UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10509

AXA PREMIER VIP TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and address of agent for service)

Copies to:

MARK AMOROSI, ESQ.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

Telephone: (202) 778-9351

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

Date of fiscal year end: December 31                

Date of reporting period: January 1, 2008 – June 30, 2008                 

Item 1. Reports to Stockholders.

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

AXA Premier VIP Trust

2008 Certified

Semi-Annual Report

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

AXA PREMIER VIP TRUST

SEMI-ANNUAL REPORT

June 30, 2008

Table of Contents

•        Portfolio Characteristics and Understanding Your Expenses	1
•        Portfolio of Investments	23
•        Financial Statements	138
•        Notes to Financial Statements	191
•        Approvals of Investment Advisory Agreements	208
•        Management of the Trust	211
•        Proxy Voting Policies and Procedures	215

  AXA CONSERVATIVE ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2008
EQ/Short Duration Bond Portfolio	34.7	%
EQ/Long Term Bond Portfolio	11.5
Multimanager Core Bond Portfolio	10.1
EQ/PIMCO Real Return Portfolio	8.0
EQ/Evergreen International Bond Portfolio	7.3
Multimanager High Yield Portfolio	5.3
EQ/BlackRock Basic Value Equity Portfolio	3.2
EQ/Marsico Focus Portfolio	2.8
Multimanager Large Cap Value Portfolio	2.4
EQ/AllianceBernstein Value Portfolio	2.1
Multimanager Aggressive Equity Portfolio	1.9
EQ/AllianceBernstein Quality Bond Portfolio	1.7
Multimanager International Equity Portfolio	1.5
EQ/JPMorgan Core Bond Portfolio	1.4
Multimanager Mid Cap Value Portfolio	1.1
Multimanager Large Cap Core Equity Portfolio	1.1
EQ/Davis New York Venture Portfolio	1.1
EQ/International Core PLUS Portfolio	1.0
EQ/Van Kampen Emerging Markets Equity Portfolio	1.0
EQ/BlackRock International Value Portfolio	0.8
EQ/Money Market Portfolio	0.0	#
#       Less than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	982.60	$	0.49
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.37		0.50
Class B
Actual		1,000.00		981.70		1.72
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.12		1.76
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

  AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2008
EQ/Short Duration Bond Portfolio	22.8	%
EQ/Long Term Bond Portfolio	8.3
Multimanager Core Bond Portfolio	7.6
EQ/PIMCO Real Return Portfolio	6.6
EQ/Evergreen International Bond Portfolio	6.2
EQ/BlacRock Basic Value Equity Portfolio	6.0
EQ/Marsico Focus Portfolio	4.8
Multimanager International Equity Portfolio	4.7
Multimanager High Yield Portfolio	4.3
Multimanager Large Cap Value Portfolio	4.2
EQ/AllianceBernstein Value Portfolio	3.7
Multimanager Aggressive Equity Portfolio	2.5
EQ/Davis New York Venture Portfolio	2.5
Multimanager Large Cap Core Equity Portfolio	2.4
EQ/International Core PLUS Portfolio	2.3
EQ/AllianceBernstein Quality Bond Portfolio	2.0
EQ/BlackRock International Value Portfolio	1.7
EQ/GAMCO Small Company Value Portfolio	1.5
EQ/JPMorgan Core Bond Portfolio	1.4
EQ/Franklin Small Cap Value Portfolio	1.2
Multimanager Mid Cap Value Portfolio	1.2
EQ/Van Kampen Emerging Markets Equity Portfolio	1.0
Multimanager Mid Cap Growth Portfolio	0.7
Multimanager Small Cap Value Portfolio	0.4
EQ/Money Market Portfolio	0.0	#
# Less than 0.1%.

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	957.70	$	0.49
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.37		0.50
Class B
Actual		1,000.00		956.90		1.70
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.12		1.76
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

2

  AXA MODERATE ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2008
Multimanager Core Bond Portfolio	10.7	%
EQ/Short Duration Bond Portfolio	9.9
EQ/BlackRock Basic Value Equity Portfolio	8.0
EQ/AllianceBernstein Quality Bond Portfolio	8.0
Multimanager International Equity Portfolio	6.1
EQ/Evergreen International Bond Portfolio	5.9
EQ/Marsico Focus Portfolio	5.5
Multimanager High Yield Portfolio	4.8
EQ/PIMCO Real Return Portfolio	4.8
EQ/Long Term Bond Portfolio	4.6
EQ/AllianceBernstein Value Portfolio	4.0
Multimanager Large Cap Value Portfolio	4.0
Multimanager Aggressive Equity Portfolio	3.7
EQ/International Core PLUS Portfolio	2.9
EQ/Van Kampen Emerging Markets Equity Portfolio	2.7
EQ/Davis New York Venture Portfolio	2.5
Multimanager Large Cap Core Equity Portfolio	2.1
EQ/BlackRock International Value Portfolio	2.1
Multimanager Mid Cap Value Portfolio	1.9
EQ/GAMCO Small Company Growth Portfolio	1.7
Multimanager Small Cap Growth Portfolio	1.0
Multimanager Mid Cap Growth Portfolio	1.0
EQ/Franklin Small Cap Value Portfolio	0.9
EQ/JPMorgan Core Bond Portfolio	0.8
Multimanager Small Cap Value Portfolio	0.4
EQ/Money Market Portfolio	0.0	#
# Less than 0.1%.

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	940.40	$	0.48
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.37		0.50
Class B
Actual		1,000.00		938.90		1.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.12		1.76
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

3

  AXA MODERATE-PLUS ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2008
EQ/BlackRock Basic Value Equity Portfolio	10.2	%
Multimanager Core Bond Portfolio	9.0
Multimanager International Equity Portfolio	8.3
EQ/Short Duration Bond Portfolio	8.1
EQ/Marsico Focus Portfolio	7.8
Multimanager Large Cap Value Portfolio	6.0
EQ/AllianceBernstein Value Portfolio	5.9
Multimanager Aggressive Equity Portfolio	5.5
EQ/Long Term Bond Portfolio	4.9
EQ/BlackRock International Value Portfolio	4.4
EQ/International Core PLUS Portfolio	3.9
Multimanager Large Cap Core Equity Portfolio	3.9
EQ/Van Kampen Emerging Markets Equity Portfolio	3.5
EQ/PIMCO Real Return Portfolio	3.1
EQ/Davis New York Venture Portfolio	3.1
EQ/AllianceBernstein Quality Bond Portfolio	2.1
Multimanager Small Cap Value Portfolio	2.1
Multimanager Mid Cap Value Portfolio	2.0
EQ/GAMCO Small Company Value Portfolio	1.7
Multimanager Small Cap Growth Portfolio	1.4
EQ/Franklin Small Cap Value Portfolio	1.2
EQ/JPMorgan Core Bond Portfolio	1.1
Multimanager Mid Cap Growth Portfolio	0.8

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	910.40	$	0.47
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.37		0.50
Class B
Actual		1,000.00		909.70		1.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.12		1.76
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

4

   AXA AGGRESSIVE ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2008
EQ/BlackRock Basic Value Equity Portfolio	11.9	%
EQ/Marsico Focus Portfolio	10.4
Multimanager International Equity Portfolio	9.2
EQ/BlackRock International Value Portfolio	8.1
Multimanager Large Cap Value Portfolio	8.1
EQ/AllianceBernstein Value Portfolio	7.8
Multimanager Aggressive Equity Portfolio	7.3
EQ/Davis New York Venture Portfolio	5.7
EQ/International Core PLUS Portfolio	5.1
Multimanager Large Cap Core Equity Portfolio	4.9
EQ/Van Kampen Emerging Markets Equity Portfolio	3.7
Multimanager Core Bond Portfolio	3.3
EQ/GAMCO Small Company Value Portfolio	2.8
Multimanager Small Cap Value Portfolio	2.7
EQ/Franklin Small Cap Value Portfolio	2.1
Multimanager Mid Cap Value Portfolio	1.5
EQ/PIMCO Real Return Portfolio	1.3
Multimanager Small Cap Value Portfolio	1.3
EQ/AllianceBernstein Quality Bond Portfolio	1.2
Multimanager Mid Cap Growth Portfolio	1.0
EQ/JPMorgan Core Bond Portfolio	0.6

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	882.80	$	0.47
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.37		0.50
Class B
Actual		1,000.00		882.20		1.64
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.12		1.76
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

5

   MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

Sector Weightings as of 6/30/08	% of Net Assets
Information Technology	26.1	%
Industrials	13.7
Health Care	13.3
Energy	12.6
Consumer Discretionary	12.3
Financials	9.6
Consumer Staples	1.9
Materials	1.7
Telecommunication Services	1.3
Utilities	1.1
Cash and Other	6.4
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	853.30	$	3.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.98		3.92
Class B
Actual		1,000.00		852.30		4.74
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.74		5.17
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.78% and 1.03%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

6

   MULTIMANAGER CORE BOND PORTFOLIO

Distribution of Assets by Sector as of 6/30/08	% of Net Assets
U.S. Government and Agency	56.6	%
Corporate Bonds	26.8
Asset-Backed and Mortgage-Backed Securities	19.5
Commercial Paper	1.3
Foreign Government Securities	1.3
Municipal Securities	0.9
Cash and Other	(6.4	)
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	1,015.0	$	3.76
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.13		3.77
Class B
Actual		1,000.00		1,013.80		5.01
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.89		5.02
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.75% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

7

   MULTIMANAGER HEALTH CARE PORTFOLIO

Sector Weightings as of 6/30/08	% of Net Assets
Pharmaceuticals	32.6	%
Biotechnology	20.8
Health Care Equipment	17.6
Life Sciences Tools & Services	7.2
Managed Health Care	5.0
Health Care Services	4.3
Health Care Facilities	2.6
Consumer Staples	2.6
Health Care Distributors	2.4
Health Care Supplies	0.4
Financials	0.4
Health Care Technology	0.4
Information Technology	0.3
Materials	0.3
Industrials	0.2
Cash and Other	2.9
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	904.80	$	6.77
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.75		7.17
Class B
Actual		1,000.00		903.20		7.95
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.51		8.42
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.43% and 1.68%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

8

   MULTIMANAGER HIGH YIELD PORTFOLIO

Distribution of Assets by Sector as of 6/30/08	% of Net Assets
Corporate Bonds	91.7	%
Commercial Paper	1.3
Convertible Bond	0.8
Convertible Preferred Stocks	0.6
Asset-Backed Securities	0.5
Cash and Other	5.1
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	986.90	$	3.71
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.13		3.77
Class B
Actual		1,000.00		983.10		4.93
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.89		5.02
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.75% and 1.00%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

9

  MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

Sector Weightings as of 6/30/08	% of Net Assets
Financials	20.7	%
Materials	13.3
Industrials	11.6
Energy	11.5
Consumer Discretionary	10.0
Information Technology	7.3
Telecommunication Services	7.2
Health Care	6.5
Consumer Staples	5.8
Utilities	4.1
Cash and Other	2.0
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	887.10	$	5.72
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.80		6.12
Class B
Actual		1,000.00		885.60		6.89
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.55		7.37
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.22% and 1.47%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

10

  MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

Sector Weightings as of 6/30/08	% of Net Assets
Information Technology	21.7	%
Health Care	14.0
Financials	12.3
Energy	11.6
Consumer Discretionary	11.0
Consumer Staples	7.7
Telecommunication Services	4.9
Industrials	4.6
Materials	4.3
Utilities	1.6
Cash and Other	6.3
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	868.80	$	5.11
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.39		5.52
Class B
Actual		1,000.00		867.20		6.27
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.15		6.77
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.10% and 1.35%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

11

  MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

Sector Weightings as of 6/30/08	% of Net Assets
Information Technology	33.4	%
Health Care	19.1
Consumer Discretionary	8.7
Energy	8.6
Industrials	7.8
Financials	7.7
Consumer Staples	7.0
Materials	3.3
Telecommunication Services	2.2
Utilities	0.3
Cash and Other	1.9
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	903.50	$	5.21
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.39		5.52
Class B
Actual		1,000.00		901.80		6.38
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.150		6.77
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.10% and 1.35%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

12

  MULTIMANAGER LARGE CAP VALUE PORTFOLIO

Sector Weightings as of 6/30/08	% of Net Assets
Financials	18.9	%
Energy	16.9
Consumer Staples	10.6
Health Care	10.2
Industrials	9.9
Information Technology	9.3
Consumer Discretionary	9.1
Telecommunication Services	6.7
Materials	4.0
Utilities	2.3
Cash and Other	2.1
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	866.00	$	4.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.69		5.22
Class B
Actual		1,000.00		864.30		5.98
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.45		6.47
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.04% and 1.29%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

13

  MULTIMANAGER MID CAP GROWTH PORTFOLIO

Sector Weightings as of 6/30/08	% of Net Assets
Information Technology	26.5	%
Industrials	19.4
Consumer Discretionary	15.2
Health Care	13.1
Energy	13.1
Financials	5.1
Telecommunication Services	2.5
Materials	2.3
Consumer Staples	0.8
Cash and Other	2.0
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	893.80	$	6.12
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.40		6.52
Class B
Actual		1,000.00		892.70		7.29
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.16		7.77
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.30% and 1.55%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

14

  MULTIMANAGER MID CAP VALUE PORTFOLIO

Sector Weightings as of 6/30/08	% of Net Assets
Financials	18.8	%
Information Technology	14.8
Industrials	14.6
Energy	11.2
Materials	11.1
Consumer Discretionary	9.0
Health Care	8.8
Utilities	4.9
Consumer Staples	3.6
Telecommunication Services	1.0
Cash and Other	2.2
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	932.50	$	6.20
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.45		6.47
Class B
Actual		1,000.00		932.30		7.40
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.21		7.72
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.29% and 1.54%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

15

  MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

Sector Weightings as of 6/30/08	% of Net Assets
Information Technology	27.0	%
Industrials	20.8
Health Care	17.6
Consumer Discretionary	12.3
Energy	9.0
Financials	4.2
Materials	2.9
Consumer Staples	1.5
Telecommunication Services	1.1
Cash and Other	3.6
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Please note that while Class A commenced operations on January 22, 2008, the ‘Hypothetical Expenses Paid During the Period’ reflect projected activity for the full six months for the purposes of comparability.

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period Ended 6/30/08*
Class A†
Actual	$	1,000.00	$	1,007.90	$	5.65
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.50		6.42
Class B
Actual		1,000.00		859.70		7.12
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.21		7.72
†       Class A commenced operations on January 22, 2008. *       Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratio of 1.28% and 1.54% respectively, multiplied by the average account value over the period, multiplied by 161/366 for Class A (to reflect the actual days in the period for the actual example) and multiplied by 182/366 (to reflect the one-half year period for the hypothetical example and Class B).

16

  MULTIMANAGER SMALL CAP VALUE PORTFOLIO

Sector Weightings as of 6/30/08	% of Net Assets
Industrials	18.6	%
Financials	17.1
Consumer Discretionary	15.1
Information Technology	14.0
Materials	9.3
Energy	9.2
Health Care	7.0
Utilities	3.6
Consumer Staples	1.3
Telecommunication Services	1.1
Cash and Other	3.7
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	886.00	$	5.72
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.80		6.12
Class B
Actual		1,000.00		884.30		6.89
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.55		7.37
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.22% and 1.47%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

17

  MULTIMANAGER TECHNOLOGY PORTFOLIO

Sector Weightings as of 6/30/08	% of Net Assets
Semiconductor & Semiconductor Equipment	19.9	%
Communications Equipment	17.2
Software	14.7
Computers & Peripherals	12.9
Internet Software & Services	8.5
IT Services	5.1
Industrials	4.7
Electronic Equipment & Instruments	3.7
Consumer Discretionary	2.4
Telecommunication Services	2.2
Materials	0.4
Energy	0.0	#
Cash and Other	8.3
Total	100.0	%
#       Less than 0.1%.

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	865.70	$	6.54
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.85		7.07
Class B
Actual		1,000.00		864.40		7.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.61		8.32
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.41% and 1.66%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

18

  TARGET 2015 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2008
EQ/Bond Index Portfolio	26.5	%
EQ/Equity 500 Index Portfolio	24.7
EQ/International ETF Portfolio	16.8
Multimanager Aggressive Equity Portfolio	6.1
Multimanager Large Cap Value Portfolio	6.0
Multimanager High Yield Portfolio	6.0
EQ/Van Kampen Emerging Markets Equity Portfolio	5.8
EQ/Small Company Index Portfolio	5.0
Multimanager Mid Cap Value Portfolio	2.8
Multimanager Mid Cap Growth Portfolio	0.3

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	908.80	$	1.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.12		1.76
Class B
Actual		1,000.00		906.90		2.84
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.88		3.02
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

19

  TARGET 2025 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2008
EQ/Equity 500 Index Portfolio	32.2	%
EQ/International ETF Portfolio	19.3
EQ/Bond Index Portfolio	16.0
EQ/Van Kampen Emerging Markets Equity Portfolio	6.6
EQ/Small Company Index Portfolio	6.3
Multimanager Aggressive Equity Portfolio	6.3
Multimanager Large Cap Value Portfolio	6.1
Multimanager High Yield Portfolio	3.8
Multimanager Mid Cap Value Portfolio	3.2
Multimanager Mid Cap Growth Portfolio	0.2

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	892.90	$	1.65
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.12		1.76
Class B
Actual		1,000.00		892.00		2.82
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.88		3.02
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

20

  TARGET 2035 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2008
EQ/Equity 500 Index Portfolio	38.1	%
EQ/International ETF Portfolio	22.3
EQ/Bond Index Portfolio	7.5
EQ/Van Kampen Emerging Markets Equity Portfolio	7.4
EQ/Small Company Index Portfolio	6.8
Multimanager Aggressive Equity Portfolio	6.3
Multimanager Large Cap Value Portfolio	6.1
Multimanager Mid Cap Value Portfolio	2.6
Multimanager High Yield Portfolio	2.4
Multimanager Mid Cap Growth Portfolio	0.5

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	883.10	$	1.64
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.12		1.76
Class B
Actual		1,000.00		882.20		2.81
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.88		3.02
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

21

  TARGET 2045 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies) as of June 30, 2008
EQ/Equity 500 Index Portfolio	42.2	%
EQ/International ETF Portfolio	25.3
EQ/Van Kampen Emerging Markets Equity Portfolio	8.3
EQ/Small Company Index Portfolio	8.0
Multimanager Aggressive Equity Portfolio	6.8
Multimanager Large Cap Value Portfolio	5.7
Multimanager Mid Cap Value Portfolio	2.8
Multimanager Mid Cap Growth Portfolio	0.9

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended June 30, 2008 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 1/1/08		Ending Account Value 6/30/08		Expenses Paid During Period* 1/1/08 - 6/30/08
Class A
Actual	$	1,000.00	$	875.40	$	1.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.12		1.76
Class B
Actual		1,000.00		873.70		2.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.88		3.02
*  Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

22

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		1,530,687	$	15,198,973
EQ/AllianceBernstein Value Portfolio‡		1,605,323		18,948,185
EQ/BlackRock Basic Value Equity Portfolio‡		2,118,334		29,060,781
EQ/BlackRock International Value Portfolio‡		494,137		7,029,704
EQ/Davis New York Venture Portfolio‡		1,005,276		9,873,233
EQ/Evergreen International Bond Portfolio‡		5,886,909		66,128,050
EQ/International Core PLUS Portfolio‡		753,525		9,331,263
EQ/JPMorgan Core Bond Portfolio‡		1,256,562		13,000,581
EQ/Long Term Bond Portfolio‡		7,698,125		104,621,449
EQ/Marsico Focus Portfolio‡		1,621,867		25,168,257
EQ/Money Market Portfolio‡		22,596		22,596
EQ/PIMCO Real Return Portfolio‡		6,581,073		72,566,498
EQ/Short Duration Bond Portfolio‡		30,816,437		315,708,538
EQ/Van Kampen Emerging Markets Equity Portfolio‡		548,910		8,659,923
Multimanager Aggressive Equity Portfolio‡		633,288		17,350,939
Multimanager Core Bond Portfolio‡		8,901,589		91,700,289
Multimanager High Yield Portfolio‡		9,190,843		48,432,548
Multimanager International Equity Portfolio‡		944,858		13,726,083
Multimanager Large Cap Core Equity Portfolio‡		984,390		9,974,419
Multimanager Large Cap Value Portfolio‡		2,158,370		22,028,937
Multimanager Mid Cap Value Portfolio‡		1,193,976		10,236,398
Total Investment Companies (97.8%) (Cost $926,210,031)				908,767,644
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.5%)
JPMorgan Chase Nassau
1.49%, 7/1/08
(Amortized Cost $4,407,981)	$	4,407,981		4,407,981
Total Investments (98.3%) (Cost/Amortized Cost $930,618,012)				913,175,625
Other Assets Less Liabilities (1.7%)				15,336,300
Net Assets (100%)			$	928,511,925

‡ 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 Financial Statements.

23

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value June 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	8,160,588	$	8,207,838	$	1,105,297	$	15,198,973	$	—	$	(19,088	)
EQ/AllianceBernstein Value Portfolio		25,109,754		3,419,862		6,327,226		18,948,185		—		(910,167	)
EQ/BlackRock Basic Value Equity Portfolio		16,736,479		17,577,092		2,659,181		29,060,781		—		(99,949	)
EQ/BlackRock International Value Portfolio		4,618,790		3,495,620		578,602		7,029,704		—		(20,829	)
EQ/Davis New York Venture Portfolio		1,808,042		10,143,985		1,713,651		9,873,233		—		(103,229	)
EQ/Evergreen International Bond Portfolio		43,351,357		33,188,725		10,742,337		66,128,050		—		1,677,371
EQ/International Core PLUS Portfolio		4,796,956		5,277,048		929,076		9,331,263		—		(9,907	)
EQ/JPMorgan Core Bond Portfolio		25,841,092		16,363,135		29,348,171		13,000,581		—		(1,212,309	)
EQ/Long Term Bond Portfolio		73,442,724		58,466,844		25,300,066		104,621,449		—		677,898
EQ/Marsico Focus Portfolio		18,685,766		15,930,054		7,058,756		25,168,257		—		(172,389	)
EQ/Money Market Portfolio		22,250		346		—		22,596		346		—
EQ/PIMCO Real Return Portfolio		42,156,985		33,101,890		4,570,272		72,566,498		—		429,920
EQ/Short Duration Bond Portfolio		179,407,343		154,903,928		21,093,599		315,708,538		—		371,152
EQ/Van Kampen Emerging Markets Equity Portfolio		—		9,636,938		540,649		8,659,923		—		22,718
Multimanager Aggressive Equity Portfolio		11,107,986		9,492,397		1,148,948		17,350,939		—		121,865
Multimanager Core Bond Portfolio		65,612,941		32,880,937		5,660,916		91,700,289		1,889,473		141,366
Multimanager High Yield Portfolio		31,482,211		20,498,918		3,536,924		48,432,548		—		(189,456	)
Multimanager International Equity Portfolio		15,791,302		8,668,942		9,138,030		13,726,083		—		(109,335	)
Multimanager Large Cap Core Equity Portfolio		4,661,572		7,610,024		1,528,878		9,974,419		—		(9,906	)
Multimanager Large Cap Value Portfolio		15,063,933		10,885,400		1,456,509		22,028,937		—		(83,355	)
Multimanager Mid Cap Value Portfolio		6,832,833		4,295,484		584,196		10,236,398		—		(62,375	)
	$	594,690,904	$	464,045,407	$	135,021,284	$	908,767,644	$	1,889,819	$	439,996

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 Financial Statements.

24

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 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	$	—	$	913,175,625	$	—	$	913,175,625
Other Investments*		—		—		—		—
Total	$	—	$	913,175,625	$	—	$	913,175,625
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	464,045,407
Net Proceeds of Sales and Redemptions:
Investment Companies	$	135,461,280

As of June 30, 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	$	5,369,638
Aggregate gross unrealized depreciation		(25,489,111	)
Net unrealized depreciation	$	(20,119,473	)
Federal income tax cost of investments	$	933,295,098

See Notes to Financial Statements.

25

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡	2,846,398	$	28,263,339
EQ/AllianceBernstein Value Portfolio‡	4,362,248		51,489,127
EQ/BlackRock Basic Value Equity Portfolio‡	6,203,647		85,105,951
EQ/BlackRock International Value Portfolio‡	1,712,161		24,357,608
EQ/Davis New York Venture Portfolio‡	3,536,082		34,729,334
EQ/Evergreen International Bond Portfolio‡	7,746,949		87,022,010
EQ/Franklin Small Cap Value Portfolio‡	1,836,575		16,642,543
EQ/GAMCO Small Company Value Portfolio‡	710,645		20,388,292
EQ/International Core PLUS Portfolio‡	2,563,206		31,741,432
EQ/JPMorgan Core Bond Portfolio‡	1,854,892		19,191,005
EQ/Long Term Bond Portfolio‡	8,568,233		116,446,648
EQ/Marsico Focus Portfolio‡	4,311,053		66,899,245
EQ/Money Market Portfolio‡	22,596		22,596
EQ/PIMCO Real Return Portfolio‡	8,460,876		93,294,239
EQ/Short Duration Bond Portfolio‡	31,334,806		321,019,138
EQ/Van Kampen Emerging Markets Equity Portfolio‡	902,216		14,233,883
Multimanager Aggressive Equity Portfolio‡	1,299,352		35,599,843
Multimanager Core Bond Portfolio‡	10,409,870		107,237,944
Multimanager High Yield Portfolio‡	11,574,419		60,993,166
Multimanager International Equity Portfolio‡	4,591,103		66,695,559
Multimanager Large Cap Core Equity Portfolio‡	3,348,397		33,927,925
Multimanager Large Cap Value Portfolio‡	5,853,522		59,742,708
Multimanager Mid Cap Growth Portfolio‡	1,183,307		9,660,311
Multimanager Mid Cap Value Portfolio‡	1,893,593		16,234,470
Multimanager Small Cap Value Portfolio‡	503,920		5,012,820
Total Investments (98.9%) (Cost $1,463,229,165)			1,405,951,136
Other Assets Less Liabilities (1.1%)			15,228,618
Net Assets (100%)		$	1,421,179,754

‡ 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 Financial Statements.

26

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value June 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	22,100,724	$	6,791,400	$	529,673	$	28,263,339	$	—	$	1,593
EQ/AllianceBernstein Value Portfolio		80,765,786		3,223,603		22,529,873		51,489,127		—		(2,204,948	)
EQ/BlackRock Basic Value Equity Portfolio		60,911,467		36,466,759		3,280,939		85,105,951		—		(159,612	)
EQ/BlackRock International Value Portfolio		20,296,266		7,394,162		960,404		24,357,608		—		(143,695	)
EQ/Davis New York Venture Portfolio		13,023,924		25,879,380		1,593,133		34,729,334		—		(148,911	)
EQ/Evergreen International Bond Portfolio		72,206,238		24,894,172		11,625,299		87,022,010		—		1,936,641
EQ/Franklin Small Cap Value Portfolio		15,235,270		3,061,236		424,624		16,642,543		—		(57,700	)
EQ/GAMCO Small Company Value Portfolio		11,737,817		10,504,568		700,948		20,388,292		—		(59,271	)
EQ/International Core PLUS Portfolio		21,231,542		12,478,283		1,948,463		31,741,432		—		(289,458	)
EQ/JPMorgan Core Bond Portfolio		32,114,138		8,443,803		21,000,003		19,191,005		—		(825,029	)
EQ/Long Term Bond Portfolio		98,466,941		33,424,992		14,655,953		116,446,648		—		(316,840	)
EQ/Marsico Focus Portfolio		65,793,738		22,471,226		11,850,363		66,899,245		—		353,099
EQ/Money Market Portfolio		22,250		346		—		22,596		346		—
EQ/PIMCO Real Return Portfolio		72,741,400		19,467,832		2,311,108		93,294,239		—		211,401
EQ/Short Duration Bond Portfolio		254,683,807		73,379,995		10,763,938		321,019,138		—		221,529
EQ/Van Kampen Emerging Markets Equity Portfolio		—		15,687,676		636,567		14,233,883		—		1,425
Multimanager Aggressive Equity Portfolio		22,622,190		18,835,367		1,494,034		35,599,843		—		235,719
Multimanager Core Bond Portfolio		87,734,958		32,955,610		12,288,173		107,237,944		2,190,644		185,139
Multimanager High Yield Portfolio		48,647,273		14,904,350		2,090,530		60,993,166		—		(194,754	)
Multimanager International Equity Portfolio		73,741,775		15,497,041		14,688,232		66,695,559		—		(606,368	)
Multimanager Large Cap Core Equity Portfolio		17,389,427		20,736,891		1,002,741		33,927,925		—		(25,022	)
Multimanager Large Cap Value Portfolio		43,801,606		25,288,286		2,293,084		59,742,708		—		(116,650	)
Multimanager Mid Cap Growth Portfolio		4,997,559		5,078,067		216,963		9,660,311		—		(51,228	)
Multimanager Mid Cap Value Portfolio		14,461,341		3,278,410		662,109		16,234,470		—		(141,054	)
Multimanager Small Cap Value Portfolio		5,066,511		615,431		117,242		5,012,820		—		(36,744	)
	$	1,159,793,948	$	440,758,886	$	139,664,396	$	1,405,951,136	$	2,190,990	$	(2,230,738	)

See Notes to Financial Statements.

27

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 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 June 30, 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	$	—	$	1,405,951,136	$	—	$	1,405,951,136
Other Investments*		—		—		—		—
Total	$	—	$	1,405,951,136	$	—	$	1,405,951,136
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	440,758,886
Net Proceeds of Sales and Redemptions:
Investment Companies	$	137,433,658

As of June 30, 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	$	14,980,038
Aggregate gross unrealized depreciation		(74,565,985	)
Net unrealized depreciation	$	(59,585,947	)
Federal income tax cost of investments	$	1,465,537,083

See Notes to Financial Statements.

28

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		79,537,963	$	789,773,173
EQ/AllianceBernstein Value Portfolio‡		33,926,862		400,450,497
EQ/BlackRock Basic Value Equity Portfolio‡		58,030,573		796,103,789
EQ/BlackRock International Value Portfolio‡		14,855,004		211,330,812
EQ/Davis New York Venture Portfolio‡		24,760,662		243,184,796
EQ/Evergreen International Bond Portfolio‡		52,044,471		584,619,119
EQ/Franklin Small Cap Value Portfolio‡		9,624,191		87,211,794
EQ/GAMCO Small Company Value Portfolio‡		5,723,409		164,203,601
EQ/International Core PLUS Portfolio‡		22,865,566		283,155,431
EQ/JPMorgan Core Bond Portfolio‡		7,363,189		76,180,692
EQ/Long Term Bond Portfolio‡		33,370,361		453,520,220
EQ/Marsico Focus Portfolio‡		35,246,898		546,964,077
EQ/Money Market Portfolio‡		22,596		22,596
EQ/PIMCO Real Return Portfolio‡		42,682,584		470,641,474
EQ/Short Duration Bond Portfolio‡		96,072,622		984,245,767
EQ/Van Kampen Emerging Markets Equity Portfolio‡		16,952,638		267,454,768
Multimanager Aggressive Equity Portfolio‡		13,508,327		370,103,297
Multimanager Core Bond Portfolio‡		102,793,566		1,058,934,489
Multimanager High Yield Portfolio‡		90,173,289		475,181,893
Multimanager International Equity Portfolio‡		41,529,650		603,306,730
Multimanager Large Cap Core Equity Portfolio‡		20,897,594		211,746,665
Multimanager Large Cap Value Portfolio‡		38,722,912		395,217,058
Multimanager Mid Cap Growth Portfolio‡		11,729,001		95,753,493
Multimanager Mid Cap Value Portfolio‡		22,690,871		194,537,178
Multimanager Small Cap Growth Portfolio‡		12,843,851		98,507,182
Multimanager Small Cap Value Portfolio‡		4,074,967		40,536,345
Total Investment Companies (100.1%) (Cost $10,224,890,915)				9,902,886,936
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
1.49%, 7/1/08
(Amortized Cost $13,322,781)	$	13,322,781		13,322,781
Total Investments (100.2%) (Cost/Amortized Cost $10,238,213,696)				9,916,209,717
Other Assets Less Liabilities (-0.2%)				(20,639,810	)
Net Assets (100%)			$	9,895,569,907

‡ 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 Financial Statements.

29

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value June 30, 2008		Dividend Income		Realized Gain/ (Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	979,324,842	$	5,994,562	$	198,131,681	$	789,773,173	$	—	$	(1,962,955	)
EQ/AllianceBernstein Value Portfolio		468,688,742		37,350,207		25,032,514		400,450,497		—		(4,390,525	)
EQ/BlackRock Basic Value Equity Portfolio		875,037,477		90,506,662		60,469,679		796,103,789		—		707,320
EQ/BlackRock International Value Portfolio		221,997,464		16,372,593		480,959		211,330,812		—		(46,960	)
EQ/Davis New York Venture Portfolio		58,207,628		206,689,324		1,163,476		243,184,796		—		(92,626	)
EQ/Evergreen International Bond Portfolio		474,161,279		92,435,620		1,351,195		584,619,119		—		184,169
EQ/Franklin Small Cap Value Portfolio		55,219,432		39,266,054		467,746		87,211,794		—		(49,696	)
EQ/GAMCO Small Company Value Portfolio		109,034,880		68,181,357		746,404		164,203,601		—		(48,463	)
EQ/International Core PLUS Portfolio		233,108,046		58,801,160		1,208,563		283,155,431		—		(108,843	)
EQ/JPMorgan Core Bond Portfolio		161,259,098		15,236,729		99,435,206		76,180,692		—		(4,146,426	)
EQ/Long Term Bond Portfolio		369,460,329		89,238,527		1,474,620		453,520,220		—		(29,496	)
EQ/Marsico Focus Portfolio		572,641,425		73,607,500		19,223,721		546,964,077		—		6,321,483
EQ/Money Market Portfolio		22,250		346		—		22,596		346		—
EQ/PIMCO Real Return Portfolio		271,166,479		186,624,960		1,438,582		470,641,474		—		123,350
EQ/Short Duration Bond Portfolio		857,589,739		140,960,233		27,081,251		984,245,767		—		524,853
EQ/Van Kampen Emerging Markets Equity Portfolio		281,877,025		35,521,419		575,423		267,454,768		—		148,453
Multimanager Aggressive Equity Portfolio		355,150,517		72,905,897		644,581		370,103,297		—		338,746
Multimanager Core Bond Portfolio		981,102,384		134,418,727		47,020,049		1,058,934,489		22,680,338		1,277,000
Multimanager High Yield Portfolio		437,909,725		44,621,960		911,196		475,181,893		—		(3,788	)
Multimanager International Equity Portfolio		637,174,887		41,371,948		770,953		603,306,730		—		17,080
Multimanager Large Cap Core Equity Portfolio		207,360,537		34,299,730		736,532		211,746,665		—		21,060
Multimanager Large Cap Value Portfolio		332,042,719		117,595,395		1,125,888		395,217,058		—		(15,532	)
Multimanager Mid Cap Growth Portfolio		141,196,321		3,366,679		35,354,589		95,753,493		—		(1,269,906	)
Multimanager Mid Cap Value Portfolio		209,809,611		1,522,908		3,387,522		194,537,178		—		(841,108	)
Multimanager Small Cap Growth Portfolio		—		99,271,770		410,579		98,507,182		—		19,771
Multimanager Small Cap Value Portfolio		136,332,306		1,522,907		113,695,446		40,536,345		—		(29,149,032	)
	$	9,426,875,142	$	1,707,685,174	$	642,338,355	$	9,902,886,936	$	22,680,684	$	(32,472,071	)

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 Financial Statements.

30

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 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 June 30, 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	$	—	$	9,916,209,717	$	—	$	9,916,209,717
Other Investments*		—		—		—		—
Total	$	—	$	9,916,209,717	$	—	$	9,916,209,717
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	1,707,685,174
Net Proceeds of Sales and Redemptions:
Investment Companies	$	609,866,284

As of June 30, 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	$	167,890,740
Aggregate gross unrealized depreciation		(494,772,187	)
Net unrealized depreciation	$	(326,881,447	)
Federal income tax cost of investments	$	10,243,091,164

See Notes to Financial Statements.

31

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		24,101,452	$	239,315,662
EQ/AllianceBernstein Value Portfolio‡		56,652,817		668,692,826
EQ/BlackRock Basic Value Equity Portfolio‡		83,581,662		1,146,631,415
EQ/BlackRock International Value Portfolio‡		34,661,515		493,102,935
EQ/Davis New York Venture Portfolio‡		35,505,054		348,709,950
EQ/Franklin Small Cap Value Portfolio‡		15,229,105		138,001,988
EQ/GAMCO Small Company Value Portfolio‡		6,796,403		194,987,616
EQ/International Core PLUS Portfolio‡		35,409,381		438,491,593
EQ/JPMorgan Core Bond Portfolio‡		11,681,934		120,863,094
EQ/Long Term Bond Portfolio‡		40,809,222		554,618,128
EQ/Marsico Focus Portfolio‡		56,169,915		871,649,057
EQ/PIMCO Real Return Portfolio‡		31,762,610		350,231,875
EQ/Short Duration Bond Portfolio‡		88,586,634		907,553,239
EQ/Van Kampen Emerging Markets Equity Portfolio‡		24,886,578		392,625,261
Multimanager Aggressive Equity Portfolio‡		22,670,135		621,119,981
Multimanager Core Bond Portfolio‡		98,484,144		1,014,540,704
Multimanager International Equity Portfolio‡		64,321,404		934,405,557
Multimanager Large Cap Core Equity Portfolio‡		43,038,455		436,090,841
Multimanager Large Cap Value Portfolio‡		65,901,293		672,607,338
Multimanager Mid Cap Growth Portfolio‡		11,412,575		93,170,250
Multimanager Mid Cap Value Portfolio‡		26,066,704		223,479,435
Multimanager Small Cap Growth Portfolio‡		20,451,275		156,853,074
Multimanager Small Cap Value Portfolio‡		23,468,545		233,456,889
Total Investment Companies (100.1%) (Cost $12,250,298,124)				11,251,198,708
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau
1.49%, 7/1/08
(Amortized Cost $4,212,853)	$	4,212,853		4,212,853
Total Investments (100.1%) (Cost/Amortized Cost $12,254,510,977)				11,255,411,561
Other Assets Less Liabilities (-0.1%)				(10,383,208	)
Net Assets (100%)			$	11,245,028,353

‡ 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 Financial Statements.

32

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value June 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	251,497,643	$	13,449,674	$	26,019,495	$	239,315,662	$	—	$	(426,021	)
EQ/AllianceBernstein Value Portfolio		830,567,206		59,569,593		87,600,313		668,692,826		—		(9,447,297	)
EQ/BlackRock Basic Value Equity Portfolio		1,138,526,534		168,338,648		8,857,295		1,146,631,415		—		(483,398	)
EQ/BlackRock International Value Portfolio		590,561,118		52,691,778		76,863,252		493,102,935		—		2,742,391
EQ/Davis New York Venture Portfolio		107,204,829		271,631,339		1,658,737		348,709,950		—		(193,305	)
EQ/Franklin Small Cap Value Portfolio		96,260,327		53,780,714		1,793,574		138,001,988		—		(336,625	)
EQ/GAMCO Small Company Value Portfolio		129,105,532		83,369,690		3,817,150		194,987,616		—		(484,558	)
EQ/International Core PLUS Portfolio		337,841,820		114,646,470		2,064,283		438,491,593		—		447,886
EQ/JPMorgan Core Bond Portfolio		244,870,339		26,248,862		148,954,151		120,863,094		—		(5,185,898	)
EQ/Long Term Bond Portfolio		501,473,616		61,907,582		5,087,194		554,618,128		—		(62,856	)
EQ/Marsico Focus Portfolio .		875,511,044		146,534,673		34,222,020		871,649,057		—		4,553,606
EQ/PIMCO Real Return Portfolio		268,574,814		70,455,827		2,315,578		350,231,875		—		196,591
EQ/Short Duration Bond Portfolio		819,842,982		97,874,586		22,287,344		907,553,239		—		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		72,008,440		70,325,945		392,625,261		—		24,681,427
Multimanager Aggressive Equity Portfolio		577,202,793		142,858,993		5,954,949		621,119,981		—		919,583
Multimanager Core Bond Portfolio		832,367,061		217,460,662		26,698,185		1,014,540,704		20,316,297		151,374
Multimanager International Equity Portfolio		1,031,554,889		67,073,981		35,265,148		934,405,557		—		9,805,927
Multimanager Large Cap Core Equity Portfolio		429,005,647		70,708,002		3,856,495		436,090,841		—		(96,724	)
Multimanager Large Cap Value Portfolio		555,384,606		210,575,961		4,040,478		672,607,338		—		(161,943	)
Multimanager Mid Cap Growth Portfolio		93,733,972		10,391,753		1,221,092		93,170,250		—		(174,354	)
Multimanager Mid Cap Value Portfolio		225,390,950		14,094,506		837,234		223,479,435		—		(209,191	)
Multimanager Small Cap Growth Portfolio		—		157,824,285		33,591		156,853,074		—		342
Multimanager Small Cap Value Portfolio		340,107,411		3,626,555		100,505,988		233,456,889		—		(25,095,776	)
	$	10,848,034,614	$	2,187,122,574	$	750,063,767	$	11,251,198,708	$	20,316,297	$	(14,712,755	)

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 Financial Statements.

33

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 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	$	—	$	11,255,411,561	$	—	$	11,255,411,561
Other Investments*		—		—		—		—
Total	$	—	$	11,255,411,561	$	—	$	11,255,411,561
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	2,187,122,574
Net Proceeds of Sales and Redemptions:
Investment Companies	$	735,351,012

As of June 30, 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	$	36,655,117
Aggregate gross unrealized depreciation		(1,038,383,770	)
Net unrealized depreciation	$	(1,001,728,653	)
Federal income tax cost of investments	$	12,257,140,214

See Notes to Financial Statements.

34

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		3,872,916	$	38,456,171
EQ/AllianceBernstein Value Portfolio‡		21,201,891		250,253,266
EQ/BlackRock Basic Value Equity Portfolio‡		27,826,704		381,746,085
EQ/BlackRock International Value Portfolio‡		18,388,046		261,592,700
EQ/Davis New York Venture Portfolio‡		18,628,674		182,959,977
EQ/Franklin Small Cap Value Portfolio‡		7,403,237		67,086,110
EQ/GAMCO Small Company Value Portfolio‡		3,122,773		89,591,810
EQ/International Core PLUS Portfolio‡		13,240,219		163,960,068
EQ/JPMorgan Core Bond Portfolio‡		1,925,364		19,920,109
EQ/Marsico Focus Portfolio‡		21,658,660		336,100,759
EQ/PIMCO Real Return Portfolio‡		3,820,195		42,123,557
EQ/Van Kampen Emerging Markets Equity Portfolio‡		7,624,293		120,285,312
Multimanager Aggressive Equity Portfolio‡		8,535,463		233,855,983
Multimanager Core Bond Portfolio‡		10,466,812		107,824,530
Multimanager International Equity Portfolio‡		20,339,991		295,481,745
Multimanager Large Cap Core Equity Portfolio‡		15,511,764		157,174,283
Multimanager Large Cap Value Portfolio‡		25,591,761		261,196,795
Multimanager Mid Cap Growth Portfolio‡		3,987,815		32,555,817
Multimanager Mid Cap Value Portfolio‡		5,616,009		48,148,110
Multimanager Small Cap Growth Portfolio‡		11,527,254		88,409,410
Multimanager Small Cap Value Portfolio‡		4,166,346		41,445,356
Total Investment Companies (99.9%) (Cost $3,660,624,262)				3,220,167,953
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
1.49%, 7/1/08
(Amortized Cost $4,813,655)	$	4,813,655		4,813,655
Total Investments (100.0%) (Cost/Amortized Cost $3,665,437,917)				3,224,981,608
Other Assets Less Liabilities (0.0%)				(1,066,440	)
Net Assets (100%)			$	3,223,915,168

‡ 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 Financial Statements.

35

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value June 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	37,440,602	$	1,354,329	$	307,442	$	38,456,171	$	—	$	(16,035	)
EQ/AllianceBernstein Value Portfolio		324,173,884		18,000,382		41,313,318		250,253,266		—		(3,767,455	)
EQ/BlackRock Basic Value Equity Portfolio		373,050,328		64,980,278		5,606,470		381,746,085		—		(315,181	)
EQ/BlackRock International Value Portfolio		304,216,093		26,610,376		29,721,605		261,592,700		—		3,554,109
EQ/Davis New York Venture Portfolio		56,209,996		144,613,179		2,684,248		182,959,977		—		(268,452	)
EQ/Franklin Small Cap Value Portfolio		61,755,001		11,947,718		1,299,371		67,086,110		—		(242,147	)
EQ/GAMCO Small Company Value Portfolio		73,590,462		26,097,845		2,708,605		89,591,810		—		(339,041	)
EQ/International Core PLUS Portfolio		79,983,535		98,094,848		10,830,408		163,960,068		—		1,860,639
EQ/JPMorgan Core Bond Portfolio		34,410,967		2,257,216		16,335,879		19,920,109		—		(850,201	)
EQ/Marsico Focus Portfolio		357,649,623		56,636,343		29,538,958		336,100,759		—		2,952,665
EQ/PIMCO Real Return Portfolio		36,806,250		3,986,502		396,700		42,123,557		—		37,042
EQ/Van Kampen Emerging Markets Equity Portfolio		141,789,592		28,114,260		21,661,406		120,285,312		—		3,170,639
Multimanager Aggressive Equity Portfolio		215,700,402		57,217,494		3,448,957		233,855,983		—		302,087
Multimanager Core Bond Portfolio		75,260,643		34,453,456		917,116		107,824,530		1,997,129		15,799
Multimanager International Equity Portfolio		360,799,589		40,085,824		52,498,649		295,481,745		—		11,847,104
Multimanager Large Cap Core Equity Portfolio		150,492,947		30,983,524		2,983,513		157,174,283		—		(141,590	)
Multimanager Large Cap Value Portfolio		236,104,203		64,893,968		4,037,783		261,196,795		—		(245,413	)
Multimanager Mid Cap Growth Portfolio		32,539,706		4,022,814		719,002		32,555,817		—		(163,686	)
Multimanager Mid Cap Value Portfolio		44,946,093		7,070,118		874,807		48,148,110		—		(201,593	)
Multimanager Small Cap Growth Portfolio		—		88,818,282		802,540		88,409,410		—		(5,818	)
Multimanager Small Cap Value Portfolio		129,559,890		1,441,774		103,811,608		41,445,356		—		(26,620,287	)
	$	3,126,479,806	$	811,680,530	$	332,498,385	$	3,220,167,953	$	1,997,129	$	(9,436,815	)

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 Financial Statements.

36

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 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	$	—	$	3,224,981,608	$	—	$	3,224,981,608
Other Investments*		—		—		—		—
Total	$	—	$	3,224,981,608	$	—	$	3,224,981,608
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	811,680,530
Net Proceeds of Sales and Redemptions:
Investment Companies	$	323,061,570

As of June 30, 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	$	4,237,568
Aggregate gross unrealized depreciation		(445,238,364	)
Net unrealized depreciation	$	(441,000,796	)
Federal income tax cost of investments	$	3,665,982,404

See Notes to Financial Statements.

37

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.3%)
Diversified Consumer Services (0.2%)
Apollo Global Management LLC, Class A*	450,000	$	6,412,500
Hotels, Restaurants & Leisure (3.9%)
Ctrip.com International Ltd. (ADR)^	125,600		5,749,968
Las Vegas Sands Corp.*^	390,686		18,534,144
McDonald’s Corp.	899,466		50,567,979
Wynn Resorts Ltd.^	339,455		27,614,664
			102,466,755
Household Durables (0.6%)
D.R. Horton, Inc.^	1,412,800		15,328,880
Internet & Catalog Retail (1.9%)
Amazon.com, Inc.*	635,800		46,623,214
Liberty Media Corp., Interactive, Class A*	340,000		5,018,400
			51,641,614
Media (4.0%)
Cablevision Systems Corp. - New York Group, Class A*	768,700		17,372,620
CBS Corp., Class B	59,600		1,161,604
Comcast Corp., Class A	117,900		2,236,563
Comcast Corp., Special, Class A^	1,446,674		27,139,604
Liberty Global, Inc., Class A*^	38,500		1,210,055
Liberty Media Corp., Capital Series, Class A*	207,000		2,980,800
Liberty Media Corp., Entertainment Shares, Class A*	268,000		6,493,640
Sirius Satellite Radio, Inc.*^	1,441,400		2,767,488
Time Warner, Inc.	1,272,300		18,830,040
Viacom, Inc., Class B*	58,500		1,786,590
Walt Disney Co.	370,400		11,556,480
XM Satellite Radio Holdings, Inc., Class A*^	1,577,900		12,370,736
			105,906,220
Multiline Retail (0.2%)
Kohl’s Corp.*	157,200		6,294,288
Specialty Retail (1.2%)
Abercrombie & Fitch Co., Class A	107,100		6,713,028
Lowe’s Cos., Inc.	643,043		13,343,142
Tiffany & Co.	140,700		5,733,525
Ulta Salon Cosmetics & Fragrance, Inc.*^	412,445		4,635,882
			30,425,577
Textiles, Apparel & Luxury Goods (0.3%)
Polo Ralph Lauren Corp.	135,270		8,492,251
Total Consumer Discretionary			326,968,085
Consumer Staples (1.9%)
Beverages (0.3%)
Coca-Cola Co.	135,065		7,020,679
Food & Staples Retailing (0.8%)
CVS Caremark Corp.	556,634		22,026,007
Food Products (0.8%)
Kraft Foods, Inc., Class A	798,900		22,728,705
Total Consumer Staples			51,775,391
Energy (12.6%)
Energy Equipment & Services (7.5%)
FMC Technologies, Inc.*	14,007		1,077,558
Halliburton Co.^	224,100		11,892,987
Nabors Industries Ltd.*^	324,245		15,962,581
National Oilwell Varco, Inc.*	246,173		21,840,469
Schlumberger Ltd.	265,483		28,520,839
Transocean, Inc.*	224,700		34,242,033
Weatherford International Ltd.*	1,760,200		87,288,318
			200,824,785
Oil, Gas & Consumable Fuels (5.1%)
Anadarko Petroleum Corp.	1,267,300		94,844,732
Denbury Resources, Inc.*	66,555		2,429,257
Petroleo Brasileiro S.A. (ADR)^	340,544		24,120,732
XTO Energy, Inc.	192,100		13,160,771
			134,555,492
Total Energy			335,380,277
Financials (9.6%)
Capital Markets (3.8%)
Goldman Sachs Group, Inc.	156,899		27,441,635
Janus Capital Group, Inc.	328,700		8,700,689
Lehman Brothers Holdings, Inc.^	1,428,200		28,292,642
Merrill Lynch & Co., Inc.^	626,200		19,856,802
Riskmetrics Group, Inc.*^	278,000		5,459,920
TD Ameritrade Holding Corp.*	656,272		11,871,961
			101,623,649
Commercial Banks (1.5%)
Industrial & Commercial Bank of China Ltd., Class H	40,922,000		27,973,229
Wells Fargo & Co.	499,995		11,874,881
			39,848,110
Diversified Financial Services (2.5%)
CIT Group, Inc.	60,000		408,600
Citigroup, Inc.	1,088,500		18,243,260
CME Group, Inc.	40,105		15,367,835
Interactive Brokers Group, Inc., Class A*^	229,570		7,376,084
MarketAxess Holdings, Inc.*^	843,620		6,377,767
NASDAQ OMX Group, Inc.*	710,572		18,865,687
			66,639,233
Insurance (0.5%)
American International Group, Inc.	512,200		13,552,812
Real Estate Investment Trusts (REITs) (0.5%)
ProLogis (REIT)^	243,634		13,241,508
Thrifts & Mortgage Finance (0.8%)
Fannie Mae	348,100		6,791,431
Freddie Mac^	768,300		12,600,120
			19,391,551
Total Financials			254,296,863
Health Care (13.3%)
Biotechnology (8.4%)
Alnylam Pharmaceuticals, Inc.*^	387,945		10,369,770
Amgen, Inc.*	541,800		25,551,288
Applera Corp.- Celera Group*	1,123,491		12,762,858
Biogen Idec, Inc.*	671,200		37,513,368
Cepheid, Inc.*^	778,708		21,897,269
Combinatorx, Inc.*^	719,215		2,553,213

See Notes to Financial Statements.

38

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Genentech, Inc.*	353,330	$	26,817,747
Genomic Health, Inc.*^	458,300		8,776,445
Genzyme Corp.*	530,000		38,170,600
Gilead Sciences, Inc.*	49,607		2,626,691
ImClone Systems, Inc.*^	297,100		12,020,666
Memory Pharmaceuticals Corp.*	1,267,600		494,364
Myriad Genetics, Inc.*^	143,000		6,509,360
Sangamo BioSciences, Inc.*^	756,500		7,527,175
Senomyx, Inc.*^	995,350		4,907,075
Vertex Pharmaceuticals, Inc.*^	119,000		3,982,930
			222,480,819
Health Care Equipment & Supplies (1.3%)
Covidien Ltd.	291,950		13,981,485
Given Imaging Ltd.*^	934,548		13,775,238
Insulet Corp.*^	506,900		7,973,537
			35,730,260
Health Care Providers & Services (1.1%)
UnitedHealth Group, Inc	1,158,600		30,413,250
Life Sciences Tools & Services (0.6%)
Compugen Ltd.*^	1,328,450		2,842,883
Illumina, Inc.*^	69,780		6,078,536
Qiagen N.V.*^	304,090		6,121,332
			15,042,751
Pharmaceuticals (1.9%)
Alexza Pharmaceticals, Inc.*^	1,185,740		4,671,815
BioMimetic Therapeutics, Inc.*^	105,465		1,257,143
Forest Laboratories, Inc.*	720,600		25,033,644
Johnson & Johnson	139,700		8,988,298
King Pharmaceuticals, Inc.*^	316,500		3,313,755
Teva Pharmaceutical Industries Ltd. (ADR)^	40,100		1,836,580
Valeant Pharmaceuticals International*^	250,600		4,287,766
			49,389,001
Total Health Care			353,056,081
Industrials (13.7%)
Aerospace & Defense (2.5%)
General Dynamics Corp.	269,682		22,707,224
L-3 Communications Holdings, Inc	212,600		19,318,962
Lockheed Martin Corp.	231,594		22,849,064
Precision Castparts Corp.	15,019		1,447,381
			66,322,631
Air Freight & Logistics (0.5%)
FedEx Corp.	157,800		12,433,062
Airlines (0.7%)
Continental Airlines, Inc., Class B*^	1,544,298		15,612,853
Delta Air Lines, Inc.*^	516,990		2,946,843
			18,559,696
Construction & Engineering (4.2%)
Foster Wheeler Ltd.*	227,900		16,670,885
Quanta Services, Inc.*^	1,325,965		44,114,856
Shaw Group, Inc.*	745,489		46,063,765
URS Corp.*	141,028		5,918,945
			112,768,451
Electrical Equipment (2.9%)
ABB Ltd. (ADR)*	202,000		5,720,640
Baldor Electric Co.^	278,700		9,748,926
EnerSys*^	256,825		8,791,120
First Solar, Inc.*^	23,800		6,493,116
General Cable Corp.*^	406,500		24,735,525
Thomas & Betts Corp.*	536,900		20,321,665
			75,810,992
Industrial Conglomerates (0.4%)
Tyco International Ltd.	291,950		11,689,678
Machinery (1.0%)
Caterpillar, Inc.	259,900		19,185,818
Pall Corp.	176,700		7,011,456
			26,197,274
Road & Rail (1.5%)
Norfolk Southern Corp.	171,408		10,742,139
Union Pacific Corp.	390,218		29,461,459
			40,203,598
Total Industrials			363,985,382
Information Technology (26.1%)
Communications Equipment (6.5%)
Arris Group, Inc.*^	86,393		730,021
Ciena Corp.*	279,020		6,464,893
Cisco Systems, Inc.*	1,301,300		30,268,238
JDS Uniphase Corp.*	1,800,102		20,449,159
Juniper Networks, Inc.*	1,034,748		22,950,711
Motorola, Inc.	597,600		4,386,384
Nokia Oyj (ADR)	2,238,900		54,853,050
QUALCOMM, Inc	636,300		28,232,631
Research In Motion Ltd.*	36,418		4,257,264
			172,592,351
Computers & Peripherals (3.1%)
Apple, Inc.*	194,077		32,496,253
EMC Corp.*	782,500		11,494,925
NetApp, Inc.*	833,430		18,052,094
SanDisk Corp.*^	733,325		13,713,177
Seagate Technology^	303,700		5,809,781
			81,566,230
Electronic Equipment & Instruments (1.5%)
5N Plus, Inc.*	928,006		9,901,643
Dolby Laboratories, Inc., Class A*	10,000		403,000
Itron, Inc.*^	107,530		10,575,575
Trimble Navigation Ltd.*^	172,000		6,140,400
Tyco Electronics Ltd.	326,950		11,711,349
			38,731,967
Internet Software & Services (4.9%)
eBay, Inc.*	1,365,300		37,313,649
Equinix, Inc.*^	112,200		10,010,484
Google, Inc., Class A*	73,287		38,579,743
Move, Inc.*	2,659,140		6,195,796
Yahoo!, Inc.*	1,885,300		38,950,298
			131,049,970
IT Services (2.2%)
Mastercard, Inc., Class A	85,482		22,697,180
Visa, Inc., Class A*	449,822		36,575,027
			59,272,207
Office Electronics (0.1%)
Zebra Technologies Corp., Class A*	93,500		3,051,840
Semiconductors & Semiconductor Equipment (4.1%)
Advanced Micro Devices, Inc.*	1,928,261		11,241,762
Broadcom Corp., Class A*	373,700		10,198,273
Cirrus Logic, Inc.*^	201,100		1,118,116
DSP Group, Inc.*^	78,700		550,900
Intel Corp.	191,300		4,109,124
International Rectifier Corp.*	401,980		7,718,016
Lam Research Corp.*	501,380		18,124,887
Micron Technology, Inc.*^	1,017,900		6,107,400

See Notes to Financial Statements.

39

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Netlogic Microsystems, Inc.*^		239,807	$	7,961,592
NVIDIA Corp.*		339,100		6,347,952
RF Micro Devices, Inc.*^		226,700		657,430
Silicon Laboratories, Inc.*		207,423		7,485,896
Teradyne, Inc.*		188,200		2,083,374
Texas Instruments, Inc.		846,700		23,843,072
				107,547,794
Software (3.7%)
Activision, Inc.*		142,275		4,847,309
Autodesk, Inc.*		143,100		4,838,211
Electronic Arts, Inc.*		478,900		21,277,527
Nuance Communications, Inc.*^		668,825		10,480,488
Red Hat, Inc.*^		1,428,250		29,550,493
Salesforce.com, Inc.*		118,165		8,062,398
Shanda Interactive Entertainment Ltd. (ADR)*^		285,646		7,755,289
VMware, Inc., Class A*^		231,190		12,451,893
				99,263,608
Total Information Technology				693,075,967
Materials (1.7%)
Chemicals (1.7%)
Air Products & Chemicals, Inc.		171,389		16,943,517
Monsanto Co.		201,318		25,454,648
Praxair, Inc.		34,900		3,288,976
Total Materials				45,687,141
Telecommunication Services (1.3%)
Diversified Telecommunication Services (0.6%)
AT&T, Inc.		465,733		15,690,545
Wireless Telecommunication Services (0.7%)
China Mobile Ltd. (ADR)^		298,971		20,016,108
Total Telecommunication Services				35,706,653
Utilities (1.1%)
Electric Utilities (0.1%)
ITC Holdings Corp.^		70,240		3,589,966
Independent Power Producers & Energy Traders (1.0%)
Dynegy, Inc., Class A*		665,700		5,691,735
Reliant Energy, Inc.*		913,100		19,421,637
				25,113,372
Total Utilities				28,703,338
Total Common Stocks (93.6%) (Cost $2,628,342,863)				2,488,635,178
	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 (5.5%)
Federal Home Loan Bank
2.00%, 7/1/08 (p)(o)	$	145,703,000		145,695,397
Short-Term Investments of Cash Collateral for Securities Loaned (15.9%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)		5,470,000		5,470,000
Bank of Ireland
2.83%, 12/19/08 (l)		9,119,372		9,119,372
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)		4,010,000		4,010,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		5,470,000		5,470,000
Comerica Bank
2.50%, 3/16/09 (l)		1,819,918		1,819,918
Credit Industriel et Commercial/New York
2.94%, 8/7/08		9,120,000		9,120,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		4,740,000		4,740,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		244,755,326		244,755,326
Fifth Third Bancorp
2.49%, 8/22/08 (l)		550,000		550,000
First Tennessee Bank
2.50%, 8/15/08 (l)		16,410,000		16,410,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		730,000		730,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		3,650,000		3,650,000
2.16%, 3/27/09 (l)		5,110,000		5,110,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		1,460,000		1,460,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		7,287,998		7,287,998
2.12%, 6/18/09 (l)		9,117,275		9,117,275
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		10,940,000		10,940,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		9,120,000		9,120,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		4,559,963		4,559,963
Links Finance LLC
2.12%, 6/25/09 (l)		2,729,318		2,729,318
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		4,560,000		4,560,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		8,570,000		8,570,000
Morgan Stanley
3.22%, 2/9/09 (l)		14,179,708		14,179,708
2.65%, 5/7/09 (l)		9,120,000		9,120,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		5,468,906		5,468,906
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		9,124,581		9,124,581
Standard Chartered Bank/New York
2.79%, 8/7/08		13,670,000		13,670,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		1,820,000		1,820,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				422,682,365
Time Deposit (1.3%)
JPMorgan Chase Nassau
1.49%, 7/1/08		34,662,282		34,662,282
Total Short-Term Investments (22.7%) (Cost/Amortized Cost $603,047,646)				603,040,044

See Notes to Financial Statements.

40

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount	Value (Note 1)
Total Investments (116.3%) (Cost/Amortized Cost $3,231,390,509)		$	3,091,675,222
Other Assets Less Liabilities (-16.3%)			(434,401,600	)
Net Assets (100%)		$	2,657,273,622

* 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 June 30, 2008.

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

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 June 30, 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	$	2,454,249,449	$	637,425,773	$	—	$	3,091,675,222
Other Investments*		—		—		—		—
Total	$	2,454,249,449	$	637,425,773	$	—	$	3,091,675,222
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,214,507,266
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,046,275,224

See Notes to Financial Statements.

41

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

As of June 30, 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	$	287,059,054
Aggregate gross unrealized depreciation		(469,092,897	)
Net unrealized depreciation	$	(182,033,843	)
Federal income tax cost of investments	$	3,273,709,065

At June 30, 2008, the Portfolio had loaned securities with a total value of $405,707,565. This was secured by collateral of $422,682,365 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 $245,260, 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 $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 Financial Statements.

42

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
LONG TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (19.5%)
Asset-Backed Securities (4.5%)
ACE Securities Corp., Series 2006 - HE3 A2A
2.533%, 6/25/36(l)(b)	$	639,501	$	637,350
Aegis Asset Backed Securities Trust, Series 2006 - 1 A1
2.563%, 1/25/37(l)(b)		4,230,077		4,118,435
Ameriquest Mortgage Securities, Inc., Series 2004 - R11 A1
2.785%, 11/25/34(l)(b)†		3,166,159		2,326,592
Amortizing Residential Collateral Trust, Series 2002 - BC3M A
2.753%, 6/25/32(l)(b)		34,066		31,900
Series 2002 - BC4 A
2.773%, 7/25/32(l)(b)		8,882		7,408
Asset Backed Funding Certificates, Series 2006 - OPT3 A3A
2.543%, 11/25/36(l)(b)		4,826,910		4,724,021
Bank of America Credit Card Trust, Series 2008 - A5 A5
3.671%, 12/16/13(l)		12,000,000		12,178,133
Bear Stearns Asset Backed Securities Trust, Series 2002 - 2 A1
3.143%, 10/25/32(l)(b)		21,862		19,212
Series 2003 - 2 A2
2.932%, 3/25/43(l)(b)		81,812		80,575
Cendant Mortgage Corp., Series 2003 - A A1
5.988%, 7/25/43(l)(b)§		78,904		74,200
Chase Issuance Trust, Series 2007 - A17 A
5.120%, 10/15/14		9,100,000		9,196,680
Series 2008 - A7 A7
3.121%, 11/15/11(l)		1,800,000		1,804,143
Series 2008 - A9 A9
4.260%, 5/15/13		11,260,000		11,186,738
Chase Manhattan Auto Owner Trust, Series 2005 - A A3
3.870%, 6/15/09		595,038		595,638
Countrywide Asset-Backed Certificates, Series 2006 - 19 2A1
2.542%, 3/25/37(l)(b)		3,841,870		3,768,758
CS First Boston Mortgage Securities Corp., Series 2001 - HE17 A1
3.103%, 1/25/32(l)(b)		28,294		26,009
Daimler Chrysler Auto Trust, Series 2006 - B A3
5.330%, 8/8/10		3,906,351		3,942,149
Series 2006 - C A3
5.020%, 7/8/10		8,785,629		8,849,751
Series 2006 - D A4
4.940%, 2/8/12		9,900,000		10,040,321
Fieldstone Mortgage Investment Corp., Series 2006 - 1 A1
2.563%, 5/25/36(l)(b)		117,641		117,324
Ford Credit Auto Owner Trust, Series 2005 - C A3
4.300%, 8/15/09		275,258		275,447
Series 2006 - B A3
5.260%, 10/15/10		11,344,123		11,457,421
GSAA Home Equity Trust, Series 2006 - 5 2A1
2.553%, 3/25/36(l)(b)		2,891,002		2,606,818
Home Equity Asset Trust, Series 2002 - 1 A4
3.083%, 11/25/32(l)(b)		4,106		3,283
Honda Auto Receivables Owner Trust, Series 2005 - 6 A3
4.850%, 10/19/09		1,890,199		1,897,181
Series 2008 - 1 A2
3.770%, 9/20/10		12,365,000		12,387,628
Mid-State Trust, Series 4 A
8.330%, 4/1/30		256,740		253,391
Nationstar Home Equity Loan Trust, Series 2006 - B AV1
2.553%, 9/25/36(l)(b)		888,519		881,540
Nissan Auto Receivables Owner Trust, Series 2006 - B A3
5.160%, 2/15/10		4,226,904		4,254,756
Series 2008 - B A2
3.800%, 10/15/10		11,900,000		11,938,408
Renaissance Home Equity Loan Trust, Series 2003 - 2A 2
2.923%, 8/25/33(l)(b)		38,841		34,344
Series 2003 - 3A 3
2.983%, 12/25/33(l)(b)		250,081		207,598
Salomon Brothers Mortgage Securities VII, Inc., Series 2002 - CIT1 A
2.783%, 3/25/32(l)(b)		47,371		46,373
Saxon Asset Securities Trust, Series 2002 - 1 AV2
3.023%, 1/25/32(l)(b)		5,169		5,153
SLM Student Loan Trust, Series 2008 - 5 A4
4.597%, 7/25/23(l)		9,560,000		9,942,400
Series 2008 - 5 A3
4.197%, 1/25/18(l)		3,550,000		3,642,080
Series 2008 - 5 A2
3.997%, 10/25/16(l)		14,040,000		14,252,790
Structured Asset Securities Corp., Series 2002 - HF1 A
2.773%, 1/25/33(l)(b)		99,101		83,986
Series 2003 - 2
3.317%, 1/21/09(l)§		813,035		800,840
Series 2003 - AL2 A
3.357%, 1/25/31§		723,907		567,997
Wells Fargo Home Equity Trust, Series 2005 - 2 AII2
2.723%, 10/25/35(l)(b)§		369,128		360,930
				149,625,701
Non-Agency CMO (15.0%)
American Home Mortgage Assets, Series 2006 - 6 A1A
2.673%, 12/25/46(l)		1,442,578		995,581
Banc of America Alternative Loan Trust, Series 2004 - 5 4A1
5.000%, 6/25/19		1,345,694		1,263,270
Series 2004 - 6 4A1
5.000%, 7/25/19		1,310,015		1,255,976
Banc of America Commercial Mortgage, Inc., Series 2000 - 1 A2A
7.333%, 11/15/31(l)		6,221,209		6,356,399

See Notes to Financial Statements.

43

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2001 - 1 A2
6.503%, 4/15/36	$	4,077,896	$	4,179,865
Series 2002 - PB2 A4
6.186%, 6/11/35		5,320,000		5,464,783
Series 2002 - PB2 A2
5.676%, 6/11/35		2,557,495		2,560,266
Banc of America Funding Corp., Series 2006 - A 1A1
4.625%, 2/20/36(l)		1,859,665		1,761,782
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005 - 10 A2
4.750%, 10/25/35(l)		2,700,000		2,553,781
Series 2007 - 4 22A1
6.001%, 6/25/47(l)		2,389,136		2,199,339
Bear Stearns Alt-A Trust, Series 2006 - 6 32A1
5.796%, 11/25/36(l)		4,717,445		3,464,871
Series 2006 - 6 31A1
5.784%, 11/25/36(l)		4,441,273		3,592,559
Bear Stearns Commercial Mortgage Securities, Inc., Series 2000 - WF2 A2
7.320%, 10/15/32(l)		2,890,000		2,998,074
Series 2003 - T12 A4
4.680%, 8/13/39(l)		6,825,000		6,650,711
Bear Stearns Structured Products, Inc., Series 2007 - R7 A1
2.682%, 1/26/37(l)(b)		3,745,355		3,712,583
Chase Commercial Mortgage Securities Corp., Series 1999 - 2 A2
7.198%, 1/15/32		497,110		510,303
Series 2000 - 3 A2
7.319%, 10/15/32		2,227,371		2,306,095
Citigroup Commercial Mortgage Trust, Inc., Series 2005 - EMG A2
4.221%, 9/20/51§		5,700,000		5,665,008
Series 2007 - C6 AM
5.889%, 12/10/49(l)		3,575,000		3,248,945
Series 2008 - C7 A4
6.299%, 12/10/49(l)		7,559,313		7,382,817
Citigroup Mortgage Loan Trust, Inc., Series 2005 - 4 A
5.343%, 9/25/35(l)		24,934,028		23,364,927
Series 2006 - AR1 1A1
4.900%, 10/25/35(l)		7,956,844		7,724,621
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007 - CD5 A4
5.886%, 11/15/44(l)		3,525,000		3,364,889
Citimortgage Alternative Loan Trust, Series 2007 - A8 A1
6.000%, 10/25/37		9,103,735		7,999,907
Commercial Mortgage Pass Through Certificates, Series 2000 - C1 A2
7.416%, 8/15/33(l)		5,214,259		5,376,875
Series 2007 - C9 A4
6.010%, 12/10/49(l)		9,890,000		9,465,759
Countrywide Alternative Loan Trust, Series 2003 - J3 2A1
6.250%, 12/25/33		223,339		213,022
Series 2006 - OA10 1A1
4.488%, 8/25/46(l)		1,523,287		1,122,044
Series 2006 - OA21 A1
2.672%, 3/20/47(l)		4,038,994		2,833,281
Series 2006 - OC8 2A1A
2.573%, 11/25/36(l)		4,940,114		4,646,374
Countrywide Home Loan Mortgage Pass Through Trust, Series 2003 - R4 1A3
6.000%, 11/25/26§		140,366		140,141
Series 2003 - R4 2A
6.500%, 1/25/34(l)§		264,374		243,059
Series 2006 - OA5 2A1
2.683%, 4/25/46(l)		1,745,816		1,246,012
Series 2007 - 16 A1
6.500%, 10/25/37		5,340,040		5,229,901
Credit Suisse Mortgage Capital Certificates, Series 2006 - 3 1A1A
2.573%, 4/25/36(l)		1,002,560		997,282
Series 2006 - 8 3A1
6.000%, 10/25/21		2,464,362		2,279,535
Series 2006 - C5 A3
5.311%, 12/15/39		10,020,000		9,410,025
CS First Boston Mortgage Securities Corp., Series 1998 - C2 A2
6.300%, 11/15/30		454,635		456,283
Series 2002 - CKS4 A2
5.183%, 11/15/36		5,105,000		5,043,657
Series 2002 - CP3 A3
5.603%, 7/15/35		7,210,000		7,202,079
Series 2002 - CP5 A2
4.940%, 12/15/35		6,905,000		6,708,363
Series 2002 - P1A A
3.326%, 3/25/32(l)§		20,257		18,314
Series 2003 - C3 A5
3.936%, 5/15/38		7,430,000		6,884,678
Series 2005 - C2 A4
4.832%, 4/15/37		4,760,000		4,489,982
CW Capital Cobalt Ltd., Series 2007 - C3 A4
6.015%, 5/15/46(l)		5,185,000		4,958,723
Deutsche Alt-A Securities Inc.,, Series 2006 - OA1 A1
2.683%, 2/25/47(l)		1,848,005		1,330,125
DLJ Commercial Mortgage Corp., Series 1999 - CG1 A1B
6.460%, 3/10/32		218,512		220,062
Series 1999 - CG2 A1B
7.300%, 6/10/32(l)		3,423,422		3,486,448
Series 2000 - CKP1 A1B
7.180%, 11/10/33		5,831,010		6,041,659
First Horizon Alternative Mortgage Securities Trust, Series 2006 - FA2 1A5
6.000%, 5/25/36		7,333,176		6,976,802
First Republic Mortgage Loan Trust, Series 2001 - FRB1 A
2.821%, 11/15/31(l)		512,922		474,754
First Union National Bank Commercial Mortgage Trust, Series 2001 - C4 A2
6.223%, 12/12/33		6,520,000		6,653,237
GE Capital Commercial Mortgage Corp., Series 2002 - 3A A1
4.229%, 12/10/37		1,467,510		1,454,353
GMAC Commercial Mortgage Securities, Inc., Series 1999 - C2 A2
6.945%, 9/15/33		302,366		306,536
Series 1999 - C3 A2
7.179%, 8/15/36(l)		2,431,476		2,483,617
Series 2000 - C1 A2
7.724%, 3/15/33(l)		3,734,105		3,857,427

See Notes to Financial Statements.

44

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2000 - C2 A2
7.455%, 8/16/33(l)	$	3,012,751	$	3,124,553
Series 2000 - C3 A2
6.957%, 9/15/35		5,102,248		5,273,063
Series 2002 - C3 A2
4.930%, 7/10/39		6,925,000		6,805,705
Greenwich Capital Commercial Funding Corp., Series 2004 - GG1 A4
4.755%, 6/10/36		1,205,000		1,202,313
Series 2007 - GG9 A4
5.444%, 3/10/39		8,775,000		8,176,483
GS Mortgage Securities Corp. II, Series 1998 - C1 A3
6.135%, 10/18/30		407,601		406,833
Series 2006 - GG8 A4
5.560%, 11/10/39		5,360,000		5,131,302
GSR Mortgage Loan Trust, Series 2004 - 9 4A1
4.053%, 8/25/34(l)		5,397,409		5,240,728
Series 2005 - AR4 6A1
5.250%, 7/25/35(l)		22,848,221		21,998,708
Series 2005 - AR6 2A1
4.540%, 9/25/35(l)		2,140,985		2,073,921
Series 2005 - AR7 6A1
5.248%, 11/25/35(l)		4,528,393		4,255,019
Series 2006 - OA1 2A1
2.673%, 8/25/46(l)		3,259,274		2,348,986
Harborview Mortgage Loan Trust, Series 2006 - 9 2A1A
2.693%, 11/19/36(l)		3,008,509		2,119,614
Heller Financial Commercial Mortgage Asset Corp., Series 1999 - PH1 A2
6.847%, 5/15/31(l)		340,233		342,024
Homebanc Mortgage Trust, Series 2005 - 4 A1
2.753%, 10/25/35(l)		3,052,764		2,512,861
Impac CMB Trust, Series 2003 - 8 2A1 8
3.383%, 10/25/33(l)(b)		247,811		235,854
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001 - C1 A3
5.857%, 10/12/35		5,340,000		5,394,904
Series 2001 - CIB2 A3
6.429%, 4/15/35		1,295,000		1,328,721
Series 2001 - CIBC A3
6.260%, 3/15/33		4,959,802		5,060,405
Series 2004 - CB8 A1A
4.158%, 1/12/39§		3,837,926		3,614,289
Series 2006 - LDP9 A3
5.336%, 5/15/47		3,770,000		3,536,492
Series 2007 - LD11 A2
5.992%, 6/15/49(l)		3,450,000		3,418,515
Series 2007 - LD12 A2
5.827%, 2/15/51		2,810,000		2,773,830
JPMorgan Mortgage Trust, Series 2006 - S2 2A2
5.875%, 7/25/36		1,183,315		1,159,649
Series 2007 - S1 1A2
5.500%, 3/25/22		1,036,141		1,001,495
LB Commercial Conduit Mortgage Trust, Series 1998 - C4 A1B
6.210%, 10/15/35		870,400		871,480
LB-UBS Commercial Mortgage Trust, Series 2002 - C2 A4
5.594%, 6/15/31		6,949,000		6,977,353
Series 2003 - C7 A2
4.064%, 9/15/27(l)		1,141,681		1,132,220
Series 2004 - C7 A1A
4.475%, 10/15/29		8,623,355		8,314,923
Series 2006 - C6 A4
5.372%, 9/15/39		3,295,000		3,117,562
Series 2007 - C1 A4
5.424%, 2/15/40		4,000,000		3,720,804
Series 2007 - C7 A3
5.866%, 9/15/45(l)		7,970,000		7,603,362
MASTR Alternative Loans Trust, Series 2004 - 4 1A1
5.500%, 5/25/34		3,034,767		2,839,404
Merrill Lynch Mortgage Investors, Inc., Series 2003 - A1 3A
4.910%, 12/25/32(l)		468,283		445,725
Series 2005 - A10 A
2.693%, 2/25/36(l)		2,268,153		1,820,389
Morgan Stanley Capital I, Series 1999 - LIFE A2
7.110%, 4/15/33(l)		6,153,223		6,267,808
Series 2006 - IQ12 A4
5.332%, 12/15/43		3,455,000		3,249,326
Series 2007 - HQ12 A2
5.811%, 4/12/49(l)		1,250,000		1,230,183
Series 2007 - HQ13 A1
5.357%, 12/15/44		11,947,637		11,805,073
Series 2007 - IQ13 A4
5.364%, 3/15/44		11,715,000		10,830,433
Series 2007 - IQ15 AM
6.077%, 6/11/49(l)		5,075,000		4,668,715
Series 2007 - IQ15 A4
6.077%, 6/11/49(l)		11,450,000		11,017,787
Series 2007 - IQ16 A4
5.809%, 12/12/49		2,420,000		2,297,456
Series 2007 - T27 A4
5.803%, 6/13/42(l)		3,910,000		3,706,214
Morgan Stanley Dean Witter Capital I, Series 2002 - IQ2 A4
5.740%, 12/15/35		6,865,000		6,905,199
Residential Accredit Loans, Inc., Series 2003 - QR19 CB1
5.750%, 10/25/33		261,876		261,287
Series 2006 - QS2 1A9
5.500%, 2/25/36		6,440,800		5,959,299
Series 2007 - QO2 A1
2.633%, 2/25/47(l)		2,482,783		1,769,959
Salomon Brothers Mortgage Securities VII, Inc., Series 2001 - C2 A3
6.499%, 10/13/11		8,562,087		8,785,315
Sequoia Mortgage Trust, Series 2003 - 4 2A1
2.832%, 7/20/33(l)		212,926		190,382
Series 2010 2A1
2.862%, 10/20/27(l)		100,873		88,583
Structured Adjustable Rate Mortgage Loan Trust, Series 2005 - 19XS 1A1
2.802%, 10/25/35(l)		2,099,134		1,583,168
Structured Asset Mortgage Investments, Inc., Series 2002 - AR3 A1
2.812%, 9/19/32(l)		58,145		52,938

See Notes to Financial Statements.

45

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2005 - AR5 A2
2.733%, 7/19/35(l)	$	2,269,338	$	2,045,492
Series 2005 - AR5 A1
2.733%, 7/19/35(l)		459,617		351,206
Series 2006 - AR3 12A1
2.703%, 5/25/36(l)		2,038,975		1,426,372
TIAA Real Estate CDO Ltd., Series 2001 - C1A A4
6.680%, 6/19/31(l)§		7,999,555		8,133,193
Wachovia Bank Commercial Mortgage Trust, Series 2005 - C17 APB
5.037%, 3/15/42		5,110,000		4,962,908
Series 2005 - C20 A6A
5.110%, 7/15/42(l)		7,640,000		7,468,294
Series 2005 - C22 A4
5.440%, 12/15/44(l)		4,400,000		4,246,716
Series 2006 - C28 AJ
5.632%, 10/15/48(l)		1,030,000		841,027
Series 2006 - C29 AJ
5.368%, 11/15/48(l)		1,030,000		821,770
Series 2007 - C33 A4
6.100%, 2/15/51(l)^		3,900,000		3,763,553
WaMu Mortgage Pass-Through Certificates, Series 2002 - AR6 A
4.928%, 6/25/42(l)		90,414		81,960
Series 2002 - AR9 1A
4.928%, 8/25/42(l)		130,008		116,454
Series 2003 - R1 A1
3.023%, 12/25/27(l)		1,218,216		1,111,296
Series 2005 - AR7 A4
4.917%, 8/25/35(l)		3,425,240		3,327,743
Series 2007 - HY3 4A1
5.348%, 3/25/37(l)		8,418,397		7,850,439
Series 2007 - OA4 1A
4.298%, 5/25/47(l)		2,050,026		1,549,750
Series 2007 - OA5 1A
4.278%, 6/25/47(l)		3,485,268		2,502,836
Wells Fargo Mortgage Backed Securities Trust, Series 2004 - K 1A2
4.471%, 7/25/34(l)		5,218,817		5,020,341
Series 2006 - AR12 2A1
6.099%, 9/25/36(l)		3,057,451		2,921,195
				497,418,920
Total Asset-Backed and Mortgage- Backed Securities				647,044,621
Corporate Bonds (26.8%)
Consumer Discretionary (0.7%)
Media (0.7%)
Cablevision Systems Corp., Term Loan
4.225%, 2/24/13	$	997,455		946,028
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		1,020,000		1,122,782
Comcast Cable Holdings LLC
7.875%, 8/1/13		130,000		139,530
Comcast Corp.
6.500%, 1/15/15		969,000		983,979
6.500%, 1/15/17		2,550,000		2,565,157
7.050%, 3/15/33		15,000		15,240
6.500%, 11/15/35		1,235,000		1,174,022
6.950%, 8/15/37		2,900,000		2,852,408
COX Communications, Inc.
7.125%, 10/1/12		115,000		120,032
Historic TW, Inc.
6.625%, 5/15/29		200,000		181,995
News America Holdings, Inc.
7.750%, 1/20/24		145,000		156,673
8.500%, 2/23/25		775,000		875,142
8.450%, 8/1/34		245,000		295,409
News America, Inc.
7.125%, 4/8/28		275,000		279,159
R.H. Donnelley Corp. Series A-3
8.875%, 1/15/16^		6,100,000		3,660,000
TCI Communications, Inc.
7.875%, 2/15/26		820,000		890,154
7.125%, 2/15/28		360,000		363,571
Time Warner Cable, Inc.
6.200%, 7/1/13		2,625,000		2,669,276
6.550%, 5/1/37		2,350,000		2,164,352
Time Warner Cos., Inc.
7.570%, 2/1/24		10,000		10,171
Time Warner, Inc.
6.750%, 4/15/11		135,000		138,008
7.700%, 5/1/32		598,000		612,234
Turner Broadcasting System, Inc.
8.375%, 7/1/13		65,000		69,853
Total Consumer Discretionary				22,285,175
Consumer Staples (0.5%)
Food & Staples Retailing (0.0%)
SUPERVALU, Inc.
7.500%, 11/15/14		700,000		700,875
Food Products (0.2%)
Kraft Foods, Inc.
6.500%, 8/11/17		3,270,000		3,274,163
6.125%, 2/1/18		3,500,000		3,402,283
				6,676,446
Household Products (0.3%)
Kimberly Clark Corp.
2.999%, 7/30/10(l)		10,400,000		10,354,760
Total Consumer Staples				17,732,081
Energy (0.6%)
Energy Equipment & Services (0.3%)
Halliburton Co.
5.500%, 10/15/10^		1,100,000		1,139,567
Transocean, Inc.
2.873%, 9/5/08(l)		6,200,000		6,191,847
6.000%, 3/15/18		645,000		645,965
6.800%, 3/15/38		955,000		976,710
				8,954,089
Oil, Gas & Consumable Fuels (0.3%)
Anadarko Petroleum Corp.
5.950%, 9/15/16		3,525,000		3,526,893
6.450%, 9/15/36		1,735,000		1,712,598
ConocoPhillips
7.000%, 3/30/29		30,000		32,518
Devon Financing Corp. ULC
7.875%, 9/30/31		475,000		561,022
EnCana Holdings Finance Corp.
5.800%, 5/1/14		400,000		404,332
Gaz Capital S.A.
8.146%, 4/11/18§		1,800,000		1,860,750

See Notes to Financial Statements.

46

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
XTO Energy, Inc.
6.250%, 8/1/17	$	900,000	$	909,249
6.750%, 8/1/37		1,675,000		1,698,473
				10,705,835
Total Energy				19,659,924
Financials (21.9%)
Capital Markets (5.0%)
Bear Stearns Cos., Inc.
2.768%, 8/21/09(l)		2,700,000		2,668,815
2.728%, 2/23/10(l)		7,000,000		6,864,858
3.218%, 7/19/10(l)		1,805,000		1,769,893
3.129%, 1/31/11(l)		1,500,000		1,455,660
6.950%, 8/10/12		4,965,000		5,162,468
6.400%, 10/2/17		7,925,000		7,831,414
7.250%, 2/1/18		2,000,000		2,087,130
Goldman Sachs Capital II
5.793%, 12/29/49(l)		3,650,000		2,538,064
Goldman Sachs Group, Inc.
2.891%, 12/22/08(l)		100,000		97,629
2.841%, 12/23/08(l)		5,100,000		5,082,267
3.101%, 6/28/10(l)		10,000,000		9,722,360
5.250%, 10/15/13^		7,710,000		7,547,011
6.250%, 9/1/17		18,000,000		17,794,134
6.150%, 4/1/18		2,250,000		2,182,858
Lehman Brothers Holdings, Inc.
2.851%, 12/23/08(l)		10,200,000		10,004,731
5.625%, 1/24/13		5,000,000		4,732,525
6.200%, 9/26/14		5,330,000		5,087,314
6.750%, 12/28/17		4,325,000		4,063,013
4.476%, 9/15/22(l)		2,175,000		2,107,364
Merrill Lynch & Co., Inc.
2.960%, 10/23/08(l)		8,500,000		8,449,791
2.831%, 12/22/08(l)		1,700,000		1,688,712
6.400%, 8/28/17		13,000,000		12,046,216
6.875%, 4/25/18		3,700,000		3,521,386
Morgan Stanley
2.521%, 11/21/08(l)		3,300,000		3,285,216
3.148%, 1/22/09(l)		600,000		594,013
5.050%, 1/21/11		2,315,000		2,288,597
6.750%, 4/15/11		800,000		820,636
2.960%, 1/9/12(l)^		8,575,000		7,969,416
5.625%, 1/9/12		1,935,000		1,936,436
5.300%, 3/1/13		300,000		289,067
6.000%, 4/28/15		10,300,000		9,846,996
5.550%, 4/27/17		2,825,000		2,526,672
6.625%, 4/1/18		15,000,000		14,212,875
				168,275,537
Certificates of Deposit (0.7%)
Bank of Ireland
2.753%, 1/15/10(l)		4,000,000		3,939,996
Calyon/New York
2.689%, 1/16/09(l)		6,800,000		6,781,076
Nordea Bank Finland plc/New York
2.436%, 4/9/09(l)		2,300,000		2,298,544
SunTrust Bank
4.415%, 6/15/09		980,000		982,378
Unicredito Italiano/New York NY
3.071%, 5/15/09(l)		8,400,000		8,388,526
				22,390,520
Commercial Banks (6.6%)
Bank of America Corp.
5.650%, 5/1/18		6,000,000		5,601,522
Bank of America N.A.
3.351%, 6/23/10(l)		9,700,000		9,668,892
Series BKN1
3.316%, 5/12/10(l)		5,200,000		5,176,621
Bank of Scotland plc
2.756%, 7/17/09(l)§		4,300,000		4,297,695
Barclays Bank plc
7.434%, 9/29/49(l)§		7,500,000		7,034,828
Charter One Bank N.A.
2.957%, 4/24/09(l)		5,600,000		5,583,822
Commonwealth Bank of Australia
2.488%, 6/8/09(l)§		600,000		599,943
Credit Suisse/New York
5.000%, 5/15/13		16,400,000		15,959,906
DnB NOR Bank ASA
2.780%, 10/13/09(l)§		6,100,000		6,102,141
HBOS plc
6.750%, 5/21/18§^		1,400,000		1,338,915
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/29/49(l)§		550,000		484,901
ICICI Bank Ltd.
3.250%, 1/12/10(l)§		3,400,000		3,296,640
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		5,400,000		5,293,496
Mizuho Financial Group, Inc./Aruba
1.817%, 10/27/49(l)†	JPY	300,000,000		2,836,841
National Australia Bank Ltd.
2.731%, 9/11/09(l)§	$	6,200,000		6,194,829
5.350%, 6/12/13§		9,100,000		9,085,622
National Westminster Bank plc
7.375%, 10/1/09		725,000		745,621
Rabobank Capital Funding II
5.260%, 12/29/49(l)§		780,000		714,538
Rabobank Nederland
2.471%, 2/1/10(l)§		14,500,000		14,461,952
Regions Bank
7.500%, 5/15/18§		6,600,000		6,495,390
Royal Bank of Scotland Group plc
7.640%, 3/31/49(l)		3,900,000		3,565,883
6.990%, 10/29/49(l)§		650,000		585,018
Royal Bank of Scotland plc
2.868%, 7/21/08(l)§		1,200,000		1,199,684
Santander U.S. Debt S.A.U.
2.878%, 10/21/08(l)§		8,900,000		8,886,187
Sumitomo Mitsui Banking Corp.
5.625%, 7/29/49(l)§		300,000		269,231
1.544%, 12/31/49(l)	JPY	200,000,000		1,904,476
1.764%, 12/31/49(l)		100,000,000		946,930
SunTrust Banks, Inc.
4.000%, 10/15/08	$	895,000		895,082
U.S. Bank N.A./Ohio
4.400%, 8/15/08		2,270,000		2,272,561
UBS AG/Connecticut
5.875%, 12/20/17		19,910,000		19,367,453
5.750%, 4/25/18		8,400,000		8,015,414
UniCredito Luxembourg Finance S.A.
2.970%, 10/24/08(l)§		8,200,000		8,194,309
Wachovia Bank N.A./North Carolina
4.375%, 8/15/08		270,000		269,910
2.841%, 3/23/09(l)		9,000,000		8,961,174
6.000%, 11/15/17		7,525,000		7,026,401
6.600%, 1/15/38		1,750,000		1,524,933
Wachovia Corp.
5.500%, 5/1/13		5,400,000		5,168,345
7.980%, 2/28/49(l)		8,000,000		7,347,200

See Notes to Financial Statements.

47

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Wells Fargo & Co.
3.552%, 5/1/09	$	1,700,000	$	1,691,500
4.200%, 1/15/10		1,950,000		1,955,684
4.625%, 8/9/10		2,390,000		2,414,108
4.875%, 1/12/11^		460,000		466,342
4.375%, 1/31/13		15,200,000		14,718,266
				218,620,206
Consumer Finance (1.6%)
American Express Co.
7.000%, 3/19/18		15,700,000		15,892,749
American Honda Finance Corp
3.553%, 6/20/11(l)§		18,000,000		17,975,052
Capital One Financial Corp.
6.750%, 9/15/17		2,300,000		2,278,902
Ford Motor Credit Co. LLC
7.250%, 10/25/11		1,250,000		968,701
HSBC Finance Corp.
2.813%, 12/5/08(l)^		2,500,000		2,489,480
SLM Corp.
4.000%, 1/15/09^		3,250,000		3,209,999
3.060%, 7/27/09(l)		5,900,000		5,531,539
3.080%, 7/26/10(l)		3,000,000		2,662,275
3.220%, 1/27/14(l)		2,950,000		2,480,977
				53,489,674
Diversified Financial Services (4.8%)
Allstate Life Global Funding Trusts
5.375%, 4/30/13		1,880,000		1,872,629
Bank of America Corp.
2.869%, 2/17/09(l)		9,055,000		9,030,551
5.625%, 10/14/16		3,050,000		2,922,385
6.000%, 9/1/17		2,740,000		2,640,023
5.750%, 12/1/17		6,900,000		6,479,900
8.000%, 12/29/49(l)		7,600,000		7,120,212
Bank of America N.A.
6.100%, 6/15/17		1,275,000		1,233,554
Belvoir Land LLC, Series A-1
5.270%, 12/15/47§		825,000		669,554
BTM Curacao Holdings N.V.
1.587%, 12/31/49(l)	JPY	100,000,000		939,785
Caterpillar Financial Services Corp.
2.766%, 8/11/09(l)	$	6,100,000		6,076,179
Citigroup Global Markets Holdings, Inc. Series MTNA
2.914%, 3/17/09(l)		19,200,000		19,010,918
Citigroup, Inc.
2.831%, 12/28/09(l)		4,100,000		3,999,201
4.125%, 2/22/10^		3,940,000		3,903,516
4.625%, 8/3/10		485,000		482,989
5.300%, 10/17/12		7,500,000		7,315,845
Credit Suisse/New York
6.000%, 2/15/18		6,390,000		6,153,046
General Electric Capital Corp.
2.907%, 10/24/08(l)		3,000,000		2,996,640
2.876%, 6/15/09(l)		5,100,000		5,100,780
5.000%, 11/15/11		12,270,000		12,505,952
5.625%, 5/1/18		18,000,000		17,406,990
5.500%, 9/15/67(l)§	EUR	10,400,000		14,438,316
6.375%, 11/15/67(l)	$	4,725,000		4,468,948
General Electric Co.
2.776%, 5/10/10(l)		3,700,000		3,674,389
Irwin Land LLC Series A-1
5.030%, 12/15/25§		725,000		636,180
Series A-2
5.300%, 12/15/35§		1,195,000		1,030,245
JP Morgan Chase Capital XXV Series Y
6.800%, 10/1/37		5,975,000		5,363,070
JPMorgan Chase Bank N.A.
6.000%, 10/1/17		4,110,000		3,992,631
MassMutual Global Funding II
2.550%, 7/15/08§		850,000		849,893
New York Life Global Funding
3.875%, 1/15/09§		775,000		776,693
Pemex Finance Ltd.
9.030%, 2/15/11		55,000		58,712
Santander Perpetual S.A.U.
6.671%, 10/29/49(l)§		3,500,000		3,381,217
UFJ Finance Aruba AEC
6.750%, 7/15/13		310,000		325,668
ZFS Finance USA Trust I
6.500%, 5/9/37(l)§		1,945,000		1,697,608
				158,554,219
Insurance (3.1%)
Allstate Corp.
6.125%, 5/15/37(l)		1,480,000		1,342,804
American International Group, Inc.
2.953%, 1/29/10(l)§^		10,400,000		9,998,910
8.175%, 5/15/58(l)§		22,290,000		20,977,320
Berkshire Hathaway Finance Corp.
4.750%, 5/15/12		760,000		770,417
Chubb Corp.
5.750%, 5/15/18		1,000,000		969,213
6.375%, 3/29/67(l)		3,125,000		2,858,578
Hartford Life Global Funding Trusts
2.946%, 9/15/09(l)		3,610,000		3,608,603
Lincoln National Corp.
6.050%, 4/20/67(l)		2,025,000		1,707,415
MetLife, Inc.
6.400%, 12/15/36		4,390,000		3,832,992
Metropolitan Life Global Funding I
2.759%, 5/17/10(l)§		900,000		887,557
3.026%, 3/15/12(l)§		25,100,000		24,665,695
5.125%, 4/10/13§		5,250,000		5,169,612
Monumental Global Funding Ltd.
2.651%, 6/16/10(l)§		7,080,000		6,971,713
New York Life Global Funding
4.650%, 5/9/13§		15,000,000		14,879,070
Progressive Corp.
6.700%, 6/15/37(l)		2,390,000		2,095,729
Travelers Cos., Inc.
6.250%, 3/15/37(l)		3,375,000		2,899,604
				103,635,232
Real Estate Investment Trusts (REITs) (0.1%)
AvalonBay Communities, Inc. (REIT)
6.625%, 9/15/11		270,000		276,375
Ventas Realty LP/Ventas Capital Corp. (REIT)
7.125%, 6/1/15		2,300,000		2,245,375
6.750%, 4/1/17		760,000		729,600
				3,251,350
Real Estate Management & Development (0.0%)
ERP Operating LP
6.625%, 3/15/12		445,000		451,932
Total Financials				728,668,670

See Notes to Financial Statements.

48

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Health Care (0.6%)
Biotechnology (0.1%)
Amgen, Inc.
2.726%, 11/28/08(l)	$	2,355,000	$	2,347,801
Health Care Providers & Services (0.0%)
HCA, Inc.
9.250%, 11/15/16		1,000,000		1,030,000
Pharmaceuticals (0.5%)
Bristol-Myers Squibb Co.
5.875%, 11/15/36		1,925,000		1,795,734
6.875%, 8/1/97		150,000		147,948
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13		3,425,000		3,420,383
5.650%, 5/15/18		11,300,000		11,256,857
				16,620,922
Total Health Care				19,998,723
Industrials (0.1%)
Airlines (0.0%)
Continental Airlines, Inc., Series 99-2
7.056%, 9/15/09		850,000		826,625
United Air Lines, Inc. Series 01-1
6.602%, 9/1/13		131,340		130,027
				956,652
Industrial Conglomerates (0.1%)
General Electric Co.
5.000%, 2/1/13		1,081,000		1,088,781
Total Industrials				2,045,433
Information Technology (0.2%)
Computers & Peripherals (0.1%)
International Business Machines Corp.
5.700%, 9/14/17		2,890,000		2,933,104
Software (0.1%)
Oracle Corp.
4.950%, 4/15/13		3,670,000		3,705,467
Total Information Technology		.		6,638,571
Materials (0.1%)
Metals & Mining (0.1%)
Teck Cominco Ltd.
6.125%, 10/1/35		1,075,000		945,448
Paper & Forest Products (0.0%)
Koch Forest Products, Inc.
4.399%, 12/20/12(l)		95,238		89,792
4.446%, 12/20/12(l)		72,738		68,578
4.447%, 12/20/12(l)		809,524		763,230
				921,600
Total Materials				1,867,048
Telecommunication Services (1.2%)
Diversified Telecommunication Services (1.2%)
AT&T Corp.
7.300%, 11/15/11		38,000		40,473
8.000%, 11/15/31		698,000		801,306
AT&T, Inc.
5.500%, 2/1/18		1,950,000		1,889,566
6.500%, 9/1/37		6,500,000		6,290,824
6.300%, 1/15/38		7,300,000		6,896,711
6.400%, 5/15/38		12,270,000		11,745,850
BellSouth Corp.
2.776%, 8/15/08(l)		3,000,000		2,998,131
Citizens Communications Co.
9.000%, 8/15/31		65,000		58,500
GTE Corp.
6.940%, 4/15/28		225,000		222,750
Qwest Communications International, Inc.
6.176%, 2/15/09(l)		667,000		663,665
Qwest Corp.
7.625%, 6/15/15^		1,580,000		1,520,750
Telecom Italia Capital S.A.
5.250%, 10/1/15		1,575,000		1,441,371
Telefonica Emisiones S.A.U.
6.421%, 6/20/16		1,050,000		1,065,827
Telefonica Europe B.V.
7.750%, 9/15/10		550,000		579,674
Verizon Communications, Inc.
5.350%, 2/15/11		600,000		612,634
7.750%, 6/15/32		425,000		454,875
Verizon Maryland, Inc. Series B
5.125%, 6/15/33^		465,000		359,076
Verizon New England, Inc.
7.875%, 11/15/29		25,000		26,729
Verizon New Jersey, Inc. Series A
5.875%, 1/17/12		1,040,000		1,054,490
				38,723,202
Wireless Telecommunication Services (0.0%)
Vodafone Group plc
7.750%, 2/15/10		1,985,000		2,074,259
Total Telecommunication Services				40,797,461
Utilities (0.9%)
Electric Utilities (0.7%)
Dayton Power & Light Co.
5.125%, 10/1/13		900,000		906,879
EDP Finance B.V.
6.000%, 2/2/18§		3,075,000		3,061,993
Enel Finance International S.A.
6.250%, 9/15/17§		7,200,000		7,285,486
Florida Power & Light Co.
4.950%, 6/1/35		875,000		748,575
5.950%, 2/1/38		2,150,000		2,125,395
Florida Power Corp.
5.900%, 3/1/33		275,000		264,518
6.400%, 6/15/38		1,300,000		1,320,355
MidAmerican Energy Holdings Co.
5.950%, 5/15/37		2,350,000		2,204,629
6.500%, 9/15/37		2,000,000		2,019,944
Pepco Holdings, Inc.
6.450%, 8/15/12		2,130,000		2,169,290
PSEG Power LLC
6.950%, 6/1/12		400,000		419,620
Scottish Power Ltd.
4.910%, 3/15/10		1,100,000		1,102,410

See Notes to Financial Statements.

49

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Southern California Edison Co. Series 2008 - A
5.950%, 2/1/38	$	1,000,000	$	988,556
				24,617,650
Gas Utilities (0.1%)
CenterPoint Energy Resources Corp.
6.150%, 5/1/16^		1,000,000		986,011
Consolidated Natural Gas Co. Series A
5.000%, 3/1/14		250,000		240,120
Dynegy Holdings, Inc.
7.500%, 6/1/15		3,500,000		3,228,750
				4,454,881
Multi-Utilities (0.1%)
Dominion Resources, Inc., Series B
2.858%, 11/14/08(l)		1,500,000		1,479,463
Series D
5.125%, 12/15/09		150,000		151,676
				1,631,139
Total Utilities				30,703,670
Total Corporate Bonds				890,396,756
Government Securities (71.0%)
Agency ABS (0.3%)
Small Business Administration Series 2003 - 10A
4.628%, 3/10/13	$	592,358		583,977
Small Business Administration Participation Certificates Series 2004 - 20A
4.930%, 1/1/24		625,460		618,857
Series 2004 - 20C
4.340%, 3/1/24		4,314,475		4,111,714
Series 2005 - 20B
4.625%, 2/1/25		379,053		363,771
Series 2008 - 20A
5.170%, 1/1/28		1,000,000		980,450
Series 2008 - 20C
5.490%, 3/1/28		3,700,000		3,723,106
				10,381,875
Agency CMO (2.3%)
Federal Home Loan Mortgage Corp.
4.500%, 12/15/13		1,622,938		1,627,981
4.500%, 2/15/15		2,398,805		2,417,576
4.500%, 1/15/16		2,756,424		2,769,529
5.000%, 11/15/17		2,660,000		2,668,549
4.500%, 10/15/23		2,878,073		2,885,797
5.500%, 2/15/26		4,047,155		4,120,871
5.500%, 4/15/26		4,454,592		4,525,085
5.500%, 5/15/29		16,902,313		17,162,010
2.821%, 12/15/29(l)		21,911		21,721
5.500%, 1/15/31		2,394,623		2,447,396
4.079%, 10/15/33 IO(l)		73,350,493		6,757,869
5.500%, 8/1/35 IO		5,982,392		1,520,076
5.500%, 2/1/36 IO		9,012,787		2,362,253
6.500%, 7/25/43		688,785		709,018
Federal National Mortgage Association
4.500%, 2/25/17		1,726,581		1,729,159
4.500%, 3/25/17		1,362,260		1,364,118
5.500%, 9/25/24		4,762,081		4,807,744
5.500%, 10/25/24		5,558,603		5,615,156
5.500%, 5/25/27		3,512,930		3,568,953
6.000%, 8/25/28		1,299,437		1,320,381
8.834%, 6/25/32(l)		180,804		191,730
5.310%, 8/25/33		2,900,000		2,958,994
6.500%, 7/25/34		1,588,503		1,650,135
5.000%, 7/1/36 IO STRIPS		13,284,624		3,211,514
Government National Mortgage Association
6.500%, 6/20/32		194,094		201,834
				78,615,449
Foreign Governments (1.3%)
Emirate of Abu Dhabi
5.500%, 8/2/12§		10,400,000		10,633,064
Export-Import Bank of China
5.250%, 7/29/14§		3,700,000		3,708,229
Federative Republic of Brazil
12.500%, 1/5/22	BRL	1,900,000		1,175,129
10.250%, 1/10/28		29,300,000		15,440,484
Israel Government AID Bond
5.500%, 4/26/24	$	1,950,000		2,093,625
5.500%, 9/18/33		1,945,000		2,101,479
Republic of Chile
5.500%, 1/15/13		1,000,000		1,035,100
Republic of Croatia,
4.000%, 7/30/10(l)		514,773		510,387
Republic of Panama
9.375%, 4/1/29		298,000		391,602
Republic of South Africa
7.375%, 4/25/12		60,000		63,636
6.500%, 6/2/14		1,480,000		1,522,550
Russian Federation
7.500%, 3/31/30(m)(e)		1,723,750		1,933,858
United Mexican States
6.750%, 9/27/34		1,775,000		1,883,275
				42,492,418
Municipal Bonds (0.9%)
Buckeye Tobacco Settlement Financing Authority
6.000%, 6/1/42		4,100,000		3,553,306
California Educational Facilities Authority
4.750%, 10/1/37		900,000		866,889
California State University
5.000%, 11/1/30		300,000		301,185
Chabot-Las Positas, California Community College District
0.000%, 8/1/22		6,230,000		3,007,782
City of Chicago, Illinois
10.580%, 1/1/14(l)§		200,000		164,072
Golden State Tobacco Securitization Corp.
5.750%, 6/1/47		300,000		255,567
Los Angeles, California Community College District
5.000%, 8/1/27		1,100,000		1,124,937
5.000%, 8/1/31		200,000		203,180
5.000%, 8/1/32		1,000,000		1,008,680
Los Angeles, California Unified School District
4.500%, 7/1/22		1,500,000		1,484,640
4.500%, 7/1/24		1,300,000		1,265,290
4.500%, 7/1/25		1,700,000		1,641,197
4.500%, 1/1/28		1,500,000		1,403,400
Los Gatos, California Union School District
5.000%, 8/1/30		160,000		163,371
New York City Municipal Water Finance Authority
8.390%, 6/15/34(l)§		100,000		103,242
5.000%, 6/15/37		1,900,000		1,917,689
Puerto Rico Sales Tax Financing Corp.
0.000%, 8/1/54		1,100,000		75,141

See Notes to Financial Statements.

50

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
San Bernardino, California Community College District
5.000%, 8/1/31	$	1,500,000	$	1,512,840
State of California
4.500%, 8/1/28		2,200,000		2,044,262
5.000%, 11/1/37		600,000		588,192
5.000%, 12/1/37		1,200,000		1,176,396
State of Texas
4.750%, 4/1/37		6,500,000		6,186,570
Tobacco Settlement Financing Corp./New Jersey
5.000%, 6/1/29		1,010,000		834,553
5.000%, 6/1/41		400,000		301,984
				31,184,365
U.S. Government Agencies (63.2%)
Federal Home Loan Bank
4.000%, 4/20/09(e)		1,800,000		1,816,351
4.500%, 6/12/13		3,700,000		3,704,951
Federal Home Loan Mortgage Corp.
4.000%, 6/1/10		899,740		899,047
6.000%, 1/1/14		22,983		23,617
5.500%, 2/1/14		243,694		247,556
6.000%, 7/1/14		13,447		13,820
6.000%, 2/1/17		482,558		494,572
6.000%, 3/1/17		11,542		11,827
6.500%, 3/1/17		82,453		85,915
6.000%, 4/1/17		430,905		442,182
6.000%, 5/1/17		3,884		3,980
6.000%, 7/1/17		46,976		48,135
6.000%, 8/1/17		93,354		95,826
5.500%, 11/1/17		94,781		96,056
4.000%, 5/1/19		30,886		29,249
4.000%, 9/1/20		75,841		71,394
5.000%, 10/1/20		5,101,531		5,064,120
5.500%, 3/1/23		60,497		60,433
6.500%, 4/1/31		733		762
5.500%, 11/1/31		1,500,332		1,487,907
7.030%, 11/1/31(l)		22,070		22,226
5.500%, 11/1/32		788,330		781,802
5.500%, 1/1/33		106,575		105,659
5.500%, 2/1/33		586,798		581,755
5.500%, 3/1/33		44,925		44,511
5.500%, 4/1/33		61,175		60,611
5.500%, 5/1/33		21,086		20,892
5.500%, 10/1/33		61,154		60,590
5.000%, 4/1/34		3,471,886		3,343,928
4.775%, 1/1/35(l)		4,461,729		4,460,343
5.500%, 10/1/35		735,129		726,284
5.321%, 4/1/36(l)		4,347,159		4,418,851
5.541%, 4/1/36(l)		6,763,330		6,832,890
5.000%, 5/1/36		599,863		576,068
5.500%, 12/1/36		264,661		261,146
5.676%, 1/1/37(l)		5,888,913		5,998,011
6.000%, 7/1/37		289,725		292,978
5.500%, 8/1/37		569,743		561,820
6.000%, 10/1/37		29,159,483		29,486,957
5.500%, 1/1/38		1,170,481		1,154,204
4.500%, 7/15/23 TBA		100,000		96,594
6.000%, 7/15/23 TBA		2,800,000		2,865,626
5.500%, 7/15/38 TBA		104,000,000		102,440,000
6.000%, 7/15/38 TBA		123,000,000		124,230,000
Federal National Mortgage Association
4.625%, 5/1/13^		5,650,000		5,544,927
5.125%, 1/2/14^		2,575,000		2,569,361
4.000%, 5/1/14		5,215,312		5,114,996
7.000%, 4/1/15		55,841		58,590
6.000%, 2/1/16		1,703,079		1,749,011
6.000%, 3/1/16		282,412		290,031
7.000%, 4/1/16		69,642		73,035
5.500%, 2/1/17		409,016		415,531
5.500%, 6/1/17		127,559		129,591
5.500%, 8/1/17		105,288		106,965
5.500%, 10/1/17		110,349		112,106
5.500%, 12/1/17		5,933		6,028
5.000%, 1/1/18		2		2
5.500%, 1/1/18		378,105		384,127
5.000%, 3/1/18		3,452,747		3,448,395
5.500%, 4/1/18		655,788		665,413
5.000%, 10/1/18		15,535		15,515
5.500%, 10/1/18		12,452		12,635
5.500%, 11/1/18		4,225,902		4,293,209
5.000%, 1/1/19		497,589		496,961
5.500%, 3/1/19		415,592		422,002
5.500%, 5/1/19		1,067,270		1,084,268
5.500%, 7/1/19		118,869		120,554
5.500%, 8/1/19		647,696		656,798
5.500%, 9/1/19		364,924		370,052
5.500%, 11/1/19		355,916		360,917
4.500%, 12/1/19		21,320,506		20,850,123
5.000%, 12/1/19		6,985,900		6,959,695
5.500%, 6/1/20		3,585,866		3,641,208
5.500%, 10/1/20		649,607		657,112
5.500%, 1/1/21		723,340		729,435
5.500%, 2/1/21		270,133		272,410
6.238%, 1/1/28(l)		178,717		180,225
6.500%, 2/1/31		1,180		1,226
6.500%, 8/1/31		555		577
7.000%, 8/1/31		37,880		40,027
7.000%, 3/1/32		25,488		26,940
7.000%, 4/1/32		135,358		143,039
7.000%, 5/1/32		8,035		8,493
6.500%, 6/1/32		129,179		134,101
6.500%, 8/1/32		201,582		209,389
6.500%, 9/1/32		1,768,619		1,836,013
7.000%, 10/1/32		42,541		44,956
5.500%, 11/1/32		481,140		477,372
5.500%, 12/1/32		90,864		90,152
5.500%, 1/1/33		860,210		853,472
5.500%, 2/1/33		1,897,561		1,882,483
5.220%, 3/1/33(l)		197,859		198,386
5.500%, 3/1/33		4,062,815		4,010,336
5.500%, 4/1/33		2,328,054		2,308,365
5.500%, 6/1/33		26,475,449		26,252,823
5.500%, 7/1/33		99,163		98,324
5.000%, 8/1/33		6,027,851		5,815,110
5.500%, 8/1/33		116,162		115,179
5.500%, 10/1/33		885,528		878,038
6.500%, 10/1/33		6,989		7,247
5.500%, 11/1/33		860,796		853,516
5.500%, 12/1/33		349,824		346,866
5.500%, 2/1/34		9,511,779		9,429,012
6.000%, 2/1/34		3,603,535		3,656,391
5.500%, 3/1/34		6,112,008		6,048,857
5.500%, 4/1/34		12,103,629		12,001,385
5.500%, 5/1/34		12,869,942		12,744,831
5.500%, 6/1/34		14,191,169		14,045,097
5.500%, 7/1/34		13,020,348		12,888,324
5.500%, 8/1/34		650,573		644,531
6.000%, 8/1/34		2,215,223		2,247,716
5.500%, 9/1/34		16,185,552		16,018,322
6.500%, 9/1/34		365,166		377,369

See Notes to Financial Statements.

51

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
5.500%, 11/1/34	$	36,729,637	$	36,350,144
5.500%, 12/1/34		351,147		347,519
5.500%, 1/1/35		49,125,147		48,617,585
5.500%, 2/1/35		79,918,555		79,259,666
5.500%, 3/1/35		9,411,488		9,306,677
6.000%, 3/1/35		16,290		16,473
6.000%, 4/1/35		12,068,948		12,257,290
5.500%, 5/1/35		436,969		433,273
6.000%, 5/1/35		701,343		709,220
6.000%, 7/1/35		440,671		445,620
5.500%, 8/1/35		13,391,147		13,247,685
6.000%, 8/1/35		1,366,081		1,381,423
6.000%, 9/1/35		1,477,613		1,494,208
5.000%, 10/1/35		519,156		499,373
5.500%, 10/1/35		15,108,205		14,937,943
6.000%, 10/1/35		2,819,453		2,851,116
5.000%, 11/1/35		9,490,452		9,128,814
5.500%, 11/1/35		2,036,269		2,013,322
6.000%, 11/1/35		2,380,571		2,407,306
5.500%, 12/1/35		7,761,709		7,681,515
6.000%, 12/1/35		29,813		30,148
6.500%, 12/1/35		933,405		963,139
5.234%, 1/1/36(l)		3,179,293		3,187,563
6.000%, 1/1/36		838,705		848,124
6.000%, 2/1/36		817,390		826,570
6.000%, 3/1/36		559,941		566,209
6.000%, 4/1/36		82,640		83,491
6.000%, 5/1/36		2,518,384		2,544,305
5.500%, 6/1/36		850,588		839,939
6.000%, 6/1/36		4,929,050		4,979,785
6.500%, 6/1/36		26,791		27,619
5.000%, 7/1/36		63,460,765		60,963,237
5.500%, 7/1/36		415,876		410,670
6.000%, 7/1/36		4,930,453		4,981,202
6.500%, 7/1/36		47,619		49,091
6.000%, 8/1/36		11,582,938		11,702,162
6.500%, 8/1/36		1,260,682		1,299,659
6.000%, 9/1/36		16,416,804		16,585,781
6.500%, 9/1/36		7,738,167		7,977,415
6.000%, 10/1/36		13,106,348		13,241,252
6.500%, 10/1/36		959,205		988,861
5.500%, 11/1/36		451,129		445,481
6.000%, 11/1/36		3,665,163		3,702,888
6.500%, 11/1/36		30,509,623		31,452,918
5.500%, 12/1/36		4,566,184		4,509,017
6.000%, 12/1/36		7,847,025		7,927,794
5.500%, 1/1/37		12,156,738		12,004,300
6.000%, 1/1/37		2,661,936		2,689,335
7.000%, 1/1/37		69,939		73,387
5.000%, 2/1/37		983,817		943,967
5.500%, 2/1/37		2,836,352		2,799,412
6.000%, 2/1/37		3,471,526		3,506,850
6.500%, 2/1/37		474,225		488,786
5.500%, 3/1/37		77,841,033		76,825,635
6.500%, 3/1/37		1,972,837		2,033,618
5.500%, 4/1/37		18,934,843		18,687,846
6.000%, 4/1/37		12,838,037		12,967,451
6.500%, 4/1/37		2,169,469		2,236,085
5.500%, 5/1/37		15,843,613		15,639,797
6.500%, 5/1/37		445,970		459,663
5.500%, 6/1/37		24,197,750		23,882,101
6.000%, 6/1/37		1,312,921		1,326,155
5.500%, 7/1/37		31,343,868		30,935,002
6.000%, 7/1/37		25,935,016		26,196,453
6.500%, 7/1/37		14,633,076		15,082,391
5.500%, 8/1/37		173,270		171,010
6.000%, 8/1/37		2,804,802		2,833,076
6.500%, 8/1/37		3,367,959		3,471,373
5.500%, 9/1/37		16,223,345		16,011,719
6.000%, 9/1/37		5,534,786		5,575,977
6.500%, 9/1/37		11,876,131		12,240,793
6.000%, 10/1/37		2,545,891		2,551,442
6.500%, 10/1/37		47,116,099		48,571,379
5.500%, 11/1/37		529,812		522,900
6.000%, 11/1/37		5,626,503		5,683,221
6.500%, 11/1/37		7,583,667		7,816,529
6.000%, 12/1/37		3,292,501		3,325,691
6.500%, 12/1/37		3,229,088		3,328,362
5.500%, 1/1/38		396,728		391,553
6.500%, 1/1/38		318,265		328,005
6.000%, 2/1/38		45,487,176		45,944,939
6.500%, 2/1/38		5,694,688		5,869,239
6.000%, 3/1/38		36,236,320		36,597,976
6.500%, 3/1/38		3,553,960		3,662,731
5.500%, 4/1/38		57,800,001		57,040,247
6.500%, 4/1/38		471,988		486,433
6.000%, 5/1/38		58,622,384		59,207,436
5.500%, 6/1/38		64,705,477		63,734,895
5.500%, 7/1/38		42,200,000		41,645,301
6.470%, 12/1/40(l)		124,983		125,988
4.500%, 7/25/23 TBA		38,200,000		36,910,750
5.000%, 7/25/23 TBA		18,600,000		18,390,750
5.000%, 8/25/23 TBA		1,600,000		1,578,499
5.000%, 7/25/38 TBA		77,200,000		73,991,414
6.000%, 7/25/38 TBA		208,900,000		210,727,875
6.500%, 7/25/38 TBA		24,800,000		25,528,500
Government National Mortgage Association
5.625%, 7/20/27(l)		9,277		9,370
6.000%, 9/15/28		11,440		11,689
6.000%, 11/15/28		20,196		20,633
6.000%, 1/15/29		57,594		58,768
6.000%, 2/15/29		19,032		19,420
6.500%, 5/15/29		37,718		39,186
6.000%, 6/15/29		28,665		29,250
7.000%, 9/15/31		43,152		45,977
7.000%, 10/15/31		7,997		8,512
6.000%, 11/15/31		12,602		12,855
6.000%, 12/15/31		79,262		80,854
7.000%, 2/15/32		44,251		47,100
7.000%, 4/15/32		24,006		25,551
7.000%, 5/15/32		23,591		25,124
6.000%, 7/15/32		50,829		51,818
6.000%, 1/15/33		50,572		51,540
6.000%, 2/15/33		84,838		86,462
7.000%, 2/15/33		35,683		37,973
5.500%, 4/15/33		127,579		127,466
6.500%, 8/15/34		8,099,161		8,391,266
6.000%, 9/15/34		1,691,960		1,722,759
6.000%, 12/15/34		157,560		160,428
6.000%, 1/15/35		575,143		584,983
6.000%, 2/15/35		280,908		285,714
6.000%, 3/15/35		1,145,314		1,164,909
6.000%, 5/15/35		81,095		82,483
6.000%, 7/15/35		702,115		716,049
6.000%, 9/15/35		84,292		85,735
6.000%, 10/15/35		241,699		245,834
6.000%, 12/15/35		462,495		470,408
6.000%, 1/15/36		158,620		161,308
6.000%, 2/15/36		235,413		239,400
6.000%, 3/15/36		208,909		212,448

See Notes to Financial Statements.

52

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
6.000%, 4/15/36	$	229,416	$	233,303
6.000%, 5/15/36		1,363,485		1,386,584
6.000%, 6/15/36		1,815,998		1,846,762
6.000%, 7/15/36		3,604,210		3,665,268
6.000%, 8/15/36		3,597,535		3,658,472
6.000%, 9/15/36		2,653,496		2,698,449
6.000%, 10/15/36		4,406,950		4,481,607
6.000%, 7/20/37		379,744		385,504
5.000%, 7/15/38 TBA		2,200,000		2,131,250
5.500%, 7/15/38 TBA		26,600,000		26,444,500
6.000%, 7/15/38 TBA		43,100,000		43,734,829
6.500%, 7/15/38 TBA		12,400,000		12,797,497
5.000%, 8/15/38 TBA		3,600,000		3,478,500
6.000%, 8/15/38 TBA		5,100,000		5,157,375
Resolution Funding Corp. (Zero Coupon), 7/15/18 STRIPS		75,000		47,789
(Zero Coupon),
10/15/18 STRIPS		75,000		47,022
Small Business Administration
4.504%, 2/1/14		577,768		555,057
Small Business Administration Participation Certificates
4.524%, 2/10/13		474,114		466,322
U.S. Department of Housing and Urban Development
5.380%, 8/1/18		1,660,000		1,703,085
				2,100,444,115
U.S. Treasuries (3.0%)
U.S. Treasury Bonds
2.375%, 1/15/25 TIPS		2,818,406		2,955,804
2.000%, 1/15/26 TIPS		3,677,032		3,645,718
U.S. Treasury Notes
2.000%, 2/28/10		52,300,000		51,919,988
2.875%, 6/30/10		12,900,000		12,963,494
2.750%, 2/28/13		11,850,000		11,568,562
2.500%, 3/31/13		16,120,000		15,552,028
				98,605,594
Total Government Securities				2,361,723,816
Total Long Term Debt Securities (117.3%) (Cost $3,945,878,769)				3,899,165,193
	Number of Shares
CONVERTIBLE PREFERRED STOCK:
Financials (0.1%)
Commercial Banks (0.1%)
Wachovia Corp.
7.500%
(Cost $5,000,000)		5,000		4,406,900
	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (1.3%)
PALISADES
2.99%, 8/19/08 (p)(n)	$	15,800,000		15,734,599
3.13%, 10/23/08 (p)(n)		900,000		891,081
Societe General North America, Inc.
2.73%, 9/10/08 (p)		15,100,000		15,017,856
UBS Finance Delaware LLC
2.68%, 9/2/08 (p)		12,500,000		12,440,625
Total Commercial Paper				44,084,161
Government Security (0.5%)
Federal Home Loan Bank
2.00%, 7/1/08 (p)(o)^		15,900,000		15,899,116
Short-Term Investments of Cash Collateral for Securities Loaned (1.1%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)		430,000		430,000
Bank of Ireland
2.83%, 12/19/08 (l)		719,950		719,950
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)		320,000		320,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		430,000		430,000
Comerica Bank
2.50%, 3/16/09 (l)		139,994		139,994
Credit Industriel et Commercial/New York
2.94%, 8/7/08		720,000		720,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		370,000		370,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		23,472,225		23,472,225
Fifth Third Bancorp
2.49%, 8/22/08 (l)		40,000		40,000
First Tennessee Bank
2.50%, 8/15/08 (l)		1,290,000		1,290,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		60,000		60,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		290,000		290,000
2.16%, 3/27/09 (l)		400,000		400,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		110,000		110,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		569,843		569,843
2.12%, 6/18/09 (l)		719,785		719,785
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		860,000		860,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		720,000		720,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		359,997		359,997
Links Finance LLC
2.12%, 6/25/09 (l)		209,948		209,948
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		360,000		360,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		670,000		670,000
Morgan Stanley
3.22%, 2/9/09 (l)		1,116,827		1,116,827
2.65%, 5/7/09 (l)		720,000		720,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		429,914		429,914
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		720,362		720,362
Standard Chartered Bank/New York
2.79%, 8/7/08		1,070,000		1,070,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		140,000		140,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				37,458,845
Time Deposit (1.0%)
JPMorgan Chase Nassau
1.49%, 7/1/08		32,106,501		32,106,501

See Notes to Financial Statements.

53

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount			Value (Note 1)
Total Short-Term Investments (3.9%) (Cost/Amortized Cost $129,539,347)				$	129,548,623
Total Investments Before Options Written and Securities Sold Short (121.3%) (Cost/Amortized Cost $4,080,418,116)					4,033,120,716
	Number of Contracts
OPTIONS WRITTEN:
Call Option Written (0.0%)
U.S. 10 Year Treasury Notes Futures August 2008 @ $117.00*		(174	)		(59,812	)
					(59,812	)
Put Options Written (-0.1%)
EURODollar 1 Year Mid-CRV September 2008 @ $96.50*		(782	)		(1,006,825	)
U.S. 10 Year Treasury Note Futures August 2008 @ $113.00*		(174	)		(154,969	)
					(1,161,794	)
Total Options Written (-0.1%) (Premiums Received $960,314)					(1,221,606	)
Total Investments Before Securities Sold Short (121.2%) (Cost/Amortized Cost $4,079,457,802)					4,031,899,110
	Principal Amount
SECURITIES SOLD SHORT:
U.S. Government Agencies (-12.2%)
Federal Home Loan Mortgage Corp.
5.000%, 7/15/38 TBA	$	(4,000,000	)	$	(3,832,500	)
5.500%, 7/15/38 TBA		(2,400,000	)		(2,364,000	)
6.000%, 7/15/38 TBA		(29,100,000	)		(29,391,000	)
Federal National Mortgage Association
5.000%, 8/25/23 TBA		(17,100,000	)		(16,870,210	)
5.500%, 8/25/23 TBA		(14,200,000	)		(14,257,680	)
5.500%, 7/25/38 TBA		(331,400,000	)		(326,636,125	)
6.500%, 7/25/38 TBA		(1,800,000	)		(1,852,875	)
Government National Mortgage Association
5.500%, 8/15/38 TBA		(5,700,000	)		(5,653,688	)
Government National Mortgage Association II
5.500%, 8/15/38 TBA		(5,700,000	)		(5,640,774	)
Total Securities Sold Short (-12.2%) (Proceeds Received $406,168,906)					(406,498,852	)
Total Investments after Options Written and Securities Sold Short (109.0%) (Cost/Amortized Cost $3,673,288,896)					3,625,400,258
Other Assets Less Liabilities (-9.0%)					(300,784,981	)
Net Assets (100%)				$	3,324,615,277

* Non-income producing.

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

† Securities (totaling $5,163,433 or 0.2% of net assets) at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2008, the market value of these securities amounted to $250,681,265 or 7.5% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b) Illiquid Security.

(e) Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of June 30, 2008. Maturity date disclosed is the ultimate maturity date.

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

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

(o) Discount Note Security. Effective rate calculated as of June 30, 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
IO	—	Interest Only
JPY	—	Japanese Yen
STRIPS	—	Separately Traded Receipt of Interest and Principal Security
TBA	—	Security is subject to delayed delivery.
TIPS	—	Treasury Inflation Protected Security

See Notes to Financial Statements.

54

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

At June 30, 2008 the Portfolio had the following futures contracts open: (Note 1)

	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2008		Unrealized Appreciation/ (Depreciation)
Purchases
EURODollar	237	December-08	$	57,265,848	$	57,365,850	$	100,002
EURODollar	2,704	March-09		653,215,789		653,556,800		341,011
EURODollar	2,130	June-09		511,776,067		513,702,750		1,926,683
EURODollar	3,781	September-09		905,885,688		909,472,288		3,586,600
EURODollar	1,992	December-09		475,980,037		477,756,300		1,776,263
U.S. 5 Year Treasury Notes	305	September-08		33,692,042		33,719,180		27,138
U.S. Long Bonds	418	September-08		47,503,578		48,318,188		814,610
							$	8,572,307
Sales
EURODollar	283	June-10	$	68,229,103	$	67,619,313	$	609,790
U.S. 10 Year Treasury Notes	523	September-08		59,048,930		59,581,141		(532,211	)
U.S. 2 Year Treasury Notes	516	September-08		108,214,334		108,980,813		(766,479	)
U.S. Long Bonds	1,967	September-08		224,509,687		227,372,906		(2,863,219	)
							$	(3,552,119	)
							$	5,020,188

At June 30, 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
Brazilian Real vs. U.S. Dollar, expiring 7/2/08	3,852	2,349	$	2,348,963	$	2,403,031	$	54,068
Japanese Yen vs. U.S. Dollar, expiring 7/28/08	148,000	1,376		1,376,450		1,395,934		19,484
							$	73,552
Foreign Currency Sell Contracts
Brazilian Real vs. U.S. Dollar, expiring 7/2/08	900	1,584	$	988,366	$	900,000	$	(88,366	)
Brazilian Real vs. U.S. Dollar, expiring 7/2/08	200	353		220,011		200,000		(20,011	)
Brazilian Real vs. U.S. Dollar, expiring 7/2/08	400	700		436,779		400,000		(36,779	)
Brazilian Real vs. U.S. Dollar, expiring 7/2/08	400	693		432,163		400,000		(32,163	)
Brazilian Real vs. U.S. Dollar, expiring 7/2/08	300	522		325,713		300,000		(25,713	)
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	2,263	3,852		2,311,714		2,263,396		(48,318	)
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	200	367		219,992		200,000		(19,992	)
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	7,320	13,590		8,155,178		7,320,226		(834,952	)
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	1,400	2,554		1,532,381		1,400,000		(132,381	)
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	1,200	2,187		1,312,390		1,200,001		(112,389	)
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	800	1,460		875,887		800,001		(75,886	)
Japanese Yen vs. U.S. Dollar, expiring 7/28/08	6,240	670,961		6,328,495		6,240,221		(88,274	)
							$	(1,515,224	)
							$	(1,441,672	)

Options Written:

Options written through the period ended June 30, 2008 were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding - January 1, 2008	141		$	80,552
Options Written	5,876			4,186,042
Options Terminated in Closing Purchase Transactions	(453	)		(245,799	)
Options Expired	(4,434	)		(3,060,481	)
Options Exercised	—			—
Options Outstanding - June 30, 2008	1,130		$	960,314

See Notes to Financial Statements.

55

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 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 June 30, 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	$	4,406,900	$	4,023,550,383	$	5,163,433	$	4,033,120,716
Other Investments*		9,182,097		73,552		—		9,255,649
Total	$	13,588,997	$	4,023,623,935	$	5,163,433	$	4,042,376,365
Liabilities:
Investments in Securities	$	—	$	406,498,852	$	—	$	406,498,852
Other Investments*		5,383,515		1,515,224		—		6,898,739
Total	$	5,383,515	$	408,014,076	$	—	$	413,397,591

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		(520,261	)		—
Purchases, sales, issuances, and settlements (net)		141,496			—
Transfers in and/or out of Level 3		(13,390,922	)		—
Balance as of 6/30/08	$	5,163,433		$	—
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 a liabilities still held at period ending 6/30/08	$	(868,592	)	$	—

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

Investment security transactions for the six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	7,629,644,457
Long-term U.S. Treasury securities		2,464,819,045
	$	10,094,463,502
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	7,609,799,805
Long-term U.S. Treasury securities		2,367,154,496
	$	9,976,954,301

See Notes to Financial Statements.

56

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

As of June 30, 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	$	19,965,654
Aggregate gross unrealized depreciation		(67,390,753	)
Net unrealized depreciation	$	(47,425,099	)
Federal income tax cost of investments	$	4,080,545,815

At June 30, 2008, the Portfolio had loaned securities with a total value of $37,936,708. This was secured by collateral of $37,458,845 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,008,738 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

57

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PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Staples (2.6%)
Food & Staples Retailing (2.5%)
CVS Caremark Corp.	129,415	$	5,120,951
Drogasil S.A	95,486		884,516
Longs Drug Stores Corp.^	30,500		1,284,355
Rite Aid Corp.*^	336,624		535,232
Walgreen Co.	65,100		2,116,401
			9,941,455
Personal Products (0.1%)
Herbalife Ltd.^	15,164		587,605
Total Consumer Staples			10,529,060
Financials (0.4%)
Insurance (0.4%)
Amil Participacoes S.A.	165,800		1,494,486
Total Financials			1,494,486
Health Care (93.3%)
Biotechnology (20.8%)
3SBio, Inc. (ADR)*	43,203		391,419
ACADIA Pharmaceuticals, Inc.*^	42,883		158,238
Alexion Pharmaceuticals, Inc.*^	19,150		1,388,375
Altus Pharmaceuticals, Inc.*^	27,448		122,144
Amgen, Inc.*	98,461		4,643,421
Amylin Pharmaceuticals, Inc.*^	86,268		2,190,345
Applera Corp.- Celera Group*^	162,980		1,851,453
Array BioPharma, Inc.*^	50,715		238,360
Avigen, Inc.*	85,288		246,482
BioMarin Pharmaceutical, Inc.*^	73,529		2,130,870
Celgene Corp.*	175,611		11,216,275
Cephalon, Inc.*^	38,600		2,574,234
Cougar Biotechnology, Inc.(b)*†^	26,100		559,767
Cytokinetics, Inc.*^	175,800		652,218
Genentech, Inc.*	112,955		8,573,285
Gentium S.p.A. (ADR)*^	27,800		94,798
Genzyme Corp.*	112,830		8,126,017
Gilead Sciences, Inc.*	270,545		14,325,358
Human Genome Sciences, Inc.*^	307,026		1,599,605
ImClone Systems, Inc.*^	93,002		3,762,861
Incyte Corp.*^	107,409		817,382
Keryx Biopharmaceuticals, Inc.*^	333,906		163,614
Medarex, Inc.*^	90,185		596,123
Onyx Pharmaceuticals, Inc.*	52,291		1,861,560
OSI Pharmaceuticals, Inc.*^	45,373		1,874,812
Progenics Pharmaceuticals, Inc.*^	153,700		2,439,219
Regeneron Pharmaceuticals, Inc.*^	76,040		1,098,018
Rigel Pharmaceuticals, Inc.*^	29,255		662,918
Savient Pharmaceuticals, Inc.*^	33,980		859,694
Seattle Genetics, Inc.*^	104,757		886,244
Third Wave Technologies, Inc.*^	63,545		709,162
United Therapeutics Corp.*^	39,644		3,875,201
Vertex Pharmaceuticals, Inc.*	69,539		2,327,470
ZymoGenetics, Inc.*^	27,976		235,558
			83,252,500
Health Care Distributors (2.4%)
Animal Health International, Inc.*^	80,477		501,372
Cardinal Health, Inc.	23,575		1,215,999
Celesio AG	22,892		828,252
McKesson Corp.	114,840		6,420,704
Profarma Distribuidora de Productos Farmaceuticos S.A.	37,500		584,804
			9,551,131
Health Care Equipment (17.6%)
American Medical Systems Holdings, Inc.*^	103,424		1,546,189
Baxter International, Inc.	78,860		5,042,308
Beckman Coulter, Inc.	39,800		2,687,694
Becton, Dickinson & Co.	22,800		1,853,640
Boston Scientific Corp.*	84,165		1,034,388
Covidien Ltd.	112,908		5,407,164
DexCom, Inc.*^	86,461		522,224
DiaSorin S.p.A.*	49,367		1,049,299
EnteroMedics, Inc.*	136,593		614,669
Hologic, Inc.*^	114,680		2,500,024
Hospira, Inc.*	71,272		2,858,720
Insulet Corp.*^	37,491		589,733
Intuitive Surgical, Inc.*^	4,055		1,092,417
Medtronic, Inc.	385,496		19,949,418
Mindray Medical International Ltd. (ADR)^	18,655		696,205
Nobel Biocare Holding AG (Registered)	18,546		605,643
ResMed, Inc.*	26,217		936,996
Smith & Nephew plc (ADR)^	13,641		746,845
Smith & Nephew plc	138,912		1,532,873
St. Jude Medical, Inc.*	108,140		4,420,763
Stryker Corp.	22,900		1,439,952
Symmetry Medical, Inc.*^	84,000		1,362,480
Synthes, Inc.	12,154		1,675,183
Varian Medical Systems, Inc.*	14,640		759,084
Volcano Corp.*^	212,027		2,586,729
Wright Medical Group, Inc.*^	79,443		2,256,976
Zimmer Holdings, Inc.*	67,817		4,614,947
			70,382,563
Health Care Facilities (2.6%)
Assisted Living Concepts, Inc., Class A*^	109,166		600,413
Health Management Associates, Inc., Class A*^	167,900		1,093,029
LifePoint Hospitals, Inc.*^	31,330		886,639
Rhoen-Klinikum AG	85,525		2,715,988
Tenet Healthcare Corp.*	148,091		823,386
Universal Health Services, Inc., Class B	68,980		4,360,916
			10,480,371
Health Care Services (4.3%)
DaVita, Inc.*	28,537		1,516,171
Express Scripts, Inc.*	40,397		2,533,700
Fresenius Medical Care AG & Co. KGaA (ADR)	33,900		1,860,771
HMS Holdings Corp.*^	23,938		513,949
Laboratory Corp. of America Holdings*^	14,345		998,842
Medco Health Solutions, Inc.*	166,770		7,871,544
Pediatrix Medical Group, Inc.*	12,743		627,338
Quest Diagnostics, Inc.	30,528		1,479,692
			17,402,007
Health Care Supplies (0.4%)
Align Technology, Inc.*^	59,483		623,977

See Notes to Financial Statements.

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Dentsply International, Inc.		28,630	$	1,053,584
Xtent, Inc.*^		54,695		137,284
				1,814,845
Health Care Technology (0.4%)
Allscripts Healthcare Solutions, Inc.*^		63,159		783,803
Eclipsys Corp.*^		34,600		635,256
				1,419,059
Life Sciences Tools & Services (7.2%)
Affymetrix, Inc.*^		43,464		447,245
AMAG Pharmaceuticals, Inc.*^		19,188		654,311
Applera Corp.- Applied Biosystems Group		34,107		1,141,902
Charles River Laboratories International, Inc.*^		52,078		3,328,826
Covance, Inc.*		12,305		1,058,476
Exelixis, Inc.*^		96,000		480,000
Illumina, Inc.*^		18,448		1,607,005
Invitrogen Corp.*		25,805		1,013,104
MDS, Inc.*		54,258		881,686
Pharmaceutical Product Development, Inc.		57,999		2,488,157
PharmaNet Development Group, Inc.*^		43,090		679,529
Qiagen N.V.*^		127,461		2,565,790
Sequenom, Inc.*		28,496		454,796
Thermo Fisher Scientific, Inc.*		138,705		7,730,030
Varian, Inc.*^		21,900		1,118,214
Waters Corp.*		49,740		3,208,230
				28,857,301
Managed Health Care (5.0%)
Aetna, Inc.		72,062		2,920,673
CIGNA Corp.		60,228		2,131,469
Coventry Health Care, Inc.*		168,690		5,131,550
Health Net, Inc.*		59,126		1,422,572
UnitedHealth Group, Inc.		290,672		7,630,140
WellPoint, Inc.*		18,628		887,810
				20,124,214
Pharmaceuticals (32.6%)
Abbott Laboratories		325,445		17,238,822
Allergan, Inc.		61,544		3,203,365
ARYx Therapeutics, Inc.*		55,209		435,047
Astellas Pharma, Inc.		81,500		3,453,878
AstraZeneca plc (ADR)		60,900		2,590,077
Barr Pharmaceuticals, Inc.*		40,400		1,821,232
Biodel, Inc.*^		17,626		229,138
BioMimetic Therapeutics, Inc.*^		64,124		764,358
Bristol-Myers Squibb Co.		72,800		1,494,584
Cadence Pharmaceuticals, Inc.*^		96,765		589,299
Daiichi Sankyo Co., Ltd		137,600		3,790,366
EastPharma Ltd. (GDR)*§†		74,814		483,298
Eisai Co., Ltd.		95,800		3,383,246
Elan Corp. plc (ADR)*^		155,000		5,510,250
Eli Lilly & Co.		41,400		1,911,024
Forest Laboratories, Inc.*		112,675		3,914,330
H. Lunbeck A/S		29,700		677,195
Hikma Pharmaceuticals plc.		78,567		788,728
Inspire Pharmaceuticals, Inc.*^		49,857		213,388
Ipsen		40,450		2,069,811
Johnson & Johnson		87,150		5,607,231
Laboratorios Almirall S.A.		99,875		2,168,453
MAP Pharmaceuticals, Inc.*^		27,946		288,682
Medicines Co.*^		104,480		2,070,794
Medicis Pharmaceutical Corp., Class A^		30,219		627,951
Merck & Co., Inc.		192,131		7,241,417
Merck KGaA		10,391		1,477,154
Novartis AG (ADR)		37,453		2,061,413
Pfizer, Inc.		71,436		1,247,987
Pharmstandard OJSC (GDR)*§†		15,400		381,843
Roche Holding AG		26,214		4,721,625
Sanofi-Aventis S.A. (ADR)		94,624		3,144,356
Schering-Plough Corp.		759,299		14,950,597
Shionogi & Co., Ltd.		196,000		3,867,025
Shire, Ltd. (ADR)^		27,380		1,345,179
Takeda Pharmaceutical Co., Ltd.		25,900		1,317,135
Teva Pharmaceutical Industries Ltd. (ADR)^		175,290		8,028,282
UCB S.A. (Brussels Exchange)		66,590		2,464,326
UCB S.A. (Frankfurt Exchange)		9,800		363,984
Wyeth		256,539		12,303,610
XenoPort, Inc.*^		11,212		437,604
				130,678,084
Total Health Care				373,962,075
Industrials (0.2%)
Industrial Conglomerates (0.2%)
Teleflex, Inc.		12,860		714,887
Total Industrials				714,887
Information Technology (0.3%)
Electronic Equipment & Instruments (0.3%)
Agilent Technologies, Inc.*		37,542		1,334,243
Total Information Technology				1,334,243
Materials (0.3%)
Chemicals (0.3%)
Bayer AG		16,432		1,383,083
Total Materials				1,383,083
Total Common Stocks (97.1%) (Cost $389,935,030)				389,417,834
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (17.2%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)	$	1,130,000		1,130,000
Bank of Ireland
2.83%, 12/19/08 (l)		1,889,870		1,889,870
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)		830,000		830,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		1,130,000		1,130,000
Comerica Bank
2.50%, 3/16/09 (l)		379,983		379,983
Credit Industriel et Commercial/New York
2.94%, 8/7/08		1,890,000		1,890,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		980,000		980,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		31,979,737		31,979,737
Fifth Third Bancorp
2.49%, 8/22/08 (l)		110,000		110,000

See Notes to Financial Statements.

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
First Tennessee Bank
2.50%, 8/15/08 (l)	$	3,390,000	$	3,390,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		150,000		150,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		750,000		750,000
2.16%, 3/27/09 (l)		1,050,000		1,050,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		300,000		300,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		1,509,585		1,509,585
2.12%, 6/18/09 (l)		1,889,436		1,889,436
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		2,260,000		2,260,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		1,890,000		1,890,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		939,992		939,992
Links Finance LLC.
2.12%, 6/25/09 (l)		569,858		569,858
MBIA Global Funding LLC.
2.12%, 3/30/09 (l)		940,000		940,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		1,770,000		1,770,000
Morgan Stanley
3.22%, 2/9/09 (l)		2,931,669		2,931,669
2.65%, 5/7/09 (l)		1,890,000		1,890,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		1,129,774		1,129,774
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		1,890,949		1,890,949
Standard Chartered Bank/New York
2.79%, 8/7/08		2,830,000		2,830,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		380,000		380,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				68,780,853
Time Deposit (3.8%)
JPMorgan Chase Nassau
1.49%, 7/1/08		15,427,278		15,427,278
Total Short-Term Investments (21.0%) (Amortized Cost $84,208,131)				84,208,131
	Number of Contracts (c)
OPTION PURCHASED:
Call Option Purchased (0.1%)
Genentech, Inc. January 2009 @ $80.00*		442		225,420
Total Options Purchased (0.1%) (Cost $143,089)				225,420
Total Investments (118.2%) (Cost/Amortized Cost $474,286,250)				473,851,385
Other Assets Less Liabilities (-18.2%)				(72,987,927	)
Net Assets (100%)			$	400,863,458

* Non-income producing.

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

† Securities (totaling $1,424,908 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 June 30, 2008, the market value of these securities amounted to $865,141 or 0.2% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b) Illiquid Security.

(c) One contract relates to 100 shares.

(l) Floating Rate Security. Rate disclosed is as of June 30, 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 Financial Statements.

60

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

At June 30, 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 Depreciation
Foreign Currency Sell Contracts
British Pound vs. U.S. Dollar, expiring 8/8/08	1,559	795	$	1,578,870	$	1,559,234	$	(19,636	)
European Union vs. U.S. Dollar, expiring 8/8/08	5,842	3,775		5,932,085		5,842,190		(89,895	)
Swiss Franc vs. U.S. Dollar, expiring 8/8/08	3,347	3,500		3,427,665		3,346,560		(81,105	)
							$	(190,636	)

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 June 30, 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	$	347,885,099	$	124,541,378	$	1,424,908	$	473,851,385
Other Investments*		—		—		—		—
Total	$	347,885,099	$	124,541,378	$	1,424,908	$	473,851,385
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		190,636		—		190,636
Total	$	—	$	190,636	$	—	$	190,636

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		(126,865	)		—
Purchases, sales, issuances, and settlements (net)		(433,565	)		—
Transfers in and/or out of Level 3		559,767			—
Balance as of 6/30/08	$	1,424,908		$	—
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 a liabilities still held at period ending 6/30/08	$	(351,084	)	$	—

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

See Notes to Financial Statements.

61

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

Investment security transactions for the six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	219,266,398
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	197,658,457

As of June 30, 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	$	26,268,728
Aggregate gross unrealized depreciation		(32,512,253	)
Net unrealized depreciation	$	(6,243,525	)
Federal income tax cost of investments	$	480,094,910

At June 30, 2008, the Portfolio had loaned securities with a total value of $66,542,481. This was secured by collateral of $68,780,853 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 $22,834, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

62

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MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
LONG TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (0.5%)
Asset-Backed Securities (0.5%)
Pegasus Aviation Lease Securitization, Series 2001-1A A1
2.929%, 5/10/31(l)§	$	3,800,000	$	1,710,000
Triton Aviation Finance, Series 1A A1
3.241%, 6/15/25(l)(b)§		9,951,346		7,662,536
Total Asset-Backed and Mortgage-Backed Securities				9,372,536
Convertible Bonds (0.8%)
Energy (0.3%)
Oil, Gas & Consumable Fuels (0.3%)
Chesapeake Energy Corp.
2.250%, 12/15/38	$	4,600,000		5,284,250
Total Energy				5,284,250
Financials (0.1%)
Capital Markets (0.1%)
Deutsche Bank AG/London
(Zero Coupon), 7/14/08§		500,000		445,962
(Zero Coupon), 9/29/08§		600,000		237,360
(Zero Coupon), 10/24/08§		625,000		259,750
Total Financials				943,072
Health Care (0.2%)
Pharmaceuticals (0.2%)
Mylan, Inc.
1.250%, 3/15/12		725,000		607,187
Valeant Pharmaceuticals International
3.000%, 8/16/10		4,250,000		3,894,063
Total Health Care				4,501,250
Information Technology (0.1%)
Communications Equipment (0.1%)
Nortel Networks Corp.
1.750%, 4/15/12		350,000		262,063
2.125%, 4/15/14		1,725,000		1,155,750
				1,417,813
Semiconductors & Semiconductor Equipment (0.0%)
Advanced Micro Devices, Inc.
6.000%, 5/1/15		1,650,000		1,039,500
Total Information Technology				2,457,313
Telecommunication Services (0.1%)
Diversified Telecommunication Services (0.1%)
Qwest Communications International, Inc.
3.500%, 11/15/25		1,625,000		1,598,594
Total Telecommunication Services				1,598,594
Total Convertible Bonds				14,784,479
Corporate Bonds (91.7%)
Consumer Discretionary (21.3%)
Auto Components (2.6%)
Allison Transmission, Inc.
11.000%, 11/1/15§^	$	3,575,000		3,199,625
11.250%, 11/1/15 PIK§		1,475,000		1,275,875
American Tire Distributors, Inc.
9.041%, 4/1/12(l)		4,500,000		4,117,500
9.041%, 4/1/12(l)§		4,300,000		3,934,500
ArvinMeritor, Inc.
8.750%, 3/1/12		5,345,000		4,703,600
8.125%, 9/15/15^		3,493,000		2,742,005
Cooper-Standard Automotive, Inc.
7.000%, 12/15/12^		3,805,000		3,177,175
Goodyear Tire & Rubber Co.
9.000%, 7/1/15^		4,530,000		4,518,675
Lear Corp., Series B
8.500%, 12/1/13		3,000,000		2,478,750
Tenneco, Inc.
8.625%, 11/15/14^		1,950,000		1,720,875
8.125%, 11/15/15§		5,575,000		5,045,375
Series B
10.250%, 7/15/13		1,627,000		1,702,249
TRW Automotive, Inc.
7.000%, 3/15/14§^		2,340,000		2,029,950
7.250%, 3/15/17§^		5,590,000		4,695,600
United Components, Inc.
9.375%, 6/15/13^		4,090,000		3,824,150
				49,165,904
Automobiles (0.8%)
Ford Motor Co.
8.875%, 1/15/22		2,000,000		1,270,000
7.500%, 8/1/26^		5,000,000		2,850,000
General Motors Corp.
7.125%, 7/15/13^		2,700,000		1,714,500
7.700%, 4/15/16		2,375,000		1,442,813
8.250%, 7/15/23^		8,900,000		5,184,250
8.100%, 6/15/24^		1,550,000		813,750
7.400%, 9/1/25		3,550,000		1,828,250
				15,103,563
Distributors (0.6%)
Buhrmann U.S., Inc.
8.250%, 7/1/14		2,000,000		2,185,000
7.875%, 3/1/15		1,700,000		1,899,546
SGS International, Inc.
12.000%, 12/15/13		7,035,000		6,454,612
				10,539,158
Diversified Consumer Services (0.1%)
Service Corp. International
7.375%, 10/1/14		500,000		500,000
7.625%, 10/1/18		1,825,000		1,820,438
				2,320,438
Hotels, Restaurants & Leisure (2.6%)
Choctaw Resort Development Enterprise
7.250%, 11/15/19(b)§		2,303,000		1,934,520
Downstream Development Authority of the Quapaw Tribe of Oklahoma
12.000%, 10/15/15§		4,000,000		3,170,000
El Pollo Loco, Inc.
11.750%, 11/15/13^		4,000,000		3,980,000
Harrahs Operating Co., Inc.
10.750%, 2/1/16§		2,600,000		2,158,000
Indianapolis Downs LLC & Capital Corp.
11.000%, 11/1/12§^		4,400,000		4,004,000
Landry’s Restaurants, Inc.
9.500%, 12/15/14^		3,551,000		3,479,980
MGM MIRAGE
6.625%, 7/15/15		2,600,000		2,086,500

See Notes to Financial Statements.

63

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Mirage Resorts, Inc.
7.250%, 8/1/17	$	3,060,000	$	2,639,250
Royal Caribbean Cruises Ltd.
7.250%, 3/15/18		2,500,000		2,118,750
Shingle Springs Tribal Gaming Authority
9.375%, 6/15/15§^		4,750,000		3,859,375
Station Casinos, Inc.
7.750%, 8/15/16^		4,635,000		3,545,775
Travelport LLC
7.307%, 9/1/14(l)		1,000,000		800,000
9.875%, 9/1/14^		3,300,000		2,928,750
11.875%, 9/1/16^		5,207,000		4,269,740
Turning Stone Resort Casino Enterprise
9.125%, 12/15/10§		4,075,000		4,044,437
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
6.625%, 12/1/14		4,329,000		3,961,035
				48,980,112
Household Durables (0.9%)
Blyth, Inc.
5.500%, 11/1/13		8,050,000		6,681,500
Jarden Corp.
7.500%, 5/1/17^		3,000,000		2,610,000
Sealy Mattress Co.
8.250%, 6/15/14		4,000,000		3,280,000
Simmons Co.
7.875%, 1/15/14		5,300,000		4,558,000
				17,129,500
Internet & Catalog Retail (0.1%)
Visant Corp.
7.625%, 10/1/12		1,710,000		1,680,075
Media (12.2%)
AMC Entertainment, Inc.
11.000%, 2/1/16		9,240,000		9,147,600
Block Communications, Inc.
8.250%, 12/15/15§		5,000,000		4,750,000
CanWest Media, Inc.
8.000%, 9/15/12^		7,550,000		6,719,500
CCH I Holdings LLC/CCH I Holdings Capital Corp.
11.000%, 10/1/15^		1,000,000		735,000
CCH I LLC/CCH I Capital Corp.
11.000%, 10/1/15^		2,854,000		2,115,528
CCH II LLC/CCH II Capital Corp. Series B
10.250%, 9/15/10^		4,500,000		4,342,500
CCO Holdings LLC/CCO Holdings Capital Corp.
8.750%, 11/15/13^		8,820,000		8,114,400
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
8.000%, 4/30/12§		420,000		396,900
8.375%, 4/30/14§^		500,000		473,750
Cinemark, Inc.
0.000%, 3/15/14(e)		8,600,000		8,170,000
Clear Channel Communications, Inc.
4.250%, 5/15/09		6,750,000		6,513,750
CSC Holdings, Inc.
6.750%, 4/15/12		5,264,000		4,948,160
8.500%, 6/15/15§		1,500,000		1,473,750
7.625%, 7/15/18		4,250,000		3,910,000
Series B
8.125%, 8/15/09		2,868,000		2,889,510
7.625%, 4/1/11		3,570,000		3,498,600
CW Media Holdings, Inc.
13.500%, 8/15/15 PIK§		4,500,000		4,500,000
Dex Media West LLC/Dex Media Finance Co., Series B
8.500%, 8/15/10		3,970,000		3,920,375
9.875%, 8/15/13		1,075,000		967,500
Dex Media, Inc.
8.000%, 11/15/13^		3,675,000		2,682,750
DirecTV Holdings LLC/DirecTV Financing Co.
8.375%, 3/15/13		3,852,000		3,967,560
7.625%, 5/15/16§		9,650,000		9,505,250
Echostar DBS Corp.
7.000%, 10/1/13^		1,875,000		1,785,938
6.625%, 10/1/14		4,885,000		4,518,625
7.125%, 2/1/16		10,490,000		9,677,025
Gallery Capital S.A.
10.125%, 5/15/13§^		3,550,000		2,520,500
Intelsat Intermediate Holding Co., Ltd.
0.000%, 2/1/15(e)§		4,500,000		3,633,750
Intelsat Jackson Holdings Ltd.
9.250%, 6/15/16		800,000		806,000
11.250%, 6/15/16		3,000,000		3,037,500
Interpublic Group of Cos., Inc.
5.400%, 11/15/09^		4,000,000		3,890,000
6.250%, 11/15/14		5,000,000		4,325,000
Kabel Deutschland GmbH
10.625%, 7/1/14^		4,000,000		4,090,000
Lighthouse International Co. S.A.
8.000%, 4/30/14§	EUR	3,205,000		3,759,354
8.000%, 4/30/14(m)(b)		75,000		87,972
Network Communications, Inc.
10.750%, 12/1/13	$	7,350,000		5,586,000
Quebecor Media, Inc.
7.750%, 3/15/16		12,975,000		12,066,750
R.H. Donnelley Corp.
8.875%, 10/15/17§^		7,455,000		4,435,725
Series A-3
8.875%, 1/15/16^		11,705,000		7,023,000
Reader’s Digest Association, Inc.
9.000%, 2/15/17§		8,000,000		5,840,000
Stratos Global Corp.
9.875%, 2/15/13		7,075,000		7,481,812
Unitymedia GmbH
10.125%, 2/15/15§	EUR	1,750,000		2,617,523
10.375%, 2/15/15§	$	7,250,000		7,132,187
UPC Holding B.V.
7.750%, 1/15/14(m)(b)	EUR	925,000		1,292,525
8.625%, 1/15/14(m)(b)^		2,500,000		3,621,235
8.625%, 1/15/14§^		11,000,000		15,933,434
Videotron Ltd.
9.125%, 4/15/18§	$	10,000,000		10,450,000
WMG Holdings Corp.
0.000%, 12/15/14(e)		12,120,000		7,635,600
				226,989,838
Multiline Retail (0.2%)
Bon-Ton Department Stores, Inc.
10.250%, 3/15/14^		5,595,000		3,671,719
Saks, Inc.
8.250%, 11/15/08		714		721
				3,672,440
Specialty Retail (0.5%)
AutoNation, Inc.
4.713%, 4/15/13(l)		3,000,000		2,535,000
Penske Auto Group, Inc.
7.750%, 12/15/16		2,250,000		1,968,750

See Notes to Financial Statements.

64

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Rent-A-Center, Inc.
7.500%, 5/1/10^	$	6,000,000	$	5,805,000
				10,308,750
Textiles, Apparel & Luxury Goods (0.7%)
Perry Ellis International, Inc., Series B
8.875%, 9/15/13		7,325,000		6,885,500
Quiksilver, Inc.
6.875%, 4/15/15		1,475,000		1,253,750
Rafaella Apparel Group, Inc. Series B
11.250%, 6/15/11		7,639,000		4,468,815
				12,608,065
Total Consumer Discretionary				398,497,843
Consumer Staples (4.1%)
Beverages (0.1%)
Cott Beverages USA, Inc.
8.000%, 12/15/11		1,417,000		1,190,280
Food & Staples Retailing (2.0%)
American Stores Co.
8.000%, 6/1/26		2,690,000		2,719,625
General Nutrition Centers, Inc.
7.199%, 3/15/14 PIK(l)^		7,395,000		6,248,775
Ingles Markets, Inc.
8.875%, 12/1/11^		9,903,000		10,026,788
New Albertsons, Inc.
6.950%, 8/1/09		500,000		503,765
7.750%, 6/15/26		2,500,000		2,451,755
6.570%, 2/23/28		100,000		80,375
7.450%, 8/1/29^		4,250,000		4,020,330
8.000%, 5/1/31		600,000		613,698
Rite Aid Corp.
8.125%, 5/1/10^		1,000,000		1,010,000
8.625%, 3/1/15		2,500,000		1,656,250
9.375%, 12/15/15^		7,450,000		4,991,500
10.375%, 7/15/16		1,000,000		905,880
Roundy’s, Inc. Term Loan
5.230%, 10/27/11		1,369,913		1,311,691
Term Loan B (Zero Coupon), 10/27/11(b)		92,813		88,868
5.230%, 10/27/11		3,713		3,555
				36,632,855
Household Products (1.5%)
American Achievement Corp.
8.250%, 4/1/12		9,035,000		8,854,300
Amscan Holdings, Inc.
8.750%, 5/1/14^		8,100,000		7,209,000
Prestige Brands, Inc.
9.250%, 4/15/12^		7,769,000		7,769,000
Visant Holding Corp.
0.000%, 12/1/13(e)^		4,525,000		4,389,250
				28,221,550
Tobacco (0.5%)
Reynolds American, Inc.
7.750%, 6/1/18		2,040,000		2,136,276
Vector Group Ltd.
11.000%, 8/15/15^		8,250,000		8,229,375
				10,365,651
Total Consumer Staples				76,410,336
Energy (7.3%)
Energy Equipment & Services (1.0%)
Cie Generale de Geophysique-Veritas
7.500%, 5/15/15		1,000,000		997,500
7.750%, 5/15/17		4,100,000		4,105,125
Dresser-Rand Group, Inc.
7.375%, 11/1/14		61,000		60,237
Forbes Energy Services LLC
11.000%, 2/15/15§		4,900,000		4,949,000
Helix Energy Solutions Group, Inc.
9.500%, 1/15/16§		3,650,000		3,741,250
Stewart & Stevenson LLC
10.000%, 7/15/14		5,500,000		5,431,250
				19,284,362
Oil, Gas & Consumable Fuels (6.3%)
Atlas Pipeline Partners LP
8.750%, 6/15/18§		4,375,000		4,342,188
Chesapeake Energy Corp.
7.500%, 6/15/14		4,175,000		4,143,688
7.000%, 8/15/14^		3,575,000		3,503,500
6.625%, 1/15/16^		1,000,000		960,000
6.875%, 1/15/16		1,150,000		1,109,750
7.250%, 12/15/18		150,000		145,875
Citic Resources Finance Ltd.
6.750%, 5/15/14§		425,000		396,844
Colorado Interstate Gas Co.
5.950%, 3/15/15		1,550,000		1,518,231
Connacher Oil and Gas Ltd.
10.250%, 12/15/15§		5,400,000		5,697,000
Copano Energy LLC/Copano Energy Finance Corp.
7.750%, 6/1/18§		5,000,000		4,875,000
El Paso Corp.
7.000%, 6/15/17		4,550,000		4,453,030
8.050%, 10/15/30		3,700,000		3,783,302
Energy Partners Ltd.
9.750%, 4/15/14^		6,025,000		5,648,437
Energy XXI Gulf Coast, Inc.
10.000%, 6/15/13		7,500,000		6,975,000
Enterprise Products Operating LP
8.375%, 8/1/66(l)		5,375,000		5,373,457
Ferrellgas Escrow LLC/Ferrellgas Finance Escrow Corp.
6.750%, 5/1/14		5,060,000		4,617,250
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.
7.240%, 8/1/10†		9,000,000		8,140,500
8.750%, 6/15/12^		3,000,000		2,940,000
Inergy LP/Inergy Finance Corp.
6.875%, 12/15/14		1,150,000		1,069,500
8.250%, 3/1/16^		3,330,000		3,280,050
KCS Energy, Inc.
7.125%, 4/1/12		1,000,000		960,000
Linn Energy LLC
9.875%, 7/1/18§		4,500,000		4,455,000
OPTI Canada, Inc.
8.250%, 12/15/14		2,020,000		2,009,900
PetroHawk Energy Corp.
9.125%, 7/15/13		4,725,000		4,843,125
7.875%, 6/1/15§		1,375,000		1,342,344
Range Resources Corp.
7.250%, 5/1/18		2,000,000		1,985,000
SandRidge Energy, Inc.
8.000%, 6/1/18§		7,390,000		7,426,950

See Notes to Financial Statements.

65

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Stone Energy Corp.
8.250%, 12/15/11^	$	6,500,000	$	6,337,500
VeraSun Energy Corp.
9.875%, 12/15/12^		6,300,000		5,536,125
9.375%, 6/1/17		2,350,000		1,210,250
Williams Cos., Inc.
7.875%, 9/1/21		4,541,000		4,813,460
Series A
7.500%, 1/15/31		2,775,000		2,806,219
				116,698,475
Total Energy				135,982,837
Financials (15.3%)
Capital Markets (1.7%)
Goldman Sachs Group, Inc.
6.150%, 4/1/18		2,100,000		2,037,334
6.750%, 10/1/37		7,550,000		6,906,332
Lehman Brothers Holdings, Inc.
5.625%, 1/24/13		2,250,000		2,129,636
6.750%, 12/28/17		2,450,000		2,301,591
Merrill Lynch & Co., Inc.
4.966%, 5/12/10(l)		1,800,000		1,771,450
6.875%, 4/25/18		6,200,000		5,900,701
Morgan Stanley
4.778%, 5/14/10(l)		8,000,000		7,969,112
UBS AG Jersey
7.152%, 12/29/49(l)	EUR	2,200,000		3,024,963
				32,041,119
Commercial Banks (2.2%)
Barclays Bank plc
6.050%, 12/4/17§	$	1,625,000		1,592,817
7.700%, 4/29/49(l)§		850,000		866,243
5.926%, 9/29/49(l)§		2,700,000		2,301,853
7.434%, 9/29/49(l)§		2,000,000		1,875,954
Credit Agricole S.A.
4.130%, 11/29/49(l)	EUR	350,000		430,376
HBOS plc
6.750%, 5/21/18§^	$	2,000,000		1,912,736
HSBC Holdings plc
6.500%, 9/15/37		5,100,000		4,649,078
Intesa Sanpaulo S.p.A.
8.047%, 12/31/49	EUR	1,000,000		1,531,625
Rabobank Capital Funding Trust III
5.254%, 12/29/49(l)§	$	1,100,000		944,666
Royal Bank of Scotland Group plc
7.640%, 3/31/49(l)		6,500,000		5,943,139
6.990%, 10/29/49(l)§		1,500,000		1,350,042
Societe Generale S.A.
6.999%, 12/29/49(l)	EUR	600,000		843,382
UBS AG/Connecticut
5.875%, 12/20/17	$	2,100,000		2,042,775
Wachovia Corp.
7.980%, 2/28/49(l)		15,000,000		13,776,000
Wells Fargo Capital XIII
7.700%, 12/29/49(l)		1,400,000		1,391,666
				41,452,352
Consumer Finance (4.0%)
American Express Co.
7.000%, 3/19/18		8,425,000		8,528,434
Ford Motor Credit Co. LLC
5.625%, 10/1/08		1,190,000		1,169,809
5.800%, 1/12/09		3,400,000		3,246,514
7.375%, 10/28/09		3,750,000		3,415,421
5.700%, 1/15/10		500,000		426,585
9.750%, 9/15/10		3,200,000		2,790,026
7.375%, 2/1/11		746,000		605,391
9.875%, 8/10/11		2,450,000		2,064,289
5.460%, 1/13/12(l)		1,750,000		1,243,863
7.800%, 6/1/12		15,425,000		11,929,788
7.000%, 10/1/13^		5,110,000		3,763,060
GMAC Canada Ltd.
5.750%, 12/4/08	CAD	4,000,000		3,864,666
6.625%, 12/17/10^	GBP	6,000,000		9,501,124
GMAC LLC
3.951%, 9/23/08(l)	$	1,050,000		1,034,049
3.926%, 5/15/09(l)		1,000,000		940,269
7.250%, 3/2/11		2,800,000		2,058,031
6.625%, 5/15/12		5,075,000		3,481,536
6.875%, 8/28/12		3,625,000		2,482,317
6.750%, 12/1/14^		11,630,000		7,680,975
8.000%, 11/1/31		2,595,000		1,688,250
SLM Corp.
3.130%, 7/25/08(l)		1,425,000		1,423,937
3.080%, 7/26/10(l)		800,000		709,940
5.125%, 8/27/12		725,000		630,834
				74,679,108
Diversified Financial Services (6.2%)
AES Ironwood LLC
8.857%, 11/30/25		6,131,546		6,361,479
AES Red Oak LLC Series A
8.540%, 11/30/19		1,611,828		1,672,271
Altra Industrial Motion, Inc.
9.000%, 12/1/11		6,300,000		6,426,000
Axcan Intermediate Holdings, Inc.
12.750%, 3/1/16§		4,100,000		4,100,000
Bank of America Corp.
8.000%, 12/29/49(l)		4,350,000		4,075,385
8.125%, 12/29/49(l)		1,000,000		945,260
C10 Capital SPV Ltd.
6.722%, 12/31/49(l)§^		1,000,000		918,270
Citigroup Capital XXI
8.300%, 12/21/57(l)		3,025,000		2,856,595
Citigroup, Inc.
5.500%, 4/11/13		4,625,000		4,513,894
El Paso Performance-Linked Trust
7.750%, 7/15/11§		1,250,000		1,259,290
Hawker Beechcraft Acquisition Co. LLC/ Hawker Beechcraft Notes Co.
8.500%, 4/1/15^		2,000,000		2,015,000
9.750%, 4/1/17^		3,250,000		3,250,000
Hexion US Finance Corp./ Hexion Nova Scotia Finance ULC
9.750%, 11/15/14		4,450,000		4,027,250
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
8.125%, 6/1/12		1,100,000		1,056,000
7.125%, 2/15/13^		9,275,000		8,417,063
KAR Holdings, Inc.
10.000%, 5/1/15^		8,500,000		7,140,000
KRATON Polymers LLC/ KRATON Polymers Capital Corp.
8.125%, 1/15/14		3,625,000		1,848,750

See Notes to Financial Statements.

66

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Leucadia National Corp.
8.125%, 9/15/15	$	8,900,000	$	8,944,500
7.125%, 3/15/17		500,000		477,500
NSG Holdings LLC/NSG Holdings, Inc.
7.750%, 12/15/25§		4,650,000		4,580,250
PNA Intermediate Holding Corp.
9.676%, 2/15/13 PIK(l)		5,600,000		5,600,000
Rainbow National Services LLC
10.375%, 9/1/14§		9,500,000		10,093,750
Santander Perpetual S.A.U.
6.671%, 10/29/49(l)§		3,000,000		2,898,186
Smurfit Kappa Funding plc
7.750%, 4/1/15		350,000		318,500
Susser Holdings LLC
10.625%, 12/15/13		4,018,000		4,078,270
UBS Preferred Funding Trust V
6.243%, 5/29/49(l)		1,200,000		1,051,459
Universal City Development Partners Ltd.
11.750%, 4/1/10		10,025,000		10,300,687
Universal City Florida Holding Co. I/II
7.623%, 5/1/10(l)		2,600,000		2,509,000
8.375%, 5/1/10^		4,150,000		4,108,500
				115,843,109
Insurance (0.6%)
American International Group, Inc.
5.850%, 1/16/18		1,625,000		1,522,386
8.175%, 5/15/58(l)§		2,025,000		1,905,746
HUB International Holdings, Inc.
9.000%, 12/15/14§		3,250,000		2,941,250
10.250%, 6/15/15§		5,000,000		4,100,000
				10,469,382
Real Estate Investment Trusts (REITs) (0.3%)
Ventas Realty LP/Ventas Capital Corp. (REIT)
6.750%, 6/1/10		2,500,000		2,487,500
9.000%, 5/1/12		1,200,000		1,257,000
7.125%, 6/1/15		1,000,000		976,250
6.750%, 4/1/17		405,000		388,800
				5,109,550
Real Estate Management & Development (0.1%)
Forest City Enterprises, Inc.
7.625%, 6/1/15		1,275,000		1,185,750
6.500%, 2/1/17		450,000		391,500
				1,577,250
Thrifts & Mortgage Finance (0.2%)
Residential Capital LLC
8.125%, 11/21/08^		2,225,000		1,946,875
Washington Mutual, Inc.
8.250%, 4/1/10		2,425,000		2,146,125
				4,093,000
Total Financials				285,264,870
Health Care (8.4%)
Health Care Equipment & Supplies (1.5%)
Accellent, Inc.
10.500%, 12/1/13		7,000,000		6,405,000
Biomet, Inc.
10.000%, 10/15/17§		7,100,000		7,579,250
10.375%, 10/15/17 PIK§		3,000,000		3,180,000
11.625%, 10/15/17^		11,300,000		11,978,000
				29,142,250
Health Care Providers & Services (4.3%)
Community Health Systems, Inc.
8.875%, 7/15/15		12,835,000		12,915,219
DaVita, Inc.
7.250%, 3/15/15^		3,620,000		3,520,450
HCA, Inc.
6.300%, 10/1/12		3,000,000		2,692,500
6.750%, 7/15/13		870,000		763,425
9.125%, 11/15/14		3,600,000		3,681,000
9.250%, 11/15/16		22,155,000		22,819,650
9.625%, 11/15/16 PIK		6,350,000		6,540,500
7.500%, 12/15/23		410,000		333,379
Health Management Associates, Inc.
6.125%, 4/15/16		2,825,000		2,471,875
HealthSouth Corp., Term Loan
5.090%, 2/2/13		772,447		728,583
5.370%, 2/2/13		1,734		1,635
Skilled Healthcare Group, Inc.
11.000%, 1/15/14		5,538,000		5,856,435
Surgical Care Affiliates, Inc.
8.875%, 7/15/15 PIK§		1,950,000		1,706,250
10.000%, 7/15/17§		3,250,000		2,535,000
U.S. Oncology Holdings, Inc.
7.949%, 3/15/12 PIK(l)		5,110,000		4,036,900
U.S. Oncology, Inc.
10.750%, 8/15/14^		10,000,000		9,925,000
				80,527,801
Pharmaceuticals (2.6%)
Angiotech Pharmaceuticals, Inc.
6.432%, 12/1/13(l)		6,300,000		5,481,000
7.750%, 4/1/14^		2,200,000		1,628,000
Argatroban Royalty Sub LLC
18.500%, 9/30/14†		5,619,077		4,944,787
Elan Finance plc/Elan Finance Corp.
6.807%, 12/1/13(l)		3,925,000		3,611,000
8.875%, 12/1/13		6,475,000		6,491,188
Phibro Animal Health Corp.
13.000%, 8/1/14§		9,540,000		9,540,000
Royalty Pharma, Term Loan
7.750%, 5/15/15		10,000,000		9,937,500
Valeant Pharmaceuticals International
7.000%, 12/15/11		6,000,000		6,210,000
				47,843,475
Total Health Care				157,513,526
Industrials (6.0%)
Aerospace & Defense (0.7%)
Alion Science and Technology Corp.
10.250%, 2/1/15		7,075,000		4,952,500
Bombardier, Inc.
8.000%, 11/15/14§^		3,450,000		3,536,250
L-3 Communications Corp.
7.625%, 6/15/12		3,530,000		3,565,300
				12,054,050
Airlines (0.2%)
Continental Airlines, Inc., Series 01-1
7.373%, 12/15/15		1,148,258		953,054
Delta Air Lines, Inc.
8.954%, 8/10/14^		3,631,822		3,087,049
UAL Pass-Through Trust, Series 2000-2
7.032%, 10/1/10		532,225		521,581
				4,561,684

See Notes to Financial Statements.

67

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Commercial Services & Supplies (1.7%)
Allied Waste North America, Inc.
7.250%, 3/15/15	$	6,145,000	$	6,129,638
ARAMARK Corp.
6.373%, 2/1/15(l)		700,000		654,500
8.500%, 2/1/15^		8,275,000		8,109,500
Knowledge Learning Corp., Inc.
7.750%, 2/1/15§		6,610,000		6,081,200
MSX International UK/ MXS International Business Services FR/ MXS International GmBH
12.500%, 4/1/12§		5,620,000		4,327,400
Quintiles Transnational Corp., Term Loan
6.700%, 3/31/14		1,500,000		1,443,750
Sheridan Group, Inc.
10.250%, 8/15/11		5,375,000		4,945,000
				31,690,988
Construction & Engineering (0.4%)
Esco Corp.
8.625%, 12/15/13§		7,250,000		7,322,500
Electrical Equipment (0.5%)
Legrand France S.A.
8.500%, 2/15/25		3,000,000		3,373,107
Superior Essex Communications LLC/ Essex Group, Inc.
9.000%, 4/15/12		5,500,000		5,610,000
				8,983,107
Industrial Conglomerates (0.5%)
Harland Clarke Holdings Corp.
7.426%, 5/15/15(l)		8,845,000		6,545,300
RBS Global, Inc. & Rexnord Corp.
9.500%, 8/1/14		3,650,000		3,522,250
				10,067,550
Machinery (0.6%)
Actuant Corp.
6.875%, 6/15/17		2,730,000		2,682,225
Terex Corp.
8.000%, 11/15/17		250,000		248,125
Trimas Corp.
9.875%, 6/15/12^		9,278,000		8,187,835
				11,118,185
Road & Rail (1.4%)
Amadeus IT Group S.A., Term Loan
6.959%, 4/8/13	EUR	1,936,138		2,800,421
Hertz Corp.,
8.875%, 1/1/14	$	8,120,000		7,429,800
Term B Loan
4.230%, 12/21/12		1,162,758		1,097,935
Term DD Loan
4.220%, 12/21/12(b)		3,072		2,901
4.240%, 12/21/12		63,136		59,616
Term Loan
2.801%, 12/21/12		222,222		209,833
Kansas City Southern de Mexico S.A. de C.V.
9.375%, 5/1/12		2,250,000		2,340,000
United Rentals North America, Inc.
6.500%, 2/15/12^		12,700,000		11,430,000
7.750%, 11/15/13^		1,500,000		1,200,000
				26,570,506
Total Industrials				112,368,570
Information Technology (6.5%)
Communications Equipment (1.1%)
Nortel Networks Ltd.
6.963%, 7/15/11(l)		11,625,000		10,985,625
10.125%, 7/15/13		8,775,000		8,577,562
10.750%, 7/15/16§		610,000		603,900
10.750%, 7/15/16^		625,000		618,750
				20,785,837
Computers & Peripherals (0.3%)
Seagate Technology HDD Holdings
3.631%, 10/1/09(l)^		3,890,000		3,783,025
6.375%, 10/1/11		500,000		483,750
				4,266,775
Electronic Equipment & Instruments (1.8%)
Celestica, Inc.
7.875%, 7/1/11		10,285,000		10,285,000
7.625%, 7/1/13		1,800,000		1,728,000
NXP B.V./NXP Funding LLC
7.497%, 10/15/13(l)	EUR	5,000,000		6,612,690
8.625%, 10/15/15		3,000,000		3,589,746
Sanmina-SCI Corp.
6.750%, 3/1/13	$	1,000,000		897,500
5.526%, 6/15/14(l)§		8,000,000		7,400,000
8.125%, 3/1/16^		3,375,000		3,037,500
				33,550,436
IT Services (2.0%)
Compucom Systems, Inc.
12.500%, 10/1/15§		3,600,000		3,294,000
First Data Corp.
9.875%, 9/24/15§		13,375,000		11,636,250
Iron Mountain, Inc.
8.625%, 4/1/13		4,253,000		4,274,265
SunGard Data Systems, Inc.
9.125%, 8/15/13		13,125,000		13,256,250
10.250%, 8/15/15^		5,000,000		5,025,000
				37,485,765
Semiconductors & Semiconductor Equipment (1.3%)
Amkor Technologies, Inc.
7.750%, 5/15/13		8,750,000		8,115,625
Freescale Semiconductor, Inc.
6.651%, 12/15/14(l)		3,000,000		2,370,000
8.875%, 12/15/14		5,900,000		4,793,750
9.125%, 12/15/14 PIK		3,275,000		2,546,313
Sensata Technologies B.V.
8.000%, 5/1/14^		6,975,000		6,417,000
				24,242,688
Total Information Technology				120,331,501
Materials (7.6%)
Chemicals (2.5%)
Chemtura Corp.
6.875%, 6/1/16		1,825,000		1,578,625
Hercules, Inc.
6.750%, 10/15/29		3,650,000		3,540,500
Huntsman LLC
11.625%, 10/15/10		2,800,000		2,891,000
11.500%, 7/15/12		5,698,000		5,911,675
Ineos Group Holdings plc
8.500%, 2/15/16§^		15,825,000		10,404,937
Momentive Performance Materials, Inc.
10.125%, 12/1/14 PIK^		2,365,000		1,974,775
11.500%, 12/1/16^		4,675,000		3,482,875

See Notes to Financial Statements.

68

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Nalco Co.
8.875%, 11/15/13^	$	3,750,000	$	3,843,750
Nova Chemicals Corp.
5.953%, 11/15/13(l)		5,704,000		4,848,400
Reichhold Industries, Inc.
9.000%, 8/15/14§		4,745,000		4,745,000
Rockwood Specialties Group, Inc.
7.500%, 11/15/14^		4,405,000		4,327,913
				47,549,450
Containers & Packaging (1.9%)
Berry Plastics Corp.
7.568%, 2/15/15(l)^		6,275,000		6,008,312
Berry Plastics Holding Corp.
6.651%, 9/15/14(l)		200,000		160,000
8.875%, 9/15/14^		5,725,000		4,952,125
Cascades, Inc.
7.250%, 2/15/13		3,650,000		3,175,500
Crown Americas LLC/Crown Americas Capital Corp.
7.625%, 11/15/13		800,000		798,000
7.750%, 11/15/15^		3,355,000		3,355,000
Graham Packaging Co., Inc.
8.500%, 10/15/12^		1,550,000		1,468,625
9.875%, 10/15/14^		6,750,000		5,973,750
Impress Holdings B.V.
5.838%, 9/15/13(l)§		4,725,000		4,299,750
Norampac Industries, Inc.
6.750%, 6/1/13		1,675,000		1,407,000
Owens-Brockway Glass Container, Inc.
8.250%, 5/15/13^		3,550,000		3,638,750
Russell-Stanley Holdings, Inc.
9.000%, 11/30/08(b)(h)§†		729,508		—
				35,236,812
Metals & Mining (1.6%)
Compass Minerals International, Inc., Series B
12.000%, 6/1/13(e)		4,263,000		4,486,808
Freeport-McMoRan Copper & Gold, Inc.
5.883%, 4/1/15(l)		500,000		504,930
8.250%, 4/1/15		6,300,000		6,622,875
8.375%, 4/1/17		7,480,000		7,891,400
Noranda Aluminium Acquisition Corp.
6.828%, 5/15/15(l)		8,965,000		7,732,312
Novelis, Inc.
7.250%, 2/15/15		486,000		459,270
PNA Group, Inc.
10.750%, 9/1/16		1,100,000		1,292,500
				28,990,095
Paper & Forest Products (1.6%)
Georgia-Pacific LLC
7.000%, 1/15/15§		3,280,000		3,083,200
7.700%, 6/15/15^		525,000		496,125
7.125%, 1/15/17§		1,625,000		1,527,500
8.000%, 1/15/24		8,825,000		8,163,125
7.375%, 12/1/25^		6,650,000		5,619,250
7.250%, 6/1/28		1,000,000		835,000
Newark Group, Inc.
9.750%, 3/15/14		5,660,000		3,792,200
Smurfit Kappa Treasury Funding Ltd.
7.500%, 11/20/25		300,000		270,000
Verso Paper Holdings LLC/Verso Paper, Inc. Series B
9.125%, 8/1/14		6,800,000		6,647,000
				30,433,400
Total Materials				142,209,757
Telecommunication Services (7.7%)
Diversified Telecommunication Services (6.0%)
Cincinnati Bell, Inc.
7.250%, 7/15/13^		2,650,000		2,583,750
7.000%, 2/15/15^		225,000		209,812
Citizens Communications Co.
9.250%, 5/15/11		1,200,000		1,242,000
6.625%, 3/15/15		1,570,000		1,424,775
7.125%, 3/15/19		5,950,000		5,325,250
7.000%, 11/1/25		200,000		147,000
7.875%, 1/15/27		750,000		656,250
9.000%, 8/15/31		1,865,000		1,678,500
Fairpoint Communications, Inc.
13.125%, 4/1/18§		7,125,000		6,982,500
Hawaiian Telcom Communications, Inc., Series B
9.750%, 5/1/13^		4,400,000		1,760,000
Level 3 Financing, Inc.
12.250%, 3/15/13^		5,000,000		5,031,250
Local Insight Regatta Holdings, Inc.
11.000%, 12/1/17§		4,500,000		3,105,000
Nordic Telephone Co. Holdings ApS
6.340%, 11/30/14	EUR	729,576		1,116,644
6.590%, 11/30/14		873,529		1,336,968
8.250%, 5/1/16§		3,500,000		4,987,070
8.875%, 5/1/16§^	$	1,650,000		1,617,000
Qwest Capital Funding, Inc.
7.000%, 8/3/09		2,950,000		2,942,625
7.900%, 8/15/10		1,400,000		1,396,500
7.250%, 2/15/11		5,000,000		4,850,000
Qwest Communications International, Inc.
6.176%, 2/15/09(l)		666,000		662,670
7.250%, 2/15/11		250,000		241,563
7.500%, 2/15/14		13,350,000		12,682,500
Series B
7.500%, 2/15/14^		2,200,000		2,090,000
Qwest Corp.
8.875%, 3/15/12		3,550,000		3,621,000
6.026%, 6/15/13(l)		6,150,000		5,873,250
Telcordia Technologies, Inc.
6.463%, 7/15/12(l)§		9,150,000		7,891,875
10.000%, 3/15/13§^		2,000,000		1,620,000
Time Warner Telecom Holdings, Inc.
9.250%, 2/15/14		5,500,000		5,623,750
Virgin Media Finance plc
8.750%, 4/15/14	EUR	1,000,000		1,440,622
9.125%, 8/15/16^	$	4,000,000		3,750,000
West Corp.
9.500%, 10/15/14		8,355,000		7,519,500
11.000%, 10/15/16^		4,375,000		3,696,875
Wind Acquisition Finance S.A.
10.750%, 12/1/15§		1,600,000		1,680,000
Windstream Corp.
8.625%, 8/1/16		5,000,000		4,987,500
				111,773,999
Wireless Telecommunication Services (1.7%)
Centennial Cellular Operating Co./ Centennial Communications Corp.
10.125%, 6/15/13		6,700,000		6,901,000
iPCS, Inc.
6.123%, 5/1/14 PIK(l)		7,000,000		5,950,000
MetroPCS Wireless, Inc.
9.250%, 11/1/14^		1,000,000		962,500

See Notes to Financial Statements.

69

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Rural Cellular Corp.
9.875%, 2/1/10	$	9,783,000	$	9,954,202
Sprint Nextel Corp.
6.000%, 12/1/16		4,230,000		3,637,800
U.S. Unwired, Inc., Series B
10.000%, 6/15/12		4,051,000		4,142,148
				31,547,650
Total Telecommunication Services				143,321,649
Utilities (7.5%)
Electric Utilities (2.3%)
Edison Mission Energy
7.200%, 5/15/19		7,505,000		6,998,412
Intergen N.V.
9.000%, 6/30/17§		3,775,000		3,907,125
Ipalco Enterprises, Inc.
8.625%, 11/14/11		2,100,000		2,184,000
7.250%, 4/1/16§		1,850,000		1,822,250
Midwest Generation LLC, Series B
8.560%, 1/2/16		4,340,961		4,482,043
Mirant Americas Generation, Inc.
8.300%, 5/1/11		2,650,000		2,736,125
Oncor Electric Delivery Co.
7.250%, 1/15/33		900,000		886,487
PSEG Energy Holdings LLC
8.500%, 6/15/11		9,205,000		9,654,858
Tenaska Alabama Partners LP
7.000%, 6/30/21§		3,013,180		2,846,780
Texas Competitive Electric Holdings Co. LLC
10.250%, 11/1/15§		7,250,000		7,105,000
10.500%, 11/1/16 PIK§		225,000		217,688
				42,840,768
Gas Utilities (1.4%)
AmeriGas Partners LP
7.250%, 5/20/15		5,250,000		4,908,750
AmeriGas Partners LP/ AmeriGas Eagle Finance Corp.
7.125%, 5/20/16		3,825,000		3,547,687
Kinder Morgan Finance Co. ULC
5.700%, 1/5/16		6,710,000		5,971,900
Knight, Inc.
6.500%, 9/1/12		1,223,000		1,192,425
SemGroup LP
8.750%, 11/15/15§^		6,495,000		6,300,150
Sonat, Inc.
7.625%, 7/15/11		2,925,000		2,952,694
Suburban Propane Partners LP/ Suburban Energy Finance Corp.
6.875%, 12/15/13^		2,350,000		2,220,750
				27,094,356
Independent Power Producers & Energy Traders (3.1%)
AES Corp.
8.000%, 10/15/17		1,110,000		1,087,800
8.000%, 6/1/20§		100,000		96,500
Dynegy Holdings, Inc.,
8.375%, 5/1/16		1,360,000		1,319,200
7.125%, 5/15/18		750,000		652,500
Energy Future Holdings Corp.
10.875%, 11/1/17§		14,750,000		14,897,500
11.250%, 11/1/17 PIK§		625,000		623,438
NRG Energy, Inc.
7.250%, 2/1/14		4,775,000		4,560,125
7.375%, 2/1/16		18,253,000		17,180,636
7.375%, 1/15/17		5,220,000		4,932,900
Reliant Energy Mid-Atlantic Power Holdings LLC, Series B
9.237%, 7/2/17		2,752,076		2,972,242
Reliant Energy, Inc.
6.750%, 12/15/14		9,350,000		9,537,000
				57,859,841
Multi-Utilities (0.2%)
CMS Energy Corp.
8.500%, 4/15/11		2,000,000		2,087,852
2.875%, 12/1/24^		1,875,000		2,210,156
				4,298,008
Multi-Utilities & Unregulated Power (0.5%)
Dynegy-Roseton/Danskammer Pass Through Trust Series A
7.270%, 11/8/10^		7,607,775		7,688,646
Series B
7.670%, 11/8/16		1,000,000		985,000
				8,673,646
Total Utilities				140,766,619
Total Corporate Bonds				1,712,667,508
Government Securities (3.8%)
Municipal Bonds (0.1%)
State of Texas
5.000%, 4/1/37	$	1,900,000		1,907,866
U.S. Government Agencies (3.7%)
Federal Home Loan Mortgage Corp.
5.500%, 7/15/38 TBA		3,000,000		2,955,000
Federal National Mortgage Association
5.000%, 7/25/38 TBA		25,000,000		23,960,950
5.500%, 7/25/38 TBA		42,816,000		42,200,520
				69,116,470
Total Government Securities				71,024,336
Total Long Term Debt Securities (96.8%) (Cost $1,935,174,385)				1,807,848,859
	Number of shares
CONVERTIBLE PREFERRED STOCKS:
Consumer Discretionary (0.0%)
Automobiles (0.0%)
General Motors Corp. Series B
5.250%		81,000		1,108,687
Total Consumer Discretionary				1,108,687
Financials (0.4%)
Commercial Banks (0.1%)
Wachovia Corp.
7.500%		1,200		1,057,656
Diversified Financial Services (0.3%)
Bank of America Corp.
7.250%		6,300		5,567,625
Citigroup, Inc.
6.500%^		16,000		696,000
				6,263,625
Thrifts & Mortgage Finance (0.0%)
Fannie Mae

See Notes to Financial Statements.

70

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
5.375%		1	$	60,000
Total Financials				7,381,281
Materials (0.1%)
Metals & Mining (0.1%)
Freeport-McMoRan Copper & Gold, Inc.
6.750%		11,300		1,894,163
Total Materials				1,894,163
Total Convertible Preferred Stocks (0.5%) (Cost $11,438,658)				10,384,131
	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (1.3%)
Bank of Scotland plc/Australia
2.76%, 8/5/08	$	400,000		398,900
Danske Corp.
2.40%, 7/7/08 (n)		23,100,000		23,089,221
Total Commercial Paper				23,488,121
Government Securities (1.1%)
Federal Home Loan Bank
2.00%, 7/1/08 (p)(o)		2,800,000		2,799,844
2.20%, 7/9/08 (p)(o)^		11,100,000		11,093,895
Federal National Mortgage Association
2.20%, 8/4/08 (p)(o)		7,200,000		7,184,600
Total Government Securities				21,078,339
Short-Term Investments of Cash Collateral for Securities Loaned (13.9%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)		3,840,000		3,840,000
Bank of Ireland
2.83%, 12/19/08 (l)		6,399,559		6,399,559
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)		2,820,000		2,820,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		3,840,000		3,840,000
Comerica Bank
2.50%, 3/16/09 (l)		1,279,942		1,279,942
Credit Industriel et Commercial/New York
2.94%, 8/7/08		6,400,000		6,400,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		3,330,000		3,330,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		134,221,709		134,221,709
Fifth Third Bancorp
2.49%, 8/22/08 (l)		380,000		380,000
First Tennessee Bank
2.50%, 8/15/08 (l)		11,520,000		11,520,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		510,000		510,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		2,560,000		2,560,000
2.16%, 3/27/09 (l)		3,580,000		3,580,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		1,020,000		1,020,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		5,118,594		5,118,594
2.12%, 6/18/09 (l)		6,398,088		6,398,088
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		7,680,000		7,680,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		6,400,000		6,400,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		3,199,973		3,199,973
Links Finance LLC
2.12%, 6/25/09 (l)		1,919,521		1,919,521
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		3,200,000		3,200,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		6,020,000		6,020,000
Morgan Stanley
3.22%, 2/9/09 (l)		9,951,722		9,951,722
2.65%, 5/7/09 (l)		6,400,000		6,400,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		3,839,232		3,839,232
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		6,403,215		6,403,215
Standard Chartered Bank/New York
2.79%, 8/7/08		9,600,000		9,600,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		1,280,000		1,280,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				259,111,555
Time Deposit (2.8%)
JPMorgan Chase Nassau
1.49%, 7/1/08		52,869,881		52,869,881
Total Short-Term Investments (19.1%) (Cost/Amortized Cost $356,550,740)				356,547,896
Total Investments (116.4%) (Cost/Amortized Cost $2,303,163,783)				2,174,780,886
Other Assets Less Liabilities (-16.4%)				(307,136,085	)
Net Assets (100%)			$	1,867,644,801

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

† Securities (totaling $13,085,287 or 0.7% of net assets) at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2008, the market value of these securities amounted to $366,457,880 or 19.6% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b) Illiquid Security.

(e) Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of June 30, 2008. Maturity date disclosed is the ultimate maturity date.

(h) Security in default.

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

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

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

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

At June 30, 2008 the Portfolio had the following futures contracts open: (Note 1)

	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2008		Unrealized Appreciation/ (Depreciation)
Purchases
90 Day Sterling	172	March-09	$	40,289,626	$	40,173,921	$	(115,705	)
90 Day Sterling	5	September-09		1,171,568		1,168,407		(3,161	)
EURODollar	286	March-09		68,605,950		69,126,200		520,250
EURODollar	86	June-09		20,773,300		20,741,050		(32,250	)
EURODollar	39	December-09		9,292,237		9,353,662		61,425
							$	430,559
Sales
U.S. Treasury Bonds	664	September-08	$	75,592,250	$	76,754,250	$	(1,162,000	)
							$	(731,441	)

At June 30, 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
European Union vs. U.S. Dollar, expiring 7/24/08	241	380	$	380,000	$	379,689	$	(311	)
European Union vs. U.S. Dollar, expiring 7/24/08	61	95		94,830		95,929		1,099
European Union vs. U.S. Dollar, expiring 7/24/08	244	380		379,937		383,718		3,781
							$	4,569
Foreign Currency Sell Contracts
British Pound vs. U.S. Dollar, expiring 10/24/08	9,086	4,625	$	9,131,338	$	9,085,813	$	(45,525	)
Canadian Dollar vs. U.S. Dollar, expiring 10/24/08	3,765	3,810		3,731,587		3,765,194		33,607
European Union vs. U.S. Dollar, expiring 7/24/08	27,904	18,012		28,325,971		27,904,190		(421,781	)
European Union vs. U.S. Dollar, expiring 10/24/08	2,648	1,675		2,621,716		2,648,209		26,493
European Union vs. U.S. Dollar, expiring 10/24/08	11,931	8,255		12,920,754		11,930,952		(989,802	)
European Union vs. U.S. Dollar, expiring 10/24/08	12,253	7,900		12,365,106		12,253,295		(111,811	)
European Union vs. U.S. Dollar, expiring 1/16/09	233	150		233,765		232,875		(890	)
European Union vs. U.S. Dollar, expiring 1/16/09	2,378	1,550		2,415,567		2,377,995		(37,572	)
							$	(1,547,281	)
							$	(1,542,712	)

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 Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 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	$	1,057,656	$	2,160,637,943	$	13,085,287	$	2,174,780,886
Other Investments*		581,675		64,980		—		646,655
Total	$	1,639,331	$	2,160,702,923	$	13,085,287	$	2,175,427,541
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		1,313,116		1,607,692		—		2,920,808
Total	$	1,313,116	$	1,607,692	$	—	$	2,920,808

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		(1,579,394	)		—
Purchases, sales, issuances, and settlements (net)		(569,762	)		—
Transfers in and/or out of Level 3		—			—
Balance as of 6/30/08	$	13,085,287		$	—
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 liabilities still held at period ending 6/30/08	$	(1,595,139	)	$	—

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

Investment security transactions for the six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,539,578,104
Long-term U.S. Treasury securities		6,078,516
	$	1,545,656,620
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,465,609,468
Long-term U.S. Treasury securities		19,920,555
	$	1,485,530,023

As of June 30, 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	$	14,037,803
Aggregate gross unrealized depreciation		(143,710,432	)
Net unrealized depreciation	$	(129,672,629	)
Federal income tax cost of investments	$	2,304,453,515

At June 30, 2008, the Portfolio had loaned securities with a total value of $250,667,311. This was secured by collateral of $259,111,555 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 $42,625, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

73

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

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

See Notes to Financial Statements.

74

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (2.7%)
BHP Billiton Ltd.	887,224	$	37,168,480
CSL Ltd.	498,230		17,051,326
Macquarie Airports Ltd.	1,634,490		3,227,822
Macquarie Infrastructure Group^	717,183		1,595,064
National Australia Bank Ltd.	297,121		7,548,129
Oxiana Ltd.	1,380,696		3,481,080
Rio Tinto Ltd.	28,563		3,710,250
			73,782,151
Austria (0.3%)
voestalpine AG	115,100		9,450,581
Belgium (1.0%)
Dexia S.A.^	191,615		3,065,152
Fortis (London International Exchange)^	796,029		12,746,141
Fortis (virt-x Exchange)	443,832		7,099,720
Solvay S.A., Class A	35,800		4,683,394
			27,594,407
Brazil (3.4%)
All America Latina Logistica S.A.	427,073		5,445,307
Bovespa Holding S.A.	1,254,500		15,494,417
Cia Vale do Rio Doce (ADR)	292,176		10,465,744
Gafisa S.A.	514,544		8,858,720
OGX Petroleo e Gas Participacoes S.A.*	3,400		2,687,148
Petroleo Brasileiro S.A. (Mexico Exchange) (ADR)	413,526		29,290,047
Petroleo Brasileiro S.A. (New York Exchange) (ADR)	196,130		13,891,888
Unibanco-Uniao de Bancos Brasileiros S.A. (GDR)	74,282		9,428,614
			95,561,885
Canada (4.4%)
Canadian Imperial Bank of Commerce^	85,000		4,676,375
EnCana Corp.	73,400		6,720,235
Fairfax Financial Holdings Ltd.^	12,300		3,148,279
Gerdau Ameristeel Corp.	391,200		7,561,589
HudBay Minerals, Inc.*	103,400		1,436,872
Husky Energy, Inc.	111,600		5,343,054
Inmet Mining Corp.	29,200		1,938,076
National Bank of Canada	117,200		5,820,347
Nexen, Inc.	128,233		5,113,223
Nova Chemicals Corp.	95,100		2,340,894
Onex Corp.	104,000		3,062,783
Petro-Canada	171,100		9,582,741
Potash Corp. of Saskatchewan, Inc.	119,090		27,220,401
Research In Motion Ltd.*	190,581		22,278,919
Rogers Communications, Inc., Class B	390,494		15,149,498
Westjet Airlines Ltd. V.V.*	124,300		1,666,354
			123,059,640
Denmark (1.2%)
Vestas Wind Systems A/S*	257,412		33,694,093
Egypt (0.0%)
Orascom Construction Industries SAE (GDR)	9,332		1,263,452
Finland (1.1%)
Nokia Oyj	1,026,125		25,025,373
Stora Enso Oyj, Class R^	572,400		5,371,242
			30,396,615
France (11.4%)
Accor S.A.	281,776		18,823,740
Air France-KLM	121,600		2,917,745
Alstom S.A.^	102,109		23,579,478
BNP Paribas S.A.	268,838		24,355,070
Cie de Saint-Gobin S.A.^	96,126		6,014,473
Cie Generale de Geophysique-Veritas*	220,506		10,432,629
Compagnie Generale des Etablissements Michelin, Class B^	79,900		5,741,446
Credit Agricole S.A.	571,216		11,673,576
France Telecom S.A.	227,100		6,689,903
Groupe Danone S.A.	64,243		4,511,174
Imerys S.A.^	60,001		4,346,499
J.C. Decaux S.A.^	344,534		8,782,291
Lafarge S.A.	84,205		12,911,631
Lagardere SCA	113,500		6,463,582
Pernod-Ricard S.A.^	114,100		11,721,820
PPR S.A.^	82,206		9,150,647
Renault S.A.	132,000		10,827,807
Sanofi-Aventis S.A.	296,211		19,788,054
Societe Generale S.A.	140,218		12,206,165
Suez S.A.	68,200		4,643,003
Total S.A.	754,132		64,353,998
Vallourec^	22,800		8,001,903
Veolia Environnement	526,905		29,558,134
			317,494,768
Germany (9.8%)
Allianz SE (Registered)	107,100		18,868,980
BASF SE	302,800		20,890,898
Bayer AG	114,690		9,653,468
Commerzbank AG	354,140		10,504,727
Continental AG^	302,129		31,048,091
Deutsche Bank AG (Registered)	196,400		16,960,826
Deutsche Lufthansa AG (Registered)	260,900		5,627,604
Deutsche Post AG (Registered)	306,976		8,023,085
Deutsche Telekom AG (Registered)	586,500		9,603,515
E.ON AG	240,021		48,428,021
Fresenius Medical Care AG & Co. KGaA^	58,500		3,224,607
GEA Group AG	289,192		10,217,344
Linde AG	114,096		16,041,713
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	78,800		13,803,657
RWE AG	134,990		17,051,684
SAP AG^	200,800		10,515,134
Siemens AG (Registered)	134,342		14,916,021
Symrise AG	257,120		5,586,552
TUI AG^	145,200		3,365,141
			274,331,068
Greece (0.2%)
Piraeus Bank S.A.	215,693		5,861,459
Hong Kong (2.5%)
China Merchants Holdings International Co., Ltd.	1,026,000		3,967,283
China Mobile Ltd.	1,668,000		22,418,981
CNOOC Ltd.	8,109,100		13,956,731
Esprit Holdings Ltd.	1,447,800		15,040,149
Hang Lung Properties Ltd.	1,383,000		4,434,256
Orient Overseas International Ltd.^	174,000		870,307
Shangri-La Asia Ltd.	3,474,973		8,111,130
			68,798,837

See Notes to Financial Statements.

75

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
India (0.5%)
ICICI Bank Ltd. (ADR)*	477,238	$	13,725,365
Israel (0.8%)
Teva Pharmaceutical Industries Ltd. (ADR)	472,656		21,647,645
Italy (2.5%)
Banco Popolare S.c.a.r.l	163,500		2,903,727
ENI S.p.A.	1,051,771		39,246,272
Fondiaria-Sai S.p.A.	117,895		3,905,440
Fondiaria-Sai S.p.A. (RNC)	14,200		317,248
Intesa Sanpaolo S.p.A.	1,316,571		7,519,355
Telecom Italia S.p.A.	3,370,200		6,791,951
Telecom Italia S.p.A. (RNC)	1,709,500		2,772,268
UniCredit S.p.A.	1,147,236		7,021,858
			70,478,119
Japan (16.4%)
Alps Electric Co., Ltd.^	341,600		3,529,079
Astellas Pharma, Inc.	198,400		8,407,967
Canon, Inc.^	405,700		20,860,969
Daikin Industries Ltd.	317,064		16,004,737
Daiwa Securities Group, Inc.	794,000		7,298,055
DIC Corp.	895,000		2,587,607
East Japan Railway Co.	1,346		10,964,731
Fujitsu Ltd.	2,104,000		15,613,806
Hitachi Construction Machinery Co., Ltd.	183,812		5,149,887
Hitachi Ltd.	385,000		2,777,323
Honda Motor Co., Ltd.	703,000		23,900,080
Japan Tobacco, Inc.	2,158		9,206,329
JFE Holdings, Inc.	239,100		12,046,758
Komatsu Ltd.	272,400		7,593,389
Kyushu Electric Power Co., Inc.	34,000		710,835
Marubeni Corp.	2,332,000		19,480,002
Mitsubishi Chemical Holdings Corp.	767,000		4,463,964
Mitsubishi Corp.	764,300		25,192,353
Mitsubishi UFJ Financial Group, Inc.	620,700		5,500,576
Mitsui & Co., Ltd.	467,000		10,313,274
Mitsui Chemicals, Inc.	513,000		2,526,713
Mitsui Fudosan Co., Ltd.	258,000		5,515,468
Mitsui O.S.K. Lines Ltd.	687,000		9,788,868
Mizuho Financial Group, Inc.	2,215		10,346,471
Murata Manufacturing Co., Ltd.	167,700		7,896,596
Nidec Corp.	120,600		8,029,778
Nintendo Co., Ltd.	61,900		34,918,397
Nippon Mining Holdings, Inc.	753,500		4,718,910
Nippon Steel Corp.	1,748,000		9,465,555
Nippon Telegraph & Telephone Corp.	1,964		9,617,931
Nippon Yusen KK	438,000		4,211,499
Nissan Motor Co., Ltd.	2,657,600		21,949,571
Nitto Denko Corp.	77,600		2,981,664
Nomura Holdings, Inc.	255,800		3,789,362
ORIX Corp.	39,000		5,579,037
Sharp Corp.	485,000		7,897,208
Shin-Etsu Chemical Co., Ltd.	173,800		10,769,920
SMC Corp.	49,500		5,421,528
Sony Corp.	374,400		16,360,277
Sumitomo Corp.	522,000		6,857,748
Sumitomo Mitsui Financial Group, Inc.	2,891		21,753,628
Sumitomo Realty & Development Co., Ltd.^	248,000		4,928,003
Tokyo Electric Power Co., Inc.	444,500		11,428,027
Toshiba Corp.	1,311,000		9,667,213
Toyota Motor Corp.	216,500		10,214,861
			458,235,954
Luxembourg (0.6%)
ArcelorMittal	164,851		16,299,718
Mexico (2.4%)
America Movil S.A.B. de C.V., Series L (ADR)	837,486		44,177,386
Cemex S.A.B. de C.V. (ADR)*	566,148		13,983,856
Fomento Economico Mexicano S.A.B. de C.V. (ADR)	218,927		9,963,368
			68,124,610
Netherlands (6.2%)
ASML Holding N.V.	380,977		9,387,328
Heineken N.V.	393,270		20,073,944
ING Groep N.V. (CVA)^	1,628,467		51,932,602
Koninklijke Ahold N.V.	696,220		9,361,237
Koninklijke BAM Groep NV.	124,200		2,197,945
Koninklijke DSM N.V.	91,000		5,354,185
Koninklijke Philips Electronics N.V.	275,732		9,381,468
Reed Elsevier N.V.	409,060		6,897,717
Royal Dutch Shell plc, Class B	71,028		2,857,838
Royal Dutch Shell plc, Class A	1,102,700		45,374,176
Wolters Kluwer N.V.	415,276		9,702,856
			172,521,296
New Zealand (0.2%)
Telecom Corp of New Zealand Ltd.^	1,828,700		4,891,102
Norway (0.9%)
Norsk Hydro ASA^	657,600		9,606,031
StatoilHydro ASA	395,750		14,755,542
			24,361,573
Singapore (0.3%)
CapitaLand Ltd.	1,847,000		7,737,974
Neptune Orient Lines Ltd.	378,000		897,387
			8,635,361
South Africa (0.5%)
MTN Group Ltd.	832,226		13,232,712
South Korea (0.5%)
Samsung Electronics Co., Ltd.	21,450		12,816,070
Spain (1.9%)
Banco Bilbao Vizcaya Argentaria S.A.	449,700		8,616,727
Banco Santander S.A.	417,400		7,669,237
Gamesa Corp. Tecnologica S.A.	96,230		4,730,121
Inditex S.A.^	144,572		6,660,202
Repsol YPF S.A.	293,700		11,574,272
Telefonica S.A.	549,630		14,607,360
			53,857,919
Sweden (0.8%)
Electrolux AB, Class B^	85,300		1,090,603
Nordea Bank AB	328,000		4,525,866
Svenska Cellulosa AB, Class B	328,500		4,650,039
Tele2 AB, Class B	311,600		6,105,289
Volvo AB, Class B	449,600		5,524,396
			21,896,193
Switzerland (10.1%)
ABB Ltd. (Registered)*	1,304,101		37,097,719
Actelion Ltd. (Registered)*^	194,779		10,429,652
Adecco S.A. (Registered)	162,720		8,075,869
Credit Suisse Group (Registered)	961,845		44,158,906
Holcim Ltd. (Registered)	372,127		30,143,908
Julius Baer Holding AG (Registered)	232,312		15,691,379

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Lonza Group AG (Registered)	199,889	$	27,726,760
Nestle S.A. (Registered)	1,016,220		45,919,157
Novartis AG (Registered)	388,141		21,372,357
Roche Holding AG	96,817		17,438,528
Xstrata plc	129,880		10,410,147
Zurich Financial Services AG (Registered)	49,585		12,692,945
			281,157,327
Taiwan (0.7%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)*	1,858,813		20,279,650
United Kingdom (14.3%)
Associated British Foods plc	453,300		6,848,539
Aviva plc	649,781		6,484,274
Barclays plc	3,455,844		20,065,469
BG Group plc	1,355,728		35,294,317
BHP Billiton plc	629,287		24,066,150
BP plc	513,200		5,962,083
British Land Co. plc (REIT)	255,331		3,603,297
British Sky Broadcasting Group plc	1,039,659		9,774,387
Burberry Group plc	817,687		7,378,056
Centrica plc	601,262		3,715,627
GlaxoSmithKline plc	1,230,229		27,273,304
HBOS plc	3,037,650		16,699,499
Home Retail Group plc	750,200		3,257,543
HSBC Holdings plc^	1,452,000		22,513,938
ICAP plc	930,399		10,044,426
ITV plc	2,094,710		1,865,040
Johnson Matthey plc	137,806		5,067,065
Kazakhmys plc	269,400		8,542,742
Man Group plc	1,573,558		19,557,979
Reckitt Benckiser Group plc	219,096		11,106,542
Rio Tinto plc	108,654		13,004,826
Royal Bank of Scotland Group plc	3,587,898		15,365,092
RSA Insurance Group plc	968,892		2,423,939
Smith & Nephew plc	577,301		6,370,429
Standard Chartered plc	554,904		15,805,583
Taylor Wimpey plc	461,860		570,373
Tesco plc	3,751,702		27,597,152
Trinity Mirror plc	430,300		934,231
Vodafone Group plc	14,595,543		43,361,085
Wm. Morrison Supermarkets plc	1,153,584		6,117,803
Wolseley plc	567,266		4,254,106
WPP Group plc	1,301,824		12,556,787
			397,481,683
United States (0.4%)
Las Vegas Sands Corp.*	257,951		12,237,195
Total Common Stocks (98.0%) (Cost $2,707,556,661)			2,733,168,448
	Number of Rights
RIGHTS:
United Kingdom (0.0%)
Barclays plc, expiring 7/17/08*	740,537		140,129
HBOS plc, expiring 7/18/08*	1,215,060		260,173
Total Rights (—%) (Cost $—)			400,302
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (6.2%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)	2,530,000		2,530,000
Bank of Ireland
2.83%, 12/19/08 (l)	4,209,710		4,209,710
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)	1,850,000		1,850,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)	2,530,000		2,530,000
Comerica Bank
2.50%, 3/16/09 (l)	839,962		839,962
Credit Industriel et Commercial/New York
2.94%, 8/7/08	4,210,000		4,210,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)	2,190,000		2,190,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)	91,190,444		91,190,444
Fifth Third Bancorp
2.49%, 8/22/08 (l)	250,000		250,000
First Tennessee Bank
2.50%, 8/15/08 (l)	7,580,000		7,580,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)	340,000		340,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)	1,680,000		1,680,000
2.16%, 3/27/09 (l)	2,360,000		2,360,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)	670,000		670,000
K2 (USA) LLC
2.12%, 5/29/09 (l)	3,369,075		3,369,075
2.12%, 6/18/09 (l)	4,208,742		4,208,742
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)	5,050,000		5,050,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)	4,210,000		4,210,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)	2,109,983		2,109,983
Links Finance LLC
2.12%, 6/25/09 (l)	1,259,685		1,259,685
MBIA Global Funding LLC
2.12%, 3/30/09 (l)	2,110,000		2,110,000
Monumental Global Funding II
2.18%, 5/26/10 (l)	3,960,000		3,960,000
Morgan Stanley
3.22%, 2/9/09 (l)	6,551,384		6,551,384
2.65%, 5/7/09 (l)	4,210,000		4,210,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)	2,529,494		2,529,494
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)	4,212,115		4,212,115
Standard Chartered Bank/New York
2.79%, 8/7/08	6,320,000		6,320,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)	840,000		840,000
Total Short-Term Investments of Cash Collateral for Securities Loaned			173,370,594
Time Deposit (1.4%)
JPMorgan Chase Nassau
1.49%, 7/1/08	38,297,493		38,297,493
Total Short-Term Investments (7.6%) (Amortized Cost $211,668,087)			211,668,087

See Notes to Financial Statements.

77

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount	Value (Note 1)
Total Investments (105.6%) (Cost/Amortized Cost $2,919,224,748)		$	2,945,236,837
Other Assets Less Liabilities (-5.6%)			(157,094,993	)
Net Assets (100%)		$	2,788,141,844

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of June 30, 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
CVA	—	Dutch Certification

At June 30, 2008 the Portfolio had the following futures contracts open: (Note 1)

	Number of Contracts	Expiration Date	Original Value		Value at 6/30/2008		Unrealized Depreciation
Purchases
Dow Jones EURO STOXX 50 Index	70	September-08	$	3,940,191	$	3,725,149	$	(215,042	)

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 June 30, 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	$	354,635,990	$	2,590,600,847	$	—	$	2,945,236,837
Other Investments*		—		—		—		—
Total	$	354,635,990	$	2,590,600,847	$	—	$	2,945,236,837
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		215,042		—		—		215,042
Total	$	215,042	$	—	$	—	$	215,042

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

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

Investment security transactions for the six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	854,704,300
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	694,598,903

As of June 30, 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	$	318,857,711
Aggregate gross unrealized depreciation		(296,589,610	)
Net unrealized appreciation	$	22,268,101
Federal income tax cost of investments	$	2,922,968,736

At June 30, 2008, the Portfolio had loaned securities with a total value of $164,952,021. This was secured by collateral of $173,370,594 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $76,549 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2008, the Portfolio incurred approximately $194 as brokerage commissions with Exane S.A., an affiliated broker/dealer.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.0%)
Auto Components (0.2%)
Autoliv, Inc.	18,200	$	848,484
Lear Corp.*^	24,600		348,828
Magna International, Inc., Class A	12,800		758,272
			1,955,584
Automobiles (1.3%)
Daimler AG	17,000		1,048,390
General Motors Corp.^	83,900		964,850
Toyota Motor Corp.	216,700		10,224,297
Toyota Motor Corp. (ADR)^	17,900		1,682,600
			13,920,137
Hotels, Restaurants & Leisure (1.9%)
Las Vegas Sands Corp.*^	103,095		4,890,827
Life Time Fitness, Inc.*^	94,200		2,783,610
McDonald’s Corp.	27,100		1,523,562
Melco PBL Entertainment Macau Ltd. (ADR)*^	218,000		2,031,760
Wynn Resorts Ltd.^	100,690		8,191,131
			19,420,890
Household Durables (0.2%)
Black & Decker Corp.^	16,600		954,666
Centex Corp.	29,200		390,404
KB Home^	28,100		475,733
			1,820,803
Internet & Catalog Retail (1.3%)
Liberty Media Corp., Interactive, Class A*	476,115		7,027,457
priceline.com, Inc.*^	58,504		6,754,872
			13,782,329
Leisure Equipment & Products (0.1%)
Brunswick Corp.^	50,700		537,420
Media (3.0%)
CBS Corp., Class B	59,000		1,149,910
Comcast Corp., Class A	25,300		479,941
Comcast Corp., Special, Class A^	551,780		10,351,393
DIRECTV Group, Inc.*	394,500		10,221,495
Gannett Co., Inc.^	71,500		1,549,405
Time Warner, Inc.	211,600		3,131,680
Viacom, Inc., Class B*	61,300		1,872,102
Walt Disney Co.	94,700		2,954,640
			31,710,566
Multiline Retail (0.7%)
Dollar Tree, Inc.*	28,900		944,741
Family Dollar Stores, Inc.	28,300		564,302
Macy’s, Inc.	78,300		1,520,586
Nordstrom, Inc.^	158,400		4,799,520
			7,829,149
Specialty Retail (1.3%)
Gap, Inc.	76,300		1,271,921
Home Depot, Inc.	112,700		2,639,434
Limited Brands, Inc.	4,400		74,140
Lowe’s Cos., Inc.	87,700		1,819,775
Office Depot, Inc.*	418,913		4,582,908
Staples, Inc.	154,700		3,674,125
			14,062,303
Textiles, Apparel & Luxury Goods (1.0%)
Jones Apparel Group, Inc.	95,600		1,314,500
NIKE, Inc., Class B	161,860		9,648,475
			10,962,975
Total Consumer Discretionary			116,002,156
Consumer Staples (7.7%)
Beverages (0.9%)
Coca-Cola Co.	19,600		1,018,808
Coca-Cola Enterprises, Inc.	95,100		1,645,230
Molson Coors Brewing Co., Class B	13,200		717,156
Pepsi Bottling Group, Inc.	62,100		1,733,832
PepsiCo, Inc.	59,300		3,770,887
			8,885,913
Food & Staples Retailing (2.4%)
CVS Caremark Corp.	291,503		11,534,774
Kroger Co.	38,000		1,097,060
Rite Aid Corp.*^	2,798,200		4,449,138
Safeway, Inc.	47,700		1,361,835
SUPERVALU, Inc.	55,000		1,698,950
Wal-Mart Stores, Inc.	81,400		4,574,680
			24,716,437
Food Products (0.9%)
Archer-Daniels-Midland Co.	58,500		1,974,375
Del Monte Foods Co.	67,300		477,830
General Mills, Inc.	24,800		1,507,096
Kellogg Co.	26,100		1,253,322
Kraft Foods, Inc., Class A	68,600		1,951,670
Sara Lee Corp.	112,400		1,376,900
Tyson Foods, Inc., Class A	72,200		1,078,668
			9,619,861
Household Products (0.8%)
Colgate-Palmolive Co.	22,900		1,582,390
Kimberly-Clark Corp.	23,700		1,416,786
Procter & Gamble Co.	93,100		5,661,411
			8,660,587
Personal Products (0.6%)
Avon Products, Inc.	185,945		6,697,739
Tobacco (2.1%)
Altria Group, Inc.	326,935		6,721,783
Philip Morris International, Inc.	285,235		14,087,757
Reynolds American, Inc.^	36,800		1,717,456
			22,526,996
Total Consumer Staples			81,107,533
Energy (11.6%)
Energy Equipment & Services (0.2%)
Helmerich & Payne, Inc.^	26,900		1,937,338
Schlumberger Ltd.	3,200		343,776
			2,281,114
Oil, Gas & Consumable Fuels (11.4%)
Anadarko Petroleum Corp.	37,000		2,769,080
Apache Corp.	42,735		5,940,165
BP plc (ADR)	25,900		1,801,863
Chevron Corp.	75,200		7,454,576
ConocoPhillips	365,875		34,534,941
Devon Energy Corp.	12,300		1,477,968
EOG Resources, Inc.	61,300		8,042,560
Exxon Mobil Corp.	333,600		29,400,168
Gazprom OAO (ADR)^	185,400		10,753,200
Hess Corp.	53,380		6,736,022
Marathon Oil Corp.	20,400		1,058,148
Occidental Petroleum Corp.	5,000		449,300
Royal Dutch Shell plc (ADR).	20,700		1,691,397

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Sunoco, Inc.	15,500	$	630,695
Total S.A. (ADR)	22,600		1,927,102
Valero Energy Corp.	125,115		5,152,236
			119,819,421
Total Energy			122,100,535
Financials (12.2%)
Capital Markets (1.8%)
Deutsche Bank AG (Registered)^	17,900		1,527,765
Goldman Sachs Group, Inc.	63,710		11,142,879
Lehman Brothers Holdings, Inc.^	22,700		449,687
Merrill Lynch & Co., Inc.	32,300		1,024,233
Morgan Stanley	73,600		2,654,752
optionsXpress Holdings, Inc.^	117,775		2,631,094
			19,430,410
Commercial Banks (1.1%)
Comerica, Inc.^	26,600		681,758
Fifth Third Bancorp.	47,200		480,496
KeyCorp	7,975		87,565
National City Corp.^	49,200		234,684
SunTrust Banks, Inc.	19,000		688,180
U.S. Bancorp.	246,329		6,870,116
Wachovia Corp.^	98,300		1,526,599
Wells Fargo & Co.	32,200		764,750
			11,334,148
Consumer Finance (1.3%)
American Express Co.	307,490		11,583,148
Discover Financial Services^	126,000		1,659,420
			13,242,568
Diversified Financial Services (2.2%)
Bank of America Corp.	134,500		3,210,515
CIT Group, Inc.	153,900		1,048,059
Citigroup, Inc.	32,800		549,728
CME Group, Inc.	23,565		9,029,872
JPMorgan Chase & Co.	282,100		9,678,851
			23,517,025
Insurance (5.0%)
ACE Ltd.	157,700		8,687,693
Aflac, Inc.	5,000		314,000
Allstate Corp.	276,200		12,591,958
American International Group, Inc.	247,300		6,543,558
Chubb Corp.	40,700		1,994,707
Everest Reinsurance Group Ltd.	8,100		645,651
Fidelity National Financial, Inc., Class A	28,600		360,360
Genworth Financial, Inc., Class A	90,500		1,611,805
Hartford Financial Services Group, Inc.	123,300		7,961,481
MetLife, Inc.	44,500		2,348,265
Old Republic International Corp.	76,600		906,944
PartnerReinsurance Ltd.^	900		62,217
Prudential Financial, Inc.	7,600		454,024
RenaissanceReinsurance Holdings Ltd.	25,700		1,148,019
Safeco Corp.	17,400		1,168,584
Torchmark Corp.	16,100		944,265
Travelers Cos., Inc.	49,700		2,156,980
Unum Group	84,000		1,717,800
XL Capital Ltd., Class A	26,500		544,840
			52,163,151
Thrifts & Mortgage Finance (0.8%)
Fannie Mae^	306,705		5,983,815
Freddie Mac	89,500		1,467,800
Washington Mutual MultiFamily Mortgage Ltd.(b)*†	148,000		656,676
Washington Mutual, Inc.^	53,500		263,755
			8,372,046
Total Financials			128,059,348
Health Care (14.0%)
Biotechnology (5.7%)
Celgene Corp.*	112,110		7,160,466
Genentech, Inc.*	366,585		27,823,801
Gilead Sciences, Inc.*	391,475		20,728,601
OSI Pharmaceuticals, Inc.*^	90,040		3,720,453
			59,433,321
Health Care Equipment & Supplies (1.5%)
Alcon, Inc.	35,659		5,804,929
Covidien Ltd.	20,125		963,786
Varian Medical Systems, Inc.*	178,600		9,260,410
			16,029,125
Health Care Providers & Services (1.0%)
AmerisourceBergen Corp.	32,600		1,303,674
Cardinal Health, Inc.	38,300		1,975,514
Coventry Health Care, Inc.*	186,855		5,684,129
McKesson Corp.	28,100		1,571,071
			10,534,388
Health Care Technology (0.3%)
Eclipsys Corp.*^	187,024		3,433,761
Pharmaceuticals (5.5%)
Abbott Laboratories	6,300		333,711
Eli Lilly & Co.	235,400		10,866,064
GlaxoSmithKline plc (ADR)^	37,000		1,636,140
Johnson & Johnson	53,900		3,467,926
Merck & Co., Inc.	389,695		14,687,605
Novartis AG (ADR)	34,500		1,898,880
Pfizer, Inc.	271,300		4,739,611
Roche Holding AG	18,500		3,332,191
Sanofi-Aventis S.A. (ADR)	47,700		1,585,071
Schering-Plough Corp.	130,800		2,575,452
Teva Pharmaceutical Industries Ltd. (ADR)^	191,600		8,775,280
Wyeth	72,200		3,462,712
			57,360,643
Total Health Care			146,791,238
Industrials (4.6%)
Aerospace & Defense (1.0%)
Boeing Co.	112,940		7,422,417
Lockheed Martin Corp.	11,800		1,164,188
Northrop Grumman Corp.	29,700		1,986,930
			10,573,535
Air Freight & Logistics (0.0%)
United Parcel Service, Inc., Class B	600		36,882
Airlines (0.1%)
JetBlue Airways Corp.*^	354,300		1,321,539
UAL Corp.^	48,000		250,560
			1,572,099
Commercial Services & Supplies (0.3%)
Allied Waste Industries, Inc.*	150,400		1,898,048
Pitney Bowes, Inc.	37,500		1,278,750
			3,176,798
Industrial Conglomerates (1.0%)
3M Co.	27,500		1,913,725
General Electric Co.	247,800		6,613,782

See Notes to Financial Statements.

81

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Tyco International Ltd.	57,100	$	2,286,284
			10,813,791
Machinery (1.6%)
Caterpillar, Inc.	41,300		3,048,766
Cummins, Inc.	44,400		2,909,088
Danaher Corp.	81,240		6,279,852
Dover Corp.	39,500		1,910,615
Illinois Tool Works, Inc.	8,000		380,080
SPX Corp.	14,000		1,844,220
			16,372,621
Road & Rail (0.6%)
Avis Budget Group, Inc.*	58,000		485,460
Hertz Global Holdings, Inc.*	393,571		3,778,281
Ryder System, Inc.	23,500		1,618,680
			5,882,421
Total Industrials			48,428,147
Information Technology (21.7%)
Communications Equipment (4.4%)
Cisco Systems, Inc.*	94,600		2,200,396
Corning, Inc.	876,745		20,208,972
Motorola, Inc.	74,200		544,628
Nokia Oyj (ADR)	242,045		5,930,103
QUALCOMM, Inc	181,900		8,070,903
Research In Motion Ltd.*	76,295		8,918,885
			45,873,887
Computers & Peripherals (5.7%)
Apple, Inc.*	84,259		14,108,327
Dell, Inc.*	662,200		14,488,936
EMC Corp.*	757,235		11,123,782
Hewlett-Packard Co.	265,650		11,744,387
International Business Machines Corp.	48,400		5,736,852
Lexmark International, Inc., Class A*	34,900		1,166,707
Western Digital Corp.*	58,600		2,023,458
			60,392,449
Electronic Equipment & Instruments (0.7%)
Arrow Electronics, Inc.*	45,700		1,403,904
Avnet, Inc.*	49,500		1,350,360
Flextronics International Ltd.*	142,511		1,339,603
Ingram Micro, Inc., Class A*	89,700		1,592,175
Sanmina-SCI Corp.*	46,300		59,264
Tech Data Corp.*	21,000		711,690
Tyco Electronics Ltd.	20,125		720,878
Vishay Intertechnology, Inc.*	64,700		573,889
			7,751,763
Internet Software & Services (2.0%)
eBay, Inc.*	373,025		10,194,773
Google, Inc., Class A*	21,710		11,428,578
			21,623,351
IT Services (1.5%)
Accenture Ltd., Class A	21,200		863,264
Electronic Data Systems Corp.	53,800		1,325,632
Paychex, Inc.	96,000		3,002,880
Visa, Inc., Class A*	67,100		5,455,901
Western Union Co.	197,240		4,875,773
			15,523,450
Semiconductors & Semiconductor Equipment (4.1%)
Cypress Semiconductor Corp.*^	257,035		6,361,616
Intel Corp.	609,710		13,096,571
KLA-Tencor Corp.	200,885		8,178,028
ON Semiconductor Corp.*^	439,027		4,025,878
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)*	168,700		1,840,517
Texas Instruments, Inc.	336,900		9,487,104
			42,989,714
Software (3.3%)
Microsoft Corp.	839,942		23,106,804
Oracle Corp.*	531,435		11,160,135
			34,266,939
Total Information Technology			228,421,553
Materials (4.3%)
Chemicals (2.8%)
Air Products & Chemicals, Inc.	36,456		3,604,040
Ashland, Inc.	27,400		1,320,680
Dow Chemical Co.	65,900		2,300,569
E.I. du Pont de Nemours & Co.	64,500		2,766,405
Lubrizol Corp.	4,700		217,751
Praxair, Inc.	76,595		7,218,313
Syngenta AG (ADR)	179,635		11,622,385
			29,050,143
Containers & Packaging (0.4%)
Ball Corp.	39,300		1,876,182
Owens-Illinois, Inc.*	38,600		1,609,234
Sonoco Products Co.	25,000		773,750
			4,259,166
Metals & Mining (1.1%)
Alcoa, Inc	69,700		2,482,714
ArcelorMittal (N.Y. Shares)^	32,000		3,170,240
Freeport-McMoRan Copper & Gold, Inc.^	49,363		5,784,850
			11,437,804
Total Materials			44,747,113
Telecommunication Services (4.9%)
Diversified Telecommunication Services (3.3%)
AT&T, Inc.	551,700		18,586,773
France Telecom S.A.	234,800		6,916,729
Level 3 Communications, Inc.*^	1,637,000		4,829,150
Verizon Communications, Inc.	109,400		3,872,760
			34,205,412
Wireless Telecommunication Services (1.6%)
China Mobile Ltd.	331,000		4,448,851
Crown Castle International Corp.*	217,600		8,427,648
Sprint Nextel Corp.	308,400		2,929,800
Vodafone Group plc (ADR)	53,100		1,564,326
			17,370,625
Total Telecommunication Services			51,576,037
Utilities (1.6%)
Electric Utilities (1.5%)
American Electric Power Co., Inc.	43,300		1,741,959
Entergy Corp.	113,635		13,690,745
			15,432,704
Multi-Utilities (0.1%)
CMS Energy Corp.	74,500		1,110,050
Total Utilities			16,542,754
Total Common Stocks (93.6%) (Cost $1,047,523,453)			983,776,414
PREFERRED STOCK:
Financials (0.1%)
Diversified Financial Services (0.1%)
CIT Group, Inc.,
8.750%	23,400		956,592

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Total Preferred Stocks (0.1%%) (Cost $1,170,000)			$	956,592
	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (2.5%)
Federal Home Loan Bank
2.00%, 7/1/08 (p)(o)	$	25,800,000		25,798,674
Short-Term Investments of Cash Collateral for Securities Loaned (9.8%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)		1,580,000		1,580,000
Bank of Ireland
2.83%, 12/19/08 (l)		2,649,818		2,649,818
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)		1,170,000		1,170,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		1,590,000		1,590,000
Comerica Bank
2.50%, 3/16/09 (l)		529,976		529,976
Credit Industriel et Commercial/New York
2.94%, 8/7/08		2,650,000		2,650,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		1,380,000		1,380,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		51,803,782		51,803,782
Fifth Third Bancorp
2.49%, 8/22/08 (l)		160,000		160,000
First Tennessee Bank
2.50%, 8/15/08 (l)		4,760,000		4,760,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		210,000		210,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		1,060,000		1,060,000
2.16%, 3/27/09 (l)		1,480,000		1,480,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		420,000		420,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		2,119,418		2,119,418
2.12%, 6/18/09 (l)		2,649,208		2,649,208
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		3,170,000		3,170,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		2,650,000		2,650,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		1,319,989		1,319,989
Links Finance LLC
2.12%, 6/25/09 (l)		789,803		789,803
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		1,320,000		1,320,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		2,490,000		2,490,000
Morgan Stanley
3.22%, 2/9/09 (l)		4,118,298		4,118,298
2.65%, 5/7/09 (l)		2,650,000		2,650,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		1,589,682		1,589,682
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		2,651,331		2,651,331
Standard Chartered Bank/New York
2.79%, 8/7/08		3,970,000		3,970,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		530,000		530,000
Total Short-Term Investments of Cash Collateral for Securities Loaned			$	103,461,305
Time Deposit (3.7%)
JPMorgan Chase Nassau
1.49%, 7/1/08		38,402,249		38,402,249
Total Short-Term Investments (16.0%) (Cost/Amortized Cost $167,663,554)				167,662,228
Total Investments (109.7%) (Cost/Amortized Cost $1,216,357,007)				1,152,395,234
Other Assets Less Liabilities (-9.7%)				(102,014,886	)
Net Assets (100%)			$	1,050,380,348

* Non-income producing.

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

† Securities (totaling $656,676 or 0.1% of net assets) at fair value.

(b) Illiquid Security.

(l) Floating Rate Security. Rate disclosed is as of June 30, 2008.

(o) Discount Note Security. Effective rate calculated as of June 30, 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 Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 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 June 30, 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	$	948,401,062	$	203,337,496	$	656,676	$	1,152,395,234
Other Investments*		—		—		—		—
Total	$	948,401,062	$	203,337,496	$	656,676	$	1,152,395,234
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	$	—		$	—
Total gains or losses (realized/unrealized) included in earnings		(638,324	)		—
Purchases, sales, issuances, and settlements (net)		1,295,000			—
Transfers in and/or out of Level 3		—			—
Balance as of 6/30/08	$	656,676		$	—
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 liabilities still held at period ending 6/30/08	$	(638,324	)	$	—

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

Investment security transactions for the six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	326,074,597
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	190,522,259

As of June 30, 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	$	76,651,942
Aggregate gross unrealized depreciation		(145,536,549	)
Net unrealized depreciation	$	(68,884,607	)
Federal income tax cost of investments	$	1,221,279,841

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

At June 30, 2008, the Portfolio had loaned securities with a total value of $99,553,084. This was secured by collateral of $103,461,305 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the six months ended June 30, 2008, the Portfolio incurred approximately $2,904 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (8.7%)
Hotels, Restaurants & Leisure (3.2%)
International Game Technology^	50,300	$	1,256,494
Las Vegas Sands Corp.*^	47,795		2,267,395
Marriott International, Inc., Class A	59,100		1,550,784
McDonald’s Corp.	22,135		1,244,430
MGM MIRAGE*^	17,497		592,973
Yum! Brands, Inc.	133,200		4,673,988
			11,586,064
Internet & Catalog Retail (3.8%)
Amazon.com, Inc.*^	178,050		13,056,406
Expedia, Inc.*^	49,900		917,162
			13,973,568
Media (0.5%)
Walt Disney Co.	43,370		1,353,144
XM Satellite Radio Holdings, Inc., Class A*^	87,000		682,080
			2,035,224
Multiline Retail (0.5%)
Kohl’s Corp.*	44,800		1,793,792
Specialty Retail (0.7%)
Bed Bath & Beyond, Inc.*	37,800		1,062,180
Lowe’s Cos., Inc.	65,585		1,360,889
			2,423,069
Total Consumer Discretionary			31,811,717
Consumer Staples (7.0%)
Beverages (1.0%)
Coca-Cola Co.	39,520		2,054,249
PepsiCo, Inc.	22,020		1,400,252
			3,454,501
Food & Staples Retailing (3.4%)
Costco Wholesale Corp.	42,900		3,009,006
CVS Caremark Corp.	119,898		4,744,364
Wal-Mart Stores, Inc.	83,500		4,692,700
			12,446,070
Household Products (2.2%)
Colgate-Palmolive Co.	33,235		2,296,539
Procter & Gamble Co.	95,950		5,834,719
			8,131,258
Personal Products (0.4%)
Avon Products, Inc.	44,585		1,605,952
Total Consumer Staples			25,637,781
Energy (8.6%)
Energy Equipment & Services (6.4%)
Oceaneering International, Inc.*	33,600		2,588,880
Schlumberger Ltd.	144,090		15,479,589
Transocean, Inc.*	21,225		3,234,478
Weatherford International Ltd.*	46,880		2,324,779
			23,627,726
Oil, Gas & Consumable Fuels (2.2%)
Devon Energy Corp.	10,840		1,302,534
Marathon Oil Corp.	26,475		1,373,258
Suncor Energy, Inc.	23,600		1,371,632
XTO Energy, Inc.	56,223		3,851,838
			7,899,262
Total Energy			31,526,988
Financials (7.7%)
Capital Markets (3.8%)
Charles Schwab Corp.	81,904		1,682,308
Franklin Resources, Inc.	18,100		1,658,865
Goldman Sachs Group, Inc.	17,225		3,012,652
Morgan Stanley	51,300		1,850,391
Northern Trust Corp.	36,245		2,485,320
State Street Corp.	48,700		3,116,313
			13,805,849
Commercial Banks (0.3%)
U.S. Bancorp.	39,520		1,102,213
Diversified Financial Services (1.7%)
CME Group, Inc.	2,805		1,074,848
IntercontinentalExchange, Inc.*	45,935		5,236,590
			6,311,438
Insurance (1.9%)
Berkshire Hathaway, Inc., Class A	37		4,467,750
MetLife, Inc.	21,275		1,122,682
Progressive Corp.	67,000		1,254,240
			6,844,672
Total Financials			28,064,172
Health Care (19.1%)
Biotechnology (8.8%)
Celgene Corp.*	68,911		4,401,346
Cephalon, Inc.*	39,300		2,620,917
Genentech, Inc.*	108,475		8,233,252
Genzyme Corp.*	77,600		5,588,752
Gilead Sciences, Inc.*	216,800		11,479,560
			32,323,827
Health Care Equipment & Supplies (4.2%)
Baxter International, Inc.	50,790		3,247,513
Intuitive Surgical, Inc.*	9,200		2,478,480
Medtronic, Inc.	69,275		3,584,981
St. Jude Medical, Inc.*	32,400		1,324,512
Stryker Corp.	22,300		1,402,224
Varian Medical Systems, Inc.*	68,500		3,551,725
			15,589,435
Health Care Providers & Services (1.6%)
Humana, Inc.*	33,700		1,340,249
McKesson Corp.	23,200		1,297,112
Medco Health Solutions, Inc.*	65,780		3,104,816
			5,742,177
Health Care Technology (0.8%)
Cerner Corp.*	66,000		2,981,880
Life Sciences Tools & Services (0.6%)
Thermo Fisher Scientific, Inc.*	38,030		2,119,412
Pharmaceuticals (3.1%)
Abbott Laboratories	52,420		2,776,687
Allergan, Inc.	34,900		1,816,545
Elan Corp. plc (ADR)*^	20,800		739,440
Merck & Co., Inc.	46,539		1,754,055
Teva Pharmaceutical Industries Ltd. (ADR)	47,280		2,165,424

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Wyeth		40,600	$	1,947,176
				11,199,327
Total Health Care				69,956,058
Industrials (7.8%)
Aerospace & Defense (1.8%)
General Dynamics Corp.		41,175		3,466,935
Precision Castparts Corp.		10,890		1,049,469
United Technologies Corp.		32,855		2,027,154
				6,543,558
Air Freight & Logistics (2.2%)
C.H. Robinson Worldwide, Inc.		74,795		4,101,758
Expeditors International of Washington, Inc.		95,400		4,102,200
				8,203,958
Commercial Services & Supplies (0.2%)
Monster Worldwide, Inc.*^		29,100		599,751
Construction & Engineering (1.0%)
Fluor Corp.		13,375		2,488,820
Foster Wheeler Ltd.*		16,900		1,236,235
				3,725,055
Industrial Conglomerates (0.9%)
McDermott International, Inc.*		25,700		1,590,573
Textron, Inc.		33,305		1,596,309
				3,186,882
Machinery (1.7%)
Danaher Corp.		58,100		4,491,130
Deere & Co.		22,625		1,631,941
				6,123,071
Total Industrials				28,382,275
Information Technology (33.4%)
Communications Equipment (6.9%)
Cisco Systems, Inc.*		148,200		3,447,132
Juniper Networks, Inc.*		176,100		3,905,898
QUALCOMM, Inc.		288,605		12,805,404
Research In Motion Ltd.*		45,161		5,279,321
				25,437,755
Computers & Peripherals (5.4%)
Apple, Inc.*		69,660		11,663,870
Dell, Inc.*		63,500		1,389,380
EMC Corp.*		161,990		2,379,633
Hewlett-Packard Co.		74,085		3,275,298
NetApp, Inc.*		53,490		1,158,594
				19,866,775
Electronic Equipment & Instruments (0.2%)
Tyco Electronics Ltd.		19,100		684,162
Internet Software & Services (6.5%)
Akamai Technologies, Inc.*		70,290		2,445,389
eBay, Inc.*		43,000		1,175,190
Google, Inc., Class A*		31,361		16,509,057
VeriSign, Inc.*		92,945		3,513,321
				23,642,957
IT Services (3.1%)
Accenture Ltd., Class A		69,300		2,821,896
Automatic Data Processing, Inc.^		36,200		1,516,780
Cognizant Technology Solutions Corp., Class A*		68,400		2,223,684
Mastercard, Inc., Class A		2,500		663,800
Visa, Inc., Class A*		53,100		4,317,561
				11,543,721
Semiconductors & Semiconductor Equipment (5.2%)
ASML Holding N.V. (N.Y. Shares)^		37,902		924,809
Broadcom Corp., Class A*^		77,800		2,123,162
Intel Corp.		262,800		5,644,944
Marvell Technology Group Ltd.*		352,300		6,221,618
Texas Instruments, Inc.		71,810		2,022,169
Xilinx, Inc.		78,900		1,992,225
				18,928,927
Software (6.1%)
Adobe Systems, Inc.*		55,725		2,195,008
Autodesk, Inc.*		16,500		557,865
Electronic Arts, Inc.*		43,300		1,923,819
Microsoft Corp.		259,100		7,127,841
Nintendo Co., Ltd. (ADR)^		21,000		1,466,850
Oracle Corp.*		106,995		2,246,895
Salesforce.com, Inc.*		97,500		6,652,425
				22,170,703
Total Information Technology				122,275,000
Materials (3.3%)
Chemicals (2.5%)
Air Products & Chemicals, Inc.		27,900		2,758,194
Monsanto Co.		31,725		4,011,309
Praxair, Inc.		26,100		2,459,664
				9,229,167
Metals & Mining (0.8%)
Allegheny Technologies, Inc.		25,900		1,535,352
Freeport-McMoRan Copper & Gold, Inc.		12,700		1,488,313
				3,023,665
Total Materials				12,252,832
Telecommunication Services (2.2%)
Wireless Telecommunication Services (2.2%)
American Tower Corp., Class A*		98,400		4,157,400
Crown Castle International Corp.*		68,665		2,659,396
MetroPCS Communications, Inc.*^		63,700		1,128,127
Total Telecommunication Services				7,944,923
Utilities (0.3%)
Independent Power Producers & Energy Traders (0.3%)
NRG Energy, Inc.*^		26,900		1,154,010
Total Utilities				1,154,010
Total Common Stocks (98.1%) (Cost $329,344,096)				359,005,756
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (3.1%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)	$	260,000		260,000
Bank of Ireland
2.83%, 12/19/08 (l)		419,971		419,971
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)		180,000		180,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		270,000		270,000
Comerica Bank
2.50%, 3/16/09 (l)		99,995		99,995

See Notes to Financial Statements.

87

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Credit Industriel et Commercial/New York
2.94%, 8/7/08	$	420,000	$	420,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		220,000		220,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		2,878,449		2,878,449
Fifth Third Bancorp
2.49%, 8/22/08 (l)		40,000		40,000
First Tennessee Bank
2.50%, 8/15/08 (l)		800,000		800,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		20,000		20,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		170,000		170,000
2.16%, 3/27/09 (l)		250,000		250,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		100,000		100,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		349,904		349,904
2.12%, 6/18/09 (l)		419,875		419,875
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		550,000		550,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		420,000		420,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		209,998		209,998
Links Finance LLC
2.12%, 6/25/09 (l)		139,965		139,965
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		210,000		210,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		410,000		410,000
Morgan Stanley
3.22%, 2/9/09 (l)		688,045		688,045
2.65%, 5/7/09 (l)		420,000		420,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		269,946		269,946
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		420,211		420,211
Standard Chartered Bank/New York
2.79%, 8/7/08		660,000		660,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		90,000		90,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				11,386,359
Time Deposit (1.9%)
JPMorgan Chase Nassau
1.49%, 7/1/08		7,023,925		7,023,925
Total Short-Term Investments (5.0%) (Amortized Cost $18,410,284)				18,410,284
Total Investments (103.1%) (Cost/Amortized Cost $347,754,380)				377,416,040
Other Assets Less Liabilities (-3.1%)				(11,437,832	)
Net Assets (100%)			$	365,978,208

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of June 30, 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 Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 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 June 30, 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	$	359,005,756	$	18,410,284	$	—	$	377,416,040
Other Investments*		—		—		—		—
Total	$	359,005,756	$	18,410,284	$	—	$	377,416,040
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	117,904,140
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	122,623,169

As of June 30, 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	$	50,317,413
Aggregate gross unrealized depreciation		(22,209,761	)
Net unrealized appreciation	$	28,107,652
Federal income tax cost of investments	$	349,308,388

At June 30, 2008, the Portfolio had loaned securities with a total value of $11,068,731. This was secured by collateral of $11,386,359 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the six months ended June 30, 2008, the Portfolio incurred approximately $827 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

89

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PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.1%)
Auto Components (0.5%)
Autoliv, Inc.	63,500	$	2,960,370
Johnson Controls, Inc.^	153,910		4,414,139
Magna International, Inc., Class A	33,800		2,002,312
TRW Automotive Holdings Corp.*	57,700		1,065,719
			10,442,540
Automobiles (0.2%)
General Motors Corp.^	156,700		1,802,050
Toyota Motor Corp. (ADR)^	35,200		3,308,800
			5,110,850
Hotels, Restaurants & Leisure (0.8%)
Intercontinental Hotels Group plc (ADR)^	735,538		9,804,722
McDonald’s Corp.	16,400		922,008
Royal Caribbean Cruises Ltd.^	272,190		6,116,109
			16,842,839
Household Durables (0.3%)
Centex Corp.^	78,800		1,053,556
KB Home^	55,600		941,308
Lennar Corp., Class B	15,000		166,500
Toll Brothers, Inc.*^	161,100		3,017,403
			5,178,767
Leisure Equipment & Products (0.1%)
Brunswick Corp.^	96,600		1,023,960
Media (4.0%)
CBS Corp., Class B^	135,700		2,644,793
Gannett Co., Inc.^	107,800		2,336,026
News Corp., Class A	1,508,950		22,694,608
Omnicom Group, Inc.^	185,440		8,322,547
Time Warner, Inc.	535,800		7,929,840
Viacom, Inc., Class B*	753,150		23,001,201
Walt Disney Co.	484,310		15,110,472
WPP Group plc	307,360		2,964,651
			85,004,138
Multiline Retail (1.5%)
Family Dollar Stores, Inc.	86,200		1,718,828
Macy’s, Inc.	468,960		9,107,203
Target Corp.^	466,950		21,708,506
			32,534,537
Specialty Retail (1.0%)
Advance Auto Parts, Inc.	37,390		1,451,854
AutoNation, Inc.*^	145,100		1,453,902
Gap, Inc.	184,100		3,068,947
Home Depot, Inc.	205,300		4,808,126
Office Depot, Inc.*	165,000		1,805,100
Sherwin-Williams Co.^	105,480		4,844,696
Staples, Inc.	166,960		3,965,300
			21,397,925
Textiles, Apparel & Luxury Goods (0.7%)
Jones Apparel Group, Inc.	170,600		2,345,750
NIKE, Inc., Class B	184,000		10,968,240
VF Corp.	16,900		1,202,942
			14,516,932
Total Consumer Discretionary			192,052,488
Consumer Staples (10.6%)
Beverages (2.5%)
Coca-Cola Co.	22,000		1,143,560
Coca-Cola Enterprises, Inc.	194,800		3,370,040
Diageo plc	467,408		8,602,501
Molson Coors Brewing Co., Class B	75,800		4,118,214
Pepsi Bottling Group, Inc.	106,500		2,973,480
PepsiAmericas, Inc.	49,400		977,132
PepsiCo, Inc.	489,020		31,096,782
			52,281,709
Food & Staples Retailing (1.9%)
CVS Caremark Corp.	735,732		29,112,915
Safeway, Inc.	111,300		3,177,615
SUPERVALU, Inc.	121,900		3,765,491
Wal-Mart Stores, Inc.	55,000		3,091,000
			39,147,021
Food Products (1.9%)
Archer-Daniels-Midland Co.^	162,300		5,477,625
Del Monte Foods Co.	128,700		913,770
General Mills, Inc.	119,880		7,285,107
Kellogg Co.	225,480		10,827,550
Kraft Foods, Inc., Class A	39,200		1,115,240
Nestle S.A. (Registered)	207,874		9,393,044
Sara Lee Corp.	217,600		2,665,600
Tyson Foods, Inc., Class A	162,600		2,429,244
			40,107,180
Household Products (2.2%)
Procter & Gamble Co.	754,940		45,907,902
Tobacco (2.1%)
Altria Group, Inc.	425,200		8,742,112
Lorillard, Inc.*	53,420		3,694,527
Philip Morris International, Inc.	573,480		28,324,177
Reynolds American, Inc.^	82,100		3,831,607
			44,592,423
Total Consumer Staples			222,036,235
Energy (16.9%)
Energy Equipment & Services (1.4%)
Baker Hughes, Inc.	340,450		29,734,903
Oil, Gas & Consumable Fuels (15.5%)
Anadarko Petroleum Corp.	96,100		7,192,124
Apache Corp.	144,140		20,035,460
BP plc (ADR)^	328,850		22,878,094
Chevron Corp.	407,979		40,442,958
ConocoPhillips	331,500		31,290,285
Devon Energy Corp.	157,810		18,962,450
EOG Resources, Inc.	61,370		8,051,744
Exxon Mobil Corp.	736,620		64,918,321
Hess Corp.	111,090		14,018,447
Marathon Oil Corp.	688,390		35,706,789
Occidental Petroleum Corp.	296,332		26,628,394
Royal Dutch Shell plc (ADR)	48,000		3,922,080
Sunoco, Inc.^	29,700		1,208,493
Total S.A. (ADR)	322,410		27,491,901
Valero Energy Corp.	76,500		3,150,270
			325,897,810
Total Energy			355,632,713
Financials (18.9%)
Capital Markets (4.3%)
Bank of New York Mellon Corp.	355,798		13,459,838
Deutsche Bank AG (Registered)^	34,300		2,927,505
Franklin Resources, Inc.	77,210		7,076,296
Goldman Sachs Group, Inc.^	209,340		36,613,566
Invesco Ltd.	57,150		1,370,457
Lehman Brothers Holdings, Inc.^	12,100		239,701
Merrill Lynch & Co., Inc.^	201,380		6,385,760

See Notes to Financial Statements.

90

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited )

	Number of Shares	Value (Note 1)
Morgan Stanley	192,800	$	6,954,296
State Street Corp.^	177,300		11,345,427
UBS AG (Registered)*	156,126		3,276,728
			89,649,574
Commercial Banks (2.6%)
BB&T Corp.^	46,600		1,061,082
Comerica, Inc.^	57,400		1,471,162
Fifth Third Bancorp^	101,500		1,033,270
KeyCorp^	100,400		1,102,392
National City Corp.^	119,900		571,923
PNC Financial Services Group, Inc.	110,760		6,324,396
SunTrust Banks, Inc.^	516,860		18,720,669
U.S. Bancorp	70,200		1,957,878
Wachovia Corp.^	270,300		4,197,759
Wells Fargo & Co.^	813,300		19,315,875
			55,756,406
Consumer Finance (1.0%)
American Express Co.	82,940		3,124,350
Capital One Financial Corp.^	390,300		14,835,303
Discover Financial Services	242,300		3,191,091
			21,150,744
Diversified Financial Services (3.6%)
Bank of America Corp.	838,113		20,005,757
Citigroup, Inc.	566,700		9,497,892
Deutsche Boerse AG	7,520		848,800
JPMorgan Chase & Co.	1,302,690		44,695,294
			75,047,743
Insurance (7.0%)
ACE Ltd.	433,350		23,873,252
Allstate Corp.	620,670		28,296,345
American International Group, Inc.	323,600		8,562,456
Aon Corp.	55,370		2,543,698
Chubb Corp.	191,070		9,364,341
Cincinnati Financial Corp.	23,000		584,200
Everest Reinsurance Group Ltd.	14,400		1,147,824
Fidelity National Financial, Inc., Class A^	127,700		1,609,020
Genworth Financial, Inc., Class A	456,720		8,134,183
Hartford Financial Services Group, Inc.	156,360		10,096,165
Lincoln National Corp.	53,900		2,442,748
MetLife, Inc.	411,610		21,720,660
Old Republic International Corp.^	131,400		1,555,776
PartnerReinsurance Ltd.^	43,800		3,027,894
Progressive Corp.	254,000		4,754,880
Prudential Financial, Inc.	74,110		4,427,331
RenaissanceReinsurance Holdings Ltd.	52,700		2,354,109
Safeco Corp.	34,900		2,343,884
Travelers Cos., Inc.	134,600		5,841,640
Unum Group^	169,400		3,464,230
XL Capital Ltd., Class A	70,800		1,455,648
			147,600,284
Thrifts & Mortgage Finance (0.4%)
Fannie Mae	220,500		4,301,955
Freddie Mac^	180,500		2,960,200
Washington Mutual MultiFamily Mortgage Ltd.(b)*†	357,100		1,584,453
Washington Mutual, Inc.^	106,700		526,031
			9,372,639
Total Financials			398,577,390
Health Care (10.2%)
Biotechnology (0.2%)
Amgen, Inc.*	81,900		3,862,404
Health Care Providers & Services (0.6%)
AmerisourceBergen Corp.	67,000		2,679,330
Cardinal Health, Inc.	62,600		3,228,908
UnitedHealth Group, Inc.	113,970		2,991,712
WellPoint, Inc.*	91,320		4,352,311
			13,252,261
Pharmaceuticals (9.4%)
Abbott Laboratories	61,440		3,254,477
GlaxoSmithKline plc	218,630		4,846,872
GlaxoSmithKline plc (ADR)^	66,600		2,945,052
Johnson & Johnson^	847,110		54,503,057
Merck & Co., Inc.	495,640		18,680,672
Novartis AG (ADR)^	70,900		3,902,336
Pfizer, Inc.	1,062,000		18,553,140
Sanofi-Aventis S.A. (ADR)	99,500		3,306,385
Schering-Plough Corp.	1,395,100		27,469,519
Wyeth	1,269,450		60,882,822
			198,344,332
Total Health Care			215,458,997
Industrials (9.9%)
Aerospace & Defense (3.1%)
Lockheed Martin Corp.	328,830		32,442,368
Northrop Grumman Corp.	282,430		18,894,567
Raytheon Co.	34,080		1,918,022
United Technologies Corp.	199,980		12,338,766
			65,593,723
Airlines (0.0%)
UAL Corp.^	96,100		501,642
Building Products (0.8%)
Masco Corp.^	1,114,720		17,534,546
Commercial Services & Supplies (0.2%)
Allied Waste Industries, Inc.*	303,200		3,826,384
Industrial Conglomerates (4.1%)
3M Co.	65,610		4,565,800
General Electric Co.	2,100,741		56,068,777
Textron, Inc.	411,200		19,708,816
Tyco International Ltd.	126,100		5,049,044
			85,392,437
Machinery (0.8%)
Caterpillar, Inc.	48,000		3,543,360
Cummins, Inc.	10,200		668,304
Eaton Corp.	44,440		3,776,067
Illinois Tool Works, Inc.	33,300		1,582,083
Ingersoll-Rand Co., Ltd., Class A	107,280		4,015,490
Timken Co.^	59,450		1,958,283
			15,543,587
Road & Rail (0.5%)
Avis Budget Group, Inc.*	72,900		610,173
Burlington Northern Santa Fe Corp.	68,430		6,835,473

See Notes to Financial Statements.

91

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited )

	Number of Shares		Value (Note 1)
Ryder System, Inc.^		48,300	$	3,326,904
				10,772,550
Trading Companies & Distributors (0.4%)
W.W. Grainger, Inc.^		103,320		8,451,576
Total Industrials				207,616,445
Information Technology (9.3%)
Communications Equipment (1.5%)
Cisco Systems, Inc.*		1,230,450		28,620,267
Motorola, Inc.		258,200		1,895,188
Nokia Oyj (ADR)		69,300		1,697,850
				32,213,305
Computers & Peripherals (2.4%)
Hewlett-Packard Co.		700,380		30,963,800
International Business Machines Corp.		111,850		13,257,580
Lexmark International, Inc., Class A*		62,400		2,086,032
Western Digital Corp.*		137,100		4,734,063
				51,041,475
Electronic Equipment & Instruments (1.3%)
Arrow Electronics, Inc.*		92,300		2,835,456
Avnet, Inc.*		98,300		2,681,624
Flextronics International Ltd.*		382,434		3,594,880
Ingram Micro, Inc., Class A*		93,300		1,656,075
Sanmina-SCI Corp.*		310,100		396,928
Tech Data Corp.*		37,500		1,270,875
Tyco Electronics Ltd.		354,350		12,692,817
Vishay Intertechnology, Inc.*		115,500		1,024,485
				26,153,140
IT Services (1.0%)
Accenture Ltd., Class A		347,800		14,162,416
Automatic Data Processing, Inc.		38,080		1,595,552
Electronic Data Systems Corp.		172,500		4,250,400
Western Union Co.		60,700		1,500,504
				21,508,872
Semiconductors & Semiconductor Equipment (2.3%)
Intel Corp.^		626,870		13,465,168
Taiwan Semiconductor Manufacturing. Co., Ltd. (ADR)*		347,100		3,786,861
Texas Instruments, Inc.		1,076,500		30,314,240
				47,566,269
Software (0.8%)
Oracle Corp.*		771,450		16,200,450
Total Information Technology				194,683,511
Materials (4.0%)
Chemicals (3.3%)
Air Products & Chemicals, Inc.		43,710		4,321,171
Ashland, Inc.		44,100		2,125,620
Dow Chemical Co.		173,800		6,067,358
E.I. du Pont de Nemours & Co.		977,400		41,920,686
PPG Industries, Inc.		215,670		12,372,988
Praxair, Inc.		19,360		1,824,486
				68,632,309
Containers & Packaging (0.2%)
Ball Corp.		68,900		3,289,286
Bemis Co., Inc.^		58,300		1,307,086
Smurfit-Stone Container Corp.*^		10,760		43,793
				4,640,165
Metals & Mining (0.5%)
Alcoa, Inc.		175,200		6,240,624
ArcelorMittal (N.Y. Shares)^		52,300		5,181,361
				11,421,985
Total Materials				84,694,459
Telecommunication Services (6.7%)
Diversified Telecommunication Services (4.3%)
AT&T, Inc.		2,148,330		72,377,238
Embarq Corp.		56,572		2,674,158
Verizon Communications, Inc.		450,200		15,937,080
				90,988,476
Wireless Telecommunication Services (2.4%)
Rogers Communications, Inc., Class B		48,810		1,893,619
Sprint Nextel Corp.		779,100		7,401,450
Vodafone Group plc		2,353,097		6,990,685
Vodafone Group plc (ADR)		1,146,700		33,781,782
				50,067,536
Total Telecommunication Services				141,056,012
Utilities (2.3%)
Electric Utilities (1.2%)
American Electric Power Co., Inc.		90,700		3,648,861
Entergy Corp.		56,470		6,803,506
FPL Group, Inc.		100,620		6,598,660
Pinnacle West Capital Corp.^		84,600		2,603,142
PPL Corp.		99,520		5,201,910
				24,856,079
Multi-Utilities (1.1%)
Ameren Corp.^		64,400		2,719,612
CMS Energy Corp.^		8,000		119,200
Dominion Resources, Inc.^		222,068		10,546,009
PG&E Corp.		116,790		4,635,395
Public Service Enterprise Group, Inc.		140,530		6,454,543
				24,474,759
Total Utilities				49,330,838
Total Common Stocks (97.9%) (Cost $2,269,704,861)				2,061,139,088
	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (0.7%)
American Express Co.
2.50%, 7/1/08 (p)	$	14,446,000		14,444,996
Short-Term Investments of Cash Collateral for Securities Loaned (7.6%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)		2,450,000		2,450,000
Bank of Ireland
2.83%, 12/19/08 (l)		4,069,720		4,069,720
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)		1,790,000		1,790,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		2,440,000		2,440,000
Comerica Bank
2.50%, 3/16/09 (l)		809,964		809,964
Credit Industriel et Commercial/New York
2.94%, 8/7/08		4,070,000		4,070,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		2,120,000		2,120,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		79,773,876		79,773,876
Fifth Third Bancorp
2.49%, 8/22/08 (l)		240,000		240,000

See Notes to Financial Statements.

92

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited )

	Principal Amount		Value (Note 1)
First Tennessee Bank
2.50%, 8/15/08 (l)	$	7,330,000	$	7,330,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		330,000		330,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		1,630,000		1,630,000
2.16%, 3/27/09 (l)		2,280,000		2,280,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		650,000		650,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		3,259,105		3,259,105
2.12%, 6/18/09 (l)		4,068,784		4,068,784
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		4,880,000		4,880,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		4,070,000		4,070,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		2,039,983		2,039,983
Links Finance LLC
2.12%, 6/25/09 (l)		1,219,695		1,219,695
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		2,040,000		2,040,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		3,830,000		3,830,000
Morgan Stanley
3.22%, 2/9/09 (l)		6,332,007		6,332,007
2.65%, 5/7/09 (l)		4,070,000		4,070,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		2,439,512		2,439,512
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		4,072,045		4,072,045
Standard Chartered Bank/New York
2.79%, 8/7/08		6,110,000		6,110,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		810,000		810,000
Total Short-Term Investments of Cash Collateralfor Securities Loaned				159,224,691
Time Deposit (2.3%)
JPMorgan Chase Nassau
1.49%, 7/1/08		48,815,870		48,815,870
Total Short-Term Investments (10.6%) (Cost/Amortized Cost $222,486,561)				222,485,557
Total Investments (108.5%) (Cost/Amortized Cost $2,492,191,422)				2,283,624,645
Other Assets Less Liabilities (-8.5%)				(179,079,049	)
Net Assets (100%)			$	2,104,545,596

* Non-income producing.

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

† Securities (totaling $1,584,453 or 0.1% of net assets) at fair value.

(b) Illiquid Security.

(l) Floating Rate Security. Rate disclosed is as of June 30, 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 Financial Statements.

93

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 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 June 30, 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	$	2,022,631,354	$	259,408,838	$	1,584,453	$	2,283,624,645
Other Investments*		—		—		—		—
Total	$	2,022,631,354	$	259,408,838	$	1,584,453	$	2,283,624,645
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	$	—		$	—
Total gains or losses (realized/unrealized) included in earnings		(1,540,172	)		—
Purchases, sales, issuances, and settlements (net)		—			—
Transfers in and/or out of Level 3		3,124,625			—
Balance as of 6/30/08	$	1,584,453		$	—
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 a liabilities still held at period ending 6/30/08	$	(1,540,172	)	$	—

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

Investment security transactions for the six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,007,634,619
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	540,625,378

As of June 30, 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	$	121,396,583
Aggregate gross unrealized depreciation		(334,894,283	)
Net unrealized depreciation	$	(213,497,700	)
Federal income tax cost of investments	$	2,497,122,345

See Notes to Financial Statements.

94

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited )

At June 30, 2008, the Portfolio had loaned securities with a total value of $154,421,577. This was secured by collateral of $159,224,691 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 $24,395, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2008, the Portfolio incurred approximately $16,608 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

95

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PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited )

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.2%)
Auto Components (0.4%)
BorgWarner, Inc.	7,200	$	319,536
Drew Industries, Inc.*^	104,300		1,663,585
Tenneco, Inc.*^	86,400		1,168,992
			3,152,113
Distributors (0.8%)
LKQ Corp.*^	329,470		5,953,523
Diversified Consumer Services (1.6%)
Capella Education Co.*^	45,600		2,720,040
Strayer Education, Inc.	35,900		7,505,613
Universal Technical Institute, Inc.*^	121,700		1,516,382
			11,742,035
Hotels, Restaurants & Leisure (4.1%)
BJ’s Restaurants, Inc.*^	71,600		696,668
Burger King Holdings, Inc.	256,485		6,871,233
Chipotle Mexican Grill, Inc., Class B*^	47,100		3,549,456
Ctrip.com International Ltd. (ADR)	82,600		3,781,428
Orient-Express Hotels Ltd., Class A^	113,650		4,936,956
Panera Bread Co., Class A*^	38,400		1,776,384
Penn National Gaming, Inc.*	36,000		1,157,400
Red Robin Gourmet Burgers, Inc.*^	89,680		2,487,723
Shuffle Master, Inc.*^	253,500		1,252,290
Sonic Corp.*^	93,800		1,388,240
Yum! Brands, Inc.	76,700		2,691,403
			30,589,181
Internet & Catalog Retail (1.0%)
Gaiam, Inc., Class A*^	15,200		205,352
Netflix, Inc.*^	110,900		2,891,163
priceline.com, Inc.*	32,000		3,694,720
Shutterfly, Inc.*^	61,200		747,252
			7,538,487
Media (0.7%)
Lions Gate Entertainment Corp.*^	271,500		2,812,740
National CineMedia, Inc.^	190,900		2,034,994
			4,847,734
Multiline Retail (0.5%)
Nordstrom, Inc.	123,300		3,735,990
Specialty Retail (4.8%)
Aeropostale, Inc.*^	33,900		1,062,087
Dick’s Sporting Goods, Inc.*^	87,300		1,548,702
GameStop Corp., Class A*	108,200		4,371,280
Guess?, Inc.^	26,200		981,190
Hibbett Sports, Inc.*^	137,700		2,905,470
J. Crew Group, Inc.*^	63,500		2,096,135
Men’s Wearhouse, Inc.^	79,900		1,301,571
PetSmart, Inc.^	33,100		660,345
Ross Stores, Inc.	191,100		6,787,872
TJX Cos., Inc.	126,700		3,987,249
Tractor Supply Co.*^	91,547		2,658,525
Urban Outfitters, Inc.*	183,800		5,732,722
Zumiez, Inc.*^	91,700		1,520,386
			35,613,534
Textiles, Apparel & Luxury Goods (1.3%)
FGX International Holdings Ltd.*	171,600		1,379,664
Lululemon Athletica, Inc.*^	139,000		4,039,340
Polo Ralph Lauren Corp.	46,500		2,919,270
Wolverine World Wide, Inc.^	37,190		991,857
			9,330,131
Total Consumer Discretionary			112,502,728
Consumer Staples (0.8%)
Beverages (0.4%)
Hansen Natural Corp.*^	106,900		3,080,858
Food Products (0.4%)
Hain Celestial Group, Inc.*^	120,400		2,826,992
Total Consumer Staples			5,907,850
Energy (13.1%)
Energy Equipment & Services (5.6%)
Cameron International Corp.*	93,610		5,181,314
Complete Production Services, Inc.*^	135,000		4,916,700
Dril-Quip, Inc.*	88,800		5,594,400
ENSCO International, Inc.	48,100		3,883,594
FMC Technologies, Inc.*	10,100		776,993
Helix Energy Solutions Group, Inc.*	63,600		2,648,304
National Oilwell Varco, Inc.*	9,738		863,955
Oceaneering International, Inc.*	104,400		8,044,020
Oil States International, Inc.*	7,800		494,832
Smith International, Inc.	19,000		1,579,660
Superior Energy Services, Inc.*	122,000		6,727,080
Tesco Corp.*	4,100		130,995
			40,841,847
Oil, Gas & Consumable Fuels (7.5%)
Bill Barrett Corp.*^	107,900		6,410,339
Comstock Resources, Inc.*	24,600		2,076,978
Continental Resources, Inc.*	28,600		1,982,552
Denbury Resources, Inc.*	144,440		5,272,060
Forest Oil Corp.*	44,600		3,322,700
Mariner Energy, Inc.*^	168,600		6,233,142
Newfield Exploration Co.*	48,000		3,132,000
Noble Energy, Inc.	6,100		613,416
Patriot Coal Corp.*	37,800		5,794,362
Peabody Energy Corp.	65,100		5,732,055
Penn Virginia Corp.^	34,300		2,586,906
Range Resources Corp.	26,900		1,763,026
Southwestern Energy Co.*	116,380		5,540,852
Ultra Petroleum Corp.*	50,900		4,998,380
			55,458,768
Total Energy			96,300,615
Financials (5.1%)
Capital Markets (2.7%)
Affiliated Managers Group, Inc.*	37,600		3,386,256
Greenhill & Co., Inc.^	49,500		2,666,070
KBW, Inc.*	2,400		49,392
Lazard Ltd., Class A	87,900		3,001,785
MF Global Ltd.*^	156,000		984,360
optionsXpress Holdings, Inc.^	156,170		3,488,838
Stifel Financial Corp.*^	37,700		1,296,503
T. Rowe Price Group, Inc.	92,600		5,229,122
			20,102,326
Diversified Financial Services (0.8%)
IntercontinentalExchange, Inc.*	20,800		2,371,200
MSCI, Inc., Class A*	84,518		3,067,158
NewStar Financial, Inc.*^	67,300		397,743
			5,836,101
Insurance (0.1%)
Assured Guaranty Ltd	56,500		1,016,435

See Notes to Financial Statements.

96

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Real Estate Investment Trusts (REITs) (0.6%)
FelCor Lodging Trust, Inc. (REIT)	193,000	$	2,026,500
iStar Financial, Inc. (REIT)^	161,500		2,133,415
			4,159,915
Thrifts & Mortgage Finance (0.9%)
Clayton Holdings, Inc.*^	161,471		963,982
New York Community Bancorp, Inc.	304,067		5,424,555
			6,388,537
Total Financials			37,503,314
Health Care (13.1%)
Biotechnology (3.0%)
Acorda Therapeutics, Inc.*	69,900		2,294,817
Alexion Pharmaceuticals, Inc.*^	49,900		3,617,750
Celgene Corp.*	90,500		5,780,235
Incyte Corp.*^	87,000		662,070
Myriad Genetics, Inc.*^	72,800		3,313,856
OSI Pharmaceuticals, Inc.*^	54,400		2,247,808
Savient Pharmaceuticals, Inc.*^	64,800		1,639,440
United Therapeutics Corp.*	25,300		2,473,075
			22,029,051
Health Care Equipment & Supplies (4.6%)
American Medical Systems Holdings, Inc.*^	245,000		3,662,750
ArthroCare Corp.*^	63,700		2,599,597
C.R. Bard, Inc.	5,640		496,038
DexCom, Inc.*^	211,800		1,279,272
Gen-Probe, Inc.*	42,200		2,003,656
Hansen Medical, Inc.*^	175,400		2,932,688
Hologic, Inc.*^	16,120		351,416
Hospira, Inc.*	126,500		5,073,915
Idexx Laboratories, Inc.*	44,500		2,168,930
Immucor, Inc.*^	67,200		1,739,136
Masimo Corp.*^	83,300		2,861,355
Meridian Bioscience, Inc.^	96,200		2,589,704
NuVasive, Inc.*^	96,100		4,291,826
Stereotaxis, Inc.*^	12,500		67,000
TomoTherapy, Inc.*	105,100		938,543
Varian Medical Systems, Inc.*	11,600		601,460
			33,657,286
Health Care Providers & Services (1.6%)
Community Health Systems, Inc.*^	14,315		472,109
Express Scripts, Inc.*	9,700		608,384
HealthExtras, Inc.*^	99,500		2,998,930
Henry Schein, Inc.*	11,200		577,584
MWI Veterinary Supply, Inc.*^	35,400		1,172,094
Psychiatric Solutions, Inc.*^	108,400		4,101,856
VCA Antech, Inc.*^	75,100		2,086,278
			12,017,235
Health Care Technology (0.9%)
Cerner Corp.*^	12,900		582,822
MedAssets, Inc.*^	170,000		2,898,500
TriZetto Group, Inc.*^	155,900		3,333,142
			6,814,464
Life Sciences Tools & Services (2.4%)
AMAG Pharmaceuticals, Inc.*^	63,300		2,158,530
Covance, Inc.*	43,900		3,776,278
ICON plc (ADR)*	54,900		4,146,048
PAREXEL International Corp.*	78,900		2,075,859
Pharmaceutical Product Development, Inc.	8,100		347,490
Qiagen N.V.*^	24,500		493,185
Sequenom, Inc.*^	106,000		1,691,760
Varian, Inc.*	43,200		2,205,792
Waters Corp.*	12,500		806,250
			17,701,192
Pharmaceuticals (0.6%)
Angiotech Pharmaceuticals, Inc.*^	604,800		1,802,304
Cadence Pharmaceuticals, Inc.*^	104,900		638,841
Impax Laboratories, Inc.(b)*†	52,200		417,652
Medicines Co.*^	45,100		893,882
Penwest Pharmaceuticals Co.*^	123,200		332,640
XenoPort, Inc.*	17,500		683,025
			4,768,344
Total Health Care			96,987,572
Industrials (19.4%)
Aerospace & Defense (1.4%)
BE Aerospace, Inc.*	67,500		1,572,075
Hexcel Corp.*^	187,400		3,616,820
Orbital Sciences Corp.*^	120,000		2,827,200
Precision Castparts Corp.	10,600		1,021,522
Stanley, Inc.*^	37,500		1,257,000
			10,294,617
Air Freight & Logistics (1.2%)
C.H. Robinson Worldwide, Inc.	15,300		839,052
Expeditors International of Washington, Inc.	137,900		5,929,700
Pacer International, Inc.^	102,900		2,213,379
			8,982,131
Airlines (0.3%)
Allegiant Travel Co.*^	84,500		1,570,855
Ryanair Holdings plc (ADR)*^	15,200		435,784
			2,006,639
Commercial Services & Supplies (2.8%)
Duff & Phelps Corp., Class A*^	49,900		826,344
FTI Consulting, Inc.*	75,400		5,161,884
Huron Consulting Group, Inc.*^	61,800		2,802,012
Mobile Mini, Inc.*^	113,900		2,278,000
Robert Half International, Inc.	16,700		400,299
Stericycle, Inc.*	174,400		9,016,480
			20,485,019
Construction & Engineering (0.9%)
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)^	84,300		3,356,826
Foster Wheeler Ltd.*	9,400		687,610
Granite Construction, Inc.^	87,760		2,767,073
			6,811,509
Electrical Equipment (2.0%)
Ametek, Inc.	121,750		5,749,035
Baldor Electric Co.^	127,200		4,449,456
EnerSys*^	67,500		2,310,525
Polypore International, Inc.*	65,100		1,648,983
SunPower Corp., Class A*^	11,100		798,978
			14,956,977
Industrial Conglomerates (0.4%)
McDermott International, Inc.*	43,600		2,698,404
Machinery (7.2%)
Actuant Corp., Class A^	48,800		1,529,880
Astec Industries, Inc.*^	59,000		1,896,260
Bucyrus International, Inc.^	105,300		7,689,006
Chart Industries, Inc.*	82,700		4,022,528
Colfax Corp.*	45,300		1,136,577
Cummins, Inc.	102,540		6,718,421
Force Protection, Inc.*^	234,500		776,195
IDEX Corp.	109,325		4,027,533

See Notes to Financial Statements.

97

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Joy Global, Inc.	35,400	$	2,684,382
Kaydon Corp.^	44,700		2,298,027
Lincoln Electric Holdings, Inc.	56,500		4,446,550
Manitowoc Co., Inc.	35,000		1,138,550
Terex Corp.*	12,100		621,577
Valmont Industries, Inc.^	46,900		4,891,201
Wabtec Corp.	189,200		9,198,904
			53,075,591
Road & Rail (2.7%)
CSX Corp.	109,900		6,902,819
J.B. Hunt Transport Services, Inc.	178,200		5,930,496
Landstar System, Inc.	132,400		7,311,128
			20,144,443
Trading Companies & Distributors (0.2%)
MSC Industrial Direct Co., Class A	35,900		1,583,549
Transportation Infrastructure (0.3%)
Aegean Marine Petroleum Network, Inc.	53,403		2,172,968
Total Industrials			143,211,847
Information Technology (26.5%)
Communications Equipment (2.1%)
F5 Networks, Inc.*	45,500		1,293,110
Foundry Networks, Inc.*^	160,400		1,895,928
Harris Corp	12,100		610,929
Ixia*^	362,400		2,518,680
Juniper Networks, Inc.*	168,100		3,728,458
NETGEAR, Inc.*^	20,920		289,951
Riverbed Technology, Inc.*^	153,000		2,099,160
ViaSat, Inc.*	137,800		2,784,938
			15,221,154
Computers & Peripherals (0.5%)
Compellent Technologies, Inc.*	116,900		1,325,646
Logitech International S.A. (Registered)*^	14,518		389,082
Xyratex Ltd.*	119,000		1,981,350
			3,696,078
Electronic Equipment & Instruments (2.8%)
Agilent Technologies, Inc.*	75,500		2,683,270
Amphenol Corp., Class A	57,320		2,572,522
Coherent, Inc.*^	88,900		2,657,221
FARO Technologies, Inc.*	96,400		2,426,388
Flir Systems, Inc.*^	119,600		4,852,172
Mettler-Toledo International, Inc.*	7,500		711,450
National Instruments Corp.	46,050		1,306,438
Trimble Navigation Ltd.*^	102,400		3,655,680
			20,865,141
Internet Software & Services (3.3%)
Baidu.com (ADR)*	13,000		4,068,480
comScore, Inc.*^	114,100		2,489,662
DealerTrack Holdings, Inc.*^	133,000		1,876,630
Equinix, Inc.*^	69,700		6,218,634
Internap Network Services Corp.*^ .	155,800		729,144
Omniture, Inc.*^	106,430		1,976,405
VistaPrint Ltd.*^	141,500		3,786,540
Websense, Inc.*^	197,500		3,325,900
			24,471,395
IT Services (2.1%)
Alliance Data Systems Corp.*^	13,600		769,080
Cybersource Corp.*	299,500		5,010,635
Global Payments, Inc.	15,100		703,660
Heartland Payment Systems, Inc.^	72,400		1,708,640
Iron Mountain, Inc.*^	119,285		3,167,017
Sapient Corp.*	510,599		3,278,045
VeriFone Holdings, Inc.*	91,800		1,097,010
			15,734,087
Semiconductors & Semiconductor Equipment (9.8%)
Advanced Analogic Technologies, Inc.*	93,800		387,394
Atheros Communications, Inc.*^	76,700		2,301,000
Broadcom Corp., Class A*	153,400		4,186,286
FormFactor, Inc.*^	152,800		2,816,104
Hittite Microwave Corp.*^	89,300		3,180,866
Integrated Device Technology, Inc.* .	265,200		2,636,088
Intersil Corp., Class A	285,772		6,949,975
Lam Research Corp.*	9,000		325,350
Marvell Technology Group Ltd.*	156,400		2,762,024
Maxim Integrated Products, Inc.	34,100		721,215
Microchip Technology, Inc.	108,200		3,304,428
Microsemi Corp.*^	282,400		7,110,832
Microtune, Inc.*^	423,100		1,463,926
Netlogic Microsystems, Inc.*^	104,200		3,459,440
NVIDIA Corp.*	199,050		3,726,216
ON Semiconductor Corp.*^	462,400		4,240,208
PMC-Sierra, Inc.*	330,500		2,528,325
Power Integrations, Inc.*	112,300		3,549,803
Silicon Laboratories, Inc.*	150,100		5,417,109
Varian Semiconductor Equipment Associates, Inc.*	238,925		8,319,369
Verigy Ltd.*	116,800		2,652,528
			72,038,486
Software (5.9%)
Activision, Inc.*	322,753		10,996,195
ANSYS, Inc.*^	296,700		13,980,504
Bottomline Technologies, Inc.*	259,600		2,525,908
Commvault Systems, Inc.*^	176,900		2,943,616
Concur Technologies, Inc.*^	7,000		232,610
EPIQ Systems, Inc.*^	85,600		1,215,520
FactSet Research Systems, Inc.^	16,000		901,760
Informatica Corp.*	99,370		1,494,525
Nuance Communications, Inc.*^	210,300		3,295,401
Quest Software, Inc.*	234,600		3,474,426
Salesforce.com, Inc.*	4,000		272,920
SuccessFactors, Inc.*^	157,300		1,722,435
UBISOFT Entertainment S.A.*	4,000		350,976
			43,406,796
Total Information Technology			195,433,137
Materials (2.3%)
Chemicals (2.3%)
CF Industries Holdings, Inc.	58,800		8,984,640
FMC Corp.	47,100		3,647,424
Intrepid Potash, Inc.*	69,600		4,578,288
Total Materials			17,210,352
Telecommunication Services (2.5%)
Diversified Telecommunication Services (0.7%) tw telecom, Inc.*^	329,924		5,288,682
Wireless Telecommunication Services (1.8%)
American Tower Corp., Class A*	117,000		4,943,250
Crown Castle International Corp.*	11,000		426,030
MetroPCS Communications, Inc.*^	32,800		580,888
NII Holdings, Inc.*	16,400		778,836

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
SBA Communications Corp.,
Class A*^		186,300	$	6,708,663
				13,437,667
Total Telecommunication Services				18,726,349
Total Common Stocks (98.0%) (Cost $695,649,406)				723,783,764
	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (0.7%)
Federal Home Loan Bank
2.00%, 7/1/08 (p)(o)	$	5,000,000		4,999,722
Short-Term Investments of Cash Collateral for Securities Loaned (26.1%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)		2,900,000		2,900,000
Bank of Ireland
2.83%, 12/19/08 (l)		4,839,667		4,839,667
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)		2,130,000		2,130,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		2,900,000		2,900,000
Comerica Bank
2.50%, 3/16/09 (l)		969,956		969,956
Credit Industriel et Commercial/New York
2.94%, 8/7/08		4,840,000		4,840,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		2,520,000		2,520,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		97,967,817		97,967,817
Fifth Third Bancorp
2.49%, 8/22/08 (l)		290,000		290,000
First Tennessee Bank
2.50%, 8/15/08 (l)		8,710,000		8,710,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		390,000		390,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		1,940,000		1,940,000
2.16%, 3/27/09 (l)		2,710,000		2,710,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		770,000		770,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		3,868,937		3,868,937
2.12%, 6/18/09 (l)		4,838,554		4,838,554
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		5,810,000		5,810,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		4,840,000		4,840,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		2,419,980		2,419,980
Links Finance LLC
2.12%, 6/25/09 (l)		1,449,638		1,449,638
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		2,420,000		2,420,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		4,550,000		4,550,000
Morgan Stanley
3.22%, 2/9/09 (l)		7,528,607		7,528,607
2.65%, 5/7/09 (l)		4,840,000		4,840,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		2,899,420		2,899,420
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		4,842,431		4,842,431
Standard Chartered Bank/New York
2.79%, 8/7/08		7,260,000		7,260,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		970,000		970,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				192,415,007
Time Deposit (1.8%)
JPMorgan Chase Nassau
1.49%, 7/1/08		13,596,373		13,596,373
Total Short-Term Investments (28.6%) (Cost/Amortized Cost $211,011,380)				211,011,102
Total Investments (126.6%) (Cost/Amortized Cost $906,660,786)				934,794,866
Other Assets Less Liabilities (-26.6%)				(196,574,483	)
Net Assets (100%)			$	738,220,383

* Non-income producing.

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

† Securities (totaling $417,652 or 0.1% of net assets) at fair value.

(b) Illiquid Security.

(l) Floating Rate Security. Rate disclosed is as of June 30, 2008.

(o) Discount Note Security. Effective rate calculated as of June 30, 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 Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 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 June 30, 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	$	723,015,136	$	211,362,078	$	417,652	$	934,794,866
Other Investments*		—		—		—		—
Total	$	723,015,136	$	211,362,078	$	417,652	$	934,794,866
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		417,652			—
Balance as of 6/30/08	$	417,652		$	—
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 a liabilities still held at period ending 6/30/08	$	(161,768	)	$	—

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

Investment security transactions for the six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	335,934,138
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	366,625,397

As of June 30, 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	$	97,286,035
Aggregate gross unrealized depreciation		(72,811,494	)
Net unrealized appreciation	$	24,474,541
Federal income tax cost of investments	$	910,320,325

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

At June 30, 2008, the Portfolio had loaned securities with a total value of $184,807,436. This was secured by collateral of $192,415,007 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 $186,674, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

101

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PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.0%)
Auto Components (1.9%)
Autoliv, Inc.	16,561	$	772,074
Exide Technologies, Inc.*^	132,230		2,216,175
Spartan Motors, Inc.	614		4,586
Standard Motor Products, Inc.	29,560		241,209
Stoneridge, Inc.*^	26,400		450,384
Strattec Security Corp.	5,290		186,314
Tenneco, Inc.*	5,630		76,174
TRW Automotive Holdings Corp.*	236,544		4,368,968
WABCO Holdings, Inc.	229,341		10,655,183
			18,971,067
Diversified Consumer Services (0.6%)
Regis Corp.	234,269		6,172,988
Hotels, Restaurants & Leisure (0.8%)
Bluegreen Corp.*^	38,700		234,135
Bob Evans Farms, Inc.^	5,013		143,372
Canterbury Park Holding Corp.	620		5,642
Carrols Restaurant Group, Inc.*^	7,075		36,719
CBRL Group, Inc.^	34,120		836,281
CEC Entertainment, Inc.*^	29,800		834,698
Cheesecake Factory, Inc.*	229,500		3,651,345
Darden Restaurants, Inc.	38,900		1,242,466
Dover Downs Gaming & Entertainment, Inc.^	23,500		150,870
Frisch’s Restaurants, Inc.	4,870		112,156
Interstate Hotels & Resorts, Inc.*	5		13
J. Alexander’s Corp.	5,260		36,820
Jack in the Box, Inc.*	8,300		186,003
Landry’s Restaurants, Inc.^	19,200		345,024
Marcus Corp.^	4,086		61,086
Nathan’s Famous, Inc.*	4,000		60,840
Silverleaf Resorts, Inc.*^	18,651		41,965
Speedway Motorsports, Inc.	4,940		100,677
Town Sports International Holdings, Inc.*^	2,300		21,482
			8,101,594
Household Durables (2.0%)
American Greetings Corp., Class A^	84,199		1,039,016
Cavco Industries, Inc.*^	9,200		301,116
CSS Industries, Inc.^	5,671		137,352
Dixie Group, Inc.*^	800		5,264
Ethan Allen Interiors, Inc.^	28,566		702,723
Flexsteel Industries, Inc.	9,663		108,709
Lennar Corp., Class A	209,400		2,583,996
M.D.C. Holdings, Inc.^	123,100		4,808,286
National Presto Industries, Inc.^	6,020		386,363
Newell Rubbermaid, Inc.	144,100		2,419,439
Q.E.P. Co., Inc.*	1,275		7,165
Snap-On, Inc.	106,893		5,559,505
Stanley Works	130		5,828
Toll Brothers, Inc.*	113,200		2,120,236
Tupperware Brands Corp.	350		11,977
			20,196,975
Internet & Catalog Retail (0.0%)
Systemax, Inc.	15,194		268,174
Leisure Equipment & Products (0.1%)
Aldila, Inc.	7,733		44,310
JAKKS Pacific, Inc.*^	44,810		979,099
			1,023,409
Media (0.5%)
Fisher Communications, Inc.*	148		5,097
Journal Communications, Inc., Class A^	75,717		364,956
Saga Communications, Inc., Class A*	26,750		134,018
Valassis Communications, Inc.*^	43,700		547,124
Virgin Media, Inc.^	286,900		3,904,709
			4,955,904
Multiline Retail (1.0%)
Big Lots, Inc.*^	138,440		4,324,866
Bon-Ton Stores, Inc.^	13,400		69,948
Macy’s, Inc.	288,530		5,603,253
Tuesday Morning Corp.*^	53,550		220,090
			10,218,157
Specialty Retail (1.6%)
Aaron Rents, Inc.^	2,670		59,621
American Eagle Outfitters, Inc.	182,600		2,488,838
Asbury Automotive Group, Inc.^	47,000		603,950
Books-A-Million, Inc., Class A^	31,300		239,758
Build-A-Bear Workshop, Inc.,
Class A*	12,007		87,291
Coldwater Creek, Inc.*	582,800		3,077,184
Franklin Covey Co.*	26,100		226,548
Gap, Inc.	237,400		3,957,458
Hastings Entertainment, Inc.*	15,914		127,471
Jennifer Convertibles, Inc.*	840		1,210
Jo-Ann Stores, Inc.*	5,140		118,374
Lithia Motors, Inc., Class A^	28,300		139,236
New York & Co., Inc.*^	4,920		44,920
RadioShack Corp.	40,670		499,021
Rent-A-Center, Inc., Class A*^	123,499		2,540,374
REX Stores Corp.*^	15,520		179,256
Sonic Automotive, Inc., Class A^	13,100		168,859
Stage Stores, Inc.^	59,300		692,031
			15,251,400
Textiles, Apparel & Luxury Goods (0.5%)
Culp, Inc.*	14,430		101,299
Delta Apparel, Inc.^	8,475		31,188
G-III Apparel Group Ltd.*^	380		4,689
Heelys, Inc.*^	8,343		33,872
LaCrosse Footwear, Inc.	822		12,026
Liz Claiborne, Inc.^	63,700		901,355
Perry Ellis International, Inc.*	5,120		108,646
VF Corp.	21,700		1,544,606
Weyco Group, Inc.^	6,506		172,604
Wolverine World Wide, Inc.	52,680		1,404,976
			4,315,261
Total Consumer Discretionary			89,474,929
Consumer Staples (3.6%)
Food & Staples Retailing (0.7%)
Ingles Markets, Inc., Class A^	3,800		88,654
Longs Drug Stores Corp.	4,600		193,706
Nash Finch Co.^	8,280		283,756
Spartan Stores, Inc.^	3,286		75,578
Village Super Market, Inc., Class A	200		7,716
Whole Foods Market, Inc.	215,200		5,098,088
Winn-Dixie Stores, Inc.*^	58,222		932,716
			6,680,214
Food Products (2.8%)
Bunge Ltd.^	9,300		1,001,517

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Cal-Maine Foods, Inc.^	20,990	$	692,460
Chaoda Modern Agriculture (Holdings) Ltd.	2,190,000		2,763,744
Chiquita Brands International, Inc.*^	9,220		139,867
Corn Products International, Inc.	92,976		4,566,051
Cosan Ltd., Class A*	97,600		1,234,640
Dean Foods Co.*	210,600		4,131,972
Diamond Foods, Inc.^	21,940		505,498
Fresh Del Monte Produce, Inc.*^	55,100		1,298,707
Marfrig Frigorificos e Comercio de Alimentos SA*	217,200		2,750,396
Marine Harvest ASA*	7,615,000		5,591,789
Omega Protein Corp.*^	24,990		373,601
Perdigao SA*	13,700		370,808
Pilgrim’s Pride Corp.^	37,700		489,723
Sanderson Farms, Inc.^	11,595		400,259
Seneca Foods Corp., Class A*	3,410		71,099
Seneca Foods Corp., Class B*	60		1,282
Smithfield Foods, Inc.*^	84,600		1,681,848
Tasty Baking Co.	11,069		60,326
			28,125,587
Household Products (0.0%)
Oil-Dri Corp. of America	9,725		174,564
Personal Products (0.1%)
Elizabeth Arden, Inc.*	20,770		315,289
Inter Parfums, Inc.^	3,510		52,650
Schiff Nutrition International, Inc.^	23,130		129,528
			497,467
Tobacco (0.0%)
Alliance One International, Inc.*^	7,500		38,325
Total Consumer Staples			35,516,157
Energy (11.2%)
Energy Equipment & Services (4.9%)
Cameron International Corp.*	139,000		7,693,650
Cie Generale de Geophysique-Veritas (ADR)*^	89,700		4,234,737
Complete Production Services, Inc.*^	55,600		2,024,952
Dawson Geophysical Co.*^	1,500		89,190
GulfMark Offshore, Inc.*^	24,174		1,406,443
Helix Energy Solutions Group, Inc.*	2,150		89,526
Helmerich & Payne, Inc.	100		7,202
Lufkin Industries, Inc.^	3,940		328,123
Oil States International, Inc.*^	77,650		4,926,116
Rowan Cos., Inc.^	27,840		1,301,520
SBM Offshore N.V.	30,164		1,113,206
SEACOR Holdings, Inc.*^	37,290		3,337,828
Solar Cayman Ltd.(b)*§†	141,300		1,837,607
Superior Energy Services, Inc.*	57,488		3,169,888
T-3 Energy Services, Inc.*^	920		73,112
Tidewater, Inc.^	53,450		3,475,854
Trico Marine Services, Inc.*^	21,156		770,502
Union Drilling, Inc.*^	23,100		500,808
Unit Corp.*	25,800		2,140,626
Weatherford International Ltd.*	208,600		10,344,474
			48,865,364
Oil, Gas & Consumable Fuels (6.3%)
Adams Resources & Energy, Inc.	6,300		213,570
Arch Coal, Inc.	15,100		1,132,953
ATP Oil & Gas Corp.*	200		7,894
Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A. (ADR)(m)*	145,800		378,599
Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais SA (ADR)*§	221,300		574,650
Callon Petroleum Co.*	37,091		1,014,810
Cimarex Energy Co.^	119,600		8,332,532
Comstock Resources, Inc.*	17,381		1,467,478
Consol Energy, Inc.	56,700		6,371,379
Foundation Coal Holdings, Inc.	1,922		170,251
International Coal Group, Inc.*	31,447		410,383
James River Coal Co.*	34,500		2,024,805
Mariner Energy, Inc.*^	79,290		2,931,351
Massey Energy Co.	48,302		4,528,312
McMoRan Exploration Co.*^	42,790		1,177,581
Murphy Oil Corp.	96,810		9,492,220
Newfield Exploration Co.*	116,500		7,601,625
Noble Energy, Inc.	23,800		2,393,328
Overseas Shipholding Group, Inc.^	5,830		463,602
PrimeEnergy Corp.*^	200		11,098
St. Mary Land & Exploration Co.	4,578		295,922
Stone Energy Corp.*^	51,838		3,416,643
Swift Energy Co.*^	51,707		3,415,764
Teton Energy Corp.*^	51,321		256,092
Uranium One, Inc.*	461,600		2,172,874
USEC, Inc.*^	184,600		1,122,368
VAALCO Energy, Inc.*	10,477		88,740
W&T Offshore, Inc.	18,537		1,084,600
Whiting Petroleum Corp.*	1,640		173,971
			62,725,395
Total Energy			111,590,759
Financials (18.8%)
Capital Markets (2.2%)
Affiliated Managers Group, Inc.*^	40,400		3,638,424
American Physicians Service
Group, Inc.^	10,140		223,486
Calamos Asset Management, Inc.,
Class A^	5,830		99,285
E*TRADE Financial Corp.*^	1,184,130		3,718,168
Federated Investors, Inc., Class B	204,400		7,035,448
Knight Capital Group, Inc., Class A*	411,860		7,405,243
Paulson Capital Corp.*	869		3,806
			22,123,860
Commercial Banks (3.0%)
Alliance Financial Corp./NY^	200		4,202
Associated Banc-Corp^	47,000		906,630
Banco Latinoamericano de Exportaciones S.A., Class E^	45,000		728,550
Bancorpsouth, Inc.^	19,600		342,804
Bank of Hawaii Corp.	9,400		449,320
BOK Financial Corp.^	6,600		352,770
Boston Private Financial Holdings, Inc.^	1,530		8,675
Britton & Koontz Capital Corp.	1,752		21,900
C&F Financial Corp.	1,238		28,474
Carolina Bank Holdings, Inc.*	1,918		12,908
CCF Holding Co.	1,622		4,542
Centrue Financial Corp.	4,453		48,538
Century Bancorp, Inc./MA, Class A	100		1,775
City Bank/Washington	5,765		49,579
City National Corp./California^	8,900		374,423
Codorus Valley Bancorp, Inc.	1,813		24,693
Colonial BancGroup Inc.^	377,560		1,668,815

See Notes to Financial Statements.

103

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Comerica, Inc.^	79,500	$	2,037,585
Comm Bancorp, Inc.	400		17,600
Commerce Bancshares, Inc./Missouri^	32,669		1,295,653
Community Bankshares, Inc./South Carolina	3,939		76,220
Community Capital Corp.	3,123		38,725
Cullen/Frost Bankers, Inc.	26,297		1,310,905
First Bancorp/North Carolina^	575		7,268
First Community Corp./SC	1,140		13,292
First Horizon National Corp.	381,350		2,833,430
First M&F Corp.	12,900		161,895
First Merchants Corp.^	2,915		52,907
First Regional Bancorp/California*^.	15,245		85,524
First United Corp.	9,072		164,838
FirstMerit Corp.^	26,400		430,584
FNB United Corp.^	15,421		118,742
Green Bankshares, Inc.^	600		8,412
Habersham Bancorp^	500		3,725
Hawthorn Bancshares, Inc.	70		1,769
Horizon Bancorp/Indiana	4,550		79,761
Huntington Bancshares, Inc./Ohio^	588,819		3,397,486
Intervest Bancshares Corp., Class A^	11,500		58,880
Landmark Bancorp, Inc.	3,194		70,268
M&T Bank Corp.^	49,700		3,505,838
National City Corp. (PIPE)(b)†	29		2,489,940
National City Corp. (When Distributed)(b)*†	68,122		292,448
Northrim BanCorp, Inc.	6,569		119,359
Oriental Financial Group, Inc.^	39,800		567,548
Pacific Premier Bancorp, Inc.*	7,400		38,110
Parke Bancorp, Inc.*^	1,179		11,554
Peoples Bancorp of North Carolina, Inc.	7,308		79,584
Popular, Inc.^	393,900		2,595,801
Premier Financial Bancorp, Inc.	1,917		20,378
Republic First Bancorp, Inc.*^	14,200		103,092
Rurban Financial Corp.	2,484		23,648
Southwest Bancorp, Inc./Oklahoma^	19,670		226,205
Summit Financial Group, Inc.^	400		5,000
SVB Financial Group*^	8,100		389,691
Tamalpais Bancorp	5,600		63,000
TCF Financial Corp.^	60,200		724,206
Team Financial, Inc.^	5,200		29,432
UMB Financial Corp.^	6,700		343,509
United Bancshares, Inc./Ohio	1,420		17,395
Valley National Bancorp^	21,400		337,478
Westamerica Bancorp	6,900		362,871
Wilmington Trust Corp.^	12,080		319,395
			29,959,549
Consumer Finance (0.1%)
Advanta Corp., Class B^	13,234		83,242
Advanta Corp., Class A	5,910		32,268
AmeriCredit Corp.*^	102,250		881,395
United PanAm Financial Corp.*^	21,399		48,148
White River Capital, Inc.*^	5,250		80,325
			1,125,378
Diversified Financial Services (1.6%)
California First National Bancorp	2,716		26,074
CIT Group, Inc.	319,400		2,175,114
Encore Capital Group, Inc.*^	9,771		86,278
First Pacific Co.	4,128,000		2,604,734
Interactive Brokers Group, Inc., Class A*^	38,889		1,249,503
Marlin Business Services Corp.*	300		2,079
MicroFinancial, Inc.	2,700		10,017
Moody’s Corp.	176,200		6,068,328
PHH Corp.*^	221,900		3,406,165
			15,628,292
Insurance (6.4%)
Alleghany Corp.*	7,087		2,353,238
Allied World Assurance Co. Holdings Ltd./Bermuda	28,740		1,138,679
American Equity Investment Life Holding Co.^	9,960		81,174
American Financial Group, Inc./Ohio	120,620		3,226,585
American Safety Insurance Holdings Ltd.*	12,960		186,365
Arch Capital Group Ltd.*	125,800		8,343,056
Aspen Insurance Holdings Ltd.^	133,610		3,162,549
Assurant, Inc.	99,190		6,542,572
Endurance Specialty Holdings Ltd.	69,600		2,142,984
Everest Reinsurance Group Ltd.	38,600		3,076,806
Hilltop Holdings, Inc.*^	84,040		866,452
Horace Mann Educators Corp.	19,503		273,432
IPC Holdings Ltd.^	40,527		1,075,992
Max Capital Group Ltd.^	84,132		1,794,535
Montpelier Reinsurance Holdings Ltd.^	17,203		253,744
National Security Group, Inc.	680		10,044
National Western Life Insurance Co., Class A^	80		17,480
Odyssey Reinsurance Holdings Corp.^	7,100		252,050
PartnerReinsurance Ltd.^	37,079		2,563,271
Platinum Underwriters Holdings Ltd.	215,075		7,013,596
Presidential Life Corp.^	11,995		184,963
Reinsurance Group of America, Inc.^	116,800		5,083,136
RenaissanceReinsurance Holdings Ltd.	46,610		2,082,069
Unico American Corp.*^	4,190		36,453
United America Indemnity Ltd., Class A*^	4,040		54,015
Universal Insurance Holdings, Inc.^	50,720		179,549
Unum Group	178,800		3,656,460
Willis Group Holdings Ltd.	195,999		6,148,489
Zenith National Insurance Corp.^	44,800		1,575,168
			63,374,906
Real Estate Investment Trusts (REITs) (2.4%)
AmREIT, Inc. (REIT), Class A^	8,938		63,907
Ashford Hospitality Trust, Inc. (REIT)^	195,154		901,611
CBL & Associates Properties, Inc. (REIT)^	99,200		2,265,728
Colonial Properties Trust (REIT)^	79,250		1,586,585
Douglas Emmett, Inc. (REIT)	11,960		262,761
Extra Space Storage, Inc. (REIT)^	85,997		1,320,914
Hersha Hospitality Trust (REIT)^	77,290		583,540
Hospitality Properties Trust (REIT)	63,844		1,561,624
HRPT Properties Trust (REIT)^	359,900		2,436,523
Investors Real Estate Trust (REIT)^	2,830		26,998
iStar Financial, Inc. (REIT)^	73,944		976,800
LaSalle Hotel Properties (REIT)^	43,400		1,090,642
Lexington Realty Trust (REIT)^	34,286		467,318
Liberty Property Trust (REIT)	128,800		4,269,720
Medical Properties Trust, Inc. (REIT)^	111,908		1,132,509
MHI Hospitality Corp. (REIT)	10,900		54,718
Mission West Properties, Inc. (REIT)^	35,183		385,606
Monmouth Reit (REIT), Class A^	23,000		147,200

See Notes to Financial Statements.

104

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
National Retail Properties, Inc. (REIT)^	99,800	$	2,085,820
One Liberty Properties, Inc. (REIT)	18,100		295,211
Ramco-Gershenson Properties Trust (REIT)	21,840		448,594
Strategic Hotels & Resorts, Inc. (REIT)^	18,700		175,219
Sunstone Hotel Investors, Inc. (REIT)	78,330		1,300,278
Supertel Hospitality, Inc. (REIT)^	25,781		127,874
Transcontinental Realty Investors, Inc.*	11,310		166,936
Urstadt Biddle Properties, Inc. (REIT), Class A^	2,590		37,969
			24,172,605
Real Estate Management & Development (0.0%)
Avatar Holdings, Inc.*^	10,000		302,900
Thrifts & Mortgage Finance (3.1%)
Astoria Financial Corp.	21,300		427,704
Berkshire Bancorp, Inc./New York	649		8,645
Berkshire Hills Bancorp, Inc.^	21,300		503,745
Beverly Hills Bancorp, Inc.	27,873		46,827
Camco Financial Corp.	9,319		94,401
Carver Bancorp, Inc.	3,350		29,312
Community Financial Corp./Virginia	6,200		47,430
Corus Bankshares, Inc.^	77,200		321,152
Farmer Mac, Class C^	7,413		183,694
Fidelity Bancorp, Inc./Pittsburgh PA	400		4,984
First Capital, Inc.	380		5,696
First Defiance Financial Corp.	13,100		209,731
First Niagara Financial Group, Inc.^	26,090		335,517
First Place Financial Corp./Ohio^	30,823		289,736
Guaranty Federal Bancshares, Inc.	3,810		77,153
Harrington West Financial Group, Inc.	7,195		27,557
HF Financial Corp.	7,656		124,793
HMN Financial, Inc.	6,900		106,605
Hudson City Bancorp, Inc.	315,555		5,263,457
Imperial Capital Bancorp, Inc.^	8,524		48,843
Indiana Community Bancorp	2,487		40,787
LSB Financial Corp.	1,963		31,820
MFB Corp.	100		2,952
Monarch Community Bancorp, Inc.	3,500		33,740
MutualFirst Financial, Inc.^	4,960		48,658
New Hampshire Thrift Bancshares, Inc.	4,540		46,989
New York Community Bancorp, Inc.^	359,572		6,414,764
North Central Bancshares, Inc.	1,900		45,467
OceanFirst Financial Corp.^	1,100		19,855
Ocwen Financial Corp.*^	63,200		293,880
Parkvale Financial Corp.	4,252		99,199
People’s United Financial, Inc.	520,364		8,117,678
Provident Community Bancshares, Inc.	200		1,950
Provident Financial Holdings, Inc.^	4,675		44,132
Pulaski Financial Corp.^	725		6,888
Severn Bancorp, Inc.	2,600		16,952
Southern Missouri Bancorp, Inc.	2,002		31,011
Sovereign Bancorp, Inc.^	729,500		5,369,120
Teche Holding Co.^	1,262		46,278
TF Financial Corp.^	3,881		83,441
United Western Bancorp, Inc.	11,000		138,160
Washington Federal, Inc.^	51,270		927,987
WSFS Financial Corp.^	11,520		513,792
			30,532,482
Total Financials			187,219,972
Health Care (8.8%)
Biotechnology (0.3%)
Celsion Corp.*^	16,140		62,139
Emergent Biosolutions, Inc.*^	11,700		116,181
Theravance, Inc.*^	185,800		2,205,446
Trimeris, Inc.^	31,900		150,568
			2,534,334
Health Care Equipment & Supplies (3.1%)
Allied Healthcare Products, Inc.*	4,200		28,560
Atrion Corp.^	440		42,161
Beckman Coulter, Inc.	67,400		4,551,522
CONMED Corp.*^	47,170		1,252,364
Cooper Cos., Inc.^	93,500		3,473,525
Datascope Corp.^	16,713		785,511
Edwards Lifesciences Corp.*	171,640		10,648,546
Hospira, Inc.*	88,490		3,549,334
Invacare Corp.^	47,011		960,905
Kewaunee Scientific Corp.	3,700		40,071
National Dentex Corp.*	7,410		93,662
Osteotech, Inc.*	1,639		9,326
Span-America Medical Systems, Inc.^	4,200		47,040
Theragenics Corp.*	42,742		155,153
West Pharmaceutical Services, Inc.^	119,900		5,189,272
Zoll Medical Corp.*	7,341		247,171
			31,074,123
Health Care Providers & Services (1.7%)
Advocat, Inc.*^	5,775		62,255
AMERIGROUP Corp.*^	6,163		128,190
Apria Healthcare Group, Inc.*	50,100		971,439
BioScrip, Inc.*	29,860		77,337
Dynacq Healthcare, Inc.*	2,900		18,560
Gentiva Health Services, Inc.*^	9,526		181,470
Hanger Orthopedic Group, Inc.*	33,645		554,806
HealthSouth Corp.*	248,440		4,131,557
Humana, Inc.*	57,300		2,278,821
Kindred Healthcare, Inc.*	51,560		1,482,866
Pediatrix Medical Group, Inc.*	142,065		6,993,860
RehabCare Group, Inc.*^	30,840		494,365
			17,375,526
Health Care Technology (0.0%)
ADAM, Inc.*	60		447
Life Sciences Tools & Services (1.7%)
Albany Molecular Research, Inc.*	9,106		120,836
Bio-Rad Laboratories, Inc., Class A*	1,100		88,979
Cambrex Corp.*^	27,113		159,153
Harvard Bioscience, Inc.*^	520		2,418
Invitrogen Corp.*	88,200		3,462,732
PAREXEL International Corp.*	24,412		642,280
PerkinElmer, Inc.	15,640		435,574
Thermo Fisher Scientific, Inc.*	128,400		7,155,732
Varian, Inc.*	102,495		5,233,395
			17,301,099
Pharmaceuticals (2.0%)
Barr Pharmaceuticals, Inc.*	167,100		7,532,868
Endo Pharmaceuticals Holdings, Inc.*	192,100		4,646,899
Impax Laboratories, Inc.*†^	437,900		3,503,638
King Pharmaceuticals, Inc.*	361,440		3,784,277
Perrigo Co.^	1,835		58,298

See Notes to Financial Statements.

105

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
ViroPharma, Inc.*^	13,700	$	151,522
			19,677,502
Total Health Care			87,963,031
Industrials (14.6%)
Aerospace & Defense (2.0%)
Alliant Techsystems, Inc.*	131,540		13,374,987
Ducommun, Inc.*	2,600		59,696
Edac Technologies Corp.*	7,140		47,053
Esterline Technologies Corp.*	20		985
Hexcel Corp.*	252,900		4,880,970
Teledyne Technologies, Inc.*	13,700		668,423
Triumph Group, Inc.^	20,990		988,629
			20,020,743
Air Freight & Logistics (0.0%)
Pacer International, Inc.	9,277		199,548
Park-Ohio Holdings Corp.*^	14,422		212,869
			412,417
Airlines (0.4%)
Northwest Airlines Corp.*	492,800		3,282,048
Pinnacle Airlines Corp.*^	9,172		28,983
Republic Airways Holdings, Inc.*	19,150		165,839
SkyWest, Inc.^	43,640		552,046
U.S. Airways Group, Inc.*^	1,000		2,500
			4,031,416
Building Products (0.3%)
Armstrong World Industries, Inc.	34,580		1,010,428
Gibraltar Industries, Inc.^	17,090		272,927
NCI Building Systems, Inc.*^	32,400		1,190,052
Universal Forest Products, Inc.^	30,100		901,796
			3,375,203
Commercial Services & Supplies (2.2%)
ABM Industries, Inc.	820		18,245
Allied Waste Industries, Inc.*	357,554		4,512,332
Amrep Corp.	1,900		90,421
CDI Corp.^	17,020		432,989
Champion Industries, Inc.	13,540		62,690
Comfort Systems USA, Inc.^	39,270		527,789
Copart, Inc.*^	81,000		3,468,420
Deluxe Corp.	86,780		1,546,420
Ecology And Environment, Inc., Class A	5,428		61,879
Exponent, Inc.*^	2,476		77,771
GeoEye, Inc.*^	10,200		180,642
GP Strategies Corp.*	8,950		89,948
Heidrick & Struggles International, Inc.^	1,499		41,432
IKON Office Solutions, Inc.	1,500		16,920
Intersections, Inc.*	400		4,372
Kelly Services, Inc., Class A^	33,700		651,421
MPS Group, Inc.*^	186,680		1,984,408
Nashua Corp.*	7,000		70,000
National Technical Systems, Inc.*	6,385		34,798
North American Galvanizing & Coatings, Inc.*^	8,916		78,372
R.R. Donnelley & Sons Co.	140,400		4,168,476
RCM Technologies, Inc.*	16,543		71,300
Spherion Corp.*^	33,053		152,705
United Stationers, Inc.*^	87,600		3,236,820
Virco Manufacturing Corp.^	11,560		57,684
Volt Information Sciences, Inc.*^	290		3,454
VSE Corp.^	7,668		210,870
			21,852,578
Construction & Engineering (0.7%)
EMCOR Group, Inc.*	8,300		236,799
Granite Construction, Inc.^	55,400		1,746,762
Layne Christensen Co.*^	9		394
MasTec, Inc.*^	4,100		43,706
Meadow Valley Corp.*	2,429		21,861
Michael Baker Corp.*^	10,580		231,491
Perini Corp.*	22,685		749,739
URS Corp.*	92,900		3,899,013
			6,929,765
Electrical Equipment (0.4%)
Acuity Brands, Inc.^	22,020		1,058,722
Allied Motion Technologies, Inc.*	5,050		29,239
Chase Corp.^	2,200		41,228
Espey Manufacturing & Electronics Corp.	320		6,077
Preformed Line Products Co.^	4,112		165,755
Regal-Beloit Corp.^	55,900		2,361,775
SL Industries, Inc.*	7,300		111,325
			3,774,121
Industrial Conglomerates (1.1%)
Seaboard Corp.^	680		1,054,680
Standex International Corp.^	25,200		522,648
Teleflex, Inc.	176,179		9,793,791
United Capital Corp.*	1,720		33,024
			11,404,143
Machinery (5.7%)
AGCO Corp.*	28,400		1,488,444
Astec Industries, Inc.*^	260		8,356
Barnes Group, Inc.^	10,300		237,827
Crane Co.	86,680		3,339,780
Dover Corp.	167,195		8,087,222
Eastern Co.^	6,286		95,547
EnPro Industries, Inc.*^	10,163		379,487
Gehl Co.*^	6,223		92,038
Hardinge, Inc.^	16,861		222,059
Harsco Corp.	37,080		2,017,523
Hurco Cos., Inc.*^	8,153		251,846
Joy Global, Inc.	83,425		6,326,118
Kadant, Inc.*^	1,510		34,126
Kennametal, Inc.	172,948		5,629,457
K-Tron International, Inc.*^	3,800		492,480
L.S. Starrett Co., Class A	9,720		229,781
Lydall, Inc.*	18,360		230,418
Mueller Industries, Inc.^	64,100		2,064,020
NACCO Industries, Inc., Class A^	10,470		778,445
Pentair, Inc.^	121,200		4,244,424
Robbins & Myers, Inc.	43,720		2,180,316
SPX Corp.	120,082		15,818,402
Tecumseh Products Co., Class A*^	2,406		78,869
Timken Co.	12,710		418,667
Toro Co.^	39,100		1,300,857
Trinity Industries, Inc.^	240		8,326
Twin Disc, Inc.^	13,560		283,811
Watts Water Technologies, Inc., Class A^	300		7,470
			56,346,116
Marine (0.3%)
B&H Ocean Carriers Ltd.*	10,100		109,080
Genco Shipping & Trading Ltd.	33,100		2,158,120
Horizon Lines, Inc., Class A^	42,596		423,830

See Notes to Financial Statements.

106

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
International Shipholding Corp.*^	10,400	$	243,776
			2,934,806
Road & Rail (1.0%)
Ryder System, Inc.	87,800		6,047,664
Saia, Inc.*^	15,396		168,124
Werner Enterprises, Inc.^	204,500		3,799,610
			10,015,398
Trading Companies & Distributors (0.5%)
Applied Industrial Technologies, Inc.^	81,965		1,981,094
Empire Resources, Inc.	2,800		10,668
Genesis Lease Ltd. (ADR)^	128,407		1,326,444
Rush Enterprises, Inc., Class B*^	11,850		128,691
Rush Enterprises, Inc., Class A*^	99,600		1,196,196
Willis Lease Finance Corp.*^	11,091		118,452
			4,761,545
Total Industrials			145,858,251
Information Technology (14.8%)
Communications Equipment (1.2%)
ADC Telecommunications, Inc.*	332,300		4,908,071
Black Box Corp.^	32,000		870,080
Communications Systems, Inc.^	13,200		141,900
Digi International, Inc.*^	13,659		107,223
Emulex Corp.*	57,280		667,312
JDS Uniphase Corp.*	327,300		3,718,128
Tekelec*^	102,150		1,502,627
Telular Corp.*^	7,500		28,650
			11,943,991
Computers & Peripherals (0.1%)
Astro-Med, Inc.	2,650		23,850
Key Tronic Corp.*	960		3,293
NCR Corp.*	54,000		1,360,800
Super Micro Computer, Inc.*	8,700		64,206
Western Digital Corp.*	820		28,314
			1,480,463
Electronic Equipment & Instruments (3.2%)
ADDvantage Technologies
Group, Inc.*^	15,720		48,103
Agilent Technologies, Inc.*	110,800		3,937,832
Arrow Electronics, Inc.*	303,491		9,323,243
Avnet, Inc.*	242,790		6,623,311
Coherent, Inc.*^	3,366		100,610
CTS Corp.^	45,000		452,250
Flextronics International Ltd.*	554,700		5,214,180
Gerber Scientific, Inc.*^	200		2,276
Insight Enterprises, Inc.*	18,678		219,093
IntriCon Corp.*	670		5,628
Kingboard Laminates Holdings Ltd.	4,935,000		2,911,411
LeCroy Corp.*	14,790		131,927
Mesa Laboratories, Inc.	600		14,400
O.I. Corp.	4,500		50,400
Perceptron, Inc.*	7,760		67,900
Sigmatron International, Inc.*	5,320		31,069
SMART Modular Technologies (WWH), Inc.*^	40,458		154,954
Spectrum Control, Inc.*	17,470		143,254
Technitrol, Inc.^	1,840		31,262
TESSCO Technologies, Inc.*	6,225		85,158
TTM Technologies, Inc.*	2,864		37,833
Vicon Industries, Inc.*	7,120		37,238
Vishay Intertechnology, Inc.*	255,800		2,268,946
Zones, Inc.*	16,340		127,942
Zygo Corp.*^	11,342		111,492
			32,131,712
Internet Software & Services (0.2%)
CMGI, Inc.*^	380		4,028
EarthLink, Inc.*^	206,900		1,789,685
United Online, Inc.^	44,811		449,454
			2,243,167
IT Services (1.3%)
CACI International, Inc., Class A*	142,600		6,526,802
CIBER, Inc.*^	104,680		650,063
Computer Task Group, Inc.*	10,991		56,274
Convergys Corp.*	13,380		198,827
CSG Systems International, Inc.*	23,630		260,403
CSP, Inc.*^	1,330		7,913
Edgewater Technology, Inc.*	8,800		42,328
Gevity HR, Inc.^	25,900		139,342
Hewitt Associates, Inc., Class A*	57,200		2,192,476
MAXIMUS, Inc.^	30,790		1,072,108
Ness Technologies, Inc.*	5,540		56,065
Perot Systems Corp., Class A*	87,734		1,316,887
TechTeam Global, Inc.*^	9,194		98,284
			12,617,772
Office Electronics (0.4%)
Zebra Technologies Corp., Class A*	110,070		3,592,685
Semiconductors & Semiconductor Equipment (6.5%)
Amkor Technology, Inc.*^	125,908		1,310,702
Analog Devices, Inc.	238,700		7,583,499
Broadcom Corp., Class A*	317,300		8,659,117
Catalyst Semiconductor, Inc.*	22,555		97,889
Fairchild Semiconductor International, Inc.*	297,700		3,492,021
FEI Co.*^	25,283		575,947
Integrated Device Technology, Inc.*	214,800		2,135,112
IXYS Corp.*	18,290		218,383
Kulicke & Soffa Industries, Inc.*	700		5,103
LSI Corp.*	1,011,200		6,208,768
Maxim Integrated Products, Inc.	400,275		8,465,816
MKS Instruments, Inc.*^	71,090		1,556,871
OmniVision Technologies, Inc.*^	3,280		39,655
Pericom Semiconductor Corp.*^	27,166		403,143
PMC-Sierra, Inc.*	27,476		210,191
Skyworks Solutions, Inc.*^	216,100		2,132,907
Standard Microsystems Corp.*^	21,971		596,513
Teradyne, Inc.*	471,500		5,219,505
TriQuint Semiconductor, Inc.*	1,768		10,714
Ultratech, Inc.*^	960		14,899
Varian Semiconductor Equipment Associates, Inc.*^	222,325		7,741,356
Verigy Ltd.*	372,050		8,449,256
White Electronic Designs Corp.*^	942		4,324
			65,131,691
Software (1.9%)
American Software, Inc., Class A	9,630		54,313
Cadence Design Systems, Inc.*	7,742		78,194
Dynamics Research Corp.*	200		2,100
JDA Software Group, Inc.*	31,979		578,820
Lawson Software, Inc.*^	16,300		118,501
McAfee, Inc.*	140,700		4,788,021
Mentor Graphics Corp.*^	49,120		776,096
Novell, Inc.*	70,474		415,092
Soapstone Networks, Inc.*	22,200		85,026
SPSS, Inc.*	15,647		569,081
Sybase, Inc.*	106,525		3,133,966

See Notes to Financial Statements.

107

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Synopsys, Inc.*		12,343	$	295,121
THQ, Inc.*		379,700		7,692,722
				18,587,053
Total Information Technology				147,728,534
Materials (11.1%)
Chemicals (6.7%)
Agrium, Inc.		63,300		6,807,282
American Pacific Corp.*^		10,300		177,572
Arch Chemicals, Inc.^		24,015		796,097
Celanese Corp., Class A		118,400		5,406,144
CF Industries Holdings, Inc.		53,723		8,208,874
Cytec Industries, Inc.		144,830		7,901,925
Ferro Corp.		4,255		79,824
FMC Corp.		216,100		16,734,784
Innophos Holdings, Inc.^		20,400		651,780
Innospec, Inc.		42,402		798,006
International Flavors & Fragrances, Inc.		151,500		5,917,590
LSB Industries, Inc.*^		8,931		176,834
Minerals Technologies, Inc.^		3,450		219,385
Olin Corp.		2,970		77,755
OM Group, Inc.*^		26,740		876,805
Penford Corp.^		13,464		200,344
Rhodia S.A.		172,902		3,190,483
Rockwood Holdings, Inc.*		47,311		1,646,423
Sensient Technologies Corp.^		57,220		1,611,315
Stepan Co.		8,579		391,374
Terra Industries, Inc.^		102,500		5,058,375
				66,928,971
Construction Materials (0.0%)
United States Lime & Minerals, Inc.*^		2,070		81,910
Containers & Packaging (1.9%)
AEP Industries, Inc.*		8,600		149,382
Greif, Inc., Class A^		71,300		4,565,339
Owens-Illinois, Inc.*		89,600		3,735,424
Pactiv Corp.*^		416,600		8,844,418
Rock-Tenn Co., Class A^		60,400		1,811,396
UFP Technologies, Inc.*		7,913		79,209
				19,185,168
Machinery (0.0%)
NN, Inc.^		5,200		72,488
Metals & Mining (2.4%)
Cleveland-Cliffs, Inc.		43,800		5,220,522
Commercial Metals Co.		262,202		9,885,015
Compass Minerals International, Inc.		12,700		1,023,112
Friedman Industries, Inc.		4,340		34,720
Kaiser Aluminum Corp.		5		268
Olympic Steel, Inc.^		16,900		1,283,048
Reliance Steel & Aluminum Co.		15,650		1,206,458
Schnitzer Steel Industries, Inc., Class A^		15,756		1,805,638
Steel Dynamics, Inc.		42,940		1,677,666
Synalloy Corp.		2,124		32,752
Ternium S.A. (ADR)^		32,300		1,356,600
				23,525,799
Paper & Forest Products (0.1%)
Buckeye Technologies, Inc.*		60,346		510,527
Glatfelter^		450		6,080
				516,607
Total Materials				110,310,943
Telecommunication Services (1.0%)
Diversified Telecommunication Services (1.0%)
Atlantic Tele-Network, Inc.^		4,250		116,917
CenturyTel, Inc.		130,400		4,640,936
D&E Communications, Inc.		20,166		179,276
Embarq Corp.		74,100		3,502,707
HickoryTech Corp.		1,046		8,650
Hungarian Telephone & Cable Corp.*^		1,087		19,827
Premiere Global Services, Inc.*		86,560		1,262,045
SureWest Communications^		11,428		96,338
Total Telecommunication Services				9,826,696
Utilities (4.9%)
Electric Utilities (2.5%)
Central Vermont Public Service Corp.^		830		16,077
El Paso Electric Co.*		1,360		26,928
Maine & Maritimes Corp.*		2,600		110,240
Northeast Utilities		193,900		4,950,267
Pepco Holdings, Inc.		181,100		4,645,215
Pinnacle West Capital Corp.		121,500		3,738,555
Portland General Electric Co.^		54,000		1,216,080
Sierra Pacific Resources		364,610		4,634,193
UIL Holdings Corp.^		41,100		1,208,751
Unisource Energy Corp.		60,110		1,864,011
Unitil Corp.		100		2,711
Westar Energy, Inc.^		114,820		2,469,779
				24,882,807
Gas Utilities (0.7%)
AGL Resources, Inc.		31,000		1,071,980
Delta Natural Gas Co., Inc.		100		2,612
Energy West, Inc.		4,326		46,678
RGC Resources, Inc.		1,290		36,120
UGI Corp.		201,400		5,782,194
				6,939,584
Multi-Utilities (1.7%)
Alliant Energy Corp.^		123,960		4,246,869
CH Energy Group, Inc.^		13,870		493,356
MDU Resources Group, Inc.		147,150		5,129,649
NorthWestern Corp.		6,040		153,537
Wisconsin Energy Corp.		143,800		6,502,636
				16,526,047
Water Utilities (0.0%)
Artesian Resources Corp., Class A		1,467		26,978
Total Utilities				48,375,416
Total Common Stocks (97.8%) (Cost $957,273,255)				973,864,688
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (18.4%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)	$	3,470,000		3,470,000
Bank of Ireland
2.83%, 12/19/08 (l)		5,779,602		5,779,602

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)	$	2,540,000	$	2,540,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		3,470,000		3,470,000
Comerica Bank
2.50%, 3/16/09 (l)		1,149,948		1,149,948
Credit Industriel et Commercial/New York
2.94%, 8/7/08		5,780,000		5,780,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		3,000,000		3,000,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		70,769,858		70,769,858
Fifth Third Bancorp
2.49%, 8/22/08 (l)		350,000		350,000
First Tennessee Bank
2.50%, 8/15/08 (l)		10,400,000		10,400,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		460,000		460,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		2,310,000		2,310,000
2.16%, 3/27/09 (l)		3,240,000		3,240,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		920,000		920,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		4,618,731		4,618,731
2.12%, 6/18/09 (l)		5,778,273		5,778,273
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		6,930,000		6,930,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		5,780,000		5,780,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		2,889,976		2,889,976
Links Finance LLC
2.12%, 6/25/09 (l)		1,729,568		1,729,568
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		2,890,000		2,890,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		5,430,000		5,430,000
Morgan Stanley
3.22%, 2/9/09 (l)		8,984,470		8,984,470
2.65%, 5/7/09 (l)		5,780,000		5,780,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		3,469,306		3,469,306
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		5,782,904		5,782,904
Standard Chartered Bank/New York
2.79%, 8/7/08		8,660,000		8,660,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		1,160,000		1,160,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				183,522,636
Time Deposit (2.4%)
JPMorgan Chase Nassau
1.49%, 7/1/08		23,917,333		23,917,333
Total Short-Term Investments (20.8%) (Amortized Cost $207,439,969)				207,439,969
Total Investments (118.6%) (Cost/Amortized Cost $1,164,713,224)				1,181,304,657
Other Assets Less Liabilities (-18.6%)				(184,867,218	)
Net Assets (100%)			$	996,437,439

* Non-income producing.

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

† Securities (totaling $8,123,633 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 June 30, 2008, the market value of these securities amounted to $2,412,257 or 0.2% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b) Illiquid Security.

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

(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

PIPE — Private Investment of Public Equity

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 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 June 30, 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	$	946,612,441	$	226,568,584	$	8,123,632	$	1,181,304,657
Other Investments*		—		—		—		—
Total	$	946,612,441	$	226,568,584	$	8,123,632	$	1,181,304,657
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		(12,131	)		—
Purchases, sales, issuances, and settlements (net)		340,610			—
Transfers in and/or out of Level 3		5,993,578			—
Balance as of 6/30/08	$	8,123,632		$	—
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 a liabilities still held at period ending 6/30/08	$	1,733,484		$	—

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

Investment security transactions for the six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	243,919,445
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	242,452,135

As of June 30, 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	$	137,595,205
Aggregate gross unrealized depreciation		(137,945,592	)
Net unrealized depreciation	$	(350,387	)
Federal income tax cost of investments	$	1,181,655,044

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

At June 30, 2008, the Portfolio had loaned securities with a total value of $176,935,276. This was secured by collateral of $183,522,636 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 $112,599, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2008, the Portfolio incurred approximately $82 as brokerage commissions with BNP Paribas S.A., $302 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $442 as brokerage commissions with Williams Capital Group, affiliated broker/dealers.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.3%)
Auto Components (0.5%)
Exide Technologies, Inc.*^	213,400	$	3,576,584
Distributors (0.4%)
LKQ Corp.*^	150,400		2,717,728
Diversified Consumer Services (1.9%)
American Public Education, Inc.*	110,745		4,323,485
Capella Education Co.*	33,500		1,998,275
K12, Inc.*^	115,975		2,485,344
New Oriental Education & Technology Group (ADR)*	58,890		3,440,354
			12,247,458
Hotels, Restaurants & Leisure (3.8%)
BJ’s Restaurants, Inc.*^	156,375		1,521,529
Burger King Holdings, Inc.	131,400		3,520,206
Carrols Restaurant Group, Inc.*^	191,115		991,887
Cheesecake Factory, Inc.*^	190,730		3,034,514
Chipotle Mexican Grill, Inc., Class A*^	30,300		2,503,386
Great Wolf Resorts, Inc.*^	405,780		1,773,259
Jack in the Box, Inc.*	62,700		1,405,107
Red Robin Gourmet Burgers, Inc.*^	68,380		1,896,861
Texas Roadhouse, Inc., Class A*^	104,800		940,056
WMS Industries, Inc.*^	246,140		7,327,588
			24,914,393
Household Durables (0.8%)
Gafisa S.A. (ADR)^	42,000		1,443,540
Universal Electronics, Inc.*^	194,015		4,054,913
			5,498,453
Internet & Catalog Retail (1.1%)
Orbitz Worldwide, Inc.*^	193,800		970,938
priceline.com, Inc.*^	21,300		2,459,298
Shutterfly, Inc.*^	286,295		3,495,662
U.S. Auto Parts Network, Inc.*^	67,590		244,676
			7,170,574
Leisure Equipment & Products (0.3%)
Polaris Industries, Inc.^	46,000		1,857,480
Media (1.2%)
Cinemark Holdings, Inc.^	170,186		2,222,629
Entravision Communications Corp., Class A*	311,660		1,252,873
Lions Gate Entertainment Corp.*^	56,745		587,879
Live Nation, Inc.*^	122,600		1,297,108
Lodgenet Entertainment Corp.*^	135,321		664,426
National CineMedia, Inc.	162,100		1,727,986
			7,752,901
Specialty Retail (1.0%)
Genesco, Inc.*	168,644		5,206,040
hhgregg, Inc.*^	143,500		1,435,000
			6,641,040
Textiles, Apparel & Luxury Goods (1.3%)
Deckers Outdoor Corp.*^	19,600		2,728,320
Volcom, Inc.*^	147,940		3,540,204
Warnaco Group, Inc.*	57,600		2,538,432
			8,806,956
Total Consumer Discretionary			81,183,567
Consumer Staples (1.5%)
Beverages (1.0%)
Central European Distribution Corp.*^	91,500		6,784,725
Food Products (0.2%)
Darling International, Inc.*^	96,800		1,599,136
Personal Products (0.3%)
Physicians Formula Holdings, Inc.*	180,770		1,690,199
Total Consumer Staples			10,074,060
Energy (9.0%)
Energy Equipment & Services (4.1%)
Atwood Oceanics, Inc.*^	13,900		1,728,326
Bristow Group, Inc.*	33,300		1,648,017
Core Laboratories N.V.*^	35,570		5,063,390
IHS, Inc., Class A*	19,470		1,355,112
Lufkin Industries, Inc.^	99,855		8,315,924
OYO Geospace Corp.*^	121,630		7,168,872
Willbros Group, Inc.*^	43,400		1,901,354
			27,180,995
Oil, Gas & Consumable Fuels (4.9%)
Arena Resources, Inc.*	83,600		4,415,752
Bill Barrett Corp.*^	56,300		3,344,783
Brigham Exploration Co.*	30,300		479,649
Carrizo Oil & Gas, Inc.*	48,350		3,292,152
CNX Gas Corp.*^	26,400		1,109,856
Concho Resources, Inc.*	86,000		3,207,800
Goodrich Petroleum Corp.*	32,300		2,678,316
James River Coal Co.*	122,675		7,199,796
Petroleum Development Corp.*	59,907		3,983,216
Rex Energy Corp.*^	58,500		1,544,400
Venoco, Inc.*^	58,300		1,353,143
			32,608,863
Total Energy			59,789,858
Financials (4.2%)
Capital Markets (1.7%)
Evercore Partners, Inc., Class A^	112,358		1,067,401
FCStone Group, Inc.*	220,935		6,170,715
GFI Group, Inc.	70,400		634,304
Greenhill & Co., Inc.^	16,925		911,580
Investment Technology Group, Inc.*	67,555		2,260,390
			11,044,390
Commercial Banks (0.4%)
SVB Financial Group*^	54,290		2,611,892
Consumer Finance (0.6%)
Cash America International, Inc.	63,155		1,957,805
Dollar Financial Corp.*^	109,000		1,646,990
			3,604,795
Diversified Financial Services (0.1%)
Interactive Brokers Group, Inc., Class A*^	29,490		947,514
Insurance (1.3%)
American Safety Insurance Holdings Ltd.*	43,865		630,779

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
eHealth, Inc.*^	27,144	$	479,363
First Mercury Financial Corp.*^	216,493		3,818,937
Navigators Group, Inc.*	32,541		1,758,841
Tower Group, Inc.^	103,628		2,195,877
			8,883,797
Real Estate Investment Trusts (REITs) (0.1%)
MFA Mortgage Investments, Inc. (REIT)	120,260		784,095
Total Financials			27,876,483
Health Care (17.6%)
Biotechnology (2.2%)
Alexion Pharmaceuticals, Inc.*^	49,300		3,574,250
Applera Corp.- Celera Group*^	115,823		1,315,749
Cubist Pharmaceuticals, Inc.*	90,700		1,619,902
Martek Biosciences Corp.*^	53,100		1,790,001
Myriad Genetics, Inc.*^	71,175		3,239,886
Senomyx, Inc.*^	202,593		998,784
United Therapeutics Corp.*	20,800		2,033,200
			14,571,772
Health Care Equipment & Supplies (7.8%)
American Medical Systems Holdings, Inc.*^	309,910		4,633,154
CONMED Corp.*	101,400		2,692,170
Cutera, Inc.*^	112,630		1,017,049
ev3, Inc.*^	181,800		1,723,464
Hansen Medical, Inc.*^	68,530		1,145,821
Hologic, Inc.*^	30,700		669,260
Idexx Laboratories, Inc.*	41,300		2,012,962
Inverness Medical Innovations, Inc.*^	41,750		1,384,847
Masimo Corp.*^	119,300		4,097,955
Mentor Corp.^	91,985		2,559,023
NuVasive, Inc.*^	102,300		4,568,718
SenoRx, Inc.*	139,013		1,073,180
Sirona Dental Systems, Inc.*^	132,715		3,439,973
SonoSite, Inc.*^	101,964		2,856,012
Spectranetics Corp.*^	224,723		2,215,769
SurModics, Inc.*^	61,700		2,766,628
Symmetry Medical, Inc.*^	184,880		2,998,754
Thoratec Corp.*^	254,410		4,424,190
Volcano Corp.*^	208,950		2,549,190
Wright Medical Group, Inc.*	94,900		2,696,109
			51,524,228
Health Care Providers & Services (2.5%)
Animal Health International, Inc.*	239,915		1,494,670
CardioNet, Inc.*	52,800		1,406,064
Centene Corp.*	256,185		4,301,346
Genoptix, Inc.*	19,000		599,450
Healthways, Inc.*^	93,565		2,769,524
inVentiv Health, Inc.*^	158,657		4,409,078
MWI Veterinary Supply, Inc.*^	36,415		1,205,701
PSS World Medical, Inc.*^	34,933		569,408
			16,755,241
Health Care Technology (1.4%)
Eclipsys Corp.*^	327,710		6,016,756
Phase Forward, Inc.*^	124,900		2,244,453
Vital Images, Inc.*^	63,590		791,059
			9,052,268
Life Sciences Tools & Services (2.6%)
Bruker Corp.*	136,800		1,757,880
Exelixis, Inc.*^	39,825		199,125
ICON plc (ADR)*^	166,955		12,608,442
Varian, Inc.*	59,385		3,032,198
			17,597,645
Pharmaceuticals (1.1%)
Noven Pharmaceuticals, Inc.*^	99,500		1,063,655
Sciele Pharma, Inc.*^	314,136		6,078,532
			7,142,187
Total Health Care			116,643,341
Industrials (20.8%)
Aerospace & Defense (0.7%)
Axsys Technologies, Inc.*	47,000		2,445,880
Esterline Technologies Corp.*	40,100		1,975,326
			4,421,206
Air Freight & Logistics (0.2%)
Hub Group, Inc., Class A*	39,400		1,344,722
Building Products (1.1%)
Ameron International Corp.^	50,730		6,086,585
Apogee Enterprises, Inc.	94,400		1,525,504
			7,612,089
Commercial Services & Supplies (8.0%)
Advisory Board Co.*	89,291		3,511,815
Copart, Inc.*	42,600		1,824,132
Corrections Corp. of America*	102,560		2,817,323
FTI Consulting, Inc.*	96,813		6,627,818
GEO Group, Inc.*	154,305		3,471,862
Innerworkings, Inc.*^	324,735		3,883,831
Interface, Inc., Class A^	139,200		1,744,176
Metalico, Inc.*^	222,820		3,903,806
On Assignment, Inc.*^	428,678		3,437,998
Resources Connection, Inc.	312,636		6,362,143
School Specialty, Inc.*^	85,755		2,549,496
SYKES Enterprises, Inc.*	342,450		6,458,607
Team, Inc.*^	20,600		706,992
Waste Connections, Inc.*^	84,325		2,692,497
Watson Wyatt Worldwide, Inc., Class A	52,300		2,766,147
			52,758,643
Construction & Engineering (0.5%)
Northwest Pipe Co.*^	64,070		3,575,106
Electrical Equipment (3.4%)
Acuity Brands, Inc.	41,000		1,971,280
Belden, Inc.^	39,300		1,331,484
EnerSys*^	56,700		1,940,841
General Cable Corp.*^	65,210		3,968,029
GrafTech International Ltd.*	75,500		2,025,665
J.A. Solar Holdings Co., Ltd. (ADR)*^	148,900		2,508,965
Polypore International, Inc.*	160,470		4,064,705
Regal-Beloit Corp.^	45,300		1,913,925
Woodward Governor Co.^	70,420		2,511,177
			22,236,071
Industrial Conglomerates (0.5%)
Walter Industries, Inc.	30,800		3,350,116
Machinery (5.3%)
Actuant Corp., Class A^	196,798		6,169,617
Bucyrus International, Inc.^	62,520		4,565,211
Chart Industries, Inc.*	63,800		3,103,232
CIRCOR International, Inc.	62,895		3,081,226
Colfax Corp.*	72,200		1,811,498
Gardner Denver, Inc.*	93,207		5,294,158
Kaydon Corp.^	73,290		3,767,839

See Notes to Financial Statements.

113

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
RBC Bearings, Inc.*^	76,285	$	2,541,816
Robbins & Myers, Inc.^	75,500		3,765,185
Titan Machinery, Inc.*^	26,500		829,980
			34,929,762
Marine (0.3%)
Kirby Corp.*	26,500		1,272,000
Ultrapetrol Bahamas Ltd.*^	79,710		1,005,143
			2,277,143
Road & Rail (0.4%)
Kansas City Southern, Inc.*	59,600		2,621,804
Trading Companies & Distributors (0.4%)
Interline Brands, Inc.*^	86,310		1,374,918
RSC Holdings, Inc.*^	151,700		1,404,742
			2,779,660
Total Industrials			137,906,322
Information Technology (27.0%)
Communications Equipment (1.7%)
Cogo Group, Inc.*^	137,900		1,256,269
EMS Technologies, Inc.*	166,965		3,646,516
Harmonic, Inc.*^	348,200		3,311,382
Ixia*^	409,273		2,844,447
			11,058,614
Computers & Peripherals (1.6%)
Compellent Technologies, Inc.*	321,796		3,649,167
Netezza Corp.*	232,290		2,666,689
Novatel Wireless, Inc.*^	205,970		2,292,446
Synaptics, Inc.*^	48,198		1,818,510
			10,426,812
Electronic Equipment & Instruments (1.8%)
Coherent, Inc.*^	188,274		5,627,510
Dolby Laboratories, Inc., Class A*	84,890		3,421,067
Multi-Fineline Electronix, Inc.*	20,800		575,536
Photon Dynamics, Inc.*	64,100		966,628
Universal Display Corp.*^	102,890		1,267,605
			11,858,346
Internet Software & Services (8.2%)
Bankrate, Inc.*^	66,786		2,609,329
DealerTrack Holdings, Inc.*^	96,587		1,362,843
Digital River, Inc.*^	59,400		2,291,652
Equinix, Inc.*^	35,300		3,149,466
Greenfield Online, Inc.*	124,383		1,855,794
GSI Commerce, Inc.*^	359,630		4,901,757
Internap Network Services Corp.*^	199,000		931,320
Internet Capital Group, Inc.*^	137,255		1,060,981
Knot, Inc.*^	186,807		1,826,972
Marchex, Inc., Class B^	293,225		3,612,532
MercadoLibre, Inc.*^	39,200		1,352,008
Omniture, Inc.*^	108,800		2,020,416
SkillSoft plc (ADR)*^	823,770		7,446,881
Switch & Data Facilities Co., Inc.*^	134,600		2,286,854
ValueClick, Inc.*^	91,072		1,379,741
VistaPrint Ltd.*^	465,646		12,460,687
Vocus, Inc.*^	126,300		4,063,071
			54,612,304
IT Services (3.5%)
Forrester Research, Inc.*^	89,100		2,751,408
Gartner, Inc.*^	151,700		3,143,224
Global Cash Access Holdings, Inc.*^	592,629		4,065,435
iGate Corp.*^	55,700		452,841
Information Services Group, Inc.*^	317,036		1,521,773
Sapient Corp.*	194,400		1,248,048
SI International, Inc.*^	118,691		2,485,389
TeleTech Holdings, Inc.*^	168,174		3,356,753
Wright Express Corp.*^	171,836		4,261,533
			23,286,404
Semiconductors & Semiconductor Equipment (3.6%)
Advanced Energy Industries, Inc.*	131,770		1,805,249
AuthenTec, Inc.*^	45,400		473,068
Diodes, Inc.*^	131,200		3,626,368
Eagle Test Systems, Inc.*^	153,260		1,716,512
Microsemi Corp.*	190,384		4,793,869
Monolithic Power Systems, Inc.*^	168,600		3,645,132
PMC-Sierra, Inc.*^	645,400		4,937,310
Power Integrations, Inc.*	85,029		2,687,767
			23,685,275
Software (6.6%)
ANSYS, Inc.*^	116,745		5,501,024
Concur Technologies, Inc.*^	146,300		4,861,549
Epicor Software Corp.*^	46,962		324,507
FactSet Research Systems, Inc.^	45,680		2,574,525
FalconStor Software, Inc.*^	123,400		873,672
Giant Interactive Group, Inc. (ADR)*^	54,740		663,449
Lawson Software, Inc.*^	453,300		3,295,491
Macrovision Solutions Corp.*^	142,687		2,134,598
PROS Holdings, Inc.*	80,250		901,208
Quality Systems, Inc.^	116,565		3,413,023
Secure Computing Corp.*	476,160		1,971,302
Shanda Interactive Entertainment Ltd. (ADR)*^	84,700		2,299,605
Solera Holdings, Inc.*^	330,325		9,136,789
Synchronoss Technologies, Inc.*^	151,550		1,368,497
The9 Ltd. (ADR)*^	49,125		1,109,242
TIBCO Software, Inc.*^	466,715		3,570,370
			43,998,851
Total Information Technology			178,926,606
Materials (2.9%)
Chemicals (2.2%)
FMC Corp.	38,800		3,004,672
Intrepid Potash, Inc.*	19,750		1,299,155
Olin Corp.	66,000		1,727,880
Quaker Chemical Corp.	54,185		1,444,572
Rockwood Holdings, Inc.*	35,900		1,249,320
Terra Industries, Inc.	115,205		5,685,367
			14,410,966
Construction Materials (0.7%)
Texas Industries, Inc.^	84,585		4,747,756
Total Materials			19,158,722
Telecommunication Services (1.1%)
Diversified Telecommunication Services (0.7%)
Cbeyond, Inc.*^	124,000		1,986,480
PAETEC Holding Corp.*^	457,100		2,902,585
			4,889,065
Wireless Telecommunication Services (0.4%)
Centennial Communications Corp.*^	369,900		2,585,601
Total Telecommunication Services			7,474,666
Total Common Stocks (96.4%) (Cost $654,002,064)			639,033,625

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (32.8%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)	$	3,230,000	$	3,230,000
Bank of Ireland
2.83%, 12/19/08 (l)		5,389,629		5,389,629
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)		2,370,000		2,370,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		3,230,000		3,230,000
Comerica Bank
2.50%, 3/16/09 (l)		1,079,951		1,079,951
Credit Industriel et Commercial/New York
2.94%, 8/7/08		5,390,000		5,390,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		2,800,000		2,800,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		112,171,325		112,171,325
Fifth Third Bancorp
2.49%, 8/22/08 (l)		320,000		320,000
First Tennessee Bank
2.50%, 8/15/08 (l)		9,690,000		9,690,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		430,000		430,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		2,150,000		2,150,000
2.16%, 3/27/09 (l)		3,010,000		3,010,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		860,000		860,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		4,308,816		4,308,816
2.12%, 6/18/09 (l)		5,388,390		5,388,390
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		6,460,000		6,460,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		5,390,000		5,390,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		2,689,978		2,689,978
Links Finance LLC
2.12%, 6/25/09 (l)		1,619,595		1,619,595
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		2,690,000		2,690,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		5,060,000		5,060,000
Morgan Stanley
3.22%, 2/9/09 (l)		8,376,199		8,376,199
2.65%, 5/7/09 (l)		5,390,000		5,390,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		3,229,354		3,229,354
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		5,392,708		5,392,708
Standard Chartered Bank/New York
2.79%, 8/7/08		8,080,000		8,080,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		1,080,000		1,080,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				217,275,945
Time Deposit (4.3%)
JPMorgan Chase Nassau
1.49%, 7/1/08		28,257,264		28,257,264
Total Short-Term Investments (37.1%) (Amortized Cost $245,533,209)				245,533,209
Total Investments (133.5%) (Cost/Amortized Cost $899,535,273)			$	884,566,834
Other Assets Less Liabilities (-33.5%)				(221,964,843	)
Net Assets (100%)			$	662,601,991

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of June 30, 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 Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 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 June 30, 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	$	639,033,625	$	245,533,209	$	—	$	884,566,834
Other Investments*		—		—		—		—
Total	$	639,033,625	$	245,533,209	$	—	$	884,566,834
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	574,931,521
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	265,205,517

As of June 30, 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	$	47,435,909
Aggregate gross unrealized depreciation		(66,630,735	)
Net unrealized depreciation	$	(19,194,826	)
Federal income tax cost of investments	$	903,761,660

At June 30, 2008, the Portfolio had loaned securities with a total value of $208,893,215. This was secured by collateral of $217,275,945 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,014,255 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2008, the Portfolio incurred approximately $3,478 as brokerage commissions with Raymond James & Associates, Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

116

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (15.1%)
Auto Components (1.7%)
American Axle & Manufacturing Holdings, Inc.^	393,800	$	3,146,462
ArvinMeritor, Inc.^	562,108		7,015,108
ATC Technology Corp.*	187,700		4,369,656
Gentex Corp.^	114,050		1,646,882
Lear Corp.*^	177,500		2,516,950
			18,695,058
Automobiles (0.8%)
Monaco Coach Corp.^	391,000		1,188,640
Thor Industries, Inc.^	243,000		5,166,180
Winnebago Industries, Inc.^	234,700		2,391,593
			8,746,413
Diversified Consumer Services (0.8%)
Hillenbrand, Inc.	49,200		1,052,880
Regis Corp.	288,000		7,588,800
			8,641,680
Hotels, Restaurants & Leisure (1.6%)
Bally Technologies, Inc.*	71,300		2,409,940
Morton’s Restaurant Group, Inc.*^	366,625		2,522,380
Red Robin Gourmet Burgers, Inc.*	109,889		3,048,321
Ruby Tuesday, Inc.	441,300		2,383,020
Texas Roadhouse, Inc., Class A*	322,800		2,895,516
Triarc Cos., Inc., Class B	680,100		4,305,033
			17,564,210
Household Durables (2.0%)
Bassett Furniture Industries, Inc.^	19,600		231,280
D.R. Horton, Inc.^	118,200		1,282,470
Ethan Allen Interiors, Inc.^	173,300		4,263,180
Hooker Furniture Corp.^	246,400		4,267,648
La-Z-Boy, Inc., Class Z^	450,300		3,444,795
M.D.C. Holdings, Inc.^	119,500		4,667,670
M/I Homes, Inc.^	285,700		4,494,061
Russ Berrie & Co., Inc.*^	33,300		265,401
			22,916,505
Leisure Equipment & Products (0.6%)
Brunswick Corp.^	370,600		3,928,360
Polaris Industries, Inc.	73,408		2,964,215
			6,892,575
Media (1.1%)
Entercom Communications Corp., Class A^	237,800		1,669,356
Entravision Communications Corp., Class A*	1,281,897		5,153,226
Lions Gate Entertainment Corp.*^	503,700		5,218,332
			12,040,914
Multiline Retail (0.7%)
Fred’s, Inc., Class A^	258,700		2,907,788
Saks, Inc.*^	296,100		3,251,178
Tuesday Morning Corp.*^	514,400		2,114,184
			8,273,150
Specialty Retail (4.3%)
Brown Shoe Co., Inc.^	1,017,276		13,784,090
Charlotte Russe Holding, Inc.*	266,207		4,727,836
Charming Shoppes, Inc.*^	673,300		3,090,447
Christopher & Banks Corp.^	486,500		3,308,200
Collective Brands, Inc.*^	298,310		3,469,345
Group 1 Automotive, Inc.^	145,600		2,893,072
HOT Topic, Inc.*^	286,200		1,548,342
Men’s Wearhouse, Inc.^	192,200		3,130,938
Pacific Sunwear of California, Inc.*	357,200		3,046,916
Pier 1 Imports, Inc.*^	472,000		1,623,680
Stein Mart, Inc.^	484,200		2,183,742
West Marine, Inc.*^	335,300		1,374,730
Zale Corp.*^	227,400		4,295,586
			48,476,924
Textiles, Apparel & Luxury Goods (1.5%)
Carter’s, Inc.*	298,200		4,121,124
Iconix Brand Group, Inc.*	376,200		4,544,496
Timberland Co., Class A*^	135,100		2,208,885
Warnaco Group, Inc.*	126,000		5,552,820
			16,427,325
Total Consumer Discretionary			168,674,754
Consumer Staples (1.3%)
Food & Staples Retailing (0.9%)
Casey’s General Stores, Inc.	242,800		5,625,676
Pantry, Inc.*	403,504		4,301,353
			9,927,029
Personal Products (0.4%)
Prestige Brand Holdings, Inc.*	392,200		4,180,852
Total Consumer Staples			14,107,881
Energy (9.2%)
Energy Equipment & Services (5.2%)
Atwood Oceanics, Inc.*	30,500		3,792,370
Bristow Group, Inc.*^	100,000		4,949,000
CARBO Ceramics, Inc.^	8,500		495,975
Dril-Quip, Inc.*	36,385		2,292,255
Global Industries Ltd.*	113,000		2,026,090
Helix Energy Solutions Group, Inc.*	119,000		4,955,160
Key Energy Services, Inc.*	295,400		5,736,668
Matrix Service Co.*	206,500		4,761,890
Oceaneering International, Inc.*	30,800		2,373,140
Oil States International, Inc.*	94,000		5,963,360
Rowan Cos., Inc.	59,000		2,758,250
Superior Energy Services, Inc.*	129,400		7,135,116
Tidewater, Inc.	37,200		2,419,116
Trico Marine Services, Inc.*	83,900		3,055,638
Unit Corp.*	60,800		5,044,576
			57,758,604
Oil, Gas & Consumable Fuels (4.0%)
Alpha Natural Resources, Inc.*	17,900		1,866,791
Carrizo Oil & Gas, Inc.*	58,400		3,976,456
Forest Oil Corp.*	118,600		8,835,700
Foundation Coal Holdings, Inc.	44,200		3,915,236
General Maritime Corp.	110,700		2,875,986
Goodrich Petroleum Corp.*	57,600		4,776,192
Overseas Shipholding Group, Inc.^	55,500		4,413,360
Rex Energy Corp.*	115,100		3,038,640
Teekay Corp.^	39,346		1,777,653
TXCO Resources, Inc.*	752,274		8,846,742
			44,322,756
Total Energy			102,081,360
Financials (17.1%)
Capital Markets (1.4%)
Knight Capital Group, Inc., Class A*	313,258		5,632,379
Stifel Financial Corp.*^	123,871		4,259,924
Waddell & Reed Financial, Inc., Class A	162,300		5,682,123
			15,574,426
Commercial Banks (3.1%)
AMCORE Financial, Inc.^	1,042		5,898

See Notes to Financial Statements.

117

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Bank of the Ozarks, Inc.	199,436	$	2,963,619
Chemical Financial Corp.^	188,000		3,835,200
City National Corp./California^	90,800		3,819,956
Colonial BancGroup Inc.^	716,200		3,165,604
Peoples Bancorp, Inc./Ohio^	88,500		1,679,730
Prosperity Bancshares, Inc.	127,200		3,400,056
Provident Bankshares Corp.^	266,600		1,700,908
South Financial Group, Inc.^	770,800		3,021,536
Texas Capital Bancshares, Inc.*	319,858		5,117,728
Wintrust Financial Corp.^	227,825		5,433,626
			34,143,861
Consumer Finance (0.5%)
Dollar Financial Corp.*^	259,450		3,920,290
United PanAm Financial Corp.*^	529,861		1,192,187
			5,112,477
Diversified Financial Services (0.3%)
KKR Financial Holdings LLC	377,400		3,962,700
Insurance (7.3%)
American National Insurance Co.	25,200		2,470,104
Arthur J. Gallagher & Co.^	137,500		3,313,750
Aspen Insurance Holdings Ltd.	543,100		12,855,177
Castlepoint Holdings Ltd.	657,459		5,976,302
Delphi Financial Group, Inc., Class A^	168,700		3,903,718
Erie Indemnity Co., Class A	53,100		2,450,565
Flagstone Reinsurance Holdings Ltd.	169,400		1,997,226
HCC Insurance Holdings, Inc.	197,300		4,170,922
IPC Holdings Ltd.^	225,700		5,992,335
Max Capital Group Ltd.^	430,400		9,180,432
Montpelier Reinsurance Holdings Ltd.^	359,700		5,305,575
Old Republic International Corp.	574,000		6,796,160
Protective Life Corp.	126,700		4,820,935
RLI Corp.^	70,900		3,507,423
Security Capital Assurance Ltd.^	477,600		138,504
StanCorp Financial Group, Inc.	88,100		4,137,176
Tower Group, Inc.^	185,669		3,934,326
			80,950,630
Real Estate Investment Trusts (REITs) (2.8%)
Arbor Realty Trust, Inc. (REIT)^	130,500		1,170,585
Corporate Office Properties Trust SBI/Maryland (REIT)^	87,500		3,003,875
Digital Realty Trust, Inc. (REIT)	82,000		3,354,620
Extra Space Storage, Inc. (REIT)^	280,800		4,313,088
Healthcare Realty Trust, Inc. (REIT)^	123,600		2,937,972
LaSalle Hotel Properties (REIT)	115,200		2,894,976
MFA Mortgage Investments, Inc. (REIT)	717,300		4,676,796
Mid-America Apartment Communities, Inc. (REIT)	64,400		3,286,976
Sunstone Hotel Investors, Inc. (REIT)	167,707		2,783,936
Washington Real Estate Investment Trust (REIT)^	105,400		3,167,270
			31,590,094
Thrifts & Mortgage Finance (1.7%)
Brookline Bancorp, Inc.^	443,200		4,232,560
Corus Bankshares, Inc.^	262,061		1,090,174
NewAlliance Bancshares, Inc.^	370,300		4,621,344
PMI Group, Inc.^	204,200		398,190
Trustco Bank Corp./New York^	677,400		5,026,308
WSFS Financial Corp.^	93,749		4,181,205
			19,549,781
Total Financials			190,883,969
Health Care (7.0%)
Biotechnology (0.2%)
Cubist Pharmaceuticals, Inc.*	106,100		1,894,946
Health Care Equipment & Supplies (1.8%)
American Medical Systems Holdings, Inc.*	243,200		3,635,840
HealthTronics, Inc.*	1,001,500		3,274,905
Hill-Rom Holdings Inc.^	60,200		1,624,196
STERIS Corp.	116,600		3,353,416
Symmetry Medical, Inc.*	276,200		4,479,964
West Pharmaceutical Services, Inc.^ .	94,400		4,085,632
			20,453,953
Health Care Providers & Services (3.3%)
Air Methods Corp.*	128,522		3,213,050
AMERIGROUP Corp.*	179,300		3,729,440
Emergency Medical Services Corp., Class A*	203,600		4,607,468
Five Star Quality Care, Inc.*^	1,170,368		5,535,841
Gentiva Health Services, Inc.*	147,300		2,806,065
inVentiv Health, Inc.*	145,500		4,043,445
Magellan Health Services, Inc.*	74,500		2,758,735
PSS World Medical, Inc.*	284,000		4,629,200
Skilled Healthcare Group, Inc., Class A*	441,000		5,918,220
			37,241,464
Life Sciences Tools & Services (1.4%)
Kendle International, Inc.*	212,300		7,712,859
Nektar Therapeutics*	636,700		2,132,945
Varian, Inc.*	101,100		5,162,166
			15,007,970
Pharmaceuticals (0.3%)
Medicis Pharmaceutical Corp., Class A	159,904		3,322,805
Total Health Care			77,921,138
Industrials (18.6%)
Aerospace & Defense (0.5%)
AAR Corp.*^	207,635		2,809,302
Stanley, Inc.*	89,000		2,983,280
			5,792,582
Air Freight & Logistics (0.4%)
Air Transport Services Group Inc.*^	1,254,620		1,254,620
UTi Worldwide, Inc.^	142,020		2,833,299
			4,087,919
Airlines (0.3%)
SkyWest, Inc.	267,500		3,383,875
Building Products (2.2%)
American Woodmark Corp.^	132,300		2,795,499
Apogee Enterprises, Inc.^	291,500		4,710,640
Gibraltar Industries, Inc.	414,000		6,611,580
Simpson Manufacturing Co., Inc.^	143,800		3,413,812
Universal Forest Products, Inc.^	240,600		7,208,376
			24,739,907
Commercial Services & Supplies (2.8%)
ABM Industries, Inc.^	196,900		4,381,025
Consolidated Graphics, Inc.*	63,500		3,128,645
Duff & Phelps Corp., Class A*	224,500		3,717,720

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Knoll, Inc.	206,600	$	2,510,190
Mine Safety Appliances Co.^	157,900		6,314,421
Viad Corp.^	154,300		3,979,397
Waste Connections, Inc.*	121,648		3,884,221
Watson Wyatt Worldwide, Inc., Class A	55,179		2,918,417
			30,834,036
Construction & Engineering (1.1%)
Dycom Industries, Inc.*	283,500		4,116,420
EMCOR Group, Inc.*	86,300		2,462,139
URS Corp.*	138,400		5,808,648
			12,387,207
Electrical Equipment (2.3%)
A.O. Smith Corp.^	65,200		2,140,516
Brady Corp., Class A^	190,600		6,581,418
Franklin Electric Co., Inc.	101,700		3,943,926
Polypore International, Inc.*	120,650		3,056,064
Powell Industries, Inc.*	69,500		3,503,495
Regal-Beloit Corp.	146,200		6,176,950
			25,402,369
Industrial Conglomerates (0.6%)
Carlisle Cos., Inc.	160,000		4,640,000
Teleflex, Inc.	49,400		2,746,146
			7,386,146
Machinery (6.0%)
Altra Holdings, Inc.*	306,510		5,152,433
Briggs & Stratton Corp.^	237,400		3,010,232
CIRCOR International, Inc.	75,800		3,713,442
Graco, Inc.^	151,700		5,775,219
Kennametal, Inc.	393,800		12,818,190
Middleby Corp.*	110,100		4,834,491
Mueller Industries, Inc.^	241,500		7,776,300
Nordson Corp.	129,600		9,446,544
RBC Bearings, Inc.*	55,550		1,850,926
Timken Co.	43,100		1,419,714
Trinity Industries, Inc.^	100,200		3,475,938
Wabash National Corp.^	541,300		4,092,228
Watts Water Technologies, Inc., Class A^	135,800		3,381,420
			66,747,077
Road & Rail (1.1%)
Dollar Thrifty Automotive Group, Inc.*^	284,800		2,691,360
Genesee & Wyoming, Inc., Class A*^	184,300		6,269,886
Kansas City Southern, Inc.*^	75,900		3,338,841
			12,300,087
Trading Companies & Distributors (1.3%)
Beacon Roofing Supply, Inc.*	346,600		3,677,426
Genesis Lease Ltd. (ADR)	177,400		1,832,542
Houston Wire & Cable Co.	132,800		2,642,720
Kaman Corp.	180,021		4,097,278
Watsco, Inc.	58,500		2,445,300
			14,695,266
Total Industrials			207,756,471
Information Technology (14.0%)
Communications Equipment (2.6%)
ADTRAN, Inc.^	164,200		3,914,528
Avocent Corp.*	285,600		5,312,160
Comtech Telecommunications Corp.*^	113,100		5,541,900
Finisar Corp.*^	2,036,800		2,423,792
Foundry Networks, Inc.*^	401,270		4,743,011
Hughes Communications, Inc.*	91,900		4,511,371
Polycom, Inc.*	130,900		3,188,724
			29,635,486
Computers & Peripherals (0.2%)
Diebold, Inc	51,100		1,818,138
Electronic Equipment & Instruments (3.1%)
Benchmark Electronics, Inc.*	546,100		8,923,274
Brightpoint, Inc.*	400,000		2,920,000
CPI International, Inc.*	344,979		4,243,242
Mettler-Toledo International, Inc.*	39,100		3,709,026
Plexus Corp.*	186,200		5,154,016
Rofin-Sinar Technologies, Inc.*^	119,300		3,602,860
SMART Modular Technologies (WWH), Inc.*	251,823		964,482
TTM Technologies, Inc.*	372,150		4,916,101
			34,433,001
Internet Software & Services (1.1%)
Digital River, Inc.*^	83,200		3,209,856
United Online, Inc.	507,400		5,089,222
ValueClick, Inc.*	260,700		3,949,605
			12,248,683
IT Services (2.1%)
CACI International, Inc., Class A*	91,500		4,187,955
Ness Technologies, Inc.*	392,900		3,976,148
NeuStar, Inc., Class A*^	161,800		3,488,408
SI International, Inc.*^	207,200		4,338,768
SRA International, Inc., Class A*	211,900		4,759,274
TNS, Inc.*^	112,443		2,694,134
			23,444,687
Semiconductors & Semiconductor Equipment (3.2%)
ChipMOS TECHNOLOGIES Bermuda Ltd.*^	1,086,800		3,521,232
Cohu, Inc.^	246,300		3,615,684
Diodes, Inc.*	65,700		1,815,948
FEI Co.*	90,500		2,061,590
FormFactor, Inc.*^	131,000		2,414,330
Integrated Device Technology, Inc.*	278,700		2,770,278
Mattson Technology, Inc.*^	481,200		2,290,512
Microsemi Corp.*	162,300		4,086,714
OmniVision Technologies, Inc.*	126,900		1,534,221
ON Semiconductor Corp.*	601,100		5,512,087
Teradyne, Inc.*	231,800		2,566,026
Varian Semiconductor Equipment Associates, Inc.*	97,300		3,387,986
			35,576,608
Software (1.7%)
ACI Worldwide, Inc.*^	135,099		2,376,392
Fair Isaac Corp.^	186,200		3,867,374
Lawson Software, Inc.*^	537,400		3,906,898
MicroStrategy, Inc., Class A*	58,200		3,768,450
Secure Computing Corp.*	1,253,800		5,190,732
			19,109,846
Total Information Technology			156,266,449
Materials (9.3%)
Chemicals (3.5%)
Airgas, Inc.	106,900		6,241,891
Arch Chemicals, Inc.	99,991		3,314,702
Cabot Corp.^	116,200		2,824,822
Flotek Industries, Inc.*	118,500		2,443,470
Hercules, Inc.	453,200		7,672,676
Rockwood Holdings, Inc.*	87,600		3,048,480
RPM International, Inc.	272,000		5,603,200
Scotts Miracle-Gro Co., Class A	156,000		2,740,920

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Westlake Chemical Corp.^		323,900	$	4,813,154
				38,703,315
Construction Materials (0.6%)
Eagle Materials, Inc.		124,400		3,151,052
Headwaters, Inc.*^		269,318		3,169,873
				6,320,925
Containers & Packaging (0.8%)
AptarGroup, Inc.		91,000		3,817,450
Packaging Corp. of America		232,300		4,996,773
				8,814,223
Metals & Mining (3.8%)
Century Aluminum Co.*^		73,400		4,880,366
Gerdau Ameristeel Corp.^		336,800		6,500,240
Haynes International, Inc.*^		144,022		8,288,466
Olympic Steel, Inc.		32,019		2,430,882
Reliance Steel & Aluminum Co.		86,900		6,699,121
Schnitzer Steel Industries, Inc., Class A		16,300		1,867,980
Steel Dynamics, Inc.		297,700		11,631,139
				42,298,194
Paper & Forest Products (0.6%)
AbitibiBowater, Inc.		70,964		662,094
Glatfelter		324,300		4,381,293
Mercer International, Inc.*^		260,600		1,949,288
				6,992,675
Total Materials				103,129,332
Telecommunication Services (1.1%)
Diversified Telecommunication Services (1.1%)
Alaska Communications Systems Group, Inc.		523,400		6,249,396
NTELOS Holdings Corp.		117,900		2,991,123
PAETEC Holding Corp.*		507,371		3,221,806
Total Telecommunication Services				12,462,325
Utilities (3.6%)
Electric Utilities (1.0%)
El Paso Electric Co.*		190,300		3,767,940
IDACORP, Inc.^		138,100		3,989,709
Sierra Pacific Resources		234,200		2,976,682
				10,734,331
Gas Utilities (1.2%)
Atmos Energy Corp.		90,800		2,503,356
Energen Corp.		50,000		3,901,500
South Jersey Industries, Inc.		61,700		2,305,112
UGI Corp.		169,000		4,851,990
				13,561,958
Multi-Utilities (1.4%)
Avista Corp.		241,000		5,171,860
CMS Energy Corp.		409,900		6,107,510
Vectren Corp.^		152,100		4,747,041
				16,026,411
Total Utilities				40,322,700
Total Common Stocks (96.3%) (Cost $1,296,777,069)				1,073,606,379
	Principal Amount
SHORT-TERM INVESTMENTS:
Government Security (1.1%)
Federal Home Loan Bank
2.00%, 7/1/08 (p)(o)	$	13,000,000		12,999,277
Short-Term Investments of Cash Collateral for Securities Loaned (10.4%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)		1,690,000		1,690,000
Bank of Ireland
2.83%, 12/19/08 (l)		2,819,806		2,819,806
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)		1,240,000		1,240,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		1,690,000		1,690,000
Comerica Bank
2.50%, 3/16/09 (l)		559,975		559,975
Credit Industriel et Commercial/New York
2.94%, 8/7/08		2,820,000		2,820,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		1,470,000		1,470,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		60,755,300		60,755,300
Fifth Third Bancorp
2.49%, 8/22/08 (l)		170,000		170,000
First Tennessee Bank
2.50%, 8/15/08 (l)		5,080,000		5,080,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		230,000		230,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		1,130,000		1,130,000
2.16%, 3/27/09 (l)		1,580,000		1,580,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		450,000		450,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		2,259,379		2,259,379
2.12%, 6/18/09 (l)		2,819,157		2,819,157
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		3,380,000		3,380,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		2,820,000		2,820,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		1,409,988		1,409,988
Links Finance LLC
2.12%, 6/25/09 (l)		849,788		849,788
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		1,410,000		1,410,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		2,650,000		2,650,000
Morgan Stanley
3.22%, 2/9/09 (l)		4,387,533		4,387,533
2.65%, 5/7/09 (l)		2,820,000		2,820,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		1,689,662		1,689,662
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		2,821,417		2,821,417
Standard Chartered Bank/New York
2.79%, 8/7/08		4,230,000		4,230,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		560,000		560,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				115,792,005
Time Deposit (2.9%)
JPMorgan Chase Nassau
1.49%, 7/1/08		32,201,469		32,201,469
Total Short-Term Investments (14.4%) (Cost/Amortized Cost $160,993,474)				160,992,751

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Principal Amount	Value (Note 1)
Total Investments (110.7%) (Cost/Amortized Cost $1,457,770,543)		$	1,234,599,130
Other Assets Less Liabilities (-10.7%)			(119,385,364	)
Net Assets (100%)		$	1,115,213,766

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of June 30, 2008.

(o) Discount Note Security. Effective rate calculated as of June 30, 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 six months ended June 30, 2008, were as follows:

Securities	Market Value December 31, 2007		Market Value June 30, 2008		Dividend Income
Five Star Quality Care, Inc.	$	13,534,594	$	5,535,841	$	—

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 June 30, 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	$	1,073,606,379	$	160,992,751	$	—	$	1,234,599,130
Other Investments*		—		—		—		—
Total	$	1,073,606,379	$	160,992,751	$	—	$	1,234,599,130
Liabilities:
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

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

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

Cost of Purchases:
Stocks and long-term corporate debt securities	$	401,045,610
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	722,513,263

As of June 30, 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	$	77,384,598
Aggregate gross unrealized depreciation		(306,937,130	)
Net unrealized depreciation	$	(229,552,532	)
Federal income tax cost of investments	$	1,464,151,662

At June 30, 2008, the Portfolio had loaned securities with a total value of $108,994,643. This was secured by collateral of $115,792,005 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

122

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (2.4%)
Diversified Consumer Services (0.2%)
ITT Educational Services, Inc.*^	16,300	$	1,346,869
Household Durables (0.6%)
LG Electronics, Inc.	33,501		3,795,104
Internet & Catalog Retail (1.0%)
Amazon.com, Inc.*	80,575		5,908,565
Media (0.6%)
Comcast Corp., Class A	104,790		1,987,866
Focus Media Holding Ltd. (ADR)*^	53,535		1,483,990
			3,471,856
Total Consumer Discretionary			14,522,394
Energy (0.0%)
Energy Equipment & Services (0.0%)
Diamond Offshore Drilling, Inc.^	410		57,047
Weatherford International Ltd.*	2,491		123,529
Total Energy			180,576
Industrials (4.7%)
Commercial Services & Supplies (0.5%)
Manpower, Inc.	47,700		2,778,048
Electrical Equipment (3.5%)
ABB Ltd. (Registered)*	175,146		4,982,373
Energy Conversion Devices, Inc.*	5,895		434,108
First Solar, Inc.*	20,552		5,606,997
Renewable Energy Corp. ASA*	26,150		677,727
SunPower Corp., Class A*^	15,578		1,121,304
Suntech Power Holdings Co., Ltd. (ADR)*^	205,645		7,703,462
Yingli Green Energy Holding Co., Ltd. (ADR)*^	44,255		704,539
			21,230,510
Industrial Conglomerates (0.7%)
Koninklijke Philips Electronics N.V. (N.Y. Shares)	122,215		4,130,867
Total Industrials			28,139,425
Information Technology (82.0%)
Communications Equipment (17.2%)
ADC Telecommunications, Inc.*^	43,600		643,972
Ciena Corp.*	70,400		1,631,168
Cisco Systems, Inc.*	865,280		20,126,413
CommScope, Inc.*^	75,345		3,975,956
Comverse Technology, Inc.*	563,600		9,553,020
Corning, Inc.	686,864		15,832,215
Foxconn International Holdings Ltd.*	190,000		184,219
Juniper Networks, Inc.*	21,369		473,964
Nice Systems Ltd. (ADR)*	303,030		8,960,597
Nokia Oyj (ADR)	366,220		8,972,390
QUALCOMM, Inc.	346,187		15,360,317
Research In Motion Ltd.*^	124,825		14,592,042
Riverbed Technology, Inc.*^	169,630		2,327,324
			102,633,597
Computers & Peripherals (12.9%)
Apple, Inc.*	90,280		15,116,483
EMC Corp.*	743,705		10,925,027
Hewlett-Packard Co.	496,665		21,957,560
International Business Machines Corp.	70,525		8,359,328
NetApp, Inc.*	284,285		6,157,613
Seagate Technology	769,924		14,728,646
			77,244,657
Electronic Equipment & Instruments (3.7%)
Avnet, Inc.*	146,900		4,007,432
Hon Hai Precision Industry Co., Ltd.	1,699,141		8,368,912
L-1 Identity Solutions, Inc.*^	704,764		9,387,456
			21,763,800
Internet Software & Services (8.5%)
Baidu.com (ADR)*^	10,260		3,210,970
eBay, Inc.*	182,340		4,983,352
Equinix, Inc.*^	38,600		3,443,892
Google, Inc., Class A*	55,178		29,046,803
Tencent Holdings Ltd.	664,190		5,136,510
VeriSign, Inc.*^	95,400		3,606,120
Yahoo!, Inc.*	73,980		1,528,427
			50,956,074
IT Services (5.1%)
Accenture Ltd., Class A	104,300		4,247,096
Automatic Data Processing, Inc.	93,400		3,913,460
Cognizant Technology Solutions Corp., Class A*	247,060		8,031,921
DST Systems, Inc.*^	36,500		2,009,325
Visa, Inc., Class A*	27,200		2,211,632
Western Union Co.	399,400		9,873,168
			30,286,602
Semiconductors & Semiconductor Equipment (19.9%)
Analog Devices, Inc.	76,390		2,426,910
Applied Materials, Inc.	561,690		10,722,662
ASM Pacific Technology Ltd.	246,100		1,857,448
ASML Holding N.V.	150,563		3,709,894
ASML Holding N.V. (N.Y. Shares)^	27,930		681,492
Atheros Communications, Inc.*^	50,560		1,516,800
Broadcom Corp., Class A*	627,683		17,129,469
Fairchild Semiconductor International, Inc.*	168,000		1,970,640
Infineon Technologies AG (ADR)*^	343,000		2,925,790
Intel Corp.	730,320		15,687,274
Intersil Corp., Class A	50,805		1,235,577
Lam Research Corp.*	144,900		5,238,135
Linear Technology Corp.^	52,125		1,697,711
Marvell Technology Group Ltd.*	373,565		6,597,158
Maxim Integrated Products, Inc.	234,200		4,953,330
MEMC Electronic Materials, Inc.*	45,330		2,789,608
ON Semiconductor Corp.*^	1,002,798		9,195,658
Samsung Electronics Co., Ltd.	4,900		2,927,680
Samsung Electronics Co., Ltd. (GDR)§^	25,565		7,535,284
Skyworks Solutions, Inc.*^	344,700		3,402,189
Taiwan Semiconductor Manufacturing Co., Ltd.*	1,985,000		4,250,815
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)*	177,370		1,935,107
Texas Instruments, Inc.	224,042		6,309,023
Varian Semiconductor Equipment Associates, Inc.*^	65,900		2,294,638
			118,990,292
Software (14.7%)
Activision, Inc.*	160,877		5,481,079
Adobe Systems, Inc.*	127,730		5,031,285
Autodesk, Inc.*	53,000		1,791,930
BMC Software, Inc.*	84,300		3,034,800

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Electronic Arts, Inc.*		293,065	$	13,020,878
Longtop Financial Technologies Ltd. (ADR)*^		7,927		131,271
McAfee, Inc.*		213,070		7,250,772
Microsoft Corp.		1,140,065		31,363,188
Nintendo Co., Ltd.		5,060		2,854,396
Oracle Corp.*		94,680		1,988,280
Red Hat, Inc.*^		148,000		3,062,120
Salesforce.com, Inc.*^		157,760		10,763,965
Temenos Group AG (Registered)*		70,617		2,187,879
				87,961,843
Total Information Technology				489,836,865
Materials (0.4%)
Chemicals (0.4%)
Monsanto Co.		17,525		2,215,861
Total Materials				2,215,861
Telecommunication Services (2.2%)
Wireless Telecommunication Services (2.2%)
American Tower Corp., Class A*		66,190		2,796,528
China Mobile Ltd. (ADR)		149,137		9,984,722
Total Telecommunication Services				12,781,250
Total Common Stocks (91.7%) (Cost $558,278,912)				547,676,371
INVESTMENT COMPANY:
Exchange Traded Fund (ETF) (0.2%)
iShares S&P North American
Technology Sector Index Fund
(Cost $1,151,198)^		20,600		1,077,380
	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (10.5%)
Banco de Sabadell S.A.
2.96%, 4/23/09 (l)	$	1,020,000		1,020,000
Bank of Ireland
2.83%, 12/19/08 (l)		1,689,883		1,689,883
BBVA Senior Finance S.A.
2.84%, 3/12/10 (l)		750,000		750,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		1,010,000		1,010,000
Comerica Bank
2.50%, 3/16/09 (l)		339,985		339,985
Credit Industriel et Commercial/New York
2.94%, 8/7/08		1,690,000		1,690,000
DekaBank Deutsche Girozentrale
2.87%, 8/19/08 (l)		880,000		880,000
Deutsche Bank Securities, Inc., Repurchase Agreement
2.80%, 7/1/08 (r)		29,785,651		29,785,651
Fifth Third Bancorp
2.49%, 8/22/08 (l)		100,000		100,000
First Tennessee Bank
2.50%, 8/15/08 (l)		3,040,000		3,040,000
General Electric Capital Corp.
2.15%, 3/12/10 (l)		140,000		140,000
Goldman Sachs Group, Inc.
2.62%, 8/18/08 (l)		680,000		680,000
2.16%, 3/27/09 (l)		950,000		950,000
Hartford Life, Inc.
2.59%, 2/2/09 (l)		270,000		270,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		1,349,629		1,349,629
2.12%, 6/18/09 (l)		1,689,495		1,689,495
Kommunalkredit Austria AG
2.46%, 7/8/08 (l)		2,030,000		2,030,000
Landesbank Baden-Wuerttemberg/New York
2.71%, 7/9/08 (l)		1,690,000		1,690,000
Lehman Brothers Holdings, Inc.
2.78%, 8/21/09 (l)		849,993		849,993
Links Finance LLC
2.12%, 6/25/09 (l)		509,873		509,873
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		850,000		850,000
Monumental Global Funding II
2.18%, 5/26/10 (l)		1,590,000		1,590,000
Morgan Stanley
3.22%, 2/9/09 (l)		2,632,520		2,632,520
2.65%, 5/7/09 (l)		1,690,000		1,690,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		1,009,798		1,009,798
Santander U.S. Debt S.A.U.
2.65%, 9/19/08 (l)		1,690,849		1,690,849
Standard Chartered Bank/New York
2.79%, 8/7/08		2,540,000		2,540,000
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		340,000		340,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				62,807,676
Time Deposit (8.1%)
JPMorgan Chase Nassau
1.49%, 7/1/08		48,482,213		48,482,213
Total Short-Term Investments (18.6%) (Amortized Cost $111,289,889)				111,289,889
Total Investments (110.5%) (Cost/Amortized Cost $670,719,999)				660,043,640
Other Assets Less Liabilities (-10.5%)				(62,499,601	)
Net Assets (100%)			$	597,544,039

* Non-income producing.

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

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2008, the market value of these securities amounted to $7,535,284 or 1.3% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l) Floating Rate Security. Rate disclosed is as of June 30, 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 Financial Statements.

124

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 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 June 30, 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	$	500,285,510	$	159,758,130	$	—	$	660,043,640
Other Investments*		—		—		—		—
Total	$	500,285,510	$	159,758,130	$	—	$	660,043,640
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 6/30/08	$	—		$	—
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 liabilities still held at period ending 6/30/08	$	—		$	—

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

Investment security transactions for the six months ended June 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	418,715,340
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	443,041,662

See Notes to Financial Statements.

125

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

As of June 30, 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	$	24,312,737
Aggregate gross unrealized depreciation		(42,562,833	)
Net unrealized depreciation	$	(18,250,096	)
Federal income tax cost of investments	$	678,293,736

At June 30, 2008, the Portfolio had loaned securities with a total value of $60,708,948. This was secured by collateral of $62,807,676 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 $33,205 which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the six months ended June 30, 2008, the Portfolio incurred approximately $680 as brokerage commissions with BNP Paribas S.A. and $1,579 as brokerage commissions with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

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 Financial Statements.

126

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		1,886,133	$	19,278,491
EQ/Equity 500 Index Portfolio‡		783,819		17,949,918
EQ/International ETF Portfolio‡		1,144,655		12,187,802
EQ/Small Company Index Portfolio‡		344,310		3,629,224
EQ/Van Kampen Emerging Markets Equity Portfolio‡		266,393		4,202,765
Multimanager Aggressive Equity Portfolio‡		163,123		4,469,281
Multimanager High Yield Portfolio‡		831,348		4,380,915
Multimanager Large Cap Value Portfolio‡		431,227		4,401,227
Multimanager Mid Cap Growth Portfolio‡		29,679		242,295
Multimanager Mid Cap Value Portfolio‡		236,315		2,026,011
Total Investment Companies (99.5%) (Cost $77,794,679)				72,767,929
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.5%)
JPMorgan Chase Nassau
1.49%, 7/1/08
(Amortized Cost $376,057)	$	376,057		376,057
Total Investments (100.0%) (Cost/Amortized Cost $78,170,736)				73,143,986
Other Assets Less Liabilities (0.0%)				16,638
Net Assets (100%)			$	73,160,624

‡ 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 Financial Statements.

127

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value June 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	3,488,698	$	17,197,407	$	1,285,158	$	19,278,491	$	—	$	9,763
EQ/Equity 500 Index Portfolio		3,577,893		17,395,858		1,354,217		17,949,918		—		(108,586	)
EQ/International ETF Portfolio		2,251,786		11,854,294		833,428		12,187,802		—		9,458
EQ/Small Company Index Portfolio		832,473		3,197,916		210,059		3,629,224		—		(35,403	)
EQ/Van Kampen Emerging Markets Equity Portfolio		756,449		4,269,820		312,321		4,202,765		—		1,163
Multimanager Aggressive Equity Portfolio		1,242,657		4,156,526		430,946		4,469,281		—		(830	)
Multimanager High Yield Portfolio		772,941		3,947,964		298,589		4,380,915		—		(26,170	)
Multimanager Large Cap Value Portfolio		425,904		4,682,405		253,374		4,401,227		—		(45,550	)
Multimanager Mid Cap Growth Portfolio		69,169		203,498		23,606		242,295		—		(3,510	)
Multimanager Mid Cap Value Portfolio		310,044		1,924,551		128,176		2,026,011		—		(22,488	)
	$	13,728,014	$	68,830,239	$	5,129,874	$	72,767,929	$	—	$	(222,153	)

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 June 30, 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	$	—	$	73,143,986	$	—	$	73,143,986
Other Investments*		—		—		—		—
Total	$	—	$	73,143,986	$	—	$	73,143,986
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	68,830,239
Net Proceeds of Sales and Redemptions:
Investment Companies	$	4,907,721

See Notes to Financial Statements.

128

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

As of June 30, 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		(5,029,635	)
Net unrealized depreciation	$	(5,029,635	)
Federal income tax cost of investments	$	78,173,621

See Notes to Financial Statements.

129

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		1,059,182	$	10,826,089
EQ/Equity 500 Index Portfolio‡		946,263		21,669,960
EQ/International ETF Portfolio‡		1,219,548		12,985,230
EQ/Small Company Index Portfolio‡		401,893		4,236,178
EQ/Van Kampen Emerging Markets Equity Portfolio‡		279,493		4,409,448
Multimanager Aggressive Equity Portfolio‡		153,667		4,210,202
Multimanager High Yield Portfolio‡		483,148		2,546,022
Multimanager Large Cap Value Portfolio‡		402,613		4,109,178
Multimanager Mid Cap Growth Portfolio‡		19,931		162,709
Multimanager Mid Cap Value Portfolio‡		250,755		2,149,813
Total Investment Companies (100.0%) (Cost $73,231,347)				67,304,829
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.2%)
JPMorgan Chase Nassau
1.49%, 7/1/08
(Amortized Cost $162,191)	$	162,191		162,191
Total Investments (100.2%) (Cost/Amortized Cost $73,393,538)				67,467,020
Other Assets Less Liabilities (-0.2%)				(156,227	)
Net Assets (100%)			$	67,310,793

‡ 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 Financial Statements.

130

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value June 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	2,903,739	$	8,437,042	$	461,565	$	10,826,089	$	—	$	3,880
EQ/Equity 500 Index Portfolio		5,775,058		19,171,376		1,117,407		21,669,960		—		(79,472	)
EQ/International ETF Portfolio		3,419,898		11,413,447		612,759		12,985,230		—		22,418
EQ/Small Company Index Portfolio		1,310,528		3,371,443		197,867		4,236,178		—		(33,335	)
EQ/Van Kampen Emerging Markets Equity Portfolio		1,111,291		4,093,674		214,497		4,409,448		—		11,885
Multimanager Aggressive Equity Portfolio		1,661,127		3,305,715		247,414		4,210,202		—		2,311
Multimanager High Yield Portfolio		544,225		2,156,566		120,099		2,546,022		—		(9,138	)
Multimanager Large Cap Value Portfolio		572,952		4,186,496		204,082		4,109,178		—		(32,849	)
Multimanager Mid Cap Growth Portfolio		135,182		55,489		16,541		162,709		—		(2,477	)
Multimanager Mid Cap Value Portfolio		422,590		1,923,021		97,160		2,149,813		—		(14,764	)
	$	17,856,590	$	58,114,269	$	3,289,391	$	67,304,829	$	—	$	(131,541	)

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 June 30, 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	$	—	$	67,467,020	$	—	$	67,467,020
Other Investments*		—		—		—		—
Total	$	—	$	67,467,020	$	—	$	67,467,020
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	58,114,269
Net Proceeds of Sales and Redemptions:
Investment Companies	$	3,157,850

See Notes to Financial Statements.

131

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

As of June 30, 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		(5,929,037	)
Net unrealized depreciation	$	(5,929,037	)
Federal income tax cost of investments	$	73,396,057

See Notes to Financial Statements.

132

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TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		205,075	$	2,096,104
EQ/Equity 500 Index Portfolio‡		467,109		10,697,072
EQ/International ETF Portfolio‡ .		587,026		6,250,405
EQ/Small Company Index Portfolio‡		179,840		1,895,620
EQ/Van Kampen Emerging Markets Equity Portfolio‡		132,380		2,088,498
Multimanager Aggressive Equity Portfolio‡		64,504		1,767,289
Multimanager High Yield Portfolio‡		126,963		669,050
Multimanager Large Cap Value Portfolio‡		166,764		1,702,040
Multimanager Mid Cap Growth Portfolio‡		17,720		144,661
Multimanager Mid Cap Value Portfolio‡		86,883		744,881
Total Investment Companies (100.4%) (Cost $30,831,785)				28,055,620
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau
1.49%, 7/1/08
(Amortized Cost $40,245)	$	40,245		40,245
Total Investments (100.5%) (Cost/Amortized Cost $30,872,030)				28,095,865
Other Assets Less Liabilities (-0.5%)				(137,758	)
Net Assets (100%)			$	27,958,107

‡ 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 Financial Statements.

133

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TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

Investments in companies which were affiliates for the six months ended June 30, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value June 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	725,876	$	1,407,681	$	32,337	$	2,096,104	$	—	$	20
EQ/Equity 500 Index Portfolio		3,867,742		8,115,958		202,726		10,697,072		—		(6,744	)
EQ/International ETF Portfolio		2,273,602		4,660,099		108,652		6,250,405		—		9,931
EQ/Small Company Index Portfolio		831,159		1,222,197		30,524		1,895,620		—		(4,443	)
EQ/Van Kampen Emerging Markets Equity Portfolio		739,064		1,662,953		35,180		2,088,498		—		5,227
Multimanager Aggressive Equity Portfolio		965,925		1,069,874		45,072		1,767,289		—		5,066
Multimanager High Yield Portfolio		221,099		468,664		12,539		669,050		—		(1,027	)
Multimanager Large Cap Value Portfolio		320,396		1,597,229		23,887		1,702,040		—		(2,622	)
Multimanager Mid Cap Growth Portfolio		103,739		55,627		5,204		144,661		—		(619	)
Multimanager Mid Cap Value Portfolio		224,760		569,260		13,221		744,881		—		(2,456	)
	$	10,273,362	$	20,829,542	$	509,342	$	28,055,620	$	—	$	2,333

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 June 30, 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	$	—	$	28,095,865	$	—	$	28,095,865
Other Investments*		—		—		—		—
Total	$	—	$	28,095,865	$	—	$	28,095,865
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	20,829,542
Net Proceeds of Sales and Redemptions:
Investment Companies	$	511,675

See Notes to Financial Statements.

134

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TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

As of June 30, 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		(2,777,014	)
Net unrealized depreciation	$	(2,777,014	)
Federal income tax cost of investments	$	30,872,879

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS

June 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Equity 500 Index Portfolio‡		243,986	$	5,587,411
EQ/International ETF Portfolio‡		314,532		3,348,998
EQ/Small Company Index Portfolio‡		100,883		1,063,360
EQ/Van Kampen Emerging Markets Equity Portfolio‡		69,447		1,095,637
Multimanager Aggressive Equity Portfolio‡		33,117		907,349
Multimanager Large Cap Value Portfolio‡		73,721		752,414
Multimanager Mid Cap Growth Portfolio‡		14,875		121,433
Multimanager Mid Cap Value Portfolio‡		42,785		366,814
Total Investment Companies (99.9%) (Cost $14,851,803)				13,243,416
	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.6%)
JPMorgan Chase Nassau
1.49%, 7/1/08
(Amortized Cost $80,585)	$	80,585		80,585
Total Investments (100.5%) (Cost/Amortized Cost $14,932,388)				13,324,001
Other Assets Less Liabilities (-0.5%)				(70,057	)
Net Assets (100%)			$	13,253,944

‡ 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 six months ended June 30, 2008, were as follows:

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value June 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/Equity 500 Index Portfolio	$	3,063,876	$	3,217,759	$	110,148	$	5,587,411	$	—	$	(4,727	)
EQ/International ETF Portfolio		1,777,561		1,935,825		57,428		3,348,998		—		5,524
EQ/Small Company Index Portfolio		637,834		519,637		17,736		1,063,360		—		(2,221	)
EQ/Van Kampen Emerging Markets Equity Portfolio		580,850		687,741		17,762		1,095,637		—		3,039
Multimanager Aggressive Equity Portfolio		678,524		373,009		21,887		907,349		—		1,970
Multimanager Large Cap Value Portfolio		222,816		626,695		11,702		752,414		—		(1,815	)
Multimanager Mid Cap Growth Portfolio		91,060		41,678		2,875		121,433		—		(328	)
Multimanager Mid Cap Value Portfolio		154,389		236,985		6,709		366,814		—		(1,062	)
	$	7,206,910	$	7,639,329	$	246,247	$	13,243,416	$	—	$	380

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

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2008 (Unaudited)

• 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 June 30, 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	$	—	$	13,324,001	$	—	$	13,324,001
Other Investments*		—		—		—		—
Total	$	—	$	13,324,001	$	—	$	13,324,001
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 six months ended June 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	7,639,329
Net Proceeds of Sales and Redemptions:
Investment Companies	$	246,627

As of June 30, 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		(1,608,463	)
Net unrealized depreciation	$	(1,608,463	)
Federal income tax cost of investments	$	14,932,464

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AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $926,210,031)	$	908,767,644
Unaffiliated Issuers (Amortized Cost $4,407,981)		4,407,981
Cash		15,638,587
Dividends, interest and other receivables		3,245
Other assets		6,127
Total assets		928,823,584
LIABILITIES
Distribution fees payable - Class B		182,599
Administrative fees payable		47,870
Trustees’ fees payable		5,703
Accrued expenses		75,487
Total liabilities.		311,659
NET ASSETS	$	928,511,925
Net assets were comprised of:
Paid in capital	$	939,499,792
Accumulated undistributed net investment income		487,077
Accumulated undistributed net realized gain		5,967,443
Unrealized depreciation on investments		(17,442,387	)
Net assets	$	928,511,925
Class A
Net asset value, offering and redemption price per share, $10,778,215 / 1,006,155 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.71
Class B
Net asset value, offering and redemption price per share, $917,733,710 / 85,762,726 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.70

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,889,819
Interest		45,785
Total income		1,935,604
EXPENSES
Distribution fees - Class B		1,028,026
Administrative fees		642,208
Investment management fees		416,526
Printing and mailing expenses		52,706
Custodian fees		50,721
Professional fees		30,541
Trustees’ fees		2,808
Miscellaneous		6,648
Gross expenses		2,230,184
Less: Waiver from investment advisor		(785,756	)
Net expenses		1,444,428
NET INVESTMENT INCOME		491,176
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities (All realized gain from affiliates)		439,996
Net change in unrealized depreciation on securities		(14,947,383	)
NET REALIZED AND UNREALIZED LOSS		(14,507,387	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,016,211	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	491,176		$	19,024,473
Net realized gain on investments		439,996			16,134,910
Net change in unrealized depreciation on investments		(14,947,383	)		(7,009,936	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(14,016,211	)		28,149,447
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(343,169	)
Class B		—			(20,640,951	)
		—			(20,984,120	)
Distributions from net realized capital gains
Class A		—			(142,356	)
Class B		—			(8,915,689	)
		—			(9,058,045	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(30,042,165	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [452,056 and 906,451 shares, respectively]		4,884,862			10,076,332
Capital shares issued in reinvestment of dividends and distributions [0 and 44,696 shares, respectively]		—			485,525
Capital shares repurchased [(272,890) and (584,264) shares, respectively]		(2,959,907	)		(6,472,977	)
Total Class A transactions		1,924,955			4,088,880
Class B
Capital shares sold [47,001,286 and 45,830,767 shares, respectively]		508,323,615			509,102,243
Capital shares issued in reinvestment of dividends and distributions [0 and 2,720,777 shares, respectively]		—			29,556,640
Capital shares repurchased [(14,938,231) and (26,138,927) shares, respectively]		(162,224,251	)		(291,328,656	)
Total Class B transactions		346,099,364			247,330,227
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		348,024,319			251,419,107
TOTAL INCREASE IN NET ASSETS		334,008,108			249,526,389
NET ASSETS:
Beginning of period		594,503,817			344,977,428
End of period (a)	$	928,511,925		$	594,503,817
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	487,077		$	(4,099	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $1,463,229,165)	$	1,405,951,136
Cash		15,670,169
Dividends, interest and other receivables		589
Other assets		7,415
Total assets		1,421,629,309
LIABILITIES
Distribution fees payable - Class B		280,708
Administrative fees payable		79,377
Trustees’ fees payable		11,690
Accrued expenses		77,780
Total liabilities		449,555
NET ASSETS	$	1,421,179,754
Net assets were comprised of:
Paid in capita	$	1,457,362,679
Accumulated net investment loss		(89,711	)
Accumulated undistributed net realized gain		21,184,815
Unrealized depreciation on investments		(57,278,029	)
Net assets	$	1,421,179,754
Class A
Net asset value, offering and redemption price per share, $48,947,439 / 4,410,065 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.10
Class B
Net asset value, offering and redemption price per share, $1,372,232,315 / 123,770,742 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.09

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	2,190,990
Interest		25,389
Total income		2,216,379
EXPENSES
Distribution fees - Class B		1,632,455
Administrative fees		1,015,365
Investment management fees		665,291
Printing and mailing expenses		84,805
Custodian fees		67,627
Professional fees		33,541
Trustees’ fees		4,610
Miscellaneous		14,026
Gross expenses		3,517,720
Less: Waiver from investment advisor		(1,220,493	)
Net expenses		2,297,227
NET INVESTMENT LOSS		(80,848	)
REALIZED AND UNREALIZED LOSS
Net realized loss on securities (All realized loss from affiliates)		(2,230,738	)
Net change in unrealized depreciation on securities		(54,937,302	)
NET REALIZED AND UNREALIZED LOSS		(57,168,040	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(57,248,888	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(80,848	)	$	30,307,938
Net realized gain (loss) on investments		(2,230,738	)		42,759,713
Net change in unrealized depreciation on investments		(54,937,302	)		(21,304,675	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(57,248,888	)		51,762,976
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(360,633	)
Class B		—			(36,655,205	)
		—			(37,015,838	)
Distributions from net realized capital gains
Class A		—			(200,658	)
Class B		—			(22,427,474	)
		—			(22,628,132	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(59,643,970	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [3,793,982 and 595,711 shares, respectively]		43,580,769			7,122,738
Capital shares issued in reinvestment of dividends and distributions [0 and 48,600 shares, respectively]		—			561,291
Capital shares repurchased [(328,007) and (177,858) shares, respectively]		(3,685,934	)		(2,131,161	)
Total Class A transactions		39,894,835			5,552,868
Class B
Capital shares sold [37,132,340 and 44,471,426 shares, respectively]		420,205,702			528,746,071
Capital shares issued in reinvestment of dividends and distributions [0 and 5,114,496 shares, respectively]		—			59,082,679
Capital shares repurchased [(12,599,115) and (20,050,818) shares, respectively]		(143,013,702	)		(238,903,327	)
Total Class B transactions		277,192,000			348,925,423
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		317,086,835			354,478,291
TOTAL INCREASE IN NET ASSETS		259,837,947			346,597,297
NET ASSETS:
Beginning of period		1,161,341,807			814,744,510
End of period (a)	$	1,421,179,754		$	1,161,341,807
(a)    Includes accumulated net investment loss and overdistributed net investment income of	$	(89,711	)	$	(8,863	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $10,224,890,915)	$	9,902,886,936
Unaffiliated Issuers (Amortized Cost $13,322,781)		13,322,781
Dividends, interest and other receivables		15,600
Other assets		49,216
Total assets		9,916,274,533
LIABILITIES
Overdraft payable		18,317,857
Distribution fees payable - Class B		1,378,924
Administrative fees payable		665,899
Trustees’ fees payable		143,494
Accrued expenses		198,452
Total liabilities		20,704,626
NET ASSETS	$	9,895,569,907
Net assets were comprised of:
Paid in capital	$	9,958,919,569
Accumulated undistributed net investment income		9,770,126
Accumulated undistributed net realized gain		248,884,191
Unrealized depreciation on investments		(322,003,979	)
Net assets	$	9,895,569,907
Class A
Net asset value, offering and redemption price per share, $3,284,778,867 / 204,236,189 shares outstanding (unlimited amount authorized: $0.001 par value)	$	16.08
Class B
Net asset value, offering and redemption price per share, $6,610,791,040 / 413,838,511 shares outstanding (unlimited amount authorized: $0.001 par value)	$	15.97

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	22,680,684
Interest		119,828
Total income		22,800,512
EXPENSES
Distribution fees - Class B		8,021,137
Administrative fees		7,178,956
Investment management fees		4,774,251
Printing and mailing expenses		615,274
Professional fees		75,021
Custodian fees		55,370
Trustees’ fees		34,031
Miscellaneous		98,769
Gross expenses		20,852,809
Less: Waiver from investment advisor		(8,061,731	)
Net expenses		12,791,078
NET INVESTMENT INCOME		10,009,434
REALIZED AND UNREALIZED LOSS
Net realized loss on securities ($32,472,071 loss from affiliates)		(27,624,732	)
Net change in unrealized depreciation on securities		(589,335,025	)
NET REALIZED AND UNREALIZED LOSS		(616,959,757	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(606,950,323	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	10,009,434		$	224,801,190
Net realized gain (loss) on investments		(27,624,732	)		460,181,046
Net change in unrealized depreciation on investments		(589,335,025	)		(158,451,328	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(606,950,323	)		526,530,908
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(105,236,725	)
Class B		—			(193,396,912	)
		—			(298,633,637	)
Distributions from net realized capital gains
Class A		—			(59,012,131	)
Class B		—			(110,325,508	)
		—			(169,337,639	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(467,971,276	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [31,622,110 and 8,562,854 shares, respectively]		531,089,208			150,370,214
Capital shares issued in reinvestment of dividends and distributions [0 and 9,650,572 shares, respectively]		—			164,248,856
Capital shares repurchased [(11,196,063) and (17,668,925) shares, respectively]		(186,169,724	)		(309,062,387	)
Total Class A transactions		344,919,484			5,556,683
Class B
Capital shares sold [61,235,152 and 91,622,538 shares, respectively]		1,007,353,317			1,595,381,036
Capital shares issued in reinvestment of dividends and distributions [0 and 17,951,582 shares, respectively]		—			303,722,420
Capital shares repurchased [(17,259,575) and (28,753,776) shares, respectively]		(283,033,731	)		(501,225,485	)
Total Class B transactions		724,319,586			1,397,877,971
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,069,239,070			1,403,434,654
TOTAL INCREASE IN NET ASSETS		462,288,747			1,461,994,286
NET ASSETS:
Beginning of period		9,433,281,160			7,971,286,874
End of period (a)	$	9,895,569,907		$	9,433,281,160
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	9,770,126		$	(239,308	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $12,250,298,124)	$	11,251,198,708
Unaffiliated Issuers (Amortized Cost $4,212,853)		4,212,853
Dividends, interest and other receivables		11,941
Other assets		57,860
Total assets		11,255,481,362
LIABILITIES
Overdraft payable		7,072,636
Distribution fees payable - Class B		2,299,874
Administrative fees payable		760,320
Trustees’ fees payable		104,823
Accrued expenses		215,356
Total liabilities		10,453,009
NET ASSETS	$	11,245,028,353
Net assets were comprised of:
Paid in capital	$	11,799,073,397
Accumulated undistributed net investment income		1,654,079
Accumulated undistributed net realized gain		443,400,293
Unrealized depreciation on investments		(999,099,416	)
Net assets	$	11,245,028,353
Class A
Net asset value, offering and redemption price per share, $301,791,571 / 23,764,308 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.70
Class B
Net asset value, offering and redemption price per share, $10,943,236,782 / 862,676,859 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.69

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	20,316,297
Interest		103,390
Total income		20,419,687
EXPENSES
Distribution fees - Class B		13,279,672
Administrative fees		8,161,390
Investment management fees		5,429,191
Printing and mailing expenses		701,500
Professional fees		83,183
Custodian fees		49,726
Trustees’ fees		38,645
Miscellaneous		102,816
Gross expenses		27,846,123
Less: Waiver from investment advisor		(9,146,995	)
Net expenses		18,699,128
NET INVESTMENT INCOME
REALIZED AND UNREALIZED LOSS		1,720,559
Net realized loss on securities (All realized loss from affiliates)		(14,712,755	)
Net change in unrealized depreciation on securities		(1,033,894,713	)
NET REALIZED AND UNREALIZED LOSS		(1,048,607,468	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,046,886,909	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,720,559		$	161,866,430
Net realized gain (loss) on investments		(14,712,755	)		717,649,885
Net change in unrealized depreciation on investments		(1,033,894,713	)		(391,048,010	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(1,046,886,909	)		488,468,305
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(5,766,451	)
Class B		—			(281,561,007	)
		—			(287,327,458	)
Distributions from net realized capital gains
Class A		—			(5,060,406	)
Class B		—			(282,755,087	)
		—			(287,815,493	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(575,142,951	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [10,153,343 and 6,867,459 shares, respectively]		136,016,110			99,354,568
Capital shares issued in reinvestment of dividends and distributions [0 and 780,462 shares, respectively]		—			10,826,857
Capital shares repurchased [(634,938) and (634,910) shares, respectively]		(8,316,671	)		(9,235,532	)
Total Class A transactions		127,699,439			100,945,893
Class B
Capital shares sold [125,820,968 and 275,720,472 shares, respectively]		1,664,539,491			3,971,971,916
Capital shares issued in reinvestment of dividends and distributions [0 and 40,655,773 shares, respectively]		—			564,316,094
Capital shares repurchased [(27,738,190) and (27,473,093) shares, respectively]		(364,272,016	)		(394,688,638	)
Total Class B transactions		1,300,267,475			4,141,599,372
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,427,966,914			4,242,545,265
TOTAL INCREASE IN NET ASSETS		381,080,005			4,155,870,619
NET ASSETS:
Beginning of period		10,863,948,348			6,708,077,729
End of period (a)	$	11,245,028,353		$	10,863,948,348
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	1,654,079		$	(66,480	)

See Notes to Financial Statements.

141

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $3,660,624,262)	$	3,220,167,953
Unaffiliated Issuers (Amortized Cost $4,813,655)		4,813,655
Dividends, interest and other receivables		5,609
Other assets		17,506
Total assets		3,225,004,723
LIABILITIES
Overdraft payable		72,426
Distribution fees payable - Class B		654,668
Administrative fees payable		208,738
Trustees’ fees payable		27,945
Accrued expenses		125,778
Total liabilities		1,089,555
NET ASSETS	$	3,223,915,168
Net assets were comprised of:
Paid in capital	$	3,513,523,817
Accumulated net investment loss		(3,257,739	)
Accumulated undistributed net realized gain		154,105,399
Unrealized depreciation on investments		(440,456,309	)
Net assets	$	3,223,915,168
Class A
Net asset value, offering and redemption price per share, $125,633,600 / 9,692,630 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.96
Class B
Net asset value, offering and redemption price per share, $3,098,281,568 / 239,303,351 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.95

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,997,129
Interest		48,022
Total income		2,045,151
EXPENSES
Distribution fees - Class B		3,740,920
Administrative fees		2,341,369
Investment management fees		1,549,272
Printing and mailing expenses		200,582
Custodian fees		47,240
Professional fees		42,580
Trustees’ fees		11,061
Miscellaneous		30,472
Gross expenses		7,963,496
Less: Waiver from investment advisor		(2,676,986	)
Net expenses		5,286,510
NET INVESTMENT LOSS		(3,241,359	)
REALIZED AND UNREALIZED LOSS
Net realized loss on securities (All realized loss from affiliates)		(9,436,815	)
Net change in unrealized depreciation on securities		(385,493,998	)
NET REALIZED AND UNREALIZED LOSS		(394,930,813	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(398,172,172	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(3,241,359	)	$	28,231,110
Net realized gain (loss) on investments		(9,436,815	)		262,997,472
Net change in unrealized depreciation on investments		(385,493,998	)		(179,437,938	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(398,172,172	)		111,790,644
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(2,513,188	)
Class B		—			(70,282,453	)
		—			(72,795,641	)
Distributions from net realized capital gains
Class A		—			(3,170,531	)
Class B		—			(98,280,335	)
		—			(101,450,866	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(174,246,507	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [3,643,036 and 3,530,859 shares, respectively]		50,536,687			54,140,171
Capital shares issued in reinvestment of dividends and distributions [0 and 389,142 shares, respectively]		—			5,683,719
Capital shares repurchased [(608,784) and (743,806) shares, respectively]		(8,269,084	)		(11,501,059	)
Total Class A transactions		42,267,603			48,322,831
Class B
Capital shares sold [45,052,094 and 100,541,684 shares, respectively]		615,639,693			1,542,421,807
Capital shares issued in reinvestment of dividends and distributions [0 and 11,538,418 shares, respectively]		—			168,562,788
Capital shares repurchased [(12,726,108) and (13,558,004) shares, respectively]		(172,174,590	)		(207,039,761	)
Total Class B transactions		443,465,103			1,503,944,834
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		485,732,706			1,552,267,665
TOTAL INCREASE IN NET ASSETS		87,560,534			1,489,811,802
NET ASSETS:
Beginning of period		3,136,354,634			1,646,542,832
End of period (a)	$	3,223,915,168		$	3,136,354,634
(a)    Includes accumulated net investment loss and overdistributed net investment income of	$	(3,257,739	)	$	(16,380	)

See Notes to Financial Statements.

142

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $3,231,390,509) (Securities on loan at market value $405,707,565)	$	3,091,675,222
Foreign Cash (Cost $840)		946
Receivable for securities sold		8,068,519
Dividends, interest and other receivables		762,582
Receivable from Separate Accounts for Trust shares sold		1,614,836
Other assets		13,249
Total assets		3,102,135,354
LIABILITIES
Overdraft payable		207,727
Collateral held for loaned securities		422,682,365
Payable for securities purchased		18,418,752
Payable to Separate Accounts for Trust shares redeemed		1,613,736
Investment management fees payable		1,359,529
Administrative fees payable		338,287
Trustees’ fees payable		57,324
Distribution fees payable - Class B		41,907
Accrued expenses		142,105
Total liabilities		444,861,732
NET ASSETS	$	2,657,273,622
Net assets were comprised of:
Paid in capital	$	3,156,504,935
Accumulated undistributed net investment income		3,299,789
Accumulated net realized loss		(362,827,680	)
Unrealized depreciation on investments and foreign currency translations		(139,703,422	)
Net assets	$	2,657,273,622
Class A
Net asset value, offering and redemption price per share, $2,465,060,942 / 89,973,765 shares outstanding (unlimited amount authorized: $0.001 par value)	$	27.40
Class B
Net asset value, offering and redemption price per share, $192,212,680 / 7,145,658 shares outstanding (unlimited amount authorized: $0.001 par value)	$	26.90

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends	$	10,755,142
Interest		1,300,553
Securities lending (net)		1,529,532
Total income		13,585,227
EXPENSES
Investment management fees		8,087,932
Administrative fees		2,027,241
Distribution fees - Class B		265,226
Printing and mailing expenses		175,236
Custodian fees		56,841
Professional fees		35,659
Trustees’ fees		9,811
Miscellaneous		38,638
Gross expenses		10,696,584
Less: Fees paid indirectly		(153,558	)
Net expenses		10,543,026
NET INVESTMENT INCOME		3,042,201
REALIZED AND UNREALIZED GAIN (LOSS)
Realized loss on:
Securities		(55,454,358	)
Foreign currency transactions		(40,987	)
Net realized loss		(55,495,345	)
Change in unrealized appreciation (depreciation) on:
Securities		(382,977,413	)
Foreign currency translations		3,761
Net change in unrealized depreciation		(382,973,652	)
NET REALIZED AND UNREALIZED LOSS		(438,468,997	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(435,426,796	)

See Notes to Financial Statements.

143

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,042,201		$	3,173,270
Net realized gain (loss) on investments and foreign currency transactions		(55,495,345	)		299,039,484
Net change in unrealized depreciation on investments and foreign currency translations		(382,973,652	)		(7,694,106	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(435,426,796	)		294,518,648
DIVIDENDS:
Class A
Dividends from net investment income		—			(2,642,629	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [11,094,610 and 12,870,045 shares, respectively]		323,407,034			400,505,013
Capital shares issued in reinvestment of dividends [0 and 84,486 shares, respectively]		—			2,642,629
Capital shares repurchased [(3,290,759) and (11,845,666) shares, respectively]		(96,048,974	)		(362,956,658	)
Total Class A transactions		227,358,060			40,190,984
Class B
Capital shares sold [606,930 and 1,546,097 shares, respectively]		17,413,710			47,450,699
Capital shares repurchased [(1,211,203) and (3,031,285) shares, respectively]		(34,757,099	)		(91,377,737	)
Total Class B transactions		(17,343,389	)		(43,927,038	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		210,014,671			(3,736,054	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(225,412,125	)		288,139,965
NET ASSETS:
Beginning of period		2,882,685,747			2,594,545,782
End of period (a)	$	2,657,273,622		$	2,882,685,747
(a)    Includes accumulated undistributed net investment income of	$	3,299,789		$	257,588

See Notes to Financial Statements.

144

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $4,080,418,116) (Securities on loan at market value $37,936,708)	$	4,033,120,716
Cash Held as Collateral at Broker		3,975,000
Foreign Cash (Cost $27,903)		28,478
Foreign Cash Held as Collateral at Broker		9,218
Receivable for forward commitments		854,641,016
Dividends, interest and other receivables		22,778,005
Receivable for securities sold		20,954,092
Receivable from Separate Accounts for Trust shares sold		5,070,929
Variation margin receivable on futures contracts		469,686
Unrealized appreciation of forward foreign currency contracts		73,552
Other assets		15,341
Total assets		4,941,136,033
LIABILITIES
Overdraft payable		53
Payable for forward commitments		1,142,057,629
Securities sold short (Proceeds received $406,168,906)		406,498,852
Collateral held for loaned securities		37,458,845
Payable for securities purchased		22,872,438
Payable to Separate Accounts for Trust shares redeemed		2,545,239
Investment management fees payable		1,551,748
Unrealized depreciation of forward foreign currency contracts		1,515,224
Options written, at value (Premiums received $960,314)		1,221,606
Administrative fees payable		396,464
Distribution fees payable - Class B		177,807
Trustees’ fees payable		36,432
Recoupment fees payable		20,004
Accrued expenses		168,415
Total liabilities		1,616,520,756
NET ASSETS	$	3,324,615,277
Net assets were comprised of:
Paid in capital	$	3,330,923,303
Accumulated undistributed net investment income		1,209,054
Accumulated undistributed net realized gain		36,708,403
Unrealized depreciation on investments, securities sold short, options written, futures and foreign currency translations		(44,225,483	)
Net assets	$	3,324,615,277
Class A
Net asset value, offering and redemption price per share, $2,445,421,239 / 237,385,308 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.30
Class B
Net asset value, offering and redemption price per share, $879,194,038 / 85,212,956 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.32

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Interest	$	81,557,346
Dividends		60,417
Securities lending (net)		98,252
Total income		81,716,015
EXPENSES
Investment management fees		8,898,105
Administrative fees		2,285,135
Distribution fees - Class B		1,071,602
Printing and mailing expenses		196,687
Custodian fees		66,182
Professional fees.		37,760
Trustees’ fees		10,815
Recoupment fees		299
Miscellaneous		44,953
Total expenses		12,611,538
NET INVESTMENT INCOME		69,104,477
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		17,545,566
Options written		(3,024,515	)
Futures		41,756,211
Foreign currency transactions		(1,948,020	)
Net realized gain		54,329,242
Change in unrealized depreciation on:
Securities		(63,355,077	)
Securities sold short		(465,673	)
Options written		(280,157	)
Futures		(17,047,953	)
Foreign currency translations		(795,478	)
Net change in unrealized depreciation		(81,944,338	)
NET REALIZED AND UNREALIZED LOSS		(27,615,096	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	41,489,381

See Notes to Financial Statements.

145

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MULTIMANAGER CORE BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	69,104,477		$	129,418,760
Net realized gain (loss) on investments, options written, futures and foreign currency transactions		54,329,242			(9,032,907	)
Net change in unrealized appreciation (depreciation) on investments, securities sold short, options written, futures and foreign currency translations		(81,944,338	)		56,125,390
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		41,489,381			176,511,243
DIVIDENDS:
Dividends from net investment income
Class A		(50,350,323	)		(92,059,665	)
Class B		(18,412,397	)		(33,917,052	)
TOTAL DIVIDENDS		(68,762,720	)		(125,976,717	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [41,278,544 and 32,923,745 shares, respectively]		430,639,195			335,428,782
Capital shares issued in reinvestment of dividends [4,839,502 and 9,065,854 shares, respectively]		50,350,323			92,059,665
Capital shares repurchased [(9,867,451) and (28,138,218) shares, respectively]		(103,862,847	)		(284,512,063	)
Total Class A transactions		377,126,671			142,976,384
Class B
Capital shares sold [13,078,545 and 16,321,752 shares, respectively]		136,584,617			166,105,786
Capital shares issued in reinvestment of dividends [1,766,328 and 3,343,916 shares, respectively]		18,412,397			33,917,052
Capital shares repurchased [(9,434,945) and (20,777,420) shares, respectively]		(98,655,359	)		(211,694,160	)
Total Class B transactions		56,341,655			(11,671,322	)
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		433,468,326			131,305,062
TOTAL INCREASE IN NET ASSETS		406,194,987			181,839,588
NET ASSETS:
Beginning of period		2,918,420,290			2,736,580,702
End of period (a)	$	3,324,615,277		$	2,918,420,290
(a)    Includes accumulated undistributed net investment income of	$	1,209,054		$	867,297

See Notes to Financial Statements.

146

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $474,286,250) (Securities on loan at market value $66,542,481)	$	473,851,385
Cash		425,787
Foreign Cash (Cost $42,200)		42,904
Receivable for securities sold		3,375,115
Receivable from Separate Accounts for Trust shares sold		529,388
Dividends, interest and other receivables		343,017
Other assets		2,056
Total assets		478,569,652
LIABILITIES
Collateral held for loaned securities		68,780,853
Payable for securities purchased		7,751,801
Investment management fees payable		399,307
Payable to Separate Accounts for Trust shares redeemed		379,252
Unrealized depreciation of forward foreign currency contracts		190,636
Distribution fees payable - Class B		79,815
Administrative fees payable		59,415
Trustees’ fees payable		5,265
Accrued expenses		59,850
Total liabilities		77,706,194
NET ASSETS	$	400,863,458
Net assets were comprised of:
Paid in capital	$	404,447,864
Accumulated net investment loss		(1,058,704	)
Accumulated net realized loss		(1,928,516	)
Unrealized depreciation on investments and foreign currency translations		(597,186	)
Net assets	$	400,863,458
Class A
Net asset value, offering and redemption price per share, $16,148,940 / 1,601,855 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.08
Class B
Net asset value, offering and redemption price per share, $384,714,518 / 38,896,788 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.89

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends (net of $121,403 foreign withholding tax)	$	2,074,575
Interest		221,069
Securities lending (net)		137,310
Total income		2,432,954
EXPENSES
Investment management fees		2,464,586
Distribution fees - Class B		491,396
Administrative fees		367,763
Custodian fees		47,910
Printing and mailing expenses		27,091
Professional fees		23,522
Trustees’ fees		1,489
Miscellaneous		12,394
Gross expenses		3,436,151
Less: Fees paid indirectly		(31,065	)
Net expenses		3,405,086
NET INVESTMENT LOSS		(972,132	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		1,034,669
Options written		(85,111	)
Foreign currency transactions		(677,216	)
Net realized gain		272,342
Change in unrealized depreciation on:
Securities		(42,261,191	)
Foreign currency translations		(254,377	)
Net change in unrealized depreciation		(42,515,568	)
NET REALIZED AND UNREALIZED LOSS		(42,243,226	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(43,215,358	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(972,132	)	$	(3,004,995	)
Net realized gain on investments, options written and foreign currency transactions		272,342			36,523,337
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(42,515,568	)		1,773,759
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(43,215,358	)		35,292,101
DIVIDENDS:
Dividends from net investment income
Class A		—			(1,369,320	)
Class B		—			(31,620,263	)
TOTAL DIVIDENDS		—			(32,989,583	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [295,514 and 388,461 shares, respectively]		3,139,541			4,521,255
Capital shares issued in reinvestment of dividends [0 and 123,507 shares, respectively]		—			1,369,320
Capital shares repurchased [(342,818) and (386,020) shares, respectively]		(3,528,420	)		(4,505,084	)
Total Class A transactions		(388,879	)		1,385,491
Class B
Capital shares sold [5,511,690 and 7,373,915 shares, respectively]		56,910,265			84,485,159
Capital shares issued in reinvestment of dividends [0 and 2,902,285 shares, respectively]		—			31,620,263
Capital shares repurchased [(4,611,457) and (7,336,126) shares, respectively]		(46,700,692	)		(83,792,191	)
Total Class B transactions		10,209,573			32,313,231
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		9,820,694			33,698,722
TOTAL INCREASE (DECREASE) IN NET ASSETS		(33,394,664	)		36,001,240
NET ASSETS:
Beginning of period		434,258,122			398,256,882
End of period (a)	$	400,863,458		$	434,258,122
(a)    Includes accumulated net investment loss and overdistributed net investment income of	$	(1,058,704	)	$	(86,572	)

See Notes to Financial Statements.

147

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $2,303,163,783) (Securities on loan at market value $250,667,311)	$	2,174,780,886
Cash		200,434
Foreign Cash (Cost $2,215,544)		2,214,515
Receivable for forward commitments		68,116,676
Dividends, interest and other receivables		37,009,789
Receivable for securities sold		4,055,917
Receivable from Separate Accounts for Trust shares sold		1,864,999
Unrealized appreciation of forward foreign currency contracts		64,980
Variation margin receivable on futures contracts		15,486
Other assets		1,424,658
Total assets		2,289,748,340
LIABILITIES
Collateral held for loaned securities		259,111,555
Payable for forward commitments		137,238,834
Payable for securities purchased		19,282,676
Payable to Separate Accounts for Trust shares redeemed		3,435,908
Unrealized depreciation of forward foreign currency contracts		1,607,692
Investment management fees payable		893,119
Administrative fees payable		233,154
Distribution fees payable - Class B		192,748
Trustees’ fees payable		28,733
Accrued expenses		79,120
Total liabilities		422,103,539
NET ASSETS	$	1,867,644,801
Net assets were comprised of:
Paid in capital	$	2,253,573,172
Accumulated undistributed net investment income		76,883,274
Accumulated net realized loss		(332,185,922	)
Unrealized depreciation on investments, futures and foreign currency translations		(130,625,723	)
Net assets	$	1,867,644,801
Class A
Net asset value, offering and redemption price per share, $953,965,749 / 181,029,762 shares out-standing (unlimited amount authorized: $0.001 par value)	$	5.27
Class B
Net asset value, offering and redemption price per share, $913,679,052 / 174,540,458 shares out-standing (unlimited amount authorized: $0.01 par value)	$	5.23

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Interest	$	81,693,687
Dividends		326,998
Securities lending (net)		664,376
Total income		82,685,061
EXPENSES
Investment management fees		5,339,194
Administrative fees		1,403,381
Distribution fees - Class B		1,193,300
Printing and mailing expenses		120,803
Custodian fees		65,295
Professional fees		30,421
Trustees’ fees		6,719
Miscellaneous		26,221
Total expenses		8,185,334
NET INVESTMENT INCOME		74,499,727
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(35,649,003	)
Futures		1,684,687
Foreign currency transactions		(2,518,251	)
Net realized loss		(36,482,567	)
Change in unrealized depreciation on:
Securities		(64,494,950	)
Futures		(1,691,308	)
Foreign currency translations		(843,333	)
Net change in unrealized depreciation		(67,029,591	)
NET REALIZED AND UNREALIZED LOSS		(103,512,158	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(29,012,431	)

See Notes to Financial Statements.

148

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	74,499,727		$	151,046,438
Net realized gain (loss) on investments, futures and foreign currency transactions		(36,482,567	)		9,799,349
Net change in unrealized depreciation on investments, futures and foreign currency translations		(67,029,591	)		(99,380,216	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(29,012,431	)		61,465,571
DIVIDENDS:
Dividends from net investment income
Class A		—			(69,446,852	)
Class B		—			(78,894,181	)
TOTAL DIVIDENDS		—			(148,341,033	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [27,694,134 and 35,661,526 shares, respectively]		146,362,797			204,940,445
Capital shares issued in reinvestment of dividends [0 and 13,019,884 shares, respectively ]		—			69,446,852
Capital shares repurchased [(12,820,992) and (34,920,799) shares, respectively]		(67,311,792	)		(200,430,567	)
Total Class A transactions		79,051,005			73,956,730
Class B
Capital shares sold [6,903,891 and 29,486,508 shares, respectively]		36,211,980			168,775,032
Capital shares issued in reinvestment of dividends [0 and 14,869,781 shares, respectively ]		—			78,894,181
Capital shares repurchased [(27,015,904) and (47,081,271) shares, respectively]		(141,195,772	)		(268,597,434	)
Total Class B transactions		(104,983,792	)		(20,928,221	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(25,932,787	)		53,028,509
TOTAL DECREASE IN NET ASSETS		(54,945,218	)		(33,846,953	)
NET ASSETS:
Beginning of period		1,922,590,019			1,956,436,972
End of period (a)	$	1,867,644,801		$	1,922,590,019
(a)    Includes accumulated undistributed net investment income of	$	76,883,274		$	2,383,547

See Notes to Financial Statements.

149

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STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $2,919,224,748) (Securities on loan at market value $164,952,021)	$	2,945,236,837
Cash		23,906,379
Foreign Cash (Cost $8,106,468)		8,229,299
Cash Held as Collateral at Broker		616,983
Foreign Cash Held at Broker as Collateral		1,062,680
Receivable for securities sold		3,536,587
Dividends, interest and other receivables		5,766,628
Receivable from Separate Accounts for Trust shares sold		1,816,691
Variation margin receivable on futures contracts		12,123
Other assets		13,502
Total assets		2,990,197,709
LIABILITIES
Collateral held for loaned securities		173,370,594
Payable for securities purchased		23,497,589
Investment management fees payable		2,400,627
Payable to Separate Accounts for Trust shares redeemed		1,645,167
Administrative fees payable		356,355
Distribution fees payable - Class B		172,563
Trustees’ fees payable		31,437
Accrued expenses		581,533
Total liabilities		202,055,865
NET ASSETS	$	2,788,141,844
Net assets were comprised of:
Paid in capital	$	2,664,675,666
Accumulated undistributed net investment income		43,498,301
Accumulated undistributed net realized gain		53,877,400
Unrealized appreciation on investments, futures, and foreign currency translations		26,090,477
Net assets	$	2,788,141,844
Class A
Net asset value, offering and redemption price per share, $1,978,600,259 / 136,201,339 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.53
Class B
Net asset value, offering and redemption price per share, $809,541,585 / 55,900,769 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.48

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends (net of $7,357,066 foreign withholding tax)	$	58,378,745
Interest		1,300,737
Securities lending (net)		2,839,953
Total income		62,519,435
EXPENSES
Investment management fees		14,474,932
Administrative fees		2,165,060
Distribution fees - Class B		1,043,713
Custodian fees		731,622
Printing and mailing expenses		189,369
Professional fees		37,680
Trustees’ fees		10,555
Miscellaneous		41,389
Gross expenses		18,694,320
Less: Fees paid indirectly		(1,491	)
Net expenses		18,692,829
NET INVESTMENT INCOME		43,826,606
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		11,867,545
Futures		(1,662,169	)
Foreign currency transactions		(940,950	)
Net realized gain		9,264,426
Change in unrealized appreciation (depreciation) on:
Securities		(410,370,342	)
Futures		(347,558	)
Foreign currency translations		159,752
Net change in unrealized depreciation		(410,558,148	)
NET REALIZED AND UNREALIZED LOSS		(401,293,722	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(357,467,116	)

See Notes to Financial Statements.

150

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	43,826,606		$	31,828,637
Net realized gain on investments, futures, and foreign currency transactions		9,264,426			193,023,484
Net change in unrealized appreciation (depreciation) on investments, futures, and foreign currency translations		(410,558,148	)		76,829,806
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(357,467,116	)		301,681,927
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(20,142,793	)
Class B		—			(6,143,148	)
		—			(26,285,941	)
Distributions from net realized capital gains
Class A		—			(119,932,885	)
Class B		—			(50,613,639	)
		—			(170,546,524	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(196,832,465	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [11,828,362 and 40,414,171 shares, respectively]		179,511,831			673,036,589
Capital shares issued in reinvestment of dividends and distributions [0 and 8,815,526 shares, respectively]		—			140,075,678
Capital shares repurchased [(9,516,392) and (2,380,763) shares, respectively]		(141,017,855	)		(39,646,603	)
Total Class A transactions		38,493,976			773,465,664
Class B
Capital shares sold [6,763,730 and 14,770,972 shares, respectively]		102,152,541			243,588,578
Capital shares issued in reinvestment of dividends and distributions [0 and 3,576,266 shares, respectively]		—			56,756,787
Capital shares repurchased [(6,236,462) and (12,196,701) shares, respectively]		(93,939,904	)		(201,869,162	)
Total Class B transactions		8,212,637			98,476,203
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		46,706,613			871,941,867
TOTAL INCREASE (DECREASE) IN NET ASSETS		(310,760,503	)		976,791,329
NET ASSETS:
Beginning of period		3,098,902,347			2,122,111,018
End of period (a)	$	2,788,141,844		$	3,098,902,347
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	43,498,301		$	(328,305	)

See Notes to Financial Statements.

151

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $1,216,357,007) (Securities on loan at market value $99,553,084)	$	1,152,395,234
Foreign Cash (Cost $699)		733
Receivable from Separate Accounts for Trust shares sold		1,576,291
Dividends, interest and other receivables		1,235,262
Receivable for securities sold		562,137
Other assets		4,938
Total assets		1,155,774,595
LIABILITIES
Collateral held for loaned securities		103,461,305
Payable to Separate Accounts for Trust shares redeemed		827,719
Investment management fees payable		787,055
Administrative fees payable		139,665
Recoupment fees payable		85,366
Distribution fees payable - Class B		37,979
Trustees’ fees payable		11,651
Accrued expenses		43,507
Total liabilities		105,394,247
NET ASSETS	$	1,050,380,348
Net assets were comprised of:
Paid in capital	$	1,129,632,045
Accumulated undistributed net investment income		3,879,116
Accumulated net realized loss		(19,169,141	)
Unrealized depreciation on investments and foreign currency translations		(63,961,672	)
Net assets	$	1,050,380,348
Class A
Net asset value, offering and redemption price per share, $874,848,847 / 86,339,202 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.13
Class B
Net asset value, offering and redemption price per share, $175,531,501 / 17,340,030 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.12
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2008 (Unaudited)
INVESTMENT INCOME
Dividends (net of $130,608 foreign withholding tax)	$	8,685,233
Interest		623,691
Securities lending (net)		277,479
Total income		9,586,403
EXPENSES
Investment management fees		4,521,116
Administrative fees		809,998
Distribution fees - Class B		237,317
Recoupment fees		144,201
Printing and mailing expenses		67,023
Professional fees		26,639
Custodian fees		25,212
Trustees’ fees		3,691
Miscellaneous		13,952
Gross expenses		5,849,149
Less: Fees paid indirectly		(15,059	)
Net expenses		5,834,090
NET INVESTMENT INCOME		3,752,313
REALIZED AND UNREALIZED GAIN (LOSS)
Realized loss on:
Securities		(15,891,716	)
Foreign currency transactions		(28,187	)
Net realized loss		(15,919,903	)
Change in unrealized appreciation (depreciation) on:
Securities		(134,288,503	)
Foreign currency translations		64
Net change in unrealized depreciation		(134,288,439	)
NET REALIZED AND UNREALIZED LOSS		(150,208,342	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(146,456,029	)

See Notes to Financial Statements.

152

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,752,313		$	6,512,231
Net realized gain (loss) on investments and foreign currency transactions		(15,919,903	)		53,140,420
Net change in unrealized depreciation on investments and foreign currency translations		(134,288,439	)		(18,341,744	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(146,456,029	)		41,310,907
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(5,469,603	)
Class B		—			(881,387	)
		—			(6,350,990	)
Distributions from net realized capital gains
Class A		—			(53,799,639	)
Class B		—			(14,317,335	)
		—			(68,116,974	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(74,467,964	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [15,712,444 and 20,732,724 shares, respectively]		168,126,805			259,550,553
Capital shares issued in reinvestment of dividends and distributions [0 and 5,096,178 shares, respectively]		—			59,269,242
Capital shares repurchased [(1,585,718) and (3,634,586) shares, respectively]		(16,861,006	)		(46,536,011	)
Total Class A transactions		151,265,799			272,283,784
Class B
Capital shares sold [1,972,380 and 4,229,101 shares, respectively]		21,047,561			52,944,114
Capital shares issued in reinvestment of dividends and distributions [0 and 1,304,411 shares, respectively]		—			15,198,722
Capital shares repurchased [(3,096,835) and (4,485,255) shares, respectively]		(33,075,842	)		(56,034,483	)
Total Class B transactions		(12,028,281	)		12,108,353
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		139,237,518			284,392,137
TOTAL INCREASE (DECREASE) IN NET ASSETS		(7,218,511	)		251,235,080
NET ASSETS:
Beginning of period		1,057,598,859			806,363,779
End of period (a)	$	1,050,380,348		$	1,057,598,859
(a)    Includes accumulated undistributed net investment income of	$	3,879,116		$	126,803

See Notes to Financial Statements.

153

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $347,754,380) (Securities on loan at market value $11,068,731)	$	377,416,040
Receivable for securities sold		1,739,053
Dividends, interest and other receivables		226,970
Receivable from Separate Accounts for Trust shares sold		158,267
Other assets		1,992
Total assets		379,542,322
LIABILITIES
Overdraft payable		101
Collateral held for loaned securities		11,386,359
Payable for securities purchased		1,519,567
Investment management fees payable		275,188
Payable to Separate Accounts for Trust shares redeemed		231,687
Distribution fees payable - Class B		73,410
Administrative fees payable		56,552
Trustees’ fees payable		5,213
Accrued expenses		16,037
Total liabilities		13,564,114
NET ASSETS	$	365,978,208
Net assets were comprised of:
Paid in capital	$	344,195,344
Accumulated net investment loss		(1,046,339	)
Accumulated net realized loss		(6,832,457	)
Unrealized appreciation on investments		29,661,660
Net assets	$	365,978,208
Class A
Net asset value, offering and redemption price per share, $22,593,354 / 2,542,810 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.89
Class B
Net asset value, offering and redemption price per share, $343,384,854 / 39,376,403 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.72
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2008 (Unaudited)
INVESTMENT INCOME
Dividends (net of $368 foreign withholding tax)	$	1,280,935
Interest		127,095
Securities lending (net)		47,302
Total income		1,455,332
EXPENSES
Investment management fees		1,695,319
Distribution fees - Class B		441,534
Administrative fees		343,146
Printing and mailing expenses		25,368
Professional fees		23,389
Custodian fees		17,577
Trustees’ fees		1,391
Miscellaneous		6,835
Gross expenses		2,554,559
Less: Waiver from investment advisor		(39,909	)
Fees paid indirectly		(23,527	)
Net expenses		2,491,123
NET INVESTMENT LOSS		(1,035,791	)
REALIZED AND UNREALIZED LOSS
Net realized loss on securities		(3,276,012	)
Net change in unrealized depreciation on securities		(36,263,268	)
NET REALIZED AND UNREALIZED LOSS		(39,539,280	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(40,575,071	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,035,791	)	$	(1,155,992	)
Net realized gain (loss) on investments		(3,276,012	)		43,921,908
Net change in unrealized depreciation on investments		(36,263,268	)		(739,037	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(40,575,071	)		42,026,879
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		—			(2,874,715	)
Class B		—			(44,364,657	)
TOTAL DISTRIBUTIONS		—			(47,239,372	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [651,980 and 717,861 shares, respectively]		5,892,270			7,716,030
Capital shares issued in reinvestment of distributions [0 and 297,847 shares, respectively]		—			2,874,715
Capital shares repurchased [(748,602) and (495,964) shares, respectively]		(6,708,251	)		(5,219,771	)
Total Class A transactions		(815,981	)		5,370,974
Class B
Capital shares sold [3,794,911 and 7,331,682 shares, respectively]		33,365,424			76,906,394
Capital shares issued in reinvestment of distributions [0 and 4,675,077 shares, respectively]		—			44,364,657
Capital shares repurchased [(4,894,020) and (9,448,777) shares, respectively]		(43,299,545	)		(97,883,503	)
Total Class B transactions		(9,934,121	)		23,387,548
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(10,750,102	)		28,758,522
TOTAL INCREASE (DECREASE) IN NET ASSETS		(51,325,173	)		23,546,029
NET ASSETS:
Beginning of period		417,303,381			393,757,352
End of period (a)	$	365,978,208		$	417,303,381
(a)    Includes accumulated net investment loss and overdistributed net investment income of	$	(1,046,339	)	$	(10,548	)

See Notes to Financial Statements.

154

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $2,492,191,422) (Securities on loan at market value $154,421,577)	$	2,283,624,645
Receivable for securities sold		25,888,381
Receivable from Separate Accounts for Trust shares sold		1,956,956
Dividends, interest and other receivables		4,674,419
Other assets		10,038
Total assets		2,316,154,439
LIABILITIES
Overdraft payable		10,900
Collateral held for loaned securities		159,224,691
Payable for securities purchased		48,830,881
Investment management fees payable		1,551,812
Payable to Separate Accounts for Trust shares redeemed		1,441,985
Administrative fees payable		270,832
Distribution fees payable - Class B		136,906
Trustees’ fees payable		22,934
Accrued expenses		117,902
Total liabilities		211,608,843
NET ASSETS	$	2,104,545,596
Net assets were comprised of:
Paid in capital	$	2,338,927,256
Accumulated undistributed net investment income		16,241,215
Accumulated net realized loss		(42,087,618	)
Unrealized depreciation on investments and foreign currency translations		(208,535,257	)
Net assets	$	2,104,545,596
Class A
Net asset value, offering and redemption price per share, $1,468,077,427 / 143,839,335 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.21
Class B
Net asset value, offering and redemption price per share, $636,468,169 / 62,429,211 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.20
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2008 (Unaudited)
INVESTMENT INCOME
Dividends (net of $110,843 foreign withholding tax)	$	26,532,229
Interest		629,868
Securities lending (net)		289,576
Total income		27,451,673
EXPENSES
Investment management fees		8,858,193
Administrative fees		1,557,319
Distribution fees - Class B		834,526
Printing and mailing expenses		133,654
Custodian fees		46,591
Professional fees		32,329
Trustees’ fees		7,319
Miscellaneous		25,225
Gross expenses		11,495,156
Less: Fees paid indirectly		(224,652	)
Net expenses		11,270,504
NET INVESTMENT INCOME		16,181,169
REALIZED AND UNREALIZED GAIN (LOSS)
Realized loss on:
Securities		(41,818,529	)
Foreign currency transactions		(13,400	)
Net realized loss		(41,831,929	)
Change in unrealized appreciation (depreciation) on:
Securities		(268,423,859	)
Foreign currency translations		25,153
Net change in unrealized depreciation		(268,398,706	)
NET REALIZED AND UNREALIZED LOSS		(310,230,635	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(294,049,466	)

See Notes to Financial Statements.

155

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MULTIMANAGER LARGE CAP VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	16,181,169		$	24,313,273
Net realized gain (loss) on investments and foreign currency transactions		(41,831,929	)		182,067,483
Net change in unrealized depreciation on investments and foreign currency translations		(268,398,706	)		(145,722,757	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(294,049,466	)		60,657,999
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(16,324,347	)
Class B		—			(7,910,661	)
		—			(24,235,008	)
Distributions from net realized capital gains
Class A		—			(121,085,914	)
Class B		—			(72,851,732	)
		—			(193,937,646	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(218,172,654	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [42,275,124 and 29,275,591 shares, respectively]		464,312,427			391,542,225
Capital shares issued in reinvestment of dividends and distributions [0 and 11,708,646 shares, respectively]		—			137,410,261
Capital shares repurchased [(1,926,136) and (8,787,423) shares, respectively]		(21,104,069	)		(121,420,874	)
Total Class A transactions		443,208,358			407,531,612
Class B
Capital shares sold [8,148,714 and 12,781,555 shares, respectively]		89,459,873			170,912,150
Capital shares issued in reinvestment of dividends and distributions [0 and 6,872,492 shares, respectively]		—			80,762,393
Capital shares repurchased [(6,635,729) and (13,487,158) shares, respectively]		(72,579,816	)		(179,967,965	)
Total Class B transactions		16,880,057			71,706,578
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		460,088,415			479,238,190
TOTAL INCREASE IN NET ASSETS		166,038,949			321,723,535
NET ASSETS:
Beginning of period		1,938,506,647			1,616,783,112
End of period (a)	$	2,104,545,596		$	1,938,506,647
(a)    Includes accumulated undistributed net investment income of	$	16,241,215		$	60,046

See Notes to Financial Statements.

156

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $906,660,786) (Securities on loan at market value $184,807,436)	$	934,794,866
Receivable for securities sold		22,448,594
Receivable from Separate Accounts for Trust shares sold		191,251
Dividends, interest and other receivables		123,169
Other assets		3,790
Total assets		957,561,670
LIABILITIES
Overdraft payable		3,137
Collateral held for loaned securities		192,415,007
Payable for securities purchased		25,330,389
Investment management fees payable		693,106
Payable to Separate Accounts for Trust shares redeemed		603,247
Administrative fees payable		102,362
Distribution fees payable - Class B		102,301
Trustees’ fees payable		10,554
Accrued expenses		81,184
Total liabilities		219,341,287
NET ASSETS	$	738,220,383
Net assets were comprised of:
Paid in capital	$	708,171,183
Accumulated net investment loss		(2,878,908	)
Accumulated undistributed net realized gain		4,794,028
Unrealized appreciation on investments		28,134,080
Net assets	$	738,220,383
Class A
Net asset value, offering and redemption price per share, $259,982,533 / 31,846,023 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.16
Class B
Net asset value, offering and redemption price per share, $478,237,850 / 59,852,753 shares outstanding (unlimited amount authorized: $0.001 par value)	$	7.99

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends	$	1,179,859
Interest		202,566
Securities lending (net)		1,119,113
Total income		2,501,538
EXPENSES
Investment management fees		4,145,230
Administrative fees		617,347
Distribution fees - Class B		603,973
Custodian fees		58,180
Printing and mailing expenses		50,350
Professional fees		25,341
Trustees’ fees		2,787
Miscellaneous		11,729
Gross expenses		5,514,937
Less: Fees paid indirectly		(152,394	)
Net expenses		5,362,543
NET INVESTMENT LOSS		(2,861,005	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		1,253,741
Foreign currency transactions		(6,002	)
Net realized gain		1,247,739
Net change in unrealized depreciation on securities		(89,463,183	)
NET REALIZED AND UNREALIZED LOSS		(88,215,444	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(91,076,449	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(2,861,005	)	$	(6,754,809	)
Net realized gain on investments and foreign currency transactions		1,247,739			87,200,572
Net change in unrealized appreciation (depreciation) on investments		(89,463,183	)		7,561,638
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(91,076,449	)		88,007,401
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		—			(28,110,709	)
Class B		—			(55,110,513	)
TOTAL DISTRIBUTIONS		—			(83,221,222	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [3,467,993 and 10,049,446 shares, respectively]		27,878,350			99,700,680
Capital shares issued in reinvestment of distributions [0 and 3,171,593 shares, respectively]		—			28,110,709
Capital shares repurchased [(4,834,284) and (5,513,389) shares, respectively]		(39,570,346	)		(52,429,736	)
Total Class A transactions		(11,691,996	)		75,381,653
Class B
Capital shares sold [3,958,704 and 6,989,574 shares, respectively]		31,695,985			67,277,400
Capital shares issued in reinvestment of distributions [0 and 6,322,799 shares, respectively]		—			55,110,513
Capital shares repurchased [(6,088,480) and (12,357,865) shares, respectively]		(48,401,428	)		(118,585,178	)
Total Class B transactions		(16,705,443	)		3,802,735
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(28,397,439	)		79,184,388
TOTAL INCREASE (DECREASE) IN NET ASSETS		(119,473,888	)		83,970,567
NET ASSETS:
Beginning of period		857,694,271			773,723,704
End of period (a)	$	738,220,383		$	857,694,271
(a)    Includes accumulated net investment loss and overdistributed net investment income of	$	(2,878,908	)	$	(17,903	)

See Notes to Financial Statements.

157

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $1,164,713,224) (Securities on loan at market value $176,935,276)	$	1,181,304,657
Cash		15,267
Receivable for securities sold		3,294,651
Dividends, interest and other receivables		992,485
Receivable from Separate Accounts for Trust shares sold		566,181
Other assets		4,920
Total assets		1,186,178,161
LIABILITIES
Overdraft payable of foreign cash		14,783
Collateral held for loaned securities		183,522,636
Payable for securities purchased		3,710,163
Payable to Separate Accounts for Trust shares redeemed		1,200,726
Investment management fees payable		931,508
Administrative fees payable		135,068
Distribution fees payable - Class B		100,570
Trustees’ fees payable		15,070
Accrued expenses		110,198
Total liabilities		189,740,722
NET ASSETS	$	996,437,439
Net assets were comprised of:
Paid in capital	$	1,021,775,140
Accumulated undistributed net investment income		1,651,878
Accumulated net realized loss		(43,581,889	)
Unrealized appreciation on investments and foreign currency translations		16,592,310
Net assets	$	996,437,439
Class A
Net asset value, offering and redemption price per share, $531,072,881 / 61,944,469 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.57
Class B
Net asset value, offering and redemption price per share, $465,364,558 / 55,430,719 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.40

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends (net of $14,026 foreign withholding tax)	$	7,239,515
Interest		276,242
Securities lending (net)		775,673
Total income		8,291,430
EXPENSES
Investment management fees		5,476,050
Administrative fees		801,001
Distribution fees - Class B		605,787
Custodian fees		116,838
Printing and mailing expenses		66,418
Professional fees		26,591
Trustees’ fees		3,700
Miscellaneous		16,769
Gross expenses		7,113,154
Less: Fees paid indirectly		(67,281	)
Net expenses		7,045,873
NET INVESTMENT INCOME		1,245,557
REALIZED AND UNREALIZED GAIN (LOSS)
Realized loss on:
Securities		(38,539,202	)
Foreign currency transactions		(40,366	)
Net realized loss		(38,579,568	)
Change in unrealized appreciation (depreciation) on:
Securities		(36,442,814	)
Foreign currency translations		903
Net change in unrealized depreciation		(36,441,911	)
NET REALIZED AND UNREALIZED LOSS		(75,021,479	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(73,775,922	)

See Notes to Financial Statements.

158

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,245,557		$	343,869
Net realized gain (loss) on investments and foreign currency transactions		(38,579,568	)		81,462,344
Net change in unrealized depreciation on investments and foreign currency translations		(36,441,911	)		(88,534,639	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		(73,775,922	)		(6,728,426	)
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		—			(45,707,191	)
Class B		—			(47,970,841	)
TOTAL DISTRIBUTIONS		—			(93,678,032	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [4,690,262 and 17,872,003 shares, respectively]		40,880,224			192,444,922
Capital shares issued in reinvestment of distributions [0 and 4,988,611 shares, respectively]		—			45,707,191
Capital shares repurchased [(1,055,262) and (3,252,579) shares, respectively]		(8,919,569	)		(33,707,596	)
Total Class A transactions		31,960,655			204,444,517
Class B
Capital shares sold [3,700,447 and 8,667,369 shares, respectively]		31,803,173			89,994,620
Capital shares issued in reinvestment of distributions [0 and 5,326,225 shares, respectively]		—			47,970,841
Capital shares repurchased [(8,190,578) and (14,840,150) shares, respectively]		(69,286,799	)		(154,081,066	)
Total Class B transactions		(37,483,626	)		(16,115,605	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(5,522,971	)		188,328,912
TOTAL INCREASE (DECREASE) IN NET ASSETS		(79,298,893	)		87,922,454
NET ASSETS:
Beginning of period		1,075,736,332			987,813,878
End of period (a)	$	996,437,439		$	1,075,736,332
(a)    Includes accumulated undistributed net investment income of	$	1,651,878		$	406,321

See Notes to Financial Statements.

159

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $899,535,273) (Securities on loan at market value $208,893,215)	$	884,566,834
Cash		91,868
Receivable for securities sold		4,684,577
Receivable from Separate Accounts for Trust shares sold		258,453
Dividends, interest and other receivables		125,463
Other assets		3,954
Total assets		889,731,149
LIABILITIES
Collateral held for loaned securities		217,275,945
Payable for securities purchased		8,256,756
Payable to Separate Accounts for Trust shares redeemed		646,341
Investment management fees payable		584,851
Administrative fees payable		91,824
Distribution fees payable - Class B		67,442
Recoupment fees payable		27,582
Trustees’ fees payable		477
Accrued expenses		177,940
Total liabilities		227,129,158
NET ASSETS	$	662,601,991
Net assets were comprised of:
Paid in capital	$	714,933,040
Accumulated net investment loss		(2,245,926	)
Accumulated net realized loss		(35,116,684	)
Unrealized depreciation on investments		(14,968,439	)
Net assets	$	662,601,991
Class A*
Net asset value, offering and redemption price per share, $349,300,656 / 45,547,475 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.67
Class B
Net asset value, offering and redemption price per share, $313,301,335 / 40,909,542 shares outstanding (unlimited amount authorized: $0.01 par value)	$	7.66

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends	$	517,073
Interest		290,869
Securities lending (net)		508,690
Total income		1,316,632
EXPENSES
Investment management fees		2,762,685
Administrative fees		446,637
Distribution fees - Class B		407,909
Custodian fees		81,572
Printing and mailing expenses		34,020
Recoupment fees		21,949
Professional fees		21,496
Trustees’ fees		1,763
Miscellaneous		7,640
Gross expenses		3,785,671
Less: Fees paid indirectly		(225,049	)
Net expenses		3,560,622
NET INVESTMENT LOSS		(2,243,990	)
REALIZED AND UNREALIZED LOSS
Net realized loss on securities		(33,108,902	)
Net change in unrealized depreciation on securities		(20,136,847	)
NET REALIZED AND UNREALIZED LOSS		(53,245,749	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(55,489,739	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(2,243,990	)	$	(659,644	)
Net realized gain (loss) on investments		(33,108,902	)		46,877,747
Net change in unrealized depreciation on investments		(20,136,847	)		(47,542,539	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		(55,489,739	)		(1,324,436	)
DISTRIBUTIONS:
Distributions from net realized capital gains
Class B		—			(36,537,518	)
CAPITAL SHARES TRANSACTIONS:
Class A*
Capital shares sold [45,769,465 and 0 shares, respectively]		351,955,750			—
Capital shares repurchased [(221,990) and 0 shares, respectively]		(1,729,680	)		—
Total Class A transactions		350,226,070			—
Class B
Capital shares sold [3,261,424 and 8,631,980 shares, respectively]		25,634,081			87,822,048
Capital shares issued in connection with the substitution [0 and 16,003,257 shares, respectively] (See Note 9)		—			170,425,185
Capital shares issued in reinvestment of distributions [0 and 4,299,021 shares, respectively]		—			36,537,518
Capital shares repurchased [(6,342,293) and (14,111,222) shares, respectively]		(49,805,552	)		(142,695,300	)
Total Class B transactions		(24,171,471	)		152,089,451
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		326,054,599			152,089,451
TOTAL INCREASE IN NET ASSETS		270,564,860			114,227,497
NET ASSETS:
Beginning of period		392,037,131			277,809,634
End of period (a)	$	662,601,991		$	392,037,131
(a)    Includes accumulated net investment loss and overdistributed net investment income of	$	(2,245,926	)	$	(1,936	)

* Class A commenced operations on January 22, 2008.

See Notes to Financial Statements.

160

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $1,457,770,543) (Securities on loan at market value $108,994,643)	$	1,234,599,130
Receivable for securities sold		6,688,538
Dividends, interest and other receivables		960,435
Receivable from Separate Accounts for Trust shares sold		253,217
Other assets		121,115
Total assets		1,242,622,435
LIABILITIES
Overdraft payable		259,121
Collateral held for loaned securities		115,792,005
Payable for securities purchased		8,344,166
Payable to Separate Accounts for Trust shares redeemed		1,224,906
Investment management fees payable		1,049,854
Distribution fees payable - Class B		431,643
Administrative fees payable		299,898
Trustees’ fees payable		7,076
Total liabilities		127,408,669
NET ASSETS	$	1,115,213,766
Net assets were comprised of:
Paid in capital	$	1,457,209,030
Accumulated undistributed net investment income		992,621
Accumulated net realized loss		(119,816,472	)
Unrealized depreciation on investments		(223,171,413	)
Net assets	$	1,115,213,766
Class A
Net asset value, offering and redemption price per share, $333,291,349 / 33,504,799 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.95
Class B
Net asset value, offering and redemption price per share, $781,922,417 / 78,637,239 shares outstanding (unlimited amount authorized: $0.01 par value)	$	9.94

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends (net of $14,651 foreign withholding tax)	$	8,720,007
Interest		466,949
Securities lending (net)		685,105
Total income		9,872,061
EXPENSES
Investment management fees		6,708,848
Distribution fees - Class B		1,074,646
Administrative fees		1,011,744
Custodian fees		96,165
Printing and mailing expenses		87,730
Professional fees		26,780
Trustees’ fees		5,054
Miscellaneous		24,914
Gross expenses		9,035,881
Less: Fees paid indirectly		(206,164	)
Net expenses		8,829,717
NET INVESTMENT INCOME		1,042,344
REALIZED AND UNREALIZED LOSS
Net realized loss on securities		(116,794,445	)
Net change in unrealized depreciation on securities		(55,954,164	)
NET REALIZED AND UNREALIZED LOSS		(172,748,609	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(171,706,265	)

See Notes to Financial Statements.

161

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,042,344		$	11,104,317
Net realized gain (loss) on investments		(116,794,445	)		98,365,376
Net change in unrealized depreciation on investments		(55,954,164	)		(297,674,545	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		(171,706,265	)		(188,204,852	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(3,839,704	)
Class B		—			(3,512,727	)
		—			(7,352,431	)
Distributions from net realized capital gains
Class A		—			(58,358,622	)
Class B		—			(91,128,079	)
		—			(149,486,701	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(156,839,132	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [782,622 and 17,659,173 shares, respectively]		8,211,969			244,515,624
Capital shares issued in reinvestment of dividends and distributions [0 and 5,402,219 shares, respectively]		—			62,198,326
Capital shares repurchased [(23,254,416) and (9,255,416) shares, respectively]		(241,075,311	)		(116,308,836	)
Total Class A transactions		(232,863,342	)		190,405,114
Class B
Capital shares sold [2,037,923 and 6,758,137 shares, respectively]		21,477,400			92,738,567
Capital shares issued in reinvestment of dividends and distributions [0 and 8,202,184 shares, respectively]		—			94,640,806
Capital shares repurchased [(10,669,834) and (24,468,614) shares, respectively]		(111,323,451	)		(327,607,336	)
Total Class B transactions		(89,846,051	)		(140,227,963	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(322,709,393	)		50,177,151
TOTAL DECREASE IN NET ASSETS		(494,415,658	)		(294,866,833	)
NET ASSETS:
Beginning of period		1,609,629,424			1,904,496,257
End of period (a)	$	1,115,213,766		$	1,609,629,424
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	992,621		$	(49,723	)

See Notes to Financial Statements.

162

AXA PREMIER VIP TRUST

MULTIMANAGER TECHNOLOGY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value (Cost $670,719,999) (Securities on loan at market value $60,708,948)	$	660,043,640
Cash		14,980
Foreign Cash (Cost $2,603,559)		2,603,376
Receivable from Separate Accounts for Trust shares sold		840,150
Receivable for securities sold		3,151,382
Dividends, interest and other receivables		136,728
Other assets.		3,710
Total assets.		666,793,966
LIABILITIES
Collateral held for loaned securities		62,807,676
Payable for securities purchased		4,944,477
Investment management fees payable.		623,202
Payable to Separate Accounts for Trust shares redeemed		559,487
Distribution fees payable - Class B		124,582
Administrative fees payable		87,348
Trustees’ fees payable		8,116
Accrued expenses.		95,039
Total liabilities.		69,249,927
NET ASSETS	$	597,544,039
Net assets were comprised of:
Paid in capital	$	685,363,699
Accumulated net investment loss.		(2,239,156	)
Accumulated net realized loss		(74,900,496	)
Unrealized depreciation on investments and foreign currency translations		(10,680,008	)
Net assets	$	597,544,039
Class A
Net asset value, offering and redemption price per share, $31,921,557 / 2,796,722 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.41
Class B
Net asset value, offering and redemption price per share, $565,622,482 / 50,393,013 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.22

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Dividends (net of $15,008 foreign withholding tax)	$	2,121,328
Interest		421,841
Securities lending (net)		192,764
Total income		2,735,933
EXPENSES
Investment management fees		3,631,287
Distribution fees - Class B		716,883
Administrative fees		509,054
Custodian fees		54,892
Printing and mailing expenses		40,514
Professional fees		28,051
Trustees’ fees		2,242
Miscellaneous		13,586
Gross expenses		4,996,509
Less: Fees paid indirectly		(29,855	)
Net expenses		4,966,654
NET INVESTMENT LOSS		(2,230,721	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(3,082,889	)
Foreign currency transactions		161,953
Net realized loss		(2,920,936	)
Change in unrealized depreciation on:
Securities		(89,167,723	)
Foreign currency translations		(4,345	)
Net change in unrealized depreciation		(89,172,068	)
NET REALIZED AND UNREALIZED LOSS		(92,093,004	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(94,323,725	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(2,230,721	)	$	(5,018,133	)
Net realized gain (loss) on investments and foreign currency transactions		(2,920,936	)		82,319,008
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(89,172,068	)		14,353,092
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(94,323,725	)		91,653,967
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [666,460 and 1,153,282 shares, respectively]		7,839,370			14,772,479
Capital shares repurchased [(619,737) and (963,783) shares, respectively]		(7,257,387	)		(11,746,779	)
Total Class A transactions		581,983			3,025,700
Class B
Capital shares sold [7,864,135 and 18,689,328 shares, respectively]		91,319,129			234,165,563
Capital shares repurchased [(8,069,939) and (15,149,320) shares, respectively]		(92,957,413	)		(180,946,364	)
Total Class B transactions		(1,638,284	)		53,219,199
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,056,301	)		56,244,899
TOTAL INCREASE (DECREASE) IN NET ASSETS		(95,380,026	)		147,898,866
NET ASSETS:
Beginning of period		692,924,065			545,025,199
End of period (a)	$	597,544,039		$	692,924,065
(a) Includes accumulated net investment loss of	$	(2,239,156	)	$	(8,435	)

See Notes to Financial Statements.

163

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $77,794,679)	$	72,767,929
Unaffiliated Issuers (Amortized Cost $376,057)		376,057
Cash		57,899
Dividends, interest and other receivables		332
Total assets		73,202,217
LIABILITIES
Administrative fees payable		10,940
Distribution fees payable - Class B		4,793
Trustees’ fees payable		128
Accrued expenses		25,732
Total liabilities		41,593
NET ASSETS	$	73,160,624
Net assets were comprised of:
Paid in capital	$	78,215,404
Accumulated net investment loss		(83,680	)
Accumulated undistributed net realized gain		55,650
Unrealized depreciation on investments		(5,026,750	)
Net assets	$	73,160,624
Class A
Net asset value, offering and redemption price per share, $49,908,771 / 5,063,457 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.86
Class B
Net asset value, offering and redemption price per share, $23,251,853 / 2,361,825 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.84

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Interest	$	5,258
Total income		5,258
EXPENSES
Administrative fees		45,209
Professional fees		25,590
Custodian fees		25,360
Distribution fees - Class B		24,093
Investment management fees		18,536
Printing and mailing expenses		2,080
Trustees’ fees		105
Miscellaneous		2,150
Gross expenses		143,123
Less: Waiver from investment advisor		(54,213	)
Net expenses		88,910
NET INVESTMENT LOSS		(83,652	)
REALIZED AND UNREALIZED LOSS
Net realized loss on securities (All realized loss from affiliates)		(222,153	)
Net change in unrealized depreciation on securities		(4,660,450	)
NET REALIZED AND UNREALIZED LOSS		(4,882,603	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,966,255	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(83,652	)	$	307,151
Net realized gain (loss) on investments		(222,153	)		447,454
Net change in unrealized depreciation on investments		(4,660,450	)		(387,089	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(4,966,255	)		367,516
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(17,843	)
Class B		—			(367,981	)
		—			(385,824	)
Distributions from net realized capital gains
Class A		—			(6,552	)
Class B		—			(122,890	)
		—			(129,442	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(515,266	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [5,098,698 and 0 shares, respectively]		53,498,468			—
Capital shares issued in reinvestment of dividends and distributions [0 and 2,263 shares, respectively]		—			24,395
Capital shares repurchased [(88,709) and 0 shares, respectively]		(920,090	)		—
Total Class A transactions		52,578,378			24,395
Class B
Capital shares sold [1,597,232 and 1,141,904 shares, respectively]		16,409,072			12,655,495
Capital shares issued in reinvestment of dividends and distributions [0 and 45,569 shares, respectively]		—			490,871
Capital shares repurchased [(453,731) and (160,367) shares, respectively]		(4,658,980	)		(1,787,428	)
Total Class B transactions		11,750,092			11,358,938
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		64,328,470			11,383,333
TOTAL INCREASE IN NET ASSETS		59,362,215			11,235,583
NET ASSETS:
Beginning of period		13,798,409			2,562,826
End of period (a)	$	73,160,624		$	13,798,409
(a)    Includes accumulated net investment loss and overdistributed net investment income of	$	(83,680	)	$	(28	)

See Notes to Financial Statements.

164

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $73,231,347)	$	67,304,829
Unaffiliated Issuers (Amortized Cost $162,191)		162,191
Dividends, interest and other receivables		45
Total assets		67,467,065
LIABILITIES
Overdraft payable		116,984
Administrative fees payable		9,407
Distribution fees payable - Class B		4,451
Trustees’ fees payable		148
Accrued expenses		25,282
Total liabilities		156,272
NET ASSETS	$	67,310,793
Net assets were comprised of:
Paid in capital	$	73,025,840
Accumulated net investment loss		(85,601	)
Accumulated undistributed net realized gain		297,072
Unrealized depreciation on investments		(5,926,518	)
Net assets	$	67,310,793
Class A
Net asset value, offering and redemption price per share, $45,998,119 / 4,674,986 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.84
Class B
Net asset value, offering and redemption price per share, $21,312,674 / 2,168,597 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.83

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Interest	$	2,708
Total income		2,708
EXPENSES
Administrative fees		44,658
Professional fees		25,593
Custodian fees		25,360
Distribution fees - Class B		24,750
Investment management fees		18,168
Printing and mailing expenses		2,095
Trustees’ fees		109
Miscellaneous		2,073
Gross expenses		142,806
Less: Waiver from investment advisor		(54,533	)
Net expenses		88,273
NET INVESTMENT LOSS		(85,565	)
REALIZED AND UNREALIZED LOSS
Net realized loss on securities (All realized loss from affiliates)		(131,541	)
Net change in unrealized depreciation on securities		(5,376,639	)
NET REALIZED AND UNREALIZED LOSS		(5,508,180	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,593,745	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(85,565	)	$	301,918
Net realized gain (loss) on investments.		(131,541	)		688,089
Net change in unrealized depreciation on investments		(5,376,639	)		(589,309	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(5,593,745	)		400,698
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(15,175	)
Class B		—			(399,127	)
		—			(414,302	)
Distributions from net realized capital gains
Class A		—			(7,212	)
Class B		—			(187,682	)
		—			(194,894	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(609,196	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [4,740,472 and 0 shares, respectively]		50,092,491			—
Capital shares issued in reinvestment of dividends and distributions [0 and 2,047 shares, respectively]		—			22,387
Capital shares repurchased [(118,572) and 0 shares, respectively]		(1,254,397	)		—
Total Class A transactions		48,838,094			22,387
Class B
Capital shares sold [924,886 and 1,519,435 shares, respectively]		9,542,737			17,110,231
Capital shares issued in reinvestment of dividends and distributions [0 and 53,667 shares, respectively]		—			586,809
Capital shares repurchased [(325,287) and (206,308) shares, respectively]		(3,359,117	)		(2,325,640	)
Total Class B transactions		6,183,620			15,371,400
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		55,021,714			15,393,787
TOTAL INCREASE IN NET ASSETS		49,427,969			15,185,289
NET ASSETS:
Beginning of period		17,882,824			2,697,535
End of period (a)	$	67,310,793		$	17,882,824
(a)    Includes accumulated net investment loss and overdistributed net investment income of	$	(85,601	)	$	(36	)

See Notes to Financial Statements.

165

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $30,831,785)	$	28,055,620
Unaffiliated Issuers (Amortized Cost $40,245)		40,245
Receivable from investment manager		1,085
Dividends, interest and other receivables		17
Total assets		28,096,967
LIABILITIES
Overdraft payable		107,485
Distribution fees payable - Class B		2,957
Trustees’ fees payable		76
Accrued expenses		28,342
Total liabilities		138,860
NET ASSETS	$	27,958,107
Net assets were comprised of:
Paid in capital	$	30,505,514
Accumulated net investment loss		(44,199	)
Accumulated undistributed net realized gain		272,957
Unrealized depreciation on investments		(2,776,165	)
Net assets	$	27,958,107
Class A
Net asset value, offering and redemption price per share, $13,767,166 / 1,390,893 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.90
Class B
Net asset value, offering and redemption price per share, $14,190,941 / 1,435,499 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.89

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Interest	$	1,019
Total income		1,019
EXPENSES
Administrative fees		30,355
Professional fees		25,513
Custodian fees		24,270
Distribution fees - Class B		15,012
Investment management fees		8,633
Printing and mailing expenses		1,029
Trustees’ fees		53
Miscellaneous		2,064
Gross expenses		106,929
Less: Waiver from investment advisor		(38,988	)
Reimbursement from investment manager		(22,746	)
Net expenses		45,195
NET INVESTMENT LOSS		(44,176	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities (All realized gain from affiliates)		2,333
Net change in unrealized depreciation on securities		(2,537,942	)
NET REALIZED AND UNREALIZED LOSS		(2,535,609	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,579,785	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(44,176	)	$	136,339
Net realized gain on investments		2,333			382,674
Net change in unrealized depreciation on investments		(2,537,942	)		(293,881	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,579,785	)		225,132
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(13,592	)
Class B		—			(193,724	)
		—			(207,316	)
Distributions from net realized capital gains
Class A		—			(5,735	)
Class B		—			(70,941	)
		—			(76,676	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(283,992	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [1,357,633 and 0 shares, respectively]		14,507,270			—
Capital shares issued in reinvestment of dividends and distributions [0 and 1,740 shares, respectively]		—			19,327
Capital shares repurchased [(19,338) and 0 shares, respectively]		(198,583	)		—
Total Class A transactions		14,308,687			19,327
Class B
Capital shares sold [653,331 and 794,679 shares, respectively]		6,801,768			9,057,926
Capital shares issued in reinvestment of dividends and distributions [0 and 23,836 shares, respectively]		—			264,665
Capital shares repurchased [(94,562) and (55,890) shares, respectively]		(987,483	)		(643,909	)
Total Class B transactions		5,814,285			8,678,682
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		20,122,972			8,698,009
TOTAL INCREASE IN NET ASSETS		17,543,187			8,639,149
NET ASSETS:
Beginning of period		10,414,920			1,775,771
End of period (a)	$	27,958,107		$	10,414,920
(a)    Includes accumulated net investment loss and overdistributed net investment income of	$	(44,199	)	$	(23	)

See Notes to Financial Statements.

166

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2008 (Unaudited)

ASSETS
Investments at value:
Affiliated Issuers (Cost $14,851,803)	$	13,243,416
Unaffiliated Issuers (Amortized Cost $80,585)		80,585
Receivable from investment manager		4,956
Dividends, interest and other receivables		41
Total assets		13,328,998
LIABILITIES
Overdraft payable		48,223
Distribution fees payable - Class B		1,949
Trustees’ fees payable		51
Accrued expenses		24,831
Total liabilities		75,054
NET ASSETS	$	13,253,944
Net assets were comprised of:
Paid in capital	$	14,682,672
Accumulated net investment loss		(26,696	)
Accumulated undistributed net realized gain		206,355
Unrealized depreciation on investments		(1,608,387	)
Net assets	$	13,253,944
Class A
Net asset value, offering and redemption price per share, $4,005,074 / 410,119 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.77
Class B
Net asset value, offering and redemption price per share, $9,248,870 / 948,205 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.75

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2008 (Unaudited)

INVESTMENT INCOME
Interest	$	643
Total income		643
EXPENSES
Professional fees		25,481
Administrative fees		24,792
Custodian fees		23,542
Distribution fees - Class B		10,108
Investment management fees		4,924
Printing and mailing expenses		609
Trustees’ fees		31
Miscellaneous		2,064
Gross expenses		91,551
Less: Waiver from investment advisor		(29,716	)
Reimbursement from investment manager		(34,512	)
Net expenses		27,323
NET INVESTMENT LOSS		(26,680	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities (All realized gain from affiliates)		380
Net change in unrealized depreciation on securities		(1,356,576	)
NET REALIZED AND UNREALIZED LOSS		(1,356,196	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,382,876	)

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2008 (Unaudited)			Year Ended December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(26,680	)	$	67,640
Net realized gain on investments		380			406,031
Net change in unrealized depreciation on investments		(1,356,576	)		(302,715	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(1,382,876	)		170,956
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(11,597	)
Class B		—			(109,846	)
		—			(121,443	)
Distributions from net realized capital gains
Class A		—			(17,537	)
Class B		—			(168,412	)
		—			(185,949	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		—			(307,392	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [357,077 and 0 shares, respectively]		3,775,713			—
Capital shares issued in reinvestment of dividends and distributions [0 and 2,629 shares, respectively]		—			29,134
Capital shares repurchased [(304) and 0 shares, respectively]		(3,170	)		—
Total Class A transactions		3,772,543			29,134
Class B
Capital shares sold [401,568 and 574,865 shares, respectively]		4,129,772			6,664,583
Capital shares issued in reinvestment of dividends and distributions [0 and 25,142 shares, respectively]		—			278,258
Capital shares repurchased [(43,644) and (106,565) shares, respectively]		(448,572	)		(1,255,013	)
Total Class B transactions		3,681,200			5,687,828
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		7,453,743			5,716,962
TOTAL INCREASE IN NET ASSETS		6,070,867			5,580,526
NET ASSETS:
Beginning of period		7,183,077			1,602,551
End of period (a)	$	13,253,944		$	7,183,077
(a)    Includes accumulated net investment loss and overdistributed net investment income of	$	(26,696	)	$	(16	)

See Notes to Financial Statements.

167

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

	Six Months Ended June 30, 2008 (Unaudited)(c)			Year Ended December 31,												July 31, 2003* to December 31, 2003 (c)
Class A				2007 (c)			2006 (c)			2005 (c)			2004 (c)
Net asset value, beginning of period	$	10.90		$	10.87		$	10.69		$	10.80		$	10.45		$	10.00
Income (loss) from investment operations:
Net investment income		0.02			0.47			0.41			0.34			0.38			0.53
Net realized and unrealized gain (loss) on investments		(0.21	)		0.18			0.30			(0.04	)		0.28			0.06
Total from investment operations		(0.19	)		0.65			0.71			0.30			0.66			0.59
Less distributions:
Dividends from net investment income		—			(0.43	)		(0.38	)		(0.30	)		(0.30	)		(0.14	)
Distributions from net realized gains		—			(0.19	)		(0.15	)		(0.11	)		(0.01	)		—
Total dividends and distributions		—			(0.62	)		(0.53	)		(0.41	)		(0.31	)		(0.14	)
Net asset value, end of period	$	10.71		$	10.90		$	10.87		$	10.69		$	10.80		$	10.45
Total return (b)		(1.74	)%		6.11	%		6.55	%		2.78	%		6.29	%		5.89	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	10,778		$	9,015		$	4,999		$	3,054		$	2,071		$	93
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.29	%		0.31	%		0.32	%		0.32	%		0.51	%		9.14	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.37	%		4.17	%		3.80	%		3.17	%		3.50	%		12.33	%(l)
Before waivers and reimbursements (a)		0.18	%		3.96	%		3.58	%		2.95	%		3.09	%		3.29	%(l)
Portfolio turnover rate		16	%		39	%		55	%		101	%		18	%		9	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.02		$	0.04		$	0.39
	Six Months Ended June 30, 2008 (Unaudited)(c)			Year Ended December 31,												July 31, 2003* to December 31, 2003 (c)
Class B				2007 (c)			2006 (c)			2005 (c)			2004 (c)
Net asset value, beginning of period	$	10.90		$	10.87		$	10.69		$	10.80		$	10.45		$	10.00
Income (loss) from investment operations:
Net investment income		0.01			0.45			0.38			0.32			0.35			0.53
Net realized and unrealized gain (loss) on investments		(0.21	)		0.17			0.30			(0.05	)		0.28			0.05
Total from investment operations		(0.20	)		0.62			0.68			0.27			0.63			0.58
Less distributions:
Dividends from net investment income		—			(0.40	)		(0.35	)		(0.27	)		(0.27	)		(0.13	)
Distributions from net realized gains		—			(0.19	)		(0.15	)		(0.11	)		(0.01	)		—
Total dividends and distributions		—			(0.59	)		(0.50	)		(0.38	)		(0.28	)		(0.13	)
Net asset value, end of period	$	10.70		$	10.90		$	10.87		$	10.69		$	10.80		$	10.45
Total return (b)		(1.83	)%		5.74	%		6.37	%		2.52	%		6.02	%		5.78	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	917,734		$	585,489		$	339,978		$	217,999		$	109,357		$	5,986
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.54	%		0.56	%		0.57	%		0.57	%		0.76	%		9.39	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.11	%		4.02	%		3.48	%		2.92	%		3.25	%		12.08	%(l)
Before waivers and reimbursements (a)		(0.07	)%		3.81	%		3.26	%		2.70	%		2.84	%		3.04	%(l)
Portfolio turnover rate		16	%		39	%		55	%		101	%		18	%		9	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.02		$	0.04		$	0.40

See Notes to Financial Statements.

168

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008 (Unaudited)(c)			Year Ended December 31,												July 31, 2003* to December 31, 2003(c)
Class A				2007 (c)			2006 (c)			2005 (c)			2004(c)
Net asset value, beginning of period	$	11.59		$	11.61		$	11.16		$	11.22		$	10.66		$	10.00
Income from investment operations:
Net investment income		0.01			0.43			0.36			0.30			0.33			0.47
Net realized and unrealized gain (loss) on investments		(0.50	)		0.23			0.65			0.09			0.52			0.33
Total from investment operations		(0.49	)		0.66			1.01			0.39			0.85			0.80
Less distributions:
Dividends from net investment income		—			(0.42	)		(0.36	)		(0.25	)		(0.28	)		(0.14	)
Distributions from net realized gains		—			(0.26	)		(0.20	)		(0.20	)		(0.01	)		—
Total dividends and distributions		—			(0.68	)		(0.56	)		(0.45	)		(0.29	)		(0.14	)
Net asset value, end of period	$	11.10		$	11.59		$	11.61		$	11.16		$	11.22		$	10.66
Total return (b)		(4.23	)%		5.73	%		9.06	%		3.53	%		7.96	%		8.02	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	48,947		$	10,943		$	5,544		$	3,466		$	1,403		$	225
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.28	%		0.29	%		0.28	%		0.29	%		0.40	%		4.23	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.23	%		3.58	%		3.10	%		2.74	%		3.01	%		10.64	%(l)
Before waivers and reimbursements (a)		0.05	%		3.39	%		2.91	%		2.55	%		2.71	%		6.51	%(l)
Portfolio turnover rate		10	%		21	%		20	%		64	%		5	%		8	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.02		$	0.03		$	0.18
	Six Months Ended June 30, 2008 (Unaudited)(c)			Year Ended December 31,												July 31, 2003* to December 31, 2003(c)
Class B				2007 (c)			2006 (c)			2005 (c)			2004(c)
Net asset value, beginning of period	$	11.59		$	11.61		$	11.16		$	11.22		$	10.66		$	10.00
Income from investment operations:
Net investment income		—	#		0.37			0.33			0.27			0.30			0.46
Net realized and unrealized gain (loss) on investments		(0.50	)		0.26			0.64			0.09			0.52			0.33
Total from investment operations		(0.50	)		0.63			0.97			0.36			0.82			0.79
Less distributions:
Dividends from net investment income		—			(0.39	)		(0.32	)		(0.22	)		(0.25	)		(0.13	)
Distributions from net realized gains		—			(0.26	)		(0.20	)		(0.20	)		(0.01	)		—
Total dividends and distributions		—			(0.65	)		(0.52	)		(0.42	)		(0.26	)		(0.13	)
Net asset value, end of period	$	11.09		$	11.59		$	11.61		$	11.16		$	11.22		$	10.66
Total return (b)		(4.31	)%		5.46	%		8.78	%		3.27	%		7.68	%		7.92	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,372,232		$	1,150,399		$	809,200		$	487,000		$	214,970		$	9,486
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.53	%		0.54	%		0.53	%		0.54	%		0.65	%		4.48	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.02	)%		3.07	%		2.84	%		2.49	%		2.76	%		10.39	%(l)
Before waivers and reimbursements (a)		(0.20	)%		2.88	%		2.65	%		2.30	%		2.46	%		6.26	%(l)
Portfolio turnover rate		10	%		21	%		20	%		64	%		5	%		8	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.02		$	0.03		$	0.18

See Notes to Financial Statements.

169

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO (k)

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008 (Unaudited)(c)			Year Ended December 31,
Class A				2007 (c)			2006 (c)			2005 (c)			2004 (c)			2003 (c)
Net asset value, beginning of period	$	17.10		$	16.93		$	15.88		$	15.51		$	14.63		$	12.54
Income from investment operations:
Net investment income		0.03			0.45			0.39			0.33			0.25			0.33
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.05	)		0.65			1.29			0.46			1.06			2.10
Total from investment operations		(1.02	)		1.10			1.68			0.79			1.31			2.43
Less distributions:
Dividends from net investment income		—			(0.60	)		(0.49	)		(0.42	)		(0.43	)		(0.34	)
Distributions from net realized gains		—			(0.33	)		(0.14	)		—			—			—
Total dividends and distributions		—			(0.93	)		(0.63	)		(0.42	)		(0.43	)		(0.34	)
Net asset value, end of period	$	16.08		$	17.10		$	16.93		$	15.88		$	15.51		$	14.63
Total return (b)		(5.96	)%		6.56	%		10.58	%		5.06	%		8.99	%		19.40	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,284,779		$	3,143,322		$	3,103,418		$	3,052,781		$	3,160,074		$	3,141,256
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.42	%
After waivers, reimbursements and fees paid indirectly (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.09	%		0.37	%
Before waivers, reimbursements and fees paid indirectly (a)		0.27	%		0.27	%		0.27	%		0.27	%		0.26	%		0.49	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.38	%		2.58	%		2.36	%		2.11	%		1.65	%		2.42	%
After waivers, reimbursements and fees paid indirectly (a)		0.38	%		2.58	%		2.36	%		2.11	%		1.66	%		2.47	%
Before waivers, reimbursements and fees paid indirectly (a)		0.21	%		2.41	%		2.20	%		1.94	%		1.49	%		2.35	%
Portfolio turnover rate		6	%		9	%		19	%		34	%		—	‡%		324	%(h)
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03		$	0.03		$	0.03		$	0.02		$	0.01
	Six Months Ended June 30, 2008 (Unaudited)(c)			Year Ended December 31,
Class B				2007 (c)			2006 (c)			2005 (c)			2004 (c)			2003 (c)
Net asset value, beginning of period	$	17.01		$	16.84		$	15.79		$	15.43		$	14.55		$	12.47
Income from investment operations:
Net investment income		0.01			0.45			0.37			0.27			0.21			0.30
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.05	)		0.60			1.26			0.46			1.06			2.08
Total from investment operations		(1.04	)		1.05			1.63			0.73			1.27			2.38
Less distributions:
Dividends from net investment income		—			(0.55	)		(0.44	)		(0.37	)		(0.39	)		(0.30	)
Distributions from net realized gains		—			(0.33	)		(0.14	)		—			—			—
Total dividends and distributions		—			(0.88	)		(0.58	)		(0.37	)		(0.39	)		(0.30	)
Net asset value, end of period	$	15.97		$	17.01		$	16.84		$	15.79		$	15.43		$	14.55
Total return (b)		(6.11	)%		6.31	%		10.34	%		4.74	%		8.75	%		19.11	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,610,791		$	6,289,959		$	4,867,869		$	3,518,020		$	2,341,547		$	1,261,402
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.67	%
After waivers, reimbursements and fees paid indirectly (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.34	%		0.62	%
Before waivers, reimbursements and fees paid indirectly (a)		0.52	%		0.52	%		0.52	%		0.52	%		0.51	%		0.74	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.13	%		2.57	%		2.26	%		1.86	%		1.40	%		2.17	%
After waivers, reimbursements and fees paid indirectly (a)		0.13	%		2.57	%		2.26	%		1.86	%		1.41	%		2.22	%
Before waivers, reimbursements and fees paid indirectly (a)		(0.04	)%		2.40	%		2.09	%		1.69	%		1.24	%		2.10	%
Portfolio turnover rate		6	%		9	%		19	%		34	%		—	‡%		324	%(h)
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03		$	0.03		$	0.03		$	0.02		$	0.01

See Notes to Financial Statements.

170

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,												July 31, 2003* to December 31, 2003
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004(c)
Net asset value, beginning of period	$	13.95		$	13.89		$	12.60		$	12.25		$	11.17		$	10.00
Income from investment operations:
Net investment income		0.02			0.32			0.32			0.23			0.26			0.09
Net realized and unrealized gain (loss) on investments		(1.27	)		0.60			1.52			0.62			1.07			1.17
Total from investment operations		(1.25	)		0.92			1.84			0.85			1.33			1.26
Less distributions:
Dividends from net investment income		—			(0.43	)		(0.33	)		(0.25	)		(0.25	)		(0.09	)
Distributions from net realized gains		—			(0.43	)		(0.22	)		(0.25	)		—	#		—
Total dividends and distributions		—			(0.86	)		(0.55	)		(0.50	)		(0.25	)		(0.09	)
Net asset value, end of period	$	12.70		$	13.95		$	13.89		$	12.60		$	12.25		$	11.17
Total return (b)		(8.96	)%		6.68	%		14.77	%		6.97	%		12.00	%		12.62	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	301,792		$	198,686		$	100,459		$	37,779		$	13.194		$	1,179
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.27	%		0.27	%		0.27	%		0.27	%		0.30	%		1.87	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.28	%		2.20	%		2.38	%		1.84	%		2.24	%		6.91	%(l)
Before waivers and reimbursements (a)		0.11	%		2.03	%		2.22	%		1.67	%		2.04	%		5.14	%(l)
Portfolio turnover rate		7	%		8	%		4	%		29	%		—	‡%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.02		$	0.02		$	0.02
	Six Months Ended June 30, 2008			Year Ended December 31,												July 31, 2003* to December 31, 2003
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004 (c)
Net asset value, beginning of period	$	13.95		$	13.89		$	12.60		$	12.25		$	11.17		$	10.00
Income from investment operations:
Net investment income		—	#		0.26			0.26			0.20			0.23			0.08
Net realized and unrealized gain (loss) on investments		(1.26	)		0.62			1.55			0.62			1.07			1.17
Total from investment operations		(1.26	)		0.88			1.81			0.82			1.30			1.25
Less distributions:
Dividends from net investment income		—			(0.39	)		(0.30	)		(0.22	)		(0.22	)		(0.08	)
Distributions from net realized gains		—			(0.43	)		(0.22	)		(0.25	)		—	#		—
Total dividends and distributions		—			(0.82	)		(0.52	)		(0.47	)		(0.22	)		(0.08	)
Net asset value, end of period	$	12.69		$	13.95		$	13.89		$	12.60		$	12.25		$	11.17
Total return (b)		(9.03	)%		6.41	%		14.48	%		6.70	%		11.71	%		12.50	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	10,943,237		$	10,665,262		$	6,607,618		$	2,956,385		$	1,003,694		$	28,383
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.52	%		0.52	%		0.52	%		0.52	%		0.55	%		2.12	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		0.03	%		1.83	%		1.95	%		1.59	%		1.99	%		6.66	%(l)
Before waivers and reimbursements (a)		(0.14	)%		1.66	%		1.79	%		1.42	%		1.79	%		4.89	%(l)
Portfolio turnover rate		7	%		8	%		4	%		29	%		—	‡%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.02		$	0.02		$	0.02		$	0.02

See Notes to Financial Statements.

171

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,												July 31, 2003* to December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004(c)			2003(c)
Net asset value, beginning of period	$	14.68		$	14.71		$	12.96		$	12.44		$	11.26		$	10.00
Income from investment operations:
Net investment income		—	#		0.22			0.24			0.19			0.11			0.15
Net realized and unrealized gain (loss) on investments		(1.72	)		0.71			2.10			0.84			1.26			1.16
Total from investment operations		(1.72	)		0.93			2.34			1.03			1.37			1.31
Less distributions:
Dividends from net investment income		—			(0.40	)		(0.30	)		(0.24	)		(0.18	)		(0.05	)
Distributions from net realized gains		—			(0.56	)		(0.29	)		(0.27	)		(0.01	)		—
Total dividends and distributions		—			(0.96	)		(0.59	)		(0.51	)		(0.19	)		(0.05	)
Net asset value, end of period	$	12.96		$	14.68		$	14.71		$	12.96		$	12.44		$	11.26
Total return (b)		(11.72	)%		6.43	%		18.22	%		8.27	%		12.15	%		13.08	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	125,634		$	97,742		$	51,217		$	18,069		$	5,704		$	555
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.27	%		0.27	%		0.28	%		0.29	%		0.39	%		6.01	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.03	%		1.41	%		1.72	%		1.50	%		0.91	%		3.38	%(l)
Before waivers and reimbursements (a)		(0.14	)%		1.23	%		1.54	%		1.31	%		0.62	%		(2.53	)%(l)
Portfolio turnover rate		10	%		10	%		6	%		50	%		2	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03		$	0.02		$	0.02		$	0.03		$	0.27
	Six Months Ended June 30, 2008			Year Ended December 31,												July 31, 2003* to December 31,
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004 (c)			2003(c)
Net asset value, beginning of period	$	14.68		$	14.71		$	12.96		$	12.43		$	11.26		$	10.00
Income from investment operations:
Net investment income (loss)		(0.01	)		0.18			0.18			0.17			0.08			0.14
Net realized and unrealized gain (loss) on investments		(1.72	)		0.71			2.13			0.84			1.25			1.16
Total from investment operations		(1.73	)		0.89			2.31			1.01			1.33			1.30
Less distributions:
Dividends from net investment income		—			(0.36	)		(0.27	)		(0.21	)		(0.15	)		(0.04	)
Distributions from net realized gains		—			(0.56	)		(0.29	)		(0.27	)		(0.01	)		—
Total dividends and distributions		—			(0.92	)		(0.56	)		(0.48	)		(0.16	)		(0.04	)
Net asset value, end of period	$	12.95		$	14.68		$	14.71		$	12.96		$	12.43		$	11.26
Total return (b)		(11.78	)%		6.16	%		17.92	%		8.08	%		11.78	%		12.97	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,098,282		$	3,038,613		$	1,595,326		$	609,650		$	241,623		$	7,807
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.52	%		0.52	%		0.53	%		0.54	%		0.64	%		6.26	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.22	)%		1.17	%		1.30	%		1.25	%		0.66	%		3.13	%(l)
Before waivers and reimbursements (a)		(0.39	)%		1.00	%		1.12	%		1.06	%		0.37	%		(2.78	)%(l)
Portfolio turnover rate		10	%		10	%		6	%		50	%		2	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.01		$	0.03		$	0.02		$	0.02		$	0.03		$	0.27

See Notes to Financial Statements.

172

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO(j)

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	32.11		$	28.78		$	27.36		$	25.23		$	22.45		$	16.29
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.04			0.05			(0.02	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(4.75	)		3.32			1.42			2.15			2.81			6.17
Total from investment operations		(4.71	)		3.36			1.47			2.13			2.78			6.16
Less distributions:
Dividends from net investment income		—			(0.03	)		(0.05	)		—			—			—
Net asset value, end of period	$	27.40		$	32.11		$	28.78		$	27.36		$	25.23		$	22.45
Total return (b)		(14.67	)%		11.69	%		5.38	%		8.44	%		12.38	%		37.90	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,465,061		$	2,638,093		$	2,332,898		$	2,122,576		$	2,485,132		$	2,141,844
Ratio of expenses to average net assets:
After fees paid indirectly (a)		0.77	%		0.72	%		0.78	%		0.73	%		0.68	%		0.70	%
Before fees paid indirectly (a)		0.78	%		0.79	%		0.80	%		0.80	%		0.80	%		0.77	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		0.25	%		0.14	%		0.20	%		(0.07	)%		(0.12	)%		(0.09	)%
Before fees paid indirectly (a)		0.24	%		0.07	%		0.18	%		(0.14	)%		(0.24	)%		(0.16	)%
Portfolio turnover rate		40	%		87	%		90	%		96	%		111	%		119	%
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	31.56		$	28.33		$	26.96		$	24.91		$	22.22		$	16.16
Income (loss) from investment operations:
Net investment loss		—	#		(0.03	)		(0.01	)		(0.08	)		(0.08	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(4.66	)		3.26			1.38			2.13			2.77			6.12
Total from investment operations		(4.66	)		3.23			1.37			2.05			2.69			6.06
Net asset value, end of period	$	26.90		$	31.56		$	28.33		$	26.96		$	24.91		$	22.22
Total return (b)		(14.77	)%		11.40	%		5.08	%		8.23	%		12.11	%		37.50	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	192,213		$	244,593		$	261,648		$	267,802		$	258,689		$	225,426
Ratio of expenses to average net assets:
After fees paid indirectly (a)		1.02	%		0.97	%		1.03	%		0.98	%		0.93	%		0.95	%
Before fees paid indirectly (a)		1.03	%		1.04	%		1.05	%		1.05	%		1.05	%		1.02	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly (a)		(0.01	)%		(0.10	)%		(0.05	)%		(0.32	)%		(0.37	)%		(0.34	)%
Before fees paid indirectly (a)		(0.02	)%		(0.18	)%		(0.07	)%		(0.39	)%		(0.49	)%		(0.41	)%
Portfolio turnover rate		40	%		87	%		90	%		96	%		111	%		119	%

See Notes to Financial Statements.

173

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	10.38		$	10.21		$	10.25		$	10.43		$	10.42		$	10.37
Income (loss) from investment operations:
Net investment income		0.24			0.47			0.44			0.36			0.24			0.24
Net realized and unrealized gain (loss) on investments, futures, options, and foreign currency transactions		(0.08	)		0.17			(0.04	)		(0.16	)		0.18			0.18
Total from investment operations		0.16			0.64			0.40			0.20			0.42			0.42
Less distributions:
Dividends from net investment income		(0.24	)		(0.47	)		(0.44	)		(0.38	)		(0.26	)		(0.25	)
Distributions from realized gains		—			—			—			—			(0.15	)		(0.12	)
Total dividends and distributions		(0.24	)		(0.47	)		(0.44	)		(0.38	)		(0.41	)		(0.37	)
Net asset value, end of period	$	10.30		$	10.38		$	10.21		$	10.25		$	10.43		$	10.42
Total return (b)		1.50	%		6.53	%		3.96	%		2.00	%		4.13	%		4.10	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,445,421		$	2,088,488		$	1,911,399		$	1,237,241		$	944,330		$	431,203
Ratio of expenses to average net assets:
After waivers (a)		0.75	%		0.71	%		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly (a)		0.75	%		0.71	%		0.70	%		0.70	%		0.70	%		0.70	%
Before waivers and fees paid indirectly (a)		0.75	%		0.76	%		0.77	%		0.78	%		0.80	%		0.86	%
Ratio of net investment income to average net assets:
After waivers (a)		4.56	%		4.62	%		4.31	%		3.51	%		2.38	%		2.23	%
After waivers and fees paid indirectly (a)		4.56	%		4.62	%		4.31	%		3.51	%		2.38	%		2.23	%
Before waivers and fees paid indirectly (a)		4.56	%		4.57	%		4.24	%		3.43	%		2.28	%		2.07	%
Portfolio turnover rate		243	%		475	%		366	%		654	%		767	%		633	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	0.01		$	0.01		$	0.01		$	0.01		$	0.02
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	10.40		$	10.20		$	10.24		$	10.42		$	10.41		$	10.37
Income (loss) from investment operations:
Net investment income		0.22			0.44			0.41			0.34			0.22			0.20
Net realized and unrealized gain (loss) on investments, futures, options, and foreign currency transactions		(0.08	)		0.18			(0.03	)		(0.16	)		0.18			0.19
Total from investment operations		0.14			0.62			0.38			0.18			0.40			0.39
Less distributions:
Dividends from net investment income		(0.22	)		(0.42	)		(0.42	)		(0.36	)		(0.24	)		(0.23	)
Distributions from realized gains		—			—			—			—			(0.15	)		(0.12	)
Total dividends and distributions		(0.22	)		(0.42	)		(0.42	)		(0.36	)		(0.39	)		(0.35	)
Net asset value, end of period	$	10.32		$	10.40		$	10.20		$	10.24		$	10.42		$	10.41
Total return (b)		1.38	%		6.23	%		3.80	%		1.74	%		3.87	%		3.74	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	879,194		$	829,932		$	825,182		$	806,356		$	781,977		$	666,007
Ratio of expenses to average net assets:
After waivers (a)		1.00	%		0.96	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly (a)		1.00	%		0.96	%		0.95	%		0.95	%		0.95	%		0.95	%
Before waivers and fees paid indirectly (a)		1.00	%		1.01	%		1.02	%		1.03	%		1.05	%		1.11	%
Ratio of net investment income to average net assets:
After waivers (a)		4.30	%		4.37	%		4.04	%		3.26	%		2.13	%		1.98	%
After waivers and fees paid indirectly (a)		4.30	%		4.37	%		4.04	%		3.26	%		2.13	%		1.98	%
Before waivers and fees paid indirectly (a)		4.30	%		4.32	%		3.97	%		3.18	%		2.03	%		1.82	%
Portfolio turnover rate		243	%		475	%		366	%		654	%		767	%		633	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	0.01		$	0.01		$	0.01		$	0.01		$	0.02

See Notes to Financial Statements.

174

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003 (c)
Net asset value, beginning of period	$	11.14		$	11.03		$	10.98		$	10.78		$	10.22		$	8.02
Income (loss) from investment operations:
Net investment loss		(0.01	)		(0.06	)		(0.03	)		(0.05	)		(0.05	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.05	)		1.07			0.59			0.81			1.28			2.35
Total from investment operations		(1.06	)		1.01			0.56			0.76			1.23			2.29
Less distributions:
Distributions from net realized gains		—			(0.90	)		(0.51	)		(0.56	)		(0.67	)		(0.09	)
Net asset value, end of period	$	10.08		$	11.14		$	11.03		$	10.98		$	10.78		$	10.22
Total return (b)		(9.52	)%		9.17	%		5.39	%		7.30	%		12.32	%		28.59	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	16,149		$	18,376		$	16,808		$	15,347		$	10,588		$	6,376
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.43	%		1.43	%		1.43	%		1.48	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly (a)		1.42	%		1.42	%		1.38	%		1.46	%		1.56	%		1.59	%
Before waivers, reimbursements and fees paid indirectly (a)		1.43	%		1.43	%		1.43	%		1.48	%		1.60	%		1.68	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.25	)%		(0.49	)%		(0.34	)%		(0.46	)%		(0.59	)%		(0.69	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.23	)%		(0.48	)%		(0.28	)%		(0.44	)%		(0.55	)%		(0.68	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.25	)%		(0.49	%		(0.34	)%		(0.46	)%		(0.59	)%		(0.77	)%
Portfolio turnover rate		50	%		105	%		145	%		109	%		127	%		108	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	—		$	0.01
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003 (c)
Net asset value, beginning of period	$	10.95		$	10.88		$	10.86		$	10.70		$	10.17		$	8.01
Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.08	)		(0.06	)		(0.07	)		(0.07	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.04	)		1.05			0.59			0.79			1.27			2.33
Total from investment operations		(1.06	)		0.97			0.53			0.72			1.20			2.25
Less distributions:
Distributions from net realized gains		—			(0.90	)		(0.51	)		(0.56	)		(0.67	)		(0.09	)
Net asset value, end of period	$	9.89		$	10.95		$	10.88		$	10.86		$	10.70		$	10.17
Total return (b)		(9.68	)%		9.04	%		5.08	%		6.98	%		12.09	%		28.12	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	384,715		$	415,882		$	381,449		$	334,012		$	270,570		$	167,416
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.68	%		1.68	%		1.68	%		1.73	%		1.85	%		1.85	%
After waivers, reimbursements and fees paid indirectly (a)		1.67	%		1.67	%		1.63	%		1.71	%		1.81	%		1.84	%
Before waivers, reimbursements and fees paid indirectly (a)		1.68	%		1.68	%		1.68	%		1.73	%		1.85	%		1.93	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.50	)%		(0.74	)%		(0.59	)%		(0.71	)%		(0.84	)%		(0.94	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.48	)%		(0.73	)%		(0.53	)%		(0.69	)%		(0.80	)%		(0.93	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.50	)%		(0.74	)%		(0.59	)%		(0.71	)%		(0.84	)%		(1.02	)%
Portfolio turnover rate		50	%		105	%		145	%		109	%		127	%		108	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	—		$	0.01

See Notes to Financial Statements.

175

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO(i)

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004 (c)			2003 (c)
Net asset value, beginning of period	$	5.34		$	5.61		$	5.47		$	5.75		$	5.63		$	4.82
Income (loss) from investment operations:
Net investment income.		0.21			0.45			0.42			0.41			0.42			0.42
Net realized and unrealized gain (loss) on investments and foreign currency transactions.		(0.28	)		(0.27	)		0.14			(0.23	)		0.09			0.69
Total from investment operations		(0.07	)		0.18			0.56			0.18			0.51			1.11
Less distributions:
Dividends from net investment income		—			(0.45	)		(0.42	)		(0.46	)		(0.39	)		(0.30	)
Net asset value, end of period	$	5.27		$	5.34		$	5.61		$	5.47		$	5.75		$	5.63
Total return (b)		(1.31	)%		3.29	%		10.21	%		3.26	%		9.02	%		22.97	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	953,966		$	887,961		$	855,156		$	770,374		$	974,088		$	784,005
Ratio of expenses to average net assets (a)		0.75	%		0.76	%		0.76	%		0.76	%		0.76	%		0.75	%
Ratio of net investment income to average net assets (a)		8.13	%		7.78	%		7.45	%		7.08	%		7.20	%		7.67	%
Portfolio turnover rate		82	%		108	%		103	%		116	%		78	%		66	%
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004 (c)			2003 (c)
Net asset value, beginning of period	$	5.32		$	5.58		$	5.44		$	5.71		$	5.59		$	4.79
Income (loss) from investment operations:
Net investment income.		0.21			0.43			0.41			0.39			0.40			0.40
Net realized and unrealized gain (loss) on investments and foreign currency transactions.		(0.30	)		(0.25	)		0.13			(0.21	)		0.09			0.68
Total from investment operations		(0.09	)		0.18			0.54			0.18			0.49			1.08
Less distributions:
Dividends from net investment income		—			(0.44	)		(0.40	)		(0.45	)		(0.37	)		(0.28	)
Net asset value, end of period	$	5.23		$	5.32		$	5.58		$	5.44		$	5.71		$	5.59
Total return (b)		(1.69	)%		3.18	%		9.93	%		3.13	%		8.75	%		22.54	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	913,679		$	1,034,629		$	1,101,281		$	1,043,950		$	1,029,570		$	823,114
Ratio of expenses to average net assets (a)		1.00	%		1.01	%		1.01	%		1.01	%		1.01	%		1.00	%
Ratio of net investment income to average net assets (a)		7.88	%		7.53	%		7.20	%		6.83	%		6.95	%		7.42	%
Portfolio turnover rate		82	%		108	%		103	%		116	%		78	%		66	%

See Notes to Financial Statements.

176

AXA PREMIER VIP TRUST

MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	16.38		$	15.58		$	13.03		$	12.14		$	10.60		$	7.93
Income from investment operations:
Net investment income		0.23			0.21			0.11			0.14			0.09			0.05
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		(2.08	)		1.73			3.20			1.73			1.83			2.69
Total from investment operations		(1.85	)		1.94			3.31			1.87			1.92			2.74
Less distributions:
Dividends from net investment income		—			(0.16	)		(0.11	)		(0.21	)		(0.12	)		(0.07	)
Distributions from realized gains		—			(0.98	)		(0.65	)		(0.77	)		(0.26	)		—
Total dividends and distributions		—			(1.14	)		(0.76	)		(0.98	)		(0.38	)		(0.07	)
Net asset value, end of period	$	14.53		$	16.38		$	15.58		$	13.03		$	12.14		$	10.60
Total return (b)		(11.29	)%		12.73	%		25.58	%		15.74	%		18.18	%		34.64	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,978,600		$	2,193,441		$	1,356,428		$	379,616		$	238,906		$	16,003
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.22	%		1.23	%		1.28	%		1.33	%		1.55	%		1.55	%
After waivers, reimbursements, and fees paid indirectly (a)		1.22	%		1.23	%		1.27	%		1.29	%		1.50	%		1.48	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.22	%		1.23	%		1.28	%		1.33	%		1.55	%		1.78	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		3.11	%		1.27	%		0.77	%		1.13	%		0.73	%		0.45	%
After waivers, reimbursements, and fees paid indirectly (a)		3.11	%		1.27	%		0.78	%		1.17	%		0.78	%		0.52	%
Before waivers, reimbursements, and fees paid indirectly (a)		3.11	%		1.27	%		0.77	%		1.13	%		0.73	%		0.22	%
Portfolio turnover rate		25	%		47	%		45	%		67	%		83	%		72	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—		$	0.02
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	16.35		$	15.56		$	13.01		$	12.12		$	10.58		$	7.91
Income from investment operations:
Net investment income.		0.22			0.17			0.10			0.11			0.07			0.03
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		(2.09	)		1.72			3.17			1.72			1.82			2.69
Total from investment operations		(1.87	)		1.89			3.27			1.83			1.89			2.72
Less distributions:
Dividends from net investment income		—			(0.12	)		(0.07	)		(0.17	)		(0.09	)		(0.05	)
Distributions from realized gains.		—			(0.98	)		(0.65	)		(0.77	)		(0.26	)		—
Total dividends and distributions		—			(1.10	)		(0.72	)		(0.94	)		(0.35	)		(0.05	)
Net asset value, end of period	$	14.48		$	16.35		$	15.56		$	13.01		$	12.12		$	10.58
Total return (b)		(11.44	)%		12.39	%		25.30	%		15.47	%		17.91	%		34.39	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	809,542		$	905,461		$	765,683		$	449,400		$	336,354		$	166,915
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.47	%		1.48	%		1.53	%		1.58	%		1.80	%		1.80	%
After waivers, reimbursements, and fees paid indirectly (a)		1.47	%		1.48	%		1.52	%		1.54	%		1.75	%		1.73	%
Before waivers, reimbursements, and fees paid indirectly (a)		1.47	%		1.48	%		1.53	%		1.58	%		1.80	%		2.03	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		2.87	%		1.08	%		0.67	%		0.88	%		0.48	%		0.20	%
After waivers, reimbursements, and fees paid indirectly (a)		2.87	%		1.08	%		0.68	%		0.92	%		0.53	%		0.27	%
Before waivers, reimbursements, and fees paid indirectly (a)		2.87	%		1.08	%		0.67	%		0.88	%		0.48	%		(0.03	)%
Portfolio turnover rate		25	%		47	%		45	%		67	%		83	%		72	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—		$	0.02

See Notes to Financial Statements.

177

AXA PREMIER VIP TRUST

MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	11.66		$	11.96		$	10.79		$	10.37		$	9.89		$	7.73
Income from investment operations:
Net investment income		0.04			0.09			0.08			0.06			0.08			0.03
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.57	)		0.52			1.40			0.67			0.90			2.17
Total from investment operations		(1.53	)		0.61			1.48			0.73			0.98			2.20
Less distributions:
Dividends from net investment income		—			(0.08	)		(0.07	)		(0.03	)		(0.13	)		(0.04	)
Distributions from realized gains		—			(0.83	)		(0.24	)		(0.28	)		(0.37	)		—
Total dividends and distributions		—			(0.91	)		(0.31	)		(0.31	)		(0.50	)		(0.04	)
Net asset value, end of period	$	10.13		$	11.66		$	11.96		$	10.79		$	10.37		$	9.89
Total return (b)		(13.12	)%		5.22	%		13.84	%		7.07	%		9.92	%		28.41	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	874,849		$	842,193		$	598,068		$	309,162		$	6,932		$	5,049
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly (a)		1.10	%		1.09	%		1.08	%		1.08	%		1.07	%		1.07	%
Before waivers, reimbursements and fees paid indirectly (a)		1.10	%		1.10	%		1.10	%		1.15	%		1.22	%		1.42	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.78	%		0.74	%		0.73	%		0.52	%		0.79	%		0.42	%
After waivers, reimbursements and fees paid indirectly (a)		0.78	%		0.74	%		0.75	%		0.54	%		0.82	%		0.45	%
Before waivers, reimbursements and fees paid indirectly (a)		0.78	%		0.74	%		0.72	%		0.47	%		0.67	%		0.10	%
Portfolio turnover rate		19	%		51	%		49	%		39	%		52	%		45	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	0.01		$	0.01		$	0.03
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007(c)			2006(c)			2005(c)			2004			2003
Net asset value, beginning of period	$	11.67		$	11.96		$	10.79		$	10.38		$	9.89		$	7.73
Income from investment operations:
Net investment income		0.03			0.06			0.06			0.03			0.05			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.58	)		0.53			1.39			0.66			0.91			2.16
Total from investment operations		(1.55	)		0.59			1.45			0.69			0.96			2.17
Less distributions:
Dividends from net investment income		—			(0.05	)		(0.04	)		—	#		(0.10	)		(0.01	)
Distributions from realized gains		—			(0.83	)		(0.24	)		(0.28	)		(0.37	)		—
Total dividends and distributions		—			(0.88	)		(0.28	)		(0.28	)		(0.47	)		(0.01	)
Net asset value, end of period	$	10.12		$	11.67		$	11.96		$	10.79		$	10.38		$	9.89
Total return (b)		(13.28	)%		5.05	%		13.56	%		6.70	%		9.75	%		28.09	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	175,532		$	215,406		$	208,296		$	185,408		$	173,875		$	136,178
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.35	%		1.34	%		1.33	%		1.33	%		1.32	%		1.32	%
Before waivers, reimbursements and fees paid indirectly (a)		1.35	%		1.35	%		1.35	%		1.40	%		1.47	%		1.67	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.52	%		0.49	%		0.47	%		0.27	%		0.54	%		0.17	%
After waivers, reimbursements and fees paid indirectly (a)		0.52	%		0.50	%		0.49	%		0.29	%		0.57	%		0.20	%
Before waivers, reimbursements and fees paid indirectly (a)		0.52	%		0.49	%		0.47	%		0.22	%		0.42	%		(0.15	)%
Portfolio turnover rate		19	%		51	%		49	%		39	%		52	%		45	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—	#	$	0.01		$	0.01		$	0.03

See Notes to Financial Statements.

178

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FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	9.84		$	9.96		$	10.40		$	9.66		$	9.03		$	6.90
Income (loss) from investment operations:
Net investment loss		(0.01	)		(0.01	)		(0.03	)		(0.05	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(0.94	)		1.13			0.08			0.79			0.64			2.14
Total from investment operations		(0.95	)		1.12			0.05			0.74			0.63			2.13
Less distributions:
Distributions from realized gains		—			(1.24	)		(0.49	)		—			—			—
Net asset value, end of period	$	8.89		$	9.84		$	9.96		$	10.40		$	9.66		$	9.03
Total return (b)		(9.65	)%		11.51	%		0.44	%		7.66	%		6.98	%		30.87	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	22,593		$	25,968		$	21,104		$	17,780		$	12,166		$	8,168
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly (a)		1.09	%		1.04	%		1.08	%		1.08	%		1.05	%		1.07	%
Before waivers, reimbursements and fees paid indirectly (a)		1.12	%		1.12	%		1.12	%		1.13	%		1.16	%		1.33	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.33	)%		(0.12	)%		(0.27	)%		(0.49	)%		(0.23	)%		(0.32	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.31	)%		(0.06	)%		(0.25	)%		(0.47	)%		(0.18	)%		(0.29	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.35	)%		(0.14	)%		(0.28	)%		(0.52	)%		(0.29	)%		(0.55	)%
Portfolio turnover rate		33	%		77	%		48	%		42	%		53	%		30	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—	#	$	—	#	$	—	#	$	—	#	$	0.01		$	0.01
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	9.67		$	9.83		$	10.30		$	9.58		$	8.99		$	6.88
Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.03	)		(0.05	)		(0.07	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss) on investments		(0.93	)		1.11			0.07			0.79			0.63			2.14
Total from investment operations		(0.95	)		1.08			0.02			0.72			0.59			2.11
Less distributions:
Distributions from realized gains		—			(1.24	)		(0.49	)		—			—			—
Net asset value, end of period		$8.72			$9.67			$9.83			$10.30			$9.58			$8.99
Total return (b)		(9.82	)%		11.26	%		0.15	%		7.52	%		6.56	%		30.67	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	343,385		$	391,335		$	372,653		$	362,850		$	343,638		$	253,326
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.34	%		1.29	%(m)		1.33	%		1.33	%		1.30	%		1.32	%
Before waivers, reimbursements and fees paid indirectly (a)		1.37	%		1.37	%		1.37	%		1.38	%		1.41	%		1.58	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.58	)%		(0.37	)%		(0.52	)%		(0.74	)%		(0.48	)%		(0.57	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.57	)%		(0.30	)%		(0.50	)%		(0.72	)%		(0.43	)%		(0.54	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.60	)%		(0.39	)%		(0.53	)%		(0.77	)%		(0.54	)%		(0.80	)%
Portfolio turnover rate		33	%		77	%		48	%		42	%		53	%		30	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss.	$	—	#	$	—	#	$	—	#	$	—	#	$	0.01		$	0.01

See Notes to Financial Statements.

179

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FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	11.79		$	12.83		$	11.19		$	10.99		$	10.28		$	7.98
Income from investment operations:
Net investment income		0.09			0.19			0.14			0.13			0.13			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.67	)		0.29			2.05			0.68			1.36			2.43
Total from investment operations		(1.58	)		0.48			2.19			0.81			1.49			2.50
Less distributions:
Dividends from net investment income		—			(0.18	)		(0.12	)		(0.09	)		(0.14	)		(0.07	)
Distributions from realized gains		—			(1.34	)		(0.43	)		(0.52	)		(0.64	)		(0.13	)
Total dividends and distributions		—			(1.52	)		(0.55	)		(0.61	)		(0.78	)		(0.20	)
Net asset value, end of period	$	10.21		$	11.79		$	12.83		$	11.19		$	10.99		$	10.28
Total return (b)		(13.40	)%		3.88	%		19.62	%		7.37	%		14.71	%		31.44	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,468,077		$	1,220,184		$	914,471		$	309,385		$	9,758		$	5,999
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.04	%		1.07	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly (a)		1.02	%		1.01	%		1.06	%		1.04	%		0.96	%		1.03	%
Before waivers, reimbursements and fees paid indirectly (a)		1.04	%		1.07	%		1.10	%		1.12	%		1.15	%		1.33	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.65	%		1.38	%		1.12	%		1.03	%		1.35	%		0.92	%
After waivers, reimbursements and fees paid indirectly (a)		1.67	%		1.44	%		1.16	%		1.09	%		1.49	%		0.99	%
Before waivers, reimbursements and fees paid indirectly (a)		1.65	%		1.38	%		1.12	%		1.01	%		1.30	%		0.69	%
Portfolio turnover rate		27	%		77	%		63	%		76	%		99	%		135	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	0.01		$	0.02
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	11.79		$	12.83		$	11.19		$	10.99		$	10.28		$	7.98
Income from investment operations:
Net investment income		0.08			0.16			0.11			0.09			0.12			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.67	)		0.29			2.05			0.69			1.34			2.43
Total from investment operations		(1.59	)		0.45			2.16			0.78			1.46			2.48
Less distributions:
Dividends from net investment income		—			(0.15	)		(0.09	)		(0.06	)		(0.11	)		(0.05	)
Distributions from realized gains		—			(1.34	)		(0.43	)		(0.52	)		(0.64	)		(0.13	)
Total dividends and distributions		—			(1.49	)		(0.52	)		(0.58	)		(0.75	)		(0.18	)
Net asset value, end of period	$	10.20		$	11.79		$	12.83		$	11.19		$	10.99		$	10.28
Total return (b)		(13.57	)%		3.61	%		19.32	%		7.10	%		14.42	%		31.11	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	636,468		$	718,323		$	702,312		$	526,727		$	406,626		$	256,460
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.29	%		1.32	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.27	%		1.26	%(m)		1.31	%(m)		1.29	%		1.21	%		1.28	%
Before waivers, reimbursements and fees paid indirectly (a)		1.29	%		1.32	%		1.35	%		1.37	%		1.40	%		1.58	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.37	%		1.12	%		0.85	%		0.78	%		1.10	%		0.67	%
After waivers, reimbursements and fees paid indirectly (a)		1.39	%		1.18	%		0.89	%		0.84	%		1.24	%		0.74	%
Before waivers, reimbursements and fees paid indirectly (a)		1.37	%		1.12	%		0.85	%		0.76	%		1.05	%		0.44	%
Portfolio turnover rate		27	%		77	%		63	%		76	%		99	%		135	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—	#	$	0.01		$	0.02

See Notes to Financial Statements.

180

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FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	9.13		$	9.04		$	9.12		$	9.63		$	8.75		$	6.30
Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.07	)		(0.07	)		(0.08	)		(0.06	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.95	)		1.14			0.96			0.89			1.10			2.58
Total from investment operations		(0.97	)		1.07			0.89			0.81			1.04			2.56
Less distributions:
Distributions from net realized gains		—			(0.98	)		(0.97	)		(1.32	)		(0.16	)		(0.11	)
Net asset value, end of period	$	8.16		$	9.13		$	9.04		$	9.12		$	9.63		$	8.75
Total return (b)		(10.62	)%		12.22	%		9.83	%		8.66	%		12.04	%		40.60	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	259,983		$	303,194		$	230,585		$	223,527		$	395,739		$	242,059
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.30	%		1.30	%		1.30	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.26	%		1.27	%		1.26	%		1.30	%		1.25	%		1.21	%
Before waivers, reimbursements and fees paid indirectly (a)		1.30	%		1.30	%		1.30	%		1.35	%		1.35	%		1.45	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.64	)%		(0.70	)%		(0.78	)%		(0.89	)%		(1.00	)%		(0.96	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.60	)%		(0.67	)%		(0.74	)%		(0.84	)%		(0.90	)%		(0.82	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.64	)%		(0.70	)%		(0.78	)%		(0.89	)%		(1.00	)%		(1.06	)%
Portfolio turnover rate		45	%		81	%		77	%		87	%		76	%		119	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss.	$	—		$	—		$	—		$	—		$	—		$	0.01
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	8.95		$	8.90		$	9.01		$	9.55		$	8.70		$	6.28
Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.09	)		(0.09	)		(0.10	)		(0.09	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.93	)		1.12			0.95			0.88			1.10			2.58
Total from investment operations		(0.96	)		1.03			0.86			0.78			1.01			2.53
Less distributions:
Distributions from net realized gains		—			(0.98	)		(0.97	)		(1.32	)		(0.16	)		(0.11	)
Net asset value, end of period	$	7.99		$	8.95		$	8.90		$	9.01		$	9.55		$	8.70
Total return (b)		(10.73	)%		11.97	%		9.62	%		8.41	%		11.76	%		40.25	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	478,238		$	554,500		$	543,139		$	498,431		$	468,973		$	334,622
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.55	%		1.55	%		1.55	%		1.60	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly (a)		1.51	%		1.52	%		1.51	%		1.55	%		1.50	%		1.46	%
Before waivers, reimbursements and fees paid indirectly (a)		1.55	%		1.55	%		1.55	%		1.60	%		1.60	%		1.70	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.89	)%		(0.96	)%		(1.03	)%		(1.14	)%		(1.25	)%		(1.21	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.85	)%		(0.93	)%		(0.99	)%		(1.09	)%		(1.15	)%		(1.07	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.89	)%		(0.96	)%		(1.03	)%		(1.14	)%		(1.25	)%		(1.31	)%
Portfolio turnover rate		45	%		81	%		77	%		87	%		76	%		119	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	—		$	0.01

See Notes to Financial Statements.

181

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FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	9.19		$	10.03		$	9.74		$	11.48		$	10.50		$	7.49
Income from investment operations:
Net investment income.		0.02			0.02			0.03			0.01			0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.64	)		—	#		1.41			0.83			1.60			3.06
Total from investment operations		(0.62	)		0.02			1.44			0.84			1.61			3.07
Less distributions:
Dividends from net investment income		—			—			(0.02	)		—			—			—
Distributions from realized gains		—			(0.86	)		(1.13	)		(2.58	)		(0.63	)		(0.06	)
Total dividends and distributions		—			(0.86	)		(1.15	)		(2.58	)		(0.63	)		(0.06	)
Net asset value, end of period	$	8.57		$	9.19		$	10.03		$	9.74		$	11.48		$	10.50
Total return (b)		(6.75	)%		0.31	%		15.08	%		7.61	%		15.47	%		40.94	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	531,073		$	535,842		$	387,990		$	319,455		$	842,150		$	546,951
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.29	%		1.29	%		1.31	%		1.29	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly (a)		1.28	%		1.28	%		1.30	%		1.24	%		1.29	%		1.27	%
Before waivers, reimbursements and fees paid indirectly (a)		1.29	%		1.29	%		1.31	%		1.29	%		1.35	%		1.41	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.36	%		0.17	%		0.24	%		0.04	%		0.02	%		0.01	%
After waivers, reimbursements and fees paid indirectly (a)		0.37	%		0.17	%		0.25	%		0.09	%		0.08	%		0.09	%
Before waivers, reimbursements and fees paid indirectly (a)		0.36	%		0.17	%		0.24	%		0.04	%		0.02	%		(0.05	)%
Portfolio turnover rate		21	%		60	%		67	%		58	%		61	%		63	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—		$	—		$	—		$	—		$	0.01
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007(c)			2006(c)			2005(c)			2004			2003
Net asset value, beginning of period	$	9.01		$	9.87		$	9.61		$	11.39		$	10.45		$	7.47
Income (loss) from investment operations:
Net investment income (loss)		—	#		(0.01	)		—	#		(0.02	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.61	)		0.01			1.39			0.82			1.59			3.05
Total from investment operations		(0.61	)		—			1.39			0.80			1.57			3.04
Less distributions:
Distributions from realized gains.		—			(0.86	)		(1.13	)		(2.58	)		(0.63	)		(0.06	)
Net asset value, end of period	$	8.40		$	9.01		$	9.87		$	9.61		$	11.39		$	10.45
Total return (b)		(6.77	)%		0.10	%		14.75	%		7.29	%		15.16	%		40.64	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	465,365		$	539,894		$	599,824		$	510,799		$	498,370		$	321,345
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.54	%		1.54	%		1.56	%(m)		1.54	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly (a)		1.53	%		1.53	%		1.55	%		1.49	%		1.54	%		1.52	%
Before waivers, reimbursements and fees paid indirectly (a)		1.54	%		1.54	%		1.56	%(m)		1.54	%		1.60	%		1.66	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		0.10	%		(0.09	)%		(0.02	)%		(0.21	)%		(0.23	)%		(0.24	)%
After waivers, reimbursements and fees paid indirectly (a)		0.12	%		(0.08	)%		(0.01	)%		(0.16	)%		(0.17	)%		(0.16	)%
Before waivers, reimbursements and fees paid indirectly (a)		0.10	%		(0.09	)%		(0.02	)%		(0.21	)%		(0.23	)%		(0.30	)%
Portfolio turnover rate		21	%		60	%		67	%		58	%		61	%		63	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	—		$	0.01

See Notes to Financial Statements.

182

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP GROWTH PORTFOLIO(d)

FINANCIAL HIGHLIGHTS — (Continued)

Class A	January 22, 2008* to June 30, 2008 (Unaudited)(c)
Net asset value, beginning of period	$	7.61
Income (loss) from investment operations:
Net investment loss		(0.02	)
Net realized and unrealized gain on investments and foreign currency transactions.		0.08
Total from investment operations		0.06
Less distributions:
Distributions from realized gains		—
Net asset value, end of period	$	7.67
Total return (b)		0.79	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	349,301
Ratio of expenses to average net assets:
After fees paid indirectly		1.19	%
Before fees paid indirectly		1.28	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		(0.71	)%
Before fees paid indirectly		(0.80	)%
Portfolio turnover rate		52	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss.	$	—

	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003 (c)
Net asset value, beginning of period	$	8.91		$	9.52		$	8.76		$	8.28		$	7.36		$	5.98
Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.02	)		(0.07	)		(0.07	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.21	)		0.33			0.95			0.70			0.99			1.45
Total from investment operations		(1.25	)		0.31			0.88			0.63			0.92			1.38
Less distributions:
Distributions from realized gains		—			(0.92	)		(0.12	)		(0.15	)		—			—
Net asset value, end of period	$	7.66		$	8.91		$	9.52		$	8.76		$	8.28		$	7.36
Total return (b)		(14.03	)%		3.60	%		10.26	%		7.55	%		12.50	%		23.08	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	313,301		$	392,037		$	277,810		$	176,610		$	93,964		$	83,897
Ratio of expenses to average net assets:
After waivers		1.53	%(m)		1.47	%		1.30	%		1.30	%		1.30	%		1.29	%
After waivers and fees paid indirectly		1.44	%(m)		1.27	%		1.30	%		1.30	%		1.30	%		1.29	%
Before waivers and fees paid indirectly		1.53	%(m)		1.54	%		1.39	%		1.37	%		1.43	%		1.29	%
Ratio of net investment income (loss) to average net assets:
After waivers		(1.02	)%		(0.39	)%		(0.77	)%		(0.85	)%		(0.89	)%		(1.03	)%
After waivers and fees paid indirectly		(0.94	)%		(0.19	)%		(0.77	)%		(0.85	)%		(0.89	)%		(1.03	)%
Before waivers and fees paid indirectly		(1.02	)%		(0.46	)%		(0.85	)%		(0.92	)%		(1.02	)%		(1.03	)%
Portfolio turnover rate		52	%		177	%		279	%		273	%		199	%		85	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	0.01		$	0.01		$	0.01		$	0.01		$		**

See Notes to Financial Statements.

183

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006			2005 (c)			2004			2003
Net asset value, beginning of period	$	11.23		$	13.70		$	13.37		$	14.02		$	13.29		$	9.76
Income (loss) from investment operations:
Net investment income		0.02			0.10			0.07			0.06			0.07			0.10
Net realized and unrealized gain (loss) on investments		(1.30	)		(1.42	)		2.09			0.61			2.20			3.55
Total from investment operations		(1.28	)		(1.32	)		2.16			0.67			2.27			3.65
Less distributions:
Dividends from net investment income		—			(0.07	)		(0.08	)		(0.06	)		(0.05	)		(0.06	)
Distributions from realized gains.		—			(1.08	)		(1.75	)		(1.26	)		(1.49	)		(0.06	)
Total dividends and distributions		—			(1.15	)		(1.83	)		(1.32	)		(1.54	)		(0.12	)
Net asset value, end of period	$	9.95		$	11.23		$	13.70		$	13.37		$	14.02		$	13.29
Total return		(11.40	)%		(9.62	)%		16.38	%		4.94	%		17.45	%		37.69	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	333,291		$	628,684		$	577,637		$	523,308		$	281,509		$	177,723
Ratio of expenses to average net assets:
After waivers		1.22	%		1.07	%(m)		0.85	%(m)		0.79	%		0.80	%		0.85	%
After waivers and fees paid indirectly		1.19	%		1.06	%		0.77	%(m)		0.70	%		0.61	%		0.75	%
Before waivers and fees paid indirectly		1.22	%		1.10	%		0.85	%(m)		0.79	%		0.80	%		0.85	%
Ratio of net investment income to average net assets:
After waivers		0.29	%		0.71	%		0.40	%(m)		0.37	%		0.37	%		0.70	%
After waivers and fees paid indirectly		0.32	%		0.72	%		0.47	%(m)		0.46	%		0.56	%		0.80	%
Before waivers and fees paid indirectly		0.29	%		0.68	%		0.40	%(m)		0.37	%		0.37	%		0.70	%
Portfolio turnover rate		31	%		103	%		114	%		90	%		96	%		69	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—	#	$	—		$	—		$	—		$	—
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007 (c)			2006			2005 (c)			2004			2003(c)
Net asset value, beginning of period	$	11.24		$	13.71		$	13.38		$	14.02		$	13.30		$	9.77
Income (loss) from investment operations:
Net investment income		—	#		0.07			0.03			0.03			0.03			0.06
Net realized and unrealized gain (loss) on investments		(1.30	)		(1.42	)		2.09			0.62			2.19			3.57
Total from investment operations		(1.30	)		(1.35	)		2.12			0.65			2.22			3.63
Less distributions:
Dividends from net investment income		—			(0.04	)		(0.04	)		(0.03	)		(0.01	)		(0.04	)
Distributions from realized gains		—			(1.08	)		(1.75	)		(1.26	)		(1.49	)		(0.06	)
Total dividends and distributions		—			(1.12	)		(1.79	)		(1.29	)		(1.50	)		(0.10	)
Net asset value, end of period	$	9.94		$	11.24		$	13.71		$	13.38		$	14.02		$	13.30
Total return		(11.57	)%		(9.84	)%		16.07	%		4.75	%		17.06	%		37.42	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	781,922		$	980,945		$	1,326,859		$	1,153,566		$	1,042,729		$	689,540
Ratio of expenses to average net assets:
After waivers		1.47	%		1.32	%(m)		1.10	%(m)		1.04	%		1.05	%		1.10	%
After waivers and fees paid indirectly		1.44	%		1.31	%(m)		1.02	%(m)		0.95	%		0.86	%		1.00	%
Before waivers and fees paid indirectly		1.47	%		1.35	%(m)		1.10	%(m)		1.04	%		1.05	%		1.10	%
Ratio of net investment income to average net assets:
After waivers		0.04	%		0.48	%		0.15	%(m)		0.12	%		0.12	%		0.45	%
After waivers and fees paid indirectly		0.08	%		0.50	%		0.22	%(m)		0.21	%		0.31	%		0.55	%
Before waivers and fees paid indirectly		0.04	%		0.46	%		0.15	%(m)		0.12	%		0.12	%		0.45	%
Portfolio turnover rate		31	%		103	%		114	%		90	%		96	%		69	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	—		$	—	#	$	—		$	—		$	—		$	—

See Notes to Financial Statements.

184

AXA PREMIER VIP TRUST

MULTIMANAGER TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended June 30, 2008			Year Ended December 31,
Class A	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	13.18		$	11.12		$	10.34		$	9.26		$	8.87		$	5.76
Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.08	)		(0.07	)		(0.08	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.74	)		2.14			0.85			1.16			0.50			3.38
Total from investment operations		(1.77	)		2.06			0.78			1.08			0.45			3.33
Less distributions:
Distributions from realized gains		—			—			—			—			(0.06	)		(0.22	)
Net asset value, end of period	$	11.41		$	13.18		$	11.12		$	10.34		$	9.26		$	8.87
Total return (b)		(13.43	)%		18.53	%		7.54	%		11.54	%		5.25	%		58.24	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	31,922		$	36,248		$	28,469		$	27,263		$	25,939		$	9,303
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.41	%		1.42	%		1.43	%		1.42	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly (a)		1.40	%		1.41	%		1.39	%		1.36	%		1.50	%		1.45	%
Before waivers, reimbursements and fees paid indirectly (a)		1.41	%		1.42	%		1.43	%		1.42	%		1.60	%		2.03	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.51	)%		(0.63	)%		(0.72	)%		(0.91	)%		(0.80	)%		(1.35	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.50	)%		(0.62	)%		(0.69	)%		(0.85	)%		(0.70	)%		(1.20	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.51	)%		(0.63	)%		(0.72	)%		(0.91	)%		(0.80	)%		(1.78	)%
Portfolio turnover rate		73	%		132	%		163	%		148	%		160	%		169	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	—		$	0.02
	Six Months Ended June 30, 2008			Year Ended December 31,
Class B	(Unaudited)(c)			2007 (c)			2006 (c)			2005 (c)			2004			2003
Net asset value, beginning of period	$	12.98		$	10.98		$	10.23		$	9.19		$	8.82		$	5.74
Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.11	)		(0.10	)		(0.10	)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.72	)		2.11			0.85			1.14			0.49			3.36
Total from investment operations		(1.76	)		2.00			0.75			1.04			0.43			3.30
Less distributions:
Distributions from realized gains		—			—			—			—			(0.06	)		(0.22	)
Net asset value, end of period	$	11.22		$	12.98		$	10.98		$	10.23		$	9.19		$	8.82
Total return (b)		(13.56	)%		18.21	%		7.33	%		11.20	%		5.05	%		57.64	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	565,622		$	656,676		$	516,556		$	507,474		$	486,608		$	113,251
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.66	%		1.67	%		1.68	%		1.67	%		1.85	%		1.85	%
After waivers, reimbursements and fees paid indirectly (a)		1.65	%		1.66	%		1.64	%		1.61	%		1.75	%		1.70	%
Before waivers, reimbursements and fees paid indirectly (a)		1.66	%		1.67	%		1.68	%		1.67	%		1.85	%		2.28	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements (a)		(0.76	)%		(0.88	)%		(0.97	)%		(1.16	)%		(1.05	)%		(1.60	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.75	)%		(0.87	)%		(0.94	)%		(1.10	)%		(0.95	)%		(1.45	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.76	)%		(0.88	)%		(0.97	)%		(1.16	)%		(1.05	)%		(2.03	)%
Portfolio turnover rate		73	%		132	%		163	%		148	%		160	%		169	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment loss	$	—		$	—		$	—		$	—		$	—		$	0.02

See Notes to Financial Statements.

185

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Six Months Ended June 30, 2008 (Unaudited) (c)			Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.85		$	10.54		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		0.26			0.23
Net realized and unrealized gain (loss) on investments		(0.97	)	$	0.53			0.56
Total from investment operations		(0.99	)	$	0.79			0.79
Less distributions:
Dividends from net investment income		—			(0.35	)		(0.25	)
Distributions from net realized gains		—		$	(0.13	)		—	#
Total dividends and distributions		—			(0.48	)		(0.25	)
Net asset value, end of period	$	9.86		$	10.85		$	10.54
Total return (b)		(9.12	)%		7.49	%		7.94	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	49,909		$	580		$	540
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.47	%		1.81	%		7.98	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.32	)%		2.37	%		6.68	%(l)
Before waivers and reimbursements (a)		(0.44	)%		0.91	%		(1.66	)%(l)
Portfolio turnover rate		14	%		12	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	—	#	$	0.16		$	0.29
Class B	Six Months Ended June 30, 2008 (Unaudited) (c)			Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.85		$	10.54		$	10.00
Income from investment operations:
Net investment income (loss)		(0.03	)		0.46			0.39
Net realized and unrealized gain (loss) on investments		(0.98	)		0.30			0.39
Total from investment operations		(1.01	)		0.76			0.78
Less distributions:
Dividends from net investment income		—			(0.32	)		(0.24	)
Distributions from net realized gains		—			(0.13	)		—	#
Total dividends and distributions		—			(0.45	)		(0.24	)
Net asset value, end of period	$	9.84		$	10.85		$	10.54
Total return (b)		(9.31	)%		7.22	%		7.85	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	23,252		$	13,218		$	2,023
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a)		0.72	%(m)		2.06	%(m)		8.23	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.57	)%		4.12	%		11.01	%(l)
Before waivers and reimbursements (a)		(1.02	)%		2.72	%		3.72	%(l)
Portfolio turnover rate		14	%		12	%		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.02		$	0.16		$	0.26

See Notes to Financial Statements.

186

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Six Months Ended June 30, 2008 (Unaudited) (c)			Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	11.02		$	10.65		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		0.21			0.19
Net realized and unrealized gain (loss) on investments		(1.16	)		0.60			0.68
Total from investment operations		(1.18	)		0.81			0.87
Less distributions:
Dividends from net investment income		—			(0.30	)		(0.22	)
Distributions from net realized gains		—			(0.14	)		—	#
Total dividends and distributions		—			(0.44	)		(0.22	)
Net asset value, end of period	$	9.84		$	11.02		$	10.65
Total return (b)		(10.71	)%		7.62	%		8.71	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	45,998		$	585		$	544
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.48	%		1.51	%		7.39	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.33	)%		1.86	%		5.55	%(l)
Before waivers and reimbursements (a)		(0.46	)%		0.69	%		(2.33	)%(l)
Portfolio turnover rate		9	%		15	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.01		$	0.13		$	0.27
Class B	Six Months Ended June 30, 2008 (Unaudited) (c)			Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	11.02		$	10.65		$	10.00
Income from investment operations:
Net investment income (loss)		(0.03	)		0.35			0.31
Net realized and unrealized gain (loss) on investments		(1.16	)		0.43			0.55
Total from investment operations		(1.19	)		0.78			0.86
Less distributions:
Dividends from net investment income		—			(0.27	)		(0.21	)
Distributions from net realized gains		—			(0.14	)		—	#
Total dividends and distributions		—			(0.41	)		(0.21	)
Net asset value, end of period	$	9.83		$	11.02		$	10.65
Total return (b)		(10.80	)%		7.35	%		8.62	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	21,313		$	17,298		$	2,154
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a)		0.73	%(m)		1.76	%(m)		7.64	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.59	)%		3.10	%		8.86	%(l)
Before waivers and reimbursements (a)		(1.03	)%		2.03	%		2.18	%(l)
Portfolio turnover rate		9	%		15	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.02		$	0.12		$	0.24

See Notes to Financial Statements.

187

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Six Months Ended June 30, 2008 (Unaudited) (c)			Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	11.21		$	10.76		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		0.17			0.16
Net realized and unrealized gain (loss) on investments		(1.29	)		0.66			0.78
Total from investment operations		(1.31	)		0.83			0.94
Less distributions:
Dividends from net investment income		—			(0.27	)		(0.18	)
Distributions from net realized gains		—			(0.11	)		—	#
Total dividends and distributions		—			(0.38	)		(0.18	)
Net asset value, end of period	$	9.90		$	11.21		$	10.76
Total return (b)		(11.69	)%		7.75	%		9.45	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,767		$	589		$	547
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.80	%		2.48	%		9.66	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.33	)%		1.48	%		4.50	%(l)
Before waivers and reimbursements (a)		(0.79	)%		(0.64	)%		(4.99	)%(l)
Portfolio turnover rate		3	%		6	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.02		$	0.24		$	0.33
Class B	Six Months Ended June 30, 2008 (Unaudited) (c)			Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	11.21		$	10.76		$	10.00
Income from investment operations:
Net investment income (loss)		(0.03	)		0.29			0.19
Net realized and unrealized gain (loss) on investments		(1.29	)		0.51			0.74
Total from investment operations		(1.32	)		0.80			0.93
Less distributions:
Dividends from net investment income		—			(0.24	)		(0.17	)
Distributions from net realized gains		—			(0.11	)		—	#
Total dividends and distributions		—			(0.35	)		(0.17	)
Net asset value, end of period	$	9.89		$	11.21		$	10.76
Total return (b)		(11.78	)%		7.37	%		9.45	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	14,191		$	9,825		$	1,228
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a)		1.05	%(m)		2.73	%(m)		9.91	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.59	)%		2.54	%		5.42	%(l)
Before waivers and reimbursements (a)		(1.42	)%		0.53	%		(3.77	)%(l)
Portfolio turnover rate		3	%		6	%		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.04		$	0.23		$	0.32

See Notes to Financial Statements.

188

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Six Months Ended June 30, 2008 (Unaudited) (c)			Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	11.16		$	10.86		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		0.13			0.12
Net realized and unrealized gain (loss) on investments		(1.37	)		0.74			0.89
Total from investment operations		(1.39	)		0.87			1.01
Less distributions:
Dividends from net investment income		—			(0.23	)		(0.15	)
Distributions from net realized gains		—			(0.34	)		—	#
Total dividends and distributions		—			(0.57	)		(0.15	)
Net asset value, end of period	$	9.77		$	11.16		$	10.86
Total return (b)		(12.46	)%		8.09	%		10.16	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,005		$	595		$	551
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		1.43	%		2.91	%		10.59	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.34	)%		1.13	%		3.47	%(l)
Before waivers and reimbursements (a)		(1.42	)%		(1.42	)%		(6.92	)%(l)
Portfolio turnover rate		3	%		23	%		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.06		$	0.29		$	0.36
Class B	Six Months Ended June 30, 2008 (Unaudited) (c)			Year Ended December 31, 2007 (c)			August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	11.16		$	10.86		$	10.00
Income from investment operations:
Net investment income (loss)		(0.03	)		0.21			0.18
Net realized and unrealized gain (loss) on investments		(1.38	)		0.63			0.82
Total from investment operations		(1.41	)		0.84			1.00
Less distributions:
Dividends from net investment income		—			(0.20	)		(0.14	)
Distributions from net realized gains		—			(0.34	)		—	#
Total dividends and distributions		—			(0.54	)		(0.14	)
Net asset value, end of period	$	9.75		$	11.16		$	10.86
Total return (b)		(12.63	)%		7.82	%		10.06	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	9,249		$	6,588		$	1,052
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (a)		1.68	%(m)		3.16	%(m)		10.84	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		(0.59	)%		1.78	%		5.06	%(l)
Before waivers and reimbursements (a)		(1.94	)%		(0.70	)%		(5.07	)%(l)
Portfolio turnover rate		3	%		23	%		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income (loss)	$	0.07		$	0.29		$	0.36

See Notes to Financial Statements.

189

AXA PREMIER VIP TRUST

FINANCIAL HIGHLIGHTS — (Concluded)

* Commencement of operations.

** Prior to December 31, 2004, these ratios and per share amounts were not provided.

# Per share amount is less than $0.01.

‡ Amount is less than 1%.

(a) Ratios for periods less than one year are annualized.

(b) Total returns for periods less than one year are not annualized.

(c) Net investment income and capital changes are based on average shares outstanding.

(d) On July 6, 2007, this Portfolio received, through a merger, the assets and liabilities of the EQ/Wells Fargo Montgomery Small Cap Portfolio that followed the same investment objectives of this Portfolio. The information from October 1, 2004 through July 6, 2007 is that of the predecessor EQ/Wells Fargo Montgomery Small Cap Portfolio. Information for the year ended December 31, 2007 includes the results of the operations of the predecessor EQ/Wells Fargo Montgomery Small Cap Portfolio from January 1, 2007 through July 6, 2007.

(h) Reflects purchases and sales from change in investment strategy.

(i) On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/High Yield Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2001 through August 14, 2003 is that of the predecessor EQ/High Yield Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/High Yield Portfolio from January 1, 2003 through August 14, 2003.

(j) On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/Aggressive Stock Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2001 through August 14, 2003 is that of the predecessor EQ/Aggressive Stock Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/Aggressive Stock Portfolio from January 1, 2003 through August 14, 2003.

(k) On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/Balanced Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2001 through August 14, 2003 is that of the predecessor EQ/Balanced Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/Balanced Portfolio from January 1, 2003 through August 14, 2003.

(l) The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.

(m) Reflects overall fund ratios for investment income and non-class specific expense.

See Notes to Financial Statements.

190

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2008 (Unaudited)

Note 1   Organization and Selected Significant Accounting Policies

AXA Premier VIP Trust (the “Trust”) was organized as a Delaware business trust on October 2, 2001 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with eleven diversified Portfolios and eleven non-diversified Portfolios (each a “Portfolio”). The non-diversified Portfolios are: AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio, AXA Aggressive Allocation Portfolio, Multimanager Health Care Portfolio, Multimanager Technology Portfolio, Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio. The investment manager to each Portfolio is AXA Equitable Life Insurance Company (“AXA Equitable” or the “Manager”). The day-to-day portfolio management of each Portfolio, other than the AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio and AXA Aggressive Allocation Portfolio (“AXA Allocation Portfolios”), and the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio (“Target Allocation Portfolios”), is provided by multiple investment sub-advisers (each an “Adviser”).

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust and management expect that risk of loss to be remote.

The AXA Allocation Portfolios and the Target Allocation Portfolios are types of mutual funds often described as “fund of funds.” Each AXA Allocation Portfolio and Target Allocation Portfolio pursues its investment objective by investing exclusively in other mutual funds managed by AXA Equitable (EQ Advisors Trust and AXA Premier VIP Trust).

All of the Portfolios, except the AXA Allocation Portfolios and Target Allocation Portfolios, employ multiple Advisers. Each of the Advisers independently chooses and maintains a portfolio of securities for the Portfolio and each is responsible for investing a specific allocated portion of the Portfolio’s assets. Because each Adviser will be managing its allocated portion of the Portfolio independently from the other Advisers, the same security may be held in different portions of the Portfolio, or may be acquired for one portion of the Portfolio at a time when the Adviser of another portion deems it appropriate to dispose of the security. Similarly, under some market conditions, one Adviser may believe that temporary defensive investments in short-term instruments or cash are appropriate when the other Adviser or Advisers believe continued exposure to the equity markets is appropriate for their portions of the Portfolio. Because each Adviser directs the trading for its own portion of the Portfolio, and does not aggregate its transactions with those of the other Advisers, the Portfolio may incur higher brokerage costs, and have higher portfolio turnover, than would be the case if a single Adviser were managing the entire Portfolio.

The Trust has the right to issue two classes of shares, Class A and Class B. The Class B shares are subject to distribution fees imposed under a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, both classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the Distribution Plan. The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by AXA Equitable, an indirect wholly-owned subsidiary of AXA, AXA Life and Annuity Company and other affiliated or unaffiliated insurance companies and to the AXA Equitable 401(k) Plan. The AXA Equitable 401(k) Plan is the primary shareholder of Class A shares for the Multimanager Health Care Portfolio, Multimanager Large Cap Growth Portfolio and Multimanager Technology Portfolio.

191

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

June 30, 2008 (Unaudited)

The investment objectives of each Portfolio are as follows:

AXA Conservative Allocation Portfolio — Seeks a high level of current income.

AXA Conservative-Plus Allocation Portfolio — Seeks current income and growth of capital, with a greater emphasis on current income.

AXA Moderate Allocation Portfolio — Seeks long-term capital appreciation and current income.

AXA Moderate-Plus Allocation Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

AXA Aggressive Allocation Portfolio — Seeks long-term capital appreciation.

Multimanager Aggressive Equity Portfolio (advised by AllianceBernstein L.P. (“AllianceBernstein”) (an affiliate of AXA Equitable), ClearBridge Advisors, LLC, Legg Mason Capital Management, Inc. and Marsico Capital Management, LLC (“Marsico”)) — Long-term growth of capital.

Multimanager Core Bond Portfolio (advised by BlackRock Financial Management, Inc. and Pacific Investment Management Company LLC (“PIMCO”) — To seek a balance of a high current income and capital appreciation, consistent with a prudent level of risk.

Multimanager Health Care Portfolio (advised by Invesco Aim Capital Management, Inc., RCM Capital Management LLC (“RCM”) and Wellington Management Company, LLP (“Wellington Management”)) — Long-term growth of capital.

Multimanager High Yield Portfolio (advised by PIMCO and Post Advisory Group, LLC) — High total return through a combination of current income and capital appreciation.

Multimanager International Equity Portfolio (advised by AllianceBernstein, JPMorgan Investment Management Inc. and Marsico) — Long-term growth of capital.

Multimanager Large Cap Core Equity Portfolio (advised by AllianceBernstein, Janus Capital Management LLC and Thornburg Investment Management, Inc.) — Long-term growth of capital.

Multimanager Large Cap Growth Portfolio (advised by RCM, T. Rowe Price Associates, Inc. and TCW Investment Management Company (“TCW”)) — Long-term growth of capital.

Multimanager Large Cap Value Portfolio (advised by AllianceBernstein, Institutional Capital LLC and MFS Investment Management) — Long-term growth of capital.

Multimanager Mid Cap Growth Portfolio (advised by AllianceBernstein, Franklin Advisers, Inc., and Provident Investment Counsel, Inc. (“Provident”)) — Long-term growth of capital.

Multimanager Mid Cap Value Portfolio (advised by AXA Rosenberg Investment Management LLC (an affiliate of AXA Equitable), TCW and Wellington Management) — Long-term growth of capital.

Multimanager Small Cap Growth Portfolio (advised by Eagle Asset Management, Inc. and Wells Capital Management Inc. — Long-term growth of capital.

Multimanager Small Cap Value Portfolio (advised by Franklin Advisory Services, LLC and Lazard Asset Management LLC) — Long-term growth of capital.

Multimanager Technology Portfolio (advised by Firsthand Capital Management, Inc., RCM and Wellington Management) — Long-term growth of capital.

Target 2015 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2025 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

192

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

June 30, 2008 (Unaudited)

Target 2035 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

Target 2045 Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income.

The following is a summary of the significant accounting policies of the Trust:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

Valuation:

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

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

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

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

Long-term corporate bonds may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities. The prices provided by a pricing service take into account many factors, including institutional size, trading in similar groups of securities 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.

Investments in Exchange Traded Funds (ETFs) are valued based on last sale price.

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.

193

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

June 30, 2008 (Unaudited)

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

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

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

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

Pursuant to procedures approved by the Trustees, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the net asset value is determined may be reflected, as by a method approved by the Trustees, in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust’s Manager deems that the particular event or circumstance would materially affect such Portfolio’s net asset value.

Securities transactions are recorded on the trade date net of brokerage fees, commissions, and transfer fees. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income (including amortization of premium and discount on long-term securities using the effective yield method) is accrued daily.

Realized gains and losses on the sale of investments are computed on the basis of the specific identification method of the investments sold. Unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities is presented net of deferred taxes on unrealized gains in the Statement of Assets and Liabilities.

Expenses attributable to a single Portfolio or class are charged to that Portfolio or class. Expenses of the Trust not attributable to a single Portfolio or class are charged to each Portfolio or class in proportion to the average net assets of each Portfolio or other appropriate allocation methods.

All income earned and expenses incurred by each Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the daily net assets of such class, except for distribution fees which are charged on a class specific basis.

Foreign Currency Valuation:

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

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

(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

194

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

June 30, 2008 (Unaudited)

between the amount of investment income and foreign withholding taxes recorded on a Portfolio’s books and the U.S. dollar equivalent of amounts actually received or paid.

Taxes:

The Trust intends to comply with the requirements of the Internal Revenue Code of 1986, as amended (“Code”) applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no Federal income tax provision is required. Dividends from net investment income are declared and distributed at least annually for all Portfolios. Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of the Portfolios to which such gains are attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All dividends are distributed on a tax basis and, as such, the amounts may differ from financial statement investment income and realized capital gains. Those differences are primarily due to differing book and tax treatments for organization costs, forward foreign currency transactions, losses due to wash sales transactions, mark-to-market of forward contracts, mark-to-market of passive foreign investment companies and straddle transactions. In addition, short-term capital gains and foreign currency gains are treated as capital gains for accounting (book) purposes but are considered ordinary income for tax purposes. Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year. The tax composition of distributed and undistributed income and gains for the years ended December 31, 2007 and December 31, 2006, were as follows:

	Year Ended December 31, 2007								Year Ended December 31, 2006
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
AXA Conservative Allocation	$	21,368,434	$	8,673,731	$	—	$	8,204,533	$	12,155,165	$	3,007,958	$	76,320	$	2,949,477
AXA Conservative- Plus Allocation		37,710,012		21,933,958		30,000		25,692,644		23,932,435		10,520,989		16,455		11,553,038
AXA Moderate Allocation		298,600,094		52,620,672		—		281,484,720		209,595,866		63,678,763		—		116,750,510
AXA Moderate-Plus Allocation		287,282,601		287,860,350		—		460,742,283		149,622,454		72,286,531		—		153,937,136
AXA Aggressive Allocation		73,945,478		100,301,029		—		164,086,702		33,235,844		20,875,656		—		46,796,225
Multimanager Aggressive Equity		2,642,629		—		456,432		—		4,141,455		—		—		—
Multimanager Core Bond		125,976,717		—		2,620,754		3,011,991		101,560,686		—		473,929		—
Multimanager Health Care		14,562,365		18,427,218		2,912,273		1,502,977		3,969,662		14,070,779		2,467,161		2,944,577
Multimanager High Yield		147,966,792		—		1,728,137		—		132,414,346		—		374,241		—
Multimanager International Equity		95,478,324		101,354,141		31,129,819		18,971,707		39,348,707		55,089,392		8,287,249		16,695,808
Multimanager Large Cap Core Equity		32,902,483		41,565,481		2,563,155		—		5,791,436		14,138,188		3,345,257		10,206,029
Multimanager Large Cap Growth		5,929,173		41,310,199		51,863		—		—		18,677,022		—		2,840,491
Multimanager Large Cap Value		111,537,136		106,635,518		1,415,383		3,343,040		41,096,678		22,757,958		6,670,591		9,149,048
Multimanager Mid Cap Growth		—		83,221,222		3,069,989		4,100,311		3,770,863		72,553,535		—		10,553,731
Multimanager Mid Cap Value		13,148,254		80,529,778		560,811		11,960,386		16,167,835		85,244,158		1,654,344		11,531,340

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	Year Ended December 31, 2007								Year Ended December 31, 2006
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
Multimanager Small Cap Growth	$	24,310,615	$	12,226,903	$	2,369,788	$	101,427	$	3,441,458	$	—	$	—	$	—
Multimanager Small Cap Value		70,233,923		86,605,208		—		3,389,593		100,859,888		120,661,743		21,128,937		26,467,155
Multimanager Technology		—		—		—		—		—		—		—		—
Target 2015 Allocation		443,794		71,472		—		280,687		56,527		—		617		37,850
Target 2025 Allocation		474,399		134,797		—		431,133		51,088		—		907		46,858
Target 2035 Allocation		235,561		48,431		—		271,474		26,415		—		3,119		32,462
Target 2045 Allocation		145,251		162,141		—		206,051		21,553		—		3,605		36,104

Fees Paid Indirectly:

For all Portfolios, the Board of Trustees has approved the payment of certain Trust expenses using brokerage service arrangements. These payments are reflected on the Statements of Operations. For the six months ended June 30, 2008, several Portfolios reduced expenses under these arrangements as follows:

Portfolios:	Amount
Multimanager Aggressive Equity	$	153,558
Multimanager Health Care		31,065
Multimanager International Equity		1,491
Multimanager Large Cap Core Equity		15,059
Multimanager Large Cap Growth		23,527
Multimanager Large Cap Value		224,652
Multimanager Mid Cap Growth		152,394
Multimanager Mid Cap Value		67,281
Multimanager Small Cap Growth		225,049
Multimanager Small Cap Value		206,164
Multimanager Technology		29,855

Securities Lending:

For all Portfolios, the Board of Trustees has approved the lending of portfolio securities, through its custodian bank, JPMorgan Chase Bank (“JPMorgan”), acting as lending agent, to certain approved broker-dealers in exchange for negotiated lenders’ fees. By lending investment securities, a Portfolio attempts to increase its net investment income through the receipt of interest on the cash equivalents held as collateral on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Portfolio. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of Portfolio securities will be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan will indemnify each Portfolio from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan invests the cash collateral on behalf of the Portfolios and retains a portion of the interest earned. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. At June 30, 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 collateral. Each Portfolio has an individual interest equal to the amount of cash collateral contributed.

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Repurchase Agreements:

Certain Portfolios may enter into repurchase agreements with qualified and Manager approved banks, broker-dealers or other financial institutions as a means of earning a fixed rate of return on their cash reserves for periods as short as overnight. A repurchase agreement is a contract pursuant to which a Portfolio, against receipt of securities of at least equal value including accrued interest, agrees to advance a specified sum to the financial institution which agrees to reacquire the securities at a mutually agreed upon time (usually one day) and price. Each repurchase agreement entered into by a Portfolio will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest. A Portfolio’s right to liquidate such securities in the event of a default by the seller could involve certain costs, losses or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase are less than the repurchase price, the Portfolio could suffer a loss.

Options Written:

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

Short Sales Against the Box:

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

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Futures Contracts, Options on Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:

The futures contracts and options on futures contracts used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Certain Portfolios may buy or sell futures contracts and options on futures contracts for the purpose of protecting their portfolio securities against future changes in interest rates and indices which might adversely affect the value of the Portfolios’ securities or the price of securities that it intends to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and options on futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts and options on futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by “marking-to-market” at the end of each trading day. Variation margin payments on futures contracts and options on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Portfolio’s basis in the contract. Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. The use of futures contracts transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss. The Portfolios enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade.

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

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

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Swaps:

Certain Portfolios may invest in swap contracts, which are derivatives in the form of a contract or other similar instrument which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. A Portfolio will usually enter into swaps on a net basis, i.e., the two return streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two returns. A Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the Trust’s custodian, of cash or other liquid obligations. A Portfolio will not enter into any swap agreement unless the counterparty meets the rating requirements set forth in guidelines established by the Trust’s Board of Trustees. Swap agreements are stated at market value on the Statement of Assets and Liabilities. Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Notional principal amounts are used to express the extent of involvement in these transactions, but the amount potentially subject to credit risk is much smaller.

Dollar Roll Transactions:

Certain Portfolios may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage market. A dollar roll transaction involves a sale by a Portfolio of securities with a simultaneous agreement to repurchase substantially similar securities at an agreed-upon price at a future date. The securities repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. Dollar roll transactions involve the risk that the market value of the securities sold by the Portfolio may decline below the repurchase price of the similar securities. None of the Portfolios had dollar roll transactions outstanding at June 30, 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.

Note 2   Management of the Trust

The Trust has entered into two separate investment management agreements (the “Management Agreements”) with AXA Equitable. The Management Agreement for the Portfolios (other than the AXA Allocation Portfolios and the Target Allocation Portfolios) obligates the Manager to: (i) provide investment management services to the Trust; (ii) select the sub-advisers for each portfolio: (iii) monitor each sub-adviser’s investment programs and results; (iv) review brokerage matters: (v) oversee the Trust’s compliance with various federal and state statutes; and (vi) carry out the directives of the Board of Trustees. The Management Agreement for the AXA Allocation Portfolios and the Target Allocation Portfolios obligates the Manager to: (i) provide investment management and advisory services; (ii) render

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investment advice concerning the underlying funds in which to invest and the appropriate allocations for each of the AXA Allocation Portfolios and the Target Allocation Portfolios; (iii) review brokerage matters; (iv) oversee the Trust’s compliance with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. For the six months ended June 30, 2008, for its services under the Management Agreements, the Manager was entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:

Portfolios:	Management Fee
AXA Conservative Allocation	0.10% of average daily net assets
AXA Conservative-Plus Allocation	0.10% of average daily net assets
AXA Moderate Allocation	0.10% of average daily net assets
AXA Moderate-Plus Allocation	0.10% of average daily net assets
AXA Aggressive Allocation	0.10% of average daily net assets
Target 2015 Allocation	0.10% of average daily net assets
Target 2025 Allocation	0.10% of average daily net assets
Target 2035 Allocation	0.10% of average daily net assets
Target 2045 Allocation	0.10% of average daily net assets

	(as a percentage of average daily net assets)
Portfolios:	First $750 Million		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
Multimanager Aggressive Equity	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
Multimanager Health Care	1.200		1.150		1.125		1.100		1.075
Multimanager International Equity	1.050		1.000		0.975		0.950		0.925
Multimanager Large Cap Core Equity	0.900		0.850		0.825		0.800		0.775
Multimanager Large Cap Growth	0.900		0.850		0.825		0.800		0.775
Multimanager Large Cap Value	0.900		0.850		0.825		0.800		0.775
Multimanager Mid Cap Growth	1.100		1.050		1.025		1.000		0.975
Multimanager Mid Cap Value	1.100		1.050		1.025		1.000		0.975
Multimanager Small Cap Growth	1.050		1.000		0.975		0.950		0.925
Multimanager Small Cap Value	1.050		1.000		0.975		0.950		0.925
Multimanager Technology	1.200		1.150		1.125		1.100		1.075
	First $500 Million		Next $750 Million		Next $1 Billion		Next $2.5 Billion		Thereafter
Multimanager High Yield	0.600	%	0.575	%	0.550	%	0.530	%	0.520	%
	First $1.25 Billion		Next $1 Billion		Next $1 Billion		Next $2.5 Billion		Thereafter
Multimanager Core Bond	0.600	%	0.575	%	0.550	%	0.525	%	0.500	%

On behalf of the Trust, with the exception of the AXA Allocation Portfolios and Target Allocation Portfolios, the Manager has entered into investment advisory agreements (“Advisory Agreements”) with each of the Advisers for the Trust’s Portfolios. Each of the Advisory Agreements obligates the Advisers for the respective Portfolios to: (i) continuously furnish investment programs for the Portfolios; (ii) place all orders for the purchase and sale of investments for the Portfolios with brokers or dealers selected by the Manager or the respective Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Manager pays the expenses of providing investment advisory services to the Portfolios, including the fees of the Advisers of each Portfolio.

Note 3   Administrative Fees

Pursuant to an administrative agreement, AXA Equitable (“Administrator”) provides the Trust with necessary administrative services. In addition, the Administrator makes available the office space,

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equipment, personnel and facilities required to provide such administrative services to the Trust. For these administrative services, the Trust shall pay to AXA Equitable an annual fee in accordance with the following schedule:

(i) $35,000 for each Portfolio and for each multi-advised Portfolio, each “sleeve” of the multi-advised Portfolio; and

(ii) With respect to all Portfolios except the Allocation Portfolios and the Target Allocation Portfolios (“Multimanager Portfolios”):

0.150 of 1% of total average net assets of the Multimanager Portfolios up to and including $15 billion;

0.125 of 1% of total average net assets of the Multimanager Portfolios in excess of $15 billion and up to and including $30 billion;

0.100 of 1% of total average net assets of the Multimanager Portfolios in excess of $30 billion; and

(iii) With respect to the Allocation Portfolios and Target Allocation Portfolios: 0.150 of 1% of total average net assets of the Allocation Portfolios and Target Allocation Portfolios (excluding the assets of the Multimanager Portfolios).

The foregoing calculations are based on the average daily net assets of the Trust as described. The fees will be computed, billed and payable monthly.

Pursuant to a sub-administration arrangement with AXA Equitable, J.P. Morgan Investor Services Co. (“Sub-administrator”) provides the Trust with administrative services, including monitoring of portfolio compliance and portfolio accounting services.

Note 4   Custody Fees

JPMorgan, an affiliate of J.P. Morgan Investors Services Co., serves as custodian of the Trust’s portfolio securities and other assets. The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. Under the terms of the Custody Agreement between the Trust and JPMorgan, JPMorgan maintains cash, securities and other assets of the Portfolios. JPMorgan is also required, upon the order of the Trust, to deliver securities held by JPMorgan, and make payments for securities purchased by the Trust. JPMorgan has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the U.S. are maintained in the custody of these entities.

Note 5   Distribution Plans

The Trust has entered into distribution agreements with AXA Advisors, LLC (“AXA Advisors”) and AXA Distributors, LLC (“AXA Distributors”), both indirect wholly-owned subsidiaries of AXA Equitable (collectively, the “Distributors”), pursuant to which the Distributors serve as the principal underwriters of the Class A and Class B shares of the Trust. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to the Class B shares of the Trust (“Distribution Plan”). The Distribution Plan provides that each Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.50% of the average daily net assets attributable to the Trust’s Class B shares for which it provides service. The distribution agreements, however, limit payments for services provided under the Distribution Plan to an annual rate of 0.25% of the average daily net assets attributable to the Trust’s Class B shares. This limitation will be in effect at least until April 30, 2009. The Trust’s Class A shares are not subject to such fees.

Note 6   Expense Limitation

The Manager has contractually agreed to make payments or waive its fees to limit the expenses of certain Portfolios (exclusive of taxes, interest, brokerage commissions, capitalized expenses, fees and expenses of other investment companies in which a Portfolio invests and extraordinary expenses) through April 30, 2009 (“Expense Limitation Agreement”). The Manager first waives its management fees, then waives its administration fees, and then reimburses the Portfolio’s expenses out of its own resources. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments and waivers are reimbursed within three years of the payment or waiver being made and the

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combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense ratio cap. If the actual expense ratio is less than the expense cap and AXA Equitable has recouped any eligible previous payments and waivers made, the Portfolio will be charged such lower expenses. The expenses as a percentage of daily average net assets (excluding the 0.25% annual fee under the Trust’s Class B Distribution Plan) for each Portfolio are limited to:

Portfolios:
AXA Conservative Allocation	0.10	%
AXA Conservative-Plus Allocation	0.10	%
AXA Moderate Allocation	0.10	%
AXA Moderate-Plus Allocation	0.10	%
AXA Aggressive Allocation	0.10	%
Multimanager Core Bond	0.75	%
Multimanager Health Care	1.60	%
Multimanager International Equity	1.55	%
Multimanager Large Cap Core Equity	1.10	%
Multimanager Large Cap Growth	1.10	%
Multimanager Large Cap Value	1.10	%
Multimanager Mid Cap Growth	1.35	%
Multimanager Mid Cap Value	1.35	%
Multimanager Small Cap Growth	1.30	%
Multimanager Small Cap Value	1.30	%
Multimanager Technology	1.60	%
Target 2015 Allocation	0.35	%
Target 2025 Allocation	0.35	%
Target 2035 Allocation	0.35	%
Target 2045 Allocation	0.35	%

During the six months ended June 30, 2008, the Manager received $164,205 in recoupment for all of the Portfolios within the Trust. These recoupments in excess of waivers during the six months are presented as Recoupment Fees in the Statement of Operations. At June 30, 2008, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:

	Amount Eligible through						2011		Total Eligible for Reimbursement
Portfolios:	2008		2009		2010
AXA Conservative Allocation	$	224,042	$	618,709	$	1,007,400	$	785,756	$	2,635,907
AXA Conservative-Plus Allocation		392,377		1,196,229		1,828,927		1,220,493		4,638,026
AXA Moderate Allocation		5,189,854		11,899,559		14,811,005		8,061,731		39,962,149
AXA Moderate-Plus Allocation		1,984,490		7,678,378		14,795,509		9,146,995		33,605,372
AXA Aggressive Allocation		457,390		1,843,837		4,142,198		2,676,986		9,120,411
Multimanager Core Bond		784,983		1,606,496		1,435,547		19,705		3,846,731
Multimanager Large Cap Core Equity		—		—		—		7,839		7,839
Multimanager Large Cap Growth		34,410		63,008		73,575		39,909		210,902
Target 2015 Allocation		—		40,611		108,122		54,213		202,946
Target 2025 Allocation		—		40,627		106,806		54,533		201,966
Target 2035 Allocation		—		40,740		113,404		61,734		215,878
Target 2045 Allocation		—		40,673		100,020		64,228		204,921

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June 30, 2008 (Unaudited)

The AXA Allocation Portfolios and the Target Allocation Portfolios invest exclusively in shares of other mutual funds (the “Underlying Portfolios”) managed by AXA Equitable. Therefore, each AXA Allocation Portfolio, in addition to its own expenses such as management fees, bears its pro-rata share of the fees and expenses incurred by the Underlying Portfolios and the investment return of each AXA Allocation Portfolio is reduced by each Underlying Portfolio’s expenses. The range of expenses (as a percentage of average daily net assets) incurred indirectly in connection with each AXA Allocation Portfolio’s investments in Underlying Portfolios is:

Portfolios:	Range of Expenses
AXA Conservative Allocation	0.55% to 0.80%
AXA Conservative-Plus Allocation	0.60% to 0.85%
AXA Moderate Allocation	0.65% to 0.90%
AXA Moderate-Plus Allocation	0.70% to 0.95%
AXA Aggressive Allocation	0.80% to 1.05%
Target 2015 Allocation	0.40% to 0.65%
Target 2025 Allocation	0.40% to 0.65%
Target 2035 Allocation	0.40% to 0.65%
Target 2045 Allocation	0.40% to 0.65%

Thus, the net expense ratio of the Class A shares and the Class B shares of each AXA Allocation Portfolio, including the AXA Allocation Portfolio’s direct and indirect expenses, would range from:

Portfolios:	Class A	Class B
AXA Conservative Allocation	0.65% to 0.90%	0.90% to 1.15%
AXA Conservative-Plus Allocation	0.70% to 0.95%	0.95% to 1.20%
AXA Moderate Allocation	0.75% to 1.00%	1.00% to 1.25%
AXA Moderate-Plus Allocation	0.80% to 1.05%	1.05% to 1.30%
AXA Aggressive Allocation	0.90% to 1.15%	1.15% to 1.40%
Target 2015 Allocation	0.75% to 1.00%	1.00% to 1.25%
Target 2025 Allocation	0.75% to 1.00%	1.00% to 1.25%
Target 2035 Allocation	0.75% to 1.00%	1.00% to 1.25%
Target 2045 Allocation	0.75% to 1.00%	1.00% to 1.25%

Absent the Expense Limitation Agreement of the Allocation Portfolios and the Target Allocation Portfolios, the total expense ratio of the Class A shares and the Class B shares of each AXA Allocation Portfolio would range from:

Portfolios:	Class A	Class B
AXA Conservative Allocation	0.84% to 1.09%	1.09% to 1.34%
AXA Conservative-Plus Allocation	0.88% to 1.13%	1.13% to 1.38%
AXA Moderate Allocation	0.92% to 1.17%	1.17% to 1.42%
AXA Moderate-Plus Allocation	0.97% to 1.22%	1.22% to 1.47%
AXA Aggressive Allocation	1.07% to 1.32%	1.32% to 1.57%
Target 2015 Allocation	0.87% to 1.12%	1.12% to 1.37%
Target 2025 Allocation	0.88% to 1.13%	1.13% to 1.38%
Target 2035 Allocation	1.20% to 1.45%	1.45% to 1.70%
Target 2045 Allocation	1.83% to 2.08%	2.08% to 2.33%

The above Allocation Portfolio information is based on a weighted-average range of the expense ratios since the average assets of each AXA Allocation Portfolio invested in Underlying Portfolios will fluctuate. The total expense ratios may be higher or lower depending on the allocation of an AXA Allocation Portfolio’s assets among Underlying Portfolios and the actual expenses of the Underlying

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June 30, 2008 (Unaudited)

Portfolios. An investor could realize lower overall expenses by allocating investments directly to the Underlying Portfolios.

Note 7   Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued interest thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At June 30, 2008, the total amount deferred by the Trustees participating in the Plan was $506,954.

Note 8   Percentage of Ownership by Affiliated Portfolios

At June 30, 2008, AXA Equitable held investments in each of the Portfolios as follows:

Portfolios:	Percentage of Ownership
Multimanager Aggressive Equity	0.05	%
Multimanager Health Care	—	#
Multimanager International Equity	0.03
Multimanager Large Cap Core Equity.	0.06
Multimanager Large Cap Growth	0.03
Multimanager Large Cap Value	0.01
Multimanager Mid Cap Growth	0.02
Multimanager Mid Cap Value	0.03
Multimanager Small Cap Value	0.02
Multimanager Technology	0.04

# Percentage of ownership is less than 0.005%.

Shares of some of the Portfolios are held by the All Asset Allocation Portfolio and the Crossings Portfolios of the EQ Advisors Trust, entities also advised by AXA Equitable, and the AXA Allocation Portfolios and Target Allocation Portfolios. The following tables represent the percentage of ownership that the All Asset Allocation Portfolio, the Crossings Portfolio, and each AXA Allocation Portfolio and Target Allocation Portfolio has in each respective underlying investment company’s net assets as of June 30, 2008.

Portfolios:	All Asset Allocation
Multimanager Aggressive Equity	0.30	%
Multimanager Core Bond	0.47
Multimanager High Yield	0.19
Multimanager International Equity	0.29
Multimanager Large Cap Core Equity	1.54
Multimanager Large Cap Value	0.62
Multimanager Mid Cap Growth	0.36
Multimanager Mid Cap Value	0.60
Multimanager Small Cap Growth	0.87
Multimanager Small Cap Value	0.03

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June 30, 2008 (Unaudited)

Portfolios:	Crossings Conservative Allocation		Crossings Conservative- Plus Allocation		Crossings Moderate Allocation		Crossings Moderate- Plus Allocation		Crossings Aggressive Allocation
Multimanager High Yield	—	%#	—	%#	—	%#	—	%	—	%
#  Percentage of ownership is less than 0.005%.
Portfolios:	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
EQ/AllianceBernstein Quality Bond	0.83	%	1.54	%	43.15	%	13.08	%	2.10	%
EQ/AllianceBernstein Value	0.35		0.95		7.37		12.31		4.61
EQ/BlackRock Basic Value Equity	0.76		2.23		20.83		30.00		9.99
EQ/BlackRock International Value	0.27		0.95		8.24		19.23		10.20
EQ/Davis New York Venture	0.84		2.95		20.67		29.64		15.55
EQ/Evergreen International Bond	5.30		6.97		46.85		—		—
EQ/Franklin Small Cap Value	—		4.17		21.88		34.61		16.83
EQ/GAMCO Small Company Value	—		1.41		11.39		13.53		6.22
EQ/International Core PLUS	0.43		1.47		13.09		20.27		7.58
EQ/JPMorgan Core Bond	0.76		1.12		4.46		7.07		1.17
EQ/Long Term Bond	7.23		8.04		31.33		38.31		—
EQ/Marsico Focus	0.59		1.56		12.77		20.35		7.85
EQ/Money Market	—	#	—	#	—	#	—		—
EQ/PIMCO Real Return	3.52		4.52		22.80		16.97		2.04
EQ/Short Duration Bond	11.75		11.94		36.62		33.76		—
EQ/Van Kampen Emerging Markets Equity	0.26		0.44		8.17		12.00		3.68
Multimanager Aggressive	0.65		1.34		13.93		23.37		8.80
Multimanager Core Bond	2.76		3.23		31.85		30.52		3.24
Multimanager High Yield	2.59		3.27		25.44		—		—
Multimanager International	0.49		2.39		21.64		33.51		10.60
Multimanager Large Cap Core	0.95		3.23		20.16		41.52		14.96
Multimanager Large Cap Value	1.05		2.84		18.78		31.96		12.41
Multimanager Mid Cap Growth	—		1.31		12.97		12.62		4.41
Multimanager Mid Cap Value	1.03		1.63		19.52		22.43		4.83
Multimanager Small Cap Growth	—		—		14.87		23.67		13.34
Multimanager Small Cap Value	—		0.45		3.63		20.93		3.72

# Percentage of ownership is less than 0.005%.

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June 30, 2008 (Unaudited)

Portfolios:	Target 2015 Allocation		Target 2025 Allocation		Target 2035 Allocation		Target 2045 Allocation
EQ/International ETF	31.92	%	34.01	%	16.37	%	8.77	%
EQ/Bond Index	26.39		14.82		2.87		—
EQ/Equity 500 Index	0.56		0.68		0.34		0.18
EQ/Small Company Index	0.55		0.64		0.29		0.16
EQ/Van Kampen Emerging Markets Equity	0.13		0.13		0.06		0.03
Multimanager Aggressive Equity	0.17		0.16		0.07		0.03
Multimanager High Yield	0.23		0.14		0.04		—
Multimanager Large Cap Value	0.21		0.20		0.08		0.04
Multimanager Mid Cap Growth	0.03		0.02		0.02		0.02
Multimanager Mid Cap Value	0.20		0.22		0.07		0.04

# Percentage of ownership is less than 0.005%.

Note 9   New Accounting Pronouncements

In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about Funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds’ financial statement disclosures.

Note 10   Substitution and Reorganization Transactions

On May 25, 2007, the net assets of the EQ/Small Cap Value Portfolio, an affiliate of the Trust, merged into the Multimanager Small Cap Value Portfolio, a shell fund with no prior operations. The information for the period January 1, 2007 through May 25, 2007 and for prior periods is that of the predecessor EQ/Small Cap Value Portfolio.

On May 25, 2007, the net assets of the EQ/Small Company Growth Portfolio, an affiliate of the Trust, merged into the Multimanager Small Cap Growth Portfolio, a shell fund with no prior operations. The information for the period January 1, 2007 through May 25, 2007 and for prior periods is that of the predecessor EQ/Small Company Growth Portfolio.

At a shareholder meeting that occurred on May 24, 2007, shareholders voted to approve an Agreement or Plan of Reorganization and Termination relating to the reorganization of the EQ/Wells Fargo Montgomery Small Cap Portfolio, a series of the EQ Advisors Trust, into the Multimanager Small Cap Growth Portfolio, a series of the Trust. The reorganization occurred on July 6, 2007.

After the close of business on July 6, 2007, Multimanager Small Cap Growth Portfolio acquired the net assets of the EQ/Wells Fargo Montgomery Small Cap Portfolio, an affiliate of the Trust, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 16,003,257 Class B shares of Multimanager Small Cap Growth Portfolio (valued at $170,425,185) for the Class IA and IB shares of EQ/Wells Fargo Montgomery Small Cap Portfolio outstanding on July 6, 2007. EQ/Wells Fargo Montgomery Small Cap Portfolio’s net assets at that date ($170,425,185), including $20,852,497 of unrealized appreciation, were combined with those of Multimanager Small Cap Growth Portfolio. Prior to the combination, the net assets of the portfolio totaled $302,623,190. Immediately after the combination, the net assets of the portfolio totalled $473,048,375.

On January 22, 2008, AXA Equitable contributed $100,000 in seed capital to the Class A shares of the Multimanager Small Cap Growth Portfolio.

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NOTES TO FINANCIAL STATEMENTS — (Concluded)

June 30, 2008 (Unaudited)

Note 11 Subsequent Events

At a meeting held on June 12, 2008, the Board of Trustees approved the following:

(1) An Investment Advisory Agreement between AXA Equitable and Pacific Global Investment Management Company (“Pacific Global”) for the purpose of appointing Pacific Global as a new sub-adviser to an allocated portion of the Multimanager Small Cap Value Portfolio. Pacific Global was added as a sub-adviser effective July 14, 2008.

(2) An Investment Advisory Agreement between AXA Equitable and Wellington Management for the purpose of appointing Wellington Management as a new sub-adviser to an allocated portion of the Multimanager Mid Cap Growth Portfolio. Wellington Management replaced Provident as a sub-adviser, effective July 31, 2008.

(3) An Investment Advisory Agreement between AXA Equitable and Westfield Capital Management Company, LP (“Westfield”) for the purpose of appointing Westfield as a new sub-adviser to an allocated portion of the Multimanager Large Cap Growth Portfolio. Westfield replaced RCM as a sub-adviser, effective August 1, 2008.

(4) An Investment Advisory Agreement between AXA Equitable and Goodman & Co. NY Ltd. (“Goodman”) for the purpose of appointing Goodman as a new sub-adviser to an allocated portion of the Multimanager Large Cap Growth Portfolio. Goodman replaced TCW as a sub-adviser, effective August 1, 2008.

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APPROVALS OF INVESTMENT ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED JUNE 30, 2008 (UNAUDITED)

During the six-month period ended June 30, 2008, the Board of Trustees of AXA Premier VIP Trust (the “Trust”), including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended) of the Trust (“Independent Trustees”), unanimously approved the Investment Advisory Agreements (each, an “Agreement” and collectively, the “Agreements”) between AXA Equitable Life Insurance Company, the Trust’s investment manager (the “Manager”), and each investment sub-adviser (“Adviser”) as shown in the table below with respect to the Portfolios listed.

Portfolios	Agreements Approved or Renewed by the Trust’s Board of Trustees with respect to the Portfolio(s)	Approval Date	Effective Date
Multimanager Large Cap	Advisory Agreement with Westfield Capital	June 12, 2008	August 1, 2008
Growth Portfolio	Management Company, LP (“Westfield”)
	Advisory Agreement with Goodman & Co.
	NY Ltd. (“Goodman”)
Multimanager Mid Cap	Advisory Agreement with Wellington
Growth Portfolio	Management Company, LLP	June 12, 2008	July 31, 2008
	(“Wellington Management”)
Multimanager Small Cap	Advisory Agreement with Pacific Global
Value Portfolio	Investment Management Company	June 12, 2008	July 14, 2008
	(“Pacific Global”)

In approving each Agreement, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interest of the affected Portfolio. The Board further considered factors it deemed relevant with respect to each Portfolio, including, as applicable: (1) the nature, quality and extent of the services to be provided to the Portfolio by the Adviser and its affiliates; (2) the performance of the Adviser as well as the performance of comparable accounts advised by the Adviser as compared to a peer group or an appropriate benchmark; (3) the level of the proposed sub-advisory fees; (4) the anticipated effect of growth and size on the Portfolio’s expenses; and (5) the “fall out” benefits to be realized by the Adviser and its affiliates (i.e., any direct or indirect benefits to be derived by the Adviser and its affiliates from their relationships with the Trust). In considering each Agreement, the Board did not identify any single factor or information as all-important or controlling.

In connection with its deliberations, the Board, among other things, received information, in advance of the meeting at which the approvals were made, from the Manager and each Adviser regarding the factors set forth above and met with senior representatives of the Manager to discuss the Agreements. The Board received, and primarily considered, the most current information available at the time of the meeting and also took into account the totality of the performance, fee, expense and other information regarding each affected Portfolio provided to them on a periodic basis throughout the year. The Independent Trustees were assisted by independent counsel during their deliberations and received materials discussing the legal standards applicable to their consideration of the Agreements.

The Board, in examining the nature and quality of the services to be provided by each Adviser, considered each Adviser’s experience in serving as an investment adviser for accounts similar to the Portfolio it would advise. The Board also considered the responsibilities that each Adviser would have to the Portfolio it would advise. In particular, the Board considered that each Adviser would be responsible for making investment decisions on behalf of its allocated portion of the Portfolio it would advise, placing all orders for the purchase and sale of investments for its allocated portion of the Portfolio it would advise with brokers or dealers and performing related administrative functions. In addition, the Board reviewed requested information regarding, among other things, each Adviser’s investment process and the background of each portfolio manager of each Adviser who would provide services to the Portfolios. The Board also reviewed information regarding each Adviser’s compliance program (except in the case of Wellington Management, whose compliance program had been previously considered and approved by the Board) as well as information regarding the financial condition of each Adviser.

208

As discussed further below with respect to each Portfolio, the Board also received and considered information regarding the short-, intermediate- and long-term performance of accounts advised by each Adviser that are comparable to the Portfolio(s) each Adviser would advise relative to an appropriate benchmark or peer group. The Board generally considered long-term performance to be more important in its evaluation than short-term performance. The Board also considered the compatibility of each Adviser’s investment strategies and styles with the strategies and styles of the other Advisers to the Portfolios.

The Board also reviewed the proposed advisory fees under each Agreement and compared them to fees charged by each Adviser to similar portfolios it advises. The Board also reviewed whether the proposed fees include breakpoints that reduce the advisory fee rate as the Portfolio assets under the Adviser’s management increase. In connection with its evaluation of the fees to be paid under the Agreements, the Board determined that the Manager’s management fee and profitability and each Portfolio’s overall expense ratios generally were more significant to the Board’s evaluation of the fees and expenses of the Portfolios than each Adviser’s costs and profitability. The Board also noted that the Manager’s management fee schedule for each Portfolio and the overall expense ratios of each Portfolio would not change as a result of the appointment of the Advisers to advise the Portfolios.

As part of its evaluation of each Adviser’s compensation, the Board also considered other benefits that may be realized by each Adviser and its affiliates from their relationships with the Trust. The Board noted that each Adviser, through its relationship as an Adviser to the Portfolio it would advise, may engage in soft dollar transactions. The Board received information regarding each Adviser’s procedures for executing portfolio transactions for the allocated portion of the Portfolio it would advise and each Adviser’s policies and procedures for the selection of brokers and dealers and obtaining research from those brokers and dealers. In addition, the Board considered that each Adviser may be affiliated with registered broker-dealers, who may, from time to time, receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, must be consistent with seeking best execution. Finally, the Board recognized that the Advisers or their affiliates may sell, and earn sales commissions and other compensation with respect to, insurance products issued by the Manager or its affiliates and that the proceeds of those sales may be invested in the Portfolios.

Based on these considerations and the information described below, the Board was satisfied, with respect to each Adviser and Portfolio, that (1) the Portfolio was reasonably likely to benefit from the nature, quality and extent of the Adviser’s services, (2) the Adviser’s compensation, including any direct or indirect benefits derived by it or its respective affiliates, is fair and reasonable, (3) the Adviser’s advisory fee schedule reflects economies of scale that may be realized as the Adviser’s allocated portion of the Portfolio grows, and (4) the performance of the Adviser’s comparable account(s) has been reasonable in relation to the performance of a relevant benchmark or peer group for the periods for which information was provided. Based on the foregoing, the information described below and the more detailed information provided at the relevant meeting, the Board, including the Independent Trustees, unanimously approved each Agreement.

Westfield Capital Management Company, LP – Multimanager Large Cap Growth Portfolio

In reviewing Westfield’s proposed compensation with respect to the Multimanager Large Cap Growth Portfolio, the Board noted that the proposed advisory fee under the Agreement is lower than the standard advisory fee schedule for comparable accounts advised by Westfield and includes breakpoints that reduce the fee as Westfield’s assets under management in the Portfolio increase above specified levels. In reviewing Westfield’s performance record, the Board noted that Westfield’s Large Cap Growth Equity Composite of accounts that are comparable to the Portfolio outperformed the Russell 1000 Growth Index for the one , three-, five- and ten-year periods ended March 31, 2008.

Goodman & Co. NY Ltd. – Multimanager Large Cap Growth Portfolio

In reviewing Goodman’s proposed compensation with respect to the Multimanager Large Cap Growth Portfolio, the Board noted that the proposed advisory fee under the Agreement is lower than the advisory fee schedule for Goodman’s comparable proprietary mutual fund and includes breakpoints that reduce the fee as Goodman’s assets under management in the Portfolio increase above specified levels. In

209

reviewing Goodman’s performance record, the Board noted that Goodman’s comparable proprietary mutual fund outperformed the Russell 1000 Growth Index for the one, three-, five- and nine-year (the longest period for which information was available) periods ended March 31, 2008. The Board also noted that the performance of Goodman’s comparable fund compared favorably to its Lipper peer group for the same time periods.

Wellington Management Company, LLP – Multimanager Mid Cap Growth Portfolio

In reviewing Wellington Management’s proposed compensation with respect to the Multimanager Mid Cap Growth Portfolio, the Board noted that the proposed advisory fee schedule under the Agreement is lower than the standard advisory fee schedule for comparable accounts advised by Wellington Management and includes breakpoints that reduce the fee as Wellington Management’s assets under management in the Portfolio increase above specified levels, but that the fee is higher than the fee earned by Wellington Management for serving as a sub-adviser to another registered investment company. In reviewing Wellington Management’s performance record, the Board noted that Wellington Management advises one other fund that is comparable to the Portfolio and that the comparable fund outperformed the Russell Mid Cap Growth Index for the one year, three-year, five-year and since inception periods ended March 31, 2008. The Board also noted that the performance of the comparable fund compared favorably to its Lipper peer group for the same time periods.

Pacific Global Investment Management Company – Multimanager Small Cap Value Portfolio

In reviewing Pacific Global’s proposed compensation with respect to the Multimanager Small Cap Value Portfolio, the Board noted that the proposed advisory fee schedule under the Agreement is lower than the advisory fee schedule for Pacific Global’s comparable proprietary mutual fund and includes breakpoints that reduce the fee as Pacific Global’s assets under management in the Portfolio increase above specified levels. In reviewing Pacific Global’s performance record, the Board noted that Pacific Global’s comparable proprietary mutual fund outperformed the Russell 2000 Index for the one, three-, five- and ten-year periods ended March 31, 2008. The Board also noted that the performance of the comparable fund compared favorably to its Lipper peer group for the same time periods.

210

MANAGEMENT OF THE TRUST (UNAUDITED)

The Trust’s Board has the responsibility for the overall management of the Trust and the Portfolios, including general supervision and review of the Portfolios’ investment activities and their conformity with Delaware law and the stated policies of the Portfolios. The Board elects the officers of the Trust who are responsible for administering the Trust’s day-to-day operations. The Trustees and officers of the Trust, together with information as to their principal business occupation during the last five years, and other information are shown below.

The Trustees and Officers

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk*	Trustee,	Trustee and	From July 1999 to	86	None
1290 Avenue of the	Chairman,	Chairman	present, Senior Vice
Americas,	President	from	President of AXA
New York, New York	and Chief	September	Financial; from
10104	Executive	2004 to	September 2004 to
(49)	Officer	present;	present, President of
		Chief	AXA Financial’s Funds
		Executive	Management Group;
		Officer from	since July 2004,
		December	Chairman and President
		2002 to	of Enterprise Capital
		present;	Management, Inc., Co-
		President	Chairman of Enterprise
		from	Funds Distributor, Inc.
		November	and a director of 1740
		2001 to	Advisers, Inc., MONY
		present	Asset Management Inc.,
			MONY Financial
			Resources of the
			Americas Limited
			(Jamaica), MONY
			International Life
			Insurance Co.
			(Argentina), MONY
			Bank & Trust Company
			of the Americas Ltd.
			(Cayman Islands) and
			MONY Consultoria de
			Correlagem de Seguros
			Ltd. (Brazil).
Gerald C. Crotty	Trustee	From	President of Weichert	22	From 2002 to present,
c/o AXA Premier		November	Enterprise LLC, a		Director of Access
VIP Trust		2001	private equity		Integrated Technologies,
1290 Avenue of the		to present	investment firm; Co-		Inc.; from 2005 to present,
Americas,			founder and CEO of		director of Jones Apparel
New York, New York			Excelsior Ventures		Group, Inc.
10104			Management, a private
(56)			equity and venture
			capital firm; from 1991 to
			1998, held various
			positions with ITT
			Corporation, including
			President and COO of
			ITT Consumer Financial
			Corp. and Chairman,
			President and CEO of
			ITT Information
			Services.

* Affiliated with the Manager and Distributors.

** Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

211

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees (Continued)
Barry Hamerling	Trustee	From	Since 1998, Managing	22	From 2007 to present,
c/o AXA Premier		November	Partner of Premium Ice		Trustee of the Merger
VIP Trust		2001	Cream of America; Since		Fund; from 1998 to
1290 Avenue of the		to present	2003, Managing		present, Director and
Americas,			Partner of Premium		Chairman of Ayco
New York, New York			Salads; from 1970 to		Charitable Foundation.
10104			1998, President of Ayco
(62)			Co. L.P., the largest
			independent financial
			counseling firm in the
			United States.
Cynthia R. Plouché	Trustee	From	Since June 2006,	22	None
c/o AXA Premier		November	Portfolio Manager at
VIP Trust		2001	Williams Capital
1290 Avenue of the		to present	Management, Inc.; from
Americas,			June 2003 to 2006,
New York, New York			Managing Director and
10104			Chief Investment Officer
(51)			of Blaylock-Abacus
			Asset Management, Inc.;
			prior thereto, Founder,
			Chief Investment Officer
			and Managing Director
			of Abacus Financial
			Group from May 1991 to
			2003, a manager of fixed
			income portfolios for
			institutional clients.
Rayman Louis Solomon	Trustee	From	Since 1998, Dean and a	22	None
c/o AXA Premier		November	Professor of Law at
VIP Trust		2001	Rutgers University
1290 Avenue of the		to present	School of Law; prior
Americas,			thereto, an Associate
New York, New York			Dean for Academic
10104			Affairs at Northwestern
(61)			University School of Law.

* Affiliated with the Manager and Distributors.

** Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

212

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York 10104 (49)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since July 2004, Chairman and President of Enterprise Capital Management, Inc., Co-Chairman of Enterprise Funds Distributor, Inc. and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).
Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York 10104 (52)	Vice President and Secretary	From November 2001 to present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and AXA Equitable.
Joseph J. Paolo 1290 Avenue of the Americas, New York, New York 10104 (37)	Chief Compliance Officer and Anti-Money Laundering (“AML”) Compliance Officer	Chief Compliance Officer from May 2007 to present; AML Compliance Officer from December 2005 to present	From December 2005 to May 2007, Vice President of the Trust; From August 2005 to present, Vice President of AXA Equitable and Deputy Chief Compliance Officer of AXA Equitable’s Fund Management Group; from March 2004 to August 2005, Vice President of AXA Equitable and Compliance Officer of AXA Equitable’s Funds Management Group; from May 2002 to March 2004, Compliance Director and Assistant Vice President of AXA Equitable.
Brian E. Walsh 1290 Avenue of the Americas, New York, New York 10104 (40)	Chief Financial Officer and Treasurer	From June 2007 to present	From December 2002 to May 2007, Vice President and Assistant Treasurer of the Trust; from November 2001 to May 2007, Assistant Treasurer of the Trust; From February 2003 to present, Vice President of AXA Equitable; from January 2001 to February 2003, Assistant Vice President of AXA Equitable.
Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (46)	Vice President	From November 2001 to present	From February 2001 to present, Vice President of AXA Equitable; from July 2004 to present, a director of Enterprise Capital Management, Inc.
Armando Capasso, Esq. 1290 Avenue of the Americas, New York, New York 10104 (33)	Vice President and Assistant Secretary	From December 2007 to present	From September 2007 to present, Counsel of AXA Equitable; from March 2005 September 2007, Investment Management Associate, Drinker Biddle & Reath, LLP; from September 2004 to March 2005, Associate, Ballard Spahr Andrews & Ingersoll, LLP; and from September 2003 to August 2004, Judicial Law Clerk, Honorable Stanley R. Chesler, U.S. District Judge for the District of New Jersey.
William T. MacGregor, Esq. 1290 Avenue of the Americas, New York, New York 10104 (32)	Vice President and Assistant Secretary	From June 2006 to present	From May 2007 to present, Assistant Vice President and Counsel of AXA Equitable; from May 2006 to May 2007, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley Austin LLP; from September 2003 to February 2005, Contract Attorney, Prudential Financial, Inc.

* Affiliated with the Manager and Distributors.

** Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

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Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers (Continued)
Alwi Chan 1290 Avenue of the Americas, New York, New York 10104 (33)	Vice President	From June 2007 to present	From May 2007 to present, Vice President, AXA Equitable; from November 2005 to May 2007, Assistant Vice President, AXA Equitable; from December 2002 to November 2005, Senior Investment Analyst of AXA Equitable.
James D. Kelly 1290 Avenue of the Americas, New York, New York 10104 (39)	Controller	From June 2007 to present	From March 2006 to present, Assistant Vice President, AXA Equitable; from July 2005 to February 2006, Assistant Treasurer, Lord Abbett & Co.; from July 2002 to June 2005, Director, Prudential Investments.
Carla Price 1290 Avenue of the Americas, New York, New York 10104 (31)	Assistant Treasurer	From December 2006 to present	From February 2004 to present, Assistant Vice President of AXA Equitable; from January 2003 to February 2004, Mutual Fund Manager of AXA Equitable.
David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (34)	Assistant AML Compliance Officer	From December 2005 to present	From August 2005 to present, Associate Compliance Officer of AXA Equitable; from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management; from April 2002 to June 2004, Project Manager, AllianceBernstein L.P.
Judy Guhring 1290 Avenue of the Americas, New York, New York 10104 (36)	Assistant Secretary	From December 2005 to present	From August 2001 to present, Senior Legal Assistant of AXA Equitable.

* Affiliated with the Manager and Distributors.

** Each Trustee serves until his or her resignation or retirement. Each officer is elected on an annual basis.

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PROXY VOTING POLICIES AND PROCEDURES (UNAUDITED)

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling a toll-free number at 1-888-292-4492 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2008 is available (i) on the Trust’s proxy voting information website at http://www.axaonline.com (go to “Tools & Calculators” and click on “Proxy Voting” box under the “Investing Tools” column) and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Portfolios file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Forms N-Q are available on the Securities and Exchange Commission’s website at http://www.sec.gov and may also be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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Item 2. Code of Ethics.

Not required.

Item 3. Audit Committee Financial Expert.

Not required.

Item 4. Principal Accountant Fees and Services.

Not required.

Item 5. Audit Committee of Listed Registrants.

Not required.

Item 6. Schedule of Investments.

The Schedule of Investments is included as part of the Semi-Annual Report to Shareholders filed under Item 1 of this Form
N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Disclosures.

(a) The registrant’s certifying officers have evaluated the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report and have determined such controls and procedures to be reasonably designed to achieve the purposes described in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“1940 Act”), that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

Item 12. Exhibits.

(a)(1) Not applicable for the reporting period.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002—filed herewith.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002—filed herewith.

SIGNATURES

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

AXA Premier VIP Trust

/s/ Steven M. Joenk

Steven M. Joenk

President and Chief Executive Officer

August 31, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Steven M. Joenk

Steven M. Joenk

Chief Executive Officer

August 31, 2008

/s/ Brian Walsh

Brian Walsh

Chief Financial Officer

August 31, 2008