UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-10509

AXA PREMIER VIP TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK C. AMOROSI, ESQ.

Kirkpatrick & Lockhart Preston Gates Ellis LLP

1601 K. Street, N.W.

Washington, D.C. 20036-1800

Telephone: (202) 778-9351

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2008 – March 31, 2008

Item 1. Schedule of Investments.

The following are schedules of investments of the registrant as of March 31, 2008. The schedules have not been audited.

AXA Premier VIP Trust

Quarterly Report

March 31, 2008

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		1,476,914	$	14,753,768
EQ/AllianceBernstein Value Portfolio‡		1,588,938		20,303,460
EQ/BlackRock Basic Value Equity Portfolio‡		2,020,697		29,005,011
EQ/BlackRock International Value Portfolio‡		474,220		6,758,052
EQ/Davis New York Venture Portfolio‡		913,782		9,254,916
EQ/Evergreen International Bond Portfolio‡		6,252,034		73,758,680
EQ/JPMorgan Core Bond Portfolio‡		2,202,565		23,229,036
EQ/Long Term Bond Portfolio‡		7,966,702		109,571,947
EQ/Marsico Focus Portfolio‡		1,565,093		24,064,897
EQ/Money Market Portfolio‡		22,446		22,447
EQ/PIMCO Real Return Portfolio‡		6,339,911		70,281,860
EQ/Short Duration Bond Portfolio‡		27,330,573		279,558,283
EQ/Van Kampen Emerging Markets Equity Portfolio‡		528,370		8,479,147
MarketPLUS International Core Portfolio‡		713,127		8,473,996
Multimanager Aggressive Equity Portfolio‡		610,912		17,119,535
Multimanager Core Bond Portfolio‡		8,509,416		88,842,504
Multimanager High Yield Portfolio‡		8,860,069		45,683,711
Multimanager International Equity Portfolio‡		919,243		13,557,535
Multimanager Large Cap Core Equity Portfolio‡		900,551		9,385,394
Multimanager Large Cap Value Portfolio‡		2,094,742		22,442,793
Multimanager Mid Cap Value Portfolio‡		1,164,796		9,740,843
Total Investment Companies (99.6%) (Cost $890,684,028)				884,287,815
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 1.59%, 4/1/08 (Amortized Cost $2,567,872)	$	2,567,872	$	2,567,872
Total Investments (99.9%) (Cost/Amortized Cost $893,251,900)				886,855,687
Other Assets Less Liabilities (0.1%)				813,375
Net Assets (100%)			$	887,669,062

‡ 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.

See Notes to Portfolio of Investments.

1

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value March 31, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	8,160,588	$	6,830,864	$	246,609	$	14,753,768	$	—	$	(4,214	)
EQ/AllianceBernstein Value Portfolio		25,109,754		2,901,421		5,967,188		20,303,460		—		(866,214	)
EQ/BlackRock Basic Value Equity Portfolio		16,736,479		14,037,183		436,296		29,005,011		—		(37,435	)
EQ/BlackRock International Value Portfolio		4,618,790		2,762,546		119,569		6,758,052		—		(9,813	)
EQ/Davis New York Venture Portfolio		1,808,042		7,746,732		147,140		9,254,916		—		(15,467	)
EQ/Evergreen International Bond Portfolio		43,351,357		25,891,191		803,008		73,758,680		—		130,999
EQ/JPMorgan Core Bond Portfolio		25,841,092		16,148,501		18,652,872		23,229,036		—		(648,943	)
EQ/Long Term Bond Portfolio		73,442,724		49,881,510		13,127,750		109,571,947		—		572,918
EQ/Marsico Focus Portfolio		18,685,766		13,621,974		5,605,316		24,064,897		—		(145,478	)
EQ/Money Market Portfolio		22,250		197		—		22,447		197		—
EQ/PIMCO Real Return Portfolio		42,156,985		26,233,623		713,016		70,281,860		—		65,339
EQ/Short Duration Bond Portfolio		179,407,343		100,855,258		2,932,485		279,558,283		—		61,732
EQ/Van Kampen Emerging Markets Equity Portfolio		—		8,778,405		35,701		8,479,147		—		(64	)
MarketPLUS International Core Portfolio		4,796,956		3,989,248		141,015		8,473,996		—		(13,441	)
Multimanager Aggressive Equity Portfolio		11,107,986		7,864,503		262,592		17,119,535		—		4,981
Multimanager Core Bond Portfolio		65,612,941		23,874,567		826,450		88,842,504		949,997		14,620
Multimanager High Yield Portfolio		31,482,211		15,991,618		625,029		45,683,711		—		(48,142	)
Multimanager International Equity Portfolio		15,791,302		7,684,949		8,489,185		13,557,535		—		(67,933	)
Multimanager Large Cap Core Equity Portfolio		4,661,572		5,318,546		95,375		9,385,394		—		(5,699	)
Multimanager Large Cap Value Portfolio		15,063,933		9,188,018		381,394		22,442,793		—		(33,438	)
Multimanager Mid Cap Value Portfolio		6,832,833		3,651,584		146,328		9,740,843		—		(20,304	)
	$	594,690,904	$	353,252,438	$	59,754,318	$	884,287,815	$	950,194	$	(1,065,996	)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

See Notes to Portfolio of Investments.

2

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	—	$	886,855,687	$	—	$	886,855,687
Other Investments*		—		—		—		—
Total	$	—	$	886,855,687	$	—	$	886,855,687
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	353,252,438
Net Proceeds of Sales and Redemptions:
Investment Companies	$	58,688,322

As of March 31, 2008, 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	$	12,952,271
Aggregate gross unrealized depreciation		(22,025,570	)
Net unrealized depreciation	$	(9,073,299	)
Federal income tax cost of investments	$	895,928,986

See Notes to Portfolio of Investments.

3

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡	2,802,105	$	27,991,875
EQ/AllianceBernstein Value Portfolio‡	5,454,150		69,693,157
EQ/BlackRock Basic Value Equity Portfolio‡	5,785,234		83,041,021
EQ/BlackRock International Value Portfolio‡	1,661,453		23,677,154
EQ/Davis New York Venture Portfolio‡	2,463,084		24,946,471
EQ/Evergreen International Bond Portfolio‡	8,047,952		94,946,101
EQ/Franklin Small Cap Value Portfolio‡	1,718,862		16,092,304
EQ/GAMCO Small Company Value Portfolio‡	663,149		19,427,558
EQ/JPMorgan Core Bond Portfolio‡	1,844,849		19,456,443
EQ/Long Term Bond Portfolio‡	8,084,157		111,187,388
EQ/Marsico Focus Portfolio‡	4,010,370		61,663,499
EQ/Money Market Portfolio‡	22,446		22,447
EQ/PIMCO Real Return Portfolio‡	7,933,992		87,953,245
EQ/Short Duration Bond Portfolio‡	28,289,329		289,365,184
EQ/Van Kampen Emerging Markets Equity Portfolio‡	799,065		12,823,184
MarketPLUS International Core Portfolio‡	2,178,505		25,886,893
Multimanager Aggressive Equity Portfolio‡	1,164,418		32,630,371
Multimanager Core Bond Portfolio‡	9,270,255		96,786,032
Multimanager High Yield Portfolio‡	10,770,050		55,531,825
Multimanager International Equity Portfolio‡	4,473,560		65,978,668
Multimanager Large Cap Core Equity Portfolio‡	2,452,981		25,564,563
Multimanager Large Cap Value Portfolio‡	5,394,593		57,796,961
Multimanager Mid Cap Growth Portfolio‡	1,177,721		9,038,937
Multimanager Mid Cap Value Portfolio‡	1,759,944		14,717,897
Multimanager Small Cap Value Portfolio‡	501,784		5,132,227
Total Investments (99.9%) (Cost $1,365,916,861)			1,331,351,405
Other Assets Less Liabilities (0.1%)			720,824
Net Assets (100%)		$	1,332,072,229

‡ 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.

See Notes to Portfolio of Investments.

4

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value March 31, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	22,100,724	$	6,072,457	$	251,869	$	27,991,875	$	—	$	943
EQ/AllianceBernstein Value Portfolio		80,765,786		2,727,585		6,078,085		69,693,157		—		(935,285	)
EQ/BlackRock Basic Value Equity Portfolio		60,911,467		28,466,852		1,518,935		83,041,021		—		(89,401	)
EQ/BlackRock International Value Portfolio		20,296,266		6,179,202		430,242		23,677,154		—		(74,110	)
EQ/Davis New York Venture Portfolio		13,023,924		13,369,517		577,123		24,946,471		—		(62,084	)
EQ/Evergreen International Bond Portfolio		72,206,238		16,177,513		1,106,262		94,946,101		—		195,150
EQ/Franklin Small Cap Value Portfolio		15,235,270		1,673,536		153,754		16,092,304		—		(19,125	)
EQ/GAMCO Small Company Value Portfolio		11,737,817		8,701,121		303,421		19,427,558		—		(25,992	)
EQ/JPMorgan Core Bond Portfolio		32,114,138		8,278,464		20,935,857		19,456,443		—		(821,591	)
EQ/Long Term Bond Portfolio		98,466,941		25,204,351		13,048,761		111,187,388		—		(288,053	)
EQ/Marsico Focus Portfolio		65,793,738		16,244,230		10,688,802		61,663,499		—		250,331
EQ/Money Market Portfolio		22,250		197		—		22,447		197		—
EQ/PIMCO Real Return Portfolio		72,741,400		12,254,046		978,835		87,953,245		—		86,684
EQ/Short Duration Bond Portfolio		254,683,807		37,030,592		5,644,733		289,365,184		—		119,855
EQ/Van Kampen Emerging Markets Equity Portfolio		—		13,506,006		256,421		12,823,184		—		(7,762	)
MarketPLUS International Core Portfolio		21,231,542		6,587,209		839,823		25,886,893		—		(152,144	)
Multimanager Aggressive Equity Portfolio		22,622,190		13,810,669		611,002		32,630,371		—		97,253
Multimanager Core Bond Portfolio		87,734,958		18,443,129		9,704,447		96,786,032		1,116,324		133,340
Multimanager High Yield Portfolio		48,647,273		9,494,010		907,448		55,531,825		—		(104,414	)
Multimanager International Equity Portfolio		73,741,775		13,200,199		14,250,139		65,978,668		—		(628,852	)
Multimanager Large Cap Core Equity Portfolio		17,389,427		10,293,528		375,956		25,564,563		—		(9,330	)
Multimanager Large Cap Value Portfolio		43,801,606		18,943,945		1,037,740		57,796,961		—		(71,450	)
Multimanager Mid Cap Growth Portfolio		4,997,559		4,962,896		124,809		9,038,937		—		(30,318	)
Multimanager Mid Cap Value Portfolio		14,461,341		1,775,538		282,200		14,717,897		—		(64,684	)
Multimanager Small Cap Value Portfolio		5,066,511		557,845		65,787		5,132,227		—		(20,911	)
	$	1,159,793,948	$	293,954,637	$	90,172,451	$	1,331,351,405	$	1,116,521	$	(2,521,950	)

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

• Level 1 – quoted prices in active markets for identical securities

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

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

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

See Notes to Portfolio of Investments.

5

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

The following is a summary of the inputs used to value the Portfolio s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	—	$	1,331,351,405	$	—	$	1,331,351,405
Other Investments*		—		—		—		—
Total	$	—	$	1,331,351,405	$	—	$	1,331,351,405
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	293,954,637
Net Proceeds of Sales and Redemptions:
Investment Companies	$	87,650,501

As of March 31, 2008, 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	$	24,049,547
Aggregate gross unrealized depreciation		(60,922,921	)
Net unrealized depreciation	$	(36,873,374 )
Federal income tax cost of investments	$	1,368,224,779

See Notes to Portfolio of Investments.

6

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		79,470,430	$	793,877,004
EQ/AllianceBernstein Value Portfolio‡		33,044,833		422,247,045
EQ/BlackRock Basic Value Equity Portfolio‡		60,938,720		874,711,955
EQ/BlackRock International Value Portfolio‡		14,353,204		204,545,677
EQ/Davis New York Venture Portfolio‡		12,995,658		131,621,879
EQ/Evergreen International Bond Portfolio‡		46,741,689		551,437,330
EQ/Franklin Small Cap Value Portfolio‡		5,988,013		56,060,901
EQ/GAMCO Small Company Value Portfolio‡		4,965,926		145,481,271
EQ/JPMorgan Core Bond Portfolio‡		13,010,491		137,213,300
EQ/Long Term Bond Portfolio‡		28,983,536		398,632,011
EQ/Marsico Focus Portfolio‡		33,224,908		510,866,596
EQ/Money Market Portfolio‡		22,446		22,447
EQ/PIMCO Real Return Portfolio‡		38,177,404		423,220,300
EQ/Short Duration Bond Portfolio‡		84,834,600		867,754,052
EQ/Van Kampen Emerging Markets Equity Portfolio‡		15,763,414		252,967,110
MarketPLUS International Core Portfolio‡		19,120,661		227,208,388
Multimanager Aggressive Equity Portfolio‡		11,532,182		323,165,142
Multimanager Core Bond Portfolio‡		93,268,818		973,772,458
Multimanager High Yield Portfolio‡		84,554,640		435,975,103
Multimanager International Equity Portfolio‡		39,880,273		588,177,457
Multimanager Large Cap Core Equity Portfolio‡		18,545,343		193,276,534
Multimanager Large Cap Value Portfolio‡		34,836,989		373,238,894
Multimanager Mid Cap Growth Portfolio‡		15,791,548		121,199,192
Multimanager Mid Cap Value Portfolio‡		22,615,334		189,125,400
Multimanager Small Cap Growth Portfolio‡		8,623,936		64,151,590
Multimanager Small Cap Value Portfolio‡		4,952,955		50,658,609
Total Investment Companies (99.9%) (Cost $9,466,913,955)				9,310,607,645
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 1.59%, 4/1/08 (Amortized Cost $9,734,956)	$	9,734,956	$	9,734,956
Total Investments (100.0%) (Cost/Amortized Cost $9,476,648,911)				9,320,342,601
Other Assets Less Liabilities (0.0%)				(2,453,528	)
Net Assets (100%)			$	9,317,889,073

‡ 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.

See Notes to Portfolio of Investments.

7

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value March 31, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	979,324,842	$	5,288,036	$	198,097,389	$	793,877,004	$	—	$	(1,962,322	)
EQ/AllianceBernstein Value Portfolio		468,688,742		7,984,469		6,046,700		422,247,045		—		(931,896	)
EQ/BlackRock Basic Value Equity Portfolio		875,037,477		73,785,784		389,185		874,711,955		—		44,523
EQ/BlackRock International Value Portfolio		221,997,464		8,542,223		141,309		204,545,677		—		(13,748	)
EQ/Davis New York Venture Portfolio		58,207,628		79,814,598		98,194		131,621,879		—		(8,901	)
EQ/Evergreen International Bond Portfolio		474,161,279		30,409,541		285,664		551,437,330		—		33,239
EQ/Franklin Small Cap Value Portfolio		55,219,432		3,553,112		84,508		56,060,901		—		(13,973	)
EQ/GAMCO Small Company Value Portfolio		109,034,880		44,640,604		161,439		145,481,271		—		(14,368	)
EQ/JPMorgan Core Bond Portfolio		161,259,098		14,530,203		35,918,216		137,213,300		—		(663,094	)
EQ/Long Term Bond Portfolio		369,460,329		27,686,911		464,608		398,632,011		—		(5,388	)
EQ/Marsico Focus Portfolio		572,641,425		26,525,993		9,448,098		510,866,596		—		2,995,365
EQ/Money Market Portfolio		22,250		197		—		22,447		197		—
EQ/PIMCO Real Return Portfolio		271,166,479		136,128,695		301,305		423,220,300		—		22,848
EQ/Short Duration Bond Portfolio		857,589,739		24,028,937		24,871,386		867,754,052		—		473,028
EQ/Van Kampen Emerging Markets Equity Portfolio		281,877,025		14,320,244		194,598		252,967,110		—		54,523
MarketPLUS International Core Portfolio		233,108,046		10,074,539		149,292		227,208,388		—		(21,731	)
Multimanager Aggressive Equity Portfolio		355,150,517		13,964,281		153,674		323,165,142		—		82,690
Multimanager Core Bond Portfolio		981,102,384		33,632,574		45,551,910		973,772,458		11,804,010		1,266,992
Multimanager High Yield Portfolio		437,909,725		13,783,886		221,452		435,975,103		—		(4,599	)
Multimanager International Equity Portfolio		637,174,887		14,949,486		266,097		588,177,457		—		1,781
Multimanager Large Cap Core Equity Portfolio		207,360,537		8,258,418		124,369		193,276,534		—		3,192
Multimanager Large Cap Value Portfolio		332,042,719		72,987,077		208,986		373,238,894		—		(2,640	)
Multimanager Mid Cap Growth Portfolio		141,196,321		2,660,153		47,313		121,199,192		—		3,712
Multimanager Mid Cap Value Portfolio		209,809,611		816,382		3,348,131		189,125,400		—		(835,374	)
Multimanager Small Cap Growth Portfolio		—		65,674,137		12,042		64,151,590		—		(38	)
Multimanager Small Cap Value Portfolio		136,332,306		816,382		100,901,138		50,658,609		—		(26,388,382	)
	$	9,426,875,142	$	734,856,862	$	427,487,003	$	9,310,607,645	$	11,804,207	$	(25,884,561	)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

See Notes to Portfolio of Investments.

8

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	—	$	9,320,342,601	$	—	$	9,320,342,601
Other Investments*		—		—		—		—
Total	$	—	$	9,320,342,601	$	—	$	9,320,342,601
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	734,856,862
Net Proceeds of Sales and Redemptions:
Investment Companies	$	401,602,442

As of March 31, 2008, 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	$	237,584,765
Aggregate gross unrealized depreciation		(398,768,543	)
Net unrealized depreciation	$	(161,183,778)
Federal income tax cost of investments	$	9,481,526,379

See Notes to Portfolio of Investments.

9

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		24,101,452	$	240,763,621
EQ/AllianceBernstein Value Portfolio‡		59,170,181		756,076,879
EQ/BlackRock Basic Value Equity Portfolio‡		79,203,808		1,136,888,304
EQ/BlackRock International Value Portfolio‡		38,559,410		549,505,243
EQ/Davis New York Venture Portfolio‡		15,728,521		159,300,705
EQ/Franklin Small Cap Value Portfolio‡		10,668,656		99,881,951
EQ/GAMCO Small Company Value Portfolio‡		5,504,142		161,248,804
EQ/JPMorgan Core Bond Portfolio‡		17,219,401		181,601,965
EQ/Long Term Bond Portfolio‡		38,750,839		532,968,956
EQ/Marsico Focus Portfolio‡		53,307,906		819,663,024
EQ/PIMCO Real Return Portfolio‡		29,286,631		324,660,545
EQ/Short Duration Bond Portfolio‡		83,281,473		851,867,466
EQ/Van Kampen Emerging Markets Equity Portfolio‡		22,629,079		363,145,493
MarketPLUS International Core Portfolio‡		28,367,494		337,087,330
Multimanager Aggressive Equity Portfolio‡		19,221,690		538,647,418
Multimanager Core Bond Portfolio‡		81,536,724		851,283,612
Multimanager International Equity Portfolio‡		65,143,392		960,772,625
Multimanager Large Cap Core Equity Portfolio‡		38,858,586		404,977,839
Multimanager Large Cap Value Portfolio‡		57,787,931		619,132,252
Multimanager Mid Cap Growth Portfolio‡		10,967,626		84,175,878
Multimanager Mid Cap Value Portfolio‡		25,559,758		213,748,751
Multimanager Small Cap Growth Portfolio‡		10,734,451		79,851,255
Multimanager Small Cap Value Portfolio‡		29,906,732		305,884,748
Total Investment Companies (99.9%) (Cost $11,355,689,398)				10,573,134,664
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 1.59%, 4/1/08 (Amortized Cost $8,810,387)	$	8,810,387	$	8,810,387
Total Investments (100.0%) (Cost/Amortized Cost $11,364,499,785)				10,581,945,051
Other Assets Less Liabilities (0.0%)				1,375,211
Net Assets (100%)			$	10,583,320,262

‡ 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.

See Notes to Portfolio of Investments.

10

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value March 31, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	251,497,643	$	13,449,674	$	26,019,495	$	240,763,621	$	—	$	(426,021	)
EQ/AllianceBernstein Value Portfolio		830,567,206		34,707,331		24,274,627		756,076,879		—		(3,121,611	)
EQ/BlackRock Basic Value Equity Portfolio		1,138,526,534		103,280,547		8,857,295		1,136,888,304		—		(483,398	)
EQ/BlackRock International Value Portfolio		590,561,118		32,596,457		4,493,780		549,505,243		—		111,864
EQ/Davis New York Venture Portfolio		107,204,829		63,603,410		1,658,737		159,300,705		—		(193,305	)
EQ/Franklin Small Cap Value Portfolio		96,260,327		9,815,531		1,793,574		99,881,951		—		(336,625	)
EQ/GAMCO Small Company Value Portfolio		129,105,532		44,302,954		3,817,150		161,248,804		—		(484,558	)
EQ/JPMorgan Core Bond Portfolio		244,870,339		24,397,362		85,739,727		181,601,965		—		(1,971,474	)
EQ/Long Term Bond Portfolio		501,473,616		33,782,804		5,087,194		532,968,956		—		(62,856	)
EQ/Marsico Focus Portfolio		875,511,044		70,079,421		7,768,642		819,663,024		—		1,006,984
EQ/PIMCO Real Return Portfolio		268,574,814		43,394,989		2,315,578		324,660,545		—		196,591
EQ/Short Duration Bond Portfolio		819,842,982		43,724,147		22,287,344		851,867,466		—		318,300
EQ/Small Company Index Portfolio		70,630,706		—		79,784,276		—		—		(16,172,236	)
EQ/Van Kampen Emerging Markets Equity Portfolio		500,818,775		33,268,684		70,325,945		363,145,493		—		24,681,427
MarketPLUS International Core Portfolio		337,841,820		24,831,834		2,064,283		337,087,330		—		447,886
Multimanager Aggressive Equity Portfolio		577,202,793		43,507,546		5,954,949		538,647,418		—		919,583
Multimanager Core Bond Portfolio		832,367,061		40,885,681		26,698,185		851,283,612		10,156,733		151,374
Multimanager International Equity Portfolio		1,031,554,889		38,769,506		4,685,335		960,772,625		—		1,385,740
Multimanager Large Cap Core Equity Portfolio		429,005,647		25,907,769		3,856,495		404,977,839		—		(96,724	)
Multimanager Large Cap Value Portfolio		555,384,606		120,106,329		4,040,478		619,132,252		—		(161,943	)
Multimanager Mid Cap Growth Portfolio		93,733,972		6,688,753		1,221,092		84,175,878		—		(174,355	)
Multimanager Mid Cap Value Portfolio		225,390,950		9,598,747		837,234		213,748,751		—		(209,191	)
Multimanager Small Cap Growth Portfolio		—		81,460,550		33,591		79,851,255		—		342
Multimanager Small Cap Value Portfolio		340,107,411		1,775,055		7,869,994		305,884,748		—		(2,459,782	)
	$	10,848,034,614	$	943,935,081	$	401,485,000	$	10,573,134,664	$	10,156,733	$	2,866,012

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

See Notes to Portfolio of Investments.

11

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	—	$	10,581,945,051	$	—	$	10,581,945,051
Other Investments*		—		—		—		—
Total	$	—	$	10,581,945,051	$	—	$	10,581,945,051
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	943,935,081
Net Proceeds of Sales and Redemptions:
Investment Companies	$	404,351,012

As of March 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	60,180,263
Aggregate gross unrealized depreciation		(845,364,234	)
Net unrealized depreciation	$	(785,183,971 )
Federal income tax cost of investments	$	11,367,129,022

See Notes to Portfolio of Investments.

12

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		3,872,916	$	38,688,846
EQ/AllianceBernstein Value Portfolio‡		23,047,688		294,503,474
EQ/BlackRock Basic Value Equity Portfolio‡		25,076,339		359,944,769
EQ/BlackRock International Value Portfolio‡		19,724,754		281,094,960
EQ/Davis New York Venture Portfolio‡		7,734,001		78,331,068
EQ/Franklin Small Cap Value Portfolio‡		6,646,305		62,223,954
EQ/GAMCO Small Company Value Portfolio‡		2,625,159		76,906,412
EQ/JPMorgan Core Bond Portfolio‡		3,351,521		35,346,338
EQ/Marsico Focus Portfolio‡		20,677,758		317,941,460
EQ/PIMCO Real Return Portfolio‡		3,641,030		40,363,087
EQ/Van Kampen Emerging Markets Equity Portfolio‡		8,082,408		129,704,347
MarketPLUS International Core Portfolio‡		10,737,070		127,587,235
Multimanager Aggressive Equity Portfolio‡		7,180,789		201,226,490
Multimanager Core Bond Portfolio‡		7,632,941		79,691,667
Multimanager International Equity Portfolio‡		20,030,726		295,424,788
Multimanager Large Cap Core Equity Portfolio‡		13,861,594		144,463,268
Multimanager Large Cap Value Portfolio‡		21,287,469		228,071,125
Multimanager Mid Cap Growth Portfolio‡		3,830,841		29,401,479
Multimanager Mid Cap Value Portfolio‡		5,175,693		43,282,804
Multimanager Small Cap Growth Portfolio‡		8,522,169		63,394,565
Multimanager Small Cap Value Portfolio‡		5,082,815		51,986,806
Total Investment Companies (99.8%) (Cost $3,334,845,460)				2,979,578,942
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.2%)
JPMorgan Chase Nassau 1.59%, 4/1/08 (Amortized Cost $5,586,827)	$	5,586,827	$	5,586,827
Total Investments (100.0%) (Cost/Amortized Cost $3,340,432,287)				2,985,165,769
Other Assets Less Liabilities (0.0%)				419,428
Net Assets (100%)			$	2,985,585,197

‡ 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.

See Notes to Portfolio of Investments.

13

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value March 31, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	37,440,602	$	1,354,329	$	307,442	$	38,688,846	$	—	$	(16,035	)
EQ/AllianceBernstein Value Portfolio		324,173,884		11,991,308		8,414,368		294,503,474		—		(1,004,105	)
EQ/BlackRock Basic Value Equity Portfolio		373,050,328		22,814,652		4,537,492		359,944,769		—		(292,348	)
EQ/BlackRock International Value Portfolio		304,216,093		15,726,624		2,849,364		281,094,960		—		275,682
EQ/Davis New York Venture Portfolio		56,209,996		28,624,379		1,420,763		78,331,068		—		(182,644	)
EQ/Franklin Small Cap Value Portfolio		61,755,001		4,348,846		1,069,530		62,223,954		—		(213,327	)
EQ/GAMCO Small Company Value Portfolio		73,590,462		10,713,365		2,303,619		76,906,412		—		(303,388	)
EQ/JPMorgan Core Bond Portfolio		34,410,967		2,257,215		491,778		35,346,338		—		(6,101	)
EQ/Marsico Focus Portfolio		357,649,623		24,892,615		15,395,315		317,941,460		—		1,493,637
EQ/PIMCO Real Return Portfolio		36,806,250		1,983,478		355,260		40,363,087		—		33,282
EQ/Van Kampen Emerging Markets Equity Portfolio		141,789,592		12,311,328		1,921,540		129,704,347		—		515,202
MarketPLUS International Core Portfolio		79,983,535		54,970,628		1,307,098		127,587,235		—		230,356
Multimanager Aggressive Equity Portfolio		215,700,402		16,973,764		2,997,589		201,226,490		—		271,317
Multimanager Core Bond Portfolio		75,260,643		4,595,865		573,312		79,691,667		939,446		9,500
Multimanager International Equity Portfolio		360,799,589		19,027,922		38,745,635		295,424,788		—		10,042,647
Multimanager Large Cap Core Equity Portfolio		150,492,947		12,803,751		2,661,052		144,463,268		—		(135,531	)
Multimanager Large Cap Value Portfolio		236,104,203		16,907,291		3,243,851		228,071,125		—		(225,435	)
Multimanager Mid Cap Growth Portfolio		32,539,706		2,687,465		683,913		29,401,479		—		(158,730	)
Multimanager Mid Cap Value Portfolio		44,946,093		3,064,069		768,333		43,282,804		—		(185,521	)
Multimanager Small Cap Growth Portfolio		—		65,387,713		501,024		63,394,565		—		(18,820	)
Multimanager Small Cap Value Portfolio		129,559,890		774,099		90,259,085		51,986,806		—		(23,082,831	)
	$	3,126,479,806	$	334,210,706	$	180,807,363	$	2,979,578,942	$	939,446	$	(12,953,193	)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

See Notes to Portfolio of Investments.

14

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	—	$	2,985,165,769	$	—	$	2,985,165,769
Other Investments*		—		—		—
Total	$	—	$	2,985,165,769	$	—	$	2,985,165,769
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	334,210,706
Net Proceeds of Sales and Redemptions:
Investment Companies	$	167,854,172

As of March 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	5,425,937
Aggregate gross unrealized depreciation		(361,236,942	)
Net unrealized depreciation	$	(355,811,005	)
Federal income tax cost of investments	$	3,340,976,774

See Notes to Portfolio of Investments.

15

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.5%)
Automobiles (0.5%)
Toyota Motor Corp. (ADR)^	140,108	$	14,135,496
Diversified Consumer Services (0.3%)
Apollo Global Management LLC, Class A*	300,000		3,900,000
INVESTools, Inc.*^	405,100		4,452,049
			8,352,049
Hotels, Restaurants & Leisure (4.6%)
Ctrip.com International Ltd. (ADR).	48,900		2,592,678
Las Vegas Sands Corp.*^	291,077		21,434,910
McDonald’s Corp.	859,353		47,926,117
MGM MIRAGE*^	160,768		9,448,335
Wynn Resorts Ltd.^	349,224		35,145,904
			116,547,944
Household Durables (0.6%)
D.R. Horton, Inc.	335,400		5,282,550
Garmin Ltd.^	196,200		10,596,762
			15,879,312
Internet & Catalog Retail (2.0%)
Amazon.com, Inc.*	676,400		48,227,320
Liberty Media Corp., Interactive, Class A*^	240,000		3,873,600
			52,100,920
Media (4.2%)
Cablevision Systems Corp. - New York Group, Class A*	643,700		13,794,491
CBS Corp., Class B	59,600		1,315,968
Comcast Corp., Class A.	117,900		2,280,186
Comcast Corp., Special Class A*^	1,021,674		19,381,156
Liberty Global, Inc., Class A*^	38,500		1,312,080
Liberty Media Corp., Entertainment Service, Class A*	228,000		5,161,920
Sirius Satellite Radio, Inc.*^	1,441,400		4,122,404
Time Warner, Inc.	1,272,300		17,837,646
Viacom, Inc., Class B*	58,500		2,317,770
Walt Disney Co.	370,400		11,623,152
XM Satellite Radio Holdings, Inc., Class A*^	2,334,100		27,122,242
			106,269,015
Specialty Retail (1.0%)
Lowe’s Cos., Inc.	643,043		14,751,406
Tiffany & Co.^	106,000		4,435,040
Ulta Salon Cosmetics & Fragrance, Inc.*^	430,845		6,049,064
			25,235,510
Textiles, Apparel & Luxury Goods (0.3%)
Polo Ralph Lauren Corp.^	122,370		7,132,947
Total Consumer Discretionary			345,653,193
Consumer Staples (2.2%)
Beverages (0.3%)
Coca-Cola Co.	135,065		8,221,407
Food & Staples Retailing (0.9%)
CVS Caremark Corp.	556,634		22,549,243
Food Products (1.0%)
Cadbury Schweppes plc (ADR)^	269,400		11,912,868
Kraft Foods, Inc., Class A	455,600		14,128,156
			26,041,024
Total Consumer Staples			56,811,674
Energy (9.6%)
Energy Equipment & Services (5.5%)
FMC Technologies, Inc.*	14,007		796,858
Grant Prideco, Inc.*	480,600		23,655,132
Schlumberger Ltd.	253,691		22,071,117
Transocean, Inc	224,700		30,379,440
Weatherford International Ltd.*	880,100		63,780,847
			140,683,394
Oil, Gas & Consumable Fuels (4.1%)
Anadarko Petroleum Corp.	1,267,300		79,877,919
Denbury Resources, Inc.*	139,955		3,995,715
Petroleo Brasileiro S.A. (ADR)^	213,595		21,810,186
			105,683,820
Total Energy			246,367,214
Financials (12.1%)
Capital Markets (3.9%)
Goldman Sachs Group, Inc	157,624		26,069,433
Lehman Brothers Holdings, Inc.^	829,400		31,218,616
Merrill Lynch & Co., Inc.^	592,500		24,138,450
Riskmetrics Group, Inc.*	295,000		5,708,250
TD Ameritrade Holding Corp.*	702,472		11,597,813
			98,732,562
Commercial Banks (1.7%)
Industrial & Commercial Bank of China Ltd., Class H	40,922,000		28,498,936
Wells Fargo & Co.	517,021		15,045,311
			43,544,247
Diversified Financial Services (3.9%)
CIT Group, Inc.	60,000		711,000
Citigroup, Inc.	718,500		15,390,270
CME Group, Inc.	36,005		16,889,945
Interactive Brokers Group, Inc.*^	209,670		5,382,229
JPMorgan Chase & Co.	420,799		18,073,317
Liberty Media Corp., Capital Series, Class A*	57,000		897,180
MarketAxess Holdings, Inc.*^	567,220		5,638,167
NASDAQ OMX Group, Inc.*^	957,772		37,027,466
			100,009,574
Insurance (1.1%)
American International Group, Inc.	665,000		28,761,250
Real Estate Investment Trusts (REITs) (0.6%)
ProLogis (REIT)^	243,634		14,340,297
Thrifts & Mortgage Finance (0.9%)
Freddie Mac^	907,500		22,977,900
Total Financials			308,365,830
Health Care (15.9%)
Biotechnology (8.6%)
Alnylam Pharmaceuticals, Inc.*^	378,145		9,226,738
Amgen, Inc.*	506,800		21,174,104
Applera Corp.- Celera Group*	661,991		9,731,268
Biogen Idec, Inc.*	671,200		41,406,328
Cepheid, Inc.*^	795,208		19,395,123
Combinatorx, Inc.*^	719,215		2,474,100
Genentech, Inc.*	383,297		31,116,050
Genomic Health, Inc.*^	385,700		7,285,873

See Notes to Portfolio of Investments.

16

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Genzyme Corp.*	530,000	$	39,506,200
ImClone Systems, Inc.*^	252,100		10,694,082
Memory Pharmaceuticals Corp.*^	1,267,600		633,800
Millennium Pharmaceuticals, Inc.*^	351,300		5,431,098
Myriad Genetics, Inc.*^	187,200		7,542,288
Sangamo BioSciences, Inc.*^	634,600		6,447,536
Senomyx, Inc.*^	753,250		4,444,175
Vertex Pharmaceuticals, Inc.*^	119,000		2,842,910
			219,351,673
Health Care Equipment & Supplies (1.6%)
Covidien Ltd.	266,950		11,812,538
Given Imaging Ltd.*^	891,948		15,056,082
Hologic, Inc.*^	140,085		7,788,726
Insulet Corp.*^	431,500		6,213,600
			40,870,946
Health Care Providers & Services (2.3%)
UnitedHealth Group, Inc.	1,752,166		60,204,424
Life Sciences Tools & Services (0.8%)
Compugen Ltd.*^	1,328,450		2,776,460
Illumina, Inc.*^	89,880		6,821,892
Qiagen N.V.*^	294,690		6,129,552
WuXi PharmaTech Cayman, Inc. (ADR)*^	215,500		4,818,580
			20,546,484
Pharmaceuticals (2.6%)
Alexza Pharmaceticals, Inc.*^	1,175,940		8,090,467
BioMimetic Therapeutics, Inc.*^	105,465		843,720
Forest Laboratories, Inc.*	660,600		26,430,606
Johnson & Johnson	139,700		9,062,339
King Pharmaceuticals, Inc.*	316,500		2,753,550
Merck & Co., Inc.	359,792		13,654,106
Teva Pharmaceutical Industries Ltd. (ADR)	40,100		1,852,219
Valeant Pharmaceuticals International*^	250,600		3,215,198
			65,902,205
Total Health Care			406,875,732
Industrials (13.6%)
Aerospace & Defense (2.5%)
General Dynamics Corp.	167,791		13,988,736
Honeywell International, Inc.	28,619		1,614,684
L-3 Communications Holdings, Inc.	212,600		23,245,684
Lockheed Martin Corp.	231,594		22,997,284
Precision Castparts Corp.	15,019		1,533,139
			63,379,527
Air Freight & Logistics (0.7%)
FedEx Corp.	196,600		18,218,922
Airlines (0.8%)
Continental Airlines, Inc., Class B*	801,310		15,409,191
Delta Air Lines, Inc.*	420,590		3,617,074
			19,026,265
Construction & Engineering (3.2%)
Foster Wheeler Ltd.*	204,000		11,550,480
Quanta Services, Inc.*^	1,435,565		33,262,041
Shaw Group, Inc.*^	644,289		30,371,784
URS Corp.*	232,500		7,600,425
			82,784,730
Electrical Equipment (2.6%)
ABB Ltd. (ADR)	251,000		6,756,920
Baldor Electric Co.^	305,800		8,562,400
EnerSys*^	275,825		6,597,734
General Cable Corp.*^	330,100		19,499,007
Thomas & Betts Corp.*^	419,800		15,268,126
Vestas Wind Systems A/S*	80,400		8,783,165
			65,467,352
Industrial Conglomerates (1.6%)
General Electric Co.	803,500		29,737,535
Tyco International Ltd.	266,950		11,759,148
			41,496,683
Machinery (1.1%)
Caterpillar, Inc.	215,700		16,887,153
Deere & Co.	54,509		4,384,704
Pall Corp.	176,700		6,196,869
			27,468,726
Road & Rail (1.1%)
Norfolk Southern Corp.	140,244		7,618,054
Union Pacific Corp.	171,880		21,550,314
			29,168,368
Total Industrials			347,010,573
Information Technology (25.7%)
Communications Equipment (6.8%)
Arris Group, Inc.*	86,393		502,807
Ciena Corp.*^	323,120		9,961,790
Cisco Systems, Inc.*	1,149,100		27,681,819
JDS Uniphase Corp.*^	1,542,102		20,648,746
Juniper Networks, Inc.*	779,648		19,491,200
Motorola, Inc.	597,600		5,557,680
Nokia Oyj (ADR)	1,560,200		49,661,166
QUALCOMM, Inc.	962,300		39,454,300
			172,959,508
Computers & Peripherals (1.7%)
NetApp, Inc.*	775,130		15,541,357
SanDisk Corp.*	904,925		20,424,157
Seagate Technology^	268,700		5,626,578
			41,592,092
Electronic Equipment & Instruments (1.5%)
5N Plus, Inc.*	955,356		9,958,896
Dolby Laboratories, Inc., Class A*	62,400		2,262,624
Itron, Inc.*^	114,730		10,352,088
Trimble Navigation Ltd.*^	222,500		6,361,275
Tyco Electronics Ltd.	266,950		9,161,724
			38,096,607
Internet Software & Services (5.2%)
eBay, Inc.*	1,257,300		37,517,832
Equinix, Inc.*	44,800		2,978,752
Google, Inc., Class A*	76,862		33,855,405
Move, Inc.*	2,679,140		8,251,752
Yahoo!, Inc.*	1,745,100		50,485,743
			133,089,484
IT Services (2.0%)
Mastercard, Inc., Class A^	57,025		12,716,005
VeriFone Holdings, Inc.*^	314,800		4,995,876
Visa, Inc., Class A*	542,471		33,828,491
			51,540,372
Semiconductors & Semiconductor Equipment (4.2%)
Advanced Micro Devices, Inc.*	2,504,261		14,750,097
Broadcom Corp., Class A*	323,700		6,237,699
Cirrus Logic, Inc.*^	201,100		1,351,392
DSP Group, Inc.*^	78,700		1,002,638
Intel Corp.	191,300		4,051,734
International Rectifier Corp.*	330,880		7,113,920
Lam Research Corp.*	513,780		19,636,672
Micron Technology, Inc.*^	1,017,900		6,076,863
Netlogic Microsystems, Inc.*^	472,807		11,413,561

See Notes to Portfolio of Investments.

17

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
NVIDIA Corp.*		98,200	$	1,943,378
RF Micro Devices, Inc.*^		226,700		603,022
Silicon Laboratories, Inc.*		279,323		8,809,847
Teradyne, Inc.*		188,200		2,337,444
Texas Instruments, Inc.		790,800		22,355,916
				107,684,183
Software (4.3%)
Activision, Inc.*		204,175		5,576,019
Autodesk, Inc.*		143,100		4,504,788
Electronic Arts, Inc.*		493,900		24,655,488
Nuance Communications, Inc.*^		459,625		8,002,071
Red Hat, Inc.*		1,802,650		33,150,733
Salesforce.com, Inc.*		218,965		12,671,505
Shanda Interactive Entertainment Ltd. (ADR)*		310,146		9,025,249
VMware, Inc., Class A*^		300,700		12,875,974
				110,461,827
Total Information Technology				655,424,073
Materials (1.5%)
Chemicals (1.5%)
Air Products & Chemicals, Inc.		135,112		12,430,304
Monsanto Co.		220,506		24,586,419
Total Materials				37,016,723
Telecommunication Services (0.7%)
Diversified Telecommunication Services (0.7%)
AT&T, Inc.		465,733		17,837,574
Total Telecommunication Services				17,837,574
Utilities (0.8%)
Electric Utilities (0.2%)
ITC Holdings Corp.^		95,640		4,979,018
Independent Power Producers & Energy Traders (0.2%)
Dynegy, Inc., Class A*		592,700		4,676,403
Multi-Utilities (0.4%)
Veolia Environnement		160,800		11,210,590
Total Utilities				20,866,011
Total Common Stocks (95.6%) (Cost $2,535,839,564)				2,442,228,597
	Number of Warrants
WARRANT:
Health Care (0.0%)
Biotechnology (0.0%)
Curis, Inc., expiring 10/14/09(b)* † (Cost $—)		48,100		—
	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (3.6%)
Federal Home Loan Bank 1.50%, 4/1/08 (p)(o)	$	91,901,000		91,897,171
Short-Term Investments of Cash Collateral for Securities Loaned (16.7%)
Atlantis One Funding Corp.
3.06%, 4/2/08		2,456,412		2,456,412
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		5,468,423		5,468,423
Bank of Ireland
2.60%, 12/19/08 (l)		9,113,095		9,113,095
Bank of Scotland plc/London
3.30%, 4/1/08		16,405,269		16,405,269
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		4,010,177		4,010,177
Belmont Funding LLC
4.00%, 4/1/08		13,669,539		13,669,539
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		8,749,477		8,749,477
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		5,468,423		5,468,423
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		4,268,651		4,268,651
Comerica Bank
2.84%, 3/16/09 (l)		1,822,698		1,822,698
Commonwealth Bank of Australia/London
3.00%, 4/1/08		16,405,269		16,405,269
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		4,739,300		4,739,300
Den Danske Bank/Copenhagen
3.40%, 4/1/08		5,832,985		5,832,985
Deutsche Bank AG/London
2.49%, 5/1/08 (l)		9,114,038		9,114,038
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		13,898,909		13,898,909
Fifth Third Bancorp
2.61%, 8/22/08 (l)		546,842		546,842
First Tennessee Bank
2.85%, 8/15/08 (l)		16,404,982		16,404,982
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		53,955,107		53,955,107
General Electric Capital Corp.
2.40%, 3/12/10 (l)		729,123		729,123
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		3,645,615		3,645,615
2.41%, 3/27/09 (l)		5,103,861		5,103,861
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		79,378,274		79,378,274
Hartford Life, Inc.
3.25%, 2/2/09 (l)		1,458,246		1,458,246
HSBC Holdings plc/London
2.75%, 4/1/08		16,405,269		16,405,269
K2 (USA) LLC
2.37%, 5/29/09 (l)		7,288,728		7,288,728
2.37%, 6/18/09 (l)		9,110,625		9,110,625
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		10,936,761		10,936,761
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		9,114,038		9,114,038
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		16,405,269		16,405,269
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		4,556,974		4,556,974
Links Finance LLC
2.37%, 6/25/09 (l)		2,733,357		2,733,357
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		4,557,019		4,557,019
Monumental Global Funding II
2.36%, 4/25/08 (l)		4,374,738		4,374,738
2.43%, 5/26/10 (l)		8,567,196		8,567,196
Morgan Stanley
3.59%, 2/9/09 (l)		14,164,769		14,164,769
3.15%, 5/7/09 (l)		9,114,038		9,114,038

See Notes to Portfolio of Investments.

18

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Pricoa Global Funding I
2.40%, 6/25/10 (l)	$	5,467,192	$	5,467,192
San Paolo IMI/Ireland
4.62%, 4/8/08		898,649		898,649
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		9,123,299		9,123,299
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		9,114,038		9,114,038
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		1,822,808		1,822,808
Total Short-Term Investments of Cash Collateral for Securities Loaned				426,399,482
Time Deposit (0.7%)
JPMorgan Chase Nassau
1.59%, 4/1/08		18,460,769		18,460,769
Total Short-Term Investments (21.0%) (Cost/Amortized Cost $536,761,252)				536,757,422
Total Investments (116.6%) (Cost/Amortized Cost $3,072,600,816)				2,978,986,019
Other Assets Less Liabilities (-16.6%)				(424,135,346	)
Net Assets (100%)			$	2,554,850,673

* Non-income producing.

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

† Securities (totaling $0 or 0.0% of net assets) at fair value.

(b) Illiquid Security.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

(o) Discount Note Security. Effective rate calculated as of March 31, 2008.

(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

See Notes to Portfolio of Investments.

19

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	2,389,835,907	$	589,150,112	$	—	$	2,978,986,019
Other Investments*		—		—		—		—
Total	$	2,389,835,907	$	589,150,112	$	—	$	2,978,986,019
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	612,220,599
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	559,834,001

As of March 31, 2008, 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	$	233,786,605
Aggregate gross unrealized depreciation		(369,719,958	)
Net unrealized depreciation	$	(135,933,353	)
Federal income tax cost of investments	$	3,114,919,372

At March 31, 2008, the Portfolio had loaned securities with a total value of $414,959,113. This was secured by collateral of $426,399,482 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

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

See Notes to Portfolio of Investments.

20

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
LONG TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (19.6%)
Asset-Backed Securities (3.3%)
ACE Securities Corp., Series 2006-HE1 A2A
2.679%, 2/25/36(l)(b)	$	192,324	$	191,747
Series 2006-HE3 A2A
2.649%, 6/25/36(l)(b)		1,797,952		1,774,286
Aegis Asset Backed Securities Trust, Series 2006-1 A1
2.679%, 1/25/37(l)(b)		5,050,137		4,820,783
Ameriquest Mortgage Securities, Inc., Series 2004-R11 A1
2.901%, 11/25/34(l)(b)†		3,166,159		2,469,604
Amortizing Residential Collateral Trust, Series 2002-BC3M A
2.869%, 6/25/32(l)(b)		34,066		31,170
Series 2002-BC4 A
2.889%, 7/25/32(l)(b)		8,882		7,860
Asset Backed Funding Certificates, Series 2006-OPT3 A3A
2.659%, 11/25/36(l)(b)†		5,518,641		5,163,130
Bear Stearns Asset Backed Securities Trust, Series 2002-2 A1
2.929%, 10/25/32(l)(b)		23,037		19,891
Series 2003-2 A2
3.049%, 3/25/43(l)(b)		92,417		89,825
Series 2006-HE1 A1A
2.689%, 12/25/35(l)(b)		94,787		94,688
Carrington Mortgage Loan Trust, Series 2006-RFC1 A1
2.639%, 5/25/36(l)(b)		815,169		808,256
Cendant Mortgage Corp., Series 2003-A A1
5.989%, 7/25/43(l)(b)§		90,180		84,249
Chase Issuance Trust, Series 2007-A17 A
5.120%, 10/15/14		9,100,000		9,408,221
Chase Manhattan Auto Owner Trust, Series 2005-A A3
3.870%, 6/15/09		1,592,630		1,595,498
Citibank Credit Card Issuance Trust, Series 2003-A6 A6
2.900%, 5/17/10		2,475,000		2,475,127
Countrywide Asset-Backed Certificates, Series 2006-19 2A1
2.659%, 3/25/37(l)(b)		4,781,025		4,673,157
CS First Boston Mortgage Securities Corp., Series 2001-HE17 A1
3.219%, 1/25/32(l)(b)		29,579		26,629
Daimler Chrysler Auto Trust, Series 2006-B A3
5.330%, 8/8/10		5,081,138		5,131,886
Series 2006-C A3
5.020%, 7/8/10		11,650,000		11,743,184
Series 2006-D A4
4.940%, 2/8/12		9,900,000		10,121,197
Fieldstone Mortgage Investment Corp., Series 2006-1 A1
2.679%, 5/25/36(l)(b)		1,269,916		1,254,135
First Franklin Mortgage Loan Asset Backed Certificates, Series 2006-FF4 A1
2.669%, 3/25/36(l)(b)		443,413		441,207
Ford Credit Auto Owner Trust, Series 2005-C A3
4.300%, 8/15/09		1,402,145		1,405,362
Series 2006-B A3
5.260%, 10/15/10		12,250,000		12,383,862
GSAA Home Equity Trust, Series 2006-5 2A1
2.669%, 3/25/36(l)(b)†		3,257,832		2,769,157
GSAMP Trust, Series 2002-NC1 A2
3.239%, 7/25/32(l)		4,114		3,883
Home Equity Asset Trust, Series 2002-1 A4
3.199%, 11/25/32(l)(b)		4,106		3,491
Honda Auto Receivables Owner Trust, Series 2005-6 A3
4.850%, 10/19/09		3,306,439		3,323,177
MBNA Credit Card Master Note Trust, Series 2003-A6 A6
2.750%, 10/15/10		2,250,000		2,249,792
Series 2003-A7 A7
2.650%, 11/15/10		6,150,000		6,145,558
Mid-State Trust, Series 4 A
8.330%, 4/1/30		267,204		280,593
Nationstar Home Equity Loan Trust, Series 2006-B AV1
2.669%, 9/25/36(l)(b)		1,863,775		1,824,586
Nissan Auto Receivables Owner Trust, Series 2006-B A3
5.160%, 2/15/10		6,155,494		6,202,670
Renaissance Home Equity Loan Trust, Series 2003-2 A
3.039%, 8/25/33(l)(b)		38,841		36,328
Series 2003-3 A
3.099%, 12/25/33(l)(b)		261,799		242,902
Residential Asset Mortgage Products, Inc., Series 2005-RZ4 A1
2.719%, 11/25/35(l)(b)		449,135		448,020
Salomon Brothers Mortgage Securities VII, Inc., Series 2002-CIT1 A
2.899%, 3/25/32(l)(b)		56,404		54,715
Saxon Asset Securities Trust, Series 2002-1 AV2
3.139%, 1/25/32(l)(b)		7,336		7,311
Structured Asset Securities Corp., Series 2002-HF1 A
2.889%, 1/25/33(l)(b)		99,101		89,461
Series 2003-2
4.426%, 1/21/09(l)§		1,079,389		1,063,199
Series 2003-AL2 A
3.357%, 1/25/31		750,482		638,049
Wells Fargo Home Equity Trust, Series 2005-2 AII2
2.839%, 10/25/35(l)(b)§		442,331		429,339
				102,027,185
Non-Agency CMO (16.3%)
American Home Mortgage Assets, Series 2006-6 A1A
2.789%, 12/25/46(l)		1,454,725		1,089,184
Banc of America Alternative Loan Trust, Series 2004-5 4A1
5.000%, 6/25/19		1,406,921		1,366,627

See Notes to Portfolio of Investments.

21

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2004-6 4A1
5.000%, 7/25/19	$	1,357,077	$	1,288,497
Banc of America Commercial Mortgage, Inc., Series 2000-1 A2A
7.333%, 11/15/31(l)		6,310,000		6,451,143
Series 2001-1 A2
6.503%, 4/15/36		4,183,870		4,283,341
Series 2002-PB2 A2
5.676%, 6/11/35		2,941,914		2,941,138
Series 2002-PB2 A4
6.186%, 6/11/35		5,320,000		5,417,878
Banc of America Funding Corp., Series 2006-A 1A1
4.622%, 2/20/36(l)		1,978,772		1,893,964
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-10 A2
4.750%, 10/25/35(l)		2,700,000		2,502,239
Series 2007-4 22A1
6.004%, 6/25/47(l)		2,456,569		2,229,309
Bear Stearns Alt-A Trust, Series 2006-6 31A1
5.808%, 11/25/36(l)		4,564,737		3,566,650
Series 2006-6 32A1
5.792%, 11/25/36(l)		4,896,654		3,313,163
Bear Stearns Commercial Mortgage Securities, Inc., Series 2000-WF2 A2
7.320%, 10/15/32(l)		2,890,000		2,999,601
Series 2003-T12 A4
4.680%, 8/13/39(l)		6,825,000		6,611,509
Bear Stearns Structured Products, Inc., Series 2007-R7 A1
2.806%, 1/26/37(l)(b)		3,901,619		3,707,201
Chase Commercial Mortgage Securities Corp., Series 1999-2 A2
7.198%, 1/15/32		500,058		513,336
Series 2000-3 A2
7.319%, 10/15/32		2,248,017		2,327,629
Citigroup Commercial Mortgage Trust, Inc., Series 2005-EMG A2
4.221%, 9/20/51§		5,700,000		5,623,269
Series 2007-C6 AM
5.700%, 12/10/49(l)		3,575,000		3,262,911
Citigroup Mortgage Loan Trust, Inc., Series 2005-4 A
5.344%, 8/25/35(l)		25,327,426		22,688,017
Series 2006-AR1 1A1
4.900%, 10/25/35(l)		8,224,285		7,845,474
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5 A4
5.886%, 11/15/44(l)		3,525,000		3,514,198
Citimortgage Alternative Loan Trust, Series 2007-A8 A1
6.000%, 10/25/37		9,312,055		8,328,469
Commercial Mortgage Pass Through Certificates, Series 2000-C1 A2
7.416%, 8/15/33(l)		5,356,418		5,524,731
Series 2007-C9 A4
5.816%, 12/10/49(l)		9,890,000		9,884,820
Countrywide Alternative Loan Trust, Series 2003-J3 2A1
6.250%, 12/25/33		243,030		213,624
Series 2006-OA10 1A1
5.196%, 8/25/46(l)		1,531,799		1,180,202
Series 2006-OA21 A1
2.726%, 3/20/47(l)		4,146,211		3,146,161
Series 2006-OC8 2A1A
2.689%, 11/25/36(l)		5,816,582		5,439,414
Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-R4 1A3
6.000%, 11/25/26§		228,008		227,993
Series 2003-R4 2A
6.500%, 1/25/34(l)§		273,768		275,308
Series 2006-OA5 2A1
2.799%, 4/25/46(1)		1,761,450		1,320,991
Series 2007-16 A1
6.500%, 10/25/37		5,548,686		5,468,924
Credit Suisse Mortgage Capital Certificates, Series 2006-3 1A1A
2.689%, 4/25/36(l)		1,447,739		1,436,744
Series 2006-8 3A1
6.000%, 10/25/21		2,601,715		2,339,918
Series 2006-C5 A3
5.311%, 12/15/39		10,020,000		9,732,812
CS First Boston Mortgage Securities Corp., Series 1998-C1 A1B
6.480%, 5/17/40		882,347		882,320
Series 1998-C2 A2
6.300%, 11/15/30		660,797		663,251
Series 2002-CKS4 A2
5.183%, 11/15/36		5,105,000		5,098,548
Series 2002-CP3 A3		7,210,000		7,186,067
5.603%, 7/15/35
Series 2002-CP5 A2
4.940%, 12/15/35		6,905,000		6,674,123
Series 2002-P1A A
5.215%, 3/25/32(l)§		21,356		19,268
Series 2003-C3 A5
3.936%, 5/15/38		7,430,000		6,819,090
Series 2005-C2 A4
4.832%, 4/15/37		4,760,000		4,645,900
CW Capital Cobalt Ltd., Series 2007-C3 A4
5.820%, 5/15/46(l)		5,185,000		5,178,444
Deutsche ALT-A Securities Inc., Alternate Loan Trust,
Series 2006-OA1 A1
2.799%, 2/25/47(l)		1,887,580		1,436,689
DLJ Commercial Mortgage Corp., Series 1999-CG1 A1B		252,444		254,122
6.460%, 3/10/32
Series 1999-CG2 A1B
7.300%, 6/10/32(l)^		3,544,254		3,610,814
Series 2000-CKP1 A1B
7.180%, 11/10/33		5,897,582		6,110,803
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA2 1A5
6.000%, 5/25/36		7,786,541		7,706,202
First Republic Mortgage Loan Trust, Series 2001-FRB1 A
3.168%, 11/15/31(l)		565,530		522,965
First Union National Bank Commercial Mortgage Trust, Series 2001-C4 A2
6.223%, 12/12/33		6,520,000		6,643,797
GE Capital Commercial Mortgage Corp., Series 2002-3A A1
4.229%, 12/10/37		1,496,011		1,473,915

See Notes to Portfolio of Investments.

22

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
GMAC Commercial Mortgage Securities, Inc., Series 1999-C2 A2
6.945%, 9/15/33	$	305,102	$	309,359
Series 1999-C3 A2
7.179%, 8/15/36(l)		2,563,149		2,616,614
Series 2000-C1 A2
7.724%, 3/15/33(l)		3,754,549		3,882,994
Series 2000-C2 A2
7.455%, 8/16/33(l)		3,039,008		3,153,481
Series 2000-C3 A2
6.957%, 9/15/35		5,125,000		5,301,541
Series 2002-C3 A2
4.930%, 7/10/39		6,925,000		6,842,845
Greenwich Capital Commercial Funding Corp., Series 2004-GG1 A4
4.755%, 6/10/36		1,205,000		1,196,215
Series 2007-GG9 A4
5.444%, 3/10/39		8,775,000		8,537,613
GS Mortgage Securities Corp. II, Series 1998-C1 A3
6.135%, 10/18/30		3,266,732		3,262,326
Series 2006-GG8 A4
5.560%, 11/10/39		5,360,000		5,308,478
GSR Mortgage Loan Trust, Series 2004-9 4A1
4.060%, 8/25/34(l)		5,711,077		5,564,682
Series 2005-AR4 6A1
5.250%, 7/25/35(l)		23,199,020		20,787,025
Series 2005-AR6 2A1
4.539%, 9/25/35(l)		2,213,210		2,083,113
Series 2005-AR7 6A1
5.250%, 11/25/35(l)		4,639,984		4,141,208
Series 2006-OA1 2A1
2.789%, 8/25/46(l)		3,417,550		2,599,977
Harborview Mortgage Loan Trust, Series 2006-9 2A1A
2.769%, 11/19/36(l)		3,081,484		2,345,405
Heller Financial Commercial Mortgage Asset Corp., Series 1999-PH1 A2
6.847%, 5/15/31(l)		391,530		393,873
Homebanc Mortgage Trust, Series 2005-4 A1
2.869%, 10/25/35(l)		3,198,479		2,247,508
Impac CMB Trust,
Series 2003-8 2A1
3.499%, 10/25/33(l)(b)		268,050		251,470
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-C1 A3
5.857%, 10/12/35		5,340,000		5,429,407
Series 2001-CIB2 A3
6.429%, 4/15/35		1,295,000		1,326,050
Series 2001-CIBC A3
6.260%, 3/15/33		5,059,543		5,153,127
Series 2006-LDP9 A3
5.336%, 5/15/47		3,770,000		3,657,308
Series 2007-LD11 A2
5.804%, 6/15/49(l)		3,450,000		3,426,692
Series 2007-LD12 A2
5.827%, 2/15/51		2,810,000		2,779,932
JPMorgan Mortgage Trust, Series 2006-S2 2A2
5.875%, 7/25/36		1,207,353		1,179,543
Series 2007-S1 1A2
5.500%, 3/25/22		1,131,665		1,081,400
LB Commercial Conduit Mortgage Trust, Series 1998-C4 A1B
6.210%, 10/15/35		1,207,669		1,208,418
LB-UBS Commercial Mortgage Trust, Series 2002-C2 A4
5.594%, 6/15/31		6,949,000		7,062,004
Series 2003-C7 A2
4.064%, 9/15/27(l)		1,264,421		1,247,065
Series 2004-C7 A1A
4.475%, 10/15/29		8,919,594		8,558,786
Series 2006-C6 A4
5.372%, 9/15/39		3,295,000		3,224,722
Series 2007-C1 A4
5.420%, 2/15/40		4,000,000		3,884,904
Series 2007-C7 A3
5.866%, 9/15/45(l)		7,970,000		7,939,420
MASTR Alternative Loans Trust, Series 2004-4 1A1
5.500%, 5/25/34		3,125,773		2,895,891
Merrill Lynch Mortgage Investors, Inc., Series 2003-A1 3A
4.910%, 12/25/32(l)		514,222		490,473
Series 2005-A10 A
2.809%, 2/25/36(l)		2,326,358		1,865,911
Morgan Stanley Capital I, Series 1999-LIFE A2
7.110%, 4/15/33(l)		6,189,756		6,305,764
Series 2006-IQ12 A4
5.332%, 12/15/43		3,455,000		3,360,729
Series 2007-HQ12 A2
5.633%, 4/12/49(l)		1,250,000		1,232,660
Series 2007-IQ13 A4
5.364%, 3/15/44		11,715,000		11,308,889
Series 2007-IQ15 A4
5.882%, 6/11/49(l)		11,450,000		11,505,323
Series 2007-IQ15 AM
5.882%, 6/11/49(l)		5,075,000		4,688,775
Series 2007-IQ16 A4
5.809%, 12/12/49		4,840,000		4,798,404
Series 2007-T27 A4
5.650%, 6/13/42(l)		3,910,000		3,870,298
Morgan Stanley Dean Witter Capital I, Series 2002-IQ2 A4
5.740%, 12/15/35		6,865,000		6,884,502
Nationslink Funding Corp., Series 1998-2 A2
6.476%, 8/20/30		2,929,250		2,923,267
Residential Accredit Loans, Inc., Series 2003-QR19 CB1
5.750%, 10/25/33		330,173		329,288
Series 2006-QS2 1A9
5.500%, 2/25/36		6,790,000		6,657,227
Series 2007-QO2 A1
2.749%, 2/25/47(l)		2,517,741		1,759,758
Salomon Brothers Mortgage Securities VII, Inc., Series 2001-C2 A3
6.499%, 10/13/11		8,650,000		8,865,958
Sequoia Mortgage Trust, Series 2003-4 2A1
2.886%, 7/20/33(l)		222,082		211,774
Series 2010 2A1
2.916%, 10/20/27(l)		111,880		98,278
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19XS 1A1
2.919%, 10/25/35(l)		2,247,664		1,776,731

See Notes to Portfolio of Investments.

23

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Structured Asset Mortgage Investments, Inc., Series 2002-AR3 A1
2.889%, 9/19/32(l)	$	63,144	$	57,514
Series 2005-AR5 A1
2.809%, 7/19/35(l)		499,618		382,501
Series 2005-AR5 A2
2.809%, 7/19/35(l)		2,427,348		2,187,830
Series 2006-AR3 12A1
2.819%, 5/25/36(l)		2,067,715		1,564,456
TIAA Real Estate CDO Ltd., Series 2001-C1A A4
6.680%, 6/19/31(l)§		9,155,000		9,289,042
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17 APB
5.037%, 3/15/42		5,110,000		4,930,967
Series 2005-C20 A6A
5.110%, 7/15/42(l)		7,640,000		7,437,842
Series 2005-C22 A4
5.266%, 12/15/44(l)		4,400,000		4,395,976
Series 2007-C33 A4
5.903%, 2/15/51(l)^		3,900,000		3,930,007
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6 A
5.726%, 6/25/42(l)		109,105		99,074
Series 2002-AR9 1A
5.726%, 8/25/42(l)		139,821		128,507
Series 2003-R1 A1
3.139%, 12/25/27(l)		1,284,515		1,137,704
Series 2005-AR7 A4
4.917%, 8/25/35(l)		3,546,403		3,485,579
Series 2007-HY3 4A1
5.349%, 3/25/37(l)		8,766,435		8,274,417
Series 2007-OA4 1A
5.096%, 5/25/47(l)		2,097,236		1,398,388
Series 2007-OA5 1A
5.076%, 6/25/47(l)		3,551,883		2,359,877
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K 1A2
4.473%, 7/25/34(l)		5,339,687		5,039,746
Series 2006-AR12 2A1
6.100%, 9/25/36(l)		3,276,734		3,084,267
				493,880,806
Total Asset-Backed and Mortgage- Backed Securities				595,907,991
Corporate Bonds (23.7%)
Consumer Discretionary (0.7%)
Automobiles (0.0%)
Daimler Finance N.A. LLC
4.050%, 6/4/08	$	200,000		200,074
Broadcasting & Cable TV (0.0%)
Cablevision Systems Corp., Term Loan
4.812%, 2/24/13		1,000,000		933,269
Media (0.7%)
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		1,020,000		1,133,048
Comcast Cable Holdings LLC
7.875%, 8/1/13		130,000		142,526
Comcast Corp.
6.500%, 1/15/15		969,000		992,313
6.500%, 1/15/17		2,550,000		2,604,366
7.050%, 3/15/33		15,000		15,296
6.500%, 11/15/35		1,235,000		1,168,043
6.950%, 8/15/37		2,900,000		2,905,814
COX Communications, Inc.
7.125%, 10/1/12		115,000		121,790
Historic TW, Inc.
6.625%, 5/15/29		200,000		187,532
News America Holdings, Inc.
7.750%, 1/20/24		145,000		159,815
8.500%, 2/23/25		775,000		898,745
8.450%, 8/1/34		245,000		293,156
News America, Inc.
7.125%, 4/8/28		275,000		286,052
R.H. Donnelley Corp. Series A-3
8.875%, 1/15/16^		7,000,000		4,427,500
TCI Communications, Inc.
7.875%, 2/15/26		820,000		864,008
7.125%, 2/15/28		360,000		362,436
Time Warner Cable, Inc.
6.550%, 5/1/37		2,350,000		2,218,355
Time Warner Cos., Inc.
7.570%, 2/1/24		10,000		10,265
Time Warner, Inc.
6.750%, 4/15/11		135,000		138,826
7.700%, 5/1/32		598,000		629,579
Turner Broadcasting System, Inc.
8.375%, 7/1/13		65,000		71,031
				19,630,496
Total Consumer Discretionary				20,763,839
Consumer Staples (0.6%)
Food & Staples Retailing (0.0%)
SUPERVALU, Inc.
7.500%, 11/15/14		700,000		707,000
Food Products (0.2%)
Kraft Foods, Inc.
6.500%, 8/11/17		3,270,000		3,354,853
6.125%, 2/1/18		3,500,000		3,497,785
				6,852,638
Household Products (0.4%)
Kimberly Clark Corp.
3.344%, 7/30/10(l)		10,400,000		10,360,782
Total Consumer Staples				17,920,420
Energy (0.6%)
Energy Equipment & Services (0.3%)
Halliburton Co.
5.500%, 10/15/10		1,100,000		1,158,160
Transocean, Inc.
3.214%, 9/5/08(l)		6,200,000		6,169,081
6.000%, 3/15/18		645,000		663,463
6.800%, 3/15/38		955,000		975,591
				8,966,295
Oil, Gas & Consumable Fuels (0.3%)
Anadarko Petroleum Corp.
5.950%, 9/15/16		3,525,000		3,645,372
6.450%, 9/15/36		1,735,000		1,766,842
ConocoPhillips
7.000%, 3/30/29		30,000		33,825
Devon Financing Corp. ULC
7.875%, 9/30/31		475,000		583,643
EnCana Holdings Finance Corp.
5.800%, 5/1/14		400,000		422,578
Forest Oil Corp.
8.000%, 6/15/08^		1,507,000		1,512,651

See Notes to Portfolio of Investments.

24

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
XTO Energy, Inc.
6.250%, 8/1/17	$	900,000	$	959,476
6.750%, 8/1/37		1,675,000		1,791,485
				10,715,872
Total Energy				19,682,167
Financials (18.8%)
Capital Markets (4.7%)
Bear Stearns Cos., Inc.
3.160%, 8/21/09(l)		2,700,000		2,554,141
3.183%, 2/23/10(l)		7,000,000		6,659,625
4.326%, 7/19/10(l)		1,805,000		1,626,744
3.474%, 1/31/11(l)		1,500,000		1,376,064
6.950%, 8/10/12		4,965,000		4,967,448
6.400%, 10/2/17		2,675,000		2,641,298
7.250%, 2/1/18		1,590,000		1,643,092
Goldman Sachs Capital II
5.793%, 12/31/49(l)		3,650,000		2,431,265
Goldman Sachs Group, Inc.
2.689%, 12/22/08(l)		100,000		99,285
2.639%, 12/23/08(l)		5,100,000		5,067,528
2.971%, 6/28/10(l)		10,000,000		9,743,650
5.250%, 10/15/13^		7,710,000		7,665,768
6.250%, 9/1/17		18,000,000		18,115,866
Lehman Brothers Holdings, Inc.
2.649%, 12/23/08(l)^		10,200,000		9,916,307
3.233%, 5/25/10(l)		5,000,000		4,472,980
5.625%, 1/24/13		10,675,000		10,379,996
6.200%, 9/26/14		5,330,000		5,257,107
6.750%, 12/28/17		4,325,000		4,157,687
4.500%, 9/15/22(l)		2,175,000		2,074,563
Merrill Lynch & Co., Inc.
3.888%, 10/23/08(l)		8,500,000		8,470,496
2.629%, 12/22/08(l)		1,700,000		1,688,292
6.400%, 8/28/17^		13,000,000		12,828,504
Morgan Stanley
2.639%, 11/21/08(l)		3,300,000		3,280,117
4.134%, 1/22/09(l)		600,000		588,870
5.050%, 1/21/11^		2,315,000		2,322,417
6.750%, 4/15/11		800,000		838,569
4.793%, 1/9/12(l)		8,575,000		7,896,958
5.625%, 1/9/12		1,935,000		1,949,468
5.300%, 3/1/13		300,000		298,992
5.550%, 4/27/17		2,825,000		2,656,675
				143,669,772
Certificates of Deposit (1.2%)
Bank of Ireland
4.298%, 1/15/10(l)		4,000,000		3,930,688
Calyon/New York
4.035%, 1/16/09(l)		6,800,000		6,795,580
Fortis Bank S.A./New York
2.622%, 4/28/08(l)		2,500,000		2,499,758
2.649%, 6/30/08(l)		4,000,000		3,998,508
Nordea Bank Finland plc/New York
3.062%, 4/2/08(l)		2,700,000		2,699,985
3.028%, 5/28/08(l)		7,400,000		7,403,483
3.046%, 4/9/09(l)		2,300,000		2,297,930
SunTrust Bank
4.415%, 6/15/09		980,000		984,176
UniCredito Italiano Bank plc/New York
3.135%, 5/6/08(l)		1,700,000		1,699,879
3.085%, 5/29/08(l)		4,700,000		4,701,559
				37,011,546
Commercial Banks (4.9%)
Bank of Scotland plc
4.038%, 7/17/09(l)§		4,300,000		4,297,979
BankBoston N.A.
6.375%, 4/15/08		625,000		625,567
Barclays Bank plc
7.434%, 9/29/49(l)§		7,500,000		6,780,630
Charter One Bank N.A.
3.294%, 4/24/09(l)		5,600,000		5,566,210
Commonwealth Bank of Australia
3.098%, 6/8/09(l)§		600,000		599,863
DnB NOR Bank ASA
4.447%, 10/13/09(l)§		6,100,000		6,105,630
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/31/49(l)§		550,000		484,784
ICICI Bank Ltd.
4.917%, 1/12/10(l)§		3,400,000		3,253,460
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		5,400,000		5,624,019
Mellon Capital IV
6.244%, 6/29/49(l)		2,100,000		1,621,763
Mizuho Financial Group, Inc./Aruba
1.776%, 10/27/49(l)†	JPY	300,000,000		3,016,854
National Australia Bank Ltd.
2.979%, 9/11/09(l)§	$	6,200,000		6,194,842
National Westminster Bank plc
7.375%, 10/1/09		725,000		765,230
Rabobank Capital Funding II
5.260%, 12/29/49(l)§		780,000		669,607
Rabobank Nederland
0.200%, 6/20/08	JPY	148,000,000		1,482,165
Royal Bank of Scotland Group plc
7.640%, 3/31/49(l)	$	3,900,000		3,358,641
6.990%, 12/31/49(l)§		650,000		551,785
Royal Bank of Scotland plc
4.453%, 4/11/08(l)§		2,700,000		2,700,942
3.944%, 7/21/08(l)§		1,200,000		1,198,015
Santander U.S. Debt S.A.U.
3.954%, 10/21/08(l)§		8,900,000		8,878,978
Sumitomo Mitsui Banking Corp.
5.625%, 7/29/49(l)§		300,000		253,746
1.580%, 12/31/49(l)	JPY	200,000,000		2,028,792
1.745%, 12/31/49(l)		100,000,000		1,008,678
SunTrust Banks, Inc.
4.000%, 10/15/08	$	895,000		893,756
U.S. Bank N.A./Ohio
4.400%, 8/15/08		2,270,000		2,278,390
UBS AG/Connecticut
5.875%, 12/20/17		19,910,000		20,350,568
UniCredito Luxembourg Finance S.A.
3.768%, 10/24/08(l)§		8,200,000		8,191,423
Wachovia Bank N.A./North Carolina
4.375%, 8/15/08		270,000		270,000
2.639%, 3/23/09(l)		9,000,000		8,915,184
6.000%, 11/15/17		7,525,000		7,349,547
6.600%, 1/15/38		1,750,000		1,621,414
Wachovia Corp.
6.300%, 4/15/08		1,165,000		1,165,736
7.980%, 12/31/49(l)		9,925,000		9,751,312
Wells Fargo & Co.
4.200%, 1/15/10		1,950,000		1,982,547
4.625%, 8/9/10		2,390,000		2,454,169
4.875%, 1/12/11		460,000		467,982
4.375%, 1/31/13		15,200,000		15,122,161
				147,882,369

See Notes to Portfolio of Investments.

25

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Consumer Finance (1.2%)
American Express Co.
7.000%, 3/19/18	$	15,700,000	$	16,482,158
Capital One Financial Corp.
6.750%, 9/15/17		2,300,000		2,181,716
Ford Motor Credit Co. LLC
7.250%, 10/25/11		3,150,000		2,587,486
7.800%, 6/1/12		250,000		206,218
HSBC Finance Corp.
3.154%, 12/5/08(l)^		2,500,000		2,483,885
SLM Corp.
2.935%, 5/12/08(l)§		260,000		259,531
4.000%, 1/15/09^		3,250,000		2,926,381
3.471%, 7/27/09(l)		5,900,000		4,963,859
3.491%, 7/26/10(l)		3,000,000		2,362,551
3.631%, 1/27/14(l)		2,950,000		2,066,124
				36,519,909
Diversified Financial Services (5.4%)
Bank of America Corp.
6.250%, 4/1/08		425,000		425,037
3.220%, 2/17/09(l)		9,055,000		9,047,149
5.625%, 10/14/16		3,050,000		3,110,146
6.000%, 9/1/17^		5,225,000		5,493,419
5.750%, 12/1/17		8,650,000		8,951,392
8.000%, 12/31/49(l)		13,055,000		13,070,666
Bank of America N.A.
6.100%, 6/15/17		1,275,000		1,338,069
Belvoir Land LLC, Series A-1
5.270%, 12/15/47§		825,000		689,436
BTM Curacao Holdings N.V.
1.579%, 12/31/49(l)	JPY	100,000,000		1,000,419
Caterpillar Financial Services Corp.
3.146%, 8/11/09(l)	$	6,100,000		6,073,788
CIT Group, Inc.
3.302%, 5/23/08(l)^		5,900,000		5,782,201
Citigroup Global Markets Holdings, Inc.
2.900%, 3/17/09(l)		19,200,000		18,963,053
Citigroup, Inc.
2.701%, 12/28/09(l)		4,100,000		4,013,949
4.125%, 2/22/10		3,940,000		3,902,267
4.625%, 8/3/10		485,000		484,706
5.300%, 10/17/12^		7,500,000		7,536,525
Credit Suisse/New York
6.000%, 2/15/18		6,390,000		6,374,747
General Electric Capital Corp.
3.244%, 10/24/08(l)		3,000,000		2,997,414
2.900%, 6/15/09(l)		5,100,000		5,095,925
3.156%, 5/10/10(l)		3,700,000		3,628,701
5.000%, 11/15/11		12,270,000		12,638,210
5.500%, 9/16/67	EUR	10,400,000		16,286,006
6.375%, 11/15/67(l)^	$	4,725,000		4,623,502
Irwin Land LLC, Series A-1
5.030%, 12/15/25§		725,000		647,077
Series A-2
5.300%, 12/15/35§		1,195,000		1,053,392
JP Morgan Chase Bank N.A.
6.000%, 10/1/17		5,765,000		6,008,416
JP Morgan Chase Capital XXV
6.800%, 10/1/37		5,975,000		5,459,220
MassMutual Global Funding II
2.550%, 7/15/08§		850,000		849,113
Nationwide Building Society
4.250%, 2/1/10§		295,000		301,863
New York Life Global Funding
3.875%, 1/15/09§		775,000		780,876
Pemex Finance Ltd.
9.030%, 2/15/11		60,000		63,450
Pricoa Global Funding I
4.350%, 6/15/08§		1,275,000		1,277,114
Santander Perpetual S.A.U.
6.671%, 12/31/49(l)§		3,500,000		3,154,064
UFJ Finance Aruba AEC
6.750%, 7/15/13		310,000		344,836
ZFS Finance USA Trust I
6.500%, 5/9/37(l)§		1,945,000		1,755,238
				163,221,386
Insurance (1.2%)
Allstate Corp.
6.125%, 5/15/37(l)^		1,480,000		1,362,769
American International Group, Inc.
3.346%, 1/29/10(l)§^		10,400,000		10,352,234
Berkshire Hathaway Finance Corp.
4.750%, 5/15/12^		760,000		789,898
Chubb Corp.
6.375%, 3/29/37(l)^		3,125,000		2,910,878
Hartford Life Global Funding Trusts
2.970%, 9/15/09(l)		3,610,000		3,606,314
Lincoln National Corp.
6.050%, 4/20/67(l)		2,025,000		1,770,506
MetLife, Inc.
6.400%, 12/15/36		4,390,000		3,488,470
Monumental Global Funding Ltd.
2.998%, 6/16/10(l)§		7,080,000		6,908,082
Progressive Corp.
6.700%, 6/15/37(l)		2,390,000		2,128,584
Travelers Cos., Inc.
6.250%, 3/15/37(l)^		3,375,000		2,976,831
				36,294,566
Real Estate Investment Trusts (REITs) (0.2%)
AvalonBay Communities, Inc. (REIT)
6.625%, 9/15/11		270,000		279,799
Rouse Co. LP (REIT)
3.625%, 3/15/09^		1,160,000		1,092,315
Ventas Realty LP/Ventas Capital Corp. (REIT)
7.125%, 6/1/15		2,300,000		2,282,750
6.750%, 4/1/17		760,000		742,900
				4,397,764
Real Estate Management & Development (0.0%)
ERP Operating LP
6.625%, 3/15/12		445,000		452,170
Total Financials				569,449,482
Health Care (0.4%)
Biotechnology (0.1%)
Amgen, Inc.
3.170%, 11/28/08(l)		4,710,000		4,704,461
Health Care Providers & Services (0.2%)
Community Health Systems, Inc.
8.875%, 7/15/15^		4,500,000		4,516,875
HCA, Inc.
9.250%, 11/15/16		1,000,000		1,037,500
				5,554,375
Pharmaceuticals (0.1%)
Bristol-Myers Squibb Co.
5.875%, 11/15/36		1,925,000		1,861,513
6.875%, 8/1/97		150,000		149,872

See Notes to Portfolio of Investments.

26

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount	Value (Note 1)
		$	2,011,385
Total Health Care			12,270,221
Industrials (0.1%)
Airlines (0.0%)
Continental Airlines, Inc., Series 99-2
7.056%, 9/15/09	850,000		846,812
United Air Lines, Inc., Series 01-1
6.602%, 9/1/13	131,340		130,027
			976,839
Industrial Conglomerates (0.1%)
General Electric Co.
5.000%, 2/1/13	1,081,000		1,119,725
Total Industrials			2,096,564
Information Technology (0.1%)
Computers & Peripherals (0.1%)
International Business Machines Corp.
5.700%, 9/14/17	2,890,000		3,027,451
Total Information Technology			3,027,451
Materials (0.1%)
Metals & Mining (0.1%)
Teck Cominco Ltd.
6.125%, 10/1/35	1,075,000		919,002
Paper & Forest Products (0.0%)
Koch Forest Products, Inc.
4.446%, 12/20/12(l)	75,238		69,610
4.740%, 12/20/12(l)	47,619		44,057
5.058%, 12/20/12(l)	95,238		88,113
6.896%, 12/20/12(l)	761,905		704,908
			906,688
Total Materials			1,825,690
Telecommunication Services (1.1%)
Diversified Telecommunication Services (1.0%)
AT&T Corp.
7.300%, 11/15/11	38,000		41,159
8.000%, 11/15/31	698,000		815,619
AT&T, Inc.
5.500%, 2/1/18	1,950,000		1,909,323
6.500%, 9/1/37	6,500,000		6,429,748
6.300%, 1/15/38	7,300,000		7,058,552
BellSouth Corp.
4.240%, 4/26/08§	3,600,000		3,602,304
3.165%, 8/15/08(l)	3,000,000		2,996,139
Citizens Communications Co.
9.000%, 8/15/31	65,000		56,875
GTE Corp.
6.940%, 4/15/28	225,000		227,108
Qwest Communications International, Inc.
6.565%, 2/15/09(l)	667,000		660,330
Qwest Corp.
7.625%, 6/15/15^	1,580,000		1,540,500
Telecom Italia Capital S.A.
5.250%, 10/1/15	1,575,000		1,430,899
Telefonica Emisiones S.A.U.
6.421%, 6/20/16	1,050,000		1,076,167
Telefonica Europe B.V.
7.750%, 9/15/10	550,000		590,006
Verizon Communications, Inc.
5.350%, 2/15/11	600,000		621,407
7.750%, 6/15/32	425,000		462,747
Verizon Maryland, Inc., Series B
5.125%, 6/15/33^	465,000		372,453
Verizon New England, Inc.
7.875%, 11/15/29	25,000		27,407
Verizon New Jersey, Inc., Series A
5.875%, 1/17/12	1,040,000		1,072,125
			30,990,868
Wireless Telecommunication Services (0.1%)
America Movil S.A.B de C.V.
2.755%, 6/27/08(l)	1,000,000		987,500
Vodafone Group plc
7.750%, 2/15/10	1,985,000		2,103,643
			3,091,143
Total Telecommunication Services			34,082,011
Utilities (1.2%)
Electric Utilities (0.9%)
Appalachian Power Co., Series G
3.600%, 5/15/08	650,000		649,838
Dayton Power & Light Co.
5.125%, 10/1/13	900,000		933,405
EDP Finance B.V.
6.000%, 2/2/18§	3,075,000		3,141,091
Enel Finance International S.A.
6.250%, 9/15/17§	7,200,000		7,470,007
Florida Power & Light Co.
4.950%, 6/1/35	875,000		760,638
5.950%, 2/1/38	2,150,000		2,157,871
Florida Power Corp.
5.900%, 3/1/33	275,000		268,914
Ipalco Enterprises, Inc.
8.375%, 11/14/08	3,290,000		3,331,125
MidAmerican Energy Holdings Co.
5.950%, 5/15/37	2,350,000		2,201,283
6.500%, 9/15/37	2,000,000		2,004,350
Pepco Holdings, Inc.
6.450%, 8/15/12	2,130,000		2,269,581
PSEG Power LLC
6.950%, 6/1/12	400,000		427,888
Scottish Power plc
4.910%, 3/15/10	1,100,000		1,110,835
Southern California Edison Co. Series 2008-A
5.950%, 2/1/38	1,000,000		1,002,266
			27,729,092
Gas Utilities (0.2%)
CenterPoint Energy Resources Corp.
6.150%, 5/1/16^	1,000,000		1,030,056
Consolidated Natural Gas Co., Series A
5.000%, 3/1/14	250,000		244,614
Dynegy Holdings, Inc.
7.500%, 6/1/15^	6,300,000		5,906,250
			7,180,920

See Notes to Portfolio of Investments.

27

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Multi-Utilities (0.1%)
Dominion Resources, Inc., Series B
3.248%, 11/14/08(l)	$	1,500,000	$	1,492,254
Series D
5.125%, 12/15/09		150,000		153,542
Energy East Corp.
6.750%, 7/15/36		950,000		922,716
				2,568,512
Total Utilities				37,478,524
Total Corporate Bonds				718,596,369
Government Securities (98.2%)
Agency ABS (0.4%)
Small Business Administration Participation Certificates, Series 2004-20A 1
4.930%, 1/1/24		680,166		687,265
Series 2004-20C 1
4.340%, 3/1/24		4,314,475		4,162,586
Series 2005-20B 1
4.625%, 2/1/25		379,053		365,405
Series 2008-20A 1
5.170%, 1/1/28		1,000,000		969,630
Series 2008-20C 1
5.490%, 3/1/28		3,700,000		3,783,171
Small Business Administration, Series 2003-10A 1
4.628%, 3/10/13		592,358		593,398
				10,561,455
Agency CMO (3.7%)
Federal Home Loan Mortgage Corp.
4.500%, 12/15/13		2,037,165		2,049,433
4.500%, 2/15/15		2,706,329		2,741,998
4.500%, 1/15/16		3,065,319		3,099,794
5.000%, 11/15/17		2,660,000		2,754,586
5.000%, 12/15/19		30,571		30,535
4.500%, 10/15/23		3,795,760		3,808,485
5.500%, 2/15/26		4,366,139		4,473,809
5.500%, 4/15/26		4,935,904		5,036,872
5.500%, 5/15/29		18,536,554		18,912,894
3.168%, 12/15/29(l)		23,055		22,587
5.500%, 1/15/31		2,530,758		2,598,896
3.733%, 10/15/33 IO(l)		75,794,766		7,372,140
3.218%, 7/15/34(l)		7,281,150		6,837,476
5.500%, 8/1/35 IO		6,190,514		1,327,565
5.500%, 2/1/36 IO		9,268,403		2,014,776
3.248%, 7/15/37(l)		7,543,977		7,318,711
6.500%, 7/25/43		723,782		749,567
Federal National Mortgage Association
4.500%, 2/25/17		1,882,404		1,906,624
4.500%, 3/25/17		1,482,411		1,501,702
5.500%, 9/25/24		5,603,253		5,673,216
5.500%, 10/25/24		6,497,908		6,582,918
5.500%, 5/25/27		3,943,058		4,021,030
6.000%, 8/25/28		1,491,587		1,506,638
8.888%, 6/25/32(l)		194,518		207,562
5.310%, 8/25/33		2,900,000		3,011,553
6.500%, 7/25/34		1,743,571		1,826,854
5.000%, 7/1/36 IO		13,652,590		2,998,699
2.829%, 6/25/37(l)		6,596,975		6,230,411
3.099%, 7/25/37 IO(l)		5,845,915		5,774,434
Government National Mortgage Association
6.500%, 6/20/32		204,114		214,518
				112,606,283
Foreign Governments (1.8%)
Bundesobligation
3.000%, 4/11/08	EUR	6,000,000		9,469,664
Emirate of Abu Dhabi
5.500%, 8/2/12§	$	10,400,000		10,938,096
Export-Import Bank of China
5.250%, 7/29/14§^		3,700,000		3,753,743
Federative Republic of Brazil
12.500%, 1/5/22	BRL	1,900,000		1,183,507
10.250%, 1/10/28		29,300,000		15,587,593
Israel Government AID Bond
5.500%, 4/26/24	$	1,950,000		2,197,551
5.500%, 9/18/33		1,945,000		2,212,294
Republic of Chile
5.500%, 1/15/13		1,000,000		1,058,000
Republic of Croatia, Series A
4.000%, 7/30/10(l)		514,773		512,714
Republic of Panama
9.625%, 2/8/11		350,000		400,295
Republic of South Africa
7.375%, 4/25/12		60,000		65,145
6.500%, 6/2/14^		1,480,000		1,541,050
Russian Federation
7.500%, 3/31/30(m)(e)		2,821,500		3,248,957
United Mexican States
6.750%, 9/27/34		1,775,000		1,980,012
				54,148,621
Municipal Bonds (1.4%)
Buckeye Tobacco Settlement Financing Authority
6.000%, 6/1/42		4,100,000		3,762,283
California Educational Facilities Authority
4.750%, 10/1/37		900,000		854,847
California State University
5.000%, 11/1/30		300,000		299,988
Chabot-Las Positas, California Community College District
0.000%, 8/1/22		6,230,000		2,994,076
City of Chicago, Illinois
9.249%, 1/1/14(l)§		200,000		146,330
Golden State Tobacco Securitization Corp.
5.750%, 6/1/47		300,000		264,915
Los Angeles, California Community College District
5.000%, 8/1/27		1,100,000		1,118,799
5.000%, 8/1/31		200,000		200,934
5.000%, 8/1/32		1,000,000		999,930
Los Angeles, California Unified School District
4.500%, 7/1/22		1,500,000		1,513,470
4.500%, 7/1/24		1,300,000		1,292,512
4.500%, 7/1/25		1,700,000		1,654,134
4.500%, 1/1/28		1,500,000		1,421,535
Los Gatos, California Union School District
5.000%, 8/1/30		160,000		162,229
New York City Municipal Water Finance Authority
7.830%, 6/15/34(l)§		100,000		101,978
5.000%, 6/15/37		1,900,000		1,885,427
5.000%, 6/15/38		5,700,000		5,655,654
New York State Environmental Facilities Corp.
5.000%, 10/15/26		3,000,000		3,064,740
Puerto Rico Sales Tax Financing Corp.
0.000%, 8/1/54		1,100,000		67,375

See Notes to Portfolio of Investments.

28

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
San Bernardino, California Community College District
5.000%, 8/1/31	$	1,500,000	$	1,493,760
State of California
4.500%, 8/1/28		3,200,000		2,937,280
5.000%, 11/1/37		600,000		583,722
5.000%, 12/1/37		1,200,000		1,167,360
State of Texas
4.750%, 4/1/37		6,500,000		6,166,875
State of Washington
5.000%, 7/1/24		2,645,000		2,714,299
Tobacco Settlement Financing Corp./New Jersey
5.000%, 6/1/29		1,010,000		851,773
5.000%, 6/1/41		400,000		321,876
				43,698,101
U.S. Government Agencies (87.1%)
Federal Home Loan Bank
4.000%, 1/16/09(e)		1,800,000		1,801,292
4.000%, 4/20/09(e)		1,800,000		1,832,256
4.500%, 6/22/10		10,900,000		11,405,804
4.500%, 6/12/13		3,700,000		3,715,011
4.625%, 9/11/20		32,800,000		33,313,681
Federal Home Loan Mortgage Corp.
4.000%, 10/7/09		2,000,000		2,000,618
4.000%, 6/1/10		956,616		961,621
6.000%, 1/1/14		24,871		25,682
5.500%, 2/1/14		270,092		276,948
4.000%, 5/1/14		5,586,052		5,612,426
6.000%, 7/1/14		14,388		14,855
6.000%, 2/1/17		518,263		534,550
6.000%, 3/1/17		12,153		12,533
6.500%, 3/1/17		84,557		88,490
6.000%, 4/1/17		485,056		500,304
6.000%, 5/1/17		3,994		4,120
6.000%, 7/1/17		68,073		70,207
6.000%, 8/1/17		98,760		101,864
5.500%, 11/1/17		104,647		107,329
4.000%, 5/1/19		32,388		31,709
4.000%, 9/1/20		79,240		77,303
5.000%, 10/1/20		5,351,222		5,416,861
5.500%, 3/1/23		63,772		64,977
6.500%, 4/1/31		827		865
5.500%, 11/1/31		1,511,608		1,532,961
7.024%, 11/1/31(l)		24,124		24,753
5.500%, 11/1/32		792,825		804,025
5.500%, 1/1/33		111,385		112,897
5.500%, 2/1/33		637,263		645,912
5.500%, 3/1/33		46,143		46,748
5.500%, 4/1/33		63,641		64,476
5.500%, 5/1/33		21,806		22,093
5.500%, 10/1/33		64,699		65,548
5.000%, 4/1/34		3,651,127		3,623,285
4.777%, 1/1/35(l)		4,691,890		4,726,008
5.500%, 10/1/35		738,131		746,766
5.329%, 4/1/36(l)		4,733,967		4,822,707
5.542%, 4/1/36(l)		7,211,757		7,275,760
5.000%, 5/1/36		612,494		607,110
6.000%, 7/1/36		4,925,674		5,057,057
6.000%, 9/1/36		261,569		268,546
6.000%, 11/1/36		500,328		513,674
5.500%, 12/1/36		278,668		281,736
6.000%, 12/1/36		70,485		72,365
5.679%, 1/1/37(l)		6,255,224		6,354,335
6.000%, 7/1/37		298,290		306,159
5.500%, 8/1/37		588,066		594,389
6.000%, 8/1/37		18,449,859		18,936,564
6.000%, 9/1/37		3,299,224		3,386,258
6.000%, 10/1/37		36,728,034		37,696,915
6.000%, 11/1/37		4,708,220		4,832,422
6.000%, 12/1/37		1,101,966		1,131,036
5.500%, 1/1/38		1,185,583		1,198,331
4.500%, 4/15/23 TBA		100,000		99,375
6.000%, 4/15/23 TBA		2,800,000		2,879,626
5.500%, 4/15/38 TBA		114,100,000		115,205,401
6.000%, 4/15/38 TBA		84,000,000		86,126,208
Federal National Mortgage Association
4.000%, 11/28/11		4,100,000		4,112,575
4.625%, 5/1/13^		5,650,000		5,737,095
5.125%, 1/2/14^		2,575,000		2,669,837
7.000%, 4/1/15		60,328		63,390
6.000%, 2/1/16		1,849,316		1,945,504
6.000%, 3/1/16		300,956		316,603
7.000%, 4/1/16		74,021		77,729
5.500%, 2/1/17		426,799		438,074
5.500%, 6/1/17		134,208		137,753
5.500%, 8/1/17		131,934		135,419
5.500%, 10/1/17		116,945		120,035
5.500%, 12/1/17		6,550		6,723
5.000%, 1/1/18		2,970,916		3,015,231
5.500%, 1/1/18		438,253		449,831
5.000%, 3/1/18		4,464,949		4,528,229
5.500%, 4/1/18		712,366		730,826
5.000%, 6/1/18		4,273,762		4,334,332
5.000%, 10/1/18		15,886		16,111
5.500%, 10/1/18		12,715		13,045
5.500%, 11/1/18		4,513,424		4,632,662
5.000%, 12/1/18		7,101,546		7,207,473
5.000%, 1/1/19		528,628		536,120
5.500%, 3/1/19		437,605		448,952
5.000%, 5/1/19		469,103		475,312
5.500%, 5/1/19		1,126,457		1,156,217
4.000%, 6/1/19		6,435,302		6,300,825
5.000%, 6/1/19		51,131		51,794
5.500%, 6/1/19		23,753		24,369
5.500%, 7/1/19		104,392		106,958
5.500%, 8/1/19		690,462		707,435
5.500%, 9/1/19		371,229		380,355
5.500%, 11/1/19		361,726		370,617
5.000%, 12/1/19		7,422,764		7,519,074
5.500%, 6/1/20		3,791,065		3,890,037
5.500%, 10/1/20		721,641		738,670
5.500%, 1/1/21		849,497		868,384
5.500%, 2/1/21		282,121		288,393
5.000%, 7/1/24		5,562,246		5,641,078
6.856%, 1/1/28(l)		188,814		193,089
6.500%, 2/1/31		1,186		1,237
6.500%, 8/1/31		558		583
7.000%, 8/1/31		40,096		42,688
7.000%, 3/1/32		25,667		27,276
7.000%, 4/1/32		141,416		150,503
7.000%, 5/1/32		8,548		9,084
6.500%, 6/1/32		129,895		135,410
6.500%, 8/1/32		212,423		221,664
6.500%, 9/1/32		1,921,001		2,002,573
7.000%, 10/1/32		45,186		48,087
5.500%, 11/1/32		499,392		506,059
5.500%, 12/1/32		94,671		95,935
5.500%, 1/1/33		905,465		917,554
5.500%, 2/1/33		1,986,880		2,013,187
5.483%, 3/1/33(l)		208,409		209,023

See Notes to Portfolio of Investments.

29

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
5.500%, 3/1/33	$	4,220,537	$	4,265,057
5.500%, 4/1/33		2,409,482		2,440,209
5.500%, 6/1/33		27,411,985		27,762,847
5.500%, 7/1/33		104,284		105,614
5.000%, 8/1/33		6,206,020		6,159,630
5.500%, 8/1/33		119,714		121,241
5.500%, 10/1/33		928,612		940,454
6.500%, 10/1/33		7,021		7,309
5.500%, 11/1/33		890,553		901,910
5.500%, 12/1/33		363,151		367,782
5.500%, 2/1/34		9,867,943		9,992,825
6.000%, 2/1/34		3,778,950		3,890,810
5.500%, 3/1/34		6,289,176		6,364,761
5.500%, 4/1/34		12,521,549		12,682,122
5.500%, 5/1/34		13,394,911		13,559,085
5.500%, 6/1/34		14,626,019		14,802,020
5.500%, 7/1/34		13,780,330		13,946,949
5.500%, 8/1/34		363,836		368,476
6.000%, 8/1/34		2,326,440		2,395,304
5.500%, 9/1/34		16,751,874		16,953,202
6.500%, 9/1/34		368,682		383,075
5.500%, 11/1/34		38,037,547		38,494,692
5.500%, 12/1/34		364,168		368,545
5.500%, 1/1/35		50,781,681		51,391,989
5.500%, 2/1/35		82,708,640		83,787,475
5.500%, 3/1/35		9,771,275		9,884,387
6.000%, 3/1/35		17,036		17,482
6.000%, 4/1/35		12,657,115		13,045,402
5.500%, 5/1/35		457,851		463,689
6.000%, 5/1/35		703,718		722,162
6.000%, 7/1/35		456,831		468,804
5.500%, 8/1/35		8,238,349		8,337,359
6.000%, 8/1/35		1,407,718		1,444,614
6.000%, 9/1/35		1,566,691		1,607,754
5.000%, 10/1/35		530,345		525,683
5.500%, 10/1/35		1,647,747		1,666,698
6.000%, 10/1/35		3,011,775		3,090,713
5.000%, 11/1/35		9,771,745		9,685,852
5.500%, 11/1/35		2,087,746		2,111,758
6.000%, 11/1/35		2,521,015		2,587,091
5.500%, 12/1/35		8,035,511		8,132,084
6.000%, 12/1/35		30,966		31,778
6.500%, 12/1/35		959,524		995,662
5.205%, 1/1/36(l)		3,695,769		3,707,550
6.000%, 1/1/36		889,675		912,993
6.000%, 2/1/36		6,533,838		6,701,368
6.000%, 3/1/36		3,494,632		3,584,319
6.000%, 4/1/36		1,185,365		1,215,662
6.000%, 5/1/36		4,770,766		4,892,701
5.500%, 6/1/36		884,322		893,784
6.000%, 6/1/36		6,548,534		6,715,905
6.500%, 6/1/36		28,943		30,003
5.000%, 7/1/36		65,152,499		64,556,675
5.500%, 7/1/36		431,579		436,197
6.000%, 7/1/36		5,322,019		5,458,043
6.500%, 7/1/36		55,694		57,733
6.000%, 8/1/36		6,758,048		6,930,775
6.500%, 8/1/36		324,856		336,750
6.000%, 9/1/36		17,637,243		18,088,030
6.000%, 10/1/36		18,654,738		19,131,529
5.500%, 11/1/36		472,113		477,164
6.000%, 11/1/36		5,682,402		5,827,636
5.500%, 12/1/36		4,785,565		4,836,769
6.000%, 12/1/36		6,959,494		7,137,370
5.500%, 1/1/37		12,702,475		12,838,247
6.000%, 1/1/37		2,742,742		2,812,843
7.000%, 1/1/37		74,673		78,435
5.000%, 2/1/37		987,584		978,240
5.500%, 2/1/37		2,963,178		2,994,054
6.000%, 2/1/37		3,544,254		3,634,360
6.500%, 2/1/37		506,530		525,041
5.500%, 3/1/37		80,470,935		81,308,500
6.000%, 3/1/37		1,539,469		1,578,433
6.500%, 3/1/37		1,076,973		1,116,329
5.500%, 4/1/37		19,440,783		19,643,129
6.000%, 4/1/37		13,158,027		13,491,057
6.500%, 4/1/37		2,326,373		2,411,388
5.366%, 5/1/37(l)		6,921,606		7,051,504
5.500%, 5/1/37		16,625,931		16,800,606
5.903%, 5/1/37(l)		3,844,815		3,892,239
6.000%, 5/1/37		852,449		874,024
6.500%, 5/1/37		489,573		507,464
5.500%, 6/1/37		25,572,837		25,839,007
6.000%, 6/1/37		1,398,452		1,433,847
5.500%, 7/1/37		31,921,868		32,254,120
6.000%, 7/1/37		3,611,588		3,702,997
6.500%, 7/1/37		14,648,771		15,184,094
5.500%, 8/1/37		177,750		179,600
6.000%, 8/1/37		6,228,122		6,385,756
6.500%, 8/1/37		589,736		611,288
5.500%, 9/1/37		16,736,934		16,911,137
6.000%, 9/1/37		6,049,723		6,183,732
6.500%, 9/1/37		3,188,691		3,305,218
6.000%, 10/1/37		23,801,707		24,377,604
6.500%, 10/1/37		4,506,087		4,670,756
5.500%, 11/1/37		23,329,877		23,572,701
6.000%, 11/1/37		641,494		657,730
6.500%, 11/1/37		397,185		411,700
5.500%, 12/1/37		42,548,197		42,991,052
5.500%, 1/1/38		3,876,428		3,916,775
6.000%, 2/1/38		12,536,286		12,853,579
6.991%, 12/1/40(l)		134,023		136,808
4.500%, 4/25/23 TBA		100,000		99,438
5.000%, 4/25/38 TBA		660,300,000		676,037,536
6.500%, 4/25/38 TBA		177,400,000		183,719,875
5.000%, 5/25/38 TBA		5,500,000		5,431,250
5.500%, 5/25/38 TBA		119,400,000		120,220,875
6.500%, 5/25/38 TBA		26,600,000		27,489,451
Government National Mortgage Association
5.625%, 7/20/27(l)		9,750		9,811
6.000%, 9/15/28		12,086		12,541
6.000%, 11/15/28		21,124		21,917
6.000%, 1/15/29		61,769		64,083
6.000%, 2/15/29		20,408		21,173
6.500%, 5/15/29		38,124		39,868
6.000%, 6/15/29		29,071		30,160
7.000%, 9/15/31		44,981		48,084
7.000%, 10/15/31		8,040		8,587
6.000%, 11/15/31		13,088		13,569
6.000%, 12/15/31		85,822		88,977
7.000%, 2/15/32		44,567		47,598
7.000%, 4/15/32		24,153		25,795
7.000%, 5/15/32		24,472		26,149
6.000%, 7/15/32		51,132		52,984
6.000%, 1/15/33		50,782		52,595
6.000%, 2/15/33		85,240		88,282
7.000%, 2/15/33		35,826		38,258
5.500%, 4/15/33		132,790		135,771
6.500%, 8/15/34		8,550,516		8,914,164
6.000%, 9/15/34		1,781,162		1,843,354

See Notes to Portfolio of Investments.

30

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
6.000%, 12/15/34	$	159,956	$	165,541
6.000%, 1/15/35		610,093		630,810
6.000%, 2/15/35		291,134		301,020
6.000%, 3/15/35		1,174,690		1,214,579
6.000%, 5/15/35		84,235		87,096
6.000%, 7/15/35		730,113		758,264
6.000%, 9/15/35		85,931		88,848
6.000%, 10/15/35		258,293		267,063
6.000%, 12/15/35		464,013		479,769
6.000%, 1/15/36		165,624		171,183
6.000%, 2/15/36		254,865		263,421
6.000%, 3/15/36		209,616		216,653
6.000%, 4/15/36		245,819		254,072
6.000%, 5/15/36		1,426,736		1,474,632
6.000%, 6/15/36		1,953,028		2,018,591
6.000%, 7/15/36		3,754,898		3,880,949
6.000%, 8/15/36		3,813,764		3,942,152
6.000%, 9/15/36		2,766,346		2,859,211
6.000%, 10/15/36		4,466,896		4,616,849
6.000%, 7/20/37		7,514,052		7,756,606
6.000%, 12/20/37		11,159,962		11,520,206
5.500%, 4/15/38 TBA		10,800,000		11,001,743
6.000%, 4/15/38 TBA		45,500,000		46,944,079
6.500%, 4/15/38 TBA		6,000,000		6,239,531
5.500%, 5/15/38 TBA		112,500,000		114,326,177
Resolution Funding Corp.
(Zero Coupon), 7/15/18 STRIPs		75,000		49,120
(Zero Coupon), 10/15/18 STRIPs		75,000		48,387
Small Business Administration Series P10A
4.504%, 2/1/14		634,310		620,275
Small Business Administration Participation Certificates
4.524%, 2/10/13		538,442		538,784
U.S. Department of Housing and Urban Development
5.380%, 8/1/18		1,660,000		1,791,348
				2,641,225,580
U.S. Treasury (3.8%)
U.S. Treasury Notes
2.000%, 2/28/10		52,300,000		52,663,642
2.750%, 2/28/13		26,065,000		26,423,394
2.500%, 3/31/13		26,200,000		26,238,881
3.500%, 2/15/18		8,200,000		8,247,404
				113,573,321
Total Government Securities				2,975,813,361
Total Long Term Debt Securities (141.5%) (Cost $4,285,710,058)				4,290,317,721
SHORT-TERM INVESTMENTS:
Commercial Paper (1.1%)
Bank of Scotland plc/Australia
2.82%, 5/14/08 (p)		2,900,000		2,890,043
UBS Finance Delaware LLC
2.72%, 6/6/08 (p)		31,300,000		31,142,561
Total Commercial Paper				34,032,604
Government Securities (2.6%)
Federal Home Loan Bank
1.50%, 4/1/08 (p)(o)		74,200,000		74,196,908
Federal Home Loan Mortgage Corp.
2.75%, 4/14/08 (p)(o)		1,200,000		1,198,717
Federal National Mortgage Association
2.54%, 4/23/08 (p)(o)		2,300,000		2,296,270
Total Government Securities				77,691,895
Short-Term Investments of Cash Collateral for Securities Loaned (2.0%)
Atlantis One Funding Corp.
3.06%, 4/2/08		348,908		348,908
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		776,732		776,732
Bank of Ireland
2.60%, 12/19/08 (l)		1,294,420		1,294,420
Bank of Scotland plc/London
3.30%, 4/1/08		2,330,197		2,330,197
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		569,604		569,604
Belmont Funding LLC
4.00%, 4/1/08		1,941,615		1,941,615
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		1,242,772		1,242,772
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		776,733		776,733
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		606,317		606,317
Comerica Bank
2.84%, 3/16/09 (l)		258,895		258,895
Commonwealth Bank of Australia/London
3.00%, 4/1/08		2,330,197		2,330,197
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		673,168		673,168
Den Danske Bank/Copenhagen
3.40%, 4/1/08		828,515		828,515
Deutsche Bank AG/London
2.49%, 5/1/08 (l)		1,294,554		1,294,554
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		1,974,195		1,974,195
Fifth Third Bancorp
2.61%, 8/22/08 (l)		77,673		77,673
First Tennessee Bank
2.85%, 8/15/08 (l)		2,330,157		2,330,157
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		7,663,760		7,663,760
General Electric Capital Corp.
2.40%, 3/12/10 (l)		103,564		103,564
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		517,822		517,822
2.41%, 3/27/09 (l)		724,950		724,950
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		11,274,856		11,274,856
Hartford Life, Inc.
3.25%, 2/2/09 (l)		207,129		207,129
HSBC Holdings plc/London
2.75%, 4/1/08		2,330,197		2,330,197
K2 (USA) LLC
2.37%, 5/29/09 (l)		1,035,288		1,035,288
2.37%, 6/18/09 (l)		1,294,069		1,294,069
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		1,553,453		1,553,453
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		1,294,554		1,294,554
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		2,330,197		2,330,197
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		647,271		647,271

See Notes to Portfolio of Investments.

31

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount			Value (Note 1)
Links Finance LLC
2.37%, 6/25/09 (l)	$	388,245		$	388,245
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		647,277			647,277
Monumental Global Funding II
2.36%, 4/25/08 (l)		621,386			621,386
2.43%, 5/26/10 (l)		1,216,881			1,216,881
Morgan Stanley
3.59%, 2/9/09 (l)		2,011,958			2,011,958
3.15%, 5/7/09 (l)		1,294,554			1,294,554
Pricoa Global Funding I
2.40%, 6/25/10 (l)		776,558			776,558
San Paolo IMI/Ireland
4.62%, 4/8/08		127,644			127,644
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		1,295,870			1,295,870
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		1,294,554			1,294,554
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		258,911			258,911
Total Short-Term Investments of Cash Collateral for Securities Loaned					60,565,600
Time Deposit (0.1%)
JPMorgan Chase Nassau
1.59%, 4/1/08		3,197,837			3,197,837
Total Short-Term Investments (5.8%) (Cost/Amortized Cost $175,479,234)					175,487,936
	Number of Contracts
OPTIONS PURCHASED:
Call Options Purchased (0.4%)
90 Day EURO Futures
June 2008 @ $96.38*		1,414			4,789,925
June 2008 @ $96.88*		2,908			6,234,025
					11,023,950
Put Options Purchased (0.0%)
90 Day EURO Futures
June 2008 @ $92.50*		6,700			41,875
June 2008 @ $93.00*		5,407			33,794
					75,669
Total Options Purchased (0.4%) (Cost $3,050,484)					11,099,619
Total Investments Before Options Written and Securities Sold Short (147.7%) (Cost/Amortized Cost $4,464,239,776)					4,476,905,276
OPTIONS WRITTEN:
Call Options Written (-0.3%)
EURODollar 1 Year Mid Curve
June 2008 @ $96.88*		(1,414	)		(2,934,050	)
June 2008 @ $97.13*		(2,908	)		(4,580,100	)
					(7,514,150	)
Put Options Written (0.0%)
90 Day EURO Futures
June 2008 @ $97.63*		(88	)		(23,100	)
U.S. 10 Year Treasury Note Futures May 2008 @ $112.00*		(142	)		(11,094	)
					(34,194	)
Total Options Written (-0.3%) (Premiums Received $3,169,063)					(7,548,344	)
Total Investments Before Securities Sold Short (147.4%) (Cost/Amortized Cost $4,461,070,713)					4,469,356,932
	Principal Amount
SECURITIES SOLD SHORT:
U.S. Government Agencies (-9.3%)
Federal Home Loan Mortgage Corp.
5.000%, 4/15/38 TBA	$	(4,200,000	)		(4,158,000	)
6.000%, 4/15/38 TBA		(30,100,000	)		(30,861,891	)
Federal National Mortgage Association
5.000%, 4/25/23 TBA		(17,100,000	)		(17,260,313	)
5.500%, 4/25/23 TBA		(15,200,000	)		(15,513,500	)
6.000%, 4/25/37 TBA		(27,400,000	)		(28,007,951	)
5.000%, 4/25/38 TBA		(27,100,000	)		(27,760,563	)
5.500%, 4/25/38 TBA		(145,500,000	)		(146,864,062	)
5.500%, 5/25/38 TBA		(11,800,000	)		(11,881,125	)
Total Securities Sold Short (-9.3%) (Proceeds Received $280,362,840)					(282,307,405	)
Total Investments after Options Written and Securities Sold Short (138.1%) (Cost/Amortized Cost $4,180,707,873)					4,187,049,527
Other Assets Less Liabilities (-38.1%)					(1,155,739,175	)
Net Assets (100%)				$	3,031,310,352

* Non-income producing.

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

† Securities (totaling $13,418,745 or 0.4% of net assets) at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2008, the market value of these securities amounted to $124,354,920 or 4.1% 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 March 31, 2008. Maturity date disclosed is the ultimate maturity date.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

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

(o) Discount Note Security. Effective rate calculated as of March 31, 2008.

(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

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

See Notes to Portfolio of Investments.

32

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

IO — Interest Only

JPY — Japanese Yen

STRIPs — Separately Traded Receipt of Interest and Principal Security

TBA — Security is subject to delayed delivery.

At March 31, 2008 the Portfolio had the following futures contracts open: (Note 1)

	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2008			Unrealized Appreciation/ (Depreciation)
Purchases
British Pound Sterling 90-Day	2,392	December-08	$	563,323,630	$	564,689,290		$	1,365,660
EURODollar	237	December-08		57,864,440		57,970,200			105,760
EURODollar	88	June-09		21,444,715		21,478,600			33,885
U.S. 10 Year Treasury Notes	360	June-08		42,789,375		42,823,125			33,750
U.S. 2 Year Treasury Notes	310	June-08		66,567,535		66,543,437			(24,098	)
U.S. 5 Year Treasury Notes	63	June-08		7,258,696		7,196,766			(61,930	)
U.S. Long Bonds	609	June-08		71,929,246		72,347,297			418,051
								$	1,871,078
Sales
EURODollar	88	June-10	$	21,265,065	$	21,279,500		$	(14,435	)
U.S. 10 Year Treasury Notes	536	June-08		62,804,096		63,758,875			(954,779	)
U.S. Long Bonds	1,966	June-08		230,420,093		233,554,656			(3,134,563	)
								$	(4,103,777	)
								$	(2,232,699	)
At March 31, 2008 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)
	Local Contract Buy Amount (000’s)	Local Contract Sell Amount (000’s)	U.S. $ Current Sell Value		U.S. $ Current Buy Value			Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
British Pound vs. U.S. Dollar, expiring 4/17/08	643	1,286	$	1,286,000	$	1,275,354		$	(10,646	)
Japanese Yen vs. U.S. Dollar, expiring 5/12/08	364,000	3,640		3,640,255		3,660,729			20,474
								$	9,828
Foreign Currency Sell Contracts
Brazilian Real vs. U.S. Dollar, expiring 7/2/08	200	353	$	197,368	$	200,000		$	2,632
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	800	1,460		787,229		800,000			12,771
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	1,400	2,554		1,377,274		1,400,000			22,726
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	7,320	13,590		7,329,712		7,320,226			(9,486	)
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	200	367		197,724		200,000			2,276
British Pound vs. U.S. Dollar, expiring 4/17/08	3,663	1,853		3,673,665		3,663,381			(10,284	)
European Union vs. U.S. Dollar, expiring 4/28/08	25,338	16,263		25,652,660		25,338,079			(314,581	)
Japanese Yen vs. U.S. Dollar, expiring 5/12/08	10,180	1,034,961		10,408,549		10,179,610			(228,939	)
								$	(522,885	)
								$	(513,057	)
Options Written: Options written through the period ended March 31, 2008 were as follows:
					Total Number of Contracts			Total Premiums Received
Options Outstanding - January 1, 2008						141		$	80,552
Options Written						4,622			3,206,055
Options Terminated in Closing Purchase Transactions						(211	)		(117,543	)
Options Expired						—			—
Options Exercised						—			—
Options Outstanding - March 31, 2008						4,552		$	3,169,064

See Notes to Portfolio of Investments.

33

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	11,023,950	$	4,452,462,581	$	13,418,745	$	4,476,905,276
Other Investments*		1,957,106		60,879		—		2,017,985
Total	$	12,981,056	$	4,452,523,460	$	13,418,745	$	4,478,923,261
Liabilities:
Investments in Securities	$	—	$	282,307,405	$	—	$	282,307,405
Other Investments*		11,738,149		573,936		—		12,312,085
Total	$	11,738,149	$	282,881,341	$	—	$	294,619,490

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

	Investments in Securities			Other Investments*
Balance as of 12/31/07	$	18,933,120		$	—
Total gains or losses (realized/unrealized) included in earnings		(639,973	)		—
Purchases, sales, issuances, and settlements (net)		(836,118	)		—
Transfers in and/or out of Level 3		(4,038,284	)		—
Balance as of 3/31/08	$	13,418,745		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/08	$	(639,818	)	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	4,342,483,557
Long-term U.S. Treasury securities		2,021,182,003
	$	6,363,665,560
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	3,885,096,137
Long-term U.S. Treasury securities		1,911,260,335
	$	5,796,356,472

See Notes to Portfolio of Investments.

34

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

As of March 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	60,023,782
Aggregate gross unrealized depreciation		(47,485,981	)
Net unrealized appreciation	$	12,537,801
Federal income tax cost of investments	$	4,464,367,475

At March 31, 2008, the Portfolio had loaned securities with a total value of $60,473,962. This was secured by collateral of $60,565,600 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,055,272 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

See Notes to Portfolio of Investments.

35

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Staples (2.5%)
Food & Staples Retailing (2.3%)
CVS Caremark Corp.	123,545	$	5,004,808
Drogasil S.A	88,886		658,528
Longs Drug Stores Corp.^	30,500		1,295,030
Walgreen Co.	57,100		2,174,939
			9,133,305
Personal Products (0.2%)
Herbalife Ltd.	21,402		1,016,595
Total Consumer Staples			10,149,900
Financials (0.3%)
Insurance (0.3%)
Amil Participacoes S.A.*	165,800		1,055,443
Total Financials			1,055,443
Health Care (90.7%)
Biotechnology (22.9%)
3SBio, Inc. (ADR)*	35,100		306,774
ACADIA Pharmaceuticals, Inc.*^	75,349		682,662
Acorda Therapeutics, Inc.*^	18,975		340,601
Alexion Pharmaceuticals, Inc.*^	16,555		981,711
Altus Pharmaceuticals, Inc.*^	25,544		116,225
Amgen, Inc.*	129,226		5,399,062
Amylin Pharmaceuticals, Inc.*^	100,163		2,925,761
Applera Corp.- Celera Group*^	161,070		2,367,729
Array BioPharma, Inc.*^	60,807		426,257
Avigen, Inc.*^	79,371		221,445
Biogen Idec, Inc.*^	27,119		1,672,971
BioMarin Pharmaceutical, Inc.*^	85,221		3,014,267
Celgene Corp.*	127,022		7,785,178
Cephalon, Inc.*^	64,370		4,145,428
Cougar Biotechnology, Inc.*†^	26,100		492,116
Cytokinetics, Inc.*^	175,800		583,656
Genentech, Inc.*	138,343		11,230,685
Gentium S.p.A. (ADR)*	27,000		173,340
Genzyme Corp.*	78,849		5,877,404
Gilead Sciences, Inc.*	294,507		15,175,946
Human Genome Sciences, Inc.*^	369,241		2,174,829
ImClone Systems, Inc.*	22,678		962,001
Incyte Corp.*^	106,362		1,117,865
Keryx Biopharmaceuticals, Inc.*^	316,700		190,020
Lifecell Corp.*^	19,440		817,063
Medarex, Inc.*^	94,506		836,378
Millennium Pharmaceuticals, Inc.*	261,412		4,041,430
Myriad Genetics, Inc.*^	7,538		303,706
Onyx Pharmaceuticals, Inc.*^	61,025		1,771,556
OSI Pharmaceuticals, Inc.*^	43,717		1,634,579
PDL BioPharma, Inc.*	56,204		595,200
Progenics Pharmaceuticals, Inc.*^	139,000		907,670
Regeneron Pharmaceuticals, Inc.*^	63,915		1,226,529
Rigel Pharmaceuticals, Inc.*^	28,404		530,019
Savient Pharmaceuticals, Inc.*^	58,825		1,176,500
Seattle Genetics, Inc.*^	101,400		922,740
United Therapeutics Corp.*^	48,303		4,187,870
Vermillion, Inc.*^	18,400		58,880
Vertex Pharmaceuticals, Inc.*^	83,656		1,998,542
ZymoGenetics, Inc.*^	165,862		1,625,448
			90,998,043
Health Care Distributors (1.8%)
Animal Health International, Inc.*^	62,717		686,124
Celesio AG	22,226		1,100,400
McKesson Corp.	94,079		4,926,917
Profarma Distribuidora de Productos Farmaceuticos S.A.	37,500		626,176
			7,339,617
Health Care Equipment (16.8%)
American Medical Systems Holdings, Inc.*^	100,415		1,424,889
Baxter International, Inc.	101,505		5,869,019
Beckman Coulter, Inc.	39,800		2,569,090
Becton, Dickinson & Co.	22,800		1,957,380
Boston Scientific Corp.*	146,770		1,888,930
Covidien Ltd.	29,512		1,305,906
DexCom, Inc.*^	80,462		333,113
DiaSorin S.p.A.*	49,367		1,010,078
EnteroMedics, Inc.*	128,232		534,728
Gen-Probe, Inc.*^	12,930		623,226
Hologic, Inc.*^	38,696		2,151,498
Hospira, Inc.*	70,486		3,014,686
Insulet Corp.*^	35,876		516,614
Intuitive Surgical, Inc.*	1,515		491,390
Medtronic, Inc.	375,213		18,149,053
Mindray Medical International Ltd. (ADR)^	36,500		1,056,310
ResMed, Inc.*^	25,454		1,073,650
Smith & Nephew plc. (ADR)^	30,490		2,012,035
Smith & Nephew plc.	134,871		1,784,032
St. Jude Medical, Inc.*	105,685		4,564,535
Stryker Corp.	47,500		3,089,875
Synthes, Inc.	8,167		1,142,278
Thoratec Corp.*^	29,866		426,785
Volcano Corp.*^	201,240		2,515,500
Wright Medical Group, Inc.*^	72,927		1,760,458
Zimmer Holdings, Inc.*	69,699		5,426,764
			66,691,822
Health Care Facilities (1.6%)
Assisted Living Concepts, Inc., Class A*^	117,518		692,181
Health Management Associates, Inc., Class A*^	200,800		1,062,232
Rhoen-Klinikum AG	83,037		2,460,647
Tenet Healthcare Corp.*	143,784		813,817
Universal Health Services, Inc., Class B	22,500		1,208,025
			6,236,902
Health Care Services (3.6%)
DaVita, Inc.*	27,707		1,323,286
Express Scripts, Inc.*	87,839		5,649,804
Fresenius Medical Care AG & Co. KGaA (ADR)	33,900		1,705,848
HMS Holdings Corp.*^	23,242		663,559
Laboratory Corp. of America Holdings*^	14,098		1,038,741
Medco Health Solutions, Inc.*	62,150		2,721,549
Quest Diagnostics, Inc.^	29,545		1,337,502
			14,440,289
Health Care Supplies (0.3%)
Align Technology, Inc.*^	57,753		641,636
Immucor, Inc.*^	19,779		422,084
Xtent, Inc.*^	49,610		248,050
			1,311,770
Health Care Technology (0.3%)
Allscripts Healthcare Solutions, Inc.*^	39,367		406,267
Eclipsys Corp.*^	34,600		678,506
			1,084,773

See Notes to Portfolio of Investments.

36

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Life Sciences Tools & Services (8.1%)
AMAG Pharmaceuticals, Inc.*^		18,630	$	753,211
Applera Corp.- Applied Biosystems Group		75,582		2,483,625
Charles River Laboratories International, Inc.*^		97,236		5,731,090
Covance, Inc.*		39,195		3,252,009
Exelixis, Inc.*^		96,000		667,200
Invitrogen Corp.*		12,527		1,070,683
MDS, Inc.*		72,372		1,410,142
Millipore Corp.*		10,764		725,601
Pharmaceutical Product Development, Inc.		74,585		3,125,112
Qiagen N.V.*^		131,110		2,727,088
Thermo Fisher Scientific, Inc.*		133,591		7,593,312
Varian, Inc.*^		11,970		693,302
Waters Corp.*		34,916		1,944,821
				32,177,196
Managed Health Care (4.4%)
Aetna, Inc.		73,760		3,104,559
CIGNA Corp.		31,855		1,292,357
Coventry Health Care, Inc.*		62,200		2,509,770
Health Net, Inc.*		73,612		2,267,250
UnitedHealth Group, Inc.		177,925		6,113,503
WellPoint, Inc.*		51,087		2,254,469
				17,541,908
Pharmaceuticals (30.9%)
Abbott Laboratories		222,850		12,290,178
Allergan, Inc.		67,830		3,824,934
ARYx Therapeutics, Inc.*		53,603		423,464
Astellas Pharma, Inc.		91,900		3,558,728
AstraZeneca plc (ADR)		77,300		2,936,627
Barr Pharmaceuticals, Inc.*		32,900		1,589,399
Biodel, Inc.*^		17,114		185,687
BioMimetic Therapeutics, Inc.*^		60,650		485,200
Bristol-Myers Squibb Co.		72,800		1,550,640
Cadence Pharmaceuticals, Inc.*^		134,976		803,107
Daiichi Sankyo Co., Ltd.		137,600		4,065,329
EastPharma Ltd. (GDR)*§†		64,716		582,444
Eisai Co., Ltd.		95,800		3,267,656
Elan Corp. plc (ADR)*^		155,000		3,233,300
Eli Lilly & Co.		41,400		2,135,826
Endo Pharmaceuticals Holdings, Inc.*		27,826		666,154
Forest Laboratories, Inc.*		98,410		3,937,384
H. Lunbeck A/S		29,700		741,965
Hikma Pharmaceuticals plc		78,567		730,523
Inspire Pharmaceuticals, Inc.*^		69,779		268,649
Ipsen		44,348		2,517,718
Johnson & Johnson		81,267		5,271,790
Laboratorios Almirall S.A.*		99,875		2,037,195
MAP Pharmaceuticals, Inc.*		25,280		353,162
Matrixx Initiatives, Inc.*^		28,254		413,639
Medicines Co.*^		101,167		2,043,573
Medicis Pharmaceutical Corp., Class A^		33,082		651,385
Merck & Co., Inc.		117,942		4,475,899
Merck KGaA		12,402		1,528,584
Novartis AG (ADR)		36,021		1,845,356
Pfizer, Inc.		99,721		2,087,161
Pharmstandard OJSC, Class S (GDR)*§†		14,600		343,100
Roche Holding AG		25,686		4,834,068
Sanofi-Aventis S.A. (ADR)		94,624		3,552,185
Sanofi-Aventis S.A.		13,417		1,006,573
Schering-Plough Corp.		739,746		10,659,740
Shionogi & Co., Ltd.		259,901		4,437,716
Shire plc (ADR)		80,642		4,674,010
Takeda Pharmaceutical Co., Ltd.		24,700		1,236,487
Teva Pharmaceutical Industries Ltd. (ADR)^		145,270		6,710,021
UCB S.A. (Brussels Exchange)		66,590		2,313,363
UCB S.A. (Frankfurt Exchange)		9,800		349,971
Wyeth		282,208		11,785,006
XenoPort, Inc.*^		10,650		431,005
				122,835,901
Total Health Care				360,658,221
Industrials (0.1%)
Industrial Conglomerates (0.1%)
Teleflex, Inc.		11,965		570,850
Total Industrials				570,850
Materials (0.4%)
Chemicals (0.4%)
Bayer AG		18,602		1,490,715
Total Materials				1,490,715
Total Common Stocks (94.0%) (Cost $381,097,905)				373,925,129
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (15.9%)
Atlantis One Funding Corp.
3.06%, 4/2/08	$	364,168		364,168
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		810,704		810,704
Bank of Ireland
2.60%, 12/19/08 (l)		1,351,033		1,351,033
Bank of Scotland plc/London
3.30%, 4/1/08		2,432,112		2,432,112
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		594,516		594,516
Belmont Funding LLC
4.00%, 4/1/08		2,026,534		2,026,534
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		1,297,126		1,297,126
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		810,704		810,704
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		632,835		632,835
Comerica Bank
2.84%, 3/16/09 (l)		270,218		270,218
Commonwealth Bank of Australia/London
3.00%, 4/1/08		2,432,112		2,432,112
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		702,610		702,610
Den Danske Bank/Copenhagen
3.40%, 4/1/08		864,751		864,751
Deutsche Bank AG/London
2.49%, 5/1/08 (l)		1,351,173		1,351,173
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		2,060,539		2,060,539
Fifth Third Bancorp
2.61%, 8/22/08 (l)		81,070		81,070
First Tennessee Bank
2.85%, 8/15/08 (l)		2,432,069		2,432,069
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		7,998,944		7,998,944

See Notes to Portfolio of Investments.

37

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
General Electric Capital Corp.
2.40%, 3/12/10 (l)	$	108,094	$	108,094
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		540,469		540,469
2.41%, 3/27/09 (l)		756,657		756,657
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		11,767,976		11,767,976
Hartford Life, Inc.
3.25%, 2/2/09 (l)		216,188		216,188
HSBC Holdings plc/London
2.75%, 4/1/08		2,432,111		2,432,111
K2 (USA) LLC
2.37%, 5/29/09 (l)		1,080,567		1,080,567
2.37%, 6/18/09 (l)		1,350,667		1,350,667
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		1,621,395		1,621,395
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		1,351,173		1,351,173
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		2,432,112		2,432,112
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		675,580		675,580
Links Finance LLC
2.37%, 6/25/09 (l)		405,225		405,225
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		675,587		675,587
Monumental Global Funding II
2.36%, 4/25/08 (l)		648,563		648,563
2.43%, 5/26/10 (l)		1,270,103		1,270,103
Morgan Stanley
3.59%, 2/9/09 (l)		2,099,953		2,099,953
3.15%, 5/7/09 (l)		1,351,173		1,351,173
Pricoa Global Funding I
2.40%, 6/25/10 (l)		810,521		810,521
San Paolo IMI/Ireland
4.62%, 4/8/08		133,226		133,226
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		1,352,546		1,352,546
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		1,351,173		1,351,173
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		270,235		270,235
Total Short-Term Investments of Cash Collateral for Securities Loaned				63,214,512
Time Deposit (5.8%)
JPMorgan Chase Nassau
1.59%, 4/1/08		23,228,261		23,228,261
Total Short-Term Investments (21.7%) (Amortized Cost $86,442,773)				86,442,773
	Number of Contracts (c)
OPTION PURCHASED:
Call Option Purchased (0.0%)
Shire plc (ADR)
April 2008 @ $67.50*		379		24,635
Total Options Purchased (0.0%) (Cost $44,722)				24,635
Total Investments (115.7%) (Cost/Amortized Cost $467,585,400)				460,392,537
Other Assets Less Liabilities (-15.7%)				(62,549,433	)
Net Assets (100%)			$	397,843,104

* Non-income producing.

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

† Securities (totaling $1,417,660 or 0.4% of net assets) at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2008, the market value of these securities amounted to $925,544 or 0.2% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(c) One contract relates to 100 shares.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

(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

See Notes to Portfolio of Investments.

38

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

At March 31, 2008 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

	Local Contract Buy Amount (000’s)	Local Contract Sell Amount (000’s)	U.S. $ Current Sell Value		U.S. $ Current Buy Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
British Pound vs. U.S. Dollar, expiring 5/8/08	140	280	$	279,916	$	277,117	$	(2,799	)
British Pound vs. U.S. Dollar, expiring 5/8/08	180	349		349,344		356,294		6,950
Swiss Franc vs. U.S. Dollar, expiring 5/8/08	700	684		684,115		704,934		20,819
							$	24,970
Foreign Currency Sell Contracts
British Pound vs. U.S. Dollar, expiring 5/8/08	2,280	1,170	$	2,315,910	$	2,280,120	$	(35,790	)
European Union vs. U.S. Dollar, expiring 5/8/08	5,429	3,720		5,865,138		5,429,154		(435,984	)
Swiss Franc vs. U.S. Dollar, expiring 5/8/08	3,698	4,055		4,083,585		3,698,063		(385,522	)
							$	(857,296	)
							$	(832,326	)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	330,918,076	$	128,056,801	$	1,417,660	$	460,392,537
Other Investments*		—		27,769		—		27,769
Total	$	330,918,076	$	128,084,570	$	1,417,660	$	460,420,306
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		860,095		—		860,095
Total	$	—	$	860,095	$	—	$	860,095

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

	Investments in Securities			Other Investments*
Balance as of 12/31/07	$	1,425,571		$	—
Total gains or losses (realized/unrealized) included in earnings		26,082			—
Purchases, sales, issuances, and settlements (net)		(526,109	)		—
Transfers in and/or out of Level 3		492,116			—
Balance as of 3/31/08	$	1,417,660		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/08	$	(265,789	)	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

See Notes to Portfolio of Investments.

39

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	123,016,163
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	108,967,245

As of March 31, 2008, 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	$	26,415,776
Aggregate gross unrealized depreciation		(39,417,299	)
Net unrealized depreciation	$	(13,001,523	)
Federal income tax cost of investments	$	473,394,060

At March 31, 2008, the Portfolio had loaned securities with a total value of $62,058,572. This was secured by collateral of $63,214,512 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 $28,274, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Portfolio of Investments.

40

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
LONG TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (0.6%)
Asset-Backed Securities (0.6%)
Pegasus Aviation Lease Securitization, Series 01-1A A1
3.538%, 5/10/31(l)§	$	3,800,000	$	1,976,000
Triton Aviation Finance,
Series 1A A1
3.588%, 6/15/25(l)(b)§		10,139,557		8,314,437
Total Asset-Backed and Mortgage-Backed Securities				10,290,437
Convertible Bonds (0.5%)
Energy (0.1%)
Oil, Gas & Consumable Fuels (0.1%)
Chesapeake Energy Corp.
2.750%, 11/15/35^	$	625,000		834,375
2.500%, 5/15/37^		1,175,000		1,480,500
Total Energy				2,314,875
Financials (0.1%)
Capital Markets (0.1%)
Deutsche Bank AG/London
(Zero Coupon), 7/14/08§		500,000		248,500
(Zero Coupon), 9/29/08§		600,000		298,380
(Zero Coupon), 10/24/08§		625,000		326,375
				873,255
Real Estate Investment Trusts (REITs) (0.0%)
Ventas, Inc. (REIT)
3.875%, 11/15/11§^		600,000		663,750
Total Financials				1,537,005
Information Technology (0.1%)
Communications Equipment (0.1%)
Nortel Networks Corp.
1.750%, 4/15/12^		350,000		236,250
2.125%, 4/15/14		1,725,000		1,071,656
				1,307,906
Semiconductors & Semiconductor Equipment (0.0%)
Advanced Micro Devices, Inc.
6.000%, 5/1/15		1,650,000		1,037,438
Total Information Technology				2,345,344
Telecommunication Services (0.1%)
Diversified Telecommunication Services (0.1%)
Qwest Communications International, Inc.
3.500%, 11/15/25		1,625,000		1,669,687
Total Telecommunication Services				1,669,687
Utilities (0.1%)
Multi-Utilities & Unregulated Power (0.1%)
CMS Energy Corp.
2.875%, 12/1/24		1,875,000		2,118,750
Total Utilities				2,118,750
Total Convertible Bonds				9,985,661
Corporate Bonds (89.2%)
Consumer Discretionary (20.8%)
Auto Components (2.8%)
Allison Transmission, Inc.
11.000%, 11/1/15§^		1,300,000		1,131,000
11.250%, 11/1/15 PIK§^		10,475,000		8,694,250
American Tire Distributors, Inc.
8.948%, 4/1/12(l)		4,500,000		4,027,500
8.948%, 4/1/12(l)§		4,300,000		3,848,500
ArvinMeritor, Inc.
8.750%, 3/1/12		6,470,000		5,920,050
8.125%, 9/15/15^		1,118,000		911,170
Cooper-Standard Automotive, Inc.
7.000%, 12/15/12^		3,805,000		3,272,300
Goodyear Tire & Rubber Co.
9.000%, 7/1/15^		4,530,000		4,790,475
Tenneco, Inc.
8.625%, 11/15/14^		5,800,000		5,698,500
8.125%, 11/15/15§^		625,000		620,313
Series B
10.250%, 7/15/13		1,627,000		1,724,620
TRW Automotive, Inc.
7.000%, 3/15/14§^		2,190,000		2,020,275
7.250%, 3/15/17§^		5,190,000		4,722,900
United Components, Inc.
9.375%, 6/15/13^		4,090,000		3,747,462
				51,129,315
Automobiles (1.0%)
Ford Motor Co.
8.875%, 1/15/22		2,000,000		1,555,000
7.500%, 8/1/26		3,000,000		1,920,000
7.450%, 7/16/31^		3,575,000		2,359,500
General Motors Corp.
7.125%, 7/15/13^		2,700,000		2,079,000
7.700%, 4/15/16		1,375,000		1,003,750
8.250%, 7/15/23^		8,900,000		6,230,000
8.100%, 6/15/24^		1,550,000		1,077,250
7.400%, 9/1/25		3,550,000		2,378,500
				18,603,000
Distributors (0.5%)
Buhrmann U.S., Inc.
8.250%, 7/1/14		2,000,000		1,880,000
7.875%, 3/1/15		1,700,000		1,589,500
SGS International, Inc.
12.000%, 12/15/13^		6,035,000		5,205,187
				8,674,687
Diversified Consumer Services (0.1%)
Service Corp. International
7.375%, 10/1/14		500,000		500,625
7.625%, 10/1/18		1,475,000		1,482,375
				1,983,000
Hotels, Restaurants & Leisure (3.3%)
Choctaw Resort Development Enterprise
7.250%, 11/15/19§		3,753,000		3,265,110
Downstream Development Authority of the Quapaw Tribe of Oklahoma
12.000%, 10/15/15§		4,000,000		3,160,000
El Pollo Loco, Inc.
11.750%, 11/15/13^		4,000,000		3,860,000
Herbst Gaming, Inc.
8.125%, 6/1/12^		1,200,000		219,000
Indianapolis Downs LLC & Capital Corp.
11.000%, 11/1/12§^		4,400,000		3,828,000

See Notes to Portfolio of Investments.

41

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Landry’s Restaurants, Inc.
9.500%, 12/15/14^	$	4,385,000	$	4,275,375
MGM MIRAGE
6.625%, 7/15/15		3,050,000		2,653,500
6.875%, 4/1/16^		800,000		700,000
7.500%, 6/1/16		1,275,000		1,147,500
Mirage Resorts, Inc.
7.250%, 8/1/17^		3,060,000		2,746,350
Outback Steakhouse, Inc.
10.000%, 6/15/15§^		4,400,000		2,772,000
Royal Caribbean Cruises Ltd.
7.250%, 3/15/18		2,500,000		2,208,685
Shingle Springs Tribal Gaming Authority
9.375%, 6/15/15§^		4,750,000		4,203,750
Station Casinos, Inc.
6.875%, 3/1/16^		2,210,000		1,287,325
7.750%, 8/15/16^		4,635,000		3,731,175
Travelport LLC
7.701%, 9/1/14(l)		1,000,000		810,000
9.875%, 9/1/14^		5,375,000		4,824,062
11.875%, 9/1/16^		3,532,000		3,002,200
Trump Entertainment Resorts, Inc.
8.500%, 6/1/15^		3,450,000		2,328,750
Turning Stone Resort Casino Enterprise
9.125%, 12/15/10§		4,075,000		3,952,750
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
6.625%, 12/1/14^		4,329,000		4,166,663
				59,142,195
Household Durables (1.0%)
Blyth, Inc.
5.500%, 11/1/13		8,050,000		6,661,375
Jarden Corp.
7.500%, 5/1/17^		3,000,000		2,625,000
Sealy Mattress Co.
8.250%, 6/15/14		4,000,000		3,340,000
Simmons Co.
7.875%, 1/15/14		7,300,000		5,986,000
				18,612,375
Internet & Catalog Retail (0.1%)
Visant Corp.
7.625%, 10/1/12		1,710,000		1,662,975
Media (11.0%)
AMC Entertainment, Inc.
11.000%, 2/1/16^		9,240,000		8,650,950
Block Communications, Inc.
8.250%, 12/15/15§		5,000,000		4,700,000
CanWest Media, Inc.
8.000%, 9/15/12		4,250,000		4,037,500
CCH I Holdings LLC/CCH I Holdings Capital Corp.
11.000%, 10/1/15^		1,000,000		687,500
CCH I LLC/CCH I Capital Corp.
11.000%, 10/1/15^		6,299,000		4,377,805
CCH II LLC/CCH II Capital Corp.
Series B
10.250%, 9/15/10		3,000,000		2,722,500
CCO Holdings LLC/CCO Holdings Capital Corp.
8.750%, 11/15/13^		10,720,000		9,165,600
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
8.000%, 4/30/12§		650,000		596,375
8.375%, 4/30/14§		500,000		450,000
Cinemark, Inc.
0.000%, 3/15/14(e)		8,600,000		7,740,000
Clear Channel Communications, Inc.
4.250%, 5/15/09		6,750,000		6,547,500
CSC Holdings, Inc.
6.750%, 4/15/12		5,264,000		5,079,760
7.625%, 7/15/18		4,550,000		4,151,875
Series B
7.625%, 4/1/11		3,570,000		3,529,838
Dex Media West LLC/Dex Media Finance Co., Series B
8.500%, 8/15/10		5,843,000		5,682,317
9.875%, 8/15/13		6,856,000		5,964,720
Dex Media, Inc.
8.000%, 11/15/13		2,675,000		1,952,750
Echostar DBS Corp.
7.000%, 10/1/13		500,000		471,250
6.625%, 10/1/14		1,885,000		1,715,350
7.125%, 2/1/16		9,290,000		8,662,925
Gallery Capital S.A.
10.125%, 5/15/13§		3,550,000		2,658,063
Idearc, Inc.
8.000%, 11/15/16		4,401,000		2,849,647
Intelsat Corp.
9.000%, 8/15/14		750,000		755,625
9.000%, 6/15/16		1,700,000		1,712,750
Intelsat Jackson Holdings Ltd.
9.250%, 6/15/16		800,000		806,000
Intelsat Subsidiary Holding Co., Ltd.
8.250%, 1/15/13		4,740,000		4,775,550
8.625%, 1/15/15		5,095,000		5,133,212
Interpublic Group of Cos., Inc.
5.400%, 11/15/09		4,000,000		3,820,000
6.250%, 11/15/14		5,000,000		4,031,250
Kabel Deutschland GmbH
10.625%, 7/1/14^		4,000,000		3,925,000
Lighthouse International Co. S.A.
8.000%, 4/30/14§	EUR	3,205,000		3,946,717
8.000%, 4/30/14(m)(b)		75,000		92,357
Network Communications, Inc.
10.750%, 12/1/13	$	7,350,000		5,475,750
Quebecor Media, Inc.
7.750%, 3/15/16		1,025,000		935,313
7.750%, 3/15/16§		11,200,000		10,220,000
R.H. Donnelley Corp.
8.875%, 10/15/17§^		7,455,000		4,659,375
Series A-3
8.875%, 1/15/16		11,705,000		7,403,412
Reader’s Digest Association, Inc.
9.000%, 2/15/17§^		8,000,000		5,340,000
Stratos Global Corp.
9.875%, 2/15/13		7,075,000		7,189,969
Unity Media GmbH
10.125%, 2/15/15§	EUR	1,750,000		2,597,044
10.375%, 2/15/15§	$	7,250,000		6,525,000
UPC Holding B.V.
7.750%, 1/15/14(m)(b)	EUR	925,000		1,297,881
8.625%, 1/15/14(m)(b)^		2,500,000		3,566,988
8.625%, 1/15/14§^		11,000,000		15,694,748
WMG Holdings Corp.
0.000%, 12/15/14(e)	$	12,120,000		6,302,400
				198,600,566
Multiline Retail (0.2%)
Bon-Ton Department Stores, Inc.
10.250%, 3/15/14^		6,500,000		4,338,750
Saks, Inc.
8.250%, 11/15/08		714		716

See Notes to Portfolio of Investments.

42

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount	Value (Note 1)
		$	4,339,466
Textiles, Apparel & Luxury Goods (0.8%)
Perry Ellis International, Inc., Series B
8.875%, 9/15/13	7,325,000		6,995,375
Quiksilver, Inc.
6.875%, 4/15/15^	2,175,000		1,750,875
Rafaella Apparel Group, Inc. Series B
11.250%, 6/15/11^	7,639,000		5,729,250
			14,475,500
Total Consumer Discretionary			377,223,079
Consumer Staples (4.5%)
Beverages (0.1%)
Cott Beverages USA, Inc.
8.000%, 12/15/11	1,417,000		1,147,770
Food & Staples Retailing (2.0%)
Albertsons, Inc.
7.750%, 6/15/26	2,500,000		2,357,530
6.570%, 2/23/28	100,000		80,375
7.450%, 8/1/29	4,250,000		3,913,425
8.000%, 5/1/31	600,000		571,956
American Stores Co.
8.000%, 6/1/26	2,690,000		2,722,264
General Nutrition Centers, Inc.
7.199%, 3/15/14 PIK(l)^	7,395,000		6,174,825
Ingles Markets, Inc.
8.875%, 12/1/11^	9,903,000		10,002,030
Rite Aid Corp.
8.125%, 5/1/10^	1,000,000		975,000
8.625%, 3/1/15^	2,500,000		1,906,250
9.375%, 12/15/15^	7,450,000		5,848,250
Roundy’s, Inc.,
Term Loan
5.690%, 10/27/11	1,466,438		1,367,453
Term Loan B
(Zero Coupon), 10/27/11	3,713		3,462
			35,922,820
Food Products (0.1%)
Pilgrim’s Pride Corp.
7.625%, 5/1/15^	1,010,000		972,125
Southern States Cooperative, Inc.
11.000%, 11/1/10§	1,000,000		1,020,000
			1,992,125
Household Products (1.7%)
American Achievement Corp.
8.250%, 4/1/12	9,035,000		8,063,737
Amscan Holdings, Inc.
8.750%, 5/1/14^	8,100,000		7,107,750
Prestige Brands, Inc.
9.250%, 4/15/12^	7,769,000		7,497,085
Visant Holding Corp.
0.000%, 12/1/13(e)^	4,525,000		4,230,875
Yankee Acquisition Corp. Series B
8.500%, 2/15/15^	6,000,000		4,845,000
			31,744,447
Tobacco (0.6%)
Reynolds American, Inc.
7.750%, 6/1/18	2,040,000		2,145,095
Vector Group Ltd.
11.000%, 8/15/15(b)§	8,250,000		8,250,000
			10,395,095
Total Consumer Staples			81,202,257
Energy (7.1%)
Energy Equipment & Services (1.1%)
Cie Generale de Geophysique-Veritas
7.500%, 5/15/15^	1,000,000		1,015,000
7.750%, 5/15/17	4,100,000		4,161,500
Dresser-Rand Group, Inc.
7.375%, 11/1/14	61,000		59,780
Forbes Energy Services LLC
11.000%, 2/15/15(b)§	6,000,000		5,880,000
Helix Energy Solutions Group, Inc.
9.500%, 1/15/16§	3,650,000		3,650,000
Stewart & Stevenson LLC
10.000%, 7/15/14	5,500,000		5,280,000
			20,046,280
Oil, Gas & Consumable Fuels (6.0%)
Alpha Natural Resources LLC/Alpha Natural Resources Capital Corp.
10.000%, 6/1/12	4,975,000		5,198,875
Chesapeake Energy Corp.
7.000%, 8/15/14	5,200,000		5,213,000
6.625%, 1/15/16^	1,000,000		980,000
6.875%, 1/15/16	4,675,000		4,628,250
Citic Resources Finance Ltd.
6.750%, 5/15/14§^	425,000		382,500
Connacher Oil and Gas Ltd.
10.250%, 12/15/15§	5,400,000		5,440,500
El Paso Corp.
6.875%, 6/15/14	50,000		50,989
7.000%, 6/15/17	9,375,000		9,642,272
8.050%, 10/15/30	3,700,000		3,864,587
Energy Partners Ltd.
9.750%, 4/15/14^	6,025,000		4,970,625
Energy XXI Gulf Coast, Inc.
10.000%, 6/15/13^	7,500,000		6,225,000
Enterprise Products Operating LP
8.375%, 8/1/66(l)	3,275,000		3,187,754
Ferrellgas Escrow LLC/Ferrellgas Finance Escrow Corp.
6.750%, 5/1/14^	5,060,000		4,933,500
Ferrellgas Partners LP/ Ferrellgas Partners Finance Corp.
7.240%, 8/1/10†	9,000,000		9,180,000
8.750%, 6/15/12	3,000,000		3,048,750
Inergy LP/Inergy Finance Corp.
6.875%, 12/15/14^	1,150,000		1,121,250
8.250%, 3/1/16^	3,755,000		3,839,487
OPTI Canada, Inc.
8.250%, 12/15/14	2,425,000		2,400,750
PetroHawk Energy Corp.
9.125%, 7/15/13	4,725,000		4,854,938
Stone Energy Corp.
8.250%, 12/15/11^	6,500,000		6,435,000
Tesoro Corp.
6.250%, 11/1/12	200,000		188,500
6.625%, 11/1/15	3,000,000		2,775,000
6.500%, 6/1/17	1,350,000		1,208,250
VeraSun Energy Corp.
9.875%, 12/15/12^	6,300,000		5,827,500
9.375%, 6/1/17§	2,350,000		1,609,750

See Notes to Portfolio of Investments.

43

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Williams Cos., Inc.
7.875%, 9/1/21	$	7,175,000	$	7,775,906
Series A
7.500%, 1/15/31		2,775,000		2,892,938
				107,875,871
Total Energy				127,922,151
Financials (15.3%)
Capital Markets (0.8%)
Goldman Sachs Group, Inc.
6.750%, 10/1/37		5,700,000		5,302,898
Lehman Brothers Holdings, Inc.
5.625%, 1/24/13		2,250,000		2,187,821
6.750%, 12/28/17		4,025,000		3,869,293
UBS Capital Jersey Ltd.
7.152%, 12/31/49(l)	EUR	2,200,000		3,070,353
				14,430,365
Commercial Banks (2.0%)
Barclays Bank plc
6.050%, 12/4/17§	$	2,475,000		2,414,048
7.434%, 9/29/49(l)§		2,000,000		1,808,168
5.926%, 9/30/49(l)§		2,700,000		2,315,507
HSBC Holdings plc
6.500%, 9/15/37		5,100,000		4,838,069
Rabobank Capital Funding Trust III
5.254%, 12/31/49(l)§		1,100,000		913,631
Royal Bank of Scotland Group plc
7.640%, 3/31/49(l)		6,500,000		5,597,735
Societe Generale S.A.
6.999%, 12/31/49(l)	EUR	600,000		884,969
UBS AG/Connecticut
5.875%, 12/20/17	$	2,100,000		2,146,469
Wachovia Corp.
7.980%, 12/31/49(l)		15,000,000		14,737,500
				35,656,096
Consumer Finance (4.8%)
American Express Co.
7.000%, 3/19/18		8,425,000		8,844,725
Ford Motor Credit Co. LLC
5.800%, 1/12/09		3,400,000		3,239,132
7.375%, 10/28/09		3,750,000		3,416,749
9.750%, 9/15/10		3,200,000		2,850,474
7.375%, 2/1/11		3,340,000		2,785,096
9.875%, 8/10/11^		2,450,000		2,184,792
7.250%, 10/25/11		950,000		780,353
7.127%, 1/13/12(l)		1,750,000		1,294,547
7.800%, 6/1/12		18,875,000		15,569,497
7.000%, 10/1/13		2,000,000		1,560,038
8.000%, 12/15/16		3,110,000		2,434,523
GMAC Canada Ltd.
5.750%, 12/4/08	CAD	4,000,000		3,691,558
6.625%, 12/17/10^	GBP	6,000,000		9,526,320
GMAC LLC
4.315%, 5/15/09(l)	$	1,000,000		854,665
7.250%, 3/2/11		2,925,000		2,303,043
6.000%, 4/1/11		3,070,000		2,377,770
6.625%, 5/15/12		5,075,000		3,839,146
6.875%, 8/28/12		8,400,000		6,383,412
6.750%, 12/1/14		8,840,000		6,256,077
8.000%, 11/1/31		6,650,000		4,766,002
SLM Corp.
3.541%, 7/25/08(l)		1,425,000		1,400,578
3.491%, 7/26/10(l)		800,000		630,014
5.125%, 8/27/12		725,000		559,359
Diversified Financial Services (6.9%)
AES Ironwood LLC
8.857%, 11/30/25		6,196,862		6,723,595
AES Red Oak LLC, Series A
8.540%, 11/30/19		1,619,580		1,619,580
Altra Industrial Motion, Inc.
9.000%, 12/1/11		6,300,000		5,945,625
Bank of America Corp.
8.000%, 12/31/49(l)		4,350,000		4,355,220
C10 Capital SPV Ltd.
6.722%, 12/31/49(l)§		1,000,000		924,100
Citigroup Capital XXI
8.300%, 12/21/57(l)		3,025,000		2,980,753
Hawker Beechcraft Acquisition Co. LLC/ Hawker Beechcraft Notes Co.
8.500%, 4/1/15^		2,000,000		2,055,000
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		4,450,000		4,772,625
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
8.125%, 6/1/12		1,100,000		1,072,500
7.125%, 2/15/13^		9,275,000		8,417,063
Intelsat Jackson Holdings Ltd.
11.250%, 6/15/16		3,000,000		3,041,250
KAR Holdings, Inc.
10.000%, 5/1/15^		8,500,000		7,352,500
KRATON Polymers LLC/ KRATON Polymers Capita Corp.
8.125%, 1/15/14		4,200,000		3,486,000
Leucadia National Corp.
8.125%, 9/15/15		8,900,000		8,944,500
7.125%, 3/15/17		500,000		473,750
LVB Acquisition Merger Sub, Inc.
10.000%, 10/15/17§^		6,825,000		7,149,188
10.375%, 10/15/17 PIK§		2,250,000		2,334,375
11.625%, 10/15/17§		10,750,000		10,750,000
PNA Intermediate Holding Corp.
10.065%, 2/15/13 PIK(l)		8,525,000		6,628,187
Rainbow National Services LLC
10.375%, 9/1/14§		9,500,000		10,070,000
Santander Perpetual S.A.U.
6.671%, 12/31/49(l)§		3,000,000		2,703,483
Smurfit Kappa Funding plc
7.750%, 4/1/15		350,000		306,250
Susser Holdings LLC
10.625%, 12/15/13^		4,018,000		4,128,495
UBS Preferred Funding Trust V
6.243%, 12/31/49(l)		1,200,000		1,003,654
Universal City Development Partners Ltd.
11.750%, 4/1/10		7,570,000		7,778,175
Universal City Florida Holding Co. I/II
7.989%, 5/1/10(l)		2,600,000		2,522,000
8.375%, 5/1/10^		4,150,000		4,067,000
				124,838,618
Insurance (0.4%)
American International Group, Inc.
5.850%, 1/16/18		1,625,000		1,594,679
HUB International Holdings, Inc.
9.000%, 12/15/14§^		3,250,000		2,535,000
10.250%, 6/15/15§		5,000,000		3,650,000
				7,779,679

See Notes to Portfolio of Investments.

44

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Real Estate Investment Trusts (REITs) (0.1%)
Ventas Realty LP/Ventas Capital Corp. (REIT)
9.000%, 5/1/12	$	1,200,000	$	1,263,000
7.125%, 6/1/15		1,000,000		992,500
6.750%, 4/1/17		285,000		278,588
				2,534,088
Real Estate Management & Development (0.1%)
Forest City Enterprises, Inc.
7.625%, 6/1/15		1,275,000		1,211,250
6.500%, 2/1/17		450,000		405,000
				1,616,250
Thrifts & Mortgage Finance (0.2%)
Residential Capital LLC
8.125%, 11/21/08		2,225,000		1,535,250
Washington Mutual, Inc.
8.250%, 4/1/10		2,425,000		2,109,750
				3,645,000
Total Financials				278,047,966
Health Care (7.1%)
Biotechnology (0.4%)
Angiotech Pharmaceuticals, Inc.
6.826%, 12/1/13(l)^		6,300,000		4,819,500
7.750%, 4/1/14		2,200,000		1,342,000
				6,161,500
Health Care Equipment & Supplies (0.3%)
Accellent, Inc.
10.500%, 12/1/13^		7,000,000		5,600,000
Health Care Providers & Services (4.7%)
Community Health Systems, Inc.
8.875%, 7/15/15		12,835,000		12,883,131
DaVita, Inc.
7.250%, 3/15/15^		6,410,000		6,249,750
Hanger Orthopedic Group, Inc.
10.250%, 6/1/14^		4,900,000		4,924,500
HCA, Inc.
6.750%, 7/15/13		4,830,000		4,274,550
9.125%, 11/15/14		600,000		618,000
7.190%, 11/15/15^		1,075,000		914,539
9.250%, 11/15/16		20,695,000		21,471,063
9.625%, 11/15/16 PIK		4,950,000		5,135,625
Health Management Associates, Inc.
6.125%, 4/15/16		3,850,000		3,253,250
HealthSouth Corp., Term Loan
5.210%, 2/2/13		7,587		6,989
5.500%, 2/2/13		1,570,656		1,446,966
Skilled Healthcare Group, Inc.
11.000%, 1/15/14		5,538,000		5,787,210
Surgical Care Affiliates, Inc.
8.875%, 7/15/15 PIK§		1,950,000		1,501,500
10.000%, 7/15/17§		3,250,000		2,437,500
Tenet Healthcare Corp.
7.375%, 2/1/13		1,430,000		1,276,275
U.S. Oncology Holdings, Inc.
7.949%, 3/15/12 PIK(l)		5,110,197		3,934,852
U.S. Oncology, Inc.
10.750%, 8/15/14^		10,000,000		9,875,000
				85,990,700
Pharmaceuticals (1.7%)
Argatroban Royalty Sub LLC
18.500%, 9/30/14†		5,969,617		5,850,225
Elan Finance plc/Elan Finance Corp.
7.201%, 12/1/13(l)		3,925,000		3,414,750
8.875%, 12/1/13		6,475,000		6,086,500
Phibro Animal Health Corp.
13.000%, 8/1/14§		9,540,000		9,540,000
Valeant Pharmaceuticals International
7.000%, 12/15/11		6,000,000		5,715,000
				30,606,475
Total Health Care				128,358,675
Industrials (6.9%)
Aerospace & Defense (0.6%)
Alion Science and Technology Corp.
10.250%, 2/1/15		8,000,000		4,520,000
Bombardier, Inc.
8.000%, 11/15/14§^		3,625,000		3,733,750
L-3 Communications Corp.
7.625%, 6/15/12^		3,030,000		3,101,963
				11,355,713
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		1,039,174
Delta Air Lines, Inc.
8.954%, 8/10/14(b)§^		3,631,822		3,341,276
United Air Lines, Inc., Series 00-2
7.032%, 10/1/10		655,589		649,034
				12,029,484
Building Products (0.1%)
Nortek, Inc.
8.500%, 9/1/14^		2,090,000		1,546,600
Commercial Services & Supplies (1.9%)
Allied Waste North America, Inc.
7.250%, 3/15/15^		7,645,000		7,635,444
ARAMARK Corp.
8.500%, 2/1/15^		11,175,000		11,202,937
Knowledge Learning Center, Inc.
7.750%, 2/1/15§		6,610,000		6,180,350
MSX International UK/MXS International Business Services FR/MXS International GmBH
12.500%, 4/1/12§		5,620,000		4,496,000
Quintiles Transnational Corp., Term Loan
6.700%, 3/31/14		1,500,000		1,342,500
Sheridan Group, Inc.
10.250%, 8/15/11		4,125,000		3,635,156
				34,492,387
Construction & Engineering (0.4%)
Esco Corp.
8.625%, 12/15/13§		7,250,000		7,032,500
Electrical Equipment (0.5%)
Legrand France S.A.
8.500%, 2/15/25^		3,000,000		3,382,320
Superior Essex Communications LLC/Essex Group, Inc.
9.000%, 4/15/12^		5,500,000		5,293,750
				8,676,070
Industrial Conglomerates (0.8%)
Harland Clarke Holdings Corp.
7.815%, 5/15/15(l)		8,845,000		5,483,900

See Notes to Portfolio of Investments.

45

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
RBS Global, Inc. & Rexnord Corp.
9.500%, 8/1/14^	$	5,500,000	$	5,142,500
11.750%, 8/1/16^		4,550,000		3,935,750
				14,562,150
Machinery (0.6%)
Actuant Corp.
6.875%, 6/15/17§		2,730,000		2,695,875
Trimas Corp.
9.875%, 6/15/12^		9,278,000		8,071,860
				10,767,735
Road & Rail (1.4%)
Amadeus IT Group S.A., Term Loan
6.959%, 4/8/13(b)	EUR	2,000,000		2,688,084
Hertz Corp.,
8.875%, 1/1/14	$	7,720,000		7,314,700
Term B Loan (Zero Coupon), 12/21/12		3,080		2,867
4.390%, 12/21/12		679,776		632,702
4.500%, 12/21/12		482,982		449,535
Term DD Loan
4.320%, 12/21/12		66,208		61,624
Term Loan
2.599%, 12/21/12		222,222		206,833
Kansas City Southern de Mexico S.A. de C.V.
9.375%, 5/1/12		2,250,000		2,323,125
Swift Transportation Co., Inc.
10.815%, 5/15/15(l)§		4,000,000		1,590,000
12.500%, 5/15/17§^		4,300,000		1,752,250
United Rentals North America, Inc.
6.500%, 2/15/12^		7,500,000		6,787,500
7.750%, 11/15/13^		1,500,000		1,222,500
				25,031,720
Total Industrials				125,494,359
Information Technology (6.0%)
Communications Equipment (1.0%)
Nortel Networks Ltd.
8.508%, 7/15/11(l)		9,875,000		8,467,812
10.125%, 7/15/13		10,475,000		9,584,625
10.750%, 7/15/16		625,000		571,094
				18,623,531
Computers & Peripherals (0.2%)
Seagate Technology HDD Holdings
3.538%, 10/1/09(l)		3,890,000		3,753,850
Electronic Equipment & Instruments (1.6%)
Celestica, Inc.
7.875%, 7/1/11^		10,560,000		10,375,200
7.625%, 7/1/13^		1,800,000		1,701,000
NXP B.V./NXP Funding LLC
8.625%, 10/15/15^	EUR	6,000,000		6,938,606
Sanmina-SCI Corp.
6.750%, 3/1/13	$	1,000,000		867,500
5.550%, 6/15/14(l)§		7,000,000		6,300,000
8.125%, 3/1/16^		3,375,000		2,986,875
				29,169,181
IT Services (1.8%)
Compucom Systems, Inc.
12.500%, 10/1/15§		3,600,000		3,366,000
First Data Corp.
9.875%, 9/24/15§^		10,625,000		8,739,062
Iron Mountain, Inc.
8.625%, 4/1/13		4,253,000		4,295,530
SunGard Data Systems, Inc.
9.125%, 8/15/13^		10,525,000		10,630,250
10.250%, 8/15/15^		5,000,000		5,025,000
				32,055,842
Semiconductors & Semiconductor Equipment (1.4%)
Amkor Technologies, Inc.
7.750%, 5/15/13^		8,750,000		7,984,375
Freescale Semiconductor, Inc.
8.875%, 12/15/14		6,675,000		5,223,188
9.125%, 12/15/14 PIK		9,350,000		6,825,500
Sensata Technologies B.V.
8.000%, 5/1/14^		6,975,000		6,138,000
				26,171,063
Total Information Technology				109,773,467
Materials (7.6%)
Chemicals (2.5%)
Arco Chemical Co.
10.250%, 11/1/10		100,000		101,500
Chemtura Corp.
6.875%, 6/1/16		3,225,000		2,870,250
Hercules, Inc.
6.750%, 10/15/29		3,650,000		3,431,000
Huntsman LLC
11.625%, 10/15/10		2,800,000		2,961,000
11.500%, 7/15/12		3,787,000		4,033,155
Ineos Group Holdings plc
8.500%, 2/15/16§^		14,325,000		11,137,687
Momentive Performance Materials, Inc.
11.500%, 12/1/16^		4,675,000		3,558,844
Nalco Co.
8.875%, 11/15/13^		3,750,000		3,853,125
Nova Chemicals Corp.
7.863%, 11/15/13(l)^		5,704,000		4,777,100
Reichhold Industries, Inc.
9.000%, 8/15/14§		4,745,000		4,650,100
Rockwood Specialties Group, Inc.
7.500%, 11/15/14^		4,405,000		4,272,850
				45,646,611
Containers & Packaging (2.1%)
BCP Holdings Corp.
6.675%, 9/15/14(l)		200,000		158,000
8.875%, 9/15/14^		6,675,000		5,823,938
Berry Plastics Holding Corp.
10.250%, 3/1/16^		3,250,000		2,502,500
Cascades, Inc.
7.250%, 2/15/13		3,650,000		3,221,125
Crown Americas LLC/Crown Americas Capital Corp.
7.625%, 11/15/13		800,000		816,000
7.750%, 11/15/15^		3,355,000		3,447,262
Graham Packaging Co., Inc.
8.500%, 10/15/12^		3,450,000		3,105,000
9.875%, 10/15/14^		6,000,000		5,040,000
Impress Holdings B.V.
7.382%, 9/15/13(l)§		4,725,000		3,921,750
Norampac, Inc.
6.750%, 6/1/13		1,675,000		1,430,031
Owens-Brockway Glass Container, Inc.
8.250%, 5/15/13^		3,550,000		3,674,250
Russell-Stanley Holdings, Inc.
9.000%, 11/30/08(b)(h)§†		729,508		511
Smurfit-Stone Container Enterprises, Inc.
8.375%, 7/1/12		1,550,000		1,402,750
7.500%, 6/1/13		2,900,000		2,494,000

See Notes to Portfolio of Investments.

46

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
			$	37,037,117
Metals & Mining (1.3%)
Compass Minerals International, Inc., Series B
0.000%, 6/1/13(e)^		6,461,000		6,751,745
Freeport-McMoRan Copper & Gold, Inc.
8.250%, 4/1/15		1,325,000		1,397,875
8.375%, 4/1/17		8,025,000		8,516,531
Noranda Aluminium Acquisition Corp.
8.738%, 5/15/15 PIK(l)§^		8,965,000		7,037,525
Novelis, Inc.
7.250%, 2/15/15		486,000		430,110
				24,133,786
Paper & Forest Products (1.7%)
Georgia-Pacific LLC
7.000%, 1/15/15§		3,280,000		3,075,000
7.700%, 6/15/15^		475,000		446,500
7.125%, 1/15/17§		1,625,000		1,503,125
8.000%, 1/15/24		9,400,000		8,272,000
7.375%, 12/1/25^		7,150,000		5,934,500
7.250%, 6/1/28		1,000,000		815,000
Newark Group, Inc.
9.750%, 3/15/14		5,660,000		4,528,000
Smurfit Capital Funding plc
7.500%, 11/20/25		300,000		264,000
Verso Paper Holdings LLC/Verson Paper, Inc., Series B
9.125%, 8/1/14^		6,800,000		6,562,000
				31,400,125
Total Materials				138,217,639
Telecommunication Services (6.6%)
Diversified Telecommunication Services (5.0%)
Cincinnati Bell, Inc.
7.250%, 7/15/13^		2,650,000		2,603,625
8.375%, 1/15/14		3,375,000		3,164,062
Citizens Communications Co.
7.125%, 3/15/19^		5,950,000		5,206,250
7.000%, 11/1/25^		200,000		145,000
7.875%, 1/15/27		750,000		643,125
9.000%, 8/15/31		3,315,000		2,900,625
Fairpoint Communications, Inc.
13.125%, 4/1/18§		4,000,000		3,840,000
Hawaiian Telcom Communications, Inc., Series B
9.750%, 5/1/13^		4,925,000		2,659,500
Level 3 Financing, Inc.
12.250%, 3/15/13		6,250,000		5,625,000
Local Insight Regatta Holdings, Inc.
11.000%, 12/1/17§		4,500,000		2,745,000
Nordic Telephone Co. Holdings ApS
6.138%, 11/30/14	EUR	729,576		1,079,650
6.388%, 11/30/14		873,529		1,299,140
8.250%, 5/1/16§		3,500,000		5,194,088
8.875%, 5/1/16§^	$	750,000		727,500
Qwest Communications International, Inc.
6.565%, 2/15/09(l)		666,000		659,340
7.500%, 2/15/14^		12,400,000		11,656,000
Series B
7.500%, 2/15/14^		4,450,000		4,183,000
Qwest Corp.
8.875%, 3/15/12		5,900,000		6,018,000
7.500%, 6/15/23^		1,000,000		872,500
Telcordia Technologies, Inc.
8.008%, 7/15/12(l)§		10,650,000		8,094,000
10.000%, 3/15/13§^		2,000,000		1,400,000
Time Warner Telecom Holdings, Inc.
9.250%, 2/15/14		5,500,000		5,555,000
Virgin Media Finance plc
8.750%, 4/15/14	EUR	1,000,000		1,357,725
9.125%, 8/15/16^	$	4,000,000		3,580,000
West Corp.
9.500%, 10/15/14^		7,425,000		6,645,375
11.000%, 10/15/16^		2,625,000		2,218,125
Wind Acquisition Finance S.A.
10.750%, 12/1/15§^		1,600,000		1,632,000
				91,703,630
Wireless Telecommunication Services (1.6%)
Centennial Cellular Operating Co./Centennial Communications Corp.
10.125%, 6/15/13		6,700,000		6,616,250
iPCS, Inc.
6.489%, 5/1/14 PIK(l)^		7,000,000		5,390,000
MetroPCS Wireless, Inc.
9.250%, 11/1/14^		1,000,000		920,000
Rural Cellular Corp.
9.875%, 2/1/10		9,783,000		10,052,032
Sprint Nextel Corp.
6.000%, 12/1/16		2,250,000		1,749,375
U.S. Unwired, Inc. Series B
10.000%, 6/15/12		4,051,000		3,757,303
				28,484,960
Total Telecommunication Services				120,188,590
Utilities (7.3%)
Electric Utilities (2.1%)
Edison Mission Energy
7.200%, 5/15/19^		7,505,000		7,411,188
Midwest Generation LLC, Series B
8.560%, 1/2/16		3,840,081		4,166,488
Mirant Americas Generation, Inc.
8.300%, 5/1/11		6,670,000		6,803,400
Nevada Power Co., Series N
6.650%, 4/1/36		1,000,000		941,799
PSEG Energy Holdings LLC
8.500%, 6/15/11		9,205,000		9,736,451
Sierra Pacific Power Co. Series P
6.750%, 7/1/37		900,000		863,082
Sierra Pacific Resources
8.625%, 3/15/14		2,200,000		2,310,134
Tenaska Alabama Partners LP
7.000%, 6/30/21§		3,073,348		2,866,508
Texas Competitive Electric Holdings Co. LLC
10.250%, 11/1/15§		2,600,000		2,590,250
				37,689,300
Gas Utilities (1.5%)
AmeriGas Partners LP
7.250%, 5/20/15		5,250,000		5,171,250
AmeriGas Partners LP/AmeriGas Eagle Finance Corp.
7.125%, 5/20/16^		3,825,000		3,748,500

See Notes to Portfolio of Investments.

47

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Dynegy Holdings, Inc.
7.500%, 6/1/15	$	900,000	$	843,750
7.125%, 5/15/18^		1,700,000		1,530,000
Kinder Morgan Finance Co. ULC
5.700%, 1/5/16^		6,710,000		6,357,725
Knight, Inc.
6.500%, 9/1/12		1,223,000		1,240,102
SemGroup LP
8.750%, 11/15/15§^		5,995,000		5,485,425
Suburban Propane Partners LP/Suburban Energy Finance Corp.
6.875%, 12/15/13^		2,350,000		2,291,250
				26,668,002
Independent Power Producers & Energy Traders (3.4%)
AES Corp.
8.000%, 10/15/17		1,235,000		1,250,438
Dynegy Holdings, Inc.
8.375%, 5/1/16		4,100,000		4,059,000
Energy Future Holdings Corp.
10.875%, 11/1/17§		15,675,000		15,831,750
NRG Energy, Inc.
7.250%, 2/1/14		4,775,000		4,715,313
7.375%, 2/1/16		16,753,000		16,417,940
7.375%, 1/15/17		3,770,000		3,666,325
Reliant Energy Mid-Atlantic Power Holdings LLC Series B
9.237%, 7/2/17		2,752,076		2,875,919
Reliant Energy, Inc.
6.750%, 12/15/14		9,350,000		9,513,625
7.875%, 6/15/17^		3,250,000		3,233,750
				61,564,060
Multi-Utilities & Unregulated Power (0.3%)
Dynegy-Roseton/Danskammer Pass Through Trust Series A
7.270%, 11/8/10		5,274,724		5,274,724
Series B
7.670%, 11/8/16		1,000,000		1,001,880
				6,276,604
Total Utilities				132,197,966
Total Corporate Bonds				1,618,626,149
Government Securities (5.7%)
Municipal Bonds (0.1%)
State of Texas
5.000%, 4/1/37	$	1,900,000		1,871,386
U.S. Government Agencies (5.6%)
Federal Home Loan Mortgage Corp.
5.500%, 4/15/38 TBA		3,000,000		3,029,064
Federal National Mortgage Association
5.000%, 4/25/38 TBA		34,100,000		34,931,187
5.500%, 4/25/38 TBA		63,816,000		64,414,275
				102,374,526
Total Government Securities				104,245,912
Total Long Term Debt Securities (96.0%) (Cost $1,897,612,760)				1,743,148,159
	Number of Shares
CONVERTIBLE PREFERRED STOCKS:
Consumer Discretionary (0.0%)
Automobiles (0.0%)
General Motors Corp.,
5.250%		31,000		505,688
Total Consumer Discretionary				505,688
Energy (0.1%)
Oil, Gas & Consumable Fuels (0.1%)
Chesapeake Energy Corp.,
5.000%		14,800		1,935,286
Total Energy				1,935,286
Financials (0.4%)
Diversified Financial Services (0.4%)
Bank of America Corp.,
7.250%		5,300		5,439,125
Citigroup, Inc.,
6.500%		16,000		756,000
				6,195,125
Thrifts & Mortgage Finance (0.0%)
Fannie Mae,
5.375%		1		66,875
Washington Mutual Capital Trust 2001,
5.375%		18,800		533,920
				600,795
Total Financials				6,795,920
Materials (0.1%)
Metals & Mining (0.1%)
Freeport-McMoRan Copper & Gold, Inc.,
6.750%		6,300		885,937
Total Materials				885,937
Total Convertible Preferred Stocks (0.6%) (Cost $9,746,384)				10,122,831
	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (1.2%)
Barclays U.S. Funding LLC
3.01%, 5/5/08	$	21,700,000		21,636,751
Government Securities (2.5%)
Federal Home Loan Bank
1.50%, 4/1/08 (p)(o)		45,600,000		45,598,100
Federal National Mortgage Association
2.00%, 6/4/08 (p)(o)		400,000		398,564
Total Government Securities				45,996,664
Short-Term Investments of Cash Collateral for Securities Loaned (20.1%)
Atlantis One Funding Corp.
3.06%, 4/2/08		2,097,532		2,097,532
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		4,669,490		4,669,490
Bank of Ireland
2.60%, 12/19/08 (l)		7,781,678		7,781,678
Bank of Scotland plc/London
3.30%, 4/1/08		14,008,471		14,008,471
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		3,424,293		3,424,293
Belmont Funding LLC
4.00%, 4/1/08		11,672,429		11,672,429
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		7,471,185		7,471,185

See Notes to Portfolio of Investments.

48

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)	$	4,669,490	$	4,669,490
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		3,645,004		3,645,004
Comerica Bank
2.84%, 3/16/09 (l)		1,556,403		1,556,403
Commonwealth Bank of Australia/London
3.00%, 4/1/08		14,008,471		14,008,471
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		4,046,892		4,046,892
Den Danske Bank/Copenhagen
3.40%, 4/1/08		4,980,790		4,980,790
Deutsche Bank AG/London
2.49%, 5/1/08 (l)		7,782,484		7,782,484
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		11,868,288		11,868,288
Fifth Third Bancorp
2.61%, 8/22/08 (l)		466,949		466,949
First Tennessee Bank
2.85%, 8/15/08 (l)		14,008,226		14,008,226
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		46,072,306		46,072,306
General Electric Capital Corp.
2.40%, 3/12/10 (l)		622,599		622,599
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		3,112,994		3,112,994
2.41%, 3/27/09 (l)		4,358,191		4,358,191
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		67,781,167		67,781,167
Hartford Life, Inc.
3.25%, 2/2/09 (l)		1,245,198		1,245,198
HSBC Holdings plc/London
2.75%, 4/1/08		14,008,471		14,008,471
K2 (USA) LLC
2.37%, 5/29/09 (l)		6,223,850		6,223,850
2.37%, 6/18/09 (l)		7,779,570		7,779,570
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		9,338,908		9,338,908
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		7,782,484		7,782,484
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		14,008,471		14,008,471
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		3,891,204		3,891,204
Links Finance LLC
2.37%, 6/25/09 (l)		2,334,015		2,334,015
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		3,891,242		3,891,242
Monumental Global Funding II
2.36%, 4/25/08 (l)		3,735,592		3,735,592
2.43%, 5/26/10 (l)		7,315,535		7,315,535
Morgan Stanley
3.59%, 2/9/09 (l)		12,095,307		12,095,307
3.15%, 5/7/09 (l)		7,782,484		7,782,484
Pricoa Global Funding I
2.40%, 6/25/10 (l)		4,668,439		4,668,439
San Paolo IMI/Ireland
4.62%, 4/8/08		767,357		767,357
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		7,790,392		7,790,392
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		7,782,484		7,782,484
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		1,556,497		1,556,497
Total Short-Term Investments of Cash Collateral for Securities Loaned				364,102,832
Time Deposit (2.8%)
JPMorgan Chase Nassau
1.59%, 4/1/08	$	51,457,360	$	51,457,360
Total Short-Term Investments (26.6%) (Cost/Amortized Cost $483,195,070)				483,193,607
Total Investments (123.2%) (Cost/Amortized Cost $2,390,554,214)				2,236,464,597
Other Assets Less Liabilities (-23.2%)				(421,607,245	)
Net Assets (100%)			$	1,814,857,352

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

† Securities (totaling $15,030,736 or 0.8% of net assets) at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2008, the market value of these securities amounted to $336,672,144 or 18.8% 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 March 31, 2008. Maturity date disclosed is the ultimate maturity date.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

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

(o) Discount Note Security. Effective rate calculated as of March 31, 2008.

(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.

See Notes to Portfolio of Investments.

49

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

At March 31, 2008 the Portfolio had the following futures contracts open: (Note 1)

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2008		Unrealized Appreciation/ (Depreciation)
90 Day Sterling	157	March-09	$	36,649,590	$	37,153,219	$	503,629
EURODollar	165	June-08		39,604,500		40,313,625		709,125
EURODollar	200	March-09		47,787,500		48,907,500		1,120,000
EURODollar	39	December-09		9,292,238		9,471,638		179,400
							$	2,512,154
Sales
U.S. Long Bonds	450	June-08	$	53,254,688	$	53,458,594	$	(203,906	)
							$	2,308,248

At March 31, 2008 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

	Local Contract Buy Amount (000’s)	Local Contract Sell Amount (000’s)	U.S. $ Current Sell Value		U.S. $ Current Buy Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contract
European Union vs. U.S. Dollar, expiring 4/28/08	337	531	$	531,000	$	532,072	$	1,072
Foreign Currency Sell Contracts
British Pound vs. U.S. Dollar, expiring 4/7/08	10,110	4,935	$	9,790,793	$	10,110,087	$	319,294
Canadian Dollar vs. U.S. Dollar, expiring 4/7/08	3,814	3,810		3,711,521		3,814,196		102,675
European Union vs. U.S. Dollar, expiring 4/7/08	7,914	5,375		8,484,348		7,914,258		(570,090	)
European Union vs. U.S. Dollar, expiring 4/7/08	4,282	3,025		4,774,912		4,282,039		(492,873	)
European Union vs. U.S. Dollar, expiring 4/28/08	25,891	16,618		26,212,624		25,891,176		(321,448	)
European Union vs. U.S. Dollar, expiring 10/24/08	11,931	8,255		12,894,264		11,930,951		(963,313	)
							$	(1,925,755	)
							$	(1,924,683	)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

See Notes to Portfolio of Investments.

50

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	533,920	$	2,220,899,942	$	15,030,735	$	2,236,464,597
Other Investments*		2,512,154		423,041		—		2,935,195
Total	$	3,046,074	$	2,221,322,983	$	15,030,735	$	2,239,399,792
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		203,906		2,347,724		—		2,551,630
Total	$	203,906	$	2,347,724	$	—	$	2,551,630

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

	Investments in Securities			Other Investments*
Balance as of 12/31/07	$	15,234,443		$	—
Total gains or losses (realized/unrealized) included in earnings		15,514			—
Purchases, sales, issuances, and settlements (net)		(219,222	)		—
Transfers in and/or out of Level 3		—			—
Balance as of 3/31/08	$	15,030,735		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/08	$	7,730		$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	780,264,381
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	765,936,380
Long-term U.S. Treasury securities		13,839,922
	$	779,776,302

As of March 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	13,570,589
Aggregate gross unrealized depreciation		(168,949,938	)
Net unrealized depreciation	$	(155,379,349	)
Federal income tax cost of investments	$	2,391,843,946

At March 31, 2008, the Portfolio had loaned securities with a total value of $353,668,968. This was secured by collateral of $364,102,833 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 $9,142, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

The Portfolio has a net capital loss carryforward of $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 Portfolio of Investments.

51

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (2.6%)
BHP Billiton Ltd.^	887,224	$	29,035,966
CSL Ltd.	465,795		15,712,220
Macquarie Airports Ltd.	1,634,490		4,824,846
Macquarie Infrastructure Group	717,183		1,822,105
National Australia Bank Ltd.	297,121		8,186,897
Rio Tinto Ltd.	28,563		3,197,707
Suncorp-Metway Ltd.^	402,300		4,731,810
Zinifex Ltd.	432,400		3,943,800
			71,455,351
Austria (0.3%)
voestalpine AG	115,100		7,995,421
Belgium (0.9%)
Dexia S.A.^	191,615		5,460,345
Fortis (London International Exchange)	315,809		7,947,421
Fortis (virt-x Exchange)	443,832		11,183,168
			24,590,934
Brazil (3.7%)
All America Latina Logistica S.A.	510,270		5,118,112
Bovespa Holding S.A.	1,521,800		20,597,681
Cia Vale do Rio Doce (ADR)	317,976		11,014,689
Gafisa S.A.*	507,344		8,413,809
Petroleo Brasileiro S.A. (Mexico Exchange) (ADR)	309,318		31,584,461
Petroleo Brasileiro S.A. (New York Exchange) (ADR)	121,440		12,400,238
Unibanco-Uniao de Bancos Brasileiros S.A. (GDR)	115,142		13,430,163
			102,559,153
Canada (3.4%)
Bombardier, Inc.*	497,200		2,649,602
Canadian Imperial Bank of Commerce^	46,800		3,013,766
Fairfax Financial Holdings Ltd.	9,200		2,679,020
Gerdau Ameristeel Corp.	391,200		5,575,777
HudBay Minerals, Inc.*	103,400		1,641,989
Husky Energy, Inc.^	111,600		4,369,627
ING Canada, Inc.	3,800		135,089
Inmet Mining Corp.	29,200		2,133,567
Nexen, Inc.	128,122		3,802,032
Onex Corp.	104,000		3,034,537
Petro-Canada	171,100		7,454,423
Potash Corp. of Saskatchewan, Inc.	64,805		10,058,384
Research In Motion Ltd.*	236,766		26,572,248
Rogers Communications, Inc., Class B	458,049		16,475,395
Teck Cominco Ltd., Class B^	108,600		4,453,187
			94,048,643
Denmark (0.6%)
Carlsberg A/S^	43,300		5,536,944
Vestas Wind Systems A/S*	114,195		12,475,043
			18,011,987
Egypt (0.0%)
Orascom Construction Industries SAE (GDR)	9,332		1,407,512
Finland (1.3%)
Nokia Oyj	950,255		30,064,310
Stora Enso Oyj, Class R^	572,400		6,605,875
			36,670,185
France (11.4%)
Accor S.A.	270,328		19,742,858
Air France-KLM^	121,600		3,424,852
Alstom S.A.	68,556		14,862,526
BNP Paribas S.A.	268,838		27,116,704
Cie de Saint-Gobin S.A.^	96,126		7,838,348
Cie Generale de Geophysique-Veritas*	45,410		11,304,243
Compagnie Generale des Etablissements Michelin, Class B	79,900		8,340,517
Credit Agricole S.A.	309,152		9,566,245
France Telecom S.A.	227,100		7,636,777
Groupe Danone S.A.	160,722		14,371,826
Imerys S.A.^	60,001		5,502,667
J.C. Decaux S.A.^	444,832		13,076,426
Lafarge S.A.	84,205		14,644,521
Lagardere SCA	113,500		8,486,350
Pernod-Ricard S.A.	114,100		11,737,621
PPR S.A.	73,005		10,816,836
Renault S.A.	132,000		14,608,489
Sanofi-Aventis S.A.	296,211		22,222,401
Societe Generale S.A.^	78,335		7,670,099
Societe Generale S.A. (Non-Voting)*	19,583		1,884,370
Total S.A.	713,632		52,997,452
Veolia Environnement	459,081		32,006,026
			319,858,154
Germany (8.8%)
Allianz SE (Registered)	107,100		21,216,676
BASF SE	151,400		20,391,031
Bayer AG	71,980		5,768,286
Continental AG^	360,375		36,747,966
Deutsche Bank AG (Registered)	104,300		11,806,382
Deutsche Lufthansa AG (Registered)	260,900		7,055,776
Deutsche Post AG (Registered)	306,976		9,377,752
Deutsche Telekom AG (Registered)	290,500		4,838,514
E.ON AG	240,021		44,433,702
Fresenius Medical Care AG & Co. KGaA	58,500		2,941,566
GEA Group AG*	232,341		7,813,018
Linde AG	79,043		11,167,380
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)^	78,800		15,411,353
RWE AG	97,390		11,971,322
SAP AG	200,800		9,979,569
Siemens AG (Registered)	134,342		14,560,146
Symrise AG*^	257,120		6,640,985
TUI AG*^	145,200		3,725,061
			245,846,485
Greece (0.2%)
Piraeus Bank S.A.	215,693		6,633,433
Hong Kong (2.5%)
China Merchants Holdings International Co., Ltd.^	1,026,000		4,871,181
China Mobile Ltd.	1,350,000		20,086,988
CNOOC Ltd.	8,109,100		11,982,378
Esprit Holdings Ltd.	1,424,500		17,095,501
Hang Lung Properties Ltd.	1,383,000		4,895,717
Orient Overseas International Ltd.^	174,000		1,018,381
Shangri-La Asia Ltd.	3,474,973		9,376,553
			69,326,699
India (0.5%)
ICICI Bank Ltd. (ADR)	346,707		13,240,740

See Notes to Portfolio of Investments.

52

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Ireland (0.2%)
Anglo Irish Bank Corp. plc	396,357	$	5,287,576
Israel (0.5%)
Teva Pharmaceutical Industries Ltd. (ADR)	309,676		14,303,934
Italy (2.5%)
Banco Popolare S.c.a.r.l.*	163,500		2,707,738
Buzzi Unicem S.p.A.	158,000		3,931,214
ENI S.p.A	1,134,771		38,696,826
Fondiaria-Sai S.p.A.	125,271		5,189,527
Fondiaria-Sai S.p.A. (RNC)	14,200		384,473
Intesa Sanpaolo S.p.A.	1,316,571		9,280,665
Italcementi S.p.A.^	133,001		2,693,983
UniCredito Italiano S.p.A.	1,147,236		7,679,483
			70,563,909
Japan (15.9%)
Aisin Seiki Co., Ltd.	135,500		5,056,782
Alps Electric Co., Ltd.^	341,600		3,361,854
Astellas Pharma, Inc.	198,400		7,682,825
Canon, Inc.	304,500		14,021,418
Daikin Industries Ltd.^	317,064		13,645,712
Dainippon Ink and Chemicals, Inc.^	895,000		2,783,407
Daiwa Securities Group, Inc.	512,000		4,437,881
East Japan Railway Co.	1,346		11,194,161
EDION Corp.^	122,000		1,128,451
Fujitsu Ltd.	2,104,000		13,762,119
Hitachi Construction Machinery Co., Ltd.^	183,812		4,600,832
Honda Motor Co., Ltd.	703,000		20,064,556
Isuzu Motors Ltd.^	1,326,000		6,624,679
ITOCHU Corp.	631,000		6,228,973
Japan Tobacco, Inc.	1,757		8,795,576
JFE Holdings, Inc.^	239,100		10,602,147
Komatsu Ltd.^	272,400		7,556,039
Kyushu Electric Power Co., Inc.^	205,700		5,024,875
Leopalace21 Corp.^	13,400		216,567
Marubeni Corp.	2,305,000		16,788,022
Mitsubishi Chemical Holdings Corp.^	767,000		5,070,756
Mitsubishi Corp.^	764,300		23,079,284
Mitsubishi UFJ Financial Group, Inc.	2,411,000		20,801,164
Mitsui & Co., Ltd.^	467,000		9,463,684
Mitsui Chemicals, Inc.	513,000		3,396,669
Mitsui Fudosan Co., Ltd.	483,000		9,589,256
Mitsui O.S.K. Lines Ltd.	687,000		8,304,926
Murata Manufacturing Co., Ltd.	94,900		4,712,630
Nidec Corp.^	120,600		7,416,513
Nintendo Co., Ltd.^	48,100		24,802,769
Nippon Mining Holdings, Inc.^	753,500		3,991,252
Nippon Steel Corp.^	1,748,000		8,855,738
Nippon Telegraph & Telephone Corp.	1,964		8,472,311
Nippon Yusen KK^	438,000		4,112,841
Nissan Motor Co., Ltd.^	2,371,400		19,603,066
Nitto Denko Corp.	77,600		3,277,448
Nomura Holdings, Inc.	255,800		3,823,656
ORIX Corp.	39,000		5,321,027
Sharp Corp.	485,000		8,242,275
Shin-Etsu Chemical Co., Ltd.^	173,800		8,979,434
SMC Corp.^	49,500		5,219,151
Sony Corp.	374,400		14,911,396
Sumitomo Corp.^	522,000		6,875,863
Sumitomo Mitsui Financial Group, Inc.^	2,891		19,025,843
Sumitomo Realty & Development Co., Ltd.	248,000		4,371,348
Tokyo Electric Power Co., Inc.^	444,500		11,883,954
Toshiba Corp.^	1,311,000		8,759,290
Toyota Motor Corp.	216,500		10,794,593
Yamada Denki Co., Ltd.^	87,600		7,557,785
			444,292,798
Luxembourg (0.6%)
ArcelorMittal^	210,851		17,273,196
Mexico (2.5%)
America Movil S.A.B. de C.V., Series L (ADR)	708,925		45,151,434
Cemex S.A.B. de C.V. (ADR)*	553,477		14,456,819
Fomento Economico Mexicano S.A.B. de C.V. (ADR)	218,927		9,146,770
			68,755,023
Netherlands (4.7%)
Heineken N.V.	436,731		25,366,303
ING Groep N.V. (CVA)	1,198,873		44,895,336
Koninklijke Ahold N.V.*^	696,220		10,332,079
Koninklijke Philips Electronics N.V.	275,732		10,547,607
Reed Elsevier N.V.	409,060		7,801,306
Royal Dutch Shell plc, Class A^	523,000		18,049,501
Royal Dutch Shell plc, Class B	71,028		2,390,779
Wolters Kluwer N.V.	415,276		10,994,697
			130,377,608
Norway (0.6%)
Norsk Hydro ASA	379,900		5,535,476
StatoilHydro ASA	395,750		11,859,249
			17,394,725
Singapore (0.4%)
CapitaLand Ltd.^	2,135,000		9,849,432
Neptune Orient Lines Ltd.^	378,000		892,513
			10,741,945
South Africa (0.5%)
MTN Group Ltd.	867,648		13,159,150
South Korea (1.0%)
Samsung Electronics Co., Ltd.	44,800		28,182,360
Spain (2.3%)
Banco Bilbao Vizcaya Argentaria S.A.^	449,700		9,903,996
Banco Santander S.A.	417,400		8,316,204
Inditex S.A.^	144,572		8,031,873
Repsol YPF SA	293,700		10,136,020
Telefonica S.A.	928,346		26,674,398
			63,062,491
Sweden (0.6%)
Electrolux AB, Class B^	264,600		4,341,830
Nordea Bank AB^	328,000		5,315,920
Svenska Cellulosa AB, Class B*^	328,500		5,984,689
			15,642,439
Switzerland (11.3%)
ABB Ltd. (Registered)	1,271,019		34,120,800
Actelion Ltd. (Registered)*^	194,779		10,620,565
Adecco S.A. (Registered)	162,720		9,396,830
Credit Suisse Group (Registered)	860,681		43,809,712
Holcim Ltd. (Registered)	407,182		42,764,155
Julius Baer Holding AG (Registered)	248,877		18,344,373
Lonza Group AG (Registered)^	213,534		28,317,821
Nestle S.A. (Registered)	113,275		56,603,281
Novartis AG (Registered)	388,141		19,893,643

See Notes to Portfolio of Investments.

53

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Roche Holding AG		140,192	$	26,383,934
Xstrata plc		129,880		9,091,419
Zurich Financial Services AG (Registered)^		49,585		15,615,455
				314,961,988
Taiwan (0.3%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		877,410		9,011,001
United Kingdom (16.9%)
Associated British Foods plc		453,300		7,871,866
AstraZeneca plc		265,500		9,927,259
Aviva plc		649,781		7,963,205
BAE Systems plc		1,088,600		10,483,778
Barclays plc		2,500,344		22,479,254
BG Group plc		1,073,721		24,868,308
BHP Billiton plc		285,659		8,475,650
BP plc		513,200		5,214,835
British American Tobacco plc		222,100		8,335,353
British Land Co. plc (REIT)		255,331		4,649,364
British Sky Broadcasting Group plc.		2,777,032		30,671,145
Burberry Group plc		817,687		7,310,815
Centrica plc		601,262		3,559,001
GlaxoSmithKline plc		1,230,229		26,027,179
HBOS plc		1,078,360		11,984,936
Home Retail Group plc		750,200		3,889,711
HSBC Holdings plc^		1,452,000		23,656,929
ICAP plc		930,399		10,506,678
ITV plc		2,094,710		2,631,550
Johnson Matthey plc		137,806		5,483,608
Kazakhmys plc		269,400		8,538,596
Kingfisher plc		1,138,396		2,982,299
Man Group plc		2,037,443		22,421,824
Marston’s plc		226,300		922,955
Mitchells & Butlers plc		244,882		1,666,997
Reckitt Benckiser Group plc		290,880		16,112,303
Rio Tinto plc^		183,330		19,040,055
Royal & Sun Alliance Insurance Group		968,892		2,474,787
Royal Bank of Scotland Group plc		2,159,098		14,451,344
Schroders plc		144,287		2,686,049
Smith & Nephew plc		577,301		7,636,360
Standard Chartered plc		554,904		18,964,218
Taylor Wimpey plc		461,860		1,718,682
Tesco plc		6,238,092		46,921,827
Trinity Mirror plc		430,300		2,519,285
Vodafone Group plc		14,595,543		43,711,270
Wm. Morrison Supermarkets plc		1,153,584		6,278,845
Wolseley plc		567,266		5,966,870
WPP Group plc		931,764		11,113,845
				472,118,835
United States (0.5%)
Las Vegas Sands Corp.*		197,903		14,573,577
Total Common Stocks (97.5%) (Cost $2,585,369,145)				2,721,347,252
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (14.0%)
Atlantis One Funding Corp.
3.06%, 4/2/08	$	2,242,534		2,242,534
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		4,992,290		4,992,290
Bank of Ireland
2.60%, 12/19/08 (l)		8,319,622		8,319,622
Bank of Scotland plc/London
3.30%, 4/1/08		14,976,871		14,976,871
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		3,661,013		3,661,013
Belmont Funding LLC
4.00%, 4/1/08		12,479,339		12,479,339
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		7,987,665		7,987,665
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		4,992,290		4,992,290
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		3,896,982		3,896,982
Comerica Bank
2.84%, 3/16/09 (l)		1,663,997		1,663,997
Commonwealth Bank of Australia/London
3.00%, 4/1/08		14,976,871		14,976,871
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		4,326,652		4,326,652
Den Danske Bank/Copenhagen
3.40%, 4/1/08		5,325,110		5,325,110
Deutsche Bank AG/London
2.49%, 5/1/08 (l)		8,320,484		8,320,484
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		12,688,738		12,688,738
Fifth Third Bancorp
2.61%, 8/22/08 (l)		499,229		499,229
First Tennessee Bank
2.85%, 8/15/08 (l)		14,976,609		14,976,609
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		49,257,265		49,257,265
General Electric Capital Corp.
2.40%, 3/12/10 (l)		665,639		665,639
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		3,328,194		3,328,194
2.41%, 3/27/09 (l)		4,659,471		4,659,471
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		72,466,851		72,466,851
Hartford Life, Inc.
3.25%, 2/2/09 (l)		1,331,277		1,331,277
HSBC Holdings plc/London
2.75%, 4/1/08		14,976,871		14,976,871
K2 (USA) LLC
2.37%, 5/29/09 (l)		6,654,102		6,654,102
2.37%, 6/18/09 (l)		8,317,368		8,317,368
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		9,984,503		9,984,503
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		8,320,484		8,320,484
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		14,976,871		14,976,871
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		4,160,201		4,160,201
Links Finance LLC
2.37%, 6/25/09 (l)		2,495,365		2,495,365
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		4,160,242		4,160,242
Monumental Global Funding II
2.36%, 4/25/08 (l)		3,993,832		3,993,832
2.43%, 5/26/10 (l)		7,821,255		7,821,255
Morgan Stanley
3.59%, 2/9/09 (l)		12,931,450		12,931,450
3.15%, 5/7/09 (l)		8,320,484		8,320,484

See Notes to Portfolio of Investments.

54

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Pricoa Global Funding I
2.40%, 6/25/10 (l)	$	4,991,166	$	4,991,166
San Paolo IMI/Ireland
4.62%, 4/8/08		820,404		820,404
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		8,328,938		8,328,938
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		8,320,484		8,320,484
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		1,664,097		1,664,097
Total Short-Term Investments of Cash Collateral for Securities Loaned				389,273,110
Time Deposit (2.4%)
JPMorgan Chase Nassau
1.59%, 4/1/08		68,253,591		68,253,591
Total Short-Term Investments (16.4%) (Amortized Cost $457,526,701)				457,526,701
Total Investments (113.9%) (Cost/Amortized Cost $3,042,895,846)				3,178,873,953
Other Assets Less Liabilities (-13.9%)				(387,471,059	)
Net Assets (100%)			$	2,791,402,894

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

(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

REIT — Real Estate Investment Trust

RNC — Risparmio Non-Convertible Savings Shares

Sector Weightings As a Percentage of Total Net Assets
Consumer Discretionary	12.6	%
Consumer Staples	8 .2
Energy	8 .9
Financials	21 .6
Health Care	6 .9
Industrials	10 .4
Information Technology	6 .5
Materials	11 .8
Telecommunication Services	6 .8
Utilities	3 .8
Cash and Other	2 .5
Total	100.0	%

At March 31, 2008 the Portfolio had the following futures contracts open: (Note 1)

	Number of Contracts	Expiration Date	Original Value		Value at 3/31/2008		Unrealized Appreciation
Purchases
Dow Jones EURO STOXX 50 Index	132	June-08	$	7,020,740	$	7,395,939	$	375,199

See Notes to Portfolio of Investments.

55

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	316,492,071	$	2,862,381,882	$	—	$	3,178,873,953
Other Investments*		375,199		—		—		375,199
Total	$	316,867,270	$	2,862,381,882	$	—	$	3,179,249,152
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	420,816,457
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	356,631,795

As of March 31, 2008, 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	$	309,739,488
Aggregate gross unrealized depreciation		(177,505,369	)
Net unrealized appreciation	$	132,234,119
Federal income tax cost of investments	$	3,046,639,834

At March 31, 2008, the Portfolio had loaned securities with a total value of $377,747,973. This was secured by collateral of $389,273,110 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $5,968,652 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

See Notes to Portfolio of Investments.

56

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.5%)
Auto Components (0.4%)
Autoliv, Inc.	18,200	$	913,640
BorgWarner, Inc	22,000		946,660
Lear Corp.*^	24,600		637,386
Magna International, Inc., Class A	12,800		923,520
			3,421,206
Automobiles (0.3%)
Daimler AG	17,000		1,454,350
General Motors Corp.^	83,900		1,598,295
			3,052,645
Hotels, Restaurants & Leisure (1.0%)
Las Vegas Sands Corp.*	65,595		4,830,416
McDonald’s Corp.	27,100		1,511,367
Melco PBL Entertainment Macau Ltd. (ADR)*^	313,010		3,562,054
			9,903,837
Household Durables (0.5%)
Black & Decker Corp.^	16,600		1,097,260
Centex Corp.	29,200		706,932
KB Home^	28,100		694,913
Pulte Homes, Inc.^	6,700		97,485
Sony Corp. (ADR)^	62,220		2,493,155
			5,089,745
Internet & Catalog Retail (1.3%)
Liberty Media Corp., Interactive, Class A*	476,115		7,684,496
priceline.com, Inc.*^	40,104		4,846,969
			12,531,465
Leisure Equipment & Products (0.1%)
Brunswick Corp.^	50,700		809,679
Media (3.6%)
CBS Corp., Class B	59,000		1,302,720
Comcast Corp., Class A	25,300		489,302
Comcast Corp., Special Class A*	670,447		12,718,380
DIRECTV Group, Inc.*	508,800		12,613,152
Gannett Co., Inc.^	55,200		1,603,560
Idearc, Inc.^	54,400		198,016
Time Warner, Inc.	124,300		1,742,686
Viacom, Inc., Class B*	61,300		2,428,706
Walt Disney Co.	94,700		2,971,686
			36,068,208
Multiline Retail (0.9%)
Dollar Tree, Inc.*	28,900		797,351
Family Dollar Stores, Inc.	28,300		551,850
Macy’s, Inc.	61,600		1,420,496
Nordstrom, Inc.^	158,400		5,163,840
Target Corp.	21,500		1,089,620
			9,023,157
Specialty Retail (1.4%)
Gap, Inc.	76,300		1,501,584
Home Depot, Inc.	93,000		2,601,210
Limited Brands, Inc.	4,400		75,240
Lowe’s Cos., Inc.	87,700		2,011,838
Office Depot, Inc.*	424,913		4,695,289
Staples, Inc.	154,700		3,420,417
			14,305,578
Textiles, Apparel & Luxury Goods (1.0%)
Jones Apparel Group, Inc.	95,600		1,282,952
NIKE, Inc., Class B	125,310		8,521,080
			9,804,032
Total Consumer Discretionary			104,009,552
Consumer Staples (9.0%)
Beverages (0.8%)
Coca-Cola Co.	19,600		1,193,052
Molson Coors Brewing Co., Class B	13,200		693,924
Pepsi Bottling Group, Inc.	49,500		1,678,545
PepsiCo, Inc.	59,300		4,281,460
			7,846,981
Food & Staples Retailing (2.7%)
CVS Caremark Corp.	260,503		10,552,977
Kroger Co.	38,000		965,200
Rite Aid Corp.*^	2,798,200		8,226,708
Safeway, Inc.	47,700		1,399,995
SUPERVALU, Inc.	55,000		1,648,900
Wal-Mart Stores, Inc.	81,400		4,288,152
			27,081,932
Food Products (1.7%)
Cadbury Schweppes plc (ADR)^	59,595		2,635,291
Del Monte Foods Co.	67,300		641,369
General Mills, Inc.	24,800		1,485,024
Kellogg Co.	26,100		1,371,816
Kraft Foods, Inc., Class A	262,400		8,137,024
Sara Lee Corp.	112,400		1,571,352
Tyson Foods, Inc., Class A.	72,200		1,151,590
			16,993,466
Household Products (1.0%)
Colgate-Palmolive Co.	22,900		1,784,139
Kimberly-Clark Corp.	23,700		1,529,835
Procter & Gamble Co.	93,100		6,523,517
			9,837,491
Personal Products (0.8%)
Avon Products, Inc.	185,945		7,352,265
Tobacco (2.0%)
Altria Group, Inc.	271,235		6,021,417
Philip Morris International, Inc.*	271,235		13,719,066
			19,740,483
Total Consumer Staples			88,852,618
Energy (8.9%)
Energy Equipment & Services (0.1%)
Helmerich & Payne, Inc.	26,900		1,260,803
Schlumberger Ltd.^	3,200		278,400
			1,539,203
Oil, Gas & Consumable Fuels (8.8%)
Anadarko Petroleum Corp.	37,000		2,332,110
Apache Corp.	89,035		10,757,209
BP plc (ADR)^	25,900		1,570,835
Chevron Corp.	75,200		6,419,072
ConocoPhillips.	316,400		24,112,844
EOG Resources, Inc.	61,300		7,356,000
Exxon Mobil Corp.	164,700		13,930,326
Gazprom OAO (ADR)	185,400		9,455,400
Marathon Oil Corp.	46,600		2,124,960
Royal Dutch Shell plc (ADR)	20,700		1,427,886
Total S.A. (ADR)	22,600		1,672,626

See Notes to Portfolio of Investments.

57

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Valero Energy Corp.	125,115	$	6,144,397
			87,303,665
Total Energy			88,842,868
Financials (13.3%)
Capital Markets (2.2%)
Deutsche Bank AG (Registered)	14,300		1,616,615
Goldman Sachs Group, Inc.	78,875		13,045,136
Merrill Lynch & Co., Inc.	32,300		1,315,902
Morgan Stanley	65,400		2,988,780
optionsXpress Holdings, Inc.^	117,775		2,439,120
			21,405,553
Commercial Banks (1.3%)
Comerica, Inc.	26,600		933,128
Fifth Third Bancorp.	47,200		987,424
KeyCorp.	7,975		175,051
National City Corp.^	49,200		489,540
SunTrust Banks, Inc.	19,000		1,047,660
U.S. Bancorp.	246,329		7,971,207
Wachovia Corp.	23,600		637,200
Wells Fargo & Co.	32,200		937,020
			13,178,230
Consumer Finance (1.2%)
American Express Co.	231,610		10,125,989
Discover Financial Services^	126,000		2,062,620
			12,188,609
Diversified Financial Services (2.3%)
Bank of America Corp.	134,500		5,098,895
CIT Group, Inc.	36,800		436,080
Citigroup, Inc.	32,800		702,576
CME Group, Inc.	11,205		5,256,265
JPMorgan Chase & Co.	265,000		11,381,750
			22,875,566
Insurance (5.2%)
ACE Ltd.	39,000		2,147,340
Aflac, Inc.	5,000		324,750
Allstate Corp.	259,500		12,471,570
American International Group, Inc.	221,700		9,588,525
Aon Corp.	39,500		1,587,900
Chubb Corp.	40,700		2,013,836
Everest Reinsurance Group Ltd.	8,100		725,193
Fidelity National Financial, Inc., Class A^	28,600		524,238
Genworth Financial, Inc., Class A	73,300		1,659,512
Hartford Financial Services Group, Inc.	112,400		8,516,548
MetLife, Inc.	44,500		2,681,570
Old Republic International Corp.	76,600		988,906
PartnerReinsurance Ltd.^	900		68,670
Prudential Financial, Inc.	7,600		594,700
RenaissanceReinsurance Holdings Ltd.	25,700		1,334,087
Safeco Corp.	17,400		763,512
Torchmark Corp.	16,100		967,771
Travelers Cos., Inc.	49,700		2,378,145
Unum Group.	84,000		1,848,840
XL Capital Ltd., Class A	26,500		783,075
			51,968,688
Thrifts & Mortgage Finance (1.1%)
Fannie Mae	306,705		8,072,476
Freddie Mac	89,500		2,266,140
Washington Mutual, Inc.^	53,500		551,050
			10,889,666
Total Financials			132,506,312
Health Care (13.5%)
Biotechnology (5.4%)
Celgene Corp.*	112,110		6,871,222
Genentech, Inc.*	344,315		27,951,492
Gilead Sciences, Inc.*	300,395		15,479,354
OSI Pharmaceuticals, Inc.*^	90,040		3,366,595
			53,668,663
Health Care Equipment & Supplies (1.4%)
Alcon, Inc.	35,659		5,072,493
Covidien Ltd.	20,125		890,531
Varian Medical Systems, Inc.*	178,600		8,365,624
			14,328,648
Health Care Providers & Services (1.1%)
AmerisourceBergen Corp.	32,600		1,335,948
Cardinal Health, Inc.	38,300		2,011,133
Coventry Health Care, Inc.*	150,025		6,053,509
McKesson Corp.	28,100		1,471,597
UnitedHealth Group, Inc.	6,700		230,212
			11,102,399
Health Care Technology (0.4%)
Eclipsys Corp.*^	187,024		3,667,541
Pharmaceuticals (5.2%)
Abbott Laboratories	6,300		347,445
Eli Lilly & Co.	262,100		13,521,739
GlaxoSmithKline plc (ADR)	37,000		1,569,910
Johnson & Johnson	38,875		2,521,821
Merck & Co., Inc.	205,240		7,788,858
Pfizer, Inc.	250,800		5,249,244
Roche Holding AG	18,500		3,481,674
Sanofi-Aventis S.A. (ADR)	37,300		1,400,242
Schering-Plough Corp.	130,800		1,884,828
Teva Pharmaceutical
Industries Ltd. (ADR)	229,400		10,595,986
Wyeth	72,200		3,015,072
			51,376,819
Total Health Care			134,144,070
Industrials (6.9%)
Aerospace & Defense (1.2%)
Boeing Co.	112,940		8,399,348
Lockheed Martin Corp.	11,800		1,171,740
Northrop Grumman Corp.	29,700		2,310,957
			11,882,045
Air Freight & Logistics (0.0%)
United Parcel Service, Inc., Class B	600		43,812
Airlines (0.2%)
JetBlue Airways Corp.*^	354,300		2,054,940
Commercial Services & Supplies (0.3%)
Allied Waste Industries, Inc.*	150,400		1,625,824
Pitney Bowes, Inc.	37,500		1,313,250
			2,939,074
Industrial Conglomerates (3.6%)
3M Co.	27,500		2,176,625
General Electric Co.^	842,880		31,194,989

See Notes to Portfolio of Investments.

58

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Tyco International Ltd.		57,100	$	2,515,255
				35,886,869
Machinery (0.9%)
Caterpillar, Inc.		41,300		3,233,377
Cummins, Inc.		44,400		2,078,808
Illinois Tool Works, Inc.		8,000		385,840
SPX Corp.		14,000		1,468,600
Terex Corp.*		21,900		1,368,750
				8,535,375
Road & Rail (0.7%)
Avis Budget Group, Inc.*		58,000		615,960
Hertz Global Holdings, Inc.*^		522,550		6,301,953
				6,917,913
Total Industrials				68,260,028
Information Technology (19.5%)
Communications Equipment (4.7%)
Cisco Systems, Inc.*		94,600		2,278,914
Corning, Inc.		830,245		19,959,090
Nokia Oyj (ADR)		242,045		7,704,292
QUALCOMM, Inc.		207,170		8,493,970
Research In Motion Ltd.*		76,295		8,562,588
				46,998,854
Computers & Peripherals (4.9%)
Apple, Inc.*		63,955		9,177,542
Dell, Inc.*		534,200		10,641,264
EMC Corp.*		529,435		7,592,098
Hewlett-Packard Co.		307,445		14,037,939
International Business Machines Corp.		48,400		5,572,776
Lexmark International, Inc., Class A*		34,900		1,072,128
				48,093,747
Electronic Equipment & Instruments (0.8%)
Arrow Electronics, Inc.*		45,700		1,537,805
Avnet, Inc.*		49,500		1,620,135
Flextronics International Ltd.*		142,511		1,338,178
Ingram Micro, Inc.*		89,700		1,419,951
Sanmina-SCI Corp.*		46,300		75,006
Tech Data Corp.*		21,000		688,800
Tyco Electronics Ltd.		20,125		690,690
Vishay Intertechnology, Inc.*^		64,700		586,182
				7,956,747
Internet Software & Services (2.3%)
Akamai Technologies, Inc.*^		78,275		2,204,224
eBay, Inc.*		373,025		11,131,066
Google, Inc., Class A*		21,710		9,562,604
				22,897,894
IT Services (0.9%)
Accenture Ltd., Class A		21,200		745,604
Electronic Data Systems Corp.		53,800		895,770
Paychex, Inc.		49,900		1,709,574
Visa, Inc., Class A*		22,625		1,410,895
Western Union Co.		197,240		4,195,295
				8,957,138
Semiconductors & Semiconductor Equipment (3.7%)
Cypress Semiconductor Corp.*^		257,035		6,068,596
Intel Corp.		609,710		12,913,658
KLA-Tencor Corp.		127,810		4,741,751
ON Semiconductor Corp.*^		439,027		2,493,673
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)^		168,700		1,732,549
Texas Instruments, Inc.		311,215		8,798,048
				36,748,275
Software (2.2%)
Microsoft Corp.		767,242		21,774,328
Oracle Corp.*		22,600		442,056
				22,216,384
Total Information Technology				193,869,039
Materials (4.8%)
Chemicals (2.9%)
Air Products & Chemicals, Inc.		107,556		9,895,152
Ashland, Inc.		27,400		1,296,020
Dow Chemical Co.		65,900		2,428,415
E.I. du Pont de Nemours & Co.		64,500		3,016,020
Lubrizol Corp.		22,800		1,265,628
Syngenta AG (ADR)		179,635		10,510,444
				28,411,679
Containers & Packaging (0.6%)
Ball Corp.		39,300		1,805,442
Crown Holdings, Inc.*^		39,800		1,001,368
Owens-Illinois, Inc.*		38,600		2,178,198
Sonoco Products Co.		25,000		715,750
				5,700,758
Metals & Mining (1.3%)
Alcoa, Inc.		69,700		2,513,382
ArcelorMittal (N.Y. Shares) (ADR)^		32,000		2,617,600
Freeport-McMoRan Copper & Gold, Inc.		86,263		8,300,226
				13,431,208
Total Materials				47,543,645
Telecommunication Services (5.2%)
Diversified Telecommunication Services (3.6%)
AT&T, Inc.		473,500		18,135,050
Chunghwa Telecom Co., Ltd. (ADR)^		410,236		10,674,341
Level 3 Communications, Inc.*^		1,637,000		3,470,440
Verizon Communications, Inc.		109,400		3,987,630
				36,267,461
Wireless Telecommunication Services (1.6%)
China Mobile Ltd.		331,000		4,925,032
Crown Castle International Corp.*^		217,600		7,505,024
Sprint Nextel Corp.		264,300		1,768,167
Vodafone Group plc (ADR)		53,100		1,566,981
				15,765,204
Total Telecommunication Services				52,032,665
Utilities (1.6%)
Electric Utilities (1.3%)
American Electric Power Co., Inc.		43,300		1,802,579
Entergy Corp.		102,535		11,184,518
				12,987,097
Independent Power Producers & Energy Traders (0.2%)
Constellation Energy Group, Inc.		22,400		1,977,248
Multi-Utilities (0.1%)
CMS Energy Corp.		74,500		1,008,730
Total Utilities				15,973,075
Total Common Stocks (93.2%) (Cost $947,418,997)				926,033,872
	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (3.8%)
Federal Home Loan Bank
1.50%, 4/1/08 (p)(o)	$	37,500,000		37,498,437

See Notes to Portfolio of Investments.

59

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Short-Term Investments of Cash Collateral for Securities Loaned (7.1%)
Atlantis One Funding Corp.
3.06%, 4/2/08	$	403,796	$	403,796
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		898,924		898,924
Bank of Ireland
2.60%, 12/19/08 (l)		1,498,050		1,498,050
Bank of Scotland plc/London
3.30%, 4/1/08		2,696,770		2,696,770
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		659,210		659,210
Belmont Funding LLC
4.00%, 4/1/08		2,247,059		2,247,059
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		1,438,277		1,438,277
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		898,923		898,923
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		701,700		701,700
Comerica Bank
2.84%, 3/16/09 (l)		299,623		299,623
Commonwealth Bank of Australia/London
3.00%, 4/1/08		2,696,770		2,696,770
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		779,067		779,067
Den Danske Bank/Copenhagen
3.40%, 4/1/08		958,852		958,852
Deutsche Bank AG/London
2.49%, 5/1/08 (l)		1,498,206		1,498,206
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		2,284,764		2,284,764
Fifth Third Bancorp
2.61%, 8/22/08 (l)		89,892		89,892
First Tennessee Bank
2.85%, 8/15/08 (l)		2,696,723		2,696,723
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		8,869,378		8,869,378
General Electric Capital Corp.
2.40%, 3/12/10 (l)		119,856		119,856
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		599,282		599,282
2.41%, 3/27/09 (l)		838,995		838,995
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		13,048,550		13,048,550
Hartford Life, Inc.
3.25%, 2/2/09 (l)		239,713		239,713
HSBC Holdings plc/London
2.75%, 4/1/08		2,696,770		2,696,770
K2 (USA) LLC
2.37%, 5/29/09 (l)		1,198,153		1,198,153
2.37%, 6/18/09 (l)		1,497,645		1,497,645
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		1,797,833		1,797,833
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		1,498,206		1,498,206
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		2,696,770		2,696,770
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		749,095		749,095
Links Finance LLC
2.37%, 6/25/09 (l)		449,321		449,321
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		749,103		749,103
Monumental Global Funding II
2.36%, 4/25/08 (l)		719,139		719,139
2.43%, 5/26/10 (l)		1,408,313		1,408,313
Morgan Stanley
3.59%, 2/9/09 (l)		2,328,467		2,328,467
3.15%, 5/7/09 (l)		1,498,206		1,498,206
Pricoa Global Funding I
2.40%, 6/25/10 (l)		898,721		898,721
San Paolo IMI/Ireland
4.62%, 4/8/08		147,724		147,724
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		1,499,728		1,499,728
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		1,498,206		1,498,206
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		299,641		299,641
Total Short-Term Investments of Cash Collateral for Securities Loaned				70,093,421
Time Deposit (3.8%)
JPMorgan Chase Nassau
1.59%, 4/1/08		38,122,879		38,122,879
Total Short-Term Investments (14.7%) (Cost/Amortized Cost $145,716,300)				145,714,737
Total Investments (107.9%) (Cost/Amortized Cost $1,093,135,297)				1,071,748,609
Other Assets Less Liabilities (-7.9%)				(78,614,461	)
Net Assets (100%)			$	993,134,148

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

(o) Discount Note Security. Effective rate calculated as of March 31, 2008.

(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

See Notes to Portfolio of Investments.

60

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	908,171,766	$	163,576,843	$	—	$	1,071,748,609
Other Investments*		—		—		—		—
Total	$	908,171,766	$	163,576,843	$	—	$	1,071,748,609
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	132,378,017
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	90,770,502

As of March 31, 2008, 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	$	73,020,550
Aggregate gross unrealized depreciation		(99,330,072	)
Net unrealized depreciation	$	(26,309,522	)
Federal income tax cost of investments	$	1,098,058,131

At March 31, 2008, the Portfolio had loaned securities with a total value of $68,416,501. This was secured by collateral of $70,093,421 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 $5,019, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the three months ended March 31, 2008, the Portfolio incurred approximately $2,904 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Portfolio of Investments.

61

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.8%)
Diversified Consumer Services (0.3%)
Apollo Group, Inc., Class A*	21,793	$	941,458
Hotels, Restaurants & Leisure (4.0%)
International Game Technology^	49,000		1,970,290
Las Vegas Sands Corp.*^	58,995		4,344,392
Marriott International, Inc., Class A	62,800		2,157,808
MGM MIRAGE*^	14,597		857,865
Starwood Hotels & Resorts Worldwide, Inc.	28,300		1,464,525
Yum! Brands, Inc.	99,900		3,717,279
			14,512,159
Internet & Catalog Retail (3.2%)
Amazon.com, Inc.*	151,815		10,824,410
Expedia, Inc.*^	44,500		974,105
			11,798,515
Media (0.8%)
McGraw-Hill Cos., Inc.	14,900		550,555
Walt Disney Co.	44,225		1,387,780
XM Satellite Radio Holdings, Inc., Class A*^	87,000		1,010,940
			2,949,275
Multiline Retail (0.9%)
Kohl’s Corp.*	48,200		2,067,298
Target Corp.	24,400		1,236,592
			3,303,890
Specialty Retail (0.6%)
Bed Bath & Beyond, Inc.*^	37,800		1,115,100
Lowe’s Cos., Inc.	52,575		1,206,071
			2,321,171
Total Consumer Discretionary			35,826,468
Consumer Staples (5.2%)
Beverages (1.3%)
Coca-Cola Co.	40,565		2,469,192
PepsiCo, Inc.	32,495		2,346,139
			4,815,331
Food & Staples Retailing (2.0%)
CVS Caremark Corp.	132,128		5,352,505
Wal-Mart Stores, Inc.^	38,300		2,017,644
			7,370,149
Household Products (1.4%)
Colgate-Palmolive Co.	33,945		2,644,655
Procter & Gamble Co.	31,385		2,199,147
			4,843,802
Personal Products (0.5%)
Avon Products, Inc.	45,630		1,804,210
Total Consumer Staples			18,833,492
Energy (7.6%)
Energy Equipment & Services (5.4%)
Schlumberger Ltd.	175,280		15,249,360
Transocean, Inc.	21,740		2,939,248
Weatherford International Ltd.*	23,975		1,737,468
			19,926,076
Oil, Gas & Consumable Fuels (2.2%)
Devon Energy Corp.	19,125		1,995,311
Marathon Oil Corp.	26,815		1,222,764
Suncor Energy, Inc.	12,500		1,204,375
XTO Energy, Inc.	57,443		3,553,424
			7,975,874
Total Energy			27,901,950
Financials (8.6%)
Capital Markets (3.7%)
Charles Schwab Corp.	60,499		1,139,196
Franklin Resources, Inc.	23,900		2,318,061
Goldman Sachs Group, Inc.^	9,920		1,640,669
Morgan Stanley	50,500		2,307,850
Northern Trust Corp.^	27,720		1,842,548
State Street Corp.	53,500		4,226,500
			13,474,824
Diversified Financial Services (2.2%)
CME Group, Inc.^	3,615		1,695,797
IntercontinentalExchange, Inc.*^	47,340		6,177,870
			7,873,667
Insurance (2.7%)
Berkshire Hathaway, Inc., Class A*	39		5,202,600
MetLife, Inc.	21,740		1,310,052
Progressive Corp.	219,665		3,530,017
			10,042,669
Total Financials			31,391,160
Health Care (17.7%)
Biotechnology (9.0%)
Celgene Corp.*	64,221		3,936,105
Cephalon, Inc.*^	40,700		2,621,080
Genentech, Inc.*^	111,565		9,056,847
Genzyme Corp.*	80,400		5,993,016
Gilead Sciences, Inc.*	217,295		11,197,211
			32,804,259
Health Care Equipment & Supplies (3.6%)
Baxter International, Inc.	35,475		2,051,164
Medtronic, Inc.	81,445		3,939,495
St. Jude Medical, Inc.*	38,000		1,641,220
Stryker Corp.^	34,825		2,265,366
Varian Medical Systems, Inc.*	70,900		3,320,956
			13,218,201
Health Care Providers & Services (0.6%)
Humana, Inc.*	14,100		632,526
McKesson Corp.	21,100		1,105,007
Medco Health Solutions, Inc.*^	13,375		585,691
			2,323,224
Health Care Technology (0.7%)
Cerner Corp.*^	68,100		2,538,768
Life Sciences Tools & Services (0.6%)
Thermo Fisher Scientific, Inc.*	38,695		2,199,424
Pharmaceuticals (3.2%)
Abbott Laboratories	53,620		2,957,143
Allergan, Inc.	29,300		1,652,227
Merck & Co., Inc.	63,549		2,411,684
Schering-Plough Corp.	187,755		2,705,550
Teva Pharmaceutical Industries Ltd. (ADR)^	41,125		1,899,564
			11,626,168
Total Health Care			64,710,044
Industrials (10.9%)
Aerospace & Defense (2.8%)
Boeing Co.	16,685		1,240,863

See Notes to Portfolio of Investments.

62

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
General Dynamics Corp.		51,020	$	4,253,537
Lockheed Martin Corp.		12,400		1,231,320
Precision Castparts Corp.^		11,200		1,143,296
United Technologies Corp.		35,025		2,410,421
				10,279,437
Air Freight & Logistics (2.6%)
C.H. Robinson Worldwide, Inc.		88,595		4,819,568
Expeditors International of Washington, Inc.		104,900		4,739,382
				9,558,950
Commercial Services & Supplies (0.2%)
Monster Worldwide, Inc.*		29,100		704,511
Construction & Engineering (1.0%)
Fluor Corp.		15,450		2,180,922
Foster Wheeler Ltd.*		22,600		1,279,612
				3,460,534
Industrial Conglomerates (2.7%)
General Electric Co.		225,190		8,334,282
McDermott International, Inc.*		25,100		1,375,982
				9,710,264
Machinery (1.6%)
Danaher Corp.		56,700		4,310,901
Deere & Co.		19,370		1,558,123
				5,869,024
Total Industrials				39,582,720
Information Technology (31.0%)
Communications Equipment (8.0%)
Cisco Systems, Inc.*		173,355		4,176,122
Corning, Inc.		141,500		3,401,660
Juniper Networks, Inc.*		167,600		4,190,000
QUALCOMM, Inc		297,695		12,205,495
Research In Motion Ltd.*^		46,340		5,200,738
				29,174,015
Computers & Peripherals (5.0%)
Apple, Inc.*		70,130		10,063,655
Dell, Inc.*		60,600		1,207,152
EMC Corp.*		144,100		2,066,394
Hewlett-Packard Co.		83,210		3,799,369
NetApp, Inc.*		55,390		1,110,569
				18,247,139
Internet Software & Services (6.0%)
eBay, Inc.*		154,300		4,604,312
Google, Inc., Class A*		31,926		14,062,445
VeriSign, Inc.*^		96,245		3,199,184
				21,865,941
IT Services (1.6%)
Accenture Ltd., Class A		71,900		2,528,723
Automatic Data Processing, Inc.		26,600		1,127,574
Visa, Inc., Class A*		37,040		2,309,814
				5,966,111
Semiconductors & Semiconductor Equipment (4.2%)
Applied Materials, Inc.		92,000		1,794,920
ASML Holding N.V. (N.Y.
Shares) (ADR)*		2		50
Broadcom Corp., Class A*^		124,132		2,392,024
Intel Corp.		244,470		5,177,874
Marvell Technology Group Ltd.*^		183,900		2,000,832
Texas Instruments, Inc.		62,555		1,768,430
Xilinx, Inc.^		94,600		2,246,750
				15,380,880
Software (6.2%)
Adobe Systems, Inc.*		65,220		2,321,180
Autodesk, Inc.*		17,500		550,900
Electronic Arts, Inc.*		41,200		2,056,704
Microsoft Corp.		304,185		8,632,770
Nintendo Co., Ltd. (ADR)		21,000		1,358,700
Oracle Corp.*		93,265		1,824,264
Salesforce.com, Inc.*		101,000		5,844,870
				22,589,388
Total Information Technology				113,223,474
Materials (3.1%)
Chemicals (2.2%)
Air Products & Chemicals, Inc.		21,780		2,003,760
Monsanto Co.^		34,880		3,889,120
Praxair, Inc.		26,800		2,257,364
				8,150,244
Metals & Mining (0.9%)
Allegheny Technologies, Inc		26,600		1,898,176
Freeport-McMoRan Copper & Gold, Inc.		13,600		1,308,592
				3,206,768
Total Materials				11,357,012
Telecommunication Services (2.0%)
Wireless Telecommunication Services (2.0%)
American Tower Corp., Class A*		111,800		4,383,678
Crown Castle International Corp.*^		40,900		1,410,641
MetroPCS Communications, Inc.*^		79,300		1,348,100
Total Telecommunication Services				7,142,419
Total Common Stocks (95.9%) (Cost $328,173,086)				349,968,739
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (8.0%)
Atlantis One Funding Corp.
3.06%, 4/2/08	$	168,594		168,594
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		375,322		375,322
Bank of Ireland
2.60%, 12/19/08 (l)		625,470		625,470
Bank of Scotland plc/London
3.30%, 4/1/08		1,125,964		1,125,964
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		275,235		275,235
Belmont Funding LLC
4.00%, 4/1/08		938,199		938,199
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		600,514		600,514
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		375,321		375,321
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		292,976		292,976
Comerica Bank
2.84%, 3/16/09 (l)		125,100		125,100
Commonwealth Bank of Australia/London
3.00%, 4/1/08		1,125,963		1,125,963
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		325,278		325,278
Den Danske Bank/Copenhagen
3.40%, 4/1/08		400,343		400,343
Deutsche Bank AG/London
2.49%, 5/1/08 (1)		625,535		625,535

See Notes to Portfolio of Investments.

63

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
DZ Bank International Singapore Ltd.
3.50%, 4/1/08	$	953,941	$	953,941
Fifth Third Bancorp
2.61%, 8/22/08 (l)		37,532		37,532
First Tennessee Bank
2.85%, 8/15/08 (l)		1,125,944		1,125,944
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		3,703,169		3,703,169
General Electric Capital Corp.
2.40%, 3/12/10 (l)		50,043		50,043
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		250,214		250,214
2.41%, 3/27/09 (l)		350,300		350,300
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		5,448,069		5,448,069
Hartford Life, Inc.
3.25%, 2/2/09 (l)		100,086		100,086
HSBC Holdings plc/London
2.75%, 4/1/08		1,125,964		1,125,964
K2 (USA) LLC
2.37%, 5/29/09 (l)		500,256		500,256
2.37%, 6/18/09 (l)		625,301		625,301
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		750,636		750,636
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		625,535		625,535
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		1,125,964		1,125,964
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		312,765		312,765
Links Finance LLC
2.37%, 6/25/09 (l)		187,602		187,602
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		312,768		312,768
Monumental Global Funding II
2.36%, 4/25/08 (l)		300,257		300,257
2.43%, 5/26/10 (l)		588,003		588,003
Morgan Stanley
3.59%, 2/9/09 (l)		972,188		972,188
3.15%, 5/7/09 (l)		625,535		625,535
Pricoa Global Funding I
2.40%, 6/25/10 (l)		375,237		375,237
San Paolo IMI/Ireland
4.62%, 4/8/08		61,678		61,678
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		626,171		626,171
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		625,535		625,535
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		125,107		125,107
Total Short-Term Investments of Cash Collateral for Securities Loaned				29,265,614
Time Deposit (3.9%)
JPMorgan Chase Nassau
1.59%, 4/1/08		14,074,917		14,074,917
Total Short-Term Investments (11.9%)
(Amortized Cost $43,340,531)				43,340,531
Total Investments (107.8%)
(Cost/Amortized Cost $371,513,617)				393,309,270
Other Assets Less Liabilities (-7.8%)				(28,575,420	)
Net Assets (100%)			$	364,733,850

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

(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

See Notes to Portfolio of Investments.

64

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	349,968,739	$	43,340,531	$	—	$	393,309,270
Other Investments*		—		—		—		—
Total	$	349,968,739	$	43,340,531	$	—	$	393,309,270
Liabilities:
Investments in Securities	$	—	$	—		—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	56,848,213
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	60,641,974

As of March 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	42,960,826
Aggregate gross unrealized depreciation		(22,719,181	)
Net unrealized appreciation	$	20,241,645
Federal income tax cost of investments	$	373,067,625

At March 31, 2008, the Portfolio had loaned securities with a total value of $28,625,845. This was secured by collateral of $29,265,614 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the three months ended March 31, 2008, the Portfolio incurred approximately $607 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Portfolio of Investments.

65

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (8.3%)
Auto Components (0.6%)
Autoliv, Inc.	46,400	$	2,329,280
BorgWarner, Inc.	61,600		2,650,648
Johnson Controls, Inc.	99,280		3,355,664
Magna International, Inc., Class A^ .	33,800		2,438,670
TRW Automotive Holdings Corp.*	57,700		1,348,449
			12,122,711
Automobiles (0.1%)
General Motors Corp.^	156,700		2,985,135
Hotels, Restaurants & Leisure (1.0%)
Intercontinental Hotels Groupplc (ADR)	675,988		10,207,419
McDonald’s Corp.	32,400		1,806,948
Royal Caribbean Cruises Ltd.^	243,200		8,001,280
			20,015,647
Household Durables (0.5%)
Centex Corp.^	78,800		1,907,748
KB Home^	55,600		1,374,988
Lennar Corp., Class B	15,000		258,750
Pulte Homes, Inc.^	70,800		1,030,140
Toll Brothers, Inc.*^	228,280		5,360,014
			9,931,640
Leisure Equipment & Products (0.1%)
Brunswick Corp.^	96,600		1,542,702
Media (2.8%)
CBS Corp., Class B	135,700		2,996,256
Gannett Co., Inc.^	107,800		3,131,590
Idearc, Inc.^	101,800		370,552
Omnicom Group, Inc.	137,530		6,076,075
Time Warner, Inc.	183,900		2,578,278
Viacom, Inc., Class B*^	632,500		25,059,650
Walt Disney Co.	420,030		13,180,542
WPP Group plc	239,160		2,852,640
			56,245,583
Multiline Retail (1.5%)
Family Dollar Stores, Inc.	86,200		1,680,900
Macy’s, Inc.	492,810		11,364,199
Target Corp.^	360,200		18,254,936
			31,300,035
Specialty Retail (0.9%)
Advance Auto Parts, Inc.^	40,940		1,394,007
Gap, Inc.	184,100		3,623,088
Home Depot, Inc.	151,400		4,234,658
Office Depot, Inc.*	165,000		1,823,250
Sherwin-Williams Co.^	78,140		3,988,266
Staples, Inc.	149,240		3,299,696
			18,362,965
Textiles, Apparel & Luxury Goods (0.8%)
Jones Apparel Group, Inc.	170,600		2,289,452
NIKE, Inc., Class B	173,580		11,803,440
VF Corp.	20,100		1,557,951
			15,650,843
Total Consumer Discretionary			168,157,261
Consumer Staples (9.2%)
Beverages (1.3%)
Coca-Cola Co.	22,000		1,339,140
Coca-Cola Enterprises, Inc.^	146,700		3,550,140
Diageo plc	388,428		7,832,279
Molson Coors Brewing Co., Class B	75,800		3,984,806
Pepsi Bottling Group, Inc.	93,200		3,160,412
PepsiAmericas, Inc.^	49,400		1,261,182
PepsiCo, Inc.	62,730		4,529,106
			25,657,065
Food & Staples Retailing (1.8%)
CVS Caremark Corp.^	639,562		25,908,657
Safeway, Inc.	111,300		3,266,655
SUPERVALU, Inc.	121,900		3,654,562
Wal-Mart Stores, Inc.	55,000		2,897,400
			35,727,274
Food Products (1.7%)
Del Monte Foods Co.^	128,700		1,226,511
General Mills, Inc.	104,100		6,233,508
Kellogg Co.	211,930		11,139,041
Kraft Foods, Inc., Class A	39,200		1,215,592
Nestle S.A. (Registered)	18,732		9,360,341
Sara Lee Corp.	217,600		3,042,048
Tyson Foods, Inc., Class A	162,600		2,593,470
			34,810,511
Household Products (3.0%)
Procter & Gamble Co.	874,230		61,257,296
Tobacco (1.4%)
Altria Group, Inc.	350,290		7,776,438
Philip Morris International, Inc.*	420,790		21,283,558
			29,059,996
Total Consumer Staples			186,512,142
Energy (14.2%)
Energy Equipment & Services (1.2%)
Baker Hughes, Inc.^	354,350		24,272,975
Oil, Gas & Consumable Fuels (13.0%)
Anadarko Petroleum Corp.	96,100		6,057,183
Apache Corp.	76,380		9,228,232
BP plc (ADR)^	41,900		2,541,235
Chevron Corp.	311,619		26,599,798
ConocoPhillips	309,170		23,561,846
Devon Energy Corp.	110,980		11,578,543
EOG Resources, Inc.	55,050		6,606,000
Exxon Mobil Corp.	708,840		59,953,687
Hess Corp.	134,610		11,869,910
Marathon Oil Corp.	203,080		9,260,448
Occidental Petroleum Corp.^	307,932		22,531,384
Royal Dutch Shell plc (ADR)	96,910		6,684,852
Total S.A. (ADR)	603,530		44,667,255
Valero Energy Corp.	76,500		3,756,915
XTO Energy, Inc.^	267,326		16,536,786
			261,434,074
Total Energy			285,707,049
Financials (20.9%)
Capital Markets (3.8%)
Bank of New York Mellon Corp.	286,448		11,953,475
Deutsche Bank AG (Registered)^	26,200		2,961,910
Franklin Resources, Inc.	69,240		6,715,587
Goldman Sachs Group, Inc.	139,560		23,081,828
Lehman Brothers Holdings, Inc.	71,530		2,692,389
Merrill Lynch & Co., Inc.	130,140		5,301,904
Morgan Stanley	165,500		7,563,350
State Street Corp.	104,590		8,262,610

See Notes to Portfolio of Investments.

66

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
UBS AG (Registered)	285,795	$	8,305,351
			76,838,404
Commercial Banks (2.9%)
BB&T Corp.^	46,600		1,493,996
Comerica, Inc.	57,400		2,013,592
Fifth Third Bancorp	101,500		2,123,380
KeyCorp.	100,400		2,203,780
National City Corp.^	119,900		1,193,005
PNC Financial Services Group, Inc.^	99,190		6,503,888
SunTrust Banks, Inc.^	175,250		9,663,285
U.S. Bancorp.	70,200		2,271,672
Wachovia Corp.	194,200		5,243,400
Wells Fargo & Co.^	882,150		25,670,565
			58,380,563
Consumer Finance (1.2%)
American Express Co.	90,550		3,958,846
Capital One Financial Corp.^	358,400		17,640,448
Discover Financial Services	242,300		3,966,451
			25,565,745
Diversified Financial Services (4.9%)
Bank of America Corp.	794,813		30,131,361
CIT Group, Inc.^	98,900		1,171,965
Citigroup, Inc.	883,500		18,924,570
JPMorgan Chase & Co.	1,124,700		48,305,865
			98,533,761
Insurance (7.5%)
ACE Ltd.^	404,900		22,293,794
Allstate Corp.	554,640		26,655,998
American International Group, Inc. .	281,400		12,170,550
Aon Corp.	49,440		1,987,488
Chubb Corp.	181,240		8,967,755
Cincinnati Financial Corp.	23,000		874,920
Everest Reinsurance Group Ltd.	14,400		1,289,232
Fidelity National Financial, Inc., Class A^	127,700		2,340,741
Genworth Financial, Inc., Class A	446,670		10,112,609
Hartford Financial Services Group, Inc.	148,350		11,240,480
Lincoln National Corp.	53,900		2,802,800
MetLife, Inc.	378,710		22,821,065
Old Republic International Corp.^	131,400		1,696,374
PartnerReinsurance Ltd.^	34,800		2,655,240
Progressive Corp.	166,400		2,674,048
Prudential Financial, Inc.	58,960		4,613,620
Safeco Corp.	34,900		1,531,412
Torchmark Corp.	48,100		2,891,291
Travelers Cos., Inc.	118,900		5,689,365
Unum Group	169,400		3,728,494
XL Capital Ltd., Class A	70,800		2,092,140
			151,129,416
Thrifts & Mortgage Finance (0.6%)
Fannie Mae	220,500		5,803,560
Freddie Mac^	180,500		4,570,260
Washington Mutual, Inc.^	106,700		1,099,010
			11,472,830
Total Financials			421,920,719
Health Care (11.1%)
Health Care Equipment & Supplies (0.1%)
Covidien Ltd.	22,600		1,000,050
Health Care Providers & Services (0.7%)
AmerisourceBergen Corp.	67,000		2,745,660
Cardinal Health, Inc.	62,600		3,287,126
UnitedHealth Group, Inc.	109,640		3,767,231
WellPoint, Inc.*	114,180		5,038,763
			14,838,780
Pharmaceuticals (10.3%)
Abbott Laboratories	55,100		3,038,765
GlaxoSmithKline plc.	150,960		3,193,765
GlaxoSmithKline plc. (ADR)	66,600		2,825,838
Johnson & Johnson	721,800		46,823,166
Merck & Co., Inc.	1,083,220		41,108,199
Novartis AG (ADR)	532,550		27,282,537
Pfizer, Inc.	1,008,940		21,117,114
Sanofi-Aventis S.A. (ADR)^	79,800		2,995,692
Schering-Plough Corp.^	633,450		9,128,014
Wyeth^	1,193,310		49,832,626
			207,345,716
Total Health Care			223,184,546
Industrials (11.5%)
Aerospace & Defense (2.8%)
Lockheed Martin Corp.	277,720		27,577,596
Northrop Grumman Corp.	197,990		15,405,602
Raytheon Co.	30,480		1,969,313
United Technologies Corp.	168,450		11,592,729
			56,545,240
Building Products (1.0%)
Masco Corp.^	1,049,310		20,807,817
Commercial Services & Supplies (0.2%)
Allied Waste Industries, Inc.*	303,200		3,277,592
Electrical Equipment (0.2%)
Rockwell Automation, Inc.	71,320		4,095,194
Industrial Conglomerates (4.9%)
3M Co.	61,290		4,851,104
General Electric Co.	1,825,741		67,570,674
Textron, Inc.^	386,850		21,439,227
Tyco International Ltd.	126,100		5,554,705
			99,415,710
Machinery (1.0%)
Caterpillar, Inc.	48,000		3,757,920
Cummins, Inc.	10,200		477,564
Eaton Corp.	25,580		2,037,959
Illinois Tool Works, Inc.	33,300		1,606,059
Ingersoll-Rand Co., Ltd., Class A^	103,290		4,604,668
PACCAR, Inc.	70,200		3,159,000
Terex Corp.*	35,700		2,231,250
Timken Co.^	53,170		1,580,212
			19,454,632
Road & Rail (1.1%)
Avis Budget Group, Inc.*	72,900		774,198
Burlington Northern Santa Fe Corp.	63,840		5,887,325
Norfolk Southern Corp.^	272,150		14,783,188
			21,444,711
Trading Companies & Distributors (0.3%)
W.W. Grainger, Inc.	94,720		7,235,661
Total Industrials			232,276,557
Information Technology (8.8%)
Communications Equipment (1.6%)
Cisco Systems, Inc.*^	1,261,310		30,384,958

See Notes to Portfolio of Investments.

67

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Nokia Oyj (ADR)		69,300	$	2,205,819
				32,590,777
Computers & Peripherals (2.0%)
Dell, Inc.*		96,600		1,924,272
Hewlett-Packard Co.		562,870		25,700,644
International Business Machines Corp.		101,620		11,700,527
Lexmark International, Inc., Class A*		62,400		1,916,928
				41,242,371
Electronic Equipment & Instruments (1.5%)
Arrow Electronics, Inc.*		92,300		3,105,895
Avnet, Inc.*		98,300		3,217,359
Flextronics International Ltd.*		382,434		3,591,055
Ingram Micro, Inc.*		93,300		1,476,939
Sanmina-SCI Corp.*		310,100		502,362
Tech Data Corp.*		37,500		1,230,000
Tyco Electronics Ltd.^		443,550		15,222,636
Vishay Intertechnology, Inc.*^		115,500		1,046,430
				29,392,676
IT Services (1.0%)
Accenture Ltd., Class A		288,230		10,137,049
Automatic Data Processing, Inc.		33,500		1,420,065
Electronic Data Systems Corp.		172,500		2,872,125
Visa, Inc., Class A*		84,350		5,260,066
				19,689,305
Semiconductors & Semiconductor Equipment (2.0%)
Intel Corp.		561,810		11,899,136
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)^		347,100		3,564,717
Texas Instruments, Inc.^		907,400		25,652,198
				41,116,051
Software (0.7%)
Oracle Corp.*		672,450		13,153,122
Total Information Technology				177,184,302
Materials (4.0%)
Chemicals (3.2%)
Air Products & Chemicals, Inc.		47,190		4,341,480
Ashland, Inc.		44,100		2,085,930
Dow Chemical Co.		173,800		6,404,530
E.I. du Pont de Nemours & Co.		832,200		38,913,672
PPG Industries, Inc.		158,000		9,560,580
Praxair, Inc.		33,120		2,789,698
				64,095,890
Containers & Packaging (0.3%)
Ball Corp.		68,900		3,165,266
Bemis Co., Inc.^		58,300		1,482,569
Smurfit-Stone Container Corp.*^		81,360		626,472
Sonoco Products Co.		54,370		1,556,613
				6,830,920
Metals & Mining (0.5%)
Alcoa, Inc.		175,200		6,317,712
ArcelorMittal (N.Y. Shares) (ADR)^		52,300		4,278,140
				10,595,852
Total Materials				81,522,662
Telecommunication Services (6.7%)
Diversified Telecommunication Services (4.8%)
AT&T, Inc.		1,970,070		75,453,681
Embarq Corp.		104,342		4,184,114
Verizon Communications, Inc.		464,370		16,926,287
				96,564,082
Wireless Telecommunication Services (1.9%)
Sprint Nextel Corp.		570,000		3,813,300
Vodafone Group plc.		2,105,797		6,306,518
Vodafone Group plc. (ADR)^		953,050		28,124,506
				38,244,324
Total Telecommunication Services				134,808,406
Utilities (1.9%)
Electric Utilities (0.8%)
American Electric Power Co., Inc.		90,700		3,775,841
Entergy Corp.		50,550		5,513,994
FPL Group, Inc.		90,070		5,650,992
PPL Corp.		39,960		1,834,963
				16,775,790
Independent Power Producers & Energy Traders (0.2%)
Constellation Energy Group, Inc.		38,400		3,389,568
Multi-Utilities (0.9%)
Ameren Corp.		64,400		2,836,176
CMS Energy Corp.^		8,000		108,320
Dominion Resources, Inc.		198,538		8,108,292
PG&E Corp.		88,690		3,265,566
Public Service Enterprise Group, Inc.		112,030		4,502,485
				18,820,839
Total Utilities				38,986,197
Total Common Stocks (96.6%) (Cost $2,051,698,286)				1,950,259,841
	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (0.7%)
General Electric Capital Corp.
2.50%, 4/1/08 (p)	$	13,840,000		13,839,040
Short-Term Investments of Cash Collateral for Securities Loaned (6.9%)
Atlantis One Funding Corp.
3.06%, 4/2/08		804,770		804,770
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		1,791,565		1,791,565
Bank of Ireland
2.60%, 12/19/08 (l)		2,985,634		2,985,634
Bank of Scotland plc/London
3.30%, 4/1/08		5,374,697		5,374,697
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		1,313,815		1,313,815
Belmont Funding LLC
4.00%, 4/1/08		4,478,417		4,478,417
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		2,866,505		2,866,505
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		1,791,566		1,791,566
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		1,398,496		1,398,496
Comerica Bank
2.84%, 3/16/09 (l)		597,153		597,153
Commonwealth Bank of Australia/London
3.00%, 4/1/08		5,374,697		5,374,697
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		1,552,690		1,552,690
Den Danske Bank/Copenhagen
3.40%, 4/1/08		1,911,003		1,911,003

See Notes to Portfolio of Investments.

68

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Deutsche Bank AG/London
2.49%, 5/1/08 (l)	$	2,985,943	$	2,985,943
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		4,553,563		4,553,563
Fifth Third Bancorp
2.61%, 8/22/08 (l)		179,157		179,157
First Tennessee Bank
2.85%, 8/15/08 (l)		5,374,603		5,374,603
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)(p)		17,676,781		17,676,781
General Electric Capital Corp.
2.40%, 3/12/10 (l)		238,875		238,875
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		1,194,377		1,194,377
2.41%, 3/27/09 (l)		1,672,128		1,672,128
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		26,005,924		26,005,924
Hartford Life, Inc.
3.25%, 2/2/09 (l)		477,751		477,751
HSBC Holdings plc/London
2.75%, 4/1/08		5,374,697		5,374,697
K2 (USA) LLC
2.37%, 5/29/09 (l)		2,387,934		2,387,934
2.37%, 6/18/09 (l)		2,984,825		2,984,825
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		3,583,104		3,583,104
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		2,985,943		2,985,943
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		5,374,697		5,374,697
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		1,492,957		1,492,957
Links Finance LLC
2.37%, 6/25/09 (l)		895,503		895,503
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		1,492,971		1,492,971
Monumental Global Funding II
2.36%, 4/25/08 (l)		1,433,253		1,433,253
2.43%, 5/26/10 (l)		2,806,786		2,806,786
Morgan Stanley
3.59%, 2/9/09 (l)		4,640,664		4,640,664
3.15%, 5/7/09 (l)		2,985,943		2,985,943
Pricoa Global Funding I
2.40%, 6/25/10 (l)		1,791,162		1,791,162
San Paolo IMI/Ireland
4.62%, 4/8/08		294,415		294,415
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		2,988,977		2,988,977
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		2,985,943		2,985,943
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		597,189		597,189
Total Short-Term Investments of Cash Collateral for Securities Loaned				139,697,073
Time Deposit (2.3%)
JPMorgan Chase Nassau
1.59%, 4/1/08		45,492,876		45,492,876
Total Short-Term Investments (9.9%) (Cost/Amortized Cost $199,029,950)				199,028,989
Total Investments (106.5%) (Cost/Amortized Cost $2,250,728,236)				2,149,288,830
Other Assets Less Liabilities (-6.5%)				(130,910,572	)
Net Assets (100%)			$	2,018,378,258

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

(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

See Notes to Portfolio of Investments.

69

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	1,912,408,946	$	236,879,884	$	—	$	2.149,288,830
Other Investments*		—		—		—		—
Total	$	1,912,408,946	$	236,879,884	$	—	$	2,149,288,830
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	527,510,865
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	293,617,661

As of March 31, 2008, 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	$	112,088,910
Aggregate gross unrealized depreciation		(218,459,239	)
Net unrealized depreciation	$	(106,370,329	)
Federal income tax cost of investments	$	2,255,659,159

At March 31, 2008, the Portfolio had loaned securities with a total value of $137,339,606. This was secured by collateral of $139,697,073 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 $17,536, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the three months ended March 31, 2008, the Portfolio incurred approximately $7,068 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Portfolio of Investments.

70

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (18.6%)
Auto Components (0.6%)
Drew Industries, Inc.*^	94,000	$	2,299,240
Tenneco, Inc.*^	78,000		2,179,320
			4,478,560
Distributors (1.8%)
LKQ Corp.*^	568,370		12,771,274
Diversified Consumer Services (1.5%)
Capella Education Co.*	20,600		1,124,760
ITT Educational Services, Inc.*^	59,500		2,732,835
Strayer Education, Inc.^	38,100		5,810,250
Universal Technical Institute, Inc.*^	109,700		1,286,781
			10,954,626
Hotels, Restaurants & Leisure (5.6%)
BJ’s Restaurants, Inc.*^	110,400		1,590,864
Burger King Holdings, Inc.^	256,485		7,094,375
Chipotle Mexican Grill, Inc., Class B*^	41,100		3,990,399
Ctrip.com International Ltd. (ADR)	71,900		3,812,138
Gaylord Entertainment Co.*^	20,000		605,800
International Game Technology	137,000		5,508,770
Life Time Fitness, Inc.*^	59,200		1,847,632
Orient-Express Hotels Ltd.^	108,150		4,667,754
Panera Bread Co., Class A*^	47,900		2,006,531
Penn National Gaming, Inc.*	37,400		1,635,502
Red Robin Gourmet Burgers, Inc.*^	89,980		3,380,548
Ruth’s Chris Steak House, Inc.*^	15,800		109,178
Shuffle Master, Inc.*^	262,800		1,405,980
Sonic Corp.*^	151,300		3,334,652
			40,990,123
Household Durables (0.1%)
Garmin Ltd.^	12,400		669,724
Internet & Catalog Retail (0.5%)
Netflix, Inc.*^	84,800		2,938,320
Shutterfly, Inc.*^	58,500		869,895
			3,808,215
Media (1.3%)
Focus Media Holding Ltd. (ADR)*^	107,400		3,775,110
Lions Gate Entertainment Corp.*^	244,400		2,382,900
National CineMedia, Inc.^	163,100		3,666,488
			9,824,498
Multiline Retail (0.8%)
Nordstrom, Inc.	174,900		5,701,740
Specialty Retail (5.0%)
Aeropostale, Inc.*	36,000		975,960
Dick’s Sporting Goods, Inc.*^	339,500		9,091,810
GameStop Corp., Class A*	169,860		8,783,461
Guess?, Inc.^	30,800		1,246,476
Hibbett Sports, Inc.*^	51,900		801,336
J. Crew Group, Inc.*^	47,600		2,102,492
Men’s Wearhouse, Inc.	71,600		1,666,132
PetSmart, Inc.	38,800		793,072
Tractor Supply Co.*^	80,547		3,183,217
Urban Outfitters, Inc.*	193,100		6,053,685
Zumiez, Inc.*^	119,600		1,876,524
			36,574,165
Textiles, Apparel & Luxury Goods (1.4%)
FGX International Holdings Ltd.*	132,500		1,584,700
Lululemon Athletica, Inc.*^	101,700		2,891,331
Polo Ralph Lauren Corp.^	70,200		4,091,958
Wolverine World Wide, Inc.	43,490		1,261,645
			9,829,634
Total Consumer Discretionary			135,602,559
Consumer Staples (0.5%)
Beverages (0.1%)
Hansen Natural Corp.*^	33,700		1,189,610
Food Products (0.4%)
Hain Celestial Group, Inc.*^	95,300		2,811,350
Total Consumer Staples			4,000,960
Energy (10.8%)
Energy Equipment & Services (4.2%)
Complete Production Services, Inc.*	163,700		3,755,278
Dril-Quip, Inc.*	94,800		4,405,356
ENSCO International, Inc.	48,100		3,012,022
FMC Technologies, Inc.*	23,500		1,336,915
Grant Prideco, Inc.*	50,700		2,495,454
Helix Energy Solutions Group, Inc.*	46,700		1,471,050
National Oilwell Varco, Inc.*	74,938		4,374,881
Oceaneering International, Inc.*	33,300		2,097,900
Smith International, Inc.	26,700		1,714,941
Superior Energy Services, Inc.*	142,000		5,626,040
			30,289,837
Oil, Gas & Consumable Fuels (6.6%)
Bill Barrett Corp.*^	145,700		6,884,325
Denbury Resources, Inc.*	151,940		4,337,887
Forest Oil Corp.*	51,400		2,516,544
Mariner Energy, Inc.*^	158,200		4,272,982
McMoRan Exploration Co.*^	102,400		1,770,496
Newfield Exploration Co.*	58,100		3,070,585
Noble Energy, Inc.	15,700		1,142,960
Peabody Energy Corp.	92,100		4,697,100
Penn Virginia Corp.^	41,600		1,834,144
PetroHawk Energy Corp.*	46,500		937,905
Range Resources Corp.	34,700		2,201,715
Southwestern Energy Co.*	272,680		9,186,589
Ultra Petroleum Corp.*	66,200		5,130,500
			47,983,732
Total Energy			78,273,569
Financials (6.1%)
Capital Markets (3.4%)
Affiliated Managers Group, Inc.*	39,600		3,593,304
Greenhill & Co., Inc.^	50,100		3,484,956
Kohlberg Capital Corp.^	4,700		48,786
Lazard Ltd., Class A^	157,500		6,016,500
MF Global Ltd.*	151,200		1,498,392
optionsXpress Holdings, Inc.^	152,170		3,151,441
SEI Investments Co.	18,600		459,234
Stifel Financial Corp.*	25,500		1,144,950
T. Rowe Price Group, Inc.	109,600		5,480,000
			24,877,563
Commercial Banks (0.2%)
East West Bancorp, Inc.^	94,200		1,672,050
Diversified Financial Services (1.7%)
IntercontinentalExchange, Inc.*	46,800		6,107,400
MSCI, Inc., Class A*	28,100		835,975
NASDAQ OMX Group, Inc.*	134,600		5,203,636

See Notes to Portfolio of Investments.

71

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
NewStar Financial, Inc.*^	69,800	$	361,564
			12,508,575
Real Estate Investment Trusts (REITs) (0.5%)
FelCor Lodging Trust, Inc. (REIT)	196,700		2,366,301
iStar Financial, Inc. (REIT)^	107,900		1,513,837
			3,880,138
Real Estate Management & Development (0.1%)
Jones Lang LaSalle, Inc.^	7,300		564,582
Thrifts & Mortgage Finance (0.2%)
Clayton Holdings, Inc.*^	246,971		1,145,945
Total Financials			44,648,853
Health Care (13.5%)
Biotechnology (2.6%)
Acorda Therapeutics, Inc.*^	37,700		676,715
Alexion Pharmaceuticals, Inc.*^	54,300		3,219,990
Angiotech Pharmaceuticals, Inc.*^	544,200		1,142,820
Celgene Corp.*	137,300		8,415,117
Millennium Pharmaceuticals, Inc.*	49,300		762,178
Myriad Genetics, Inc.*^	61,100		2,461,719
OSI Pharmaceuticals, Inc.*^	44,900		1,678,811
Savient Pharmaceuticals, Inc.*^	37,400		748,000
			19,105,350
Health Care Equipment & Supplies (5.0%)
American Medical Systems Holdings, Inc.*^	230,200		3,266,538
ArthroCare Corp.*^	72,400		2,414,540
C.R. Bard, Inc.	6,340		611,176
DexCom, Inc.*^	190,700		789,498
Hansen Medical, Inc.*^	157,600		2,215,856
Hologic, Inc.*^	84,660		4,707,096
Hospira, Inc.*	144,500		6,180,265
Idexx Laboratories, Inc.*	44,500		2,192,070
Masimo Corp.*^	56,400		1,466,400
Meridian Bioscience, Inc.^	115,200		3,851,136
NuVasive, Inc.*^	96,800		3,340,568
Stereotaxis, Inc.*^	14,700		87,024
TomoTherapy, Inc.*^	304,400		4,368,140
Varian Medical Systems, Inc.*	13,800		646,392
			36,136,699
Health Care Providers & Services (1.5%)
Community Health Systems, Inc.*	9,415		316,061
Coventry Health Care, Inc.*	10,800		435,780
Express Scripts, Inc.*	11,600		746,112
HealthExtras, Inc.*^	101,100		2,511,324
Henry Schein, Inc.*	13,300		763,420
MWI Veterinary Supply, Inc.*	25,000		881,500
Psychiatric Solutions, Inc.*^	97,700		3,313,984
VCA Antech, Inc.*	67,800		1,854,330
			10,822,511
Health Care Technology (0.8%)
Cerner Corp.*^	13,800		514,464
MedAssets, Inc.*^	80,600		1,194,492
TriZetto Group, Inc.*^	257,400		4,296,006
			6,004,962
Life Sciences Tools & Services (3.0%)
AMAG Pharmaceuticals, Inc.*^	64,500		2,607,735
Covance, Inc.*	88,300		7,326,251
ICON plc (ADR)*	56,200		3,646,818
PAREXEL International Corp.*^	94,100		2,456,010
Pharmaceutical Product Development, Inc.	9,600		402,240
Qiagen N.V.*	23,600		490,880
Varian, Inc.*	39,200		2,270,464
Waters Corp.*	14,800		824,360
WuXi PharmaTech Cayman, Inc. (ADR)*^	73,300		1,638,988
			21,663,746
Pharmaceuticals (0.6%)
Auxilium Pharmaceuticals, Inc.*^	23,500		628,390
Cadence Pharmaceuticals, Inc.*^	94,600		562,870
Impax Laboratories, Inc.*	52,200		485,460
Jazz Pharmaceuticals, Inc.*^	51,800		467,236
Medicines Co.*^	76,600		1,547,320
Penwest Pharmaceuticals Co.*^	124,100		322,660
XenoPort, Inc.*	17,700		716,319
			4,730,255
Total Health Care			98,463,523
Industrials (19.4%)
Aerospace & Defense (2.4%)
Hexcel Corp.*^	177,200		3,386,292
Orbital Sciences Corp.*^	179,000		4,313,900
Precision Castparts Corp.	80,800		8,248,064
Stanley, Inc.*^	45,800		1,349,268
			17,297,524
Air Freight & Logistics (1.2%)
C.H. Robinson Worldwide, Inc.	18,100		984,640
Expeditors International of Washington, Inc.	138,000		6,234,840
Pacer International, Inc.	80,000		1,314,400
			8,533,880
Airlines (0.3%)
Allegiant Travel Co.*^	55,600		1,468,952
Ryanair Holdings plc (ADR)*^	18,000		509,040
			1,977,992
Commercial Services & Supplies (3.2%)
Duff & Phelps Corp., Class A*	44,200		795,158
FTI Consulting, Inc.*	58,600		4,162,944
Huron Consulting Group, Inc.*^	49,100		2,040,105
Mobile Mini, Inc.*^	102,600		1,949,400
Monster Worldwide, Inc.*	79,750		1,930,748
Robert Half International, Inc.	19,800		509,652
Stericycle, Inc.*	234,300		12,066,450
			23,454,457
Construction & Engineering (0.8%)
Chicago Bridge & Iron Co. N.V.
(N.Y. Shares)^	61,500		2,413,260
Foster Wheeler Ltd.*	5,100		288,762
Granite Construction, Inc.^	88,060		2,880,443
			5,582,465
Electrical Equipment (2.0%)
Ametek, Inc.	140,750		6,180,332
Baldor Electric Co.^	131,400		3,679,200
EnerSys*	78,100		1,868,152
SunPower Corp., Class A*^	41,000		3,054,910
			14,782,594
Machinery (6.4%)
Actuant Corp.^	29,200		882,132
Astec Industries, Inc.*	83,400		3,232,584
Bucyrus International, Inc.^	10,600		1,077,490
Chart Industries, Inc.*	74,800		2,531,232
Cummins, Inc.	148,840		6,968,689
Force Protection, Inc.*^	241,800		486,018
IDEX Corp.	130,925		4,018,088
Joy Global, Inc.	47,500		3,095,100

See Notes to Portfolio of Investments.

72

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Kaydon Corp.^	51,400	$	2,256,974
Lincoln Electric Holdings, Inc.	57,300		3,695,277
Manitowoc Co., Inc.	115,800		4,724,640
Terex Corp.*	14,300		893,750
Valmont Industries, Inc.^	83,100		7,303,659
Wabtec Corp.^	145,900		5,494,594
			46,660,227
Road & Rail (2.7%)
CSX Corp.	120,600		6,762,042
J.B. Hunt Transport Services, Inc.^	177,300		5,572,539
Landstar System, Inc.^	140,100		7,307,616
			19,642,197
Trading Companies & Distributors (0.4%)
MSC Industrial Direct Co.^	69,800		2,949,050
Total Industrials			140,880,386
Information Technology (23.5%)
Communications Equipment (2.6%)
F5 Networks, Inc.*^	30,100		546,917
Foundry Networks, Inc.*^	276,500		3,201,870
Harris Corp.	27,900		1,353,987
Ixia*^	383,700		2,977,512
Juniper Networks, Inc.*	178,100		4,452,500
NETGEAR, Inc.*^	148,020		2,952,999
Riverbed Technology, Inc.*	69,600		1,034,256
ViaSat, Inc.*^	113,600		2,467,392
			18,987,433
Computers & Peripherals (0.5%)
Compellent Technologies, Inc.*^	120,400		1,505,000
Logitech International S.A. (Registered)*^	20,518		521,978
Xyratex Ltd.*	107,200		1,923,168
			3,950,146
Electronic Equipment & Instruments (2.5%)
Amphenol Corp., Class A	89,520		3,334,620
Coherent, Inc.*	80,100		2,233,989
FARO Technologies, Inc.*	81,100		2,528,698
Flir Systems, Inc.*^	147,400		4,435,266
Mettler-Toledo International, Inc.*	7,500		728,400
National Instruments Corp.	64,850		1,695,179
Trimble Navigation Ltd.*^	120,600		3,447,954
			18,404,106
Internet Software & Services (3.6%)
Baidu.com (ADR)*^	11,500		2,755,745
comScore, Inc.*^	135,200		2,712,112
DealerTrack Holdings, Inc.*^	194,700		3,936,834
Equinix, Inc.*^	57,900		3,849,771
Internap Network Services Corp.*^	161,600		801,536
Omniture, Inc.*	175,630		4,076,372
VistaPrint Ltd.*^	138,200		4,830,090
Websense, Inc.*^	153,300		2,874,375
			25,836,835
IT Services (1.9%)
Cybersource Corp.*	227,900		3,329,619
Global Payments, Inc.	17,900		740,344
Heartland Payment Systems, Inc.^	80,800		1,859,208
Iron Mountain, Inc.*	123,385		3,262,300
RightNow Technologies, Inc.*^	81,600		971,040
Sapient Corp.*^	486,299		3,384,641
VeriFone Holdings, Inc.*^	35,100		557,037
			14,104,189
Semiconductors & Semiconductor Equipment (6.3%)
Atheros Communications, Inc.*^	78,400		1,633,856
FormFactor, Inc.*^	110,500		2,110,550
Hittite Microwave Corp.*^	94,300		3,528,706
Integrated Device Technology, Inc.*	200,400		1,789,572
Intersil Corp., Class A	63,400		1,627,478
Lam Research Corp.*	10,700		408,954
Maxim Integrated Products, Inc.	40,000		815,600
Microsemi Corp.*^	315,500		7,193,400
Microtune, Inc.*^	233,900		856,074
Netlogic Microsystems, Inc.*^	102,900		2,484,006
NVIDIA Corp.*	250,450		4,956,405
ON Semiconductor Corp.*^	191,800		1,089,424
Power Integrations, Inc.*	143,500		4,198,810
Silicon Laboratories, Inc.*	90,400		2,851,216
Varian Semiconductor Equipment Associates, Inc.*	249,425		7,021,314
Verigy Ltd.*	156,300		2,944,692
			45,510,057
Software (6.1%)
Activision, Inc.*	367,053		10,024,217
ANSYS, Inc.*^	302,300		10,435,396
Bottomline Technologies, Inc.*	175,000		2,205,000
Commvault Systems, Inc.*^	257,500		3,193,000
Concur Technologies, Inc.*^	4,900		152,145
EPIQ Systems, Inc.*^	23,400		363,168
FactSet Research Systems, Inc.^	15,200		818,824
Informatica Corp.*	185,270		3,160,706
Micros Systems, Inc.*	25,800		868,428
Nuance Communications, Inc.*^	255,300		4,444,773
Quest Software, Inc.*	211,200		2,760,384
Salesforce.com, Inc.*	4,800		277,776
SuccessFactors, Inc.*^	225,600		2,201,856
Synchronoss Technologies, Inc.*^	151,160		3,027,735
Voltaire Ltd.*	46,200		230,538
			44,163,946
Total Information Technology			170,956,712
Materials (2.1%)
Chemicals (1.5%)
CF Industries Holdings, Inc.^	61,600		6,382,992
FMC Corp.	50,100		2,780,049
Minerals Technologies, Inc.^	22,600		1,419,280
			10,582,321
Metals & Mining (0.6%)
Allegheny Technologies, Inc	64,700		4,616,992
Total Materials			15,199,313
Telecommunication Services (2.0%)
Diversified Telecommunication Services (0.6%)
Cbeyond, Inc.*^	26,820		503,948
Time Warner Telecom, Inc., Class A*^	236,424		3,662,208
			4,166,156
Wireless Telecommunication Services (1.4%)
American Tower Corp., Class A*	70,700		2,772,147
Crown Castle International Corp.*	12,600		434,574
MetroPCS Communications, Inc.*^	38,500		654,500
NII Holdings, Inc.*	19,400		616,532
SBA Communications Corp., Class A*^	196,900		5,873,527
			10,351,280
Total Telecommunication Services			14,517,436
Total Common Stocks (96.5%) (Cost $718,350,196)			702,543,311

See Notes to Portfolio of Investments.

73

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Security (1.6%)
Federal Home Loan Bank
1.50%, 4/1/08 (p)(o)	$	11,415,000	$	11,414,524
Short-Term Investments of Cash Collateral for Securities Loaned (28.2%)
Atlantis One Funding Corp.
3.06%, 4/2/08		1,185,137		1,185,137
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		2,638,331		2,638,331
Bank of Ireland
2.60%, 12/19/08 (l)		4,396,763		4,396,763
Bank of Scotland plc/London
3.30%, 4/1/08		7,914,992		7,914,992
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		1,934,776		1,934,776
Belmont Funding LLC
4.00%, 4/1/08		6,595,094		6,595,094
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		4,221,329		4,221,329
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		2,638,331		2,638,331
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		2,059,481		2,059,481
Comerica Bank
2.84%, 3/16/09 (l)		879,391		879,391
Commonwealth Bank of Australia/London
3.00%, 4/1/08		7,914,992		7,914,992
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		2,286,553		2,286,553
Den Danske Bank/Copenhagen
3.40%, 4/1/08		2,814,220		2,814,220
Deutsche Bank AG/London
2.49%, 5/1/08 (l)		4,397,218		4,397,218
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		6,705,758		6,705,758
Fifth Third Bancorp
2.61%, 8/22/08 (l)		263,833		263,833
First Tennessee Bank
2.85%, 8/15/08 (l)		7,914,854		7,914,854
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		26,031,531		26,031,531
General Electric Capital Corp.
2.40%, 3/12/10 (l)		351,777		351,777
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		1,758,887		1,758,887
2.41%, 3/27/09 (l)		2,462,442		2,462,442
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		38,297,357		38,297,357
Hartford Life, Inc.
3.25%, 2/2/09 (l)		703,555		703,555
HSBC Holdings plc/London
2.75%, 4/1/08		7,914,992		7,914,992
K2 (USA) LLC
2.37%, 5/29/09 (l)		3,516,567		3,516,567
2.37%, 6/18/09 (l)		4,395,571		4,395,571
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		5,276,621		5,276,621
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		4,397,218		4,397,218
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		7,914,992		7,914,992
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		2,198,587		2,198,587
Links Finance LLC
2.37%, 6/25/09 (l)		1,318,753		1,318,753
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		2,198,609		2,198,609
Monumental Global Funding II
2.36%, 4/25/08 (l)		2,110,665		2,110,665
2.43%, 5/26/10 (l)		4,133,385		4,133,385
Morgan Stanley
3.59%, 2/9/09 (l)		6,834,026		6,834,026
3.15%, 5/7/09 (l)		4,397,218		4,397,218
Pricoa Global Funding I
2.40%, 6/25/10 (l)		2,637,737		2,637,737
San Paolo IMI/Ireland
4.62%, 4/8/08		433,568		433,568
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		4,401,686		4,401,686
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		4,397,218		4,397,218
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		879,444		879,444
Total Short-Term Investments of Cash Collateral for Securities Loaned				205,723,459
Time Deposit (2.2%)
JPMorgan Chase Nassau
1.59%, 4/1/08		15,720,064		15,720,064
Total Short-Term Investments (32.0%) (Cost/Amortized Cost $232,858,522)				232,858,047
Total Investments (128.5%) (Cost/Amortized Cost $951,208,718)				935,401,358
Other Assets Less Liabilities (-28.5%)				(207,346,966	)
Net Assets (100%)			$	728,054,392

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

(o) Discount Note Security. Effective rate calculated as of March 31, 2008.

(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

See Notes to Portfolio of Investments.

74

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	702,543,311	$	232,858,047	$	—	$	935,401,358
Other Investments*		—		—		—		—
Total	$	702,543,311	$	232,858,047	$	—	$	935,401,358
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

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

	Investments in Securities			Other Investments*
Balance as of 12/31/07	$	539,080		$	—
Total gains or losses (realized/unrealized) included in earnings		1,096,520			—
Purchases, sales, issuances, and settlements (net)		(1,635,600	)		—
Transfers in and/or out of Level 3		—			—
Balance as of 3/31/08	$	—		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/08	$	—		$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	157,939,710
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	162,154,384

As of March 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	71,902,370
Aggregate gross unrealized depreciation		(91,369,269	)
Net unrealized depreciation	$	(19,466,899	)
Federal income tax cost of investments	$	954,868,257

See Notes to Portfolio of Investments.

75

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

At March 31, 2008, the Portfolio had loaned securities with a total value of $201,300,998. This was secured by collateral of $205,723,459 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 $29,860, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Portfolio of Investments.

76

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.2%)
Auto Components (1.9%)
American Axle & Manufacturing Holdings, Inc.^	19,011	$	389,726
Autoliv, Inc.	16,561		831,362
Cooper Tire & Rubber Co.^	3,550		53,144
Exide Technologies*^	35,071		459,430
Standard Motor Products, Inc.^	29,560		180,907
Stoneridge, Inc.*^	26,400		355,080
Strattec Security Corp.	5,290		223,926
TRW Automotive Holdings Corp.*	261,344		6,107,609
WABCO Holdings, Inc.	220,741		10,070,204
			18,671,388
Distributors (0.0%)
Building Materials Holding Corp.^	21,600		94,608
Diversified Consumer Services (0.6%)
Regis Corp.^	210,869		5,796,789
Service Corp. International	22,846		231,658
			6,028,447
Hotels, Restaurants & Leisure (1.2%)
Bluegreen Corp.*^	38,700		259,290
Bob Evans Farms, Inc.^	5,013		138,309
Canterbury Park Holding Corp.	620		5,859
Carrols Restaurant Group, Inc.*^	2,372		21,182
CBRL Group, Inc.^	34,120		1,220,472
CEC Entertainment, Inc.*^	29,800		860,624
Cheesecake Factory, Inc.*^	289,400		6,306,026
Darden Restaurants, Inc.	38,900		1,266,195
Dover Downs Gaming & Entertainment, Inc.^	23,500		199,985
Frisch’s Restaurants, Inc.	4,870		112,010
Interstate Hotels & Resorts, Inc.*	46,100		220,358
J. Alexander’s Corp.	5,260		43,553
Jack in the Box, Inc.*	8,300		223,021
Landry’s Restaurants, Inc.^	19,200		312,576
Marcus Corp.^	4,086		78,451
Nathan’s Famous, Inc.*	4,000		56,000
Silverleaf Resorts, Inc.*^	55,203		125,311
Speedway Motorsports, Inc.^	4,940		123,846
Town Sports International Holdings, Inc.*	2,300		14,743
WMS Industries, Inc.*^	2,625		94,421
			11,682,232
Household Durables (2.7%)
American Greetings Corp., Class A^	84,199		1,561,892
Avatar Holdings, Inc.*^	9,800		427,182
Blyth, Inc.^	11,270		222,244
CSS Industries, Inc.^	2,390		83,554
Ethan Allen Interiors, Inc.^	38,696		1,100,127
Flexsteel Industries, Inc.	5,956		80,287
Hooker Furniture Corp.^	8,120		181,401
Lennar Corp., Class A^	196,900		3,703,689
M.D.C. Holdings, Inc.^	120,100		5,259,179
National Presto Industries, Inc.^	6,020		315,448
Newell Rubbermaid, Inc.	121,800		2,785,566
Q.E.P. Co., Inc.*	5,180		39,109
Snap-On, Inc.	105,293		5,354,149
Stanley Works	130		6,191
Toll Brothers, Inc.*^	111,200		2,610,976
Tupperware Brands Corp.	350		13,538
Universal Electronics, Inc.*^	3,994		96,695
Whirlpool Corp.^	21,700		1,883,126
			25,724,353
Internet & Catalog Retail (0.0%)
PC Mall, Inc.*^	9,458		100,538
Systemax, Inc.^	15,194		183,240
			283,778
Leisure Equipment & Products (0.3%)
Aldila, Inc.	7,733		88,156
Hasbro, Inc.	62,002		1,729,856
JAKKS Pacific, Inc.*^	44,810		1,235,412
			3,053,424
Media (0.7%)
Alloy, Inc.*	7,098		52,170
Entercom Communications Corp., Class A^	34,600		343,578
Journal Communications, Inc., Class A^	75,717		558,792
Media General, Inc., Class A^	27,170		380,923
Saga Communications, Inc., Class A*	26,500		148,400
Scholastic Corp.*^	55,030		1,665,758
Valassis Communications, Inc.*^	43,700		474,145
Virgin Media, Inc.	207,200		2,915,304
			6,539,070
Multiline Retail (0.9%)
Big Lots, Inc.*^	138,440		3,087,212
Bon-Ton Stores, Inc.^	13,400		73,298
Macy’s, Inc.	243,530		5,615,802
Tuesday Morning Corp.*^	53,550		277,389
			9,053,701
Specialty Retail (2.3%)
Aaron Rents, Inc.^	2,670		57,512
American Eagle Outfitters, Inc.	184,400		3,228,844
Asbury Automotive Group, Inc.^	47,000		646,720
Books-A-Million, Inc.^	31,300		273,562
Coldwater Creek, Inc.*^	985,200		4,975,260
Franklin Covey Co.*^	26,100		195,750
Gap, Inc.	316,100		6,220,848
Hastings Entertainment, Inc.*^	15,914		125,084
Jennifer Convertibles, Inc.*	840		1,924
Lithia Motors, Inc., Class A^	28,300		287,528
Mothers Work, Inc.*^	2,099		35,074
Office Depot, Inc.*	104,669		1,156,592
RadioShack Corp.	40,670		660,888
Rent-A-Center, Inc.*^	123,499		2,266,207
REX Stores Corp.*	15,520		305,278
Sonic Automotive, Inc., Class A^	13,100		269,205
Stage Stores, Inc.^	59,300		960,660
			21,666,936
Textiles, Apparel & Luxury Goods (0.6%)
Culp, Inc.*	12,890		96,933
Deckers Outdoor Corp.*^	13,992		1,508,617
Heelys, Inc.*^	8,343		35,791
LaCrosse Footwear, Inc.	102		1,619
Liz Claiborne, Inc.	104,500		1,896,675
Movado Group, Inc.^	1,640		31,964
Perry Ellis International, Inc.*^	5,120		111,769
Weyco Group, Inc.^	6,506		193,033

See Notes to Portfolio of Investments.

77

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Wolverine World Wide, Inc.	52,680	$	1,528,247
			5,404,648
Total Consumer Discretionary			108,202,585
Consumer Staples (3.8%)
Food & Staples Retailing (0.9%)
Ingles Markets, Inc., Class A^	3,800		93,442
Longs Drug Stores Corp.	4,600		195,316
Nash Finch Co.^	8,280		281,354
Ruddick Corp.^	125		4,608
Spartan Stores, Inc.^	3,286		68,513
Village Super Market, Inc., Class A^.	200		10,300
Whole Foods Market, Inc.^	211,800		6,983,046
Winn-Dixie Stores, Inc.*^	58,222		1,045,667
			8,682,246
Food Products (2.8%)
Bunge Ltd.^	37,200		3,231,936
Cal-Maine Foods, Inc.^	20,990		700,646
Chaoda Modern Agriculture (Holdings) Ltd.	2,132,000		2,421,653
Corn Products International, Inc.^	92,976		3,453,129
Cosan Ltd., Class A*^	96,500		1,188,880
Dean Foods Co.	205,500		4,128,495
Diamond Foods, Inc.^	21,940		397,992
Fresh Del Monte Produce, Inc.*^	55,100		2,005,640
Marfrig Frigorificos e Comercio de Alimentos SA*	28,100		286,653
Marine Harvest ASA*	7,431,000		4,348,558
Omega Protein Corp.*^	24,990		341,114
Sanderson Farms, Inc.^	11,595		440,726
Seaboard Corp.^	680		1,064,200
Seneca Foods Corp., Class A*	3,410		71,610
Seneca Foods Corp., Class B*	600		12,300
Smithfield Foods, Inc.*^	93,700		2,413,712
Tasty Baking Co.	11,069		63,093
			26,570,337
Household Products (0.0%)
Oil-Dri Corp. of America	9,625		172,191
Personal Products (0.1%)
Elizabeth Arden, Inc.*^	19,410		387,229
Inter Parfums, Inc.^	2,340		51,667
Schiff Nutrition International, Inc.	23,130		138,549
			577,445
Tobacco (0.0%)
Alliance One International, Inc.*	51,921		313,603
Total Consumer Staples			36,315,822
Energy (8.5%)
Energy Equipment & Services (3.9%)
Cameron International Corp.*	139,000		5,787,960
Cie Generale de Geophysique- Veritas (ADR)*^	80,400		3,980,604
Complete Production Services, Inc.*^	55,600		1,275,464
Dawson Geophysical Co.*^	1,500		101,250
GulfMark Offshore, Inc.*^	24,174		1,322,801
Helmerich & Payne, Inc.	100		4,687
Lufkin Industries, Inc.^	3,940		251,451
Oil States International, Inc.*^	36,500		1,635,565
Rowan Cos., Inc.	18,930		779,537
SBM Offshore N.V	28,732		926,718
SEACOR Holdings, Inc.*	37,290		3,183,074
Solar Cayman Ltd.(b)*†	141,300		1,827,998
Superior Energy Services, Inc.*	57,488		2,277,675
T-3 Energy Services, Inc.*^	920		39,155
Tidewater, Inc.^	53,450		2,945,630
Trico Marine Services, Inc.*^	21,156		824,449
Union Drilling, Inc.*^	23,100		404,019
Unit Corp.*	25,800		1,461,570
Weatherford International Ltd.*	112,900		8,181,863
			37,211,470
Oil, Gas & Consumable Fuels (4.6%)
Adams Resources & Energy, Inc.^	6,100		169,580
Arch Coal, Inc.	64,200		2,792,700
Brasil Ecodiesel Industria e Comerciode Biocombustiveis e Oleos Vegetais S.A. (ADR)*	363,600		948,233
Callon Petroleum Co.*^	28,560		516,650
Cimarex Energy Co.^	119,600		6,546,904
Comstock Resources, Inc.*^	10,200		411,060
Consol Energy, Inc.	85,700		5,929,583
Mariner Energy, Inc.*^	79,290		2,141,623
Massey Energy Co.	41,492		1,514,458
Murphy Oil Corp.	105,910		8,699,447
Newfield Exploration Co.*	131,700		6,960,345
Noble Energy, Inc	50,400		3,669,120
PrimeEnergy Corp.*	200		11,200
Stone Energy Corp.*	4,520		236,441
Swift Energy Co.*^	47,500		2,137,025
Teton Energy Corp.*^	7,100		33,654
Uranium One, Inc.*	365,000		1,201,910
USEC, Inc.*^	185,500		686,350
			44,606,283
Total Energy			81,817,753
Financials (18.5%)
Capital Markets (2.4%)
Affiliated Managers Group, Inc.*	39,400		3,575,156
American Physicians Service Group, Inc.^	10,140		198,541
E*TRADE Financial Corp.*^	941,700		3,634,962
Evercore Partners, Inc., Class A	3,506		62,232
Federated Investors, Inc., Class B^	202,300		7,922,068
Knight Capital Group, Inc., Class A*^	456,200		7,408,688
			22,801,647
Commercial Banks (2.1%)
Associated Banc-Corp^	38,500		1,025,255
Banco Latinoamericano de Exportaciones S.A., Class E^	45,000		693,000
Bank of Hawaii Corp.	9,400		465,864
BOK Financial Corp.^	6,897		360,230
Boston Private Financial Holdings, Inc.	920		9,743
Britton & Koontz Capital Corp.	1,752		27,226
C&F Financial Corp.	1,238		33,228
Carolina Bank Holdings, Inc.*	1,918		20,235
CCF Holding Co.	1,622		9,764
Centrue Financial Corp.	430		8,385
Century Bancorp Inc., Class A	100		2,010
Codorus Valley Bancorp, Inc.	1,727		28,047
Colonial BancGroup Inc.^	2,760		26,579
Commerce Bancshares, Inc./Missouri	21,800		916,254
Community Bankshares, Inc./ South Carolina	4,069		48,787
Community Capital Corp.	3,123		49,000
Cullen/Frost Bankers, Inc.^	17,600		933,504
Epic Bancorp^	5,600		65,912
First M&F Corp.	12,900		187,050
First Merchants Corp.^	2,915		83,194

See Notes to Portfolio of Investments.

78

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
First Regional Bancorp/California*^	15,245	$	250,018
First United Corp.	8,872		175,843
FirstMerit Corp.^	24,884		514,103
FNB United Corp.^	15,421		161,921
Great Southern Bancorp, Inc.^	1,500		23,415
Habersham Bancorp	500		6,960
Hawthorn Bancshares, Inc.	270		7,425
Horizon Bancorp/Indiana	3,500		80,115
Huntington Bancshares, Inc./Ohio^	272,400		2,928,300
Intervest Bancshares Corp., Class A	11,500		110,285
Landmark Bancorp, Inc.	2,194		52,108
M&T Bank Corp.	48,500		3,903,280
Northrim BanCorp, Inc.	6,569		119,424
Pacific Premier Bancorp, Inc.*	7,200		50,400
Parke Bancorp, Inc.*^	1,026		16,365
Peoples Bancorp of North Carolina, Inc.	7,308		98,658
Popular, Inc.^	266,800		3,110,888
Premier Financial Bancorp, Inc.	1,917		22,141
Republic First Bancorp, Inc.*^	14,200		70,006
Rurban Financial Corp.	1,384		14,158
Southwest Bancorp, Inc./Oklahoma^	19,670		344,422
Summit Financial Group, Inc.^	200		2,840
SVB Financial Group*^	8,600		375,304
Taylor Capital Group, Inc.^	4,003		65,729
TCF Financial Corp.^	35,900		643,328
Team Financial, Inc.	5,500		71,500
UMB Financial Corp.^	8,100		333,720
United Bancshares, Inc./Ohio	1,420		19,880
Webster Financial Corp.	46,700		1,301,529
			19,867,332
Consumer Finance (0.1%)
Advanta Corp., Class A	5,910		35,342
Advanta Corp., Class B^	13,234		93,035
AmeriCredit Corp.*^	102,250		1,029,657
Consumer Portfolio Services, Inc.*^	1,221		3,468
First Marblehead Corp.^	8,046		60,023
United PanAm Financial Corp.*^	23,339		84,954
White River Capital, Inc.*	5,250		84,525
			1,391,004
Diversified Financial Services (1.3%)
California First National Bancorp	2,716		26,236
CIT Group, Inc.	113,700		1,347,345
First Pacific Co.	3,392,000		2,235,866
Interactive Brokers Group, Inc.*^	38,339		984,162
Marlin Business Services Corp.*	300		2,262
MicroFinancial, Inc.	2,700		14,121
Moody’s Corp.^	223,500		7,784,505
			12,394,497
Insurance (6.8%)
Alleghany Corp.*	7,427		2,536,321
Allied World Assurance Co. Holdings
Ltd./Bermuda	28,740		1,140,978
Ambac Financial Group, Inc.^	140,400		807,300
American Financial Group, Inc./Ohio	120,620		3,083,047
American Safety Insurance Holdings Ltd.*^	12,960		221,616
Arch Capital Group Ltd.*	98,600		6,770,862
Aspen Insurance Holdings Ltd.	133,610		3,524,632
Assurant, Inc.	97,990		5,963,671
Brooke Corp.^	20,300		65,772
Endurance Specialty Holdings Ltd.	69,600		2,547,360
Everest Reinsurance Group Ltd.	37,600		3,366,328
Hilltop Holdings, Inc.*^	84,040		874,016
Horace Mann Educators Corp.	19,503		340,912
IPC Holdings Ltd.^	40,527		1,134,756
Max Capital Group Ltd.^	84,132		2,203,417
Montpelier Reinsurance Holdings Ltd.^	17,203		276,108
National Security Group, Inc.	680		11,397
National Western Life Insurance Co., Class A^	80		17,343
NYMAGIC, Inc.^	8,500		193,035
Odyssey Reinsurance Holdings Corp.^	7,100		260,925
PartnerReinsurance Ltd.^	37,079		2,829,128
Platinum Underwriters Holdings Ltd.	215,075		6,981,335
Presidential Life Corp.^	11,995		209,193
Reinsurance Group of America, Inc.^	113,900		6,200,716
RenaissanceReinsurance Holdings Ltd.	46,610		2,419,525
Unico American Corp.*^	4,190		39,386
United America Indemnity Ltd., Class A*	4,040		77,810
Universal Insurance Holdings, Inc.^ .	50,720		191,722
Unum Group	174,500		3,840,745
Willis Group Holdings Ltd.^	183,899		6,180,845
Zenith National Insurance Corp.^	44,800		1,606,528
			65,916,729
Real Estate Investment Trusts (REITs) (2.4%)
AmREIT, Inc., Class A (REIT)^	7,418		53,039
Ashford Hospitality Trust, Inc. (REIT)^	195,154		1,108,475
CBL & Associates
Properties, Inc. (REIT)^	99,200		2,334,176
Colonial Properties Trust (REIT)^	79,250		1,905,963
Extra Space Storage, Inc. (REIT)^	85,997		1,392,291
FelCor Lodging Trust, Inc. (REIT)	1,900		22,857
Hersha Hospitality Trust (REIT)^	77,290		697,929
Hospitality Properties Trust (REIT)	63,844		2,171,973
HRPT Properties Trust (REIT)	331,800		2,233,014
Investors Real Estate Trust (REIT)^	2,830		27,677
iStar Financial, Inc. (REIT)^	7,441		104,397
Lexington Realty Trust (REIT)^	34,286		494,061
Liberty Property Trust (REIT)	125,600		3,907,416
LTC Properties, Inc. (REIT)^	33,820		869,512
Medical Properties Trust, Inc. (REIT)^	53,143		601,579
MHI Hospitality Corp. (REIT)	10,900		68,234
Mission West Properties, Inc. (REIT)^	33,560		317,142
Monmouth Reit, Class A (REIT)^	23,000		184,000
National Retail Properties, Inc. (REIT)^	99,800		2,200,590
One Liberty Properties, Inc. (REIT)	18,100		291,229
Ramco-Gershenson Properties Trust (REIT)	21,840		461,042
Strategic Hotels & Resorts, Inc. (REIT)^	18,700		245,531
Sunstone Hotel Investors, Inc. (REIT)	78,330		1,254,063
Supertel Hospitality, Inc. (REIT)^	25,781		136,639
Transcontinental Realty Investors, Inc. (REIT)*^	10,430		178,562
Urstadt Biddle Properties, Inc. Class A (REIT)^	2,590		40,741
Winthrop Realty Trust (REIT)^	92,650		381,718
			23,683,850
Real Estate Management & Development (0.0%)
United Capital Corp.*	1,320		28,710

See Notes to Portfolio of Investments.

79

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Thrifts & Mortgage Finance (3.4%)
Berkshire Bancorp, Inc./New York	649	$	8,969
Beverly Hills Bancorp, Inc.	31,223		78,994
Camco Financial Corp.	9,319		97,943
Carver Bancorp, Inc.	3,350		39,128
Community Financial Corp./Virginia	6,200		49,600
Corus Bankshares, Inc.^	60,689		590,504
Farmer Mac, Class C^	19,040		496,944
First BancTrust Corp.	405		3,544
First Capital, Inc.	380		6,308
First Defiance Financial Corp.^	10,300		189,005
First Niagara Financial Group, Inc.^	29,884		406,124
First Place Financial Corp./Ohio^	27,623		359,099
Great Pee Dee Bancorp, Inc.^	500		11,505
Guaranty Federal Bancshares, Inc.^	4,100		107,215
Harrington West Financial Group, Inc.	6,451		52,705
HF Financial Corp.	7,656		122,496
HMN Financial, Inc.	5,777		133,333
Hudson City Bancorp, Inc.	406,555		7,187,892
Imperial Capital Bancorp, Inc.^	8,524		184,289
LSB Financial Corp.	1,963		35,923
MFB Corp.	100		3,257
Monarch Community Bancorp, Inc.^	3,500		35,350
MutualFirst Financial, Inc.^	1,540		20,282
New Hampshire Thrift Bancshares, Inc.	3,440		42,312
New York Community Bancorp, Inc.^	454,202		8,275,560
North Central Bancshares, Inc.	1,900		55,309
Ocwen Financial Corp.*^	63,200		280,608
Parkvale Financial Corp.	4,252		114,124
People’s United Financial, Inc.^	512,764		8,875,945
Provident Community Bancshares, Inc.	200		3,550
Provident Financial Holdings, Inc.^	4,875		78,195
Southern Missouri Bancorp, Inc.	2,002		28,528
Sovereign Bancorp, Inc.^	352,500		3,285,300
Teche Holding Co.	1,062		35,046
TF Financial Corp.^	3,881		79,560
United Western Bancorp, Inc.	11,000		196,900
Washington Federal, Inc.	25,300		577,852
WSFS Financial Corp.^	11,520		567,706
			32,716,904
Total Financials			178,800,673
Health Care (9.3%)
Biotechnology (0.2%)
Celsion Corp.*^	14,840		79,394
Emergent Biosolutions, Inc.*	8,140		72,609
Theravance, Inc.*^	182,700		1,923,831
Trimeris, Inc.*^	31,900		207,988
			2,283,822
Health Care Equipment & Supplies (3.5%)
Allied Healthcare Products, Inc.*	4,200		25,956
Angeion Corp.*	5,330		38,642
Atrion Corp.^	440		43,974
Beckman Coulter, Inc	66,600		4,299,030
CONMED Corp.*^	47,170		1,209,439
Cooper Cos., Inc.^	91,200		3,140,016
Datascope Corp.^	16,713		692,420
Edwards Lifesciences Corp.*	172,400		7,680,420
Hillenbrand Industries, Inc.	102,500		4,899,500
Hospira, Inc.*	110,890		4,742,765
Integra LifeSciences Holdings Corp.*^	490		21,300
Invacare Corp.^	22,660		504,865
Kewaunee Scientific Corp.	3,700		55,500
National Dentex Corp.*	7,210		92,937
Orthofix International N.V.*^	14,971		595,397
Osteotech, Inc.*	4,039		19,185
Span-America Medical Systems, Inc.^	4,200		49,560
Theragenics Corp.*	42,742		168,403
West Pharmaceutical Services, Inc.^ .	117,000		5,174,910
Zoll Medical Corp.*	7,341		195,197
			33,649,416
Health Care Providers & Services (1.3%)
Advocat, Inc.*	3,954		43,020
Almost Family, Inc.*^	2,340		46,589
Amedisys, Inc.*^	3,900		153,426
AMERIGROUP Corp.*	6,163		168,435
Apria Healthcare Group, Inc.*^	50,100		989,475
BioScrip, Inc.*^	61,200		413,712
Dynacq Healthcare, Inc.*	100		463
Gentiva Health Services, Inc.*^	22,650		492,864
Hanger Orthopedic Group, Inc.*^	33,645		362,693
Health Net, Inc.*	89,000		2,741,200
HealthSouth Corp.*^	246,140		4,378,831
IntegraMed America, Inc.*	124		1,214
Kindred Healthcare, Inc.*^	51,560		1,127,617
MedCath Corp.*	14,100		256,620
RehabCare Group, Inc.*^	30,840		462,600
Res-Care, Inc.*^	29,470		505,410
Skilled Healthcare Group, Inc.*^	1,123		12,331
			12,156,500
Life Sciences Tools & Services (2.2%)
Albany Molecular Research, Inc.*^	9,106		110,547
Bio-Rad Laboratories, Inc., Class A*	1,100		97,845
Bruker Corp.*^	950		14,621
Cambrex Corp.^	53,700		372,141
Harvard Bioscience, Inc.*^	520		2,600
Illumina, Inc.*^	31,660		2,402,994
Invitrogen Corp.*	44,100		3,769,227
PAREXEL International Corp.*^	24,412		637,153
PerkinElmer, Inc.	15,640		379,270
PharmaNet Development Group, Inc.*^	17,349		437,715
Thermo Fisher Scientific, Inc.*	127,300		7,235,732
Varian, Inc.*	101,095		5,855,422
			21,315,267
Pharmaceuticals (2.1%)
Barr Pharmaceuticals, Inc.*	163,100		7,879,361
Endo Pharmaceuticals Holdings, Inc.*	162,400		3,887,856
Impax Laboratories, Inc.*^	434,600		4,041,780
King Pharmaceuticals, Inc.*	340,500		2,962,350
Perrigo Co.	50,132		1,891,480
ViroPharma, Inc.*^	13,700		122,478
			20,785,305
Total Health Care			90,190,310
Industrials (16.3%)
Aerospace & Defense (2.1%)
Alliant Techsystems, Inc.*^	129,440		13,400,923
Ducommun, Inc.*	2,600		71,942
Edac Technologies Corp.*	6,740		43,136
Esterline Technologies Corp.*	20		1,007
Goodrich Corp.	23,500		1,351,485
Herley Industries, Inc.*	866		8,955
Hexcel Corp.*^	211,500		4,041,765
Orbital Sciences Corp.*^	153		3,687
Sypris Solutions, Inc.^	1,956		8,078
Teledyne Technologies, Inc.*	13,700		643,900

See Notes to Portfolio of Investments.

80

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Triumph Group, Inc.^	20,990	$	1,194,961
			20,769,839
Air Freight & Logistics (0.0%)
Park-Ohio Holdings Corp.*^	14,422		226,570
Airlines (0.7%)
Mesa Air Group, Inc.*	15,924		37,421
Northwest Airlines Corp.*	375,880		3,379,161
Pinnacle Airlines Corp.*^	26,800		233,964
Republic Airways Holdings, Inc.*	56,512		1,224,050
SkyWest, Inc.^	43,640		921,677
U.S. Airways Group, Inc.*	1,000		8,910
UAL Corp.^	60,000		1,291,800
			7,096,983
Building Products (0.4%)
Ameron International Corp.^	2,540		237,566
Armstrong World Industries, Inc.	34,580		1,233,123
Gibraltar Industries, Inc.^	17,090		200,466
NCI Building Systems, Inc.*^	32,400		784,080
Universal Forest Products, Inc.^	30,100		969,220
			3,424,455
Commercial Services & Supplies (2.5%)
A.T. Cross Co., Class A*^	4,950		33,907
Allied Waste Industries, Inc.*	357,554		3,865,159
Amrep Corp.^	1,900		99,370
Avalon Holdings Corp., Class A*	27		162
CDI Corp.^	17,020		426,351
Champion Industries, Inc.	13,540		70,679
Comfort Systems USA, Inc.^	39,270		510,903
Consolidated Graphics, Inc.*	230		12,891
Copart, Inc.*	83,000		3,217,080
Deluxe Corp.	84,740		1,627,855
Ecology And Environment, Inc., Class A	5,428		64,865
Exponent, Inc.*^	10,000		328,400
GeoEye, Inc.*	9,040		234,950
GP Strategies Corp.*	8,950		85,025
Heidrick & Struggles International, Inc.^	1,499		48,762
IKON Office Solutions, Inc.	1,500		11,400
Kelly Services, Inc., Class A^	33,700		692,872
Layne Christensen Co.*^	9		315
Nashua Corp.*	7,000		76,930
National Technical Systems, Inc.*	1,390		8,271
North American Galvanizing & Coatings, Inc.*^	8,916		49,038
PHH Corp.*	210,700		3,672,501
R.R. Donnelley & Sons Co	137,000		4,152,470
RCM Technologies, Inc.*	3,142		12,128
Spherion Corp.*^	27,673		169,359
United Stationers, Inc.*^	85,300		4,068,810
Virco Manufacturing Corp.	17,850		93,356
Volt Information Sciences, Inc.*^	290		4,918
VSE Corp.^	7,668		216,468
Waste Industries USA, Inc.	2,283		82,530
			23,937,725
Construction & Engineering (0.6%)
Granite Construction, Inc.^	55,400		1,812,134
Meadow Valley Corp.*	1,770		14,514
Michael Baker Corp.*^	10,100		226,846
Northwest Pipe Co.*^	80		3,399
Perini Corp.*	22,685		821,878
Shaw Group, Inc.*	3,696		174,229
URS Corp.*	90,600		2,961,714
			6,014,714
Electrical Equipment (0.4%)
Acuity Brands, Inc.^	22,020		945,759
AZZ, Inc.*^	200		7,116
Chase Corp.^	2,200		39,842
Espey Manufacturing & Electronics Corp.	320		6,400
Preformed Line Products Co.^	4,112		200,172
Regal-Beloit Corp.^	55,900		2,047,617
SL Industries, Inc.*	7,300		145,270
Superior Essex, Inc.*^	1,860		52,304
			3,444,480
Industrial Conglomerates (0.9%)
Standex International Corp.^	25,200		562,968
Teleflex, Inc.	168,379		8,033,362
			8,596,330
Machinery (6.5%)
AGCO Corp.*	145,700		8,724,516
Astec Industries, Inc.*	260		10,078
Baldwin Technology Co. Inc., Class A*	17,697		45,481
Barnes Group, Inc.^	10,300		236,385
Crane Co.^	82,300		3,320,805
Dover Corp.	130,895		5,468,793
Eastern Co.^	6,586		103,071
EnPro Industries, Inc.*^	4,452		138,858
Gehl Co.*^	17,900		303,226
Hardinge, Inc.^	16,861		232,007
Harsco Corp.	42,500		2,353,650
Hurco Cos., Inc.*^	8,153		381,397
Joy Global, Inc.	125,100		8,151,516
Kadant, Inc.*^	1,510		44,364
Kennametal, Inc.	170,048		5,004,513
K-Tron International, Inc.*	3,800		456,418
L.S. Starrett Co., Class A	9,720		187,013
Lydall, Inc.*	17,890		204,840
Mueller Industries, Inc.	64,100		1,849,285
NACCO Industries, Inc., Class A^	10,470		847,442
Pentair, Inc.	98,800		3,151,720
Robbins & Myers, Inc.	43,720		1,427,458
SPX Corp.	143,340		15,036,366
Tennant Co.^	1,000		39,810
Toro Co.^	110,900		4,590,151
Trinity Industries, Inc.^	240		6,396
Twin Disc, Inc.^	13,560		214,519
Watts Water Technologies, Inc., Class A^	300		8,409
			62,538,487
Marine (0.4%)
American Commercial Lines, Inc.*^ .	246,100		3,888,380
B&H Ocean Carriers Ltd.*	10,100		104,838
Genco Shipping & Trading Ltd.	1,580		89,160
International Shipholding Corp.*^	10,400		199,472
			4,281,850
Road & Rail (1.0%)
Dollar Thrifty Automotive Group, Inc.*^	120		1,637
Ryder System, Inc.^	87,800		5,347,898
Saia, Inc.*^	15,396		244,180
Werner Enterprises, Inc.^	217,600		4,038,656
			9,632,371
Trading Companies & Distributors (0.8%)
Applied Industrial Technologies, Inc.^	82,245		2,458,303

See Notes to Portfolio of Investments.

81

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Empire Resources, Inc.^	2,800	$	12,180
Genesis Lease Ltd. (ADR)^	214,400		3,119,520
Rush Enterprises, Inc., Class A*^	99,600		1,577,664
Rush Enterprises, Inc., Class B*^	11,850		173,958
Willis Lease Finance Corp.*	9,270		116,524
			7,458,149
Total Industrials			157,421,953
Information Technology (14.3%)
Communications Equipment (1.1%)
ADC Telecommunications, Inc.*^	299,600		3,619,168
Black Box Corp.^	32,000		987,200
Communications Systems, Inc.^	13,200		142,164
Digi International, Inc.*^	13,659		157,625
JDS Uniphase Corp.*	315,200		4,220,528
Network Equipment Technologies, Inc.*^	33,990		223,314
Soapstone Networks, Inc.^	20,600		147,496
Tekelec*^	102,150		1,271,768
Telular Corp.*^	7,500		25,050
Tollgrade Communications, Inc.*^	12,408		65,018
			10,859,331
Computers & Peripherals (0.7%)
Astro-Med, Inc.	2,650		23,717
Emulex Corp.*^	57,280		930,227
Key Tronic Corp.*	14,440		37,400
NCR Corp.*	52,500		1,198,575
Sun Microsystems, Inc.*	307,500		4,775,475
Western Digital Corp.*	820		22,173
			6,987,567
Electronic Equipment & Instruments (2.9%)
ADDvantage Technologies Group, Inc.*	15,720		54,391
Agilysys, Inc.^	8,864		102,822
Allied Motion Technologies, Inc.*	5,050		23,937
Arrow Electronics, Inc.*	306,291		10,306,692
Avnet, Inc.*	113,190		3,704,709
AVX Corp.^	69,000		883,890
Coherent, Inc.*	1,486		41,445
CTS Corp.^	45,000		481,500
Flextronics International Ltd.*	556,600		5,226,474
Gerber Scientific, Inc.*^	200		1,778
Insight Enterprises, Inc.*	18,678		326,865
KEMET Corp.*^	115,341		465,978
Kingboard Laminates Holdings Ltd.	4,814,500		2,833,278
Mesa Laboratories, Inc.	600		12,840
O.I. Corp.	4,500		53,100
Sigmatron International, Inc.*	5,320		32,931
SMART Modular Technologies (WWH), Inc.*^	40,458		251,244
Spectrum Control, Inc.*^	17,470		147,796
Technitrol, Inc.	7,240		167,461
TESSCO Technologies, Inc.*	6,225		93,375
TTM Technologies, Inc.*^	2,864		32,420
Vicon Industries, Inc.*	7,120		35,600
Vishay Intertechnology, Inc.*	255,800		2,317,548
Zones, Inc.*^	16,340		134,151
Zygo Corp.*^	11,342		141,095
			27,873,320
Internet Software & Services (0.2%)
EarthLink, Inc.*^	111,595		842,543
United Online, Inc.^	44,811		473,204
			1,315,747
IT Services (1.2%)
CACI International, Inc., Class A*^	139,100		6,336,005
CIBER, Inc.*	104,680		512,932
Computer Task Group, Inc.*	10,991		45,283
CSG Systems International, Inc.*	1,940		22,058
CSP, Inc.*	1,330		8,020
Edgewater Technology, Inc.*	8,800		46,376
Gevity HR, Inc.^	25,900		224,294
MAXIMUS, Inc.^	30,790		1,130,301
MPS Group, Inc.*^	186,680		2,206,557
Perot Systems Corp., Class A*	87,734		1,319,519
TechTeam Global, Inc.*^	9,194		83,206
			11,934,551
Office Electronics (0.4%)
Zebra Technologies Corp., Class A*	108,670		3,620,884
Semiconductors & Semiconductor Equipment (6.0%)
Amkor Technology, Inc.*^	125,908		1,347,215
Analog Devices, Inc.	236,300		6,975,576
Broadcom Corp., Class A*	281,800		5,430,286
Fairchild Semiconductor International, Inc.*	319,700		3,810,824
FEI Co.*^	28,200		615,606
IXYS Corp.*	18,290		124,921
KLA-Tencor Corp.	79,400		2,945,740
Kulicke & Soffa Industries, Inc.*^	6,800		32,504
LSI Corp.*	1,011,200		5,005,440
Maxim Integrated Products, Inc.	350,075		7,138,029
MKS Instruments, Inc.*^	71,090		1,521,326
Novellus Systems, Inc.*	11,747		247,274
Pericom Semiconductor Corp.*	27,166		398,797
Skyworks Solutions, Inc.*^	209,400		1,524,432
Standard Microsystems Corp.*^	21,971		641,114
Teradyne, Inc.*	443,400		5,507,028
TriQuint Semiconductor, Inc.*	1,768		8,946
Varian Semiconductor Equipment Associates, Inc.*	269,271		7,579,979
Verigy Ltd.*^	353,250		6,655,230
White Electronic Designs Corp.*^	942		4,145
Zoran Corp.*	55,380		756,491
			58,270,903
Software (1.8%)
American Software, Inc., Class A^	9,630		60,284
Cadence Design Systems, Inc.*	7,742		82,685
JDA Software Group, Inc.*	31,979		583,617
Lawson Software, Inc.*^	16,300		122,739
McAfee, Inc.*	137,400		4,546,566
Mentor Graphics Corp.*^	4,098		36,185
NetScout Systems, Inc.*	140		1,302
Novell, Inc.*	31,330		197,066
SPSS, Inc.*^	15,647		606,791
Sybase, Inc.*	106,525		2,801,607
Synopsys, Inc.*	12,343		280,309
THQ, Inc.*^	376,600		8,209,880
			17,529,031
Total Information Technology			138,391,334
Materials (9.6%)
Chemicals (6.2%)
Agrium, Inc.	76,100		4,726,571
American Pacific Corp.*^	10,300		164,491
Arch Chemicals, Inc.^	23,735		884,366

See Notes to Portfolio of Investments.

82

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Celanese Corp., Class A		145,470	$	5,680,603
CF Industries Holdings, Inc.		53,723		5,566,777
Chemtura Corp.		235,500		1,728,570
Cytec Industries, Inc.		161,130		8,676,851
FMC Corp.		224,900		12,479,701
Innophos Holdings, Inc.		687		11,054
Innospec, Inc.		40,502		858,642
International Flavors & Fragrances, Inc.		149,500		6,585,475
LSB Industries, Inc.*^		14,590		215,057
OM Group, Inc.*^		4,170		227,432
Penford Corp.		13,464		292,573
Rhodia S.A.*		135,502		3,163,933
Rockwood Holdings, Inc.*		47,311		1,550,381
Scotts Miracle-Gro Co., Class A		59,860		1,940,661
Sensient Technologies Corp.		57,220		1,687,418
Stepan Co.^		8,579		327,975
Terra Industries, Inc.*		102,500		3,641,825
				60,410,356
Construction Materials (0.0%)
United States Lime & Minerals, Inc.*^		2,070		60,134
Containers & Packaging (1.7%)
AEP Industries, Inc.*^		8,600		260,494
Greif, Inc.		69,500		4,721,135
Owens-Illinois, Inc.*		102,900		5,806,647
Pactiv Corp.*^		118,900		3,116,369
Rock-Tenn Co., Class A^		60,400		1,810,188
Temple-Inland, Inc.^		24,600		312,912
UFP Technologies, Inc.*		7,913		61,326
				16,089,071
Metals & Mining (1.6%)
Cleveland-Cliffs, Inc.		35,640		4,270,385
Commercial Metals Co.		240,202		7,198,854
Friedman Industries, Inc.		4,340		22,351
Kaiser Aluminum Corp.		5		346
Olympic Steel, Inc.		16,900		762,190
Reliance Steel & Aluminum Co.		15,650		936,809
Rock of Ages Corp.*		4,370		17,305
Schnitzer Steel Industries, Inc., Class A^		15,756		1,118,991
Steel Dynamics, Inc.		42,940		1,418,738
Synalloy Corp.		2,124		25,828
U.S. Energy Corp. Wyoming^		28,795		96,463
				15,868,260
Paper & Forest Products (0.1%)
Buckeye Technologies, Inc.*^		60,346		673,461
Glatfelter		450		6,799
Schweitzer-Mauduit International, Inc.		3,340		77,288
				757,548
Total Materials				93,185,369
Telecommunication Services (1.0%)
Diversified Telecommunication Services (1.0%)
Atlantic Tele-Network, Inc.^		4,250		143,778
CenturyTel, Inc.		129,550		4,306,242
D&E Communications, Inc.		20,166		179,477
Embarq Corp.		72,200		2,895,220
Gilat Satellite Networks Ltd.*		40,330		436,774
HickoryTech Corp.		1,046		8,546
Hungarian Telephone & Cable Corp.*^		1,087		18,859
Premiere Global Services, Inc.*^		86,560		1,241,270
SureWest Communications^		23,528		363,743
				9,593,909
Wireless Telecommunication Services (0.0%)
USA Mobility, Inc.*^		42,493		303,400
Total Telecommunication Services				9,897,309
Utilities (4.6%)
Electric Utilities (2.5%)
Central Vermont Public Service Corp.^		830		19,837
El Paso Electric Co.*		1,360		29,063
Empire District Electric Co.^		2,650		53,663
Maine & Maritimes Corp.*		2,600		72,280
Northeast Utilities		189,200		4,642,968
Pepco Holdings, Inc.		181,100		4,476,792
Pinnacle West Capital Corp.		121,500		4,262,220
Portland General Electric Co.^		54,000		1,217,700
Sierra Pacific Resources		315,700		3,987,291
UIL Holdings Corp.^		41,100		1,238,343
Unisource Energy Corp.		60,110		1,338,049
Unitil Corp.		100		2,695
Westar Energy, Inc.		114,820		2,614,451
				23,955,352
Gas Utilities (0.6%)
AGL Resources, Inc.		31,000		1,063,920
Delta Natural Gas Co., Inc.		100		2,469
Energy West, Inc.^		4,326		37,853
RGC Resources, Inc.		1,290		35,178
UGI Corp.		196,500		4,896,780
				6,036,200
Multi-Utilities (1.5%)
Alliant Energy Corp.^		123,960		4,339,840
Black Hills Corp.^		2,740		98,037
CH Energy Group, Inc.^		13,870		539,543
Florida Public Utilities Co.		100		1,115
MDU Resources Group, Inc.		147,150		3,612,532
Wisconsin Energy Corp.		140,300		6,171,797
				14,762,864
Water Utilities (0.0%)
Artesian Resources Corp., Class A		1,467		27,183
Total Utilities				44,781,599
Total Common Stocks (97.1%) (Cost $954,768,135)				939,004,707
CONVERTIBLE PREFERRED STOCK:
Financials (0.0%)
Real Estate Investment Trusts (REITs) (0.0%)
Thornburg Mortgage, Inc. (REIT), 10.000%^		41,800		177,650
Total Convertible Preferred Stocks (0.0%) (Cost $979,178)				177,650
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (26.6%)
Atlantis One Funding Corp.
3.06%, 4/2/08	$	1,484,162		1,484,162
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		3,304,016		3,304,016

See Notes to Portfolio of Investments.

83

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Bank of Ireland
2.60%, 12/19/08 (l)	$	5,506,124	$	5,506,124
Bank of Scotland plc/London
3.30%, 4/1/08		9,912,049		9,912,049
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		2,422,945		2,422,945
Belmont Funding LLC
4.00%, 4/1/08		8,259,123		8,259,123
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		5,286,426		5,286,426
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		3,304,016		3,304,016
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		2,579,115		2,579,115
Comerica Bank
2.84%, 3/16/09 (l)		1,101,273		1,101,273
Commonwealth Bank of Australia/London
3.00%, 4/1/08		9,912,049		9,912,049
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		2,863,481		2,863,481
Den Danske Bank/Copenhagen
3.40%, 4/1/08		3,524,284		3,524,284
Deutsche Bank AG/London
2.49%, 5/1/08 (l)		5,506,694		5,506,694
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		8,397,708		8,397,708
Fifth Third Bancorp
2.61%, 8/22/08 (l)		330,402		330,402
First Tennessee Bank
2.85%, 8/15/08 (l)		9,911,876		9,911,876
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		32,599,628		32,599,628
General Electric Capital Corp.
2.40%, 3/12/10 (l)		440,535		440,535
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		2,202,677		2,202,677
2.41%, 3/27/09 (l)		3,083,749		3,083,749
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		47,960,283		47,960,283
Hartford Life, Inc.
3.25%, 2/2/09 (l)		881,071		881,071
HSBC Holdings plc/London
2.75%, 4/1/08		9,912,049		9,912,049
K2 (USA) LLC
2.37%, 5/29/09 (l)		4,403,843		4,403,843
2.37%, 6/18/09 (l)		5,504,632		5,504,632
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		6,607,981		6,607,981
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		5,506,694		5,506,694
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		9,912,049		9,912,049
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		2,753,320		2,753,320
Links Finance LLC
2.37%, 6/25/09 (l)		1,651,492		1,651,492
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		2,753,347		2,753,347
Monumental Global Funding II
2.36%, 4/25/08 (l)		2,643,213		2,643,213
2.43%, 5/26/10 (l)		5,176,292		5,176,292
Morgan Stanley
3.59%, 2/9/09 (l)		8,558,341		8,558,341
3.15%, 5/7/09 (l)		5,506,694		5,506,694
Pricoa Global Funding I
2.40%, 6/25/10 (l)		3,303,272		3,303,272
San Paolo IMI/Ireland
4.62%, 4/8/08		542,963		542,963
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		5,512,289		5,512,289
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		5,506,694		5,506,694
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		1,101,339		1,101,339
Total Short-Term Investments of Cash Collateral for Securities Loaned				257,630,190
Time Deposit (3.0%)
JPMorgan Chase Nassau
1.59%, 4/1/08		28,834,682		28,834,682
Total Short-Term Investments (29.6%) (Amortized Cost $286,464,872)				286,464,872
Total Investments (126.7%) (Cost/Amortized Cost $1,242,212,185)				1,225,647,229
Other Assets Less Liabilities (-26.7%)				(258,249,070	)
Net Assets (100%)			$	967,398,159

* Non-income producing.

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

† Securities (totaling $1,827,998 or 0.2% of net assets) at fair value.

(b) Illiquid Security.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

(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

See Notes to Portfolio of Investments.

84

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	920 189,005	$	303,630,226	$	1,827,998	$	1,225,647,229
Other Investments*		—		—		—		—
Total	$	920,189,005	$	303,630,226	$	1,827,998	$	1,225,647,229
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

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

	Investments in Securities		Other Investments*
Balance as of 12/31/07	$	1,801,575	$	—
Total gains or losses (realized/unrealized) included in earnings		26,423
Purchases, sales, issuances, and settlements (net)		—		—
Transfers in and/or out of Level 3		—		—
Balance as of 3/31/08	$	1,827,998	$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/08	$	26,423	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	114,565,881
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	124,417,523

As of March 31, 2008, 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	$	95,337,188
Aggregate gross unrealized depreciation		(128,843,964	)
Net unrealized depreciation	$	(33,506,776	)
Federal income tax cost of investments	$	1,259,154,005

See Notes to Portfolio of Investments.

85

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

At March 31, 2008, the Portfolio had loaned securities with a total value of $253,196,080. This was secured by collateral of $257,630,190 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 $8,148, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the three months ended March 31, 2008, the Portfolio incurred approximately $377 as brokerage commissions with Williams Capital Group and $82 with BNP Paribas S.A., affiliated broker/dealers.

See Notes to Portfolio of Investments.

86

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.7%)
Auto Components (0.4%)
Amerigon, Inc.*^	35,300	$	522,440
Exide Technologies*^	109,100		1,429,210
			1,951,650
Distributors (0.6%)
LKQ Corp.*	141,600		3,181,752
Diversified Consumer Services (1.6%)
American Public Education, Inc.*	50,835		1,543,859
INVESTools, Inc.*^	110,100		1,209,999
K12, Inc.*	27,975		548,030
New Oriental Education & Technology Group (ADR)*^	82,590		5,356,788
			8,658,676
Hotels, Restaurants & Leisure (4.4%)
BJ’s Restaurants, Inc.*^	124,125		1,788,641
Carrols Restaurant Group, Inc.*^	191,115		1,706,657
Cheesecake Factory, Inc.*^	120,880		2,633,975
Chipotle Mexican Grill, Inc., Class A*	22,500		2,552,175
Gaylord Entertainment Co.*^	52,983		1,604,855
Great Wolf Resorts, Inc.*^	287,180		1,832,209
Pinnacle Entertainment, Inc.*^	98,100		1,255,680
Red Robin Gourmet Burgers, Inc.*^	56,030		2,105,047
Texas Roadhouse, Inc., Class A*^	51,800		507,640
Vail Resorts, Inc.*^	33,100		1,598,399
WMS Industries, Inc.*	156,930		5,644,772
			23,230,050
Household Durables (0.9%)
Gafisa S.A. (ADR)*^	32,400		1,080,864
Universal Electronics, Inc.*	144,305		3,493,624
			4,574,488
Internet & Catalog Retail (1.3%)
GSI Commerce, Inc.*^	278,630		3,663,984
Shutterfly, Inc.*^	218,595		3,250,508
U.S. Auto Parts Network, Inc.*^	67,590		216,288
			7,130,780
Leisure Equipment & Products (0.3%)
Polaris Industries, Inc.^	40,700		1,669,107
Media (2.0%)
Cinemark Holdings, Inc.^	132,486		1,694,496
DG FastChannel, Inc.*^	109,214		2,094,724
Dolan Media Co.*^	80,700		1,622,877
Entravision Communications Corp., Class A*	235,610		1,569,163
Lions Gate Entertainment Corp.*^	33,985		331,354
Live Nation, Inc.*^	97,500		1,182,675
Lodgenet Entertainment Corp.*^	119,570		728,181
National CineMedia, Inc	71,400		1,605,072
			10,828,542
Specialty Retail (1.2%)
Charlotte Russe Holding, Inc.*	78,300		1,357,722
Genesco, Inc.*	96,584		2,232,056
Gymboree Corp.*	49,300		1,966,084
hhgregg, Inc.*^	89,700		1,009,125
			6,564,987
Textiles, Apparel & Luxury Goods (2.0%)
Deckers Outdoor Corp.*^	49,000		5,283,180
Volcom, Inc.*^	108,335		2,189,451
Warnaco Group, Inc.*	81,700		3,222,248
			10,694,879
Total Consumer Discretionary			78,484,911
Consumer Staples (2.2%)
Beverages (0.8%)
Central European Distribution Corp.*	70,400		4,096,576
Food Products (0.1%)
Darling International, Inc.*^	60,000		777,000
Personal Products (1.3%)
Chattem, Inc.*^	48,400		3,210,856
Herbalife Ltd.	50,800		2,413,000
Physicians Formula Holdings, Inc.*^	114,065		1,017,460
			6,641,316
Total Consumer Staples			11,514,892
Energy (7.8%)
Energy Equipment & Services (3.1%)
Atwood Oceanics, Inc.*	15,700		1,440,004
Core Laboratories N.V.*^	32,255		3,848,021
Hornbeck Offshore Services, Inc.*^ .	17,800		812,926
Lufkin Industries, Inc.^	74,340		4,744,379
OYO Geospace Corp.*^	121,630		5,524,435
			16,369,765
Oil & Gas (0.3%)
Pioneer Drilling Co.*^	106,800		1,701,324
Oil, Gas & Consumable Fuels (4.4%)
Arena Resources, Inc.*	180,400		6,983,284
Bill Barrett Corp.*^	61,400		2,901,150
Carrizo Oil & Gas, Inc.*^	65,450		3,879,221
CNX Gas Corp.*	23,200		748,896
Concho Resources, Inc.*	92,800		2,379,392
PetroHawk Energy Corp.*	116,335		2,346,477
Petroleum Development Corp.*^	51,607		3,574,817
Rex Energy Corp.*^	27,500		457,600
SandRidge Energy, Inc.*	850		33,278
			23,304,115
Total Energy			41,375,204
Financials (5.8%)
Capital Markets (2.2%)
Evercore Partners, Inc., Class A^	75,758		1,344,704
FCStone Group, Inc.*	172,010		4,764,677
Greenhill & Co., Inc.^	50,335		3,501,303
Investment Technology Group, Inc.*	47,960		2,214,793
			11,825,477
Commercial Banks (0.0%)
SVB Financial Group*	6,990		305,043
Consumer Finance (1.4%)
Cash America International, Inc.	162,180		5,903,352
Dollar Financial Corp.*^	62,100		1,428,300
			7,331,652
Insurance (2.2%)
American Safety Insurance Holdings Ltd.*	43,865		750,092
Assured Guaranty Ltd.	118,300		2,808,442
eHealth, Inc.*^	57,356		1,265,847
First Mercury Financial Corp.*^	174,988		3,046,541
Navigators Group, Inc.*	34,741		1,889,910

See Notes to Portfolio of Investments.

87

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Tower Group, Inc.	78,928	$	1,986,618
			11,747,450
Total Financials			31,209,622
Health Care (16.2%)
Biotechnology (1.4%)
Applera Corp.- Celera Group*^	74,423		1,094,018
BioMarin Pharmaceutical, Inc.*^	23,900		845,343
Cubist Pharmaceuticals, Inc.*	69,110		1,273,006
Martek Biosciences Corp.*^	68,100		2,081,817
Myriad Genetics, Inc.*^	29,655		1,194,800
Senomyx, Inc.*^	141,193		833,039
			7,322,023
Health Care Equipment & Supplies (6.1%)
American Medical Systems Holdings, Inc.*^	254,425		3,610,291
Cutera, Inc.*^	115,595		1,557,065
Cynosure, Inc., Class A*	96,000		2,044,800
ev3, Inc.*^	125,000		1,017,500
Hansen Medical, Inc.*^	47,685		670,451
Hologic, Inc.*^	36,400		2,023,840
Idexx Laboratories, Inc.*	52,500		2,586,150
Inverness Medical Innovations, Inc.*^	34,650		1,042,965
Mentor Corp.^	55,105		1,417,301
NuVasive, Inc.*	28,900		997,339
Orthofix International N.V.*^	29,494		1,172,976
SenoRx, Inc.*	114,318		737,351
Sirona Dental Systems, Inc.*^	95,615		2,578,737
SonoSite, Inc.*^	61,464		1,747,422
Spectranetics Corp.*^	154,623		1,292,648
SurModics, Inc.*^	48,655		2,037,671
Symmetry Medical, Inc.*^	87,380		1,450,508
Thoratec Corp.*^	184,760		2,640,220
Volcano Corp.*^	150,950		1,886,875
			32,512,110
Health Care Providers & Services (3.6%)
Animal Health International, Inc.*	203,600		2,227,384
CardioNet, Inc.*	62,850		1,130,671
Centene Corp.*	183,715		2,560,987
Chindex International, Inc.*^	36,400		1,373,736
HMS Holdings Corp.*	65,100		1,858,605
inVentiv Health, Inc.*^	180,961		5,213,486
MWI Veterinary Supply, Inc.*^	26,830		946,026
PSS World Medical, Inc.*^	96,589		1,609,173
Psychiatric Solutions, Inc.*^	60,500		2,052,160
Sun Healthcare Group, Inc.*^	26,200		344,268
			19,316,496
Health Care Technology (1.8%)
Eclipsys Corp.*^	250,345		4,909,266
Omnicell, Inc.*^	197,768		3,975,137
Vital Images, Inc.*^	45,715		677,496
			9,561,899
Life Sciences Tools & Services (2.2%)
Exelixis, Inc.*^	184,283		1,280,767
ICON plc (ADR)*	123,970		8,044,413
Varian, Inc.*	41,585		2,408,603
			11,733,783
Pharmaceuticals (1.1%)
Noven Pharmaceuticals, Inc.*^	103,700		931,226
Sciele Pharma, Inc.*^	257,636		5,023,902
			5,955,128
Total Health Care			86,401,439
Industrials (18.5%)
Aerospace & Defense (1.0%)
DRS Technologies, Inc.	23,900		1,392,892
Esterline Technologies Corp.*	35,000		1,762,950
Heico Corp.^	23,800		1,160,250
TransDigm Group, Inc.*^	22,000		815,100
			5,131,192
Air Freight & Logistics (0.2%)
Hub Group, Inc., Class A*	34,100		1,121,549
Building Products (0.8%)
Ameron International Corp.^	42,620		3,986,249
Commercial Services & Supplies (8.0%)
Advisory Board Co.*^	52,591		2,889,350
Copart, Inc.*	28,900		1,120,164
Corrections Corp. of America*	72,955		2,007,722
FTI Consulting, Inc.*	43,813		3,112,475
GEO Group, Inc.*^	124,325		3,535,803
GeoEye, Inc.*^	36,300		943,437
Healthcare Services Group, Inc.^	36,900		761,616
IHS, Inc., Class A*^	16,270		1,046,324
Innerworkings, Inc.*^	208,935		2,931,358
Interface, Inc., Class A^	129,900		1,825,095
Navigant Consulting, Inc.*	41,300		783,874
On Assignment, Inc.*^	386,078		2,451,595
Resources Connection, Inc.^	180,336		3,222,604
RSC Holdings, Inc.*^	124,800		1,360,320
School Specialty, Inc.*	73,385		2,314,563
Team, Inc.*^	58,000		1,583,400
TeleTech Holdings, Inc.*^	213,274		4,790,134
Waste Connections, Inc.*^	74,630		2,294,126
Watson Wyatt Worldwide, Inc., Class A	60,800		3,450,400
			42,424,360
Construction & Engineering (0.4%)
Northwest Pipe Co.*^	55,300		2,349,697
Electrical Equipment (2.1%)
EnerSys*^	62,600		1,497,392
General Cable Corp.*^	51,735		3,055,986
J.A. Solar Holdings Co., Ltd. (ADR)*^	156,800		2,916,480
Polypore International, Inc.*	67,650		1,399,679
Regal-Beloit Corp.	34,400		1,260,072
Ultralife Batteries, Inc.*^	42,800		505,468
Woodward Governor Co.	19,800		529,056
			11,164,133
Machinery (5.1%)
Actuant Corp.^	105,098		3,175,011
Bucyrus International, Inc.^	46,570		4,733,840
CIRCOR International, Inc.	27,250		1,260,312
Gardner Denver, Inc.*	113,807		4,222,240
Kaydon Corp.^	37,090		1,628,622
Lindsay Corp.^	10,800		1,106,676
Middleby Corp.*^	107,700		6,719,403
RBC Bearings, Inc.*^	48,245		1,791,337

See Notes to Portfolio of Investments.

88

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Robbins & Myers, Inc.		78,400	$	2,559,760
				27,197,201
Marine (0.6%)
DryShips, Inc.		17,700		1,060,407
Kirby Corp.*^		35,300		2,012,100
Ultrapetrol Bahamas Ltd.*		24,455		250,419
				3,322,926
Trading Companies & Distributors (0.3%)
Interline Brands, Inc.*		94,330		1,749,821
Total Industrials				98,447,128
Information Technology (24.1%)
Communications Equipment (1.5%)
Comtech Group, Inc.*^		181,100		1,954,069
EMS Technologies, Inc.*		106,550		2,891,767
F5 Networks, Inc.*		9,000		163,530
Ixia*		417,438		3,239,319
				8,248,685
Computers & Peripherals (1.2%)
Compellent Technologies, Inc.*		159,725		1,996,562
Netezza Corp.*		170,615		1,615,724
Novatel Wireless, Inc.*^		106,370		1,029,662
Synaptics, Inc.*^		67,900		1,621,452
				6,263,400
Electronic Equipment & Instruments (1.4%)
Coherent, Inc.*		153,860		4,291,155
Dolby Laboratories, Inc., Class A*		74,815		2,712,792
Universal Display Corp.*^		42,540		609,173
				7,613,120
Internet Software & Services (6.8%)
Bankrate, Inc.*^		34,707		1,731,532
CNET Networks, Inc.*^		246,370		1,749,227
DealerTrack Holdings, Inc.*^		98,887		1,999,495
Digital River, Inc.*^		50,500		1,563,985
Greenfield Online, Inc.*^		114,760		1,361,054
Internap Network Services Corp.*^		193,100		957,776
Internet Capital Group, Inc.*^		108,215		1,133,011
Knot, Inc.*^		133,307		1,566,357
Marchex, Inc., Class B^		240,725		2,402,435
Mercadolibre, Inc.*^		53,900		2,143,064
Omniture, Inc.*		43,900		1,018,919
SAVVIS, Inc.*^		103,300		1,680,691
SkillSoft plc (ADR)*		586,670		6,142,435
Switch & Data Facilities Co., Inc.*^		116,265		1,187,066
ValueClick, Inc.*^		75,072		1,294,992
VistaPrint Ltd.*^		199,696		6,979,375
Vocus, Inc.*^		52,800		1,393,920
				36,305,334
IT Services (3.7%)
Forrester Research, Inc.*		69,900		1,857,942
Gartner, Inc.*^		118,700		2,295,658
Global Cash Access Holdings, Inc.*^		507,064		2,971,395
iGate Corp.*^		55,700		396,584
Information Services Group, Inc.*^		219,400		1,132,104
SI International, Inc.*^		97,691		1,874,690
SYKES Enterprises, Inc.*		257,950		4,537,341
Wright Express Corp.*^		97,136		2,984,989
Yucheng Technologies Ltd.*^		99,000		1,638,450
				19,689,153
Semiconductors & Semiconductor Equipment (3.1%)
Advanced Energy Industries, Inc.*^		104,415		1,384,543
Diodes, Inc.*^		86,200		1,892,952
Eagle Test Systems, Inc.*^		103,625		1,088,062
Microsemi Corp.*^		184,884		4,215,355
PMC-Sierra, Inc.*^		675,100		3,848,070
Power Integrations, Inc.*		86,129		2,520,135
Silicon Laboratories, Inc.*		49,100		1,548,614
				16,497,731
Software (6.4%)
ACI Worldwide, Inc.*^		45,560		907,555
ANSYS, Inc.*^		88,355		3,050,015
BluePhoenix Solutions Ltd.*^		33,900		283,065
Concur Technologies, Inc.*^		129,000		4,005,450
Double-Take Software, Inc.*^		64,100		748,688
Epicor Software Corp.*^		129,700		1,452,640
FactSet Research Systems, Inc.^		33,240		1,790,639
FalconStor Software, Inc.*^		109,000		829,490
Giant Interactive Group, Inc. (ADR)*^		54,740		692,461
Lawson Software, Inc.*^		336,300		2,532,339
PROS Holdings, Inc.*		106,450		1,335,947
Quality Systems, Inc.^		77,590		2,317,613
Secure Computing Corp.*		285,760		1,843,152
Shanda Interactive Entertainment Ltd. (ADR)*		84,700		2,464,770
Solera Holdings, Inc.*^		231,025		5,627,769
Synchronoss Technologies, Inc.*^		57,200		1,145,716
The9 Ltd. (ADR)*^		48,835		1,001,118
TIBCO Software, Inc.*^		290,205		2,072,064
				34,100,491
Total Information Technology				128,717,914
Materials (3.1%)
Chemicals (2.1%)
FMC Corp		60,400		3,351,596
Quaker Chemical Corp.^		55,685		1,742,384
ShengdaTech, Inc.*^		82,700		702,950
Terra Industries, Inc.*^		129,015		4,583,903
Zoltek Cos., Inc.*^		26,300		697,476
				11,078,309
Construction Materials (0.7%)
Texas Industries, Inc.^		60,630		3,644,469
Containers & Packaging (0.3%)
Greif, Inc.		24,300		1,650,699
Total Materials				16,373,477
Telecommunication Services (0.8%)
Diversified Telecommunication Services (0.5%)
Cbeyond, Inc.*^		28,800		541,152
PAETEC Holding Corp.*^		318,400		2,120,544
				2,661,696
Wireless Telecommunication Services (0.3%)
Centennial Communications Corp.*^		279,700		1,653,027
Total Telecommunication Services				4,314,723
Total Common Stocks (93.2%) (Cost $537,113,299)				496,839,310
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (29.2%)
Atlantis One Funding Corp.
3.06%, 4/2/08	$	896,406		896,406

See Notes to Portfolio of Investments.

89

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)	$	1,995,564	$	1,995,564
Bank of Ireland
2.60%, 12/19/08 (l)		3,325,596		3,325,596
Bank of Scotland plc/London
3.30%, 4/1/08		5,986,694		5,986,694
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		1,463,414		1,463,414
Belmont Funding LLC
4.00%, 4/1/08		4,988,357		4,988,357
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		3,192,904		3,192,904
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		1,995,565		1,995,565
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		1,557,738		1,557,738
Comerica Bank
2.84%, 3/16/09 (l)		665,148		665,148
Commonwealth Bank of Australia/London
3.00%, 4/1/08		5,986,694		5,986,694
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		1,729,489		1,729,489
Den Danske Bank/Copenhagen
3.40%, 4/1/08		2,128,602		2,128,602
Deutsche Bank AG/London
2.49%, 5/1/08 (l)		3,325,941		3,325,941
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		5,072,060		5,072,060
Fifth Third Bancorp
2.61%, 8/22/08 (l)		199,556		199,556
First Tennessee Bank
2.85%, 8/15/08 (l)		5,986,589		5,986,589
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		19,689,570		19,689,570
General Electric Capital Corp.
2.40%, 3/12/10 (l)		266,075		266,075
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		1,330,376		1,330,376
2.41%, 3/27/09 (l)		1,862,526		1,862,526
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		28,967,120		28,967,120
Hartford Life, Inc.
3.25%, 2/2/09 (l)		532,151		532,151
HSBC Holdings plc/London
2.75%, 4/1/08		5,986,694		5,986,694
K2 (USA) LLC
2.37%, 5/29/09 (l)		2,659,839		2,659,839
2.37%, 6/18/09 (l)		3,324,695		3,324,695
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		3,991,098		3,991,098
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		3,325,941		3,325,941
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		5,986,694		5,986,694
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		1,662,954		1,662,954
Links Finance LLC
2.37%, 6/25/09 (l)		997,470		997,470
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		1,662,970		1,662,970
Monumental Global Funding II
2.36%, 4/25/08 (l)		1,596,452		1,596,452
2.43%, 5/26/10 (l)		3,126,384		3,126,384
Morgan Stanley
3.59%, 2/9/09 (l)		5,169,079		5,169,079
3.15%, 5/7/09 (l)		3,325,941		3,325,941
Pricoa Global Funding I
2.40%, 6/25/10 (l)		1,995,115		1,995,115
San Paolo IMI/Ireland
4.62%, 4/8/08		327,940		327,940
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		3,329,320		3,329,320
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		3,325,941		3,325,941
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		665,188		665,188
Total Short-Term Investments of Cash Collateral for Securities Loaned				155,603,850
Time Deposit (7.0%)
JPMorgan Chase Nassau
1.59%, 4/1/08		37,462,131		37,462,131
Total Short-Term Investments (36.2%) (Amortized Cost $193,065,981)				193,065,981
Total Investments (129.4%) (Cost/Amortized Cost $730,179,280)				689,905,291
Other Assets Less Liabilities (-29.4%)				(156,858,159	)
Net Assets (100%)			$	533,047,132

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

(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

See Notes to Portfolio of Investments.

90

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MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	496,839,310	$	193,065,981	$	—	$	689,905,291
Other Investments*		—		—		—		—
Total	$	496 839,310	$	193,065,981	$	—	$	689,905,291
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	288,851,425
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	106,506,736

As of March 31, 2008, 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	$	15,496,220
Aggregate gross unrealized depreciation		(59,996,596	)
Net unrealized depreciation	$	(44,500,376	)
Federal income tax cost of investments	$	734,405,667

At March 31, 2008, the Portfolio had loaned securities with a total value of $152,256,842. This was secured by collateral of $155,603,850 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the three months ended March 31, 2008, the Portfolio incurred approximately $3,478 as brokerage commissions with Raymond James & Associates, Inc., an affiliated broker/dealer.

See Notes to Portfolio of Investments.

91

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.3%)
Auto Components (1.3%)
Aftermarket Technology Corp.*	225,400	$	4,381,776
American Axle & Manufacturing Holdings, Inc.	89,400		1,832,700
ArvinMeritor, Inc.^	711,908		8,905,969
Gentex Corp.^	114,050		1,955,957
			17,076,402
Automobiles (1.1%)
Monaco Coach Corp.^	323,800		3,069,624
Thor Industries, Inc.^	229,100		6,820,307
Winnebago Industries, Inc.^	215,500		3,641,950
			13,531,881
Diversified Consumer Services (0.8%)
INVESTools, Inc.*	207,200		2,277,128
Regis Corp.	288,000		7,917,120
			10,194,248
Hotels, Restaurants & Leisure (1.6%)
Bally Technologies, Inc.*	92,200		3,166,148
Morton’s Restaurant Group, Inc.*^ .	366,625		2,907,336
Red Robin Gourmet Burgers, Inc.*	178,789		6,717,103
Ruby Tuesday, Inc.	429,700		3,222,750
Texas Roadhouse, Inc., Class A*	385,300		3,775,940
			19,789,277
Household Durables (2.1%)
Bassett Furniture Industries, Inc.^	19,600		241,864
D.R. Horton, Inc.^	118,200		1,861,650
Ethan Allen Interiors, Inc.^	165,600		4,708,008
Hooker Furniture Corp.^	246,400		5,504,576
La-Z-Boy, Inc.^	405,700		3,383,538
M.D.C. Holdings, Inc.^	118,300		5,180,357
M/I Homes, Inc.^	285,700		4,851,186
Russ Berrie & Co., Inc.*^	33,300		468,198
			26,199,377
Leisure Equipment & Products (0.7%)
Brunswick Corp.^	244,000		3,896,680
Polaris Industries, Inc.	136,008		5,577,688
			9,474,368
Media (1.3%)
Entercom Communications Corp., Class A^	237,800		2,361,354
Entravision Communications Corp., Class A*	1,341,250		8,932,725
Lions Gate Entertainment Corp.*^	503,700		4,911,075
			16,205,154
Multiline Retail (0.4%)
Fred’s, Inc., Class A^	242,300		2,483,575
Tuesday Morning Corp.*^	434,405		2,250,218
			4,733,793
Specialty Retail (4.5%)
Brown Shoe Co., Inc.^	1,079,976		16,275,238
Charlotte Russe Holding, Inc.*	212,107		3,677,936
Charming Shoppes, Inc.*^	673,300		3,252,039
Christopher & Banks Corp.^	324,500		3,241,755
Collective Brands, Inc.*^	298,310		3,615,517
Group 1 Automotive, Inc.^	132,800		3,118,144
HOT Topic, Inc.*^	286,200		1,233,522
Men’s Wearhouse, Inc.	121,100		2,817,997
Pacific Sunwear of California, Inc.*	426,300		5,375,643
Pier 1 Imports, Inc.*^	472,000		2,964,160
Stein Mart, Inc.^	484,200		2,721,204
TravelCenters of America LLC*	219,610		1,339,621
West Marine, Inc.*^	335,300		2,337,041
Zale Corp.*^	219,600		4,339,296
			56,309,113
Textiles, Apparel & Luxury Goods (1.5%)
Carter’s, Inc.*^	318,400		5,142,160
Iconix Brand Group, Inc.*	230,400		3,997,440
Timberland Co., Class A*^	135,100		1,854,923
Warnaco Group, Inc.*	201,700		7,955,048
			18,949,571
Total Consumer Discretionary			192,463,184
Consumer Staples (1.4%)
Food & Staples Retailing (0.8%)
Casey’s General Stores, Inc.	242,800		5,487,280
Pantry, Inc.*^	201,504		4,247,704
			9,734,984
Personal Products (0.3%)
Prestige Brand Holdings, Inc.*	481,700		3,940,306
Tobacco (0.3%)
Universal Corp.	64,000		4,193,920
Total Consumer Staples			17,869,210
Energy (7.7%)
Energy Equipment & Services (4.4%)
Atwood Oceanics, Inc.*	73,500		6,741,420
Bristow Group, Inc.*^	100,000		5,367,000
Dril-Quip, Inc.*	31,000		1,440,570
Global Industries Ltd.*	89,300		1,436,837
Helix Energy Solutions Group, Inc.* .	149,100		4,696,650
Key Energy Services, Inc.*	295,400		3,964,268
Matrix Service Co.*	206,500		3,547,670
Oceaneering International, Inc.*	100,800		6,350,400
Oil States International, Inc.*	125,000		5,601,250
Rowan Cos., Inc.	59,000		2,429,620
Superior Energy Services, Inc.*	129,400		5,126,828
Tidewater, Inc	33,300		1,835,163
Unit Corp.*	60,800		3,444,320
W-H Energy Services, Inc.*	55,200		3,800,520
			55,782,516
Oil, Gas & Consumable Fuels (3.3%)
Alpha Natural Resources, Inc.*	66,300		2,880,072
Forest Oil Corp.*	146,600		7,177,536
Foundation Coal Holdings, Inc.	97,000		4,882,010
General Maritime Corp.^	110,700		2,613,627
Goodrich Petroleum Corp.*	182,700		5,495,616
Overseas Shipholding Group, Inc.	72,600		5,084,904
Teekay Corp.^	39,346		1,671,025
TXCO Resources, Inc.*^	897,874		11,115,680
			40,920,470
Total Energy			96,702,986
Financials (17.2%)
Capital Markets (1.6%)
Apollo Investment Corp.^	221,400		3,504,762
Knight Capital Group, Inc., Class A*.	313,258		5,087,310
Stifel Financial Corp.*^	82,581		3,707,887
Waddell & Reed Financial, Inc.	256,900		8,254,197
			20,554,156
Commercial Banks (4.0%)
AMCORE Financial, Inc.^	229,800		4,676,430
Bank of the Ozarks, Inc.^	450,252		10,761,023
Chemical Financial Corp.^	187,300		4,465,232

See Notes to Portfolio of Investments.

92

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Intervest Bancshares Corp., Class A	93,600	$	897,624
Peoples Bancorp, Inc./Ohio.	88,500		2,133,735
Prosperity Bancshares, Inc.	182,700		5,236,182
Provident Bankshares Corp.^	266,600		2,863,284
Sterling Bancshares, Inc./Texas	237,883		2,364,557
Texas Capital Bancshares, Inc.*	381,858		6,445,763
UCBH Holdings, Inc.^	482,400		3,743,424
Wintrust Financial Corp.^	192,125		6,714,769
			50,302,023
Consumer Finance (0.5%)
Dollar Financial Corp.*^	211,650		4,867,950
United PanAm Financial Corp.*^	529,861		1,928,694
			6,796,644
Diversified Financial Services (0.3%)
KKR Financial Holdings LLC.	283,400		3,587,844
Insurance (5.6%)
American National Insurance Co.	21,800		2,326,060
Arthur J. Gallagher & Co.	137,500		3,247,750
Aspen Insurance Holdings Ltd.^	361,000		9,523,180
Castlepoint Holdings Ltd.	598,659		5,824,952
Erie Indemnity Co., Class A	22,100		1,131,299
Flagstone Reinsurance Holdings Ltd.	200,100		2,421,210
IPC Holdings Ltd.	225,700		6,319,600
Max Capital Group Ltd.	354,300		9,279,117
Montpelier Reinsurance Holdings Ltd.	359,700		5,773,185
Old Republic International Corp.	528,600		6,824,226
Protective Life Corp.	126,700		5,138,952
RLI Corp.^	70,900		3,514,513
Security Capital Assurance Ltd.^	477,600		248,352
StanCorp Financial Group, Inc.	84,900		4,050,579
Tower Group, Inc.^	184,969		4,655,670
			70,278,645
Real Estate Investment Trusts (REITs) (3.3%)
Arbor Realty Trust, Inc. (REIT)^	124,700		1,880,476
Corporate Office Properties Trust SBI/Maryland (REIT)^	116,100		3,902,121
Digital Realty Trust, Inc. (REIT)	182,900		6,492,950
Extra Space Storage, Inc. (REIT)^	280,800		4,546,152
Home Properties, Inc. (REIT)	106,300		5,101,337
LaSalle Hotel Properties (REIT)^	110,291		3,168,660
MFA Mortgage Investments,Inc. (REIT)	466,500		2,938,950
Mid-America Apartment Communities, Inc. (REIT)	103,000		5,133,520
Sunstone Hotel Investors, Inc. (REIT)	193,607		3,099,648
Washington Real Estate Investment Trust (REIT)^	139,100		4,648,722
			40,912,536
Thrifts & Mortgage Finance (1.9%)
Brookline Bancorp, Inc.^	544,267		6,248,185
Corus Bankshares, Inc.^	234,600		2,282,658
NewAlliance Bancshares, Inc.^	370,300		4,539,878
PMI Group, Inc.^	204,200		1,188,444
Trustco Bank Corp./New York^	633,300		5,630,037
WSFS Financial Corp.^	79,039		3,895,042
			23,784,244
Total Financials			216,216,092
Health Care (6.8%)
Biotechnology (0.2%)
Cubist Pharmaceuticals, Inc.*	126,500		2,330,130
Health Care Equipment & Supplies (2.2%)
American Medical Systems Holdings, Inc.*	290,200		4,117,938
HealthTronics, Inc.*	1,001,500		3,244,860
Hillenbrand Industries, Inc.*	49,200		2,351,760
STERIS Corp.	162,000		4,346,460
Symmetry Medical, Inc.*^	561,200		9,315,920
West Pharmaceutical Services, Inc.^ .	94,400		4,175,312
			27,552,250
Health Care Providers & Services (3.6%)
Air Methods Corp.*	62,222		3,009,678
Emergency Medical Services Corp., Class A*	310,500		7,666,245
Five Star Quality Care, Inc.*^	1,537,674		9,764,230
Gentiva Health Services, Inc.*	175,700		3,823,232
inVentiv Health, Inc.*	173,600		5,001,416
Magellan Health Services, Inc.*	121,800		4,834,242
PSS World Medical, Inc.*	339,000		5,647,740
Skilled Healthcare Group, Inc.*	526,400		5,779,872
			45,526,655
Life Sciences Tools & Services (0.5%)
Kendle International, Inc.*	107,400		4,824,408
PharmaNet Development Group, Inc.*	76,500		1,930,095
			6,754,503
Pharmaceuticals (0.3%)
Medicis Pharmaceutical Corp., Class A^	159,904		3,148,510
Total Health Care			85,312,048
Industrials (20.0%)
Aerospace & Defense (0.4%)
AAR Corp.*^	160,535		4,377,789
Air Freight & Logistics (0.7%)
ABX Holdings, Inc.*^	1,254,620		3,688,583
UTi Worldwide, Inc.	263,620		5,293,489
			8,982,072
Airlines (0.6%)
AirTran Holdings, Inc.*	29,500		194,700
Continental Airlines, Inc., Class B*^ .	189,700		3,647,931
SkyWest, Inc.^	202,400		4,274,688
			8,117,319
Building Products (1.9%)
American Woodmark Corp.^	130,600		2,685,136
Apogee Enterprises, Inc.	291,500		4,489,100
Builders FirstSource, Inc.*^	22,600		164,076
Gibraltar Industries, Inc.^	414,000		4,856,220
Simpson Manufacturing Co., Inc.^	134,200		3,647,556
Universal Forest Products, Inc.^	240,600		7,747,320
			23,589,408
Commercial Services & Supplies (4.3%)
ABM Industries, Inc.^	196,900		4,418,436
Administaff, Inc.	101,500		2,396,415
Consolidated Graphics, Inc.*	75,800		4,248,590
Duff & Phelps Corp., Class A*	267,900		4,819,521
First Advantage Corp., Class A*	58,044		1,229,952
G&K Services, Inc., Class A	104,900		3,735,489
Huron Consulting Group, Inc.*	27,400		1,138,470
Knoll, Inc.	246,600		2,845,764
Korn/Ferry International*^	274,570		4,640,233
Mine Safety Appliances Co.^	157,700		6,495,663

See Notes to Portfolio of Investments.

93

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Viad Corp.^	141,190	$	5,084,252
Waste Connections, Inc.*	145,248		4,464,924
Watson Wyatt Worldwide, Inc., Class A	147,679		8,380,783
			53,898,492
Construction & Engineering (0.7%)
EMCOR Group, Inc.*	184,800		4,104,408
URS Corp.*	138,400		4,524,296
			8,628,704
Electrical Equipment (2.0%)
A.O. Smith Corp.^	65,200		2,143,124
Brady Corp., Class A^	190,600		6,371,758
Franklin Electric Co., Inc.^	97,400		3,328,158
Polypore International, Inc.*	228,000		4,717,320
Powell Industries, Inc.*^	71,900		2,830,703
Regal-Beloit Corp.	165,000		6,043,950
			25,435,013
Industrial Conglomerates (0.5%)
Carlisle Cos., Inc	117,900		3,942,576
Teleflex, Inc.	49,400		2,356,874
			6,299,450
Machinery (5.9%)
Altra Holdings, Inc.*	773,310		10,401,020
Briggs & Stratton Corp.^	148,700		2,661,730
CIRCOR International, Inc.	107,100		4,953,375
Graco, Inc.^	151,700		5,500,642
Kennametal, Inc.	451,400		13,284,702
Middleby Corp.*	88,900		5,546,471
Mueller Industries, Inc.^	241,500		6,967,275
Mueller Water Products, Inc., Class A^	263,770		2,157,639
Nordson Corp.	148,500		7,996,725
RBC Bearings, Inc.*	66,250		2,459,862
Timken Co.	43,100		1,280,932
Trinity Industries, Inc.^	100,200		2,670,330
Wabash National Corp.^	541,300		4,866,287
Watts Water Technologies, Inc., Class A^	135,800		3,806,474
			74,553,464
Marine (0.2%)
American Commercial Lines, Inc.*	169,925		2,684,815
Road & Rail (1.1%)
Dollar Thrifty Automotive Group, Inc.*^	247,900		3,381,356
Genesee & Wyoming, Inc., Class A*	195,900		6,738,960
Kansas City Southern, Inc.*^	75,900		3,044,349
			13,164,665
Trading Companies & Distributors (1.7%)
Beacon Roofing Supply, Inc.*	413,700		4,137,000
Genesis Lease Ltd. (ADR)	211,700		3,080,235
Houston Wire & Cable Co.	269,900		4,323,798
Kaman Corp.	212,930		6,023,790
Watsco, Inc.	93,600		3,876,912
			21,441,735
Total Industrials			251,172,926
Information Technology (15.0%)
Communications Equipment (1.8%)
Adtran, Inc.^	164,200		3,037,700
Avocent Corp.*	285,600		4,826,640
Comtech Telecommunications Corp.*^	113,100		4,410,900
Dycom Industries, Inc.*	338,400		4,064,184
Finisar Corp.*^	2,036,800		2,607,104
Foundry Networks, Inc.*^	271,070		3,138,991
			22,085,519
Computers & Peripherals (0.5%)
Diebold, Inc.	51,100		1,918,805
Electronics for Imaging, Inc.*^	227,598		3,395,762
Synaptics, Inc.*	50,200		1,198,776
			6,513,343
Electronic Equipment & Instruments (4.4%)
Benchmark Electronics, Inc.*^	772,050		13,858,297
Brightpoint, Inc.*	477,500		3,991,900
Cognex Corp.	215,600		4,706,548
CPI International, Inc.*	411,679		4,083,856
FARO Technologies, Inc.*	139,400		4,346,492
Mettler-Toledo International, Inc.*	39,100		3,797,392
Plexus Corp.*	222,100		6,229,905
Rofin-Sinar Technologies, Inc.*^	108,600		4,876,140
TTM Technologies, Inc.*	761,850		8,624,142
			54,514,672
Internet Software & Services (1.3%)
Digital River, Inc.*	83,200		2,576,704
United Online, Inc.	776,100		8,195,616
ValueClick, Inc.*	311,100		5,366,475
			16,138,795
IT Services (2.0%)
CACI International, Inc., Class A*^	115,600		5,265,580
Ness Technologies, Inc.*	392,900		3,728,621
NeuStar, Inc., Class A*	89,600		2,372,608
SI International, Inc.*	207,200		3,976,168
SRA International, Inc., Class A*^	227,700		5,535,387
TNS, Inc.*	200,600		4,140,384
			25,018,748
Semiconductors & Semiconductor Equipment (3.3%)
ChipMOS TECHNOLOGIES Bermuda Ltd.*^	879,500		2,823,195
Cohu, Inc.	246,300		4,002,375
Cymer, Inc.*^	100,800		2,624,832
FEI Co.*	194,500		4,245,935
Integrated Device Technology, Inc.* .	577,400		5,156,182
Mattson Technology, Inc.*^	481,200		2,930,508
Microsemi Corp.*	193,700		4,416,360
Monolithic Power Systems, Inc.*	127,700		2,251,351
OmniVision Technologies, Inc.*^	126,900		2,134,458
ON Semiconductor Corp.*	717,400		4,074,832
Teradyne, Inc.*	338,200		4,200,444
Varian Semiconductor Equipment Associates, Inc.*	97,300		2,738,995
			41,599,467
Software (1.7%)
ACI Worldwide, Inc.*^	227,199		4,525,804
Fair Isaac Corp.^	125,800		2,707,216
Lawson Software, Inc.*^	537,400		4,046,622
MicroStrategy, Inc., Class A*	58,200		4,306,218
Secure Computing Corp.*	941,300		6,071,385
			21,657,245
Total Information Technology			187,527,789
Materials (9.4%)
Chemicals (3.0%)
Airgas, Inc.	106,900		4,860,743
Arch Chemicals, Inc.	99,991		3,725,665
Cabot Corp.^	115,800		3,242,400
Flotek Industries, Inc.*	141,400		2,063,026
Hercules, Inc.	479,200		8,764,568

See Notes to Portfolio of Investments.

94

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Rockwood Holdings, Inc.*		174,100	$	5,705,257
RPM International, Inc.		269,400		5,641,236
Westlake Chemical Corp.^		323,900		4,226,895
				38,229,790
Construction Materials (1.0%)
Eagle Materials, Inc.^		124,400		4,422,420
Headwaters, Inc.*^		568,318		7,496,115
				11,918,535
Containers & Packaging (0.9%)
AptarGroup, Inc.^		131,800		5,130,974
Bemis Co., Inc.		54,600		1,388,478
Packaging Corp. of America^		232,300		5,187,259
				11,706,711
Metals & Mining (3.9%)
Century Aluminum Co.*^		73,400		4,862,016
Gerdau Ameristeel Corp.^		336,800		4,752,248
Haynes International, Inc.*^		87,722		4,814,183
Olympic Steel, Inc.		64,319		2,900,787
Quanex Corp.^		242,400		12,541,776
Reliance Steel & Aluminum Co.		86,900		5,201,834
Schnitzer Steel Industries, Inc., Class A		46,900		3,330,838
Steel Dynamics, Inc.		306,000		10,110,240
				48,513,922
Paper & Forest Products (0.6%)
AbitibiBowater, Inc.^		87,464		1,129,160
Glatfelter^		324,300		4,900,173
Mercer International, Inc.*^		260,600		1,816,382
				7,845,715
Total Materials				118,214,673
Telecommunication Services (1.4%)
Diversified Telecommunication Services (1.4%)
Alaska Communications Systems Group, Inc.		624,600		7,645,104
NTELOS Holdings Corp.		235,000		5,687,000
PAETEC Holding Corp.*		640,000		4,262,400
Total Telecommunication Services				17,594,504
Utilities (3.3%)
Electric Utilities (1.0%)
El Paso Electric Co.*		190,300		4,066,711
IDACORP, Inc.^		189,500		6,084,845
Sierra Pacific Resources		217,100		2,741,973
				12,893,529
Gas Utilities (1.1%)
Atmos Energy Corp.		90,800		2,315,400
Energen Corp.		60,800		3,787,840
South Jersey Industries, Inc.		73,700		2,587,607
UGI Corp.		169,000		4,211,480
				12,902,327
Multi-Utilities (1.2%)
Avista Corp.^		241,000		4,713,960
CMS Energy Corp.		409,900		5,550,046
Vectren Corp.^		170,800		4,582,564
				14,846,570
Total Utilities				40,642,426
Total Common Stocks (97.5%) (Cost $1,439,591,045)				1,223,715,838
	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (1.0%)
Federal Home Loan Bank
1.50%, 4/1/08 (p)(o)	$	12,970,000		12,969,459
Short-Term Investments of Cash Collateral for Securities Loaned (9.9%)
Atlantis One Funding Corp.
3.06%, 4/2/08		712,087		712,087
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		1,585,236		1,585,236
Bank of Ireland
2.60%, 12/19/08 (l)		2,641,787		2,641,787
Bank of Scotland plc/London
3.30%, 4/1/08		4,755,709		4,755,709
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		1,162,506		1,162,506
Belmont Funding LLC
4.00%, 4/1/08		3,962,651		3,962,651
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		2,536,379		2,536,379
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		1,585,236		1,585,236
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		1,237,436		1,237,436
Comerica Bank
2.84%, 3/16/09 (l)		528,380		528,380
Commonwealth Bank of Australia/London
3.00%, 4/1/08		4,755,709		4,755,709
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		1,373,872		1,373,872
Den Danske Bank/Copenhagen
3.40%, 4/1/08		1,690,919		1,690,919
Deutsche Bank AG/London
2.49%, 5/1/08 (l)		2,642,061		2,642,061
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		4,029,142		4,029,142
Fifth Third Bancorp
2.61%, 8/22/08 (l)		158,524		158,524
First Tennessee Bank
2.85%, 8/15/08 (l)		4,755,626		4,755,626
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		15,640,999		15,640,999
General Electric Capital Corp.
2.40%, 3/12/10 (l)		211,365		211,365
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		1,056,824		1,056,824
2.41%, 3/27/09 (l)		1,479,554		1,479,554
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		23,010,898		23,010,898
Hartford Life, Inc.
3.25%, 2/2/09 (l)		422,730		422,730
HSBC Holdings plc/London
2.75%, 4/1/08		4,755,709		4,755,709
K2 (USA) LLC
2.37%, 5/29/09 (l)		2,112,923		2,112,923
2.37%, 6/18/09 (l)		2,641,071		2,641,071
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		3,170,448		3,170,448
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		2,642,061		2,642,061
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		4,755,709		4,755,709
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		1,321,017		1,321,017

See Notes to Portfolio of Investments.

95

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Links Finance LLC
2.37%, 6/25/09 (l)	$	792,370	$	792,370
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		1,321,030		1,321,030
Monumental Global Funding II
2.36%, 4/25/08 (l)		1,268,189		1,268,189
2.43%, 5/26/10 (l)		2,483,537		2,483,537
Morgan Stanley
3.59%, 2/9/09 (l)		4,106,212		4,106,212
3.15%, 5/7/09 (l)		2,642,061		2,642,061
Pricoa Global Funding I
2.40%, 6/25/10 (l)		1,584,879		1,584,879
San Paolo IMI/Ireland
4.62%, 4/8/08		260,509		260,509
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		2,644,745		2,644,745
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		2,642,061		2,642,061
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		528,412		528,412
Total Short-Term Investments of Cash Collateral for Securities Loaned				123,608,573
Time Deposit (1.1%)
JPMorgan Chase Nassau
1.59%, 4/1/08		14,213,299		14,213,299
Total Short-Term Investments (12.0%) (Cost/Amortized Cost $150,791,871)				150,791,331
Total Investments (109.5%) (Cost/Amortized Cost $1,590,382,916)				1,374,507,169
Other Assets Less Liabilities (-9.5%)				(118,734,118	)
Net Assets (100%)			$	1,255,773,051

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

(o) Discount Note Security. Effective rate calculated as of March 31, 2008.

(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 affiliates for the three months ended March 31, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value March 31, 2008		Dividend Income		Realized Loss
Five Star Quality Care, Inc.	$	13,534,594	$	—	$	—	$	9,764,230	$	—	$	—

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

See Notes to Portfolio of Investments.

96

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	1,223,715,838	$	150,791,331	$	—	$	1,374,507,169
Other Investments*		—		—		—		—
Total	$	1,223,715,838	$	150,791,331	$	—	$	1,374,507,169
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Cost of Purchases:
Stocks and long-term corporate debt securities	$	207,406,821
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	406,725,017

As of March 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	59,976,574
Aggregate gross unrealized depreciation		(282,233,440	)
Net unrealized depreciation	$	(222,256,866	)
Federal income tax cost of investments	$	1,596,764,035

At March 31, 2008, the Portfolio had loaned securities with a total value of $120,771,686. This was secured by collateral of $123,608,572 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Portfolio of Investments.

97

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (2.3%)
Hotels, Restaurants & Leisure (0.2%)
Ctrip.com International Ltd. (ADR)	18,373	$	974,137
Household Durables (0.9%)
LG Electronics, Inc.	42,283		5,422,266
Media (1.2%)
Comcast Corp., Class A	162,765		3,147,875
Focus Media Holding Ltd. (ADR)*^	100,635		3,537,320
			6,685,195
Total Consumer Discretionary			13,081,598
Energy (0.1%)
Energy Equipment & Services (0.1%)
Diamond Offshore Drilling, Inc.	3,705		431,262
Weatherford International Ltd.*	1,213		87,906
Total Energy			519,168
Health Care (0.5%)
Health Care Equipment & Supplies (0.5%)
Baxter International, Inc.	16,420		949,405
Becton, Dickinson & Co.	22,405		1,923,469
Total Health Care			2,872,874
Industrials (4.3%)
Commercial Services & Supplies (0.7%)
Manpower, Inc.	45,300		2,548,578
Monster Worldwide, Inc.*	60,900		1,474,389
			4,022,967
Electrical Equipment (2.8%)
ABB Ltd. (Registered)	170,881		4,587,340
First Solar, Inc.*	21,857		5,052,027
Renewable Energy Corp. ASA*	10,380		289,446
SunPower Corp., Class A*^	4,883		363,832
Suntech Power Holdings Co., Ltd. (ADR)*^	140,135		5,683,876
			15,976,521
Industrial Conglomerates (0.8%)
Koninklijke Philips Electronics N.V. (N.Y. Shares) (ADR)^	128,868		4,940,799
Total Industrials			24,940,287
Information Technology (84.7%)
Communications Equipment (18.8%)
ADC Telecommunications, Inc.*^	135,600		1,638,048
Ciena Corp.*^	130,700		4,029,481
Cisco Systems, Inc.*	564,630		13,601,937
Comverse Technology, Inc.*	303,900		4,680,060
Corning, Inc.	859,004		20,650,456
Foxconn International Holdings Ltd.*	1,046,000		1,411,216
Juniper Networks, Inc.*	26,300		657,500
Nice Systems Ltd. (ADR)*	289,025		8,156,286
Nokia Oyj (ADR)	295,745		9,413,563
Polycom, Inc.*^	113,900		2,567,306
QUALCOMM, Inc	545,667		22,372,347
Research In Motion Ltd.*	151,945		17,052,787
Riverbed Technology, Inc.*^	100,713		1,496,595
			107,727,582
Computers & Peripherals (15.7%)
Apple, Inc.*	121,328		17,410,568
EMC Corp.*	899,855		12,903,921
Hewlett-Packard Co.	549,001		25,067,386
International Business Machines Corp.	105,565		12,154,754
NetApp, Inc.*	350,142		7,020,347
SanDisk Corp.*	294,125		6,638,401
Seagate Technology	437,454		9,160,287
			90,355,664
Electronic Equipment & Instruments (3.6%)
Dolby Laboratories, Inc., Class A*	22,903		830,463
Hon Hai Precision Industry Co., Ltd.	1,209,141		6,925,412
Ingram Micro, Inc.*	226,600		3,587,078
L-1 Identity Solutions, Inc.*^	672,254		8,940,978
Nidec Corp.	10,695		657,708
			20,941,639
Internet Software & Services (7.4%)
Alibaba.com Ltd.*	28,600		59,238
Baidu.com (ADR)*^	10,725		2,570,032
eBay, Inc.*	264,325		7,887,458
Equinix, Inc.*^	32,800		2,180,872
Google, Inc., Class A*	50,132		22,081,642
Telecity Group plc*	189,125		694,392
Tencent Holdings Ltd.	648,190		3,693,758
VeriSign, Inc.*^	97,200		3,230,928
			42,398,320
IT Services (5.9%)
Accenture Ltd., Class A	90,500		3,182,885
Automatic Data Processing, Inc.	92,900		3,938,031
Cognizant Technology Solutions Corp., Class A*	147,099		4,240,864
DST Systems, Inc.*^	55,000		3,615,700
Infosys Technologies Ltd. (ADR)	28,875		1,032,859
Iron Mountain, Inc.*^	50,650		1,339,186
VeriFone Holdings, Inc.*^	523,335		8,305,326
Visa, Inc., Class A*	24,425		1,523,143
Western Union Co.	308,900		6,570,303
			33,748,297
Semiconductors & Semiconductor Equipment (17.6%)
Analog Devices, Inc.	62,315		1,839,539
Applied Materials, Inc.	548,470		10,700,650
ASM Pacific Technology Ltd.	250,800		1,809,463
ASML Holding N.V.*	153,420		3,773,660
ASML Holding N.V. (N.Y. Shares) (ADR)*	16,560		410,854
Broadcom Corp., Class A*	410,118		7,902,974
Chartered Semiconductor Manufacturing Ltd.*	1,618,564		852,526
Fairchild Semiconductor International, Inc.*^	171,200		2,040,704
Intel Corp.	1,096,005		23,213,386
Intersil Corp., Class A	49,970		1,282,730
Lam Research Corp.*	147,600		5,641,272
Linear Technology Corp.	38,625		1,185,401
Marvell Technology Group Ltd.*	503,100		5,473,728
Maxim Integrated Products, Inc.	153,000		3,119,670
MEMC Electronic Materials, Inc.*	31,125		2,206,762
Microchip Technology, Inc.^	53,080		1,737,308
NVIDIA Corp.*	78,830		1,560,046
ON Semiconductor Corp.*^	638,978		3,629,395
Samsung Electronics Co., Ltd.	6,193		3,895,834
Samsung Electronics Co., Ltd. (GDR)§^	23,850		7,501,667
Skyworks Solutions, Inc.*	74,800		544,544
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	262,648		2,697,395

See Notes to Portfolio of Investments.

98

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Texas Instruments, Inc.		213,687	$	6,040,931
Varian Semiconductor Equipment Associates, Inc.*^		67,200		1,891,680
				100,952,119
Software (15.7%)
Activision, Inc.*		263,132		7,186,135
Adobe Systems, Inc.*		121,815		4,335,396
Amdocs Ltd.*^		25,651		727,462
BMC Software, Inc.*		60,900		1,980,468
Electronic Arts, Inc.*		241,665		12,063,917
Longtop Financial Technologies Ltd. (ADR)*		7,752		146,358
McAfee, Inc.*		245,282		8,116,381
Microsoft Corp.		1,216,905		34,535,764
Oracle Corp.*		341,195		6,673,774
Red Hat, Inc.*		147,800		2,718,042
Salesforce.com, Inc.*		141,225		8,172,691
SAP AG (ADR)^		17,640		874,415
Temenos Group AG (Registered)*		76,627		2,006,144
TIBCO Software, Inc.*^		65,100		464,814
				90,001,761
Total Information Technology				486,125,382
Materials (0.7%)
Chemicals (0.7%)
Monsanto Co.		33,740		3,762,010
Total Materials				3,762,010
Telecommunication Services (2.4%)
Diversified Telecommunication Services (0.1%)
AT&T, Inc.		10,935		418,811
Telefonica S.A. (ADR)^		3,520		304,515
				723,326
Wireless Telecommunication Services (2.3%)
American Tower Corp., Class A*		64,585		2,532,378
China Mobile Ltd. (ADR)^		142,282		10,672,572
				13,204,950
Total Telecommunication Services				13,928,276
Total Common Stocks (95.0%) (Cost $573,620,789)				545,229,595
INVESTMENT COMPANY:
Exchange Traded Fund (ETF) (0.3%)
iShares S&P North American Technology Sector Index Fund (Cost $1,430,288)		27,400		1,392,742
	Number of Warrants
WARRANT:
Telecommunication Services (0.1%)
Wireless Telecommunication Services (0.1%)
Bharti Airtel Ltd., expiring 11/15/11*§ (Cost $798,314)		35,775		736,607
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (9.4%)
Atlantis One Funding Corp.
3.06%, 4/2/08	$	311,476		311,476
Banco de Sabadell S.A.
3.89%, 4/23/09 (l)		693,402		693,402
Bank of Ireland
2.60%, 12/19/08 (l)		1,155,550		1,155,550
Bank of Scotland plc/London
3.30%, 4/1/08		2,080,205		2,080,205
BBVA Senior Finance S.A.
2.95%, 3/12/10 (l)		508,495		508,495
Belmont Funding LLC
4.00%, 4/1/08		1,733,311		1,733,311
CIT Group Holdings, Inc.
3.97%, 5/19/08 (l)		1,109,443		1,109,443
Citigroup Funding, Inc.
2.36%, 3/16/09 (l)		693,402		693,402
Citigroup Global Markets, Inc.
3.30%, 4/7/08 (l)		541,269		541,269
Comerica Bank
2.84%, 3/16/09 (l)		231,120		231,120
Commonwealth Bank of Australia/London
3.00%, 4/1/08		2,080,205		2,080,205
DekaBank Deutsche Girozentrale
3.93%, 4/30/09 (l)		600,948		600,948
Den Danske Bank/Copenhagen
3.40%, 4/1/08		739,628		739,628
Deutsche Bank AG/London
2.49%, 5/1/08 (l)		1,155,669		1,155,669
DZ Bank International Singapore Ltd.
3.50%, 4/1/08		1,762,396		1,762,396
Fifth Third Bancorp
2.61%, 8/22/08 (l)		69,340		69,340
First Tennessee Bank
2.85%, 8/15/08 (l)		2,080,168		2,080,168
G.X. Clarke & Co., Repurchase Agreement
2.80%, 4/1/08 (r)		6,841,563		6,841,563
General Electric Capital Corp.
2.40%, 3/12/10 (l)		92,454		92,454
Goldman Sachs Group, Inc.
3.12%, 8/18/08 (l)		462,268		462,268
2.41%, 3/27/09 (l)		647,175		647,175
Goldman Sachs Group, Inc., Repurchase Agreement
2.75%, 4/1/08 (r)		10,065,247		10,065,247
Hartford Life, Inc.
3.25%, 2/2/09 (l)		184,907		184,907
HSBC Holdings plc/London
2.75%, 4/1/08		2,080,205		2,080,205
K2 (USA) LLC
2.37%, 5/29/09 (l)		924,218		924,218
2.37%, 6/18/09 (l)		1,155,237		1,155,237
Kommunalkredit Austria AG
3.07%, 7/8/08 (l)		1,386,792		1,386,792
Landesbank Baden-Wuerttemberg/New York
3.32%, 7/9/08 (l)		1,155,669		1,155,669
Landesbank Hessen-Thueringen/Frankfurt
3.00%, 4/1/08		2,080,205		2,080,205
Lehman Brothers Holdings, Inc.
3.17%, 8/21/09 (l)		577,829		577,829
Links Finance LLC
2.37%, 6/25/09 (l)		346,592		346,592
MBIA Global Funding LLC
2.37%, 3/30/09 (l)		577,835		577,835
Monumental Global Funding II
2.36%, 4/25/08 (l)		554,721		554,721
2.43%, 5/26/10 (l)		1,086,329		1,086,329
Morgan Stanley
3.59%, 2/9/09 (l)		1,796,107		1,796,107
3.15%, 5/7/09 (l)		1,155,669		1,155,669

See Notes to Portfolio of Investments.

99

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Pricoa Global Funding I
2.40%, 6/25/10 (l)	$	693,245	$	693,245
San Paolo IMI/Ireland
4.62%, 4/8/08		113,950		113,950
Santander U.S. Debt S.A.U.
2.45%, 9/19/08 (l)		1,156,844		1,156,844
Ulster Bank Ireland Ltd.
2.72%, 4/18/08 (l)		1,155,669		1,155,669
Wachovia Bank N.A.
2.37%, 10/2/08 (l)		231,134		231,134
Total Short-Term Investments of Cash Collateral for Securities Loaned				54,067,891
Time Deposit (4.7%)
JPMorgan Chase Nassau
1.59%, 4/1/08		26,965,599		26,965,599
Total Short-Term Investments (14.1%) (Amortized Cost $81,033,490)				81,033,490
Total Investments (109.5%) (Cost/Amortized Cost $656,882,881)				628,392,434
Other Assets Less Liabilities (-9.5%)				(54,708,440	)
Net Assets (100%)			$	573,683,994

* Non-income producing.

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

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2008, the market value of these securities amounted to $8,238,274 or 1.4% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l) Floating Rate Security. Rate disclosed is as of March 31, 2008.

(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 three months ended March 31, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	235,523,202
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	243,515,690

As of March 31, 2008, 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	$	22,920,750
Aggregate gross unrealized depreciation		(58,984,934	)
Net unrealized depreciation	$	(36,064,184	)
Federal income tax cost of investments	$	664,456,618

See Notes to Portfolio of Investments.

100

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	503,042,267	$	125,350,167	$	—	$	628,392,434
Other Investments*		—		—		—		—
Total	$	503,042,267	$	125,350,167	$	—	$	628,392,434
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

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

	Investments in Securities			Other Investments*
Balance as of 12/31/07	$	863,573		$	—
Total gains or losses (realized/unrealized) included in earnings		(160.660	)		—
Purchases, sales, issuances, and settlements (net)		(702,913	)		—
Transfers in and/or out of Level 3		—			—
Balance as of 3/31/08	$	—		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 3/31/08	$	—		$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

At March 31, 2008, the Portfolio had loaned securities with a total value of $52,948,462. This was secured by collateral of $54,067,891 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 $14,780 which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the three months ended March 31, 2008, the Portfolio incurred approximately $872 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

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.

See Notes to Portfolio of Investments.

101

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		486,422	$	5,039,513
EQ/Equity 500 Index Portfolio‡		214,843		5,063,637
EQ/International ETF Portfolio‡		309,015		3,366,041
EQ/Small Company Index Portfolio‡		92,835		973,108
EQ/Van Kampen Emerging Markets Equity Portfolio‡		70,642		1,133,638
Multimanager Aggressive Equity Portfolio‡		63,555		1,780,996
Multimanager High Yield Portfolio‡		222,047		1,144,905
Multimanager Large Cap Value Portfolio‡		65,147		697,971
Multimanager Mid Cap Growth Portfolio‡		11,947		91,694
Multimanager Mid Cap Value Portfolio‡		49,884		417,168
Total Investment Companies (97.8%) (Cost $21,054,131)				19,708,671
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.1%)
JPMorgan Chase Nassau 1.59%, 4/1/08 (Amortized Cost $214,694)	$	214,694		214,694
Total Investments (98.9%) (Cost/Amortized Cost $21,268,825)				19,923,365
Other Assets Less Liabilities (1.1%)				226,169
Net Assets (100%)			$	20,149,534

‡ 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.

See Notes to Portfolio of Investments.

102

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value March 31, 2008		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	3,488,698	$	1,730,138	$	286,903	$	5,039,513	$	—	$	(3,397	)
EQ/Equity 500 Index Portfolio		3,577,893		1,988,047		132,175		5,063,637		—		(7,621	)
EQ/International ETF Portfolio		2,251,786		1,379,147		74,841		3,366,041		—		6,345
EQ/Small Company Index Portfolio		832,473		242,643		20,484		973,108		—		(2,726	)
EQ/Van Kampen Emerging Markets Equity Portfolio		756,449		543,052		25,356		1,133,638		—		3,448
Multimanager Aggressive Equity Portfolio		1,242,657		782,564		49,924		1,780,996		—		4,215
Multimanager High Yield Portfolio		772,941		427,337		29,753		1,144,905		—		(2,980	)
Multimanager Large Cap Value Portfolio		425,904		323,225		8,461		697,971		—		(1,203	)
Multimanager Mid Cap Growth Portfolio		69,169		37,160		2,642		91,694		—		(314	)
Multimanager Mid Cap Value Portfolio		310,044		148,639		11,596		417,168		—		(2,284	)
	$	13,728,014	$	7,601,952	$	642,135	$	19,708,671	$	—	$	(6,517	)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	—	$	19,923,365	$	—	$	19,923,365
Other Investments*		—		—		—		—
Total	$	—	$	19,923,365	$	—	$	19,923,365
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	7,601,952
Net Proceeds of Sales and Redemptions:
Investment Companies	$	635,618

See Notes to Portfolio of Investments.

103

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

As of March 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	60,370
Aggregate gross unrealized depreciation		(1,408,715	)
Net unrealized depreciation	$	(1,348,345	)
Federal income tax cost of investments	$	21,271,710

See Notes to Portfolio of Investments.

104

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		337,864	$	3,500,397
EQ/Equity 500 Index Portfolio‡		270,349		6,371,846
EQ/International ETF Portfolio‡		354,220		3,858,446
EQ/Small Company Index Portfolio‡		127,764		1,339,239
EQ/Van Kampen Emerging Markets Equity Portfolio‡		74,206		1,190,843
Multimanager Aggressive Equity Portfolio‡		64,977		1,820,840
Multimanager High Yield Portfolio‡		125,753		648,400
Multimanager Large Cap Value Portfolio‡		57,916		620,500
Multimanager Mid Cap Growth Portfolio‡		18,129		139,139
Multimanager Mid Cap Value Portfolio‡		54,251		453,682
Total Investment Companies (100.2%) (Cost $21,952,570)				19,943,332
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.2%)
JPMorgan Chase Nassau 1.59%, 4/1/08 (Amortized Cost $42,517)	$	42,517		42,517
Total Investments (100.4%) (Cost/Amortized Cost $21,995,087)				19,985,849
Other Assets Less Liabilities (-0.4%)				(87,894	)
Net Assets (100%)			$	19,897,955

‡ 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.

See Notes to Portfolio of Investments.

105

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

Investments in companies which were affiliates for the three months ended March 31, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value March 31, 2008		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	2,903,739	$	540,491	$	18,476	$	3,500,397	$	—	$	(290	)
EQ/Equity 500 Index Portfolio		5,775,058		1,214,867		47,255		6,371,846		—		(5,634	)
EQ/International ETF Portfolio		3,419,898		755,949		25,974		3,858,446		—		91
EQ/Small Company Index Portfolio		1,310,528		163,775		6,736		1,339,239		—		(1,374	)
EQ/Van Kampen Emerging Markets Equity Portfolio		1,111,291		268,161		8,927		1,190,843		—		426
Multimanager Aggressive Equity Portfolio		1,661,127		402,438		13,187		1,820,840		—		269
Multimanager High Yield Portfolio		544,225		128,849		5,053		648,400		—		(639	)
Multimanager Large Cap Value Portfolio		572,952		105,645		5,141		620,500		—		(942	)
Multimanager Mid Cap Growth Portfolio		135,182		27,611		1,190		139,139		—		(245	)
Multimanager Mid Cap Value Portfolio		422,590		73,628		3,374		453,682		—		(852	)
	$	17,856,590	$	3,681,414	$	135,313	$	19,943,332	$	—	$	(9,190	)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	—	$	19,985,849	$	—	$	19,985,849
Other Investments*		—		—		—		—
Total	$	—	$	19,985,849	$	—	$	19,985,849
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	3,681,414
Net Proceeds of Sales and Redemptions:
Investment Companies	$	126,123

See Notes to Portfolio of Investments.

106

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

As of March 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	43,528
Aggregate gross unrealized depreciation		(2,055,285	)
Net unrealized depreciation	$	(2,011,757	)
Federal income tax cost of investments	$	21,997,606

See Notes to Portfolio of Investments.

107

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TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡	90,217	$	934,681
EQ/Equity 500 Index Portfolio‡	199,472		4,701,359
EQ/International ETF Portfolio‡	259,958		2,831,674
EQ/Small Company Index Portfolio‡	85,260		893,703
EQ/Van Kampen Emerging Markets Equity Portfolio‡	54,534		875,153
Multimanager Aggressive Equity Portfolio‡	41,652		1,167,203
Multimanager High Yield Portfolio‡	55,220		284,724
Multimanager Large Cap Value Portfolio‡	38,837		416,098
Multimanager Mid Cap Growth Portfolio‡	15,403		118,219
Multimanager Mid Cap Value Portfolio‡	31,928		267,003
Total Investments (100.2%) (Cost $13,702,080)			12,489,817
Other Assets Less Liabilities (-0.2%)			(19,704	)
Net Assets (100%)		$	12,470,113

‡ 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 three months ended March 31, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value March 31, 2008		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	725,876	$	199,725	$	9,778	$	934,681	$	—	$	(25	)
EQ/Equity 500 Index Portfolio		3,867,742		1,270,708		52,175		4,701,359		—		(718	)
EQ/International ETF Portfolio		2,273,602		779,282		28,108		2,831,674		—		2,497
EQ/Small Company Index Portfolio		831,159		152,324		9,396		893,703		—		(1,323	)
EQ/Van Kampen Emerging Markets Equity Portfolio		739,064		266,785		8,569		875,153		—		1,521
Multimanager Aggressive Equity Portfolio		965,925		351,651		14,093		1,167,203		—		2,051
Multimanager High Yield Portfolio		221,099		74,748		3,304		284,724		—		(277	)
Multimanager Large Cap Value Portfolio		320,396		127,227		1,463		416,098		—		(117	)
Multimanager Mid Cap Growth Portfolio		103,739		33,221		1,484		118,219		—		(139	)
Multimanager Mid Cap Value Portfolio		224,760		66,442		3,248		267,003		—		(558	)
	$	10,273,362	$	3,322,113	$	131,618	$	12,489,817	$	—	$	2,912

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

See Notes to Portfolio of Investments.

108

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PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	—	$	12,489,817	$	—	$	12,489,817
Other Investments*		—		—		—		—
Total	$	—	$	12,489,817	$	—	$	12,489,817
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

* Other investments are derivative instruments, such as futures, forwards, written options and swap contracts.

Investment security transactions for the three months ended March 31, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	3,322,113
Net Proceeds of Sales and Redemptions:
Investment Companies	$	134,530

As of March 31, 2008, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	9,882
Aggregate gross unrealized depreciation		(1,222,994	)
Net unrealized depreciation	$	(1,213,112)
Federal income tax cost of investments	$	13,702,929

See Notes to Portfolio of Investments.

109

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TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Equity 500 Index Portfolio‡		153,655	$	3,621,485
EQ/International ETF Portfolio‡		197,481		2,151,120
EQ/Small Company Index Portfolio‡		65,247		683,925
EQ/Van Kampen Emerging Markets Equity Portfolio‡		41,175		660,768
Multimanager Aggressive Equity Portfolio‡		28,596		801,333
Multimanager Large Cap Value Portfolio‡		25,918		277,682
Multimanager Mid Cap Growth Portfolio‡		13,181		101,166
Multimanager Mid Cap Value Portfolio‡		21,550		180,219
Total Investment Companies (99.7%) (Cost $9,485,995)				8,477,698
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 1.59%, 4/1/08 (Amortized Cost $13,585)	$	13,585		13,585
Total Investments (99.8%) (Cost/Amortized Cost $9,499,580)				8,491,283
Other Assets Less Liabilities (0.2%)				13,372
Net Assets (100%)			$	8,504,655

‡ 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 three months ended March 31, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value March 31, 2008		Dividend Income		Realized Gain/(Loss)
EQ/Equity 500 Index Portfolio	$	3,063,876	$	898,947	$	36,674	$	3,621,485	$	—	$	380
EQ/International ETF Portfolio		1,777,561		542,015		18,868		2,151,120		—		2,517
EQ/Small Company Index Portfolio		637,834		113,922		6,221		683,925		—		(717	)
EQ/Van Kampen Emerging Markets Equity Portfolio		580,850		180,454		5,681		660,768		—		1,307
Multimanager Aggressive Equity Portfolio		678,524		226,537		8,593		801,333		—		1,571
Multimanager Large Cap Value Portfolio		222,816		77,082		902		277,682		—		(55	)
Multimanager Mid Cap Growth Portfolio		91,060		26,343		1,117		101,166		—		(58	)
Multimanager Mid Cap Value Portfolio		154,389		42,149		2,119		180,219		—		(426	)
	$	7,206,910	$	2,107,449	$	80,175	$	8,477,698	$	—	$	4,519

See Notes to Portfolio of Investments.

110

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TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

March 31, 2008 (Unaudited)

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

• Level 1 – Quoted prices in active markets for identical securities

• Level 2 – Significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of March 31, 2008:

Description	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investments in Securities	$	—	$	8,491,283	$	—	$	8,491,283
Other Investments*		—		—		—		—
Total	$	—	$	8,491,283	$	—	$	8,491,283
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—
*  Other investments are derivative instruments, such as futures, forwards, written options and swap contracts. Investment security transactions for the three months ended March 31, 2008 were as follows:
Cost of Purchases:
Investment Companies							$	2,107,449
Net Proceeds of Sales and Redemptions:
Investment Companies							$	84,694

As of March 31, 2008, 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	$	—
Aggregate gross unrealized depreciation		(1,008,373	)
Net unrealized depreciation	$	(1,008,373	)
Federal income tax cost of investments	$	9,499,656

See Notes to Portfolio of Investments.

111

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NOTES TO PORTFOLIO OF INVESTMENTS

March 31, 2008 (Unaudited)

Note 1 Valuation

Equity securities listed on national securities exchanges are valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Other unlisted equity securities are valued at their last sale price or official closing price or, if no reported sale occurs during the day, at a bid price estimated by a broker. Securities listed on the NASDAQ exchange will be valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the security is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price.

Convertible preferred stocks listed on national securities exchanges or included on the NASDAQ stock market are valued as of their last sale price or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are valued at bid prices obtained from one or more of the major dealers in such securities. Where there is a discrepancy between dealers, values may be adjusted based on recent premium spreads to the underlying common stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

Mortgage-backed and asset-backed securities are valued at prices obtained from a bond pricing service where available, or at a bid price obtained from one or more of the major dealers in such securities. If a quoted price is unavailable, an equivalent yield or yield spread quote will be obtained from a broker and converted to a price.

Options, including options on futures that are traded on exchanges, are valued at their last sale price, and if the last sale price is not available then the previous day’s last sale price is used. If the bid price is higher or the asked price is lower than the last sale price, the higher bid or lower asked price may be used. Options not traded on an exchange or actively traded are valued at fair value under the direction of the Board of Trustees (“Trustees”).

Long-term corporate bonds may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The prices provided by a pricing service take into account many factors, including institutional size, trading in similar groups of securities and any developments related to specific securities; however, when such prices are unavailable, such bonds will be valued using broker quotes.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are valued at representative quoted prices.

Foreign securities, including foreign government securities, not traded directly, or in American Depositary Receipt (ADR) or similar form in the United States, are valued at representative quoted prices from the primary exchange in the currency of the country of origin.

Short-term investments which mature in 60 days or less are valued at amortized cost, which approximates market value. Short-term investments, which mature in more than 60 days, are valued at representative quoted prices.

Futures contracts are valued at their last sale price or, if there is no sale, at the latest available bid price.

Forward foreign exchange contracts are valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date.

Other securities and assets for which market quotations are not readily available or for which valuation can not be provided, are valued at fair value under the direction of the Trustees.

Investments in the AXA Allocation Portfolios and the Target Allocation Portfolios are valued based on the net asset value per share of each underlying fund, which follow the policies as described above.

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March 31, 2008 (Unaudited)

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.

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U. S. dollars at current exchange rates at the following dates:

(i) market value of investment securities, other assets and liabilities - at the valuation date.

(ii) purchases and sales of investment securities, income and expenses - at the date of such transactions.

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.

Securities Lending:

For all Portfolios, the Board of Trustees has approved the lending of portfolio securities, through 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 returns on the investment of 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 investment returns. The net amount earned, after the interest rebate, is included in the Statements of Operations as securities lending income. At March 31, 2008, 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 invested 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

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March 31, 2008 (Unaudited)

Portfolio’s right to liquidate such securities in the event of a default by the seller could involve certain costs, losses or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Portfolio could suffer a loss.

Options Written:

Certain Portfolios may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the portfolio or to enhance investment performance. Certain Portfolios may purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options which expire unexercised are recognized as gains on the expiration date. Premiums received from writing options which are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale or cost of purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. By writing a covered call option, a Portfolio, in exchange for the premium, foregoes the opportunity for capital appreciation above the exercise price should the market price of the underlying security increase. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options. The Portfolios, however, are not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

Short Sales Against the Box:

Certain Portfolios may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into at least an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box”, may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred 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

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March 31, 2008 (Unaudited)

and the underlying hedged assets. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss. The Portfolios enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade.

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

Certain Portfolios may purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios may enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by “marking to market”. The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from foreign currency transactions in the Statement of Operations. The Advisers may engage in these forward contracts to protect against uncertainty in the level of future exchange rates in 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 Trusts 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

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March 31, 2008 (Unaudited)

value of the securities sold by the Portfolio may decline below the repurchase price of the similar securities. None of the Portfolios had dollar roll transactions outstanding at March 31, 2008.

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.

116

Item 2. Controls and Disclosures.

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

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

Item 3. Exhibits.

Certifications required by Item 3 are filed herewith.

SIGNATURES

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

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

May 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.

By:	/s/ Steven M. Joenk
	Steven M. Joenk
	Chief Executive Officer

May 29, 2008

By:	/s/ Brian Walsh
	Brian Walsh
	Chief Financial Officer and Treasurer

May 29, 2008