,500		541,105
Baldor Electric Co.^	9,404		257,106
Belden, Inc.	11,683		269,877
Brady Corp., Class A	12,000		344,640
Chase Corp.	1,300		15,210
China BAK Battery, Inc.*	9,400		46,530
Encore Wire Corp.^	6,600		147,444
Energy Conversion Devices, Inc.*^	1,800		20,844
EnerSys*	10,100		223,412
Evergreen Solar, Inc.*^	22,000		42,240
Franklin Electric Co., Inc.^	5,800		166,286
FuelCell Energy, Inc.*	3,000		12,810
Fushi Copperweld, Inc.*^	4,300		36,378
General Cable Corp.*	20,000		783,000
GrafTech International Ltd.*	18,400		270,480
Hubbell, Inc., Class B	12,500		525,000
II-VI, Inc.*	2,000		50,880
LaBarge, Inc.*^	400		4,500
LSI Industries, Inc.	4,700		31,255
Orion Energy Systems, Inc.*	4,400		13,772
Polypore International, Inc.*^	3,900		50,349
Power-One, Inc.*^	19,800		38,610
PowerSecure International, Inc.*	3,100		21,018
Preformed Line Products Co.	100		4,005
Regal-Beloit Corp.^	9,004		411,573
Roper Industries, Inc.	3,200		163,136
SatCon Technology Corp.*	2,000		3,420
Thomas & Betts Corp.*	20,100		604,608
Ultralife Corp.*	200		1,212
Valence Technology, Inc.*	4,600		8,280
Vicor Corp.*	2,900		22,388
Woodward Governor Co.	3,100		75,206
			5,493,428
Industrial Conglomerates (0.3%)
Carlisle Cos., Inc.	11,207		380,029
Otter Tail Corp.^	8,900		212,977
Seaboard Corp.	87		113,102
Standex International Corp.	2,900		57,507
Textron, Inc.	19,400		368,212
Tredegar Corp.	7,400		107,300
United Capital Corp.*	704		16,277
			1,255,404
Machinery (3.8%)
3D Systems Corp.*^	1,700		15,691
Actuant Corp., Class A	9,382		150,675
AGCO Corp.*	163,301		4,512,007
Alamo Group, Inc.	1,400		22,120
Albany International Corp., Class A	6,800		131,920
Altra Holdings, Inc.*	5,800		64,902
American Railcar Industries, Inc.	2,300		24,403
Ampco-Pittsburgh Corp.	1,200		31,908
Astec Industries, Inc.*^	4,500		114,615
Barnes Group, Inc.^	14,100		240,969
Blount International, Inc.*^	6,500		61,555
Briggs & Stratton Corp.^	12,500		242,625
Bucyrus International, Inc.^	14,600		520,052
Cascade Corp.	2,200		58,828
Chart Industries, Inc.*	1,100		23,749
CIRCOR International, Inc.	4,200		118,692
CLARCOR, Inc.	8,000		250,880
Colfax Corp.*	4,200		44,646
Columbus McKinnon Corp.*	4,800		72,720
Crane Co.	6,000		154,860
Dover Corp.	10,520		407,755
Eastern Co.	1,500		23,850
EnPro Industries, Inc.*^	5,000		114,300
Federal Signal Corp.	13,800		99,222
Flow International Corp.*	1,300		3,367
FreightCar America, Inc.	3,200		77,760
Gardner Denver, Inc.*	13,100		456,928
Gorman-Rupp Co.^	1,300		32,383
Graco, Inc.	8,200		228,534
Graham Corp.	900		13,995
Greenbrier Cos., Inc.	4,600		53,866
Harsco Corp.	5,400		191,214
Hurco Cos., Inc.*^	1,500		25,620
IDEX Corp.	8,300		231,985
John Bean Technologies Corp.	6,900		125,373

See Notes to Portfolio of Investments.

129

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Kadant, Inc.*	3,500	$	42,455
Kaydon Corp.	8,300		269,086
Kennametal, Inc.	41,200		1,013,932
K-Tron International, Inc.*	100		9,521
L.B. Foster Co., Class A*	2,700		82,566
L.S. Starrett Co., Class A	300		3,120
Lincoln Electric Holdings, Inc.	10,500		498,225
Lindsay Corp.	200		7,876
Manitowoc Co., Inc.^	32,600		308,722
Met-Pro Corp.	800		7,752
MFRI, Inc.*	200		1,480
Miller Industries, Inc.*	2,500		27,500
Mueller Industries, Inc.	12,020		286,917
Mueller Water Products, Inc., Class A	37,600		206,048
NACCO Industries, Inc., Class A	1,300		78,091
Navistar International Corp.*	9,400		351,748
Nordson Corp.	5,600		314,104
Oshkosh Corp.	25,068		775,353
Pentair, Inc.	42,328		1,249,523
Portec Rail Products, Inc.	800		7,592
RBC Bearings, Inc.*	300		6,999
Robbins & Myers, Inc.	6,100		143,228
Sauer-Danfoss, Inc.	2,500		19,175
Snap-On, Inc.	10,500		364,980
SPX Corp.	12,100		741,367
Stanley Works	19,504		832,626
Sun Hydraulics Corp.^	1,800		37,908
Tata Motors Ltd. (ADR)	110,427		1,431,134
Tecumseh Products Co., Class A*	4,600		52,118
Terex Corp.*	26,400		547,272
Timken Co.	24,000		562,320
Titan International, Inc.	8,800		78,320
Trimas Corp.*	1,600		8,160
Trinity Industries, Inc.^	19,871		341,582
Twin Disc, Inc.	2,600		32,422
Watts Water Technologies, Inc., Class A	7,400		223,850
			19,909,041
Marine (0.2%)
Alexander & Baldwin, Inc.^	10,400		333,736
American Commercial Lines, Inc.*	2,300		66,976
Eagle Bulk Shipping, Inc.	16,300		83,619
Genco Shipping & Trading Ltd.^	7,450		154,811
Horizon Lines, Inc., Class A	7,500		47,625
International Shipholding Corp.	3,380		104,138
Kirby Corp.*	10,700		393,974
TBS International Ltd., Class A*	3,300		28,710
Ultrapetrol Bahamas Ltd.*	6,219		30,597
			1,244,186
Professional Services (0.3%)
Barrett Business Services, Inc.	1,900		20,102
CDI Corp.	2,900		40,745
COMSYS IT Partners, Inc.*	3,600		23,040
CRA International, Inc.*	400		10,916
Diamond Management & Technology Consultants, Inc.	400		2,740
Equifax, Inc.	6,865		200,046
First Advantage Corp., Class A*	2,900		53,795
Franklin Covey Co.*^	500		2,925
GP Strategies Corp.*	1,500		11,235
Heidrick & Struggles International, Inc.	4,100		95,366
Hill International, Inc.*	700		4,970
Kelly Services, Inc., Class A	5,900		72,570
Kforce, Inc.*	7,500		90,150
Korn/Ferry International*^	10,500		153,195
Monster Worldwide, Inc.*	13,100		228,988
MPS Group, Inc.*	23,500		247,220
National Technical Systems, Inc.	300		1,596
On Assignment, Inc.*	8,900		52,065
School Specialty, Inc.*^	3,000		71,160
Spherion Corp.*	13,000		80,730
TrueBlue, Inc.*	10,900		153,363
Volt Information Sciences, Inc.*^	3,200		39,104
VSE Corp.	600		23,406
Watson Wyatt Worldwide, Inc., Class A	1,900		82,764
			1,762,191
Road & Rail (1.0%)
Amerco, Inc.*	2,200		100,892
Arkansas Best Corp.^	6,369		190,688
Avis Budget Group, Inc.*^	10,648		142,257
Canadian Pacific Railway Ltd.	33,355		1,559,346
Celadon Group, Inc.*	1,000		11,310
Con-way, Inc.	12,440		476,701
Dollar Thrifty Automotive Group, Inc.*^	5,300		130,327
Heartland Express, Inc.	4,700		67,680
Hertz Global Holdings, Inc.*	46,010		498,288
J.B. Hunt Transport Services, Inc.	10,100		324,513
Kansas City Southern*^	12,500		331,125
Knight Transportation, Inc.^	3,000		50,340
Old Dominion Freight Line, Inc.*^	5,800		176,494
Patriot Transportation Holding, Inc.*	100		7,550
Ryder System, Inc.	19,600		765,576
Saia, Inc.*	3,200		51,456
Universal Truckload Services, Inc.	1,500		24,765
USA Truck, Inc.*	600		7,620
Werner Enterprises, Inc.	10,600		197,478
YRC Worldwide, Inc.*^	13,400		59,630
			5,174,036
Trading Companies & Distributors (0.3%)
Aceto Corp.	6,200		40,920
Aircastle Ltd.	27,436		265,306
Applied Industrial Technologies, Inc.	10,600		224,296
Beacon Roofing Supply, Inc.*	3,700		59,126
BlueLinx Holdings, Inc.*	2,900		11,629
DXP Enterprises, Inc.*	1,900		21,185
GATX Corp.^	6,700		187,265
H&E Equipment Services, Inc.*	12,500		141,625
Houston Wire & Cable Co.	2,500		27,625
Interline Brands, Inc.*	8,460		142,551
Kaman Corp.	900		19,782
Lawson Products, Inc.	900		15,669
Rush Enterprises, Inc., Class A*^	6,200		80,104
TAL International Group, Inc.^	3,600		51,192
Textainer Group Holdings Ltd.	3,460		55,394
Titan Machinery, Inc.*^	300		3,756
United Rentals, Inc.*	15,700		161,710
Watsco, Inc.^	500		26,955
WESCO International, Inc.*^	5,490		158,112
Willis Lease Finance Corp.*	2,798		38,249
			1,732,451
Transportation Infrastructure (0.0%)
CAI International, Inc.*	2,400		17,688
Total Industrials			54,054,262

See Notes to Portfolio of Investments.

130

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Information Technology (7.4%)
Communications Equipment (1.2%)
3Com Corp.*	40,950	$	214,169
ADC Telecommunications, Inc.*^	19,426		162,013
ADTRAN, Inc.^	3,100		76,105
Airvana, Inc.*	2,600		17,602
Anaren, Inc.*	400		6,800
Arris Group, Inc.*	17,217		223,993
Avocent Corp.*	17,700		358,779
Bel Fuse, Inc., Class B	2,800		53,284
Black Box Corp.	10,683		268,036
Brocade Communications Systems, Inc.*	79,936		628,297
Ciena Corp.*^	20,200		328,856
Cogo Group, Inc.*	6,300		38,556
CommScope, Inc.*	23,100		691,383
Communications Systems, Inc.	1,500		17,520
Digi International, Inc.*	4,000		34,080
EchoStar Corp., Class A*	9,800		180,908
Emcore Corp.*	18,800		24,440
EMS Technologies, Inc.*	643		13,387
Emulex Corp.*	1,600		16,464
Extreme Networks, Inc.*	24,800		69,440
Globecomm Systems, Inc.*	5,200		37,804
Harmonic, Inc.*	5,600		37,408
Harris Stratex Networks, Inc., Class A*	14,500		101,500
JDS Uniphase Corp.*	62,820		446,650
KVH Industries, Inc.*	200		1,998
NETGEAR, Inc.*	6,400		117,440
Network Equipment Technologies, Inc.*^	3,600		26,028
Oplink Communications, Inc.*	1,400		20,328
Opnext, Inc.*	7,000		20,510
Palm, Inc.*^	4,000		69,720
PC-Tel, Inc.*	4,100		25,625
Plantronics, Inc.	1,500		40,215
Polycom, Inc.*^	12,700		339,725
Powerwave Technologies, Inc.*^	32,200		51,520
SeaChange International, Inc.*	3,800		28,500
Sonus Networks, Inc.*	51,600		109,392
Sycamore Networks, Inc.*^	48,100		145,262
Symmetricom, Inc.*	11,800		61,124
Tekelec*	20,386		334,942
Tellabs, Inc.*	104,400		722,448
UTStarcom, Inc.*^	30,700		64,163
			6,226,414
Computers & Peripherals (0.3%)
ActivIdentity Corp.*	7,700		21,329
Adaptec, Inc.*	31,500		105,210
Avid Technology, Inc.*^	5,600		78,904
Cray, Inc.*^	3,800		31,654
Diebold, Inc.	2,100		69,153
Electronics for Imaging, Inc.*	12,300		138,621
Imation Corp.^	7,100		65,817
Interphase Corp.*	1,200		5,700
Intevac, Inc.*^	5,600		75,264
Lexmark International, Inc., Class A*	27,954		602,129
NetApp, Inc.*	13,660		364,449
QLogic Corp.*^	10,300		177,160
Rimage Corp.*	2,500		42,725
Silicon Graphics International Corp.*^	6,700		44,957
Super Micro Computer, Inc.*	2,100		17,766
			1,840,838
Electronic Equipment, Instruments & Components (2.6%)
Agilysys, Inc.^	3,800		25,042
Anixter International, Inc.*^	6,300		252,693
Arrow Electronics, Inc.*	61,130		1,720,809
Avnet, Inc.*	24,800		644,056
AVX Corp.	9,600		114,528
Benchmark Electronics, Inc.*	14,500		261,000
Checkpoint Systems, Inc.*	7,424		122,051
China Security & Surveillance Technology, Inc.*	1,600		11,424
Cognex Corp.	8,100		132,678
Coherent, Inc.*^	5,400		125,928
CPI International, Inc.*	1,258		14,077
CTS Corp.	8,600		79,980
Daktronics, Inc.	1,100		9,427
DDi Corp.*	3,000		12,750
Echelon Corp.*^	2,300		29,601
Electro Rent Corp.	4,900		56,448
Electro Scientific Industries, Inc.*	7,200		96,408
FARO Technologies, Inc.*	400		6,872
Flextronics International Ltd.*	94,280		703,329
ICx Technologies, Inc.*^	2,300		13,616
Ingram Micro, Inc., Class A*	178,093		3,000,867
Insight Enterprises, Inc.*	10,000		122,100
Itron, Inc.*^	700		44,898
Jabil Circuit, Inc.	23,600		316,476
Kingboard Laminates Holdings Ltd.	956,300		615,730
L-1 Identity Solutions, Inc.*^	4,100		28,659
Littelfuse, Inc.*	5,417		142,142
Measurement Specialties, Inc.*	4,307		43,974
Mercury Computer Systems, Inc.*	5,400		53,244
Methode Electronics, Inc.	8,900		77,163
Molex, Inc.	29,800		622,224
MTS Systems Corp.	3,700		108,077
Newport Corp.*^	9,400		82,344
OSI Systems, Inc.*	700		12,803
PAR Technology Corp.*	700		4,466
Park Electrochemical Corp.	1,900		46,835
PC Connection, Inc.*	1,800		9,792
PC Mall, Inc.*	1,900		13,034
Plexus Corp.*	6,611		174,134
Rofin-Sinar Technologies, Inc.*	4,000		91,840
Rogers Corp.*	3,000		89,910
Scansource, Inc.*^	6,300		178,416
SMART Modular Technologies (WWH), Inc.*	9,200		43,792
Spectrum Control, Inc.*	3,100		26,319
SYNNEX Corp.*^	8,230		250,850
Tech Data Corp.*	66,202		2,754,665
Technitrol, Inc.	10,303		94,891
TESSCO Technologies, Inc.	1,327		23,090
TTM Technologies, Inc.*	10,800		123,876
Vicon Industries, Inc.*	500		2,925
Vishay Intertechnology, Inc.*	36,757		290,380
X-Rite, Inc.*^	6,500		13,065
Zygo Corp.*	3,500		23,730
			13,959,428
Internet Software & Services (0.3%)
Digital River, Inc.*	1,900		76,608
DivX, Inc.*	3,000		16,380
EarthLink, Inc.	47,100		396,111
IAC/InterActiveCorp*^	13,100		264,489
InfoSpace, Inc.*	3,600		27,864
Internap Network Services Corp.*	12,700		40,767
Internet Brands, Inc., Class A*^	2,700		21,546

See Notes to Portfolio of Investments.

131

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Internet Capital Group, Inc.*	4,300	$	35,948
Ipass, Inc.*	12,600		17,388
j2 Global Communications, Inc.*	900		20,709
Keynote Systems, Inc.*	1,600		15,088
LogMeIn, Inc.*	300		5,493
Marchex, Inc., Class B	2,200		10,802
ModusLink Global Solutions, Inc.*	10,800		87,372
Omniture, Inc.*^	1,000		21,440
Open Text Corp.*	159		5,936
Openwave Systems, Inc.*	14,700		38,220
Perficient, Inc.*^	5,600		46,312
RealNetworks, Inc.*	10,100		37,572
support.com, Inc.*	8,900		21,360
TechTarget, Inc.*^	2,900		16,530
United Online, Inc.	45,056		362,250
Web.com Group, Inc.*	6,600		46,794
			1,632,979
IT Services (0.7%)
Acxiom Corp.*	3,100		29,326
Broadridge Financial Solutions, Inc.	13,300		267,330
CACI International, Inc., Class A*	8,820		416,922
China Information Security Technology, Inc.*	900		4,986
CIBER, Inc.*	39,236		156,944
Computer Task Group, Inc.*	2,500		20,275
Convergys Corp.*	43,196		429,368
CSG Systems International, Inc.*	6,800		108,868
DST Systems, Inc.*	1,200		53,760
Euronet Worldwide, Inc.*	1,500		36,045
Global Cash Access Holdings, Inc.*^	900		6,579
Hackett Group, Inc.*	4,800		13,920
infoGROUP, Inc.*	7,400		51,874
Information Services Group, Inc.*	5,900		23,541
Integral Systems, Inc.*	3,200		22,080
ManTech International Corp., Class A*	1,100		51,876
MAXIMUS, Inc.	400		18,640
MoneyGram International, Inc.*^	3,000		9,420
Ness Technologies, Inc.*	9,500		74,955
Online Resources Corp.*	2,200		13,574
Perot Systems Corp., Class A*	17,400		516,780
SAIC, Inc.*	13,565		237,930
SRA International, Inc., Class A*	7,500		161,925
StarTek, Inc.*	2,500		21,700
TechTeam Global, Inc.*	1,200		10,200
Tier Technologies, Inc., Class B*	2,100		17,808
Total System Services, Inc.	11,300		182,043
Unisys Corp.*	87,464		233,529
Virtusa Corp.*	900		8,541
Western Union Co.	16,900		319,748
			3,520,487
Office Electronics (0.0%)
Zebra Technologies Corp., Class A*^	1,400		36,302
Semiconductors & Semiconductor Equipment (1.6%)
Actel Corp.*	4,500		54,765
Advanced Energy Industries, Inc.*	1,800		25,632
Advanced Micro Devices, Inc.*	66,088		374,058
ANADIGICS, Inc.*	3,100		14,601
Atmel Corp.*^	111,300		466,347
ATMI, Inc.*	5,500		99,825
Brooks Automation, Inc.*^	16,800		129,864
Cabot Microelectronics Corp.*^	5,200		181,272
CEVA, Inc.*	700		7,525
Cirrus Logic, Inc.*	5,360		29,802
Cohu, Inc.	5,800		78,648
Cymer, Inc.*^	7,400		287,564
Cypress Semiconductor Corp.*^	6,200		64,046
DSP Group, Inc.*	6,100		49,654
Entegris, Inc.*	29,600		146,520
Exar Corp.*	8,600		63,210
Fairchild Semiconductor International, Inc.*^	31,277		319,964
FEI Co.*	743		18,315
FormFactor, Inc.*	700		16,744
GSI Technology, Inc.*	4,600		18,354
Integrated Device Technology, Inc.*	32,500		219,700
International Rectifier Corp.*	10,005		194,997
Intersil Corp., Class A	15,400		235,774
IXYS Corp.	1,100		9,361
Lattice Semiconductor Corp.*	26,400		59,400
Linear Technology Corp.^	15,900		439,317
LSI Corp.*	160,300		880,047
MEMSIC, Inc.*	3,600		13,500
Micrel, Inc.	6,700		54,605
Microtune, Inc.*^	5,100		9,282
MKS Instruments, Inc.*	12,312		237,499
Novellus Systems, Inc.*	9,684		203,170
OmniVision Technologies, Inc.*	12,900		210,012
Pericom Semiconductor Corp.*	6,300		61,803
Photronics, Inc.*	17,600		83,424
Pixelworks, Inc.*	530		1,791
PMC-Sierra, Inc.*	55,100		526,756
RF Micro Devices, Inc.*	5,000		27,150
Rudolph Technologies, Inc.*	4,700		34,780
Semitool, Inc.*	4,700		39,715
Sigma Designs, Inc.*^	1,800		26,154
Silicon Image, Inc.*	18,700		45,441
Silicon Storage Technology, Inc.*	22,100		53,482
Skyworks Solutions, Inc.*^	19,500		258,180
Standard Microsystems Corp.*	4,100		95,161
Techwell, Inc.*	300		3,294
Teradyne, Inc.*^	53,520		495,060
Trident Microsystems, Inc.*^	14,100		36,519
TriQuint Semiconductor, Inc.*	16,000		123,520
Varian Semiconductor Equipment Associates, Inc.*	33,390		1,096,528
Veeco Instruments, Inc.*	3,500		81,620
Virage Logic Corp.*	3,700		19,277
Zoran Corp.*	3,200		36,864
			8,359,893
Software (0.7%)
American Software, Inc., Class A	400		2,612
Callidus Software, Inc.*	3,000		9,030
Compuware Corp.*	59,828		438,539
Deltek, Inc.*	580		4,460
Double-Take Software, Inc.*	400		4,076
Dynamics Research Corp.*	2,200		28,644
Epicor Software Corp.*	11,800		75,166
ePlus, Inc.*	900		13,995
Fair Isaac Corp.^	12,500		268,625
i2 Technologies, Inc.*^	700		11,228
JDA Software Group, Inc.*	3,300		72,402
Lawson Software, Inc.*^	20,400		127,296
McAfee, Inc.*	13,460		589,413
Mentor Graphics Corp.*	21,408		199,309
Monotype Imaging Holdings, Inc.*	5,400		45,414
MSC.Software Corp.*	11,900		100,079
NetScout Systems, Inc.*	1,300		17,563
Novell, Inc.*	47,500		214,225

See Notes to Portfolio of Investments.

132

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Nuance Communications, Inc.*	4,900	$	73,304
OpenTV Corp., Class A*^	12,900		17,802
Pervasive Software, Inc.*	3,800		18,810
Quest Software, Inc.*	13,300		224,105
Rovi Corp.*	7,800		262,080
SonicWALL, Inc.*	12,500		105,000
Symyx Technologies, Inc.*	1,700		11,254
Synchronoss Technologies, Inc.*	600		7,482
Synopsys, Inc.*	15,963		357,891
Take-Two Interactive Software, Inc.*^	17,500		196,175
THQ, Inc.*	4,305		29,446
TIBCO Software, Inc.*	28,100		266,669
VASCO Data Security International, Inc.*	1,500		11,130
			3,803,224
Total Information Technology			39,379,565
Materials (12.1%)
Chemicals (2.6%)
A. Schulman, Inc.	5,806		115,714
Agrium, Inc. (When Issued)	10,020		498,896
Airgas, Inc.	20,100		972,237
Albemarle Corp.	21,400		740,440
American Vanguard Corp.	4,300		35,733
Ampal American Israel, Class A*	7,300		14,819
Arch Chemicals, Inc.^	5,272		158,107
Ashland, Inc.	16,977		733,746
Cabot Corp.	16,100		372,071
Cytec Industries, Inc.	23,373		758,921
Eastman Chemical Co.	17,953		961,204
Ferro Corp.^	11,200		99,680
FMC Corp.	14,640		823,500
GenTek, Inc.*	1,900		72,276
H.B. Fuller Co.	12,100		252,890
Hawkins, Inc.^	100		2,336
Huntsman Corp.	40,600		369,866
ICO, Inc.*	6,300		29,421
Innophos Holdings, Inc.	5,700		105,450
Innospec, Inc.	7,900		116,525
International Flavors & Fragrances, Inc.	1,100		41,723
Intrepid Potash, Inc.*^	700		16,513
Koppers Holdings, Inc.	1,865		55,297
Lubrizol Corp.	2,188		156,354
Minerals Technologies, Inc.	4,700		223,532
Mosaic Co.	28,702		1,379,705
Nalco Holding Co.	15,500		317,595
NewMarket Corp.	1,100		102,344
NL Industries, Inc.^	1,000		6,700
Olin Corp.	17,700		308,688
OM Group, Inc.*	13,521		410,903
PolyOne Corp.*	19,000		126,730
Quaker Chemical Corp.	2,800		61,404
Rockwood Holdings, Inc.*	12,300		253,011
RPM International, Inc.	15,170		280,493
Scotts Miracle-Gro Co., Class A	1,930		82,894
Sensient Technologies Corp.	12,232		339,683
ShengdaTech, Inc.*	7,000		44,520
Solutia, Inc.*	29,300		339,294
Spartech Corp.^	9,054		97,512
Stepan Co.	200		12,016
Terra Industries, Inc.	27,440		951,345
Valhi, Inc.^	1,300		15,756
Valspar Corp.	24,900		684,999
W.R. Grace & Co.*^	12,700		276,098
Westlake Chemical Corp.	5,100		131,070
Zoltek Cos., Inc.*	6,900		72,450
			14,022,461
Construction Materials (0.2%)
Headwaters, Inc.*	11,600		44,892
Martin Marietta Materials, Inc.^	6,800		626,076
Texas Industries, Inc.	5,900		247,741
U.S. Concrete, Inc.*^	7,700		13,321
United States Lime & Minerals, Inc.*^	200		7,184
			939,214
Containers & Packaging (1.3%)
AEP Industries, Inc.*	400		15,960
AptarGroup, Inc.	16,745		625,593
Ball Corp.	8,100		398,520
Bemis Co., Inc.	26,659		690,735
Boise, Inc.*^	3,800		20,064
Bway Holding Co.*	2,800		51,828
Graphic Packaging Holding Co.*	27,900		64,449
Greif, Inc., Class A	17,420		958,971
Myers Industries, Inc.^	7,900		85,083
Owens-Illinois, Inc.*	20,820		768,258
Packaging Corp. of America	22,796		465,039
Pactiv Corp.*	6,006		156,456
Rexam plc	114,779		478,763
Rock-Tenn Co., Class A	2,400		113,064
Sealed Air Corp.	39,164		768,789
Silgan Holdings, Inc.	3,300		174,009
Sonoco Products Co.	24,621		678,062
Temple-Inland, Inc.^	26,800		440,056
			6,953,699
Metals & Mining (7.3%)
A.M. Castle & Co.	4,510		44,829
AK Steel Holding Corp.	27,100		534,683
Alcoa, Inc.	164,667		2,160,431
Allied Nevada Gold Corp.*^	2,000		19,580
AMCOL International Corp.^	4,700		107,583
Banro Corp.*	955,431		2,541,447
Brush Engineered Materials, Inc.*^	5,300		129,638
Carpenter Technology Corp.	11,001		257,313
Century Aluminum Co.*^	11,400		106,590
China Precision Steel, Inc.*	6,400		17,408
Cliffs Natural Resources, Inc	17,520		566,947
Coeur d’Alene Mines Corp.*^	18,540		380,070
Commercial Metals Co.	27,812		497,835
Compass Minerals International, Inc.^	3,800		234,156
Friedman Industries, Inc.	1,900		11,400
General Moly, Inc.*^	15,900		50,085
General Steel Holdings, Inc.*	2,100		8,169
Geovic Mining Corp.*	612,517		355,872
Gold Fields Ltd. (ADR)	474,532		6,539,051
Haynes International, Inc.*	3,000		95,460
Hecla Mining Co.*	55,900		245,401
Horsehead Holding Corp.*	9,200		107,824
IAMGOLD Corp.	91,789		1,297,897
Ivanhoe Mines Ltd.*	154,947		1,981,772
Kaiser Aluminum Corp.	4,030		146,531
Kinross Gold Corp.	338,449		7,344,343
Lihir Gold Ltd. (ADR)*	317,946		7,964,547
Novagold Resources, Inc.*	362,648		1,856,758
Olympic Steel, Inc.	2,300		65,987
Paramount Gold and Silver Corp.*^	2,600		3,562
Reliance Steel & Aluminum Co.	15,516		660,361
Royal Gold, Inc.	6,463		294,713
RTI International Metals, Inc.*	7,376		183,736

See Notes to Portfolio of Investments.

133

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Schnitzer Steel Industries, Inc., Class A	1,100	$	58,575
Silver Standard Resources, Inc.*	41,824		893,361
Steel Dynamics, Inc.	53,190		815,935
Stillwater Mining Co.*	8,800		59,136
Sutor Technology Group Ltd.*	2,500		7,900
Titanium Metals Corp.^	21,265		203,931
Universal Stainless & Alloy Products, Inc.*	1,900		34,675
US Gold Corp.*	20,000		57,800
Worthington Industries, Inc.	1,300		18,070
			38,961,362
Paper & Forest Products (0.7%)
Buckeye Technologies, Inc.*	15,500		166,315
Clearwater Paper Corp.*	2,600		107,458
Deltic Timber Corp.	600		27,462
Domtar Corp.*^	60,699		2,137,818
Glatfelter	11,500		132,020
KapStone Paper and Packaging Corp.*	8,620		70,167
Louisiana-Pacific Corp.*^	26,600		177,422
Neenah Paper, Inc.^	3,900		45,903
Schweitzer-Mauduit International, Inc.	8,980		488,153
Wausau Paper Corp.	6,800		68,000
			3,420,718
Total Materials			64,297,454
Telecommunication Services (2.9%)
Diversified Telecommunication Services (1.9%)
Atlantic Tele-Network, Inc.	2,200		117,524
CenturyTel, Inc.	87,299		2,933,246
Cincinnati Bell, Inc.*^	44,000		154,000
Consolidated Communications Holdings, Inc.	2,800		44,828
D&E Communications, Inc.^	3,600		41,364
FairPoint Communications, Inc.^	10,700		4,387
Frontier Communications Corp.	44,100		332,514
General Communication, Inc., Class A*^	4,500		30,870
Global Crossing Ltd.*	1,000		14,300
HickoryTech Corp.^	3,425		29,284
iBasis, Inc.*	5,000		10,600
Iowa Telecommunications Services, Inc.^	7,300		91,980
KT Corp. (ADR)	63,804		1,108,914
Level 3 Communications, Inc.*^	401,300		557,807
Premiere Global Services, Inc.*	6,500		54,015
SureWest Communications*^	3,600		44,712
TELUS Corp. (Non-Voting), Class A	143,120		4,449,601
			10,019,946
Wireless Telecommunication Services (1.0%)
Clearwire Corp., Class A*^	16,100		130,893
iPCS, Inc.*	367		6,386
Leap Wireless International, Inc.*	3,439		67,232
SK Telecom Co., Ltd. (ADR)	131,900		2,301,655
Syniverse Holdings, Inc.*	2,900		50,750
Telephone & Data Systems, Inc.	22,495		697,570
Tim Participacoes S.A. (Preference) (ADR)	77,409		1,904,261
USA Mobility, Inc.	1,144		14,735
Virgin Mobile USA, Inc., Class A*^	11,400		57,000
			5,230,482
Total Telecommunication Services			15,250,428
Utilities (7.8%)
Electric Utilities (2.9%)
Allegheny Energy, Inc.	20,400		541,008
Allete, Inc.^	7,500		251,775
Centrais Eletricas Brasileiras S.A. (Preference) (ADR), Class B	125,095		1,736,319
Central Vermont Public Service Corp.	3,100		59,830
Cleco Corp.^	15,300		383,724
DPL, Inc.	24,943		651,012
El Paso Electric Co.*	11,300		199,671
Empire District Electric Co.	8,500		153,765
Great Plains Energy, Inc.^	33,297		597,681
Hawaiian Electric Industries, Inc.^	22,500		407,700
IDACORP, Inc.	11,642		335,173
Korea Electric Power Corp. (ADR)*	244,026		3,718,956
MGE Energy, Inc.	5,818		212,241
Northeast Utilities	83,024		1,970,990
NV Energy, Inc.	101,440		1,175,690
Pepco Holdings, Inc.	54,648		813,162
Pinnacle West Capital Corp.	26,096		856,471
PNM Resources, Inc.	21,800		254,624
Portland General Electric Co.	18,900		372,708
UIL Holdings Corp.^	7,500		197,925
UniSource Energy Corp.	8,866		272,629
Unitil Corp.^	2,600		58,370
Westar Energy, Inc.	26,900		524,819
			15,746,243
Gas Utilities (1.5%)
AGL Resources, Inc.	19,000		670,130
Atmos Energy Corp.	22,700		639,686
Chesapeake Utilities Corp.	1,700		52,683
Energen Corp.	17,700		762,870
Energy, Inc.	1,045		8,882
Laclede Group, Inc.	5,500		176,880
National Fuel Gas Co.^	17,512		802,225
New Jersey Resources Corp.	8,700		315,897
Nicor, Inc.	11,400		417,126
Northwest Natural Gas Co.	6,500		270,790
ONEOK, Inc.	32,960		1,206,995
Piedmont Natural Gas Co., Inc.	16,919		405,041
South Jersey Industries, Inc.	6,589		232,592
Southwest Gas Corp.	11,400		291,612
UGI Corp.	46,820		1,173,309
WGL Holdings, Inc.	12,321		408,318
			7,835,036
Independent Power Producers & Energy Traders (0.3%)
Dynegy, Inc., Class A*	124,600		317,730
Mirant Corp.*	35,600		584,908
RRI Energy, Inc.*	86,700		619,038
U.S. Geothermal, Inc.*	3,400		5,304
			1,526,980
Multi-Utilities (2.8%)
Alliant Energy Corp.	27,336		761,308
Ameren Corp.	219,447		5,547,620
Avista Corp.^	13,400		270,948
Black Hills Corp.^	9,900		249,183
CenterPoint Energy, Inc.	36,900		458,667
CH Energy Group, Inc.	4,100		181,671
CMS Energy Corp.^	82,756		1,108,930
Florida Public Utilities Co.	1,500		18,225
Integrys Energy Group, Inc.	14,700		527,583
MDU Resources Group, Inc.	45,473		948,112
NorthWestern Corp.^	11,842		289,300
NSTAR	26,553		844,917
OGE Energy Corp.	23,700		783,996

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
SCANA Corp.		30,100	1,050,490
TECO Energy, Inc.		52,529	739,608
Vectren Corp.		20,011	461,054
Wisconsin Energy Corp.		13,260	598,954
			14,840,566
Water Utilities (0.3%)
American States Water Co.^		4,700	170,046
American Water Works Co., Inc.		13,700	273,178
Aqua America, Inc.^		33,439	589,864
Artesian Resources Corp., Class A^		1,600	26,912
California Water Service Group		4,558	177,488
Connecticut Water Service, Inc.		2,000	44,780
Consolidated Water Co., Inc.		2,400	39,192
Middlesex Water Co.		3,200	48,256
Pennichuck Corp.^		900	19,584
SJW Corp.^		3,400	77,690
Southwest Water Co.^		6,800	33,456
York Water Co.^		1,800	24,948
			1,525,394
Total Utilities			41,474,219
Total Common Stocks (90.0%) (Cost $380,028,590)			478,852,253
CONVERTIBLE PREFERRED STOCK:
Industrials (0.6%)
Road & Rail (0.6%)
Kansas City Southern
5.125%(b)		3,519	3,378,240
Total Convertible Preferred Stocks (0.6%) (Cost $2,545,432)			3,378,240
INVESTMENT COMPANY:
Investment Company (0.0%)
Kayne Anderson Energy Development Co. (Cost $32,126)		2,632	34,821
	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bonds (6.7%)
Consumer Staples (0.3%)
Food Products (0.3%)
Smithfield Foods, Inc.
4.000%, 6/30/13	$	1,994,000	1,839,465
Total Consumer Staples			1,839,465
Energy (1.7%)
Oil, Gas & Consumable Fuels (1.7%)
Delta Petroleum Corp.
3.750%, 5/1/37		4,773,000	3,162,113
Goodrich Petroleum Corp.
3.250%, 12/1/26		2,053,000	1,906,724
USEC, Inc.
3.000%, 10/1/14		5,088,000	3,523,440
Total Energy			8,592,277
Health Care (0.9%)
Biotechnology (0.3%)
Cubist Pharmaceuticals, Inc.
2.250%, 6/15/13		1,862,000	1,754,935
Health Care Providers & Services (0.5%)
Omnicare, Inc.
3.250%, 12/15/35		3,303,000	2,535,053
Pharmaceuticals (0.1%)
Sepracor, Inc.
(Zero Coupon), 12/15/10		489,000	482,887
Total Health Care			4,772,875
Industrials (2.4%)
Airlines (0.9%)
JetBlue Airways Corp.
3.750%, 3/15/35		3,643,000	3,602,016
Series B
6.750%, 10/15/39		938,000	1,371,825
			4,973,841
Building Products (0.3%)
Griffon Corp.
4.000%, 7/18/23		1,581,000	1,561,237
Commercial Services & Supplies (0.7%)
Allied Waste Industries, Inc.
4.250%, 4/15/34		3,593,000	3,570,544
Machinery (0.5%)
Trinity Industries, Inc.
3.875%, 6/1/36		3,370,000	2,485,375
Total Industrials			12,590,997
Information Technology (0.8%)
Communications Equipment (0.7%)
Alcatel-Lucent USA, Inc.
Series A
2.875%, 6/15/23		3,715,000	3,654,631
Semiconductors & Semiconductor Equipment (0.1%)
Qimonda Finance LLC
6.750%, 3/22/13(b)(h)		4,500,000	495,000
Total Information Technology			4,149,631
Telecommunication Services (0.6%)
Wireless Telecommunication Services (0.6%)
NII Holdings, Inc.
3.125%, 6/15/12		3,403,000	2,973,371
Total Telecommunication Services			2,973,371
Total Convertible Bonds			34,918,616
Total Long-Term Debt Securities (6.7%) (Cost $29,466,300)			34,918,616
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills
0.06%, 12/10/09 #(p)	$	396,000	395,950
Short-Term Investments of Cash Collateral for Securities Loaned (4.9%)
BBVA Senior Finance S.A.
0.35%, 3/12/10 (l)		2,540,000	2,539,274

See Notes to Portfolio of Investments.

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Deutsche Bank Securities, Inc., Repurchase Agreement
0.08%, 10/1/09 (r)(u)	$	14,284,114	$	14,284,114
General Electric Capital Corp.
0.40%, 3/12/10 (l)		460,000		455,132
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)(l)(s)		2,889,981		484,072
Monumental Global Funding II
0.43%, 5/26/10 (l)		5,430,000		5,226,375
Pricoa Global Funding I
0.40%, 6/25/10 (l)		3,469,741		3,266,587
Total Short-Term Investments of Cash Collateral for Securities Loaned				26,255,554
Time Deposit (3.1%)
JPMorgan Chase Nassau
0.000%, 10/1/09		16,708,189		16,708,189
Total Short-Term Investments (8.1%) (Cost/Amortized Cost $46,177,925)				43,359,693
Total Investments (105.4%) (Cost/Amortized Cost $458,250,373)				560,543,623
Other Assets Less Liabilities (-5.4%)				(28,723,103	)
Net Assets (100%)			$	531,820,520

* Non-income producing.

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

† Securities (totaling $1,138,671 or 0.2% 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 September 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% – 7.000%, maturing 4/1/18 to 11/1/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 to 7/1/39.

Glossary:

ADR — American Depositary Receipt

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

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2009		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	26	December-09	$	1,536,263	$	1,567,800	$	31,537
S&P Mid 400 E-Mini Index	41	December-09		2,737,679		2,825,720		88,041
							$	119,578

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	48,451,260	$	418,433	$	—	$	48,869,693
Consumer Staples		28,425,038		508,429		—		28,933,467
Energy		47,686,226		298,738		1,138,596		49,123,560
Financials		109,265,334		—		75		109,265,409
Health Care		28,204,196		—		—		28,204,196
Industrials		54,054,262		—		—		54,054,262
Information Technology		38,763,835		615,730		—		39,379,565
Materials		63,818,691		478,763		—		64,297,454

See Notes to Portfolio of Investments.

136

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Telecommunication Services	$	15,250,428	$	—	$	—	$	15,250,428
Utilities		41,474,219		—		—		41,474,219
Convertible Bonds
Consumer Staples		—		1,839,465		—		1,839,465
Energy		—		8,592,277		—		8,592,277
Health Care		—		4,772,875		—		4,772,875
Industrials		—		12,590,997		—		12,590,997
Information Technology		—		4,149,631		—		4,149,631
Telecommunication Services		—		2,973,371		—		2,973,371
Convertible Preferred Stocks
Industrials		3,378,240		—		—		3,378,240
Futures		119,578		—		—		119,578
Investment Companies
Investment Companies		34,821		—		—		34,821
Short-Term Investments		—		43,359,693		—		43,359,693
Total Asset	$	478,926,128	$	80,598,402	$	1,138,671	$	560,663,201
Total Liability	$	—	$	—	$	—	$	—
Total	$	478,926,128	$	80,598,402	$	1,138,671	$	560,663,201

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

	Investments in Securities- Energy			Investments in Securities- Financials		Investments in Securities- Health Care
Balance as of 12/31/08	$	1,563,767		$	—	$	3,503,638
Total gains or losses (realized/unrealized) included in earnings		(425,171	)		—		—
Purchases, sales, issuances, and settlements (net)		—			—		—
Transfers in and/or out of Level 3		—			75		(3,503,638	)
Balance as of 9/30/09	$	1,138,596		$	75	$	—
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 9/30/09.	$	(425,097	)

See Notes to Portfolio of Investments.

137

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	441,063,428
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	673,482,991
As of September 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	$	116,832,414
Aggregate gross unrealized depreciation		(24,780,314	)
Net unrealized appreciation	$	92,052,100
Federal income tax cost of investments	$	468,491,523

At September 30, 2009, the Portfolio had loaned securities with a total value of $27,926,097. This was secured by collateral of $29,073,836 which was received as cash and subsequently invested in short-term investments currently valued at $26,255,554, 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 $8,507, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the nine months ended September 30, 2009, the Portfolio incurred approximately $1,063 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 Portfolio of Investments.

138

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (3.4%)
Asset-Backed Securities (1.1%)
Capital One Multi-Asset Execution Trust, Series 2006-A6 A6
5.300%, 2/18/14	$	500,000	$	524,986
Series 2007-A7 A7
5.750%, 7/15/20		600,000		654,325
Series 2009-A2 A2
3.200%, 4/15/14		1,500,000		1,530,014
Chase Issuance Trust, Series 2008-A9 A9
4.260%, 5/15/13		500,000		520,258
Series 2009-A3 A3
2.400%, 6/17/13		495,000		500,657
Citibank Credit Card Issuance Trust, Series 2003-A10 A10
4.750%, 12/10/15		150,000		160,297
Series 2007-A8 A8
5.650%, 9/20/19		100,000		110,147
Series 2009-A4 A4
4.900%, 6/23/16		200,000		214,843
CPL Transition Funding LLC, Series 2002-1 A5
6.250%, 1/15/17		75,000		85,438
Daimler Chrysler Auto Trust, Series 2007-A A4
5.280%, 3/8/13		150,000		158,769
Ford Credit Auto Owner Trust, Series 2007-B A4A
5.240%, 7/15/12		100,000		105,432
Series 2008-C A3
1.663%, 6/15/12(l)		2,700,000		2,722,397
Series 2009-C A1
0.796%, 7/15/10§		2,782,381		2,784,420
Franklin Auto Trust, Series 2008-A A2
1.246%, 10/20/11(l)		1,874,801		1,877,568
Nissan Auto Receivables Owner Trust, Series 2007-B A4
5.160%, 3/17/14		150,000		157,859
Pegasus Aviation Lease Securitization, Series 2001-1A A1
0.729%, 5/10/31(b)(l)		3,800,000		760,000
Triton Aviation Finance, Series 1A A1
1.013%, 6/15/25(b)(l)		8,849,567		3,274,340
USAA Auto Owner Trust, Series 2007-2 A4
5.070%, 6/15/13		150,000		157,454
				16,299,204
Non-Agency CMO (2.3%)
Banc of America Commercial Mortgage, Inc., Series 2004-6 A5
4.811%, 12/10/42		1,000,000		973,674
Series 2007-2 A4
5.867%, 4/10/49(l)		500,000		437,960
Series 2007-3 A4
5.837%, 6/10/49(l)		801,000		665,793
Bear Stearns Commercial Mortgage Securities, Inc., Series 2001-TOP2 A2
6.480%, 2/15/35		2,200,000		2,275,648
Series 2003-T12 A4
4.680%, 8/13/39(l)		1,205,000		1,197,970
Series 2004-T16 A6
4.750%, 2/13/46(l)		790,000		803,511
Series 2006-T22 A4
5.629%, 4/12/38(l)		675,000		648,718
Commercial Mortgage Pass Through Certificates, Series 2005-LP5 A4
4.982%, 5/10/43(l)		1,000,000		971,684
Credit Suisse Mortgage Capital Certificates, Series 2006-C4 A3
5.467%, 9/15/39		1,000,000		810,740
CS First Boston Mortgage Securities Corp., Series 2004-C2 A1
3.819%, 5/15/36		474,084		463,798
Series 2004-C4 A6
4.691%, 10/15/39		1,210,000		1,093,695
First Union National Bank Commercial Mortgage Trust, Series 2001-C2 A2
6.663%, 1/12/43		951,987		981,823
GE Capital Commercial Mortgage Corp., Series 2007-C1 A4
5.543%, 12/10/49		1,500,000		1,225,075
Greenwich Capital Commercial Funding Corp., Series 2005-GG3 A4
4.799%, 8/10/42(l)		417,000		403,744
Series 2005-GG5 A2
5.117%, 4/10/37		1,000,000		1,000,335
GS Mortgage Securities Corp. II, Series 2004-GG2 A6
5.396%, 8/10/38(l)		1,700,000		1,638,396
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-CB7 A4
4.879%, 1/12/38(l)		2,000,000		1,989,477
Series 2005-LDP1 A3
4.865%, 3/15/46		1,000,000		998,325
Series 2006-CB15 A4
5.814%, 6/12/43(l)		1,535,000		1,483,264
Series 2007-CB18 A4
5.440%, 6/12/47		1,250,000		1,074,288
LB-UBS Commercial Mortgage Trust, Series 2004-C1 A4
4.568%, 1/15/31		1,415,000		1,386,930
Series 2004-C2 A4
4.367%, 3/15/36		1,000,000		970,630
Series 2007-C6 A4
5.858%, 7/15/40(l)		1,250,000		1,059,864
Merrill Lynch Mortgage Trust, Series 2004-KEY2 A4
4.864%, 8/12/39(l)		1,110,000		1,084,595
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-5 A4
5.378%, 8/12/48		1,500,000		1,116,385
Morgan Stanley Capital I, Inc., Series 2005-IQ9 A5
4.700%, 7/15/56		775,000		746,749
Series 2007-HQ12 A5
5.810%, 4/12/49(l)		1,250,000		1,009,612
Series 2007-T25 A3
5.514%, 11/12/49(l)		1,400,000		1,232,101
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3 A4
6.390%, 7/15/33		1,022,143		1,073,009

See Notes to Portfolio of Investments.

139

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2001-TOP5 A4
6.390%, 10/15/35	$	996,139	$	1,044,414
Wachovia Bank Commercial Mortgage Trust, Series 2003-C8 A4
4.964%, 11/15/35(l)		1,000,000		997,128
Series 2004-C11 A5
5.215%, 1/15/41(l)		1,500,000		1,490,757
Series 2007-C30 A5
5.342%, 12/15/43		695,000		514,992
Series 2007-C33 A4
6.100%, 2/15/51(l)		1,000,000		859,083
				35,724,167
Total Asset-Backed and Mortgage-Backed Securities				52,023,371
Convertible Bond (0.2%)
Financials (0.2%)
Commercial Banks (0.2%)
U.S. Bancorp
0.000%, 12/11/35(l)^	$	2,400,000		2,365,200
Total Financials				2,365,200
Total Convertible Bonds				2,365,200
Corporate Bonds (36.5%)
Consumer Discretionary (6.3%)
Auto Components (0.2%)
American Tire Distributors, Inc.
6.847%, 4/1/12(l)§	$	4,500,000		3,735,000
				3,735,000
Automobiles (0.1%)
Daimler Finance N.A. LLC
7.750%, 1/18/11		200,000		211,980
6.500%, 11/15/13		700,000		754,147
				966,127
Distributors (0.0%)
SGS International, Inc.
12.000%, 12/15/13		700,000		619,500
Hotels, Restaurants & Leisure (1.1%)
Dave & Buster’s, Inc.
11.250%, 3/15/14		1,742,000		1,746,355
El Pollo Loco, Inc.
11.750%, 11/15/13		750,000		690,000
Harrahs Operating Co., Inc.
11.250%, 6/1/17§		650,000		656,500
Harrahs Operating Escrow LLC/ Harrahs Escrow Corp.
11.250%, 6/1/17§		700,000		719,250
International Game Technology
7.500%, 6/15/19		50,000		55,407
Landry’s Restaurant, Inc.
14.000%, 8/15/11		5,125,000		5,144,219
McDonald’s Corp.
4.300%, 3/1/13		200,000		212,385
5.350%, 3/1/18		500,000		545,526
MGM MIRAGE
13.000%, 11/15/13§		2,000,000		2,290,000
Travelport LLC
9.875%, 9/1/14		1,375,000		1,330,312
Turning Stone Resort Casino Enterprise
9.125%, 12/15/10§		1,575,000		1,559,250
Wendy’s/Arby’s Restaurants LLC
10.000%, 7/15/16§		1,450,000		1,540,625
				16,489,829
Household Durables (0.5%)
Blyth, Inc.
5.500%, 11/1/13		8,050,000		6,238,750
Fortune Brands, Inc.
5.375%, 1/15/16		350,000		349,708
Sealy Mattress Co.
8.250%, 6/15/14		1,500,000		1,387,500
Toll Brothers Finance Corp.
6.750%, 11/1/19		100,000		99,693
Whirlpool Corp.
8.000%, 5/1/12		115,000		124,131
5.500%, 3/1/13		200,000		202,815
8.600%, 5/1/14		35,000		39,152
				8,441,749
Internet & Catalog Retail (0.2%)
Affinion Group, Inc.
10.125%, 10/15/13		900,000		924,750
Visant Corp.
7.625%, 10/1/12		1,710,000		1,712,137
				2,636,887
Leisure Equipment & Products (0.1%)
Eastman Kodak Co.
3.375%, 10/15/33		2,150,000		2,150,000
Media (3.2%)
Allbritton Communications Co.
7.750%, 12/15/12		513,000		482,220
AMC Entertainment, Inc.
8.750%, 6/1/19		1,000,000		1,032,500
CanWest Media, Inc.
8.000%, 9/15/12		8,667,000		6,803,595
CBS Corp.
6.625%, 5/15/11		200,000		209,506
5.625%, 8/15/12		200,000		207,433
8.875%, 5/15/19		125,000		137,867
CCO Holdings LLC/CCO Holdings Capital Corp.
8.750%, 11/15/13(h)		2,100,000		2,131,500
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		183,000		212,546
Comcast Corp.
5.500%, 3/15/11		200,000		210,326
5.900%, 3/15/16		400,000		429,881
6.500%, 1/15/17		400,000		439,027
5.700%, 7/1/19		100,000		105,660
6.950%, 8/15/37		400,000		446,465
6.550%, 7/1/39		100,000		106,863
COX Communications, Inc.
7.125%, 10/1/12		200,000		223,104
CW Media Holdings, Inc.
13.500%, 8/15/15 PIK§		468,486		455,017
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
7.625%, 5/15/16		223,000		238,610
DISH DBS Corp.
7.875%, 9/1/19§		1,000,000		1,010,000
Gallery Capital S.A.
10.125%, 5/15/13(h)		3,550,000		798,750
Gannett Co., Inc.
9.375%, 11/15/17(b)§		200,000		194,500
Hughes Network Systems LLC
9.500%, 4/15/14		1,500,000		1,507,500
Intelsat Intermediate Holding Co., Ltd.
0.000%, 2/1/15(e)		1,700,000		1,695,750

See Notes to Portfolio of Investments.

140

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Interpublic Group of Cos., Inc.
10.000%, 7/15/17§	$	1,000,000	$	1,080,000
Kabel Deutschland GmbH
10.625%, 7/1/14		2,000,000		2,105,000
Local Insight Regatta Holdings, Inc.
11.000%, 12/1/17		5,071,000		2,535,500
Network Communications, Inc.
10.750%, 12/1/13		7,350,000		2,067,187
News America, Inc.
6.900%, 3/1/19		500,000		557,939
6.150%, 3/1/37		100,000		97,845
6.650%, 11/15/37		200,000		208,339
Omnicom Group, Inc.
6.250%, 7/15/19		200,000		215,752
Quebecor Media, Inc.
7.750%, 3/15/16		1,000,000		990,000
Rainbow National Services LLC
10.375%, 9/1/14§		2,520,000		2,652,300
Reader’s Digest Association, Inc.
9.000%, 2/15/17(h)		8,000,000		120,000
Thomson Reuters Corp.
6.500%, 7/15/18		500,000		565,270
4.700%, 10/15/19		50,000		49,885
Time Warner Cable, Inc.
6.200%, 7/1/13		200,000		217,879
5.850%, 5/1/17		400,000		421,739
8.250%, 4/1/19		700,000		846,087
6.550%, 5/1/37		200,000		212,511
6.750%, 6/15/39		150,000		162,215
Time Warner, Inc.
6.875%, 5/1/12		500,000		550,410
5.875%, 11/15/16		200,000		212,083
7.625%, 4/15/31		350,000		392,259
7.700%, 5/1/32		300,000		339,236
Unitymedia GmbH
10.125%, 2/15/15§	EUR	1,750,000		2,701,710
10.375%, 2/15/15§	$	700,000		735,000
Unitymedia Hessen GmbH & Co. KG
3.778%, 4/15/13(l)§	EUR	1,000,000		1,393,841
Valassis Communications, Inc.
8.250%, 3/1/15	$	1,025,000		918,656
Viacom, Inc.
4.375%, 9/15/14		100,000		102,115
5.625%, 9/15/19		100,000		101,641
6.875%, 4/30/36		200,000		211,279
Videotron Ltd.
9.125%, 4/15/18		1,000,000		1,082,500
9.125%, 4/15/18§		900,000		974,250
Walt Disney Co.
4.500%, 12/15/13		500,000		533,605
WMG Acquisition Corp.
9.500%, 6/15/16§		1,900,000		2,004,500
WPP Finance UK Corp.
5.875%, 6/15/14		900,000		924,185
XM Satellite Radio, Inc.
11.250%, 6/15/13§		2,050,000		2,142,250
				49,503,588
Multiline Retail (0.1%)
Kohl’s Corp.
6.250%, 12/15/17		200,000		218,590
Nordstrom, Inc.
6.750%, 6/1/14		60,000		65,820
Target Corp.
5.125%, 1/15/13		400,000		430,825
6.000%, 1/15/18		200,000		225,323
7.000%, 1/15/38		200,000		234,075
				1,174,633
Specialty Retail (0.5%)
AutoZone, Inc.
5.750%, 1/15/15		150,000		159,707
Freedom Group, Inc.
10.250%, 8/1/15§		550,000		583,000
Home Depot, Inc.
5.400%, 3/1/16		200,000		209,098
5.875%, 12/16/36		500,000		485,103
Lowe’s Cos., Inc.
5.600%, 9/15/12		200,000		221,308
Sonic Automotive, Inc. Series AI
6.000%, 5/15/12(b)†		4,075,000		3,993,500
Staples, Inc.
9.750%, 1/15/14		500,000		600,619
Toys R Us Property Co. I LLC
10.750%, 7/15/17§		1,250,000		1,343,750
				7,596,085
Textiles, Apparel & Luxury Goods (0.3%)
Perry Ellis International, Inc. Series B
8.875%, 9/15/13		2,195,000		2,118,175
Rafaella Apparel Group, Inc. Series B
11.250%, 6/15/11		7,586,000		1,896,500
				4,014,675
Total Consumer Discretionary				97,328,073
Consumer Staples (2.1%)
Beverages (0.4%)
Anheuser-Busch Cos., Inc.
6.000%, 4/15/11		200,000		210,187
4.950%, 1/15/14		200,000		206,834
Bottling Group LLC
6.950%, 3/15/14		300,000		349,636
Coca-Cola Co.
5.350%, 11/15/17		400,000		436,784
Coca-Cola Enterprises, Inc.
8.500%, 2/1/12		200,000		226,874
7.375%, 3/3/14		300,000		352,213
6.950%, 11/15/26		500,000		611,202
Diageo Capital plc
5.750%, 10/23/17		200,000		219,516
Diageo Finance B.V.
5.500%, 4/1/13		400,000		434,521
PepsiCo, Inc.
5.000%, 6/1/18		200,000		214,094
7.900%, 11/1/18		2,700,000		3,409,338
				6,671,199
Food & Staples Retailing (0.5%)
Costco Wholesale Corp.
5.500%, 3/15/17		200,000		218,666
CVS Caremark Corp.
5.750%, 6/1/17		200,000		214,101
6.600%, 3/15/19		300,000		338,181
6.250%, 6/1/27		100,000		106,293
Great Atlantic & Pacific Tea Co., Inc.
11.375%, 8/1/15§		1,350,000		1,366,875
Kroger Co.
3.900%, 10/1/15		100,000		100,795
6.150%, 1/15/20		300,000		331,759

See Notes to Portfolio of Investments.

141

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Rite Aid Corp.
8.625%, 3/1/15	$	250,000	$	203,438
10.375%, 7/15/16		1,300,000		1,283,750
Safeway, Inc.
6.350%, 8/15/17		200,000		222,016
Walgreen Co.
4.875%, 8/1/13		200,000		215,588
Wal-Mart Stores, Inc.
4.125%, 2/15/11		400,000		416,812
4.550%, 5/1/13		400,000		431,725
5.800%, 2/15/18		500,000		561,643
6.500%, 8/15/37		500,000		583,555
6.200%, 4/15/38		100,000		113,805
				6,709,002
Food Products (0.6%)
Archer-Daniels-Midland Co.
7.000%, 2/1/31		200,000		233,198
Bunge Ltd. Finance Corp.
5.875%, 5/15/13		700,000		740,106
Campbell Soup Co.
3.375%, 8/15/14		100,000		102,269
ConAgra Foods, Inc.
8.250%, 9/15/30		100,000		125,922
General Mills, Inc.
5.650%, 9/10/12		200,000		218,273
5.650%, 2/15/19		300,000		324,910
H.J. Heinz Co.
5.350%, 7/15/13		300,000		322,141
Hershey Co.
5.000%, 4/1/13		1,000,000		1,081,202
Kellogg Co.
4.250%, 3/6/13		200,000		210,052
4.450%, 5/30/16		500,000		522,941
Kraft Foods, Inc.
6.250%, 6/1/12		1,100,000		1,196,184
6.750%, 2/19/14		2,900,000		3,235,289
6.125%, 2/1/18		200,000		211,936
6.875%, 2/1/38		200,000		220,175
Ralcorp Holdings, Inc.
6.625%, 8/15/39§		100,000		105,316
Sara Lee Corp.
6.125%, 11/1/32		100,000		101,797
				8,951,711
Household Products (0.3%)
American Achievement Corp.
8.250%, 4/1/12§		1,735,000		1,726,325
Clorox Co.
5.000%, 3/1/13		300,000		318,228
Colgate-Palmolive Co.
3.150%, 8/5/15		40,000		41,022
Kimberly-Clark Corp.
6.125%, 8/1/17		200,000		227,753
Prestige Brands, Inc.
9.250%, 4/15/12		1,369,000		1,396,380
Procter & Gamble Co.
3.500%, 2/15/15		300,000		307,227
4.850%, 12/15/15		200,000		220,820
4.700%, 2/15/19		300,000		313,536
5.550%, 3/5/37		100,000		107,685
				4,658,976
Personal Products (0.0%)
Avon Products, Inc.
5.625%, 3/1/14		300,000		326,191
Tobacco (0.3%)
Altria Group, Inc.
7.750%, 2/6/14^		500,000		569,867
9.250%, 8/6/19		600,000		733,174
9.950%, 11/10/38		200,000		271,919
Lorillard Tobacco Co.
8.125%, 6/23/19		65,000		73,767
Philip Morris International, Inc.
6.875%, 3/17/14		500,000		571,182
5.650%, 5/16/18		200,000		212,883
Reynolds American, Inc.
7.250%, 6/1/13		200,000		217,609
Vector Group Ltd.
11.000%, 8/15/15(b)		2,025,000		1,964,250
				4,614,651
Total Consumer Staples				31,931,730
Energy (3.0%)
Energy Equipment & Services (0.1%)
Baker Hughes, Inc.
6.500%, 11/15/13		200,000		227,540
Diamond Offshore Drilling, Inc.
5.875%, 5/1/19		65,000		70,000
Halliburton Co.
6.150%, 9/15/19		300,000		336,512
7.450%, 9/15/39		200,000		253,421
Helix Energy Solutions Group, Inc.
9.500%, 1/15/16§		725,000		725,000
Rowan Cos., Inc.
7.875%, 8/1/19		65,000		69,887
Transocean, Inc.
6.000%, 3/15/18		100,000		106,824
6.800%, 3/15/38		200,000		228,952
Weatherford International Ltd.
6.000%, 3/15/18		200,000		207,221
				2,225,357
Oil, Gas & Consumable Fuels (2.9%)
Anadarko Petroleum Corp.
5.950%, 9/15/16		400,000		423,824
6.450%, 9/15/36		400,000		412,997
Apache Corp.
5.250%, 4/15/13		100,000		107,278
6.000%, 9/15/13		665,000		739,705
6.000%, 1/15/37		250,000		278,172
Buckeye Partners LP
5.500%, 8/15/19		75,000		76,656
Canadian Natural Resources Ltd.
6.250%, 3/15/38		200,000		213,067
Chevron Corp.
3.950%, 3/3/14		1,000,000		1,052,913
Conoco Funding Co.
6.350%, 10/15/11		200,000		219,159
ConocoPhillips
4.750%, 2/1/14		500,000		537,935
5.900%, 5/15/38		100,000		106,932
6.500%, 2/1/39		300,000		345,824
ConocoPhillips Canada
5.300%, 4/15/12		1,500,000		1,621,368
5.625%, 10/15/16		300,000		328,580
Devon Financing Corp. ULC
7.875%, 9/30/31		400,000		495,460
Devon OEI Operating, Inc.
7.250%, 10/1/11		1,000,000		1,090,163

See Notes to Portfolio of Investments.

142

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
EnCana Corp.
5.900%, 12/1/17	$	100,000	$	106,795
6.500%, 5/15/19		25,000		27,754
6.625%, 8/15/37		350,000		387,085
Energy Transfer Partners LP
8.500%, 4/15/14		1,500,000		1,733,317
9.000%, 4/15/19		500,000		601,181
Enterprise Products Operating LLC Series L
6.300%, 9/15/17		300,000		323,125
EOG Resources, Inc.
5.625%, 6/1/19		90,000		98,525
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.
7.240%, 8/1/10(b)†		9,000,000		8,820,000
Hess Corp.
6.650%, 8/15/11		200,000		214,621
8.125%, 2/15/19		500,000		600,673
Husky Energy, Inc.
5.900%, 6/15/14		105,000		113,268
7.250%, 12/15/19		65,000		74,551
KCS Energy, Inc.
7.125%, 4/1/12		1,400,000		1,386,000
Kinder Morgan Energy Partners LP
6.750%, 3/15/11		300,000		318,144
5.850%, 9/15/12		900,000		969,670
5.950%, 2/15/18		200,000		209,224
9.000%, 2/1/19		2,050,000		2,483,874
6.850%, 2/15/20		30,000		32,767
5.800%, 3/15/35		200,000		188,599
Linn Energy LLC
9.875%, 7/1/18		1,325,000		1,344,875
Magellan Midstream Partners LP
6.550%, 7/15/19		1,400,000		1,555,708
Marathon Oil Corp.
5.900%, 3/15/18		400,000		418,042
7.500%, 2/15/19		300,000		346,028
6.600%, 10/1/37		100,000		105,973
Mariner Energy, Inc.
11.750%, 6/30/16		250,000		269,375
Nexen, Inc.
6.200%, 7/30/19		45,000		46,673
6.400%, 5/15/37		200,000		194,708
7.500%, 7/30/39		60,000		65,335
Occidental Petroleum Corp.
4.125%, 6/1/16		150,000		154,279
ONEOK Partners LP
8.625%, 3/1/19		500,000		596,875
Petrobras International Finance Co.
7.875%, 3/15/19		350,000		403,813
Petroleos Mexicanos
8.000%, 5/3/19§		1,000,000		1,142,000
Shell International Finance B.V.
4.950%, 3/22/12		100,000		107,797
6.375%, 12/15/38		300,000		356,236
Spectra Energy Capital LLC
6.200%, 4/15/18		500,000		532,062
StatoilHydro ASA
7.150%, 1/15/29		100,000		122,866
Stone Energy Corp.
8.250%, 12/15/11		2,500,000		2,350,000
Suncor Energy, Inc.
7.150%, 2/1/32		100,000		109,477
6.500%, 6/15/38		200,000		206,635
Talisman Energy, Inc.
7.750%, 6/1/19		340,000		399,781
Trans-Canada Pipelines Ltd.
7.250%, 8/15/38		400,000		495,962
Valero Energy Corp.
6.875%, 4/15/12		1,400,000		1,506,709
4.750%, 6/15/13		100,000		100,117
6.625%, 6/15/37		100,000		89,307
Williams Cos., Inc.
8.750%, 3/15/32		400,000		458,705
XTO Energy, Inc.
7.500%, 4/15/12		200,000		221,743
5.900%, 8/1/12		1,500,000		1,619,973
6.250%, 4/15/13		983,000		1,069,665
5.750%, 12/15/13		400,000		432,048
6.500%, 12/15/18		400,000		441,585
6.750%, 8/1/37		100,000		111,243
				44,114,801
Total Energy				46,340,158
Financials (13.8%)
Capital Markets (2.5%)
Bank of New York Mellon Corp.
4.950%, 11/1/12		400,000		433,411
5.125%, 8/27/13		300,000		324,286
4.300%, 5/15/14		115,000		121,779
Bear Stearns Cos., Inc.
5.700%, 11/15/14		200,000		214,218
Charles Schwab Corp.
4.950%, 6/1/14		50,000		52,721
Credit Suisse/New York
5.375%, 3/2/16		300,000		315,793
Deutsche Bank AG/London
5.375%, 10/12/12		100,000		108,174
4.875%, 5/20/13		400,000		426,067
6.000%, 9/1/17		500,000		539,586
Goldman Sachs Group, Inc.
6.600%, 1/15/12		400,000		434,348
3.250%, 6/15/12		2,110,000		2,202,061
3.625%, 8/1/12		145,000		148,857
5.450%, 11/1/12		500,000		535,488
5.150%, 1/15/14		800,000		839,950
6.000%, 5/1/14		75,000		81,565
5.350%, 1/15/16		600,000		619,697
5.950%, 1/18/18		800,000		829,978
7.500%, 2/15/19		500,000		571,808
6.125%, 2/15/33		200,000		213,844
6.750%, 10/1/37		750,000		774,023
Jefferies Group, Inc.
8.500%, 7/15/19		350,000		370,429
Macquarie Bank Ltd.
2.600%, 1/20/12§		2,900,000		2,977,520
3.300%, 7/17/14§		3,000,000		3,037,062
Merrill Lynch & Co., Inc.
2.709%, 5/12/10(l)		6,300,000		6,380,281
6.150%, 4/25/13		400,000		423,239
0.969%, 1/15/15(l)		1,000,000		900,266
6.875%, 4/25/18		950,000		999,112
6.110%, 1/29/37		500,000		475,579
7.750%, 5/14/38		400,000		450,768
Morgan Stanley
6.750%, 4/15/11		400,000		426,510
0.788%, 1/9/12(l)		1,400,000		1,362,561
6.600%, 4/1/12		700,000		760,681
1.950%, 6/20/12		840,000		848,484

See Notes to Portfolio of Investments.

143

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
3.768%, 8/8/12(l)		AUD 2,100,000	$	1,742,445
5.300%, 3/1/13	$	400,000		419,133
4.750%, 4/1/14		400,000		397,048
6.000%, 5/13/14		3,600,000		3,832,582
6.000%, 4/28/15		300,000		317,691
5.450%, 1/9/17		300,000		300,419
5.550%, 4/27/17		200,000		199,242
5.950%, 12/28/17		400,000		407,258
6.625%, 4/1/18		600,000		634,454
7.300%, 5/13/19		100,000		110,027
Northern Trust Corp.
4.625%, 5/1/14		40,000		42,562
Raymond James Financial, Inc.
8.600%, 8/15/19		100,000		110,427
				37,713,434
Commercial Banks (4.9%)
American Express Bank FSB
3.150%, 12/9/11		850,000		882,442
American Express Centurion Bank
5.550%, 10/17/12		3,400,000		3,603,595
Banco Bilbao Vizcaya Argentaria S.A./Puerto Rico
0.393%, 5/25/12(l)		3,000,000		2,998,041
Barclays Bank plc
5.450%, 9/12/12		400,000		429,846
5.000%, 9/22/16		500,000		506,384
6.750%, 5/22/19		150,000		167,765
BB&T Corp.
3.375%, 9/25/13		200,000		200,800
CapitalSource, Inc.
12.750%, 7/15/14§		1,825,000		1,818,156
Citibank N.A.
1.250%, 9/22/11		200,000		200,026
Commonwealth Bank of Australia
0.682%, 12/10/12(l)§		2,900,000		2,916,870
0.925%, 7/12/13(l)§		2,900,000		2,889,369
Credit Suisse/New York
3.450%, 7/2/12		200,000		204,103
5.000%, 5/15/13		900,000		952,486
5.500%, 5/1/14		250,000		268,645
6.000%, 2/15/18		300,000		314,087
Danske Bank A/S
0.757%, 5/24/12(l)§		1,000,000		996,231
Fifth Third Bancorp
8.250%, 3/1/38		250,000		233,004
GMAC, Inc.
2.200%, 12/19/12		1,000,000		1,010,676
HSBC Bank USA/New York
4.625%, 4/1/14		400,000		412,829
HSBC Holdings plc
6.500%, 5/2/36		400,000		433,346
6.500%, 9/15/37		400,000		432,649
JPMorgan Chase Bank N.A.
6.000%, 10/1/17		900,000		946,574
KeyCorp
6.500%, 5/14/13		500,000		511,837
Kreditanstalt fuer Wiederaufbau
3.250%, 10/14/11		1,900,000		1,976,523
2.000%, 1/17/12		1,200,000		1,216,385
3.500%, 3/10/14		1,500,000		1,560,602
4.500%, 7/16/18		900,000		952,891
(Zero Coupon), 6/29/37		500,000		138,985
Landwirtschaftliche Rentenbank
3.250%, 3/15/13		1,000,000		1,034,470
Lloyds TSB Bank plc
2.300%, 4/1/11§		3,100,000		3,147,864
1.597%, 4/2/12(l)§		2,700,000		2,693,399
Oesterreichische Kontrollbank AG
1.875%, 3/21/12		1,500,000		1,508,640
PNC Funding Corp.
5.625%, 2/1/17		600,000		590,392
Rabobank Nederland N.V.
1.657%, 10/11/12		2,900,000		2,863,605
Regions Bank/Alabama
3.250%, 12/9/11		840,000		873,857
Royal Bank of Scotland plc
1.159%, 5/11/12(l)§		3,000,000		3,044,703
Societe Financement de l’Economie Francaise
2.250%, 6/11/12§		3,000,000		3,039,513
SunTrust Banks, Inc./Georgia
5.450%, 12/1/17		200,000		188,551
Swedbank AB
2.800%, 2/10/12§		2,800,000		2,848,813
2.900%, 1/14/13§		3,000,000		3,032,400
U.S. Bancorp
4.200%, 5/15/14		250,000		261,248
U.S. Bank N.A./Ohio
6.375%, 8/1/11		1,000,000		1,080,287
UBS AG/Connecticut
1.533%, 9/29/11(l)		2,800,000		2,799,720
5.875%, 12/20/17		750,000		767,755
5.750%, 4/25/18		400,000		406,509
Wachovia Bank N.A.
4.875%, 2/1/15		400,000		410,245
6.600%, 1/15/38		700,000		768,380
Wachovia Corp.
5.300%, 10/15/11		100,000		105,949
2.253%, 5/1/13(l)		2,900,000		2,932,480
5.250%, 8/1/14		1,000,000		1,015,564
5.750%, 2/1/18		700,000		740,849
Wells Fargo & Co.
4.875%, 1/12/11		400,000		413,124
3.000%, 12/9/11		1,950,000		2,019,451
4.375%, 1/31/13		600,000		619,578
3.750%, 10/1/14		400,000		397,998
5.625%, 12/11/17		300,000		315,117
Westpac Banking Corp.
2.900%, 9/10/14§		3,100,000		3,084,444
Westpac Securities NZ Ltd.
3.450%, 7/28/14§		2,800,000		2,840,919
				75,020,971
Consumer Finance (0.9%)
American Express Co.
7.250%, 5/20/14		150,000		168,535
6.150%, 8/28/17		500,000		525,198
8.125%, 5/20/19		150,000		177,404
American Express Credit Corp.
5.875%, 5/2/13		200,000		212,055
7.300%, 8/20/13		500,000		554,496
Capital One Bank USA N.A.
8.800%, 7/15/19		250,000		288,990
Capital One Financial Corp.
7.375%, 5/23/14		600,000		669,608
6.150%, 9/1/16		100,000		98,199
6.750%, 9/15/17		300,000		318,385
Ford Motor Credit Co. LLC
5.549%, 6/15/11(l)		1,900,000		1,814,500
3.260%, 1/13/12(l)		1,050,000		945,000
HSBC Finance Corp.
5.250%, 1/14/11		400,000		411,213
0.674%, 8/9/11(l)		2,900,000		2,814,676

See Notes to Portfolio of Investments.

144

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
0.772%, 4/24/12(l)	$	2,880,000	$	2,745,360
6.375%, 11/27/12		500,000		537,694
0.759%, 1/15/14(l)		1,000,000		920,391
5.000%, 6/30/15		400,000		401,533
International Lease Finance Corp.
5.750%, 6/15/11		200,000		182,177
6.625%, 11/15/13		400,000		317,167
Russell-Stanley Holdings, Inc.
9.000%, 11/30/09(b)(h)(s)†		729,508		—
SLM Corp.
5.000%, 10/1/13		450,000		358,227
8.450%, 6/15/18		100,000		79,750
				14,540,558
Diversified Financial Services (3.9%)
Allstate Life Global Funding Trusts
5.375%, 4/30/13		400,000		425,760
Altra Industrial Motion, Inc.
9.000%, 12/1/11		2,025,000		2,065,500
Ameriprise Financial, Inc.
7.300%, 6/28/19		45,000		49,607
Axcan Intermediate Holdings, Inc.
12.750%, 3/1/16		1,400,000		1,512,000
Bank of America Corp.
3.125%, 6/15/12		2,110,000		2,194,565
4.900%, 5/1/13		1,400,000		1,435,235
6.500%, 8/1/16		300,000		315,345
5.625%, 10/14/16		800,000		808,114
5.750%, 12/1/17		250,000		249,544
5.650%, 5/1/18		750,000		740,543
7.250%, 10/15/25		100,000		101,228
Bank of America N.A.
5.300%, 3/15/17		200,000		191,862
Boeing Capital Corp.
6.500%, 2/15/12		200,000		220,256
BP Capital Markets plc
1.550%, 8/11/11		150,000		150,508
3.125%, 3/10/12		300,000		309,923
3.625%, 5/8/14		200,000		206,061
3.875%, 3/10/15		200,000		206,612
4.750%, 3/10/19		300,000		315,413
Caterpillar Financial Services Corp.
5.050%, 12/1/10		200,000		207,103
4.900%, 8/15/13		200,000		211,533
7.150%, 2/15/19		500,000		579,781
CIT Group, Inc.
4.250%, 2/1/10		2,000,000		1,441,932
Citigroup Funding, Inc.
1.375%, 5/5/11		1,200,000		1,207,855
1.875%, 10/22/12		250,000		250,484
Citigroup, Inc.
6.500%, 1/18/11		500,000		518,480
5.125%, 2/14/11		400,000		407,729
2.125%, 4/30/12		1,690,000		1,713,919
5.500%, 4/11/13		3,200,000		3,274,643
6.500%, 8/19/13		3,500,000		3,674,121
5.000%, 9/15/14		200,000		190,317
5.850%, 8/2/16		400,000		391,091
6.125%, 5/15/18		600,000		590,786
8.500%, 5/22/19		300,000		338,650
6.125%, 8/25/36		350,000		300,371
6.875%, 3/5/38		600,000		601,819
8.125%, 7/15/39		130,000		145,521
Credit Suisse USA, Inc.
6.500%, 1/15/12		200,000		216,712
General Electric Capital Corp.
3.000%, 12/9/11		1,500,000		1,552,440
5.875%, 2/15/12		800,000		851,821
2.200%, 6/8/12		840,000		852,985
5.250%, 10/19/12		800,000		845,794
0.292%, 12/21/12(l)		5,000,000		4,998,405
4.800%, 5/1/13		650,000		674,755
5.900%, 5/13/14		1,000,000		1,072,291
5.625%, 5/1/18		1,900,000		1,890,884
6.750%, 3/15/32		100,000		102,092
5.875%, 1/14/38		600,000		550,248
6.875%, 1/10/39		500,000		523,665
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.125%, 2/15/13		1,630,000		1,568,875
John Deere Capital Corp.
7.000%, 3/15/12		700,000		781,097
2.875%, 6/19/12		680,000		702,573
5.500%, 4/13/17		200,000		216,053
JPMorgan Chase & Co.
6.750%, 2/1/11		1,100,000		1,168,360
5.350%, 2/1/12		400,000		424,916
6.625%, 3/15/12		800,000		873,411
2.125%, 6/22/12		2,530,000		2,567,092
4.750%, 5/1/13		400,000		423,480
4.650%, 6/1/14		650,000		677,941
6.000%, 1/15/18		600,000		643,995
6.400%, 5/15/38		300,000		335,863
JPMorgan Chase Capital XXV
6.800%, 10/1/37		500,000		503,183
Leucadia National Corp.
8.125%, 9/15/15		1,200,000		1,224,000
MassMutual Global Funding II
0.474%, 12/6/13(l)§		2,000,000		1,928,018
National Rural Utilities Cooperative Finance Corp.
5.450%, 2/1/18		100,000		105,752
8.000%, 3/1/32		400,000		470,302
Susser Holdings LLC/Susser Finance Corp.
10.625%, 12/15/13		1,318,000		1,360,835
Textron Financial Corp.
4.600%, 5/3/10		300,000		298,914
UFJ Finance Aruba AEC
6.750%, 7/15/13		700,000		777,858
Unilever Capital Corp.
7.125%, 11/1/10		200,000		213,520
4.800%, 2/15/19		300,000		315,246
				59,257,587
Insurance (1.3%)
ACE INA Holdings, Inc.
5.900%, 6/15/19		25,000		27,226
Aflac, Inc.
8.500%, 5/15/19		150,000		178,810
Allied World Assurance Co. Holdings Ltd.
7.500%, 8/1/16		1,000,000		1,045,065
Allstate Corp.
6.200%, 5/16/14		150,000		165,474
7.450%, 5/16/19		100,000		119,189
American Financial Group, Inc.
9.875%, 6/15/19		50,000		54,925
American International Group, Inc.
8.250%, 8/15/18		600,000		509,899
Berkshire Hathaway Finance Corp.
4.000%, 4/15/12		200,000		209,676
Chubb Corp.
5.750%, 5/15/18		400,000		438,761

See Notes to Portfolio of Investments.

145

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Genworth Financial, Inc.
6.515%, 5/22/18	$	800,000	$	685,154
Lincoln National Corp.
8.750%, 7/1/19		105,000		121,440
Markel Corp.
7.125%, 9/30/19		100,000		103,727
Marsh & McLennan Cos., Inc.
5.375%, 7/15/14		400,000		416,263
MetLife, Inc.
5.000%, 6/15/15		400,000		417,720
5.700%, 6/15/35		200,000		205,697
Metropolitan Life Global Funding I
5.750%, 7/25/11§		2,104,000		2,223,324
5.125%, 11/9/11§		770,000		808,229
Pricoa Global Funding I
0.547%, 5/24/11(l)§		1,000,000		966,430
0.591%, 1/30/12(l)§		1,900,000		1,798,185
Principal Life Income Funding Trusts
0.610%, 10/9/09(l)		800,000		799,992
5.300%, 4/24/13		200,000		205,177
Prudential Financial, Inc.
5.100%, 9/20/14		200,000		202,103
6.200%, 1/15/15		30,000		31,739
7.375%, 6/15/19		385,000		429,664
5.700%, 12/14/36		100,000		89,610
Suncorp-Metway Ltd.
0.668%, 12/17/10(l)§		2,900,000		2,907,815
2.009%, 7/16/12(l)§		2,200,000		2,282,172
Swiss Reinsurance Solutions Holding Corp.
7.000%, 2/15/26		1,500,000		1,415,320
Travelers Cos., Inc.
6.750%, 6/20/36		400,000		475,399
				19,334,185
Real Estate Investment Trusts (REITs) (0.3%)
AvalonBay Communities, Inc.
5.700%, 3/15/17		100,000		102,132
6.100%, 3/15/20		100,000		103,066
ERP Operating LP
5.125%, 3/15/16		400,000		390,309
HCP, Inc.
5.650%, 12/15/13		2,200,000		2,176,535
Hospitality Properties Trust
7.875%, 8/15/14		150,000		150,289
Kimco Realty Corp.
6.875%, 10/1/19		100,000		102,276
Mack-Cali Realty Corp.
7.750%, 8/15/19		100,000		103,039
ProLogis
7.625%, 8/15/14		100,000		102,196
5.625%, 11/15/15		600,000		545,226
Simon Property Group LP
5.000%, 3/1/12		700,000		721,845
6.750%, 5/15/14		105,000		112,610
5.625%, 8/15/14		200,000		206,366
5.250%, 12/1/16		200,000		197,140
				5,013,029
Total Financials				210,879,764
Health Care (2.5%)
Biotechnology (0.1%)
Amgen, Inc.
4.850%, 11/18/14		200,000		216,372
6.400%, 2/1/39		300,000		343,880
Genentech, Inc.
5.250%, 7/15/35		200,000		198,586
				758,838
Health Care Equipment & Supplies (0.2%)
Accellent, Inc.
10.500%, 12/1/13		1,750,000		1,671,250
Baxter International, Inc.
4.625%, 3/15/15		200,000		214,370
6.250%, 12/1/37		100,000		116,248
CareFusion Corp.
6.375%, 8/1/19§		300,000		325,367
Covidien International Finance S.A.
6.000%, 10/15/17		100,000		110,943
Hospira, Inc.
6.400%, 5/15/15		45,000		50,034
Medtronic, Inc.
4.500%, 3/15/14		400,000		427,880
				2,916,092
Health Care Providers & Services (0.9%)
Apria Healthcare Group, Inc.
11.250%, 11/1/14§		500,000		537,500
12.375%, 11/1/14		400,000		427,000
Cardinal Health, Inc.
5.500%, 6/15/13		200,000		209,706
CIGNA Corp.
7.875%, 5/15/27		100,000		96,569
Express Scripts, Inc.
6.250%, 6/15/14		500,000		549,472
HCA, Inc.
8.750%, 9/1/10		500,000		507,500
7.875%, 2/15/20§		2,100,000		2,107,875
Medco Health Solutions, Inc.
7.125%, 3/15/18		300,000		339,929
Skilled Healthcare Group, Inc.
11.000%, 1/15/14		1,295,000		1,340,325
Surgical Care Affiliates, Inc.
8.875%, 7/15/15 PIK§		2,043,843		1,624,855
10.000%, 7/15/17§		3,250,000		2,600,000
U.S. Oncology, Inc.
10.750%, 8/15/14		2,108,000		2,202,860
9.125%, 8/15/17§		550,000		578,875
UnitedHealth Group, Inc.
5.250%, 3/15/11		400,000		415,730
6.000%, 2/15/18		250,000		262,712
6.875%, 2/15/38		250,000		275,958
WellPoint, Inc.
5.850%, 1/15/36		350,000		349,964
				14,426,830
Pharmaceuticals (1.3%)
Abbott Laboratories, Inc.
5.600%, 5/15/11		200,000		214,007
5.875%, 5/15/16		200,000		222,916
5.600%, 11/30/17		600,000		661,366
Angiotech Pharmaceuticals, Inc.
4.111%, 12/1/13(l)		2,050,000		1,732,250
Argatroban Royalty Sub LLC
18.500%, 9/30/14(b)†		3,777,669		3,022,136
AstraZeneca plc
5.400%, 9/15/12		200,000		219,197
5.900%, 9/15/17		500,000		559,443
6.450%, 9/15/37		200,000		235,325
Bristol-Myers Squibb Co.
5.250%, 8/15/13		300,000		326,268
5.450%, 5/1/18		200,000		218,437

See Notes to Portfolio of Investments.

146

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
6.125%, 5/1/38	$	500,000	$	573,318
Elan Corp. plc
8.750%, 10/15/16		1,875,000		1,846,875
Elan Finance plc/Elan Finance Corp.
7.750%, 11/15/11		1,400,000		1,426,250
4.486%, 12/1/13(l)		2,075,000		1,888,250
Eli Lilly and Co.
4.200%, 3/6/14		500,000		530,517
5.200%, 3/15/17		100,000		107,960
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13		200,000		214,867
5.650%, 5/15/18		400,000		438,199
6.375%, 5/15/38		200,000		235,780
Johnson & Johnson
5.150%, 7/15/18		200,000		218,265
5.850%, 7/15/38		100,000		112,556
Merck & Co., Inc.
5.000%, 6/30/19		350,000		373,393
6.400%, 3/1/28		200,000		233,998
Novartis Securities Investment Ltd.
5.125%, 2/10/19		600,000		638,735
Pfizer, Inc.
4.450%, 3/15/12		200,000		212,444
5.350%, 3/15/15		500,000		553,653
6.200%, 3/15/19		300,000		338,141
7.200%, 3/15/39		200,000		251,722
Phibro Animal Health Corp.
13.000%, 8/1/14		2,115,000		1,966,950
Schering-Plough Corp.
6.000%, 9/15/17		200,000		223,112
Watson Pharmaceuticals, Inc.
5.000%, 8/15/14		165,000		169,140
6.125%, 8/15/19		85,000		89,394
Wyeth
5.500%, 3/15/13		200,000		216,508
6.000%, 2/15/36		100,000		110,940
5.950%, 4/1/37		200,000		220,249
				20,602,561
Total Health Care				38,704,321
Industrials (1.3%)
Aerospace & Defense (0.3%)
Boeing Co.
5.000%, 3/15/14		500,000		545,224
3.500%, 2/15/15		100,000		102,377
4.875%, 2/15/20		55,000		56,734
6.125%, 2/15/33		100,000		111,403
5.875%, 2/15/40		30,000		32,730
General Dynamics Corp.
4.250%, 5/15/13		200,000		211,825
GeoEye, Inc.
9.625%, 10/1/15§		675,000		683,438
Honeywell International, Inc.
4.250%, 3/1/13		200,000		211,723
5.000%, 2/15/19		500,000		526,319
ITT Corp.
4.900%, 5/1/14		65,000		67,779
6.125%, 5/1/19		90,000		97,553
Lockheed Martin Corp.
Series B
6.150%, 9/1/36		200,000		228,936
Northrop Grumman Corp.
3.700%, 8/1/14		90,000		91,570
5.050%, 8/1/19		50,000		52,538
Northrop Grumman Systems Corp.
7.125%, 2/15/11		100,000		107,178
7.750%, 2/15/31		200,000		263,737
Rockwell Collins, Inc.
5.250%, 7/15/19		50,000		53,922
United Technologies Corp.
5.375%, 12/15/17		200,000		218,195
6.125%, 2/1/19		500,000		572,060
6.125%, 7/15/38		100,000		115,204
				4,350,445
Air Freight & Logistics (0.1%)
United Parcel Service, Inc.
4.500%, 1/15/13		200,000		214,438
5.125%, 4/1/19		300,000		322,505
6.200%, 1/15/38		100,000		116,869
				653,812
Airlines (0.1%)
American Airlines, Inc.
13.000%, 8/1/16§		900,000		972,000
Continental Airlines, Inc.
9.000%, 7/8/16		150,000		158,250
				1,130,250
Building Products (0.0%)
CRH America, Inc.
6.000%, 9/30/16		500,000		512,582
Commercial Services & Supplies (0.2%)
Allied Waste North America, Inc.
6.875%, 6/1/17		350,000		369,662
Dartmouth College
4.750%, 6/1/19		50,000		52,527
Iron Mountain, Inc.
8.375%, 8/15/21		900,000		927,000
Pitney Bowes, Inc.
4.750%, 1/15/16		100,000		104,296
R.R. Donnelley & Sons Co.
4.950%, 4/1/14		400,000		384,896
8.600%, 8/15/16		150,000		157,995
Republic Services, Inc.
5.500%, 9/15/19§		148,000		152,463
Sheridan Group, Inc.
10.250%, 8/15/11		850,000		714,000
Waste Management, Inc.
6.100%, 3/15/18		350,000		372,279
7.000%, 7/15/28		100,000		109,141
				3,344,259
Construction & Engineering (0.1%)
Esco Corp.
8.625%, 12/15/13§		1,700,000		1,666,000
Electrical Equipment (0.0%)
Emerson Electric Co.
5.250%, 10/15/18		100,000		108,525
Industrial Conglomerates (0.2%)
3M Co.
4.375%, 8/15/13		100,000		107,072
Cooper U.S., Inc.
5.250%, 11/15/12		100,000		108,326
General Electric Co.
5.000%, 2/1/13		200,000		210,980
5.250%, 12/6/17		500,000		513,125
Harland Clarke Holdings Corp.
6.000%, 5/15/15(l)		815,000		613,287
Koninklijke Philips Electronics N.V.
6.875%, 3/11/38		200,000		233,855

See Notes to Portfolio of Investments.

147

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Tyco International Finance S.A.
4.125%, 10/15/14	$	50,000	$	49,827
8.500%, 1/15/19		400,000		487,576
				2,324,048
Machinery (0.1%)
Caterpillar, Inc.
6.050%, 8/15/36		100,000		109,453
Danaher Corp.
5.625%, 1/15/18		300,000		329,390
Dover Corp.
6.600%, 3/15/38		100,000		121,523
Snap-On, Inc.
6.125%, 9/1/21		100,000		106,023
Trimas Corp.
9.875%, 6/15/12		1,000,000		902,500
				1,568,889
Road & Rail (0.2%)
Burlington Northern Santa Fe Corp.
7.000%, 2/1/14		500,000		571,755
4.700%, 10/1/19		100,000		101,191
6.150%, 5/1/37		100,000		110,996
Burlington Resources Finance Co.
7.200%, 8/15/31		100,000		119,308
Canadian National Railway Co.
5.550%, 3/1/19		700,000		766,565
Canadian Pacific Railway Co.
7.250%, 5/15/19		45,000		52,205
CSX Corp.
7.375%, 2/1/19		300,000		353,035
6.150%, 5/1/37		500,000		529,622
Norfolk Southern Corp.
7.700%, 5/15/17		100,000		118,187
5.750%, 4/1/18		300,000		326,326
5.900%, 6/15/19		65,000		72,264
Union Pacific Corp.
6.125%, 2/15/20		300,000		335,408
6.150%, 5/1/37		100,000		113,031
				3,569,893
Total Industrials				19,228,703
Information Technology (0.9%)
Communications Equipment (0.1%)
Cisco Systems, Inc.
5.250%, 2/22/11		200,000		210,808
5.500%, 2/22/16		100,000		110,116
4.950%, 2/15/19		400,000		420,472
5.900%, 2/15/39		400,000		432,989
Motorola, Inc.
6.000%, 11/15/17		200,000		191,584
				1,365,969
Computers & Peripherals (0.2%)
Dell, Inc.
3.375%, 6/15/12		30,000		31,086
5.875%, 6/15/19		50,000		53,603
7.100%, 4/15/28		50,000		55,208
6.500%, 4/15/38		200,000		208,802
Hewlett-Packard Co.
4.250%, 2/24/12		750,000		792,421
4.500%, 3/1/13		400,000		427,099
International Business Machines Corp.
4.750%, 11/29/12		200,000		216,327
5.700%, 9/14/17		400,000		440,833
5.875%, 11/29/32		100,000		110,742
8.000%, 10/15/38		400,000		556,842
				2,892,963
Electronic Equipment, Instruments & Components (0.2%)
Arrow Electronics, Inc.
6.000%, 4/1/20		100,000		99,922
Corning, Inc.
6.625%, 5/15/19		20,000		21,880
Sanmina-SCI Corp.
3.049%, 6/15/14(l)§		2,350,000		2,115,000
				2,236,802
IT Services (0.2%)
Compucom Systems, Inc.
12.500%, 10/1/15		1,600,000		1,492,000
SunGard Data Systems, Inc.
9.125%, 8/15/13		1,700,000		1,717,000
Western Union Co.
5.930%, 10/1/16		500,000		541,810
				3,750,810
Office Electronics (0.1%)
Xerox Capital Trust I
8.000%, 2/1/27		1,400,000		1,368,500
Xerox Corp.
8.250%, 5/15/14		95,000		107,986
6.350%, 5/15/18		200,000		207,921
				1,684,407
Semiconductors & Semiconductor Equipment (0.0%)
Analog Devices, Inc.
5.000%, 7/1/14		150,000		157,597
Software (0.1%)
Microsoft Corp.
2.950%, 6/1/14		115,000		116,549
4.200%, 6/1/19		125,000		128,697
5.200%, 6/1/39		110,000		112,514
Oracle Corp.
5.000%, 1/15/11		400,000		418,352
5.750%, 4/15/18		500,000		550,920
6.500%, 4/15/38		50,000		57,956
6.125%, 7/8/39		250,000		281,500
				1,666,488
Total Information Technology				13,755,036
Materials (1.9%)
Chemicals (0.8%)
Air Products and Chemicals, Inc.
4.375%, 8/21/19		100,000		102,130
Cabot Corp.
5.000%, 10/1/16		100,000		99,815
Cognis GmbH
2.299%, 9/15/13(l)§		2,000,000		1,680,000
Dow Chemical Co.
7.600%, 5/15/14		220,000		243,375
8.550%, 5/15/19		155,000		174,243
9.400%, 5/15/39		90,000		110,842
E.I. du Pont de Nemours & Co.
5.000%, 7/15/13		200,000		217,862
5.250%, 12/15/16		100,000		108,022
5.750%, 3/15/19		500,000		551,284
Monsanto Co.
7.375%, 8/15/12		200,000		229,652
5.125%, 4/15/18		100,000		106,130
5.875%, 4/15/38		200,000		221,551
Potash Corp of Saskatchewan, Inc.
5.250%, 5/15/14^		2,980,000		3,223,919

See Notes to Portfolio of Investments.

148

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
3.750%, 9/30/15	$	40,000	$	39,915
6.500%, 5/15/19		65,000		72,844
4.875%, 3/30/20		35,000		34,960
Reichhold Industries, Inc.
9.000%, 8/15/14		4,745,000		3,938,350
Rohm & Haas Co.
5.600%, 3/15/13		500,000		522,035
Valspar Corp.
7.250%, 6/15/19		100,000		108,617
				11,785,546
Containers & Packaging (0.3%)
Bemis Co., Inc.
5.650%, 8/1/14		30,000		31,852
6.800%, 8/1/19		20,000		22,319
Berry Plastics Corp.
5.259%, 2/15/15(l)		1,450,000		1,334,000
Graham Packaging Co. LP/GPC Capital Corp. I
8.500%, 10/15/12		1,550,000		1,565,500
Impress Holdings B.V.
3.634%, 9/15/13(l)§		2,025,000		1,918,688
Packaging Corp. of America
5.750%, 8/1/13		500,000		520,202
				5,392,561
Metals & Mining (0.8%)
Alcoa, Inc.
6.000%, 7/15/13		200,000		208,772
5.900%, 2/1/27		200,000		170,085
Allegheny Technologies, Inc.
9.375%, 6/1/19		100,000		113,217
ArcelorMittal S.A.
5.375%, 6/1/13		200,000		204,472
9.000%, 2/15/15		125,000		143,750
6.125%, 6/1/18		200,000		197,031
9.850%, 6/1/19		150,000		177,420
Barrick Gold Corp.
6.950%, 4/1/19		500,000		585,367
Barrick Gold Finance Co.
4.875%, 11/15/14		2,315,000		2,460,752
Barrick N.A. Finance LLC
7.500%, 9/15/38		100,000		130,395
BHP Billiton Finance USA Ltd.
5.125%, 3/29/12		1,500,000		1,618,771
4.800%, 4/15/13		200,000		213,304
7.250%, 3/1/16		1,375,000		1,583,438
6.500%, 4/1/19		500,000		580,101
Freeport-McMoRan Copper & Gold, Inc.
8.375%, 4/1/17		300,000		319,125
Newmont Mining Corp.
5.125%, 10/1/19		315,000		314,861
6.250%, 10/1/39		200,000		198,643
Nucor Corp.
5.750%, 12/1/17		200,000		218,179
Rio Tinto Finance USA Ltd.
5.875%, 7/15/13		800,000		861,941
6.500%, 7/15/18		200,000		215,068
7.125%, 7/15/28		100,000		110,769
Ryerson, Inc.
7.858%, 11/1/14(l)		1,000,000		875,000
12.000%, 11/1/15		425,000		403,750
Vale Overseas Ltd.
6.875%, 11/21/36		400,000		413,812
				12,318,023
Paper & Forest Products (0.0%)
International Paper Co.
7.500%, 8/15/21		200,000		211,913
Total Materials				29,708,043
Telecommunication Services (2.8%)
Diversified Telecommunication Services (1.9%)
AT&T Corp.
7.300%, 11/15/11		400,000		443,071
8.000%, 11/15/31		200,000		249,208
AT&T, Inc.
4.950%, 1/15/13		200,000		213,240
5.100%, 9/15/14		200,000		215,634
5.625%, 6/15/16		400,000		430,303
5.500%, 2/1/18		500,000		521,688
6.300%, 1/15/38		500,000		523,821
6.400%, 5/15/38		200,000		212,312
6.550%, 2/15/39		600,000		654,145
BellSouth Capital Funding Corp.
7.875%, 2/15/30		500,000		599,394
British Telecommunications plc
9.625%, 12/15/30		300,000		384,322
Deutsche Telekom International Finance B.V.
8.500%, 6/15/10		2,700,000		2,830,124
4.875%, 7/8/14		150,000		157,483
6.000%, 7/8/19		100,000		107,168
8.750%, 6/15/30		500,000		647,512
Embarq Corp.
7.082%, 6/1/16		100,000		108,656
7.995%, 6/1/36		100,000		104,481
France Telecom S.A.
7.750%, 3/1/11		700,000		757,942
4.375%, 7/8/14		2,000,000		2,096,570
Global Crossing Ltd.
12.000%, 9/15/15§		1,000,000		1,050,000
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		1,520,000		1,535,200
Telcordia Technologies, Inc.
4.259%, 7/15/12(l)§		2,600,000		2,242,500
Telecom Italia Capital S.A.
4.875%, 10/1/10		400,000		411,164
1.120%, 7/18/11(l)		2,900,000		2,877,774
5.250%, 11/15/13		200,000		210,389
6.175%, 6/18/14		100,000		108,475
5.250%, 10/1/15		400,000		414,108
7.175%, 6/18/19		100,000		111,584
Telefonica Emisiones S.A.U.
0.809%, 2/4/13(l)^		1,000,000		981,560
4.949%, 1/15/15		1,685,000		1,787,461
6.421%, 6/20/16		700,000		786,147
5.877%, 7/15/19		145,000		157,545
7.045%, 6/20/36		300,000		355,022
Verizon Communications, Inc.
7.250%, 12/1/10		400,000		425,714
7.375%, 9/1/12		400,000		454,490
4.350%, 2/15/13		100,000		105,133
5.550%, 2/15/16		500,000		541,400
5.500%, 2/15/18		600,000		629,071
7.750%, 12/1/30		400,000		483,269
6.900%, 4/15/38		100,000		113,887
7.350%, 4/1/39		300,000		355,735

See Notes to Portfolio of Investments.

149

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Wind Acquisition Finance S.A.
11.750%, 7/15/17§	$	1,800,000	$	2,029,500
				29,464,702
Wireless Telecommunication Services (0.9%)
America Movil S.A.B. de C.V.
6.375%, 3/1/35		100,000		104,196
Cellco Partnership/Verizon Wireless Capital LLC
3.025%, 5/20/11(l)§		2,900,000		3,000,128
3.750%, 5/20/11§		300,000		309,518
5.550%, 2/1/14§		500,000		540,341
8.500%, 11/15/18§		400,000		499,453
Centennial Communications Corp./Cellular Operating Co. LLC
8.125%, 2/1/14		500,000		507,500
Cricket Communications, Inc.
7.750%, 5/15/16§		1,675,000		1,700,125
MetroPCS Wireless, Inc.
9.250%, 11/1/14		1,450,000		1,482,625
New Cingular Wireless Services, Inc.
7.875%, 3/1/11		200,000		217,047
8.125%, 5/1/12		200,000		228,202
8.750%, 3/1/31		100,000		132,466
Rogers Communications, Inc.
6.800%, 8/15/18		100,000		112,226
7.500%, 8/15/38		100,000		121,579
Vodafone Group plc
5.000%, 12/16/13		200,000		213,296
4.150%, 6/10/14		3,200,000		3,286,166
5.625%, 2/27/17		400,000		423,916
5.450%, 6/10/19		150,000		156,182
6.150%, 2/27/37		500,000		534,668
				13,569,634
Total Telecommunication Services				43,034,336
Utilities (1.9%)
Electric Utilities (1.2%)
Appalachian Power Co.
7.000%, 4/1/38		200,000		230,202
Baltimore Gas & Electric Co.
6.125%, 7/1/13		300,000		326,039
Carolina Power & Light Co.
6.300%, 4/1/38		300,000		349,802
CenterPoint Energy Houston Electric LLC
7.000%, 3/1/14		300,000		340,937
Commonwealth Edison Co.
6.450%, 1/15/38		400,000		455,473
Consolidated Edison Co. of New York, Inc. Series 04-A
4.700%, 2/1/14		2,900,000		3,075,378
Series 07-A
6.300%, 8/15/37		100,000		112,897
Series 08-A
5.850%, 4/1/18		500,000		545,015
Series 08-B
6.750%, 4/1/38		100,000		119,537
Duke Energy Carolinas LLC
Series C
7.000%, 11/15/18		100,000		119,678
Duke Energy Corp.
5.650%, 6/15/13		400,000		428,536
6.300%, 2/1/14		500,000		553,138
Duke Energy Indiana, Inc.
6.450%, 4/1/39		300,000		358,871
Duke Energy Ohio, Inc.
5.700%, 9/15/12		200,000		217,847
Edison Mission Energy
7.500%, 6/15/13		1,000,000		937,500
Energy Gulf States Louisiana LLC
5.590%, 10/1/24		60,000		59,864
Exelon Corp.
4.900%, 6/15/15		200,000		207,321
Exelon Generation Co. LLC
6.200%, 10/1/17		100,000		109,136
FirstEnergy Corp. Series B
6.450%, 11/15/11		9,000		9,734
Series C
7.375%, 11/15/31		200,000		224,185
FirstEnergy Solutions Corp.
4.800%, 2/15/15§		120,000		123,302
6.050%, 8/15/21§		200,000		206,673
6.800%, 8/15/39§		139,000		147,332
FPL Group Capital, Inc.
5.625%, 9/1/11		100,000		107,112
6.000%, 3/1/19		500,000		560,683
Georgia Power Co.
5.950%, 2/1/39		300,000		335,152
Interstate Power and Light Co.
6.250%, 7/15/39		30,000		33,279
MidAmerican Energy Co.
5.750%, 11/1/35		100,000		106,330
MidAmerican Energy Holdings Co.
3.150%, 7/15/12		200,000		202,468
5.875%, 10/1/12		400,000		435,811
5.750%, 4/1/18		400,000		431,762
6.125%, 4/1/36		200,000		215,888
5.950%, 5/15/37		100,000		105,479
6.500%, 9/15/37		200,000		226,532
Nevada Power Co.
6.500%, 8/1/18		200,000		218,799
Northern States Power Co.
5.250%, 3/1/18		200,000		214,604
Ohio Power Co.
5.375%, 10/1/21		100,000		101,466
Oncor Electric Delivery Co.
6.375%, 5/1/12		100,000		108,590
6.800%, 9/1/18		400,000		460,247
Pacific Gas & Electric Co.
4.800%, 3/1/14		100,000		106,650
8.250%, 10/15/18		600,000		762,389
6.050%, 3/1/34		200,000		222,481
PacifiCorp.
6.000%, 1/15/39		300,000		335,907
PPL Electric Utilities Corp.
6.250%, 5/15/39		30,000		34,238
PPL Energy Supply LLC
6.500%, 5/1/18		100,000		107,755
Progress Energy, Inc.
7.100%, 3/1/11		100,000		106,011
Public Service Co. of Colorado
5.125%, 6/1/19		85,000		91,121
Public Service Electric & Gas Co.
5.375%, 9/1/13		200,000		217,223
Puget Sound Energy, Inc.
5.757%, 10/1/39		150,000		152,983
San Diego Gas & Electric Co.
6.000%, 6/1/39		30,000		34,360

See Notes to Portfolio of Investments.

150

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
South Carolina Electric & Gas Co.
6.050%, 1/15/38	$	100,000	$	113,333
Southern California Edison Co.
5.750%, 3/15/14		400,000		443,336
5.950%, 2/1/38		100,000		113,490
6.050%, 3/15/39		300,000		345,766
Southern Co.
4.150%, 5/15/14		75,000		77,477
Series A
5.300%, 1/15/12		400,000		429,376
Tampa Electric Co.
6.100%, 5/15/18		75,000		81,207
Union Electric Co.
6.700%, 2/1/19		200,000		225,722
Virginia Electric & Power Co.
5.000%, 6/30/19		165,000		172,375
8.875%, 11/15/38		300,000		426,748
Series A
4.750%, 3/1/13		200,000		210,450
6.000%, 5/15/37		100,000		110,101
Wisconsin Power & Light Co.
5.000%, 7/15/19		50,000		51,521
				18,094,619
Gas Utilities (0.4%)
Boardwalk Pipelines LP
5.750%, 9/15/19		100,000		99,837
Copano Energy LLC/Copano Energy Finance Corp.
7.750%, 6/1/18		1,250,000		1,187,500
EQT Corp.
8.125%, 6/1/19		75,000		85,603
MarkWest Energy Partners LP/ MarkWest Energy Finance Corp.
6.875%, 11/1/14§		400,000		374,000
NGPL Pipeco LLC
6.514%, 12/15/12§		2,800,000		3,071,888
ONEOK, Inc.
6.000%, 6/15/35		100,000		98,713
Plains All American Pipeline LP
8.750%, 5/1/19		500,000		600,201
Regency Energy Partners LP/ Regency Energy Finance Corp.
9.375%, 6/1/16§		1,200,000		1,248,000
				6,765,742
Independent Power Producers & Energy Traders (0.2%)
NRG Energy, Inc.
8.500%, 6/15/19		1,000,000		1,001,250
Tennessee Valley Authority
5.500%, 7/18/17		550,000		616,134
5.250%, 9/15/39		1,025,000		1,081,501
				2,698,885
Multi-Utilities (0.1%)
Alliant Energy Corp.
4.000%, 10/15/14		50,000		49,826
Avista Corp.
5.125%, 4/1/22		55,000		56,099
CenterPoint Energy Resources Corp. Series B
7.875%, 4/1/13		200,000		225,211
Dominion Resources, Inc.
8.875%, 1/15/19		300,000		379,558
5.200%, 8/15/19		80,000		83,065
Series B
5.950%, 6/15/35		100,000		105,164
DTE Energy Co.
7.625%, 5/15/14		100,000		110,381
6.350%, 6/1/16		200,000		205,883
National Grid plc
6.300%, 8/1/16		500,000		547,443
NiSource Finance Corp.
5.450%, 9/15/20		100,000		91,890
Sempra Energy
6.000%, 2/1/13		200,000		211,868
6.500%, 6/1/16		60,000		66,327
				2,132,715
Total Utilities				29,691,961
Total Corporate Bonds				560,602,125
Government Securities (64.8%)
Foreign Governments (1.1%)
Export-Import Bank of Korea
8.125%, 1/21/14		1,000,000		1,145,482
Federative Republic of Brazil
10.250%, 6/17/13		840,000		1,036,980
8.875%, 10/14/19		270,000		350,325
8.875%, 4/15/24		540,000		715,500
10.125%, 5/15/27		120,000		177,600
8.250%, 1/20/34		840,000		1,107,540
Province of Manitoba
5.000%, 2/15/12		400,000		416,002
Province of Nova Scotia
5.125%, 1/26/17		270,000		287,151
Province of Ontario
4.950%, 6/1/12		420,000		453,978
4.950%, 11/28/16		550,000		598,678
4.000%, 10/7/19		200,000		199,852
Province of Quebec
4.875%, 5/5/14		540,000		587,872
4.625%, 5/14/18		540,000		562,796
7.500%, 9/15/29		410,000		543,492
Republic of Italy
3.500%, 7/15/11		1,390,000		1,442,740
5.250%, 9/20/16		1,130,000		1,212,411
Republic of Korea
5.750%, 4/16/14		300,000		323,486
7.125%, 4/16/19		250,000		293,218
Republic of Peru
7.125%, 3/30/19		500,000		576,750
6.550%, 3/14/37		270,000		292,950
Republic of Poland
6.375%, 7/15/19		600,000		674,052
Republic of South Africa
6.875%, 5/27/19		150,000		167,250
5.875%, 5/30/22		570,000		584,962
State of Israel
5.125%, 3/1/14		120,000		129,469
5.125%, 3/26/19		300,000		308,292
United Mexican States
6.375%, 1/16/13		270,000		296,055
5.625%, 1/15/17		960,000		996,480
8.300%, 8/15/31		270,000		345,600
6.050%, 1/11/40		540,000		538,650
				16,365,613

See Notes to Portfolio of Investments.

151

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
Municipal Bonds (0.9%)
Central Puget Sound Regional Transportation Authority
5.491%, 11/1/39	$	100,000	$	104,553
City of San Antonio, Texas
5.985%, 2/1/39		50,000		56,124
Clark County, Nevada Airport Revenue
6.881%, 7/1/42		100,000		101,981
Illinois State Toll Highway Authority
5.293%, 1/1/24		3,000,000		3,037,590
Metro Wastewater Reclamation District
4.718%, 4/1/19		1,000,000		1,036,230
Metropolitan Washington Airports Authority
7.462%, 10/1/46		155,000		167,699
New Jersey State Turnpike Authority
7.414%, 1/1/40		1,000,000		1,232,800
New Jersey Transportation Trust Fund Authority
6.875%, 12/15/39		1,000,000		1,071,850
New York, New York Build America Bonds
5.206%, 10/1/31		75,000		75,000
North Texas Tollway Authority
6.718%, 1/1/49		144,000		161,592
State of California
7.550%, 4/1/39		3,495,000		3,884,588
State of Utah
4.554%, 7/1/24		90,000		92,035
University of Texas
6.276%, 8/15/41		2,900,000		3,124,228
				14,146,270
Supranational (1.1%)
African Development Bank
3.000%, 5/27/14		500,000		507,152
Asian Development Bank
3.000%, 2/15/11		400,000		411,556
2.750%, 5/21/14		500,000		505,204
4.250%, 10/20/14		540,000		569,547
Corp. Andina de Fomento
8.125%, 6/4/19		325,000		377,412
European Investment Bank
3.125%, 7/15/11		1,960,000		2,033,543
4.250%, 7/15/13		1,390,000		1,496,381
3.000%, 4/8/14		1,000,000		1,023,339
3.125%, 6/4/14		750,000		767,504
4.875%, 1/17/17		550,000		598,701
Export Development Canada
2.375%, 3/19/12		1,000,000		1,021,501
Inter-American Development Bank
4.375%, 9/20/12		550,000		587,807
3.000%, 4/22/14		500,000		510,846
5.125%, 9/13/16		280,000		310,145
International Bank for Reconstruction & Development
5.000%, 4/1/16		550,000		605,791
4.750%, 2/15/35		130,000		132,183
International Finance Corp.
3.000%, 4/22/14		750,000		761,956
Japan Finance Corp.
2.000%, 6/24/11		500,000		506,391
Kommunalbanken A/S
3.375%, 11/15/11		2,000,000		2,063,718
Korea Development Bank
8.000%, 1/23/14		500,000		571,455
Nordic Investment Bank
3.625%, 6/17/13		550,000		570,341
2.625%, 10/6/14		100,000		99,652
				16,032,125
U.S. Government Agencies (43.1%)
Federal Farm Credit Bank
3.875%, 8/25/11		20,000		21,021
1.125%, 10/3/11		400,000		398,506
Federal Home Loan Bank
3.375%, 10/20/10		2,780,000		2,861,457
1.625%, 1/21/11		1,500,000		1,519,545
1.625%, 7/27/11		2,500,000		2,528,665
5.375%, 8/19/11		1,960,000		2,117,900
1.250%, 9/28/11		1,000,000		1,001,535
1.375%, 9/28/11		1,000,000		1,001,792
1.250%, 10/19/11		100,000		100,207
1.875%, 6/20/12		250,000		252,433
2.000%, 9/24/12		500,000		500,403
5.125%, 8/14/13		1,110,000		1,231,704
4.000%, 9/6/13		1,400,000		1,495,074
5.500%, 8/13/14		1,120,000		1,269,340
5.000%, 11/17/17		1,690,000		1,846,202
5.500%, 7/15/36		270,000		298,143
Federal Home Loan Mortgage Corp.
4.750%, 1/18/11		2,000,000		2,105,250
1.625%, 4/26/11		4,000,000		4,050,256
3.875%, 6/29/11		5,730,000		6,030,716
1.750%, 6/15/12		4,300,000		4,322,700
2.000%, 6/15/12		150,000		150,918
2.000%, 10/1/12		300,000		300,606
4.500%, 7/15/13		2,800,000		3,041,270
2.500%, 1/7/14		1,690,000		1,700,126
3.250%, 2/18/14		610,000		614,059
2.500%, 4/23/14		6,000,000		6,010,218
5.000%, 7/15/14		1,680,000		1,864,921
3.000%, 7/28/14		4,500,000		4,587,498
5.000%, 4/18/17		300,000		331,413
5.125%, 11/17/17		32,000,000		35,554,592
4.875%, 6/13/18		4,300,000		4,687,679
5.000%, 7/1/19		3,434,177		3,651,094
5.000%, 2/1/22		4,239,343		4,496,519
5.500%, 5/1/22		4,122,105		4,391,974
4.500%, 2/1/24		5,471,784		5,673,770
4.000%, 7/1/24		2,969,557		3,026,976
4.500%, 8/1/24		996,153		1,033,236
6.500%, 5/1/26		835,242		893,644
6.500%, 8/1/26		1,615,774		1,728,752
6.500%, 9/1/27		1,301,038		1,392,008
6.750%, 3/15/31		550,000		719,634
6.250%, 7/15/32		280,000		353,198
5.000%, 12/1/34		18,636,080		19,340,757
6.000%, 3/1/36		919,814		975,685
5.500%, 10/1/36		858,274		901,523
6.000%, 10/1/36		883,635		935,652
5.500%, 5/1/37		915,738		960,308
6.000%, 6/1/37		234,840		248,591
6.500%, 11/1/37		4,901,594		5,236,664
5.500%, 12/1/37		953,682		999,951
5.500%, 1/1/38		1,693,428		1,776,644
5.500%, 2/1/38		17,539,263		18,392,932
5.500%, 3/1/38		1,230,935		1,290,654
6.000%, 3/1/38		47,454		50,195
6.500%, 5/1/38		855,888		914,396
5.500%, 6/1/38		1,434,776		1,504,385
6.000%, 6/1/38		370,873		392,299
6.000%, 7/1/38		187,691		198,447
6.000%, 8/1/38		691,030		730,630

See Notes to Portfolio of Investments.

152

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount		Value (Note 1)
5.500%, 9/1/38	$	872,079	$	914,934
6.000%, 9/1/38		3,417,465		3,613,357
6.000%, 10/1/38		211,788		223,924
5.500%, 11/1/38		664,445		696,681
5.500%, 12/1/38		3,426,993		3,595,398
6.000%, 12/1/38		1,213,127		1,282,644
6.000%, 1/1/39		3,818,879		4,037,718
6.000%, 2/1/39		8,260,503		8,737,431
6.000%, 3/1/39		3,372,086		3,565,322
4.500%, 4/1/39		4,949,403		5,014,364
4.000%, 5/1/39		990,998		981,747
4.000%, 6/1/39		2,985,257		2,957,387
4.500%, 6/1/39		1,987,008		2,013,088
4.500%, 7/1/39		6,025,000		6,104,078
4.500%, 8/1/39		2,996,274		3,041,218
5.000%, 10/15/39 TBA		5,000,000		5,164,844
Federal National Mortgage Association
2.000%, 3/2/11		490,000		492,063
6.000%, 5/15/11		1,120,000		1,212,653
5.000%, 2/16/12		2,230,000		2,424,327
2.500%, 2/17/12		2,110,000		2,124,333
2.000%, 9/28/12		300,000		300,411
2.170%, 3/21/13		500,000		500,305
4.625%, 10/15/13		4,460,000		4,870,614
3.000%, 9/15/14		500,000		500,762
3.000%, 9/16/14		1,000,000		1,016,507
5.000%, 2/13/17		2,810,000		3,106,545
5.000%, 5/11/17		1,390,000		1,536,246
4.500%, 3/1/23		8,046,209		8,483,407
5.500%, 7/1/23		49,793		52,773
6.000%, 7/1/23		5,118,918		5,466,444
5.500%, 8/1/23		53,811		57,031
5.500%, 11/1/23		896,396		950,040
5.000%, 4/1/24		4,265,759		4,484,879
4.000%, 7/1/24		3,048,914		3,107,629
6.250%, 5/15/29		850,000		1,042,936
7.125%, 1/15/30		550,000		742,240
6.625%, 11/15/30		500,000		645,356
6.000%, 11/1/32		4,530,915		4,826,487
5.000%, 6/1/33		16,065,592		16,680,602
5.500%, 6/1/33		23,190		24,403
6.000%, 10/1/33		6,345,961		6,758,944
5.500%, 11/1/34		13,161,692		13,837,772
5.500%, 11/1/35		13,618,815		14,305,608
5.500%, 1/1/36		84,917		89,173
5.500%, 3/1/36		791,761		831,442
5.000%, 5/1/36		13,669,969		14,163,368
5.500%, 9/1/36		421,014		441,983
6.000%, 9/1/36		10,157,913		10,765,007
6.500%, 9/1/36		4,694,629		5,035,356
5.500%, 12/1/36		17,583,303		18,459,034
6.500%, 12/1/36		6,812,288		7,320,548
5.500%, 1/1/37		38,529		40,400
5.500%, 5/1/37		399,999		419,234
5.500%, 6/1/37		2,295,965		2,406,369
5.500%, 7/1/37		35,535		37,243
5.671%, 7/1/37(l)		9,500,212		10,082,105
6.000%, 7/1/37		8,792,672		9,310,638
5.564%, 8/1/37(l)		8,931,411		9,478,465
6.000%, 8/1/37		5,233,326		5,539,558
5.500%, 9/1/37		34,222		35,862
5.500%, 10/1/37		23,239,400		24,353,257
6.000%, 10/1/37		322,801		341,488
5.500%, 11/1/37		4,280,196		4,485,344
6.500%, 11/1/37		3,783,180		4,050,662
5.500%, 12/1/37		3,281,687		3,438,977
5.500%, 1/1/38		17,542,977		18,383,807
5.500%, 3/1/38		2,588,646		2,712,719
5.500%, 5/1/38		486,392		509,705
5.500%, 6/1/38		4,976,457		5,214,977
5.500%, 7/1/38		3,755,086		3,935,067
5.500%, 8/1/38		3,335,560		3,495,433
5.500%, 9/1/38		3,249,604		3,405,357
5.500%, 10/1/38		300,000		314,379
5.500%, 11/1/38		14,069,856		14,744,220
5.500%, 12/1/38		399,613		418,767
4.500%, 1/1/39		41,044		41,634
5.500%, 1/1/39		831,079		870,912
5.109%, 2/1/39(l)		9,157,756		9,718,673
4.500%, 4/1/39		7,329,161		7,434,889
4.500%, 5/1/39		2,991,026		3,035,891
4.000%, 6/1/39		2,481,844		2,461,970
4.000%, 7/1/39		169,556		168,198
4.500%, 7/1/39		6,976,418		7,081,064
4.000%, 8/1/39		2,218,121		2,200,358
4.000%, 9/1/39		4,597,111		4,560,298
4.000%, 10/25/24 TBA		2,000,000		2,034,688
4.500%, 10/25/39 TBA		5,000,000		5,064,063
5.500%, 10/25/39 TBA		46,300,000		48,430,522
Government National Mortgage Association
6.500%, 5/15/31		7,190		7,750
6.500%, 9/15/36		10,555		11,271
6.500%, 10/15/37		2,385,550		2,540,704
6.500%, 8/15/38		416,905		444,021
6.000%, 9/15/38		3,468,010		3,671,485
6.500%, 9/15/38		415,834		442,880
6.000%, 10/15/38		5,716,422		6,051,816
6.500%, 10/15/38		958,532		1,024,135
6.000%, 11/15/38		448,774		475,104
6.000%, 12/15/38		1,405,917		1,488,405
6.000%, 1/15/39		950,627		1,006,478
6.000%, 2/15/39		57,918		61,316
4.500%, 4/15/39		1,295,186		1,317,497
4.000%, 6/15/39		125,104		124,039
4.500%, 6/15/39		5,992,186		6,095,411
5.000%, 6/15/39		4,156,993		4,314,621
4.000%, 7/15/39		874,896		867,446
4.500%, 9/15/39		2,000,000		2,034,453
5.000%, 9/15/39		5,343,008		5,545,039
5.000%, 10/15/39 TBA		3,000,000		3,104,531
5.500%, 10/15/39 TBA		15,000,000		15,737,109
				661,230,734
U.S. Treasuries (18.6%)
U.S. Treasury Bonds
11.250%, 2/15/15		3,930,000		5,660,120
9.250%, 2/15/16		840,000		1,157,297
7.250%, 5/15/16		2,780,000		3,518,654
8.750%, 5/15/17		1,680,000		2,327,457
9.125%, 5/15/18		840,000		1,215,309
8.875%, 2/15/19		4,000,000		5,783,752
8.125%, 8/15/19		1,980,000		2,759,007
8.750%, 8/15/20		2,880,000		4,221,449
7.875%, 2/15/21		840,000		1,171,012
8.125%, 8/15/21		840,000		1,196,212
8.000%, 11/15/21		2,000,000		2,830,938
7.125%, 2/15/23		840,000		1,126,388
6.750%, 8/15/26		2,240,000		2,995,301
6.625%, 2/15/27		1,550,000		2,055,204
6.125%, 11/15/27		600,000		762,000
5.500%, 8/15/28		2,300,000		2,743,829

See Notes to Portfolio of Investments.

153

AXA PREMIER VIP TRUST

MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Principal Amount			Value (Note 1)
5.250%, 11/15/28	$	1,800,000		$	2,089,688
5.250%, 2/15/29		2,800,000			3,250,187
6.125%, 8/15/29		3,100,000			3,982,046
6.250%, 5/15/30		1,840,000			2,408,100
5.375%, 2/15/31		1,000,000			1,188,125
4.500%, 2/15/36		2,630,000			2,824,783
4.750%, 2/15/37		1,120,000			1,249,675
4.375%, 2/15/38		1,940,000			2,043,670
4.500%, 5/15/38		1,130,000			1,215,986
3.500%, 2/15/39		2,550,000			2,310,142
4.250%, 5/15/39		2,100,000			2,172,515
4.500%, 8/15/39		2,700,000			2,910,937
U.S. Treasury Notes
0.875%, 12/31/10		2,000,000			2,008,594
0.875%, 1/31/11		6,010,000			6,035,122
0.875%, 2/28/11		5,000,000			5,019,140
4.500%, 2/28/11		6,990,000			7,372,269
0.875%, 4/30/11#		359,000			359,982
4.875%, 4/30/11		4,320,000			4,602,995
0.875%, 5/31/11		2,000,000			2,004,766
4.875%, 5/31/11		10,000,000			10,685,940
5.125%, 6/30/11		8,280,000			8,901,969
1.000%, 7/31/11		8,500,000			8,524,242
4.875%, 7/31/11		3,500,000			3,756,620
5.000%, 8/15/11		3,480,000			3,749,293
1.000%, 8/31/11		3,000,000			3,005,274
4.500%, 9/30/11		5,040,000			5,393,586
4.500%, 11/30/11		1,390,000			1,492,513
4.625%, 12/31/11		2,800,000			3,018,968
4.875%, 2/15/12		2,800,000			3,045,655
4.500%, 3/31/12		2,820,000			3,049,125
1.500%, 7/15/12		2,500,000			2,512,500
4.625%, 7/31/12		550,000			600,531
1.750%, 8/15/12		3,000,000			3,030,936
4.000%, 11/15/12		2,800,000			3,018,968
3.875%, 2/15/13		2,500,000			2,686,523
2.750%, 2/28/13		3,480,000			3,612,946
3.500%, 5/31/13		1,680,000			1,785,657
3.375%, 7/31/13		2,520,000			2,669,232
3.125%, 9/30/13		3,650,000			3,824,802
2.750%, 10/31/13		2,520,000			2,600,718
2.000%, 11/30/13		5,050,000			5,057,100
1.500%, 12/31/13		2,940,000			2,878,675
1.750%, 1/31/14		8,090,000			7,988,875
4.750%, 5/15/14		19,000,000			21,179,072
2.250%, 5/31/14		2,000,000			2,006,094
2.625%, 6/30/14		2,000,000			2,035,624
2.625%, 7/31/14		4,700,000			4,778,579
4.250%, 8/15/14		2,230,000			2,437,669
2.375%, 8/31/14		1,800,000			1,806,750
2.375%, 9/30/14		3,000,000			3,007,740
4.250%, 11/15/14		1,200,000			1,310,626
4.000%, 2/15/15		2,410,000			2,596,775
4.125%, 5/15/15		2,000,000			2,165,624
4.250%, 8/15/15		2,790,000			3,038,483
4.875%, 8/15/16		1,380,000			1,552,715
3.000%, 8/31/16		1,500,000			1,508,907
4.625%, 2/15/17		1,380,000			1,527,810
4.750%, 8/15/17		2,370,000			2,640,884
4.250%, 11/15/17		2,790,000			3,006,225
3.500%, 2/15/18		3,180,000			3,247,823
3.875%, 5/15/18		2,200,000			2,305,703
4.000%, 8/15/18		2,670,000			2,818,727
3.750%, 11/15/18		9,810,000			10,151,054
2.750%, 2/15/19		3,800,000			3,626,329
3.125%, 5/15/19		3,700,000			3,640,741
3.625%, 8/15/19^		9,300,000			9,545,576
					285,398,829
Total Government Securities					993,173,571
Total Long-Term Debt Securities (104.9%) (Cost $1,607,892,851)					1,608,164,267
	Principal Amount			Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.3%)
Federal Home Loan Mortgage Corp.
0.12%, 2/23/10 (o)(p)	$	1,700,000			1,699,179
Federal National Mortgage Association
0.05%, 12/17/09 (o)(p)		900,000			899,903
0.15%, 3/10/10 (o)(p)		2,000,000			1,998,666
Total Government Securities					4,597,748
Short-Term Investments of Cash Collateral for Securities Loaned (0.8%)
BBVA Senior Finance S.A.
0.35%, 3/12/10 (l)		2,820,000			2,819,194
General Electric Capital Corp.
0.40%, 3/12/10 (l)		510,000			504,603
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)(l)(s)		3,199,979			535,996
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)		3,839,713			3,614,898
Total Short-Term Investments of Cash Collateral for Securities Loaned					13,268,941
Time Deposit (2.5%)
JPMorgan Chase Nassau
0.000%, 10/1/09		38,121,966			38,121,966
Total Short-Term Investments (3.6%) (Cost/Amortized Cost $59,108,213)					55,988,655
Total Investments Before Securities Sold Short (108.5%) (Cost/Amortized Cost $1,667,001,064)					1,664,152,922
	Principal Amount			Value (Note 1)
SECURITIES SOLD SHORT:
U.S. Government Agencies (-0.7%)
Federal Home Loan Mortgage Corp.
6.000%, 11/15/39 TBA	$	(6,000,000	)	$	(6,311,953	)
Federal National Mortgage Association
6.000%, 10/25/39 TBA		(1,500,000	)		(1,582,266	)
6.000%, 11/25/39 TBA		(2,500,000	)		(2,629,101	)
Total Securities Sold Short (-0.7%) (Proceeds Received $10,517,000)					(10,523,320	)
Total Investments after Securities Sold Short (107.8%) (Cost/Amortized Cost $1,656,484,064)					1,653,629,602
Other Assets Less Liabilities (-7.8%)					(119,856,468	)
Net Assets (100%)				$	1,533,773,134

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

^ 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 September 30, 2009, the market value of these securities amounted to $120,406,936 or 7.9% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

† Securities (totaling $15,835,636 or 1.0% of net assets) at fair value.

# All, or a portion of security held by broker as collateral for financial futures contracts.

(b) Illiquid Security.

(e) Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of September 30, 2009. Maturity date disclosed is the ultimate maturity date.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of September 30, 2009.

(o) Discount Note Security. Effective rate calculated as of September 30, 2009.

(p) Yield to maturity.

(s) Issuer in bankruptcy.

Glossary:

AUD — Australian Dollar

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

PIK — Payment-in Kind Security

TBA — Security is subject to delayed delivery.

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

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2009		Unrealized Appreciation/ (Depreciation)
EURODollar	229	June-10	$	56,486,575	$	56,694,675	$	208,100
EURODollar	103	December-10		25,215,500		25,298,088		82,588
							$	290,688

At September 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 Sell Contracts
Australian Dollar vs. U.S. Dollar, expiring 11/5/09	1,670	1,918	$	1,669,548	$	1,687,469	$	(17,921	)
European Union vs. U.S. Dollar, expiring 10/16/09	325	255		324,821		373,154		(48,333	)
European Union vs. U.S. Dollar, expiring 1/15/10	3,418	2,460		3,418,170		3,599,390		(181,220	)
							$	(247,474	)

See Notes to Portfolio of Investments.

155

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MULTIMANAGER MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	—	$	16,299,204		$	—	$	16,299,204
Non-Agency CMO		—		35,724,167			—		35,724,167
Convertible Bonds
Financials		—		2,365,200			—		2,365,200
Corporate Bonds
Consumer Discretionary		—		93,334,573			3,993,500		97,328,073
Consumer Staples		—		31,931,730			—		31,931,730
Energy		—		37,520,158			8,820,000		46,340,158
Financials		—		210,879,764			—		210,879,764
Health Care		—		35,682,185			3,022,136		38,704,321
Industrials		—		19,228,703			—		19,228,703
Information Technology		—		13,755,036			—		13,755,036
Materials		—		29,708,043			—		29,708,043
Telecommunication Services		—		43,034,336			—		43,034,336
Utilities		—		29,691,961			—		29,691,961
Futures		290,688		—			—		290,688
Government Securities
Foreign Governments		—		16,365,613			—		16,365,613
Municipal Bonds		—		14,146,270			—		14,146,270
Supranational		—		16,032,125			—		16,032,125
U.S. Government Agencies		—		661,230,734			—		661,230,734
U.S. Treasuries		—		285,398,829			—		285,398,829
Short-Term Investments		—		55,988,655			—		55,988,655
Total Asset	$	290,688	$	1,648,317,286		$	15,835,636	$	1,664,443,610
Liability:
Forward Currency Contracts	$	—	$	(247,474	)	$	—	$	(247,474	)
Government Securities
U.S. Government Agencies		—		(10,523,320	)		—		(10,523,320	)
Total Liability	$	—	$	(10,770,794	)	$	—	$	(10,770,794	)
Total	$	290,688	$	1,637,546,492		$	15,835,636	$	1,653,672,816

See Notes to Portfolio of Investments.

156

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PORTFOLIO OF INVESTMENTS (Continued)

September 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- Consumer Discretionary		Investments in Securities-Energy		Investments in Securities- Health Care
Balance as of 12/31/08	$	—	$	7,087,500	$	3,597,696
Total gains or losses (realized/unrealized) included in earnings		67,813		1,732,500		143,890
Purchases, sales, issuances, and settlements (net)		3,925,687		—		(719,450	)
Transfers in and/or out of Level 3		—		—		—
Balance as of 9/30/09	$	3,993,500	$	8,820,000	$	3,022,136
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 9/30/09	$	1,895,264

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,190,044,476
Long-term U.S. Treasury securities		710,971,311
	$	3,901,015,787
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,129,561,861
Long-term U.S. Treasury securities		417,411,236
	$	3,546,973,097
As of September 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	$	45,529,701
Aggregate gross unrealized depreciation		(53,044,206	)
Net unrealized depreciation	$	(7,514,505	)
Federal income tax cost of investments	$	1,671,667,427

At September 30, 2009, the Portfolio had loaned securities with a total value of $7,204,533. This was secured by collateral of $16,389,692 which was received as cash and subsequently invested in short-term investments currently valued at $13,268,941, 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 Portfolio of Investments.

157

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.9%)
Auto Components (0.3%)
Amerigon, Inc.*	11,700	$	85,995
ArvinMeritor, Inc.	5,200		40,664
China Automotive Systems, Inc.*	3,100		28,799
Cooper Tire & Rubber Co.^	32,700		574,866
Dorman Products, Inc.*	1,300		19,526
Drew Industries, Inc.*^	6,300		136,647
Fuel Systems Solutions, Inc.*^	7,800		280,722
Hawk Corp., Class A*	600		8,232
Raser Technologies, Inc.*^	25,600		39,168
Standard Motor Products, Inc.	4,900		74,480
Wonder Auto Technology, Inc.*	7,900		94,800
			1,383,899
Automobiles (0.0%)
Winnebago Industries, Inc.*	2,400		35,304
Distributors (0.1%)
Core-Mark Holding Co., Inc.*	1,500		42,900
LKQ Corp.*	27,034		501,210
			544,110
Diversified Consumer Services (2.6%)
American Public Education, Inc.*	10,100		350,874
Bridgepoint Education, Inc.*	50,667		773,179
Capella Education Co.*^	8,129		547,407
ChinaCast Education Corp.*	16,500		119,955
Coinstar, Inc.*^	133,337		4,397,454
Corinthian Colleges, Inc.*^	45,000		835,200
CPI Corp.	2,900		36,163
Grand Canyon Education, Inc.*	51,129		911,630
K12, Inc.*^	48,605		801,010
Learning Tree International, Inc.*	4,600		52,394
Lincoln Educational Services Corp.*^	5,400		123,552
Mac-Gray Corp.*	1,500		16,170
Matthews International Corp., Class A	16,876		597,073
Nobel Learning Communities, Inc.*	2,200		20,636
Pre-Paid Legal Services, Inc.*^	4,100		208,280
Princeton Review, Inc.*	9,200		38,640
Sotheby’s, Inc.^	153,949		2,652,541
Steiner Leisure Ltd.*	4,300		153,768
Universal Technical Institute, Inc.*^	11,000		216,700
Weight Watchers International, Inc.	30,000		823,200
			13,675,826
Hotels, Restaurants & Leisure (4.9%)
AFC Enterprises, Inc.*	1,600		13,472
Ambassadors Group, Inc.	10,200		159,630
Ameristar Casinos, Inc.	14,200		224,076
Bally Technologies, Inc.*^	151,307		5,805,650
Benihana, Inc., Class A*	3,800		21,774
BJ’s Restaurants, Inc.*^	224,724		3,368,613
Buffalo Wild Wings, Inc.*	10,000		416,100
California Pizza Kitchen, Inc.*^	10,800		168,696
Caribou Coffee Co., Inc.*	4,100		29,602
Carrols Restaurant Group, Inc.*	6,500		49,140
CEC Entertainment, Inc.*	12,800		331,008
Cheesecake Factory, Inc.*^	33,900		627,828
Choice Hotels International, Inc.	30,918		960,313
CKE Restaurants, Inc.	93,114		976,766
Cracker Barrel Old Country Store, Inc.^	9,300		319,920
Denny’s Corp.*^	53,900		143,374
DineEquity, Inc.^	10,000		247,500
Domino’s Pizza, Inc.*	2,400		21,216
Dover Downs Gaming & Entertainment, Inc.	7,800		44,460
Einstein Noah Restaurant Group, Inc.*	2,800		33,712
Great Wolf Resorts, Inc.*^	130,510		465,921
Interval Leisure Group, Inc.*	20,700		258,336
Isle of Capri Casinos, Inc.*^	8,700		102,573
Jack in the Box, Inc.*^	32,259		660,987
Krispy Kreme Doughnuts, Inc.*	32,500		116,025
Lakes Entertainment, Inc.*	4,800		16,128
Life Time Fitness, Inc.*^	2,000		56,100
Marcus Corp.	1,000		12,790
Monarch Casino & Resort, Inc.*^	3,496		37,617
Morgans Hotel Group Co.*	8,200		44,444
Multimedia Games, Inc.*	4,700		24,064
P.F. Chang’s China Bistro, Inc.*^	23,782		807,874
Papa John’s International, Inc.*	9,900		243,243
Peet’s Coffee & Tea, Inc.*	6,400		180,672
Pinnacle Entertainment, Inc.*	55,733		567,919
Red Robin Gourmet Burgers, Inc.*^	2,200		44,924
Ruth’s Hospitality Group, Inc.*	8,900		37,558
Scientific Games Corp., Class A*	62,600		990,958
Shuffle Master, Inc.*	423,026		3,984,905
Sonic Corp.*^	30,875		341,477
Steak n Shake Co.*	82,857		975,227
Texas Roadhouse, Inc., Class A*^	27,900		296,298
Town Sports International Holdings, Inc.*^	7,700		19,327
Universal Travel Group*^	5,100		65,790
WMS Industries, Inc.*	24,027		1,070,643
Youbet.com, Inc.*	17,200		36,120
			25,420,770
Household Durables (1.3%)
Blyth, Inc.	300		11,619
Hovnanian Enterprises, Inc., Class A*^	16,700		64,128
iRobot Corp.*	11,000		135,410
M/I Homes, Inc.*	1,600		21,744
National Presto Industries, Inc.	2,700		233,577
NIVS IntelliMedia Technology Group, Inc.*	2,400		6,432
Sealy Corp.*^	6,000		19,200
Tempur-Pedic International, Inc.*	42,286		800,897
Tupperware Brands Corp.	35,000		1,397,200
Universal Electronics, Inc.*	214,376		4,377,558
			7,067,765
Internet & Catalog Retail (1.1%)
1-800-FLOWERS.COM, Inc., Class A*	3,400		11,730
Blue Nile, Inc.*	7,100		441,052
Drugstore.Com, Inc.*	48,300		117,369
HSN, Inc.*	22,100		359,788
Netflix, Inc.*^	48,616		2,244,601
NutriSystem, Inc.^	17,300		263,998
Orbitz Worldwide, Inc.*	9,000		55,620
Overstock.com, Inc.*^	8,800		129,096
PetMed Express, Inc.^	13,300		250,705
Shutterfly, Inc.*^	83,020		1,380,622
Stamps.com, Inc.*	7,000		64,750
Ticketmaster Entertainment, Inc.*	21,100		246,659
			5,565,990
Leisure Equipment & Products (0.5%)
Brunswick Corp.^	32,599		390,536

See Notes to Portfolio of Investments.

158

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Leapfrog Enterprises, Inc.*	4,900	$	20,139
Polaris Industries, Inc.^	41,203		1,680,259
Pool Corp.	14,506		322,323
Smith & Wesson Holding Corp.*^	34,200		178,866
Sport Supply Group, Inc.	1,400		14,266
Sturm Ruger & Co., Inc.^	10,000		129,400
			2,735,789
Media (1.1%)
Arbitron, Inc.^	14,500		301,020
Carmike Cinemas, Inc.*	5,200		52,572
Cinemark Holdings, Inc.	85,610		886,920
CKX, Inc.*	32,300		216,733
Crown Media Holdings, Inc., Class A*^	3,700		5,772
Dolan Media Co.*	16,700		200,233
Global Sources Ltd.*	1,450		9,961
Knology, Inc.*	6,000		58,500
Live Nation, Inc.*	137,354		1,124,929
LodgeNet Interactive Corp.*^	60,069		453,521
Martha Stewart Living Omnimedia, Inc., Class A*^	14,200		88,892
Mediacom Communications Corp., Class A*	7,900		45,504
National CineMedia, Inc.	87,428		1,483,653
Playboy Enterprises, Inc., Class B*	12,600		38,052
RCN Corp.*	20,500		190,650
Reading International, Inc., Class A*	1,900		7,809
Rentrak Corp.*	5,300		94,658
Valassis Communications, Inc.*	22,000		393,360
Value Line, Inc.	700		21,609
World Wrestling Entertainment, Inc., Class A	9,500		133,095
			5,807,443
Multiline Retail (0.1%)
99 Cents Only Stores*	22,900		308,005
Fred’s, Inc., Class A	6,800		86,564
			394,569
Specialty Retail (2.6%)
America’s Car-Mart, Inc.*	3,400		81,430
bebe Stores, Inc.	13,500		99,360
Big 5 Sporting Goods Corp.^	12,000		181,200
Buckle, Inc.^	13,000		443,820
Cato Corp., Class A	15,400		312,466
Charlotte Russe Holding, Inc.*^	8,100		141,750
Charming Shoppes, Inc.*^	5,200		25,532
Children’s Place Retail Stores, Inc.*^	12,400		371,504
Christopher & Banks Corp.	2,700		18,279
Citi Trends, Inc.*	8,200		233,454
Coldwater Creek, Inc.*^	25,700		210,740
Collective Brands, Inc.*	15,500		268,615
Destination Maternity Corp.*	2,700		48,951
Dress Barn, Inc.*^	6,600		118,338
DSW, Inc., Class A*	600		9,582
Finish Line, Inc., Class A	13,000		132,080
Genesco, Inc.*	203,252		4,892,276
Gymboree Corp.*	13,000		628,940
hhgregg, Inc.*^	7,200		121,968
Hibbett Sports, Inc.*^	16,000		291,680
HOT Topic, Inc.*	14,800		110,852
J. Crew Group, Inc.*^	28,325		1,014,601
Jo-Ann Stores, Inc.*	5,500		147,565
JoS. A. Bank Clothiers, Inc.*^	10,300		461,131
Kirkland’s, Inc.*	7,100		101,175
Lumber Liquidators, Inc.*^	24,169		524,226
Men’s Wearhouse, Inc.	1,600		39,520
Midas, Inc.*	8,300		78,020
Monro Muffler Brake, Inc.	9,300		295,647
OfficeMax, Inc.*	30,700		386,206
Sally Beauty Holdings, Inc.*	13,200		93,852
Sonic Automotive, Inc., Class A^	3,500		36,750
Stein Mart, Inc.*^	13,500		171,585
Systemax, Inc.*	2,600		31,538
Talbots, Inc.^	8,800		81,224
Tractor Supply Co.*	20,100		973,242
Tween Brands, Inc.*	1,900		15,941
Ulta Salon Cosmetics & Fragrance, Inc.*	15,500		255,905
Wet Seal, Inc., Class A*^	55,800		210,924
Zumiez, Inc.*	10,500		172,305
			13,834,174
Textiles, Apparel & Luxury Goods (2.3%)
American Apparel, Inc.*^	19,300		67,743
Carter’s, Inc.*	25,200		672,840
Cherokee, Inc.^	4,300		103,071
Crocs, Inc.*^	17,200		114,380
Deckers Outdoor Corp.*^	7,300		619,405
FGX International Holdings Ltd.*	8,100		112,995
Fossil, Inc.*	26,500		753,925
Fuqi International, Inc.*^	7,000		204,960
G-III Apparel Group Ltd.*	2,100		29,715
K-Swiss, Inc., Class A^	8,400		73,836
Liz Claiborne, Inc.^	37,000		182,410
Lululemon Athletica, Inc.*	22,600		514,150
Maidenform Brands, Inc.*	10,600		170,236
Oxford Industries, Inc.	4,900		96,530
Steven Madden Ltd.*	8,700		320,247
Timberland Co., Class A*	15,600		217,152
True Religion Apparel, Inc.*^	189,150		4,904,660
Under Armour, Inc., Class A*	18,400		512,072
UniFirst Corp.	1,500		66,675
Volcom, Inc.*^	10,900		179,632
Warnaco Group, Inc.*	25,700		1,127,202
Weyco Group, Inc.	3,900		89,310
Wolverine World Wide, Inc.	27,600		685,584
			11,818,730
Total Consumer Discretionary			88,284,369
Consumer Staples (2.2%)
Beverages (0.1%)
Boston Beer Co., Inc., Class A*	4,800		177,984
Coca-Cola Bottling Co. Consolidated	2,200		106,546
National Beverage Corp.*^	3,200		36,832
			321,362
Food & Staples Retailing (0.3%)
Arden Group, Inc., Class A	700		83,650
Casey’s General Stores, Inc.^	17,200		539,736
Diedrich Coffee, Inc.*^	1,800		43,290
Pantry, Inc.*	1,800		28,224
Pricesmart, Inc.	8,900		166,875
Ruddick Corp.^	4,300		114,466
Susser Holdings Corp.*	600		7,542
United Natural Foods, Inc.*	24,200		578,864
Village Super Market, Inc., Class A	3,300		97,251
Weis Markets, Inc.	1,200		38,340
			1,698,238
Food Products (0.8%)
AgFeed Industries, Inc.*^	15,500		82,770
Alico, Inc.^	1,900		55,841
American Dairy, Inc.*	5,000		141,650
American Italian Pasta Co., Class A*	8,300		225,594

See Notes to Portfolio of Investments.

159

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
B&G Foods, Inc., Class A	3,100	$	25,389
Calavo Growers, Inc.	5,500		104,390
Cal-Maine Foods, Inc.^	7,500		200,775
Darling International, Inc.*	45,900		337,365
Diamond Foods, Inc.^	7,200		228,384
Farmer Bros Co.	1,700		35,190
Hain Celestial Group, Inc.*^	6,100		116,937
HQ Sustainable Maritime Industries, Inc.*^	5,700		50,160
J&J Snack Foods Corp.	7,900		341,201
Lancaster Colony Corp.	10,700		548,589
Lance, Inc.	15,400		397,628
Lifeway Foods, Inc.*	2,300		25,277
Overhill Farms, Inc.*	9,100		55,055
Sanderson Farms, Inc.	11,400		429,096
Smart Balance, Inc.*	27,700		170,078
Synutra International, Inc.*^	10,100		138,471
Tootsie Roll Industries, Inc.^	13,368		317,891
Zhongpin, Inc.*^	12,000		176,640
			4,204,371
Household Products (0.0%)
Orchids Paper Products Co.*^	2,800		56,000
WD-40 Co.	6,400		181,760
			237,760
Personal Products (0.9%)
American Oriental Bioengineering, Inc.*	12,700		61,722
Bare Escentuals, Inc.*	36,700		436,363
Chattem, Inc.*	10,300		684,023
China Sky One Medical, Inc.*	6,100		80,459
China-Biotics, Inc.*	4,200		67,200
Female Health Co.*^	9,200		46,460
Herbalife Ltd.	68,844		2,253,953
Inter Parfums, Inc.^	2,000		24,420
Medifast, Inc.*^	7,400		160,728
Nu Skin Enterprises, Inc., Class A	27,400		507,722
Revlon, Inc., Class A*^	5,500		26,730
Schiff Nutrition International, Inc.	500		2,605
USANA Health Sciences, Inc.*	3,400		115,974
			4,468,359
Tobacco (0.1%)
Alliance One International, Inc.*	33,900		151,872
Star Scientific, Inc.*^	43,800		40,734
Universal Corp.	1,100		46,002
Vector Group Ltd.	21,525		335,359
			573,967
Total Consumer Staples			11,504,057
Energy (4.1%)
Energy Equipment & Services (2.0%)
Bolt Technology Corp.*	1,800		22,626
Cal Dive International, Inc.*	6,000		59,340
CARBO Ceramics, Inc.	10,000		515,500
Dril-Quip, Inc.*^	16,300		809,132
ENGlobal Corp.*	10,000		41,200
Geokinetics, Inc.*	2,100		44,520
Gulf Island Fabrication, Inc.^	500		9,370
GulfMark Offshore, Inc.*	6,700		219,358
Hercules Offshore, Inc.*	5,700		27,987
ION Geophysical Corp.*^	4,500		15,840
Lufkin Industries, Inc.	92,202		4,903,302
Matrix Service Co.*	4,400		47,828
NATCO Group, Inc., Class A*	2,100		92,988
Natural Gas Services Group, Inc.*	800		14,096
OYO Geospace Corp.*	106,191		2,742,914
PHI, Inc.*	4,000		81,120
Pioneer Drilling Co.*	5,100		37,434
RPC, Inc.	15,200		159,296
Sulphco, Inc.*^	40,900		56,033
TETRA Technologies, Inc.*	22,400		217,056
TGC Industries, Inc.*	6,000		29,100
Willbros Group, Inc.*	22,100		336,583
			10,482,623
Oil, Gas & Consumable Fuels (2.1%)
Apco Oil and Gas International, Inc.	5,200		119,184
Approach Resources, Inc.*	2,300		20,884
Arena Resources, Inc.*	21,600		766,800
Atlas Energy, Inc.	9,200		249,044
ATP Oil & Gas Corp.*	4,400		78,716
BPZ Resources, Inc.*^	40,900		307,568
Brigham Exploration Co.*	25,500		231,540
Carrizo Oil & Gas, Inc.*^	35,700		874,293
Cheniere Energy, Inc.*^	10,600		31,058
Clean Energy Fuels Corp.*	19,700		283,877
Contango Oil & Gas Co.*	6,400		326,784
CREDO Petroleum Corp.*	3,400		34,408
CVR Energy, Inc.*	1,200		14,928
Delta Petroleum Corp.*	53,000		92,750
Endeavour International Corp.*	59,400		71,874
Evergreen Energy, Inc.*	76,900		47,678
FX Energy, Inc.*	22,000		71,060
GMX Resources, Inc.*^	7,100		111,541
Golar LNG Ltd.	11,700		129,402
Goodrich Petroleum Corp.*^	24,025		620,085
Gulfport Energy Corp.*	13,900		121,486
Isramco, Inc.*^	600		78,384
James River Coal Co.*	15,500		296,205
McMoRan Exploration Co.*	42,000		317,100
Northern Oil and Gas, Inc.*^	17,000		142,800
Panhandle Oil and Gas, Inc., Class A	3,800		81,168
PrimeEnergy Corp.*	400		11,472
Rex Energy Corp.*^	11,000		91,850
Ship Finance International Ltd.	15,419		189,500
Syntroleum Corp.*	35,800		96,660
Teekay Tankers Ltd., Class A^	7,000		58,450
Toreador Resources Corp.*	10,800		107,892
Uranerz Energy Corp.*	21,800		49,922
Uranium Energy Corp.*^	24,900		73,455
VAALCO Energy, Inc.*	2,600		11,960
Venoco, Inc.*	44,070		507,246
W&T Offshore, Inc.^	18,000		210,780
Warren Resources, Inc.*	18,500		54,760
Westmoreland Coal Co.*	1,400		11,382
Whiting Petroleum Corp.*^	51,840		2,984,947
World Fuel Services Corp.^	16,600		797,962
Zion Oil & Gas, Inc.*	6,800		66,368
			10,845,223
Total Energy			21,327,846
Financials (6.2%)
Capital Markets (1.7%)
BGC Partners, Inc., Class A	12,000		51,360
Broadpoint Gleacher Securities, Inc.*^	173,235		1,444,780
Calamos Asset Management, Inc., Class A	800		10,448
Cohen & Steers, Inc.^	4,800		115,200
Diamond Hill Investment Group, Inc.*	1,100		63,767
Duff & Phelps Corp., Class A	117,049		2,242,659
Epoch Holding Corp.	6,800		59,500
Evercore Partners, Inc., Class A^	21,698		634,016

See Notes to Portfolio of Investments.

160

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
GAMCO Investors, Inc., Class A	2,400	$	109,680
GFI Group, Inc.	92,749		670,575
International Assets Holding Corp.*	2,200		36,322
JMP Group, Inc.	800		7,728
KBW, Inc.*	9,000		289,980
Knight Capital Group, Inc., Class A*	26,200		569,850
Main Street Capital Corp.	2,647		37,667
MF Global Ltd.*	89,800		652,846
optionsXpress Holdings, Inc.	23,500		406,080
Penson Worldwide, Inc.*^	7,000		68,180
Pzena Investment Management, Inc., Class A*^	4,900		40,033
Riskmetrics Group, Inc.*^	12,100		176,902
Safeguard Scientifics, Inc.*	4,483		49,178
Stifel Financial Corp.*^	16,800		922,320
SWS Group, Inc.	800		11,520
Teton Advisors, Inc., Class B(b)^†	29		75
TradeStation Group, Inc.*	5,000		40,750
U.S. Global Investors, Inc., Class A	6,000		73,980
Westwood Holdings Group, Inc.	2,900		100,630
			8,886,026
Commercial Banks (1.2%)
Ames National Corp.^	1,700		40,987
Arrow Financial Corp.^	3,296		89,948
Bank of Marin Bancorp/California^	2,300		72,059
Bank of the Ozarks, Inc.	700		18,571
Bridge Bancorp, Inc.^	2,900		70,557
Bryn Mawr Bank Corp.	700		12,229
Cardinal Financial Corp.	6,800		55,964
Cathay General Bancorp^	11,900		96,271
Centerstate Banks, Inc.	2,700		21,303
Citizens Holding Co.	700		18,522
City Holding Co.	900		26,829
CNB Financial Corp./Pennsylvania^	2,400		41,208
Enterprise Financial Services Corp.	3,200		29,600
First Commonwealth Financial Corp.	229,090		1,301,231
First Financial Bankshares, Inc.^	6,200		306,652
First of Long Island Corp.	500		13,295
Great Southern Bancorp, Inc.^	1,400		33,194
Hancock Holding Co.^	1,800		67,626
Investors Bancorp, Inc.*	2,400		25,464
MB Financial, Inc.	22,000		461,340
Metro Bancorp, Inc.*^	100		1,217
Nara Bancorp, Inc.	4,700		32,665
Orrstown Financial Services, Inc.	1,400		54,096
Park National Corp.	400		23,336
Peapack Gladstone Financial Corp.	700		11,242
Penns Woods Bancorp, Inc.^	1,300		41,613
PrivateBancorp, Inc.^	12,700		310,642
Republic Bancorp, Inc./Kentucky, Class A	700		13,972
Signature Bank/New York*	33,683		976,807
Southside Bancshares, Inc.^	1,700		38,284
Suffolk Bancorp^	3,700		109,557
SVB Financial Group*^	1,800		77,886
SY Bancorp, Inc.^	2,600		60,034
Texas Capital Bancshares, Inc.*	2,000		33,680
Tompkins Financial Corp.^	1,700		74,290
UMB Financial Corp.	29,180		1,180,039
Westamerica Bancorp^	9,115		473,980
			6,316,190
Consumer Finance (1.5%)
Advance America Cash Advance Centers, Inc.	23,200		129,920
Cardtronics, Inc.*^	5,700		44,574
Cash America International, Inc.	193,650		5,840,484
CompuCredit Holdings Corp.*	5,700		26,847
Credit Acceptance Corp.*	3,100		99,789
Dollar Financial Corp.*	57,715		924,594
EZCORP, Inc., Class A*	25,500		348,330
First Cash Financial Services, Inc.*	12,800		219,264
Nelnet, Inc., Class A*	3,400		42,296
QC Holdings, Inc.	800		5,400
Rewards Network, Inc.*	1,500		20,610
			7,702,108
Diversified Financial Services (0.2%)
Asset Acceptance Capital Corp.*^	3,500		25,375
Financial Federal Corp.	5,200		128,336
Life Partners Holdings, Inc.^	4,350		77,865
MarketAxess Holdings, Inc.*	17,700		213,285
NewStar Financial, Inc.*	5,900		19,411
PICO Holdings, Inc.*	5,000		166,750
Portfolio Recovery Associates, Inc.*	8,500		385,305
			1,016,327
Insurance (0.6%)
American Safety Insurance Holdings Ltd.*	500		7,900
Amtrust Financial Services, Inc.	1,700		19,397
Assured Guaranty Ltd.^	7,400		143,708
Citizens, Inc./Texas*	14,100		89,394
Crawford & Co., Class B*	9,600		42,336
eHealth, Inc.*^	14,100		204,732
FBL Financial Group, Inc., Class A^	3,300		64,119
First Mercury Financial Corp.	3,900		51,948
Navigators Group, Inc.*	8,159		448,745
Phoenix Cos., Inc.*^	9,100		29,575
RLI Corp.^	4,300		226,954
Safety Insurance Group, Inc.	1,000		32,920
Tower Group, Inc.	71,260		1,738,031
Universal Insurance Holdings, Inc.	4,900		24,647
			3,124,406
Real Estate Investment Trusts (REITs) (0.9%)
Acadia Realty Trust (REIT)	5,200		78,364
Alexander’s, Inc. (REIT)	700		207,116
Associated Estates Realty Corp. (REIT)	1,400		13,468
DuPont Fabros Technology, Inc. (REIT)*	7,900		105,307
EastGroup Properties, Inc. (REIT)^	8,500		324,870
Equity Lifestyle Properties, Inc. (REIT)	8,700		372,273
Getty Realty Corp. (REIT)	3,900		95,706
Investors Real Estate Trust (REIT)^	2,500		22,600
LTC Properties, Inc. (REIT)	1,500		36,060
Mid-America Apartment Communities, Inc. (REIT)	7,796		351,834
National Health Investors, Inc. (REIT)	800		25,320
Omega Healthcare Investors, Inc. (REIT)	8,500		136,170
Potlatch Corp. (REIT)	11,600		330,020
PS Business Parks, Inc. (REIT)	3,300		169,356
Redwood Trust, Inc. (REIT)	112,818		1,748,679
Saul Centers, Inc. (REIT)	2,100		67,410
Tanger Factory Outlet Centers (REIT)	11,900		444,346
UMH Properties, Inc. (REIT)	500		4,075
Universal Health Realty Income Trust (REIT)	3,300		107,415

See Notes to Portfolio of Investments.

161

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Washington Real Estate Investment Trust (REIT)^	3,700	$	106,560
			4,746,949
Real Estate Management & Development (0.0%)
Tejon Ranch Co.*^	6,000		154,080
Thrifts & Mortgage Finance (0.1%)
Brookline Bancorp, Inc.	8,100		78,732
Brooklyn Federal Bancorp, Inc.	700		8,540
Kearny Financial Corp.	2,100		21,882
Oritani Financial Corp.^	4,500		61,380
Prudential Bancorp, Inc. of Pennsylvania	2,000		20,080
Roma Financial Corp.	2,000		24,860
TrustCo Bank Corp. NY/New York	16,600		103,750
United Financial Bancorp, Inc.	1,700		19,686
ViewPoint Financial Group^	5,700		80,028
			418,938
Total Financials			32,365,024
Health Care (23.2%)
Biotechnology (5.4%)
Acorda Therapeutics, Inc.*	21,400		498,192
Affymax, Inc.*	7,600		181,564
Alkermes, Inc.*	52,500		482,475
Allos Therapeutics, Inc.*	34,700		251,575
Alnylam Pharmaceuticals, Inc.*	20,000		453,600
AMAG Pharmaceuticals, Inc.*^	9,400		410,592
Amicus Therapeutics, Inc.*	8,600		75,250
Arena Pharmaceuticals, Inc.*^	51,300		229,311
ARIAD Pharmaceuticals, Inc.*	62,400		138,528
ArQule, Inc.*	12,700		57,658
Array BioPharma, Inc.*^	25,300		60,214
AVI BioPharma, Inc.*	56,500		97,180
BioCryst Pharmaceuticals, Inc.*^	12,300		101,352
BioMarin Pharmaceutical, Inc.*^	146,556		2,649,733
Biospecifics Technologies Corp.*^	2,100		67,221
Cardium Therapeutics, Inc.*	22,600		36,612
Celera Corp.*	9,500		59,185
Cell Therapeutics, Inc.*^	296,800		365,064
Celldex Therapeutics, Inc.*	5,100		27,999
Cepheid, Inc.*^	32,400		428,328
Chelsea Therapeutics International, Inc.*	14,700		36,897
Clinical Data, Inc.*^	6,700		111,689
Cubist Pharmaceuticals, Inc.*	88,152		1,780,670
Curis, Inc.*^	36,600		85,644
Cytokinetics, Inc.*	24,500		129,605
Cytori Therapeutics, Inc.*^	17,700		69,915
Dyax Corp.*	38,200		137,138
Emergent Biosolutions, Inc.*^	9,100		160,706
Enzon Pharmaceuticals, Inc.*	25,700		212,025
Exelixis, Inc.*^	59,800		381,524
Facet Biotech Corp.*	2,700		46,683
Genomic Health, Inc.*	8,100		177,066
Geron Corp.*	24,900		163,344
GTx, Inc.*	11,200		143,360
Halozyme Therapeutics, Inc.*	38,200		271,602
Hemispherx Biopharma, Inc.*^	65,900		131,800
Human Genome Sciences, Inc.*	91,400		1,720,148
Idenix Pharmaceuticals, Inc.*	19,000		58,710
Idera Pharmaceuticals, Inc.*^	12,000		88,920
Immunogen, Inc.*	32,000		259,520
Immunomedics, Inc.*	36,600		202,032
Incyte Corp.*^	39,800		268,650
Infinity Pharmaceuticals, Inc.*^	4,900		30,527
Insmed, Inc.*	69,700		57,154
InterMune, Inc.*	21,300		339,309
Isis Pharmaceuticals, Inc.*	52,500		764,925
Lexicon Pharmaceuticals, Inc.*^	22,600		48,138
Ligand Pharmaceuticals, Inc., Class B*	63,100		145,761
MannKind Corp.*	32,600		321,110
Martek Biosciences Corp.*^	3,400		76,806
Maxygen, Inc.*	12,000		80,280
Medivation, Inc.*	15,900		431,526
Metabolix, Inc.*	10,800		111,024
Micromet, Inc.*	32,500		216,450
Molecular Insight Pharmaceuticals, Inc.*^	9,600		53,088
Momenta Pharmaceuticals, Inc.*	19,600		207,956
Myriad Pharmaceuticals, Inc.*^	12,625		73,983
Nabi Biopharmaceuticals*	21,400		76,826
Nanosphere, Inc.*	5,800		41,528
Neurocrine Biosciences, Inc.*	20,600		62,830
NeurogesX, Inc.*	6,000		48,000
Novavax, Inc.*^	35,400		140,184
NPS Pharmaceuticals, Inc.*	25,600		102,912
OncoGenex Pharmaceutical, Inc.*	2,300		82,800
Onyx Pharmaceuticals, Inc.*^	117,521		3,522,104
Opko Health, Inc.*^	22,900		52,212
Orexigen Therapeutics, Inc.*	15,300		150,705
OSI Pharmaceuticals, Inc.*	16,800		593,040
Osiris Therapeutics, Inc.*^	9,400		62,604
OXiGENE, Inc.*	16,000		22,720
PDL BioPharma, Inc.^	67,100		528,748
Pharmasset, Inc.*	11,900		251,566
Poniard Pharmaceuticals, Inc.*	13,200		98,736
Progenics Pharmaceuticals, Inc.*^	13,300		69,692
Protalix BioTherapeutics, Inc.*	19,600		161,896
Regeneron Pharmaceuticals, Inc.*	97,066		1,873,374
Repligen Corp.*	16,000		80,160
Rigel Pharmaceuticals, Inc.*^	27,900		228,780
Sangamo BioSciences, Inc.*	23,600		193,756
Savient Pharmaceuticals, Inc.*	34,000		516,800
Sciclone Pharmaceuticals, Inc.*	20,700		88,182
Seattle Genetics, Inc.*^	136,741		1,918,476
SIGA Technologies, Inc.*	14,600		115,194
Spectrum Pharmaceuticals, Inc.*^	24,200		162,866
StemCells, Inc.*	58,200		94,866
Synta Pharmaceuticals Corp.*	8,300		25,730
Theravance, Inc.*^	29,500		431,880
Vanda Pharmaceuticals, Inc.*	14,900		173,436
Vical, Inc.*^	24,900		106,074
ZymoGenetics, Inc.*^	20,700		125,028
			28,471,023
Health Care Equipment & Supplies (7.5%)
Abaxis, Inc.*^	12,400		331,700
ABIOMED, Inc.*^	17,800		172,838
Accuray, Inc.*	22,100		143,650
Align Technology, Inc.*	55,820		793,760
Alphatec Holdings, Inc.*	17,600		80,960
American Medical Systems Holdings, Inc.*	329,371		5,572,957
Analogic Corp.	4,600		170,292
AngioDynamics, Inc.*	4,000		55,120
Aspect Medical Systems, Inc.*	1,000		11,980
Atrion Corp.^	800		115,520
ATS Medical, Inc.*	26,800		71,824
Bovie Medical Corp.*^	9,600		75,360
Cantel Medical Corp.*	5,100		76,806

See Notes to Portfolio of Investments.

162

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Cardiovascular Systems, Inc.*^	5,300	$	38,531
Conceptus, Inc.*	16,800		311,472
CryoLife, Inc.*	14,400		114,768
Cutera, Inc.*	232,699		2,012,846
Cyberonics, Inc.*^	15,200		242,288
Delcath Systems, Inc.*^	13,100		64,321
DexCom, Inc.*	25,600		203,008
Electro-Optical Sciences, Inc.*	11,700		112,086
Endologix, Inc.*	28,100		173,939
EnteroMedics, Inc.*^	9,000		43,110
ev3, Inc.*	90,511		1,114,190
Exactech, Inc.*	4,300		67,682
Greatbatch, Inc.*	54,995		1,235,738
Haemonetics Corp.*	14,500		813,740
Hansen Medical, Inc.*	13,800		48,300
HeartWare International, Inc.*	2,900		86,971
Home Diagnostics, Inc.*	2,500		16,900
ICU Medical, Inc.*	7,100		261,706
I-Flow Corp.*	5,500		62,645
Immucor, Inc.*^	39,800		704,460
Insulet Corp.*^	14,600		163,958
Integra LifeSciences Holdings Corp.*^	10,500		358,575
Invacare Corp.	7,000		155,960
Inverness Medical Innovations, Inc.*^	10,041		388,888
IRIS International, Inc.*	9,600		108,480
Kensey Nash Corp.*^	4,600		133,170
MAKO Surgical Corp.*	10,200		89,352
Masimo Corp.*	28,600		749,320
Medical Action Industries, Inc.*	6,400		77,248
Meridian Bioscience, Inc.^	22,700		567,727
Merit Medical Systems, Inc.*	15,700		272,081
Micrus Endovascular Corp.*	9,200		119,140
Natus Medical, Inc.*	11,600		178,988
Neogen Corp.*^	7,600		245,404
NuVasive, Inc.*^	43,399		1,812,342
NxStage Medical, Inc.*^	13,100		87,639
OraSure Technologies, Inc.*	22,500		65,250
Orthofix International N.V.*	9,500		279,205
Orthovita, Inc.*^	35,800		157,162
Palomar Medical Technologies, Inc.*	7,400		119,954
Quidel Corp.*^	14,200		230,466
Rochester Medical Corp.*	5,700		68,628
Rockwell Medical Technologies, Inc.*	8,100		63,018
RTI Biologics, Inc.*	11,200		48,720
SenoRx, Inc.*	48,755		262,790
Sirona Dental Systems, Inc.*	29,835		887,591
Somanetics Corp.*	6,400		103,168
SonoSite, Inc.*	48,752		1,289,978
Spectranetics Corp.*^	131,241		841,255
Stereotaxis, Inc.*^	15,100		67,346
STERIS Corp.^	50,104		1,525,667
SurModics, Inc.*	8,800		216,480
Symmetry Medical, Inc.*	63,646		660,009
Synovis Life Technologies, Inc.*	6,000		82,800
Thoratec Corp.*	260,614		7,888,786
TomoTherapy, Inc.*	12,800		55,424
TranS1, Inc.*	6,200		29,822
Utah Medical Products, Inc.^	1,900		55,708
Vascular Solutions, Inc.*	9,200		76,084
Volcano Corp.*^	94,307		1,586,244
West Pharmaceutical Services, Inc.^	18,500		751,285
Wright Medical Group, Inc.*	21,100		376,846
Young Innovations, Inc.^	2,200		57,882
Zoll Medical Corp.*	10,300		221,656
			38,978,964
Health Care Providers & Services (4.5%)
Air Methods Corp.*^	6,200		201,934
Alliance HealthCare Services, Inc.*	12,200		69,052
Allied Healthcare International, Inc.*	6,100		17,080
Almost Family, Inc.*	4,100		121,975
Amedisys, Inc.*^	76,804		3,350,959
America Service Group, Inc.	4,700		77,738
American Caresource Holding, Inc.*^	6,400		27,968
American Dental Partners, Inc.*	2,800		39,200
AMERIGROUP Corp.*^	29,800		660,666
AMN Healthcare Services, Inc.*	18,800		178,788
Bio-Reference Labs, Inc.*	6,600		227,040
BioScrip, Inc.*^	21,700		146,692
CardioNet, Inc.*^	13,200		88,704
Catalyst Health Solutions, Inc.*	20,630		601,364
Centene Corp.*	127,240		2,409,926
Chemed Corp.	12,700		557,403
Chindex International, Inc.*^	6,800		85,544
Clarient, Inc.*	17,100		71,991
Continuecare Corp.*	14,700		44,394
Corvel Corp.*	4,000		113,600
Cross Country Healthcare, Inc.*	1,600		14,896
Emergency Medical Services Corp., Class A*	5,500		255,750
Emeritus Corp.*^	11,100		243,645
Ensign Group, Inc.	6,200		86,986
Genoptix, Inc.*^	82,845		2,881,349
Gentiva Health Services, Inc.*^	6,500		162,565
Hanger Orthopedic Group, Inc.*	2,700		37,449
Health Grades, Inc.*	13,700		67,815
HealthSouth Corp.*^	49,800		778,872
Healthways, Inc.*	1,100		16,852
HMS Holdings Corp.*^	14,500		554,335
inVentiv Health, Inc.*	41,490		694,128
IPC The Hospitalist Co., Inc.*	8,900		279,905
Landauer, Inc.	3,100		170,438
LCA-Vision, Inc.*	6,300		44,163
LHC Group, Inc.*	8,500		254,405
Lincare Holdings, Inc.*	71,785		2,243,281
Metropolitan Health Networks, Inc.*^	23,300		50,794
MWI Veterinary Supply, Inc.*^	6,100		243,695
National Healthcare Corp.^	2,000		74,580
National Research Corp.	900		21,717
NovaMed, Inc.*	7,200		32,616
Odyssey HealthCare, Inc.*	9,200		115,000
Owens & Minor, Inc.	18,800		850,700
PharMerica Corp.*^	16,900		313,833
Providence Service Corp.*	5,600		65,296
PSS World Medical, Inc.*^	33,500		731,305
Psychiatric Solutions, Inc.*^	96,079		2,571,074
RadNet, Inc.*	16,300		42,217
RehabCare Group, Inc.*	8,100		175,689
Triple-S Management Corp., Class B*^	800		13,416
U.S. Physical Therapy, Inc.*	3,100		46,717
Virtual Radiologic Corp.*^	3,700		48,211
			23,275,712
Health Care Technology (3.0%)
AMICAS, Inc.*	15,400		55,440
athenahealth, Inc.*^	18,900		725,193
Computer Programs & Systems, Inc.	5,400		223,614
Eclipsys Corp.*^	247,286		4,772,620
MedAssets, Inc.*^	131,224		2,961,725
Medidata Solutions, Inc.*	3,300		49,995
Merge Healthcare, Inc.*	14,800		60,828

See Notes to Portfolio of Investments.

163

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Omnicell, Inc.*	15,200	$	169,328
Phase Forward, Inc.*	24,100		338,364
Quality Systems, Inc.^	72,144		4,441,906
Transcend Services, Inc.*	3,600		62,892
Vital Images, Inc.*	137,715		1,724,192
			15,586,097
Life Sciences Tools & Services (1.4%)
Accelrys, Inc.*	15,100		87,580
Affymetrix, Inc.*	34,100		299,398
BioDelivery Sciences International, Inc.*^	5,500		26,400
Bio-Rad Laboratories, Inc., Class A*	13,150		1,208,222
Bruker Corp.*	26,800		285,956
Cambrex Corp.*^	15,400		97,020
Dionex Corp.*	9,900		643,203
Enzo Biochem, Inc.*	12,700		89,916
eResearchTechnology, Inc.*	23,700		165,900
Harvard Bioscience, Inc.*	13,400		50,786
ICON plc (ADR)*^	119,756		2,932,824
Kendle International, Inc.*	1,900		31,768
Life Sciences Research, Inc.*^	5,200		41,392
Luminex Corp.*	48,397		822,749
PAREXEL International Corp.*	31,900		433,521
Sequenom, Inc.*^	34,700		112,081
Varian, Inc.*	3,700		188,922
			7,517,638
Pharmaceuticals (1.4%)
Acura Pharmaceuticals, Inc.*^	4,600		23,506
Adolor Corp.*^	11,500		18,285
Akorn, Inc.*^	29,400		40,278
Ardea Biosciences, Inc.*	8,000		146,560
ARYx Therapeutics, Inc.*^	11,900		37,247
Auxilium Pharmaceuticals, Inc.*^	24,100		824,461
AVANIR Pharmaceuticals, Inc., Class A*	34,600		71,968
Biodel, Inc.*	8,800		47,256
BioMimetic Therapeutics, Inc.*^	7,491		91,465
BMP Sunstone Corp.*	16,800		68,376
Cadence Pharmaceuticals, Inc.*^	14,100		155,946
Caraco Pharmaceutical Laboratories Ltd.*	2,200		11,198
Cornerstone Therapeutics, Inc.*^	3,800		24,890
Cumberland Pharmaceuticals, Inc.*	3,700		59,903
Cypress Bioscience, Inc.*	21,200		173,204
Depomed, Inc.*	29,600		129,352
Discovery Laboratories, Inc.*	72,400		98,464
Durect Corp.*	45,700		122,019
Hi-Tech Pharmacal Co., Inc.*	1,300		29,172
Impax Laboratories, Inc.*	78,094		682,542
Inspire Pharmaceuticals, Inc.*	34,800		181,656
ISTA Pharmaceuticals, Inc.*	18,800		83,848
Javelin Pharmaceuticals, Inc.*^	30,600		59,670
KV Pharmaceutical Co., Class A*^	9,400		28,858
Lannett Co., Inc.*	5,900		44,132
MAP Pharmaceuticals, Inc.*^	5,600		58,576
Matrixx Initiatives, Inc.*	5,600		31,808
Medicines Co.*	20,800		229,008
Medicis Pharmaceutical Corp., Class A	4,500		96,075
MiddleBrook Pharmaceuticals, Inc.*^	20,300		23,345
Nektar Therapeutics*	51,400		500,636
Obagi Medical Products, Inc.*	9,300		107,880
Optimer Pharmaceuticals, Inc.*^	16,100		217,833
Pain Therapeutics, Inc.*	18,400		93,104
Pozen, Inc.*	13,900		102,304
Questcor Pharmaceuticals, Inc.*	32,100		177,192
Repros Therapeutics, Inc.*^	5,500		4,950
Salix Pharmaceuticals Ltd.*	26,800		569,768
Santarus, Inc.*^	29,300		96,397
Sucampo Pharmaceuticals, Inc., Class A*	5,100		29,733
SuperGen, Inc.*	21,900		58,473
ViroPharma, Inc.*	8,900		85,618
Vivus, Inc.*	137,502		1,436,896
XenoPort, Inc.*	16,500		350,295
			7,524,147
Total Health Care			121,353,581
Industrials (14.8%)
Aerospace & Defense (1.0%)
AAR Corp.*^	1,900		41,686
Aerovironment, Inc.*	7,400		207,866
American Science & Engineering, Inc.	5,100		347,004
Applied Signal Technology, Inc.	7,200		167,544
Argon ST, Inc.*	6,200		118,110
Ascent Solar Technologies, Inc.*^	1,600		12,064
Astronics Corp.*^	4,400		41,360
Cubic Corp.	8,700		343,389
DigitalGlobe, Inc.*	8,200		183,434
DynCorp International, Inc., Class A*	1,900		34,200
Esterline Technologies Corp.*	28,850		1,131,209
GenCorp, Inc.*^	28,200		151,152
HEICO Corp.	12,800		555,008
Hexcel Corp.*	54,600		624,624
LMI Aerospace, Inc.*	2,700		27,081
Orbital Sciences Corp.*	31,887		477,348
Stanley, Inc.*^	6,400		164,608
Taser International, Inc.*^	34,100		160,952
Teledyne Technologies, Inc.*	6,600		237,534
			5,026,173
Air Freight & Logistics (0.2%)
Air Transport Services Group, Inc.*	19,700		68,162
Dynamex, Inc.*	3,900		63,687
Forward Air Corp.^	7,700		178,255
Hub Group, Inc., Class A*	9,910		226,443
UTi Worldwide, Inc.	32,800		474,944
			1,011,491
Airlines (0.3%)
AirTran Holdings, Inc.*^	66,500		415,625
Alaska Air Group, Inc.*	1,200		32,148
Allegiant Travel Co.*	8,500		323,765
Hawaiian Holdings, Inc.*	28,800		237,888
Republic Airways Holdings, Inc.*	4,600		42,918
UAL Corp.*	76,100		701,642
			1,753,986
Building Products (0.2%)
AAON, Inc.^	6,800		136,544
Apogee Enterprises, Inc.^	1,200		18,024
Builders FirstSource, Inc.*	6,900		30,084
Quanex Building Products Corp.	12,700		182,372
Simpson Manufacturing Co., Inc.	16,400		414,264
Trex Co., Inc.*^	7,700		140,140
			921,428
Commercial Services & Supplies (4.1%)
ABM Industries, Inc.	5,800		122,032
American Ecology Corp.	10,100		188,870
American Reprographics Co.*	18,000		171,360
APAC Customer Services, Inc.*	14,400		85,104
ATC Technology Corp.*	8,200		162,032
Cenveo, Inc.*^	30,500		211,060
Clean Harbors, Inc.*	11,400		641,364

See Notes to Portfolio of Investments.

164

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Deluxe Corp.^	15,600	$	266,760
EnergySolutions, Inc.	4,100		37,802
EnerNOC, Inc.*	7,900		261,964
Fuel Tech, Inc.*	7,200		80,640
GEO Group, Inc.*	228,234		4,603,480
GeoEye, Inc.*	9,800		262,640
Healthcare Services Group, Inc.	24,000		440,640
Heritage-Crystal Clean, Inc.*	1,700		21,675
Herman Miller, Inc.^	29,800		503,918
HNI Corp.	18,100		427,160
ICT Group, Inc.*	3,600		37,800
Innerworkings, Inc.*	155,534		768,338
Interface, Inc., Class A	27,700		229,910
Knoll, Inc.	26,200		273,266
McGrath RentCorp.	1,900		40,413
Mine Safety Appliances Co.^	13,700		376,887
Mobile Mini, Inc.*	5,200		90,272
Multi-Color Corp.	5,000		77,150
North American Galvanizing & Coatings, Inc.*^	5,400		32,778
Perma-Fix Environmental Services*	30,700		71,838
Ritchie Bros. Auctioneers, Inc.^	158,374		3,886,498
Rollins, Inc.	24,300		458,055
Standard Parking Corp.*	900		15,741
Standard Register Co.^	7,800		45,864
Sykes Enterprises, Inc.*	114,148		2,376,561
Team, Inc.*	9,800		166,110
Tetra Tech, Inc.*	33,800		896,714
Viad Corp.^	1,400		27,874
Waste Connections, Inc.*	98,981		2,856,592
			21,217,162
Construction & Engineering (1.1%)
Argan, Inc.*^	4,300		57,792
EMCOR Group, Inc.*^	11,500		291,180
Furmanite Corp.*	13,800		59,478
Granite Construction, Inc.^	2,600		80,444
Great Lakes Dredge & Dock Corp.	63,046		440,061
MasTec, Inc.*	99,245		1,205,827
Michael Baker Corp.*	4,400		159,896
MYR Group, Inc.*	9,600		202,464
Northwest Pipe Co.*^	91,324		3,062,094
Orion Marine Group, Inc.*	15,000		308,100
Pike Electric Corp.*	4,600		55,108
Primoris Services Corp.	4,800		34,608
Sterling Construction Co., Inc.*	800		14,328
			5,971,380
Electrical Equipment (2.4%)
A123 Systems, Inc.*^	81,455		1,736,621
Acuity Brands, Inc.^	34,866		1,123,034
Advanced Battery Technologies, Inc.*^	30,200		131,068
American Superconductor Corp.*^	24,500		821,730
AZZ, Inc.*^	6,800		273,156
Baldor Electric Co.^	5,100		139,434
Broadwind Energy, Inc.*	17,500		138,075
Ener1, Inc.*^	26,700		184,764
Energy Conversion Devices, Inc.*^	21,420		248,044
Evergreen Solar, Inc.*^	56,000		107,520
FuelCell Energy, Inc.*	29,900		127,673
GrafTech International Ltd.*	216,485		3,182,329
GT Solar International, Inc.*^	17,700		102,837
Harbin Electric, Inc.*	8,700		146,856
II-VI, Inc.*	9,400		239,136
LaBarge, Inc.*^	5,500		61,875
Microvision, Inc.*^	42,400		233,624
Polypore International, Inc.*^	45,539		587,908
Powell Industries, Inc.*	4,300		165,077
Power-One, Inc.*^	3,800		7,410
PowerSecure International, Inc.*	1,900		12,882
Preformed Line Products Co.^	1,200		48,060
Regal-Beloit Corp.^	44,078		2,014,805
SatCon Technology Corp.*	35,700		61,047
Ultralife Corp.*	6,200		37,572
Valence Technology, Inc.*	23,400		42,120
Vicor Corp.*	4,600		35,512
Woodward Governor Co.	27,200		659,872
			12,670,041
Industrial Conglomerates (0.1%)
Raven Industries, Inc.	8,900		237,897
Machinery (1.8%)
3D Systems Corp.*^	7,200		66,456
Actuant Corp., Class A	17,400		279,444
Altra Holdings, Inc.*	2,200		24,618
Ampco-Pittsburgh Corp.	2,200		58,498
Badger Meter, Inc.	8,210		317,645
Blount International, Inc.*	7,100		67,237
Bucyrus International, Inc.	12,800		455,936
Chart Industries, Inc.*	37,270		804,659
China Fire & Security Group, Inc.*	8,100		155,520
CLARCOR, Inc.	10,500		329,280
Colfax Corp.*	4,000		42,520
Dynamic Materials Corp.	7,200		143,712
Energy Recovery, Inc.*	18,800		109,416
ESCO Technologies, Inc.*^	14,700		579,180
Flanders Corp.*	7,900		40,764
Flow International Corp.*	21,300		55,167
Force Protection, Inc.*	38,800		211,848
Gardner Denver, Inc.*^	30,854		1,076,188
Gorman-Rupp Co.^	5,100		127,041
Graham Corp.	3,700		57,535
K-Tron International, Inc.*	1,100		104,731
Lindsay Corp.^	6,600		259,908
Met-Pro Corp.	7,400		71,706
Middleby Corp.*^	20,014		1,100,970
Mueller Water Products, Inc., Class A	120,750		661,710
Nordson Corp.	6,300		353,367
Omega Flex, Inc.	1,800		30,186
PMFG, Inc.*^	6,900		88,734
Portec Rail Products, Inc.	2,300		21,827
RBC Bearings, Inc.*	11,600		270,628
Robbins & Myers, Inc.	1,200		28,176
Sauer-Danfoss, Inc.	1,100		8,437
SmartHeat, Inc.*	4,000		47,480
Sun Hydraulics Corp.^	2,900		61,074
Tennant Co.	10,400		302,224
Timken Co.	18,900		442,827
Trimas Corp.*	5,600		28,560
Wabtec Corp.	17,500		656,775
			9,541,984
Marine (0.3%)
Genco Shipping & Trading Ltd.	77,650		1,613,567
Professional Services (2.0%)
Acacia Research Corp.- Acacia Technologies*	17,900		155,909
Administaff, Inc.^	32,300		848,521
Advisory Board Co.*	8,500		213,690
CBIZ, Inc.*^	23,700		176,802
CDI Corp.	800		11,240

See Notes to Portfolio of Investments.

165

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Corporate Executive Board Co.^	18,900	$	470,610
CoStar Group, Inc.*^	11,033		454,780
CRA International, Inc.*	5,200		141,908
Diamond Management & Technology Consultants, Inc.	12,900		88,365
Exponent, Inc.*	7,600		214,092
Franklin Covey Co.*	6,200		36,270
FTI Consulting, Inc.*	14,465		616,354
GP Strategies Corp.*	5,800		43,442
Hill International, Inc.*	12,000		85,200
Huron Consulting Group, Inc.*^	11,900		307,377
ICF International, Inc.*^	4,900		148,568
Kelly Services, Inc., Class A	1,700		20,910
Korn/Ferry International*	1,400		20,426
Monster Worldwide, Inc.*^	113,664		1,986,847
Navigant Consulting, Inc.*	78,198		1,055,673
Odyssey Marine Exploration, Inc.*^	31,800		59,148
On Assignment, Inc.*	129,447		757,265
Resources Connection, Inc.*	92,449		1,577,180
School Specialty, Inc.*^	3,700		87,764
VSE Corp.^	1,800		70,218
Watson Wyatt Worldwide, Inc., Class A	19,700		858,132
			10,506,691
Road & Rail (1.0%)
Avis Budget Group, Inc.*^	33,200		443,552
Celadon Group, Inc.*	10,200		115,362
Genesee & Wyoming, Inc., Class A*	20,717		628,139
Heartland Express, Inc.^	17,700		254,880
Knight Transportation, Inc.^	25,000		419,500
Landstar System, Inc.	86,150		3,278,869
Marten Transport Ltd.*	8,600		146,716
Old Dominion Freight Line, Inc.*	2,500		76,075
Patriot Transportation Holding, Inc.*	500		37,750
USA Truck, Inc.*	3,200		40,640
			5,441,483
Trading Companies & Distributors (0.3%)
Beacon Roofing Supply, Inc.*	20,800		332,384
Houston Wire & Cable Co.	4,400		48,620
Kaman Corp.	12,300		270,354
RSC Holdings, Inc.*	27,600		200,652
Rush Enterprises, Inc., Class A*	4,200		54,264
TAL International Group, Inc.^	400		5,688
Titan Machinery, Inc.*^	6,700		83,884
Watsco, Inc.	13,600		733,176
			1,729,022
Total Industrials			77,642,305
Information Technology (27.7%)
Communications Equipment (3.3%)
3Com Corp.*	178,900		935,647
Acme Packet, Inc.*	21,600		216,216
ADC Telecommunications, Inc.*^	10,700		89,238
ADTRAN, Inc.	24,100		591,655
Airvana, Inc.*^	7,300		49,421
Anaren, Inc.*	7,200		122,400
Arris Group, Inc.*	52,800		686,928
Aruba Networks, Inc.*^	32,700		289,068
Avocent Corp.*	3,400		68,918
BigBand Networks, Inc.*	20,500		82,205
Blue Coat Systems, Inc.*	21,900		494,721
Comtech Telecommunications Corp.*	15,600		518,232
DG FastChannel, Inc.*^	28,735		601,711
Digi International, Inc.*	5,000		42,600
EMS Technologies, Inc.*	194,176		4,042,744
Emulex Corp.*	42,400		436,296
Harmonic, Inc.*	40,700		271,876
Hughes Communications, Inc.*	5,000		151,700
Infinera Corp.*^	46,500		369,675
InterDigital, Inc.*	24,300		562,788
Ixia*	151,246		1,037,548
KVH Industries, Inc.*	7,600		75,924
Loral Space & Communications, Inc.*	6,000		164,880
NETGEAR, Inc.*	5,000		91,750
Network Equipment Technologies, Inc.*	8,600		62,178
Oplink Communications, Inc.*	8,300		120,516
Opnext, Inc.*^	2,600		7,618
Palm, Inc.*^	81,900		1,427,517
Parkervision, Inc.*	16,500		67,485
PC-Tel, Inc.*^	1,700		10,625
Plantronics, Inc.	24,200		648,802
Polycom, Inc.*^	18,400		492,200
Riverbed Technology, Inc.*	40,800		895,968
SeaChange International, Inc.*	9,300		69,750
ShoreTel, Inc.*^	24,600		192,126
Starent Networks Corp.*^	21,700		551,614
Tekelec*	12,400		203,732
ViaSat, Inc.*^	14,400		382,752
			17,127,024
Computers & Peripherals (1.9%)
3PAR, Inc.*^	15,900		175,377
ActivIdentity Corp.*	9,300		25,761
Avid Technology, Inc.*^	3,300		46,497
Compellent Technologies, Inc.*^	248,972		4,493,945
Cray, Inc.*	13,900		115,787
Imation Corp.^	1,600		14,832
Immersion Corp.*	15,800		67,624
Intermec, Inc.*	34,353		484,377
Isilon Systems, Inc.*	14,000		85,400
Netezza Corp.*^	240,241		2,700,309
Novatel Wireless, Inc.*^	17,000		193,120
Quantum Corp.*	118,300		149,058
Silicon Graphics International Corp.*	2,700		18,117
STEC, Inc.*^	13,700		402,643
Stratasys, Inc.*^	11,700		200,772
Super Micro Computer, Inc.*	8,000		67,680
Synaptics, Inc.*^	19,000		478,800
			9,720,099
Electronic Equipment, Instruments & Components (2.1%)
Anixter International, Inc.*^	2,500		100,275
Benchmark Electronics, Inc.*	4,200		75,600
Brightpoint, Inc.*	27,900		244,125
Checkpoint Systems, Inc.*^	5,300		87,132
China Security & Surveillance Technology, Inc.*	16,300		116,382
Cogent, Inc.*	23,700		239,370
Cognex Corp.^	4,100		67,158
Coherent, Inc.*	138,241		3,223,780
Comverge, Inc.*	10,700		130,647
CPI International, Inc.*	700		7,833
CTS Corp.	1,500		13,950
Daktronics, Inc.^	16,500		141,405
DTS, Inc.*	143,983		3,942,254
Echelon Corp.*^	13,300		171,171
FARO Technologies, Inc.*	8,800		151,184
ICx Technologies, Inc.*^	3,800		22,496
Insight Enterprises, Inc.*	3,500		42,735
IPG Photonics Corp.*	12,900		196,080
L-1 Identity Solutions, Inc.*	32,600		227,874

See Notes to Portfolio of Investments.

166

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Maxwell Technologies, Inc.*	12,600	$	232,218
Methode Electronics, Inc.^	2,800		24,276
MTS Systems Corp.	1,100		32,131
Multi-Fineline Electronix, Inc.*	5,500		157,905
OSI Systems, Inc.*	6,800		124,372
PAR Technology Corp.*	3,500		22,330
Park Electrochemical Corp.	7,200		177,480
PC Mall, Inc.*	900		6,174
Plexus Corp.*	7,400		194,916
RadiSys Corp.*	13,100		113,839
RAE Systems, Inc.*	24,100		26,510
Rofin-Sinar Technologies, Inc.*	7,200		165,312
Rogers Corp.*	2,000		59,940
Scansource, Inc.*^	900		25,488
SYNNEX Corp.*^	2,200		67,056
Universal Display Corp.*^	47,904		571,974
			11,203,372
Internet Software & Services (3.5%)
Art Technology Group, Inc.*	71,700		276,762
comScore, Inc.*	12,000		216,120
Constant Contact, Inc.*^	13,300		256,025
DealerTrack Holdings, Inc.*	20,800		393,328
Dice Holdings, Inc.*	8,200		53,792
Digital River, Inc.*	17,400		701,568
DivX, Inc.*^	11,400		62,244
EarthLink, Inc.^	7,491		62,999
GSI Commerce, Inc.*	157,993		3,050,845
Imergent, Inc.^	4,600		36,248
InfoSpace, Inc.*	11,000		85,140
Innodata Isogen, Inc.*^	12,300		97,785
Internet Brands, Inc., Class A*	8,500		67,830
Internet Capital Group, Inc.*	12,900		107,844
j2 Global Communications, Inc.*	22,800		524,628
Keynote Systems, Inc.*	3,600		33,948
Knot, Inc.*^	55,060		601,255
Limelight Networks, Inc.*	18,600		75,516
Liquidity Services, Inc.*	8,300		85,656
LivePerson, Inc.*	23,400		117,936
LogMeIn, Inc.*	3,100		56,761
LoopNet, Inc.*	11,400		103,056
Marchex, Inc., Class B	80,761		396,536
MercadoLibre, Inc.*^	14,497		557,555
ModusLink Global Solutions, Inc.*	2,000		16,180
Move, Inc.*	240,800		650,160
NIC, Inc.	28,100		249,809
Omniture, Inc.*	149,301		3,201,013
OpenTable, Inc.*	1,700		46,852
Openwave Systems, Inc.*	14,500		37,700
Perficient, Inc.*	3,700		30,599
Rackspace Hosting, Inc.*^	37,300		636,338
RealNetworks, Inc.*^	25,000		93,000
Saba Software, Inc.*^	14,100		59,361
SAVVIS, Inc.*	20,100		317,982
SkillSoft plc (ADR)*	246,011		2,361,706
support.com, Inc.*	4,100		9,840
Switch & Data Facilities Co., Inc.*	10,900		148,349
Terremark Worldwide, Inc.*^	33,200		206,504
Travelzoo, Inc.*	3,300		46,629
ValueClick, Inc.*^	48,800		643,672
VistaPrint NV*	21,857		1,109,243
Vocus, Inc.*	9,600		200,544
Zix Corp.*	36,200		79,640
			18,166,498
IT Services (2.9%)
Acxiom Corp.*	30,800		291,368
CACI International, Inc., Class A*	1,900		89,813
Cass Information Systems, Inc.	4,600		137,356
China Information Security Technology, Inc.*	13,000		72,020
Computer Task Group, Inc.*	5,700		46,227
CSG Systems International, Inc.*	11,700		187,317
Cybersource Corp.*	67,030		1,117,390
eLoyalty Corp.*^	3,900		31,239
Euronet Worldwide, Inc.*	23,900		574,317
ExlService Holdings, Inc.*	8,600		127,796
Forrester Research, Inc.*	32,688		870,808
Gartner, Inc.*	116,777		2,133,516
Global Cash Access Holdings, Inc.*^	248,188		1,814,254
Hackett Group, Inc.*	11,500		33,350
Heartland Payment Systems, Inc.	20,900		303,259
iGATE Corp.	12,800		109,824
infoGROUP, Inc.*	10,600		74,306
Information Services Group, Inc.*	109,085		435,249
Integral Systems, Inc.*	2,700		18,630
Lionbridge Technologies*	32,800		85,280
ManTech International Corp., Class A*	9,700		457,452
MAXIMUS, Inc.	8,900		414,740
MoneyGram International, Inc.*^	40,200		126,228
NCI, Inc., Class A*	3,400		97,444
Online Resources Corp.*	9,600		59,232
Perot Systems Corp., Class A*	9,900		294,030
RightNow Technologies, Inc.*	12,200		176,168
Sapient Corp.*	176,472		1,418,835
SRA International, Inc., Class A*	6,600		142,494
StarTek, Inc.*	1,200		10,416
Syntel, Inc.^	7,200		343,656
TeleTech Holdings, Inc.*	46,694		796,600
Tier Technologies, Inc., Class B*	5,300		44,944
TNS, Inc.*	14,000		383,600
Unisys Corp.*	13,700		36,579
VeriFone Holdings, Inc.*	40,500		643,545
Virtusa Corp.*	5,800		55,042
Wright Express Corp.*	44,749		1,320,543
			15,374,867
Semiconductors & Semiconductor Equipment (6.2%)
Actel Corp.*	4,600		55,982
Advanced Analogic Technologies, Inc.*	23,700		94,089
Advanced Energy Industries, Inc.*^	88,622		1,261,977
Amkor Technology, Inc.*^	60,700		417,616
ANADIGICS, Inc.*	28,400		133,764
Applied Micro Circuits Corp.*	36,600		365,634
Atheros Communications, Inc.*	34,400		912,632
ATMI, Inc.*	5,200		94,380
Cabot Microelectronics Corp.*	1,426		49,710
Cavium Networks, Inc.*^	20,100		431,547
CEVA, Inc.*	9,300		99,975
Cirrus Logic, Inc.*	36,400		202,384
Diodes, Inc.*	17,700		320,193
Entropic Communications, Inc.*	29,900		81,926
Exar Corp.*	1,300		9,555
Fairchild Semiconductor International, Inc.*	22,389		229,040
FEI Co.*	19,100		470,815
FormFactor, Inc.*	118,044		2,823,613
Hittite Microwave Corp.*^	11,900		437,682
Intellon Corp.*	12,200		86,498
IXYS Corp.	11,600		98,716
Kopin Corp.*	37,700		180,960

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Kulicke & Soffa Industries, Inc.*^	39,100	$	235,773
Lattice Semiconductor Corp.*	6,400		14,400
Micrel, Inc.	10,500		85,575
Microsemi Corp.*	117,934		1,862,178
Microtune, Inc.*^	18,300		33,306
MIPS Technologies, Inc.*	25,400		95,758
Monolithic Power Systems, Inc.*^	18,800		440,860
Netlogic Microsystems, Inc.*	10,000		450,000
NVE Corp.*^	2,600		138,216
ON Semiconductor Corp.*	455,626		3,758,915
PLX Technology, Inc.*^	18,900		63,693
PMC-Sierra, Inc.*	145,870		1,394,517
Power Integrations, Inc.^	13,200		439,956
RF Micro Devices, Inc.*^	138,600		752,598
Rubicon Technology, Inc.*	7,000		103,880
Rudolph Technologies, Inc.*	6,900		51,060
Semitool, Inc.*	2,600		21,970
Semtech Corp.*	34,300		583,443
Sigma Designs, Inc.*^	11,600		168,548
Skyworks Solutions, Inc.*^	93,800		1,241,912
Standard Microsystems Corp.*	3,200		74,272
Supertex, Inc.*	6,000		180,000
Techwell, Inc.*	8,300		91,134
Teradyne, Inc.*^	497,285		4,599,886
Tessera Technologies, Inc.*	27,400		764,186
Trident Microsystems, Inc.*^	3,700		9,583
TriQuint Semiconductor, Inc.*	46,400		358,208
Ultratech, Inc.*	13,600		179,928
Varian Semiconductor Equipment Associates, Inc.*^	146,710		4,817,956
Veeco Instruments, Inc.*	10,100		235,532
Volterra Semiconductor Corp.*	12,900		236,973
Zoran Corp.*	21,700		249,984
			32,592,888
Software (7.8%)
ACI Worldwide, Inc.*	19,600		296,548
Actuate Corp.*	25,700		148,546
Advent Software, Inc.*^	8,500		342,125
American Software, Inc., Class A	12,000		78,360
ANSYS, Inc.*	96,730		3,624,473
ArcSight, Inc.*	10,300		247,921
Ariba, Inc.*	49,100		569,560
AsiaInfo Holdings, Inc.*^	16,200		323,514
Blackbaud, Inc.	24,300		563,760
Blackboard, Inc.*^	17,800		672,484
Bottomline Technologies, Inc.*	14,100		181,890
Callidus Software, Inc.*	6,100		18,361
China TransInfo Technology Corp.*^	5,600		52,976
Chordiant Software, Inc.*	15,500		60,295
CommVault Systems, Inc.*	23,600		489,700
Concur Technologies, Inc.*^	22,400		890,624
Deltek, Inc.*	9,439		72,586
DemandTec, Inc.*	10,800		95,364
Double-Take Software, Inc.*	8,500		86,615
Ebix, Inc.*	3,800		210,368
EPIQ Systems, Inc.*^	18,000		261,000
FalconStor Software, Inc.*^	21,600		107,352
GSE Systems, Inc.*	9,200		57,224
i2 Technologies, Inc.*	7,400		118,696
Informatica Corp.*	167,350		3,778,763
Interactive Intelligence, Inc.*	6,800		129,948
Jack Henry & Associates, Inc.^	47,000		1,103,090
JDA Software Group, Inc.*	11,000		241,340
Kenexa Corp.*	12,600		169,848
Lawson Software, Inc.*	154,751		965,646
Manhattan Associates, Inc.*	12,600		254,520
Mentor Graphics Corp.*^	4,900		45,619
MicroStrategy, Inc., Class A*	5,100		364,854
Net 1 UEPS Technologies, Inc.*	17,400		364,704
NetScout Systems, Inc.*^	12,000		162,120
NetSuite, Inc.*	9,400		143,820
Novell, Inc.*	338,174		1,525,165
OpenTV Corp., Class A*^	21,600		29,808
Opnet Technologies, Inc.	6,700		73,231
Parametric Technology Corp.*	65,300		902,446
Pegasystems, Inc.^	8,400		290,052
Phoenix Technologies Ltd.*	20,900		76,285
Progress Software Corp.*	22,370		506,680
PROS Holdings, Inc.*	10,800		90,936
QAD, Inc.	6,552		29,812
Quest Software, Inc.*	3,900		65,715
Radiant Systems, Inc.*	50,225		539,416
Renaissance Learning, Inc.	3,600		35,784
Rosetta Stone, Inc.*	3,500		80,360
Rovi Corp.*	158,521		5,326,306
S1 Corp.*	29,400		181,692
Smith Micro Software, Inc.*^	16,200		200,232
SolarWinds, Inc.*^	6,800		149,804
Solera Holdings, Inc.^	81,124		2,523,768
SonicWALL, Inc.*	2,900		24,360
Sourcefire, Inc.*	12,400		266,228
SPSS, Inc.*	10,200		509,490
SRS Labs, Inc.*	6,700		48,977
SuccessFactors, Inc.*	20,600		289,842
Symyx Technologies, Inc.*	15,300		101,286
Synchronoss Technologies, Inc.*	94,397		1,177,130
Take-Two Interactive Software, Inc.*^	6,000		67,260
Taleo Corp., Class A*	17,300		391,672
TeleCommunication Systems, Inc., Class A*	21,700		181,412
THQ, Inc.*	99,000		677,160
TIBCO Software, Inc.*	474,000		4,498,260
TiVo, Inc.*	143,363		1,485,241
Tyler Technologies, Inc.*^	17,800		304,202
Ultimate Software Group, Inc.*	13,700		393,464
Unica Corp.*	8,000		60,960
VASCO Data Security International, Inc.*	11,700		86,814
Websense, Inc.*	24,500		411,600
			40,897,464
Total Information Technology			145,082,212
Materials (3.0%)
Chemicals (2.5%)
American Vanguard Corp.	1,500		12,465
Arch Chemicals, Inc.^	2,300		68,977
Balchem Corp.	10,100		265,630
Calgon Carbon Corp.*^	66,700		989,161
China Green Agriculture, Inc.*	5,600		65,632
GenTek, Inc.*	600		22,824
Hawkins, Inc.^	4,600		107,456
Huntsman Corp.	591,511		5,388,665
Koppers Holdings, Inc.	7,200		213,480
Landec Corp.*^	15,000		96,000
LSB Industries, Inc.*	9,600		149,472
NewMarket Corp.	5,622		523,071
NL Industries, Inc.^	4,000		26,800
Olin Corp.^	4,200		73,248
Omnova Solutions, Inc.*	24,800		160,704
PolyOne Corp.*	9,800		65,366

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
Senomyx, Inc.*		61,283	$	246,971
Stepan Co.		3,800		228,304
Terra Industries, Inc.		117,081		4,059,198
W.R. Grace & Co.*^		11,900		258,706
Zep, Inc.		12,100		196,625
				13,218,755
Construction Materials (0.0%)
United States Lime & Minerals, Inc.*^		900		32,328
Containers & Packaging (0.3%)
AEP Industries, Inc.*		2,700		107,730
Boise, Inc.*^		9,800		51,744
Bway Holding Co.*		500		9,255
Rock-Tenn Co., Class A		18,900		890,379
Silgan Holdings, Inc.		7,800		411,294
				1,470,402
Metals & Mining (0.1%)
Allied Nevada Gold Corp.*^		25,800		252,582
AMCOL International Corp.^		3,000		68,670
General Steel Holdings, Inc.*		7,100		27,619
Paramount Gold and Silver Corp.*^		30,700		42,059
Stillwater Mining Co.*^		3,100		20,832
Worthington Industries, Inc.		30,500		423,950
				835,712
Paper & Forest Products (0.1%)
Clearwater Paper Corp.*		600		24,798
Deltic Timber Corp.		4,600		210,542
Wausau Paper Corp.		9,200		92,000
				327,340
Total Materials				15,884,537
Telecommunication Services (1.3%)
Diversified Telecommunication Services (1.0%)
AboveNet, Inc.*		6,800		331,568
Alaska Communications Systems Group, Inc.^		24,600		227,550
Cbeyond, Inc.*^		126,267		2,036,687
Cincinnati Bell, Inc.*^		22,300		78,050
Cogent Communications Group, Inc.*		24,700		279,110
Consolidated Communications Holdings, Inc.^		6,900		110,469
FairPoint Communications, Inc.^		28,300		11,603
General Communication, Inc., Class A*		13,500		92,610
Global Crossing Ltd.*		14,000		200,200
HickoryTech Corp.^		7,500		64,125
inContact, Inc.*		15,700		46,786
Iowa Telecommunications Services, Inc.^		2,200		27,720
Neutral Tandem, Inc.*^		18,200		414,232
PAETEC Holding Corp.*^		269,259		1,042,032
Premiere Global Services, Inc.*		26,000		216,060
				5,178,802
Wireless Telecommunication Services (0.3%)
Centennial Communications Corp.*		47,100		375,858
iPCS, Inc.*		8,800		153,120
NTELOS Holdings Corp.		17,000		300,220
Shenandoah Telecommunications Co.		13,100		235,145
Syniverse Holdings, Inc.*		31,800		556,500
USA Mobility, Inc.		11,400		146,832
Virgin Mobile USA, Inc., Class A*^		8,300		41,500
				1,809,175
Total Telecommunication Services				6,987,977
Utilities (0.1%)
Gas Utilities (0.1%)
New Jersey Resources Corp.		3,800		137,978
Piedmont Natural Gas Co., Inc.		2,600		62,244
South Jersey Industries, Inc.		2,000		70,600
				270,822
Independent Power Producers & Energy Traders (0.0%)
U.S. Geothermal, Inc.*		27,200		42,432
Water Utilities (0.0%)
Cadiz, Inc.*		7,400		86,580
California Water Service Group		900		35,046
Consolidated Water Co., Inc.		2,800		45,724
Pennichuck Corp.		300		6,528
York Water Co.^		2,600		36,036
				209,914
Total Utilities				523,168
Total Common Stocks (99.5%) (Cost $435,539,932)				520,955,076
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills
0.06%, 12/10/09 #(p)	$	380,000		379,952
Short-Term Investments of Cash Collateral for Securities Loaned (4.1%)
BBVA Senior Finance S.A.
0.35%, 3/12/10 (l)		2,370,000		2,369,322
Deutsche Bank Securities, Inc., Repurchase Agreement
0.08%, 10/1/09 (r)(u)		10,462,557		10,462,557
General Electric Capital Corp.
0.40%, 3/12/10 (l)		430,000		425,450
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)(l)(s)		2,689,982		450,572
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)		3,229,758		3,040,656
Total Short-Term Investments of Cash Collateral for Securities Loaned				21,618,807
Time Deposit (1.0%)
JPMorgan Chase Nassau
0.000%, 10/1/09		5,235,353		5,235,353
Total Short-Term Investments (5.2%) (Cost/Amortized Cost $29,857,554)				27,234,112
Total Investments (104.7%) (Cost/Amortized Cost $465,397,486)				548,189,188
Other Assets Less Liabilities (-4.7%)				(24,562,925	)
Net Assets (100%)			$	523,626,263

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

* Non-income producing.

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

† Securities (totaling $75 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 September 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% –7.000%, maturing 4/1/18 to 11/1/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 to 7/1/39.

Glossary:

ADR — American Depositary Receipt

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

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2009		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	45	December-09	$	2,658,917	$	2,713,500	$	54,583

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	88,284,369	$	—	$	—	$	88,284,369
Consumer Staples		11,504,057		—		—		11,504,057
Energy		21,327,846		—		—		21,327,846
Financials		32,364,949		—		75		32,365,024
Health Care		121,353,581		—		—		121,353,581
Industrials		77,642,305		—		—		77,642,305
Information Technology		145,082,212		—		—		145,082,212
Materials		15,884,537		—		—		15,884,537
Telecommunication Services		6,987,977		—		—		6,987,977
Utilities		523,168		—		—		523,168
Futures		54,583		—		—		54,583

See Notes to Portfolio of Investments.

170

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

Investment Type	Level 1 Quoted prices in active markets for identical securities		Level 2 Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Short-Term Investments	$	—	$	27,234,112	$	—	$	27,234,112
Total Asset	$	521,009,584	$	27,234,112	$	75	$	548,243,771
Total Liability	$	—	$	—	$	—	$	—
Total	$	521,009,584	$	27,234,112	$	75	$	548,243,771

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

	Investments in Securities-Financials
Balance as of 12/31/08	$	—
Total gains or losses (realized/unrealized) included in earnings		—
Purchases, sales, issuances, and settlements (net)		—
Transfers in and/or out of Level 3		75
Balance as of 9/30/09	$	75
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 9/30/09.	$	75

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	459,391,448
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	587,373,986
As of September 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	$	101,966,823
Aggregate gross unrealized depreciation		(39,237,661	)
Net unrealized appreciation	$	62,729,162
Federal income tax cost of investments	$	485,460,026

At September 30, 2009, the Portfolio had loaned securities with a total value of $23,460,620. This was secured by collateral of $24,242,298 which was received as cash and subsequently invested in short-term investments currently valued at $21,618,807, 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 $2,097, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the nine months ended September 30, 2009, the Portfolio incurred approximately $9,240 as brokerage commissions with Raymond James & Associates, Inc. and $1,963 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 Portfolio of Investments.

171

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PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.9%)
Auto Components (1.8%)
American Axle & Manufacturing Holdings, Inc.	37,700	$	266,916
Amerigon, Inc.*	570,000		4,189,500
ArvinMeritor, Inc.	61,200		478,584
Autoliv, Inc.^	111,000		3,729,600
Dana Holding Corp.*	91,100		620,391
Dorman Products, Inc.*	9,800		147,196
Drew Industries, Inc.*	37,900		822,051
Exide Technologies, Inc.*	44,600		355,462
Gentex Corp.	232,700		3,292,705
Hawk Corp., Class A*	4,500		61,740
Modine Manufacturing Co.	30,800		285,516
Raser Technologies, Inc.*	9,000		13,770
Spartan Motors, Inc.	31,300		160,882
Standard Motor Products, Inc.	7,500		114,000
Stoneridge, Inc.*	14,400		101,952
Superior Industries International, Inc.	22,000		312,400
Tenneco, Inc.*	42,500		554,200
			15,506,865
Automobiles (1.1%)
Thor Industries, Inc.^	235,000		7,273,250
Winnebago Industries, Inc.*	192,800		2,836,088
			10,109,338
Distributors (0.0%)
Audiovox Corp., Class A*	16,400		112,340
Core-Mark Holding Co., Inc.*	6,900		197,340
			309,680
Diversified Consumer Services (0.4%)
Jackson Hewitt Tax Service, Inc.	27,100		138,210
Mac-Gray Corp.*	9,300		100,254
Regis Corp.	186,600		2,892,300
Sotheby’s, Inc.	5,600		96,488
Steiner Leisure Ltd.*	7,100		253,896
Stewart Enterprises, Inc., Class A	74,300		388,589
			3,869,737
Hotels, Restaurants & Leisure (0.9%)
AFC Enterprises, Inc.*	22,400		188,608
Benihana, Inc., Class A*	7,200		41,256
Bluegreen Corp.*	12,900		39,345
Bob Evans Farms, Inc.	27,700		804,962
Churchill Downs, Inc.	8,300		319,550
Cracker Barrel Old Country Store, Inc.	5,400		185,760
Domino’s Pizza, Inc.*	29,000		256,360
Frisch’s Restaurants, Inc.	1,900		49,172
Gaylord Entertainment Co.*	31,200		627,120
Great Wolf Resorts, Inc.*	23,100		82,467
Lakes Entertainment, Inc.*	12,700		42,672
Landry’s Restaurants, Inc.*	7,300		76,650
Life Time Fitness, Inc.*	33,900		950,895
Luby’s, Inc.*	19,900		83,580
Marcus Corp.	16,700		213,593
McCormick & Schmick’s Seafood Restaurants, Inc.*	13,300		98,952
Monarch Casino & Resort, Inc.*	1,400		15,064
Multimedia Games, Inc.*	19,400		99,328
O’Charleys, Inc.*	15,800		148,046
Orient-Express Hotels Ltd., Class A	70,600		812,606
Papa John’s International, Inc.*	3,600		88,452
Pinnacle Entertainment, Inc.*	27,000		275,130
Red Lion Hotels Corp.*	13,500		77,625
Red Robin Gourmet Burgers, Inc.*	11,500		234,830
Ruby Tuesday, Inc.*	59,500		500,990
Ruth’s Hospitality Group, Inc.*	5,500		23,210
Sonic Corp.*	4,200		46,452
Speedway Motorsports, Inc.	13,000		187,070
Steak n Shake Co.*	22,300		262,471
Vail Resorts, Inc.*	27,100		908,934
			7,741,150
Household Durables (2.5%)
American Greetings Corp., Class A	35,300		787,190
Bassett Furniture Industries, Inc.	19,600		83,888
Beazer Homes USA, Inc.*	33,800		188,942
Blyth, Inc.	4,975		192,682
Brookfield Homes Corp.*	9,400		62,792
Cavco Industries, Inc.*	5,600		198,800
CSS Industries, Inc.	6,600		130,482
D.R. Horton, Inc.	262,000		2,989,420
Ethan Allen Interiors, Inc.^	195,000		3,217,500
Furniture Brands International, Inc.*	40,200		222,306
Helen of Troy Ltd.*	27,700		538,211
Hooker Furniture Corp.	208,400		2,813,400
Hovnanian Enterprises, Inc., Class A*	23,600		90,624
La-Z-Boy, Inc.	346,000		2,992,900
M.D.C. Holdings, Inc.	83,500		2,900,790
M/I Homes, Inc.*	190,700		2,591,613
Meritage Homes Corp.*	28,505		578,651
Ryland Group, Inc.	39,300		828,051
Sealy Corp.*	31,000		99,200
Skyline Corp.	6,600		148,896
Standard Pacific Corp.*	88,700		327,303
Stanley Furniture Co., Inc.	10,200		105,774
Universal Electronics, Inc.*	3,500		71,470
			22,160,885
Internet & Catalog Retail (0.1%)
1-800-FLOWERS.COM, Inc., Class A*	22,300		76,935
Gaiam, Inc., Class A*	15,900		110,982
Orbitz Worldwide, Inc.*	15,700		97,026
Shutterfly, Inc.*	15,500		257,765
			542,708
Leisure Equipment & Products (0.7%)
Brunswick Corp.^	289,500		3,468,210
Callaway Golf Co.	58,400		444,424
Eastman Kodak Co.	241,000		1,151,980
JAKKS Pacific, Inc.*	26,100		373,752
Leapfrog Enterprises, Inc.*	27,100		111,381
Marine Products Corp.	6,700		37,051
Pool Corp.	20,000		444,400
RC2 Corp.*	16,800		239,400
Sport Supply Group, Inc.	6,700		68,273
Steinway Musical Instruments*	6,600		78,342
			6,417,213
Media (0.5%)
Ascent Media Corp., Class A*	12,500		320,000
Belo Corp., Class A	79,600		430,636
Cinemark Holdings, Inc.	3,200		33,152
EW Scripps Co., Class A*	24,800		186,000
Fisher Communications, Inc.*	5,600		101,808
Global Sources Ltd.*	13,900		95,493
Harte-Hanks, Inc.	33,900		468,837
Journal Communications, Inc., Class A	38,900		143,152
Knology, Inc.*	18,800		183,300

See Notes to Portfolio of Investments.

172

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
LIN TV Corp., Class A*	26,300	$	124,399
Live Nation, Inc.*	75,000		614,250
Mediacom Communications Corp., Class A*	24,900		143,424
National CineMedia, Inc.	35,400		600,738
Outdoor Channel Holdings, Inc.*	13,700		89,598
Primedia, Inc.	14,200		35,784
Reading International, Inc., Class A*	14,000		57,540
Scholastic Corp.	20,600		501,404
Sinclair Broadcast Group, Inc., Class A	30,600		109,548
Valassis Communications, Inc.*	7,300		130,524
World Wrestling Entertainment, Inc., Class A	5,000		70,050
			4,439,637
Multiline Retail (1.6%)
99 Cents Only Stores*	5,600		75,320
Dillard’s, Inc., Class A	45,700		644,370
Fred’s, Inc., Class A	285,300		3,631,869
J.C. Penney Co., Inc.	172,000		5,805,000
Retail Ventures, Inc.*	20,700		109,089
Saks, Inc.*^	426,600		2,909,412
Tuesday Morning Corp.*^	218,399		908,540
			14,083,600
Specialty Retail (5.0%)
America’s Car-Mart, Inc.*	4,000		95,800
AnnTaylor Stores Corp.*	53,900		856,471
Asbury Automotive Group, Inc.*	29,100		368,988
Books-A-Million, Inc.	6,600		79,464
Borders Group, Inc.*	47,700		148,347
Brown Shoe Co., Inc.^	394,800		3,166,296
Buckle, Inc.	2,100		71,694
Build-A-Bear Workshop, Inc.*	16,200		78,894
Cabela’s, Inc.*	35,900		478,906
Charlotte Russe Holding, Inc.*	6,700		117,250
Charming Shoppes, Inc.*	100,000		491,000
Christopher & Banks Corp.	460,700		3,118,939
Coldwater Creek, Inc.*	11,200		91,840
Collective Brands, Inc.*	32,400		561,492
Conn’s, Inc.*	309,400		3,493,126
Dress Barn, Inc.*	29,800		534,314
DSW, Inc., Class A*	11,200		178,864
Finish Line, Inc., Class A	18,800		191,008
Genesco, Inc.*	20,100		483,807
Group 1 Automotive, Inc.^	174,200		4,677,270
Gymboree Corp.*	32,300		1,562,674
Haverty Furniture Cos., Inc.*	17,200		203,132
HOT Topic, Inc.*	17,300		129,577
Jo-Ann Stores, Inc.*	14,800		397,084
Lithia Motors, Inc., Class A	14,600		227,614
Men’s Wearhouse, Inc	253,400		6,258,980
New York & Co., Inc.*	19,500		99,840
OfficeMax, Inc.*	18,600		233,988
Pacific Sunwear of California, Inc.*	59,963		308,809
PEP Boys-Manny, Moe & Jack	43,500		424,995
Pier 1 Imports, Inc.*	348,100		1,347,147
Rent-A-Center, Inc.*	59,300		1,119,584
REX Stores Corp.*	7,700		83,930
Sally Beauty Holdings, Inc.*	63,300		450,063
Shoe Carnival, Inc.*	8,600		132,612
Sonic Automotive, Inc., Class A	672,200		7,058,100
Stage Stores, Inc.	35,200		456,192
Stein Mart, Inc.*	2,000		25,420
Syms Corp.*	6,100		49,349
Systemax, Inc.*	6,400		77,632
Talbots, Inc.	9,000		83,070
Tween Brands, Inc.*	21,600		181,224
West Marine, Inc.*^	264,200		2,076,612
Zale Corp.*^	265,600		1,899,040
			44,170,438
Textiles, Apparel & Luxury Goods (1.3%)
Carter’s, Inc.*	10,700		285,690
Columbia Sportswear Co.	10,700		440,412
Crocs, Inc.*	47,600		316,540
G-III Apparel Group Ltd.*	8,400		118,860
Iconix Brand Group, Inc.*	64,000		798,080
Jones Apparel Group, Inc.	76,800		1,377,024
Kenneth Cole Productions, Inc., Class A	6,000		60,180
K-Swiss, Inc., Class A	11,300		99,327
Liz Claiborne, Inc.	28,800		141,984
Movado Group, Inc.	15,300		222,309
Oxford Industries, Inc.	4,100		80,770
Perry Ellis International, Inc.*	9,400		150,776
Quiksilver, Inc.*	115,300		317,075
Skechers U.S.A., Inc., Class A*	29,200		500,488
Timberland Co., Class A*	95,100		1,323,792
Unifi, Inc.*	43,800		140,160
UniFirst Corp.	10,200		453,390
Warnaco Group, Inc.*	110,000		4,824,600
			11,651,457
Total Consumer Discretionary			141,002,708
Consumer Staples (2.8%)
Beverages (0.0%)
Heckmann Corp.*	70,300		321,974
National Beverage Corp.*	5,500		63,305
			385,279
Food & Staples Retailing (1.0%)
Andersons, Inc.	16,500		580,800
Casey’s General Stores, Inc.^	154,700		4,854,486
Great Atlantic & Pacific Tea Co., Inc.*	29,300		261,063
Ingles Markets, Inc., Class A	12,000		189,960
Nash Finch Co.	12,100		330,814
Pantry, Inc.*	17,400		272,832
Ruddick Corp.	32,500		865,150
Spartan Stores, Inc.	19,400		274,122
Susser Holdings Corp.*	7,000		87,990
Village Super Market, Inc., Class A	400		11,788
Weis Markets, Inc.	8,700		277,965
Winn-Dixie Stores, Inc.*	50,200		658,624
			8,665,594
Food Products (1.1%)
Alico, Inc.	400		11,756
American Italian Pasta Co., Class A*	5,900		160,362
B&G Foods, Inc., Class A	17,700		144,963
Chiquita Brands International, Inc.*	39,200		633,472
Darling International, Inc.*	470,000		3,454,500
Diamond Foods, Inc.	3,600		114,192
Farmer Bros Co.	3,800		78,660
Fresh Del Monte Produce, Inc.*	37,000		836,570
Griffin Land & Nurseries, Inc.	3,200		102,400
Hain Celestial Group, Inc.*	26,700		511,839
Imperial Sugar Co.	11,400		144,552
Omega Protein Corp.*	417,900		2,026,815
Seneca Foods Corp., Class A*	8,400		230,160
Smart Balance, Inc.*	14,000		85,960
TreeHouse Foods, Inc.*	28,300		1,009,461
Zapata Corp.*	9,100		63,336
			9,608,998

See Notes to Portfolio of Investments.

173

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Household Products (0.1%)
Central Garden & Pet Co., Class A*	55,900	$	610,987
Oil-Dri Corp. of America	5,100		73,950
WD-40 Co	4,900		139,160
			824,097
Personal Products (0.5%)
American Oriental Bioengineering, Inc.*	38,200		185,652
Chattem, Inc.*	48,000		3,187,680
Elizabeth Arden, Inc.*	23,400		275,418
Inter Parfums, Inc.	10,500		128,205
Mannatech, Inc.	12,400		47,492
Nutraceutical International Corp.*	10,100		113,827
Prestige Brands Holdings, Inc.*	32,300		227,392
Revlon, Inc., Class A*	10,500		51,030
Schiff Nutrition International, Inc.	8,600		44,806
			4,261,502
Tobacco (0.1%)
Alliance One International, Inc.*	24,500		109,760
Universal Corp.	21,400		894,948
			1,004,708
Total Consumer Staples			24,750,178
Energy (9.1%)
Energy Equipment & Services (6.4%)
Allis-Chalmers Energy, Inc.*	54,000		235,440
Atwood Oceanics, Inc.*	76,200		2,687,574
Basic Energy Services, Inc.*	22,000		186,780
Bolt Technology Corp.*	5,800		72,906
Boots & Coots, Inc.*	2,127,000		3,424,470
Bristow Group, Inc.*^	150,100		4,456,469
Bronco Drilling Co., Inc.*	19,900		130,345
Cal Dive International, Inc.*	30,600		302,634
CARBO Ceramics, Inc.^	10,100		520,655
Complete Production Services, Inc.*	52,300		590,990
Dawson Geophysical Co.*	7,600		208,088
Global Industries Ltd.*	494,980		4,702,310
Gulf Island Fabrication, Inc.	11,200		209,888
GulfMark Offshore, Inc.*	9,500		311,030
Helix Energy Solutions Group, Inc.*	154,200		2,309,916
Hercules Offshore, Inc.*	76,000		373,160
Hornbeck Offshore Services, Inc.*	173,300		4,776,148
ION Geophysical Corp.*	295,200		1,039,104
Key Energy Services, Inc.*	113,900		990,930
Lufkin Industries, Inc.	1,700		90,406
Matrix Service Co.*	207,900		2,259,873
Mitcham Industries, Inc.*	310,000		1,922,000
NATCO Group, Inc., Class A*	14,600		646,488
Natural Gas Services Group, Inc.*	10,700		188,534
Newpark Resources, Inc.*	82,600		265,146
Oil States International, Inc.*	110,000		3,864,300
OYO Geospace Corp.*	4,000		103,320
Parker Drilling Co.*	714,000		3,898,440
PHI, Inc.*	4,300		87,204
Pioneer Drilling Co.*	32,800		240,752
Rowan Cos., Inc.	243,500		5,617,545
Superior Well Services, Inc.*	13,800		133,584
T-3 Energy Services, Inc.*	12,200		240,340
TETRA Technologies, Inc.*	31,000		300,390
Tidewater, Inc.	116,500		5,485,985
Union Drilling, Inc.*	6,995		53,442
Unit Corp.*	91,000		3,753,750
Vantage Drilling Co.*	55,800		102,114
			56,782,450
Oil, Gas & Consumable Fuels (2.7%)
Alon USA Energy, Inc.	6,300		62,559
Approach Resources, Inc.*	8,100		73,548
Arch Coal, Inc.	135,000		2,987,550
Atlas Energy, Inc.	15,700		424,999
ATP Oil & Gas Corp.*	25,100		449,039
Berry Petroleum Co., Class A	38,400		1,028,352
Bill Barrett Corp.*	34,500		1,131,255
BPZ Resources, Inc.*	15,500		116,560
Brigham Exploration Co.*	33,300		302,364
Cheniere Energy, Inc.*	37,700		110,461
Clayton Williams Energy, Inc.*	5,800		174,696
Crosstex Energy, Inc.	39,400		208,032
CVR Energy, Inc.*	18,400		228,896
Delek U.S. Holdings, Inc.	12,800		109,696
Delta Petroleum Corp.*	73,800		129,150
Denbury Resources, Inc.*	115,000		1,739,950
DHT Maritime, Inc.	48,000		180,480
General Maritime Corp.	42,900		332,046
GeoResources, Inc.*	7,200		79,560
GMX Resources, Inc.*	10,100		158,671
Golar LNG Ltd.	11,600		128,296
Goodrich Petroleum Corp.*	22,000		567,820
Gran Tierra Energy, Inc.*	183,700		764,192
Green Plains Renewable Energy, Inc.*	9,500		67,450
Gulfport Energy Corp.*	1,900		16,606
Harvest Natural Resources, Inc.*	31,700		162,621
International Coal Group, Inc.*	79,800		321,594
Knightsbridge Tankers Ltd.	16,500		215,160
Nordic American Tanker Shipping Ltd.	37,900		1,121,082
Oilsands Quest, Inc.*	158,500		179,105
Overseas Shipholding Group, Inc.^	56,100		2,096,457
Parallel Petroleum Corp.*	41,400		131,238
Patriot Coal Corp.*	66,800		785,568
Penn Virginia Corp.	41,800		957,638
Petroleum Development Corp.*	16,900		315,354
PetroQuest Energy, Inc.*	41,600		269,984
Quest Resource Corp.*	600,000		354,000
Rex Energy Corp.*	7,100		59,285
Rosetta Resources, Inc.*	46,800		687,492
Ship Finance International Ltd.	16,500		202,785
Stone Energy Corp.*	37,500		611,625
Swift Energy Co.*	33,700		798,016
Teekay Corp.	93,000		2,033,910
Toreador Resources Corp.*	1,700		16,983
USEC, Inc.*	100,600		471,814
VAALCO Energy, Inc.*	52,900		243,340
Venoco, Inc.*	12,100		139,271
Warren Resources, Inc.*	27,000		79,920
Western Refining, Inc.*	35,700		230,265
Westmoreland Coal Co.*	7,600		61,788
			24,118,523
Total Energy			80,900,973
Financials (23.1%)
Capital Markets (1.6%)
Allied Capital Corp.	160,200		491,814
American Capital Ltd.	244,700		790,381
Apollo Investment Corp.	147,640		1,409,962
Ares Capital Corp.	88,030		970,091
BGC Partners, Inc., Class A	15,400		65,912
BlackRock Kelso Capital Corp.	12,786		94,872
Calamos Asset Management, Inc., Class A	16,700		218,102

See Notes to Portfolio of Investments.

174

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Capital Southwest Corp.	2,800	$	214,900
Cohen & Steers, Inc.	8,900		213,600
E*TRADE Financial Corp.*	1,321,600		2,312,800
Evercore Partners, Inc., Class A	7,200		210,384
FBR Capital Markets Corp.*	13,400		79,462
FCStone Group, Inc.*	27,300		131,586
GAMCO Investors, Inc., Class A	2,800		127,960
Gladstone Capital Corp.	20,200		180,386
Gladstone Investment Corp.	20,500		99,425
Harris & Harris Group, Inc.*	23,200		145,000
Hercules Technology Growth Capital, Inc.	31,880		313,062
JMP Group, Inc.	13,100		126,546
KBW, Inc.*	16,700		538,074
Knight Capital Group, Inc., Class A*	42,200		917,850
Kohlberg Capital Corp.	17,494		105,489
LaBranche & Co., Inc.*	53,700		182,580
MCG Capital Corp.*	59,000		247,210
MF Global Ltd.*	60,800		442,016
MVC Capital, Inc.	20,200		177,356
NGP Capital Resources Co.	21,048		152,808
Oppenheimer Holdings, Inc., Class A	7,600		185,060
PennantPark Investment Corp.	19,261		156,207
Penson Worldwide, Inc.*	7,200		70,128
Piper Jaffray Cos., Inc.*	17,900		854,188
Prospect Capital Corp.	44,054		471,818
Safeguard Scientifics, Inc.*	11,200		122,864
Sanders Morris Harris Group, Inc.	18,100		106,971
SWS Group, Inc.	20,900		300,960
Teton Advisors, Inc., Class B(b)†	75		195
Thomas Weisel Partners Group, Inc.*	18,300		97,722
TICC Capital Corp.	26,100		131,544
TradeStation Group, Inc.*	24,000		195,600
Triangle Capital Corp.	7,654		94,450
Virtus Investment Partners, Inc.*	5,700		88,977
Westwood Holdings Group, Inc.	900		31,230
			13,867,542
Commercial Banks (6.0%)
1st Source Corp.	14,400		234,720
Alliance Financial Corp./New York	4,000		108,200
American National Bankshares, Inc.	6,000		130,920
Ameris Bancorp	12,294		87,901
Ames National Corp.	3,600		86,796
Arrow Financial Corp.	3,605		98,381
Auburn National Bancorp., Inc.	2,400		58,560
BancFirst Corp.	6,000		221,580
Banco Latinoamericano de Comercio Exterior S.A., Class E	26,000		369,720
Bancorp Rhode Island, Inc.	3,600		89,928
Bancorp, Inc./Delaware*	11,200		64,064
Bank of Kentucky Financial Corp.	3,100		65,596
Bank of the Ozarks, Inc.	10,600		281,218
Banner Corp.	14,500		39,585
Bar Harbor Bankshares	2,900		98,600
Boston Private Financial Holdings, Inc.	60,600		394,506
Bryn Mawr Bank Corp.	6,000		104,820
Camden National Corp.	7,300		241,192
Cape Bancorp, Inc.*	11,600		89,088
Capital City Bank Group, Inc.	11,300		160,460
Cardinal Financial Corp.	14,700		120,981
Cathay General Bancorp	267,500		2,164,075
Center Bancorp, Inc.	12,226		92,062
Centerstate Banks, Inc.	8,300		65,487
Central Pacific Financial Corp.	27,500		69,300
Century Bancorp, Inc./Massachusetts, Class A	3,500		75,950
Chemical Financial Corp.^	169,800		3,699,942
Chicopee Bancorp, Inc.*	6,400		84,544
Citizens & Northern Corp.	8,100		119,799
Citizens Holding Co.	3,000		79,380
Citizens Republic Bancorp, Inc.*	120,700		91,732
City Holding Co.	13,500		402,435
CNB Financial Corp./Pennsylvania	4,600		78,982
CoBiz Financial, Inc.	25,700		127,986
Columbia Banking System, Inc.	25,100		415,405
Community Bank System, Inc.	30,300		553,581
Community Trust Bancorp, Inc.	14,000		366,380
CVB Financial Corp.	78,000		592,020
Eagle Bancorp, Inc.*	9,900		94,842
East West Bancorp, Inc.	564,400		4,684,520
Enterprise Bancorp, Inc./Massachusetts	5,100		65,280
Enterprise Financial Services Corp.	5,400		49,950
F.N.B. Corp./Pennsylvania	105,000		746,550
Farmers Capital Bank Corp.	5,700		101,916
Financial Institutions, Inc.	9,800		97,706
First Bancorp, Inc./Maine	7,500		139,500
First Bancorp/North Carolina	13,800		249,090
First Bancorp/Puerto Rico	77,300		235,765
First Busey Corp.	24,300		114,210
First California Financial Group, Inc.*	5,900		28,320
First Commonwealth Financial Corp.	79,000		448,720
First Community Bancshares, Inc./Virginia	12,500		157,750
First Financial Bancorp	45,900		553,095
First Financial Bankshares, Inc.	8,500		420,410
First Financial Corp./Indiana	10,400		318,656
First Merchants Corp.	20,900		145,673
First Midwest Bancorp, Inc./Illinois	43,500		490,245
First of Long Island Corp.	4,500		119,655
First South Bancorp, Inc./North Carolina	7,100		81,650
FirstMerit Corp.	74,316		1,414,228
German American Bancorp, Inc.	10,800		167,508
Glacier Bancorp, Inc.	56,667		846,605
Great Southern Bancorp, Inc.	7,600		180,196
Guaranty Bancorp*	46,200		68,376
Hampton Roads Bankshares, Inc.	18,000		51,840
Hancock Holding Co.	19,000		713,830
Harleysville National Corp.	39,500		210,535
Heartland Financial USA, Inc.	11,500		169,625
Heritage Financial Corp./Washington	5,600		73,640
Home Bancorp, Inc.*	8,800		107,096
Home Bancshares, Inc./Arkansas	15,400		337,568
IBERIABANK Corp.	19,000		865,640
Independent Bank Corp./Massachusetts	19,200		424,896
International Bancshares Corp.	46,600		760,046
Investors Bancorp, Inc.*	40,200		426,522
Lakeland Bancorp, Inc.	18,500		138,750
Lakeland Financial Corp.	11,400		235,410
MainSource Financial Group, Inc.	18,700		127,160
MB Financial, Inc.	45,000		943,650
Merchants Bancshares, Inc.	4,700		100,392
Metro Bancorp, Inc.*	3,000		36,510
Midsouth Bancorp, Inc.	4,600		60,720
Nara Bancorp, Inc.	13,000		90,350
National Bankshares, Inc./Virginia	6,700		170,515
National Penn Bancshares, Inc.	112,900		689,819

See Notes to Portfolio of Investments.

175

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
NBT Bancorp, Inc.	30,900	$	696,486
Northfield Bancorp, Inc./New Jersey	17,700		226,560
Northrim BanCorp, Inc.	6,300		96,075
Norwood Financial Corp.	1,900		59,090
Ohio Valley Banc Corp.	3,900		103,350
Old National Bancorp/Indiana	78,100		874,720
Old Point Financial Corp.	2,100		34,986
Old Second Bancorp, Inc.	8,900		50,997
Oriental Financial Group, Inc.	23,300		295,910
Orrstown Financial Services, Inc.	2,700		104,328
Pacific Capital Bancorp N.A	43,900		63,216
Pacific Continental Corp	9,700		102,141
PacWest Bancorp	22,700		432,435
Park National Corp.	9,600		560,064
Peapack Gladstone Financial Corp.	6,580		105,675
Penns Woods Bancorp, Inc.	1,700		54,417
Peoples Bancorp, Inc./Ohio^	79,100		1,032,255
Peoples Financial Corp./Mississippi	3,800		70,718
Pinnacle Financial Partners, Inc.*	30,200		383,842
Porter Bancorp, Inc.	2,800		45,640
Premierwest Bancorp	18,585		50,365
PrivateBancorp, Inc.	10,500		256,830
Prosperity Bancshares, Inc.	41,800		1,454,222
Renasant Corp.	19,200		285,120
Republic Bancorp, Inc./Kentucky, Class A	7,700		153,692
Republic First Bancorp, Inc.*	7,300		33,142
S&T Bancorp, Inc.	22,600		292,896
Sandy Spring Bancorp, Inc.	15,700		255,596
Santander BanCorp*	4,300		41,925
SCBT Financial Corp.	11,300		317,530
Shore Bancshares, Inc.	8,000		133,840
Sierra Bancorp	6,600		79,266
Signature Bank/New York*	6,600		191,400
Simmons First National Corp., Class A	12,600		363,006
Smithtown Bancorp, Inc.	14,200		163,868
South Financial Group, Inc.	144,500		212,415
Southside Bancshares, Inc.	9,860		222,047
Southwest Bancorp, Inc./Oklahoma	13,900		195,156
State Bancorp, Inc./New York	12,800		108,160
StellarOne Corp.	21,700		320,075
Sterling Bancorp/New York	17,300		124,906
Sterling Bancshares, Inc./Texas	75,300		550,443
Sterling Financial Corp./Washington*	49,800		99,600
Suffolk Bancorp	3,100		91,791
Sun Bancorp, Inc./New Jersey*	14,175		74,844
Susquehanna Bancshares, Inc.	79,900		470,611
SVB Financial Group*	26,800		1,159,636
SY Bancorp, Inc.	6,600		152,394
Texas Capital Bancshares, Inc.*	29,100		490,044
Tompkins Financial Corp.	4,800		209,760
Tower Bancorp, Inc.	3,400		89,318
TowneBank/Virginia	19,100		243,525
Trico Bancshares	13,300		218,120
Trustmark Corp.	51,500		981,075
UCBH Holdings, Inc.	105,600		84,480
UMB Financial Corp.	29,100		1,176,804
Umpqua Holdings Corp.	78,300		829,980
Union Bankshares Corp./Virginia	15,800		196,710
United Bankshares, Inc.	35,200		689,568
United Community Banks, Inc./Georgia*	39,804		199,019
United Security Bancshares, Inc./Alabama	5,900		130,921
Univest Corp. of Pennsylvania	14,600		316,382
Washington Banking Co.	9,400		87,044
Washington Trust Bancorp, Inc.	12,300		215,496
Webster Financial Corp.	61,500		766,905
WesBanco, Inc.	21,400		330,844
West Bancorp, Inc.	15,500		76,880
Westamerica Bancorp	11,300		587,600
Western Alliance Bancorp*	44,200		278,902
Wilber Corp.	5,900		49,560
Wilshire Bancorp, Inc.	18,600		136,524
Wintrust Financial Corp.	21,400		598,344
Yadkin Valley Financial Corp.	13,200		61,644
			53,273,936
Consumer Finance (1.1%)
Advance America Cash Advance Centers, Inc.	5,300		29,680
Cash America International, Inc.	27,200		820,352
CompuCredit Holdings Corp.*	4,900		23,079
Credit Acceptance Corp.*	100		3,219
Dollar Financial Corp.*	3,600		57,672
EZCORP, Inc., Class A*	385,000		5,259,100
First Cash Financial Services, Inc.*	150,000		2,569,500
First Marblehead Corp.*	60,600		133,320
Nelnet, Inc., Class A*	13,100		162,964
Rewards Network, Inc.*	4,333		59,535
World Acceptance Corp.*	14,500		365,545
			9,483,966
Diversified Financial Services (0.3%)
Asset Acceptance Capital Corp.*	9,100		65,975
Compass Diversified Holdings	22,800		238,716
Encore Capital Group, Inc.*	13,300		178,885
Fifth Street Finance Corp.	25,305		276,584
Financial Federal Corp.	14,700		362,796
Medallion Financial Corp.	13,500		112,860
NewStar Financial, Inc.*	16,200		53,298
PHH Corp.*	48,800		968,192
PICO Holdings, Inc.*	11,100		370,185
Primus Guaranty Ltd.*	8,100		34,587
Resource America, Inc., Class A	9,700		46,657
			2,708,735
Insurance (7.4%)
Ambac Financial Group, Inc.	254,600		427,728
American Equity Investment Life Holding Co.	48,200		338,364
American National Insurance Co.^	30,400		2,590,080
American Physicians Capital, Inc.	8,633		248,717
American Physicians Service Group, Inc.	6,200		142,848
American Safety Insurance Holdings Ltd.*	6,800		107,440
AMERISAFE, Inc.*	18,000		310,500
Amtrust Financial Services, Inc.	19,000		216,790
Argo Group International Holdings Ltd.*	27,600		929,568
Arthur J. Gallagher & Co.	87,000		2,120,190
Aspen Insurance Holdings Ltd.	200,000		5,294,000
Assured Guaranty Ltd.	83,122		1,614,229
Baldwin & Lyons, Inc., Class B	6,900		161,805
Citizens, Inc./Texas*	8,300		52,622
CNA Surety Corp.*	16,000		259,200
Conseco, Inc.*	167,500		881,050
Crawford & Co., Class B*	4,700		20,727
Delphi Financial Group, Inc., Class A	40,200		909,726
Donegal Group, Inc., Class A	10,800		166,752
Eastern Insurance Holdings, Inc.	7,800		74,334
EMC Insurance Group, Inc.	4,700		99,311

See Notes to Portfolio of Investments.

176

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Employers Holdings, Inc.	41,700	$	645,516
Enstar Group, Ltd.*	6,000		373,620
Erie Indemnity Co., Class A	61,900		2,318,774
FBL Financial Group, Inc., Class A	7,600		147,668
First Acceptance Corp.*	15,900		42,930
First Mercury Financial Corp.	7,400		98,568
Flagstone Reinsurance Holdings Ltd.	35,000		394,800
FPIC Insurance Group, Inc.*	6,200		208,010
Greenlight Capital Reinsurance Ltd., Class A*	25,300		475,640
Hallmark Financial Services*	5,800		46,690
Harleysville Group, Inc.	11,800		373,470
Hilltop Holdings, Inc.*	35,500		435,230
Horace Mann Educators Corp.	36,300		507,111
Independence Holding Co.	7,300		42,924
Infinity Property & Casualty Corp.	12,600		535,248
Kansas City Life Insurance Co.	4,100		127,674
Maiden Holdings Ltd.	46,800		340,236
Max Capital Group Ltd.	42,600		910,362
Meadowbrook Insurance Group, Inc.	51,200		378,880
Mercer Insurance Group, Inc.	5,500		99,385
Montpelier Reinsurance Holdings Ltd.^	347,600		5,672,832
National Financial Partners Corp.*	35,400		308,688
National Interstate Corp.	6,000		105,000
National Western Life Insurance Co., Class A	2,073		364,807
Navigators Group, Inc.*	11,600		638,000
NYMAGIC, Inc.	4,300		74,218
Old Republic International Corp.^	498,000		6,065,640
Phoenix Cos., Inc.*	93,600		304,200
Platinum Underwriters Holdings Ltd.	46,400		1,662,976
PMA Capital Corp., Class A*	28,800		163,872
Presidential Life Corp.	20,100		208,236
ProAssurance Corp.*	30,000		1,565,700
Protective Life Corp.	312,800		6,700,176
RLI Corp.^	64,700		3,414,866
Safety Insurance Group, Inc.	10,300		339,076
SeaBright Insurance Holdings, Inc.*	20,200		230,684
Selective Insurance Group, Inc.	47,700		750,321
StanCorp Financial Group, Inc.	80,000		3,229,600
State Auto Financial Corp.	13,500		242,055
Stewart Information Services Corp.	16,300		201,631
Syncora Holdings Ltd.*^	394,800		189,504
Tower Group, Inc.	4,493		109,584
United America Indemnity Ltd., Class A*	31,751		234,640
United Fire & Casualty Co.	19,500		349,050
Validus Holdings Ltd.	172,752		4,456,989
Zenith National Insurance Corp.	84,200		2,601,780
			65,652,842
Real Estate Investment Trusts (REITs) (4.9%)
Acadia Realty Trust (REIT)	27,300		411,411
Agree Realty Corp. (REIT)	6,800		155,924
Alexander’s, Inc. (REIT)	700		207,116
American Campus Communities, Inc. (REIT)	46,900		1,259,265
American Capital Agency Corp. (REIT)	11,000		312,950
Anthracite Capital, Inc. (REIT)*	56,800		59,640
Anworth Mortgage Asset Corp. (REIT)	92,400		728,112
Ashford Hospitality Trust, Inc. (REIT)*	56,000		193,760
Associated Estates Realty Corp. (REIT)	13,100		126,022
BioMed Realty Trust, Inc. (REIT)	88,100		1,215,780
CapLease, Inc. (REIT)	41,900		168,857
Capstead Mortgage Corp. (REIT)	56,800		790,088
Care Investment Trust, Inc. (REIT)	12,300		94,341
CBL & Associates Properties, Inc. (REIT)	124,700		1,209,590
Cedar Shopping Centers, Inc. (REIT)	36,500		235,425
Cogdell Spencer, Inc. (REIT)	27,300		131,040
Colonial Properties Trust (REIT)	45,200		439,796
Cousins Properties, Inc. (REIT)	64,997		538,175
Cypress Sharpridge Investments, Inc. (REIT)*	12,900		183,180
DCT Industrial Trust, Inc. (REIT)	184,700		943,817
Developers Diversified Realty Corp. (REIT)	128,600		1,188,264
DiamondRock Hospitality Co. (REIT)*	104,100		843,210
DuPont Fabros Technology, Inc. (REIT)*	12,200		162,626
Dynex Capital, Inc. (REIT)	11,200		94,416
EastGroup Properties, Inc. (REIT)	8,800		336,336
Education Realty Trust, Inc. (REIT)	51,200		303,616
Entertainment Properties Trust (REIT)	31,400		1,071,996
Equity Lifestyle Properties, Inc. (REIT)	8,700		372,273
Equity One, Inc. (REIT)	30,500		477,935
Extra Space Storage, Inc. (REIT)	78,400		827,120
FelCor Lodging Trust, Inc. (REIT)	60,600		274,518
First Industrial Realty Trust, Inc. (REIT)	35,800		187,950
First Potomac Realty Trust (REIT)	26,100		301,716
Franklin Street Properties Corp. (REIT)	59,700		782,070
Getty Realty Corp. (REIT)	10,200		250,308
Gladstone Commercial Corp. (REIT)	8,400		114,912
Glimcher Realty Trust (REIT)	53,200		195,244
Government Properties Income Trust (REIT)*	9,100		218,491
Gramercy Capital Corp./New York (REIT)*	41,100		99,873
Hatteras Financial Corp. (REIT)	32,500		974,350
Healthcare Realty Trust, Inc. (REIT)	53,300		1,126,229
Hersha Hospitality Trust (REIT)	43,400		134,540
Highwoods Properties, Inc. (REIT)	64,300		2,022,235
Home Properties, Inc. (REIT)	29,600		1,275,464
Inland Real Estate Corp. (REIT)	63,000		551,880
Invesco Mortgage Capital, Inc. (REIT)*	6,800		148,580
Investors Real Estate Trust (REIT)	52,500		474,600
iStar Financial, Inc. (REIT)*	87,100		264,784
Kilroy Realty Corp. (REIT)	39,000		1,081,860
Kite Realty Group Trust (REIT)	35,400		147,618
LaSalle Hotel Properties (REIT)	57,100		1,122,586
Lexington Realty Trust (REIT)	79,189		403,864
LTC Properties, Inc. (REIT)	19,300		463,972
Medical Properties Trust, Inc. (REIT)	72,800		568,568
MFA Financial, Inc. (REIT)	254,400		2,025,024
Mid-America Apartment Communities, Inc. (REIT)	12,600		568,638
Mission West Properties, Inc. (REIT)	18,100		121,813
Monmouth Real Estate Investment Corp. (REIT), Class A	17,500		121,800

See Notes to Portfolio of Investments.

177

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
National Health Investors, Inc. (REIT)	22,700	$	718,455
National Retail Properties, Inc. (REIT)	72,400		1,554,428
NorthStar Realty Finance Corp. (REIT)	53,200		186,732
Omega Healthcare Investors, Inc. (REIT)	60,200		964,404
One Liberty Properties, Inc. (REIT)	321		2,889
Parkway Properties, Inc./Maryland (REIT)	20,300		399,910
Pennsylvania Real Estate Investment Trust (REIT)	33,700		256,457
Pennymac Mortgage Investment Trust (REIT)*	11,600		230,956
Post Properties, Inc. (REIT)	40,500		729,000
Potlatch Corp. (REIT)	17,000		483,650
PS Business Parks, Inc. (REIT)	10,800		554,256
RAIT Financial Trust (REIT)	59,500		174,930
Ramco-Gershenson Properties Trust (REIT)	22,400		199,808
Redwood Trust, Inc. (REIT)	60,500		937,750
Resource Capital Corp. (REIT)	20,700		112,608
Saul Centers, Inc. (REIT)	2,100		67,410
Sovran Self Storage, Inc. (REIT)	20,100		611,643
Strategic Hotels & Resorts, Inc. (REIT)*	71,700		185,703
Sun Communities, Inc. (REIT)	14,500		312,040
Sunstone Hotel Investors, Inc. (REIT)*	68,600		487,060
Tanger Factory Outlet Centers (REIT)	16,700		623,578
UMH Properties, Inc. (REIT)	6,800		55,420
Universal Health Realty Income Trust (REIT)	5,000		162,750
Urstadt Biddle Properties, Inc. (REIT), Class A	18,000		262,620
U-Store-It Trust (REIT)	71,300		445,625
Walter Investment Management Corp. (REIT)	15,500		248,310
Washington Real Estate Investment Trust (REIT)	46,600		1,342,080
Winthrop Realty Trust (REIT)	10,700		104,218
			43,520,258
Real Estate Management & Development (0.1%)
Avatar Holdings, Inc.*	5,900		112,100
China Housing & Land Development, Inc.*	25,300		97,405
Consolidated-Tomoka Land Co.	5,300		202,990
Forestar Group, Inc.*	32,100		551,478
			963,973
Thrifts & Mortgage Finance (1.7%)
Abington Bancorp, Inc.	20,200		156,348
Astoria Financial Corp.	78,800		869,952
Bank Mutual Corp.	41,300		365,092
BankFinancial Corp.	18,200		174,356
Beneficial Mutual Bancorp, Inc.*	30,400		277,552
Berkshire Hills Bancorp, Inc.	12,300		269,862
Brookline Bancorp, Inc.	40,000		388,800
Brooklyn Federal Bancorp, Inc.	900		10,980
Clifton Savings Bancorp, Inc.	7,200		70,560
Danvers Bancorp, Inc.	16,900		229,671
Dime Community Bancshares, Inc.	22,400		256,032
Doral Financial Corp.*	5,100		18,870
ESB Financial Corp.	9,000		120,510
ESSA Bancorp, Inc.	14,500		191,545
First Defiance Financial Corp.	8,000		119,280
First Financial Holdings, Inc.	11,200		178,864
First Financial Northwest, Inc.	18,700		108,834
First Financial Service Corp.	4,000		53,880
Flagstar Bancorp, Inc.*	59,200		60,976
Flushing Financial Corp.	26,400		300,960
Fox Chase Bancorp, Inc.*	5,400		54,108
Home Federal Bancorp, Inc./Idaho	16,200		185,004
Kearny Financial Corp.	13,300		138,586
K-Fed Bancorp	4,200		37,884
Legacy Bancorp., Inc./Massachusetts	7,300		76,650
Meridian Interstate Bancorp, Inc.*	9,600		81,600
MGIC Investment Corp.*	115,300		854,373
NASB Financial, Inc.	3,300		86,790
NewAlliance Bancshares, Inc.	95,800		1,025,060
Northeast Community Bancorp, Inc.	6,000		44,280
Northwest Bancorp, Inc.	16,300		372,292
OceanFirst Financial Corp.	8,500		98,600
Ocwen Financial Corp.*	51,200		579,584
Oritani Financial Corp.	2,000		27,280
PMI Group, Inc.	64,400		273,700
Provident Financial Services, Inc.	54,700		562,863
Provident New York Bancorp	32,000		305,600
Radian Group, Inc.	74,200		785,036
Rockville Financial, Inc.	7,900		84,925
Roma Financial Corp.	4,900		60,907
Territorial Bancorp, Inc.*	9,200		144,256
Tree.com, Inc.*	6,500		49,075
TrustCo Bank Corp. NY/New York^	698,000		4,362,500
United Financial Bancorp, Inc.	12,500		144,750
Waterstone Financial, Inc.*	6,800		34,408
Westfield Financial, Inc.	29,300		248,171
WSFS Financial Corp.	5,900		157,176
			15,098,382
Total Financials			204,569,634
Health Care (4.9%)
Biotechnology (0.2%)
ArQule, Inc.*	18,800		85,352
Celera Corp.*	58,200		362,586
Facet Biotech Corp.*	17,800		307,762
Geron Corp.*	43,000		282,080
Infinity Pharmaceuticals, Inc.*	9,900		61,677
Lexicon Pharmaceuticals, Inc.*	29,700		63,261
Martek Biosciences Corp.*	24,200		546,678
Maxygen, Inc.*	4,400		29,436
Nabi Biopharmaceuticals*	14,700		52,773
			1,791,605
Health Care Equipment & Supplies (1.4%)
Analogic Corp.	4,400		162,888
AngioDynamics, Inc.*	17,000		234,260
Aspect Medical Systems, Inc.*	15,600		186,888
Cantel Medical Corp.*	3,600		54,216
Cardiac Science Corp.*	18,000		72,000
CONMED Corp.*	26,000		498,420
Cutera, Inc.*	9,500		82,175
Cynosure, Inc., Class A*	9,800		114,170
ev3, Inc.*	65,400		805,074
Greatbatch, Inc.*	6,400		143,808
Home Diagnostics, Inc.*	8,400		56,784
I-Flow Corp.*	12,400		141,236
Invacare Corp.	14,500		323,060
Medical Action Industries, Inc.*	3,100		37,417
Natus Medical, Inc.*	7,200		111,096

See Notes to Portfolio of Investments.

178

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Palomar Medical Technologies, Inc.*	4,900	$	79,429
RTI Biologics, Inc.*	33,900		147,465
STERIS Corp.^	86,000		2,618,700
Symmetry Medical, Inc.*	23,900		247,843
Teleflex, Inc.	67,400		3,256,094
TomoTherapy, Inc.*	24,400		105,652
Volcano Corp.*	11,400		191,748
West Pharmaceutical Services, Inc.^	70,000		2,842,700
Zoll Medical Corp.*	2,700		58,104
			12,571,227
Health Care Providers & Services (1.9%)
Alliance HealthCare Services, Inc.*	2,800		15,848
Allied Healthcare International, Inc.*	37,500		105,000
Allion Healthcare, Inc.*	18,600		108,810
Amedisys, Inc.*	1,600		69,808
America Service Group, Inc.	429,300		7,100,622
American Dental Partners, Inc.*	8,300		116,200
Amsurg Corp.*	28,200		598,686
Assisted Living Concepts, Inc., Class A*	9,860		204,299
Capital Senior Living Corp.*	19,900		121,390
Centene Corp.*	17,500		331,450
Cross Country Healthcare, Inc.*	24,000		223,440
Gentiva Health Services, Inc.*	15,700		392,657
Hanger Orthopedic Group, Inc.*	19,800		274,626
Healthspring, Inc.*	45,400		556,150
Healthways, Inc.*	28,600		438,152
inVentiv Health, Inc.*	19,800		331,254
Kindred Healthcare, Inc.*	35,000		568,050
Landauer, Inc.	3,400		186,932
Magellan Health Services, Inc.*	31,700		984,602
MedCath Corp.*	15,300		134,181
Molina Healthcare, Inc.*	11,700		242,073
National Healthcare Corp.	4,400		164,076
Nighthawk Radiology Holdings, Inc.*	20,500		148,215
Odyssey HealthCare, Inc.*	16,100		201,250
Owens & Minor, Inc.	7,300		330,325
Psychiatric Solutions, Inc.*	16,200		433,512
RehabCare Group, Inc.*	3,800		82,422
Res-Care, Inc.*	22,900		325,409
Skilled Healthcare Group, Inc., Class A*	16,800		134,904
Sun Healthcare Group, Inc.*	38,800		335,232
Sunrise Senior Living, Inc.*	44,600		135,138
Triple-S Management Corp., Class B*	17,100		286,767
U.S. Physical Therapy, Inc.*	6,200		93,434
Universal American Corp.*	26,200		246,804
WellCare Health Plans, Inc.*	37,900		934,235
			16,955,953
Health Care Technology (0.0%)
MedQuist, Inc.	9,400		59,784
Omnicell, Inc.*	4,600		51,244
Vital Images, Inc.*	3,700		46,324
			157,352
Life Sciences Tools & Services (1.1%)
Affymetrix, Inc.*	9,600		84,288
Albany Molecular Research, Inc.*	22,700		196,582
Cambrex Corp.*	2,900		18,270
Enzo Biochem, Inc.*	7,700		54,516
Kendle International, Inc.*	11,400		190,608
Mettler-Toledo International, Inc.*	46,000		4,167,140
Pharmaceutical Product Development, Inc.^	177,200		3,887,768
Varian, Inc.*	19,900		1,016,094
			9,615,266
Pharmaceuticals (0.3%)
Adolor Corp.*	22,300		35,457
Hi-Tech Pharmacal Co., Inc.*	6,400		143,616
KV Pharmaceutical Co., Class A*	18,000		55,260
Medicines Co.*	15,200		167,352
Medicis Pharmaceutical Corp., Class A	46,900		1,001,315
Par Pharmaceutical Cos., Inc.*	31,400		675,414
SuperGen, Inc.*	22,000		58,740
ViroPharma, Inc.*	55,400		532,948
			2,670,102
Total Health Care			43,761,505
Industrials (22.7%)
Aerospace & Defense (0.8%)
AAR Corp.*	31,600		693,304
Argon ST, Inc.*	1,700		32,385
Ascent Solar Technologies, Inc.*	12,600		95,004
Ceradyne, Inc.*	24,100		441,753
Curtiss-Wright Corp.	41,000		1,399,330
Ducommun, Inc.	10,100		190,991
DynCorp International, Inc., Class A*	19,800		356,400
Esterline Technologies Corp.*	18,000		705,780
Herley Industries, Inc.*	13,300		173,565
Ladish Co., Inc.*	15,200		229,976
LMI Aerospace, Inc.*	3,300		33,099
Moog, Inc., Class A*	38,200		1,126,900
Teledyne Technologies, Inc.*	22,300		802,577
Todd Shipyards Corp.	5,700		93,708
Triumph Group, Inc.	15,100		724,649
			7,099,421
Air Freight & Logistics (0.2%)
Air Transport Services Group, Inc.*	22,100		76,466
Atlas Air Worldwide Holdings, Inc.*	15,300		489,141
Dynamex, Inc.*	2,200		35,926
Forward Air Corp.	13,200		305,580
Hub Group, Inc., Class A*	17,300		395,305
Pacer International, Inc.	20,400		78,744
			1,381,162
Airlines (0.9%)
Alaska Air Group, Inc.*	31,000		830,490
JetBlue Airways Corp.*	229,456		1,372,147
Republic Airways Holdings, Inc.*	25,200		235,116
SkyWest, Inc.	295,000		4,891,100
U.S. Airways Group, Inc.*	143,800		675,860
UAL Corp.*	9,000		82,980
			8,087,693
Building Products (2.9%)
American Woodmark Corp.^	142,300		2,752,082
Ameron International Corp.	8,300		580,834
Apogee Enterprises, Inc.^	412,700		6,198,754
Builders FirstSource, Inc.*	3,100		13,516
Gibraltar Industries, Inc.	365,700		4,852,839
Griffon Corp.*	38,800		390,716
Insteel Industries, Inc.	15,200		181,640
NCI Building Systems, Inc.*	18,900		60,480
Quanex Building Products Corp.	12,600		180,936
Simpson Manufacturing Co., Inc.	152,900		3,862,254
Trex Co., Inc.*	1,900		34,580
Universal Forest Products, Inc.	166,699		6,577,943
			25,686,574
Commercial Services & Supplies (2.9%)
ABM Industries, Inc.^	243,400		5,121,136
ACCO Brands Corp.*	48,000		346,560

See Notes to Portfolio of Investments.

179

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
American Reprographics Co.*	4,400	$	41,888
Amrep Corp.*	1,600		21,120
ATC Technology Corp.*	5,100		100,776
Bowne & Co., Inc.	33,700		259,490
Clean Harbors, Inc.*	800		45,008
Consolidated Graphics, Inc.*	9,500		237,025
Copart, Inc.*	60,000		1,992,600
Cornell Cos., Inc.*	10,600		237,864
Courier Corp.	9,400		142,410
Deluxe Corp.	21,600		369,360
EnergySolutions, Inc.	61,600		567,952
Ennis, Inc.	23,900		385,507
Fuel Tech, Inc.*	3,900		43,680
G&K Services, Inc., Class A	17,100		378,936
GEO Group, Inc.*	9,800		197,666
GeoEye, Inc.*	1,100		29,480
HNI Corp.	10,648		251,293
ICT Group, Inc.*	2,700		28,350
Kimball International, Inc., Class B	30,500		232,715
M&F Worldwide Corp.*	9,200		186,208
McGrath RentCorp.	18,300		389,241
Metalico, Inc.*	26,600		110,922
Mine Safety Appliances Co.	129,900		3,573,549
Mobile Mini, Inc.*	280,900		4,876,424
Multi-Color Corp.	1,700		26,231
Schawk, Inc.	14,500		169,215
Standard Parking Corp.*	6,000		104,940
Standard Register Co.	1,900		11,172
Steelcase, Inc., Class A	63,800		396,198
Team, Inc.*	224,000		3,796,800
United Stationers, Inc.*	21,300		1,014,093
Viad Corp.	17,000		338,470
Waste Services, Inc.*	13,500		62,370
			26,086,649
Construction & Engineering (1.7%)
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)	130,000		2,428,400
Comfort Systems USA, Inc.	35,800		414,922
Dycom Industries, Inc.*	36,600		450,180
EMCOR Group, Inc.*^	133,500		3,380,220
Furmanite Corp.*	194,300		837,433
Granite Construction, Inc.	27,400		847,756
Great Lakes Dredge & Dock Corp.	3,300		23,034
Insituform Technologies, Inc., Class A*	35,000		669,900
Integrated Electrical Services, Inc.*	6,000		48,300
Layne Christensen Co.*	17,400		557,670
MasTec, Inc.*	14,200		172,530
Northwest Pipe Co.*	8,700		291,711
Orion Marine Group, Inc.*	185,000		3,799,900
Pike Electric Corp.*	7,900		94,642
Sterling Construction Co., Inc.*	11,800		211,338
Tutor Perini Corp.*	23,100		492,030
			14,719,966
Electrical Equipment (2.4%)
A. O. Smith Corp.	53,500		2,038,350
Acuity Brands, Inc.	9,200		296,332
Baldor Electric Co.	34,600		945,964
Belden, Inc.	42,900		990,990
Brady Corp., Class A	193,400		5,554,448
Chase Corp.	5,400		63,180
China BAK Battery, Inc.*	37,000		183,150
Encore Wire Corp.	16,300		364,142
Energy Conversion Devices, Inc.*	7,000		81,060
EnerSys*	37,100		820,652
Evergreen Solar, Inc.*	85,300		163,776
Franklin Electric Co., Inc.	106,200		3,044,754
FuelCell Energy, Inc.*	12,200		52,094
Fushi Copperweld, Inc.*	15,500		131,130
GrafTech International Ltd.*	67,900		998,130
II-VI, Inc.*	7,800		198,432
LSI Industries, Inc.	17,900		119,035
Orion Energy Systems, Inc.*	17,600		55,088
Polypore International, Inc.*	15,100		194,941
Powell Industries, Inc.*	29,000		1,113,310
Power-One, Inc.*	67,800		132,210
PowerSecure International, Inc.*	12,500		84,750
Preformed Line Products Co	300		12,015
Regal-Beloit Corp.	32,500		1,485,575
Roper Industries, Inc.	35,000		1,784,300
Valence Technology, Inc.*	6,300		11,340
Vicor Corp.*	11,700		90,324
Woodward Governor Co.	11,200		271,712
			21,281,184
Industrial Conglomerates (0.7%)
Carlisle Cos., Inc.	140,000		4,747,400
Otter Tail Corp.	32,800		784,904
Seaboard Corp.	300		390,006
Standex International Corp.	12,000		237,960
Tredegar Corp.	26,400		382,800
United Capital Corp.*	1,800		41,616
			6,584,686
Machinery (5.9%)
Actuant Corp., Class A	33,200		533,192
Alamo Group, Inc.	6,000		94,800
Albany International Corp., Class A	25,000		485,000
Altra Holdings, Inc.*	22,400		250,656
American Railcar Industries, Inc.	9,300		98,673
Ampco-Pittsburgh Corp.	4,200		111,678
Astec Industries, Inc.*^	52,600		1,339,722
Barnes Group, Inc.	41,900		716,071
Blount International, Inc.*	25,000		236,750
Briggs & Stratton Corp.^	179,600		3,486,036
Cascade Corp.	8,700		232,638
Chart Industries, Inc.*	3,300		71,247
CIRCOR International, Inc.	66,500		1,879,290
CLARCOR, Inc.	28,700		900,032
CNH Global N.V.*	30,000		512,400
Colfax Corp.*	16,600		176,458
Columbus McKinnon Corp.*	16,200		245,430
Eastern Co.	5,900		93,810
EnPro Industries, Inc.*	17,900		409,194
Federal Signal Corp.	43,400		312,046
FreightCar America, Inc.	10,100		245,430
Gardner Denver, Inc.*	100,000		3,488,000
Gorman-Rupp Co.	5,200		129,532
Graco, Inc.	135,000		3,762,450
Graham Corp.	3,600		55,980
Greenbrier Cos., Inc.	15,900		186,189
Hurco Cos., Inc.*	4,700		80,276
John Bean Technologies Corp.	24,600		446,982
Kadant, Inc.*	12,400		150,412
Kaydon Corp.	29,800		966,116
Kennametal, Inc.	140,000		3,445,400
K-Tron International, Inc.*	600		57,126
L.B. Foster Co., Class A*	8,900		272,162
Lincoln Electric Holdings, Inc.	70,700		3,354,715
Miller Industries, Inc.*	10,000		110,000
Mueller Industries, Inc.	209,300		4,995,991
Mueller Water Products, Inc., Class A	137,500		753,500

See Notes to Portfolio of Investments.

180

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
NACCO Industries, Inc., Class A	4,800	$	288,336
Nordson Corp.^	107,000		6,001,630
Robbins & Myers, Inc.	22,000		516,560
Sauer-Danfoss, Inc.	10,000		76,700
Sun Hydraulics Corp.	7,200		151,632
Tecumseh Products Co., Class A*	15,700		177,881
Timken Co.	43,100		1,009,833
Titan International, Inc.	30,700		273,230
Trimas Corp.*	3,845		19,609
Trinity Industries, Inc.^	205,000		3,523,950
Twin Disc, Inc.	7,600		94,772
Wabash National Corp.*	440,000		1,196,800
Watts Water Technologies, Inc., Class A^	141,800		4,289,450
			52,305,767
Marine (0.7%)
American Commercial Lines, Inc.*	8,800		256,256
Eagle Bulk Shipping, Inc.	54,800		281,124
Genco Shipping & Trading Ltd.	23,100		480,018
Horizon Lines, Inc., Class A	29,700		188,595
International Shipholding Corp.	5,500		169,455
Kirby Corp.*	115,000		4,234,300
TBS International Ltd., Class A*	13,200		114,840
Ultrapetrol Bahamas Ltd.*	22,000		108,240
			5,832,828
Professional Services (0.5%)
Barrett Business Services, Inc.	7,600		80,408
CDI Corp.	9,100		127,855
COMSYS IT Partners, Inc.*	14,100		90,240
CRA International, Inc.*	1,700		46,393
First Advantage Corp., Class A*	9,900		183,645
Heidrick & Struggles International, Inc.	15,100		351,226
Kelly Services, Inc., Class A	21,600		265,680
Kforce, Inc.*	24,400		293,288
Korn/Ferry International*	37,400		545,666
MPS Group, Inc.*	83,500		878,420
On Assignment, Inc.*	27,200		159,120
School Specialty, Inc.*	10,600		251,432
Spherion Corp.*	45,800		284,418
TrueBlue, Inc.*	38,200		537,474
Volt Information Sciences, Inc.*	10,200		124,644
Watson Wyatt Worldwide, Inc., Class A	6,800		296,208
			4,516,117
Road & Rail (2.4%)
Amerco, Inc.*	8,300		380,638
Arkansas Best Corp.	22,800		682,632
Avis Budget Group, Inc.*	37,700		503,672
Celadon Group, Inc.*	4,300		48,633
Dollar Thrifty Automotive Group, Inc.*	20,300		499,177
Genesee & Wyoming, Inc., Class A*^	255,000		7,731,600
Heartland Express, Inc.	16,600		239,040
Kansas City Southern*^	44,000		1,165,560
Knight Transportation, Inc.	11,600		194,648
Old Dominion Freight Line, Inc.*	21,400		651,202
Patriot Transportation Holding, Inc.*	500		37,750
Saia, Inc.*	312,900		5,031,432
Universal Truckload Services, Inc.	4,600		75,946
Vitran Corp., Inc.*	377,050		3,400,991
Werner Enterprises, Inc.	39,500		735,885
YRC Worldwide, Inc.*	54,600		242,970
			21,621,776
Trading Companies & Distributors (0.7%)
Aceto Corp.	22,000		145,200
Aircastle Ltd.	42,000		406,140
Applied Industrial Technologies, Inc.	109,000		2,306,440
Beacon Roofing Supply, Inc.*	7,600		121,448
BlueLinx Holdings, Inc.*	8,900		35,689
DXP Enterprises, Inc.*	39,600		441,540
H&E Equipment Services, Inc.*	23,800		269,654
Houston Wire & Cable Co.	9,700		107,185
Interline Brands, Inc.*	30,200		508,870
Kaman Corp.	3,600		79,128
Lawson Products, Inc.	4,100		71,381
Rush Enterprises, Inc., Class A*	21,600		279,072
TAL International Group, Inc.	14,000		199,080
Textainer Group Holdings Ltd.	9,100		145,691
United Rentals, Inc.*	53,900		555,170
Watsco, Inc.	1,900		102,429
Willis Lease Finance Corp.*	4,800		65,616
			5,839,733
Transportation Infrastructure (0.0%)
CAI International, Inc.*	9,900		72,963
Total Industrials			201,116,519
Information Technology (6.9%)
Communications Equipment (1.0%)
3Com Corp.*	61,600		322,168
ADC Telecommunications, Inc.*	71,500		596,310
ADTRAN, Inc.	10,700		262,685
Airvana, Inc.*	10,700		72,439
Anaren, Inc.*	1,800		30,600
Arris Group, Inc.*	27,200		353,872
Avocent Corp.*	34,400		697,288
Bel Fuse, Inc., Class B	8,800		167,464
Black Box Corp.	16,000		401,440
Cogo Group, Inc.*	19,300		118,116
Communications Systems, Inc.	6,200		72,416
Digi International, Inc.*	15,500		132,060
Emcore Corp.*	74,400		96,720
EMS Technologies, Inc.*	2,800		58,296
Emulex Corp.*	6,322		65,054
Extreme Networks, Inc.*	81,200		227,360
Globecomm Systems, Inc.*	20,400		148,308
Harmonic, Inc.*	21,900		146,292
Harris Stratex Networks, Inc., Class A*	55,100		385,700
NETGEAR, Inc.*	22,800		418,380
Network Equipment Technologies, Inc.*	14,700		106,281
Oplink Communications, Inc.*	5,600		81,312
Opnext, Inc.*	23,600		69,148
Palm, Inc.*	14,700		256,221
PC-Tel, Inc.*	16,200		101,250
Plantronics, Inc.	5,793		155,310
Polycom, Inc.*	45,500		1,217,125
Powerwave Technologies, Inc.*	128,400		205,440
SeaChange International, Inc.*	15,100		113,250
Sonus Networks, Inc.*	184,500		391,140
Sycamore Networks, Inc.*	172,800		521,856
Symmetricom, Inc.*	38,800		200,984
Tekelec*	40,900		671,987
UTStarcom, Inc.*	97,100		202,939
			9,067,211
Computers & Peripherals (0.4%)
ActivIdentity Corp.*	30,700		85,039

See Notes to Portfolio of Investments.

181

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Adaptec, Inc.*	112,500	$	375,750
Avid Technology, Inc.*	19,700		277,573
Cray, Inc.*	9,700		80,801
Diebold, Inc.	35,000		1,152,550
Electronics for Imaging, Inc.*	45,000		507,150
Imation Corp.	24,500		227,115
Intevac, Inc.*	20,900		280,896
Rimage Corp.*	8,700		148,683
Silicon Graphics International Corp.*	25,300		169,763
Super Micro Computer, Inc.*	4,500		38,070
			3,343,390
Electronic Equipment, Instruments & Components (2.2%)
Agilysys, Inc.	13,100		86,329
Anixter International, Inc.*	23,300		934,563
Benchmark Electronics, Inc.*	403,400		7,261,200
Checkpoint Systems, Inc.*	26,500		435,660
China Security & Surveillance Technology, Inc.*	6,500		46,410
Cognex Corp.	29,100		476,658
Coherent, Inc.*	20,100		468,732
CPI International, Inc.*	4,100		45,879
CTS Corp.	28,900		268,770
DDi Corp.*	12,400		52,700
Echelon Corp.*	9,400		120,978
Electro Rent Corp.	16,300		187,776
Electro Scientific Industries, Inc.*	25,000		334,750
ICx Technologies, Inc.*	5,700		33,744
Insight Enterprises, Inc.*	35,700		435,897
L-1 Identity Solutions, Inc.*	15,900		111,141
Littelfuse, Inc.*	19,500		511,680
Measurement Specialties, Inc.*	14,000		142,940
Mercury Computer Systems, Inc.*	21,100		208,046
Methode Electronics, Inc.	31,000		268,770
MTS Systems Corp.	13,400		391,414
Newport Corp.*	34,400		301,344
OSI Systems, Inc.*	3,200		58,528
Park Electrochemical Corp.	7,400		182,410
PC Connection, Inc.*	9,300		50,592
PC Mall, Inc.*	7,700		52,822
Plexus Corp.*	23,400		616,356
Rofin-Sinar Technologies, Inc.*	116,800		2,681,728
Rogers Corp.*	10,800		323,676
Scansource, Inc.*	23,000		651,360
SMART Modular Technologies (WWH), Inc.*	31,800		151,368
Spectrum Control, Inc.*	12,400		105,276
SYNNEX Corp.*	14,300		435,864
Technitrol, Inc.	37,000		340,770
TTM Technologies, Inc.*	38,600		442,742
X-Rite, Inc.*	26,700		53,667
Zygo Corp.*	14,300		96,954
			19,369,494
Internet Software & Services (0.4%)
Digital River, Inc.*	6,400		258,048
DivX, Inc.*	12,200		66,612
EarthLink, Inc	85,300		717,373
InfoSpace, Inc.*	14,000		108,360
Internap Network Services Corp.*	49,400		158,574
Internet Brands, Inc., Class A*	12,100		96,558
Internet Capital Group, Inc.*	14,500		121,220
Ipass, Inc.*	50,100		69,138
j2 Global Communications, Inc.*	3,600		82,836
Keynote Systems, Inc.*	6,300		59,409
ModusLink Global Solutions, Inc.*	39,700		321,173
Omniture, Inc.*	4,000		85,760
Openwave Systems, Inc.*	57,400		149,240
Perficient, Inc.*	21,800		180,286
RealNetworks, Inc.*	35,900		133,548
support.com, Inc.*	35,500		85,200
TechTarget, Inc.*	11,900		67,830
United Online, Inc.	76,900		618,276
Web.com Group, Inc.*	20,100		142,509
			3,521,950
IT Services (0.7%)
Acxiom Corp.*	12,000		113,520
CACI International, Inc., Class A*	23,800		1,125,026
CIBER, Inc.*	59,600		238,400
CSG Systems International, Inc.*	12,900		206,529
Euronet Worldwide, Inc.*	5,951		143,002
Global Cash Access Holdings, Inc.*	4,000		29,240
Hackett Group, Inc.*	19,900		57,710
infoGROUP, Inc.*	15,400		107,954
Information Services Group, Inc.*	23,600		94,164
Integral Systems, Inc.*	12,600		86,940
ManTech International Corp., Class A*	4,300		202,788
MAXIMUS, Inc.	1,500		69,900
Ness Technologies, Inc.*	34,100		269,049
Online Resources Corp.*	8,900		54,913
Perot Systems Corp., Class A*	62,800		1,865,160
SRA International, Inc., Class A*	26,800		578,612
StarTek, Inc.*	9,800		85,064
Tier Technologies, Inc., Class B*	8,500		72,080
Unisys Corp.*	320,700		856,269
Virtusa Corp.*	3,100		29,419
			6,285,739
Semiconductors & Semiconductor Equipment (1.5%)
Actel Corp.*	17,600		214,192
Advanced Energy Industries, Inc.*	7,100		101,104
ANADIGICS, Inc.*	12,900		60,759
ATMI, Inc.*	19,700		357,555
Brooks Automation, Inc.*	59,600		460,708
Cabot Microelectronics Corp.*	18,800		655,368
CEVA, Inc.*	1,800		19,350
Cohu, Inc.	266,700		3,616,452
Cymer, Inc.*	26,600		1,033,676
DSP Group, Inc.*	22,100		179,894
Entegris, Inc.*	115,700		572,715
Exar Corp.*	30,100		221,235
FEI Co.*	2,900		71,485
FormFactor, Inc.*	2,900		69,368
GSI Technology, Inc.*	18,600		74,214
IXYS Corp.	3,000		25,530
Lattice Semiconductor Corp.*	102,600		230,850
MEMSIC, Inc.*	14,600		54,750
Micrel, Inc	26,000		211,900
Microtune, Inc.*	20,900		38,038
MKS Instruments, Inc.*	45,500		877,695
OmniVision Technologies, Inc.*	82,100		1,336,588
Pericom Semiconductor Corp.*	24,500		240,345
Photronics, Inc.*	40,600		192,444
RF Micro Devices, Inc.*	19,936		108,253
Rudolph Technologies, Inc.*	18,700		138,380
Semitool, Inc.*	18,500		156,325
Sigma Designs, Inc.*	7,100		103,163
Silicon Image, Inc.*	72,800		176,904
Silicon Storage Technology, Inc.*	74,800		181,016
Standard Microsystems Corp.*	14,500		336,545
Trident Microsystems, Inc.*	35,800		92,722
TriQuint Semiconductor, Inc.*	57,200		441,584

See Notes to Portfolio of Investments.

182

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
Veeco Instruments, Inc.*	12,464	$	290,660
Virage Logic Corp.*	15,000		78,150
White Electronic Designs Corp.*	22,600		104,412
Zoran Corp.*	12,400		142,848
			13,267,177
Software (0.7%)
American Software, Inc., Class A	500		3,265
Dynamics Research Corp.*	8,600		111,972
Epicor Software Corp.*	41,200		262,444
ePlus, Inc.*	3,600		55,980
Fair Isaac Corp.	43,800		941,262
i2 Technologies, Inc.*	3,100		49,724
JDA Software Group, Inc.*	6,700		146,998
Lawson Software, Inc.*	73,000		455,520
Mentor Graphics Corp.*	77,700		723,387
Monotype Imaging Holdings, Inc.*	21,200		178,292
MSC.Software Corp.*	40,100		337,241
NetScout Systems, Inc.*	2,100		28,371
OpenTV Corp., Class A*	43,400		59,892
Pervasive Software, Inc.*	15,300		75,735
Quest Software, Inc.*	49,400		832,390
SonicWALL, Inc.*	45,200		379,680
Symyx Technologies, Inc.*	7,200		47,664
Take-Two Interactive Software, Inc.*	62,400		699,504
THQ, Inc.*	15,400		105,336
TIBCO Software, Inc.*	103,500		982,215
VASCO Data Security International, Inc.*	6,100		45,262
			6,522,134
Total Information Technology			61,377,095
Materials (8.5%)
Chemicals (4.1%)
A. Schulman, Inc.	20,900		416,537
Airgas, Inc.	97,000		4,691,890
American Vanguard Corp.	16,600		137,946
Ampal American Israel, Class A*	15,800		32,074
Arch Chemicals, Inc.	18,900		566,811
Cabot Corp.	119,400		2,759,334
Ferro Corp.	39,900		355,110
GenTek, Inc.*	6,700		254,868
H.B. Fuller Co.	213,900		4,470,510
ICO, Inc.*	16,900		78,923
Innophos Holdings, Inc.	15,100		279,350
Innospec, Inc.	20,900		308,275
Koppers Holdings, Inc.	7,300		216,445
Minerals Technologies, Inc.	17,200		818,032
NL Industries, Inc.	2,800		18,760
Olin Corp.	63,840		1,113,370
OM Group, Inc.*	27,349		831,136
PolyOne Corp.*	67,700		451,559
Quaker Chemical Corp.	10,700		234,651
Rockwood Holdings, Inc.*	45,400		933,878
RPM International, Inc.	303,000		5,602,470
Sensient Technologies Corp.	43,800		1,216,326
ShengdaTech, Inc.*	27,600		175,536
Solutia, Inc.*	107,800		1,248,324
Spartech Corp.	26,800		288,636
Stepan Co.	700		42,056
W.R. Grace & Co.*	46,900		1,019,606
Westlake Chemical Corp.^	275,400		7,077,780
Zoltek Cos., Inc.*	26,800		281,400
			35,921,593
Construction Materials (0.1%)
Headwaters, Inc.*	44,200		171,054
Texas Industries, Inc.	21,800		915,382
U.S. Concrete, Inc.*	34,500		59,685
United States Lime & Minerals, Inc.*	538		19,325
			1,165,446
Containers & Packaging (0.5%)
AptarGroup, Inc.	71,000		2,652,560
Boise, Inc.*	10,800		57,024
Bway Holding Co.*	6,700		124,017
Graphic Packaging Holding Co.*	108,300		250,173
Myers Industries, Inc.	27,600		297,252
Rock-Tenn Co., Class A	4,700		221,417
Silgan Holdings, Inc.	11,500		606,395
			4,208,838
Metals & Mining (3.0%)
A.M. Castle & Co.	15,900		158,046
Allied Nevada Gold Corp.*	3,600		35,244
AMCOL International Corp.	16,500		377,685
Brush Engineered Materials, Inc.*	18,400		450,064
Century Aluminum Co.*	42,700		399,245
China Precision Steel, Inc.*	31,000		84,320
Coeur d’Alene Mines Corp.*	68,210		1,398,305
Commercial Metals Co.	190,000		3,401,000
General Moly, Inc.*	62,100		195,615
Gerdau Ameristeel Corp.^	461,000		3,651,120
Haynes International, Inc.*	10,700		340,474
Hecla Mining Co.*	197,300		866,147
Horsehead Holding Corp.*	38,400		450,048
Kaiser Aluminum Corp.	13,700		498,132
Olympic Steel, Inc.	8,800		252,472
Reliance Steel & Aluminum Co.	145,000		6,171,200
RTI International Metals, Inc.*	26,800		667,588
Steel Dynamics, Inc.	358,200		5,494,788
Stillwater Mining Co.*	34,200		229,824
United States Steel Corp.^	16,000		709,920
Universal Stainless & Alloy Products, Inc.*	5,900		107,675
US Gold Corp.*	77,500		223,975
Worthington Industries, Inc.	5,100		70,890
			26,233,777
Paper & Forest Products (0.8%)
Buckeye Technologies, Inc.*	34,400		369,112
Clearwater Paper Corp.*	9,300		384,369
Deltic Timber Corp.	2,400		109,848
Domtar Corp.*	37,400		1,317,228
Glatfelter	290,000		3,329,200
KapStone Paper and Packaging Corp.*	17,900		145,706
Louisiana-Pacific Corp.*	94,300		628,981
Neenah Paper, Inc.	13,700		161,249
Schweitzer-Mauduit International, Inc.	13,700		744,732
Wausau Paper Corp.	23,700		237,000
			7,427,425
Total Materials			74,957,079
Telecommunication Services (0.5%)
Diversified Telecommunication Services (0.5%)
Atlantic Tele-Network, Inc.	8,200		438,044
Cincinnati Bell, Inc.*	157,746		552,111
Consolidated Communications Holdings, Inc.	10,000		160,100
D&E Communications, Inc.	14,100		162,009
FairPoint Communications, Inc.	29,500		12,095
General Communication, Inc., Class A*	17,700		121,422
Global Crossing Ltd.*	4,300		61,490
iBasis, Inc.*	27,400		58,088

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
Iowa Telecommunications Services, Inc.		24,600	$	309,960
Premiere Global Services, Inc.*		287,600		2,389,956
SureWest Communications*		14,000		173,880
				4,439,155
Wireless Telecommunication Services (0.0%)
iPCS, Inc.*		1,500		26,100
Syniverse Holdings, Inc.*		11,400		199,500
USA Mobility, Inc.		2,400		30,912
Virgin Mobile USA, Inc., Class A*		23,700		118,500
				375,012
Total Telecommunication Services				4,814,167
Utilities (4.0%)
Electric Utilities (1.7%)
Allete, Inc.		26,495		889,437
Central Vermont Public Service Corp.		11,100		214,230
Cleco Corp.		54,700		1,371,876
El Paso Electric Co.*		41,600		735,072
Empire District Electric Co.		30,900		558,981
IDACORP, Inc.		42,400		1,220,696
MGE Energy, Inc.		21,300		777,024
NV Energy, Inc.		440,000		5,099,600
PNM Resources, Inc.		77,600		906,368
Portland General Electric Co.		68,100		1,342,932
UIL Holdings Corp.		26,900		709,891
UniSource Energy Corp.		31,900		980,925
Unitil Corp.		10,200		228,990
				15,036,022
Gas Utilities (1.7%)
Atmos Energy Corp.		60,000		1,690,800
Chesapeake Utilities Corp.		6,600		204,534
Energen Corp.		86,000		3,706,600
Laclede Group, Inc.		20,300		652,848
New Jersey Resources Corp.		32,000		1,161,920
Nicor, Inc.		41,000		1,500,190
Northwest Natural Gas Co.		24,000		999,840
Piedmont Natural Gas Co., Inc.		62,500		1,496,250
South Jersey Industries, Inc.		24,269		856,696
Southwest Gas Corp.		40,100		1,025,758
WGL Holdings, Inc.		45,500		1,507,870
				14,803,306
Multi-Utilities (0.4%)
Avista Corp.		49,000		990,780
Black Hills Corp.		35,700		898,569
CH Energy Group, Inc.		14,700		651,357
Florida Public Utilities Co.		6,100		74,115
NorthWestern Corp.		32,100		784,203
				3,399,024
Water Utilities (0.2%)
American States Water Co.		16,600		600,588
Artesian Resources Corp., Class A		6,100		102,602
California Water Service Group		16,200		630,828
Connecticut Water Service, Inc.		6,800		152,252
Consolidated Water Co., Inc.		9,500		155,135
Middlesex Water Co.		11,800		177,944
Pennichuck Corp.		3,400		73,984
SJW Corp.		11,300		258,205
Southwest Water Co.		23,600		116,112
York Water Co.		6,900		95,634
				2,363,284
Total Utilities				35,601,636
Total Common Stocks (98.4%) (Cost $892,831,255)				872,851,494
INVESTMENT COMPANY:
Investment Company (0.0%)
Kayne Anderson Energy Development Co. (Cost $125,039)		10,217		135,171
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Securities (0.1%)
U.S. Treasury Bills
0.06%, 12/10/09 #(p)	$	410,000		409,948
Short-Term Investments of Cash Collateral for Securities Loaned (1.5%)
BBVA Senior Finance S.A.
0.35%, 3/12/10 (l)		1,240,000		1,239,645
Deutsche Bank Securities, Inc., Repurchase Agreement
0.08%, 10/1/09 (r)(u)		7,734,704		7,734,704
General Electric Capital Corp.
0.40%, 3/12/10 (l)		230,000		227,566
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)(l)(s)		1,409,991		236,174
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)		1,689,874		1,590,932
Total Short-Term Investments of Cash Collateral for Securities Loaned				13,579,646
Time Deposit (1.7%)
JPMorgan Chase Nassau
0.000%, 10/1/09		15,082,446		15,082,446
Total Short-Term Investments (3.3%) (Cost/Amortized Cost $30,446,912)				29,072,040
Total Investments (101.7%) (Cost/Amortized Cost $923,403,206)				902,058,705
Other Assets Less Liabilities (-1.7%)				(15,410,035	)
Net Assets (100%)				886,648,670

* Non-income producing.

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

† Securities (totaling $195 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 September 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% – 7.000%, maturing 4/1/18 to 11/1/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 to 7/1/39.

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
America Service Group, Inc.	$	5,350,000	$	5,121,513	$	728,396	$	7,100,622	$	25,000	$	444,059

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

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2009		Unrealized Appreciation/ (Depreciation)
Russell 2000 Mini Index	68	December-09	$	4,017,919	$	4,100,400	$	82,481

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	141,002,708	$	—	$	—	$	141,002,708
Consumer Staples		24,750,178		—		—		24,750,178
Energy		80,900,973		—		—		80,900,973
Financials		204,569,439		—		195		204,569,634
Health Care		43,761,505		—		—		43,761,505
Industrials		201,116,519		—		—		201,116,519
Information Technology		61,377,095		—		—		61,377,095
Materials		74,957,079		—		—		74,957,079
Telecommunication Services		4,814,167		—		—		4,814,167
Utilities		35,601,636		—		—		35,601,636
Futures		82,481		—		—		82,481
Investment Companies
Investment Companies		135,171		—		—		135,171
Short-Term Investments		—		29,072,040		—		29,072,040
Total Asset	$	873,068,951	$	29,072,040	$	195	$	902,141,186
Total Liability	$	—	$	—	$	—	$	—
Total	$	873,068,951	$	29,072,040	$	195	$	902,141,186

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 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
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		195
Balance as of 9/30/09	$	195
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 9/30/09.	$	195

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	439,104,436
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	449,899,825

As of September 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	$	116,905,023
Aggregate gross unrealized depreciation		(150,928,612	)
Net unrealized depreciation	$	(34,023,589	)
Federal income tax cost of investments	$	936,082,294

At September 30, 2009, the Portfolio had loaned securities with a total value of $14,143,796. This was secured by collateral of $14,954,568 which was received as cash and subsequently invested in short-term investments currently valued at $13,579,646, as reported in the portfolio of investments.

The Portfolio has a net capital loss carryforward of $237,764,301 which expires in the year 2016.

See Notes to Portfolio of Investments.

186

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PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (1.8%)
Auto Components (0.1%)
Johnson Controls, Inc.	27,480	$	702,389
Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*^	6,200		456,754
Strayer Education, Inc.	1,270		276,453
			733,207
Internet & Catalog Retail (1.6%)
Amazon.com, Inc.*	78,305		7,310,555
Expedia, Inc.*	16,300		390,385
Netflix, Inc.*	3,200		147,744
NutriSystem, Inc.	2,300		35,098
priceline.com, Inc.*	3,300		547,206
			8,430,988
Total Consumer Discretionary			9,866,584
Industrials (1.1%)
Construction & Engineering (0.3%)
Quanta Services, Inc.*^	83,800		1,854,494
Electrical Equipment (0.8%)
ABB Ltd. (Registered)*	20,376		408,975
ABB Ltd. (ADR)*^	52,945		1,061,018
First Solar, Inc.*^	17,750		2,713,265
			4,183,258
Total Industrials			6,037,752
Information Technology (76.6%)
Communications Equipment (11.2%)
3Com Corp.*	30,400		158,992
ADC Telecommunications, Inc.*	7,300		60,882
ADTRAN, Inc.	4,400		108,020
Arris Group, Inc.*	9,700		126,197
Avocent Corp.*^	3,300		66,891
Brocade Communications Systems, Inc.*	30,700		241,302
Ciena Corp.*	7,100		115,588
Cisco Systems, Inc.*	635,761		14,965,814
CommScope, Inc.*	7,200		215,496
Comtech Telecommunications Corp.*	2,100		69,762
EchoStar Corp., Class A*	3,200		59,072
Emulex Corp.*	6,800		69,972
F5 Networks, Inc.*^	140,845		5,581,687
Harris Corp.	10,300		387,280
Infinera Corp.*	7,200		57,240
InterDigital, Inc.*	3,400		78,744
JDS Uniphase Corp.*	16,600		118,026
Juniper Networks, Inc.*	85,640		2,313,993
Motorola, Inc.	898,950		7,721,980
Nokia Oyj (ADR)	154,800		2,263,176
Palm, Inc.*	12,600		219,618
Plantronics, Inc.	3,700		99,197
Polycom, Inc.*	6,500		173,875
QUALCOMM, Inc.	289,320		13,013,614
Research In Motion Ltd.*	89,751		6,062,680
Riverbed Technology, Inc.*^	276,810		6,078,748
Sonus Networks, Inc.*	21,300		45,156
Starent Networks Corp.*	2,600		66,092
Sycamore Networks, Inc.*^	13,800		41,676
Tekelec*	5,200		85,436
Tellabs, Inc.*	59,700		413,124
			61,079,330
Computers & Peripherals (20.2%)
Acer, Inc.	247,908		632,340
Acer, Inc. (GDR)	220,570		2,813,040
Apple, Inc.*	186,530		34,577,066
Avid Technology, Inc.*	2,200		30,998
Dell, Inc.*	566,500		8,644,790
Diebold, Inc.	5,200		171,236
Electronics for Imaging, Inc.*	3,400		38,318
EMC Corp.*	587,020		10,002,821
Hewlett-Packard Co.	558,483		26,365,982
HTC Corp.	45,900		504,003
Intermec, Inc.*	3,600		50,760
International Business Machines Corp.	114,402		13,683,623
Lexmark International, Inc., Class A*	6,200		133,548
NCR Corp.*	12,500		172,750
NetApp, Inc.*^	218,895		5,840,119
QLogic Corp.*	9,000		154,800
SanDisk Corp.*^	158,975		3,449,757
Seagate Technology	120,740		1,836,455
STEC, Inc.*	2,300		67,597
Sun Microsystems, Inc.*	58,700		533,583
Synaptics, Inc.*	2,700		68,040
Teradata Corp.*	13,300		366,016
Western Digital Corp.*	17,500		639,275
			110,776,917
Electronic Equipment, Instruments & Components (2.1%)
Agilent Technologies, Inc.*	26,900		748,627
Amphenol Corp., Class A	129,102		4,864,563
Anixter International, Inc.*	2,300		92,253
Arrow Electronics, Inc.*	9,300		261,795
Avnet, Inc.*	11,800		306,446
AVX Corp.	3,600		42,948
Benchmark Electronics, Inc.*	4,900		88,200
Celestica, Inc.*	15,500		146,940
Cogent, Inc.*	2,900		29,290
Corning, Inc.	121,000		1,852,510
Delta Electronics, Inc.	161,080		458,468
Dolby Laboratories, Inc., Class A*	4,000		152,760
FLIR Systems, Inc.*	11,700		327,249
Hon Hai Precision Industry Co., Ltd.	145,431		583,570
Hon Hai Precision Industry Co., Ltd. (GDR)	6,211		49,688
Ingram Micro, Inc., Class A*	12,600		212,310
Itron, Inc.*	3,100		198,834
Jabil Circuit, Inc.	16,400		219,924
L-1 Identity Solutions, Inc.*	5,600		39,144
Molex, Inc.	10,900		227,592
National Instruments Corp.^	4,400		121,572
Plexus Corp.*	3,000		79,020
Rofin-Sinar Technologies, Inc.*	2,400		55,104
SYNNEX Corp.*	1,400		42,672
Tech Data Corp.*	3,900		162,279
Trimble Navigation Ltd.*	9,400		224,754
Vishay Intertechnology, Inc.*	14,500		114,550
			11,703,062
Internet Software & Services (9.7%)
Akamai Technologies, Inc.*	13,500		265,680
Baidu, Inc. (ADR)*	11,240		4,395,402
DealerTrack Holdings, Inc.*	3,000		56,730
Digital River, Inc.*	3,000		120,960
EarthLink, Inc.	8,000		67,280
eBay, Inc.*	84,400		1,992,684
Equinix, Inc.*^	51,338		4,723,096
Google, Inc., Class A*	43,836		21,736,081

See Notes to Portfolio of Investments.

187

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares	Value (Note 1)
IAC/InterActiveCorp*	7,400	$	149,406
j2 Global Communications, Inc.*	3,400		78,234
NetEase.com, Inc. (ADR)*	87,720		4,007,049
Omniture, Inc.*	5,300		113,632
Open Text Corp.*	4,300		160,519
SAVVIS, Inc.*	2,900		45,878
SINA Corp.*^	123,595		4,691,666
Sohu.com, Inc.*^	8,533		586,900
Tencent Holdings Ltd.	319,910		5,205,212
ValueClick, Inc.*	6,600		87,054
VeriSign, Inc.*	14,900		352,981
Yahoo!, Inc.*	237,071		4,222,234
			53,058,678
IT Services (5.1%)
Accenture plc, Class A	46,905		1,748,149
Acxiom Corp.*	5,200		49,192
Affiliated Computer Services, Inc., Class A*	7,600		411,692
Alliance Data Systems Corp.*^	34,416		2,102,129
Automatic Data Processing, Inc.	65,550		2,576,115
Broadridge Financial Solutions, Inc.	11,000		221,100
CACI International, Inc., Class A*	2,300		108,721
Cognizant Technology Solutions Corp., Class A*	190,705		7,372,655
Computer Sciences Corp.*	11,900		627,249
Convergys Corp.*	9,800		97,412
Cybersource Corp.*	5,400		90,018
DST Systems, Inc.*	8,043		360,326
Euronet Worldwide, Inc.*^	3,900		93,717
Fidelity National Information Services, Inc.	14,900		380,099
Fiserv, Inc.*	12,000		578,400
Gartner, Inc.*	4,700		85,869
Global Payments, Inc.	6,200		289,540
Hewitt Associates, Inc., Class A*	6,500		236,795
Lender Processing Services, Inc.	6,500		248,105
ManTech International Corp., Class A*	1,600		75,456
Mastercard, Inc., Class A	5,700		1,152,255
Metavante Technologies, Inc.*	7,000		241,360
NeuStar, Inc., Class A*	5,700		128,820
Paychex, Inc.	25,100		729,155
Perot Systems Corp., Class A*	7,000		207,900
SAIC, Inc.*	16,200		284,148
SRA International, Inc., Class A*	3,400		73,406
Syntel, Inc.	1,100		52,503
Tivit Terceirizacao de Tecnologia e Servicos S.A.*	27,000		198,736
Total System Services, Inc.	15,400		248,094
Visa, Inc., Class A^	42,780		2,956,526
Western Union Co.	189,380		3,583,070
Wright Express Corp.*	3,100		91,481
			27,700,193
Office Electronics (0.1%)
Xerox Corp.	67,700		523,998
Zebra Technologies Corp., Class A*	4,700		121,871
			645,869
Semiconductors & Semiconductor Equipment (13.6%)
Advanced Micro Devices, Inc.*	43,300		245,078
Advantest Corp.	108,200		3,001,370
Altera Corp.	22,900		469,679
Amkor Technology, Inc.*	8,500		58,480
Analog Devices, Inc.	81,904		2,258,912
Applied Materials, Inc.	103,700		1,389,580
Atheros Communications, Inc.*^	22,096		586,207
Atmel Corp.*	35,100		147,069
Broadcom Corp., Class A*	33,600		1,031,184
Cree, Inc.*	7,800		286,650
Cymer, Inc.*	2,400		93,264
Cypress Semiconductor Corp.*	12,200		126,026
Epistar Corp.	98,000		353,615
Epistar Corp. (GDR)*§	20,200		364,439
Fairchild Semiconductor International, Inc.*	9,400		96,162
FEI Co.*	2,800		69,020
FormFactor, Inc.*	4,000		95,680
Hittite Microwave Corp.*	1,400		51,492
Infineon Technologies AG*	804,342		4,537,466
Integrated Device Technology, Inc.*	12,500		84,500
Intel Corp.	1,247,330		24,410,248
International Rectifier Corp.*^	5,400		105,246
Intersil Corp., Class A	9,700		148,507
KLA-Tencor Corp.	13,200		473,352
Lam Research Corp.*^	39,551		1,351,062
Linear Technology Corp.	17,400		480,762
LSI Corp.*	50,600		277,794
Maxim Integrated Products, Inc.	78,915		1,431,518
MediaTek, Inc.	40,000		666,916
MEMC Electronic Materials, Inc.*	17,400		289,362
Micrel, Inc.	3,600		29,340
Microchip Technology, Inc.	14,200		376,300
Micron Technology, Inc.*^	605,560		4,965,592
Microsemi Corp.*	6,500		102,635
MKS Instruments, Inc.*	3,700		71,373
National Semiconductor Corp.	15,700		224,039
Novellus Systems, Inc.*	7,700		161,546
Nvidia Corp.*	42,800		643,284
ON Semiconductor Corp.*^	607,205		5,009,441
PMC-Sierra, Inc.*	17,400		166,344
Rambus, Inc.*	8,300		144,420
Samsung Electronics Co., Ltd.	6,514		4,505,759
Samsung Electronics Co., Ltd. (GDR)§	5,713		1,975,852
Semtech Corp.*	4,600		78,246
Silicon Laboratories, Inc.*^	3,500		162,260
Skyworks Solutions, Inc.*	13,300		176,092
Taiwan Semiconductor Manufacturing Co., Ltd.	962,889		1,931,888
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)^	98,320		1,077,587
Teradyne, Inc.*^	13,500		124,875
Tessera Technologies, Inc.*	3,900		108,771
Texas Instruments, Inc.	232,905		5,517,519
Varian Semiconductor Equipment Associates, Inc.*	5,700		187,188
Xilinx, Inc.	70,130		1,642,445
Zoran Corp.*	3,800		43,776
			74,407,212
Software (14.6%)
Activision Blizzard, Inc.*	209,125		2,591,059
Adobe Systems, Inc.*	47,850		1,580,964
Advent Software, Inc.*	1,300		52,325
ANSYS, Inc.*	6,800		254,796
Ariba, Inc.*	6,600		76,560
Autodesk, Inc.*	34,930		831,334
Autonomy Corp. plc*	55,875		1,454,642
Blackboard, Inc.*	2,500		94,450
BMC Software, Inc.*	35,160		1,319,555
CA, Inc.	31,000		681,690
Cadence Design Systems, Inc.*	20,300		149,002

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
Citrix Systems, Inc.*		14,300	$	560,989
Compuware Corp.*		19,300		141,469
Concur Technologies, Inc.*^		3,300		131,208
Electronic Arts, Inc.*		25,300		481,965
FactSet Research Systems, Inc.		3,300		218,592
Fair Isaac Corp.		3,700		79,513
Informatica Corp.*		6,800		153,544
Intuit, Inc.*		25,100		715,350
Jack Henry & Associates, Inc.		6,500		152,555
Lawson Software, Inc.*		8,800		54,912
Longtop Financial Technologies Ltd. (ADR)*		4,300		122,378
McAfee, Inc.*		101,915		4,462,858
Mentor Graphics Corp.*		7,600		70,756
Micros Systems, Inc.*		6,200		187,178
Microsoft Corp.		1,534,003		39,715,338
MicroStrategy, Inc., Class A*		700		50,078
Novell, Inc.*		27,200		122,672
Nuance Communications, Inc.*		17,400		260,304
Oracle Corp.		452,003		9,419,742
Parametric Technology Corp.*		9,200		127,144
Pegasystems, Inc.		1,100		37,983
Progress Software Corp.*		3,000		67,950
Quest Software, Inc.*		4,900		82,565
Red Hat, Inc.*		34,390		950,540
Rovi Corp.*		6,400		215,040
Salesforce.com, Inc.*^		103,720		5,904,779
Shanda Interactive Entertainment Ltd. (ADR)*^		14,985		767,232
Solera Holdings, Inc.		4,300		133,773
Sybase, Inc.*		6,500		252,850
Symantec Corp.*		63,400		1,044,198
Synopsys, Inc.*		11,300		253,346
Take-Two Interactive Software, Inc.*		6,100		68,381
TIBCO Software, Inc.*		13,400		127,166
TiVo, Inc.*		30,660		317,638
VMware, Inc., Class A*		90,830		3,648,641
Websense, Inc.*		3,300		55,440
				80,242,444
Total Information Technology				419,613,705
Materials (0.4%)
Chemicals (0.4%)
Monsanto Co.		27,315		2,114,181
Total Materials				2,114,181
Telecommunication Services (1.3%)
Diversified Telecommunication Services (0.3%)
China Telecom Corp. Ltd., Class H		1,346,000		635,655
China Telecom Corp., Ltd. (ADR)		17,806		842,224
				1,477,879
Wireless Telecommunication Services (1.0%)
American Tower Corp., Class A*		156,385		5,692,414
Total Telecommunication Services				7,170,293
Total Common Stocks (81.2%) (Cost $363,301,515)				444,802,515
INVESTMENT COMPANIES:
Exchange Traded Funds (ETFs)(18.1%)
iShares S&P North American Technology Sector Index Fund		64,050		3,147,417
Technology Select Sector SPDR Fund		4,604,300		96,091,741
Total Investment Companies (18.1%) (Cost $83,267,615)				99,239,158
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (1.6%)
BBVA Senior Finance S.A.
0.35%, 3/12/10 (l)	$	750,000		749,786
Deutsche Bank Securities, Inc., Repurchase Agreement
0.08%, 10/1/09 (r)(u)		5,292,417		5,292,417
General Electric Capital Corp.
0.40%, 3/12/10 (l)		140,000		138,519
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)(l)(s)		849,994		142,374
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)		1,009,924		950,793
Total Short-Term Investments of Cash Collateral for Securities Loaned				8,804,264
Time Deposit (2.3%)
JPMorgan Chase Nassau
0.000%, 10/1/09		12,470,443		12,470,443
Total Short-Term Investments (3.9%) (Cost/Amortized Cost $22,102,778)				21,274,707
Total Investments (103.2%) (Cost/Amortized Cost $468,671,908)				565,316,380
Other Assets Less Liabilities (-3.2%)				(17,516,963	)
Net Assets (100%)			$	547,799,417

* 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 September 30, 2009, the market value of these securities amounted to $2,340,291 or 0.4% 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.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of September 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% – 7.000%, maturing 4/1/18 to 11/1/38; Federal National Mortgage Association, 0.000% – 8.000%, maturing 10/1/18 to 7/1/39.

See Notes to Portfolio of Investments.

189

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s net assets as of September 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	$	9,866,584	$	—	$	—	$	9,866,584
Industrials		5,628,777		408,975		—		6,037,752
Information Technology		390,625,125		28,988,580		—		419,613,705
Materials		2,114,181		—		—		2,114,181
Telecommunication Services		6,534,638		635,655		—		7,170,293
Investment Companies
Exchange Traded Funds (ETFs)		99,239,158		—		—		99,239,158
Short-Term Investments		—		21,274,707		—		21,274,707
Total Asset	$	514,008,463	$	51,307,917	$	—	$	565,316,380
Total Liability	$	—	$	—	$	—	$	—
Total	$	514,008,463	$	51,307,917	$	—	$	565,316,380

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	529,557,936
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	466,875,971

As of September 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	$	97,164,713
Aggregate gross unrealized depreciation		(44,033,609	)
Net unrealized appreciation	$	53,131,104
Federal income tax cost of investments	$	512,185,276

At September 30, 2009, the Portfolio had loaned securities with a total value of $9,410,562. This was secured by collateral of $9,632,336 which was received as cash and subsequently invested in short-term investments currently valued at $8,804,264, as reported in the portfolio of investments.

For the nine months ended September 30, 2009, the Portfolio incurred approximately $1,515 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 Portfolio of Investments.

190

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PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		1,807,107	$	17,415,023
EQ/Equity 500 Index Portfolio‡		928,848		17,381,042
EQ/Global Bond PLUS Portfolio‡		237,004		2,304,582
EQ/Global Multi-Sector Equity Portfolio‡		953,231		10,460,154
EQ/International ETF Portfolio‡		1,394,139		10,770,701
EQ/Quality Bond PLUS Portfolio‡		66,603		616,730
EQ/Small Company Index Portfolio‡		389,598		3,209,031
Multimanager Aggressive Equity Portfolio‡		91,107		1,994,003
Multimanager Large Cap Value Portfolio‡		389,982		3,326,729
Multimanager Mid Cap Growth Portfolio*‡		33,208		228,461
Multimanager Mid Cap Value Portfolio‡		265,661		2,100,411
Multimanager Multi-Sector Bond Portfolio‡		1,222,187		4,742,311
Total Investment Companies (99.8%) (Cost $77,652,539)				74,549,178
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 0.000%, 10/1/09 (Amortized Cost $252,408)	$	252,408		252,408
Total Investments (100.1%) (Cost/Amortized Cost $77,904,947)				74,801,586
Other Assets Less Liabilities (-0.1%)				(106,195	)
Net Assets (100%)				74,695,391

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

191

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
EQ/Bond Index Portfolio(a)	$	15,264,311	$	2,988,511	$	1,215,040	$	—	$	—	$	(8,579	)
EQ/Core Bond Index Portfolio(b)		—		22,314		14,446		17,415,023		—		157
EQ/Equity 500 Index Portfolio		13,867,546		3,601,578		4,477,015		17,381,042		—		(1,457,071	)
EQ/Global Bond PLUS Portfolio(c)		—		2,330,942		77,592		2,304,582		—		5,271
EQ/Global Multi-Sector Equity Portfolio(d)		3,000,069		5,534,379		1,029,274		10,460,154		—		(566,580	)
EQ/International ETF Portfolio		10,111,089		2,237,071		6,639,278		10,770,701		—		(3,398,599	)
EQ/PIMCO Ultra Short Bond Portfolio(e)		547,408		422,450		1,018,448		—		—		(19,911	)
EQ/Quality Bond PLUS Portfolio		—		669,424		77,150		616,730		—		2,666
EQ/Small Company Index Portfolio		2,644,635		531,346		894,489		3,209,031		—		(346,583	)
Multimanager Aggressive Equity Portfolio		2,800,187		892,070		3,708,115		1,994,003		—		(1,316,041	)
Multimanager Large Cap Value Portfolio		3,208,569		828,703		1,954,712		3,326,729		—		(679,448	)
Multimanager Mid Cap Growth Portfolio		153,771		34,529		26,074		228,461		—		(9,812	)
Multimanager Mid Cap Value Portfolio		1,401,247		297,510		244,725		2,100,411		—		(93,789	)
Multimanager Multi-Sector Bond Portfolio(f)		3,444,376		1,360,747		592,468		4,742,311		—		(174,865	)
	$	56,443,208	$	21,751,574	$	21,968,826	$	74,549,178	$	—	$	(8,063,184	)

(a) merged into EQ/Core Bond Index Portfolio

(b) formerly known as EQ/JPMorgan Core Bond 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 September 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	$	—	$	74,549,178	$	—	$	74,549,178
Short-Term Investments		—		252,408		—		252,408
Total Asset	$	—	$	74,801,586	$	—	$	74,801,586
Total Liability	$	—	$	—	$	—	$	—
Total	$	—	$	74,801,586	$	—	$	74,801,586

See Notes to Portfolio of Investments.

192

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	21,751,574
Net Proceeds of Sales and Redemptions:
Investment Companies	$	13,857,533

As of September 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	$	1,332,429
Aggregate gross unrealized depreciation		(4,113,440	)
Net unrealized depreciation	$	(2,781,011	)
Federal income tax cost of investments	$	77,582,597

See Notes to Portfolio of Investments.

193

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		1,069,920	$	10,310,780
EQ/Equity 500 Index Portfolio‡		1,302,121		24,365,897
EQ/Global Bond PLUS Portfolio‡		78,273		761,110
EQ/Global Multi-Sector Equity Portfolio‡		1,033,763		11,343,861
EQ/International ETF Portfolio‡		1,688,025		13,041,178
EQ/Quality Bond PLUS Portfolio‡		43,072		398,841
EQ/Small Company Index Portfolio‡		534,280		4,400,751
Multimanager Aggressive Equity Portfolio‡		82,561		1,806,967
Multimanager Large Cap Value Portfolio‡		381,848		3,257,344
Multimanager Mid Cap Growth Portfolio*‡		26,447		181,945
Multimanager Mid Cap Value Portfolio‡		316,209		2,500,060
Multimanager Multi-Sector Bond Portfolio‡		785,316		3,047,172
Total Investment Companies (100.2%) (Cost $83,415,996)				75,415,906
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau 0.000%, 10/1/09 (Amortized Cost $2,508)	$	2,508		2,508
Total Investments (100.2%) (Cost/Amortized Cost $83,418,504)				75,418,414
Other Assets Less Liabilities (-0.2%)				(124,573	)
Net Assets (100%)			$	75,293,841

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

194

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
EQ/Bond Index Portfolio(a)	$	8,823,115	$	1,542,189	$	267,772	$	—	$	305,916	$	(793	)
EQ/Core Bond Index Portfolio(b)		—		8,118		12,751		10,310,780		—		152
EQ/Equity 500 Index Portfolio		17,485,334		3,951,349		1,652,456		24,365,897		—		(668,222	)
EQ/Global Bond PLUS Portfolio(c)		—		768,543		43,258		761,110		5,529		3,475
EQ/Global Multi-Sector Equity Portfolio(d)		2,933,722		6,114,316		511,138		11,343,861		2,623		(278,037	)
EQ/International ETF Portfolio		10,963,054		2,280,091		4,865,301		13,041,178		—		(2,520,030	)
EQ/PIMCO Ultra Short Bond Portfolio(e)		423,252		225,722		698,409		—		—		(22,923	)
EQ/Quality Bond PLUS Portfolio		—		424,486		43,051		398,841		950		1,138
EQ/Small Company Index Portfolio		3,531,876		592,391		1,013,177		4,400,751		—		(471,592	)
Multimanager Aggressive Equity Portfolio		2,924,488		754,946		4,025,550		1,806,967		—		(1,415,429	)
Multimanager Large Cap Value Portfolio		3,262,534		679,706		1,894,007		3,257,344		—		(616,736	)
Multimanager Mid Cap Growth Portfolio		114,461		29,105		12,326		181,945		—		(5,430	)
Multimanager Mid Cap Value Portfolio		1,617,642		272,188		98,791		2,500,060		13,803		(45,039	)
Multimanager Multi-Sector Bond Portfolio(f)		2,150,542		801,899		208,599		3,047,172		—		(74,773	)
	$	54,230,020	$	18,445,049	$	15,346,586	$	75,415,906	$	328,821	$	(6,114,239	)

(a) merged into EQ/Core Bond Index Portfolio

(b) formerly known as EQ/JPMorgan Core Bond 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 September 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	$	—	$	75,415,906	$	—	$	75,415,906
Short-Term Investments		—		2,508		—		2,508
Total Asset	$	—	$	75,418,414	$	—	$	75,418,414
Total Liability	$	—	$	—	$	—	$	—
Total	$	—	$	75,418,414	$	—	$	75,418,414

See Notes to Portfolio of Investments.

195

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	18,445,049
Net Proceeds of Sales and Redemptions:
Investment Companies	$	9,169,986

As of September 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	$	337,884
Aggregate gross unrealized depreciation		(7,991,265	)
Net unrealized depreciation	$	(7,653,381	)
Federal income tax cost of investments	$	83,071,795

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		244,471	$	2,355,962
EQ/Equity 500 Index Portfolio‡		803,257		15,030,921
EQ/Global Bond PLUS Portfolio‡		27,163		264,125
EQ/Global Multi-Sector Equity Portfolio‡		603,349		6,620,774
EQ/International ETF Portfolio‡		973,613		7,521,841
EQ/Quality Bond PLUS Portfolio‡		25,652		237,531
EQ/Small Company Index Portfolio‡		293,742		2,419,487
Multimanager Aggressive Equity Portfolio‡		33,387		730,730
Multimanager Large Cap Value Portfolio‡		188,366		1,606,850
Multimanager Mid Cap Growth Portfolio*‡		24,287		167,087
Multimanager Mid Cap Value Portfolio‡		135,265		1,069,450
Multimanager Multi-Sector Bond Portfolio‡		282,046		1,094,390
Total Investment Companies (100.2%) (Cost $41,698,691)				39,119,148
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 0.000%, 10/1/09 (Amortized Cost $30,796)	$	30,796		30,796
Total Investments (100.3%) (Cost/Amortized Cost $41,729,487)				39,149,944
Other Assets Less Liabilities (-0.3%)				(125,908	)
Net Assets (100%)			$	39,024,036

* Non-income producing.

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

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

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

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

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
EQ/Bond Index Portfolio(a)	$	1,838,822	$	526,750	$	60,324	$	—	$	69,777	$	868
EQ/Core Bond Index Portfolio(b)		—		4,407		1,845		2,355,962		—		37
EQ/Equity 500 Index Portfolio		9,564,697		3,578,426		908,450		15,030,921		—		(329,138	)
EQ/Global Bond PLUS Portfolio(c)		—		266,926		15,153		264,125		1,875		345
EQ/Global Multi-Sector Equity Portfolio(d)		1,525,334		3,789,234		300,280		6,620,774		1,450		(164,792	)
EQ/International ETF Portfolio		5,492,134		1,981,931		2,588,922		7,521,841		—		(1,311,606	)
EQ/PIMCO Ultra Short Bond Portfolio(e)		124,398		90,463		228,026		—		—		(4,380	)
EQ/Quality Bond PLUS Portfolio		—		238,745		12,578		237,531		604		1,198
EQ/Small Company Index Portfolio		1,673,030		567,638		542,149		2,419,487		—		(255,799	)
Multimanager Aggressive Equity Portfolio		1,392,198		590,164		2,286,762		730,730		—		(661,252	)
Multimanager Large Cap Value Portfolio		1,507,827		529,855		1,112,582		1,606,850		—		(370,556	)
Multimanager Mid Cap Growth Portfolio		105,746		22,706		5,471		167,087		—		(2,017	)
Multimanager Mid Cap Value Portfolio		621,774		187,278		39,875		1,069,450		5,814		(16,537	)
Multimanager Multi-Sector Bond Portfolio(f)		621,675		442,671		75,360		1,094,390		—		(27,064	)
	$	24,467,635	$	12,817,194	$	8,177,777	$	39,119,148	$	79,520	$	(3,140,693	)

(a) merged into EQ/Core Bond Index Portfolio

(b) formerly known as EQ/JPMorgan Core Bond 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 September 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	$	—	$	39,119,148	$	—	$	39,119,148
Short-Term Investments		—		30,796		—		30,796
Total Asset	$	—	$	39,149,944	$	—	$	39,149,944
Total Liability	$	—	$	—	$	—	$	—
Total	$	—	$	39,149,944	$	—	$	39,149,944

See Notes to Portfolio of Investments.

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TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	12,817,194
Net Proceeds of Sales and Redemptions:
Investment Companies	$	5,000,037

As of September 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	$	424,065
Aggregate gross unrealized depreciation		(2,831,342	)
Net unrealized depreciation	$	(2,407,277	)
Federal income tax cost of investments	$	41,557,221

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Core Bond Index Portfolio‡		10,773	$	103,823
EQ/Equity 500 Index Portfolio‡		472,758		8,846,474
EQ/Global Multi-Sector Equity Portfolio‡		331,172		3,634,070
EQ/International ETF Portfolio‡		590,847		4,564,703
EQ/Small Company Index Portfolio‡		184,618		1,520,655
Multimanager Aggressive Equity Portfolio‡		19,047		416,861
Multimanager Large Cap Value Portfolio‡		96,253		821,081
Multimanager Mid Cap Growth Portfolio*‡		15,647		107,646
Multimanager Mid Cap Value Portfolio‡		83,987		664,031
Multimanager Multi-Sector Bond Portfolio‡		16,037		62,225
Total Investment Companies (100.7%) (Cost $21,465,785)				20,741,569
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 0.000%, 10/1/09
(Amortized Cost $55,870)	$	55,870		55,870
Total Investments (101.0%) (Cost/Amortized Cost $21,521,655)				20,797,439
Other Assets Less Liabilities (-1.0%)				(211,230	)
Net Assets (100%)			$	20,586,209

* 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 nine months ended September 30, 2009, were as follows:

Securities	Market Value December 31, 2008		Purchases at Cost		Sales at Cost		Market Value September 30, 2009		Dividend Income		Realized Gain (Loss)
EQ/Bond Index Portfolio(a)	$	—	$	108,417	$	6,603	$	—	$	3,075	$	208
EQ/Core Bond Index Portfolio(b)		—		174		19		103,823		—		—	#
EQ/Equity 500 Index Portfolio		5,164,352		3,051,037		1,235,027		8,846,474		—		(462,397	)
EQ/Global Multi-Sector Equity Portfolio(c)		775,313		2,270,521		370,416		3,634,070		767		(191,957	)
EQ/International ETF Portfolio		2,866,485		1,694,973		1,605,526		4,564,703		—		(815,341	)
EQ/Small Company Index Portfolio		983,300		514,746		500,222		1,520,655		—		(236,306	)
Multimanager Aggressive Equity Portfolio		724,968		418,003		1,268,961		416,861		—		(347,097	)
Multimanager Large Cap Value Portfolio		717,881		427,662		738,044		821,081		—		(255,351	)
Multimanager Mid Cap Growth Portfolio		79,999		—		—		107,646		—		—
Multimanager Mid Cap Value Portfolio		341,906		183,402		58,546		664,031		3,533		(23,860	)
Multimanager Multi-Sector Bond Portfolio(d)		—		65,517		6,615		62,225		—		215
	$	11,654,204	$	8,734,452	$	5,789,979	$	20,741,569	$	7,375	$	(2,331,886	)

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2009 (Unaudited)

# Rounds to less than $0.50

(a) merged into EQ/Core Bond Index Portfolio

(b) formerly known as EQ/JPMorgan Core Bond Portfolio

(c) formerly known as EQ/Van Kampen Emerging Markets Equity 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 September 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	$	—	$	20,741,569	$	—	$	20,741,569
Short-Term Investments		—		55,870		—		55,870
Total Asset	$	—	$	20,797,439	$	—	$	20,797,439
Total Liability	$	—	$	—	$	—	$	—
Total	$	—	$	20,797,439	$	—	$	20,797,439

Investment security transactions for the nine months ended September 30, 2009 were as follows:

Cost of Purchases:
Investment Companies	$	8,734,452
Net Proceeds of Sales and Redemptions:
Investment Companies	$	3,437,737

As of September 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	$	329,870
Aggregate gross unrealized depreciation		(964,525	)
Net unrealized depreciation	$	(634,655	)
Federal income tax cost of investments	$	21,432,094

See Notes to Portfolio of Investments.

201

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NOTES TO PORTFOLIO OF INVESTMENTS

September 30, 2009 (Unaudited)

Note 1 Valuation

The Portfolios are subject to the provisions of FASB Accounting Standards Codification^TM (“ASC”), “Fair Value Measurements and Disclosure” (ASC 820) (formerly known as SFAS 157). This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under ASC 820 are summarized below:

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

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

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

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

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

A summary of inputs used to value each Portfolio’s net assets as of September 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

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September 30, 2009 (Unaudited)

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.

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.

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.

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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September 30, 2009 (Unaudited)

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. 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.

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. At September 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

204

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September 30, 2009 (Unaudited)

the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Not more than 10% of a Portfolio’s net assets may be held as collateral for short sales against the box at any one time. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the broker to meet their obligation to perform.

Accounting for Derivative Instruments:

The Portfolios are subject to the provisions of 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.

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.

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

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September 30, 2009 (Unaudited)

contracts and options on futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by “marking-to-market” at the end of each trading day. Variation margin payments on futures contracts and options on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Portfolio’s basis in the contract. Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. The use of futures contracts transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss. The Portfolios enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade.

Certain Portfolios may make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time (“forward commitments”) if they designate the segregation, either on their records or with the Trust’s custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or if they enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value in the financial statements. Forward commitments may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is risk in addition to the risk of decline in value of the Portfolio’s other assets. Where such purchases or sales are made through dealers, a Portfolio relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Portfolio of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends. 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.

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,

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AXA PREMIER VIP TRUST

NOTES TO PORTFOLIO OF INVESTMENTS — (Continued)

September 30, 2009 (Unaudited)

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 Subsequent Event

The Manager evaluated subsequent events from September 30, 2009, the date of these financial statements, through November 16, 2009, the date these financial statements were available. There were no subsequent events to disclose.

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Item 2. Controls and Disclosures.

(a) The registrant’s certifying officers have evaluated the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report and have determined such controls and procedures to be reasonably designed to achieve the purposes described in Rule 30a-3(c) under the Investment Company Act of 1940.

(b) The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications required by Item 3 are filed herewith.

SIGNATURES

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

AXA Premier VIP Trust
By:	/s/ Steven M. Joenk
Steven M. Joenk
President
November 25, 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.

By:	/s/ Steven M. Joenk
Steven M. Joenk
Chief Executive Officer
November 25, 2009
By:	/s/ Brian Walsh
Brian Walsh
Chief Financial Officer and Treasurer
November 25, 2009