AXA Premier VIP Trust

N-CSR 1 dncsr.htm AXA PREMIER VIP TRUST AXA Premier VIP Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-10509

AXA PREMIER VIP TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK AMOROSI, ESQ.

Kirkpatrick & Lockhart Preston Gates Ellis LLP

1601 K Street., N.W.

Washington, D.C. 20006

Telephone: (202) 778-9000

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2007—December 31, 2007

Item 1. Reports to Stockholders.

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

AXA Premier VIP Trust

2007 Annual Report

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

AXA Premier VIP Trust Annual Report

December 31, 2007

Table of Contents


Notes on Performance (Unaudited)		2

Portfolio Results and Commentary (Unaudited)

AXA Allocation Portfolios
AXA Conservative Allocation		4
AXA Conservative-Plus Allocation		6
AXA Moderate Allocation		8
AXA Moderate-Plus Allocation		10
AXA Aggressive Allocation		12

Multimanager Portfolios
Multimanager Aggressive Equity		14
Multimanager Core Bond		16
Multimanager Health Care		18
Multimanager High Yield		20
Multimanager International Equity		22
Multimanager Large Cap Core Equity		24
Multimanager Large Cap Growth		26
Multimanager Large Cap Value		28
Multimanager Mid Cap Growth		30
Multimanager Mid Cap Value		32
Multimanager Small Cap Growth		34
Multimanager Small Cap Value		36
Multimanager Technology		38

Target Allocation Portfolios
Target 2015 Allocation		40
Target 2025 Allocation		42
Target 2035 Allocation		44
Target 2045 Allocation		46

Portfolio of Investments		48
Financial Statements		146
Notes to Financial Statements		205
Report of Independent Registered Public Accounting Firm		224
Approval of Investment Manager and Investment Advisory Agreements (Unaudited)		225
Federal Income Tax Information (Unaudited)		234
Management of the Trust (Unaudited)		235
Proxy Voting Policies and Procedures (Unaudited)		239

NOTES ON PERFORMANCE

Total Returns

Performance of the AXA Premier VIP Trust Portfolios as shown on the following pages compares each Portfolio’s performance to that of a broad-based securities index. Each of the Portfolio’s annualized rates of return is net of investment management fees and expenses of the Portfolio. Rates of return are not representative of the actual return you would receive under your variable life insurance policy or annuity contract. No policyholder or contract holder can invest directly in the AXA Premier VIP Trust Portfolios. Changes in policy values depend not only on the investment performance of the AXA Premier VIP Trust Portfolios, but also on the insurance and administrative charges, applicable sales charges, and the mortality and expense risk charge applicable under a policy. These policy charges effectively reduce the dollar amount of any net gains and increase the dollar amount of any net losses.

Each of the AXA Premier VIP Trust Portfolios has a separate investment objective it seeks to achieve by following a separate investment policy. There is no guarantee that these objectives will be attained. The objectives and policies of each Portfolio will affect its return and its risk. Keep in mind that past performance is not an indication of future results.

Growth of $10,000 Investment

The charts shown on the following pages illustrate the total value of an assumed investment in both Class A and Class B shares of each Portfolio of the AXA Premier VIP Trust. The periods illustrated are from December 31, 1997 (or from the inception dates shown) through December 31, 2007. These results assume reinvestment of dividends and capital gains. The total value shown for each Portfolio reflects management fees and operating expenses of the Portfolios and 12b-1 fees which are applicable only to Class B shares. They have not been adjusted for insurance-related charges and expenses associated with life insurance policies or annuity contracts, which would lower the total values shown. Results should not be considered representative of future gains or losses.

The Benchmarks

Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with actively-managed funds. Investment cannot be made directly in a broad-based securities index. Comparisons with these benchmarks, therefore, are of limited use. They are included because they are widely known and may help you to understand the universe of securities from which each Portfolio is likely to select its holdings.

Conservative Allocation Index (time-weighted)

Conservative Allocation Index (time-weighted) is a hypothetical combination of unmanaged indices. The composite index is made up of 80% Lehman Brothers Aggregate Bond Index and 20% S&P 500 Index from the inception of the AXA Conservative Allocation Fund (7/31/03) to 5/31/06, and 80% Lehman Brothers Aggregate Bond Index, 15% S&P 500 Index and 5% Morgan Stanley Capital International EAFE Index, thereafter.

Conservative-Plus Allocation Index (time-weighted)

Conservative-Plus Allocation Index (time-weighted) is a hypothetical combination of unmanaged indices. The composite index is made up of 60% Lehman Brothers Aggregate Bond Index and 40% S&P 500 Index from the inception of the AXA Conservative-Plus Allocation Fund (7/31/03) to 5/31/06, and 60% Lehman Brothers Aggregate Bond Index, 30% S&P 500 Index and 10% Morgan Stanley Capital International EAFE Index, thereafter.

Moderate Allocation Index (time-weighted)

Moderate Allocation Index (time-weighted) is a hypothetical combination of unmanaged indices. The composite index is made up of 50% Lehman Brothers Aggregate Bond Index and 50% S&P 500 Index from the inception of the AXA Moderate Allocation Fund (1/27/86) to 6/30/06, and 50% Lehman Brothers Aggregate Bond Index, 35% S&P 500 Index and 15% Morgan Stanley Capital International EAFE Index, thereafter.

Moderate-Plus Allocation Index (time-weighted)

Moderate-Plus Allocation Index (time-weighted) is a hypothetical combination of unmanaged indices. The composite index is made up of 25% Lehman Brothers Aggregate Bond Index, 60% S&P 500 Index and 15% Morgan Stanley Capital International EAFE from the inception of the AXA Moderate-Plus Allocation Fund (7/31/03) to 8/31/05, and 30% Lehman Brothers Aggregate Bond Index, 50% S&P 500 Index and 20% Morgan Stanley Capital International EAFE Index, thereafter.

Aggressive Allocation Index (time-weighted)

Aggressive Allocation Index (time-weighted) is a hypothetical combination of unmanaged indices. The composite index is made up of 10% Lehman Brothers Aggregate Bond Index, 75% S&P 500 Index and 15% Morgan Stanley Capital International EAFE Index from the inception of the AXA Aggressive Allocation Fund (7/31/03) to 6/30/05, and 10% Lehman Brothers Aggregate Bond Index, 65% S&P 500 Index and 25% Morgan Stanley Capital International EAFE Index, thereafter.

Lehman Brothers Aggregate Bond Index

An unmanaged index considered representative of the U.S. investment-grade fixed-rate bond market. Includes government and credit securities, agency mortgage pass through securities, asset-backed securities, and commercial mortgage-backed securities.

Merrill Lynch U.S. High Yield Master Cash Pay Only Index

Measures the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

Morgan Stanley Capital International (MSCI) EAFE Index

An unmanaged index considered representative of the market structure of the developed equity markets in Europe, Australasia and the Far East.

Russell 1000^® Index

An unmanaged index of common stocks that measures the performance of the 1,000 largest companies in the Russell 3000 Index, representing approximately 92% of the total market capitalization of the Russell 3000 Index.

Russell 1000^® Growth Index

An unmanaged index which contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values than the value universe.

Russell 1000^® Value Index

An unmanaged index which contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) with a less-than-average growth orientation. It represents the universe of stocks from which value managers typically select. Securities in this index tend to exhibit lower price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values than the growth universe.

Russell 1000^® Technology Index

An unmanaged index which contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) that are deemed technology companies by the Russell sector classification scheme.

Russell 1000^® Health Care Index

An unmanaged index which contains those Russell 1000 securities (1,000 largest securities in the Russell 3000 Index) that are deemed Health Care companies by the Russell sector classification scheme.

Russell 2000 Growth Index

An unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000^® Value Index

An unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2500™ Growth Index

An unmanaged index which contains those Russell 2500 securities (the bottom 500 securities in the Russell 1000 Index and all 2,000 securities in the Russell 2000 Index) with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than the value universe.

NOTES ON PERFORMANCE (Concluded)

Russell 2500™ Value Index

An unmanaged index which contains those Russell 2500 securities (the bottom 500 securities in the Russell 1000 Index and all 2,000 securities in the Russell 2000 Index) with a less-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values than the growth universe.

Russell 3000^® Growth Index

An unmanaged index that measures the performance of those companies in the Russell 3000 Index with higher price-to-book ratios and higher forecasted growth values.

Russell Mid Cap Growth Index

An unmanaged index that measures the performance of those companies among the smallest 800 securities in the Russell 1000 index with higher price-to-book ratios and higher forecasted growth values.

Russell Mid Cap Value Index

An unmanaged index that measures the performance of those companies among the smallest 800 securities in the Russell 1000 index with a less-than-average growth orientation.

Standard & Poor’s (S&P) 500 Index

An unmanaged index which contains 500 of the largest U.S. industrial, transportation, utility and financial companies deemed by Standard and Poor’s to be representative of the larger capitalization portion of the U.S. stock market.

Target 2015 Allocation Index, Target 2025 Allocation Index, Target 2035 Allocation Index, & Target 2045 Allocation Index

The composition of each benchmark adjusts on a quarterly basis to reflect the changes in the portfolio’s asset allocation. They are derived by applying the portfolios’ target allocations over time to the combination of the following benchmarks: the S&P 500 Index for U.S. stocks, the Morgan Stanley Capital International EAFE Index for non-U.S. stocks and the Lehman Brothers U.S. Aggregate Index for bonds.

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Inception*
Portfolio—A Shares	6.11	%	6.26	%
Portfolio—B Shares	5.74		5.99
Conservative Allocation Index (time-weighted)	7.05		6.32

*	Date of inception 7/31/03

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 6.11% for the year ended December 31, 2007. The Portfolio’s benchmark, the Conservative Allocation Index (time-weighted), returned 7.05% over the same period.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying fund allocations for the Portfolio. The team is also responsible for the ongoing evaluation and selection of underlying funds and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

•

As of December 31, 2007, the Portfolio was invested in 20 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 11 equity funds and 9 fixed income funds.

•

The Portfolio’s fixed income allocation consisted of investment grade bonds (67.9%), international bonds (6.8%), and high yield bonds (5.1%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (4.7%), large cap value stocks (6.2%), international stocks (5.4%) and small and mid cap stocks (3.9%).

•

The portfolio benefited from strong international equity performance. The MarketPLUS International Core Portfolio was the best performing of the Portfolio’s underlying holdings.

•

Strong performance in the Large Cap Growth asset class added to performance, especially from the EQ/Marsico Focus Portfolio.

•

From an asset allocation point of view, the Portfolio also benefited from its international bond exposure in the EQ/Evergreen International Bond Portfolio.

•

The EQ/PIMCO Real Return Portfolio, which invests primarily in Treasury Inflation Protection Securities (“TIPS”), also helped performance.

•

The EQ/Short Duration Bond Portfolio detracted from performance as portfolios with longer durations performed better during the year.

•

Allocation to the Large Cap Value asset class, especially the EQ/Alliance Bernstein Value Portfolio, detracted from performance.

Since this Portfolio invests directly in underlying Portfolios, all risks associated with the eligible underlying Portfolios apply to the Portfolio. Investing in the AXA Allocation Portfolios will involve a higher overall cost than if you were to invest directly in their underlying Portfolios.

AXA CONSERVATIVE ALLOCATION PORTFOLIO


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
EQ/Short Duration Bond Portfolio	30.2	%
EQ/Long Term Bond Portfolio	12.3
Multimanager Core Bond Portfolio	11.0
EQ/Evergreen International Bond Portfolio	7.3
EQ/PIMCO Real Return Portfolio	7.1
Multimanager High Yield Portfolio	5.3
EQ/JPMorgan Core Bond Portfolio	4.4
EQ/AllianceBernstein Value Portfolio	4.2
EQ/Marsico Focus Portfolio	3.1
EQ/BlackRock Basic Value Equity Portfolio	2.8
Multimanager International Equity Portfolio	2.7
Multimanager Large Cap Value Portfolio	2.5
Multimanager Aggressive Equity Portfolio	1.9
EQ/AllianceBernstein Quality Bond Portfolio	1.4
Multimanager Mid Cap Value Portfolio	1.1
MarketPLUS International Portfolio	0.8
Multimanager Large Cap Core Equity Portfolio	0.8
EQ/BlackRock International Value Portfolio	0.8
EQ/Davis New York Venture Portfolio	0.3
EQ/Money Market Portfolio	0.0	#

#	Less Than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,037.20	$	0.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.70		0.51

Class B
Actual		1,000.00		1,035.50		1.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Inception*
Portfolio—A Shares	5.73	%	7.78	%
Portfolio—B Shares	5.46		7.50
Conservative-Plus Allocation Index (time-weighted)	7.08		7.72

*	Date of inception 7/31/03

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 5.73% for the year ended December 31, 2007. The Portfolio’s benchmark, the Conservative-Plus Allocation Index (time-weighted), returned 7.08% over the same period.

Portfolio Adviser

Portfolio Highlights

For the year ended December 31, 2007

•

As of December 31, 2007, the Portfolio was invested in 24 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 15 equity funds and 9 fixed income funds.

•

The Portfolio’s fixed income allocation consisted of investment grade bonds (51.2%), international bonds (5.8%), and high yield bonds (4.0%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (8.0%), large cap value stocks (10.7%), international stocks (11.8%) and small and mid cap stocks (8.5%).

•

The portfolio benefited from strong international equity performance. The MarketPLUS International Core Portfolio was the best performing of the Portfolio’s underlying holdings.

•

Strong performance in the Large Cap Growth asset class added to performance, especially from the EQ/Marsico Focus Portfolio.

•

From an asset allocation point of view, the Portfolio also benefited from its international bond exposure in the EQ/Evergreen International Bond Portfolio.

•

The EQ/PIMCO Real Return Portfolio, which invests primarily in Treasury Inflation Protection Securities (“TIPS”), also helped performance.

•

The EQ/Short Duration Bond Portfolio detracted from performance as portfolios with longer durations performed better during the year.

•

Allocation to the Large Cap Value asset class, especially the EQ/Alliance Bernstein Value Portfolio, detracted from performance.

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
EQ/Short Duration Bond Portfolio	22.0	%
EQ/Long Term Bond Portfolio	8.5
Multimanager Core Bond Portfolio	7.5
EQ/AllianceBernstein Value Portfolio	7.0
Multimanager International Equity Portfolio	6.4
EQ/PIMCO Real Return Portfolio	6.3
EQ/Evergreen International Bond Portfolio	6.2
EQ/Marsico Focus Portfolio	5.7
EQ/BlackRock Basic Value Equity Portfolio	5.3
Multimanager High Yield Portfolio	4.2
Multimanager Large Cap Value Portfolio	3.8
EQ/JPMorgan Core bond Portfolio	2.8
Multimanager Aggressive Equity Portfolio	2.0
EQ/AllianceBernstein Quality Bond Portfolio	1.9
MarketPLUS International Core Portfolio	1.8
EQ/BlackRock International Value Portfolio	1.7
Multimanager Large Cap Core Equity Portfolio	1.5
EQ/Franklin Small Cap Value Portfolio	1.3
Multimanager Mid Cap Value Portfolio	1.2
EQ/Davis New York Venture Portfolio	1.1
EQ/GAMCO Small Company Value Portfolio	1.0
Multimanager Small Cap Value Portfolio	0.4
Multimanager Mid Cap Growth Portfolio	0.4
EQ/Money Market Portfolio	0.0	#

#	Less Than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,021.30	$	0.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.70		0.51

Class B
Actual		1,000.00		1,019.50		1.78
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA MODERATE ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio—A Shares	6.56	%	10.01	%	6.63	%	9.67	%
Portfolio—B Shares**	6.31		9.74		6.42		9.41
Moderate Allocation Index (time-weighted)	7.22		8.90		6.39		10.10

*	Date of inception 1/27/86

Investment operations commenced with respect to Class B shares on July 8, 1998. Returns shown for Class B shares prior to this period are derived from the historical performance of Class A shares adjusted to reflect the 12b-1 fees, applicable to Class B shares; Class A shares are not subject to any 12b-1 fees.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

On August 15, 2003, the EQ/Balanced Portfolio was reorganized into the AXA Moderate Allocation Portfolio. Prior that date, the predecessor fund invested directly in securities, rather than pursuing a “Fund of Funds” investment approach.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 6.56% for the year ended December 31, 2007. The Portfolio’s benchmark, the Moderate Allocation Index (time-weighted), returned 7.22% over the same period.

Portfolio Adviser

Portfolio Highlights

For the year ended December 31, 2007

•

As of December 31, 2007, the Portfolio was invested in 25 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 16 equity funds and 9 fixed income funds.

•

The Portfolio’s fixed income allocation consisted of investment grade bonds (41.1%), international bonds (4.6%), and high yield bonds (4.5%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (9.6%), large cap value stocks (11.8%), international stocks (16.7%) and small and mid cap stocks (11.7%).

•

The EQ/Van Kampen Emerging Markets Equity Portfolio, in the international asset class, was the best performing of the Portfolio’s underlying holdings.

•

Strong performance in the Large Cap Growth asset class added to performance, especially from the EQ/Marsico Focus Portfolio.

•

From an asset allocation point of view, the Portfolio also benefited from its international bond exposure in the EQ/Evergreen International Bond Portfolio.

•

The EQ/PIMCO Real Return Portfolio, which invests primarily in Treasury Inflation Protection Securities (“TIPS”), also helped performance.

•

Allocation to the Large Cap Value asset class, especially the EQ/Alliance Bernstein Value Portfolio, detracted from performance.

•

Allocation to small cap value oriented portfolios such as Multimanager Small Cap Value detracted from performance.

•

The EQ/Short Duration Bond Portfolio detracted from performance as portfolios with longer durations performed better during the year.

AXA MODERATE ALLOCATION PORTFOLIO


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
Multimanager Core Bond Portfolio	10.4	%
EQ/AllianceBernstein Quality Bond Portfolio	10.4
EQ/BlackRock Basic Value Equity Portfolio	9.3
EQ/Short Duration Bond Portfolio	9.1
Multimanager International Equity Portfolio	6.8
EQ/Marsico Focus Portfolio	6.1
EQ/Evergreen International Bond Portfolio	5.0
EQ/AllianceBernstein Value Portfolio	5.0
Multimanager High Yield Portfolio	4.6
EQ/Long Term Bond Portfolio	3.9
Multimanager Aggressive Equity Portfolio	3.8
Multimanager Large Cap Value Portfolio	3.5
EQ/Van Kampen Emerging Markets Equity Portfolio	3.0
EQ/PIMCO Real Return Portfolio	2.9
MarketPLUS International Core Portfolio	2.5
EQ/BlackRock International Value Portfolio	2.3
Multimanager Mid Cap Value Portfolio	2.2
Multimanager Large Cap Core Equity Portfolio	2.2
EQ/JPMorgan Core Bond Portfolio	1.7
Multimanager Mid Cap Growth Portfolio	1.5
Multimanager Small Cap Value Portfolio	1.4
EQ/GAMCO Small Company Value Portfolio	1.2
EQ/Davis New York Venture Portfolio	0.6
EQ/Franklin Small Cap Value Portfolio	0.6
EQ/Money Market Portfolio	0.0	#

#	Less Than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,018.10	$	0.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.70		0.51

Class B
Actual		1,000.00		1,017.20		1.78
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Inception*
Portfolio—A Shares	6.68	%	12.03	%
Portfolio—B Shares	6.41		11.74
Moderate-Plus Allocation Index (time-weighted)	7.19		11.37

*	Date of inception 7/31/03

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 6.68% for the year ended December 31, 2007. The Portfolio’s benchmark, the Moderate-Plus Allocation Index (time-weighted), returned 7.19% over the same period.

Portfolio Adviser

Portfolio Highlights

For the year ended December 31, 2007

•

As of December 31, 2007, the Portfolio was invested in 23 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 17 equity funds and 6 fixed income funds.

•

The Portfolio’s fixed income allocation consisted of investment grade bonds (29.7%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (13.0%), large cap value stocks (16.0%), international stocks (25.5%) and small and mid cap stocks (15.8%).

•

The EQ/Van Kampen Emerging Markets Equity Portfolio, in the international asset class, was the best performing of the Portfolio’s underlying holdings.

•

Strong performance in the Large Cap Growth asset class added to performance, especially from the EQ/Marsico Focus Portfolio.

•

From an asset allocation point of view, the Portfolio also benefited from its international bond exposure in the EQ/Evergreen International Bond Portfolio.

•

The EQ/PIMCO Real Return Portfolio, which invests primarily in Treasury Inflation Protection Securities (“TIPS”), also helped performance.

•

Allocation to the Large Cap Value asset class, especially the EQ/Alliance Bernstein Value Portfolio, detracted from performance.

•

Allocation to small cap value oriented portfolios such as Multimanager Small Cap Value detracted from performance.

•

The EQ/Short Duration Bond Portfolio detracted from performance as portfolios with longer durations performed better during the year.

AXA MODERATE-PLUS ALLOCATION PORTFOLIO


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
EQ/BlackRock Basic Value Equity Portfolio	10.5	%
Multimanager International Equity Portfolio	9.5
EQ/Marsico Focus Portfolio	8.1
Multimanager Core Bond Portfolio	7.7
EQ/AllianceBernstein Value Portfolio	7.7
EQ/Short Duration Bond Portfolio	7.5
EQ/BlackRock International Value Portfolio	5.4
Multimanager Aggressive Equity Portfolio	5.3
Multimanager Large Cap Value Portfolio	5.1
EQ/Long Term Bond Portfolio	4.6
EQ/Van Kampen Emerging Markets Equity Portfolio	4.6
Multimanager Large Cap Core Equity Portfolio	4.0
Multimanager Small Cap Value Portfolio	3.1
MarketPLUS International Core Portfolio	3.1
EQ/PIMCO Real Return Portfolio	2.4
EQ/AllianceBernstein Quality Bond Portfolio	2.3
EQ/JPMorgan Core Bond Portfolio	2.3
Multimanager Mid Cap Value Portfolio	2.1
EQ/GAMCO Small Company Value Portfolio	1.2
EQ/Davis New York Venture Portfolio	1.0
EQ/Franklin Small Cap Value Portfolio	0.9
Multimanager Mid Cap Growth Portfolio	0.9
EQ/Small Company Index Portfolio	0.7

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,007.30	$	0.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.70		0.51

Class B
Actual		1,000.00		1,005.40		1.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Inception*
Portfolio—A Shares	6.43	%	13.17	%
Portfolio—B Shares	6.16		12.89
Aggressive Allocation Index (time-weighted)	7.12		12.80

*	Date of inception 7/31/03

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 6.43% for the year ended December 31, 2007. The Portfolio’s benchmark, the Aggressive Allocation Index (time-weighted), returned 7.12% over the same period.

Portfolio Adviser

Portfolio Highlights

For the year ended December 31, 2007

•

As of December 31, 2007, the Portfolio was invested in 20 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 16 equity funds and 4 fixed income funds.

•

The Portfolio’s fixed income allocation consisted of investment grade bonds (9.7%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (17.3%), large cap value stocks (20.8%), international stocks (32.3%) and small and mid cap stocks (19.9%).

•

The EQ/Van Kampen Emerging Markets Equity Portfolio, in the international asset class, was the best performing of the Portfolio’s underlying holdings.

•

Strong performance in the Large Cap Growth asset class added to performance, especially from the EQ/Marsico Focus Portfolio.

•

From an asset allocation point of view, the Portfolio also benefited from its international bond exposure in the EQ/Evergreen International Bond Portfolio.

•

The EQ/PIMCO Real Return Portfolio, which invests primarily in Treasury Inflation Protection Securities (“TIPS”), also helped performance.

•

Allocation to the Large Cap Value asset class, especially the EQ/Alliance Bernstein Value Portfolio, detracted from performance.

•

Allocation to small cap value oriented portfolios such as Multimanager Small Cap Value detracted from performance.

•

The EQ/Short Duration Bond Portfolio detracted from performance as portfolios with longer durations performed better during the year.

AXA AGGRESSIVE ALLOCATION PORTFOLIO


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
EQ/BlackRock Basic Value Equity Portfolio	11.9	%
Multimanager International Equity Portfolio	11.5
EQ/Marsico Focus Portfolio	11.5
EQ/AllianceBernstein Value Portfolio	10.4
EQ/BlackRock International Value Portfolio	9.7
Multimanager Large Cap Value Portfolio	7.6
Multimanager Aggressive Equity Portfolio	6.9
Multimanager Large Cap Core Equity Portfolio	4.8
EQ/Van Kampen Emerging Markets Equity Portfolio	4.5
Multimanager Small Cap Value Portfolio	4.1
MarketPLUS International Core Portfolio	2.6
Multimanager Core Bond Portfolio	2.4
EQ/GAMCO Small Company Value Portfolio	2.4
EQ/Franklin Small Cap Value Portfolio	2.0
EQ/Davis New York Venture Portfolio	1.8
Multimanager Mid Cap Value Portfolio	1.4
EQ/AllianceBernstein Quality Bond Portfolio	1.2
EQ/PIMCO Real Return Portfolio	1.2
EQ/JPMorgan Core Bond Portfolio	1.1
Multimanager Mid Cap Growth Portfolio	1.0

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

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

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	992.80	$	0.50
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.70		0.51

Class B
Actual		1,000.00		991.50		1.76
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

•

Legg Mason Capital Management, Inc.

•

Marsico Capital Management, LLC

•

ClearBridge Advisors, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio—A Shares	11.69	%	14.61	%	0.92	%	10.59	%
Portfolio—B Shares**	11.40		14.32		0.66		10.35
Russell 3000 Growth Index	11.40		12.42		3.83		10.33

*	Date of inception 1/27/86

Investment operations commenced with respect to Class B shares on October 2, 1996. Returns shown for Class B shares prior to this period are derived from the historical performance of Class A shares adjusted to reflect the 12b-1 fees, applicable to Class B shares; Class A shares are not subject to any 12b-1 fees.

Returns

for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 11.69 % for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 3000 Growth Index, returned 11.40% over the same period.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Portfolio’s performance relative to its benchmark, the Russell 3000 Growth Index.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Strong security selection was the primary driver of outperformance for the period. The strongest contributors were the Consumer Discretionary and Energy sectors, where strong stock picks were amplified by overweight positions.

•

Consumer Discretionary holding Amazon.com was the leading individual contributor.

•

Energy stock selection benefited from holdings Anadarko Petroleum Corp. and Weatherford International.

•

Cepheid in Health Care.

•

Health Care holding Cepheid was a leading contributor to performance, as the scientific and technical instruments company experienced strong demand for its products that provide an effective way to test for hospital-acquired MRSA infections and as investors sensed that the company might be a takeover opportunity.

•

Nokia Corp. and Navteq Corp. were key contributors in Information Technology.

What hurt performance during the year

•

Stock selection in Financials, amplified by an overweight position in the sector, was the leading detractor from performance. From an individual security perspective, the most significant Financials sector detractors included Countrywide Financial, E*TRADE Financial, Citigroup Inc., Lehman Bros Holdings Inc. and Merrill Lynch & Co.

•

The largest detractor on a stock-specific basis came from Advanced Micro Devices (AMD), which faced a variety of headwinds during the year including aggressive pricing by its main competitor, Intel, and miss-execution in the launch of its Barcelona chipset.

•

Health Care stock selection was a significant detractor, although no individual holding stands out.

•

Consumer Discretionary holding Comcast Corp. was also a notable detractor from performance.

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	29.8	%
Health Care	16.9
Consumer Discretionary	12.9
Industrials	12.3
Energy	9.5
Financials	9.2
Materials	1.6
Consumer Staples	1.5
Utilities	1.1
Telecommunication Services	0.9
Cash and Other	4.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,041.20	$	4.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.22		4.02

Class B
Actual		1,000.00		1,039.50		5.35
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.96		5.30

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.79% and 1.04%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO ADVISERS

•

BlackRock Financial Management, Inc.

•

Pacific Investment Management Company LLC (PIMCO)

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.*
Portfolio—A Shares	6.53	%	4.13	%	4.84	%
Portfolio—B Shares	6.23		3.87		4.58
Lehman Brothers Aggregate Bond Index	6.97		4.42		5.37

*	Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 6.53% for the year ended December 31, 2007. The Portfolio’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 6.97% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The Portfolio benefited from both an underweight and successful security selection within the corporate sector, which lagged Treasuries as subprime anxiety caused credit premiums to widen.

•

Additionally, the Portfolio was positioned for a steeper yield curve in the second half of the year, a move that proved advantageous as short-term rates fell more than long-term rates and the yield curve steepened.

•

Emphasis on shorter maturities in both the U.S. and U.K. added to performance as these yield curves steepened.

What hurt performance during the year

•

Modest holdings of municipal bonds, which lagged taxable bonds amid concerns about liquidity and the credit quality of municipal bond insurers, detracted from performance.

•

An overweight to mortgages, which lagged like-duration Treasuries amid rising volatility across global financial markets during the quarter, also hurt performance.


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		5.4
Weighted Average Coupon (%)		5.4
Weighted Average Modified Duration (Years)*		4.7
Weighted Average Rating		AA+

*	Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
U.S. Government and Agency	75.6	%
Corporate Bonds	23.5
Asset Backed and Mortgage-Backed Securities	20.4
Foreign Government Securities	1.9
Commercial Paper	0.5
Municipal Bonds	0.4
Cash and Other	(22.3	)

Total	100.0	%

MULTIMANAGER CORE BOND PORTFOLIO

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,061.70	$	3.79
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.53		3.72

Class B
Actual		1,000.00		1,061.10		5.04
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.32		4.94

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.73% and 0.97%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO ADVISERS

•

AIM Capital Management, Inc.

•

RCM Capital Management LLC

•

Wellington Management Company, LLP

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.*
Portfolio—A Shares	9.17	%	12.26	%	6.14	%
Portfolio—B Shares	9.04		11.97		5.89
Russell 1000 Index	5.77		13.43		6.65
Russell 1000 Health Care Index†	7.52		8.48		3.14

*	Date of inception 12/31/01

†	The Investment Manager believes the Russell 1000 Health Care Index more closely reflects the market sectors in which the Portfolio invests.

Returns

for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 9.17% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Health Care Index, returned 7.52% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Favorable stock selection in Biotechnology was additive to results. Biotechnology company Amgen was among the top relative contributors in the Portfolio. Amgen’s stock price has been volatile since the second quarter when it was discovered that too much use of its erythropoietin drug, Aransep, has harmful effects. An underweight position in Amgen relative to the benchmark was additive to results. United Therapeutics and Onyx Pharmaceuticals, holdings not in the benchmark, were also key contributors in the Biotechnology sector. Onyx benefited from the potential of increased opportunities with its flagship drug Nexavar^®.

•

An underweight position relative to the benchmark in Pharmaceutical holding Pfizer was the leading individual contributor to relative performance. Pfizer fell during 2007 following the failed pivotal trial of its most promising pipeline drug.

•

An overweight to the Life Sciences Tools & Services sector benefited Portfolio performance.

•

Shares of MGI, which was not part of the benchmark, appreciated considerably following a proposed acquisition by Japanese drug maker Eisai, in addition to strong sales results of blood disorder treatment Dacogen.

•

The Portfolio’s overweight to Express Script helped performance, as the stock rose due to consistently strong financial results and underlying fundamentals in the PBM (Pharmacy Benefit Management) space.

What hurt performance during the year

•

Biotechnology was the worst performing industry in the benchmark, so an overweight to this industry detracted from relative results.

•

An underweight relative to the benchmark in Merck & Co. detracted from relative results.

•

An underweight in the Health Care Providers & Services sector, a leading sector for the benchmark, was also detrimental.

•

Eisai Co. pulled back after a strong run in 2006. The company faced numerous headwinds during the year, including setbacks in the development of their Alzheimer’s and Parkinson’s drugs.

•

An underweight position in Intuitive Surgical Inc. in the Health Care Equipment & Supplies sector also hurt performance.

MULTIMANAGER HEALTH CARE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Pharmaceuticals	32.0	%
Biotechnology	22.0
Health Care Equipment	13.7
Life Sciences Tools & Services	8.1
Managed Health Care	7.8
Health Care Services	3.6
Health Care Distributors	1.8
Consumer Staples	1.7
Health Care Facilities	1.5
Health Care Technology	0.9
Health Care Supplies	0.5
Financials	0.4
Industrials	0.2
Cash and Other	5.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,033.70	$	7.38
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.95		7.32

Class B
Actual		1,000.00		1,033.40		8.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.69		8.59

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.44% and 1.69%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO ADVISERS

•

Pacific Investment Management Company LLC (PIMCO)

•

Post Advisory Group, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio—A Shares	3.29	%	9.52	%	2.62	%	7.45	%
Portfolio—B Shares**	3.18		9.29		2.38		7.21
Merrill Lynch U.S. High Yield Master Cash Pay Only Index	2.21		10.57		5.80		8.70

*	Date of inception 1/2/87

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 3.29% for the year ended December 31, 2007. The Portfolio’s benchmark, the Merrill Lynch U.S. High Yield Master Cash Pay Only Index, returned 2.21% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

An underweight in the Finance sector, which came under significant pressure as prominent banks had to write down large sums of subprime mortgage exposure, added to performance.

•

An underweight in building products, which continued to underperform, helped performance.

•

Security selection in the Energy sector, where pipelines outperformed the broader sector, was also additive.

What hurt performance during the year

•

Exposure to the CCC-rated sector, which lagged the overall high yield market, detracted from performance.

•

An underweight in consumer non-cyclical issues was detrimental, as this sector outperformed the high yield market.

•

Security selection in Health Care lowered returns in one of the better performing industries as investors sought out defensive strategies.


Portfolio Characteristics As of December 31, 2007
Weighted Average Life (Years)		6.9
Weighted Average Coupon (%)		8.2
Weighted Average Modified Duration (Years)*		4.2
Weighted Average Rating		BB-

*	Modified duration is a measure of the price sensitivity of the portfolio to interest rate movements, taking into account specific features of the securities in which it invests.


Distribution of Assets by Sector as of 12/31/07	% of Net Assets
Corporate Bonds	87.6	%
Government Securities	6.9
Commercial Paper	3.6
Asset Backed Securities	0.6
Cash and Other	1.3

Total	100.0	%

MULTIMANAGER HIGH YIELD PORTFOLIO

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,000.80	$	3.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.37		3.87

Class B
Actual		1,000.00		1,001.30		5.09
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.11		5.14

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.76% and 1.01%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

•

JPMorgan Investment Management Inc.

•

Marsico Capital Management, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.*
Portfolio—A Shares	12.73	%	21.12	%	12.87	%
Portfolio—B Shares	12.39		20.84		12.60
MSCI EAFE Index	11.17		21.59		14.33

*	Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 12.73% for the year ended December 31, 2007. The Portfolio’s benchmark, the MSCI EAFE Index, returned 11.17% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The most significant positive contributor to performance was stock selection in the Energy sector, particularly Petroleo Brasileiro SA and CNOOC Ltd.

•

Information Technology stock selection was also additive, led by particularly Research In Motion Ltd.

•

A position in Chinese wireless operator China Mobile Ltd. was a leading individual contributor in the period.

•

Maintaining an underweight position in the weak-performing Financials sector helped returns.

•

Materials was another area of strength for the Portfolio as Potash Corp. of Saskatchewan and Rio Tinto PLC appreciated sharply.

What hurt performance during the year

•

Significant detractors for the year were Financial holdings, including Northern Rock PLC in the U.K., Sumitomo Mitsui and Chuo Mitsui Trust Holdings in Japan and ING Groep in the Netherlands.

•

Not holding Spanish company Telefonica SA was a leading detractor from relative performance.

•

With respect to sector selection, detractors were a relative underweight position in the Telecomm Service sector and a relative overweight in the Consumer Discretionary sector.

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	21.1	%
Consumer Discretionary	15.2
Materials	12.5
Industrials	9.3
Energy	8.8
Consumer Staples	8.0
Information Technology	6.5
Health Care	5.3
Utilities	5.0
Telecommunication Services	4.3
Cash and Other	4.0

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,026.50	$	6.28
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.00		6.26

Class B
Actual		1,000.00		1,025.10		7.55
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.74		7.53

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.23% and 1.48%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

•

Janus Capital Management LLC

•

Thornburg Investment Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Inception*
Portfolio—A Shares	5.22	%	12.60	%	5.84	%
Portfolio—B Shares	5.05		12.34		5.59
S&P 500 Index	5.49		12.83		6.07

*	Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 5.22% for the year ended December 31, 2007. The Portfolio’s benchmark, the S&P 500 Index, returned 5.49% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Materials stock selection was positive, with Southern Copper and Freeport-McMoRan Copper & Gold performing well as new supplies of copper were easily absorbed and as investors concluded that a U.S. economic slowdown would have limited impact on their businesses.

•

Information Technology stock selection and an overweight in the sector helped performance. Notable Information Technology contributors included Cypress Semiconductor, Apple Inc., Google Inc. and Research in Motion Ltd.

•

An underweight in Financials was a positive contributor from a sector allocation perspective.

•

An underweight position to poor performing financial Citigroup contributed to relative returns.

•

Energy holding Apache Corp. performed well due to rising international oil production and rising oil prices.

What hurt performance during the year

•

An underweight position in the Energy sector was the largest detractor from relative returns.

•

Industrial stock selection was also detrimental, led by JetBlue Airways Corp., which suffered from concerns surrounding slower economic growth and higher fuel prices.

•

Comcast Corp. was lower due to threats from satellite and telecom competition.

•

Rite Aid, which is in the process of integrating a major acquisition and has borrowed significantly in order to improve its store base and lift operating profitability, detracted from performance.

•

An underweight position in Exxon Mobil Corp. relative to the benchmark was detrimental.

•

Level 3 Communications, despite strong demand for its network services, reported weak results due to poor execution on the integration of several acquired companies.

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	22.5	%
Financials	14.8
Health Care	12.2
Consumer Discretionary	11.0
Consumer Staples	8.0
Energy	7.9
Industrials	7.1
Telecommunication Services	5.0
Materials	4.2
Utilities	1.8
Cash and Other	5.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	972.50	$	5.47
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.60

Class B
Actual		1,000.00		971.70		6.71
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.40		6.87

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.10% and 1.35%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO ADVISERS

•

RCM Capital Management LLC

•

TCW Investment Management Company

•

T. Rowe Price Associates, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Inception*
Portfolio—A Shares	11.51	%	11.04	%	2.57	%
Portfolio—B Shares	11.26		10.77		2.32
Russell 1000 Growth Index	11.81		12.11		4.16

*	Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 11.51% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 11.81% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Amazon.com and Schlumberger were the biggest contributors to outperformance this year.

•

Amazon.com, a leading on-line retailer, hit an inflection point in 2007 with their revenue growth rate accelerating in mature categories such as books, music, and video while simultaneously expanding profit margins.

•

In Energy, Schlumberger rallied in 2007 on solid earnings reports. The company is a beneficiary of increased capital spending in the oil and gas industry. Its services range from well drilling and management to reservoir imaging.

•

Information Technology stock selection and a sector overweight both added to performance. Google Inc., Salesforce.com Inc. and Juniper Networks were top relative contributors in the sector.

•

Shares in Agricultural giant Monsanto more than doubled in 2007. The company recently reported quarterly profits that nearly tripled those earned a year earlier, thanks to strong herbicide sales and corn seed sales in the U.S. and Latin America.

What hurt performance during the year

•

The two largest detractors from performance during the year were Countrywide Financial and Network Appliance.

•

Countrywide has historically been a leader in originating and servicing mortgages in the United States. Rising mortgage default rates and an excess supply of houses for sale have combined to cause a dramatic slowdown in mortgage volumes and a reduction in the value of mortgage related financial products.

•

Network Appliance, a leader in network attached storage, has suffered from weaker than expected growth trends in its end markets. While still having a dominant competitive position and product portfolio, industry spending trends have been below expectations.

•

Overweight positions relative to the benchmark in Pulte Homes Inc., Genentech Inc., Progressive Corp. and Marvell Technology Group also detracted.

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	33.4	%
Health Care	16.3
Industrials	11.4
Consumer Discretionary	9.4
Financials	8.9
Energy	7.1
Consumer Staples	4.8
Materials	3.6
Telecommunication Services	1.7
Cash and Other	3.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,042.80	$	5.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.60

Class B
Actual		1,000.00		1,041.60		6.95
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.40		6.87

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.10% and 1.35%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

•

Institutional Capital LLC

•

MFS Investment Management

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Inception*
Portfolio—A Shares	3.88	%	15.00	%	8.33	%
Portfolio—B Shares	3.61		14.71		8.06
Russell 1000 Value Index	(0.17	)	14.63		8.94

*	Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 3.88% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Value Index, returned (0.17)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

A large underweight in the Financials sector relative to the benchmark was the leading contributor to performance.

•

Information Technology and Consumer Staples stock selection were also key contributors.

•

A relative overweight in Energy holding Hess Corp. was the leading individual contributor.

•

Textron Inc., Rio Tinto PLC, Occidental Petroleum Corp. and Merck & Co. were other notable contributors.

What hurt performance during the year

•

Underweight positions in the Energy and Utilities sectors detracted from relative returns.

•

Underweighted positions in integrated oil companies Exxon Mobil and Chevron held back results.

•

Holdings of Office Depot Inc., Intercontinental Hotels, home improvement products maker Masco Corp. and department stores operator Macy’s also hurt results.

MULTIMANAGER LARGE CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Financials	22.3	%
Energy	13.4
Industrials	11.4
Health Care	11.3
Consumer Staples	10.8
Information Technology	8.0
Consumer Discretionary	7.9
Telecommunication Services	6.8
Materials	4.1
Utilities	2.2
Cash and Other	1.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	960.20	$	5.24
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.86		5.40

Class B
Actual		1,000.00		958.50		6.47
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.80		6.67

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.06% and 1.31%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

•

Franklin Advisers, Inc.

•

Provident Investment Counsel, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Inception*
Portfolio—A Shares	12.22	%	16.10	%	4.86	%
Portfolio—B Shares	11.97		15.84		4.60
Russell 2500 Growth Index†	9.69		17.43		7.96
Russell Mid Cap Growth Index	11.43		17.90		8.74

*	Date of inception 12/31/01

†	In 2007, the Investment Manager revised the Portfolio’s benchmark index to be the Russell 2500 Growth Index, which more closely reflects the market sectors in which the Portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 12.22% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 2500 Growth Index, returned 9.69% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The portfolio benefited from stock selection in the Consumer Discretionary sector. Specialty retailer GameStop Corp. and distributor LKQ Corp. performed particularly well in a challenging environment for Consumer Discretionary companies.

•

The portfolio’s Energy holdings also generated outsized gains, especially in the oil & gas industry. In this area, National Oilwell Varco outperformed. An overweight position in the Energy sector also contributed to performance.

•

Information Technology stock selection was also additive.

•

Precision Castparts, Stericycle Inc. and Aquantive Inc. were other individual contributors.

What hurt performance during the year

•

Financial stocks Clayton Holdings Inc. and Ambac Financial Group Inc. and Health Care stock Intuitive Surgical Inc. had the most negative impact on performance.

•

A relative underweight in Materials was the leading detractor from a sector perspective.

•

Not holding First Solar Inc. was detrimental to performance.

•

The portfolio’s Telecommunication Services stocks detracted the most from relative performance. After producing stellar returns for several years, the shares of wireless telecom provider NII Holdings traded lower.

MULTIMANAGER MID CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	25.6	%
Industrials	17.1
Consumer Discretionary	16.6
Health Care	15.1
Energy	11.8
Financials	7.0
Telecommunication Services	2.6
Materials	2.0
Consumer Staples	0.4
Cash and Other	1.8

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,009.40	$	6.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.60		6.67

Class B
Actual		1,000.00		1,008.60		7.90
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.34		7.93

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.31% and 1.56%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO ADVISERS

•

AXA Rosenberg Investment Management LLC

•

TCW Investment Management Company

•

Wellington Management Company, LLP

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Inception*
Portfolio—A Shares	0.31	%	15.12	%	7.16	%
Portfolio—B Shares	0.10		14.83		6.89
Russell 2500 Value Index†	(7.27	)	16.17		11.36
Russell Mid Cap Value Index	(1.42	)	17.92		12.80

*	Date of inception 12/31/01

†	In 2007, the Investment Manager revised the Portfolio’s benchmark index to be the Russell 2500 Value Index, which more closely reflects the market sectors in which the Portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 0.31% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 2500 Value Index, returned (7.27)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

For the year ending December 31, 2007, stock selection was the primary driver of performance. Stock selection was particularly strong in the Industrials, Materials and Energy sectors. Sector allocation also contributed to returns as a large underweight to the weaker Financials sector and overweights to the Industrials and Health Care sectors helped performance.

•

McDermott International Inc., SPX Corp., AGCO Corp., Alliant Techsystems Inc., and Goodrich Corp. all contributed in the Industrials sector.

•

Owens Illinois Inc., the main contributor in the Materials sector, increased on the back of continued progress made towards improving pricing and reducing costs.

•

Energy security selection was driven by holdings Consol Energy and Murphy Oil Corp.

What hurt performance during the year

•

The leading detractor was E*Trade Financial, which began to suffer in the third quarter as a result of a difficult credit market that increased the company’s credit costs.

•

An underweight to the Utilities sector detracted from relative results.

•

Also dampening performance was security selection in Consumer Discretionary, led by declines in holdings specialty retailer Coldwater Creek and consumer electronics company Circuit City.

•

Security selection in Information Technology hampered performance as semiconductor issues Micron Technology and LSI Corp. and integrated self-service delivery and security systems and services company Diebold Inc. declined.

•

Not holding Reliant Energy Inc. and KBR Inc. hurt relative performance.

MULTIMANAGER MID CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Industrials	17.5	%
Financials	17.0
Information Technology	15.8
Consumer Discretionary	10.9
Materials	9.3
Health Care	8.9
Energy	8.4
Utilities	4.7
Consumer Staples	3.6
Telecommunication Services	1.3
Cash and Other	2.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	903.10	$	6.19
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.70		6.56

Class B
Actual		1,000.00		901.50		7.38
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.44		7.83

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.29% and 1.54%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO ADVISERS

•

Eagle Asset Management, Inc.

•

Wells Capital Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.*
Portfolio—B Shares	3.60	%	11.21	%	8.82	%
Russell 2000 Growth Index	7.05		16.50		5.60

*	Date of inception 12/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 3.60% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 2000 Growth Index, returned 7.05% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Industrials stock selection was the largest contributor to performance, including holdings Infrasource Services Inc., GEO Group Inc. and Belden Inc.

•

AK Steel Holding Corp. in the Materials sector was the largest individual contributor. A large overweight in the sector was also advantageous for the Portfolio.

•

Underweighting the poorly performing Financials sector added to performance.

•

Spartan Manufacturers Inc. and Amkor Technology Inc. were notable individual contributors.

•

Energy stock selection was also additive to performance.

What hurt performance during the year

•

Consumer Discretionary stock selection, led by Delphi Corp., and Information Technology stock selection, led by STEC Inc., were the top detractors from performance.

•

Industrial sector holdings First Consulting Group, ICT Group, Inc., and Kimball International Inc. were notable detractors for the year.

•

The Portfolio’s holdings in Health Care underperformed the benchmark.

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Information Technology	26.2	%
Health Care	20.5
Industrials	20.3
Consumer Discretionary	13.8
Financials	6.0
Energy	4.9
Materials	2.7
Telecommunication Services	1.9
Consumer Staples	1.3
Cash and Other	2.4

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class B
Actual	$	1,000.00	$	943.00	$	7.64
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.34		7.93

*	Expenses are equal to the Portfolio’s Class B shares annualized expense ratios of 1.56% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO ADVISERS

•

Lazard Asset Management LLC

•

Franklin Advisory Services, LLP

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Incept.**
Portfolio—A Shares*	(9.62	)%	12.29	%	7.34	%
Portfolio—B Shares	(9.84	)	12.01		7.20
Russell 2000 Value Index	(9.78	)	15.80		9.06

*	Date of inception 5/18/01. Returns shown for Class A shares prior to this period are derived from the historical performance of Class B shares adjusted to reflect the 12b-1 fees, applicable to Class B shares; Class A shares are not subject to any 12b-1 fees.

**	Date of inception 1/1/98

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned (9.62)% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 2000 Value Index, returned (9.78)% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

The Consumer Discretionary space was a good source of returns for the Portfolio. Despite difficult conditions for many companies that rely on consumer spending, several holdings continued to post strong results. Bally Technologies, a gaming equipment and services provider, was up for the year as the company continued to execute well and post robust earnings increases.

•

The Portfolio had a large underweight in the Financials sector which benefited performance.

•

During the year there were many opportunities in technology, particularly as international sales became a major source of revenue growth. Holdings in Plexus Corp. and Secure Computing Corp. benefited from increased spending on technology systems and services to improve industrial or business efficiency.

•

An overweight position in Industrials sector was also helpful.

•

Materials sector holdings Quanex Corp. and Schnitzer Steel Industries and Health Care holding Pharmanet Development Group Inc. were other notable individual contributors.

What hurt performance during the year

•

Stock selection in the Industrials, Financials and Consumer Staples sectors detracted from performance.

•

Within the Industrials sector, exposure to residential and commercial construction companies negatively impacted performance in this sector, although no single holding is notable.

•

In Financials several holdings, including Bankunited Financial Corp. and Franklin Bank Corp., detracted from performance.

•

Not holding CF Industrial Holdings Inc., a strong performer for the benchmark, was the largest individual detractor from relative performance.

•

TravelCenters of America, an operator of truck stops which slashed earnings forecasts due to weak freight demand, weak gas margins and acquisition integration issues, detracted from performance.

•

Information Technology Komag Inc. was another notable detractor.

MULTIMANAGER SMALL CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Industrials	19.9	%
Information Technology	18.4
Financials	17.9
Consumer Discretionary	13.0
Materials	9.7
Energy	6.9
Health Care	6.0
Utilities	2.5
Telecommunication Services	1.6
Consumer Staples	1.5
Cash and Other	2.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	864.70	$	5.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.11		6.16

Class B
Actual		1,000.00		863.20		6.86
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.85		7.43

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.21% and 1.46%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO ADVISERS

•

Firsthand Capital Management, Inc.

•

RCM Capital Management LLC

•

Wellington Management Company, LLP

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		5 Years		Since Inception*
Portfolio—A Shares	18.53	%	18.82	%	5.28	%
Portfolio—B Shares	18.21		18.50		5.01
Russell 1000 Index	5.77		13.43		6.65
Russell 1000 Technology Index†	16.92		14.83		3.49

*	Date of inception 12/31/01

†	The Investment Manager believes the Russell 1000 Technology Index more closely reflects the market sectors in which the Portfolio invests.

Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 18.53% for the year ended December 31, 2007. The Portfolio’s benchmark, the Russell 1000 Technology Index, returned 16.92% over the same period.

Portfolio Highlights

For the year ended December 31, 2007

What helped performance during the year

•

Stock selection in Internet Software & Services, specifically companies associated with exciting consumer technology products, helped performance.

•

Communications Equipment stock selection was also positive, including holding Research In Motion Ltd. and Nokia Corp. and not holding Motorola Inc.

•

Shares of Internet search firm Google benefited from higher-than-expected earnings due to strong growth in its core Internet search advertising business.

•

Software holding Nintendo Co. was another key contributor to performance.

•

IT Services stock selection was positive, although no individual holding stands out.

•

China Mobile Limited was also a profitable investment for the Portfolio. Shares of the world’s largest cell phone carrier nearly doubled in 2007, as the service provider continued to enjoy robust business by adding over five million new customers each month, ending the year with more than 360 million subscribers.

•

Electrical Equipment was the leading sector contributor for the period.

What hurt performance during the year

•

An overweight position relative to the benchmark in the Internet Software & Services sector and a large underweight in the Computers & Peripherals sector were significant detractors from performance.

•

Semiconductor & Semiconductor Equipment stock selection was poor, including holdings MEMC Electronic Materials Inc. and Soitec S.A.

•

The Portfolio held a position in Apple Inc. but was underweight relative to the benchmark. The consumer electronics company reported sharply higher profits due to strong sales of its Macintosh computers and iPod products, as well as enthusiasm over the recent launch of the iPhone.

•

Commercial Service & Supply and Household Durables stock selection detracted from relative performance.

•

In the Software sector, and underweight position in Oracle Corp. and an overweight position in AMDOCS Ltd. were notable detractors from performance.

MULTIMANAGER TECHNOLOGY PORTFOLIO


Sector Weightings as of 12/31/07	% of Net Assets
Semiconductors & Semiconductor Equipment	17.4	%
Communications Equipment	17.0
Software	16.3
Computers & Peripherals	13.8
Internet Software & Services	11.1
Industrials	4.9
IT Services	4.1
Electronic Equipment & Instruments	3.8
Consumer Discretionary	2.3
Telecommunication Services	2.4
Materials	1.1
Health Care	0.5
Energy	0.0	#
Cash and Other	5.3

Total	100.0	%

#	Less than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07 - 12/31/07
Class A
Actual	$	1,000.00	$	1,065.50	$	7.39
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.05		7.22

Class B
Actual		1,000.00		1,064.80		8.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.79		8.49

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.42% and 1.67%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

TARGET 2015 ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Inception*
Portfolio—A Shares	7.49	%	11.78	%
Portfolio—B Shares	7.22		11.50
Target 2015 Allocation Index	7.27		11.22

*	Date of inception 8/31/06

Returns

for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 7.49% for the year ended December 31, 2007. The Portfolio’s benchmark, the Target 2015 Allocation Index, returned 7.27% over the same period.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying Portfolio allocations for the Portfolio. The team is also responsible for the ongoing evaluation and selection of underlying Portfolios and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2007

•

As of December 31, 2007, the Portfolio was invested in 10 underlying EQ Advisors Trust and AXA Premier VIP Trust-funds. These included 8 equity funds and 2 fixed income funds.

•

The Portfolio’s fixed income allocation consisted of investment grade bonds (26.7%) and high yield bonds (5.4%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (14.4%), large cap value stocks (12.6%), international stocks (22.8%) and small and mid cap stocks (18.1%).

•

During the year, the Portfolio benefited most from exposure to the EQ/Van Kampen Emerging Markets Equity Portfolio and the Multimanager Aggressive Equity Portfolio.

•

The EQ/Small Company Index Portfolio detracted from performance during the year.

•

The Portfolio is ahead of its benchmark since inception.

Since this Portfolio invests directly in underlying Portfolios, all risks associated with the eligible underlying Portfolios apply to the Portfolio. Investing in the Target Allocation Portfolios will involve a higher overall cost than if you were to invest directly in their underlying Portfolios.

TARGET 2015 ALLOCATION PORTFOLIO


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
EQ/Equity 500 Index	26.1	%
EQ/Bond Index Portfolio	25.4
EQ/International ETF Portfolio	16.4
Multimanager Aggressive Equity Portfolio	9.1
EQ/Small Company Index Portfolio	6.1
Multimanager High Yield Portfolio	5.6
EQ/Van Kampen Emerging Markets Equity	5.5
Multimanager Large Cap Value Portfolio	3.1
Multimanager Mid Cap Value Portfolio	2.2
Multimanager Mid Cap Growth Portfolio	0.5

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07- 12/31/07
Class A
Actual	$	1,000.00	$	1,013.40	$	1.78
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

Class B
Actual		1,000.00		1,011.70		3.04
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

TARGET 2025 ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Inception*
Portfolio—A Shares	7.62	%	12.49	%
Portfolio—B Shares	7.35		12.20
Target 2025 Allocation Index	7.21		11.77

*	Date of inception 8/31/06

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 7.62% for the year ended December 31, 2007. The Portfolio’s benchmark, the Target 2025 Allocation Index, returned 7.21% over the same period.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying Portfolio allocations for the Portfolio. The team also is responsible for the ongoing evaluation and selection of underlying Portfolios and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2007

•

As of December 31, 2007, the Portfolio was invested in 10 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 8 equity funds and 2 fixed income funds.

•

The Portfolio’s fixed income allocation consisted of investment grade bonds (17.6%) and high yield bonds (2.9%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (17.0%), large cap value stocks (15.1%), international stocks (26.2%) and small and mid cap stocks (21.2%).

•

The Portfolio outperformed its benchmark for the year ended December 31, 2007.

•

During the year the Portfolio benefited most from exposure to the EQ/Van Kampen Emerging Markets Equity Portfolio and the Multimanager Aggressive Equity Portfolio.

•

The EQ/Small Company Index Portfolio detracted from performance during the year.

•

The Portfolio is ahead of its benchmark since inception.

TARGET 2025 ALLOCATION PORTFOLIO


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
EQ/Equity 500 Index	32.3	%
EQ/International ETF Portfolio	19.2
EQ/Bond Index Portfolio	16.3
Multimanager Aggressive Equity Portfolio	9.3
EQ/Small Company Index Portfolio	7.3
EQ/Van Kampen Emerging Markets Equity	6.2
Multimanager Large Cap Value Portfolio	3.2
Multimanager High Yield Portfolio	3.0
Multimanager Mid Cap Value Portfolio	2.4
Multimanager Mid Cap Growth Portfolio	0.8

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/01/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07- 12/31/07
Class A
Actual	$	1,000.00	$	1,008.10	$	1.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

Class B
Actual		1,000.00		1,007.30		3.04
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

TARGET 2035 ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Inception*
Portfolio—A Shares	7.75	%	13.15	%
Portfolio—B Shares	7.37		12.87
Target 2035 Allocation Index	7.26		12.42

*	Date of inception 8/31/06

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 7.75% for the year December 31, 2007. The Portfolio’s benchmark, the Target 2035 Allocation Index, returned 7.26% over the same period.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying Portfolio allocations for the Portfolio. The team also is responsible for the ongoing evaluation and selection of underlying Portfolios and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2007

•

As of December 31, 2007, the Portfolio was invested in 10 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 8 equity funds and 2 fixed income funds.

•

The Portfolio’s fixed income allocation consisted of investment grade bonds (8.4%) and high yield bonds (2.1%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (19.2%), large cap value stocks (17.1%), international stocks (30.1) and small and mid cap stocks (23.1%).

•

The Portfolio outperformed its benchmark for the year ended December 31, 2007.

•

During the year, the Portfolio benefited most from exposure to the EQ/Van Kampen Emerging Markets Equity Portfolio and the Multimanager Aggressive Equity Portfolio.

•

The EQ/Small Company Index Portfolio detracted from performance during the year.

•

The Portfolio is ahead of its benchmark since inception.

TARGET 2035 ALLOCATION PORTFOLIO


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
EQ/Equity 500 Index	37.6	%
EQ/International ETF Portfolio	22.1
Multimanager Aggressive Equity Portfolio	9.4
EQ/Small Company Index Portfolio	8.1
EQ/Van Kampen Emerging Markets Equity	7.2
EQ/Bond Index Portfolio	7.1
Multimanager Large Cap Value Portfolio	3.1
Multimanager Mid Cap Value Portfolio	2.2
Multimanager High Yield Portfolio	2.2
Multimanager Mid Cap Growth Portfolio	1.0

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07- 12/31/07
Class A
Actual	$	1,000.00	$	1,003.80	$	1.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

Class B
Actual		1,000.00		1,003.00		3.03
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 185/365 (to reflect the one-half year period).

TARGET 2045 ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/07


	1 Year		Since Inception*
Portfolio—A Shares	8.09	%	13.97	%
Portfolio—B Shares	7.82		13.69
Target 2045 Allocation Index	7.23		13.00

*	Date of inception 8/31/06

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 8.09% for the year ended December 31, 2007. The Portfolio’s benchmark, the Target 2045 Allocation Index, returned 7.23% over the same period.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying Portfolio allocations for the Portfolio. The team also is responsible for the ongoing evaluation and selection of underlying Portfolios and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2007

•

As of December 31, 2007, the Portfolio was invested in 8 underlying EQ Advisors Trust and AXA Premier VIP Funds.

•

The Portfolio’s fixed income allocation consisted of investment grade bonds (1.4%).

•

The Portfolio’s equity allocation consisted of large cap growth stocks (21.1%), large cap value stocks (18.9%), international stocks (33.5%) and small and mid cap stocks (25.1%).

•

The Portfolio outperformed its benchmark for the year ended December 31, 2007.

•

During the year, the Portfolio benefited most from exposure to the EQ/ Van Kampen Emerging Markets Equity Portfolio and the Multimanager Aggressive Equity Portfolio.

•

The EQ/Small Company Index Portfolio detracted from performance for the year.

•

The Portfolio is ahead of its benchmark since inception.

TARGET 2045 ALLOCATION PORTFOLIO


Portfolio Allocation (as a percentage of Total Investment Companies) As of December 31, 2007
EQ/Equity 500 Index	42.5	%
EQ/International ETF Portfolio	24.7
Multimanager Aggressive Equity Portfolio	9.4
EQ/Small Company Index Portfolio	8.8
EQ/Van Kampen Emerging Markets Equity	8.1
Multimanager Large Cap Value Portfolio	3.1
Multimanager Mid Cap Value Portfolio	2.1
Multimanager Mid Cap Growth Portfolio	1.3

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2007 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/07		Ending Account Value 12/31/07		Expenses Paid During Period* 7/1/07- 12/31/07
Class A
Actual	$	1,000.00	$	999.80	$	1.76
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

Class B
Actual		1,000.00		999.00		3.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡	820,878	$	8,160,588
EQ/AllianceBernstein Value Portfolio‡	1,760,154		25,109,754
EQ/BlackRock Basic Value Equity Portfolio‡	1,068,509		16,736,479
EQ/BlackRock International Value Portfolio‡	286,459		4,618,790
EQ/Davis New York Venture Portfolio‡	162,482		1,808,042
EQ/Evergreen International Bond Portfolio‡	4,027,396		43,351,357
EQ/JPMorgan Core Bond Portfolio‡	2,393,129		25,841,092
EQ/Long Term Bond Portfolio‡	5,366,096		73,442,724
EQ/Marsico Focus Portfolio‡	1,055,455		18,685,766
EQ/Money Market Portfolio‡	22,250		22,250
EQ/PIMCO Real Return Portfolio‡	4,002,243		42,156,985
EQ/Short Duration Bond Portfolio‡	17,776,598		179,407,343
MarketPLUS International Core Portfolio‡	376,040		4,796,956
Multimanager Aggressive Equity Portfolio‡	345,982		11,107,986
Multimanager Core Bond Portfolio‡	6,318,925		65,612,941
Multimanager High Yield Portfolio‡	5,891,006		31,482,211
Multimanager International Equity Portfolio‡	963,897		15,791,302
Multimanager Large Cap Core Equity Portfolio‡	399,699		4,661,572
Multimanager Large Cap Value Portfolio‡	1,277,655		15,063,933
Multimanager Mid Cap Value Portfolio‡	743,534		6,832,833

Total Investments (100.0%) (Cost/Amortized Cost $597,185,908)			594,690,904
Other Assets Less Liabilities (-0.0%)			(187,087	)

Net Assets (100%)		$	594,503,817

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

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

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	8,951,693	$	9,087,366	$	9,758,171	$	8,160,588	$	410,327	$	143,700
EQ/AllianceBernstein Value Portfolio		20,091,406		15,116,009		5,792,603		25,109,754		424,805		2,719,627
EQ/BlackRock Basic Value Equity Portfolio		10,274,721		12,435,505		3,963,603		16,736,479		229,440		1,875,877
EQ/BlackRock International Value Portfolio		2,676,844		3,217,567		1,037,036		4,618,790		95,804		529,419
EQ/Davis New York Venture Portfolio		—		2,473,518		630,675		1,808,042		11,997		528
EQ/Evergreen International Bond Portfolio		15,653,728		34,359,057		8,364,284		43,351,357		1,051,691		516,138
EQ/JPMorgan Core Bond Portfolio		—		38,386,309		11,797,647		25,841,092		1,174,967		64,713
EQ/Long Term Bond Portfolio		38,510,641		51,675,348		18,423,264		73,442,724		2,933,084		5,063
EQ/Marsico Focus Portfolio		10,557,488		12,798,758		4,356,106		18,685,766		77,189		2,394,487
EQ/Money Market Portfolio		21,192		1,057		—		22,250		1,057		—
EQ/PIMCO Real Return Portfolio		—		44,979,922		3,572,374		42,156,985		1,094,992		466,933
EQ/Short Duration Bond Portfolio		130,476,014		121,066,648		71,777,783		179,407,343		7,473,977		1,614,562
MarketPLUS International Core Portfolio		2,675,404		3,605,807		1,016,450		4,796,956		30,007		1,004,043
Multimanager Aggressive Equity Portfolio		6,419,021		6,755,480		2,496,440		11,107,986		11,022		567,665
Multimanager Core Bond Portfolio		53,362,516		28,677,005		17,819,592		65,612,941		2,762,864		(211,795	)
Multimanager High Yield Portfolio		18,820,630		21,594,511		7,137,348		31,482,211		2,437,921		128,177
Multimanager International Equity Portfolio		9,075,504		9,903,261		3,364,024		15,791,302		144,999		1,276,544
Multimanager Large Cap Core Equity Portfolio		2,766,304		3,061,738		893,895		4,661,572		30,431		417,524
Multimanager Large Cap Value Portfolio		9,147,950		11,002,976		3,270,880		15,063,933		201,548		2,015,438
Multimanager Mid Cap Value Portfolio		4,779,004		5,021,325		2,306,212		6,832,833		—		606,267

	$	344,260,060	$	435,219,167	$	177,778,387	$	594,690,904	$	20,598,122	$	16,134,910

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	435,219,167
Net Proceeds of Sales and Redemptions:
Investment Companies	$	184,421,799

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	7,214,581
Aggregate gross unrealized depreciation		(12,386,671	)

Net unrealized depreciation	$	(5,172,090	)

Federal income tax cost of investments	$	599,862,994

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		2,223,125	$	22,100,724
EQ/AllianceBernstein Value Portfolio‡		5,661,555		80,765,786
EQ/BlackRock Basic Value Equity Portfolio‡		3,888,778		60,911,467
EQ/BlackRock International Value Portfolio‡		1,258,782		20,296,266
EQ/Davis New York Venture Portfolio‡		1,170,414		13,023,924
EQ/Evergreen International Bond Portfolio‡		6,708,052		72,206,238
EQ/Franklin Small Cap Value Portfolio‡		1,548,768		15,235,270
EQ/GAMCO Small Company Value Portfolio‡		372,140		11,737,817
EQ/JPMorgan Core Bond Portfolio‡		2,974,073		32,114,138
EQ/Long Term Bond Portfolio‡		7,194,492		98,466,941
EQ/Marsico Focus Portfolio‡		3,716,322		65,793,738
EQ/Money Market Portfolio‡		22,250		22,250
EQ/PIMCO Real Return Portfolio‡		6,905,825		72,741,400
EQ/Short Duration Bond Portfolio‡		25,235,375		254,683,807
MarketPLUS International Core Portfolio‡		1,664,369		21,231,542
Multimanager Aggressive Equity Portfolio‡		704,617		22,622,190
Multimanager Core Bond Portfolio‡		8,449,410		87,734,958
Multimanager High Yield Portfolio‡		9,102,963		48,647,273
Multimanager International Equity Portfolio‡		4,501,178		73,741,775
Multimanager Large Cap Core Equity Portfolio‡		1,491,028		17,389,427
Multimanager Large Cap Value Portfolio‡		3,715,054		43,801,606
Multimanager Mid Cap Growth Portfolio‡		547,430		4,997,559
Multimanager Mid Cap Value Portfolio‡		1,573,652		14,461,341
Multimanager Small Cap Value Portfolio‡		451,107		5,066,511

Total Investment Companies (99.9%) (Cost $1,162,134,675)				1,159,793,948


	Principal Amount
SHORT TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
3.51%, 1/2/08 (Amortized Cost $1,747,346)	$	1,747,346		1,747,346

Total Investments (100.0%) (Cost/Amortized Cost $1,163,882,021)				1,161,541,294
Other Assets Less Liabilities (0.0%)				(199,487	)

Net Assets (100%)			$	1,161,341,807

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

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

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain/ (Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	22,801,702	$	11,696,577	$	12,401,470	$	22,100,724	$	1,106,815	$	65,358
EQ/AllianceBernstein Value Portfolio		79,443,996		31,687,496		16,966,075		80,765,786		1,366,855		8,856,107
EQ/BlackRock Basic Value Equity Portfolio		44,313,642		26,807,381		4,348,984		60,911,467		828,820		5,315,684
EQ/BlackRock International Value Portfolio		14,059,918		8,696,617		1,662,648		20,296,266		419,777		2,031,298
EQ/Davis New York Venture Portfolio		—		13,913,289		536,107		13,023,924		86,662		27,317
EQ/Evergreen International Bond Portfolio		30,160,303		41,857,934		3,449,395		72,206,238		1,746,247		177,109
EQ/Franklin Small Cap Value Portfolio		53,203		18,823,064		788,697		15,235,270		99,984		78,258
EQ/GAMCO Small Company Value Portfolio		—		12,820,335		299,781		11,737,817		77,712		403,158
EQ/JPMorgan Core Bond Portfolio		—		38,196,898		5,260,915		32,114,138		1,449,811		76,127
EQ/Long Term Bond Portfolio		61,129,833		41,327,109		6,868,589		98,466,941		3,918,109		(279,445	)
EQ/Marsico Focus Portfolio		50,743,765		25,599,959		10,740,239		65,793,738		271,484		6,997,757
EQ/Money Market Portfolio		21,192		1,057		—		22,250		1,057		—
EQ/PIMCO Real Return Portfolio		—		72,066,692		1,172,532		72,741,400		1,886,245		623,585
EQ/Short Duration Bond Portfolio		213,265,762		86,005,278		45,986,341		254,683,807		10,602,659		660,394
EQ/Small Company Index Portfolio		13,736,732		645,123		14,118,135		—		—		1,060,530
MarketPLUS International Core Portfolio		14,036,731		10,609,511		1,687,027		21,231,542		132,730		4,065,386
Multimanager Aggressive Equity Portfolio		17,765,587		8,778,553		4,647,369		22,622,190		22,229		1,387,797
Multimanager Core Bond Portfolio		96,813,095		26,935,305		38,283,334		87,734,958		4,504,472		(766,436	)
Multimanager High Yield Portfolio		35,000,351		19,052,744		2,965,255		48,647,273		3,756,228		(12,909	)
Multimanager International Equity Portfolio		50,300,154		26,519,623		5,254,993		73,741,775		675,263		4,377,240
Multimanager Large Cap Core Equity Portfolio		11,828,243		7,280,422		979,927		17,389,427		112,164		1,243,684
Multimanager Large Cap Value Portfolio		32,214,874		18,358,716		2,670,837		43,801,606		584,601		4,698,670
Multimanager Mid Cap Growth Portfolio		1,978,990		3,568,648		318,005		4,997,559		—		430,549
Multimanager Mid Cap Value Portfolio		10,629,093		6,260,989		1,089,855		14,461,341		—		1,205,787
Multimanager Small Cap Value Portfolio		13,910,464		4,304,295		12,426,112		5,066,511		30,316		36,708

	$	814,207,630	$	561,813,615	$	194,922,622	$	1,159,793,948	$	33,680,240	$	42,759,713

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	561,813,615
Net Proceeds of Sales and Redemptions:
Investment Companies	$	203,181,677

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	20,970,060
Aggregate gross unrealized depreciation		(25,618,705	)

Net unrealized depreciation	$	(4,648,645	)

Federal income tax cost of investments	$	1,166,189,939

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		98,510,874	$	979,324,842
EQ/AllianceBernstein Value Portfolio‡		32,854,344		468,688,742
EQ/BlackRock Basic Value Equity Portfolio‡		55,865,121		875,037,477
EQ/BlackRock International Value Portfolio‡		13,768,367		221,997,464
EQ/Davis New York Venture Portfolio‡		5,230,911		58,207,628
EQ/Evergreen International Bond Portfolio‡		44,050,189		474,161,279
EQ/Franklin Small Cap Value Portfolio‡		5,613,430		55,219,432
EQ/GAMCO Small Company Value Portfolio‡		3,456,879		109,034,880
EQ/JPMorgan Core Bond Portfolio‡		14,934,117		161,259,098
EQ/Long Term Bond Portfolio‡		26,994,637		369,460,329
EQ/Marsico Focus Portfolio‡		32,345,328		572,641,425
EQ/Money Market Portfolio‡		22,250		22,250
EQ/PIMCO Real Return Portfolio‡		25,743,639		271,166,479
EQ/Short Duration Bond Portfolio‡		84,974,381		857,589,739
EQ/Van Kampen Emerging Markets Equity Portfolio‡		14,925,038		281,877,025
MarketPLUS International Core Portfolio‡		18,273,654		233,108,046
Multimanager Aggressive Equity Portfolio‡		11,061,923		355,150,517
Multimanager Core Bond Portfolio‡		94,486,123		981,102,384
Multimanager High Yield Portfolio‡		81,942,431		437,909,725
Multimanager International Equity Portfolio‡		38,892,987		637,174,887
Multimanager Large Cap Core Equity Portfolio‡		17,779,791		207,360,537
Multimanager Large Cap Value Portfolio‡		28,162,358		332,042,719
Multimanager Mid Cap Growth Portfolio‡		15,466,569		141,196,321
Multimanager Mid Cap Value Portfolio‡		22,831,024		209,809,611
Multimanager Small Cap Value Portfolio‡		12,138,616		136,332,306

Total Investment Companies (99.9%) (Cost $9,159,544,096)				9,426,875,142


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
3.51%, 1/2/08 (Amortized Cost $6,039,185)	$	6,039,185		6,039,185

Total Investments (100.0%) (Cost/Amortized Cost $9,165,583,281)				9,432,914,327
Other Assets Less Liabilities (0.0%)				366,833

Net Assets (100%)			$	9,433,281,160

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

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

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain/ (Loss)
EQ/AllianceBernstein Large Cap Growth Portfolio	$	74,637,582	$	—	$	56,545,188	$	—	$	—	$	19,525,667
EQ/AllianceBernstein Quality Bond Portfolio		1,050,743,242		87,758,379		155,605,097		979,324,842		51,087,698		1,092,462
EQ/AllianceBernstein Value Portfolio		455,730,614		86,851,492		8,481,893		468,688,742		7,930,978		35,890,862
EQ/BlackRock Basic Value Equity Portfolio		811,733,864		165,563,181		23,220,284		875,037,477		12,077,004		76,679,835
EQ/BlackRock International Value Portfolio		182,206,994		49,008,490		2,381,753		221,997,464		4,622,392		22,047,545
EQ/Davis New York Venture Portfolio		—		60,832,973		870,864		58,207,628		386,129		153,001
EQ/Evergreen International Bond Portfolio		226,029,580		224,927,933		2,012,292		474,161,279		11,309,924		368,669
EQ/Franklin Small Cap Value Portfolio		103,123		65,433,876		795,672		55,219,432		359,342		197,507
EQ/GAMCO Small Company Value Portfolio		—		114,935,099		485,714		109,034,880		662,135		3,388,374
EQ/JPMorgan Core Bond Portfolio		—		169,193,022		4,064,578		161,259,098		7,305,466		67,307
EQ/Long Term Bond Portfolio		239,591,218		123,197,075		3,215,103		369,460,329		14,764,438		(97,289	)
EQ/Marsico Focus Portfolio		463,298,726		106,561,423		12,697,120		572,641,425		2,383,904		50,202,778
EQ/Money Market Portfolio		21,192		1,057		—		22,250		1,057		—
EQ/PIMCO Real Return Portfolio		—		265,205,243		1,648,603		271,166,479		6,351,433		2,096,089
EQ/Short Duration Bond Portfolio		816,481,232		156,495,831		122,912,536		857,589,739		35,894,255		1,667,189
EQ/Small Company Index Portfolio		62,621,034		9,002,525		70,546,776		—		—		4,055,206
EQ/Van Kampen Emerging Markets Equity Portfolio		223,855,451		75,772,351		45,615,298		281,877,025		—		51,369,513
MarketPLUS International Core Portfolio		182,967,416		68,928,467		2,357,208		233,108,046		1,472,450		44,561,246
Multimanager Aggressive Equity Portfolio		300,374,133		36,682,497		10,913,785		355,150,517		355,218		6,344,236
Multimanager Core Bond Portfolio		917,014,241		131,389,944		85,315,048		981,102,384		43,665,161		(1,520,122	)
Multimanager High Yield Portfolio		386,680,704		73,955,509		1,801,144		437,909,725		34,083,903		138,372
Multimanager International Equity Portfolio		517,933,957		99,196,902		6,413,519		637,174,887		5,885,636		36,286,474
Multimanager Large Cap Core Equity Portfolio		177,296,749		36,910,107		902,544		207,360,537		1,357,847		13,801,039
Multimanager Large Cap Value Portfolio		292,553,572		72,311,790		5,060,068		332,042,719		4,464,468		34,527,220
Multimanager Mid Cap Growth Portfolio		154,239,777		29,907,141		36,586,820		141,196,321		—		21,981,550
Multimanager Mid Cap Value Portfolio		223,357,862		23,953,408		21,330,328		209,809,611		—		17,091,536
Multimanager Small Cap Value Portfolio		212,983,113		46,348,773		85,674,159		136,332,306		880,033		15,395,233

	$	7,972,455,376	$	2,380,324,488	$	767,453,394	$	9,426,875,142	$	247,300,871	$	457,311,499

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	2,380,324,488
Net Proceeds of Sales and Redemptions:
Investment Companies	$	828,699,363

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	404,777,733
Aggregate gross unrealized depreciation		(142,324,155	)

Net unrealized appreciation	$	262,453,578

Federal income tax cost of investments	$	9,170,460,749

The Portfolio has a net capital loss carryforward of $98,248 which expires in the year 2008.

The Portfolio utilized capital loss carryforward of $55,067,057 during 2007.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		25,298,299	$	251,497,643
EQ/AllianceBernstein Value Portfolio‡		58,221,456		830,567,206
EQ/BlackRock Basic Value Equity Portfolio‡		72,687,084		1,138,526,534
EQ/BlackRock International Value Portfolio‡		36,626,824		590,561,118
EQ/Davis New York Venture Portfolio‡		9,634,115		107,204,829
EQ/Franklin Small Cap Value Portfolio‡		9,785,515		96,260,327
EQ/GAMCO Small Company Value Portfolio‡		4,093,206		129,105,532
EQ/JPMorgan Core Bond Portfolio‡		22,677,309		244,870,339
EQ/Long Term Bond Portfolio‡		36,640,194		501,473,616
EQ/Marsico Focus Portfolio‡		49,452,747		875,511,044
EQ/PIMCO Real Return Portfolio‡		25,497,595		268,574,814
EQ/Short Duration Bond Portfolio‡		81,234,239		819,842,982
EQ/Small Company Index Portfolio‡		6,085,755		70,630,706
EQ/Van Kampen Emerging Markets Equity Portfolio‡		26,517,731		500,818,775
MarketPLUS International Core Portfolio‡		26,483,875		337,841,820
Multimanager Aggressive Equity Portfolio‡		17,978,217		577,202,793
Multimanager Core Bond Portfolio‡		80,162,007		832,367,061
Multimanager International Equity Portfolio‡		62,965,838		1,031,554,889
Multimanager Large Cap Core Equity Portfolio‡		36,784,390		429,005,647
Multimanager Large Cap Value Portfolio‡		47,105,204		555,384,606
Multimanager Mid Cap Growth Portfolio‡		10,267,569		93,733,972
Multimanager Mid Cap Value Portfolio‡		24,526,551		225,390,950
Multimanager Small Cap Value Portfolio‡		30,282,135		340,107,411

Total Investment Companies (99.9%) (Cost $10,813,239,317)				10,848,034,614


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
3.51%, 1/2/08 (Amortized Cost $10,827,397)	$	10,827,397		10,827,397

Total Investments (100.0%) (Cost/Amortized Cost $10,824,066,714)				10,858,862,011
Other Assets Less Liabilities (0.0%)				5,086,337

Net Assets (100%)			$	10,863,948,348

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

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

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Large Cap Growth Portfolio	$	20,144,444	$	—	$	16,179,190	$	—	$	—	$	4,577,790
EQ/AllianceBernstein Quality Bond Portfolio		235,596,909		99,744,429		83,919,697		251,497,643		13,225,470		(771,367	)
EQ/AllianceBernstein Value Portfolio		612,012,618		348,795,558		12,514,593		830,567,206		13,929,230		61,600,465
EQ/BlackRock Basic Value Equity Portfolio		758,250,361		487,804,011		4,100,186		1,138,526,534		15,536,519		88,376,952
EQ/BlackRock International Value Portfolio		312,007,787		319,182,140		8,593,322		590,561,118		12,164,900		59,880,098
EQ/Davis New York Venture Portfolio		—		109,896,467		13,016		107,204,829		702,255		304,662
EQ/Franklin Small Cap Value Portfolio		325,480		110,227,656		49,862		96,260,327		615,470		306,803
EQ/GAMCO Small Company Value Portfolio		—		136,418,868		—		129,105,532		827,743		4,211,546
EQ/JPMorgan Core Bond Portfolio		—		251,452,958		20,465		244,870,339		10,915,387		117
EQ/Long Term Bond Portfolio		267,290,086		221,969,684		198,395		501,473,616		19,878,001		(14,752	)
EQ/Marsico Focus Portfolio		600,809,019		371,608,342		93,371,019		875,511,044		3,595,587		92,700,602
EQ/PIMCO Real Return Portfolio		—		261,352,727		5,106		268,574,814		6,231,405		2,016,211
EQ/Short Duration Bond Portfolio		561,238,591		277,891,386		23,148,358		819,842,982		34,048,578		239,833
EQ/Small Company Index Portfolio		183,680,450		38,393,096		138,947,434		70,630,706		1,182,894		12,265,503
EQ/Van Kampen Emerging Markets Equity Portfolio		273,852,666		214,615,664		19,105,124		500,818,775		—		95,792,670
MarketPLUS International Core Portfolio		196,080,028		170,760,854		78,362		337,841,820		2,101,738		63,414,304
Multimanager Aggressive Equity Portfolio		378,734,859		215,528,392		48,969,072		577,202,793		566,630		15,911,986
Multimanager Core Bond Portfolio		666,239,477		203,860,450		53,439,951		832,367,061		34,599,008		(1,027,768	)
Multimanager International Equity Portfolio		567,369,872		450,515,985		7,358,295		1,031,554,889		9,446,545		60,058,141
Multimanager Large Cap Core Equity Portfolio		278,905,160		182,250,355		13,893,443		429,005,647		2,774,883		29,820,698
Multimanager Large Cap Value Portfolio		417,136,578		278,140,789		79,233,543		555,384,606		7,405,693		70,824,086
Multimanager Mid Cap Growth Portfolio		40,332,155		56,350,166		21,468		93,733,972		—		8,377,731
Multimanager Mid Cap Value Portfolio		95,158,914		159,696,035		72,892		225,390,950		—		19,101,724
Multimanager Small Cap Value Portfolio		230,822,766		180,044,084		172,899		340,107,411		2,044,884		29,681,850

	$	6,695,988,220	$	5,146,500,096	$	603,405,692	$	10,848,034,614	$	191,792,820	$	717,649,885

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	5,146,500,096
Net Proceeds of Sales and Redemptions:
Investment Companies	$	695,053,765

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	344,117,829
Aggregate gross unrealized depreciation		(311,951,769	)

Net unrealized appreciation	$	32,166,060

Federal income tax cost of investments	$	10,826,695,951

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		3,766,173	$	37,440,602
EQ/AllianceBernstein Value Portfolio‡		22,724,080		324,173,884
EQ/BlackRock Basic Value Equity Portfolio‡		23,816,696		373,050,328
EQ/BlackRock International Value Portfolio‡		18,867,597		304,216,093
EQ/Davis New York Venture Portfolio‡		5,051,391		56,209,996
EQ/Franklin Small Cap Value Portfolio‡		6,277,815		61,755,001
EQ/GAMCO Small Company Value Portfolio‡		2,333,137		73,590,462
EQ/JPMorgan Core Bond Portfolio‡		3,186,781		34,410,967
EQ/Marsico Focus Portfolio‡		20,201,637		357,649,623
EQ/PIMCO Real Return Portfolio‡		3,494,262		36,806,250
EQ/Van Kampen Emerging Markets Equity Portfolio‡		7,507,583		141,789,592
MarketPLUS International Core Portfolio‡		6,270,017		79,983,535
Multimanager Aggressive Equity Portfolio‡		6,718,451		215,700,402
Multimanager Core Bond Portfolio‡		7,248,057		75,260,643
Multimanager International Equity Portfolio‡		22,023,112		360,799,589
Multimanager Large Cap Core Equity Portfolio‡		12,903,772		150,492,947
Multimanager Large Cap Value Portfolio‡		20,025,288		236,104,203
Multimanager Mid Cap Growth Portfolio‡		3,564,382		32,539,706
Multimanager Mid Cap Value Portfolio‡		4,890,936		44,946,093
Multimanager Small Cap Value Portfolio‡		11,535,621		129,559,890

Total Investment Companies (99.7%) (Cost $3,181,442,117)				3,126,479,806


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.2%)
JPMorgan Chase Nassau
3.51%, 1/2/08 (Amortized Cost $5,244,662)	$	5,244,662		5,244,662

Total Investments (99.9%) (Cost/Amortized Cost $3,186,686,779)				3,131,724,468
Other Assets Less Liabilities (0.1%)				4,630,166

Net Assets (100%)			$	3,136,354,634

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

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

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Large Cap Growth Portfolio	$	7,972,453	$	—	$	6,413,722	$	—	$	—	$	1,770,322
EQ/AllianceBernstein Quality Bond Portfolio		24,420,960		13,542,671		148,541		37,440,602		1,885,985		(9,142	)
EQ/AllianceBernstein Value Portfolio		198,877,346		172,920,909		1,424,660		324,173,884		5,446,359		23,039,637
EQ/BlackRock Basic Value Equity Portfolio		210,665,931		200,134,075		2,016,671		373,050,328		5,103,799		28,809,788
EQ/BlackRock International Value Portfolio		136,589,869		186,093,388		1,342,295		304,216,093		6,286,859		29,938,960
EQ/Davis New York Venture Portfolio		—		58,131,432		272,896		56,209,996		373,594		152,253
EQ/Franklin Small Cap Value Portfolio		103,100		71,581,957		450,720		61,755,001		400,352		163,512
EQ/GAMCO Small Company Value Portfolio		—		79,272,235		641,244		73,590,462		485,909		2,455,006
EQ/JPMorgan Core Bond Portfolio		—		35,778,342		436,308		34,410,967		1,562,101		426
EQ/Marsico Focus Portfolio		203,806,964		193,773,766		35,280,450		357,649,623		1,476,089		37,027,666
EQ/PIMCO Real Return Portfolio		—		35,200,272		126,528		36,806,250		952,935		313,153
EQ/Small Company Index Portfolio		70,792,182		21,053,985		90,567,877		—		—		4,546,979
EQ/Van Kampen Emerging Markets Equity Portfolio		75,610,222		84,814,695		18,126,843		141,789,592		—		43,112,658
MarketPLUS International Core Portfolio		32,926,695		56,443,970		321,673		79,983,535		494,493		15,086,457
Multimanager Aggressive Equity Portfolio		122,559,548		106,112,242		22,040,915		215,700,402		213,415		5,966,489
Multimanager Core Bond Portfolio		72,328,612		21,137,961		19,966,193		75,260,643		3,263,406		(728,275	)
Multimanager International Equity Portfolio		163,240,163		193,379,927		1,224,141		360,799,589		3,305,818		20,026,874
Multimanager Large Cap Core Equity Portfolio		81,800,121		81,592,396		5,396,176		150,492,947		973,472		10,370,435
Multimanager Large Cap Value Portfolio		129,731,044		130,510,474		1,241,582		236,104,203		3,155,213		23,325,532
Multimanager Mid Cap Growth Portfolio		7,757,669		27,000,958		245,509		32,539,706		—		2,813,199
Multimanager Mid Cap Value Portfolio		20,475,485		29,834,986		315,241		44,946,093		—		3,683,913
Multimanager Small Cap Value Portfolio		85,355,835		71,103,217		510,128		129,559,890		778,414		11,131,630

	$	1,645,014,199	$	1,869,413,858	$	208,510,313	$	3,126,479,806	$	36,158,213	$	262,997,472

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	1,869,413,858
Net Proceeds of Sales and Redemptions:
Investment Companies	$	250,441,243

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	77,059,740
Aggregate gross unrealized depreciation		(132,566,538	)

Net unrealized depreciation	$	(55,506,798	)

Federal income tax cost of investments	$	3,187,231,266

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.9%)
*Auto Components (0.3%)*
Continental AG	53,316	$	6,936,831

*Automobiles (0.6%)*
Toyota Motor Corp. (ADR)	163,348		17,342,657

*Diversified Consumer Services (0.2%)*
Apollo Global Management LLC, Class A*	300,000		6,525,000

*Hotels, Restaurants & Leisure (4.6%)*
Ctrip.com International Ltd. (ADR)	60,500		3,476,935
Las Vegas Sands Corp.*^	278,409		28,690,047
McDonald’s Corp.	638,954		37,640,780
Melco PBL Entertainment Macau Ltd. (ADR)*^	1,119,400		12,940,264
MGM MIRAGE*	189,434		15,916,245
Wynn Resorts Ltd.^	300,704		33,717,940

			132,382,211

*Internet & Catalog Retail (2.5%)*
Amazon.com, Inc.*	486,800		45,097,152
Audible, Inc.*^	918,720		8,194,982
Expedia, Inc.*^	474,900		15,016,338
Liberty Media Corp., Interactive, Class A*	240,000		4,579,200

			72,887,672

*Media (3.9%)*
Cablevision Systems Corp. - New York Group, Class A*^	583,700		14,300,650
CBS Corp., Class B	59,600		1,624,100
Comcast Corp., Class A*	117,900		2,152,854
Comcast Corp., Special Class A*	1,021,674		18,512,733
Liberty Global, Inc., Class A*^	38,500		1,508,815
Liberty Media Corp., Capital Series, Class A*	57,000		6,639,930
Sirius Satellite Radio, Inc.*^	1,441,400		4,367,442
Time Warner, Inc.	1,272,300		21,005,673
Viacom, Inc., Class B*	58,500		2,569,320
Walt Disney Co.	370,400		11,956,512
XM Satellite Radio Holdings, Inc., Class A*^	2,334,100		28,569,384

			113,207,413

*Specialty Retail (0.8%)*
Lowe’s Cos., Inc.	747,463		16,907,613
Ulta Salon Cosmetics & Fragrance, Inc.*^	332,600		5,704,090

			22,611,703

Total Consumer Discretionary			371,893,487

Consumer Staples (1.5%)
*Food & Staples Retailing (0.7%)*
CVS Caremark Corp.	541,547		21,526,493

*Food Products (0.8%)*
Cadbury Schweppes plc (ADR)^	161,500		7,973,255
Kraft Foods, Inc., Class A	439,900		14,353,937

			22,327,192

Total Consumer Staples			43,853,685

Energy (9.5%)
*Energy Equipment & Services (5.0%)*
Grant Prideco, Inc.*	480,600		26,678,106
Schlumberger Ltd.	256,298		25,212,034
Transocean, Inc.	216,726		31,024,327
Weatherford International Ltd.*	880,100		60,374,860

			143,289,327

*Oil, Gas & Consumable Fuels (4.5%)*
Anadarko Petroleum Corp.	1,267,300		83,248,937
Denbury Resources, Inc.*	256,200		7,621,950
El Paso Corp.	75,430		1,300,414
Petroleo Brasileiro S.A. (ADR)^	229,409		26,437,093
USEC, Inc.*^	1,276,400		11,487,600

			130,095,994

Total Energy			273,385,321

Financials (9.2%)
*Capital Markets (3.5%)*
Goldman Sachs Group, Inc.	141,738		30,480,757
Lehman Brothers Holdings, Inc.^	475,000		31,084,000
Merrill Lynch & Co., Inc.	425,423		22,836,707
TD Ameritrade Holding Corp.*	782,672		15,700,400

			100,101,864

*Commercial Banks (1.0%)*
Industrial & Commercial Bank of China Ltd., Class H	40,922,000		29,389,694

*Diversified Financial Services (3.3%)*
CIT Group, Inc.	60,000		1,441,800
CME Group, Inc.	20,730		14,220,780
Interactive Brokers Group, Inc.*	347,300		11,224,736
IntercontinentalExchange, Inc.*	123,110		23,698,675
MarketAxess Holdings, Inc.*^	498,620		6,397,295
NASDAQ Stock Market, Inc.*	793,837		39,286,993

			96,270,279

*Insurance (0.6%)*
American International Group, Inc.	292,400		17,046,920

*Real Estate Investment Trusts (REITs) (0.6%)*
ProLogis (REIT)	248,504		15,750,183

*Real Estate Management & Development (0.2%)*
Move, Inc.*	2,709,140		6,637,393

Total Financials			265,196,333

Health Care (16.9%)
*Biotechnology (8.2%)*
Alnylam Pharmaceuticals, Inc.*^	400,225		11,638,543
Amgen, Inc.*	506,800		23,535,792
Applera Corp.- Celera Group*	797,691		12,659,356
Biogen Idec, Inc.*	671,200		38,204,704
Celgene Corp.*^	198,600		9,177,306
Cepheid, Inc.*^	1,229,768		32,404,387
Combinatorx, Inc.*^	719,215		3,193,315
Genentech, Inc.*	383,297		25,707,730
Genzyme Corp.*	530,000		39,453,200
ImClone Systems, Inc.*^	252,100		10,840,300
Memory Pharmaceuticals Corp.*^	1,289,200		734,844
Millennium Pharmaceuticals, Inc.*^	351,300		5,262,474
Myriad Genetics, Inc.*^	160,600		7,455,052
Sangamo BioSciences, Inc.*^	502,700		6,580,343
Senomyx, Inc.*^	771,050		5,775,164
Vertex Pharmaceuticals, Inc.*	119,000		2,764,370

			235,386,880

*Health Care Equipment & Supplies (1.8%)*
Covidien Ltd.	266,950		11,823,215
Given Imaging Ltd.*^	685,548		15,938,991
Hologic, Inc.*^	223,900		15,368,496
Insulet Corp.*^	415,200		9,748,896

			52,879,598

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Health Care Providers & Services (3.6%)*
UnitedHealth Group, Inc.	1,767,149	$	102,848,072

*Life Sciences Tools & Services (0.6%)*
Compugen Ltd.*^	1,328,450		2,125,520
Illumina, Inc.*^	142,100		8,420,846
Qiagen N.V.*^	387,200		8,150,560

			18,696,926

*Pharmaceuticals (2.7%)*
Alexza Pharmaceuticals, Inc.*^	1,105,440		8,943,009
BioMimetic Therapeutics, Inc.*^	105,465		1,831,927
Forest Laboratories, Inc.*	615,600		22,438,620
Johnson & Johnson	139,700		9,317,990
King Pharmaceuticals, Inc.*	316,500		3,240,960
Merck & Co., Inc.	477,715		27,760,019
Teva Pharmaceutical Industries Ltd. (ADR)^	40,100		1,863,848
Valeant Pharmaceuticals International*^	250,600		2,999,682

			78,396,055

Total Health Care			488,207,531

Industrials (12.3%)
*Aerospace & Defense (2.1%)*
General Dynamics Corp.	167,791		14,931,721
L-3 Communications Holdings, Inc.	212,600		22,522,844
Lockheed Martin Corp.	231,594		24,377,585

			61,832,150

*Air Freight & Logistics (0.6%)*
FedEx Corp.^	187,300		16,701,541

*Airlines (0.7%)*
Continental Airlines, Inc., Class B*	520,450		11,580,013
Delta Air Lines, Inc.*	657,000		9,782,730

			21,362,743

*Construction & Engineering (4.0%)*
Fluor Corp.	201,500		29,362,580
Foster Wheeler Ltd.*	165,700		25,686,814
Quanta Services, Inc.*^	1,209,900		31,747,776
Shaw Group, Inc.*^	461,489		27,892,395

			114,689,565

*Electrical Equipment (2.0%)*
Baldor Electric Co.^	275,200		9,263,232
General Cable Corp.*^	233,700		17,125,536
Thomas & Betts Corp.*	434,700		21,317,688
Vestas Wind Systems A/S*	80,400		8,702,032

			56,408,488

*Industrial Conglomerates (1.3%)*
General Electric Co.	731,800		27,127,826
Tyco International Ltd.	266,950		10,584,567

			37,712,393

*Machinery (1.0%)*
Caterpillar, Inc.	215,700		15,651,192
Flowserve Corp.	67,330		6,477,146
Pall Corp.	176,700		7,124,544

			29,252,882

*Road & Rail (0.6%)*
Union Pacific Corp.	133,855		16,814,865

Total Industrials			354,774,627

Information Technology (29.8%)
*Communications Equipment (6.6%)*
Arris Group, Inc.*^	86,369		861,963
Ciena Corp.*	207,420		7,075,096
Cisco Systems, Inc.*	585,300		15,844,071
Infinera Corp.*^	347,500		5,156,900
JDS Uniphase Corp.*^	1,837,087		24,433,257
Juniper Networks, Inc.*	600,813		19,946,992
Motorola, Inc.	597,600		9,585,504
Nokia Oyj (ADR)	1,560,200		59,896,078
Qualcomm, Inc.	1,227,800		48,313,930

			191,113,791

*Computers & Peripherals (3.4%)*
Apple, Inc.*	169,807		33,635,371
Hewlett-Packard Co.	284,790		14,376,199
Network Appliance, Inc.*	766,800		19,139,328
SanDisk Corp.*	702,700		23,308,559
Seagate Technology	268,700		6,851,850

			97,311,307

*Electronic Equipment & Instruments (1.4%)*
5N Plus, Inc.*	1,043,500		8,416,090
A-Max Holdings Ltd.*	299,525,000		4,033,412
Itron, Inc.*^	189,230		18,160,403
Tyco Electronics Ltd.	266,950		9,911,853

			40,521,758

*Internet Software & Services (5.2%)*
eBay, Inc.*	1,127,000		37,405,130
Google, Inc., Class A*	80,282		55,513,397
Yahoo!, Inc.*	2,487,000		57,847,620

			150,766,147

*IT Services (0.2%)*
VeriFone Holdings, Inc.*^	255,100		5,931,075

*Semiconductors & Semiconductor Equipment (6.6%)*
Advanced Micro Devices, Inc.*	3,072,796		23,045,970
Broadcom Corp., Class A*	323,700		8,461,518
Cirrus Logic, Inc.*^	201,100		1,061,808
DSP Group, Inc.*^	78,700		960,140
Intel Corp.	1,008,097		26,875,866
International Rectifier Corp.*	430,380		14,620,009
KLA-Tencor Corp.	314,738		15,157,782
Lam Research Corp.*	523,065		22,612,100
MEMC Electronic Materials, Inc.*	76,200		6,742,938
Micron Technology, Inc.*	1,017,900		7,379,775
Netlogic Microsystems, Inc.*^	663,737		21,372,331
RF Micro Devices, Inc.*^	226,700		1,294,457
Silicon Laboratories, Inc.*	282,123		10,559,864
Teradyne, Inc.*	188,200		1,945,988
Texas Instruments, Inc.	817,400		27,301,160

			189,391,706

*Software (6.4%)*
Activision, Inc.*	318,900		9,471,330
Autodesk, Inc.*	143,100		7,120,656
Electronic Arts, Inc.*	493,900		28,848,699
Microsoft Corp.	842,919		30,007,916
Nuance Communications, Inc.*^	608,660		11,369,769
Red Hat, Inc.*^	2,101,320		43,791,509
Salesforce.com, Inc.*	291,065		18,246,865
Shanda Interactive Entertainment Ltd. (ADR)*^	397,046		13,237,513
THQ, Inc.*^	457,600		12,899,744
VMware, Inc., Class A*^	111,800		9,501,882

			184,495,883

Total Information Technology			859,531,667

Materials (1.6%)
*Chemicals (1.6%)*
Air Products & Chemicals, Inc.	108,099		10,661,804
Monsanto Co.	305,278		34,096,500

Total Materials			44,758,304

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Telecommunication Services (0.9%)
*Diversified Telecommunication Services (0.9%)*
AT&T, Inc.		652,230	$	27,106,679

Utilities (1.1%)
*Electric Utilities (0.3%)*
ITC Holdings Corp.^		145,900		8,231,678

*Independent Power Producers & Energy Traders (0.3%)*
AES Corp.*		337,170		7,212,066

*Multi-Utilities (0.5%)*
Veolia Environnement		160,800		14,681,848

Total Utilities				30,125,592

Total Common Stocks (95.7%) (Cost $2,515,565,179)				2,758,833,226


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


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (2.6%)
Federal Home Loan Bank
3.25%, 1/2/08 (o)(p)	$	76,105,000		76,093,158

Short-Term Investments of Cash Collateral for Securities Loaned (13.5%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08		10,156,658		10,156,658
Banco Comercial Portugues S.A.
5.42%, 1/2/08		12,695,822		12,695,822
5.40%, 1/4/08		5,078,329		5,078,329
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		5,078,329		5,078,329
Banco Espirito Santo S.A.
4.94%, 1/15/08		15,234,987		15,234,987
5.30%, 1/18/08		3,385,553		3,385,553
Barclays plc/Seoul
5.27%, 1/22/08		4,231,941		4,231,941
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		3,724,108		3,724,108
Beta Finance, Inc.
4.37%, 1/31/08 (l)		677,111		677,111
4.37%, 3/10/08 (l)		1,692,696		1,692,696
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		4,231,941		4,231,941
4.94%, 1/31/08		16,927,763		16,927,763
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		8,125,326		8,125,326
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		5,078,329		5,078,329
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		3,964,144		3,964,144
Comerica Bank
5.05%, 3/16/09 (l)		1,692,649		1,692,649
Credit Industriel et Commercial S.A./London
5.26%, 1/16/08		8,463,881		8,463,881
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		74,996,078		74,996,078
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		4,401,218		4,401,218
Depfa Bank plc
4.87%, 1/7/08		6,713,944		6,713,944
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)		1,692,776		1,692,776
Fifth Third Bancorp
4.91%, 8/22/08 (l)		507,828		507,828
First Tennessee Bank
5.06%, 8/15/08 (l)		15,234,335		15,234,335
General Electric Capital Corp.
4.40%, 3/12/10 (l)		677,111		677,111
Glitnir banki hf
5.09%, 1/15/08 (l)		8,463,881		8,463,881
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		3,385,553		3,385,553
4.41%, 3/27/09 (l)		4,739,774		4,739,774
Hartford Life, Inc.
5.36%, 12/31/08 (l)		1,354,221		1,354,221
HBOS Treasury Services plc
5.20%, 3/11/08		2,539,164		2,539,164
ING Bank N.V./Amsterdam
4.87%, 1/7/08		8,463,881		8,463,881
IXIS Corporate & Investment Bank
4.91%, 2/15/08		4,231,941		4,231,941
K2 (USA) LLC
4.37%, 5/29/09 (l)		6,768,316		6,768,316
4.37%, 6/18/09 (l)		8,460,078		8,460,078
KBC Groep N.V./London
5.08%, 1/22/08		2,539,164		2,539,164
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		10,156,459		10,156,459
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		4,231,941		4,231,941
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		592,472		592,472
5.08%, 8/21/09 (l)		4,231,892		4,231,892
Links Finance LLC
4.37%, 6/25/09 (l)		2,538,214		2,538,214
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		4,231,941		4,231,941
Monumental Global Funding II
4.36%, 4/25/08 (l)		4,062,663		4,062,663
4.43%, 5/26/10 (l)		7,956,049		7,956,049
Morgan Stanley
5.40%, 2/9/09 (l)		13,141,572		13,141,572
4.65%, 5/7/09 (l)		8,463,881		8,463,881
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		5,078,329		5,078,329
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		12,695,822		12,695,822
Pricoa Global Funding I
4.40%, 6/25/10 (l)		5,077,060		5,077,060
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		8,463,881		8,463,881
Rheingold Securitization Ltd.
5.35%, 1/7/08		4,128,851		4,128,851
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		8,463,881		8,463,881
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		16,927,763		16,927,763
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		1,692,776		1,692,776

Total Short-Term Investments of Cash Collateral for Securities Loaned				387,744,277

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
Time Deposit (1.5%)
JPMorgan Chase Nassau
3.51%, 1/2/08	$	42,552,579	$	42,552,579

Total Short-Term Investments (17.6%) (Cost/Amortized Cost $506,395,935)				506,390,014

Total Investments (113.3%) (Cost/Amortized Cost $3,021,961,114)				3,265,223,240
Other Assets Less Liabilities (-13.3%)				(382,537,493	)

Net Assets (100%)			$	2,882,685,747

*	Non-income producing.

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

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

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

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

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,300,409,416
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	2,363,429,771

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	446,636,704
Aggregate gross unrealized depreciation		(245,693,134	)

Net unrealized appreciation	$	200,943,570

Federal income tax cost of investments	$	3,064,279,670

At December 31, 2007, the Portfolio had loaned securities with a total value of $375,533,372. This was secured by collateral of $387,744,277 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $10,060 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $264,810,117 of which $197,606,776 expires in the year 2010, and $67,203,341 expires in the year 2011.

The Portfolio utilized capital loss carryforward of $301,783,856 during 2007.

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (20.4%)
*Asset-Backed Securities (4.1%)*
ACE Securities Corp.,
Series 06-HE1 A2A
4.945%, 2/25/36 (b)(l)	$	819,216	$	815,879
Series 06-HE3 A2A
4.915%, 6/25/36 (b)(l)		2,542,279		2,520,623
Aegis Asset Backed Securities Trust,
Series 06-1 A1
4.945%, 1/25/37 (b)(l)		5,815,899		5,662,781
Ameriquest Mortgage Securities, Inc.,
Series 04-R11 A1
5.168%, 11/25/34 †(b)(l)		3,166,159		2,849,543
Amortizing Residential Collateral Trust,
Series 02-BC3M A
5.135%, 6/25/32 (b)(l)		36,380		33,941
Series 02-BC4 A
5.155%, 7/25/32 (b)(l)		8,882		8,675
Asset Backed Funding Certificates,
Series 06-OPT3 A3A
4.925%, 11/25/36 (b)(l)		5,970,327		5,783,219
Bear Stearns Asset Backed Securities Trust,
Series 02-2 A1
5.195%, 10/25/32 (b)(l)		24,690		24,141
Series 03-2 A2
5.315%, 3/25/43 (b)(l)		108,161		107,444
Series 06-HE1 1A1
4.955%, 12/25/35 (b)(l)		658,702		655,666
Carrington Mortgage Loan Trust,
Series 06-RFC1 A1
4.905%, 5/25/36 (b)(l)		1,666,548		1,651,911
Cendant Mortgage Corp.,
Series 03-A A1
5.989%, 7/25/43 §(b)(l)		95,496		94,771
Chase Issuance Trust,
Series 07-A17 A
5.120%, 10/15/14		9,100,000		9,320,093
Chase Manhattan Auto Owner Trust,
Series 05-A A3
3.870%, 6/15/09		2,651,582		2,641,811
Citibank Credit Card Issuance Trust,
Series 03-A6 A6
2.900%, 5/17/10		2,475,000		2,458,221
Countrywide Asset-Backed Certificates,
Series 06-19 2A1
4.925%, 3/25/37 (b)(l)		5,884,000		5,725,313
CS First Boston Mortgage Securities Corp.,
Series 01-HE17 A1
5.485%, 1/25/32 (b)(l)		30,851		30,492
Daimler Chrysler Auto Trust,
Series 06-B A3
5.330%, 8/8/10		6,359,364		6,379,722
Series 06-C A3
5.020%, 7/8/10		11,650,000		11,680,441
Series 06-D A4
4.940%, 2/8/12		9,900,000		9,968,563
Fieldstone Mortgage Investment Corp.,
Series 06-1 A1
4.945%, 5/25/36 (b)(l)		2,414,857		2,390,057
First Franklin Mortgage Loan Asset Backed Certificates,
Series 06-FF4 A1
4.935%, 3/25/36 (b)(l)		1,817,420		1,801,136
Ford Credit Auto Owner Trust,
Series 05-C A3
4.300%, 8/15/09		2,583,120		2,578,814
Series 06-B A3
5.260%, 10/15/10		12,250,000		12,304,955
GSAA Home Equity Trust,
Series 06-5 2A1
4.935%, 3/25/36 †(b)(l)		3,642,264		3,569,419
GSAMP Trust,
Series 02-NC1 A2
5.505%, 7/25/32 (l)		4,114		3,986
Home Equity Asset Trust,
Series 02-1 A4
5.465%, 11/25/32 (b)(l)		4,106		3,993
Honda Auto Receivables Owner Trust,
Series 05-6 A3
4.850%, 10/19/09		4,783,472		4,783,875
MBNA Credit Card Master Note Trust,
Series 03-A6 A6
2.750%, 10/15/10		2,250,000		2,233,807
Series 03-A7 A7
2.650%, 11/15/10		6,150,000		6,094,062
Nationstar Home Equity Loan Trust,
Series 06-B AV1
4.935%, 9/25/36 (b)(l)		2,652,423		2,623,899
Nissan Auto Receivables Owner Trust,
Series 06-B A3
5.160%, 2/15/10		8,167,437		8,183,647
Renaissance Home Equity Loan Trust,
Series 03-2 A
5.305%, 8/25/33 (b)(l)		41,397		40,775
Series 03-3 A
5.365%, 12/25/33 (b)(l)		273,397		259,592
Residential Asset Mortgage Products, Inc.,
Series 05-RZ4 A1
4.985%, 11/25/35 (b)(l)		1,146,802		1,143,509
Series 06-RS2 A1
4.945%, 3/25/36 (b)(l)		553,581		552,657
Salomon Brothers Mortgage Securities VII, Inc.,
Series 02-CIT1 A
5.165%, 3/25/32 (b)(l)		64,266		63,672
Saxon Asset Securities Trust,
Series 02-1 AV2
5.135%, 1/25/32 (b)(l)		16,104		16,058
Structured Asset Investment Loan Trust,
Series 06-1 A1
4.945%, 1/25/36 (b)(l)		793,549		790,651
Structured Asset Securities Corp.,
Series 02-HF1 A
5.155%, 1/25/33 (b)(l)		99,101		97,259
Series 03-AL2 A
3.357%, 1/25/31 §		777,122		711,316
Wells Fargo Home Equity Trust,
Series 05-2 AII2
5.105%, 10/25/35 §(b)(l)		522,957		513,720

				119,174,109

*Non-Agency CMO (16.3%)*
Banc of America Alternative Loan Trust,
Series 04-5 4A1
5.000%, 6/25/19		1,427,920		1,410,926
Series 04-6 4A1
5.000%, 7/25/19		1,398,763		1,358,378
Banc of America Commercial Mortgage, Inc.,
Series 00-1 A2A
7.333%, 11/15/31 (l)		6,310,000		6,522,443
Series 01-1 A2
6.503%, 4/15/36		4,241,617		4,425,239
Series 02-PB2 A2
5.676%, 6/11/35		3,338,105		3,342,825
Series 02-PB2 A4
6.186%, 6/11/35		5,320,000		5,577,783

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Banc of America Funding Corp.,
Series 06-A 1A1
4.621%, 2/20/36 (l)	$	2,017,798	$	2,008,033
Bear Stearns Adjustable Rate Mortgage Trust,
Series 05-10 A2
4.750%, 10/25/35 (l)		2,700,000		2,681,137
Series 07-4 22A1
6.007%, 6/25/47 (l)		2,501,690		2,467,655
Bear Stearns Alt-A Trust,
Series 06-6 31A1
5.811%, 11/25/36 (l)		4,671,008		4,605,099
Series 06-6 32A1
5.811%, 11/25/36 (l)		5,035,635		4,958,876
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 00-WF2 A2
7.320%, 10/15/32 (l)		2,890,000		3,052,813
Series 03-T12 A4
4.680%, 8/13/39 (l)		6,825,000		6,738,277
Bear Stearns Structured Products, Inc.,
Series 07-R7 A1
5.065%, 1/25/37 †§(l)		4,080,278		4,038,284
Chase Commercial Mortgage Securities Corp.,
Series 99-2 A2
7.198%, 1/15/32		503,104		522,865
Series 00-3 A2
7.319%, 10/15/32		2,255,000		2,376,693
Citigroup Commercial Mortgage Trust, Inc.,
Series 05-EMG A2
4.221%, 9/20/51 §		5,700,000		5,621,294
Series 07-C6 AM
5.700%, 12/10/49 (l)		3,575,000		3,584,473
Citigroup Mortgage Loan Trust, Inc.,
Series 05-4 A
5.345%, 8/25/35 (l)		25,753,208		25,000,578
Series 06-AR1 1A1
4.900%, 10/25/35 (l)		8,464,833		8,415,033
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 07-CD5 A4
5.886%, 11/15/44 (l)		3,525,000		3,624,871
Citimortgage Alternative Loan Trust,
Series 07-A8 A1
6.000%, 10/25/37		9,421,803		9,380,583
Commercial Mortgage Pass Through Certificates,
Series 00-C1 A2
7.416%, 8/15/33 (l)		5,669,989		5,916,361
Series 07-C9 A4
5.816%, 12/10/49 (l)		9,890,000		10,249,138
Countrywide Alternative Loan Trust,
Series 03-J3 2A1
6.250%, 12/25/33		263,531		265,112
Series 06-OC8 2A1A
4.955%, 11/25/36 (l)		6,673,861		6,531,006
Countrywide Home Loan Mortgage Pass Through Trust,
Series 03-R4 1A3
6.000%, 11/25/26 §		330,372		329,318
Series 03-R4 2A
6.500%, 1/25/34 §(l)		281,950		293,977
Series 07-16 A1
6.500%, 10/25/37		5,748,916		5,827,521
Credit Suisse Mortgage Capital Certificates,
Series 06-3 1A1A
4.955%, 4/25/36 (l)		1,992,190		1,987,963
Series 06-C5 A3
5.311%, 12/15/39		10,020,000		9,985,153
CS First Boston Mortgage Securities Corp.,
Series 98-C1 A1B
6.480%, 5/17/40		3,540,291		3,547,329
Series 98-C2 A2
6.300%, 11/15/30		913,575		918,911
Series 02-CKS4 A2
5.183%, 11/15/36		5,105,000		5,167,524
Series 02-CP3 A3
5.603%, 7/15/35		7,210,000		7,419,709
Series 02-CP5 A2
4.940%, 12/15/35		6,905,000		6,912,354
Series 02-P1A A
5.758%, 3/25/32 §(l)		25,271		24,370
Series 03-C3 A5
3.936%, 5/15/38		7,430,000		7,091,170
Series 05-C2 A4
4.832%, 4/15/37		4,760,000		4,577,778
CW Capital Cobalt Ltd.,
Series 07-C3 A4
5.820%, 5/15/46 (l)		5,185,000		5,369,102
DLJ Commercial Mortgage Corp.,
Series 98-CF1 A1B
6.410%, 2/18/31 (l)		43,228		43,140
Series 99-CG1 A1B
6.460%, 3/10/32		256,441		259,528
Series 99-CG2 A1B
7.300%, 6/10/32^ (l)		3,570,012		3,669,601
Series 00-CKP1 A1B
7.180%, 11/10/33		5,975,589		6,295,079
First Horizon Alternative Mortgage Securities Trust,
Series 06-FA2 1A5
6.000%, 5/25/36		8,239,906		8,278,522
First Republic Mortgage Loan Trust,
Series 01-FRB1 A
5.378%, 11/15/31 (l)		637,731		623,784
First Union National Bank Commercial Mortgage Trust,
Series 01-C4 A2
6.223%, 12/12/33		6,520,000		6,828,824
GE Capital Commercial Mortgage Corp.,
Series 02-3A A1
4.229%, 12/10/37		1,525,247		1,515,532
GMAC Commercial Mortgage Securities, Inc.,
Series 99-C2 A2
6.945%, 9/15/33		307,869		314,654
Series 99-C3 A2
7.179%, 8/15/36 (l)		2,644,803		2,726,130
Series 00-C1 A2
7.724%, 3/15/33 (l)		3,775,505		3,957,814
Series 00-C2 A2
7.455%, 8/16/33 (l)		3,055,178		3,221,235
Series 00-C3 A2
6.957%, 9/15/35		5,125,000		5,410,614
Series 02-C3 A2
4.930%, 7/10/39		6,925,000		6,943,009
Greenwich Capital Commercial Funding Corp.,
Series 04-GG1 A4
4.755%, 6/10/36		1,205,000		1,208,083
Series 07-GG9 A4
5.444%, 3/10/39		8,775,000		8,826,807
GS Mortgage Securities Corp. II,
Series 98-C1 A3
6.135%, 10/18/30		4,047,662		4,051,521
Series 06-GG8 A4
5.560%, 11/10/39		5,360,000		5,443,587

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
GSR Mortgage Loan Trust,
Series 04-9 4A1
4.056%, 8/25/34 (l)	$	6,028,258	$	5,921,005
Series 05-AR4 6A1
5.250%, 7/25/35 (l)		23,698,815		22,805,005
Series 05-AR6 2A1
4.539%, 9/25/35 (l)		2,242,749		2,222,953
Series 05-AR7 6A1
5.251%, 11/25/35 (l)		4,702,624		4,540,897
Heller Financial Commercial Mortgage Asset Corp.,
Series 99-PH1 A2
6.847%, 5/15/31 (l)		397,695		402,409
Homebanc Mortgage Trust,
Series 05-4 A1
5.135%, 10/25/35 (l)		3,305,435		3,233,006
Impac CMB Trust,
Series 03-8 2A1
5.683%, 10/25/33 (b)(l)		269,290		265,710
JPMorgan Chase Commercial Mortgage Securities Corp.,
Series 01-C1 A3
5.857%, 10/12/35		5,340,000		5,530,429
Series 01-CIB2 A3
6.429%, 4/15/35		1,295,000		1,360,882
Series 01-CIBC A3
6.260%, 3/15/33		5,094,384		5,284,502
Series 06-LDP9 A3
5.336%, 5/15/47		3,770,000		3,755,945
Series 07-LD11 A2
5.804%, 6/15/49 (l)		3,450,000		3,526,270
Series 07-LD12 A2
5.827%, 2/15/51		2,810,000		2,866,915
LB Commercial Conduit Mortgage Trust,
Series 98-C4 A1B
6.210%, 10/15/35		1,276,849		1,281,781
LB-UBS Commercial Mortgage Trust,
Series 02-C2 A4
5.594%, 6/15/31		6,949,000		7,184,944
Series 03-C7 A2
4.064%, 9/15/27 (l)		1,730,000		1,715,727
Series 04-C7 A1A
4.475%, 10/15/29		8,947,118		8,832,947
Series 06-C6 A4
5.372%, 9/15/39		3,295,000		3,306,351
Series 07-C7 A3
5.866%, 9/15/45 (l)		7,970,000		8,244,103
MASTR Alternative Loans Trust,
Series 04-4 1A1
5.500%, 5/25/34		2,845,406		2,678,860
Merrill Lynch Mortgage Investors, Inc.,
Series 03-A1 3A
4.910%, 12/25/32 (l)		521,678		521,762
Series 05-A10 A
5.075%, 2/25/36 (l)		2,450,783		2,358,586
Morgan Stanley Capital I,
Series 99-LIFE A2
7.110%, 4/15/33 (l)		6,266,215		6,444,915
Series 06-IQ12 A4
5.332%, 12/15/43		3,455,000		3,449,850
Series 07-HQ12 A2
5.633%, 4/12/49 (l)		1,250,000		1,269,787
Series 07-IQ15 A4
5.882%, 6/11/49 (l)		11,450,000		11,926,475
Series 07-IQ15 AM
5.882%, 6/11/49 (l)		5,075,000		5,154,192
Series 07-IQ16 A4
5.809%, 12/12/49		4,840,000		4,981,064
Series 07-T27 A4
5.651%, 6/13/42 (l)		3,910,000		4,011,835
Morgan Stanley Dean Witter Capital I,
Series 02-IQ2 A4
5.740%, 12/15/35		6,865,000		7,084,763
Nationslink Funding Corp.,
Series 98-2 A2
6.476%, 8/20/30		5,087,219		5,090,045
Residential Accredit Loans, Inc.,
Series 03-QR19 CB1
5.750%, 10/25/33		373,961		374,829
Series 06-QS2 1A9
5.500%, 2/25/36		7,139,200		7,104,307
Salomon Brothers Mortgage Securities VII, Inc.,
Series 01-C2 A3
6.499%, 10/13/11		8,650,000		9,092,266
Sequoia Mortgage Trust,
Series 03-4 2A1
5.299%, 7/20/33 (l)		250,921		244,773
Series 10 2A1
5.329%, 10/20/27 (l)		115,806		110,418
Structured Adjustable Rate Mortgage Loan Trust,
Series 05-19XS 1A1
5.185%, 10/25/35 (l)		2,311,121		2,188,444
Structured Asset Mortgage Investments, Inc.,
Series 02-AR3 A1
5.295%, 9/19/32 (l)		67,008		65,128
Series 05-AR5 A1
5.215%, 7/19/35 (l)		511,308		507,592
Series 05-AR5 A2
5.215%, 7/19/35 (l)		2,673,680		2,643,190
Series 06-AR3 12A1
5.085%, 5/25/36 (l)		2,092,349		1,972,440
Structured Asset Securities Corp.,
Series 03-2
5.680%, 1/21/09 (b)(l)		1,343,447		1,330,013
TIAA Retail Estate CDO Ltd.,
Series 01-C1A A4
6.680%, 6/19/31 §(l)		9,155,000		9,378,096
Wachovia Bank Commercial Mortgage Trust,
Series 05-C17 APB
5.037%, 3/15/42		5,110,000		5,080,971
Series 05-C20 A6A
5.110%, 7/15/42 (l)		7,640,000		7,575,687
Series 05-C22 A4
5.266%, 12/15/44 (l)		4,400,000		4,403,731
Series 07-C33 A4
5.903%, 2/15/51^ (l)		3,900,000		4,072,090
WaMu Mortgage Pass-Through Certificates,
Series 02-AR6 A
6.188%, 6/25/42 (l)		130,502		124,616
Series 02-AR9 1A
6.188%, 8/25/42 (l)		156,957		150,932
Series 03-R1 A1
5.405%, 12/25/27 (l)		1,343,643		1,284,300
Wells Fargo Mortgage Backed Securities Trust,
Series 04-K 1A2
4.476%, 7/25/34 (l)		5,460,252		5,387,117
Series 06-AR12 2A1
6.100%, 9/25/36 (l)		3,403,341		3,408,142

				477,498,415

Total Asset-Backed and Mortgage-Backed Securities				596,672,524

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Consumer Discretionary (0.8%)
*Automobiles (0.0%)*
Daimler Finance N.A. LLC
4.050%, 6/4/08	$	200,000	$	199,230

*Hotels, Restaurants & Leisure (0.0%)*
Caesars Entertainment, Inc.
7.500%, 9/1/09		500,000		531,226

*Media (0.8%)*
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		1,020,000		1,144,321
Comcast Cable Holdings LLC
7.875%, 8/1/13		130,000		142,467
7.125%, 2/15/28		360,000		374,296
Comcast Corp.
6.500%, 1/15/15		969,000		1,011,431
6.500%, 1/15/17		2,550,000		2,658,763
7.050%, 3/15/33		15,000		16,385
6.500%, 11/15/35		1,235,000		1,260,242
6.950%, 8/15/37		2,900,000		3,129,889
COX Communications, Inc.
7.125%, 10/1/12		115,000		122,644
Historic TW, Inc.
6.625%, 5/15/29		200,000		196,905
News America Holdings, Inc.
7.750%, 1/20/24		145,000		163,083
8.500%, 2/23/25		775,000		923,557
8.450%, 8/1/34		245,000		296,110
News America, Inc.
7.125%, 4/8/28		275,000		290,634
R.H. Donnelley Corp.,
Series A-3
8.875%, 1/15/16^		7,000,000		6,545,000
TCI Communications, Inc.
7.875%, 2/15/26		820,000		926,643
Time Warner Cable, Inc.
6.550%, 5/1/37^		2,350,000		2,398,636
Time Warner Cos., Inc.
7.570%, 2/1/24		10,000		10,845
Time Warner, Inc.
6.750%, 4/15/11		135,000		140,607
7.700%, 5/1/32		598,000		664,411
Turner Broadcasting System, Inc.
8.375%, 7/1/13		65,000		72,990

				22,489,859

Total Consumer Discretionary				23,220,315

Consumer Staples (0.7%)
*Food & Staples Retailing (0.0%)*
SUPERVALU, Inc.
7.500%, 11/15/14		700,000		717,500

*Food Products (0.3%)*
Kraft Foods, Inc.
6.500%, 8/11/17		4,340,000		4,489,930
6.125%, 2/1/18		3,500,000		3,526,757

				8,016,687

*Household Products (0.4%)*
Kimberly Clark Corp.
5.060%, 7/30/10 (l)		10,400,000		10,380,032

Total Consumer Staples				19,114,219

Energy (0.9%)
*Energy Equipment & Services (0.3%)*
Halliburton Co.
5.500%, 10/15/10		1,100,000		1,130,747
Transocean, Inc.
5.341%, 9/5/08 (l)		6,200,000		6,169,087
6.800%, 3/15/38		1,325,000		1,351,961

				8,651,795

*Oil, Gas & Consumable Fuels (0.6%)*
Anadarko Petroleum Corp.
5.950%, 9/15/16		3,525,000		3,589,261
6.450%, 9/15/36^		1,735,000		1,766,813
CenterPoint Energy Resources Corp.
6.150%, 5/1/16^		1,000,000		1,007,401
ConocoPhillips
7.000%, 3/30/29		30,000		34,121
EnCana Holdings Finance Corp.
5.800%, 5/1/14		400,000		409,862
Forest Oil Corp.
8.000%, 6/15/08^		1,507,000		1,522,070
Tesoro Corp.
6.625%, 11/1/15		1,550,000		1,534,500
6.500%, 6/1/17		5,450,000		5,395,500
XTO Energy, Inc.
6.250%, 8/1/17		900,000		944,207
6.750%, 8/1/37		1,675,000		1,796,655

				18,000,390

Total Energy				26,652,185

Financials (18.1%)
*Capital Markets (4.8%)*
Bear Stearns Cos., Inc.
5.072%, 8/21/09 (l)		2,700,000		2,600,000
5.105%, 2/23/10 (l)		7,000,000		6,575,191
5.599%, 7/19/10 (l)		1,805,000		1,696,323
6.950%, 8/10/12		4,965,000		5,105,013
6.400%, 10/2/17		2,675,000		2,584,478
Goldman Sachs Capital II
5.793%, 12/31/49 (l)		3,650,000		3,249,686
Goldman Sachs Group, Inc.
4.974%, 12/22/08 (l)		100,000		99,718
4.924%, 12/23/08 (l)		5,100,000		5,085,139
5.143%, 6/28/10 (l)		10,000,000		9,837,910
5.250%, 10/15/13		7,710,000		7,712,645
6.250%, 9/1/17^		18,000,000		18,725,400
Lehman Brothers Holdings, Inc.
4.934%, 12/23/08 (l)		10,200,000		10,026,212
5.170%, 5/25/10 (l)		8,975,000		8,627,452
5.750%, 7/18/11		2,375,000		2,392,760
6.200%, 9/26/14^		5,330,000		5,428,434
6.750%, 12/28/17^		4,325,000		4,457,773
6.691%, 9/15/22 (l)		2,175,000		2,148,978
Merrill Lynch & Co., Inc.
5.191%, 10/23/08^ (l)		8,500,000		8,385,403
4.914%, 12/22/08 (l)		1,700,000		1,677,302
6.400%, 8/28/17^		13,000,000		13,207,454
Morgan Stanley
4.972%, 11/21/08 (l)		3,300,000		3,275,854
5.420%, 1/22/09 (l)		600,000		593,116
5.050%, 1/21/11^		2,315,000		2,314,741
6.750%, 4/15/11		800,000		838,514
4.870%, 1/9/12 (l)		8,575,000		8,286,786
5.625%, 1/9/12		1,935,000		1,968,373
5.300%, 3/1/13		300,000		299,245
5.550%, 4/27/17		2,825,000		2,754,850

				139,954,750

*Certificates of Deposits (1.3%)*
Bank of Ireland
5.283%, 1/15/10 (l)		4,000,000		4,004,984
Calyon/New York
5.204%, 1/16/09 (l)		6,800,000		6,790,031

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Fortis Bank S.A./New York
4.800%, 4/28/08 (l)	$	2,500,000	$	2,499,022
4.790%, 6/30/08 (l)		4,000,000		3,996,028
Nordea Bank Finland plc/New York
4.574%, 4/2/08 (l)		2,700,000		2,699,214
4.991%, 5/28/08 (l)		7,400,000		7,401,354
4.503%, 4/9/09 (l)		2,300,000		2,297,065
SunTrust Bank
4.415%, 6/15/09		980,000		972,021
UniCredito Italiano Bank plc/New York
4.855%, 5/6/08 (l)		1,700,000		1,698,819
5.062%, 5/29/08 (l)		4,700,000		4,699,008

				37,057,546

*Commercial Banks (4.3%)*
Bank of New York Co., Inc.
3.800%, 2/1/08		1,200,000		1,200,081
Bank of Scotland plc
5.254%, 7/17/09 §(l)		4,300,000		4,294,079
Bank One N.A./Illinois
3.700%, 1/15/08 #(a)		1,250,000		1,249,237
Bank One N.A./Texas
6.250%, 2/15/08		1,000,000		1,000,914
BankBoston N.A.
6.375%, 4/15/08 #(a)		625,000		626,167
Barclays Bank plc
7.434%, 9/29/49 §(l)		7,500,000		7,793,633
Charter One Bank N.A.
5.115%, 4/24/09 (l)		5,600,000		5,576,956
Commonwealth Bank of Australia
4.555%, 6/8/09 §(l)		600,000		599,713
DnB NOR Bank ASA
5.313%, 10/13/09 §(l)		6,100,000		6,102,928
Eksportfinans A/S
3.375%, 1/15/08		4,070,000		4,068,795
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/31/49 §(l)		550,000		506,275
ICICI Bank Ltd.
5.788%, 1/12/10 §(l)		3,400,000		3,356,140
Mellon Capital IV, Series 1
6.244%, 6/29/49 (l)		2,100,000		1,949,058
Mizuho Financial Group, Inc./Aruba
1.800%, 10/2/27 †(l)	JPY	300,000,000		2,692,655
National Australia Bank Ltd.
5.181%, 9/11/09 §(l)	$	6,200,000		6,193,496
National Westminster Bank plc
7.375%, 10/1/09		725,000		769,171
Rabobank Capital Funding II
5.260%, 12/29/49 §(l)		780,000		726,710
Rabobank Nederland
0.200%, 6/20/08	JPY	148,000,000		1,320,151
Royal Bank of Scotland Group plc
7.640%, 3/31/49 (l)	$	3,900,000		4,009,563
6.990%, 12/31/49 §(l)		650,000		648,045
Royal Bank of Scotland plc
5.259%, 4/11/08 §(l)		2,700,000		2,699,808
5.230%, 7/21/08 §(l)		1,200,000		1,199,626
Santander U.S. Debt S.A. Unipersonal
5.240%, 10/21/08 §(l)		8,900,000		8,863,074
Sumitomo Mitsui Banking Corp.
1.580%, 12/31/49 (l)	JPY	200,000,000		1,814,147
1.783%, 12/31/49 (l)		100,000,000		901,691
5.625%, 7/29/49 §(l)	$	300,000		280,121
SunTrust Banks, Inc.
4.000%, 10/15/08		895,000		889,216
U.S. Bank N.A./Ohio
4.400%, 8/15/08		2,270,000		2,260,802
UBS AG/Connecticut
5.875%, 12/20/17		19,910,000		20,050,266
UniCredito Luxembourg Finance S.A.
5.143%, 10/24/08 §(l)		8,200,000		8,183,797
Wachovia Bank N.A./North Carolina
4.375%, 8/15/08		270,000		268,432
4.924%, 3/23/09 (l)		9,000,000		8,979,003
6.000%, 11/15/17		7,525,000		7,575,282
6.600%, 1/15/38		1,750,000		1,758,785
Wachovia Corp.
6.300%, 4/15/08		1,165,000		1,167,118
Wells Fargo & Co.
4.200%, 1/15/10		1,950,000		1,937,680
4.625%, 8/9/10		2,390,000		2,391,852
4.875%, 1/12/11		460,000		466,184

				126,370,651

*Consumer Finance (0.9%)*
Capital One Financial Corp.
6.750%, 9/15/17		2,300,000		2,205,978
Ford Motor Credit Co. LLC
4.950%, 1/15/08		3,900,000		3,895,401
5.625%, 10/1/08		3,600,000		3,495,222
7.250%, 10/25/11		3,150,000		2,728,401
7.800%, 6/1/12		250,000		219,165
HSBC Finance Corp.
5.281%, 12/5/08 (l)		2,500,000		2,494,075
SLM Corp.
5.224%, 7/27/09 (l)		5,900,000		5,549,958
5.244%, 7/26/10 (l)		2,000,000		1,840,942
5.384%, 1/27/14 (l)		2,950,000		2,521,867

				24,951,009

*Diversified Financial Services (5.3%)*
Bank of America Corp.
6.250%, 4/1/08		425,000		426,808
5.055%, 2/17/09 (l)		9,055,000		9,065,766
5.625%, 10/14/16		3,050,000		3,067,782
6.000%, 9/1/17^		5,225,000		5,338,236
5.750%, 12/1/17		8,650,000		8,669,843
Bank of America N.A.
6.100%, 6/15/17		1,275,000		1,303,036
Belvoir Land LLC, Series A-1
5.270%, 12/15/47 §		825,000		731,495
BTM Curacao Holdings N.V.
1.579%, 12/31/49 (l)	JPY	100,000,000		892,968
Caterpillar Financial Services Corp.
4.929%, 8/11/09 (l)	$	6,100,000		6,066,011
CIT Group, Inc.
5.225%, 5/23/08^ (l)		5,900,000		5,817,701
Citigroup Global Markets Holdings, Inc.
5.091%, 3/17/09 (l)		19,200,000		19,028,774
Citigroup, Inc.
3.500%, 2/1/08		2,615,000		2,610,523
3.625%, 2/9/09		980,000		966,863
6.200%, 3/15/09		905,000		917,432
4.873%, 12/28/09 (l)		4,100,000		4,025,331
4.125%, 2/22/10		3,940,000		3,882,346
4.625%, 8/3/10		485,000		482,355
5.300%, 10/17/12		7,500,000		7,598,025
5.875%, 5/29/37		1,335,000		1,245,906
General Electric Capital Corp.
5.065%, 10/24/08 (l)		3,000,000		2,994,699
5.091%, 6/15/09 (l)		5,100,000		5,095,308
4.939%, 5/10/10 (l)		3,700,000		3,659,703
5.000%, 11/15/11^		12,270,000		12,418,639
5.500%, 9/16/67 §(l)	EUR	10,400,000		15,082,160
6.375%, 11/15/67^ (l)	$	4,725,000		4,878,477

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Irwin Land LLC,
Series A-1
5.030%, 12/15/25 §	$	725,000	$	677,737
Series A-2
5.300%, 12/15/35		1,195,000		1,115,174
JP Morgan Chase Capital XXV
6.800%, 10/1/37		5,975,000		5,744,789
JPMorgan Chase & Co.
4.000%, 2/1/08		740,000		739,045
6.375%, 2/15/08		775,000		775,819
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		5,400,000		5,468,164
6.000%, 10/1/17		5,765,000		5,863,126
MassMutual Global Funding II
2.550%, 7/15/08 §		850,000		840,104
Nationwide Building Society
4.250%, 2/1/10 §		295,000		294,732
New York Life Global Funding
3.875%, 1/15/09 §		775,000		770,505
Pemex Finance Ltd.
9.030%, 2/15/11 #(a)		65,000		68,738
Pricoa Global Funding I
4.350%, 6/15/08 §		1,275,000		1,268,958
Santander Perpetual S.A. Unipersonal
6.671%, 12/31/49 §(l)		3,500,000		3,509,408
TIAA Global Markets, Inc.
3.875%, 1/22/08 §		615,000		614,497
UFJ Finance Aruba AEC
6.750%, 7/15/13		310,000		336,775
ZFS Finance USA Trust V
6.500%, 5/9/37 §(l)		1,945,000		1,795,601

				156,149,359

*Insurance (1.3%)*
Allstate Corp.
6.125%, 5/15/37^ (l)		1,480,000		1,427,931
American International Group, Inc.
5.051%, 1/29/10^ §(l)		10,400,000		10,433,697
Berkshire Hathaway Finance Corp.
4.125%, 1/15/10		85,000		85,307
4.750%, 5/15/12^		760,000		769,528
Chubb Corp.
6.375%, 3/29/37^ (l)		3,125,000		3,048,163
Hartford Life Global Funding Trusts
5.161%, 9/15/09 (l)		3,610,000		3,605,318
Lincoln National Corp.
6.050%, 4/20/67 (l)		2,025,000		1,890,457
MetLife, Inc.
6.400%, 12/15/36		4,390,000		4,023,395
Monumental Global Funding Ltd.
5.208%, 6/16/10 §(l)		7,080,000		6,969,255
Progressive Corp.
6.700%, 6/15/37 (l)		2,390,000		2,218,802
Travelers Cos., Inc.
6.250%, 3/15/37 (l)		3,375,000		3,165,031

				37,636,884

*Real Estate Investment Trusts (REITs) (0.2%)*
AvalonBay Communities, Inc. (REIT)
6.625%, 9/15/11 #(a)		270,000		282,000
Rouse Co. LP (REIT)
3.625%, 3/15/09		1,160,000		1,105,199
Ventas Realty LP/Ventas Capital Corp. (REIT)
7.125%, 6/1/15		2,300,000		2,323,000
6.750%, 4/1/17		760,000		752,400

				4,462,599

*Real Estate Management & Development (0.0%)*
ERP Operating LP
6.625%, 3/15/12		445,000		461,929

Total Financials				527,044,727

Government Securities (77.9%)
*Agency ABS (0.2%)*
Small Business Administration Participation Certificates,
Series 04-20A 1
4.930%, 1/1/24		680,166		683,451
Series 04-20C 1
4.340%, 3/1/24		4,643,184		4,455,559
Series 05-20B 1
4.625%, 2/1/25		411,321		405,142
Small Business Administration,
Series 03-10A 1
4.628%, 3/10/13		681,090		677,653

				6,221,805

*Agency CMO (3.9%)*
Federal Home Loan Mortgage Corp.
4.500%, 12/15/13		2,456,879		2,452,793
4.500%, 2/15/15		3,019,111		3,028,263
4.500%, 1/15/16		3,322,608		3,322,142
5.000%, 11/15/17		2,660,000		2,665,951
5.000%, 12/15/19		820,062		819,275
4.500%, 10/15/23		4,737,351		4,720,693
5.500%, 2/15/26		4,657,453		4,714,424
5.500%, 4/15/26		5,483,770		5,528,812
5.500%, 2/15/27		7,045,210		7,126,121
5.500%, 5/15/29		19,602,586		19,815,754
5.378%, 12/15/29 (l)		24,053		24,051
5.500%, 1/15/31		2,669,036		2,706,325
1.523%, 10/15/33 IO (l)		77,811,066		7,063,128
5.500%, 8/1/35 IO		6,356,578		1,530,650
5.500%, 2/1/36 IO		9,533,322		2,321,359
6.500%, 7/25/43		745,775		766,517
Federal National Mortgage Association
4.500%, 2/25/17		2,034,805		2,033,072
4.500%, 3/25/17		1,589,335		1,588,828
5.000%, 3/25/18		1,190,000		1,189,320
5.500%, 9/25/24		6,498,713		6,522,178
5.500%, 10/25/24		7,565,611		7,595,474
5.500%, 5/25/27		4,379,949		4,408,616
5.500%, 9/25/27		5,834,508		5,899,448
6.000%, 8/25/28		1,649,341		1,664,704
5.500%, 2/25/29		6,076,311		6,152,312
5.310%, 8/25/33		2,900,000		2,943,023
6.500%, 7/25/34		1,864,227		1,929,280
5.000%, 7/1/36 IO		13,974,536		2,974,471
Government National Mortgage Association
6.500%, 6/20/32		213,294		219,943

				113,726,927

*Foreign Governments (1.9%)*
Bundesobligation
3.000%, 4/11/08	EUR	6,000,000		8,745,546
Emirate of Abu Dhabi
5.500%, 8/2/12 §	$	10,400,000		10,633,272
Export-Import Bank of China
5.250%, 7/29/14^§		3,700,000		3,699,034
Federative Republic of Brazil
12.500%, 1/5/22	BRL	1,900,000		1,193,371
10.250%, 1/10/28		29,300,000		15,826,938
Israel Government AID Bond
5.500%, 4/26/24	$	1,950,000		2,102,121
5.500%, 9/18/33		1,945,000		2,143,468
Republic of Chile
5.500%, 1/15/13		1,000,000		1,043,120

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Republic of Croatia, Series A
6.125%, 7/31/10 (l)	$	617,727	$	617,727
Republic of Italy
3.800%, 3/27/08	JPY	364,000,000		3,278,682
Republic of Panama
9.625%, 2/8/11	$	350,000		396,550
Republic of Peru
9.125%, 1/15/08		400,000		400,492
Republic of South Africa
7.375%, 4/25/12		60,000		65,211
6.500%, 6/2/14		1,480,000		1,565,100
Russian Federation
7.500%, 3/31/30 (e)(m)		2,821,500		3,232,310
United Mexican States
6.750%, 9/27/34		1,775,000		1,960,488

				56,903,430

*Municipal Bonds (0.4%)*
Buckeye Tobacco Settlement Financing Authority
6.000%, 6/1/42		4,100,000		4,012,793
City of Chicago, Illinois
7.535%, 1/1/14 §(l)		200,000		205,562
Golden State Tobacco Securitization Corp.
5.750%, 6/1/47		300,000		279,795
Los Gatos, California Union School District
5.000%, 8/1/30		160,000		166,621
New York City Municipal Water Finance Authority
6.900%, 6/15/34 §(l)		100,000		107,428
5.000%, 6/15/38		5,700,000		5,921,673
Puerto Rico Sales Tax Financing Corp.
(Zero Coupon), 8/1/54		1,100,000		97,108

				10,790,980

*U.S. Government Agencies (71.5%)*
Federal Farm Credit Bank
4.100%, 6/16/11		200,000		199,816
Federal Home Loan Bank
2.850%, 6/26/08		2,000,000		1,983,730
4.010%, 9/17/08		3,000,000		2,994,354
4.000%, 1/16/09 (e)		1,800,000		1,798,594
4.000%, 4/20/09 (e)		1,800,000		1,804,955
4.120%, 11/9/09		600,000		600,014
4.125%, 1/5/10		500,000		500,009
4.500%, 6/22/10^		10,900,000		11,128,017
4.500%, 6/12/13		3,700,000		3,695,675
4.625%, 9/11/20		32,800,000		32,558,920
Federal Home Loan Mortgage Corp.
4.000%, 10/7/09		2,000,000		2,000,170
4.000%, 6/1/10		994,790		978,950
6.000%, 1/1/14		26,800		27,460
5.500%, 2/1/14		287,552		291,257
6.000%, 7/1/14		15,312		15,680
6.000%, 2/1/17		574,054		587,953
6.000%, 3/1/17		12,476		12,776
6.500%, 3/1/17		86,675		89,649
6.000%, 4/1/17		509,041		521,376
6.000%, 5/1/17		4,102		4,202
6.000%, 7/1/17		70,023		71,708
6.000%, 8/1/17		102,819		105,309
5.500%, 11/1/17		111,464		113,035
4.500%, 4/1/19		258,673		254,250
4.000%, 5/1/19		33,004		31,685
4.500%, 5/1/19		1,587,655		1,560,506
4.500%, 6/1/19		546,211		536,963
4.500%, 8/1/19		59,040		58,030
4.500%, 11/1/19		1,349,105		1,326,036
4.500%, 2/1/20		20,730		20,371
4.500%, 5/1/20		99,462		97,741
4.500%, 8/1/20		3,081,980		3,029,279
4.000%, 9/1/20		81,252		77,874
5.000%, 10/1/20		5,575,606		5,581,076
5.500%, 3/1/23		66,212		66,566
6.500%, 4/1/31		922		953
5.500%, 11/1/31		1,520,001		1,521,060
7.292%, 11/1/31 (l)		24,839		25,412
5.500%, 11/1/32		797,239		797,794
5.500%, 1/1/33		113,617		113,707
5.500%, 2/1/33		664,989		665,516
5.500%, 3/1/33		46,972		46,959
5.500%, 4/1/33		64,915		64,896
5.500%, 5/1/33		22,335		22,329
5.500%, 10/1/33		65,655		65,636
5.000%, 4/1/34		3,769,582		3,682,090
4.776%, 1/1/35 (l)		4,930,074		4,940,597
5.500%, 10/1/35		788,549		787,227
5.340%, 4/1/36 (l)		5,005,735		5,044,216
5.530%, 4/1/36 (l)		7,554,798		7,564,300
5.000%, 5/1/36		631,126		615,931
6.000%, 9/1/36		251,579		255,362
5.500%, 12/1/36		295,477		294,904
5.000%, 1/1/37		97,073		94,736
5.687%, 1/1/37 (l)		6,550,200		6,651,569
5.500%, 8/1/37		3,977,884		3,969,672
6.000%, 10/1/37		30,898,100		31,359,523
4.500%, 1/15/23 TBA		4,700,000		4,622,159
6.000%, 1/15/23 TBA		8,000,000		8,177,504
5.500%, 1/15/38 TBA		62,300,000		62,163,688
6.000%, 1/15/38 TBA		203,500,000		206,489,008
5.500%, 2/15/38 TBA		104,000,000		103,707,552
Federal National Mortgage Association
4.040%, 3/16/09		500,000		499,818
4.000%, 7/23/09		187,000		187,000
4.000%, 11/28/11		4,100,000		4,088,221
4.625%, 5/1/13^		5,650,000		5,735,439
5.125%, 1/2/14^		2,575,000		2,666,899
4.000%, 5/1/14		5,947,055		5,892,460
7.000%, 4/1/15		64,678		67,362
6.000%, 2/1/16		1,964,340		2,049,663
6.000%, 3/1/16		331,264		339,548
7.000%, 4/1/16		81,387		84,724
5.500%, 2/1/17		442,856		449,552
5.500%, 6/1/17		137,662		139,743
5.500%, 8/1/17		134,781		136,819
5.500%, 10/1/17		120,063		121,878
5.500%, 12/1/17		7,061		7,168
5.000%, 1/1/18		3,105,424		3,112,900
5.500%, 1/1/18		447,393		454,157
5.000%, 3/1/18		4,650,048		4,661,673
4.500%, 4/1/18		393,827		387,495
5.500%, 4/1/18		779,226		790,806
4.500%, 5/1/18		468,362		461,267
5.000%, 6/1/18		4,456,934		4,468,076
4.500%, 10/1/18		293,497		288,778
5.000%, 10/1/18		16,487		16,528
5.500%, 10/1/18		12,984		13,177
5.500%, 11/1/18		4,749,290		4,821,097
5.000%, 12/1/18		7,431,271		7,449,162
5.000%, 1/1/19		551,012		552,390
5.500%, 3/1/19		465,182		472,074
5.000%, 5/1/19		486,851		487,787
5.500%, 5/1/19		1,182,416		1,200,294

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
4.000%, 6/1/19	$	6,782,236	$	6,505,441
5.000%, 6/1/19		53,289		53,387
5.500%, 7/1/19		133,491		135,381
5.500%, 8/1/19		709,989		719,928
5.500%, 9/1/19		377,403		382,686
5.500%, 11/1/19		371,574		376,775
5.000%, 12/1/19		7,811,707		7,826,199
5.500%, 6/1/20		4,003,256		4,062,999
5.500%, 10/1/20		744,610		754,545
5.500%, 1/1/21		878,029		889,521
5.500%, 2/1/21		286,064		289,808
5.000%, 3/1/21		5,814,031		5,828,566
7.111%, 1/1/28 (l)		194,298		197,499
6.500%, 2/1/31		1,191		1,232
6.500%, 8/1/31		562		581
7.000%, 8/1/31		41,776		44,059
7.000%, 3/1/32		25,842		27,206
7.000%, 4/1/32		147,475		155,483
7.000%, 5/1/32		8,937		9,409
6.500%, 6/1/32		152,926		158,096
6.500%, 8/1/32		221,922		229,486
6.500%, 9/1/32		1,982,962		2,050,003
7.000%, 10/1/32		47,414		49,986
5.500%, 11/1/32		521,499		522,427
5.500%, 12/1/32		97,998		98,172
5.500%, 1/1/33		942,270		943,948
5.500%, 2/1/33		2,044,041		2,047,282
5.500%, 3/1/33		4,369,202		4,363,951
5.527%, 3/1/33 (l)		215,240		215,833
5.500%, 4/1/33		2,478,329		2,480,167
5.500%, 6/1/33		28,151,062		28,173,613
5.500%, 7/1/33		110,386		110,468
5.500%, 8/1/33		123,970		124,062
5.500%, 10/1/33		962,839		963,553
6.500%, 10/1/33		7,052		7,282
5.500%, 11/1/33		922,872		923,557
5.500%, 12/1/33		372,238		372,514
5.500%, 2/1/34		10,173,307		10,179,909
6.000%, 2/1/34		3,926,794		3,995,475
5.500%, 3/1/34		6,512,417		6,512,776
5.500%, 4/1/34		12,844,294		12,856,443
5.500%, 5/1/34		13,932,132		13,935,989
5.500%, 6/1/34		15,066,783		15,067,826
5.500%, 7/1/34		13,836,825		13,838,533
5.500%, 8/1/34		670,753		671,041
6.000%, 8/1/34		2,415,911		2,458,166
5.500%, 9/1/34		17,234,363		17,235,315
6.500%, 9/1/34		384,464		396,263
5.500%, 11/1/34		39,166,819		39,168,982
5.500%, 12/1/34		375,630		375,651
5.500%, 1/1/35		52,242,679		52,245,564
5.500%, 2/1/35		85,238,010		85,348,283
5.500%, 3/1/35		10,074,049		10,068,871
6.000%, 3/1/35		17,343		17,621
6.000%, 4/1/35		13,115,058		13,361,476
5.500%, 5/1/35		516,051		516,434
6.000%, 5/1/35		768,392		780,729
6.000%, 7/1/35		472,442		480,027
5.500%, 8/1/35		8,462,093		8,462,560
6.000%, 8/1/35		1,468,672		1,492,252
6.000%, 9/1/35		1,676,888		1,703,810
5.000%, 10/1/35		540,899		528,065
5.500%, 10/1/35		1,664,023		1,663,007
6.000%, 10/1/35		3,237,698		3,289,680
5.000%, 11/1/35		10,006,955		9,769,514
5.500%, 11/1/35		2,104,055		2,102,771
6.000%, 11/1/35		2,632,960		2,675,233
5.500%, 12/1/35		8,263,882		8,264,338
6.000%, 12/1/35		32,759		33,285
6.500%, 12/1/35		990,326		1,019,211
5.210%, 1/1/36 (l)		3,971,020		3,977,527
6.000%, 1/1/36		910,676		925,296
6.000%, 2/1/36		6,940,231		7,049,466
6.000%, 3/1/36		3,608,305		3,665,145
6.000%, 4/1/36		1,195,674		1,214,438
6.500%, 4/1/36		499,782		513,797
6.000%, 5/1/36		4,965,837		5,043,769
5.500%, 6/1/36		917,239		916,248
6.000%, 6/1/36		6,775,985		6,882,324
6.500%, 6/1/36		969,457		996,643
5.000%, 7/1/36		66,747,430		65,141,632
5.500%, 7/1/36		460,291		459,794
6.000%, 7/1/36		5,734,841		5,824,841
6.500%, 7/1/36		67,500		69,393
6.000%, 8/1/36		7,337,321		7,452,470
6.500%, 8/1/36		2,762,348		2,839,812
6.000%, 9/1/36		18,746,557		19,040,757
6.500%, 9/1/36		1,119,135		1,150,519
6.000%, 10/1/36		19,632,205		19,940,304
6.500%, 10/1/36		2,577,413		2,649,690
5.500%, 11/1/36		492,825		492,292
6.000%, 11/1/36		6,008,652		6,102,949
6.500%, 11/1/36		3,541,983		3,641,309
5.000%, 12/1/36		13,756,089		13,429,691
5.500%, 12/1/36		5,031,770		5,026,334
6.000%, 12/1/36		7,343,186		7,458,428
6.500%, 12/1/36		986,815		1,014,488
5.500%, 1/1/37		13,271,286		13,256,924
6.000%, 1/1/37		3,000,284		3,047,370
6.500%, 1/1/37		598,561		615,346
7.000%, 1/1/37		78,837		82,010
5.000%, 2/1/37		991,258		967,218
5.500%, 2/1/37		3,096,373		3,092,889
6.000%, 2/1/37		3,672,784		3,730,154
6.500%, 2/1/37		1,498,806		1,540,782
5.500%, 3/1/37		83,497,551		83,403,460
6.000%, 3/1/37		1,628,527		1,653,865
6.500%, 3/1/37		1,131,712		1,163,327
5.000%, 4/1/37		659,931		643,926
5.500%, 4/1/37		19,883,941		19,861,534
6.000%, 4/1/37		13,445,330		13,654,522
6.500%, 4/1/37		2,944,175		3,026,422
5.370%, 5/1/37 (l)		7,082,134		7,164,204
5.500%, 5/1/37		17,126,533		17,107,502
5.910%, 5/1/37 (l)		3,914,827		3,972,438
6.000%, 5/1/37		993,469		1,008,926
6.500%, 5/1/37		1,097,879		1,128,549
5.500%, 6/1/37		27,000,000		26,969,574
6.000%, 6/1/37		1,403,473		1,425,309
6.500%, 6/1/37		1,975,175		2,030,353
5.500%, 7/1/37		32,483,861		32,447,255
6.000%, 7/1/37		1,653,027		1,678,746
6.500%, 7/1/37		17,054,594		17,531,130
5.500%, 8/1/37		179,770		179,567
6.000%, 8/1/37		3,212,754		3,262,740
6.500%, 8/1/37		3,038,268		3,123,143
5.500%, 9/1/37		17,335,013		17,315,479
6.000%, 9/1/37		21,155,138		21,467,734
6.500%, 9/1/37		5,212,256		5,357,863
6.000%, 10/1/37		25,223,402		25,592,549
6.500%, 10/1/37		6,019,393		6,188,030
5.500%, 11/1/37		24,166,733		24,139,500
6.500%, 11/1/37		1,576,831		1,620,881
5.500%, 12/1/37		43,995,600		43,946,024
5.500%, 1/1/38		3,999,600		3,995,093

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
7.179%, 12/1/40 (l)	$	140,248	$	142,047
4.500%, 1/25/23 TBA		22,500,000		22,141,395
5.000%, 1/25/23 TBA		1,600,000		1,601,501
5.500%, 1/25/23 TBA		800,000		810,250
5.000%, 1/25/38 TBA		5,500,000		5,365,938
5.500%, 1/25/38 TBA		182,500,000		182,271,875
6.000%, 1/25/38 TBA		13,500,000		13,706,712
6.500%, 1/25/38 TBA		136,600,000		140,399,119
Government National Mortgage Association
5.625%, 7/20/27 (l)		10,333		10,380
6.000%, 9/15/28		12,541		12,887
6.000%, 11/15/28		21,967		22,571
6.000%, 1/15/29		64,251		65,996
6.000%, 2/15/29		21,414		21,995
6.500%, 5/15/29		38,713		40,176
6.000%, 6/15/29		29,463		30,263
7.000%, 9/15/31		46,958		49,810
7.000%, 10/15/31		9,076		9,621
6.000%, 11/15/31		13,157		13,502
6.000%, 12/15/31		87,897		90,203
7.000%, 2/15/32		44,772		47,461
7.000%, 4/15/32		25,067		26,572
7.000%, 5/15/32		25,443		26,979
6.000%, 7/15/32		53,176		54,540
6.000%, 1/15/33		50,989		52,267
6.000%, 2/15/33		85,642		87,789
7.000%, 2/15/33		35,961		38,122
5.500%, 4/15/33		138,046		139,182
6.000%, 9/15/34		1,852,720		1,898,738
6.000%, 12/15/34		164,890		168,986
6.000%, 1/15/35		612,419		627,433
6.000%, 2/15/35		292,266		299,431
6.000%, 3/15/35		1,365,534		1,399,011
6.000%, 5/15/35		85,711		87,813
6.000%, 7/15/35		732,842		751,035
6.000%, 9/15/35		92,603		94,873
6.000%, 10/15/35		278,265		285,087
6.000%, 12/15/35		465,505		476,917
6.000%, 1/15/36		176,660		180,902
6.000%, 2/15/36		276,261		282,894
6.000%, 3/15/36		210,320		215,370
6.000%, 4/15/36		251,750		257,795
6.000%, 5/15/36		1,502,725		1,538,806
6.000%, 6/15/36		2,064,228		2,113,792
6.000%, 7/15/36		3,925,446		4,019,700
6.000%, 8/15/36		4,010,737		4,107,426
6.000%, 9/15/36		2,989,231		3,061,004
6.000%, 10/15/36		4,635,870		4,747,181
6.000%, 7/20/37		7,870,160		8,031,601
5.500%, 1/15/38 TBA		20,000,000		20,071,876
6.000%, 1/15/38 TBA		49,100,000		50,074,331
6.500%, 1/15/38 TBA		6,000,000		6,195,000
Resolution Funding STRIPS
(Zero Coupon), 7/15/18		75,000		46,720
(Zero Coupon), 10/15/18		75,000		46,137
Small Business Administration
4.504%, 2/1/14		689,515		668,415
Small Business Administration Participation Certificates
4.524%, 2/10/13		596,785		592,153
U.S. Department of Housing and Urban Development
5.380%, 8/1/18		1,660,000		1,731,697

				2,085,845,417

Total Government Securities				2,273,488,559

Health Care (0.6%)
*Biotechnology (0.2%)*
Amgen, Inc.
5.133%, 11/28/08 §(l)		4,710,000		4,704,310

*Health Care Providers & Services (0.3%)*
Community Health Systems, Inc.
8.875%, 7/15/15		4,500,000		4,584,375
HCA, Inc.
9.250%, 11/15/16		4,400,000		4,620,000

				9,204,375

*Pharmaceuticals (0.1%)*
Bristol-Myers Squibb Co.
5.875%, 11/15/36		1,925,000		1,912,921
6.875%, 8/1/97		150,000		158,372

				2,071,293

Total Health Care				15,979,978

Industrials (0.2%)
*Airlines (0.0%)*
Continental Airlines, Inc.,
Series 99-2
7.056%, 9/15/09		850,000		860,625
United Air Lines, Inc.,
Series 01-1
6.602%, 9/1/13		184,870		183,946

				1,044,571

*Commercial Services & Supplies (0.2%)*
Allied Waste North America, Inc.
7.875%, 4/15/13^		4,500,000		4,601,250

*Industrial Conglomerates (0.0%)*
General Electric Co.
5.000%, 2/1/13		1,081,000		1,094,753

Total Industrials				6,740,574

Information Technology (0.1%)
*Computers & Peripherals (0.1%)*
International Business Machines Corp.
5.700%, 9/14/17		2,890,000		2,987,572

Total Information Technology				2,987,572

Materials (0.1%)
*Metals & Mining (0.1%)*
Teck Cominco Ltd.
6.125%, 10/1/35		1,075,000		993,379

*Paper & Forest Products (0.0%)*
Koch Forest Products, Inc.
6.580%, 12/20/12 (l)		75,238		71,617
6.831%, 12/20/12 (l)		95,238		90,655
6.896%, 12/20/12 (l)		809,524		770,565

				932,837

Total Materials				1,926,216

Telecommunication Services (0.9%)
*Diversified Telecommunication Services (0.8%)*
AT&T Corp.
7.300%, 11/15/11		38,000		41,173
8.000%, 11/15/31		698,000		857,195
AT&T, Inc.
6.500%, 9/1/37		6,500,000		6,796,907
BellSouth Corp.
4.240%, 4/26/08 §		3,600,000		3,587,191
4.969%, 8/15/08 (l)		3,000,000		2,995,209
Citizens Communications Co.
9.000%, 8/15/31		65,000		64,837

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
New England Telephone & Telegraph Co.
7.875%, 11/15/29	$	25,000	$	28,621
Qwest Communications International, Inc.
8.369%, 2/15/09^ (l)		667,000		667,000
Qwest Corp.
7.625%, 6/15/15		1,580,000		1,607,650
Telecom Italia Capital S.A.
5.250%, 10/1/15		1,575,000		1,534,442
6.000%, 9/30/34^		210,000		204,205
Telefonica Emisiones S.A.U.
6.421%, 6/20/16		1,050,000		1,104,978
7.045%, 6/20/36		950,000		1,061,897
Telefonica Europe B.V.
7.750%, 9/15/10		550,000		588,694
Verizon Communications, Inc.
5.350%, 2/15/11^		600,000		614,651
6.940%, 4/15/28		225,000		241,008
7.750%, 6/15/32		425,000		497,643
Verizon Maryland, Inc.,
Series B
5.125%, 6/15/33^		465,000		400,770
Verizon New Jersey, Inc.,
Series A
5.875%, 1/17/12		1,040,000		1,070,990

				23,965,061

*Wireless Telecommunication Services (0.1%)*
America Movil S.A.B. de C.V.
4.958%, 6/27/08 (l)		1,000,000		995,000
Vodafone Group plc
7.750%, 2/15/10		1,985,000		2,093,955

				3,088,955

Total Telecommunication Services				27,054,016

Utilities (1.1%)
*Electric Utilities (0.8%)*
Appalachian Power Co.,
Series G
3.600%, 5/15/08		650,000		645,381
Dayton Power & Light Co.
5.125%, 10/1/13		900,000		895,114
EDP Finance B.V.
6.000%, 2/2/18^§		3,075,000		2,999,158
Enel Finance International S.A.
6.250%, 9/15/17^§		7,200,000		7,285,781
Florida Power & Light Co.
4.950%, 6/1/35		875,000		770,001
Florida Power Corp.
5.900%, 3/1/33		275,000		272,767
Ipalco Enterprises, Inc.
8.375%, 11/14/08		3,290,000		3,347,575
MidAmerican Energy Holdings Co.
5.950%, 5/15/37		2,350,000		2,279,448
6.500%, 9/15/37		2,000,000		2,088,572
Pepco Holdings, Inc.
6.450%, 8/15/12		2,130,000		2,229,036
Scottish Power plc
4.910%, 3/15/10		1,100,000		1,094,995

				23,907,828

*Gas Utilities (0.0%)*
Consolidated Natural Gas Co.,
Series A
5.000%, 3/1/14		250,000		242,461

*Independent Power Producers & Energy Traders (0.2%)*
Dynegy Holdings, Inc.
7.500%, 6/1/15 §		6,300,000		5,890,500

*Multi-Utilities (0.1%)*
Dominion Resources, Inc.,
Series B
5.050%, 11/14/08 (l)		1,500,000		1,497,091
Series D
5.125%, 12/15/09		150,000		151,406
Energy East Corp.
6.750%, 7/15/36		950,000		960,584
PSEG Power LLC
6.950%, 6/1/12		400,000		426,443

				3,035,524

Total Utilities				33,076,313

Total Long-Term Debt Securities (121.8%)
(Cost $3,537,840,325)				3,553,957,198

SHORT-TERM INVESTMENTS:
Commercial Paper (0.5%)
PALISADES
5.97%, 2/4/08 (n)(p)		14,600,000		14,515,685

Government Securities (2.6%)
Federal Home Loan Mortgage Corp.
4.29%, 1/28/08 (o)(p)		2,900,000		2,890,348
Federal National Mortgage Association
4.28%, 1/11/08 (o)(p)		74,300,000		74,203,059
4.21%, 1/23/08^ (o)(p)		500,000		498,658

Total Government Securities				77,592,065

Short-Term Investments of Cash Collateral for Securities Loaned (2.7%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08		2,037,545		2,037,545
Banco Comercial Portugues S.A.
5.42%, 1/2/08		2,546,932		2,546,932
5.40%, 1/4/08		1,018,773		1,018,773
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		1,018,773		1,018,773
Banco Espirito Santo S.A.
4.94%, 1/15/08		3,056,318		3,056,318
5.30%, 1/18/08		679,182		679,182
Barclays plc/Seoul
5.27%, 1/22/08		848,977		848,977
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		747,100		747,100
Beta Finance, Inc.
4.37%, 1/31/08 (l)		135,836		135,836
4.37%, 3/10/08 (l)		339,575		339,575
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		848,977		848,977
4.94%, 1/31/08		3,395,909		3,395,909
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		1,630,037		1,630,037
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		1,018,773		1,018,773
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		795,254		795,254
Comerica Bank
5.05%, 3/16/09 (l)		339,565		339,565
Credit Industriel et Commercial/London
5.26%, 1/16/08		1,697,954		1,697,954
Credit Suisse (USA) LLC,
Repurchase Agreement
4.69%, 1/2/08 (r)		15,045,098		15,045,098
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		882,936		882,936
Depfa Bank plc
4.87%, 1/7/08		1,346,896		1,346,896

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007



	Principal Amount			Value (Note 1)
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)	$	339,591		$	339,591
Fifth Third Bancorp
4.91%, 8/22/08 (l)		101,876			101,876
First Tennessee Bank
5.06%, 8/15/08 (l)		3,056,187			3,056,187
General Electric Capital Corp.
4.40%, 3/12/10 (l)		135,836			135,836
Glitnir banki hf
5.09%, 1/15/08 (l)		1,697,955			1,697,955
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		679,182			679,182
4.41%, 3/27/09 (l)		950,854			950,854
Hartford Life, Inc.
5.36%, 12/31/08 (l)		271,673			271,673
HBOS Treasury Services plc
5.20%, 3/11/08		509,386			509,386
ING Bank N.V./Amsterdam
4.87%, 1/7/08		1,697,954			1,697,954
IXIS Corporate & Investment Bank
4.91%, 2/15/08		848,977			848,977
K2 (USA) LLC
4.37%, 5/29/09 (l)		1,357,804			1,357,804
4.37%, 6/18/09 (l)		1,697,191			1,697,191
KBC Groep N.V./London
5.08%, 1/22/08		509,386			509,386
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		2,037,505			2,037,505
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		848,977			848,977
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		118,857			118,857
5.08%, 8/21/09 (l)		848,968			848,968
Links Finance LLC
4.37%, 6/25/09 (l)		509,196			509,196
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		848,977			848,977
Monumental Global Funding II
4.36%, 4/25/08 (l)		815,018			815,018
4.43%, 5/26/10 (l)		1,596,077			1,596,077
Morgan Stanley
5.40%, 2/9/09 (l)		2,636,354			2,636,354
4.65%, 5/7/09 (l)		1,697,954			1,697,954
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		1,018,773			1,018,773
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		2,546,932			2,546,932
Pricoa Global Funding I
4.40%, 6/25/10 (l)		1,018,518			1,018,518
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		1,697,954			1,697,954
Rheingold Securitization Ltd.
5.35%, 1/7/08		828,296			828,296
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		1,697,954			1,697,954
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		3,395,909			3,395,909
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		339,591			339,591

Total Short-Term Investments of Cash Collateral for Securities Loaned					77,786,072

Time Deposit (2.3%)
JPMorgan Chase Nassau
3.51%, 1/2/08		67,627,791			67,627,791

Total Short-Term Investments (8.1%)
(Amortized Cost $237,533,172)					237,521,613


	Number of Contracts
OPTIONS PURCHASED:
Put Options Purchased (0.0%)
90 Day EURO Futures
March 2008 @ $93.00*		2,190		$	13,687
June 2008 @ $92.50*		6,700			41,875
June 2008 @ $93.00*		5,407			33,794
Federal National Mortgage Association,
6.500%, 1/25/38 TBA
June 2008 @ $91.50*		10,000,000			—

Total Options Purchased (0.0%)
(Cost $136,993)					89,356

Total Investments Before Options Written and Securities Sold Short (129.9%)
(Cost/Amortized Cost $3,775,510,490)					3,791,568,167

OPTIONS WRITTEN:
Call Options Written (-0.0%)
U.S. 5 Year Treasury Notes February 2008 @ $112.00*		(141	)		(61,688	)

Total Options Written (-0.0%)
(Premiums Received $80,552)					(61,688	)

Total Investments Before Securities Sold Short (129.9%)
(Cost/Amortized Cost $3,775,429,938)					3,791,506,479


	Principal Amount
SECURITIES SOLD SHORT:
U.S. Government Agencies (-3.8%)
Federal Home Loan Mortgage Corp.
5.000%, 1/15/38 TBA	$	(4,400,000	)		(4,292,750	)
Federal National Mortgage Association
5.000%, 1/25/38 TBA		(45,800,000	)		(44,683,625	)
5.500%, 1/25/38 TBA		(45,500,000	)		(45,443,125	)
Government National Mortgage Association
5.500%, 1/15/38 TBA		(100,000	)		(100,719	)
6.000%, 1/15/38 TBA		(17,100,000	)		(17,506,125	)

Total Securities Sold Short (-3.8%)
(Proceeds Received $112,162,071)					(112,026,344	)

Total Investments (126.1%)
(Cost/Amortized Cost $3,663,267,867)					3,679,480,135
Other Assets Less Liabilities (-26.1%)					(761,059,845	)

Net Assets (100%)				$	2,918,420,290

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007

*	Non-income producing.

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

†	Securities (totaling $13,149,901 or 0.45% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $154,552,976 or 5.30% 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.

(a)

Fully or partially pledged as collateral on outstanding written call options.

#	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 December 31, 2007. Maturity date disclosed is the ultimate maturity date.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(m)

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

(n)

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

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

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

Glossary:


ABS	—	Asset-Backed Security
BRL	—	Brazilian Real
CDO	—	Collateralized Debt Obligation
CMO	—	Collateralized Mortgage Obligation
EUR	—	European Currency Unit
IO	—	Interest only
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities.
JPY	—	Japanese Yen
TBA	—	Security is subject to delayed delivery.

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Appreciation/ (Depreciation)
British Pound Sterling 90-Day	250	March-08	$	58,774,799	$	58,735,141	$	(39,658	)
British Pound Sterling 90-Day	2,142	December-08		505,783,742		507,080,166		1,296,424
EURODollar	549	March-08		130,531,613		131,437,463		905,850
EURODollar	5,575	June-08		1,321,505,938		1,341,554,063		20,048,125
EURODollar	213	September-08		51,375,466		51,391,575		16,109
EURODollar	912	March-09		217,899,600		220,316,400		2,416,800
EURODollar	650	December-09		156,113,750		156,292,500		178,750
U.S. Treasury Bonds	600	March-08		70,533,172		69,825,000		(708,172	)
U.S. 5 Year Treasury Notes	397	March-08		43,698,500		43,781,656		83,156

							$	24,197,384

Sales
EURODollar	213	September-09	$	51,306,821	$	51,306,375	$	446
U.S. Treasury Bonds	1,110	March-08		127,103,953		129,176,250		(2,072,297	)
U.S. 10 Year Treasury Notes	21	March-08		2,363,439		2,381,203		(17,764	)
U.S. 2 Year Treasury Notes	193	March-08		40,538,622		40,578,250		(39,628	)

							$	(2,129,243	)

							$	22,068,141

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
European Union, expiring 1/17/08	4,000	$	5,889,640	$	5,849,693	$	(39,947	)
European Union, expiring 1/17/08	238		350,096		348,057		(2,039	)
European Union, expiring 1/17/08	92		135,460		134,543		(917	)

						$	(42,903	)

Foreign Currency Sell Contracts
Brazilian Real, expiring 3/4/08	13,590	$	6,837,736	$	7,565,161	$	(727,425	)
British Pound, expiring 1/31/08	740		1,494,042		1,471,870		22,172
British Pound, expiring 1/31/08	870		1,748,604		1,730,441		18,163
European Union, expiring 1/17/08	3,123		4,574,601		4,567,148		7,453
European Union, expiring 1/17/08	11,491		16,853,965		16,804,707		49,258
European Union, expiring 1/17/08	6,012		8,852,009		8,792,089		59,920
European Union, expiring 1/17/08	92		134,357		134,543		(186	)
Japanese Yen, expiring 2/7/08	1,034,961		9,324,057		9,301,054		23,003

						$	(547,642	)

						$	(590,545	)

Options written for the year ended December 31, 2007 were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2007	—		$	—
Options Written	66,000,141			615,152
Options Terminated in Closing Purchase Transactions	(66,000,000	)		(534,600	)
Options Expired	—			—
Options Exercised	—			—

Options Outstanding—December 31, 2007	141		$	80,552

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	11,207,579,111
Long-term U.S. Treasury securities		5,193,718,175

	$	16,401,297,286

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	10,566,319,338
Long-term U.S. Treasury securities		5,341,049,989

	$	15,907,369,327

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	34,739,130
Aggregate gross unrealized depreciation		(18,809,152	)

Net unrealized appreciation	$	15,929,978

Federal income tax cost of investments	$	3,775,638,189

At December 31, 2007, the Portfolio had loaned securities with a total value of $77,582,509. This was secured by collateral of $77,786,072 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,251,952 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $24,168, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

The Portfolio utilized net capital loss carryforward of $13,285,672 during 2007.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Staples (1.7%)
*Food & Staples Retailing (1.5%)*
CVS Caremark Corp.	110,786	$	4,403,744
Drogasil S.A.	82,586		665,792
Longs Drug Stores Corp.^	30,500		1,433,500

			6,503,036

*Personal Products (0.2%)*
Herbalife Ltd.	25,558		1,029,476

Total Consumer Staples			7,532,512

Financials (0.4%)
*Insurance (0.4%)*
Amil Participacoes S.A.*	175,000		1,602,528
Odontoprev S.A.	10,900		269,438

Total Financials			1,871,966

Health Care (91.9%)
*Biotechnology (22.0%)*
ACADIA Pharmaceuticals, Inc.*^	66,896		740,539
Alexion Pharmaceuticals, Inc.*^	27,031		2,028,136
Altus Pharmaceuticals, Inc.*^	23,743		122,989
Amgen, Inc.*	102,331		4,752,252
Amylin Pharmaceuticals, Inc.*^	88,889		3,288,893
Applera Corp.- Celera Group*^	159,390		2,529,519
Array BioPharma, Inc.*^	32,557		274,130
Avigen, Inc.*	74,610		317,092
Biogen Idec, Inc.*	37,486		2,133,703
BioMarin Pharmaceutical, Inc.*^	85,421		3,023,903
Celgene Corp.*	127,118		5,874,123
Cephalon, Inc.*^	71,126		5,104,002
Cougar Biotechnology, Inc.*†(b)	23,700		699,624
Cubist Pharmaceuticals, Inc.*^	83,235		1,707,150
Cytokinetics, Inc.*^	175,800		831,534
Genentech, Inc.*	95,826		6,427,050
Gentium S.p.A. (Sponsored ADR)^	24,800		345,216
Genzyme Corp.*	118,299		8,806,178
Gilead Sciences, Inc.*	282,152		12,981,814
Human Genome Sciences, Inc.*^	312,949		3,267,187
ImClone Systems, Inc.*	20,205		868,815
Incyte Corp.*^	115,605		1,161,830
Keryx Biopharmaceuticals, Inc.*^	63,745		535,458
Lifecell Corp.*^	34,539		1,488,976
Medarex, Inc.*^	59,269		617,583
Millennium Pharmaceuticals, Inc.*	210,165		3,148,272
Myriad Genetics, Inc.*^	6,946		322,433
Onyx Pharmaceuticals, Inc.*^	44,796		2,491,553
OSI Pharmaceuticals, Inc.*^	68,157		3,306,296
PDL BioPharma, Inc.*	53,304		933,886
Progenics Pharmaceuticals, Inc.*^	128,700		2,325,609
Regeneron Pharmaceuticals, Inc.*^	89,430		2,159,734
Savient Pharmaceuticals, Inc.*^	39,100		898,127
Theravance, Inc.*^	10,917		212,881
United Therapeutics Corp.*^	55,748		5,443,792
Vanda Pharmaceuticals, Inc.*^	18,799		129,337
Vertex Pharmaceuticals, Inc.*^	97,415		2,262,951
ZymoGenetics, Inc.*^	180,419		2,105,490

			95,668,057

*Health Care Distributors (1.8%)*
Animal Health International, Inc.*^	65,764		808,897
Cardinal Health, Inc.	30,924		1,785,861
Celesio AG	20,536		1,276,048
McKesson Corp.	36,279		2,376,637
PharMerica Corp.*^	40,400		560,752
Profarma Distribuidora de Produtos Farmaceuticos S.A.	40,100		811,236

			7,619,431

*Health Care Equipment (13.7%)*
American Medical Systems Holdings, Inc.*	92,623		1,339,328
Baxter International, Inc.	36,420		2,114,181
Beckman Coulter, Inc.	42,600		3,101,280
Becton, Dickinson & Co.	25,500		2,131,290
Covidien Ltd.	26,465		1,172,135
DexCom, Inc.*^	78,707		694,983
DiaSorin S.p.A.*	49,367		952,737
EnteroMedics, Inc.*^	122,457		985,779
Gen-Probe, Inc.*	12,295		773,724
Hologic, Inc.*^	40,000		2,745,600
Hospira, Inc.*	90,349		3,852,481
Insulet Corp.*^	14,646		343,888
Medtronic, Inc.	275,191		13,833,851
Northstar Neuroscience, Inc.*^	89,640		833,652
NxStage Medical, Inc.*^	35,075		532,088
ResMed, Inc.*^	23,432		1,230,883
Respironics, Inc.*	34,014		2,227,237
Smith & Nephew plc	120,162		1,387,328
St. Jude Medical, Inc.*	195,750		7,955,280
Stryker Corp.	86,910		6,493,915
Synthes, Inc.	8,558		1,062,805
Thoratec Corp.*^	34,804		633,085
Volcano Corp.*^	154,855		1,937,236
Wright Medical Group, Inc.*^	39,770		1,160,091

			59,494,857

*Health Care Facilities (1.5%)*
Assisted Living Concepts, Inc., Class A*^	110,469		828,517
Health Management Associates, Inc., Class A^	200,800		1,200,784
LifePoint Hospitals, Inc.*^	45,235		1,345,289
Rhoen-Klinikum AG	42,080		1,327,668
Tenet Healthcare Corp.*^	133,646		678,922
Universal Health Services, Inc., Class B^	20,000		1,024,000

			6,405,180

*Health Care Services (3.6%)*
DaVita, Inc.*	16,529		931,409
Express Scripts, Inc.*	107,184		7,824,432
Fresenius Medical Care AG & Co. KGaA (ADR)	55,700		2,938,175
HMS Holdings Corp.*^	35,995		1,195,394
Laboratory Corp. of America Holdings*	14,803		1,118,070
Medco Health Solutions, Inc.*	16,225		1,645,215

			15,652,695

*Health Care Supplies (0.5%)*
Align Technology, Inc.*^	41,890		698,725
Cooper Cos., Inc.^	19,944		757,872
Cremer S.A.*	32,500		301,264
Xtent, Inc.*^	46,760		461,054

			2,218,915

*Health Care Technology (0.9%)*
Cerner Corp.*^	22,965		1,295,226
Eclipsys Corp.*^	59,100		1,495,821
IMS Health, Inc.	24,200		557,568
Vital Images, Inc.*^	32,260		582,938

			3,931,553

*Life Sciences Tools & Services (8.1%)*
AMAG Pharmaceuticals, Inc.*^	17,213		1,035,018

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Applera Corp.- Applied Biosystems Group		75,983	$	2,577,343
Charles River Laboratories International, Inc.*		99,901		6,573,486
Covance, Inc.*		37,160		3,218,799
Exelixis, Inc.*^		96,000		828,480
Gerresheimer AG*		22,482		1,255,627
Invitrogen Corp.*^		15,396		1,438,140
MDS, Inc.		68,672		1,335,241
Millipore Corp.*		24,603		1,800,447
Pharmaceutical Product Development, Inc.		70,158		2,832,279
Qiagen N.V.*^		124,395		2,618,515
Thermo Fisher Scientific, Inc.*		150,219		8,664,632
Varian, Inc.*		10,808		705,762
Vermillion, Inc.*^		184,000		147,200
WuXi PharmaTech Cayman, Inc. (ADR)*^		2,400		70,176

				35,101,145

*Managed Health Care (7.8%)*
Aetna, Inc		78,438		4,528,226
CIGNA Corp		53,340		2,865,958
Coventry Health Care, Inc.*		18,260		1,081,905
Health Net, Inc.*		105,729		5,106,711
Humana, Inc.*		70,620		5,318,392
Triple-S Management Corp., Class B*		17,838		360,506
UnitedHealth Group, Inc.		173,665		10,107,303
WellPoint, Inc.*		52,614		4,615,826

				33,984,827

*Pharmaceuticals (32.0%)*
Abbott Laboratories		260,500		14,627,075
Adams Respiratory Therapeutics, Inc.*^		25,454		1,520,622
Allergan, Inc.		30,300		1,946,472
ARYx Therapeutics, Inc.*		49,000		379,750
Astellas Pharma, Inc.		84,300		3,674,896
AstraZeneca plc (Sponsored ADR)		68,900		2,950,298
Barr Pharmaceuticals, Inc.*		32,900		1,746,990
Biodel, Inc.*^		19,737		458,490
BioMimetic Therapeutics, Inc.*^		57,500		998,775
Bristol-Myers Squibb Co.		79,300		2,103,036
Cadence Pharmaceuticals, Inc.*^		25,663		381,352
Cardiome Pharma Corp.*^		32,923		293,673
Daiichi Sankyo Co., Ltd.		143,900		4,431,061
EastPharma Ltd. (GDR)*†(b)		64,716		695,697
Eisai Co., Ltd.		89,700		3,532,918
Elan Corp. plc (ADR)*^		142,400		3,129,952
Eli Lilly & Co.		77,332		4,128,756
Endo Pharmaceuticals Holdings, Inc.*		24,792		661,203
Forest Laboratories, Inc.*		96,160		3,505,032
H. Lundbeck A/S		29,700		803,639
Hikma Pharmaceuticals plc		95,519		899,838
Inspire Pharmaceuticals, Inc.*^		62,169		371,771
Ipsen		52,868		3,188,447
Johnson & Johnson		54,597		3,641,620
Laboratorios Almirall S.A.*		99,875		2,197,635
MAP Pharmaceuticals, Inc.*		27,733		485,605
Matrixx Initiatives, Inc.*^		29,301		407,577
Medicines Co.*^		71,100		1,362,276
Merck & Co., Inc.		178,490		10,372,054
Merck KGaA		11,603		1,497,936
MGI Pharma, Inc.*^		30,800		1,248,324
Novartis AG (ADR)		69,858		3,793,988
Novartis AG (Registered)		1,348		73,940
Pfizer, Inc.		91,475		2,079,227
Pharmstandard OJSC (GDR)*(m)		16,900		464,750
Pharmstandard OJSC (GDR)*†(b)		1,100		30,250
Roche Holding AG		34,313		5,928,210
Sanofi-Aventis		23,396		2,154,302
Sanofi-Aventis (ADR)		98,324		4,476,692
Schering-Plough Corp.		666,462		17,754,548
Shionogi & Co., Ltd.		252,901		4,471,015
Shire plc (ADR)^		63,311		4,365,293
Teva Pharmaceutical Industries Ltd. (ADR)^		91,375		4,247,110
UCB S.A. (Frankfurt Exchange)		9,800		445,747
UCB S.A. (Brussels Exchange)		66,590		3,020,043
Wyeth		163,322		7,217,199
XenoPort, Inc.*^		10,140		566,623

				138,731,707

Total Health Care				398,808,367

Industrials (0.2%)
*Machinery (0.2%)*
Whatman plc		156,665		597,986

Total Common Stocks (94.2%)
(Cost $366,735,830)				408,810,831


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (18.2%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08	$	2,075,860		2,075,860
Banco Comercial Portugues S.A.
5.42%, 1/2/08		2,594,825		2,594,825
5.40%, 1/4/08		1,037,930		1,037,930
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		1,037,930		1,037,930
Banco Espirito Santo S.A.
4.94%, 1/15/08		3,113,788		3,113,788
5.30%, 1/18/08		691,953		691,953
Barclays plc/Seoul
5.27%, 1/22/08		864,942		864,942
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		761,148		761,148
Beta Finance, Inc.
4.37%, 1/31/08 (l)		138,391		138,391
4.37%, 3/10/08 (l)		345,960		345,960
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		864,942		864,942
4.94%, 1/31/08		3,459,766		3,459,766
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		1,660,688		1,660,688
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		1,037,930		1,037,930
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		810,208		810,208
Comerica Bank
5.05%, 3/16/09		345,951		345,951
Credit Industriel et Commercial/London
5.26%, 1/16/08		1,729,883		1,729,883
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		15,328,008		15,328,008
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		899,539		899,539

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Depfa Bank plc
4.87%, 1/7/08	$	1,372,224	$	1,372,224
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)		345,977		345,977
Fifth Third Bancorp
4.91%, 8/22/08 (l)		103,792		103,792
First Tennessee Bank
5.06%, 8/15/08 (l)		3,113,656		3,113,656
General Electric Capital Corp.
4.40%, 3/12/10 (l)		138,391		138,391
Glitnir banki hf
5.09%, 1/15/08 (l)		1,729,883		1,729,883
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		691,953		691,953
4.41%, 3/27/09 (l)		968,734		968,734
Hartford Life, Inc.
5.36%, 12/31/08 (l)		276,781		276,781
HBOS Treasury Services plc
5.20%, 3/11/08		518,965		518,965
ING Bank N.V./Amsterdam
4.87%, 1/7/08		1,729,883		1,729,883
IXIS Corporate & Investment Bank
4.91%, 2/15/08		864,942		864,942
K2 (USA) LLC
4.37%, 5/29/09 (l)		1,383,336		1,383,336
4.37%, 6/18/09 (l)		1,729,106		1,729,106
KBC Groep N.V./London
5.08%, 1/22/08		518,965		518,965
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		2,075,819		2,075,819
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		864,942		864,942
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		121,092		121,092
5.08%, 8/21/09 (l)		864,931		864,931
Links Finance LLC
4.37%, 6/25/09 (l)		518,771		518,771
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		864,941		864,941
Monumental Global Funding II
4.36%, 4/25/08 (l)		830,344		830,344
4.43%, 5/26/10 (l)		1,626,090		1,626,090
Morgan Stanley
5.40%, 2/9/09 (l)		2,685,929		2,685,929
4.65%, 5/7/09 (l)		1,729,883		1,729,883
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		1,037,930		1,037,930
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		2,594,825		2,594,825
Pricoa Global Funding I
4.40%, 6/25/10 (l)		1,037,670		1,037,670
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		1,729,883		1,729,883
Rheingold Securitization Ltd.
5.35%, 1/7/08		843,872		843,872
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		1,729,883		1,729,883
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		3,459,765		3,459,765
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		345,977		345,977

Total Short-Term Investments of Cash Collateral for Securities Loaned				79,248,777

Time Deposit (6.3%)
JPMorgan Chase Nassau
3.51%, 1/2/08		27,166,844		27,166,844

Total Short-Term Investments (24.5%)
(Amortized Cost $106,415,621)				106,415,621


	Number of Contracts (c)
OPTIONS PURCHASED:
Call Options Purchased (0.1%)
AstraZeneca plc (Sponsored ADR)
January-2008 @ $50.00*†		128		—
Medtronic, Inc.
February-2008 @ $52.50*		1,504		120,320
Trimeris, Inc.
April-2008 @ $10.00*		1,128		372,240

Total Options Purchased (0.1%)
(Cost $741,235)				492,560

Total Investments (118.8%)
(Cost/Amortized Cost $473,892,686)				515,719,012
Other Assets Less Liabilities (-18.8%)				(81,460,890	)

Net Assets (100%)			$	434,258,122

*	Non-income producing.

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

†	Securities (totaling $1,425,571 or 0.33% of net assets) valued at fair value.

(b)

Illiquid security.

(c)

One contract relates to 100 shares.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(m)

(r)

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

Glossary:


ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sell Contracts
British Pound, expiring 2/8/08	1,100	$	2,287,615	$	2,187,460	$	100,155
European Union, expiring 2/8/08	2,905		4,232,294		4,249,695		(17,401	)
European Union, expiring 2/8/08	1,200		1,780,320		1,755,468		24,852
Swiss Franc, expiring 2/8/08	5,480		4,812,083		4,851,320		(39,237	)
Swiss Franc, expiring 2/8/08	400		363,488		354,111		9,377

						$	77,746

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	424,039,392
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	443,138,777

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	53,568,866
Aggregate gross unrealized depreciation		(17,551,200	)

Net unrealized appreciation	$	36,017,666

Federal income tax cost of investments	$	479,701,346

At December 31, 2007, the Portfolio had loaned securities with a total value of $76,745,205. This was secured by collateral of $79,248,777 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $4,354 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (0.6%)
*Asset-Backed Securities (0.6%)*
Pegasus Aviation Lease Securitization,
Series 01-1A A1
5.723%, 5/10/31 § (l)	$	3,800,000	$	2,128,000
Triton Aviation Finance, Series 1A A1
5.798%, 6/15/25 (b)(l)		10,589,305		9,159,749

				11,287,749

Total Asset-Backed and Mortgage-Backed Securities				11,287,749

Consumer Discretionary (22.0%)
*Auto Components (2.9%)*
Allison Transmission, Inc.
11.000%, 11/1/15^ §		675,000		614,250
(PIK)
11.250%, 11/1/15^ §		10,025,000		8,746,812
American Tire Distributors, Inc.
11.481%, 4/1/12 § (l)		4,300,000		4,171,000
11.481%, 4/1/12^ (l)		4,500,000		4,365,000
ArvinMeritor, Inc.
8.750%, 3/1/12^		6,470,000		6,033,275
8.125%, 9/15/15		1,118,000		967,070
Cooper-Standard Automotive, Inc.
7.000%, 12/15/12^		3,805,000		3,296,081
Goodyear Tire & Rubber Co.
11.250%, 3/1/11		4,705,000		4,999,063
9.000%, 7/1/15^		4,530,000		4,801,800
Tenneco, Inc.
8.625%, 11/15/14^		5,800,000		5,698,500
8.125%, 11/15/15^ §		625,000		618,750
Series B
10.250%, 7/15/13		1,627,000		1,732,755
TRW Automotive, Inc.
7.000%, 3/15/14^ §		2,190,000		2,014,800
7.250%, 3/15/17^ §		4,940,000		4,433,650
United Components, Inc.
9.375%, 6/15/13		4,090,000		4,038,875

				56,531,681

*Automobiles (1.1%)*
Ford Motor Co.
8.875%, 1/15/22		2,000,000		1,590,000
7.500%, 8/1/26		3,000,000		2,130,000
7.450%, 7/16/31^		6,575,000		4,881,938
General Motors Corp.
7.125%, 7/15/13^		2,700,000		2,342,250
8.250%, 7/15/23^		8,300,000		6,598,500
8.100%, 6/15/24^		1,550,000		1,131,500
7.400%, 9/1/25		3,500,000		2,537,500

				21,211,688

*Distributors (0.6%)*
Buhrmann U.S., Inc.
8.250%, 7/1/14		2,000,000		1,910,000
7.875%, 3/1/15		1,700,000		1,602,250
SGS International, Inc.
12.000%, 12/15/13		6,035,000		5,982,194
Varietal Distribution Merger Sub, Inc. (PIK)
10.250%, 7/15/15^§		2,650,000		2,524,125

				12,018,569

*Diversified Consumer Services (0.1%)*
Service Corp. International
7.375%, 10/1/14		500,000		505,625
7.625%, 10/1/18		1,475,000		1,482,375

				1,988,000

*Hotels, Restaurants & Leisure (3.8%)*
Choctaw Resort Development Enterprise, Inc.
7.250%, 11/15/19 §		3,753,000		3,621,645
Downstream Development Authority of the Quapaw Tribe of Oklahoma
12.000%, 10/15/15 §		4,000,000		3,740,000
El Pollo Loco, Inc.
11.750%, 11/15/13^		4,000,000		3,780,000
Herbst Gaming, Inc.
8.125%, 6/1/12^		1,800,000		1,174,500
7.000%, 11/15/14		500,000		295,000
Indianapolis Downs LLC & Capital Corp.
11.000%, 11/1/12 §		4,400,000		4,246,000
Landry’s Restaurants, Inc.
9.500%, 12/15/14^		4,385,000		4,341,150
MGM MIRAGE
6.625%, 7/15/15		4,275,000		4,007,812
6.875%, 4/1/16^		1,825,000		1,720,063
7.500%, 6/1/16^		2,925,000		2,895,750
Mirage Resorts, Inc.
7.250%, 8/1/17		3,060,000		2,891,700
Outback Steakhouse, Inc.
10.000%, 6/15/15^ §		4,400,000		3,212,000
Royal Caribbean Cruises Ltd.
7.250%, 3/15/18		3,000,000		2,880,036
Shingle Springs Tribal Gaming Authority
9.375%, 6/15/15^ §		4,750,000		4,607,500
Station Casinos, Inc.
6.875%, 3/1/16^		2,210,000		1,613,300
7.750%, 8/15/16^		3,835,000		3,461,087
Travelport LLC
9.749%, 9/1/14 (l)		1,000,000		967,500
9.875%, 9/1/14^		5,375,000		5,455,625
11.875%, 9/1/16^		3,532,000		3,765,995
Trump Entertainment Resorts, Inc.
8.500%, 6/1/15^		3,450,000		2,626,313
Turning Stone Resort Casino Enterprise
9.125%, 12/15/10 §		4,075,000		4,115,750
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
6.625%, 12/1/14^		6,679,000		6,562,117

				71,980,843

*Household Durables (0.4%)*
Blyth, Inc.
5.500%, 11/1/13		8,050,000		6,923,000

*Media (11.1%)*
AMC Entertainment, Inc.
11.000%, 2/1/16		7,240,000		7,620,100
Block Communications, Inc.
8.250%, 12/15/15 §		5,000,000		5,006,250
CanWest Media, Inc.
8.000%, 9/15/12		4,250,000		4,010,938
CCH I Holdings LLC/CCH I Holdings Capital Corp.
11.000%, 10/1/15^		7,775,000		6,336,625
11.000%, 10/1/15^		1,000,000		810,000
CCO Holdings LLC/CCO Holdings Capital Corp.
8.750%, 11/15/13^		12,600,000		12,033,000
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp., Series B
10.250%, 9/15/10		3,000,000		2,925,000

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
8.000%, 4/30/12 §	$	650,000	$	627,250
8.375%, 4/30/14 §		500,000		483,750
Cinemark, Inc.
0.000%, 3/15/14 (e)		8,600,000		8,008,750
Clear Channel Communications, Inc.
4.250%, 5/15/09		6,750,000		6,408,166
CSC Holdings, Inc.
6.750%, 4/15/12		5,264,000		5,033,700
7.625%, 7/15/18		4,550,000		4,180,313
Series B
7.625%, 4/1/11		4,545,000		4,533,637
Dex Media West LLC/ Dex Media Finance Co.,
Series B
8.500%, 8/15/10		1,873,000		1,898,754
9.875%, 8/15/13		8,925,000		9,282,000
Dex Media, Inc.
0.000%, 11/15/13 (e)		2,840,000		2,584,400
Echostar DBS Corp.
6.625%, 10/1/14		385,000		383,075
7.125%, 2/1/16		7,915,000		8,073,300
Gallery Capital S.A.
10.125%, 5/15/13^ §		3,550,000		3,301,500
Idearc, Inc.
8.000%, 11/15/16		5,226,000		4,794,855
Insight Communications Co., Inc.
12.250%, 2/15/11^(e)		10,000		10,408
Intelsat Bermuda Ltd.
9.250%, 6/15/16^		6,050,000		6,080,250
11.250%, 6/15/16		3,000,000		3,097,500
Intelsat Corp.
9.000%, 8/15/14		750,000		753,750
9.000%, 6/15/16		1,700,000		1,712,750
Intelsat Subsidiary Holding Co., Ltd.
8.250%, 1/15/13^		6,240,000		6,271,200
8.625%, 1/15/15^		5,095,000		5,120,475
Kabel Deutschland GmbH
10.625%, 7/1/14		4,000,000		4,200,000
Lighthouse International Co. S.A.
8.000%, 4/30/14 (b)		75,000		109,928
8.000%, 4/30/14 §		3,205,000		4,697,586
Network Communications, Inc.
10.750%, 12/1/13		7,350,000		7,203,000
Quebecor Media, Inc.
7.750%, 3/15/16 §		4,050,000		3,888,000
R.H. Donnelley Corp.
8.875%, 10/15/17 §		7,455,000		6,895,875
Series A-3
8.875%, 1/15/16		11,875,000		11,103,125
Reader’s Digest Association, Inc.
9.000%, 2/15/17 §		8,000,000		6,700,000
Unity Media GmbH
10.125%, 2/15/15 §	EUR	1,750,000		2,667,327
10.375%, 2/15/15 §	$	7,250,000		7,395,000
Univision Communications, Inc. (PIK)
9.750%, 3/15/15^ §		8,260,000		7,526,925
UPC Holding B.V.
7.750%, 1/15/14 (b)(m)		925,000		1,289,848
8.625%, 1/15/14^ (b)(m)		2,500,000		3,609,436
8.625%, 1/15/14^ §		11,000,000		15,881,518
Visant Corp.
7.625%, 10/1/12^		1,710,000		1,718,550
WMG Holdings Corp.
0.000%, 12/15/14 (e)		12,120,000	$	7,756,800

				214,024,614

*Multiline Retail (0.3%)*
Bon-Ton Stores, Inc.
10.250%, 3/15/14^		7,175,000		5,417,125
Saks, Inc.
8.250%, 11/15/08		714		721

				5,417,846

*Specialty Retail (0.5%)*
General Nutrition Centers, Inc. (PIK)
10.009%, 3/15/14^		7,395,000		6,988,275
Pep Boys – Manny, Moe & Jack
7.500%, 12/15/14^		3,640,000		3,398,850

				10,387,125

*Textiles, Apparel & Luxury Goods (1.2%)*
Perry Ellis International, Inc.,
Series B
8.875%, 9/15/13^		7,325,000		7,068,625
Quiksilver, Inc.
6.875%, 4/15/15^		2,500,000		2,143,750
Rafaella Apparel Group, Inc.,
Series B
11.250%, 6/15/11		7,639,000		7,027,880
Simmons Co.
7.875%, 1/15/14		7,000,000		6,475,000

				22,715,255

Total Consumer Discretionary				423,198,621

Consumer Staples (4.5%)
*Beverages (0.1%)*
Cott Beverages USA, Inc.
8.000%, 12/15/11		1,417,000		1,317,810

*Food & Staples Retailing (1.9%)*
Albertson’s, Inc.
7.750%, 6/15/26		2,500,000		2,472,797
6.570%, 2/23/28		100,000		80,000
7.450%, 8/1/29		4,250,000		4,090,366
8.000%, 5/1/31		600,000		608,683
American Stores Co.
8.000%, 6/1/26		1,500,000		1,503,845
Delhaize America, Inc.
9.000%, 4/15/31		695,000		803,542
Ingles Markets, Inc.
8.875%, 12/1/11^		9,903,000		10,051,545
Pathmark Stores, Inc.
8.750%, 2/1/12^		6,435,000		6,622,709
Rite Aid Corp.
8.625%, 3/1/15^		2,500,000		2,015,625
9.375%, 12/15/15		7,450,000		6,183,500
Roundy’s, Inc.,
Term Loan
7.910%, 10/27/11 § (l)		1,470,150		1,438,451

				35,871,063

*Food Products (0.1%)*
Pilgrim’s Pride Corp.
7.625%, 5/1/15		1,810,000		1,778,325
Southern States Cooperative, Inc.
11.000%, 11/1/10 §		1,000,000		1,040,000

				2,818,325

*Household Products (1.8%)*
American Achievement Corp.
8.250%, 4/1/12		9,035,000		8,809,125
Amscan Holdings, Inc.
8.750%, 5/1/14^		8,100,000		7,371,000
Prestige Brands, Inc.
9.250%, 4/15/12^		7,769,000		7,749,577

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Visant Holding Corp.
0.000%, 12/1/13^(e)	$	6,525,000	$	6,100,875
Yankee Acquisition Corp.,
Series B
8.500%, 2/15/15^		6,000,000		5,527,500

				35,558,077

*Tobacco (0.6%)*
Reynolds American, Inc.
7.750%, 6/1/18		3,190,000		3,404,815
Vector Group Ltd.
11.000%, 8/15/15 (b)		8,250,000		8,373,750

				11,778,565

Total Consumer Staples				87,343,840

Energy (6.9%)
*Energy Equipment & Services (0.9%)*
Cie Generale de Geophysique-Veritas
7.500%, 5/15/15^		1,000,000		1,012,500
7.750%, 5/15/17^		2,875,000		2,903,750
Complete Production Services, Inc.
8.000%, 12/15/16^		3,700,000		3,579,750
Dresser-Rand Group, Inc.
7.375%, 11/1/14		1,241,000		1,237,897
Helix Energy Solutions Group, Inc.
9.500%, 1/15/16^ §		3,650,000		3,713,875
Stewart & Stevenson LLC
10.000%, 7/15/14		5,500,000		5,527,500

				17,975,272

*Oil, Gas & Consumable Fuels (6.0%)*
Alpha Natural Resources LLC/Alpha Natural Resources Capital Corp.
10.000%, 6/1/12^		4,975,000		5,261,062
Chesapeake Energy Corp.
7.000%, 8/15/14		5,200,000		5,226,000
6.625%, 1/15/16		1,000,000		977,500
6.875%, 1/15/16		3,675,000		3,638,250
Citic Resources Finance Ltd.
6.750%, 5/15/14^ §		425,000		398,438
Connacher Oil and Gas Ltd.
10.250%, 12/15/15 §		5,400,000		5,393,250
El Paso Corp.
6.875%, 6/15/14^		50,000		50,361
7.000%, 6/15/17^		5,375,000		5,380,574
8.050%, 10/15/30		3,500,000		3,644,620
Energy Partners Ltd.
9.750%, 4/15/14^		6,025,000		5,693,625
Energy XXI Gulf Coast, Inc.
10.000%, 6/15/13^		7,500,000		6,881,250
Ferrellgas Escrow LLC/Ferrellgas Finance Escrow Corp.
6.750%, 5/1/14^		5,060,000		4,965,125
Ferrellgas LP
7.240%, 8/1/10		9,000,000		9,033,750
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.
8.750%, 6/15/12^		3,500,000		3,596,250
Inergy LP/Inergy Finance Corp.
6.875%, 12/15/14^		1,150,000		1,118,375
8.250%, 3/1/16^		3,755,000		3,886,425
Kinder Morgan Finance Co. ULC
5.700%, 1/5/16		5,975,000		5,408,576
Knight, Inc.
6.500%, 9/1/12		1,500,000		1,490,999
Mariner Energy, Inc.
8.000%, 5/15/17		4,000,000		3,805,000
OPTI Canada, Inc.
8.250%, 12/15/14^ §		1,175,000		1,163,250
PetroHawk Energy Corp.
9.125%, 7/15/13		4,725,000		4,973,063
Stone Energy Corp.
8.250%, 12/15/11		6,500,000		6,500,000
Tesoro Corp.
6.250%, 11/1/12		500,000		500,000
6.500%, 6/1/17		1,300,000		1,287,000
VeraSun Energy Corp.
9.875%, 12/15/12^		6,300,000		6,347,250
9.375%, 6/1/17 §		2,350,000		2,050,375
Williams Cos., Inc.
7.875%, 9/1/21^		11,450,000		12,695,187
Series A
7.500%, 1/15/31		2,775,000		2,983,125

				114,348,680

Total Energy				132,323,952

Financials (13.3%)
*Capital Markets (0.5%)*
Goldman Sachs Group, Inc.
6.750%, 10/1/37		5,700,000		5,584,735
Lehman Brothers Holdings, Inc.
6.750%, 12/28/17		4,025,000		4,148,563

				9,733,298

*Commercial Banks (0.9%)*
Barclays Bank plc
6.050%, 12/4/17 §		2,475,000		2,493,857
5.926%, 9/29/49 (b)(l)		2,700,000		2,512,304
7.434%, 9/29/49 § (l)		2,000,000		2,078,302
HSBC Holdings plc
6.500%, 9/15/37		600,000		581,537
Rabobank Capital Funding Trust III
5.254%, 12/29/49 § (l)		1,100,000		984,533
Royal Bank of Scotland Group plc
7.640%, 3/31/49 (l)		4,500,000		4,626,419
Societe Generale
6.999%, 12/31/49 (l)		600,000		889,569
UBS AG/Connecticut
5.875%, 12/20/17		2,100,000		2,114,795

				16,281,316

*Consumer Finance (4.6%)*
Ford Motor Credit Co. LLC
5.800%, 1/12/09		3,400,000		3,227,263
7.375%, 10/28/09		1,750,000		1,647,180
9.750%, 9/15/10		3,200,000		3,053,446
7.375%, 2/1/11		4,840,000		4,334,249
9.875%, 8/10/11		2,450,000		2,317,279
7.250%, 10/25/11		950,000		822,851
7.993%, 1/13/12 (l)		1,750,000		1,469,933
7.800%, 6/1/12		18,875,000		16,546,995
7.000%, 10/1/13		2,000,000		1,670,778
8.000%, 12/15/16		3,110,000		2,641,668
GMAC Canada Ltd.
5.750%, 12/4/08	CAD	4,000,000		3,904,960
6.625%, 12/17/10	GBP	6,000,000		10,390,932
GMAC LLC
6.119%, 5/15/09 (l)	$	1,000,000		931,385
7.250%, 3/2/11		2,650,000		2,322,828
6.000%, 4/1/11		3,070,000		2,613,866
7.000%, 2/1/12		470,000		398,760
6.625%, 5/15/12		7,350,000		6,110,180
6.875%, 8/28/12		8,400,000		7,038,898
6.750%, 12/1/14		10,440,000		8,420,372
8.000%, 11/1/31		7,300,000		6,123,787
SLM Corp.
5.294%, 7/25/08 (l)		1,425,000		1,395,719
5.244%, 7/26/10 (l)		800,000		736,377

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
5.125%, 8/27/12	$	725,000	$	648,467

				88,768,173

*Diversified Financial Services (6.4%)*
AES Ironwood LLC
8.857%, 11/30/25		6,262,177		6,857,084
AES Red Oak LLC,
Series A
8.540%, 11/30/19		1,627,333		1,741,246
Altra Industrial Motion, Inc.
9.000%, 12/1/11		3,500,000		3,552,500
9.000%, 12/1/11		2,000,000		2,030,000
Amadeus IT Group S.A.,
Term Loan
6.567%, 4/8/13 § (l)		2,000,000		2,762,301
American Real Estate Partners LP/American Real Estate Finance Corp.
7.125%, 2/15/13^ §		9,275,000		8,718,500
C10 Capital SPV Ltd.
6.722%, 12/31/49 § (l)		1,000,000		920,360
Citigroup Capital XXI
8.300%, 12/21/57 (l)		1,725,000		1,801,229
Hawker Beechcraft Acquisition Co. LLC/Hawker Beechcraft Notes Co.
8.500%, 4/1/15^ §		2,000,000		2,000,000
9.750%, 4/1/17^ §		3,250,000		3,233,750
Hexion U.S. Finance Corp/Hexion Nova Scotia Finance ULC
9.750%, 11/15/14		7,450,000		8,046,000
KAR Holdings, Inc.
10.000%, 5/1/15^ §		8,500,000		7,586,250
KRATON Polymers LLC/KRATON Polymers Capital Corp.
8.125%, 1/15/14		4,200,000		3,948,000
Leucadia National Corp.
8.125%, 9/15/15		8,900,000		8,900,000
7.125%, 3/15/17		500,000		462,500
LVB Acquisition Merger Sub, Inc.
10.000%, 10/15/17^ §		6,825,000		6,961,500
11.625%, 10/15/17^ §		8,275,000		8,150,875
(PIK)
10.375%, 10/15/17^ §		2,250,000		2,244,375
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
9.250%, 4/1/15^ §		3,425,000		3,125,313
PNA Intermediate Holding Corp. (PIK)
11.869%, 2/15/13 § (l)		8,525,000		7,715,125
Rainbow National Services LLC
10.375%, 9/1/14 §		6,840,000		7,412,850
Santander Perpetual S.A. Unipersonal
6.671%, 12/31/49 § (l)		3,000,000		3,008,064
Smurfit Kappa Funding plc
7.750%, 4/1/15		350,000		332,500
Susser Holdings LLC
10.625%, 12/15/13		4,018,000		4,158,630
UBS Capital Jersey Ltd.
7.152%, 12/31/49 (l)	EUR	2,200,000		3,317,830
UBS Preferred Funding Trust V
6.243%, 5/29/49 (l)	$	1,200,000		1,155,431
Universal City Development Partners Ltd.
11.750%, 4/1/10		6,570,000		6,799,950
Universal City Florida Holding Co. I/II
8.375%, 5/1/10^		4,150,000		4,170,750
9.661%, 5/1/10 (l)		2,600,000		2,600,000

				123,712,913

*Insurance (0.5%)*
American International Group, Inc.
5.850%, 1/16/18		1,625,000		1,635,640
HUB International Holdings, Inc.
9.000%, 12/15/14 §		3,250,000		2,900,625
10.250%, 6/15/15 §		5,000,000		4,250,000

				8,786,265

*Real Estate Investment Trusts (REITs) (0.1%)*
Ventas Realty LP/Ventas Capital Corp. (REIT)
9.000%, 5/1/12		1,200,000		1,290,000
7.125%, 6/1/15		1,000,000		1,010,000
6.750%, 4/1/17^		285,000		282,150

				2,582,150

*Real Estate Management & Development (0.1%)*
Forest City Enterprises, Inc.
7.625%, 6/1/15		1,275,000		1,230,375
6.500%, 2/1/17		450,000		407,250

				1,637,625

*Thrifts & Mortgage Finance (0.2%)*
Residential Capital LLC
7.625%, 11/21/08		2,225,000		1,768,875
Washington Mutual, Inc.
8.250%, 4/1/10		2,425,000		2,315,766

				4,084,641

Total Financials				255,586,381

Government Securities (6.9%)
*Municipal Bonds (0.1%)*
State of Texas
5.000%, 4/1/37		1,900,000		1,976,893

*U.S. Government Agencies (6.1%)*
Federal Home Loan Mortgage Corp.
5.500%, 1/15/38 TBA		3,000,000		2,993,436
Federal National Mortgage Association
5.000%, 1/25/38 TBA		19,500,000		19,024,688
5.500%, 1/25/38 TBA		75,816,000		75,721,230
5.000%, 2/25/38 TBA		19,000,000		18,525,000

				116,264,354

*U.S. Treasuries (0.7%)*
U.S. Treasury Notes
4.625%, 2/29/12^		13,000,000		13,641,875

Total Government Securities				131,883,122

Health Care (7.6%)
*Biotechnology (0.4%)*
Angiotech Pharmaceuticals, Inc.
8.874%, 12/1/13 (l)		6,300,000		5,985,000
Quintiles Transnational Corp.,
Term Loan
9.200%, 3/31/14 (l)		1,500,000		1,421,250

				7,406,250

*Health Care Equipment & Supplies (1.6%)*
Accellent, Inc.
10.500%, 12/1/13^		7,000,000		5,880,000
Fresenius Medical Care Capital Trust II
7.875%, 2/1/08		24,420,000		24,441,060

				30,321,060

*Health Care Providers & Services (4.8%)*
Community Health Systems, Inc.
8.875%, 7/15/15		13,535,000		13,788,781
DaVita, Inc.
7.250%, 3/15/15^		7,410,000		7,428,525
Hanger Orthopedic Group, Inc.
10.250%, 6/1/14^		7,250,000		7,431,250
HCA, Inc.
6.750%, 7/15/13		6,555,000		5,833,950
7.190%, 11/15/15^		1,700,000		1,457,487
9.250%, 11/15/16		20,145,000		21,152,250

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
7.690%, 6/15/25^	$	3,200,000	$	2,649,283
(PIK)
9.625%, 11/15/16^		4,950,000		5,234,625
HealthSouth Corp.,
Term Loan
7.350%, 2/2/13 § (l)		7,587		7,230
7.750%, 2/2/13 § (l)		1,570,656		1,496,835
Skilled Healthcare Group, Inc.
11.000%, 1/15/14		5,538,000		5,925,660
Surgical Care Affiliates, Inc.
10.000%, 7/15/17 §		1,400,000		1,274,000
(PIK)
8.875%, 7/15/15 §		1,950,000		1,774,500
Tenet Healthcare Corp.
7.375%, 2/1/13		2,950,000		2,581,250
U.S. Oncology Holdings, Inc. (PIK)
10.759%, 3/15/12		4,850,000		4,025,500
U.S. Oncology, Inc.
10.750%, 8/15/14^		10,000,000		9,875,000

				91,936,126

*Pharmaceuticals (0.8%)*
Argatroban Royalty Sub LLC
18.500%, 9/30/14		6,188,839		6,188,839
Elan Finance plc/ Elan Finance Corp.
8.875%, 12/1/13^		6,475,000		6,377,875
9.249%, 12/1/13 (l)		3,925,000		3,787,625

				16,354,339

Total Health Care				146,017,775

Industrials (6.8%)
*Aerospace & Defense (0.6%)*
Alion Science and Technology Corp.
10.250%, 2/1/15		8,000,000		6,820,000
L-3 Communications Corp.
7.625%, 6/15/12		3,030,000		3,101,963
TransDigm, Inc.
7.750%, 7/15/14		850,000		862,750

				10,784,713

*Airlines (0.6%)*
Calair LLC/Calair Capital Corp.
8.125%, 4/1/08^		7,000,000		7,000,000
Continental Airlines, Inc.,
Series 01-1
7.373%, 12/15/15		1,148,258		1,105,198
Delta Air Lines, Inc.
8.954%, 8/10/14 (b)		3,700,000		3,700,000
United Air Lines, Inc.,
Series 00-2
7.032%, 10/1/10		655,589		655,589

				12,460,787

*Building Products (0.4%)*
Builders FirstSource, Inc.
9.119%, 2/15/12 (l)		4,470,000		3,888,900
Nortek, Inc.
8.500%, 9/1/14^		5,940,000		4,752,000

				8,640,900

*Commercial Services & Supplies (1.9%)*
Allied Waste North America, Inc.
7.250%, 3/15/15		7,645,000		7,606,775
ARAMARK Services, Inc.
8.500%, 2/1/15^		12,275,000		12,428,437
Knowledge Learning Corp., Inc.
7.750%, 2/1/15 §		6,610,000		6,296,025
MSX International UK/MSX International Business Services Finance/MSX International GmbH
12.500%, 4/1/12 §		5,620,000		5,226,600
Sheridan Group, Inc.
10.250%, 8/15/11		4,125,000		4,125,000

				35,682,837

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

*Electrical Equipment (0.5%)*
Legrand France S.A.
8.500%, 2/15/25^		3,000,000		3,490,044
Superior Essex Communications LLC/Essex Group, Inc.
9.000%, 4/15/12^		5,500,000		5,280,000

				8,770,044

*Industrial Conglomerates (0.9%)*
Harland Clarke Holdings Corp.
9.619%, 5/15/15 (l)		8,845,000		7,407,688
RBS Global, Inc. & Rexnord Corp.
9.500%, 8/1/14^		5,500,000		5,445,000
11.750%, 8/1/16^		4,550,000		4,447,625

				17,300,313

*Machinery (0.4%)*
Actuant Corp.
6.875%, 6/15/17 §		1,850,000		1,831,500
Trimas Corp.
9.875%, 6/15/12^		6,250,000		6,093,750
Trinity Industries, Inc.
6.500%, 3/15/14		175,000		171,938

				8,097,188

*Road & Rail (0.9%)*
Hertz Corp.
8.875%, 1/1/14		8,095,000		8,206,306
Term B Loan
6.890%, 12/21/12 § (l)		679,776		664,809
6.920%, 12/21/12 § (l)		486,062		475,359
Term DD Loan
6.750%, 12/21/12 § (l)		69,296		67,770
Term Loan
4.910%, 12/21/12 § (l)		222,222		217,329
Kansas City Southern de Mexico S.A. de C.V
9.375%, 5/1/12^		2,250,000		2,356,875
United Rentals North America, Inc.
6.500%, 2/15/12		7,000,000		6,352,500

				18,340,948

*Transportation Infrastructure (0.2%)*
Saint Acquisition Corp.
12.619%, 5/15/15^ § (l)		4,000,000		2,065,000
12.500%, 5/15/17^ §		4,300,000		2,219,875

				4,284,875

Total Industrials				131,612,605

Information Technology (5.8%)
*Communications Equipment (1.0%)*
Nortel Networks Ltd.
9.493%, 7/15/11 § (l)		7,300,000		7,117,500
10.125%, 7/15/13 §		10,300,000		10,609,000
10.750%, 7/15/16 §		750,000		787,500

				18,514,000

*Computers & Peripherals (0.2%)*
Compucom Systems, Inc.
12.500%, 10/1/15 §		3,600,000		3,523,500

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
	Principal Amount		Value (Note 1)
*Electronic Equipment & Instruments (1.4%)*
Celestica, Inc.
7.875%, 7/1/11^	$	9,710,000	$	9,345,875
7.625%, 7/1/13		1,700,000		1,585,250
NXP B.V./ NXP Funding LLC
8.625%, 10/15/15	EUR	6,000,000		7,357,766
Sanmina-SCI Corp.
7.741%, 6/15/14 § (l)	$	7,000,000		6,746,250
8.125%, 3/1/16^		3,375,000		2,991,094

				28,026,235

*IT Services (1.6%)*
First Data Corp.
9.875%, 9/24/15^ §		10,625,000		9,881,250
Iron Mountain, Inc.
8.625%, 4/1/13		4,253,000		4,306,163
SunGard Data Systems, Inc.
9.125%, 8/15/13^		10,925,000		11,116,187
10.250%, 8/15/15^		5,000,000		5,112,500

				30,416,100

*Office Electronics (0.2%)*
Xerox Capital Trust I
8.000%, 2/1/27^		3,100,000		3,096,082

*Semiconductors & Semiconductor Equipment (1.4%)*
Amkor Technologies, Inc.
7.750%, 5/15/13^		8,750,000		8,246,875
Freescale Semiconductor, Inc.
8.875%, 12/15/14		6,975,000		6,225,187
(PIK)
9.125%, 12/15/14^		7,850,000		6,672,500
Sensata Technologies B.V.
8.000%, 5/1/14^		6,975,000		6,556,500

				27,701,062

Total Information Technology				111,276,979

Materials (7.7%)
*Chemicals (2.7%)*
Arco Chemical Co.
10.250%, 11/1/10		100,000		104,000
Chemtura Corp.
6.875%, 6/1/16		3,225,000		3,031,500
Hercules, Inc.
6.750%, 10/15/29		3,650,000		3,513,125
Huntsman LLC
11.625%, 10/15/10		1,550,000		1,643,000
11.500%, 7/15/12		1,843,000		2,008,870
Ineos Group Holdings plc
8.500%, 2/15/16^ §		13,325,000		11,859,250
Nalco Co.
7.750%, 11/15/11^		1,050,000		1,063,125
8.875%, 11/15/13^		3,750,000		3,909,375
Nova Chemicals Corp.
6.500%, 1/15/12		1,000,000		937,500
7.863%, 11/15/13^ (l)		5,704,000		5,333,240
Phibro Animal Health Corp.
13.000%, 8/1/14^ §		7,250,000		7,250,000
Reichhold Industries, Inc.
9.000%, 8/15/14 §		4,745,000		4,721,275
Rockwood Specialties Group, Inc.
7.500%, 11/15/14^		4,680,000		4,633,200
SigmaKalon, Term A Loan
5.880%, 6/30/12 (b)(l)		868,020		1,256,398

				51,263,858

*Containers & Packaging (2.3%)*
Berry Plastics Holding Corp.
10.250%, 3/1/16		6,250,000		5,468,750
BPC Holding Corp.
8.875%, 9/15/14^		6,850,000		6,507,500
Cascades, Inc.
7.250%, 2/15/13		3,650,000		3,421,875
Crown Americas LLC/
Crown Americas Capital Corp.
7.625%, 11/15/13		800,000		818,000
7.750%, 11/15/15^		3,355,000		3,455,650
Graham Packaging Co., Inc.
8.500%, 10/15/12^		3,450,000		3,225,750
9.875%, 10/15/14^		6,000,000		5,520,000
Impress Holdings B.V.
8.368%, 9/15/13 § (l)		4,725,000		4,583,250
Jefferson Smurfit Corp.
8.250%, 10/1/12^		1,225,000		1,206,625
7.500%, 6/1/13^		2,900,000		2,776,750
Norampac, Inc.
6.750%, 6/1/13		1,675,000		1,528,437
Owens-Brockway Glass Container, Inc.
8.250%, 5/15/13		3,550,000		3,683,125
Russell-Stanley Holdings, Inc.
9.000%, 11/30/08 † (b)(h)		729,508		11,855
Smurfit-Stone Container Enterprises, Inc.
8.375%, 7/1/12^		2,275,000		2,257,937

				44,465,504

*Metals & Mining (1.1%)*
Compass Minerals International, Inc., Series B
0.000%, 6/1/13^(e)		6,461,000		6,606,373
Freeport-McMoRan Copper & Gold, Inc.
8.250%, 4/1/15		1,325,000		1,404,500
8.375%, 4/1/17		6,525,000		6,998,062
Noranda Aluminium Acquisition Corp. (PIK)
8.738%, 5/15/15 § (l)		5,800,000		4,872,000
Novelis, Inc.
7.250%, 2/15/15		1,406,000		1,321,640

				21,202,575

*Paper & Forest Products (1.6%)*
Abitibi-Consolidated Co. of Canada
8.375%, 4/1/15^		125,000		92,813
Abitibi-Consolidated, Inc.
8.550%, 8/1/10^		1,950,000		1,706,250
Georgia-Pacific Corp.
7.000%, 1/15/15^ §		1,680,000		1,633,800
7.125%, 1/15/17 §		1,500,000		1,458,750
8.000%, 1/15/24		8,100,000		7,533,000
7.375%, 12/1/25^		6,350,000		5,588,000
7.250%, 6/1/28		1,000,000		880,000
Newark Group, Inc.
9.750%, 3/15/14		5,660,000		5,433,600
Smurfit Capital Funding plc
7.500%, 11/20/25		300,000		283,500
Verso Paper Holdings LLC/ Verson Paper, Inc.
9.125%, 8/1/14^		6,800,000		6,868,000

				31,477,713

Total Materials				148,409,650

Telecommunication Services (6.2%)
*Diversified Telecommunication Services (4.6%)*
Cincinnati Bell, Inc.
7.250%, 7/15/13		2,650,000		2,656,625
8.375%, 1/15/14		3,375,000		3,290,625
Citizens Communications Co.
7.125%, 3/15/19		4,025,000		3,823,750
7.000%, 11/1/25		200,000		166,500
7.875%, 1/15/27		750,000		714,375

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
9.000%, 8/15/31	$	3,315,000	$	3,306,712
Hawaiian Telcom Communications, Inc.,
Series B
9.750%, 5/1/13^		4,925,000		4,888,062
Insight Midwest LP/Insight Capital, Inc.
9.750%, 10/1/09		615,000		615,000
Level 3 Financing, Inc.
12.250%, 3/15/13		4,250,000		4,292,500
Nordic Telephone Co. Holdings ApS
6.330%, 11/30/14 §		729,576		1,041,788
6.580%, 11/30/14 §		873,529		1,253,303
8.250%, 5/1/16 §	EUR	3,500,000		5,168,347
8.875%, 5/1/16^ §	$	200,000		205,000
Qwest Communications International, Inc.
8.369%, 2/15/09 (l)		666,000		666,000
7.500%, 2/15/14		12,400,000		12,369,000
Qwest Corp.
8.875%, 3/15/12		5,900,000		6,313,000
7.500%, 6/15/23^		1,000,000		957,500
Telcordia Technologies, Inc.
8.993%, 7/15/12 § (l)		10,650,000		9,505,125
10.000%, 3/15/13^ §		2,000,000		1,590,000
Time Warner Telecom Holdings, Inc.
9.250%, 2/15/14		5,500,000		5,623,750
Virgin Media Finance plc
8.750%, 4/15/14^	EUR	1,000,000		1,429,154
9.125%, 8/15/16^	$	4,000,000		3,960,000
West Corp.
9.500%, 10/15/14		5,475,000		5,365,500
11.000%, 10/15/16^		2,625,000		2,605,313
Wind Acquisition Finance S.A.
10.750%, 12/1/15 §		1,600,000		1,744,000
Windstream Regatta Holdings, Inc.
11.000%, 12/1/17 §		4,500,000		4,455,000

				88,005,929

*Wireless Telecommunication Services (1.6%)*
Centennial Cellular Operating Co./Centennial Communications Corp.
10.125%, 6/15/13		6,700,000		7,035,000
iPCS, Inc. (PIK)
8.161%, 5/1/14^		7,000,000		6,475,000
Rural Cellular Corp.
9.875%, 2/1/10		9,783,000		10,149,862
Stratos Global Corp.
9.875%, 2/15/13^		7,075,000		7,464,125

				31,123,987

Total Telecommunication Services				119,129,916

Utilities (6.8%)
*Electric Utilities (2.3%)*
Edison Mission Energy
7.000%, 5/15/17^		2,345,000		2,303,962
7.200%, 5/15/19		7,505,000		7,373,662
7.625%, 5/15/27		1,000,000		940,000
Midwest Generation LLC,
Series B
8.560%, 1/2/16		3,840,081		4,099,287
Mirant Americas Generation, Inc.
8.300%, 5/1/11^		6,670,000		6,686,675
Nevada Power Co.,
Class N
6.650%, 4/1/36		1,000,000		1,012,402
Series R
6.750%, 7/1/37		100,000		103,369
Reliant Energy, Inc.
7.625%, 6/15/14^		525,000		519,750
6.750%, 12/15/14		9,350,000		9,373,375
7.875%, 6/15/17^		960,000		950,400
Sierra Pacific Power Co.,
Series P
6.750%, 7/1/37		900,000		930,325
Sierra Pacific Resources
8.625%, 3/15/14^		2,200,000		2,350,770
Tenaska Alabama Partners LP
7.000%, 6/30/21^ §		3,103,798		3,097,783
Texas Competitive Electric Holdings Co. LLC
10.250%, 11/1/15^ §		4,350,000		4,306,500

				44,048,260

*Gas Utilities (1.0%)*
AmeriGas Partners LP
7.250%, 5/20/15^		5,250,000		5,145,000
AmeriGas Partners LP/AmeriGas Eagle Finance Corp.
7.125%, 5/20/16^		3,825,000		3,710,250
SemGroup plc
8.750%, 11/15/15^ §		5,925,000		5,628,750
Suburban Propane Partners LP/Suburban Energy Finance Corp.
6.875%, 12/15/13		4,525,000		4,389,250

				18,873,250

*Independent Power Producers & Energy Traders (2.4%)*
AES Corp.
8.750%, 5/15/13 §		75,000		78,281
8.000%, 10/15/17 §		1,235,000		1,262,788
Dynegy Holdings, Inc.
7.500%, 6/1/15		1,300,000		1,215,500
8.375%, 5/1/16		4,900,000		4,789,750
7.125%, 5/15/18^		1,700,000		1,504,500
7.750%, 6/1/19		300,000		276,750
Energy Future Holdings Corp.
10.875%, 11/1/17 §		7,200,000		7,236,000
Series C
6.375%, 1/1/08		6,000,000		5,999,843
NRG Energy, Inc.
7.250%, 2/1/14		4,775,000		4,655,625
7.375%, 2/1/16^		16,753,000		16,334,175
7.375%, 1/15/17		3,770,000		3,675,750

				47,028,962

*Multi-Utilities (1.1%)*
Dynegy-Roseton Danskammer,
Series A
7.270%, 11/8/10^		5,274,724		5,340,658
Series B
7.670%, 11/8/16		1,200,000		1,194,000
PSEG Energy Holdings LLC
8.500%, 6/15/11		9,205,000		9,592,650
Reliant Energy Mid-Atlantic Power Holdings LLC,
Series B
9.237%, 7/2/17		2,752,076		2,875,919
South Point Energy Center LLC/Broad River Energy LLC/Rockgen Energy LLC
8.400%, 5/30/12 (b)(h)		2,420,170		2,395,969

				21,399,196

Total Utilities				131,349,668

Total Long-Term Debt Securities (95.1%)
(Cost $1,893,571,581)				1,829,420,258

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
CONVERTIBLE BONDS:
Consumer Staples (0.3%)
*Food & Staples Retailing (0.3%)*
Great Atlantic & Pacific Tea Co., Inc.
6.750%, 12/15/12	$	5,000,000	$	5,300,000

Energy (0.1%)
*Oil, Gas & Consumable Fuels (0.1%)*
Chesapeake Energy Corp.
2.750%, 11/15/35		625,000		731,250
2.500%, 5/15/37^		1,275,000		1,416,844

Total Energy				2,148,094

Financials (0.2%)
*Capital Markets (0.2%)*
Deutsche Bank AG/London
(Zero Coupon), 7/14/08 §		500,000		432,650
(Zero Coupon), 9/29/08 §		600,000		519,900
(Zero Coupon), 10/24/08 §		625,000		568,500
Morgan Stanley
3.350%, 10/1/12 §		2,500,000		2,387,575

				3,908,625

*Real Estate Investment Trusts (REITs) (0.0%)*
Ventas, Inc. (REIT)
3.875%, 11/15/11 §		600,000		653,250

Total Financials				4,561,875

Information Technology (0.2%)
*Communications Equipment (0.1%)*
Nortel Networks Corp.
1.750%, 4/15/12 §		350,000		281,312
2.125%, 4/15/14 §		1,725,000		1,336,875

				1,618,187

*Semiconductors & Semiconductor Equipment (0.1%)*
Advanced Micro Devices, Inc.
6.000%, 5/1/15		1,650,000		1,173,563

Total Information Technology				2,791,750

Telecommunication Services (0.1%)
*Diversified Telecommunication Services (0.1%)*
Qwest Communications International, Inc.
3.500%, 11/15/25		1,625,000		2,167,344

Total Telecommunication Services				2,167,344

Utilities (0.1%)
*Multi-Utilities (0.1%)*
CMS Energy Corp.
2.875%, 12/1/24		1,875,000		2,507,812

Total Utilities				2,507,812

Total Convertible Bonds (1.0%)
(Cost $19,927,344)				19,476,875


	Number of Shares
CONVERTIBLE PREFERRED STOCKS:
Energy (0.1%)
*Oil, Gas & Consumable Fuels (0.1%)*
Chesapeake Energy Corp.,
5.000%		14,800		1,748,250

Financials (0.1%)
*Capital Markets (0.1%)*
Vale Capital Ltd., 5.500%		32,400		2,069,550

*Thrifts & Mortgage Finance (0.0%)*
Fannie Mae, 5.375%		1		84,549
Washington Mutual Capital Trust 2001,
5.375%^		20,800		587,600

				672,149

Total Financials				2,741,699

Materials (0.1%)
*Metals & Mining (0.1%)*
Freeport-McMoRan Copper & Gold, Inc.,
6.750%		6,300		948,150

Total Convertible Preferred Stocks (0.3%)
(Cost $4,700,094)				5,438,099


	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (3.6%)
DnB NOR Bank ASA
4.82%, 2/1/08 (n)(p)	$	13,000,000		12,944,533
Skandinaviska Enskilda Banken AB
5.35%, 2/8/08 (n)(p)		27,400,000		27,242,163
4.77%, 3/20/08 (n)(p)		2,000,000		1,979,040
Swedbank Mortgage AB
5.04%, 1/24/08		4,400,000		4,385,268
UBS Finance (Delaware) LLC
4.00%, 1/2/08		22,600,000		22,594,978

Total Commercial Paper				69,145,982

Government Securities (2.0%)
Federal Home Loan Bank
4.23%, 1/4/08 (o)(p)		4,600,000		4,597,838
Federal Home Loan Mortgage Corp.
4.17%, 1/28/08 (o)(p)		1,700,000		1,694,498
Federal National Mortgage Association
4.28%, 1/11/08 (o)(p)		26,700,000		26,665,164
4.21%, 1/23/08 (o)(p)		4,500,000		4,487,925

Total Government Securities				37,445,425

Short-Term Investments of Cash Collateral for Securities Loaned (19.6%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08		9,873,696		9,873,696
Banco Comercial Portugues S.A.
5.42%, 1/2/08		12,342,120		12,342,120
5.40%, 1/4/08		4,936,848		4,936,848
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		4,936,848		4,936,848
Banco Espirito Santo S.A.
4.94%, 1/15/08		14,810,544		14,810,544
5.30%, 1/18/08		3,291,232		3,291,232
Barclays plc/Seoul
5.27%, 1/22/08		4,114,040		4,114,040
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		3,620,355		3,620,355
Beta Finance, Inc.
4.37%, 1/31/08 (l)		658,246		658,246
4.37%, 3/10/08 (l)		1,645,538		1,645,538
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		4,114,040		4,114,040
4.94%, 1/31/08		16,456,160		16,456,160
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		7,898,957		7,898,957
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		4,936,848		4,936,848
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		3,853,704		3,853,704
Comerica Bank
5.05%, 3/16/09 (l)		1,645,492		1,645,492

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Credit Industriel et Commercial/London
5.26%, 1/16/08	$	8,228,080	$	8,228,080
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		72,906,709		72,906,709
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		4,278,602		4,278,602
Depfa Bank plc
4.87%, 1/7/08		6,526,896		6,526,896
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)		1,645,616		1,645,616
Fifth Third Bancorp
4.91%, 8/22/08 (l)		493,680		493,680
First Tennessee Bank
5.06%, 8/15/08 (l)		14,809,911		14,809,911
General Electric Capital Corp.
4.40%, 3/12/10 (l)		658,246		658,246
Glitnir banki hf
5.09%, 1/15/08 (l)		6,582,464		6,582,464
5.09%, 1/15/08 (l)		1,645,616		1,645,616
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		3,291,232		3,291,232
4.41%, 3/27/09 (l)		493,685		493,685
4.41%, 3/27/09		4,114,040		4,114,040
Hartford Life, Inc.
5.36%, 12/31/08 (l)		1,316,493		1,316,493
HBOS Treasury Services plc
5.20%, 3/11/08		2,468,424		2,468,424
ING Bank N.V./Amsterdam
4.87%, 1/7/08		8,228,080		8,228,080
IXIS Corporate & Investment Bank
4.91%, 2/15/08		4,114,040		4,114,040
K2 (USA) LLC
4.37%, 5/29/09 (l)		6,579,753		6,579,753
4.37%, 6/18/09 (l)		8,224,383		8,224,383
KBC Groep N.V./London
5.08%, 1/22/08		2,468,424		2,468,424
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		9,873,503		9,873,503
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		4,114,040		4,114,040
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		575,966		575,966
5.08%, 8/21/09 (l)		4,113,993		4,113,993
Links Finance LLC
4.37%, 6/25/09 (l)		2,467,500		2,467,500
MBIA Global Funding LLC
4.37%, 3/30/09		4,114,040		4,114,040
Monumental Global Funding II
4.36%, 4/25/08 (l)		3,949,478		3,949,478
4.43%, 5/26/10 (l)		7,734,395		7,734,395
Morgan Stanley
5.40%, 2/9/09 (l)		12,775,452		12,775,452
4.65%, 5/7/09 (l)		8,228,080		8,228,080
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		4,936,848		4,936,848
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		12,342,120		12,342,120
Pricoa Global Funding I
4.40%, 6/25/10 (l)		4,935,615		4,935,615
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		8,228,080		8,228,080
Rheingold Securitization Ltd.
5.35%, 1/7/08		4,013,822		4,013,822
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		8,228,080		8,228,080
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		16,456,160		16,456,160

	Principal Amount		Value (Note 1)
Wachovia Bank N.A.
4.37%, 10/2/08 (l)	$	1,645,616	$	1,645,616

Total Short-Term Investments of Cash Collateral for Securities Loaned				376,941,830

Time Deposit (2.4%)
JPMorgan Chase Nassau
3.51%, 1/2/08		46,236,311		46,236,311

Total Short-Term Investments (27.6%)
(Cost/Amortized Cost $529,799,908)				529,769,548

Total Investments (124.0%)
(Cost/Amortized Cost $2,447,998,927)				2,384,104,780
Other Assets Less Liabilities (-24.0%)				(461,514,761	)

Net Assets (100%)			$	1,922,590,019

*	Non-income producing.

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

†	Securities (totaling $11,855 or 0.00% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $364,272,366 or 18.95% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(e)

Step Bond—Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2007. Maturity date disclosed is the ultimate maturity date.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(n)

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

(p)

Yield to maturity.

(r)

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

Glossary:


CAD	—	Canadian Dollar
EUR	—	European Currency Unit
GBP	—	British Pound
PIK	—	Payment-in-Kind Security
TBA	—	Security is subject to delayed delivery.

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Appreciation/ (Depreciation)
British Pound 90-Day Sterling	160	March-09	$	37,462,268	$	37,912,967	$	450,699
90-Day EURODollar	128	March-08		30,616,000		30,644,800		28,800
90-Day EURODollar	165	June-08		39,604,500		39,705,188		100,688
90-Day EURODollar	200	March-09		47,787,500		48,315,000		527,500
90-Day EURODollar	39	December-09		9,292,238		9,377,550		85,312
3 Month EURO EURIBOR	100	March-09		34,979,502		35,014,270		34,768

							$	1,227,767

Sales
EURODollar	188	December-08	$	45,148,200	$	45,416,100		(267,900	)

							$	959,867

At December 31, 2007 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)


	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
European Union, expiring 1/24/08	5,000	$	6,890,000	$	7,313,050	$	423,050


Foreign Currency Sell Contracts
British Pound, expiring 1/31/08	67	$	135,271	$	133,264	$	2,007
British Pound, expiring 4/7/08	4,935		10,110,088		9,798,251		311,837
Canadian Dollar, expiring 4/7/08	3,810		3,814,196		3,863,075		(48,879	)
European Union, expiring 1/17/08	18,362		26,931,729		26,853,017		78,712
European Union, expiring 1/17/08	200		287,263		292,484		(5,221	)
European Union, expiring 1/24/08	13,675		18,731,400		20,001,192		(1,269,792	)
European Union, expiring 1/24/08	1,000		1,369,010		1,462,610		(93,600	)
European Union, expiring 1/24/08	3,025		4,282,039		4,425,609		(143,570	)
European Union, expiring 4/7/08	5,375		7,914,258		7,863,685		50,573

						$	(1,117,933	)

						$	(694,883	)

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,095,511,674
Long-term U.S. Treasury securities		12,964,453

	$	2,108,476,127

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,990,257,196

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	16,746,402
Aggregate gross unrealized depreciation		(81,930,281	)

Net unrealized depreciation	$	(65,183,879	)

Federal income tax cost of investments	$	2,449,288,659

At December 31, 2007, the Portfolio had loaned securities with a total value of $369,438,432. This was secured by collateral of $376,941,830 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $4,228,763 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $286,350,649 of which $68,279,453 expires in the year 2008, $114,524,895 expires in the year 2009, $91,978,211 expires in the year 2010, and $11,568,090 expires in the year 2014.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (2.7%)
BHP Billiton Ltd.^	915,434	$	32,264,404
CSL Ltd.	465,795		14,870,924
Macquarie Airports Ltd.	1,561,573		5,553,114
Macquarie Group Ltd.^	83,410		5,580,747
Macquarie Infrastructure Group^	694,218		1,846,961
National Australia Bank Ltd.^	297,121		9,858,923
Rio Tinto Ltd.^	28,563		3,359,431
Suncorp-Metway Ltd.^	402,300		5,976,813
Zinifex Ltd.	432,400		4,707,893

			84,019,210

Austria (0.6%)
Erste Bank der Oesterreichischen Sparkassen AG	166,212		11,785,997
voestalpine AG	115,100		8,321,543

			20,107,540

Belgium (0.8%)
Dexia S.A.	191,615		4,826,997
Fortis (London International Exchange)	315,809		8,348,052
Fortis (virt-x-Exchange)	443,832		11,686,771

			24,861,820

Brazil (4.6%)
All America Latina Logistica S.A.	464,909		6,017,699
Bovespa Holding S.A.	1,074,400		20,703,326
Cia Vale do Rio Doce (ADR)	444,012		14,505,872
Gafisa S.A.	585,244		10,912,499
Petroleo Brasileiro S.A. (ADR) (New York Exchange)	168,368		19,402,728
Petroleo Brasileiro S.A. (ADR) (Mexico Exchange)	379,727		43,759,739
Redecard S.A.	642,800		10,400,360
Unibanco-Uniao de Bancos Brasileiros S.A. (GDR)	115,538		16,133,726

			141,835,949

Canada (3.0%)
Bombardier, Inc., Class B*	497,200		3,002,495
Canadian Imperial Bank of Commerce^	46,800		3,345,397
Fairfax Financial Holdings Ltd.^	9,200		2,675,313
Gerdau Ameristeel Corp.	391,200		5,592,818
HudBay Minerals, Inc.*	103,400		2,042,961
Husky Energy, Inc.^	111,600		5,042,043
ING Canada, Inc.	94,900		3,809,654
Inmet Mining Corp.	29,200		2,383,160
Nexen, Inc.	128,017		4,163,682
Onex Corp.	104,000		3,687,076
Petro-Canada	58,500		3,156,315
Potash Corp. of Saskatchewan, Inc.	130,210		18,745,032
Research In Motion Ltd.*	237,825		26,969,355
Rogers Communications, Inc., Class B	99,639		4,542,032
Teck Cominco Ltd., Class B^	108,600		3,898,574

			93,055,907

China (0.2%)
Baidu.com (Sponsored ADR)*	14,267		5,569,694

Denmark (0.2%)
Carlsberg A/S, Class B^	43,300		5,238,400

Egypt (0.1%)
Orascom Construction Industries SAE (GDR)	9,332		1,936,015

Finland (1.5%)
Nokia Oyj	950,255		36,844,775
Stora Enso Oyj, Class R^	572,400		8,569,625

			45,414,400

France (12.9%)
Accor S.A.^	401,425		32,103,617
Air France-KLM	121,600		4,275,736
Alstom S.A.	50,974		10,955,401
BNP Paribas S.A.^	268,838		29,172,512
Cie de Saint-Gobain S.A.^	86,126		8,120,614
Cie Generale de Geophysique-Veritas*	38,581		10,999,433
Compagnie Generale des Etablissements Michelin, Class B	79,900		9,170,197
Credit Agricole S.A.^	309,152		10,427,540
Electricite de France	279,637		33,312,550
France Telecom S.A.	227,100		8,174,617
Groupe Danone S.A.	196,130		17,606,565
Imerys S.A.^	60,001		4,933,624
J.C. Decaux S.A.^	412,689		16,230,705
Lafarge S.A.^	84,205		15,327,434
Lagardere SCA^	113,500		8,511,200
Pernod-Ricard S.A.	57,050		13,187,113
PPR S.A.	137,864		22,172,047
Renault S.A.^	132,000		18,722,018
Sanofi-Aventis S.A.^	294,391		27,107,496
Societe Generale^	78,335		11,330,422
Total S.A.^	693,632		57,632,704
Veolia Environnement^	318,750		29,103,476

			398,577,021

Germany (9.9%)
Allianz SE (Registered)	93,700		20,268,275
BASF AG	191,086		28,331,650
Continental AG	373,004		48,530,741
Daimler AG	221,473		21,533,006
Deutsche Bank AG (Registered)^	104,300		13,632,768
Deutsche Lufthansa AG (Registered)	260,900		6,949,998
Deutsche Post AG (Registered)	306,976		10,551,623
Deutsche Telekom AG (Registered)	290,500		6,379,377
E.ON AG	240,021		51,090,836
Fresenius Medical Care AG & Co. KGaA	58,500		3,138,093
GEA Group AG*^	223,193		7,766,400
Linde AG	79,043		10,452,838
MTU Aero Engines Holdings AG	106,152		6,207,981
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	78,800		15,315,956
RWE AG	97,390		13,669,349
SAP AG	180,800		9,391,952
Siemens AG (Registered)	134,342		21,381,706
Symrise AG*	257,120		7,247,782
TUI AG*^	145,200		4,061,101

			305,901,432

Greece (0.2%)
Public Power Corp. S.A.	102,046		5,371,069

Hong Kong (2.0%)
China Merchants Holdings International Co., Ltd.^	844,000		5,249,699
China Mobile Ltd.	610,000		10,788,083
CNOOC Ltd.	6,695,100		11,402,638
Esprit Holdings Ltd.	1,374,100		20,442,147
Li & Fung Ltd.	760,000		3,070,254

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
Orient Overseas
International Ltd.^	174,000	$	1,287,583
Shangri-La Asia Ltd.	3,628,973		11,402,498

			63,642,902

India (0.6%)
ICICI Bank Ltd. (ADR)	314,744		19,356,756

Italy (2.6%)
Banco Popolare S.c.a.r.l.*	163,500		3,623,925
Buzzi Unicem S.p.A.	158,000		4,372,904
ENI S.p.A.	1,104,771		40,461,522
Fondiaria-Sai S.p.A.	125,271		5,164,900
Fondiaria-Sai S.p.A. (RNC)	14,200		401,312
Intesa Sanpaolo S.p.A.	1,424,000		11,263,399
Italcementi S.p.A.^	157,800		3,375,309
UniCredito Italiano S.p.A.	1,335,200		11,088,094

			79,751,365

Japan (15.8%)
Aisin Seiki Co., Ltd.	200,700		8,371,857
Alps Electric Co., Ltd.^	341,600		4,430,725
Astellas Pharma, Inc.	148,400		6,469,212
Canon, Inc.	304,500		14,173,567
Chuo Mitsui Trust Holdings, Inc.^	1,360,000		10,432,977
Daikin Industries Ltd.^	356,764		19,991,430
Dainippon Ink and Chemicals, Inc.^	895,000		4,486,416
East Japan Railway Co.	1,708		14,096,370
EDION Corp.^	122,000		1,326,858
Fujitsu Ltd.	2,104,000		14,181,730
Hirose Electric Co., Ltd.^	28,100		3,249,805
Honda Motor Co., Ltd.	524,800		17,616,256
Isuzu Motors Ltd.^	1,326,000		6,029,700
ITOCHU Corp.	631,000		6,167,945
Japan Tobacco, Inc.	1,757		10,505,984
JFE Holdings, Inc.	239,100		12,113,915
Komatsu Ltd. .	230,200		6,264,226
Kyushu Electric Power Co., Inc	205,700		5,063,555
Leopalace21 Corp .	66,200		1,783,664
Marubeni Corp.	2,057,000		14,601,450
Mitsubishi Chemical Holdings Corp.^	767,000		5,890,758
Mitsubishi Corp.	764,300		20,935,040
Mitsubishi UFJ Financial Group, Inc	2,411,000		22,596,043
Mitsui & Co., Ltd.	467,000		9,886,363
Mitsui Chemicals, Inc.	513,000		3,370,559
Mitsui Fudosan Co., Ltd.	444,000		9,657,790
Mitsui O.S.K. Lines Ltd.^	687,000		8,769,297
Mizuho Financial Group, Inc.	859		4,106,038
Nidec Corp.^	120,600		8,938,531
Nintendo Co., Ltd.	46,900		28,085,843
Nippon Mining Holdings, Inc.	753,500		4,829,307
Nippon Steel Corp.	869,000		5,382,876
Nippon Telegraph & Telephone Corp.	1,964		9,827,472
Nippon Yusen KK^	438,000		3,481,574
Nissan Motor Co., Ltd.	2,144,900		23,615,692
Nitto Denko Corp.	77,600		4,112,178
Nomura Holdings, Inc.	583,400		9,896,102
ORIX Corp.	39,000		6,664,369
Seven & I Holdings Co., Ltd.	147,900		4,315,929
Sharp Corp.^	485,000		8,726,223
Shin-Etsu Chemical Co., Ltd.	129,700		8,150,150
SMC Corp.	49,500		5,901,983
Sony Corp.^	293,200		16,272,121
Sumitomo Corp.	522,000		7,415,423
Sumitomo Mitsui Financial Group, Inc.	2,891		21,660,180
Tokyo Electric Power Co., Inc.	444,500		11,498,948
Toshiba Corp.^	1,311,000		9,822,378
Toyota Motor Corp.	216,500		11,705,321
Yamada Denki Co., Ltd.	113,300		12,951,179

			489,823,309

Luxembourg (0.5%)
ArcelorMittal^	210,851		16,397,131

Mexico (1.6%)
America Movil S.A.B. de C.V., Series L (ADR)	321,391		19,730,194
Fomento Economico Mexicano S.A.B. de C.V. (Sponsored ADR)	282,020		10,764,703
Grupo Televisa S.A. (Sponsored ADR)	872,585		20,741,345

			51,236,242

Netherlands (3.8%)
Heineken N.V.	276,900		17,902,097
ING Groep N.V. (CVA)	898,820		35,152,704
Koninklijke Ahold N.V.*	602,720		8,397,901
Koninklijke Philips Electronics N.V.	225,732		9,742,529
Reed Elsevier N.V.^	380,122		7,586,088
Royal Dutch Shell plc, Class A	523,000		21,983,749
Royal Dutch Shell plc, Class B	71,028		2,955,016
Wolters Kluwer N.V.	415,276		13,648,828

			117,368,912

Norway (0.2%)
StatoilHydro ASA	166,300		5,175,963

Singapore (0.3%)
CapitaLand Ltd.	1,948,000		8,485,158

Neptune Orient Lines Ltd.^	378,000		1,026,767

			9,511,925

South Africa (0.6%)
MTN Group Ltd.	1,051,712		19,706,664

South Korea (0.7%)
Samsung Electronics Co., Ltd.	36,010		21,389,413

Spain (1.3%)
Banco Bilbao Vizcaya Argentaria S.A.	449,700		11,019,430
Banco Santander S.A.	417,400		9,025,740
Inditex S.A.^	144,572		8,881,830
Repsol YPF S.A.^	293,700		10,468,872

			39,395,872

Sweden (0.4%)
Nordea Bank AB	328,000		5,480,876
Svenska Cellulosa AB, Class B	328,500		5,819,602

			11,300,478

Switzerland (10.3%)
ABB Ltd. (Registered)	1,115,412		32,137,737
Actelion Ltd. (Registered)*^	242,517		11,149,591
Adecco S.A. (Registered)	162,720		8,803,250
Credit Suisse Group (Registered)	507,461		30,524,307
Holcim Ltd. (Registered)	406,828		43,588,073
Julius Baer Holding AG (Registered)	245,594		20,304,375
Lonza Group AG (Registered)	196,421		23,838,047
Nestle S.A. (Registered)	118,626		54,485,289
Novartis AG (Registered)	388,141		21,290,073

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Roche Holding AG		168,085	$	29,039,815
UBS AG (Registered)		348,208		16,116,327
Xstrata plc		199,880		14,124,780
Zurich Financial Services AG (Registered)		49,585		14,562,569

				319,964,233

Taiwan (0.3%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		877,410		8,739,004

United Kingdom (17.4%)
Associated British Foods plc		453,300		8,116,539
AstraZeneca plc		265,500		11,436,833
Aviva plc		649,781		8,704,946
BAE Systems plc		1,088,600		10,791,496
Barclays plc		2,400,344		24,081,749
BG Group plc		649,362		14,865,130
BHP Billiton plc		344,200		10,592,643
BP plc		513,200		6,282,692
British American Tobacco plc		222,100		8,687,506
British Land Co. plc (REIT)		255,331		4,803,075
British Sky Broadcasting Group plc		2,444,443		30,119,972
Burberry Group plc		674,687		7,648,567
Centrica plc		601,262		4,293,779
GlaxoSmithKline plc		1,256,629		31,993,490
Greene King plc		11,029		175,635
HBOS plc		1,078,360		15,777,388
Home Retail Group plc		750,200		4,898,182
HSBC Holdings plc^		1,452,000		24,524,636
ICAP plc		930,399		13,455,160
ITV plc		2,094,710		3,560,949
Johnson Matthey plc		161,955		6,064,111
Kazakhmys plc		269,400		7,352,229
Kingfisher plc		1,138,396		3,299,429
Man Group plc		2,162,460		24,493,129
Marston’s plc		324,000		2,136,411
Mitchells & Butlers plc		244,882		2,066,839
Reckitt Benckiser Group plc		228,185		13,236,118
Rio Tinto plc		354,336		37,502,994
Royal & Sun Alliance Insurance Group		968,892		2,858,298
Royal Bank of Scotland Group plc		1,670,198		14,761,651
Schroders plc		144,287		3,739,574
Smith & Nephew plc		622,641		7,188,689
Standard Chartered plc		504,904		18,533,341
Taylor Wimpey plc		461,860		1,868,637
Tesco plc		7,071,357		67,178,871
Trinity Mirror plc		430,300		2,985,095
Vodafone Group plc		14,095,543		52,694,028
Wm. Morrison Supermarkets plc		1,153,584		7,394,164
Wolseley plc		567,266		8,378,662
WPP Group plc		931,764		12,000,358

				540,542,995

United States (0.9%)
Las Vegas Sands Corp.*		169,518		17,468,830
Schlumberger Ltd.		116,323		11,442,693

				28,911,523

Total Common Stocks (96.0%)
(Cost $2,537,720,713)				2,974,103,144


	Principal Amount

SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (9.3%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08	$	7,572,782	$	7,572,782
Banco Comercial Portugues S.A.
5.42%, 1/2/08		9,465,978		9,465,978
5.40%, 1/4/08		3,786,391		3,786,391
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		631,065		631,065
5.19%, 4/23/09 (l)		3,155,326		3,155,326
Banco Espirito Santo S.A.
4.94%, 1/15/08		11,359,174		11,359,174
5.30%, 1/18/08		2,524,261		2,524,261
Barclays plc/Seoul
5.27%, 1/22/08		3,155,326		3,155,326
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		252,426		252,426
5.18%, 3/12/10 (l)		2,524,261		2,524,261
Beta Finance, Inc.
4.37%, 1/31/08 (l)		504,852		504,852
4.37%, 3/10/08 (l)		1,262,070		1,262,070
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		3,155,326		3,155,326
4.94%, 1/31/08		12,621,304		12,621,304
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		1,009,704		1,009,704
5.23%, 6/18/08 (l)		5,048,522		5,048,522
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		3,786,391		3,786,391
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		2,955,657		2,955,657
Comerica Bank
5.05%, 3/16/09 (l)		1,262,036		1,262,036
Credit Industriel et Commercial/London
5.26%, 1/16/08		6,310,652		6,310,652
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		55,916,919		55,916,919
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		3,281,539		3,281,539
Depfa Bank plc
4.87%, 1/7/08		5,005,903		5,005,903
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)		1,262,130		1,262,130
Fifth Third Bancorp
4.91%, 8/22/08 (l)		378,636		378,636
First Tennessee Bank
5.06%, 8/15/08 (l)		11,358,688		11,358,688
General Electric Capital Corp.
4.40%, 3/12/10 (l)		504,852		504,852
Glitnir banki hf
5.09%, 1/15/08 (l)		5,048,522		5,048,522
5.09%, 1/15/08 (l)		1,262,130		1,262,130
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		2,524,261		2,524,261
4.41%, 3/27/09 (l)		3,155,326		3,155,326
4.41%, 3/27/09 (l)		378,639		378,639
Hartford Life, Inc.
5.36%, 12/31/08 (l)		1,009,704		1,009,704
HBOS Treasury Services plc
5.20%, 3/11/08		1,893,196		1,893,196
ING Bank N.V./Amsterdam
4.87%, 1/7/08		6,310,652		6,310,652

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
IXIS Corporate & Investment Bank
4.91%, 2/15/08	$	3,155,326	$	3,155,326
K2 (USA) LLC
4.37%, 5/29/09 (l)		5,046,442		5,046,442
4.37%, 6/18/09 (l)		6,307,816		6,307,816
KBC Groep N.V./London
5.08%, 1/22/08		1,893,196		1,893,196
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		7,572,634		7,572,634
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		3,155,326		3,155,326
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		441,746		441,746
5.08%, 8/21/09 (l)		3,155,290		3,155,290
Links Finance LLC
4.37%, 6/25/09 (l)		1,892,487		1,892,487
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		3,155,326		3,155,326
Monumental Global Funding II
4.36%, 4/25/08 (l)		3,029,113		3,029,113
4.43%, 5/26/10 (l)		5,932,013		5,932,013
Morgan Stanley
5.40%, 2/9/09 (l)		9,798,329		9,798,329
4.65%, 5/7/09 (l)		6,310,652		6,310,652
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		3,786,391		3,786,391
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		9,465,978		9,465,978
Pricoa Global Funding I
4.40%, 6/25/10 (l)		3,785,445		3,785,445
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		6,310,652		6,310,652
Rheingold Securitization Ltd.
5.35%, 1/7/08		3,078,462		3,078,462
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		6,310,652		6,310,652
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		12,621,305		12,621,305
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		1,262,130		1,262,130

Total Short-Term Investments of Cash Collateral for Securities Loaned				289,101,312

Time Deposit (2.9%)
JPMorgan Chase Nassau
3.51%, 1/2/08		88,370,352		88,370,352

Total Short-Term Investments (12.2%)
(Amortized Cost $377,471,664)				377,471,664

Total Investments (108.2%)
(Cost/Amortized Cost $2,915,192,377)				3,351,574,808
Other Assets Less Liabilities (-8.2%)				(252,672,461	)

Net Assets (100%)			$	3,098,902,347

*	Non-income producing.

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

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

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

Glossary:


ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
GDR	—	Global Depositary Receipt
REIT	—	Real Estate Investment Trust
RNC	—	Risparmio Non-Convertible Savings Shares

At December 31, 2007 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/07		Unrealized Appreciation
Dow Jones Euro Stock 50 Index	154	March-08	$	9,853,139	$	9,985,655	$	132,516

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,854,578,542
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,183,729,679

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	523,046,806
Aggregate gross unrealized depreciation		(90,408,363	)

Net unrealized appreciation	$	432,638,443

Federal income tax cost of investments	$	2,918,936,365

At December 31, 2007, the Portfolio had loaned securities with a total value of $274,006,831. This was secured by collateral of $289,101,312 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $404 as brokerage commissions with Exane S.A., an affiliated broker/dealer.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.0%)
*Auto Components (0.4%)*
Autoliv, Inc.	18,200	$	959,322
BorgWarner, Inc.	22,000		1,065,020
Lear Corp.*^	24,600		680,436
Magna International, Inc., Class A	12,800		1,029,504

			3,734,282

*Automobiles (0.3%)*
Daimler AG	17,000		1,625,710
General Motors Corp.	83,900		2,088,271

			3,713,981

*Hotels, Restaurants & Leisure (1.3%)*
Las Vegas Sands Corp.*	65,595		6,759,565
McDonald’s Corp.	54,800		3,228,268
Melco PBL Entertainment Macau Ltd. (ADR)*^	313,010		3,618,395

			13,606,228

*Household Durables (0.6%)*
Black & Decker Corp.	16,600		1,156,190
Centex Corp.	29,200		737,592
KB Home^	28,100		606,960
Pulte Homes, Inc.^	70,400		742,016
Sony Corp. (ADR)	62,220		3,378,546

			6,621,304

*Internet & Catalog Retail (0.9%)*
Liberty Media Corp., Interactive, Class A*	476,115		9,084,274

*Leisure Equipment & Products (0.1%)*
Brunswick Corp.	29,300		499,565
Mattel, Inc.	25,500		485,520

			985,085

*Media (3.6%)*
CBS Corp., Class B	59,000		1,607,750
Comcast Corp., Class A*	25,300		461,978
Comcast Corp., Special Class A*	758,247		13,739,436
DIRECTV Group, Inc.*	473,000		10,935,760
Gannett Co., Inc.	46,000		1,794,000
Idearc, Inc.^	54,400		955,264
Interpublic Group of Cos., Inc.*^	66,100		536,071
Time Warner, Inc.	124,300		2,052,193
Viacom, Inc., Class B*	61,300		2,692,296
Walt Disney Co.	94,700		3,056,916

			37,831,664

*Multiline Retail (1.3%)*
Dillard’s, Inc., Class A^	18,500		347,430
Dollar Tree Stores, Inc.*^	28,900		749,088
Family Dollar Stores, Inc.	28,300		544,209
Macy’s, Inc.	61,600		1,593,592
Nordstrom, Inc.^	259,700		9,538,781
Target Corp.	21,500		1,075,000

			13,848,100

*Specialty Retail (1.5%)*
Gap, Inc.	76,300		1,623,664
Home Depot, Inc.	93,000		2,505,420
Limited Brands, Inc.	4,400		83,292
Lowe’s Cos., Inc.	87,700		1,983,774
Office Depot, Inc.*^	424,913		5,910,540
Sherwin-Williams Co.^	7,700		446,908
Staples, Inc.	154,700		3,568,929

			16,122,527

*Textiles, Apparel & Luxury Goods (1.0%)*
Jones Apparel Group, Inc.	73,200		1,170,468
NIKE, Inc., Class B	125,310		8,049,914
VF Corp.	16,600		1,139,756

			10,360,138

Total Consumer Discretionary			115,907,583

Consumer Staples (8.0%)
*Beverages (0.6%)*
Coca-Cola Co.	19,600		1,202,852
Molson Coors Brewing Co., Class B	13,200		681,384
PepsiCo, Inc.	59,300		4,500,870

			6,385,106

*Food & Staples Retailing (2.2%)*
CVS Caremark Corp.	194,783		7,742,624
Kroger Co.	38,000		1,014,980
Rite Aid Corp.*^	2,485,400		6,934,266
Safeway, Inc.	47,700		1,631,817
SUPERVALU, Inc.	52,000		1,951,040
Wal-Mart Stores, Inc.	81,400		3,868,942

			23,143,669

*Food Products (1.7%)*
Cadbury Schweppes plc (ADR)^	59,595		2,942,205
General Mills, Inc.	24,800		1,413,600
Kellogg Co.	26,100		1,368,423
Kraft Foods, Inc., Class A	277,100		9,041,773
Sara Lee Corp.	112,400		1,805,144
Tyson Foods, Inc., Class A	72,200		1,106,826

			17,677,971

*Household Products (0.9%)*
Colgate-Palmolive Co.	22,900		1,785,284
Kimberly-Clark Corp.	23,700		1,643,358
Procter & Gamble Co.	93,100		6,835,402

			10,264,044

*Personal Products (0.7%)*
Avon Products, Inc.	185,945		7,350,406

*Tobacco (1.9%)*
Altria Group, Inc.	265,015		20,029,834

Total Consumer Staples			84,851,030

Energy (7.9%)
*Energy Equipment & Services (0.0%)*
Schlumberger Ltd.^	3,200		314,784

*Oil, Gas & Consumable Fuels (7.9%)*
Apache Corp.	134,600		14,474,884
BP plc (ADR)	21,100		1,543,887
Chevron Corp.	71,300		6,654,429
ConocoPhillips	273,700		24,167,710
EOG Resources, Inc.	61,300		5,471,025
Exxon Mobil Corp.	110,200		10,324,638
Gazprom OAO (Sponsored ADR)	156,800		8,890,560
Marathon Oil Corp.	46,600		2,836,076
Royal Dutch Shell plc (ADR)	20,700		1,742,940
Total S.A. (Sponsored ADR)	22,600		1,866,760
Valero Energy Corp.	77,115		5,400,364

			83,373,273

Total Energy			83,688,057

Financials (14.8%)
*Capital Markets (3.6%)*
Deutsche Bank AG (Registered)	10,700		1,384,687
Goldman Sachs Group, Inc.	78,875		16,962,069
Janus Capital Group, Inc.^	31,900		1,047,915
Merrill Lynch & Co., Inc.	32,300		1,733,864
Morgan Stanley	57,900		3,075,069
optionsXpress Holdings, Inc.^	117,775		3,983,150
UBS AG (Registered)	216,300		9,949,800

			38,136,554

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Commercial Banks (1.4%)*
Comerica, Inc.	26,600	$	1,157,898
Fifth Third Bancorp	47,200		1,186,136
KeyCorp	7,975		187,014
National City Corp.^	49,200		809,832
SunTrust Banks, Inc.	7,000		437,430
U.S. Bancorp	62,900		1,996,446
Wachovia Corp.	203,457		7,737,470
Wells Fargo & Co.	32,200		972,118

			14,484,344

*Consumer Finance (1.2%)*
American Express Co.	231,610		12,048,352
Discover Financial Services	46,500		701,220

			12,749,572

*Diversified Financial Services (1.9%)*
Bank of America Corp.	125,600		5,182,256
CIT Group, Inc.	36,800		884,304
Citigroup, Inc.	32,800		965,632
CME Group, Inc.	11,205		7,686,630
JPMorgan Chase & Co.	122,000		5,325,300

			20,044,122

*Insurance (4.8%)*
ACE Ltd.	39,000		2,409,420
Aflac, Inc.	5,000		313,150
Allstate Corp.	243,200		12,702,336
Ambac Financial Group, Inc.^	26,100		672,597
American International Group, Inc.	247,500		14,429,250
Aon Corp.	39,500		1,883,755
Chubb Corp.	30,800		1,681,064
Everest Reinsurance Group Ltd.	8,100		813,240
Fidelity National Financial, Inc., Class A^	28,600		417,846
Genworth Financial, Inc., Class A	73,300		1,865,485
Hartford Financial Services Group, Inc.	15,500		1,351,445
MBIA, Inc.^	22,400		417,312
MetLife, Inc.	44,500		2,742,090
Old Republic International Corp.	76,600		1,180,406
PartnerReinsurance Ltd.	900		74,277
Prudential Financial, Inc.	7,600		707,104
RenaissanceReinsurance Holdings Ltd.	11,800		710,832
Torchmark Corp.	16,100		974,533
Travelers Cos., Inc.	42,800		2,302,640
Unum Group	84,000		1,998,360
XL Capital Ltd., Class A	17,800		895,518

			50,542,660

*Thrifts & Mortgage Finance (1.9%)*
Fannie Mae	259,405		10,371,012
Freddie Mac	266,820		9,090,557
Washington Mutual, Inc.^	53,500		728,135

			20,189,704

Total Financials			156,146,956

Health Care (12.2%)
*Biotechnology (4.0%)*
Celgene Corp.*^	112,110		5,180,603
Genentech, Inc.*	310,655		20,835,631
Gilead Sciences, Inc.*	266,295		12,252,233
OSI Pharmaceuticals, Inc.*^	90,040		4,367,840

			42,636,307

*Health Care Equipment & Supplies (1.5%)*
Alcon, Inc.	35,659		5,100,664
Covidien Ltd.	20,125		891,336
Varian Medical Systems, Inc.*	178,600		9,315,776

			15,307,776

*Health Care Providers & Services (2.5%)*
AmerisourceBergen Corp.	32,600		1,462,762
Cardinal Health, Inc.	15,900		918,225
Coventry Health Care, Inc.*	150,025		8,888,981
McKesson Corp.	28,100		1,840,831
UnitedHealth Group, Inc.	6,700		389,940
WellPoint, Inc.*	147,279		12,920,787

			26,421,526

*Health Care Technology (0.4%)*
Eclipsys Corp.*^	187,024		4,733,577

*Pharmaceuticals (3.8%)*
Abbott Laboratories	6,300		353,745
Eli Lilly & Co.	53,600		2,861,704
Johnson & Johnson	38,875		2,592,963
Merck & Co., Inc.	205,240		11,926,496
Pfizer, Inc.	236,800		5,382,464
Roche Holding AG	32,700		5,649,534
Teva Pharmaceutical Industries Ltd. (ADR)^	206,900		9,616,712
Wyeth	35,500		1,568,745

			39,952,363

Total Health Care			129,051,549

Industrials (7.1%)
*Aerospace & Defense (1.2%)*
Boeing Co.	112,940		9,877,732
Lockheed Martin Corp.	11,800		1,242,068
Northrop Grumman Corp.	21,700		1,706,488

			12,826,288

*Air Freight & Logistics (0.0%)*
United Parcel Service, Inc., Class B	600		42,432

*Airlines (0.3%)*
JetBlue Airways Corp.*^	535,100		3,157,090

*Commercial Services & Supplies (0.3%)*
Allied Waste Industries, Inc.*	120,500		1,327,910
Pitney Bowes, Inc.	37,500		1,426,500

			2,754,410

*Industrial Conglomerates (3.3%)*
3M Co.	27,500		2,318,800
General Electric Co.^	815,680		30,237,258
Tyco International Ltd.	49,000		1,942,850

			34,498,908

*Machinery (1.2%)*
Caterpillar, Inc.	41,300		2,996,728
Cummins, Inc.	22,200		2,827,614
Eaton Corp.	19,250		1,866,287
Ingersoll-Rand Co., Ltd., Class A	39,900		1,854,153
SPX Corp.	14,000		1,439,900
Terex Corp.*	21,900		1,435,983

			12,420,665

*Road & Rail (0.8%)*
Avis Budget Group, Inc.*	58,000		754,000
Hertz Global Holdings, Inc.*^	522,550		8,303,320

			9,057,320

Total Industrials			74,757,113

Information Technology (22.5%)
*Communications Equipment (5.8%)*
Cisco Systems, Inc.*	174,200		4,715,594
Corning, Inc.	838,745		20,121,493
Motorola, Inc.	636,150		10,203,846
Nokia Oyj (ADR)	242,045		9,292,108
QUALCOMM, Inc.	207,170		8,152,139
Research In Motion Ltd.*	76,295		8,651,853

			61,137,033

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
*Computers & Peripherals (4.9%)*
Apple, Inc.*		52,255	$	10,350,670
Dell, Inc.*		406,400		9,960,864
EMC Corp.*		529,435		9,810,430
Hewlett-Packard Co.		307,445		15,519,824
International Business Machines Corp.		48,400		5,232,040
Lexmark International, Inc., Class A*		22,700		791,322

				51,665,150

*Electronic Equipment & Instruments (0.5%)*
Arrow Electronics, Inc.*		36,700		1,441,576
Avnet, Inc.*		49,500		1,731,015
Flextronics International Ltd.*		142,511		1,718,683
Ingram Micro, Inc., Class A*^		16,000		288,640
Sanmina-SCI Corp.*		46,300		84,266
Tyco Electronics Ltd.		20,125		747,241

				6,011,421

*Internet Software & Services (3.5%)*
Akamai Technologies, Inc.*^		78,275		2,708,315
eBay, Inc.*		248,790		8,257,340
Google, Inc., Class A*		32,731		22,632,832
Yahoo!, Inc.*		136,000		3,163,360

				36,761,847

*IT Services (0.6%)*
Accenture Ltd., Class A		21,200		763,836
Electronic Data Systems Corp.		53,800		1,115,274
Western Union Co.		197,240		4,788,987

				6,668,097

*Semiconductors & Semiconductor Equipment (4.6%)*
Cypress Semiconductor Corp.*^		257,035		9,260,971
Intel Corp.		557,410		14,860,550
KLA-Tencor Corp.		127,810		6,155,330
ON Semiconductor Corp.*^		439,027		3,898,560
SiRF Technology Holdings, Inc.*^		218,255		5,484,748
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		126,830		1,263,227
Texas Instruments, Inc.		221,515		7,398,601

				48,321,987

*Software (2.6%)*
Microsoft Corp.		542,157		19,300,789
NAVTEQ Corp.*		74,020		5,595,912
Oracle Corp.*		115,800		2,614,764

				27,511,465

Total Information Technology				238,077,000

Materials (4.2%)
*Chemicals (2.5%)*
Air Products & Chemicals, Inc.		109,800		10,829,574
Ashland, Inc.		20,800		986,544
Dow Chemical Co.		46,500		1,833,030
E.I. du Pont de Nemours & Co.		64,500		2,843,805
Lubrizol Corp.		22,800		1,234,848
Syngenta AG (ADR)^		179,635		9,100,309

				26,828,110

*Containers & Packaging (0.5%)*
Ball Corp.		32,000		1,440,000
Crown Holdings, Inc.*		39,800		1,020,870
Owens-Illinois, Inc.*		38,600		1,910,700
Sonoco Products Co.		25,000		817,000

				5,188,570

*Metals & Mining (1.2%)*
Alcoa, Inc.		69,700		2,547,535
ArcelorMittal^		32,000		2,475,200
Cleveland-Cliffs, Inc.^		4,300		433,440
Freeport-McMoRan Copper & Gold, Inc.		73,663		7,546,038

				13,002,213

Total Materials				45,018,893

Telecommunication Services (5.0%)
*Diversified Telecommunication Services (3.4%)*
AT&T, Inc.		452,800		18,818,368
Chunghwa Telecom Co., Ltd. (ADR)		359,836		7,596,146
Level 3 Communications, Inc.*^		1,433,400		4,357,536
Verizon Communications, Inc.		109,400		4,779,686

				35,551,736

*Wireless Telecommunication Services (1.6%)*
China Mobile Ltd.		202,600		3,583,059
Crown Castle International Corp.*		217,600		9,052,160
Sprint Nextel Corp.		193,400		2,539,342
Vodafone Group plc (ADR)		53,100		1,981,692

				17,156,253

Total Telecommunication Services				52,707,989

Utilities (1.8%)
*Electric Utilities (1.5%)*
American Electric Power Co., Inc.		43,300		2,016,048
Entergy Corp.		113,300		13,541,616

				15,557,664

*Independent Power Producers & Energy Traders (0.2%)*
Constellation Energy Group, Inc.		22,400		2,296,672

*Multi-Utilities (0.1%)*
CMS Energy Corp.		74,500		1,294,810

Total Utilities				19,149,146

Total Common Stocks (94.5%)
(Cost $929,028,586)				999,355,316

	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (8.4%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08	$	2,320,500		2,320,500
Banco Comercial Portugues S.A.
5.42%, 1/2/08		2,900,626		2,900,626
5.40%, 1/4/08		1,160,250		1,160,250
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		1,160,250		1,160,250
Banco Espirito Santo S.A.
4.94%, 1/15/08		3,480,752		3,480,752
5.30%, 1/18/08		773,500		773,500
Barclays plc/Seoul
5.27%, 1/22/08		966,875		966,875
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		850,850		850,850
Beta Finance, Inc.
4.37%, 1/31/08 (l)		154,700		154,700
4.37%, 3/10/08 (l)		386,732		386,732
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		966,875		966,875
4.94%, 1/31/08		3,867,502		3,867,502
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		1,856,400		1,856,400
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		1,160,250		1,160,250
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		905,691		905,691

100

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Comerica Bank
5.05%, 3/16/09 (l)	$	386,721	$	386,721
Credit Industriel et Commercial plc/London
5.26%, 1/16/08		1,933,750		1,933,750
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		17,134,421		17,134,421
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		1,005,550		1,005,550
Depfa Bank plc
4.87%, 1/7/08		1,533,941		1,533,941
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)		386,750		386,750
Fifth Third Bancorp
4.91%, 8/22/08 (l)		116,024		116,024
First Tennessee Bank
5.06%, 8/15/08 (l)		3,480,603		3,480,603
General Electric Capital Corp.
4.40%, 3/12/10 (l)		154,700		154,700
Glitnir banki hf
5.09%, 1/15/08 (l)		1,933,750		1,933,750
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		773,500		773,500
4.41%, 3/27/09 (l)		1,082,900		1,082,900
Hartford Life, Inc.
5.36%, 12/31/08 (l)		309,400		309,400
HBOS Treasury Services plc
5.20%, 3/11/08		580,125		580,125
ING Bank N.V./Amsterdam
4.87%, 1/7/08		1,933,750		1,933,750
IXIS Corporate & Investment Bank
4.91%, 2/15/08		966,875		966,875
K2 (USA) LLC
4.37%, 5/29/09 (l)		1,546,363		1,546,363
4.37%, 6/18/09 (l)		1,932,881		1,932,881
KBC Groep N.V./London
5.08%, 1/22/08		580,125		580,125
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		2,320,455		2,320,455
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		966,875		966,875
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		135,363		135,363
5.08%, 8/21/09 (l)		966,864		966,864
Links Finance LLC
4.37%, 6/25/09 (l)		579,908		579,908
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		966,875		966,875
Monumental Global Funding II
4.36%, 4/25/08 (l)		928,200		928,200
4.43%, 5/26/10 (l)		1,817,725		1,817,725
Morgan Stanley
5.40%, 2/9/09 (l)		3,002,467		3,002,467
4.65%, 5/7/09 (l)		1,933,750		1,933,750
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		1,160,250		1,160,250
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		2,900,626		2,900,626
Pricoa Global Funding I
4.40%, 6/25/10 (l)		1,159,960		1,159,960
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		1,933,750		1,933,750
Rheingold Securitization Ltd.
5.35%, 1/7/08		943,322		943,322
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		1,933,750		1,933,750
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		3,867,502		3,867,502
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		386,750		386,750

Total Short-Term Investments of Cash Collateral for Securities Loaned				88,588,274

Time Deposit (5.8%)
JPMorgan Chase Nassau
3.51%, 1/2/08		61,965,988		61,965,988

Total Short-Term Investments (14.2%)
(Amortized Cost $150,554,262)				150,554,262

Total Investments (108.7%)
(Cost/Amortized Cost $1,079,582,848)				1,149,909,578
Other Assets Less Liabilities (-8.7%)				(92,310,719	)

Net Assets (100%)			$	1,057,598,859

*	Non-income producing.

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

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

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

Glossary:

ADR — American Depositary Receipt

101

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	660,479,244
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	464,926,528

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	129,295,384
Aggregate gross unrealized depreciation		(63,891,488	)

Net unrealized appreciation	$	65,403,896

Federal income tax cost of investments	$	1,084,505,682

At December 31, 2007, the Portfolio had loaned securities with a total value of $85,751,580. This was secured by collateral of $88,588,274 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $41,339, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

102

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.4%)
*Diversified Consumer Services (0.5%)*
Apollo Group, Inc., Class A*	27,393	$	1,921,619

*Hotels, Restaurants & Leisure (3.3%)*
International Game Technology	55,000		2,416,150
Las Vegas Sands Corp.*^	49,395		5,090,155
Marriott International, Inc., Class A	53,000		1,811,540
Melco PBL Entertainment Macau Ltd. (ADR)*^	22,000		254,320
MGM MIRAGE*^	17,200		1,445,144
Starwood Hotels & Resorts Worldwide, Inc.	41,675		1,834,950
Yum! Brands, Inc.	26,600		1,017,982

			13,870,241

*Household Durables (0.2%)*
Harman International Industries, Inc.	10,500		773,955

*Internet & Catalog Retail (3.0%)*
Amazon.com, Inc.*^	135,315		12,535,582

*Media (0.9%)*
McGraw-Hill Cos., Inc.	26,300		1,152,203
Walt Disney Co.	44,225		1,427,583
XM Satellite Radio Holdings, Inc., Class A*	110,000		1,346,400

			3,926,186

*Multiline Retail (0.9%)*
Kohl’s Corp.*	49,700		2,276,260
Target Corp.	27,500		1,375,000

			3,651,260

*Specialty Retail (0.6%)*
Bed Bath & Beyond, Inc.*	35,100		1,031,589
Best Buy Co., Inc.	27,493		1,447,506

			2,479,095

Total Consumer Discretionary			39,157,938

Consumer Staples (4.8%)
*Beverages (1.1%)*
Coca-Cola Co.	24,565		1,507,554
PepsiCo, Inc.	41,595		3,157,060

			4,664,614

*Food & Staples Retailing (2.1%)*
CVS Caremark Corp.	151,928		6,039,138
Walgreen Co.	69,700		2,654,176

			8,693,314

*Household Products (1.2%)*
Colgate-Palmolive Co.	33,945		2,646,352
Procter & Gamble Co.	31,385		2,304,287

			4,950,639

*Personal Products (0.4%)*
Avon Products, Inc.	45,630		1,803,754

Total Consumer Staples			20,112,321

Energy (7.1%)
*Energy Equipment & Services (5.1%)*
Schlumberger Ltd.	171,180		16,838,977
Transocean, Inc.	19,440		2,782,836
Weatherford International Ltd.*	23,975		1,644,685

			21,266,498

*Oil, Gas & Consumable Fuels (2.0%)*
Devon Energy Corp.	22,175		1,971,579
Marathon Oil Corp.	38,820		2,362,585
Suncor Energy, Inc.	10,000		1,087,300
XTO Energy, Inc.	57,443		2,950,273

			8,371,737

Total Energy			29,638,235

Financials (8.9%)
*Capital Markets (3.6%)*
Charles Schwab Corp.	60,499		1,545,750
Franklin Resources, Inc.	35,780		4,094,305
Goldman Sachs Group, Inc.	9,920		2,133,296
Morgan Stanley	42,000		2,230,620
State Street Corp.	63,200		5,131,840

			15,135,811

*Diversified Financial Services (2.4%)*
CME Group, Inc.^	3,625		2,486,750
IntercontinentalExchange, Inc.*^	38,840		7,476,700

			9,963,450

*Insurance (2.9%)*
American International Group, Inc.	30,000		1,749,000
Berkshire Hathaway, Inc., Class A*	26		3,681,600
MetLife, Inc.	21,740		1,339,619
Progressive Corp.	276,400		5,295,824

			12,066,043

Total Financials			37,165,304

Health Care (16.3%)
*Biotechnology (6.2%)*
Celgene Corp.*	64,595		2,984,935
Cephalon, Inc.*^	41,000		2,942,160
Genentech, Inc.*	110,665		7,422,301
Genzyme Corp.*	81,100		6,037,084
Gilead Sciences, Inc.*	137,595		6,330,746

			25,717,226

*Health Care Equipment & Supplies (3.3%)*
Medtronic, Inc.	82,045		4,124,402
St. Jude Medical, Inc.*	77,785		3,161,183
Stryker Corp.^	35,150		2,626,408
Varian Medical Systems, Inc.*	74,700		3,896,352

			13,808,345

*Health Care Providers & Services (1.7%)*
Cardinal Health, Inc.	12,900		744,975
Humana, Inc.*	20,875		1,572,096
WellPoint, Inc.*	52,700		4,623,371

			6,940,442

*Health Care Technology (0.5%)*
Cerner Corp.*^	41,300		2,329,320

*Life Sciences Tools & Services (0.5%)*
Thermo Fisher Scientific Inc.*	38,695		2,231,928

*Pharmaceuticals (4.1%)*
Abbott Laboratories	64,670		3,631,220
Allergan, Inc.	32,000		2,055,680
Merck & Co., Inc.	83,224		4,836,147
Schering-Plough Corp.	244,955		6,525,601

			17,048,648

Total Health Care			68,075,909

Industrials (11.4%)
*Aerospace & Defense (2.5%)*
Boeing Co.	32,335		2,828,019
General Dynamics Corp.	52,420		4,664,856
United Technologies Corp.	35,025		2,680,813

			10,173,688

*Air Freight & Logistics (2.6%)*
C.H. Robinson Worldwide, Inc.	96,320		5,212,839
Expeditors International of Washington, Inc.^	127,900		5,714,572

			10,927,411

103

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
*Airlines (0.4%)*
Southwest Airlines Co.		134,900	$	1,645,780

*Commercial Services & Supplies (0.2%)*
Monster Worldwide, Inc.*		29,100		942,840

*Construction & Engineering (0.9%)*
Fluor Corp.		12,850		1,872,502
Foster Wheeler Ltd.*^		12,100		1,875,742

				3,748,244

*Industrial Conglomerates (3.1%)*
General Electric Co.^		307,890		11,413,482
McDermott International, Inc.*		25,100		1,481,653

				12,895,135

*Machinery (1.7%)*
Cummins, Inc.		8,005		1,019,597
Danaher Corp.		49,700		4,360,678
Deere & Co.		19,370		1,803,734

				7,184,009

Total Industrials				47,517,107

Information Technology (33.4%)
*Communications Equipment (5.9%)*
Cisco Systems, Inc.*		195,380		5,288,936
Corning, Inc.		117,500		2,818,825
Juniper Networks, Inc.*.		129,300		4,292,760
QUALCOMM, Inc.		277,445		10,917,461
Research In Motion Ltd.*^		11,155		1,264,977

				24,582,959

*Computers & Peripherals (5.7%)*
Apple, Inc.*		49,765		9,857,451
Dell, Inc.*		154,650		3,790,472
EMC Corp.*		144,100		2,670,173
Hewlett-Packard Co.		105,310		5,316,049
Network Appliance, Inc.*		78,090		1,949,126

				23,583,271

*Internet Software & Services (7.4%)*
eBay, Inc.*		155,400		5,157,726
Google, Inc., Class A*		30,045		20,775,517
VeriSign, Inc.*^		97,545		3,668,667
Yahoo!, Inc.*		52,075		1,211,265

				30,813,175

*IT Services (1.3%)*
Accenture Ltd., Class A		67,300		2,424,819
Automatic Data Processing, Inc.		30,200		1,344,806
Cognizant Technology Solutions Corp., Class A*		43,715		1,483,687

				5,253,312

*Semiconductors & Semiconductor Equipment (4.6%)*
Analog Devices, Inc.		50,600		1,604,020
Applied Materials, Inc.		78,000		1,385,280
ASML Holding N.V. (N.Y. Shares)*		1		31
Broadcom Corp., Class A*		124,095		3,243,844
Intel Corp.		244,470		6,517,570
Marvell Technology Group Ltd.*^		172,700		2,414,346
Texas Instruments, Inc.		62,555		2,089,337
Xilinx, Inc.		94,600		2,068,902

				19,323,330

*Software (8.5%)*
Adobe Systems, Inc.*		65,220		2,786,851
Autodesk, Inc.*		126,970		6,318,027
Electronic Arts, Inc.*		39,900		2,330,559
Microsoft Corp.		330,585		11,768,826
Nintendo Co., Ltd. (ADR)		18,100		1,340,305
Red Hat, Inc.*^		31,100		648,124
Salesforce.com, Inc.*^		165,900		10,400,271

				35,592,963

Total Information Technology				139,149,010

Materials (3.6%)
*Chemicals (1.9%)*
Air Products & Chemicals, Inc .		21,780		2,148,161
Monsanto Co.		41,520		4,637,369
Praxair, Inc.		11,600		1,029,036

				7,814,566

*Metals & Mining (1.7%)*
Allegheny Technologies, Inc.		71,100		6,143,040
Freeport-McMoRan Copper & Gold, Inc.		12,000		1,229,280

				7,372,320

Total Materials				15,186,886

Telecommunication Services (1.7%)
*Wireless Telecommunication Services (1.7%)*
American Tower Corp., Class A*		108,700		4,630,620
Crown Castle International Corp.*^		28,500		1,185,600
MetroPCS Communications, Inc.*		74,300		1,445,135

Total Telecommunication Services				7,261,355

Total Common Stocks (96.6%)
(Cost $337,339,137)				403,264,065


	Principal Amount

SHORT-TERM INVESTMENTS
Short-Term Investments of Cash Collateral for Securities Loaned (5.3%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08	$	582,138		582,138
Banco Comercial Portugues S.A.
5.42%, 1/2/08		727,672		727,672
5.40%, 1/4/08		291,069		291,069
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		291,068		291,068
Banco Espirito Santo S.A.
4.94%, 1/15/08		873,206		873,206
5.30%, 1/18/08		194,046		194,046
Barclays plc/Seoul
5.27%, 1/22/08		242,557		242,557
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		213,451		213,451
Beta Finance, Inc.
4.37%, 1/31/08 (l)		38,809		38,809
4.37%, 3/10/08 (l)		97,018		97,018
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		242,557		242,557
4.94%, 1/31/08		970,229		970,229
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		465,710		465,710
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		291,069		291,069
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		227,208		227,208
Comerica Bank
5.05%, 3/16/09 (l)		97,016		97,016
Credit Industriel et Commercial/London
5.26%, 1/16/08		485,115		485,115
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		4,298,464		4,298,464
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		252,260		252,260

104

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Depfa Bank plc
4.87%, 1/7/08	$	384,815	$	384,815
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)		97,023		97,023
Fifth Third Bancorp
4.91%, 8/22/08 (l)		29,107		29,107
First Tennessee Bank
5.06%, 8/15/08 (l)		873,169		873,169
General Electric Capital Corp.
4.40%, 3/12/10 (l)		38,809		38,809
Glitnir banki hf
5.09%, 1/15/08 (l)		485,115		485,115
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		194,046		194,046
4.41%, 3/27/09 (l)		271,664		271,664
Hartford Life, Inc.
5.36%, 12/31/08		77,618		77,618
HBOS Treasury Services plc
5.20%, 3/11/08		145,534		145,534
ING Bank N.V./Amsterdam
4.87%, 1/7/08		485,115		485,115
IXIS Corporate & Investment Bank
4.91%, 2/15/08		242,557		242,557
K2 (USA) LLC
4.37%, 5/29/09 (l)		387,932		387,932
4.37%, 6/18/09 (l)		484,897		484,897
KBC Groep N.V./London
5.08%, 1/22/08		145,534		145,534
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		582,126		582,126
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		242,557		242,557
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		33,958		33,958
5.08%, 8/21/09 (l)		242,555		242,555
Links Finance LLC
4.37%, 6/25/09 (l)		145,480		145,480
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		242,557		242,557
Monumental Global Funding II
4.36%, 4/25/08 (l)		232,855		232,855
4.43%, 5/26/10 (l)		456,008		456,008
Morgan Stanley
5.40%, 2/9/09 (l)		753,221		753,221
4.65%, 5/7/09 (l)		485,115		485,115
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		291,069		291,069
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		727,672		727,672
Pricoa Global Funding I
4.40%, 6/25/10 (l)		290,996		290,996
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		485,115		485,115
Rheingold Securitization Ltd.
5.35%, 1/7/08		236,649		236,649
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		485,115		485,115
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		970,228		970,228
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		97,023		97,023

Total Short-Term Investments of Cash Collateral for Securities Loaned				22,223,896

Time Deposit (3.5%)
JPMorgan Chase Nassau
3.51%, 1/2/08		14,551,677		14,551,677

Total Short-Term Investments (8.8%)
(Amortized Cost $36,775,573)				36,775,573

Total Investments (105.4%)
(Cost/Amortized Cost $374,114,710)				440,039,638
Other Assets Less Liabilities (-5.4%)				(22,736,257	)

Net Assets (100%)			$	417,303,381

*	Non-income producing.

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

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

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

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	298,921,633
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	321,254,112

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	77,547,513
Aggregate gross unrealized depreciation		(13,176,593	)

Net unrealized appreciation	$	64,370,920

Federal income tax cost of investments	$	375,668,718

105

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

At December 31, 2007, the Portfolio had loaned securities with a total value of $21,515,724. This was secured by collateral of $22,223,896 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $5,350, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $303 as brokerage commissions with Cowen and Co. LLC, and $1,813 as brokerage commissions with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

See Notes to Financial Statements.

106

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PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (7.9%)
*Auto Components (0.6%)*
Autoliv, Inc.	46,400	$	2,445,744
BorgWarner, Inc.^	61,600		2,982,056
Johnson Controls, Inc.	89,140		3,212,606
Lear Corp.*^	5,200		143,832
Magna International, Inc., Class A	33,800		2,718,534

			11,502,772

*Automobiles (0.4%)*
Ford Motor Co.*^	470,800		3,168,484
General Motors Corp.^	156,700		3,900,263

			7,068,747

*Hotels, Restaurants & Leisure (1.4%)*
Intercontinental Hotels Group plc (ADR)^	602,188		10,478,071
McDonald’s Corp.	150,200		8,848,282
Royal Caribbean Cruises Ltd.^	200,810		8,522,376

			27,848,729

*Household Durables (0.5%)*
Centex Corp.	50,800		1,283,208
KB Home^	55,600		1,200,960
Lennar Corp., Class B^	15,000		249,000
Pulte Homes, Inc.^	140,100		1,476,654
Toll Brothers, Inc.*^	229,260		4,598,956

			8,808,778

*Leisure Equipment & Products (0.0%)*
Brunswick Corp.^	60,200		1,026,410

*Media (1.8%)*
CBS Corp., Class B	135,700		3,697,825
Citadel Broadcasting Corp.^	5,784		11,915
E.W. Scripps Co., Class A^	40,540		1,824,705
Gannett Co., Inc.	107,800		4,204,200
Idearc, Inc.^	101,800		1,787,608
Omnicom Group, Inc.	69,550		3,305,711
Time Warner, Inc.	183,900		3,036,189
Viacom, Inc., Class B*	82,900		3,640,968
Walt Disney Co.	319,750		10,321,530
WPP Group plc	216,820		2,792,465

			34,623,116

*Multiline Retail (1.5%)*
Family Dollar Stores, Inc.^	86,200		1,657,626
Macy’s, Inc.	433,740		11,220,854
Target Corp.	342,350		17,117,500

			29,995,980

*Specialty Retail (1.0%)*
Advance Auto Parts, Inc.	36,850		1,399,931
Gap, Inc.	184,100		3,917,648
Home Depot, Inc.	151,400		4,078,716
Lowe’s Cos., Inc.	42,170		953,885
Office Depot, Inc.*	165,000		2,295,150
Sherwin-Williams Co.^	43,960		2,551,438
Staples, Inc.^	159,310		3,675,282

			18,872,050

*Textiles, Apparel & Luxury Goods (0.7%)*
Jones Apparel Group, Inc.	130,400		2,085,096
NIKE, Inc., Class B	155,990		10,020,798
VF Corp.	24,000		1,647,840

			13,753,734

Total Consumer Discretionary			153,500,316

Consumer Staples (10.8%)
*Beverages (2.4%)*
Coca-Cola Co.	345,100		21,178,787
Coca-Cola Enterprises, Inc.^	146,700		3,818,601
Diageo plc	352,838		7,585,482
Molson Coors Brewing Co., Class B	75,800		3,912,796
Pepsi Bottling Group, Inc.	88,100		3,476,426
PepsiAmericas, Inc.^	49,400		1,646,008
PepsiCo, Inc.	62,920		4,775,628

			46,393,728

*Food & Staples Retailing (2.1%)*
CVS Caremark Corp.^	774,692		30,794,007
Safeway, Inc.	111,300		3,807,573
SUPERVALU, Inc.	101,700		3,815,784
Wal-Mart Stores, Inc.	55,000		2,614,150

			41,031,514

*Food Products (1.5%)*
General Mills, Inc.	68,840		3,923,880
Kellogg Co.	196,420		10,298,301
Kraft Foods, Inc., Class A	39,200		1,279,096
Nestle S.A. (Registered)	17,533		8,052,961
Sara Lee Corp.	217,600		3,494,656
Tyson Foods, Inc., Class A	120,400		1,845,732

			28,894,626

*Household Products (3.0%)*
Procter & Gamble Co.	796,350		58,468,017

*Tobacco (1.8%)*
Altria Group, Inc.	463,400		35,023,772

Total Consumer Staples			209,811,657

Energy (13.4%)
*Oil, Gas & Consumable Fuels (13.4%)*
Apache Corp.	68,560		7,372,943
BP plc (ADR)^	41,900		3,065,823
Chevron Corp.	277,179		25,869,116
ConocoPhillips	268,940		23,747,402
Devon Energy Corp.	99,820		8,874,996
EOG Resources, Inc.	59,950		5,350,537
Exxon Mobil Corp.	593,310		55,587,214
Hess Corp.	121,180		12,222,215
Marathon Oil Corp.	185,080		11,263,969
Occidental Petroleum Corp.	399,182		30,733,022
Royal Dutch Shell plc (ADR)	83,260		7,010,492
Total S.A. (Sponsored ADR)^	580,290		47,931,954
XTO Energy, Inc.	386,776		19,864,815

			258,894,498

Total Energy			258,894,498

Financials (22.3%)
*Capital Markets (4.3%)*
Bank of New York Mellon Corp.	275,688		13,442,547
Deutsche Bank AG (Registered)^	21,000		2,717,610
Franklin Resources, Inc.	50,870		5,821,054
Goldman Sachs Group, Inc.	53,630		11,533,132
Lehman Brothers Holdings, Inc.	64,180		4,199,939
Merrill Lynch & Co., Inc.	119,960		6,439,453
Morgan Stanley	419,200		22,263,712
State Street Corp.	76,380		6,202,056
UBS AG (Registered)	230,053		10,647,685

			83,267,188

*Commercial Banks (3.0%)*
BB&T Corp.	46,600		1,429,222
Comerica, Inc.	57,400		2,498,622
Fifth Third Bancorp	101,500		2,550,695
KeyCorp	100,400		2,354,380
National City Corp.^	119,900		1,973,554
PNC Financial Services Group, Inc.	93,640		6,147,466
SunTrust Banks, Inc.	123,450		7,714,391
U.S. Bancorp	207,900		6,598,746
Wachovia Corp.	84,700		3,221,141

107

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Wells Fargo & Co.	764,050	$	23,066,669

			57,554,886

*Consumer Finance (0.9%)*
American Express Co.	81,510		4,240,150
Capital One Financial Corp.	253,350		11,973,321
Discover Financial Services	83,900		1,265,212

			17,478,683

*Diversified Financial Services (5.3%)*
Bank of America Corp.	780,903		32,220,058
CIT Group, Inc.	98,900		2,376,567
Citigroup, Inc.	765,600		22,539,264
JPMorgan Chase & Co.	1,049,950		45,830,317

			102,966,206

*Insurance (7.7%)*
ACE Ltd.	155,900		9,631,502
Aflac, Inc.	32,600		2,041,738
Allstate Corp.	496,840		25,949,953
Ambac Financial Group, Inc.^	55,300		1,425,081
American International Group, Inc.	635,500		37,049,650
Chubb Corp.	75,240		4,106,599
Cincinnati Financial Corp.	23,000		909,420
Everest Reinsurance Group Ltd.	14,400		1,445,760
Fidelity National Financial, Inc., Class A^	127,700		1,865,697
Genworth Financial, Inc., Class A	368,730		9,384,179
Hartford Financial Services
Group, Inc.	125,800		10,968,502
MBIA, Inc.^	46,500		866,295
MetLife, Inc.	345,660		21,299,569
Old Republic International Corp.^	131,400		2,024,874
PartnerReinsurance Ltd.^	34,800		2,872,044
Prudential Financial, Inc.	53,120		4,942,285
Safeco Corp.	18,300		1,018,944
Torchmark Corp.	48,100		2,911,493
Travelers Cos., Inc.	103,700		5,579,060
Unum Group	169,400		4,030,026

			150,322,671

*Thrifts & Mortgage Finance (1.1%)*
Fannie Mae^	359,500		14,372,810
Freddie Mac	137,230		4,675,426
Washington Mutual, Inc.^	106,700		1,452,187

			20,500,423

Total Financials			432,090,057

Health Care (11.3%)
*Health Care Equipment & Supplies (0.1%)*
Covidien Ltd.	22,600		1,000,954

*Health Care Providers & Services (1.0%)*
AmerisourceBergen Corp.	67,000		3,006,290
Cardinal Health, Inc.	24,000		1,386,000
UnitedHealth Group, Inc.	85,360		4,967,952
WellPoint, Inc.*	111,140		9,750,312

			19,110,554

*Pharmaceuticals (10.2%)*
Abbott Laboratories	74,850		4,202,827
Bristol-Myers Squibb Co.	519,550		13,778,466
Eli Lilly & Co.	95,000		5,072,050
GlaxoSmithKline plc	137,130		3,491,299
Johnson & Johnson	343,790		22,930,793
Merck & Co., Inc.^	877,450		50,988,620
Novartis AG (ADR)	674,700		36,642,957
Pfizer, Inc.	859,560		19,537,799
Schering-Plough Corp.	141,700		3,774,888
Wyeth	866,570		38,293,728

			198,713,427

Total Health Care			218,824,935

Industrials (11.4%)
*Aerospace & Defense (2.9%)*
Lockheed Martin Corp.	259,310		27,294,971
Northrop Grumman Corp.	204,300		16,066,152
Raytheon Co.	27,380		1,661,966
United Technologies Corp.	151,310		11,581,267

			56,604,356

*Building Products (1.0%)*
Masco Corp.^	898,880		19,424,797

*Commercial Services & Supplies (0.1%)*
Allied Waste Industries, Inc.*	242,800		2,675,656

*Electrical Equipment (0.2%)*
Rockwell Automation, Inc.	64,170		4,425,163

*Industrial Conglomerates (4.0%)*
General Electric Co.	1,556,200		57,688,334
Textron, Inc.	256,050		18,256,365
Tyco International Ltd.	22,600		896,090

			76,840,789

*Machinery (1.2%)*
Caterpillar, Inc.	39,200		2,844,352
Cummins, Inc.	5,100		649,587
Deere & Co.	11,820		1,100,678
Eaton Corp.	69,710		6,758,384
Ingersoll-Rand Co., Ltd., Class A	86,700		4,028,949
PACCAR, Inc.	70,200		3,824,496
Terex Corp.*	35,700		2,340,849
Timken Co.^	47,970		1,575,815

			23,123,110

*Road & Rail (1.7%)*
Avis Budget Group, Inc.*	72,900		947,700
Burlington Northern Santa Fe Corp.	60,610		5,044,571
Norfolk Southern Corp.	537,580		27,115,535

			33,107,806

*Trading Companies & Distributors (0.3%)*
W.W. Grainger, Inc.	58,860		5,151,427

Total Industrials			221,353,104

Information Technology (8.0%)
*Communications Equipment (2.6%)*
Cisco Systems, Inc.*	1,034,300		27,998,501
Motorola, Inc.	1,251,300		20,070,852
Nokia Oyj (ADR)	69,300		2,660,427

			50,729,780

*Computers & Peripherals (1.1%)*
Dell, Inc.*	96,600		2,367,666
Hewlett-Packard Co.	119,420		6,028,321
International Business Machines Corp.	106,610		11,524,541
Lexmark International, Inc., Class A*	62,400		2,175,264

			22,095,792

*Electronic Equipment & Instruments (1.3%)*
Arrow Electronics, Inc.*	74,200		2,914,576
Avnet, Inc.*	80,200		2,804,594
Flextronics International Ltd.*	382,434		4,612,154
Sanmina-SCI Corp.*	310,100		564,382
Tyco Electronics Ltd.	396,750		14,731,327

			25,627,033

*IT Services (0.5%)*
Accenture Ltd., Class A	216,220		7,790,407

108

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Electronic Data Systems Corp.		39,000	$	808,470

				8,598,877

*Semiconductors & Semiconductor Equipment (1.9%)*
Intel Corp.		394,070		10,505,906
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		192,859		1,920,876
Texas Instruments, Inc.		717,350		23,959,490

				36,386,272

*Software (0.6%)*
Microsoft Corp.		33,300		1,185,480
Oracle Corp.*		480,750		10,855,335

				12,040,815

Total Information Technology				155,478,569

Materials (4.1%)
*Chemicals (3.2%)*
Air Products & Chemicals, Inc.		47,820		4,716,487
Ashland, Inc.		44,100		2,091,663
Dow Chemical Co.		189,840		7,483,493
E.I. du Pont de Nemours & Co.		722,600		31,859,434
PPG Industries, Inc.		141,760		9,955,805
Praxair, Inc.		40,040		3,551,948
Syngenta AG (Registered)		7,484		1,907,109

				61,565,939

*Containers & Packaging (0.4%)*
Ball Corp.		68,900		3,100,500
Bemis Co., Inc.^		58,300		1,596,254
Crown Holdings, Inc.*		38,900		997,785
Smurfit-Stone Container Corp.*		81,360		859,162
Sonoco Products Co.		54,370		1,776,811

				8,330,512

*Metals & Mining (0.5%)*
Alcoa, Inc.		147,900		5,405,745
ArcelorMittal (N.Y. Shares)^		52,300		4,045,405

				9,451,150

Total Materials				79,347,601

Telecommunication Services (6.8%)
*Diversified Telecommunication Services (4.5%)*
AT&T, Inc.		1,562,580		64,940,825
Embarq Corp.		93,892		4,650,470
TELUS Corp. (Non-Voting)		26,302		1,279,456
Verizon Communications, Inc.		385,180		16,828,514

				87,699,265

*Wireless Telecommunication Services (2.3%)*
Sprint Nextel Corp.		735,510		9,657,246
Vodafone Group plc		1,915,287		7,160,009
Vodafone Group plc (ADR)		756,150		28,219,518

				45,036,773

Total Telecommunication Services				132,736,038

Utilities (2.2%)
*Electric Utilities (1.1%)*
Allegheny Energy, Inc.		57,400		3,651,214
American Electric Power Co., Inc.		90,700		4,222,992
Entergy Corp.		45,410		5,427,403
FPL Group, Inc.		92,980		6,302,184
PPL Corp.		37,050		1,929,935

				21,533,728

*Independent Power Producers & Energy Traders (0.2%)*
Constellation Energy Group, Inc.		38,400		3,937,152

*Multi-Utilities (0.9%)*
Ameren Corp.^		64,400		3,491,124
CMS Energy Corp.		8,000		139,040
Dominion Resources, Inc.		178,558		8,472,577
PG&E Corp.		51,020		2,198,452
Public Service Enterprise Group, Inc.		26,620		2,615,149

				16,916,342

Total Utilities				42,387,222

Total Common Stocks (98.2%)
(Cost $1,844,565,416)				1,904,423,997


	Principal Amount

SHORT-TERM INVESTMENTS:
Commercial Paper (0.7%)
General Electric Capital Corp.
4.15%, 1/2/08 (p)	$	13,001,000		12,998,002

Short-Term Investments of Cash Collateral for Securities Loaned (5.2%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08		2,631,338		2,631,338
Banco Comercial Portugues S.A.
5.42%, 1/2/08		3,289,172		3,289,172
5.40%, 1/4/08		1,315,669		1,315,669
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		1,315,669		1,315,669
Banco Espirito Santo S.A.
5.30%, 1/18/08		877,113		877,113
4.94%, 1/15/08		3,947,007		3,947,007
Barclays plc/Seoul
5.27%, 1/22/08		1,096,391		1,096,391
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		964,824		964,824
Beta Finance, Inc.
4.37%, 1/31/08 (l)		175,423		175,423
4.37%, 3/10/08 (l)		438,535		438,535
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		1,096,391		1,096,391
4.94%, 1/31/08		4,385,563		4,385,563
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		2,105,070		2,105,070
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		1,315,669		1,315,669
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		1,027,011		1,027,011
Comerica Bank
5.05%, 3/16/09 (l)		438,523		438,523
Credit Industriel et Commercial/London
5.26%, 1/16/08		2,192,781		2,192,781
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		19,429,621		19,429,621
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		1,140,246		1,140,246
Depfa Bank plc
4.87%, 1/7/08		1,739,416		1,739,416
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)		438,556		438,556
Fifth Third Bancorp
4.91%, 8/22/08 (l)		131,566		131,566
First Tennessee Bank
5.06%, 8/15/08 (l)		3,946,838		3,946,838
General Electric Capital Corp.
4.40%, 3/12/10 (l)		175,423		175,423
Glitnir banki hf
5.09%, 1/15/08 (l)		2,192,781		2,192,781
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		877,113		877,113
4.41%, 3/27/09 (l)		1,227,958		1,227,958

109

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
Hartford Life, Inc.
5.36%, 12/31/08 (l)	$	350,845	$	350,845
HBOS Treasury Services plc
5.20%, 3/11/08		657,834		657,834
ING Bank N.V./Amsterdam
4.87%, 1/7/08		2,192,781		2,192,781
IXIS Corporate & Investment Bank
4.91%, 2/15/08		1,096,391		1,096,391
K2 (USA) LLC
4.37%, 5/29/09 (l)		1,753,503		1,753,503
4.37%, 6/18/09 (l)		2,191,796		2,191,796
KBC Groep N.V./London
5.08%, 1/22/08		657,834		657,834
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		2,631,286		2,631,286
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		1,096,391		1,096,391
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		153,495		153,495
5.08%, 8/21/09 (l)		1,096,378		1,096,378
Links Finance LLC
4.37%, 6/25/09		657,588		657,588
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		1,096,391		1,096,391
Monumental Global Funding II
4.36%, 4/25/08 (l)		1,052,535		1,052,535
4.43%, 5/26/10 (l)		2,061,215		2,061,215
Morgan Stanley
5.40%, 2/9/09 (l)		3,404,655		3,404,655
4.65%, 5/7/09 (l)		2,192,781		2,192,781
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		1,315,669		1,315,669
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		3,289,172		3,289,172
Pricoa Global Funding I
4.40%, 6/25/10 (l)		1,315,340		1,315,340
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		2,192,781		2,192,781
Rheingold Securitization Ltd.
5.35%, 1/7/08		1,069,683		1,069,683
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		2,192,781		2,192,781
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		4,385,563		4,385,563
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		438,556		438,556

Total Short-Term Investments of Cash Collateral for Securities Loaned				100,454,911

Time Deposit (1.9%)
JPMorgan Chase Nassau
3.51%, 1/2/08		36,740,109		36,740,109

Total Short-Term Investments (7.8%)
(Cost/Amortized Cost $150,194,521)				150,193,022

Total Investments (106.0%)
(Cost/Amortized Cost $1,994,759,937)				2,054,617,019
Other Assets Less Liabilities (-6.0%)				(116,110,372	)

Net Assets (100%)			$	1,938,506,647

*	Non-income producing.

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

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(p)

Yield to maturity.

(r)

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

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,658,657,426
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,376,230,999

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	199,029,535
Aggregate gross unrealized depreciation		(144,103,376	)

Net unrealized appreciation	$	54,926,159

Federal income tax cost of investments	$	1,999,690,860

At December 31, 2007, the Portfolio had loaned securities with a total value of $97,690,714. This was secured by collateral of $100,454,911 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $4,669, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $27,243 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

110

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.6%)
*Auto Components (0.5%)*
Drew Industries, Inc.*^	91,000	$	2,493,400
Tenneco, Inc.*	64,000		1,668,480

			4,161,880

*Distributors (1.3%)*
LKQ Corp.*^	553,070		11,625,531

*Diversified Consumer Services (1.4%)*
ITT Educational Services, Inc.*^	46,800		3,990,636
Strayer Education, Inc.	37,900		6,464,982
Universal Technical Institute, Inc.*^	106,200		1,805,400

			12,261,018

*Hotels, Restaurants & Leisure (6.4%)*
BJ’s Restaurants, Inc.*^	87,700		1,426,002
Burger King Holdings, Inc.	256,485		7,312,388
Chipotle Mexican Grill, Inc., Class A*^	14,230		2,092,806
Chipotle Mexican Grill, Inc., Class B*	32,200		3,962,210
Ctrip.com International Ltd. (ADR)^	71,900		4,132,093
Gaylord Entertainment Co.*	75,300		3,047,391
International Game Technology	122,600		5,385,818
Life Time Fitness, Inc.*^	164,800		8,187,264
Orient-Express Hotels Ltd., Class A^	112,750		6,485,380
Panera Bread Co., Class A*^	60,000		2,149,200
Penn National Gaming, Inc.*	36,200		2,155,710
Red Lion Hotels Corp.*^	47,762		475,232
Red Robin Gourmet Burgers, Inc.*^	92,780		2,968,032
Ruth’s Chris Steak House, Inc.*^	116,300		1,039,722
Scientific Games Corp., Class A*^	21,000		698,250
Shuffle Master, Inc.*^	168,600		2,021,514
Sonic Corp.*	54,000		1,182,600

			54,721,612

*Household Durables (0.1%)*
Garmin Ltd.	8,400		814,800
NVR, Inc.*^	510		267,240

			1,082,040

*Internet & Catalog Retail (0.4%)*
Netflix, Inc.*^	73,100		1,945,922
Shutterfly, Inc.*^	47,100		1,206,702

			3,152,624

*Media (1.4%)*
Focus Media Holding Ltd. (ADR)*^	107,400		6,101,394
Lions Gate Entertainment Corp.*^	236,600		2,228,772
National CineMedia, Inc.^	148,500		3,743,685

			12,073,851

*Multiline Retail (0.1%)*
Nordstrom, Inc.	17,400		639,102

*Specialty Retail (4.1%)*
Big 5 Sporting Goods Corp.^	67,000		966,140
Dick’s Sporting Goods, Inc.*^	292,200		8,111,472
GameStop Corp., Class A*	317,960		19,748,496
Guess?, Inc.^	18,700		708,543
Hibbett Sports, Inc.*^	70,100		1,400,598
Men’s Wearhouse, Inc.	12,000		323,760
PetSmart, Inc.	26,100		614,133
Tractor Supply Co.*^	52,747		1,895,727
Zumiez, Inc.*^	69,600		1,695,456

			35,464,325

*Textiles, Apparel & Luxury Goods (0.9%)*
FGX International Holdings Ltd.*	113,500		1,344,975
Lululemon Athletica, Inc.*^	62,100		2,941,677
Under Armour, Inc., Class A*^	45,380		1,981,744
Volcom, Inc.*^	30,500		671,915
Wolverine World Wide, Inc.	25,380		622,318

			7,562,629

Total Consumer Discretionary			142,744,612

Consumer Staples (0.4%)
*Beverages (0.1%)*
Hansen Natural Corp.*^	23,600		1,045,244

*Food Products (0.3%)*
Hain Celestial Group, Inc.*^	82,000		2,624,000

Total Consumer Staples			3,669,244

Energy (11.8%)
*Energy Equipment & Services (6.1%)*
Complete Production Services, Inc.*	151,000		2,713,470
Diamond Offshore Drilling, Inc.^	44,200		6,276,400
Dril-Quip, Inc.*	90,300		5,026,098
FMC Technologies, Inc.*	90,900		5,154,030
Grant Prideco, Inc.*	163,000		9,048,130
Helix Energy Solutions Group, Inc.*^	49,600		2,058,400
National Oilwell Varco, Inc.*	185,838		13,651,659
Oceaneering International, Inc.*	26,900		1,811,715
Smith International, Inc.	17,100		1,262,835
Superior Energy Services, Inc.*	158,600		5,459,012

			52,461,749

*Oil, Gas & Consumable Fuels (5.7%)*
Bill Barrett Corp.*^	200,100		8,378,187
Denbury Resources, Inc.*	151,940		4,520,215
Forest Oil Corp.*	60,700		3,085,988
Mariner Energy, Inc.*	158,800		3,633,344
McMoRan Exploration Co.*^	135,100		1,768,459
Newfield Exploration Co.*	62,300		3,283,210
Noble Energy, Inc.	9,400		747,488
Peabody Energy Corp.	92,100		5,677,044
Penn Virginia Corp.	41,600		1,815,008
Range Resources Corp.	56,700		2,912,112
Southwestern Energy Co.*	139,540		7,775,169
Ultra Petroleum Corp.*^	66,200		4,733,300

			48,329,524

Total Energy			100,791,273

Financials (7.0%)
*Capital Markets (3.5%)*
Affiliated Managers Group, Inc.*^	37,200		4,369,512
Greenhill & Co., Inc.^	53,400		3,550,032
Kohlberg Capital Corp.^	68,600		823,200
Lazard Ltd., Class A^	84,600		3,441,528
MF Global Ltd.*	102,800		3,235,116
optionsXpress Holdings, Inc.^	228,710		7,734,972
SEI Investments Co.	16,800		540,456
T. Rowe Price Group, Inc.	109,600		6,672,448

			30,367,264

*Commercial Banks (0.5%)*
Boston Private Financial Holdings, Inc.	5,700		154,356
East West Bancorp, Inc.^	72,300		1,751,829
UCBH Holdings, Inc.^	65,900		933,144
Western Alliance Bancorp*^	87,700		1,646,129

			4,485,458

*Diversified Financial Services (2.1%)*
IntercontinentalExchange, Inc.*	46,800		9,009,000

111

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
MSCI, Inc., Class A*	27,200	$	1,044,480
NASDAQ Stock Market, Inc.*	134,600		6,661,354
NewStar Financial, Inc.*^	111,300		921,564
Primus Guaranty Ltd.*^	49,000		343,490

			17,979,888

*Real Estate Investment Trusts (REITs) (0.6%)*
CapitalSource, Inc. (REIT)^	45,341		797,548
FelCor Lodging Trust, Inc. (REIT)	152,200		2,372,798
iStar Financial, Inc. (REIT)^	31,400		817,970
RAIT Financial Trust (REIT)^	120,900		1,042,158

			5,030,474

*Real Estate Management & Development (0.1%)*
Jones Lang LaSalle, Inc.^	6,600		469,656

*Thrifts & Mortgage Finance (0.2%)*
Clayton Holdings, Inc.*^	239,071		1,235,997

Total Financials			59,568,737

Health Care (15.1%)
*Biotechnology (2.3%)*
Alexion Pharmaceuticals, Inc.*^	43,700		3,278,811
Angiotech Pharmaceuticals, Inc.*	526,700		1,832,916
Celgene Corp.*^	109,100		5,041,511
Keryx Biopharmaceuticals, Inc.*^	117,000		982,800
MannKind Corp.*^	105,400		838,984
Millennium Pharmaceuticals, Inc.*	41,500		621,670
Myriad Genetics, Inc.*^	70,100		3,254,042
OSI Pharmaceuticals, Inc.*^	33,700		1,634,787
PDL BioPharma, Inc.*^	16,600		290,832
Pharmion Corp.*	21,600		1,357,776
Savient Pharmaceuticals, Inc.*^	9,600		220,512

			19,354,641

*Health Care Equipment & Supplies (4.7%)*
American Medical Systems Holdings, Inc.*^	204,700		2,959,962
ArthroCare Corp.*^	68,500		3,291,425
C.R. Bard, Inc.	11,340		1,075,032
DexCom, Inc.*^	184,600		1,630,018
Gen-Probe, Inc.*^	59,875		3,767,934
Hansen Medical, Inc.*^	109,200		3,269,448
Hologic, Inc.*^	97,960		6,723,974
Hospira, Inc.*	110,700		4,720,248
Masimo Corp.*	20,500		808,725
Meridian Bioscience, Inc.^	132,700		3,991,616
NuVasive, Inc.*	74,100		2,928,432
Stereotaxis, Inc.*^	13,300		162,526
TomoTherapy, Inc.*	235,100		4,598,556
Varian Medical Systems, Inc.*	14,344		748,183

			40,676,079

*Health Care Providers & Services (2.6%)*
Community Health Systems, Inc.*	6,815		251,201
Coventry Health Care, Inc.*	11,200		663,600
Express Scripts, Inc.*	15,300		1,116,900
HealthExtras, Inc.*	99,700		2,600,176
Healthways, Inc.*^	24,900		1,455,156
Henry Schein, Inc.*^	80,500		4,942,700
Psychiatric Solutions, Inc.*	152,026		4,940,845
VCA Antech, Inc.*	145,100		6,417,773

			22,388,351

*Health Care Technology (1.2%)*
Allscripts Healthcare
Solutions, Inc.*^	137,300		2,666,366
Cerner Corp.*^	12,500		705,000
MedAssets, Inc.*^	51,700		1,237,698
TriZetto Group, Inc.*^	317,100		5,508,027

			10,117,091

*Life Sciences Tools & Services (2.8%)*
AMAG Pharmaceuticals, Inc.*^	49,300		2,964,409
Covance, Inc.*	58,200		5,041,284
ICON plc (ADR)*	66,800		4,132,248
PAREXEL International Corp.*	80,100		3,868,830
Pharmaceutical Product Development, Inc.	15,300		617,661
Varian, Inc.*	38,000		2,481,400
Ventana Medical Systems, Inc.*	20,100		1,753,323
Waters Corp.*	13,400		1,059,538
WuXi PharmaTech Cayman, Inc. (ADR)*^	57,700		1,687,148

			23,605,841

*Pharmaceuticals (1.5%)*
Adams Respiratory Therapeutics, Inc.*	87,200		5,209,328
Auxilium Pharmaceuticals, Inc.*	8,500		254,915
Cadence Pharmaceuticals, Inc.*^	91,500		1,359,690
Impax Laboratories, Inc.*	52,200		579,420
Jazz Pharmaceuticals, Inc.*^	51,800		761,460
Medicines Co.*^	74,200		1,421,672
MGI Pharma, Inc.*	51,800		2,099,454
Penwest Pharmaceuticals Co.*^	120,100		702,585
XenoPort, Inc.*	15,300		854,964

			13,243,488

Total Health Care			129,385,491

Industrials (17.1%)
*Aerospace & Defense (2.5%)*
Hexcel Corp.*	173,800		4,219,864
Orbital Sciences Corp.*	147,300		3,611,796
Precision Castparts Corp.	82,800		11,484,360
Rockwell Collins, Inc.	9,623		692,567
Stanley, Inc.*^	51,100		1,636,222

			21,644,809

*Air Freight & Logistics (0.6%)*
C.H. Robinson Worldwide, Inc.	16,400		887,568
Expeditors International of Washington, Inc.	100,100		4,472,468

			5,360,036

*Airlines (0.4%)*
Allegiant Travel Co.*^	70,100		2,253,014
Ryanair Holdings plc (ADR)*^	16,300		642,872

			2,895,886

*Commercial Services & Supplies (2.9%)*
Duff & Phelps Corp., Class A*	35,200		692,736
Huron Consulting Group, Inc.*	47,500		3,829,925
Knoll, Inc.	136,900		2,249,267
Mobile Mini, Inc.*^	99,300		1,841,022
Monster Worldwide, Inc.*^	79,750		2,583,900
Robert Half International, Inc.	17,900		484,016
Stericycle, Inc.*	219,100		13,014,540

			24,695,406

*Construction & Engineering (1.8%)*
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)	32,000		1,934,080
Fluor Corp.	74,500		10,856,140
Granite Construction, Inc.	81,960		2,965,313

			15,755,533

*Electrical Equipment (1.9%)*
Ametek, Inc.	137,850		6,456,894
Baldor Electric Co.^	114,500		3,854,070
EnerSys*	66,400		1,657,344
J.A. Solar Holdings Co.
Ltd. (ADR)*	4,500		314,145
SunPower Corp., Class A*^	31,800		4,146,402

			16,428,855

112

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Machinery (6.6%)*
Astec Industries, Inc.*	75,800	$	2,819,002
Bucyrus International, Inc., Class A	7,100		705,669
Chart Industries, Inc.*^	63,800		1,971,420
Cummins, Inc.	74,420		9,478,876
Force Protection, Inc.*† (b)	139,200		539,080
IDEX Corp.	118,325		4,275,082
Joy Global, Inc.	68,100		4,482,342
Kaydon Corp.^	52,400		2,857,896
Lincoln Electric Holdings, Inc.	65,400		4,655,172
Manitowoc Co., Inc.^	237,900		11,616,657
Terex Corp.*	11,300		740,941
Trinity Industries, Inc.^	18,800		521,888
Valmont Industries, Inc.^	78,000		6,951,360
Wabtec Corp.^	145,900		5,024,796

			56,640,181

*Trading Companies & Distributors (0.4%)*
MSC Industrial Direct Co.	89,400		3,618,018

Total Industrials			147,038,724

Information Technology (25.6%)
*Communications Equipment (3.6%)*
Arris Group, Inc.*^	158,330		1,580,133
F5 Networks, Inc.*	27,200		775,744
Foundry Networks, Inc.*^	408,200		7,151,664
Harris Corp.	25,200		1,579,536
Ixia*^	371,300		3,519,924
Juniper Networks, Inc.*	178,100		5,912,920
NETGEAR, Inc.*^	111,820		3,988,620
OpNext, Inc.*^	92,800		821,280
Riverbed Technology, Inc.*	58,300		1,558,942
ViaSat, Inc.*^	114,200		3,931,906

			30,820,669

*Computers & Peripherals (0.6%)*
3PAR, Inc.*^	12,700		162,560
Compellent Technologies, Inc.*^	46,100		554,583
Logitech International S.A. (Registered)*^	26,318		964,291
Network Appliance, Inc.*	15,500		386,880
Synaptics, Inc.*^	52,300		2,152,668
Xyratex Ltd.*	87,100		1,376,180

			5,597,162

*Electronic Equipment & Instruments (2.3%)*
Amphenol Corp., Class A	107,620		4,990,339
Coherent, Inc.*	44,700		1,120,629
FARO Technologies, Inc.*	81,500		2,215,170
Flir Systems, Inc.*^	153,700		4,810,810
Mettler-Toledo International, Inc.*	8,100		921,780
National Instruments Corp.	75,050		2,501,417
Trimble Navigation Ltd.*	106,600		3,223,584

			19,783,729

*Internet Software & Services (4.5%)*
Baidu.com (Sponsored ADR)*	11,500		4,489,485
comScore, Inc.*^	73,200		2,388,516
DealerTrack Holdings, Inc.*	175,300		5,867,291
Entrust, Inc.*	196,500		379,245
Equinix, Inc.*^	81,800		8,267,526
Internap Network Services Corp.*^	175,300		1,460,249
Marchex, Inc., Class B^	139,300		1,512,798
Omniture, Inc.*^	125,730		4,185,552
SINA Corp.*^	94,400		4,182,864
VistaPrint Ltd.*^	132,600		5,681,910

			38,415,436

*IT Services (1.9%)*
Cognizant Technology Solutions Corp., Class A*	24,200		821,348
Global Payments, Inc.	16,200		753,624
Heartland Payment Systems, Inc.^	71,200		1,908,160
Iron Mountain, Inc.*	120,385		4,456,653
RightNow Technologies, Inc.*^	116,500		1,846,525
Sapient Corp.*^	470,699		4,146,858
VeriFone Holdings, Inc.*^	98,400		2,287,800

			16,220,968

*Semiconductors & Semiconductor Equipment (7.0%)*
Atheros Communications, Inc.*^	94,000		2,870,760
FormFactor, Inc.*^	167,500		5,544,250
Hittite Microwave Corp.*^	98,400		4,699,584
Integrated Device Technology, Inc.*	109,600		1,239,576
Intersil Corp., Class A	5,700		139,536
Lam Research Corp.*	9,700		419,331
Maxim Integrated Products, Inc.	36,100		955,928
Microchip Technology, Inc.^	11,600		364,472
Microsemi Corp.*^	403,300		8,929,062
Microtune, Inc.*^	256,700		1,676,251
Netlogic Microsystems, Inc.*^	118,400		3,812,480
NVIDIA Corp.*	250,450		8,520,309
ON Semiconductor Corp.*^	325,500		2,890,440
Power Integrations, Inc.*	167,300		5,760,139
Silicon Laboratories, Inc.*	92,000		3,443,560
Varian Semiconductor Equipment Associates, Inc.*^	235,224		8,703,288

			59,968,966

*Software (5.7%)*
Activision, Inc.*	358,153		10,637,144
ANSYS, Inc.*^	156,400		6,484,344
Bottomline Technologies, Inc.*	66,595		932,330
Commvault Systems, Inc.*^	180,200		3,816,636
Concur Technologies, Inc.*^	3,100		112,251
FactSet Research Systems, Inc.	12,500		696,250
Informatica Corp.*	227,370		4,097,208
Micros Systems, Inc.*	43,500		3,051,960
Nuance Communications, Inc.*^	188,700		3,524,916
Quest Software, Inc.*^	276,000		5,089,440
Red Hat, Inc.*^	111,800		2,329,912
Salesforce.com, Inc.*	4,400		275,836
SuccessFactors, Inc.*	151,100		1,786,002
Synchronoss Technologies, Inc.*^	92,760		3,287,414
THQ, Inc.*^	80,500		2,269,295
Voltaire Ltd.	102,600		629,964

			49,020,902

Total Information Technology			219,827,832

Materials (2.0%)
*Chemicals (1.3%)*
CF Industries Holdings, Inc.^	55,600		6,119,336
FMC Corp.	62,300		3,398,465
Minerals Technologies, Inc.^	28,200		1,887,990

			11,405,791

*Metals & Mining (0.7%)*
Allegheny Technologies, Inc.	64,700		5,590,080

Total Materials			16,995,871

Telecommunication Services (2.6%)
*Diversified Telecommunication Services (0.8%)*
Cbeyond, Inc.*	88,500		3,450,615
Time Warner Telecom, Inc., Class A*	182,524		3,703,412

			7,154,027

113

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
*Wireless Telecommunication Services (1.8%)*
American Tower Corp., Class A*		70,700	$	3,011,820
Crown Castle International Corp.*		17,700		736,320
MetroPCS Communications, Inc.*		34,800		676,860
NII Holdings, Inc.*		77,600		3,749,632
SBA Communications Corp., Class A*^		216,800		7,336,512

				15,511,144

Total Telecommunication Services				22,665,171

Total Common Stocks (98.2%)
(Cost $725,088,888)				842,686,955


	Principal Amount

SHORT-TERM INVESTMENTS:
Government Security (1.1%)
Federal Home Loan Bank
3.15%, 1/2/08 (o)(p)	$	9,190,000		9,188,392

Short-Term Investments of Cash Collateral for Securities Loaned (27.9%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08		6,277,871		6,277,871
Banco Comercial Portugues S.A.
5.42%, 1/2/08		7,847,338		7,847,338
5.40%, 1/4/08		3,138,935		3,138,935
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		3,138,935		3,138,935
Banco Espirito Santo S.A.
4.94%, 1/15/08		9,416,806		9,416,806
5.30%, 1/18/08		2,092,624		2,092,624
Barclays plc/Seoul
5.27%, 1/22/08		2,615,779		2,615,779
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		2,301,886		2,301,886
Beta Finance, Inc.
4.37%, 1/31/08 (l)		418,525		418,525
4.37%, 3/10/08 (l)		1,046,262		1,046,262
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		2,615,779		2,615,779
4.94%, 1/31/08		10,463,118		10,463,118
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		5,022,297		5,022,297
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		3,138,935		3,138,935
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		2,450,253		2,450,253
Comerica Bank
5.05%, 3/16/09 (l)		1,046,233		1,046,233
Credit Industriel et Commercial S.A./London
5.26%, 1/16/08		5,231,559		5,231,559
Credit Suisse (USA) LLC,
Repurchase Agreement
4.69%, 1/2/08 (r)		46,355,377		46,355,377
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		2,720,411		2,720,411
Depfa Bank plc
4.87%, 1/7/08		4,149,916		4,149,916
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)		1,046,312		1,046,312
Fifth Third Bancorp
4.91%, 8/22/08 (l)		313,891		313,891
First Tennessee Bank
5.06%, 8/15/08 (l)		9,416,404		9,416,404
General Electric Capital Corp.
4.40%, 3/12/10 (l)		418,525		418,525
Glitnir banki hf
5.09%, 1/15/08 (l)		5,231,559		5,231,559
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		2,092,624		2,092,624
4.41%, 3/27/09 (l)		2,929,673		2,929,673
Hartford Life, Inc.
5.36%, 12/31/08 (l)		837,049		837,049
HBOS Treasury Services plc
5.20%, 3/11/08		1,569,468		1,569,468
ING Bank N.V./Amsterdam
4.87%, 1/7/08		5,231,559		5,231,559
IXIS Corporate & Investment Bank
4.91%, 2/15/08		2,615,780		2,615,780
K2 (USA) LLC
4.37%, 5/29/09 (l)		4,183,523		4,183,523
4.37%, 6/18/09 (l)		5,229,208		5,229,208
KBC Groep N.V./London
5.08%, 1/22/08		1,569,468		1,569,468
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		6,277,748		6,277,748
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		2,615,779		2,615,779
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		366,209		366,209
5.08%, 8/21/09 (l)		2,615,749		2,615,749
Links Finance LLC
4.37%, 6/25/09 (l)		1,568,881		1,568,881
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		2,615,779		2,615,779
Monumental Global Funding II
4.36%, 4/25/08 (l)		2,511,148		2,511,148
4.43%, 5/26/10 (l)		4,917,665		4,917,665
Morgan Stanley
5.40%, 2/9/09 (l)		8,122,858		8,122,858
4.65%, 5/7/09 (l)		5,231,559		5,231,559
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		3,138,935		3,138,935
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		7,847,338		7,847,338
Pricoa Global Funding I
4.40%, 6/25/10 (l)		3,138,151		3,138,151
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		5,231,559		5,231,559
Rheingold Securitization Ltd.
5.35%, 1/7/08		2,552,059		2,552,059
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		5,231,559		5,231,559
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		10,463,118		10,463,118
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		1,046,312		1,046,312

Total Short-Term Investments of Cash Collateral for Securities Loaned				239,666,288

Time Deposit (1.7%)
JPMorgan Chase Nassau
3.51%, 1/2/08		14,186,337		14,186,337

Total Short-Term Investments (30.7%)
(Cost/Amortized Cost $263,041,821)				263,041,017

Total Investments (128.9%)
(Cost/Amortized Cost $988,130,709)				1,105,727,972
Other Assets Less Liabilities (-28.9%)				(248,033,701	)

Net Assets (100%)			$	857,694,271

114

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

*	Non-income producing.

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

†	Securities (totaling $539,080 or 0.06% of net assets) valued at fair value.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

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

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	632,905,685
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	646,557,574

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	160,751,893
Aggregate gross unrealized depreciation		(46,814,169	)

Net unrealized appreciation	$	113,937,724

Federal income tax cost of investments	$	991,790,248

At December 31, 2007, the Portfolio had loaned securities with a total value of $232,350,721. This was secured by collateral of $239,666,288 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $309,414 was received in the form of short-term pooled securities, which the portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $14,669, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $712 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

115

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.9%)
*Auto Components (1.1%)*
Aftermarket Technology Corp.*^	27,128	$	739,509
American Axle & Manufacturing Holdings, Inc.^	54,381		1,012,574
Autoliv, Inc.	16,561		872,930
BorgWarner, Inc.	19,400		939,154
Spartan Motors, Inc.^	1,161		8,870
Standard Motor Products, Inc.	26,100		212,976
Stoneridge, Inc.*^	24,100		193,764
Strattec Security Corp.	5,290		219,165
TRW Automotive Holdings Corp.*	228,044		4,766,120
WABCO Holdings, Inc.	61,566		3,083,841

			12,048,903

*Distributors (0.0%)*
Building Materials Holding Corp.^	23,000		127,190

*Diversified Consumer Services (0.7%)*
Carriage Services, Inc.*^	8,780		77,264
Regis Corp.	194,869		5,448,537
Service Corp. International	28,606		401,915
Stewart Enterprises, Inc., Class A^	139,459		1,241,185

			7,168,901

*Hotels, Restaurants & Leisure (1.0%)*
Bluegreen Corp.*^	38,700		278,253
Bob Evans Farms, Inc.^	5,013		135,000
Burger King Holdings, Inc.	190		5,417
Canterbury Park Holding Corp.	620		7,440
CBRL Group, Inc.^	34,120		1,105,147
CEC Entertainment, Inc.*^	29,800		773,608
Cheesecake Factory, Inc.*^	288,000		6,828,480
CKE Restaurants, Inc.^	260		3,432
Dover Downs Gaming & Entertainment, Inc.^	23,500		264,375
Frisch’s Restaurants, Inc.	4,870		113,958
ILX Resorts, Inc.	430		1,548
Interstate Hotels & Resorts, Inc.*^	46,100		182,556
J. Alexander’s Corp.^	5,260		55,230
Jack in the Box, Inc.*	8,300		213,891
Landry’s Restaurants, Inc.^	19,200		378,240
Marcus Corp.^	10,860		167,787
Nathan’s Famous, Inc.*^	4,000		69,880
Silverleaf Resorts, Inc.*^	55,203		229,092
Speedway Motorsports, Inc.^	4,940		153,535
WMS Industries, Inc.*^	2,625		96,180

			11,063,049

*Household Durables (2.0%)*
American Greetings Corp., Class A^	84,199		1,709,240
Avatar Holdings, Inc.*^	9,800		409,836
Blyth, Inc.	28,560		626,606
Craftmade International, Inc.	1,300		10,725
CSS Industries, Inc.^	2,210		81,107
Ethan Allen Interiors, Inc.^	38,696		1,102,836
Flexsteel Industries, Inc.	5,956		71,472
Hooker Furniture Corp.^	8,120		163,212
Lennar Corp., Class A^	141,300		2,527,857
M.D.C. Holdings, Inc.^	102,800		3,816,964
National Presto Industries, Inc.^	6,020		317,013
Newell Rubbermaid, Inc.	123,500		3,196,180
Q.E.P. Co., Inc.*^	5,180		54,131
Snap-On, Inc.	45,593		2,199,406
Stanley Works	3,460		167,741
Syntax-Brillian Corp.*^	10,800		33,264
Toll Brothers, Inc.*^	94,500		1,895,670
Tupperware Brands Corp.	250		8,258
Universal Electronics, Inc.*^	7,744		258,959
Whirlpool Corp.^	36,100		2,946,843

			21,597,320

*Internet & Catalog Retail (0.0%)*
1-800-FLOWERS.COM, Inc., Class A*^	8,080		70,539
PC Mall, Inc.*^	9,458		88,054
Systemax, Inc.^	15,194		308,742

			467,335

*Leisure Equipment & Products (0.3%)*
Aldila, Inc.	3,853		63,151
Callaway Golf Co.^	3,520		61,354
GameTech International, Inc.*^	10,555		75,732
Hasbro, Inc.	62,002		1,586,011
JAKKS Pacific, Inc.*^	44,810		1,057,964

			2,844,212

*Media (1.4%)*
DG FastChannel, Inc.*^	7,714		197,787
Entercom Communications Corp., Class A^	126,400		1,730,416
Journal Communications, Inc., Class A^	75,717		676,910
Media General, Inc., Class A^	31,750		674,687
Primedia, Inc.^	14,357		122,035
R.H. Donnelley Corp.*^	160,680		5,861,606
Saga Communications, Inc., Class A*^	26,500		156,085
Scholastic Corp.*^	55,030		1,919,997
Valassis Communications, Inc.*^	43,700		510,853
Virgin Media, Inc.^	198,400		3,400,576

			15,250,952

*Multiline Retail (0.8%)*
Big Lots, Inc.*^	138,440		2,213,656
Bon-Ton Stores, Inc.^	11,900		112,931
Macy’s, Inc.	212,130		5,487,803
Tuesday Morning Corp.^	53,550		271,498

			8,085,888

*Specialty Retail (2.5%)*
Aaron Rents, Inc.^	2,670		51,371
American Eagle Outfitters, Inc.^	177,300		3,682,521
Asbury Automotive Group, Inc.^	47,000		707,350
Books-A-Million, Inc.^	31,300		373,096
Coldwater Creek, Inc.*^	1,118,600		7,483,434
Finish Line, Inc., Class A^	47,134		114,064
Franklin Covey Co.*^	26,100		207,234
Gap, Inc.	353,100		7,513,968
Hastings Entertainment, Inc.*	15,914		148,478
Jennifer Convertibles, Inc.*	840		3,990
Lithia Motors, Inc., Class A^	28,300		388,559
Mothers Work, Inc.*^	7,999		139,183
Office Depot, Inc.*	197,500		2,747,225
RadioShack Corp.^	39,070		658,720
Rent-A-Center, Inc.*^	112,599		1,634,937
Rex Stores Corp.*	13,970		220,307
Sonic Automotive, Inc., Class A^	11,800		228,448
Stage Stores, Inc.^	30,540		451,992
Trans World
Entertainment Corp.*^	8		39

			26,754,916

*Textiles, Apparel & Luxury Goods (1.1%)*
Culp, Inc.*^	12,130		84,546
Deckers Outdoor Corp.*^	13,992		2,169,599
Delta Apparel, Inc.	3,100		22,165
Heelys, Inc.*^	8,343		58,067

116

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December 31, 2007


	Number of Shares	Value (Note 1)
Jones Apparel Group, Inc.	225,710	$	3,609,103
LaCrosse Footwear, Inc.	102		1,789
Liz Claiborne, Inc.^	104,700		2,130,645
Movado Group, Inc.^	22,900		579,141
Perry Ellis International, Inc.*^	5,120		78,746
Warnaco Group, Inc.*^	35,600		1,238,880
Weyco Group, Inc.^	6,506		178,915
Wolverine World Wide, Inc.	52,680		1,291,714

			11,443,310

Total Consumer Discretionary			116,851,976

Consumer Staples (3.6%)
*Food & Staples Retailing (0.9%)*
Ingles Markets, Inc., Class A	3,800		96,482
Longs Drug Stores Corp.	4,600		216,200
Nash Finch Co.^	8,280		292,118
Ruddick Corp.^	5,935		205,767
Spartan Stores, Inc.^	3,286		75,085
Village Super Market, Inc., Class A^	200		10,178
Whole Foods Market, Inc.^	193,100		7,878,480
Winn-Dixie Stores, Inc.*^	58,222		982,205

			9,756,515

*Food Products (2.6%)*
Bunge Ltd.^	46,700		5,436,347
Cal-Maine Foods, Inc.^	20,990		556,865
Chaoda Modern Agriculture (Holdings) Ltd.	104,000		94,165
Corn Products International, Inc.	92,976		3,416,868
Cosan Ltd., Class A*^	96,000		1,209,600
Dean Foods Co.	200,100		5,174,586
Diamond Foods, Inc.^	23,500		503,605
Fresh Del Monte Produce, Inc.*	49,174		1,651,263
Imperial Sugar Co.^	22,900		429,833
Lighthouse Caledonia ASA*	74,770		71,054
Marine Harvest ASA*	7,477,000		4,805,792
Omega Protein Corp.*^	24,990		232,157
Sanderson Farms, Inc.^	11,595		391,679
Seaboard Corp.^	680		999,600
Seneca Foods Corp., Class A*^	3,410		80,987
Seneca Foods Corp., Class B*	600		13,296
Smithfield Foods, Inc.*	88,300		2,553,636
Tasty Baking Co.^	11,069		92,094

			27,713,427

*Household Products (0.0%)*
Central Garden & Pet Co.*^	26,400		152,064
Energizer Holdings, Inc.*	550		61,672
Oil-Dri Corp. of America	9,625		211,172

			424,908

*Personal Products (0.1%)*
Elizabeth Arden, Inc.*^	19,410		394,994
NBTY, Inc.*	10,728		293,947
Schiff Nutrition International, Inc.^	23,130		132,766

			821,707

*Tobacco (0.0%)*
Alliance One International, Inc.*^	51,921		211,319

Total Consumer Staples			38,927,876

Energy (8.4%)
*Energy Equipment & Services (3.3%)*
Bronco Drilling Co., Inc.*^	23,600		350,460
Cameron International Corp.*	138,200		6,651,566
Cie Generale de Geophysique-Veritas (Sponsored ADR)*^	55,500		3,110,775
Complete Production Services, Inc.*^	55,600		999,132
Dawson Geophysical Co.*^	1,500		107,190
GulfMark Offshore, Inc.*^	24,174		1,131,101
Helmerich & Payne, Inc.	100		4,007
Lufkin Industries, Inc.^	3,940		225,723
Oil States International, Inc.*^.	36,500		1,245,380
Rowan Cos., Inc.	18,780		741,059
SBM Offshore N.V.	29,156		920,755
SEACOR Holdings, Inc.*^	37,290		3,458,274
Solar Cayman Ltd. † (b)	141,300		1,801,575
Superior Energy Services, Inc.*	57,488		1,978,737
T-3 Energy Services, Inc.*^	920		43,249
Tidewater, Inc.^	53,450		2,932,267
Trico Marine Services, Inc.*^	21,156		783,195
Union Drilling, Inc.*^	23,100		364,287
Unit Corp.*	25,800		1,193,250
Weatherford International Ltd.*	112,900		7,744,940

			35,786,922

*Oil, Gas & Consumable Fuels (5.1%)*
Adams Resources & Energy, Inc.^	6,100		156,770
Arch Coal, Inc.	122,400		5,499,432
Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A. (ADR)* (m)	362,900		1,404,713
Callon Petroleum Co.*^	22,100		363,545
Cimarex Energy Co.	119,600		5,086,588
Comstock Resources, Inc.*^	10,200		346,800
Consol Energy, Inc.	123,200		8,811,264
Mariner Energy, Inc.*^	79,290		1,814,155
Massey Energy Co.	29,712		1,062,204
Murphy Oil Corp.	114,510		9,715,029
Newfield Exploration Co.*	136,700		7,204,090
Noble Energy, Inc.	63,900		5,081,328
PrimeEnergy Corp.*	200		10,716
Swift Energy Co.*^	47,500		2,091,425
Teton Energy Corp.*^	7,100		34,790
Uranium One, Inc.*	369,900		3,309,405
USEC, Inc.*^	249,200		2,242,800

			54,235,054

Total Energy			90,021,976

Financials (16.9%)
*Capital Markets (2.4%)*
Affiliated Managers Group, Inc.*^	39,900		4,686,654
American Physicians Service Group, Inc.	10,140		203,307
ETRADE Financial Corp.^	1,434,600		5,092,830
Federated Investors, Inc., Class B^	202,000		8,314,320
Knight Capital Group, Inc., Class A*^	511,100		7,359,840

			25,656,951

*Commercial Banks (1.0%)*
Banco Latinoamericano de Exportaciones S.A., Class E^	45,000		733,950
BNCCORP, Inc.*^	4,700		61,053
Britton & Koontz Capital Corp.	1,752		30,029
C&F Financial Corp.	1,438		43,500
Carolina Bank Holdings, Inc.*	1,918		21,520
CCF Holding Co.^	1,622		17,031
Centrue Financial Corp.	100		2,224
Codorus Valley Bancorp, Inc.	1,727		27,891
Community Bankshares, Inc./South Carolina	4,070		54,742
Community Capital Corp.	3,123		46,783
Epic Bancorp	5,600		61,992
First M&F Corp.	12,900		203,820

117

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December 31, 2007


	Number of Shares	Value (Note 1)
First Merchants Corp.^	2,915	$	63,664
First Regional Bancorp/California*^	15,245		287,978
First United Corp.	8,872		178,416
FNB United Corp.^	15,421		187,519
Habersham Bancorp	500		7,710
Harrington West Financial Group, Inc.	6,451		72,574
Hawthorn Bancshares, Inc.	780		19,500
HF Financial Corp.	7,656		115,988
Horizon Bancorp/Indiana	3,500		89,775
Intervest Bancshares Corp.^	11,500		198,030
Landmark Bancorp, Inc.	2,194		56,057
Marshall & Ilsley Corp.^	106,290		2,814,559
Northrim BanCorp, Inc.	6,569		140,051
Pacific Premier Bancorp, Inc.*	7,200		49,752
Parke Bancorp, Inc.^	1,026		18,263
Peoples Bancorp of North Carolina, Inc.	7,308		109,620
Peoples Financial Corp./Mississippi	1,517		33,495
Premier Financial Bancorp, Inc.	1,917		24,499
Republic First Bancorp, Inc.*^	14,200		97,980
Rurban Financial Corp.	1,384		17,286
Shore Financial Corp.	2,182		26,620
Southwest Bancorp, Inc./Oklahoma^	19,670		360,551
Taylor Capital Group, Inc.^	10,900		222,360
Team Financial, Inc.	5,500		81,565
UnionBanCal Corp.	7,900		386,389
United Bancshares, Inc./Ohio	1,420		19,724
United Security Bancshares, Inc./Alabama	464		7,930
Vineyard National Bancorp^	14,905		150,540
Webster Financial Corp.	107,900		3,449,563

			10,592,493

*Consumer Finance (0.2%)*
Advanta Corp., Class A	5,910		43,143
Advanta Corp., Class B^	8,934		72,097
AmeriCredit Corp.*^	183,800		2,350,802
Consumer Portfolio Services, Inc.*^	29,921		100,235
First Marblehead Corp.^	8,046		123,104
United PanAm Financial Corp.*^	23,339		119,496
White River Capital, Inc.*	5,250		95,288

			2,904,165

*Diversified Financial Services (1.5%)*
California First National Bancorp	2,716		26,427
CIT Group, Inc.	115,200		2,768,256
First Pacific Co.	3,150,000		2,444,084
Interactive Brokers Group, Inc.*	37,739		1,219,724
KKR Financial Holdings LLC^	92,100		1,294,005
MicroFinancial, Inc.	2,700		16,821
Moody’s Corp.^	221,600		7,911,120

			15,680,437

*Insurance (6.2%)*
Alleghany Corp.*	7,282		2,927,364
Allied World Assurance Co. Holdings Ltd./Bermuda	28,740		1,441,886
Ambac Financial Group, Inc.^	124,100		3,198,057
American Financial Group, Inc./Ohio	120,620		3,483,506
American Safety Insurance Holdings Ltd.*	12,960		254,664
Arch Capital Group Ltd.*	41,800		2,940,630
Aspen Insurance Holdings Ltd.	133,610		3,853,312
Assurant, Inc.	64,790		4,334,451
Brooke Corp.^	20,300		136,822
Endurance Specialty Holdings Ltd.	69,600		2,904,408
Everest Reinsurance Group Ltd.	38,100		3,825,240
Hilltop Holdings, Inc.*^	84,040		917,717
Horace Mann Educators Corp.	19,503		369,387
IPC Holdings Ltd.	12,383		357,497
Max Capital Group Ltd.^	84,132		2,354,855
Montpelier Reinsurance Holdings Ltd.^	7,143		121,502
National Security Group, Inc.	680		11,540
National Western Life Insurance Co., Class A^	80		16,590
NYMAGIC, Inc.^	9,300		215,109
Odyssey Reinsurance Holdings Corp.^	7,100		260,641
PartnerReinsurance Ltd.^	37,079		3,060,130
Platinum Underwriters Holdings Ltd.	213,775		7,601,839
Presidential Life Corp.^	11,995		210,032
Reinsurance Group of America, Inc.	115,400		6,056,192
RenaissanceReinsurance Holdings Ltd.	46,610		2,807,786
Unico American Corp.*^	4,190		42,947
United America Indemnity Ltd., Class A*^	4,040		80,477
Universal Insurance Holdings, Inc.^	50,720		375,835
Unum Group	138,200		3,287,778
Willis Group Holdings Ltd.	183,799		6,978,848
Zenith National Insurance Corp.^	44,800		2,003,904

			66,430,946

*Real Estate Investment Trusts (REITs) (2.5%)*
AmREIT, Inc., Class A (REIT)^	9,362		67,032
Ashford Hospitality Trust, Inc. (REIT)^	179,854		1,293,150
CBL & Associates Properties, Inc. (REIT)^	99,200		2,371,872
Colonial Properties Trust (REIT)^	79,250		1,793,427
Extra Space Storage, Inc. (REIT)^	85,997		1,228,897
FelCor Lodging Trust, Inc. (REIT)	2,000		31,180
Hersha Hospitality Trust (REIT)^	70,600		670,700
Hospitality Properties Trust (REIT)	60,364		1,944,928
HRPT Properties Trust (REIT)^	331,800		2,564,814
Investors Real Estate Trust (REIT)^	2,830		25,385
iStar Financial, Inc. (REIT)^	7,441		193,838
Lexington Realty Trust (REIT)^	106,493		1,548,408
Liberty Property Trust (REIT)^	122,500		3,529,225
LTC Properties, Inc. (REIT)^	34,460		863,223
Medical Properties Trust, Inc. (REIT)^	53,143		541,527
MHI Hospitality Corp. (REIT)	10,900		77,935
Mission West Properties, Inc. (REIT)^	33,560		319,156
Monmouth Reit, Class A (REIT)^	23,000		186,300
National Retail Properties, Inc. (REIT)^	99,800		2,333,324
One Liberty Properties, Inc. (REIT)	18,100		332,497
Ramco-Gershenson Properties Trust (REIT)^	21,840		466,721

118

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December 31, 2007


	Number of Shares	Value (Note 1)
Strategic Hotels & Resorts, Inc. (REIT)^	18,700	$	312,851
Sunstone Hotel Investors, Inc. (REIT)^	78,330		1,432,656
Supertel Hospitality, Inc. (REIT)^	25,781		158,295
Thornburg Mortgage, Inc. (REIT)^	224,400		2,073,456
Transcontinental Realty Investors, Inc. (REIT)*	10,110		156,301
Urstadt Biddle Properties, Inc. (REIT)	1,200		18,192
Urstadt Biddle Properties, Inc., Class A (REIT)^	10,350		160,425
Winthrop Realty Trust (REIT)^	92,650		490,119

			27,185,834

*Real Estate Management & Development (0.0%)*
Reis, Inc.*	1		8
United Capital Corp.*	1,320		31,416

			31,424

*Thrifts & Mortgage Finance (3.1%)*
Berkshire Bancorp, Inc./ New York	649		10,390
Beverly Hills Bancorp, Inc.	31,223		159,237
Camco Financial Corp.	10,129		111,925
Carver Bancorp, Inc.	3,350		45,861
Community Financial Corp./Virginia	6,200		55,738
Corus Bankshares, Inc.^	71,400		761,838
Farmer Mac, Class C^	19,040		501,133
First BancTrust Corp.	2,000		21,040
First Capital, Inc.	380		6,270
First Defiance Financial Corp.^	10,300		226,806
First Place Financial Corp./Ohio^	27,623		386,446
Franklin Bank Corp./Texas*^	40,099		172,827
Great Pee Dee Bancorp, Inc.	500		10,875
Guaranty Federal Bancshares, Inc.^	4,100		117,752
HMN Financial, Inc.	5,777		139,515
Hudson City Bancorp, Inc.^	503,355		7,560,392
Imperial Capital Bancorp, Inc.^	8,524		155,989
LSB Financial Corp.	1,963		37,690
MFB Corp.	100		2,625
Monarch Community Bancorp, Inc.^	3,500		40,180
MutualFirst Financial, Inc.	6,100		83,570
New Hampshire Thrift Bancshares, Inc.	3,440		42,897
New York Community Bancorp, Inc.^	366,842		6,449,082
North Central Bancshares, Inc.	1,900		61,997
Ocwen Financial Corp.*^	63,200		350,128
Parkvale Financial Corp.	4,252		117,993
People’s United Financial, Inc.^	567,764		10,106,199
PFF Bancorp, Inc.^	24,200		291,368
Provident Community Bancshares, Inc.	200		3,800
Provident Financial Holdings, Inc.	11,160		183,694
Radian Group, Inc.^	11,400		133,152
Southern Missouri Bancorp, Inc.	2,002		28,008
Sovereign Bancorp, Inc.^	317,300		3,617,220
Teche Holding Co.	1,062		39,559
TF Financial Corp.^	3,651		89,961
United Community Financial Corp./Ohio^	47,300		261,096
Washington Savings Bank FSB/Maryland	220		1,155
WSFS Financial Corp.^	11,520		578,304

			32,963,712

Total Financials			181,445,962

Health Care (8.9%)
*Biotechnology (0.3%)*
Celsion Corp.*	15,000		44,550
Theravance, Inc.*^	175,000		3,412,500
Trimeris, Inc.*^	30,300		211,494

			3,668,544

*Health Care Equipment & Supplies (3.3%)*
Allied Healthcare Products, Inc.*	4,200		30,450
Angeion Corp.*	5,330		50,368
Atrion Corp.^	440		56,100
Beckman Coulter, Inc.	66,500		4,841,200
CONMED Corp.*^	47,170		1,090,099
Cooper Cos., Inc.^	87,300		3,317,400
Datascope Corp.^	16,713		608,353
Edwards Lifesciences Corp.*^	170,600		7,845,894
Hillenbrand Industries, Inc.^	107,500		5,990,975
Hospira, Inc.*	110,490		4,711,294
Integra LifeSciences Holdings Corp.*^	490		20,546
Invacare Corp.^	13,600		342,720
Kewaunee Scientific Corp.	3,700		72,853
National Dentex Corp.*	7,210		116,225
Orthofix International N.V.*	14,971		867,869
Osteotech, Inc.*	4,039		31,585
Span-America Medical Systems, Inc.	4,200		47,502
Theragenics Corp.*	42,742		153,016
West Pharmaceutical Services, Inc.^	118,400		4,805,856
Zoll Medical Corp.*	7,341		196,152

			35,196,457

*Health Care Providers & Services (1.0%)*
Advocat, Inc.*^	2,554		28,145
Almost Family, Inc.*^	3,040		58,854
Amedisys, Inc.*^	3,900		189,228
AMERIGROUP Corp.*^	6,163		224,641
Apria Healthcare Group, Inc.*^	50,100		1,080,657
BioScrip, Inc.*	61,200		473,076
Gentiva Health Services, Inc.*^	22,650		431,256
Hanger Orthopedic Group, Inc.*^	32,480		357,605
HealthSouth Corp.*^	246,140		5,168,940
IntegraMed America, Inc.*^	124		1,426
Kindred Healthcare, Inc.*^	51,560		1,287,969
MedCath Corp.*^	14,100		346,296
PharMerica Corp.*^	1		14
RehabCare Group, Inc.*^	30,840		695,750
Res-Care, Inc.*^	31,500		792,540
Skilled Healthcare Group, Inc.*^	1,123		16,430

			11,152,827

*Life Sciences Tools & Services (2.1%)*
Albany Molecular Research, Inc.*^	9,100		130,858
Bio-Rad Laboratories, Inc., Class A*^	1,100		113,982
Bruker BioSciences Corp.*	950		12,635
Cambrex Corp.^	46,800		392,184
Harvard Bioscience, Inc.*^	520		2,382
Illumina, Inc.*	3,010		178,372
Invitrogen Corp.*	44,100		4,119,381
PAREXEL International Corp.*^	12,206		589,550
PerkinElmer, Inc.	15,640		406,953

119

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December 31, 2007


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
PharmaNet Development Group, Inc.*^	15,810	$	619,910
Thermo Fisher Scientific, Inc.*	176,400		10,174,752
Varian, Inc.*	91,560		5,978,868

			22,719,827

*Pharmaceuticals (2.2%)*
Barr Pharmaceuticals, Inc.*	161,900		8,596,890
Endo Pharmaceuticals Holdings, Inc.*	164,600		4,389,882
Impax Laboratories, Inc.*	442,600		4,912,860
King Pharmaceuticals, Inc.*	340,500		3,486,720
Perrigo Co.^	50,132		1,755,121
Replidyne, Inc.*^	37,000		114,700
ViroPharma, Inc.*^	13,700		108,778

			23,364,951

Total Health Care			96,102,606

Industrials (17.5%)
*Aerospace & Defense (2.4%)*
Alliant Techsystems, Inc.*^	127,000		14,447,520
Ducommun, Inc.*	2,600		98,800
Edac Technologies Corp.*	6,700		65,526
Esterline Technologies Corp.*	20		1,035
Goodrich Corp.	49,400		3,488,134
Herley Industries, Inc.*	18,210		250,387
Hexcel Corp.*^	210,200		5,103,656
Orbital Sciences Corp.*^	3,930		96,364
Sypris Solutions, Inc.^	1,956		11,932
Teledyne Technologies, Inc.*	13,700		730,621
Triumph Group, Inc.^	20,990		1,728,526

			26,022,501

*Air Freight & Logistics (0.1%)*
Park-Ohio Holdings Corp.*^	14,422		361,992

*Airlines (0.8%)*
Mesa Air Group, Inc.*	19,274		59,557
Northwest Airlines Corp.*^	313,580		4,550,046
Pinnacle Airlines Corp.*^	26,800		408,700
Republic Airways Holdings, Inc.*	56,512		1,107,070
SkyWest, Inc.	43,640		1,171,734
U.S. Airways Group, Inc.*^	1,000		14,710
UAL Corp.*^	41,800		1,490,588

			8,802,405

*Building Products (0.3%)*
Ameron International Corp.^	13,800		1,271,670
Armstrong World Industries, Inc.*	34,580		1,387,004
Universal Forest Products, Inc.^	30,100		886,746

			3,545,420

*Commercial Services & Supplies (2.3%)*
A.T. Cross Co., Class A*^	4,950		49,401
Allied Waste Industries, Inc.*	328,254		3,617,359
Amrep Corp.^	1,900		58,045
Avalon Holdings Corp., Class A*	1,660		8,881
Bowne & Co., Inc.^	42,300		744,480
CDI Corp.^	17,020		412,905
Champion Industries, Inc.	13,540		61,201
Comfort Systems USA, Inc.^	39,270		501,871
Consolidated Graphics, Inc.*	230		10,999
Copart, Inc.*	119,300		5,076,215
Deluxe Corp.^	79,140		2,602,915
Ecology And Environment, Inc., Class A	5,428		60,196
Exponent, Inc.*^	10,000		270,400
GeoEye, Inc.*^	9,040		304,196
GP Strategies Corp.*	8,950		95,317
Heidrick & Struggles International, Inc.^	2,700		100,197
IKON Office Solutions, Inc.^	1,500		19,530
Kelly Services, Inc., Class A^	33,700		628,842
Layne Christensen Co.*^	9		443
Nashua Corp.*	6,700		77,854
National Technical Systems, Inc.*	190		1,326
North American Galvanizing & Coatings, Inc.*^	8,916		54,120
R.R. Donnelley & Sons Co.	138,800		5,238,312
RCM Technologies, Inc.*	3,142		18,475
Spherion Corp.*	27,673		201,459
United Stationers, Inc.*^	80,900		3,738,389
Viad Corp.^	24,110		761,394
Virco Manufacturing Corp.	17,850		131,733
Waste Industries USA, Inc.^	2,283		82,873

			24,929,328

*Construction & Engineering (1.1%)*
Granite Construction, Inc.^	55,400		2,004,372
Meadow Valley Corp.*	1,770		22,532
Michael Baker Corp.*	10,100		415,110
Northwest Pipe Co.*^	80		3,131
Perini Corp.*	22,685		939,613
Shaw Group, Inc.*	3,696		223,386
URS Corp.*	148,400		8,062,572

			11,670,716

*Electrical Equipment (0.8%)*
Acuity Brands, Inc.^	11,530		518,850
AZZ, Inc.*^	200		5,670
Chase Corp.	2,200		55,550
Espey Manufacturing & Electronics Corp.	320		6,010
II-VI, Inc.*^	370		11,304
Preformed Line Products Co.^	4,112		244,664
Regal-Beloit Corp.^	55,900		2,512,705
SL Industries, Inc.*	7,300		146,876
Superior Essex, Inc.*^	1,860		44,640
Woodward Governor Co.^	69,012		4,689,365

			8,235,634

*Industrial Conglomerates (1.0%)*
Carlisle Cos., Inc.	105,400		3,902,962
Standex International Corp.^	25,200		439,740
Teleflex, Inc.	96,179		6,060,239

			10,402,941

*Machinery (6.5%)*
AGCO Corp.*	156,700		10,652,466
Astec Industries, Inc.*^	260		9,669
Baldwin Technology Co. Inc., Class A*	22,270		105,114
Barnes Group, Inc.^	10,300		343,917
CIRCOR International, Inc.	70		3,245
Dover Corp.	128,895		5,940,771
Eastern Co.^	6,320		115,909
FreightCar America, Inc.^	19,500		682,500
Gehl Co.*^	17,900		287,116
Hardinge, Inc.^	16,861		282,928
Harsco Corp.	42,500		2,722,975
Hurco Cos., Inc.*^	8,153		355,878
Joy Global, Inc.	160,130		10,539,757
K-Tron International, Inc.*^	3,800		453,150
Kadant, Inc.*	1,510		44,802
Kennametal, Inc.	171,548		6,494,807
L.S. Starrett Co., Class A	9,600		162,336
Lydall, Inc.*	17,890		188,203
Manitowoc Co., Inc.^	11,404		556,857
Mfri, Inc.*^	880		9,390
Mueller Industries, Inc.	64,100		1,858,259
NACCO Industries, Inc., Class A^	10,470		1,043,754
Pentair, Inc.	100,100		3,484,481
Robbins & Myers, Inc.	21,860		1,653,272

120

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December 31, 2007


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
SPX Corp.	149,740	$	15,400,759
Tennant Co.	1,000		44,290
Toro Co.^	112,400		6,119,056
Trinity Industries, Inc.^	240		6,662
Twin Disc, Inc.^	6,780		479,821
Watts Water Technologies, Inc., Class A^	300		8,940
Xerium Technologies, Inc.^	18,600		96,720

			70,147,804

*Marine (0.4%)*
American Commercial Lines, Inc.*^	249,400		4,050,256
B&H Ocean Carriers Ltd.*	10,100		153,520
International Shipholding Corp.*^	10,400		226,720

			4,430,496

*Road & Rail (1.0%)*
Avis Budget Group, Inc.*	222,600		2,893,800
Dollar Thrifty Automotive Group, Inc.*^	120		2,841
Ryder System, Inc	87,800		4,127,478
Saia, Inc.*	15,396		204,767
Werner Enterprises, Inc.^	220,600		3,756,818

			10,985,704

*Trading Companies & Distributors (0.8%)*
Applied Industrial Technologies, Inc.^	82,245		2,386,750
Genesis Lease Ltd. (ADR)^	214,100		4,016,516
Industrial Distribution Group, Inc.*	11,700		133,965
Kaman Corp.	2,859		105,239
Rush Enterprises, Inc., Class A*^	99,600		1,810,728
Rush Enterprises, Inc., Class B*	11,850		210,930
Willis Lease Finance Corp.*	9,270		116,246

			8,780,374

Total Industrials			188,315,315

Information Technology (15.8%)
*Communications Equipment (1.1%)*
ADC Telecommunications, Inc.*^	293,100		4,557,705
Avici Systems, Inc.	20,600		163,358
Black Box Corp.^	32,000		1,157,440
Communications Systems, Inc.^	13,200		156,948
Digi International, Inc.*^	13,659		193,821
JDS Uniphase Corp.*^	319,500		4,249,350
Network Equipment Technologies, Inc.*^	33,990		286,196
Tekelec*^	102,150		1,276,875
Tollgrade Communications, Inc.*	15,100		121,102

			12,162,795

*Computers & Peripherals (1.5%)*
Astro-Med, Inc.^	2,650		26,129
Diebold, Inc.	190,935		5,533,296
Electronics for Imaging, Inc.*^	93,612		2,104,398
Emulex Corp.*	57,280		934,809
Key Tronic Corp.*	14,440		60,215
NCR Corp.*	53,200		1,335,320
Sun Microsystems, Inc.*	323,300		5,861,429

			15,855,596

*Electronic Equipment & Instruments (3.6%)*
ADDvantage Technologies Group, Inc.*^	15,720		96,992
Agilysys, Inc.^	8,864		134,024
Allied Motion Technologies, Inc.*	5,050		23,483
Arrow Electronics, Inc.*	303,991		11,940,767
Avnet, Inc.*	113,190		3,958,254
AVX Corp.^	69,000		925,980
Coherent, Inc.*	1,486		37,254
CTS Corp.^	45,000		446,850
FARO Technologies, Inc.*	5		136
Flextronics International Ltd.*	564,000		6,801,840
Gerber Scientific, Inc.*^	200		2,160
Insight Enterprises, Inc.*^	18,678		340,687
KEMET Corp.*^	149,670		992,312
Kingboard Laminates Holdings Ltd.	4,454,000		3,004,596
Mesa Laboratories, Inc.^	600		15,195
O.I. Corp.	4,500		53,775
Sigmatron International, Inc.*	5,320		39,847
SMART Modular Technologies (WWH), Inc.*^	40,458		411,862
Spectrum Control, Inc.*	17,470		269,038
Technitrol, Inc.	7,240		206,919
TESSCO Technologies, Inc.*^	6,225		112,424
TTM Technologies, Inc.*^	2,864		33,394
Vicon Industries, Inc.*	6,640		63,744
Vishay Intertechnology, Inc.*	753,150		8,593,442
Zones, Inc.*^	16,340		176,962
Zygo Corp.*^	11,342		141,321

			38,823,258

*Internet Software & Services (0.1%)*
United Online, Inc.^	44,811		529,666

*IT Services (1.1%)*
BearingPoint, Inc.*^	452,700		1,281,141
CACI International, Inc., Class A*^	140,900		6,308,093
CIBER, Inc.*^	71,600		437,476
Computer Task Group, Inc.*^	10,991		60,780
CSP, Inc.*	1,330		8,871
Edgewater Technology, Inc.*	8,800		64,240
Gevity HR, Inc.^	25,900		199,171
MAXIMUS, Inc.^	10,330		398,841
MPS Group, Inc.*	186,680		2,042,279
Perot Systems Corp., Class A*	87,734		1,184,409
TechTeam Global, Inc.*	9,194		115,845

			12,101,146

*Office Electronics (0.4%)*
Zebra Technologies Corp., Class A*	128,770		4,468,319

*Semiconductors & Semiconductor Equipment (6.7%)*
Amkor Technology, Inc.*	125,908		1,073,995
Analog Devices, Inc	256,800		8,140,560
ASML Holding N.V. (N.Y. Shares)	33,954		1,062,421
Cirrus Logic, Inc.*	61,313		323,733
Fairchild Semiconductor International, Inc.*	321,600		4,640,688
FEI Co.*^	28,200		700,206
International Rectifier Corp.*	141,485		4,806,245
IXYS Corp.*	18,290		146,686
KLA-Tencor Corp.	111,300		5,360,208
Kulicke & Soffa Industries, Inc.*^	6,800		46,648
LSI Corp.*	1,001,700		5,319,027
Mattson Technology, Inc.*^	12,700		108,712
Maxim Integrated Products, Inc.	305,175		8,081,034
Micron Technology, Inc.*	622,300		4,511,675
MKS Instruments, Inc.*^	71,090		1,360,663
Novellus Systems, Inc.*	11,747		323,865
ON Semiconductor Corp.*^	7,653		67,959
Pericom Semiconductor Corp.*	27,166		508,004
Skyworks Solutions, Inc.*^	209,400		1,779,900
Standard Microsystems Corp.*^	21,971		858,407
Teradyne, Inc.*	552,700		5,714,918
TriQuint Semiconductor, Inc.*	1,768		11,722

121

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December 31, 2007


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
Varian Semiconductor Equipment Associates, Inc.*	266,971	$	9,877,927
Verigy Ltd.*	228,715		6,214,186
White Electronic Designs Corp.*^	2,249		10,435
Zoran Corp.*	55,380		1,246,604

			72,296,428

*Software (1.3%)*
American Software, Inc., Class A^	9,630		81,855
BMC Software, Inc.*	110,224		3,928,383
JDA Software Group, Inc.*	31,979		654,290
Lawson Software, Inc.*^	16,300		166,912
McAfee, Inc.*	134,900		5,058,750
Mentor Graphics Corp.*	4,098		44,177
NetScout Systems, Inc.*^	670		8,556
SPSS, Inc.*^	15,647		561,884
Sybase, Inc.*	106,525		2,779,237
Synopsys, Inc.*	12,343		320,054
Taleo Corp., Class A*	2,850		84,873

			13,688,971

Total Information Technology			169,926,179

Materials (9.3%)
*Chemicals (6.8%)*
Agrium, Inc.	77,100		5,567,391
American Pacific Corp.*^	10,300		175,615
Arch Chemicals, Inc.^	23,735		872,261
Celanese Corp., Class A	168,970		7,150,810
CF Industries Holdings, Inc.	79,379		8,736,453
Chemtura Corp.	424,700		3,312,660
Cytec Industries, Inc.	193,230		11,899,103
FMC Corp.	226,600		12,361,030
Innospec, Inc.	40,502		695,014
International Flavors & Fragrances, Inc.	148,400		7,142,492
LSB Industries, Inc.*	14,590		411,730
OM Group, Inc.*^	16,570		953,438
Penford Corp.^	11,114		284,407
Rhodia S.A.*	111,867		4,317,857
Rockwood Holdings, Inc.*^	49,361		1,639,773
Scotts Miracle-Gro Co., Class A	25,019		936,211
Sensient Technologies Corp.	57,220		1,618,182
Stepan Co.^	8,579		279,075
Terra Industries, Inc.*^	102,500		4,895,400

			73,248,902

*Construction Materials (0.0%)*
United States Lime & Minerals, Inc.*^	2,070		62,824

*Containers & Packaging (1.5%)*
AEP Industries, Inc.*^	8,600		275,286
Greif, Inc., Class A	70,500		4,608,585
Owens-Illinois, Inc.*	149,800		7,415,100
Pactiv Corp.*	86,400		2,300,832
Rock-Tenn Co., Class A^	60,400		1,534,764
UFP Technologies, Inc.*	7,913		58,161

			16,192,728

*Metals & Mining (0.9%)*
Cleveland-Cliffs, Inc.^	54,840		5,527,872
Commercial Metals Co.	41,502		1,222,234
Friedman Industries, Inc.	4,340		27,559
Olympic Steel, Inc.^	11,790		373,861
Reliance Steel & Aluminum Co.	10,500		569,100
Rock of Ages Corp.*	4,370		21,850
Schnitzer Steel Industries, Inc., Class A^	15,756		1,089,212
Steel Dynamics, Inc.	21,470		1,278,968
Synalloy Corp.	2,124		36,511
U.S. Energy Corp.^	28,795		122,379

			10,269,546

*Paper & Forest Products (0.1%)*
Buckeye Technologies, Inc.*	60,346		754,325

Total Materials			100,528,325

Telecommunication Services (1.3%)
*Diversified Telecommunication Services (1.3%)*
Atlantic Tele-Network, Inc.^	4,250		143,565
CenturyTel, Inc.	129,550		5,371,143
D&E Communications, Inc.^	19,756		285,474
Embarq Corp.	73,200		3,625,596
Gilat Satellite Networks Ltd.*^	40,330		414,996
Golden Telecom, Inc.*^	23,581		2,380,502
HickoryTech Corp.	1,046		9,790
Hungarian Telephone & Cable Corp.*^	1,087		19,229
Premiere Global Services, Inc.*^	86,560		1,285,416
SureWest Communications^	23,528		402,329

			13,938,040

*Wireless Telecommunication Services (0.0%)*
USA Mobility, Inc.*^	42,493		607,650

Total Telecommunication Services			14,545,690

Utilities (4.7%)
*Electric Utilities (2.5%)*
Central Vermont Public Service Corp.^	830		25,597
El Paso Electric Co.*	1,360		34,775
Empire District Electric Co.^	2,910		66,290
Maine & Maritimes Corp.*^	2,600		86,450
Northeast Utilities	191,800		6,005,258
Pepco Holdings, Inc.	181,100		5,311,663
Pinnacle West Capital Corp.	34,790		1,475,444
Portland General Electric Co.	54,000		1,500,120
Sierra Pacific Resources	320,000		5,433,600
UIL Holdings Corp.^	41,100		1,518,645
Unisource Energy Corp.	60,110		1,896,471
Unitil Corp.	100		2,840
Westar Energy, Inc.^	114,300		2,964,942

			26,322,095

*Gas Utilities (0.6%)*
AGL Resources, Inc.	31,000		1,166,840
Delta Natural Gas Co., Inc.	100		2,525
Energy West, Inc.	2,884		41,818
RGC Resources, Inc.	1,290		39,022
UGI Corp.	199,100		5,425,475

			6,675,680

*Multi-Utilities (1.6%)*
Alliant Energy Corp.^	123,960		5,043,932
Black Hills Corp.^	10,100		445,410
CH Energy Group, Inc.^	13,870		617,770
Florida Public Utilities Co.	100		1,175
MDU Resources Group, Inc.	147,150		4,062,812
Wisconsin Energy Corp.	142,100		6,921,691

			17,092,790

*Water Utilities (0.0%)*
Artesian Resources Corp., Class A	1,467		27,726

Total Utilities			50,118,291

Total Common Stocks (97.3%)
(Cost $993,699,343)			1,046,784,196

122

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
	Number of Shares		Value (Note 1)
CONVERTIBLE PREFERRED STOCK:
Financials (0.1%)
*Real Estate Investment Trust (REIT) (0.1%)*
Thornburg Mortgage, Inc. (REIT), 10.000%		24,800	$	595,200

Total Convertible Preferred Stocks (0.1%)
(Cost $645,806)				595,200


	Principal Amount
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (26.1%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08	$	7,367,307		7,367,307
Banco Comercial Portugues S.A.
5.42%, 1/2/08		9,209,133		9,209,133
5.40%, 1/4/08		3,683,653		3,683,653
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		3,683,653		3,683,653
Banco Espirito Santo S.A.
4.94%, 1/15/08		11,050,960		11,050,960
5.30%, 1/18/08		2,455,769		2,455,769
Barclays plc/Seoul
5.27%, 1/22/08		3,069,711		3,069,711
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		2,701,346		2,701,346
Beta Finance, Inc.
4.37%, 1/31/08 (l)		491,154		491,154
4.37%, 3/10/08 (l)		1,227,826		1,227,826
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		3,069,711		3,069,711
4.94%, 1/31/08		12,278,844		12,278,844
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		5,893,846		5,893,846
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		3,683,653		3,683,653
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		2,875,460		2,875,460
Comerica Bank
5.05%, 3/16/09 (l)		1,227,792		1,227,792
Credit Industriel et Commercial/London
5.26%, 1/16/08		6,139,422		6,139,422
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		54,399,697		54,399,697
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		3,192,500		3,192,500
Depfa Bank plc
4.87%, 1/7/08		4,870,075		4,870,075
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)		1,227,884		1,227,884
Fifth Third Bancorp
4.91%, 8/22/08 (l)		368,362		368,362
First Tennessee Bank
5.06%, 8/15/08 (l)		11,050,487		11,050,487
General Electric Capital Corp.
4.40%, 3/12/10 (l)		491,154		491,154
Glitnir banki hf
5.09%, 1/15/08 (l)		6,139,422		6,139,422
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		2,455,769		2,455,769
4.41%, 3/27/09 (l)		3,438,076		3,438,076
Hartford Life, Inc.
5.36%, 12/31/08 (l)		982,308		982,308
HBOS Treasury Services plc
5.20%, 3/11/08		1,841,827		1,841,827
ING Bank N.V./Amsterdam
4.87%, 1/7/08		6,139,422		6,139,422
IXIS Corporate & Investment Bank
4.91%, 2/15/08		3,069,711		3,069,711
K2 (USA) LLC
4.37%, 5/29/09 (l)		4,909,515		4,909,515
4.37%, 6/18/09 (l)		6,136,663		6,136,663
KBC Groep N.V./London
5.08%, 1/22/08		1,841,827		1,841,827
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		7,367,162		7,367,162
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		3,069,711		3,069,711
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		429,760		429,760
5.08%, 8/21/09 (l)		3,069,676		3,069,676
Links Finance LLC
4.37%, 6/25/09 (l)		1,841,138		1,841,138
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		3,069,711		3,069,711
Monumental Global Funding II
4.36%, 4/25/08 (l)		2,946,923		2,946,923
4.43%, 5/26/10 (l)		5,771,057		5,771,057
Morgan Stanley
5.40%, 2/9/09 (l)		9,532,466		9,532,466
4.65%, 5/7/09 (l)		6,139,422		6,139,422
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		3,683,653		3,683,653
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		9,209,133		9,209,133
Pricoa Global Funding I
4.40%, 6/25/10 (l)		3,682,733		3,682,733
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		6,139,422		6,139,422
Rheingold Securitization Ltd.
5.35%, 1/7/08		2,994,933		2,994,933
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		6,139,422		6,139,422
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		12,278,844		12,278,844
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		1,227,884		1,227,884

Total Short-Term Investments of Cash Collateral for Securities Loaned				281,256,989

Time Deposit (3.0%)
JPMorgan Chase Nassau
3.51%, 1/2/08		32,039,404		32,039,404

Total Short-Term Investments (29.1%) (Amortized Cost $313,296,393)				313,296,393

Total Investments (126.5%) (Cost/Amortized Cost $1,307,641,542)				1,360,675,789
Other Assets Less Liabilities (-26.5%)				(284,939,457	)

Net Assets (100%)			$	1,075,736,332

123

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

*	Non-income producing.

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

†	Securities (totaling $1,801,575 or 0.17% of net assets) valued at fair value.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(m)

(r)

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

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	730,402,443
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	643,242,070

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	154,433,231
Aggregate gross unrealized depreciation		(118,340,804	)

Net unrealized appreciation	$	36,092,427

Federal income tax cost of investments	$	1,324,583,362

At December 31, 2007, the Portfolio had loaned securities with a total value of $273,528,202. This was secured by collateral of $281,256,989 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $45,636, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2007, the Portfolio incurred approximately $3,296 as brokerage commissions with Cowen and Co. LLC, $4,687 as brokerage commissions with Sanford C. Bernstein & Co., Inc., and $3,663 as brokerage commissions with Williams Capital Group, affiliated broker/dealers.

See Notes to Financial Statements.

124

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.8%)
*Auto Components (0.4%)*
Amerigon, Inc.*^	29,400	$	621,516
Wonder Auto Technology, Inc.*^	82,869		917,360

			1,538,876

*Distributors (0.4%)*
LKQ Corp.*	71,400		1,500,828

*Diversified Consumer Services (1.3%)*
American Public Education, Inc.*	8,840		369,335
Capella Education Co.*^	16,700		1,093,182
INVESTools, Inc.*^	52,000		922,480
K12, Inc.*	10,865		281,186
New Oriental Education & Technology Group (ADR)*	32,500		2,619,175

			5,285,358

*Hotels, Restaurants & Leisure (3.5%)*
BJ’s Restaurants, Inc.*^	56,665		921,373
Chipotle Mexican Grill, Inc., Class A*^	11,800		1,735,426
Ctrip.com International Ltd. (ADR)	27,600		1,586,172
Gaylord Entertainment Co.*	33,883		1,371,245
Great Wolf Resorts, Inc.*^	183,580		1,800,920
Pinnacle Entertainment, Inc.*	52,600		1,239,256
Red Robin Gourmet Burgers, Inc.*^	28,165		900,998
Vail Resorts, Inc.*^	31,370		1,688,020
WMS Industries, Inc.*^	68,880		2,523,763

			13,767,173

*Household Durables (1.2%)*
Tempur-Pedic International, Inc.	32,800		851,816
Universal Electronics, Inc.*^	120,585		4,032,362

			4,884,178

*Internet & Catalog Retail (2.2%)*
GSI Commerce, Inc.*^	166,230		3,241,485
Shutterfly, Inc.*^	188,421		4,827,346
U.S. Auto Parts Network, Inc.*^	53,295		432,222

			8,501,053

*Leisure Equipment & Products (0.3%)*
Polaris Industries, Inc.^	24,200		1,156,034

*Media (1.6%)*
Cinemark Holdings, Inc.^	74,686		1,269,662
DG FastChannel, Inc.*^	39,514		1,013,139
Dolan Media Co.*	36,100		1,053,037
Entravision Communications Corp., Class A*	115,865		907,223
Lodgenet Entertainment Corp.*^	105,170		1,834,165

			6,077,226

*Specialty Retail (0.5%)*
Dick’s Sporting Goods, Inc.*^	20,800		577,408
hhgregg, Inc.*^	56,500		777,440
Zumiez, Inc.*^	28,600		696,696

			2,051,544

*Textiles, Apparel & Luxury Goods (2.4%)*
Crocs, Inc.*^	53,900		1,984,059
Deckers Outdoor Corp.*^	27,100		4,202,126
Volcom, Inc.*^	64,690		1,425,121
Warnaco Group, Inc.*^	52,100		1,813,080

			9,424,386

Total Consumer Discretionary			54,186,656

Consumer Staples (1.3%)
*Food Products (0.3%)*
Wimm-Bill-Dann Foods OJSC (ADR)	9,200		1,205,568

*Personal Products (1.0%)*
Chattem, Inc.*^	43,400		3,278,436
Physicians Formula Holdings, Inc.*^	64,700		768,636

			4,047,072

Total Consumer Staples			5,252,640

Energy (4.9%)
*Energy Equipment & Services (2.1%)*
Core Laboratories N.V.*^	11,440		1,426,797
Lufkin Industries, Inc.	41,505		2,377,821
OYO Geospace Corp.*^	45,820		3,452,995
W-H Energy Services, Inc.*	19,905		1,118,860

			8,376,473

*Oil, Gas & Consumable Fuels (2.8%)*
Arena Resources, Inc.*	124,600		5,197,066
CNX Gas Corp.*^	23,200		741,240
Concho Resources, Inc.*	63,900		1,316,979
GMX Resources, Inc.*	62,500		2,017,500
PetroHawk Energy Corp.*^	92,835		1,606,974
SandRidge Energy, Inc.*^	850		30,481

			10,910,240

Total Energy			19,286,713

Financials (6.0%)
*Capital Markets (2.6%)*
Evercore Partners, Inc., Class A^	48,158		1,037,805
FCStone Group, Inc.*	141,215		6,500,126
Greenhill & Co., Inc.^	6,795		451,732
HFF, Inc., Class A*	120,170		930,116
Investment Technology Group, Inc.*	29,590		1,408,188

			10,327,967

*Commercial Banks (0.2%)*
Boston Private Financial Holdings, Inc.^	20,845		564,483

*Consumer Finance (1.1%)*
Cash America International, Inc.	90,025		2,907,807
Dollar Financial Corp.*^	41,500		1,273,635

			4,181,442

*Diversified Financial Services (0.2%)*
Portfolio Recovery Associates, Inc.^	19,900		789,433

*Insurance (1.9%)*
American Safety Insurance Holdings Ltd.*	28,575		561,499
eHealth, Inc.*^	26,000		834,860
First Mercury Financial Corp.*	108,625		2,650,450
Navigators Group, Inc.*	25,344		1,647,360
Tower Group, Inc	54,128		1,807,875

			7,502,044

Total Financials			23,365,369

Health Care (20.5%)
*Biotechnology (1.7%)*
Applera Corp.- Celera Group*	66,000		1,047,420
BioMarin Pharmaceutical, Inc.*^	38,500		1,362,900
Cubist Pharmaceuticals, Inc.*	40,890		838,654
Myriad Genetics, Inc.*^	16,475		764,769
Onyx Pharmaceuticals, Inc.*	36,600		2,035,692
Senomyx, Inc.*^	94,493		707,753

			6,757,188

*Health Care Equipment & Supplies (8.4%)*
American Medical Systems Holdings, Inc.*^	129,825		1,877,269
Cutera, Inc.*^	70,955		1,113,994
Cynosure, Inc., Class A*^	107,300		2,839,158

125

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
ev3, Inc.*	55,900	$	710,489
Hansen Medical, Inc.*^	22,220		665,267
Hologic, Inc.*^	36,400		2,498,496
Idexx Laboratories, Inc.*	46,200		2,708,706
Inverness Medical Innovations, Inc.*	73,750		4,143,275
Northstar Neuroscience, Inc.*^	77,360		719,448
NuVasive, Inc.*^	40,500		1,600,560
Orthofix International N.V.*^	17,394		1,008,330
Respironics, Inc.*	29,195		1,911,689
SenoRx, Inc.*	80,168		681,428
Sirona Dental Systems, Inc.*^	48,315		1,617,586
SonoSite, Inc.*^	43,364		1,460,066
Spectranetics Corp.*^	76,142		1,167,257
SurModics, Inc.*^	30,345		1,646,823
Symmetry Medical, Inc.*^	87,680		1,528,262
Thoratec Corp.*^	92,630		1,684,940
Volcano Corp.*	87,226		1,091,197

			32,674,240

*Health Care Providers & Services (3.8%)*
Air Methods Corp.*^	18,900		938,763
Animal Health International, Inc.*	73,195		900,298
Centene Corp.*	97,830		2,684,455
HMS Holdings Corp.*	30,500		1,012,905
inVentiv Health, Inc.*	119,437		3,697,770
Matria Healthcare, Inc.*^	32,410		770,386
MWI Veterinary Supply, Inc.*	18,075		723,000
PSS World Medical, Inc.*^	109,189		2,136,829
Psychiatric Solutions, Inc.*	56,900		1,849,250

			14,713,656

*Health Care Technology (2.3%)*
Eclipsys Corp.*^	140,390		3,553,271
Omnicell, Inc.*	124,968		3,365,388
Phase Forward, Inc.*^	70,000		1,522,500
Vital Images, Inc.*^	35,715		645,370

			9,086,529

*Life Sciences Tools & Services (2.2%)*
Bruker BioSciences Corp.*^	60,700		807,310
Exelixis, Inc.*	123,383		1,064,795
ICON plc (ADR)*	84,980		5,256,863
Varian, Inc.*	24,785		1,618,461

			8,747,429

*Pharmaceuticals (2.1%)*
MGI Pharma, Inc.*	59,800		2,423,694
Noven Pharmaceuticals, Inc.*^	71,000		985,480
Obagi Medical Products, Inc.*^	81,900		1,497,951
Sciele Pharma, Inc.*^	167,294		3,421,162

			8,328,287

Total Health Care			80,307,329

Industrials (20.3%)
*Aerospace & Defense (2.1%)*
DRS Technologies, Inc.^	19,800		1,074,546
Esterline Technologies Corp.*	26,000		1,345,500
Heico Corp.^	24,000		1,307,520
Orbital Sciences Corp.*^	23,300		571,316
Stanley, Inc.*^	33,600		1,075,872
TransDigm Group, Inc.*	39,600		1,788,732
Triumph Group, Inc.^	14,400		1,185,840

			8,349,326

*Air Freight & Logistics (0.3%)*
Hub Group, Inc., Class A*	49,200		1,307,736

*Building Products (0.5%)*
Ameron International Corp.^	22,825		2,103,324

*Commercial Services & Supplies (9.0%)*
Advisory Board Co.*^	30,691		1,970,055
China Security & Surveillance Technology, Inc.*^	70,500		1,539,720
Corrections Corp. of America*	35,955		1,061,032
EnergySolutions, Inc.*	5,700		153,843
FTI Consulting, Inc.*^	77,213		4,759,409
GEO Group, Inc.*	63,875		1,788,500
GeoEye, Inc.*^	43,300		1,457,045
Huron Consulting Group, Inc.*^	25,175		2,029,860
IHS, Inc., Class A*^	14,570		882,359
Innerworkings, Inc.*^	117,735		2,032,106
Interface, Inc., Class A	101,800		1,661,376
On Assignment, Inc.*^	313,378		2,196,780
Resources Connection, Inc.^	189,684		3,444,662
RSC Holdings, Inc.*^	79,100		992,705
School Specialty, Inc.*	32,560		1,124,948
Team, Inc.*^	53,500		1,957,030
TeleTech Holdings, Inc.*^	118,174		2,513,561
Waste Connections, Inc.*	63,595		1,965,086
Watson Wyatt Worldwide, Inc., Class A	34,400		1,596,504

			35,126,581

*Construction & Engineering (0.2%)*
Northwest Pipe Co.*^	18,175		711,370

*Electrical Equipment (2.6%)*
Acuity Brands, Inc.^	18,300		823,500
General Cable Corp.*^	35,205		2,579,822
J.A. Solar Holdings Co. Ltd. (ADR)*	42,300		2,952,963
Polypore International, Inc.*	77,050		1,348,375
Regal-Beloit Corp.^	23,800		1,069,810
Ultralife Batteries, Inc.*	77,900		1,569,685

			10,344,155

*Machinery (4.8%)*
Actuant Corp., Class A^	100,493		3,417,767
Bucyrus International, Inc., Class A^	28,720		2,854,481
CIRCOR International, Inc.	15,255		707,222
Gardner Denver, Inc.*	82,107		2,709,531
Kaydon Corp.^	24,490		1,335,685
Middleby Corp.*^	68,200		5,225,484
RBC Bearings, Inc.*	15,270		663,634
Titan International, Inc.^	57,325		1,791,979

			18,705,783

*Marine (0.3%)*
Diana Shipping, Inc.^	36,300		1,141,998

*Trading Companies & Distributors (0.5%)*
Interline Brands, Inc.*	83,830		1,836,715

Total Industrials			79,626,988

Information Technology (26.2%)
*Communications Equipment (1.7%)*
Comtech Group, Inc.*^	117,500		1,892,925
EMS Technologies, Inc.*	48,380		1,463,011
Harmonic, Inc.*^	54,000		565,920
Ixia*	292,538		2,773,261

			6,695,117

*Computers & Peripherals (0.6%)*
Avid Technology, Inc.*^	34,810		986,515
Compellent Technologies, Inc.*^	59,785		719,214
Netezza Corp.*	38,095		525,711

			2,231,440

*Electronic Equipment & Instruments (1.1%)*
Coherent, Inc.*	78,170		1,959,722
Dolby Laboratories, Inc., Class A*	39,770		1,977,364
Universal Display Corp.*^	24,115		498,457

			4,435,543

126

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
	Number of Shares		Value (Note 1)
*Internet Software & Services (8.3%)*
Bankrate, Inc.*^		50,390	$	2,423,255
CNET Networks, Inc.*^		182,810		1,670,883
DealerTrack Holdings, Inc.*^		67,887		2,272,178
Digital River, Inc.*^		33,100		1,094,617
Equinix, Inc.*^		18,200		1,839,474
Greenfield Online, Inc.*^		63,765		931,607
Internap Network Services Corp.*^		129,200		1,076,236
Internet Capital Group, Inc.*^		68,415		803,192
Knot, Inc.*^		84,307		1,343,853
Marchex, Inc., Class B^		185,565		2,015,236
Mercadolibre, Inc.*^		19,300		1,425,884
Omniture, Inc.*^		52,500		1,747,725
SAVVIS, Inc.*^		61,100		1,705,301
SkillSoft plc (ADR)*		387,870		3,708,037
Switch & Data Facilities Co., Inc.*		47,685		763,914
VistaPrint Ltd.*^		108,896		4,666,194
Vocus, Inc.*^		84,700		2,924,691

				32,412,277

*IT Services (2.9%)*
Forrester Research, Inc.*^		51,100		1,431,822
Gartner, Inc.*^		47,300		830,588
Global Cash Access Holdings, Inc.*^		315,307		1,910,760
Information Services Group, Inc.*^		149,400		1,023,390
SI International, Inc.*^		63,591		1,746,845
SYKES Enterprises, Inc.*		168,415		3,031,470
Wright Express Corp.*^		38,536		1,367,643

				11,342,518

*Semiconductors & Semiconductor Equipment (3.0%)*
Advanced Energy Industries, Inc.*		60,495		791,275
Atheros Communications, Inc.*^		14,800		451,992
Diodes, Inc.*^		56,900		1,710,983
Eagle Test Systems, Inc.*^		58,390		746,224
Microsemi Corp.*^		146,984		3,254,226
Microtune, Inc.*^		140,100		914,853
PMC-Sierra, Inc.*^		323,100		2,113,074
Power Integrations, Inc.*		49,829		1,715,612

				11,698,239

*Software (8.6%)*
ACI Worldwide, Inc.*^		45,560		867,463
ANSYS, Inc.*^		52,235		2,165,663
BluePhoenix Solutions Ltd.*		119,900		2,172,588
Concur Technologies, Inc.*^		96,700		3,501,507
Double-Take Software, Inc.*^		95,200		2,067,744
Epicor Software Corp.*^		99,500		1,172,110
FactSet Research Systems, Inc.		17,420		970,294
FalconStor Software, Inc.*^		114,300		1,287,018
Giant Interactive Group, Inc. (ADR)*^		46,380		602,012
Interactive Intelligence, Inc.*^		108,540		2,860,029
Lawson Software, Inc.*		233,100		2,386,944
Nuance Communications, Inc.*		64,700		1,208,596
PROS Holdings, Inc.*		96,150		1,886,463
Quality Systems, Inc.^		25,675		782,831
Secure Computing Corp.*^		229,260		2,200,896
Shanda Interactive Entertainment Ltd. (ADR)*		82,500		2,750,550
Solera Holdings, Inc.*^		131,950		3,269,721
The9 Ltd. (ADR)*^		18,700		398,684
TIBCO Software, Inc.*^		167,505		1,351,765

				33,902,878

Total Information Technology				102,718,012

Materials (2.7%)
*Chemicals (2.3%)*
FMC Corp.		35,300		1,925,615
Quaker Chemical Corp.^		34,275		753,022
ShengdaTech, Inc.*^		38,500		556,325
Terra Industries, Inc.*^		85,915		4,103,301
Zoltek Cos., Inc.*^		37,520		1,608,482

				8,946,745

*Construction Materials (0.4%)*
Texas Industries, Inc.^		21,355		1,496,985

Total Materials				10,443,730

Telecommunication Services (1.9%)
*Diversified Telecommunication Services (1.3%)*
Cbeyond, Inc.*^		48,000		1,871,520
Cogent Communications Group, Inc.*^		59,400		1,408,374
PAETEC Holding Corp.*^		186,200		1,815,450

				5,095,344

*Wireless Telecommunication Services (0.6%)*
Centennial Communications Corp.*		118,000		1,096,220
Virgin Mobile USA, Inc., Class A*		132,100		1,174,369

				2,270,589

Total Telecommunication Services				7,365,933

Total Common Stocks (97.6%)
(Cost $377,384,962)				382,553,370

	Principal Amount
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (31.4%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08	$	3,228,397		3,228,397
Banco Comercial Portugues S.A.
5.42%, 1/2/08		4,035,496		4,035,496
5.40%, 1/4/08		1,614,199		1,614,199
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		1,614,198		1,614,198
Banco Espirito Santo S.A.
4.94%, 1/15/08		4,842,597		4,842,597
5.30%, 1/18/08		1,076,132		1,076,132
Barclays plc/Seoul
5.27%, 1/22/08		1,345,165		1,345,165
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		1,183,745		1,183,745
Beta Finance, Inc.
4.37%, 1/31/08 (l)		215,226		215,226
4.37%, 3/10/08 (l)		538,041		538,041
Caixa Geral de Depositos S.A.
4.94%, 1/31/08		5,380,663		5,380,663
5.05%, 1/2/08		1,345,165		1,345,165
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		2,582,718		2,582,718
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		1,614,199		1,614,199
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		1,260,043		1,260,043
Comerica Bank
5.05%, 3/16/09 (l)		538,026		538,026
Credit Industriel et Commercial/London
5.26%, 1/16/08		2,690,331		2,690,331
Credit Suisse (USA) LLC,
Repurchase Agreement
4.69%, 1/2/08 (r)		23,838,269		23,838,269
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		1,398,972		1,398,972
Depfa Bank plc
4.87%, 1/7/08		2,134,096		2,134,096

127

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)	$	538,066	$	538,066
Fifth Third Bancorp
4.91%, 8/22/08 (l)		161,418		161,418
First Tennessee Bank
5.06%, 8/15/08 (l)		4,842,390		4,842,390
General Electric Capital Corp.
4.40%, 3/12/10 (l)		215,226		215,226
Glitnir banki hf
5.09%, 1/15/08 (l)		2,690,331		2,690,331
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		1,076,132		1,076,132
4.41%, 3/27/09 (l)		1,506,585		1,506,585
Hartford Life, Inc.
5.36%, 12/31/08 (l)		430,453		430,453
HBOS Treasury Services plc
5.20%, 3/11/08		807,099		807,099
ING Bank N.V./Amsterdam
4.87%, 1/7/08		2,690,331		2,690,331
IXIS Corporate & Investment Bank
4.91%, 2/15/08		1,345,165		1,345,165
K2 (USA) LLC
4.37%, 5/29/09 (l)		2,151,378		2,151,378
4.37%, 6/18/09 (l)		2,689,122		2,689,122
KBC Groep N.V./London
5.08%, 1/22/08		807,099		807,099
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		3,228,334		3,228,334
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		1,345,165		1,345,165
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		188,323		188,323
5.08%, 8/21/09 (l)		1,345,150		1,345,150
Links Finance LLC
4.37%, 6/25/09 (l)		806,797		806,797
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		1,345,165		1,345,165
Monumental Global Funding II
4.36%, 4/25/08 (l)		1,291,359		1,291,359
4.43%, 5/26/10 (l)		2,528,911		2,528,911
Morgan Stanley
4.65%, 5/7/09 (l)		2,690,331		2,690,331
5.40%, 2/9/09 (l)		4,177,183		4,177,183
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		1,614,199		1,614,199
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		4,035,496		4,035,496
Pricoa Global Funding I
4.40%, 6/25/10 (l)		1,613,795		1,613,795
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		2,690,331		2,690,331
Rheingold Securitization Ltd.
5.35%, 1/7/08		1,312,397		1,312,397
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		2,690,331		2,690,331
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		5,380,663		5,380,663
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		538,066		538,066

Short-Term Investments of Cash Collateral for Securities Loaned				123,248,469

Time Deposit (2.4%)
JPMorgan Chase Nassau
3.51%, 1/2/08		9,227,188		9,227,188

Total Short-Term Investments (33.8%)
(Amortized Cost $132,475,657)				132,475,657

Total Investments (131.4%)
(Cost/Amortized Cost $509,860,619)				515,029,027
Other Assets Less Liabilities (-31.4%)				(122,991,896	)

Net Assets (100%)			$	392,037,131

*	Non-income producing.

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

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

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

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	695,308,235
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	608,138,536

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation		$ 32,611,708
Aggregate gross unrealized depreciation		(31,669,687	)

Net unrealized appreciation	$	942,021

Federal income tax cost of investments	$	514,087,006

At December 31, 2007, the Portfolio had loaned securities with a total value of $118,938,558. This was secured by collateral of $123,248,469 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $1,406 as brokerage commissions with Raymond James & Associates, Inc., and $7,416 as brokerage commissions with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

The Portfolio utilized net capital loss carryforward of $9,518,049 during 2007.

See Notes to Financial Statements.

128

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.0%)
*Auto Components (0.5%)*
ArvinMeritor, Inc.^	541,953	$	6,357,109
Gentex Corp.	114,050		2,026,668

			8,383,777

*Automobiles (0.9%)*
Monaco Coach Corp.^	323,800		2,875,344
Thor Industries, Inc.^	198,200		7,533,582
Winnebago Industries, Inc.^	215,500		4,529,810

			14,938,736

*Diversified Consumer Services (1.6%)*
Bright Horizons Family Solutions, Inc.*	182,500		6,303,550
Matthews International Corp., Class A	236,100		11,066,007
Regis Corp.	288,000		8,052,480

			25,422,037

*Hotels, Restaurants & Leisure (1.0%)*
Bally Technologies, Inc.*	103,000		5,121,160
Morton’s Restaurant Group, Inc.*^	366,625		3,420,611
Red Robin Gourmet Burgers, Inc.*	243,889		7,802,009

			16,343,780

*Household Durables (1.6%)*
Bassett Furniture Industries, Inc.^	19,600		183,064
D.R. Horton, Inc.	88,400		1,164,228
Ethan Allen Interiors, Inc.^	315,200		8,983,200
Hooker Furniture Corp.^	246,400		4,952,640
La-Z-Boy, Inc.^	373,900		2,965,027
M.D.C. Holdings, Inc.^	118,300		4,392,479
M/I Homes, Inc.^	285,700		2,999,850
Russ Berrie & Co., Inc.*^	33,300		544,788

			26,185,276

*Leisure Equipment & Products (0.7%)*
Brunswick Corp.	201,900		3,442,395
Polaris Industries, Inc.	173,708		8,298,031

			11,740,426

*Media (1.3%)*
Entercom Communications Corp., Class A^	237,800		3,255,482
Entravision Communications Corp., Class A*	1,616,850		12,659,936
Lions Gate Entertainment Corp.*^	503,700		4,744,854

			20,660,272

*Multiline Retail (0.3%)*
Fred’s, Inc., Class A^	216,400		2,083,932
Tuesday Morning Corp.^	411,505		2,086,330

			4,170,262

*Specialty Retail (4.2%)*
Aeropostale, Inc.*	138,800		3,678,200
Brown Shoe Co., Inc.^	998,726		15,150,674
Charlotte Russe Holding, Inc.*^	212,107		3,425,528
Charming Shoppes, Inc.*^	673,300		3,642,553
Christopher & Banks Corp.^	324,500		3,715,525
Collective Brands, Inc.*^	214,110		3,723,373
Group 1 Automotive, Inc.^	278,300		6,609,625
HOT Topic, Inc.*^	286,200		1,665,684
Men’s Wearhouse, Inc.^	73,700		1,988,426
Pacific Sunwear of California, Inc.*	560,000		7,901,600
Pier 1 Imports, Inc.*^	472,000		2,468,560
Stein Mart, Inc.^	484,200		2,295,108
TravelCenters of America LLC*	404,610		5,057,625
West Marine, Inc.*^	335,300		3,010,994
Zale Corp.*^	155,000		2,489,300

			66,822,775

*Textiles, Apparel & Luxury Goods (0.9%)*
Carter’s, Inc.*	240,000		4,644,000
Timberland Co., Class A*	135,100		2,442,608
Warnaco Group, Inc.*	201,700		7,019,160

			14,105,768

Total Consumer Discretionary			208,773,109

Consumer Staples (1.5%)
*Food & Staples Retailing (0.8%)*
Casey’s General Stores, Inc.	242,800		7,189,308
Pantry, Inc.*^	201,504		5,265,300

			12,454,608

*Household Products (0.2%)*
Central Garden & Pet Co., Class A*	461,400		2,473,104

*Personal Products (0.2%)*
Prestige Brands Holdings, Inc.*^	481,700		3,603,116

*Tobacco (0.3%)*
Universal Corp.^	101,000		5,173,220

Total Consumer Staples			23,704,048

Energy (6.9%)
*Energy Equipment & Services (3.6%)*
Atwood Oceanics, Inc.*	49,500		4,961,880
Bristow Group, Inc.*^	100,000		5,665,000
Complete Production Services, Inc.*	255,600		4,593,132
Global Industries Ltd.*	78,400		1,679,328
Helix Energy Solutions Group, Inc.*	127,700		5,299,550
Hercules Offshore, Inc.*^	186,800		4,442,104
Key Energy Services, Inc.*	295,400		4,250,806
Oceaneering International, Inc.*	112,500		7,576,875
Oil States International, Inc.*^	125,000		4,265,000
Rowan Cos., Inc.	59,000		2,328,140
Tidewater, Inc.	27,600		1,514,136
Unit Corp.*	60,800		2,812,000
W-H Energy Services, Inc.*	158,000		8,881,180

			58,269,131

*Oil, Gas & Consumable Fuels (3.3%)*
Forest Oil Corp.*	146,600		7,453,144
Foundation Coal Holdings, Inc.	153,000		8,032,500
General Maritime Corp.^	17,100		418,095
Goodrich Petroleum Corp.*	255,100		5,770,362
Overseas Shipholding Group, Inc.	72,600		5,403,618
Teekay Corp.^	39,346		2,093,601
TXCO Resources, Inc.*^	1,191,574		14,370,382
Venoco, Inc.*	456,700		9,102,031

			52,643,733

Total Energy			110,912,864

Financials (17.9%)
*Capital Markets (1.4%)*
Apollo Investment Corp.^	265,800		4,531,890
Knight Capital Group, Inc., Class A*^	289,798		4,173,091
Waddell & Reed Financial, Inc.	398,400		14,378,256

			23,083,237

*Commercial Banks (5.3%)*
AMCORE Financial, Inc.^	229,800		5,216,460
Bank of the Ozarks, Inc.^	519,178		13,602,464
Chemical Financial Corp.^	187,300		4,455,867
First Community Bancorp, Inc./California	126,701		5,225,149
First Indiana Corp.	91,800		2,937,600

129

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
Intervest Bancshares Corp.^	231,919	$	3,993,645
Peoples Bancorp, Inc./Ohio^	88,500		2,202,765
Prosperity Bancshares, Inc	349,400		10,268,866
Provident Bankshares Corp.^	196,800		4,209,552
Sterling Bancshares, Inc./Texas	409,300		4,567,788
Texas Capital Bancshares, Inc.*	483,228		8,818,911
UCBH Holdings, Inc.^	291,200		4,123,392
Wintrust Financial Corp.^	449,525		14,892,763

			84,515,222

*Consumer Finance (0.4%)*
Dollar Financial Corp.*^	138,850		4,261,307
United PanAm Financial Corp.*^	529,861		2,712,888

			6,974,195

*Insurance (4.9%)*
American National Insurance Co.	21,000		2,546,040
Arthur J. Gallagher & Co.^	137,500		3,326,125
Aspen Insurance Holdings Ltd.	361,000		10,411,240
Castlepoint Holdings Ltd.	537,559		6,450,708
Erie Indemnity Co., Class A	22,100		1,146,769
IPC Holdings Ltd.^	225,700		6,515,959
Max Capital Group Ltd.	303,300		8,489,367
Montpelier Reinsurance Holdings Ltd.^	358,200		6,092,982
National Financial Partners Corp.	131,100		5,979,471
Old Republic International Corp.	439,000		6,764,990
Protective Life Corp.	126,700		5,197,234
RLI Corp.	70,900		4,026,411
Security Capital Assurance Ltd.^	477,600		1,857,864
StanCorp Financial Group, Inc.	67,200		3,385,536
Tower Group, Inc.^	184,969		6,177,965

			78,368,661

*Real Estate Investment Trusts (REITs) (4.4%)*
Arbor Realty Trust, Inc. (REIT)^	124,700		2,008,917
Corporate Office Properties Trust SBI/Maryland (REIT)^	190,894		6,013,161
Cousins Properties, Inc. (REIT)^	150,300		3,321,630
Digital Realty Trust, Inc. (REIT)	198,700		7,624,119
Extra Space Storage, Inc. (REIT)^	364,200		5,204,418
Home Properties, Inc. (REIT)	189,200		8,485,620
JER Investors Trust, Inc. (REIT)^	265,264		2,856,893
LaSalle Hotel Properties (REIT)	103,809		3,311,507
MFA Mortgage Investments, Inc. (REIT)	1,270,100		11,748,425
Mid-America Apartment Communities, Inc. (REIT)	237,100		10,136,025
Newcastle Investment Corp. (REIT)^	212,800		2,757,888
Sunstone Hotel Investors, Inc. (REIT)	177,100		3,239,159
Washington Real Estate Investment Trust (REIT)^	139,100		4,369,131

			71,076,893

*Thrifts & Mortgage Finance (1.5%)*
BankUnited Financial Corp., Class A^	576,000		3,974,400
Brookline Bancorp, Inc.^	562,700		5,717,032
Corus Bankshares, Inc.^	206,200		2,200,154
NewAlliance Bancshares, Inc.^	370,300		4,265,856
PMI Group, Inc.^	179,000		2,377,120
Trustco Bank Corp./New York^	615,000		6,100,800

			24,635,362

Total Financials			288,653,570

Health Care (6.0%)
*Health Care Equipment & Supplies (2.4%)*
American Medical Systems Holdings, Inc.*	380,500		5,502,030
HealthTronics, Inc.*	1,001,500		4,596,885
Hillenbrand Industries, Inc.	43,500		2,424,255
STERIS Corp.	163,600		4,718,224
Symmetry Medical, Inc.*^	1,012,300		17,644,389
West Pharmaceutical Services, Inc.^	94,400		3,831,696

			38,717,479

*Health Care Providers & Services (2.7%)*
Emergency Medical Services Corp., Class A*	222,200		6,506,016
Five Star Quality Care, Inc.*^‡.	1,630,674		13,534,594
inVentiv Health, Inc.*	98,200		3,040,272
Magellan Health Services, Inc.*	162,000		7,554,060
PSS World Medical, Inc.*	378,400		7,405,288
Skilled Healthcare Group, Inc.*	353,100		5,165,853

			43,206,083

*Life Sciences Tools & Services (0.9%)*
Kendle International, Inc.*	145,300		7,108,076
PharmaNet Development Group, Inc.*	188,100		7,375,401

			14,483,477

Total Health Care			96,407,039

Industrials (19.9%)
*Aerospace & Defense (0.8%)*
AAR Corp.*^	180,235		6,854,337
Applied Signal Technology, Inc.	390,300		5,300,274

			12,154,611

*Air Freight & Logistics (0.8%)*
ABX Holdings, Inc.*^	1,254,620		5,244,312
Forward Air Corp.	141,300		4,404,321
UTi Worldwide, Inc.	191,920		3,761,632

			13,410,265

*Airlines (0.5%)*
AirTran Holdings, Inc.*	445,000		3,186,200
SkyWest, Inc.	202,400		5,434,440

			8,620,640

*Building Products (2.1%)*
American Woodmark Corp.^	130,600		2,374,308
Apogee Enterprises, Inc.	291,500		4,987,565
Builders FirstSource, Inc.*^	375,400		2,710,388
Gibraltar Industries, Inc.^	414,000		6,383,880
Insteel Industries, Inc.^	316,000		3,706,680
NCI Building Systems, Inc.*^	131,600		3,788,764
Simpson Manufacturing Co., Inc.^	122,000		3,243,980
Universal Forest Products, Inc.^	240,600		7,088,076

			34,283,641

*Commercial Services & Supplies (4.5%)*
ABM Industries, Inc.	180,800		3,686,512
Administaff, Inc.	113,300		3,204,124
Consolidated Graphics, Inc.*	169,100		8,086,362
Duff & Phelps Corp., Class A*	332,700		6,547,536
First Advantage Corp., Class A*	224,200		3,692,574
G&K Services, Inc., Class A	218,400		8,194,368
Knoll, Inc.	275,200		4,521,536
Korn/Ferry International*^	274,570		5,167,407
Mine Safety Appliances Co.^	157,700		8,179,899
Viad Corp.	164,500		5,194,910
Waste Connections, Inc.*	162,148		5,010,373
Watson Wyatt Worldwide, Inc., Class A	221,200		10,265,892

			71,751,493

130

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares	Value (Note 1)
*Construction & Engineering (0.3%)*
EMCOR Group, Inc.*	206,200	$	4,872,506

*Electrical Equipment (2.4%)*
A.O. Smith Corp.^	65,200		2,285,260
Baldor Electric Co.	24,600		828,036
Brady Corp., Class A^	190,600		6,688,154
Franklin Electric Co., Inc.^	87,700		3,356,279
Genlyte Group, Inc.*	51,700		4,921,840
Polypore International, Inc.*	472,400		8,267,000
Powell Industries, Inc.*^	71,900		3,168,633
Regal-Beloit Corp.	184,200		8,279,790

			37,794,992

*Industrial Conglomerates (0.4%)*
Carlisle Cos., Inc.	107,000		3,962,210
Teleflex, Inc.	49,400		3,112,694

			7,074,904

*Machinery (5.0%)*
Altra Holdings, Inc.*	893,107		14,852,370
Briggs & Stratton Corp.^	148,700		3,369,542
CIRCOR International, Inc.^	107,100		4,965,156
Graco, Inc.	151,700		5,652,342
Kennametal, Inc.	443,600		16,794,696
Middleby Corp.*	31,500		2,413,530
Mueller Industries, Inc.	241,500		7,001,085
Mueller Water Products, Inc., Class A^	263,770		2,511,090
Nordson Corp.^	65,400		3,790,584
Timken Co.	43,100		1,415,835
Trimas Corp.*	616,600		6,529,794
Trinity Industries, Inc.^	100,200		2,781,552
Wabash National Corp.^	541,300		4,162,597
Watts Water Technologies, Inc., Class A^	135,800		4,046,840

			80,287,013

*Road & Rail (1.1%)*
AMERCO, Inc.*^	66,000		4,334,880
Dollar Thrifty Automotive Group, Inc.*^	215,500		5,103,040
Genesee & Wyoming, Inc., Class A*^	195,900		4,734,903
Kansas City Southern, Inc.*^	75,900		2,605,647

			16,778,470

*Trading Companies & Distributors (2.0%)*
Beacon Roofing Supply, Inc.*^	599,000		5,043,580
Genesis Lease Ltd. (ADR)	236,300		4,432,988
Houston Wire & Cable Co.^	571,800		8,085,252
Kaman Corp.	191,930		7,064,943
Watsco, Inc.	222,700		8,186,452

			32,813,215

Total Industrials			319,841,750

Information Technology (18.4%)
*Communications Equipment (2.7%)*
ADTRAN, Inc.^	164,200		3,510,596
Avocent Corp.*^	461,000		10,745,910
Comtech Telecommunications Corp.*	140,800		7,604,608
Dycom Industries, Inc.*	502,600		13,394,290
Finisar Corp.*^	1,366,300		1,981,135
Foundry Networks, Inc.*^	271,070		4,749,146
Powerwave Technologies, Inc.*^	592,300		2,386,969

			44,372,654

*Computers & Peripherals (0.7%)*
Avid Technology, Inc.*^	188,100		5,330,754
Diebold, Inc.	51,100		1,480,878
Electronics for Imaging, Inc.*	222,700		5,006,296

			11,817,928

*Electronic Equipment & Instruments (5.5%)*
Benchmark Electronics, Inc.*^	798,550		14,158,291
Brightpoint, Inc.*	942,000		14,469,120
Cognex Corp.^	271,800		5,476,770
Coherent, Inc.*	157,000		3,935,990
CPI International, Inc.*	459,579		7,858,801
FARO Technologies, Inc.*	247,000		6,713,460
Mettler-Toledo International, Inc.*	39,100		4,449,580
Plexus Corp.*	393,400		10,330,684
Rofin-Sinar Technologies, Inc.*^	108,600		5,224,746
TTM Technologies, Inc.*^	1,307,916		15,250,301

			87,867,743

*Internet Software & Services (1.1%)*
Digital River, Inc.*^	70,200		2,321,514
United Online, Inc.	764,700		9,038,754
ValueClick, Inc.*	297,900		6,524,010

			17,884,278

*IT Services (2.0%)*
BearingPoint, Inc.*^	825,700		2,336,731
CACI International, Inc., Class A*	98,500		4,409,845
Euronet Worldwide, Inc.*	238,300		7,149,000
Ness Technologies, Inc.*	392,900		3,626,467
SI International, Inc.*	194,900		5,353,903
SRA International, Inc., Class A*	132,600		3,905,070
TNS, Inc.	290,600		5,158,150

			31,939,166

*Semiconductors & Semiconductor Equipment (4.6%)*
ChipMOS TECHNOLOGIES Bermuda Ltd.*^	811,700		3,457,842
Cohu, Inc.^	246,300		3,768,390
Cymer, Inc.*	120,100		4,675,493
FEI Co.*	440,000		10,925,200
Integrated Device Technology, Inc.*	495,700		5,606,367
Mattson Technology, Inc.*^	1,064,000		9,107,840
Microsemi Corp.*	362,800		8,032,392
OmniVision Technologies, Inc.*^	126,900		1,985,985
ON Semiconductor Corp.*	1,365,500		12,125,640
Semtech Corp.*	501,500		7,783,280
Teradyne, Inc.*	338,200		3,496,988
Trident Microsystems, Inc.*^	372,300		2,442,288

			73,407,705

*Software (1.8%)*
ACI Worldwide, Inc.*^	157,499		2,998,781
Fair Isaac Corp.^	125,800		4,044,470
Lawson Software, Inc.*	537,400		5,502,976
MicroStrategy, Inc., Class A*	58,200		5,534,820
Secure Computing Corp.*	1,177,000		11,299,200

			29,380,247

Total Information Technology			296,669,721

Materials (9.7%)
*Chemicals (2.9%)*
Airgas, Inc.	106,900		5,570,559
Cabot Corp.	115,800		3,860,772
Hercules, Inc.	899,800		17,411,130
Rockwood Holdings, Inc.*	275,500		9,152,110
RPM International, Inc.	264,200		5,363,260
Westlake Chemical Corp.^	281,300		5,341,887

			46,699,718

*Construction Materials (0.4%)*
Headwaters, Inc.*^	606,018		7,114,651

*Containers & Packaging (0.9%)*
AptarGroup, Inc.^	131,800		5,391,938
Bemis Co., Inc.	88,600		2,425,868

131

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
	Number of Shares		Value (Note 1)
Packaging Corp. of America		232,300	$	6,550,860

				14,368,666

*Metals & Mining (5.0%)*
A.M. Castle & Co.^		375,400		10,207,126
Century Aluminum Co.*^		109,600		5,911,824
Gerdau Ameristeel Corp.		336,800		4,789,296
Haynes International, Inc.*		51,422		3,573,829
Olympic Steel, Inc.		198,119		6,282,354
Quanex Corp.^		275,600		14,303,640
Reliance Steel & Aluminum Co.		86,900		4,709,980
RTI International Metals, Inc.*		115,500		7,961,415
Schnitzer Steel Industries, Inc., Class A		187,700		12,975,701
Steel Dynamics, Inc.		153,000		9,114,210

				79,829,375

*Paper & Forest Products (0.5%)*
AbitibiBowater, Inc.^		87,464		1,802,633
Glatfelter^		324,300		4,965,033
Mercer International, Inc.*^		260,600		2,040,498

				8,808,164

Total Materials				156,820,574

Telecommunication Services (1.6%)
*Diversified Telecommunication Services (1.6%)*
Alaska Communications Systems Group, Inc.		697,300		10,459,500
NTELOS Holdings Corp.		262,300		7,787,687
PAETEC Holding Corp.*		687,400		6,702,150

Total Telecommunication Services				24,949,337

Utilities (2.5%)
*Electric Utilities (0.8%)*
El Paso Electric Co.*		190,300		4,865,971
IDACORP, Inc.^		189,500		6,674,190
Sierra Pacific Resources		66,400		1,127,472

				12,667,633

*Gas Utilities (0.7%)*
Atmos Energy Corp.		90,800		2,546,032
Energen Corp.		60,800		3,905,184
UGI Corp.		223,200		6,082,200

				12,533,416

*Multi-Utilities (1.0%)*
Avista Corp.		172,900		3,724,266
CMS Energy Corp.		409,900		7,124,062
Vectren Corp.		170,800		4,954,908

				15,803,236

Total Utilities				41,004,285

Total Common Stocks (97.4%)
(Cost $1,734,952,461)				1,567,736,297


	Principal Amount
	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (0.8%)
Federal Home Loan Bank
3.15%, 1/2/08 (o)(p)	$	12,410,000		12,407,829

Short-Term Investments of Cash Collateral for Securities Loaned (9.8%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08		4,146,031		4,146,031
Banco Comercial Portugues S.A.
5.42%, 1/2/08		5,182,539		5,182,539
5.40%, 1/4/08		2,073,016		2,073,016
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		2,073,016		2,073,016
Banco Espirito Santo S.A.
4.94%, 1/15/08		6,219,047		6,219,047
5.30%, 1/18/08		1,382,010		1,382,010
Barclays plc/Seoul
5.27%, 1/22/08		1,727,513		1,727,513
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		1,520,211		1,520,211
Beta Finance, Inc.
4.37%, 1/31/08 (l)		276,402		276,402
4.37%, 3/10/08 (l)		690,972		690,972
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		1,727,513		1,727,513
4.94%, 1/31/08		6,910,052		6,910,052
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		3,316,825		3,316,825
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		2,073,016		2,073,016
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		1,618,196		1,618,196
Comerica Bank
5.05%, 3/16/09 (l)		690,953		690,953
Credit Industriel et Commercial/London
5.26%, 1/16/08		3,455,026		3,455,026
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		30,614,015		30,614,015
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		1,796,613		1,796,613
Depfa Bank plc
4.87%, 1/7/08		2,740,687		2,740,687
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)		691,005		691,005
Fifth Third Bancorp
4.91%, 8/22/08 (l)		207,300		207,300
First Tennessee Bank
5.06%, 8/15/08 (l)		6,218,781		6,218,781
General Electric Capital Corp.
4.40%, 3/12/10 (l)		276,402		276,402
Glitnir banki hf
5.09%, 1/15/08 (l)		3,455,026		3,455,026
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		1,382,010		1,382,010
4.41%, 3/27/09 (l)		1,934,815		1,934,815
Hartford Life, Inc.
5.36%, 12/31/08 (l)		552,804		552,804
HBOS Treasury Services plc
5.20%, 3/11/08		1,036,508		1,036,508
ING Bank N.V./Amsterdam
4.87%, 1/7/08		3,455,026		3,455,026
IXIS Corporate & Investment Bank
4.91%, 2/15/08		1,727,513		1,727,513
K2 (USA) LLC
4.37%, 5/29/09 (l)		2,762,882		2,762,882
4.37%, 6/18/09 (l)		3,453,473		3,453,473
KBC Groep N.V./London
5.08%, 1/22/08		1,036,508		1,036,508
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		4,145,950		4,145,950
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08		1,727,513		1,727,513
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		241,852		241,852
5.08%, 8/21/09 (l)		1,727,493		1,727,493
Links Finance LLC
4.37%, 6/25/09 (l)		1,036,120		1,036,120
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		1,727,513		1,727,513
Monumental Global Funding II
4.36%, 4/25/08 (l)		1,658,412		1,658,412
4.43%, 5/26/10 (l)		3,247,724		3,247,724

132

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007


	Principal Amount		Value (Note 1)
Morgan Stanley
5.40%, 2/9/09 (l)	$	5,364,498	$	5,364,498
4.65%, 5/7/09 (l)		3,455,026		3,455,026
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		2,073,016		2,073,016
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		5,182,539		5,182,539
Pricoa Global Funding I
4.40%, 6/25/10 (l)		2,072,498		2,072,498
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		3,455,026		3,455,026
Rheingold Securitization Ltd.
5.35%, 1/7/08		1,685,431		1,685,431
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		3,455,026		3,455,026
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		6,910,051		6,910,051
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		691,005		691,005

Total Short-Term Investments of Cash Collateral for Securities Loaned				158,280,399

Time Deposit (2.1%)
JPMorgan Chase Nassau
3.51%, 1/2/08		33,169,763		33,169,763

Total Short-Term Investments (12.7%)
(Cost/Amortized Cost $203,859,076)				203,857,991

Total Investments (110.1%)
(Cost/Amortized Cost $1,938,811,537)				1,771,594,288
Other Assets Less Liabilities (-10.1%)				(161,964,864	)

Net Assets (100%)			$	1,609,629,424

*	Non-income producing.

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

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

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2007.

(p)

Yield to maturity.

(r)

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

Glossary:

ADR — American Depositary Receipt

Investments in companies which were affiliate for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Loss
Five Star Quality Care, Inc.	$	18,440,985	$	—	$	247,348	$	13,534,594	$	—	$	(28,442	)

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,825,454,561
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,877,462,797

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	110,732,531
Aggregate gross unrealized depreciation		(284,330,899	)

Net unrealized depreciation	$	(173,598,368	)

Federal income tax cost of investments	$	1,945,192,656

At December 31, 2007, the Portfolio had loaned securities with a total value of $152,473,795. This was secured by collateral of $158,280,399 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $12,166, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

133

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares	Value (Note 1)
COMMON STOCKS:
*Consumer Discretionary (2.3%)*
*Hotels, Restaurants & Leisure (0.2%)*
Ctrip.com International Ltd. (ADR)	17,674	$	1,015,725

*Household Durables (0.9%)*
LG Electronics, Inc.*	36,312		3,879,280
Sharp Corp.	104,000		1,871,190
TomTom N.V.*	4,082		307,357

			6,057,827

*Media (1.0%)*
Focus Media Holding Ltd. (ADR)*^	124,610		7,079,094

*Specialty Retail (0.2%)*
GameStop Corp., Class A*	26,421		1,641,008

Total Consumer Discretionary			15,793,654

Energy (0.0%)
*Energy Equipment & Services (0.0%)*
Cameron International Corp.*	2,222		106,945
National Oilwell Varco, Inc.*	1,172		86,095
Schlumberger Ltd.	1,171		115,191
Tenaris S.A. (ADR)^	1,113		49,785
Weatherford International Ltd.*	1,169		80,193

Total Energy			438,209

Health Care (0.5%)
*Health Care Technology (0.5%)*
Cerner Corp.*^	58,925		3,323,370

Total Health Care			3,323,370

Industrials (4.9%)
*Commercial Services & Supplies (0.7%)*
Manpower, Inc.	45,600		2,594,640
Monster Worldwide, Inc.*	61,700		1,999,080

			4,593,720

*Electrical Equipment (3.3%)*
ABB Ltd. (Registered)	192,638		5,550,370
First Solar, Inc.*	21,058		5,625,434
Q-Cells AG*	10,140		1,446,938
Renewable Energy Corp. ASA*	44,034		2,238,254
SunPower Corp., Class A*^	34,836		4,542,266
Suntech Power Holdings Co., Ltd. (ADR)*^	41,580		3,422,866

			22,826,128

*Industrial Conglomerates (0.9%)*
Koninklijke Philips Electronics N.V. (N.Y. Shares)	120,875		5,167,406
Orkla ASA	75,500		1,463,461

			6,630,867

Total Industrials			34,050,715

Information Technology (83.5%)
*Communications Equipment (17.0%)*
Cisco Systems, Inc.*	1,160,634		31,418,362
CommScope, Inc.*	58,000		2,854,180
Comverse Technology, Inc.*	325,500		5,614,875
Corning, Inc	829,989		19,911,436
Foundry Networks, Inc.*	264,180		4,628,434
JDS Uniphase Corp.*^	245,400		3,263,820
Juniper Networks, Inc.*	34,296		1,138,627
Nice Systems Ltd. (ADR)*^	152,010		5,216,983
Nokia Oyj (ADR)	354,795		13,620,580
QUALCOMM, Inc.	572,585		22,531,220
Research In Motion Ltd.*	29,214		3,312,868
Riverbed Technology, Inc.*^	96,903		2,591,186
Sonus Networks, Inc.*^	75,200		438,416
Telefonaktiebolaget LM Ericsson (Sponsored ADR)	38,038		888,187

			117,429,174

*Computers & Peripherals (13.8%)*
Apple, Inc.*	125,466		24,852,305
EMC Corp.*	813,574		15,075,526
Hewlett-Packard Co.	476,331		24,045,189
InnoLux Display Corp. (GDR)*†(b)	133,680		863,573
International Business Machines Corp.	35,500		3,837,550
Lenovo Group Ltd.	1,289,780		1,159,535
Network Appliance, Inc.*	350,765		8,755,094
SanDisk Corp.*	195,032		6,469,211
Seagate Technology	409,109		10,432,280

			95,490,263

*Electronic Equipment & Instruments (3.8%)*
Dolby Laboratories, Inc., Class A*^	39,227		1,950,367
Hon Hai Precision Industry Co., Ltd.	1,209,141		7,530,453
Ingram Micro, Inc., Class A*^	227,600		4,105,904
L-1 Identity Solutions, Inc.*^	627,739		11,267,915
Nidec Corp.	22,550		1,671,342

			26,525,981

*Internet Software & Services (11.1%)*
Alibaba.com Ltd.*	352,300		1,249,275
Baidu.com (Sponsored ADR)*^	9,250		3,611,107
eBay, Inc.*	356,620		11,836,218
Equinix, Inc.*^	27,200		2,749,104
Google, Inc., Class A*	63,074		43,614,410
Sohu.com, Inc.*	18,679		1,018,379
Telecity Group plc*	277,772		1,658,799
Tencent Holdings Ltd.	926,835		7,018,956
VeriSign, Inc.*^	99,200		3,730,912

			76,487,160

*IT Services (4.1%)*
Accenture Ltd., Class A	92,000		3,314,760
Automatic Data Processing, Inc.	119,200		5,307,976
Cognizant Technology Solutions Corp., Class A*	56,340		1,912,180
DST Systems, Inc.*^	58,600		4,837,430
Iron Mountain, Inc.*^	76,850		2,844,987
VeriFone Holdings, Inc.*^	133,780		3,110,385
Western Union Co.	298,300		7,242,724

			28,570,442

*Semiconductors & Semiconductor Equipment (17.4%)*
Applied Materials, Inc.	543,125		9,645,900
ASML Holding N.V. (N.Y. Shares)^	141,068		4,414,018
ASML Holding N.V.*	154,534		4,893,784
Broadcom Corp., Class A*	411,318		10,751,852
Chartered Semiconductor Manufacturing Ltd.*	2,858,449		1,916,290
Fairchild Semiconductor International, Inc.*	173,500		2,503,605
Intel Corp.	1,254,660		33,449,235
Lam Research Corp.*	150,900		6,523,407
Maxim Integrated Products, Inc.	153,000		4,051,440
MEMC Electronic Materials, Inc.*	19,208		1,699,716
NVIDIA Corp.*	288,405		9,811,538
ON Semiconductor Corp.*^	398,495		3,538,636
Samsung Electronics Co., Ltd. (GDR)^§	22,650		6,726,885

134

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Number of Shares		Value (Note 1)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		1,150,099	$	11,454,986
Texas Instruments, Inc.		199,852		6,675,057
Varian Semiconductor Equipment Associates, Inc.*^		69,000		2,553,000
Veeco Instruments, Inc.*^		5,075		84,752

				120,694,101

*Software (16.3%)*
Activision, Inc.*		253,170		7,519,149
Adobe Systems, Inc.*		113,940		4,868,656
Amdocs Ltd.*		264,155		9,105,423
Autodesk, Inc.*		78,377		3,900,039
BladeLogic, Inc.*^		7,557		223,461
BMC Software, Inc.*		40,100		1,429,164
Electronic Arts, Inc.*		196,600		11,483,406
McAfee, Inc.*		128,569		4,821,338
Microsoft Corp.		1,422,704		50,648,262
Nintendo Co., Ltd		8,850		5,299,781
Perfect World Co., Ltd. (ADR)*^		44,163		1,231,264
Red Hat, Inc.*^		149,900		3,123,916
Salesforce.com, Inc.*		128,169		8,034,915
Temenos Group AG (Registered)*		40,450		998,611
VMware, Inc., Class A*^		5,580		474,244

				113,161,629

Total Information Technology				578,358,750

Materials (1.1%)
*Chemicals (1.1%)*
Monsanto Co.		44,707		4,993,325
Wacker Chemie AG		8,599		2,485,517

Total Materials				7,478,842

Telecommunication Services (2.4%)
*Diversified Telecommunication Services (0.1%)*
Telefonica S.A. (ADR)^		6,305		615,305

*Wireless Telecommunication Services (2.3%)*
China Mobile Ltd. (ADR)		133,037		11,556,924
NII Holdings, Inc.*		85,032		4,108,746
Vodafone Group plc (ADR)		15,540		579,953

				16,245,623

Total Telecommunication Services				16,860,928

Total Common Stocks (94.7%) (Cost $578,050,217)				656,304,468


	Number of Warrants
WARRANT:
Telecommunication Services (0.2%)
*Wireless Telecommunication Services (0.2%)*
Bharti Airtel Ltd., expiring 11/18/11§ (Cost $1,336,796*)		61,470		1,550,888


	Number of Shares
INVESTMENT COMPANIES:
iShares Goldman Sachs Technology Index Fund^		70,300		4,189,177
Powershares QQQ		72,480		3,713,875

Total Investment Companies (1.2%) (Cost $7,880,031)				7,903,052


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (9.5%)
Banca Monte dei Paschi di Siena S.p.A./London
4.90%, 1/7/08	$	1,729,877		1,729,877
Banco Comercial Portugues S.A.
5.42%, 1/2/08		2,162,347		2,162,347
5.40%, 1/4/08		864,939		864,939
Banco de Sabadell S.A.
5.19%, 4/23/09 (l)		864,938		864,938
Banco Espirito Santo S.A.
4.94%, 1/15/08		2,594,816		2,594,816
5.30%, 1/18/08		576,626		576,626
Barclays plc/Seoul
5.27%, 1/22/08		720,782		720,782
BBVA Senior Finance S.A.
5.18%, 3/12/10 (l)		634,289		634,289
Beta Finance, Inc.
4.37%, 1/31/08 (l)		115,325		115,325
4.37%, 3/10/08 (l)		288,299		288,299
Caixa Geral de Depositos S.A.
5.05%, 1/2/08		720,782		720,782
4.94%, 1/31/08		2,883,129		2,883,129
CIT Group Holdings, Inc.
5.23%, 6/18/08 (l)		1,383,902		1,383,902
Citigroup Funding, Inc.
4.36%, 3/16/09 (l)		864,939		864,939
Citigroup Global Markets, Inc.
4.65%, 1/7/08 (l)		675,171		675,171
Comerica Bank
5.05%, 3/16/09 (l)		288,291		288,291
Credit Industriel et Commercial/London
5.26%, 1/16/08		1,441,565		1,441,565
Credit Suisse (USA) LLC, Repurchase Agreement
4.69%, 1/2/08 (r)		12,773,298		12,773,298
DekaBank Deutsche Girozentrale
5.22%, 1/30/09 (l)		749,614		749,614
Depfa Bank plc
4.87%, 1/7/08		1,143,516		1,143,516
Deutsche Bank AG/New York
4.60%, 1/22/08 (l)		288,313		288,313
Fifth Third Bancorp
4.91%, 8/22/08 (l)		86,493		86,493
First Tennessee Bank
5.06%, 8/15/08 (l)		2,594,705		2,594,705
General Electric Capital Corp.
4.40%, 3/12/10 (l)		115,325		115,325
Glitnir banki hf
5.09%, 1/15/08 (l)		1,441,565		1,441,565
Goldman Sachs Group, Inc.
4.62%, 8/18/08 (l)		576,626		576,626
4.41%, 3/27/09 (l)		807,276		807,276
Hartford Life, Inc.
5.36%, 12/31/08 (l)		230,650		230,650
HBOS Treasury Services plc
5.20%, 3/11/08		432,469		432,469
ING Bank N.V./Amsterdam
4.87%, 1/7/08		1,441,565		1,441,565
IXIS Corporate & Investment Bank
4.91%, 2/15/08		720,782		720,782
K2 (USA) LLC
4.37%, 5/29/09 (l)		1,152,777		1,152,777
4.37%, 6/18/09(l)		1,440,917		1,440,917
KBC Groep N.V./London
5.08%, 1/22/08		432,469		432,469
Kommunalkredit Austria AG
5.26%, 7/8/08 (l)		1,729,844		1,729,844

135

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2007


	Principal Amount		Value (Note 1)
Landesbank Baden-Wuerttemberg
5.20%, 1/18/08	$	720,782	$	720,782
Lehman Brothers Holdings, Inc.
4.75%, 3/31/08 (l)		100,910		100,910
5.08%, 8/21/09 (l)		720,774		720,774
Links Finance LLC
4.37%, 6/25/09 (l)		432,308		432,308
MBIA Global Funding LLC
4.37%, 3/30/09 (l)		720,782		720,782
Monumental Global Funding II
4.36%, 4/25/08 (l)		691,951		691,951
4.43%, 5/26/10 (l)		1,355,071		1,355,071
Morgan Stanley
5.40%, 2/9/09 (l)		2,238,267		2,238,267
4.65%, 5/7/09 (l)		1,441,565		1,441,565
Natexis Banques Populaires N.Y.
4.37%, 1/28/08 (l)		864,939		864,939
Norddeutsche Landesbank Girozentrale
5.27%, 1/22/08		2,162,347		2,162,347
Pricoa Global Funding I
4.40%, 6/25/10 (l)		864,723		864,723
ReliaStar Life Insurance Co.
5.16%, 3/31/08 (l)		1,441,565		1,441,565
Rheingold Securitization Ltd.
5.35%, 1/7/08		703,224		703,224
Ulster Bank Ireland Ltd.
4.72%, 4/18/08 (l)		1,441,565		1,441,565
UniCredito Italiano Bank plc/Milan
4.94%, 1/8/08		2,883,128		2,883,128
Wachovia Bank N.A.
4.37%, 10/2/08 (l)		288,313		288,313

Total Short-Term Investments of Cash Collateral for Securities Loaned				66,040,435

Time Deposit (4.9%)
JPMorgan Chase Nassau
3.51%, 1/2/08		33,633,945		33,633,945

Total Short-Term Investments (14.4%)
(Amortized Cost $99,674,380)				99,674,380

Total Investments (110.5%)
(Cost/Amortized Cost $686,941,424)				765,432,788
Other Assets Less Liabilities (-10.5%)				(72,508,723	)

Net Assets (100%)			$	692,924,065

*	Non-income producing.

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

†	Securities (totaling $863,573 or 0.12% of net assets) valued at fair value.

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2007, the market value of these securities amounted to $8,277,773 or 1.19% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2007.

(r)

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

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	789,546,116
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	752,943,586

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	94,664,967
Aggregate gross unrealized depreciation		(23,747,340	)

Net unrealized appreciation	$	70,917,627

Federal income tax cost of investments	$	694,515,161

At December 31, 2007, the Portfolio had loaned securities with a total value of $63,944,755. This was secured by collateral of $66,040,435 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2007, the Portfolio incurred approximately $1,231 as brokerage commissions with BNP Paribas, and $1,230 as brokerage commissions with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

136

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

The Portfolio has a net capital loss carryforward of $64,405,823 of $38,752,806 expires in the year 2009, and $25,653,017 expires in the year 2010. Included in the capital loss carryforward amounts are $64,405,823 of losses acquired from EQ/Technology Portfolio as a result of a tax free reorganization. Certain capital loss carryforwards may be subject to limitation pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

The Portfolio utilized net capital loss carryforward of $79,512,897 during 2007.

See Notes to Financial Statements.

137

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		344,782	$	3,488,698
EQ/Equity 500 Index Portfolio‡		137,364		3,577,893
EQ/International ETF Portfolio‡		189,265		2,251,786
EQ/Small Company Index Portfolio‡		71,728		832,473
EQ/Van Kampen Emerging Markets Equity Portfolio‡		40,053		756,449
Multimanager Aggressive Equity Portfolio‡		38,705		1,242,657
Multimanager High Yield Portfolio‡		144,634		772,941
Multimanager Large Cap Value Portfolio‡		36,123		425,904
Multimanager Mid Cap Growth Portfolio‡		7,577		69,169
Multimanager Mid Cap Value Portfolio‡		33,738		310,044

Total Investment Companies (99.5%) (Cost $14,094,314)				13,728,014


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.7%)
JPMorgan Chase Nassau
3.51%, 1/2/08 (Amortized Cost $95,039)	$	95,039		95,039

Total Investments (100.2%) (Cost/Amortized Cost $14,189,353)				13,823,053
Other Assets Less Liabilities (-0.2%)				(24,644	)

Net Assets (100%)			$	13,798,409

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

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

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	590,446	$	3,108,380	$	183,740	$	3,488,698	$	176,008	$	(1,223	)
EQ/Equity 500 Index Portfolio		729,443		3,261,854		267,599		3,577,893		56,622		129,542
EQ/International ETF Portfolio		406,244		1,940,726		104,143		2,251,786		37,043		30,064
EQ/Small Company Index Portfolio		213,442		769,847		42,854		832,473		13,751		62,408
EQ/Van Kampen Emerging Markets Equity Portfolio		123,549		652,425		25,706		756,449		—		130,996
Multimanager Aggressive Equity Portfolio		210,032		1,080,247		80,468		1,242,657		1,218		17,365
Multimanager High Yield Portfolio		124,304		742,276		40,542		772,941		59,168		(42	)
Multimanager Large Cap Value Portfolio		82,198		434,811		36,321		425,904		5,726		46,446
Multimanager Mid Cap Growth Portfolio		12,640		63,909		3,421		69,169		—		6,540
Multimanager Mid Cap Value Portfolio		36,329		336,502		19,707		310,044		—		25,358

	$	2,528,627	$	12,390,977	$	804,501	$	13,728,014	$	349,536	$	447,454

138

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	12,390,976
Net Proceeds of Sales and Redemptions:
Investment Companies	$	886,293

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	86,043
Aggregate gross unrealized depreciation		(455,228	)

Net unrealized depreciation	$	(369,185	)

Federal income tax cost of investments	$	14,192,238

See Notes to Financial Statements.

139

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		286,972	$	2,903,739
EQ/Equity 500 Index Portfolio‡		221,719		5,775,058
EQ/International ETF Portfolio‡		287,446		3,419,898
EQ/Small Company Index Portfolio‡		112,919		1,310,528
EQ/Van Kampen Emerging Markets Equity Portfolio‡		58,841		1,111,291
Multimanager Aggressive Equity Portfolio‡		51,739		1,661,127
Multimanager High Yield Portfolio‡		101,836		544,225
Multimanager Large Cap Value Portfolio‡		48,595		572,952
Multimanager Mid Cap Growth Portfolio‡		14,808		135,182
Multimanager Mid Cap Value Portfolio‡		45,985		422,590

Total Investment Companies (99.8%) (Cost $18,406,469)				17,856,590


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.5%)
JPMorgan Chase Nassau
3.51%, 1/2/08 (Amortized Cost $87,869)	$	87,869		87,869

Total Investments (100.3%) (Cost/Amortized Cost $18,494,338)				17,944,459
Other Assets Less Liabilities (-0.3%)				(61,635	)

Net Assets (100%)			$	17,882,824

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

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

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	419,954	$	2,745,844	$	245,671	$	2,903,739	$	142,598	$	249
EQ/Equity 500 Index Portfolio		929,557		5,548,383		451,117		5,775,058		88,772		197,689
EQ/International ETF Portfolio		500,546		3,178,470		247,772		3,419,898		55,222		62,275
EQ/Small Company Index Portfolio		248,595		1,340,682		103,043		1,310,528		21,191		98,218
EQ/Van Kampen Emerging Markets Equity Portfolio		146,131		1,022,212		59,727		1,111,291		—		198,429
Multimanager Aggressive Equity Portfolio		223,593		1,511,736		118,623		1,661,127		1,570		24,117
Multimanager High Yield Portfolio		79,148		550,837		49,490		544,225		40,202		(470	)
Multimanager Large Cap Value Portfolio		87,490		609,811		47,461		572,952		7,638		60,937
Multimanager Mid Cap Growth Portfolio		20,164		133,642		10,461		135,182		—		12,915
Multimanager Mid Cap Value Portfolio		43,284		474,401		35,216		422,590		—		33,730

	$	2,698,462	$	17,116,018	$	1,368,581	$	17,856,590	$	357,193	$	688,089

140

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	17,116,018
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,514,834

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	82,747
Aggregate gross unrealized depreciation		(635,145	)

Net unrealized depreciation	$	(552,398	)

Federal income tax cost of investments	$	18,496,857

See Notes to Financial Statements.

141

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		71,737	$	725,876
EQ/Equity 500 Index Portfolio‡		148,492		3,867,742
EQ/International ETF Portfolio‡		191,098		2,273,602
EQ/Small Company Index Portfolio‡		71,615		831,159
EQ/Van Kampen Emerging Markets Equity Portfolio‡		39,133		739,064
Multimanager Aggressive Equity Portfolio‡		30,086		965,925
Multimanager High Yield Portfolio‡		41,372		221,099
Multimanager Large Cap Value Portfolio‡		27,175		320,396
Multimanager Mid Cap Growth Portfolio‡		11,363		103,739
Multimanager Mid Cap Value Portfolio‡		24,458		224,760

Total Investment Companies (98.7%) (Cost $10,511,585)				10,273,362


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.6%)
JPMorgan Chase Nassau
3.51%, 1/2/08 (Amortized Cost $64,203)	$	64,203		64,203

Total Investments (99.3%) (Cost/Amortized Cost $10,575,788)				10,337,565
Other Assets Less Liabilities (0.7%)				77,355

Net Assets (100%)			$	10,414,920

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

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

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	117,488	$	635,746	$	21,978	$	725,876	$	35,567	$	(258	)
EQ/Equity 500 Index Portfolio		707,530		3,414,866		109,728		3,867,742		59,575		113,514
EQ/International ETF Portfolio		380,353		1,942,457		61,368		2,273,602		36,521		22,914
EQ/Small Company Index Portfolio		182,456		779,367		25,203		831,159		13,442		59,920
EQ/Van Kampen Emerging Markets Equity Portfolio		105,791		639,676		14,603		739,064		—		121,819
Multimanager Aggressive Equity Portfolio		145,217		813,818		25,126		965,925		916		4,987
Multimanager High Yield Portfolio		34,364		208,588		7,137		221,099		16,441		(48	)
Multimanager Large Cap Value Portfolio		59,069		309,951		8,975		320,396		4,272		32,324
Multimanager Mid Cap Growth Portfolio		17,628		94,780		2,972		103,739		—		9,384
Multimanager Mid Cap Value Portfolio		25,507		237,801		8,120		224,760		—		18,118

	$	1,775,403	$	9,077,050	$	285,210	$	10,273,362	$	166,734	$	382,674

142

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	9,077,050
Net Proceeds of Sales and Redemptions:
Investment Companies	$	319,329

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	92,385
Aggregate gross unrealized depreciation		(331,457	)

Net unrealized depreciation	$	(239,072	)

Federal income tax cost of investments	$	10,576,637

See Notes to Financial Statements.

143

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2007


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Equity 500 Index Portfolio‡		117,630	$	3,063,876
EQ/International ETF Portfolio‡		149,406		1,777,561
EQ/Small Company Index Portfolio‡		54,958		637,834
EQ/Van Kampen Emerging Markets Equity Portfolio‡		30,755		580,850
Multimanager Aggressive Equity Portfolio‡		21,134		678,524
Multimanager Large Cap Value Portfolio‡		18,898		222,816
Multimanager Mid Cap Growth Portfolio‡		9,975		91,060
Multimanager Mid Cap Value Portfolio‡		16,800		154,389

Total Investment Companies (100.3%) (Cost $7,458,721)				7,206,910


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.0%)
JPMorgan Chase Nassau
3.51%, 1/2/08 (Amortized Cost $71,235)	$	71,235		71,235

Total Investments (101.3%) (Cost/Amortized Cost $7,529,956)				7,278,145
Other Assets Less Liabilities (-1.3%)				(95,068	)

Net Assets (100%)			$	7,183,077

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

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

Investments in companies which were affiliates for the year ended December 31, 2007, were as follows:


Securities	Market Value December 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2007		Dividend Income		Realized Gain
EQ/Equity 500 Index Portfolio	$	699,297	$	2,864,764	$	352,492	$	3,063,876	$	46,743	$	129,468
EQ/International ETF Portfolio		379,540		1,599,809		185,678		1,777,561		28,413		49,253
EQ/Small Company Index Portfolio		178,057		622,012		77,551		637,834		10,251		51,348
EQ/Van Kampen Emerging Markets Equity Portfolio		107,285		521,960		41,339		580,850		—		109,973
Multimanager Aggressive Equity Portfolio		129,883		603,653		65,236		678,524		636		17,458
Multimanager Large Cap Value Portfolio		55,855		229,540		31,461		222,816		2,962		26,383
Multimanager Mid Cap Growth Portfolio		19,654		87,261		10,130		91,060		—		9,383
Multimanager Mid Cap Value Portfolio		25,254		169,043		19,355		154,389		—		12,765

	$	1,594,825	$	6,698,042	$	783,242	$	7,206,910	$	89,005	$	406,031

144

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2007

Investment security transactions for the year ended December 31, 2007 were as follows:


Cost of Purchases:
Investment Companies	$	6,698,042
Net Proceeds of Sales and Redemptions:
Investment Companies	$	921,178

As of December 31, 2007, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	23,541
Aggregate gross unrealized depreciation		(275,428	)

Net unrealized depreciation	$	(251,887	)

Federal income tax cost of investments	$	7,530,032

See Notes to Financial Statements.

145

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at cost:
Affiliated Issuers (Cost $597,185,908)	$	594,690,904
Receivable from Separate Accounts for Trust shares sold		400,446
Receivable for securities sold		126,200
Dividends, interest and other receivables		2,462
Other assets		513

Total assets		595,220,525

LIABILITIES
Overdraft payable		94,984
Payable to Separate Accounts for Trust shares redeemed		445,355
Distribution fees payable—Class B		123,374
Trustees’ fees payable		8,567
Administrative fees payable		7,063
Accrued expenses		37,365

Total liabilities		716,708

NET ASSETS	$	594,503,817

Net assets were comprised of:
Paid in capital	$	591,475,473
Accumulated overdistributed net investment income		(4,099	)
Accumulated undistributed net realized gain		5,527,447
Unrealized depreciation on investments		(2,495,004	)

Net assets	$	594,503,817

Class A
Net asset value, offering and redemption price per share, $9,015,053 / 826,989 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.90

Class B
Net asset value, offering and redemption price per share, $585,488,764 / 53,699,671 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.90

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	20,598,122
Interest		63,572

Total income		20,661,694

EXPENSES
Distribution fees—Class B		1,164,112
Administrative fees		744,698
Investment management fees		473,126
Custodian fees		135,300
Printing and mailing expenses		74,751
Professional fees		37,201
Trustees’ fees		5,363
Miscellaneous		10,070

Gross expenses		2,644,621
Less: Waiver from investment advisor		(1,007,400	)

Net expenses		1,637,221

NET INVESTMENT INCOME		19,024,473

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities (All realized gain from affiliates)		6,643,412
Net distributions of realized gain received from
Underlying Portfolios		9,491,498

Net realized gain		16,134,910
Net change in unrealized depreciation on securities		(7,009,936	)

NET REALIZED AND UNREALIZED GAIN		9,124,974

NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS	$	28,149,447

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	19,024,473		$	9,935,221
Net realized gain on investments		16,134,910			5,015,826
Net change in unrealized appreciation (depreciation) on investments		(7,009,936	)		5,203,661

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		28,149,447			20,154,708

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(343,169	)		(166,159	)
Class B		(20,640,951	)		(10,416,054	)

		(20,984,120	)		(10,582,213	)

Distributions from net realized capital gains
Class A		(142,356	)		(63,965	)
Class B		(8,915,689	)		(4,516,945	)

		(9,058,045	)		(4,580,910	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(30,042,165	)		(15,163,123	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 906,451 and 402,755 shares, respectively ]		10,076,332			4,412,266
Capital shares issued in reinvestment of dividends and distributions [ 44,696 and 21,173 shares, respectively ]		485,525			230,124
Capital shares repurchased [ (584,264) and (249,615) shares, respectively ]		(6,472,977	)		(2,737,520	)

Total Class A transactions		4,088,880			1,904,870

Class B
Capital shares sold [ 45,830,767 and 28,284,413 shares, respectively ]		509,102,243			306,008,685
Capital shares issued in reinvestment of dividends and distributions [ 2,720,777 and 1,374,257 shares, respectively ]		29,556,640			14,932,999
Capital shares repurchased [ (26,138,927) and (18,771,473) shares, respectively ]		(291,328,656	)		(203,913,235	)

Total Class B transactions		247,330,227			117,028,449

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		251,419,107			118,933,319

TOTAL INCREASE IN NET ASSETS		249,526,389			123,924,904
NET ASSETS:
Beginning of year		344,977,428			221,052,524

End of year (a)	$	594,503,817		$	344,977,428

(a) Includes accumulated overdistributed net investment income of	$	(4,099	)	$	(2,073	)

See Notes to Financial Statements.

146

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at cost:
Affiliated Issuers (Cost $1,162,134,675)	$	1,159,793,948
Unaffiliated Issuers (Amortized Cost $1,747,346)		1,747,346
Receivable from Separate Accounts for Trust shares sold		2,199,326
Dividends, interest and other receivables		4,974
Other assets		1,137

Total assets		1,163,746,731

LIABILITIES
Payable for securities purchased		1,788,962
Payable to Separate Accounts for Trust shares redeemed		305,212
Distribution fees payable—Class B		240,293
Administrative fees payable		40,184
Trustees’ fees payable		17,241
Accrued expenses		13,032

Total liabilities		2,404,924

NET ASSETS	$	1,161,341,807

Net assets were comprised of:
Paid in capital	$	1,140,275,844
Accumulated overdistributed net investment income		(8,863	)
Accumulated undistributed net realized gain		23,415,553
Unrealized depreciation on investments		(2,340,727	)

Net assets	$	1,161,341,807

Class A
Net asset value, offering and redemption price per share, $10,942,602 / 944,090 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.59

Class B
Net asset value, offering and redemption price per share, $1,150,399,205 / 99,237,517 shares outstanding (unlimited amount authorized: $ 0.001 par value)	$	11.59

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends
(All dividend income received from affiliates)	$	33,680,240
Interest		62,564

Total income		33,742,804

EXPENSES
Distribution fees—Class B		2,447,704
Administrative fees		1,515,840
Investment management fees		987,215
Printing and mailing expenses		127,313
Custodian fees		109,600
Professional fees		43,214
Trustees’ fees		11,290
Miscellaneous		21,617

Gross expenses		5,263,793
Less: Waiver from investment advisor		(1,828,927	)

Net expenses		3,434,866

NET INVESTMENT INCOME		30,307,938

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities
(All realized gain from affiliates)		8,259,055
Net distributions of realized gain received from
Underlying Portfolios		34,500,658

Net realized gain		42,759,713
Net change in unrealized depreciation on securities		(21,304,675	)

NET REALIZED AND UNREALIZED GAIN		21,455,038

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	51,762,976

See Notes to Financial Statements.

147

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	30,307,938		$	18,438,456
Net realized gain on investments		42,759,713			21,900,840
Net change in unrealized appreciation (depreciation) on investments		(21,304,675	)		18,491,440

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		51,762,976			58,830,736

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(360,633	)		(159,559	)
Class B		(36,655,205	)		(21,628,791	)

		(37,015,838	)		(21,788,350	)

Distributions from net realized capital gains
Class A		(200,658	)		(84,494	)
Class B		(22,427,474	)		(12,580,580	)

		(22,628,132	)		(12,665,074	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(59,643,970	)		(34,453,424	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 595,711 and 297,911 shares, respectively ]		7,122,738			3,416,672
Capital shares issued in reinvestment of dividends and distributions [ 48,600 and 21,122 shares, respectively ]		561,291			244,053
Capital shares repurchased [ (177,858) and (151,897) shares, respectively ]		(2,131,161	)		(1,746,333	)

Total Class A transactions		5,552,868			1,914,392

Class B
Capital shares sold [ 44,471,426 and 34,007,781 shares, respectively ]		528,746,071			388,575,956
Capital shares issued in reinvestment of dividends and distributions [ 5,114,496 and 2,961,709 shares, respectively ]		59,082,679			34,209,371
Capital shares repurchased [ (20,050,818) and (10,897,800) shares, respectively ]		(238,903,327	)		(124,798,351	)

Total Class B transactions		348,925,423			297,986,976

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		354,478,291			299,901,368

TOTAL INCREASE IN NET ASSETS		346,597,297			324,278,680
NET ASSETS:
Beginning of year		814,744,510			490,465,830

End of year (a)	$	1,161,341,807		$	814,744,510

(a) Includes accumulated overdistributed net investment income of	$	(8,863	)	$	(4,502	)

See Notes to Financial Statements.

148

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at cost:
Affiliated Issuers (Cost $9,159,544,096)	$	9,426,875,142
Unaffiliated Issuers (Amortized Cost $6,039,185)		6,039,185
Receivable from Separate Accounts for Trust shares sold		11,711,963
Dividends, interest and other receivables		24,445
Other assets		13,380

Total assets		9,444,664,115

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		4,981,540
Payable for securities purchased		4,360,588
Distribution fees payable—Class B		1,321,342
Administrative fees payable		443,637
Trustees’ fees payable		246,987
Accrued expenses		28,861

Total liabilities		11,382,955

NET ASSETS	$	9,433,281,160

Net assets were comprised of:
Paid in capital	$	8,889,680,499
Accumulated overdistributed net investment income		(239,308	)
Accumulated undistributed net realized gain		276,508,923
Unrealized appreciation on investments		267,331,046

Net assets	$	9,433,281,160

Class A
Net asset value, offering and redemption price per share, $3,143,321,778 / 183,810,142 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.10

Class B
Net asset value, offering and redemption price per share, $6,289,959,382 / 369,862,934 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.01

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends
(All dividend income received from affiliates)	$	247,300,871
Interest		209,099

Total income		247,509,970

EXPENSES
Distribution fees—Class B		13,971,411
Administrative fees		13,140,413
Investment management fees		8,736,836
Printing and mailing expenses		1,017,674
Professional fees		158,431
Custodian fees		146,500
Trustees’ fees		107,112
Miscellaneous		241,408

Gross expenses		37,519,785
Less: Waiver from investment advisor		(14,811,005	)

Net expenses		22,708,780

NET INVESTMENT INCOME		224,801,190

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities ($61,245,969 from affiliates)		64,115,516
Net distributions of realized gain received from
Underlying Portfolios		396,065,530

Net realized gain		460,181,046

Net change in unrealized depreciation on securities		(158,451,328	)

NET REALIZED AND UNREALIZED GAIN		301,729,718

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	526,530,908

See Notes to Financial Statements.

149

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	224,801,190		$	164,703,086
Net realized gain on investments		460,181,046			378,469,252
Net change in unrealized appreciation (depreciation) on investments		(158,451,328	)		188,452,938

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		526,530,908			731,625,276

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(105,236,725	)		(86,809,420	)
Class B		(193,396,912	)		(122,870,234	)

		(298,633,637	)		(209,679,654	)

Distributions from net realized capital gains
Class A		(59,012,131	)		(24,774,863	)
Class B		(110,325,508	)		(38,820,112	)

		(169,337,639	)		(63,594,975	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(467,971,276	)		(273,274,629	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 8,562,854 and 4,067,452 shares, respectively ]		150,370,214			67,111,778
Capital shares issued in reinvestment of dividends and distributions [ 9,650,572 and 6,596,914 shares, respectively ]		164,248,856			111,584,283
Capital shares repurchased [ (17,668,925) and (19,616,689) shares, respectively ]		(309,062,387	)		(322,868,918	)

Total Class A transactions		5,556,683			(144,172,857	)

Class B
Capital shares sold [ 91,622,538 and 81,083,379 shares, respectively ]		1,595,381,036			1,324,685,837
Capital shares issued in reinvestment of dividends and distributions [ 17,951,582 and 9,611,138 shares, respectively ]		303,722,420			161,690,346
Capital shares repurchased [ (28,753,776) and (24,391,545) shares, respectively ]		(501,225,485	)		(400,067,966	)

Total Class B transactions		1,397,877,971			1,086,308,217

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,403,434,654			942,135,360

TOTAL INCREASE IN NET ASSETS		1,461,994,286			1,400,486,007
NET ASSETS:
Beginning of year		7,971,286,874			6,570,800,867

End of year (a)	$	9,433,281,160		$	7,971,286,874

(a) Includes accumulated overdistributed net investment income of	$	(239,308	)	$	(262,082	)

See Notes to Financial Statements.

150

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AXA MODERATE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at cost:
Affiliated Issuers (Cost $10,813,239,317)	$	10,848,034,614
Unaffiliated Issuers (Amortized Cost $10,827,397)		10,827,397
Receivable from Separate Accounts for Trust shares sold		20,860,868
Dividends, interest and other receivables		55,475
Other assets		8,296

Total assets		10,879,786,650

LIABILITIES
Payable for securities purchased		11,982,917
Distribution fees payable—Class B		2,230,205
Payable to Separate Accounts for Trust shares redeemed		838,072
Administrative fees payable		597,236
Trustees’ fees payable		153,826
Accrued expenses		36,046

Total liabilities		15,838,302

NET ASSETS	$	10,863,948,348

Net assets were comprised of:
Paid in capital	$	10,371,106,483
Accumulated overdistributed net investment income		(66,480	)
Accumulated undistributed net realized gain		458,113,048
Unrealized appreciation on investments		34,795,297

Net assets	$	10,863,948,348

Class A
Net asset value, offering and redemption price per share, $198,686,285 / 14,245,903 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.95

Class B
Net asset value, offering and redemption price per share, $10,665,262,063 / 764,594,081 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.95

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	191,792,820
Interest		588,205

Total income		192,381,025

EXPENSES
Distribution fees—Class B		21,689,708
Administrative fees		13,273,088
Investment management fees		8,825,284
Printing and mailing expenses		1,005,444
Professional fees		140,684
Custodian fees		105,600
Trustees’ fees		100,058
Miscellaneous		170,238

Gross expenses		45,310,104
Less: Waiver from investment advisor		(14,795,509	)

Net expenses		30,514,595

NET INVESTMENT INCOME		161,866,430

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities (All realized gain from affiliates)		91,648,073
Net distributions of realized gain received from
Underlying Portfolios		626,001,812

Net realized gain		717,649,885
Net change in unrealized depreciation on securities		(391,048,010	)

NET REALIZED AND UNREALIZED GAIN		326,601,875

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	488,468,305

See Notes to Financial Statements.

151

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AXA MODERATE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	161,866,430		$	90,448,536
Net realized gain on investments		717,649,885			236,753,251
Net change in unrealized appreciation (depreciation) on investments		(391,048,010	)		340,608,529

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		488,468,305			667,810,316

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(5,766,451	)		(2,300,010	)
Class B		(281,561,007	)		(134,389,966	)

		(287,327,458	)		(136,689,976	)

Distributions from net realized capital gains
Class A		(5,060,406	)		(1,191,383	)
Class B		(282,755,087	)		(84,027,626	)

		(287,815,493	)		(85,219,009	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(575,142,951	)		(221,908,985	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 6,867,459 and 4,327,527 shares, respectively ]		99,354,568			58,002,090
Capital shares issued in reinvestment of dividends and distributions [ 780,462 and 255,726 shares, respectively ]		10,826,857			3,491,393
Capital shares repurchased [ (634,910) and (349,365) shares, respectively ]		(9,235,532	)		(4,632,298	)

Total Class A transactions		100,945,893			56,861,185

Class B
Capital shares sold [ 275,720,472 and 234,129,575 shares, respectively ]		3,971,971,916			3,114,124,721
Capital shares issued in reinvestment of dividends and distributions [ 40,655,773 and 16,044,608 shares, respectively ]		564,316,094			218,417,592
Capital shares repurchased [ (27,473,093) and (9,151,382) shares, respectively ]		(394,688,638	)		(121,391,583	)

Total Class B transactions		4,141,599,372			3,211,150,730

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		4,242,545,265			3,268,011,915

TOTAL INCREASE IN NET ASSETS		4,155,870,619			3,713,913,246
NET ASSETS:
Beginning of year		6,708,077,729			2,994,164,483

End of year (a)	$	10,863,948,348		$	6,708,077,729

(a) Includes accumulated overdistributed net investment income of	$	(66,480	)	$	(28,231	)

See Notes to Financial Statements.

152

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AXA AGGRESSIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at cost:
Affiliated Issuers (Cost $3,181,442,117)	$	3,126,479,806
Unaffiliated Issuers (Amortized Cost $5,244,662)		5,244,662
Receivable from Separate Accounts for Trust shares sold		11,260,555
Dividends, interest and other receivables		19,690
Other assets		2,131

Total assets		3,143,006,844

LIABILITIES
Payable for securities purchased		5,085,200
Payable to Separate Accounts for Trust shares redeemed		672,785
Distribution fees payable—Class B		637,599
Administrative fees payable		164,328
Trustees’ fees payable		41,055
Accrued expenses		51,243

Total liabilities		6,652,210

NET ASSETS	$	3,136,354,634

Net assets were comprised of:
Paid in capital	$	3,027,791,111
Accumulated overdistributed net investment income		(16,380	)
Accumulated undistributed net realized gain		163,542,214
Unrealized depreciation on investments		(54,962,311	)

Net assets	$	3,136,354,634

Class A
Net asset value, offering and redemption price per share, $97,741,993 / 6,658,378 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.68

Class B
Net asset value, offering and redemption price per share, $3,038,612,641 / 206,977,365 shares outstanding (unlimited amount authorized: $ 0.001 par value)	$	14.68

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	36,158,213
Interest		251,117

Total income		36,409,330

EXPENSES
Distribution fees—Class B		5,786,904
Administrative fees		3,622,638
Investment management fees		2,391,730
Printing and mailing expenses		304,640
Custodian fees		84,100
Professional fees		61,775
Trustees’ fees		26,894
Miscellaneous		41,737

Gross expenses		12,320,418
Less: Waiver from investment advisor		(4,142,198	)

Net expenses		8,178,220

NET INVESTMENT INCOME		28,231,110

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities (All realized gain from affiliates)		41,930,930
Net distributions of realized gain received from
Underlying Portfolios		221,066,542

Net realized gain		262,997,472
Net change in unrealized depreciation on securities		(179,437,938	)

NET REALIZED AND UNREALIZED GAIN		83,559,534

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	111,790,644

See Notes to Financial Statements.

153

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AXA AGGRESSIVE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	28,231,110		$	13,691,661
Net realized gain on investments		262,997,472			76,662,125
Net change in unrealized appreciation (depreciation) on investments		(179,437,938	)		94,281,988

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		111,790,644			184,635,774

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(2,513,188	)		(1,001,235	)
Class B		(70,282,453	)		(27,597,120	)

		(72,795,641	)		(28,598,355	)

Distributions from net realized capital gains
Class A		(3,170,531	)		(743,323	)
Class B		(98,280,335	)		(24,769,822	)

		(101,450,866	)		(25,513,145	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(174,246,507	)		(54,111,500	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 3,530,859 and 2,390,747 shares, respectively ]		54,140,171			33,628,174
Capital shares issued in reinvestment of dividends and distributions [ 389,142 and 120,950 shares, respectively ]		5,683,719			1,744,558
Capital shares repurchased [ (743,806) and (423,432) shares, respectively ]		(11,501,059	)		(5,887,122	)

Total Class A transactions		48,322,831			29,485,610

Class B
Capital shares sold [ 100,541,684 and 64,497,168 shares, respectively ]		1,542,421,807			899,027,348
Capital shares issued in reinvestment of dividends and distributions [ 11,538,418 and 3,642,377 shares, respectively ]		168,562,788			52,366,942
Capital shares repurchased [ (13,558,004) and (6,716,945) shares, respectively ]		(207,039,761	)		(92,580,193	)

Total Class B transactions		1,503,944,834			858,814,097

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,552,267,665			888,299,707

TOTAL INCREASE IN NET ASSETS		1,489,811,802			1,018,823,981
NET ASSETS:
Beginning of year		1,646,542,832			627,718,851

End of year (a)	$	3,136,354,634		$	1,646,542,832

(a) Includes accumulated overdistributed net investment income of	$	(16,380	)	$	(6,240	)

See Notes to Financial Statements.

154

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $3,021,961,114)
(Securities on loan at market value $375,533,372)	$	3,265,223,240
Receivable for securities sold		11,458,949
Receivable from Separate Accounts for Trust shares sold		2,125,679
Dividends, interest and other receivables		1,575,633
Other assets		5,455

Total assets		3,280,388,956

LIABILITIES
Overdraft payable		2,441,535
Collateral held for loaned securities		387,744,277
Payable for securities purchased		2,856,856
Payable to Separate Accounts for Trust shares redeemed		2,556,177
Investment management fees payable		1,481,103
Administrative fees payable		369,847
Trustees’ fees payable		103,507
Distribution fees payable—Class B		52,770
Accrued expenses		97,137

Total liabilities		397,703,209

NET ASSETS	$	2,882,685,747

Net assets were comprised of:
Paid in capital	$	2,946,490,264
Accumulated undistributed net investment income		257,588
Accumulated net realized loss		(307,332,335	)
Unrealized appreciation on investments and foreign currency translations		243,270,230

Net assets	$	2,882,685,747

Class A
Net asset value, offering and redemption price per share, $2,638,093,066 / 82,169,914 shares outstanding (unlimited amount authorized: $0.001 par value)	$	32.11

Class B
Net asset value, offering and redemption price per share, $244,592,681 / 7,749,931 shares outstanding (unlimited amount authorized: $0.001 par value)	$	31.56

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $100,533 foreign withholding tax)	$	17,905,430
Interest		3,620,159
Securities lending (net)		2,068,796

Total income		23,594,385

EXPENSES
Investment management fees		16,668,596
Administrative fees		4,212,173
Distribution fees—Class B		634,512
Printing and mailing expenses		327,157
Custodian fees		158,900
Professional fees		128,733
Trustees’ fees		36,780
Miscellaneous		77,160

Gross expenses		22,244,011
Less: Fees paid indirectly		(1,822,896	)

Net expenses		20,421,115

NET INVESTMENT INCOME		3,173,270

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		299,244,759
Foreign currency transactions		(205,275	)

Net realized gain		299,039,484

Change in unrealized appreciation (depreciation) on:
Securities		(7,699,101	)
Foreign currency translations		4,995

Net change in unrealized depreciation		(7,694,106	)

NET REALIZED AND UNREALIZED GAIN		291,345,378

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	294,518,648

See Notes to Financial Statements.

155

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,173,270		$	4,136,588
Net realized gain on investments and foreign currency transactions		299,039,484			186,513,687
Net change in unrealized depreciation on investments and foreign currency translations		(7,694,106	)		(55,719,467	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		294,518,648			134,930,808

DIVIDENDS:
Class A
Dividends from net investment income		(2,642,629	)		(4,141,455	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 12,870,045 and 12,772,853 shares, respectively ]		400,505,013			346,209,414
Capital shares issued in reinvestment of dividends [ 84,486 and 143,339 shares, respectively ]		2,642,629			4,141,455
Capital shares repurchased [ (11,845,666) and (9,429,092) shares, respectively ]		(362,956,658	)		(258,850,886	)

Total Class A transactions		40,190,984			91,499,983

Class B
Capital shares sold [ 1,546,097 and 2,194,831 shares, respectively ]		47,450,699			59,730,003
Capital shares repurchased [ (3,031,285) and (2,894,508) shares, respectively ]		(91,377,737	)		(77,851,012	)

Total Class B transactions		(43,927,038	)		(18,121,009	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(3,736,054	)		73,378,974

TOTAL INCREASE IN NET ASSETS		288,139,965			204,168,327
NET ASSETS:
Beginning of year		2,594,545,782			2,390,377,455

End of year (a)	$	2,882,685,747		$	2,594,545,782

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	257,588		$	(94,123	)

See Notes to Financial Statements.

156

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MULTIMANAGER CORE BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $3,775,510,490)
(Securities on loan at market value $77,582,509)	$	3,791,568,167
Foreign Cash (Cost $4,892,525)		4,883,987
Receivable for forward commitments		597,836,105
Receivable for securities sold		406,069,035
Dividends, interest and other receivables		18,876,076
Receivable from Separate Accounts for Trust shares sold		1,832,329
Variation margin receivable on futures contracts		1,201,399
Unrealized appreciation of forward foreign currency contracts		179,969
Other assets		4,979,903

Total assets		4,827,426,970

LIABILITIES
Overdraft payable		21,424
Payable for forward commitments		1,313,047,723
Payable for securities purchased		402,637,702
Securities sold short
(Proceeds received $112,162,071)		112,026,344
Collateral held for loaned securities		77,786,072
Investment management fees payable		1,367,197
Unrealized depreciation of forward foreign currency contracts		770,514
Payable to Separate Accounts for Trust shares redeemed		586,297
Administrative fees payable		366,071
Distribution fees payable—Class B		175,416
Options written, at value
(Premiums received $80,552)		61,688
Trustees’ fees payable		52,431
Accrued expenses		107,801

Total liabilities		1,909,006,680

NET ASSETS	$	2,918,420,290

Net assets were comprised of:
Paid in capital	$	2,897,454,977
Accumulated undistributed net investment income		867,297
Accumulated net realized loss		(17,620,839	)
Unrealized appreciation on investments, securities sold short, options written, futures and foreign currency translations		37,718,855

Net assets	$	2,918,420,290

Class A
Net asset value, offering and redemption price per share, $2,088,488,239 / 201,134,713 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.38

Class B
Net asset value, offering and redemption price per share, $829,932,051 / 79,803,028 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.40

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Interest (net of $6,786 foreign withholding tax)	$	151,600,687
Securities lending (net)		164,325

Total income		151,765,012

EXPENSES
Investment management fees		16,589,030
Administrative fees		4,299,589
Distribution fees—Class B		2,074,078
Custodian fees		286,800
Printing and mailing expenses		333,734
Professional fees		78,512
Trustees’ fees		32,940
Miscellaneous		87,116

Gross expenses		23,781,799
Less: Waiver from investment advisor		(1,435,547	)

Net expenses		22,346,252

NET INVESTMENT INCOME		129,418,760

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		14,890,728
Options written		(1,907,400	)
Futures		(19,053,309	)
Foreign currency transactions		(2,962,926	)

Net realized loss		(9,032,907	)

Change in unrealized appreciation (depreciation) on:
Securities		30,484,139
Securities sold short		(263,895	)
Options written		18,864
Futures		25,340,075
Foreign currency translations		546,207

Net change in unrealized appreciation		56,125,390

NET REALIZED AND UNREALIZED GAIN		47,092,483

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	176,511,243

See Notes to Financial Statements.

157

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MULTIMANAGER CORE BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	129,418,760		$	99,791,417
Net realized gain (loss) on investments and foreign currency transactions		(9,032,907	)		3,075,334
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		56,125,390			(4,664,377	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		176,511,243			98,202,374

DIVIDENDS:
Dividends from net investment income
Class A		(92,059,665	)		(68,386,512	)
Class B		(33,917,052	)		(33,174,174	)

		(125,976,717	)		(101,560,686	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 32,923,745 and 66,015,589 shares, respectively ]		335,428,782			668,899,610
Capital shares issued in reinvestment of dividends [ 9,065,854 and 6,759,317 shares, respectively ]		92,059,665			68,386,512
Capital shares repurchased [ (28,138,218) and (6,224,591) shares, respectively ]		(284,512,063	)		(63,075,019	)

Total Class A transactions		142,976,384			674,211,103

Class B
Capital shares sold [ 16,321,752 and 15,244,197 shares, respectively ]		166,105,786			154,635,674
Capital shares issued in reinvestment of dividends [ 3,343,916 and 3,281,419 shares, respectively ]		33,917,052			33,174,174
Capital shares repurchased [ (20,777,420) and (16,357,373) shares, respectively ]		(211,694,160	)		(165,678,750	)

Total Class B transactions		(11,671,322	)		22,131,098

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		131,305,062			696,342,201

TOTAL INCREASE IN NET ASSETS		181,839,588			692,983,889
NET ASSETS:
Beginning of year		2,736,580,702			2,043,596,813

End of year (a)	$	2,918,420,290		$	2,736,580,702

(a) Includes accumulated undistributed net investment income of	$	867,297		$	1,497,379

See Notes to Financial Statements.

158

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MULTIMANAGER HEALTH CARE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $473,892,686)
(Securities on loan at market value $76,745,205)	$	515,719,012
Foreign Cash (Cost $20,245)		20,051
Receivable for securities sold		1,369,994
Receivable from Separate Accounts for Trust shares sold		455,321
Dividends, interest and other receivables		347,495
Unrealized appreciation of forward foreign currency contracts		134,384
Other assets		798

Total assets		518,047,055

LIABILITIES
Collateral held for loaned securities		79,248,777
Payable for securities purchased		3,474,020
Investment management fees payable		445,519
Payable to Separate Accounts for Trust shares redeemed		364,175
Distribution fees payable—Class B		88,900
Administrative fees payable		65,557
Unrealized depreciation of forward foreign currency contracts		56,638
Trustees’ fees payable		7,582
Accrued expenses		37,765

Total liabilities		83,788,933

NET ASSETS	$	434,258,122

Net assets were comprised of:
Paid in capital	$	394,627,170
Accumulated net investment loss		(86,572	)
Accumulated overdistributed net realized gain		(2,200,858	)
Unrealized appreciation on investments and foreign currency translations		41,918,382

Net assets	$	434,258,122

Class A
Net asset value, offering and redemption price per share, $18,375,660 / 1,649,159 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.14

Class B
Net asset value, offering and redemption price per share, $415,882,462 / 37,996,555 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.95

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $77,329 foreign withholding tax)	$	3,121,304
Interest		652,863
Securities lending (net)		150,273

Total income		3,924,440

EXPENSES
Investment management fees		5,006,349
Distribution fees—Class B		998,731
Administrative fees		755,053
Custodian fees		103,101
Printing and mailing expenses		66,937
Professional fees		30,336
Trustees’ fees		4,817
Miscellaneous		19,730

Gross expenses		6,985,054
Less: Fees paid indirectly		(55,619	)

Net expenses		6,929,435

NET INVESTMENT LOSS		(3,004,995	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		36,714,796
Options written		(196,559	)
Foreign currency transactions		5,100

Net realized gain		36,523,337

Change in unrealized appreciation on:
Securities		1,684,730
Foreign currency translations		89,029

Net change in unrealized appreciation		1,773,759

NET REALIZED AND UNREALIZED GAIN		38,297,096

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	35,292,101

See Notes to Financial Statements.

159

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(3,004,995	)	$	(1,979,054	)
Net realized gain on investments and foreign currency transactions		36,523,337			15,333,126
Net change in unrealized appreciation on investments and foreign currency translations		1,773,759			5,529,555

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		35,292,101			18,883,627

DIVIDENDS AND DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(1,369,320	)		(766,849	)
Class B		(31,620,263	)		(17,273,592	)

TOTAL DISTRIBUTIONS		(32,989,583	)		(18,040,441	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 388,461 and 444,269 shares, respectively ]		4,521,255			4,909,861
Capital shares issued in reinvestment of dividends and distributions [ 123,507 and 71,048 shares, respectively ]		1,369,320			766,849
Capital shares repurchased [ (386,020) and (390,415) shares, respectively ]		(4,505,084	)		(4,335,889	)

Total Class A transactions		1,385,491			1,340,821

Class B
Capital shares sold [ 7,373,915 and 8,918,191 shares, respectively ]		84,485,159			97,805,926
Capital shares issued in reinvestment of dividends and distributions [ 2,902,285 and 1,620,342 shares, respectively ]		31,620,263			17,273,592
Capital shares repurchased [ (7,336,126) and (6,247,787) shares, respectively ]		(83,792,191	)		(68,365,869	)

Total Class B transactions		32,313,231			46,713,649

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		33,698,722			48,054,470

TOTAL INCREASE IN NET ASSETS		36,001,240			48,897,656
NET ASSETS:
Beginning of year		398,256,882			349,359,226

End of year (a)	$	434,258,122		$	398,256,882

(a) Includes accumulated net investment loss of	$	(86,572	)	$	(25,013	)

See Notes to Financial Statements.

160

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MULTIMANAGER HIGH YIELD PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $2,447,998,927)
(Securities on loan at market value $369,438,432)	$	2,384,104,780
Cash		1,135,125
Foreign Cash (Cost $959,411)		962,638
Cash Held as Collateral at Broker		455,000
Dividends, interest and other receivables		36,358,478
Receivable for forward commitments		18,524,258
Unrealized appreciation of forward foreign currency contracts		866,179
Receivable from Separate Accounts for Trust shares sold		630,629
Variation margin receivable on futures contracts		88,194
Other assets		5,020

Total assets		2,443,130,301

LIABILITIES
Collateral held for loaned securities		376,941,830
Payable for forward commitments		134,759,827
Payable for securities purchased		3,851,826
Payable to Separate Accounts for Trust shares redeemed		1,936,448
Unrealized depreciation of forward foreign currency contracts		1,561,062
Investment management fees payable		936,870
Administrative fees payable		245,374
Distribution fees payable—Class B		220,897
Trustees’ fees payable		44,751
Accrued expenses		41,397

Total liabilities		520,540,282

NET ASSETS	$	1,922,590,019

Net assets were comprised of:
Paid in capital	$	2,279,505,959
Accumulated undistributed net investment income		2,383,547
Accumulated net realized loss		(295,703,355	)
Unrealized depreciation on investments, futures and foreign currency translations		(63,596,132	)

Net assets	$	1,922,590,019

Class A
Net asset value, offering and redemption price per share, $887,960,837 / 166,156,620 shares outstanding (unlimited amount authorized: $0.001 par value)	$	5.34

Class B
Net asset value, offering and redemption price per share, $1,034,629,182 / 194,652,471 shares outstanding (unlimited amount authorized: $0.001 par value)	$	5.32

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Interest	$	167,970,159
Dividends		116,498
Securities lending (net)		696,212

Total income		168,782,869

EXPENSES
Investment management fees		11,387,266
Administrative fees		3,022,205
Distribution fees—Class B		2,748,782
Printing and mailing expenses		249,467
Professional fees		139,994
Custodian fees		106,400
Trustees’ fees		23,482
Miscellaneous		58,835

Total expenses		17,736,431

NET INVESTMENT INCOME		151,046,438

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		12,223,834
Futures		(1,015,196	)
Foreign currency transactions		(1,409,289	)

Net realized gain		9,799,349

Change in unrealized appreciation (depreciation) on:
Securities		(102,539,844	)
Futures		1,634,036
Foreign currency translations		1,525,592

Net change in unrealized depreciation		(99,380,216	)

NET REALIZED AND UNREALIZED LOSS		(89,580,867	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	61,465,571

See Notes to Financial Statements.

161

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MULTIMANAGER HIGH YIELD PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	151,046,438		$	134,095,109
Net realized gain (loss) on investments and foreign currency transactions		9,799,349			(5,646,208	)
Net change in unrealized appreciation (depreciation) on investments, futures, and foreign currency translations		(99,380,216	)		50,045,658

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		61,465,571			178,494,559

DIVIDENDS:
Dividends from net investment income
Class A		(69,446,852	)		(59,039,233	)
Class B		(78,894,181	)		(73,375,113	)

		(148,341,033	)		(132,414,346	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 35,661,526 and 30,965,342 shares, respectively ]		204,940,445			177,613,117
Capital shares issued in reinvestment of dividends [ 13,019,884 and 10,556,421 shares, respectively ]		69,446,852			59,039,233
Capital shares repurchased [ (34,920,799) and (29,993,676) shares, respectively ]		(200,430,567	)		(170,057,927	)

Total Class A transactions		73,956,730			66,594,423

Class B
Capital shares sold [ 29,486,508 and 29,311,823 shares, respectively ]		168,775,032			165,765,087
Capital shares issued in reinvestment of dividends [ 14,869,781 and 13,194,478 shares, respectively ]		78,894,181			73,375,113
Capital shares repurchased [ (47,081,271) and (37,142,824) shares, respectively ]		(268,597,434	)		(209,701,913	)

Total Class B transactions		(20,928,221	)		29,438,287

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		53,028,509			96,032,710

TOTAL INCREASE (DECREASE) IN NET ASSETS		(33,846,953	)		142,112,923
NET ASSETS:
Beginning of year		1,956,436,972			1,814,324,049

End of year (a)	$	1,922,590,019		$	1,956,436,972

(a) Includes accumulated undistributed net investment income of	$	2,383,547		$	502,684

See Notes to Financial Statements.

162

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $2,915,192,377)
(Securities on loan at market value $274,006,831)	$	3,351,574,808
Cash		36,437,189
Foreign Cash (Cost $8,629,059)		8,675,844
Cash held as collateral at broker		616,983
Foreign Cash Held at Broker as Collateral		2,976,816
Dividends, interest and other receivables		3,652,241
Receivable from Separate Accounts for Trust shares sold		2,784,862
Receivable for securities sold		1,276,100
Other assets		3,076

Total assets		3,407,997,919

LIABILITIES
Collateral held for loaned securities		289,101,312
Payable for securities purchased		15,987,909
Investment management fees payable		2,616,580
Payable to Separate Accounts for Trust shares redeemed		460,764
Administrative fees payable		389,583
Distribution fees payable—Class B		191,899
Trustees’ fees payable		46,021
Accrued expenses		301,504

Total liabilities		309,095,572

NET ASSETS	$	3,098,902,347

Net assets were comprised of:
Paid in capital	$	2,617,969,053
Accumulated overdistributed net investment income		(328,305	)
Accumulated undistributed net realized gain		44,612,974
Unrealized appreciation on investments, futures, and foreign currency translations		436,648,625

Net assets	$	3,098,902,347

Class A
Net asset value, offering and redemption price per share, $2,193,440,993 / 133,889,369 shares outstanding (unlimited amount authorized: $0.001 par value)	$	16.38

Class B
Net asset value, offering and redemption price per share, $905,461,354 / 55,373,501 shares outstanding (unlimited amount authorized: $0.001 par value)	$	16.35

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $5,408,173 foreign withholding tax)	$	58,808,902
Interest		4,997,340
Securities lending (net)		2,711,186

Total income		66,517,428

EXPENSES
Investment management fees		26,660,316
Administrative fees		4,026,663
Distribution fees—Class B		2,115,973
Custodian fees		1,397,500
Printing and mailing expenses		351,467
Professional fees		59,669
Trustees’ fees		30,133
Miscellaneous		58,389

Gross expenses		34,700,110
Less: Fees paid indirectly		(11,319	)

Net expenses		34,688,791

NET INVESTMENT INCOME		31,828,637

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		192,937,982
Futures		876,478
Foreign currency transactions		(790,976	)

Net realized gain		193,023,484

Change in unrealized appreciation (depreciation) on:
Securities		76,849,439
Futures		(107,804	)
Foreign currency translations		88,171

Net change in unrealized appreciation		76,829,806

NET REALIZED AND UNREALIZED GAIN		269,853,290

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	301,681,927

See Notes to Financial Statements.

163

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	31,828,637		$	10,585,558
Net realized gain on investments, futures, and foreign currency transactions		193,023,484			99,680,297
Net change in unrealized appreciation on investments, futures, and foreign currency translations		76,829,806			221,979,633

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		301,681,927			332,245,488

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(20,142,793	)		(8,741,601	)
Class B		(6,143,148	)		(3,092,428	)

		(26,285,941	)		(11,834,029	)

Distributions from net realized capital gains
Class A		(119,932,885	)		(52,172,293	)
Class B		(50,613,639	)		(30,431,777	)

		(170,546,524	)		(82,604,070	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(196,832,465	)		(94,438,099	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 40,414,171 and 57,490,990 shares, respectively ]		673,036,589			830,531,407
Capital shares issued in reinvestment of dividends and distributions [ 8,815,526 and 3,994,841 shares, respectively ]		140,075,678			60,913,894
Capital shares repurchased [ (2,380,763) and (3,583,648) shares, respectively ]		(39,646,603	)		(51,199,878	)

Total Class A transactions		773,465,664			840,245,423

Class B
Capital shares sold [ 14,770,972 and 22,000,941 shares, respectively ]		243,588,578			319,199,727
Capital shares issued in reinvestment of dividends and distributions [ 3,576,266 and 2,207,849 shares, respectively ]		56,756,787			33,524,205
Capital shares repurchased [ (12,196,701) and (9,541,422) shares, respectively ]		(201,869,162	)		(137,681,385	)

Total Class B transactions		98,476,203			215,042,547

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		871,941,867			1,055,287,970

TOTAL INCREASE IN NET ASSETS		976,791,329			1,293,095,359
NET ASSETS:
Beginning of year		2,122,111,018			829,015,659

End of year (a)	$	3,098,902,347		$	2,122,111,018

(a) Includes accumulated overdistributed net investment income of	$	(328,305	)	$	(5,080,027	)

See Notes to Financial Statements.

164

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $1,079,582,848)
(Securities on loan at market value $85,751,580)	$	1,149,909,578
Foreign Cash (Cost $692)		729
Receivable for securities sold		3,644,249
Receivable from Separate Accounts for Trust shares sold		1,467,489
Dividends, interest and other receivables		1,299,254
Other assets		1,021

Total assets		1,156,322,320

LIABILITIES
Overdraft payable		7,048
Collateral held for loaned securities		88,588,274
Payable for securities purchased		8,943,311
Investment management fees payable		793,204
Administrative fees payable		141,366
Payable to Separate Accounts for Trust shares redeemed		109,246
Recoupment fees payable		52,155
Distribution fees payable—Class B		46,185
Trustees’ fees payable		16,889
Accrued expenses		25,783

Total liabilities		98,723,461

NET ASSETS	$	1,057,598,859

Net assets were comprised of:
Paid in capital	$	990,394,527
Accumulated undistributed net investment income		126,803
Accumulated overdistributed net realized gain		(3,249,238	)
Unrealized appreciation on investments and foreign currency translations		70,326,767

Net assets	$	1,057,598,859

Class A
Net asset value, offering and redemption price per share, $842,193,166 / 72,212,476 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.66

Class B
Net asset value, offering and redemption price per share, $215,405,693 / 18,464,485 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.67

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $19,353 foreign withholding tax)	$	15,068,202
Interest		1,805,305
Securities lending (net)		495,694

Total income		17,369,201

EXPENSES
Investment management fees		8,449,991
Administrative fees		1,532,161
Distribution fees—Class B		536,521
Recoupment fees		152,355
Printing and mailing expenses		106,777
Custodian fees		81,100
Professional fees		36,753
Trustees’ fees		10,761
Miscellaneous		21,532

Gross expenses		10,927,951
Less: Fees paid indirectly		(70,981	)

Net expenses		10,856,970

NET INVESTMENT INCOME		6,512,231

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		53,165,670
Foreign currency transactions		(25,250	)

Net realized gain		53,140,420

Change in unrealized appreciation (depreciation) on:
Securities		(18,341,759	)
Foreign currency translations		15

Net change in unrealized depreciation		(18,341,744	)

NET REALIZED AND UNREALIZED GAIN		34,798,676

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	41,310,907

See Notes to Financial Statements.

165

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	6,512,231		$	4,282,638
Net realized gain on investments and foreign currency transactions		53,140,420			25,932,047
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(18,341,744	)		57,743,788

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		41,310,907			87,958,473

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(5,469,603	)		(3,565,617	)
Class B		(881,387	)		(741,319	)

		(6,350,990	)		(4,306,936	)

Distributions from net realized capital gains
Class A		(53,799,639	)		(11,387,989	)
Class B		(14,317,335	)		(4,234,699	)

		(68,116,974	)		(15,622,688	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(74,467,964	)		(19,929,624	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 20,732,724 and 22,488,493 shares, respectively ]		259,550,553			252,809,780
Capital shares issued in reinvestment of dividends and distributions [ 5,096,178 and 1,261,891 shares, respectively ]		59,269,242			14,953,606
Capital shares repurchased [ (3,634,586) and (2,395,573) shares, respectively ]		(46,536,011	)		(26,833,361	)

Total Class A transactions		272,283,784			240,930,025

Class B
Capital shares sold [ 4,229,101 and 3,663,296 shares, respectively ]		52,944,114			41,341,710
Capital shares issued in reinvestment of dividends and distributions [ 1,304,411 and 422,202 shares, respectively ]		15,198,722			4,976,018
Capital shares repurchased [ (4,485,255) and (3,855,315) shares, respectively ]		(56,034,483	)		(43,482,835	)

Total Class B transactions		12,108,353			2,834,893

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		284,392,137			243,764,918

TOTAL INCREASE IN NET ASSETS		251,235,080			311,793,767
NET ASSETS:
Beginning of year		806,363,779			494,570,012

End of year (a)	$	1,057,598,859		$	806,363,779

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	126,803		$	(9,110	)

See Notes to Financial Statements.

166

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $374,114,710)
(Securities on loan at market value $21,515,724)	$	440,039,638
Dividends, interest and other receivables		434,502
Receivable from Separate Accounts for Trust shares sold		342,806
Receivable for securities sold		154,727
Other assets		855

Total assets		440,972,528

LIABILITIES
Collateral held for loaned securities		22,223,896
Payable for securities purchased		537,561
Payable to Separate Accounts for Trust shares redeemed		437,621
Investment management fees payable		304,592
Distribution fees payable—Class B		83,338
Administrative fees payable		63,249
Trustees’ fees payable		7,374
Accrued expenses		11,516

Total liabilities		23,669,147

NET ASSETS	$	417,303,381

Net assets were comprised of:
Paid in capital	$	354,945,446
Accumulated net investment loss		(10,548	)
Accumulated overdistributed net realized gain		(3,556,445	)
Unrealized appreciation on investments		65,924,928

Net assets	$	417,303,381

Class A
Net asset value, offering and redemption price per share, $25,968,249 / 2,639,432 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.84

Class B
Net asset value, offering and redemption price per share, $391,335,132 / 40,475,512 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.67

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $857 foreign withholding tax)	$	3,374,572
Interest		472,172
Securities lending (net)		50,684

Total income		3,897,428

EXPENSES
Investment management fees		3,582,984
Distribution fees—Class B		937,847
Administrative fees		726,942
Printing and mailing expenses		50,143
Custodian fees		44,300
Professional fees		30,102
Trustees’ fees		4,592
Miscellaneous		12,835

Gross expenses		5,389,745
Less: Waiver from investment advisor		(73,575	)
Fees paid indirectly		(262,750	)

Net expenses		5,053,420

NET INVESTMENT LOSS		(1,155,992	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		43,921,908
Net change in unrealized depreciation on securities		(739,037	)

NET REALIZED AND UNREALIZED GAIN		43,182,871

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	42,026,879

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,155,992	)	$	(1,866,271	)
Net realized gain on investments		43,921,908			22,699,347
Net change in unrealized depreciation on investments		(739,037	)		(20,109,132	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		42,026,879			723,944

DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(2,874,715	)		(983,003	)
Class B		(44,364,657	)		(17,694,019	)

TOTAL DISTRIBUTIONS		(47,239,372	)		(18,677,022	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 717,861 and 741,010 shares, respectively ]		7,716,030			7,565,467
Capital shares issued in reinvestment of distributions [ 297,847 and 97,577 shares, respectively ]		2,874,715			983,003
Capital shares repurchased [ (495,964) and (427,834) shares, respectively ]		(5,219,771	)		(4,354,718	)

Total Class A transactions		5,370,974			4,193,752

Class B
Capital shares sold [ 7,331,682 and 8,074,961 shares, respectively ]		76,906,394			81,171,735
Capital shares issued in reinvestment of distributions [ 4,675,077 and 1,779,183 shares, respectively ]		44,364,657			17,694,019
Capital shares repurchased [ (9,448,777) and (7,157,269) shares, respectively ]		(97,883,503	)		(71,979,314	)

Total Class B transactions		23,387,548			26,886,440

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		28,758,522			31,080,192

TOTAL INCREASE IN NET ASSETS		23,546,029			13,127,114
NET ASSETS:
Beginning of year		393,757,352			380,630,238

End of year (a)	$	417,303,381		$	393,757,352

(a) Includes accumulated net investment loss of	$	(10,548	)	$	(8,773	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $1,994,759,937)
(Securities on loan at market value $97,690,714)	$	2,054,617,019
Receivable for securities sold		5,187,914
Receivable from Separate Accounts for Trust shares sold		1,970,573
Dividends, interest and other receivables		3,372,802
Other assets		2,128

Total assets		2,065,150,436

LIABILITIES
Collateral held for loaned securities		100,454,911
Payable for securities purchased		23,590,083
Investment management fees payable		1,428,403
Payable to Separate Accounts for Trust shares redeemed		655,595
Administrative fees payable		250,070
Distribution fees payable—Class B		153,610
Trustees’ fees payable		33,199
Accrued expenses		77,918

Total liabilities		126,643,789

NET ASSETS	$	1,938,506,647

Net assets were comprised of:
Paid in capital	$	1,878,838,841
Accumulated undistributed net investment income		60,046
Accumulated overdistributed net realized gain		(255,689	)
Unrealized appreciation on investments and foreign currency translations		59,863,449

Net assets	$	1,938,506,647

Class A
Net asset value, offering and redemption price per share, $1,220,183,793 / 103,490,347 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.79

Class B
Net asset value, offering and redemption price per share, $718,322,854 / 60,916,226 shares outstanding (unlimited amount authorized: $ 0.001 par value)	$	11.79

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $111,459 foreign withholding tax)	$	42,261,788
Interest		1,929,124
Securities lending (net)		227,181

Total income		44,418,093

EXPENSES
Investment management fees		15,905,797
Administrative fees		2,823,000
Distribution fees—Class B		1,821,548
Printing and mailing expenses		244,890
Recoupment fees		217,908
Custodian fees		134,799
Professional fees		46,725
Trustees’ fees		20,810
Miscellaneous		39,919

Gross expenses		21,255,396
Less: Fees paid indirectly		(1,150,576	)

Net expenses		20,104,820

NET INVESTMENT INCOME		24,313,273

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		182,068,111
Foreign currency transactions		(628	)

Net realized gain		182,067,483

Change in unrealized appreciation (depreciation) on:
Securities		(145,725,588	)
Foreign currency translations		2,831

Net change in unrealized depreciation		(145,722,757	)

NET REALIZED AND UNREALIZED GAIN		36,344,726

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	60,657,999

See Notes to Financial Statements.

169

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	24,313,273		$	12,824,941
Net realized gain on investments and foreign currency transactions		182,067,483			64,266,566
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(145,722,757	)		149,562,738

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		60,657,999			226,654,245

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(16,324,347	)		(8,201,985	)
Class B		(7,910,661	)		(4,635,213	)

		(24,235,008	)		(12,837,198	)

Distributions from net realized capital gains
Class A		(121,085,914	)		(28,519,535	)
Class B		(72,851,732	)		(22,497,903	)

		(193,937,646	)		(51,017,438	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(218,172,654	)		(63,854,636	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 29,275,591 and 43,189,336 shares, respectively ]		391,542,225			516,231,661
Capital shares issued in reinvestment of dividends and distributions [ 11,708,646 and 2,877,048 shares, respectively ]		137,410,261			36,721,520
Capital shares repurchased [ (8,787,423) and (2,426,429) shares, respectively ]		(121,420,874	)		(28,717,665	)

Total Class A transactions		407,531,612			524,235,516

Class B
Capital shares sold [ 12,781,555 and 16,267,210 shares, respectively ]		170,912,150			195,766,770
Capital shares issued in reinvestment of dividends and distributions [ 6,872,492 and 2,128,565 shares, respectively ]		80,762,393			27,133,116
Capital shares repurchased [ (13,487,158) and (10,723,895) shares, respectively ]		(179,967,965	)		(129,263,373	)

Total Class B transactions		71,706,578			93,636,513

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		479,238,190			617,872,029

TOTAL INCREASE IN NET ASSETS		321,723,535			780,671,638
NET ASSETS:
Beginning of year		1,616,783,112			836,111,474

End of year (a)	$	1,938,506,647		$	1,616,783,112

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	60,046		$	(17,407	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $988,130,709)
(Securities on loan at market value $232,350,721)	$	1,105,727,972
Receivable for securities sold		2,003,625
Receivable from Separate Accounts for Trust shares sold		544,087
Dividends, interest and other receivables		399,208
Other assets		1,866

Total assets		1,108,676,758

LIABILITIES
Overdraft payable		43,101
Collateral held for loaned securities		239,666,288
Payable for securities purchased		9,844,850
Investment management fees payable		790,902
Payable to Separate Accounts for Trust shares redeemed		336,425
Distribution fees payable—Class B		117,793
Administrative fees payable		116,387
Trustees’ fees payable		14,852
Accrued expenses		51,889

Total liabilities		250,982,487

NET ASSETS	$	857,694,271

Net assets were comprised of:
Paid in capital	$	736,568,622
Accumulated net investment loss		(17,903	)
Accumulated undistributed net realized gain		3,546,289
Unrealized appreciation on investments		117,597,263

Net assets	$	857,694,271

Class A
Net asset value, offering and redemption price per share, $303,194,300 / 33,212,314 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.13

Class B
Net asset value, offering and redemption price per share, $554,499,971 / 61,982,529 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.95

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $98 foreign withholding tax)	$	3,110,007
Interest		791,418
Securities lending (net)		840,381

Total income		4,741,806

EXPENSES
Investment management fees		8,736,638
Distribution fees—Class B		1,397,025
Administrative fees		1,312,665
Printing and mailing expenses		130,502
Custodian fees		108,100
Professional fees		34,664
Trustees’ fees		9,167
Miscellaneous		23,993

Gross expenses		11,752,754
Less: Fees paid indirectly		(256,139	)

Net expenses		11,496,615

NET INVESTMENT LOSS		(6,754,809	)

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		87,200,572
Net change in unrealized appreciation on securities		7,561,638

NET REALIZED AND UNREALIZED GAIN		94,762,210

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	88,007,401

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(6,754,809	)	$	(6,847,166	)
Net realized gain on investments		87,200,572			83,322,965
Net change in unrealized appreciation (depreciation) on investments		7,561,638			(8,037,436	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		88,007,401			68,438,363

DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(28,110,709	)		(22,299,544	)
Class B		(55,110,513	)		(54,024,854	)

TOTAL DISTRIBUTIONS		(83,221,222	)		(76,324,398	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 10,049,446 and 5,217,550 shares, respectively ]		99,700,680			49,795,063
Capital shares issued in reinvestment of distributions [ 3,171,593 and 2,466,495 shares, respectively ]		28,110,709			22,299,544
Capital shares repurchased [ (5,513,389) and (6,699,119) shares, respectively ]		(52,429,736	)		(64,098,826	)

Total Class A transactions		75,381,653			7,995,781

Class B
Capital shares sold [ 6,989,574 and 10,984,913 shares, respectively ]		67,277,400			104,492,969
Capital shares issued in reinvestment of distributions [ 6,322,799 and 6,068,076 shares, respectively ]		55,110,513			54,024,854
Capital shares repurchased [ (12,357,865) and (11,343,121) shares, respectively ]		(118,585,178	)		(106,861,669	)

Total Class B transactions		3,802,735			51,656,154

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		79,184,388			59,651,935

TOTAL INCREASE IN NET ASSETS		83,970,567			51,765,900
NET ASSETS:
Beginning of year		773,723,704			721,957,804

End of year (a)	$	857,694,271		$	773,723,704

(a) Includes accumulated net investment loss of	$	(17,903	)	$	(26,493	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $1,307,641,542)
(Securities on loan at market value $273,528,202)	$	1,360,675,789
Foreign Cash (Cost $95)		98
Receivable for securities sold		1,219,299
Dividends, interest and other receivables		1,147,732
Receivable from Separate Accounts for Trust shares sold		514,106
Other assets		2,845

Total assets		1,363,559,869

LIABILITIES
Collateral held for loaned securities		281,256,989
Payable for securities purchased		4,694,871
Investment management fees payable		998,370
Payable to Separate Accounts for Trust shares redeemed		538,436
Administrative fees payable		144,948
Distribution fees payable—Class B		115,928
Trustees’ fees payable		21,125
Accrued expenses		52,870

Total liabilities		287,823,537

NET ASSETS	$	1,075,736,332

Net assets were comprised of:
Paid in capital	$	1,027,298,111
Accumulated undistributed net investment income		406,321
Accumulated overdistributed net realized gain		(5,002,321	)
Unrealized appreciation on investments and foreign currency translations		53,034,221

Net assets	$	1,075,736,332

Class A
Net asset value, offering and redemption price per share, $535,841,853 / 58,309,469 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.19

Class B
Net asset value, offering and redemption price per share, $539,894,479 / 59,920,850 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.01

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $143,618 foreign withholding tax)	$	14,157,697
Interest		1,155,553
Securities lending (net)		657,439

Total income		15,970,689

EXPENSES
Investment management fees		12,024,273
Administrative fees		1,765,562
Distribution fees—Class B		1,524,282
Printing and mailing expenses		164,781
Custodian fees		140,900
Professional fees		37,988
Trustees’ fees		12,738
Miscellaneous		28,433

Gross expenses		15,698,957
Less: Fees paid indirectly		(72,137	)

Net expenses		15,626,820

NET INVESTMENT INCOME		343,869

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		81,467,792
Foreign currency transactions		(5,448	)

Net realized gain		81,462,344

Change in unrealized appreciation (depreciation) on:
Securities		(88,534,732	)
Foreign currency translations		93

Net change in unrealized depreciation		(88,534,639	)

NET REALIZED AND UNREALIZED LOSS		(7,072,295	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,728,426	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	343,869		$	753,851
Net realized gain on investments and foreign currency transactions		81,462,344			94,692,210
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(88,534,639	)		27,126,610

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(6,728,426	)		122,572,671

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(706,658	)

Distributions from net realized capital gains
Class A		(45,707,191	)		(38,650,458	)
Class B		(47,970,841	)		(62,054,877	)

		(93,678,032	)		(100,705,335	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(93,678,032	)		(101,411,993	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 17,872,003 and 11,052,476 shares, respectively ]		192,444,922			115,111,376
Capital shares issued in reinvestment of dividends and distributions [ 4,988,611 and 3,946,670 shares, respectively ]		45,707,191			39,357,116
Capital shares repurchased [ (3,252,579) and (9,091,923) shares, respectively ]		(33,707,596	)		(93,686,609	)

Total Class A transactions		204,444,517			60,781,883

Class B
Capital shares sold [ 8,667,369 and 12,126,304 shares, respectively ]		89,994,620			123,877,442
Capital shares issued in reinvestment of dividends and distributions [ 5,326,225 and 6,320,851 shares, respectively ]		47,970,841			62,054,877
Capital shares repurchased [ (14,840,150) and (10,817,249) shares, respectively ]		(154,081,066	)		(110,314,738	)

Total Class B transactions		(16,115,605	)		75,617,581

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		188,328,912			136,399,464

TOTAL INCREASE IN NET ASSETS		87,922,454			157,560,142
NET ASSETS:
Beginning of year		987,813,878			830,253,736

End of year (a)	$	1,075,736,332		$	987,813,878

(a) Includes accumulated undistributed net investment income of	$	406,321		$	6,680

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $509,860,619)
(Securities on loan at market value $118,938,558)	$	515,029,027
Receivable for securities sold		4,082,588
Receivable from Separate Accounts for Trust shares sold		243,445
Dividends, interest and other receivables		44,628

Total assets		519,399,688

LIABILITIES
Overdraft payable		74,620
Collateral held for loaned securities		123,248,469
Payable for securities purchased		3,255,946
Investment management fees payable		352,595
Payable to Separate Accounts for Trust shares redeemed		187,032
Distribution fees payable—Class B		83,323
Administrative fees payable		59,189
Trustees’ fees payable		1,402
Accrued expenses		99,981

Total liabilities		127,362,557

NET ASSETS	$	392,037,131

Net assets were comprised of:
Paid in capital	$	388,878,441
Accumulated net investment loss		(1,936	)
Accumulated overdistributed net realized gain		(2,007,782	)
Unrealized appreciation on investments		5,168,408

Net assets	$	392,037,131

Class B
Net asset value, offering and redemption price per share, $392,037,131 / 43,990,411 shares outstanding (unlimited amount authorized: $0.01 par value)	$	8.91

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $1,222 foreign withholding tax)	$	2,526,261
Interest		281,163
Securities lending (net)		1,027,444

Total income		3,834,868

EXPENSES
Investment management fees		3,670,093
Distribution fees—Class B		887,661
Administrative fees		660,033
Custodian fees		111,000
Printing and mailing expenses		64,162
Professional fees		50,580
Trustees’ fees		4,197
Miscellaneous		10,587

Gross expenses		5,458,313
Less: Waiver from investment advisor		(239,934	)
Fees paid indirectly		(723,867	)

Net expenses		4,494,512

NET INVESTMENT LOSS		(659,644	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		46,877,747
Net change in unrealized depreciation on securities		(47,542,539	)

NET REALIZED AND UNREALIZED LOSS		(664,792	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,324,436	)

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(659,644	)	$	(1,976,965	)
Net realized gain (loss) on investments		46,877,747			(10,926,026	)
Net change in unrealized appreciation (depreciation) on investments		(47,542,539	)		25,803,941

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(1,324,436	)		12,900,950

DISTRIBUTIONS:
Class B
Distributions from net realized capital gains		(36,537,518	)		(3,441,458	)

CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 8,631,980 and 18,235,678 shares, respectively ]		87,822,048			177,478,314
Capital shares issued in connection with the substitution [ 16,003,257 and 0 shares, respectively ] (See Note 9)		170,425,185			—
Capital shares issued in reinvestment of distributions [ 4,299,021 and 393,328 shares, respectively ]		36,537,518			3,441,458
Capital shares repurchased [ (14,111,222) and (9,623,840) shares, respectively ]		(142,695,300	)		(89,180,006	)

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		152,089,451			91,739,766

TOTAL INCREASE IN NET ASSETS		114,227,497			101,199,258
NET ASSETS:
Beginning of year		277,809,634			176,610,376

End of year (a)	$	392,037,131		$	277,809,634

(a) Includes accumulated net investment loss of	$	(1,936	)	$	(419	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value:
(Securities on loan at market value $152,473,795)
Unaffiliated issuers (Cost $1,921,673,152)	$	1,758,059,694
Affiliated issuer (Cost $17,138,385)		13,534,594
Receivable for securities sold		5,456,003
Dividends, interest and other receivables		2,118,696
Receivable from Separate Accounts for Trust shares sold		241,925
Other assets		195,923

Total assets		1,779,606,835

LIABILITIES
Overdraft payable		3,898
Collateral held for loaned securities		158,280,399
Payable for securities purchased		8,302,089
Investment management fees payable		1,472,591
Payable to Separate Accounts for Trust shares redeemed		1,071,281
Distribution fees payable—Class B		472,108
Administrative fees payable		361,704
Trustees’ fees payable		13,341

Total liabilities		169,977,411

NET ASSETS	$	1,609,629,424

Net assets were comprised of:
Paid in capital	$	1,779,918,423
Accumulated overdistributed net investment income		(49,723	)
Accumulated overdistributed net realized gain		(3,022,027	)
Unrealized depreciation on investments		(167,217,249	)

Net assets	$	1,609,629,424

Class A
Net asset value, offering and redemption price per share, $628,684,354 / 55,976,593 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.23

Class B
Net asset value, offering and redemption price per share, $980,945,070 / 87,269,150 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.24

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $11,200 foreign withholding tax)	$	29,098,754
Interest		3,816,955
Securities lending (net)		1,395,609

Total income		34,311,318

EXPENSES
Investment management fees		17,302,802
Distribution fees—Class B		3,022,486
Administrative fees		2,953,864
Printing and mailing expenses		292,324
Custodian fees		179,800
Professional fees		42,551
Trustees’ fees		21,498
Miscellaneous		66,880

Gross expenses		23,882,205
Less: Waiver from investment advisor		(466,180	)
Fees paid indirectly		(209,024	)

Net expenses		23,207,001

NET INVESTMENT INCOME		11,104,317

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities (net of $28,442 of net realized loss from affiliates)		98,262,358
Futures		103,018

Net realized gain		98,365,376

Net change in unrealized depreciation on securities		(297,674,545	)

NET REALIZED AND UNREALIZED LOSS		(199,309,169	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(188,204,852	)

See Notes to Financial Statements.

175

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	11,104,317		$	5,261,609
Net realized gain on investments and futures		98,365,376			246,027,048
Net change in unrealized appreciation (depreciation) on investments		(297,674,545	)		16,121,489

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(188,204,852	)		267,410,146

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(3,839,704	)		(2,907,950	)
Class B		(3,512,727	)		(3,472,476	)

		(7,352,431	)		(6,380,426	)

Distributions from net realized capital gains
Class A		(58,358,622	)		(64,147,036	)
Class B		(91,128,079	)		(150,994,169	)

		(149,486,701	)		(215,141,205	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(156,839,132	)		(221,521,631	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 17,659,173 and 4,753,399 shares, respectively ]		244,515,624			68,908,035
Capital shares issued in reinvestment of dividends and distributions [ 5,402,219 and 4,947,513 shares, respectively ]		62,198,326			67,054,986
Capital shares repurchased [ (9,255,416) and (6,682,520) shares, respectively ]		(116,308,836	)		(96,655,993	)

Total Class A transactions		190,405,114			39,307,028

Class B
Capital shares sold [ 6,758,137 and 13,719,493 shares, respectively ]		92,738,567			196,371,087
Capital shares issued in reinvestment of dividends and distributions [ 8,202,184 and 11,386,504 shares, respectively ]		94,640,806			154,466,645
Capital shares repurchased [ (24,468,614) and (14,568,068) shares, respectively ]		(327,607,336	)		(208,411,040	)

Total Class B transactions		(140,227,963	)		142,426,692

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		50,177,151			181,733,720

TOTAL INCREASE (DECREASE) IN NET ASSETS		(294,866,833	)		227,622,235
NET ASSETS:
Beginning of year		1,904,496,257			1,676,874,022

End of year (a)	$	1,609,629,424		$	1,904,496,257

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(49,723	)	$	(11,718	)

See Notes to Financial Statements.

176

AXA PREMIER VIP TRUST

MULTIMANAGER TECHNOLOGY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at value (Cost $686,941,424)
(Securities on loan at market value $63,944,755)	$	765,432,788
Foreign cash (Cost $42,138)		42,154
Receivable from Separate Accounts for Trust shares sold		2,010,669
Receivable for securities sold		1,709,539
Dividends, interest and other receivables		282,469
Other assets		1,342

Total assets		769,478,961

LIABILITIES
Overdraft payable		11,066
Collateral held for loaned securities		66,040,435
Payable for securities purchased		8,856,624
Investment management fees payable		701,343
Payable to Separate Accounts for Trust shares redeemed		626,040
Distribution fees payable—Class B		140,122
Administrative fees payable		97,426
Trustees’ fees payable		12,510
Accrued expenses		69,330

Total liabilities		76,554,896

NET ASSETS	$	692,924,065

Net assets were comprised of:
Paid in capital	$	686,420,000
Accumulated undistributed net investment income		(8,435	)
Accumulated net realized loss		(71,979,560	)
Unrealized appreciation on investments and foreign currency translations		78,492,060

Net assets	$	692,924,065

Class A
Net asset value, offering and redemption price per share, $36,247,833 / 2,749,999 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.18

Class B
Net asset value, offering and redemption price per share, $656,676,232 / 50,598,817 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.98

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (net of $68,561 foreign withholding tax)	$	3,390,383
Interest		1,029,245
Security lending (net)		253,350

Total income		4,672,978

EXPENSES
Investment management fees		7,045,953
Distribution fees—Class B		1,391,303
Administrative fees		1,004,142
Custodian fees		146,601
Printing and mailing expenses		84,245
Professional fees		40,082
Trustees’ fees		6,879
Miscellaneous		24,897

Gross expenses		9,744,102
Less: Fees paid indirectly		(52,991	)

Net expenses		9,691,111

NET INVESTMENT LOSS		(5,018,133	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		82,349,803
Foreign currency transactions		(30,795	)

Net realized gain		82,319,008

Change in unrealized appreciation on:
Securities		14,352,489
Foreign currency translations		603

Net change in unrealized appreciation		14,353,092

NET REALIZED AND UNREALIZED GAIN		96,672,100

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	91,653,967

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2007			2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(5,018,133	)	$	(5,037,828	)
Net realized gain on investments and foreign currency transactions		82,319,008			47,631,895
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		14,353,092			(5,630,050	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		91,653,967			36,964,017

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,153,282 and 1,043,992 shares, respectively ]		14,772,479			11,036,745
Capital shares repurchased [ (963,783) and (1,121,111) shares, respectively ]		(11,746,779	)		(11,900,421	)

Total Class A transactions		3,025,700			(863,676	)

Class B
Capital shares sold [ 18,689,328 and 14,490,105 shares, respectively ]		234,165,563			153,218,571
Capital shares repurchased [ (15,149,320) and (17,034,489) shares, respectively ]		(180,946,364	)		(179,030,768	)

Total Class B transactions		53,219,199			(25,812,197	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		56,244,899			(26,675,873	)

TOTAL INCREASE IN NET ASSETS		147,898,866			10,288,144
NET ASSETS:
Beginning of year		545,025,199			534,737,055

End of year (a)	$	692,924,065		$	545,025,199

(a) Includes accumulated net investment income (loss) of	$	(8,435	)	$	(1,908	)

See Notes to Financial Statements.

177

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at cost:
Affiliated Issuers (Cost $14,094,314)	$	13,728,014
Unaffiliated Issuers (Amortized Cost $95,039)		95,039
Receivable from Separate Accounts for Trust shares sold		46,164
Receivable from investment manager		9,860
Dividends, interest and other receivables		180

Total assets		13,879,257

LIABILITIES
Payable for securities purchased		73,498
Distribution fees payable—Class B		2,736
Payable to Separate Accounts for Trust shares redeemed		209
Trustees’ fees payable		133
Accrued expenses		4,272

Total liabilities		80,848

NET ASSETS	$	13,798,409

Net assets were comprised of:
Paid in capital	$	13,886,934
Accumulated overdistributed net investment income		(28	)
Accumulated undistributed net realized gain		277,803
Unrealized depreciation on investments		(366,300	)

Net assets	$	13,798,409

Class A
Net asset value, offering and redemption price per share, $580,081 / 53,468 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.85

Class B
Net asset value, offering and redemption price per share, $13,218,328 / 1,218,324 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.85

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	349,536
Interest		2,404

Total income		351,940

EXPENSES
Custodian fees		47,250
Administrative fees		46,552
Professional fees		21,115
Distribution fees—Class B		17,835
Printing and mailing expenses		8,732
Investment management fees		7,702
Trustees’ fees		83
Miscellaneous		3,642

Gross expenses		152,911
Less: Waiver from investment advisor		(54,254	)
Reimbursement from investment manager		(53,868	)

Net expenses		44,789

NET INVESTMENT INCOME		307,151

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities (All realized gain from affiliates)		81,792
Net distribution of realized gain received from
Underlying Portfolios		365,662

Net realized gain		447,454
Net change in unrealized depreciation on securities		(387,089	)

NET REALIZED AND UNREALIZED GAIN		60,365

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	367,516

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	307,151		$	51,061
Net realized gain on investments		447,454			43,414
Net change in unrealized appreciation (depreciation) on investments		(387,089	)		20,789

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		367,516			115,264

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(17,843	)		(12,530	)
Class B		(367,981	)		(43,399	)

		(385,824	)		(55,929	)

Distributions from net realized capital gains
Class A		(6,552	)		(130	)
Class B		(122,890	)		(468	)

		(129,442	)		(598	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(515,266	)		(56,527	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [ 2,263 and 1,205 shares, respectively ]		24,395			12,660

Class B
Capital shares sold [ 1,141,094 and 142,984 shares, respectively ]		12,655,495			1,500,315
Capital shares issued in reinvestment of dividends and distributions [ 45,569 and 4,174 shares, respectively ]		490,871			43,867
Capital shares repurchased [ (160,367) and (5,130) shares, respectively ]		(1,787,428	)		(52,753	)

Total Class B transactions		11,358,938			1,491,429

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		11,383,333			1,504,089

TOTAL INCREASE IN NET ASSETS		11,235,583			1,562,826
NET ASSETS:
Beginning of period		2,562,826			1,000,000

End of period (a)	$	13,798,409		$	2,562,826

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(28	)	$	1

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

178

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at cost:
Affiliated Issuers (Cost $18,406,469)	$	17,856,590
Unaffiliated Issuers (Amortized Cost $87,869)		87,869
Receivable from Separate Accounts for Trust shares sold		69,461
Receivable from investment manager		9,126
Dividends, interest and other receivables		356

Total assets		18,023,402

LIABILITIES
Payable for securities purchased		68,264
Payable to Separate Accounts for Trust shares redeemed		64,534
Distribution fees payable—Class B		3,518
Trustees’ fees payable		163
Accrued expenses		4,099

Total liabilities		140,578

NET ASSETS	$	17,882,824

Net assets were comprised of:
Paid in capital	$	18,004,126
Accumulated overdistributed net investment income		(36	)
Accumulated undistributed net realized gain		428,613
Unrealized depreciation on investments		(549,879	)

Net assets	$	17,882,824

Class A
Net asset value, offering and redemption price per share, $585,199 / 53,086 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.02

Class B
Net asset value, offering and redemption price per share, $17,297,625 / 1,568,998 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.02

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	357,193
Interest		3,146

Total income		360,339

EXPENSES
Administrative fees		49,964
Custodian fees		46,900
Distribution fees—Class B		23,507
Professional fees		21,145
Printing and mailing expenses		10,133
Investment management fees		9,976
Trustees’ fees		108
Miscellaneous		3,494

Gross expenses		165,227
Less: Waiver from investment advisor		(59,940	)
Reimbursement from investment manager		(46,866	)

Net expenses		58,421

NET INVESTMENT INCOME		301,918

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities (All realized gain from affiliates)		146,253
Net distributions of realized gain received from
Underlying Portfolios		541,836

Net realized gain		688,089
Net change in unrealized depreciation on securities		(589,309	)

NET REALIZED AND UNREALIZED GAIN		98,780

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	400,698

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	301,918		$	45,335
Net realized gain on investments and foreign currency transactions		688,089			52,960
Net change in unrealized appreciation (depreciation) on investments		(589,309	)		39,430

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		400,698			137,725

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(15,175	)		(10,905	)
Class B		(399,127	)		(39,584	)

		(414,302	)		(50,489	)

Distributions from net realized capital gains
Class A		(7,212	)		(125	)
Class B		(187,682	)		(474	)

		(194,894	)		(599	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(609,196	)		(51,088	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [ 2,047 and 1,039 shares, respectively ]		22,387			11,030

Class B
Capital shares sold [ 1,519,435 and 151,710 shares, respectively ]		17,110,231			1,594,244
Capital shares issued in reinvestment of dividends and distributions [ 53,667 and 3,773 shares, respectively ]		586,809			40,058
Capital shares repurchased [ (206,308) and (3,279) shares, respectively ]		(2,325,640	)		(34,434	)

Total Class B transactions		15,371,400			1,599,868

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		15,393,787			1,610,898

TOTAL INCREASE IN NET ASSETS		15,185,289			1,697,535
NET ASSETS:
Beginning of period		2,697,535			1,000,000

End of period (a)	$	17,882,824		$	2,697,535

(a) Includes accumulated undistributed (overdistributed) net investment income of	$	(36	)	$	7

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

179

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at cost:
Affiliated Issuers (Cost $10,511,585)	$	10,273,362
Unaffiliated Issuers (Amortized Cost $64,203)		64,203
Receivable from Separate Accounts for Trust shares sold		116,416
Receivable from investment manager		11,783
Dividends, interest and other receivables		233

Total assets		10,465,997

LIABILITIES
Payable for securities purchased		38,240
Payable to Separate Accounts for Trust shares redeemed		2,136
Distribution fees payable—Class B		1,966
Trustees’ fees payable		97
Accrued expenses		8,638

Total liabilities		51,077

NET ASSETS	$	10,414,920

Net assets were comprised of:
Paid in capital	$	10,382,542
Accumulated overdistributed net investment income		(23	)
Accumulated undistributed net realized gain		270,624
Unrealized depreciation on investments		(238,223	)

Net assets	$	10,414,920

Class A
Net asset value, offering and redemption price per share, $589,463 / 52,598 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.21

Class B
Net asset value, offering and redemption price per share, $9,825,457 / 876,730 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.21

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	166,734
Interest		1,775

Total income		168,509

EXPENSES
Custodian fees		51,600
Administrative fees		43,404
Professional fees		21,083
Distribution fees—Class B		12,560
Printing and mailing expenses		7,782
Investment management fees		5,603
Trustees’ fees		60
Miscellaneous		3,482

Gross expenses		145,574
Less: Waiver from investment advisor		(49,007	)
Reimbursement from investment manager		(64,397	)

Net expenses		32,170

NET INVESTMENT INCOME		136,339

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities (All realized gain from affiliates)		34,119
Net distribution of realized gain received from Underlying Portfolios		348,555

Net realized gain		382,674
Net change in unrealized depreciation on securities		(293,881	)

NET REALIZED AND UNREALIZED GAIN		88,793

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	225,132

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	136,339		$	22,096
Net realized gain on investments and foreign currency transactions		382,674			39,483
Net change in unrealized appreciation (depreciation) on investments		(293,881	)		55,658

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		225,132			117,237

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(13,592	)		(9,000	)
Class B		(193,724	)		(16,850	)

		(207,316	)		(25,850	)

Distributions from net realized capital gains
Class A		(5,735	)		(190	)
Class B		(70,941	)		(375	)

		(76,676	)		(565	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(283,992	)		(26,415	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [ 1,740 and 858 shares, respectively ]		19,327			9,190

Class B
Capital shares sold [ 794,679 and 67,844 shares, respectively ]		9,057,926			715,356
Capital shares issued in reinvestment of dividends and distributions [ 23,836 and 1,608 shares, respectively ]		264,665			17,225
Capital shares repurchased [ (55,890) and (5,347) shares, respectively ]		(643,909	)		(56,822	)

Total Class B transactions		8,678,682			675,759

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		8,698,009			684,949

TOTAL INCREASE IN NET ASSETS		8,639,149			775,771
NET ASSETS:
Beginning of period		1,775,771			1,000,000

End of period (a)	$	10,414,920		$	1,775,771

(a) Includes accumulated overdistributed net investment income of	$	(23	)	$	(1	)

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

180

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2007


ASSETS
Investments at cost:
Affiliated Issuers (Cost $7,458,721)	$	7,206,910
Unaffiliated Issuers (Amortized Cost $71,235)		71,235
Receivable from Separate Accounts for Trust shares sold		42,024
Receivable from investment manager		10,381
Dividends, interest and other receivables		166

Total assets		7,330,716

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		94,514
Payable for securities purchased		47,203
Distribution fees payable—Class B		1,339
Trustees’ fees payable		71
Accrued expenses		4,512

Total liabilities		147,639

NET ASSETS	$	7,183,077

Net assets were comprised of:
Paid in capital	$	7,228,929
Accumulated overdistributed net investment income		(16	)
Accumulated undistributed net realized gain		205,975
Unrealized depreciation on investments		(251,811	)

Net assets	$	7,183,077

Class A
Net asset value, offering and redemption price per share, $595,322 / 53,346 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.16

Class B
Net asset value, offering and redemption price per share, $6,587,755 / 590,281 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.16

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2007


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	89,005
Interest		1,230

Total income		90,235

EXPENSES
Administrative fees		41,014
Custodian fees		37,500
Professional fees		21,057
Distribution fees—Class B		8,562
Printing and mailing expenses		6,947
Investment management fees		4,010
Trustees’ fees		43
Miscellaneous		3,482

Gross expenses		122,615
Less: Waiver from investment advisor		(45,024	)
Reimbursement from investment manager		(54,996	)

Net expenses		22,595

NET INVESTMENT INCOME		67,640

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities (All realized gain from affiliates)		137,936
Net distributions of realized gain received from Underlying Portfolios		268,095

Net realized gain		406,031
Net change in unrealized depreciation on securities		(302,715	)

NET REALIZED AND UNREALIZED GAIN		103,316

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	170,956

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31, 2007			August 31, 2006* to December 31, 2006
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	67,640		$	17,300
Net realized gain on investments		406,031			43,596
Net change in unrealized appreciation (depreciation) on investments		(302,715	)		50,904

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		170,956			111,800

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(11,597	)		(7,695	)
Class B		(109,846	)		(13,713	)

		(121,443	)		(21,408	)

Distributions from net realized capital gains
Class A		(17,537	)		(50	)
Class B		(168,412	)		(95	)

		(185,949	)		(145	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(307,392	)		(21,553	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [ 2,629 and 717 shares, respectively ]		29,134			7,745

Class B
Capital shares sold [ 574,865 and 51,940 shares, respectively ]		6,664,583			559,665
Capital shares issued in reinvestment of dividends and distributions [ 25,142 and 1,278 shares, respectively ]		278,258			13,808
Capital shares repurchased [ (106,565) and (6,379) shares, respectively ]		(1,255,013	)		(68,914	)

Total Class B transactions		5,687,828			504,559

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		5,716,962			512,304

TOTAL INCREASE IN NET ASSETS		5,580,526			602,551
NET ASSETS:
Beginning of period		1,602,551			1,000,000

End of period (a)	$	7,183,077		$	1,602,551

(a) Includes accumulated overdistributed net investment income of	$	(16	)	$	—

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

181

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AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Year Ended December 31,												*July 31, 2003 to December 31, 2003(c)**
Class A	2007 (c)			2006 (c)			2005 (c)			2004(c)			*July 31, 2003 to December 31, 2003(c)**
Net asset value, beginning of period	$	10.87		$	10.69		$	10.80		$	10.45		$	10.00

Income (loss) from investment operations:
Net investment income		0.47			0.41			0.34			0.38			0.53
Net realized and unrealized gain (loss) on investments		0.18			0.30			(0.04	)		0.28			0.06

Total from investment operations		0.65			0.71			0.30			0.66			0.59

Less distributions:
Dividends from net investment income		(0.43	)		(0.38	)		(0.30	)		(0.30	)		(0.14	)
Distributions from net realized gains		(0.19	)		(0.15	)		(0.11	)		(0.01	)		—

Total dividends and distributions		(0.62	)		(0.53	)		(0.41	)		(0.31	)		(0.14	)

Net asset value, end of period	$	10.90		$	10.87		$	10.69		$	10.80		$	10.45

Total return (b)		6.11	%		6.55	%		2.78	%		6.29	%		5.89	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	9,015		$	4,999		$	3,054		$	2,071		$	93
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.31	%		0.32	%		0.32	%		0.51	%		9.14	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.17	%		3.80	%		3.17	%		3.50	%		12.33	%(l)
Before waivers and reimbursements (a)		3.96	%		3.58	%		2.95	%		3.09	%		3.29	%(l)
Portfolio turnover rate		39	%		55	%		101	%		18	%		9	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.02		$	0.04		$	0.39

	Year Ended December 31,												July 31, 2003* to December 31, 2003(c)
Class B	2007 (c)			2006 (c)			2005 (c)			2004(c)			July 31, 2003* to December 31, 2003(c)
Net asset value, beginning of period	$	10.87		$	10.69		$	10.80		$	10.45		$	10.00

Income (loss) from investment operations:
Net investment income		0.45			0.38			0.32			0.35			0.53
Net realized and unrealized gain (loss) on investments		0.17			0.30			(0.05	)		0.28			0.05

Total from investment operations		0.62			0.68			0.27			0.63			0.58

Less distributions:
Dividends from net investment income		(0.40	)		(0.35	)		(0.27	)		(0.27	)		(0.13	)
Distributions from net realized gains		(0.19	)		(0.15	)		(0.11	)		(0.01	)		—

Total dividends and distributions		(0.59	)		(0.50	)		(0.38	)		(0.28	)		(0.13	)

Net asset value, end of period	$	10.90		$	10.87		$	10.69		$	10.80		$	10.45

Total return (b)		5.74	%		6.37	%		2.52	%		6.02	%		5.78	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	585,489		$	339,978		$	217,999		$	109,357		$	5,986
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.56	%		0.57	%		0.57	%		0.76	%		9.39	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.02	%		3.48	%		2.92	%		3.25	%		12.08	%(l)
Before waivers and reimbursements (a)		3.81	%		3.26	%		2.70	%		2.84	%		3.04	%(l)
Portfolio turnover rate		39	%		55	%		101	%		18	%		9	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.02		$	0.04		$	0.40

See Notes to Financial Statements.

182

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,												July 31, 2003* to December 31, 2003(c)
Class A	2007 (c)			2006 (c)			2005 (c)			2004(c)			July 31, 2003* to December 31, 2003(c)
Net asset value, beginning of period	$	11.61		$	11.16		$	11.22		$	10.66		$	10.00

Income from investment operations:
Net investment income		0.43			0.36			0.30			0.33			0.47
Net realized and unrealized gain on investments		0.23			0.65			0.09			0.52			0.33

Total from investment operations		0.66			1.01			0.39			0.85			0.80

Less distributions:
Dividends from net investment income		(0.42	)		(0.36	)		(0.25	)		(0.28	)		(0.14	)
Distributions from net realized gains		(0.26	)		(0.20	)		(0.20	)		(0.01	)		—

Total dividends and distributions		(0.68	)		(0.56	)		(0.45	)		(0.29	)		(0.14	)

Net asset value, end of period	$	11.59		$	11.61		$	11.16		$	11.22		$	10.66

Total return (b)		5.73	%		9.06	%		3.53	%		7.96	%		8.02	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	10,943		$	5,544		$	3,466		$	1,403		$	225
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.29	%		0.28	%		0.29	%		0.40	%		4.23	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.58	%		3.10	%		2.74	%		3.01	%		10.64	%(l)
Before waivers and reimbursements (a)		3.39	%		2.91	%		2.55	%		2.71	%		6.51	%(l)
Portfolio turnover rate		21	%		20	%		64	%		5	%		8	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.02		$	0.03		$	0.18

	Year Ended December 31,												July 31, 2003* to December 31, 2003(c)
Class B	2007 (c)			2006 (c)			2005 (c)			2004(c)			July 31, 2003* to December 31, 2003(c)
Net asset value, beginning of period	$	11.61		$	11.16		$	11.22		$	10.66		$	10.00

Income from investment operations:
Net investment income		0.37			0.33			0.27			0.30			0.46
Net realized and unrealized gain on investments		0.26			0.64			0.09			0.52			0.33

Total from investment operations		0.63			0.97			0.36			0.82			0.79

Less distributions:
Dividends from net investment income		(0.39	)		(0.32	)		(0.22	)		(0.25	)		(0.13	)
Distributions from net realized gains		(0.26	)		(0.20	)		(0.20	)		(0.01	)		—

Total dividends and distributions		(0.65	)		(0.52	)		(0.42	)		(0.26	)		(0.13	)

Net asset value, end of period	$	11.59		$	11.61		$	11.16		$	11.22		$	10.66

Total return (b)		5.46	%		8.78	%		3.27	%		7.68	%		7.92	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,150,399		$	809,200		$	487,000		$	214,970		$	9,486
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.54	%		0.53	%		0.54	%		0.65	%		4.48	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.07	%		2.84	%		2.49	%		2.76	%		10.39	%(l)
Before waivers and reimbursements (a)		2.88	%		2.65	%		2.30	%		2.46	%		6.26	%(l)
Portfolio turnover rate		21	%		20	%		64	%		5	%		8	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.02		$	0.03		$	0.18

See Notes to Financial Statements.

183

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO (k)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004 (c)			2003 (c)
Net asset value, beginning of year	$	16.93		$	15.88		$	15.51		$	14.63		$	12.54

Income from investment operations:
Net investment income		0.45			0.39			0.33			0.25			0.33
Net realized and unrealized gain on investments and foreign currency transactions		0.65			1.29			0.46			1.06			2.10

Total from investment operations		1.10			1.68			0.79			1.31			2.43

Less distributions:
Dividends from net investment income		(0.60	)		(0.49	)		(0.42	)		(0.43	)		(0.34	)
Distributions from net realized gains		(0.33	)		(0.14	)		—			—			—

Total dividends and distributions		(0.93	)		(0.63	)		(0.42	)		(0.43	)		(0.34	)

Net asset value, end of year	$	17.10		$	16.93		$	15.88		$	15.51		$	14.63

Total return		6.56	%		10.58	%		5.06	%		8.99	%		19.40	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,143,322		$	3,103,418		$	3,052,781		$	3,160,074		$	3,141,256
Ratio of expenses to average net assets:
After waivers and reimbursements		0.10	%		0.10	%		0.10	%		0.10	%		0.42	%
After waivers, reimbursements and fees paid indirectly		0.10	%		0.10	%		0.10	%		0.09	%		0.37	%
Before waivers, reimbursements and fees paid indirectly		0.27	%		0.27	%		0.27	%		0.26	%		0.49	%
Ratio of net investment income to average net assets:
After waivers and reimbursements		2.58	%		2.36	%		2.11	%		1.65	%		2.42	%
After waivers, reimbursements and fees paid indirectly		2.58	%		2.36	%		2.11	%		1.66	%		2.47	%
Before waivers, reimbursements and fees paid indirectly		2.41	%		2.20	%		1.94	%		1.49	%		2.35	%
Portfolio turnover rate		9	%		19	%		34	%		—	‡%		324	%(h)
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.03		$	0.03		$	0.03		$	0.02		$	0.01

	Year Ended December 31,
Class B	2007 (c)			2006 (c)			2005 (c)			2004 (c)			2003 (c)
Net asset value, beginning of year	$	16.84		$	15.79		$	15.43		$	14.55		$	12.47

Income from investment operations:
Net investment income		0.45			0.37			0.27			0.21			0.30
Net realized and unrealized gain on investments and foreign currency transactions		0.60			1.26			0.46			1.06			2.08

Total from investment operations		1.05			1.63			0.73			1.27			2.38

Less distributions:
Dividends from net investment income		(0.55	)		(0.44	)		(0.37	)		(0.39	)		(0.30	)
Distributions from net realized gains		(0.33	)		(0.14	)		—			—			—

Total dividends and distributions		(0.88	)		(0.58	)		(0.37	)		(0.39	)		(0.30	)

Net asset value, end of year	$	17.01		$	16.84		$	15.79		$	15.43		$	14.55

Total return		6.31	%		10.34	%		4.74	%		8.75	%		19.11	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	6,289,959		$	4,867,869		$	3,518,020		$	2,341,547		$	1,261,402
Ratio of expenses to average net assets:
After waivers and reimbursements		0.35	%		0.35	%		0.35	%		0.35	%		0.67	%
After waivers, reimbursements and fees paid indirectly		0.35	%		0.35	%		0.35	%		0.34	%		0.62	%
Before waivers, reimbursements and fees paid indirectly		0.52	%		0.52	%		0.52	%		0.51	%		0.74	%
Ratio of net investment income to average net assets:
After waivers and reimbursements		2.57	%		2.26	%		1.86	%		1.40	%		2.17	%
After waivers, reimbursements and fees paid indirectly		2.57	%		2.26	%		1.86	%		1.41	%		2.22	%
Before waivers, reimbursements and fees paid indirectly		2.40	%		2.09	%		1.69	%		1.24	%		2.10	%
Portfolio turnover rate		9	%		19	%		34	%		—	‡%		324	%(h)
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.03		$	0.03		$	0.03		$	0.02		$	0.01

See Notes to Financial Statements.

184

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,												July 31, 2003* to December 31, 2003
Class A	2007 (c)			2006 (c)			2005 (c)			2004(c)			July 31, 2003* to December 31, 2003
Net asset value, beginning of period	$	13.89		$	12.60		$	12.25		$	11.17		$	10.00

Income from investment operations:
Net investment income		0.32			0.32			0.23			0.26			0.09
Net realized and unrealized gain on investments		0.60			1.52			0.62			1.07			1.17

Total from investment operations		0.92			1.84			0.85			1.33			1.26

Less distributions:
Dividends from net investment income		(0.43	)		(0.33	)		(0.25	)		(0.25	)		(0.09	)
Distributions from net realized gains		(0.43	)		(0.22	)		(0.25	)		—	#		—

Total dividends and distributions		(0.86	)		(0.55	)		(0.50	)		(0.25	)		(0.09	)

Net asset value, end of period	$	13.95		$	13.89		$	12.60		$	12.25		$	11.17

Total return (b)		6.68	%		14.77	%		6.97	%		12.00	%		12.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	198,686		$	100,459		$	37,779		$	13,194		$	1,179
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.27	%		0.27	%		0.27	%		0.30	%		1.87	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		2.20	%		2.38	%		1.84	%		2.24	%		6.91	%(l)
Before waivers and reimbursements (a)		2.03	%		2.22	%		1.67	%		2.04	%		5.14	%(l)
Portfolio turnover rate		8	%		4	%		29	%		—	‡%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.02		$	0.02		$	0.02

	Year Ended December 31,												July 31, 2003* to December 31, 2003
Class B	2007 (c)			2006 (c)			2005 (c)			2004(c)			July 31, 2003* to December 31, 2003
Net asset value, beginning of period	$	13.89		$	12.60		$	12.25		$	11.17		$	10.00

Income from investment operations:
Net investment income		0.26			0.26			0.20			0.23			0.08
Net realized and unrealized gain on investments		0.62			1.55			0.62			1.07			1.17

Total from investment operations		0.88			1.81			0.82			1.30			1.25

Less distributions:
Dividends from net investment income		(0.39	)		(0.30	)		(0.22	)		(0.22	)		(0.08	)
Distributions from net realized gains		(0.43	)		(0.22	)		(0.25	)		—	#		—

Total dividends and distributions		(0.82	)		(0.52	)		(0.47	)		(0.22	)		(0.08	)

Net asset value, end of period	$	13.95		$	13.89		$	12.60		$	12.25		$	11.17

Total return (b)		6.41	%		14.48	%		6.70	%		11.71	%		12.50	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	10,665,262		$	6,607,618		$	2,956,385		$	1,003,694		$	28,383
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.52	%		0.52	%		0.52	%		0.55	%		2.12	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.83	%		1.95	%		1.59	%		1.99	%		6.66	%(l)
Before waivers and reimbursements (a)		1.66	%		1.79	%		1.42	%		1.79	%		4.89	%(l)
Portfolio turnover rate		8	%		4	%		29	%		—	‡%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.02		$	0.02		$	0.02

See Notes to Financial Statements.

185

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,												July 31, 2003* to December 31, 2003(c)
Class A	2007 (c)			2006 (c)			2005 (c)			2004(c)			July 31, 2003* to December 31, 2003(c)
Net asset value, beginning of period	$	14.71		$	12.96		$	12.44		$	11.26		$	10.00

Income from investment operations:
Net investment income		0.22			0.24			0.19			0.11			0.15
Net realized and unrealized gain on investments		0.71			2.10			0.84			1.26			1.16

Total from investment operations		0.93			2.34			1.03			1.37			1.31

Less distributions:
Dividends from net investment income		(0.40	)		(0.30	)		(0.24	)		(0.18	)		(0.05	)
Distributions from net realized gains		(0.56	)		(0.29	)		(0.27	)		(0.01	)		—

Total dividends and distributions		(0.96	)		(0.59	)		(0.51	)		(0.19	)		(0.05	)

Net asset value, end of period	$	14.68		$	14.71		$	12.96		$	12.44		$	11.26

Total return (b)		6.43	%		18.22	%		8.27	%		12.15	%		13.08	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	97,742		$	51,217		$	18,069		$	5,704		$	555
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.27	%		0.28	%		0.29	%		0.39	%		6.01	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.41	%		1.72	%		1.50	%		0.91	%		3.38	%(l)
Before waivers and reimbursements (a)		1.23	%		1.54	%		1.31	%		0.62	%		(2.53	)%(l)
Portfolio turnover rate		10	%		6	%		50	%		2	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.02		$	0.02		$	0.03		$	0.27

	Year Ended December 31,												July 31, 2003* to December 31, 2003(c)
Class B	2007(c)			2006 (c)			2005 (c)			2004(c)			July 31, 2003* to December 31, 2003(c)
Net asset value, beginning of period	$	14.71		$	12.96		$	12.43		$	11.26		$	10.00

Income from investment operations:
Net investment income		0.18			0.18			0.17			0.08			0.14
Net realized and unrealized gain on investments		0.71			2.13			0.84			1.25			1.16

Total from investment operations		0.89			2.31			1.01			1.33			1.30

Less distributions:
Dividends from net investment income		(0.36	)		(0.27	)		(0.21	)		(0.15	)		(0.04	)
Distributions from net realized gains		(0.56	)		(0.29	)		(0.27	)		(0.01	)		—

Total dividends and distributions		(0.92	)		(0.56	)		(0.48	)		(0.16	)		(0.04	)

Net asset value, end of period	$	14.68		$	14.71		$	12.96		$	12.43		$	11.26

Total return (b)		6.16	%		17.92	%		8.08	%		11.78	%		12.97	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,038,613		$	1,595,326		$	609,650		$	241,623		$	7,807
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.52	%		0.53	%		0.54	%		0.64	%		6.26	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.17	%		1.30	%		1.25	%		0.66	%		3.13	%(l)
Before waivers and reimbursements (a)		1.00	%		1.12	%		1.06	%		0.37	%		(2.78	)%(l)
Portfolio turnover rate		10	%		6	%		50	%		2	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.02		$	0.02		$	0.03		$	0.27

See Notes to Financial Statements.

186

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO(j)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of year	$	28.78		$	27.36		$	25.23		$	22.45		$	16.29

Income (loss) from investment operations:
Net investment income (loss)		0.04			0.05			(0.02	)		(0.03	)		(0.01	)
Net realized and unrealized gain on investments and foreign currency transactions		3.32			1.42			2.15			2.81			6.17

Total from investment operations		3.36			1.47			2.13			2.78			6.16

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

Net asset value, end of year	$	32.11		$	28.78		$	27.36		$	25.23		$	22.45

Total return		11.69	%		5.38	%		8.44	%		12.38	%		37.90	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,638,093		$	2,332,898		$	2,122,576		$	2,485,132		$	2,141,844
Ratio of expenses to average net assets:
After fees paid indirectly		0.72	%		0.78	%		0.73	%		0.68	%		0.70	%
Before fees paid indirectly		0.79	%		0.80	%		0.80	%		0.80	%		0.77	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		0.14	%		0.20	%		(0.07	)%		(0.12	)%		(0.09	)%
Before fees paid indirectly		0.07	%		0.18	%		(0.14	)%		(0.24	)%		(0.16	)%
Portfolio turnover rate		87	%		90	%		96	%		111	%		119	%

	Year Ended December 31,
Class B	2007(c)			2006(c)			2005(c)			2004			2003
Net asset value, beginning of year	$	28.33		$	26.96		$	24.91		$	22.22		$	16.16

Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.01	)		(0.08	)		(0.08	)		(0.06	)
Net realized and unrealized gain on investments and foreign currency transactions		3.26			1.38			2.13			2.77			6.12

Total from investment operations		3.23			1.37			2.05			2.69			6.06

Net asset value, end of year	$	31.56		$	28.33		$	26.96		$	24.91		$	22.22

Total return		11.40	%		5.08	%		8.23	%		12.11	%		37.50	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	244,593		$	261,648		$	267,802		$	258,689		$	225,426
Ratio of expenses to average net assets:
After fees paid indirectly		0.97	%		1.03	%		0.98	%		0.93	%		0.95	%
Before fees paid indirectly		1.04	%		1.05	%		1.05	%		1.05	%		1.02	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		(0.10	)%		(0.05	)%		(0.32	)%		(0.37	)%		(0.34	)%
Before fees paid indirectly		(0.18	)%		(0.07	)%		(0.39	)%		(0.49	)%		(0.41	)%
Portfolio turnover rate		87	%		90	%		96	%		111	%		119	%

See Notes to Financial Statements.

187

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of year	$	10.21		$	10.25		$	10.43		$	10.42		$	10.37

Income (loss) from investment operations:
Net investment income		0.47			0.44			0.36			0.24			0.24
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.17			(0.04	)		(0.16	)		0.18			0.18

Total from investment operations		0.64			0.40			0.20			0.42			0.42

Less distributions:
Dividends from net investment income		(0.47	)		(0.44	)		(0.38	)		(0.26	)		(0.25	)
Distributions from realized gains		—			—			—			(0.15	)		(0.12	)

Total dividends and distributions		(0.47	)		(0.44	)		(0.38	)		(0.41	)		(0.37	)

Net asset value, end of year	$	10.38		$	10.21		$	10.25		$	10.43		$	10.42

Total return		6.53	%		3.96	%		2.00	%		4.13	%		4.10	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,088,488		$	1,911,399		$	1,237,241		$	944,330		$	431,203
Ratio of expenses to average net assets:
After waivers		0.71	%		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly		0.71	%		0.70	%		0.70	%		0.70	%		0.70	%
Before waivers and fees paid indirectly		0.76	%		0.77	%		0.78	%		0.80	%		0.86	%
Ratio of net investment income to average net assets:
After waivers		4.62	%		4.31	%		3.51	%		2.38	%		2.23	%
After waivers and fees paid indirectly		4.62	%		4.31	%		3.51	%		2.38	%		2.23	%
Before waivers and fees paid indirectly		4.57	%		4.24	%		3.43	%		2.28	%		2.07	%
Portfolio turnover rate		475	%		366	%		654	%		767	%		633	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01		$	0.01		$	0.02


	Year Ended December 31,
Class B	2007(c)			2006(c)			2005(c)			2004			2003
Net asset value, beginning of year	$	10.20		$	10.24		$	10.42		$	10.41		$	10.37

Income (loss) from investment operations:
Net investment income		0.44			0.41			0.34			0.22			0.20
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.18			(0.03	)		(0.16	)		0.18			0.19

Total from investment operations		0.62			0.38			0.18			0.40			0.39

Less distributions:
Dividends from net investment income		(0.42	)		(0.42	)		(0.36	)		(0.24	)		(0.23	)
Distributions from realized gains		—			—			—			(0.15	)		(0.12	)

Total dividends and distributions		(0.42	)		(0.42	)		(0.36	)		(0.39	)		(0.35	)


Net asset value, end of year	$	10.40		$	10.20		$	10.24		$	10.42		$	10.41

Total return		6.23	%		3.80	%		1.74	%		3.87	%		3.74	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	829,932		$	825,182		$	806,356		$	781,977		$	666,007
Ratio of expenses to average net assets:
After waivers		0.96	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.96	%		0.95	%		0.95	%		0.95	%		0.95	%
Before waivers and fees paid indirectly		1.01	%		1.02	%		1.03	%		1.05	%		1.11	%
Ratio of net investment income to average net assets:
After waivers		4.37	%		4.04	%		3.26	%		2.13	%		1.98	%
After waivers and fees paid indirectly		4.37	%		4.04	%		3.26	%		2.13	%		1.98	%
Before waivers and fees paid indirectly		4.32	%		3.97	%		3.18	%		2.03	%		1.82	%
Portfolio turnover rate		475	%		366	%		654	%		767	%		633	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01		$	0.01		$	0.02

See Notes to Financial Statements.

188

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004			2003(c)
Net asset value, beginning of year	$	11.03		$	10.98		$	10.78		$	10.22		$	8.02

Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.03	)		(0.05	)		(0.05	)		(0.06	)
Net realized and unrealized gain on investments and foreign currency transactions		1.07			0.59			0.81			1.28			2.35

Total from investment operations		1.01			0.56			0.76			1.23			2.29

Less distributions:
Distributions from net realized gains		(0.90	)		(0.51	)		(0.56	)		(0.67	)		(0.09	)

Net asset value, end of year	$	11.14		$	11.03		$	10.98		$	10.78		$	10.22

Total return		9.17	%		5.39	%		7.30	%		12.32	%		28.59	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	18,376		$	16,808		$	15,347		$	10,588		$	6,376
Ratio of expenses to average net assets:
After waivers and reimbursements		1.43	%		1.43	%		1.48	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly		1.42	%		1.38	%		1.46	%		1.56	%		1.59	%
Before waivers, reimbursements and fees paid indirectly		1.43	%		1.43	%		1.48	%		1.60	%		1.68	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.49	)%		(0.34	)%		(0.46	)%		(0.59	)%		(0.69	)%
After waivers, reimbursements and fees paid indirectly		(0.48	)%		(0.28	)%		(0.44	)%		(0.55	)%		(0.68	)%
Before waivers, reimbursements and fees paid indirectly		(0.49	)%		(0.34	)%		(0.46	)%		(0.59	)%		(0.77	)%
Portfolio turnover rate		105	%		145	%		109	%		127	%		108	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.01

	Year Ended December 31,
Class B	2007 (c)			2006(c)			2005(c)			2004			2003(c)
Net asset value, beginning of year	$	10.88		$	10.86		$	10.70		$	10.17		$	8.01

Income (loss) from investment operations:
Net investment loss		(0.08	)		(0.06	)		(0.07	)		(0.07	)		(0.08	)
Net realized and unrealized gain on investments and foreign currency transactions		1.05			0.59			0.79			1.27			2.33

Total from investment operations		0.97			0.53			0.72			1.20			2.25

Less distributions:
Distributions from net realized gains		(0.90	)		(0.51	)		(0.56	)		(0.67	)		(0.09	)

Net asset value, end of year	$	10.95		$	10.88		$	10.86		$	10.70		$	10.17

Total return		9.04	%		5.08	%		6.98	%		12.09	%		28.12	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	415,882		$	381,449		$	334,012		$	270,570		$	167,416
Ratio of expenses to average net assets:
After waivers and reimbursements		1.68	%		1.68	%		1.73	%		1.85	%		1.85	%
After waivers, reimbursements and fees paid indirectly		1.67	%		1.63	%		1.71	%		1.81	%		1.84	%
Before waivers, reimbursements and fees paid indirectly		1.68	%		1.68	%		1.73	%		1.85	%		1.93	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.74	)%		(0.59	)%		(0.71	)%		(0.84	)%		(0.94	)%
After waivers, reimbursements and fees paid indirectly		(0.73	)%		(0.53	)%		(0.69	)%		(0.80	)%		(0.93	)%
Before waivers, reimbursements and fees paid indirectly		(0.74	)%		(0.59	)%		(0.71	)%		(0.84	)%		(1.02	)%
Portfolio turnover rate		105	%		145	%		109	%		127	%		108	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.01

See Notes to Financial Statements.

189

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO(i)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004(c)			2003(c)
Net asset value, beginning of year	$	5.61		$	5.47		$	5.75		$	5.63		$	4.82

Income (loss) from investment operations:
Net investment income		0.45			0.42			0.41			0.42			0.42
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.27	)		0.14			(0.23	)		0.09			0.69

Total from investment operations		0.18			0.56			0.18			0.51			1.11

Less distributions:
Dividends from net investment income		(0.45	)		(0.42	)		(0.46	)		(0.39	)		(0.30	)

Net asset value, end of year	$	5.34		$	5.61		$	5.47		$	5.75		$	5.63

Total return		3.29	%		10.21	%		3.26	%		9.02	%		22.97	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	887,961		$	855,156		$	770,374		$	974,088		$	784,005
Ratio of expenses to average net assets		0.76	%		0.76	%		0.76	%		0.76	%		0.75	%
Ratio of net investment income to average net assets		7.78	%		7.45	%		7.08	%		7.20	%		7.67	%
Portfolio turnover rate		108	%		103	%		116	%		78	%		66	%

	Year Ended December 31,
Class B	2007(c)			2006(c)			2005(c)			2004(c)			2003(c)
Net asset value, beginning of year	$	5.58		$	5.44		$	5.71		$	5.59		$	4.79

Income (loss) from investment operations:
Net investment income		0.43			0.41			0.39			0.40			0.40
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.25	)		0.13			(0.21	)		0.09			0.68

Total from investment operations		0.18			0.54			0.18			0.49			1.08

Less distributions:
Dividends from net investment income		(0.44	)		(0.40	)		(0.45	)		(0.37	)		(0.28	)

Net asset value, end of year	$	5.32		$	5.58		$	5.44		$	5.71		$	5.59

Total return		3.18	%		9.93	%		3.13	%		8.75	%		22.54	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,034,629		$	1,101,281		$	1,043,950		$	1,029,570		$	823,114
Ratio of expenses to average net assets		1.01	%		1.01	%		1.01	%		1.01	%		1.00	%
Ratio of net investment income to average net assets		7.53	%		7.20	%		6.83	%		6.95	%		7.42	%
Portfolio turnover rate		108	%		103	%		116	%		78	%		66	%

See Notes to Financial Statements.

190

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of year	$	15.58		$	13.03		$	12.14		$	10.60		$	7.93

Income from investment operations:
Net investment income		0.21			0.11			0.14			0.09			0.05
Net realized and unrealized gain on investments, futures, and foreign currency transactions		1.73			3.20			1.73			1.83			2.69

Total from investment operations		1.94			3.31			1.87			1.92			2.74

Less distributions:
Dividends from net investment income		(0.16	)		(0.11	)		(0.21	)		(0.12	)		(0.07	)
Distributions from realized gains		(0.98	)		(0.65	)		(0.77	)		(0.26	)		—

Total dividends and distributions		(1.14	)		(0.76	)		(0.98	)		(0.38	)		(0.07	)

Net asset value, end of year	$	16.38		$	15.58		$	13.03		$	12.14		$	10.60

Total return		12.73	%		25.58	%		15.74	%		18.18	%		34.64	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,193,441		$	1,356,428		$	379,616		$	238,906		$	16,003
Ratio of expenses to average net assets:
After waivers and reimbursements		1.23	%		1.28	%		1.33	%		1.55	%		1.55	%
After waivers, reimbursements, and fees paid indirectly		1.23	%		1.27	%		1.29	%		1.50	%		1.48	%
Before waivers, reimbursements, and fees paid indirectly		1.23	%		1.28	%		1.33	%		1.55	%		1.78	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		1.27	%		0.77	%		1.13	%		0.73	%		0.45	%
After waivers, reimbursements, and fees paid indirectly		1.27	%		0.78	%		1.17	%		0.78	%		0.52	%
Before waivers, reimbursements, and fees paid indirectly		1.27	%		0.77	%		1.13	%		0.73	%		0.22	%
Portfolio turnover rate		47	%		45	%		67	%		83	%		72	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	0.02

	Year Ended December 31,
Class B	2007(c)			2006(c)			2005(c)			2004			2003
Net asset value, beginning of year	$	15.56		$	13.01		$	12.12		$	10.58		$	7.91

Income from investment operations:
Net investment income		0.17			0.10			0.11			0.07			0.03
Net realized and unrealized gain on investments, futures, and foreign currency transactions		1.72			3.17			1.72			1.82			2.69

Total from investment operations		1.89			3.27			1.83			1.89			2.72

Less distributions:
Dividends from net investment income		(0.12	)		(0.07	)		(0.17	)		(0.09	)		(0.05	)
Distributions from realized gains		(0.98	)		(0.65	)		(0.77	)		(0.26	)		—

Total dividends and distributions		(1.10	)		(0.72	)		(0.94	)		(0.35	)		(0.05	)

Net asset value, end of year	$	16.35		$	15.56		$	13.01		$	12.12		$	10.58

Total return		12.39	%		25.30	%		15.47	%		17.91	%		34.39	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	905,461		$	765,683		$	449,400		$	336,354		$	166,915
Ratio of expenses to average net assets:
After waivers and reimbursements		1.48	%		1.53	%		1.58	%		1.80	%		1.80	%
After waivers, reimbursements, and fees paid indirectly		1.48	%		1.52	%		1.54	%		1.75	%		1.73	%
Before waivers, reimbursements, and fees paid indirectly		1.48	%		1.53	%		1.58	%		1.80	%		2.03	%
Ratio of net investment income to average net assets:
After waivers and reimbursements		1.08	%		0.67	%		0.88	%		0.48	%		0.20	%
After waivers, reimbursements, and fees paid indirectly		1.08	%		0.68	%		0.92	%		0.53	%		0.27	%
Before waivers, reimbursements, and fees paid indirectly		1.08	%		0.67	%		0.88	%		0.48	%		(0.03	)%
Portfolio turnover rate		47	%		45	%		67	%		83	%		72	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	0.02

See Notes to Financial Statements.

191

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of year	$	11.96		$	10.79		$	10.37		$	9.89		$	7.73

Income from investment operations:
Net investment income		0.09			0.08			0.06			0.08			0.03
Net realized and unrealized gain on investments and foreign currency transactions		0.52			1.40			0.67			0.90			2.17

Total from investment operations		0.61			1.48			0.73			0.98			2.20

Less distributions:
Dividends from net investment income		(0.08	)		(0.07	)		(0.03	)		(0.13	)		(0.04	)
Distributions from realized gains		(0.83	)		(0.24	)		(0.28	)		(0.37	)		—

Total dividends and distributions		(0.91	)		(0.31	)		(0.31	)		(0.50	)		(0.04	)

Net asset value, end of year	$	11.66		$	11.96		$	10.79		$	10.37		$	9.89

Total return		5.22	%		13.84	%		7.07	%		9.92	%		28.41	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	842,193		$	598,068		$	309,162		$	6,932		$	5,049
Ratio of expenses to average net assets:
After waivers and reimbursements		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly		1.09	%		1.08	%		1.08	%		1.07	%		1.07	%
Before waivers, reimbursements and fees paid indirectly		1.10	%		1.10	%		1.15	%		1.22	%		1.42	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		0.74	%		0.73	%		0.52	%		0.79	%		0.42	%
After waivers, reimbursements and fees paid indirectly		0.74	%		0.75	%		0.54	%		0.82	%		0.45	%
Before waivers, reimbursements and fees paid indirectly		0.74	%		0.72	%		0.47	%		0.67	%		0.10	%
Portfolio turnover rate		51	%		49	%		39	%		52	%		45	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—	#	$	0.01		$	0.01		$	0.03

	Year Ended December 31,
Class B	2007(c)			2006(c)			2005(c)			2004			2003
Net asset value, beginning of year	$	11.96		$	10.79		$	10.38		$	9.89		$	7.73

Income from investment operations:
Net investment income		0.06			0.06			0.03			0.05			0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.53			1.39			0.66			0.91			2.16

Total from investment operations		0.59			1.45			0.69			0.96			2.17

Less distributions:
Dividends from net investment income		(0.05	)		(0.04	)		—	#		(0.10	)		(0.01	)
Distributions from realized gains		(0.83	)		(0.24	)		(0.28	)		(0.37	)		—

Total dividends and distributions		(0.88	)		(0.28	)		(0.28	)		(0.47	)		(0.01	)

Net asset value, end of year	$	11.67		$	11.96		$	10.79		$	10.38		$	9.89

Total return		5.05	%		13.56	%		6.70	%		9.75	%		28.09	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	215,406		$	208,296		$	185,408		$	173,875		$	136,178
Ratio of expenses to average net assets:
After waivers and reimbursements		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.34	%		1.33	%		1.33	%		1.32	%		1.32	%
Before waivers, reimbursements and fees paid indirectly		1.35	%		1.35	%		1.40	%		1.47	%		1.67	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		0.49	%		0.47	%		0.27	%		0.54	%		0.17	%
After waivers, reimbursements and fees paid indirectly		0.50	%		0.49	%		0.29	%		0.57	%		0.20	%
Before waivers, reimbursements and fees paid indirectly		0.49	%		0.47	%		0.22	%		0.42	%		(0.15	)%
Portfolio turnover rate		51	%		49	%		39	%		52	%		45	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—	#	$	0.01		$	0.01		$	0.03

See Notes to Financial Statements.

192

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of year	$	9.96		$	10.40		$	9.66		$	9.03		$	6.90

Income (loss) from investment operations:
Net investment loss		(0.01	)		(0.03	)		(0.05	)		(0.01	)		(0.01	)
Net realized and unrealized gain on investments		1.13			0.08			0.79			0.64			2.14

Total from investment operations		1.12			0.05			0.74			0.63			2.13

Less distributions:
Distributions from realized gains		(1.24	)		(0.49	)		—			—			—

Net asset value, end of year	$	9.84		$	9.96		$	10.40		$	9.66		$	9.03

Total return		11.51	%		0.44	%		7.66	%		6.98	%		30.87	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	25,968		$	21,104		$	17,780		$	12,166		$	8,168
Ratio of expenses to average net assets:
After waivers and reimbursements		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly		1.04	%		1.08	%		1.08	%		1.05	%		1.07	%
Before waivers, reimbursements and fees paid indirectly		1.12	%		1.12	%		1.13	%		1.16	%		1.33	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.12	)%		(0.27	)%		(0.49	)%		(0.23	)%		(0.32	)%
After waivers, reimbursements and fees paid indirectly		(0.06	)%		(0.25	)%		(0.47	)%		(0.18	)%		(0.29	)%
Before waivers, reimbursements and fees paid indirectly		(0.14	)%		(0.28	)%		(0.52	)%		(0.29	)%		(0.55	)%
Portfolio turnover rate		77	%		48	%		42	%		53	%		30	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—	#	$	—	#	$	—	#	$	0.01		$	0.01

	Year Ended December 31,
Class B	2007(c)			2006(c)			2005(c)			2004			2003
Net asset value, beginning of year	$	9.83		$	10.30		$	9.58		$	8.99		$	6.88

Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.05	)		(0.07	)		(0.04	)		(0.03	)
Net realized and unrealized gain on investments		1.11			0.07			0.79			0.63			2.14

Total from investment operations		1.08			0.02			0.72			0.59			2.11

Less distributions:
Distributions from realized gains		(1.24	)		(0.49	)		—			—			—

Net asset value, end of year	$	9.67		$	9.83		$	10.30		$	9.58		$	8.99

Total return		11.26	%		0.15	%		7.52	%		6.56	%		30.67	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	391,335		$	372,653		$	362,850		$	343,638		$	253,326
Ratio of expenses to average net assets:
After waivers and reimbursements		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.29	%(m)		1.33	%		1.33	%		1.30	%		1.32	%
Before waivers, reimbursements and fees paid indirectly		1.37	%		1.37	%		1.38	%		1.41	%		1.58	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.37	)%		(0.52	)%		(0.74	)%		(0.48	)%		(0.57	)%
After waivers, reimbursements and fees paid indirectly		(0.30	)%		(0.50	)%		(0.72	)%		(0.43	)%		(0.54	)%
Before waivers, reimbursements and fees paid indirectly		(0.39	)%		(0.53	)%		(0.77	)%		(0.54	)%		(0.80	)%
Portfolio turnover rate		77	%		48	%		42	%		53	%		30	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—	#	$	—	#	$	—	#	$	0.01		$	0.01

See Notes to Financial Statements.

193

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of year	$	12.83		$	11.19		$	10.99		$	10.28		$	7.98

Income from investment operations:
Net investment income		0.19			0.14			0.13			0.13			0.07
Net realized and unrealized gain on investments and foreign currency transactions		0.29			2.05			0.68			1.36			2.43

Total from investment operations		0.48			2.19			0.81			1.49			2.50

Less distributions:
Dividends from net investment income		(0.18	)		(0.12	)		(0.09	)		(0.14	)		(0.07	)
Distributions from realized gains		(1.34	)		(0.43	)		(0.52	)		(0.64	)		(0.13	)

Total dividends and distributions		(1.52	)		(0.55	)		(0.61	)		(0.78	)		(0.20	)

Net asset value, end of year	$	11.79		$	12.83		$	11.19		$	10.99		$	10.28

Total return		3.88	%		19.62	%		7.37	%		14.71	%		31.44	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,220,184		$	914,471		$	309,385		$	9,758		$	5,999
Ratio of expenses to average net assets:
After waivers and reimbursements		1.07	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly		1.01	%		1.06	%		1.04	%		0.96	%		1.03	%
Before waivers, reimbursements and fees paid indirectly		1.07	%		1.10	%		1.12	%		1.15	%		1.33	%
Ratio of net investment income to average net assets:
After waivers and reimbursements		1.38	%		1.12	%		1.03	%		1.35	%		0.92	%
After waivers, reimbursements and fees paid indirectly		1.44	%		1.16	%		1.09	%		1.49	%		0.99	%
Before waivers, reimbursements and fees paid indirectly		1.38	%		1.12	%		1.01	%		1.30	%		0.69	%
Portfolio turnover rate		77	%		63	%		76	%		99	%		135	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	0.01		$	0.02

	Year Ended December 31,
Class B	2007(c)			2006(c)			2005(c)			2004			2003
Net asset value, beginning of year	$	12.83		$	11.19		$	10.99		$	10.28		$	7.98

Income from investment operations:
Net investment income		0.16			0.11			0.09			0.12			0.05
Net realized and unrealized gain on investments and foreign currency transactions		0.29			2.05			0.69			1.34			2.43

Total from investment operations		0.45			2.16			0.78			1.46			2.48

Less distributions:
Dividends from net investment income		(0.15	)		(0.09	)		(0.06	)		(0.11	)		(0.05	)
Distributions from realized gains		(1.34	)		(0.43	)		(0.52	)		(0.64	)		(0.13	)

Total dividends and distributions		(1.49	)		(0.52	)		(0.58	)		(0.75	)		(0.18	)

Net asset value, end of year	$	11.79		$	12.83		$	11.19		$	10.99		$	10.28

Total return		3.61	%		19.32	%		7.10	%		14.42	%		31.11	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	718,323		$	702,312		$	526,727		$	406,626		$	256,460
Ratio of expenses to average net assets:
After waivers and reimbursements		1.32	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.26	%(m)		1.31	%(m)		1.29	%		1.21	%		1.28	%
Before waivers, reimbursements and fees paid indirectly		1.32	%		1.35	%		1.37	%		1.40	%		1.58	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		1.12	%		0.85	%		0.78	%		1.10	%		0.67	%
After waivers, reimbursements and fees paid indirectly		1.18	%		0.89	%		0.84	%		1.24	%		0.74	%
Before waivers, reimbursements and fees paid indirectly		1.12	%		0.85	%		0.76	%		1.05	%		0.44	%
Portfolio turnover rate		77	%		63	%		76	%		99	%		135	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	0.01		$	0.02

See Notes to Financial Statements.

194

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of year	$	9.04		$	9.12		$	9.63		$	8.75		$	6.30

Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.07	)		(0.08	)		(0.06	)		(0.02	)
Net realized and unrealized gain on investments		1.14			0.96			0.89			1.10			2.58

Total from investment operations		1.07			0.89			0.81			1.04			2.56

Less distributions:
Distributions from net realized gains		(0.98	)		(0.97	)		(1.32	)		(0.16	)		(0.11	)

Net asset value, end of year	$	9.13		$	9.04		$	9.12		$	9.63		$	8.75

Total return		12.22	%		9.83	%		8.66	%		12.04	%		40.60	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	303,194		$	230,585		$	223,527		$	395,739		$	242,059
Ratio of expenses to average net assets:
After waivers and reimbursements		1.30	%		1.30	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.27	%		1.26	%		1.30	%		1.25	%		1.21	%
Before waivers, reimbursements and fees paid indirectly		1.30	%		1.30	%		1.35	%		1.35	%		1.45	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.70	)%		(0.78	)%		(0.89	)%		(1.00	)%		(0.96	)%
After waivers, reimbursements and fees paid indirectly		(0.67	)%		(0.74	)%		(0.84	)%		(0.90	)%		(0.82	)%
Before waivers, reimbursements and fees paid indirectly		(0.70	)%		(0.78	)%		(0.89	)%		(1.00	)%		(1.06	)%
Portfolio turnover rate		81	%		77	%		87	%		76	%		119	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.01

	Year Ended December 31,
Class B	2007(c)			2006(c)			2005(c)			2004			2003
Net asset value, beginning of year	$	8.90		$	9.01		$	9.55		$	8.70		$	6.28

Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.09	)		(0.10	)		(0.09	)		(0.05	)
Net realized and unrealized gain on investments		1.12			0.95			0.88			1.10			2.58

Total from investment operations		1.03			0.86			0.78			1.01			2.53

Less distributions:
Distributions from net realized gains		(0.98	)		(0.97	)		(1.32	)		(0.16	)		(0.11	)

Net asset value, end of year	$	8.95		$	8.90		$	9.01		$	9.55		$	8.70

Total return		11.97	%		9.62	%		8.41	%		11.76	%		40.25	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	554,500		$	543,139		$	498,431		$	468,973		$	334,622
Ratio of expenses to average net assets:
After waivers and reimbursements		1.55	%		1.55	%		1.60	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly		1.52	%		1.51	%		1.55	%		1.50	%		1.46	%
Before waivers, reimbursements and fees paid indirectly		1.55	%		1.55	%		1.60	%		1.60	%		1.70	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.96	)%		(1.03	)%		(1.14	)%		(1.25	)%		(1.21	)%
After waivers, reimbursements and fees paid indirectly		(0.93	)%		(0.99	)%		(1.09	)%		(1.15	)%		(1.07	)%
Before waivers, reimbursements and fees paid indirectly		(0.96	)%		(1.03	)%		(1.14	)%		(1.25	)%		(1.31	)%
Portfolio turnover rate		81	%		77	%		87	%		76	%		119	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.01

See Notes to Financial Statements.

195

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of year	$	10.03		$	9.74		$	11.48		$	10.50		$	7.49

Income from investment operations:
Net investment income		0.02			0.03			0.01			0.01			0.01
Net realized and unrealized gain on investments and foreign currency transactions		—	#		1.41			0.83			1.60			3.06

Total from investment operations		0.02			1.44			0.84			1.61			3.07

Less distributions:
Dividends from net investment income		—			(0.02	)		—			—			—
Distributions from realized gains		(0.86	)		(1.13	)		(2.58	)		(0.63	)		(0.06	)

Total dividends and distributions		(0.86	)		(1.15	)		(2.58	)		(0.63	)		(0.06	)

Net asset value, end of year	$	9.19		$	10.03		$	9.74		$	11.48		$	10.50

Total return		0.31	%		15.08	%		7.61	%		15.47	%		40.94	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	535,842		$	387,990		$	319,455		$	842,150		$	546,951
Ratio of expenses to average net assets:
After waivers and reimbursements		1.29	%		1.31	%		1.29	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.28	%		1.30	%		1.24	%		1.29	%		1.27	%
Before waivers, reimbursements and fees paid indirectly		1.29	%		1.31	%		1.29	%		1.35	%		1.41	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		0.17	%		0.24	%		0.04	%		0.02	%		0.01	%
After waivers, reimbursements and fees paid indirectly		0.17	%		0.25	%		0.09	%		0.08	%		0.09	%
Before waivers, reimbursements and fees paid indirectly		0.17	%		0.24	%		0.04	%		0.02	%		(0.05	)%
Portfolio turnover rate		60	%		67	%		58	%		61	%		63	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	0.01

	Year Ended December 31,
Class B	2007(c)			2006(c)			2005(c)			2004			2003
Net asset value, beginning of year	$	9.87		$	9.61		$	11.39		$	10.45		$	7.47

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		—	#		(0.02	)		(0.02	)		(0.01	)
Net realized and unrealized gain on investments and foreign currency transactions		0.01			1.39			0.82			1.59			3.05

Total from investment operations		—			1.39			0.80			1.57			3.04

Less distributions:
Distributions from realized gains		(0.86	)		(1.13	)		(2.58	)		(0.63	)		(0.06	)

Net asset value, end of year	$	9.01		$	9.87		$	9.61		$	11.39		$	10.45

Total return		0.10	%		14.75	%		7.29	%		15.16	%		40.64	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	539,894		$	599,824		$	510,799		$	498,370		$	321,345
Ratio of expenses to average net assets:
After waivers and reimbursements		1.54	%		1.56	%(m)		1.54	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly		1.53	%		1.55	%		1.49	%		1.54	%		1.52	%
Before waivers, reimbursements and fees paid indirectly		1.54	%		1.56	%(m)		1.54	%		1.60	%		1.66	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.09	)%		(0.02	)%		(0.21	)%		(0.23	)%		(0.24	)%
After waivers, reimbursements and fees paid indirectly		(0.08	)%		(0.01	)%		(0.16	)%		(0.17	)%		(0.16	)%
Before waivers, reimbursements and fees paid indirectly		(0.09	)%		(0.02	)%		(0.21	)%		(0.23	)%		(0.30	)%
Portfolio turnover rate		60	%		67	%		58	%		61	%		63	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.01

See Notes to Financial Statements.

196

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO(d)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class B	2007 (c)			2006 (c)			2005 (c)			2004			2003(c)
Net asset value, beginning of year	$	9.52		$	8.76		$	8.28		$	7.36		$	5.98

Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.07	)		(0.07	)		(0.07	)		(0.07	)
Net realized and unrealized gain on investments and foreign currency transactions		0.33			0.95			0.70			0.99			1.45

Total from investment operations		0.31			0.88			0.63			0.92			1.38

Less distributions:
Distributions from realized gains		(0.92	)		(0.12	)		(0.15	)		—			—

Net asset value, end of year	$	8.91		$	9.52		$	8.76		$	8.28		$	7.36

Total return		3.60	%		10.26	%		7.55	%		12.50	%		23.08	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	392,037		$	277,810		$	176,610		$	93,964		$	83,897
Ratio of expenses to average net assets:
After waivers		1.47	%		1.30	%		1.30	%		1.30	%		1.29	%
After waivers and fees paid indirectly		1.27	%		1.30	%		1.30	%		1.30	%		1.29	%
Before waivers and fees paid indirectly		1.54	%		1.39	%		1.37	%		1.43	%		1.29	%
Ratio of net investment income (loss) to average net assets:
After waivers		(0.39	)%		(0.77	)%		(0.85	)%		(0.89	)%		(1.03	)%
After waivers and fees paid indirectly		(0.19	)%		(0.77	)%		(0.85	)%		(0.89	)%		(1.03	)%
Before waivers and fees paid indirectly		(0.46	)%		(0.85	)%		(0.92	)%		(1.02	)%		(1.03	)%
Portfolio turnover rate		177	%		279	%		273	%		199	%		85	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	0.01		$	0.01		$	0.01		$	0.01		$		**

See Notes to Financial Statements.

197

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006			2005 (c)			2004			2003
Net asset value, beginning of year	$	13.70		$	13.37		$	14.02		$	13.29		$	9.76

Income (loss) from investment operations:
Net investment income		0.10			0.07			0.06			0.07			0.10
Net realized and unrealized gain (loss) on investments		(1.42	)		2.09			0.61			2.20			3.55

Total from investment operations		(1.32	)		2.16			0.67			2.27			3.65

Less distributions:
Dividends from net investment income		(0.07	)		(0.08	)		(0.06	)		(0.05	)		(0.06	)
Distributions from realized gains		(1.08	)		(1.75	)		(1.26	)		(1.49	)		(0.06	)

Total dividends and distributions		(1.15	)		(1.83	)		(1.32	)		(1.54	)		(0.12	)

Net asset value, end of year	$	11.23		$	13.70		$	13.37		$	14.02		$	13.29

Total return		(9.62	)%		16.38	%		4.94	%		17.45	%		37.69	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	628,684		$	577,637		$	523,308		$	281,509		$	177,723
Ratio of expenses to average net assets:
After waivers		1.07	%(m)		0.85	%(m)		0.79	%		0.80	%		0.85	%
After waivers and fees paid indirectly		1.06	%		0.77	%(m)		0.70	%		0.61	%		0.75	%
Before waivers and fees paid indirectly		1.10	%		0.85	%(m)		0.79	%		0.80	%		0.85	%
Ratio of net investment income to average net assets:
After waivers		0.71	%		0.40	%(m)		0.37	%		0.37	%		0.70	%
After waivers and fees paid indirectly		0.72	%		0.47	%(m)		0.46	%		0.56	%		0.80	%
Before waivers and fees paid indirectly		0.68	%		0.40	%(m)		0.37	%		0.37	%		0.70	%
Portfolio turnover rate		103	%		114	%		90	%		96	%		69	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—		$	—		$	—		$	—

	Year Ended December 31,
Class B	2007 (c)			2006			2005 (c)			2004			2003(c)
Net asset value, beginning of year	$	13.71		$	13.38		$	14.02		$	13.30		$	9.77

Income (loss) from investment operations:
Net investment income		0.07			0.03			0.03			0.03			0.06
Net realized and unrealized gain (loss) on investments		(1.42	)		2.09			0.62			2.19			3.57

Total from investment operations		(1.35	)		2.12			0.65			2.22			3.63

Less distributions:
Dividends from net investment income		(0.04	)		(0.04	)		(0.03	)		(0.01	)		(0.04	)
Distributions from realized gains		(1.08	)		(1.75	)		(1.26	)		(1.49	)		(0.06	)

Total dividends and distributions		(1.12	)		(1.79	)		(1.29	)		(1.50	)		(0.10	)

Net asset value, end of year	$	11.24		$	13.71		$	13.38		$	14.02		$	13.30

Total return		(9.84	)%		16.07	%		4.75	%		17.06	%		37.42	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	980,945		$	1,326,859		$	1,153,566		$	1,042,729		$	689,540
Ratio of expenses to average net assets:
After waivers		1.32	%(m)		1.10	%(m)		1.04	%		1.05	%		1.10	%
After waivers and fees paid indirectly		1.31	%(m)		1.02	%(m)		0.95	%		0.86	%		1.00	%
Before waivers and fees paid indirectly		1.35	%(m)		1.10	%(m)		1.04	%		1.05	%		1.10	%
Ratio of net investment income to average net assets:
After waivers		0.48	%		0.15	%(m)		0.12	%		0.12	%		0.45	%
After waivers and fees paid indirectly		0.50	%		0.22	%(m)		0.21	%		0.31	%		0.55	%
Before waivers and fees paid indirectly		0.46	%		0.15	%(m)		0.12	%		0.12	%		0.45	%
Portfolio turnover rate		103	%		114	%		90	%		96	%		69	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	—		$	—		$	—		$	—

See Notes to Financial Statements.

198

AXA PREMIER VIP TRUST

MULTIMANAGER TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of year	$	11.12		$	10.34		$	9.26		$	8.87		$	5.76

Income (loss) from investment operations:
Net investment loss		(0.08	)		(0.07	)		(0.08	)		(0.05	)		(0.05	)
Net realized and unrealized gain on investments and foreign currency transactions		2.14			0.85			1.16			0.50			3.38

Total from investment operations		2.06			0.78			1.08			0.45			3.33

Less distributions:
Distributions from realized gains		—			—			—			(0.06	)		(0.22	)

Net asset value, end of year	$	13.18		$	11.12		$	10.34		$	9.26		$	8.87

Total return		18.53	%		7.54	%		11.54	%		5.25	%		58.24	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	36,248		$	28,469		$	27,263		$	25,939		$	9,303
Ratio of expenses to average net assets:
After waivers and reimbursements		1.42	%		1.43	%		1.42	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly		1.41	%		1.39	%		1.36	%		1.50	%		1.45	%
Before waivers, reimbursements and fees paid indirectly		1.42	%		1.43	%		1.42	%		1.60	%		2.03	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.63	)%		(0.72	)%		(0.91	)%		(0.80	)%		(1.35	)%
After waivers, reimbursements and fees paid indirectly		(0.62	)%		(0.69	)%		(0.85	)%		(0.70	)%		(1.20	)%
Before waivers, reimbursements and fees paid indirectly		(0.63	)%		(0.72	)%		(0.91	)%		(0.80	)%		(1.78	)%
Portfolio turnover rate		132	%		163	%		148	%		160	%		169	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.02

	Year Ended December 31,
Class B	2007(c)			2006(c)			2005(c)			2004			2003
Net asset value, beginning of year	$	10.98		$	10.23		$	9.19		$	8.82		$	5.74

Income (loss) from investment operations:
Net investment loss		(0.11	)		(0.10	)		(0.10	)		(0.06	)		(0.06	)
Net realized and unrealized gain on investments and foreign currency transactions		2.11			0.85			1.14			0.49			3.36

Total from investment operations		2.00			0.75			1.04			0.43			3.30

Less distributions:
Distributions from realized gains		—			—			—			(0.06	)		(0.22	)

Net asset value, end of year	$	12.98		$	10.98		$	10.23		$	9.19		$	8.82

Total return		18.21	%		7.33	%		11.20	%		5.05	%		57.64	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	656,676		$	516,556		$	507,474		$	486,608		$	113,251
Ratio of expenses to average net assets:
After waivers and reimbursements		1.67	%		1.68	%		1.67	%		1.85	%		1.85	%
After waivers, reimbursements and fees paid indirectly		1.66	%		1.64	%		1.61	%		1.75	%		1.70	%
Before waivers, reimbursements and fees paid indirectly		1.67	%		1.68	%		1.67	%		1.85	%		2.28	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.88	)%		(0.97	)%		(1.16	)%		(1.05	)%		(1.60	)%
After waivers, reimbursements and fees paid indirectly		(0.87	)%		(0.94	)%		(1.10	)%		(0.95	)%		(1.45	)%
Before waivers, reimbursements and fees paid indirectly		(0.88	)%		(0.97	)%		(1.16	)%		(1.05	)%		(2.03	)%
Portfolio turnover rate		132	%		163	%		148	%		160	%		169	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	0.02

See Notes to Financial Statements.

199

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.54		$	10.00

Income from investment operations:
Net investment income		0.26			0.23
Net realized and unrealized gain on investments		0.53			0.56

Total from investment operations		0.79			0.79

Less distributions:
Dividends from net investment income		(0.35	)		(0.25	)
Distributions from net realized gains		(0.13	)		—	#

Total dividends and distributions		(0.48	)		(0.25	)

Net asset value, end of period	$	10.85		$	10.54

Total return (b)		7.49	%		7.94	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	580		$	540
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		1.81	%		7.98	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		2.37	%		6.68	%(l)
Before waivers and reimbursements (a)		0.91	%		(1.66	)%(l)
Portfolio turnover rate		12	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.16		$	0.29

Class B	Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.54		$	10.00

Income from investment operations:
Net investment income		0.46			0.39
Net realized and unrealized gain on investments		0.30			0.39

Total from investment operations		0.76			0.78

Less distributions:
Dividends from net investment income		(0.32	)		(0.24	)
Distributions from net realized gains		(0.13	)		—	#

Total dividends and distributions		(0.45	)		(0.24	)

Net asset value, end of period	$	10.85		$	10.54

Total return (b)		7.22	%		7.85	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,218		$	2,023
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%
Before waivers and reimbursements (a)		2.06	%(m)		8.23	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.12	%		11.01	%(l)
Before waivers and reimbursements (a)		2.72	%		3.72	%(l)
Portfolio turnover rate		12	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.16		$	0.26

See Notes to Financial Statements.

200

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.65		$	10.00

Income from investment operations:
Net investment income		0.21			0.19
Net realized and unrealized gain on investments		0.60			0.68

Total from investment operations		0.81			0.87

Less distributions:
Dividends from net investment income		(0.30	)		(0.22	)
Distributions from net realized gains		(0.14	)		—	#

Total dividends and distributions		(0.44	)		(0.22	)

Net asset value, end of period	$	11.02		$	10.65

Total return (b)		7.62	%		8.71	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	585		$	544
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		1.51	%		7.39	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.86	%		5.55	%(l)
Before waivers and reimbursements (a)		0.69	%		(2.33	)%(l)
Portfolio turnover rate		15	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.13		$	0.27

Class B	Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.65		$	10.00

Income from investment operations:
Net investment income		0.35			0.31
Net realized and unrealized gain on investments		0.43			0.55

Total from investment operations		0.78			0.86

Less distributions:
Dividends from net investment income		(0.27	)		(0.21	)
Distributions from net realized gains		(0.14	)		—	#

Total dividends and distributions		(0.41	)		(0.21	)

Net asset value, end of period	$	11.02		$	10.65

Total return (b)		7.35	%		8.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	17,298		$	2,154
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%
Before waivers and reimbursements (a)		1.76	%(m)		7.64	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.10	%		8.86	%(l)
Before waivers and reimbursements (a)		2.03	%		2.18	%(l)
Portfolio turnover rate		15	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.12		$	0.24

See Notes to Financial Statements.

201

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.76		$	10.00

Income from investment operations:
Net investment income		0.17			0.16
Net realized and unrealized gain on investments		0.66			0.78

Total from investment operations		0.83			0.94

Less distributions:
Dividends from net investment income		(0.27	)		(0.18	)
Distributions from net realized gains		(0.11	)		—	#

Total dividends and distributions		(0.38	)		(0.18	)

Net asset value, end of period	$	11.21		$	10.76

Total return (b)		7.75	%		9.45	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	589		$	547
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		2.48	%		9.66	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.48	%		4.50	%(l)
Before waivers and reimbursements (a)		(0.64	)%		(4.99	)%(l)
Portfolio turnover rate		6	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.24		$	0.33

Class B	Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.76		$	10.00

Income from investment operations:
Net investment income		0.29			0.19
Net realized and unrealized gain on investments		0.51			0.74

Total from investment operations		0.80			0.93

Less distributions:
Dividends from net investment income		(0.24	)		(0.17	)
Distributions from net realized gains		(0.11	)		—	#

Total dividends and distributions		(0.35	)		(0.17	)

Net asset value, end of period	$	11.21		$	10.76

Total return (b)		7.37	%		9.45	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	9,825		$	1,228
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%
Before waivers and reimbursements (a)		2.73	%(m)		9.91	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		2.54	%		5.42	%(l)
Before waivers and reimbursements (a)		0.53	%		(3.77	)%(l)
Portfolio turnover rate		6	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.23		$	0.32

See Notes to Financial Statements.

202

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.86		$	10.00

Income from investment operations:
Net investment income		0.13			0.12
Net realized and unrealized gain on investments		0.74			0.89

Total from investment operations		0.87			1.01

Less distributions:
Dividends from net investment income		(0.23	)		(0.15	)
Distributions from net realized gains		(0.34	)		—	#

Total dividends and distributions		(0.57	)		(0.15	)

Net asset value, end of period	$	11.16		$	10.86

Total return (b)		8.09	%		10.16	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	595		$	551
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		2.91	%		10.59	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.13	%		3.47	%(l)
Before waivers and reimbursements (a)		(1.42	)%		(6.92	)%(l)
Portfolio turnover rate		23	%		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.29		$	0.36

Class B	Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.86		$	10.00

Income from investment operations:
Net investment income		0.21			0.18
Net realized and unrealized gain on investments		0.63			0.82

Total from investment operations		0.84			1.00

Less distributions:
Dividends from net investment income		(0.20	)		(0.14	)
Distributions from net realized gains		(0.34	)		—	#

Total dividends and distributions		(0.54	)		(0.14	)

Net asset value, end of period	$	11.16		$	10.86

Total return (b)		7.82	%		10.06	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,588		$	1,052
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%
Before waivers and reimbursements (a)		3.16	%(m)		10.84	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.78	%		5.06	%(l)
Before waivers and reimbursements (a)		(0.70	)%		(5.07	)%(l)
Portfolio turnover rate		23	%		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.29		$	0.36

See Notes to Financial Statements.

203

AXA PREMIER VIP TRUST

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*	Commencement of operations.

**	Prior to December 31, 2004, these ratios and per share amounts were not provided.

#	Per share amount is less than $0.01.

‡	Amount is less than 1%.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(c)

Net investment income and capital changes are based on average shares outstanding.

(d)

On July 6, 2007, this Portfolio received, through a merger, the assets and liabilities of the EQ/Wells Fargo Montgomery Small Cap Portfolio that followed the same investment objectives of this Portfolio. The information from October 1, 2004 through July 6, 2007 is that of the predecessor EQ/Wells Fargo Montgomery Small Cap Portfolio. Information for the year ended December 31, 2007 includes the results of the operations of the predecessor EQ/Wells Fargo Montgomery Small Cap Portfolio from January 1, 2007 through July 6, 2007.

(h)

Reflects purchases and sales from change in investment strategy.

(i)

On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/High Yield Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2001 through August 14, 2003 is that of the predecessor EQ/High Yield Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/High Yield Portfolio from January 1, 2003 through August 14, 2003.

(j)

On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/Aggressive Stock Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2001 through August 14, 2003 is that of the predecessor EQ/Aggressive Stock Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/Aggressive Stock Portfolio from January 1, 2003 through August 14, 2003.

(k)

On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/Balanced Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2001 through August 14, 2003 is that of the predecessor EQ/Balanced Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/Balanced Portfolio from January 1, 2003 through August 14, 2003.

(l)

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

(m)

Reflects overall fund ratios for investment income and non-class specific expense.

See Notes to Financial Statements.

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Note 1 Organization and Selected Significant Accounting Policies

AXA Premier VIP Trust (the “Trust”) was organized as a Delaware business trust on October 2, 2001 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with eleven diversified Portfolios and eleven non-diversified Portfolios (each a “Portfolio”). The non-diversified Portfolios are: AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio, AXA Aggressive Allocation Portfolio, Multimanager Health Care Portfolio, Multimanager Technology Portfolio, Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio. The investment manager to each Portfolio is AXA Equitable Life Insurance Company (“AXA Equitable” or the “Manager”). The day-to-day portfolio management of each Portfolio, other than the AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio and AXA Aggressive Allocation Portfolio (“AXA Allocation Portfolios”), and the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio (“Target Allocation Portfolios”), is provided by multiple investment sub-advisers (each an “Adviser”).

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust and management expect that risk of loss to be remote.

The AXA Allocation Portfolios and the Target Allocation Portfolios are types of mutual funds often described as “fund of funds.” Each AXA Allocation Portfolio and Target Allocation Portfolio pursues its investment objective by investing exclusively in other mutual funds managed by AXA Equitable (EQ Advisors Trust and AXA Premier VIP Trust).

All of the Portfolios, except the AXA Allocation Portfolios and Target Allocation Portfolios, employ multiple Advisers. Each of the Advisers independently chooses and maintains a portfolio of securities for the Portfolio and each is responsible for investing a specific allocated portion of the Portfolio’s assets. Because each Adviser will be managing its allocated portion of the Portfolio independently from the other Advisers, the same security may be held in different portions of the Portfolio, or may be acquired for one portion of the Portfolio at a time when the Adviser of another portion deems it appropriate to dispose of the security. Similarly, under some market conditions, one Adviser may believe that temporary defensive investments in short-term instruments or cash are appropriate when the other Adviser or Advisers believe continued exposure to the equity markets is appropriate for their portions of the Portfolio. Because each Adviser directs the trading for its own portion of the Portfolio, and does not aggregate its transactions with those of the other Advisers, the Portfolio may incur higher brokerage costs, and have higher portfolio turnover, than would be the case if a single Adviser were managing the entire Portfolio.

The Trust has the right to issue two classes of shares, Class A and Class B. The Class B shares are subject to distribution fees imposed under a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, both classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the Distribution Plan. The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by AXA Equitable, an indirect wholly-owned subsidiary of AXA, AXA Life and Annuity Company (“ALAC”), MONY Life Insurance Company (“MONY”) and MONY Life Insurance Company of America (“MONY America”), as well as insurance companies that are not affiliated with AXA Equitable, ALAC, MONY or MONY America and to The Investment Plan for Employees, Managers and Agents. The Investment Plan for Employees, Managers and Agents is the primary

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December 31, 2007

shareholder of Class A for the Multimanager Health Care Portfolio, Multimanager Large Cap Growth Portfolio and Multimanager Technology Portfolio.

The investment objectives of each Portfolio are as follows:

AXA Conservative Allocation Portfolio — Seeks a high level of current income.

AXA Conservative-Plus Allocation Portfolio — Seeks current income and growth of capital, with a greater emphasis on current income.

AXA Moderate Allocation Portfolio — Seeks long-term capital appreciation and current income.

AXA Moderate-Plus Allocation Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

AXA Aggressive Allocation Portfolio — Seeks long-term capital appreciation.

Multimanager Aggressive Equity Portfolio (formerly AXA Premier VIP Aggressive Equity Portfolio) (advised by AllianceBernstein L.P. (“AllianceBernstein”) (an affiliate of AXA Equitable), Legg Mason Capital Management, Inc., Marsico Capital Management, LLC (“Marsico”) and ClearBridge Advisors, LLC (“ClearBridge”)) — Long-term growth of capital. Effective January 12, 2007, ClearBridge replaced MFS Investment Management (“MFS”) as an adviser to the Portfolio.

Multimanager Core Bond Portfolio (formerly AXA Premier VIP Core Bond Portfolio) (advised by BlackRock Financial Management, Inc. and Pacific Investment Management Company LLC (“PIMCO”) — To seek a balance of a high current income and capital appreciation, consistent with a prudent level of risk.

Multimanager Health Care Portfolio (formerly AXA Premier VIP Health Care Portfolio) (advised by AIM Capital Management, Inc., RCM Capital Management LLC (“RCM”) and Wellington Management Company, LLP (“Wellington Management”)) — Long-term growth of capital.

Multimanager High Yield Portfolio (formerly AXA Premier VIP High Yield Portfolio) (advised by PIMCO and Post Advisory Group, LLC) — High total return through a combination of current income and capital appreciation.

Multimanager International Equity Portfolio (formerly AXA Premier VIP International Equity Portfolio) (advised by AllianceBernstein, JPMorgan Investment Management Inc. and Marsico) — Long-term growth of capital.

Multimanager Large Cap Core Equity Portfolio (formerly AXA Premier VIP Large Cap Core Equity Portfolio) (advised by AllianceBernstein, Janus Capital Management LLC and Thornburg Investment Management, Inc.) — Long-term growth of capital.

Multimanager Large Cap Growth Portfolio (formerly AXA Premier VIP Large Cap Growth Portfolio) (advised by T. Rowe Price Associates, Inc. (“T. Rowe”), RCM and TCW Investment Management Company (“TCW”)) — Long-term growth of capital. Effective January 12, 2007, T. Rowe replaced AllianceBernstein as an adviser to the Portfolio.

Multimanager Large Cap Value Portfolio (formerly AXA Premier VIP Large Cap Value Portfolio) (advised by AllianceBernstein, Institutional Capital LLC and MFS) — Long-term growth of capital.

Multimanager Mid Cap Growth Portfolio (formerly AXA Premier VIP Mid Cap Growth Portfolio) (advised by AllianceBernstein, Franklin Advisers, Inc., and Provident Investment Counsel, Inc.) — Long-term growth of capital.

Multimanager Mid Cap Value Portfolio (formerly AXA Premier VIP Mid Cap Value Portfolio) (advised by AXA Rosenberg Investment Management LLC (an affiliate of AXA Equitable), TCW and Wellington Management) — Long-term growth of capital.

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December 31, 2007

Multimanager Small Cap Growth Portfolio (formerly EQ/Small Company Growth) (advised by Eagle Asset Management, Inc. and Wells Capital Management, Inc. (“Wells”) — Long-term growth of capital. Effective October 15, 2007, Wells took over the investment responsibilities for Bear Stearns Asset Management Inc., in addition to its current responsibilities.

Multimanager Small Cap Value Portfolio (formerly EQ/Small Cap Value Portfolio) (advised by Lazard Asset Management LLC and Franklin Advisory Services, LLC) — Long-term growth of capital.

Multimanager Technology Portfolio (formerly AXA Premier VIP Technology Portfolio) (advised by Firsthand Capital Management, Inc., RCM and Wellington Management) — Long-term growth of capital.

Target 2015 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2025 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2035 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2045 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

The following is a summary of the significant accounting policies of the Trust:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

Valuation:

Equity securities listed on national securities exchanges are valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Other unlisted equity securities are valued at their last sale price or official closing price or, if no reported sale occurs during the day, at a bid price estimated by a broker. Securities listed on the NASDAQ exchange will be valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the security is outside the range of the bid/ ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price.

Convertible preferred stocks listed on national securities exchanges or included on the NASDAQ stock market are valued as of their last sale price or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are valued at bid prices obtained from one or more of the major dealers in such securities. Where there is a discrepancy between dealers, values may be adjusted based on recent premium spreads to the underlying common stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities. If a quoted price is unavailable, an equivalent yield or yield spread quote will be obtained from a broker and converted to a price.

Options, including options on futures that are traded on exchanges, are valued at their last sale price, and if the last sale price is not available then the previous day’s last sale price is used. If the bid price is higher or the asked price is lower than the last sale price, the higher bid or lower asked price may be used. Options not traded on an exchange or actively traded are valued at fair value under the direction of the Board of Trustees (“Trustees”).

Long-term corporate bonds may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The prices provided by a pricing

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December 31, 2007

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 will be valued using broker quotes.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are valued at representative quoted prices.

Foreign securities, including foreign government securities, not traded directly, or in American Depositary Receipt (ADR) or similar form in the United States, are valued at representative quoted prices from the primary exchange in the currency of the country of origin.

Short-term investments which mature in 60 days or less are valued at amortized cost, which approximates market value. Short-term investments, which mature in more than 60 days, are valued at representative quoted prices.

Futures contracts are valued at their last sale price or, if there is no sale, at the latest available bid price.

Forward foreign exchange contracts are valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date.

Other securities and assets for which market quotations are not readily available or for which valuation can not be provided, are valued at fair value under the direction of the Trustees.

Investments in the AXA Allocation Portfolios and the Target Allocation Portfolios are valued based on the net asset value per share of each underlying open-end mutual fund, which follow the policies as described above.

Pursuant to procedures approved by the Trustees, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the net asset value is determined may be reflected, as by a method approved by the Trustees, in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust’s Manager deems that the particular event or circumstance would materially affect such Portfolio’s net asset value.

Securities transactions are recorded on the trade date net of brokerage fees, commissions, and transfer fees. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income (including amortization of premium and discount on long-term securities using the effective yield method) is accrued daily.

Realized gains and losses on the sale of investments are computed on the basis of the specific identification method of the investments sold. Unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities is presented net of deferred taxes on unrealized gains in the Statement of Assets and Liabilities.

Expenses attributable to a single Portfolio or class are charged to that Portfolio or class. Expenses of the Trust not attributable to a single Portfolio or class are charged to each Portfolio or class in proportion to the average net assets of each Portfolio or other appropriate allocation methods.

All income earned and expenses incurred by each Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the daily net assets of such class, except for distribution fees which are charged on a class specific basis.

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

(i)

market value of investment securities, other assets and liabilities - at the valuation date.

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December 31, 2007

(ii)

purchases and sales of investment securities, income and expenses - at the date of such transactions.

The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on securities.

Net currency gains or losses realized and unrealized as a result of differences between interest or dividends, withholding taxes, forward foreign currency exchange contracts and foreign cash recorded on the Portfolio’s books and the U.S. dollar equivalent amount actually received or paid are presented under foreign currency transactions in the realized and unrealized gains and losses section of the Statements of Operations. Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from forward foreign currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on a Portfolio’s books and the U.S. dollar equivalent of amounts actually received or paid.

Taxes:

The Trust intends to comply with the requirements of the Internal Revenue Code of 1986, as amended (“Code”) applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no Federal income tax provision is required. Dividends from net investment income are declared and distributed at least annually for all Portfolios. Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of the Portfolios to which such gains are attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All dividends are distributed on a tax basis and, as such, the amounts may differ from financial statement investment income and realized capital gains. Those differences are primarily due to differing book and tax treatments for organization costs, forward foreign currency transactions, losses due to wash sales transactions, mark-to-market of forward contracts, mark-to-market of passive foreign investment companies and straddle transactions. In addition, short-term capital gains and foreign currency gains are treated as capital gains for accounting (book) purposes but are considered ordinary income for tax purposes. Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year. The tax composition of distributed and undistributed income and gains for the years ended December 31, 2007 and December 31, 2006, were as follows:


	Year Ended December 31, 2007								Year Ended December 31, 2006
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
AXA Conservative Allocation	$	21,368,434	$	8,673,731	$	—	$	8,204,533	$	12,155,165	$	3,007,958	$	76,320	$	2,949,477
AXA Conservative- Plus Allocation		37,710,012		21,933,958		30,000		25,692,644		23,932,435		10,520,989		16,455		11,553,038
AXA Moderate Allocation		298,600,094		52,620,672		—		281,484,720		209,595,866		63,678,763		—		116,750,510
AXA Moderate-Plus Allocation		287,282,601		287,860,350		—		460,742,283		149,622,454		72,286,531		—		153,937,136
AXA Aggressive Allocation		73,945,478		100,301,029		—		164,086,702		33,235,844		20,875,656		—		46,796,225
Multimanager Aggressive Equity		2,642,629		—		456,432		—		4,141,455		—		—		—
Multimanager Core Bond		125,976,717		—		2,620,754		3,011,991		101,560,686		—		473,929		—
Multimanager Health Care		14,562,365		18,427,218		2,912,273		1,502,977		3,969,662		14,070,779		2,467,161		2,944,577

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December 31, 2007


	Year Ended December 31, 2007								Year Ended December 31, 2006
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
Multimanager High Yield	$	147,966,792	$	—	$	1,728,137	$	—	$	132,414,346	$	—	$	374,241	$	—
Multimanager International Equity		95,478,324		101,354,141		31,129,819		18,971,707		39,348,707		55,089,392		8,287,249		16,695,808
Multimanager Large Cap Core Equity		32,902,483		41,565,481		2,563,155		—		5,791,436		14,138,188		3,345,257		10,206,029
Multimanager Large Cap Growth		5,929,173		41,310,199		51,863		—		—		18,677,022		—		2,840,491
Multimanager Large Cap Value		111,537,136		106,635,518		1,415,383		3,343,040		41,096,678		22,757,958		6,670,591		9,149,048
Multimanager Mid Cap Growth		—		83,221,222		3,069,989		4,100,311		3,770,863		72,553,535		—		10,553,731
Multimanager Mid Cap Value		13,148,254		80,529,778		560,811		11,960,386		16,167,835		85,244,158		1,654,344		11,531,340
Multimanager Small Cap Growth		24,310,615		12,226,903		2,369,788		101,427		3,441,458		—		—		—
Multimanager Small Cap Value		70,233,923		86,605,208		—		3,389,593		100,859,888		120,661,743		21,128,937		26,467,155
Multimanager Technology		—		—		—		—		—		—		—		—
Target 2015 Allocation		443,794		71,472		—		280,687		56,527		—		617		37,850
Target 2025 Allocation		474,399		134,797		—		431,133		51,088		—		907		46,858
Target 2035 Allocation		235,561		48,431		—		271,474		26,415		—		3,119		32,462
Target 2045 Allocation		145,251		162,141		—		206,051		21,553		—		3,605		36,104

Permanent book and tax basis differences relating to shareholder distributions resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in capital at December 31, 2007 as follows:


Portfolios:	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
AXA Conservative Allocation	$	1,957,621		$	(1,957,623	)	$	2
AXA Conservative-Plus Allocation		6,703,539			(6,703,538	)		(1	)
AXA Moderate Allocation		73,855,221			(73,855,221	)		—
AXA Moderate-Plus Allocation		125,422,779			(125,422,779	)		—
AXA Aggressive Allocation		44,554,391			(44,554,392	)		1
Multimanager Aggressive Equity		(178,930	)		205,275			(26,345	)
Multimanager Core Bond		(4,072,125	)		4,072,126			(1	)
Multimanager Health Care		2,943,436			(2,767,240	)		(176,196	)
Multimanager High Yield		(824,542	)		11,540,781			(10,716,239	)
Multimanager International Equity		(790,974	)		790,976			(2	)
Multimanager Large Cap Core Equity		(25,328	)		25,328			—
Multimanager Large Cap Growth		1,154,217			(954,712	)		(199,505	)
Multimanager Large Cap Value		(812	)		812			—
Multimanager Mid Cap Growth		6,763,399			(6,651,768	)		(111,631	)
Multimanager Mid Cap Value		55,772			168,153			(223,925	)
Multimanager Small Cap Growth		658,127			(1,421,985	)		763,858
Multimanager Small Cap Value		(3,789,891	)		4,643,354			(853,463	)

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December 31, 2007


Portfolios:	Undistributed Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)			Paid In Capital
Multimanager Technology	$	5,011,606	$	30,792		$	(5,042,398	)
Target 2015 Allocation		78,644		(78,644	)		—
Target 2025 Allocation		112,341		(112,340	)		(1	)
Target 2035 Allocation		70,955		(70,955	)		—
Target 2045 Allocation		53,787		(53,787	)		—

Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year. For the period from November 1, 2007 to December 31, 2007, the Portfolios elected to defer until the first business day of 2008 for U.S. Federal income tax purposes, net capital and net currency losses, as follows:


Portfolios:	Net Currency Loss		Net Capital Loss
AXA Conservative Allocation	$	—	$	—
AXA Conservative-Plus Allocation		—		—
AXA Moderate Allocation		—		—
AXA Moderate-Plus Allocation		—		—
AXA Aggressive Allocation		—		—
Multimanager Aggressive Equity		156,844		—
Multimanager Core Bond		—		—
Multimanager Health Care		—		—
Multimanager High Yield		—		7,588,586
Multimanager International Equity		1,011,113		—
Multimanager Large Cap Core Equity		1,318		749,743
Multimanager Large Cap Growth		—		2,253,767
Multimanager Large Cap Value		—		—
Multimanager Mid Cap Growth		—		—
Multimanager Mid Cap Value		6,882		—
Multimanager Small Cap Growth		—		252,611
Multimanager Small Cap Value		—		—
Multimanager Technology		—		—
Target 2015 Allocation		—		—
Target 2025 Allocation		—		—
Target 2035 Allocation		—		—
Target 2045 Allocation		—		—

Fees Paid Indirectly:

For all Portfolios, the Board of Trustees has approved the payment of certain Trust expenses using brokerage service arrangements. These payments are reflected on the Statements of Operations. For the year ended December 31, 2007, several Portfolios reduced expenses under these arrangements as follows:


Portfolios:	Amount
Multimanager Aggressive Equity	$	1,822,896
Multimanager Health Care		55,619
Multimanager International Equity		11,319
Multimanager Large Cap Core Equity		70,981

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December 31, 2007


Portfolios:	Amount
Multimanager Large Cap Growth	$	262,750
Multimanager Large Cap Value		1,150,576
Multimanager Mid Cap Growth		256,139
Multimanager Mid Cap Value		72,137
Multimanager Small Cap Growth		723,867
Multimanager Small Cap Value		209,024
Multimanager Technology		52,991

Securities Lending:

For all Portfolios, the Board of Trustees has approved the lending of portfolio securities, through its custodian bank, JPMorgan Chase Bank (“JPMorgan”), acting as lending agent, to certain approved broker-dealers in exchange for negotiated lenders’ fees. By lending investment securities, a Portfolio attempts to increase its net investment income through the receipt of interest on the cash equivalents held as collateral on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Portfolio. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of Portfolio securities will be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan will indemnify each Portfolio from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan invests the cash collateral on behalf of the Portfolios and retains a portion of the interest earned. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. At December 31, 2007, the cash collateral received by each Portfolio for securities loaned was invested by JPMorgan and is summarized in the Portfolio of Investments. The Portfolios bear the risk of any loss in market value of the collateral. Each Portfolio has an individual interest equal to the amount of cash collateral contributed.

Repurchase Agreements:

Certain Portfolios may enter into repurchase agreements with qualified and Manager approved banks, broker-dealers or other financial institutions as a means of earning a fixed rate of return on their cash reserves for periods as short as overnight. A repurchase agreement is a contract pursuant to which a Portfolio, against receipt of securities of at least equal value including accrued interest, agrees to advance a specified sum to the financial institution which agrees to reacquire the securities at a mutually agreed upon time (usually one day) and price. Each repurchase agreement entered into by a Portfolio will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest. A Portfolio’s right to liquidate such securities in the event of a default by the seller could involve certain costs, losses or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Portfolio could suffer a loss.

Options Written:

Certain Portfolios may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the portfolio or to enhance investment performance. Certain Portfolios may purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options which expire unexercised are recognized as gains on the expiration date. Premiums received from writing options which are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted

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against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale or cost of purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. By writing a covered call option, a Portfolio, in exchange for the premium, foregoes the opportunity for capital appreciation above the exercise price should the market price of the underlying security increase. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options. The Portfolios, however, are not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

Short Sales Against the Box:

Certain Portfolios may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into at least an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Not more than 10% of a Portfolio’s net assets may be held as collateral for short sales against the box at any one time. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the broker to meet their obligation to perform.

Futures Contracts, Options on Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:

The futures contracts and options on futures contracts used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Certain Portfolios may buy or sell futures contracts and options on futures contracts for the purpose of protecting their portfolio securities against future changes in interest rates and indices which might adversely affect the value of the Portfolios’ securities or the price of securities that it intends to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and options on futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts and options on futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by “marking-to-market” at the end of each trading day. Variation margin payments on futures contracts and options on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Portfolio’s basis in the contract. Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. The use of futures contracts transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss. The Portfolios enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade.

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

Certain Portfolios may purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios may enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by “marking to market.” The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from foreign currency transactions in the Statement of Operations. The Advisers may engage in these forward contracts to protect against uncertainty in the level of future exchange rates in connection with the purchase and sale of Portfolio securities (“transaction hedging”) and to protect the value of specific portfolio positions (“position hedging”). The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Swaps:

Certain Portfolios may invest in swap contracts, which are derivatives in the form of a contract or other similar instrument which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. A Portfolio will usually enter into swaps on a net basis, i.e., the two return streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two returns. A Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid obligations. A Portfolio will not enter into any swap agreement unless the counterparty meets the rating requirements set forth in guidelines established by the Trust’s Board of Trustees. Swap agreements are stated at market value on the Statement of Assets and Liabilities. Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Notional principal amounts are used to express the extent of involvement in these transactions, but the amount potentially subject to credit risk is much smaller.

Dollar Roll Transactions:

Certain Portfolios may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage market. A dollar roll transaction involves a sale by a Portfolio of securities with a simultaneous agreement to repurchase substantially similar securities at an agreed-upon price at a future date. The securities repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. Dollar roll transactions involve the risk that the market value of the securities sold by the Portfolio may decline

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below the repurchase price of the similar securities. None of the Portfolios had dollar roll transactions outstanding at December 31, 2007.

Market and Credit Risk:

Written options, futures contracts, forward commitments, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The risk involved in writing an option on a security is that, if the option is exercised, the underlying security is then purchased or sold by the Portfolio at the contract price, which could be disadvantageous relative to the market price. The Portfolio bears the market risk, which arises from any changes in security values. The credit risk for futures contracts and exchange traded options is limited to failure of the exchange or board of trade which acts as the counterparty to the Portfolio’s futures transactions. Forward commitments, forward foreign currency exchange contracts, over-the-counter options and swaps are done directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement and the Portfolio is exposed to the risk of default by the counterparty.

Note 2 Management of the Trust

The Trust has entered into two separate investment management agreements (the “Management Agreements”) with AXA Equitable. The Management Agreement for the Portfolios (other than the AXA Allocation Portfolios and the Target Allocation Portfolios) obligates the Manager to: (i) provide investment management services to the Trust; (ii) select the sub-advisers for each portfolio: (iii) monitor each sub-adviser’s investment programs and results; (iv) review brokerage matters: (v) oversee the Trust’s compliance with various federal and state statutes; and (vi) carry out the directives of the Board of Trustees. The Management Agreement for the AXA Allocation Portfolios and the Target Allocation Portfolios obligates the Manager to: (i) provide investment management and advisory services; (ii) render investment advice concerning the underlying funds in which to invest and the appropriate allocations for each of the AXA Allocation Portfolios and the Target Allocation Portfolios; (iii) review brokerage matters; (iv) oversee the Trust’s compliance with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. For the year ended December 31, 2007, for its services under the Management Agreements, the Manager was entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:


Portfolios:		Management Fee
AXA Conservative Allocation		0.10% of average daily net assets
AXA Conservative-Plus Allocation		0.10% of average daily net assets
AXA Moderate Allocation		0.10% of average daily net assets
AXA Moderate-Plus Allocation		0.10% of average daily net assets
AXA Aggressive Allocation		0.10% of average daily net assets
Target 2015 Allocation		0.10% of average daily net assets
Target 2025 Allocation		0.10% of average daily net assets
Target 2035 Allocation		0.10% of average daily net assets
Target 2045 Allocation		0.10% of average daily net assets


	(as a percentage of average daily net assets)
Portfolios:	First $ 750 Million		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
Multimanager Aggressive Equity	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
Multimanager Health Care	1.200		1.150		1.125		1.100		1.075
Multimanager International Equity	1.050		1.000		0.975		0.950		0.925
Multimanager Large Cap Core Equity	0.900		0.850		0.825		0.800		0.775

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	(as a percentage of average daily net assets)
Portfolios:	First $750 Million		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
Multimanager Large Cap Growth	0.900	%	0.850	%	0.825	%	0.800	%	0.775	%
Multimanager Large Cap Value	0.900		0.850		0.825		0.800		0.775
Multimanager Mid Cap Growth	1.100		1.050		1.025		1.000		0.975
Multimanager Mid Cap Value	1.100		1.050		1.025		1.000		0.975
Multimanager Small Cap Growth	1.050		1.000		0.975		0.950		0.925
Multimanager Small Cap Value	1.050		1.000		0.975		0.950		0.925
Multimanager Technology	1.200		1.150		1.125		1.100		1.075

	First $500 Million		Next $750 Million		Next $1 Billion		Next $2.5 Billion		Thereafter
Multimanager High Yield	0.600	%	0.575	%	0.550	%	0.530	%	0.520	%

	First $1.25 Billion		Next $1 Billion		Next $1 Billion		Next $2.5 Billion		Thereafter
Multimanager Core Bond	0.600	%	0.575	%	0.550	%	0.525	%	0.500	%

Prior to August 1, 2007, the management fees for the Portfolios referenced below were as follows:


	(as a percentage of average daily net assets)
Portfolios:	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
Multimanager Aggressive Equity	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
Multimanager Health Care	1.200		1.150		1.125		1.100		1.075
Multimanager International Equity	1.050		1.000		0.975		0.950		0.925
Multimanager Large Cap Core Equity	0.900		0.850		0.825		0.800		0.775
Multimanager Large Cap Growth	0.900		0.850		0.825		0.800		0.775
Multimanager Large Cap Value	0.900		0.850		0.825		0.800		0.775
Multimanager Mid Cap Growth	1.100		1.050		1.025		1.000		0.975
Multimanager Mid Cap Value	1.100		1.050		1.025		1.000		0.975
Multimanager Small Cap Growth	1.050		1.000		0.975		0.950		0.925
Multimanager Small Cap Value	1.050		1.000		0.975		0.950		0.925
Multimanager Technology	1.200		1.150		1.125		1.100		1.075

	First $750 Million		Next $750 Million		Next $1 Billion		Next $2.5 Billion		Thereafter
Multimanager High Yield	0.600	%	0.575	%	0.550	%	0.530	%	0.520	%

	First $1.5 Billion		Next $1 Billion		Next $1 Billion		Next $2.5 Billion		Thereafter
Multimanager Core Bond	0.600	%	0.575	%	0.550	%	0.525	%	0.500	%

On behalf of the Trust, with the exception of the AXA Allocation Portfolios and Target Allocation Portfolios, the Manager has entered into investment advisory agreements (“Advisory Agreements”) with each of the Advisers for the Trust’s other Portfolios. Each of the Advisory Agreements obligates the Advisers for the respective Portfolios to: (i) continuously furnish investment programs for the Portfolios; (ii) place all orders for the purchase and sale of investments for the Portfolios with brokers or dealers selected by the Manager or the respective Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Manager pays the expenses of providing investment advisory services to the Portfolios, including the fees of the Advisers of each Portfolio.

Note 3 Administrative Fees

Pursuant to an administrative agreement, AXA Equitable (“Administrator”) provides the Trust with necessary administrative services. In addition, the Administrator makes available the office space,

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equipment, personnel and facilities required to provide such administrative services to the Trust. For these administrative services, the Trust shall pay to AXA Equitable an annual fee in accordance with the following schedule:

(i) $35,000 for each Portfolio and for each multi-advised Portfolio, each “sleeve” of the multi-advised Portfolio; and

(ii) With respect to all Portfolios except the Allocation Portfolios and the Target Allocation Portfolios (“Multimanager Portfolios”):

0.150 of 1% of total average net assets of the Multimanager Portfolios up to and including $15 billion;

0.125* of 1% of total average net assets of the Multimanager Portfolios in excess of $15 billion and up to and including $30 billion;

0.100** of 1% of total average net assets of the Multimanager Portfolios in excess of $30 billion; and

(iii) With respect to the Allocation Portfolios and Target Allocation Portfolios:

0.150 of 1% of total average net assets of the Allocation Portfolios and Target Allocation Portfolios (excluding the assets of the Multimanager Portfolios).

*	Prior to August 1, 2007, this was 0.140 of 1% of total average net assets.

**	Prior to August 1, 2007, this was 0.125 of 1% of total average net assets.

The foregoing calculations are based on the average daily net assets of the Trust as described. The fees will be computed, billed and payable monthly.

Pursuant to a sub-administration arrangement with AXA Equitable, J.P. Morgan Investors Services Co. (“Sub-administrator”) provides the Trust with administrative services, including monitoring of portfolio compliance and portfolio accounting services.

Note 4 Custody Fees

JPMorgan, an affiliate of J.P. Morgan Investors Services Co., serves as custodian of the Trust’s portfolio securities and other assets. The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. Under the terms of the Custody Agreement between the Trust and JPMorgan, JPMorgan maintains cash, securities and other assets of the Portfolios. JPMorgan is also required, upon the order of the Trust, to deliver securities held by JPMorgan, and make payments for securities purchased by the Trust. JPMorgan has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the U.S. are maintained in the custody of these entities.

Note 5 Distribution Plans

The Trust has entered into distribution agreements with AXA Advisors, LLC (“AXA Advisors”) and AXA Distributors, LLC (“AXA Distributors”), both indirect wholly-owned subsidiaries of AXA Equitable (collectively, the “Distributors”), pursuant to which the Distributors serve as the principal underwriters of the Class A and Class B shares of the Trust. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to the Class B shares of the Trust (“Distribution Plan”). The Distribution Plan provides that each Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.50% of the average daily net assets attributable to the Trust’s Class B shares for which it provides service. This limitation will be in effect at least until April 30, 2008. The distribution agreements, however, limit payments for services provided under the Distribution Plan to an annual rate of 0.25% of the average daily net assets attributable to the Trust’s Class B shares. The Trust’s Class A shares are not subject to such fees.

Note 6 Expense Limitation

The Manager has contractually agreed to make payments or waive its fees to limit the expenses of certain Portfolios through April 30, 2008 (“Expense Limitation Agreement”). The Manager first waives its management fees, then waives its administration fees, and then reimburses the Portfolio’s expenses out of its own resources. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments and waivers are reimbursed within three years of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense ratio cap. If the actual expense ratio is less than the expense cap and AXA

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Equitable has recouped any eligible previous payments and waivers made, the Portfolio will be charged such lower expenses. The expenses as a percentage of daily average net assets (excluding the 0.25% annual fee under the Trust’s Class B Distribution Plan) for each Portfolio are limited to:


Portfolios:
AXA Conservative Allocation	0.10	%
AXA Conservative-Plus Allocation	0.10	%
AXA Moderate Allocation	0.10	%
AXA Moderate-Plus Allocation	0.10	%
AXA Aggressive Allocation	0.10	%
Multimanager Core Bond*	0.75	%
Multimanager Health Care	1.60	%
Multimanager International Equity	1.55	%
Multimanager Large Cap Core Equity	1.10	%
Multimanager Large Cap Growth	1.10	%
Multimanager Large Cap Value	1.10	%
Multimanager Mid Cap Growth	1.35	%
Multimanager Mid Cap Value	1.35	%
Multimanager Small Cap Growth	1.30	%
Multimanager Small Cap Value	1.30	%
Multimanager Technology	1.60	%
Target 2015 Allocation	0.35	%
Target 2025 Allocation	0.35	%
Target 2035 Allocation	0.35	%
Target 2045 Allocation	0.35	%

*	Prior to October 1, 2007, the expense limitation was 0.70%.

During the year ended December 31, 2007, the Manager received $370,263 in recoupment for all of the Portfolios within the Trust. These recoupments in excess of waivers during the year are presented as Recoupment Fees in the Statement of Operations. At December 31, 2007, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:


	Amount Eligible through						Total Eligible for Reimbursement
Portfolios:	2008		2009		2010		Total Eligible for Reimbursement
AXA Conservative Allocation	$	390,859	$	618,709	$	1,007,400	$	2,016,968
AXA Conservative-Plus Allocation		661,740		1,196,229		1,828,927		3,686,896
AXA Moderate Allocation		9,769,040		11,899,559		14,811,005		36,479,604
AXA Moderate-Plus Allocation		3,142,219		7,678,378		14,795,509		25,616,106
AXA Aggressive Allocation		756,958		1,843,837		4,142,198		6,742,993
Multimanager Core Bond		1,549,648		1,606,496		1,435,547		4,591,691
Multimanager Large Cap Core Equity		112,601		39,438		—		152,039
Multimanager Large Cap Growth		93,920		63,008		73,575		230,503
Multimanager Small Cap Growth		—		—		21,948		21,948
Target 2015 Allocation		—		40,611		108,122		148,733
Target 2025 Allocation		—		40,627		106,806		147,433
Target 2035 Allocation		—		40,740		113,404		154,144
Target 2045 Allocation		—		40,673		100,020		140,693

The AXA Allocation Portfolios and the Target Allocation Portfolios invest exclusively in shares of other mutual funds (the “Underlying Portfolios”) managed by AXA Equitable. Therefore, each AXA

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Allocation Portfolio, in addition to its own expenses such as management fees, bears its pro-rata share of the fees and expenses incurred by the Underlying Portfolios and the investment return of each AXA Allocation Portfolio is reduced by each Underlying Portfolio’s expenses. The range of expenses (as a percentage of average daily net assets) incurred indirectly in connection with each AXA Allocation Portfolio’s investments in Underlying Portfolios is:


Portfolios:		Range of Expenses
AXA Conservative Allocation		0.55% to 0.80%
AXA Conservative-Plus Allocation		0.60% to 0.85%
AXA Moderate Allocation		0.65% to 0.90%
AXA Moderate-Plus Allocation		0.70% to 0.95%
AXA Aggressive Allocation		0.80% to 1.05%
Target 2015 Allocation		0.40% to 0.65%
Target 2025 Allocation		0.40% to 0.65%
Target 2035 Allocation		0.40% to 0.65%
Target 2045 Allocation		0.40% to 0.65%

Thus, the net expense ratio of the Class A shares and the Class B shares of each AXA Allocation Portfolio, including the AXA Allocation Portfolio’s direct and indirect expenses, would range from:


Portfolios:	Class A	Class B
AXA Conservative Allocation	0.65% to 0.90%	0.90% to 1.15%
AXA Conservative-Plus Allocation	0.70% to 0.95%	0.95% to 1.20%
AXA Moderate Allocation	0.75% to 1.00%	1.00% to 1.25%
AXA Moderate-Plus Allocation	0.80% to 1.05%	1.05% to 1.30%
AXA Aggressive Allocation	0.90% to 1.15%	1.15% to 1.40%
Target 2015 Allocation	0.75% to 1.00%	1.00% to 1.25%
Target 2025 Allocation	0.75% to 1.00%	1.00% to 1.25%
Target 2035 Allocation	0.75% to 1.00%	1.00% to 1.25%
Target 2045 Allocation	0.75% to 1.00%	1.00% to 1.25%

Absent the Expense Limitation Agreement of the Allocation Portfolios and the Target Allocation Portfolios, the total expense ratio of the Class A shares and the Class B shares of each AXA Allocation Portfolio would range from:


Portfolios:	Class A	Class B
AXA Conservative Allocation	0.86% to 1.11%	1.11% to 1.36%
AXA Conservative-Plus Allocation	0.89% to 1.14%	1.14% to 1.39%
AXA Moderate Allocation	0.92% to 1.17%	1.17% to 1.42%
AXA Moderate-Plus Allocation	0.97% to 1.22%	1.22% to 1.47%
AXA Aggressive Allocation	1.07% to 1.32%	1.32% to 1.57%
Target 2015 Allocation	2.21% to 2.46%	2.46% to 2.71%
Target 2025 Allocation	1.91% to 2.16%	2.16% to 2.41%
Target 2035 Allocation	2.88% to 3.13%	3.13% to 3.38%
Target 2045 Allocation	3.31% to 3.56%	3.56% to 3.81%

The above Allocation Portfolio information is based on a weighted-average range of the expense ratios since the average assets of each AXA Allocation Portfolio invested in Underlying Portfolios will fluctuate. The total expense ratios may be higher or lower depending on the allocation of an AXA Allocation Portfolio’s assets among Underlying Portfolios and the actual expenses of the Underlying Portfolios. An investor could realize lower overall expenses by allocating investments directly to the Underlying Portfolios.

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Note 7 Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued interest thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At December 31, 2007, the total amount deferred by the Trustees participating in the Plan was $590,000.

Note 8 Percentage of Ownership by Affiliated Portfolios

At December 31, 2007, AXA Equitable held investments in each of the Portfolios as follows:


Portfolios:	Percentage of Ownership
AXA Conservative Allocation	—	%#
AXA Conservative-Plus Allocation	—	#
AXA Moderate Allocation	0.07
AXA Moderate-Plus Allocation	—	#
AXA Aggressive Allocation	0.03
Multimanager Aggressive Equity	0.13
Multimanager Core Bond	0.01
Multimanager Health Care	0.35
Multimanager High Yield	0.04
Multimanager International Equity	0.01
Multimanager Large Cap Core Equity	0.03
Multimanager Large Cap Growth	0.31
Multimanager Large Cap Value	0.10
Multimanager Mid Cap Growth	0.02
Multimanager Mid Cap Value	0.03
Multimanager Small Cap Growth	1.06
Multimanager Small Cap Value	0.03
Multimanager Technology	0.18
Target 2015 Allocation	8.41
Target 2025 Allocation	6.53
Target 2035 Allocation	11.31
Target 2045 Allocation	16.56

#	Percentage of ownership is less than 0.005%.

Shares of some of the Portfolios are held by the All Asset Allocation Portfolio of the EQ Advisors Trust, an entity also advised by AXA Equitable, and the AXA Allocation Portfolios and Target Allocation Portfolios. The following tables represent the percentage of ownership that the All Asset Allocation Portfolio, the EQ/Franklin Templeton Founding Strategy Portfolio, and each AXA Allocation Portfolio and Target Allocation Portfolio has in each respective underlying investment company’s net assets as of December 31, 2007.


Portfolios:	All Asset Allocation
Multimanager Aggressive Equity	0.34	%
Multimanager Core Bond	0.54
Multimanager High Yield	0.22

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December 31, 2007


Portfolios:	All Asset Allocation
Multimanager International Equity	0.31	%
Multimanager Large Cap Core Equity	1.99
Multimanager Large Cap Value	0.41
Multimanager Mid Cap Growth	0.38
Multimanager Mid Cap Value	0.66
Multimanager Small Cap Value	0.20


Portfolios:	AXA Conservative Allocation		AXA Conservative-Plus Allocation		AXA Moderate Allocation		AXA Moderate-Plus Allocation		AXA Aggressive Allocation
EQ/AllianceBernstein Quality Bond	0.40	%	1.08	%	47.69	%	12.25	%	1.82	%
EQ/AllianceBernstein Value	0.35		1.14		6.62		11.73		4.58
EQ/BlackRock Basic Value Equity	0.41		1.49		21.34		27.76		9.10
EQ/BlackRock International Value	0.15		0.67		7.37		19.61		10.10
EQ/Davis New York	0.33		2.41		10.78		19.85		10.41
EQ/Evergreen International Bond	5.17		8.61		56.52		—		—
EQ/Franklin Small Cap Value	—		4.85		17.57		30.62		19.65
EQ/GAMCO Small Company Value	—		0.88		8.14		9.64		5.50
EQ/JPMorgan Core Bond	1.19		1.48		7.45		11.32		1.59
EQ/Long Term Bond	5.81		7.78		29.21		39.64		—
EQ/Marsico Focus	0.41		1.43		12.46		19.04		7.78
EQ/Money Market	—	#	—	#	—	#	—		—
EQ/PIMCO Real Return	3.27		5.64		21.02		20.82		2.85
EQ/Short Duration Bond	8.00		11.36		38.25		36.56		—
EQ/Small Company Index	—		—		—		8.82		—
EQ/Van Kampen Emerging Markets Equity	—		—		7.30		12.97		3.67
MarketPLUS International Core	0.25		1.11		12.16		17.63		4.17
Multimanager Aggressive Equity	0.39		0.78		12.32		20.02		7.48
Multimanager Core Bond	2.25		3.01		33.62		28.52		2.58
Multimanager High Yield	1.64		2.53		22.78		—		—
Multimanager International Equity	0.51		2.38		20.56		33.29		11.64
Multimanager Large Cap Core Equity	0.44		1.64		19.61		40.56		14.23
Multimanager Large Cap Value	0.78		2.26		17.13		28.65		12.18
Multimanager Mid Cap Growth	—		0.58		16.46		10.93		3.79
Multimanager Mid Cap Value	0.64		1.34		19.50		20.95		4.18
Multimanager Small Cap Value	—		0.31		8.47		21.13		8.05

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December 31, 2007


Portfolios:	Target 2015 Allocation		Target 2025 Allocation		Target 2035 Allocation		Target 2045 Allocation
EQ/Bond Index	8.94	%	7.44	%	1.86	%	—	%
EQ/Equity 500 Index	0.10		0.16		0.11		0.08
EQ/International ETF	16.77		25.47		16.93		13.24
EQ/Small Company Index	0.10		0.16		0.10		0.08
EQ/Van Kampen Emerging Markets Equity	0.02		0.03		0.02		0.02
Multimanager Aggressive Equity	0.04		0.06		0.03		0.02
Multimanager High Yield	0.04		0.03		0.01		—
Multimanager Large Cap Value	0.02		0.03		0.02		0.01
Multimanager Mid Cap Growth	0.01		0.02		0.01		0.01
Multimanager Mid Cap Value	0.03		0.04		0.02		0.01

#	Percentage of ownership is less than 0.005%.

Note 9 New Accounting Pronouncements

In July 2006, the Financial Accounting Standards Board (the “FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation establishes for all entities, including pass-through entities such as the Portfolios, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Interpretation is effective for fiscal years beginning after December 15, 2006, and is to be applied to the Portfolios’ open tax years, generally the three preceding fiscal year ends. Based on Management’s analysis, the determination has been made that the adoption of the interpretation did not have an impact to the Portfolios’ financial statements upon adoption. Management continually reviews the Portfolios’ tax positions and such conclusions under the Interpretation based on factors, including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statements.

In February 2007, the FASB issued Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities – including an amendment of FASB Statement No. 115.”(“SFAS 159”), which is effective for fiscal years beginning after November 15, 2007. SFAS 159 permits entities to elect to measure certain financial assets and liabilities at fair value. The fair value option may be applied instrument by instrument, is irrevocable and is applied only to entire instruments and not to portions of instruments. SFAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. Management is currently evaluating the impact the adoption of SFAS 159 will have on the Portfolio’s financial statement disclosures.

Note 10 Substitution and Reorganization Transactions

On May 25, 2007, the net assets of the EQ/Small Cap Value Portfolio, an affiliate of the Trust, merged into the Multimanager Small Cap Value Portfolio, a shell fund with no prior operations. The information for the period January 1, 2007 through May 25, 2007 and for prior periods is that of the predecessor EQ/ Small Cap Value Portfolio.

On May 25, 2007, the net assets of the EQ/Small Company Growth Portfolio, an affiliate of the Trust, merged into the Multimanager Small Cap Growth Portfolio, a shell fund with no prior operations. The

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December 31, 2007

information for the period January 1, 2007 through May 25, 2007 and for prior periods is that of the predecessor EQ/Small Company Growth Portfolio.

At a shareholder meeting that occurred on May 24, 2007, shareholders voted to approve an Agreement or Plan of Reorganization and Termination relating to the reorganization of the EQ/Wells Fargo Montgomery Small Cap Portfolio, a series of the EQ Advisors Trust, into the Multimanager Small Cap Growth Portfolio, a series of the Trust. The reorganization occurred on July 6, 2007.

After the close of business on July 6, 2007, Multimanager Small Cap Growth Portfolio acquired the net assets of the EQ/Wells Fargo Montgomery Small Cap Portfolio, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 16,003,257 Class B shares of Multimanager Small Cap Growth Portfolio (valued at $170,425,185) for the Class IA and IB shares of EQ/ Wells Fargo Montgomery Small Cap Portfolio outstanding on July 6, 2007. EQ/Wells Fargo Montgomery Small Cap Portfolio’s net assets at that date ($170,425,185), including $20,852,497 of unrealized appreciation, were combined with those of Multimanager Small Cap Growth Portfolio. Prior to the combination, the net assets of the portfolio totaled $302,623,190. Immediately after the combination, the net assets of the portfolio totaled $473,048,375.

Note 11 Subsequent Events

On January 22, 2008, AXA Equitable contributed $100,000 in seed capital to the Class A shares of the Multimanager Small Cap Growth Portfolio.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of AXA Premier VIP Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the 22 portfolios constituting the AXA Premier VIP Trust (the “Trust”) at December 31, 2007, and the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2007 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 14, 2008

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APPROVALS OF INVESTMENT MANAGEMENT AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2007 (UNAUDITED)

During the six-month period ended December 31, 2007, the Board of Trustees of AXA Premier VIP Trust (“Trust”), including the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (“Independent Trustees”), unanimously approved or renewed, as applicable, the Investment Management Agreement with AXA Equitable (“Manager”) (the “Management Agreement”) and the Investment Advisory Agreement (each, an “Advisory Agreement” and together with the Management Agreement, the “Agreements”) with each investment sub-adviser (“Subadviser”) as shown in the table below with respect to the Portfolio(s) listed.


Portfolios		Agreements Approved or Renewed by the Trust’s Board of Trustees with respect to the Portfolio(s)
AXA Aggressive Allocation Portfolio		Management Agreement with AXA Equitable
AXA Conservative Allocation Portfolio
AXA Conservative-Plus Allocation Portfolio
AXA Moderate Allocation Portfolio
AXA Moderate-Plus Allocation Portfolio
(collectively, the “Allocation Portfolios”)
Target 2015 Allocation Portfolio
Target 2025 Allocation Portfolio
Target 2035 Allocation Portfolio
Target 2045 Allocation Portfolio
(collectively, the “Target Allocation Portfolios”)

Multimanager Large Cap Core Equity Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AllianceBernstein L.P.
		Advisory Agreement with Janus Capital Management LLC
		Advisory Agreement with Thornburg Investment Management, Inc.

Multimanager Large Cap Growth Portfolio*		Management Agreement with AXA Equitable
		Advisory Agreement with RCM Capital Management, LLC
		Advisory Agreement with TCW Investment Management Company

Multimanager Large Cap Value Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AllianceBernstein L.P.
		Advisory Agreement with Institutional Capital LLC
		Advisory Agreement with MFS Investment Management

Multimanager Mid Cap Growth Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AllianceBernstein L.P.
		Advisory Agreement with Franklin Advisers, Inc.
		Advisory Agreement with Provident Investment Counsel, Inc.

Multimanager Mid Cap Value Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AXA Rosenberg Investment Management LLC
		Advisory Agreement with TCW Investment Management Company
		Advisory Agreement with Wellington Management Company, LLP

Multimanager Small Cap Growth Portfolio		Advisory Agreement with Wells Capital Management Inc.

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Multimanager Aggressive Equity Portfolio*		Management Agreement with AXA Equitable
		Advisory Agreement with AllianceBernstein L.P.
		Advisory Agreement with Legg Mason Capital Management, Inc.
		Advisory Agreement with Marsico Capital Management, LLC

Multimanager International Equity Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AllianceBernstein L.P.
		Advisory Agreement with JPMorgan Investment Management Inc.
		Advisory Agreement with Marsico Capital Management, LLC

Multimanager Technology Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with Firsthand Capital Management, Inc.
		Advisory Agreement with RCM Capital Management LLC
		Advisory Agreement with Wellington Management Company, LLP

Multimanager Health Care Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AIM Capital Management, Inc.
		Advisory Agreement with RCM Capital Management LLC
		Advisory Agreement with Wellington Capital Management Company, LLP

Multimanager Core Bond Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with BlackRock Advisors, Inc.
		Advisory Agreement with Pacific Investment Management Company LLC

Multimanager High Yield Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with Pacific Investment Management Company LLC
		Advisory Agreement with Post Advisory Group, LLC

*	Please note that the investment advisory agreements with Clearbridge Advisors LLC (Multimanager Aggressive Equity Portfolio) and T. Rowe Price Associates, Inc. (Multimanager Large Cap Growth Portfolio) are not scheduled to be considered by the Board for renewal until July 2008.

In approving each Agreement, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interest of the affected Portfolio. The Board further considered factors it deemed relevant with respect to each Portfolio, including, as applicable: (1) the nature, quality and extent of the services provided to the Portfolio by the Manager, each sub-adviser (each, an “Adviser”) and their respective affiliates; (2) the performance of the Portfolio (and, where applicable, each portion of the Portfolio advised by a different Adviser) as compared to a peer group and an appropriate benchmark; (3) the level of the Portfolio’s management and sub-advisory fees; (4) the costs of the services provided and profits realized by the Manager and its affiliates from their relationship with the Portfolio; (5) the anticipated effect of growth and size on the Portfolio’s performance and expenses; and (6) the “fall out” benefits to be realized by the Manager, each Adviser and their respective affiliates (i.e., any direct or indirect benefits to be derived by the Manager, each Adviser and their respective affiliates from their relationship with the Trust). In considering each Agreement, the Board did not identify any single factor or information as all-important or controlling.

Moreover, with respect to the Portfolios with multiple Advisers (the “Multi-Adviser Portfolios”), the Board considered factors in the context of the overall objectives for the Portfolios including the following: (1) to offer a multi-manager product to investors which provides access to Advisers that would not otherwise be available to many of the Portfolios’ investors because of those Advisers’ minimum investment amounts; (2) to offer a broad array of investment disciplines; (3) to provide active oversight through the Manager to monitor compliance with performance, volatility and other stated objectives; and (4) to pro-

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vide performance over extended market cycles with lower volatility than the selected market sector index by combining different Advisers within the same discipline. However, the Board factored into its decision on the Management Agreement the totality of services provided by the Manager and the fact that the disclosure of all fees and expenses is explicit to potential and current shareholders.

In connection with its deliberations, the Board, among other things, received information, in advance of the meeting at which the approvals or renewals were made, from the Manager and each Adviser regarding the factors set forth above and met with senior representatives of the Manager to discuss the Agreements. The Board received, and primarily considered, the most current information available at the time of the meeting and also took into account data concerning performance, fees, expense and other information regarding each Portfolio provided to them on a periodic basis throughout the year. The Independent Trustees were assisted by independent counsel during their deliberations and received materials discussing the legal standards applicable to their consideration of the Agreements.

The Board, in examining the nature, extent and quality of the services provided by the Manager and each Adviser to each Portfolio, considered the Manager’s and each Adviser’s experience in serving as an investment adviser for the Portfolio(s) and for portfolios similar to the Portfolio(s) it advises. The Board noted the responsibilities of the Manager to the Trust and the Portfolio. In particular, the Board considered that the Manager is responsible for the search, selection and monitoring of the Advisers for the Multi-Adviser Portfolios, the selection of investments for the Allocation Portfolios and Target Allocation Portfolios, oversight of compliance with the Portfolios’ policies and objectives, as well as oversight of the Portfolios’ compliance with applicable law, review of brokerage matters and implementation of Board directives as they relate to the Portfolios. In addition, the Board reviewed requested information regarding the Manager’s process for selecting and monitoring Advisers and its process for making investment decisions for the Allocation Portfolios and Target Allocation Portfolios as well as the backgrounds of the personnel who perform those functions with respect to the Portfolios.

The Board also noted the responsibilities of each Adviser to the Portfolio(s) it advises. In particular, the Board considered that each Adviser is responsible for making investment decisions on behalf of the allocated portion of the Portfolio(s) it advises, placing all orders for the purchase and sale of investments for the allocated portion of the Portfolio(s) it advises with brokers or dealers and performing related administrative functions. In addition, the Board reviewed requested information regarding, among other things, each Adviser’s investment process and the background of each portfolio manager of each Adviser who provides services to the Portfolios.

As discussed further below with respect to each Portfolio, the Board also received and considered information regarding the short-, intermediate- and long-term performance of each Portfolio over multiple periods on both an absolute basis and relative to its primary benchmark and peer group (with the first quartile of the peer group being the best performers and the fourth quartile being the worst performers). The Board generally considered long-term performance to be more important in its evaluation than short-term performance. The Board also considered the performance of the allocated portions of each Multi-Adviser Portfolio allocated to each of its Advisers. In this connection, the Board considered whether the performance of the portions allocated to each of the Advisers met the Board’s expectations as to the compatibility of the Advisers’ different investment strategies and styles and the contribution of each to the overall Portfolio strategy and performance.

The Board also reviewed the fees payable under each Agreement. The Board examined the management fees paid by each Portfolio in light of fees charged by the Manager to similar portfolios it manages and similar portfolios that serve as underlying funds for variable insurance products that are advised by other investment advisers. The Board also considered the quality and level of services provided and the Manager’s responsibilities to each Portfolio. In connection with the Agreements that were being considered for annual renewal, the Board also considered a report provided by Lipper Inc., an independent third party company, containing information regarding the management fee (including the administration fee) and the total expense ratios for each Portfolio relative to the median and average management fees and expense ratios of its peer group. The Board considered that the contractual management fee (including administration fees paid to the Manager) and total expense ratios for each Multi-Advised Portfolio generally are higher than the median management fee and median total expense ratio, respectively, of its peer

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group. The Board was advised by management, however, that the higher management fees and expense ratios are consistent with the higher costs and greater complexity associated with multi-manager funds. Management additionally represented that its profits are appropriate in light of the services it rendered and its entrepreneurial efforts. The Board also considered that the management fee structure for each Multi-Adviser Portfolio has breakpoints that provide a reduction of the applicable advisory fee rate as assets increase. With respect to each Allocation Portfolio and Target Allocation Portfolio, the Board considered that the contractual management fee (including administration fees paid to the Manager) is higher than the median management fee of each such Portfolio’s respective peer group. The Board also considered that the total expense ratios for the Allocation Portfolios generally are at or below the median expense ratio for the applicable peer group, before consideration of expenses incurred by the Underlying Portfolios (except for Class B shares of the AXA Aggressive Allocation Portfolio, which are above the median), and that the total expense ratios for the Target Allocation Portfolios generally are at or above the median expense ratio for the applicable peer group. The Board further considered that the Manager had undertaken, at the Board’s behest, contractual expense limitations with respect to certain Portfolios, which are subject to renewal by the Board and the Manager on an annual basis. In addition, the Board evaluated the Manager’s costs and profitability in providing services to the Portfolios, including the costs associated with the research and investment processes, personnel, systems and infrastructure necessary to perform its functions. The Board determined that the Manager’s management fee and profitability and each Portfolio’s overall expense ratios generally were more significant to the Board’s evaluation of the fees and expenses paid by the Portfolios than each Adviser’s costs and profitability. With respect to the Advisers to the Multi-Adviser Portfolios, the Board also examined the advisory fees paid with respect to each Portfolio in light of the fees paid by similar portfolios advised by each Adviser.

As part of its evaluation of the Manager’s and each Adviser’s compensation, the Board considered other benefits that may be realized by the Manager, each Adviser and their respective affiliates from their relationship with the Trust. In this connection, the Board noted, among other things, that the Manager also serves as the administrator for the Portfolios, receiving compensation for acting in this capacity. In addition, the Board recognized that two of the Manager’s affiliates, AllianceBernstein, L.P. and AXA Rosenberg Investment Management, LLC, serve as Advisers to certain Portfolios and, as such, receive advisory fees that are paid by the Manager out of the fees that it earns from the Trust. The Board also recognized that AXA Advisors LLC and AXA Distributors LLC, which also are affiliated with the Manager, serve as the underwriters for the Trust and, as such, receive payments pursuant to Rule 12b-1 plans from the Portfolios with respect to their Class B shares to compensate them for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. Further, the Board considered that Sanford C. Bernstein & Co., LLC, a registered broker-dealer, is an affiliate of the Manager and from time to time may receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities, provided, however, that those transactions, among other things, must be consistent with seeking best execution. The Board also noted that the Manager, as the depositor of insurance company separate accounts investing in the Portfolios, receives certain tax benefits associated with such investments.

With respect to the Advisers, the Board noted that each Adviser, through its relationship as an Adviser to its Portfolio(s), may engage in soft dollar transactions. The Board received information regarding each Adviser’s procedures for executing portfolio transactions for the allocated portion of the Portfolio(s) it advises and each Adviser’s policies and procedures for the selection of brokers and dealers and for obtaining research from those brokers and dealers. In addition, the Board considered that each Adviser may be affiliated with registered broker-dealers, which may, from time to time, receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, must be consistent with seeking best execution. Finally, the Board recognized that affiliates of the Advisers may sell, and earn sales commissions and/or other compensation with respect to, insurance products issued by the Manager or its affiliates and that the proceeds of those sales may be invested in the Portfolios.

The Board also considered conflicts of interest that may arise between the Trust and the Manager and the Advisers in connection with the services provided to the Trust and the various relationships that the Advisers and their affiliates may have with the Trust. For example, actual or potential conflicts of interest may arise as a result of an Adviser having responsibility for multiple accounts (including the Portfolio(s) it

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advises), such as devotion of unequal time and attention to the management of the accounts, inability to allocate limited investment opportunities across accounts and incentive to allocate opportunities to an account where the Adviser has a greater financial incentive, such as a performance fee account. In this connection, the Board also took into consideration the manner in which such conflicts are addressed by the Manager and the Advisers.

Based on these considerations, the Board was satisfied, with respect to each Portfolio, that: (1) the Portfolio was reasonably likely to benefit from the nature, extent and quality of the Manager’s and each Adviser’s services; and (2) the Manager’s and each Adviser’s compensation, including any direct or indirect benefits derived by them or their respective affiliates, is fair and reasonable. Based on the foregoing, the information described below and the more detailed information provided at the relevant meeting, the Board, including the Independent Trustees, unanimously approved or renewed, as applicable, each Agreement with respect to the relevant Portfolio(s).

Multimanager Large Cap Core Equity Portfolio

The Board considered, among other things, that the performance of the Multimanager Large Cap Core Equity Portfolio’s Class B shares was in the second quartile relative to its Lipper peer group for the one-year period ended May 31, 2007, and was in the third quartile for the three- and five-year periods ended on that date. The Board also considered that the Portfolio’s performance for the one-year, three-year, five-year and since inception periods ended May 31, 2007 generally was comparable to that of its primary benchmark for the same time periods. Based on its review, the Board was satisfied that the Portfolio’s performance generally has been reasonable in relation to the performance of its peer group and benchmark.

Multimanager Large Cap Growth Portfolio

The Board considered, among other things, that the performance of the Multimanager Large Cap Growth Portfolio’s Class B shares was in the third quartile relative to its Lipper peer group for the five-year period ended May 31, 2007, and was in the fourth quartile for the one- and three-year periods ended on that date. The Board also considered that the Portfolio generally had underperformed its primary benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2007. The Board also considered that the Manager had taken steps to strengthen the Portfolio’s performance through the appointment of T. Rowe Price Associates, Inc. as an Adviser to the Portfolio in December 2006. The Board also took into account other information provided by the Manager at the applicable Board meeting, as well as information provided over the course of the year regarding the Portfolio’s performance. After reviewing these and related factors, the Board concluded that it was satisfied with the Manager’s and Advisers’ efforts to improve the Portfolio’s performance.

Multimanager Large Cap Value Portfolio

The Board considered, among other things, that the performance of the Multimanager Large Cap Value Portfolio’s Class B shares was in the first quartile relative to its Lipper peer group for the three- and five-year periods ended May 31, 2007, and was in the second quartile for the one-year period ended on that date. The Board also considered that the Portfolio’s performance for the one-year, three-year, five-year and since inception periods ended May 31, 2007 generally was comparable to that of its primary benchmark for the same time periods. Based on its review, the Board was satisfied that the Portfolio’s performance generally has been reasonable in relation to the performance of its peer group and benchmark.

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Multimanager Mid Cap Growth Portfolio

The Board considered, among other things, that the performance of the Multimanager Mid Cap Growth Portfolio’s Class B shares was in the third quartile for the one- and three-year periods ended May 31, 2007, and was in the fourth quartile for the five-year period ended on that date. The Board also considered that the Portfolio generally had underperformed its primary benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2007. The Board also considered that the Manager had taken steps to strengthen the Portfolio’s performance through the appointment of new Advisers in August 2002 and May 2003 and that the Portfolio’s performance generally had improved as a result of these changes. Based on its review, the Board was satisfied with the Manager’s and Advisers’ efforts to strengthen the Portfolio’s performance and that the performance of the Portfolio over more recent time periods had improved.

Multimanager Mid Cap Value Portfolio

The Board considered, among other things, that the performance of the Multimanager Mid Cap Value Portfolio’s Class B shares was in the fourth quartile for the one-, three- and five-year periods ended May 31, 2007. The Board also considered that the Portfolio generally had underperformed its primary benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2007. The Board also took into account other information provided by the Manager at the Board meeting, as well as information provided over the course of the year regarding the Portfolio’s performance. The Board further considered that the Portfolio’s recent performance had improved in that the Portfolio outperformed its primary benchmark for the year-to-date period ended May 31, 2007 and had comparable performance to that of its peer group for the same period. After reviewing these and related factors, the Board concluded that it was satisfied with the Manager’s and Advisers’ efforts to improve the Portfolio’s performance.

Multimanager Small Cap Growth Portfolio

In connection with the appointment of Wells Capital Management Inc. as an Adviser for a portion of the Multimanager Small Cap Growth Portfolio to replace Bear Stearns Asset Management, Inc., as recommended by the Manager and approved by the Board on September 6, 2007, the Board considered, among other things, that the performance of the Adviser’s accounts with substantially similar investment objectives and policies as the Portfolio outperformed the Portfolio’s benchmark for the one-, three- and five-year periods ended December 31, 2006. Based on its review, the Board was satisfied that the performance of the Adviser’s similar accounts generally has been reasonable in relation to the performance of the applicable benchmark and peer group and that the Portfolio was reasonably likely to benefit from the Adviser’s services.

Multimanager Aggressive Equity Portfolio

The Board considered, among other things, that the performance of the Multimanager Aggressive Equity Portfolio’s Class B shares was in the third quartile for the three- and five-year periods ended May 31, 2007, and was in the fourth quartile for the one-year period ended on that date. The Board also considered that the Portfolio generally had outperformed its primary benchmark for the three- and five-year periods ended May 31, 2007, but had underperformed its benchmark for the one- and ten-year periods ended on that date. The Board also considered that the Manager had taken steps to strengthen the Portfolio’s performance through the appointment of new Advisers in June 2005 and that the performance of the Portfolio generally had improved as a result of these changes. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

Multimanager International Equity Portfolio

The Board considered, among other things, that the performance of the Multimanager International Equity Portfolio’s Class B shares was in the third quartile for the one-, three- and five-year periods ended May 31, 2007. The Board also considered that the Portfolio generally had underperformed its primary benchmark for the one-year, three-year, five-year and since inception periods ended May 31, 2007. The

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Board also considered that the Manager had taken steps to strengthen the Portfolio’s performance through the appointment of new Advisers in May 2003 and December 2004. Based on its review, the Board was satisfied with the Manager’s and Advisers’ efforts to improve the Portfolio’s performance.

Multimanager Technology Portfolio

The Board considered, among other things, that the performance of the Multimanager Technology Portfolio’s Class B shares was in the second quartile for the three- and five-year periods ended May 31, 2007, and was in the third quartile for the one-year period ended on that date. The Board also considered that the Portfolio generally had outperformed its benchmark for the three-year, five-year and since inception periods ended May 31, 2007, but had underperformed its benchmark for the one-year period ended on that date. The Board also considered that the Manager had appointed a new Adviser for a portion of the Portfolio in December 2003 and that the Portfolio’s performance had remained relatively strong since that time. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

Multimanager Health Care Portfolio

The Board considered, among other things, that the performance of the Multimanager Health Care Portfolio’s Class B shares was in the third quartile for the one-, three- and five-year periods ended May 31, 2007. The Board also considered that the Portfolio generally had outperformed its benchmark for the three-year, five-year and since inception periods ended May 31, 2007, but had underperformed its benchmark for the one-year period ended on that date. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

Multimanager Core Bond Portfolio

The Board considered, among other things, that the performance of the Multimanager Core Bond Portfolio’s Class B shares was in the fourth quartile for the one-, three- and five-year periods ended May 31, 2007. The Board also considered that the Portfolio’s performance for the one-year, three-year, five-year and since inception periods ended May 31, 2007 generally was comparable to that of its primary benchmark for the same time periods. The Board also noted that the difference between the portfolios that comprise each quartile of the peer group tends to be relatively small given the portfolios’ focus on fixed income securities. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

Multimanager High Yield Portfolio

The Board considered, among other things, that the performance of the Multimanager High Yield Portfolio’s Class B shares was in the third quartile for the one-, three- and five-year periods ended May 31, 2007. The Board also considered that the Portfolio generally had underperformed its primary benchmark for the one-, three-, five- and ten-year periods ended May 31, 2007. The Board also considered that the Manager had taken steps to strengthen the Portfolio’s performance through the appointment of a new Adviser for a portion of the Portfolio in June 2005 and that the performance of the Portfolio generally had improved as a result of this change. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Conservative Allocation Portfolio

The Board considered, among other things, that the performance of the Multimanager Conservative Allocation Portfolio’s Class B shares was in the third quartile for the three-year period ended May 31, 2007, and was in the fourth quartile for the one-year period ended on that date. The Board also considered that, although the Portfolio generally had underperformed its primary weighted benchmark for the one-and three-year periods ended May 31, 2007, the Portfolio’s performance over those time periods generally was comparable to that of the benchmark. The Board also considered that the Portfolio’s investment

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objectives and policies generally are more conservative than those of other portfolios included in the peer group, which generally limits the likelihood that the Portfolio will outperform its peer group or benchmark. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Conservative-Plus Allocation Portfolio

The Board considered, among other things, that the performance of the Multimanager Conservative-Plus Allocation Portfolio’s Class B shares was in the second quartile for the one- and three-year periods ended May 31, 2007. The Board also considered that the Portfolio generally had outperformed its primary weighted benchmark for the since inception period ended May 31, 2007 and had comparable performance to the benchmark for the one- and three year periods ended on that date. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Moderate Allocation Portfolio

The Board considered, among other things, that the performance of the AXA Moderate Allocation Portfolio’s Class B shares was in the third quartile for the one- and three-year periods ended May 31, 2007. The Board also considered that the Portfolio generally had outperformed its primary weighted benchmark for the three-year period ended May 31, 2007 and had comparable performance to the benchmark for the one-year period ended on that date. The Board also considered that the Portfolio converted to its current fund-of-funds structure in July 2003. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Moderate-Plus Allocation Portfolio

The Board considered, among other things, that the performance of the AXA Moderate-Plus Allocation Portfolio’s Class B shares was in the second quartile for the one- and three-year periods ended May 31, 2007. The Board also considered that the Portfolio generally had outperformed its primary weighted benchmark for the three-year and since inception periods ended May 31, 2007 and had comparable performance to the benchmark for the one-year period ended on that date. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Aggressive Allocation Portfolio

The Board considered, among other things, that the performance of the AXA Aggressive Allocation Portfolio’s Class B shares was in the second quartile for the one- and three-year periods ended May 31, 2007. The Board also considered that the Portfolio generally had outperformed its primary weighted benchmark for the three-year and since inception periods ended May 31, 2007, but had underperformed the benchmark for the one-year period ended on that date. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

Target 2015 Allocation Portfolio

The Board considered, among other things, that the Target 2015 Allocation Portfolio had commenced operations on August 31, 2006 and therefore had a short operating history. The Board also considered that the performance of the Portfolio’s Class B shares was in the third quartile for the year-to-date period ended May 31, 2007. The Board also considered that the Portfolio generally had outperformed its primary time-weighted benchmark for the one-year and since inception periods ended May 31, 2007. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

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Target 2025 Allocation Portfolio

The Board considered, among other things, that the Target 2025 Allocation Portfolio had commenced operations on August 31, 2006 and therefore had a short operating history. The Board also considered that the performance of the Portfolio’s Class B shares was in the second quartile for the year-to-date period ended May 31, 2007. The Board also considered that the Portfolio generally had outperformed its primary time-weighted benchmark for the since inception period ended May 31, 2007, and had comparable performance to the benchmark for the one-year period ended on that date. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

Target 2035 Allocation Portfolio

The Board considered, among other things, that the Target 2035 Allocation Portfolio had commenced operations on August 31, 2006 and therefore had a short operating history. The Board also considered that the performance of the Portfolio’s Class B shares was in the fourth quartile for the year-to-date period ended May 31, 2007. The Board also considered that the Portfolio generally had outperformed its primary time-weighted benchmark for the since inception period ended May 31, 2007, and had comparable performance to the benchmark for the one-year period ended on that date. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

Target 2045 Allocation Portfolio

The Board considered, among other things, that the Target 2045 Allocation Portfolio had commenced operations on August 31, 2006 and therefore had a short operating history. The Board also considered that the performance of the Portfolio’s Class B shares was in the third quartile for the year-to-date period ended May 31, 2007. The Board also considered that, although the Portfolio generally had underperformed its primary time-weighted benchmark for the one-year and since inception periods ended May 31, 2007, the Portfolio’s performance over those time periods generally was comparable to that of its primary benchmark. Based on its review, the Board was satisfied that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

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Federal Income Tax Information (Unaudited)

For the year ended December 31, 2007, the percentage of dividends paid that qualify for the 70% dividends received deductions for corporate shareholders, foreign taxes which are expected to be passed through to shareholders for foreign tax credits, gross income derived from sources within foreign countries, long-term capital gain dividends for the purpose of the dividend paid deduction on its Federal income tax return were as follows:


	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain
AXA Conservative Allocation Portfolio	20.81	%	$	—	$	—	$	8,673,731
AXA Conservative-Plus Allocation Portfolio	9.37			—		—		21,933,958
AXA Moderate Allocation Portfolio	14.93			—		—		52,620,672
AXA Moderate-Plus Allocation Portfolio	24.17			—		—		287,860,350
AXA Aggressive Allocation Portfolio	35.42			—		—		100,301,029
Multimanager Aggressive Equity Portfolio	100.00			—		—		—
Multimanager Core Bond Portfolio	—			—		—		—
Multimanager Health Care Portfolio	18.79			—		—		18,427,218
Multimanager High Yield Portfolio	0.04			—		—		—
Multimanager International Equity Portfolio	0.11			3,884,475		64,569,460		101,354,141
Multimanager Large Cap Core Equity Portfolio	49.10			—		—		41,565,481
Multimanager Large Cap Growth Portfolio	55.60			—		—		41,310,199
Multimanager Large Cap Value Portfolio	36.97			—		—		106,635,518
Multimanager Mid Cap Growth Portfolio	—			—		—		83,221,222
Multimanager Mid Cap Value Portfolio	72.52			—		—		80,529,778
Multimanager Small Cap Growth Portfolio	9.29			—		—		12,226,903
Multimanager Small Cap Value Portfolio	25.25			—		—		86,605,208
Multimanager Technology Portfolio	—			—		—		—
Target 2015 Allocation Portfolio	18.19			—		—		71,472
Target 2025 Allocation Portfolio	26.10			—		—		134,797
Target 2035 Allocation Portfolio	34.28			—		—		48,431
Target 2045 Allocation Portfolio	42.79			—		—		162,141

#	Percentage is less than 0.01%.

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MANAGEMENT OF THE TRUST (UNAUDITED)

The Trust’s Board has the responsibility for the overall management of the Trust and the Portfolios, including general supervision and review of the Portfolios’ investment activities and their conformity with Delaware law and the stated policies of the Portfolios. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations. The Trustees and officers of the Trust, together with information as to their principal business occupation during the last five years, and other information are shown below.

The Trustees and Officers


Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York 10104 (49)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since July 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc. and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).	89	None

Gerald C. Crotty c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (56)	Trustee	From November 2001 to present	President of Weichert Enterprise LLC, a private and public equity market investment firm; co-founder of Excelsior Ventures Management, a private equity and venture capital firm; from 1991 to 1998, held various positions with ITT Corporation, including President and COO of ITT Consumer Financial Corp. and Chairman, President and CEO of ITT Information Services.	22	From 2002 to present, Director of Access Integrated Technologies, Inc.; from 2005 to present, director of Jones Apparel Group, Inc.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

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Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees (Continued)
Barry Hamerling c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (61)	Trustee	From November 2001 to present	Since 1998, Managing Partner of Premium Ice Cream of America; Since 2003, Managing Partner of Premium Salads; from 1970 to 1998, President of Ayco Co. L.P., the largest independent financial counseling firm in the United States.	22	From 2007 to present, Trustee of the Merger Fund; from 1998 to present, Director and Chairman of Ayco Charitable Foundation.

Cynthia R. Plouché c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (50)	Trustee	From November 2001 to present	Since June 2006, Portfolio Manager at Williams Capital Management, Inc.; from June 2003 to 2006, Managing Director and Chief Investment Officer of Blaylock-Abacus Asset Management, Inc.; prior thereto, Founder, Chief Investment Officer and Managing Director of Abacus Financial Group from May 1991 to 2003, a manager of fixed income portfolios for institutional clients.	22	None

Rayman Louis Solomon c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (60)	Trustee	From November 2001 to present	Since 1998, Dean and a Professor of Law at Rutgers University School of Law; prior thereto, an Associate Dean for Academic Affairs at Northwestern University School of Law.	22	None

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

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Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Officers
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York 10104 (49)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since July 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc. and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).

Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York 10104 (52)	Vice President and Secretary	From November 2001 to present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and AXA Equitable; from July 1999 to May 2003, Vice President and Counsel of AXA Equitable.

Joseph J. Paolo 1290 Avenue of the Americas, New York, New York 10104 (37)	Chief Compliance Officer and Anti-Money Laundering (“AML”) Compliance Officer	Chief Compliance Officer from May 2007 to present, AML Compliance Officer from December 2005 to present	From December 2005 to May 2007, Vice President of the Trust; From August 2005 to present, Vice President of AXA Equitable and Deputy CCO of AXA Equitable’s Fund Management Group; from March 2004 to August 2005, Vice President of AXA Equitable and Compliance Officer of AXA Equitable’s Funds Management Group; from May 2002 to March 2004, Compliance Director and Assistant Vice President of AXA Equitable.

Brian E. Walsh 1290 Avenue of the Americas, New York, New York 10104 (39)	Chief Financial Officer and Treasurer	From June 2007 to present	From December 2002 to May 2007, Vice President and Assistant Treasurer of the Trust; from November 2001 to May 2007, Assistant Treasurer of the Trust; From February 2003 to present, Vice President of AXA Financial and AXA Equitable; from January 2001 to February 2003, Assistant Vice President of AXA Equitable.

Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (46)	Vice President	From November 2001 to present	From February 2001 to present, Vice President of AXA Equitable; from July 2004 to present, a director of Enterprise Capital Management, Inc.

Arnando Capasso, Esq. 1290 Avenue of the Americas, New York, New York 10104 (33)	Vice President and Assistant Secretary	From December 2007 to present	From March 2005 September 2007, Investment Management Associate, Drinker Biddle & Reath, LLP; from September 2004 to March 2005, Associate, Ballard Spahr Andrews & Ingersoll, LLP; and from September 2003 to August 2004, Judicial Law Clerk, Honorable Stanley R. Chesler, U.S. District Judge for the District of New Jersey.

William T. MacGregor, Esq. 1290 Avenue of the Americas, New York, New York 10104 (32)	Vice President and Assistant Secretary	From June 2006 to present	From May 2007 to present, Assistant Vice President and Counsel of AXA Equitable; from May 2006 to May 2007, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley Austin LLP; from September 2003 to February 2005, Contract Attorney, Prudential Financial, Inc.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

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Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Officers (Continued)
Alwi Chan 1290 Avenue of the Americas, New York, New York 10104 (33)	Vice President	From June 2007 to present	From May 2007 to present, Vice President, AXA Equitable; from November 2005 to May 2007, Assistant Vice President, AXA Equitable; from December 2002 to November 2005, Senior Investment Analyst of AXA Equitable.

James D. Kelly 1290 Avenue of the Americas, New York, New York 10104 (39)	Controller	From June 2007 to present	From March 2006 to present, Assistant Vice President, AXA Equitable; from July 2005 to February 2006, Assistant Treasurer, Lord Abbett & Co.; from July 2002 to June 2005, Director, Prudential Investments.

Carla Price 1290 Avenue of the Americas, New York, New York 10104 (31)	Assistant Treasurer	From December 2006 to present	From February 2004 to present, Assistant Vice President of AXA Equitable; from January 2003 to February 2004, Mutual Fund Manager of AXA Equitable; from October 2000 to January 2003, Senior Fund Administrator, AXA Equitable.

David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (33)	Assistant AML Compliance Officer	From December 2005 to present	From August 2005 to present, Associate Compliance Officer of AXA Equitable; from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management; from April 2002 to June 2004, Project Manager, AllianceBernstein L.P.

Judy Guhring 1290 Avenue of the Americas, New York, New York 10104 (36)	Assistant Secretary	From December 2005 to present	From August 2001 to present, Senior Legal Assistant of AXA Equitable.

*	Affiliated with the Manager and Distributors.

**	Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

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PROXY VOTING POLICIES AND PROCEDURES (UNAUDITED)

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling a toll-free number at 1-888-292-4492 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2007 is available (i) on the Trust’s proxy voting information website at http://www.axaonline.com (go to “Tools & Calculators” and click on “Proxy Voting” box under the “Investing Tools” column) and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Portfolios file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Forms N-Q are available on the Securities and Exchange Commission’s website at http://www.sec.gov and may also be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a “code of ethics,” as defined in Item 2, that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the registrant’s code of ethics is filed as an exhibit pursuant to Item 12(a)(1).

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that Gerald C. Crotty and Barry Hamerling each serve on its audit committee as an “audit committee financial expert” as defined in Item 3. Messrs. Crotty and Hamerling are each considered to be “independent” for purposes of Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees for fiscal year 2007: $706,545 and fiscal year 2006: $580,700

(b)	Audit-Related Fees for fiscal year 2007: $31,763 and fiscal year 2006: $31,000

(c)	Tax Fees for fiscal year 2007: $334,027 and fiscal year 2006: $174,340

Tax fees include amounts related to tax compliance, tax advice and tax planning.

(d)	All Other Fees for fiscal year 2007: $0 and fiscal year 2006 $0

All other fees include amounts related to review of the registrant’s various regulatory filings.

(e)(1)

The registrant’s audit committee has adopted policies and procedures relating to pre-approval of services performed by the registrant’s principal accountant for the registrant. Audit, audit-related and tax services provided to the registrant on an annual basis require pre-approval by the entire audit committee. With respect to audit fees, the audit committee also pre-approves an additional amount above the pre-approved amount to allow for unanticipated scope extensions and overruns. Any audit amounts in excess of the pre-approved amounts must be approved by the audit committee or its delegate prior to payment. The audit committee chair also has the authority to approve de minimis non-audit services (i.e., services in which the fee does not exceed $10,000 per engagement) to be provided by the registrant’s principal accountant for the registrant, provided that each such service is brought to the attention of the audit committee prior to the completion of the audit of the registrant’s financial statements.

(e)(2) None of the services included in (b) – (d) above was approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable.

(g)	For fiscal year 2007: $6,224,020

(h)	For fiscal year 2006: $5,257,288.50

(i)

The registrant’s audit committee has considered that the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item	5. Audit Committee of Listed Registrants.

Not applicable.

Item	6. Schedule of Investments.

Not applicable.

Item	7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item	8. Portfolio Managers of Closed- End Management Investment Companies

Not applicable.

Item	9 Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item	10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Disclosures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940” Act)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) The Amended and Restated Code of Ethics for Senior Officers of the Registrant is filed herewith.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

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

AXA Premier VIP Trust

/s/ Steven M. Joenk

Steven M. Joenk

President and Chief Executive Officer

February 29, 2008

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

/s/ Steven M. Joenk

Steven M. Joenk

Chief Executive Officer

February 29, 2008

/s/ Brian E. Walsh

Brian E. Walsh

Chief Financial Officer

February 29, 2008